N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: June 30

Registrant is making a filing for 12 of its series:

Wells Fargo Alternative Risk Premia Fund, Wells Fargo California Limited-Term Tax-Free Fund, Wells Fargo California Tax-Free Fund, Wells Fargo High Yield Municipal Bond Fund, Wells Fargo Intermediate Tax/AMT-Free Fund, Wells Fargo Minnesota Tax-Free Fund, Wells Fargo Municipal Bond Fund, Wells Fargo Pennsylvania Tax-Free Fund, Wells Fargo Short-Term Municipal Bond Fund, Wells Fargo Strategic Municipal Bond Fund, Wells Fargo Ultra Short-Term Municipal Income Fund, and Wells Fargo Wisconsin Tax-Free Fund.

Date of reporting period: June 30, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report

June 30, 2019

Wells Fargo

Minnesota Tax-Free Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	24
Report of independent registered public accounting firm	29
Other information	30

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Minnesota Tax-Free Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Minnesota Tax-Free Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo Minnesota Tax-Free Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Minnesota Tax-Free Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Minnesota Tax-Free Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Bruce R. Johns

Average annual total returns (%) as of June 30, 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 (NMTFX)	1-12-1988		0.40		1.86		3.45		5.13		2.80		3.93		0.84		0.84
Class C (WMTCX)	4-8-2005		3.35		2.04		3.15		4.35		2.04		3.15		1.59		1.59
Administrator Class (NWMIX)	8-2-1993		–		–		–		5.29		3.04		4.18		0.78		0.60
Institutional Class (WMTIX)3	10-31-2016		–		–		–		5.37		3.10		4.21		0.51		0.51
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		6.71		3.64		4.72		–		–
Bloomberg Barclays Minnesota Municipal Bond Index5	–		–		–		–		6.39		3.07		4.00		–		–

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to Minnesota municipal securities risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/ or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo Minnesota Tax-Free Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 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 October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.85% for Class A, 1.60% for Class C, 0.60% for Administrator Class, and 0.52% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and the Bloomberg Barclays Minnesota Municipal Bond Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

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

⁸  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.

Wells Fargo Minnesota Tax-Free Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmarks, the Bloomberg Barclays Municipal Bond Index, which is the primary benchmark, and the Bloomberg Barclays Minnesota Municipal Bond Index, which is the secondary benchmark, for the 12-month period that ended June 30, 2019.

∎ We extended the Fund’s duration during the year but ended the year shorter than the benchmark, which was a detractor from performance as yields rallied over the second half of the period.

∎ The Fund’s overweight to A-rated and BBB-rated bonds along with an out-of-benchmark position in non-investment-grade bonds were drivers of performance, as lower-rated investment-grade bonds outperformed higher-rated AAA-rated and AA-rated bonds. Additionally, the Fund’s overweights to local general obligation (GO) bonds and education bonds were positive contributors to performance.

Effective maturity distribution as of June 30, 2019⁷

The Fed abruptly changed course from raising rates to a potential rate cut on fading growth expectations.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the

European Union. These concerns only increased as we moved into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June 2019. The municipal market mutual fund bond flows in the first half of 2019 were in excess of $42 billion, a number not seen since 1992. With this strong technical backdrop for the municipal market and the Fed possibly cutting rates, all bonds rallied in the first half of 2019. Intermediate and longer bonds outperformed shorter maturities. With these factors at play, we see strong support for the municipal market over the short to intermediate term.

Minnesota’s municipal credit fundamentals are solid, based on our analysis.

Minnesota State credit ratings are AAA (stable), Aa1 (stable) and AAA (stable) by Standard & Poor’s Financial Services LLC; Moody’s Investors Service, Inc.; and Fitch Ratings Inc., respectively. Known as the state of 10,000 lakes, Minnesota is the 21st-largest state in terms of population and 17th by gross domestic product (GDP) as of December 31, 2018. Credit fundamentals remain solid, based on our analysis, as Minnesota’s economy continues to perform well and the state is benefiting from ample operating surpluses. Debt and pension liabilities remain manageable, in our view, and the state’s reserves have increased significantly over the past several years. The state’s economy is broad and well diversified and is characterized by low unemployment and above-average income levels. The state’s population base is well educated, the labor participation rate is high, and the poverty rate is low. The state has a long history of conservative management practices and outperforming budgeted projections. Minnesota ended fiscal-year 2018 with a total general fund balance of $4.7 billion, compared with $3.4 billion at the end of the prior fiscal year. The state’s latest forecast, released in February 2019, points to a somewhat weakened economic outlook for the current biennium. Slower projected economic growth and lower collections have reduced the revenue forecast, though a slightly lower spending forecast offsets the overall reduction to the projected surplus. State legislators recently passed a balanced budget for the biennium starting July 1, 2019.

During the period, several factors drove Fund performance.

The Fund’s overweight to lower-rated investment-grade (A-rated and BBB-rated) bonds were the main drivers of performance. Yield-curve positioning along with overweights to credit sectors including local GOs, hospitals, and education benefited the Fund. The Fund’s short duration positioning along with sector and security selection detracted from performance.

Please see footnotes on page 7.

8  |  Wells Fargo Minnesota Tax-Free Fund

Performance highlights (unaudited)

As the period began, the Fund was defensively positioned and was short duration to its primary benchmark as the Fed was expected to raise rates two more times in the second half of 2018 and expected to continue to raise rates in 2019. We started to extend duration in late 2018 as growth expectations slowed, but the Fund was still short duration relative to the benchmarks at the end of the year. This positioning detracted from performance as the Fed changed directions abruptly. Yield-curve positioning was supportive of positive performance as the Fund was modestly bulleted and overweight the intermediate part of the curve, which was the best-performing part of the curve on a risk-adjusted basis. The Fund was underweight shorter maturities, which underperformed, and longer-maturity bonds, which outperformed. When extending the Fund’s duration, we focused on buying longer, higher-quality bonds and taking credit exposure in short maturities as we felt credit spreads had contracted to a point that individuals are not being compensated for taking on additional credit risk.

Credit quality as of June 30, 2019⁸

The Fund was overweight local GOs, education, and health care bonds, which outperformed over the period. Some of the better-performing bonds in the Fund were Roseville, MN, Independent School District Bonds; Hennepin County, MN, bonds; and Saint Cloud, MN, health care (CentraCare Health) bonds. While the Fund was underweight state GO bonds, an underperforming sector, the $6.1 million in state of Minnesota bonds that we held outperformed significantly. Being underweight revenue bonds was a detractor from performance as revenue bonds outperformed. There were no positions that were large detractors from performance. However, some securities failed to keep pace with the benchmark and underperformed due to subpar security selection.

Slowing growth supports credit fundamentals, but market technicals are driving performance and issue selection remains key in state-specific funds.

We believe U.S. economic growth is slowing but still continues at a modest pace. Minnesota’s economy performed well, which may lead to higher revenues for many municipalities and improved credit fundamentals. We view the Fed becoming more dovish and potentially cutting rates in the latter half of 2019 as supportive of GDP growth. Some municipalities may do well and others may continue to struggle, making credit selection very important. We expect to remain overweight lower-quality investment-grade bonds, though we believe investors currently are not being compensated sufficiently for making new investments in some of these areas. In our view, the long-term drivers of valuations will be supply and demand trends, absolute yield levels, the shape of the yield curve, and credit fundamentals. While we will continue our bias to overweighting lower-quality investment-grade bonds, it will be to a lesser degree, and we likely will add some higher-quality bonds as opportunities arise. We will monitor economic growth, the technical market, and fundamental credit quality to see if any changes are warranted in duration, yield-curve positioning, or credit-quality selections over the next year.

Please see footnotes on page 7.

Wells Fargo Minnesota Tax-Free Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,041.16	$	4.30		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class C
Actual	$	1,000.00	$	1,037.31	$	8.08		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Administrator Class
Actual	$	1,000.00	$	1,041.48	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,041.86	$	2.63		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.22	$	2.61		0.52	%

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

10  |  Wells Fargo Minnesota Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.98%
Guam: 1.16%
Airport Revenue: 0.58%
Guam Port Authority Series 2018B		5.00	%		7-1-2019	$	250,000	$	250,000
Guam Port Authority Series 2018B		5.00			7-1-2035		605,000		692,846
									942,846
Water & Sewer Revenue: 0.58%
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013		5.25			7-1-2022		865,000		945,142
									1,887,988
Illinois: 0.99%
GO Revenue: 0.99%
Illinois Refunding Bond Series 2018A		5.00			10-1-2021		500,000		533,600
Kane, Cook and DuPage Counties IL School District #46 Series 2015D		5.00			1-1-2027		965,000		1,090,518
									1,624,118
Minnesota: 97.52%
Airport Revenue: 2.64%
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2014A		5.00			1-1-2032		750,000		851,820
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2016C		5.00			1-1-2046		1,000,000		1,172,300
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2016D		5.00			1-1-2041		250,000		288,985
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014A		5.00			1-1-2029		500,000		572,530
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014B		5.00			1-1-2026		1,250,000		1,427,250
									4,312,885
Education Revenue: 22.81%
Anoka County MN Charter School Series A		3.65			6-1-2020		185,000		188,765
Anoka County MN Charter School Series A		3.75			6-1-2021		245,000		255,045
Anoka County MN Charter School Series A		5.00			6-1-2027		510,000		536,918
Anoka County MN Charter School Series A		5.00			6-1-2032		300,000		315,834
Anoka County MN Charter School Series A		5.00			6-1-2043		1,100,000		1,158,058
Brooklyn Park MN Charter School Athlos Leadership Academy Project Series 2015A		4.00			7-1-2020		100,000		100,213
Brooklyn Park MN Charter School Athlos Leadership Academy Project Series 2015A		5.50			7-1-2040		750,000		783,428
Cologne MN Charter School Cologne Academy Project Series 2014A		5.00			7-1-2029		590,000		633,607
Cologne MN Charter School Cologne Academy Project Series 2014A		5.00			7-1-2034		500,000		529,410
Columbus MN Charter School New Millennium Academy Project Series 2015A		5.50			7-1-2030		1,000,000		918,600
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015A		5.25			7-1-2040		500,000		538,280
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A		4.00			7-1-2025		125,000		132,095
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A		4.00			7-1-2026		100,000		105,171
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A		4.00			7-1-2027		100,000		104,556
Deephaven MN Charter School Eagle Ridge Academy Project Series A		5.25			7-1-2037		400,000		432,628
Forest Lakes MN Charter School Lakes International Language Academy Project Series 2014A		5.50			8-1-2036		500,000		535,650
Ham Lake MN Charter School DaVinci Academy Project Series 2012A		4.00			7-1-2028		370,000		377,015
Ham Lake MN Charter School DaVinci Academy Project Series 2016A		5.00			7-1-2031		625,000		666,250
Hugo MN Charter School Lease Revenue Bonds Noble Academy Project Series 2014A		5.00			7-1-2029		600,000		638,670

Wells Fargo Minnesota Tax-Free Fund  |   11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Minneapolis MN Charter School Yinghua Academy Project Series 2013A		5.00	%		7-1-2023	$	250,000	$	260,303
Minnesota HEFAR Bethel University Series 2017		5.00			5-1-2037		1,250,000		1,412,100
Minnesota HEFAR College of St. Scholastica Series 7R		4.25			12-1-2027		400,000		423,512
Minnesota HEFAR Hamline University Series 2017B		5.00			10-1-2035		1,000,000		1,115,560
Minnesota HEFAR Hamline University Series 7E		4.50			10-1-2021		300,000		311,604
Minnesota HEFAR Hamline University Series 7E		5.00			10-1-2029		500,000		522,420
Minnesota HEFAR St. Benedict College Series 2017		4.00			3-1-2036		410,000		432,927
Minnesota HEFAR St. Benedict College Series 7M		5.13			3-1-2036		275,000		281,834
Minnesota HEFAR St. Catherine University Series A		5.00			10-1-2045		2,000,000		2,295,660
Minnesota HEFAR St. Olaf College Series 8N		4.50			10-1-2030		500,000		503,800
Minnesota HEFAR St. Thomas University Series 7U		5.00			4-1-2023		750,000		846,458
Minnesota HEFAR St. Thomas University Series 8L		5.00			4-1-2028		920,000		1,105,536
Minnesota HEFAR St. Thomas University Series 8L		5.00			4-1-2029		750,000		898,485
Minnesota HEFAR St. Thomas University Series 8L		5.00			4-1-2035		750,000		876,195
Minnesota Higher Education Facilities Authority Series 2019		5.00			10-1-2040		750,000		911,430
Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds Series 2018		5.00			11-1-2026		700,000		830,228
Minnesota State Colleges & Universities Revenue Fund & Refunding Bond Series 2017A		5.00			10-1-2027		500,000		618,220
Moorhead MN Educational Facilities Bond The Concordia College Corporation Project Series 2016		5.00			12-1-2025		2,000,000		2,244,620
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A		4.15			9-1-2024		515,000		526,551
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A		5.00			9-1-2034		1,100,000		1,158,146
Rice County MN Educational Facilities Shattuck-St. Mary’s School Project 144A		5.00			8-1-2022		955,000		1,004,889
St. Cloud MN Charter School Lease Revenue Bonds Stride Academy Project Series 2016A		5.00			4-1-2036		750,000		457,065
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2016A		5.25			9-1-2031		1,000,000		1,096,710
St. Paul MN Housing & RDA Charter School Lease Revenue German Immersion School Project Series 2013A		4.00			7-1-2023		175,000		177,930
St. Paul MN Housing & RDA Charter School Lease Revenue Twin Cities Academy Project Series 2015A		5.00			7-1-2035		925,000		979,954
St. Paul MN Housing & RDA Conservatory for Performing Artists Series A		4.00			3-1-2028		150,000		150,146
St. Paul MN Housing & RDA Hope Community Academy Project Series 2015A		5.00			12-1-2034		1,645,000		1,734,143
University of Minnesota Series 2017A		5.00			9-1-2042		770,000		925,686
University of Minnesota Series 2019A		5.00			4-1-2044		2,000,000		2,459,600
University of Minnesota State Supported Biomedical Science Series 2011B		5.00			8-1-2036		1,000,000		1,067,450
Woodbury MN Charter School Series A		3.90			12-1-2022		220,000		228,655
Woodbury MN Charter School Series A		5.00			12-1-2027		215,000		226,320
Woodbury MN Charter School Series A		5.00			12-1-2032		220,000		230,060
									37,264,390
GO Revenue: 14.45%
Hastings MN Independent School District #200 CAB Series A (South Dakota Credit Program Insured) ¤		0.00			2-1-2032		1,305,000		910,864
Hastings MN Independent School District #200 CAB Series A (South Dakota Credit Program Insured) ¤		0.00			2-1-2033		1,145,000		765,536
Hennepin County MN Series 2016B		5.00			12-1-2029		450,000		555,107
Hennepin County MN Series 2017C		5.00			12-1-2031		2,000,000		2,449,100
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured)		5.00			2-1-2025		160,000		185,925
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured)		5.00			2-1-2026		185,000		219,464

12  |  Wells Fargo Minnesota Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Minnesota Series 2018A		5.00	%		8-1-2032	$	2,700,000	$	3,398,193
Minnesota Various Purpose Bonds Series 2015A		5.00			8-1-2028		3,400,000		4,078,096
Mounds View MN Independent School District #621 Series A (South Dakota Credit Program Insured)		4.00			2-1-2022		530,000		531,049
Rosemount MN Independent School District #196 School Building Series 2016A (South Dakota Credit Program Insured)		5.00			2-1-2027		1,500,000		1,824,765
Roseville MN Independent School District #623 School Building Series A (South Dakota Credit Program Insured)		5.00			2-1-2031		2,090,000		2,518,868
Sartell MN Independent School District #748 St. Stephen Public Schools GO Series 2016A (South Dakota Credit Program Insured)		5.00			2-1-2027		1,250,000		1,486,038
Shakopee MN Independent School District #720 Series 2015A (South Dakota Credit Program Insured)		5.00			2-1-2023		1,000,000		1,116,560
St. Francis MN Independent School District #15 Series A (South Dakota Credit Program Insured)		5.00			2-1-2027		485,000		542,967
St. Francis MN Independent School District #15 Series A (South Dakota Credit Program Insured)		5.00			2-1-2028		220,000		246,213
St. Louis Park Independent School District #203 Series 2019A (South Dakota Credit Program Insured) %%		5.00			2-1-2028		1,370,000		1,729,968
Willmar MN Rice Memorial Hospital Project Series 2012A		5.00			2-1-2026		1,000,000		1,053,760
									23,612,473
Health Revenue: 22.73%
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014		5.00			11-1-2026		750,000		859,778
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014		5.00			11-1-2027		500,000		571,390
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014		5.00			11-1-2029		300,000		339,708
Duluth MN EDA Health Care Facilities Essentia Health Series A		5.00			2-15-2048		650,000		750,042
Duluth MN EDA Health Care Facilities Essentia Health Series A		5.25			2-15-2053		2,500,000		2,917,075
Glencoe MN HCFR Glencoe Regional Health Services Project Series 2013		4.00			4-1-2022		735,000		776,630
Maple Grove MN HCFR Maple Grove Hospital Corporation		5.00			5-1-2030		850,000		1,017,034
Maple Grove MN HCFR North Memorial Health Care Series 2015		5.00			9-1-2023		655,000		740,903
Maple Grove MN HCFR Series 2017		5.00			5-1-2031		500,000		594,145
Maple Grove MN HCFR Series 2017		5.00			5-1-2032		500,000		591,255
Minneapolis & St. Paul MN Housing & RDA Allina Health System Series 2017A		5.00			11-15-2029		1,000,000		1,223,350
Minneapolis & St. Paul MN Housing & RDA Children’s Health Care Facilities Series A		5.25			8-15-2025		1,000,000		1,039,970
Minneapolis & St. Paul MN Housing & RDA Children’s Health Care Facilities Series A		5.25			8-15-2035		1,000,000		1,039,850
Minneapolis MN Health Care System Fairview Health Services Series 2015A		5.00			11-15-2033		2,000,000		2,320,140
Minneapolis MN Health Care System Revenue Refunded Bond Fairview Health Services Series A		5.00			11-15-2049		1,000,000		1,171,830
Minnesota Agricultural & Economic Development Board Health Care Essentia Health Series C1 (AGC Insured)		4.00			2-15-2020		50,000		50,846
Minnesota Agricultural & Economic Development Board Health Care Essentia Health Series C1 (AGC Insured)		5.00			2-15-2030		2,000,000		2,037,080
Plato MN Health Care Facilities Bond Glencoe Regional Health Services Project Series 2017		5.00			4-1-2041		550,000		612,453
Red Wing MN Senior Housing Deer Crest Project Series A		5.00			11-1-2032		660,000		682,090
Red Wing MN Senior Housing Deer Crest Project Series A		5.00			11-1-2042		560,000		577,780
Rochester MN Healthcare Facilities Mayo Clinic ø		1.93			11-15-2047		4,700,000		4,700,000
Shakopee MN St. Francis Regional Medical Center Series 2014		5.00			9-1-2027		700,000		800,975
Shakopee MN St. Francis Regional Medical Center Series 2014		5.00			9-1-2029		725,000		825,514

Wells Fargo Minnesota Tax-Free Fund  |   13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
St. Cloud MN Health Care Revenue Bonds Series 2016A		5.00	%		5-1-2030	$	2,000,000	$	2,381,440
St. Cloud MN Health Care Revenue Bonds Series 2016A		5.00			5-1-2031		2,000,000		2,369,640
St. Cloud MN Health Care Unrefunded Revenue Bond CentraCare Health		5.13			5-1-2030		125,000		128,650
St. Louis Park MN Nicollett Health Services Series 2009		5.50			7-1-2029		1,000,000		1,000,000
St. Paul MN Housing & RDA Fairview Health Services Series 2017A		5.00			11-15-2034		565,000		677,395
St. Paul MN Housing & RDA Health Care Facilities Refunding Bond Series 2015A		5.00			7-1-2025		250,000		297,563
St. Paul MN Housing & RDA HealthEast Care Systems Project Series 2015A		5.00			11-15-2027		1,000,000		1,207,790
St. Paul MN Housing & RDA HealthPartners Obligated Group Series 2015A		5.00			7-1-2031		2,010,000		2,308,003
Winona MN Health Care Facilities Refunding Bond Series 2012		5.00			7-1-2034		500,000		518,380
									37,128,699
Housing Revenue: 6.02%
Dakota County MN Community Development Agency SFMR (GNMA/FNMA/FHLMC Insured)		5.30			12-1-2039		9,502		9,508
Minneapolis MN Student Housing Riverton Community Housing Project Series 2014		5.00			8-1-2032		860,000		913,372
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%) (GNMA/FNMA/FHLMC Insured) ±		2.33			1-1-2045		1,000,000		994,700
Minnesota Housing Finance Agency Residential Housing Series 2009E		4.20			7-1-2021		670,000		670,000
Minnesota Housing Finance Agency Residential Housing Series 2012D (GNMA/FNMA/FHLMC Insured)		4.00			7-1-2040		215,000		219,816
Minnesota Housing Finance Agency Series 2015A		5.00			8-1-2027		1,665,000		1,944,720
Minnesota Housing Finance Agency State Appropriation Bonds Series 2015A		5.00			8-1-2032		500,000		576,620
Oak Park Heights MN Boutwells Landing Project Series 2005 (FHLMC LIQ) ø		1.93			11-1-2035		3,000,000		3,000,000
Rochester MN Multifamily Housing Series 2019B (United Fidelity Bank LOC) ø		1.96			5-1-2061		1,500,000		1,500,000
									9,828,736
Miscellaneous Revenue: 16.40%
Anoka Hennepin MN Independent School District #11 Certificate of Participation Series 2014A		5.00			2-1-2034		1,000,000		1,136,970
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2011		5.00			11-1-2041		3,000,000		3,024,120
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 %%		4.00			11-1-2030		250,000		283,013
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 %%		4.00			11-1-2031		250,000		280,988
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 %%		4.00			11-1-2034		300,000		332,403
Duluth MN Independent School District #709 Certificate of Participation Series 2019A		4.00			3-1-2026		700,000		751,457
Duluth MN Independent School District #709 Certificate of Participation Series 2019B (South Dakota Credit Program Insured)		5.00			2-1-2026		395,000		470,465
Duluth MN Independent School District #709 Certificate of Participation Series 2019B (South Dakota Credit Program Insured)		5.00			2-1-2028		700,000		862,176
Goodhue County MN Education District #6051 Red Wing Certificate of Participation Series 2014A		5.00			2-1-2029		750,000		845,895
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (AGM Insured, U.S. Bank NA SPA) ø		1.33			8-15-2037		1,000,000		1,000,000
Minneapolis MN Development Limited Tax Supported Common Bond Series 2A		6.00			12-1-2040		1,000,000		1,062,240
Minnesota General Fund Appropriation Bonds Series 2012B		5.00			3-1-2027		2,000,000		2,184,100
Minnesota General Fund Appropriation Bonds Series 2012B		5.00			3-1-2029		2,000,000		2,180,260
Minnesota General Fund Appropriation Bonds Series 2014A		5.00			6-1-2033		1,000,000		1,127,610

14  |  Wells Fargo Minnesota Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Minnesota Legislative Office Facility Project Certificate of Participation Series 2014		5.00	%		6-1-2023	$	435,000	$	495,239
Minnetonka MN Independent School District #276 Certificate of Participation Series 2016F		5.00			2-1-2025		205,000		229,807
Minnetonka MN Independent School District #276 Certificate of Participation Series 2018C		5.75			2-1-2042		2,145,000		2,542,554
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2013A		4.00			2-1-2024		1,100,000		1,188,594
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2015B		5.00			2-1-2034		1,500,000		1,725,705
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2009A		5.00			2-1-2024		250,000		250,663
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A		4.00			5-1-2026		500,000		559,810
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A		4.00			5-1-2027		1,000,000		1,112,810
St. Cloud MN Independent School District #742 Certificate of Participation Series 2017A		5.00			2-1-2032		500,000		578,130
St. Cloud MN Independent School District #742 Certificate of Participation Series 2017A		5.00			2-1-2034		350,000		402,665
St. Paul MN Housing & RDA Charter School Nova Classical Academy Project Series 2011A		6.63			9-1-2042		865,000		960,591
White Bear Lake MN Revenue Refunding Bond YMCA of Greater Twin Cities Project Series 2018		5.00			6-1-2032		1,000,000		1,204,810
									26,793,075
Transportation Revenue: 1.11%
St. Paul MN Housing & RDA Parking Enterprise Refunding Bond Series 2017A		4.00			8-1-2026		525,000		593,523
St. Paul MN Housing & RDA Parking Enterprise Refunding Bond Series 2017A		4.00			8-1-2027		545,000		612,166
St. Paul MN Housing & RDA Parking Enterprise Refunding Bond Series 2017A		5.00			8-1-2025		500,000		601,075
									1,806,764
Utilities Revenue: 11.36%
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Series 2012		5.00			1-1-2042		1,500,000		1,610,595
Hutchinson MN Public Utility Revenue Refunding Bond Series 2012A		5.00			12-1-2026		700,000		777,525
Minnesota Municipal Power Agency Series A		5.00			10-1-2025		2,335,000		2,439,071
Northern Minnesota Municipal Power Agency Series 2013A		4.00			1-1-2028		450,000		479,966
Northern Minnesota Municipal Power Agency Series 2016		5.00			1-1-2030		520,000		612,232
Northern Minnesota Municipal Power Agency Series 2016		5.00			1-1-2031		350,000		409,609
Northern Minnesota Municipal Power Agency Series 2017		5.00			1-1-2041		400,000		463,260
Rochester MN Electric Utility Revenue Series 2013B		5.00			12-1-2025		315,000		362,373
Rochester MN Electric Utility Revenue Series 2013B		5.00			12-1-2026		250,000		286,328
Rochester MN Electric Utility Revenue Series 2017A		5.00			12-1-2037		500,000		591,470
Southern Minnesota Municipal Power Agency CAB Series A (National Insured) ¤ ##		0.00			1-1-2020		5,100,000		5,062,005
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2027		1,565,000		1,745,711
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2030		1,000,000		1,112,220
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2031		1,000,000		1,191,670
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2032		1,250,000		1,417,988
									18,562,023
									159,309,045

Wells Fargo Minnesota Tax-Free Fund  |   15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Virgin Islands: 0.31%
Tax Revenue: 0.31%
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured)		5.00	%		10-1-2025	$	500,000	$	504,520
Total Municipal Obligations (Cost $157,632,251)									163,325,671

Total investments in securities (Cost $157,632,251)	99.98	%		163,325,671
Other assets and liabilities, net	0.02			29,244
Total net assets	100.00	%	$	163,354,915

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

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

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

CAB Capital appreciation bond

EDA Economic Development Authority

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PFA Public Finance Authority

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

SPA Standby purchase agreement

16  |  Wells Fargo Minnesota Tax-Free Fund

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $157,632,251)	$	163,325,671
Cash		366,623
Receivable for investments sold		210,076
Receivable for Fund shares sold		161,719
Receivable for interest		2,087,030
Prepaid expenses and other assets		119,024
Total assets		166,270,143
Liabilities
Payable for investments purchased		2,626,185
Payable for Fund shares redeemed		160,729
Dividends payable		51,467
Management fee payable		26,600
Administration fees payable		14,440
Distribution fee payable		3,290
Trustees’ fees and expenses payable		1,393
Accrued expenses and other liabilities		31,124
Total liabilities		2,915,228
Total net assets	$	163,354,915
Net assets consist of
Paid-in capital	$	156,863,626
Total distributable earnings		6,491,289
Total net assets	$	163,354,915
Computation of net asset value and offering price per share
Net assets – Class A	$	27,398,846
Shares outstanding – Class A1		2,544,705
Net asset value per share – Class A2		$10.77
Maximum offering price per share – Class A		$11.28
Net assets – Class C	$	5,254,447
Shares outstanding – Class C1		488,052
Net asset value per share – Class C		$10.77
Net assets – Administrator Class	$	95,071,549
Shares outstanding – Administrator Class1		8,833,502
Net asset value per share – Administrator Class		$10.76
Net assets – Institutional Class	$	35,630,073
Shares outstanding – Institutional Class1		3,307,136
Net asset value per share – Institutional Class		$10.77

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Minnesota Tax-Free Fund  |  17

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	5,209,712
Expenses
Management fee		610,988
Administration fees
Class A		44,330
Class C		10,280
Administrator Class		87,266
Institutional Class		25,080
Shareholder servicing fees
Class A		69,265
Class C		16,062
Administrator Class		218,165
Distribution fee
Class C		48,187
Custody and accounting fees		5,518
Professional fees		55,204
Registration fees		82,131
Shareholder report expenses		23,124
Trustees’ fees and expenses		21,275
Other fees and expenses		10,491
Total expenses		1,327,366
Less: Fee waivers and/or expense reimbursements		(302,492	)
Net expenses		1,024,874
Net investment income		4,184,838
Realized and unrealized gains (losses) on investments
Net realized gains on investments		42,540
Net change in unrealized gains (losses) on investments		3,698,165
Net realized and unrealized gains (losses) on investments		3,740,705
Net increase in net assets resulting from operations	$	7,925,543

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

18  |  Wells Fargo Minnesota Tax-Free Fund

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	4,184,838					$	4,586,522
Net realized gains on investments					42,540						195,726
Net change in unrealized gains (losses) on investments					3,698,165						(2,825,310	)
Net increase in net assets resulting from operations					7,925,543						1,956,938
Distributions to shareholders from net investment income and net realized gains
Class A					(711,001	)					(872,744	)
Class C					(117,484	)					(162,373	)
Administrator Class					(2,451,244	)					(2,841,350	)
Institutional Class					(905,109	)					(793,549	)
Total distributions to shareholders					(4,184,838	)					(4,670,016	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		347,091			3,649,133			171,297			1,824,591
Class C		7,412			78,298			30,242			320,610
Administrator Class		3,125,314			32,846,044			1,645,104			17,459,103
Institutional Class		1,422,688			14,957,048			1,450,392			15,399,618
					51,530,523						35,003,922
Reinvestment of distributions
Class A		67,230			708,091			80,361			852,641
Class C		11,169			117,470			15,294			162,268
Administrator Class		163,889			1,727,163			181,284			1,922,161
Institutional Class		85,728			904,258			74,672			792,417
					3,456,982						3,729,487
Payment for shares redeemed
Class A		(680,950	)		(7,140,320	)		(689,876	)		(7,312,506	)
Class C		(233,266	)		(2,454,511	)		(234,385	)		(2,490,668	)
Administrator Class		(2,569,156	)		(26,934,068	)		(3,535,508	)		(37,420,099	)
Institutional Class		(1,018,861	)		(10,683,211	)		(838,851	)		(8,894,018	)
					(47,212,110	)					(56,117,291	)
Net increase (decrease) in net assets resulting from capital share transactions					7,775,395						(17,383,882	)
Total increase (decrease) in net assets					11,516,100						(20,096,960	)
Net assets
Beginning of period					151,838,815						171,935,775
End of period				$	163,354,915					$	151,838,815

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at June 30, 2018 was $830,755. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Wells Fargo Minnesota Tax-Free Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.51			$10.68			$11.07			$10.79			$10.86
Net investment income		0.27	1		0.28	1		0.28	1		0.33			0.33
Net realized and unrealized gains (losses) on investments		0.26			(0.16	)		(0.34	)		0.28			(0.04	)
Total from investment operations		0.53			0.12			(0.06	)		0.61			0.29
Distributions to shareholders from
Net investment income		(0.27	)		(0.28	)		(0.28	)		(0.33	)		(0.33	)
Net realized gains		0.00			(0.01	)		(0.05	)		(0.00	)2		(0.03	)
Total distributions to shareholders		(0.27	)		(0.29	)		(0.33	)		(0.33	)		(0.36	)
Net asset value, end of period		$10.77			$10.51			$10.68			$11.07			$10.79
Total return3		5.13	%		1.10	%		(0.53	)%		5.74	%		2.72	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.85	%		0.91	%		0.89	%		0.89	%
Net expenses		0.85	%		0.84	%		0.85	%		0.85	%		0.85	%
Net investment income		2.57	%		2.64	%		2.63	%		2.99	%		3.03	%
Supplemental data
Portfolio turnover rate		18	%		15	%		22	%		16	%		20	%
Net assets, end of period (000s omitted)		$27,399			$29,554			$34,720			$45,437			$45,437

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

20  |  Wells Fargo Minnesota Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.51			$10.68			$11.07			$10.79			$10.86
Net investment income		0.19	1		0.20			0.20			0.24			0.25
Net realized and unrealized gains (losses) on investments		0.26			(0.16	)		(0.34	)		0.28			(0.04	)
Total from investment operations		0.45			0.04			(0.14	)		0.52			0.21
Distributions to shareholders from
Net investment income		(0.19	)		(0.20	)		(0.20	)		(0.24	)		(0.25	)
Net realized gains		0.00			(0.01	)		(0.05	)		(0.00	)1		(0.03	)
Total distributions to shareholders		(0.19	)		(0.21	)		(0.25	)		(0.24	)		(0.28	)
Net asset value, end of period		$10.77			$10.51			$10.68			$11.07			$10.79
Total return2		4.35	%		0.34	%		(1.27	)%		4.95	%		1.96	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.59	%		1.65	%		1.64	%		1.64	%
Net expenses		1.60	%		1.59	%		1.60	%		1.60	%		1.60	%
Net investment income		1.83	%		1.89	%		1.88	%		2.24	%		2.28	%
Supplemental data
Portfolio turnover rate		18	%		15	%		22	%		16	%		20	%
Net assets, end of period (000s omitted)		$5,254			$7,387			$9,525			$10,358			$10,061

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Minnesota Tax-Free Fund  |   21

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.51			$10.68			$11.07			$10.78			$10.86
Net investment income		0.30	1		0.31	1		0.31	1		0.35			0.36
Net realized and unrealized gains (losses) on investments		0.25			(0.16	)		(0.34	)		0.29			(0.05	)
Total from investment operations		0.55			0.15			(0.03	)		0.64			0.31
Distributions to shareholders from
Net investment income		(0.30	)		(0.31	)		(0.31	)		(0.35	)		(0.36	)
Net realized gains		0.00			(0.01	)		(0.05	)		(0.00	)2		(0.03	)
Total distributions to shareholders		(0.30	)		(0.32	)		(0.36	)		(0.35	)		(0.39	)
Net asset value, end of period		$10.76			$10.51			$10.68			$11.07			$10.78
Total return		5.29	%		1.34	%		(0.28	)%		6.10	%		2.88	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.78	%		0.84	%		0.83	%		0.83	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.81	%		2.89	%		2.87	%		3.24	%		3.28	%
Supplemental data
Portfolio turnover rate		18	%		15	%		22	%		16	%		20	%
Net assets, end of period (000s omitted)		$95,072			$85,259			$104,906			$124,485			$111,475

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

22  |  Wells Fargo Minnesota Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			20171
Net asset value, beginning of period		$10.52			$10.69			$10.88
Net investment income		0.30			0.32			0.21
Net realized and unrealized gains (losses) on investments		0.25			(0.16	)		(0.14	)
Total from investment operations		0.55			0.16			0.07
Distributions to shareholders from
Net investment income		(0.30	)		(0.32	)		(0.21	)
Net realized gains		0.00			(0.01	)		(0.05	)
Total distributions to shareholders		(0.30	)		(0.33	)		(0.26	)
Net asset value, end of period		$10.77			$10.52			$10.69
Total return2		5.37	%		1.43	%		0.62	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.52	%		0.52	%
Net expenses		0.52	%		0.52	%		0.51	%
Net investment income		2.89	%		2.98	%		2.91	%
Supplemental data
Portfolio turnover rate		18	%		15	%		22	%
Net assets, end of period (000s omitted)		$35,630			$29,639			$22,785

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

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

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

Wells Fargo Minnesota Tax-Free Fund  |   23

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

24  |  Wells Fargo Minnesota Tax-Free Fund

Notes to financial statements

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 June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $157,632,249 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	6,088,985
Gross unrealized losses		(395,563	)
Net unrealized gains	$	5,693,422

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $32,886 in short-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	163,325,671	$	0	$	163,325,671

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

At June 30, 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

Wells Fargo Minnesota Tax-Free Fund  |  25

Notes to financial statements

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

Average daily net assets	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.60% for Administrator Class shares, and 0.52% for Institutional Class shares. 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 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 year ended June 30, 2019, Funds Distributor received $1,565 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 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.

26  |  Wells Fargo Minnesota Tax-Free Fund

Notes to financial statements

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $8,600,000 and $12,825,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $27,897,219 and $26,691,036, 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 year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended June 30, 2019 and June 30, 2018 were as follows:

	Year ended June 30
	2019		2018
Tax-exempt income	$	4,184,838	$	4,586,603
Long-term capital gain		0		83,413

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$882,220	$5,693,422	$(32,886)

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

	Net investment income		Net realized gains
Class A		$   855,881	$	16,863
Class C		158,147		4,226
Administrator Class		2,792,428		48,922
Institutional Class		780,067		13,482

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the

Wells Fargo Minnesota Tax-Free Fund  |  27

Notes to financial statements

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

28  |  Wells Fargo Minnesota Tax-Free Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Minnesota Tax-Free Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

Wells Fargo Minnesota Tax-Free Fund  |   29

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

30  |  Wells Fargo Minnesota Tax-Free Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Wells Fargo Minnesota Tax-Free Fund  |   31

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

32  |  Wells Fargo Minnesota Tax-Free Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

Wells Fargo Minnesota Tax-Free Fund  |   33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Minnesota Tax-Free Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Minnesota Tax-Free Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by

34  |  Wells Fargo Minnesota Tax-Free Fund

Other information (unaudited)

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and three-year periods under review, equal to the average investment performance of the Universe for the ten-year period under review, and in range of the average investment performance of the Universe for the three-year period under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays Municipal Bond Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability

Wells Fargo Minnesota Tax-Free Fund  |   35

Other information (unaudited)

reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

36  |  Wells Fargo Minnesota Tax-Free Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404824 08-19

A252/AR252 06-19

Annual Report

June 30, 2019

Wells Fargo

California Tax-Free Fund

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

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

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

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
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
Report of independent registered public accounting firm	34
Other information	35

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Save trees.

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

The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo California Tax-Free Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo California Tax-Free Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo California Tax-Free Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo California Tax-Free Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo California Tax-Free Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Terry J. Goode

Brandon Pae^‡

Adrian Van Poppel

Average annual total returns (%) as of June 30, 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 (SCTAX)	10-6-1988		0.93		2.52		4.80		5.70		3.47		5.29		0.83		0.75
Class C (SCTCX)	7-1-1993		3.95		2.71		4.50		4.95		2.71		4.50		1.58		1.50
Administrator Class (SGCAX)	12-15-1997		–		–		–		5.99		3.69		5.51		0.77		0.55
Institutional Class (SGTIX)3	10-31-2014		–		–		–		6.07		3.75		5.54		0.50		0.48
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		6.71		3.64		4.72		–		–
Bloomberg Barclays Municipal Bond: California Index5	–		–		–		–		6.42		3.66		5.33		–		–

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to California municipal securities risk, high-yield securities risk, and non-diversification risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo California Tax-Free Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁶

^‡  Mr. Pae became a portfolio manager of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the 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 the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher.

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

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

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and the Bloomberg Barclays Municipal Bond: California Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

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

⁸  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.

Wells Fargo California Tax-Free Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed the Bloomberg Barclays Municipal Bond Index and the Bloomberg Barclays Municipal Bond: California Index for the 12-month period that ended June 30, 2019.

∎ The Fund’s shorter-duration profile was a detractor as longer-duration bonds outperformed shorter maturities during this period of flattening. The Fund also saw several of its large, attractive Great Recession–era California State general obligation (GO) bonds refunded over the year that had book yields that could not be replaced in the current interest rate environment.

∎ The primary drivers of performance were the Fund’s credit profile, security selection, and yield-curve positioning with an overweight to the best-performing long-term bond maturity segment. Strong demand for lower-rated credits benefited the Fund’s overweight to A-rated and BBB-rated bonds. Security selection was also a contributor as several hospitals and special tax bonds performed well relative to similar credits in the Bloomberg Barclays Municipal Bond: California Index.

Effective maturity distribution as of June 30, 2019⁷

Fading growth expectations put the Fed on hold.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the European Union. These concerns only increased as we moved into the first half of 2019 and discussions changed from

when the Fed might hike to when they might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June.

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive, but record inflows were reported as investor opinion toward fixed income, particularly municipals, improved due to investor expectations that interest rates would remain stable. While new issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform, which eliminated the ability of issuers to advance refund outstanding higher-cost debt. Overall, reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

The Fund’s duration started at 94% of the Bloomberg Barclays Municipal Bond: California Index but we moved closer to neutral, or to 97% of the index, by the end of the period as expectations of additional Fed rate hikes moderated in 2019. We continue to maintain an overweight to bonds rated A and below as higher-grade bonds have priced historically rich in the wake of tax reform, especially for states like California, which were affected to a greater degree by the cap on state and local tax deductions. Over the period, we have also added higher-rated, lower-coupon bonds, which offered additional incremental yield with lower expected price volatility in the current interest rate environment compared with lower-rated, higher-coupon bonds. Our exposure to state GOs decreased markedly as several large positions were refunded by the State of California, and we deployed those resources to other sectors, including hospitals, local GOs, and airports, which all have had strong relative performance over the period.

Please see footnotes on page 7.

8  |  Wells Fargo California Tax-Free Fund

Performance highlights (unaudited)

Credit quality as of June 30, 2019⁸

As the yield curve flattened over the period and credit spreads tightened, longer-duration bonds and credit outperformed. The 30-year AAA municipal benchmark rallied 63 bps (bps; 100 bps equal 1.00%) over the period, based on the Thomson Municipal Market Data AAA yield curve, resulting in a bull flattening, and as a result, long-duration bonds performed well. Many of our top contributors were non-callable zero-coupon bonds. Strong demand for lower-rated bonds also contributed to the Fund’s relative performance as we maintained our overweight to this segment. Lower-rated airports and higher-rated 4% coupon bonds were among our most significant contributors to performance during the period. Finally, several nonrated special tax bonds experienced strong total return over the period as technical factors, including strong high-yield fund flows and historically tight credit spreads, supported demand.

Shorter-maturing bonds inside of 10 years did not rally as strongly as longer maturities. As a result, the Fund’s exposure to this maturity range hampered performance. Higher-quality bonds also generally underperformed. This included pre-refunded, state GOs, and water and sewer bonds. The Fund’s overweight to the weaker-performing leasing/appropriation sector was a detractor and the Fund’s bonds underperformed those in the index. The Fund’s limited exposure to golden tobacco settlement bonds also detracted from performance as the specter of increased regulation and plunging smoking consumption led Standard & Poor’s to revise its modeling assumptions and place some credits on negative watch. Finally, the State of California refunded several large positions over the period—bonds issued when the state’s credit spreads were at recent highs—and as a result, we could not replace those book yields at a similar risk profile.

Our outlook is for lower rates

Overall, technicals remain strong in the municipal bond market and we expect municipal bond valuations in the medium term to be helped by high state income tax rates, record levels of municipal debt maturities and calls, and limited availability of gross municipal bond supply. However, we believe overall economic growth in this cycle has neared its peak and, as a result, the Fed may lower rates before the end of the year. As a result, we will look to maintain a neutral duration positioning and an up-in-quality trade approach.

Please see footnotes on page 7.

Wells Fargo California Tax-Free Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,047.96	$	3.81		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class C
Actual	$	1,000.00	$	1,044.33	$	7.60		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50		1.50	%
Administrator Class
Actual	$	1,000.00	$	1,049.82	$	2.80		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.07	$	2.76		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,049.27	$	2.44		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).

10  |  Wells Fargo California Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.82%
California: 94.75%
Airport Revenue: 3.96%
California Municipal Finance Authority AMT Senior Lien Linxs Apartment Project Series A		5.00	%		12-31-2043	$	5,730,000	$	6,698,599
Los Angeles CA Department Of Airports Revenue		5.00			5-15-2049		5,000,000		5,966,000
Palm Springs CA Palm Springs International Airport		6.40			7-1-2023		380,000		380,239
Sacramento County CA Airport System Refunding Bond AMT Senior Series C		5.00			7-1-2037		7,300,000		8,797,157
Sacramento County CA Airport System Refunding Bond AMT Senior Series C		5.00			7-1-2038		3,000,000		3,605,610
San Francisco CA City & County International Airport AMT Series A ##		5.00			5-1-2047		7,715,000		9,002,016
San Jose CA Airport AMT Refunding Bond Series A		5.00			3-1-2047		4,000,000		4,631,120
San Jose CA Airport Refunding Bond Series B		5.00			3-1-2042		1,750,000		2,071,615
									41,152,356
Education Revenue: 5.01%
California Educational Facilities Authority Loma Linda University Series A		5.00			4-1-2042		2,645,000		3,072,538
California Municipal Finance Authority California Baptist University Series A 144A		4.00			11-1-2021		595,000		609,161
California Municipal Finance Authority California Baptist University Series A 144A		5.00			11-1-2025		1,025,000		1,137,176
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		6.75			8-1-2033		1,525,000		1,695,342
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		7.13			8-1-2043		1,000,000		1,114,940
California Municipal Finance Authority Refunding Bond Biola University Incorporated		5.00			10-1-2035		600,000		710,850
California Municipal Finance Authority Charter School Palmdale Aerospace Academy Project 144A		5.00			7-1-2041		1,250,000		1,363,862
California Municipal Finance Authority Charter School Revenue Palmdale Aerospace Academy Series A 144A		5.00			7-1-2049		1,800,000		1,989,306
California School Finance Authority Bright Star Schools Obligation Group 144A		5.00			6-1-2047		1,000,000		1,064,440
California School Finance Authority Bright Star Schools Obligation Group 144A		5.00			6-1-2054		1,000,000		1,055,420
California School Finance Authority Green Dot Public Schools Projects 144A		4.00			8-1-2025		475,000		525,972
California School Finance Authority Green Dot Public Schools Projects 144A		5.00			8-1-2035		2,525,000		2,841,054
California School Finance Authority KIPP Louisiana School Projects Series A 144A		5.00			7-1-2035		1,000,000		1,129,800
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2036		945,000		1,001,955
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2046		2,100,000		2,207,289
California Statewide CDA Refunding Bond California Baptist University Series A 144A		5.00			11-1-2032		1,135,000		1,332,240
California Statewide CDA Refunding Bond California Baptist University Series A 144A		5.00			11-1-2041		2,875,000		3,293,658
California Statewide CDA School Facility Alliance for College-Ready Public Schools		6.75			7-1-2031		1,625,000		1,741,626
California University Systemwide Refunding Bond Series A		4.00			11-1-2038		8,000,000		8,789,120
California University Systemwide Refunding Bond Series A		5.00			11-1-2045		6,400,000		7,470,464
University of California Series AI		5.00			5-15-2038		2,000,000		2,249,020
University of California Series K		4.00			5-15-2046		5,295,000		5,694,825
									52,090,058
GO Revenue: 30.39%
Alhambra CA Unified School District Election of 2008 Series B (AGM Insured)		6.00			8-1-2029		4,100,000		4,512,952
Alvord CA Unified School District Election of 2012 Series A (AGM Insured)		5.25			8-1-2037		1,620,000		1,843,738

Wells Fargo California Tax-Free Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00	%		8-1-2027	$	1,050,000	$	1,248,818
Beaumont CA Unified School District Election of 2008 Series D (Build America Mutual Assurance Company Insured)		5.25			8-1-2044		2,000,000		2,414,200
Cabrillo CA Unified School District CAB Series A (Ambac Insured) ¤		0.00			8-1-2021		1,500,000		1,453,875
California		5.25			11-1-2040		3,000,000		3,149,970
California Statewide Series B (1 Month LIBOR +0.76%) ±		2.46			12-1-2031		2,500,000		2,512,625
California Various Purposes		5.00			9-1-2029		1,475,000		1,590,478
California Various Purposes		5.00			10-1-2029		7,000,000		7,065,450
California Various Purposes		5.00			9-1-2032		5,100,000		5,835,165
California Various Purposes		5.00			2-1-2038		5,000,000		5,571,200
California Various Purposes		5.00			10-1-2039		5,000,000		5,881,950
California Various Purposes		5.00			8-1-2046		10,000,000		11,742,300
California Various Purposes		5.00			4-1-2049		2,500,000		3,055,900
California Various Purposes		5.25			9-1-2028		5,000,000		5,418,000
California Various Purposes		5.25			10-1-2029		800,000		807,936
California Various Purposes		5.25			4-1-2035		12,640,000		13,981,357
California Various Purposes		5.60			3-1-2036		8,715,000		8,957,016
California Various Purposes Refunding Bond		5.00			9-1-2035		35,000,000		41,942,950
Center Unified School District California CAB Series C (National Insured) ¤		0.00			9-1-2021		5,000,000		4,841,150
Centinela Valley CA Union High School District Election of 2008 Series B		6.00			8-1-2036		2,500,000		2,987,475
Centinela Valley CA Union High School District Election of 2008 Series C		5.00			8-1-2035		2,000,000		2,314,760
Cerritos CA Community College CAB Election of 2004 ¤		0.00			8-1-2029		1,750,000		1,384,040
Cerritos CA Community College CAB Election of 2004 ¤		0.00			8-1-2033		1,500,000		1,028,325
College of the Sequoias Tulare Area Improvement District #3 CAB Election of 2008 Series A (AGC Insured) ¤		0.00			8-1-2024		1,000,000		913,510
Compton CA Community College CAB Election of 2002 Series C ¤		0.00			8-1-2035		3,445,000		2,077,886
Contra Costa County CA Community College District Election of 2006		5.00			8-1-2038		3,250,000		3,663,465
Delano CA Union High School Election of 2010 Series B (AGM Insured)		5.75			8-1-2035		4,510,000		4,720,076
Escondido CA Union High School CAB Election of 2008 Series A (AGC Insured) ¤		0.00			8-1-2027		8,385,000		7,157,939
Escondido CA Union School District		4.00			8-1-2043		2,150,000		2,346,532
Garden Grove CA Unified School District Election of 2010 Series C		5.25			8-1-2037		2,000,000		2,282,160
Gilroy CA Unified School District Election of 2008 Series A (AGC Insured)		6.00			8-1-2027		1,000,000		1,003,920
Hayward CA Unified School District Refunding Bond		5.00			8-1-2038		6,000,000		6,823,260
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2036		200,000		232,514
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2038		500,000		577,300
Long Beach CA Unified School District CAB Election of 2008 Series B ¤		0.00			8-1-2035		2,000,000		1,269,060
Long Beach CA Unified School District Prerefunded Bond Election of 2008 Series A		5.50			8-1-2026		1,435,000		1,439,994
Long Beach CA Unified School District Unrefunded Bond Election of 2008 Series A		5.50			8-1-2026		95,000		95,326
Los Angeles CA Community College District Refunding Bond		4.00			8-1-2038		10,000,000		11,025,500
Lynwood CA Unified School District Election of 2012 Series A (AGM Insured)		5.00			8-1-2033		5,000		5,604
Merced CA City School District Election of 2014		5.00			8-1-2045		1,000,000		1,161,490
Merced CA Union High School District CAB Series C ¤		0.00			8-1-2032		3,380,000		2,411,562
Mount San Antonio CA Community College District CAB Election of 2008 Series A ¤		0.00			8-1-2024		1,610,000		1,481,168
Natomas CA Unified School District Series 1999 (National Insured)		5.95			9-1-2021		285,000		299,022
Norwalk-La Mirada CA Unified School District CAB Election of 2002 Series D (AGM Insured) ¤		0.00			8-1-2023		1,500,000		1,405,020
Oakland CA Unified School District Alameda County		5.00			8-1-2029		10,125,000		12,179,464

12  |  Wells Fargo California Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Oakland CA Unified School District Election of 2012		5.50	%		8-1-2023	$	500,000	$	568,635
Oakland CA Unified School District Election of 2012		6.63			8-1-2038		7,750,000		8,628,307
Oakland CA Unified School District Election of 2012 Series A		5.00			8-1-2040		3,500,000		3,973,655
Oxnard CA School District Election of 2012 Series D (AGM Insured)		5.00			8-1-2034		1,695,000		2,007,982
Pajaro Valley CA Unified School District Election of 2012 Series A		5.00			8-1-2038		1,700,000		1,916,988
Paramount CA Unified School District CAB Election of 2006 ¤		0.00			8-1-2033		2,500,000		1,664,625
Pomona CA Unified School District Series A (National Insured)		6.55			8-1-2029		1,480,000		1,905,692
Poway CA Unified School District CAB Election of 2008 Improvement District 07-1-A ¤		0.00			8-1-2024		1,800,000		1,653,462
Rialto CA Unified School District CAB Election of 2010 Series A (AGM Insured) ¤		0.00			8-1-2026		3,320,000		2,910,246
Sacramento CA Unified School District Election of 2012 Series A (Build America Mutual Assurance Company Insured)		5.25			8-1-2033		1,000,000		1,130,530
Sacramento CA Unified School District Election of 2012 Series C (AGM Insured)		5.00			8-1-2033		2,735,000		3,166,993
San Bernardino County CA Community Election of 2008 Series D		5.00			8-1-2045		2,000,000		2,316,800
San Bernardino County CA Unified School District Election of 2012 Series C (AGM Insured)		5.00			8-1-2040		8,000,000		9,327,440
San Diego CA Community College Election of 2002		5.00			8-1-2031		4,000,000		4,582,920
San Diego CA Unified School District		4.00			7-1-2047		2,025,000		2,203,949
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2032		1,750,000		1,940,067
San Gorgonio CA Memorial Healthcare Refunding Bond		5.50			8-1-2028		2,525,000		2,919,456
San Joaquin CA Delta Community College District Election of 2004 Series C		5.00			8-1-2033		3,195,000		3,724,955
San Joaquin CA Delta Community College District Election of 2004 Series C		5.00			8-1-2034		3,315,000		3,849,047
San Jose CA Libraries & Parks Project		5.13			9-1-2031		2,040,000		2,045,977
San Jose CA Unified School District Santa Clara County %%		4.00			8-1-2042		4,000,000		4,473,200
San Mateo County CA Jefferson Union High School District CAB Election of 2006 Series D ¤		0.00			8-1-2033		7,000,000		2,565,710
San Mateo County CA Jefferson Union High School District CAB Election of 2006 Series D ¤		0.00			8-1-2036		11,130,000		3,185,851
San Mateo County CA Jefferson Union High School District Prerefunded CAB Election of 2006 Series D ¤		0.00			8-1-2034		6,915,000		2,333,190
San Mateo County CA Jefferson Union High School District Unrefunded CAB Election of 2006 Series D ¤		0.00			8-1-2034		2,990,000		1,007,809
San Rafael CA City High School District CAB Election of 2002 Series B (National Insured) ¤		0.00			8-1-2023		1,260,000		1,180,217
Sanger CA Unified School District Refunding Bond (National Insured)		5.60			8-1-2023		655,000		691,117
Santa Ana CA Unified School District CAB Election of 2008 Series B (AGC Insured) ¤		0.00			8-1-2038		15,000,000		8,394,600
Santa Rosa CA High School District Prerefunded Bond		5.00			8-1-2024		750,000		837,382
Santa Rosa CA High School District Unrefunded Bond		5.00			8-1-2024		255,000		283,155
Sierra Kings CA Health Care District		5.00			8-1-2028		1,000,000		1,169,690
Sierra Kings CA Health Care District		5.00			8-1-2032		1,500,000		1,721,445
Sierra Kings CA Health Care District		5.00			8-1-2037		1,750,000		1,984,815
Simi Valley CA Unified School District		4.00			8-1-2048		3,250,000		3,537,137
Sonoma Valley CA Unified School District CAB Election of 2010 Series A ¤		0.00			8-1-2027		1,020,000		862,410
South Pasadena CA Unified School District Series A (FGIC Insured)		5.55			11-1-2020		220,000		227,944
Stockton CA Unified School District Election of 2012 Series A (AGM Insured)		5.00			8-1-2038		1,025,000		1,162,473
Washington Township CA Health Care District Election of 2004 Series B		5.50			8-1-2038		1,500,000		1,761,480
West Contra Costa CA Unified School District (AGM Insured)		5.25			8-1-2024		1,350,000		1,461,524
West Contra Costa CA Unified School District CAB Election of 2005 Series B		6.00			8-1-2027		1,080,000		1,460,495
West Contra Costa CA Unified School District CAB Election of 2005 Series C-1 (AGC Insured) ¤		0.00			8-1-2021		6,000,000		5,814,300
Wiseburn CA School District CAB (AGC Insured) ¤		0.00			8-1-2027		1,525,000		1,308,099
									315,975,171

Wells Fargo California Tax-Free Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 13.87%
Association of Bay Area Governments California Finance Authority for Nonprofit Corporation Insured O’Connor Woods Project		5.00	%		1-1-2043	$	5,000,000	$	5,521,250
Association of Bay Area Governments California Finance Authority for Nonprofit Corporation Insured Senior Living Odd Fellows Home of California Series A		5.00			4-1-2042		1,100,000		1,211,606
California HFFA Catholic Healthcare West Series A		5.25			3-1-2023		3,000,000		3,180,360
California HFFA Catholic Healthcare West Series A		6.00			7-1-2029		4,000,000		4,000,000
California HFFA El Camino Hospital		5.00			2-1-2035		3,000,000		3,579,900
California HFFA LA Biomedical Research Institutute at Harbor-UCLA Medical Center		5.00			9-1-2048		6,095,000		6,963,598
California HFFA Nevada Methodist Homes		5.00			7-1-2030		1,830,000		2,168,971
California HFFA Nevada Methodist Homes		5.00			7-1-2035		1,000,000		1,168,430
California HFFA Nevada Methodist Homes		5.00			7-1-2045		4,500,000		5,144,265
California HFFA Refunding Bond Cedars Sinai Medical Center Series B		4.00			8-15-2039		10,500,000		11,399,430
California HFFA Refunding Bond Children’s Hospital Series A		5.00			8-15-2047		5,000,000		5,824,050
California HFFA Sutter Health Series B		5.00			11-15-2046		5,000,000		5,854,150
California HFFA Sutter Health Series D		5.25			8-15-2031		3,100,000		3,347,163
California Municipal Finance Authority Refunding Bond Channing House Project Series A		5.00			5-15-2034		1,000,000		1,203,580
California Municipal Finance Authority Refunding Bond Community Medical Centers Series A		5.00			2-1-2047		6,625,000		7,543,888
California Municipal Finance Authority Refunding Bond Eisenhower Medical Center Series A		5.00			7-1-2047		1,400,000		1,591,282
California PFA Refunding Bond Henry Mayo Newhall Hospital		5.00			10-15-2037		500,000		564,745
California PFA Refunding Bond Henry Mayo Newhall Hospital		5.00			10-15-2047		5,265,000		5,873,950
California State Health Facilities Financing Authority		4.00			11-15-2048		5,000,000		5,391,600
California State Health Facilities Financing Authority		4.00			11-1-2051		3,000,000		3,244,350
California State Municipal Finance Authority Revenue		5.00			7-1-2039		1,000,000		1,229,230
California State Municipal Finance Authority Revenue		5.00			7-1-2049		2,650,000		3,207,004
California State Municipal Finance Authority Senior Living Revenue %%		5.00			11-15-2049		1,125,000		1,297,609
California Statewide CDA Adventist Health System Series A		5.00			3-1-2045		2,500,000		2,880,150
California Statewide CDA Enloe Medical Center (Ambac Insured)		5.00			8-15-2033		1,650,000		1,949,657
California Statewide CDA Enloe Medical Center (Ambac Insured)		5.00			8-15-2035		1,000,000		1,174,240
California Statewide CDA Enloe Medical Center (Ambac Insured)		5.00			8-15-2038		2,000,000		2,328,860
California Statewide CDA Loma Linda University Medical Center Refunding Bond Series A		5.25			12-1-2044		5,150,000		5,677,618
California Statewide CDA Redwoods Projects		5.13			11-15-2035		1,500,000		1,705,860
California Statewide CDA Revenue Refunding Bond Adventist Health System West Series A		5.00			3-1-2048		5,000,000		5,889,750
California Statewide Communities Marin General Hospital Series A		5.00			8-1-2036		700,000		847,497
California Statewide Communities Marin General Hospital Series A		5.00			8-1-2037		500,000		603,295
California Statewide Communities Marin General Hospital Series A		5.00			8-1-2038		450,000		540,027
California Statewide Communities Development Authority		5.00			2-1-2045		2,505,000		2,739,769
Palomar Health CA Refunding Bond		5.00			11-1-2042		4,000,000		4,474,960
San Buenaventura CA Community Mental Health System		8.00			12-1-2031		1,615,000		1,825,580
University of California Regents Medical Center Prerefunded Bond Series J		5.25			5-15-2038		7,790,000		8,985,687
University of California Regents Medical Center Series J		5.00			5-15-2033		2,265,000		2,600,560
University of California Regents Medical Center Series L		4.00			5-15-2044		4,065,000		4,375,891
University of California Regents Medical Center Unrefunded Bond Series J		5.25			5-15-2038		2,210,000		2,499,576
Washington Township CA Health Care District Series A		5.00			7-1-2026		1,190,000		1,394,906
Washington Township CA Health Care District Series A		5.00			7-1-2042		1,000,000		1,147,360
									144,151,654

14  |  Wells Fargo California Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Housing Revenue: 2.47%
California Community Housing Agency Workforce Apartments Series A 144A		5.00	%		4-1-2049	$	3,000,000	$	3,293,370
California Municipal Finance Authority LLC-West Village Student Housing Project		5.00			5-15-2048		6,700,000		7,818,297
California Municipal Finance Authority Mobile Senior Caritas Projects Series A		5.00			8-15-2029		500,000		588,115
California PFA Claremont Properties LLC University Housing Project Series A 144A		5.00			7-1-2047		2,950,000		3,018,293
California Statewide CDA College Housing Series 2019 144A		5.25			7-1-2049		2,000,000		2,260,660
California Statewide CDA Poway Retirement Housing Foundation Housing Incorporated Series A		5.25			11-15-2035		1,500,000		1,719,120
California Statewide Communities Development Authority 144A		5.00			6-1-2051		1,440,000		1,628,597
Contra Costa County CA Home Mortgage Revenue Bonds GNMA Mortgage-Backed Securities Program (GNMA Insured)		7.75			5-1-2022		90,000		98,422
Independent Cities CA Finance Authority Mobil Home Park Revenue		5.00			5-15-2048		2,000,000		2,341,300
Independent Cities California Finance Refunding Bond Sanitary Juan Mobile Estates		5.00			8-15-2030		1,000,000		1,140,790
Independent Cities California Finance Refunding Bond Santa Rose Leisure Mobile		5.00			8-15-2046		1,570,000		1,801,230
									25,708,194
Industrial Development Revenue: 0.21%
California PCFA Solid Waste Disposal AMT Green Bond Calplant I Project 144A		8.00			7-1-2039		2,000,000		2,171,840
Miscellaneous Revenue: 16.54%
Alameda CA Joint Powers Authority Multiple Capital Projects Series A		5.00			12-1-2034		1,005,000		1,144,162
Anaheim CA PFA CAB Subordinate Lien Public Improvements Project Series C (AGM Insured) ¤		0.00			9-1-2025		10,000,000		8,888,200
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2039		3,000,000		3,422,640
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2046		3,000,000		3,401,460
California Infrastructure & Economic Development King City Joint Union High School		5.75			8-15-2029		2,150,000		2,209,082
California Public Works Board California State University Projects Series B-1		5.70			3-1-2035		2,210,000		2,271,637
California Public Works Board Judicial Council Projects Series A		5.00			3-1-2038		7,000,000		7,777,350
California Public Works Board Judicial Council Projects Series D		5.25			12-1-2025		4,000,000		4,374,200
California Public Works Board Various Capital Projects Series A		5.00			4-1-2037		4,925,000		5,369,826
California Public Works Board Various Capital Projects Series G		5.00			11-1-2037		23,000,000		25,488,600
California Public Works Board Various Capital Projects Series I		5.50			11-1-2033		2,000,000		2,334,520
California Public Works University of California Board of Regents Series G		5.00			12-1-2030		9,850,000		10,762,504
California Statewide Communities Series A		5.00			9-2-2047		2,000,000		2,294,780
Compton CA PFA Refunding Bond 144A		4.00			9-1-2027		3,800,000		3,887,096
Compton CA PFA Refunding Bond 144A		4.50			9-1-2032		2,000,000		2,064,040
Emeryville CA PFA Assessment District Refinancing		5.90			9-2-2021		765,000		766,966
Fullerton CA Joint Union High School Project Certificate of Participation (Build America Mutual Assurance Company Insured)		5.00			9-1-2035		1,385,000		1,607,154
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2		5.00			9-2-2025		725,000		851,186
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2		5.00			9-2-2026		400,000		467,284
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2		5.00			9-2-2042		1,500,000		1,673,775
Los Angeles CA Certificate of Participation Sonneblick del Rio Project (Ambac Insured)		6.00			11-1-2019		535,000		536,974
Los Angeles CA Community Redevelopment Vermont Manchester Social Services Project (Ambac Insured)		5.00			9-1-2025		2,310,000		2,316,653
Los Angeles CA Public Works Financing Authority Series A		5.00			12-1-2039		2,860,000		3,279,162

Wells Fargo California Tax-Free Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Modesto CA Irrigation District Financing Authority Series A		5.00	%		10-1-2040	$	3,500,000	$	4,072,530
Montclair CA PFA Lease Refunding Bond (AGM Insured)		5.00			10-1-2035		2,400,000		2,754,840
Richmond CA Joint Powers Financing Authority Civic Center Project Series A (AGC Insured)		5.88			8-1-2037		5,000,000		5,017,100
Richmond CA Joint Powers Financing Authority Point Potrero Series A		6.25			7-1-2024		7,500,000		7,529,250
Riverside County CA Asset Leasing Corporation Riverside County Hospital Project (National Insured) ¤		0.00			6-1-2026		10,000,000		8,654,700
Sacramento CA City Financing Authority Refunding Bond Master Lease Program Facilities (Build America Mutual Assurance Company Insured)		5.00			12-1-2035		1,300,000		1,528,254
Sacramento CA City Financing Authority Series A (Ambac Insured)		5.40			11-1-2020		920,000		948,630
Sacramento CA City School Joint Refunding Bond Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2040		2,165,000		2,399,989
San Bernardino County CA Certificate of Participation Arrowhead Project Series A		5.50			8-1-2020		6,000,000		6,021,360
San Bernardino County CA Certificate of Participation Medical Center Financing Project (National Insured)		5.00			8-1-2028		5,720,000		5,840,349
San Francisco CA City & County Certificate of Participation Multiple Capital Improvement Projects Series A		5.20			4-1-2026		3,000,000		3,009,060
San Jose CA Unified School District CAB (AGM Insured) ¤		0.00			1-1-2021		1,205,000		1,182,900
San Jose CA Unified School District CAB (AGM Insured) ¤		0.00			1-1-2026		3,175,000		2,862,707
San Marino CA Unified School District Certificate of Participation Los Angeles County Schools Pooled Financing Program Series A		5.00			12-1-2041		500,000		500,775
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (Build America Mutual Assurance Company Insured)		5.00			9-1-2037		250,000		275,363
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (Build America Mutual Assurance Company Insured)		5.00			9-1-2042		625,000		684,969
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (Build America Mutual Assurance Company Insured)		5.00			9-1-2047		1,000,000		1,091,370
Simi Valley CA Unified School District Capital Improvement Projects (Ambac Insured)		5.25			8-1-2022		1,330,000		1,412,580
Stockton CA Unified School District Community Improvement Project		5.00			2-1-2033		550,000		663,702
Sutter Butte CA Flood Control Agency (Build America Mutual Assurance Company Insured)		5.00			10-1-2040		3,545,000		4,082,387
Torrance CA Certificate of Participation		5.25			6-1-2039		5,385,000		6,251,123
Tracy CA Operating Partnership Joint Powers Authority Capital Improvement Projects (AGC Insured)		6.25			10-1-2033		1,000,000		1,003,700
Upland CA Certificate of Participation San Antonio Regional Hospital		5.00			1-1-2047		1,955,000		2,220,684
Ventura County CA PFA Series A		5.00			11-1-2038		4,250,000		4,712,782
									171,910,355
Tax Revenue: 11.54%
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 17C		5.00			9-1-2043		750,000		855,188
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 17C		5.00			9-1-2048		1,100,000		1,249,094
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 8D Series A		5.00			9-1-2043		750,000		855,188
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 8D Series A		5.00			9-1-2048		1,035,000		1,175,284
Belmont CA Community Facilities Special Tax District #2000-1 Library Project Series A (Ambac Insured)		5.75			8-1-2030		3,190,000		4,269,464

16  |  Wells Fargo California Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
California Statewide CDA Community Facilities District #2015-01		5.00	%		9-1-2047	$	1,420,000	$	1,623,926
California Statewide Communities Development Authority Special Tax Community Facilities District #2017-01		5.00			9-1-2048		5,000,000		5,786,050
Casitas CA Municipal Water District Community Facilities District #2013-1-OJAI Series B (Build America Mutual Assurance Company Insured)		5.25			9-1-2047		5,000,000		6,065,400
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured)		5.00			8-1-2032		1,450,000		1,656,291
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured)		5.00			8-1-2033		880,000		1,002,390
Chino CA Community Facilitiess District Special Tax #2003-3 Improvement Area #7		5.00			9-1-2048		2,500,000		2,892,575
Chula Vista CA Community Facilities District Special Tax #16I Improvement Area #1		5.00			9-1-2043		500,000		569,795
Chula Vista CA Community Facilities District Special Tax #16I Improvement Area #1		5.00			9-1-2048		1,000,000		1,135,730
Compton CA Community College RDA Project 2nd Lien Series A		5.00			8-1-2020		1,140,000		1,176,605
Corona CA Community Facilities District Special Tax #2018-1 Improvement Area #1 Series A		5.00			9-1-2048		1,000,000		1,115,060
Corona Norco CA Unified School Districts Special Tax Community Facilities District #16-1		5.00			9-1-2048		1,500,000		1,703,520
Dinuba CA RDA Merged City Redevelopment Project (Build America Mutual Assurance Company Insured)		5.00			9-1-2033		1,500,000		1,736,955
Elk Grove CA Financing Authority Special Tax Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2038		1,500,000		1,738,170
Folsom Ranch Financing Authority California Facilities District #20 Russell		5.00			9-1-2048		1,650,000		1,872,569
Fremont CA Community Facilities District #1 Refunding Bond		5.00			9-1-2040		2,700,000		3,018,465
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (Build America Mutual Assurance Company Insured)		5.00			5-1-2034		500,000		596,250
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (Build America Mutual Assurance Company Insured)		5.00			5-1-2038		305,000		358,518
Inland Valley CA Development Agency Series A		5.25			9-1-2037		4,000,000		4,567,880
Lafayette CA RDA Refunding Bond Lafayette Redevelopment Project (AGM Insured)		5.00			8-1-2033		1,500,000		1,723,440
Lafayette CA RDA Refunding Bond Lafayette Redevelopment Project (AGM Insured)		5.00			8-1-2038		1,635,000		1,865,257
Lancaster CA RDA Tax Allocation Combined Redevelopment Project Areas		6.50			8-1-2029		2,000,000		2,008,460
Lancaster CA RDA Tax Allocation Refunding Bond Combined Redevelopment Project Areas (AGM Insured)		5.00			8-1-2033		1,200,000		1,430,496
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured)		5.00			9-1-2035		2,545,000		2,962,787
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured)		5.00			9-1-2036		4,000,000		4,645,680
Orange County CA Community Facilities District #2015-1 Esencia Village Series A		5.25			8-15-2045		2,000,000		2,253,380
Rancho Cucamonga CA RDA Rancho Redevelopment Project Area (AGM Insured)		5.00			9-1-2032		1,870,000		2,158,691
Redwood City CA RDA CAB Redevelopment Project Area Series 2-A (Ambac Insured) ¤		0.00			7-15-2030		3,505,000		2,622,161
Rio Vista CA Community Facilities District Special Tax #2018-1		5.00			9-1-2048		1,190,000		1,351,531
Riverside County CA Community Facilities Districts Special Tax #05-8		5.00			9-1-2048		1,600,000		1,816,464
Romoland School District Community Facilities District #2004-1 Heritage Lake Improvement Area #4 Series 2018 Special Tax Bond		5.00			9-1-2048		3,000,000		3,407,880

Wells Fargo California Tax-Free Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Sacramento CA Transient Occupancy Tax Convention Center Complex Series A		5.00	%		6-1-2048	$	3,750,000	$	4,452,487
San Bernardino CA Special Tax Community Facilities District #2006-1 Series 2018		5.00			9-1-2048		1,200,000		1,362,600
San Clemente CA Special Tax Community Facilities District #2006-1		5.00			9-1-2040		980,000		1,095,356
San Clemente CA Special Tax Community Facilities District #2006-1		5.00			9-1-2046		1,190,000		1,323,780
San Diego CA RDA CAB Tax Allocation Centre (AGM Insured) ¤		0.00			9-1-2023		885,000		825,386
San Diego CA RDA Naval Training Center Series A		5.00			9-1-2025		575,000		600,651
San Francisco CA City & County RDA Mission Bay South Redevelopment Project Series A		5.00			8-1-2043		2,500,000		2,820,400
San Francisco CA City & County RDA Tax Transbay Infrastructure Project Third Lien Series B (AGM Insured)		5.00			8-1-2046		1,500,000		1,769,520
San Francisco City & County CA RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A¤		0.00			8-1-2026		4,000,000		2,942,840
San Marcos CA Unified School District Special Tax Community Facilities District #4 (Build America Mutual Assurance Company Insured)		5.00			9-1-2034		1,710,000		1,981,753
San Marcos CA Unified School District Special Tax Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2028		1,290,000		1,515,440
San Marcos CA Unified School District Special Tax Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2029		1,325,000		1,549,667
Santa Ana CA Community Redevelopment Merged Project Area Series A		6.00			9-1-2022		2,000,000		2,159,720
Santa Cruz County CA RDA Live Oak Soquel Community Improvement Project		6.63			9-1-2029		2,100,000		2,118,501
Sonoma CA CDA Successor Agency to Sonoma Redevelopment Project Tax Allocation Bond (National Insured)		5.00			6-1-2033		1,325,000		1,561,592
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A		5.00			9-1-2033		340,000		388,355
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A		5.00			9-1-2038		400,000		451,528
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B		5.00			9-1-2033		250,000		282,358
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B		5.00			9-1-2038		250,000		279,350
Tracy Hills CA Improvement Area #1 Community Facilities District #2016-1 Special Tax Bonds Series 2018		5.00			9-1-2048		2,750,000		3,109,480
Tustin CA Community Facilities District Special Tax #2014-1 Legacy/Standard Pacific Series A		5.00			9-1-2040		750,000		838,282
Tustin CA Community Facilities District Special Tax #2014-1 Legacy/Standard Pacific Series A		5.00			9-1-2045		1,000,000		1,113,530
Union City CA Community RDA Successor Agency to Community Redevelopment Project Tax Allocation Refunding Bond Series A		5.00			10-1-2036		1,000,000		1,179,190
Union City CA Community RDA Successor Agency to Union City Community Redevelopment Project (AGC Insured)		5.25			10-1-2033		8,000,000		8,406,880
Yorba Linda CA RDA CAB Series A (National Insured) ¤		0.00			9-1-2019		630,000		628,217
									120,023,457
Tobacco Revenue: 0.52%
Golden State Tobacco Securitization Corporation Tobacco Settlement Refunding Bond Series A-1		5.00			6-1-2028		2,000,000		2,377,220
Golden State Tobacco Securitization Corporation Tobacco Settlement Refunding Bond Series A-2		5.00			6-1-2047		3,000,000		3,002,130
									5,379,350
Transportation Revenue: 2.73%
Alameda County CA Corridor Transportation Authority Prerefunded Bond CAB Subordinate Lien Series A (Ambac Insured) ¤		0.00			10-1-2019		2,780,000		2,771,577
Alameda County CA Corridor Transportation Authority Unrefunded Bond CAB Subordinate Lien Series A (Ambac Insured) ¤		0.00			10-1-2019		220,000		218,896

18  |  Wells Fargo California Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue (continued)
Bay Area CA Toll Authority Toll Bridge Series S-4		5.00	%		4-1-2030	$	2,000,000	$	2,287,120
Bay Area CA Toll Authority Toll Bridge Series S-H		5.00			4-1-2049		8,000,000		9,686,160
Foothill-Eastern Corridor CA Transportation Agency Subordinate Bond Series B-3		5.50			1-15-2053		8,000,000		8,919,840
San Diego CA RDA Centre City Subordinate Refunding Bond Parking Series B		5.30			9-1-2020		1,060,000		1,063,466
San Francisco CA Municipal Transportation		5.00			3-1-2039		3,000,000		3,425,340
									28,372,399
Utilities Revenue: 4.39%
Banning CA Financing Authority Refunding Bond Electric System Project (AGM Insured)		5.00			6-1-2037		5,000,000		5,786,500
Imperial CA Irrigation District Electric System Refunding Bond Series A		5.00			11-1-2040		3,715,000		4,358,624
Imperial CA Irrigation District Electric System Refunding Bond Series A		5.00			11-1-2045		1,060,000		1,238,154
Imperial CA Irrigation District Electric System Refunding Bond Series C		5.00			11-1-2038		2,500,000		2,951,375
Los Angeles CA Department of Water and Power Series E		5.00			7-1-2044		12,475,000		14,277,887
M-S-R California Energy Authority Gas Series B		7.00			11-1-2034		4,000,000		5,996,360
M-S-R California Energy Authority Gas Series C		6.13			11-1-2029		1,060,000		1,345,659
Northern California Power Agency Public Power Prerefunded Bond (Ambac Insured)		7.50			7-1-2023		30,000		32,489
Redding CA Joint Powers Financing Authority Election System Series A		5.00			6-1-2032		440,000		521,400
Roseville CA Natural Gas Financing Authority		5.00			2-15-2025		1,930,000		2,241,174
Southern California Public Power Authority Natural Gas Project #1 Series A		5.25			11-1-2025		1,000,000		1,183,980
Turlock CA Irrigation District First Priority Subordinated Revenue Refunding Bond		5.50			1-1-2041		2,000,000		2,114,860
Walnut CA Energy Center Authority Series A		5.00			1-1-2034		3,115,000		3,576,238
									45,624,700
Water & Sewer Revenue: 3.12%
Adelanto CA Public Utility Authority Refunding Bond (AGM Insured)		5.00			7-1-2039		2,000,000		2,401,060
Bay Area CA Water Supply & Conservation Agency Series A		5.00			10-1-2034		6,000,000		6,711,120
California Statewide CDA Water & Wastewater Pooled Financing Program Series B (AGM Insured)		5.25			10-1-2027		1,040,000		1,043,338
Compton CA Sewer Revenue		6.00			9-1-2039		1,775,000		1,780,183
El Dorado CA Irrigation District Refunding Bond Series A (AGM Insured)		5.25			3-1-2039		2,000,000		2,304,860
Florin CA Resource Conservation Refunding Bond Second Senior Lien Series A (National Insured)		5.00			9-1-2032		2,000,000		2,296,000
Merced CA Irrigation District Water & Hydroelectric System Series A (AGM Insured)		5.00			10-1-2038		4,000,000		4,571,000
Pico Rivera CA Water Authority Series A		6.25			12-1-2032		4,015,000		4,053,303
San Buenaventura CA PFFA Series B		5.00			7-1-2042		4,000,000		4,387,760
Tulare CA Sewer Refunding Bond (AGM Insured)		5.00			11-15-2041		1,500,000		1,750,470
Vallejo CA Refunding Bond		5.25			5-1-2031		1,000,000		1,128,600
									32,427,694
									984,987,228
Guam: 0.72%
Airport Revenue: 0.14%
Guam Port Authority AMT Series A		5.00			7-1-2048		1,235,000		1,415,890
Tax Revenue: 0.10%
Guam Government Business Privilege Tax Series A		5.00			1-1-2031		1,000,000		1,050,110

Wells Fargo California Tax-Free Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 0.48%
Guam Government Waterworks Authority		5.25	%		7-1-2033	$	1,500,000	$	1,634,220
Guam Government Waterworks Authority		5.50			7-1-2043		3,125,000		3,411,000
									5,045,220
									7,511,220
Illinois: 1.20%
Miscellaneous Revenue: 1.09%
Illinois Series D		5.00			11-1-2025		10,000,000		11,368,600
Tax Revenue: 0.11%
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series A		5.00			6-15-2057		1,000,000		1,097,410
									12,466,010
New York: 1.17%
Industrial Development Revenue: 0.56%
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment		5.00			1-1-2026		5,000,000		5,878,250
Tax Revenue: 0.51%
New York NY Transitional Adjusted Future Tax Secured Tax-Exempt Subordinate Bond (Adjustable Rate Bond) Fiscal 2015 Subseries A-4 (Mizuho Bank Limited SPA) ø		1.87			8-1-2043		1,440,000		1,440,000
New York NY Transitional Finance Authority Recovery Subordinate Bond Series C3 (Dexia Credit Local SPA) ø		2.02			8-1-2031		1,300,000		1,300,000
New York NY Transitional Finance Authority Subordinate Bond Series 2B (Dexia Credit Local SPA) ø		2.02			11-1-2022		2,550,000		2,550,000
									5,290,000
Water & Sewer Revenue: 0.10%
New York NY Municipal Water Finance Authority Water and Sewer System Revenue (JPMorgan Chase & Company SPA) ø		1.95			6-15-2050		1,000,000		1,000,000
									12,168,250
Texas: 0.98%
Resource Recovery Revenue: 0.98%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.07			4-1-2040		2,805,000		2,805,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series B ø		2.07			4-1-2040		7,400,000		7,400,000
									10,205,000
Total Municipal Obligations (Cost $942,239,162)									1,027,337,708
						Shares
Closed End Municipal Bond Funds: 0.48%
California: 0.48%
Nuveen California AMT-Free Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series A 2.20% 144A							5,000,000		5,000,000
Total Closed End Municipal Bond Funds (Cost $5,000,000)									5,000,000

20  |  Wells Fargo California Tax-Free Fund

Portfolio of investments—June 30, 2019

	Yield			Shares		Value
Short-Term Investments: 0.02%
Investment Companies: 0.02%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (I)(u)##		1.82	%		207,750	$	207,875
Total Short-Term Investments (Cost $207,875)							207,875

Total investments in securities (Cost $947,447,037)	99.32	%		1,032,545,583
Other assets and liabilities, net	0.68			7,038,918
Total net assets	100.00	%	$	1,039,584,501

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

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

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

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

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CDA Community Development Authority

FGIC Financial Guaranty Insurance Corporation

GNMA Government National Mortgage Association

GO General obligation

HFFA Health Facilities Financing Authority

LIBOR London Interbank Offered Rate

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PFA Public Finance Authority

PFFA Public Facilities Financing Authority

RDA Redevelopment Authority

SPA Standby purchase agreement

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		896,900		165,452,135		166,141,285		207,750	$	170	$	0	$	41,120	$	207,875		0.02	%

Wells Fargo California Tax-Free Fund  |  21

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $947,239,162)	$	1,032,337,708
Investments in affiliated securities, at value (cost $207,875)		207,875
Receivable for investments sold		505,000
Receivable for Fund shares sold		1,262,595
Receivable for interest		12,920,608
Prepaid expenses and other assets		4,329
Total assets		1,047,238,115
Liabilities
Payable for investments purchased		5,770,212
Payable for Fund shares redeemed		727,501
Dividends payable		534,847
Management fee payable		259,341
Administration fees payable		105,745
Distribution fee payable		20,195
Trustees’ fees and expenses payable		1,356
Accrued expenses and other liabilities		234,417
Total liabilities		7,653,614
Total net assets	$	1,039,584,501
Net assets consist of
Paid-in capital	$	977,945,454
Total distributable earnings		61,639,047
Total net assets	$	1,039,584,501
Computation of net asset value and offering price per share
Net assets – Class A	$	482,394,577
Shares outstanding – Class A1		40,488,155
Net asset value per share – Class A		$11.91
Maximum offering price per share – Class A2		$12.47
Net assets – Class C	$	32,757,979
Shares outstanding – Class C1		2,695,945
Net asset value per share – Class C		$12.15
Net assets – Administrator Class	$	231,251,891
Shares outstanding – Administrator Class1		19,372,364
Net asset value per share – Administrator Class		$11.94
Net assets – Institutional Class	$	293,180,054
Shares outstanding – Institutional Class1		24,558,770
Net asset value per share – Institutional Class		$11.94

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.

22  |  Wells Fargo California Tax-Free Fund

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	39,067,843
Income from affiliated securities		41,120
Total investment income		39,108,963
Expenses
Management fee		3,813,968
Administration fees
Class A		721,616
Class C		63,172
Administrator Class		216,794
Institutional Class		221,495
Shareholder servicing fees
Class A		1,127,525
Class C		98,705
Administrator Class		540,631
Distribution fee
Class C		296,116
Custody and accounting fees		20,158
Professional fees		65,652
Registration fees		96,963
Shareholder report expenses		52,956
Trustees’ fees and expenses		21,411
Other fees and expenses		20,649
Total expenses		7,377,811
Less: Fee waivers and/or expense reimbursements		(881,664	)
Net expenses		6,496,147
Net investment income		32,612,816
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities		(1,718,231	)
Affiliated securities		170
Net realized losses on investments		(1,718,061	)
Net change in unrealized gains (losses) on investments		24,999,907
Net realized and unrealized gains (losses) on investments		23,281,846
Net increase in net assets resulting from operations	$	55,894,662

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

Wells Fargo California Tax-Free Fund  |  23

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	32,612,816					$	32,756,804
Net realized losses on investments					(1,718,061	)					(397,135	)
Net change in unrealized gains (losses) on investments					24,999,907						(15,921,703	)
Net increase in net assets resulting from operations					55,894,662						16,437,966
Distributions to shareholders from net investment income and net realized gains
Class A					(14,669,880	)					(14,178,372	)
Class C					(988,682	)					(1,262,333	)
Administrator Class					(7,503,063	)					(6,997,042	)
Institutional Class					(9,759,221	)					(10,318,698	)
Total distributions to shareholders					(32,920,846	)					(32,756,445	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		8,095,324			94,284,323			5,412,756			63,532,063
Class C		277,749			3,305,964			207,470			2,494,341
Administrator Class		5,658,401			65,422,085			3,150,137			37,468,056
Institutional Class		8,350,924			97,289,819			8,312,600			95,794,566
					260,302,191						199,289,026
Reinvestment of distributions
Class A		1,185,493			13,804,957			1,121,916			13,180,807
Class C		78,205			927,056			98,749			1,183,379
Administrator Class		629,219			7,340,761			579,082			6,823,267
Institutional Class		330,436			3,856,316			368,770			4,342,226
					25,929,090						25,529,679
Payment for shares redeemed
Class A		(6,860,157	)		(79,217,878	)		(8,403,699	)		(98,926,917	)
Class C		(1,688,840	)		(19,964,764	)		(1,060,979	)		(12,741,782	)
Administrator Class		(2,915,007	)		(33,837,058	)		(5,458,094	)		(64,458,360	)
Institutional Class		(8,779,437	)		(101,838,732	)		(9,927,151	)		(116,905,096	)
					(234,858,432	)					(293,032,155	)
Net increase (decrease) in net assets resulting from capital share transactions					51,372,849						(68,213,450	)
Total increase (decrease) in net assets					74,346,665						(84,531,929	)
Net assets
Beginning of period					965,237,836						1,049,769,765
End of period				$	1,039,584,501					$	965,237,836

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

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

24  |  Wells Fargo California Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.64			$11.83			$12.45			$11.79			$11.73
Net investment income		0.37			0.37			0.36			0.36			0.38
Net realized and unrealized gains (losses) on investments		0.28			(0.19	)		(0.62	)		0.66			0.06
Total from investment operations		0.65			0.18			(0.26	)		1.02			0.44
Distributions to shareholders from
Net investment income		(0.38	)		(0.37	)		(0.36	)		(0.36	)		(0.38	)
Net asset value, end of period		$11.91			$11.64			$11.83			$12.45			$11.79
Total return1		5.70	%		1.55	%		(2.09	)%		8.77	%		3.74	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.82	%		0.82	%		0.83	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.22	%		3.15	%		2.99	%		2.96	%		3.17	%
Supplemental data
Portfolio turnover rate		9	%		33	%		48	%		17	%		30	%
Net assets, end of period (000s omitted)		$482,395			$443,165			$472,584			$528,238			$470,368

¹  Total return calculations do not include any sales charges.

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

Wells Fargo California Tax-Free Fund  |  25

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.87			$12.07			$12.70			$12.02			$11.96
Net investment income		0.29			0.29			0.27			0.27			0.29
Net realized and unrealized gains (losses) on investments		0.29			(0.20	)		(0.63	)		0.68			0.06
Total from investment operations		0.58			0.09			(0.36	)		0.95			0.35
Distributions to shareholders from
Net investment income		(0.30	)		(0.29	)		(0.27	)		(0.27	)		(0.29	)
Net asset value, end of period		$12.15			$11.87			$12.07			$12.70			$12.02
Total return1		4.95	%		0.74	%		(2.80	)%		8.02	%		2.96	%
Ratios to average net assets (annualized)
Gross expenses		1.58	%		1.58	%		1.57	%		1.57	%		1.58	%
Net expenses		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Net investment income		2.47	%		2.40	%		2.24	%		2.21	%		2.42	%
Supplemental data
Portfolio turnover rate		9	%		33	%		48	%		17	%		30	%
Net assets, end of period (000s omitted)		$32,758			$47,831			$57,727			$66,427			$50,787

¹  Total return calculations do not include any sales charges.

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

26  |  Wells Fargo California Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.66			$11.86			$12.48			$11.81			$11.75
Net investment income		0.40			0.39			0.38			0.38			0.40
Net realized and unrealized gains (losses) on investments		0.28			(0.20	)		(0.62	)		0.67			0.06
Total from investment operations		0.68			0.19			(0.24	)		1.05			0.46
Distributions to shareholders from
Net investment income		(0.40	)		(0.39	)		(0.38	)		(0.38	)		(0.40	)
Net asset value, end of period		$11.94			$11.66			$11.86			$12.48			$11.81
Total return		5.99	%		1.67	%		(1.88	)%		9.06	%		3.95	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.76	%		0.76	%		0.77	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		3.43	%		3.34	%		3.16	%		3.16	%		3.39	%
Supplemental data
Portfolio turnover rate		9	%		33	%		48	%		17	%		30	%
Net assets, end of period (000s omitted)		$231,252			$186,626			$210,209			$344,090			$210,265

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

Wells Fargo California Tax-Free Fund  |  27

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			20151
Net asset value, beginning of period		$11.66			$11.86			$12.48			$11.81			$11.99
Net investment income		0.41			0.40			0.39			0.39			0.27
Net realized and unrealized gains (losses) on investments		0.28			(0.20	)		(0.62	)		0.67			(0.18	)
Total from investment operations		0.69			0.20			(0.23	)		1.06			0.09
Distributions to shareholders from
Net investment income		(0.41	)		(0.40	)		(0.39	)		(0.39	)		(0.27	)
Net asset value, end of period		$11.94			$11.66			$11.86			$12.48			$11.81
Total return2		6.07	%		1.74	%		(1.81	)%		9.14	%		0.72	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.50	%		0.49	%		0.49	%		0.50	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		3.49	%		3.42	%		3.28	%		3.24	%		3.35	%
Supplemental data
Portfolio turnover rate		9	%		33	%		48	%		17	%		30	%
Net assets, end of period (000s omitted)		$293,180			$287,616			$309,253			$193,154			$149,368

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

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

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

28  |  Wells Fargo California Tax-Free Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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.

Wells Fargo California Tax-Free Fund  |  29

Notes to financial statements

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $947,575,257 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	85,103,611
Gross unrealized losses		(133,285	)
Net unrealized gains	$	84,970,326

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $22,802,291 in short-term capital losses and $280,843 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	1,027,337,708	$	0	$	1,027,337,708
Closed end municipal bond funds		0		5,000,000		0		5,000,000
Short-term investments
Investment companies		207,875		0		0		207,875
Total assets	$	207,875	$	1,032,337,708	$	0	$	1,032,545,583

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

At June 30, 2019, the Fund did not have any transfers into/out of Level 3.

30  |  Wells Fargo California Tax-Free Fund

Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.39% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.75% for Class A shares, 1.50% for Class C shares, 0.55% for Administrator Class shares, and 0.48% for Institutional Class shares. 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.

Wells Fargo California Tax-Free Fund  |  31

Notes to financial statements

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 year ended June 30, 2019, Funds Distributor received $9,448 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 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. Pursuant to these procedures, the Fund had $79,875,000 and $54,866,984 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $173,333,858 and $90,237,125, 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 year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $32,920,846 and $32,756,445 of tax-exempt income for the years ended June 30, 2019 and June 30, 2018, respectively.

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carry forward
$287,958	$84,970,326	$(23,083,134)

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

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

8. CONCENTRATION RISK

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

32  |  Wells Fargo California Tax-Free Fund

Notes to financial statements

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

Wells Fargo California Tax-Free Fund  |  33

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo California Tax-Free Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

34  |  Wells Fargo California Tax-Free Fund

Other information (unaudited)

TAX INFORMATION

For federal and California income tax purposes, the Fund designates 100% of its distributions paid from net investment income during the fiscal year as exempt-interest dividends under Section 852(b)(5) of the Internal Revenue Code and under Section 17145 of the California Revenue and Taxation Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo California Tax-Free Fund  |  35

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

36  |  Wells Fargo California Tax-Free Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

Wells Fargo California Tax-Free Fund  |  37

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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

38  |  Wells Fargo California Tax-Free Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo California Tax-Free Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo California Tax-Free Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by

Wells Fargo California Tax-Free Fund  |  39

Other information (unaudited)

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, and ten-year periods under review, and in range of the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays Municipal Bond Index, for the one-, and three-year periods under review, but higher than its benchmark for the five- and ten-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review,

40  |  Wells Fargo California Tax-Free Fund

Other information (unaudited)

the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo California Tax-Free Fund  |  41

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404821 08-19

A249/AR249 06-19

Annual Report

June 30, 2019

Wells Fargo

California Limited-Term Tax-Free Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
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
Report of independent registered public accounting firm	36
Other information	37

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo California Limited-Term Tax-Free Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo California Limited-Term Tax-Free Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo California Limited-Term Tax-Free Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo California Limited-Term Tax-Free Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo California Limited-Term Tax-Free Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Terry J. Goode

Brandon Pae^‡

Adrian Van Poppel

Average annual total returns (%) as of June 30, 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 (SFCIX)	11-18-1992		1.23		1.08		2.26		3.33		1.49		2.46		0.84		0.80
Class C (SFCCX)	8-30-2002		1.56		0.73		1.70		2.56		0.73		1.70		1.59		1.55
Administrator Class (SCTIX)	9-6-1996		–		–		–		3.56		1.69		2.68		0.78		0.60
Institutional Class (SFCNX)3	10-31-2014		–		–		–		3.66		1.76		2.72		0.51		0.50
Bloomberg Barclays Municipal 1-5 Year Blend Index4	–		–		–		–		3.85		1.65		2.20		–		–
Bloomberg Barclays California Municipal 1-5 Year Blend Index5	–		–		–		–		3.36		1.51		2.25		–		–

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to California municipal securities risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo California Limited-Term Tax-Free Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁶

^‡  Mr. Pae became a portfolio manager of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the 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 the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class share expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

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

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

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond 1-5 Year Blend Index and the Bloomberg Barclays California Municipal Bond 1-5 Year Blend Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%.

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

⁸  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.

Wells Fargo California Limited-Term Tax-Free Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A shares, excluding sales charges) underperformed both of its benchmarks, the Bloomberg Barclays Municipal 1-5 Year Blend Index and the Bloomberg Barclays California Municipal 1-5 Year Blend Index, during the 12-month period that ended June 30, 2019.

∎ The Fund’s modest overweight exposure to AAA bonds was a detractor as lower-rated bonds outperformed higher-rated bonds during this period of credit spread compression. The Fund’s exposure to the electric, water and sewer, and leasing sectors were also detractors.

∎ The primary drivers of performance were the Fund’s yield-curve positioning, security selection, and credit profile with an overweight to the best-performing long bond maturity segment. Strong demand for lower-rated credits benefited the Fund’s overweight to A-rated and BBB-rated bonds. Security selection was also a contributor as our alternative minimum tax (AMT) holdings performed well relative to similar credits in the Bloomberg Barclays California Municipal 1-5 Year Blend Index.

Effective maturity distribution as of June 30, 2019⁷

Fading growth expectations put the Fed on hold.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the

European Union. These concerns only increased as we moved into the first half of 2019 and discussions changed from when the Fed might hike to when they might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June.

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive, but record inflows were reported as investor opinion toward fixed income, particularly municipals, improved due to investor expectations that interest rates would remain stable. While new issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform, which eliminated the ability of issuers to advance refund outstanding higher-cost debt. Overall, reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

The Fund’s duration started the period at about 113% of the Bloomberg Barclays California Municipal 1-5 Year Blend Index but we did let it drift down to 107% by the end of the period. Additionally, we temporarily entered into a tactical trade through which we shorted 10-year Treasury futures contracts in the first half of the period as rates were still moving higher. We continued to maintain an overweight to bonds rated A and below but slightly reduced this overweight during the period as credit spreads have approached historical lows. A few selective lower-rated new issues offered some relative value but, generally speaking, our new purchases were focused on higher-quality bonds. Additionally, we increased our exposure to state general obligation (GO) and AMT bonds during the year.

As the yield curve flattened over the period, longer maturities outperformed shorter maturity bonds. The Fund benefited from an overweight to the 7- to 10-year maturity range, where yields declined the most. Strong demand for lower-rated bonds contributed to the Fund’s relative performance as we maintained our overweight to this segment. Within this lower-rated space, our exposure to hospital and special tax bonds had some of the highest returns. Additionally, some of our larger positions in state GOs and airport revenue bonds were among our largest contributors to performance during the year. A few lower-rated bonds issued by universities saw their prices appreciate significantly and added to the Fund’s total return.

Please see footnotes on page 7.

8  |  Wells Fargo California Limited-Term Tax-Free Fund

Performance highlights (unaudited)

Shorter-maturity bonds inside of three years didn’t see their yields decline as much as longer maturities and have lower price sensitivity. As a result, the Fund’s exposure to this maturity range lagged in performance. Higher-quality bonds generally underperformed as well. This included pre-refunded, electric, and water and sewer revenue bonds. Some premium-price bonds that experienced partial par calls during the period detracted from performance.

Credit quality as of June 30, 2019⁸

Our outlook is for lower rates

Overall, technicals remain strong in the municipal bond market and we expect municipal bond valuations in the medium term to be helped by high state-income-tax rates, record levels of municipal debt maturities and calls, and limited availability of gross municipal bond supply. However, we believe overall economic growth in this cycle has neared its peak and, as a result, the Fed may lower rates before the end of the year. As a result, we will look to maintain a neutral duration positioning and an up-in-quality trade approach.

Please see footnotes on page 7.

Wells Fargo California Limited-Term Tax-Free Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,025.67	$	4.02		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class C
Actual	$	1,000.00	$	1,021.87	$	7.77		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.11	$	7.75		1.55	%
Administrator Class
Actual	$	1,000.00	$	1,026.93	$	3.02		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,027.46	$	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).

10  |  Wells Fargo California Limited-Term Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.64%
California: 92.60%
Airport Revenue: 6.24%
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A		5.00	%		12-31-2023	$	750,000	$	853,185
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A		5.00			6-30-2024		950,000		1,093,393
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A		5.00			12-31-2024		750,000		872,543
Los Angeles CA Department of Airports AMT Series B		5.00			5-15-2024		5,000,000		5,821,100
Los Angeles CA Department of Airports AMT Series B		5.00			5-15-2025		6,000,000		7,150,140
Los Angeles CA Department of Airports AMT Series B		5.00			5-15-2026		2,500,000		3,036,500
Los Angeles CA Department of Airports AMT Subordinate Bond Series C		5.00			5-15-2024		4,315,000		5,017,007
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2021		2,585,000		2,763,960
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2022		2,590,000		2,858,143
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2023		2,585,000		2,932,863
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2024		1,760,000		2,051,421
									34,450,255
Education Revenue: 5.09%
California Educational Facilities Authority Revenue Loma Linda University Series A		5.00			4-1-2024		550,000		638,495
California Educational Facilities Authority Revenue Loma Linda University Series A		5.00			4-1-2026		325,000		395,766
California Municipal Finance Authority California Baptist University Series A 144A		4.00			11-1-2021		600,000		614,280
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		6.00			8-1-2023		580,000		613,019
California Municipal Finance Authority Charter School Revenue Palmdale Aerospace Academy Project Series A 144A		3.88			7-1-2028		1,400,000		1,465,366
California Municipal Finance Authority Revenue Refunding Bond Biola University		5.00			10-1-2027		790,000		979,102
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2021		250,000		269,038
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2022		250,000		276,830
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2023		225,000		255,650
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2024		275,000		319,811
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2025		275,000		326,332
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2026		300,000		362,475
California Municipal Finance Authority Revenue Refunding Bond William Jessup University		2.50			8-1-2019		1,065,000		1,065,330
California School Finance Authority Bright Star School Obligation Group 144A		5.00			6-1-2027		1,860,000		1,995,966
California School Finance Authority Classical Academies Project Series A 144A		3.25			10-1-2022		2,560,000		2,587,008
California School Finance Authority Coastal Academy Project Series A 144A		5.00			10-1-2022		250,000		262,218
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2021		255,000		262,143
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2026		500,000		545,315

Wells Fargo California Limited-Term Tax-Free Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
California Statewide CDA California Baptist University Series A		5.13	%		11-1-2023	$	715,000	$	762,698
California Statewide CDA School Facilities		5.88			7-1-2022		940,000		990,215
California Statewide Community Refunding Bond California Baptist University Series A 144A		3.00			11-1-2022		1,665,000		1,687,711
University of California Series AK		5.00			5-15-2048		10,000,000		11,443,200
									28,117,968
GO Revenue: 26.88%
Alvord CA Unified School District Election of 2007 Series B (AGM Insured)		6.50			8-1-2020		1,605,000		1,696,212
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2019		420,000		421,327
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2021		550,000		592,499
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2023		725,000		830,343
California		5.00			10-1-2021		6,795,000		7,370,672
California		5.00			11-1-2022		2,500,000		2,809,450
California		5.00			10-1-2023		8,400,000		9,708,636
California		5.25			10-1-2022		2,750,000		3,104,090
California Refunding Bond Various Purpose Bidding Group C		5.00			9-1-2027		8,500,000		10,518,750
California Series B (SIFMA Municipal Swap +0.38%) ±		2.28			12-1-2027		5,000,000		5,004,150
California Series B		5.00			9-1-2023		10,730,000		12,370,724
California Statewide Refunding Bond Various Purpose		5.00			8-1-2025		3,500,000		4,243,785
California Statewide Series B (1 Month LIBOR +0.76%) ±		2.46			12-1-2031		2,500,000		2,512,625
California Statewide Series E (SIFMA Municipal Swap +0.43%) ±		2.33			12-1-2029		3,050,000		3,059,425
Central California Unified School District Refunding Bond (AGM Insured)		4.00			7-1-2020		500,000		514,595
Central California Unified School District Refunding Bond (AGM Insured)		5.00			7-1-2021		400,000		431,148
Central California Unified School District Refunding Bond (AGM Insured)		5.00			7-1-2022		750,000		835,838
Coachella Valley CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			8-1-2020		2,455,000		2,528,552
Coachella Valley CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			8-1-2021		2,230,000		2,359,964
Coachella Valley CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			8-1-2022		1,000,000		1,085,700
Cotati Rohnert Park CA Unified School District Series B (AGM Insured)		5.00			8-1-2020		2,275,000		2,368,776
Dixon CA Unified School District (AGM Insured)		5.00			8-1-2021		1,210,000		1,305,578
Dixon CA Unified School District (AGM Insured)		5.00			8-1-2022		1,285,000		1,433,482
El Monte CA City School District CAB BAN ¤		0.00			4-1-2023		2,000,000		1,879,880
El Monte CA Union High School Refunding Bond		5.00			6-1-2021		1,315,000		1,413,152
Fowler CA Unified School District School Facilities Improvement District #1 (National Insured)		5.20			7-1-2020		385,000		392,280
Hayward CA Unified School District Certificate of Participation (AGM Insured)		5.00			8-1-2022		500,000		557,615
Hayward CA Unified School District Certificate of Participation (AGM Insured)		5.00			8-1-2023		805,000		926,120
Huntington Beach CA City School District Election of 2002		4.00			8-1-2021		505,000		535,073
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		4.00			8-1-2021		320,000		336,416
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		4.00			8-1-2022		200,000		214,808
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2023		195,000		220,925
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2024		150,000		174,245
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2025		170,000		201,758

12  |  Wells Fargo California Limited-Term Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00	%		8-1-2026	$	235,000	$	284,620
La Habra CA School District Refunding Bond		5.00			8-1-2019		950,000		953,002
La Habra CA School District Refunding Bond		5.00			8-1-2020		1,045,000		1,089,224
La Habra CA School District Refunding Bond		5.00			8-1-2021		805,000		868,587
Los Angeles CA Unified School District Refunding Bond Series D		5.00			7-1-2023		6,180,000		7,050,391
Merced CA Union High School CAB Series A (National Insured) ¤		0.00			8-1-2019		2,190,000		2,187,635
Mount San Antonio Community College District CAB ¤		0.00			4-1-2022		10,000,000		9,601,900
Natomas CA Unified School District (AGM Insured)		3.00			9-1-2019		1,000,000		1,002,990
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Authority		4.00			7-1-2020		500,000		514,040
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Authority		5.00			7-1-2021		950,000		1,019,863
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Authority		5.00			7-1-2022		750,000		826,485
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Authority		5.00			7-1-2023		755,000		856,291
Oakland CA Unified School District Alameda County Election of 2012 Series A		5.00			8-1-2022		750,000		831,848
Oakland CA Unified School District Alameda County Election of 2012 Series A		5.00			8-1-2024		600,000		702,078
Oakland CA Unified School District Refunding Bond		5.00			8-1-2025		1,540,000		1,846,368
Oakland CA Unified School District Refunding Bond		5.00			8-1-2028		2,500,000		3,029,550
Oakland CA Unified School District Refunding Bond Measure B Series B		5.00			8-1-2026		500,000		612,650
Oakland CA Unified School District Refunding Bond Measure J Series C		5.00			8-1-2025		795,000		953,157
Redondo Beach CA Unified School District CAB Election of 2008 Series E ¤		0.00			8-1-2020		460,000		452,971
Riverside CA Community College District Election of 2004 CAB Series D ¤		0.00			8-1-2020		535,000		526,938
Sacramento CA City Unified School Election 2012 Measure Q Series E		5.00			8-1-2029		1,500,000		1,816,650
Sacramento CA City Unified School Refunding Bond		5.00			7-1-2026		2,430,000		2,590,988
Sacramento CA City Unified School Refunding Bond		5.00			7-1-2022		485,000		529,382
Salinas CA Union High School District CAB ¤		0.00			8-1-2020		5,000,000		4,888,650
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2021		275,000		293,898
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2022		500,000		547,105
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2023		1,000,000		1,122,420
San Mateo Foster City CA School District		5.00			8-15-2020		2,000,000		2,087,660
Santa Ana CA Unified School District CAB Election of 2008 Series A ¤		0.00			8-1-2020		1,815,000		1,785,724
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2019		225,000		225,506
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2021		345,000		363,789
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2022		425,000		458,337
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2023		405,000		444,933
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2024		420,000		470,555
Southern CA Mono Healthcare District		4.00			8-1-2019		845,000		846,707
SouthWestern Community College District Refunding Bond		5.00			8-1-2020		1,250,000		1,302,488
SouthWestern Community College District Refunding Bond		5.00			8-1-2021		2,710,000		2,926,990
Sweetwater CA Union High School District PFA Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			8-1-2021		620,000		664,063
Twin Rivers CA Unified School District Series A (Build America Mutual Assurance Company Insured)		4.00			8-1-2019		385,000		385,878
Twin Rivers CA Unified School District Series A (Build America Mutual Assurance Company Insured)		5.00			8-1-2020		510,000		531,022
Vacaville CA Unified School District Series C (Build America Mutual Assurance Company Insured)		5.00			8-1-2022		675,000		754,083
Vallejo City CA Unified School District Refunding Bond Series A (National Insured)		5.90			2-1-2022		3,905,000		4,306,629
									148,512,638

Wells Fargo California Limited-Term Tax-Free Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 7.18%
Association of Bay Area Governments California Finance Authority for Nonprofit Corporations Sharp Healthcare Series A		5.00	%		8-1-2019	$	500,000	$	501,560
California HFFA Catholic Healthcare West Series A		5.25			3-1-2023		4,000,000		4,240,480
California HFFA El Camino Hospital		5.00			2-1-2025		1,000,000		1,198,910
California HFFA Fellowship Homes Incorporated		5.00			9-1-2019		390,000		392,340
California HFFA Memorial Health Services Series A		5.00			10-1-2023		2,475,000		2,781,628
California HFFA Providence St. Joseph Series B1		1.25			10-1-2036		2,000,000		1,994,080
California HFFA Sutter Health Series A		5.00			11-15-2023		2,500,000		2,904,650
California Municipal Finance Authority Community Medical Centers Series A		5.00			2-1-2023		735,000		825,581
California Municipal Finance Authority Community Medical Centers Series A		5.00			2-1-2024		500,000		576,635
California Municipal Finance Authority Revenue Community Medical Centers Series A		5.00			2-1-2025		1,000,000		1,180,590
California Municipal Finance Authority Revenue Paradise Valley Estates Project Series B1		2.25			7-1-2025		2,200,000		2,213,442
California Municipal Finance Authority Revenue Paradise Valley Estates Project Series B2		2.00			7-1-2024		2,500,000		2,514,575
California Municipal Finance Authority Revenue Insured Channing House Project Series A		5.00			5-15-2022		475,000		526,528
California Municipal Finance Authority Revenue Insured Channing House Project Series A		5.00			5-15-2023		925,000		1,058,496
California Municipal Finance Authority Revenue Refunding Bond Community Medical Centers Series A		5.00			2-1-2022		1,000,000		1,091,120
California Municipal Finance Authority Revenue Refunding Bond Eisenhower Medical Center Series A		5.00			7-1-2027		750,000		907,290
California Municipal Finance Authority Revenue Refunding Bond Eisenhower Medical Center Series A		5.00			7-1-2029		400,000		479,340
California Statewide CDA Adventist Health Systems West Series A		5.00			3-1-2024		800,000		929,768
California Statewide CDA Health Facilities Catholic Series F (AGM Insured) (m)		2.00			7-1-2040		1,000,000		1,000,000
California Statewide CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured)		5.00			10-1-2021		500,000		538,880
California Statewide CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured)		5.00			10-1-2022		395,000		439,118
California Statewide CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured)		5.00			10-1-2023		500,000		571,205
California Statewide CDA Huntington Memorial Hospital		5.00			7-1-2025		500,000		593,240
California Statewide CDA Huntington Memorial Hospital		5.00			7-1-2026		500,000		605,695
California Statewide CDA Insured Viamonte Senior Living 1 Project		3.00			7-1-2025		3,000,000		3,058,560
California Statewide CDA Revenue Loma Linda University Medical Center Series A 144A		5.00			12-1-2026		250,000		291,888
California Statewide CDA Revenue Loma Linda University Medical Center Series A 144A		5.00			12-1-2027		300,000		354,234
California Statewide CDA Revenue Loma Linda University Medical Center Series A 144A		5.00			12-1-2028		250,000		295,783
San Buenaventura CA Community Mental Health System		6.00			12-1-2019		2,000,000		2,033,260
San Buenaventura CA Community Mental Health System		6.50			12-1-2021		2,585,000		2,862,241
Washington Township CA Health Care District Revenue Refunding Bond Series A		5.00			7-1-2023		600,000		676,518
									39,637,635
Housing Revenue: 4.51%
California Department of Veterans Affairs Home Purchase Series A		3.50			12-1-2021		855,000		890,927
California HFA Home Mortgage Series A (GNMA/FNMA/FHLMC Insured)		3.75			8-1-2020		335,000		335,978
California Independent Cities Finance Authority Union City Tropics Mobile Home Park Revenue Refunding Bond		4.25			5-15-2024		745,000		818,755

14  |  Wells Fargo California Limited-Term Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Housing Revenue (continued)
California Municipal Finance Authority Mobile Senior Caritas Affordable Housing Incorporated Projects Series A		5.00	%		8-15-2019	$	515,000	$	517,075
California Municipal Finance Authority Multifamily 1 Church Street Series B		2.19			9-1-2021		10,000,000		10,080,700
California Municipal Finance Authority Peppertree Senior Apartments Series A (FHLMC Insured, FHLMC LIQ)		2.80			6-1-2023		2,500,000		2,626,500
California Municipal Finance Authority Student Housing Davis I LLC West Village Student Housing Project		5.00			5-15-2024		1,200,000		1,378,200
California Municipal Finance Authority Student Housing Davis I LLC West Village Student Housing Project		5.00			5-15-2025		3,435,000		4,026,129
California Municipal Finance Authority Village Grove Apartments Series A (FHLMC Insured, FHLMC LIQ)		3.10			12-1-2021		1,000,000		1,038,020
California PFA University Housing Revenue Claremont Properties LLC Project Series A 144A		5.00			7-1-2027		1,825,000		1,922,054
California Statewide CDA College Housing Revenue Bonds 144A		5.00			7-1-2024		500,000		543,055
California Statewide CDA Revenue Lancer Educational Student Housing Project 144A		3.00			6-1-2029		750,000		758,655
									24,936,048
Industrial Development Revenue: 1.02%
California PCFA AMT Calplant I Project 144A		7.00			7-1-2022		500,000		515,525
California PCFA AMT Calplant I Project 144A		7.50			7-1-2032		1,500,000		1,575,480
San Francisco CA City And County Airports Commission International Airport Revenue AMT Special Facilities Lease SFO Fuel Company Series 2019A		5.00			1-1-2025		3,000,000		3,524,460
									5,615,465
Miscellaneous Revenue: 13.88%
Alameda County CA Joint Powers Authority Multiple Capital Projects Series A		4.00			12-1-2019		1,000,000		1,012,140
Alameda County CA Joint Powers Authority Multiple Capital Projects Series A		5.00			12-1-2021		1,000,000		1,091,630
Albany CA Limited Obligation Improvement Bond Act of 1915 (Ambac Insured)		4.75			9-2-2019		455,000		457,671
Association of Bay Area Governments California Finance Authority for Nonprofit Corporations Jackson Laboratory		5.00			7-1-2019		730,000		730,000
Brentwood CA Infrastructure Financing Authority Subordinate Bond Series B		4.00			9-2-2021		1,135,000		1,199,809
California		5.00			9-1-2022		2,240,000		2,504,029
California Infrastructure & Economic Development Bank Refunding Bond California Academy of Sciences Project Series C (1 Month LIBOR +0.38%) ±		2.06			8-1-2047		4,000,000		3,999,960
California Public Works Board Capital Project Series G		5.00			11-1-2020		3,000,000		3,149,970
California Public Works Board Department of Corrections & Rehabilitation Series C		5.00			10-1-2022		1,500,000		1,679,190
California Public Works Board Judicial Council Projects Series B		5.00			10-1-2022		500,000		559,730
California Public Works Board Judicial Council Projects Series D		5.00			12-1-2019		1,000,000		1,015,840
California Public Works Board Various Capital Projects Series I		5.00			11-1-2020		1,250,000		1,312,488
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2019		250,000		253,628
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2020		210,000		221,246
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2021		200,000		217,846
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2022		200,000		224,890
California Statewide Community Monterey County Savers Bond (Build America Mutual Assurance Company Insured)		5.00			8-1-2027		2,185,000		2,702,211
Carlsbad CA Improvement Bond Act of 1915		3.00			9-2-2019		540,000		541,118
Chula Vista CA Certificate of Participation Refunding Bond Police Facility Project		5.00			10-1-2021		720,000		782,338
Compton CA PFA Lease 144A		4.00			9-1-2022		2,000,000		2,039,480
Compton CA PFA Refunding Bond 144A		4.00			9-1-2027		2,000,000		2,045,840
Desert Sands CA Unified School District Certificate of Participation (Build America Mutual Assurance Company Insured)		5.00			3-1-2024		1,500,000		1,759,620

Wells Fargo California Limited-Term Tax-Free Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Fresno County CA Financing Authority Lease Series A (AGM Insured)		3.00	%		8-1-2019	$	970,000	$	971,513
Golden Empire School CA Financing Authority Refunding Bond Kern High School District		5.00			5-1-2021		1,000,000		1,067,830
Inglewood CA Unified School District School Facilities Authority (AGM Insured)		5.25			10-15-2023		8,670,000		9,758,345
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2		5.00			9-2-2023		800,000		901,816
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2		5.00			9-2-2024		850,000		978,384
Lodi CA Public Financing Authority Electric Refunding Bond (AGM Insured)		5.00			9-1-2024		1,100,000		1,300,046
Los Angeles CA Public Works Series D		5.00			12-1-2027		1,605,000		1,964,745
Los Angeles CA Unified School District Certificate of Participation Headquarters Building Projects Series B		5.00			10-1-2025		1,875,000		2,081,250
Los Angeles County CA Public Works Multiple Capital Projects II		5.00			8-1-2020		500,000		521,160
Norwalk CA Community Facilities Financing Series A (AGM Insured)		4.00			6-1-2020		350,000		359,363
Norwalk CA Community Facilities Financing Series B (AGM Insured)		4.00			6-1-2020		650,000		667,388
Palo Alto CA Improvement Bond Act of 1915 University Area Off-Street Parking Assessment District		4.00			9-2-2021		450,000		476,091
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2019		400,000		403,960
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2020		250,000		259,853
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2021		275,000		293,755
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2022		375,000		411,225
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2023		300,000		336,669
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2024		300,000		344,121
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2025		330,000		385,638
Riverside County CA Public Financing County Facilities Projects		4.00			5-1-2020		795,000		813,865
Sacramento CA City Financing Refunding Bond Master Lease Program Facilities (Build America Mutual Assurance Company Insured)		5.00			12-1-2022		800,000		902,240
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2020		1,185,000		1,215,869
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2021		830,000		879,949
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2022		775,000		849,540
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2023		815,000		920,437
San Bernardino County CA Certificate of Participation Arrowhead Project Series A		5.50			8-1-2020		1,000,000		1,003,560
Santa Clara County CA Financing Authority Capital Projects Series A		4.00			2-1-2024		6,000,000		6,420,480
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured)		4.00			8-1-2020		150,000		154,577
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured)		5.00			8-1-2021		125,000		134,551
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured)		5.00			8-1-2022		165,000		183,534
Soledad CA Unified School District BAN ¤		0.00			8-1-2021		3,000,000		2,896,980
Sutter Butte CA Flood Agency Assessment (Build America Mutual Assurance Company Insured)		5.00			10-1-2023		1,280,000		1,466,253
Sutter Butte CA Flood Agency Assessment (Build America Mutual Assurance Company Insured)		5.00			10-1-2024		715,000		839,746
Sutter Butte CA Flood Agency Assessment (Build America Mutual Assurance Company Insured)		5.00			10-1-2025		1,575,000		1,889,575

16  |  Wells Fargo California Limited-Term Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Sweetwater CA Union High School District PFA Refunding Bond (Build America Mutual Assurance Company Insured)		5.00	%		9-1-2019	$	1,000,000	$	1,006,430
Ventura County CA PFA Series B		5.00			11-1-2019		375,000		379,868
Ventura County CA PFA Series B		5.00			11-1-2020		250,000		263,010
Visalia CA Certificate of Participation (AGM Insured)		4.00			12-1-2020		250,000		260,143
Visalia CA Certificate of Participation (AGM Insured)		4.00			12-1-2021		250,000		267,033
Visalia CA Certificate of Participation (AGM Insured)		5.00			12-1-2022		335,000		377,934
West Sacramento CA Flood Control Agency		2.75			9-1-2019		285,000		285,789
West Sacramento CA Flood Control Agency		5.00			9-1-2020		290,000		303,212
									76,698,401
Tax Revenue: 20.68%
California School Infrastructure Financing Agency Refunding Bond (AGM Insured)		5.00			9-1-2021		1,300,000		1,402,349
California Statewide Community Facilities District #2015-01		5.00			9-1-2027		500,000		564,430
Carson CA RDA Project Area #1 Series A (AGM Insured)		5.00			10-1-2020		775,000		811,727
Carson CA RDA Project Area #1 Series A (AGM Insured)		5.00			10-1-2021		855,000		927,436
Carson CA RDA Project Area #1 Series A (AGM Insured)		5.00			10-1-2022		600,000		672,288
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2020		2,295,000		2,384,276
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2021		2,425,000		2,611,337
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2022		2,550,000		2,831,546
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2023		1,735,000		1,984,875
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A (AGM Insured)		5.00			8-1-2024		1,770,000		2,074,918
Chino CA PFA Local Agency Series A (AGM Insured)		5.00			9-1-2022		1,830,000		2,043,268
Chino CA PFA Local Agency Series A (AGM Insured)		5.00			9-1-2024		660,000		781,836
Commerce CA RDA CAB Project #1 ¤		0.00			8-1-2021		935,000		848,391
Commerce CA Successor Agency to the Community Development Commission Refunding Bond Series A (AGM Insured)		5.00			8-1-2023		600,000		685,896
Culver City CA RDA CAB Tax Allocation Series A ¤		0.00			11-1-2019		2,575,000		2,562,795
Dinuba CA RDA Successor Agency to Merged City Project #2 (Build America Mutual Assurance Company Insured)		4.00			9-1-2019		210,000		210,960
Dinuba CA RDA Successor Agency to Merged City Project #2 (Build America Mutual Assurance Company Insured)		5.00			9-1-2021		250,000		269,795
Dinuba CA RDA Successor Agency to Merged City Project #2 (Build America Mutual Assurance Company Insured)		5.00			9-1-2022		250,000		278,723
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2020		1,000,000		1,042,320
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2021		3,170,000		3,421,096
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2022		2,395,000		2,670,209
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2023		1,025,000		1,177,899
Fremont CA Community Facilities District		5.00			9-1-2024		1,000,000		1,140,300
Fullerton CA Community Facilities District		4.00			9-1-2019		665,000		668,086
Garden Grove CA Agency Community Refunding Bond Garden Grove Community Project (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		770,000		816,439
Garden Grove CA Agency Community Refunding Bond Garden Grove Community Project (Build America Mutual Assurance Company Insured)		5.00			10-1-2022		3,015,000		3,374,177
Imperial Beach CA RDA Palm Avenue Commercial Redevelopment Project (Build America Mutual Assurance Company Insured)		4.00			6-1-2020		775,000		794,011
Inglewood CA Redevelopment Refunding Bond Subordinate Lien Merged Redevelopment Project (Build America Mutual Assurance Company Insured)		5.00			5-1-2025		1,000,000		1,193,680
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2020		320,000		332,989
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2021		340,000		366,296
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2022		365,000		406,825
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2023		375,000		430,365

Wells Fargo California Limited-Term Tax-Free Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Jurupa CA PFA Series A		5.00	%		9-1-2020	$	750,000	$	783,098
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00			9-1-2019		1,150,000		1,157,245
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00			9-1-2020		1,045,000		1,091,617
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00			9-1-2021		565,000		612,014
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00			9-1-2022		615,000		689,120
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured)		5.00			8-1-2024		870,000		1,023,607
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured)		5.00			8-1-2029		400,000		486,780
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project		4.00			9-1-2024		600,000		676,080
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project		5.00			9-1-2025		550,000		663,597
Los Angeles County CA Community Facilities District #5 Rowland Heights Area (AGM Insured)		5.00			9-1-2019		165,000		165,942
Los Angeles County CA Redevelopment Refunding Bond Authority Series D		5.00			9-1-2019		2,545,000		2,560,448
Menifee CA Union School District Public Series A		4.00			9-1-2022		540,000		579,085
Modesto CA Community Facilities District #2004-1 Village One #2		4.50			9-1-2019		580,000		582,738
Monrovia CA RDA Subordinate Bond Central Project #1		4.00			8-1-2019		815,000		816,826
Oakdale CA Successor Agency to Oakdale Community RDA Series A (AGM Insured)		5.00			6-1-2027		350,000		428,719
Orange County CA Community Facilities #2015-1 Esencia Village Series A		5.00			8-15-2023		375,000		418,796
Orange County CA Community Facilities #2015-1 Esencia Village Series A		5.00			8-15-2025		335,000		389,880
Orange County CA Development Agency Santa Ana Heights Project		5.00			9-1-2019		1,085,000		1,091,705
Orange County CA Development Agency Santa Ana Heights Project		5.00			3-1-2020		1,110,000		1,137,794
Orange County CA Development Agency Santa Ana Heights Project		5.00			9-1-2020		1,140,000		1,189,898
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured)		5.00			8-1-2021		1,885,000		2,031,879
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured)		5.00			8-1-2022		1,305,000		1,454,527
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured)		5.00			8-1-2023		780,000		895,682
Placentia CA RDA Project (Build America Mutual Assurance Company Insured)		4.00			8-1-2019		580,000		581,369
Placentia CA RDA Project (Build America Mutual Assurance Company Insured)		5.00			8-1-2020		600,000		625,392
Poway CA Unified School District PFA		4.00			9-15-2020		335,000		346,775
Poway CA Unified School District PFA (Build America Mutual Assurance Company Insured)		4.00			10-1-2020		300,000		310,935
Poway CA Unified School District PFA (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		185,000		196,796
Poway CA Unified School District PFA Series B (Build America Mutual Assurance Company Insured)		5.00			9-1-2024		1,115,000		1,326,973
Poway CA Unified School District PFA Series B (Build America Mutual Assurance Company Insured)		5.00			9-1-2025		775,000		947,337
Rialto CA RDA Successor Agency to Merged Project Area		5.00			9-1-2022		475,000		530,832
Riverside CA PFA Local Measure Certificate of Participation Riverside Pavement Rehabilitation Project (AGM Insured)		5.00			6-1-2023		845,000		969,680
Riverside County CA PFA Indian Wells Project Series A (AGM Insured)		5.00			9-1-2020		1,610,000		1,680,277
Romoland CA School District Community Facilities District #2004-1		4.00			9-1-2019		850,000		853,290
Roseville CA Finance Authority Special Refunding Bond Series A		5.00			9-1-2023		400,000		462,048
Roseville CA Finance Authority Special Refunding Bond Series A		5.00			9-1-2029		300,000		378,591
Roseville CA Special Tax Refunding Bond Community Facilities District		4.00			9-1-2019		875,000		878,430
Roseville CA Special Tax Refunding Bond Community Facilities District		5.00			9-1-2020		1,050,000		1,090,026
Roseville CA Special Tax Refunding Bond Community Facilities District		5.00			9-1-2021		500,000		534,600
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community		5.00			9-1-2024		1,905,000		2,177,396

18  |  Wells Fargo California Limited-Term Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community		5.00	%		9-1-2029	$	1,595,000	$	1,906,727
San Francisco CA City & County RDA Successor Agency to Community Facilities District #6 Mission Bay South Series A		5.00			8-1-2019		555,000		556,510
San Francisco CA City & County RDA Successor Agency to Community Facilities District #6 Mission Bay South Series A		5.00			8-1-2025		1,600,000		1,747,200
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Series A		5.00			8-1-2020		500,000		520,330
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Series A		5.00			8-1-2022		375,000		416,524
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Subordinate Bond Series D 144A		3.00			8-1-2021		2,555,000		2,602,089
San Jose CA Convention Center Expansion & Renovation Project		5.25			5-1-2023		1,465,000		1,569,191
San Jose CA RDA Tax Refunding Bond Merged Area Redevelopment Project Series A-1		5.00			8-1-2022		800,000		833,152
San Marcos CA Unified School District Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2020		220,000		230,023
San Marcos CA Unified School District Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2021		270,000		292,224
San Marcos CA Unified School District Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2022		250,000		279,300
San Pablo CA RDA Series B (AGM Insured)		5.00			6-15-2021		1,775,000		1,901,220
San Pablo CA RDA Series B (AGM Insured)		5.00			6-15-2022		1,865,000		2,064,443
San Pablo CA RDA Series B (AGM Insured)		5.00			6-15-2023		1,945,000		2,214,441
Santa Ana CA Community RDA Merged Project Area Series A		5.25			9-1-2019		1,000,000		1,006,590
Santa Cruz County CA Redevelopment Successor Agency Tax Allocation Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2019		625,000		628,925
Santa Cruz County CA Redevelopment Successor Agency Tax Allocation Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2020		1,000,000		1,044,490
Solana Beach CA School District Special Tax PFA		4.00			9-1-2019		735,000		738,410
Stockton CA RDA Refunding Bond Series A (AGM Insured)		5.00			9-1-2025		1,675,000		2,019,849
Successor Agency to the Morgan Hill CA RDA Series A		5.00			9-1-2021		1,055,000		1,142,787
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		4.50			9-1-2025		160,000		181,960
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2021		310,000		334,270
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2022		300,000		334,071
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2023		265,000		303,430
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2025		150,000		173,796
Successor Agency to the Riverside County CA RDA Desert Communities Project Area Series D		5.00			10-1-2022		445,000		496,504
Successor Agency to the Riverside County CA RDA Desert Communities Project Area Series D		5.00			10-1-2023		470,000		540,068
Successor Agency to the Riverside County CA RDA Project Area #1 Series A		5.00			10-1-2022		240,000		267,778
Successor Agency to the Riverside County CA RDA Project Area #1 Series A		5.00			10-1-2023		460,000		528,577
Sulphur Springs CA Union School District Prerefunded Bond Community Facilities District #2002-1 Series A		3.00			9-1-2019		295,000		295,814
Sulphur Springs CA Union School District Unrefunded Bond Community Facilities District #2002-1 Series A		3.00			9-1-2019		300,000		300,951
Tracy CA Community Facilities District #2016-1		4.00			9-1-2021		140,000		145,475
Tracy CA Community Facilities District #2016-1		4.00			9-1-2022		180,000		189,410
Tracy CA Community Facilities District #2016-1		4.00			9-1-2024		135,000		145,415
Tracy CA Community Facilities District #2016-1		4.00			9-1-2025		155,000		168,612
Tracy CA Community Facilities District #2016-1		5.00			9-1-2028		425,000		500,293

Wells Fargo California Limited-Term Tax-Free Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Tustin CA Community Facilities District #6-1 Legacy Columbus Villages Series A		5.00	%		9-1-2025	$	1,000,000	$	1,203,920
Upland CA Successor Agency to Merged Project Tax Allocation Bond (AGM Insured)		5.00			9-1-2023		1,000,000		1,148,080
Vacaville CA RDA Tax Allocation Refunding Bond Subordinate Redevelopment Projects		5.00			9-1-2020		600,000		626,622
Vacaville CA RDA Tax Allocation Refunding Bond Subordinate Redevelopment Projects		5.00			9-1-2021		600,000		647,376
Vacaville CA RDA Tax Allocation Refunding Bond Subordinate Redevelopment Projects		5.00			9-1-2022		1,050,000		1,170,981
Val Verde CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			10-1-2020		350,000		362,313
Val Verde CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		375,000		396,758
Val Verde CA Unified School District (Build America Mutual Assurance Company Insured)		5.00			10-1-2022		665,000		740,617
Western Riverside County CA Regional Wastewater Authority Series A-1		4.00			9-1-2019		1,830,000		1,837,961
Yuba City CA RDA Refunding Bond (AGM Insured)		5.00			9-1-2025		750,000		907,358
									114,262,197
Tobacco Revenue: 0.64%
Golden State Tobacco Securitization Corporation Tobacco Settlement Refunding Bond Series A1		5.00			6-1-2026		3,000,000		3,529,650
Transportation Revenue: 0.54%
Alameda County CA Corridor Transportation Authority Prerefunded Bond CAB Subordinate Lien Series A (Ambac Insured) ¤		0.00			10-1-2019		2,780,000		2,771,577
Alameda County CA Corridor Transportation Authority Unrefunded Bond CAB Subordinate Lien Series A (Ambac Insured) ¤		0.00			10-1-2019		220,000		218,896
									2,990,473
Utilities Revenue: 2.20%
Modesto CA Irrigation District Electric Refunding Bond Series A		5.00			7-1-2020		500,000		519,540
Southern California Public Power Authority Refunding Bond Canyon Power Project Series A		2.25			7-1-2040		6,000,000		6,057,420
Southern California Public Power Authority Refunding Bond Canyon Power Project Series A		5.00			7-1-2027		1,000,000		1,069,930
Southern California Public Power Authority Refunding Bond Canyon Power Project Series B (SIFMA Municipal Swap +0.25%) ±		2.15			7-1-2040		4,000,000		3,993,080
Walnut CA Energy Center Authority Refunding Bond Series A		5.00			1-1-2021		500,000		529,265
									12,169,235
Water & Sewer Revenue: 3.74%
Eastern California Municipal Water District Refunding Bond Series C (SIFMA Municipal Swap +0.25%) ±		2.15			7-1-2046		3,000,000		2,997,090
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2019		1,000,000		1,006,180
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2020		1,000,000		1,043,770
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2021		1,250,000		1,347,025
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2022		1,250,000		1,390,725
Goleta CA Water District Certificate of Participation Series A (AGM Insured)		5.00			12-1-2019		125,000		126,975
Goleta CA Water District Certificate of Participation Series A (AGM Insured)		5.00			12-1-2020		140,000		147,414
Oxnard CA Financing Authority Refunding Bond (AGM Insured)		5.00			6-1-2021		735,000		788,405
San Francisco City & County CA Public Utilities Commisison Series C Green Bond		2.13			10-1-2048		10,000,000		10,223,200
San Luis & Delta-Mendota CA Water Authority Delta Habitat Conservation & Conveyance Program Development Project Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2020		100,000		102,605

20  |  Wells Fargo California Limited-Term Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue (continued)
Vallejo CA Refunding Bond (National Insured)		5.00	%		5-1-2021	$	1,500,000	$	1,503,735
									20,677,124
									511,597,089
Guam: 1.33%
Airport Revenue: 0.26%
Guam Port Authority AMT Series B		5.00			7-1-2023		540,000		594,999
Guam Port Authority AMT Series B		5.00			7-1-2024		750,000		842,663
									1,437,662
Miscellaneous Revenue: 0.77%
Guam Education Financing Foundation Certificates of Participation Refunding Bond Series A		5.00			10-1-2023		3,840,000		4,236,787
Utilities Revenue: 0.30%
Guam Power Authority Series A (AGM Insured)		5.00			10-1-2019		1,640,000		1,653,645
									7,328,094
Illinois: 2.51%
Miscellaneous Revenue: 2.06%
Illinois Series D		5.00			11-1-2025		10,000,000		11,368,600
Tax Revenue: 0.45%
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00			12-15-2025		650,000		733,252
Sales Tax Securitization Corporation Series 2017A		5.00			1-1-2026		1,500,000		1,744,920
									2,478,172
									13,846,772
New York: 1.06%
Industrial Development Revenue: 1.06%
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment		5.00			1-1-2026		5,000,000		5,878,250
Texas: 1.14%
Resource Recovery Revenue: 1.14%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.07			4-1-2040		6,300,000		6,300,000
Total Municipal Obligations (Cost $528,228,738)									544,950,205
	Yield					Shares
Short-Term Investments: 0.07%
Investment Companies: 0.07%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.82					398,366		398,605
Total Short-Term Investments (Cost $398,605)									398,605

Total investments in securities (Cost $528,627,343)	98.71	%		545,348,810
Other assets and liabilities, net	1.29			7,101,760
Total net assets	100.00	%	$	552,450,570

Wells Fargo California Limited-Term Tax-Free Fund  |  21

Portfolio of investments—June 30, 2019

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

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

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

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

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

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

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

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CAB Capital appreciation bond

CDA Community Development Authority

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PFA Public Finance Authority

RDA Redevelopment Authority

SIFMA Securities Industry and Financial Markets Association

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		1,529,712		176,750,908		177,882,254		398,366	$	455	$	0	$	32,181	$	398,605		0.07	%

22  |  Wells Fargo California Limited-Term Tax-Free Fund

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $528,228,738)	$	544,950,205
Investments in affiliated securities, at value (cost $398,605)		398,605
Receivable for investments sold		1,970,000
Receivable for Fund shares sold		1,019,709
Receivable for interest		6,425,107
Prepaid expenses and other assets		1,128
Total assets		554,764,754
Liabilities
Payable for Fund shares redeemed		1,742,720
Dividends payable		286,583
Management fee payable		156,238
Administration fees payable		46,584
Distribution fee payable		12,480
Trustees’ fees and expenses payable		1,370
Accrued expenses and other liabilities		68,209
Total liabilities		2,314,184
Total net assets	$	552,450,570
Net assets consist of
Paid-in capital	$	543,015,580
Total distributable earnings		9,434,990
Total net assets	$	552,450,570
Computation of net asset value and offering price per share
Net assets – Class A	$	101,765,068
Shares outstanding – Class A1		9,457,907
Net asset value per share – Class A		$10.76
Maximum offering price per share – Class A2		$10.98
Net assets – Class C	$	19,929,287
Shares outstanding – Class C1		1,852,461
Net asset value per share – Class C		$10.76
Net assets – Administrator Class	$	108,483,707
Shares outstanding – Administrator Class1		10,238,272
Net asset value per share – Administrator Class		$10.60
Net assets – Institutional Class	$	322,272,508
Shares outstanding – Institutional Class1		30,432,483
Net asset value per share – Institutional Class		$10.59

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo California Limited-Term Tax-Free Fund  |  23

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	15,186,588
Income from affiliated securities		32,181
Total investment income		15,218,769
Expenses
Management fee		2,262,791
Administration fees
Class A		182,592
Class C		37,353
Administrator Class		112,380
Institutional Class		256,258
Shareholder servicing fees
Class A		285,300
Class C		58,364
Administrator Class		280,732
Distribution fee
Class C		175,093
Custody and accounting fees		17,529
Professional fees		51,618
Registration fees		89,580
Shareholder report expenses		24,301
Trustees’ fees and expenses		21,923
Other fees and expenses		22,153
Total expenses		3,877,967
Less: Fee waivers and/or expense reimbursements		(327,253	)
Net expenses		3,550,714
Net investment income		11,668,055
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities		(716,940	)
Affiliated securities		455
Futures contracts		343,070
Net realized losses on investments		(373,415	)
Net change in unrealized gains (losses) on investments		7,937,606
Net realized and unrealized gains (losses) on investments		7,564,191
Net increase in net assets resulting from operations	$	19,232,246

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

24  |  Wells Fargo California Limited-Term Tax-Free Fund

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	11,668,055					$	12,429,693
Net realized losses on investments					(373,415	)					(3,427,387	)
Net change in unrealized gains (losses) on investments					7,937,606						(8,011,347	)
Net increase in net assets resulting from operations					19,232,246						990,959
Distributions to shareholders from net investment income and net realized gains
Class A					(2,134,113	)					(2,407,589	)
Class C					(259,977	)					(297,433	)
Administrator Class					(2,322,335	)					(2,899,311	)
Institutional Class					(6,949,628	)					(6,825,360	)
Total distributions to shareholders					(11,666,053	)					(12,429,693	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,420,606			15,083,751			2,077,616			22,303,849
Class C		57,265			608,051			177,303			1,905,490
Administrator Class		3,778,231			39,543,664			1,932,144			20,369,275
Institutional Class		18,976,610			198,518,558			16,566,094			174,446,045
					253,754,024						219,024,659
Reinvestment of distributions
Class A		174,915			1,858,738			197,697			2,114,653
Class C		22,692			240,998			25,519			272,822
Administrator Class		221,324			2,316,258			273,523			2,881,478
Institutional Class		318,708			3,334,607			298,293			3,139,346
					7,750,601						8,408,299
Payment for shares redeemed
Class A		(3,417,410	)		(36,369,774	)		(4,796,149	)		(51,144,759	)
Class C		(760,735	)		(8,078,258	)		(831,210	)		(8,905,544	)
Administrator Class		(6,547,996	)		(68,431,582	)		(4,731,716	)		(49,743,594	)
Institutional Class		(20,085,267	)		(209,818,936	)		(20,555,577	)		(216,738,610	)
					(322,698,550	)					(326,532,507	)
Net decrease in net assets resulting from capital share transactions					(61,193,925	)					(99,099,549	)
Total decrease in net assets					(53,627,732	)					(110,538,283	)
Net assets
Beginning of period					606,078,302						716,616,585
End of period				$	552,450,570					$	606,078,302

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

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

Wells Fargo California Limited-Term Tax-Free Fund  |  25

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.61			$10.79			$11.04			$10.83			$10.86
Net investment income		0.20			0.19			0.18			0.17			0.16
Net realized and unrealized gains (losses) on investments		0.15			(0.18	)		(0.25	)		0.21			(0.03	)
Total from investment operations		0.35			0.01			(0.07	)		0.38			0.13
Distributions to shareholders from
Net investment income		(0.20	)		(0.19	)		(0.18	)		(0.17	)		(0.16	)
Net asset value, end of period		$10.76			$10.61			$10.79			$11.04			$10.83
Total return1		3.33	%		0.05	%		(0.64	)%		3.54	%		1.22	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.83	%		0.83	%		0.82	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		1.87	%		1.73	%		1.65	%		1.56	%		1.49	%
Supplemental data
Portfolio turnover rate		11	%		45	%		21	%		21	%		31	%
Net assets, end of period (000s omitted)		$101,765			$119,657			$148,933			$196,629			$198,402

¹  Total return calculations do not include any sales charges.

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

26  |  Wells Fargo California Limited-Term Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.61			$10.79			$11.04			$10.83			$10.86
Net investment income		0.12			0.11			0.10			0.09			0.08
Net realized and unrealized gains (losses) on investments		0.15			(0.18	)		(0.25	)		0.21			(0.03	)
Total from investment operations		0.27			(0.07	)		(0.15	)		0.30			0.05
Distributions to shareholders from
Net investment income		(0.12	)		(0.11	)		(0.10	)		(0.09	)		(0.08	)
Net asset value, end of period		$10.76			$10.61			$10.79			$11.04			$10.83
Total return1		2.56	%		(0.70	)%		(1.38	)%		2.76	%		0.47	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.59	%		1.58	%		1.58	%		1.57	%
Net expenses		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Net investment income		1.12	%		0.98	%		0.90	%		0.81	%		0.74	%
Supplemental data
Portfolio turnover rate		11	%		45	%		21	%		21	%		31	%
Net assets, end of period (000s omitted)		$19,929			$26,868			$34,113			$40,098			$33,996

¹  Total return calculations do not include any sales charges.

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

Wells Fargo California Limited-Term Tax-Free Fund  |  27

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.45			$10.63			$10.87			$10.66			$10.70
Net investment income		0.22			0.20	1		0.20			0.19			0.18
Net realized and unrealized gains (losses) on investments		0.15			(0.18	)		(0.24	)		0.21			(0.04	)
Total from investment operations		0.37			0.02			(0.04	)		0.40			0.14
Distributions to shareholders from
Net investment income		(0.22	)		(0.20	)		(0.20	)		(0.19	)		(0.18	)
Net asset value, end of period		$10.60			$10.45			$10.63			$10.87			$10.66
Total return		3.56	%		0.23	%		(0.38	)%		3.78	%		1.33	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.78	%		0.77	%		0.77	%		0.76	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.07	%		1.93	%		1.84	%		1.75	%		1.69	%
Supplemental data
Portfolio turnover rate		11	%		45	%		21	%		21	%		31	%
Net assets, end of period (000s omitted)		$108,484			$133,581			$162,747			$226,581			$309,120

¹  Calculated based upon average shares outstanding

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

28  |  Wells Fargo California Limited-Term Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			20151
Net asset value, beginning of period		$10.44			$10.62			$10.86			$10.66			$10.75
Net investment income		0.23			0.21			0.21			0.20			0.13
Net realized and unrealized gains (losses) on investments		0.15			(0.18	)		(0.24	)		0.20			(0.09	)
Total from investment operations		0.38			0.03			(0.03	)		0.40			0.04
Distributions to shareholders from
Net investment income		(0.23	)		(0.21	)		(0.21	)		(0.20	)		(0.13	)
Net asset value, end of period		$10.59			$10.44			$10.62			$10.86			$10.66
Total return2		3.66	%		0.33	%		(0.28	)%		3.79	%		0.35	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.51	%		0.50	%		0.50	%		0.50	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.17	%		2.03	%		1.95	%		1.86	%		1.82	%
Supplemental data
Portfolio turnover rate		11	%		45	%		21	%		21	%		31	%
Net assets, end of period (000s omitted)		$322,273			$325,973			$370,824			$351,080			$280,061

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

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

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

Wells Fargo California Limited-Term Tax-Free Fund  |  29

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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Notes to financial statements

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $528,686,012 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	17,040,085
Gross unrealized losses		(377,287	)
Net unrealized gains	$	16,662,798

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At June 30, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(110,356)	$110,356

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $6,762,696 in short-term capital losses and $1,013,978 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Wells Fargo California Limited-Term Tax-Free Fund  |  31

Notes to financial statements

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 June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	544,950,205	$	0	$	544,950,205
Short-term investments
Investment companies		398,605		0		0		398,605
Total assets	$	398,605	$	544,950,205	$	0	$	545,348,810

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

At June 30, 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	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

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

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Notes to financial statements

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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.80% for Class A shares, 1.55% for Class C shares, 0.60% for Administrator Class shares, and 0.50% for Institutional Class shares. 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 year ended June 30, 2019, Funds Distributor received $332 from the sale of Class A shares and $1,040 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the year ended June 30, 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. Pursuant to these procedures, the Fund had $46,536,984 and $74,370,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $131,993,368 and $58,780,388, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended June 30, 2019 the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $1,508,369 in short futures contracts during the year ended June 30, 2019.

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

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Notes to financial statements

7. BANK BORROWINGS

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

For the year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended June 30, 2019 and June 30, 2018 were as follows:

	Year ended June 30
	2019		2018
Ordinary income	$	0	$	63,209
Tax-exempt income		11,666,053		12,366,484

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$835,449	$16,662,798	$(7,776,674)

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

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

9. CONCENTRATION RISK

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

10. INDEMNIFICATION

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

11. NEW ACCOUNTING 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.

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Notes to financial statements

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

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Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo California Limited-Term Tax-Free Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

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Other information (unaudited)

TAX INFORMATION

For federal and California income tax purposes, the Fund designates 100% of its distributions paid from net investment income during the fiscal year as exempt-interest dividends under Section 852(b)(5) of the Internal Revenue Code and under Section 17145 of the California Revenue and Taxation Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

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Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

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Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

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Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo California Limited-Term Tax-Free Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo California Limited-Term Tax-Free Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo California Limited-Term Tax-Free Fund  |  41

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the five- and ten-year periods under review, in-range of the average investment performance of the Universe for the three-year period under review, and lower than the average investment performance of the Universe for the one-year period under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays Municipal 1-5 Year Blend Index, for the one- and three-year periods under review, but higher than its benchmark for the five- and ten-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark index for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance. The Board also took note of the Fund’s outperformance relative to the Universe and benchmark index over the longer time periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

42  |  Wells Fargo California Limited-Term Tax-Free Fund

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo California Limited-Term Tax-Free Fund  |  43

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404820 08-19

A248/AR248 06-19

Annual Report

June 30, 2019

Wells Fargo

Intermediate Tax/AMT-Free Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	45
Statement of operations	46
Statement of changes in net assets	47
Financial highlights	48
Notes to financial statements	53
Report of independent registered public accounting firm	58
Other information	59

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Save trees.

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

The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Intermediate Tax/AMT-Free Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Intermediate Tax/AMT-Free Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Intermediate Tax/AMT-Free Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Intermediate Tax/AMT-Free Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Bruce R. Johns^‡

Robert J. Miller

Adrian Van Poppel^‡

Average annual total returns (%) as of June 30, 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 (WFTAX)	7-31-2007		2.50		1.97		3.85		5.67		2.59		4.17		0.79		0.70
Class C (WFTFX)	7-31-2007		3.88		1.83		3.39		4.88		1.83		3.39		1.54		1.45
Class R6 (WFRTX)3	7-31-2018		–		–		–		5.89		2.85		4.45		0.41		0.40
Administrator Class (WFITX)	3-31-2008		–		–		–		5.77		2.69		4.28		0.73		0.60
Institutional Class (WITIX)	3-31-2008		–		–		–		5.93		2.86		4.46		0.46		0.45
Bloomberg Barclays Municipal Bond 1-15 Year Blend Index4	–		–		–		–		6.12		3.03		3.92		–		–

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. Class R6, Administrator Class, and Institutional shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁵

^‡  Mr. Johns and Mr. Van Poppel became portfolio managers of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the 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 the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond 1–15 Year Blend Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 3.00%.

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

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

Wells Fargo Intermediate Tax/AMT-Free Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Bloomberg Barclays Municipal Bond 1-15 Year Blend Index, for the 12-month period that ended June 30, 2019.

∎ We were short duration to the benchmark over the period, which detracted from performance as the market rallied. Our conservative duration position minimized volatility during the first half of the period but was a significant detractor as the market rallied in the second half of the period.

∎ Yield-curve positioning was a positive contributor to performance as our bias toward a flatter curve in the first half of the year added to returns.

∎ Credit positioning was the biggest driver of performance, and our overweight to lower-investment-grade credits (A-rated and BBB-rated) as well as a modest allocation to high-yield bonds positively influenced returns as these types of bonds benefited from a growing economy and a strong demand for income.

∎ Sector allocation and security selection were also positive contributors to performance. Overweights to the local general obligation (GO), industrial development revenue (IDR)/pollution control revenue (PCR), leasing, and special tax sectors was positive. Selection within the state GOs, especially budget-challenged states such as Illinois and New Jersey, aided performance. Underweights to the housing and hospital sectors detracted from overall results.

Effective maturity distribution as of June 30, 2019⁶

The Federal Reserve abruptly changed course from raising rates to a potential rate cut over the period.

Throughout most of 2018, the fixed-income markets expected the Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the European Union.

These concerns only increased as we moved into the first half of 2019 and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November to 2.00% by the end of June.

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. Short municipals slightly underperformed Treasuries over the period. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive but record inflows were reported as investor opinion toward fixed income, particularly municipals, improved due to investor expectations that interest rates would remain stable. While new issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform, which eliminated the ability of issuers to advance refund outstanding higher-cost debt on a tax-exempt basis. Technicals drove the market as overall reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

Please see footnotes on page 7.

8  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Performance highlights (unaudited)

Credit quality as of June 30, 2019⁷

Factors across the market influenced Fund performance.

Credit positioning was a key performance driver. Yield-curve positioning, sector allocation, and security selection also aided performance while conservative duration positioning detracted.

Demand for income remained strong during the period as overall interest rates remained low by historical standards. This demand combined with positive fund flows, low supply, and slowing but steady economic growth helped lower-investment-grade bonds (A-rated and BBB-rated bonds) as well as high-yield bonds to outperform bonds in other rating categories. The Fund was overweight these rating categories and benefited as prices rose.

As the year progressed, we became increasingly cautious as yields of lower-investment-grade and high-yield bonds remained near historic lows. While we maintain a modest overweight to these rating categories, we took the opportunity to sell into strength and we have gradually reduced our exposure to bonds rated single-A and below and added to bonds rated AA and AAA.

We maintained duration short to the benchmark, which reduced volatility but detracted as the market rallied over the period. We altered the magnitude of the short-duration position to tactically take advantage of market peaks and troughs. The Fund’s duration ranged from a low of 4.20 years to a high of 4.73 years. We began the period with the Fund’s duration at about 90% of the benchmark’s and ended at roughly 95% of benchmark. We began extending duration in the third quarter of 2018 and continued into the fourth quarter, as supply increased and valuations were attractive. During the first quarter of 2019, we allowed duration to drift down as seasonal market factors took hold, with the intention of extending around tax time when technical strength typically subsides. Fund flows and lower-than-expected supply delayed and shortened the typical window, but we took the opportunity to get duration closer to neutral by buying bonds in the 12- to 17-year part of the curve and added higher-quality bonds.

We were underweight state GO bonds, as these bonds typically represent poor relative value. Despite the underweight, the Fund’s holdings outperformed the state GO bonds in the benchmark, indicating good selection within the sector. We were overweight local GOs, which was positive. The sector outperformed other sectors in the benchmark. Within revenue bond subsectors, overweights to IDR/PCR, education, leasing, and special tax bonds was positive as these sectors outperformed other sectors in the benchmark. Underweights to housing and hospital bonds was a drag on performance as these sectors also outperformed other sectors in the benchmark. We were also underweight the transportation and water and sewer sectors, both of which outperformed other sectors in the benchmark. Despite the underweights, the fund’s holdings within the sectors outperformed the corresponding sectors in the benchmark, which indicated favorable selection within the sectors. Illinois and New Jersey bonds were the two best-performing states in the index, and the Fund was overweight both. We reduced our exposure but still maintain an overweight to Illinois issuers. This was positive as Illinois was one of the top-performing states among bond issuers. Underweights to states New York and California were positive as both underperformed the bonds issued by other states that are represented in the benchmark. Fortunately, the Fund’s limited number of poor-performing securities mostly were higher-quality names purchased as part of our up-in-quality trade approach. We believe these bonds will outperform other securities in the benchmark over time as technicals unwind.

As the expansion appears to be in the rearview mirror, we believe a transition from risk may occur.

The economic expansion started in June 2009 and is the longest since the Great Depression. Low-quality bonds and equities have performed well with stocks near record high prices and bonds marching to record-low yields. We believe we are at late-cycle and, although there remains economic strength, the trend is negative and we expect growth to slow throughout the rest of the year. Our base case does not include a recession but rather suboptimal growth with little risk of an upside surprise to inflation at this point. Global economic growth is anemic at best with trade issues and Brexit concerns adding to a weakening economic environment. Fed rhetoric is dovish and, as of June 30, 2019, the bond market was pricing in multiple rate cuts by year-end, the effect of which would likely serve to inflate asset prices rather than provide any real economic stimulus. Slow economic growth bodes well for bonds but not necessarily for credit spreads as slower economic growth typically weighs on credit quality.

Overall, technicals remain strong in the municipal bond market. Bond valuations in the medium term are supported by strong technicals such as record levels of municipal debt maturities and calls, limited availability of gross municipal bond supply, and continued flows into the asset class. The Fund is structured for a slower growth environment with duration close to neutral, curve positioning based largely on a key rate structure as we transition to a rate-cutting cycle, a higher credit-quality bias, and a focus on sectors that should perform well as the economic growth slows.

Please see footnotes on page 7.

Wells Fargo Intermediate Tax/AMT-Free Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,042.51	$	3.55		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class C
Actual	$	1,000.00	$	1,038.66	$	7.33		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Class R6
Actual	$	1,000.00	$	1,044.04	$	2.03		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,043.93	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,044.66	$	2.28		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).

10  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.80%
Alabama: 0.85%
Education Revenue: 0.04%
Auburn AL Refunding Bond Series A		4.00	%		6-1-2033	$	1,000,000	$	1,110,010
Utilities Revenue: 0.81%
Southeast Alabama Gas Supply District Series A		4.00			4-1-2049		6,180,000		6,700,850
Southeast Alabama Gas Supply District Series B (1 Month LIBOR +0.85%) ±		2.49			6-1-2049		15,000,000		14,770,800
									21,471,650
									22,581,660
Alaska: 0.20%
Industrial Development Revenue: 0.04%
Valdez AK Marine Terminal BP Pipelines Project Series B		5.00			1-1-2021		1,000,000		1,051,780
Miscellaneous Revenue: 0.16%
Matanuska Susitna Borough AL Goose Creek Correctional Project		4.00			9-1-2030		3,870,000		4,239,624
									5,291,404
Arizona: 2.60%
Airport Revenue: 0.51%
Phoenix AZ Civic Improvement Corporation Series A		5.00			7-1-2029		5,000,000		5,182,700
Phoenix AZ Civic Improvement Corporation Series D		5.00			7-1-2036		7,000,000		8,374,660
									13,557,360
Education Revenue: 0.45%
Arizona Board of Regents University of Arizona System Series A		5.00			6-1-2037		2,645,000		3,292,708
McAllister AZ Arizona State University Hassayampa Academic Village Project		5.00			7-1-2025		750,000		899,318
Pima County AZ Community College District Series 2019		5.00			7-1-2033		450,000		552,965
Pima County AZ Community College District Series 2019		5.00			7-1-2034		500,000		611,975
Pima County AZ Community College District Series 2019		5.00			7-1-2035		600,000		731,790
Pima County AZ Community College District Series 2019		5.00			7-1-2036		500,000		607,895
Pima County AZ IDA New Plan Learning Project Series A		7.00			7-1-2021		360,000		364,259
Pima County AZ IDA New Plan Learning Project Series A		7.75			7-1-2035		4,920,000		4,983,124
									12,044,034
GO Revenue: 0.38%
Estrella Mountain Ranch AZ Community Facilities District Refunding Bond (AGM Insured)		5.00			7-15-2025		585,000		685,181
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		4.50			7-1-2024		1,575,000		1,772,001
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		4.50			7-1-2025		1,270,000		1,428,852
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		5.00			7-1-2027		420,000		480,694
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		5.50			7-1-2029		960,000		1,117,373
Phoenix AZ		5.00			7-1-2026		3,810,000		4,702,835
									10,186,936

Wells Fargo Intermediate Tax/AMT-Free Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.70%
Arizona IDA Phoenix Children Hospital (JPMorgan Chase & Company LOC) ø		1.95	%		2-1-2048	$	15,310,000	$	15,310,000
Maricopa County AZ IDA Bond ø		2.02			1-1-2049		2,000,000		2,000,000
Maricopa County AZ IDA Bond		5.00			1-1-2048		1,000,000		1,168,080
									18,478,080
Miscellaneous Revenue: 0.14%
Arizona Refunding Bond Certificate of Participation		5.00			9-1-2027		3,040,000		3,634,107
Tax Revenue: 0.33%
Arizona Sports & Tourism Authority Series A		4.00			7-1-2020		1,365,000		1,396,327
Arizona Sports & Tourism Authority Series A		5.00			7-1-2021		795,000		843,885
Arizona Sports & Tourism Authority Series A		5.00			7-1-2022		1,000,000		1,089,990
San Luis AZ Pledged Excise Tax Series A (Build America Mutual Assurance Company Insured)		5.00			7-1-2027		450,000		519,606
San Luis AZ Pledged Excise Tax Series A (Build America Mutual Assurance Company Insured)		5.00			7-1-2028		700,000		806,827
San Luis AZ Pledged Excise Tax Series A (Build America Mutual Assurance Company Insured)		5.00			7-1-2034		3,680,000		4,195,384
									8,852,019
Utilities Revenue: 0.09%
Salt River Project AZ Electric System Revenue Bond 2017 Series A		5.00			1-1-2034		2,000,000		2,471,740
									69,224,276
California: 8.29%
Airport Revenue: 0.18%
Sacramento CA Airport System Senior Bond		5.00			7-1-2025		2,000,000		2,072,880
Sacramento CA Airport System Senior Bond Series B		5.00			7-1-2032		600,000		751,794
Sacramento CA Airport System Senior Bond Series B		5.00			7-1-2033		500,000		623,655
Sacramento CA Airport System Senior Bond Series B		5.00			7-1-2034		1,000,000		1,240,510
									4,688,839
Education Revenue: 0.51%
California Statewide CDA Series A		6.90			8-1-2031		1,860,000		2,040,773
University of California General Project Unrefunded Bond Series Q		5.25			5-15-2024		65,000		65,203
University of California Limited Project Prerefunded Bond Series G		5.00			5-15-2037		5,180,000		5,742,807
University of California Limited Project Unrefunded Bond Series G		5.00			5-15-2037		5,210,000		5,692,394
									13,541,177
GO Revenue: 3.89%
California		5.25			3-1-2024		5,000,000		5,135,100
California		5.25			3-1-2030		1,440,000		1,477,642
California		6.00			3-1-2033		2,510,000		2,587,835
California Refunding Bond		5.00			4-1-2032		9,000,000		12,130,200
California Various Purposes		5.00			8-1-2030		1,500,000		1,829,955
California Various Purposes		5.00			8-1-2032		6,700,000		8,100,568
Cerritos CA Community College District CAB Series D ¤		0.00			8-1-2025		1,800,000		1,609,524
Compton CA Community College District Election of 2002 CAB Series C ¤		0.00			8-1-2029		1,565,000		1,208,493
Compton CA Community College District Election of 2002 CAB Series C ¤		0.00			8-1-2031		2,400,000		1,702,992
Emery CA Unified School District Election of 2010 Series A (AGM Insured)		6.25			8-1-2031		4,500,000		4,976,325
Monterey County CA Alisal Union School District Series A (Build America Mutual Assurance Company Insured)		5.25			8-1-2042		1,500,000		1,820,715

12  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
New Haven CA Unified School District CAB Project (AGC Insured) ¤		0.00	%		8-1-2033	$	5,590,000	$	3,816,293
Northern Humboldt CA High School District Election of 2010 Series A		6.50			8-1-2034		1,145,000		1,271,820
Oakland CA Unified School District Alameda County Election of 2006 Series A		6.50			8-1-2020		1,730,000		1,737,456
Oakland CA Unified School District Alameda County Election of 2009 Series A		6.25			8-1-2019		1,285,000		1,290,089
Oakland CA Unified School District Alameda County Election of 2012		6.25			8-1-2028		2,000,000		2,211,700
Oakland CA Unified School District Alameda County Election of 2012		6.25			8-1-2030		2,000,000		2,211,700
Oxnard CA School District Series A (National Insured)		5.75			8-1-2030		1,825,000		2,090,957
Patterson CA Unified School District CAB Election of 2008 Project Series B (AGM Insured) ¤		0.00			8-1-2033		3,000,000		2,033,910
Peralta CA Community College District Alameda County		5.00			8-1-2023		3,045,000		3,389,999
Peralta CA Community College District Alameda County		5.00			8-1-2024		3,000,000		3,334,110
Rio Hondo CA Community College District ¤		0.00			8-1-2030		2,315,000		1,790,838
San Diego CA Community College District Election of 2012		5.00			8-1-2032		3,095,000		3,540,742
San Diego CA Unified School District Election of 1998 Series E-2 (AGM Insured)		5.50			7-1-2027		5,000,000		6,593,050
San Jose CA Libraries & Parks Project		5.13			9-1-2031		6,110,000		6,127,902
State of California Series A4 (Citibank NA LOC) ø		1.53			5-1-2034		10,000,000		10,000,000
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) ¤		0.00			8-1-2031		2,590,000		1,875,419
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) ¤		0.00			8-1-2032		2,800,000		1,944,348
Tustin CA Unified School District #88-1 Election of 2008 Series B		6.00			8-1-2036		1,500,000		1,651,080
West Contra Costa CA Unified School District Election of 2005 Series C-1 (AGC Insured) ¤		0.00			8-1-2026		4,620,000		4,018,661
									103,509,423
Health Revenue: 1.23%
California Municipal Finance Authority Institute of Aging Project		5.00			8-15-2032		975,000		1,193,244
California Municipal Finance Authority Institute of Aging Project		5.00			8-15-2033		1,150,000		1,396,641
California Statewide CDA Series C		5.25			8-15-2031		3,000,000		3,239,190
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-013 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		2.02			8-15-2051		8,710,000		8,710,000
University of California Medical Center Prerefunded Bond Series J		5.25			5-15-2030		13,135,000		15,151,091
University of California Medical Center Unrefunded Bond Series J		5.25			5-15-2030		1,865,000		2,131,191
Washington Township CA Health Care District Series A		5.00			7-1-2019		905,000		905,000
									32,726,357
Miscellaneous Revenue: 0.90%
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2039		2,500,000		2,852,200
California Public Works Board Various Judicial Council Project Series D		5.25			12-1-2026		1,000,000		1,092,800
California Public Works University of California Board of Regents Series G		5.00			12-1-2030		12,110,000		13,231,870
Foothill De Anza CA Community College District Certificate of Participation		5.00			4-1-2033		500,000		580,445
Gold Coast Transit District California Transit Finance Corporation Certificate of Participation		5.00			7-1-2027		520,000		643,703
Richmond CA Joint Powers Financing Authority Point Potrero Series A		6.25			7-1-2024		2,700,000		2,710,530
San Diego CA PFFA Capital Improvement Projects Series B		5.00			10-15-2027		500,000		613,815
San Diego CA PFFA Capital Improvement Projects Series B		5.00			10-15-2028		1,000,000		1,223,560
Santa Ana CA Financing Authority Police Administration and Holding Facilities Prerefunded Balance Bond (National Insured)		6.25			7-1-2019		500,000		500,000
Santa Ana CA Financing Authority Police Administration and Holding Facilities Unrefunded Balance Bond (National Insured)		6.25			7-1-2019		500,000		500,000
									23,948,923

Wells Fargo Intermediate Tax/AMT-Free Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.05%
San Jose CA RDA Series A-1		5.50	%		8-1-2030	$	1,355,000	$	1,418,400
Transportation Revenue: 0.38%
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ±		3.15			4-1-2036		9,810,000		10,118,230
Utilities Revenue: 0.78%
California Municipal Finance Authority		5.00			10-1-2025		1,500,000		1,835,535
M-S-R California Energy Authority Gas Series B		7.00			11-1-2034		2,000,000		2,998,180
M-S-R California Energy Authority Gas Series C		7.00			11-1-2034		3,000,000		4,497,270
Northern California Power Agency Series A		5.25			8-1-2023		5,150,000		5,265,721
Sacramento CA MUD Series B		5.00			8-15-2030		1,075,000		1,229,800
Southern California Public Power Authority Milford Wind Corridor Project #1		5.00			7-1-2024		5,000,000		5,095,150
									20,921,656
Water & Sewer Revenue: 0.37%
California Department of Water Resources Central Valley Project Series AT (SIFMA Municipal Swap +0.37%) ±		2.27			12-1-2035		10,000,000		9,999,600
									220,872,605
Colorado: 0.70%
Education Revenue: 0.05%
Colorado ECFA University of Denver Project (National Insured)		5.25			3-1-2025		1,110,000		1,298,034
GO Revenue: 0.28%
Adams County CO 12 Five Star Schools Series B		5.00			12-15-2028		3,800,000		4,686,274
Mesa County CO Valley School District # 51 Grand Junction		5.50			12-1-2035		2,175,000		2,755,442
									7,441,716
Industrial Development Revenue: 0.12%
Denver CO Convention Center Hotel Authority Refunding Bond		5.00			12-1-2023		3,000,000		3,367,230
Miscellaneous Revenue: 0.25%
Adams County CO Refunding & Improvement Certificate of Participation		5.00			12-1-2021		830,000		900,865
Regents of the University of Colorado Certificate of Participation Series A		5.00			11-1-2028		5,000,000		5,689,050
									6,589,915
									18,696,895
Connecticut: 3.32%
Education Revenue: 1.69%
Connecticut HEFAR Yale University Issue Series A		1.00			7-1-2042		25,000,000		25,000,000
Connecticut HEFAR Yale University Issue Series A		2.05			7-1-2035		10,000,000		10,146,400
Connecticut HEFAR Yale University Issue Series A-2		2.00			7-1-2042		3,425,000		3,474,252
University of Connecticut Series A		5.00			3-15-2027		1,000,000		1,199,340
University of Connecticut Series A		5.00			3-15-2032		4,355,000		5,116,820
									44,936,812
GO Revenue: 0.91%
Connecticut Series A		5.00			3-1-2029		2,500,000		2,841,075
Connecticut Series B		5.00			6-15-2027		3,000,000		3,522,720
Connecticut Series F		5.00			11-15-2032		300,000		348,510
Hamden CT		4.00			8-15-2020		1,235,000		1,271,087

14  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Hamden CT		4.00	%		8-15-2021	$	1,235,000	$	1,302,876
Hamden CT (AGM Insured)		5.00			8-15-2022		1,000,000		1,098,190
Hamden CT Prerefunded Bond (AGM Insured)		5.00			8-15-2021		125,000		134,473
Hamden CT Refunding Bond Series A (Build America Mutual Assurance Company Insured)		5.00			8-15-2029		500,000		606,145
Hamden CT Refunding Bond Series A (Build America Mutual Assurance Company Insured)		5.00			8-15-2030		1,200,000		1,440,684
Hamden CT Series A (Build America Mutual Assurance Company Insured)		5.00			8-15-2026		2,000,000		2,388,700
Hamden CT Series A (Build America Mutual Assurance Company Insured)		5.00			8-15-2027		1,200,000		1,447,596
Hamden CT Unrefunded Bond (AGM Insured)		5.00			8-15-2021		875,000		933,765
Hartford CT Series A (AGM Insured)		5.00			4-1-2022		3,010,000		3,292,910
Hartford CT Series A (AGM Insured)		5.00			7-1-2026		1,000,000		1,182,130
Hartford CT Series C (AGM Insured)		5.00			7-15-2022		2,320,000		2,560,213
									24,371,074
Health Revenue: 0.36%
Connecticut HEFA Yale New Haven Hospital Series C (JPMorgan Chase & Company LOC) ø		1.95			7-1-2025		9,500,000		9,500,000
Miscellaneous Revenue: 0.32%
Connecticut Series A (SIFMA Municipal Swap +0.85%) ±		2.75			3-1-2022		3,000,000		3,022,440
Connecticut Series A (SIFMA Municipal Swap +1.25%) ±		3.15			4-15-2020		3,300,000		3,325,047
Connecticut Series G		4.00			10-15-2026		1,985,000		2,117,042
									8,464,529
Tax Revenue: 0.04%
Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes Series A		5.00			8-1-2030		1,000,000		1,166,550
									88,438,965
Delaware: 0.08%
Education Revenue: 0.08%
Delaware EDA Odyssey Charter School Project Series B 144A		6.75			9-1-2035		2,000,000		2,158,360
District of Columbia: 1.29%
Education Revenue: 0.10%
District of Columbia Howard University Series A		5.75			10-1-2026		2,510,000		2,628,698
GO Revenue: 0.53%
District of Columbia Series 2014C		5.00			6-1-2034		3,000,000		3,449,220
District of Columbia Series 2014C		5.00			6-1-2035		1,620,000		1,859,290
District of Columbia Series 2016A		5.00			6-1-2033		5,000,000		5,977,750
District of Columbia Series 2017A		5.00			6-1-2033		2,400,000		2,928,192
									14,214,452
Miscellaneous Revenue: 0.42%
District of Columbia Federal Highway Grant Anticipation Bond		5.00			12-1-2023		1,000,000		1,113,930
District of Columbia Federal Highway Grant Anticipation Bond		5.00			12-1-2025		3,520,000		3,901,181
District of Columbia Federal Highway Grant Anticipation Bond		5.25			12-1-2025		2,630,000		2,766,970
District of Columbia Medical Association of Colleges Series B		5.00			10-1-2024		3,095,000		3,309,360
									11,091,441

Wells Fargo Intermediate Tax/AMT-Free Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 0.14%
Washington Metropolitan Area Transit Authority Series B		5.00	%		7-1-2032	$	3,000,000	$	3,658,560
Water & Sewer Revenue: 0.10%
District of Columbia Water & Sewer Authority Public Utility Senior Lien Series A		5.00			10-1-2037		2,260,000		2,753,810
									34,346,961
Florida: 4.87%
Airport Revenue: 0.09%
Jacksonville FL Port Authority Series B		5.00			11-1-2035		2,045,000		2,489,072
Education Revenue: 0.06%
Florida Development Finance Corporation Renaissance Charter School Series A		5.00			9-15-2020		665,000		670,766
Florida HEFAR		4.00			4-1-2021		1,000,000		1,042,940
									1,713,706
GO Revenue: 0.05%
Plantation FL Ad Valorem Bond		5.00			7-1-2031		1,155,000		1,417,924
Health Revenue: 1.07%
ACTS Retirement Life Communities Incorporated Obligated Group Escambia County Health Facilities Authority Refunding Bonds Series 2003B (AGC Insured, TD Bank NA SPA) ø		2.05			11-15-2029		2,400,000		2,400,000
Florida Health System Lee Memorial Hospital Series A		5.00			4-1-2036		4,500,000		5,442,930
Jacksonville FL HCFR Baptist Health Series D ø		1.85			8-1-2036		13,000,000		13,000,000
Jacksonville FL HCFR Baptist Health Series E ø		1.85			8-1-2036		5,000,000		5,000,000
Miami-Dade County FL Health Facilities Authority Nicklaus Children’s Hospital Project		5.00			8-1-2031		500,000		598,605
Miami-Dade County FL Health Facilities Authority Nicklaus Children’s Hospital Project		5.00			8-1-2033		1,645,000		1,954,869
									28,396,404
Industrial Development Revenue: 0.12%
Saint Lucie County FL Florida Power & Light Company ø		1.93			9-1-2028		3,100,000		3,100,000
Miscellaneous Revenue: 2.06%
Boynton FL PFA Capital Improvement Series 2018		4.00			7-1-2030		2,090,000		2,344,144
Boynton FL PFA Capital Improvement Series 2018		5.00			7-1-2035		3,590,000		4,317,047
Broward County FL School Board Certificate of Participation Series A		5.00			7-1-2024		5,000,000		5,851,550
Cityplace Florida Community Development District Special Assessment		5.00			5-1-2021		2,945,000		3,122,407
Duval County FL School Board Certificate of Participation Series B		5.00			7-1-2028		2,500,000		2,939,700
Duval County FL School Board Certificate of Participation Series B		5.00			7-1-2029		5,000,000		5,876,700
Miami-Dade County FL School Board Certificate of Participation Series A		5.00			5-1-2031		3,000,000		3,445,230
Miami-Dade County FL School Board Certificate of Participation Series D		5.00			11-1-2027		6,600,000		7,650,522
Monroe County FL School Board Certificate of Participation Series A		5.00			6-1-2034		1,500,000		1,797,045
Monroe County FL School Board Certificate of Participation Series A		5.00			6-1-2035		1,000,000		1,194,210
Orange County FL School Board Certificate of Participation Series C		5.00			8-1-2029		2,000,000		2,366,900
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured)		5.00			11-1-2032		2,000,000		2,421,060
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured)		5.00			11-1-2033		4,500,000		5,430,330
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured)		5.00			11-1-2034		600,000		719,952
Palm Beach County FL Refunding Bond		5.00			5-1-2029		2,000,000		2,425,320

16  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
University of South Florida Financing Corporation Certificate of Participation Master Lease Program Series A		5.00	%		7-1-2022	$	1,730,000	$	1,908,571
University of South Florida Financing Corporation Certificate of Participation Master Lease Program Series A		5.00			7-1-2023		815,000		922,645
									54,733,333
Tax Revenue: 0.69%
Miami-Dade County FL Public Services (AGM Insured)		4.00			10-1-2019		3,440,000		3,462,188
Miami-Dade County FL Public Services (AGM Insured)		4.00			10-1-2020		3,600,000		3,717,540
Miami-Dade County FL Public Services (AGM Insured)		4.00			4-1-2021		2,485,000		2,597,421
Miami-Dade County FL Special Obligation Series A		5.00			10-1-2023		700,000		777,707
Polk County FL School District		5.00			10-1-2033		2,900,000		3,675,257
Tampa FL Sports Authority Stadium Project		5.00			1-1-2025		3,550,000		4,211,614
									18,441,727
Transportation Revenue: 0.45%
Florida Department of Transportation Turnpike System Series A		5.00			7-1-2023		3,910,000		4,470,538
Florida Department of Transportation Turnpike System Series A		5.00			7-1-2025		4,950,000		5,976,482
Florida Mid-Bay Bridge Authority Series A		5.00			10-1-2025		1,250,000		1,465,588
									11,912,608
Utilities Revenue: 0.19%
Escambia County FL Pollution Control Gulf Power Company Project ø		1.98			7-1-2022		5,000,000		5,000,000
Water & Sewer Revenue: 0.09%
Daytona Beach FL Utility System (AGM Insured)		5.00			11-1-2022		2,205,000		2,454,209
									129,658,983
Georgia: 2.53%
Education Revenue: 0.13%
Private Colleges & Universities Authority of Georgia Series A		5.00			10-1-2021		3,330,000		3,564,432
Health Revenue: 0.40%
Georgia Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF1016 (Barclays Bank plc LIQ) 144Aø		1.95			8-15-2049		10,520,000		10,520,000
Industrial Development Revenue: 0.08%
Monroe County GA PCR Georgia Power Company Plant Scherer Project		2.35			10-1-2048		2,000,000		2,019,560
Utilities Revenue: 1.92%
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project		2.25			10-1-2032		4,800,000		4,842,144
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series E		3.25			11-1-2045		6,000,000		6,212,820
Floyd County GA PCR Georgia Power Company Plant Hammond Project		2.35			7-1-2022		1,000,000		1,009,780
Georgia Public Gas Partners Incorporated Series A		5.00			10-1-2019		5,000,000		5,042,250
Main Street Natural Gas Incorporated Georgia Gas Project Series A		5.00			5-15-2029		2,600,000		3,220,932
Main Street Natural Gas Incorporated Georgia Gas Project Series A		5.50			9-15-2022		1,000,000		1,113,180
Main Street Natural Gas Incorporated Georgia Gas Project Series B		4.00			8-1-2049		10,000,000		11,093,100
Main Street Natural Gas Incorporated Georgia Gas Project Series C		4.00			8-1-2048		2,500,000		2,731,325
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ)		4.00			4-1-2048		5,500,000		5,989,610

Wells Fargo Intermediate Tax/AMT-Free Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Utilities Revenue (continued)
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ±		2.39	%		4-1-2048	$	10,000,000	$	9,891,100
									51,146,241
									67,250,233
Guam: 0.27%
Airport Revenue: 0.10%
Guam International Airport Authority		5.00			10-1-2022		1,000,000		1,080,240
Guam International Airport Authority		5.00			10-1-2023		1,500,000		1,601,790
									2,682,030
Tax Revenue: 0.05%
Guam Government Business Privilege Tax Bond Series A		5.00			1-1-2020		1,365,000		1,385,161
Water & Sewer Revenue: 0.12%
Guam Government Waterworks Authority		5.25			7-1-2020		350,000		360,822
Guam Government Waterworks Authority		5.25			7-1-2033		2,500,000		2,723,700
									3,084,522
									7,151,713
Hawaii: 0.38%
GO Revenue: 0.38%
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.30%) ±		2.20			9-1-2022		2,500,000		2,499,500
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.22			9-1-2025		2,500,000		2,499,500
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.22			9-1-2028		5,000,000		4,999,000
									9,998,000
Illinois: 14.60%
Airport Revenue: 1.31%
Chicago IL O’Hare International Airport Senior Lien (AGM Insured)		5.13			1-1-2030		2,610,000		2,909,210
Chicago IL O’Hare International Airport Senior Lien (AGM Insured)		5.13			1-1-2031		3,335,000		3,711,321
Chicago IL O’Hare International Airport Senior Lien		5.25			1-1-2032		8,755,000		9,735,823
Chicago IL O’Hare International Airport Senior Lien Series B		5.00			1-1-2030		8,000,000		9,248,720
Chicago IL O’Hare International Airport Senior Lien Series B		5.00			1-1-2036		1,500,000		1,824,270
Chicago IL O’Hare International Airport Third Lien Series C (AGC Insured)		5.25			1-1-2025		4,075,000		4,153,485
Chicago IL O’Hare International Airport Third Lien Series F		4.25			1-1-2021		735,000		745,268
Peoria IL Metropolitan Airport Authority Series D		5.00			12-1-2027		2,250,000		2,708,753
									35,036,850
Education Revenue: 0.63%
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A		5.00			10-1-2026		450,000		541,683
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A		5.00			10-1-2031		400,000		495,680
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A		5.00			10-1-2039		700,000		842,940
Illinois Finance Authority Bradley University Project Series C		5.00			8-1-2032		1,250,000		1,469,575
Illinois Finance Authority Student Housing Illinois State University Project		5.50			4-1-2021		1,930,000		2,010,192
Illinois Finance Authority Wesleyan University		5.00			9-1-2026		680,000		805,331

18  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured)		5.00	%		9-1-2022	$	1,325,000	$	1,452,982
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured)		5.00			9-1-2024		1,000,000		1,142,100
University of Illinois Auxiliary Facilities Systems CAB ¤		0.00			4-1-2020		8,270,000		8,152,731
									16,913,214
GO Revenue: 4.55%
Bolingbrook, Will & DuPage Counties IL Series A (AGM Insured)		5.00			1-1-2023		650,000		719,440
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) ¤		0.00			12-1-2025		3,380,000		2,809,862
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) ¤		0.00			12-1-2026		4,030,000		3,243,747
Chicago IL Board of Education Series F		5.00			12-1-2020		2,375,000		2,473,800
Chicago IL CAB Series C ¤		0.00			1-1-2023		2,500,000		2,259,575
Chicago IL Metropolitan Reclamation Series B		5.00			12-1-2025		2,500,000		2,706,000
Chicago IL Park District Series A		5.00			1-1-2036		2,250,000		2,367,585
Chicago IL Park District Series B		5.00			1-1-2021		3,765,000		3,933,408
Chicago IL Park District Series B (Build America Mutual Assurance Company Insured)		5.00			1-1-2029		2,000,000		2,235,500
Chicago IL Park District Series C		5.00			1-1-2022		1,615,000		1,725,531
Chicago IL Series A		5.00			1-1-2025		750,000		817,845
Chicago IL Series C		4.00			1-1-2020		1,505,000		1,518,620
Chicago IL Series C		5.00			1-1-2026		5,000,000		5,605,500
Chicago IL Series G (Ambac Insured)		5.00			12-1-2024		13,465,000		13,517,917
Cook County IL		5.00			11-15-2035		1,300,000		1,463,397
Cook County IL Community College District #508		5.25			12-1-2025		1,425,000		1,553,977
Cook County IL Community College District #508		5.25			12-1-2027		1,295,000		1,401,410
Cook County IL Community College District #508		5.25			12-1-2028		1,250,000		1,346,588
Cook County IL Community College District #508		5.25			12-1-2030		3,000,000		3,210,030
Cook County IL Community College District #508		5.25			12-1-2031		3,200,000		3,415,232
Cook County IL Series A		5.00			11-15-2031		1,000,000		1,139,120
Cook County IL Series A		5.25			11-15-2022		7,240,000		7,590,416
Cook County IL Series A		5.25			11-15-2023		7,680,000		8,049,869
Cook County IL Series A		5.25			11-15-2024		2,200,000		2,360,996
Cook County IL Series B		5.00			11-15-2023		600,000		675,744
Cook County IL Series C		5.00			11-15-2021		1,460,000		1,568,566
Cook County IL Series C		5.00			11-15-2024		2,175,000		2,388,041
Cook County IL Series C		5.00			11-15-2025		2,450,000		2,679,737
DuPage, Cook & Will Counties IL Community College District #502 Series A		5.00			6-1-2022		2,650,000		2,920,141
Homer, Glen, Will & Cook Village Counties IL Series A		4.00			12-1-2019		1,000,000		1,010,800
Homer, Glen, Will & Cook Village Counties IL Series A		5.00			12-1-2021		1,015,000		1,030,266
Illinois (AGM Insured)		5.00			1-1-2023		2,450,000		2,491,062
Illinois (AGM Insured)		5.00			4-1-2026		5,000,000		5,633,850
Illinois		4.75			4-1-2020		2,650,000		2,655,698
Illinois Series A		5.00			4-1-2023		4,500,000		4,938,795
Illinois Series A (AGM Insured)		5.00			4-1-2024		2,500,000		2,766,775
Kane, Cook & DuPage Counties IL School District #46 Prerefunded Balance Bond Series B		4.50			1-1-2024		1,170,000		1,259,599
Kane, Cook & DuPage Counties IL School District #46 Unrefunded Balance Bond Series B		4.50			1-1-2024		3,100,000		3,316,008
Kendall, Kane & Will Counties IL Unified School District Series A		5.00			2-1-2023		1,000,000		1,052,950
McHenry & Kane Counties IL Community Consolidated School District #158		5.63			1-15-2031		2,000,000		2,177,960

Wells Fargo Intermediate Tax/AMT-Free Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
McHenry & Lake Counties IL Community Consolidated School District #26 (AGM Insured)		5.00	%		2-1-2020	$	1,455,000	$	1,485,162
Springfield IL		5.00			12-1-2021		850,000		910,818
Springfield IL		5.00			12-1-2023		570,000		640,902
Stephenson County IL School District #145 Series A (AGM Insured)		5.00			2-1-2033		750,000		899,880
Waukegan IL Series B (AGM Insured)		4.00			12-30-2024		1,030,000		1,138,418
									121,106,537
Health Revenue: 0.14%
Illinois Development Finance Authority Evanston Northwestern Healthcare Corporation Series B (JPMorgan Chase & Company SPA) ø		1.95			5-1-2031		1,250,000		1,250,000
Illinois Finance Authority Ann & Robert H. Laurie Children’s Hospital Project of Chicago		5.00			8-15-2034		1,000,000		1,192,870
Illinois Finance Authority Edward Elmhurst Healthcare Series A		5.00			1-1-2026		1,000,000		1,174,320
									3,617,190
Miscellaneous Revenue: 0.80%
Chicago IL Board of Education Series C		5.00			12-1-2021		5,000,000		5,260,700
Illinois		5.00			7-1-2023		5,065,000		5,589,025
Illinois		5.00			8-1-2024		1,000,000		1,075,560
Illinois		5.50			7-1-2026		2,300,000		2,553,138
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			12-1-2023		4,040,000		4,602,974
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			12-1-2024		1,000,000		1,165,740
University of Illinois Board of Trustees Certificate of Participation Unrefunded Bond Series B (AGM Insured)		5.00			10-1-2020		955,000		957,502
									21,204,639
Tax Revenue: 5.82%
Chicago IL Sales Tax Refunding Bond		5.00			1-1-2026		5,140,000		6,097,788
Chicago IL Sales Tax Refunding Bond		5.00			1-1-2027		3,000,000		3,559,020
Chicago IL Sales Tax Refunding Bond		5.00			1-1-2030		2,075,000		2,461,656
Chicago IL Sales Tax Securitization Bond Series C		5.00			1-1-2027		3,500,000		4,128,180
Chicago IL Sales Tax Securitization Bond Series C		5.25			1-1-2035		4,700,000		5,602,494
Chicago IL Transit Authority Sales Tax Receipts		5.25			12-1-2027		2,600,000		2,797,210
Cook County IL Sales Tax Bond		5.00			11-15-2033		4,000,000		4,732,680
Cook County IL Sales Tax Bond		5.25			11-15-2035		2,000,000		2,387,780
Illinois		5.00			6-15-2023		16,150,000		17,694,909
Illinois Junior Obligation		5.00			6-15-2025		6,000,000		6,551,160
Illinois Regional Transportation Authority (National Insured)		6.50			7-1-2026		8,615,000		10,829,830
Illinois Sales Tax Revenue Build Illinois Bond		5.00			6-15-2029		1,000,000		1,049,130
Illinois Series A		5.00			1-1-2027		10,625,000		11,247,200
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2028		2,500,000		2,795,450
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.25			6-15-2030		4,000,000		4,487,640
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.25			6-15-2032		3,000,000		3,346,140
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0603 (Royal Bank of Canada LIQ) 144Aø		2.05			1-1-2026		2,265,000		2,265,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0713 (Morgan Stanley Bank LIQ) 144Aø		2.05			1-1-2043		17,000,000		17,000,000

20  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) ¤		0.00	%		12-15-2029	$	35,200,000	$	25,879,040
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) ¤		0.00			12-15-2030		12,800,000		9,007,872
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (National Insured) ¤		0.00			6-15-2029		10,000,000		7,501,000
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00			12-15-2028		1,945,000		2,072,825
Southwestern Illinois Development Authority Local Government Program Collinsville Limited		5.00			3-1-2025		1,875,000		1,541,438
									155,035,442
Tobacco Revenue: 0.13%
Railsplitter IL Tobacco Settlement Authority		5.00			6-1-2024		3,000,000		3,449,220
Transportation Revenue: 0.15%
Illinois Toll Highway Authority Series A-1		5.25			1-1-2026		3,850,000		3,922,226
Utilities Revenue: 0.14%
Illinois Finance Authority Clean Water Initiative Revolving Fund Bond		5.25			7-1-2035		3,000,000		3,806,250
Water & Sewer Revenue: 0.93%
Chicago IL Second Lien		5.00			11-1-2022		1,730,000		1,907,706
Chicago IL Second Lien		5.00			11-1-2023		1,515,000		1,666,545
Chicago IL Second Lien		5.00			11-1-2025		620,000		678,206
Chicago IL Second Lien		5.00			11-1-2026		2,000,000		2,188,680
Chicago IL Second Lien		5.00			11-1-2028		3,000,000		3,265,230
Chicago IL Second Lien		5.00			11-1-2029		1,490,000		1,617,052
Chicago IL Second Lien		5.00			11-1-2033		1,000,000		1,121,220
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2022		1,340,000		1,445,565
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2023		2,335,000		2,512,950
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2024		2,000,000		2,149,980
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2027		2,670,000		2,990,400
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2032		1,000,000		1,101,680
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2033		1,000,000		1,097,920
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2034		1,000,000		1,093,180
									24,836,314
									388,927,882
Indiana: 1.11%
Education Revenue: 0.04%
University of Southern Indiana Student Fee Series J (AGC Insured)		5.00			10-1-2019		1,000,000		1,009,030
Health Revenue: 0.19%
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-3		1.35			11-1-2027		2,500,000		2,497,025
Knox County IN EDA Series A		5.00			4-1-2022		925,000		983,099
Knox County IN EDA Series A		5.00			4-1-2023		665,000		705,937
Knox County IN EDA Series A		5.00			4-1-2026		750,000		793,830
									4,979,891
Miscellaneous Revenue: 0.63%
Dubois IN Greater Jasper School Building Corporation First Mortgage Bond		5.00			7-15-2029		1,500,000		1,896,195
Indiana Bond Bank Special Program Series A (AGM Insured)		5.00			9-1-2022		1,545,000		1,678,751

Wells Fargo Intermediate Tax/AMT-Free Fund  |  21

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Indiana Finance Authority Stadium Project Series A		5.25	%		2-1-2028	$	2,000,000	$	2,405,600
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2027		760,000		923,879
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2028		1,000,000		1,213,940
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2029		735,000		888,960
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2030		1,375,000		1,655,954
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2031		1,000,000		1,198,440
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2033		1,545,000		1,839,091
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2034		2,000,000		2,361,000
Valparaiso IN Multi-Schools Building Corporation		5.00			7-15-2024		750,000		875,430
									16,937,240
Water & Sewer Revenue: 0.25%
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A		5.00			10-1-2030		2,315,000		2,677,460
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A		5.00			10-1-2031		1,035,000		1,193,469
Indiana Finance Authority First Lien Wastewater Utilities Clean Water Act Authority Project Series A		5.25			10-1-2038		2,500,000		2,693,725
									6,564,654
									29,490,815
Iowa: 0.43%
GO Revenue: 0.10%
Altoona IA Annual Appropriation Urban Renewal Refunding Bond		5.00			6-1-2027		2,310,000		2,765,486
Industrial Development Revenue: 0.33%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		2.40			4-1-2022		8,800,000		8,800,000
									11,565,486
Kansas: 0.21%
Health Revenue: 0.05%
Kansas Development Finance Authority Health Facilities Series F		5.00			11-15-2021		1,300,000		1,404,559
Miscellaneous Revenue: 0.11%
Kansas Development Finance Authority Agro-Defense Facility Series G		5.00			4-1-2030		2,650,000		2,943,567
Tax Revenue: 0.05%
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤		0.00			9-1-2034		3,395,000		1,346,219
									5,694,345
Kentucky: 1.50%
Health Revenue: 0.04%
Kentucky EDFA Catholic Health Initiative Series B2 (1 Month LIBOR +0.90%) ±		2.56			2-1-2046		1,250,000		1,250,113
Transportation Revenue: 0.35%
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00			7-1-2020		1,000,000		975,340
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00			7-1-2021		2,750,000		2,602,985

22  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue (continued)
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00	%		7-1-2022	$	4,320,000	$	3,965,198
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00			7-1-2025		1,020,000		805,137
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00			7-1-2029		1,400,000		955,416
									9,304,076
Utilities Revenue: 1.11%
Kentucky Public Energy Authority Gas Supply Series A-1		4.00			12-1-2049		16,770,000		18,492,782
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		10,000,000		11,034,400
									29,527,182
									40,081,371
Louisiana: 1.69%
Airport Revenue: 0.12%
New Orleans LA Aviation Board Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2035		2,000,000		2,376,980
New Orleans LA Aviation Board North Terminal Project Series A		5.00			1-1-2033		750,000		889,035
									3,266,015
Education Revenue: 0.21%
Louisiana Public Facilities Authority Loyola University Project CAB ¤		0.00			10-1-2027		3,380,000		3,174,259
Louisiana Public Facilities Authority Loyola University Project CAB ¤		0.00			10-1-2028		2,500,000		2,380,675
									5,554,934
Industrial Development Revenue: 0.21%
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø		2.09			11-1-2040		5,550,000		5,550,000
Miscellaneous Revenue: 0.75%
Lafayette LA Communications System (AGM Insured)		5.00			11-1-2025		1,500,000		1,797,075
Louisiana Correctional Facilities Corporation (Ambac Insured)		5.00			9-1-2019		1,000,000		1,005,850
Louisiana Public Facilities Authority Archdiocese of New Orleans Project		5.00			7-1-2024		1,000,000		1,131,610
Louisiana Public Facilities Authority Archdiocese of New Orleans Project		5.00			7-1-2025		600,000		687,930
Louisiana Public Facilities Authority Archdiocese of New Orleans Project		5.00			7-1-2026		500,000		581,035
Louisiana Unclaimed Property Special Bond 1-49 South Project		5.00			9-1-2026		2,000,000		2,373,800
Louisiana Unclaimed Property Special Bond 1-49 South Project		5.00			9-1-2027		2,700,000		3,201,552
Louisiana Unclaimed Property Special Bond 1-49 South Project		5.00			9-1-2028		2,405,000		2,847,929
Louisiana Unclaimed Property Special Bond 1-49 South Project		5.00			9-1-2029		2,695,000		3,180,693
Louisiana Unclaimed Property Special Bond 1-49 South Project		5.00			9-1-2030		2,700,000		3,183,354
									19,990,828
Tax Revenue: 0.23%
Jefferson LA Sales Tax District Series B (AGM Insured)		5.00			12-1-2031		1,000,000		1,216,870
Jefferson LA Sales Tax District Series B (AGM Insured)		5.00			12-1-2032		1,000,000		1,210,470
St. Bernard Parish LA Sales Tax Refunding Bond		4.00			3-1-2023		3,405,000		3,658,434
									6,085,774
Transportation Revenue: 0.13%
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured)		5.00			11-1-2031		1,000,000		1,179,330
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured)		5.00			11-1-2032		1,000,000		1,176,370

Wells Fargo Intermediate Tax/AMT-Free Fund  |  23

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue (continued)
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured)		5.00	%		11-1-2033	$	1,000,000	$	1,174,110
									3,529,810
Water & Sewer Revenue: 0.04%
Louisiana Local Government Environmental Facilities & CDA East Baton Rouge Series A		5.00			2-1-2030		1,000,000		1,134,610
									45,111,971
Maine: 0.23%
Education Revenue: 0.23%
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2029		1,015,000		1,227,044
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2030		1,200,000		1,440,924
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2032		1,415,000		1,677,383
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2033		1,485,000		1,759,101
									6,104,452
Maryland: 2.23%
Education Revenue: 0.13%
Maryland Economic Development Corporation Salisbury University Project		5.00			6-1-2027		500,000		529,555
Westminster MD Educational Facilities McDaniel College		5.00			11-1-2026		2,450,000		2,848,223
									3,377,778
GO Revenue: 1.69%
Howard County MD Metropolitan District Project Series B		4.00			8-15-2030		2,070,000		2,424,094
Howard County MD Metropolitan District Project Series B		4.00			8-15-2032		1,430,000		1,654,496
Maryland Series B		4.00			8-1-2023		5,000,000		5,524,350
Maryland Series B		4.00			8-1-2024		15,000,000		16,907,250
Maryland Series C		5.00			8-1-2022		2,975,000		3,307,278
Prince George’s County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2027		6,000,000		6,582,120
Prince Georges County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2029		8,000,000		8,735,200
									45,134,788
Miscellaneous Revenue: 0.35%
Maryland CDA Local Government Infrastructure Bond Series A-2		2.00			6-1-2022		460,000		467,107
Maryland State and Local Facilities Loan Series A		4.00			8-1-2030		5,000,000		5,762,650
Prince Georges County MD Upper Marlboro Courthouse Project Series A		5.00			5-1-2028		1,215,000		1,538,469
Prince Georges County MD Upper Marlboro Courthouse Project Series A		5.00			5-1-2029		1,275,000		1,606,704
									9,374,930
Tax Revenue: 0.06%
Howard County MD Downtown Columbia Project Series A 144A		4.00			2-15-2028		500,000		528,080
Howard County MD Downtown Columbia Project Series A 144A		4.13			2-15-2034		1,000,000		1,042,620
									1,570,700
									59,458,196
Massachusetts: 2.70%
Education Revenue: 0.19%
Massachusetts Development Finance Agency Lasell College		5.00			7-1-2021		1,210,000		1,246,022
Massachusetts Development Finance Agency Merrimack College Series A		5.00			7-1-2021		1,035,000		1,095,703

24  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Massachusetts Development Finance Agency Sabis International Charter Series A		6.55	%		4-15-2020	$	615,000	$	624,243
Massachusetts HEFA Harvard University Series A		5.00			12-15-2029		1,890,000		1,921,884
									4,887,852
GO Revenue: 2.02%
Boston MA Series A		4.00			4-1-2031		1,500,000		1,746,360
Boston MA Series A		5.00			4-1-2026		5,790,000		6,974,634
Massachusetts Consolidated Loan Series D		5.00			9-1-2028		10,000,000		12,003,000
Massachusetts Series A (Barclays Bank plc SPA) ø		1.85			3-1-2026		7,875,000		7,875,000
Massachusetts Series A		5.25			1-1-2033		15,630,000		19,996,984
Massachusetts Series B		5.00			7-1-2035		1,500,000		1,869,075
Massachusetts Series B		5.00			7-1-2036		2,700,000		3,342,708
									53,807,761
Miscellaneous Revenue: 0.49%
Massachusetts Consolidated Loan Series D		1.05			8-1-2043		10,000,000		9,962,500
Massachusetts Consolidated Loan Series I		5.00			12-1-2030		2,570,000		3,138,741
									13,101,241
									71,796,854
Michigan: 2.71%
Airport Revenue: 0.06%
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A		5.00			12-1-2032		800,000		975,912
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A		5.00			12-1-2034		600,000		729,534
									1,705,446
Education Revenue: 0.52%
Flint MI International Academy		5.38			10-1-2022		1,870,000		1,871,178
Flint MI International Academy		5.50			10-1-2027		1,985,000		1,985,814
Michigan Finance Authority Limited Obligation Public School Academy Cesar Chavez Academy Project		5.00			2-1-2022		1,600,000		1,621,040
Michigan State University Board of Trustees		5.00			2-15-2036		1,325,000		1,638,323
RBC Municipal Products Incorporated Trust Series E-127 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø		1.94			7-1-2020		3,900,000		3,900,000
Western Michigan University Board of Trustees		5.25			11-15-2027		600,000		686,124
Western Michigan University Board of Trustees		5.25			11-15-2029		1,000,000		1,144,900
Western Michigan University Board of Trustees (AGM Insured)		5.25			11-15-2033		750,000		859,440
									13,706,819
GO Revenue: 0.42%
Eaton Rapids MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2022		1,785,000		1,959,287
Hazel Park MI School District (AGM Insured, Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,160,000		1,195,519
Kent County MI Limited Tax Capital Improvement Bond		5.00			6-1-2030		1,040,000		1,259,492
Pinckney MI Community School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2025		2,040,000		2,340,716
Pinckney MI Community School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2026		2,505,000		2,867,023
Southfield MI 2015 Street Improvement		4.00			5-1-2025		1,490,000		1,677,993
									11,300,030

Wells Fargo Intermediate Tax/AMT-Free Fund  |  25

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.30%
Michigan Finance Authority Sparrow Obligated Group		5.00	%		11-15-2023	$	400,000	$	446,544
Michigan Finance Authority Sparrow Obligated Group		5.00			11-15-2026		800,000		888,904
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series F-2		1.90			11-15-2047		6,570,000		6,613,953
									7,949,401
Miscellaneous Revenue: 0.38%
Macomb MI Interceptor Drainage		5.00			5-1-2024		1,750,000		1,801,223
Macomb MI Interceptor Drainage		5.00			5-1-2025		1,750,000		1,801,363
Macomb MI Interceptor Drainage		5.00			5-1-2026		1,930,000		1,986,491
Michigan Strategic Fund Limited Obligation Cadillac Place Office Building Project		5.25			10-15-2025		4,165,000		4,513,735
									10,102,812
Tax Revenue: 0.12%
Michigan Finance Authority Local Government Loan Program Series F		4.00			10-1-2024		3,000,000		3,218,880
Water & Sewer Revenue: 0.91%
Great Lakes MI Water Authority Sewage Disposal System Series C		5.00			7-1-2030		3,350,000		3,978,293
Michigan Finance Authority Local Government Loan Program Series D (National Insured)		5.00			7-1-2025		1,000,000		1,160,860
Michigan Finance Authority Local Government Loan Program Series D		5.00			7-1-2030		12,000,000		13,757,160
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured)		5.00			7-1-2035		2,750,000		3,110,388
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured)		5.00			7-1-2037		2,000,000		2,250,880
									24,257,581
									72,240,969
Minnesota: 0.11%
Health Revenue: 0.01%
Rochester MN Healthcare Facilities Mayo Clinic ø		1.93			11-15-2047		300,000		300,000
Miscellaneous Revenue: 0.10%
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (AGM Insured, U.S. Bank NA SPA)		1.33			8-15-2037		2,725,000		2,725,000
									3,025,000
Mississippi: 0.81%
GO Revenue: 0.04%
Mississippi Development Bank Special Obligation Jackson Public School District Project Series A		5.00			4-1-2020		1,000,000		1,026,490
Miscellaneous Revenue: 0.41%
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured)		5.00			9-1-2030		10,000,000		10,891,800
Utilities Revenue: 0.19%
Mississippi Business Finance Corporation Pollution Control Gulf Power Company Project ø		1.98			4-1-2044		5,075,000		5,075,000
Water & Sewer Revenue: 0.17%
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project (AGM Insured)		6.00			12-1-2023		1,145,000		1,336,043

26  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue (continued)
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00	%		1-1-2026	$	525,000	$	617,537
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00			1-1-2027		435,000		510,433
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00			1-1-2034		750,000		859,785
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00			1-1-2035		1,000,000		1,143,580
									4,467,378
									21,460,668
Missouri: 0.38%
Airport Revenue: 0.02%
St. Louis MO Lambert St. Louis International Airport Series A-1		6.00			7-1-2019		415,000		415,000
Education Revenue: 0.09%
Missouri HEFA Webster University Project		5.00			4-1-2027		2,155,000		2,476,569
GO Revenue: 0.03%
Belton MO School District #124 Missouri Direct Deposit Program Project		5.00			3-1-2026		750,000		912,630
Miscellaneous Revenue: 0.24%
Kansas City MO Municipal Assistance Corporation CAB Series B-1 (Ambac Insured) ¤		0.00			4-15-2022		3,640,000		3,444,168
Poplar Bluff MO School District (AGM Insured)		5.00			3-1-2032		1,500,000		1,705,965
Poplar Bluff MO School District (AGM Insured)		5.00			3-1-2034		1,000,000		1,132,430
									6,282,563
Tax Revenue: 0.00%
Manchester MO Highway 141 Manchester Road Project		6.00			11-1-2025		25,000		25,025
									10,111,787
Nebraska: 0.18%
Health Revenue: 0.04%
Lincoln County NE Hospital Authority Great Plains Regional Medical Center		5.00			11-1-2024		1,000,000		1,072,700
Utilities Revenue: 0.14%
Central Plains NE Energy Gas Project #3		5.00			9-1-2027		1,290,000		1,398,541
Central Plains NE Energy Gas Project #4		5.00			3-1-2050		2,000,000		2,246,200
									3,644,741
									4,717,441
Nevada: 1.49%
Airport Revenue: 0.32%
Clark County NV Airport Series C (AGM Insured)		5.00			7-1-2023		5,600,000		5,600,000
Clark County NV Airport Series D		5.00			7-1-2024		2,750,000		2,800,958
									8,400,958
GO Revenue: 1.12%
Clark County NV Refunding Bond		5.00			6-1-2030		3,905,000		4,804,673
Clark County NV Refunding Bond Series B		5.00			11-1-2028		5,000,000		6,140,300
Clark County NV Stadium Improvement Bond Series A		5.00			6-1-2032		1,615,000		2,002,745
Clark County NV Stadium Improvement Bond Series A		5.00			6-1-2033		3,900,000		4,821,648
Clark County NV Water Reclamation District		5.00			7-1-2027		4,155,000		4,966,721
Clark County NV Water Reclamation District Series A		5.25			7-1-2038		2,880,000		2,880,000

Wells Fargo Intermediate Tax/AMT-Free Fund  |  27

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Las Vegas NV Series A		5.00	%		5-1-2031	$	1,985,000	$	2,279,276
Las Vegas NV Valley Water District Series A		4.00			6-1-2028		1,665,000		1,875,672
									29,771,035
Miscellaneous Revenue: 0.05%
Las Vegas NV Special Improvement District #607		4.00			6-1-2020		520,000		526,994
Las Vegas NV Special Improvement District #607		4.00			6-1-2021		670,000		687,963
Las Vegas NV Special Improvement District #607		4.25			6-1-2024		200,000		210,770
									1,425,727
									39,597,720
New Hampshire: 0.03%
Housing Revenue: 0.03%
New Hampshire HFA Single Family Mortgage Acquisition Series E & F		4.80			7-1-2028		895,000		911,423
New Jersey: 3.17%
Airport Revenue: 0.19%
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S		5.00			1-1-2028		2,130,000		2,474,080
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S		5.00			1-1-2029		2,200,000		2,547,468
									5,021,548
GO Revenue: 0.46%
Montclair NJ School Refunding Bond Series B		4.00			3-1-2026		500,000		580,325
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2022		1,630,000		1,803,660
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2024		1,775,000		2,052,308
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2025		1,860,000		2,195,395
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2026		1,000,000		1,179,140
Union County NJ General Improvement Bond		3.00			3-1-2026		4,165,000		4,467,671
									12,278,499
Miscellaneous Revenue: 1.88%
Essex County NJ Import Authority Series A		6.00			11-1-2025		5,000,000		5,301,350
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bond Series A		3.13			7-1-2029		1,000,000		1,008,050
New Jersey EDA Motor Vehicle Surcharges Series A		5.00			7-1-2033		2,500,000		2,863,700
New Jersey EDA Prerefunded Bond Motor Vehicle Surcharges Series A (National Insured)		5.25			7-1-2026		540,000		674,033
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2021		4,315,000		4,527,859
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2023		3,000,000		3,317,760
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2026		9,830,000		10,749,597
New Jersey EDA Series XX		5.00			6-15-2022		5,020,000		5,466,780
New Jersey EDA Unrefunded Bond Motor Vehicle Surcharges Series A (National Insured)		5.25			7-1-2026		2,320,000		2,770,892
New Jersey Educational Facilities Authority		5.00			6-15-2026		3,015,000		3,377,102
New Jersey Sports & Exposition Authority (National Insured)		5.50			3-1-2022		1,755,000		1,943,926
New Jersey TTFA Series A		5.00			6-15-2020		4,000,000		4,123,440
New Jersey TTFA Series A		5.25			6-15-2024		1,695,000		1,806,938
New Jersey TTFA Series A		5.25			6-15-2025		2,000,000		2,130,100
									50,061,527
Tax Revenue: 0.14%
Gardens NJ Preservation Trust Open & Farmland Series A (AGM Insured)		5.75			11-1-2028		3,000,000		3,772,380

28  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tobacco Revenue: 0.10%
New Jersey EDA Cigarette Tax Refunding Bond		5.00	%		6-15-2021	$	2,500,000	$	2,652,550
Transportation Revenue: 0.40%
New Jersey TTFA Series A		5.25			12-15-2020		1,305,000		1,370,798
New Jersey TTFA Series C		5.25			6-15-2032		2,500,000		2,815,475
New Jersey TTFA Unrefunded Balance Bond (National Insured)		5.25			12-15-2021		6,000,000		6,504,840
									10,691,113
									84,477,617
New Mexico: 0.65%
GO Revenue: 0.13%
Albuquerque, Bernalillo & Sandoval Counties NM Municipal School District #12		5.00			8-1-2025		400,000		481,636
Albuquerque, Bernalillo & Sandoval Counties NM Municipal School District #12		5.00			8-1-2026		1,205,000		1,483,729
Albuquerque, Bernalillo & Sandoval Counties NM Municipal School District #12		5.00			8-1-2034		1,150,000		1,425,253
									3,390,618
Housing Revenue: 0.04%
New Mexico Mortgage Finance Authority SFMR Class I Series A (GNMA/FNMA/FHLMC Insured)		4.63			9-1-2025		725,000		734,280
New Mexico Mortgage Finance Authority SFMR Class I Series B (GNMA/FNMA/FHLMC Insured)		5.00			3-1-2028		260,000		268,221
									1,002,501
Miscellaneous Revenue: 0.44%
Clayton NM Jail Project Improvement & Refunding Bond (National Insured)		5.00			11-1-2028		9,265,000		10,601,384
Clayton NM Jail Project Improvement & Refunding Bond (National Insured)		5.00			11-1-2029		1,000,000		1,139,000
									11,740,384
Water & Sewer Revenue: 0.04%
Albuquerque & Bernalillo Counties NM Water Utility Authority Series B		5.00			7-1-2024		1,000,000		1,170,840
									17,304,343
New York: 8.58%
Airport Revenue: 0.12%
Port Authority New York & New Jersey Special Obligation		5.00			12-1-2020		3,070,000		3,170,266
Education Revenue: 0.71%
Dutchess County NY Local Development Corporation The Culinary Institute of America Project Series A-1		5.00			7-1-2027		335,000		399,029
Hempstead NY Local Development Corporation The Academy Charter School Project Series A		6.24			2-1-2047		1,750,000		1,817,218
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		5.89			2-1-2032		2,745,000		2,864,023
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		7.65			2-1-2044		2,700,000		2,798,145
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured)		5.00			1-15-2022		790,000		855,428
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured)		5.00			1-15-2023		645,000		721,903
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured)		5.00			1-15-2024		905,000		1,040,316

Wells Fargo Intermediate Tax/AMT-Free Fund  |  29

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Monroe County NY Industrial Development St. John Fisher College Project Series A		5.00	%		6-1-2020	$	2,125,000	$	2,193,808
New York Dormitory Authority Mount Sinai School of Medicine		5.50			7-1-2022		2,000,000		2,000,000
Niagara NY Area Development Corporation		5.00			5-1-2020		1,160,000		1,195,914
Niagara NY Area Development Corporation		5.00			5-1-2022		1,350,000		1,485,770
Troy NY Capital Resource Corporation Rensselaer Polytechnic Series B		5.00			9-1-2020		1,430,000		1,488,187
									18,859,741
GO Revenue: 0.91%
Hempstead Town Nassau County NY Public Improvement Series A		4.00			6-15-2028		5,000,000		5,857,900
Nassau County NY		5.00			10-1-2024		4,965,000		5,850,458
New York NY Subordinate Bond Series 2017A-6 (Landesbank Hessen-Thüringen SPA) ø		1.97			8-1-2044		3,200,000		3,200,000
New York NY Series B		5.00			12-1-2032		2,000,000		2,411,320
New York NY Series C		5.00			8-1-2031		5,000,000		5,851,550
Yonkers NY Series A (AGM Insured)		5.00			10-1-2024		1,000,000		1,085,850
									24,257,078
Miscellaneous Revenue: 0.71%
New York Dormitory Authority Non State Supported Debt Prerefunded Bond		4.00			7-1-2019		30,000		30,000
New York Dormitory Authority Non State Supported Debt Unrefunded Bond		4.00			7-1-2019		640,000		640,000
New York Dormitory Authority Series D		5.00			10-1-2031		2,005,000		2,488,005
New York NY Transitional Finance Authority Building Aid Bond Series S-1		5.00			7-15-2032		2,500,000		3,057,125
New York NY Trust for Cultural Resources Series A-1		5.00			7-1-2031		2,475,000		2,603,428
New York Tender Option Bond Trust Receipts/Floater Certificates Series 2019-BAML3002 (Bank of America NA LIQ) 144Aø		1.98			1-15-2056		10,000,000		10,000,000
									18,818,558
Tax Revenue: 2.31%
New York Convention Center Development Corporation		5.00			11-15-2028		8,000,000		9,644,320
New York Dormitory Authority Series A		5.00			3-15-2028		5,000,000		5,953,350
New York Dormitory Authority Series A		5.00			2-15-2031		3,000,000		3,639,720
New York Dormitory Authority Series B (Ambac Insured)		5.50			3-15-2025		3,885,000		4,743,624
New York Dormitory Authority Series E		5.00			3-15-2035		15,000,000		18,620,400
New York NY Transitional Finance Authority Series B		5.00			8-1-2027		1,115,000		1,306,490
New York NY Transitional Finance Authority Series C		5.00			11-1-2027		5,000,000		5,970,300
New York NY Transitional Finance Authority Subordinate Bond Series B-1		5.00			11-1-2028		1,000,000		1,206,570
New York Urban Development Corporation Personal Income Tax Series A		5.00			3-15-2031		3,815,000		4,396,101
New York Urban Development Corporation Personal income Tax Series A		5.00			3-15-2032		5,000,000		5,981,400
									61,462,275
Tobacco Revenue: 0.04%
Suffolk NY Tobacco Asset Securitization Corporation Tobacco Settlement Series B		4.00			6-1-2022		420,000		437,590
Suffolk NY Tobacco Asset Securitization Corporation Tobacco Settlement Series B		5.00			6-1-2023		500,000		534,470
									972,060
Transportation Revenue: 2.75%
New York Metropolitan Transportation Authority Series A		5.00			11-15-2024		6,010,000		6,755,781
New York Metropolitan Transportation Authority Series A		5.00			11-15-2030		4,010,000		4,426,960
New York Metropolitan Transportation Authority Series C		5.25			11-15-2028		5,000,000		6,066,000
New York Metropolitan Transportation Authority Series C		5.25			11-15-2029		11,100,000		13,418,901
New York Metropolitan Transportation Authority Series C		5.25			11-15-2030		8,350,000		10,045,635
New York Metropolitan Transportation Authority Series C		5.25			11-15-2031		4,500,000		5,395,995

30  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue (continued)
New York Metropolitan Transportation Authority Series D		5.00	%		11-15-2027	$	2,000,000	$	2,293,020
New York Metropolitan Transportation Authority Series F		5.00			11-15-2025		2,490,000		2,992,432
New York Metropolitan Transportation Authority Series F		5.00			11-15-2028		2,450,000		2,710,803
Triborough NY MTA Bridges & Tunnels Authority Series B		5.00			11-15-2030		6,000,000		8,028,240
Triborough NY MTA Bridges & Tunnels Authority Series C		5.00			11-15-2034		4,000,000		5,006,680
Triborough NY MTA Bridges & Tunnels Authority Series C		5.00			11-15-2035		5,000,000		6,231,550
									73,371,997
Utilities Revenue: 0.72%
Long Island NY Power Authority Electric System Series C (1 Month LIBOR +0.75%) ±		2.46			5-1-2033		10,000,000		10,006,300
New York Utility Debt Securitization Authority		5.00			12-15-2032		1,250,000		1,434,113
New York Utility Debt Securitization Authority		5.00			12-15-2033		6,575,000		7,887,107
									19,327,520
Water & Sewer Revenue: 0.31%
Nassau NY Water Authority Series A		5.00			4-1-2027		350,000		411,534
Nassau NY Water Authority Series A		5.00			4-1-2028		300,000		352,530
Nassau NY Water Authority Series B		5.00			4-1-2024		400,000		463,764
Nassau NY Water Authority Series B		5.00			4-1-2026		755,000		890,658
New York NY Municipal Water Finance Authority Series GG		5.00			6-15-2029		1,295,000		1,547,292
New York NY Municipal Water Finance Authority Series HH		5.00			6-15-2037		4,000,000		4,664,240
									8,330,018
									228,569,513
North Carolina: 0.48%
Health Revenue: 0.37%
Charlotte-Mecklenburg NC Hospital Authority Series 2007C (JPMorgan Chase & Company SPA) ø		1.94			1-15-2037		8,000,000		8,000,000
New Hanover County NC Regional Medical Center		5.00			10-1-2022		250,000		278,005
New Hanover County NC Regional Medical Center		5.00			10-1-2023		1,000,000		1,141,960
North Carolina Medical Care Commission Novant Health Obligated Group Series A (JPMorgan Chase & Company SPA) ø		1.95			11-1-2034		400,000		400,000
									9,819,965
Miscellaneous Revenue: 0.11%
North Carolina Grant Anticipation Vehicle Bond		5.00			3-1-2029		2,470,000		2,894,223
Onslow County NC Limited Obligation Series A		4.00			6-1-2022		90,000		96,641
									2,990,864
									12,810,829
North Dakota: 0.00%
Housing Revenue: 0.00%
North Dakota Housing Finance Agency Series D		4.50			1-1-2029		80,000		80,157
Ohio: 1.75%
Airport Revenue: 0.01%
Cleveland OH Airport System Series D (U.S. Bank NA LOC) ø		1.89			1-1-2024		375,000		375,000

Wells Fargo Intermediate Tax/AMT-Free Fund  |  31

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue: 0.04%
Summit County OH Port Authority University of Akron Student Housing Project		5.25	%		1-1-2024	$	685,000	$	724,360
Summit County OH Port Authority University of Akron Student Housing Project		5.25			1-1-2024		315,000		331,160
									1,055,520
GO Revenue: 0.08%
Columbus OH Various Purposes Series 2		5.00			7-1-2026		1,775,000		2,190,954
Miscellaneous Revenue: 0.59%
Cincinnati OH City School District Improvement Project Certificate of Participation		5.00			12-15-2024		4,815,000		5,675,537
Cincinnati OH City School District Improvement Project Certificate of Participation		5.00			12-15-2025		2,095,000		2,463,992
Clermont County OH Port Authority West Clermont Local School District Project (Build America Mutual Assurance Company Insured)		5.00			12-1-2025		500,000		596,800
Clermont County OH Port Authority West Clermont Local School District Project (Build America Mutual Assurance Company Insured)		5.00			12-1-2026		600,000		713,046
Clermont County OH Port Authority West Clermont Local School District Project (Build America Mutual Assurance Company Insured)		5.00			12-1-2028		1,250,000		1,478,238
JobsOhio Beverage System Statewide Liquor Profits Senior Lien Series A		5.00			1-1-2022		2,500,000		2,723,250
Ohio Building Authority Series A		5.00			10-1-2024		1,000,000		1,079,610
RiverSouth OH Lazarus Building Redevelopment Series A		5.75			12-1-2027		835,000		836,946
									15,567,419
Tax Revenue: 0.12%
Cleveland OH Subordinate Lien Income Tax Refunding Bond Series B-1		5.00			10-1-2030		2,500,000		3,102,625
Transportation Revenue: 0.04%
Ohio Turnpike Commission Junior Lien Infrastructure Projects Series A-1		5.25			2-15-2029		1,000,000		1,127,610
Utilities Revenue: 0.16%
Cleveland OH Public Power System Refunding Bond (AGM Insured)		5.00			11-15-2033		625,000		755,506
Lancaster OH Port Authority Gas Supply		5.00			8-1-2049		3,000,000		3,490,950
									4,246,456
Water & Sewer Revenue: 0.71%
Ohio Water Development Authority Fresh Water		5.00			6-1-2028		14,000,000		17,732,820
Ohio Water Development Authority Pollution Control Series A		5.00			12-1-2031		1,000,000		1,231,720
									18,964,540
									46,630,124
Oklahoma: 2.28%
Airport Revenue: 0.22%
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2021		1,185,000		1,222,268
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2022		520,000		536,115
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2025		1,200,000		1,236,960
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2026		1,250,000		1,288,500
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2027		1,000,000		1,030,800

32  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Airport Revenue (continued)
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00	%		6-1-2028	$	500,000	$	515,540
									5,830,183
Miscellaneous Revenue: 1.71%
Cache OK Educational Facilities Authority Cache Public Schools Project Series A		5.00			9-1-2024		2,905,000		3,371,863
Cache OK Educational Facilities Authority Cache Public Schools Project Series A		5.00			9-1-2025		3,055,000		3,626,560
Canadian County OK Education Facilities Authority Mustang Public Schools Project		4.00			9-1-2025		1,110,000		1,259,395
Canadian County OK Education Facilities Authority Mustang Public Schools Project		5.00			9-1-2027		2,000,000		2,429,540
Canadian County OK Education Facilities Authority Mustang Public Schools Project		5.00			9-1-2028		2,180,000		2,637,604
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project		5.00			12-1-2026		1,000,000		1,218,130
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project		5.00			12-1-2027		1,000,000		1,212,320
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project		5.00			12-1-2028		1,285,000		1,546,755
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2027		700,000		850,857
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2028		400,000		485,372
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2029		250,000		302,698
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2030		625,000		753,169
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2031		675,000		808,583
Comanche County OK Educational Facilities Authority Elgin Public Schools Project Series A		5.00			12-1-2032		1,600,000		1,912,352
Cushing OK Educational Facilities Authority		5.00			9-1-2022		2,210,000		2,443,597
Dewey County OK Educational Facilities Authority Seiling Public Schools Project		5.00			9-1-2026		1,230,000		1,495,791
Dewey County OK Educational Facilities Authority Seiling Public Schools Project		5.00			9-1-2027		1,240,000		1,501,665
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2019		860,000		864,997
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2020		455,000		472,381
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2026		1,000,000		1,176,680
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2027		1,245,000		1,468,316
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2023		1,000,000		1,135,900
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2024		1,075,000		1,250,075
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2025		500,000		594,510
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2028		1,160,000		1,369,183
Muskogee OK Industrial Trust Educational Facilities		5.00			9-1-2020		1,250,000		1,294,800
Muskogee OK Industrial Trust Educational Facilities		5.00			9-1-2021		1,000,000		1,061,720
Muskogee OK Industrial Trust Educational Facilities		5.00			9-1-2022		1,000,000		1,088,220
Oklahoma Development Finance Authority		4.00			6-1-2023		1,270,000		1,391,514
Oklahoma Development Finance Authority		5.00			6-1-2023		1,230,000		1,395,300
Oklahoma Development Finance Authority State System of Higher Education Series B		5.00			6-1-2030		500,000		631,400
Oklahoma Development Finance Authority State System of Higher Education Series B		5.00			6-1-2031		520,000		652,226

Wells Fargo Intermediate Tax/AMT-Free Fund  |  33

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Oklahoma Development Finance Authority State System of Higher Education Series B		5.00	%		6-1-2032	$	550,000	$	685,916
Tulsa County OK Industrial Authority Educational Facilities Glenpool Public Schools Project Series A		5.00			9-1-2025		880,000		1,043,504
									45,432,893
Tax Revenue: 0.17%
Oklahoma City OK Public Property Authority		5.00			10-1-2026		1,495,000		1,778,482
Oklahoma City OK Public Property Authority		5.00			10-1-2027		1,140,000		1,353,431
Oklahoma City OK Public Property Authority		5.00			10-1-2028		1,265,000		1,499,569
									4,631,482
Utilities Revenue: 0.14%
Claremore OK Public Works Authority		4.00			6-1-2022		2,595,000		2,772,654
Claremore OK Public Works Authority		4.00			6-1-2023		1,010,000		1,076,206
									3,848,860
Water & Sewer Revenue: 0.04%
McGee Creek OK Authority (National Insured)		6.00			1-1-2023		920,000		994,272
									60,737,690
Oregon: 0.64%
GO Revenue: 0.53%
Benton & Linn Counties OR Corvallis School District Series B (AGM Insured)		5.00			6-15-2031		5,110,000		6,397,516
Washington & Multnomah Counties OR Beaverton School District Series D (AGM Insured)		5.00			6-15-2035		1,500,000		1,821,555
Washington County OR Full Faith & Credit Obligations Series B		5.00			3-1-2022		5,345,000		5,865,015
									14,084,086
Health Revenue: 0.11%
Medford OR Hospital Facilities Authority		5.00			10-1-2020		1,155,000		1,202,667
Oregon Facilities Authority Samaritan Health Services Project Series A		5.00			10-1-2026		1,500,000		1,792,185
									2,994,852
									17,078,938
Pennsylvania: 9.29%
Education Revenue: 1.41%
Adams County PA IDA Gettysburg College Project		5.00			8-15-2024		1,500,000		1,556,325
Adams County PA IDA Gettysburg College Project		5.00			8-15-2025		1,500,000		1,556,325
Chester County PA IDA Collegium Charter School Project Series A		5.00			10-15-2027		1,500,000		1,654,260
Lycoming County PA Authority Pennsylvania College of Technology		5.50			7-1-2026		4,000,000		4,304,160
Northampton County PA General Purpose Authority College Refunding Bond		5.00			11-1-2027		1,000,000		1,258,830
Northeastern Pennsylvania Hospital & Education Authority Series A		5.00			3-1-2026		885,000		1,000,802
Northeastern Pennsylvania Hospital & Education Authority Series A		5.00			3-1-2028		660,000		742,276
Pennsylvania HEFAR Series AQ		5.00			6-15-2023		6,090,000		6,905,999
Pennsylvania HEFAR Series AR		5.00			6-15-2025		1,000,000		1,187,150
Pennsylvania HEFAR Series AS		5.00			6-15-2025		1,575,000		1,869,761
Pennsylvania HEFAR Series AS		5.00			6-15-2027		2,190,000		2,633,190
Pennsylvania HEFAR Series LL1		5.00			11-1-2019		880,000		884,752
Pennsylvania HEFAR Series LL1		5.00			11-1-2020		590,000		601,765
Pennsylvania HEFAR Series LL1		5.00			11-1-2022		1,310,000		1,366,173

34  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Pennsylvania Public School Building Authority		5.00	%		5-1-2023	$	2,185,000	$	2,464,920
Pennsylvania Public School Building Authority		5.00			6-15-2025		2,265,000		2,656,664
Philadelphia PA IDA		6.13			6-15-2023		795,000		850,229
Philadelphia PA IDA		5.88			6-15-2022		755,000		794,811
Philadelphia PA IDA		7.00			5-1-2026		740,000		791,208
Philadelphia PA IDA Master Charter School Aid		5.00			8-1-2020		110,000		112,123
Philadelphia PA IDA West Philadelphia Achievement Charter Elementary School Project		6.25			5-1-2021		125,000		129,931
Philadelphia PA Public School Building Authority (Build America Mutual Assurance Company Insured)		5.00			6-15-2026		2,000,000		2,340,940
									37,662,594
GO Revenue: 3.39%
Allegheny County PA Moon Area School District Series A		5.00			11-15-2024		3,400,000		3,933,052
Allegheny County PA Series 72		5.25			12-1-2033		4,000,000		4,579,840
Allegheny County PA Shaler Area School District (Build America Mutual Assurance Company Insured)		5.00			9-1-2038		2,300,000		2,797,467
Central Dauphin PA School District		5.00			2-1-2030		1,110,000		1,338,083
Johnstown PA School District (AGM Insured)		5.00			8-1-2024		2,730,000		2,910,671
Norristown PA Area School District Montgomery County Series 2018 (Build America Mutual Assurance Company Insured)		5.00			9-1-2035		2,035,000		2,383,860
Pennsylvania Hills PA School District (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		1,460,000		1,546,330
Philadelphia PA (AGM Insured)		5.00			8-1-2025		7,000,000		8,397,060
Philadelphia PA School District Refunding Bond Series C		5.00			9-1-2021		2,200,000		2,355,628
Philadelphia PA School District Refunding Bond Series D		5.00			9-1-2022		3,750,000		4,132,913
Philadelphia PA School District Refunding Bond Series E		5.25			9-1-2021		1,490,000		1,552,476
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2028		5,000,000		5,942,500
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2029		5,000,000		5,912,750
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2031		1,240,000		1,451,507
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2032		1,000,000		1,167,220
Philadelphia PA Series A		5.00			8-1-2024		1,000,000		1,169,600
Philadelphia PA Series A		5.00			7-15-2026		3,000,000		3,411,210
Philadelphia PA Series A		5.00			8-1-2027		1,500,000		1,859,745
Philadelphia PA Series A		5.00			8-1-2033		2,000,000		2,389,700
Philadelphia PA Series A		5.25			7-15-2028		2,590,000		2,959,723
Philadelphia PA Series A		5.25			7-15-2029		4,410,000		5,022,990
Philadelphia PA Series A		5.25			7-15-2032		4,380,000		4,956,539
Pittsburgh PA Moon Area School District Series A		5.00			11-15-2029		1,000,000		1,142,290
Pittsburgh PA Series A		4.00			9-1-2022		1,000,000		1,080,100
Pittsburgh PA Series A		5.00			9-1-2022		2,060,000		2,288,536
Pittsburgh PA Series A		5.00			9-1-2023		3,810,000		4,230,167
Reading Berks PA Series A (Build America Mutual Assurance Company Insured)		5.00			11-1-2026		1,000,000		1,195,000
Reading PA School District		5.00			4-1-2021		3,120,000		3,291,444
Reading PA School District (AGM Insured)		5.00			3-1-2037		2,000,000		2,331,460
Reading PA School District (AGM Insured)		5.00			3-1-2038		1,735,000		2,010,761
Scranton Lackawanna County PA School District Bond Series A (Build America Mutual Assurance Company Insured)		5.00			6-1-2037		500,000		592,185
									90,332,807
Health Revenue: 1.10%
Allegheny County PA Hospital Development Authority Series A		4.00			7-15-2035		5,100,000		5,666,661
Allegheny County PA Hospital Development Authority Series A		5.00			7-15-2031		3,750,000		4,699,313

Wells Fargo Intermediate Tax/AMT-Free Fund  |  35

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
Allegheny County PA Hospital Development Authority Series B (National Insured)		6.00	%		7-1-2025	$	2,605,000	$	3,257,188
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (SIFMA Municipal Swap +1.50%) ±		3.40			11-1-2039		10,000,000		10,102,200
Cumberland County PA Diakon Lutheran Social Ministries Project		5.00			1-1-2025		1,340,000		1,511,842
Cumberland County PA Diakon Lutheran Social Ministries Project		5.00			1-1-2026		1,370,000		1,542,319
Cumberland County PA Diakon Lutheran Social Ministries Project		5.00			1-1-2027		1,225,000		1,375,773
Montgomery County PA HEFA Thomas Jefferson University		4.00			9-1-2037		1,000,000		1,084,000
									29,239,296
Miscellaneous Revenue: 1.96%
Delaware County PA Vocational & Technical School Authority (Build America Mutual Assurance Company Insured)		5.25			11-1-2033		2,000,000		2,253,000
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A		5.00			7-1-2028		400,000		492,964
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A		5.00			7-1-2029		300,000		367,608
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A		5.00			7-1-2030		375,000		456,551
Pennsylvania Certificate of Participation Retained Basic Lease Payment (AGM Insured)		5.00			11-1-2022		3,015,000		3,337,092
Pennsylvania Certificate of Participation Retained Basic Lease Payment (AGM Insured)		5.00			11-1-2023		1,900,000		2,154,182
Pennsylvania Certificate of Participation Retained Basic Lease Payment (AGM Insured)		5.00			11-1-2024		1,660,000		1,928,704
Pennsylvania Public School Building Authority (Build America Mutual Assurance Company Insured)		4.00			5-15-2021		500,000		524,750
Pennsylvania Public School Building Authority (Build America Mutual Assurance Company Insured)		4.00			5-15-2022		1,000,000		1,045,980
Pennsylvania Public School Building Authority		5.00			4-1-2020		5,600,000		5,738,600
Pennsylvania Public School Building Authority		5.00			4-1-2029		1,000,000		1,079,680
Pennsylvania Public School Building Authority Chester Upland School District Project Series B		5.25			9-15-2030		2,000,000		2,435,220
Pennsylvania Public School Building Authority City of Harrisburg Project Series A (AGM Insured)		5.00			12-1-2028		3,500,000		4,212,950
Pennsylvania Public School Building Authority City of Harrisburg Project Series A (AGM Insured)		5.00			12-1-2033		4,425,000		5,167,028
Pennsylvania Public School Building Authority Philadelphia School District Project		5.00			4-1-2024		2,000,000		2,174,260
Pennsylvania Public School Building Authority Series B (AGM Insured)		5.00			6-1-2029		2,000,000		2,509,160
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2024		1,250,000		1,457,875
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2025		1,250,000		1,446,975
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2026		1,250,000		1,443,638
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2027		1,010,000		1,163,369
Philadelphia PA Municipal Authority Juvenile Justice Services Center		5.00			4-1-2031		3,630,000		4,331,461
Philadelphia PA Municipal Authority Juvenile Justice Services Center		5.00			4-1-2034		1,800,000		2,126,934
Southeastern Pennsylvania Transportation Authority		5.00			3-1-2028		725,000		908,730
York County PA School of Technology Authority Series A (Build America Mutual Assurance Company Insured)		5.00			2-15-2024		1,590,000		1,827,928

36  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
York County PA School of Technology Authority Series B (Build America Mutual Assurance Company Insured)		5.00	%		2-15-2027	$	800,000	$	923,784
York County PA School of Technology Authority Series B (Build America Mutual Assurance Company Insured)		5.00			2-15-2029		500,000		574,905
									52,083,328
Resource Recovery Revenue: 0.24%
Lancaster County PA Solid Waste Management Authority Series A		5.25			12-15-2028		5,665,000		6,404,283
Tobacco Revenue: 0.23%
Commonwealth Financing Authority Tobacco Master Settlement Payment		5.00			6-1-2027		2,500,000		3,030,350
Commonwealth Financing Authority Tobacco Master Settlement Payment		5.00			6-1-2028		2,500,000		3,073,050
									6,103,400
Transportation Revenue: 0.59%
Pennsylvania Turnpike Commission Motor License Fund-Enhanced Refunding Bond		5.00			6-1-2027		1,000,000		1,231,830
Pennsylvania Turnpike Commission Refunding Bond		5.00			12-1-2033		3,780,000		4,370,171
Pennsylvania Turnpike Commission Subordinate Bond Series B		5.00			6-1-2031		5,000,000		5,916,150
Pennsylvania Turnpike Commission Subordinate Bond Series C (AGM Insured)		6.25			6-1-2033		1,350,000		1,711,611
Pennsylvania Turnpike Commission Subordinate Bond Series E		6.38			12-1-2038		2,000,000		2,574,780
									15,804,542
Water & Sewer Revenue: 0.37%
Bucks County PA Water & Sewer Authority Water System (AGM Insured)		5.00			12-1-2026		2,400,000		2,612,112
Pennsylvania Capital Region Water Sewer System		5.00			7-15-2030		1,180,000		1,429,216
Pennsylvania Capital Region Water System		5.00			7-15-2030		1,500,000		1,852,590
Philadelphia PA Water and Wastewater Bond Series B		5.00			11-1-2027		1,535,000		1,922,802
Philadelphia PA Water and Wastewater Bond Series B		5.00			11-1-2033		1,760,000		2,125,358
									9,942,078
									247,572,328
South Carolina: 0.56%
Education Revenue: 0.31%
South Carolina Education Assistance Authority Student Loan Series I		5.00			10-1-2024		1,580,000		1,591,060
South Carolina Jobs EDA Furman University Project		5.00			10-1-2028		700,000		828,849
South Carolina Jobs EDA Furman University Project		5.00			10-1-2030		1,885,000		2,223,471
South Carolina Jobs EDA Furman University Project		5.00			10-1-2031		2,155,000		2,537,232
South Carolina Jobs EDA York Preparatory Academy Project Series A		7.00			11-1-2033		1,000,000		1,109,740
									8,290,352
Miscellaneous Revenue: 0.25%
Laurens County SC Education Assistance for District #55		5.00			12-1-2021		1,000,000		1,073,270
Laurens County SC Education Assistance for District #55		5.00			12-1-2022		1,250,000		1,376,188
Laurens County SC Education Assistance for District #55		5.00			12-1-2025		1,000,000		1,176,370
Scago SC Educational Facilities Corporation for Sumter County School District #17		4.00			12-1-2019		1,000,000		1,008,640
Scago SC Educational Facilities Corporation for Sumter County School District #17		5.00			12-1-2022		1,720,000		1,896,025
									6,530,493
									14,820,845

Wells Fargo Intermediate Tax/AMT-Free Fund  |  37

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
South Dakota: 0.04%
Airport Revenue: 0.04%
Rapid City SD Airport Project		6.25	%		12-1-2026	$	920,000	$	939,118
Tennessee: 1.03%
Education Revenue: 0.03%
Franklin County TN HEFA		4.00			9-1-2024		250,000		267,775
Franklin County TN HEFA		5.00			9-1-2030		560,000		615,362
									883,137
GO Revenue: 0.02%
White County TN		4.05			6-1-2020		515,000		527,345
Health Revenue: 0.01%
Shelby County TN Health Educational & Housing Facilities Board Le Bonheur Children’s Medical Center Series D (National Insured)		5.50			8-15-2019		125,000		125,623
Housing Revenue: 0.03%
Chattanooga TN Health Educational & Housing Facilities University of Tennessee at Chattanooga Project		5.00			10-1-2023		750,000		841,350
Utilities Revenue: 0.94%
Tennessee Energy Acquisition Corporation Gas Project		4.00			11-1-2049		11,000,000		12,121,120
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		12,120,000		12,992,155
									25,113,275
									27,490,730
Texas: 9.19%
Airport Revenue: 0.47%
Galveston TX Wharves & Terminal		5.00			2-1-2026		2,000,000		2,088,160
Houston TX Airport System Subordinate Lien Refunding Bonds Series D		5.00			7-1-2033		3,000,000		3,683,700
Houston TX Airport System Subordinate Lien Refunding Bonds Series D		5.00			7-1-2034		3,500,000		4,280,640
Houston TX Airport System Subordinate Lien Refunding Bonds Series D		5.00			7-1-2035		2,000,000		2,437,480
									12,489,980
Education Revenue: 0.44%
Houston TX Higher Education Finance Corporation Series A		4.00			2-15-2022		395,000		407,711
North Texas Higher Education Authority Incoming Student Loan Series A-2 (3 Month LIBOR +0.90%) ±		3.49			7-1-2030		4,985,000		4,979,616
Texas Woman’s University Financing System		4.00			7-1-2020		1,000,000		1,026,660
University of Houston Texas Series B		5.25			7-1-2026		4,225,000		5,281,926
									11,695,913
GO Revenue: 4.52%
Austin TX Independent School District Series B		5.00			8-1-2023		3,805,000		4,341,581
Austin TX Independent School District Series B		5.00			8-1-2024		3,970,000		4,656,056
Austin TX Independent School District Series B		5.00			8-1-2025		2,050,000		2,464,408
Austin TX Independent School District Series B		5.00			8-1-2026		1,450,000		1,737,419
Austin TX Public Improvement Bond		5.00			9-1-2030		960,000		1,185,898
Bexar County TX Combination Tax Certificate of Obligation		5.00			6-15-2024		1,000,000		1,172,560
Bexar County TX Hospital District Refunding Bond		5.00			2-15-2037		1,250,000		1,505,063
Collin County TX Unlimited Tax Road & Refunding Bond		5.00			2-15-2023		1,350,000		1,523,664
Collin County TX Unlimited Tax Road & Refunding Bond		5.00			2-15-2026		1,000,000		1,192,130
Collin County TX Unlimited Tax Road & Refunding Bond		5.00			2-15-2027		1,300,000		1,546,506

38  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Coppell TX Independent School District		4.00	%		8-15-2035	$	1,640,000	$	1,843,655
Coppell TX Independent School District		4.00			8-15-2037		1,975,000		2,203,093
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2023		1,395,000		1,561,326
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2026		1,000,000		1,165,080
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2030		1,130,000		1,300,235
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2031		1,000,000		1,145,760
Dallas County TX Combination Tax and Parking Garage Certification of Obligation		5.00			8-15-2024		5,600,000		6,583,304
Dallas County TX Combination Tax and Parking Garage Certification of Obligation		5.00			8-15-2025		3,235,000		3,894,714
Del Rio TX Refunding Bond (Build America Mutual Assurance Company Insured)		4.00			6-1-2023		720,000		787,738
Del Rio TX Refunding Bond (Build America Mutual Assurance Company Insured)		4.00			6-1-2024		745,000		829,841
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2023		1,990,000		2,271,983
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2024		1,145,000		1,344,379
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2025		1,000,000		1,174,130
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2030		1,000,000		1,165,100
El Paso County TX Hospital District		5.00			8-15-2028		2,045,000		2,228,539
El Paso County TX Refunding Bond Series A		5.00			2-15-2031		2,000,000		2,374,920
El Paso County TX Refunding Bond Series A		5.00			2-15-2032		2,120,000		2,508,638
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		4.00			3-1-2026		755,000		848,771
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		5.00			3-1-2022		1,000,000		1,095,080
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		5.00			3-1-2023		620,000		698,548
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		5.00			3-1-2024		1,660,000		1,920,321
Fort Worth TX Independent School District Unlimited Tax Refunding and School Building Bond		5.00			2-15-2026		3,000,000		3,657,270
Harris County TX Cypress-Fairbanks Independent High School Series B-1		2.13			2-15-2040		10,000,000		10,105,500
Harris County TX Tax Road Refunding Bond Series 2014-A		5.00			10-1-2025		8,445,000		9,989,675
Harris County TX Tax Road Refunding Bond Series 2015-A		5.00			10-1-2025		4,215,000		5,101,457
Harris County TX Toll Road Project Series C (AGM Insured)		5.25			8-15-2027		4,000,000		5,100,560
Hays County TX Limited Tax Bond		5.00			2-15-2026		650,000		788,756
Hays County TX Limited Tax Bond		5.00			2-15-2027		1,000,000		1,239,600
Hays County TX Limited Tax Refunding Bond		5.00			2-15-2023		1,750,000		1,969,170
Northwest TX Independent School District Refunding Bond		5.00			2-15-2030		4,000,000		4,671,800
Plano TX		5.00			9-1-2030		2,155,000		2,648,754
San Antonio TX Certificate of Obligation		5.00			8-1-2036		3,990,000		4,915,361
San Antonio TX Independent School District Unlimited Tax Series 2018		5.00			8-15-2037		2,000,000		2,341,280
Texas Independent School District Refunding Bond		5.00			8-15-2025		2,260,000		2,715,028
Travis County TX Certificate of Obligation Series A		5.00			3-1-2038		4,010,000		4,946,977
									120,461,628
Miscellaneous Revenue: 1.05%
Austin TX Community College District Public Facility Corporation Bond Series C		5.00			8-1-2026		565,000		691,447
Austin TX Community College District Public Facility Corporation Bond Series C		5.00			8-1-2029		400,000		494,808
Austin TX Community College District Public Facility Corporation Bond Series C		5.00			8-1-2030		500,000		614,735
Lower Colorado River TX Authority		5.50			5-15-2031		2,500,000		2,847,850
Texas PFA Refunding Bond		4.00			2-1-2033		7,000,000		8,006,320
Texas Transportation Commission Highway Improvement Series A		5.00			4-1-2042		5,000,000		5,433,300
Texas Transportation Commission Refunding Bond Series B		5.00			10-1-2031		5,000,000		6,187,250
Texas Water Development Board Series A		5.00			10-15-2031		3,000,000		3,712,350
									27,988,060

Wells Fargo Intermediate Tax/AMT-Free Fund  |  39

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.31%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Subordinate Bond Series E ø		2.05	%		11-1-2040	$	8,100,000	$	8,100,000
Tax Revenue: 0.43%
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25			1-1-2027		1,880,000		2,098,042
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25			1-1-2029		2,390,000		2,661,169
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25			1-1-2030		1,500,000		1,668,045
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25			1-1-2031		1,000,000		1,110,600
Texas Transportation Commission Highway Fund Series A		5.00			10-1-2025		3,250,000		3,937,830
									11,475,686
Transportation Revenue: 0.68%
Central Texas Regional Mobility Authority Series B		5.00			1-1-2045		8,000,000		8,262,160
Texas Grand Parkway Transportation Corporation System Series A		5.00			10-1-2034		1,500,000		1,837,860
Texas Private Activity Bond Surface Transportation Corporation		7.50			6-30-2032		2,000,000		2,118,820
Texas Private Activity Bond Surface Transportation Corporation		7.50			6-30-2033		2,000,000		2,118,000
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Note		7.50			12-31-2031		3,745,000		3,857,425
									18,194,265
Utilities Revenue: 0.82%
Austin TX Refunding Bond (National Insured)		5.25			5-15-2025		1,400,000		1,602,944
Brownsville TX Utilities System Refunding Bond		5.00			9-1-2026		2,190,000		2,590,901
Brownsville TX Utilities System Refunding Bond		5.00			9-1-2029		1,500,000		1,769,385
Brownsville TX Utilities System Refunding Bond		5.00			9-1-2030		2,500,000		2,944,375
Texas Municipal Gas Acquisition & Supply Corporation III Gas Supply Series 2012		5.00			12-15-2021		3,945,000		4,241,506
Texas Municipal Gas Acquisition & Supply Corporation Series B		5.00			12-15-2022		5,000,000		5,517,150
Texas SA Energy Acquisition Public Facility Corporation Gas Supply		5.50			8-1-2019		1,465,000		1,469,278
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured)		5.00			9-1-2025		1,000,000		1,187,090
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured)		5.00			9-1-2026		375,000		445,328
									21,767,957
Water & Sewer Revenue: 0.47%
Amarillo TX Waterworks and Sewer System Bond Series B		5.00			4-1-2028		645,000		813,074
Houston TX Utilities Systems Series A		5.25			11-15-2031		3,000,000		3,159,870
North Harris County TX Regional Water Authority Senior Lien (Build America Mutual Assurance Company Insured)		5.00			12-15-2029		1,215,000		1,347,557
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project		5.00			7-15-2026		1,000,000		1,192,560
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project		5.00			7-15-2027		1,250,000		1,481,300
Texas Water Development Board State Implementation Series 2018A		4.00			10-15-2032		3,000,000		3,432,810
Trinity River TX Authority Electric Company Project Series A		4.00			2-1-2027		1,000,000		1,144,030
									12,571,201
									244,744,690
Utah: 0.34%
Education Revenue: 0.12%
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2020		250,000		254,485
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2021		400,000		416,180
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2022		400,000		423,636
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2023		400,000		430,672

40  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00	%		4-15-2024	$	450,000	$	492,197
Utah Charter School Finance Authority Refunding Bond 144A		4.50			6-15-2027		1,025,000		1,058,897
									3,076,067
GO Revenue: 0.08%
Canyons UT Board of Education Utah School Bond Guaranty Program (AGM Insured)		5.00			6-15-2022		1,860,000		2,061,754
Miscellaneous Revenue: 0.14%
West Valley City UT Municipal Building Authority (AGM Insured)		5.00			2-1-2028		1,000,000		1,220,050
West Valley City UT Municipal Building Authority (AGM Insured)		5.00			2-1-2032		1,555,000		1,860,526
West Valley City UT Municipal Building Authority (AGM Insured)		5.00			2-1-2033		645,000		769,562
									3,850,138
									8,987,959
Virginia: 0.23%
Education Revenue: 0.13%
Virginia Small Business Financing Authority		5.25			10-1-2029		3,000,000		3,505,140
Miscellaneous Revenue: 0.01%
Watkins Centre VA CDA		5.40			3-1-2020		214,000		214,293
Tax Revenue: 0.09%
Greater Richmond VA Convention Center		5.00			6-15-2025		1,000,000		1,187,150
Marquis VA CDA CAB Series 2015 144A¤		0.00			9-1-2045		386,000		284,243
Marquis VA CDA CAB Series C ¤		0.00			9-1-2041		1,772,000		100,402
Marquis VA CDA Series B		5.63			9-1-2041		1,274,000		847,019
									2,418,814
									6,138,247
Washington: 4.19%
Education Revenue: 0.04%
Washington EDFA		5.00			6-1-2028		1,000,000		1,155,990
GO Revenue: 1.82%
King County WA Federal Way School District #210 (AGM Insured)		4.00			12-1-2023		4,085,000		4,542,030
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2029		1,600,000		1,915,664
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2031		6,665,000		7,901,891
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2032		2,905,000		3,434,349
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2033		7,045,000		8,304,646
Seattle WA Refunding Bond Series A		5.00			6-1-2024		6,345,000		7,441,860
Thurston & Pierce Counties WA Community Schools (AGM Insured)		5.00			12-1-2030		1,415,000		1,784,768
Washington Various Purposes Bond Series C		5.00			2-1-2034		5,800,000		6,853,686
Washington Various Purposes Refunding Bond Series B		5.00			7-1-2028		4,000,000		4,829,640
Yakima County WA West Valley School District #208 (AGM Insured)		5.00			12-1-2032		1,200,000		1,500,348
									48,508,882

Wells Fargo Intermediate Tax/AMT-Free Fund  |  41

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.75%
Washington HCFR Fred Hutchinson Cancer Research Center (SIFMA Municipal Swap +1.05%) ±		2.95	%		1-1-2042	$	10,000,000	$	10,147,900
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2023		4,000,000		4,454,640
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2026		2,250,000		2,649,960
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2027		1,050,000		1,230,170
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2028		1,350,000		1,574,627
									20,057,297
Housing Revenue: 0.19%
Snohomish County WA Housing Authority Carvel Apartments Project		5.00			4-1-2032		1,955,000		2,363,673
Snohomish County WA Housing Authority Carvel Apartments Project		5.00			4-1-2033		1,550,000		1,864,774
Snohomish County WA Housing Authority Carvel Apartments Project		5.00			4-1-2034		655,000		784,893
									5,013,340
Miscellaneous Revenue: 0.79%
FYI Properties Washington Lease Revenue Refunding Bond		5.00			6-1-2034		6,000,000		7,323,840
Washington Certificate of Participation Series B		5.00			7-1-2035		1,335,000		1,659,979
Washington Certificate of Participation Series B		5.00			7-1-2037		1,585,000		1,957,840
Washington Motor Vehicle Fuel Tax Refunding Bond Series D		5.00			7-1-2031		5,830,000		6,790,259
Washington Office Building Refunding Bond		5.00			7-1-2026		2,750,000		3,186,700
									20,918,618
Resource Recovery Revenue: 0.21%
Seattle WA Solid Waste System Improvement & Refunding Bond		4.00			6-1-2033		1,175,000		1,299,503
Tacoma WA Solid Waste Refunding Bond Series B		5.00			12-1-2027		620,000		750,932
Tacoma WA Solid Waste Refunding Bond Series B		5.00			12-1-2028		1,455,000		1,756,738
Tacoma WA Solid Waste Refunding Bond Series B		5.00			12-1-2029		1,525,000		1,834,194
									5,641,367
Utilities Revenue: 0.31%
Energy Northwest Washington Wind Project		5.00			7-1-2022		1,185,000		1,304,744
Lewis County WA Public Utility District Refunding Bond		5.25			4-1-2032		6,115,000		7,010,419
									8,315,163
Water & Sewer Revenue: 0.08%
King County WA Multi-Modal Limited Refunding Bond (TD Bank NA SPA) ø		1.95			1-1-2046		2,000,000		2,000,000
									111,610,657
West Virginia: 0.70%
GO Revenue: 0.29%
Ohio County WV Public School Bond		3.00			6-1-2027		2,740,000		2,941,965
West Virginia State Road Bond Series 2018 B		5.00			12-1-2036		4,000,000		4,902,680
									7,844,645
Health Revenue: 0.06%
West Virginia Hospital Finance Authority West Virginia University Health System Series A		5.00			6-1-2031		375,000		445,196
West Virginia Hospital Finance Authority West Virginia University Health System Series A		5.00			6-1-2032		950,000		1,124,021
									1,569,217

42  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.35%
West Virginia EDA Excess Lottery Series A		5.00	%		7-1-2038	$	2,980,000	$	3,576,268
West Virginia School Building Authority Capital Improvement Bond Series A		5.00			7-1-2026		1,520,000		1,806,307
West Virginia School Building Authority Capital Improvement Bond Series A		5.00			7-1-2027		1,595,000		1,892,436
West Virginia School Building Authority Capital Improvement Bond Series A		5.00			7-1-2029		1,755,000		2,070,338
									9,345,349
									18,759,211
Wisconsin: 0.89%
Education Revenue: 0.25%
Wisconsin PFA Charter School Voyager Foundation Incorporate Project Series A		6.00			10-1-2032		1,475,000		1,616,615
Wisconsin PFA KU Campus Development Corporation Central District Development Project		5.00			3-1-2032		4,315,000		5,148,960
									6,765,575
GO Revenue: 0.08%
Wisconsin Series A		4.00			5-1-2032		2,000,000		2,118,780
Health Revenue: 0.51%
University of Wisconsin Hospitals & Clinics Authority Refunding Bond Series B (JPMorgan Chase & Company SPA) ø		1.93			4-1-2048		5,800,000		5,800,000
Wisconsin HEFA Series A		5.00			7-15-2021		3,500,000		3,758,650
Wisconsin HEFA Series A		5.00			11-15-2023		3,500,000		4,003,825
									13,562,475
Miscellaneous Revenue: 0.05%
Milwaukee WI RDA Public Schools		5.00			11-15-2029		420,000		502,837
Milwaukee WI RDA Public Schools		5.00			11-15-2030		635,000		757,498
									1,260,335
									23,707,165
Total Municipal Obligations (Cost $2,528,781,389)									2,658,426,596

Total investments in securities (Cost $2,528,781,389)	99.80	%		2,658,426,596
Other assets and liabilities, net	0.20			5,229,213
Total net assets	100.00	%	$	2,663,655,809

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

CAB Capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

Wells Fargo Intermediate Tax/AMT-Free Fund  |  43

Portfolio of investments—June 30, 2019

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MUD Municipal Utility District

National National Public Finance Guarantee Corporation

PCR Pollution control revenue

PFA Public Finance Authority

PFFA Public Facilities Financing Authority

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

SPA Standby purchase agreement

TTFA Transportation Trust Fund Authority

44  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $2,528,781,389)	$	2,658,426,596
Cash		783,256
Receivable for investments sold		955,000
Receivable for Fund shares sold		2,196,630
Receivable for interest		27,933,650
Prepaid expenses and other assets		30,668
Total assets		2,690,325,800
Liabilities
Payable for investments purchased		19,500,000
Payable for Fund shares redeemed		4,459,231
Dividends payable		1,633,824
Management fee payable		733,000
Administration fees payable		155,609
Distribution fee payable		16,578
Trustees’ fees and expenses payable		1,381
Accrued expenses and other liabilities		170,368
Total liabilities		26,669,991
Total net assets	$	2,663,655,809
Net assets consist of
Paid-in capital	$	2,566,462,372
Total distributable earnings		97,193,437
Total net assets	$	2,663,655,809
Computation of net asset value and offering price per share
Net assets – Class A	$	263,112,834
Shares outstanding – Class A1		22,561,057
Net asset value per share – Class A		$11.66
Maximum offering price per share – Class A2		$12.02
Net assets – Class C	$	26,736,914
Shares outstanding – Class C1		2,292,703
Net asset value per share – Class C		$11.66
Net assets – Class R6	$	996,476,846
Shares outstanding – Class R61		85,351,522
Net asset value per share – Class R6		$11.67
Net assets – Administrator Class	$	177,741,596
Shares outstanding – Administrator Class1		15,231,478
Net asset value per share – Administrator Class		$11.67
Net assets – Institutional Class	$	1,199,587,619
Shares outstanding – Institutional Class1		102,714,700
Net asset value per share – Institutional Class		$11.68

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.

Wells Fargo Intermediate Tax/AMT-Free Fund  |  45

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	77,760,819
Expenses
Management fee		8,962,662
Administration fees
Class A		430,413
Class C		49,766
Class R6		152,093	1
Administrator Class		168,062
Institutional Class		1,183,007
Shareholder servicing fees
Class A		672,521
Class C		77,759
Administrator Class		419,165
Distribution fee
Class C		233,277
Custody and accounting fees		67,766
Professional fees		48,870
Registration fees		157,472
Shareholder report expenses		127,787
Trustees’ fees and expenses		21,546
Other fees and expenses		63,058
Total expenses		12,835,224
Less: Fee waivers and/or expense reimbursements		(812,399	)
Net expenses		12,022,825
Net investment income		65,737,994
Realized and unrealized gains (losses) on investments
Net realized losses on investments		(4,121,284	)
Net change in unrealized gains (losses) on investments		78,795,074
Net realized and unrealized gains (losses) on investments		74,673,790
Net increase in net assets resulting from operations	$	140,411,784

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019.

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

46  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	65,737,994					$	64,629,670
Net realized losses on investments					(4,121,284	)					(20,159,193	)
Net change in unrealized gains (losses) on investments					78,795,074						(11,473,459	)
Net increase in net assets resulting from operations					140,411,784						32,997,018
Distributions to shareholders from net investment income and net realized gains
Class A					(6,656,236	)					(7,895,731	)
Class C					(537,102	)					(658,860	)
Class R6					(13,953,353	)2					N/A
Administrator Class					(4,326,110	)					(5,042,057	)
Institutional Class					(40,268,740	)					(51,032,969	)
Total distributions to shareholders					(65,741,541	)					(64,629,617	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,268,249			25,839,853			1,632,641			18,704,577
Class C		236,883			2,686,470			197,033			2,251,627
Class R6		96,158,706	2		1,084,942,320	2		N/A			N/A
Administrator Class		6,429,407			73,171,373			5,587,566			63,999,285
Institutional Class		49,788,518			565,405,649			64,629,532			740,609,789
					1,752,045,665						825,565,278
Reinvestment of distributions
Class A		560,089			6,376,313			661,923			7,556,467
Class C		43,204			491,272			53,280			608,195
Class R6		552,098	2		6,337,313	2		N/A			N/A
Administrator Class		367,364			4,186,398			427,778			4,887,456
Institutional Class		2,596,341			29,571,995			2,842,189			32,483,030
					46,963,291						45,535,148
Payment for shares redeemed
Class A		(5,668,788	)		(64,362,323	)		(8,283,850	)		(94,494,393	)
Class C		(1,118,105	)		(12,711,333	)		(1,000,458	)		(11,414,204	)
Class R6		(11,359,282	)2		(129,862,171	)2		N/A			N/A
Administrator Class		(7,784,897	)		(87,831,846	)		(16,814,971	)		(193,295,593	)
Institutional Class		(120,238,740	)		(1,354,090,765	)		(55,101,625	)		(630,172,565	)
					(1,648,858,438	)					(929,376,755	)
Net increase (decrease) in net assets resulting from capital share transactions					150,150,518						(58,276,329	)
Total increase (decrease) in net assets					224,820,761						(89,908,928	)
Net assets
Beginning of period					2,438,835,048						2,528,743,976
End of period				$	2,663,655,809					$	2,438,835,048

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $54,682. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019.

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

Wells Fargo Intermediate Tax/AMT-Free Fund  |  47

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.31			$11.46			$11.89			$11.47			$11.53
Net investment income		0.28			0.27			0.27			0.26			0.25
Net realized and unrealized gains (losses) on investments		0.35			(0.15	)		(0.42	)		0.42			(0.06	)
Total from investment operations		0.63			0.12			(0.15	)		0.68			0.19
Distributions to shareholders from
Net investment income		(0.28	)		(0.27	)		(0.27	)		(0.26	)		(0.25	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00
Total distributions to shareholders		(0.28	)		(0.27	)		(0.28	)		(0.26	)		(0.25	)
Net asset value, end of period		$11.66			$11.31			$11.46			$11.89			$11.47
Total return1		5.67	%		1.08	%		(1.27	)%		5.99	%		1.68	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.79	%		0.80	%		0.80	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		2.47	%		2.38	%		2.31	%		2.23	%		2.19	%
Supplemental data
Portfolio turnover rate		14	%		14	%		19	%		14	%		38	%
Net assets, end of period (000s omitted)		$263,113			$287,408			$359,649			$556,673			$214,880

¹  Total return calculations do not include any sales charges.

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

48  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.31			$11.46			$11.89			$11.47			$11.53
Net investment income		0.20			0.19			0.18			0.17			0.17
Net realized and unrealized gains (losses) on investments		0.35			(0.15	)		(0.42	)		0.42			(0.06	)
Total from investment operations		0.55			0.04			(0.24	)		0.59			0.11
Distributions to shareholders from
Net investment income		(0.20	)		(0.19	)		(0.18	)		(0.17	)		(0.17	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00
Total distributions to shareholders		(0.20	)		(0.19	)		(0.19	)		(0.17	)		(0.17	)
Net asset value, end of period		$11.66			$11.31			$11.46			$11.89			$11.47
Total return1		4.88	%		0.32	%		(2.01	)%		5.20	%		0.92	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.55	%		1.54	%		1.55	%		1.55	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income		1.73	%		1.63	%		1.56	%		1.48	%		1.44	%
Supplemental data
Portfolio turnover rate		14	%		14	%		19	%		14	%		38	%
Net assets, end of period (000s omitted)		$26,737			$35,421			$44,462			$56,601			$56,703

¹  Total return calculations do not include any sales charges.

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

Wells Fargo Intermediate Tax/AMT-Free Fund  |  49

Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended June 30, 20191
Net asset value, beginning of period		$11.33
Net investment income		0.29
Net realized and unrealized gains (losses) on investments		0.34
Total from investment operations		0.63
Distributions to shareholders from net investment income		(0.29	)
Net asset value, end of period		$11.67
Total return2		5.65	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%
Net expenses		0.40	%
Net investment income		2.75	%
Supplemental data
Portfolio turnover rate		14	%
Net assets, end of period (000s omitted)		$996,477

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019.

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

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

50  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.32			$11.47			$11.90			$11.48			$11.54
Net investment income		0.29			0.28			0.28			0.27			0.27
Net realized and unrealized gains (losses) on investments		0.35			(0.15	)		(0.42	)		0.42			(0.06	)
Total from investment operations		0.64			0.13			(0.14	)		0.69			0.21
Distributions to shareholders from
Net investment income		(0.29	)		(0.28	)		(0.28	)		(0.27	)		(0.27	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00
Total distributions to shareholders		(0.29	)		(0.28	)		(0.29	)		(0.27	)		(0.27	)
Net asset value, end of period		$11.67			$11.32			$11.47			$11.90			$11.48
Total return		5.77	%		1.18	%		(1.17	)%		6.09	%		1.78	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.73	%		0.73	%		0.74	%		0.74	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.57	%		2.48	%		2.39	%		2.33	%		2.29	%
Supplemental data
Portfolio turnover rate		14	%		14	%		19	%		14	%		38	%
Net assets, end of period (000s omitted)		$177,742			$183,624			$309,793			$802,527			$773,770

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

Wells Fargo Intermediate Tax/AMT-Free Fund  |  51

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.33			$11.47			$11.91			$11.49			$11.55
Net investment income		0.31			0.30			0.30			0.29			0.29
Net realized and unrealized gains (losses) on investments		0.35			(0.14	)		(0.43	)		0.42			(0.06	)
Total from investment operations		0.66			0.16			(0.13	)		0.71			0.23
Distributions to shareholders from
Net investment income		(0.31	)		(0.30	)		(0.30	)		(0.29	)		(0.29	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00
Total distributions to shareholders		(0.31	)		(0.30	)		(0.31	)		(0.29	)		(0.29	)
Net asset value, end of period		$11.68			$11.33			$11.47			$11.91			$11.49
Total return		5.93	%		1.42	%		(1.10	)%		6.26	%		1.97	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net expenses		0.45	%		0.45	%		0.45	%		0.44	%		0.42	%
Net investment income		2.72	%		2.64	%		2.58	%		2.49	%		2.47	%
Supplemental data
Portfolio turnover rate		14	%		14	%		19	%		14	%		38	%
Net assets, end of period (000s omitted)		$1,199,588			$1,932,382			$1,814,841			$1,260,636			$878,585

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

52  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

Wells Fargo Intermediate Tax/AMT-Free Fund  |  53

Notes to financial statements

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 June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $2,528,780,711 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	131,065,671
Gross unrealized losses		(1,419,786	)
Net unrealized gains	$	129,645,885

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $9,449,449 in short-term capital losses and $22,944,773 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	2,658,426,596	$	0	$	2,658,426,596

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

At June 30, 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

54  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Notes to financial statements

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

Average daily net assets	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.37% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.40% for Class R6 shares, 0.60% for Administrator Class shares, and 0.45% for Institutional Class shares. 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 of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fees 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 year ended June 30, 2019, Funds Distributor received $3,143 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 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.

Wells Fargo Intermediate Tax/AMT-Free Fund  |  55

Notes to financial statements

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $155,050,000 and $180,960,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $543,972,561 and $339,497,075, 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 year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $65,741,541 and $64,629,617 of tax-exempt income for the years ended June 30, 2019 and June 30, 2018, respectively.

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$1,586,339	$129,645,885	$(32,394,222)

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

	Net investment income
Class A	$	7,895,731
Class C		658,860
Administrator Class		5,042,057
Institutional Class		51,032,969

8. INDEMNIFICATION

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

9. NEW ACCOUNTING 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.

56  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Notes to financial statements

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

Wells Fargo Intermediate Tax/AMT-Free Fund  |  57

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Intermediate Tax/AMT-Free Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

58  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Intermediate Tax/AMT-Free Fund  |   59

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

60  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

Wells Fargo Intermediate Tax/AMT-Free Fund  |   61

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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

62  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Intermediate Tax/AMT-Free Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Intermediate Tax/AMT-Free Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Intermediate Tax/AMT-Free Fund  |   63

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, five- and ten-year periods under review, and in range of the average investment performance of the Universe for the three-year period under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays Municipal Bond 1-15 Year Blend Index, for the one-, three- and five-year periods under review, but higher than its benchmark for the ten-year period under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

64  |  Wells Fargo Intermediate Tax/AMT-Free Fund

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo Intermediate Tax/AMT-Free Fund  |   65

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404823 08-19

A251/AR251 06-19

Annual Report

June 30, 2019

Wells Fargo Municipal Bond Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	49
Statement of operations	50
Statement of changes in net assets	51
Financial highlights	52
Notes to financial statements	57
Report of independent registered public accounting firm	64
Other information	65

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Save trees.

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Municipal Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Municipal Bond Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo Municipal Bond Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Municipal Bond Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Municipal Bond Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta^‡

Terry J. Goode^‡

Robert J. Miller

Average annual total returns (%) as of June 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios 1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WMFAX)	4-8-2005		1.58		2.94		5.37		6.35		3.90		5.86		0.79		0.75
Class C (WMFCX)	4-8-2005		4.56		3.12		5.07		5.56		3.12		5.07		1.54		1.50
Class R6 (WMBRX)3	7-31-2018		–		–		–		6.72		4.21		6.18		0.41		0.41
Administrator Class (WMFDX)	4-8-2005		–		–		–		6.51		4.03		6.02		0.73		0.60
Institutional Class (WMBIX)	3-31-2008		–		–		–		6.67		4.20		6.17		0.46		0.46
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		6.71		3.64		4.72		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment 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. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/ or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo Municipal Bond Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁵

^‡  Ms. Casetta and Mr. Goode became portfolio managers of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.75% for Class A, 1.50% for Class C, 0.43% for Class R6, 0.60% for Administrator Class, and 0.48% for Institutional Class. 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 Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

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

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

Wells Fargo Municipal Bond Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A, excluding sales charges) underperformed its benchmark, the Bloomberg Barclays Municipal Bond Index, during the 12-month period that ended June 30, 2019.

∎ Our conservative duration position dampened volatility early in the period but was a drag on performance as the market rallied.

∎ Issue selection was also a key driver of performance, especially in the local general obligation (GO), transportation, education, and leasing sectors. An underweight to the strong-performing health care sector detracted from overall results.

∎ Credit positioning was the biggest driver of performance, and our overweight to lower-investment-grade credits (A-rated and BBB-rated bonds) as well as a modest allocation to high-yield bonds positively influenced returns as these types of bonds benefited from a growing economy and a strong demand for income.

∎ Our bias toward a flatter curve aided performance as the curve flattened over the period.

Effective maturity distribution as of June 30, 2019⁶

The Fed abruptly changed course from raising rates to a potential rate cut over the period.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the European Union. These concerns only increased as we moved

into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June 2019.

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. Short municipals slightly underperformed Treasuries over the period. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive, but record inflows were reported as investor opinion toward fixed income, particularity municipals, improved due to investor expectations that interest rates would remain stable. While new-issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform that eliminated the ability of issuers to advance refund outstanding, higher-cost debt on a tax-exempt basis. Technicals drove the market as overall reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

Factors across the market influenced Fund performance.

An overweight to credit and individual security selection were the two main drivers of performance. Yield-curve and sector positioning also aided performance, while duration positioning was a drag on performance.

Please see footnotes on page 7.

8  |  Wells Fargo Municipal Bond Fund

Performance highlights (unaudited)

Credit quality as of June 30, 2019⁷

Demand for income remained strong during the period as overall interest rates remained low by historical standards. This demand combined with positive fund flows, low supply, and slowing but steady economic growth helped lower-investment-grade bonds (A-rated and BBB-rated bonds) as well as high-yield bonds outperform bonds in other rating categories. The Fund was overweight these rating categories and benefited as prices rose.

We have been cautious on credit for some time as yields on lower-investment-grade and high-yield bonds remain near historical lows. While an improving economy typically helps credit, we believe much of the credit rally has been driven by technicals rather than fundamentals. Consequently, we have implemented an up-in-quality trade approach by selling

specific credits and rating categories into strength and purchasing higher-grade bonds with proceeds and incremental cash flows, thereby increasing the average credit quality of the portfolio. Even so, we purposefully maintain a modest overweight to seasoned lower-quality investment-grade bonds as well as a small allocation to high-yield bonds, which enhance the income component of total return.

We maintained duration short to the benchmark, which reduced volatility but detracted from performance as the market rallied over the period. We altered the magnitude of the short duration position to tactically take advantage of market peaks and troughs. The Fund’s duration ranged from a low of 4.80 years to a high of 6.48 years. We began the period at about 89% of the benchmark’s duration and ended at roughly 95% of benchmark. We began extending duration in the third quarter of 2018 and continued into the fourth quarter, as supply increased and valuations were attractive. During the first quarter of 2019, we allowed duration to drift down as seasonal market factors took hold, with the intention of extending around tax time, when technical strength typically subsides. Fund flows and lower-than-expected supply delayed and shortened the typical window, but we took the opportunity to get duration closer to neutral by buying bonds in the 15- to 22-year part of the curve and added higher-quality bonds.

We were underweight state GO bonds, as these bonds typically represent poor relative value, as well as local GO bonds. Despite the underweights, we outperformed compared with those sectors in the index, indicating good selection within both sectors. Within revenue bond subsectors, overweights to industrial development revenue/pollution control revenue, water and sewer, and special tax bonds were positive as these sectors outperformed. We were neutral weight the leasing sector but outperformed by a wide margin, indicating favorable selection within the sector. Underweights to housing and hospital bonds were a drag on performance as these sectors outperformed. In addition, underweights to the electric, transportation, and education sectors weighed on performance as these sectors outperformed. However, despite the underweights to these sectors, we outperformed them, indicating strong selection within each sector. Our overweight to Illinois credits was positive as it was one of the top-performing states in the index. Underweights to specialty states New York and California were positive as both underperformed the index. Fortunately, the Fund had a limited number of poor-performing securities, most of which were higher-quality names purchased as part of our up-in-quality trade approach. We believe these will outperform over time as technicals unwind. A couple of our prepaid gas bonds also underperformed, detracting from overall performance.

As the expansion appears to be in the rearview mirror, a transition away from risk may be warranted.

The economic expansion started in June 2009 and is the longest since the Great Depression. Low-quality bonds and equities have performed well with both near records—highs on stocks and bonds marching to record-low yields. We believe we are late-cycle, and although economic strength remains, the trend is negative and we expect growth to slow throughout the rest of the year. Our base case does not include a recession but rather suboptimal growth with little risk of an upside surprise to inflation at this point. Global economic growth is anemic at best, with trade issues and Brexit concerns adding to a weakening economic environment. Fed rhetoric is dovish, and as of June 30, 2019, the bond market was pricing in multiple rate cuts by year-end, the effect of which would likely serve to inflate asset prices rather than provide any real economic stimulus. Slow economic growth bodes well for bonds but not necessarily for credit spreads, as slower economic growth typically weighs on credit quality.

Overall, technicals remain strong in the municipal bond market. Bond valuations in the medium term are supported by strong technicals, such as record levels of municipal debt maturities and calls, limited availability of gross municipal bond supply, and continued flows into the asset class.

The Fund is structured for a slower-growth environment, with duration close to neutral, curve positioning based largely on a key rate structure as we transition to a rate-cutting cycle, a higher credit-quality bias, and a focus on sectors that should perform well as economic growth slows.

Please see footnotes on page 7.

Wells Fargo Municipal Bond Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,049.73	$	3.81		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.07	$	3.76		0.75	%
Class C
Actual	$	1,000.00	$	1,045.85	$	7.61		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.35	$	7.50		1.50	%
Class R6
Actual	$	1,000.00	$	1,051.55	$	2.02		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.83	$	1.99		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,050.50	$	3.05		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,051.30	$	2.27		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.24		0.45	%

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

10  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

Security name						Shares		Value
Exchange-Traded Funds: 4.50%
iShares National AMT-Free Municipal Bond ETF							2,018,606	$	228,284,153
Total Exchange-Traded Funds (Cost $224,710,227)									228,284,153
	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 94.38%
Alabama: 1.69%
GO Revenue: 0.07%
Birmingham AL CAB Series A1		5.00	%		3-1-2045	$	3,000,000		3,391,560
Health Revenue: 0.30%
Alabama Health Care Authority for Baptist Health Series B ø		2.37			11-1-2042		12,600,000		12,600,000
UAB Medicine Finance Authority Series B		5.00			9-1-2034		1,000,000		1,242,830
UAB Medicine Finance Authority Series B		5.00			9-1-2035		1,000,000		1,238,080
									15,080,910
Miscellaneous Revenue: 0.78%
Alabama Federal Aid Highway Finance Authority Series A		5.00			6-1-2037		14,000,000		16,922,920
Alabama Federal Aid Highway Finance Authority Series A		5.00			9-1-2035		19,000,000		22,629,380
									39,552,300
Utilities Revenue: 0.43%
Southeast Alabama Gas Supply District Project #1 Series A		4.00			4-1-2049		1,410,000		1,528,835
Southeast Alabama Gas Supply District Project #2 Series A		4.00			6-1-2049		18,900,000		20,573,217
									22,102,052
Water & Sewer Revenue: 0.11%
Jefferson County AL CAB Series B (AGM Insured) ¤		0.00			10-1-2025		710,000		602,059
Jefferson County AL CAB Series B (AGM Insured) ¤		0.00			10-1-2026		3,000,000		2,378,160
Jefferson County AL CAB Series B (AGM Insured) ¤		0.00			10-1-2029		4,115,000		2,669,154
									5,649,373
									85,776,195
Alaska: 0.22%
Health Revenue: 0.22%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		11,300,000		11,362,715
Arizona: 1.49%
Education Revenue: 0.49%
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A		5.75			6-15-2038		1,085,000		1,119,156
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A		5.88			6-15-2048		2,435,000		2,511,289
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A		6.50			7-1-2034		2,000,000		2,292,620
Phoenix AZ IDA Rowan University Project Series 2012		5.25			6-1-2034		1,000,000		1,088,680
Pima County AZ IDA New Plan Learning Project Series A		7.75			7-1-2035		7,390,000		7,484,814
Pima County AZ IDA New Plan Learning Project Series A		8.13			7-1-2041		6,395,000		6,477,240
Pima County AZ IDA Noah Webster Schools-Pima Project		7.00			12-15-2043		3,225,000		3,607,614
									24,581,413

Wells Fargo Municipal Bond Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.18%
Arizona Health Facilities Authority Revenue Bond Banner Health Series 2012A		4.00	%		1-1-2043	$	5,565,000	$	5,754,154
Tempe AZ IDA Friendship Village Project Series A		5.25			12-1-2020		1,000,000		1,041,500
Tempe AZ IDA Friendship Village Project Series A		5.38			12-1-2021		1,000,000		1,067,650
Tempe AZ IDA Friendship Village Project Series A		5.50			12-1-2022		1,000,000		1,067,160
									8,930,464
Miscellaneous Revenue: 0.23%
Arizona Board Regents Certificates Refunding University Arizona Series C		5.00			6-1-2028		3,250,000		3,554,948
Navajo Nation AZ Refunding Bond Series A 144A		5.50			12-1-2030		7,275,000		8,197,616
									11,752,564
Resource Recovery Revenue: 0.06%
Yavapai County AZ IDA Waste Management Incorporated Project		2.80			6-1-2027		3,200,000		3,257,568
Tax Revenue: 0.32%
Phoenix AZ Civic Improvement Corporation Series A		5.00			7-1-2034		13,875,000		16,269,409
Utilities Revenue: 0.00%
Maricopa County AZ PCR Public Service Company of New Mexico Palo Verde Project Series B		5.20			6-1-2043		100,000		102,993
Water & Sewer Revenue: 0.21%
Phoenix AZ Civic Improvement Corporation Junior Lien Refunding Bond		5.00			7-1-2034		8,805,000		10,529,371
									75,423,782
California: 4.20%
Airport Revenue: 1.12%
Los Angeles CA Department Airports AMT Subordinate Revenue Bond		5.00			5-15-2034		1,750,000		2,056,950
Los Angeles CA Department of Airports Subordinate Revenue Bonds		4.00			5-15-2036		2,000,000		2,182,640
Los Angeles CA Department of Airports Subordinate Revenue Bonds Series A		5.25			5-15-2048		15,000,000		18,080,100
San Francisco CA City & County Airport Commission San Francisco International Airport Series B		5.00			5-1-2046		30,000,000		34,471,200
									56,790,890
Education Revenue: 0.13%
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		7.13			8-1-2043		2,230,000		2,486,316
University of California Series K		4.00			5-15-2046		3,880,000		4,172,979
									6,659,295
GO Revenue: 1.03%
Alhambra CA Unified School District CAB Election of 2008 Series B (AGC Insured) ¤		0.00			8-1-2031		7,500,000		5,555,175
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤		0.00			8-1-2031		2,175,000		1,611,001
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤		0.00			8-1-2032		3,795,000		2,700,674
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤		0.00			8-1-2034		5,000,000		3,306,100
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤		0.00			8-1-2035		6,700,000		4,258,118
Anaheim CA Union High School District Election Series 2014		4.00			8-1-2042		4,000,000		4,362,640

12  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
California Tender Option Bond Trust Receipts/Certificates Santa Clara County CA San Jose Unified School District Series 2015 (JPMorgan Chase & Company LIQ) 144Aø		2.05	%		8-1-2022	$	2,050,000	$	2,050,000
Colton CA Unified School District CAB Series B (AGM Insured) ¤		0.00			8-1-2031		1,000,000		737,170
Colton CA Unified School District CAB Series B (AGM Insured) ¤		0.00			8-1-2032		1,000,000		711,640
Colton CA Unified School District CAB Series B (AGM Insured) ¤		0.00			8-1-2033		1,000,000		687,460
Compton CA Community College District CAB Election of 2002 Series C ¤		0.00			8-1-2032		2,515,000		1,717,393
Compton CA Community College District CAB Election of 2002 Series C ¤		0.00			8-1-2033		2,000,000		1,315,160
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤		0.00			6-1-2030		2,000,000		1,525,640
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤		0.00			6-1-2031		2,000,000		1,468,520
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤		0.00			6-1-2032		1,660,000		1,175,512
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤		0.00			6-1-2033		1,230,000		840,963
Ontario Montclair CA School District CAB (AGC Insured) ¤		0.00			8-1-2028		1,500,000		1,230,810
Ontario Montclair CA School District CAB (AGC Insured) ¤		0.00			8-1-2030		2,000,000		1,493,900
San Diego CA Unified School District CAB Series C ¤		0.00			7-1-2031		2,000,000		1,486,920
San Diego CA Unified School District CAB Series C ¤		0.00			7-1-2033		1,000,000		696,100
San Diego CA Unified School District CAB Series C ¤		0.00			7-1-2034		2,000,000		1,342,020
State of California Series A4 (Citibank NA LOC) ø		1.92			5-1-2034		10,460,000		10,460,000
Wiseburn CA School District CAB Election of 2010 Series B (AGM Insured) ¤		0.00			8-1-2034		2,530,000		1,706,384
									52,439,300
Health Revenue: 0.25%
California Statewide CDA Sutter Health Series A		6.00			8-15-2042		4,900,000		5,164,649
San Buenaventura CA Community Mental Health System		6.00			12-1-2019		1,040,000		1,057,295
San Buenaventura CA Community Mental Health System		6.25			12-1-2020		2,000,000		2,119,540
University of California Regents University Medical Center Pooled Revenue Bonds 2016 Series L		5.00			5-15-2047		3,885,000		4,486,748
									12,828,232
Industrial Development Revenue: 0.07%
California PCFA Solid Waste Disposal AMT Green Bond Calplant I Project 144A		8.00			7-1-2039		3,270,000		3,550,958
Miscellaneous Revenue: 0.67%
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2046		8,500,000		9,637,470
California Public Works Board Judicial Council Project Series A		5.00			3-1-2031		3,260,000		3,664,305
Pasadena CA PFA CAB Rose Bowl Series A ¤		0.00			3-1-2027		2,095,000		1,799,500
Pasadena CA PFA CAB Rose Bowl Series A ¤		0.00			3-1-2028		4,450,000		3,714,326
Pasadena CA PFA CAB Rose Bowl Series A ¤		0.00			3-1-2029		4,520,000		3,666,714
Pasadena CA PFA CAB Rose Bowl Series A ¤		0.00			3-1-2031		2,185,000		1,631,758
Pasadena CA PFA CAB Rose Bowl Series A ¤		0.00			3-1-2032		2,000,000		1,435,080
Pasadena CA PFA CAB Rose Bowl Series A ¤		0.00			3-1-2033		4,295,000		2,980,730
Richmond CA Joint Powers Financing Authority Civic Center Project Series A (AGC Insured)		5.88			8-1-2037		25,000		25,086
Richmond CA Joint Powers Financing Authority Point Potrero Series A		6.25			7-1-2024		5,420,000		5,441,138
									33,996,107

Wells Fargo Municipal Bond Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.05%
Norco CA Redevelopment Agency Tax Refunding Redevelopment Bond Project Area #1		6.00	%		3-1-2036	$	1,120,000	$	1,155,650
San Diego County CA Regional Transportation Commission Limited Tax Series A		5.00			4-1-2048		915,000		1,072,581
									2,228,231
Transportation Revenue: 0.48%
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ±		3.15			4-1-2036		23,545,000		24,284,784
Utilities Revenue: 0.40%
M-S-R California Energy Authority Gas Series B		6.13			11-1-2029		15,925,000		20,238,923
									213,016,720
Colorado: 4.28%
Airport Revenue: 0.12%
Denver CO City & County Airport System Revenue Series 2012A		5.00			12-1-2037		3,130,000		3,738,754
Denver CO City & County Airport System Revenue Series 2012B		5.00			11-15-2030		2,000,000		2,218,080
									5,956,834
Education Revenue: 0.95%
Colorado Board of Governors State University Enterprise System Revenue Bonds Series 2013C		5.25			3-1-2033		725,000		827,965
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series 2018 E-1		5.00			3-1-2040		555,000		661,416
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series E-1		5.00			3-1-2040		390,000		464,779
Colorado Board of Governors State University Enterprise System Revenue Unrefunded Bond Series 2018 E-1		5.00			3-1-2040		1,055,000		1,204,947
Colorado ECFA Alexander Dawson School LLC Project		5.00			2-15-2040		1,000,000		1,018,540
Colorado ECFA Charter School Aspen Ridge School Project Series 2015A 144A		4.13			7-1-2026		515,000		531,150
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A		6.00			12-15-2037		3,400,000		3,542,732
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series B-2		7.00			12-15-2046		3,940,000		4,267,847
Colorado ECFA Charter School Ben Franklin Academy Project		5.00			7-1-2036		750,000		846,788
Colorado ECFA Charter School Collegiate Project (Syncora Guarantee Incorporated Insured)		5.25			6-15-2024		1,140,000		1,142,440
Colorado ECFA Charter School Community Leadership Academy		5.75			7-1-2019		195,000		195,000
Colorado ECFA Charter School Community Leadership Academy Second Campus Project		7.00			8-1-2033		1,240,000		1,399,625
Colorado ECFA Charter School District Montessori Charter School Project		5.00			7-15-2037		1,150,000		1,243,783
Colorado ECFA Charter School Pinnacle High School Project Series 2009		5.13			12-1-2039		500,000		502,440
Colorado ECFA Charter School Refunding and Improvement Bonds Skyview Academy Project 2014 144A		4.13			7-1-2024		500,000		509,875
Colorado ECFA Charter School Refunding and Improvement Bonds University Laboratory School Project 2015		5.00			12-15-2028		600,000		657,012
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A		7.50			9-1-2033		5,015,000		6,248,038
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A		8.00			9-1-2043		5,930,000		7,493,800

14  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A		8.13	%		9-1-2048	$	3,795,000	$	4,814,868
Colorado ECFA Charter School Twin Peaks Charter Academy		6.50			3-15-2043		1,290,000		1,354,874
Colorado ECFA Refunding Bonds The University Corporation for Atmosphere Research Project Series 2010		5.00			9-1-2032		1,265,000		1,317,966
Colorado ECFA Refunding Bonds The University Corporation for Atmosphere Research Project Series B		5.00			9-1-2030		1,770,000		1,939,832
Colorado ECFA Union Colony School Project Revenue Bond Series 2018		5.00			4-1-2048		715,000		823,945
Colorado PFA Charter School Highline Academy Project		6.25			12-15-2020		150,000		156,104
Colorado PFA Charter School Highline Academy Project		6.75			12-15-2025		455,000		490,090
Colorado PFA Charter School Highline Academy Project		7.38			12-15-2040		4,010,000		4,352,735
									48,008,591
GO Revenue: 0.37%
Arapahoe County CO Copperleaf Metropolitan District #2		5.75			12-1-2045		500,000		524,300
Arapahoe County CO Littleton Metropolitan School District #6		5.50			12-1-2043		9,900,000		12,496,077
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A		5.25			12-1-2047		1,000,000		1,048,150
Aurora CO Park 70 Metropolitan District		5.00			12-1-2046		1,000,000		1,097,020
Colorado International Center Metropolitan District #3 Refunding Bonds		4.63			12-1-2031		635,000		640,880
Colorado Parker Homestead Metropolitan District Refunding and Improvement Bonds Series 2016		5.63			12-1-2044		1,000,000		1,057,340
Weld County CO Eaton Area Park & Recreation District Series 2015		5.50			12-1-2038		1,075,000		1,140,382
Wheatlands CO Metropolitan District #2 Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			12-1-2030		500,000		588,940
									18,593,089
Health Revenue: 0.52%
Aspen Valley Hospital District Refunding Bonds Series 2012		5.00			10-15-2033		600,000		642,498
Colorado Health Facilities Authority Catholic Health Initiatives Series A		5.00			7-1-2039		14,260,000		14,298,787
Colorado Health Facilities Authority Catholic Health Initiatives Series D-1		6.25			10-1-2033		5,000,000		5,035,700
Colorado Health Facilities Authority Evangelical Lutheran Good Samaritan Society Series 2015A		5.00			6-1-2040		1,000,000		1,114,150
Colorado Health Facilities Authority Frasier Meadows Retirement Community Project Series 2017A		5.25			5-15-2047		1,000,000		1,110,710
Colorado Health Facilities Authority Sisters of Charity Leavenworth Health System Series 2013A		5.50			1-1-2035		1,000,000		1,142,330
Colorado Health Facilities Authority Sunny Vista Living Center Series 2015A 144A		5.00			12-1-2025		670,000		692,257
Denver CO Health & Hospital Authority Refunding Bonds Series 2017A 144A		5.00			12-1-2034		500,000		580,000
University of Colorado Hospital Authority Series A		6.00			11-15-2029		2,000,000		2,034,480
									26,650,912
Miscellaneous Revenue: 0.57%
Aurora CO Certificate of Participation Refunding Bonds Series 2009A		5.00			12-1-2027		2,000,000		2,029,320
Aurora CO E-470 Public Highway Authority CAB Series A (National Insured) ¤		0.00			9-1-2034		4,000,000		2,480,560
Colorado Bridge Enterprise Revenue		4.00			12-31-2029		2,705,000		3,031,818
Colorado Bridge Enterprise Revenue		4.00			6-30-2030		3,115,000		3,479,922
Colorado Bridge Enterprise Revenue		4.00			6-30-2031		665,000		738,449
Colorado Regional Transportation District Certificate of Participation Series 2010A		5.38			6-1-2031		2,500,000		2,583,150

Wells Fargo Municipal Bond Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Colorado Regional Transportation District Certificate of Participation Series 2014A		5.00	%		6-1-2044	$	2,000,000	$	2,214,820
Denver CO School District #1 Certificate of Participation Series B		5.00			12-15-2035		1,000,000		1,173,830
Denver CO School District #1 Certificate of Participation Series B		5.00			12-15-2045		1,200,000		1,384,860
Fremont County CO Finance Corporation Certificate of Participation Series 2013		5.25			12-15-2038		1,265,000		1,366,681
Garfield County CO Public Library District Lease Purchase Financing Program Series 2009		5.00			12-1-2026		715,000		725,875
Longmont CO Certificate of Participation Series 2014		5.00			12-1-2034		1,000,000		1,125,740
Platte Valley CO Fire Protection District Series 2012		5.00			12-1-2036		325,000		345,420
Westminster CO Certificate of Participation Series 2015A		5.00			12-1-2035		2,000,000		2,355,120
Westminster CO Public Schools Certificate of Participation Series 2019 (AGM Insured)		5.00			12-1-2048		3,500,000		4,140,220
									29,175,785
Tax Revenue: 1.39%
City of Commerce City CO Sales and Use Tax Revenue Bonds Series 2014 (AGM Insured)		5.00			8-1-2044		1,250,000		1,405,100
Colorado Park Creek Metropolitan District Refunding Bonds Series A		5.00			12-1-2045		500,000		557,715
Colorado Regional Transportation District Fastracks Project Revenue Bonds Series 2013A		5.00			11-1-2031		1,000,000		1,110,950
Denver CO City & County Excise Tax Series A (AGC Insured)		6.00			9-1-2021		2,000,000		2,015,460
Denver CO City & County Refunding and Improvement Bonds Series A		5.00			8-1-2044		3,000,000		3,506,880
Regional Transportation District Colorado Fastracks Project Series A		5.00			11-1-2041		50,945,000		60,223,613
Thornton CO Development Authority East 144th Avenue and I-25 Project Series B		5.00			12-1-2034		1,375,000		1,585,815
									70,405,533
Transportation Revenue: 0.16%
Colorado E-470 Public Highway Authority CAB Series B (National Insured) ¤		0.00			9-1-2022		4,600,000		4,350,220
Colorado High Performance Transportation Enterprise US 36 & I-25 Managed Lanes		5.75			1-1-2044		3,360,000		3,675,134
									8,025,354
Utilities Revenue: 0.07%
Colorado Springs CO Utilities System Improvement Bonds Series 2013 B-2		5.00			11-15-2038		3,000,000		3,383,100
Water & Sewer Revenue: 0.13%
Aurora CO Water Revenue Refunding Bond First Lien		5.00			8-1-2046		5,000,000		5,871,150
East Cherry Creek Valley CO Water and Sanitation District		5.00			11-15-2032		750,000		887,880
									6,759,030
									216,958,228
Connecticut: 0.81%
GO Revenue: 0.18%
Hamden CT BAN		5.00			8-15-2026		1,235,000		1,373,431
Hartford CT Series A		5.00			4-1-2028		3,165,000		3,510,808
Hartford CT Series B		5.00			4-1-2025		1,220,000		1,362,606
Hartford CT Series B		5.00			4-1-2026		1,470,000		1,638,315
Hartford CT Series B		5.00			4-1-2027		1,000,000		1,111,250
									8,996,410

16  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.10%
Connecticut General Obligation Bonds 2012 Series E		5.00	%		9-15-2032	$	4,860,000	$	5,295,359
Tax Revenue: 0.53%
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2014A		5.00			9-1-2028		10,105,000		11,661,877
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2018B		5.00			10-1-2036		5,000,000		6,007,850
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2018B		5.00			10-1-2037		7,500,000		8,980,650
									26,650,377
									40,942,146
Delaware: 0.29%
Education Revenue: 0.20%
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A		7.00			9-1-2045		7,500,000		8,070,600
Kent County DE Charter School Incorporated Project		7.38			5-1-2037		2,110,000		2,232,422
									10,303,022
Transportation Revenue: 0.09%
Delaware Transportation Authority US 301 Project		5.00			6-1-2055		3,950,000		4,459,985
									14,763,007
District of Columbia: 0.93%
Education Revenue: 0.04%
District of Columbia Cesar Chavez Public Charter School		6.50			11-15-2021		2,265,000		2,301,761
GO Revenue: 0.12%
District of Columbia		5.00			6-1-2037		5,000,000		6,014,650
Miscellaneous Revenue: 0.45%
District of Columbia		5.00			10-15-2044		10,000,000		12,193,300
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-BAML8002 (Bank of America NA LOC, Bank of America NA LIQ) 144Aø		1.98			3-1-2052		10,450,000		10,450,000
									22,643,300
Tax Revenue: 0.32%
District of Columbia Income Tax Secured Series G		5.00			12-1-2036		15,000,000		16,191,450
									47,151,161
Florida: 4.99%
Airport Revenue: 1.51%
Broward County FL Airport System Revenue Bond AMT Series 2015A		5.00			10-1-2036		12,440,000		14,228,001
Greater Orlando FL Aviation Authority Series A		5.00			10-1-2046		3,000,000		3,468,420
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series A		5.00			10-1-2048		7,000,000		8,218,700
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series B		5.00			10-1-2040		1,000,000		1,141,370
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series E		5.00			10-1-2048		10,000,000		11,785,500

Wells Fargo Municipal Bond Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Airport Revenue (continued)
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series F		5.00	%		10-1-2048	$	17,000,000	$	20,403,400
Jacksonville FL Port Authority Series B		5.00			11-1-2044		4,080,000		4,873,805
Jacksonville FL Port Authority Series B		5.00			11-1-2048		9,870,000		11,734,048
Miami-Dade County FL Seaport AMT Series B		6.00			10-1-2033		500,000		576,220
									76,429,464
Education Revenue: 0.60%
Capital Trust Agency Florida Educational Facilities Revenue Renaissance Charter School Incorporated 144A		5.00			6-15-2039		3,610,000		3,740,646
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A		8.50			6-15-2044		13,290,000		15,257,186
Florida Higher Educational Facilities Authority Jacksonville University Project Series A-1 144A		5.00			6-1-2048		2,000,000		2,168,940
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A		5.00			9-1-2025		530,000		579,672
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A		5.00			9-1-2028		1,195,000		1,300,638
Pinellas County FL Educational Facilities Authority Barry University Project		5.00			10-1-2027		1,600,000		1,704,064
Seminole County FL IDA Choices in Learning Series A		6.20			11-15-2026		1,535,000		1,622,142
Seminole County FL IDA Choices in Learning Series A		7.38			11-15-2041		3,525,000		3,801,572
									30,174,860
GO Revenue: 0.64%
Miami-Dade County FL School District		5.00			3-15-2046		15,000,000		17,368,950
Miami-Dade County FL Series 2014-A		5.00			7-1-2043		12,935,000		15,034,609
									32,403,559
Health Revenue: 0.84%
ACTS Retirement Life Communities Incorporated Obligated Group Escambia County Health Facilities Authority Refunding Bonds Series 2003B (AGC Insured, TD Bank NA SPA) ø		2.05			11-15-2029		1,475,000		1,475,000
Atlantic Beach FL Health Care Facilities Fleet Landing Project Series B		5.63			11-15-2043		5,000,000		5,569,450
Collier County FL IDA NCH Healthcare System Project		6.25			10-1-2039		17,015,000		18,324,985
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project		6.00			11-1-2038		2,500,000		2,500,350
Lee County FL IDA Shell Point Alliance %%		5.00			11-15-2049		6,350,000		7,283,260
Lee Memorial Health System Series B ø		2.13			4-1-2049		2,000,000		2,000,000
St. Petersburg FL Health Facilities Authority All Children’s Project Series A		6.50			11-15-2039		5,500,000		5,603,675
									42,756,720
Housing Revenue: 0.07%
Florida Housing Finance Corporation Journet Place Apartments Series 1		7.60			12-15-2047		790,000		960,198
Florida Housing Finance Corporation Villa Capri Phase III		7.60			12-15-2042		2,615,000		2,745,384
									3,705,582
Industrial Development Revenue: 0.04%
Florida Development Finance Corporation 144A		5.00			5-1-2029		2,000,000		2,182,220
Miscellaneous Revenue: 0.43%
CityPlace Florida Community Development District		5.00			5-1-2022		1,000,000		1,088,620
Collier County FL School Board Refunding Bond Certificate of Participation (AGM Insured)		5.25			2-15-2021		1,000,000		1,062,580

18  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Hillsborough County FL		5.00	%		10-1-2038	$	8,000,000	$	9,325,440
Indigo FL Community Development District Series C ††		1.40			5-1-2030		2,248,150		1,573,705
Lakeside Plantation FL Community Development District Series A		6.95			5-1-2031		1,041,000		1,042,228
Marshall Creek Florida Community Development District ††		5.00			5-1-2032		1,870,000		1,809,655
Marshall Creek Florida Community Development District		6.32			5-1-2045		125,000		120,076
Orlando FL Capital Improvement Special Revenue Series B		5.00			10-1-2033		1,525,000		1,766,758
Orlando FL Capital Improvement Special Revenue Series B		5.00			10-1-2035		1,680,000		1,946,532
Orlando FL Capital Improvement Special Revenue Series B		5.00			10-1-2036		1,765,000		2,039,846
									21,775,440
Resource Recovery Revenue: 0.08%
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144A		5.00			8-1-2029		4,000,000		4,237,280
Tax Revenue: 0.40%
Florida Board of Education Public Education Refunding Capital Outlay Series D		4.00			6-1-2031		8,000,000		8,499,760
Florida Board of Education Series E		5.00			6-1-2031		10,065,000		11,995,064
									20,494,824
Utilities Revenue: 0.10%
Jacksonville FL Electric Authority Subordinate Revenue Bonds 2012 Series A		4.00			10-1-2031		5,040,000		5,158,037
Water & Sewer Revenue: 0.28%
Charlotte County FL IDA 144A		5.00			10-1-2034		1,000,000		1,073,240
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured)		5.00			11-1-2031		1,155,000		1,275,813
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured)		5.00			11-1-2032		1,465,000		1,614,972
Florida Keys Aqueduct Authority Series A		5.00			9-1-2041		2,750,000		3,173,775
Viera East Florida Community Development District Water Management Project (National Insured)		5.75			5-1-2020		2,020,000		2,075,914
Viera East Florida Community Development District Water Management Project (National Insured)		5.75			5-1-2021		2,140,000		2,269,534
Viera East Florida Community Development District Water Management Project (National Insured)		5.75			5-1-2022		2,265,000		2,478,839
									13,962,087
									253,280,073
Georgia: 3.06%
Education Revenue: 0.20%
Cobb County GA Development Authority Charter Learning Center Foundation Central Project Series A ††		4.38			7-1-2025		1,705,000		1,468,380
Georgia Private Colleges & Universities Authority Mercer University Project		5.00			10-1-2040		5,000,000		5,543,350
Georgia Private Colleges & Universities Authority Series A		5.25			10-1-2027		2,655,000		2,856,010
									9,867,740
Health Revenue: 0.37%
Fulton County GA Development Authority Hospital Revenue Bond Series A		5.00			4-1-2047		2,250,000		2,591,280
Gainesville & Hall Counties GA Development Authority Senior Living Facilities Lanier Village Series B (AGC Insured, TD Bank NA SPA) ø		2.05			11-15-2033		6,825,000		6,825,000

Wells Fargo Municipal Bond Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
Gainesville GA Hospital Authority Series C ø		2.12	%		2-15-2047	$	6,645,000	$	6,645,000
The Glynn-Brunswick Memorial Hospital Authority Revenue Anticipation Certificates Series 2015		5.00			8-1-2034		2,580,000		2,913,439
									18,974,719
Transportation Revenue: 0.11%
Georgia Road & Tollway Authority CAB I-75 South Expressway Lanes Project Series A 144A¤		0.00			6-1-2034		3,750,000		1,466,063
Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B 144A¤		0.00			6-1-2049		5,600,000		4,168,248
									5,634,311
Utilities Revenue: 2.38%
Appling County GA Development Authority Oglethorpe Power Corporation Hatch Project		2.40			1-1-2038		16,530,000		16,620,217
Bartow County GA Development Authority		2.75			12-1-2032		20,000,000		20,511,800
Burke County GA Development Authority		2.93			11-1-2053		14,750,000		15,280,263
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Series 2		2.93			11-1-2048		10,000,000		10,359,500
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F		3.00			11-1-2045		5,000,000		5,094,550
Georgia Municipal Electric Authority Power Series EE (Ambac Insured)		7.25			1-1-2024		400,000		490,456
Main Street Natural Gas Incorporated Georgia Gas Project Series A (Royal Bank of Canada LIQ)		4.00			3-1-2023		1,000,000		1,084,780
Main Street Natural Gas Incorporated Georgia Gas Project Series A		5.00			5-15-2032		3,745,000		4,505,422
Main Street Natural Gas Incorporated Georgia Gas Project Series B		4.00			8-1-2049		20,000,000		22,186,200
Main Street Natural Gas Incorporated Georgia Gas Project Series C		4.00			8-1-2048		15,000,000		16,387,950
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ)		4.00			4-1-2048		2,900,000		3,158,158
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ±		2.39			4-1-2048		5,100,000		5,044,461
									120,723,757
									155,200,527
Guam: 0.13%
Airport Revenue: 0.01%
Guam Port Authority Private Activity-AMT Bond Series 2018B		5.00			7-1-2030		500,000		585,070
Housing Revenue: 0.00%
Guam Housing Corporation Guaranteed Mortgage-Backed Securities Series A (FHLMC Insured)		5.75			9-1-2031		60,000		61,180
Miscellaneous Revenue: 0.08%
Guam Government Limited Obligation Bonds Section 30 Series A		5.38			12-1-2024		3,195,000		3,249,603
Guam Government Limited Obligation Bonds Section 30 Series A		5.75			12-1-2034		500,000		509,315
									3,758,918
Tax Revenue: 0.02%
Guam Government Business Privilege Tax Series A		5.00			1-1-2031		1,000,000		1,050,110
Water & Sewer Revenue: 0.02%
Guam Government Waterworks Authority Series 2013		5.25			7-1-2023		1,000,000		1,117,830
									6,573,108

20  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Hawaii: 0.43%
Airport Revenue: 0.37%
Hawaii Airports System Revenue Series A		5.00	%		7-1-2048	$	7,000,000	$	8,235,430
Hawaii AMT Series A		5.00			7-1-2041		9,500,000		10,775,470
									19,010,900
GO Revenue: 0.06%
Hawaii Prerefunded Bond Series DZ		5.00			12-1-2031		1,670,000		1,815,106
Hawaii Unrefunded Bond Series DZ		5.00			12-1-2031		1,030,000		1,120,774
									2,935,880
									21,946,780
Idaho: 0.10%
Education Revenue: 0.10%
Idaho Housing & Finance Association Idaho Arts Charter School Incorporated Project Series A		5.75			12-1-2032		500,000		544,455
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A		5.85			5-1-2033		670,000		701,932
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A		6.25			5-1-2043		1,365,000		1,430,479
Idaho Housing & Finance Association Liberty Charter School Series A		6.00			6-1-2038		500,000		500,890
Idaho Housing & Finance Association Nonprofit CAB North Star Charter School Series B 144A¤		0.00			7-1-2049		1,276,564		225,735
Idaho Housing & Finance Association Nonprofit North Star Charter School Series A		6.75			7-1-2048		1,322,876		1,433,032
									4,836,523
Illinois: 12.85%
Airport Revenue: 0.60%
Chicago IL O’Hare International Airport AMT Passenger Facility Charge Series B		5.00			1-1-2026		5,000,000		5,405,400
Chicago IL O’Hare International Airport AMT Senior Lien Series C		5.50			1-1-2044		4,000,000		4,435,960
Chicago IL O’Hare International Airport Customer Facility Charge Senior Lien (AGM Insured)		5.50			1-1-2043		4,530,000		5,070,746
Chicago IL O’Hare International Airport Customer Facility Charge Senior Lien Series D		5.75			1-1-2043		4,500,000		5,075,010
Chicago IL O’Hare International Airport Senior Lien Series B		5.00			1-1-2039		8,000,000		9,342,000
Chicago IL O’Hare International Airport Transportation Infrastructure Properties Obligated Group		5.00			7-1-2038		1,000,000		1,157,320
									30,486,436
Education Revenue: 0.46%
Illinois Finance Authority Charter Schools Project Series A		6.25			9-1-2039		7,955,000		8,873,087
Illinois Finance Authority Charter Schools Refunding & Improvement Bonds Series A		6.88			10-1-2031		1,655,000		1,777,553
Illinois Finance Authority Student Housing Illinois State University		6.75			4-1-2031		8,000,000		8,740,320
University of Illinois Auxiliary Facilities Systems CAB Series A (National Insured) ¤		0.00			4-1-2026		2,355,000		2,013,666
University of Illinois Auxiliary Facilities Systems CAB Series A (National Insured) ¤		0.00			4-1-2027		2,435,000		2,016,545
									23,421,171

Wells Fargo Municipal Bond Fund  |  21

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue: 3.79%
Champaign & Piatt Counties IL School Series A (AGM Insured)		5.00	%		10-1-2021	$	1,890,000	$	2,028,254
Chicago IL Board of Education CAB City Colleges (National Insured) ¤		0.00			1-1-2025		9,935,000		8,513,103
Chicago IL Board of Education CAB School Reform Series A (National Insured) ¤		0.00			12-1-2020		1,000,000		964,100
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) ¤		0.00			12-1-2023		2,930,000		2,596,273
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) ¤		0.00			12-1-2026		4,245,000		3,416,801
Chicago IL CAB City Colleges (National Insured) ¤		0.00			1-1-2030		5,995,000		4,270,059
Chicago IL CAB Project & Refunding Bond Series C (AGM Insured) ¤		0.00			1-1-2026		7,360,000		6,145,747
Chicago IL Neighborhoods Alive 21 Program Series B		5.50			1-1-2032		1,285,000		1,426,350
Chicago IL Neighborhoods Alive 21 Program Series B		5.50			1-1-2034		1,500,000		1,657,920
Chicago IL Series A (National Insured)		5.00			1-1-2029		3,835,000		3,846,620
Chicago IL Series A		5.50			1-1-2034		7,175,000		7,930,384
Chicago IL Series A		5.50			1-1-2035		1,715,000		1,891,662
Chicago IL Series A (AGM Insured)		5.00			1-1-2028		9,550,000		9,742,910
Chicago IL Series A		5.50			1-1-2033		12,730,000		14,101,912
Cook County IL Series A		5.25			11-15-2022		3,000,000		3,145,200
Cook County IL Series C (AGM Insured)		5.00			11-15-2024		4,240,000		4,694,316
Cook County IL Series C		5.00			11-15-2025		2,140,000		2,340,668
Cook County IL Series C		5.00			11-15-2027		325,000		353,886
Cook County IL Series G		5.00			11-15-2028		27,000,000		28,091,880
Illinois (AGM Insured)		5.00			4-1-2026		3,000,000		3,380,310
Illinois		5.50			1-1-2030		2,900,000		3,471,126
Illinois Series 1 (National Insured)		6.00			11-1-2026		3,200,000		3,753,376
Illinois Series A (AGM Insured)		5.00			4-1-2024		3,000,000		3,320,130
Kane, Cook & DuPage Counties IL Refunding Bond Series D		5.00			1-1-2033		2,000,000		2,222,720
Kane, Cook & DuPage Counties IL Refunding Bond Series D		5.00			1-1-2028		800,000		902,056
Kane, Cook & DuPage Counties IL School District #46 CAB Series B (Ambac Insured) ¤		0.00			1-1-2023		8,215,000		7,775,087
Kane, Cook & DuPage Counties IL School District #46 CAB Series B (Ambac Insured) ¤		0.00			1-1-2023		16,725,000		15,615,464
Kane, Cook & DuPage Counties IL School District #46 Elgin Refunding Bond Series D		5.00			1-1-2035		1,850,000		2,045,434
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤		0.00			2-1-2025		805,000		712,723
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤		0.00			2-1-2026		5,050,000		4,347,949
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤		0.00			2-1-2027		12,050,000		10,064,883
Lake County IL School District #24 Millburn CAB (National Insured) ¤		0.00			1-1-2024		2,000,000		1,775,060
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) ¤		0.00			2-1-2020		1,250,000		1,232,875
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) ¤		0.00			2-1-2021		1,325,000		1,273,908
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) ¤		0.00			2-1-2024		5,385,000		4,729,699
Lake County IL Township High School District #126 Zion-Benton CAB (National Insured) ¤		0.00			2-1-2020		910,000		900,172
McHenry & Kane Counties IL Community Consolidated School District #158		5.63			1-15-2032		2,500,000		2,722,850
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (AGM/FGIC Insured) ¤		0.00			1-1-2023		805,000		747,966
Metropolitan Water Reclamation District of Greater Chicago Refunding Bond Series C		5.25			12-1-2032		1,500,000		1,941,540
Tazewell County IL School District #51 (National Insured)		9.00			12-1-2023		350,000		449,946
Will & Cook Counties IL Lincoln-Way Community High School District #210 CAB Series B ¤		0.00			1-1-2032		400,000		247,748

22  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Will & Cook Counties IL Lincoln-Way Community High School District #210 Refunding Bond Series A		5.00	%		1-1-2028	$	500,000	$	527,715
Will County IL Community Unit School (National Insured) ¤		0.00			11-1-2020		2,110,000		2,058,326
Will County IL Community Unit School District #201 Crete-Monee Prerefunded Bond CAB (National Insured) ¤		0.00			11-1-2023		430,000		399,436
Will County IL Community Unit School District #201 Crete-Monee Unrefunded Bond CAB (National Insured) ¤		0.00			11-1-2023		1,070,000		971,763
Will County IL Lincoln-Way Community High School District #210 CAB Series B ¤		0.00			1-1-2033		2,830,000		1,668,172
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤		0.00			1-1-2026		7,000,000		5,848,920
									192,265,399
Health Revenue: 0.22%
Illinois Finance Authority Advocate Health Care		4.00			6-1-2047		3,000,000		3,081,390
Illinois Finance Authority Centegra Health System Project		5.00			9-1-2020		1,465,000		1,525,475
Illinois Finance Authority Friendship Village of Schaumberg		5.00			2-15-2022		1,680,000		1,702,109
Illinois Finance Authority Northwestern Memorial Hospital Project Series A		6.00			8-15-2039		5,000,000		5,027,550
									11,336,524
Miscellaneous Revenue: 0.89%
Chicago IL Board Education Series C		5.00			12-1-2020		4,600,000		4,766,106
Chicago IL Board of Education Series C		5.00			12-1-2021		7,240,000		7,617,494
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		5,250,000		5,297,355
Illinois		5.00			8-1-2024		2,000,000		2,151,120
Illinois		5.00			8-1-2025		6,165,000		6,619,484
Illinois		5.25			7-1-2030		2,500,000		2,723,825
Illinois		5.50			7-1-2025		6,000,000		6,662,640
Illinois		5.50			7-1-2026		4,450,000		4,939,767
Illinois Series 2013		5.50			7-1-2038		4,000,000		4,364,200
									45,141,991
Tax Revenue: 5.52%
Chicago IL Motor Fuel Refunding Bond		5.00			1-1-2026		4,000,000		4,293,360
Chicago IL Motor Fuel Refunding Bond		5.00			1-1-2028		1,000,000		1,067,760
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2024		680,000		738,310
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2025		2,595,000		2,799,797
Chicago IL Refunding Bonds Series 2002		5.00			1-1-2028		4,430,000		5,255,486
Chicago IL Refunding Bonds Series 2002		5.00			1-1-2029		1,500,000		1,779,510
Chicago IL Series A		5.25			1-1-2038		6,000,000		6,569,580
Chicago IL Transit Authority Sales Tax Receipts Bonds (AGM Insured)		5.00			12-1-2044		4,000,000		4,467,920
Chicago IL Transit Authority Sales Tax Receipts Bonds		5.00			12-1-2046		18,250,000		20,463,360
Cook County IL Sales Tax Revenue Bonds Series 2012		5.00			11-15-2037		2,500,000		2,683,100
Illinois Regional Transportation Authority (AGM Insured)		5.75			6-1-2023		400,000		450,684
Illinois Regional Transportation Authority Series A		5.00			6-1-2044		22,840,000		25,330,702
Illinois Regional Transportation Authority Series A (National Insured)		6.00			7-1-2027		10,620,000		13,375,465
Illinois Regional Transportation Authority Series A (National Insured)		6.00			7-1-2033		5,000,000		6,860,600
Illinois Regional Transportation Authority Series B (National Insured)		5.50			6-1-2027		16,455,000		19,818,567
Illinois Sales Tax Revenue Build Illinois Bond		5.00			6-15-2029		3,000,000		3,147,390
Illinois Sales Tax Revenue Build Illinois Bonds Junior Obligation Series C		4.00			6-15-2029		10,580,000		11,238,922
Illinois Sales Tax Securitization Series C		5.00			1-1-2022		2,000,000		2,143,420

Wells Fargo Municipal Bond Fund  |  23

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Illinois Sales Tax Securitization Series C		5.00	%		1-1-2023	$	2,500,000	$	2,742,350
Illinois Sales Tax Securitization Series C		5.00			1-1-2024		2,500,000		2,805,000
Illinois Sales Tax Series C		4.00			6-15-2031		5,000,000		5,225,300
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2021		7,705,000		7,316,745
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2022		2,295,000		2,114,292
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2024		17,570,000		15,158,518
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2025		2,575,000		2,142,529
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2026		2,030,000		1,628,771
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2025		3,745,000		4,230,240
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2026		4,775,000		5,374,597
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2027		8,845,000		9,916,660
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2028		4,030,000		4,506,265
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.25			6-15-2032		3,500,000		3,903,830
Illinois State Sales Tax Revenue Bond Junior Obligation Tax Exempt Series A (Build America Mutual Assurance Company Insured)		4.00			6-15-2034		2,000,000		2,144,800
Illinois State Sales Tax Revenue Bond Junior Obligation Tax Exempt Series A (Build America Mutual Assurance Company Insured)		4.13			6-15-2037		1,945,000		2,083,290
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0108 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		2.08			4-1-2046		10,000,000		10,000,000
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) ¤		0.00			12-15-2026		12,245,000		10,055,104
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) ¤		0.00			12-15-2030		25,700,000		18,086,118
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) ¤		0.00			6-15-2031		10,035,000		6,912,509
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) ¤		0.00			12-15-2031		9,800,000		6,609,414
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (National Insured) ¤		0.00			6-15-2029		12,085,000		9,064,959
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00			12-15-2028		5,000,000		5,328,600
Southwestern Illinois Development Authority Local Government Program Collinsville Limited		5.00			3-1-2025		2,400,000		1,973,040
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF0779 (Build America Mutual Assurance Company Insured, TD Bank NA LIQ) 144Aø		1.98			1-1-2048		8,000,000		8,000,000
									279,806,864
Tobacco Revenue: 0.07%
Railsplitter IL Tobacco Settlement Authority		5.00			6-1-2024		3,000,000		3,449,220
Transportation Revenue: 0.18%
Chicago IL Public Building Commission Transit Authority (Ambac Insured)		5.25			3-1-2025		2,960,000		3,396,067
Chicago IL Public Building Commission Transit Authority (Ambac Insured)		5.25			3-1-2027		3,400,000		3,990,342

24  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue (continued)
Illinois Toll Highway Authority Toll Senior Series B		5.00	%		1-1-2039	$	1,500,000	$	1,660,635
									9,047,044
Utilities Revenue: 0.45%
Illinois Finance Authority Clean Water Initiative		4.00			7-1-2038		5,000,000		5,569,650
Illinois Municipal Electric Agency Power Supply System Series A		5.00			2-1-2030		7,000,000		8,167,810
Illinois Municipal Electric Agency Power Supply System Series A		5.00			2-1-2031		8,000,000		9,316,800
									23,054,260
Water & Sewer Revenue: 0.67%
Chicago IL Second Lien		5.00			11-1-2029		4,600,000		4,992,242
Chicago IL Wastewater Refunding Second Lien Series C		5.00			1-1-2039		5,000,000		5,508,750
Chicago IL Wastewater Transmission Second Lien Series 2012		5.00			1-1-2027		5,000,000		5,355,550
Chicago IL Wastewater Transmission Second Lien Series 2014		5.00			1-1-2039		11,525,000		12,447,922
Chicago IL Waterworks Second Lien Series 2012		5.00			11-1-2030		5,000,000		5,421,750
									33,726,214
									651,735,123
Indiana: 0.89%
Health Revenue: 0.34%
Indiana Finance Authority Health System Revenue Bonds Franciscan Alliance Incorporated Obligated Group Series C		4.00			11-1-2033		12,885,000		14,144,251
Indiana Health Facility Financing Authority Ascension Health Credit Group		5.00			11-15-2034		2,750,000		3,200,670
									17,344,921
Industrial Development Revenue: 0.34%
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A		5.00			7-1-2035		9,970,000		10,934,298
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A		5.00			7-1-2040		2,470,000		2,688,916
Valparaiso IN Pratt Paper LLC Project		5.88			1-1-2024		825,000		900,215
Whiting IN		5.00			3-1-2046		2,500,000		2,776,625
									17,300,054
Miscellaneous Revenue: 0.14%
Carmel IN Local Public Improvement Multipurpose Bonds		5.00			7-15-2031		6,000,000		7,129,020
Utilities Revenue: 0.07%
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0115 (JPMorgan Chase & Company LIQ) 144Aø		2.15			10-15-2019		3,500,000		3,500,000
									45,273,995
Iowa: 0.32%
GO Revenue: 0.04%
Altoona IA Annual Appropriation Urban Renewal Series C		5.00			6-1-2031		1,805,000		2,107,356
Housing Revenue: 0.20%
Iowa Finance Authority Single Family Mortgage Revenue Series B (GNMA/FNMA/FHLMC Insured, U.S. Bank NA SPA) ø		1.88			7-1-2047		10,000,000		10,000,000

Wells Fargo Municipal Bond Fund  |  25

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.08%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		2.40	%		4-1-2022	$	4,000,000	$	4,000,000
									16,107,356
Kansas: 0.79%
Tax Revenue: 0.79%
Kansas Department of Transportation Series C		4.00			9-1-2030		6,650,000		7,134,519
Kansas Department of Transportation Series C		4.00			9-1-2031		10,000,000		10,713,600
Kansas Department of Transportation Series C		4.00			9-1-2032		7,500,000		8,031,150
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤		0.00			9-1-2034		35,400,000		14,037,162
									39,916,431
Kentucky: 1.38%
Health Revenue: 0.24%
Kentucky EDFA Norton Healthcare Incorporated Series B (National Insured) ¤		0.00			10-1-2024		9,260,000		8,167,505
Kentucky EDFA Norton Healthcare Incorporated Series B (National Insured) ¤		0.00			10-1-2028		5,140,000		4,013,415
									12,180,920
Transportation Revenue: 0.13%
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00			7-1-2030		2,000,000		1,265,360
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00			7-1-2031		2,780,000		1,628,302
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤		0.00			7-1-2032		2,500,000		1,359,475
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C ¤		0.00			7-1-2033		1,000,000		1,057,310
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C ¤		0.00			7-1-2034		1,505,000		1,585,939
									6,896,386
Utilities Revenue: 1.01%
Kentucky Public Energy Authority Gas Supply Series A-1		4.00			12-1-2049		7,750,000		8,546,158
Kentucky Public Energy Authority Gas Supply Series A-2		4.00			4-1-2048		8,000,000		8,696,240
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		15,750,000		17,379,180
Kentucky Public Energy Authority Gas Supply Series C		4.00			12-1-2049		15,000,000		16,527,600
									51,149,178
									70,226,484
Louisiana: 0.53%
Airport Revenue: 0.30%
New Orleans LA Aviation Board AMT Series B (AGM Insured)		5.00			1-1-2033		3,000,000		3,397,050
New Orleans LA Aviation Board AMT Series B		5.00			1-1-2034		4,500,000		5,071,635
New Orleans LA Aviation Board General Airport North Terminal Project Series 2017B		5.00			1-1-2048		1,145,000		1,300,148
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2036		1,250,000		1,481,950

26  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Airport Revenue (continued)
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured)		5.00	%		1-1-2037	$	1,750,000	$	2,065,123
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2038		1,500,000		1,766,055
									15,081,961
GO Revenue: 0.04%
New Orleans LA (FGIC Insured)		5.50			12-1-2021		2,050,000		2,155,821
Miscellaneous Revenue: 0.15%
Louisiana Series D		4.00			9-1-2032		7,005,000		7,762,311
Water & Sewer Revenue: 0.04%
Shreveport LA Series B (AGM Insured)		4.00			12-1-2036		730,000		809,811
Shreveport LA Series B (AGM Insured)		4.00			12-1-2044		1,000,000		1,087,040
									1,896,851
									26,896,944
Maine: 0.24%
Resource Recovery Revenue: 0.24%
Old Town ME Georgia-Pacific Corporation Project 144Aø		2.11			12-1-2024		11,930,000		11,930,000
Maryland: 0.94%
Education Revenue: 0.35%
Maryland Economic Development Corporation Salisbury University Project		5.00			6-1-2027		235,000		248,891
Maryland Economic Development Corporation Salisbury University Project		5.00			6-1-2030		200,000		210,448
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A		5.75			8-1-2033		1,585,000		1,653,821
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A		6.90			8-1-2041		8,480,000		9,172,392
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A		7.00			8-1-2046		6,085,000		6,618,655
									17,904,207
Housing Revenue: 0.47%
Maryland CDA Department of Housing & Community Multifamily Development Bay Country Apartments 144A		2.52			2-1-2021		9,000,000		9,046,710
Maryland CDA Department of Housing & Community Multifamily Development Huntington Apartments Series C 144A		2.34			4-1-2021		7,000,000		7,026,880
Maryland CDA Department of Housing & Community Multifamily Development Park View Woodlawn Series E		2.41			5-1-2021		7,450,000		7,479,875
									23,553,465
Miscellaneous Revenue: 0.12%
Howard County MD Certificate of Participation Agricultural Land Preservation #90-23 Series A		8.00			8-15-2020		290,000		308,722
Maryland State and Local Facilities Loan Series A		4.00			8-1-2030		5,000,000		5,762,650
									6,071,372
									47,529,044

Wells Fargo Municipal Bond Fund  |  27

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Massachusetts: 2.01%
Education Revenue: 0.14%
Massachusetts Development Finance Agency Sabis International Charter Series A		8.00	%		4-15-2031	$	2,150,000	$	2,190,743
Massachusetts Development Finance Agency Sabis International Charter Series A		8.00			4-15-2039		3,900,000		3,973,905
Massachusetts Educational Financing Authority AMT Series B		5.38			1-1-2020		75,000		76,097
Massachusetts Educational Financing Authority Series I		6.00			1-1-2028		685,000		696,782
									6,937,527
GO Revenue: 0.21%
Massachusetts		5.00			3-1-2041		7,500,000		8,474,475
Massachusetts Series E		5.25			9-1-2048		1,765,000		2,171,074
									10,645,549
Health Revenue: 0.05%
Massachusetts Development Finance Agency Atrius Health Series A		4.00			6-1-2049		2,500,000		2,634,450
Miscellaneous Revenue: 0.23%
Massachusetts Series A		5.00			12-1-2036		10,850,000		11,687,620
Tax Revenue: 1.23%
Massachusetts Series D		4.00			5-1-2036		15,000,000		16,834,950
Massachusetts Series F		5.00			11-1-2041		5,000,000		5,973,300
Massachusetts Transportation Fund		5.00			6-1-2048		33,010,000		39,570,738
									62,378,988
Transportation Revenue: 0.15%
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A		5.00			6-1-2047		6,485,000		7,652,819
									101,936,953
Michigan: 4.88%
Education Revenue: 0.39%
Michigan Finance Authority Limited Obligation Public School Holly Academy		6.50			10-1-2020		70,000		71,768
Michigan Finance Authority Limited Obligation Public School Holly Academy		8.00			10-1-2040		1,350,000		1,441,760
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project 144A		6.50			9-1-2037		3,565,000		2,710,790
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project		8.50			9-1-2029		1,500,000		1,281,480
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project		8.75			9-1-2039		3,500,000		2,758,945
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project		7.00			10-1-2036		1,082,500		1,083,453
Michigan Public Educational Facilities Authority Limited Obligation Madison Academy Project		8.38			12-1-2030		2,085,000		2,173,967
Michigan Public Educational Facilities Authority Limited Obligation Madison Academy Project		8.63			12-1-2039		4,170,000		4,341,179
Oakland County MI Economic Development Corporation The Academy of The Sacred Heart Project Series A		6.50			12-15-2036		4,350,000		3,697,500
									19,560,842

28  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue: 0.32%
Livonia MI Public Schools School District Building & Site Series I		5.00	%		5-1-2026	$	1,075,000	$	1,191,337
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2028		1,450,000		1,600,293
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2029		1,350,000		1,489,145
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2030		1,775,000		1,951,861
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2031		1,425,000		1,562,370
Wayne County MI Building Improvement Series A		6.75			11-1-2039		8,345,000		8,408,505
									16,203,511
Health Revenue: 0.53%
Michigan Finance Authority Trinity Health Credit Group Series A		5.00			12-1-2047		24,620,000		26,756,524
Housing Revenue: 0.19%
Michigan Housing Development Authority Multifamily Housing Revenue Bonds Renaissance Estates of Ecorse Phase II Project		1.78			11-1-2020		9,800,000		9,801,568
Miscellaneous Revenue: 0.61%
Michigan Building Authority Refunding Facilities Program Series I		5.00			4-15-2041		13,000,000		15,156,310
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project		4.00			11-1-2048		6,000,000		6,517,260
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A		7.50			12-1-2020		140,000		143,373
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A		8.00			12-1-2030		1,135,000		1,177,710
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A		8.25			12-1-2039		2,220,000		2,299,964
Michigan Municipal Bond Authority Local Government Loan Program CAB Series G (Ambac Insured) ¤		0.00			5-1-2020		205,000		201,210
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured)		4.00			11-1-2021		80,000		80,133
Michigan Municipal Bond Authority Local Government Loan Program Series B Group A (Ambac Insured)		5.25			12-1-2023		920,000		921,435
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		4.75			5-1-2027		4,610,000		4,612,075
									31,109,470
Tax Revenue: 1.26%
Detroit MI Downtown Development Authority CAB ¤		0.00			7-1-2019		3,050,000		3,050,000
Detroit MI Downtown Development Authority CAB ¤		0.00			7-1-2020		2,070,000		1,989,456
Detroit MI Downtown Development Authority Tax Increment Revenue Refunding Catalyst Development Project Series A (AGM Insured)		5.00			7-1-2021		400,000		425,604
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bond Series F		4.50			10-1-2029		7,000,000		7,560,420
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bond Series B		5.00			7-1-2044		16,845,000		18,242,630
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2031		1,340,000		1,525,778
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2032		2,000,000		2,275,560
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2033		2,975,000		3,382,694
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2034		6,615,000		7,513,912
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2039		7,955,000		9,038,312

Wells Fargo Municipal Bond Fund  |  29

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Michigan Finance Authority Refunding Bond Local Government Loan Program Public Lighting Authority Series B		5.00	%		7-1-2039	$	7,895,000	$	8,585,813
									63,590,179
Utilities Revenue: 0.09%
Michigan Strategic Fund Limited Obligation Detroit Edison Company Exempt Facilities Project		1.45			8-1-2029		3,500,000		3,486,070
Michigan Strategic Fund Limited Obligation Detroit Edison Company Exempt Facilities Project Series KT		5.63			7-1-2020		1,200,000		1,246,740
									4,732,810
Water & Sewer Revenue: 1.49%
Detroit MI Water Supply System Second Lien Series B (AGM Insured)		7.00			7-1-2036		9,675,000		9,675,000
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C		5.00			7-1-2036		8,500,000		9,881,335
Great Lakes Michigan Water Authority Water Supply System Series 2016-D		4.00			7-1-2032		11,000,000		11,910,360
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured)		4.00			7-1-2033		11,000,000		11,909,920
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-4		5.00			7-1-2031		6,500,000		7,424,235
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-6 (National Insured)		5.00			7-1-2036		3,250,000		3,667,268
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2025		2,000,000		2,320,680
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2026		1,945,000		2,232,724
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2027		2,260,000		2,610,752
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2028		3,480,000		4,011,083
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2032		5,750,000		6,538,843
Michigan Finance Authority Local Government Loan Program Series C		5.00			7-1-2035		2,000,000		2,296,640
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Series D-6 (National Insured)		5.00			7-1-2027		1,000,000		1,155,720
									75,634,560
									247,389,464
Minnesota: 0.20%
Health Revenue: 0.11%
Minneapolis MN Fairview Health Services Series 2018A		4.00			11-15-2048		2,315,000		2,477,907
Shakopee MN Senior Housing Revenue 144A		5.85			11-1-2058		3,000,000		3,149,010
									5,626,917
Utilities Revenue: 0.09%
Rochester MN Electric Utility Revenue Refunding Series A		5.00			12-1-2042		3,895,000		4,568,952
									10,195,869
Mississippi: 0.38%
Industrial Development Revenue: 0.21%
Perry County MS PCR Leaf River Forest Products Incorporated Project (Georgia-Pacific LLC LOC) 144Aø		2.16			2-1-2022		10,575,000		10,575,000

30  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.17%
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured)		5.00	%		9-1-2030	$	8,155,000	$	8,882,263
									19,457,263
Missouri: 0.46%
Airport Revenue: 0.04%
St. Louis MO Lambert St. Louis International Airport Series A-1		6.25			7-1-2029		2,000,000		2,000,000
GO Revenue: 0.10%
St. Louis MO Special Administrative Board of The St. Louis School District		4.00			4-1-2030		4,840,000		5,415,282
Miscellaneous Revenue: 0.20%
Kansas City MO IDA Kansas City International Airport Project		5.00			3-1-2039		3,000,000		3,590,370
Missouri Development Finance Board Kauffman Center For The Performing Arts Series A (PNC Bank NA SPA) ø		1.94			6-1-2037		4,000,000		4,000,000
St. Louis MO IDA Convention Center Hotel (Ambac Insured) ¤		0.00			7-15-2019		2,475,000		2,473,020
									10,063,390
Tax Revenue: 0.12%
Blue Springs MO Special Obligation Tax Refunding & Improvement Bonds Adams Farm Project Series A		4.00			6-1-2026		5,870,000		5,945,664
Manchester MO Highway 141 Manchester Road Project		6.00			11-1-2025		75,000		75,074
									6,020,738
									23,499,410
Nebraska: 0.24%
Utilities Revenue: 0.24%
Central Plains Energy Project Nebraska Refunding Project #3 Series 2012		5.00			9-1-2042		1,265,000		1,371,437
Central Plains Energy Project Nebraska Refunding Project #3 Series 2012		5.25			9-1-2037		1,800,000		1,965,114
Central Plains Energy Project Nebraska Refunding Project #3 Series A		5.00			9-1-2033		6,000,000		7,571,640
Central Plains NE Energy Gas Project #3		5.00			9-1-2027		1,020,000		1,105,823
									12,014,014
Nevada: 1.43%
GO Revenue: 1.41%
Clark County NV Refunding Limited Tax		4.00			7-1-2032		6,000,000		6,757,920
Clark County NV Series A		5.00			6-1-2043		4,360,000		5,214,604
Clark County NV Series A		5.00			5-1-2048		50,115,000		59,641,360
									71,613,884
Miscellaneous Revenue: 0.02%
Las Vegas NV Special Improvement District #60 Local Improvement		5.00			6-1-2022		405,000		430,697
Las Vegas NV Special Improvement District #60 Local Improvement		5.00			6-1-2023		325,000		350,737
Las Vegas NV Special Improvement District #60 Local Improvement		5.00			6-1-2024		195,000		212,589
									994,023
									72,607,907

Wells Fargo Municipal Bond Fund  |  31

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
New Jersey: 2.90%
Airport Revenue: 0.03%
South Jersey Port Corporation Marine Terminal Refunding Bond Series 2016S		5.00	%		1-1-2039	$	1,350,000	$	1,504,980
Education Revenue: 0.21%
New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund		5.00			6-15-2025		5,830,000		6,579,505
Rutgers NJ State University Series L		5.00			5-1-2033		3,560,000		3,973,814
									10,553,319
GO Revenue: 0.40%
Bayonne NJ School Refunding Bonds (AGM Insured)		5.00			7-15-2023		2,505,000		2,835,710
Newark NJ Qualified General Improvement Series A		5.00			7-15-2025		5,000,000		5,500,100
Newark NJ Qualified General Improvement Series A		5.00			7-15-2026		2,205,000		2,424,243
Newark NJ Qualified General Improvement Series A		5.00			7-15-2027		6,035,000		6,621,481
Newark NJ Qualified General Improvement Series A		5.25			7-15-2024		1,325,000		1,455,817
Newark NJ Qualified General Improvement Series B		5.00			7-15-2025		385,000		423,508
Newark NJ Qualified General Improvement Series B		5.00			7-15-2026		395,000		433,592
Newark NJ Qualified General Improvement Series B		5.00			7-15-2027		405,000		443,430
Newark NJ Qualified General Improvement Series B		5.25			7-15-2024		375,000		412,943
									20,550,824
Health Revenue: 0.02%
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XG0047 (AGC Insured, Deutsche Bank LIQ) 144Aø		2.00			7-1-2038		1,024,575		1,024,575
Housing Revenue: 0.18%
New Jersey Housing & Mortgage Finance Agency Villa Victoria Apartments Project Series F		2.43			11-1-2021		9,000,000		9,089,280
Miscellaneous Revenue: 1.02%
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bond Series A		3.13			7-1-2029		5,905,000		5,952,535
New Jersey EDA School Facilities Construction Refunding Bond Project Series II		5.00			3-1-2026		4,225,000		4,538,326
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2026		15,000,000		16,403,250
New Jersey TTFA Series A (National Insured)		5.75			6-15-2023		2,000,000		2,293,820
New Jersey TTFA Series A (National Insured)		5.75			6-15-2025		10,000,000		12,005,900
Newark NJ Housing Authority Port Authority Port Newark Marine Terminal Rental Refunding Bond Newark Redevelopment Project (National Insured)		5.25			1-1-2024		1,000,000		1,131,260
Newark NJ Housing Authority Port Newark Marine Terminal Rental (National Insured)		5.00			1-1-2032		7,620,000		9,404,452
									51,729,543
Transportation Revenue: 1.04%
New Jersey TTFA CAB Series A ¤		0.00			12-15-2028		10,100,000		7,565,607
New Jersey TTFA CAB Series A ¤		0.00			12-15-2029		11,875,000		8,552,613
New Jersey TTFA CAB Series A ¤		0.00			12-15-2031		4,500,000		2,986,965
New Jersey TTFA CAB Series A ¤		0.00			12-15-2026		1,150,000		932,604
New Jersey TTFA Series A		5.00			6-15-2042		5,540,000		5,870,184
New Jersey TTFA Series AA		5.00			6-15-2044		1,000,000		1,084,680
New Jersey TTFA Series AA		5.25			6-15-2033		10,000,000		10,956,500

32  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue (continued)
New Jersey TTFA Series B		5.25	%		6-15-2036	$	5,575,000	$	5,867,966
New Jersey TTFA Series C		5.25			6-15-2032		8,000,000		9,009,520
									52,826,639
									147,279,160
New Mexico: 0.01%
Housing Revenue: 0.01%
New Mexico Mortgage Finance Authority SFMR Class I (GNMA/FNMA/FHLMC Insured)		5.35			3-1-2030		420,000		431,323
New York: 8.19%
Airport Revenue: 0.40%
Port Authority of New York & New Jersey Series 205		5.25			11-15-2039		16,580,000		20,499,346
Education Revenue: 0.36%
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		7.65			2-1-2044		3,480,000		3,606,498
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		8.25			2-1-2041		9,375,000		9,829,031
Westchester County NY Local Development Pace University Series B		2.27			5-1-2044		5,000,000		5,000,000
									18,435,529
GO Revenue: 0.07%
New York NY Series F-1		5.00			3-1-2032		3,000,000		3,349,200
Health Revenue: 0.15%
Nassau County NY Local Economic Catholic Health Services		5.00			7-1-2021		7,000,000		7,456,610
Industrial Development Revenue: 0.11%
New York Transportation Development Corporation Special Facilities Revenue AMT		5.00			1-1-2036		5,000,000		5,873,600
Miscellaneous Revenue: 0.93%
New York Environmental Facilities Corporation Municipal Water Trust		5.00			6-15-2048		10,035,000		12,090,168
New York Tender Option Bond Trust Receipts/Floater Certificates Series 2019-BAML3002 (Bank of America NA LIQ) 144Aø		1.98			1-15-2056		35,000,000		35,000,000
									47,090,168
Tax Revenue: 1.99%
New York Dormitory Authority Personal Income Tax Series B		5.00			3-15-2042		1,500,000		1,626,675
New York Dormitory Authority Series A		5.00			2-15-2034		3,790,000		4,549,743
New York Dormitory Authority Series B Group C		5.00			2-15-2044		14,860,000		17,033,424
New York Dormitory Authority Series B Group C		5.00			2-15-2045		7,330,000		8,402,013
New York Dormitory Authority Series E		5.00			2-15-2044		9,600,000		11,004,096
New York NY Transitional Finance Authority Building Aid Revenue Fiscal 2019 Subordinate Bond Series S 3 A		4.00			7-15-2038		4,500,000		5,006,745
New York NY Transitional Finance Authority Building Aid Revenue Fiscal Year 2015 Series S1		5.00			7-15-2040		3,155,000		3,616,671
New York NY Transitional Finance Authority Future Tax Secured Revenue Series A2		5.00			8-1-2037		12,140,000		14,544,691
New York NY Transitional Future Tax Secured Subordinate Bond Series F 1		5.00			5-1-2042		2,390,000		2,824,191
New York NY Transitional Finance Authority Future Tax Secured Revenue Series I		5.00			5-1-2033		5,395,000		6,048,550

Wells Fargo Municipal Bond Fund  |  33

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond Series A		5.00	%		8-1-2031	$	17,075,000	$	19,878,374
New York NY Transitional Finance Authority Subordinate Series 2-E (Dexia Credit Local SPA) ø		2.02			11-1-2022		6,390,000		6,390,000
									100,925,173
Tobacco Revenue: 0.01%
Suffolk NY Tobacco Securitization Corporation Series B		4.50			6-1-2026		520,000		543,374
Transportation Revenue: 1.12%
New York Metropolitan Transportation Authority		5.00			11-15-2048		7,300,000		8,533,846
New York Metropolitan Transportation Authority Series A		5.00			11-15-2030		11,000,000		12,143,780
New York Metropolitan Transportation Authority Subordinate Bond Series D (1 Month LIBOR +0.65%) ±		2.29			11-1-2035		28,000,000		28,019,320
Niagara Falls NY Bridge Commission (National Insured)		6.25			10-1-2021		7,230,000		7,984,451
									56,681,397
Utilities Revenue: 0.69%
New York Utility Debt Securitization Authority Restructuring Bonds		5.00			12-15-2037		3,655,000		4,317,359
New York Utility Debt Securitization Authority Restructuring Bonds		5.00			12-15-2032		22,785,000		27,419,241
New York Utility Debt Securitization Authority Restructuring Bonds		5.00			12-15-2040		2,870,000		3,494,541
									35,231,141
Water & Sewer Revenue: 2.36%
New York NY Municipal Water Finance Authority 2nd General Resolution Series AA		5.00			6-15-2035		25,000,000		31,395,750
New York NY Municipal Water Finance Authority 2nd General Resolution Series AA		5.00			6-15-2044		17,400,000		18,703,782
New York NY Municipal Water Finance Authority 2nd General Resolution Series AA		5.25			6-15-2049		5,000,000		6,124,550
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB		5.00			6-15-2044		30,265,000		32,631,118
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB		5.00			6-15-2047		2,330,000		2,570,246
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB		5.25			6-15-2044		9,800,000		10,776,472
New York NY Municipal Water Finance Authority Water & Sewer System Series DD		5.00			6-15-2026		3,255,000		3,488,058
New York NY Water Finance Authority Series DD		5.25			6-15-2047		11,490,000		13,877,622
									119,567,598
									415,653,136
North Carolina: 1.31%
Airport Revenue: 0.07%
Charlotte NC Airport Series A		5.50			7-1-2034		2,500,000		2,599,625
North Carolina Port Authority Series B		5.00			2-1-2025		1,000,000		1,020,940
									3,620,565
Education Revenue: 0.13%
North Carolina Capital Facilities Finance Agency Forest University series 2016		5.00			1-1-2033		1,000,000		1,204,800
North Carolina Capital Facilities Finance Agency Meredith College Series 2018		5.00			6-1-2038		500,000		568,040

34  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
University of North Carolina at Ashville Series 2017		5.00	%		6-1-2042	$	625,000	$	718,975
University of North Carolina at Greensboro Series 2014		5.00			4-1-2033		2,000,000		2,285,520
University of North Carolina at Greensboro Series 2014		5.00			4-1-2039		1,620,000		1,838,376
									6,615,711
Health Revenue: 0.86%
Charlotte Mecklenburg Hospital Authority Health Care Refunding Bonds Series 2018		5.00			1-15-2036		500,000		607,445
Charlotte Mecklenburg NC Hospital Authority Atrium Health Series B		5.00			1-15-2048		10,000,000		10,895,800
Charlotte Mecklenburg NC Hospital Authority Atrium Health Series C		5.00			1-15-2048		20,000,000		22,396,800
New Hanover County NC New Hanover Regional Medical Center		5.00			10-1-2047		1,000,000		1,156,530
New Hanover County NC New Hanover Regional Medical Center Series 2011		5.00			10-1-2028		2,000,000		2,143,560
North Carolina Medical Care Commission Baptist Hospital Project Series 2017		5.25			6-1-2029		2,000,000		2,068,540
North Carolina Medical Care Commission Deerfield Episcopal Retirement Community Project Series 2016		5.00			11-1-2031		1,500,000		1,765,950
North Carolina Medical Care Commission Presbyterian Homes Project Series 2016C		4.00			10-1-2031		1,500,000		1,646,580
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012		5.00			6-1-2026		385,000		420,894
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012		5.00			6-1-2032		500,000		542,895
									43,644,994
Housing Revenue: 0.06%
North Carolina Facilities Finance Agency The Arc of North Carolina Project Series 2017A (HUD Insured)		5.00			10-1-2034		1,000,000		1,154,610
North Carolina Facilities Finance Agency The NCA&T University Foundation LLC Project Series 2015A (AGC Insured)		5.00			6-1-2027		1,000,000		1,162,250
North Carolina HFA Series 2		4.25			1-1-2028		555,000		566,483
									2,883,343
Miscellaneous Revenue: 0.12%
Cabarrus County NC Limited Obligation Installment Financing Contract Series 2017		5.00			6-1-2031		500,000		613,400
Charlotte NC Certificate of Participation Equipment Acquisition and Public Facilities Series A		5.00			12-1-2026		1,160,000		1,257,022
Charlotte NC Certificate of Participation Transit Projects Series C		5.00			6-1-2030		1,000,000		1,125,040
Henderson County NC Limited Obligation Series A		5.00			10-1-2030		500,000		602,050
Orange County NC Limited Obligation Series 2018		5.00			10-1-2032		215,000		270,143
Orange County NC Limited Obligation Series 2018		5.00			10-1-2033		220,000		275,711
Orange County NC Limited Obligation Series 2018		5.00			10-1-2034		65,000		81,138
Raleigh NC Limited Obligation Series A		5.00			10-1-2033		1,000,000		1,160,700
Wilmington NC Limited Obligation Series A		5.00			6-1-2030		400,000		484,420
									5,869,624
Transportation Revenue: 0.04%
North Carolina Department of Transportation I-77 Hot lanes Project Series 2015		5.00			6-30-2028		1,275,000		1,450,402
North Carolina Turnpike Authority Monroe Expressway toll Revenue Bond Series 2016A		5.00			7-1-2042		500,000		565,035
									2,015,437

Wells Fargo Municipal Bond Fund  |  35

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Utilities Revenue: 0.03%
North Carolina Municipal Power Agency #1 Catawba Nuclear Power Project Series A		5.00	%		1-1-2021	$	1,500,000	$	1,526,895
									66,176,569
North Dakota: 0.29%
Miscellaneous Revenue: 0.20%
University of North Dakota Infrastructure Energy Improvement Project Green Certificates Series A		5.00			4-1-2057		9,000,000		10,288,710
Water & Sewer Revenue: 0.09%
North Dakota PFA Revolving Fund Program Series A		5.00			10-1-2038		3,780,000		4,646,527
									14,935,237
Ohio: 2.52%
Airport Revenue: 0.16%
Cleveland OH Airport System Revenue Series A		5.00			1-1-2025		4,015,000		4,359,045
Cleveland OH Airport System Revenue Series A (AGM Insured)		5.00			1-1-2031		3,600,000		3,879,036
									8,238,081
Education Revenue: 0.08%
Ohio State University Series E ø		1.85			6-1-2035		3,735,000		3,735,000
GO Revenue: 0.24%
Highland OH Local School District Medina County School Improvement Series A		5.25			12-1-2048		9,435,000		10,608,337
Highland OH Local School District Medina County School Improvement Series A		5.25			12-1-2054		1,500,000		1,676,325
									12,284,662
Health Revenue: 0.66%
Allen County OH Catholic Healthcare Series B		5.25			9-1-2027		3,825,000		3,993,874
Allen County OH Hospital Facilities Revenue Bonds Series B		5.00			8-1-2047		5,000,000		5,479,800
Cleveland Cuyahoga County OH Facilities Improvement Centers for Dialysis		5.00			12-1-2047		5,205,000		5,589,389
Lucas County OH Hospital Revenue Promedica Healthcare Obligation		5.25			11-15-2048		15,000,000		17,621,400
Montgomery County OH Hospital Kettering Medical Center (National Insured)		6.25			4-1-2020		685,000		708,180
									33,392,643
Miscellaneous Revenue: 0.63%
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2026		2,030,000		2,359,469
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2028		1,600,000		1,847,056
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2030		2,250,000		2,580,885
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2035		12,000,000		13,612,920
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2039		2,500,000		2,808,525
Ohio Series A		5.00			2-1-2036		4,265,000		5,047,286
RiverSouth OH Lazarus Building Redevelopment Series A		5.75			12-1-2027		3,415,000		3,422,957
									31,679,098

36  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.00%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63	%		10-1-2019	$	100,000	$	100,558
Tax Revenue: 0.12%
Franklin County OH		5.00			6-1-2048		5,000,000		6,020,350
Transportation Revenue: 0.18%
Ohio Turnpike Commission CAB Series A-4 ¤		0.00			2-15-2034		8,500,000		9,303,845
Utilities Revenue: 0.23%
Lancaster OH Port Authority Gas Supply		5.00			8-1-2049		10,000,000		11,636,500
Water & Sewer Revenue: 0.22%
Ohio Water Development Authority Drinking Water Assistance Fund		5.00			12-1-2035		5,390,000		6,477,163
Ohio Water Development Authority Drinking Water Assistance Fund		5.00			12-1-2036		2,000,000		2,396,520
Ohio Water Development Authority Fresh Water Series B		5.00			12-1-2034		1,895,000		2,283,759
									11,157,442
									127,548,179
Oklahoma: 0.83%
Airport Revenue: 0.69%
Oklahoma City OK Airport Trust Series 33		5.00			7-1-2043		9,000,000		10,541,250
Oklahoma City OK Airport Trust Series 33		5.00			7-1-2047		11,500,000		13,419,350
Tulsa OK Airports Improvement Trust AMT Series A (Build America Mutual Assurance Company Insured)		5.00			6-1-2035		1,055,000		1,169,953
Tulsa OK Airports Improvement Trust Series A (AGM Insured)		5.00			6-1-2043		4,485,000		5,204,843
Tulsa OK Airports Improvement Trust Series A (AGM Insured)		5.25			6-1-2048		3,770,000		4,455,348
									34,790,744
Miscellaneous Revenue: 0.07%
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A		5.00			9-1-2030		2,000,000		2,379,840
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A		5.00			9-1-2031		1,145,000		1,356,035
									3,735,875
Transportation Revenue: 0.02%
Oklahoma Turnpike Authority Revenue Series A		5.00			1-1-2042		1,000,000		1,160,760
Water & Sewer Revenue: 0.05%
McGee Creek Authority Oklahoma Water Revenue (National Insured)		6.00			1-1-2023		2,360,000		2,550,523
									42,237,902
Oregon: 0.18%
GO Revenue: 0.18%
Jackson County OR School District #005 (AGM Insured)		5.00			6-15-2030		2,560,000		3,303,450
Jackson County OR School District #005 (AGM Insured)		5.00			6-15-2031		2,125,000		2,723,591
Jackson County OR School District #005 (AGM Insured)		5.00			6-15-2032		2,350,000		2,992,537
									9,019,578

Wells Fargo Municipal Bond Fund  |  37

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Pennsylvania: 5.03%
Airport Revenue: 0.29%
Philadelphia PA Airport Series A		5.00	%		7-1-2047	$	7,300,000	$	8,403,541
Philadelphia PA Airport Series B		5.00			7-1-2042		5,500,000		6,361,410
									14,764,951
Education Revenue: 0.15%
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project of Millersville University		5.00			7-1-2029		500,000		546,330
Montgomery County PA Higher Education & Health Authority Arcadia University		5.00			4-1-2024		1,540,000		1,726,124
Montgomery County PA Higher Education & Health Authority Arcadia University		5.00			4-1-2025		1,625,000		1,851,233
Pennsylvania HEFAR Indiana University Student Housing Project Series A		5.00			7-1-2032		1,000,000		1,104,690
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A		7.00			6-15-2033		2,000,000		2,318,700
Philadelphia PA IDA New Foundations Charter School Project		6.00			12-15-2027		280,000		320,174
									7,867,251
GO Revenue: 0.51%
Allegheny County PA West Mifflin Area School District (AGM Insured)		5.00			4-1-2025		1,180,000		1,361,413
Allegheny County PA West Mifflin Area School District (AGM Insured)		5.00			4-1-2026		1,200,000		1,411,692
Allegheny County PA West Mifflin Area School District (AGM Insured)		5.00			4-1-2027		1,000,000		1,181,540
Chester County PA		4.00			11-15-2032		3,000,000		3,440,430
Luzerne County PA Series E (AGM Insured)		8.00			11-1-2027		135,000		135,651
Philadelphia PA School District Series A		5.00			9-1-2024		2,075,000		2,400,692
Philadelphia PA School District Series D		5.00			9-1-2021		5,000,000		5,353,700
Philadelphia PA School District Series F		5.00			9-1-2035		3,820,000		4,420,351
Williamsport PA Area School District (AGM Insured)		4.00			3-1-2032		1,440,000		1,575,547
Williamsport PA Area School District (AGM Insured)		4.00			3-1-2033		1,490,000		1,625,441
Williamsport PA Area School District (AGM Insured)		4.00			3-1-2034		1,555,000		1,692,446
Williamsport PA Area School District (AGM Insured)		4.00			3-1-2035		1,205,000		1,309,100
									25,908,003
Health Revenue: 0.95%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series A		5.00			7-15-2025		5,900,000		7,051,208
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series A		5.63			8-15-2039		5,130,000		5,156,266
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (SIFMA Municipal Swap +1.50%) ±		3.40			11-1-2039		20,000,000		20,204,400
Montgomery County PA HEFA Thomas Jefferson University		4.00			9-1-2035		2,750,000		3,018,923
Montgomery County PA HEFA Thomas Jefferson University		4.00			9-1-2038		1,000,000		1,080,750
Montgomery County PA HEFA Thomas Jefferson University		5.00			9-1-2031		4,100,000		5,071,167
Pennsylvania Tender Option Bond Trust Receipts/Floater Certificates Berks County IDA Health Series 2018-XM0594 (Barclays Bank plc LIQ) 144Aø		2.02			11-1-2050		4,625,000		4,625,000
Quakertown PA General Authority Health LifeQuest Obligated Group Series C		4.50			7-1-2027		750,000		751,253
Quakertown PA General Authority Health LifeQuest Obligated Group Series C		5.00			7-1-2032		1,000,000		1,006,070
									47,965,037

38  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.61%
Montgomery County PA IDA Exelon Generation Company LLC Project Series A		2.55	%		12-1-2029	$	11,530,000	$	11,579,694
Pennsylvania Bridges Finco LP EDFA		5.00			12-31-2030		600,000		690,102
Pennsylvania Bridges Finco LP EDFA		5.00			12-31-2034		14,275,000		16,236,242
Pennsylvania Bridges Finco LP EDFA		5.00			12-31-2038		2,100,000		2,378,859
									30,884,897
Miscellaneous Revenue: 1.30%
Delaware Valley PA Regional Finance Authority Local Government Public Improvements Project		5.75			7-1-2032		5,000,000		6,837,700
Delaware Valley PA Regional Finance Authority Local Government Series A (Ambac Insured)		5.50			8-1-2028		16,420,000		20,950,771
Delaware Valley PA Regional Finance Authority Local Government Series C (Ambac Insured)		7.75			7-1-2027		4,025,000		5,704,391
Pennsylvania Finance Authority Pennsylvania Hills Project Series B (National Insured) ¤		0.00			12-1-2025		1,110,000		956,676
Pennsylvania Public School Building Authority Philadelphia School District Project		5.00			4-1-2024		3,960,000		4,305,035
State Public School Building Authority Pennsylvania Philadelphia School District Project		5.00			4-1-2022		2,635,000		2,870,016
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A		5.00			6-1-2034		1,915,000		2,218,355
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A		5.00			6-1-2024		2,250,000		2,593,778
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A		5.00			6-1-2035		16,715,000		19,304,655
									65,741,377
Resource Recovery Revenue: 0.26%
Delaware County PA IDA Resource Recovery Facility Series A		6.20			7-1-2019		80,000		80,000
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporated Project		1.95			8-1-2045		13,000,000		13,004,290
									13,084,290
Tobacco Revenue: 0.05%
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds		5.00			6-1-2035		2,000,000		2,382,940
Transportation Revenue: 0.73%
Pennsylvania Turnpike Commission Motor License Series B-1		5.00			12-1-2040		12,410,000		13,049,239
Pennsylvania Turnpike Commission Motor License Series B-2		5.00			12-1-2035		9,900,000		11,690,811
Pennsylvania Turnpike Commission Series A-1		5.00			12-1-2047		1,750,000		2,052,680
Pennsylvania Turnpike Commission Subordinate Bond Series B-1		5.00			6-1-2027		1,000,000		1,215,400
Pennsylvania Turnpike Commission Subordinate Bond Series B-1		5.00			6-1-2028		1,450,000		1,744,669
Pennsylvania Turnpike Commission Subordinate Bond Series B-2		5.00			6-1-2027		1,200,000		1,456,524
Pennsylvania Turnpike Commission Subordinate Bond Series B-2		5.00			6-1-2028		5,000,000		6,016,100
									37,225,423
Water & Sewer Revenue: 0.18%
Philadelphia PA Series B		5.00			7-1-2033		8,000,000		9,293,600
									255,117,769

Wells Fargo Municipal Bond Fund  |  39

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Puerto Rico: 0.06%
Transportation Revenue: 0.06%
Puerto Rico Highway & Transportation Authority Series AA (National Insured)		5.50	%		7-1-2020	$	3,015,000	$	3,078,647
Rhode Island: 0.05%
Airport Revenue: 0.05%
Rhode Island Commerce Corporation First Lien Special Facility Airport Corporation Intermodal Facility Project Series 2018		5.00			7-1-2031		2,115,000		2,531,845
South Carolina: 1.12%
Education Revenue: 0.24%
South Carolina Education Assistance Authority Student Loan Series I		5.10			10-1-2029		1,050,000		1,058,001
South Carolina Jobs EDA York Preparatory Academy Project Series A		7.25			11-1-2045		1,500,000		1,654,605
University of South Carolina Athletic Facilities Series A		5.00			5-1-2043		8,155,000		9,597,212
									12,309,818
Resource Recovery Revenue: 0.10%
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A		6.00			2-1-2035		1,880,000		1,954,053
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A		6.25			2-1-2045		2,750,000		2,862,475
									4,816,528
Utilities Revenue: 0.56%
Patriots Energy Group Financing Agency South Carolina Series A		4.00			10-1-2048		26,000,000		28,472,340
Water & Sewer Revenue: 0.22%
Columbia SC Waterworks & Sewer System		5.00			2-1-2043		10,380,000		11,388,521
									56,987,207
South Dakota: 0.57%
Airport Revenue: 0.04%
Rapid City SD Series A		6.75			12-1-2031		1,020,000		1,042,787
Rapid City SD Series A		7.00			12-1-2035		750,000		767,468
									1,810,255
Health Revenue: 0.38%
South Dakota HEFA Sanford Health Project		5.50			11-1-2040		5,000,000		5,060,350
South Dakota HEFA Sanford Health Project Series E		5.00			11-1-2042		13,125,000		14,242,463
									19,302,813
Housing Revenue: 0.15%
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2023		750,000		842,955
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2024		1,100,000		1,269,884
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2025		1,000,000		1,182,810
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2026		1,540,000		1,859,981
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2032		1,010,000		1,222,009
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2033		1,250,000		1,507,950
									7,885,589
									28,998,657

40  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tennessee: 0.99%
Utilities Revenue: 0.99%
Tennessee Energy Acquisition Corporation Gas Project		4.00	%		11-1-2049	$	20,000,000	$	22,038,400
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		24,155,000		25,893,194
Tennessee Energy Acquisition Corporation Series A		5.25			9-1-2026		1,020,000		1,219,583
Tennessee Energy Acquisition Corporation Series C		5.00			2-1-2021		1,000,000		1,047,340
									50,198,517
Texas: 11.08%
Airport Revenue: 1.08%
Austin TX Airport System AMT		5.00			11-15-2039		8,000,000		9,044,720
Austin TX Airport System AMT		5.00			11-15-2044		3,500,000		3,943,905
Dallas-Fort Worth TX International Airport AMT Series D		5.00			11-1-2038		13,250,000		14,069,513
Dallas-Fort Worth TX International Airport Series H		5.00			11-1-2042		20,765,000		22,020,037
Houston TX Airport System Subordinate Bond Lien AMT Series A		5.00			7-1-2041		4,750,000		5,613,360
									54,691,535
Education Revenue: 0.64%
Beasley TX Higher Education Finance Corporation Focus Learning Academy Series A ††		7.75			8-15-2041		2,000,000		1,320,000
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D		6.00			8-15-2038		6,000,000		6,570,360
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D		6.13			8-15-2048		6,750,000		7,354,733
Clifton TX Higher Educational Finance Corporation International Leadership Series A		5.75			8-15-2038		2,000,000		2,163,420
La Vernia TX Higher Education Finance Corporation Lifeschool of Dallas Series A		6.25			8-15-2021		2,000,000		2,011,860
La Vernia TX Higher Education Finance Corporation Lifeschool of Dallas Series A		7.50			8-15-2041		6,500,000		6,547,775
Newark TX Higher Education Finance Corporation Austin Achieve Public Schools Incorporated		5.00			6-15-2048		750,000		766,275
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2030		1,460,000		1,800,910
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2032		650,000		792,350
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2039		750,000		895,433
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2040		1,000,000		1,191,470
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2041		900,000		1,070,028
									32,484,614
GO Revenue: 2.16%
El Paso TX		4.00			8-15-2031		6,500,000		7,216,235
Houston TX Public Improvement Refunding Bonds Series A		4.00			3-1-2034		1,000,000		1,102,510
Houston TX Public Improvement Refunding Bonds Series A		5.00			3-1-2029		2,000,000		2,445,500
Lewisville TX Independent School District Unlimited Tax Refunding Bonds Series A		5.00			8-15-2022		2,640,000		2,938,399
Lone Star College System Texas Refunding Limited Tax		5.00			2-15-2028		4,055,000		4,904,969
Nacogdoches TX Independent School District		5.00			2-15-2049		8,560,000		10,164,572
North East Independent School District		4.00			8-1-2048		10,450,000		11,404,921
Port Isabel TX 144A		5.10			2-15-2049		1,000,000		1,063,890
Royse City TX Independent School District		5.00			8-15-2034		3,025,000		3,548,265

Wells Fargo Municipal Bond Fund  |  41

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Salado TX Independent School District		5.00	%		2-15-2049	$	1,605,000	$	1,908,586
San Antonio TX Independent School District		5.00			8-15-2048		13,000,000		15,038,790
Sugar Land TX Refunding Bonds		5.00			2-15-2030		1,250,000		1,526,613
Temple TX		5.00			8-1-2032		1,070,000		1,249,728
Texas Refunding Bond Series B		5.00			10-1-2036		24,500,000		28,890,155
Travis County TX		5.00			3-1-2036		1,380,000		1,716,927
Travis County TX		5.00			3-1-2039		6,250,000		7,689,313
Williamson County TX		4.00			2-15-2031		6,195,000		6,653,368
									109,462,741
Health Revenue: 0.36%
Harris County TX Methodist Hospital System Series A1 ø		1.95			12-1-2041		10,000,000		10,000,000
Harris County TX Texas Childrens Hospital Series A %%		4.00			10-1-2037		3,000,000		3,347,610
Harris County TX Texas Childrens Hospital Series A %%		4.00			10-1-2038		2,300,000		2,558,773
New Hope ECFA Children’s Health System of Texas Project Series A		4.00			8-15-2033		2,000,000		2,209,660
									18,116,043
Housing Revenue: 0.34%
Alamito TX Public Facility Corporation Cramer Three Apartments Project		2.50			11-1-2021		7,000,000		7,109,410
Austin TX Affordable Public Facility Corporation Incorporated Commons at Goodnight Apartments		1.85			1-1-2021		10,000,000		10,028,300
									17,137,710
Miscellaneous Revenue: 3.52%
Lewisville TX Combination Contract Special Assessment Capital Improvement District #4		6.75			10-1-2032		100,000		100,153
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #5 144A		6.50			9-1-2034		2,045,000		2,052,321
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #5 144A		6.50			9-1-2034		4,075,000		4,089,589
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		6.00			9-1-2037		9,300,000		9,776,067
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		5.50			9-1-2039		2,500,000		2,516,500
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		6.00			9-1-2037		3,940,000		4,141,689
Lower Colorado TX River Authority Series A		5.00			5-15-2033		2,475,000		2,758,932
Texas PFA		4.00			2-1-2034		5,000,000		5,682,850
Texas PFA		4.00			2-1-2035		2,000,000		2,260,400
Texas PFA		4.00			2-1-2036		2,175,000		2,447,441
Texas Series A		4.00			10-15-2036		5,000,000		5,577,050
Texas Series B		5.00			4-15-2049		40,000,000		48,220,800
Texas Transportation Commission Highway Improvement Series A		5.00			4-1-2042		70,000,000		76,066,200
Texas Water Development Board Series A		4.00			10-15-2037		11,650,000		12,952,936
									178,642,928
Resource Recovery Revenue: 0.19%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series B ø		2.07			4-1-2040		4,750,000		4,750,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series E ø		2.05			11-1-2040		5,000,000		5,000,000
									9,750,000

42  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.76%
Dallas TX Area Rapid Transit Sales Tax Revenue Series A		5.00	%		12-1-2048	$	5,000,000	$	5,762,650
Dallas TX Area Rapid Transit Sales Tax Revenue Series A		5.00			12-1-2046		28,430,000		32,831,817
									38,594,467
Transportation Revenue: 0.74%
Central Texas Regional Mobility Authority Senior Lien		5.75			1-1-2025		2,000,000		2,043,460
Central Texas Regional Mobility Authority Senior Lien Series A		5.00			1-1-2033		3,740,000		4,090,027
Grand Parkway Transportation Corporation Texas CAB Series B		0.00			10-1-2029		1,015,000		1,070,835
Grand Parkway Transportation Corporation Texas Series B		0.00			10-1-2030		2,000,000		2,102,580
North Texas Tollway Authority Series A		5.00			1-1-2033		3,600,000		4,150,548
North Texas Tollway Authority Series A		5.00			1-1-2035		4,000,000		4,589,960
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC		6.75			6-30-2043		4,000,000		4,644,040
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC		7.00			12-31-2038		12,500,000		14,689,125
									37,380,575
Utilities Revenue: 0.44%
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond		2.75			2-1-2048		11,000,000		11,363,000
Texas Municipal Gas Acquisition & Supply Corporation III		5.00			12-15-2029		5,115,000		5,600,311
Texas Municipal Gas Acquisition & Supply Corporation III		5.00			12-15-2031		5,000,000		5,447,650
									22,410,961
Water & Sewer Revenue: 0.85%
Austin TX Water & Wastewater Refunding Bond		5.00			11-15-2045		15,065,000		17,644,128
Dallas TX Waterworks & Sewer System Refunding Series A		5.00			10-1-2030		3,810,000		4,543,577
Tarrant TX Regional Water District		5.00			9-1-2034		3,500,000		4,030,075
Tarrant TX Regional Water District		5.00			3-1-2049		15,000,000		16,906,350
									43,124,130
									561,795,704
Utah: 1.18%
Airport Revenue: 0.42%
Salt Lake City UT Series A		5.00			7-1-2036		2,500,000		2,992,375
Salt Lake City UT Series A		5.00			7-1-2043		2,500,000		2,947,700
Salt Lake City UT Series A		5.00			7-1-2043		1,500,000		1,801,725
Salt Lake City UT Series A		5.00			7-1-2048		5,500,000		6,451,555
Salt Lake City UT Series A		5.00			7-1-2048		3,000,000		3,584,850
Salt Lake City UT Series A		5.25			7-1-2048		3,000,000		3,594,120
									21,372,325
Health Revenue: 0.67%
Utah County UT Hospital Revenue Bond IHC Health Services Incorporated Series 2012		5.00			5-15-2043		32,000,000		33,833,920
Tax Revenue: 0.09%
Utah Transit Authority Series A		5.00			6-15-2030		4,000,000		4,741,840
									59,948,085
Vermont: 0.28%
Education Revenue: 0.28%
Vermont Student Assistance Corporation Series B (1 Month LIBOR +1.00%) ±		3.44			6-2-2042		14,515,325		14,391,945

Wells Fargo Municipal Bond Fund  |  43

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Virginia: 0.46%
GO Revenue: 0.31%
Fairfax County VA Series A		4.00	%		10-1-2034	$	8,450,000	$	9,261,200
Norfolk VA Series C		4.00			9-1-2032		5,810,000		6,525,850
									15,787,050
Housing Revenue: 0.04%
Newport News VA Redevelopment & Housing Authority Multifamily Housing Series A		1.82			11-1-2020		2,010,000		2,011,548
Miscellaneous Revenue: 0.00%
Watkins Centre VA CDA		5.40			3-1-2020		172,000		172,236
Tax Revenue: 0.03%
Marquis VA CDA CAB Series 2015 144A ¤		0.00			9-1-2045		397,000		292,343
Marquis VA CDA CAB Series C ¤		0.00			9-1-2041		1,824,000		103,348
Marquis VA CDA Series B		5.63			9-1-2041		1,310,000		870,954
									1,266,645
Transportation Revenue: 0.08%
Virginia Small Business Financing Authority Senior Lien 95 Express Lanes LLC Project		5.00			7-1-2034		4,000,000		4,254,240
									23,491,719
Washington: 3.03%
GO Revenue: 1.52%
Clark County WA School District #114 (AGM Insured)		4.00			12-1-2031		9,000,000		10,229,490
Clark County WA School District #114 (AGM Insured)		4.00			12-1-2034		2,500,000		2,806,925
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2029		8,940,000		10,703,773
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2035		9,430,000		11,048,942
King County WA School District #210 (AGM Insured)		4.00			12-1-2033		10,000,000		11,287,800
King County WA School District No. 414 Lake Washington (AGM Insured)		5.00			12-1-2033		570,000		708,596
King County WA School District No. 414 Lake Washington (AGM Insured)		5.00			12-1-2034		1,000,000		1,233,910
Snohomish County WA School District (AGM Insured)		5.00			12-1-2031		1,500,000		1,763,850
Washington Motor Vehicle Fuel Tax Series B		5.00			8-1-2032		8,545,000		10,060,541
Washington Series 2017-A		5.00			8-1-2040		3,500,000		4,114,040
Washington Series 2017-A		5.00			8-1-2041		2,500,000		2,934,825
Washington Series 2017-A		5.00			8-1-2033		1,500,000		1,794,675
Washington Series RA		4.00			7-1-2030		7,950,000		8,466,830
									77,154,197
Health Revenue: 0.25%
Spokane WA Housing Finance Commission Riverview Retirement Community Project		5.00			1-1-2023		945,000		994,820
Washington HCFR Central Washington Health Service Association		7.00			7-1-2039		5,000,000		5,000,000
Washington HCFR Providence Health & Services Series 2012A		4.25			10-1-2040		3,000,000		3,109,050
Washington HCFR Providence Health & Services Series 2012A		5.00			10-1-2042		2,160,000		2,361,636
Washington HCFR Providence Health & Services Series 2015A		4.00			10-1-2045		1,150,000		1,224,164
									12,689,670

44  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.23%
Washington Certificate of Participation		5.00	%		7-1-2038	$	1,660,000	$	2,041,169
Washington Certificate of Participation		5.00			7-1-2039		1,745,000		2,143,279
Washington Certificate of Participation		5.00			7-1-2040		1,480,000		1,811,564
Washington Certificate of Participation		5.00			7-1-2041		1,555,000		1,895,467
Washington Certificate of Participation Series A		5.00			7-1-2038		3,265,000		3,889,170
									11,780,649
Tax Revenue: 0.37%
Central Puget Sound WA Regional Transportation Authority Series S1		5.00			11-1-2035		9,485,000		11,169,157
Washington Series B		5.00			8-1-2037		6,400,000		7,569,088
									18,738,245
Water & Sewer Revenue: 0.66%
King County WA		5.00			7-1-2047		7,510,000		8,517,917
King County WA		2.60			1-1-2043		19,000,000		19,262,390
King County WA		5.00			7-1-2042		4,660,000		5,529,230
									33,309,537
									153,672,298
West Virginia: 0.15%
GO Revenue: 0.08%
Ohio County WV Board of Education		3.00			6-1-2025		1,205,000		1,293,435
Ohio County WV Board of Education		3.00			6-1-2026		2,680,000		2,882,608
									4,176,043
Tax Revenue: 0.07%
Monongalia County WV Commission Refunding & Improvement Bonds University Town Center Series A 144A		5.50			6-1-2037		2,500,000		2,701,075
Monongalia County WV Commission Refunding & Improvement Bonds University Town Center Series A 144A		5.75			6-1-2043		675,000		730,627
									3,431,702
									7,607,745
Wisconsin: 3.95%
Education Revenue: 0.37%
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		6.00			8-1-2033		2,120,000		2,315,634
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		6.25			8-1-2043		4,650,000		5,084,078
Public Finance Authority Wisland Revenue Northwest Nazarene University		4.25			10-1-2049		5,410,000		5,446,788
Wisconsin PFA Carolina International School Series A 144A		6.00			8-1-2023		375,000		395,396
Wisconsin PFA Carolina International School Series A 144A		6.75			8-1-2033		2,430,000		2,729,765
Wisconsin PFA Carolina International School Series A 144A		7.00			8-1-2043		1,575,000		1,763,150
Wisconsin PFA Carolina International School Series A 144A		7.20			8-1-2048		940,000		1,057,444
									18,792,255
GO Revenue: 0.69%
Verona WI Area School District Building & Improvement Bonds		4.00			4-1-2027		3,385,000		3,860,999
Verona WI Area School District Building & Improvement Bonds		4.00			4-1-2028		1,380,000		1,569,157
Verona WI Area School District Building & Improvement Bonds		5.00			4-1-2026		3,310,000		4,047,336

Wells Fargo Municipal Bond Fund  |  45

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Wisconsin Series A		4.00	%		5-1-2032	$	13,000,000	$	13,772,070
Wisconsin Series A		5.00			5-1-2032		10,000,000		11,747,500
									34,997,062
Health Revenue: 1.18%
University of Wisconsin Hospitals & Clinics Authority Refunding Bond Series B (JPMorgan Chase & Company SPA) ø		1.93			4-1-2048		18,415,000		18,415,000
Wisconsin HEFA Ascension Senior Credit Group Series A		5.00			11-15-2035		12,000,000		14,046,600
Wisconsin HEFA Aurora Health Care Incorporated Series A		5.25			4-15-2024		1,025,000		1,056,129
Wisconsin PFA Series A		4.00			10-1-2049		24,500,000		26,317,165
									59,834,894
Housing Revenue: 0.81%
Wisconsin HSG & EDA Series B (FNMA Insured, FHLB SPA) ø		1.90			3-1-2043		6,000,000		6,000,000
Wisconsin PFA Student Housing Revenue (AGM Insured)		4.00			7-1-2023		350,000		379,183
Wisconsin PFA Student Housing Revenue (AGM Insured)		4.00			7-1-2024		800,000		879,960
Wisconsin PFA Student Housing Revenue (AGM Insured)		4.00			7-1-2025		920,000		1,024,346
Wisconsin PFA Student Housing Revenue (AGM Insured)		5.00			7-1-2026		1,360,000		1,634,598
Wisconsin PFA Student Housing Revenue (AGM Insured)		5.00			7-1-2027		1,675,000		2,049,714
Wisconsin PFA Student Housing Revenue (AGM Insured)		5.00			7-1-2028		2,025,000		2,479,349
Wisconsin PFA Student Housing Revenue (AGM Insured)		5.00			7-1-2029		2,190,000		2,665,427
Wisconsin PFA Student Housing Revenue (AGM Insured)		5.00			7-1-2030		2,300,000		2,780,608
Wisconsin PFA Student Housing Revenue (AGM Insured)		5.00			7-1-2031		1,415,000		1,700,179
Wisconsin PFA Student Housing Revenue (AGM Insured)		5.00			7-1-2048		16,775,000		19,345,769
									40,939,133
Miscellaneous Revenue: 0.12%
Wisconsin Series 1		4.50			7-1-2033		2,085,000		2,243,168
Wisconsin Series A		5.00			6-1-2033		3,420,000		4,049,964
									6,293,132
Tax Revenue: 0.78%
Mount Pleasant WI Series A		5.00			4-1-2038		5,495,000		6,571,196
Mount Pleasant WI Series A		5.00			4-1-2043		20,205,000		23,858,468
Mount Pleasant WI Series A		5.00			4-1-2048		7,855,000		9,203,468
									39,633,132
									200,489,608
Wyoming: 0.04%
Education Revenue: 0.03%
Wyoming CDA		6.50			7-1-2043		1,600,000		1,684,528
Health Revenue: 0.01%
West Park Hospital District Wyoming Series B		6.50			6-1-2027		500,000		534,625
									2,219,153
Total Municipal Obligations (Cost $4,552,443,574)									4,787,757,205

46  |  Wells Fargo Municipal Bond Fund

Portfolio of investments—June 30, 2019

				Shares		Value
Closed End Municipal Bond Funds
California: 0.21%
Nuveen California AMT-Free Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series A 2.20% 144A					10,600,000	$	10,600,000
Total Closed End Municipal Bond Funds (Cost $10,600,000)							10,600,000
	Yield
Short-Term Investments: 0.48%
Investment Companies: 0.48%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)##		1.82	%		24,261,736		24,276,293
Total Short-Term Investments (Cost $24,275,636)							24,276,293

Total investments in securities (Cost $4,812,029,437)	99.57	%		5,050,917,651
Other assets and liabilities, net	0.43			21,771,259
Total net assets	100.00	%	$	5,072,688,910

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

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

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

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

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

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CAB Capital appreciation bond

CCAB Convertible capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FGIC Financial Guaranty Insurance Corporation

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HUD Department of Housing and Urban Development

Wells Fargo Municipal Bond Fund  |  47

Portfolio of investments—June 30, 2019

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PCR Pollution control revenue

PFA Public Finance Authority

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

SPA Standby purchase agreement

TTFA Transportation Trust Fund Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		10,597,584		1,250,041,596		1,236,377,444		24,261,736	$	(1,695	)	$	485	$	336,680	$	24,276,293		0.48	%

48  |  Wells Fargo Municipal Bond Fund

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $4,787,753,801)	$	5,026,641,358
Investments in affiliated securities, at value (cost $24,275,636)		24,276,293
Cash		1,909
Receivable for investments sold		5,430,175
Receivable for Fund shares sold		6,485,553
Receivable for interest		48,317,375
Prepaid expenses and other assets		623,968
Total assets		5,111,776,631
Liabilities
Payable for investments purchased		28,328,553
Payable for Fund shares redeemed		7,060,779
Dividends payable		1,398,382
Management fee payable		1,321,432
Administration fees payable		432,780
Distribution fee payable		60,667
Trustees’ fees and expenses payable		1,284
Accrued expenses and other liabilities		483,844
Total liabilities		39,087,721
Total net assets	$	5,072,688,910
Net assets consist of
Paid-in capital	$	4,834,500,859
Total distributable earnings		238,188,051
Total net assets	$	5,072,688,910
Computation of net asset value and offering price per share
Net assets – Class A	$	1,206,717,195
Shares outstanding – Class A1		114,374,117
Net asset value per share – Class A		$10.55
Maximum offering price per share – Class A2		$11.05
Net assets – Class C	$	98,410,945
Shares outstanding – Class C1		9,331,126
Net asset value per share – Class C		$10.55
Net assets – Class R6	$	72,654,501
Shares outstanding – Class R61		6,885,512
Net asset value per share – Class R6		$10.55
Net assets – Administrator Class	$	832,318,275
Shares outstanding – Administrator Class1		78,862,042
Net asset value per share – Administrator Class		$10.55
Net assets – Institutional Class	$	2,862,587,994
Shares outstanding – Institutional Class1		271,340,121
Net asset value per share – Institutional Class		$10.55

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Municipal Bond Fund  |  49

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	132,506,569
Dividends		759,151
Income from affiliated securities		336,680
Total investment income		133,602,400
Expenses
Management fee		13,118,637
Administration fees
Class A		1,856,012
Class C		182,434
Class R6		9,575	1
Administrator Class		615,583
Institutional Class		1,416,098
Shareholder servicing fees
Class A		2,900,018
Class C		285,053
Administrator Class		1,537,650
Distribution fee
Class C		855,159
Custody and accounting fees		126,170
Professional fees		86,068
Registration fees		194,674
Shareholder report expenses		140,819
Trustees’ fees and expenses		21,275
Other fees and expenses		40,603
Total expenses		23,385,828
Less: Fee waivers and/or expense reimbursements		(1,162,873	)
Net expenses		22,222,955
Net investment income		111,379,445
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities		5,841,114
Affiliated securities		(1,695	)
Futures contracts		2,262,804
Net realized gains on investments		8,102,223
Net change in unrealized gains (losses) on:
Unaffiliated securities		141,180,688
Affiliated securities		485
Net change in unrealized gains (losses) on investments		141,181,173
Net realized and unrealized gains (losses) on investments		149,283,396
Net increase in net assets resulting from operations	$	260,662,841

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

50  |  Wells Fargo Municipal Bond Fund

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	111,379,445					$	88,997,373
Net realized gains on investments					8,102,223						1,726,727
Net change in unrealized gains (losses) on investments					141,181,173						(5,965,184	)
Net increase in net assets resulting from operations					260,662,841						84,758,916
Distributions to shareholders from net investment income and net realized gains
Class A					(33,496,628	)					(40,706,034	)
Class C					(2,452,735	)					(3,631,086	)
Class R6					(1,008,740	)2					N/A
Administrator Class					(18,574,895	)					(4,561,156	)
Institutional Class					(55,765,959	)					(46,129,775	)
Total distributions to shareholders					(111,298,957	)					(95,028,051	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		10,207,001			104,731,394			9,607,411			98,713,016
Class C		1,091,183			11,211,311			1,091,279			11,235,517
Class R6		7,773,111	2		79,416,075	2		N/A			N/A
Administrator Class		65,531,996			662,326,993			14,191,031			144,623,050
Institutional Class		182,281,519			1,881,539,606			56,339,637			577,870,177
					2,739,225,379						832,441,760
Reinvestment of distributions
Class A		2,863,370			29,385,655			3,487,196			35,780,840
Class C		214,607			2,196,994			317,077			3,252,773
Class R6		53	2		556	2		N/A			N/A
Administrator Class		1,744,840			17,964,156			402,677			4,127,649
Institutional Class		4,420,261			45,500,840			3,728,548			38,233,492
					95,048,201						81,394,754
Payment for shares redeemed
Class A		(19,298,194	)		(197,545,478	)		(18,978,396	)		(194,665,238	)
Class C		(5,723,382	)		(58,571,623	)		(2,964,994	)		(30,428,033	)
Class R6		(887,652	)2		(9,156,468	)2		N/A			N/A
Administrator Class		(12,413,823	)		(127,080,850	)		(2,961,504	)		(30,373,516	)
Institutional Class		(58,145,370	)		(593,888,764	)		(32,651,728	)		(334,789,494	)
					(986,243,183	)					(590,256,281	)
Net asset value of shares issued in acquisition
Class A		5,041,496			51,955,343			0			0
Class C		764,390			7,874,457			0			0
Administrator Class		1,758,364			18,126,777			0			0
Institutional Class		3,124,015			32,190,161			0			0
					110,146,738						0
Net increase in net assets resulting from capital share transactions					1,958,177,135						323,580,233
Total increase in net assets					2,107,541,019						313,311,098
Net assets
Beginning of period					2,965,147,891						2,651,836,793
End of period				$	5,072,688,910					$	2,965,147,891

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $845,178. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

Wells Fargo Municipal Bond Fund  |  51

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.21			$10.25			$10.70			$10.25			$10.33
Net investment income		0.30	1		0.32			0.33			0.31			0.28
Net realized and unrealized gains (losses) on investments		0.34			(0.02	)		(0.38	)		0.50			0.01
Total from investment operations		0.64			0.30			(0.05	)		0.81			0.29
Distributions to shareholders from
Net investment income		(0.30	)		(0.32	)		(0.33	)		(0.31	)		(0.28	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)
Total distributions to shareholders		(0.30	)		(0.34	)		(0.40	)		(0.36	)		(0.37	)
Net asset value, end of period		$10.55			$10.21			$10.25			$10.70			$10.25
Total return2		6.35	%		2.97	%		(0.47	)%		8.04	%		2.81	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.79	%		0.79	%		0.79	%		0.80	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		2.89	%		3.10	%		3.13	%		2.99	%		2.71	%
Supplemental data
Portfolio turnover rate		20	%		19	%		24	%		16	%		27	%
Net assets, end of period (000s omitted)		$1,206,717			$1,179,800			$1,244,267			$1,529,884			$1,612,212

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

52  |  Wells Fargo Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.21			$10.24			$10.69			$10.25			$10.33
Net investment income		0.22			0.24			0.25			0.23			0.20
Net realized and unrealized gains (losses) on investments		0.34			(0.01	)		(0.38	)		0.49			0.01
Total from investment operations		0.56			0.23			(0.13	)		0.72			0.21
Distributions to shareholders from
Net investment income		(0.22	)		(0.24	)		(0.25	)		(0.23	)		(0.20	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)
Total distributions to shareholders		(0.22	)		(0.26	)		(0.32	)		(0.28	)		(0.29	)
Net asset value, end of period		$10.55			$10.21			$10.24			$10.69			$10.25
Total return1		5.56	%		2.30	%		(1.21	)%		7.14	%		2.05	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.54	%		1.54	%		1.54	%		1.55	%
Net expenses		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Net investment income		2.15	%		2.35	%		2.38	%		2.24	%		1.97	%
Supplemental data
Portfolio turnover rate		20	%		19	%		24	%		16	%		27	%
Net assets, end of period (000s omitted)		$98,411			$132,529			$148,944			$186,036			$164,703

¹  Total return calculations do not include any sales charges.

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

Wells Fargo Municipal Bond Fund  |  53

Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended June 30 20191
Net asset value, beginning of period		$10.21
Net investment income		0.30
Net realized and unrealized gains (losses) on investments		0.34
Total from investment operations		0.64
Distributions to shareholders from
Net investment income		(0.30	)
Net asset value, end of period		$10.55
Total return2		6.43	%
Ratios to average net assets (annualized)
Gross expenses		0.40	%
Net expenses		0.40	%
Net investment income		3.16	%
Supplemental data
Portfolio turnover rate		20	%
Net assets, end of period (000s omitted)		$72,655

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019.

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

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

54  |  Wells Fargo Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.21			$10.25			$10.70			$10.26			$10.34
Net investment income		0.31	1		0.33	1		0.34			0.33			0.30
Net realized and unrealized gains (losses) on investments		0.34			(0.02	)		(0.38	)		0.49			0.01
Total from investment operations		0.65			0.31			(0.04	)		0.82			0.31
Distributions to shareholders from
Net investment income		(0.31	)		(0.33	)		(0.34	)		(0.33	)		(0.30	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)
Total distributions to shareholders		(0.31	)		(0.35	)		(0.41	)		(0.38	)		(0.39	)
Net asset value, end of period		$10.55			$10.21			$10.25			$10.70			$10.26
Total return		6.51	%		3.13	%		(0.32	)%		8.10	%		2.97	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.73	%		0.73	%		0.73	%		0.73	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.02	%		3.27	%		3.18	%		3.15	%		2.86	%
Supplemental data
Portfolio turnover rate		20	%		19	%		24	%		16	%		27	%
Net assets, end of period (000s omitted)		$832,318			$227,116			$108,715			$270,304			$384,884

¹  Calculated based upon average shares outstanding

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

Wells Fargo Municipal Bond Fund  |  55

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.21			$10.24			$10.70			$10.25			$10.33
Net investment income		0.33			0.35			0.36			0.34			0.31
Net realized and unrealized gains (losses) on investments		0.34			(0.01	)		(0.39	)		0.50			0.01
Total from investment operations		0.67			0.34			(0.03	)		0.84			0.32
Distributions to shareholders from
Net investment income		(0.33	)		(0.35	)		(0.36	)		(0.34	)		(0.31	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)
Total distributions to shareholders		(0.33	)		(0.37	)		(0.43	)		(0.39	)		(0.40	)
Net asset value, end of period		$10.55			$10.21			$10.24			$10.70			$10.25
Total return		6.67	%		3.37	%		(0.28	)%		8.35	%		3.11	%
Ratios to average net assets (annualized)
Gross expenses		0.45	%		0.46	%		0.46	%		0.46	%		0.47	%
Net expenses		0.45	%		0.46	%		0.46	%		0.46	%		0.47	%
Net investment income		3.15	%		3.40	%		3.44	%		3.27	%		3.02	%
Supplemental data
Portfolio turnover rate		20	%		19	%		24	%		16	%		27	%
Net assets, end of period (000s omitted)		$2,862,588			$1,425,703			$1,149,911			$961,289			$523,736

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

56  |  Wells Fargo Municipal Bond Fund

Notes to financial statements

1. ORGANIZATION

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

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

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

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

Wells Fargo Municipal Bond Fund  |  57

Notes to financial statements

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

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

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

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

Security transactions and income recognition

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

58  |  Wells Fargo Municipal Bond Fund

Notes to financial statements

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $4,813,037,558 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	243,144,032
Gross unrealized losses		(5,263,939	)
Net unrealized gains	$	237,880,093

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $788,407 in short-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Wells Fargo Municipal Bond Fund  |  59

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	228,284,153	$	0	$	0	$	228,284,153
Municipal obligations		0		4,787,757,205		0		4,787,757,205
Closed end municipal bond funds		0		10,600,000		0		10,600,000
Short-term investments
Investment companies		24,276,293		0		0		24,276,293
Total assets	$	252,560,446	$	4,798,357,205	$	0	$	5,050,917,651

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

At June 30, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

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

Average daily net assets	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 million		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.36% of the Fund’s average daily net assets.

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

60  |  Wells Fargo Municipal Bond Fund

Notes to financial statements

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 October 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.75% for Class A shares, 1.50% for Class C shares, 0.43% for Class R6 shares, 0.60% for Administrator Class Shares and 0.48% for Institutional Class shares. 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 year ended June 30, 2019, Funds Distributor received $27,027 from the sale of Class A shares and $431 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class A shares for the year ended June 30, 2019.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $490,860,000 and $316,190,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $2,551,888,316 and $708,819,043, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended June 30, 2019, the Fund entered into futures contracts to take advantage of the differences between municipal and treasury yields and to help manage the duration of the portfolio. The Fund had an average notional amount of $54,583,106 in long futures contracts and $1,009,233 in short futures contracts during the year ended June 30, 2019.

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

Wells Fargo Municipal Bond Fund  |  61

Notes to financial statements

7. ACQUISTIONS

After the close of business on March 15, 2019, the Fund acquired the net assets of Wells Fargo Colorado Tax-Free Fund and Wells Fargo North Carolina Tax-Free Fund (collectively, the “Acquired Funds”). The purpose of the transactions was to combine three funds with similar investment objectives and strategies. The Fund became the accounting and performance survivor in the transaction. The acquisitions were accomplished by a tax-free exchange of all of the shares of the Acquired Funds for shares of the Fund. Shareholders holding Class A, Class C and Institutional Class shares of each Acquired Funds received Class A, Class C and Institutional Class shares, respectively, of the Fund in the reorganizations. Administrator Class shares of Wells Fargo Colorado Tax-Free Fund received Administrator Class shares of the Fund. The investment portfolio of Wells Fargo Colorado Tax-Free Fund and Wells Fargo North Carolina Tax-Free Fund with fair values of $67,159,606, and $39,269,320, respectively, and identified costs of $63,687,809, and $37,881,620, respectively, at March 15, 2019 were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align with ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The value of net assets acquired, unrealized gains acquired, exchange ratio and number of shares issued were as follows:

Acquired fund	Value of net assets acquired		Unrealized gains		Exchange ratio		Number of shares issued
Wells Fargo Colorado Tax-Free Fund	$	69,585,137	$	3,471,797		1.04		2,805,719	Class A
						1.05		578,776	Class C
						1.04		1,758,364	Administrator Class
						1.05		1,609,227	Institutional Class
Wells Fargo North Carolina Tax-Free Fund		40,561,601		1,387,700		0.97		2,235,777	Class A
						0.97		185,614	Class C
						0.97		1,514,788	Institutional Class

The aggregate net assets of the Fund immediately before and after the acquisitions were $3,786,391,719 and $3,896,538,457, respectively.

Assuming the acquisitions had been completed July 1, 2018, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended June 30, 2019 would have been as follows (unaudited):

Net investment income	$	114,397,248
Net realized and unrealized gains on investments	$	149,990,955
Net increase in net assets resulting from operations	$	264,388,203

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Fund’s Statement of Operations since March 16, 2019.

8. BANK BORROWINGS

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

For the year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

9. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended June 30, 2019 and June 30, 2018 were as follows:

	Year ended June 30
	2019		2018
Tax-exempt income	$	111,298,957	$	89,128,966
Long-term capital gain		0		5,899,085

62  |  Wells Fargo Municipal Bond Fund

Notes to financial statements

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$1,577,042	$1,018,256	$237,880,093	$(788,407)

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

	Net investment income		Net realized gains
Class A		$37,790,314		$2,915,720
Class C		3,290,591		340,495
Administrator Class		4,313,164		247,992
Institutional Class		43,127,825		3,001,950

10. INDEMNIFICATION

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

11. NEW ACCOUNTING 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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; and discounts will continue to be accreted to the maturity of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

Wells Fargo Municipal Bond Fund  |  63

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Municipal Bond Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

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Other information (unaudited)

TAX INFORMATION

For the fiscal year ended June 30, 2019, $128,005 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

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Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

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Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

68  |  Wells Fargo Municipal Bond Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Municipal Bond Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Municipal Bond Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

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Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Bloomberg Barclays Municipal Bond Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

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Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404825 08-19

A253/AR253 06-19

Annual Report

June 30, 2019

Wells Fargo

Short-Term Municipal Bond Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	40
Statement of operations	41
Statement of changes in net assets	42
Financial highlights	43
Notes to financial statements	48
Report of independent registered public accounting firm	53
Other information	54

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Short-Term Municipal Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Short-Term Municipal Bond Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo Short-Term Municipal Bond Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Short-Term Municipal Bond Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Short-Term Municipal Bond Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Bruce R. Johns^‡

Average annual total returns (%) as of June 30, 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 (WSMAX)	7-18-2008		0.52		0.71		1.74		2.57		1.12		1.95		0.77		0.63
Class C (WSSCX)	1-31-2003		0.81		0.37		1.19		1.81		0.37		1.19		1.52		1.38
Class R6 (WSSRX)3	7-31-2018		–		–		–		2.86		1.36		2.17		0.39		0.35
Administrator Class (WSTMX)4	7-30-2010		–		–		–		2.60		1.11		1.95		0.71		0.60
Institutional Class (WSBIX)	3-31-2008								2.81		1.35		2.16		0.44		0.40
Bloomberg Barclays 1-3 Year Composite Municipal Bond Index5	–		–		–		–		2.91		1.25		1.56

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. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo Short-Term Municipal Bond Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁶

^‡  Mr. Johns became a portfolio manager of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the 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 the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  The Bloomberg Barclays 1-3 Year Composite Municipal Bond Index is a blended index weighted 50% in the Bloomberg Barclays 1-Year Municipal Bond Index and 50% in the Barclays 3-Year Municipal Bond Index. You cannot invest directly in an index.

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays 1-3 Year Composite Municipal Bond Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%.

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  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.

Wells Fargo Short-Term Municipal Bond Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Bloomberg Barclays 1–3 Year Composite Municipal Bond Index, for the 12-month period that ended June 30, 2019.

∎ An underweight to state of Connecticut bonds detracted, while overweight exposures to Illinois- and New Jersey-related debt added to performance. Lower-rated securities continued to perform well as investors searched for yield on the short end of the curve.

∎ The Fund’s short duration throughout the year contributed to performance. The barbell duration positioning benefited performance as bonds on the very short end of the curve and bonds in the six- to seven-year maturity range contributed to overall portfolio performance as the yield curve flattened.

Effective maturity distribution as of June 30, 2019⁷

The Fed abruptly changed course from raising rates to a potential rate cut.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the European Union. These concerns only increased as we moved

into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June 2019.

Credit quality as of June 30, 2019⁸

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. Short municipals slightly underperformed Treasuries over the period. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive, but record inflows were reported as investor opinion toward fixed income, particularly municipals, improved due to investor expectations that interest rates would remain stable. While new-issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform that eliminated the ability of issuers to advance refund outstanding, higher-cost debt. Overall reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

Lower credit quality continued to drive returns.

As the period began, the Fund modestly increased interest rate exposure into market weakness. Yields on the 5-year Treasury peaked in November at over 3%. We took advantage of market weakness and seasonally high issuance at year-end to get closer to neutral duration positioning. Also, as credit spreads continued to tighten, we began buying higher-quality bonds but maintained an overweight to BBB-rated bonds. The Fund’s overweight to BBB-rated debt contributed to performance as lower-rated bonds outperformed higher-quality bonds during the period. In addition, the Fund’s overweight to lower-quality bonds with relatively short maturities allowed a competitive yield without significant duration risk. Sector positioning detracted from performance during the period due to underweights to state general obligation bonds and lease-backed bonds. Also, as the

Please see footnotes on page 7.

8  |  Wells Fargo Short-Term Municipal Bond Fund

Performance highlights (unaudited)

expectation grew for rates to move lower, our exposure to floating-rate notes underperformed. However, overweights to Illinois and New Jersey bonds and industrial development revenue (IDR) and hospital bonds positively affected performance over the period. We also added to our alternative minimum tax (AMT) exposure, specifically airport and IDR bonds, as bonds subject to the AMT provided additional incremental yield.

Our outlook is for lower rates.

Overall, technicals remain strong in the municipal bond market and we expect municipal bond valuations in the medium term to be helped by high state income tax rates, record levels of municipal debt maturities and calls, and limited availability of gross municipal bond supply. However, we believe overall economic growth in this cycle has neared its peak, and as a result, the Fed may lower rates before the end of the year. Therefore, we will look to maintain a neutral duration positioning and an up-in-quality trade approach.

Wells Fargo Short-Term Municipal Bond Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,017.71	$	3.15		0.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.67	$	3.16		0.63	%
Class C
Actual	$	1,000.00	$	1,013.93	$	6.89		1.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	6.90		1.38	%
Class R6
Actual	$	1,000.00	$	1,019.10	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,017.85	$	3.00		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,018.84	$	2.00		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).

10  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.91%
Alabama: 0.43%
Tax Revenue: 0.01%
Board of Education of Shelby County AL Public School Series 2016		4.00	%		2-1-2020	$	410,000	$	416,380
Utilities Revenue: 0.42%
Alabama Black Belt Energy Gas District Series A		4.00			12-1-2048		8,000,000		8,646,160
Alabama Black Belt Energy Gas District Series A		4.00			6-1-2024		3,640,000		3,998,431
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ)		4.00			8-1-2047		3,880,000		4,138,369
									16,782,960
									17,199,340
Alaska: 0.66%
Health Revenue: 0.56%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		22,300,000		22,423,765
Utilities Revenue: 0.04%
Alaska IDA Snettisham Hydroelectric Project		5.00			1-1-2021		1,400,000		1,449,868
Water & Sewer Revenue: 0.06%
North Slope Borough Service Area Water & Wastewater Facilities		5.25			6-30-2034		2,445,000		2,624,047
									26,497,680
Arizona: 2.41%
Education Revenue: 0.08%
Cochise County AZ Community College District of Cochise County Series 2016A (Build America Mutual Assurance Company Insured)		5.00			7-1-2020		405,000		419,349
Cochise County AZ Community College District of Cochise County Series 2016A (Build America Mutual Assurance Company Insured)		5.00			7-1-2021		425,000		454,946
PIMA County AZ IDA Education Facility Odyssey Preparatory Academy Goodyear Project		7.00			6-1-2034		312,000		344,292
PIMA County AZ IDA Education Facility Odyssey Preparatory Academy Goodyear Project		7.13			6-1-2049		1,950,000		2,156,427
									3,375,014
GO Revenue: 0.06%
Maricopa County AZ Unified School District #89 Refunding Bond Series 2016 (Build America Mutual Assurance Company Insured)		2.00			7-1-2019		2,265,000		2,265,000
Health Revenue: 0.59%
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.57%) ±		2.47			1-1-2035		5,000,000		5,000,000
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.80%) ±		2.70			9-1-2048		9,000,000		9,002,520
Maricopa County AZ IDA Series 2019E ø		1.90			1-1-2049		3,500,000		3,500,000
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A		4.00			10-1-2023		6,000,000		6,065,340
									23,567,860
Industrial Development Revenue: 1.02%
Chandler AZ IDA Intel Corporation Project		2.40			12-1-2035		32,885,000		33,821,894
Coconino County AZ Pollution Control Corporation Series A		1.80			9-1-2032		7,100,000		7,112,425
									40,934,319

Wells Fargo Short-Term Municipal Bond Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.35%
Arizona Board of Regents Certificate of Participation Series A		5.00	%		6-1-2021	$	3,000,000	$	3,206,760
Navajo Nation AZ Refunding Bond Series A 144A		2.90			12-1-2020		5,965,000		6,014,450
Navajo Nation AZ Tribal Utility Authority (Municipal Government Guaranty Insured)		4.00			1-1-2021		4,768,000		4,803,283
									14,024,493
Utilities Revenue: 0.31%
Maricopa County AZ PCR Public Service Company of New Mexico Palo Verde Project Series B		5.20			6-1-2043		2,500,000		2,574,825
Maricopa County AZ PCR Series A		2.40			6-1-2043		9,800,000		9,845,864
									12,420,689
									96,587,375
Arkansas: 0.13%
Housing Revenue: 0.13%
Arkansas Development Finance Authority Multifamily Housing Texarkana Rental Assistance Demonstration Convertible Bond Series A		2.10			6-1-2022		5,100,000		5,144,319
California: 5.26%
Education Revenue: 0.65%
California Infrastructure & Economic Development Bank Series A (SIFMA Municipal Swap +1.00%) ±		2.90			8-1-2037		26,185,000		26,259,627
GO Revenue: 1.49%
California Refunding Bond Series A (SIFMA Municipal Swap +0.25%) ±		2.15			5-1-2033		26,000,000		25,983,620
California Series B (SIFMA Municipal Swap +0.38%) ±		2.28			12-1-2027		20,000,000		20,016,600
Oakland CA Unified School District Alameda County Election of 2012		5.00			8-1-2019		1,000,000		1,002,960
Palomar CA Pomerado Health CAB Election of 2004 Series A (National Insured) ¤		0.00			8-1-2019		2,215,000		2,212,320
San Ysidro CA School District (AGM Insured) ¤		0.00			8-1-2047		3,610,000		500,238
State of California Series A4 (Citibank NA LOC) ø		1.31			5-1-2034		10,000,000		10,000,000
									59,715,738
Health Revenue: 0.77%
California HFFA Providence St. Joseph Series B1		1.25			10-1-2036		5,755,000		5,737,965
California Statewide CDA Health Facilities Catholic Series E (AGM Insured) (m)		2.29			7-1-2040		23,350,000		23,350,000
Palomar CA Pomerado Health Care District Certificate of Participation Series C (AGM Insured) (m)		2.45			11-1-2036		1,150,000		1,150,000
Washington Township CA Health Care District Series B		5.00			7-1-2020		600,000		621,192
									30,859,157
Industrial Development Revenue: 0.09%
California PCFA AMT Calplant I Project 144A		7.00			7-1-2022		3,505,000		3,613,830
Miscellaneous Revenue: 0.67%
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series A-1 (1 Month LIBOR +0.33%) ±		2.04			10-1-2047		19,000,000		18,964,850
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series B-2 (1 Month LIBOR +0.20%) ±		1.91			10-1-2047		8,000,000		7,987,280
									26,952,130

12  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.05%
Commerce CA RDA CAB Project #1 ¤		0.00	%		8-1-2021	$	2,245,000	$	2,037,046
Transportation Revenue: 0.65%
Bay Area Toll Authority San Francisco Bay Area Series C-1 (SIFMA Municipal Swap +0.90%) ±		2.80			4-1-2045		25,500,000		25,862,610
Water & Sewer Revenue: 0.89%
California Department of Water Resources Central Valley Project Series AT (SIFMA Municipal Swap +0.37%) ±		2.27			12-1-2035		35,500,000		35,498,580
									210,798,718
Colorado: 1.39%
GO Revenue: 0.27%
Dawson Ridge Metropolitan District # 1 CO ¤		0.00			10-1-2022		8,445,000		8,047,578
Grand River CO Hospital District (AGM Insured)		5.00			12-1-2022		1,450,000		1,617,751
Grand River CO Hospital District (AGM Insured)		5.00			12-1-2024		1,140,000		1,332,147
									10,997,476
Health Revenue: 0.93%
Colorado HCFR Catholic Health Initiatives Series C2 (1 Month LIBOR +1.25%) ±		2.91			10-1-2039		8,500,000		8,537,740
Colorado HCFR Catholic Health Initiatives Series C4 (1 Month LIBOR +1.25%) ±		2.91			10-1-2039		3,495,000		3,510,518
University of Colorado Hospital Authority Series 2017C-1		5.00			11-15-2038		23,630,000		25,385,236
									37,433,494
Housing Revenue: 0.15%
Colorado HSG Finance Authority Multifamily Housing Bonds South Range Crossings Project Series 2017		2.15			1-1-2038		6,000,000		6,014,280
Miscellaneous Revenue: 0.04%
Colorado Bridge Enterprise Central 70 Project		4.00			12-31-2023		1,285,000		1,397,270
									55,842,520
Connecticut: 2.06%
Education Revenue: 0.67%
Connecticut HEFAR Yale University Issue Series A		2.05			7-1-2035		25,000,000		25,366,000
Connecticut HEFAR Yale University Issue Series A-1 ø		1.00			7-1-2042		100,000		100,000
Connecticut Higher Education Supplemental Loan Authority Refunding Bonds Chelsea Loan Program Series A		3.60			11-15-2023		1,265,000		1,342,317
									26,808,317
GO Revenue: 0.46%
Connecticut Refunding Bond Series B		4.00			5-15-2021		11,190,000		11,727,008
Hartford CT Series A (AGM Insured)		5.00			7-1-2019		700,000		700,000
New Haven CT Prerefunded Bond Series A (AGM Insured)		3.00			11-1-2019		80,000		80,433
New Haven CT Series A		5.25			8-1-2021		1,830,000		1,952,647
New Haven CT Unrefunded Balance Refunding Bond Series A (AGM Insured)		3.00			11-1-2019		3,325,000		3,340,328
West Haven CT Series A		3.00			11-1-2019		300,000		300,360
West Haven CT Series B		3.00			11-1-2019		210,000		210,252
									18,311,028

Wells Fargo Short-Term Municipal Bond Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.47%
Connecticut HEFAR Hartford Healthcare Series G (1 Month LIBOR +0.95%) ±		2.61	%		7-1-2049	$	10,000,000	$	10,018,800
Connecticut HEFAR Yale New Haven Hospital Series O ø		1.95			7-1-2053		9,000,000		9,000,000
									19,018,800
Housing Revenue: 0.25%
Meriden CT Multifamily Housing Yale Acres Project		1.73			8-1-2022		10,000,000		10,017,000
Miscellaneous Revenue: 0.21%
Connecticut Series A (SIFMA Municipal Swap +0.65%) ±		2.55			3-1-2020		8,385,000		8,405,711
									82,560,856
District of Columbia: 0.62%
Airport Revenue: 0.09%
Metropolitan Washington DC Airport Authority Series A		5.00			10-1-2024		3,450,000		3,829,500
Housing Revenue: 0.53%
District of Columbia HFA Multifamily Housing Liberty Place Apartments Project		2.13			6-1-2021		9,800,000		9,874,284
District of Columbia HFA Multifamily Housing Maplewood Courts Apartments Project		1.80			2-1-2020		11,310,000		11,312,036
									21,186,320
									25,015,820
Florida: 2.15%
Education Revenue: 0.23%
Florida Gulf Coast University Financing Corporation Housing Project Series A		5.00			8-1-2020		2,055,000		2,127,953
University of North Florida Financing Corporation Capital Housing Project (AGM Insured)		5.00			11-1-2020		3,125,000		3,261,313
University of North Florida Financing Corporation Capital Housing Project (AGM Insured)		5.00			11-1-2021		3,440,000		3,701,543
									9,090,809
Health Revenue: 0.67%
Highlands County FL Health Facilities Authority Adventist Health System Series A ø		1.85			11-15-2037		9,300,000		9,300,000
North Broward FL Hospital District Series B		5.00			1-1-2022		1,255,000		1,348,447
North Broward FL Hospital District Series B		5.00			1-1-2023		1,700,000		1,871,292
North Broward FL Hospital District Series B		5.00			1-1-2024		2,000,000		2,249,420
Palm Beach County FL HCFR ACTS Retirement Life Communities Series 2016		5.00			11-15-2021		3,515,000		3,795,146
Tampa FL BayCare Health System Prefunded Bond		5.00			11-15-2023		4,140,000		4,270,120
Tampa FL BayCare Health System Unrefunded Bond		5.00			11-15-2023		3,940,000		4,063,480
									26,897,905
Housing Revenue: 0.13%
Florida Housing Finance Corporation Logan Heights Apartments Series F		1.90			2-1-2020		5,280,000		5,286,336
Miscellaneous Revenue: 0.41%
Manatee County FL School Board Certificate of Participation Series A		5.00			7-1-2020		1,225,000		1,265,180
Miami-Dade County FL School Board Certificate of Participation Series A		5.00			5-1-2031		10,000,000		11,484,100
St. Johns County FL School Board Refunding Bond Certificate of Participation		5.00			7-1-2020		2,010,000		2,082,842
St. Johns County FL School Board Refunding Bond Certificate of Participation		5.00			7-1-2021		1,670,000		1,788,153
									16,620,275

14  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.05%
Lee County FL Solid Waste System Refunding Bond		5.00	%		10-1-2023	$	1,750,000	$	1,954,068
Tax Revenue: 0.21%
Florida Department of Environmental Protection Florida Forever Series A		5.00			7-1-2023		7,720,000		8,545,654
Transportation Revenue: 0.40%
Florida Development Finance Corporation Surface Series T		1.90			1-1-2049		14,400,000		14,401,872
Florida Mid-Bay Bridge Authority Series C		5.00			10-1-2019		675,000		680,501
Florida Mid-Bay Bridge Authority Series C		5.00			10-1-2020		785,000		816,400
									15,898,773
Utilities Revenue: 0.05%
JEA Bulk Power Supply System Scherer 4 Project Series A		3.00			10-1-2022		1,800,000		1,801,530
									86,095,350
Georgia: 4.08%
Education Revenue: 0.18%
Walesa GA Downtown Development Authority Reinhardt University Project		2.00			8-1-2019		7,000,000		7,000,840
Health Revenue: 0.57%
Gainesville & Hall Counties GA Hospital Authority Health System Project Series B (SIFMA Municipal Swap +0.95%) ±		2.85			8-15-2035		23,000,000		23,005,980
Housing Revenue: 0.66%
Atlanta GA Urban Residential Finance Authority Multifamily Housing City Lights II Family Apartments Project		1.86			12-1-2020		11,500,000		11,501,610
Macon-Bibb County GA Housing Authority Hallmark Portfolio		2.04			4-1-2021		15,000,000		15,054,900
									26,556,510
Industrial Development Revenue: 0.41%
Monroe County GA PCR Georgia Power Company Plant Scherer Project		2.35			10-1-2048		16,360,000		16,520,001
Utilities Revenue: 2.26%
Bartow County GA Development Authority Georgia Power Company Bowen Project		2.05			9-1-2029		4,100,000		4,110,414
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project		1.85			12-1-2049		17,300,000		17,303,633
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series A		2.40			1-1-2040		15,995,000		16,082,333
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F		3.00			11-1-2045		22,050,000		22,466,966
Floyd County GA PCR Georgia Power Company Plant Hammond Project		2.35			7-1-2022		11,250,000		11,360,025
Main Street Natural Gas Incorporated Georgia Gas Project Series B		5.00			3-15-2021		2,600,000		2,738,658
Main Street Natural Gas Incorporated Georgia Gas Project Series C		4.00			8-1-2048		6,120,000		6,686,284
Monroe County GA Development Authority PCR Oglethorpe Power Corporation Scherer Project Series A		2.40			1-1-2039		9,545,000		9,597,116
									90,345,429
									163,428,760
Guam: 0.01%
Airport Revenue: 0.01%
Guam International Airport Authority Series A		5.00			10-1-2019		450,000		453,101

Wells Fargo Short-Term Municipal Bond Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Hawaii: 0.49%
GO Revenue: 0.31%
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.22	%		9-1-2027	$	7,600,000	$	7,598,480
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.22			9-1-2028		5,000,000		4,999,000
									12,597,480
Housing Revenue: 0.18%
Hawaii Housing Finance & Development Corporation Multifamily Housing Hale Kewalo Apartments Series A (GNMA Insured)		1.90			1-1-2021		7,160,000		7,176,182
									19,773,662
Illinois: 10.74%
Airport Revenue: 0.92%
Chicago IL Midway Airport Refunding Bond Second Lien Series A		5.00			1-1-2022		6,100,000		6,599,285
Chicago IL Midway Airport Refunding Bond Second Lien Series A		5.00			1-1-2025		5,000,000		5,681,100
Chicago IL O’Hare International Airport Customer Facility Series 2013		5.00			1-1-2020		890,000		904,925
Chicago IL O’Hare International Airport Refunding Bond General Senior Lien Series B		5.00			1-1-2023		5,000,000		5,428,450
Chicago IL O’Hare International Airport Refunding Bond General Senior Lien Series B		5.00			1-1-2024		1,550,000		1,680,433
Chicago IL O’Hare International Airport Refunding Bond Passenger Facility		5.00			1-1-2023		13,720,000		14,895,667
Chicago IL O’Hare International Airport Refunding Bond Passenger Facility		5.00			1-1-2024		1,335,000		1,519,337
									36,709,197
Education Revenue: 0.36%
Illinois Finance Authority St. Ignatius College (PNC Bank NA LOC) ø		1.89			12-1-2036		13,000,000		13,000,000
Western Illinois University Auxiliary Facilities System		4.00			4-1-2020		1,480,000		1,479,704
									14,479,704
GO Revenue: 2.74%
Chicago IL Board of Education Refunding Bond Series A (AGM Insured)		5.00			12-1-2022		500,000		545,280
Chicago IL Board of Education Refunding Bond Series A (AGM Insured)		5.00			12-1-2023		2,000,000		2,229,080
Chicago IL Board of Education Series A (National Insured)		5.00			12-1-2019		895,000		905,991
Chicago IL Emergency Telephone System Refunding Bond (National Insured)		5.25			1-1-2020		3,765,000		3,829,946
Chicago IL Park District Harbor Facility Series C		5.00			1-1-2022		3,155,000		3,297,259
Chicago IL Park District Refunding Bonds Series D		5.00			1-1-2020		1,290,000		1,310,021
Chicago IL Park District Refunding Bonds Series D		5.00			1-1-2021		1,000,000		1,044,730
Chicago IL Park District Series A		4.50			1-1-2023		250,000		256,115
Chicago IL Refunding Bond Series B (Ambac Insured)		5.13			1-1-2022		2,610,000		2,684,698
Chicago IL Series C		5.00			1-1-2021		3,000,000		3,159,000
Chicago IL Series C		5.00			1-1-2022		15,845,000		16,768,605
Chicago IL Series C		5.00			1-1-2023		4,750,000		5,109,005
Cook County IL Refunding Bond Series 2016 A		5.00			11-15-2020		5,430,000		5,677,445
Cook County IL Series 2009D		5.00			11-15-2020		2,220,000		2,247,728
Cook County IL Series A		5.00			11-15-2019		2,275,000		2,304,006
Cook County IL Series C		5.00			11-15-2020		21,615,000		21,884,971
Illinois		4.00			2-1-2020		1,750,000		1,773,135
Illinois		5.00			2-1-2020		2,520,000		2,567,804
Illinois		5.00			11-1-2021		5,000,000		5,348,100
Illinois		5.00			4-1-2022		3,000,000		3,235,620
Illinois Refunding Bond		5.00			1-1-2020		13,515,000		13,734,889
Kane County IL School District Series B		2.00			2-1-2021		880,000		887,533

16  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Kane, McHenry, Cook & Dekalb Counties IL Community Unit School District #300		4.25	%		1-1-2023	$	1,000,000	$	1,034,190
Kendall, Kane, & Will Counties IL Community Unit School District #308 CAB (AGM Insured) ¤		0.00			2-1-2020		1,000,000		990,900
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (National Insured) ¤		0.00			1-1-2021		1,130,000		1,104,835
Waukegan IL Series B (AGM Insured)		4.00			12-30-2023		500,000		545,015
Whiteside & Lee Counties IL Community Unit School District Series A (Build America Mutual Assurance Company Insured)		4.00			12-1-2024		1,490,000		1,637,719
Will County IL Community High School District #210		5.00			1-1-2021		1,165,000		1,166,538
Will County IL Community School District #161		4.00			1-1-2024		2,000,000		2,175,640
Winnebago Boone County IL Community College District Rock Valley College Series A (AGM Insured)		5.00			1-1-2022		500,000		539,010
									109,994,808
Health Revenue: 1.72%
Illinois Finance Authority Ascension Health Alliance Senior Credit Group Series E-2		1.75			11-15-2042		2,000,000		2,008,220
Illinois Finance Authority Centigram Health System Project		5.00			9-1-2019		2,265,000		2,278,590
Illinois Finance Authority Friendship Village of Schaumburg		4.00			2-15-2020		1,230,000		1,227,503
Illinois Finance Authority OSF Healthcare System Prerefunded Bond Series A		6.00			5-15-2039		14,630,000		15,209,202
Illinois Finance Authority Swedish Covenant Hospital Series A		6.00			8-15-2038		3,460,000		3,558,852
Illinois Finance Authority The Admiral at the Lake Project Series A		7.75			5-15-2030		2,015,000		2,124,233
Illinois Finance Authority The Admiral at the Lake Project Series A		8.00			5-15-2040		20,755,000		21,919,148
Illinois Finance Authority The Admiral at the Lake Project Series A		8.00			5-15-2046		17,295,000		18,265,077
Southwestern IL Development Authority Health Facility Memorial Group Incorporated		6.38			11-1-2023		1,950,000		2,202,837
									68,793,662
Housing Revenue: 0.62%
Chicago IL Multifamily Housing Mark Twain Apartments Project		2.20			6-1-2021		17,000,000		17,076,670
Illinois Housing Development Authority (SIFMA Municipal Swap +1.00%) (FNMA LOC, FNMA LIQ) ±		2.90			5-15-2050		7,500,000		7,535,100
Illinois Housing Development Authority (GNMA Insured)		5.00			8-1-2028		350,000		357,497
									24,969,267
Miscellaneous Revenue: 0.93%
Chicago IL Board of Education Lease Certificates Refunding Bond Series A (National Insured)		6.00			1-1-2020		3,260,000		3,314,246
Chicago IL Board of Education Series 2018C		5.00			12-1-2019		4,035,000		4,077,004
Illinois Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			8-1-2020		9,175,000		9,505,759
Illinois Refunding Bond		5.00			2-1-2022		4,375,000		4,698,575
Illinois Refunding Bond		5.00			2-1-2023		6,040,000		6,604,982
Illinois Refunding Bond Series 2012 (AGM Insured)		5.00			8-1-2020		5,000,000		5,181,350
Illinois Series 2014		5.00			5-1-2021		2,000,000		2,110,600
University of Illinois Board of Trustees Certificate of Participation Series A		4.00			8-15-2019		1,900,000		1,905,643
									37,398,159
Tax Revenue: 3.10%
Build Illinois Bonds Junior Obligation Series C		5.00			6-15-2022		1,940,000		2,097,043
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2020		1,120,000		1,133,418
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2021		380,000		393,137
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2022		955,000		1,005,806

Wells Fargo Short-Term Municipal Bond Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Chicago Il Transit Authority Sales Tax Receipts		5.25	%		12-1-2024	$	6,705,000	$	7,261,314
Hillside IL Refunding Bond Series 2018		5.00			1-1-2024		1,475,000		1,526,197
Huntley IL Special Service Area No 6 Special Tax Refunding Bond (Build America Mutual Assurance Company Insured)		2.20			3-1-2024		1,865,000		1,882,699
Illinois Refunding Bond		5.00			1-1-2021		1,760,000		1,839,886
Illinois Regional Transportation Authority Refunding Bond (AGM Insured)		5.75			6-1-2021		3,000,000		3,242,580
Illinois Sales Tax Revenue Junior Obligation Series A		5.00			6-15-2023		5,825,000		6,382,220
Illinois Sales Tax Revenue Refunding Bond Series C		4.00			6-15-2023		3,315,000		3,507,933
Illinois Series 2013		5.00			6-15-2024		485,000		529,746
Illinois Series A		4.00			1-1-2020		12,265,000		12,404,085
Illinois Series A		4.00			1-1-2021		2,715,000		2,798,351
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0108 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		2.08			4-1-2046		27,210,000		27,210,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0093 (Barclays Bank plc LIQ) 144Aø		2.10			1-1-2048		10,000,000		10,000,000
Metropolitan Pier & Exposition Authority CAB McCormick Place Project Series A (National Insured) ¤		0.00			12-15-2021		920,000		873,181
Metropolitan Pier & Exposition Authority McCormick Place Project Callable Bond Series B		5.00			12-15-2022		1,260,000		1,264,183
Metropolitan Pier & Exposition Authority McCormick Place Project Non-Callable Bond Series B		5.00			12-15-2022		7,000,000		7,613,130
Metropolitan Pier & Exposition Authority McCormick Place Project Series B		5.00			12-15-2020		1,845,000		1,923,579
Regional Transportation Authority IL Series B-RMKT 1		1.67			6-1-2025		18,015,000		18,015,000
Sales Tax Securitization Corporation Series A		5.00			1-1-2024		10,200,000		11,444,400
									124,347,888
Tobacco Revenue: 0.33%
Illinois Railsplitter Tobacco Settlement Authority		5.00			6-1-2022		12,000,000		13,125,960
Water & Sewer Revenue: 0.02%
Chicago IL Second Lien		5.00			11-1-2020		740,000		771,679
									430,590,324
Indiana: 1.75%
Health Revenue: 1.25%
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B		5.00			11-1-2022		1,000,000		1,113,710
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B		5.00			11-1-2023		1,270,000		1,453,591
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B		5.00			11-1-2024		3,000,000		3,520,620
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C		5.00			11-1-2021		1,000,000		1,081,060
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C		5.00			11-1-2023		800,000		915,648
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C		5.00			11-1-2024		1,000,000		1,173,540
Indiana Finance Authority Parkview Health Series A		5.00			5-1-2021		1,020,000		1,083,628
Indiana Finance Authority Parkview Health Series A		5.00			5-1-2023		1,010,000		1,139,795
Indiana Finance Authority Refunding Bond University Health Obligated Group Series B %%		1.65			12-1-2042		5,000,000		5,008,350
Indiana Finance Authority Senior Living Series A		5.00			11-15-2022		500,000		544,050
Indiana Finance Authority Senior Living Series A		5.00			11-15-2023		500,000		555,420

18  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
Indiana Health & Educational Facility Financing Authority Series 2006B		1.75	%		11-15-2031	$	11,915,000	$	12,010,439
Indiana HFFA Ascension Health Series A7		2.00			10-1-2026		8,100,000		8,103,402
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-1		2.80			11-1-2027		9,095,000		9,104,641
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-8		1.25			11-1-2027		1,285,000		1,282,777
Indiana HFFA Ascension Health Subordinate Credit Group Series 2015 A4		1.50			10-1-2027		2,055,000		2,055,658
									50,146,329
Housing Revenue: 0.28%
Evansville IN Multifamily Housing Series A		1.85			6-1-2020		7,400,000		7,407,252
Indianapolis IN Multifamily Housing Bethel Townhomes Project Series A		2.30			3-1-2021		3,795,000		3,811,850
									11,219,102
Miscellaneous Revenue: 0.06%
Indiana Bond Bank Special Program Series A		5.25			10-15-2021		2,000,000		2,154,780
Utilities Revenue: 0.16%
Warrick County IN Environment Import Vectra Energy Delivery of Indiana Incorporated		2.38			9-1-2055		6,550,000		6,549,542
									70,069,753
Iowa: 0.76%
Education Revenue: 0.02%
Iowa Student Loan Liquidity Corporation Series 2011A-1		4.63			12-1-2019		760,000		766,931
Health Revenue: 0.55%
Iowa Finance Authority Revenue Bonds Series E (JPMorgan Chase & Company LOC) ø		1.92			2-15-2041		22,200,000		22,200,000
Housing Revenue: 0.19%
Iowa Finance Authority SFMR Series D (1 Month LIBOR +0.35%) (GNMA/FNMA/FHLMC Insured) ±		2.03			7-1-2048		7,500,000		7,499,550
									30,466,481
Kentucky: 3.27%
Health Revenue: 0.77%
Kentucky EDFA Catholic Health Initiative Series B1 (1 Month LIBOR +0.90%) ±		2.56			2-1-2046		10,720,000		10,720,965
Kentucky EDFA Catholic Health Initiative Series B2 (1 Month LIBOR +0.90%) ±		2.56			2-1-2046		11,220,000		11,221,010
Louisville & Jefferson Counties KY Catholic Health Initiatives Series A		5.00			12-1-2021		8,210,000		8,829,691
									30,771,666
Housing Revenue: 0.64%
Kentucky Housing Corporation Beecher Phase I Project		2.00			3-1-2022		5,500,000		5,538,665
Kentucky Housing Corporation Jefferson Green Apartments Project		2.20			9-1-2022		20,000,000		20,185,000
									25,723,665
Miscellaneous Revenue: 0.06%
Hopkins County KY Public Properties Corporation Judicial Center Project		3.63			6-1-2025		1,000,000		1,019,670
Pendleton County KY School District Finance Corporation		2.00			2-1-2021		1,200,000		1,208,016
									2,227,686
Utilities Revenue: 1.80%
Kentucky Public Energy Authority Gas Supply Series A-1		4.00			12-1-2049		15,490,000		17,081,288
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		24,085,000		26,576,352

Wells Fargo Short-Term Municipal Bond Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Utilities Revenue (continued)
Kentucky Public Energy Authority Gas Supply Series C		4.00	%		12-1-2049	$	20,000,000	$	22,036,800
Louisville & Jefferson Counties KY Metro Government PCR Series A		2.20			2-1-2035		1,000,000		1,000,590
Louisville & Jefferson Counties KY Metro Government PCR Series B		2.55			11-1-2027		5,500,000		5,603,125
									72,298,155
									131,021,172
Louisiana: 1.01%
Housing Revenue: 0.08%
Louisiana Housing Corporation Pine Trace Homes Project		2.40			5-1-2021		3,000,000		3,020,820
Industrial Development Revenue: 0.75%
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø		2.09			11-1-2040		30,000,000		30,000,000
Tax Revenue: 0.08%
Louisiana Local Government Environmental Facilities & CDA Series 2015 (Build America Mutual Assurance Company Insured)		5.00			12-1-2020		1,135,000		1,191,500
Louisiana Regional Transit Authority CAB (National Insured) ¤		0.00			12-1-2021		2,360,000		2,118,430
									3,309,930
Utilities Revenue: 0.10%
Lafayette LA Refunding Bond		5.00			11-1-2023		3,680,000		4,108,646
									40,439,396
Maine: 0.01%
Education Revenue: 0.01%
Maine Finance Authority Supplemental Education Loan Program Class A Series A-1 (AGM Insured)		5.00			12-1-2025		425,000		498,283
Maryland: 2.23%
GO Revenue: 0.65%
Maryland State & Local Facilities Loan of 2015 Series A		5.00			3-1-2024		23,060,000		26,085,011
Health Revenue: 0.02%
Rockville MD Mayor and Council Economic Development Ingleside King Farm Project Series A-1		5.00			11-1-2020		850,000		879,427
Housing Revenue: 1.04%
Maryland CDA Department of Housing & Community Multifamily Development Huntington Apartments Series C 144A		2.34			4-1-2021		7,500,000		7,528,800
Maryland CDA Department of Housing & Community Multifamily Development Lakeview Victoria Park Series H		3.00			11-1-2020		9,000,000		9,095,850
Maryland CDA Department of Housing & Community Multifamily Development Orchard Park Series F		2.52			8-1-2020		15,000,000		15,055,500
Maryland CDA Department of Housing & Community Multifamily Development Zions Towers Series A (FHA Insured)		2.44			3-1-2020		10,000,000		10,020,200
									41,700,350
Industrial Development Revenue: 0.33%
Maryland Economic Development Corporation PCR Potomac Electric Power Company Project		1.70			9-1-2022		13,250,000		13,301,940

20  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.19%
Maryland CDA Department of Housing & Community Multifamily Development Park Square Homes Series E		2.53	%		8-1-2020	$	7,500,000	$	7,528,575
									89,495,303
Massachusetts: 3.14%
Education Revenue: 0.30%
Massachusetts Educational Financing Authority AMT Issue J		5.00			7-1-2021		1,280,000		1,363,238
Massachusetts Educational Financing Authority AMT Issue K Series A		5.00			7-1-2022		1,000,000		1,094,890
Massachusetts Educational Financing Authority Series A		5.00			1-1-2020		3,000,000		3,050,010
Massachusetts Educational Financing Authority Series A		5.00			1-1-2022		4,115,000		4,442,348
Massachusetts Educational Financing Authority Series K		5.00			7-1-2019		2,000,000		2,000,000
									11,950,486
Health Revenue: 0.40%
Massachusetts Development Finance Agency Partners Healthcare System Issue Series S-3 (SIFMA Municipal Swap +0.50%) ±		2.40			7-1-2038		5,000,000		5,002,400
Massachusetts Development Finance Agency Partners Healthcare System Series S-5 (SIFMA Municipal Swap +0.42%) ±		2.32			7-1-2044		11,230,000		11,227,193
									16,229,593
Housing Revenue: 1.18%
Massachusetts HFA Construction Loan Notes Series A		1.85			6-1-2020		5,750,000		5,750,978
Massachusetts HFA Construction Loan Notes Series B		2.05			12-1-2021		26,875,000		26,937,619
Massachusetts HFA Multifamily Conduit Van Brodie Mill Series A (TD Bank NA LOC)		2.00			7-1-2020		7,000,000		7,001,610
Massachusetts HFA Single Family Series 200 (1 Month LIBOR +0.38%) ±		2.09			12-1-2048		7,500,000		7,500,000
									47,190,207
Miscellaneous Revenue: 0.94%
Massachusetts Consolidated Loan Series D		1.05			8-1-2043		12,860,000		12,811,775
Massachusetts Consolidated Loan Subordinate Bond Series D-2		1.70			8-1-2043		24,550,000		24,689,935
									37,501,710
Transportation Revenue: 0.32%
Massachusetts Department of Transportation Refunding Bond		5.00			1-1-2039		11,500,000		12,861,255
									125,733,251
Michigan: 2.26%
Airport Revenue: 0.24%
Wayne County MI Airport Authority Refunding Bond Series A		5.00			12-1-2019		9,405,000		9,538,175
Education Revenue: 0.02%
Western Michigan University Refunding Bond		5.00			11-15-2020		1,000,000		1,048,370
GO Revenue: 0.61%
Allendale MI Public School District Series A (Qualified School Board Loan Fund Insured)		3.00			11-1-2021		895,000		927,095
Birmingham MI City School District		5.00			11-1-2019		5,970,000		6,043,073
Caledonia MI Community Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		500,000		515,310
Caledonia MI Community Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,140,000		1,216,471
Detroit MI Series 2018		5.00			4-1-2021		620,000		643,678

Wells Fargo Short-Term Municipal Bond Fund  |  21

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Flushing MI Community School District (Qualified School Board Loan Fund Insured)		4.00	%		5-1-2021	$	1,135,000	$	1,186,234
Gibraltar MI School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,100,000		1,133,869
Gibraltar MI School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,185,000		1,264,928
Grand Ledge MI Public School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		2,680,000		2,760,695
Haslett MI Public Schools (Qualified School Board Loan Fund Insured)		4.00			5-1-2020		370,000		378,033
Haslett MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		500,000		532,785
Lake Orion MI Community School District 2015 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,550,000		1,596,671
Lake Orion MI Community School District 2016 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,390,000		1,431,853
Lake Orion MI Community School District 2016 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,385,000		1,476,341
South Lyon MI Community School District		4.00			5-1-2020		1,425,000		1,456,664
Southgate MI Community School District (Build America Mutual Assurance Company Insured)		5.00			5-1-2020		500,000		515,395
Warren Woods MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,445,000		1,488,509
									24,567,604
Health Revenue: 0.21%
Michigan Finance Authority Crittenden Hospital Medical Center Series A		4.13			6-1-2032		4,290,000		4,626,422
Michigan Hospital Finance Authority Ascension Health Subordinate Credit Group Series 2005 A-4		1.63			11-1-2027		3,660,000		3,661,940
									8,288,362
Miscellaneous Revenue: 0.41%
Michigan Finance Authority Senior Lien Distributable State Aid Charter County of Wayne Criminal Justice Center Project		5.00			11-1-2022		1,150,000		1,283,147
Michigan Finance Authority Unemployment Obligation Assessment Series B		5.00			1-1-2020		15,000,000		15,026,850
									16,309,997
Tax Revenue: 0.03%
Michigan Finance Authority Local Government Loan Program Series 2014H-1		5.00			10-1-2022		1,075,000		1,156,367
Water & Sewer Revenue: 0.74%
Detroit MI Sewage Disposal System Series A (AGM Insured)		5.25			7-1-2019		2,615,000		2,615,000
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Water & Sewer Series D-3 (National Insured)		5.00			7-1-2019		7,000,000		7,000,000
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Water & Sewer Series D-6 (National Insured)		5.00			7-1-2019		1,500,000		1,500,000
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Water & Sewer Series D-6 (National Insured)		5.00			7-1-2020		1,800,000		1,862,856
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-5 (National Insured)		5.00			7-1-2019		7,000,000		7,000,000
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-7 (National Insured)		5.00			7-1-2019		2,500,000		2,500,000
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-7 (National Insured)		5.00			7-1-2020		3,835,000		3,968,918
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-7 (National Insured)		5.00			7-1-2021		3,095,000		3,300,044
									29,746,818
									90,655,693

22  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Minnesota: 0.89%
GO Revenue: 0.04%
Hastings MN Independent School District #200 Series A (South Dakota Credit Program Insured) ¤		0.00	%		2-1-2023	$	815,000	$	769,116
Hastings MN Independent School District #200 Series A (South Dakota Credit Program Insured) ¤		0.00			2-1-2024		1,015,000		936,591
									1,705,707
Health Revenue: 0.17%
Kanabec County MN Firstlight Health Kanabec Hospital		2.75			12-1-2019		7,000,000		7,002,310
Housing Revenue: 0.59%
Dakota County Community Development Agency Senior Multifamily Housing West St. Paul Apartments Project Series A		2.25			1-1-2022		6,285,000		6,325,161
Dakota County Community Development Agency Senior Multifamily Housing West St. Paul Apartments Project Series B		3.80			7-1-2022		6,325,000		6,361,938
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%) (GNMA/FNMA/FHLMC Insured) ±		2.33			1-1-2045		11,000,000		10,941,700
									23,628,799
Miscellaneous Revenue: 0.09%
Duluth MN Independent School District Certificates of Participation Series B (South Dakota Credit Program Insured)		5.00			2-1-2024		425,000		485,078
Duluth MN Independent School District Certificates of Participation Series B (South Dakota Credit Program Insured)		5.00			2-1-2025		375,000		437,704
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (AGM Insured, U.S. Bank NA SPA) ø		1.33			8-15-2037		2,600,000		2,600,000
									3,522,782
									35,859,598
Mississippi: 0.71%
Housing Revenue: 0.54%
Mississippi Home Corporation Multifamily Vicksburg Housing Authority RAD Project (GNMA/FNMA/FHLMC Insured)		1.91			12-1-2020		21,500,000		21,527,950
Utilities Revenue: 0.17%
Mississippi Business Finance Corporation Mississippi Power Company Project Series 2010		2.75			12-1-2040		6,750,000		6,824,723
									28,352,673
Missouri: 1.19%
GO Revenue: 0.17%
Kansas City MO Series A		5.00			2-1-2020		1,495,000		1,527,232
St. Louis MO Special Administrative Board The Transitional School Direct Deposit Program		4.00			4-1-2022		5,030,000		5,384,816
									6,912,048
Health Revenue: 0.08%
Kirkwood MO IDA Retirement Community Series A		8.25			5-15-2045		3,000,000		3,174,720
Industrial Development Revenue: 0.60%
Missouri Environmental Improvement and Energy Resources Authority Kansas City Power And Light Company Project		2.75			5-1-2038		23,400,000		23,827,752

Wells Fargo Short-Term Municipal Bond Fund  |  23

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.30%
Missouri Development Finance Board Kauffman Center For The Performing Arts Series A (PNC Bank NA SPA) ø		1.94	%		6-1-2037	$	12,000,000	$	12,000,000
Tax Revenue: 0.04%
Arnold MO Real Property Arnold Triangle Redevelopment Project Series A		3.75			5-1-2023		1,620,000		1,646,552
									47,561,072
Nebraska: 0.15%
Housing Revenue: 0.12%
Douglas Country NE Housing Authority Sorensen Senior Residences Project Series A		2.05			3-1-2020		5,000,000		5,003,000
Utilities Revenue: 0.03%
Nebraska Public Power Generation Agency Whelan Energy Center Unit 2 Series A		5.00			1-1-2020		1,000,000		1,017,880
									6,020,880
Nevada: 0.26%
Airport Revenue: 0.05%
Clark County NV Airport Jet Aviation Fuel Tax Series A		5.00			7-1-2019		1,000,000		1,000,000
Clark County NV Airport Jet Aviation Fuel Tax Series A		5.00			7-1-2020		1,000,000		1,032,590
									2,032,590
GO Revenue: 0.12%
Clark County NV School District Series C		5.00			6-15-2022		2,000,000		2,205,300
Clark County NV School District Series D		5.00			6-15-2021		2,395,000		2,561,932
									4,767,232
Industrial Development Revenue: 0.02%
Clark County NV PCR		1.88			6-1-2031		880,000		877,800
Utilities Revenue: 0.07%
Washoe County NV Sierra Pacific Power Series B		3.00			3-1-2036		520,000		541,455
Washoe County NV Water Facility Refunding Bond Series F		2.05			3-1-2036		2,000,000		2,017,060
									2,558,515
									10,236,137
New Hampshire: 0.13%
Health Revenue: 0.07%
New Hampshire HEFA Catholic Medical Center		4.00			7-1-2019		2,635,000		2,635,000
Housing Revenue: 0.06%
New Hampshire HFA Multifamily Housing Series 1 (FHA Insured)		1.75			1-1-2020		2,455,000		2,459,124
									5,094,124
New Jersey: 6.49%
Education Revenue: 0.28%
New Jersey EDA Student Loan Series 1		5.50			12-1-2021		1,000,000		1,087,980
New Jersey Higher Education Assistance Authority Series A1		5.00			12-1-2020		9,775,000		10,223,282
									11,311,262

24  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue: 0.22%
Andover NJ Regional School District Refunding School Bond Series 2014 (Build America Mutual Assurance Company Insured)		3.00	%		2-15-2020	$	515,000	$	520,315
New Jersey TTFA Transit System Series A		5.75			6-15-2020		2,275,000		2,361,245
Trenton City NJ Refunding Bond		4.00			7-15-2019		1,905,000		1,906,372
Trenton City NJ Refunding Bond		4.00			7-15-2020		1,685,000		1,713,106
Trenton City NJ Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			12-1-2020		1,675,000		1,755,718
Winslow Township NJ Board of Education Refunding Bond		4.00			8-1-2019		525,000		526,129
									8,782,885
Housing Revenue: 2.21%
New Jersey Housing & Mortgage Finance Agency Multifamily Series A		2.00			11-1-2021		325,000		327,740
New Jersey Housing & Mortgage Finance Agency Multifamily Series B		1.65			5-1-2020		4,605,000		4,611,401
New Jersey Housing & Mortgage Finance Agency Multifamily Series B		2.00			5-1-2021		14,335,000		14,444,519
New Jersey Housing & Mortgage Finance Agency Multifamily Series C		2.41			10-1-2021		27,500,000		27,777,475
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.60			10-1-2021		5,930,000		6,002,702
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.70			4-1-2022		6,060,000		6,162,293
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.80			10-1-2022		5,655,000		5,772,285
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.90			4-1-2023		6,235,000		6,400,103
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.95			10-1-2023		5,840,000		6,022,792
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		3.10			4-1-2024		2,760,000		2,871,670
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		3.25			4-1-2025		3,140,000		3,290,657
New Jersey Housing & Mortgage Finance Agency Villa Victoria Apartments Project Series F		2.43			11-1-2021		5,000,000		5,049,600
									88,733,237
Miscellaneous Revenue: 1.99%
New Jersey EDA Prerefunded Bond		5.00			12-15-2019		285,000		289,677
New Jersey EDA Unrefunded Bond		5.00			12-15-2019		715,000		726,047
New Jersey EDA School Facilities Construction Bond Series DDD		5.00			6-15-2023		3,000,000		3,340,860
New Jersey EDA School Facilities Construction Bond Series DDD		5.00			6-15-2024		2,605,000		2,964,751
New Jersey EDA School Facilities Construction Bonds Series K (National Insured)		5.25			12-15-2021		1,040,000		1,126,726
New Jersey EDA School Facilities Construction Bonds Series NN		5.00			3-1-2022		405,000		437,635
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2021		5,020,000		5,267,637
New Jersey EDA Series BBB		5.00			6-15-2022		6,000,000		6,534,000
New Jersey EDA Series BBB		5.00			6-15-2023		4,000,000		4,454,480
New Jersey EDA Series XX		5.00			6-15-2022		7,500,000		8,167,500
New Jersey EDA Transportation Project New Jersey Transit Corporation Project Series B		5.00			11-1-2021		2,490,000		2,675,181
New Jersey EDA Transportation Project New Jersey Transit Corporation Project Series B		5.00			11-1-2022		26,000,000		28,635,360
New Jersey HFFA Greystone Park Psychiatric Hospital Project Series B		5.00			9-15-2019		2,135,000		2,148,728
New Jersey School Facilities Construction Prerefunded Bond Series EE		5.00			9-1-2020		1,650,000		1,718,112
New Jersey TTFA Series A		5.00			12-15-2019		3,000,000		3,046,350
New Jersey TTFA Series A		5.00			6-15-2020		1,000,000		1,030,860

Wells Fargo Short-Term Municipal Bond Fund  |  25

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Newark NJ Housing Authority Newark Redevelopment Project Refunding Bond (National Insured)		5.25	%		1-1-2020	$	2,170,000	$	2,210,492
Newark NJ Housing Authority Newark Redevelopment Project Refunding Bond (National Insured)		5.25			1-1-2021		4,570,000		4,814,906
									79,589,302
Tax Revenue: 0.05%
New Jersey Casino Reinvestment Development Authority		4.00			11-1-2019		1,425,000		1,434,391
New Jersey EDA School Facilities Construction Unrefunded Bond Series EE		5.00			9-1-2020		610,000		632,802
									2,067,193
Transportation Revenue: 1.74%
New Jersey TTFA Series A		5.25			12-15-2020		33,465,000		35,152,305
New Jersey TTFA Series A1		5.00			6-15-2020		7,000,000		7,222,040
New Jersey TTFA Series A1		5.00			6-15-2021		5,000,000		5,311,600
New Jersey Turnpike Authority Series C-6 (1 Month LIBOR +0.75%) ±		2.46			1-1-2030		21,820,000		21,951,793
									69,637,738
									260,121,617
New Mexico: 0.79%
Utilities Revenue: 0.79%
Farmington NM PCR Southern California Edison Company Four Corners Project Series 2011		1.88			4-1-2029		5,000,000		4,987,500
Farmington NM PCR Southern California Edison Company Four Corners Project Series A		1.88			4-1-2029		4,950,000		4,937,625
New Mexico Municipal Energy Acquisition Authority Gas Supply Subordinate Bond Series B (1 Month LIBOR +0.75%) (Royal Bank of Canada SPA) ±		2.39			11-1-2039		21,725,000		21,725,000
									31,650,125
New York: 7.06%
GO Revenue: 1.10%
Nassau County NY Prerefunded Bond Series C		5.00			10-1-2020		3,020,000		3,048,086
Nassau County NY Series A		5.00			1-1-2020		4,000,000		4,073,920
Nassau County NY Series F		5.00			10-1-2020		1,780,000		1,796,554
Nassau County NY Unrefunded Bond Series C		5.00			10-1-2020		45,000		45,419
New York NY Series J Subordinate Bond Series J-3 (AGM Insured) (m)		2.34			6-1-2036		22,125,000		22,125,000
Oyster Bay NY Public Improvement		4.00			2-15-2020		1,000,000		1,013,480
Rockland County NY Public Improvement Series C (AGM Insured)		3.00			5-1-2020		1,390,000		1,410,600
Rockland County NY Refunding Bond (Build America Mutual Assurance Company Insured)		3.00			2-15-2020		630,000		636,974
Suffolk County NY TAN		5.00			7-24-2019		10,000,000		10,020,800
									44,170,833
Health Revenue: 0.14%
New York NY Health & Hospital Corporation Health System Series A		5.50			2-15-2020		5,755,000		5,773,128
Housing Revenue: 0.62%
New York HFA Affordable Housing Series L (GNMA/FNMA/FHLMC Insured)		1.65			5-1-2021		6,400,000		6,415,552
New York HFA Affordable Housing Series M-1 (GNMA/FNMA/FHLMC Insured)		1.80			5-1-2020		1,200,000		1,203,252

26  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Housing Revenue (continued)
New York HFA Affordable Housing Series M-1 (GNMA/FNMA/FHLMC Insured)		2.00	%		5-1-2021	$	5,000,000	$	5,038,200
New York NY Housing Development Corporation Sustainable Neighborhood Bonds Series I2B		2.00			5-1-2021		12,000,000		12,000,000
									24,657,004
Industrial Development Revenue: 1.05%
New York Transportation Development Corporation American Airlines Incorporated John F. Kennedy International Airport Project Series 2016		5.00			8-1-2019		8,000,000		8,018,720
New York Transportation Development Corporation Special Facilities Revenue Delta Airlines Incorporated LaGuardia Airport Terminals C&D Redevelopment		5.00			1-1-2024		30,130,000		33,984,230
									42,002,950
Miscellaneous Revenue: 0.15%
Suffolk County NY Judicial Facilities Agency Leases H. Lee Dennison Building		5.00			11-1-2019		2,775,000		2,805,719
Suffolk County NY Judicial Facilities Agency Leases H. Lee Dennison Building		5.00			11-1-2020		2,915,000		3,044,105
									5,849,824
Tax Revenue: 0.64%
New York Metropolitan Transportation Authority Subordinate Bond Series A2A (SIFMA Municipal Swap +0.45%) ±		2.35			11-1-2026		6,980,000		6,967,506
New York NY Transitional Finance Authority Subordinate Bond Series 1-B (SIFMA Municipal Swap +0.80%) ±		2.70			11-1-2022		18,500,000		18,608,410
									25,575,916
Transportation Revenue: 2.85%
New York Metropolitan Transportation Authority Subordinate Bond Series A2 (SIFMA Municipal Swap +0.58%) ±		2.48			11-15-2039		2,000,000		2,001,960
New York Metropolitan Transportation Authority Subordinate Bond Series B4		5.00			11-15-2030		13,835,000		14,007,246
New York Metropolitan Transportation Authority Subordinate Bond Series C2		4.00			11-15-2033		8,330,000		8,550,828
New York Metropolitan Transportation Authority Subordinate Bond Series D-2 (SIFMA Municipal Swap +0.45%) ±		2.35			11-15-2044		22,545,000		22,496,303
New York Metropolitan Transportation Authority Subordinate Bond Series D-2A-1 (1 Month LIBOR +0.57%) (AGM Insured) ±		2.25			11-1-2032		7,500,000		7,509,900
New York Metropolitan Transportation Authority Subordinate Bond Series D-2A-2 (1 Month LIBOR +0.68%) (AGM Insured) ±		2.36			11-1-2032		20,000,000		20,071,000
New York Metropolitan Transportation Authority Subordinate Bond Series D-2B (1 Month LIBOR +0.30%) (AGM Insured) ±		1.98			11-1-2032		6,000,000		5,982,180
Niagara Falls NY Board Community Toll (National Insured)		6.25			10-1-2020		8,685,000		9,206,013
Triborough Bridge & Tunnel Authority New York Series B (U.S. SOFR +0.43%) ±		2.05			1-1-2032		24,590,000		24,597,131
									114,422,561
Utilities Revenue: 0.51%
Long Island NY Power Authority Electric System Series C (1 Month LIBOR +0.75%) ±		2.46			5-1-2033		20,550,000		20,562,947
									283,015,163
North Carolina: 0.19%
Health Revenue: 0.19%
Charlotte Mecklenburg NC Hospital Authority Atrium Health Series B		5.00			1-15-2048		7,000,000		7,627,060

Wells Fargo Short-Term Municipal Bond Fund  |  27

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Ohio: 1.81%
GO Revenue: 0.01%
Springfield OH Refunding Bond (AGC Insured)		4.00	%		12-1-2020	$	440,000	$	440,757
Health Revenue: 0.08%
Lake County OH Lake Hospital System Incorporated		5.00			8-15-2020		905,000		938,268
Warren County OH HCFR Otterbein Homes Series A		5.00			7-1-2019		2,215,000		2,215,000
									3,153,268
Housing Revenue: 0.82%
Cuyahoga OH Metropolitan Housing Authority Headquarters Project		1.75			3-1-2020		5,510,000		5,512,810
Lucas OH Metropolitan Housing Authority Certificate of Participation		2.25			11-1-2020		530,000		531,304
Lucas Plaza OH Housing Development Corporation Refunding Bond (FHA Insured) ¤		0.00			6-1-2024		15,800,000		14,503,452
Ohio HFA Cambridge Village Apartments Project (HUD Insured)		2.40			4-1-2021		3,200,000		3,219,040
Trumbull Metropolitan Housing Authority Multifamily Housing Apartments Project Series A		1.70			6-1-2022		9,250,000		9,261,193
									33,027,799
Miscellaneous Revenue: 0.07%
Ohio Portsmouth Bypass Project		5.00			12-31-2020		1,320,000		1,375,282
Ohio Portsmouth Bypass Project		5.00			12-31-2021		1,205,000		1,285,590
									2,660,872
Resource Recovery Revenue: 0.26%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		10,200,000		10,256,916
Utilities Revenue: 0.57%
American Municipal Power Ohio Incorporated Refunding Bond		2.30			2-15-2038		8,750,000		8,882,038
Lancaster OH Port Authority Gas Supply		5.00			8-1-2049		12,000,000		13,963,800
									22,845,838
									72,385,450
Oklahoma: 0.71%
Airport Revenue: 0.06%
Tulsa OK Airports Improvement Trust Series 2013A (Build America Mutual Assurance Company Insured)		5.00			6-1-2020		695,000		716,024
Tulsa OK Airports Improvement Trust Series 2015A (Build America Mutual Assurance Company Insured)		5.00			6-1-2020		1,710,000		1,761,728
									2,477,752
GO Revenue: 0.37%
Oklahoma County OK Independent School District #52 Series A		2.50			1-1-2021		3,535,000		3,593,999
Oklahoma County OK Independent School District #52 Series A		3.00			1-1-2022		3,535,000		3,674,102
Oklahoma County OK Independent School District #52 Series A		3.00			1-1-2023		3,135,000		3,306,453
Oklahoma County OK Independent School District #52 Series A		3.50			1-1-2020		2,840,000		2,870,019
Woodward County OK Independent School District #1 Board of Education		2.30			6-1-2020		1,435,000		1,441,834
									14,886,407

28  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.05%
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.00	%		8-15-2022	$	500,000	$	544,010
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.00			8-15-2023		500,000		556,910
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.00			8-15-2024		600,000		683,076
									1,783,996
Miscellaneous Revenue: 0.22%
Blaine County OK Educational Facilities Authority Watonga Public Schools Project		5.00			12-1-2020		750,000		784,748
Blaine County OK Educational Facilities Authority Watonga Public Schools Project		5.00			12-1-2021		945,000		1,019,362
Cleveland County OK Educational Facilities Authority Norman Public Schools Project		5.00			7-1-2019		2,000,000		2,000,000
Creek County OK Educational Facilities Authority Sapulpa Public School Project		5.00			9-1-2020		2,550,000		2,655,570
Grady County OK School Finance Authority Tuttle Public School Project		5.00			9-1-2019		1,000,000		1,005,850
Grady County OK School Finance Authority Tuttle Public School Project		5.00			9-1-2021		1,065,000		1,142,692
									8,608,222
Tax Revenue: 0.01%
Cleveland County OK Justice Authority Detention Facility Project		4.00			3-1-2020		500,000		500,935
									28,257,312
Other: 0.97%
Miscellaneous Revenue: 0.97%
Branch Banking & Trust Municipal Investment Trust Various States Class C (SIFMA Municipal Swap +1.05%) (Rabobank LOC) 144A±		2.95			12-31-2019		3,021,812		3,021,812
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1A øø		1.60			8-15-2051		983,499		986,715
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1B1 øø		2.25			8-15-2051		18,194,730		18,468,561
FHLMC Multifamily Certificates Series M042 Class A (SIFMA Municipal Swap +0.25%) ø		2.15			9-15-2033		10,870,000		10,870,000
Public Housing Capital Fund Trust I (HUD Insured) 144A		4.50			7-1-2022		4,353,995		4,396,316
Public Housing Capital Fund Trust II (HUD Insured) 144A		4.50			7-1-2022		973,212		980,044
									38,723,448
Pennsylvania: 6.92%
Education Revenue: 0.92%
Lehigh County PA General Purpose Authority (SIFMA Municipal Swap +0.58%) ±		2.48			11-1-2037		11,500,000		11,502,185
Philadelphia PA IDA Thomas Jefferson University Series B ø		2.13			9-1-2050		25,210,000		25,210,000
									36,712,185
GO Revenue: 1.42%
Butler PA Area School District (AGM Insured)		5.00			10-1-2023		1,280,000		1,454,362
Butler PA Area School District (AGM Insured)		5.00			10-1-2024		2,965,000		3,453,009
Butler PA Area School District (AGM Insured)		5.00			10-1-2025		4,695,000		5,586,627
Coatesville PA Area School District (AGM Insured)		5.00			8-1-2023		1,000,000		1,123,260
Lackawanna County PA Riverside School District Project (Build America Mutual Assurance Company Insured)		4.00			10-15-2019		1,400,000		1,409,268

Wells Fargo Short-Term Municipal Bond Fund  |  29

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Lackawanna County PA Riverside School District Project (Build America Mutual Assurance Company Insured)		4.00	%		10-15-2020	$	1,455,000	$	1,495,667
Manheim Township PA School District Series A (1 Month LIBOR +0.47%) ±		2.13			5-1-2025		3,760,000		3,767,031
Penn Hills PA School District (Build America Mutual Assurance Company Insured)		5.00			11-15-2020		825,000		864,328
Penn Hills PA School District (Build America Mutual Assurance Company Insured)		5.00			11-15-2021		1,275,000		1,375,687
Philadelphia PA School District Series A		5.00			9-1-2022		1,000,000		1,102,110
Philadelphia PA School District Series A		5.00			9-1-2024		800,000		925,568
Philadelphia PA School District Series C		5.00			9-1-2020		1,125,000		1,168,245
Philadelphia PA School District Series D		5.00			9-1-2020		1,500,000		1,557,660
Philadelphia PA School District Series D		5.00			9-1-2021		1,750,000		1,873,795
Philadelphia PA School District Series E (State Aid Withholding Insured)		5.00			9-1-2020		2,225,000		2,310,529
Philadelphia PA School District Series E		5.25			9-1-2023		7,000,000		7,289,800
Philadelphia PA School District Series F		5.00			9-1-2020		2,750,000		2,855,710
Philadelphia PA School District Series F		5.00			9-1-2021		3,580,000		3,833,249
Philadelphia PA Unrefunded Bond Series A (AGM Insured)		5.00			8-1-2019		3,420,000		3,429,234
Scranton PA 144A		5.00			9-1-2020		2,205,000		2,272,627
Scranton PA School District Series A		5.00			6-1-2021		680,000		719,426
Scranton PA School District Series A		5.00			6-1-2022		730,000		789,174
Scranton PA School District Series A		5.00			6-1-2023		835,000		929,004
Scranton PA School District Series B		5.00			6-1-2021		580,000		613,628
Scranton PA School District Series B (National Insured)		5.00			6-1-2022		870,000		945,673
Scranton PA School District Series B (National Insured)		5.00			6-1-2023		615,000		684,237
Scranton PA School District Series C		5.00			6-1-2020		585,000		600,643
Scranton PA School District Series C		5.00			6-1-2021		590,000		624,208
Warwick PA School District		4.00			2-15-2020		1,000,000		1,016,590
West Mifflin PA School District (AGM Insured)		5.00			10-1-2019		750,000		756,863
									56,827,212
Health Revenue: 1.42%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series A-1 (3 Month LIBOR +0.72%) ±		2.45			2-1-2021		1,345,000		1,346,668
Berks County PA IDA Health System Tower Health Project		5.00			11-1-2023		1,000,000		1,137,360
Berks County PA IDA Health System Tower Health Project		5.00			11-1-2024		1,000,000		1,165,750
Franklin County PA IDA Menno-Haven Incorporated Project		4.00			12-1-2019		500,000		503,160
Franklin County PA IDA Menno-Haven Incorporated Project		5.00			12-1-2021		230,000		242,443
Lancaster County PA Hospital Authority Healthcare Facilities Moravian Manors Incorporated Project		2.88			12-15-2023		1,200,000		1,200,492
Montgomery County PA Higher Education & Health Authority Series 2018D ø		2.13			9-1-2050		12,000,000		12,000,000
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series A		5.00			9-1-2023		1,050,000		1,196,328
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series C (SIFMA Municipal Swap +0.72%) ±		2.62			9-1-2051		10,000,000		10,000,200
Montgomery County PA IDA Albert Einstein Healthcare Network Issue Series A		5.00			1-15-2020		1,315,000		1,335,422
Philadelphia PA Hospitals & HEFAR Temple University Health System		5.00			7-1-2021		1,250,000		1,315,875
Philadelphia PA Hospitals & HEFAR Temple University Health System		5.00			7-1-2022		2,000,000		2,156,300
Quakertown PA Health Facilities Authority Series A		3.13			7-1-2021		3,250,000		3,235,375
South Central General Authority WellSpan Health Obliged Group Revenue Bond Series 2019E (U.S. Bank NA LIQ) ø		1.92			6-1-2035		20,000,000		20,000,000
									56,835,373

30  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.82%
Pennsylvania HFA Single Family Series 125A		2.38	%		10-1-2025	$	19,945,000	$	20,175,365
Pennsylvania HFA Single Family Series 128A		4.75			4-1-2033		8,745,000		9,501,443
Pittsburgh PA Urban RDA Crawford Square Apartments Project		2.25			12-1-2020		3,300,000		3,308,052
									32,984,860
Industrial Development Revenue: 0.59%
Lehigh County PA IDA Electric Utilities Corporation Series B		1.80			2-15-2027		2,500,000		2,515,050
Montgomery County PA IDA Exelon Generation Company LLC		2.50			10-1-2030		15,795,000		15,850,756
Montgomery County PA IDA Peco Energy Company Project Series A		2.60			3-1-2034		2,125,000		2,136,624
Pennsylvania EDFA Bridges Finco LP		5.00			12-31-2020		1,850,000		1,928,866
Pennsylvania EDFA Bridges Finco LP		5.00			12-31-2021		1,095,000		1,170,172
									23,601,468
Miscellaneous Revenue: 0.39%
Bethlehem PA Area School District Authority Bethlehem Area School District Refunding Bond Project (1 Month LIBOR +0.49%) ±		2.17			1-1-2030		4,980,000		4,980,000
Butler County General Authority Hampton Township School District Project Series 2007 (AGM Insured, PNC Bank NA SPA) ø		1.90			9-1-2027		2,000,000		2,000,000
Delaware County PA Authority Neumann University		4.00			10-1-2021		2,005,000		2,062,403
Pennsylvania Certificate of Participation (AGM Insured)		2.00			11-1-2019		1,100,000		1,099,978
Pennsylvania Certificate of Participation (AGM Insured)		4.00			11-1-2019		1,005,000		1,011,593
Philadelphia PA RDA Transformation Initiative Series B		5.00			4-15-2020		1,870,000		1,916,900
Scranton PA RDA Series A (Municipal Government Guaranty Insured)		5.00			11-15-2021		2,580,000		2,657,684
									15,728,558
Resource Recovery Revenue: 0.55%
Delaware County PA IDA Resource Recovery Facility Series A		6.20			7-1-2019		145,000		145,000
Pennsylvania EDFA Solid Waste Disposal Series A		1.70			8-1-2037		9,420,000		9,412,935
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporated Project		1.95			8-1-2045		12,500,000		12,504,125
									22,062,060
Transportation Revenue: 0.38%
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +1.27%) ±		3.17			12-1-2020		11,300,000		11,390,287
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +0.70%) ±		2.60			12-1-2023		2,880,000		2,897,798
Reading PA Parking Authority CAB (National Insured) ¤		0.00			11-15-2019		1,000,000		991,650
									15,279,735
Utilities Revenue: 0.06%
Philadelphia PA Gas Works Series 1998 General Ordinance (AGM Insured)		5.00			7-1-2019		2,500,000		2,500,000
Water & Sewer Revenue: 0.37%
Pittsburgh PA Water & Sewer Authority Series C (1 Month LIBOR +0.64%) (AGM Insured) ±		2.39			9-1-2040		15,000,000		15,005,850
									277,537,301
Rhode Island: 0.35%
Education Revenue: 0.05%
Rhode Island Student Loan Authority AMT Series A		5.00			12-1-2019		450,000		456,107
Rhode Island Student Loan Authority AMT Series A		5.00			12-1-2023		1,175,000		1,326,458
									1,782,565

Wells Fargo Short-Term Municipal Bond Fund  |  31

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.08%
Rhode Island Health & Educational Building Corporation Tockwotton Home Series 2011		8.38	%		1-1-2046	$	3,000,000	$	3,309,450
Miscellaneous Revenue: 0.22%
Rhode Island & Providence Plantations Consolidated Capital Development Series A		5.00			8-1-2023		8,045,000		8,925,525
									14,017,540
South Carolina: 0.78%
Health Revenue: 0.40%
Greenville SC Health System Hospital Series 2014-B Tender Option Bond Trust Receipts/Certificates Series 2015-XF0145 (TD Bank NA LIQ) 144Aø		2.00			5-30-2022		8,020,000		8,020,000
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø		2.12			5-1-2048		8,000,000		8,000,000
									16,020,000
Transportation Revenue: 0.24%
South Carolina Transportation Infrastructure Bank Refunding Bond Series B (1 Month LIBOR +0.45%) ±		2.05			10-1-2031		9,800,000		9,787,946
Utilities Revenue: 0.14%
Piedmont SC Municipal Power Agency (National Insured)		5.38			1-1-2025		4,760,000		5,609,422
									31,417,368
Tennessee: 1.72%
Airport Revenue: 0.08%
Memphis-Shelby County TN Airport Authority Series A1		5.75			7-1-2019		1,500,000		1,500,000
Memphis-Shelby County TN Airport Authority Series B		5.50			7-1-2019		1,505,000		1,505,000
									3,005,000
Health Revenue: 0.04%
Greeneville TN Health and Educational Ballad Health Series A		5.00			7-1-2023		1,600,000		1,800,080
Housing Revenue: 0.17%
Kingsport TN Housing & RDA Collateralized Multifamily Housing Series B		2.22			1-1-2022		6,700,000		6,767,402
Utilities Revenue: 1.43%
Tennessee Energy Acquisition Corporation Gas Project		4.00			11-1-2049		7,500,000		8,264,400
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		45,840,000		49,138,646
									57,403,046
									68,975,528
Texas: 15.02%
Airport Revenue: 0.21%
Dallas-Fort Worth TX International Airport Series B		5.00			11-1-2023		500,000		553,240
El Paso TX Airport Series 2018		5.00			8-15-2025		3,110,000		3,623,461
Houston TX Airport System Refunding Bond Subordinate Lien Series A		5.00			7-1-2024		3,620,000		3,979,104
									8,155,805
Education Revenue: 0.56%
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00			8-15-2021		665,000		688,627
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00			8-15-2022		1,000,000		1,049,060

32  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00	%		8-15-2023	$	1,510,000	$	1,601,491
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00			8-15-2024		3,125,000		3,347,375
North Texas Higher Education Authority Incorporated Student Loan Series 2 Class A (3 Month LIBOR +1.00%) ±		3.59			4-1-2037		4,585,000		4,593,253
Texas A&M University System Permanent University Series A		5.00			7-1-2021		4,870,000		5,226,094
Texas PFA Southern University Financing System (Build America Mutual Assurance Company Insured)		5.00			11-1-2019		2,375,000		2,399,866
University of Texas Financing System Refunding Bonds Series C		5.00			8-15-2022		3,000,000		3,342,030
									22,247,796
GO Revenue: 8.52%
Brownsville TX Independent School District Maintenance Tax Notes		4.00			8-15-2019		7,905,000		7,930,296
Clear Creek TX Independent School District Series B		3.00			2-15-2032		4,945,000		4,953,753
Cypress-Fairbanks TX Independent School District Series B-2		2.13			2-15-2040		17,000,000		17,179,350
Dallas TX Unrefunded Balance Refunding Bond		5.00			2-15-2021		3,580,000		3,790,934
Eagle Mountain & Saginaw TX Independent School District		2.00			8-1-2050		12,150,000		12,155,103
El Paso County TX Hospital District Refunding Bond		5.00			8-15-2019		4,035,000		4,050,373
Fort Bend TX Independent School District Series C		1.35			8-1-2042		4,525,000		4,521,606
Fort Bend TX independent School District Series D		1.50			8-1-2042		10,530,000		10,498,515
Harris County TX Refunding Bonds Series A		5.00			10-1-2021		10,000,000		10,091,300
Hays TX Consolidated Independent School District Building Bonds Series B		2.70			8-15-2042		7,370,000		7,594,932
Houston TX Independent School District		1.45			6-1-2029		8,385,000		8,382,652
Houston TX Independent School District Limited Tax Schoolhouse Series B		2.40			6-1-2036		5,000,000		5,082,650
Houston TX Public Improvement Series A		5.00			3-1-2020		4,000,000		4,098,240
Houston TX Public Improvement Series A		5.00			3-1-2021		4,000,000		4,242,080
Houston TX Public Improvement Series A		5.00			3-1-2022		5,000,000		5,474,000
Houston TX Public Improvement Series A		5.00			3-1-2023		3,500,000		3,943,415
Hurst Euless Bedford TX Independent School District Prerefunded Bond		5.00			8-15-2022		2,140,000		2,225,001
Hutto TX Independent School District Series 2015		3.00			2-1-2055		23,425,000		23,820,414
Lake Travis TX Independent School District Prefunded Series B		2.63			2-15-2048		1,010,000		1,042,229
Lake Travis TX Independent School District Unrefunded Bond		2.63			2-15-2048		8,990,000		9,215,379
Leander TX Independent School District Unrefunded Bond ¤		0.00			8-15-2044		8,500,000		2,674,950
Leander TX Independent School District Refunding CAB ¤		0.00			8-15-2023		1,065,000		996,893
Mansfield TX Independent School District		2.50			8-1-2042		8,250,000		8,403,533
McAllen TX Independent School District Series A		5.00			2-15-2024		2,620,000		2,949,334
New Caney TX Independent School District Building Bonds		3.00			2-15-2050		1,100,000		1,131,559
North East TX Independent School District		2.20			8-1-2049		4,800,000		4,923,744
North East TX Independent School District		2.00			8-1-2044		9,320,000		9,323,914
North East TX Independent School District		2.38			8-1-2047		7,135,000		7,302,744
Northside TX Independent School District Building Bonds Series 2018		2.75			8-1-2048		18,975,000		19,818,439
Northside TX Independent School District Building Project		1.75			6-1-2032		6,045,000		6,045,907
Northside TX Independent School District Building Project		2.00			8-1-2044		21,330,000		21,338,959
Northside TX Independent School District Building Project		2.00			6-1-2046		8,600,000		8,677,572
Pflugerville TX Independent School District Prerefunded Bond School Building Series 2017		2.00			8-15-2039		7,665,000		7,671,132
Pflugerville TX Independent School District Prerefunded Bond School Building Series A		2.00			8-15-2039		4,830,000		4,833,864
Texas Anticipation Notes Series 2018		4.00			8-29-2019		50,000,000		50,193,500
Texas Northside Independent School District		1.45			6-1-2047		4,000,000		4,001,080

Wells Fargo Short-Term Municipal Bond Fund  |  33

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Texas Transportation Commission Mobility Fund Series B (SIFMA Municipal Swap +0.30%) ±		2.20	%		10-1-2041	$	24,500,000	$	24,440,465
Tomball TX Independent School District Series B2		2.13			2-15-2039		6,500,000		6,572,605
									341,592,416
Health Revenue: 0.59%
Harris County TX Methodist Hospital System Series A1 ø		1.95			12-1-2041		10,000,000		10,000,000
Residual Interest Bond Floater Trust Certificates Series 2019-010 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		2.05			11-15-2046		10,000,000		10,000,000
Tarrant County TX ECFA Hendrick Medical Center Group		5.00			9-1-2019		655,000		658,806
Tarrant County TX ECFA Hendrick Medical Center Group		5.00			9-1-2020		920,000		957,867
Tarrant County TX ECFA Hendrick Medical Center Group		5.00			11-15-2020		1,045,000		1,064,751
Travis County TX Health Facilities Development Corporation Longhorn Village Project Series A		7.13			1-1-2046		845,000		915,642
									23,597,066
Housing Revenue: 2.12%
Alamito TX Public Facility Corporation Cramer Three Apartments Project		2.50			11-1-2021		20,000,000		20,312,600
Austin TX Affordable PFC Incorporated Multifamily Housing Bridge Cameron Apartments		1.86			12-1-2021		25,000,000		25,033,750
Bexar County TX Housing Finance Corporation Medio Springs Apartments Project		2.00			11-1-2020		26,500,000		26,577,645
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Project Series A		3.25			8-1-2019		13,000,000		13,000,520
									84,924,515
Resource Recovery Revenue: 0.31%
Mission TX Economic Development Corporation Waste Management Project		2.50			8-1-2020		11,000,000		11,008,140
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.07			4-1-2040		1,550,000		1,550,000
									12,558,140
Transportation Revenue: 0.71%
Central Texas Regional Mobility Authority Series B		5.00			1-1-2045		310,000		320,159
Central Texas Regional Mobility Authority Subordinate Lien Bond		4.00			1-1-2022		6,000,000		6,257,640
North Texas Tollway Authority Series A		5.00			1-1-2020		1,050,000		1,068,984
North Texas Tollway Authority Series A		5.00			1-1-2021		1,860,000		1,960,570
North Texas Tollway Authority Special Projects System Series A		6.00			9-1-2041		3,500,000		3,845,065
North Texas Tollway Authority Special Projects System Series D		5.00			9-1-2024		1,790,000		1,928,439
North Texas Tollway Authority Special Projects System Series D		5.00			9-1-2028		4,335,000		4,670,269
North Texas Tollway Authority Special Projects System Series D		5.25			9-1-2025		3,840,000		4,157,376
North Texas Tollway Authority Special Projects System Series D		5.25			9-1-2026		3,980,000		4,308,947
									28,517,449
Utilities Revenue: 1.53%
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond		2.75			2-1-2048		6,000,000		6,198,000
San Antonio TX Junior Lien Series D		3.00			12-1-2045		12,325,000		12,566,940
San Antonio TX Series A		2.25			2-1-2033		24,550,000		24,615,303
Texas Municipal Gas Acquisition & Supply Corporation III		5.00			12-15-2019		7,000,000		7,104,930
Texas Municipal Gas Acquisition & Supply Corporation Series A (SIFMA Municipal Swap +0.55%) ±		2.45			9-15-2027		11,135,000		10,973,431
									61,458,604

34  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 0.47%
San Antonio TX Water System Junior Lien Series A		2.63	%		5-1-2049	$	12,250,000	$	12,790,838
San Antonio TX Water System Junior Lien Series B		2.00			5-1-2044		5,605,000		5,668,729
Walnut Creek TX Special Utility District (Build America Mutual Assurance Company Insured)		4.00			1-10-2020		500,000		506,845
									18,966,412
									602,018,203
Utah: 0.20%
Airport Revenue: 0.20%
Salt Lake City UT International Airport Series A		5.00			7-1-2023		2,500,000		2,818,825
Salt Lake City UT International Airport Series A		5.00			7-1-2024		2,000,000		2,311,360
Salt Lake City UT International Airport Series A		5.00			7-1-2025		2,300,000		2,715,955
									7,846,140
Virginia: 2.17%
Health Revenue: 0.05%
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond		3.00			1-1-2020		450,000		451,926
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond		4.00			1-1-2021		440,000		451,145
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond		4.00			1-1-2022		525,000		544,856
Washington County VA IDA Mountain States Health Alliance Series C		7.25			7-1-2019		690,000		690,000
									2,137,927
Housing Revenue: 0.61%
Fairfax County VA Redevelopment & Housing Authority Parkwood Project		2.21			2-1-2021		15,000,000		15,087,750
Newport News VA Redevelopment & Housing Authority Multifamily Housing Series A		1.82			11-1-2020		9,500,000		9,507,315
									24,595,065
Miscellaneous Revenue: 0.08%
Franklin County VA IDA BAN		3.00			10-15-2023		3,000,000		3,052,620
Tax Revenue: 0.08%
Greater Richmond VA Convention Center Authority		5.00			6-15-2020		1,000,000		1,034,820
Marquis VA CDA CAB Series 2015 144A¤		0.00			9-1-2045		680,000		500,738
Marquis VA CDA CAB Series A		5.10			9-1-2036		2,169,000		1,443,036
Marquis VA CDA CAB Series C ¤		0.00			9-1-2041		3,493,000		197,913
									3,176,507
Transportation Revenue: 0.04%
Virginia Commonwealth Transportation Board Refunding Bonds Series A		5.00			5-15-2023		1,500,000		1,710,975
Utilities Revenue: 1.31%
Halifax County VA IDA		2.15			12-1-2041		44,450,000		44,766,484
York County VA EDA PCR Virginia Electric And Power Company Project Series A		1.90			5-1-2033		7,500,000		7,557,075
									52,323,559
									86,996,653

Wells Fargo Short-Term Municipal Bond Fund  |  35

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Washington: 3.87%
Airport Revenue: 0.28%
Metropolitan Washington Airports Authority Refunding Bond Series 2014A		3.00	%		10-1-2022	$	6,500,000	$	6,781,515
Port of Seattle WA Refunding Bond Series B		5.00			8-1-2023		4,155,000		4,575,320
									11,356,835
Education Revenue: 0.55%
University of Washington Series A		5.00			5-1-2048		20,500,000		22,142,050
GO Revenue: 0.13%
Washington Series A		5.00			8-1-2022		4,800,000		5,336,112
Health Revenue: 0.51%
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.00%) ±		2.90			1-1-2035		8,650,000		8,665,484
Washington Health Care Facilities Authority Catholic Health Initiatives Series A		5.00			2-1-2023		1,025,000		1,081,724
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ±		2.71			1-1-2042		9,500,000		9,586,925
Washington Health Care Facilities Authority Series 2015		5.00			7-1-2020		850,000		875,568
									20,209,701
Housing Revenue: 0.65%
Snohomish County WA Housing Authority Carvel Apartments Project		5.00			4-1-2025		500,000		584,235
Snohomish County WA Housing Authority Carvel Apartments Project		5.00			4-1-2026		730,000		868,364
Washington Housing Finance Commission Multifamily Housing Sanford Hildebrandt Towers Project		2.25			7-1-2021		16,900,000		17,041,115
Washington Housing Finance Commission Multifamily Housing Series A		1.80			7-1-2020		7,350,000		7,357,938
									25,851,652
Tax Revenue: 0.43%
Central Puget Sound WA Regional Transit Authority Sales Series S2B (SIFMA Municipal Swap +0.45%) ±		2.35			11-1-2045		17,250,000		17,255,520
Utilities Revenue: 0.89%
Seattle WA Municipal Light & Power Refunding Bond Series B-2 (SIFMA Municipal Swap +0.29%) ±		2.19			5-1-2045		12,635,000		12,601,517
Seattle WA Municipal Light & Power Refunding Bond Series C-1 (SIFMA Municipal Swap +0.49%) ±		2.39			11-1-2046		23,190,000		23,193,247
									35,794,764
Water & Sewer Revenue: 0.43%
King County WA Junior Lien Series 2011		2.45			1-1-2042		17,000,000		17,110,330
									155,056,964
West Virginia: 0.21%
Utilities Revenue: 0.21%
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A		3.00			6-1-2037		8,300,000		8,418,192
Wisconsin: 1.29%
Airport Revenue: 0.20%
Wisconsin Airport Facilities PFA Senior Obligation Group Series B		5.00			7-1-2022		7,470,000		7,816,309

36  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Education Revenue: 0.13%
Wisconsin PFA Guilford College		5.00	%		1-1-2021	$	650,000	$	674,778
Wisconsin PFA Guilford College		5.00			1-1-2022		625,000		663,513
Wisconsin PFA Loan Anticipation Notes Lake Oconee Academy Foundation Incorporated Project		2.30			10-1-2019		4,000,000		3,999,440
									5,337,731
Health Revenue: 0.14%
Wisconsin HEFA Advocate Aurora Health Credit Group Series C-4 (SIFMA Municipal Swap +0.65%) ±		2.55			8-15-2054		4,200,000		4,215,288
Wisconsin HEFA Benevolent Corporation Cedar Community		5.00			6-1-2020		880,000		899,818
Wisconsin HEFA Vernon Memorial Healthcare Incorporated		5.00			3-1-2020		375,000		379,260
									5,494,366
Miscellaneous Revenue: 0.82%
Waukesha County WI Anticipation Notes Series C		3.00			5-1-2022		3,035,000		3,038,854
Waukesha County WI Series B		3.00			5-1-2021		11,890,000		11,904,744
Wisconsin State Refunding Bond Series A		5.00			5-1-2022		8,040,000		8,865,065
Wisconsin State Refunding Bond Series A		5.00			5-1-2023		8,015,000		9,112,254
									32,920,917
									51,569,323
Wyoming: 0.17%
Industrial Development Revenue: 0.17%
Sweetwater County WY Pacificorp Project ø		2.05			11-1-2024		7,000,000		7,000,000
Total Municipal Obligations (Cost $3,928,111,936)									3,964,125,028
						Shares
Closed End Municipal Bond Funds: 0.83%
California: 0.63%
Nuveen California AMT-Free Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series A 2.20% 144A							25,400,000		25,400,000
Massachusetts: 0.20%
Nuveen Massachusetts AMT-Free Municipal Income Fund Variable Rate Demand Preferred Shares 2.25% 144A							3,000,000		3,000,000
Nuveen Massachusetts Dividend Advantage Municipal Income Fund Variable Rate Demand Preferred Shares 2.25% 144A							5,000,000		5,000,000
									8,000,000
Total Closed End Municipal Bond Funds (Cost $33,400,000)									33,400,000
	Yield
Short-Term Investments: 0.25%
Investment Companies: 0.25%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)##		1.82					9,941,476		9,947,441
Total Short-Term Investments (Cost $9,947,441)									9,947,441

Total investments in securities (Cost $3,971,459,377)	99.99	%		4,007,472,469
Other assets and liabilities, net	0.01			577,250
Total net assets	100.00	%	$	4,008,049,719

Wells Fargo Short-Term Municipal Bond Fund  |  37

Portfolio of investments—June 30, 2019

± 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.

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

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

(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.

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

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CAB Capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHA Federal Housing Administration

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PCR Pollution control revenue

PFA Public Finance Authority

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

SOFR Secured Overnight Financing Rate

SPA Standby purchase agreement

TAN Tax anticipation notes

TTFA Transportation Trust Fund Authority

38  |  Wells Fargo Short-Term Municipal Bond Fund

Portfolio of investments—June 30, 2019

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		11,091,809		1,242,034,328		1,243,184,661		9,941,476	$	(28,833	)	$	0	$	400,008	$	9,947,441		0.25	%

Wells Fargo Short-Term Municipal Bond Fund  |  39

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $3,961,511,936)	$	3,997,525,028
Investments in affiliated securities, at value (cost $9,947,441)		9,947,441
Cash		1,134
Receivable for investments sold		4,835,130
Receivable for Fund shares sold		2,850,360
Receivable for interest		31,495,989
Total assets		4,046,655,082
Liabilities
Payable for investments purchased		28,000,000
Payable for Fund shares redeemed		7,478,953
Dividends payable		1,011,396
Management fee payable		925,466
Administration fees payable		300,274
Distribution fee payable		21,431
Trustees’ fees and expenses payable		1,302
Accrued expenses and other liabilities		866,541
Total liabilities		38,605,363
Total net assets	$	4,008,049,719
Net assets consist of
Paid-in capital	$	4,016,732,930
Total distributable loss		(8,683,211	)
Total net assets	$	4,008,049,719
Computation of net asset value and offering price per share
Net assets – Class A	$	991,514,290
Shares outstanding – Class A1		99,960,299
Net asset value per share – Class A		$9.92
Maximum offering price per share – Class A2		$10.12
Net assets – Class C	$	34,381,370
Shares outstanding – Class C1		3,465,911
Net asset value per share – Class C		$9.92
Net assets – Class R6	$	787,523,618
Shares outstanding – Class R61		79,241,631
Net asset value per share – Class R6		$9.94
Net assets – Administrator Class	$	35,517,193
Shares outstanding – Administrator Class1		3,578,385
Net asset value per share – Administrator Class		$9.93
Net assets – Institutional Class	$	2,159,113,248
Shares outstanding – Institutional Class1		217,277,940
Net asset value per share – Institutional Class		$9.94

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.

40  |  Wells Fargo Short-Term Municipal Bond Fund

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	95,434,492
Income from affiliated securities		400,008
Total investment income		95,834,500
Expenses
Management fee		14,299,673
Administration fees
Class A		1,714,489
Class C		65,773
Class R6		151,189	1
Administrator Class		38,063
Institutional Class		2,134,798
Shareholder servicing fees
Class A		2,678,889
Class C		102,770
Administrator Class		94,650
Distribution fee
Class C		308,308
Custody and accounting fees		142,215
Professional fees		67,924
Registration fees		273,912
Shareholder report expenses		172,405
Trustees’ fees and expenses		21,374
Other fees and expenses		64,930
Total expenses		22,331,362
Less: Fee waivers and/or expense reimbursements		(2,347,029	)
Net expenses		19,984,333
Net investment income		75,850,167
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities		(4,227,683	)
Affiliated securities		(28,833	)
Futures contracts		2,762,893
Net realized losses on investments		(1,493,623	)
Net change in unrealized gains (losses) on investments		38,387,952
Net realized and unrealized gains (losses) on investments		36,894,329
Net increase in net assets resulting from operations	$	112,744,496

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

Wells Fargo Short-Term Municipal Bond Fund  |  41

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	75,850,167					$	76,005,326
Net realized losses on investments					(1,493,623	)					(37,212,436	)
Net change in unrealized gains (losses) on investments					38,387,952						26,940,201
Net increase in net assets resulting from operations					112,744,496						65,733,091
Distributions to shareholders from
Net investment income and net realized gains
Class A					(17,363,867	)					(18,913,250	)
Class C					(356,754	)					(329,883	)
Class R6					(9,948,747	)2					N/A
Administrator Class					(627,989	)					(776,666	)
Institutional Class					(48,911,304	)					(55,986,581	)
Tax basis return of capital
Class A					(55,677	)					0
Class C					(2,136	)					0
Class R6					(28,538	)2					N/A
Administrator Class					(1,978	)					0
Institutional Class					(138,654	)					0
Total distributions to shareholders					(77,435,644	)					(76,006,380	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		15,173,031			149,334,296			18,297,636			180,213,329
Class C		326,154			3,208,375			182,051			1,795,631
Class R6		115,656,991	2		1,137,354,364	2		N/A			N/A
Administrator Class		1,329,160			13,078,968			1,971,304			19,431,959
Institutional Class		96,293,045			949,084,420			141,398,279			1,395,926,490
					2,252,060,423						1,597,367,409
Reinvestment of distributions
Class A		1,662,426			16,372,098			1,836,651			18,081,160
Class C		32,936			324,400			30,273			297,962
Class R6		693,507	2		6,860,337	2		N/A			N/A
Administrator Class		62,343			614,431			77,693			765,617
Institutional Class		4,066,630			40,106,697			4,344,070			42,840,075
					64,277,963						61,984,814
Payment for shares redeemed
Class A		(39,869,171	)		(392,102,587	)		(61,621,053	)		(606,889,814	)
Class C		(1,785,847	)		(17,588,416	)		(1,695,155	)		(16,694,825	)
Class R6		(37,108,867	)2		(367,046,299	)2		N/A			N/A
Administrator Class		(2,304,976	)		(22,689,537	)		(4,519,762	)		(44,536,175	)
Institutional Class		(230,454,242	)		(2,266,785,603	)		(145,674,086	)		(1,436,794,551	)
					(3,066,212,442	)					(2,104,915,365	)
Net decrease in net assets resulting from capital share transactions					(749,874,056	)					(445,563,142	)
Total decrease in net assets					(714,565,204	)					(455,836,431	)
Net assets
Beginning of period					4,722,614,923						5,178,451,354
End of period				$	4,008,049,719					$	4,722,614,923

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at June 30, 2018 was $287,138. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

42  |  Wells Fargo Short-Term Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.83			$9.85			$9.96			$9.93			$10.00
Net investment income		0.15			0.13			0.12			0.11			0.09
Net realized and unrealized gains (losses) on investments		0.10			(0.02	)		(0.11	)		0.04			(0.06	)
Total from investment operations		0.25			0.11			0.01			0.15			0.03
Distributions to shareholders from
Net investment income		(0.16	)		(0.13	)		(0.12	)		(0.11	)		(0.09	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)
Tax basis return of capital		(0.00	)1		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.16	)		(0.13	)		(0.12	)		(0.12	)		(0.10	)
Net asset value, end of period		$9.92			$9.83			$9.85			$9.96			$9.93
Total return2		2.57	%		1.15	%		0.14	%		1.49	%		0.27	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%		0.76	%		0.75	%		0.75	%
Net expenses		0.63	%		0.63	%		0.63	%		0.62	%		0.60	%
Net investment income		1.59	%		1.34	%		1.23	%		1.11	%		0.89	%
Supplemental data
Portfolio turnover rate		33	%		31	%		23	%		16	%		24	%
Net assets, end of period (000s omitted)		$991,514			$1,209,079			$1,619,974			$3,362,147			$2,228,977

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges.

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

Wells Fargo Short-Term Municipal Bond Fund  |  43

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.83			$9.85			$9.96			$9.93			$10.00
Net investment income		0.08			0.06			0.05			0.04			0.01
Net realized and unrealized gains (losses) on investments		0.10			(0.02	)		(0.11	)		0.04			(0.06	)
Total from investment operations		0.18			0.04			(0.06	)		0.08			(0.05	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.06	)		(0.05	)		(0.04	)		(0.01	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)
Tax basis return of capital		(0.00	)1		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.09	)		(0.06	)		(0.05	)		(0.05	)		(0.02	)
Net asset value, end of period		$9.92			$9.83			$9.85			$9.96			$9.93
Total return2		1.81	%		0.40	%		(0.61	)%		0.73	%		(0.48	)%
Ratios to average net assets (annualized)
Gross expenses		1.51	%		1.52	%		1.51	%		1.50	%		1.50	%
Net expenses		1.38	%		1.38	%		1.38	%		1.37	%		1.35	%
Net investment income		0.84	%		0.59	%		0.49	%		0.35	%		0.14	%
Supplemental data
Portfolio turnover rate		33	%		31	%		23	%		16	%		24	%
Net assets, end of period (000s omitted)		$34,381			$48,101			$62,796			$82,111			$103,146

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges.

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

44  |  Wells Fargo Short-Term Municipal Bond Fund

Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended June 30, 20191
Net asset value, beginning of period	$	9.86
Net investment income		0.17
Net realized and unrealized gains (losses) on investments		0.08
Total from investment operations		0.25
Distributions to shareholders from
Net investment income		(0.17	)
Tax basis return of capital		(0.00	)2
Total distributions to shareholders		(0.17	)
Net asset value, end of period	$	9.94
Total return3		2.60	%
Ratios to average net assets (annualized)
Gross expenses		0.38	%
Net expenses		0.35	%
Net investment income		1.94	%
Supplemental data
Portfolio turnover rate		33	%
Net assets, end of period (000s omitted)	$	787,524

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

²  Amount is less than $0.005.

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

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

Wells Fargo Short-Term Municipal Bond Fund  |  45

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.84			$9.86			$9.97			$9.95			$10.03
Net investment income		0.16			0.14			0.13			0.11	1		0.09
Net realized and unrealized gains (losses) on investments		0.09			(0.02	)		(0.11	)		0.03			(0.07	)
Total from investment operations		0.25			0.12			0.02			0.14			0.02
Distributions to shareholders from
Net investment income		(0.16	)		(0.14	)		(0.13	)		(0.11	)		(0.09	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)
Tax basis return of capital		(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.16	)		(0.14	)		(0.13	)		(0.12	)		(0.10	)
Net asset value, end of period		$9.93			$9.84			$9.86			$9.97			$9.95
Total return		2.60	%		1.18	%		0.17	%		1.42	%		0.17	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.71	%		0.70	%		0.66	%		0.68	%
Net expenses		0.60	%		0.60	%		0.60	%		0.59	%		0.60	%
Net investment income		1.62	%		1.36	%		1.27	%		1.08	%		0.89	%
Supplemental data
Portfolio turnover rate		33	%		31	%		23	%		16	%		24	%
Net assets, end of period (000s omitted)		$35,517			$44,186			$68,621			$95,121			$511,894

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

46  |  Wells Fargo Short-Term Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.85			$9.87			$9.98			$9.95			$10.02
Net investment income		0.18			0.16			0.15			0.13			0.11
Net realized and unrealized gains (losses) on investments		0.09			(0.02	)		(0.11	)		0.04			(0.06	)
Total from investment operations		0.27			0.14			0.04			0.17			0.05
Distributions to shareholders from
Net investment income		(0.18	)		(0.16	)		(0.15	)		(0.13	)		(0.11	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)
Tax basis return of capital		(0.00	)1		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.18	)		(0.16	)		(0.15	)		(0.14	)		(0.12	)
Net asset value, end of period		$9.94			$9.85			$9.87			$9.98			$9.95
Total return		2.81	%		1.39	%		0.37	%		1.71	%		0.47	%
Ratios to average net assets (annualized)
Gross expenses		0.43	%		0.44	%		0.43	%		0.42	%		0.42	%
Net expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.80	%		1.58	%		1.48	%		1.33	%		1.09	%
Supplemental data
Portfolio turnover rate		33	%		31	%		23	%		16	%		24	%
Net assets, end of period (000s omitted)		$2,159,113			$3,421,249			$3,427,060			$2,261,092			$1,895,713

¹  Amount is less than $0.005.

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

Wells Fargo Short-Term Municipal Bond Fund  |  47

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

48  |  Wells Fargo Short-Term Municipal Bond Fund

Notes to financial statements

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $3,971,869,937 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	40,240,288
Gross unrealized losses		(4,637,756	)
Net unrealized gains	$	35,602,532

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $43,260,519 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Wells Fargo Short-Term Municipal Bond Fund  |  49

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	3,964,125,028	$	0	$	3,964,125,028
Closed end municipal bond funds		0		33,400,000		0		33,400,000
Short-term investments
Investment companies		9,947,441		0		0		9,947,441
Total assets	$	9,947,441	$	3,997,525,028	$	0	$	4,007,472,469

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

At June 30, 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	Management fee
First $1 billion		0.350	%
Next $4 billion		0.325
Next $3 billion		0.290
Next $2 billion		0.265
Over $10 billion		0.255

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.33% of the Fund’s average daily net assets.

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

Administration fees

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

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

50  |  Wells Fargo Short-Term Municipal Bond Fund

Notes to financial statements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.63% for Class A shares, 1.38% for Class C shares, 0.35% for Class R6 shares, 0.60% for Administrator Class shares, and 0.40% for Institutional Class shares. 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 year ended June 30, 2019, Funds Distributor received $1,305 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 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. Pursuant to these procedures, the Fund had $336,095,000 and $217,685,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $1,354,155,742 and $1,610,715,132, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended June 30, 2019, the Fund entered into futures contracts to take advantage of the differences between municipal and treasury yields and to help manage the duration of the portfolio. The Fund had an average notional amount of $155,421,706 in long futures contracts during the year ended June 30, 2019.

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

7. BANK BORROWINGS

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

For the year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

Wells Fargo Short-Term Municipal Bond Fund  |  51

Notes to financial statements

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended June 30, 2019 and June 30, 2018 were as follows:

	Year ended June 30
	2019		2018
Tax-exempt income	$	77,208,661	$	76,006,380
Tax basis return of capital		226,983		0

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Capital loss carryforward
$35,602,532	$(43,260,519)

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

	Net investment income
Class A	$	18,913,250
Class C		329,883
Administrator Class		776,666
Institutional Class		55,986,581

9. INDEMNIFICATION

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

10. NEW ACCOUNTING 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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

52  |  Wells Fargo Short-Term Municipal Bond Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Short-Term Municipal Bond Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

Wells Fargo Short-Term Municipal Bond Fund  |  53

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

54  |  Wells Fargo Short-Term Municipal Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Wells Fargo Short-Term Municipal Bond Fund  |  55

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

56  |  Wells Fargo Short-Term Municipal Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

Wells Fargo Short-Term Municipal Bond Fund  |  57

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Short-Term Municipal Bond Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Short-Term Municipal Bond Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

58  |  Wells Fargo Short-Term Municipal Bond Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays 1-3 Year Composite Municipal Bond Index, for the one-year period under review, in range of its benchmark for the three-year period under review, equal to its benchmark for the five-year period under review, but higher than its benchmark for the ten-year period under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Wells Fargo Short-Term Municipal Bond Fund  |  59

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

60  |  Wells Fargo Short-Term Municipal Bond Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404827 08-19

A256/AR256 06-19

Annual Report

June 30, 2019

Wells Fargo

Ultra Short-Term Municipal Income Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	31
Statement of operations	32
Statement of changes in net assets	33
Financial highlights	34
Notes to financial statements	39
Report of independent registered public accounting firm	44
Other information	45

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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Wells Fargo Ultra Short-Term Municipal Income Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Ultra Short-Term Municipal Income Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Ultra Short-Term Municipal Income Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Ultra Short-Term Municipal Income Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Bruce R. Johns

James Randazzo^‡

Average annual total returns (%) as of June 30, 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 (SMAVX)	10-2-2000		-0.41		0.19		0.62		1.63		0.60		0.83		0.77		0.67
Class C (WFUSX)	3-31-2008		-0.13		-0.17		0.09		0.87		-0.17		0.09		1.52		1.42
Class R6 (WUSRX)3	7-31-2018		–		–		–		1.98		0.91		1.13		0.39		0.32
Administrator Class (WUSMX)4	7-30-2010		–		–		–		1.70		0.67		0.90		0.71		0.60
Institutional Class (SMAIX)	7-31-2000		–		–		–		1.93		0.90		1.13		0.44		0.37
Ultra Short-Term Municipal Income Blended Index5	–		–		–		–		2.05		0.84		0.75		–		–
Bloomberg Barclays 1-Year Municipal Bond Index6	–		–		–		–		2.35		1.05		1.17		–		–
iMoneyNet Tax-Free National Institutional Money Market Funds Average7	–		–		–		–		1.76		0.63		0.33		–		–

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. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/ or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁸

^‡  Mr. Randazzo became a portfolio manager of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the 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 the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  Source: Wells Fargo Funds Management LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg Barclays 1-Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index.

⁶  The Bloomberg Barclays 1-Year Municipal Bond Index is the one-year component of the Bloomberg Barclays Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷  iMoneyNet Tax-Free National Institutional Money Market Funds Average is the return of an unmanaged group of money market funds. You cannot invest directly in this average.

⁸  The chart compares the performance of Class A shares for the most recent ten years with the Ultra Short-Term Municipal Income Blended Index, Bloomberg Barclays 1- Year Municipal Bond Index, and the iMoneyNet Tax-Free National Institutional Money Markets Funds Average. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%.

⁹  Amounts are calculated based on the long-term total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

¹⁰  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.

Wells Fargo Ultra Short-Term Municipal Income Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A shares, excluding sales charges) underperformed its benchmarks, the Ultra Short-Term Municipal Income Blended Index, the Bloomberg Barclays 1-Year Municipal Bond Index, and the iMoneyNet Tax-Free National Institutional Money Market Funds Average, for the 12-month period that ended June 30, 2019.

∎ The Fund’s overweight to BBB-rated bonds, combined with underweights to higher-rated and prerefunded bonds, contributed to performance. However, an overweight to floating-rate bonds and underweights to A-rated, state general obligation (GO), and lease revenue bonds detracted from performance.

∎ The Fund’s duration was shorter than the Bloomberg Barclays 1-Year Municipal Bond Index, and despite rates declining across the yield curve over the past year, our short duration contributed to performance as the bonds on the very short end outperformed.

∎ Yield-curve positioning also contributed to performance over the period. While this Fund will invest only in securities with a maturity of five years or shorter, as the curve flattened, those slightly longer maturities outperformed.

Effective maturity distribution as of June 30, 2019⁹

The Fed abruptly changed course from raising rates to a potential rate cut.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the European Union.

These concerns only increased as we moved into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June 2019.

Credit quality as of June 30, 2019¹⁰

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. Short municipals slightly underperformed Treasuries over the period. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive, but record inflows were reported as investor opinion toward fixed income, particularly municipals, improved due to investor expectations that interest rates would remain stable. While new-issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform that

eliminated the ability of issuers to advance refund outstanding, higher-cost debt. Overall reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

Please see footnotes on page 7.

8  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Performance highlights (unaudited)

Lower credit quality continued to drive returns.

As the period began, the Fund began to modestly increase interest rate exposure into market weakness. Yields on the five-year Treasury peaked in November at over 3%. We took advantage of market weakness and seasonally high issuance at year-end to get closer to neutral duration positioning. Also, as credit spreads continued to tighten, we began buying higher-quality bonds but maintained an overweight to BBB-rated bonds. The Fund’s overweight to BBB-rated debt contributed to performance as lower-rated bonds outperformed higher-quality bonds during the period. In addition, the Fund’s overweight to lower-quality bonds with relatively short maturities allowed a competitive yield without significant duration risk. Sector positioning detracted from performance during the period due to an underweight to state GO and lease-backed bonds. Also, as the expectation for future rates to move lower increased, our exposure to floating-rate notes underperformed. However, overweights to Illinois and New Jersey bonds positively affected performance over the period.

Our outlook is for lower rates.

Overall, technicals remain strong in the municipal bond market and we expect municipal bond valuations in the medium term to be helped by high state income tax rates, record levels of municipal debt maturities and calls, and limited availability of gross municipal bond supply. However, we believe overall economic growth in this cycle has neared its peak, and as a result, the Fed may lower rates before the end of the year. Therefore, we will look to maintain a neutral duration positioning and an up-in-quality trade approach.

Please see footnotes on page 7.

Wells Fargo Ultra Short-Term Municipal Income Fund  |  9

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 January 1, 2019 to June 30, 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 12-1-2018		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,010.05	$	3.34		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.47	$	3.36		0.67	%
Class C
Actual	$	1,000.00	$	1,007.41	$	7.07		1.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.10		1.42	%
Class R6
Actual	$	1,000.00	$	1,011.80	$	1.60		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.61		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,010.40	$	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	$	1,011.56	$	1.85		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	1.86		0.37	%

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

10  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.81%
Alabama: 1.86%
Health Revenue: 0.15%
Alabama Health Care Authority for Baptist Health Series B (AGC Insured) (m)		2.15	%		11-15-2037	$	2,900,000	$	2,900,000
Utilities Revenue: 1.71%
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ)		4.00			7-1-2046		18,635,000		19,461,462
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ)		4.00			8-1-2047		4,280,000		4,565,005
Black Belt Energy Gas District Project 4 Series A-1		4.00			6-1-2020		1,855,000		1,895,383
Black Belt Energy Gas District Project 4 Series A-1		4.00			6-1-2022		500,000		532,315
Chatom AL Industrial Development Board Alabama Electric Series A (National Rural Utilities Cooperative Finance SPA) øø		1.85			8-1-2037		5,945,000		5,946,011
									32,400,176
Alaska: 0.11%
Health Revenue: 0.11%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		2,000,000		2,011,100
Arizona: 2.31%
Education Revenue: 0.09%
Phoenix AZ IDA BASIS Schools Incorporated Project Series A 144A		3.00			7-1-2020		790,000		791,003
Pima County AZ IDA Charter Schools Refunding Bond Project Series Q		4.00			7-1-2019		945,000		945,000
									1,736,003
GO Revenue: 0.16%
Maricopa County AZ Gilbert Unified School District #41 (Build America Mutual Assurance Company Insured)		3.00			7-1-2019		3,005,000		3,005,000
Health Revenue: 1.15%
Maricopa County AZ IDA Series A		5.00			1-1-2048		3,910,000		4,344,675
Scottsdale AZ IDA Healthcare Series F (AGM Insured) (m)		1.99			9-1-2045		17,350,000		17,350,000
									21,694,675
Industrial Development Revenue: 0.91%
Chandler AZ IDA Intel Corporation Project		2.70			12-1-2037		3,200,000		3,307,232
Phoenix AZ IDA Various Republic Services Incorporated Projects		1.90			12-1-2035		14,000,000		14,004,060
									17,311,292
									43,746,970
Arkansas: 0.39%
Housing Revenue: 0.39%
Arkansas Development Finance Authority Pine Bluff Conversion Project		1.69			11-1-2021		7,430,000		7,433,566
California: 6.41%
GO Revenue: 2.38%
California Refunding Bond Series A (SIFMA Municipal Swap +0.25%) ±		2.15			5-1-2033		21,505,000		21,491,452
California Series B (SIFMA Municipal Swap +0.38%) ±		2.28			12-1-2027		6,730,000		6,735,586
California Series D (SIFMA Municipal Swap +0.29%) ±		2.19			12-1-2028		16,910,000		16,913,044
									45,140,082

Wells Fargo Ultra Short-Term Municipal Income Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 2.15%
California Statewide CDA Health Facilities Catholic Series D (AGM Insured) (m)		1.88	%		7-1-2041	$	13,550,000	$	13,550,000
California Statewide CDA Health Facilities Catholic Series F (AGM Insured) (m)		2.00			7-1-2040		15,075,000		15,075,000
Palomar CA Pomerado Health Care District Certificate of Participation Series A (AGM Insured) (m)		2.44			11-1-2036		10,125,000		10,125,000
Palomar CA Pomerado Health Care District Certificate of Participation Series B (AGM Insured) (m)		2.50			11-1-2036		1,000,000		1,000,000
Palomar CA Pomerado Health Care District Certificate of Participation Series C (AGM Insured) (m)		2.45			11-1-2036		850,000		850,000
									40,600,000
Miscellaneous Revenue: 1.88%
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series A-1 (1 Month LIBOR +0.33%) ±		2.04			10-1-2047		5,000,000		4,990,750
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series A-2 (3 Month LIBOR +0.37%) ±		2.13			4-1-2038		25,640,000		25,672,050
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series B-2 (1 Month LIBOR +0.20%) ±		1.91			10-1-2047		5,000,000		4,992,050
									35,654,850
									121,394,932
Colorado: 0.94%
Airport Revenue: 0.04%
Denver CO City & County Airport Subordinate Bond Series F-2 (AGC Insured) (m)		1.80			11-15-2025		725,000		725,000
Health Revenue: 0.57%
Colorado Health Facilities Authority Catholic Health Initiatives Series B-3		1.88			7-1-2039		360,000		359,950
Denver CO Health & Hospital Authority Refunding Bond Series A 144A		5.00			12-1-2019		1,355,000		1,373,455
Denver CO Health & Hospital Authority Refunding Bond Series A 144A		5.00			12-1-2020		1,175,000		1,229,050
University of Colorado Hospital Authority Series C-1		4.00			11-15-2047		7,775,000		7,805,089
									10,767,544
Housing Revenue: 0.06%
Colorado HFA Park Terrace Project (HUD Insured)		1.85			4-1-2020		1,250,000		1,251,338
Tax Revenue: 0.03%
Pueblo CO Urban Renewal Authority Regional Tourism Act Project		2.75			6-1-2020		545,000		546,657
Transportation Revenue: 0.24%
Colorado E-470 Public Highway Authority Series A (1 Month LIBOR +0.42%) ±		2.02			9-1-2039		4,500,000		4,499,100
									17,789,639
Connecticut: 1.14%
Education Revenue: 0.72%
Connecticut HEFAR Yale University Issue Series A		1.00			7-1-2042		11,730,000		11,730,000
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B		4.00			11-15-2019		935,000		942,555
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B		5.00			11-15-2021		545,000		584,082
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B		5.00			11-15-2023		440,000		494,419
									13,751,056

12  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue: 0.03%
New Haven CT Series A		5.25	%		8-1-2019	$	575,000	$	576,581
Housing Revenue: 0.39%
Connecticut HFA Housing Mortgage Finance Program Series A		2.40			11-15-2020		980,000		991,603
Connecticut HFA Housing Mortgage Finance Program Series F		1.55			5-15-2020		800,000		798,824
Connecticut HFA Series 25		2.10			6-15-2020		930,000		932,269
Connecticut HFA Series 25		2.30			6-15-2021		950,000		957,334
Connecticut HFA Series 25		2.50			6-15-2022		840,000		853,751
Connecticut HFA Subordinate Bond Series E-3 (GNMA/FNMA/FHLMC Insured)		1.50			11-15-2047		2,800,000		2,800,056
									7,333,837
									21,661,474
Florida: 2.49%
Education Revenue: 0.13%
University of North Florida Financing Corporation Housing Project (AGM Insured)		5.00			11-1-2019		2,510,000		2,537,359
Health Revenue: 0.45%
Hillsborough County FL IDA University Community Hospital Series B		8.00			8-15-2032		3,830,000		3,898,289
Miami FL HFFA Miami Jewish Health Systems Incorporate Project		5.00			7-1-2020		390,000		400,674
Miami-Dade County FL Health Facilities Authority Miami Children’s Hospital Project Series A		5.25			8-1-2021		425,000		442,450
North Broward FL Hospital District Series B		5.00			1-1-2020		780,000		792,418
North Broward FL Hospital District Series B		5.00			1-1-2021		925,000		967,513
Palm Beach County FL Health Facilities Authority Retirement Life Communities Project		4.00			11-15-2019		2,090,000		2,109,458
									8,610,802
Housing Revenue: 1.09%
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured)		1.95			1-1-2021		1,565,000		1,576,941
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured)		2.00			7-1-2021		1,365,000		1,380,111
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured)		2.05			1-1-2022		1,010,000		1,025,271
Jacksonville FL HFA Desert-Silver LLC Project		2.25			12-1-2021		7,250,000		7,301,113
Miami-Dade County FL HFA St. John Plaza Apartments		2.00			8-1-2019		7,625,000		7,625,534
Pinellas County FL HFA		1.85			1-1-2022		1,640,000		1,641,706
									20,550,676
Miscellaneous Revenue: 0.41%
Pasco County FL School Board Certificate of Participation Series B (Ambac Insured) (m)		2.34			8-1-2030		7,825,000		7,825,000
Resource Recovery Revenue: 0.03%
Lee County FL Solid Waste System		5.00			10-1-2020		470,000		487,733
Transportation Revenue: 0.38%
Florida Development Finance Corporation Surface Series T		1.90			1-1-2049		7,200,000		7,200,936
									47,212,506

Wells Fargo Ultra Short-Term Municipal Income Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Georgia: 4.42%
Housing Revenue: 2.77%
Atlanta GA Urban Residential Finance Authority Bethel Towers I LP Apartments Project		2.07	%		7-1-2021	$	3,500,000	$	3,517,395
Clayton County GA Housing Authority Renaissance at Garden Walk Apartments Project		2.30			6-1-2022		13,000,000		13,147,420
DeKalb County GA Housing Authority Sterling at Candler Village Project		2.15			1-1-2021		5,630,000		5,630,000
Douglas County GA Housing Authority Douglass Village Apartments Project		2.25			12-1-2021		9,500,000		9,576,285
Fulton County GA Housing Authority Residences Maggie Capitol Series A		2.00			3-1-2021		8,735,000		8,762,865
Macon-Bibb County GA Housing Authority Hallmark Portfolio		2.04			4-1-2021		11,765,000		11,808,060
									52,442,025
Industrial Development Revenue: 0.39%
Monroe County GA PCR Georgia Power Company Plant Scherer Project		2.35			10-1-2048		7,430,000		7,502,665
Utilities Revenue: 1.26%
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Fifth Series 1995		2.05			10-1-2032		1,850,000		1,854,699
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 1996		2.35			10-1-2032		5,315,000		5,366,981
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 2008		1.65			11-1-2048		1,955,000		1,952,752
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 2012		1.85			12-1-2049		12,120,000		12,122,545
Monroe County GA Development Authority Power Company Plant Scherer Project		2.05			7-1-2049		2,545,000		2,551,464
									23,848,441
									83,793,131
Hawaii: 1.06%
GO Revenue: 0.95%
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.31%) ±		2.21			9-1-2024		7,820,000		7,818,436
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.22			9-1-2025		7,035,000		7,033,593
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.22			9-1-2026		3,125,000		3,124,375
									17,976,404
Health Revenue: 0.11%
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ±		2.35			7-1-2039		2,070,000		2,070,000
									20,046,404
Idaho: 0.33%
Housing Revenue: 0.33%
Idaho Housing & Finance Association Series A (FNMA LOC) ø		2.10			1-1-2038		6,265,000		6,265,000
Illinois: 7.01%
Education Revenue: 0.90%
Illinois Educational Facilities Authority University of Chicago Series B		1.88			7-1-2025		2,000,000		2,004,440
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF1077 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø		2.30			4-1-2058		15,000,000		15,000,000
									17,004,440

14  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue: 2.15%
Chicago IL Refunding Bond Project Series B		5.00	%		1-1-2020	$	2,575,000	$	2,610,973
Chicago IL Series A		5.00			12-1-2019		780,000		789,056
Chicago IL Series C		5.00			1-1-2020		1,005,000		1,019,040
Chicago IL Series C		5.00			1-1-2021		1,565,000		1,647,945
Grundy, Kendall & Will Counties IL Community School District #201 (AGC Insured)		5.75			10-15-2019		420,000		421,449
Illinois		5.00			1-1-2020		6,315,000		6,417,745
Illinois		5.00			2-1-2020		2,375,000		2,420,054
Illinois		5.00			2-1-2021		3,115,000		3,264,115
Illinois		5.00			11-1-2021		5,380,000		5,754,556
Illinois		5.00			1-1-2022		5,915,000		6,338,987
Lake County IL Water Sewerage System Grainger Incorporated Project (Northern Trust Company LIQ) ø		2.10			4-1-2021		1,500,000		1,500,000
Waukegan IL Series 2018B (AGM Insured)		3.00			12-30-2020		2,340,000		2,390,989
Waukegan IL Series 2018B (AGM Insured)		4.00			12-30-2021		800,000		847,144
Whiteside & Lee County IL Community Unit School District 5 Series A (Build America Mutual Assurance Company Insured)		4.00			12-1-2022		1,375,000		1,469,064
Whiteside & Lee County IL Community Unit School District 5 Series A (Build America Mutual Assurance Company Insured)		4.00			12-1-2023		1,435,000		1,554,478
Winnebago, Boone & Ogle Counties IL Rockford Park District Series 2018B		2.31			12-15-2019		2,280,000		2,285,198
									40,730,793
Health Revenue: 0.23%
Illinois Finance Authority Presbyterian Homes Obligated Group Series A		4.00			11-1-2019		390,000		392,933
Illinois Finance Authority Presbyterian Homes Obligated Group Series B (1 Month LIBOR +1.35%) ±		3.06			5-1-2036		3,910,000		3,919,814
									4,312,747
Housing Revenue: 0.55%
Chicago IL Multifamily Housing Mark Twain Apartments Project		2.20			6-1-2021		10,325,000		10,371,566
Miscellaneous Revenue: 1.01%
Illinois		5.00			8-1-2019		7,925,000		7,945,843
Illinois Refunding Bond		5.00			8-1-2022		2,290,000		2,490,650
Illinois Series D		5.00			11-1-2021		7,820,000		8,364,428
Minooka IL Special Assessment Refunding & Improvement Bond (AGM Insured)		3.50			12-1-2019		428,000		430,589
									19,231,510
Tax Revenue: 2.07%
Illinois Series A		5.00			6-1-2021		1,455,000		1,539,070
Metropolitan Pier & Exposition Authority McCormick Place Project Non-Callable Bond Series B		5.00			12-15-2022		5,925,000		6,443,971
Regional Transportation Authority Illinois Series B-RMKT 1		1.67			6-1-2025		31,155,000		31,155,000
									39,138,041
Water & Sewer Revenue: 0.10%
Chicago IL Refunding Bond		5.00			11-1-2019		1,955,000		1,976,173
									132,765,270

Wells Fargo Ultra Short-Term Municipal Income Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Indiana: 2.09%
Health Revenue: 1.33%
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-1		2.80	%		11-1-2027	$	1,395,000	$	1,396,479
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-3		1.35			11-1-2027		655,000		654,221
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-5		1.35			11-1-2027		6,590,000		6,582,158
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-8		1.25			11-1-2027		1,150,000		1,148,011
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series E-7		1.90			11-15-2033		11,870,000		11,870,000
Indiana HFFA Ascension Health Subordinate Unrefunded Bond Credit Group Series A-9		1.38			10-1-2027		3,530,000		3,527,529
									25,178,398
Housing Revenue: 0.18%
Indiana Housing Authority Cass Plaza Apartments Project		1.85			3-1-2020		3,400,000		3,401,224
Industrial Development Revenue: 0.05%
Whiting IN BP Products North America Incorporated Project		1.85			6-1-2044		1,000,000		1,000,770
Miscellaneous Revenue: 0.53%
Clark Pleasant Middle School Corporation Series B %%		2.50			7-16-2020		3,000,000		3,014,880
Indiana Bond Bank Advance Funding Program Series A		4.00			1-3-2020		7,000,000		7,089,250
									10,104,130
									39,684,522
Iowa: 0.71%
Health Revenue: 0.22%
Iowa Finance Authority Health Care Genesis Health System Obligated Group		5.00			7-1-2019		4,075,000		4,075,000
Industrial Development Revenue: 0.49%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		2.40			4-1-2022		9,300,000		9,300,000
									13,375,000
Kansas: 1.05%
Health Revenue: 0.05%
Wichita KS HCFR Series I		3.75			5-15-2023		925,000		936,498
Housing Revenue: 0.44%
Kansas HFA Forest Glen Apartments Project Series B %%		1.66			7-1-2022		8,300,000		8,297,427
Tax Revenue: 0.25%
Kansas Department of Transportation Highway Series B-5 (1 Month LIBOR +0.40%) ±		2.04			9-1-2019		4,690,000		4,692,486
Utilities Revenue: 0.31%
Burlington KS Environmental Impact Series A ø		2.13			9-1-2035		3,000,000		3,000,000
Burlington KS Environmental Impact Series B ø		2.13			9-1-2035		3,000,000		3,000,000
									6,000,000
									19,926,411

16  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Kentucky: 0.76%
Health Revenue: 0.38%
Kentucky EDFA Catholic Health Initiative Series B1 (1 Month LIBOR +0.90%) ±		2.56	%		2-1-2046	$	5,470,000	$	5,470,492
Kentucky EDFA Owensboro Health Incorporated Series A		5.00			6-1-2020		890,000		912,490
Kentucky EDFA Owensboro Health Incorporated Series A		5.00			6-1-2021		825,000		867,488
									7,250,470
Utilities Revenue: 0.38%
Louisville & Jefferson Counties KY Metro Government PCR Series A		2.20			2-1-2035		1,000,000		1,000,590
Louisville & Jefferson Counties KY Metro Government PCR Series B		2.55			11-1-2027		6,000,000		6,112,500
									7,113,090
									14,363,560
Louisiana: 1.10%
Airport Revenue: 0.23%
Louisiana Offshore Terminal Authority Deepwater Loop LLC Project Series B-1A		2.00			10-1-2040		2,935,000		2,936,438
New Orleans LA Aviation Board Series D-1		5.00			1-1-2020		780,000		793,907
New Orleans LA Aviation Board Series D-2		5.00			1-1-2021		590,000		618,391
									4,348,736
Health Revenue: 0.53%
Louisiana Tender Option Bond Trust Receipts/Floater Certificates Series 2018-BAML7002 (Bank of America NA LOC, Bank of America NA LIQ) 144Aø		1.94			9-1-2057		10,000,000		10,000,000
Housing Revenue: 0.16%
Louisiana Housing Corporation Pine Trace Homes Project		2.40			5-1-2021		3,000,000		3,020,820
Miscellaneous Revenue: 0.18%
Louisiana PFFA Department of Public Safety Project		4.00			8-1-2019		3,375,000		3,381,649
									20,751,205
Maine: 0.05%
Education Revenue: 0.05%
Maine Student Loan Authority AMT Refunding Student Loan Revenue Bond Class A Series 2019A-1 (AGM Insured)		5.00			12-1-2020		200,000		209,114
Maine Student Loan Authority AMT Refunding Student Loan Revenue Bond Class A Series 2019A-1 (AGM Insured)		5.00			12-1-2021		300,000		322,719
Maine Student Loan Authority AMT Refunding Student Loan Revenue Bond Class A Series 2019A-1 (AGM Insured)		5.00			12-1-2022		370,000		408,254
									940,087
Maryland: 2.64%
Housing Revenue: 2.51%
Maryland CDA Department of Housing & Community Multifamily Development Orchard Park Series F		2.52			8-1-2020		6,000,000		6,022,200
Maryland CDA Department of Housing & Community Multifamily Development Zions Towers Series A (FHA Insured)		2.44			3-1-2020		6,000,000		6,012,120
Maryland Community Development Administration Heritage Crossing II Series G		2.93			11-1-2020		7,600,000		7,676,000

Wells Fargo Ultra Short-Term Municipal Income Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Housing Revenue (continued)
Maryland Community Development Administration Village At Lakeview Series 2018C 144A		2.76	%		5-1-2020	$	17,700,000	$	17,786,730
Maryland Community Development Administration Willow Manor At Fairland Series I		2.93			11-1-2020		10,000,000		10,097,400
									47,594,450
Water & Sewer Revenue: 0.13%
Baltimore MD Series A (National Insured)		5.65			7-1-2020		2,400,000		2,452,128
									50,046,578
Massachusetts: 0.37%
Health Revenue: 0.06%
Massachusetts HEFA Partners Healthcare Series G-2 (AGM Insured) (m)		2.01			7-1-2042		1,105,000		1,105,000
Housing Revenue: 0.31%
Massachusetts HFA Conduit-Oaks Woods Project		2.40			6-1-2021		4,660,000		4,690,290
Massachusetts HFA Series 187 (FNMA Insured)		1.50			12-1-2047		1,210,000		1,210,472
									5,900,762
									7,005,762
Michigan: 1.55%
Education Revenue: 1.10%
University of Michigan Series E REMK (SIFMA Municipal Swap +0.27%) ±		1.59			4-1-2033		20,820,000		20,763,370
Health Revenue: 0.24%
Michigan Hospital Finance Authority Ascension Health Group Project Series A-2		1.50			11-1-2027		1,210,000		1,210,387
Michigan Hospital Finance Authority Ascension Health Group Project Series E-1		1.10			11-15-2046		3,325,000		3,323,537
									4,533,924
Housing Revenue: 0.21%
Michigan Housing Development Authority Series A		2.30			10-1-2021		4,000,000		4,006,320
									29,303,614
Minnesota: 1.17%
Health Revenue: 0.34%
Apple Valley MN Senior Living LLC Project Series B		3.00			1-1-2020		525,000		525,488
Apple Valley MN Senior Living LLC Project Series B		4.00			1-1-2021		545,000		553,862
Apple Valley MN Senior Living LLC Project Series B		4.00			1-1-2022		565,000		579,300
Kanabec County MN Firstlight Health Kanabec Hospital		2.75			12-1-2019		3,125,000		3,126,031
Minnesota HCFR Maple Grove Hospital Corporation		4.00			5-1-2020		390,000		397,523
Minnesota HCFR Maple Grove Hospital Corporation		4.00			5-1-2021		390,000		406,563
Minnesota HCFR Maple Grove Hospital Corporation		4.00			5-1-2022		390,000		414,843
Minnesota HCFR Maple Grove Hospital Corporation		5.00			5-1-2023		390,000		437,334
									6,440,944
Housing Revenue: 0.18%
Minneapolis & St. Paul MN Housing & RDA Union Flats Apartments Project Series B		2.75			2-1-2022		3,520,000		3,515,952

18  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.65%
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (AGM Insured, U.S. Bank NA SPA)		1.33	%		8-15-2037	$	12,275,000	$	12,275,000
									22,231,896
Mississippi: 0.65%
Health Revenue: 0.07%
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Series B2		1.80			9-1-2022		1,250,000		1,250,300
Housing Revenue: 0.58%
Mississippi Home Corporation Jackson Housing Authority Project (HUD Insured)		2.21			2-1-2022		11,000,000		11,071,940
									12,322,240
Missouri: 0.73%
Housing Revenue: 0.39%
Kansas City MO IDA Gothan Apartments Project		1.81			2-1-2021		7,500,000		7,501,875
Miscellaneous Revenue: 0.34%
Bridgeton MO IDA Mestek Machinery Incorporated (Santander Bank NA LOC) ø		2.44			7-1-2030		2,425,000		2,425,000
Missouri Development Finance Board Kauffman Center For The Performing Arts Series A (PNC Bank NA SPA) ø		1.94			6-1-2037		4,000,000		4,000,000
									6,425,000
									13,926,875
Nebraska: 0.49%
Housing Revenue: 0.43%
Douglas Country NE Housing Authority Sorensen Senior Residences Project Series A		2.05			3-1-2020		4,000,000		4,002,400
Nebraska Investment Finance Authority Series D (GNMA/FNMA/FHLMC Insured)		3.30			9-1-2020		1,345,000		1,367,004
Nebraska Investment Finance Authority Series D (GNMA/FNMA/FHLMC Insured)		3.65			3-1-2021		1,265,000		1,300,572
Nebraska Investment Finance Authority Series D (GNMA/FNMA/FHLMC Insured)		3.65			9-1-2021		1,390,000		1,438,984
									8,108,960
Utilities Revenue: 0.06%
Nebraska Central Plains Energy Project Refunding Bond (Royal Bank of Canada SPA)		5.00			8-1-2039		1,130,000		1,146,001
									9,254,961
Nevada: 0.55%
GO Revenue: 0.23%
Clark County Refunding Bond Series C		5.00			6-15-2020		3,325,000		3,438,848
Clark County Refunding Bond Series D		5.00			6-15-2020		810,000		837,734
									4,276,582

Wells Fargo Ultra Short-Term Municipal Income Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Utilities Revenue: 0.32%
Washoe County NV Water Facility Refunding Bond Series F		2.05	%		3-1-2036	$	6,000,000	$	6,051,180
									10,327,762
New Jersey: 5.00%
Education Revenue: 0.11%
New Jersey Higher Education Assistance Authority Series B		5.00			12-1-2021		2,000,000		2,152,440
GO Revenue: 1.24%
Lyndhurst Township NJ BAN		2.75			9-12-2019		9,000,000		9,020,250
New Providence NJ BAN		3.00			10-30-2019		5,400,000		5,424,516
Sea Isle City NJ		3.50			9-12-2019		9,015,000		9,048,896
									23,493,662
Health Revenue: 0.33%
New Jersey HFFA St. Joseph’s Healthcare System Group		4.00			7-1-2019		935,000		935,000
New Jersey HFFA St. Joseph’s Healthcare System Group		4.00			7-1-2020		1,540,000		1,572,109
New Jersey HFFA St. Joseph’s Healthcare System Group		5.00			7-1-2021		780,000		827,081
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XG0047 (AGC Insured, Deutsche Bank LIQ) 144Aø		2.00			7-1-2038		2,871,074		2,871,074
									6,205,264
Housing Revenue: 1.05%
New Jersey Housing & Mortgage Finance Agency Series A		1.50			11-1-2019		470,000		470,042
New Jersey Housing & Mortgage Finance Agency Series A		1.75			11-1-2020		6,455,000		6,474,300
New Jersey Housing & Mortgage Finance Agency Series E		2.15			11-1-2019		520,000		520,723
New Jersey Housing & Mortgage Finance Agency Series E		2.20			5-1-2020		1,200,000		1,204,416
New Jersey Housing & Mortgage Finance Agency Series E		2.30			11-1-2020		1,040,000		1,046,906
New Jersey Housing & Mortgage Finance Agency Villa Victoria Apartments Project Series F		2.43			11-1-2021		10,000,000		10,099,200
									19,815,587
Miscellaneous Revenue: 1.20%
New Jersey EDA School Facilities Construction Notes Series BBB		5.00			6-15-2021		3,910,000		4,152,889
New Jersey EDA School Facilities Construction Notes Series DDD		5.00			6-15-2022		780,000		849,420
New Jersey EDA Transportation Project Series B		5.00			11-1-2019		3,910,000		3,954,066
New Jersey EDA Transportation Project Series B		5.00			11-1-2020		7,820,000		8,153,679
New Jersey EDA Unrefunded Bond Series NN		5.00			3-1-2020		895,000		914,153
New Jersey TTFA Series A		5.00			12-15-2019		3,445,000		3,498,225
New Jersey TTFA Series AA		5.00			6-15-2020		1,250,000		1,288,575
									22,811,007
Transportation Revenue: 1.07%
New Jersey Turnpike Authority Series C-5 (1 Month LIBOR +0.46%) ±		2.17			1-1-2028		20,330,000		20,354,396
									94,832,356
New Mexico: 1.07%
Utilities Revenue: 1.07%
Farmington NM Public Service Company of New Mexico San Juan Project Series A		5.20			6-1-2040		780,000		803,345
New Mexico Municipal Energy Acquisition Authority Gas Supply Subordinate Bond Series B (1 Month LIBOR +0.75%) (Royal Bank of Canada SPA) ±		2.39			11-1-2039		19,430,000		19,430,000
									20,233,345

20  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
New York: 8.45%
GO Revenue: 1.89%
New York NY Adjusted Fiscal 2008 Subordinate Bond Series A-4 (AGM Insured) (m)		2.15	%		8-1-2026	$	8,600,000	$	8,600,000
New York NY Adjusted Fiscal 2008 Subordinate Bond Series C-4 (AGC Insured) (m)		2.25			10-1-2027		17,250,000		17,250,000
New York NY Subordinate Bond Series C-4 (AGM Insured) (m)		2.34			1-1-2032		800,000		800,000
Suffolk County NY Public Improvement Serial Bonds Series B (Build America Mutual Assurance Company Insured)		2.00			10-15-2019		685,000		686,452
Suffolk County NY TAN		5.00			7-24-2019		8,500,000		8,517,680
									35,854,132
Health Revenue: 0.11%
New York Dormitory Authority Orange Regional Medical Center 144A		4.00			12-1-2019		1,200,000		1,210,116
New York Dormitory Authority Orange Regional Medical Center 144A		4.00			12-1-2020		800,000		822,608
									2,032,724
Housing Revenue: 1.55%
New York City NY Housing Development Corporation Bond Series A		1.15			11-1-2019		5,000,000		4,989,600
New York City NY Housing Development Corporation Bond Series G-2		2.00			11-1-2057		7,970,000		8,006,423
New York City NY Housing Development Corporation Bond Series I-2-B		1.85			5-1-2021		12,550,000		12,551,631
New York Mortgage Agency Homeowner Revenue Series 183		2.30			10-1-2019		2,535,000		2,538,879
New York Mortgage Agency Homeowner Revenue Series 183		3.50			4-1-2022		1,200,000		1,246,740
									29,333,273
Industrial Development Revenue: 1.21%
New York Energy R&D Authority PCR Keyspan Generation Series A (Ambac Insured) (m)		2.93			10-1-2028		900,000		900,000
New York Transportation Development Corporation Series 2018		5.00			1-1-2022		2,000,000		2,151,960
New York Transportation Development Corporation Series 2018		5.00			1-1-2023		18,000,000		19,826,460
									22,878,420
Miscellaneous Revenue: 0.21%
BB&T Municipal Trust Class B (SIFMA Municipal Swap +0.55%) (Rabobank LOC) 144A±		2.14			11-30-2019		4,000,000		4,000,000
Tax Revenue: 0.69%
New York NY Transitional Finance Authority Subordinate Bond Series 1-B (SIFMA Municipal Swap +0.80%) ±		2.70			11-1-2022		13,100,000		13,176,766
Transportation Revenue: 2.79%
New York Metropolitan Transportation Authority Series B (1 Month LIBOR +0.55%) ±		2.19			11-1-2041		6,255,000		6,217,533
New York Metropolitan Transportation Authority Subordinate Bond Series D-2 (SIFMA Municipal Swap +0.45%) ±		2.35			11-15-2044		18,460,000		18,420,126
New York Metropolitan Transportation Authority Subordinate Bond Series G-1F (1 Month LIBOR +0.65%) ±		2.29			11-1-2026		28,270,000		28,289,789
									52,927,448
									160,202,763
North Carolina: 2.82%
Housing Revenue: 1.83%
Charlotte NC Housing Authority West Tyvola Seniors LLC		2.23			12-1-2021		6,000,000		6,044,820
Durham NC Housing Authority Morreene Road Apartments Project		1.85			1-1-2021		3,125,000		3,130,031

Wells Fargo Ultra Short-Term Municipal Income Fund  |  21

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Housing Revenue (continued)
Gastonia NC Housing Authority Cameron Courts & Weldon Heights Apartments		1.78	%		11-1-2020	$	8,215,000	$	8,220,751
Gastonia NC Housing Authority Linwood Terrace Apartments		1.78			11-1-2020		3,910,000		3,912,737
Gastonia NC Housing Authority Mountain View Apartments		1.78			11-1-2020		3,715,000		3,717,601
Raleigh NC Housing Authority Sir Walter Apartments Project Series A		2.15			7-1-2021		9,600,000		9,651,072
									34,677,012
Tax Revenue: 0.99%
Montgomery County NC BAN		3.00			9-1-2020		18,500,000		18,681,115
									53,358,127
North Dakota: 0.71%
Housing Revenue: 0.71%
North Dakota HFA Community Homes (HUD Insured)		2.13			8-1-2020		5,015,000		5,028,641
North Dakota Housing Finance Agency Home Mortgage Finance Program Series B (SIFMA Municipal Swap +0.40%) ±		2.30			1-1-2043		8,500,000		8,497,790
									13,526,431
Ohio: 4.24%
GO Revenue: 1.06%
East Clinton OH Local School District BAN		2.80			12-3-2019		2,000,000		2,010,040
East Clinton OH Local School District BAN		3.00			12-17-2019		1,800,000		1,810,692
Fairborn OH		2.75			9-6-2019		2,795,000		2,800,730
Firelands OH Local School District BAN		3.00			8-22-2019		2,460,000		2,464,182
Lorain County OH BAN Series 2019		3.00			2-7-2020		1,725,000		1,740,801
Mahoning County OH		3.00			9-19-2019		5,245,000		5,261,836
Newark OH BAN Street Sidewalk & Parking Lot Improvement		3.00			8-13-2019		1,120,000		1,121,344
Tipp City OH BAN Series 2019		3.00			2-12-2020		2,750,000		2,773,732
									19,983,357
Health Revenue: 2.14%
Allen County OH Catholic Healthcare Series C (Union Bank NA LOC) ø		1.80			6-1-2034		34,640,000		34,640,000
Allen County OH Mercy Health Hospital Series A		5.00			8-1-2021		2,795,000		2,991,852
Hamilton County OH HFFA Cincinnati Children’s Hospital Medical Center Series AA ø		1.00			5-15-2037		3,000,000		3,000,000
									40,631,852
Housing Revenue: 0.58%
Cuyahoga OH Metropolitan Housing Authority Multifamily Housing Riverside Park Phase 2 Project		2.00			4-1-2022		4,750,000		4,773,228
Franklin County OH Sawyer & Trevitt Project		1.77			6-1-2020		6,250,000		6,250,313
									11,023,541
Miscellaneous Revenue: 0.30%
American Municipal Power Incorporated BAN		2.50			6-25-2020		3,125,000		3,153,844
Orange Village OH Recreational Trail Special Assessment		3.00			8-29-2019		2,500,000		2,504,775
									5,658,619
Water & Sewer Revenue: 0.16%
Ohio Water Development Authority Series B (SIFMA Municipal Swap +0.22%) ±		2.12			12-1-2020		3,090,000		3,087,404
									80,384,773

22  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Oklahoma: 0.22%
GO Revenue: 0.22%
Oklahoma County OK Independent School District #53		1.75	%		7-1-2019	$	870,000	$	870,000
Oklahoma County OK Independent School District #53		1.75			7-1-2020		950,000		949,440
Oklahoma County OK Independent School District #52 Series A		2.50			1-1-2020		2,375,000		2,388,371
									4,207,811
Oregon: 0.54%
Industrial Development Revenue: 0.54%
Oregon Business Development Commission Intel Corporation Project Series 232		2.40			12-1-2040		10,000,000		10,276,800
Other: 0.06%
Miscellaneous Revenue: 0.06%
Branch Banking & Trust Municipal Investment Trust Various States Class C (SIFMA Municipal Swap +1.05%) (Rabobank LOC) 144A±		2.95			12-31-2019		1,146,022		1,146,022
Pennsylvania: 7.18%
Education Revenue: 0.90%
Chester County PA HEFA Immaculata University Project		4.00			11-1-2019		510,000		511,938
Chester County PA HEFA Immaculata University Project		5.00			11-1-2020		550,000		564,658
Chester County PA HEFA Immaculata University Project		5.00			11-1-2021		580,000		605,764
Cumberland County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-1 ø		2.00			5-1-2044		1,200,000		1,196,664
Lycoming County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program		1.85			11-1-2035		1,565,000		1,565,000
Pennsylvania HEFA Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-3 øø		2.25			5-1-2033		3,575,000		3,586,082
Pennsylvania HEFA Independent Colleges Series I4		2.72			11-1-2031		3,000,000		3,007,110
Pennsylvania HEFA Wilkes University Project Series A		4.00			3-1-2020		575,000		581,313
Pennsylvania HEFA Wilkes University Project Series A		5.00			3-1-2021		390,000		406,146
Pennsylvania HEFAR Association of Independent Colleges and Universities of Pennsylvania Financing Program Mount Aloysius College Project Series R-1		2.25			11-1-2041		5,000,000		5,006,650
									17,031,325
GO Revenue: 1.40%
Allentown PA City School District TRAN %%		2.05			1-2-2020		3,000,000		2,999,910
Pennsylvania		5.00			1-15-2020		12,845,000		13,100,872
Philadelphia PA School District Refunding Bond Series C		5.00			9-1-2019		5,990,000		6,022,526
Philadelphia PA School District Series D		5.00			9-1-2019		980,000		985,321
Philadelphia PA School District Series F		5.00			9-1-2019		780,000		784,235
Scranton PA 144A		5.00			9-1-2019		1,640,000		1,647,134
Scranton PA School District Series A		5.00			6-1-2020		500,000		513,370
Scranton PA School District Series B		5.00			6-1-2020		420,000		431,231
									26,484,599
Health Revenue: 1.84%
Montgomery County PA Higher Education & Health Authority Presbytery Homes Incorporated Project		2.00			12-1-2019		575,000		574,281
Montgomery County PA Higher Education & Health Authority Presbytery Homes Incorporated Project		2.00			12-1-2020		505,000		500,798

Wells Fargo Ultra Short-Term Municipal Income Fund  |  23

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
Montgomery County PA Higher Education & Health Authority Presbytery Homes Incorporated Project		3.00	%		12-1-2021	$	560,000	$	564,407
Montgomery County PA Higher Education & Health Authority Series 2018A		5.00			9-1-2022		1,250,000		1,386,625
Philadelphia PA Hospital & Higher Education Facilities Authority		5.00			7-1-2019		780,000		780,000
Philadelphia PA Hospital & Higher Education Facilities Authority		5.00			7-1-2020		780,000		800,803
Quakertown PA Health Facilities Authority Series A		3.13			7-1-2021		2,545,000		2,533,547
Southcentral Pennsylvania General Authority WellSpan Health Obliged Group Revenue Bond Series 2019E (U.S. Bank NA LIQ) ø		1.92			6-1-2035		27,690,000		27,690,000
									34,830,461
Housing Revenue: 0.67%
Pennsylvania HFA Series 114A		2.90			10-1-2021		3,000,000		3,061,740
Pennsylvania Housing Finance Agency Multifamily Housing Development Blumberg Senior Apartments Project		1.65			11-1-2020		4,500,000		4,499,595
Pennsylvania Housing Finance Agency Sharpsburg Towers Series B		2.40			12-1-2021		2,500,000		2,524,250
Pittsburgh PA Housing Authority East Liberty Phase II Apartments		1.40			10-1-2021		2,735,000		2,732,538
									12,818,123
Industrial Development Revenue: 0.42%
Beaver County PA IDA Pollution Control FirstEnergy Generation Project Series B ††		4.25			10-1-2047		3,910,000		3,968,650
Montgomery County PA IDA Peco Energy Company Project Series A		2.60			3-1-2034		3,910,000		3,931,388
									7,900,038
Miscellaneous Revenue: 1.09%
Bethlehem PA School District Revenue (1 Month LIBOR +0.48%) ±		2.16			7-1-2031		9,985,000		9,982,703
Butler County General Authority Hampton Township School District Project Series 2007 (AGM Insured, PNC Bank NA SPA) ø		1.00			9-1-2027		10,625,000		10,625,000
									20,607,703
Water & Sewer Revenue: 0.86%
North Pennsylvania Water Authority (1 Month LIBOR +0.41%) ±		2.05			11-1-2019		780,000		780,031
North Pennsylvania Water Authority (1 Month LIBOR +0.50%) ±		2.14			11-1-2024		3,910,000		3,910,313
Pittsburgh PA Water & Sewer Authority Series C (1 Month LIBOR +0.64%) (AGM Insured) ±		2.39			9-1-2040		11,730,000		11,734,575
									16,424,919
									136,097,168
Rhode Island: 0.03%
Education Revenue: 0.03%
Rhode Island Student Loan Authority AMT Program Senior Series A		5.00			12-1-2019		590,000		598,006
South Carolina: 0.45%
Health Revenue: 0.05%
South Carolina Jobs EDA Episcopal Home at Still Hopes Series A		5.00			4-1-2021		425,000		442,072
South Carolina Jobs EDA Episcopal Home at Still Hopes Series A		5.00			4-1-2022		455,000		482,141
									924,213
Housing Revenue: 0.40%
South Carolina Housing Finance & Development Authority Lorick Place Apartments Project		2.43			11-1-2021		7,500,000		7,574,400
									8,498,613

24  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
South Dakota: 0.07%
Housing Revenue: 0.07%
South Dakota Housing Development Authority Homeownership Mortgage Bond AMT Series E (GNMA/FNMA/FHLMC Insured)		1.90	%		5-1-2020	$	1,285,000	$	1,284,987
Tennessee: 0.95%
Health Revenue: 0.08%
Greeneville TN HEFA Board Series 2018A		5.00			7-1-2022		1,280,000		1,404,211
Housing Revenue: 0.75%
Memphis TN Health Educational & Housing Facility Board Keystone Landing & Pendleton Place Apartments		2.03			8-1-2021		8,000,000		8,036,960
Murfreesboro TN Housing Authority Westbrook Towers II LP Project		2.13			9-1-2021		5,000,000		5,021,400
Nashville & Davidson County TN HEFA Twelfth & Wedgewood Apartments Project (HUD Insured)		1.80			12-1-2020		1,175,000		1,176,386
									14,234,746
Utilities Revenue: 0.12%
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		2,190,000		2,347,592
									17,986,549
Texas: 17.89%
Airport Revenue: 0.12%
Houston TX Airport System Revenue Series A		5.00			7-1-2019		1,000,000		1,000,000
Houston TX Airport System Revenue Series B		5.00			7-1-2019		1,250,000		1,250,000
									2,250,000
Education Revenue: 0.38%
Alamo TX Community College District		3.00			11-1-2046		3,200,000		3,213,376
University of Texas Board of Regents Series C		5.00			8-15-2020		3,910,000		4,073,790
									7,287,166
GO Revenue: 9.10%
Burleson TX Independent School District		2.50			2-1-2047		7,885,000		8,075,896
Cypress-Fairbanks TX Independent School District Series A-1		2.13			2-15-2027		4,800,000		4,844,592
Cypress-Fairbanks TX Independent School District Series A-2		2.50			2-15-2036		13,295,000		13,311,220
Cypress-Fairbanks TX Independent School District Series A-3		3.00			2-15-2043		2,470,000		2,513,373
Cypress-Fairbanks TX Independent School District Series B-2		2.13			2-15-2040		7,015,000		7,089,008
Fort Bend TX Independent School District Series A		1.75			8-1-2040		11,690,000		11,692,572
Fort Bend TX Independent School District Series B		1.35			8-1-2040		1,475,000		1,474,853
Galveston TX Dickinson Independent High School District		1.35			8-1-2037		3,585,000		3,584,642
Goose Creek TX Independent School District Series B		1.18			2-15-2035		7,820,000		7,817,341
Grapevine-Colleyville TX Independent School District Prerefunded Bond Series B		2.00			8-1-2036		3,150,000		3,166,128
Grapevine-Colleyville TX Independent School District Unrefunded Bond Series B		2.00			8-1-2036		3,495,000		3,516,634
Harlandale TX Independent School District		3.00			8-15-2045		8,775,000		8,903,729
Harris County TX Cypress-Fairbanks Independent High School Series 2014B-2		1.40			2-15-2040		4,070,000		4,069,064
Houston TX Independent School District		1.45			6-1-2029		16,305,000		16,300,435
Houston TX Independent School District Series 2014A-1B		2.20			6-1-2039		9,000,000		9,058,590
North East TX Independent School District Series B		1.42			8-1-2040		1,090,000		1,084,299
Northside TX Independent School District Building Project		2.00			8-1-2044		2,820,000		2,821,184

Wells Fargo Ultra Short-Term Municipal Income Fund  |  25

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Northside TX Independent School District Building Project		2.00	%		6-1-2046	$	2,135,000	$	2,154,258
Northside TX Independent School District Building Project		2.13			8-1-2040		1,425,000		1,425,741
Sherman TX Independent School District Prerefunded Bond Series B		3.00			8-1-2048		265,000		269,500
Sherman TX Independent School District Unrefunded Bond Series B		3.00			8-1-2048		13,735,000		13,966,847
Texas Anticipation Notes Series 2018		4.00			8-29-2019		40,000,000		40,154,800
Texas Northside Independent School District		1.45			6-1-2047		3,825,000		3,826,033
Williamson County TX		1.85			8-15-2034		1,340,000		1,340,214
									172,460,953
Health Revenue: 0.99%
Coastal Bend TX Health Facilities Development Corporation (AGM Insured) (m)		2.15			7-1-2031		9,250,000		9,250,000
Harris County TX Health Facilities Development Corporation Series A3 (AGM Insured) (m)		2.15			7-1-2031		8,300,000		8,300,000
Tarrant County TX Cultural Education Facilities Finance Corporation Edgemere Project Refunding Bond Series A		4.00			11-15-2019		400,000		401,116
Tarrant County TX Cultural Education Facilities Finance Corporation Edgemere Project Series B		4.00			11-15-2019		705,000		706,967
									18,658,083
Housing Revenue: 3.81%
Alamito TX Public Facilities Corporation Multifamily Housing Series 2018		2.25			6-1-2021		16,300,000		16,391,932
Alamito TX Public Facilities Corporation Cramer Three Apartments Project		2.50			11-1-2021		2,000,000		2,031,260
Capital Area Housing Finance Corporation TX Hills Leander Apartments		2.05			8-1-2021		7,000,000		7,034,300
New Hope TX Cultural Education Facilities Finance Corporation Student Housing – Blinn College Properties LLC Project Series A ##		3.25			8-1-2019		12,295,000		12,295,492
Southeast Texas Housing Finance Corporation Bayshore Towers Apartments (HUD Insured)		2.20			1-1-2022		8,025,000		8,066,088
Texas Capital Area Housing Finance Agency Multifamily Housing Mission Trail at El Camino Real Apartments		2.10			9-1-2037		9,750,000		9,840,870
Texas Department of Housing & Community Affairs Multifamily Housing		1.80			12-1-2020		1,955,000		1,956,193
Texas Department of Housing & Community Affairs Multifamily Housing		2.20			5-1-2021		8,500,000		8,536,210
Texas Department of Housing & Community Affairs Multifamily Housing Series 2018 (FHA Insured)		2.23			5-1-2021		6,000,000		6,025,560
									72,177,905
Industrial Development Revenue: 0.75%
Matagorda County TX Navigation District Central Power & Light Company Project		1.75			5-1-2030		5,280,000		5,256,398
Port of Port Arthur TX Navigation District Exempt Facilities AMT Emerald Renewable Diesel LLC Project REMK 144A		1.90			6-1-2049		9,000,000		9,000,000
									14,256,398
Resource Recovery Revenue: 1.09%
Harris County TX Industrial Development Corporation Solid Waste Disposal Series 2006		5.00			2-1-2023		13,500,000		13,702,500
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Subordinate Bond Series D ø		2.05			11-1-2040		7,000,000		7,000,000
									20,702,500
Utilities Revenue: 1.44%
San Antonio TX Electric & Gas Systems Refunding Bond Series B		2.00			2-1-2033		11,440,000		11,516,076
San Antonio TX Series A		2.25			2-1-2033		15,640,000		15,681,602
									27,197,678

26  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 0.21%
Houston TX Combined Utility System Revenue Series C (1 Month LIBOR +0.36%) ±		2.04	%		5-15-2034	$	4,000,000	$	3,992,160
									338,982,843
Virginia: 1.94%
Housing Revenue: 1.51%
Colonial Heights VA EDA Colonial Ridge Apartments Series A		1.80			1-1-2020		7,820,000		7,820,000
Fairfax County VA Redevelopment & Housing Authority Murraygate Village Apartment Project		2.26			2-1-2021		12,500,000		12,573,125
Fairfax County VA Redevelopment & Housing Authority Parkwood Project		2.21			2-1-2021		5,500,000		5,532,175
Newport News VA Redevelopment & Housing Authority Soundview Townhouses		2.05			8-1-2021		2,690,000		2,704,445
									28,629,745
Industrial Development Revenue: 0.22%
Louisa VA IDA Pollution Control Series 2008A		1.90			11-1-2035		4,000,000		4,043,880
Utilities Revenue: 0.21%
Halifax County VA IDA		2.15			12-1-2041		2,000,000		2,014,240
Wise County IDA Virginia Electric & Power Company Series A REMK		1.88			11-1-2040		2,000,000		2,006,220
									4,020,460
									36,694,085
Washington: 2.01%
Health Revenue: 1.04%
Grays Harbor County WA Public Hospital District 1 ##		3.00			8-1-2019		5,965,000		5,965,716
Washington HCFR Central Washington Health Service Association		7.00			7-1-2039		2,345,000		2,345,000
Washington HCFR Series XF2035 (Morgan Stanley Bank LIQ) 144Aø		2.30			10-1-2036		11,280,000		11,280,000
									19,590,716
Housing Revenue: 0.33%
Washington Housing Finance Commission SAG Portfolio Project		2.55			7-1-2022		6,250,000		6,323,625
Utilities Revenue: 0.64%
Seattle WA Municipal Light & Power Refunding Bond Series B-2 (SIFMA Municipal Swap +0.29%) ±		2.19			5-1-2045		10,000,000		9,973,500
Seattle WA Municipal Light & Power Series C1 (SIFMA Municipal Swap +0.25%) ±		2.15			11-1-2021		1,055,000		1,052,436
Seattle WA Municipal Light & Power Series C2 (SIFMA Municipal Swap +0.25%) ±		2.15			11-1-2021		1,055,000		1,052,436
									12,078,372
									37,992,713
West Virginia: 0.45%
Housing Revenue: 0.26%
West Virginia Housing Development Brookpark Place Project %%		1.65			8-1-2022		5,000,000		4,998,300
Utilities Revenue: 0.19%
West Virginia EDA Solid Waste Disposal Facilities Appalachian Power Company Series A		1.70			1-1-2041		3,520,000		3,515,917
									8,514,217

Wells Fargo Ultra Short-Term Municipal Income Fund  |  27

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Wisconsin: 3.27%
Education Revenue: 0.10%
Wisconsin PFA Gardner Webb University 144A		5.00	%		7-1-2021	$	1,360,000	$	1,403,806
Wisconsin PFA Guilford College		5.00			1-1-2020		490,000		496,502
									1,900,308
GO Revenue: 0.15%
Dane County WI AMT Promissory Notes Apartment Project Series D		2.50			6-1-2022		445,000		450,945
Dane County WI AMT Promissory Notes Apartment Project Series D		2.63			6-1-2023		980,000		993,563
Dane County WI AMT Promissory Notes Apartment Project Series D		3.50			6-1-2020		600,000		611,286
Dane County WI AMT Promissory Notes Apartment Project Series D		3.50			6-1-2021		735,000		763,761
									2,819,555
Health Revenue: 1.29%
Wisconsin HEFA Advocate Aurora Health Credit Group Series C3 (SIFMA Municipal Swap +0.55%) ±		2.45			8-15-2054		20,065,000		20,078,042
Wisconsin HEFA Ascension Senior Credit Group Series B-5		1.38			11-15-2038		1,220,000		1,219,561
Wisconsin HEFA Tomah Memorial Hospital Series A		2.65			11-1-2020		3,125,000		3,129,812
									24,427,415
Housing Revenue: 0.32%
Wisconsin Housing & EDA Series A		1.95			11-1-2047		4,865,000		4,868,649
Wisconsin Housing & EDA Series A		2.80			3-1-2022		1,070,000		1,094,792
									5,963,441
Miscellaneous Revenue: 0.50%
Deforest WI Area School District ##		3.00			12-18-2019		4,500,000		4,507,965
Sun Prairie WI Area School District %%		3.00			12-31-2019		5,000,000		5,012,000
									9,519,965
Resource Recovery Revenue: 0.80%
Wisconsin PFA Series A-2		1.95			10-1-2025		15,235,000		15,240,028
Tax Revenue: 0.11%
Oconto Falls WI Public School District ##		3.00			10-1-2019		2,150,000		2,156,987
									62,027,699
Wyoming: 0.08%
Utilities Revenue: 0.08%
Converse County WY Pollution Control PacifiCorp Projects ø		2.00			12-1-2020		1,485,000		1,485,000
Total Municipal Obligations (Cost $1,884,548,869)									1,891,210,949
						Shares
Closed End Municipal Bond Funds: 1.54%
Massachusetts: 0.26%
Nuveen Massachusetts Dividend Advantage Municipal Income Fund Variable Rate Demand Preferred Shares 2.25% 144A							5,000,000		5,000,000
New York: 1.28%
Nuveen New York Quality Municipal Income Fund Institutional MuniFund Term Variable Rate Demand Preferred Shares Series A 2.20% 144A							24,200,000		24,200,000
Total Closed End Municipal Bond Funds (Cost $29,200,000)									29,200,000

28  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Portfolio of investments—June 30, 2019

	Yield			Shares		Value
Short-Term Investments: 0.24%
Investment Companies: 0.24%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u) ##		1.82	%		4,468,777	$	4,471,458
Total Short-Term Investments (Cost $4,471,458)							4,471,458

Total investments in securities (Cost $1,918,220,327)	101.59	%		1,924,882,407
Other assets and liabilities, net	(1.59	)		(30,121,220	)
Total net assets	100.00	%	$	1,894,761,187

(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.

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

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.

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CDA Community Development Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHA Federal Housing Administration

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCR Pollution control revenue

PFA Public Finance Authority

PFFA Public Facilities Financing Authority

R&D Research & development

Wells Fargo Ultra Short-Term Municipal Income Fund  |  29

Portfolio of investments—June 30, 2019

REMK Remarketed

RDA Redevelopment Authority

SIFMA Securities Industry and Financial Markets Association

SPA Standby purchase agreement

TAN Tax anticipation notes

TRAN Tax revenue anticipation notes

TTFA Transportation Trust Fund Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		48,291,197		1,149,713,406		1,193,535,826		4,468,777	$	(43,035	)	$	0	$	398,710	$	4,471,458		0.24	%

30  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $1,913,748,869)	$	1,920,410,949
Investments in affiliated securities, at value (cost $4,471,458)		4,471,458
Cash		736
Receivable for investments sold		10,551,772
Receivable for Fund shares sold		2,826,477
Receivable for interest		12,871,663
Total assets		1,951,133,055
Liabilities
Payable for investments purchased		49,401,902
Payable for Fund shares redeemed		4,542,144
Dividends payable		1,162,414
Management fee payable		407,679
Administration fees payable		124,984
Distribution fee payable		6,379
Trustees’ fees and expenses payable		1,377
Accrued expenses and other liabilities		724,989
Total liabilities		56,371,868
Total net assets	$	1,894,761,187
Net assets consist of
Paid-in capital	$	1,915,119,167
Total distributable loss		(20,357,980	)
Total net assets	$	1,894,761,187
Computation of net asset value and offering price per share
Net assets – Class A	$	444,580,717
Shares outstanding – Class A1		46,296,914
Net asset value per share – Class A		$9.60
Maximum offering price per share – Class A2		$9.80
Net assets – Class C	$	10,134,871
Shares outstanding – Class C1		1,074,874
Net asset value per share – Class C		$9.43
Net assets – Class R6	$	770,634,034
Shares outstanding – Class R61		80,254,524
Net asset value per share – Class R6		$9.60
Net assets – Administrator Class	$	25,649,358
Shares outstanding – Administrator Class1		2,670,759
Net asset value per share – Administrator Class		$9.60
Net assets – Institutional Class	$	643,762,207
Shares outstanding – Institutional Class1		67,026,798
Net asset value per share – Institutional Class		$9.60

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Ultra Short-Term Municipal Income Fund  |  31

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	50,569,822
Income from affiliated securities		398,710
Total investment income		50,968,532
Expenses
Management fee		8,696,635
Administration fees
Class A		896,742
Class C		24,344
Class R6		159,555	1
Administrator Class		36,486
Institutional Class		1,164,129
Shareholder servicing fees
Class A		1,401,159
Class C		38,038
Administrator Class		90,670
Distribution fee
Class C		114,114
Custody and accounting fees		201,523
Professional fees		48,473
Registration fees		107,724
Shareholder report expenses		99,650
Trustees’ fees and expenses		22,142
Other fees and expenses		86,755
Total expenses		13,188,139
Less: Fee waivers and/or expense reimbursements		(1,912,081	)
Net expenses		11,276,058
Net investment income		39,692,474
Realized and unrealized gains (losses) on investments
Net realized losses on:
Unaffiliated securities		(429,622	)
Affiliated securities		(43,035	)
Net realized losses on investments		(472,657	)
Net change in unrealized gains (losses) on investments		8,239,186
Net realized and unrealized gains (losses) on investments		7,766,529
Net increase in net assets resulting from operations	$	47,459,003

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

32  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 2018¹
Operations
Net investment income				$	39,692,474					$	45,974,475
Net realized losses on investments					(472,657	)					(18,767,051	)
Net change in unrealized gains (losses) on investments					8,239,186						15,359,294
Net increase in net assets resulting from operations					47,459,003						42,566,718
Distributions to shareholders from net investment income and net realized gains
Class A					(7,184,383	)					(7,085,882	)
Class C					(81,918	)					(29,395	)
Class R6					(9,194,218	)²					N/A
Administrator Class					(489,384	)					(10,119,588	)
Institutional Class					(22,722,426	)					(28,738,290	)
Total distributions to shareholders					(39,672,329	)					(45,973,155	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		5,347,278			51,171,356			20,676,172			197,898,705
Class C		391,712			3,675,907			46,196			434,035
Class R6		172,266,423	2		1,647,488,263	2		N/A			N/A
Administrator Class		951,130			9,106,545			180,310,370			1,725,053,645
Institutional Class		124,072,823			1,187,607,605			236,575,489			2,265,282,906
					2,899,049,676						4,188,669,291
Reinvestment of distributions
Class A		715,680			6,852,879			714,776			6,840,532
Class C		7,174			67,438			2,611			24,514
Class R6		12,244	2		117,351	2		N/A			N/A
Administrator Class		49,856			477,408			1,054,198			10,092,519
Institutional Class		1,731,479			16,580,749			1,693,421			16,209,226
					24,095,825						33,166,791
Payment for shares redeemed
Class A		(33,178,529	)		(317,470,659	)		(49,417,914	)		(473,112,170	)
Class C		(1,149,710	)		(10,810,966	)		(738,395	)		(6,941,123	)
Class R6		(92,024,143	)2		(881,492,500	)2		N/A			N/A
Administrator Class		(3,945,902	)		(37,776,949	)		(379,152,798	)		(3,626,561,750	)
Institutional Class		(282,486,053	)		(2,703,286,719	)		(297,934,058	)		(2,852,291,197	)
					(3,950,837,793	)					(6,958,906,240	)
Net decrease in net assets resulting from capital share transactions					(1,027,692,292	)					(2,737,070,158	)
Total decrease in net assets					(1,019,905,618	)					(2,740,476,595	)
Net assets
Beginning of period					2,914,666,805						5,655,143,400
End of period				$	1,894,761,187					$	2,914,666,805

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $484,384. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

Wells Fargo Ultra Short-Term Municipal Income Fund  |  33

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			20151
Net asset value, beginning of period		$9.57			$9.57			$9.63			$9.61			$9.64
Net investment income		0.12	2		0.08			0.06			0.04			0.02
Net realized and unrealized gains (losses) on investments		0.03			0.00	3		(0.06	)		0.02			(0.03	)
Total from investment operations		0.15			0.08			0.00			0.06			(0.01	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.08	)		(0.06	)		(0.04	)		(0.02	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.12	)		(0.08	)		(0.06	)		(0.04	)		(0.02	)
Net asset value, end of period		$9.60			$9.57			$9.57			$9.63			$9.61
Total return4		1.63	%		0.88	%		(0.04	)%		0.61	%		(0.07	)%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.75	%		0.75	%		0.75	%
Net expenses		0.67	%		0.67	%		0.67	%		0.67	%		0.67	%
Net investment income		1.28	%		0.86	%		0.57	%		0.38	%		0.23	%
Supplemental data
Portfolio turnover rate		55	%		50	%		56	%		41	%		44	%
Net assets, end of period (000s omitted)		$444,581			$702,570			$971,189			$1,209,818			$961,485

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges.

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

34  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			20151
Net asset value, beginning of period		$9.40			$9.40			$9.47			$9.49			$9.58
Net investment income (loss)		0.05	2		0.01	2		(0.02	)2		(0.04	)2		(0.11	)
Net realized and unrealized gains (losses) on investments		0.03			0.00	3		(0.05	)		0.02			0.02
Total from investment operations		0.08			0.01			(0.07	)		(0.02	)		(0.09	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.01	)		(0.00	)3		0.00			0.00
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.05	)		(0.01	)		(0.00	)3		(0.00	)3		(0.00	)3
Net asset value, end of period		$9.43			$9.40			$9.40			$9.47			$9.49
Total return4		0.87	%		0.16	%		(0.73	)%		(0.19	)%		(0.93	)%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.52	%		1.50	%		1.50	%		1.50	%
Net expenses		1.42	%		1.42	%		1.42	%		1.42	%		1.42	%
Net investment income (loss)		0.54	%		0.11	%		(0.18	)%		(0.37	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		55	%		50	%		56	%		41	%		44	%
Net assets, end of period (000s omitted)		$10,135			$17,154			$23,650			$31,837			$42,289

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges.

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

Wells Fargo Ultra Short-Term Municipal Income Fund  |  35

Financial highlights

(For a share outstanding throughout each period)

	Year ended
CLASS R6	June 30, 20191
Net asset value, beginning of period		$9.58
Net investment income		0.15	2
Net realized and unrealized gains (losses) on investments		0.02
Total from investment operations		0.17
Distributions to shareholders from
Net investment income		(0.15	)
Net asset value, end of period		$9.60
Total return3		1.76	%
Ratios to average net assets (annualized)
Gross expenses		0.39	%
Net expenses		0.32	%
Net investment income		1.73	%
Supplemental data
Portfolio turnover rate		55	%
Net assets, end of period (000s omitted)		$770,634

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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.

36  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			20151
Net asset value, beginning of period		$9.57			$9.57			$9.63			$9.61			$9.64
Net investment income		0.13	2		0.08	2		0.06			0.04			0.03
Net realized and unrealized gains (losses) on investments		0.03			0.01			(0.06	)		0.02			(0.03	)
Total from investment operations		0.16			0.09			0.00			0.06			0.00
Distributions to shareholders from
Net investment income		(0.13	)		(0.09	)		(0.06	)		(0.04	)		(0.03	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.13	)		(0.09	)		(0.06	)		(0.04	)		(0.03	)
Net asset value, end of period		$9.60			$9.57			$9.57			$9.63			$9.61
Total return		1.70	%		0.95	%		0.03	%		0.68	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.70	%		0.70	%		0.68	%		0.69	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.34	%		0.82	%		0.69	%		0.45	%		0.30	%
Supplemental data
Portfolio turnover rate		55	%		50	%		56	%		41	%		44	%
Net assets, end of period (000s omitted)		$25,649			$53,746			$1,946,987			$226,125			$328,134

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

Wells Fargo Ultra Short-Term Municipal Income Fund  |  37

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			20151
Net asset value, beginning of period		$9.57			$9.58			$9.63			$9.61			$9.64
Net investment income		0.15	2		0.11			0.08	2		0.07			0.05
Net realized and unrealized gains (losses) on investments		0.03			(0.01	)		(0.05	)		0.02			(0.03	)
Total from investment operations		0.18			0.10			0.03			0.09			0.02
Distributions to shareholders from
Net investment income		(0.15	)		(0.11	)		(0.08	)		(0.07	)		(0.05	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.15	)		(0.11	)		(0.08	)		(0.07	)		(0.05	)
Net asset value, end of period		$9.60			$9.57			$9.58			$9.63			$9.61
Total return		1.93	%		1.07	%		0.36	%		0.91	%		0.23	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.44	%		0.42	%		0.42	%		0.42	%
Net expenses		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income		1.56	%		1.16	%		0.86	%		0.68	%		0.54	%
Supplemental data
Portfolio turnover rate		55	%		50	%		56	%		41	%		44	%
Net assets, end of period (000s omitted)		$643,762			$2,141,197			$2,713,317			$4,061,647			$3,930,234

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

38  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

Wells Fargo Ultra Short-Term Municipal Income Fund  |  39

Notes to financial statements

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 June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $1,918,267,441 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	7,172,593
Gross unrealized losses		(557,627	)
Net unrealized gains	$	6,614,966

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $2,919,850 in short-term capital losses and $23,588,856 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	1,891,210,949	$	0	$	1,891,210,949
Closed end municipal bond funds		0		29,200,000		0		29,200,000
Short-term investments
Investment companies		4,471,458		0		0		4,471,458
Total assets	$	4,471,458	$	1,920,410,949	$	0	$	1,924,882,407

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

At June 30, 2019, the Fund did not have any transfers into/out of Level 3.

40  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.33% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.67% for Class A shares, 1.42% for Class C shares, 0.32% for Class R6 shares, and 0.60% for Administrator Class shares, and 0.37% 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 year ended June 30, 2019, Funds Distributor received $1,942 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 2019.

Wells Fargo Ultra Short-Term Municipal Income Fund  |  41

Notes to financial statements

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $338,580,000 and $705,880,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $1,199,511,476 and $1,281,540,850, 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 year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $39,672,329 and $45,973,155 of tax-exempt income for the years ended June 30, 2019 and June 30, 2018, respectively.

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$698,174	$6,614,966	$(26,508,706)

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

	Net investment income
Class A	$	7,085,882
Class C		29,395
Administrator Class		10,119,588
Institutional Class		28,738,290

8. INDEMNIFICATION

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

42  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Notes to financial statements

9. REDEMPTIONS IN-KIND

During the year ended June 30, 2018, the Fund redeemed assets through in-kind redemptions. These transactions are reflected on the Statement of Changes in Net Assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder in the Administrator Class was as follows:

Date	Value of securities issued		Cash		Realized losses			% of Fund
2-2-2018		$579,567,077		$20,646,313		$(907,398	)		13	%
2-9-2018		404,757,400		13,121,572		(645,597	)		10

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

Wells Fargo Ultra Short-Term Municipal Income Fund  |  43

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Ultra Short-Term Municipal Income Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

44  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Ultra Short-Term Municipal Income Fund  |  45

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

46  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

Wells Fargo Ultra Short-Term Municipal Income Fund  |  47

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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

48  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Ultra Short-Term Municipal Income Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Ultra Short-Term Municipal Income Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Ultra Short-Term Municipal Income Fund  |  49

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was in range of the average investment performance of the Universe for the one-year period under review, but lower than the average investment performance of the Universe for the three-, five- and ten-year periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays 1 Year Municipal Bond Index, for the one-, three- and five-year periods under review, but in range of its benchmark for the ten-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance. The Board also took note of the Fund’s outperformance relative to the Universe and benchmark over the longer time periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.                

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

50  |  Wells Fargo Ultra Short-Term Municipal Income Fund

Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo Ultra Short-Term Municipal Income Fund  |  51

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404829 08-19

A258/AR258 06-19

Annual Report

June 30, 2019

Wells Fargo

Wisconsin Tax-Free Fund

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

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

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

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	22
Report of independent registered public accounting firm	27
Other information	28

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Wisconsin Tax-Free Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Wisconsin Tax-Free Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |   Wells Fargo Wisconsin Tax-Free Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Wisconsin Tax-Free Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Wisconsin Tax-Free Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta^‡

Bruce R. Johns

Thomas Stoeckmann

Average annual total returns (%) as of June 30, 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 (WWTFX)	3-31-2008		0.78		1.90		3.18		5.56		2.85		3.66		0.88		0.70
Class C (WWTCX)	12-26-2002		3.78		2.08		2.87		4.78		2.08		2.87		1.63		1.45
Institutional Class (WWTIX)3	10-31-2016		–		–		–		5.75		2.95		3.71		0.55		0.52
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		6.71		3.64		4.72		–		–
Bloomberg Barclays Wisconsin Municipal Bond Index5	–		–		–		–		6.17		3.28		4.30		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Wisconsin Tax-Free Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁶

^‡  Ms. Casetta became a portfolio manager of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the 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 the Institutional Class shares prior to their inception reflects the performance of the Class A shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class would be higher.

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

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

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and the Bloomberg Barclays Wisconsin Municipal Bond Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

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

⁸  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.

Wells Fargo Wisconsin Tax-Free Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its primary benchmark, the Bloomberg Barclays Municipal Bond Index, and its secondary benchmark, the Bloomberg Barclays Wisconsin Municipal Bond Index, for the 12-month period that ended June 30, 2019.

∎ The Fund’s conservative short duration positioning was a detractor from performance as all rates rallied and declined across the yield curve. Additionally, sector allocations had a negative effect on performance.

∎ The Fund’s overweight to bonds rated A and BBB was a driver of performance, as lower-rated investment-grade bonds outperformed higher-rated bonds. The Fund’s overweight to housing and leasing bonds was also a positive contributor to performance.

∎ Yield-curve positioning added to performance. We were overweight intermediate- to longer-term bonds, which outperformed, and underweight shorter-term bonds, which underperformed.

Effective maturity distribution as of June 30, 2019⁷

The Fed abruptly changed course from raising rates to a potential rate cut on fading growth expectations.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the European Union.

These concerns only increased as we moved into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June. The municipal market mutual fund bond flows in the first half of 2019 were in excess of $42 billion, a number not seen since 1992. With this strong technical backdrop for the municipal bonds market and the Fed possibly cutting rates, bonds rallied in the first half of 2019. The intermediate and longer bonds along the yield curve outperformed shorter bonds. With all these factors at play, we see strong support for the municipal market over the short to intermediate term.

Wisconsin offers municipal bond investing opportunities.

Wisconsin is the 21st-largest state by gross domestic product (GDP) and 20th by population, rated AA (stable) by Standard & Poor’s Financial Services LLC and Aa1 (stable) by Moody’s Investors Service, Inc. While the state’s GDP grew at a slower pace than the national level in 2018, the labor market remains tighter, with a 2018 year-end unemployment rate of 2.8% and labor force participation rate of 65.3%. The state’s largest employment sector is manufacturing, although it has been successful at diversifying away that exposure, mainly into the health care industry. Based on solid economic performance, the state has done well financially with an upside surprise in tax collections, which has led to the state’s strongest-ever budget stabilization fund balance at $320.1 million. Debt levels remain modestly elevated, although the state benefits from having a fully funded pension plan. Tony Evers was elected governor in 2018, unseating eight-year incumbent Scott Walker. Evers has significant budget initiatives, including K–12, juvenile, and university system funding increases. However, given a Republican legislature, there will most likely be some sort of compromise for the fiscal-year 2019–2021 budget, which was signed into law on July 3. In addition, the state continues to be in the headlines related to uncertainty regarding the Foxconn Technology Group development, although it appears that some construction has started on the facility.

Credit quality, yield-curve positioning, and security selection drove positive performance; duration positioning and sector allocation detracted.

In anticipation of the Fed continuing to normalize rates, we kept the Fund’s duration short relative to its primary benchmark in the first half of the year and started extending duration in the latter part of 2018 as growth faded for the economy. The Fund

Please see footnotes on page 7.

8  |  Wells Fargo Wisconsin Tax-Free Fund

Performance highlights (unaudited)

was still short to its primary benchmark at the end of the period, which detracted from performance. As the Fed moved to the sidelines in the early part of 2019 and further positioned itself to cut rates, we continued to buy bonds of higher quality further out the yield curve. The Fund’s yield-curve positioning was a slight contributor to performance. We were overweight intermediate- and longer-term bonds, which outperformed, and underweight shorter bonds, which underperformed.

Credit quality as of June 30, 2019⁸

The credit-quality allocation was the largest driver of performance along with individual security selection. The Fund’s overweight to bonds rated A and BBB was a significant driver of performance, as lower-rated investment-grade bonds outperformed higher-rated bonds. We’ve purchased many state issuers over the year—including Ashwaubenon, WI, Community Development Authority lease bonds and Milwaukee, WI, Redevelopment Authority bonds—Summerfest Project, but with the limited supply of double-tax-exempt bonds, we’ve found some opportunities in other states as a relative-value opportunity. We purchased state of Illinois general obligation bonds and Denton, TX, Independent School District bonds, which were

some of the better-performing bonds of the year. Sector allocation was a detractor from performance overall, as we were overweight prerefunded bonds, which underperformed, and underweight revenue bonds, which outperformed. However, being overweight leasing and housing bonds within the revenue bond sector, which outperformed other bonds in the sector, and selecting bonds like Wisconsin Center District Bonds—Milwaukee Arena Project and Wisconsin Housing and Economic Development bonds (Madison Pool Project), which were some of the best-performing bonds, added to performance.

Slowing growth supports credit fundamentals, but market technicals are driving performance and issue selection remains key in state-specific funds.

We believe U.S. economic growth is slowing but still continues at a modest pace. Wisconsin’s economy is slightly trailing the national average. However, its solid economic base and prudent debt issuance discipline could lead to modestly higher revenues for many municipalities along with improved credit fundamentals. We view the Fed becoming more dovish and potentially cutting rates in the latter half of 2019 as supportive of GDP growth. Some municipalities may do well and others may continue to struggle. That is why we feel credit selection will remain important. We expect to remain overweight lower-quality investment-grade bonds, though we believe investors currently are not being compensated sufficiently for making new investments in some of these areas. In our view, the long-term drivers of valuations will be supply and demand trends, absolute yield levels, the shape of the yield curve, and credit fundamentals. We will continue to extend the Fund’s duration slightly. While we will continue our bias to overweighting lower-quality investment-grade bonds, it will be to a lesser degree, and we will add some higher-quality bonds in the AAA and AA areas as opportunities arise. We will monitor economic growth, the technical market, and fundamental credit quality to see if any changes are warranted in duration, yield-curve positioning, or credit-quality selections over the next year.

Please see footnotes on page 7.

Wells Fargo Wisconsin Tax-Free Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,040.53	$	3.54		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class C
Actual	$	1,000.00	$	1,036.68	$	7.32		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	1,041.46	$	2.63		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.22	$	2.61		0.52	%

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

10  |  Wells Fargo Wisconsin Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.63%
Guam: 6.17%
Airport Revenue: 2.51%
Guam International Airport Authority Series C (AGM Insured)		6.13	%		10-1-2043	$	1,500,000	$	1,743,157
Guam Port Authority AMT Series A		5.00			7-1-2048		1,000,000		1,146,470
Guam Port Authority AMT Series B		5.00			7-1-2034		445,000		511,390
									3,401,017
Miscellaneous Revenue: 2.62%
Guam Education Financing Foundation Refunding Bond Certificates of Participation Series 2016A		5.00			10-1-2022		1,400,000		1,513,246
Guam Government Limited Obligation Bonds Section 30 Series A		5.38			12-1-2024		1,000,000		1,017,090
Guam Government Limited Obligation Bonds Section 30 Series A		5.50			12-1-2019		1,000,000		1,017,600
									3,547,936
Tax Revenue: 0.66%
Guam Government Business Privilage Tax Revenue Series 2011A		5.00			1-1-2021		250,000		260,433
Guam Government Limited Obligation Bonds Section 30 Series A		5.00			12-1-2021		600,000		639,852
									900,285
Utilities Revenue: 0.38%
Guam Power Authority Series A (AGM Insured)		5.00			10-1-2020		500,000		520,960
									8,370,198
Illinois: 2.88%
GO Revenue: 1.85%
Chicago IL CAB City Colleges (National Insured) ¤		0.00			1-1-2027		1,000,000		798,510
Chicago IL Park District Special Recreation Activity Series E		5.00			11-15-2027		1,000,000		1,173,760
Illinois Refunding Bond Series 2018A		5.00			10-1-2021		500,000		533,600
									2,505,870
Miscellaneous Revenue: 0.20%
Illinois		5.50			7-1-2026		250,000		277,515
Tax Revenue: 0.76%
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00			12-15-2028		970,000		1,033,748
Water & Sewer Revenue: 0.07%
Chicago IL Waterworks Unrefunded Bond (AGM Insured)		5.00			11-1-2020		95,000		95,282
									3,912,415
Michigan: 0.08%
Miscellaneous Revenue: 0.08%
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured)		4.00			11-1-2021		110,000		110,183
New Jersey: 1.81%
Miscellaneous Revenue: 0.83%
New Jersey EDA Series EE		5.00			9-1-2023		1,070,000		1,128,572
Transportation Revenue: 0.98%
New Jersey TTFA CAB Series A ¤		0.00			12-15-2031		2,000,000		1,327,540
									2,456,112

Wells Fargo Wisconsin Tax-Free Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
New York: 0.77%
Education Revenue: 0.77%
Hempstead NY Local Development Corporation The Academy Charter School Project Series A		6.24	%		2-1-2047	$	1,000,000	$	1,038,410
Puerto Rico: 0.97%
Transportation Revenue: 0.97%
Puerto Rico Highway & Transportation Authority Refunding Bond Series L (AGC Insured)		5.25			7-1-2019		1,000,000		1,000,000
Puerto Rico Highway & Transportation Authority Refunding Bond Series L (BHAC/FGIC Insured)		5.25			7-1-2021		300,000		315,882
									1,315,882
Texas: 1.62%
GO Revenue: 1.62%
Denton TX Independent School District School Building		4.00			8-15-2048		2,000,000		2,191,500
Virgin Islands: 3.66%
Miscellaneous Revenue: 2.17%
Virgin Islands PFA 144A		5.00			9-1-2020		750,000		771,690
Virgin Islands PFA Gross Receipts Taxes Loan Notes (National Insured)		4.00			10-1-2020		450,000		452,795
Virgin Islands PFA Gross Receipts Taxes Loan Notes (AGM Insured)		4.00			10-1-2022		1,690,000		1,715,418
									2,939,903
Tax Revenue: 1.49%
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured)		5.00			10-1-2025		2,000,000		2,018,080
									4,957,983
Wisconsin: 80.67%
Education Revenue: 10.93%
Green Bay WI Housing Authority University Village Housing Incorporated		4.38			4-1-2022		200,000		201,060
Green Bay WI Housing Authority University Village Housing Incorporated		5.00			4-1-2030		1,410,000		1,421,280
Madison WI CDA Wisconsin Alumni Research Foundation		5.00			10-1-2023		150,000		151,380
Madison WI CDA Wisconsin Alumni Research Foundation		5.00			10-1-2025		475,000		479,337
Madison WI CDA Wisconsin Alumni Research Foundation		5.00			10-1-2039		5,000,000		5,042,100
Milwaukee WI RDA Milwaukee School of Engineering Project (AGM Insured)		2.75			4-1-2021		1,080,000		1,107,518
Milwaukee WI RDA Milwaukee School of Engineering Project (AGM Insured)		4.10			4-1-2032		1,500,000		1,574,205
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		6.25			8-1-2043		2,100,000		2,296,035
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated		5.00			7-1-2022		950,000		984,495
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated		5.00			7-1-2032		1,500,000		1,563,060
									14,820,470
GO Revenue: 1.84%
Milwaukee WI Series B6		2.00			4-1-2021		175,000		177,200
Milwaukee WI Series B6		3.00			4-1-2024		570,000		612,898
Milwaukee WI Series B6		5.00			4-1-2022		350,000		384,990
Milwaukee WI Series B6		5.00			4-1-2023		580,000		658,004
Milwaukee WI Series B6		5.00			4-1-2025		550,000		656,876
									2,489,968

12  |  Wells Fargo Wisconsin Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 12.55%
University of Wisconsin Hospitals & Clinics Authority Refunding Bond Series B (JPMorgan Chase & Company SPA) ø		1.93	%		4-1-2048	$	700,000	$	700,000
University of Wisconsin Hospitals and Clinics Authority Revenue Various Refunding Bond Series C (BMO Harris Bank NA SPA) ø		1.97			4-1-2048		900,000		900,000
Wisconsin HEFA Bellin Memorial Hospital Obligated Group		4.00			12-1-2035		1,000,000		1,065,460
Wisconsin HEFA Bellin Memorial Hospital Obligated Group		5.00			12-1-2025		1,500,000		1,720,860
Wisconsin HEFA Bellin Memorial Hospital Obligated Group		5.00			12-1-2026		1,740,000		1,994,614
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2020		850,000		867,995
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2027		400,000		484,988
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2028		650,000		780,319
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2029		500,000		596,020
Wisconsin HEFA Monroe Clinic Incorporated		4.00			2-15-2031		900,000		1,025,991
Wisconsin HEFA Monroe Clinic Incorporated		4.00			2-15-2033		550,000		626,995
Wisconsin HEFA Monroe Clinic Incorporated		5.00			2-15-2028		900,000		1,078,272
Wisconsin HEFA Monroe Clinic Incorporated		5.00			2-15-2029		575,000		688,896
Wisconsin HEFA Monroe Clinic Incorporated		3.00			2-15-2035		520,000		561,642
Wisconsin HEFA Monroe Clinic Incorporated		5.00			2-15-2030		300,000		359,424
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series B		5.00			7-1-2044		3,250,000		3,563,690
									17,015,166
Housing Revenue: 14.58%
Wisconsin HEFA Aspirus Wausau Hospital Incorporated Obligated Group Series 2004B (JPMorgan Chase & Company LOC) ø		1.95			8-15-2034		4,000,000		4,000,000
Wisconsin Housing & EDA AMT Series A		4.63			11-1-2037		25,000		25,027
Wisconsin Housing & EDA Madison Pool Project Series A		4.55			7-1-2037		165,000		178,485
Wisconsin Housing & EDA Madison Pool Project Series A		4.70			7-1-2047		2,300,000		2,484,920
Wisconsin Housing & EDA Madison Pool Project Series A		4.85			7-1-2052		3,000,000		3,232,410
Wisconsin Housing & EDA Series A		1.55			12-1-2019		55,000		55,063
Wisconsin Housing & EDA Series A		1.95			12-1-2020		55,000		55,420
Wisconsin Housing & EDA Series A		3.00			5-1-2022		100,000		103,590
Wisconsin Housing & EDA Series A		3.00			11-1-2022		125,000		130,291
Wisconsin Housing & EDA Series A		3.40			11-1-2032		2,450,000		2,583,721
Wisconsin Housing & EDA Series A		4.05			12-1-2049		800,000		825,328
Wisconsin Housing & EDA Series A		5.75			11-1-2043		2,835,000		2,897,540
Wisconsin Housing & EDA Series A		3.95			11-1-2038		2,000,000		2,150,700
Wisconsin Housing & EDA Series C		3.88			11-1-2035		1,000,000		1,053,060
									19,775,555
Miscellaneous Revenue: 22.30%
Ashwaubenon WI CDA Lease Revenue CAB Brown County Expo Center ¤		0.00			6-1-2049		8,000,000		2,656,400
Glendale WI CDA Bayshore Public Parking		1.50			10-1-2019		375,000		375,068
Kaukauna WI RDA		3.75			6-1-2032		850,000		897,022
Kaukauna WI RDA		4.00			6-1-2020		100,000		102,379
Kaukauna WI RDA		4.00			6-1-2021		310,000		324,145
Kaukauna WI RDA		4.00			6-1-2022		235,000		250,534
Kaukauna WI RDA		4.00			6-1-2023		200,000		217,148
Kaukauna WI RDA		4.00			6-1-2025		425,000		473,926
Kaukauna WI RDA		4.00			6-1-2028		425,000		468,461
Kaukauna WI RDA		4.00			6-1-2035		900,000		965,511
Milwaukee WI RDA Lease Public Schools Series A		5.00			11-15-2026		220,000		268,440
Milwaukee WI RDA Lease Revenue Public Schools		5.00			11-15-2033		750,000		882,368
Milwaukee WI RDA Milwaukee Public Schools		5.00			11-15-2034		675,000		791,593
Milwaukee WI RDA Milwaukee Public Schools		5.00			11-15-2035		1,000,000		1,170,860
Milwaukee WI RDA Milwaukee Public Schools		5.00			11-15-2036		500,000		584,150

Wells Fargo Wisconsin Tax-Free Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Milwaukee WI RDA Milwaukee Public Schools Series A		5.00	%		11-15-2027	$	1,020,000	$	1,235,516
Milwaukee WI RDA Milwaukee Public Schools Series A		5.00			11-15-2028		1,000,000		1,206,610
Milwaukee WI RDA Milwaukee Public Schools Series A		5.00			11-15-2031		750,000		889,643
Milwaukee WI RDA Public Schools Series A		5.00			8-1-2019		915,000		917,654
Milwaukee WI RDA Public Schools Series A		5.00			8-1-2020		1,100,000		1,142,669
Milwaukee WI RDA Public Schools Series A		5.00			8-1-2021		3,330,000		3,567,362
Milwaukee WI RDA Summer Festival Project		4.60			8-1-2024		870,000		871,923
Milwaukee WI RDA Summer Festival Project		4.70			8-1-2025		110,000		110,254
Milwaukee WI RDA Summer Festival Project		5.00			8-1-2030		5,000,000		5,012,900
Prairie du Chien WI RDA Series B		1.65			9-1-2020		200,000		200,412
Warrens WI CDA Economic Improvements		5.10			11-1-2020		70,000		67,019
Weston WI CDA Series A		1.40			10-1-2019		625,000		624,356
Weston WI CDA Series A		1.50			10-1-2020		500,000		498,950
Weston WI CDA Series A		1.60			10-1-2021		340,000		339,487
Weston WI CDA Series A		1.75			10-1-2022		200,000		200,220
Weston WI CDA Series A		1.90			10-1-2023		100,000		100,881
Weston WI CDA Series A		2.00			10-1-2024		625,000		634,150
Weston WI CDA Series A		2.15			10-1-2025		615,000		629,692
Weston WI CDA Series A		2.25			10-1-2026		940,000		971,123
Weston WI CDA Series A		2.40			10-1-2027		570,000		588,206
									30,237,032
Tax Revenue: 18.47%
Mount Pleasant WI Tax Increment Series 2018A		4.00			4-1-2035		1,295,000		1,439,898
Mount Pleasant WI Tax Increment Series 2018A		5.00			4-1-2034		1,000,000		1,215,910
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2019		100,000		101,912
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2021		2,000,000		2,201,100
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2023		1,600,000		1,870,928
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2026		2,435,000		2,986,333
Warrens WI CDA Interim Workout Extension		3.70			11-1-2029		155,045		97,900
Wisconsin Center District CAB (AGM Insured) ¤		0.00			12-15-2030		295,000		222,917
Wisconsin Center District CAB Senior Dedicated Milwaukee Arena Project Series A (Build America Mutual Assurance Company Insured) ¤		0.00			12-15-2033		2,985,000		1,916,728
Wisconsin Center District CAB Series A (National Insured) ¤		0.00			12-15-2019		275,000		273,169
Wisconsin Center District CAB Series A (National Insured) ¤		0.00			12-15-2027		100,000		83,699
Wisconsin Center District Junior Dedicated Bond (AGM Insured)		5.25			12-15-2019		500,000		508,605
Wisconsin Center District Junior Dedicated Bond (AGM Insured)		5.25			12-15-2023		2,150,000		2,378,696
Wisconsin Center District Junior Dedicated Bond (AGM Insured)		5.25			12-15-2027		1,005,000		1,205,005
Wisconsin Center District Junior Dedicated Bond Series A		5.00			12-15-2022		730,000		807,314
Wisconsin Center District Junior Dedicated Bond Series A		5.00			12-15-2030		2,100,000		2,316,447
Wisconsin Center District Milwaukee Arena Project		4.00			12-15-2032		1,100,000		1,220,054
Wisconsin Center District Milwaukee Arena Project		4.00			12-15-2033		920,000		1,017,511
Wisconsin Center District Milwaukee Arena Project		4.00			12-15-2034		2,000,000		2,198,440
Wisconsin Oneida Tribe of Indians 144A		5.50			2-1-2021		965,000		984,406
									25,046,972
									109,385,163
Total Municipal Obligations (Cost $128,236,135)									133,737,846

Total investments in securities (Cost $128,236,135)	98.63	%		133,737,846
Other assets and liabilities, net	1.37			1,851,664
Total net assets	100.00	%	$	135,589,510

14  |  Wells Fargo Wisconsin Tax-Free Fund

Portfolio of investments—June 30, 2019

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

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

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.

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BHAC Berkshire Hathaway Assurance Corporation

CAB Capital appreciation bond

CDA Community Development Authority

EDA Economic Development Authority

FGIC Financial Guaranty Insurance Corporation

GO General obligation

HEFA Health & Educational Facilities Authority

LOC Letter of credit

National National Public Finance Guarantee Corporation

PFA Public Finance Authority

RDA Redevelopment Authority

TTFA Transportation Trust Fund Authority

Wells Fargo Wisconsin Tax-Free Fund  |  15

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $128,236,135)	$	133,737,846
Cash		315,056
Receivable for investments sold		240,000
Receivable for Fund shares sold		31,207
Receivable for interest		1,351,176
Prepaid expenses and other assets		86,402
Total assets		135,761,687
Liabilities
Payable for Fund shares redeemed		83,862
Dividends payable		28,346
Management fee payable		20,711
Administration fees payable		14,952
Distribution fee payable		4,144
Trustees’ fees and expenses payable		1,306
Shareholder servicing fees payable		18,856
Total liabilities		172,177
Total net assets	$	135,589,510
Net assets consist of
Paid-in capital	$	130,125,746
Total distributable earnings		5,463,764
Total net assets	$	135,589,510
Computation of net asset value and offering price per share
Net assets – Class A	$	84,924,387
Shares outstanding – Class A1		7,690,536
Net asset value per share – Class A		$11.04
Maximum offering price per share – Class A2		$11.56
Net assets – Class C	$	6,686,698
Shares outstanding – Class C1		605,516
Net asset value per share – Class C		$11.04
Net assets – Institutional Class	$	43,978,425
Shares outstanding – Institutional Class1		3,982,127
Net asset value per share – Institutional Class		$11.04

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.

16  |  Wells Fargo Wisconsin Tax-Free Fund

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	4,419,857
Expenses
Management fee		525,245
Administration fees
Class A		134,401
Class C		11,945
Institutional Class		31,876
Shareholder servicing fees
Class A		210,002
Class C		18,665
Distribution fee
Class C		55,994
Custody and accounting fees		4,073
Professional fees		52,536
Registration fees		77,057
Shareholder report expenses		7,946
Trustees’ fees and expenses		21,457
Other fees and expenses		10,446
Total expenses		1,161,643
Less: Fee waivers and/or expense reimbursements		(258,189	)
Net expenses		903,454
Net investment income		3,516,403
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities		(2,960	)
Futures contracts		129,518
Net realized gains on investments		126,558
Net change in unrealized gains (losses) on investments		3,483,261
Net realized and unrealized gains (losses) on investments		3,609,819
Net increase in net assets resulting from operations	$	7,126,222

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

Wells Fargo Wisconsin Tax-Free Fund  |  17

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	3,516,403					$	3,599,283
Net realized gains on investments					126,558						438,289
Net change in unrealized gains (losses) on investments					3,483,261						(1,547,565	)
Net increase in net assets resulting from operations					7,126,222						2,490,007
Distributions to shareholders from net investment income and net realized gains
Class A					(2,238,227	)					(2,888,504	)
Class C					(143,110	)					(159,161	)
Institutional Class					(1,134,640	)					(551,618	)
Total distributions to shareholders					(3,515,977	)					(3,599,283	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,158,956			12,526,702			1,129,437			12,227,348
Class C		74,617			800,958			97,473			1,053,625
Institutional Class		1,478,452			15,865,780			2,428,890			26,124,983
					29,193,440						39,405,956
Reinvestment of distributions
Class A		172,502			1,862,955			237,522			2,567,343
Class C		13,234			142,770			14,637			158,123
Institutional Class		104,377			1,127,881			51,060			550,646
					3,133,606						3,276,112
Payment for shares redeemed
Class A		(1,815,160	)		(19,476,467	)		(5,332,606	)		(57,620,587	)
Class C		(236,996	)		(2,549,096	)		(229,697	)		(2,483,639	)
Institutional Class		(969,212	)		(10,399,087	)		(364,389	)		(3,932,185	)
					(32,424,650	)					(64,036,411	)
Net decrease in net assets resulting from capital share transactions					(97,604	)					(21,354,343	)
Total increase (decrease) in net assets					3,512,641						(22,463,619	)
Net assets
Beginning of period					132,076,869						154,540,488
End of period				$	135,589,510					$	132,076,869

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $10,724. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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

18  |  Wells Fargo Wisconsin Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.74			$10.83			$11.16			$10.83			$10.96
Net investment income		0.29			0.28			0.26			0.25			0.24
Net realized and unrealized gains (losses) on investments		0.30			(0.09	)		(0.32	)		0.33			(0.02	)
Total from investment operations		0.59			0.19			(0.06	)		0.58			0.22
Distributions to shareholders from
Net investment income		(0.29	)		(0.28	)		(0.26	)		(0.25	)		(0.24	)
Net realized gains		0.00			0.00			(0.01	)		(0.00	)1		(0.11	)
Total distributions to shareholders		(0.29	)		(0.28	)		(0.27	)		(0.25	)		(0.35	)
Net asset value, end of period		$11.04			$10.74			$10.83			$11.16			$10.83
Total return2		5.56	%		1.76	%		(0.48	)%		5.44	%		2.07	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.88	%		0.93	%		0.94	%		0.90	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		2.66	%		2.57	%		2.41	%		2.26	%		2.22	%
Supplemental data
Portfolio turnover rate		8	%		11	%		27	%		16	%		28	%
Net assets, end of period (000s omitted)		$84,924			$87,790			$131,518			$160,480			$23,824

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges.

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

Wells Fargo Wisconsin Tax-Free Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.74			$10.83			$11.16			$10.83			$10.96
Net investment income		0.21			0.20			0.18			0.17			0.16
Net realized and unrealized gains (losses) on investments		0.30			(0.09	)		(0.32	)		0.33			(0.02	)
Total from investment operations		0.51			0.11			(0.14	)		0.50			0.14
Distributions to shareholders from
Net investment income		(0.21	)		(0.20	)		(0.18	)		(0.17	)		(0.16	)
Net realized gains		0.00			0.00			(0.01	)		(0.00	)1		(0.11	)
Total distributions to shareholders		(0.21	)		(0.20	)		(0.19	)		(0.17	)		(0.27	)
Net asset value, end of period		$11.04			$10.74			$10.83			$11.16			$10.83
Total return2		4.78	%		1.01	%		(1.22	)%		4.66	%		1.31	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.63	%		1.68	%		1.68	%		1.65	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income		1.92	%		1.83	%		1.67	%		1.52	%		1.47	%
Supplemental data
Portfolio turnover rate		8	%		11	%		27	%		16	%		28	%
Net assets, end of period (000s omitted)		$6,687			$8,105			$9,449			$10,949			$10,923

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges.

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

20  |  Wells Fargo Wisconsin Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			20171
Net asset value, beginning of period		$10.74			$10.83			$10.99
Net investment income		0.31			0.30			0.20
Net realized and unrealized gains (losses) on investments		0.30			(0.09	)		(0.15	)
Total from investment operations		0.61			0.21			0.05
Distributions to shareholders from
Net investment income		(0.31	)		(0.30	)		(0.20	)
Net realized gains		0.00			0.00			(0.01	)
Total distributions to shareholders		(0.31	)		(0.30	)		(0.21	)
Net asset value, end of period		$11.04			$10.74			$10.83
Total return2		5.75	%		1.95	%		0.44	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.55	%		0.54	%
Net expenses		0.52	%		0.52	%		0.52	%
Net investment income		2.85	%		2.79	%		2.74	%
Supplemental data
Portfolio turnover rate		8	%		11	%		27	%
Net assets, end of period (000s omitted)		$43,978			$36,181			$13,573

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

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

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

Wells Fargo Wisconsin Tax-Free Fund  |  21

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

When-issued transactions

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

Futures contracts

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

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Notes to financial statements

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $128,235,650 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	5,532,939
Gross unrealized losses		(30,743	)
Net unrealized gains	$	5,502,196

As of June 30, 2019, the Fund had capital loss carryforwards which consisted of $28,128 in short-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Wells Fargo Wisconsin Tax-Free Fund  |  23

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	133,737,846	$	0	$	133,737,846

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

At June 30, 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	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to

24  |  Wells Fargo Wisconsin Tax-Free Fund

Notes to financial statements

waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, and 0.52% for Institutional Class shares. 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 year ended June 30, 2019, Funds Distributor received $5,475 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 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. Pursuant to these procedures, the Fund had $3,600,000 and $3,985,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $10,788,645 and $18,481,600, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended June 30, 2019 the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $1,551,019 in long futures contracts during the year ended June 30, 2019.

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

7. BANK BORROWINGS

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

For the year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $3,515,977 and $3,599,283 of tax-exempt income for the years ended June 30, 2019 and June 30, 2018, respectively.

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$18,042	$5,502,196	$(28,128)

Wells Fargo Wisconsin Tax-Free Fund  |  25

Notes to financial statements

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

	Net investment income
Class A		$2,888,504
Class C		159,161
Institutional Class		551,618

9. CONCENTRATION RISK

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

10. INDEMNIFICATION

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

11. NEW ACCOUNTING 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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

26  |  Wells Fargo Wisconsin Tax-Free Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Wisconsin Tax-Free Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

Wells Fargo Wisconsin Tax-Free Fund  |  27

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

28  |  Wells Fargo Wisconsin Tax-Free Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Wells Fargo Wisconsin Tax-Free Fund  |  29

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

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Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

Wells Fargo Wisconsin Tax-Free Fund  |  31

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Wisconsin Tax-Free Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Wisconsin Tax-Free Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by

32  |  Wells Fargo Wisconsin Tax-Free Fund

Other information (unaudited)

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for the one- and three-year periods under review, and lower than the average investment performance of the Universe for the five- and ten-year periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays Municipal Bond Index, for the three-, five- and ten-year periods under review, but higher than its benchmark for the one-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark index for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or equal to the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Wells Fargo Wisconsin Tax-Free Fund  |  33

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

34  |  Wells Fargo Wisconsin Tax-Free Fund

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404830 08-19

A259/AR259 06-19

Annual Report

June 30, 2019

Wells Fargo

Pennsylvania Tax-Free Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	21
Report of independent registered public accounting firm	26
Other information	27

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Pennsylvania Tax-Free Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Pennsylvania Tax-Free Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo Pennsylvania Tax-Free Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931.”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Pennsylvania Tax-Free Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Pennsylvania Tax-Free Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Bruce R. Johns

Robert J. Miller

Average annual total returns (%) as of June 30, 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 (EKVAX)3	12-27-1990		1.24		2.58		4.58		6.00		3.53		5.06		0.91		0.74
Class C (EKVCX)3	2-1-1993		4.31		2.76		4.27		5.31		2.76		4.27		1.66		1.49
Institutional Class (EKVYX)3	11-24-1997		–		–		–		6.27		3.79		5.32		0.58		0.49
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		6.71		3.64		4.72		–		–
Bloomberg Barclays Pennsylvania Municipal Bond Index5	–		–		–		–		7.41		3.97		4.80		–		–

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. 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 Pennsylvania municipal securities risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo Pennsylvania Tax-Free Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 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 October 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 prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Pennsylvania Municipal Bond Fund.

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

⁵  The Bloomberg Barclays Pennsylvania Municipal Bond Index is a Pennsylvania-specific total return index. The index is composed of Pennsylvania bonds. The bonds are all investment-grade, fixed-rate, long-term maturities (greater than two years) and are selected from issues larger than $50 million dated since January 1984. Bonds are added to the index and weighted and updated monthly, with a one-month lag. You cannot invest directly in an index.

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and the Bloomberg Barclays Pennsylvania Municipal Bond Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

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

⁸  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.

Wells Fargo Pennsylvania Tax-Free Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed the Bloomberg Barclays Municipal Bond Index and the Bloomberg Barclays Pennsylvania Municipal Bond Index for the 12-month period that ended June 30, 2019.

∎ The Fund’s conservative duration positioning was a detractor from performance as rates rallied across the curve. We were overweight AAA-rated and BBB-rated bonds, which underperformed, and underweight AA-rated and A-rated bonds, which outperformed.

∎ The Fund’s overweights to local general obligation (GO), water and sewer, and leasing bonds, which outperformed bonds in other sectors, were positive contributors to performance. Yield-curve positioning was a modest contributor to performance as we were underweight shorter bonds, which underperformed, and overweight intermediate bonds, the best-performing part of the market.

Effective maturity distribution as of June 30, 2019⁷

The state of Pennsylvania offers municipal bond investing opportunities.

The Commonwealth of Pennsylvania is rated Aa3 (stable), A+ (stable), and AA- (neutral) by Moody’s Investors Service, Inc.; Standard & Poor’s Financial Services LLC; and Fitch Ratings Inc., respectively. With 12.8 million people, Pennsylvania is the sixth-largest state by population, according to the U.S. Census Bureau, as well as by gross domestic product, which was $788 billion in 2018. The commonwealth’s economy is diverse and stable in health care and higher education sectors, primarily in the cities of Philadelphia and Pittsburgh, which account for 40% of the state’s total population. We note that the state’s population, revenue, and employment growth have consistently lagged

national growth averages, although the growth gap has narrowed over the past couple of years. The commonwealth ended fiscal-year 2018 with a small operating surplus, which has reduced the structural imbalance. Preliminary results for fiscal-year 2019 portray another surplus and a planned deposit into the state’s rainy-day fund. While the state’s unassigned general fund balance still remains in a deficit position, the state historically has maintained significant liquidity sources outside of the general fund that can be used during periods of cash-flow shortages. Over the past several years, the commonwealth has steadily increased its pension contributions in order to address growing unfunded pension liabilities. The state passed an on-time budget two years in a row, which we view as a positive credit factor.

The Fed abruptly changed course from raising rates to a potential rate cut on fading growth expectations.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the European Union. These concerns only increased as we moved into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June 2019. The municipal market mutual fund bond flows in the first half of 2019 were in excess of $42 billion, a number not seen since 1992. With this strong technical back drop for the municipal bond market and the Fed possibly cutting rates, bonds rallied in the first half of 2019, posting strong performance. The intermediate- and longer-maturity bonds along the yield curve outperformed shorter-term bonds. With all these factors at play, we see strong support for the municipal market over the short to intermediate term.

As the Fed moved to the sidelines in 2019 after normalizing rates throughout 2018, we started extending the Fund’s duration for the next macro move in rates. However, we ended the year shorter than the Fund’s benchmark duration, which was a detractor from performance. Credit spreads have contracted significantly, and we feel investors are not being fully compensated for lower-rated investment-grade bonds (bonds rated A and BBB). Consequently, we have migrated up in credit quality with purchases of higher-grade bonds. In general, we rely on a seasoned credit team and have a bias to lower-quality

Please see footnotes on page 7.

8  |  Wells Fargo Pennsylvania Tax-Free Fund

Performance highlights (unaudited)

investment-grade bonds, and while this bias remains, we are adding higher-quality bonds in the AAA and AA range as opportunities arise. This tactical move is based on where we are in the credit cycle and the technical market we are experiencing, with municipal mutual fund bond flows that are reaching stretched valuations for lower-rated credits.

Credit-quality and sector allocation and yield-curve positioning benefited performance, duration detracted.

Credit quality as of June 30, 2019⁸

Credit-quality allocation, sector allocation, and yield-curve positioning were positive drivers of performance. Although we extended duration over the year, the Fund’s short duration position detracted from performance.

The Fund was overweight AAA-rated and BBB-rated bonds and had a modest allocation to out-of-benchmark non-investment-grade bonds. While AAA-rated and BBB-rated bonds underperformed in general, our selectivity in this category was above average and drove positive performance within these categories. We were underweight AA-rated and A-rated bonds, which outperformed and detracted from performance. We were overweight leasing and water and sewer bonds, which outperformed. Some of the best-performing bonds in the portfolio were the

Delaware Valley Regional Finance Authority, PA, (lease) bonds and the Philadelphia Water and Wastewater revenue bonds. Local GO bonds outperformed, and the Fund was overweight local GOs, such as the Central Dauphin School District and West School District bonds, both of which outperformed. While we didn’t purchase any prerefunded bonds, many bonds that we held within the Fund were refunded, leading to an overweight in this category. Prerefunded bonds are at a premium with the 2018 tax law changes that disallowed certain refundings on a tax-exempt basis, and with the irreplaceable large book yields on some of these bonds, we will maintain those positions that are driving income to the Fund.

We were short duration at the beginning of the year, taking a defensive stance as the Fed was expected to move rates in late 2018 and in 2019, but as growth slowed, the Fed became more dovish. We began extending duration but were still short at year-end, which significantly detracted from performance. Yield-curve positioning was a modest contributor to performance as we were underweight shorter maturities, which underperformed, and overweight intermediate maturities, the best-performing part of the curve on a risk-adjusted basis.

Going forward, we like lower-investment-grade and certain higher-yielding bonds, but we don’t think investors are currently compensated for owning such bonds. We became cautious early in the period and remain so today. We do expect to find better entry points once technicals unwind, but right now, we believe there is better value in high-quality investment-grade bonds and are consequently implementing an up-in-quality trade approach as we continue to extend duration with the expectation that the Fed will cut rates over the next year. We will look to add credit in lower-rated (A-rated and BBB-rated) bonds tactically if the market were to reprice these bonds to sufficient credit-spread levels that warrant their purchase.

Slowing growth supports credit fundamentals, but market technicals are driving performance and issue selection remains key in state-specific funds.

We believe U.S. economic growth is slowing but still continues at a modest pace. Pennsylvania has a large diverse economy that slightly lags the national average and should continue to show modest growth. Many municipalities have taken the opportunity during this growth cycle to improve credit fundamentals. We view the Fed becoming more dovish, potentially cutting rates in the latter half of 2019 to continue to support economic growth. Some municipalities may do well and others may continue to struggle. That is why we feel credit selection is critically important. We will continue to remain overweight seasoned lower-quality investment-grade bonds in the portfolio, notwithstanding the fact that we believe investors currently are not being compensated sufficiently for making new investments in some of these areas. In our view, the long-term drivers of valuations will be supply and demand trends, absolute yield levels, the shape of the yield curve, and credit fundamentals. We will continue to extend the Fund’s duration toward its benchmark as the cycle unfolds. We will monitor economic growth, the technical market, and fundamental credit quality to see if any changes are warranted in duration, yield-curve positioning, or credit-quality selections over the next year.

Please see footnotes on page 7.

Wells Fargo Pennsylvania Tax-Free Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,046.24	$	3.75		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.13	$	3.71		0.74	%
Class C
Actual	$	1,000.00	$	1,042.42	$	7.55		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45		1.49	%
Institutional Class
Actual	$	1,000.00	$	1,047.53	$	2.48		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.37	$	2.45		0.49	%

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

10  |  Wells Fargo Pennsylvania Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.33%
Florida: 0.78%
Industrial Development Revenue: 0.78%
Jacksonville FL Economic Development AMT Metropolitan Parking Solutions Project (ACA Insured)		5.50	%		10-1-2030	$	1,000,000	$	1,001,840
Guam: 0.49%
Airport Revenue: 0.49%
Guam Port Authority AMT Series B		5.00			7-1-2032		550,000		636,444
Pennsylvania: 97.06%
Airport Revenue: 1.34%
Philadelphia PA Airport Refunding Bond AMT Series A		5.00			6-15-2030		1,500,000		1,729,530
Education Revenue: 27.93%
Allegheny County PA Higher Education Building Authority Refunding Bond Duquesne University of The Holy Spirit Series A		5.00			3-1-2029		1,135,000		1,316,668
Chester County PA IDA Avon Grove Charter School Project Refunding Bond Series A		5.00			12-15-2047		1,160,000		1,263,310
Chester County PA IDA Collegium Charter School Project Refunding Bond Series A		5.00			10-15-2022		1,390,000		1,432,965
Chester County PA IDA Collegium Charter School Project Series A		5.13			10-15-2037		1,000,000		1,071,110
Chester County PA IDA Renaissance Academy Charter School Project		3.75			10-1-2024		705,000		725,015
Delaware County PA IDA Chester Community Charter School Series A		5.00			8-15-2020		1,230,000		1,222,682
General Authority of South Central Pennsylvania Association of Independent Colleges & Universities		6.00			11-1-2031		2,500,000		2,708,973
Lycoming County PA Authority Pennsylvania College of Technology		5.50			7-1-2026		3,000,000		3,228,118
Montgomery County PA Higher Education & Health Authority Refunding Bond Arcadia University		5.00			4-1-2030		1,500,000		1,684,920
North Eastern PA Hospital & Education Authority Refunding Bond Wilkes University Project Series B		5.25			3-1-2037		1,000,000		1,116,000
Pennsylvania HEFAR Shippensburg University Project		6.00			10-1-2031		1,500,000		1,653,135
Pennsylvania HEFAR Temple University First Series		5.00			4-1-2032		1,000,000		1,080,210
Pennsylvania Public School Building Authority Northampton County Area Community College Project		5.50			3-1-2031		5,000,000		5,296,400
Pennsylvania Public School Building Authority Northampton County Area Community College Project Series A (Build America Mutual Assurance Company Insured)		5.00			6-15-2027		1,610,000		1,758,619
Pennsylvania State University Refunding Bond Series B		5.00			9-1-2034		2,175,000		2,613,915
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A		7.00			6-15-2033		1,000,000		1,159,350
Philadelphia PA IDA Global Leadership Academy Project		5.13			11-15-2020		525,000		533,069
Philadelphia PA IDA Global Leadership Academy Project		5.75			11-15-2030		1,000,000		1,026,140
Philadelphia PA IDA La Salle University		5.00			5-1-2036		1,355,000		1,519,362
Philadelphia PA IDA Tacony Academy Charter School Project		6.88			6-15-2033		1,000,000		1,113,790
Philadelphia PA IDA Temple University 1st Series 2016		5.00			4-1-2029		1,000,000		1,166,020
Philadelphia PA IDA West Philadelphia Achievement Charter Elementary School Project		7.50			5-1-2031		1,285,000		1,376,466
									36,066,237
GO Revenue: 17.02%
Allegheny County PA Series C-65		5.50			5-1-2024		1,000,000		1,076,470
Allegheny County PA Shaler Area School District (Build America Mutual Assurance Company Insured)		5.00			9-1-2038		1,000,000		1,216,290
Central Dauphin PA School District		5.00			2-1-2037		2,075,000		2,382,474

Wells Fargo Pennsylvania Tax-Free Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Downingtown PA Area School District Series C		5.00	%		8-1-2032	$	1,000,000	$	1,212,740
Erie PA City School District Limited Tax Series A (AGM Insured)		5.00			4-1-2034		515,000		626,503
North Allegheny PA School District		5.00			5-1-2030		100,000		127,691
North Allegheny PA School District		5.00			5-1-2031		290,000		368,097
Philadelphia PA Refunding Bond Series A		5.25			7-15-2033		1,500,000		1,695,285
Philadelphia PA School District Refunding Bond Series A (AGM/FGIC Insured)		5.00			6-1-2024		1,415,000		1,590,149
Philadelphia PA School District Refunding Bond Series C		5.00			9-1-2021		1,395,000		1,493,682
Philadelphia PA School District Series B		5.00			9-1-2043		1,235,000		1,441,023
Philadelphia PA Series A		5.00			8-1-2036		1,250,000		1,465,175
Pittsburgh PA (Build America Mutual Assurance Company Insured)		5.00			9-1-2030		500,000		575,425
Pittsburgh PA Moon Area School District Series A		5.00			11-15-2029		1,445,000		1,650,609
Reading PA School District Series A (AGM Insured)		5.00			2-1-2033		1,500,000		1,724,685
West Mifflin PA Area School District (AGM Insured)		5.00			4-1-2028		1,000,000		1,177,740
West Shore PA School District		5.00			11-15-2048		1,500,000		1,743,390
Wilkes-Barre School District Luzerne County PA General Obligation Bond Series 2019 (Build America Mutual Assurance Company Insured)		5.00			4-15-2027		100,000		121,518
Wilkes-Barre School District Luzerne County PA General Obligation Bond Series 2019 (Build America Mutual Assurance Company Insured)		5.00			4-15-2028		120,000		148,079
Wilkes-Barre School District Luzerne County PA General Obligation Bond Series 2019 (Build America Mutual Assurance Company Insured)		5.00			4-15-2029		50,000		62,531
Wilkes-Barre School District Luzerne County PA General Obligation Bond Series 2019 (Build America Mutual Assurance Company Insured)		5.00			4-15-2030		70,000		86,927
									21,986,483
Health Revenue: 12.70%
Allegheny County PA Hospital Development Authority Health Center Series B (National Insured)		6.00			7-1-2027		1,800,000		2,358,630
Allegheny County PA Hospital Development Authority Series A		4.00			7-15-2035		1,000,000		1,111,110
Berks County PA IDA Tower Health Project		5.00			11-1-2037		1,625,000		1,893,060
Cumberland County PA Municipal Authority Diakon Lutheran Ministries Project		5.00			1-1-2028		2,090,000		2,339,901
Dauphin County PA General Authority Pinnacle Health System Project		5.00			6-1-2042		500,000		538,030
Dauphin County PA General Authority Pinnacle Health System Project Series A		5.00			6-1-2035		1,000,000		1,165,310
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond		5.00			12-1-2028		450,000		522,446
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond		5.00			12-1-2029		375,000		433,575
Lancaster County PA Hospital Authority Healthcare Facilities Moravian Manors Incorporated Project		2.88			12-15-2023		500,000		500,205
Montgomery County PA IDA Jefferson Health System Series A		5.00			10-1-2027		1,000,000		1,083,850
Montgomery County PA IDA Waverly Heights Limited Project		5.00			12-1-2049		1,000,000		1,136,040
Northampton County PA St. Luke’s Hospital of Bethlehem Series A		5.00			8-15-2033		1,435,000		1,568,053
Pennsylvania Higher Educational University Pennsylvania Health System Series A		5.00			8-15-2047		1,500,000		1,756,755
									16,406,965
Housing Revenue: 0.78%
Chester County PA IDA University Student Housing LLC Project Series A		5.00			8-1-2030		555,000		599,755
Pennsylvania Housing Finance Agency SFMR Series 112		5.00			4-1-2028		395,000		405,566
									1,005,321
Miscellaneous Revenue: 19.40%
Delaware County PA Authority Neumann University Refunding Bond		5.00			10-1-2031		1,500,000		1,671,645
Delaware County PA Vocational & Technical School Authority (Build America Mutual Assurance Company Insured)		5.25			11-1-2033		1,000,000		1,126,500
Delaware Valley PA Regional Finance Authority Local Government Series A (Ambac Insured)		5.50			8-1-2028		4,390,000		5,601,333

12  |  Wells Fargo Pennsylvania Tax-Free Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
Pennsylvania Certificate of Participation Series A		5.00	%		7-1-2038	$	1,000,000	$	1,183,230
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (National Insured) ¤		0.00			12-1-2022		1,200,000		1,115,148
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (National Insured) ¤		0.00			12-1-2023		3,790,000		3,438,326
Pennsylvania Public School Building Authority Chester Upland School District Project Series B		5.25			9-15-2030		540,000		657,509
Pennsylvania Public School Building Authority Chester Upland School District Project Series C (AGM Insured)		5.00			9-15-2026		875,000		931,333
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2027		1,010,000		1,163,369
Pennsylvania Turnpike Commission Series A (AGM Insured)		5.25			7-15-2021		2,000,000		2,157,960
Philadelphia PA Authority for Industrial Development City Agreement Green Bond Museum Art Energy Saving Program Series A		5.00			2-15-2038		785,000		923,710
Philadelphia PA IDA Refunding Bond Cultural & Commercial Corridors Program Series A		5.00			12-1-2028		2,500,000		2,953,150
Southeastern Pennsylvania Transportation Authority		5.00			6-1-2028		2,000,000		2,139,020
									25,062,233
Tax Revenue: 4.89%
Allegheny County PA Port Authority Refunding Bond		5.75			3-1-2029		3,000,000		3,211,050
Pittsburgh & Allegheny Counties PA Sports & Exhibition Authority (AGM Insured)		5.00			2-1-2031		3,000,000		3,101,520
									6,312,570
Transportation Revenue: 6.05%
Delaware River PA Joint Toll Bridge Commission		5.00			7-1-2042		580,000		685,879
Pennsylvania Turnpike Commission Series A-1		5.00			12-1-2047		1,000,000		1,172,960
Pennsylvania Turnpike Commission Series A-2		5.00			12-1-2048		2,000,000		2,376,780
Pennsylvania Turnpike Commission Subordinate Bond Series A		5.50			12-1-2042		3,000,000		3,577,650
									7,813,269
Water & Sewer Revenue: 6.95%
Capital Region Pennsylvania Water and Sewer System Refunding Bond		5.00			7-15-2037		1,000,000		1,179,540
Lehigh County PA General Purpose Authority CAB Allentown Project ¤		0.00			12-1-2030		2,000,000		1,458,080
McKeesport PA Municipal Authority (AGM Insured)		5.50			12-15-2027		1,200,000		1,320,660
Pennsylvania Commonwealth Financing Authority Refunding Bond Series B		5.00			6-1-2031		250,000		318,203
Pennsylvania Commonwealth Financing Authority Series B		5.00			6-1-2026		1,000,000		1,091,300
Philadelphia PA Water & Wastewater Refunding Bond		5.00			10-1-2030		1,000,000		1,201,110
Philadelphia PA Water & Wastewater Refunding Bond Series A		5.00			10-1-2038		2,000,000		2,408,440
									8,977,333
									125,359,941
Total Municipal Obligations (Cost $118,702,614)									126,998,225
	Yield					Shares
Short-Term Investments: 0.72%
Investment Companies: 0.72%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.82					928,745		929,302
Total Short-Term Investments (Cost $929,300)									929,302

Total investments in securities (Cost $119,631,914)	99.05	%	$	127,927,527
Other assets and liabilities, net	0.95			1,223,366
Total net assets	100.00	%	$	129,150,893

Wells Fargo Pennsylvania Tax-Free Fund  |  13

Portfolio of investments—June 30, 2019

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

(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:

ACA ACA Financial Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

FGIC Financial Guaranty Insurance Corporation

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDA Industrial Development Authority

National National Public Finance Guarantee Corporation

SFMR Single-family mortgage revenue

Investments in Affiliates

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

	Shares, beginning of priod		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		610,062		30,697,997		30,379,314		928,745	$	(353	)	$	2	$	13,244	$	929,302		0.72	%

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

14  |  Wells Fargo Pennsylvania Tax-Free Fund

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $118,702,614)	$	126,998,225
Investments in affiliated securities, at value (cost $929,300)		929,302
Receivable for Fund shares sold		3,725
Receivable for interest		1,453,556
Prepaid expenses and other assets		26,867
Total assets		129,411,675
Liabilities
Dividends payable		131,715
Payable for Fund shares redeemed		80,319
Management fee payable		22,717
Administration fees payable		11,748
Distribution fee payable		5,398
Trustees’ fees and expenses payable		1,364
Accrued expenses and other liabilities		7,521
Total liabilities		260,782
Total net assets	$	129,150,893
Net assets consist of
Paid-in capital	$	121,472,274
Total distributable earnings		7,678,619
Total net assets	$	129,150,893
Computation of net asset value and offering price per share
Net assets – Class A	$	41,255,206
Shares outstanding – Class A1		3,500,859
Net asset value per share – Class A		$11.78
Maximum offering price per share – Class A2		$12.34
Net assets – Class C	$	8,768,129
Shares outstanding – Class C1		745,351
Net asset value per share – Class C		$11.76
Net assets – Institutional Class	$	79,127,558
Shares outstanding – Institutional Class1		6,714,375
Net asset value per share – Institutional Class		$11.78

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Pennsylvania Tax-Free Fund  |  15

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	5,016,504
Income from affiliated securities		13,244
Total investment income		5,029,748
Expenses
Management fee		528,840
Administration fees
Class A		63,544
Class C		17,532
Institutional Class		65,231
Shareholder servicing fees
Class A		99,287
Class C		27,394
Distribution fee
Class C		82,163
Custody and accounting fees		11,282
Professional fees		53,677
Registration fees		74,791
Shareholder report expenses		15,705
Trustees’ fees and expenses		21,302
Other fees and expenses		14,200
Total expenses		1,074,948
Less: Fee waivers and/or expense reimbursements		(218,589	)
Net expenses		856,359
Net investment income		4,173,389
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities		922,896
Affiliated securities		(353	)
Net realized gains on investments		922,543
Net change in unrealized gains (losses) on:
Unaffiliated securities		2,670,918
Affiiliated securities		2
Net change in unrealized gains (losses) on investments		2,670,920
Net realized and unrealized gains (losses) on investments		3,593,463
Net increase in net assets resulting from operations	$	7,766,852

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

16  |  Wells Fargo Pennsylvania Tax-Free Fund

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	4,173,389					$	5,180,475
Net realized gains (losses) on investments					922,543						(508,073	)
Net change in unrealized gains (losses) on investments					2,670,920						(2,064,312	)
Net increase in net assets resulting from operations					7,766,852						2,608,090
Distributions to shareholders from
Net investment income and net realized gains
Class A					(1,201,265	)					(1,414,368	)
Class C					(249,698	)					(375,013	)
Institutional Class					(2,668,988	)					(3,391,139	)
Tax basis return of capital
Class A					(93,277	)					0
Class C					(25,736	)					0
Institutional Class					(191,507	)					0
Total distributions to shareholders					(4,430,471	)					(5,180,520	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		523,363			6,021,000			118,953			1,379,864
Class C		72,566			834,358			82,087			955,484
Institutional Class		483,892			5,555,083			744,498			8,653,257
					12,410,441						10,988,605
Reinvestment of distributions
Class A		104,956			1,208,144			114,924			1,331,480
Class C		22,977			263,459			30,457			352,246
Institutional Class		94,002			1,081,975			97,749			1,132,476
					2,553,578						2,816,202
Payment for shares redeemed
Class A		(670,936	)		(7,708,019	)		(579,470	)		(6,706,633	)
Class C		(523,498	)		(5,993,137	)		(340,707	)		(3,941,718	)
Institutional Class		(1,589,650	)		(18,215,765	)		(1,914,913	)		(22,193,663	)
					(31,916,921	)					(32,842,014	)
Net decrease in net assets resulting from capital share transactions					(16,952,902	)					(19,037,207	)
Total decrease in net assets					(13,616,521	)					(21,609,637	)
Net assets
Beginning of period					142,767,414						164,377,051
End of period				$	129,150,893					$	142,767,414

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $200,538. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Wells Fargo Pennsylvania Tax-Free Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.48			$11.67			$12.13			$11.75			$11.65
Net investment income		0.35			0.38			0.36			0.38			0.42
Net realized and unrealized gains (losses) on investments		0.32			(0.19	)		(0.46	)		0.38			0.09
Total from investment operations		0.67			0.19			(0.10	)		0.76			0.51
Distributions to shareholders from
Net investment income		(0.34	)		(0.38	)		(0.36	)		(0.38	)		(0.41	)
Tax basis return of capital		(0.03	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.37	)		(0.38	)		(0.36	)		(0.38	)		(0.41	)
Net asset value, end of period		$11.78			$11.48			$11.67			$12.13			$11.75
Total return1		6.00	%		1.62	%		(0.83	)%		6.62	%		4.44	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.91	%		0.90	%		0.90	%		0.90	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		3.07	%		3.25	%		3.02	%		3.23	%		3.54	%
Supplemental data
Portfolio turnover rate		9	%		10	%		20	%		13	%		15	%
Net assets, end of period (000s omitted)		$41,255			$40,664			$45,381			$55,352			$47,323

¹  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Pennsylvania Tax-Free Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.45			$11.65			$12.11			$11.73			$11.63
Net investment income		0.26	1		0.29	1		0.27	1		0.29	1		0.33
Net realized and unrealized gains (losses) on investments		0.34			(0.20	)		(0.46	)		0.38			0.09
Total from investment operations		0.60			0.09			(0.19	)		0.67			0.42
Distributions to shareholders from
Net investment income		(0.26	)		(0.29	)		(0.27	)		(0.29	)		(0.32	)
Tax basis return of capital		(0.03	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.29	)		(0.29	)		(0.27	)		(0.29	)		(0.32	)
Net asset value, end of period		$11.76			$11.45			$11.65			$12.11			$11.73
Total return2		5.31	%		0.77	%		(1.58	)%		5.83	%		3.66	%
Ratios to average net assets (annualized)
Gross expenses		1.70	%		1.66	%		1.65	%		1.65	%		1.65	%
Net expenses		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net investment income		2.32	%		2.50	%		2.27	%		2.46	%		2.78	%
Supplemental data
Portfolio turnover rate		9	%		10	%		20	%		13	%		15	%
Net assets, end of period (000s omitted)		$8,768			$13,440			$16,323			$19,493			$13,062

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Pennsylvania Tax-Free Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.48			$11.67			$12.13			$11.75			$11.65
Net investment income		0.38			0.40			0.39	1		0.41	1		0.44
Net realized and unrealized gains (losses) on investments		0.32			(0.18	)		(0.46	)		0.38			0.10
Total from investment operations		0.70			0.22			(0.07	)		0.79			0.54
Distributions to shareholders from
Net investment income		(0.37	)		(0.41	)		(0.39	)		(0.41	)		(0.44	)
Tax basis return of capital		(0.03	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.40	)		(0.41	)		(0.39	)		(0.41	)		(0.44	)
Net asset value, end of period		$11.78			$11.48			$11.67			$12.13			$11.75
Total return		6.27	%		1.88	%		(0.58	)%		6.88	%		4.70	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.58	%		0.57	%		0.57	%		0.57	%
Net expenses		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		3.31	%		3.50	%		3.27	%		3.47	%		3.78	%
Supplemental data
Portfolio turnover rate		9	%		10	%		20	%		13	%		15	%
Net assets, end of period (000s omitted)		$79,128			$88,663			$102,672			$132,844			$106,769

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo Pennsylvania Tax-Free Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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.

Wells Fargo Pennsylvania Tax-Free Fund  |  21

Notes to financial statements

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $119,631,914 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	8,302,931
Gross unrealized losses		(7,318	)
Net unrealized gains	$	8,295,613

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $469,893 in short-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	126,998,225	$	0	$	126,998,225
Short-term investments
Investment companies		929,302		0		0		929,302
Total assets	$	929,302	$	126,998,225	$	0	$	127,927,527

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

At June 30, 2019, the Fund did not have any transfers into/out of Level 3.

22  |  Wells Fargo Pennsylvania Tax-Free Fund

Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.74% for Class A shares, 1.49% for Class C shares, and 0.49% for Institutional Class shares. 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 year ended June 30, 2019, Funds Distributor received $4,375 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 2019.

Wells Fargo Pennsylvania Tax-Free Fund  |  23

Notes to financial statements

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $1,000,000 and $3,000,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $12,347,939 and $29,523,877, 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 year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended June 30, 2019 and June 30, 2018 were as follows:

	Year ended June 30
	2019		2018
Tax-exempt income	$	4,119,951	$	5,180,520
Tax basis return of capital		310,520		0

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Capital loss carryforward
$8,295,613	$(469,893)

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

	Net investment income
Class A		$1,414,368
Class C		375,013
Institutional Class		3,391,139

8. CONCENTRATION RISK

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

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Notes to financial statements

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

Wells Fargo Pennsylvania Tax-Free Fund  |  25

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Pennsylvania Tax-Free Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

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Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Pennsylvania Tax-Free Fund  |  27

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

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Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

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Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

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Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Pennsylvania Tax-Free Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Pennsylvania Tax-Free Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Pennsylvania Tax-Free Fund  |  31

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the ten-year period under review, equal to the average investment performance of the Universe for the five-year period under review, and in range of the average investment performance of the Universe for the one- and three-year periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays Municipal Bond Index, for the three-year period under review, in range of its benchmark for the one-year period under review, but higher than its benchmark for the five- and ten-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or equal to the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

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Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404826 08-19

A255/AR255 06-19

Annual Report

June 30, 2019

Wells Fargo

Strategic Municipal Bond Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	37
Statement of operations	38
Statement of changes in net assets	39
Financial highlights	40
Notes to financial statements	45
Report of independent registered public accounting firm	51
Other information	52

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Strategic Municipal Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Strategic Municipal Bond Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo Strategic Municipal Bond Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931._”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo Strategic Municipal Bond Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo Strategic Municipal Bond Fund

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Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from regular federal income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Terry J. Goode^‡

Robert J. Miller

Average annual total returns (%) as of June 30, 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 (VMPAX)3	12-1-1994		0.26		1.37		2.56		4.41		2.21		2.99		0.82		0.82
Class C (DHICX)3	8-18-1997		2.62		1.45		2.21		3.62		1.45		2.21		1.57		1.57
Class R6 (VMPRX)3,4	7-31-2018		–		–		–		4.77		2.41		3.16		0.44		0.43
Administrator Class (VMPYX)3	10-6-1997		–		–		–		4.53		2.36		3.14		0.76		0.68
Institutional Class (STRIX)3,5	11-30-2012		–		–		–		4.75		2.55		3.28		0.49		0.48
Bloomberg Barclays Short-Intermediate Municipal Bond Index6	–		–		–		–		5.12		2.30		3.06		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment 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 4.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

6  |  Wells Fargo Strategic Municipal Bond Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 2019⁶

^‡  Mr. Goode became a portfolio manager of the Fund on March 28, 2019.

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

²  The manager has contractually committed through October 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the 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 prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Strategic Municipal Bond Fund.

⁴  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

⁶  The Bloomberg Barclays Short-Intermediate Municipal Bond Index is a rules-based, market-value-weighted index composed of publicly traded municipal bonds that cover the U.S. dollar-denominated short-term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and prefunded bonds. You cannot invest directly in an index.

⁷  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Short-Intermediate Municipal Bond Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.00%.

⁸  Amounts are calculated based on the long-term total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁹  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

Wells Fargo Strategic Municipal Bond Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Bloomberg Barclays Short-Intermediate Municipal Bond Index, for the 12-month period that ended June 30, 2019.

∎ The Fund’s conservative duration positioning detracted from performance as yields moved considerably lower over the period. However, yield-curve positioning modestly contributed to performance.

∎ The Fund’s overweight to lower-quality credits was a positive contributor. Economic growth, while modest, generally has helped municipal credit quality improve, causing BBB-rated and other high-yield bonds to be some of the best performers.

∎ The Fund’s underweight to prerefunded bonds and overweight to revenue bonds positively affected performance, while the underweight to state general obligation bonds detracted from performance. Specifically, within the revenue bond sector, hospital and industrial development revenue were the best-performing bonds in the index. The Fund’s overweight to those sectors contributed to performance over the period.

Effective maturity distribution as of June 30, 2019⁸

The Fed abruptly changed course from raising rates to a potential rate cut over the period.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and

uncertainty concerning Britain’s departure from the European Union. These concerns only increased as we moved into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June 2019.

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. Short municipals slightly underperformed Treasuries over the period. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive, but record inflows were reported as investor opinion toward fixed income, particularly municipals, improved due to investor expectations that interest rates would remain stable. While new-issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform that eliminated the ability of issuers to advance refund outstanding, higher-cost debt. Overall reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

Security selection and sector exposure combined with an overweight to credit were the main drivers of performance.

As the period began, the Fund began to increase its interest rate exposure into relative market weakness. Yields on 10-year Treasury bonds peaked in November but consistently moved lower over the second half of the period. While the duration of the Fund extended slightly, it was still short versus the benchmark and thus not enough to overcome the subsequent rally in rates over the next seven months. Therefore, duration positioning detracted from performance over the period. However, the yield-curve positioning of the Fund contributed to performance as the yield curve flattened considerably. As a result, recent purchases into the Fund have been more focused on the steepest parts of the yield curve. We have also taken up the percentage of bonds subject to the alternative minimum tax as the number of individual investors subject to the tax has declined considerably. Going forward, we will look to extend the duration at times of weakness in the market.

Please see footnotes on page 7.

8  |  Wells Fargo Strategic Municipal Bond Fund

Performance highlights (unaudited)

Credit quality as of June 30, 2019⁹

Municipal credit spreads continued to decline as demand remained robust. The Fund has gradually reduced its exposure to bonds rated A and below and added exposure to higher-rated bonds. Lower-quality bonds performed well during the period, and the Fund’s above-benchmark exposure was the largest contributor to our positive performance.

Illinois, New Jersey, and Connecticut bonds were the best-performing states in the index. While the Fund was overweight Illinois bonds, security selection was negative and the portfolio underperformed. In addition, as spreads on New Jersey paper continued to tighten over the period, we sold into the strength of the market, subsequently moving to an underweight position. As a result, the Fund’s underweight to New Jersey was also a detractor from performance. A slight overweight to Connecticut and good security selection within the state were positive for performance.

Fortunately, the Fund had a limited number of poor-performing securities. Bonds that performed poorly tended to be select prepaid gas bonds. As corporate spreads have been volatile, corporate-backed prepaid gas bond issuers have found the strong technical backdrop of the municipal market an attractive alternative to issuing debt over the period. As the market tried to digest increased issuance in specific names, we saw spreads on existing issues widen slightly, thus underperforming.

As the expansion appears to be in the rearview mirror, a transition away from risk may be warranted.

The economic expansion started in June 2009 and is the longest since the Great Depression. Low-quality bonds and equities have generally performed well. However, volatility has recently increased year to date. Overall, technicals remain strong in the municipal market. We expect municipal bond valuations in the medium term to be bolstered by high state income tax rates, record levels of municipal debt maturities and calls, and limited availability of gross municipal bond supply. Therefore, while the Fund currently has less interest rate exposure and more credit exposure than the benchmark, our strategy over the next 6 to 12 months will be to reduce these mismatches as we start to prepare for the next cycle.

Please see footnotes on page 7.

Wells Fargo Strategic Municipal Bond Fund  |  9

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 January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,030.42	$	3.99		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	3.97		0.79	%
Class C
Actual	$	1,000.00	$	1,026.53	$	7.75		1.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.15	$	7.71		1.54	%
Class R6
Actual	$	1,000.00	$	1,033.48	$	2.07		0.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.76	$	2.06		0.41	%
Administrator Class
Actual	$	1,000.00	$	1,032.14	$	3.43		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.41		0.68	%
Institutional Class
Actual	$	1,000.00	$	1,032.10	$	2.33		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.50	$	2.32		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).

10  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.19%
Alabama: 2.26%
Health Revenue: 0.22%
Birmingham AL Special Care Facilities Ascension Senior Credit Group Series C-1		1.85	%		11-15-2046	$	5,250,000	$	5,275,778
Utilities Revenue: 2.04%
Alabama Black Belt Energy Gas District Series A		4.00			12-1-2048		2,000,000		2,161,540
Southeast Alabama Gas Supply District Project #1 Series A		4.00			4-1-2049		4,410,000		4,781,675
Southeast Alabama Gas Supply District Project #2 Series A		4.00			6-1-2049		16,505,000		17,966,188
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0184 (Morgan Stanley Bank LIQ) 144Aø		2.30			9-1-2046		24,555,000		24,555,000
									49,464,403
									54,740,181
Alaska: 0.62%
Health Revenue: 0.25%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		6,000,000		6,033,300
Industrial Development Revenue: 0.17%
Valdez AK Marine Terminal BP Pipelines Project Series B		5.00			1-1-2021		4,000,000		4,207,120
Utilities Revenue: 0.20%
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015		5.00			1-1-2022		1,735,000		1,834,190
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015		5.00			1-1-2023		2,835,000		3,052,189
									4,886,379
									15,126,799
Arizona: 1.72%
Education Revenue: 0.55%
Arizona IDA Agribusiness & Equine Center Incorporated Project Series 2017B 144A		4.00			3-1-2027		1,210,000		1,255,932
Maricopa County AZ IDA Educational Horizon Community Learning Center Project		2.63			7-1-2021		1,085,000		1,073,434
Phoenix AZ IDA BASIS Schools Incorporated Project Series A 144A		3.00			7-1-2020		790,000		791,003
Phoenix AZ IDA Great Hearts Academies Project		5.20			7-1-2022		345,000		360,729
Phoenix AZ IDA Legacy Traditional School Project Series 2015 144A		3.00			7-1-2020		305,000		304,820
Pima County AZ IDA American Leadership Academy Project Series 2015 144A		4.60			6-15-2025		1,095,000		1,149,520
Pima County AZ IDA Charter Schools Project Series 2013		4.50			7-1-2020		530,000		541,432
Pima County AZ IDA Charter Schools Project Series 2013		4.50			7-1-2021		1,300,000		1,355,510
Pima County AZ IDA Charter Schools Project Series 2013		4.50			7-1-2022		1,355,000		1,423,116
Pima County AZ IDA New Plan Learning Project Series A		7.75			7-1-2035		985,000		997,638
Pima County AZ IDA New Plan Learning Project Series A		8.13			7-1-2041		2,950,000		2,987,937
Pima County AZ IDA Noah Webster Schools Project Series A		5.50			12-15-2023		955,000		1,009,655
									13,250,726
GO Revenue: 0.10%
Verrado AZ Community Facilities District #1 Series A 144A		4.25			7-15-2019		1,320,000		1,320,607
Verrado AZ Community Facilities District #1 Series A 144A		5.00			7-15-2020		700,000		712,089
Verrado AZ Community Facilities District #1 Series A 144A		5.00			7-15-2021		500,000		514,810
									2,547,506

Wells Fargo Strategic Municipal Bond Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.56%
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project		5.00	%		1-1-2022	$	1,065,000	$	1,160,381
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project		5.00			1-1-2023		1,120,000		1,255,822
Maricopa County AZ IDA Senior Living Facilities Christian Care Surprise Incorporated Project 144A		5.00			1-1-2026		3,205,000		3,263,107
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.57%) ±		2.47			1-1-2035		6,000,000		6,000,000
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A		4.00			10-1-2023		1,810,000		1,829,711
									13,509,021
Miscellaneous Revenue: 0.51%
Navajo Nation AZ Series A 144A		4.00			12-1-2022		6,345,000		6,591,694
Navajo Nation AZ Series A 144A		5.00			12-1-2025		4,110,000		4,544,920
Navajo Nation AZ Tribal Utility Authority (Municipal Government Guaranty Insured)		4.00			1-1-2021		1,192,000		1,200,821
									12,337,435
									41,644,688
Arkansas: 0.19%
Health Revenue: 0.19%
Boone County AR Hospital Construction Series 2006 (BOKF NA LOC) ø		3.00			5-1-2037		4,700,000		4,700,000
California: 1.63%
Education Revenue: 0.05%
California Municipal Finance Authority Charter School Nova Academy Project Series 2016A 144A		4.00			6-15-2026		825,000		882,486
California School Finance Authority Charter School Rocketship Education Obligated Group Series 2017A 144A		4.50			6-1-2027		250,000		266,970
									1,149,456
GO Revenue: 0.43%
Delhi CA Unified School District CAB (Ambac Insured) ¤		0.00			8-1-2019		475,000		474,501
State of California Series A4 (Citibank NA LOC) ø		1.00			5-1-2034		10,000,000		10,000,000
									10,474,501
Health Revenue: 0.41%
California Statewide CDA Health Facilities Catholic Series D (AGM Insured) (m)		1.88			7-1-2041		8,700,000		8,700,000
Palomar CA Health Refunding Bond Series 2016		4.00			11-1-2019		1,250,000		1,257,950
									9,957,950
Industrial Development Revenue: 0.15%
California PCFA AMT Calplant I Project 144A		7.50			7-1-2032		3,500,000		3,676,120
Miscellaneous Revenue: 0.19%
Compton CA PFA Lease 144A		4.00			9-1-2022		4,440,000		4,527,646
Water & Sewer Revenue: 0.40%
California Tender Option Bond Trust Receipts/Certificates for Semitropic Improvement District Water Storage Series A (JPMorgan Chase & Company LIQ) 144Aø		2.05			12-1-2019		9,595,000		9,595,000
									39,380,673

12  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Colorado: 1.52%
Education Revenue: 0.48%
Colorado ECFA Eagle Ridge Academy Project 144A		3.63	%		11-1-2026	$	2,260,000	$	2,278,803
Colorado ECFA Rocky Mountain Classical Academy Project		6.38			9-1-2023		1,445,000		1,593,387
Colorado ECFA Vanguard School Project		4.00			6-15-2021		250,000		261,560
Colorado ECFA Vanguard School Project		4.00			6-15-2022		515,000		549,170
Colorado ECFA Windsor Charter Academy 144A		3.88			9-1-2026		1,140,000		1,143,591
Colorado School of Mines Institutional Enterprise Refunding Bonds Series 2018A (1 Month LIBOR +0.50%) ±		2.14			2-1-2023		5,915,000		5,912,811
									11,739,322
GO Revenue: 0.08%
Centennial CO Southglenn Metropolitan District		3.00			12-1-2021		668,000		667,065
Grand River CO Hospital District (AGM Insured)		5.00			12-1-2025		1,000,000		1,191,600
									1,858,665
Health Revenue: 0.81%
Colorado Health Facilities Authority Catholic Health Initiatives Series 2009A		5.50			7-1-2034		10,000,000		10,031,500
Colorado Health Facilities Authority Catholic Health Initiatives Series 2011A		5.00			2-1-2022		3,415,000		3,604,703
Colorado Health Facilities Authority Catholic Health Initiatives Series 2011A		5.25			2-1-2031		5,150,000		5,436,186
Colorado Health Facilities Authority Christian Living Neighborhoods Project		4.00			1-1-2020		450,000		454,095
									19,526,484
Tax Revenue: 0.15%
Centerra CO Metropolitan District #1 Series 2017 144A		5.00			12-1-2021		1,440,000		1,519,286
Centerra CO Metropolitan District #1 Series 2017 144A		5.00			12-1-2022		1,940,000		2,079,292
									3,598,578
									36,723,049
Connecticut: 3.00%
Education Revenue: 0.42%
Connecticut HEFAR Yale University Issue Series A		2.05			7-1-2035		7,000,000		7,102,480
Connecticut HEFAR Yale University Issue Series A-2		2.00			7-1-2042		1,500,000		1,521,570
Connecticut State Higher Education Supplemental Loan Authority AMT Chelsea Loan Progam Series B		5.00			11-15-2026		750,000		891,203
Connecticut State Higher Education Supplemental Loan Authority AMT Chelsea Loan Progam Series B		5.00			11-15-2027		500,000		602,565
									10,117,818
GO Revenue: 0.40%
Connecticut Series D (SIFMA Municipal Swap +0.92%) ±		2.82			9-15-2019		3,345,000		3,349,415
Hamden CT Refunding Bond		5.00			8-15-2019		1,835,000		1,842,927
Hartford CT Series A		5.00			4-1-2027		1,650,000		1,835,460
Hartford CT Series A		5.00			4-1-2025		2,500,000		2,792,225
									9,820,027
Health Revenue: 0.02%
Connecticut HEFA Bridgeport Hospital Series D		5.00			7-1-2020		500,000		519,030
Housing Revenue: 0.40%
Meriden CT Multifamily Housing Yale Acres Project		1.73			8-1-2022		9,635,000		9,651,380

Wells Fargo Strategic Municipal Bond Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.11%
Connecticut Series A (SIFMA Municipal Swap +0.75%) ±		2.65	%		3-1-2021	$	2,700,000	$	2,711,610
Tax Revenue: 1.65%
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2030		3,000,000		3,689,640
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2031		9,000,000		11,006,550
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2032		5,000,000		6,093,300
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose Series A		5.00			8-1-2029		16,280,000		19,082,276
									39,871,766
									72,691,631
Delaware: 0.09%
Education Revenue: 0.09%
Delaware EDA Odyssey Charter School Project Series A 144A		6.25			9-1-2025		1,960,000		2,081,990
District of Columbia: 0.24%
Housing Revenue: 0.24%
District of Columbia HFA Hilltop Apartments Project Series 2017		1.94			1-1-2021		5,850,000		5,860,881
Florida: 3.25%
Education Revenue: 0.20%
Capital Trust Agency Educational Facilities Renaissance Charter School Incorporated Projects Series 2017A 144A		4.38			6-15-2027		1,345,000		1,380,885
Capital Trust Agency Educational Facilities Renaissance Charter School Incorporated Projects Series A 144A		4.00			6-15-2029		2,410,000		2,442,125
Miami-Dade County FL IDA Youth Charter Schools Project Series 2015A 144A		5.00			9-15-2025		900,000		934,425
									4,757,435
Health Revenue: 2.01%
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XG0173 (Credit Suisse LIQ) 144Aø		2.00			10-1-2025		5,000,000		5,000,000
Highlands County FL Health Facilities Authority Adventist Health System Series A ø		1.85			11-15-2037		10,000,000		10,000,000
Jacksonville FL HCFR Baptist Health Series D ø		1.85			8-1-2036		3,615,000		3,615,000
Jacksonville FL HCFR Baptist Health Series E ø		1.85			8-1-2036		4,455,000		4,455,000
Lakeland FL Hospital System Lakeland Regional Health System		5.00			11-15-2022		4,495,000		4,845,610
Orange County FL Health Facilities Authority Nemours Foundaton Series B (Northern Trust Company LOC) ø		1.83			1-1-2039		19,325,000		19,325,000
Sarasota County FL Health Facilities Authority Village on the Isle Project		4.00			1-1-2020		1,485,000		1,497,489
									48,738,099
Housing Revenue: 0.26%
Palm Beach County FL Atlantic University Housing Series A 144A		5.00			4-1-2029		740,000		834,875
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2020		1,210,000		1,246,373
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2021		1,265,000		1,344,746
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2022		1,325,000		1,450,120
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2023		1,190,000		1,338,322
									6,214,436

14  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.09%
Florida Development Finance Corporation 144A		5.00	%		5-1-2029	$	2,000,000	$	2,182,220
Miscellaneous Revenue: 0.13%
Florida Village Community Development District #10 Special Assignment		5.13			5-1-2024		2,275,000		2,447,536
Wildwood FL Village Community Development District #12 Series 2016		2.88			5-1-2021		660,000		665,920
									3,113,456
Resource Recovery Revenue: 0.15%
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144A		5.00			8-1-2029		3,500,000		3,707,620
Transportation Revenue: 0.39%
Florida Development Finance Corporation Surface Series T		1.90			1-1-2049		8,400,000		8,401,092
Miami-Dade County FL Expressway Authority Toll System (AGM Insured, Citibank NA LIQ) 144Aø		2.10			2-1-2020		1,050,000		1,050,000
									9,451,092
Water & Sewer Revenue: 0.02%
Charlotte County FL Industrial Development Authority Town & Country Utilities System Project 144A		5.00			10-1-2029		500,000		539,905
									78,704,263
Georgia: 4.09%
Education Revenue: 0.06%
Georgia Private Colleges & Universities Authority		5.00			10-1-2019		1,325,000		1,335,468
Health Revenue: 0.87%
Gainesville & Hall Counties GA Development Authority Senior Living Facilities Lanier Village Series B (AGC Insured, TD Bank NA SPA) ø		2.05			11-15-2033		15,000,000		15,000,000
Gainesville & Hall Counties GA Hospital Authority Health System Project Series B (SIFMA Municipal Swap +0.95%) ±		2.85			8-15-2035		6,000,000		6,001,560
									21,001,560
Transportation Revenue: 0.08%
Georgia Road & Tollway Authority I-75 S Express Lanes Project Series A 144A¤		0.00			6-1-2024		2,500,000		1,901,200
Utilities Revenue: 3.08%
Bartow County GA Development Authority		2.75			12-1-2032		4,500,000		4,615,155
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project		2.25			10-1-2032		1,500,000		1,513,170
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 2012		1.85			12-1-2049		3,000,000		3,000,630
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series E		3.25			11-1-2045		3,000,000		3,106,410
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F		3.00			11-1-2045		14,955,000		15,237,799
Floyd County GA PCR Georgia Power Company Plant Hammond Project		2.35			7-1-2022		8,875,000		8,961,798
Main Street Natural Gas Incorporated Georgia Gas Project Series B		4.00			8-1-2049		10,000,000		11,093,100
Main Street Natural Gas Incorporated Georgia Gas Project Series C		4.00			8-1-2048		14,485,000		15,825,297
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ)		4.00			4-1-2048		2,640,000		2,875,013
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ±		2.39			4-1-2048		4,700,000		4,648,817

Wells Fargo Strategic Municipal Bond Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Utilities Revenue (continued)
Monroe County GA Development Authority Pollution Control Gulf Power Company Plant Scherer Project		1.40	%		6-1-2049	$	3,750,000	$	3,747,638
									74,624,827
									98,863,055
Guam: 0.04%
Water & Sewer Revenue: 0.04%
Guam Government Waterworks Authority Water & Wastewater System Series 2014A		5.00			7-1-2020		1,000,000		1,028,470
Hawaii: 0.39%
Health Revenue: 0.39%
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ±		2.35			7-1-2039		9,325,000		9,325,000
Illinois: 17.12%
Airport Revenue: 1.84%
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2013A		5.50			1-1-2027		3,925,000		4,429,009
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A		5.00			1-1-2026		7,000,000		7,943,810
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A		5.00			1-1-2030		4,925,000		5,532,450
Chicago IL O’Hare International Airport AMT Passenger Facility Charge Refunding Bonds Series B		5.00			1-1-2032		5,125,000		5,500,099
Chicago IL O’Hare International Airport Senior Lien Bonds Series 2015 C		5.00			1-1-2022		695,000		751,705
Chicago IL O’Hare International Airport Senior Lien Bonds Series 2015 D		5.00			1-1-2021		500,000		526,425
Chicago IL O’Hare International Airport Senior Lien Refunding Bonds Series 2013A		5.00			1-1-2026		2,690,000		2,983,156
Chicago IL O’Hare International Airport Senior Lien Refunding Bonds Series 2015A		5.00			1-1-2028		10,000,000		11,510,300
Chicago IL O’Hare International Airport Senior Lien Refunding Bonds Series 2017D		5.00			1-1-2025		1,700,000		1,977,763
Chicago IL O’Hare International Airport Customer Facility Charge		5.25			1-1-2023		1,350,000		1,513,890
Chicago IL O’Hare International Airport Customer Facility Charge		5.25			1-1-2024		1,665,000		1,883,498
									44,552,105
GO Revenue: 6.00%
Bensenville IL Series B (AGM Insured)		5.00			12-30-2025		435,000		467,986
Berwyn IL Series A		5.00			12-1-2028		3,000,000		3,360,810
Chicago IL Board of Education Unlimited Tax General Obligation Refunding Bonds Series 2018A (AGM Insured)		5.00			12-1-2024		3,000,000		3,410,820
Chicago IL CAB City Colleges (National Insured) ¤		0.00			1-1-2027		7,720,000		6,164,497
Chicago IL CAB City Colleges (National Insured) ¤		0.00			1-1-2024		9,800,000		8,682,408
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2022		400,000		427,376
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2023		800,000		875,328
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2024		550,000		615,439
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2025		625,000		707,206
Chicago IL Park District General Obligation Limited Series C		5.00			1-1-2022		1,000,000		1,068,440
Chicago IL Park District General Obligation Limited Series C		5.00			1-1-2023		1,000,000		1,094,160
Chicago IL Park District General Obligation Limited Series C		5.00			1-1-2024		410,000		458,782
Chicago IL Park District Harbor Facilities Series D		5.00			1-1-2022		1,645,000		1,757,584
Chicago IL Park District Harbor Facilities Series D		5.00			1-1-2023		1,175,000		1,285,638
Chicago IL Park District Limited Tax Series B		5.00			1-1-2022		4,675,000		4,994,957
Chicago IL Park District Unlimited Tax Series E		5.00			11-15-2022		1,235,000		1,347,299

16  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Chicago IL Park District Unlimited Tax Series E		5.00	%		11-15-2023	$	1,295,000	$	1,445,013
Chicago IL Series C		5.00			1-1-2021		1,000,000		1,053,000
Chicago IL Series C		5.00			1-1-2022		2,250,000		2,381,153
Chicago IL Series C		5.00			1-1-2023		2,500,000		2,688,950
Chicago IL Series G (Ambac Insured)		5.00			12-1-2024		910,000		913,576
Cook County IL Community Consolidated School District #15 Palatine		5.00			12-1-2026		2,040,000		2,425,417
Cook County IL Refunding Bonds Series 2010 G		5.00			11-15-2026		1,000,000		1,042,070
Cook County IL School District #123 Oak Lawn CAB (National Insured) ¤		0.00			12-1-2021		1,090,000		1,040,111
Cook County IL School District #153 Homewood Series A (AGM Insured) ¤		0.00			12-15-2023		1,225,000		1,111,798
Cook County IL School District #227 Rich Township Refunding School Bonds Series 2015		3.00			12-1-2024		965,000		999,923
Cook County IL School District #99 Cicero Limited Tax (Build America Mutual Assurance Company Insured) %%		5.00			12-1-2026		3,030,000		3,585,793
Cook County IL School District #99 Cicero Limited Tax (Build America Mutual Assurance Company Insured) %%		5.00			12-1-2027		2,950,000		3,526,401
Cook County IL School District #99 Cicero Limited Tax (Build America Mutual Assurance Company Insured) %%		5.00			12-1-2028		2,285,000		2,759,160
Cook County IL Series A		5.00			11-15-2021		2,250,000		2,417,310
Cook County IL Series A		5.25			11-15-2022		10,040,000		10,525,936
Cook County IL Series A		5.25			11-15-2022		1,000,000		1,090,660
DeKalb & Kane Counties IL Community Unit School District #427 Sycamore Prerefunded Bond Balance CAB (AGM Insured) ¤		0.00			1-1-2024		455,000		422,963
DeKalb & Kane Counties IL Community Unit School District #427 Sycamore Unrefunded Bond Balance CAB (AGM Insured) ¤		0.00			1-1-2024		5,175,000		4,654,550
Decatur IL Macon County General Obligation Refunding Bonds Series 2013		5.00			3-1-2024		1,405,000		1,541,931
Decatur IL Macon County School District #061 Series 2011A (AGM Insured)		5.25			1-1-2026		715,000		752,337
Decatur IL Macon County School District #061 Series 2011A (AGM Insured)		5.25			1-1-2027		1,495,000		1,572,351
DuPage & Cook Counties IL Township High School District #86 Hinsdale %%		4.00			1-15-2034		2,815,000		3,137,993
Grundy, Kendall & Will Counties IL Community School District Number 201 Series 2010B		5.25			10-15-2026		2,000,000		2,020,520
Illinois State Series 2012		5.00			3-1-2028		6,000,000		6,363,840
Illinois State Series A		5.00			4-1-2023		3,500,000		3,841,285
Kane, Cook & DuPage Counties IL School District #46 Elgin Series 2015A		5.00			1-1-2028		1,555,000		1,755,517
Kane, Cook & DuPage Counties IL School District #46 Elgin Series 2015D		5.00			1-1-2032		1,025,000		1,145,376
Kane, Cook & DuPage Counties IL School District #46 Elgin Unrefunded Bond Balance Series 2012B		4.50			1-1-2025		4,295,000		4,558,584
Kane, Cook & DuPage Counties IL School District #46 Prerefunded CAB Series B (Ambac Insured) ¤		0.00			1-1-2021		510,000		498,642
Kane, Cook & DuPage Counties IL School District #46 Unrefunded CAB Series B (Ambac Insured) ¤		0.00			1-1-2021		595,000		579,828
Madison-Macoupin Etc Counties IL Community College District #536 Series A (Build America Mutual Assurance Company Insured)		5.00			11-1-2025		1,620,000		1,849,748
Madison-Macoupin Etc Counties IL Community College District #536 Series A (Build America Mutual Assurance Company Insured)		5.00			11-1-2026		1,410,000		1,605,680
Rockford IL Waterworks System Series B (Build America Mutual Assurance Company Insured)		5.00			12-15-2020		1,000,000		1,047,590
Rockford IL Waterworks System Series B (Build America Mutual Assurance Company Insured)		5.00			12-15-2021		1,015,000		1,088,760
Rockford IL Waterworks System Series B (Build America Mutual Assurance Company Insured)		5.00			12-15-2022		1,065,000		1,172,150
Waukegan IL Series 2015A (AGM Insured)		5.00			12-30-2031		1,000,000		1,137,500
Will County IL Lincoln-Way Community High School District #210		4.00			1-1-2022		1,630,000		1,630,880
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤		0.00			1-1-2021		2,185,000		2,108,547

Wells Fargo Strategic Municipal Bond Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤		0.00	%		1-1-2025	$	14,385,000	$	12,426,914
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤		0.00			1-1-2026		8,295,000		6,930,970
Will County IL School District #114 Manhattan CAB Series C (National Insured) ¤		0.00			12-1-2021		1,055,000		998,325
Winnebago & Boone Counties IL School District #205 Series A ¤		0.00			2-1-2021		1,305,000		1,262,744
Winnebago & Boone Counties IL School District #205 Series B ¤		0.00			2-1-2021		3,400,000		3,289,908
									145,120,434
Health Revenue: 0.24%
Illinois Finance Authority Ascension Health Alliance Senior Credit Group Bonds Series A		5.00			11-15-2027		1,000,000		1,078,970
Illinois Finance Authority Friendship Village of Schaumburg Series 2017		5.00			2-15-2021		2,555,000		2,578,583
Illinois Finance Authority Rosalind Franklin University of Medicine & Science Series A		3.25			2-15-2022		380,000		382,291
Illinois State Finance Authority Revenue Bonds Series 2014		5.00			8-1-2038		1,520,000		1,692,900
									5,732,744
Housing Revenue: 0.04%
Housing Development Authority Illinois Homeowner Mortgage 2016 Series C		2.90			8-1-2031		1,000,000		1,017,400
Miscellaneous Revenue: 1.21%
Chicago IL Transit Authority Capital Grant Receipts Refunding Bond Series 2011 (AGM Insured)		5.25			6-1-2024		4,450,000		4,753,001
Illinois Refunding Bonds Series 2012 (AGM Insured)		5.00			8-1-2020		5,050,000		5,233,164
Illinois Refunding Bonds Series 2016		5.00			2-1-2026		7,000,000		7,956,620
Illinois State Series 2012		5.00			8-1-2021		5,620,000		5,970,519
Illinois State Series 2013 (AGM Insured)		5.00			7-1-2023		4,875,000		5,410,909
									29,324,213
Tax Revenue: 6.54%
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2021		1,450,000		1,500,127
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2022		1,810,000		1,906,292
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2023		2,400,000		2,565,648
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2024		2,475,000		2,687,231
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2025		1,000,000		1,078,920
Chicago IL Series A		5.00			1-1-2029		5,000,000		5,090,150
Chicago IL Tax Increment Bond Pilson Redevelopment Project Series A		5.00			6-1-2022		1,635,000		1,782,886
Chicago IL Transit Authority Sales Tax Receipts Series 2011		5.25			12-1-2036		17,415,000		18,484,107
Chicago lL Series A		5.00			1-1-2022		3,000,000		3,054,090
Illinois Regional Transportation Authority Series A (AGM Insured)		5.25			6-1-2024		9,995,000		11,649,572
Illinois Sales Tax First Series (National Insured)		6.00			6-15-2024		515,000		597,251
Illinois Sales Tax First Series (National Insured)		6.00			6-15-2025		8,165,000		9,701,245
Illinois Sales Tax Series of June 2013		5.00			6-15-2026		9,100,000		9,926,007
Illinois Sports Facilities Authority Series 2014		5.00			6-15-2022		3,395,000		3,578,873
Illinois Sports Facilities Authority Series 2014		5.00			6-15-2023		3,220,000		3,448,845
Illinois Sports Facilities Authority Series 2014		5.00			6-15-2024		4,130,000		4,481,133
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2022		3,795,000		3,496,182
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2026		1,740,000		1,396,089
Metropolitan Pier & Exposition Authority CAB McCormick Place Project Series A (National Insured) ¤		0.00			12-15-2022		1,390,000		1,286,181

18  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00	%		12-15-2028	$	19,090,000	$	20,344,595
Metropolitan Pier & Exposition Authority McCormick Place Project Callable Bond Series B		5.00			12-15-2022		11,520,000		11,558,246
Metropolitan Pier & Exposition Authority Prerefunded Bond (National Insured) ¤		0.00			12-15-2023		20,000		18,622
Metropolitan Pier & Exposition Authority Prerefunded Bond (National Insured)		5.70			6-15-2025		220,000		249,586
Metropolitan Pier & Exposition Authority Unrefunded Bond (National Insured) ¤		0.00			12-15-2023		845,000		760,525
Metropolitan Pier & Exposition Authority Unrefunded Bond (National Insured)		5.70			6-15-2025		780,000		861,799
Sales Tax Securitization Corporation Series 2017A		5.00			1-1-2026		4,815,000		5,601,193
Sales Tax Securitization Corporation Series 2017A		5.00			1-1-2028		4,015,000		4,799,089
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2020		760,000		763,868
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2021		790,000		800,902
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2022		820,000		831,488
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2023		855,000		868,116
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2024		885,000		898,638
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2025		925,000		935,471
Tender Option Bond Trust Receipts/Certificates Series 2018-YX1099 (Barclays Bank plc LIQ) 144Aø		2.10			1-1-2035		21,365,000		21,365,000
									158,367,967
Tobacco Revenue: 0.84%
Railsplitter Tobacco Settlement Authority		5.00			6-1-2023		18,000,000		20,207,160
Water & Sewer Revenue: 0.41%
Chicago IL Wastewater Transmission Series B (AGM Insured)		5.00			1-1-2031		3,140,000		3,703,002
Chicago IL Waterworks Second Lien		5.00			11-1-2028		2,560,000		3,012,403
Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured)		5.00			11-1-2030		2,620,000		3,131,241
									9,846,646
									414,168,669
Indiana: 0.98%
Health Revenue: 0.01%
Indiana HFFA Ancilla System Incorporated (National Insured)		5.25			7-1-2022		240,000		240,643
Housing Revenue: 0.70%
Indiana Housing and CDA Affordable Assisted Living Project Series 2017		1.80			12-1-2019		17,030,000		17,030,000
Industrial Development Revenue: 0.13%
Whiting IN BP Products North America Incorporated Project		1.85			6-1-2044		3,000,000		3,002,310
Miscellaneous Revenue: 0.14%
Michigan IN City School Building Corporation Series 2016A		5.00			1-15-2025		1,000,000		1,157,750
Westfield-Washington IN Multi-School Building Corporation First Mortgage Series B 144A		1.50			1-15-2022		2,250,000		2,229,908
									3,387,658
									23,660,611

Wells Fargo Strategic Municipal Bond Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Iowa: 0.41%
GO Revenue: 0.37%
Coralville IA Taxable-Annual Appropriation Series 2018E		7.00	%		6-1-2025	$	8,485,000	$	8,905,941
Industrial Development Revenue: 0.04%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		2.40			4-1-2022		1,000,000		1,000,000
									9,905,941
Kansas: 0.44%
Tax Revenue: 0.44%
Wyandotte County & Kansas City KS Special Obligation Refunding & Improvement Bonds Plaza Redevelopment Project		4.00			12-1-2028		725,000		742,719
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤		0.00			9-1-2034		25,070,000		9,941,007
									10,683,726
Kentucky: 0.96%
Education Revenue: 0.19%
Columbia KY Educational Development Lindsey Wilson College Incorporated Project		3.00			12-1-2024		4,530,000		4,532,174
Health Revenue: 0.13%
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015		3.00			11-15-2019		350,000		349,703
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015		3.35			11-15-2020		335,000		334,678
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015		5.00			11-15-2025		1,500,000		1,568,310
Kentucky EDFA Norton Healthcare Incorporated Series B (National Insured) ¤		0.00			10-1-2022		1,000,000		930,670
									3,183,361
Utilities Revenue: 0.64%
Kentucky Public Energy Authority Gas Supply Series A-1		4.00			12-1-2049		3,870,000		4,267,565
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		10,200,000		11,255,088
									15,522,653
									23,238,188
Louisiana: 2.12%
Airport Revenue: 0.21%
New Orleans LA Aviation Board General North Terminal Project Series A		5.00			1-1-2032		1,000,000		1,145,890
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2031		1,250,000		1,509,688
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2032		2,000,000		2,402,620
									5,058,198
Education Revenue: 0.30%
Louisiana Public Facilities Authority Loyola University Project Series 2011		5.25			10-1-2025		2,815,000		3,004,421
Louisiana Public Facilities Authority Loyola University Project Series 2017 ¤		0.00			10-1-2020		1,000,000		971,140
Louisiana Public Facilities Authority Loyola University Project Series 2017 ¤		0.00			10-1-2021		1,950,000		1,845,812
Louisiana Public Facilities Authority Loyola University Project Series 2017 ¤		0.00			10-1-2022		1,500,000		1,399,605
									7,220,978

20  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.41%
Louisiana Tender Option Bond Trust Receipts/Floater Certificates Series 2018-BAML7002 (Bank of America NA LOC, Bank of America NA LIQ) 144Aø		1.94	%		9-1-2057	$	10,000,000	$	10,000,000
Housing Revenue: 1.20%
Louisiana Housing Corporation Harmony Garden Estates Project Series 2017 %%		1.86			12-1-2020		13,500,000		13,500,000
Louisiana Housing Corporation The Meadows at Nicholson Project Series 2017		1.83			5-1-2020		15,500,000		15,516,120
									29,016,120
									51,295,296
Maryland: 3.51%
Education Revenue: 0.12%
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2015 144A		5.25			8-1-2022		1,465,000		1,499,178
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016		5.00			8-1-2026		1,335,000		1,370,151
									2,869,329
GO Revenue: 0.76%
Prince George’s County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2027		3,890,000		4,267,408
Prince George’s County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2028		12,960,000		14,189,126
									18,456,534
Health Revenue: 0.16%
Rockville MD Mayor & Council Economic Development Ingleside King Farm Project #45 Series C-3		2.50			11-1-2024		4,000,000		4,000,920
Housing Revenue: 1.76%
Maryland CDA Department of Housing & Community Multifamily Development Headen House Series B		2.45			3-1-2021		19,500,000		19,603,155
Maryland CDA Department of Housing & Community Multifamily Development Huntington Apartments Series C 144A		2.34			4-1-2021		5,000,000		5,019,200
Maryland CDA Department of Housing & Community Multifamily Development Zions Towers Series A (FHA Insured)		2.44			3-1-2020		9,000,000		9,018,180
Maryland State Administration Department of Housing & Community Development Park View at Taylor Series D		2.45			4-1-2021		8,820,000		8,864,365
									42,504,900
Miscellaneous Revenue: 0.24%
Maryland State and Local Facilities Loan Series A		4.00			8-1-2030		5,000,000		5,762,650
Tax Revenue: 0.42%
Maryland State Department of Transportation		4.00			12-15-2027		9,260,000		10,276,192
Water & Sewer Revenue: 0.05%
Baltimore MD Series A (National Insured)		5.65			7-1-2020		1,100,000		1,123,892
									84,994,417
Massachusetts: 4.35%
Education Revenue: 1.25%
Massachusetts Development Finance Agency Harvard University Series A		5.00			7-15-2033		21,715,000		26,356,581
Massachusetts Development Finance Agency Sabis International Charter School Series 2015		5.00			4-15-2025		1,000,000		1,090,780
Massachusetts Educational Financing Authority Series B		5.00			7-1-2023		2,460,000		2,761,547
									30,208,908

Wells Fargo Strategic Municipal Bond Fund  |  21

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.67%
Massachusetts Development Finance Agency Linden Ponds Incorporated Facility 144A		4.00	%		11-15-2023	$	1,335,000	$	1,367,521
Massachusetts Development Finance Agency Partners Healthcare System Issue Series S-3 (SIFMA Municipal Swap +0.50%) ±		2.40			7-1-2038		14,870,000		14,877,138
									16,244,659
Miscellaneous Revenue: 2.04%
Massachusetts Series A (3 Month LIBOR +0.55%) ±		2.28			11-1-2025		15,800,000		15,754,022
Massachusetts Water Pollution Abatement Trust Series 17		5.00			2-1-2031		10,000,000		11,195,200
Massachusetts Water Pollution Abatement Trust Series 17		5.00			2-1-2032		10,000,000		11,173,000
Massachusetts Water Pollution Abatement Trust Series 17		5.00			2-1-2033		10,000,000		11,158,200
									49,280,422
Tax Revenue: 0.39%
Massachusetts Bay Transportation Authority Assessment Bonds Series A		4.00			7-1-2037		9,000,000		9,454,950
									105,188,939
Michigan: 2.68%
Airport Revenue: 0.04%
Wayne County MI Airport Authority AMT Detroit Metropolitan Airport Series C		5.00			12-1-2022		1,000,000		1,052,780
Education Revenue: 0.06%
Michigan Finance Authority Series 25-A		5.00			11-1-2019		1,500,000		1,515,795
GO Revenue: 0.44%
Constantine MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		350,000		360,539
Constantine MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,200,000		1,279,140
Forest Hills MI Public Schools		5.00			5-1-2020		1,600,000		1,648,992
Forest Hills MI Public Schools		5.00			5-1-2021		1,600,000		1,707,328
Fraser MI Public Schools District (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,000,000		1,065,570
Fraser MI Public Schools District (Qualified School Board Loan Fund Insured)		5.00			5-1-2022		610,000		670,274
Hudsonville MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,465,000		1,561,617
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured)		4.00			5-1-2024		1,025,000		1,117,465
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured)		4.00			5-1-2025		1,000,000		1,101,630
									10,512,555
Housing Revenue: 0.39%
Michigan Housing Development Authority Series E (3 Month LIBOR +1.00%) ±		2.81			4-1-2042		9,295,000		9,369,267
Miscellaneous Revenue: 0.29%
Michigan Finance Authority Senior Lien Distributable State Aid		5.00			11-1-2028		865,000		1,093,256
Michigan Finance Authority Senior Lien Distributable State Aid		5.00			11-1-2029		1,500,000		1,880,745
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured)		4.00			11-1-2019		55,000		55,132
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		4.13			5-1-2020		500,000		500,455
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		5.00			5-1-2023		1,900,000		1,901,995
Michigan Public Educational Facilities Authority Chandler Park Academy		6.35			11-1-2028		1,500,000		1,502,715
									6,934,298

22  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.60%
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.40	%		10-1-2020	$	500,000	$	506,360
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.60			10-1-2021		500,000		512,720
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.80			10-1-2022		500,000		521,175
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.88			10-1-2023		2,500,000		2,640,300
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bond Series F		4.50			10-1-2029		5,015,000		5,416,501
Michigan Finance Authority Series 2014B		5.00			7-1-2032		3,000,000		3,306,630
Michigan Finance Authority Series H-1		5.00			10-1-2021		1,565,000		1,631,763
									14,535,449
Water & Sewer Revenue: 0.86%
Detroit MI Water & Sewage Department Series A		5.00			7-1-2022		1,000,000		1,097,960
Michigan Financial Authority Local Government Loan Program Series C7 (National Insured)		5.00			7-1-2022		2,000,000		2,193,460
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured)		5.00			7-1-2022		2,700,000		2,983,716
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured)		5.00			7-1-2023		2,000,000		2,275,820
Michigan Financial Authority Local Government Loan Program Series D6 (National Insured)		5.00			7-1-2022		2,080,000		2,281,198
Michigan Financial Authority Local Government Loan Program Series D6 (National Insured)		5.00			7-1-2023		3,670,000		4,136,494
Michigan Financial Authority Local Government Loan Program Series D6 (National Insured)		5.00			7-1-2024		2,130,000		2,456,082
Michigan State Financial Authority Great Lakes Water Authority Series C-3 (AGM Insured)		5.00			7-1-2031		3,000,000		3,437,310
									20,862,040
									64,782,184
Minnesota: 0.44%
Education Revenue: 0.08%
Cologne MN Charter School Lease Academy Project Series 2014A		4.00			7-1-2019		170,000		170,000
Cologne MN Charter School Lease Academy Project Series 2014A		4.00			7-1-2023		260,000		269,724
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series A		4.75			9-1-2022		500,000		514,515
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series A		5.00			9-1-2026		1,000,000		1,086,180
									2,040,419
Health Revenue: 0.36%
Kanabec County MN Firstlight Health Kanabec Hospital		2.75			12-1-2019		2,000,000		2,000,660
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A		5.85			11-1-2058		2,000,000		2,099,340
St. Paul MN Housing & RDA HealthEast Care System Project Series 2015A		5.25			11-15-2028		1,505,000		1,584,133
St. Paul MN Housing & RDA HealthEast Care System Project Series 2015A		5.25			11-15-2035		2,850,000		2,999,853
									8,683,986
									10,724,405
Mississippi: 2.20%
Health Revenue: 0.21%
Mississippi HFFA Baptist Health System Series A (SIFMA Municipal Swap +1.30%) ±		3.20			8-15-2036		5,000,000		5,019,250

Wells Fargo Strategic Municipal Bond Fund  |  23

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 1.99%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series D ø		2.00	%		12-1-2030	$	20,000,000	$	20,000,000
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series E ø		2.00			12-1-2030		14,110,000		14,110,000
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series H ø		2.00			11-1-2035		14,000,000		14,000,000
									48,110,000
									53,129,250
Missouri: 1.02%
Health Revenue: 0.09%
Lees Summit MO IDA Senior Living Facilities Revenue Series A		5.00			8-15-2019		1,000,000		1,003,040
Lees Summit MO IDA Senior Living Facilities Revenue Series A		5.00			8-15-2020		1,075,000		1,103,853
									2,106,893
Miscellaneous Revenue: 0.64%
Branson MO IDA Branson Shoppes Series A		3.00			11-1-2019		800,000		801,592
Branson MO IDA Branson Shoppes Series A		3.00			11-1-2021		1,055,000		1,063,029
Branson MO IDA Branson Shoppes Series A		4.00			11-1-2022		350,000		362,691
Branson MO IDA Branson Shoppes Series A		4.00			11-1-2023		750,000		780,533
Kansas City MO IDA International Airport Terminal Modernization Project Series B		5.00			3-1-2028		3,000,000		3,705,420
Kansas City MO IDA International Airport Terminal Modernization Project Series B		5.00			3-1-2030		2,000,000		2,482,420
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		3.00			3-1-2020		900,000		906,723
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		4.00			3-1-2021		930,000		959,128
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		4.00			3-1-2022		970,000		1,015,086
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		4.00			3-1-2023		1,010,000		1,068,247
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		5.00			3-1-2024		1,000,000		1,109,140
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		5.00			3-1-2025		1,105,000		1,238,981
									15,492,990
Tax Revenue: 0.12%
Arnold MO Real Property Arnold Triangle Redevelopment Project Series A		3.75			5-1-2023		1,080,000		1,097,701
Lees Summit MO Summit Fair Project Series 2017 144A		3.50			11-1-2023		480,000		481,997
Richmond Heights MO Francis Place Redevelopment Project		5.63			11-1-2025		1,375,000		1,375,536
									2,955,234
Water & Sewer Revenue: 0.17%
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2020		400,000		407,392
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2021		575,000		606,711
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2023		805,000		904,973
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2025		810,000		961,438
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2027		700,000		867,300
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2028		275,000		346,561
									4,094,375
									24,649,492
Nebraska: 0.39%
Utilities Revenue: 0.39%
Central Plains Energy Nebraska Gas Project #3		5.00			9-1-2025		3,290,000		3,815,874

24  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Utilities Revenue (continued)
Central Plains Energy Nebraska Gas Project #3		5.00	%		9-1-2026	$	3,750,000	$	4,422,113
Central Plains Energy Nebraska Gas Project #3		5.00			9-1-2027		1,000,000		1,197,270
									9,435,257
New Hampshire: 0.40%
Health Revenue: 0.40%
New Hampshire Covenant Health Systems Series B		5.00			7-1-2028		6,400,000		6,446,592
New Hampshire HEFA Hillside Village Issue Series 2017C 144A		3.50			7-1-2022		3,350,000		3,353,216
									9,799,808
New Jersey: 4.27%
Airport Revenue: 0.22%
South Jersey NJ Port Corporation Marine Terminal Series R		4.00			1-1-2022		1,600,000		1,663,616
South Jersey NJ Port Corporation Marine Terminal Series S-2		5.00			1-1-2023		1,665,000		1,813,918
South Jersey NJ Port Corporation Marine Terminal Series S-2		5.00			1-1-2024		1,750,000		1,943,603
									5,421,137
Education Revenue: 0.32%
New Jersey Higher Education Student Assistance Authority Series 2014-1A-1		5.00			12-1-2021		2,250,000		2,421,495
New Jersey Higher Education Student Assistance Authority Series 2017-1B		5.00			12-1-2020		2,250,000		2,353,185
New Jersey Higher Education Student Assistance Authority Series 2017-1B		5.00			12-1-2021		2,815,000		3,029,559
									7,804,239
GO Revenue: 0.02%
Paterson NJ General Improvement (AGM Insured)		5.00			6-15-2020		400,000		400,848
Health Revenue: 0.41%
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XG0047 (AGC Insured, Deutsche Bank LIQ) 144Aø		2.00			7-1-2038		10,000,000		10,000,000
Housing Revenue: 0.42%
New Jersey Housing & Mortgage Finance Agency Multifamily Series C		2.41			10-1-2021		10,000,000		10,100,900
Industrial Development Revenue: 0.12%
New Jersey EDA Elite Pharmaceuticals Project Series A		6.50			9-1-2030		375,000		345,428
New Jersey EDA The Goethals Bridge Replacement Project		5.00			7-1-2020		500,000		515,795
New Jersey EDA The Goethals Bridge Replacement Project		5.00			1-1-2021		585,000		612,179
New Jersey EDA The Goethals Bridge Replacement Project		5.00			7-1-2021		900,000		955,341
New Jersey EDA The Goethals Bridge Replacement Project		5.00			1-1-2023		400,000		441,888
									2,870,631
Miscellaneous Revenue: 1.43%
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bond Series A		3.13			7-1-2029		6,000,000		6,048,300
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bond Series A		3.38			7-1-2030		9,705,000		9,838,638
New Jersey EDA School Facilities Construction Project Prerefunded Bond Series EE		5.50			9-1-2021		2,025,000		2,160,695
New Jersey EDA School Facilities Construction Project Series EE		5.25			9-1-2025		1,800,000		1,905,264
New Jersey EDA School Facilities Construction Project Series K (Ambac Insured)		5.25			12-15-2020		3,000,000		3,150,390
New Jersey EDA School Facilities Construction Project Series NN (AGM Insured)		5.00			3-1-2024		1,645,000		1,816,310
New Jersey EDA School Facilities Construction Refunding Bond Project Series I (SIFMA Municipal Swap +1.25%) ±		3.15			9-1-2025		4,500,000		4,437,360

Wells Fargo Strategic Municipal Bond Fund  |  25

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue (continued)
New Jersey TTFA Series A		5.00	%		6-15-2022	$	4,815,000	$	5,115,360
									34,472,317
Tax Revenue: 0.03%
New Jersey EDA School Facilities Construction Project Unrefunded Bond Series EE		5.50			9-1-2021		750,000		795,810
Transportation Revenue: 1.30%
New Jersey TTFA CAB Series A ¤		0.00			12-15-2026		12,000,000		9,731,520
New Jersey TTFA Series A		5.25			12-15-2020		1,900,000		1,995,798
New Jersey TTFA Series A		5.25			6-15-2022		2,785,000		2,972,041
New Jersey TTFA Series AA		5.00			6-15-2023		4,665,000		5,208,193
New Jersey TTFA Series AA		5.00			6-15-2023		1,350,000		1,467,734
New Jersey TTFA Series B		5.00			6-15-2020		2,150,000		2,216,349
New Jersey TTFA Series D		5.00			12-15-2023		6,960,000		7,864,382
									31,456,017
									103,321,899
New Mexico: 0.71%
Utilities Revenue: 0.71%
New Mexico Municipal Energy Acquisition Authority Gas Supply Subordinate Bond Series B (1 Month LIBOR +0.75%) (Royal Bank of Canada SPA) ±		2.39			11-1-2039		17,100,000		17,100,000
New York: 7.33%
Airport Revenue: 1.56%
Port Authority of New York & New Jersey Consolidated Bonds 172 Series		5.00			10-1-2027		5,000,000		5,457,000
Port Authority of New York & New Jersey Consolidated Bonds 185 Series		5.00			9-1-2028		5,000,000		5,821,250
Port Authority of New York & New Jersey Consolidated Bonds 207 Series		5.00			9-15-2027		21,270,000		26,596,859
									37,875,109
Education Revenue: 0.33%
Albany NY IDA Foundation State University Project Series A ø		2.30			7-1-2032		2,520,000		2,520,000
Build New York City Resource Corporation Bronx Charter School for International Cultures & Arts Series A		3.88			4-15-2023		800,000		820,912
Hempstead Town NY Local Development Corporation Academy Charter School Project Series A		5.45			2-1-2027		2,880,000		2,992,090
Hempstead Town NY Local Development Corporation Academy Charter School Project Series A		6.47			2-1-2033		1,435,000		1,555,655
									7,888,657
Health Revenue: 0.30%
Monroe County NY Industrial Development Corporation Unity Hospital Rochester Project (FHA Insured)		4.20			8-15-2025		7,195,000		7,209,390
Housing Revenue: 0.59%
East Rochester NY Housing Authority Home Good Sheperd Project Series A (Royal Bank of Scotland LOC) ø		2.05			12-1-2036		2,480,000		2,480,000
New York HFA Affordable Housing Project Series M (GNMA/FNMA/FHLMC Insured)		2.00			5-1-2021		9,375,000		9,446,625
New York HFA Affordable Housing Project Series M (GNMA/FNMA/FHLMC Insured)		2.00			5-1-2021		2,250,000		2,271,263
									14,197,888

26  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.53%
New York Transportation Development Corporation Special Facilities Bonds Series 2018		5.00	%		1-1-2025	$	11,030,000	$	12,713,730
Miscellaneous Revenue: 1.03%
New York Tender Option Bond Trust Receipts/Floater Certificates Series 2019-BAML3002 (Bank of America NA LIQ) 144Aø		1.98			1-15-2056		25,000,000		25,000,000
Tax Revenue: 0.74%
New York NY Transitional Finance Authority Future Tax Secured Fiscal 2019 Subordinate Series A-4 (JPMorgan Chase & Company SPA) ø		1.95			8-1-2045		10,490,000		10,490,000
New York Metropolitan Transportation Authority Dedicated Tax Fund (SIFMA Municipal Swap +0.95%) ±		2.85			11-1-2019		7,500,000		7,520,775
									18,010,775
Tobacco Revenue: 0.03%
Suffolk County NY Tobacco Asset Securitization Corporation		5.00			6-1-2020		625,000		640,450
Transportation Revenue: 1.34%
New York Metropolitan Transportation Authority Subordinate Bond Series D (1 Month LIBOR +0.65%) ±		2.29			11-1-2035		18,000,000		18,012,420
New York Triborough Bridge & Tunnel Authority Series B (U.S. SOFR +0.50%) ±		2.12			11-15-2038		14,500,000		14,503,045
									32,515,465
Utilities Revenue: 0.62%
Long Island NY Power Authority Electric System Series C (1 Month LIBOR +0.75%) ±		2.46			5-1-2033		15,000,000		15,009,450
Water & Sewer Revenue: 0.26%
New York NY Municipal Water Finance Authority Water & Sewer System 2nd Generation Resolution Fiscal 2015 Subordinate Series BB-1 (Bank of America NA SPA) ø		1.98			6-15-2049		6,200,000		6,200,000
									177,260,914
Ohio: 0.80%
Education Revenue: 0.09%
Portage County OH Port Authority Northeast Ohio Medical University Project		5.00			12-1-2026		1,980,000		2,113,690
Health Revenue: 0.23%
Akron OH Bath and Copley Joint Township Hospital District		5.00			1-1-2031		2,000,000		2,167,360
Allen County OH Hospital Facilities Revenue Bonds Series B		5.00			8-1-2047		2,500,000		2,739,900
Hamilton County OH Healthcare Series 2017		3.00			1-1-2022		690,000		700,316
									5,607,576
Resource Recovery Revenue: 0.20%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		4,850,000		4,877,063
Water & Sewer Revenue: 0.28%
Columbus OH Sewerage System		5.00			6-1-2031		5,825,000		6,802,144
									19,400,473
Oklahoma: 0.19%
Tax Revenue: 0.19%
Tulsa OK Public Facilities Authority Capital Improvements		4.00			10-1-2027		4,050,000		4,618,499

Wells Fargo Strategic Municipal Bond Fund  |  27

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Other: 0.17%
Miscellaneous Revenue: 0.17%
FHLMC Multiclass Mortgage Participation Certificates Series M012 Class A1A øø		1.60	%		8-15-2051	$	3,495,716	$	3,507,147
Public Housing Capital Fund Trust II (HUD Insured) 144A		4.50			7-1-2022		707,791		712,759
									4,219,906
Pennsylvania: 6.22%
Education Revenue: 0.96%
Chester County PA IDA Avon Grove Charter School Project Series 2017A		4.00			12-15-2027		2,110,000		2,204,760
Chester County PA IDA Collegium Charter School Project Series A		3.70			10-15-2022		1,150,000		1,159,856
Montgomery County PA HEFAR Arcadia University		5.00			4-1-2022		1,575,000		1,696,511
Montgomery County PA HEFAR Arcadia University		5.00			4-1-2023		1,555,000		1,711,340
Pennsylvania HEFAR Thomas Jefferson University Series B ø		2.13			9-1-2045		9,440,000		9,440,000
Philadelphia PA IDA Charter School Project Series 2016B		4.88			8-1-2026		1,960,000		2,045,123
Philadelphia PA IDA Charter School Project Series A		4.50			8-1-2026		3,005,000		3,142,028
Philadelphia PA IDA Tacony Academy Christian School Project Series A-1		6.25			6-15-2023		520,000		557,768
Philadelphia PA IDA University of the Arts Series 2017 144A		5.00			3-15-2021		1,205,000		1,237,788
									23,195,174
GO Revenue: 1.46%
Allegheny County PA Penn Hills Schools District Series 2015 (Build America Mutual Assurance Company Insured)		5.00			11-15-2022		340,000		375,074
Allegheny County PA Penn Hills Schools District Series 2015 (Build America Mutual Assurance Company Insured)		5.00			11-15-2023		1,025,000		1,159,562
Bristol Township PA School District		5.25			6-1-2031		6,990,000		7,821,530
Philadelphia PA School District Series B		3.13			9-1-2020		200,000		203,384
Philadelphia PA School District Series D		5.00			9-1-2021		2,000,000		2,141,480
Philadelphia PA School District Series D		5.00			9-1-2022		3,565,000		3,929,022
Philadelphia PA School District Series E		5.25			9-1-2022		2,995,000		3,120,041
Philadelphia PA School District Series E		5.25			9-1-2023		5,770,000		6,008,878
Philadelphia PA School District Series F		5.00			9-1-2022		5,000,000		5,510,550
Scranton PA School District Series A		5.00			6-1-2024		750,000		853,973
Scranton PA School District Series A		5.00			6-1-2025		1,000,000		1,162,250
Scranton PA School District Series B (National Insured)		5.00			6-1-2024		665,000		757,189
Scranton PA School District Series B (National Insured)		5.00			6-1-2025		710,000		825,198
Scranton PA Series 2017 144A		5.00			9-1-2023		1,355,000		1,481,286
									35,349,417
Health Revenue: 1.85%
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (SIFMA Municipal Swap +1.50%) ±		3.40			11-1-2039		8,850,000		8,940,447
Fulton County PA IDA Medical Center Project		2.40			7-1-2020		810,000		810,203
Montgomery County PA Higher Education & Health Authority Series 2018D ø		2.13			9-1-2050		10,200,000		10,200,000
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series C (SIFMA Municipal Swap +0.72%) ±		2.62			9-1-2051		3,500,000		3,500,070
Quakertown PA Health Facilities Authority Series A		3.13			7-1-2021		1,500,000		1,493,250
RIB Floater Trust Series 2019-003 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		2.05			8-15-2038		19,920,000		19,920,000
									44,863,970
Housing Revenue: 0.09%
Pennsylvania HFA Single Family Series 128A		4.75			4-1-2033		1,945,000		2,113,243

28  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.82%
Montgomery County PA IDA Peco Energy Company Project Series A		2.60	%		3-1-2034	$	8,500,000	$	8,546,495
Montgomery County PA IDA Peco Energy Company Project Series B		2.55			6-1-2029		10,340,000		10,384,565
Pennsylvania State Economic Development Financial Authority Solid Waste Disposal CarbonLite P LLC Project 144A%%		5.25			6-1-2026		1,000,000		1,023,510
									19,954,570
Miscellaneous Revenue: 0.21%
Pennsylvania Public School Building Authority Series A (AGM Insured, Citibank NA LIQ) 144Aø		2.05			12-1-2023		5,000,000		5,000,000
Transportation Revenue: 0.42%
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +1.27%) ±		3.17			12-1-2020		10,000,000		10,079,900
Water & Sewer Revenue: 0.41%
Pittsburgh PA Water & Sewer Authority Series C (1 Month LIBOR +0.64%) (AGM Insured) ±		2.39			9-1-2040		10,000,000		10,003,900
									150,560,174
Rhode Island: 0.09%
Housing Revenue: 0.00%
Rhode Island Housing & Mortgage Finance		6.50			4-1-2027		15,000		15,113
Miscellaneous Revenue: 0.09%
Providence RI RDA Series A		5.00			4-1-2022		1,940,000		2,093,454
									2,108,567
South Carolina: 1.47%
Education Revenue: 0.03%
South Carolina Jobs EDA York Preparatory Academy Project Series A		5.75			11-1-2023		710,000		735,489
Health Revenue: 0.99%
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø		2.12			5-1-2048		24,000,000		24,000,000
Miscellaneous Revenue: 0.22%
Lee County SC School Facilities Incorporated (AGM Insured)		2.00			6-1-2020		185,000		185,635
Lee County SC School Facilities Incorporated (AGM Insured)		4.00			12-1-2019		560,000		565,466
Lee County SC School Facilities Incorporated (AGM Insured)		4.00			12-1-2020		375,000		387,420
South Carolina Transportation Infrastructure Refunding Bonds Series A		5.00			10-1-2032		4,025,000		4,298,257
									5,436,778
Resource Recovery Revenue: 0.14%
South Carolina Jobs EDA Solid Waste Disposal RePower South Berkeley LLC 144A		5.25			2-1-2027		3,310,000		3,350,183
Utilities Revenue: 0.09%
Patriots Energy Group Financing Agency South Carolina Series A		4.00			10-1-2048		1,895,000		2,075,196
									35,597,646
South Dakota: 0.04%
Health Revenue: 0.04%
South Dakota HEFA		4.50			9-1-2019		990,000		995,198

Wells Fargo Strategic Municipal Bond Fund  |  29

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tennessee: 0.67%
Utilities Revenue: 0.67%
Tennessee Energy Acquisition Corporation Gas Project		4.00	%		11-1-2049	$	2,000,000	$	2,203,840
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		12,140,000		13,013,594
Tennessee Energy Acquisition Corporation Series B		5.63			9-1-2026		925,000		1,124,032
									16,341,466
Texas: 11.82%
Airport Revenue: 1.73%
Dallas Fort Worth TX International Airport AMT Series E		5.00			11-1-2032		1,970,000		2,050,829
Dallas Fort Worth TX International Airport Improvement Bonds AMT Series H		5.00			11-1-2032		9,175,000		9,783,394
Dallas Fort Worth TX International Airport Improvement Bonds AMT Series H		5.00			11-1-2037		22,000,000		23,371,040
Dallas Fort Worth TX International Airport Refunding Bonds AMT Series A		5.00			11-1-2032		3,375,000		3,749,018
Houston TX Airport System Subordinate Refunding Bonds AMT Series A		5.00			7-1-2031		2,750,000		2,990,763
									41,945,044
Education Revenue: 1.16%
Arlington TX Higher Education Finance Corporate Education Series A		4.00			6-15-2026		530,000		536,355
Austin TX Community College District Series A		4.00			2-1-2023		320,000		346,678
Clifton TX Higher Education Finance Corporation International Leadership Series 2015A		4.63			8-15-2025		8,905,000		9,406,975
Clifton TX Higher Education Finance Corporation Uplift Education Series 2018D		5.00			8-15-2025		6,565,000		7,087,968
Clifton TX Higher Education Finance Corporation Uplift Education Series A		4.00			12-1-2025		3,245,000		3,412,702
New Hope TX Cultural Education Facilities Finance Corporation Jubilee Academic Center 144A		3.38			8-15-2021		1,070,000		1,075,746
Newark TX Higher Educational Finance Corporation Charter Schools Incorporated Series 2015 A 144A		4.63			8-15-2025		1,485,000		1,566,942
North Texas Higher Education Authority Incorporated Student Loan Series 2 Class A (3 Month LIBOR +1.00%) ±		3.59			4-1-2037		1,335,000		1,337,403
Texas PFA Southern University Financing System (Build America Mutual Assurance Company Insured)		5.00			11-1-2020		1,715,000		1,787,030
Texas PFA Southern University Financing System (Build America Mutual Assurance Company Insured)		5.00			11-1-2021		1,275,000		1,366,481
									27,924,280
GO Revenue: 4.62%
Denton TX Independent School District Refunding Bonds Series B		5.00			8-15-2032		5,000,000		5,518,250
Houston TX Public Improvement Refunding Bonds Series A		4.00			3-1-2031		10,110,000		10,917,385
Katy TX Independent School District Series 2016A		5.00			2-15-2023		1,415,000		1,597,026
Leander TX Independent School District CAB Bonds Series 2014C ¤		0.00			8-15-2035		2,975,000		1,577,643
Northside TX Independent School District Building Bonds Series 2018		2.75			8-1-2048		11,275,000		11,776,174
Pearland TX Permanent Improvement Series 2015		5.00			3-1-2021		1,000,000		1,060,350
Texas Anticipation Notes Series 2018		4.00			8-29-2019		16,810,000		16,875,055
Texas Transportation Commission Mobility Fund Refunding Bonds Series A ##		5.00			10-1-2030		40,760,000		47,541,220
Texas Transportation Commission Mobility Fund Series B (SIFMA Municipal Swap +0.30%) ±		2.20			10-1-2041		15,000,000		14,963,550
									111,826,653
Health Revenue: 1.00%
Mesquite TX Health Facilities Development Corporation Christian Care Centers Incorporated Project Series 2016		5.00			2-15-2020		810,000		819,493
Mesquite TX Health Facilities Development Corporation Christian Care Centers Incorporated Project Series 2016		5.00			2-15-2021		560,000		575,764

30  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A		5.00	%		8-15-2024	$	1,000,000	$	1,169,660
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A		5.00			8-15-2026		2,000,000		2,443,520
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project		5.00			10-1-2019		405,000		407,272
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project		5.00			10-1-2020		680,000		696,667
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project		5.00			10-1-2023		1,570,000		1,678,738
RIB Floater Trust Certificates Series 2019-010 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		2.05			11-15-2046		12,120,000		12,120,000
Tarrant County TX Cultural Education Facilities Finance Corporation Buckner Senior Living-Ventana Project		3.88			11-15-2022		4,315,000		4,316,855
									24,227,969
Housing Revenue: 0.37%
New Hope TX Cultural Education Facilities Finance Corporation Student Housing NCCD - Blinn College Properties LLC Project Series A		3.25			8-1-2019		5,000,000		5,000,200
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Tarleton State University Project		5.38			4-1-2028		1,845,000		2,008,006
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		4.00			4-1-2020		185,000		187,214
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		4.00			4-1-2021		310,000		317,998
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		4.00			4-1-2022		870,000		904,652
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		5.00			4-1-2025		480,000		537,034
									8,955,104
Industrial Development Revenue: 0.39%
Austin Convention Enterprises Incorporated Series 2017B		5.00			1-1-2020		500,000		508,610
Austin Convention Enterprises Incorporated Series 2017B		5.00			1-1-2021		500,000		524,365
Houston TX Airport System Refunding Bond United Airlines Incorporated Terminal E Project		4.50			7-1-2020		8,150,000		8,352,609
									9,385,584
Miscellaneous Revenue: 0.10%
Wood Glen TX Housing Finance Corporation Mortgage Copperwood Project Series A (National/FHA Insured)		7.65			7-1-2022		2,125,000		2,373,859
Resource Recovery Revenue: 0.43%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series B ø		2.07			4-1-2040		4,100,000		4,100,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series C ø		2.06			4-1-2040		400,000		400,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series E ø		2.05			11-1-2040		6,000,000		6,000,000
									10,500,000
Transportation Revenue: 1.00%
Central Texas Regional Mobility Authority Senior Lien Series A		5.00			1-1-2021		1,000,000		1,048,080
Central Texas Regional Mobility Authority Senior Lien Series A		5.00			1-1-2023		500,000		553,955
North Texas Tollway Authority System Refunding Bonds Series C (SIFMA Municipal Swap +0.67%) ±		2.57			1-1-2038		3,850,000		3,849,115
Texas Private Activity Bond Surface Transportation Corporation		7.00			6-30-2040		1,250,000		1,315,813
Texas Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XM0085 (Barclays Bank plc LIQ) 144Aø		2.10			7-1-2021		17,500,000		17,500,000
									24,266,963

Wells Fargo Strategic Municipal Bond Fund  |  31

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Utilities Revenue: 0.26%
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond		2.75	%		2-1-2048	$	6,000,000	$	6,198,000
Water & Sewer Revenue: 0.76%
Dallas TX Waterworks Refunding Bonds Series A		5.00			10-1-2029		15,000,000		18,320,250
									285,923,706
Utah: 1.30%
Airport Revenue: 0.18%
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A		5.00			7-1-2029		1,000,000		1,236,310
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A		5.00			7-1-2031		2,500,000		3,046,625
									4,282,935
Education Revenue: 0.06%
Utah Charter School Finance Authority Ronald Wilson Reagan Academy Project Series A 144A		3.50			2-15-2026		1,445,000		1,459,450
Health Revenue: 1.03%
Utah County UT IHC Health Services Series D (U.S. Bank NA SPA) ø		1.90			5-15-2049		25,000,000		25,000,000
Miscellaneous Revenue: 0.03%
Utah Infrastructure Agency Telecommunications Series 2017		2.00			10-15-2019		625,000		624,769
									31,367,154
Vermont: 0.45%
Education Revenue: 0.45%
Vermont Student Assistance Corporation Series A		5.00			6-15-2021		1,800,000		1,910,196
Vermont Student Assistance Corporation Series A		5.00			6-15-2022		550,000		599,445
Vermont Student Assistance Corporation Series A		5.00			6-15-2023		1,200,000		1,339,248
Vermont Student Assistance Corporation Series B (1 Month LIBOR +1.00%) ±		3.44			6-2-2042		7,149,339		7,088,569
									10,937,458
Virginia: 1.26%
Health Revenue: 0.04%
Prince William County VA IDA Westminster at Lake Ridge Series 2016		2.25			1-1-2020		910,000		910,983
Transportation Revenue: 0.25%
Toll Road Investors Partnership II LP Series 1999B 144A¤		0.00			2-15-2029		10,000,000		6,054,397
Utilities Revenue: 0.97%
Chesapeake VA EDA Poll Control Electric & Power Company Series 2008A ±		1.90			2-1-2032		4,250,000		4,284,553
Louisa VA Electric and Power IDA Series 2008B		2.15			11-1-2035		19,050,000		19,185,636
									23,470,189
									30,435,569
Washington: 1.57%
Airport Revenue: 0.08%
Port of Seattle WA Intermediate Lien Revenue Bonds AMT Series 2018A		5.00			5-1-2036		1,710,000		2,009,507
Education Revenue: 0.45%
University of Washington Series A		5.00			5-1-2048		10,000,000		10,801,000

32  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.72%
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.40%) ±		3.30	%		1-1-2035	$	11,000,000	$	11,187,330
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ±		2.71			1-1-2042		6,050,000		6,105,358
									17,292,688
Housing Revenue: 0.22%
Snohomish County WA Housing Authority		5.00			4-1-2027		1,130,000		1,363,243
Snohomish County WA Housing Authority		5.00			4-1-2028		1,610,000		1,965,327
Snohomish County WA Housing Authority		5.00			4-1-2029		1,690,000		2,090,784
									5,419,354
Resource Recovery Revenue: 0.10%
Washington State EDFA Waste Management 144A		2.13			6-1-2020		2,500,000		2,502,300
									38,024,849
West Virginia: 0.28%
Tax Revenue: 0.05%
Monongalia County WV Commission Special District University Town Center Series A 144A		4.50			6-1-2027		1,195,000		1,246,170
Utilities Revenue: 0.23%
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A		3.00			6-1-2037		5,450,000		5,527,608
									6,773,778
Wisconsin: 4.49%
Airport Revenue: 0.07%
Wisconsin PFA Airport Series C		5.00			7-1-2022		1,605,000		1,692,376
Education Revenue: 0.21%
Corvian County WI Community School Revenue 144A		4.25			6-15-2029		1,085,000		1,113,243
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		4.75			8-1-2023		830,000		862,644
Pine Lake WI PFA Preparatory Series 2015 144A		4.35			3-1-2025		2,120,000		2,194,115
Wisconsin PFA Roseman University of Health Sciences Project Series 2012		5.00			4-1-2022		890,000		923,740
									5,093,742
GO Revenue: 1.60%
Eau Claire WI Area School District Refunding Bonds		5.00			4-1-2022		1,245,000		1,364,495
Eau Claire WI Area School District Refunding Bonds		5.00			4-1-2023		1,860,000		2,098,489
Eau Claire WI Area School District Refunding Bonds		5.00			4-1-2024		1,000,000		1,159,910
Wisconsin State Series A		4.00			5-1-2030		12,720,000		13,525,430
Wisconsin State Series B		5.00			5-1-2031		12,230,000		14,723,452
Wisconsin State Series B		5.00			5-1-2034		5,000,000		5,863,800
									38,735,576
Health Revenue: 0.85%
Wisconsin HEFA Bellin Memorial Hospital Series 2015		3.00			12-1-2020		745,000		759,624
Wisconsin HEFA Bellin Memorial Hospital Series 2015		5.00			12-1-2022		755,000		839,152
Wisconsin HEFA Health Care Series 2010A		5.00			6-1-2030		14,330,000		14,803,320
Wisconsin PFA Bancroft Neurohealth Project Series A 144A		4.00			6-1-2020		635,000		643,026

Wells Fargo Strategic Municipal Bond Fund  |  33

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
Wisconsin PFA Bancroft Neurohealth Project Series A 144A		4.00	%		6-1-2021	$	1,370,000	$	1,399,113
Wisconsin State HEFA Ascension Health Credit Group Series A		4.00			11-15-2034		2,000,000		2,183,520
									20,627,755
Housing Revenue: 0.07%
Wisconsin Housing & EDA President House Project (Associated Trust Company NA LOC) ø		2.00			8-1-2046		1,585,000		1,585,000
Miscellaneous Revenue: 0.23%
Monona WI Anticipation Notes Series D		3.63			9-1-2022		1,925,000		1,963,635
Wisconsin State Series 2		5.00			11-1-2029		3,000,000		3,641,550
									5,605,185
Tax Revenue: 1.12%
Wisconsin State General Fund Annual Appropriations Series A		5.00			5-1-2028		11,775,000		14,695,553
Wisconsin State General Fund Annual Appropriations Series A		5.00			5-1-2029		10,000,000		12,409,700
									27,105,253
Water & Sewer Revenue: 0.34%
Wisconsin Clean Water Refunding Bonds Series 2012		5.00			6-1-2023		310,000		353,245
Wisconsin Clean Water Refunding Bonds Series 2013		5.00			6-1-2024		2,285,000		2,603,758
Wisconsin Clean Water Refunding Bonds Series 2015		5.00			6-1-2025		3,045,000		3,568,496
Wisconsin Clean Water Refunding Bonds Series 2015		5.00			6-1-2026		1,525,000		1,787,178
									8,312,677
									108,757,564
Total Municipal Obligations (Cost $2,344,250,018)									2,400,271,683
						Shares
Closed End Municipal Bond Funds: 0.41%
California: 0.41%
Nuveen California AMT-Free Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series A 2.20% 144A							10,000,000		10,000,000
Total Closed End Municipal Bond Funds (Cost $10,000,000)									10,000,000
	Yield
Short-Term Investments: 0.09%
Investment Companies: 0.04%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.82					836,527		837,029
	Interest rate					Principal
U.S. Treasury Securities: 0.05%
U.S. Treasury Bill (z)		2.18			9-12-2019	$	1,215,000		1,209,912
Total Short-Term Investments (Cost $2,046,429)									2,046,941

Total investments in securities (Cost $2,356,296,447)	99.69	%		2,412,318,624
Other assets and liabilities, net	0.31			7,497,347
Total net assets	100.00	%	$	2,419,815,971

34  |  Wells Fargo Strategic Municipal Bond Fund

Portfolio of investments—June 30, 2019

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

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

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

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

(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.

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

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

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHA Federal Housing Administration

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PCR Pollution control revenue

PFA Public Finance Authority

RDA Redevelopment Authority

RIB Residual Interest Bond

SIFMA Securities Industry and Financial Markets Association

SOFR Secured Overnight Financing Rate

SPA Standby purchase agreement

TTFA Transportation Trust Fund Authority

Wells Fargo Strategic Municipal Bond Fund  |  35

Portfolio of investments—June 30, 2019

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		10,804,761		662,118,561		672,086,795		836,527	$	(7,099	)	$	167	$	264,018	$	837,029		0.04	%

36  |  Wells Fargo Strategic Municipal Bond Fund

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $2,355,459,585)	$	2,411,481,595
Investments in affiliated securities, at value (cost $836,862)		837,029
Receivable for investments sold		11,680,724
Receivable for Fund shares sold		4,606,806
Receivable for interest		20,514,332
Prepaid expenses and other assets		30,719
Total assets		2,449,151,205
Liabilities
Payable for investments purchased		23,976,015
Payable for Fund shares redeemed		3,343,548
Management fee payable		710,892
Dividends payable		634,774
Administration fees payable		198,636
Distribution fee payable		50,979
Trustees’ fees and expenses payable		1,369
Accrued expenses and other liabilities		419,021
Total liabilities		29,335,234
Total net assets	$	2,419,815,971
Net assets consist of
Paid-in capital	$	2,361,965,882
Total distributable earnings		57,850,089
Total net assets	$	2,419,815,971
Computation of net asset value and offering price per share
Net assets – Class A	$	528,004,192
Shares outstanding – Class A1		57,751,657
Net asset value per share – Class A		$9.14
Maximum offering price per share – Class A2		$9.52
Net assets – Class C	$	82,330,817
Shares outstanding – Class C1		8,973,753
Net asset value per share – Class C		$9.17
Net assets – Class R6	$	13,290,939
Shares outstanding – Class R61		1,453,320
Net asset value per share – Class R6		$9.15
Net assets – Administrator Class	$	149,096,979
Shares outstanding – Administrator Class1		16,316,828
Net asset value per share – Administrator Class		$9.14
Net assets – Institutional Class	$	1,647,093,044
Shares outstanding – Institutional Class1		180,198,017
Net asset value per share – Institutional Class		$9.14

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/96 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Wells Fargo Strategic Municipal Bond Fund  |  37

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	59,219,957
Income from affiliated securities		264,018
Total investment income		59,483,975
Expenses
Management fee		7,822,246
Administration fees
Class A		783,119
Class C		160,863
Class R6		2,420	1
Administrator Class		163,737
Institutional Class		1,093,028
Shareholder servicing fees
Class A		1,223,623
Class C		251,348
Administrator Class		403,596
Distribution fee
Class C		754,045
Custody and accounting fees		90,057
Professional fees		58,172
Registration fees		158,108
Shareholder report expenses		67,610
Trustees’ fees and expenses		21,894
Other fees and expenses		34,815
Total expenses		13,088,681
Less: Fee waivers and/or expense reimbursements		(92,378	)
Net expenses		12,996,303
Net investment income		46,487,672
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities		4,302,860
Affiliated securities		(7,099	)
Futures contracts		1,680,192
Net realized gains on investments		5,975,953
Net change in unrealized gains (losses) on:
Unaffiliated securities		45,705,442
Affiiliated securities		167
Net change in unrealized gains (losses) on investments		45,705,609
Net realized and unrealized gains (losses) on investments		51,681,562
Net increase in net assets resulting from operations	$	98,169,234

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

38  |  Wells Fargo Strategic Municipal Bond Fund

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	46,487,672					$	36,723,411
Net realized gains (losses) on investments					5,975,953						(1,654,315	)
Net change in unrealized gains (losses) on investments					45,705,609						4,181,203
Net increase in net assets resulting from operations					98,169,234						39,250,299
Distributions to shareholders from net investment income and net realized gains
Class A					(9,763,010	)					(10,041,868	)
Class C					(1,245,785	)					(1,478,818	)
Class R6					(193,619	)2					N/A
Administrator Class					(3,446,885	)					(4,161,841	)
Institutional Class					(31,841,170	)					(25,473,493	)
Total distributions to shareholders					(46,490,469	)					(41,156,020	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		19,706,942			177,435,241			14,183,216			126,858,667
Class C		1,344,541			12,107,980			1,262,039			11,336,254
Class R6		2,320,780	2		20,830,779	2		N/A			N/A
Administrator Class		5,609,233			50,252,974			8,016,839			71,728,421
Institutional Class		100,346,510			902,217,837			65,554,521			586,336,407
					1,162,844,811						796,259,749
Reinvestment of distributions
Class A		995,585			8,956,377			1,025,264			9,170,102
Class C		120,097			1,082,404			145,058			1,302,030
Administrator Class		373,089			3,350,926			455,559			4,072,557
Institutional Class		2,885,056			25,969,024			2,335,413			20,883,398
					39,358,731						35,428,087
Payment for shares redeemed
Class A		(17,937,947	)		(161,039,725	)		(21,867,476	)		(195,482,366	)
Class C		(5,379,557	)		(48,528,767	)		(3,900,702	)		(35,016,106	)
Class R6		(867,460	)2		(7,804,378	)2		N/A			N/A
Administrator Class		(11,142,539	)		(99,719,756	)		(8,841,309	)		(78,960,801	)
Institutional Class		(60,128,198	)		(539,512,255	)		(46,407,316	)		(414,849,938	)
					(856,604,881	)					(724,309,211	)
Net increase in net assets resulting from capital share transactions					345,598,661						107,378,625
Total increase in net assets					397,277,426						105,472,904
Net assets
Beginning of period					2,022,538,545						1,917,065,641
End of period				$	2,419,815,971					$	2,022,538,545

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $260,353. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

Wells Fargo Strategic Municipal Bond Fund  |  39

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.93			$8.94			$9.06			$8.90			$9.03
Net investment income		0.18			0.15			0.13			0.14			0.10
Net realized and unrealized gains (losses) on investments		0.21			0.01			(0.07	)		0.18			(0.05	)
Total from investment operations		0.39			0.16			0.06			0.32			0.05
Distributions to shareholders from
Net investment income		(0.18	)		(0.15	)		(0.13	)		(0.14	)		(0.10	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)
Total distributions to shareholders		(0.18	)		(0.17	)		(0.18	)		(0.16	)		(0.18	)
Net asset value, end of period		$9.14			$8.93			$8.94			$9.06			$8.90
Total return1		4.41	%		1.82	%		0.65	%		3.67	%		0.56	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.82	%		0.81	%		0.81	%		0.81	%
Net expenses		0.80	%		0.82	%		0.81	%		0.81	%		0.81	%
Net investment income		1.99	%		1.69	%		1.45	%		1.53	%		1.16	%
Supplemental data
Portfolio turnover rate		29	%		33	%		31	%		53	%		39	%
Net assets, end of period (000s omitted)		$528,004			$491,128			$550,965			$726,135			$635,610

¹  Total return calculations do not include any sales charges.

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

40  |  Wells Fargo Strategic Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.96			$8.97			$9.09			$8.94			$9.06
Net investment income		0.11	1		0.08	1		0.07			0.07			0.04
Net realized and unrealized gains (losses) on investments		0.21			0.01			(0.07	)		0.17			(0.04	)
Total from investment operations		0.32			0.09			0.00			0.24			0.00
Distributions to shareholders from
Net investment income		(0.11	)		(0.08	)		(0.07	)		(0.07	)		(0.04	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)
Total distributions to shareholders		(0.11	)		(0.10	)		(0.12	)		(0.09	)		(0.12	)
Net asset value, end of period		$9.17			$8.96			$8.97			$9.09			$8.94
Total return2		3.62	%		1.06	%		(0.10	)%		2.78	%		(0.08	)%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.57	%		1.56	%		1.56	%		1.56	%
Net expenses		1.55	%		1.57	%		1.56	%		1.56	%		1.56	%
Net investment income		1.24	%		0.94	%		0.72	%		0.78	%		0.40	%
Supplemental data
Portfolio turnover rate		29	%		33	%		31	%		53	%		39	%
Net assets, end of period (000s omitted)		$82,331			$115,518			$137,955			$156,560			$152,882

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Strategic Municipal Bond Fund  |  41

Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended June 30, 20191
Net asset value, beginning of period		$8.94
Net investment income		0.20
Net realized and unrealized gains on investments		0.21
Total from investment operations		0.41
Distributions to shareholders from
Net investment income		(0.20	)
Net asset value, end of period		$9.15
Total return2		4.61	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%
Net expenses		0.41	%
Net investment income		2.39	%
Supplemental data
Portfolio turnover rate		29	%
Net assets, end of period (000s omitted)		$13,291

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

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

42  |  Wells Fargo Strategic Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.93			$8.93			$9.06			$8.90			$9.02
Net investment income		0.19			0.16			0.14			0.15			0.12
Net realized and unrealized gains (losses) on investments		0.21			0.02			(0.08	)		0.18			(0.04	)
Total from investment operations		0.40			0.18			0.06			0.33			0.08
Distributions to shareholders from
Net investment income		(0.19	)		(0.16	)		(0.14	)		(0.15	)		(0.12	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)
Total distributions to shareholders		(0.19	)		(0.18	)		(0.19	)		(0.17	)		(0.20	)
Net asset value, end of period		$9.14			$8.93			$8.93			$9.06			$8.90
Total return		4.53	%		2.07	%		0.67	%		3.80	%		0.80	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.76	%		0.75	%		0.74	%		0.75	%
Net expenses		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Net investment income		2.10	%		1.80	%		1.51	%		1.66	%		1.28	%
Supplemental data
Portfolio turnover rate		29	%		33	%		31	%		53	%		39	%
Net assets, end of period (000s omitted)		$149,097			$191,723			$195,138			$408,846			$529,945

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

Wells Fargo Strategic Municipal Bond Fund  |  43

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.93			$8.94			$9.06			$8.90			$9.03
Net investment income		0.21			0.18			0.16			0.17			0.13
Net realized and unrealized gains (losses) on investments		0.21			0.01			(0.07	)		0.18			(0.05	)
Total from investment operations		0.42			0.19			0.09			0.35			0.08
Distributions to shareholders from
Net investment income		(0.21	)		(0.18	)		(0.16	)		(0.17	)		(0.13	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)
Total distributions to shareholders		(0.21	)		(0.20	)		(0.21	)		(0.19	)		(0.21	)
Net asset value, end of period		$9.14			$8.93			$8.94			$9.06			$8.90
Total return		4.75	%		2.16	%		0.99	%		4.02	%		0.89	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net expenses		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.32	%		2.05	%		1.85	%		1.85	%		1.49	%
Supplemental data
Portfolio turnover rate		29	%		33	%		31	%		53	%		39	%
Net assets, end of period (000s omitted)		$1,647,093			$1,224,170			$1,033,007			$608,995			$319,313

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

44  |  Wells Fargo Strategic Municipal Bond Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

Wells Fargo Strategic Municipal Bond Fund  |  45

Notes to financial statements

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

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

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables

46  |  Wells Fargo Strategic Municipal Bond Fund

Notes to financial statements

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $2,356,296,445 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	56,297,999
Gross unrealized losses		(275,820	)
Net unrealized gains	$	56,022,179

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Wells Fargo Strategic Municipal Bond Fund  |  47

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	2,400,271,683	$	0	$	2,400,271,683
Closed end municipal bond funds		0		10,000,000		0		10,000,000
Short-term investments
Investment companies		837,029		0		0		837,029
U.S. Treasury securities		1,209,912		0		0		1,209,912
Total assets	$	2,046,941	$	2,410,271,683	$	0	$	2,412,318,624

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

At June 30, 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	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.37% of the Fund’s average daily net assets.

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

Administration fees

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

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

48  |  Wells Fargo Strategic Municipal Bond Fund

Notes to financial statements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.82% for Class A shares, 1.57% for Class C shares, 0.43% for Class R6 shares, 0.68% for Administrator Class shares, and 0.48% for Institutional Class shares. 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 year ended June 30, 2019, Funds Distributor received $11,025 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 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. Pursuant to these procedures, the Fund had $267,691,908 and $235,845,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $1,040,961,696 and $553,933,544, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended June 30, 2019, the Fund entered into futures contracts for to take advantage of the differences between municipal and treasury yields and to help manage the duration of the portfolio. The Fund had an average notional amount of $81,191,327 in long futures contracts and $9,187,933 in short futures contracts during the year ended June 30, 2019.

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

7. BANK BORROWINGS

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

For the year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

Wells Fargo Strategic Municipal Bond Fund  |  49

Notes to financial statements

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended June 30, 2019 and June 30, 2018 were as follows:

	Year ended June 30
	2019		2018
Ordinary income	$	0	$	2,201,445
Tax-exempt income		46,490,469		36,383,521
Long-term capital gain		0		2,571,054

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed tax-exempt income	Unrealized gains
$2,091,065	$384,421	$56,022,179

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

	Net investment income		Net realized gains
Class A		$8,770,008		$1,271,860
Class C		1,173,934		304,884
Administrator Class		3,668,568		493,273
Institutional Class		22,770,948		2,702,545

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

50  |  Wells Fargo Strategic Municipal Bond Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Strategic Municipal Bond Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

Wells Fargo Strategic Municipal Bond Fund  |  51

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

52  |  Wells Fargo Strategic Municipal Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Wells Fargo Strategic Municipal Bond Fund  |  53

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

54  |  Wells Fargo Strategic Municipal Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

Wells Fargo Strategic Municipal Bond Fund  |  55

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Strategic Municipal Bond Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Strategic Municipal Bond Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

56  |  Wells Fargo Strategic Municipal Bond Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Bloomberg Barclays Short-Intermediate Municipal Bond Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability

Wells Fargo Strategic Municipal Bond Fund  |  57

Other information (unaudited)

reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

58  |  Wells Fargo Strategic Municipal Bond Fund

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404828 08-19

A257/AR257 06-19

Annual Report

June 30, 2019

Wells Fargo

High Yield Municipal Bond Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	11
Portfolio of investments	12
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	30
Report of independent registered public accounting firm	35
Other information	36

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Save trees.

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo High Yield Municipal Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo High Yield Municipal Bond Fund for the 12-month period that ended June 30, 2019. After the first six months of the period yielded either low-single-digit or negative investment returns, stock and bond investors enjoyed a recovery during the final six months. The gains came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 10.42% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² rose 1.29%. The MSCI EM Index (Net)³ added 1.21%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 7.87%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ rose 4.10%, the Bloomberg Barclays Municipal Bond Index⁶ gained 6.71%, and the ICE BofAML U.S. High Yield Index⁷ added 7.58%.

U.S. and international markets diverged during the third quarter of 2018.

Domestic equity investors received encouraging news during the third quarter of 2018. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. Third-quarter corporate earnings reports were generally positive. U.S. trade negotiations with Mexico and Canada progressed. 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, one of four rate increases implemented during 2018, expressing confidence in the strength of the U.S. economic expansion’s durability.

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. 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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global 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.

2  |  Wells Fargo High Yield Municipal Bond Fund

Letter to shareholders (unaudited)

Global markets suffered during the fourth quarter of 2018.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging partisan clashes that followed and caused uncertainty among investors. Third-quarter U.S. 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. A partial U.S. government shutdown driven by partisan policy disputes extended into January.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. 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 to a target range of between 2.25% and 2.50%.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. Investment returns appeared to reaffirm the adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month of January, the 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. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth persisted. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the levels of the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and steady, if not spectacular, economic and business metrics reinforced investors’ confidence. Monthly job creation data and corporate profits, while less consistent than during 2018, were solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. First-quarter GDP showed the economy grew at an annualized rate of 3.2% on improvement in business investment and exports. Favorable sentiment extended to foreign markets as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11% for the month.

During May 2019, investing signals were mixed. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit caused Prime Minister Theresa May to resign. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues. Markets tumbled.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and markets gained. The gains, primarily driven by geopolitical and monetary policy events, drove equity markets to new highs. President Trump dropped his threats of new tariffs on Mexico after talks and further tariffs on China after meeting with China’s President Xi Jinping at the G-20 summit. President Mario Draghi of the European Central Bank said that if the outlook doesn’t

“December’s S&P 500 Index performance was the worst since 1931.”

“The S&P 500 Index gained 8.01% for the month of January, the best monthly performance in 30 years.”

Wells Fargo High Yield Municipal Bond Fund  |  3

Letter to shareholders (unaudited)

improve, the bank will cut rates or buy more assets to prop up inflation. In the U.S., the Fed said growth shifted from “solid” to “moderate” and indicated a willingness to cut rates.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

or call us directly at 1-800-222-8222.

4  |  Wells Fargo High Yield Municipal Bond Fund

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Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Derby

Terry J. Goode

Average annual total returns (%) as of June 30, 2019

		Including sales charge						Excluding sales charge							Expense ratios1 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net2
Class A (WHYMX)	1-31-2013		2.59		4.44		4.75		7.43		5.40		5.50			1.07		0.80
Class C (WHYCX)	1-31-2013		5.63		4.61		4.71		6.63		4.61		4.71			1.82		1.55
Class R6 (EKHRX)3	7-31-2018		–		–		–		7.85		5.69		5.78			0.69		0.50
Administrator Class (WHYDX)	1-31-2013		–		–		–		7.64		5.50		5.62			1.01		0.70
Institutional Class (WHYIX)	1-31-2013		–		–		–		7.70		5.66		5.76			0.74		0.55
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		6.71		3.64		3.28	*		–		–
Bloomberg Barclays High Yield Municipal Bond Index5	–		–		–		–		7.79		6.35		5.00	*		–		–

* Return is based on the oldest Fund 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. 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. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 7.

6  |  Wells Fargo High Yield Municipal Bond Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of June 30, 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, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through October 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 the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares.

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

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

⁶  The chart compares the performance of Class A shares since inception with the Bloomberg Barclays Municipal Bond Index and the Bloomberg Barclays High Yield Municipal Bond Index. The chart assumes a hypothetical $10,000 investment in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

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

⁸  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.

Wells Fargo High Yield Municipal Bond Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A, excluding sales charges) outperformed its primary benchmark, the Bloomberg Barclays Municipal Bond Index, for the year that ended June 30, 2019. The Fund (Class A, excluding sales charges) underperformed its secondary benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, over the same period.

∎ Our conservative duration and yield-curve positioning relative to the benchmark were positive contributors. We started the period close to neutral and extended duration in early 2019 prior to the significant rally in rates. Security selection and credit positioning contributed to performance. High-yield credit spreads tightened across the board over the course of the year.

∎ Security selection was the biggest driver of performance, and our overweight to selected high-yield bonds was accretive to returns. These bonds continued to benefit from strong technicals and demand from investors for higher-yielding municipal paper.

∎ An overweight to BB-rated bonds and out-of-benchmark nonrated bonds were positive contributors to relative performance. The Fund’s more conservative credit positioning contributed to lower volatility but also was a detractor against the secondary benchmark performance as non-investment-grade and lower-rated bonds performed the best.

Effective maturity distribution as of June 30, 2019⁷

The Fed abruptly changed course from raising rates to a potential rate cut over the period.

Throughout most of 2018, the fixed-income markets expected the U.S. Federal Reserve (Fed) to continue the path to normalize monetary policy. Moderate economic growth, stronger employment data, and inflation near its 2% target enabled the Fed to increase the federal funds rate four times in the calendar year. Despite a Fed rate hike in December, the Treasury market rallied in the fourth quarter of 2018 as the market lowered expectations for further rate hikes amid slower global growth, trade tariffs, and uncertainty concerning Britain’s departure from the

European Union. These concerns only increased as we moved into the first half of 2019, and discussions changed from when the Fed might hike to when it might cut the federal funds rate. As a result, fixed-income markets rallied, pushing the benchmark 10-year Treasury yield from a 3.23% peak in November 2018 to 2.00% by the end of June 2019.

Specific to the municipal bond market, the beginning of the reporting period was marked with significant outflows due to a general risk-on sentiment in equity markets and the fear of rising interest rates. As the calendar turned, so did market sentiment. Flows into municipal mutual funds not only turned positive, but record inflows were reported as investor opinion toward fixed income, particularly municipals, improved due to investor expectations that interest rates would remain stable. While new-issue supply was higher than it was a year earlier, it was still much lower than a typical year due to tax reform that eliminated the ability of issuers to advance refund outstanding, higher-cost debt on a tax-exempt basis. Technicals drove the market as overall reduced supply, state and local sales tax caps for individuals, and lower interest rates fueled demand and thus returns for municipal bonds over the period.

Please see footnotes on page 7.

8  |  Wells Fargo High Yield Municipal Bond Fund

Performance highlights (unaudited)

Credit quality as of June 30, 2019⁸

Security selection and credit positioning were the strongest performance drivers for the Fund.

Yield-curve positioning, particularly among 20-year and longer bonds, was accretive to performance. Sector allocation also aided performance, while conservative duration positioning was somewhat offset by security selection. The largest individual contributors to performance included local Illinois general obligation (GO) bonds, New Jersey appropriation bonds, gas bonds, and industrial development revenue/pollution control revenue (IDR/PCR) project finance bonds. Detractors from performance were relatively few and small in size, including a distressed

hospital bond we sold and a bond issued by a financially weaker private school.

Demand for income remained strong during the period, as overall interest rates remained low by historical standards. This demand combined with positive fund flows, low supply, and slowing but steady economic growth fueled demand for high-yield bonds, which generally outperformed bonds in other rating categories. The Fund was overweight these rating categories and benefited as prices rose. We actively traded new issues, particularly in the IDR/PCR sector.

As the year progressed, we became increasingly cautious as spreads for lower-investment-grade and high-yield bonds continued to tighten. Again, while overall yields are very low in the high-yield universe, we have been seeing more signs of weakness in certain sectors of the market. Multifamily housing has seen a number of defaults over the past year, and there have been growing concerns about appropriation debt after a city in Missouri failed to appropriate for a shopping center issue over the past year. We have seen an increase in initial defaults in the Continuing Care Retirement Community space as well. We have largely been able to avoid these pitfalls through careful security selection.

Duration was a contributor to performance versus the primary benchmark but was a detractor from performance versus the secondary benchmark, the Bloomberg Barclays High Yield Municipal Bond Index. We started the period with a neutral duration position and extended duration in the first part of 2019 prior to the significant rally in rates. We let duration drift in toward the end of the period and ended slightly longer than the primary benchmark. We continued to be conservatively positioned relative to the secondary index as the period ended.

We remain underweight state GO bonds but have an overweight to local GO bonds, which were some of our better-performing issues for the year, especially those in lower-rated Illinois and New Jersey complexes. We remain overweight hospitals compared with the primary index, yet we remain underweight the sector versus the secondary index. Against both indices, we outperformed in the sector due to security selection. In IDR/PCRs, we saw a similar story, with an overweight compared with the primary index but an underweight compared with the secondary index. Again, credit and security selection led to outperformance against both indices. Our lack of exposure to Puerto Rico led to sector underperformance in GOs versus the high-yield GO sector as well as water and sewer, with Puerto Rico Electric Power Authority bonds rallying as the issuer moves closer to a potential restructuring. We would also note that Puerto Rico Corporación del Fondo de Interés Apremiante bonds performed in line with the secondary index. Our overweight to alternative minimum tax bonds was accretive to performance versus both indices.

As the expansion appears to be in the rearview mirror, a transition away from risk may be warranted.

The economic expansion started in June 2009 and is the longest since the Great Depression. Low-quality bonds and equities have performed well with both near records—highs on stocks and record-low yields for bonds. We believe we are late cycle, and although economic strength remains, the trend is negative and we expect growth to slow throughout the rest of the year. Our base case does not include a recession but rather suboptimal growth with little risk of an upside surprise to inflation at this point. Global economic growth is anemic at best, with trade issues and Brexit concerns adding to a weakening economic environment. Fed rhetoric is dovish, and as of June 30, 2019, the bond market was pricing in multiple rate cuts by year-end, the effect of which would likely serve to inflate asset prices rather than provide any real economic stimulus. Slow economic growth bodes well for bonds but not necessarily credit spreads, as slower economic growth typically weighs on credit quality.

Please see footnotes on page 7.

Wells Fargo High Yield Municipal Bond Fund  |  9

Performance highlights (unaudited)

Overall, technicals remain strong in the municipal bond market. Bond valuations in the medium term are supported by strong technicals, such as record levels of municipal debt maturities and calls, limited availability of gross municipal bond supply, and continued flows into the asset class. The Fund is structured for a slower-growth environment, with duration close to neutral and curve positioning based largely on a key rate structure as we transition to a rate-cutting cycle. We expect to maintain the Fund’s conservative positions in terms of credit and duration relative to the secondary index.

Please see footnotes on page 7.

10  |  Wells Fargo High Yield Municipal Bond Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2019 to June 30, 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,058.96	$	4.08		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class C
Actual	$	1,000.00	$	1,055.05	$	7.90		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.11	$	7.75		1.55	%
Class R6
Actual	$	1,000.00	$	1,061.50	$	2.55		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.50		0.50	%
Administrator Class
Actual	$	1,000.00	$	1,060.44	$	3.58		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Institutional Class
Actual	$	1,000.00	$	1,060.26	$	2.81		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.07	$	2.76		0.55	%

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).

Wells Fargo High Yield Municipal Bond Fund  |  11

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 97.65%
Alabama: 1.74%
Industrial Development Revenue: 1.23%
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Company Refunding Bond Series A 144A		5.25	%		5-1-2044	$	1,500,000	$	1,653,645
Water & Sewer Revenue: 0.51%
Jefferson County AL Warrants CAB Senior Lien Series B (AGM Insured) ¤		0.00			10-1-2027		920,000		683,790
									2,337,435
Arizona: 3.28%
Education Revenue: 1.33%
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses		5.00			7-1-2023		205,000		213,013
Phoenix AZ IDA Great Hearts Academies Project		5.20			7-1-2022		85,000		88,875
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A		6.50			7-1-2034		500,000		573,155
Pima County AZ IDA Desert Heights Charter School Facility Refunding Bond		6.00			5-1-2024		395,000		418,416
Pima County AZ IDA New Plan Learning Project Series A		8.13			7-1-2041		495,000		501,366
									1,794,825
Health Revenue: 1.95%
Maricopa County AZ IDA Senior Living Facility Series 2016 144A		6.00			1-1-2048		1,000,000		1,044,730
Tempe AZ IDA Mirabella at ASU Incorporated Project Series A 144A		6.13			10-1-2052		1,400,000		1,577,786
									2,622,516
									4,417,341
California: 6.59%
Education Revenue: 0.21%
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		7.13			8-1-2043		250,000		278,735
Health Revenue: 0.82%
California Statewide CDA Loma Linda University Medical Center Refunding Bond Series A		5.25			12-1-2044		1,000,000		1,102,450
Housing Revenue: 0.81%
California Community Housing Agency Workforce Annadel Apartments Series A 144A		5.00			4-1-2049		1,000,000		1,097,790
Industrial Development Revenue: 0.81%
California PCFA Solid Waste Disposal AMT Green Bond Calplant I Project 144A		8.00			7-1-2039		1,000,000		1,085,920
Miscellaneous Revenue: 1.64%
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2046		500,000		566,910
Compton CA PFA Refunding Bond 144A		4.50			9-1-2032		1,585,000		1,635,752
									2,202,662
Resource Recovery Revenue: 1.51%
California Pollution Control Financing Authority AMT Rialto Bioenergy Facility LLC 144A		7.50			12-1-2040		2,000,000		2,037,600

12  |  Wells Fargo High Yield Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.79%
Compton CA Community College RDA Project 2nd Lien Series A		4.75	%		8-1-2019	$	225,000	$	225,486
Compton CA Community College RDA Project 2nd Lien Series A		5.00			8-1-2020		100,000		103,211
San Francisco City & County CA RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A ¤		0.00			8-1-2026		1,000,000		735,710
									1,064,407
									8,869,564
Colorado: 9.51%
GO Revenue: 7.54%
Arapahoe County CO Copperleaf Metropolitan District #2		5.75			12-1-2045		500,000		524,300
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A		5.25			12-1-2047		1,000,000		1,048,150
Brighton CO Crossing Metropolitan District #4 Series A		5.00			12-1-2047		1,220,000		1,268,776
Colorado Big Dry Creek Metropolitan District Refunding & Improvement Bonds Limited Tax Series A		5.75			12-1-2047		1,000,000		1,050,740
Colorado Broadway Station Metropolitan District #2 Senior Series A		5.13			12-1-2048		500,000		520,595
Colorado Copperleaf Metropolitan District #3 Series A		5.13			12-1-2047		1,200,000		1,235,268
Colorado Cottonwood Highlands Metropolitan District #1 Limited Tax Series A 144A		5.00			12-1-2049		900,000		921,816
Colorado Whispering Pines Metropolitan District #1 Series A		5.00			12-1-2047		1,000,000		1,024,190
Denver CO International Business Center Metropolitan District #1 Series B		6.00			12-1-2048		1,145,000		1,181,915
Eaton CO Area Park & Recreation District		5.00			12-1-2023		810,000		867,891
Eaton CO Area Park & Recreation District		5.50			12-1-2030		475,000		508,782
									10,152,423
Tax Revenue: 1.56%
Colorado Centerra Metropolitan District #1 Special Revenue Refunding & Improvement Bonds 144A		5.00			12-1-2029		1,000,000		1,076,180
Pueblo CO Urban Renewal Authority Regional Tourism Act Project		5.00			6-1-2036		1,000,000		1,019,580
									2,095,760
Transportation Revenue: 0.41%
Colorado High Performance Transportation Enterprise U.S. 36 & I-25 Managed Lanes		5.75			1-1-2044		500,000		546,895
									12,795,078
Connecticut: 0.48%
GO Revenue: 0.48%
Hartford CT Series A		4.00			4-1-2032		325,000		344,572
Hartford CT Series A		5.00			4-1-2024		105,000		117,454
Hartford CT Series B		5.00			4-1-2033		50,000		54,810
Hartford CT Unrefunded Bond Series A		5.00			4-1-2029		45,000		48,674
Hartford CT Unrefunded Bond Series A		5.00			4-1-2030		70,000		75,641
									641,151
Delaware: 0.80%
Education Revenue: 0.80%
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A		7.00			9-1-2045		1,000,000		1,076,080
District of Columbia: 0.33%
Tobacco Revenue: 0.33%
District of Columbia Tobacco Settlement Financing Corporation		6.75			5-15-2040		435,000		449,159

Wells Fargo High Yield Municipal Bond Fund  |  13

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Florida: 3.44%
Education Revenue: 2.53%
Florida Capital Trust Agency Educational Facilities Pineapple Cove Classical Academy Incorporated Project Series A 144A		5.13	%		7-1-2039	$	2,000,000	$	2,072,260
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A		8.50			6-15-2044		250,000		287,005
Miami-Dade County FL IDA Youth Co-Op Charter Schools Project Series A 144A		6.00			9-15-2045		1,000,000		1,042,620
									3,401,885
Health Revenue: 0.19%
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project		6.00			11-1-2038		250,000		250,035
Transportation Revenue: 0.72%
Florida Development Finance Corporation Surface Virgin Trains USA Passenger Rail Project Series 2019-A 144A		6.50			1-1-2049		1,000,000		971,250
									4,623,170
Georgia: 1.22%
Housing Revenue: 0.67%
Cobb County GA Development Authority Student Housing Kennesaw State University Foundation Project Refunding Bond Series C		5.00			7-15-2028		800,000		892,608
Transportation Revenue: 0.55%
Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B 144A¤		0.00			6-1-2049		1,000,000		744,330
									1,636,938
Guam: 0.22%
Airport Revenue: 0.22%
Guam International Airport Authority Series C		6.38			10-1-2043		260,000		301,220
Idaho: 0.19%
Education Revenue: 0.19%
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A		6.25			5-1-2043		250,000		261,993
Illinois: 18.15%
Airport Revenue: 0.95%
Chicago IL Midway Airport Second Lien Refunding Bond Series A		5.00			1-1-2031		1,000,000		1,119,690
Chicago IL O’Hare International Airport Revenue Bond Series B		6.00			1-1-2041		150,000		160,512
									1,280,202
Education Revenue: 1.14%
Illinois Finance Authority Charter School Aid Intrinsic Schools Belmont School Project Series A 144A		5.25			12-1-2025		800,000		844,008
Illinois Finance Authority Charter Schools Refunding & Improvement Bonds Series A		6.88			10-1-2031		640,000		687,392
									1,531,400
GO Revenue: 7.56%
Chicago IL Board of Education CAB School Reform Series A (National Insured) ¤		0.00			12-1-2025		500,000		415,660
Chicago IL Neighborhoods Alive 21 Program Series B		5.50			1-1-2032		700,000		777,000
Chicago IL Series A		5.00			1-1-2033		310,000		321,414
Chicago IL Series A		6.00			1-1-2038		1,500,000		1,743,885

14  |  Wells Fargo High Yield Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) ¤		0.00	%		12-1-2025	$	730,000	$	620,850
Illinois		5.00			3-1-2033		2,000,000		2,103,100
Illinois Series A (AGM Insured)		5.00			4-1-2024		500,000		553,355
Lake County IL Community Unit School District #187 North Chicago Series A (AGM Insured) ¤		0.00			1-1-2023		590,000		537,319
Will County IL Lincoln-Way Community High School District #210		4.00			1-1-2022		525,000		525,284
Will County IL Lincoln-Way Community High School District #210 CAB Series B ¤		0.00			1-1-2027		685,000		533,033
Will County IL Lincoln-Way Community High School District #210 CAB Series B ¤		0.00			1-1-2033		1,000,000		589,460
Will County IL Lincoln-Way Community High School District #210 Series A		3.25			1-1-2030		450,000		407,628
Will County IL Lincoln-Way Community High School District #210 Series A		5.00			1-1-2030		1,000,000		1,050,700
									10,178,688
Health Revenue: 0.72%
Friendship Village of Schaumburg Illinois Finance Authority Series 2017		5.00			2-15-2037		1,000,000		966,970
Miscellaneous Revenue: 2.26%
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		2,000,000		2,018,040
Illinois		5.50			7-1-2025		250,000		277,610
Illinois Finance Authority Educational Facility Senior Rogers Park Montessori School		6.00			2-1-2034		680,000		743,519
									3,039,169
Tax Revenue: 5.52%
Chicago IL Sales Tax		5.00			1-1-2032		1,500,000		1,779,510
Chicago IL Sales Tax Series A		5.00			1-1-2041		1,000,000		1,088,820
Chicago IL Transit Authority Sales Tax Receipts Bonds (AGM Insured)		5.00			12-1-2044		1,000,000		1,116,980
Hillside IL Tax Increment Refunding Bond		5.00			1-1-2030		1,345,000		1,398,679
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤		0.00			6-15-2025		1,140,000		948,537
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series A		5.00			6-15-2057		1,000,000		1,097,410
									7,429,936
									24,426,365
Iowa: 1.32%
Health Revenue: 1.32%
Iowa Finance Authority Senior Housing Northcrest Incorporated Project Series A		5.00			3-1-2028		1,615,000		1,780,990
Kansas: 2.22%
Health Revenue: 0.80%
Kansas State Development Finance Authority Revenue Bond Series A		5.25			11-15-2033		1,000,000		1,076,930
Tax Revenue: 1.42%
Wyandotte County & Kansas City KS Special Obligation Refunding & Improvement Bonds Plaza Redevelopment Project		4.00			12-1-2028		725,000		742,719
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤		0.00			9-1-2034		2,935,000		1,163,816
									1,906,535
									2,983,465

Wells Fargo High Yield Municipal Bond Fund  |  15

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Kentucky: 0.79%
Health Revenue: 0.79%
Kentucky EDFA Rosedale Green Project Refunding Bond		5.50	%		11-15-2035	$	1,000,000	$	1,061,610
Maryland: 0.80%
Education Revenue: 0.80%
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A		6.90			8-1-2041		1,000,000		1,081,650
Massachusetts: 1.02%
Health Revenue: 1.02%
Massachusetts Development Finance Agency Linden Ponds Incorporated Facility 144A		4.00			11-15-2023		1,335,000		1,367,521
Michigan: 6.77%
Education Revenue: 0.59%
Michigan Finance Authority Limited Obligation Public School Academy Cesar Chavez Academy Project		5.00			2-1-2022		155,000		157,038
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project 144A		6.50			9-1-2037		190,000		144,474
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project		7.00			10-1-2036		292,500		292,757
Oakland County MI Economic Development Corporation The Academy of The Sacred Heart Project Series A		6.50			12-15-2036		235,000		199,750
									794,019
GO Revenue: 1.09%
Detroit MI		5.00			4-1-2027		500,000		560,615
Wayne County MI Building Improvement Series A		6.75			11-1-2039		900,000		906,849
									1,467,464
Miscellaneous Revenue: 1.12%
Charyl Stockwell Academy Michigan Public School Refunding Bond		4.88			10-1-2023		330,000		335,095
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		4.75			5-1-2027		950,000		950,428
Michigan Public Educational Facilities Authority Chandler Park Academy		6.35			11-1-2028		225,000		225,407
									1,510,930
Tax Revenue: 2.27%
Detroit MI Downtown Development Authority CAB ¤		0.00			7-1-2020		285,000		273,911
Detroit MI Downtown Development Authority CAB ¤		0.00			7-1-2021		170,000		156,519
Detroit MI Downtown Development Authority CAB ¤		0.00			7-1-2024		20,000		15,872
Detroit MI Downtown Development Authority CAB ¤		0.00			7-1-2025		580,000		436,404
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bond Series F		4.50			10-1-2029		1,000,000		1,080,060
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bond Series B		5.00			7-1-2044		1,000,000		1,082,970
									3,045,736
Water & Sewer Revenue: 1.70%
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-4		5.00			7-1-2031		1,015,000		1,159,323
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-6 (National Insured)		5.00			7-1-2036		1,000,000		1,128,390
									2,287,713
									9,105,862

16  |  Wells Fargo High Yield Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Minnesota: 0.99%
Education Revenue: 0.41%
Deephaven MN Charter School Eagle Ridge Academy Project Series A		4.40	%		7-1-2025	$	125,000	$	129,901
Deephaven MN Charter School Eagle Ridge Academy Project Series A		5.00			7-1-2030		195,000		211,908
Deephaven MN Charter School Eagle Ridge Academy Project Series A		5.25			7-1-2037		190,000		205,498
									547,307
Housing Revenue: 0.58%
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond		4.70			8-1-2026		335,000		358,708
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond		4.80			8-1-2027		400,000		428,616
									787,324
									1,334,631
Mississippi: 1.18%
Resource Recovery Revenue: 1.18%
Mississippi Business Finance Corporation AMT Waste Pro USA Incorporated Project 144A		5.00			2-1-2036		1,500,000		1,588,980
Missouri: 1.05%
Tax Revenue: 1.05%
Blue Springs MO Special Obligation Tax Refunding & Improvement Bonds Adams Farm Project Series A		4.00			6-1-2026		490,000		496,316
Richmond Heights MO Francis Place Redevelopment Project		5.63			11-1-2025		920,000		920,359
									1,416,675
Nevada: 1.28%
Industrial Development Revenue: 1.28%
Director of the State of Nevada Department of Business & Industry AMT Fulcrum Sierra Biofuels LLC Project 144A		6.25			12-15-2037		1,500,000		1,718,010
New Jersey: 4.15%
GO Revenue: 0.82%
Newark NJ Qualified General Improvement Series A		5.00			7-15-2027		1,000,000		1,097,180
Industrial Development Revenue: 0.20%
New Jersey EDA Continental Airlines Incorporated Project		5.25			9-15-2029		250,000		273,995
Miscellaneous Revenue: 0.96%
Essex County NJ Improvement Authority Lease Newark Project Series A		6.25			11-1-2030		200,000		212,710
New Jersey EDA School Facilities Construction Project Series NN (National Insured)		5.00			3-1-2030		1,000,000		1,083,930
									1,296,640
Transportation Revenue: 2.17%
New Jersey TTFA CAB Series A ¤		0.00			12-15-2031		1,000,000		663,770
New Jersey TTFA Series C		5.25			6-15-2032		2,000,000		2,252,377
									2,916,147
									5,583,962

Wells Fargo High Yield Municipal Bond Fund  |  17

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
New York: 1.06%
Education Revenue: 0.77%
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		7.65	%		2-1-2044	$	995,000	$	1,031,168
Utilities Revenue: 0.29%
Green Island NY Power Authority Power System		6.00			12-15-2020		385,000		390,671
									1,421,839
Ohio: 1.58%
Miscellaneous Revenue: 0.83%
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2039		1,000,000		1,123,410
Resource Recovery Revenue: 0.75%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		1,000,000		1,005,580
									2,128,990
Oklahoma: 0.44%
Health Revenue: 0.44%
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.50			8-15-2057		500,000		592,045
Oregon: 0.54%
Health Revenue: 0.54%
Multnomah County OR Hospital Facilities Authority Mirabella South Waterfront Project Refunding Bond Series A		5.00			10-1-2019		120,000		120,848
Polk County OR Hospital Facility Authority Revenue Bond Dallas Retirement Village Project Series 2015-A		5.00			7-1-2025		550,000		601,750
									722,598
Pennsylvania: 6.23%
Education Revenue: 2.22%
Allegheny County PA IDA Propel Charter School Sunrise Project		5.25			7-15-2023		95,000		98,373
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project of Millersville University		5.00			7-1-2029		500,000		546,330
Montgomery County PA Higher Education & Health Authority Arcadia University		5.00			4-1-2026		1,655,000		1,915,464
Philadelphia PA IDA Tacony Academy Charter School Project		6.88			6-15-2033		375,000		417,671
									2,977,838
Health Revenue: 0.75%
Quakertown PA General Authority Health LifeQuest Obligated Group Refunding Bond Series C		5.30			7-1-2042		1,000,000		1,008,810
Industrial Development Revenue: 0.97%
Pennsylvania EDFA Carbonlite P LLC Project 144A%%		5.75			6-1-2036		1,250,000		1,303,550
Miscellaneous Revenue: 2.29%
Chester County PA IDA Woodlands at Graystone Project Series 2018 144A		5.13			3-1-2048		1,050,000		1,103,508
Philadelphia PA State Public School Building Authority School District Project		5.00			4-1-2031		1,000,000		1,074,890
Scranton PA RDA Series A (Municipal Government Guaranty Insured)		5.00			11-15-2021		880,000		906,497
									3,084,895
									8,375,093

18  |  Wells Fargo High Yield Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Puerto Rico: 0.74%
Tax Revenue: 0.74%
Puerto Rico Sales Tax Financing Corporation Series A-1		5.00	%		7-1-2058	$	1,000,000	$	1,000,000
South Carolina: 2.07%
Education Revenue: 0.51%
South Carolina Jobs EDA York Preparatory Academy Project Series A		5.75			11-1-2023		130,000		134,667
South Carolina Jobs EDA York Preparatory Academy Project Series A		7.25			11-1-2045		500,000		551,535
									686,202
Health Revenue: 0.79%
South Carolina Jobs EDA Residential Facilities Revenue Episcopal Home Still Hopes Refunding Bond Series A		5.00			4-1-2048		1,000,000		1,057,800
Resource Recovery Revenue: 0.77%
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A		6.25			2-1-2045		1,000,000		1,040,900
									2,784,902
Tennessee: 1.16%
Tax Revenue: 1.16%
Bristol TN Industrial Development Board Sales Tax CAB Series B 144A¤		0.00			12-1-2031		2,000,000		1,022,920
Nashville TN Metropolitan Development & Housing Agency Tax Increment Fifth & Broadway Development Project 144A		5.13			6-1-2036		500,000		543,375
									1,566,295
Texas: 7.97%
Education Revenue: 1.03%
Arlington TX Higher Education Finance Corporation Universal Academy Series A		7.00			3-1-2034		320,000		334,134
Pottsboro TX Higher Education Finance Corporation Imagine International Academy of North Texas Series A		3.88			8-15-2026		1,015,000		1,047,176
									1,381,310
GO Revenue: 0.79%
Port Isabel TX 144A		5.10			2-15-2049		1,000,000		1,063,890
Health Revenue: 1.40%
New Hope TX Cultural Education Facilities Finance Corporation Retirement Facility Presbyterian Village North Project Series 2018		5.00			10-1-2025		1,730,000		1,887,568
Miscellaneous Revenue: 2.17%
Hackberry TX Special Assessment Public Improvement District #3 Phase #13		6.00			9-1-2026		185,000		191,395
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #5 144A		6.50			9-1-2034		905,000		908,240
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		5.50			9-1-2039		500,000		503,300
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		6.00			9-1-2037		1,250,000		1,313,988
									2,916,923
Resource Recovery Revenue: 2.23%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.07			4-1-2040		3,000,000		3,000,000

Wells Fargo High Yield Municipal Bond Fund  |  19

Portfolio of investments—June 30, 2019

	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 0.18%
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC		7.00	%		12-31-2038	$	200,000	$	235,026
Utilities Revenue: 0.17%
Texas Gas Supply SA Energy Acquisition Public Facilities Corporation		5.50			8-1-2027		190,000		234,162
									10,718,879
Utah: 0.75%
Education Revenue: 0.75%
Utah Finance Authority Charter School Revenue Spectrum Academy Project 144A		5.00			4-15-2030		1,000,000		1,010,000
Virginia: 1.83%
Health Revenue: 0.81%
Henrico County VA EDA Residential Care Facilities Pinnacle Living Series A		5.00			6-1-2049		1,000,000		1,094,290
Miscellaneous Revenue: 1.02%
Stafford County & Staunton VA IDA Community Services Boards League/Central Series B		6.50			8-1-2028		1,370,000		1,371,685
									2,465,975
Washington: 0.75%
Health Revenue: 0.75%
Skagit County WA Public Hospital District #1 Skagit Valley Hospital Project		5.25			12-1-2025		250,000		260,478
Washington Housing Finance Commission Bayview Manor Homes Series A 144A		4.00			7-1-2026		730,000		752,769
									1,013,247
West Virginia: 1.21%
Tax Revenue: 1.21%
Monongalia County WV Commission Refunding & Improvement Bonds University Town Center Series A 144A		5.75			6-1-2043		1,500,000		1,623,615
Wisconsin: 3.80%
Education Revenue: 2.64%
Wisconsin PFA Charter School Voyager Funding Incorporated Project Series A		4.13			10-1-2024		230,000		239,356
Wisconsin PFA Coral Academy Science Las Vegas Series A		5.00			7-1-2024		370,000		391,578
Wisconsin PFA Research Triangle High School Project Series 2015-A 144A		5.63			7-1-2045		1,000,000		1,036,230
Wisconsin PFA Wilson Preparatory Academy Series A 144A		4.13			6-15-2029		540,000		555,784
Wisconsin PFA Wilson Preparatory Academy Series A 144A		5.00			6-15-2039		1,285,000		1,332,288
									3,555,236
Health Revenue: 1.16%
Wisconsin HEFA Wisconsin Illinois Senior Housing Incorporated Series 2018-A		5.25			8-1-2048		1,500,000		1,552,500
									5,107,736
Total Municipal Obligations (Cost $123,799,329)									131,390,064

20  |  Wells Fargo High Yield Municipal Bond Fund

Portfolio of investments—June 30, 2019

	Yield			Shares		Value
Short-Term Investments: 1.44%
Investment Companies: 1.44%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)##		1.82	%		1,932,890	$	1,934,050
Total Short-Term Investments (Cost $1,934,041)							1,934,050

Total investments in securities (Cost $125,733,370)	99.09	%		133,324,114
Other assets and liabilities, net	0.91			1,222,212
Total net assets	100.00	%	$	134,546,326

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

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

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

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

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

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

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

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

CCAB Convertible capital appreciation bond

CDA Community Development Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

GO General obligation

HEFA Health & Educational Facilities Authority

IDA Industrial Development Authority

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PFA Public Finance Authority

RDA Redevelopment Authority

TTFA Transportation Trust Fund Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		193,315		49,892,422		48,152,847		1,932,890	$	251	$	9	$	11,535	$	1,934,050		1.44	%

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

Wells Fargo High Yield Municipal Bond Fund  |  21

Statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $123,799,329)	$	131,390,064
Investments in affiliated securities, at value (cost $1,934,041)		1,934,050
Receivable for investments sold		1,588,223
Receivable for Fund shares sold		53,126
Receivable for interest		1,670,294
Prepaid expenses and other assets		68,009
Total assets		136,703,766
Liabilities
Payable for investments purchased		1,778,965
Payable for Fund shares redeemed		254,194
Management fee payable		29,364
Dividends payable		26,490
Administration fees payable		11,322
Distribution fee payable		6,134
Trustees’ fees and expenses payable		1,381
Accrued expenses and other liabilities		49,590
Total liabilities		2,157,440
Total net assets	$	134,546,326
Net assets consist of
Paid-in capital	$	127,393,255
Total distributable earnings		7,153,071
Total net assets	$	134,546,326
Computation of net asset value and offering price per share
Net assets – Class A	$	23,674,078
Shares outstanding – Class A1		2,157,531
Net asset value per share – Class A		$10.97
Maximum offering price per share – Class A2		$11.49
Net assets – Class C	$	9,954,862
Shares outstanding – Class C1		907,085
Net asset value per share – Class C		$10.97
Net assets – Class R6	$	25,867
Shares outstanding – Class R61		2,356
Net asset value per share – Class R6		$10.98
Net assets – Administrator Class	$	15,704,264
Shares outstanding – Administrator Class1		1,430,722
Net asset value per share – Administrator Class		$10.98
Net assets – Institutional Class	$	85,187,255
Shares outstanding – Institutional Class1		7,763,396
Net asset value per share – Institutional Class		$10.97

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.

22  |  Wells Fargo High Yield Municipal Bond Fund

Statement of operations—year ended June 30, 2019

Investment income
Interest	$	5,763,412
Income from affiliated securities		11,535
Total investment income		5,774,947
Expenses
Management fee		647,233
Administration fees
Class A		32,520
Class C		14,727
Class R6		7	1
Administrator Class		19,457
Institutional Class		64,350
Shareholder servicing fees
Class A		50,813
Class C		23,011
Administrator Class		48,429
Distribution fee
Class C		69,034
Custody and accounting fees		17,505
Professional fees		58,701
Registration fees		101,898
Shareholder report expenses		28,722
Trustees’ fees and expenses		21,416
Other fees and expenses		10,741
Total expenses		1,208,564
Less: Fee waivers and/or expense reimbursements		(319,341	)
Net expenses		889,223
Net investment income		4,885,724
Realized and unrealized gains (losses) on investments
Net realized gains on:
Unaffiliated securities		723,760
Affiliated securities		251
Net realized gains on investments		724,011
Net change in unrealized gains (losses) on:
Unaffiliated securities		3,956,522
Affiiliated securities		9
Net change in unrealized gains (losses) on investments		3,956,531
Net realized and unrealized gains (losses) on investments		4,680,542
Net increase in net assets resulting from operations	$	9,566,266

¹  For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

Wells Fargo High Yield Municipal Bond Fund  |  23

Statement of changes in net assets

	Year ended June 30, 2019						Year ended June 30, 20181
Operations
Net investment income				$	4,885,724					$	4,902,547
Net realized gains (losses) on investments					724,011						(18,833	)
Net change in unrealized gains (losses) on investments					3,956,531						2,722,837
Net increase in net assets resulting from operations					9,566,266						7,606,551
Distributions to shareholders from net investment income and net realized gains
Class A					(748,569	)					(674,381	)
Class C					(267,644	)					(262,165	)
Class R6					(908	)2					N/A
Administrator Class					(717,353	)					(900,885	)
Institutional Class					(3,150,417	)					(3,065,373	)
Total distributions to shareholders					(4,884,891	)					(4,902,804	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		891,097			9,469,553			523,458			5,507,807
Class C		326,023			3,467,080			243,083			2,563,225
Class R6		2,356	2		25,000	2		N/A			N/A
Administrator Class		509,916			5,419,801			823,935			8,665,436
Institutional Class		3,781,572			40,041,514			2,688,557			28,274,124
					58,422,948						45,010,592
Reinvestment of distributions
Class A		66,476			710,565			60,416			635,499
Class C		24,085			257,291			23,038			242,387
Administrator Class		53,338			568,370			72,339			761,162
Institutional Class		280,408			2,994,965			267,171			2,810,697
					4,531,191						4,449,745
Payment for shares redeemed
Class A		(413,546	)		(4,406,588	)		(928,806	)		(9,778,906	)
Class C		(282,977	)		(3,004,602	)		(265,986	)		(2,799,324	)
Administrator Class		(1,457,134	)		(15,416,580	)		(773,657	)		(8,148,860	)
Institutional Class		(3,433,887	)		(36,431,467	)		(2,956,600	)		(31,109,401	)
					(59,259,237	)					(51,836,491	)
Net increase (decrease) in net assets resulting from capital share transactions					3,694,902						(2,376,154	)
Total increase in net assets					8,376,277						327,593
Net assets
Beginning of period					126,170,049						125,842,456
End of period				$	134,546,326					$	126,170,049

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

² For the period from July 31, 2018 (commencement of class operations) to June 30, 2019

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

24  |  Wells Fargo High Yield Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.59			$10.37			$10.91			$10.34			$10.25
Net investment income		0.39			0.40			0.37			0.35			0.34
Net realized and unrealized gains (losses) on investments		0.38			0.22			(0.46	)		0.60			0.18
Total from investment operations		0.77			0.62			(0.09	)		0.95			0.52
Distributions to shareholders from
Net investment income		(0.39	)		(0.40	)		(0.37	)		(0.35	)		(0.34	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)
Total distributions to shareholders		(0.39	)		(0.40	)		(0.45	)		(0.38	)		(0.43	)
Net asset value, end of period		$10.97			$10.59			$10.37			$10.91			$10.34
Total return1		7.43	%		6.11	%		(0.76	)%		9.44	%		5.06	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.07	%		1.06	%		1.07	%		1.07	%
Net expenses		0.80	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		3.68	%		3.82	%		3.51	%		3.28	%		3.26	%
Supplemental data
Portfolio turnover rate		20	%		50	%		82	%		61	%		61	%
Net assets, end of period (000s omitted)		$23,674			$17,086			$20,305			$38,018			$21,100

¹  Total return calculations do not include any sales charges.

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

Wells Fargo High Yield Municipal Bond Fund  |  25

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.59			$10.37			$10.91			$10.34			$10.25
Net investment income		0.31			0.32			0.29			0.27			0.26
Net realized and unrealized gains (losses) on investments		0.38			0.22			(0.46	)		0.60			0.18
Total from investment operations		0.69			0.54			(0.17	)		0.87			0.44
Distributions to shareholders from
Net investment income		(0.31	)		(0.32	)		(0.29	)		(0.27	)		(0.26	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)
Total distributions to shareholders		(0.31	)		(0.32	)		(0.37	)		(0.30	)		(0.35	)
Net asset value, end of period		$10.97			$10.59			$10.37			$10.91			$10.34
Total return1		6.63	%		5.32	%		(1.50	)%		8.62	%		4.28	%
Ratios to average net assets (annualized)
Gross expenses		1.84	%		1.82	%		1.81	%		1.82	%		1.82	%
Net expenses		1.55	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income		2.91	%		3.09	%		2.79	%		2.49	%		2.50	%
Supplemental data
Portfolio turnover rate		20	%		50	%		82	%		61	%		62	%
Net assets, end of period (000s omitted)		$9,955			$8,896			$8,709			$10,573			$4,522

¹  Total return calculations do not include any sales charges.

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

26  |  Wells Fargo High Yield Municipal Bond Fund

Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended June 30, 20191
Net asset value, beginning of period		$10.61
Net investment income		0.39
Net realized and unrealized gains (losses) on investments		0.37
Total from investment operations		0.76
Distributions to shareholders from
Net investment income		(0.39	)
Net asset value, end of period		$10.98
Total return2		7.29	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%
Net expenses		0.50	%
Net investment income		3.96	%
Supplemental data
Portfolio turnover rate		20	%
Net assets, end of period (000s omitted)		$26

¹  For the period from July, 31, 2018 (commencement of class operations) to June 30, 2019

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

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

Wells Fargo High Yield Municipal Bond Fund  |  27

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.59			$10.37			$10.92			$10.34			$10.26
Net investment income		0.40			0.41			0.38			0.36			0.35
Net realized and unrealized gains (losses) on investments		0.39			0.22			(0.47	)		0.61			0.17
Total from investment operations		0.79			0.63			(0.09	)		0.97			0.52
Distributions to shareholders from
Net investment income		(0.40	)		(0.41	)		(0.38	)		(0.36	)		(0.35	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)
Total distributions to shareholders		(0.40	)		(0.41	)		(0.46	)		(0.39	)		(0.44	)
Net asset value, end of period		$10.98			$10.59			$10.37			$10.92			$10.34
Total return		7.64	%		6.21	%		(0.75	)%		9.65	%		5.07	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.01	%		1.00	%		1.00	%		1.00	%
Net expenses		0.71	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.69	%		3.93	%		3.60	%		3.39	%		3.35	%
Supplemental data
Portfolio turnover rate		20	%		50	%		82	%		61	%		62	%
Net assets, end of period (000s omitted)		$15,704			$24,627			$22,839			$25,179			$13,768

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

28  |  Wells Fargo High Yield Municipal Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended June 30
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.59			$10.37			$10.91			$10.34			$10.25
Net investment income		0.42			0.43			0.40			0.38			0.37
Net realized and unrealized gains (losses) on investments		0.38			0.22			(0.46	)		0.60			0.18
Total from investment operations		0.80			0.65			(0.06	)		0.98			0.55
Distributions to shareholders from
Net investment income		(0.42	)		(0.43	)		(0.40	)		(0.38	)		(0.37	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)
Total distributions to shareholders		(0.42	)		(0.43	)		(0.48	)		(0.41	)		(0.46	)
Net asset value, end of period		$10.97			$10.59			$10.37			$10.91			$10.34
Total return		7.70	%		6.37	%		(0.51	)%		9.71	%		5.33	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.74	%		0.73	%		0.74	%		0.74	%
Net expenses		0.55	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.92	%		4.09	%		3.82	%		3.58	%		3.51	%
Supplemental data
Portfolio turnover rate		20	%		50	%		82	%		61	%		62	%
Net assets, end of period (000s omitted)		$85,187			$75,560			$73,989			$67,867			$76,118

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

Wells Fargo High Yield Municipal Bond Fund  |  29

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in 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.

30  |  Wells Fargo High Yield Municipal Bond Fund

Notes to financial statements

Federal and other taxes

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

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

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $125,733,370 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	7,654,748
Gross unrealized losses		(64,004	)
Net unrealized gains	$	7,590,744

As of June 30, 2019, the Fund had capital loss carryforwards which consist of $432,834 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	131,390,064	$	0	$	131,390,064
Short-term investments
Investment companies		1,934,050		0		0		1,934,050
Total assets	$	1,934,050	$	131,390,064	$	0	$	133,324,114

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

At June 30, 2019, the Fund did not have any transfers into/out of Level 3.

Wells Fargo High Yield Municipal Bond Fund  |  31

Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the year ended June 30, 2019, the management fee was equivalent to an annual rate of 0.50% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.80% for Class A shares, 1.55% for Class C shares, 0.50% for Class R6 shares, 0.70% for Administrator Class shares, and 0.55% 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. Prior to August 1, 2018, the Fund’s expenses were capped at 0.85% for Class A shares, 1.60% for Class C shares, 0.75% for Administrator Class shares, and 0.60% for Institutional Class shares.

Distribution fee

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

32  |  Wells Fargo High Yield Municipal Bond Fund

Notes to financial statements

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 year ended June 30, 2019, Funds Distributor received $3,563 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 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. Pursuant to these procedures, the Fund had $17,150,000 and $24,920,000 in interfund purchases and sales, respectively, during the year ended June 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2019 were $36,378,908 and $23,891,246, 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 year ended June 30, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $4,884,891 and $4,902,804 of tax-exempt income for the years ended June 30, 2019 and June 30, 2018, respectively.

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$21,651	$7,590,744	$(432,834)

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

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

Wells Fargo High Yield Municipal Bond Fund  |  33

Notes to financial statements

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

34  |  Wells Fargo High Yield Municipal Bond Fund

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo High Yield Municipal Bond Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 26, 2019

Wells Fargo High Yield Municipal Bond Fund  |  35

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2019.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

36  |  Wells Fargo High Yield Municipal Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Wells Fargo High Yield Municipal Bond Fund  |  37

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

38  |  Wells Fargo High Yield Municipal Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

Wells Fargo High Yield Municipal Bond Fund  |  39

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo High Yield Municipal Bond Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo High Yield Municipal Bond Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

40  |  Wells Fargo High Yield Municipal Bond Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Bloomberg Barclays Municipal Bond Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or equal to the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Wells Fargo High Yield Municipal Bond Fund  |  41

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

42  |  Wells Fargo High Yield Municipal Bond Fund

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404822 08-19

A264/AR264 06-19

Annual Report

June 30, 2019

Wells Fargo

Alternative Risk Premia 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.

Contents

Performance highlights	2
Fund expenses	6
Consolidated portfolio of investments	7
Consolidated financial statements
Consolidated statement of assets and liabilities	17
Consolidated statement of operations	18
Consolidated statement of changes in net assets	19
Consolidated financial highlights	20
Consolidated notes to financial statements	22
Report of independent registered public accounting firm	30
Other information	31

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Save trees.

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The views expressed and any forward-looking statements are as of June 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Alternative Risk Premia Fund  |  1

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Fargo Asset Management (International) Limited

Portfolio managers

Petros N. Bocray, CFA^®‡ , FRM

Eddie Cheng, CFA^®‡

Monisha Jayakumar

Average annual total returns (%) as of June 30, 2019

					Expense ratios1 (%)
	Inception date	Since inception			Gross		Net2
Class R6 (WRPRX)3	1-29-2019		-2.60	*		0.92		0.62
Institutional Class (WRPIX)3	1-29-2019		-2.60			1.02		0.72
ICE BofAML U.S. 3-Month Treasury Bill Index4	–		1.05	**		–		–

^*  Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles.

^**  Return is based on Fund’s inception date.

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.

Class R6 and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Alternative risk premia investment risk is the Fund’s ability to achieve its investment objective depending largely upon the portfolio managers’ successful evaluation of the risks, potential returns, and correlation properties with respect to the various risk premia in which the Fund invests. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market value of common shares. Short selling is generally considered speculative, has the potential for unlimited loss, and may involve leverage. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. 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 subsidiary risk and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 3.

2  |  Wells Fargo Alternative Risk Premia Fund

Performance highlights (unaudited)

Growth of $1,000,000 investment as of June 30, 2019⁵

^‡ 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 4, 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 Fund is closed to new investors, except that Class R6 shares may be purchased by funds of funds managed by Wells Fargo Funds Management, LLC.

⁴  The ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. Copyright 2019. ICE Data Indices, LLC. All rights reserved. You cannot invest directly in an index.

⁵  The chart compares the performance of the Institutional Class shares since inception with the ICE BofAML 3-Month U.S. Treasury Bill Index. The chart assumes a hypothetical $1,000,000 investment in Institutional Class shares and reflects all operating expenses.

⁶  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 and emerging markets, excluding the U.S. 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.

⁷  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.

⁸  The EURO STOXX 50 Index, Europe’s leading blue-chip index for the Eurozone, provides a blue-chip representation of super sector leaders in the region. The EURO STOXX 50 Index is licensed to financial institutions to serve as an underlying for a wide range of investment products such as exchange-traded funds (ETFs), futures, options and structured products worldwide. You cannot invest directly in an index.

⁹  The MSCI Emering Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. You cannot invest directly in an index.

¹⁰  Amounts are subject to change and may have changed since the date specified.

^*  This security was no longer held at the end of the reporting period.

Wells Fargo Alternative Risk Premia Fund  |  3

Performance highlights (unaudited)

MANAGERS’ DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, ICE BofAML U.S. 3-Month Treasury Bill Index, for the 5-month period from the Fund’s inception on January 29, 2019, through June 30, 2019.

∎ Top detractors included our equity multifactor strategy (-2.3%) and rates value strategy (-1.2%), which suffered as investors continued chasing expensive securities.

∎ Top contributors included our cross-asset trend strategy (+2.6%) and foreign exchange (FX) carry strategy (+0.6%), both of which benefited from excess liquidity in the market and dovish central banks.

Equity markets enjoyed a strong rebound.

Equity markets enjoyed a strong rebound following the sell-off during liquidity-dry December last year. In the first six months of 2019, the MSCI ACWI Index (Net)⁶ delivered 16% (in local currencies), both the S&P 500 Index⁷ and the Euro Stoxx 50⁸ rallied by 18%, and the MSCI EM Index (Net)⁹ returned 10.58% (in U.S. dollars). This widespread return of risk appetite was supported by more cautious and accommodative central banks across the globe as well as investors’ optimism that trade tension can be resolved in an ordered manner despite the backdrop of falling global economic activity data and on-and-off idiosyncratic events indicating that geopolitical risks are not completely off the table.

The Fund was launched at the end of January. The Fund’s portfolio managers seek to maintain low correlations with stock and bond investments while producing a positive return over a 3 to 5 year period with a target of 8% to 10% annualized Fund volatility. The Fund aims to harvest alternative risk premia such as carry, value and momentum, in a systematic way across different asset classes. With the macroeconomic backdrop in the first half of 2019, the Fund declined 2.6% within the first five months, trailing the benchmark for the same period.

Market trends caused the Fund to underperform the benchmark.

The strong investment market rebound in the first half of 2019 caused some of the Fund’s tactical strategies to detract from Fund performance. One of the Fund’s allocations that suffered was the equity multifactor strategy. The struggle for small size and value factors continued to surprise investors. Mega-cap technology stocks such as Apple Inc.*; Microsoft Corp.*; Facebook, Inc.*; Amazon.com, Inc.*; and Alphabet Inc.* reemerged as the dominant group of stocks, leading the charge for the recovery in the first half. This continued enthusiasm for these stocks had a negative impact on the strategy’s performance, as we have a tilt toward small size. In addition, given the fact that these stocks have expensive valuations, we are net short on all these names. Since the date of the Fund’s launch on January 29, 2019, the equity multifactor strategy detracted 230 bps (bps; 100 bps equal 1.00%) from overall Fund performance. Another allocation that was hurt during the first half was our rates value strategy, where the expensive markets such as Australia got even more expensive with the backdrop of sizable monthly declines in housing prices and investors’ expectations that the Reserve Bank of Australia would cut interest rates.

Net asset exposure as of June 30, 201910
	% of net assets
	Long positions		Short positions
Stocks		74		55
Interest rate futures		126		6
Currency futures		63		74
Equity index futures		19		1
Commodity futures		19		26

Our cross-asset trend strategy delivered positive performance during the period. It aims to harvest herding behavior in the market by taking long positions in assets with positive trends and shorting those with negative ones. Following the asset-price correction in the fourth quarter of 2018, it established a defensive position through a long government bond allocation established at the beginning of 2019. Therefore, it benefited when central banks turned out to be more accommodative and more patient in the current tightening cycle. The strategy also quickly started favoring equity at the end of February due to its fast responsiveness toward market movements. These two

large positions led to the contribution by the cross-asset trend strategy of roughly 260 bps at the Fund level since the Fund’s launch of January 29, 2019. Alongside the cross-asset trend strategy, another top contributor was our FX carry strategy. Using a currency carry trade, we attempt to capture the difference between the rates of a high-yielding currency and a low-yielding currency. Benign liquidity and dovish central banks are usually friends with carry trade strategies. Most of the high-yielding currencies, especially emerging market currencies such as the Indian rupee and the Russian ruble, benefited from this accommodative first-half environment. The FX carry delivered 60 bps to the Fund.

Please see footnotes on page 3.

4  |  Wells Fargo Alternative Risk Premia Fund

Performance highlights (unaudited)

Looking ahead, we continue to believe that these alternative risk premia strategies will deliver positive payoff. On the macro end, we believe that strategies such as FX carry will keep enjoying the accommodative liquidity in the market while others, like cross-asset trend, will continue harvesting the behavior bias such as herding and act defensively when the tide turns. In the single equity space, we view the strengths in the large names and weakness in cheap stocks as abnormal and do not believe that this is likely to persist going forward. These expensive stocks have outperformed almost without interruption in this 10-year bull market, and investors may eventually pay attention to value when they realize that there is very limited remaining potential upside for these stocks.

Please see footnotes on page 3.

Wells Fargo Alternative Risk Premia Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2019 to June 30, 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.

“Hypothetical” linePlease note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the 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 1-1-2019		Ending account value 6-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class R6
Actual	$	1,000.00	$	974.00	$	3.03		0.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.11		0.62	%
Institutional Class
Actual	$	1,000.00	$	974.00	$	3.53		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.62		0.72	%

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).

6  |  Wells Fargo Alternative Risk Premia Fund

Consolidated portfolio of investments—June 30, 2019

	Yield					Shares		Value
Short-Term Investments: 101.11%
Investment Companies: 6.12%
Wells Fargo Government Money Market Fund Select Class (l)(u)*		2.33	%				2,383,220	$	2,383,220
				Maturity date		Principal
U.S. Treasury Securities: 94.99%
U.S. Treasury Bill (z)#*		2.37			8-1-2019	$	27,500,000		27,452,224
U.S. Treasury Bill (z)#		2.37			9-26-2019		9,625,000		9,576,793
									37,029,017
Total Short-Term Investments (Cost $39,394,830)									39,412,237

Total investments in securities (Cost $39,394,830)	101.11	%		39,412,237
Other assets and liabilities, net	(1.11	)		(431,300	)
Total net assets	100.00	%	$	38,980,937

(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.

* A portion of the holding represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity.

(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.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
London Metal Exchange Copper Futures *		3		7-17-2019	$	447,836	$	449,400	$	1,564	$	0
London Metal Exchange Lead Futures *		7		7-17-2019		338,612		336,963		0		(1,649	)
London Metal Exchange Nickel Futures *		7		7-17-2019		509,533		530,880		21,347		0
London Metal Exchange Zinc Futures *		21		7-17-2019		1,391,159		1,336,125		0		(55,034	)
CAC 40 Index		11		7-19-2019		669,894		692,073		22,179		0
Natural Gas Futures *		6		7-29-2019		142,580		138,480		0		(4,100	)
Hang Seng Index		3		7-30-2019		547,514		547,352		0		(162	)
Brent Crude Futures *		19		7-31-2019		1,177,479		1,230,059		52,580		0
Gasoline RBOB Futures *		14		7-31-2019		993,077		1,115,201		122,124		0
Gold 100 Ounces Futures *		8		8-28-2019		1,127,073		1,130,960		3,887		0
Natural Gas Futures *		23		8-28-2019		521,975		524,860		2,885		0
Gasoline RBOB Futures *		1		8-30-2019		78,577		77,872		0		(705	)
Euro-Bund Futures		7		9-6-2019		1,374,018		1,374,959		941		0
10-Year Japanese Treasury Bonds		23		9-12-2019		32,769,575		32,820,573		50,998		0
Cocoa Futures *		45		9-13-2019		1,098,048		1,091,250		0		(6,798	)
Corn Futures *		21		9-13-2019		471,253		445,988		0		(25,265	)
Wheat Futures *		10		9-13-2019		273,412		263,625		0		(9,787	)
London Metal Exchange Copper Futures *		2		9-18-2019		298,745		299,800		1,055		0
10-Year U.S. Treasury Notes		9		9-19-2019		1,122,914		1,151,719		28,805		0
S&P/TSX 60 Index		6		9-19-2019		887,369		895,911		8,542		0
SPI 200 Index		7		9-19-2019		796,388		805,831		9,443		0
DAX Index		2		9-20-2019		697,873		704,320		6,447		0
Euro STOXX 50 Index		17		9-20-2019		652,840		670,002		17,162		0

Wells Fargo Alternative Risk Premia Fund  |  7

Consolidated portfolio of investments—June 30, 2019

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long (continued)
FTSE 100 Index		8		9-20-2019	$	745,743		$	748,661		$	2,918	$	0
MSCI Emerging Markets Index		9		9-20-2019		473,734			474,030			296		0
NASDAQ 100 E-Mini Index		3		9-20-2019		449,975			461,625			11,650		0
Russell 2000 E-Mini Index		11		9-20-2019		839,364			861,905			22,541		0
S&P 500 E-Mini Index		5		9-20-2019		721,263			736,050			14,787		0
Long Gilt Bonds		82		9-26-2019		13,472,590			13,568,900			96,310		0
Silver Futures *		2		9-26-2019		152,657			153,410			753		0
Short
London Metal Exchange Aluminium Futures *		(33)		7-17-2019		(1,443,352	)		(1,470,356	)		0		(27,004	)
London Metal Exchange Copper Futures *		(3)		7-17-2019		(438,665	)		(449,400	)		0		(10,735	)
London Metal Exchange Lead Futures *		(21)		7-17-2019		(985,601	)		(1,010,888	)		0		(25,287	)
London Metal Exchange Nickel Futures *		(7)		7-17-2019		(517,060	)		(530,880	)		0		(13,820	)
London Metal Exchange Zinc Futures *		(5)		7-17-2019		(325,572	)		(318,125	)		7,447		0
Lean Hogs Futures *		(5)		8-14-2019		(150,881	)		(152,000	)		0		(1,119	)
Soybean Futures *		(21)		8-14-2019		(965,134	)		(949,725	)		15,409		0
Soybean Meal Futures *		(26)		8-14-2019		(846,723	)		(819,780	)		26,943		0
Soybean Oil Futures *		(52)		8-14-2019		(882,454	)		(885,144	)		0		(2,690	)
WTI Crude Futures *		(17)		8-20-2019		(1,010,644	)		(994,840	)		15,804		0
Live Cattle Futures *		(1)		8-30-2019		(42,226	)		(41,740	)		486		0
NY Harbor Ultra-Low Sulfur Diesel Futures *		(2)		8-30-2019		(166,070	)		(163,565	)		2,505		0
Low Sugar Gas Oil Futures *		(13)		9-12-2019		(783,532	)		(780,650	)		2,882		0
TOPIX Index		(4)		9-12-2019		(565,158	)		(575,430	)		0		(10,272	)
KC Hard Red Winter Wheat Futures *		(28)		9-13-2019		(661,708	)		(646,100	)		15,608		0
10-Year Australian Treasury Bonds		(19)		9-16-2019		(1,892,360	)		(1,916,142	)		0		(23,782	)
Coffee C Futures *		(7)		9-18-2019		(263,268	)		(287,306	)		0		(24,038	)
London Metal Exchange Aluminium Futures *		(4)		9-18-2019		(180,157	)		(180,025	)		132		0
London Metal Exchange Nickel Futures *		(8)		9-18-2019		(610,188	)		(609,840	)		348		0
10-Year Canadian Treasury Bonds		(4)		9-19-2019		(428,350	)		(436,577	)		0		(8,227	)
Sugar #11 Futures *		(18)		9-30-2019		(245,330	)		(254,419	)		0		(9,089	)
Cotton #2 Futures *		(35)		12-6-2019		(1,158,184	)		(1,156,400	)		1,784		0
Soybean Oil Futures *		(3)		12-13-2019		(51,235	)		(51,894	)		0		(659	)
											$	588,562	$	(260,222	)

* Represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity.

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
33,780,881,000 IDR	2,363,787 USD	Goldman Sachs	7-17-2019	$	23,442	$	0
213,830,000 INR	3,072,270 USD	Goldman Sachs	7-17-2019		19,620		0
1,978,000 GBP	2,524,304 USD	Goldman Sachs	7-17-2019		0		(10,433	)
672,000 BRL	173,361 USD	Goldman Sachs	7-17-2019		1,401		0
1,478,000 EUR	1,677,366 USD	Goldman Sachs	7-17-2019		5,375		0
9,128,000 TRY	1,543,079 USD	Goldman Sachs	7-17-2019		19,466		0
36,658,000 MXN	1,848,678 USD	Goldman Sachs	7-17-2019		56,558		0

8  |  Wells Fargo Alternative Risk Premia Fund

Consolidated portfolio of investments—June 30, 2019

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
21,009,000 ZAR	1,394,279 USD	Goldman Sachs	7-17-2019	$	94,532	$	0
721,846,000 JPY	6,697,470 USD	Goldman Sachs	7-17-2019		5,682		0
134,480,000 RUB	2,059,008 USD	Goldman Sachs	7-17-2019		63,062		0
431,000 CZK	19,052 USD	Goldman Sachs	7-17-2019		228		0
1,504,000 PLN	399,357 USD	Goldman Sachs	7-17-2019		3,636		0
1,444,000 BRL	373,329 USD	Goldman Sachs	7-17-2019		2,201		0
9,144,918,000 IDR	646,512 USD	Goldman Sachs	7-17-2019		0		(259	)
3,399,000 CZK	151,904 USD	Goldman Sachs	7-17-2019		146		0
766,000 SEK	82,748 USD	Goldman Sachs	7-17-2019		0		(166	)
7,891,000 JPY	73,300 USD	Goldman Sachs	7-17-2019		0		(23	)
373,418,000 CLP	549,306 USD	Goldman Sachs	7-17-2019		1,881		0
284,000 AUD	198,995 USD	Goldman Sachs	7-17-2019		492		0
5,161,000 CAD	3,936,969 USD	Goldman Sachs	7-17-2019		5,505		0
306,000 CHF	313,456 USD	Goldman Sachs	7-17-2019		453		0
135,261,000 KRW	117,053 USD	Goldman Sachs	7-17-2019		144		0
23,697,000 NOK	2,785,340 USD	Goldman Sachs	7-17-2019		0		(6,005	)
102,645,000 HUF	360,876 USD	Goldman Sachs	7-17-2019		757		0
789,462 USD	7,405,000 SEK	Goldman Sachs	7-17-2019		0		(8,874	)
7,952,076 USD	11,352,000 AUD	Goldman Sachs	7-17-2019		0		(21,794	)
1,851,671 USD	2,458,000 CAD	Goldman Sachs	7-17-2019		0		(25,989	)
855,098 USD	592,754,000 CLP	Goldman Sachs	7-17-2019		0		(19,841	)
1,978,592 USD	559,530,000 HUF	Goldman Sachs	7-17-2019		7,287		0
6,881,368 USD	59,433,000 NOK	Goldman Sachs	7-17-2019		0		(89,313	)
4,634,365 USD	6,956,000 NZD	Goldman Sachs	7-17-2019		0		(40,299	)
1,585,552 USD	1,872,901,000 KRW	Goldman Sachs	7-17-2019		0		(37,225	)
8,066,153 USD	7,950,000 CHF	Goldman Sachs	7-17-2019		0		(89,311	)
126,004 USD	188,000 NZD	Goldman Sachs	7-17-2019		0		(338	)
402,925 USD	354,000 EUR	Goldman Sachs	7-17-2019		0		(113	)
310,760 USD	5,974,000 MXN	Goldman Sachs	7-17-2019		272		0
899,267 USD	62,223,000 INR	Goldman Sachs	7-17-2019		0		(451	)
196,279 USD	2,785,000 ZAR	Goldman Sachs	7-17-2019		0		(1,081	)
398,250 USD	314,000 GBP	Goldman Sachs	7-17-2019		0		(817	)
				$	312,140	$	(352,332	)

Swaps

Reference asset/index	Counterparty	Payment frequency	Maturity date		Notional amount		Value		Unrealized gains		Unrealized losses
Synthetic total return swap†	Goldman Sachs	Monthly		2-1-2024	$	7,823,454	$	7,841,198	$	17,744	$	0

† The Fund receives or pays the difference between the total return on a portfolio of long and short positions underlying the total return swap and the return on a specified benchmark (either the Federal Funds Effective Rate or the One Month LIBOR), plus or minus a spread in a typical range of 20-75 basis points. The spread is determined based upon the country and/or currency of the individual underlying positions. Certain short positions may be subject to higher market rates.

Wells Fargo Alternative Risk Premia Fund  |  9

Consolidated portfolio of investments—June 30, 2019

The following table represents the component disclosures associated with the synthetic total return swap basket as of the end of the period.

Reference asset	Shares		Value		% of swap basket value
Long positions
Common Stocks
Communication Services
Diversified Telecommunication Services
PCCW Limited		186,000	$	107,385		1.37	%
Spark New Zealand Limited		145,031		389,727		4.97
Entertainment
DeNA Company Limited		33,300		637,801		8.13
Interactive Media & Services
Kakaku.com Incorporated		5,100		98,391		1.25
Media
Discovery Communications Incorporated Class A		2,734		83,934		1.07
Hakuhodo DY Holdings Incorporated		28,500		479,516		6.12
Interpublic Group of Companies Incorporated		13,287		300,153		3.83
Liberty Media Corporation Class A		2,856		107,985		1.38
Pearson plc		15,531		161,615		2.06
Schibsted ASA Class B		11,995		312,725		3.99
SES SA		17,369		271,567		3.46
Singapore Press Holdings Limited		57,400		103,515		1.32
				3,054,314
Consumer Discretionary
Auto Components
Lear Corporation		870		121,165		1.55
Toyoda Gosei Company Limited		18,700		364,408		4.65
Diversified Consumer Services
H&R Block Incorporated		10,969		321,392		4.10
Hotels, Restaurants & Leisure
Chipotle Mexican Grill Incorporated		249		182,487		2.33
Darden Restaurants Incorporated		2,049		249,425		3.18
Domino’s Pizza Incorporated		1,061		295,255		3.77
Household Durables
Husqvarna AB Class B		22,175		207,419		2.65
Iida Group Holdings Company		7,000		112,971		1.44
Internet & Direct Marketing Retail
Wayfair Incorporated Class A		1,251		182,646		2.33
Multiline Retail
Macy’s Incorporated		3,995		85,733		1.09
Specialty Retail
Burlington Stores Incorporated		817		139,013		1.77
Sonic Automotive Incorporated		3,567		83,289		1.06
Textiles, Apparel & Luxury Goods
Under Armour Incorporated Class A		4,718		119,601		1.53
				2,464,804
Consumer staples
Beverages
Coca-Cola Amatil Limited		61,934		444,373		5.67
Food & Staples Retailing
Empire Company Limited Class A		4,400		110,811		1.41
Metro AG		13,767		251,645		3.21
The Kroger Company		4,402		95,567		1.22
The North West Company Incorporated		6,200		141,513		1.80

10  |  Wells Fargo Alternative Risk Premia Fund

Consolidated portfolio of investments—June 30, 2019

Reference asset	Shares		Value		% of swap basket value
Food Products
Chocoladefabriken Lindt & Spruengli AG		36	$	262,016		3.34	%
Inghams Group Limited		41,954		118,404		1.51
Lamb Weston Holdings Incorporated		1,312		83,128		1.06
				1,507,457
Energy
Oil, Gas & Consumable Fuels
Caltex Australia Limited		25,675		446,122		5.69
HollyFrontier Corporation		4,948		228,993		2.92
Plains GP Holdings LP Class A		12,371		308,904		3.94
Washington H. Soul Pattinson & Company Limited		12,575		194,134		2.48
				1,178,153
Financials
Banks
Bank of Queensland Limited		70,412		471,094		6.01
OFG Bancorp		3,636		86,428		1.10
Capital Markets
Investec plc		18,825		122,164		1.56
Singapore Exchange Limited		42,100		246,439		3.14
Diversified Financial Services
Industrivarden AB Class C		25,978		575,725		7.34
Mortgage REITs
PennyMac Mortgage Investment Trust		4,908		107,142		1.37
				1,608,992
Health Care
Biotechnology
Abcam plc		5,803		108,627		1.39
Genus plc		2,702		90,864		1.16
Karo Bio AB		24,977		104,199		1.33
Repligen Corporation		1,052		90,419		1.15
United Therapeutics Corporation		2,416		188,593		2.41
Health Care Providers & Services
MediPal Holdings Corporation		6,500		143,426		1.83
Suzuken Company Limited		7,300		427,918		5.46
Pharmaceuticals
Kyorin Company Limited		4,500		79,636		1.02
Orion Oyj Class B		11,847		434,178		5.54
Sawai Pharmaceutical Company Limited		2,200		118,759		1.51
				1,786,619
Industrials
Building Products
Lennox International Incorporated		968		266,200		3.39
Electrical Equipment
NEL ASA		107,198		86,960		1.11
Industrial Conglomerates
Keihan Electric Railway Company Limited		14,900		648,848		8.27
NWS Holdings Limited		139,000		285,769		3.64
Machinery
Epiroc AB Class B		12,093		119,782		1.53
Schindler Holding AG		991		220,594		2.81
Yangzijiang Shipbuilding Holdings Limited		340,200		384,705		4.91
Marine
Nippon Yusen Kabushiki Kaisha		32,100		514,779		6.57

Wells Fargo Alternative Risk Premia Fund  |  11

Consolidated portfolio of investments—June 30, 2019

Reference asset	Shares		Value		% of swap basket value
Professional Services
Manpower Incorporated		3,374	$	325,928		4.16	%
Road & Rail
ComfortDelGro Corporation Limited		118,300		232,578		2.97
The Go-Ahead Group plc		3,387		84,822		1.08
Transportation Infrastructure
Japan Airport Terminal Company Limited		8,300		353,740		4.51
Kamigumi Company Limited		25,700		607,847		7.75
				4,132,552
Information Technology
Electronic Equipment, Instruments & Components
Arrow Electronics Incorporated		3,666		261,276		3.33
CDW Corporation of Delaware		3,094		343,434		4.38
Daiwabo Company Limited		1,900		90,405		1.15
Semiconductors & Semiconductor Equipment
ASM Pacific Technology		8,600		88,073		1.12
Technology Hardware, Storage & Peripherals
Dell Technologies Incorporated		4,919		249,885		3.19
				1,033,073
Materials
Chemicals
Daicel Corporation		18,100		160,829		2.05
Johnson Matthey plc		6,948		293,738		3.75
Kaneka Corporation		5,900		221,630		2.83
Construction Materials
Taiheiyo Cement Corporation		14,300		432,389		5.51
Metals & Mining
Asahi Holdings Incorporated		6,300		127,794		1.63
Kobe Steel Limited		53,700		351,143		4.48
Maruichi Steel Tube Limited		3,500		97,162		1.24
Mitsubishi Materials Corporation		18,200		517,396		6.60
Steel Dynamics Incorporated		7,100		214,420		2.73
Paper & Forest Products
West Fraser Timber Company Limited		2,900		132,206		1.69
				2,548,707
Real Estate
Equity REITs
Brookfield Property REIT Class A		14,473		273,395		3.49
Granite REIT		3,000		138,116		1.76
InterRent REIT		15,100		159,123		2.03
Link REIT		45,500		559,161		7.13
NexPoint Residential Trust Incoporated		1,985		82,179		1.05
RioCan REIT		5,300		105,187		1.34
Smart REIT		20,500		519,877		6.63
Real Estate Management & Development
Jones Lang LaSalle Incorporated		1,552		218,351		2.78
Swire Pacific Limited Class A		44,500		546,872		6.97
				2,602,261
Utilities
Electric Utilities
OGE Energy Corporation		4,898		208,459		2.66
Gas Utilities
UGI Corporation		7,052		376,647		4.80

12  |  Wells Fargo Alternative Risk Premia Fund

Consolidated portfolio of investments—June 30, 2019

Reference asset				Shares			Value			% of swap basket value
Independent Power & Renewable Electricity Producers
AES Corporation					8,230		$	137,935			1.76	%
								723,041
	Dividend yield
Preferred Stock
Materials
Chemicals
Fuchs Petrolub SE		2.71	%		8,810			346,417			4.42
Short positions
Common Stocks
Communication Services
Entertainment
Netflix Incorporated					(550	)		(202,026	)		(2.58	)
Nintendo Company Limited					(1,200	)		(439,531	)		(5.61	)
Interactive Media & Services
Facebook Incorporated Class A					(1,290	)		(248,970	)		(3.18	)
Wireless Telecommunication Services
Vodafone Group plc					(233,935	)		(384,191	)		(4.90	)
								(1,274,718	)
Consumer Discretionary
Automobiles
Toyota Motor Corporation					(9,500	)		(589,306	)		(7.52	)
Hotels, Restaurants & Leisure
Accor SA					(7,729	)		(331,771	)		(4.23	)
William Hill plc					(45,938	)		(90,163	)		(1.15	)
Household Durables
Neinor Homes SA					(8,641	)		(105,135	)		(1.34	)
Internet & Direct Marketing Retail
Amazon.com Incorporated					(111	)		(210,193	)		(2.68	)
Delivery Hero SE					(6,869	)		(311,570	)		(3.97	)
Specialty Retail
Nitori Holdings Company Limited					(4,300	)		(569,531	)		(7.26	)
USS Company Limited					(7,400	)		(145,714	)		(1.86	)
Textiles, Apparel & Luxury Goods
Compagnie Financière Richemont SA					(3,951	)		(335,281	)		(4.28	)
EssilorLuxottica SA					(4,891	)		(638,189	)		(8.14	)
								(3,326,853	)
Consumer Staples
Beverages
Anheuser Busch InBev SA					(4,897	)		(433,443	)		(5.53	)
Food Products
Kagome Company Limited					(4,100	)		(95,260	)		(1.21	)
The Kraft Heinz Company					(11,403	)		(353,949	)		(4.51	)
								(882,652	)
Energy
Energy Equipment & Services
Dril-Quip Incorporated					(1,685	)		(80,880	)		(1.03	)
Schlumberger Limited					(5,885	)		(233,870	)		(2.98	)
Oil, Gas & Consumable Fuels
Enbridge Incorporated					(6,900	)		(249,223	)		(3.18	)
								(563,973	)

Wells Fargo Alternative Risk Premia Fund  |  13

Consolidated portfolio of investments—June 30, 2019

Reference asset	Shares			Value			% of swap basket value
Financials
Banks
Barclays plc		(110,199	)	$	(209,641	)		(2.67	) %
CYBG plc		(35,829	)		(87,498	)		(1.12	)
Japan Post Bank Company Limited		(44,500	)		(451,542	)		(5.76	)
Capital Markets
Credit Suisse Group AG		(31,394	)		(376,426	)		(4.80	)
DWS Group GmbH & Company KGaA		(2,667	)		(93,345	)		(1.19	)
The Charles Schwab Corporation		(7,263	)		(291,900	)		(3.72	)
UBS Group AG		(25,398	)		(301,800	)		(3.85	)
Insurance
American International Group Incorporated		(9,252	)		(492,947	)		(6.29	)
CNO Financial Group Incorporated		(5,773	)		(96,294	)		(1.23	)
Japan Post Holdings Company Limited		(55,100	)		(623,494	)		(7.95	)
Manulife Financial Corporation		(10,700	)		(194,464	)		(2.48	)
Prudential plc		(15,793	)		(344,166	)		(4.39	)
					(3,563,517	)
Health Care
Biotechnology
Alnylam Pharmaceuticals Incorporated		(2,670	)		(193,735	)		(2.47	)
Health Care Providers & Services
Fresenius SE & Company KGaA		(5,072	)		(274,988	)		(3.51	)
Mediclinic International plc		(24,451	)		(94,676	)		(1.21	)
Miraca Holdings Incorporated		(4,600	)		(104,531	)		(1.33	)
Life Sciences Tools & Services
Perkinelmer Incorporated		(961	)		(92,583	)		(1.18	)
Pharmaceuticals
Bayer AG		(4,986	)		(345,504	)		(4.41	)
Takeda Pharmaceutical Company Limited		(11,000	)		(390,048	)		(4.97	)
					(1,496,065	)
Industrials
Commercial Services & Supplies
Elis SA		(6,115	)		(110,906	)		(1.41	)
Electrical Equipment
Melrose Industries plc		(75,884	)		(174,283	)		(2.22	)
Nidec Corporation		(1,100	)		(150,234	)		(1.92	)
Industrial Conglomerates
General Electric Company		(21,934	)		(230,307	)		(2.94	)
Machinery
FANUC Corporation		(2,400	)		(443,649	)		(5.66	)
Trelleborg AB Class B		(7,005	)		(99,461	)		(1.27	)
Transportation Infrastructure
Transurban Group Stapled Security		(62,052	)		(642,128	)		(8.19	)
					(1,850,968	)
Information Technology
Electronic Equipment, Instruments & Components
Keyence Corporation		(600	)		(368,019	)		(4.69	)
IT Services
Worldline SA		(1,584	)		(115,275	)		(1.47	)
Worldpay Incorporated Class A		(863	)		(105,761	)		(1.35	)
Semiconductors & Semiconductor Equipment
ASML Holding NV		(1,736	)		(362,704	)		(4.63	)
Nvidia Corporation		(1,189	)		(195,269	)		(2.49	)

14  |  Wells Fargo Alternative Risk Premia Fund

Consolidated portfolio of investments—June 30, 2019

Reference asset				Shares			Value			% of swap basket value
Software
Microsoft Corporation					(1,909	)	$	(255,730	)		(3.26	) %
Tyler Technologies Incorporated					(509	)		(109,954	)		(1.40	)
Technology Hardware, Storage & Peripherals
Apple Incorporated					(1,162	)		(229,983	)		(2.93	)
Canon Incorporated					(21,300	)		(621,526	)		(7.93	)
								(2,364,221	)
Materials
Chemicals
BASF SE					(3,592	)		(261,079	)		(3.33	)
Corteva Incorporated					(3,471	)		(102,637	)		(1.31	)
Dupont De Nemours Incorporated					(3,471	)		(260,568	)		(3.32	)
Nutrien Limited					(5,900	)		(315,601	)		(4.02	)
Metals & Mining
First Quantum Minerals Limited					(10,900	)		(103,544	)		(1.32	)
Royal Gold Incorporated					(1,094	)		(112,124	)		(1.43	)
								(1,155,553	)
Real Estate
Equity REITs
Cominar REIT					(13,600	)		(129,919	)		(1.66	)
Land Securities Group plc					(9,114	)		(96,437	)		(1.23	)
Real Estate Management & Development
Capital & Counties Properties plc					(39,310	)		(108,130	)		(1.38	)
The Howard Hughes Corporation					(951	)		(117,772	)		(1.50	)
								(452,258	)
Utilities
Electric Utilities
Power Assets Holdings Limited					(71,500	)		(514,395	)		(6.56	)
	Dividend yield
Preferred Stock
Consumer Discretionary
Automobiles
Porsche Automobil Holding SE		3.86	%		(4,710	)		(306,027	)		(3.90	)

Wells Fargo Alternative Risk Premia Fund  |  15

Consolidated portfolio of investments—June 30, 2019

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		0		20,272,652		17,889,432		2,383,220	$	0	$	0	$	22,316	$	2,383,220		6.12	%

Abbreviations:

AUD Australian dollar

BRL Brazilian real

CAD Canadian dollar

CHF Swiss franc

CLP Chilean peso

CZK Czech koruna

EUR Euro

GBP Great British pound

HUF Hungarian forint

IDR Indonesian rupiah

INR Indian repee

JPY Japanese yen

KRW Republic of Korea won

MXN Mexican peso

NOK Norwegian krone

NZD New Zealand dollar

PLN Polish zloty

RUB Russian ruble

SEK Swedish krona

TRY Turkish lira

ZAR South African rand

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

16  |  Wells Fargo Alternative Risk Premia Fund

Consolidated statement of assets and liabilities—June 30, 2019

Assets
Investments in unaffiliated securities, at value (cost $37,011,610)	$	37,029,017
Investments in affiliated securities, at value (cost $2,383,220)		2,383,220
Due from broker (including foreign currency), at value (cost $57,872)		57,865
Receivable for dividends		4,827
Receivable for daily variation margin on open futures contracts		167,512
Unrealized gains on forward foreign currency contracts		312,140
Unrealized gains on swap contracts		17,744
Receivable from manager		12,487
Prepaid expenses and other assets		34,857
Total assets		40,019,669
Liabilities
Unrealized losses on forward foreign currency contracts		352,332
Overdraft due to custodian bank		320,230
Payable for daily variation margin on open futures contracts		181,636
Payable for investments purchased		177,529
Trustees’ fees and expenses payable		2,821
Administration fees payable		970
Accrued expenses and other liabilities		3,214
Total liabilities		1,038,732
Total net assets	$	38,980,937
Net assets consist of
Paid-in capital	$	38,280,882
Total distributable earnings		700,055
Total net assets	$	38,980,937
Computation of net asset value per share
Net assets – Class R6	$	38,956,584
Shares outstanding – Class R61		3,997,500
Net asset value per share – Class R6		$9.75
Net assets – Institutional Class	$	24,353
Shares outstanding – Institutional Class1		2,500
Net asset value per share – Institutional Class		$9.74

¹  The Fund has an unlimited number of authorized shares.

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

Wells Fargo Alternative Risk Premia Fund  |  17

Consolidated statement of operations—year ended June 30, 2019¹

Investment income
Interest	$	373,383
Income from affiliated securities		22,316
Total investment income		395,699
Expenses
Management fee		98,818
Administration fees
Class R6		4,938
Institutional Class		14
Custody and accounting fees		9,578
Professional fees		64,175
Registration fees		18,494
Shareholder report expenses		40,666
Trustees’ fees and expenses		8,745
Other fees and expenses		11,241
Total expenses		256,669
Less: Fee waivers and/or expense reimbursements		(154,547	)
Net expenses		102,122
Net investment income		293,577
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on:
Unaffiliated securities and foreign currency		(12,327	)
Futures contracts		(951,286	)
Forward foreign currency contracts		333,356
Swap contracts		(1,005,675	)
Net realized losses on investments		(1,635,932	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		17,400
Futures contracts		328,340
Forward foreign currency contracts		(40,192	)
Swap contracts		17,744
Net change in unrealized gains (losses) on investments		323,292
Net realized and unrealized gains (losses) on investments		(1,312,640	)
Net decrease in net assets resulting from operations	$	(1,019,063	)

¹  For the period from January 29, 2019 (commencement of operations) to June 30, 2019

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

18  |  Wells Fargo Alternative Risk Premia Fund

Consolidated statement of changes in net assets

	Year ended June 30, 20191
Operations
Net investment income			$	293,577
Net realized losses on investments				(1,635,932	)
Net change in unrealized gains (losses) on investments				323,292
Net decrease in net assets resulting from operations				(1,019,063	)
Capital share transactions		Shares
Proceeds from shares sold
Class R6		3,997,500		39,975,000
Institutional Class		2,500		25,000
				40,000,000
Net increase in net assets resulting from capital share transactions				40,000,000
Total increase in net assets				38,980,937
Net assets
Beginning of period				0
End of period			$	38,980,937

¹  For the period from January 29, 2019 (commencement of operations) to June 30, 2019

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

Wells Fargo Alternative Risk Premia Fund  |  19

Consolidated financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended June 30, 20191
Net asset value, beginning of period		$10.00
Net investment income		0.07
Net realized and unrealized gains (losses) on investments		(0.32	)
Total from investment operations		(0.25	)
Net asset value, end of period		$9.75
Total return2		(2.50	)%
Ratios to average net assets (annualized)
Gross expenses		1.56	%
Net expenses		0.62	%
Net investment income		1.78	%
Supplemental data
Portfolio turnover rate		0	%
Net assets, end of period (000s omitted)		$38,957

¹  For the period from January 29, 2019 (commencement of class operations) to June 30, 2019

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

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

20  |  Wells Fargo Alternative Risk Premia Fund

Consolidated financial highlights

(For a share outstanding throughout the period)

INSTITUTIONAL CLASS	Year ended June 30, 20191
Net asset value, beginning of period		$10.00
Net investment income		0.07
Net realized and unrealized gains (losses) on investments		(0.33	)
Total from investment operations		(0.26	)
Net asset value, end of period		$9.74
Total return2		(2.60	)%
Ratios to average net assets (annualized)
Gross expenses		1.68	%
Net expenses		0.72	%
Net investment income		1.69	%
Supplemental data
Portfolio turnover rate		0	%
Net assets, end of period (000s omitted)		$24

¹  For the period from January 29, 2019 (commencement of class operations) to June 30, 2019

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

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

Wells Fargo Alternative Risk Premia Fund  |  21

Notes to consolidated financial statements

1. ORGANIZATION

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

2. INVESTMENT IN SUBSIDIARY

The Fund invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Alt Risk Premia Special Investments (Cayman) Ltd. (the “Subsidiary”), a wholly owned subsidiary incorporated on October 2, 2018 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of June 30, 2019, the Subsidiary had $2,076,157 invested in securities and futures contracts representing 87.90% of its net assets. The Fund is the sole shareholder of the Subsidiary. As of June 30, 2019, the Fund held $2,361,820 in the Subsidiary, representing 6.06% of the Fund’s net assets prior to consolidation.

The consolidated financial statements of the Fund include the financial results of the Subsidiary. The Consolidated Portfolio of Investments includes positions of the Fund and the Subsidiary and the consolidated financial statements include the accounts of the Fund and the Subsidiary. Accordingly, all interfund balances and transactions between the Fund and the Subsidiary have been eliminated in consolidation.

3. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the consolidated 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.

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.

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

Swaps 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.

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. 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.

22  |  Wells Fargo Alternative Risk Premia Fund

Notes to consolidated financial statements

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.

Forward foreign currency contracts

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

Futures contracts

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

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 Consolidated 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 Consolidated Statement of Operations.

Swap contracts

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

The Fund entered into OTC swaps. 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated 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.

Wells Fargo Alternative Risk Premia Fund  |  23

Notes to consolidated financial statements

Total return basket swaps

The Fund may enter into total return basket swap contracts to obtain exposure to a custom basket of long and short securities without owning such securities. The Fund has the ability to trade in and out of the long and short positions within the swap and receives the economic benefits and risks equivalent to direct investments in these positions. Under the terms of the contract, the Fund and the counterparty exchange periodic payments based on the total return of reference assets within a basket for a specified interest rate. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. To the extent the total return of the reference assets exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from, or make a payment to, the counterparty. Positions within the swap are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses on swap contracts in the Consolidated Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

The Fund is exposed to risks if the counterparty defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the reference securities in the basket. In addition to counterparty credit risk, the Fund is subject to liquidity risk if there is no market for the contracts and is exposed to the market risk associated with the reference securities in the basket.

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 and any net realized gains 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.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund is not subject to examination by federal and state tax authorities for taxes before 2019, the year the Fund commenced operations.

As of June 30, 2019, the aggregate cost of all investments for federal income tax purposes was $39,730,455 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	426,866
Gross unrealized losses		(439,192	)
Net unrealized losses	$	(12,326	)

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax

24  |  Wells Fargo Alternative Risk Premia Fund

Notes to consolidated financial statements

reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to foreign currency transactions, net operating losses, and losses from a controlled foreign corporation. At June 30, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Consolidated Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(1,719,118)	$1,719,118

Class allocations

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

4. 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 June 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Short-term investments
Investment companies	$	2,383,220	$	0	$	0	$	2,383,220
U.S. Treasury securities		37,029,017		0		0		37,029,017
		39,412,237		0		0		39,412,237
Futures contracts		588,562		0		0		588,562
Forward foreign currency contracts		0		312,140		0		312,140
Swap contracts		0		17,744		0		17,744
Total assets	$	40,000,799	$	329,884	$	0	$	40,330,683
Liabilities
Futures contracts	$	260,222	$	0	$	0	$	260,222
Forward foreign currency contracts		0		352,332		0		352,332
Total liabilities	$	260,222	$	352,332	$	0	$	612,554

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 Consolidated Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Consolidated Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

Wells Fargo Alternative Risk Premia Fund  |  25

Notes to consolidated financial statements

At June 30, 2019, the Fund did not have any transfers into/out of Level 3.

5. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $500 million	0.600%
Next $500 million	0.575
Next $2 billion	0.550
Next $2 billion	0.525
Next $5 billion	0.490
Over $10 billion	0.480

For the period from January 29, 2019 (commencement of operations) to June 30, 2019, the management fee was equivalent to an annual rate of 0.60% of the Fund’s average daily net assets.

The Subsidiary has entered into a separate advisory contract with Funds Management to manage the investment and reinvestment of its assets in conformity with its investment objectives and restrictions. Under this agreement, the Subsidiary does not pay Funds Management a fee for its services.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”) and Wells Fargo Asset Management (International) Limited (“WFAM(I) Ltd”), each an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, serve as subadvisers to the Fund. WellsCap receives a subadvisory fee at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase. WFAM(I) Ltd receives a subadvisory fee for its asset allocation services at an annual rate of 0.10% of the Fund’s average daily net assets and a fee for portfolio management services on the assets it co-manages with WellsCap at an annual rate starting at 0.15% and declining to 0.075%. Effective August 1, 2019, Wells Fargo Asset Management (International), LLC, the existing subadviser to the Fund, had merged with WFAM(I) Ltd and WFAM(I) Ltd became the subadviser to the Fund. This transaction did not result in any changes to the services provided to the Fund or to the strategies or fees and expenses.

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 R6	0.03%
Institutional Class	0.13

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 4, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.62% for Class R6 shares and

26  |  Wells Fargo Alternative Risk Premia Fund

Notes to consolidated financial statements

0.72% 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.

6. INVESTMENT PORTFOLIO TRANSACTIONS

For the period from January 29, 2019 (commencement of operations) to June 30, 2019, the Fund did not have any purchases and sales of securities, excluding any short-term securities.

7. DERIVATIVE TRANSACTIONS

During the period from January 29, 2019 (commencement of operations) to June 30, 2019, the Fund entered into futures contracts, forward foreign currency contracts, and swap contracts to gain market exposures as a substitute for taking a position in the underlying security or basket of securities aiming to achieve Fund’s risk return objective.

The volume of the Fund’s derivative activity during the period from January 29, 2019 (commencement of operations) to June 30, 2019 was as follows:

Futures contracts
Average notional balance on long futures	$	26,983,935
Average notional balance on short futures		18,554,061
Forward foreign currency contracts
Average contract amounts to buy	$	13,325,627
Average contract amounts to sell		17,532,658
Swap contracts
Average notional balance	$	3,240,003

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

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

The fair value of derivative instruments as of June 30, 2019 by risk type was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Consolidated Statement of Assets and Liabilities location	Fair value			Consolidated Statement of Assets and Liabilities location	Fair value
Interest rate risk	Unrealized gains on futures contracts	$	177,054	*	Unrealized losses on futures contracts	$	32,009	*
Commodity risk	Unrealized gains on futures contracts		295,543	*	Unrealized losses on futures contracts		217,779	*
Equity risk	Unrealized gains on futures contracts		115,965	*	Unrealized losses on futures contracts		10,434	*
	Unrealized gains on swaps contracts		17,744		Unrealized losses on swaps contracts		0
Foreign currency risk	Unrealized gains on forward foreign currency contracts		312,140		Unrealized losses on forward foreign currency contracts		352,332
		$	918,446			$	612,554

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Consolidated Portfolio of Investments.

Only the current day’s variation margin as of June 30, 2019 is reported separately on the Consolidated Statement of Assets and Liabilities.

Wells Fargo Alternative Risk Premia Fund  |  27

Notes to consolidated financial statements

The effect of derivative instruments on the Consolidated Statement of Operations for the period from January 29, 2019 (commencement of operations) to June 30, 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	$	237,255		$	0		$	0		$	237,255
Commodity risk		(1,066,075	)		0			0			(1,066,075	)
Equity risk		(122,466	)		0			(1,005,675	)		(1,128,141	)
Foreign currency risk		0			333,356			0			333,356
	$	(951,286	)	$	333,356		$	(1,005,675	)	$	(1,623,605	)
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Swap contracts			Total
Interest rate risk	$	145,045		$	0		$	0		$	145,045
Commodity risk		77,764			0			0			77,764
Equity risk		105,531			0			17,744			123,275
Foreign currency risk		0			(40,192	)		0			(40,192	)
	$	328,340		$	(40,192	)	$	17,744		$	305,892

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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Consolidated 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 Consolidated Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Consolidated Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

Counterparty	Gross amounts of assets in the Consolidated Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
Goldman Sachs	$329,884	$(329,884)	$	0	$	0
Counterparty	Gross amounts of liabilities in the Consolidated Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged1		Net amount of liabilities
Goldman Sachs	$352,332	$(329,884)	$	22,448	$	0

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

28  |  Wells Fargo Alternative Risk Premia Fund

Notes to consolidated financial statements

8. DISTRIBUTIONS TO SHAREHOLDERS

For period from January 29, 2019 (commencement of operations) to June 30, 2019, the Fund did not have any distributions paid to shareholders.

As of June 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized losses
$712,388	$(12,333)

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

Wells Fargo Alternative Risk Premia Fund  |  29

Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Wells Fargo Alternative Risk Premia Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the consolidated portfolio of investments, as of June 30, 2019, the related consolidated statements of operations and changes in net assets for the period from January 29, 2019 (commencement of operations) to June 30, 2019, and the related consolidated notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the period from the commencement of operations to June 30, 2019. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, the results of its operations, the changes in its net assets, and the financial highlights for the period from the commencement of operations to June 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

August 28, 2019

30  |  Wells Fargo Alternative Risk Premia 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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Alternative Risk Premia Fund  |  31

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

32  |  Wells Fargo Alternative Risk Premia Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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

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

Wells Fargo Alternative Risk Premia Fund  |  33

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	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.
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.

¹ Jeremy DePalma acts as Treasurer of 87 funds and Assistant Treasurer of 65 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.

34  |  Wells Fargo Alternative Risk Premia Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Alternative Risk Premia Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Alternative Risk Premia Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Wells Fargo Asset Management (International), LLC (“WFAM International”), an affiliate of Funds Management. The sub-advisory agreements with WellsCap and WFAM International (the “Sub-Advisers”) are collectively referred to as the Sub-Advisory Agreements, and the Management Agreement and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Advisers are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Advisers, and a description of Funds Management’s and the Sub-Advisers’ business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Alternative Risk Premia Fund  |  35

Other information (unaudited)

Fund investment performance and expenses

The Board noted that the Fund had recently commenced operations and had no performance history to review. The Board noted that it would have the opportunity to review the Fund’s performance history in connection with the Board’s future review and approval of the Fund’s Advisory Agreements.

The Board, however, received and considered information from Broadridge Inc. (“Broadridge”) regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after the payment of fees to each of the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Advisers’ profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

36  |  Wells Fargo Alternative Risk Premia Fund

Other information (unaudited)

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ businesses as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and WellsCap from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable.

Wells Fargo Alternative Risk Premia Fund  |  37

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

404819 08-19

A295/AR295 06-19

ITEM 2. CODE OF ETHICS

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

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

	Fiscal year ended June 30, 2019		Fiscal year ended June 30, 2018
Audit fees	$	549,800	$	591,896
Audit-related fees		—		—
Tax fees (1)		27,970		31,615
All other fees		—		—
	$	577,770	$	623,511

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

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

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust 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 registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

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

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

Not applicable.

ITEM 13. EXHIBITS

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

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

(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:	August 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:	August 26, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	August 26, 2019

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	August 26, 2019

EX-99.CODE

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Variable Trust

Wells Fargo Global Dividend Opportunity Fund

Wells Fargo Income Opportunities Fund

Wells Fargo Multi-Sector Income Fund

Wells Fargo Utilities and High Income Fund

Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers

I. Covered Officers / Purpose of the Code

This Code of Ethics (“Code”) of Wells Fargo Funds Trust, Wells Fargo Master Trust and Wells Fargo Variable Trust, Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Income Opportunities Fund, Wells Fargo Multi-Sector Income Fund and Wells Fargo Utilities and High Income Fund (collectively, the “Trusts” and each, “a Trust”) applies to each Trust’s Principal Executive Officer, Principal Financial Officer and any other Trust officer’s listed on Exhibit A (the “Covered Officers”) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as “affiliated persons” of the Trust. The compliance programs and procedures of the Trust and Wells Fargo Funds Management, LLC (the “Adviser”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust’s Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

*                *                 *                *

Each Covered Officer must:

• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

2

• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of a Trust;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of potential violations that are made in good faith; and

• not engage in personal, business or professional relationships or dealings that would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the “Chief Legal Officer”) if material. Examples of these include:

• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may have an ownership interest in his or her employer or the employer’s parent company);

• the receipt of any entertainment or gifts from any person or company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any consulting or employment relationship with any of the Trust’s service providers, other than with the primary employer of the Covered Officer; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s primary employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

3

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust’s auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust’s books or records for any reason. No disbursement of a Trust’s assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust’s documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

4

IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form attached to this Code) to the Board that he or she has received, read, and understands the Code;

• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has complied with the requirements of the Code; and

• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a “waiver” and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

• the Board will be responsible for granting waivers, as appropriate (a “waiver” is the approval of a situation that is expressly prohibited by this Code); and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered

5

investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

VIII.  Internal Use

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Adopted by the Boards: August 5, 2003

Amended: January 1, 2019

6

Exhibit A

Persons Covered by the Code

Andrew Owen, President of each Trust

Nancy Wiser, Treasurer of:

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Global Dividend Opportunity Fund

Wells Fargo Utilities and High Income Fund

Jeremy DePalma, Treasurer of:

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Variable Trust

Wells Fargo Income Opportunities Fund

Wells Fargo Multi-Sector Income Fund

Exhibit A amended: January 1, 2019

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EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Alternative Risk Premia Fund, Wells Fargo California Limited-Term Tax-Free Fund, Wells Fargo California Tax-Free Fund, Wells Fargo High Yield Municipal Bond Fund, Wells Fargo Intermediate Tax/AMT-Free Fund, Wells Fargo Minnesota Tax-Free Fund, Wells Fargo Municipal Bond Fund, Wells Fargo Pennsylvania Tax-Free Fund, Wells Fargo Short-Term Municipal Bond Fund, Wells Fargo Strategic Municipal Bond Fund, Wells Fargo Ultra Short-Term Municipal Income Fund, and Wells Fargo Wisconsin Tax-Free Fund;

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

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

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

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

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

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

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

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

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

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

Date: August 26, 2019     

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo California Limited-Term Tax-Free Fund, Wells Fargo California Tax-Free Fund, Wells Fargo High Yield Municipal Bond Fund, Wells Fargo Intermediate Tax/AMT-Free Fund, Wells Fargo Minnesota Tax-Free Fund, Wells Fargo Municipal Bond Fund, Wells Fargo Pennsylvania Tax-Free Fund, Wells Fargo Short-Term Municipal Bond Fund, Wells Fargo Strategic Municipal Bond Fund, Wells Fargo Ultra Short-Term Municipal Income Fund, and Wells Fargo Wisconsin Tax-Free Fund;

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

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

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

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

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

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

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

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

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

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

Date: August 26, 2019

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of Wells Fargo Alternative Risk Premia Fund;

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

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

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

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

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

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

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

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

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

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

Date: August 26, 2019     

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSR for the year ended June 30, 2019 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: August 26, 2019

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

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

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSR for the year ended June 30, 2019 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: August 26, 2019

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

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

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSR for the year ended June 30, 2019 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: August 26, 2019

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Wells Fargo Funds Trust

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

Exhibit 99.906CERT

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).

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