UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: January 31

Registrant is making a filing for 8 of its series:

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

Date of reporting period: July 31, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

July 31, 2019

Retail Money Market Funds

∎ Wells Fargo Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	24

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The views expressed and any forward-looking statements are as of July 31, 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

Retail Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Retail Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

_“During May 2019, markets tumbled on mixed investment signals._”

_“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019._”

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.

Retail Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (STGXX)	7-1-1992		–		–		–		1.94		0.66		0.34		0.72		0.60
Class C*3	6-30-2010		0.18		0.31		0.16		1.18		0.31		0.16		1.47		1.35
Premier Class (WMPXX)4	3-31-2016		–		–		–		2.34		0.94		0.47		0.33		0.20
Service Class (WMOXX)5	6-30-2010		–		–		–		2.04		0.74		0.37		0.62		0.50

Yield summary (%) as of July 31, 2019²

	Class A		Class C*		Premier Class		Service Class
7-day current yield		1.90		1.15		2.30		2.00
7-day compound yield		1.92		1.16		2.33		2.02
30-day simple yield		1.93		1.18		2.33		2.03
30-day compound yield		1.95		1.18		2.35		2.05

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

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

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

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

Please see footnotes on page 5.

4  |  Retail Money Market Funds

Performance highlights (unaudited)

Portfolio composition as of July 31, 2019⁶

Effective maturity distribution as of July 31, 2019⁶

Weighted average maturity as of July 31, 2019⁷

35 days

Weighted average life as of July 31, 2019⁸

88 days

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

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

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.80%, 1.05%, 2.19%, and 1.90%, and for Class A, Class C, Premier Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

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

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

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

Retail Money Market Funds  |  5

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,010.04	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Class C
Actual	$	1,000.00	$	1,006.29	$	6.72		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76		1.35	%
Premier Class
Actual	$	1,000.00	$	1,012.04	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,010.54	$	2.49		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).

6  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 22.03%
ABN Amro Bank NV		2.46	%		10-7-2019	$	8,000,000	$	8,000,000
ABN Amro Bank NV		2.59			9-6-2019		8,000,000		8,000,000
Bank of Montreal (3 Month LIBOR +0.06%) ±		2.50			3-12-2020		4,000,000		4,000,000
Bank of Montreal (1 Month LIBOR +0.18%) ±		2.57			4-3-2020		8,000,000		8,000,000
Bank of Montreal (1 Month LIBOR +0.22%) ±		2.58			10-4-2019		3,000,000		3,000,000
Bank of Montreal (1 Month LIBOR +0.18%) ±		2.58			5-1-2020		2,000,000		2,000,000
Bank of Montreal (3 Month LIBOR +0.22%) ±		2.67			12-10-2019		5,000,000		5,000,000
Bank of Nova Scotia (1 Month LIBOR +0.14%) ±		2.38			1-27-2020		4,000,000		4,000,000
Bank of Nova Scotia (3 Month LIBOR +0.05%) ±		2.38			4-3-2020		7,000,000		7,000,000
Bank of Nova Scotia (3 Month LIBOR +0.10%) ±		2.51			9-16-2019		2,000,000		2,000,000
Bank of Nova Scotia (1 Month LIBOR +0.20%) ±		2.53			8-14-2019		3,000,000		3,000,000
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.54			4-6-2020		5,000,000		5,000,000
Canadian Imperial Bank (3 Month LIBOR +0.19%) ±		2.46			1-30-2020		5,000,000		4,999,798
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.54			5-4-2020		5,000,000		5,000,000
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.58			5-1-2020		4,000,000		4,000,000
China Construction Bank Corporation (3 Month LIBOR +0.10%) ±		2.38			1-24-2020		10,000,000		10,000,000
Cooperatieve Rabobank UA (1 Month LIBOR +0.14%) ±		2.50			11-7-2019		6,000,000		6,000,000
Cooperatieve Rabobank UA		2.46			5-20-2020		6,000,000		6,000,000
Credit Agricole Corporate & Investment Bank (3 Month LIBOR +0.08%) ±		2.47			12-20-2019		5,000,000		5,000,000
Credit Industriel et Commercial NY (1 Month LIBOR +0.22%) ±		2.49			4-24-2020		3,000,000		3,000,000
Credit Suisse New York (1 Month LIBOR +0.22%) ±		2.58			12-9-2019		5,000,000		5,001,322
DNB Bank ASA (1 Month LIBOR +0.10%) ±		2.47			9-9-2019		8,000,000		8,000,000
DNB Bank ASA (3 Month LIBOR +0.22%) ±		2.77			2-10-2020		5,100,000		5,105,252
HSBC Bank USA NA (3 Month LIBOR +0.13%) ±		2.69			8-9-2019		2,000,000		2,000,000
Mizuho Bank Limited (1 Month LIBOR +0.16%) ±		2.40			8-27-2019		3,000,000		3,000,000
Mizuho Bank Limited (1 Month LIBOR +0.14%) ±		2.50			11-8-2019		8,000,000		8,000,000
Mizuho Bank Limited (1 Month LIBOR +0.16%) ±		2.53			9-12-2019		6,000,000		6,000,000
Mizuho Bank Limited (1 Month LIBOR +0.15%) ±		2.45			11-18-2019		5,000,000		5,000,175
MUFG Bank Limited of New York (3 Month LIBOR +0.18%) ±		2.70			2-27-2020		4,000,000		4,000,000
MUFG Bank Limited of New York (3 Month LIBOR +0.14%) ±		2.70			5-11-2020		2,000,000		2,000,000
Natixis NY (1 Month LIBOR +0.16%) ±		2.42			12-23-2019		4,000,000		4,000,000
Norinchukin Bank		2.20			2-4-2020		5,000,000		5,000,000
Norinchukin Bank		2.52			8-9-2019		3,000,000		3,000,000
Norinchukin Bank		2.54			8-1-2019		5,000,000		5,000,000
Oversea-Chinese Banking Corporation Limited (1 Month LIBOR +0.10%) ±		2.37			10-25-2019		5,000,000		5,000,000
Oversea-Chinese Banking Corporation Limited (1 Month LIBOR +0.20%) ±		2.50			9-19-2019		2,000,000		2,000,000
Skandinaviska Enskilda Bank AB (1 Month LIBOR +0.13%) ±		2.50			9-12-2019		6,000,000		6,000,000
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.14%) ±		2.50			11-5-2019		9,000,000		9,000,000
Sumitomo Mitsui Trust Bank Limited (1 Month LIBOR +0.12%) ±		2.38			10-23-2019		4,000,000		4,000,000
Sumitomo Mitsui Trust NY		2.25			1-9-2020		6,000,000		5,999,994
Sumitomo Mitsui Trust NY		2.25			1-13-2020		3,000,000		2,999,992
Svenska Handelsbanken (3 Month LIBOR +0.27%) ±		2.55			10-21-2019		5,000,000		5,000,725
Svenska Handelsbanken (3 Month LIBOR +0.15%) ±		2.47			10-2-2019		7,000,000		7,000,000
Svenska Handelsbanken (1 Month LIBOR +0.22%) ±		2.48			7-22-2020		7,000,000		7,000,000
Total Certificates of Deposit (Cost $222,107,258)									222,107,258

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

Retail Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Commercial Paper: 43.38%
Asset-Backed Commercial Paper: 26.05%
Albion Capital Corporation (z)		2.30	%		9-30-2019	$	3,000,000	$	2,988,550
Alpine Securitization (1 Month LIBOR +0.15%) 144A±		2.55			3-2-2020		6,000,000		6,000,000
Anglesea Funding LLC (1 Month LIBOR +0.18%) 144A±		2.48			10-15-2019		2,000,000		2,000,000
Anglesea Funding LLC (1 Month LIBOR +0.18%) 144A±		2.51			10-11-2019		8,000,000		8,000,000
Anglesea Funding LLC (1 Month LIBOR +0.17%) 144A±		2.43			12-23-2019		8,000,000		8,000,000
Anglesea Funding LLC (1 Month LIBOR +0.18%) 144A±		2.58			12-27-2019		6,000,000		6,000,000
Antalis SA 144A(z)		2.37			10-2-2019		3,000,000		2,987,807
Antalis US Funding Corporation 144A(z)		2.44			8-20-2019		6,000,000		5,992,305
ANZ New Zealand International Limited of London (1 Month LIBOR +0.13%) 144A±		2.46			8-13-2019		8,000,000		8,000,127
Atlantic Asset Securitization Corporation (1 Month LIBOR +0.12%) 144A±		2.39			8-21-2019		6,000,000		6,000,006
Bedford Row Funding Corporation (1 Month LIBOR +0.16%) 144A±		2.49			8-13-2019		10,000,000		10,000,280
Bedford Row Funding Corporation (1 Month LIBOR +0.24%) 144A±		2.50			7-20-2020		5,000,000		5,000,000
Bedford Row Funding Corporation (1 Month LIBOR +0.15%) 144A±		2.54			2-3-2020		2,000,000		2,000,000
Chesham Finance Limited 144A(z)		2.50			8-1-2019		9,000,000		9,000,000
Collateralized Commercial Paper FLEX Company LLC (1 Month LIBOR +0.20%) 144A±		2.46			6-23-2020		5,000,000		5,000,000
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.27%) 144A±		2.57			1-8-2020		5,000,000		5,000,000
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.26%) 144A±		2.59			12-31-2019		3,000,000		3,000,000
Concord Minutemen Capital Company 144A(z)		2.43			8-2-2019		2,000,000		1,999,865
Concord Minutemen Capital Company 144A(z)		2.70			8-1-2019		2,000,000		2,000,000
Crown Point Capital Company LLC (1 Month LIBOR +0.18%) 144A±		2.56			1-6-2020		8,000,000		8,000,000
Crown Point Capital Company LLC (1 Month LIBOR +0.20%) 144A±		2.56			11-4-2019		9,000,000		9,000,000
Glencove Funding LLC (1 Month LIBOR +0.18%) 144A±		2.49			2-11-2020		6,000,000		6,000,000
Great Bridge Capital Company LLC 144A(z)		2.58			8-16-2019		4,000,000		3,995,717
Great Bridge Capital Company LLC 144A(z)		2.47			10-3-2019		3,000,000		2,987,085
Great Bridge Capital Company LLC 144A(z)		2.48			10-8-2019		3,000,000		2,986,060
Great Bridge Capital Company LLC 144A(z)		2.48			10-10-2019		1,000,000		995,217
Great Bridge Capital Company LLC 144A(z)		2.48			9-4-2019		3,000,000		2,993,002
Great Bridge Capital Company LLC 144A(z)		2.51			8-19-2019		1,150,000		1,148,563
Great Bridge Capital Company LLC 144A(z)		2.70			8-1-2019		4,000,000		4,000,000
Institutional Secured Funding LLC 144A(z)		2.54			8-1-2019		12,000,000		12,000,000
Institutional Secured Funding LLC 144A(z)		2.54			8-2-2019		12,000,000		11,999,153
Kells Funding LLC 144A(z)		2.39			9-11-2019		8,000,000		7,978,316
Kells Funding LLC 144A(z)		2.52			8-19-2019		8,000,000		7,990,000
Kells Funding LLC 144A(z)		2.55			8-7-2019		2,000,000		1,999,157
Kells Funding LLC 144A(z)		2.61			9-19-2019		5,000,000		4,982,476
Lexington Parker Capital Company LLC 144A(z)		2.57			8-7-2019		1,850,000		1,849,214
LMA Americas LLC 144A(z)		2.20			1-27-2020		2,000,000		1,978,421
LMA Americas LLC 144A(z)		2.20			1-28-2020		2,000,000		1,978,300
Manhattan Asset Funding Company LLC 144A(z)		2.35			8-19-2019		6,000,000		5,992,950
Manhattan Asset Funding Company LLC 144A(z)		2.40			9-13-2019		4,000,000		3,988,581
Mountcliff Funding LLC (1 Month LIBOR +0.20%) 144A±		2.43			4-24-2020		10,000,000		10,000,000
Mountcliff Funding LLC 144A(z)		2.48			8-1-2019		12,000,000		12,000,000
Nieuw Amsterdam Receivables Corporation 144A(z)		2.22			1-9-2020		1,000,000		990,161
Regency Markets No.1 LLC 144A(z)		2.35			8-19-2019		6,000,000		5,992,950
Regency Markets No.1 LLC 144A(z)		2.42			8-14-2019		10,000,000		9,991,261

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

8  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Regency Markets No.1 LLC 144A(z)		2.43	%		8-15-2019	$	7,000,000	$	6,993,412
Versailles CDS LLC (1 Month LIBOR +0.20%) 144A±		2.47			9-20-2019		4,000,000		4,000,000
Victory Receivables 144A(z)		2.45			8-6-2019		5,000,000		4,998,305
White Plains Capital 144A(z)		2.64			9-4-2019		4,000,000		3,990,102
									262,767,343
Financial Company Commercial Paper: 13.13%
Banco de Credito e Inversiones 144A(z)		2.44			9-23-2019		3,000,000		2,989,268
Banco de Credito e Inversiones 144A(z)		2.44			9-24-2019		1,000,000		996,355
Banco de Credito e Inversiones 144A(z)		2.52			10-8-2019		3,000,000		2,985,833
Banco de Credito e Inversiones 144A(z)		2.54			10-2-2019		10,000,000		9,956,600
Banco de Credito e Inversiones 144A(z)		2.57			9-25-2019		5,000,000		4,980,521
Banco Santander Chile 144A(z)		2.53			8-23-2019		3,000,000		2,995,380
Commonwealth Bank of Australia (1 Month LIBOR +0.17%) 144A±		2.57			4-2-2020		5,000,000		5,000,000
Commonwealth Bank of Australia (1 Month LIBOR +0.21%) 144A±		2.54			9-16-2019		2,000,000		2,000,000
Commonwealth Bank of Australia (3 Month LIBOR +0.45%) 144A±		2.90			3-10-2020		2,000,000		2,004,916
Commonwealth Bank of Australia (3 Month LIBOR +0.60%) 144A±		3.02			12-19-2019		4,000,000		4,005,065
DBS Bank Limited 144A(z)		2.27			12-3-2019		5,000,000		4,961,250
DBS Bank Limited 144A(z)		2.27			2-28-2020		3,000,000		2,960,613
DBS Bank Limited 144A(z)		2.30			11-22-2019		7,000,000		6,949,903
DZ Bank AG Deutsche Zentral-Genossenschaftsbank (z)		2.36			10-29-2019		3,000,000		2,982,602
Mizuho Bank Limited		2.43			9-11-2019		2,000,000		1,994,499
MUFG Bank Limited of New York (z)		2.28			3-6-2020		2,975,000		2,934,646
National Australia Bank Limited (1 Month LIBOR +0.16%) 144A±		2.46			5-19-2020		2,000,000		2,000,000
National Australia Bank Limited (1 Month LIBOR +0.13%) 144A±		2.49			2-7-2020		4,000,000		4,000,000
National Australia Bank Limited (1 Month LIBOR +0.20%) 144A±		2.60			8-2-2019		3,000,000		3,000,000
Oesterreichische National Bank (z)		2.23			1-10-2020		5,000,000		4,950,500
Ontario Teachers Finance Trust 144A(z)		2.10			3-12-2020		7,000,000		6,909,840
Ontario Teachers Finance Trust 144A(z)		2.20			3-6-2020		3,000,000		2,960,578
Oversea-Chinese Banking Corporation Limited (3 Month LIBOR +0.03%) 144A±		2.50			12-6-2019		5,000,000		5,000,000
Oversea-Chinese Banking Corporation Limited (3 Month LIBOR +0.04%) 144A±		2.56			2-18-2020		3,000,000		3,000,000
Sumitomo Mitsui Trust Bank Limited 144A(z)		2.37			10-18-2019		6,000,000		5,969,450
Sumitomo Mitsui Trust Bank Limited 144A(z)		2.40			9-30-2019		10,000,000		9,960,333
Toronto Dominion Bank 144A(z)		2.28			8-7-2019		5,000,000		4,998,100
Toronto Dominion Bank (3 Month LIBOR +0.08%) ±		2.60			8-16-2019		3,000,000		3,000,000
Toronto Dominion Bank (3 Month LIBOR +0.21%) 144A±		2.68			12-6-2019		5,000,000		5,000,000
Toronto Dominion Bank (1 Month LIBOR +0.37%) 144A±		2.73			11-7-2019		3,000,000		3,000,000
Westpac Banking Corporation (1 Month LIBOR +0.21%) 144A±		2.51			9-19-2019		4,000,000		3,999,965
Westpac Banking Corporation (3 Month LIBOR +0.07%) 144A±		2.65			8-2-2019		4,000,000		4,000,000
									132,446,217
Other Commercial Paper: 4.20%
Export Development Corporation (z)		2.29			12-17-2019		6,000,000		5,948,020
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.34			9-23-2019		5,000,000		4,982,849
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.35			9-19-2019		6,500,000		6,479,298
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.46			8-14-2019		5,000,000		4,995,576

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

Retail Money Market Funds  |  9

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Other Commercial Paper (continued)
Toyota Credit Canada Incorporated (1 Month LIBOR +0.17%) ±		2.57	%		1-27-2020	$	6,000,000	$	6,000,000
Toyota Finance Australia Limited (1 Month LIBOR +0.17%) ±		2.50			12-6-2019		4,000,000		4,000,000
Toyota Motor Credit Corporation (z)		2.38			11-18-2019		6,000,000		5,957,127
Toyota Motor Credit Corporation (1 Month LIBOR +0.16%) ±		2.52			2-27-2020		4,000,000		4,000,000
									42,362,870
Total Commercial Paper (Cost $437,576,430)									437,576,430
Municipal Obligations: 11.54%
California: 0.70%
Other Municipal Debt: 0.70%
Los Angeles Metro Transportation (Transportation Revenue)		2.35			9-23-2019		2,000,000		2,000,000
State of California (GO Revenue)		2.48			8-12-2019		5,000,000		5,000,000
									7,000,000
Colorado: 2.07%
Variable Rate Demand Notes ø: 2.07%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.47			5-1-2052		3,895,000		3,895,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		2.47			1-1-2027		5,450,000		5,450,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Health Revenue, Bank of America NA LIQ) 144A		2.76			10-29-2027		11,500,000		11,500,000
									20,845,000
Georgia: 0.99%
Other Municipal Debt: 0.50%
Municipal Electric Authority of Georgia (Utility Revenue)		2.45			8-15-2019		5,000,000		5,000,000
Variable Rate Demand Note ø: 0.49%
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC)		2.50			12-1-2022		5,000,000		5,000,000
Kentucky: 1.18%
Variable Rate Demand Notes ø: 1.18%
Kentucky Housing Corporation Series O (Housing Revenue, Kentucky Housing Corporation SPA)		2.20			1-1-2036		3,930,000		3,930,000
Kentucky Municipal Power Agency Series B002 (Utilities Revenue, AGM Insured, Morgan Stanley Bank LIQ) 144A		2.38			9-1-2037		8,000,000		8,000,000
									11,930,000
New Hampshire: 0.50%
Variable Rate Demand Note ø: 0.50%
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		2.51			10-1-2028		5,000,000		5,000,000
New Jersey: 0.69%
Variable Rate Demand Note ø: 0.69%
Jets Stadium Development Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		2.40			4-1-2047		6,930,000		6,930,000

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

10  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
New York: 1.34%
Variable Rate Demand Notes ø: 1.34%
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.32	%		11-1-2049	$	12,000,000	$	12,000,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.43			11-1-2049		1,500,000		1,500,000
									13,500,000
Oregon: 0.69%
Variable Rate Demand Note ø: 0.69%
Oregon Tender Option Bond Trust Receipts/Certificates Series ZF2515 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.45			5-1-2035		7,000,000		7,000,000
Other: 3.38%
Variable Rate Demand Notes ø: 3.38%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A		2.56			10-1-2039		4,595,000		4,595,000
JPMorgan Chase PUTTER/DRIVER Trust Series T0024 Halifax Hospital Medical Center (Health Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		2.50			10-31-2021		10,000,000		10,000,000
Providence St. Joseph Health Obligation Series 12E (Health Revenue, U.S. Bank NA LOC)		2.38			10-1-2042		3,285,000		3,285,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.43			6-1-2035		1,000,000		1,000,000
Steadfast Crestavilla LLC Series A (Health Revenue, American AgCredit LOC)		2.44			2-1-2056		4,240,000		4,240,000
Steadfast Crestavilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.44			2-1-2056		3,000,000		3,000,000
Taxable Municipal Funding Trust (GO Revenue, Barclays Bank plc LOC) 144A		2.61			9-1-2027		8,000,000		8,000,000
									34,120,000
Total Municipal Obligations (Cost $116,325,000)									116,325,000
Non-Agency Mortgage-Backed Securities: 0.30%
Pepper Residential Securities Trust Series 20A Class A1U2 (1 Month LIBOR +0.32%) 144A±		2.65			3-16-2020		3,000,000		3,000,000
Total Non-Agency Mortgage-Backed Securities (Cost $3,000,000)									3,000,000
Other Instruments: 3.17%
Altoona Blair County Development Corporation 144A§øø		2.39			4-1-2035		5,850,000		5,850,000
Altoona Blair County Development Corporation 144A§øø		2.39			9-1-2038		3,000,000		3,000,000
Invesco Dynamic Credit Opportunities Fund Series W-7 §øø		2.50			6-1-2028		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corporation 144A§øø		2.45			10-16-2019		4,000,000		3,997,682
Opus Inspection Incorporated §øø		2.57			1-1-2034		6,000,000		6,000,000
ROC III CA Crossings Chino Hills Series B §øø		2.44			1-1-2057		2,440,000		2,440,000
ROC III California Crossings Chino Hills LLC Series A §øø		2.44			1-1-2057		1,660,000		1,660,000
Toyota Motor Credit Corporation §øø		2.59			5-22-2020		4,000,000		4,000,000
Total Other Instruments (Cost $31,947,682)									31,947,682
Other Notes: 1.12%
Corporate Bonds and Notes: 0.99%
Cellmark Incorporated Secured §øø		2.57			6-1-2038		10,000,000		10,000,000
									10,000,000

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

Retail Money Market Funds  |  11

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 0.13%
MUFG Bank Limitied of Tokyo 144A		2.35	%		9-8-2019	$	1,300,000	$	1,299,368
									1,299,368
Total Other Notes (Cost $11,299,368)									11,299,368
Repurchase Agreements: 17.75%
Bank of America Corporation, dated 7-31-2019, maturity value $38,052,706 (1)		2.56			8-1-2019		38,050,000		38,050,000
Bank of Montreal, dated 7-31-2019, maturity value $35,002,479 (2)		2.55			8-1-2019		35,000,000		35,000,000
Bank of Nova Scotia, dated 7-31-2019, maturity value $35,002,469 (3)		2.54			8-1-2019		35,000,000		35,000,000
Credit Agricole SA, dated 7-29-2019, maturity value $15,006,767 (4)		2.32			8-5-2019		15,000,000		15,000,000
Credit Agricole SA, dated 7-30-2019, maturity value $10,004,433 (5)		2.28			8-6-2019		10,000,000		10,000,000
GX Clarke & Company, dated 7-31-2019, maturity value $46,003,297 (6)		2.58			8-1-2019		46,000,000		46,000,000
Total Repurchase Agreements (Cost $179,050,000)									179,050,000

Total investments in securities (Cost $1,001,305,738)	99.29	%		1,001,305,738
Other assets and liabilities, net	0.71			7,148,153
Total net assets	100.00	%	$	1,008,453,891

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

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

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

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

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 3-20-2045 to 1-20-2047, fair value including accrued interest is $39,191,500.

(2) U.S. government securities, 2.19% to 5.00%, 3-10-2023 to 10-20-2068, fair value including accrued interest is $36,049,909.

(3) U.S. government securities, 2.40% to 6.50%, 11-1-2020 to 8-1-2049, fair value including accrued interest is $36,050,000.

(4) U.S. government securities, 2.50% to 6.00%, 1-1-2027 to 6-20-2049, fair value including accrued interest is $15,450,000.

(5) U.S. government securities, 3.00% to 5.00%, 3-15-2038 to 3-20-2049, fair value including accrued interest is $10,300,000.

(6) U.S. government securities, 0.00% to 10.00%, 8-2-2019 to 5-20-2069, fair value including accrued interest is $47,201,556.

Abbreviations:

ACA ACA Financial Guaranty Corporation

AGM Assured Guaranty Municipal

DRIVER Derivative inverse tax-exempt receipts

FHLB Federal Home Loan Bank

HFA Housing Finance Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

PUTTER Puttable tax-exempt receipts

ROC Reset option certificates

SPA Standby purchase agreement

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

12  |  Retail Money Market Funds

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	822,255,738
Investments in repurchase agreements, at amortized cost		179,050,000
Cash		35,056
Receivable for Fund shares sold		4,114,311
Receivable for investments sold		3,010,926
Receivable for interest		1,466,683
Prepaid expenses and other assets		142,014
Total assets		1,010,074,728
Liabilities
Payable for Fund shares redeemed		1,208,234
Administration fees payable		125,340
Management fee payable		78,728
Dividends payable		27,920
Trustees’ fees and expenses payable		2,302
Distribution fee payable		2,198
Accrued expenses and other liabilities		176,115
Total liabilities		1,620,837
Total net assets	$	1,008,453,891
Net assets consist of
Paid-in capital	$	1,008,788,009
Total distributable loss		(334,118	)
Total net assets	$	1,008,453,891
Computation of net asset value per share
Net assets – Class A	$	482,746,190
Shares outstanding – Class A1		482,580,807
Net asset value per share – Class A		$1.00
Net assets – Class C	$	3,337,525
Shares outstanding – Class C1		3,336,362
Net asset value per share – Class C		$1.00
Net assets – Premier Class	$	510,370,739
Shares outstanding – Premier Class1		510,201,283
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	11,999,437
Shares outstanding – Service Class1		11,995,345
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Retail Money Market Funds  |  13

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	11,857,936
Expenses
Management fee		907,658
Administration fees
Class A		521,456
Class C		4,527
Premier Class		167,086
Service Class		7,066
Shareholder servicing fees
Class A		592,564
Class C		5,144
Service Class		14,721
Distribution fee
Class C		15,417
Custody and accounting fees		12,992
Professional fees		25,230
Registration fees		99,355
Shareholder report expenses		272
Trustees’ fees and expenses		14,323
Other fees and expenses		2,208
Total expenses		2,390,019
Less: Fee waivers and/or expense reimbursements		(492,932	)
Net expenses		1,897,087
Net investment income		9,960,849
Net realized gains on investments		784
Net increase in net assets resulting from operations	$	9,961,633

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

14  |  Retail Money Market Funds

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	9,960,849					$	9,861,868
Net realized gains on investments					784						10,335
Net increase in net assets resulting from operations					9,961,633						9,872,203
Distributions to shareholders from net investment income and net realized gains
Class A					(4,777,228	)					(7,460,070	)
Class C					(26,178	)					(63,691	)
Premier Class					(5,032,842	)					(2,133,009	)
Service Class					(124,563	)					(205,098	)
Total distributions to shareholders					(9,960,811	)					(9,861,868	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		87,973,308			87,973,309			189,447,415			189,447,415
Class C		799,488			799,488			10,651,512			10,651,512
Premier Class		458,136,042			458,136,042			422,176,563			422,176,563
Service Class		757,512			757,512			2,334,760			2,334,760
					547,666,351						624,610,250
Reinvestment of distributions
Class A		4,719,038			4,719,038			7,366,361			7,366,361
Class C		25,968			25,968			62,701			62,701
Premier Class		4,901,408			4,901,408			2,040,299			2,040,299
Service Class		121,393			121,393			198,869			198,869
					9,767,807						9,668,230
Payment for shares redeemed
Class A		(83,946,302	)		(83,946,302	)		(185,079,647	)		(185,079,647	)
Class C		(5,714,093	)		(5,714,093	)		(10,246,505	)		(10,246,505	)
Premier Class		(248,673,071	)		(248,673,071	)		(128,480,875	)		(128,480,875	)
Service Class		(762,523	)		(762,524	)		(2,556,663	)		(2,556,663	)
					(339,095,990	)					(326,363,690	)
Net increase in net assets resulting from capital share transactions					218,338,168						307,914,790
Total increase in net assets					218,338,990						307,925,125
Net assets
Beginning of period					790,114,901						482,189,776
End of period				$	1,008,453,891					$	790,114,901

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

Retail Money Market Funds  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		1.00	%		1.61	%		0.64	%		0.05	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.76	%		0.85	%		0.83	%		0.82	%		0.83	%
Net expenses		0.60	%		0.62	%		0.65	%		0.55	%		0.29	%		0.19	%
Net investment income		2.02	%		1.60	%		0.63	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$482,746			$474,040			$462,416			$539,989			$1,205,785			$876,562

¹  Amount is less than $0.005.

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

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

16  |  Retail Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.63	%		0.84	%		0.04	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.45	%		1.51	%		1.60	%		1.58	%		1.57	%		1.58	%
Net expenses		1.35	%		1.37	%		1.23	%		0.60	%		0.29	%		0.19	%
Net investment income		1.27	%		0.87	%		0.03	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$3,338			$8,229			$7,763			$13,293			$16,617			$13,628

¹  Amount is less than $0.005.

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

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

Retail Money Market Funds  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
PREMIER CLASS				2019			2018			2017¹
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.01			0.02			0.01			0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00
Total return3		1.20	%		2.03	%		1.08	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses		0.31	%		0.33	%		0.45	%		0.45	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.41	%		2.26	%		1.08	%		0.43	%
Supplemental data
Net assets, end of period (000s omitted)		$510,371			$295,962			$101			$100

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

²  Amount is less than $0.005.

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

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

18  |  Retail Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		1.05	%		1.72	%		0.79	%		0.11	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.60	%		0.66	%		0.74	%		0.72	%		0.72	%		0.73	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.28	%		0.19	%
Net investment income		2.12	%		1.71	%		0.74	%		0.05	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$11,999			$11,884			$11,910			$21,602			$274,245			$281,157

¹  Amount is less than $0.005.

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

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

Retail Money Market Funds  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

20  |  Retail Money Market Funds

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

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

Class allocations

The separate classes of shares offered by the Fund differ principally in 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 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 July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	222,107,258	$	0	$	222,107,258
Commercial paper		0		437,576,430		0		437,576,430
Municipal obligations		0		116,325,000		0		116,325,000
Non-agency mortgage-backed securities		0		3,000,000		0		3,000,000
Other instruments		0		31,947,682		0		31,947,682
Other notes		0		11,299,368		0		11,299,368
Repurchase agreements		0		179,050,000		0		179,050,000
Total assets	$	0	$	1,001,305,738	$	0	$	1,001,305,738

Retail Money Market Funds  |  21

Notes to financial statements (unaudited)

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $5 billion	0.20%
Next $5 billion	0.19
Over $10 billion	0.18

For the six months ended July 31, 2019, the management fee was equivalent to an annual rate of 0.20% of the Fund’s average daily net assets.

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

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 1.35% for Class C shares, 0.20% for Premier Class shares, and 0.50% for Service Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

22  |  Retail Money Market Funds

Notes to financial statements (unaudited)

Distribution fee

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

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

Shareholder servicing fees

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

Interfund transactions

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

5. 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.

6. 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.

Retail Money Market Funds  |  23

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by 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.

24  |  Retail Money Market Funds

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

Retail Money Market Funds  |  25

Other information (unaudited)

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

26  |  Retail Money Market Funds

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.

Retail Money Market Funds  |  27

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Money Market 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 Money Market 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 (the “WellsCap Sub-Advisory Agreement”) with Wells Capital Management Incorporated (“WellsCap”); and (iii) an investment sub-advisory agreement (the “WellsCap Singapore Sub-Advisory Agreement,” and together with the WellsCap Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with Wells Capital Management Singapore (together with WellsCap, each a “Sub-Adviser” and collectively, the “Sub-Advisers”), each an affiliate of Funds Management. The Management Agreement and the 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.

28  |  Retail Money Market Funds

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 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, equal to or in range of the median net operating expense ratios of the expense Groups for the Class A, Premier and Service share classes, but higher than the median net operating expenses ratios of the expense Groups for the Class C 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-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 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 fees to 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 either of 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.

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.

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,

Retail Money Market Funds  |  29

Other information (unaudited)

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’ 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-Advisers, fees earned by Funds Management and the Sub-Advisers 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.

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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 1-800-260-5969 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.

405486 09-19

SA306/SAR306 07-19

Semi-Annual Report

July 31, 2019

Retail Money Market Funds

∎ Wells Fargo National Tax-Free Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	25
Other information	29

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The views expressed and any forward-looking statements are as of July 31, 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

Retail Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo National Tax-Free Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Retail Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

_“During May 2019, markets tumbled on mixed investment signals._”

_“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019._”

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.

Retail Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo

Jeffrey L. Weaver, CFA^®‡

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

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (NWMXX)	7-28-2003		1.07		0.39		0.20		0.66		0.60
Administrator Class (WNTXX)	4-8-2005		1.37		0.59		0.31		0.39		0.30
Premier Class (WFNXX)	11-8-1999		1.47		0.66		0.36		0.27		0.20
Service Class (MMIXX)	8-3-1993		1.22		0.49		0.25		0.56		0.45

Yield summary (%) as of July 31, 2019²

	Class A	Administrator Class		Premier Class		Service Class
7-day current yield	0.93		1.23		1.33		1.08
7-day compound yield	0.93		1.23		1.33		1.08
30-day simple yield	0.89		1.19		1.29		1.04
30-day compound yield	0.90		1.20		1.30		1.05

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

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

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

Please see footnotes on page 5.

4  |  Retail Money Market Funds

Performance highlights (unaudited)

Revenue source distribution as of July 31, 2019³

Effective maturity distribution as of July 31, 2019³

Weighted average maturity as of July 31, 2019⁴

6 days

Weighted average life as of July 31, 2019⁵

6 days

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

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

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.86%, 1.13%, 1.25%, and 0.96% for Class A, Administrator Class, Premier Class, and Service Class respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

Retail Money Market Funds  |  5

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,005.47	$	2.98		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,006.97	$	1.49		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.51		0.30	%
Premier Class
Actual	$	1,000.00	$	1,007.47	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,006.22	$	2.24		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).

6  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

						Shares		Value
Closed End Municipal Bond Funds: 1.18%
California: 1.18%
Nuveen California AMT-Free Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series 4 1.48% 144A							10,000,000	$	10,000,000
Total Closed End Municipal Bond Funds (Cost $10,000,000)									10,000,000
	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 96.97%
Alabama: 0.59%
Variable Rate Demand Note ø: 0.59%
Alabama Federal Aid Highway Finance Authority Series 2016-A Tender Option Bond Trust Receipts/Certificates Series 2016-XF2373 (Tax Revenue, Citibank NA LIQ) 144A		1.43	%		9-1-2024	$	5,000,000	$	5,000,000
Alaska: 0.28%
Variable Rate Demand Note ø: 0.28%
Alaska Housing Finance Corporation Series B (Housing Revenue, FHLB SPA)		1.38			12-1-2041		2,400,000		2,400,000
Arizona: 1.57%
Variable Rate Demand Notes ø: 1.57%
Arizona Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2537 (Utilities Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.44			12-1-2037		3,215,000		3,215,000
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.43			7-1-2024		10,055,000		10,055,000
									13,270,000
California: 9.73%
Variable Rate Demand Notes ø: 9.73%
California HFFA Dignity Health Series A (Health Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.52			3-1-2042		6,730,000		6,730,000
California Infrastructure & Economic Development Bank Saddleback Valley Christian Schools Project Series A (Miscellaneous Revenue, East West Bank LOC) 144A		1.44			12-1-2040		14,250,000		14,250,000
California Municipal Finance Authority High Desert Foundation Project Series 2012A (Education Revenue, Union Bank NA LOC)		1.44			4-1-2042		1,150,000		1,150,000
California State University Series A Tender Option Bond Trust Receipts/Certificates Series 2017-XF2441 (Education Revenue, JPMorgan Chase & Company LIQ) 144A		1.38			5-1-2024		7,670,000		7,670,000
California Statewide Community Development Authority Uptown Newport Apartments Series 2017 AA & BB (Housing Revenue, East West Bank LOC)		1.44			3-1-2057		6,975,000		6,975,000
California Tender Option Bond Trust Receipts/Certificates Series 2017-XF0580 (GO Revenue, TD Bank NA LIQ) 144A		1.40			11-1-2033		3,375,000		3,375,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XF0669 (GO Revenue, Royal Bank of Canada LIQ) 144A		1.41			2-1-2026		2,500,000		2,500,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XF2630 (Health Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.40			8-1-2045		2,900,000		2,900,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XG0188 (GO Revenue, Royal Bank of Canada LIQ) 144A		1.41			2-1-2026		1,600,000		1,600,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-BAML01 (Transportation Revenue, Bank of America NA LIQ) 144A		1.40			4-1-2047		18,445,000		18,445,000

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

Retail Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
California Tender Option Bond Trust Receipts/Floater Certificates Series 2018-ZP0159 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.55	%		8-1-2022	$	4,500,000	$	4,500,000
Grossmont CA Union High School District Floaters Series 2015 (GO Revenue, Citibank NA LIQ) 144A		1.50			8-1-2019		7,525,000		7,525,000
San Francisco City & County CA Public Utilities Commission Series 3153X (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		1.43			11-1-2039		2,190,000		2,190,000
San Joaquin CA Delta Community College Tender Option Bond Trust Receipts/Certificates Series ZF0180 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.50			8-1-2022		2,415,000		2,415,000
									82,225,000
Colorado: 2.17%
Variable Rate Demand Notes ø: 2.17%
Colorado HFA Catholic Health Initiatives Series 2008-D2 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.55			10-1-2037		9,000,000		9,000,000
Colorado RBC Municipal Products Incorporated Trust Series 2018-E123 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.43			4-1-2020		7,500,000		7,500,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2018-XF0668 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.43			5-15-2026		1,875,000		1,875,000
									18,375,000
Connecticut: 0.87%
Variable Rate Demand Notes ø: 0.87%
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.44			6-1-2037		2,800,000		2,800,000
Connecticut Tender Option Bond Trust Receipts/Floater Certificates Series 2017-YX1077 (Tax Revenue, Barclays Bank plc LIQ) 144A		1.46			1-1-2036		4,550,000		4,550,000
									7,350,000
District of Columbia: 1.42%
Variable Rate Demand Notes ø: 1.42%
District of Columbia Community Connection Real Estate Foundation Issue Series 2007-A (Miscellaneous Revenue, Manufacturers & Traders LOC)		1.45			7-1-2032		3,165,000		3,165,000
District of Columbia Tender Option Bond Trust Receipts/Certificates Series 2018-XF0621 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		1.43			4-1-2026		4,000,000		4,000,000
District of Columbia Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2784 (Housing Revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A		1.44			9-1-2039		2,800,000		2,800,000
District of ColumbiaTender Option Bond Trust Receipts/Certificates Series 2019-ZF2785 (Housing Revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A		1.44			9-1-2039		2,070,000		2,070,000
									12,035,000
Florida: 8.27%
Variable Rate Demand Notes ø: 8.27%
Florida Tender Option Bond Trust Receipts/Certificates Series 2017-ZM0571 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.50			8-15-2047		4,730,000		4,730,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XF2523 (Health Revenue, Barclays Bank plc LIQ) 144A		1.52			8-15-2047		6,000,000		6,000,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XF2530 (Health Revenue, Citibank NA LIQ) 144A		1.50			8-15-2025		3,000,000		3,000,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XG0173 (Health Revenue, Credit Suisse LIQ) 144A		1.50			10-1-2025		6,000,000		6,000,000

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

8  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Florida Tender Option Bond Trust Receipts/Certificates Series 2019-XF2817 (Health Revenue, Barclays Bank plc LIQ) 144A		1.43	%		1-1-2046	$	6,400,000	$	6,400,000
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.50			8-15-2047		1,500,000		1,500,000
Highlands County FL Health Facilities Authority Adventist Health System Series A (Health Revenue)		1.42			11-15-2037		5,090,000		5,090,000
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health Revenue, Adventist Health System)		1.39			11-15-2032		600,000		600,000
Highlands County FL HFA Adventist Health System Series I5 (Health Revenue)		1.42			11-15-2035		13,150,000		13,150,000
Orange County FL Health Facilities Authority Series 2009C (Health Revenue, TD Bank NA LOC)		1.39			1-1-2037		425,000		425,000
Orange County FL School Board Certificate of Participation Series 2009A (Miscellaneous Revenue, AGC Insured, Morgan Stanley Bank LIQ) 144A		1.53			8-1-2034		3,300,000		3,300,000
Orlando & Orange County FL Expressway Authority Series 2007 (Transportation Revenue, BHAC/AGM Insured, Citibank NA LIQ)		1.43			7-1-2042		6,000,000		6,000,000
Pinellas County FL IDA Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		1.40			8-1-2028		2,985,000		2,985,000
Saint Lucie County FL Florida Power & Light Company (Industrial Development Revenue)		1.48			9-1-2028		5,485,000		5,485,000
Seminole County FL Tender Option Bond Trust Receipts/Floater Certificates Series ZF0444 (Tax Revenue, National Insured, JPMorgan Chase & Company LIQ) 144A		1.55			4-1-2027		5,250,000		5,250,000
									69,915,000
Georgia: 0.44%
Variable Rate Demand Note ø: 0.44%
Georgia Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0589 (Education Revenue, Bank of America NA LIQ) 144A		1.44			6-1-2049		3,750,000		3,750,000
Illinois: 9.21%
Variable Rate Demand Notes ø: 9.21%
Aurora IL Economic Development Aurora University Series 2004 (Education Revenue, BMO Harris Bank NA LOC)		1.40			3-1-2035		7,000,000		7,000,000
Chicago IL Education Marine Project Series 1984 (Industrial Development Revenue, FHLB LOC)		1.50			7-1-2023		4,200,000		4,200,000
Chicago IL O’Hare International 3rd Lien Series C (Airport Revenue, Bank of America NA LOC)		1.43			1-1-2035		2,800,000		2,800,000
Illinois Educational Facilities Authority Aurora University (Education Revenue, Harris NA LOC)		1.40			3-1-2032		4,600,000		4,600,000
Illinois Finance Authority Northwest Community Hospital Series C (Health Revenue, JPMorgan Chase & Company LOC)		1.41			7-1-2032		475,000		475,000
Illinois Finance Authority Series B (Health Revenue, Northern Trust Company LOC)		1.38			2-15-2033		1,400,000		1,400,000
Illinois Health Facilities Authority Evanston Hospital Corporation Series 1995 (Health Revenue, JPMorgan Chase & Company SPA)		1.44			6-1-2035		9,500,000		9,500,000
Illinois International Port District Facilities (Airport Revenue, U.S. Bank NA LOC)		1.55			1-1-2023		3,950,000		3,950,000
Illinois Tender Option Bond Trust Floaters Series 2018-XM0683 (Tax Revenue, Bank of America NA LIQ) 144A		1.57			1-1-2048		8,340,000		8,340,000
Illinois Tender Option Bond Trust Floaters Series 2018-XF0722 (Tax Revenue, Royal Bank of Canada LIQ) 144A		1.55			7-1-2026		7,900,000		7,900,000
Illinois Tender Option Bond Trust Receipts/Certificates Series XF2202 (Transportation Revenue, Citibank NA LIQ) 144A		1.43			7-1-2023		1,140,000		1,140,000

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

Retail Money Market Funds  |  9

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Illinois Tender Option Bond Trust Receipts/Certificates Series ZM0120 (Transportation Revenue, Royal Bank of Canada LIQ) 144A		1.46	%		7-1-2023	$	3,100,000	$	3,100,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0108 (Tax Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.58			4-1-2046		11,000,000		11,000,000
Illinois Tender Option Bond Trust Receipts/Certificates Series 2019-XF0779 (Tax Revenue, Build America Mutual Assurance Company Insured, TD Bank NA LIQ) 144A		1.48			1-1-2048		4,000,000		4,000,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0603 (Tax Revenue, Royal Bank of Canada LIQ) 144A		1.55			1-1-2026		3,615,000		3,615,000
Quad Cities Illinois Regional EDA Augustana College Series 2005 (Education Revenue, Harris NA LOC)		1.40			10-1-2035		4,800,000		4,800,000
									77,820,000
Indiana: 1.32%
Variable Rate Demand Notes ø: 1.32%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.44			7-1-2023		9,915,000		9,915,000
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial Development Revenue, Sumitomo Mitsui Banking LOC)		1.48			12-1-2039		1,200,000		1,200,000
									11,115,000
Iowa: 3.47%
Variable Rate Demand Notes ø: 3.47%
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC)		1.93			4-1-2022		23,840,000		23,840,000
Iowa Finance Authority Mortgage Securities Program Series D (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		1.40			1-1-2047		5,500,000		5,500,000
									29,340,000
Kentucky: 0.65%
Variable Rate Demand Note ø: 0.65%
Kentucky Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0161 (Tax Revenue, Bank of America NA LOC, AGM Insured, Bank of America NA LIQ) 144A		1.43			12-1-2041		5,460,000		5,460,000
Louisiana: 1.46%
Variable Rate Demand Note ø: 1.46%
Louisiana Tender Option Bond Trust Receipts/Floater Certificates Series 2018-BAML7002 (Health Revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A		1.44			9-1-2057		12,325,000		12,325,000
Maryland: 0.39%
Variable Rate Demand Note ø: 0.39%
Maryland Tender Option Bond Trust Receipts/Certificates Series 2018-XF0605 (Education Revenue, Bank of America NA LIQ) 144A		1.45			5-1-2047		3,300,000		3,300,000
Massachusetts: 0.11%
Variable Rate Demand Note ø: 0.11%
Massachusetts Health & Education Facilities Authority Partners Healthcare Systems Series F3 (Health Revenue, TD Bank NA LOC)		1.39			7-1-2040		900,000		900,000

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

10  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Michigan: 1.29%
Variable Rate Demand Notes ø: 1.29%
Michigan Housing Development Authority Series D (Housing Revenue, Industrial and Commercial Bank of China Limited SPA)		1.41	%		6-1-2030	$	1,455,000	$	1,455,000
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2002 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		1.50			1-1-2032		9,460,000		9,460,000
									10,915,000
Minnesota: 1.61%
Variable Rate Demand Notes ø: 1.61%
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.48			10-15-2033		2,375,000		2,375,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.49			8-15-2038		4,500,000		4,500,000
Maple Grove MN MFHR Basswood Trails Apartment Project Series 2002 (Housing Revenue, FHLMC LIQ)		1.48			3-1-2029		2,340,000		2,340,000
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.48			9-15-2031		2,865,000		2,865,000
Rochester MN MFHR Bella Grove Apartments Project Series 2019B (Housing Revenue, United Fidelity Bank LOC)		1.51			5-1-2061		1,500,000		1,500,000
									13,580,000
Missouri: 3.33%
Variable Rate Demand Notes ø: 3.33%
Missouri Development Finance Board Kauffman Center Performing Arts Project Series 2007-A (Miscellaneous Revenue, PNC Bank NA SPA)		1.51			6-1-2037		10,000,000		10,000,000
Missouri Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.50			5-15-2041		8,000,000		8,000,000
Missouri Tender Option Bond Trust Receipts/Certificates Series XF2198 (Water & Sewer Revenue, Citibank NA LIQ) 144A		1.43			5-1-2023		2,670,000		2,670,000
St. Louis County MO Sewer District Wastewater System Series 2013-B (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		1.43			5-1-2043		7,500,000		7,500,000
									28,170,000
Nebraska: 1.24%
Variable Rate Demand Note ø: 1.24%
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		2.36			9-1-2031		10,500,000		10,500,000
Nevada: 0.98%
Variable Rate Demand Notes ø: 0.98%
Nevada Tender Option Bond Trust Receipts/Certificates Series 2015-ZF0155 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.58			6-1-2020		5,000,000		5,000,000
Nevada Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0639 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.43			12-1-2025		3,240,000		3,240,000
									8,240,000
New Jersey: 3.15%
Variable Rate Demand Notes ø: 3.15%
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2018-XG0205 (Education Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.43			12-15-2034		7,500,000		7,500,000

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

Retail Money Market Funds  |  11

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2016-XM0226 (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ) 144A		1.40	%		7-1-2026	$	3,790,000	$	3,790,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2476 (Education Revenue, Citibank NA LIQ) 144A		1.41			11-1-2021		1,000,000		1,000,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2477 (Education Revenue, Citibank NA LIQ) 144A		1.41			11-1-2021		2,000,000		2,000,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2018-XF2538 (Education Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.43			6-15-2040		2,810,000		2,810,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2018-XX1093 (Education Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.43			6-15-2031		9,500,000		9,500,000
									26,600,000
New York: 10.73%
Variable Rate Demand Notes ø: 10.73%
Metropolitan Transportation Authority New York Revenue Bond Series 2015E (Transportation Revenue, PNC Bank NA LOC)		1.40			11-15-2045		900,000		900,000
Metropolitan Transportation Authority New York Revenue Bond Sub Series 2012A-2 (Transportation Revenue, Bank of Montreal LOC)		1.53			11-15-2041		10,500,000		10,500,000
New York Battery Park City Authority Refunding Bond Series 2013-C JPMorgan Chase PUTTER/DRIVER Trust Series 5012 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		1.53			11-1-2019		4,470,000		4,470,000
New York Dormitory Authority Catholic Health Systems Obligated Group Revenue Bond Series 2019B (Health Revenue, Manufacturers & Traders LOC)		1.40			7-1-2048		4,425,000		4,425,000
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) 144A		1.43			3-15-2022		3,770,000		3,770,000
New York HFA Manhattan West Residential Housing Series A (Housing Revenue, Bank of China LOC)		1.44			11-1-2049		5,470,000		5,470,000
New York HFA Manhattan West Residential Housing Series 2015-A (Housing Revenue, Bank of China LOC)		1.44			11-1-2049		9,250,000		9,250,000
New York NY Fiscal Subordinate Bond Series 2017A-6 (GO Revenue, Landesbank Hessen-Thüringen SPA)		1.49			8-1-2044		8,455,000		8,455,000
New York NY Municipal Water Authority Series BB-1 (Water & Sewer Revenue, State Street Bank & Trust Company SPA)		1.49			6-15-2049		4,100,000		4,100,000
New York NY Municipal Water Finance Authority 2nd Generation Resolution Fiscal Year 2019 Series BB (Water & Sewer Revenue, Industrial and Commercial Bank of China Limited SPA)		1.42			6-15-2051		10,000,000		10,000,000
New York NY Municipal Water Finance Authority Fiscal 2010 Series CC (Water & Sewer Revenue, Barclays Bank plc SPA)		1.40			6-15-2041		1,500,000		1,500,000
New York NY Series E (GO Revenue, Bank of America NA LOC)		1.35			8-1-2034		900,000		900,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bond Series A-3 (Tax Revenue, Mizuho Bank Limited SPA)		1.51			8-1-2043		2,000,000		2,000,000
New York Tender Option Bond Trust Receipts/Floater Certificates Series 2019-BAML3002 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		1.48			1-15-2056		14,905,377		14,905,377
RBC Municipal Products Incorporated Trust Series E-99 (Tax Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.43			8-1-2021		10,000,000		10,000,000
									90,645,377

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

12  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
North Carolina: 1.17%
Variable Rate Demand Notes ø: 1.17%
Charlotte NC Water & Sewer Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		1.43	%		1-1-2026	$	2,430,000	$	2,430,000
Greensboro NC (GO Revenue, Bank of America NA SPA)		1.44			2-1-2022		25,000		25,000
North Carolina Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0105 (Education Revenue, Morgan Stanley Bank LIQ) 144A		1.43			10-1-2055		2,250,500		2,250,500
North Carolina Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2490 (Airport Revenue, Barclays Bank plc LIQ) 144A		1.43			7-1-2042		3,750,000		3,750,000
University of North Carolina Chapel Hill Series 2009- A (Education Revenue, TD Bank NA SPA)		1.39			2-1-2024		1,400,000		1,400,000
									9,855,500
Ohio: 6.96%
Variable Rate Demand Notes ø: 6.96%
Allen County OH Catholic Healthcare Series C (Health Revenue, BMO Harris Bank NA LOC)		1.48			6-1-2034		10,000,000		10,000,000
Montgomery County OH Catholic Health Initiatives Series A (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.55			5-1-2034		8,825,000		8,825,000
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous Revenue)		1.49			10-1-2036		7,100,000		7,100,000
Ohio Cleveland Health System Obligated Group Series 2019F (Health Revenue, U.S. Bank NA SPA)		1.48			1-1-2052		7,900,000		7,900,000
Ohio Tender Option Bond Trust Receipts/Certificates Series 2017-XF2438 (Education Revenue, JPMorgan Chase & Company LIQ) 144A		1.43			12-1-2024		2,000,000		2,000,000
Ohio Tender Option Bond Trust Receipts/Certificates Series 2018-XL0074 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		1.60			8-1-2024		5,580,000		5,580,000
RBC Municipal Products Incorporated Trust Series E-110 (Water & Sewer Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.43			10-1-2020		8,000,000		8,000,000
Tender Option Bond Trust Receipts/Certificates Northeast Regional Ohio Sewer District Wastewater Series 2015-XF0225 (Water & Sewer Revenue, TD Bank NA LIQ) 144A		1.43			3-1-2021		9,375,000		9,375,000
									58,780,000
Oregon: 0.73%
Variable Rate Demand Note ø: 0.73%
Oregon Health & Science University Series 2012B-3 (Education Revenue, U.S. Bank NA LOC)		1.47			7-1-2042		6,185,000		6,185,000
Other: 1.89%
Variable Rate Demand Notes ø: 1.89%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.45			2-15-2028		14,990,000		14,990,000
FHLMC MFHR Series M-031 Class A (Housing Revenue, FHLMC LIQ)		1.43			12-15-2045		980,000		980,000
									15,970,000
Pennsylvania: 2.33%
Variable Rate Demand Notes ø: 2.33%
Butler County PA Hospital Authority Series A (Health Revenue, BMO Harris Bank NA LOC)		1.41			10-1-2042		700,000		700,000
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2016 - ZF0504 (Water & Sewer Revenue, TD Bank NA LIQ) 144A		1.55			8-15-2042		4,875,000		4,875,000

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

Retail Money Market Funds  |  13

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2018-YX1089 (GO Revenue, Barclays Bank plc LIQ) 144A		1.43	%		3-1-2035	$	2,540,000	$	2,540,000
South Central General Authority WellSpan Health Obliged Group Revenue Bond Series 2019E (Health Revenue, U.S. Bank NA SPA)		1.47			6-1-2035		5,000,000		5,000,000
Southcentral Pennsylvania General Authority WellSpan Health Obliged Group Series 2014A Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0081 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.43			6-1-2044		3,000,000		3,000,000
Southcentral Pennsylvania WellSpan Health Obligated Group Series 2019C (Health Revenue, Bank of America NA LIQ)		1.43			6-1-2037		1,000,000		1,000,000
Westmoreland County PA Municipal Authority Service Series 2016 Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0539 (Water & Sewer Revenue, Build America Mutual Assurance Company Insured, TD Bank NA LIQ) 144A		1.55			8-15-2038		2,615,000		2,615,000
									19,730,000
Rhode Island: 1.18%
Variable Rate Demand Note ø: 1.18%
Narragansett Bay RI Commission Wastewater System Series 2013-A Tender Option Trust Receipts/Certificates Series 2016-XM0140 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		1.45			9-1-2020		10,000,000		10,000,000
South Carolina: 2.78%
Variable Rate Demand Notes ø: 2.78%
Columbia SC Waterworks Series 2009 (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC)		1.40			2-1-2038		1,760,000		1,760,000
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC)		1.42			8-1-2025		2,100,000		2,100,000
South Carolina Jobs Economic Development Authority Prisma Health Obligated Group Series 2018B (Health Revenue, U.S. Bank NA LOC)		1.48			5-1-2048		10,385,000		10,385,000
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial Development Revenue, Branch Banking & Trust LOC)		1.44			11-1-2034		1,265,000		1,265,000
South Carolina Tender Option Bond Trust Receipts/Floater Certificates Patriots Energy Group Financing Agency Series 2018-XM0690 (Utilities Revenue, Royal Bank of Canada LIQ) 144A		1.44			10-1-2022		8,000,000		8,000,000
									23,510,000
Tennessee: 0.39%
Variable Rate Demand Note ø: 0.39%
Sevier County TN Public Building Authority Local Government Public Improvement Series 6-A1 (Miscellaneous Revenue, Branch Banking & Trust SPA)		1.42			6-1-2029		3,260,000		3,260,000
Texas: 5.93%
Variable Rate Demand Notes ø: 5.93%
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ)		1.48			9-1-2039		3,700,000		3,700,000
Brazos Harbor TX Industrial Development Corporation BASF Corporation Project Series 2001 (Industrial Development Revenue, BASF SE)		1.47			7-1-2022		4,900,000		4,900,000
Harris County TX Cultural Educational Facilities Finance Corporation Children’s Hospital Project Series 2009 Citigroup ROC Series 11821 (Health Revenue, Citibank NA LIQ) 144A		1.46			10-1-2039		2,000,000		2,000,000

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

14  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Harris County TX Industrial Development Corporation (Industrial Development Revenue)		1.47	%		3-1-2024	$	7,500,000	$	7,500,000
Harris County TX Series 3060X (Transportation Revenue, Bank of America NA LIQ) 144A		1.43			8-15-2038		3,980,000		3,980,000
Houston TX Adjustable Refunding First Lien B-3 (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC)		1.41			5-15-2034		3,000,000		3,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial Development Revenue, Total SA)		1.47			6-1-2041		5,000,000		5,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-B (Resource Recovery Revenue, Flint Hills Resources LLC)		1.44			7-1-2029		4,200,000		4,200,000
Tarrant County TX Cultural Educational Facilities Finance Corporation Christus Health Series 2008-C2 (Health Revenue, Bank of New York Mellon LOC)		1.44			7-1-2047		6,405,000		6,405,000
Tender Option Bond Trust Series 2019-XM0722 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.43			6-15-2025		3,670,000		3,670,000
Texas Veterans Bonds Series 2018 (GO Revenue, FHLB LIQ)		1.45			12-1-2049		4,855,000		4,855,000
Texas Veterans Bonds (Miscellaneous Revenue, Sumitomo Mitsui Banking SPA)		1.47			12-1-2047		870,000		870,000
									50,080,000
Utah: 1.99%
Variable Rate Demand Notes ø: 1.99%
Murray UT City Hospital IHC Health Services Incorporated Series C (Health Revenue)		1.46			5-15-2036		5,000,000		5,000,000
Murray UT City Hospital IHC Health Services Incorporated Series D (Health Revenue)		1.46			5-15-2036		3,000,000		3,000,000
Utah Tender Option Bond Trust Receipts/Certificates Series 2018-XG0171 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.46			11-15-2022		3,000,000		3,000,000
Utah Tender Option Bond Trust Receipts/Floater Certificates Series 2017-ZF0540 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		1.60			1-1-2025		2,700,000		2,700,000
Weber County UT Hospital IHC Health Services Series 2000-C (Health Revenue, Bank of New York Mellon SPA)		1.48			2-15-2035		3,100,000		3,100,000
									16,800,000
Vermont: 0.29%
Variable Rate Demand Note ø: 0.29%
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education Revenue, TD Bank NA LOC)		1.49			7-1-2033		2,490,000		2,490,000
Virginia: 0.86%
Variable Rate Demand Notes ø: 0.86%
Virginia Public Building Authority Public Facilities Refunding Bonds Series 2015B		1.49			8-1-2019		2,400,000		2,400,000
Virginia Tender Option Bond Trust Receipts/Certificates Series 2017-XG0143 (Transportation Revenue, Citibank NA LIQ) 144A		1.42			5-1-2025		4,890,000		4,890,000
									7,290,000
Washington: 1.18%
Variable Rate Demand Note ø: 1.18%
Washington Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0681 (Tax Revenue, Citibank NA LIQ) 144A		1.46			7-1-2026		10,000,000		10,000,000

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

Retail Money Market Funds  |  15

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Wisconsin: 3.43%
Variable Rate Demand Notes ø: 3.43%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank ACB LOC)		1.43	%		5-1-2037	$	14,200,000	$	14,200,000
Milwaukee WI RDA Wisconsin Montessori Society (Education Revenue, U.S. Bank NA LOC)		1.75			7-1-2021		250,000		250,000
Wisconsin GO Series 2019A (GO Revenue)		1.54			5-1-2029		1,500,000		1,500,000
Wisconsin PFA Midwestern Disaster Area Program Series 2011 (Industrial Development Revenue, Farm Credit Services of America LOC)		1.45			9-1-2036		3,265,000		3,265,000
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2018-XF2634 (Health Revenue, Credit Suisse LIQ) 144A		1.43			8-15-2025		2,000,000		2,000,000
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2019-F2823 (Housing Revenue, Mizuho Capital Markets LLC LIQ) 144A		1.50			1-1-2026		4,000,000		4,000,000
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0127 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		1.58			10-1-2020		3,815,000		3,815,000
									29,030,000
Wyoming: 1.58%
Variable Rate Demand Note ø: 1.58%
Wyoming Tender Option Bond Trust Receipts/Certificates Series 2018 -XL0070 (Utilities Revenue, Build America Mutual Assurance Company Insured, JPMorgan Chase & Company LIQ) 144A		1.43			1-1-2025		13,330,000		13,330,000
Total Municipal Obligations (Cost $819,540,877)									819,540,877
Repurchase Agreements: 1.18%
Barclays Capital Incorporated, dated 7-31-2019, maturity value $10,000,706 ^^		2.54			8-1-2019		10,000,000		10,000,000
Total Repurchase Agreements (Cost $10,000,000)									10,000,000

Total investments in securities (Cost $839,540,877)	99.33	%		839,540,877
Other assets and liabilities, net	0.67			5,626,300
Total net assets	100.00	%	$	845,167,177

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

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

^^ Collateralized by U.S. government securities, 1.63% to 1.75%, 6-30-2021 to 7-15-2022, fair value including accrued interest is $10,200,000

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

16  |  Retail Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

AMT Alternative minimum tax

BHAC Berkshire Hathaway Assurance Corporation

DRIVER Derivative inverse tax-exempt receipts

EDA Economic Development Authority

FHA Federal Housing Administration

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

IDA Industrial Development Authority

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

National National Public Finance Guarantee Corporation

PFA Public Finance Authority

PUTTER Puttable tax-exempt receipts

RDA Redevelopment Authority

ROC Reset option certificates

SPA Standby purchase agreement

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

Retail Money Market Funds  |  17

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	839,540,877
Cash		217,401
Receivable for investments sold		5,910,000
Receivable for Fund shares sold		2,583,144
Receivable for interest		2,251,100
Prepaid expenses and other assets		86,002
Total assets		850,588,524
Liabilities
Payable for Fund shares redeemed		3,432,356
Payable for investments purchased		1,500,000
Dividends payable		126,992
Administration fees payable		73,682
Management fee payable		51,591
Trustees’ fees and expenses payable		2,750
Accrued expenses and other liabilities		233,976
Total liabilities		5,421,347
Total net assets	$	845,167,177
Net assets consist of
Paid-in capital	$	845,031,927
Total distributable earnings		135,250
Total net assets	$	845,167,177
Computation of net asset value per share
Net assets – Class A	$	94,749,138
Shares outstanding – Class A1		94,726,833
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	122,192,481
Shares outstanding – Administrator Class1		122,163,686
Net asset value per share – Administrator Class		$1.00
Net assets – Premier Class	$	563,941,163
Shares outstanding – Premier Class1		563,806,356
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	64,284,395
Shares outstanding – Service Class1		64,269,300
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

18  |  Retail Money Market Funds

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	7,264,013
Expenses
Management fee		641,160
Administration fees
Class A		107,385
Administrator Class		61,852
Premier Class		227,533
Service Class		38,833
Shareholder servicing fees
Class A		122,028
Administrator Class		61,852
Service Class		80,475
Custody and accounting fees		29,443
Professional fees		21,378
Registration fees		99,355
Shareholder report expenses		18,444
Trustees’ fees and expenses		10,965
Other fees and expenses		7,149
Total expenses		1,527,852
Less: Fee waivers and/or expense reimbursements		(334,971	)
Net expenses		1,192,881
Net investment income		6,071,132
Net realized gains on investments		101,891
Net increase in net assets resulting from operations	$	6,173,023

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

Retail Money Market Funds  |  19

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	6,071,132					$	10,059,433
Net realized gains on investments					101,891						38,078
Net increase in net assets resulting from operations					6,173,023						10,097,511
Distributions to shareholders from net investment income and net realized gains
Class A					(537,841	)					(983,009	)
Administrator Class					(866,709	)					(1,676,616	)
Premier Class					(4,261,670	)					(6,724,447	)
Service Class					(404,912	)					(680,815	)
Total distributions to shareholders					(6,071,132	)					(10,064,887	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		14,003,115			14,003,115			35,451,170			35,451,170
Administrator Class		16,688,726			16,688,726			66,742,195			66,742,195
Premier Class		326,864,033			326,864,033			1,042,791,893			1,042,791,893
Service Class		2,526,101			2,526,101			9,248,032			9,248,032
					360,081,975						1,154,233,290
Reinvestment of distributions
Class A		523,071			523,071			958,425			958,425
Administrator Class		846,779			846,779			1,643,597			1,643,597
Premier Class		3,579,878			3,579,878			5,170,672			5,170,672
Service Class		127,992			127,992			226,056			226,056
					5,077,720						7,998,750
Payment for shares redeemed
Class A		(21,464,308	)		(21,464,308	)		(54,253,118	)		(54,253,118	)
Administrator Class		(26,749,382	)		(26,749,382	)		(69,954,513	)		(69,954,513	)
Premier Class		(360,540,418	)		(360,540,418	)		(793,365,730	)		(793,365,730	)
Service Class		(4,058,602	)		(4,058,602	)		(10,252,475	)		(10,252,475	)
					(412,812,710	)					(927,825,836	)
Net increase (decrease) in net assets resulting from capital share transactions					(47,653,015	)					234,406,204
Total increase (decrease) in net assets					(47,551,124	)					234,438,828
Net assets
Beginning of period					892,718,301						658,279,473
End of period				$	845,167,177					$	892,718,301

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

20  |  Retail Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.55	%		0.89	%		0.35	%		0.13	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.66	%		0.66	%		0.68	%		0.65	%		0.63	%		0.63	%
Net expenses		0.60	%		0.61	%		0.64	%		0.39	%		0.08	%		0.08	%
Net investment income		1.10	%		0.88	%		0.30	%		0.02	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$94,749			$101,680			$119,524			$135,704			$172,725			$123,525

¹  Amount is less than $0.005.

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

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

Retail Money Market Funds  |  21

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.70	%		1.21	%		0.69	%		0.33	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.39	%		0.39	%		0.41	%		0.40	%		0.36	%		0.36	%
Net expenses		0.30	%		0.30	%		0.30	%		0.27	%		0.08	%		0.08	%
Net investment income		1.40	%		1.21	%		0.64	%		0.22	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$122,192			$131,395			$132,964			$155,448			$179,171			$191,766

¹  Amount is less than $0.005.

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

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

22  |  Retail Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
PREMIER CLASS1				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.01			0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.01			0.01			0.01			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.01	)		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.75	%		1.31	%		0.79	%		0.41	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.27	%		0.27	%		0.28	%		0.25	%		0.24	%		0.24	%
Net expenses		0.20	%		0.20	%		0.20	%		0.18	%		0.08	%		0.08	%
Net investment income		1.50	%		1.31	%		0.79	%		0.18	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$563,941			$593,961			$339,331			$105,881			$1,677,748			$2,269,187

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

²  Amount is less than $0.005.

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

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

Retail Money Market Funds  |  23

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.62	%		1.06	%		0.54	%		0.20	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.56	%		0.56	%		0.58	%		0.54	%		0.53	%		0.52	%
Net expenses		0.45	%		0.45	%		0.45	%		0.32	%		0.08	%		0.08	%
Net investment income		1.25	%		1.05	%		0.49	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$64,284			$65,682			$66,460			$73,472			$162,593			$139,915

¹  Amount is less than $0.005.

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

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

24  |  Retail Money Market Funds

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income are 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.

Retail Money Market Funds  |  25

Notes to financial statements (unaudited)

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable 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 July 31, 2019, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Closed end municipal bond funds	$	0	$	10,000,000	$	0	$	10,000,000
Municipal obligations		0		819,540,877		0		819,540,877
Repurchase agreements		0		10,000,000		0		10,000,000
Total assets	$	0	$	839,540,877	$	0	$	839,540,877

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services

26  |  Retail Money Market Funds

Notes to financial statements (unaudited)

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 $5 billion		0.15	%
Next $5 billion		0.14
Over $10 billion		0.13

For the six months ended July 31, 2019 the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Premier Class shares, and 0.45% for Service Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Service Class of the Fund are charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $249,300,000 and $303,400,000 in interfund purchases and sales, respectively, during the six months ended July 31, 2019.

Retail Money Market Funds  |  27

Notes to financial statements (unaudited)

5. 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.

6. 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.

28  |  Retail Money Market Funds

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.

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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.

32  |  Retail Money Market Funds

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo National Tax-Free Money Market 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 National Tax-Free Money Market 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.

Retail Money Market Funds  |  33

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 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, equal to 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

34  |  Retail Money Market Funds

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.

Retail Money Market Funds  |  35

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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 1-800-260-5969 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.

405487 09-19

SA309/SAR309 07-19

Semi-Annual Report

July 31, 2019

Institutional Money Market Funds

∎ Wells Fargo Cash Investment Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	24

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The views expressed and any forward-looking statements are as of July 31, 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

Institutional Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Cash Investment Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Institutional Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

“During May 2019, markets tumbled on mixed investment signals.”

“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.”

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.

Institutional Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

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

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (WFAXX)	7-31-2003		2.22		0.88		0.45		0.37		0.33
Institutional Class (WFIXX)	10-14-1987		2.35		0.98		0.53		0.25		0.20
Select Class (WFQXX)	6-29-2007		2.42		1.05		0.60		0.21		0.13
Service Class (NWIXX)	10-14-1987		2.05		0.75		0.38		0.54		0.50

Yield summary (%) as of July 31, 2019²

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	2.18		2.31		2.38		2.01
7-day compound yield	2.20		2.34		2.41		2.03
30-day simple yield	2.21		2.34		2.41		2.04
30-day compound yield	2.23		2.36		2.44		2.06

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

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

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

Please see footnotes on page 5.

4  |  Institutional Money Market Funds

Performance highlights (unaudited)

Portfolio composition as of July 31, 2019³

Effective maturity distribution as of July 31, 2019³

Weighted average maturity as of July 31, 2019⁴

25 days

Weighted average life as of July 31, 2019⁵

64 days

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

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

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 2.14%, 2.26%, 2.30%, and 1.97% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

Institutional Money Market Funds  |  5

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,011.42	$	1.65		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,012.07	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,012.42	$	0.65		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,010.56	$	2.49		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).

6  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 22.29%
ABN Amro Bank NV		2.46	%		10-7-2019	$	15,000,000	$	15,012,449
ABN Amro Bank NV		2.59			9-6-2019		16,000,000		16,006,176
Bank of Montreal (3 Month LIBOR +0.06%) ±		2.50			3-12-2020		7,000,000		7,000,394
Bank of Montreal (1 Month LIBOR +0.18%) ±		2.57			4-3-2020		10,000,000		10,000,761
Bank of Montreal (1 Month LIBOR +0.22%) ±		2.58			10-4-2019		7,000,000		7,001,442
Bank of Montreal (1 Month LIBOR +0.18%) ±		2.58			5-1-2020		5,000,000		5,000,738
Bank of Montreal (3 Month LIBOR +0.22%) ±		2.67			12-10-2019		9,000,000		9,006,363
Bank of Nova Scotia (1 Month LIBOR +0.14%) ±		2.38			1-27-2020		6,000,000		6,000,200
Bank of Nova Scotia (3 Month LIBOR +0.05%) ±		2.38			4-3-2020		13,000,000		13,000,812
Bank of Nova Scotia (3 Month LIBOR +0.10%) ±		2.51			9-16-2019		3,000,000		3,000,386
Bank of Nova Scotia (1 Month LIBOR +0.20%) ±		2.53			8-14-2019		7,000,000		7,000,373
Canadian Imperial Bank (3 Month LIBOR +0.19%) ±		2.46			1-30-2020		10,000,000		10,007,385
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.54			4-6-2020		10,000,000		10,001,354
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.58			5-1-2020		6,000,000		6,000,907
China Construction Bank Corporation (3 Month LIBOR +0.10%) ±		2.38			1-24-2020		15,000,000		14,999,971
Cooperatieve Rabobank UA (1 Month LIBOR +0.14%) ±		2.50			11-7-2019		10,000,000		10,001,312
Cooperatieve Rabobank UA		2.46			5-20-2020		11,000,000		10,999,127
Credit Agricole Corporate & Investment Bank (3 Month LIBOR +0.08%) ±		2.47			12-20-2019		7,000,000		6,999,967
Credit Industriel et Commercial NY (1 Month LIBOR +0.22%) ±		2.49			4-24-2020		7,000,000		7,000,939
Credit Suisse New York (1 Month LIBOR +0.22%) ±		2.58			12-9-2019		8,000,000		8,002,681
DNB Bank ASA (1 Month LIBOR +0.10%) ±		2.47			9-9-2019		12,000,000		12,000,166
DZ Bank AG Deutsche Zentral-Genossenschaftsbank		2.36			10-29-2019		7,000,000		6,959,288
HSBC Bank USA NA (3 Month LIBOR +0.13%) ±		2.69			8-9-2019		3,000,000		3,000,074
Mizuho Bank Limited (1 Month LIBOR +0.16%) ±		2.40			8-27-2019		7,000,000		7,000,228
Mizuho Bank Limited (1 Month LIBOR +0.14%) ±		2.50			11-8-2019		12,000,000		12,001,168
Mizuho Bank Limited (1 Month LIBOR +0.16%) ±		2.53			9-12-2019		10,000,000		10,000,988
Mizuho Bank Limited		2.43			9-11-2019		5,000,000		4,987,025
MUFG Bank Limited of New York (3 Month LIBOR +0.18%) ±		2.70			2-27-2020		7,000,000		7,002,342
MUFG Bank Limited of New York (3 Month LIBOR +0.14%) ±		2.70			5-11-2020		5,000,000		4,999,995
Natixis NY (1 Month LIBOR +0.16%) ±		2.42			12-23-2019		6,000,000		6,000,719
Norinchukin Bank		2.20			2-4-2020		5,000,000		4,999,667
Norinchukin Bank		2.52			8-9-2019		5,000,000		5,000,361
Norinchukin Bank		2.54			8-1-2019		5,000,000		5,000,045
Oversea-Chinese Banking Corporation Limited (1 Month LIBOR +0.10%) ±		2.37			10-25-2019		7,000,000		7,000,252
Oversea-Chinese Banking Corporation Limited (1 Month LIBOR +0.20%) ±		2.50			9-19-2019		6,000,000		6,000,952
Skandinaviska Enskilda Bank AB (1 Month LIBOR +0.13%) ±		2.50			9-12-2019		10,000,000		10,000,630
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.14%) ±		2.50			11-5-2019		11,000,000		11,001,331
Sumitomo Mitsui Trust Bank Limited (1 Month LIBOR +0.12%) ±		2.38			10-23-2019		6,000,000		6,000,447
Sumitomo Mitsui Trust NY		2.25			1-9-2020		14,000,000		14,001,117
Sumitomo Mitsui Trust NY		2.25			1-13-2020		4,000,000		4,000,317
Svenska Handelsbanken (3 Month LIBOR +0.15%) ±		2.47			10-2-2019		10,000,000		10,002,452
Svenska Handelsbanken (1 Month LIBOR +0.22%) ±		2.48			7-22-2020		8,000,000		8,000,749
Svenska Handelsbanken (3 Month LIBOR +0.27%) ±		2.55			10-21-2019		10,000,000		10,005,049
Total Certificates of Deposit (Cost $356,948,791)									357,009,099
Commercial Paper: 38.57%
Asset-Backed Commercial Paper: 23.87%
Albion Capital Corporation (z)		2.30			9-30-2019		5,000,000		4,980,768
Alpine Securitization (1 Month LIBOR +0.15%) ±144A		2.55			3-2-2020		10,000,000		10,000,001
Anglesea Funding LLC (1 Month LIBOR +0.17%) ±144A		2.43			12-23-2019		12,000,000		11,999,998
Anglesea Funding LLC (1 Month LIBOR +0.18%) ±144A		2.48			10-15-2019		3,000,000		3,000,062
Anglesea Funding LLC (1 Month LIBOR +0.18%) ±144A		2.51			10-11-2019		14,000,000		14,002,787

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

Institutional Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Anglesea Funding LLC (1 Month LIBOR +0.18%) ±144A		2.58	%		12-27-2019	$	10,000,000	$	10,000,310
Antalis US Funding Corporation (z)144A		2.44			8-20-2019		6,000,000		5,992,190
Atlantic Asset Securitization Corporation (1 Month LIBOR +0.12%) ±144A		2.39			8-21-2019		10,000,000		10,000,097
Bedford Row Funding Corporation (1 Month LIBOR +0.16%) ±144A		2.49			8-13-2019		10,000,000		10,000,343
Bedford Row Funding Corporation (1 Month LIBOR +0.24%) ±144A		2.50			7-20-2020		6,000,000		6,001,772
Bedford Row Funding Corporation (1 Month LIBOR +0.15%) ±144A		2.54			2-3-2020		3,000,000		2,999,657
Chesham Finance Limited (z)144A		2.50			8-1-2019		20,000,000		19,998,646
Collateralized Commercial Paper FLEX Company LLC (1 Month LIBOR +0.20%) ±144A		2.46			6-23-2020		3,000,000		3,000,075
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.27%) ±144A		2.57			1-8-2020		8,000,000		8,007,236
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.26%) ±144A		2.59			12-31-2019		11,000,000		11,010,788
Concord Minutemen Capital Company (z)144A		2.43			8-2-2019		3,000,000		2,999,595
Concord Minutemen Capital Company (z)144A		2.70			8-1-2019		3,000,000		2,999,797
Crown Point Capital Company (1 Month LIBOR +0.20%) ±144A		2.56			11-4-2019		12,000,000		12,002,440
Crown Point Capital Company (1 Month LIBOR +0.18%) ±144A		2.56			1-6-2020		18,000,000		18,002,909
Glencove Funding LLC (1 Month LIBOR +0.18%) ±144A		2.49			2-11-2020		12,000,000		12,002,060
Great Bridge Capital Company LLC (z)144A		2.47			10-3-2019		5,000,000		4,978,862
Great Bridge Capital Company LLC (z)144A		2.48			9-4-2019		5,000,000		4,988,440
Great Bridge Capital Company LLC (z)144A		2.48			10-8-2019		4,000,000		3,981,692
Great Bridge Capital Company LLC (z)144A		2.48			10-10-2019		2,000,000		1,990,565
Great Bridge Capital Company LLC (z)144A		2.51			8-19-2019		2,000,000		1,997,510
Great Bridge Capital Company LLC(z)144A		2.58			8-16-2019		2,750,000		2,747,107
Institutional Secured Funding LLC (z)144A		2.54			8-1-2019		20,000,000		19,998,646
Institutional Secured Funding LLC (z)144A		2.54			8-2-2019		20,000,000		19,997,299
Kells Funding LLC (z)144A		2.39			9-11-2019		12,000,000		11,968,528
Kells Funding LLC (z)144A		2.52			8-19-2019		8,000,000		7,990,394
Kells Funding LLC (z)144A		2.55			8-7-2019		3,000,000		2,998,641
Kells Funding LLC (z)144A		2.61			9-19-2019		8,000,000		7,975,111
Lexington Parker Capital Company LLC (z)144A		2.57			8-7-2019		3,000,000		2,998,676
LMA Americas LLC (z)144A		2.20			1-27-2020		3,000,000		2,968,500
LMA Americas LLC (z)144A		2.20			1-28-2020		3,000,000		2,968,355
Manhattan Asset Funding Company LLC (z)144A		2.35			8-19-2019		3,000,000		2,996,335
Manhattan Asset Funding Company LLC (z)144A		2.40			9-13-2019		7,000,000		6,980,528
Mountcliff Funding LLC (1 Month LIBOR +0.20%) ±144A		2.43			4-24-2020		15,000,000		15,000,000
Mountcliff Funding LLC (z)144A		2.48			8-1-2019		20,000,000		19,998,646
Nieuw Amsterdam Receivables Corporation (z)144A		2.22			1-9-2020		2,000,000		1,980,236
Regency Markets No.1 LLC (z)144A		2.35			8-19-2019		6,000,000		5,992,574
Regency Markets No.1 LLC (z)144A		2.42			8-14-2019		20,000,000		19,981,676
Regency Markets No.1 LLC (z)144A		2.43			8-15-2019		7,000,000		6,993,146
Versailles CDS LLC (1 Month LIBOR +0.20%) ±144A		2.47			9-20-2019		8,000,000		8,000,848
Victory Receivables (z)144A		2.45			8-6-2019		6,000,000		5,997,614
White Plains Capital (z)144A		2.64			9-4-2019		7,000,000		6,983,136
White Plains Capital (z)144A		2.69			8-20-2019		2,000,000		1,997,214
									382,451,810
Financial Company Commercial Paper: 11.46%
Banco de Credito e Inversiones (z)144A		2.44			9-23-2019		10,000,000		9,963,670
Banco de Credito e Inversiones (z)144A		2.44			9-24-2019		2,000,000		1,992,599
Banco de Credito e Inversiones (z)144A		2.52			10-8-2019		7,000,000		6,967,210
Banco de Credito e Inversiones (z)144A		2.53			10-2-2019		14,000,000		13,940,514
Banco de Credito e Inversiones (z)144A		2.57			9-25-2019		5,000,000		4,981,170

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

8  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
Banco Santander Chile (z)144A		2.53	%		8-23-2019	$	3,000,000	$	2,995,285
Commonwealth Bank of Australia (1 Month LIBOR +0.21%) ±144A		2.54			9-16-2019		5,000,000		5,000,828
Commonwealth Bank of Australia (1 Month LIBOR +0.17%) ±144A		2.57			4-2-2020		10,000,000		9,999,704
Commonwealth Bank of Australia (3 Month LIBOR +0.45%) ±144A		2.90			3-10-2020		3,000,000		3,006,980
Commonwealth Bank of Australia (3 Month LIBOR +0.60%) ±144A		3.02			12-19-2019		6,000,000		6,013,501
DBS Bank Limited (z)144A		2.27			12-3-2019		7,000,000		6,949,566
DBS Bank Limited (z)144A		2.27			2-28-2020		4,000,000		3,950,934
DBS Bank Limited (z)144A		2.30			11-22-2019		7,000,000		6,953,051
National Australia Bank Limited (1 Month LIBOR +0.16%) ±144A		2.46			5-19-2020		3,000,000		2,999,612
National Australia Bank Limited (1 Month LIBOR +0.13%) ±144A		2.49			2-7-2020		6,000,000		6,000,261
National Australia Bank Limited (1 Month LIBOR +0.20%) ±144A		2.60			8-2-2019		7,000,000		7,000,071
Oesterreichische National Bank (z)		2.23			1-10-2020		6,000,000		5,944,335
Ontario Teachers Finance Trust (z)144A		2.10			3-12-2020		7,000,000		6,913,156
Ontario Teachers Finance Trust (z)144A		2.20			3-6-2020		2,000,000		1,975,630
Oversea-Chinese Banking Corporation Limited (3 Month LIBOR +0.03%) ±144A		2.50			12-6-2019		7,000,000		6,999,971
Oversea-Chinese Banking Corporation Limited (3 Month LIBOR +0.04%) ±144A		2.56			2-18-2020		7,000,000		6,999,980
Sumitomo Mitsui Trust Bank (z)144A		2.37			10-18-2019		3,000,000		2,985,168
Sumitomo Mitsui Trust Bank Limited (z)144A		2.40			9-30-2019		5,000,000		4,981,014
Toronto Dominion Bank (z)144A		2.28			8-7-2019		15,000,000		14,993,117
Toronto Dominion Bank (3 Month LIBOR +0.21%) ±144A		2.68			12-6-2019		8,000,000		8,005,206
Toronto Dominion Bank (1 Month LIBOR +0.37%) ±144A		2.73			11-7-2019		7,000,000		7,005,212
Westpac Banking Corporation (1 Month LIBOR +0.21%) ±144A		2.51			9-19-2019		10,000,000		10,001,725
Westpac Banking Corporation (3 Month LIBOR +0.07%) ±144A		2.65			8-2-2019		8,000,000		8,000,000
									183,519,470
Other Commercial Paper: 3.24%
Export Development Corporation (z)		2.29			12-17-2019		4,000,000		3,967,242
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.34			9-23-2019		5,000,000		4,982,267
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.35			9-19-2019		8,000,000		7,973,757
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.46			8-14-2019		6,000,000		5,994,364
Toyota Credit Canada Incorporated (1 Month LIBOR +0.17%) ±		2.57			1-27-2020		7,000,000		7,001,276
Toyota Finance Australia Limited (1 Month LIBOR +0.17%) ±		2.50			12-6-2019		7,000,000		7,001,115
Toyota Motor Credit Corporation (z)		2.38			11-18-2019		9,000,000		8,934,632
Toyota Motor Credit Corporation (1 Month LIBOR +0.16%) ±		2.52			2-27-2020		6,000,000		5,999,560
									51,854,213
Total Commercial Paper (Cost $617,754,151)									617,825,493
Municipal Obligations: 11.09%
California: 0.60%
Other Municipal Debt: 0.60%
Los Angeles Metro Transportation (Transportation Revenue)		2.35			9-23-2019		2,000,000		1,999,820
State of California (GO Revenue)		2.48			8-12-2019		7,500,000		7,500,560
									9,500,380

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

Institutional Money Market Funds  |  9

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Colorado: 3.54%
Variable Rate Demand Notes ø: 3.54%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.47	%		5-1-2052	$	29,505,000	$	29,505,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Health Revenue, Bank of America NA LIQ) 144A		2.76			10-29-2027		27,180,000		27,180,000
									56,685,000
Kentucky: 0.75%
Variable Rate Demand Note ø: 0.75%
Kentucky Municipal Power Agency Series B002 (Utilities Revenue, AGM Insured, Morgan Stanley Bank LIQ) 144A		2.38			9-1-2037		12,000,000		12,000,000
New Jersey: 1.12%
Variable Rate Demand Notes ø: 1.12%
Jets Stadium Development Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		2.40			4-1-2047		17,915,000		17,915,000
New York: 0.81%
Variable Rate Demand Notes ø: 0.81%
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.32			11-1-2049		3,000,000		3,000,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.43			11-1-2049		10,000,000		10,000,000
									13,000,000
Oregon: 0.56%
Variable Rate Demand Note ø: 0.56%
Oregon Tender Option Bond Trust Receipts/Certificates Series ZF2515 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.45			5-1-2035		9,000,000		9,000,000
Other: 3.72%
Variable Rate Demand Notes ø: 3.72%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A		2.56			10-1-2039		5,000,000		5,000,000
JPMorgan Chase PUTTER/DRIVER Trust Series T0024 Halifax Hospital Medical Center (Health Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		2.50			10-31-2021		10,000,000		10,000,000
Providence St. Joseph Health Obligation Series 12E (Health Revenue, U.S. Bank NA LOC)		2.38			10-1-2042		9,890,000		9,890,000
Providence St. Joseph Health Obligation Series 16G (Health Revenue, Bank of Tokyo-Mitsubishi LOC)		2.40			10-1-2047		10,000,000		10,000,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.43			6-1-2035		6,000,000		6,000,000
Steadfast Crestavilla LLC Series A (Health Revenue, American AgCredit LOC)		2.44			2-1-2056		3,000,000		3,000,000
Steadfast Crestavilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.44			2-1-2056		2,000,000		2,000,000
Taxable Municipal Funding Trust (GO Revenue, Barclays Bank plc LOC) 144A		2.61			9-1-2027		13,625,000		13,625,000
									59,515,000
Total Municipal Obligations (Cost $177,615,000)									177,615,380

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

10  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 0.25%
Pepper Residential Securities Trust Series 20A Class A1U2 (1 Month LIBOR +0.32%) ±144A		2.65	%		3-16-2020	$	4,000,000	$	4,006,416
Total Non-Agency Mortgage-Backed Securities (Cost $4,000,000)									4,006,416
Other Instruments: 3.97%
Altoona Blair County Development Corporation 144A§øø		2.39			4-1-2035		12,000,000		12,000,000
Invesco Dynamic Credit Opportunities Fund Series W-7 §øø		2.50			6-1-2028		15,000,000		15,000,000
Jefferson at Stadium Park-Phase A Owner LLC Series A §øø		2.44			2-1-2057		2,000,000		2,000,000
Mitsubishi UFJ Trust and Banking Corporation 144A§øø		2.45			10-16-2019		12,600,000		12,601,615
Opus Inspection Incorporated §øø		2.57			1-1-2034		11,000,000		11,000,000
ROC III California Crossings Chino Hills LLC Series A §øø		2.44			1-1-2057		4,000,000		4,000,000
Toyota Motor Credit Corporation §øø		2.59			5-22-2020		7,000,000		7,000,535
Total Other Instruments (Cost $63,591,894)									63,602,150
Other Notes: 1.18%
Corporate Bonds and Notes: 1.18%
Cellmark Incorporated Secured §		2.57			6-1-2038		19,000,000		19,000,000
Total Other Notes (Cost $19,000,000)									19,000,000
Repurchase Agreements^^: 22.54%
Bank of America Corporation, dated 7-31-2019, maturity value $80,005,689 (1)		2.56			8-1-2019		80,000,000		80,000,000
Bank of Montreal, dated 7-31-2019, maturity value $75,005,313 (2)		2.55			8-1-2019		75,000,000		75,000,000
Bank of Nova Scotia, dated 7-31-2019, maturity value $70,004,939 (3)		2.54			8-1-2019		70,000,000		70,000,000
Credit Agricole, dated 7-31-2019, maturity value $25,009,500 (4)		2.28			8-6-2019		25,000,000		25,000,000
Credit Agricole, dated 7-31-2019, maturity value $40,012,889 (5)		2.32			8-5-2019		40,000,000		40,000,000
GX Clarke & Company, dated 7-31-2019, maturity value $71,005,088 (6)		2.58			8-1-2019		71,000,000		71,000,000
Total Repurchase Agreements (Cost $361,000,000)									361,000,000

Total investments in securities (Cost $1,599,909,836)	99.89	%		1,600,058,538
Other assets and liabilities, net	0.11			1,768,472
Total net assets	100.00	%	$	1,601,827,010

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

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

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

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

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 3-20-2045 to 1-20-2047, fair value including accrued interest is $82,400,000.

(2) U.S. government securities, 2.19% to 5.00%, 3-10-2023 to 10-20-2068, fair value including accrued interest is $77,249,804.

(3) U.S. government securities, 2.40% to 6.50%, 11-1-2020 to 8-1-2049, fair value including accrued interest is $72,100,000.

(4) U.S. government securities, 3.00% to 5.00%, 3-15-2038 to 3-20-2049, fair value including accrued interest is $25,750,000.

(5) U.S. government securities, 2.50% to 6.00%, 1-1-2027 to 6-20-2049, fair value including accrued interest is $41,200,000.

(6) U.S. government securities, 0.00% to 10.00%, 8-2-2019 to 5-20-2069, fair value including accrued interest is $72,854,575.

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

Institutional Money Market Funds  |  11

Portfolio of investments—July 31, 2019 (unaudited)

Abbreviations:

ACA ACA Financial Guaranty Corporation

AGM Assured Guaranty Municipal

DRIVER Derivative inverse tax-exempt receipts

FHLB Federal Home Loan Bank

HFA Housing Finance Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

PUTTER Puttable tax-exempt receipts

ROC Reset option certificates

SPA Standby purchase agreement

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

12  |  Institutional Money Market Funds

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $1,238,909,836)	$	1,239,058,538
Investments in repurchase agreements, at value (cost $361,000,000)		361,000,000
Cash		11,714
Receivable for Fund shares sold		150
Receivable for interest		2,286,073
Prepaid expenses and other assets		98,645
Total assets		1,602,455,120
Liabilities
Custodian and accounting fees payable		215,516
Management fee payable		120,530
Shareholder report expenses payable		94,302
Administration fees payable		86,314
Payable for Fund shares redeemed		50,000
Shareholder servicing fees payable		32,917
Dividends payable		2,958
Trustees’ fees and expenses payable		2,384
Accrued expenses and other liabilities		23,189
Total liabilities		628,110
Total net assets	$	1,601,827,010
Net assets consist of
Paid-in capital	$	1,601,651,471
Total distributable earnings		175,539
Total net assets	$	1,601,827,010
Computation of net asset value per share
Net assets – Administrator Class	$	111,951,265
Shares outstanding – Administrator Class1		111,896,548
Net asset value per share – Administrator Class		$1.0005
Net assets – Institutional Class	$	639,935,173
Shares outstanding – Institutional Class1		639,621,825
Net asset value per share – Institutional Class		$1.0005
Net assets – Select Class	$	742,598,481
Shares outstanding – Select Class1		742,212,525
Net asset value per share – Select Class		$1.0005
Net assets – Service Class	$	107,342,091
Shares outstanding – Service Class1		107,278,898
Net asset value per share – Service Class		$1.0006

¹  The Fund has an unlimited number of authorized shares.

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

Institutional Money Market Funds  |  13

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	20,098,688
Expenses
Management fee		1,150,272
Administration fees
Administrator Class		59,116
Institutional Class		227,798
Select Class		143,243
Service Class		77,854
Shareholder servicing fees
Administrator Class		59,116
Service Class		162,195
Custody and accounting fees		41,268
Professional fees		20,828
Registration fees		18,140
Shareholder report expenses		17,255
Trustees’ fees and expenses		5,814
Other fees and expenses		10,938
Total expenses		1,993,837
Less: Fee waivers and/or expense reimbursements		(439,329	)
Net expenses		1,554,508
Net investment income		18,544,180
Realized and unrealized gains (losses) on investments
Net realized gains on investments		2,803
Net change in unrealized gains (losses) on investments		(723	)
Net realized and unrealized gains (losses) on investments		2,080
Net increase in net assets resulting from operations	$	18,546,260

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

14  |  Institutional Money Market Funds

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	18,544,180					$	28,696,485
Net realized gains on investments					2,803						18,043
Net change in unrealized gains (losses) on investments					(723	)					(7,945	)
Net increase in net assets resulting from operations					18,546,260						28,706,583
Distributions to shareholders from net investment income and net realized gains
Administrator Class					(1,356,812	)					(2,465,614	)
Institutional Class					(6,882,906	)					(9,770,370	)
Select Class					(8,925,320	)					(13,889,010	)
Service Class					(1,379,089	)					(2,571,492	)
Total distributions to shareholders					(18,544,127	)					(28,696,486	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		91,575,913			91,621,701			208,831,612			208,924,052
Institutional Class		807,166,342			807,569,926			1,335,820,742			1,336,437,928
Select Class		787,275,507			787,693,387			3,101,735,175			3,103,165,040
Service Class		296,406,483			296,584,327			1,098,229,467			1,098,801,000
					1,983,469,341						5,747,328,020
Reinvestment of distributions
Administrator Class		1,310,242			1,310,897			2,416,281			2,417,344
Institutional Class		6,826,120			6,829,532			9,639,093			9,643,341
Select Class		8,886,029			8,890,921			13,800,113			13,806,425
Service Class		1,342,578			1,343,384			2,523,025			2,524,353
					18,374,734						28,391,463
Payment for shares redeemed
Administrator Class		(117,049,081	)		(117,107,606	)		(184,686,866	)		(184,768,170	)
Institutional Class		(692,096,937	)		(692,442,985	)		(1,467,240,930	)		(1,467,914,637	)
Select Class		(788,892,669	)		(789,319,862	)		(3,097,745,586	)		(3,099,164,118	)
Service Class		(340,853,701	)		(341,058,214	)		(1,137,900,078	)		(1,138,490,122	)
					(1,939,928,667	)					(5,890,337,047	)
Net increase (decrease) in net assets resulting from capital share transactions					61,915,408						(114,617,564	)
Total increase (decrease) in net assets					61,917,541						(114,607,467	)
Net assets
Beginning of period					1,539,909,469						1,654,516,936
End of period				$	1,601,827,010					$	1,539,909,469

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

Institutional Money Market Funds  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0005			$1.0005			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0114			0.0189			0.0096			0.0029			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0000	3		0.0001			0.0004			0.00	2		0.00	2
Total from investment operations		0.0114			0.0189			0.0097			0.0033			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0114	)		(0.0189	)		(0.0096	)		(0.0029	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0005			$1.0005			$1.0004			$1.00			$1.00
Total return4		1.14	%		1.91	%		0.97	%		0.33	%		0.03	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.37	%		0.38	%		0.36	%		0.35	%		0.35	%
Net expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.26	%		0.19	%
Net investment income		2.28	%		1.90	%		0.96	%		0.26	%		0.03	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$111,951			$136,126			$109,551			$118,548			$297,396			$396,339

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

16  |  Institutional Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0005			$1.0005			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0120			0.0202			0.0109			0.0043			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0000	3		0.0001			0.0003			0.00	2		0.00	2
Total from investment operations		0.0120			0.0202			0.0110			0.0046			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0120	)		(0.0202	)		(0.0109	)		(0.0042	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0005			$1.0005			$1.0004			$1.00			$1.00
Total return4		1.21	%		2.04	%		1.10	%		0.46	%		0.09	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.25	%		0.26	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Net investment income		2.43	%		2.01	%		1.08	%		0.37	%		0.10	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$639,935			$517,981			$639,823			$756,218			$5,027,125			$4,320,392

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

Institutional Money Market Funds  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SELECT CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0005			$1.0005			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0124			0.0209			0.0116			0.0049			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0000	3		0.0001			0.0004			0.00	2		0.00	2
Total from investment operations		0.0124			0.0209			0.0117			0.0053			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0124	)		(0.0209	)		(0.0116	)		(0.0049	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0005			$1.0005			$1.0004			$1.00			$1.00
Total return4		1.24	%		2.11	%		1.17	%		0.53	%		0.16	%		0.07	%
Ratios to average net assets (annualized)
Gross expenses		0.20	%		0.21	%		0.22	%		0.19	%		0.19	%		0.19	%
Net expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		2.50	%		2.08	%		1.14	%		0.44	%		0.16	%		0.07	%
Supplemental data
Net assets, end of period (000s omitted)		$742,598			$735,332			$717,508			$873,167			$5,595,704			$5,889,779

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

18  |  Institutional Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0006			$1.0006			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0104			0.0171			0.0079			0.0011			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0001			0.0001			0.0006			0.00	2		0.00	2
Total from investment operations		0.0105			0.0172			0.0080			0.0017			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0105	)		(0.0172	)		(0.0079	)		(0.0012	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0006			$1.0006			$1.0006			$1.0005			$1.00			$1.00
Total return3		1.06	%		1.73	%		0.80	%		0.17	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.53	%		0.54	%		0.55	%		0.52	%		0.52	%		0.52	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.28	%		0.19	%
Net investment income		2.08	%		1.71	%		0.78	%		0.08	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$107,342			$150,471			$187,635			$189,632			$1,237,014			$1,438,336

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

²  Amount is less than $0.005.

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

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

Institutional Money Market Funds  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest 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.

20  |  Institutional Money Market Funds

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $1,599,909,836 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	165,092
Gross unrealized losses		(16,390	)
Net unrealized gains	$	148,702

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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.

Institutional Money Market Funds  |  21

Notes to financial statements (unaudited)

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	357,009,099	$	0	$	357,009,099
Commercial paper		0		617,825,493		0		617,825,493
Municipal obligations		0		177,615,380		0		177,615,380
Non-agency mortgage-backed securities		0		4,006,416		0		4,006,416
Other instruments		0		63,602,150		0		63,602,150
Other notes		0		19,000,000		0		19,000,000
Repurchase agreements		0		361,000,000		0		361,000,000
Total assets	$	0	$	1,600,058,538	$	0	$	1,600,058,538

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $5 billion	0.15%
Next $5 billion	0.14
Over $10 billion	0.13

For the six months ended July 31, 2019, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

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

22  |  Institutional Money Market Funds

Notes to financial statements (unaudited)

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.33% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares and 0.50% for Service Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Administrator Class and Service Class of the Fund are charged a fee at an annual rate of 0.10% and 0.25%, respectively, of their average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

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

5. 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.

6. 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.

Institutional Money Market Funds  |  23

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by 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.

24  |  Institutional Money Market Funds

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

Institutional Money Market Funds  |  25

Other information (unaudited)

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

26  |  Institutional Money Market Funds

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.

Institutional Money Market Funds  |  27

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Cash Investment Money Market 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 Cash Investment Money Market 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 (the “WellsCap Sub-Advisory Agreement”) with Wells Capital Management Incorporated (“WellsCap”); and (iii) an investment sub-advisory agreement (the “WellsCap Singapore Sub-Advisory Agreement,” and together with the WellsCap Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with Wells Capital Management Singapore (together with WellsCap, each a “Sub-Adviser” and collectively, the “Sub-Advisers”), each an affiliate of Funds Management. The Management Agreement and the 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.

28  |  Institutional Money Market Funds

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, equal to or in range of the average investment performance of the Universe 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 equal to or in range of the median net operating expense ratios of the expense Groups for each share class. The Board noted that the net operating expense ratio caps for the Fund’s Administrator Class would be reduced.

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-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 equal to 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 fees to 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 either of 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.

Institutional Money Market Funds  |  29

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-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’ 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-Advisers, fees earned by Funds Management and the Sub-Advisers 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.

30  |  Institutional Money Market Funds

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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 1-800-260-5969 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.

405488 09-19

SA302/SAR302 07-19

Semi-Annual Report

July 31, 2019

Institutional Money Market Funds

∎ Wells Fargo Heritage Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Other information	25

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The views expressed and any forward-looking statements are as of July 31, 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

Institutional Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Heritage Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Institutional Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

“During May 2019, markets tumbled on mixed investment signals._”

“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.”

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.

Institutional Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

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

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (SHMXX)	6-29-1995		2.21		0.87		0.44		0.36		0.33
Institutional Class (SHIXX)	3-31-2000		2.36		0.97		0.52		0.24		0.20
Select Class (WFJXX)	6-29-2007		2.43		1.04		0.59		0.20		0.13
Service Class (WHTXX)3	6-30-2010		2.12		0.80		0.41		0.53		0.43

Yield summary (%) as of July 31, 2019²

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	2.18		2.31		2.38		2.08
7-day compound yield	2.20		2.33		2.40		2.10
30-day simple yield	2.20		2.33		2.40		2.10
30-day compound yield	2.23		2.36		2.43		2.12

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

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

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

Please see footnotes on page 5.

4  |  Institutional Money Market Funds

Performance highlights (unaudited)

Portfolio composition as of July 31, 2019⁴

Effective maturity distribution as of July 31, 2019⁴

Weighted average maturity as of July 31, 2019⁵

27 days

Weighted average life as of July 31, 2019⁶

71 days

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 2.16%, 2.28%, 2.32%, and 2.06% for Administrator Class, Institutional Class, Select Class, and Service Class respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

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

Institutional Money Market Funds  |  5

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,011.41	$	1.65		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,012.06	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,012.41	$	0.65		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,010.91	$	2.14		0.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.66	$	2.16		0.43	%

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

6  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 24.60%
ABN Amro Bank NV		2.46	%		10-7-2019	$	77,000,000	$	77,036,439
ABN Amro Bank NV		2.59			9-6-2019		126,000,000		126,048,632
Bank of Montreal (3 Month LIBOR +0.06%) ±		2.50			3-12-2020		39,000,000		39,002,195
Bank of Montreal (1 Month LIBOR +0.18%) ±		2.57			4-3-2020		32,000,000		32,002,436
Bank of Montreal (1 Month LIBOR +0.22%) ±		2.58			10-4-2019		40,000,000		40,008,237
Bank of Montreal (1 Month LIBOR +0.18%) ±		2.58			5-1-2020		58,000,000		58,008,566
Bank of Montreal (3 Month LIBOR +0.22%) ±		2.67			12-10-2019		61,000,000		61,043,129
Bank of Nova Scotia (1 Month LIBOR +0.14%) ±		2.38			1-27-2020		40,000,000		40,001,331
Bank of Nova Scotia (3 Month LIBOR +0.05%) ±		2.38			4-3-2020		55,000,000		55,003,434
Bank of Nova Scotia (3 Month LIBOR +0.10%) ±		2.51			9-16-2019		20,000,000		20,002,572
Bank of Nova Scotia (1 Month LIBOR +0.20%) ±		2.53			8-14-2019		40,000,000		40,002,132
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.54			4-6-2020		35,000,000		35,004,740
Canadian Imperial Bank (3 Month LIBOR +0.19%) ±		2.46			1-30-2020		60,000,000		60,044,309
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.54			5-4-2020		45,000,000		45,005,999
Canadian Imperial Bank (1 Month LIBOR +0.18%) ±		2.58			5-1-2020		40,000,000		40,006,050
China Construction Bank Corporation (3 Month LIBOR +0.10%) ±		2.38			1-24-2020		95,000,000		94,999,814
Cooperatieve Rabobank UA (1 Month LIBOR +0.19%) ±		2.46			5-20-2020		63,000,000		62,994,998
Cooperatieve Rabobank UA (1 Month LIBOR +0.14%) ±		2.50			11-7-2019		59,000,000		59,007,740
Credit Agricole Corporate & Investment Bank (3 Month LIBOR +0.08%) ±		2.47			12-20-2019		38,000,000		37,999,823
Credit Industriel et Commercial NY (1 Month LIBOR +0.22%) ±		2.49			4-24-2020		40,000,000		40,005,364
Credit Suisse NY (1 Month LIBOR +0.22%) ±		2.58			12-9-2019		37,000,000		37,012,401
DNB Bank ASA (1 Month LIBOR +0.10%) ±		2.47			9-9-2019		80,000,000		80,001,110
DZ Bank AG Deutsche Zentrall-Genossenschaftsbank (z)		2.36			10-29-2019		40,000,000		39,767,361
HSBC Bank USA NA (3 Month LIBOR +0.13%) ±		2.69			8-9-2019		25,000,000		25,000,618
Mizuho Bank Limited (1 Month LIBOR +0.16%) ±		2.40			8-27-2019		40,000,000		40,001,303
Mizuho Bank Limited (1 Month LIBOR +0.14%) ±		2.50			11-8-2019		80,000,000		80,007,786
Mizuho Bank Limited (1 Month LIBOR +0.16%) ±		2.53			9-12-2019		49,000,000		49,004,839
Mizuho Bank Limited (z)		2.43			9-11-2019		28,000,000		27,927,342
Mizuho Bank Limited (1 Month LIBOR +0.15%) ±		2.45			11-18-2019		45,000,000		45,003,087
MUFG Bank Limited (3 Month LIBOR +0.18%) ±		2.70			2-27-2020		39,000,000		39,013,049
MUFG Bank Limited (3 Month LIBOR +0.14%) ±		2.70			5-11-2020		43,000,000		42,999,958
Natixis NY (1 Month LIBOR +0.16%) ±		2.42			12-23-2019		40,000,000		40,004,793
Norinchukin Bank		2.20			2-4-2020		30,000,000		29,998,000
Norinchukin Bank		2.52			8-9-2019		42,100,000		42,103,041
Norinchukin Bank		2.54			8-1-2019		45,000,000		45,000,405
Oversea-Chinese Banking Corporation Limited (1 Month LIBOR +0.10%) ±		2.37			10-25-2019		38,000,000		38,001,370
Oversea-Chinese Banking Corporation Limited (1 Month LIBOR +0.20%) ±		2.50			9-19-2019		32,000,000		32,005,077
Skandinaviska Enskilda Bank AB (1 Month LIBOR +0.13%) ±		2.50			9-12-2019		59,000,000		59,003,718
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.14%) ±		2.50			11-5-2019		80,000,000		80,009,682
Sumitomo Mitsui Trust Bank Limited (1 Month LIBOR +0.12%) ±		2.38			10-23-2019		40,000,000		40,002,979
Sumitomo Mitsui Trust NY		2.25			1-9-2020		70,000,000		70,005,585
Sumitomo Mitsui Trust NY		2.25			1-13-2020		35,000,000		35,002,772
Svenska Handelsbanken (3 Month LIBOR +0.27%) ±		2.55			10-21-2019		35,000,000		35,017,672
Svenska Handelsbanken (3 Month LIBOR +0.15%) ±		2.47			10-2-2019		58,000,000		58,014,224
Svenska Handelsbanken (1 Month LIBOR +0.22%) ±		2.48			7-22-2020		60,000,000		60,005,618
Total Certificates of Deposit (Cost $2,232,804,861)									2,233,141,730
Commercial Paper: 42.71%
Asset-Backed Commercial Paper: 26.00%
Albion Capital Corporation (z)		2.30			9-30-2019		22,000,000		21,915,379
Alpine Securitization (1 Month LIBOR +0.15%) 144A±		2.55			3-2-2020		59,000,000		59,000,004
Anglesea Funding LLC (1 Month LIBOR +0.18%) 144A±		2.48			10-15-2019		20,000,000		20,000,416

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

Institutional Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Anglesea Funding LLC (1 Month LIBOR +0.18%) 144A±		2.51	%		10-11-2019	$	38,000,000	$	38,007,565
Anglesea Funding LLC (1 Month LIBOR +0.17%) 144A±		2.43			12-23-2019		80,000,000		79,999,987
Anglesea Funding LLC (1 Month LIBOR +0.18%) 144A±		2.58			12-27-2019		59,000,000		59,001,828
Antalis SA 144A(z)		2.37			10-2-2019		11,560,000		11,513,532
Antalis US Funding Corporation 144A(z)		2.44			8-20-2019		38,000,000		37,950,537
Atlantic Asset Securitization Corporation (1 Month LIBOR +0.12%) 144A±		2.39			8-21-2019		59,000,000		59,000,571
Bedford Row Funding Corporation (1 Month LIBOR +0.24%) 144A±		2.50			7-20-2020		39,000,000		39,011,517
Bedford Row Funding Corporation (1 Month LIBOR +0.15%) 144A±		2.54			2-3-2020		20,000,000		19,997,712
Bedford Row Funding Corporation (3 Month LIBOR +0.22%) 144A±		2.55			1-3-2020		50,000,000		50,037,489
Chesham Finance Limited 144A(z)		2.50			8-1-2019		35,000,000		34,997,630
Chesham Finance Limited 144A(z)		2.50			8-1-2019		76,000,000		75,994,853
Chesham Finance Limited 144A(z)		2.50			8-1-2019		20,000,000		19,998,646
Collateralized Commercial Paper FLEX Company LLC (1 Month LIBOR +0.20%) 144A±		2.46			6-23-2020		17,000,000		17,000,424
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.27%) 144A±		2.57			1-8-2020		62,000,000		62,056,078
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.26%) 144A±		2.59			12-31-2019		61,000,000		61,059,825
Concord Minutemen Capital Company 144A(z)		2.43			8-2-2019		15,000,000		14,997,974
Concord Minutemen Capital Company 144A(z)		2.70			8-1-2019		20,395,000		20,393,619
Crown Point Capital Company (1 Month LIBOR +0.18%) 144A±		2.56			1-6-2020		104,000,000		104,016,810
Crown Point Capital Company (1 Month LIBOR +0.20%) 144A±		2.56			11-4-2019		84,000,000		84,017,078
Glencove Funding LLC (1 Month LIBOR +0.18%) 144A±		2.49			2-11-2020		62,000,000		62,010,645
Great Bridge Capital Company LLC 144A(z)		2.47			10-3-2019		42,000,000		41,822,442
Great Bridge Capital Company LLC 144A(z)		2.48			10-8-2019		43,000,000		42,803,189
Great Bridge Capital Company LLC 144A(z)		2.48			10-10-2019		18,000,000		17,915,084
Great Bridge Capital Company LLC 144A(z)		2.48			9-4-2019		42,000,000		41,902,899
Great Bridge Capital Company LLC 144A(z)		2.48			8-5-2019		35,000,000		34,988,236
Great Bridge Capital Company LLC 144A(z)		2.51			8-19-2019		9,000,000		8,988,795
Great Bridge Capital Company LLC 144A(z)		2.70			8-1-2019		21,000,000		20,998,577
Institutional Secured Funding LLC 144A(z)		2.54			8-1-2019		98,000,000		97,993,363
Institutional Secured Funding LLC 144A(z)		2.54			8-2-2019		143,000,000		143,009,837
Kells Funding LLC 144A(z)		2.39			9-11-2019		60,000,000		59,842,640
Kells Funding LLC 144A(z)		2.52			8-19-2019		34,000,000		33,959,177
Kells Funding LLC 144A(z)		2.55			8-7-2019		20,000,000		19,990,939
Kells Funding LLC 144A(z)		2.61			9-19-2019		37,000,000		36,884,889
Legacy Capital Company 144A(z)		2.35			8-23-2019		16,194,000		16,169,800
Lexington Parker Capital Company LLC 144A(z)		2.57			8-7-2019		12,000,000		11,994,703
LMA Americas LLC 144A(z)		2.20			1-27-2020		20,000,000		19,790,000
LMA Americas LLC 144A(z)		2.20			1-28-2020		20,000,000		19,789,034
Manhattan Asset Funding Company LLC 144A(z)		2.35			8-19-2019		16,000,000		15,980,451
Manhattan Asset Funding Company LLC 144A(z)		2.40			9-13-2019		38,000,000		37,894,292
Mountcliff Funding LLC (1 Month LIBOR +0.20%) 144A±		2.43			4-24-2020		110,000,000		110,000,000
Mountcliff Funding LLC 144A(z)		2.48			8-1-2019		118,000,000		117,992,009
Nieuw Amsterdam Receivables Corporation 144A(z)		2.22			1-9-2020		22,000,000		21,782,596
Regency Markets No.1 LLC 144A(z)		2.35			8-19-2019		55,722,000		55,653,036
Regency Markets No.1 LLC 144A(z)		2.42			8-14-2019		74,844,000		74,775,426
Regency Markets No.1 LLC 144A(z)		2.43			8-15-2019		26,631,000		26,604,924
Versailles CDS LLC (1 Month LIBOR +0.20%) 144A±		2.47			9-20-2019		38,000,000		38,004,028
Victory Receivables 144A(z)		2.45			8-6-2019		39,000,000		38,984,491
White Plains Capital 144A(z)		2.48			10-4-2019		41,000,000		40,817,151
White Plains Capital 144A(z)		2.64			9-4-2019		44,000,000		43,893,997
White Plains Capital 144A(z)		2.69			8-20-2019		17,000,000		16,976,323
									2,360,182,447

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

8  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper: 12.67%
Banco De Credito E Inversiones 144A(z)		2.44	%		9-23-2019	$	12,000,000	$	11,956,404
Banco De Credito E Inversiones 144A(z)		2.44			9-24-2019		27,000,000		26,900,092
Banco De Credito E Inversiones 144A(z)		2.52			10-8-2019		65,000,000		64,695,519
Banco De Credito E Inversiones 144A(z)		2.54			10-2-2019		101,000,000		100,570,851
Banco De Credito E Inversiones 144A(z)		2.57			9-25-2019		40,000,000		39,849,360
Banco Santander Chile 144A(z)		2.53			8-23-2019		19,000,000		18,970,138
Commonwealth Bank of Australia (1 Month LIBOR +0.17%) 144A±		2.57			4-2-2020		35,000,000		34,998,965
Commonwealth Bank of Australia (1 Month LIBOR +0.21%) 144A±		2.54			9-16-2019		43,000,000		43,007,120
Commonwealth Bank of Australia (3 Month LIBOR +0.45%) 144A±		2.90			3-10-2020		20,757,000		20,805,292
Commonwealth Bank of Australia (3 Month LIBOR +0.60%) 144A±		3.02			12-19-2019		40,000,000		40,090,005
DBS Bank Limited 144A(z)		2.27			12-3-2019		48,000,000		47,654,167
DBS Bank Limited 144A(z)		2.27			2-28-2020		43,000,000		42,472,538
DBS Bank Limited 144A(z)		2.30			11-22-2019		47,000,000		46,684,771
National Australia Bank Limited (1 Month LIBOR +0.16%) 144A±		2.46			5-19-2020		20,000,000		19,997,414
National Australia Bank Limited (1 Month LIBOR +0.13%) 144A±		2.49			2-7-2020		40,000,000		40,001,742
National Australia Bank Limited (1 Month LIBOR +0.20%) 144A±		2.60			8-2-2019		40,000,000		40,000,404
Ontario Teachers Finance Trust 144A(z)		2.10			3-12-2020		46,000,000		45,429,313
Ontario Teachers Finance Trust 144A(z)		2.20			3-6-2020		10,000,000		9,878,151
Oversea-Chinese Banking Corporation Limited (3 Month LIBOR +0.03%) 144A±		2.50			12-6-2019		38,000,000		37,999,841
Oversea-Chinese Banking Corporation Limited (3 Month LIBOR +0.04%) 144A±		2.56			2-18-2020		40,000,000		39,999,888
Sumitomo Mitsui Trust Bank 144A(z)		2.37			10-18-2019		21,000,000		20,896,174
Sumitomo Mitsui Trust Bank Limited 144A(z)		2.40			9-30-2019		10,000,000		9,962,028
Toronto Dominion Bank 144A(z)		2.28			8-7-2019		55,000,000		54,974,761
Toronto Dominion Bank (3 Month LIBOR +0.08%) ±		2.60			8-16-2019		47,000,000		47,001,618
Toronto Dominion Bank (3 Month LIBOR +0.21%) 144A±		2.68			12-6-2019		87,000,000		87,056,615
Toronto Dominion Bank (1 Month LIBOR +0.37%) 144A±		2.73			11-7-2019		40,000,000		40,029,783
Westpac Banking Corporation (1 Month LIBOR +0.21%) 144A±		2.51			9-19-2019		55,000,000		55,009,489
Westpac Banking Corporation (3 Month LIBOR +0.07%) 144A±		2.65			8-2-2019		63,000,000		63,000,000
									1,149,892,443
Other Commercial Paper: 4.04%
Export Development Corporation (z)		2.29			12-17-2019		33,200,000		32,928,111
Oesterreichische National Bank (z)		2.23			1-10-2020		39,000,000		38,638,181
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.34			9-23-2019		28,000,000		27,900,692
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.35			9-19-2019		15,000,000		14,950,794
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.35			9-20-2019		5,000,000		4,983,265
Salt River Project Agricultural Improvement & Power District Subordinated Series D1 (z)		2.46			8-14-2019		27,700,000		27,673,979
Toyota Credit Canada Incorporated (1 Month LIBOR +0.17%) ±		2.57			1-27-2020		42,000,000		42,007,654
Toyota Finance Australia Limited (1 Month LIBOR +0.17%) ±		2.50			12-6-2019		39,000,000		39,006,210
Toyota Motor Credit Corporation (z)		2.38			11-18-2019		60,000,000		59,564,217
Toyota Motor Credit Corporation (1 Month LIBOR +0.16%) ±		2.52			2-27-2020		40,000,000		39,997,066
Toyota Motor Credit Corporation (3 Month LIBOR +0.07%) ±		2.59			5-22-2020		39,000,000		39,002,980
									366,653,149
Total Commercial Paper (Cost $3,876,174,740)									3,876,728,039

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

Institutional Money Market Funds  |  9

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 9.08%
California: 0.64%
Other Municipal Debt: 0.64%
Los Angeles Metro Transportation (Transportation Revenue)		2.35	%		9-23-2019	$	13,500,000	$	13,498,784
State of California (GO Revenue)		2.48			8-12-2019		44,650,000		44,653,335
									58,152,119
Colorado: 1.45%
Variable Rate Demand Notes ø: 1.45%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.47			5-1-2052		90,915,000		90,915,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		2.47			1-1-2027		41,040,000		41,040,000
									131,955,000
Georgia: 0.13%
Other Municipal Debt: 0.08%
Municipal Electric Authority of Georgia (Utility Revenue)		2.45			8-15-2019		7,007,000		7,007,048
Variable Rate Demand Note ø: 0.05%
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development LOC)		2.50			12-1-2022		5,000,000		5,000,000
Kentucky: 0.17%
Variable Rate Demand Notes ø: 0.17%
Kentucky Housing Corporation Series O (Housing Revenue, Kentucky Housing Corporation SPA)		2.20			1-1-2036		10,220,000		10,220,000
Kentucky Housing Corporation Series T (Housing Revenue, Kentucky Housing Corporation SPA)		2.20			7-1-2037		5,140,000		5,140,000
									15,360,000
Louisiana: 0.18%
Variable Rate Demand Note ø: 0.18%
East Baton Rouge Parish LA Sewerage Commission Revenue Series 2016-XFT904 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		2.38			2-1-2045		16,280,000		16,280,000
Missouri: 0.05%
Variable Rate Demand Note ø: 0.05%
Bridgeton MO IDA Stolze Printing (Industrial Development Revenue, Carrollton Bank LOC)		2.44			12-1-2047		4,800,000		4,800,000
New Hampshire: 0.94%
Variable Rate Demand Notes ø: 0.94%
National Finance Authority New Hampshire (Industrial Development Revenue, Kookmin Bank LOC) 144A		2.51			7-1-2029		20,000,000		20,000,000
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		2.51			10-1-2028		65,000,000		65,000,000
									85,000,000

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

10  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
New Jersey: 0.47%
Variable Rate Demand Notes ø: 0.47%
Jets Stadium Development Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		2.40	%		4-1-2047	$	42,555,000	$	42,555,000
New York: 1.56%
Variable Rate Demand Notes ø: 1.56%
New York Dormitory Authority Personal Income Tax Revenue Series XFT910 (Tax Revenue, Citibank NA LIQ) 144A		2.45			3-15-2040		12,000,000		12,000,000
New York Dormitory Authority Secondary Issues Floater Series B-4 (Tax Revenue, Morgan Stanley Bank LIQ) 144A		2.40			3-15-2040		16,000,000		16,000,000
New York HFA 572 11th Avenue Series A (Housing Revenue, Bank of China LOC)		2.48			11-1-2049		18,650,000		18,650,000
New York HFA Manhattan West Residential Housing Project Series B-1 (Housing Revenue, Bank of China LOC)		2.48			11-1-2049		23,000,000		23,000,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.32			11-1-2049		18,425,000		18,425,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.43			11-1-2049		37,250,000		37,250,000
New York Municipal Water Finance Authority Series T-30001-I (Water & Sewer Revenue, Citibank NA LIQ) 144A		2.45			6-15-2044		16,000,000		16,000,000
									141,325,000
Other: 3.49%
Variable Rate Demand Notes ø: 3.49%
FHLMC MFHR Series M004 Class A (Housing Revenue, FHLMC LIQ)		2.36			1-15-2042		39,124,516		39,124,516
FHLMC MFHR Series M011 Class A (Housing Revenue, FHLMC LIQ)		2.36			8-15-2021		165,000		165,000
Fortenbery Children 2017 Irrevocable Trust (Miscellaneous Revenue, FHLB LOC)		2.43			5-1-2037		12,275,000		12,275,000
Providence St. Joseph Health & Services (Health Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company SPA)		2.40			10-1-2047		53,000,000		53,000,000
Providence St. Joseph Health Obligation Series 12E (Health Revenue, U.S. Bank NA LOC)		2.38			10-1-2042		68,260,000		68,260,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.43			6-1-2035		13,000,000		13,000,000
Steadfast Crestavilla LLC Series A (Health Revenue, American AgCredit LOC)		2.44			2-1-2056		33,320,000		33,320,000
Steadfast Crestavilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.44			2-1-2056		22,040,000		22,040,000
Taxable Municipal Funding Trust (GO Revenue, Barclays Bank plc LOC) 144A		2.61			9-1-2027		76,000,000		76,000,000
									317,184,516
Total Municipal Obligations (Cost $824,616,516)									824,618,683
Non-Agency Mortgage-Backed Securities: 0.28%
Pepper Residential Securities Trust Series 20A Class A1U2 (1 Month LIBOR +0.32%) 144A±		2.65			3-16-2020		25,000,000		25,040,099
Total Non-Agency Mortgage-Backed Securities (Cost $25,000,000)									25,040,099
Other Instruments: 4.18%
Altoona Blair County Development Corporation 144A§øø		2.39			9-1-2038		14,850,000		14,850,000
Altoona Blair County Development Corporation 144A§øø		2.39			9-1-2038		32,000,000		32,000,000
ASC Mercer Island LLC §øø		2.44			6-1-2057		33,000,000		33,000,000
Gerald J Rubin Special Trust Secured §øø		2.45			12-1-2048		14,215,000		14,215,000
Invesco Dynamic Credit Opportunities Fund Series W-7 §		2.50			6-1-2028		55,000,000		55,000,000

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

Institutional Money Market Funds  |  11

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Other Instruments (continued)
Jefferson at Stadium Park-Phase A Owner Series A §øø		2.44	%		2-1-2057	$	47,000,000	$	47,000,000
Jefferson at Stadium Park-Phase B Owner Series B §øø		2.44			2-1-2057		16,750,000		16,750,000
Keep Memory Alive §øø		2.40			5-1-2037		18,220,000		18,220,000
La Mesa Senior Living LP Secured §		2.44			8-1-2057		25,925,000		25,925,000
Mitsubishi UFJ Trust and Banking Corporation 144A		2.45			10-16-2019		12,000,000		12,001,538
Opus Group AB §øø		2.57			10-1-2032		25,000,000		25,000,000
Opus Inspection Incorporated §øø		2.57			1-1-2034		28,000,000		28,000,000
ROC III CA Crossings Chino Hills LLC Series A §øø		2.44			1-1-2057		34,000,000		34,000,000
ROC III CA Crossings Chino Hills LLC Series B §øø		2.44			1-1-2057		24,000,000		24,000,000
Total Other Instruments (Cost $379,951,582)									379,961,538
Other Notes: 1.06%
Corporate Bonds and Notes: 1.06%
Cellmark Incorporated Secured §øø		2.57			6-1-2038		96,000,000		96,000,000
Total Other Notes (Cost $96,000,000)									96,000,000
Repurchase Agreements^^: 17.82%
Bank of America Corporation, dated 7-31-2019, maturity value $381,977,161 (1)		2.56			8-1-2019		381,950,000		381,950,000
Bank of America Corporation, dated 7-31-2019, maturity value $81,205,774 (2)		2.56			8-1-2019		81,200,000		81,200,000
Bank of Montreal, dated 7-31-2019, maturity value $500,035,417 (3)		2.55			8-1-2019		500,000,000		500,000,000
Bank of Nova Scotia, dated 7-31-2019, maturity value $345,024,342 (4)		2.54			8-1-2019		345,000,000		345,000,000
Credit Agricole SA, dated 7-31-2019, maturity value $145,046,722 (5)		2.32			8-5-2019		145,000,000		145,000,000
Credit Agricole SA, dated 7-31-2019, maturity value $165,062,700 (6)		2.28			8-6-2019		165,000,000		165,000,000
Total Repurchase Agreements (Cost $1,618,150,000)									1,618,150,000

Total investments in securities (Cost $9,052,697,698)	99.73	%		9,053,640,089
Other assets and liabilities, net	0.27			24,775,614
Total net assets	100.00	%	$	9,078,415,703

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

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

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

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

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 3-20-2045 to 1-20-2047, fair value including accrued interest is $393,408,500.

(2) U.S. government securities, 4.00% to 4.50%, 1-1-2049 to 5-1-2049, fair value including accrued interest is $83,636,000.

(3) U.S. government securities, 2.19% to 5.00%, 3-10-2023 to 10-20-2068, fair value including accrued interest is $514,998,695.

(4) U.S. government securities, 2.40% to 6.50%, 11-1-2020 to 8-1-2049, fair value including accrued interest is $355,350,000.

(5) U.S. government securities, 2.50% to 6.00%, 1-1-2027 to 6-20-2049, fair value including accrued interest is $149,350,000.

(6) U.S. government securities, 3.00% to 5.00%, 3-15-2038 to 3-20-2049, fair value including accrued interest is $169,950,000.

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

12  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

Abbreviations:

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HFA Housing Finance Authority

IDA Industrial Development Authority

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

ROC Reset option certificates

SPA Standby purchase agreement

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

Institutional Money Market Funds  |  13

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $7,434,547,698)	$	7,435,490,089
Investments in repurchase agreements, at value (cost $1,618,150,000)		1,618,150,000
Cash		37,811
Receivable for investments sold		17,869,844
Receivable for Fund shares sold		500,175
Receivable for interest		12,564,168
Prepaid expenses and other assets		136,924
Total assets		9,084,749,011
Liabilities
Custodian and accounting fees payable		2,643,134
Dividends payable		2,118,930
Management fee payable		739,371
Administration fees payable		376,470
Payable for Fund shares redeemed		5,000
Trustees’ fees and expenses payable		2,695
Accrued expenses and other liabilities		447,708
Total liabilities		6,333,308
Total net assets	$	9,078,415,703
Net assets consist of
Paid-in capital	$	9,077,758,047
Total distributable earnings		657,656
Total net assets	$	9,078,415,703
Computation of net asset value per share
Net assets – Administrator Class	$	112,809,993
Shares outstanding – Administrator Class1		112,764,024
Net asset value per share – Administrator Class		$1.0004
Net assets – Institutional Class	$	1,556,739,904
Shares outstanding – Institutional Class1		1,556,169,675
Net asset value per share – Institutional Class		$1.0004
Net assets – Select Class	$	7,348,389,689
Shares outstanding – Select Class1		7,344,943,767
Net asset value per share – Select Class		$1.0005
Net assets – Service Class	$	60,476,117
Shares outstanding – Service Class1		60,453,525
Net asset value per share – Service Class		$1.0004

¹  The Fund has an unlimited number of authorized shares.

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

14  |  Institutional Money Market Funds

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	114,194,053
Expenses
Management fee		6,353,846
Administration fees
Administrator Class		57,292
Institutional Class		612,888
Select Class		1,403,310
Service Class		35,619
Shareholder servicing fees
Administrator Class		57,292
Service Class		70,034
Professional fees		31,350
Shareholder report expenses		10,860
Trustees’ fees and expenses		8,319
Other fees and expenses		237
Total expenses		8,641,047
Less: Fee waivers and/or expense reimbursements		(2,231,374	)
Net expenses		6,409,673
Net investment income		107,784,380
Realized and unrealized gains (losses) on investments
Net realized gains on investments		10,574
Net change in unrealized gains (losses) on investments		4,885
Net realized and unrealized gains (losses) on investments		15,459
Net increase in net assets resulting from operations	$	107,799,839

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

Institutional Money Market Funds  |  15

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	107,784,380					$	159,851,992
Net realized gains on investments					10,574						56,876
Net change in unrealized gains (losses) on investments					4,885						431,979
Net increase in net assets resulting from operations					107,799,839						160,340,847
Distributions to shareholders from net investment income and net realized gains
Administrator Class					(1,311,188	)					(1,895,476	)
Institutional Class					(18,538,979	)					(28,249,539	)
Select Class					(87,283,087	)					(128,601,249	)
Service Class					(650,758	)					(1,105,728	)
Total distributions to shareholders					(107,784,012	)					(159,851,992	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		184,278,782			184,355,909			211,434,343			211,501,197
Institutional Class		3,716,585,730			3,718,072,364			9,160,087,234			9,162,659,933
Select Class		20,778,747,834			20,789,137,208			35,980,466,135			35,993,622,643
Service Class		100,617,013			100,657,260			239,534,792			239,602,726
					24,792,222,741						45,607,386,499
Reinvestment of distributions
Administrator Class		1,223,761			1,224,286			1,713,630			1,714,172
Institutional Class		16,720,108			16,726,796			23,610,733			23,617,570
Select Class		71,692,888			71,728,735			104,456,935			104,496,372
Service Class		453,860			454,041			835,422			835,654
					90,133,858						130,663,768
Payment for shares redeemed
Administrator Class		(165,372,789	)		(165,442,523	)		(213,025,903	)		(213,088,180	)
Institutional Class		(3,750,018,331	)		(3,751,518,338	)		(8,715,286,298	)		(8,717,706,523	)
Select Class		(19,961,829,253	)		(19,971,810,168	)		(35,343,945,454	)		(35,356,866,490	)
Service Class		(110,918,058	)		(110,962,425	)		(231,465,196	)		(231,531,059	)
					(23,999,733,454	)					(44,519,192,252	)
Net increase in net assets resulting from capital share transactions					882,623,145						1,218,858,015
Total increase in net assets					882,638,972						1,219,346,870
Net assets
Beginning of period					8,195,776,731						6,976,429,861
End of period				$	9,078,415,703					$	8,195,776,731

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

16  |  Institutional Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0004			$1.0003			$1.0003			$1.0000			$1.00			$1.00
Net investment income		0.0114			0.0188			0.0096			0.0028			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0001			0.0000	3		0.0003			0.00	2		0.00	2
Total from investment operations		0.0114			0.0189			0.0096			0.0031			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0114	)		(0.0188	)		(0.0096	)		(0.0028	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0114	)		(0.0188	)		(0.0096	)		(0.0028	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0004			$1.0003			$1.0003			$1.00			$1.00
Total return4		1.14	%		1.91	%		0.96	%		0.31	%		0.03	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.36	%		0.40	%		0.35	%		0.34	%		0.34	%
Net expenses		0.33	%		0.33	%		0.32	%		0.33	%		0.25	%		0.19	%
Net investment income		2.29	%		1.87	%		0.96	%		0.24	%		0.03	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$112,810			$92,671			$92,542			$82,591			$258,152			$312,748

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

Institutional Money Market Funds  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0004			$1.0003			$1.0003			$1.0000			$1.00			$1.00
Net investment income		0.0120			0.0202			0.0108			0.0039			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0000	3		0.0000	3		0.0005			0.00	2		0.00	2
Total from investment operations		0.0120			0.0202			0.0108			0.0044			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0120	)		(0.0201	)		(0.0108	)		(0.0041	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0120	)		(0.0201	)		(0.0108	)		(0.0041	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0004			$1.0003			$1.0003			$1.00			$1.00
Total return4		1.21	%		2.04	%		1.09	%		0.44	%		0.08	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.23	%		0.24	%		0.28	%		0.23	%		0.22	%		0.22	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Net investment income		2.42	%		2.03	%		1.11	%		0.36	%		0.08	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,556,740			$1,573,458			$1,104,814			$749,052			$8,252,614			$9,397,113

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

18  |  Institutional Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SELECT CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0005			$1.0004			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0124			0.0208			0.0116			0.0048			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0001			0.0000	3		0.0004			0.00	2		0.00	2
Total from investment operations		0.0124			0.0209			0.0116			0.0052			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0124	)		(0.0208	)		(0.0116	)		(0.0048	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0124	)		(0.0208	)		(0.0116	)		(0.0048	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0005			$1.0004			$1.0004			$1.00			$1.00
Total return4		1.24	%		2.11	%		1.16	%		0.52	%		0.15	%		0.07	%
Ratios to average net assets (annualized)
Gross expenses		0.19	%		0.20	%		0.24	%		0.19	%		0.18	%		0.18	%
Net expenses		0.13	%		0.13	%		0.12	%		0.13	%		0.13	%		0.13	%
Net investment income		2.49	%		2.10	%		1.19	%		0.43	%		0.16	%		0.07	%
Supplemental data
Net assets, end of period (000s omitted)		$7,348,390			$6,459,320			$5,717,659			$3,386,093			$37,219,390			$35,247,440

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

Institutional Money Market Funds  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0004			$1.0003			$1.0003			$1.0000			$1.00			$1.00
Net investment income		0.0109			0.0177			0.0085			0.0016			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0002			0.0000	3		0.0005			0.00	2		0.00	2
Total from investment operations		0.0109			0.0179			0.0085			0.0021			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0109	)		(0.0178	)		(0.0085	)		(0.0018	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0109	)		(0.0178	)		(0.0085	)		(0.0018	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0004			$1.0003			$1.0003			$1.00			$1.00
Total return4		1.09	%		1.81	%		0.85	%		0.21	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.51	%		0.55	%		0.52	%		0.51	%		0.50	%
Net expenses		0.43	%		0.43	%		0.43	%		0.43	%		0.27	%		0.19	%
Net investment income		2.19	%		1.79	%		0.84	%		0.13	%		0.02	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$60,476			$70,327			$61,415			$67,439			$898,288			$1,124,475

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

20  |  Institutional Money Market Funds

Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest 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.

Institutional Money Market Funds  |  21

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $9,052,697,701 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,031,551
Gross unrealized losses		(89,163	)
Net unrealized gains	$	942,388

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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.

22  |  Institutional Money Market Funds

Notes to financial statements (unaudited)

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	2,233,141,730	$	0	$	2,233,141,730
Commercial paper		0		3,876,728,039		0		3,876,728,039
Municipal obligations		0		824,618,683		0		824,618,683
Non-agency mortgage-backed securities		0		25,040,099		0		25,040,099
Other instruments		0		379,961,538		0		379,961,538
Other notes		0		96,000,000		0		96,000,000
Repurchase agreements		0		1,618,150,000		0		1,618,150,000
Total assets	$	0	$	9,053,640,089	$	0	$	9,053,640,089

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable 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 $5 billion	0.15%
Next $5 billion	0.14
Over $10 billion	0.13

For the six months ended July 31, 2019, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Institutional Money Market Funds  |  23

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.33% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.43% for Service Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to May 31, 2019, the Fund’s expenses were capped at 0.35% for Administrator Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Administrator Class and Service Class of the Fund are charged a fee at an annual rate of 0.10% and 0.25%, respectively, of their average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

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

5. 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.

6. 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.

24  |  Institutional Money Market Funds

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.

Institutional Money Market Funds  |  25

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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

26  |  Institutional Money Market Funds

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.

Institutional Money Market Funds  |  27

Other information (unaudited)

Officers

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

28  |  Institutional Money Market Funds

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Heritage Money Market 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 Heritage Money Market 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 (the “WellsCap Sub-Advisory Agreement”) with Wells Capital Management Incorporated (“WellsCap”); and (iii) an investment sub-advisory agreement (the “WellsCap Singapore Sub-Advisory Agreement,” and together with the WellsCap Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with Wells Capital Management Singapore (together with WellsCap, each a “Sub-Adviser” and collectively, the “Sub-Advisers”), each an affiliate of Funds Management. The Management Agreement and the 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.

Institutional Money Market Funds  |  29

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 or in range of the average investment performance of the Universe 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 equal to or in range of the median net operating expense ratios of the expense Groups for each share class. The Board noted that the net operating expense ratio caps for the Fund’s Administrator Class would be reduced.

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-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 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 fees to 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 either of 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.

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.

30  |  Institutional Money Market Funds

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’ 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-Advisers, fees earned by Funds Management and the Sub-Advisers 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.

Institutional Money Market Funds  |  31

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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 1-800-260-5969 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.

405489 09-19

SA304/SAR304 07-19

Semi-Annual Report

July 31, 2019

Institutional Money Market Funds

∎ Wells Fargo Municipal Cash Management Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	20
Other information	24

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The views expressed and any forward-looking statements are as of July 31, 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

Institutional Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Municipal Cash Management Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Institutional Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

_“During May 2019, markets tumbled on mixed investment signals._”

_“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019._”

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.

Institutional Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo

Jeffrey L. Weaver, CFA^®‡

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

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (WUCXX)3,4	7-9-2010		1.44		0.62		0.34		0.43		0.30
Institutional Class (EMMXX)4	11-20-1996		1.53		0.69		0.39		0.31		0.20
Service Class (EISXX)4	11-25-1996		1.29		0.52		0.27		0.60		0.45

Yield summary (%) as of July 31, 2019²

	Administrator Class	Institutional Class		Service Class
7-day current yield	1.30		1.40		1.15
7-day compound yield	1.30		1.41		1.15
30-day simple yield	1.22		1.32		1.07
30-day compound yield	1.23		1.33		1.08

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

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

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

Please see footnotes on page 5.

4  |  Institutional Money Market Funds

Performance highlights (unaudited)

Revenue source as of July 31, 2019⁵

Effective maturity distribution as of July 31, 2019⁵

Weighted average maturity as of July 31, 2019⁶

5 days

Weighted average life as of July 31, 2019⁷

5 days

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

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

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.17%, 1.29%, and 1.00% for Administrator Class, Institutional Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  Historical performance shown prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Institutional Municipal Money Market Fund.

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

⁶  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.

⁷  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.

Institutional Money Market Funds  |  5

Fund expenses (unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,007.47	$	1.49		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.51		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,007.87	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,006.62	$	2.24		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).

6  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 90.65%
Alabama: 1.74%
Variable Rate Demand Note ø: 1.74%
Alabama Tender Option Bond Trust Receipts/Certificates Series 2018-XL0098 (Utilities Revenue, Royal Bank of Canada LIQ) 144A		1.49	%		12-1-2022	$	4,500,000	$	4,500,000
Arizona: 2.88%
Variable Rate Demand Notes ø: 2.88%
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services of America LOC)		1.49			8-1-2026		2,500,000		2,500,000
Pinal County AZ IDA Shamrock Farms Project (Resource Recovery Revenue, Farm Credit Services of America LOC)		1.50			8-1-2022		3,700,000		3,700,000
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services of America LOC)		1.50			8-1-2027		1,250,000		1,250,000
									7,450,000
California: 4.27%
Variable Rate Demand Notes ø: 4.27%
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, Rabobank LOC)		1.48			11-1-2027		1,400,000		1,400,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0642 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		1.65			5-1-2024		4,360,000		4,360,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-BAML01 (Transportation Revenue, Bank of America NA LIQ) 144A		1.40			4-1-2047		5,000,000		5,000,000
Modesto CA MFHR Live Oak Apartments Project (Tax Revenue, FNMA Insured, FNMA LIQ)		1.32			9-15-2024		260,000		260,000
									11,020,000
Colorado: 0.17%
Variable Rate Demand Note ø: 0.17%
Town of Hudson CO Series A (Industrial Development Revenue, U.S. Bank NA LOC)		1.55			11-1-2020		440,000		440,000
Florida: 2.68%
Variable Rate Demand Notes ø: 2.68%
Florida Tender Option Bond Trust Receipts/Certificates Series 2017-ZM0571 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.50			8-15-2047		500,000		500,000
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.50			8-15-2047		6,420,000		6,420,000
									6,920,000
Illinois: 5.81%
Variable Rate Demand Notes ø: 5.81%
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial Development Revenue, BMO Harris Bank NA LOC)		1.54			7-1-2033		1,780,000		1,780,000
Illinois Tender Option Bond Trust Receipts/Certificates Series 2019-XF0779 (Tax Revenue, Build America Mutual Assurance Company Insured, TD Bank NA LIQ) 144A		1.48			1-1-2048		4,000,000		4,000,000

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

Institutional Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Lake County IL Multi-Family Housing (Housing Revenue, FHLMC LIQ)		1.52	%		11-1-2034	$	4,920,000	$	4,920,000
Peoria County IL Caterpillar Incorporated Project (Industrial Development Revenue, Caterpillar Incorporated LOC)		1.55			2-1-2030		4,300,000		4,300,000
									15,000,000
Indiana: 5.76%
Variable Rate Demand Notes ø: 5.76%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.44			7-1-2023		1,380,000		1,380,000
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial Development Revenue, Sumitomo Mitsui Banking LOC)		1.48			12-1-2039		6,455,000		6,455,000
Indiana Tender Option Bond Trust Receipts/Certificates Series 2019-XF0756 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		1.48			2-1-2049		1,875,000		1,875,000
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial Development Revenue, Bank of America NA LOC)		1.66			12-1-2027		2,785,000		2,785,000
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC)		1.46			3-1-2041		1,375,000		1,375,000
St. Joseph County IN Midcorr Land Development LLC Project (Industrial Development Revenue, PNC Bank NA LOC)		1.43			10-1-2023		1,020,000		1,020,000
									14,890,000
Iowa: 3.24%
Variable Rate Demand Notes ø: 3.24%
Iowa Finance Authority John Maassen & Sons Project (Industrial Development Revenue, Farm Credit Services of America LOC)		1.49			11-1-2035		2,075,000		2,075,000
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC)		1.93			4-1-2022		6,300,000		6,300,000
									8,375,000
Kansas: 0.24%
Variable Rate Demand Note ø: 0.24%
Nemaha County KS Midwest AG Services LLC Project (Industrial Development Revenue, CoBank ACB LOC)		1.55			11-1-2020		610,000		610,000
Kentucky: 2.59%
Variable Rate Demand Notes ø: 2.59%
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial Development Revenue, Stock Yards Bank & Trust LOC)		1.43			9-1-2022		1,000,000		1,000,000
Louisville & Jefferson Counties KY Regional Airport Authority UPS Worldwide Forwarding Series B (Industrial Development Revenue, Suntrust Bank LOC)		1.54			1-1-2029		5,700,000		5,700,000
									6,700,000
Louisiana: 2.71%
Variable Rate Demand Notes ø: 2.71%
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial Development Revenue, Honeywell International Incorporated LOC)		1.54			12-1-2036		4,000,000		4,000,000
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XM0735 (Water & Sewer Revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A		1.45			12-1-2045		3,000,000		3,000,000
									7,000,000

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

8  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Michigan: 2.26%
Variable Rate Demand Note ø: 2.26%
Michigan Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0614 (Education Revenue, Morgan Stanley Bank LIQ) 144A		1.58	%		11-1-2028	$	5,835,000	$	5,835,000
Minnesota: 3.05%
Variable Rate Demand Notes ø: 3.05%
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.49			8-15-2038		750,000		750,000
Minnesota Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Education Revenue, Morgan Stanley Bank LIQ) 144A		1.50			11-1-2037		7,140,000		7,140,000
									7,890,000
Mississippi: 2.32%
Variable Rate Demand Note ø: 2.32%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series A (Industrial Development Revenue, U.S. Bank NA LOC)		1.48			12-1-2030		6,000,000		6,000,000
Missouri: 3.90%
Variable Rate Demand Notes ø: 3.90%
Missouri Development Finance Board Kauffman Center For The Performing Arts Series A (Miscellaneous Revenue, PNC Bank NA SPA)		1.51			6-1-2037		7,000,000		7,000,000
Missouri Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.50			5-15-2041		1,895,000		1,895,000
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (Industrial Development Revenue, U.S. Bank NA LOC)		1.62			4-1-2026		1,170,000		1,170,000
									10,065,000
Nevada: 1.29%
Variable Rate Demand Note ø: 1.29%
Nevada Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0634 (GO Revenue, Royal Bank of Canada LIQ) 144A		1.43			12-1-2025		3,330,000		3,330,000
New Jersey: 2.49%
Variable Rate Demand Note ø: 2.49%
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2016-XM0226 (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ) 144A		1.40			7-1-2026		6,430,000		6,430,000
New York: 7.98%
Variable Rate Demand Notes ø: 7.98%
Metropolitan Transportation Authority Revenue Bond Subordinated Series 2012A-2 (Transportation Revenue, Bank of Montreal LOC)		1.53			11-15-2041		2,000,000		2,000,000
New York Battery Park City Authority Refunding Bond Series 2013-C JPMorgan Chase PUTTER/DRIVER Trust Series 5012 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		1.53			11-1-2019		6,400,000		6,400,000
New York NY Housing Development Corporation Series A (Housing Revenue, Citibank NA LOC)		1.47			6-1-2037		350,000		350,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax Revenue, Mizuho Bank Limited SPA)		1.51			8-1-2043		6,890,000		6,890,000

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

Institutional Money Market Funds  |  9

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Triborough Bridge and Tunnel Authority Series 2005B-3 (Transportation Revenue, State Street Bank & Trust Company LOC)		1.45	%		1-1-2032	$	4,980,000	$	4,980,000
									20,620,000
North Carolina: 3.99%
Variable Rate Demand Notes ø: 3.99%
Charlotte-Mecklenburg NC Hospital Authority Series 2007C (Health Revenue, JPMorgan Chase & Company SPA)		1.47			1-15-2037		5,100,000		5,100,000
North Carolina Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2490 (Airport Revenue, Barclays Bank plc LIQ) 144A		1.43			7-1-2042		3,750,000		3,750,000
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC)		1.45			1-1-2027		1,450,000		1,450,000
									10,300,000
North Dakota: 0.28%
Variable Rate Demand Note ø: 0.28%
Mandan ND IDA Cloverdale Foods Company Project (Industrial Development Revenue, BNC National Bank LOC)		1.67			12-1-2022		715,000		715,000
Ohio: 2.40%
Variable Rate Demand Notes ø: 2.40%
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous Revenue)		1.49			10-1-2036		4,200,000		4,200,000
RBC Municipal Products Incorporated Trust Series E-110 (Water & Sewer Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.43			10-1-2020		2,000,000		2,000,000
									6,200,000
Oregon: 0.12%
Variable Rate Demand Note ø: 0.12%
Portland International Airport Series 18-A (Airport Revenue, Bank of China LOC)		1.47			7-1-2026		300,000		300,000
Other: 0.82%
Variable Rate Demand Note ø: 0.82%
FHLMC MFHR Series M-031 Class A (Housing Revenue, FHLMC LIQ)		1.43			12-15-2045		2,110,000		2,110,000
Pennsylvania: 6.74%
Variable Rate Demand Notes ø: 6.74%
Allegheny County PA Hospital Development Authority Series E (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.50			4-1-2022		7,820,000		7,820,000
Pennsylvania EDFA Series D-7 (Industrial Development Revenue, PNC Bank NA LOC)		1.43			8-1-2022		400,000		400,000
Philadelphia PA Gas Works Revenue Refunding Bond Series 8 (Utilities Revenue, Barclays Bank plc LOC)		1.42			8-1-2031		1,200,000		1,200,000
South Central General Authority WellSpan Health Obliged Group Revenue Bond Series 2019E (Health Revenue, U.S. Bank NA SPA)		1.47			6-1-2035		8,000,000		8,000,000
									17,420,000

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

10  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
South Carolina: 3.48%
Variable Rate Demand Notes ø: 3.48%
South Carolina Jobs EDA Prisma Health Obligated Group Series 2018B (Health Revenue, U.S. Bank NA LOC)		1.48	%		5-1-2048	$	7,000,000	$	7,000,000
South Carolina Tender Option Bond Trust Receipts/Floater Certificates Patriots Energy Group Financing Agency Series 2018-XM0690 (Utilities Revenue, Royal Bank of Canada LIQ) 144A		1.44			10-1-2022		2,000,000		2,000,000
									9,000,000
Tennessee: 2.32%
Variable Rate Demand Note ø: 2.32%
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health Revenue, AGM Insured, U.S. Bank NA SPA)		1.49			6-1-2042		6,000,000		6,000,000
Texas: 3.65%
Variable Rate Demand Notes ø: 3.65%
Brazos Harbor TX Industrial Development Corporation (Industrial Development Revenue, BASF SE LOC)		1.52			10-1-2036		5,000,000		5,000,000
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource Recovery Revenue, CoBank ACB LOC)		1.50			8-1-2039		1,430,000		1,430,000
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial Development Revenue, Total SA LOC)		1.47			4-1-2027		3,000,000		3,000,000
									9,430,000
Virginia: 0.62%
Variable Rate Demand Notes ø: 0.62%
Chesterfield County VA IDA Super Radiator Coils Project Series A (Industrial Development Revenue, BMO Harris Bank NA LOC)		1.47			4-1-2026		1,000,000		1,000,000
Virginia Public Building Authority Public Facilities Refunding Bonds Series 2015B (Housing Revenue, Bank of NY Mellon LOC)		5.00			8-1-2019		600,000		600,000
									1,600,000
Washington: 3.26%
Variable Rate Demand Notes ø: 3.26%
King County WA Multi-Modal Limited Refunding Bond (GO Revenue, TD Bank NA SPA)		1.47			1-1-2046		5,000,000		5,000,000
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial Development Revenue, Northwest Farm Credit LOC)		1.50			9-1-2021		2,520,000		2,520,000
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC)		1.50			8-1-2026		900,000		900,000
									8,420,000
West Virginia: 1.05%
Variable Rate Demand Note ø: 1.05%
West Virginia EDA Collins Hardwood Company LLC (Industrial Development Revenue, American AgCredit LOC)		1.50			10-1-2031		2,700,000		2,700,000

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

Institutional Money Market Funds  |  11

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Wisconsin: 6.54%
Variable Rate Demand Notes ø: 6.54%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank ACB LOC)		1.43	%		5-1-2037	$	6,000,000	$	6,000,000
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC)		1.62			11-1-2020		955,000		955,000
Sheboygan WI Vortex Liquid Color Project (Industrial Development Revenue, Bank First National LOC)		1.62			11-1-2020		550,000		550,000
Wisconsin GO Series 2019A (GO Revenue)		1.54			5-1-2029		500,000		500,000
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2019-XF2821 (Housing Revenue, Mizuho Bank Limited LOC) 144A		1.50			1-1-2026		3,860,000		3,860,000
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2019-F2823 (Housing Revenue, U.S. Bank N.A. LOC) 144A		1.50			1-1-2026		5,015,000		5,015,000
									16,880,000
Total Municipal Obligations (Cost $234,150,000)									234,150,000
						Shares
Closed End Municipal Bond Funds: 8.40%
California: 1.16%
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) 1.37% 144Aø							3,000,000		3,000,000
									3,000,000
Other: 7.24%
BlackRock MuniYield Quality Fund III Incorporated Variable Rate Demand Preferred Shares (Citibank NA LOC) 1.43% ø							5,000,000		5,000,000
Nuveen Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series 1-2118 (Barclays Bank LIQ) 1.43% 144Aø							5,000,000		5,000,000
Western Asset Intermediate Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 1.43% 144Aø							5,000,000		5,000,000
Western Asset Municipal Partners Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 1.43% 144Aø							3,700,000		3,700,000
									18,700,000
Total Closed End Municipal Bond Funds (Cost $21,700,000)									21,700,000
						Principal
Repurchase Agreements: 0.85%
Barclays Capital Incorporated, dated 7-31-2019, maturity value $2,200,155 ^^		2.54			8-1-2019	$	2,200,000		2,200,000
Total Repurchase Agreements (Cost $2,200,000)									2,200,000

Total investments in securities (Cost $258,050,000)	99.90	%		258,050,000
Other assets and liabilities, net	0.10			270,401
Total net assets	100.00	%	$	258,320,401

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

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

^^ Collateralized by U.S. government securities, 1.63% to 1.75%, 6-30-2021 to 7-15-2022, fair value including accrued interest is $2,244,000.

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

12  |  Institutional Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

Abbreviations:

AGM Assured Guaranty Municipal

BHAC Berkshire Hathaway Assurance Corporation

CDA Community Development Authority

DRIVER Derivative inverse tax-exempt receipts

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GO General obligation

IDA Industrial Development Authority

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PUTTER Puttable tax-exempt receipts

SPA Standby purchase agreement

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

Institutional Money Market Funds  |  13

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $258,050,000)	$	258,050,000
Cash		206,971
Receivable for investments sold		155,000
Receivable for interest		533,355
Prepaid expenses and other assets		27,131
Total assets		258,972,457
Liabilities
Payable for investments purchased		500,000
Shareholder report expenses payable		77,585
Administration fees payable		18,492
Management fee payable		7,807
Payable for Fund shares redeemed		5,497
Dividends payable		3,926
Trustees’ fees and expenses payable		2,320
Accrued expenses and other liabilities		36,429
Total liabilities		652,056
Total net assets	$	258,320,401
Net assets consist of
Paid-in capital	$	258,322,825
Total distributable loss		(2,424	)
Total net assets	$	258,320,401
Computation of net asset value per share
Net assets – Administrator Class	$	6,359,524
Shares outstanding – Administrator Class1		6,355,607
Net asset value per share – Administrator Class		$1.0006
Net assets – Institutional Class	$	235,670,831
Shares outstanding – Institutional Class1		235,519,484
Net asset value per share – Institutional Class		$1.0006
Net assets – Service Class	$	16,290,046
Shares outstanding – Service Class1		16,279,774
Net asset value per share – Service Class		$1.0006

¹  The Fund has an unlimited number of authorized shares.

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

14  |  Institutional Money Market Funds

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	2,461,655
Expenses
Management fee		210,811
Administration fees
Administrator Class		3,141
Institutional Class		103,308
Service Class		9,919
Shareholder servicing fees
Administrator Class		3,141
Service Class		20,664
Custody and accounting fees		16,060
Professional fees		19,397
Registration fees		39,326
Shareholder report expenses		6,996
Trustees’ fees and expenses		13,557
Other fees and expenses		11,372
Total expenses		457,692
Less: Fee waivers and/or expense reimbursements		(152,805	)
Net expenses		304,887
Net investment income		2,156,768
Net realized gains on investments		70,979
Net increase in net assets resulting from operations	$	2,227,747

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

Institutional Money Market Funds  |  15

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	2,156,768					$	3,272,934
Net realized gains on investments					70,979						1,837
Net increase in net assets resulting from operations					2,227,747						3,274,771
Distributions to shareholders from net investment income and net realized gains
Administrator Class					(45,282	)					(72,091	)
Institutional Class					(2,004,748	)					(3,175,949	)
Service Class					(106,738	)					(225,713	)
Total distributions to shareholders					(2,156,768	)					(3,473,753	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		0			0			2,997,003			3,000,000
Institutional Class		2,591,449,010			2,592,937,066			4,687,583,592			4,692,370,298
Service Class		2,719,047			2,720,568			11,577,879			11,587,521
					2,595,657,634						4,706,957,819
Reinvestment of distributions
Administrator Class		44,536			44,561			70,709			70,768
Institutional Class		2,003,338			2,004,533			3,163,888			3,166,888
Service Class		80,133			80,179			161,224			161,362
					2,129,273						3,399,018
Payment for shares redeemed
Institutional Class		(2,523,891,813	)		(2,525,359,371	)		(4,860,642,244	)		(4,865,545,794	)
Service Class		(5,514,144	)		(5,516,957	)		(12,079,625	)		(12,089,936	)
					(2,530,876,328	)					(4,877,635,730	)
Net increase (decrease) in net assets resulting from capital share transactions					66,910,579						(167,278,893	)
Total increase (decrease) in net assets					66,981,558						(167,477,875	)
Net assets
Beginning of period					191,338,843						358,816,718
End of period				$	258,320,401					$	191,338,843

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

16  |  Institutional Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0003			$1.0010			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0072			0.0125			0.0069			0.0031			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0003			(0.0001	)		0.0005			0.0008			0.00	2		0.00	2
Total from investment operations		0.0075			0.0124			0.0074			0.0039			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0072	)		(0.0124	)		(0.0069	)		(0.0030	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0007	)		(0.0000	)3		(0.0004	)		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0072	)		(0.0131	)		(0.0069	)		(0.0034	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0006			$1.0003			$1.0010			$1.0005			$1.00			$1.00
Total return4		0.75	%		1.25	%		0.74	%		0.35	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.43	%		0.44	%		0.41	%		0.39	%		0.37	%		0.37	%
Net expenses		0.30	%		0.30	%		0.30	%		0.27	%		0.10	%		0.11	%
Net investment income		1.44	%		1.25	%		0.68	%		0.29	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$6,360			$6,313			$3,247			$3,223			$3,537			$3,536

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

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

Institutional Money Market Funds  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0004			$1.0011			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0077	2		0.0133	2		0.0080			0.0035			0.00	3		0.00	3
Net realized and unrealized gains (losses) on investments		0.0002			0.0001			0.0005			0.0012			0.00	3		0.00	3
Total from investment operations		0.0079			0.0134			0.0085			0.0047			0.00	3		0.00	3
Distributions to shareholders from
Net investment income		(0.0077	)		(0.0134	)		(0.0079	)		(0.0038	)		(0.00	)3		(0.00	)3
Net realized gains		0.0000			(0.0007	)		(0.0000	)4		(0.0004	)		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.0077	)		(0.0141	)		(0.0079	)		(0.0042	)		(0.00	)3		(0.00	)3
Net asset value, end of period		$1.0006			$1.0004			$1.0011			$1.0005			$1.00			$1.00
Total return5		0.79	%		1.35	%		0.85	%		0.44	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.31	%		0.31	%		0.29	%		0.26	%		0.25	%		0.25	%
Net expenses		0.20	%		0.20	%		0.20	%		0.18	%		0.10	%		0.11	%
Net investment income		1.55	%		1.32	%		0.79	%		0.27	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$235,671			$166,024			$336,215			$262,511			$953,036			$1,008,667

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Amount is less than $0.00005.

⁵  Returns for periods of less than one year are not annualized.

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

18  |  Institutional Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0004			$1.0010			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0064	2		0.0109	2		0.0059			0.0037			0.00	3		0.00	3
Net realized and unrealized gains (losses) on investments		0.0002			0.0001			0.0000	4		(0.0010	)		0.00	3		0.00	3
Total from investment operations		0.0066			0.0110			0.0059			0.0027			0.00	3		0.00	3
Distributions to shareholders from
Net investment income		(0.0064	)		(0.0109	)		(0.0054	)		(0.0018	)		(0.00	)3		(0.00	)3
Net realized gains		0.0000			(0.0007	)		(0.0000	)4		(0.0004	)		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.0064	)		(0.0116	)		(0.0054	)		(0.0022	)		(0.00	)3		(0.00	)3
Net asset value, end of period		$1.0006			$1.0004			$1.0010			$1.0005			$1.00			$1.00
Total return5		0.66	%		1.11	%		0.59	%		0.23	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.60	%		0.61	%		0.58	%		0.49	%		0.48	%		0.47	%
Net expenses		0.45	%		0.45	%		0.45	%		0.35	%		0.10	%		0.11	%
Net investment income		1.29	%		1.09	%		0.53	%		0.09	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$16,290			$19,001			$19,355			$23,962			$108,484			$140,465

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Amount is less than $0.00005.

⁵  Returns for periods of less than one year are not annualized.

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

Institutional Money Market Funds  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income are 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

20  |  Institutional Money Market Funds

Notes to financial statements (unaudited)

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 July 31, 2019, the aggregate cost of all investments for federal income tax purposes was $258,050,000 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		0
Net unrealized gains	$	0

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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 July 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	234,150,000	$	0	$	234,150,000
Closed end municipal bond funds		0		21,700,000		0		21,700,000
Repurchase agreements		0		2,200,000		0		2,200,000
Total assets	$	0	$	258,050,000	$	0	$	258,050,000

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

Institutional Money Market Funds  |  21

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $5 billion		0.15	%
Next $5 billion		0.14
Over $10 billion		0.13

For the six months ended July 31, 2019, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, and 0.45% for Servicer Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents. Administrator Class and Service Class of the Fund are charged a fee at an annual rate of 0.10% and 0.25%, respectively, of their average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

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

22  |  Institutional Money Market Funds

Notes to financial statements (unaudited)

5. 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.

6. 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.

Institutional Money Market Funds  |  23

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by 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.

24  |  Institutional Money Market Funds

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

Institutional Money Market Funds  |  25

Other information (unaudited)

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

26  |  Institutional Money Market Funds

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.

Institutional Money Market Funds  |  27

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Municipal Cash Management Money Market 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 Cash Management Money Market 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.

28  |  Institutional Money Market Funds

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 (Institutional Class) was higher than the average investment performance of the Universe 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 equal to 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 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.

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

Institutional Money Market Funds  |  29

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.

30  |  Institutional Money Market Funds

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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 1-800-260-5969 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.

405490 09-19

SA307/SAR307 07-19

Semi-Annual Report

July 31, 2019

Government Money Market Funds

∎ Wells Fargo Government Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	27
Other information	31

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The views expressed and any forward-looking statements are as of July 31, 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

Government Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Government Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Government Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

_“During May 2019, markets tumbled on mixed investment signals._”

_“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019._”

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.

Government Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

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

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (WFGXX)	11-8-1999		1.76		0.54		0.28		0.61		0.60
Administrator Class (WGAXX)	7-31-2003		2.02		0.69		0.35		0.34		0.34
Institutional Class (GVIXX)	7-28-2003		2.16		0.79		0.40		0.22		0.20
Select Class (WFFXX)3	6-30-2015		2.22		0.84		0.43		0.18		0.14
Service Class (NWGXX)	11-16-1987		1.86		0.60		0.30		0.51		0.50
Sweep Class4	6-30-2010		1.59		0.46		0.24		0.77		0.77

Yield summary (%) as of July 31, 2019²

	Class A	Administrator Class		Institutional Class		Select Class		Service Class		Sweep Class
7-day current yield	1.80		2.06		2.20		2.26		1.90		1.63
7-day compound yield	1.81		2.08		2.22		2.28		1.92		1.65
30-day simple yield	1.83		2.09		2.23		2.29		1.93		1.66
30-day compound yield	1.85		2.11		2.25		2.31		1.95		1.68

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

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

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

4  |  Government Money Market Funds

Performance highlights (unaudited)

Portfolio composition as of July 31, 2019⁵

Effective maturity distribution as of July 31, 2019⁵

Weighted average maturity as of July 31, 2019⁶

25 days

Weighted average life as of July 31, 2019⁷

105 days

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

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

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.79%, 2.06%, 2.18%, 2.22%, 1.89%, and 1.63% for Class A, Administrator Class, Institutional Class, Select Class, Service Class, and Sweep Class respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been included, returns for Sweep Class shares would be lower.

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

⁶  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.

⁷  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.

Government Money Market Funds  |  5

Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,009.27	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,010.58	$	1.69		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.11	$	1.71		0.34	%
Institutional Class
Actual	$	1,000.00	$	1,011.27	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,011.57	$	0.70		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Service Class
Actual	$	1,000.00	$	1,009.77	$	2.49		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,008.44	$	3.83		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.98	$	3.86		0.77	%

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

6  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Government Agency Debt: 33.75%
FFCB (z)		2.05	%		3-3-2020	$	25,000,000	$	24,698,403
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.16%) ±		2.24			1-19-2021		73,500,000		73,478,631
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.22%) ±		2.27			2-2-2021		300,000,000		299,982,142
FFCB (1 Month LIBOR +0.03%) ±		2.29			8-25-2020		150,000,000		149,991,871
FFCB (1 Month LIBOR +0.08%) ±		2.32			3-29-2021		250,000,000		249,985,653
FFCB (3 Month LIBOR -0.18%) ±		2.34			5-15-2020		50,000,000		49,998,766
FFCB (3 Month LIBOR -0.06%) ±		2.36			3-15-2021		75,000,000		74,995,208
FFCB (1 Month LIBOR -0.03%) ±		2.37			10-1-2019		100,000,000		99,999,167
FFCB (3 Month LIBOR -0.07%) ±		2.40			12-7-2020		25,000,000		24,998,663
FFCB (1 Month LIBOR +0.04%) ±		2.40			2-11-2021		175,000,000		175,000,000
FFCB (z)		2.47			8-28-2019		24,000,000		23,956,080
FFCB (3 Month LIBOR -0.07%) ±%%		2.18			2-1-2021		50,000,000		49,997,005
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.24%) ±%%		2.32			8-2-2021		150,000,000		150,000,000
FFCB (z)		2.02			4-2-2020		20,000,000		19,729,139
FFCB (z)		2.02			4-21-2020		50,000,000		49,270,333
FFCB (z)		2.04			2-14-2020		50,000,000		49,447,306
FFCB (z)		2.05			12-18-2019		24,000,000		23,811,887
FFCB (z)		2.05			1-31-2020		25,000,000		24,742,021
FFCB (z)		2.05			2-6-2020		44,000,000		43,531,070
FFCB (z)		2.05			2-7-2020		18,000,000		17,807,150
FFCB (z)		2.05			3-4-2020		17,000,000		16,793,960
FFCB (z)		2.05			3-20-2020		25,000,000		24,674,556
FFCB (z)		2.07			11-22-2019		25,000,000		24,838,347
FFCB (z)		2.07			12-30-2019		50,000,000		49,570,069
FFCB (z)		2.07			1-6-2020		50,000,000		49,550,139
FFCB (z)		2.10			1-23-2020		15,000,000		14,848,333
FFCB (z)		2.10			1-29-2020		12,000,000		11,874,507
FFCB (z)		2.12			4-16-2020		50,000,000		49,251,778
FFCB (3 Month LIBOR -0.14%) ±		2.12			10-29-2020		50,000,000		49,957,390
FFCB (z)		2.13			4-1-2020		110,000,000		108,441,789
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.13			3-23-2020		200,000,000		199,994,874
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.13			4-16-2020		350,000,000		349,990,128
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.13			6-18-2020		100,000,000		99,996,036
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.13			10-21-2020		100,000,000		99,993,951
FFCB (3 Month LIBOR -0.12%) ±		2.14			1-27-2020		10,000,000		10,004,815
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.14			7-22-2020		300,000,000		299,988,417
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.14			8-6-2020		150,000,000		149,997,734
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.14			9-4-2020		150,000,000		149,992,613
FFCB (1 Month LIBOR -0.11%) ±		2.14			10-28-2019		75,000,000		74,996,387
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.14			10-15-2020		100,000,000		99,994,031
FFCB (3 Month LIBOR -0.17%) ±		2.14			4-9-2020		100,000,000		99,997,266
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ±		2.15			5-15-2020		225,000,000		225,002,763
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ±		2.15			7-24-2020		100,000,000		99,997,079
FFCB (z)		2.16			12-3-2019		50,000,000		49,631,444
FFCB (1 Month LIBOR -0.08%) ±		2.16			1-30-2020		75,000,000		74,997,042
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.09%) ±		2.17			3-26-2020		100,000,000		99,998,060
FFCB (1 Month LIBOR -0.08%) ±		2.18			9-23-2019		150,000,000		149,999,904
FFCB (1 Month LIBOR -0.08%) ±		2.19			10-25-2019		208,000,000		207,999,242
FFCB (1 Month LIBOR -0.06%) ±		2.19			2-27-2020		48,500,000		48,498,887
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.11%) ±		2.19			12-28-2020		84,000,000		83,976,376
FFCB (1 Month LIBOR -0.05%) ±		2.19			8-27-2020		25,000,000		24,990,401

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

Government Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FFCB (1 Month LIBOR -0.08%) ±		2.19	%		11-20-2019	$	150,000,000	$	149,990,729
FFCB (1 Month LIBOR -0.09%) ±		2.21			8-19-2019		200,000,000		199,999,499
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.13%) ±		2.21			2-8-2021		100,000,000		99,908,790
FFCB (3 Month LIBOR -0.06%) ±		2.22			10-25-2019		42,400,000		42,413,674
FFCB (1 Month LIBOR -0.05%) ±		2.22			1-22-2020		200,000,000		199,996,060
FFCB (3 Month LIBOR -0.08%) ±		2.22			1-15-2021		75,300,000		75,300,123
FFCB (1 Month LIBOR -0.10%) ±		2.23			8-15-2019		118,000,000		117,999,658
FFCB (3 Month LIBOR -0.10%) ±		2.23			12-28-2020		235,000,000		234,986,989
FFCB (1 Month LIBOR +0.01%) ±		2.25			11-27-2020		100,000,000		99,996,723
FFCB (1 Month LIBOR -0.10%) ±		2.26			10-8-2019		116,500,000		116,494,913
FFCB (1 Month LIBOR +0.00%) ±		2.27			6-25-2020		5,000,000		5,001,734
FFCB (1 Month LIBOR +0.01%) ±		2.27			5-26-2020		250,000,000		249,991,845
FFCB (3 Month LIBOR -0.20%) ±		2.28			3-6-2020		75,000,000		74,998,222
FFCB (1 Month LIBOR -0.05%) ±		2.28			5-14-2020		300,000,000		299,990,624
FFCB (1 Month LIBOR +0.04%) ±		2.28			1-28-2021		207,500,000		207,500,219
FFCB (1 Month LIBOR -0.08%) ±		2.29			11-12-2019		100,000,000		100,000,047
FFCB (1 Month LIBOR +0.05%) ±		2.29			1-27-2020		158,500,000		158,585,299
FFCB (1 Month LIBOR -0.08%) ±		2.29			5-11-2020		189,295,000		189,218,995
FFCB (1 Month LIBOR -0.10%) ±		2.30			12-2-2019		37,000,000		36,996,534
FFCB (1 Month LIBOR -0.07%) ±		2.30			7-9-2020		137,000,000		136,936,176
FFCB (1 Month LIBOR -0.07%) ±		2.30			9-12-2019		100,000,000		99,999,424
FFCB (3 Month LIBOR -0.13%) ±		2.31			9-12-2019		100,000,000		99,999,540
FFCB (1 Month LIBOR -0.05%) ±		2.31			2-7-2020		26,530,000		26,527,342
FFCB (3 Month LIBOR -0.21%) ±		2.31			5-20-2020		125,000,000		124,927,006
FFCB (1 Month LIBOR +0.01%) ±		2.31			8-19-2020		250,000,000		249,981,109
FFCB (1 Month LIBOR +0.07%) ±		2.31			12-28-2020		250,000,000		250,000,000
FFCB (1 Month LIBOR +0.08%) ±		2.32			5-27-2021		300,000,000		299,983,784
FFCB (1 Month LIBOR -0.05%) ±		2.32			3-12-2020		250,000,000		249,995,411
FFCB (3 Month LIBOR -0.19%) ±		2.33			2-28-2020		75,000,000		75,000,000
FFCB (3 Month LIBOR -0.01%) ±		2.33			9-23-2019		20,000,000		20,005,333
FFCB (1 Month LIBOR -0.03%) ±		2.34			4-9-2020		250,000,000		249,991,416
FFCB (1 Month LIBOR -0.02%) ±		2.34			8-5-2020		140,000,000		139,960,115
FFCB (1 Month LIBOR +0.07%) ±		2.34			6-24-2021		300,000,000		299,977,248
FFCB (1 Month LIBOR +0.03%) ±		2.35			12-14-2020		50,000,000		49,997,204
FFCB (3 Month LIBOR -0.21%) ±		2.36			8-6-2020		16,500,000		16,487,776
FFCB (3 Month LIBOR -0.13%) ±		2.37			9-4-2020		115,000,000		115,000,000
FFCB (3 Month LIBOR -0.15%) ±		2.38			3-2-2020		100,000,000		99,998,835
FFCB (3 Month LIBOR -0.14%) ±		2.39			8-28-2019		25,000,000		25,000,000
FFCB (3 Month LIBOR -0.13%) ±		2.39			11-16-2020		130,000,000		129,990,579
FFCB (3 Month LIBOR -0.13%) ±		2.40			8-14-2019		100,000,000		99,999,858
FFCB (3 Month LIBOR -0.12%) ±		2.40			11-30-2020		75,000,000		75,000,000
FFCB (1 Month LIBOR +0.04%) ±		2.40			1-11-2021		89,500,000		89,493,466
FFCB (3 Month LIBOR -0.16%) ±		2.41			5-5-2020		50,000,000		49,998,371
FFCB (1 Month LIBOR +0.07%) ±		2.43			1-8-2021		300,000,000		299,940,291
FFCB (1 Month LIBOR +0.08%) ±		2.44			7-8-2021		200,000,000		200,000,000
FFCB (3 Month LIBOR -0.13%) ±		2.45			8-1-2019		100,000,000		100,000,000
FFCB (U.S. SOFR +0.08%) ±		2.47			6-10-2021		40,000,000		40,000,000
FFCB (U.S. SOFR +0.10%) ±		2.49			5-7-2021		84,000,000		84,000,000
FFCB (1 Month LIBOR +0.16%) ±		2.56			12-2-2019		25,000,000		25,019,861
FFCB (z)		2.75			11-4-2019		67,000,000		66,526,161
FHLB (1 Month LIBOR -0.04%) ±		2.22			8-26-2019		300,000,000		300,000,000

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

8  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (1 Month LIBOR -0.03%) ±		2.22	%		12-27-2019	$	200,000,000	$	200,000,000
FHLB (3 Month LIBOR -0.13%) ±		2.29			12-16-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.04%) ±		2.36			8-30-2019		200,000,000		200,000,000
FHLB (z)		2.39			8-30-2019		500,000,000		499,045,336
FHLB (z)		2.42			8-1-2019		400,000,000		400,000,000
FHLB (U.S. SOFR +0.03%) ±		2.42			12-6-2019		140,000,000		140,000,000
FHLB (U.S. SOFR +0.04%) ±		2.43			2-21-2020		110,000,000		110,000,000
FHLB (U.S. SOFR +0.07%) ±		2.46			3-27-2020		247,000,000		247,000,000
FHLB (U.S. SOFR +0.05%) %%±		2.60			1-28-2021		260,000,000		260,000,000
FHLB (3 Month LIBOR -0.26%) ±		2.03			10-7-2019		75,000,000		74,985,279
FHLB (3 Month LIBOR -0.21%) ±		2.08			7-6-2020		200,000,000		200,000,000
FHLB		2.08			12-24-2019		100,000,000		99,998,688
FHLB (3 Month LIBOR -0.26%) ±		2.08			10-11-2019		312,400,000		312,335,340
FHLB (z)		2.09			11-5-2019		200,000,000		198,893,334
FHLB (z)		2.10			10-25-2019		100,000,000		99,506,528
FHLB (z)		2.10			11-4-2019		150,000,000		149,174,688
FHLB (z)		2.10			12-2-2019		50,000,000		49,643,813
FHLB (z)		2.11			10-23-2019		150,000,000		149,273,750
FHLB (3 Month LIBOR -0.16%) ±		2.12			10-22-2019		150,000,000		150,000,000
FHLB (z)		2.13			10-18-2019		100,000,000		99,541,750
FHLB (z)		2.15			10-16-2019		60,000,000		59,729,568
FHLB		2.15			7-30-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.15%) ±		2.17			1-2-2020		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.11%) ±		2.17			1-25-2021		50,000,000		50,000,576
FHLB (z)		2.17			10-2-2019		300,000,000		298,884,000
FHLB (z)		2.18			9-25-2019		450,000,000		448,512,249
FHLB (1 Month LIBOR -0.10%) ±		2.18			10-21-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.18			10-28-2019		200,000,000		200,000,000
FHLB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ±		2.19			1-30-2020		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.14%) ±		2.19			12-26-2019		225,000,000		225,000,000
FHLB (z)		2.20			10-9-2019		250,000,000		248,950,625
FHLB (3 Month LIBOR -0.21%) ±		2.21			6-19-2020		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.21			2-20-2020		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.21			2-21-2020		125,000,000		125,000,000
FHLB (3 Month LIBOR -0.14%) ±		2.25			12-20-2019		250,000,000		249,988,337
FHLB (1 Month LIBOR -0.02%) ±		2.25			5-26-2020		100,000,000		99,996,152
FHLB (1 Month LIBOR -0.02%) ±		2.25			12-24-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR +0.00%) ±		2.26			10-26-2020		230,000,000		230,000,231
FHLB (3 Month LIBOR -0.14%) ±		2.27			12-18-2020		14,010,000		13,996,985
FHLB (1 Month LIBOR -0.03%) ±		2.27			11-18-2019		325,000,000		325,000,000
FHLB (1 Month LIBOR -0.05%) ±		2.28			12-13-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.28			12-16-2019		114,100,000		114,115,434
FHLB (1 Month LIBOR -0.08%) ±		2.28			2-7-2020		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.30			8-7-2019		35,000,000		35,000,176
FHLB (z)		2.30			10-30-2019		52,000,000		51,703,600
FHLB (z)		2.30			11-1-2019		20,100,000		19,982,884
FHLB (1 Month LIBOR -0.03%) ±		2.30			11-13-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.05%) ±		2.32			10-9-2019		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.13%) ±		2.32			1-13-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.20%) ±		2.32			2-18-2020		250,000,000		250,000,000
FHLB (3 Month LIBOR -0.20%) ±		2.32			11-26-2019		100,000,000		100,000,000

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

Government Money Market Funds  |  9

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (1 Month LIBOR -0.03%) ±		2.33	%		11-8-2019	$	250,000,000	$	250,000,000
FHLB (3 Month LIBOR -0.12%) ±		2.33			12-13-2019		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.19%) ±		2.33			2-20-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.19%) ±		2.33			8-28-2019		200,000,000		200,000,000
FHLB (z)		2.34			9-6-2019		200,000,000		199,534,000
FHLB (z)		2.34			9-9-2019		200,000,000		199,495,166
FHLB (1 Month LIBOR -0.01%) ±		2.36			1-7-2020		250,000,000		250,000,000
FHLB		2.40			6-17-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.12%) ±		2.41			3-5-2020		200,000,000		200,000,000
FHLB (z)		2.42			8-2-2019		400,000,000		399,973,224
FHLB (U.S. SOFR +0.03%) ±		2.42			3-27-2020		141,000,000		141,000,000
FHLB (U.S. SOFR +0.03%) ±		2.42			7-17-2020		278,000,000		278,000,000
FHLB (3 Month LIBOR -0.12%) ±		2.44			11-1-2019		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.13%) ±		2.44			11-4-2019		300,000,000		300,000,000
FHLB (U.S. SOFR +0.05%) ±		2.44			9-28-2020		420,000,000		420,000,000
FHLB (U.S. SOFR +0.06%) ±		2.45			9-10-2019		75,000,000		75,000,000
FHLB (U.S. SOFR +0.08%) ±		2.47			6-11-2021		332,000,000		332,000,000
FHLB (z)		2.49			9-4-2019		100,000,000		99,767,762
FHLB		2.51			5-28-2020		150,000,000		150,000,000
FHLB		2.75			10-24-2019		9,775,000		9,775,164
FHLMC		2.46			4-8-2020		100,000,000		99,981,968
FHLMC (z)		2.48			9-3-2019		66,668,000		66,518,092
FHLMC		1.25			8-1-2019		63,648,000		63,648,000
FHLMC		1.25			10-2-2019		144,295,000		143,938,895
FHLMC		1.38			5-1-2020		115,500,000		114,957,059
FHLMC (1 Month LIBOR -0.10%) ±		2.26			8-8-2019		100,000,000		100,000,000
FHLMC (U.S. SOFR +0.03%) ±		2.42			9-9-2020		100,000,000		100,000,000
FHLMC		2.50			6-4-2020		300,000,000		300,018,986
FHLMC		2.51			6-3-2020		150,000,000		150,000,000
FHLMC		2.51			6-4-2020		150,000,000		150,000,000
FHLMC		2.53			5-29-2020		150,000,000		150,000,000
FNMA		0.88			8-2-2019		383,635,000		383,616,587
FNMA		1.00			8-28-2019		41,983,000		41,931,251
FNMA		1.00			10-24-2019		51,029,000		50,828,269
FNMA		1.50			2-28-2020		23,150,000		23,060,231
FNMA		1.50			6-22-2020		97,680,000		97,229,037
FNMA		1.63			1-21-2020		11,650,000		11,618,033
FNMA		1.65			1-17-2020		10,500,000		10,472,772
FNMA		1.75			9-12-2019		50,000,000		49,944,065
FNMA (U.S. SOFR +0.07%) ±		2.46			10-30-2019		25,000,000		25,000,000
FNMA (U.S. SOFR +0.10%) ±		2.49			4-30-2020		15,000,000		15,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-20-2027		68,000,000		68,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			8-15-2019		2,000,000		2,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			11-15-2022		18,987,500		18,987,500
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			11-15-2023		20,000,000		20,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			7-19-2027		10,000,000		10,000,000

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

10  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31	%		9-20-2027	$	25,000,000	$	25,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			6-28-2032		30,586,764		30,586,763
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			10-15-2039		14,965,000		14,965,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			10-15-2039		15,000,000		15,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			7-7-2040		19,982,840		19,982,840
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			7-7-2040		8,592,621		8,592,621
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			7-7-2040		8,492,707		8,492,707
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			7-7-2040		10,990,562		10,990,562
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			10-15-2040		7,000,000		7,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.40			11-15-2025		6,600,000		6,600,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.40			10-15-2032		21,879,487		21,879,487
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.40			6-15-2034		17,823,504		17,823,504
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.41			12-15-2019		5,544,000		5,544,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.41			7-9-2026		65,754,500		65,754,500
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.41			1-15-2030		15,849,057		15,849,057
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-2-2031		11,605,712		11,605,712
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-2-2031		8,717,859		8,717,859
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-2-2031		6,644,529		6,644,529
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-2-2031		5,800,388		5,800,388
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-2-2031		9,873,000		9,873,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		11,383,010		11,383,010
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			5-15-2033		3,755,508		3,755,508
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-20-2035		12,000,000		12,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-20-2035		10,400,000		10,400,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-20-2035		9,900,000		9,900,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-20-2035		4,000,000		4,000,000

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

Government Money Market Funds  |  11

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42	%		4-20-2035	$	17,500,000	$	17,500,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			4-20-2035		5,000,000		5,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			4-20-2035		5,000,000		5,000,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-15-2040		11,904,000		11,904,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-15-2040		3,968,000		3,968,000
Overseas Private Investment Corporation (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			7-15-2040		9,791,100		9,791,100
Overseas Private Investment Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			8-15-2026		14,338,368		14,338,368
Overseas Private Investment Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		4,481,500		4,481,500
Overseas Private Investment Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-15-2040		9,920,000		9,920,000
Overseas Private Investment Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			10-10-2025		6,191,100		6,191,100
Overseas Private Investment Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			9-20-2038		3,926,722		3,926,722
Overseas Private Investment Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		10,486,710		10,486,710
Overseas Private Investment Corporation Series 2-2 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			7-15-2040		3,461,500		3,461,500
Overseas Private Investment Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			10-10-2025		8,048,430		8,048,430
Overseas Private Investment Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			7-15-2026		4,998,180		4,998,180
Overseas Private Investment Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.40			11-15-2033		23,521,368		23,521,368
Overseas Private Investment Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-2-2031		3,455,550		3,455,550
Overseas Private Investment Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		6,094,840		6,094,840
Overseas Private Investment Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-20-2035		9,000,000		9,000,000
Overseas Private Investment Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		6,274,100		6,274,100
Overseas Private Investment Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.31			7-7-2040		4,895,796		4,895,796
Overseas Private Investment Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		6,274,100		6,274,100
Overseas Private Investment Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			4-20-2035		8,900,000		8,900,000
Overseas Private Investment Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		3,585,200		3,585,200
Overseas Private Investment Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			1-20-2035		2,900,000		2,900,000
Overseas Private Investment Corporation Series 8 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		13,444,500		13,444,500

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

12  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.40	%		5-15-2030	$	24,276,000	$	24,276,000
Overseas Private Investment Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) ±§		2.42			9-30-2031		4,212,610		4,212,610
Total Government Agency Debt (Cost $27,834,911,901)									27,834,911,901
Municipal Obligations: 0.03%
Washington: 0.01%
Variable Rate Demand Notes ø: 0.01%
Washington Housing Finance Commission Eagles Landing Apartments Project Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		2.40			12-15-2036		1,295,000		1,295,000
Washington Housing Finance Commission Fairwinds Project Series B (Housing Revenue, FHLB LOC)		2.39			7-1-2041		2,945,000		2,945,000
Washington Housing Finance Commission Fairwinds Redmond Project (Housing Revenue, FHLB LOC)		2.39			7-1-2041		4,600,000		4,600,000
Washington Housing Finance Commission The Lodge at Eagle Ridge Series B (Housing Revenue, FHLB LOC)		2.39			8-1-2041		3,425,000		3,425,000
									12,265,000
Wisconsin: 0.02%
Variable Rate Demand Note ø: 0.02%
Wisconsin PFA Assisted Living Facilities Brannan Park Project (Housing Revenue, FHLB LOC)		2.18			1-1-2048		12,320,000		12,320,000
Total Municipal Obligations (Cost $24,585,000)									24,585,000
Repurchase Agreements ^^: 60.17%
Bank of America Corporation, dated 7-31-2019, maturity value $1,482,005,380 (1)		2.56			8-1-2019		1,481,900,000		1,481,900,000
Bank of Montreal, dated 7-15-2019, maturity value $350,487,958 (2)		2.39			8-5-2019		350,000,000		350,000,000
Bank of Nova Scotia, dated 7-31-2019, maturity value $1,855,130,881 (3)		2.54			8-1-2019		1,855,000,000		1,855,000,000
Barclays Capital Incorporated, dated 7-31-2019, maturity value $1,447,902,150 (4)		2.54			8-1-2019		1,447,800,000		1,447,800,000
BNP Paribas Securities Corporation, dated 7-18-2019, maturity value $552,062,500 (5)		2.25			9-16-2019		550,000,000		550,000,000
BNP Paribas Securities Corporation, dated 7-24-2019, maturity value $376,347,292 (6)		2.23			9-20-2019		375,000,000		375,000,000
BNP Paribas Securities Corporation, dated 7-31-2019, maturity value $100,007,056 (7)		2.54			8-1-2019		100,000,000		100,000,000
BNP Paribas Securities Corporation, dated 7-31-2019, maturity value $850,060,208 (8)		2.55			8-1-2019		850,000,000		850,000,000
Citibank NA, dated 7-25-2019, maturity value $250,118,611 (9)		2.44			8-1-2019		250,000,000		250,000,000
Citibank NA, dated 7-31-2019, maturity value $250,017,778 (10)		2.56			8-1-2019		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 7-30-2019, maturity value $250,110,833 (11)		2.28			8-6-2019		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 7-31-2019, maturity value $1,500,104,583 (12)		2.51			8-1-2019		1,500,000,000		1,500,000,000
Citigroup Global Markets Incorporated, dated 7-31-2019, maturity value $500,035,556 (13)		2.56			8-1-2019		500,000,000		500,000,000
Credit Agricole SA, dated 7-18-2019, maturity value $400,810,667 (14)§¢øø		2.28			8-19-2019		400,000,000		400,000,000

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

Government Money Market Funds  |  13

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
Credit Agricole SA, dated 7-29-2019, maturity value $1,050,473,667 (15)		2.32	%		8-5-2019	$	1,050,000,000	$	1,050,000,000
Credit Agricole SA, dated 7-30-2019, maturity value $300,133,000 (16)		2.28			8-6-2019		300,000,000		300,000,000
Daiwa Capital Markets America Incorporated, dated 7-30-2019, maturity value $1,000,443,333 (17)		2.28			8-6-2019		1,000,000,000		1,000,000,000
Daiwa Capital Markets America Incorporated, dated 7-31-2019, maturity value $500,035,278 (18)		2.54			8-1-2019		500,000,000		500,000,000
Deutsche Bank Securities, dated 7-31-2019, maturity value $2,000,142,222 (19)		2.56			8-1-2019		2,000,000,000		2,000,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $1,250,078,472 (20)		2.26			8-1-2019		1,250,000,000		1,250,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $1,250,088,194 (21)		2.54			8-1-2019		1,250,000,000		1,250,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $1,750,216,932 (22)		2.73			8-1-2019		1,750,084,218		1,750,084,218
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $2,000,138,889 (23)		2.50			8-1-2019		2,000,000,000		2,000,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $750,046,875 (24)		2.25			8-1-2019		750,000,000		750,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $8,500,607,507 (25)		2.57			8-1-2019		8,500,000,701		8,500,000,701
Goldman Sachs & Company, dated 7-31-2019, maturity value $109,007,600 (26)		2.51			8-1-2019		109,000,000		109,000,000
Goldman Sachs & Company, dated 7-31-2019, maturity value $370,021,583 (27)		2.10			8-1-2019		370,000,000		370,000,000
ING Financial Markets LLC, dated 5-6-2019, maturity value $101,258,833 (28)		2.49			11-4-2019		100,000,000		100,000,000
ING Financial Markets LLC, dated 5-20-2019, maturity value $201,271,000 (29)		2.46			8-21-2019		200,000,000		200,000,000
ING Financial Markets LLC, dated 6-20-2019, maturity value $201,165,000 (30)		2.33			9-18-2019		200,000,000		200,000,000
ING Financial Markets LLC, dated 7-12-2019, maturity value $301,620,667 (31)		2.21			10-8-2019		300,000,000		300,000,000
ING Financial Markets LLC, dated 7-16-2019, maturity value $351,955,236 (32)		2.21			10-15-2019		350,000,000		350,000,000
ING Financial Markets LLC, dated 7-26-2019, maturity value $200,384,056 (33)		2.23			8-26-2019		200,000,000		200,000,000
ING Financial Markets LLC, dated 7-29-2019, maturity value $250,464,583 (34)		2.23			8-28-2019		250,000,000		250,000,000
ING Financial Markets LLC, dated 7-31-2019, maturity value $400,028,333 (35)		2.55			8-1-2019		400,000,000		400,000,000
ING Financial Markets LLC, dated 7-31-2019, maturity value $400,029,025 (36)		2.53			8-1-2019		400,000,914		400,000,914
ING Financial Markets LLC, dated 7-31-2019, maturity value $400,175,000 (37)		2.25			8-7-2019		400,000,000		400,000,000
JPMorgan Securities, dated 7-31-2019, maturity value $500,101,667 (38)§¢øø		2.44			8-3-2019		500,000,000		500,000,000
Mitsubishi Bank, dated 5-20-2019, maturity value $201,263,889 (39)		2.50			8-19-2019		200,000,000		200,000,000
Mitsubishi Bank, dated 7-31-2019, maturity value $500,032,639 (40)		2.35			8-1-2019		500,000,000		500,000,000
Mizuho Bank, dated 7-31-2019, maturity value $650,045,861 (41)		2.54			8-1-2019		650,000,000		650,000,000
MUFG Securities Canada Limited, dated 7-30-2019, maturity value $250,112,778 (42)		2.32			8-6-2019		250,000,000		250,000,000

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

14  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
MUFG Securities Canada Limited, dated 7-31-2019, maturity value $1,200,084,000 (43)		2.52	%		8-1-2019	$	1,200,000,000	$	1,200,000,000
MUFG Securities Canada Limited, dated 7-31-2019, maturity value $250,109,861 (44)		2.26			8-7-2019		250,000,000		250,000,000
Nomura Securities International Incorporated, dated 7-31-2019, maturity value $2,700,192,000 (45)		2.56			8-1-2019		2,700,000,000		2,700,000,000
Prudential Insurance Company of America, dated 7-31-2019, maturity value $102,131,012 (46)		2.56			8-1-2019		102,123,750		102,123,750
Prudential Insurance Company of America, dated 7-31-2019, maturity value $531,761,561 (47)		2.56			8-1-2019		531,723,750		531,723,750
RBC Capital Markets, dated 7-31-2019, maturity value $250,017,639 (48)		2.54			8-1-2019		250,000,000		250,000,000
RBC Capital Markets, dated 7-31-2019, maturity value $530,037,100 (49)		2.52			8-1-2019		530,000,000		530,000,000
RBS Securities Incorporated, dated 7-31-2019, maturity value $650,045,861 (50)		2.54			8-1-2019		650,000,000		650,000,000
Royal Bank of Canada, dated 7-31-2019, maturity value $1,100,077,611 (51)		2.54			8-1-2019		1,100,000,000		1,100,000,000
Societe Generale, dated 7-8-2019, maturity value $401,185,000 (52)		2.37			8-22-2019		400,000,000		400,000,000
Societe Generale, dated 7-31-2019, maturity value $2,000,142,778 (53)		2.57			8-1-2019		2,000,000,000		2,000,000,000
Standard Chartered Bank, dated 7-31-2019, maturity value $1,125,079,063 (54)		2.53			8-1-2019		1,125,000,000		1,125,000,000
Standard Chartered Bank, dated 7-31-2019, maturity value $400,028,333 (55)		2.55			8-1-2019		400,000,000		400,000,000
Sumitomo Mitsui Banking Corporation, dated 7-23-2019, maturity value $194,357,029 (56)		2.51			8-6-2019		194,167,500		194,167,500
Sumitomo Mitsui Banking Corporation, dated 7-24-2019, maturity value $201,191,663 (57)§¢øø		2.50			8-7-2019		200,996,250		200,996,250
Sumitomo Mitsui Banking Corporation, dated 7-25-2019, maturity value $620,417,690 (58)§¢øø		2.49			8-8-2019		619,817,500		619,817,500
Sumitomo Mitsui Banking Corporation, dated 7-26-2019, maturity value $620,355,129 (59)§¢øø		2.49			8-9-2019		619,755,000		619,755,000
Sumitomo Mitsui Banking Corporation, dated 7-30-2019, maturity value $308,137,869 (60)§¢øø		2.40			8-27-2019		307,563,750		307,563,750
TD Securities, dated 7-31-2019, maturity value $550,039,111 (61)		2.56			8-1-2019		550,000,000		550,000,000
Total Repurchase Agreements (Cost $49,619,933,333)									49,619,933,333
Treasury Debt: 6.72%
U.S. Treasury Bill (z)##		2.03			1-23-2020		190,000,000		188,143,542
U.S. Treasury Bill (z)		2.04			12-26-2019		240,000,000		238,019,420
U.S. Treasury Bill (z)##		2.04			1-16-2020		100,000,000		99,056,167
U.S. Treasury Bill (z)		2.05			1-30-2020		80,000,000		79,173,922
U.S. Treasury Bill (z)		2.09			1-2-2020		80,000,000		79,291,600
U.S. Treasury Bill (z)		2.10			1-9-2020		280,000,000		277,397,256
U.S. Treasury Bill (z)		2.47			8-8-2019		130,000,000		129,938,322
U.S. Treasury Bill (z)##		2.47			8-15-2019		200,000,000		199,809,950
U.S. Treasury Bill (z)		2.48			8-22-2019		100,000,000		99,857,083
U.S. Treasury Bill (z)		2.50			8-29-2019		125,000,000		124,760,347
U.S. Treasury Note		0.75			8-15-2019		70,000,000		69,950,073
U.S. Treasury Note		1.13			3-31-2020		125,000,000		124,240,872
U.S. Treasury Note		1.25			2-29-2020		370,000,000		368,227,412
U.S. Treasury Note		1.38			1-31-2020		100,000,000		99,630,923

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

Government Money Market Funds  |  15

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Note		1.38	%		2-29-2020	$	100,000,000	$	99,610,591
U.S. Treasury Note		1.38			4-30-2020		50,000,000		49,730,859
U.S. Treasury Note		1.50			10-31-2019		70,000,000		69,821,484
U.S. Treasury Note		1.50			4-15-2020		30,000,000		29,882,721
U.S. Treasury Note		1.50			5-15-2020		80,000,000		79,666,786
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.10			10-31-2020		500,000,000		499,471,800
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.12%) ±		2.17			1-31-2021		1,120,000,000		1,119,367,964
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ±		2.19			4-30-2021		770,000,000		769,895,896
U.S. Treasury Note		2.25			2-29-2020		50,000,000		50,054,792
U.S. Treasury Note		2.25			3-31-2020		100,000,000		100,130,260
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.22%) ±		2.27			7-31-2021		50,000,000		50,000,000
U.S. Treasury Note		2.38			4-30-2020		180,000,000		180,456,057
U.S. Treasury Note		2.50			5-31-2020		130,000,000		130,465,097
U.S. Treasury Note		3.63			8-15-2019		30,000,000		30,011,627
U.S. Treasury Note		3.63			2-15-2020		100,000,000		100,817,731
Total Treasury Debt (Cost $5,536,880,554)									5,536,880,554

Total investments in securities (Cost $83,016,310,788)	100.67	%		83,016,310,788
Other assets and liabilities, net	(0.67	)		(548,437,529	)
Total net assets	100.00	%	$	82,467,873,259

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

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

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

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

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

¢ The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 4.50%, 3-20-2045 to 5-1-2049, fair value including accrued interest is $1,526,357,001.

(2) U.S. government securities, 2.00% to 7.50%, 3-30-2020 to 10-20-2068, fair value including accrued interest is $360,381,096.

(3) U.S. government securities, 2.40% to 6.50%, 11-1-2020 to 8-1-2049, fair value including accrued interest is $1,910,650,000.

(4) U.S. government securities, 1.63% to 1.75%, 6-30-2021 to 7-15-2022, fair value including accrued interest is $1,476,756,026.

(5) U.S. government securities, 0.00% to 7.50%, 9-30-2019 to 6-20-2049, fair value including accrued interest is $563,979,555.

(6) U.S. government securities, 0.00% to 4.50%, 8-20-2019 to 2-15-2048, fair value including accrued interest is $382,500,289.

(7) U.S. government securities, 0.00% to 8.75%, 9-12-2019 to 8-17-2038, fair value including accrued interest is $102,000,000.

(8) U.S. government securities, 0.00% to 7.00%, 12-15-2019 to 6-20-2049, fair value including accrued interest is $870,084,277.

(9) U.S. government securities, 0.00% to 8.60%, 8-15-2019 to 9-15-2065, fair value including accrued interest is $255,166,556.

(10) U.S. government securities, 0.00% to 10.00%, 8-15-2019 to 10-20-2067, fair value including accrued interest is $255,162,010.

(11) U.S. government securities, 0.00% to 11.00%, 8-29-2019 to 7-1-2049, fair value including accrued interest is $255,005,239.

(12) U.S. government securities, 0.00% to 7.13%, 8-15-2019 to 2-15-2049, fair value including accrued interest is $1,530,000,000.

(13) U.S. government securities, 0.63% to 8.13%, 7-15-2020 to 7-15-2021, fair value including accrued interest is $510,000,104.

(14) U.S. government securities, 0.50% to 1.63%, 11-30-2020 to 1-15-2028, fair value including accrued interest is $408,000,011.

(15) U.S. government securities, 2.50% to 6.00%, 1-1-2027 to 6-20-2049, fair value including accrued interest is $1,081,500,001.

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

16  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

(16) U.S. government securities, 3.00% to 5.00%, 3-15-2038 to 3-20-2049, fair value including accrued interest is $309,000,000.

(17) U.S. government securities, 0.00% to 5.50%, 8-15-2019 to 8-1-2049, fair value including accrued interest is $1,026,543,463.

(18) U.S. government securities, 0.00% to 6.50%, 8-15-2019 to 7-1-2049, fair value including accrued interest is $511,753,652.

(19) U.S. government securities, 0.00% to 7.50%, 6-15-2020 to 8-1-2049, fair value including accrued interest is $2,054,756,714.

(20) U.S. government securities, 1.75% to 2.63%, 11-30-2021 to 12-15-2021, fair value including accrued interest is $1,275,003,870.

(21) U.S. government securities, 0.13% to 2.50%, 3-31-2024 to 2-15-2027, fair value including accrued interest is $1,275,002,368.

(22) U.S. government securities, 2.63% to 2.88%, 2-28-2023 to 4-30-2025, fair value including accrued interest is $1,785,085,902.

(23) U.S. government securities, 2.25% to 3.13%, 5-15-2028 to 2-15-2047, fair value including accrued interest is $2,040,002,300.

(24) U.S. government securities, 1.88% to 2.88%, 6-30-2021 to 3-31-2022, fair value including accrued interest is $765,001,292.

(25) U.S. government securities, 1.63% to 3.75%, 6-30-2020 to 2-15-2049, fair value including accrued interest is $8,670,000,715.

(26) U.S. government securities, 0.75% to 8.50%, 1-1-2020 to 6-15-2053, fair value including accrued interest is $112,269,794.

(27) U.S. government securities, 0.00% to 3.63%, 8-15-2019 to 5-15-2049, fair value including accrued interest is $377,400,000.

(28) U.S. government securities, 2.51% to 5.00%, 11-1-2024 to 5-1-2058, fair value including accrued interest is $103,000,000.

(29) U.S. government securities, 2.35% to 6.50%, 5-1-2023 to 7-1-2052, fair value including accrued interest is $206,000,000.

(30) U.S. government securities, 2.24% to 5.00%, 11-1-2026 to 5-1-2058, fair value including accrued interest is $206,000,000.

(31) U.S. government securities, 2.40% to 6.50%, 3-1-2024 to 5-1-2058, fair value including accrued interest is $309,000,000.

(32) U.S. government securities, 2.77% to 7.00%, 6-1-2025 to 9-1-2057, fair value including accrued interest is $360,500,000.

(33) U.S. government securities, 2.24% to 5.50%, 8-1-2024 to 5-1-2058, fair value including accrued interest is $206,000,001.

(34) U.S. government securities, 2.44% to 5.50%, 12-1-2025 to 5-1-2058, fair value including accrued interest is $257,500,000.

(35) U.S. government securities, 2.21% to 5.50%, 3-1-2025 to 5-1-2058, fair value including accrued interest is $412,000,000.

(36) U.S. government securities, 1.75% to 2.50%, 10-31-2020 to 2-29-2024, fair value including accrued interest is $408,164,198.

(37) U.S. government securities, 2.40% to 6.00%, 7-1-2024 to 9-1-2057, fair value including accrued interest is $412,000,000.

(38) U.S. government securities, 0.00% to 9.38%, 10-15-2020 to 2-15-2048, fair value including accrued interest is $510,087,265.

(39) U.S. government securities, 2.14% to 5.50%, 8-1-2023 to 7-1-2049, fair value including accrued interest is $206,000,000.

(40) U.S. government securities, 0.00% to 5.50%, 10-1-2023 to 7-1-2049, fair value including accrued interest is $514,947,838.

(41) U.S. government securities, 2.00% to 7.00%, 10-1-2019 to 11-1-2048, fair value including accrued interest is $669,500,000.

(42) U.S. government securities, 1.25% to 4.50%, 1-31-2021 to 2-15-2036, fair value including accrued interest is $255,000,003.

(43) U.S. government securities, 1.25% to 3.00%, 9-30-2020 to 2-15-2048, fair value including accrued interest is $1,224,000,000.

(44) U.S. government securities, 1.25% to 3.00%, 11-15-2020 to 11-15-2045, fair value including accrued interest is $255,000,011.

(45) U.S. government securities, 0.00% to 9.00%, 12-1-2019 to 1-20-2069, fair value including accrued interest is $2,780,635,457.

(46) U.S. government securities, 0.00% to 3.00%, 5-15-2020 to 5-15-2045, fair value including accrued interest is $104,166,225.

(47) U.S. government securities, 0.00%, 11-15-2021 to 11-15-2029, fair value is $542,358,225.

(48) U.S. government securities, 0.00% to 6.50%, 9-10-2019 to 5-20-2049, fair value including accrued interest is $257,486,499.

(49) U.S. government securities, 0.00% to 3.63%, 11-30-2019 to 8-15-2048, fair value including accrued interest is $540,600,032.

(50) U.S. government securities, 0.00% to 6.63%, 8-15-2019 to 11-15-2048, fair value including accrued interest is $663,000,007.

(51) U.S. government securities, 2.50% to 7.00%, 11-1-2022 to 6-20-2049, fair value including accrued interest is $1,133,000,001.

(52) U.S. government securities, 0.00% to 2.88%, 8-1-2019 to 8-15-2028, fair value including accrued interest is $408,000,038.

(53) U.S. government securities, 1.55% to 5.00%, 9-30-2021 to 7-20-2067, fair value including accrued interest is $2,059,856,239.

(54) U.S. government securities, 1.38% to 6.00%, 11-30-2019 to 2-15-2049, fair value including accrued interest is $1,147,500,066.

(55) U.S. government securities, 0.00% to 6.50%, 9-12-2019 to 1-20-2064, fair value including accrued interest is $411,804,457.

(56) U.S. government securities, 3.50%, 2-1-2047 to 5-1-2048, fair value including accrued interest is $200,596,447.

(57) U.S. government securities, 1.75% to 2.75%, 1-15-2021 to 1-31-2025, fair value including accrued interest is $205,145,170.

(58) U.S. government securities, 2.00% to 3.50%, 12-1-2046 to 1-15-2021, fair value including accrued interest is $639,985,315.

(59) U.S. government securities, 3.50%, 8-1-2047 to 5-1-2048, fair value including accrued interest is $640,268,888.

(60) U.S. government securities, 3.50%, 12-1-2047, fair value including accrued interest is $317,306,651.

(61) U.S. government securities, 3.50% to 4.50%, 6-15-2039 to 7-1-2049, fair value including accrued interest is $566,500,000.

Abbreviations:

FFCB Federal Farm Credit Banks

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

PFA Public Finance Authority

SOFR Secured Overnight Financing Rate

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

Government Money Market Funds  |  17

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in repurchase agreements, at amortized cost	$	49,619,933,333
Investments in unaffiliated securities, at amortized cost		33,396,377,455
Cash		2,175,726
Receivable for Fund shares sold		4,182,997
Receivable for interest		70,266,721
Prepaid expenses and other assets		1,096,351
Total assets		83,094,032,583
Liabilities
Payable for investments purchased		539,170,927
Dividends payable		69,290,957
Management fee payable		7,112,628
Payable for Fund shares redeemed		4,063,323
Administration fees payable		3,946,539
Trustees’ fees and expenses payable		2,176
Distribution fee payable		30
Accrued expenses and other liabilities		2,572,744
Total liabilities		626,159,324
Total net assets	$	82,467,873,259
Net assets consist of
Paid-in capital	$	82,467,710,121
Total distributable earnings		163,138
Total net assets	$	82,467,873,259
Computation of net asset value per share
Net assets – Class A	$	330,714,150
Shares outstanding – Class A1		330,713,554
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	2,671,694,433
Shares outstanding – Administrator Class1		2,671,686,917
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	27,028,296,788
Shares outstanding – Institutional Class1		27,028,314,333
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	50,570,164,394
Shares outstanding – Select Class1		50,570,055,992
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	1,866,903,419
Shares outstanding – Service Class1		1,866,901,154
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,075
Shares outstanding – Sweep Class1		100,075
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

18  |  Government Money Market Funds

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	938,909,391
Expenses
Management fee		50,354,563
Administration fees
Class A		350,945
Administrator Class		1,293,196
Institutional Class		10,632,733
Select Class		8,986,307
Service Class		1,143,180
Sweep Class		14
Shareholder servicing fees
Class A		398,801
Administrator Class		1,292,779
Service Class		2,370,030
Sweep Class		125
Distribution fee
Sweep Class		174
Custody and accounting fees		1,097,779
Professional fees		29,523
Registration fees		199,185
Shareholder report expenses		95,568
Trustees’ fees and expenses		10,561
Other fees and expenses		244,829
Total expenses		78,500,292
Less: Fee waivers and/or expense reimbursements		(10,395,118	)
Net expenses		68,105,174
Net investment income		870,804,217
Net realized losses on investments		(2,695	)
Net increase in net assets resulting from operations	$	870,801,522

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

Government Money Market Funds  |  19

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	870,804,217					$	1,305,787,958
Net realized gains (losses) on investments					(2,695	)					113,882
Net increase in net assets resulting from operations					870,801,522						1,305,901,840
Distributions to shareholders from net investment income and net realized gains
Class A					(2,969,385	)					(3,957,680	)
Administrator Class					(27,476,941	)					(29,903,434	)
Institutional Class					(300,488,811	)					(426,556,283	)
Select Class					(521,176,563	)					(811,926,883	)
Service Class					(18,691,675	)					(33,480,248	)
Sweep Class					(842	)					(1,208	)
Total distributions to shareholders					(870,804,217	)					(1,305,825,736	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		128,728,249			128,728,249			180,404,669			180,404,669
Administrator Class		6,713,911,985			6,713,911,985			12,061,432,644			12,061,432,644
Institutional Class		97,991,832,692			97,991,832,692			167,832,722,754			167,832,722,754
Select Class		235,878,444,980			235,878,444,980			503,603,165,936			503,603,165,936
Service Class		27,011,989,952			27,011,989,952			67,069,453,268			67,069,453,268
					367,724,907,858						750,747,179,271
Reinvestment of distributions
Class A		2,955,691			2,955,691			3,921,415			3,921,415
Administrator Class		9,195,162			9,195,162			9,796,111			9,796,111
Institutional Class		95,145,868			95,145,868			141,402,397			141,402,397
Select Class		341,980,237			341,980,237			518,390,777			518,390,777
Service Class		2,190,027			2,190,027			4,616,938			4,616,938
					451,466,985						678,127,638
Payment for shares redeemed
Class A		(112,588,373	)		(112,588,373	)		(137,442,666	)		(137,442,666	)
Administrator Class		(6,462,902,960	)		(6,462,902,960	)		(11,214,508,321	)		(11,214,508,321	)
Institutional Class		(97,059,192,027	)		(97,059,192,027	)		(163,904,920,231	)		(163,904,920,231	)
Select Class		(230,985,746,548	)		(230,985,746,548	)		(505,074,881,063	)		(505,074,881,063	)
Service Class		(27,003,655,519	)		(27,003,655,519	)		(67,724,591,715	)		(67,724,591,715	)
					(361,624,085,427	)					(748,056,343,996	)
Net increase in net assets resulting from capital share transactions					6,552,289,416						3,368,962,913
Total increase in net assets					6,552,286,721						3,369,039,017
Net assets
Beginning of period					75,915,586,538						72,546,547,521
End of period				$	82,467,873,259					$	75,915,586,538

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

20  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		(0.00	)2		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.93	%		1.38	%		0.38	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Net expenses		0.60	%		0.60	%		0.61	%		0.41	%		0.13	%		0.09	%
Net investment income		1.86	%		1.39	%		0.38	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$330,714			$311,616			$264,735			$274,083			$265,119			$308,757

¹  Amount is less than $0.005.

²  Amount is more 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.

Government Money Market Funds  |  21

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		(0.00	)2		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		1.06	%		1.65	%		0.65	%		0.10	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%
Net expenses		0.34	%		0.34	%		0.34	%		0.31	%		0.12	%		0.09	%
Net investment income		2.12	%		1.67	%		0.72	%		0.11	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$2,671,694			$2,411,490			$1,554,764			$443,500			$382,043			$644,666

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

22  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		(0.00	)2		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		1.13	%		1.79	%		0.79	%		0.24	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net expenses		0.20	%		0.20	%		0.20	%		0.17	%		0.12	%		0.09	%
Net investment income		2.26	%		1.79	%		0.79	%		0.25	%		0.02	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$27,028,297			$26,000,569			$21,931,321			$23,242,417			$14,212,988			$17,509,698

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

Government Money Market Funds  |  23

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SELECT CLASS				2019			2018			2017			20161
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	2		0.00	2
Net realized gains (losses) on investments		(0.00	)3		0.00	2		0.00			0.00	2		0.00	2
Total from investment operations		0.01			0.02			0.01			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		1.16	%		1.85	%		0.85	%		0.30	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net expenses		0.14	%		0.14	%		0.14	%		0.11	%		0.10	%
Net investment income		2.32	%		1.82	%		0.86	%		0.34	%		0.08	%
Supplemental data
Net assets, end of period (000s omitted)		$50,570,164			$45,335,385			$46,288,730			$38,999,425			$7,985,195

¹  For the period from June 30, 2015 (commencement of class operations) to January 31, 2016

²  Amount is less than $0.005.

³  Amount is more than $(0.005).

⁴  Returns for periods of less than one year are not annualized.

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

24  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		(0.00	)2		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.98	%		1.48	%		0.49	%		0.02	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Net expenses		0.50	%		0.50	%		0.50	%		0.40	%		0.13	%		0.09	%
Net investment income		1.96	%		1.45	%		0.48	%		0.02	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,866,903			$1,856,426			$2,506,898			$2,992,780			$2,963,813			$4,129,813

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

Government Money Market Funds  |  25

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SWEEP CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		(0.00	)2		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.84	%		1.21	%		0.24	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.77	%		0.96	%		0.96	%		0.96	%
Net expenses		0.77	%		0.77	%		0.75	%		0.38	%		0.13	%		0.09	%
Net investment income		1.70	%		1.21	%		0.24	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$100			$100			$2,977			$6,615

¹  Amount is less than $0.005.

²  Amount is more 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.

26  |  Government Money Market Funds

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Government Money Market Funds  |  27

Notes to financial statements (unaudited)

with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

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

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Government agency debt	$	0	$	27,834,911,901	$	0	$	27,834,911,901
Municipal obligations		0		24,585,000		0		24,585,000
Repurchase agreements		0		49,619,933,333		0		49,619,933,333
Treasury debt		0		5,536,880,554		0		5,536,880,554
Total assets	$	0	$	83,016,310,788	$	0	$	83,016,310,788

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

28  |  Government Money Market Funds

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $5 billion		0.15	%
Next $5 billion		0.14
Over $10 billion		0.13

For the six months ended July 31, 2019, the management fee was equivalent to an annual rate of 0.13% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Select Class		0.04
Service Class		0.12
Sweep Class		0.03

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.34% for Administrator Class shares, 0.20% for Institutional Class shares, 0.14% for Select Class shares, 0.50% for Service Class shares, and 0.77% for Sweep Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2019, the Fund’s expenses were capped at 0.35% for Administrator Class shares.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Government Money Market Funds  |  29

Notes to financial statements (unaudited)

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund are charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

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

5. 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.

6. 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.

30  |  Government Money Market Funds

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.

Government Money Market Funds  |  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  |  Government Money Market Funds

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.

Government Money Market Funds  |  33

Other information (unaudited)

Officers

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

34  |  Government Money Market Funds

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Government Money Market 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 Government Money Market 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.

Government Money Market Funds  |  35

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 or in range of 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 Lipper U.S. Government Money Market Funds, 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, equal to or in range of the median net operating expense ratios of the expense Groups for each share class. The Board noted that the net operating expense ratio caps for the Fund’s Administrator Class would be reduced.

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, equal to 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.

36  |  Government Money Market Funds

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.

Government Money Market Funds  |  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 1-800-260-5969 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.

405491 09-19

SA303/SAR303 07-19

Semi-Annual Report

July 31, 2019

Government Money Market Funds

∎ Wells Fargo 100% Treasury Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	17
Other information	21

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The views expressed and any forward-looking statements are as of July 31, 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

Government Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo 100% Treasury Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Government Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

_“During May 2019, markets tumbled on mixed investment signals._”

_“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019._”

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.

Government Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

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

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (WFTXX)	11-8-1999		1.72		0.51		0.26		0.62		0.60
Administrator Class (WTRXX)3	6-30-2010		2.03		0.69		0.35		0.35		0.30
Institutional Class (WOTXX)4	10-31-2014		2.13		0.76		0.39		0.23		0.20
Service Class (NWTXX)	12-3-1990		1.82		0.58		0.29		0.52		0.50
Sweep Class5	6-30-2010		1.50		0.42		0.22		0.78		0.78

Yield summary (%) as of July 31, 2019²

	Class A		Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield		1.63		1.93		2.03		1.73		1.46
7-day compound yield		1.65		1.95		2.05		1.75		1.47
30-day simple yield		1.67		1.97		2.07		1.77		1.49
30-day compound yield		1.68		1.99		2.09		1.78		1.50

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

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

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

4  |  Government Money Market Funds

Performance highlights (unaudited)

Portfolio composition as of July 31, 2019⁶

Effective maturity distribution as of July 31, 2019⁶

Weighted average maturity as of July 31, 2019⁷

33 days

Weighted average life as of July 31, 2019⁸

106 days

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

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

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.62%, 1.89%, 2.01%, 1.72%, and 1.46% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁵  Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to reflect the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns for Sweep Class shares would be lower.

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

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

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

Government Money Market Funds  |  5

Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,008.99	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,010.49	$	1.50		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.51		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,010.99	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,009.49	$	2.49		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,007.94	$	4.03		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.78	$	4.06		0.81	%

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  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Treasury Debt: 97.75%
U.S. Treasury Bill (z)		2.02	%		1-23-2020	$	40,000,000	$	39,611,840
U.S. Treasury Bill (z)		2.04			12-26-2019		60,000,000		59,504,855
U.S. Treasury Bill (z)		2.04			1-16-2020		20,000,000		19,811,233
U.S. Treasury Bill (z)		2.05			10-24-2019		190,000,000		189,094,492
U.S. Treasury Bill (z)		2.06			1-30-2020		30,000,000		29,690,221
U.S. Treasury Bill (z)		2.08			1-2-2020		50,000,000		49,559,817
U.S. Treasury Bill (z)		2.09			10-31-2019		190,000,000		188,999,581
U.S. Treasury Bill (z)		2.10			2-27-2020		20,000,000		19,759,083
U.S. Treasury Bill (z)		2.10			9-26-2019		90,000,000		89,707,680
U.S. Treasury Bill (z)		2.11			9-17-2019		190,000,000		189,477,595
U.S. Treasury Bill (z)		2.12			8-20-2019		1,097,760,000		1,096,534,734
U.S. Treasury Bill (z)		2.12			8-27-2019		1,250,000,000		1,248,087,736
U.S. Treasury Bill (z)		2.12			10-17-2019		190,000,000		189,142,519
U.S. Treasury Bill (z)		2.14			9-24-2019		240,000,000		239,233,200
U.S. Treasury Bill (z)		2.15			9-10-2019		140,000,000		139,667,111
U.S. Treasury Bill (z)		2.15			12-19-2019		40,000,000		39,668,667
U.S. Treasury Bill (z)		2.16			8-13-2019		810,110,000		809,527,253
U.S. Treasury Bill (z)		2.17			9-3-2019		390,000,000		389,226,709
U.S. Treasury Bill (z)		2.18			9-19-2019		190,000,000		189,439,331
U.S. Treasury Bill (z)		2.18			12-12-2019		30,000,000		29,761,431
U.S. Treasury Bill (z)		2.20			8-6-2019		1,412,380,000		1,411,948,570
U.S. Treasury Bill (z)		2.21			10-10-2019		190,000,000		189,187,222
U.S. Treasury Bill (z)		2.26			9-12-2019		240,000,000		239,370,560
U.S. Treasury Bill (z)		2.27			10-3-2019		633,765,000		631,264,810
U.S. Treasury Bill (z)		2.29			8-1-2019		294,670,000		294,670,000
U.S. Treasury Bill (z)		2.30			9-5-2019		190,000,000		189,576,986
U.S. Treasury Bill (z)		2.36			8-22-2019		260,000,000		259,644,867
U.S. Treasury Bill (z)		2.36			8-29-2019		220,000,000		219,599,639
U.S. Treasury Bill (z)		2.40			8-15-2019		280,000,000		279,740,525
U.S. Treasury Bill (z)		2.41			8-8-2019		270,000,000		269,874,467
U.S. Treasury Bill (z)		3.90			1-9-2020		40,000,000		39,628,179
U.S. Treasury Note		0.75			8-15-2019		30,000,000		29,978,603
U.S. Treasury Note		1.00			10-15-2019		30,000,000		29,894,079
U.S. Treasury Note		1.25			2-29-2020		70,000,000		69,663,558
U.S. Treasury Note		1.38			1-31-2020		20,000,000		19,926,185
U.S. Treasury Note		1.38			2-29-2020		20,000,000		19,922,118
U.S. Treasury Note		1.38			4-30-2020		20,000,000		19,892,344
U.S. Treasury Note		1.50			10-31-2019		50,000,000		49,872,611
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.00%) ±		2.05			1-31-2020		270,000,000		269,969,265
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±		2.08			4-30-2020		360,000,000		359,998,234
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±		2.09			7-31-2020		265,000,000		264,968,843
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.10			10-31-2019		195,000,000		195,007,515
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.10			10-31-2020		355,000,000		354,791,387
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.12%) ±		2.17			1-31-2021		350,000,000		349,831,043
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ±		2.19			4-30-2021		300,000,000		299,849,620
U.S. Treasury Note		2.25			2-29-2020		20,000,000		20,021,917

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

Government Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Note		2.25	%		3-31-2020	$	20,000,000	$	20,026,052
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.22%) ±		2.27			7-31-2021		70,000,000		70,000,000
U.S. Treasury Note		2.50			5-31-2020		40,000,000		40,143,107
U.S. Treasury Note		3.63			8-15-2019		10,000,000		10,003,876
U.S. Treasury Note		3.63			2-15-2020		30,000,000		30,245,319
Total Treasury Debt (Cost $11,794,016,589)									11,794,016,589

Total investments in securities (Cost $11,794,016,589)	97.75	%		11,794,016,589
Other assets and liabilities, net	2.25			272,073,727
Total net assets	100.00	%	$	12,066,090,316

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

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

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

8  |  Government Money Market Funds

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	11,794,016,589
Cash		2,616
Receivable for investments sold		493,599,893
Receivable for Fund shares sold		8,468,712
Receivable for interest		2,238,596
Prepaid expenses and other assets		131,660
Total assets		12,298,458,066
Liabilities
Payable for investments purchased		218,689,802
Dividends payable		8,213,914
Payable for Fund shares redeemed		1,684,197
Management fee payable		1,245,565
Administration fees payable		990,469
Distribution fee payable		126,523
Trustees’ fees and expenses payable		2,487
Accrued expenses and other liabilities		1,414,793
Total liabilities		232,367,750
Total net assets	$	12,066,090,316
Net assets consist of
Paid-in capital	$	12,065,786,192
Total distributable earnings		304,124
Total net assets	$	12,066,090,316
Computation of net asset value per share
Net assets – Class A	$	343,760,942
Shares outstanding – Class A1		343,736,725
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	628,673,291
Shares outstanding – Administrator Class1		628,628,649
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	7,247,011,255
Shares outstanding – Institutional Class1		7,246,518,778
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	3,406,191,134
Shares outstanding – Service Class1		3,405,966,546
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	440,453,694
Shares outstanding – Sweep Class1		440,425,042
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Government Money Market Funds  |  9

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	141,128,912
Expenses
Management fee		10,285,807
Administration fees
Class A		376,335
Administrator Class		312,776
Institutional Class		2,875,134
Service Class		1,911,296
Sweep Class		63,345
Shareholder servicing fees
Class A		427,653
Administrator Class		312,425
Service Class		3,974,646
Sweep Class		527,874
Distribution fee
Sweep Class		739,024
Custody and accounting fees		123,659
Professional fees		26,071
Registration fees		61,178
Trustees’ fees and expenses		6,959
Other fees and expenses		63,669
Total expenses		22,087,851
Less: Fee waivers and/or expense reimbursements		(3,259,592	)
Net expenses		18,828,259
Net investment income		122,300,653
Net realized gains on investments		500,410
Net increase in net assets resulting from operations	$	122,801,063

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

10  |  Government Money Market Funds

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	122,300,653					$	174,142,362
Net realized gains (losses) on investments					500,410						(440,382	)
Net increase in net assets resulting from operations					122,801,063						173,701,980
Distributions to shareholders from net investment income and net realized gains
Class A					(3,088,582	)					(3,585,269	)
Administrator Class					(6,584,998	)					(12,151,739	)
Institutional Class					(79,210,404	)					(112,222,067	)
Service Class					(30,343,364	)					(40,839,299	)
Sweep Class					(3,369,863	)					(4,851,067	)
Total distributions to shareholders					(122,597,211	)					(173,649,441	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		538,837,903			538,837,903			1,137,578,905			1,137,578,905
Administrator Class		1,454,337,211			1,454,337,211			2,946,536,440			2,946,536,440
Institutional Class		13,674,598,939			13,674,598,939			20,906,716,859			20,906,716,859
Service Class		8,194,475,266			8,194,475,266			16,011,789,165			16,011,789,165
Sweep Class		2,185,977,743			2,185,977,743			4,479,924,845			4,479,924,845
					26,048,227,062						45,482,546,214
Reinvestment of distributions
Class A		3,085,621			3,085,621			3,581,445			3,581,445
Administrator Class		3,618,545			3,618,545			6,604,565			6,604,565
Institutional Class		52,839,724			52,839,724			78,887,331			78,887,331
Service Class		9,285,223			9,285,223			9,489,778			9,489,778
Sweep Class		3,369,863			3,369,863			4,851,067			4,851,067
					72,198,976						103,414,186
Payment for shares redeemed
Class A		(582,179,305	)		(582,179,305	)		(1,048,396,260	)		(1,048,396,260	)
Administrator Class		(1,521,533,205	)		(1,521,533,205	)		(3,175,348,441	)		(3,175,348,441	)
Institutional Class		(13,777,227,123	)		(13,777,227,123	)		(18,389,742,128	)		(18,389,742,128	)
Service Class		(7,594,046,967	)		(7,594,046,967	)		(16,170,354,767	)		(16,170,354,767	)
Sweep Class		(2,167,946,107	)		(2,167,946,107	)		(4,547,426,565	)		(4,547,426,565	)
					(25,642,932,707	)					(43,331,268,161	)
Net increase in net assets resulting from capital share transactions					477,493,331						2,254,692,239
Total increase in net assets					477,697,183						2,254,744,778
Net assets
Beginning of period					11,588,393,133						9,333,648,355
End of period				$	12,066,090,316					$	11,588,393,133

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

Government Money Market Funds  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.01			0.00	1		0.00	1		0.00	1,2		(0.00	)2,3
Net realized gains (losses) on investments		0.00	1		(0.00	)3		(0.00	)3		0.00	1		(0.00	)3		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		(0.00	)3		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.90	%		1.35	%		0.32	%		0.01	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.65	%		0.71	%		0.79	%		0.79	%		0.79	%		0.79	%
Net expenses		0.60	%		0.62	%		0.64	%		0.36	%		0.08	%		0.04	%
Net investment income (loss)		1.80	%		1.35	%		0.31	%		0.00	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$343,761			$384,013			$291,246			$363,639			$464,176			$1,009,623

¹ Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Amount is more than $(0.005).

⁴  Returns for periods of less than one year are not annualized.

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

12  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.02			0.01			0.00	1		0.00	1		(0.00	)2,3
Net realized gains (losses) on investments		0.00	1		(0.00	)2		(0.00	)2		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.02			0.01			0.00	1		(0.00	)2		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		1.05	%		1.67	%		0.67	%		0.07	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.38	%		0.44	%		0.52	%		0.52	%		0.51	%		0.51	%
Net expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.08	%		0.04	%
Net investment income (loss)		2.10	%		1.63	%		0.65	%		0.06	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$628,673			$692,247			$914,471			$1,226,947			$1,945,991			$2,656,805

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

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

Government Money Market Funds  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			20151
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.02			0.01			0.00	2		0.00	2		(0.00	)3,4
Net realized gains (losses) on investments		0.00	2		(0.00	)3		(0.00	)3		0.00	2		(0.00	)3		0.00	2
Total from investment operations		0.01			0.02			0.01			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return5		1.10	%		1.77	%		0.77	%		0.17	%		0.01	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.26	%		0.31	%		0.40	%		0.40	%		0.40	%		0.39	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.11	%		0.04	%
Net investment income (loss)		2.20	%		1.79	%		0.78	%		0.18	%		0.01	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$7,247,011			$7,296,690			$4,700,731			$3,566,678			$632,263			$100

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

²  Amount is less than $0.005.

³  Amount is more than $(0.005).

⁴  Calculated based upon average shares outstanding

⁵  Returns for periods of less than one year are not annualized.

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

14  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.01			0.00	1		0.00	1		0.00	1		(0.00	)2,3
Net realized gains (losses) on investments		0.00	1		(0.00	)2		(0.00	)2		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		(0.00	)2		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.95	%		1.46	%		0.46	%		0.01	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.55	%		0.61	%		0.69	%		0.69	%		0.69	%		0.68	%
Net expenses		0.50	%		0.50	%		0.50	%		0.36	%		0.09	%		0.05	%
Net investment income (loss)		1.90	%		1.45	%		0.45	%		0.00	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$3,406,191			$2,796,397			$2,945,498			$3,337,172			$5,614,425			$6,962,725

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

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

Government Money Market Funds  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SWEEP CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.01			0.00	1		0.00	1		0.00	1		(0.00	)2,3
Net realized gains (losses) on investments		0.00	1		(0.00	)2		(0.00	)2		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		(0.00	)2		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.79	%		1.13	%		0.18	%		0.01	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.87	%		0.95	%		1.11	%		1.14	%		1.14	%
Net expenses		0.81	%		0.83	%		0.77	%		0.36	%		0.09	%		0.04	%
Net investment income (loss)		1.59	%		1.14	%		0.16	%		0.00	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$440,454			$419,046			$481,702			$672,256			$473,246			$427,778

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

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

16  |  Government Money Market Funds

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo 100% Treasury Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable 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.

Government Money Market Funds  |  17

Notes to financial statements (unaudited)

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Treasury debt	$	0	$	11,794,016,589	$	0	$	11,794,016,589

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

	Management fee
Average daily net assets	Current rate			Rate prior to June 1, 2019
First $5 billion		0.15	%		0.20	%
Next $5 billion		0.14			0.19
Over $10 billion		0.13			0.18

For the six months ended July 31, 2019, the management fee was equivalent to an annual rate of 0.17% of the Fund’s average daily net assets.

18  |  Government Money Market Funds

Notes to financial statements (unaudited)

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

Administration fees

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

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12
Sweep Class		0.03

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.50% for Service Class shares, and 0.78% for Sweep Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2019, the Fund’s expenses were capped at 0.83% for Sweep Class shares.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund are charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

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

5. 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.

Government Money Market Funds  |  19

Notes to financial statements (unaudited)

6. 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.

20  |  Government Money Market Funds

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.

Government Money Market Funds  |  21

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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

22  |  Government Money Market Funds

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.

Government Money Market Funds  |  23

Other information (unaudited)

Officers

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

24  |  Government Money Market Funds

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo 100% Treasury Money Market 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 100% Treasury Money Market 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.

Government Money Market Funds  |  25

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 (Service Class) was higher than or equal to 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 or equal to its benchmark index, the Lipper U.S. Treasury Money Market Funds, 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 discussed and accepted Funds Management’s proposal to revise the Management Agreement to reduce the management fees paid by the Fund to Funds Management. 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.

26  |  Government Money Market Funds

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 also discussed and accepted Funds Management’s proposal to revise the Management Agreement to reduce the management fees paid by the Fund to Funds Management.

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.

Government Money Market Funds  |  27

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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 1-800-260-5969 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.

405492 09-19

SA300/SAR300 07-19

Semi-Annual Report

July 31, 2019

Government Money Market Funds

∎ Wells Fargo Treasury Plus Money Market Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	19
Other information	23

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The views expressed and any forward-looking statements are as of July 31, 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

Government Money Market Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Treasury Plus Money Market Fund for the six-month period that ended July 31, 2019. Global stock and bond investors enjoyed gains that came amid continued concerns about global economic growth, international trade, geopolitical tensions, and bouts of market volatility. These concerns grew more intense as the period closed.

For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 11.32% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 4.34%. The MSCI EM Index (Net)³ inched higher by 0.44%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.23%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.33%, the Bloomberg Barclays Municipal Bond Index⁶ gained 5.15%, and the ICE BofAML U.S. High Yield Index⁷ added 5.86%.

Concerns for slowing global growth reemerge during the first quarter of 2019.

After the S&P 500 Index’s best monthly performance in 30 years during January and positive returns for other major indices across major asset classes, signs of slowing global growth grew more ominous in February. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (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, a combination of dovish U.S. Federal Reserve (Fed) sentiment and steady, if not spectacular, U.S. 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, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP of an annualized rate of 3.2%.

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  |  Government Money Market Funds

Letter to shareholders (unaudited)

During May 2019, markets tumbled on mixed investment signals. 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.

As had been the case during most of 2019 to date, just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs.

President Mario Draghi of the European Central Bank said that if the outlook doesn’t improve, the bank will cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Despite the accommodative approach of central banks, investors continued to have misgivings about the durability of economic growth globally and a pervasively cautious tone influenced the world’s equity and fixed-income markets.

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

_“During May 2019, markets tumbled on mixed investment signals._”

_“In the U.S., the Fed implemented a 0.25% federal funds rate cut in July 2019._”

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.

Government Money Market Funds  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

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

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (PIVXX)	7-28-2003		1.75		0.54		0.27		0.61		0.60
Administrator Class (WTPXX)	3-31-2008		2.01		0.68		0.34		0.34		0.34
Institutional Class (PISXX)	8-11-1995		2.16		0.78		0.40		0.22		0.20
Select Class3	3-15-2019		2.17		0.78		0.40		0.18		0.14
Service Class (PRVXX)	10-1-1985		1.90		0.62		0.31		0.51		0.45
Sweep Class4	6-30-2010		1.58		0.46		0.23		0.77		0.77

Yield summary (%) as of July 31, 2019²

	Class A	Administrator Class		Institutional Class		Select Class		Service Class		Sweep Class
7-day current yield	1.76		2.02		2.16		2.22		1.91		1.59
7-day compound yield	1.77		2.04		2.18		2.24		1.93		1.60
30-day simple yield	1.80		2.06		2.20		2.26		1.95		1.63
30-day compound yield	1.82		2.08		2.22		2.29		1.97		1.64

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

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

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

4  |  Government Money Market Funds

Performance highlights (unaudited)

Portfolio composition as of July 31, 2019⁵

Effective maturity distribution as of July 31, 2019⁵

Weighted average maturity as of July 31, 2019⁶

25 days

Weighted average life as of July 31, 2019⁷

111 days

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

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

²  The manager has contractually committed through May 31, 2020, to waive fees and/or reimburse expenses 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 cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.74%, 2.01%, 2.13%, 2.17%, 1.84%, and 1.59% for Class A, Administrator Class, Institutional Class, Select Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Class A shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns for Sweep Class shares would be lower.

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

⁶  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.

⁷  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.

Government Money Market Funds  |  5

Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 2-1-2019		Ending account value 7-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,009.18	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,010.48	$	1.69		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.11	$	1.71		0.34	%
Institutional Class
Actual	$	1,000.00	$	1,011.18	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,011.28	$	0.70		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Service Class
Actual	$	1,000.00	$	1,009.92	$	2.24		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26		0.45	%
Sweep Class
Actual	$	1,000.00	$	1,008.33	$	3.83		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.98	$	3.86		0.77	%

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

6  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^: 62.26%
Bank of America, dated 7-31-2019, maturity value $200,014,111 (1)		2.54	%		8-1-2019	$	200,000,000	$	200,000,000
Bank of Montreal, dated 7-31-2019, maturity value $650,045,681 (2)		2.53			8-1-2019		650,000,000		650,000,000
Bank of Nova Scotia NY, dated 7-31-2019, maturity value $160,011,200 (3)		2.52			8-1-2019		160,000,000		160,000,000
BNP Paribas, dated 7-18-2019, maturity value $200,746,667 (4)		2.24			9-16-2019		200,000,000		200,000,000
BNP Paribas, dated 7-24-2019, maturity value $75,269,458 (5)		2.23			9-20-2019		75,000,000		75,000,000
BNP Paribas, dated 7-31-2019, maturity value $200,087,500 (6)		2.25			8-7-2019		200,000,000		200,000,000
Citigroup Global Markets, dated 7-25-2019, maturity value $250,117,639 (7)		2.42			8-1-2019		250,000,000		250,000,000
Credit Agricole SA, dated 7-18-2019, maturity value $100,205,333 (8)¢øø§		2.28			8-19-2019		100,000,000		100,000,000
Credit Agricole SA, dated 7-31-2019, maturity value $200,087,500 (9)		2.25			8-7-2019		200,000,000		200,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $1,500,107,592 (10)		2.57			8-1-2019		1,500,000,509		1,500,000,509
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $250,015,625 (11)		2.25			8-1-2019		250,000,000		250,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $250,019,693 (12)		2.73			8-1-2019		250,000,735		250,000,735
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $500,034,028 (13)		2.45			8-1-2019		500,000,000		500,000,000
Fixed Income Clearing Corporation, dated 7-31-2019, maturity value $750,047,083 (14)		2.26			8-1-2019		750,000,000		750,000,000
ING Financial Markets LLC, dated 7-31-2019, maturity value $100,007,807 (15)		2.53			8-1-2019		100,000,779		100,000,779
JPMorgan Securities, dated 7-1-2019, maturity value $100,209,250 (16)¢øø§		2.43			8-1-2019		100,000,000		100,000,000
JPMorgan Securities, dated 7-31-2019, maturity value $570,040,217 (17)		2.54			8-1-2019		570,000,000		570,000,000
MetLife Incorporated, dated 7-31-2019, maturity value $250,022,334 (18)		2.55			8-1-2019		250,004,625		250,004,625
MUFG Securities Canada Limited, dated 7-30-2019, maturity value $250,112,778 (19)		2.32			8-6-2019		250,000,000		250,000,000
MUFG Securities Canada Limited, dated 7-31-2019, maturity value $500,219,722 (20)		2.26			8-7-2019		500,000,000		500,000,000
Prudential, dated 7-31-2019, maturity value $123,128,505 (21)		2.56			8-1-2019		123,119,750		123,119,750
RBC Dominion, dated 7-17-2019, maturity value $250,543,125 (22)¢øø§		2.37			8-19-2019		250,000,000		250,000,000
RBC Dominion, dated 7-31-2019, maturity value $370,025,900 (23)		2.52			8-1-2019		370,000,000		370,000,000
Royal Bank of Scotland, dated 7-31-2019, maturity value $600,042,333 (24)		2.54			8-1-2019		600,000,000		600,000,000
Societe Generale NY, dated 7-31-2019, maturity value $450,031,875 (25)		2.55			8-1-2019		450,000,000		450,000,000
Societe Generale NY, dated 7-8-2019, maturity value $100,296,250 (26)		2.37			8-22-2019		100,000,000		100,000,000
Standard Chartered Bank, dated 7-31-2019, maturity value $375,026,354 (27)		2.53			8-1-2019		375,000,000		375,000,000
Total Repurchase Agreements (Cost $9,323,126,398)									9,323,126,398
Treasury Debt: 38.01%
U.S. Treasury Bill (z)		2.02			1-23-2020		65,000,000		64,368,238
U.S. Treasury Bill (z)		2.04			12-26-2019		145,000,000		143,803,032
U.S. Treasury Bill (z)		2.04			1-16-2020		25,000,000		24,764,042
U.S. Treasury Bill (z)		2.05			1-30-2020		35,000,000		34,638,591
U.S. Treasury Bill (z)		2.08			1-2-2020		115,000,000		113,987,236
U.S. Treasury Bill (z)		2.10			2-27-2020		50,000,000		49,397,708
U.S. Treasury Bill (z)		2.10			1-9-2020		75,000,000		74,302,893
U.S. Treasury Bill (z)		2.15			12-19-2019		160,000,000		158,674,666

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

Government Money Market Funds  |  7

Portfolio of investments—July 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Bill (z)		2.18	%		12-12-2019	$	70,000,000	$	69,443,340
U.S. Treasury Bill (z)		2.47			8-8-2019		40,000,000		39,981,022
U.S. Treasury Bill (z)		2.47			8-15-2019		60,000,000		59,942,988
U.S. Treasury Bill (z)		2.48			8-22-2019		30,000,000		29,957,125
U.S. Treasury Bill (z)		2.49			8-1-2019		30,000,000		30,000,000
U.S. Treasury Bill (z)		2.50			8-29-2019		40,000,000		39,923,311
U.S. Treasury Note		0.75			8-15-2019		50,000,000		49,964,338
U.S. Treasury Note		1.00			10-15-2019		70,000,000		69,752,852
U.S. Treasury Note		1.13			3-31-2020		25,000,000		24,848,174
U.S. Treasury Note		1.25			2-29-2020		110,000,000		109,468,959
U.S. Treasury Note		1.38			9-30-2019		300,000,000		299,459,102
U.S. Treasury Note		1.38			1-31-2020		30,000,000		29,889,277
U.S. Treasury Note		1.38			2-29-2020		30,000,000		29,883,177
U.S. Treasury Note		1.38			4-30-2020		80,000,000		79,569,375
U.S. Treasury Note		1.50			10-31-2019		180,000,000		179,541,451
U.S. Treasury Note		1.50			4-15-2020		20,000,000		19,921,814
U.S. Treasury Note		1.50			5-15-2020		20,000,000		19,916,696
U.S. Treasury Note		1.63			12-31-2019		70,000,000		69,759,938
U.S. Treasury Note		1.75			9-30-2019		25,000,000		24,962,419
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.00%) ±		2.05			1-31-2020		430,000,000		429,947,761
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±		2.08			4-30-2020		650,000,000		650,000,625
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±		2.09			7-31-2020		460,000,000		459,996,593
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.10			10-31-2020		548,000,000		547,660,923
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.10			10-31-2019		307,000,000		307,011,737
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.12%) ±		2.17			1-31-2021		460,000,000		459,789,519
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ±		2.19			4-30-2021		430,000,000		429,751,138
U.S. Treasury Note		2.25			2-29-2020		30,000,000		30,032,875
U.S. Treasury Note		2.25			3-31-2020		30,000,000		30,039,078
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.22%) ±		2.27			7-31-2021		90,000,000		90,000,000
U.S. Treasury Note		2.38			4-30-2020		60,000,000		60,153,517
U.S. Treasury Note		2.50			5-31-2020		75,000,000		75,268,325
U.S. Treasury Note		3.38			11-15-2019		100,000,000		100,265,185
U.S. Treasury Note		3.63			8-15-2019		10,000,000		10,003,876
U.S. Treasury Note		3.63			2-15-2020		70,000,000		70,572,412
Total Treasury Debt (Cost $5,690,615,328)									5,690,615,328

Total investments in securities (Cost $15,013,741,726)	100.27	%		15,013,741,726
Other assets and liabilities, net	(0.27	)		(40,393,061	)
Total net assets	100.00	%	$	14,973,348,665

^^ Collateralized by:

(1) U.S. government securities, 0.38%, 7-15-2027, fair value including accrued interest is $204,000,008.

(2) U.S. government securities, 0.00% to 4.25%, 8-15-2019 to 8-15-2048, fair value including accrued interest is $663,000,037.

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

8  |  Government Money Market Funds

Portfolio of investments—July 31, 2019 (unaudited)

(3) U.S. government securities, 0.00% to 4.63%, 9-12-2019 to 2-15-2040, fair value including accrued interest is $163,200,038.

(4) U.S. government securities, 0.00% to 3.88%, 5-15-2020 to 2-15-2047, fair value including accrued interest is $204,000,000.

(5) U.S. government securities, 0.00% to 4.50%, 8-20-2019 to 2-15-2048, fair value including accrued interest is $76,500,058.

(6) U.S. government securities, 0.13% to 3.00%, 4-30-2020 to 11-15-2024, fair value including accrued interest is $204,000,028.

(7) U.S. government securities, 0.13% to 2.13%, 8-15-2019 to 1-15-2027, fair value including accrued interest is $255,000,016.

(8) U.S. government securities, 0.50% to 1.63%, 11-30-2020 to 1-15-2028, fair value including accrued interest is $102,000,003.

(9) U.S. government securities, 2.00%, 12-31-2021, fair value including accrued interest is $204,000,026.

(10) U.S. government securities, 2.88%, 5-31-2025 to 8-15-2028, fair value including accrued interest is $1,530,000,519.

(11) U.S. government securities, 1.88%, 3-31-2022 to 6-30-2026, fair value including accrued interest is $255,000,798.

(12) U.S. government securities, 2.88%, 4-30-2025 to 5-15-2028, fair value including accrued interest is $255,000,750.

(13) U.S. government securities, 2.88%, 11-15-2021, fair value including accrued interest is $510,003,340.

(14) U.S. government securities, 2.00% to 2.63%, 12-15-2021 to 12-31-2021, fair value including accrued interest is $765,000,776.

(15) U.S. government securities, 1.50% to 3.13%, 5-15-2020 to 2-15-2042, fair value including accrued interest is $102,041,612.

(16) U.S. government securities, 3.88% to 4.50%, 8-15-2039 to 8-15-2040, fair value including accrued interest is $102,000,032.

(17) U.S. government securities, 3.88%, 8-15-2040, fair value including accrued interest is $581,400,039.

(18) U.S. government securities, 1.50%, 7-15-2020, fair value including accrued interest is $255,150,634.

(19) U.S. government securities, 1.25% to 4.50%, 1-31-2021 to 2-15-2036, fair value including accrued interest is $255,000,003.

(20) U.S. government securities, 1.25% to 3.00%, 11-15-2020 to 11-15-2045, fair value including accrued interest is $510,000,022.

(21) U.S. government securities, 0.00% to 3.00%, 11-15-2021 to 2-15-2026, fair value including accrued interest is $123,128,505.

(22) U.S. government securities, 0.00% to 6.50%, 11-30-2019 to 8-15-2048, fair value including accrued interest is $255,000,001.

(23) U.S. government securities, 0.00% to 3.63%, 11-30-2019 to 8-15-2048, fair value including accrued interest is $377,400,022.

(24) U.S. government securities, 0.00% to 6.63%, 8-15-2019 to 11-15-2048, fair value including accrued interest is $612,000,007.

(25) U.S. government securities, 0.00% to 3.50%, 8-15-2019 to 2-15-2043, fair value including accrued interest is $459,000,022.

(26) U.S. government securities, 0.00% to 2.88%, 8-1-2019 to 8-15-2028, fair value including accrued interest is $102,000,010.

(27) U.S. government securities, 1.38% to 6.00%, 11-30-2019 to 2-15-2049, fair value including accrued interest is $382,500,022.

¢ The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

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

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

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

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

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

Government Money Market Funds  |  9

Statement of assets and liabilities—July 31, 2019 (unaudited)

Assets
Investments in repurchase agreements, at amortized cost	$	9,323,126,398
Investments in unaffiliated securities, at amortized cost		5,690,615,328
Cash		8,765,083
Receivable for Fund shares sold		4,500,672
Receivable for interest		1,834,823
Prepaid expenses and other assets		925,535
Total assets		15,029,767,839
Liabilities
Payable for investments purchased		34,638,591
Dividends payable		16,653,273
Management fee payable		1,515,463
Payable for Fund shares redeemed		1,453,217
Administration fees payable		1,248,461
Trustees’ fees and expenses payable		2,611
Distribution fee payable		30
Accrued expenses and other liabilities		907,528
Total liabilities		56,419,174
Total net assets	$	14,973,348,665
Net assets consist of
Paid-in capital	$	14,973,543,138
Total distributable loss		(194,473	)
Total net assets	$	14,973,348,665
Computation of net asset value per share
Net assets – Class A	$	1,273,169,152
Shares outstanding – Class A1		1,273,008,719
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	89,403,241
Shares outstanding – Administrator Class1		89,392,072
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	11,188,372,880
Shares outstanding – Institutional Class1		11,186,934,518
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	1,014,973,106
Shares outstanding – Select Class1		1,014,844,407
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	1,407,330,200
Shares outstanding – Service Class1		1,407,144,751
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,086
Shares outstanding – Sweep Class1		100,073
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

10  |  Government Money Market Funds

Statement of operations—six months ended July 31, 2019 (unaudited)

Investment income
Interest	$	179,897,375
Expenses
Management fee		10,321,631
Administration fees
Class A		1,351,068
Administrator Class		56,207
Institutional Class		4,679,346
Select Class		57,890	1
Service Class		843,897
Sweep Class		14
Shareholder servicing fees
Class A		1,535,305
Administrator Class		56,207
Service Class		1,754,866
Sweep Class		125
Distribution fee
Sweep Class		174
Custody and accounting fees		106,593
Professional fees		24,578
Registration fees		45,152
Shareholder report expenses		19,410
Trustees’ fees and expenses		14,697
Other fees and expenses		47,862
Total expenses		20,915,022
Less: Fee waivers and/or expense reimbursements		(1,973,228	)
Net expenses		18,941,794
Net investment income		160,955,581
Net realized gains on investments		46,712
Net increase in net assets resulting from operations	$	161,002,293

¹  For the period from March 15, 2019 (commencement of class operations) to July 31, 2019

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

Government Money Market Funds  |  11

Statement of changes in net assets

	Six months ended July 31, 2019 (unaudited)						Year ended January 31, 2019
Operations
Net investment income				$	160,955,581					$	252,918,099
Net realized gains on investments					46,712						48,547
Net increase in net assets resulting from operations					161,002,293						252,966,646
Distributions to shareholders from net investment income and net realized gains
Class A					(11,305,993	)					(19,056,287	)
Administrator Class					(1,183,792	)					(1,412,617	)
Institutional Class					(131,157,018	)					(211,798,222	)
Select Class					(3,285,106	)1					N/A
Service Class					(14,022,840	)					(20,731,069	)
Sweep Class					(831	)					(1,194	)
Total distributions to shareholders					(160,955,580	)					(252,999,389	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,628,117,482			4,628,117,482			11,127,666,658			11,127,666,658
Administrator Class		300,642,025			300,642,025			897,131,428			897,131,428
Institutional Class		46,365,849,248			46,365,849,248			96,585,943,995			96,585,943,995
Select Class		1,264,750,029	1		1,264,750,029	1		N/A			N/A
Service Class		4,593,336,136			4,593,336,136			5,871,089,621			5,871,089,621
					57,152,694,920						114,481,831,702
Reinvestment of distributions
Class A		5,768,663			5,768,663			9,016,382			9,016,382
Administrator Class		1,182,185			1,182,185			1,299,659			1,299,659
Institutional Class		49,373,990			49,373,990			73,636,342			73,636,342
Select Class		3,163,893	1		3,163,893	1		N/A			N/A
Service Class		3,264,376			3,264,376			5,760,060			5,760,060
					62,753,107						89,712,443
Payment for shares redeemed
Class A		(4,563,481,223	)		(4,563,481,223	)		(11,225,626,967	)		(11,225,626,967	)
Administrator Class		(313,756,738	)		(313,756,738	)		(939,295,687	)		(939,295,687	)
Institutional Class		(47,693,596,484	)		(47,693,596,484	)		(97,277,939,890	)		(97,277,939,890	)
Select Class		(253,069,515	)1		(253,069,515	)1		N/A			N/A
Service Class		(4,620,714,822	)		(4,620,714,822	)		(5,904,735,073	)		(5,904,735,073	)
					(57,444,618,782	)					(115,347,597,617	)
Net decrease in net assets resulting from capital share transactions					(229,170,755	)					(776,053,472	)
Total decrease in net assets					(229,124,042	)					(776,086,215	)
Net assets
Beginning of period					15,202,472,707						15,978,558,922
End of period				$	14,973,348,665					$	15,202,472,707

¹  For the period from March 15, 2019 (commencement of class operations) to July 31, 2019

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

12  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.92	%		1.37	%		0.38	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.61	%		0.62	%		0.62	%		0.62	%		0.62	%
Net expenses		0.60	%		0.60	%		0.61	%		0.39	%		0.11	%		0.06	%
Net investment income		1.84	%		1.36	%		0.38	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,273,169			$1,202,749			$1,291,723			$1,745,419			$1,956,626			$1,733,107

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

Government Money Market Funds  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		1.05	%		1.63	%		0.65	%		0.06	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.35	%		0.35	%		0.34	%		0.34	%		0.34	%
Net expenses		0.34	%		0.35	%		0.35	%		0.34	%		0.10	%		0.06	%
Net investment income		2.11	%		1.48	%		0.61	%		0.05	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$89,403			$101,340			$142,198			$106,246			$101,432			$106,179

¹  Amount is less than $0.005.

²  Amount is more 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.

14  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		1.12	%		1.78	%		0.79	%		0.20	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.23	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.10	%		0.06	%
Net investment income		2.24	%		1.77	%		0.81	%		0.20	%		0.02	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$11,188,373			$12,466,864			$13,085,244			$11,489,674			$12,617,153			$11,190,887

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

Government Money Market Funds  |  15

Financial highlights

(For a share outstanding throughout the period)

SELECT CLASS	Period ended July 31, 20191 (unaudited)
Net asset value, beginning of period		$1.00
Net investment income		0.01
Net realized gains on investments		0.00	2
Total from investment operations		0.01
Distributions to shareholders from
Net investment income		(0.01	)
Net asset value, end of period		$1.00
Total return3		0.86	%
Ratios to average net assets (annualized)
Gross expenses		0.18	%
Net expenses		0.14	%
Net investment income		2.27	%
Supplemental data
Net assets, end of period (000s omitted)		$1,014,973

¹  For the period from March 15, 2019 (commencement of class operations) to July 31, 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.

16  |  Government Money Market Funds

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SERVICE CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.99	%		1.53	%		0.54	%		0.02	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.51	%		0.52	%		0.52	%		0.52	%		0.52	%
Net expenses		0.45	%		0.45	%		0.45	%		0.38	%		0.11	%		0.06	%
Net investment income		1.99	%		1.51	%		0.54	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,407,330			$1,431,420			$1,459,295			$1,500,467			$1,339,895			$1,845,375

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

Government Money Market Funds  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2019 (unaudited)			Year ended January 31
SWEEP CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1,2		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)3
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.83	%		1.20	%		0.24	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.77	%		0.96	%		0.97	%		0.97	%
Net expenses		0.77	%		0.77	%		0.75	%		0.34	%		0.11	%		0.06	%
Net investment income		1.67	%		1.19	%		0.24	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$100			$100			$3,145			$3,054

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Amount is more than $(0.005).

⁴  Returns for periods of less than one year are not annualized.

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

18  |  Government Money Market Funds

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Government Money Market Funds  |  19

Notes to financial statements (unaudited)

with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

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

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Repurchase agreements	$	0	$	9,323,126,398	$	0	$	9,323,126,398
Treasury debt		0		5,690,615,328		0		5,690,615,328
Total assets	$	0	$	15,013,741,726	$	0	$	15,013,741,726

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

For the six months ended July 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

20  |  Government Money Market Funds

Notes to financial statements (unaudited)

strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.15%
Next $5 billion	0.14
Over $10 billion	0.13

For the six months ended July 31, 2019, the management fee was equivalent to an annual rate of 0.14% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Select Class		0.04
Service Class		0.12
Sweep Class		0.03

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through May 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.34% for Administrator Class shares, 0.20% for Institutional Class shares, 0.14% for Select Class shares, 0.45% for Service Class shares, and 0.77% for Sweep Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund are charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Government Money Market Funds  |  21

Notes to financial statements (unaudited)

Interfund transactions

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

5. 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.

6. 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.

22  |  Government Money Market Funds

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.

Government Money Market Funds  |  23

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

24  |  Government Money Market Funds

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.

Government Money Market Funds  |  25

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.

26  |  Government Money Market Funds

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Treasury Plus Money Market 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 Treasury Plus Money Market 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.

Government Money Market Funds  |  27

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 (Institutional 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 Lipper U.S. Treasury Money Market Funds, 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, equal to 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, equal to 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

28  |  Government Money Market Funds

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.

Government Money Market Funds  |  29

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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 1-800-260-5969 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.

405493 029-19

SA314/SAR314 07-19

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust 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) Not applicable.

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

(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:	September 25, 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:	September 25, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	September 25, 2019