Form N-Q

quoted prices in active markets for identical securities

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, use of amortized cost, etc.)

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

N-Q 1 d189738dnq.htm FORM N-Q Form N-Q

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market Street, 12^th Floor, 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:

The following 10 series of Wells Fargo Funds Trust have a January 31 fiscal year end:

Wells Fargo 100% Treasury Money Market Fund, Wells Fargo California Municipal 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 Municipal Money Market Fund, Wells Fargo National Tax-Free Money Market Fund, and Wells Fargo Treasury Plus Money Market Fund.

The following 10 series of Wells Fargo Funds Trust have a July 31 fiscal year end:

Wells Fargo Capital Growth Fund, Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Well Fargo Growth Fund, Wells Fargo Intrinsic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund.

Date of reporting period: April 30, 2016

ITEM 1. INVESTMENTS


Wells Fargo Capital Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 99.60%
Consumer Discretionary : 28.27%
Diversified Consumer Services : 0.81%
ServiceMaster Global Holdings Incorporated †		59,000	$	2,260,873

Hotels, Restaurants & Leisure : 8.59%
Aramark Corporation		84,550		2,833,271
McDonald’s Corporation		48,300		6,109,467
Starbucks Corporation		127,691		7,180,065
Wynn Resorts Limited «		32,350		2,856,505
Yum! Brands Incorporated		62,600		4,980,456
				23,959,764

Internet & Catalog Retail : 4.02%
Amazon.com Incorporated †		17,005		11,216,328

Multiline Retail : 1.32%
Dollar General Corporation		44,950		3,681,855

Specialty Retail : 10.37%
O’Reilly Automotive Incorporated †		18,550		4,872,714
The Home Depot Incorporated		77,483		10,374,199
The TJX Companies Incorporated		80,160		6,077,731
Tractor Supply Company		39,250		3,715,405
ULTA Salon, Cosmetics and Fragrance Incorporated †		18,650		3,884,422
				28,924,471

Textiles, Apparel & Luxury Goods : 3.16%
Coach Incorporated		88,450		3,561,882
Nike Incorporated Class B		89,264		5,261,220
				8,823,102

Consumer Staples : 10.02%
Beverages : 6.60%
Constellation Brands Incorporated Class A		46,534		7,262,096
Dr Pepper Snapple Group Incorporated		60,850		5,531,874
Monster Beverage Corporation †		39,050		5,631,791
				18,425,761

Household Products : 0.93%
The Procter & Gamble Company		32,250		2,583,870

Tobacco : 2.49%
Reynolds American Incorporated		139,850		6,936,560

Financials : 1.86%
Capital Markets : 0.40%
Charles Schwab Corporation		39,264		1,115,490

Diversified Financial Services : 1.46%
Intercontinental Exchange Incorporated		7,295		1,751,019
S&P Global Incorporated		21,663		2,314,692
				4,065,711

Health Care : 15.41%
Biotechnology : 3.27%
Alexion Pharmaceuticals Incorporated †		20,600		2,869,168


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Capital Growth Fund


Security name	Shares		Value
Biotechnology (continued)
Biogen Incorporated †		7,950	$	2,186,171
Celgene Corporation †		20,750		2,145,758
Gilead Sciences Incorporated		21,818		1,924,566
				9,125,663

Health Care Equipment & Supplies : 6.12%
Align Technology Incorporated †		40,150		2,898,429
Baxter International Incorporated		90,400		3,997,488
Boston Scientific Corporation †		151,600		3,323,072
Hologic Incorporated †		66,700		2,240,453
Intuitive Surgical Incorporated †		7,350		4,603,746
				17,063,188

Health Care Providers & Services : 3.22%
UnitedHealth Group Incorporated		68,350		9,000,328

Pharmaceuticals : 2.80%
Bristol-Myers Squibb Company		108,188		7,809,010

Industrials : 5.64%
Airlines : 1.16%
Delta Air Lines Incorporated		78,125		3,255,469

Electrical Equipment : 1.28%
Acuity Brands Incorporated		14,650		3,572,989

Professional Services : 1.11%
Verisk Analytics Incorporated †		39,850		3,091,563

Road & Rail : 2.09%
J.B. Hunt Transport Services Incorporated		35,100		2,909,088
Kansas City Southern		30,750		2,913,563
				5,822,651

Information Technology : 34.28%
Communications Equipment : 2.50%
Harris Corporation		48,150		3,852,482
Palo Alto Networks Incorporated †		20,585		3,105,659
				6,958,141

Internet Software & Services : 12.33%
Alphabet Incorporated Class A †		23,158		16,393,085
Facebook Incorporated Class A †		116,924		13,747,924
Tencent Holdings Limited ADR		209,750		4,257,925
				34,398,934

IT Services : 7.96%
Cognizant Technology Solutions Corporation Class A †		49,750		2,903,908
Fidelity National Information Services Incorporated		65,800		4,329,640
PayPal Holdings Incorporated †		135,550		5,310,849
Visa Incorporated Class A		125,133		9,665,273
				22,209,670

Semiconductors & Semiconductor Equipment : 1.54%
Broadcom Limited		29,550		4,306,913

Software : 6.09%
Adobe Systems Incorporated †		57,850		5,450,627
Electronic Arts Incorporated †		66,600		4,119,210


Wells Fargo Capital Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name						Shares		Value
Software (continued)
Salesforce.com Incorporated †							50,280	$	3,811,224
ServiceNow Incorporated †							50,430		3,604,736
									16,985,797

Technology Hardware, Storage & Peripherals : 3.86%
Apple Incorporated							114,876		10,768,476

Materials : 2.19%
Chemicals : 2.19%
The Sherwin-Williams Company							21,250		6,105,338

Telecommunication Services : 1.93%
Diversified Telecommunication Services : 1.93%
SBA Communications Corporation Class A †							22,997		2,369,611
Zayo Group Holdings Incorporated †							116,150		3,015,254
									5,384,865

Total Common Stocks (Cost $219,008,701)									277,852,780


			Yield
Short-Term Investments : 1.55%
Investment Companies : 1.55%
Securities Lending Cash Investments LLC (l)(r)(u)				0.45	%		2,801,375		2,801,375
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43			1,514,891		1,514,891
Total Short-Term Investments (Cost $4,316,266)									4,316,266

Total investments in securities (Cost $223,324,967)*	101.15	%							282,169,046
Other assets and liabilities, net	(1.15	)							(3,211,763	)

Total net assets	100.00	%						$	278,957,283

†	Non-income-earning security

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

(l)

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

(r)

The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

(u)

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

*	Cost for federal income tax purposes is $224,113,476 and unrealized gains (losses) consists of:


Gross unrealized gains	$	61,641,986
Gross unrealized losses		(3,586,416	)

Net unrealized gains	$	58,055,570


Abbreviations:
ADR		American depositary receipt
LLC		Limited liability company

Wells Fargo Capital Growth Fund

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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

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

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

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are fair valued based upon the amortized cost valuation technique.

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 significant 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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	78,866,393	$	0	$	0	$	78,866,393
Consumer staples		27,946,191		0		0		27,946,191
Financials		5,181,201		0		0		5,181,201
Health care		42,998,189		0		0		42,998,189
Industrials		15,742,672		0		0		15,742,672
Information technology		95,627,931		0		0		95,627,931
Materials		6,105,338		0		0		6,105,338
Telecommunication services		5,384,865		0		0		5,384,865
Short-term investments
Investment companies		1,514,891		0		0		1,514,891
Investments measured at net asset value*								2,801,375

Total assets	$	279,367,671	$	0	$	0	$	282,169,046

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $2,801,375 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.


Wells Fargo Disciplined U.S. Core Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 97.98%
Consumer Discretionary : 12.86%
Auto Components : 0.26%
The Goodyear Tire & Rubber Company		59,188	$	1,714,676

Automobiles : 1.91%
Ford Motor Company		525,576		7,126,811
General Motors Company		179,357		5,703,553
				12,830,364

Hotels, Restaurants & Leisure : 2.38%
Carnival Corporation		107,727		5,284,009
Darden Restaurants Incorporated		78,795		4,904,989
Starbucks Corporation		103,119		5,798,381
				15,987,379

Household Durables : 0.30%
D.R. Horton Incorporated		67,499		2,029,020

Internet & Catalog Retail : 0.74%
Amazon.com Incorporated †		5,499		3,627,085
The Priceline Group Incorporated †		1,023		1,374,564
				5,001,649

Media : 2.53%
Comcast Corporation Class A		147,000		8,931,720
The Walt Disney Company		78,536		8,109,627
				17,041,347

Multiline Retail : 0.90%
Target Corporation		76,527		6,083,897

Specialty Retail : 3.52%
Best Buy Company Incorporated		66,824		2,143,714
Lowe’s Companies Incorporated		92,206		7,009,500
Staples Incorporated		374,748		3,822,430
The Home Depot Incorporated		80,142		10,730,212
				23,705,856

Textiles, Apparel & Luxury Goods : 0.32%
Nike Incorporated Class B		36,220		2,134,807

Consumer Staples : 9.55%
Beverages : 2.48%
Dr Pepper Snapple Group Incorporated		57,133		5,193,961
PepsiCo Incorporated		66,263		6,822,438
The Coca-Cola Company		103,769		4,648,851
				16,665,250

Food & Staples Retailing : 2.72%
CVS Health Corporation		84,014		8,443,407
The Kroger Company		32,349		1,144,831
Wal-Mart Stores Incorporated		130,564		8,730,815
				18,319,053

Food Products : 1.24%
Kellogg Company		17,910		1,375,667


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Disciplined U.S. Core Fund


Security name	Shares		Value
Food Products (continued)
Mondelez International Incorporated Class A		33,454	$	1,437,184
Tyson Foods Incorporated Class A		83,879		5,520,916
				8,333,767

Household Products : 1.40%
Church & Dwight Company Incorporated		14,241		1,320,141
The Clorox Company		39,293		4,920,662
The Procter & Gamble Company		40,017		3,206,162
				9,446,965

Tobacco : 1.71%
Altria Group Incorporated		140,110		8,786,298
Philip Morris International		27,585		2,706,640
				11,492,938

Energy : 6.46%
Energy Equipment & Services : 1.01%
Baker Hughes Incorporated		28,812		1,393,348
FMC Technologies Incorporated †		33,260		1,014,097
Schlumberger Limited		54,358		4,367,122
				6,774,567

Oil, Gas & Consumable Fuels : 5.45%
Chevron Corporation		117,712		12,027,812
Exxon Mobil Corporation		206,047		18,214,555
Tesoro Corporation		19,100		1,522,079
Valero Energy Corporation		83,231		4,899,809
				36,664,255

Financials : 15.21%
Banks : 3.45%
Bank of America Corporation		732,857		10,670,398
Citigroup Incorporated		79,459		3,677,363
JPMorgan Chase & Company		112,287		7,096,538
Regions Financial Corporation		190,971		1,791,308
				23,235,607

Capital Markets : 0.92%
Goldman Sachs Group Incorporated		37,487		6,151,992

Consumer Finance : 1.26%
Capital One Financial Corporation		28,750		2,081,213
Synchrony Financial †		208,785		6,382,557
				8,463,770

Diversified Financial Services : 1.52%
Berkshire Hathaway Incorporated Class B †		70,458		10,250,230

Insurance : 2.91%
AFLAC Incorporated		21,361		1,473,268
Cincinnati Financial Corporation		30,411		2,007,430
MetLife Incorporated		156,592		7,062,299
Principal Financial Group Incorporated		37,863		1,615,993
Prudential Financial Incorporated		38,307		2,974,155
The Allstate Corporation		20,468		1,331,443
The Travelers Companies Incorporated		15,823		1,738,948


Wells Fargo Disciplined U.S. Core Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Insurance (continued)
Unum Group		40,289	$	1,378,287
				19,581,823

Real Estate Management & Development : 0.60%
CBRE Group Incorporated Class A †		135,639		4,018,984

REITs : 4.55%
American Tower Corporation		55,365		5,806,681
Apartment Investment & Management Company Class A		32,237		1,291,414
Boston Properties Incorporated		10,234		1,318,753
Crown Castle International Corporation		49,424		4,293,957
General Growth Properties Incorporated		131,068		3,673,836
Host Hotels & Resorts Incorporated		128,949		2,039,973
Kimco Realty Corporation		39,401		1,107,956
Prologis Incorporated		89,248		4,052,752
Simon Property Group Incorporated		34,744		6,989,450
				30,574,772

Health Care : 15.47%
Biotechnology : 3.79%
AbbVie Incorporated		95,746		5,840,506
Amgen Incorporated		54,429		8,616,111
Biogen Incorporated †		7,446		2,047,576
Gilead Sciences Incorporated		102,209		9,015,856
				25,520,049

Health Care Equipment & Supplies : 1.16%
Medtronic plc		98,398		7,788,202

Health Care Providers & Services : 3.86%
Aetna Incorporated		36,712		4,121,656
AmerisourceBergen Corporation		24,304		2,068,270
Cigna Corporation		9,774		1,354,090
Express Scripts Holding Company †		23,537		1,735,383
HCA Holdings Incorporated †		25,935		2,090,880
Humana Incorporated		9,587		1,697,570
McKesson Corporation		20,536		3,446,352
UnitedHealth Group Incorporated		71,460		9,409,853
				25,924,054

Pharmaceuticals : 6.66%
Bristol-Myers Squibb Company		61,958		4,472,128
Eli Lilly & Company		36,953		2,791,060
Johnson & Johnson		147,773		16,562,398
Merck & Company Incorporated		161,500		8,856,660
Pfizer Incorporated		371,088		12,138,288
				44,820,534

Industrials : 9.49%
Aerospace & Defense : 2.02%
General Dynamics Corporation		45,549		6,400,545
The Boeing Company		53,128		7,161,654
				13,562,199

Air Freight & Logistics : 0.60%
C.H. Robinson Worldwide Incorporated		18,421		1,307,338


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Disciplined U.S. Core Fund


Security name	Shares		Value
Air Freight & Logistics (continued)
United Parcel Service Incorporated Class B		25,867	$	2,717,846
				4,025,184

Airlines : 1.74%
Delta Air Lines Incorporated		72,770		3,032,326
Southwest Airlines Company		131,125		5,849,486
United Continental Holdings Incorporated †		61,840		2,832,890
				11,714,702

Commercial Services & Supplies : 0.66%
Waste Management Incorporated		75,805		4,456,576

Construction & Engineering : 0.34%
Jacobs Engineering Group Incorporated †		51,681		2,303,939

Industrial Conglomerates : 1.69%
3M Company		12,575		2,104,804
General Electric Company		300,484		9,239,883
				11,344,687

Machinery : 1.21%
Caterpillar Incorporated		87,945		6,835,085
Illinois Tool Works Incorporated		12,792		1,337,020
				8,172,105

Professional Services : 0.39%
Equifax Incorporated		11,769		1,415,222
Robert Half International Incorporated		31,639		1,212,090
				2,627,312

Road & Rail : 0.84%
Union Pacific Corporation		64,627		5,637,413

Information Technology : 19.62%
Communications Equipment : 1.50%
Cisco Systems Incorporated		366,547		10,076,377

Internet Software & Services : 4.03%
Alphabet Incorporated Class A †		12,605		8,922,827
Alphabet Incorporated Class C †		13,265		9,192,778
eBay Incorporated		70,538		1,723,243
Facebook Incorporated Class A †		61,803		7,266,797
				27,105,645

IT Services : 3.41%
Accenture plc Class A		20,811		2,349,978
International Business Machines Corporation		33,309		4,861,115
Paychex Incorporated		37,436		1,951,164
The Western Union Company		167,996		3,359,920
Total System Services Incorporated		94,494		4,832,423
Visa Incorporated Class A		26,482		2,045,470
Xerox Corporation		371,672		3,568,051
				22,968,121

Semiconductors & Semiconductor Equipment : 3.01%
Broadcom Limited		39,991		5,828,688
Intel Corporation		323,984		9,810,236
Linear Technology Corporation		43,068		1,915,665


Wells Fargo Disciplined U.S. Core Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name				Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions Incorporated					40,079	$	2,678,079
							20,232,668

Software : 2.92%
Citrix Systems Incorporated †					27,474		2,248,472
Microsoft Corporation					348,690		17,389,170
							19,637,642

Technology Hardware, Storage & Peripherals : 4.75%
Apple Incorporated					243,099		22,788,100
EMC Corporation					69,352		1,810,781
Hewlett Packard Enterprise Company					100,242		1,670,032
HP Incorporated					463,357		5,685,390
							31,954,303

Materials : 3.08%
Chemicals : 1.74%
LyondellBasell Industries NV Class A					55,955		4,625,800
The Dow Chemical Company					133,996		7,049,530
							11,675,330

Containers & Packaging : 0.39%
Avery Dennison Corporation					36,195		2,628,119

Metals & Mining : 0.95%
Newmont Mining Corporation					182,767		6,391,362

Telecommunication Services : 2.69%
Diversified Telecommunication Services : 2.69%
AT&T Incorporated					256,963		9,975,304
Verizon Communications Incorporated					159,166		8,107,916
							18,083,220

Utilities : 3.55%
Electric Utilities : 2.70%
American Electric Power Company Incorporated					44,001		2,794,064
Edison International					58,099		4,108,180
Exelon Corporation					177,133		6,215,597
FirstEnergy Corporation					154,462		5,033,917
							18,151,758

Multi-Utilities : 0.85%
Ameren Corporation					36,828		1,767,746
Public Service Enterprise Group Incorporated					86,208		3,976,775
							5,744,521

Total Common Stocks (Cost $522,506,607)							659,048,990


	Yield
Short-Term Investments : 2.10%
Investment Companies : 2.10%
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)		0.43	%		14,136,966		14,136,966

Total Short-Term Investments (Cost $14,136,966)							14,136,966


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Disciplined U.S. Core Fund


Total investments in securities (Cost $536,643,573)*	100.08	%	$	673,185,956
Other assets and liabilities, net	(0.08	)		(510,801	)

Total net assets	100.00	%	$	672,675,155

†	Non-income-earning security

(l)

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

(u)

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

*	Cost for federal income tax purposes is $538,664,023 and unrealized gains (losses) consists of:


Gross unrealized gains	$	146,101,127
Gross unrealized losses		(11,579,194	)

Net unrealized gains	$	134,521,933


Abbreviations:
plc		Public limited company
REIT		Real estate investment trust

Wells Fargo Disciplined U.S. Core Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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

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

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	86,528,995	$	0	$	0	$	86,528,995
Consumer staples		64,257,973		0		0		64,257,973
Energy		43,438,822		0		0		43,438,822
Financials		102,277,178		0		0		102,277,178
Health care		104,052,839		0		0		104,052,839
Industrials		63,844,117		0		0		63,844,117
Information technology		131,974,756		0		0		131,974,756
Materials		20,694,811		0		0		20,694,811
Telecommunication services		18,083,220		0		0		18,083,220
Utilities		23,896,279		0		0		23,896,279
Short-term investments
Investment companies		14,136,966		0		0		14,136,966

Total assets	$	673,185,956	$	0	$	0	$	673,185,956


Wells Fargo Endeavor Select Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 99.92%
Consumer Discretionary : 28.56%
Diversified Consumer Services : 1.64%
ServiceMaster Global Holdings Incorporated †		89,600	$	3,433,472

Hotels, Restaurants & Leisure : 7.66%
McDonald’s Corporation		44,600		5,641,454
Starbucks Corporation		97,700		5,493,671
Yum! Brands Incorporated		62,000		4,932,720
				16,067,845

Internet & Catalog Retail : 4.45%
Amazon.com Incorporated †		14,153		9,335,177

Multiline Retail : 1.81%
Dollar General Corporation		46,300		3,792,433

Specialty Retail : 9.26%
O’Reilly Automotive Incorporated †		14,000		3,677,520
The Home Depot Incorporated		77,183		10,334,032
The TJX Companies Incorporated		71,417		5,414,837
				19,426,389

Textiles, Apparel & Luxury Goods : 3.74%
Coach Incorporated		76,800		3,092,736
Nike Incorporated Class B		80,772		4,760,702
				7,853,438

Consumer Staples : 11.33%
Beverages : 8.35%
Constellation Brands Incorporated Class A		38,515		6,010,651
Dr Pepper Snapple Group Incorporated		69,300		6,300,063
Monster Beverage Corporation †		36,100		5,206,342
				17,517,056

Tobacco : 2.98%
Reynolds American Incorporated		125,900		6,244,640

Financials : 4.68%
Capital Markets : 0.70%
Charles Schwab Corporation		51,648		1,467,320

Diversified Financial Services : 3.98%
Intercontinental Exchange Incorporated		17,283		4,148,438
S&P Global Incorporated		39,378		4,207,539
				8,355,977

Health Care : 13.09%
Biotechnology : 3.09%
Alexion Pharmaceuticals Incorporated †		23,200		3,231,296
Biogen Incorporated †		5,900		1,622,441


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Endeavor Select Fund


Security name	Shares		Value
Biotechnology (continued)
Celgene Corporation †		15,679	$	1,621,365
				6,475,102

Health Care Equipment & Supplies : 2.03%
Intuitive Surgical Incorporated †		6,800		4,259,248

Health Care Providers & Services : 4.00%
UnitedHealth Group Incorporated		63,700		8,388,016

Pharmaceuticals : 3.97%
Bristol-Myers Squibb Company		115,500		8,336,790

Industrials : 3.36%
Airlines : 1.84%
Delta Air Lines Incorporated		92,479		3,853,600

Professional Services : 1.52%
Verisk Analytics Incorporated †		41,200		3,196,296

Information Technology : 34.85%
Communications Equipment : 2.21%
Harris Corporation		58,000		4,640,580

Internet Software & Services : 13.48%
Alphabet Incorporated Class A †		13,599		9,626,460
Alphabet Incorporated Class C †		6,400		4,435,264
Facebook Incorporated Class A †		85,849		10,094,125
Tencent Holdings Limited ADR		202,900		4,118,870
				28,274,719

IT Services : 7.23%
Fidelity National Information Services Incorporated		28,484		1,870,886
PayPal Holdings Incorporated †		105,200		4,121,736
Visa Incorporated Class A		118,958		9,188,316
				15,180,938

Software : 7.97%
Adobe Systems Incorporated †		48,500		4,569,670
Electronic Arts Incorporated †		64,800		4,007,880
Salesforce.com Incorporated †		59,500		4,510,100
ServiceNow Incorporated †		50,768		3,628,898
				16,716,548

Technology Hardware, Storage & Peripherals : 3.96%
Apple Incorporated		88,583		8,303,770

Materials : 2.66%
Chemicals : 2.66%
The Sherwin-Williams Company		19,400		5,573,814

Telecommunication Services : 1.39%
Diversified Telecommunication Services : 1.39%
SBA Communications Corporation Class A †		28,225		2,908,304

Total Common Stocks (Cost $162,921,790)				209,601,472


Wells Fargo Endeavor Select Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Yield			Shares		Value
Short-Term Investments : 0.84%
Investment Companies : 0.84%
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43	%		1,765,352	$	1,765,352

Total Short-Term Investments (Cost $1,765,352)									1,765,352

Total investments in securities (Cost $164,687,142)*	100.76	%							211,366,824
Other assets and liabilities, net	(0.76	)							(1,600,444	)

Total net assets	100.00	%						$	209,766,380

†	Non-income-earning security

(l)

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

(u)

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

*	Cost for federal income tax purposes is $165,466,594 and unrealized gains (losses) consists of:


Gross unrealized gains	$	49,639,667
Gross unrealized losses		(3,739,437	)

Net unrealized gains	$	45,900,230


Abbreviations:
ADR		American depositary receipt

Wells Fargo Endeavor Select Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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

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

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	59,908,754	$	0	$	0	$	59,908,754
Consumer staples		23,761,696		0		0		23,761,696
Financials		9,823,297		0		0		9,823,297
Health care		27,459,156		0		0		27,459,156
Industrials		7,049,896		0		0		7,049,896
Information technology		73,116,555		0		0		73,116,555
Materials		5,573,814		0		0		5,573,814
Telecommunication services		2,908,304		0		0		2,908,304
Short-term investments
Investment companies		1,765,352		0		0		1,765,352

Total assets	$	211,366,824	$	0	$	0	$	211,366,824


Wells Fargo Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 99.37%
Consumer Discretionary : 23.00%
Auto Components : 0.56%
Delphi Automotive plc		547,510	$	40,313,161

Distributors : 1.99%
LKQ Corporation †		4,489,730		143,895,847

Diversified Consumer Services : 1.30%
Grand Canyon Education Incorporated †		2,154,375		94,210,819

Hotels, Restaurants & Leisure : 3.43%
Fiesta Restaurant Group Incorporated †		1,308,000		41,999,880
Jack in the Box Incorporated		536,230		36,222,337
Planet Fitness Incorporated Class A †«		516,090		7,927,142
Starbucks Corporation		2,421,010		136,133,392
The Habit Restaurants Incorporated Class A †«(l)		1,531,000		25,644,250
				247,927,001

Internet & Catalog Retail : 4.00%
Amazon.com Incorporated †		438,930		289,513,839

Media : 0.50%
The Walt Disney Company		349,810		36,121,381

Multiline Retail : 3.10%
Dollar General Corporation		349,000		28,586,590
Dollar Tree Incorporated †		2,454,830		195,674,499
				224,261,089

Specialty Retail : 6.68%
Burlington Stores Incorporated †		2,646,100		150,748,317
CarMax Incorporated †«		1,648,880		87,308,196
Five Below Incorporated †		897,213		37,413,782
The Home Depot Incorporated		365,000		48,869,850
Tractor Supply Company		1,353,570		128,128,936
ULTA Salon, Cosmetics and Fragrance Incorporated †		148,000		30,825,440
				483,294,521

Textiles, Apparel & Luxury Goods : 1.44%
Nike Incorporated Class B		186,000		10,962,840
Skechers U.S.A. Incorporated Class A †		415,467		13,731,184
Under Armour Incorporated Class A †«		928,000		40,776,320
Under Armour Incorporated Class C †«		938,000		38,270,400
				103,740,744

Consumer Staples : 3.86%
Beverages : 0.47%
Constellation Brands Incorporated Class A		218,000		34,021,080

Food & Staples Retailing : 2.79%
Costco Wholesale Corporation		241,270		35,739,325
Sprouts Farmers Market Incorporated †		5,924,845		166,310,399
				202,049,724


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Growth Fund


Security name	Shares		Value
Personal Products : 0.60%
Estee Lauder Companies Incorporated Class A		449,720	$	43,114,656

Energy : 1.43%
Energy Equipment & Services : 0.33%
Schlumberger Limited		292,000		23,459,280

Oil, Gas & Consumable Fuels : 1.10%
Concho Resources Incorporated †		685,770		79,665,901

Financials : 3.22%
Capital Markets : 0.95%
TD Ameritrade Holding Corporation		2,293,670		68,420,176

Diversified Financial Services : 2.27%
MarketAxess Holdings Incorporated		1,338,750		164,344,950

Health Care : 21.30%
Biotechnology : 7.53%
Alexion Pharmaceuticals Incorporated †		1,097,666		152,882,920
BioMarin Pharmaceutical Incorporated †		753,000		63,764,040
Celgene Corporation †		1,161,860		120,147,943
Incyte Corporation †		404,000		29,197,080
Regeneron Pharmaceuticals Incorporated †		164,910		62,123,246
Ultragenyx Pharmaceutical Incorporated †		896,000		60,587,520
Vertex Pharmaceuticals Incorporated †		658,000		55,495,720
				544,198,469

Health Care Equipment & Supplies : 3.75%
Align Technology Incorporated †		380,000		27,432,200
Becton Dickinson & Company		89,000		14,352,140
Intuitive Surgical Incorporated †		61,000		38,207,960
Medtronic plc		1,706,951		135,105,172
Steris Corporation		789,000		55,758,630
				270,856,102

Health Care Providers & Services : 4.95%
Acadia Healthcare Company Incorporated †		3,071,642		194,097,058
AmerisourceBergen Corporation		121,720		10,358,372
Centene Corporation †		234,000		14,498,640
Diplomat Pharmacy Incorporated †«		1,451,000		43,950,790
VCA Incorporated †		1,505,670		94,812,040
				357,716,900

Health Care Technology : 2.47%
Cerner Corporation †		1,585,000		88,981,900
Veeva Systems Incorporated Class A †		3,263,000		89,765,130
				178,747,030

Life Sciences Tools & Services : 0.88%
Quintiles Transnational Holdings Incorporated †		924,360		63,845,545

Pharmaceuticals : 1.72%
Bristol-Myers Squibb Company		1,073,350		77,474,403
Zoetis Incorporated		1,002,000		47,124,060
				124,598,463


Wells Fargo Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Industrials : 8.16%
Aerospace & Defense : 0.69%
The Boeing Company		370,350	$	49,923,180

Air Freight & Logistics : 0.90%
United Parcel Service Incorporated Class B		616,160		64,739,931

Commercial Services & Supplies : 2.56%
KAR Auction Services Incorporated		1,580,000		59,408,000
Waste Connections Incorporated		1,868,420		125,707,298
				185,115,298

Machinery : 0.51%
ITT Corporation		963,000		36,950,310

Road & Rail : 3.50%
Kansas City Southern		763,080		72,301,830
Norfolk Southern Corporation		216,000		19,463,760
Union Pacific Corporation		1,852,460		161,590,086
				253,355,676

Information Technology : 35.84%
Internet Software & Services : 13.59%
Alphabet Incorporated Class A †		507,910		359,539,331
Alphabet Incorporated Class C †		64,681		44,824,580
CoStar Group Incorporated †		426,020		84,058,006
Envestnet Incorporated †(l)		3,276,731		102,823,819
Facebook Incorporated Class A †		3,086,760		362,941,241
New Relic Incorporated †«		1,110,000		28,615,800
				982,802,777

IT Services : 8.25%
Alliance Data Systems Corporation †		79,333		16,129,192
Cognizant Technology Solutions Corporation Class A †		388,886		22,699,276
Global Payments Incorporated		822,900		59,396,922
MasterCard Incorporated Class A		2,065,880		200,369,701
Vantiv Incorporated Class A †		1,943,893		106,019,924
Visa Incorporated Class A		2,486,300		192,041,812
				596,656,827

Semiconductors & Semiconductor Equipment : 3.31%
Broadcom Limited		196,000		28,567,000
Microchip Technology Incorporated «		4,193,210		203,748,074
Monolithic Power Systems Incorporated		112,000		6,991,040
				239,306,114

Software : 8.45%
Adobe Systems Incorporated †		275,080		25,918,038
Fortinet Incorporated †		3,184,910		103,541,424
Microsoft Corporation		467,000		23,289,290
Paycom Software Incorporated †		1,994,345		76,203,922
Paylocity Holding Corporation †«		1,212,625		46,407,159
Proofpoint Incorporated †«		1,445,000		84,185,700
Red Hat Incorporated †		349,726		25,659,397
Salesforce.com Incorporated †		479,000		36,308,200
ServiceNow Incorporated †		394,610		28,206,723


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Growth Fund


Security name						Shares		Value
Software (continued)
Splunk Incorporated †							2,074,000	$	107,806,520
Tableau Software Incorporated Class A †							522,995		27,038,842
Ultimate Software Group Incorporated †							135,630		26,663,502
									611,228,717

Technology Hardware, Storage & Peripherals : 2.24%
Apple Incorporated							1,728,610		162,039,901

Materials : 2.56%
Chemicals : 2.56%
Ecolab Incorporated							1,155,741		132,887,099
Praxair Incorporated							446,630		52,461,160
									185,348,259

Total Common Stocks (Cost $4,786,454,985)									7,185,783,668


			Yield
Short-Term Investments : 5.34%
Investment Companies : 5.34%
Securities Lending Cash Investments LLC (l)(r)(u)				0.45	%		350,190,110		350,190,110
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43			36,193,796		36,193,796
Total Short-Term Investments (Cost $386,383,906)									386,383,906

Total investments in securities (Cost $5,172,838,891)*	104.71	%							7,572,167,574
Other assets and liabilities, net	(4.71	)							(340,406,632	)

Total net assets	100.00	%						$	7,231,760,942

†	Non-income-earning security

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

(l)

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

(r)

The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

(u)

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

*	Cost for federal income tax purposes is $5,193,370,168 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,559,572,889
Gross unrealized losses		(180,775,483	)

Net unrealized gains	$	2,378,797,406


Abbreviations:
LLC		Limited liability company
plc		Public limited company

Wells Fargo Growth Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

Security loans

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	1,663,278,402	$	0	$	0	$	1,663,278,402
Consumer staples		279,185,460		0		0		279,185,460
Energy		103,125,181		0		0		103,125,181
Financials		232,765,126		0		0		232,765,126
Health care		1,539,962,509		0		0		1,539,962,509
Industrials		590,084,395		0		0		590,084,395
Information technology		2,592,034,336		0		0		2,592,034,336
Materials		185,348,259		0		0		185,348,259
Short-term investments
Investment companies		36,193,796		0		0		36,193,796
Investments measured at net asset value*								350,190,110

Total assets	$	7,221,977,464	$	0	$	0	$	7,572,167,574

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $350,190,110 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Investments in affiliates

An affiliated investment is a company which is under common ownership or control of the Fund or which the Fund has ownership of at least 5% of the outstanding voting shares. The following is a summary of transactions for the long-term holdings of issuers that were affiliates of the Fund at the beginning of the period or the end of the period.


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Envestnet Incorporated		3,268,908		7,823		0		3,276,731	$	102,823,819
Fiesta Restaurant Group Incorporated*		2,098,000		527,000		1,317,000		1,308,000		41,999,880
Grand Canyon Education Incorporated*		3,903,000		0		1,748,625		2,154,375		94,210,819
Inovalon Holdings Incorporated*		1,629,037		0		1,629,037		0		0
Shutterstock Incorporated*		2,028,000		0		2,028,000		0		0
The Habit Restaurants Incorporated Class A		0		1,531,000		0		1,531,000		25,644,250

									$	264,678,768

*	No longer an affiliate of the Fund at the end of the period.


Wells Fargo Intrinsic Value Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 97.12%
Consumer Discretionary : 7.57%
Hotels, Restaurants & Leisure : 1.87%
Marriott International Incorporated Class A «		280,251	$	19,642,793

Media : 2.80%
The Walt Disney Company		284,445		29,371,791

Specialty Retail : 2.90%
The TJX Companies Incorporated		402,280		30,500,870

Consumer Staples : 10.04%
Beverages : 5.26%
Anheuser-Busch InBev NV ADR		243,497		30,237,457
PepsiCo Incorporated		242,464		24,964,093
				55,201,550

Food Products : 2.37%
Nestle SA ADR		334,370		24,933,971

Household Products : 2.41%
The Procter & Gamble Company		315,399		25,269,768

Energy : 7.56%
Energy Equipment & Services : 3.46%
FMC Technologies Incorporated †		486,462		14,832,226
Schlumberger Limited		268,370		21,560,846
				36,393,072

Oil, Gas & Consumable Fuels : 4.10%
Concho Resources Incorporated †		42,713		4,961,969
EOG Resources Incorporated		374,758		30,962,506
Occidental Petroleum Corporation		92,663		7,102,619
				43,027,094

Financials : 17.93%
Banks : 7.53%
BB&T Corporation		884,324		31,287,383
CIT Group Incorporated		588,540		20,345,828
US Bancorp		642,397		27,423,928
				79,057,139

Capital Markets : 3.27%
Charles Schwab Corporation		597,439		16,973,242
UBS Group AG «		1,003,164		17,324,642
				34,297,884

Consumer Finance : 2.13%
Synchrony Financial †		731,348		22,357,308

Insurance : 2.86%
The Allstate Corporation		462,521		30,086,991


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Intrinsic Value Fund


Security name	Shares		Value
REITs : 2.14%
Crown Castle International Corporation		258,654	$	22,471,860

Health Care : 11.27%
Biotechnology : 2.36%
Gilead Sciences Incorporated		280,977		24,784,981

Health Care Equipment & Supplies : 2.20%
Abbott Laboratories		593,929		23,103,838

Health Care Providers & Services : 4.36%
Cigna Corporation		181,353		25,124,645
Express Scripts Holding Company †		280,666		20,693,504
				45,818,149

Pharmaceuticals : 2.35%
Merck & Company Incorporated		450,587		24,710,191

Industrials : 14.39%
Aerospace & Defense : 8.22%
Honeywell International Incorporated		264,198		30,189,905
Lockheed Martin Corporation		143,114		33,256,831
The Boeing Company		169,932		22,906,834
				86,353,570

Air Freight & Logistics : 1.91%
United Parcel Service Incorporated Class B		190,396		20,004,908

Electrical Equipment : 2.00%
Sensata Technologies Holding NV †		557,158		20,988,142

Trading Companies & Distributors : 2.26%
AerCap Holdings NV †		593,677		23,753,017

Information Technology : 21.65%
Communications Equipment : 5.31%
Cisco Systems Incorporated		854,504		23,490,315
Motorola Solutions Incorporated		410,091		30,834,742
QUALCOMM Incorporated		28,934		1,461,746
				55,786,803

Internet Software & Services : 2.49%
Alphabet Incorporated Class C †		37,786		26,186,076

IT Services : 5.02%
Accenture plc Class A		241,576		27,278,762
The Western Union Company		1,273,178		25,463,560
				52,742,322

Semiconductors & Semiconductor Equipment : 2.23%
Texas Instruments Incorporated		410,489		23,414,293

Software : 4.94%
Microsoft Corporation		566,097		28,231,257
Oracle Corporation		592,254		23,607,244
				51,838,501


Wells Fargo Intrinsic Value Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name						Shares		Value
Technology Hardware, Storage & Peripherals : 1.66%
Apple Incorporated							186,028	$	17,438,265

Telecommunication Services : 1.83%
Diversified Telecommunication Services : 1.83%
Verizon Communications Incorporated							377,348		19,222,107

Utilities : 4.88%
Electric Utilities : 2.82%
NextEra Energy Incorporated							251,430		29,563,139

Multi-Utilities : 2.06%
WEC Energy Group Incorporated							372,040		21,656,448

Total Common Stocks (Cost $888,944,225)									1,019,976,841


			Yield
Short-Term Investments : 5.20%
Investment Companies : 5.20%
Securities Lending Cash Investments LLC (l)(r)(u)				0.45	%		26,485,675		26,485,675
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43			28,130,554		28,130,554
Total Short-Term Investments (Cost $54,616,229)									54,616,229

Total investments in securities (Cost $943,560,454)*	102.32	%							1,074,593,070
Other assets and liabilities, net	(2.32	)							(24,319,270	)

Total net assets	100.00	%						$	1,050,273,800

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

†	Non-income-earning security

(l)

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

(r)

The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

(u)

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

*	Cost for federal income tax purposes is $943,851,390 and unrealized gains (losses) consists of:


Gross unrealized gains	$	159,430,549
Gross unrealized losses		(28,688,869	)

Net unrealized gains	$	130,741,680


Abbreviations:
ADR		American depositary receipt
LLC		Limited liability company
plc		Public limited company
REIT		Real estate investment trust

Wells Fargo Intrinsic Value Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

Security loans

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	79,515,454	$	0	$	0	$	79,515,454
Consumer staples		105,405,289		0		0		105,405,289
Energy		79,420,166		0		0		79,420,166
Financials		188,271,182		0		0		188,271,182
Health care		118,417,159		0		0		118,417,159
Industrials		151,099,637		0		0		151,099,637
Information technology		227,406,260		0		0		227,406,260
Telecommunication services		19,222,107		0		0		19,222,107
Utilities		51,219,587		0		0		51,219,587
Short-term investments
Investment companies		28,130,554		0		0		28,130,554
Investments measured at net asset value*								26,485,675

Total assets	$	1,048,107,395	$	0	$	0	$	1,074,593,070

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $26,485,675 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Large Cap Core Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 98.84%
Consumer Discretionary : 16.70%
Auto Components : 2.49%
Lear Corporation		190,318	$	21,911,311

Automobiles : 3.28%
Ford Motor Company		812,956		11,023,683
General Motors Company		563,714		17,926,105
				28,949,788

Media : 2.11%
Comcast Corporation Class A		305,648		18,571,172

Multiline Retail : 2.02%
Target Corporation		224,100		17,815,950

Specialty Retail : 6.80%
Foot Locker Incorporated		285,890		17,565,082
Lowe’s Companies Incorporated		280,255		21,304,985
The Home Depot Incorporated		157,201		21,047,642
				59,917,709

Consumer Staples : 6.25%
Food & Staples Retailing : 4.06%
CVS Health Corporation		208,460		20,950,230
The Kroger Company		419,362		14,841,221
				35,791,451

Food Products : 2.19%
Pinnacle Foods Incorporated		454,125		19,341,184

Energy : 4.51%
Oil, Gas & Consumable Fuels : 4.51%
Exxon Mobil Corporation		148,752		13,149,677
Valero Energy Corporation		272,634		16,049,964
Western Refining Incorporated		394,889		10,567,230
				39,766,871

Financials : 12.96%
Banks : 5.86%
Huntington Bancshares Incorporated		1,561,397		15,707,654
JPMorgan Chase & Company		281,687		17,802,618
SunTrust Banks Incorporated		435,893		18,194,174
				51,704,446

Capital Markets : 1.83%
Goldman Sachs Group Incorporated		98,166		16,110,022

Diversified Financial Services : 1.55%
Voya Financial Incorporated		422,364		13,714,159

Insurance : 3.72%
Lincoln National Corporation		390,706		16,976,176
Prudential Financial Incorporated		203,244		15,779,864
				32,756,040


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Large Cap Core Fund


Security name	Shares		Value
Health Care : 18.22%
Biotechnology : 4.01%
Amgen Incorporated		112,055	$	17,738,307
Gilead Sciences Incorporated		199,811		17,625,328
				35,363,635

Health Care Providers & Services : 12.42%
Aetna Incorporated		178,131		19,998,767
AmerisourceBergen Corporation		191,049		16,258,270
AmSurg Corporation †		220,330		17,842,323
Centene Corporation †		292,490		18,122,680
McKesson Corporation		95,738		16,066,751
UnitedHealth Group Incorporated		160,702		21,161,239
				109,450,030

Pharmaceuticals : 1.79%
Merck & Company Incorporated		287,434		15,762,881

Industrials : 9.96%
Aerospace & Defense : 6.20%
Northrop Grumman Corporation		90,170		18,598,464
Orbital ATK Incorporated		211,537		18,403,720
Spirit AeroSystems Holdings Incorporated Class A †		374,072		17,637,495
				54,639,679

Airlines : 3.76%
Delta Air Lines Incorporated		388,087		16,171,585
Southwest Airlines Company		380,082		16,955,458
				33,127,043

Information Technology : 21.03%
Electronic Equipment, Instruments & Components : 3.35%
CDW Corporation of Delaware		429,903		16,551,266
Jabil Circuit Incorporated		749,960		13,019,306
				29,570,572

Internet Software & Services : 1.79%
Alphabet Incorporated Class C †		22,759		15,772,215

IT Services : 2.34%
DST Systems Incorporated		170,671		20,596,576

Semiconductors & Semiconductor Equipment : 7.31%
Intel Corporation		489,332		14,816,973
NVIDIA Corporation		477,390		16,961,667
Skyworks Solutions Incorporated		217,161		14,510,698
Teradyne Incorporated		958,870		18,132,232
				64,421,570

Software : 4.24%
Electronic Arts Incorporated †		280,391		17,342,183
Microsoft Corporation		401,218		20,008,742
				37,350,925

Technology Hardware, Storage & Peripherals : 2.00%
Apple Incorporated		188,154		17,637,556


Wells Fargo Large Cap Core Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name						Shares		Value
Materials : 6.87%
Chemicals : 4.35%
Air Products & Chemicals Incorporated							134,996	$	19,694,566
The Dow Chemical Company							353,871		18,617,153
									38,311,719

Containers & Packaging : 2.52%
Avery Dennison Corporation							306,368		22,245,380

Telecommunication Services : 2.34%
Diversified Telecommunication Services : 2.34%
AT&T Incorporated							531,693		20,640,322

Total Common Stocks (Cost $831,815,074)									871,240,206


			Yield
Short-Term Investments : 1.22%
Investment Companies : 1.22%
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43	%		10,740,812		10,740,812

Total Short-Term Investments (Cost $10,740,812)									10,740,812

Total investments in securities (Cost $842,555,886)*	100.06	%							881,981,018
Other assets and liabilities, net	(0.06	)							(558,373	)

Total net assets	100.00	%						$	881,422,645

†	Non-income-earning security

(l)

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

(u)

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

*	Cost for federal income tax purposes is $842,790,939 and unrealized gains (losses) consists of:


Gross unrealized gains		$77,067,296
Gross unrealized losses		(37,877,217)

Net unrealized gains		$39,190,079

Wells Fargo Large Cap Core Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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

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

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	147,165,930	$	0	$	0	$	147,165,930
Consumer staples		55,132,635		0		0		55,132,635
Energy		39,766,871		0		0		39,766,871
Financials		114,284,667		0		0		114,284,667
Health care		160,576,546		0		0		160,576,546
Industrials		87,766,722		0		0		87,766,722
Information technology		185,349,414		0		0		185,349,414
Materials		60,557,099		0		0		60,557,099
Telecommunication services		20,640,322		0		0		20,640,322
Short-term investments
Investment companies		10,740,812		0		0		10,740,812

Total assets	$	881,981,018	$	0	$	0	$	881,981,018


Wells Fargo Large Cap Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 99.15%
Consumer Discretionary : 27.50%
Auto Components : 0.71%
Delphi Automotive plc		141,580	$	10,424,535

Hotels, Restaurants & Leisure : 4.33%
Hilton Worldwide Holdings Incorporated		430,880		9,500,904
Marriott International Incorporated Class A «		326,250		22,866,863
Starbucks Corporation		559,690		31,471,369
				63,839,136

Internet & Catalog Retail : 4.87%
Amazon.com Incorporated †		77,970		51,428,232
Netflix Incorporated †		81,870		7,370,756
The Priceline Group Incorporated †		9,750		13,100,685
				71,899,673

Media : 1.79%
The Walt Disney Company		256,490		26,485,157

Multiline Retail : 2.99%
Dollar Tree Incorporated †		554,020		44,160,934

Specialty Retail : 8.33%
CarMax Incorporated «†		405,250		21,457,988
O’Reilly Automotive Incorporated †		122,120		32,078,482
The Home Depot Incorporated		231,870		31,045,074
Tractor Supply Company		310,000		29,344,600
ULTA Salon, Cosmetics and Fragrance Incorporated †		43,230		9,003,944
				122,930,088

Textiles, Apparel & Luxury Goods : 4.48%
Nike Incorporated Class B		625,580		36,871,685
Under Armour Incorporated Class A		48,000		2,109,120
VF Corporation		430,620		27,150,591
				66,131,396

Consumer Staples : 6.57%
Food & Staples Retailing : 4.38%
Costco Wholesale Corporation		258,460		38,285,680
CVS Health Corporation		262,650		26,396,325
				64,682,005

Household Products : 0.64%
Colgate-Palmolive Company		133,370		9,458,600

Personal Products : 1.55%
The Estee Lauder Companies Incorporated Class A		238,260		22,841,986

Energy : 1.77%
Energy Equipment & Services : 0.26%
Schlumberger Limited		47,750		3,836,235

Oil, Gas & Consumable Fuels : 1.51%
Concho Resources Incorporated †		191,850		22,287,215


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Large Cap Growth Fund


Security name	Shares		Value
Financials : 1.05%
Capital Markets : 1.05%
TD Ameritrade Holding Corporation		519,730	$	15,503,546

Health Care : 14.43%
Biotechnology : 7.28%
Alexion Pharmaceuticals Incorporated †		240,410		33,484,305
Biogen Incorporated †		36,910		10,149,881
BioMarin Pharmaceutical Incorporated †		104,650		8,861,762
Celgene Corporation †		245,200		25,356,132
Incyte Corporation †		56,430		4,078,196
Regeneron Pharmaceuticals Incorporated †		46,320		17,449,207
Vertex Pharmaceuticals Incorporated †		96,440		8,133,750
				107,513,233

Health Care Equipment & Supplies : 1.82%
Medtronic plc		338,718		26,809,530

Health Care Providers & Services : 1.14%
AmerisourceBergen Corporation		197,630		16,818,313

Health Care Technology : 1.28%
Cerner Corporation †		335,190		18,817,567

Life Sciences Tools & Services : 0.91%
Quintiles Transnational Holdings Incorporated †		194,110		13,407,178

Pharmaceuticals : 2.00%
Allergan plc †		27,085		5,865,528
Bristol-Myers Squibb Company		328,310		23,697,416
				29,562,944

Industrials : 8.43%
Aerospace & Defense : 0.84%
The Boeing Company		92,520		12,471,696

Airlines : 1.67%
Southwest Airlines Company		550,940		24,577,433

Electrical Equipment : 0.50%
Rockwell Automation Incorporated		65,660		7,450,440

Industrial Conglomerates : 2.47%
3M Company		126,190		21,121,682
Danaher Corporation		158,240		15,309,720
				36,431,402

Road & Rail : 2.95%
Kansas City Southern		156,640		14,841,640
Union Pacific Corporation		329,330		28,727,456
				43,569,096

Information Technology : 35.95%
Communications Equipment : 0.98%
Palo Alto Networks Incorporated †		96,080		14,495,590

Internet Software & Services : 10.95%
Alphabet Incorporated Class A †		68,740		48,659,671
Alphabet Incorporated Class C †		54,380		37,685,884


Wells Fargo Large Cap Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name						Shares		Value
Internet Software & Services (continued)
Facebook Incorporated Class A †							639,760	$	75,222,981
									161,568,536

IT Services : 9.25%
Accenture plc Class A							177,260		20,016,199
Alliance Data Systems Corporation †							63,470		12,904,086
Cognizant Technology Solutions Corporation Class A †							225,710		13,174,693
MasterCard Incorporated Class A							401,510		38,942,455
PayPal Holdings Incorporated †							364,310		14,273,666
Visa Incorporated Class A							482,420		37,262,121
									136,573,220

Semiconductors & Semiconductor Equipment : 4.64%
Broadcom Limited							137,490		20,039,165
Microchip Technology Incorporated «							548,890		26,670,565
Texas Instruments Incorporated							382,860		21,838,334
									68,548,064

Software : 8.12%
Adobe Systems Incorporated †							230,840		21,749,745
Microsoft Corporation							809,650		40,377,246
Red Hat Incorporated †							122,730		9,004,700
Salesforce.com Incorporated †							304,710		23,097,018
ServiceNow Incorporated †							211,350		15,107,298
Splunk Incorporated †							202,110		10,505,678
									119,841,685

Technology Hardware, Storage & Peripherals : 2.01%
Apple Incorporated							316,570		29,675,272

Materials : 3.45%
Chemicals : 3.45%
Ecolab Incorporated							256,490		29,491,220
Praxair Incorporated							182,930		21,486,958
									50,978,178

Total Common Stocks (Cost $979,100,379)									1,463,589,883


			Yield
Short-Term Investments : 5.28%
Investment Companies : 5.28%
Securities Lending Cash Investments LLC (l)(r)(u)				0.45	%		66,040,953		66,040,953
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43			11,901,894		11,901,894
Total Short-Term Investments (Cost $77,942,847)									77,942,847

Total investments in securities (Cost $1,057,043,226)*	104.43	%							1,541,532,730
Other assets and liabilities, net	(4.43	)							(65,418,641	)

Total net assets	100.00	%						$	1,476,114,089

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

†	Non-income-earning security

(l)

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

(r)

The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

(u)

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


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Large Cap Growth Fund

*	Cost for federal income tax purposes is $1,058,883,635 and unrealized gains (losses) consists of:


Gross unrealized gains	$	496,650,078
Gross unrealized losses		(14,000,983	)

Net unrealized gains	$	482,649,095


Abbreviations:
LLC		Limited liability company
plc		Public limited company

Wells Fargo Large Cap Growth Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

Security loans

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	405,870,919	$	0	$	0	$	405,870,919
Consumer staples		96,982,591		0		0		96,982,591
Energy		26,123,450		0		0		26,123,450
Financials		15,503,546		0		0		15,503,546
Health care		212,928,765		0		0		212,928,765
Industrials		124,500,067		0		0		124,500,067
Information technology		530,702,367		0		0		530,702,367
Materials		50,978,178		0		0		50,978,178
Short-term investments
Investment companies		11,901,894		0		0		11,901,894
Investments measured at net asset value*								66,040,953

Total assets	$	1,475,491,777	$	0	$	0	$	1,541,532,730

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $66,040,953 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Large Company Value Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 97.45%
Consumer Discretionary : 7.76%
Hotels, Restaurants & Leisure : 1.57%
Norwegian Cruise Line Holdings Limited †		81,414	$	3,980,330

Household Durables : 1.99%
Harman International Industries Incorporated		38,021		2,918,492
Newell Rubbermaid Incorporated		47,214		2,150,140
				5,068,632

Leisure Products : 1.25%
Mattel Incorporated		101,955		3,169,781

Media : 1.18%
Scripps Networks Interactive Incorporated Class A		48,153		3,002,340

Multiline Retail : 0.76%
JCPenny Company Incorporated «†		209,300		1,942,304

Textiles, Apparel & Luxury Goods : 1.01%
Skechers U.S.A. Incorporated Class A †		77,614		2,565,143

Consumer Staples : 6.68%
Food & Staples Retailing : 2.83%
CVS Health Corporation		71,507		7,186,454

Food Products : 2.07%
ConAgra Foods Incorporated		56,614		2,522,720
TreeHouse Foods Incorporated †		30,983		2,738,897
				5,261,617

Household Products : 1.26%
The Procter & Gamble Company		39,933		3,199,432

Personal Products : 0.52%
Herbalife Limited «†		23,091		1,338,123

Energy : 11.38%
Energy Equipment & Services : 0.92%
Baker Hughes Incorporated		25,507		1,233,519
Noble Corporation plc «		99,393		1,116,183
				2,349,702

Oil, Gas & Consumable Fuels : 10.46%
Chevron Corporation		36,853		3,765,640
ConocoPhillips		62,281		2,976,409
Exxon Mobil Corporation		93,427		8,258,947
Kinder Morgan Incorporated		219,334		3,895,372
Noble Energy Incorporated		114,628		4,139,217
Valero Energy Corporation		60,134		3,540,089
				26,575,674

Financials : 28.08%
Banks : 10.44%
Bank of America Corporation		318,811		4,641,888
BOK Financial Corporation «		64,275		3,868,070
Citigroup Incorporated		101,083		4,678,121
First Republic Bank		38,473		2,705,421


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Large Company Value Fund


Security name	Shares		Value
Banks (continued)
JPMorgan Chase & Company		104,206	$	6,585,819
KeyCorp		102,896		1,264,592
SunTrust Banks Incorporated		67,081		2,799,961
				26,543,872

Capital Markets : 4.52%
Affiliated Managers Group Incorporated †		16,933		2,884,029
Ameriprise Financial Incorporated		53,483		5,129,020
Goldman Sachs Group Incorporated		21,163		3,473,060
				11,486,109

Insurance : 7.17%
American International Group Incorporated		93,722		5,231,562
Arthur J. Gallagher & Company		68,930		3,173,537
Chubb Limited		23,127		2,725,748
Endurance Specialty Holdings Limited		37,070		2,371,739
MetLife Incorporated		104,651		4,719,760
				18,222,346

REITs : 5.95%
Alexandria Real Estate Equities Incorporated		61,248		5,693,002
Equity Residential		27,057		1,841,770
Pebblebrook Hotel Trust		74,209		2,051,137
Prologis Incorporated		59,199		2,688,227
VEREIT Incorporated		320,690		2,847,727
				15,121,863

Health Care : 12.51%
Biotechnology : 3.25%
AbbVie Incorporated		34,101		2,080,161
Baxalta Incorporated		107,130		4,494,104
Gilead Sciences Incorporated		19,077		1,682,782
				8,257,047

Health Care Equipment & Supplies : 1.04%
Medtronic plc		33,377		2,641,790

Health Care Providers & Services : 1.94%
Cigna Corporation		18,141		2,513,254
HCA Holdings Incorporated †		29,881		2,409,006
				4,922,260

Pharmaceuticals : 6.28%
Allergan plc †		14,319		3,100,923
Johnson & Johnson		24,919		2,792,922
Mallinckrodt plc †		39,999		2,500,737
Merck & Company Incorporated		54,021		2,962,512
Pfizer Incorporated		140,735		4,603,442
				15,960,536

Industrials : 10.65%
Aerospace & Defense : 3.00%
Curtiss-Wright Corporation		38,011		2,910,882
Raytheon Company		18,658		2,357,438
The Boeing Company		17,505		2,359,674
				7,627,994


Wells Fargo Large Company Value Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Airlines : 0.58%
United Continental Holdings Incorporated †		32,153	$	1,472,929

Electrical Equipment : 0.96%
Eaton Corporation plc		38,718		2,449,688

Industrial Conglomerates : 1.71%
General Electric Company		140,907		4,332,890

Machinery : 1.67%
Stanley Black & Decker Incorporated		37,865		4,237,851

Road & Rail : 1.71%
Hertz Global Holdings Incorporated †		165,495		1,532,484
Norfolk Southern Corporation		31,195		2,810,981
				4,343,465

Trading Companies & Distributors : 1.02%
HD Supply Holdings Incorporated †		75,750		2,596,710

Information Technology : 10.41%
Electronic Equipment, Instruments & Components : 2.39%
Synnex Corporation		45,637		3,768,247
TE Connectivity Limited		38,756		2,305,207
				6,073,454

Internet Software & Services : 1.34%
Alphabet Incorporated Class C †		4,907		3,400,600

IT Services : 0.95%
Alliance Data Systems Corporation †		11,858		2,410,850

Semiconductors & Semiconductor Equipment : 2.49%
NXP Semiconductors NV †		47,513		4,051,909
Skyworks Solutions Incorporated		34,230		2,287,249
				6,339,158

Software : 0.56%
Citrix Systems Incorporated †		17,424		1,425,980

Technology Hardware, Storage & Peripherals : 2.68%
Apple Incorporated		23,007		2,156,676
NCR Corporation †		159,728		4,646,488
				6,803,164

Materials : 3.39%
Chemicals : 1.84%
Cabot Corporation		38,930		1,899,395
FMC Corporation		64,246		2,779,282
				4,678,677

Containers & Packaging : 1.55%
Crown Holdings Incorporated †		55,853		2,957,975
WestRock Company		23,260		973,431
				3,931,406


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Large Company Value Fund


Security name						Shares		Value
Telecommunication Services : 2.28%
Diversified Telecommunication Services : 2.28%
AT&T Incorporated							73,924	$	2,869,730
Verizon Communications Incorporated							57,652		2,936,793
									5,806,523

Utilities : 4.31%
Electric Utilities : 3.20%
Duke Energy Corporation							49,547		3,903,313
The Southern Company							84,366		4,226,735
									8,130,048

Gas Utilities : 1.11%
Atmos Energy Corporation							38,791		2,814,283

Total Common Stocks (Cost $205,798,585)									247,671,025

Short-Term Investments : 5.64%

			Yield
Investment Companies : 5.64%
Securities Lending Cash Investments LLC (l)(r)(u)				0.45	%		7,917,000		7,917,000
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43			6,409,302		6,409,302
Total Short-Term Investments (Cost $14,326,302)									14,326,302

Total investments in securities (Cost $220,124,887)*	103.09	%							261,997,327
Other assets and liabilities, net	(3.09	)							(7,854,748	)

Total net assets	100.00	%						$	254,142,579

†	Non-income-earning security

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

(l)

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

(r)

The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

(u)

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

*	Cost for federal income tax purposes is $224,164,223 and unrealized gains (losses) consists of:


Gross unrealized gains	$	48,877,108
Gross unrealized losses		(11,044,004	)

Net unrealized gains	$	37,833,104


Abbreviations:
LLC		Limited liability company
plc		Public limited company
REIT		Real estate investment trust

Wells Fargo Large Company Value Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

Security loans

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	19,728,530	$	0	$	0	$	19,728,530
Consumer staples		16,985,626		0		0		16,985,626
Energy		28,925,376		0		0		28,925,376
Financials		71,374,190		0		0		71,374,190
Health care		31,781,633		0		0		31,781,633
Industrials		27,061,527		0		0		27,061,527
Information technology		26,453,206		0		0		26,453,206
Materials		8,610,083		0		0		8,610,083
Telecommunication services		5,806,523		0		0		5,806,523
Utilities		10,944,331		0		0		10,944,331
Short-term investments
Investment companies		6,409,302		0		0		6,409,302
Investments measured at net asset value*								7,917,000

	$	254,080,327	$	0	$	0	$	261,997,327

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $7,917,000 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Omega Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 101.37%
Consumer Discretionary : 23.91%
Auto Components : 1.39%
Delphi Automotive plc		144,300	$	10,624,809

Diversified Consumer Services : 1.73%
ServiceMaster Global Holdings Incorporated †		343,612		13,167,212

Hotels, Restaurants & Leisure : 7.05%
McDonald’s Corporation		122,700		15,520,323
Starbucks Corporation		225,700		12,691,111
Vail Resorts Incorporated		92,802		12,030,851
Yum! Brands Incorporated		169,400		13,477,464
				53,719,749

Internet & Catalog Retail : 4.41%
Amazon.com Incorporated †		45,500		30,011,345
Ctrip.com International Limited ADR †«		82,500		3,597,825
				33,609,170

Media : 1.14%
Cinemark Holdings Incorporated		251,495		8,714,302

Multiline Retail : 1.33%
Dollar General Corporation		123,340		10,102,779

Specialty Retail : 4.86%
O’Reilly Automotive Incorporated †		36,600		9,614,088
The Home Depot Incorporated		204,800		27,420,672
				37,034,760

Textiles, Apparel & Luxury Goods : 2.00%
Coach Incorporated		243,700		9,813,799
Nike Incorporated Class B		92,800		5,469,632
				15,283,431

Consumer Staples : 8.38%
Beverages : 5.91%
Constellation Brands Incorporated Class A		102,900		16,058,574
Dr Pepper Snapple Group Incorporated		168,400		15,309,244
Monster Beverage Corporation †		94,800		13,672,056
				45,039,874

Tobacco : 2.47%
Reynolds American Incorporated		380,600		18,877,760

Financials : 6.47%
Capital Markets : 2.49%
Raymond James Financial Incorporated		172,302		8,988,995
SEI Investments Company		208,300		10,015,064
				19,004,059

Diversified Financial Services : 2.76%
Intercontinental Exchange Incorporated		43,700		10,489,311
S&P Global Incorporated		98,800		10,556,780
				21,046,091


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Omega Growth Fund


Security name	Shares		Value
Real Estate Management & Development : 1.22%
CBRE Group Incorporated Class A †		312,500	$	9,259,375

Health Care : 14.69%
Biotechnology : 3.51%
Alexion Pharmaceuticals Incorporated †		71,200		9,916,736
Biogen Incorporated †		21,600		5,939,784
Celgene Corporation †		53,975		5,581,555
Gilead Sciences Incorporated		59,998		5,292,424
				26,730,499

Health Care Equipment & Supplies : 5.28%
Align Technology Incorporated †		139,500		10,070,505
Baxter International Incorporated		116,600		5,156,052
Boston Scientific Corporation †		501,800		10,999,456
Intuitive Surgical Incorporated †		18,600		11,650,296
Teleflex Incorporated		15,268		2,378,449
				40,254,758

Health Care Providers & Services : 2.64%
UnitedHealth Group Incorporated		152,700		20,107,536

Health Care Technology : 0.36%
Veeva Systems Incorporated Class A †		100,029		2,751,798

Pharmaceuticals : 2.90%
Bristol-Myers Squibb Company		306,600		22,130,388

Industrials : 10.16%
Aerospace & Defense : 1.13%
Orbital ATK Incorporated		99,400		8,647,800

Airlines : 1.03%
Delta Air Lines Incorporated		187,600		7,817,292

Commercial Services & Supplies : 1.97%
KAR Auction Services Incorporated		399,948		15,038,045

Electrical Equipment : 1.06%
Acuity Brands Incorporated		33,000		8,048,370

Industrial Conglomerates : 1.23%
Carlisle Companies Incorporated		91,600		9,334,040

Machinery : 0.53%
Proto Labs Incorporated †«		67,802		4,056,594

Professional Services : 1.05%
Verisk Analytics Incorporated †		103,100		7,998,498

Road & Rail : 1.06%
J.B. Hunt Transport Services Incorporated		97,800		8,105,664

Trading Companies & Distributors : 1.10%
HD Supply Holdings Incorporated †		244,877		8,394,384

Information Technology : 32.63%
Communications Equipment : 2.49%
Harris Corporation		129,900		10,393,299
Palo Alto Networks Incorporated †		56,800		8,569,416
				18,962,715


Wells Fargo Omega Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name						Shares		Value
Internet Software & Services : 12.10%
Alphabet Incorporated Class A †							34,700	$	24,563,436
Alphabet Incorporated Class C †							26,385		18,285,069
CoStar Group Incorporated †							47,500		9,372,225
Facebook Incorporated Class A †							252,100		29,641,918
Tencent Holdings Limited ADR							512,600		10,405,780
									92,268,428

IT Services : 7.94%
Alliance Data Systems Corporation †							21,600		4,391,496
Broadridge Financial Solutions Incorporated							137,669		8,238,113
EPAM Systems Incorporated †							168,741		12,306,281
PayPal Holdings Incorporated †							295,800		11,589,444
Visa Incorporated Class A							310,404		23,975,605
									60,500,939

Software : 6.99%
Adobe Systems Incorporated †							113,100		10,656,282
Salesforce.com Incorporated †							141,900		10,756,020
ServiceNow Incorporated †							161,600		11,551,168
Take-Two Interactive Software Incorporated †							370,000		12,646,600
Tyler Technologies Incorporated †							52,600		7,701,166
									53,311,236

Technology Hardware, Storage & Peripherals : 3.11%
Apple Incorporated							252,500		23,669,350

Materials : 2.98%
Chemicals : 1.69%
The Sherwin-Williams Company							44,900		12,900,219

Construction Materials : 1.29%
Vulcan Materials Company							91,600		9,858,908

Telecommunication Services : 2.15%
Diversified Telecommunication Services : 2.15%
SBA Communications Corporation Class A †							63,002		6,491,725
Zayo Group Holdings Incorporated †							380,200		9,869,992
									16,361,717

Total Common Stocks (Cost $624,690,173)									772,732,549


			Yield
Short-Term Investments : 1.35%
Investment Companies : 1.35%
Securities Lending Cash Investments LLC (l)(r)(u)				0.45	%		8,639,900		8,639,900
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43			1,633,885		1,633,885
Total Short-Term Investments (Cost $10,273,785)									10,273,785

Total investments in securities (Cost $634,963,958)*	102.72	%							783,006,334
Other assets and liabilities, net	(2.72	)							(20,754,620	)

Total net assets	100.00	%						$	762,251,714

†	Non-income-earning security

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

(l)

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


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Omega Growth Fund

(r)

The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

(u)

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

*	Cost for federal income tax purposes is $637,023,234 and unrealized gains (losses) consists of:


Gross unrealized gains	$	161,187,520
Gross unrealized losses		(15,204,420	)

Net unrealized gains	$	145,983,100


Abbreviations:
ADR		American depositary receipt
LLC		Limited liability company
plc		Public limited company

Wells Fargo Omega Growth Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

Security loans

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	182,256,212	$	0	$	0	$	182,256,212
Consumer staples		63,917,634		0		0		63,917,634
Financials		49,309,525		0		0		49,309,525
Health care		111,974,979		0		0		111,974,979
Industrials		77,440,687		0		0		77,440,687
Information technology		248,712,668		0		0		248,712,668
Materials		22,759,127		0		0		22,759,127
Telecommunication services		16,361,717		0		0		16,361,717
Short-term investments
Investment companies		1,633,885		0		0		1,633,885
Investments measured at net asset value*								8,639,900

Total assets	$	774,366,434	$	0	$	0	$	783,006,334

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $8,639,900 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Premier Large Company Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Common Stocks : 99.49%
Consumer Discretionary : 25.23%
Auto Components : 0.70%
Delphi Automotive plc		343,560	$	25,296,323

Distributors : 1.97%
LKQ Corporation †		2,239,730		71,783,347

Hotels, Restaurants & Leisure : 2.35%
Hilton Worldwide Holdings Incorporated		435,800		9,609,390
Starbucks Corporation		1,352,970		76,077,503
				85,686,893

Internet & Catalog Retail : 4.45%
Amazon.com Incorporated †		225,900		149,001,376
Netflix Incorporated †		144,180		12,980,525
				161,981,901

Media : 1.80%
Charter Communication Incorporated Class A †«		63,890		13,560,014
The Walt Disney Company		503,750		52,017,225
				65,577,239

Multiline Retail : 4.63%
Dollar General Corporation		851,890		69,778,310
Dollar Tree Incorporated †		1,237,390		98,632,357
				168,410,667

Specialty Retail : 6.48%
CarMax Incorporated †«		977,960		51,782,982
The Home Depot Incorporated		489,240		65,504,344
The TJX Companies Incorporated		670,440		50,832,761
Tractor Supply Company		714,770		67,660,128
				235,780,215

Textiles, Apparel & Luxury Goods : 2.85%
Nike Incorporated Class B		893,590		52,668,195
Under Armour Incorporated Class A †«		449,830		19,765,530
Under Armour Incorporated Class C †		456,710		18,633,768
VF Corporation		201,620		12,712,141
				103,779,634

Consumer Staples : 6.21%
Beverages : 1.74%
Constellation Brands Incorporated Class A		113,080		17,647,265
The Coca-Cola Company		1,020,600		45,722,880
				63,370,145

Food & Staples Retailing : 3.02%
Costco Wholesale Corporation		315,560		46,743,903
CVS Health Corporation		347,410		34,914,705


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Premier Large Company Growth Fund


Security name	Shares		Value
Food & Staples Retailing (continued)
Sprouts Farmers Market Incorporated †		1,013,862	$	28,459,106
				110,117,714

Household Products : 0.56%
Colgate-Palmolive Company		285,610		20,255,461

Personal Products : 0.89%
The Estee Lauder Companies Incorporated Class A		338,250		32,428,028

Energy : 1.41%
Energy Equipment & Services : 0.35%
Schlumberger Limited		156,600		12,581,244

Oil, Gas & Consumable Fuels : 1.06%
Concho Resources Incorporated †		332,510		38,627,687

Financials : 1.55%
Capital Markets : 1.00%
TD Ameritrade Holding Corporation		1,222,300		36,461,209

REITs : 0.55%
American Tower Corporation		191,780		20,113,886

Health Care : 14.81%
Biotechnology : 7.52%
Alexion Pharmaceuticals Incorporated †		596,014		83,012,830
BioMarin Pharmaceutical Incorporated †		677,150		57,341,062
Celgene Corporation †		558,778		57,783,233
Incyte Corporation †		119,350		8,625,425
Regeneron Pharmaceuticals Incorporated †		118,290		44,561,026
Vertex Pharmaceuticals Incorporated †		265,350		22,379,619
				273,703,195

Health Care Equipment & Supplies : 2.40%
Intuitive Surgical Incorporated †		28,020		17,550,607
Medtronic plc		880,732		69,709,938
				87,260,545

Health Care Providers & Services : 0.30%
AmerisourceBergen Corporation		126,920		10,800,892

Health Care Technology : 1.29%
Cerner Corporation †		836,890		46,983,005

Life Sciences Tools & Services : 1.23%
Quintiles Transnational Holdings Incorporated †		647,687		44,735,741

Pharmaceuticals : 2.07%
Allergan plc †		34,210		7,408,518
Bristol-Myers Squibb Company		687,940		49,655,509
Zoetis Incorporated		389,970		18,340,289
				75,404,316


Wells Fargo Premier Large Company Growth Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Shares		Value
Industrials : 9.01%
Aerospace & Defense : 1.36%
Honeywell International Incorporated		196,460	$	22,449,484
The Boeing Company		200,430		27,017,964
				49,467,448

Air Freight & Logistics : 1.14%
United Parcel Service Incorporated Class B		395,310		41,535,222

Airlines : 1.82%
Southwest Airlines Company		1,482,070		66,115,143

Industrial Conglomerates : 0.94%
Danaher Corporation		353,890		34,238,858

Road & Rail : 3.75%
Canadian Pacific Railway Limited		76,690		11,062,533
Kansas City Southern		502,610		47,622,298
Union Pacific Corporation		893,940		77,978,386
				136,663,217

Information Technology : 38.40%
Communications Equipment : 0.84%
Palo Alto Networks Incorporated †		201,270		30,365,605

Internet Software & Services : 11.37%
Alphabet Incorporated Class A †		258,700		183,128,556
Alphabet Incorporated Class C †		51,358		35,591,608
Facebook Incorporated Class A †		1,660,090		195,193,382
				413,913,546

IT Services : 8.77%
Accenture plc Class A		253,020		28,571,018
Alliance Data Systems Corporation †		71,330		14,502,102
Cognizant Technology Solutions Corporation Class A †		966,400		56,408,768
MasterCard Incorporated Class A		911,480		88,404,445
PayPal Holdings Incorporated †		914,940		35,847,349
Visa Incorporated Class A		1,233,690		95,290,216
				319,023,898

Semiconductors & Semiconductor Equipment : 7.10%
ARM Holdings plc ADR		1,004,237		41,364,522
Broadcom Limited		389,583		56,781,722
Microchip Technology Incorporated «		2,239,750		108,829,453
Texas Instruments Incorporated		903,160		51,516,246
				258,491,943

Software : 7.84%
Adobe Systems Incorporated †		426,370		40,172,581
Fortinet Incorporated †		1,655,660		53,825,507
Microsoft Corporation		1,234,380		61,558,531
Red Hat Incorporated †		428,430		31,433,909
Salesforce.com Incorporated †		382,190		28,970,002
ServiceNow Incorporated †		305,620		21,845,718
Splunk Incorporated †		699,880		36,379,762


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Premier Large Company Growth Fund


Security name						Shares		Value
Software (continued)
Tableau Software Incorporated Class A †							215,964	$	11,165,339
									285,351,349

Technology Hardware, Storage & Peripherals : 2.48%
Apple Incorporated							963,880		90,354,111

Materials : 2.87%
Chemicals : 2.87%
Ecolab Incorporated							641,660		73,778,067
Praxair Incorporated							262,030		30,778,044
									104,556,111

Total Common Stocks (Cost $2,472,379,766)									3,621,215,738


			Yield
Short-Term Investments : 4.48%
Investment Companies : 4.48%
Securities Lending Cash Investments LLC (l)(r)(u)				0.45	%		147,253,636		147,253,636
Wells Fargo Cash Investment Money Market Fund Select Class (l)(u)				0.43			15,906,941		15,906,941
Total Short-Term Investments (Cost $163,160,577)									163,160,577

Total investments in securities (Cost $2,635,540,343)*	103.97	%							3,784,376,315
Other assets and liabilities, net	(3.97	)							(144,659,779	)

Total net assets	100.00	%						$	3,639,716,536

†	Non-income-earning security

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

(l)

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

(r)

The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

(u)

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

*	Cost for federal income tax purposes is $2,645,849,830 and unrealized gains (losses) consists of:


Gross unrealized gains	$	1,187,187,407
Gross unrealized losses		(48,660,922	)

Net unrealized gains	$	1,138,526,485


Abbreviations:
ADR		American depositary receipt
LLC		Limited liability company
plc		Public limited company
REIT		Real estate investment trust

Wells Fargo Premier Large Company Growth Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

Security loans

Fair valuation measurements

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, use of amortized cost, 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 April 30, 2016:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	918,296,219	$	0	$	0	$	918,296,219
Consumer staples		226,171,348		0		0		226,171,348
Energy		51,208,931		0		0		51,208,931
Financials		56,575,095		0		0		56,575,095
Health care		538,887,694		0		0		538,887,694
Industrials		328,019,888		0		0		328,019,888
Information technology		1,397,500,452		0		0		1,397,500,452
Materials		104,556,111		0		0		104,556,111
Short-term investments
Investment companies		15,906,941		0		0		15,906,941
Investments measured at net asset value*								147,253,636

Total assets	$	3,637,122,679	$	0		0	$	3,784,376,315

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $147,253,636 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo 100% Treasury Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Treasury Debt : 93.01%
U.S. Treasury Bill (z)				0.19	%		5-26-2016	$	696,990,000	$	696,890,269
U.S. Treasury Bill (z)				0.20			5-19-2016		608,390,000		608,322,342
U.S. Treasury Bill (z)				0.23			7-21-2016		510,000,000		509,737,334
U.S. Treasury Bill (z)				0.24			7-14-2016		235,000,000		234,887,539
U.S. Treasury Bill (z)				0.24			7-7-2016		350,000,000		349,844,717
U.S. Treasury Bill (z)				0.25			7-28-2016		515,000,000		514,695,077
U.S. Treasury Bill (z)				0.30			6-30-2016		400,000,000		399,802,678
U.S. Treasury Bill (z)				0.30			6-23-2016		400,000,000		399,825,655
U.S. Treasury Bill (z)				0.31			6-9-2016		993,430,000		993,107,469
U.S. Treasury Bill (z)				0.31			5-12-2016		200,000,000		199,982,611
U.S. Treasury Bill (z)				0.32			6-2-2016		200,000,000		199,944,544
U.S. Treasury Bill (z)				0.33			6-16-2016		400,000,000		399,833,125
U.S. Treasury Bill (z)				0.35			5-5-2016		500,000,000		499,985,563
U.S. Treasury Bond				7.25			5-15-2016		130,000,000		130,318,913
U.S. Treasury Note				0.25			5-15-2016		20,000,000		19,997,974
U.S. Treasury Note ±				0.30			10-31-2016		200,000,000		199,953,808
U.S. Treasury Note ±				0.32			7-31-2016		160,000,000		160,002,223
U.S. Treasury Note ±				0.32			4-30-2017		200,000,000		200,001,913
U.S. Treasury Note ±				0.33			7-31-2017		210,000,000		209,942,315
U.S. Treasury Note ±				0.42			10-31-2017		200,000,000		199,825,498
U.S. Treasury Note				0.50			6-15-2016		225,000,000		225,038,545
U.S. Treasury Note				0.50			6-30-2016		65,000,000		65,014,126
U.S. Treasury Note ±				0.52			1-31-2018		180,000,000		180,075,997
U.S. Treasury Note				0.63			7-15-2016		60,000,000		60,015,002
U.S. Treasury Note				0.63			8-15-2016		30,000,000		30,020,710
U.S. Treasury Note				0.63			12-31-2016		30,000,000		30,021,634
U.S. Treasury Note				0.88			11-30-2016		50,000,000		50,122,073
U.S. Treasury Note				0.88			12-31-2016		30,000,000		30,071,137
U.S. Treasury Note ±%%				0.53			4-30-2018		40,000,000		40,002,413
U.S. Treasury Note				1.50			6-30-2016		55,000,000		55,093,556
U.S. Treasury Note				1.50			7-31-2016		60,000,000		60,155,873
U.S. Treasury Note				1.75			5-31-2016		75,000,000		75,084,078
U.S. Treasury Note				2.75			11-30-2016		30,000,000		30,398,222
U.S. Treasury Note				3.00			8-31-2016		50,000,000		50,390,902
U.S. Treasury Note				3.13			10-31-2016		15,000,000		15,199,098
U.S. Treasury Note				3.25			6-30-2016		40,000,000		40,176,994
U.S. Treasury Note ##				3.25			7-31-2016		50,000,000		50,325,472
U.S. Treasury Note				5.13			5-15-2016		270,000,000		270,460,451
Total Treasury Debt (Cost $8,484,567,850)											8,484,567,850

Total investments in securities (Cost $8,484,567,850)*	93.01	%									8,484,567,850
Other assets and liabilities, net	6.99										637,261,754

Total net assets	100.00	%								$	9,121,829,604

(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 issued on a when-issued basis.

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

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

Wells Fargo 100% Treasury Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

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 Management Valuation Team of Wells Fargo Funds Management, LLC. 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 Management Valuation Team 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.

Fair valuation measurements

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, use of amortized cost, 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.

At April 30, 2016, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.


Wells Fargo California Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations : 93.48%
California : 93.48%
Other Municipal Debt : 17.87%
California Department of Water Resources & Power Supply Series M (Utilities Revenue)		4.00	%		5-1-2016	$	15,585,000	$	15,585,000
California State Economic Recovery Series A (Tax Revenue) §		5.00			7-1-2022		7,625,000		7,682,395
California State GO Series A2 (GO Revenue)		0.13			5-10-2016		7,000,000		7,000,000
California State GO Series A2 (GO Revenue)		0.13			5-11-2016		8,750,000		8,750,000
California State GO Series A2 (GO Revenue)		0.44			6-1-2016		7,000,000		7,000,000
California State GO Series A2 (GO Revenue)		0.45			5-3-2016		5,000,000		5,000,000
Los Angeles County CA Capital Asset Leasing Corporation Series B (Miscellaneous Revenue)		0.45			5-17-2016		25,000,000		25,000,000
Los Angeles County CA Schools Pooled Financing Program Series A1 (Miscellaneous Revenue)		2.00			6-1-2016		7,000,000		7,009,594
Los Angeles County CA Schools Pooled Financing Program Series A2 (Miscellaneous Revenue)		2.00			6-1-2016		5,000,000		5,006,812
Los Angeles County CA Schools Pooled Financing Program Series A3 (Miscellaneous Revenue)		2.00			6-30-2016		2,220,000		2,225,810
Los Angeles County CA TRAN Series 2015 (GO Revenue)		2.00			6-30-2016		29,500,000		29,582,869
Los Angeles County CA TRAN Series 2015 (Miscellaneous Revenue)		5.00			6-30-2016		25,000,000		25,191,146
San Diego CA Water Authority Series 7 (Utilities Revenue)		0.50			5-11-2016		6,250,000		6,250,000
San Francisco County CA Airport Commission Series A3 (Airport Revenue)		0.26			5-11-2016		10,000,000		10,000,000
San Francisco County CA Series 3 (Tax Revenue)		0.12			5-9-2016		24,275,000		24,275,000
San Jose CA Unified School District Santa Clara County Election of 2002 Series C (GO Revenue, National Insured)		5.00			8-1-2017		1,295,000		1,310,347
University of California Series D (Education Revenue, National Insured) §		5.00			5-15-2020		2,000,000		2,023,440
									188,892,413

Variable Rate Demand Notes ø: 75.61%
Alameda CA PFA MFHR Eagle Parrot Project Series A (Housing Revenue, FNMA LOC, FNMA Insured)		0.41			5-15-2035		1,455,000		1,455,000
Anaheim CA Housing Authority Cobblestone Apartments Series B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			3-15-2033		3,580,000		3,580,000
Association of Bay Area Governments Finance Authority for Nonprofit Corporation California Housing Eastridge Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.42			6-15-2030		2,345,000		2,345,000
Association of Bay Area Governments Finance Authority for Nonprofit Corporation California MFHR Fine Arts Building Projects Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.46			7-15-2035		6,100,000		6,100,000
Association of Bay Area Governments Finance Authority for Nonprofit Corporation California San Francisco University High School Series A (Education Revenue, Northern Trust Company LOC)		0.41			4-1-2035		2,185,000		2,185,000
Association of Bay Area Governments Finance Authority for Nonprofit Corporation California San Francisco University High School Series A (Education Revenue, Northern Trust Company LOC)		0.41			4-1-2036		5,895,000		5,895,000
Bakersfield CA Waste Water Tender Option Bond Trust Receipts/Certificates Series XM0076 (Water & Sewer Revenue, AGM Insured, Bank of America NA LIQ) 144A		0.52			9-15-2032		7,975,000		7,975,000
Barclays Capital Municipal Trust Receipts Series 11B (Education Revenue, Barclays Bank plc LIQ) 144A		0.42			10-1-2038		6,310,000		6,310,000
Barclays Capital Municipal Trust Receipts Series 2W (Water & Sewer Revenue, Barclays Bank plc LIQ) 144A		0.42			6-1-2034		7,500,000		7,500,000
Burbank CA Unified School District Series 2013 ROC RR II R-14055 (GO Revenue, Citibank NA LIQ) 144A		0.44			2-1-2021		5,520,000		5,520,000
California Alternative Energy Source Financing Authority GE Capital Corporation Series A (Utilities Revenue)		0.41			10-1-2020		25,330,000		25,330,000
California CDA Arbor Ridge Apartments Series B (Tobacco Revenue, FHLMC LIQ)		0.46			11-1-2036		9,500,000		9,500,000
California CDA Charter Court Apartments Series L (Housing Revenue, FHLMC LIQ)		0.45			9-1-2040		3,555,000		3,555,000
California CDA MFHR Desert Palms Series A (Housing Revenue, FHLMC LOC)		0.49			8-1-2045		7,000,000		7,000,000
California CDA MFHR Granite Oaks Apartments Series R (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			10-15-2030		3,985,000		3,985,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo California Municipal Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
California CDA MFHR Imperial Park Apartments Series OO (Housing Revenue, FHLMC LOC)		0.45	%		11-1-2040	$	6,620,000	$	6,620,000
California CDA Motion Picture & Television Fund Series A (Health Revenue, Northern Trust Company LOC)		0.50			3-1-2031		8,550,000		8,550,000
California CDA Oakmont Senior Living Series Y (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			8-1-2031		9,100,000		9,100,000
California CDA Seasons Senior Apartments Series B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			5-15-2037		5,265,000		5,265,000
California CDA Sunrise of Danville Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			5-1-2027		6,165,000		6,165,000
California CDA Sutter Health Series A (Health Revenue, Ambac Insured, Credit Suisse LIQ) 144A		0.45			8-15-2038		6,000,000		6,000,000
California CDA Sutter Health Series B (Health Revenue, Credit Suisse LIQ) 144A		0.45			11-15-2048		13,713,253		13,713,253
California CDA Sutter Health Series C (Health Revenue, AGM Insured, Citibank NA LIQ) 144A		0.44			8-15-2032		6,825,000		6,825,000
California CDA Tyrella Gardens Apartments Series B (Housing Revenue, Citibank NA LOC)		0.43			6-1-2036		140,000		140,000
California CDA Village at Hesperia Series CCC (Housing Revenue, FNMA Insured, FNMA LIQ)		0.42			11-15-2039		2,300,000		2,300,000
California Deutsche Bank SPEAR/LIFER Trust Series DBE-364 (Miscellaneous Revenue, AGM/FGIC/Ambac Insured, Deutsche Bank LIQ) 144A		0.73			6-1-2047		28,000,000		28,000,000
California Enterprise Development Authority Pocino Foods Company Project Series A (Industrial Development Revenue, City National Bank LOC)		0.44			11-1-2033		7,550,000		7,550,000
California GO Kindergarten Series A2 (GO Revenue, State Street Bank & Trust Company LOC)		0.24			5-1-2034		12,655,000		12,655,000
California HFA Home Mortgage Series B (Housing Revenue, Bank of America NA LOC)		0.43			2-1-2035		3,410,000		3,410,000
California HFA Series 3206 (Housing Revenue, Morgan Stanley Bank LIQ) 144A		0.64			8-1-2037		13,695,000		13,695,000
California HFFA Catholic Healthcare West Series C (Health Revenue, Bank of Montreal LOC)		0.39			3-1-2047		2,000,000		2,000,000
California HFFA Tender Option Bond Trust Receipts Certificates Series XF0236 (Health Revenue, TD Bank NA LIQ) 144A		0.44			8-15-2031		9,500,000		9,500,000
California Infrastructure & Economic Development Bank Canyon Plastics Incorporated Project Series A (Industrial Development Revenue, Bank of the West LOC)		0.51			12-1-2039		1,885,000		1,885,000
California Infrastructure & Economic Development Bank Loyola High School Project (Miscellaneous Revenue, First Republic Bank LOC)		0.41			12-1-2035		1,130,000		1,130,000
California Infrastructure & Economic Development Bank Pacific Gas & Electric Company Series A (Utilities Revenue, Union Bank NA LOC)		0.26			11-1-2026		2,200,000		2,200,000
California Infrastructure & Economic Development Bank Pacific Gas & Electric Company Series B (Utilities Revenue, Union Bank NA LOC)		0.26			11-1-2026		4,000,000		4,000,000
California Infrastructure & Economic Development Bank ROC RR-II-R-11527 (Transportation Revenue, Ambac Insured, Citibank NA LIQ) 144A		0.44			7-1-2030		9,900,000		9,900,000
California Infrastructure & Economic Development Bank Saddleback Valley Christian Schools Project Series A (Miscellaneous Revenue, East West Bank LOC) 144A		0.42			12-1-2040		14,250,000		14,250,000
California Infrastructure & Economic Development Bank Society For The Blind Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.44			1-1-2037		1,990,000		1,990,000
California Municipal Finance Authority High Desert Partnership (Education Revenue, Union Bank NA LOC)		0.47			4-1-2042		1,240,000		1,240,000
California Municipal Finance Authority Pacific Institute Series A (Housing Revenue, California Bank & Trust LOC)		0.41			8-1-2037		2,300,000		2,300,000
California Municipal Finance Authority San Francisco Planning Project Series A (Industrial Development Revenue, Pacific Capital Bank NA LOC)		0.38			12-1-2042		4,500,000		4,500,000
California PCFA Pacific Gas & Electric Project Series B (Utilities Revenue, Canadian Imperial Bank LOC)		0.30			11-1-2026		7,400,000		7,400,000
California PCFA Pacific Gas & Electric Project Series C (Utilities Revenue, Mizuho Bank Limited LOC)		0.28			11-1-2026		8,000,000		8,000,000


Wells Fargo California Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
California PCFA Pacific Gas & Electric Project Series E (Utilities Revenue, Sumitomo Mitsui Banking LOC)		0.27	%		11-1-2026	$	12,690,000	$	12,690,000
California PCFA Solid Waste John B. & Ann M. Verwey Project (Resource Recovery Revenue, CoBank LOC)		0.48			5-1-2028		3,400,000		3,400,000
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, CoBank LOC)		0.51			11-1-2027		6,000,000		6,000,000
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, Rabobank LOC)		0.53			11-1-2027		1,400,000		1,400,000
California PCFA Waste Connection Incorporated Project (Resource Recovery Revenue, Bank of America NA LOC)		0.47			8-1-2018		10,100,000		10,100,000
California Statewide CDA Crossings UHC Madera Series B (Housing Revenue, Citibank NA LOC)		0.42			1-1-2038		2,670,000		2,670,000
California Statewide CDA Subseries B (Utilities Revenue, Royal Bank of Canada SPA)		0.49			11-1-2040		7,860,000		7,860,000
California Statewide Communities Concord Green Apartments Project (Housing Revenue, East West Bank LOC)		0.45			6-1-2028		8,700,000		8,700,000
California Statewide Communities Various Housing Hermosa Vista Apartments Series XX (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			5-15-2036		4,000,000		4,000,000
California Statewide University of San Francisco Series B (Education Revenue, JPMorgan Chase & Company LOC)		0.40			10-1-2035		100,000		100,000
California Tender Option Bond Trust Receipts/Certificates Series XF0279 (GO Revenue, State Street Bank & Trust Company LIQ) 144A		0.43			7-1-2042		10,000,000		10,000,000
California Tender Option Bond Trust Receipts/Certificates Series XF2168 (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.44			7-1-2022		1,140,000		1,140,000
California Tender Option Bond Trust Receipts/Certificates Series XF2169 (GO Revenue, Citibank NA LIQ) 144A		0.44			8-1-2022		1,200,000		1,200,000
California Tender Option Bond Trust Receipts/Certificates Series XF2170 (Airport Revenue, Citibank NA LIQ) 144A		0.44			5-15-2023		2,000,000		2,000,000
California Tender Option Bond Trust Receipts/Certificates Series XM0147 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.48			1-1-2039		10,000,000		10,000,000
California Tender Option Bond Trust Receipts/Certificates Series ZF0261 (Water & Sewer Revenue, TD Bank NA LIQ) 144A		0.44			11-1-2039		7,850,000		7,850,000
California Tender Option Bond Trust Receipts/Certificates Series ZF0300 (Education Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.49			5-1-2030		4,775,000		4,775,000
California Tender Option Bond Trust Receipts/Certificates Series ZF0323 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		0.47			2-1-2019		5,340,000		5,340,000
California Tender Option Bond Trust Receipts/Certificates Series ZM0163 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.41			3-29-2017		4,100,000		4,100,000
California University Systemwide Series A (Education Revenue, AGM Insured, Credit Suisse LIQ) 144A		0.53			11-1-2033		5,685,000		5,685,000
California University Tender Option Bond Trust Receipts/Certificates Series ZF0177 (Education Revenue, JPMorgan Chase & Company LIQ) 144A		0.44			5-15-2021		1,400,000		1,400,000
California University Tender Option Bond Trust Receipts/Certificates Series ZF0178 (Education Revenue, JPMorgan Chase & Company LIQ) 144A		0.44			5-15-2021		500,000		500,000
California University Tender Option Bond Trust Receipts/Certificates Series ZM0090 (Education Revenue, JPMorgan Chase & Company LIQ) 144A		0.44			5-1-2023		3,580,000		3,580,000
Elsinore Valley CA Municipal Water District Series A Eclipse Funding Trust Solar Eclipse 2007-0069 (Miscellaneous Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.43			7-1-2034		10,650,000		10,650,000
Irvine CA Improvement Bond Act of 1915 Reassessment District #05-21 Series A (Miscellaneous Revenue, U.S. Bank NA LOC) 144A		0.23			9-2-2050		1,900,000		1,900,000
Irvine CA Improvement Bond Act of 1915 Reassessment District #87-8 (Miscellaneous Revenue, State Street Bank & Trust Company LOC)		0.23			9-2-2024		100,000		100,000
Irvine CA Improvement Bond Act of 1915 Reassessment District #97-17 (Miscellaneous Revenue, State Street Bank & Trust Company LOC)		0.23			9-2-2023		21,200,000		21,200,000
Irvine Ranch CA Water District Series A (Water & Sewer Revenue, U.S. Bank NA LOC)		0.26			10-1-2041		200,000		200,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3841 (Transportation Revenue, Ambac Insured, JPMorgan Chase & Company LIQ) 144A		0.43			7-1-2024		26,070,000		26,070,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3974Z (GO Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.47			8-1-2016		3,960,000		3,960,000
JPMorgan Chase PUTTER/DRIVER Trust Series 4414 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		0.44			5-15-2021		5,000,000		5,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo California Municipal Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Los Angeles CA Certificate of Participation Samuel A. Fryer Yavney Series A (Education Revenue, California Bank & Trust LOC)		0.41	%		8-1-2038	$	7,150,000	$	7,150,000
Los Angeles CA Community RDA Security Building Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.46			12-15-2034		6,290,000		6,290,000
Los Angeles CA Department of Water & Power Series B1 (Utilities Revenue, Barclays Bank plc SPA)		0.40			7-1-2034		15,600,000		15,600,000
Los Angeles CA Department of Water & Power Sub Series B6 (Utilities Revenue, Bank of Montreal SPA)		0.23			7-1-2034		100,000		100,000
Los Angeles CA IDA Megatoys Project (Industrial Development Revenue, East West Bank LOC)		0.50			7-1-2031		3,000,000		3,000,000
Los Angeles CA Tender Option Bond Trust Receipts/Certificates Series XF0041 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		0.49			11-15-2025		8,000,000		8,000,000
Los Angeles CA Tender Option Bond Trust Receipts/Certificates Series YX1001 (Airport Revenue, Barclays Bank plc LIQ) 144A		0.43			5-15-2034		4,690,000		4,690,000
Los Angeles CA Tender Option Bond Trust Receipts/Certificates Series ZF0158 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		0.49			8-1-2022		3,060,000		3,060,000
Manteca CA RDA Amended Merger Project (Tax Revenue, State Street Bank & Trust Company LOC)		0.23			10-1-2042		9,915,000		9,915,000
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.45			9-15-2024		3,975,000		3,975,000
Mountain View CA Multifamily Housing Villa Mariposa Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.43			2-15-2017		9,800,000		9,800,000
Northern California Power Agency Hydroelectric Project Series A (Utilities Revenue, Bank of Montreal LOC)		0.40			7-1-2032		14,200,000		14,200,000
Petaluma CA Community Development Commission MFHR Oakmont at Petaluma Series A (Health Revenue, U.S. Bank NA LOC)		0.44			4-1-2026		500,000		500,000
Sacramento CA Housing Authority Lofts at Natomas Apartments Series F (Housing Revenue, FNMA Insured, FNMA LIQ)		0.42			6-15-2036		5,190,000		5,190,000
Sacramento CA MUD Tender Option Bond Trust Receipts/Certificates Series XM0067 (Utilities Revenue, Bank of America NA LIQ) 144A		0.67			8-15-2026		8,680,000		8,680,000
Sacramento County CA Housing Authority Logan Park Apartments Series E (Housing Revenue, FHLMC LOC)		0.45			5-1-2042		10,000,000		10,000,000
Sacramento County CA Housing Authority MFHR Cascades Series D (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			9-15-2035		6,535,000		6,535,000
Sacramento County CA Housing Authority Shadowood Apartments Project Issue A (Housing Revenue, FHLMC LIQ)		0.42			12-1-2022		13,600,000		13,600,000
Sacramento County CA Housing Authority Shenandoah Apartments Series F (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			9-15-2036		5,205,000		5,205,000
Sacramento County CA River Pointe Housing Authority Apartments Series B (Housing Revenue, FNMA LOC, FNMA Insured)		0.42			8-15-2027		10,000,000		10,000,000
Sacramento County CA Sanitation Districts Financing Authority PUTTER Series 2821 (Water & Sewer Revenue, AGM/FGIC Insured, JPMorgan Chase & Company LIQ) 144A		0.48			3-1-2026		6,620,000		6,620,000
San Bernardino County CA MFHR Green Valley Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			5-15-2029		6,115,000		6,115,000
San Bernardino County CA Parkview Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			2-15-2027		1,800,000		1,800,000
San Diego County CA Community College District Royal Bank of Canada Municipal Products Incorporated Series O-8 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.41			8-1-2019		11,000,000		11,000,000
San Francisco CA City & County Public Utilities Commission PFOTER PT-4723 (Water & Sewer Revenue, Bank of America NA LIQ) 144A		0.42			11-1-2036		18,660,000		18,660,000
San Francisco CA City & County RDA Maria Manor Apartments Series F (Housing Revenue, Citibank NA LOC)		0.42			12-1-2033		1,125,000		1,125,000
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, Citibank NA LOC)		0.41			12-1-2033		3,400,000		3,400,000
San Francisco CA City & County RDA Orlando Cepeda Place Series D (Housing Revenue, Citibank NA LOC)		0.44			11-1-2033		5,925,000		5,925,000
San Francisco CA Tender Option Bond Trust Receipts/Certificates Series XF0226 (Water & Sewer Revenue, State Street Bank & Trust Company LIQ) 144A		0.44			11-1-2043		4,130,000		4,130,000
San Francisco City & County CA Public Utilities Commission Series 3153X (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.47			11-1-2039		1,509,500		1,509,500
San Francisco City & County CA RDA Fillmore Center 1999 Issue B1 (Housing Revenue, FHLMC LIQ)		0.42			12-1-2017		27,500,000		27,500,000


Wells Fargo California Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
San Joaquin CA Delta Community College Tender Option Bond Trust Receipts/Certificates Series ZF0180 (GO Revenue, JPMorgan Chase & Company LIQ) 144A				0.51	%		8-1-2022	$	2,415,000	$	2,415,000
San Jose CA MFHR Raintree Apartments Series A (Housing Revenue, FHLMC LIQ)				0.45			2-1-2038		10,600,000		10,600,000
San Jose CA Turnleaf Apartments Series A (Housing Revenue, FHLMC LIQ)				0.45			6-1-2036		4,230,000		4,230,000
San Luis Obispo County CA Community College District Series ZF2097 (GO Revenue, Morgan Stanley Bank LIQ) 144A				0.50			8-1-2040		3,290,000		3,290,000
San Luis Obispo County CA Community College District Series ZF2098 (GO Revenue, Morgan Stanley Bank LIQ) 144A				0.50			8-1-2040		3,290,000		3,290,000
San Luis Obispo County CA Financing Authority Series 3030 Nacimiento Water Project Series A (Water & Sewer Revenue, BHAC/MBIA Insured, Morgan Stanley Bank LIQ) 144A				0.47			9-1-2038		23,570,000		23,570,000
San Marcos CA Unified School District Series 3269 (GO Revenue, Morgan Stanley Bank LIQ) 144A				0.47			8-1-2031		5,000,000		5,000,000
San Mateo County CA Community College CAB Series B (Education Revenue, National Insured, Deutsche Bank LIQ) 144A				0.68			9-1-2036		23,610,000		23,610,000
Tahoe Forest California Hospital District (Health Revenue, U.S. Bank NA LOC)				0.23			7-1-2033		2,140,000		2,140,000
Ventura County CA Community College District Series 2015 PUTTER Series XF0138 (GO Revenue, JPMorgan Chase & Company LIQ) 144A				0.44			2-1-2023		6,000,000		6,000,000
											799,507,753

Total Municipal Obligations (Cost $988,400,166)											988,400,166

Other : 3.10%
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) ±§144A				0.54			3-1-2040		6,000,000		6,000,000
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 5 (Citibank NA LIQ) ±§144A				0.53			8-1-2040		9,000,000		9,000,000
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ ) ±§144A				0.53			8-1-2040		17,800,000		17,800,000
Total Other (Cost $32,800,000)											32,800,000

Repurchase Agreements ^^: 3.12%
HSBC Securities, dated 4-29-2016, maturity value $5,000,113 (1)				0.27			5-2-2016		5,000,000		5,000,000
SG Americas Securities LLC, dated 4-29-2016, maturity value $28,000,677 (2)				0.29			5-2-2016		28,000,000		28,000,000
Total Repurchase Agreements (Cost $33,000,000)											33,000,000

Total investments in securities (Cost $1,054,200,166)*	99.70	%									1,054,200,166
Other assets and liabilities, net	0.30										3,220,785

Total net assets	100.00	%								$	1,057,420,951

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

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.

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

^^	Collateralized by:

(1)

U.S. government securities, 0.00%, 5-15-2016 to 2-15-2046, fair value is $5,100,051.

(2)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 2-15-2044, fair value including accrued interest is $28,560,000.

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo California Municipal Money Market Fund


Abbreviations:
AGM		Assured Guaranty Municipal
Ambac		Ambac Financial Group Incorporated
BHAC		Berkshire Hathaway Assurance Corporation
CAB		Capital appreciation bond
CDA		Community Development Authority
DRIVER		Derivative inverse tax-exempt receipts
FGIC		Financial Guaranty Insurance Corporation
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GO		General obligation
HFA		Housing Finance Authority
HFFA		Health Facilities Financing Authority
IDA		Industrial Development Authority
LIFER		Long Inverse Floating Exempt Receipts
LIQ		Liquidity agreement
LLC		Limited liability company
LOC		Letter of credit
MBIA		Municipal Bond Insurance Association
MFHR		Multifamily housing revenue
MUD		Municipal Utility District
National		National Public Finance Guarantee Corporation
PCFA		Pollution Control Financing Authority
PFA		Public Finance Authority
PFOTER		Puttable floating option tax-exempt receipts
plc		Public limited company
PUTTER		Puttable tax-exempt receipts
RDA		Redevelopment Authority
ROC		Reset option certificates
SPA		Standby purchase agreement
SPEAR		Short Puttable Exempt Adjustable Receipts
TRAN		Tax revenue anticipation notes

Wells Fargo California Municipal Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team 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. 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 market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. 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.

Fair valuation measurements

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, use of amortized cost, etc.)

Level 3 –

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

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


Wells Fargo Cash Investment Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Agency Securities : 0.16%
FHLMC Series M006 Class A ±§		0.48	%		10-15-2045	$	19,564,522	$	19,564,522

Total Agency Securities (Cost $19,564,522)									19,564,522

Certificates of Deposit : 32.18%
Australia & New Zealand Banking Group London		0.36			5-3-2016		153,000,000		153,000,000
Bank of Montreal		0.40			5-3-2016		57,000,000		57,000,000
Bank of Montreal ±		0.79			7-19-2016		30,000,000		30,000,000
Bank of Nova Scotia ±		0.79			7-6-2016		50,000,000		50,000,000
Barclays Bank plc 144A(z)		0.55			5-23-2016		77,000,000		76,975,296
Citibank (New York)		0.58			5-12-2016		20,000,000		20,000,000
Citibank (New York)		0.58			5-18-2016		40,000,000		40,000,000
Citibank (New York)		0.58			7-13-2016		25,000,000		25,000,000
Citibank (New York)		0.58			7-14-2016		20,000,000		20,000,000
Cooperatieve Centrale ±		0.68			7-12-2016		18,000,000		18,001,261
Cooperatieve Centrale ±		0.79			9-7-2016		30,000,000		30,000,000
Cooperatieve Centrale		0.84			7-12-2016		25,000,000		25,004,644
Credit Agricole SA		0.32			5-2-2016		209,000,000		209,000,000
Dexia Credit Local SA (New York) ±		0.62			5-11-2016		53,000,000		53,000,000
Dexia Credit Local SA (New York) ±		0.75			6-21-2016		35,000,000		35,000,000
DG Bank (New York)		0.50			5-16-2016		75,000,000		75,000,000
DG Bank (New York)		0.60			5-11-2016		42,000,000		42,000,000
DG Bank (New York)		0.60			5-19-2016		20,000,000		20,000,000
DG Bank (New York)		0.65			8-8-2016		30,000,000		30,000,000
DG Bank (New York)		0.66			6-6-2016		5,000,000		5,000,289
DG Bank (New York)		0.68			6-20-2016		30,000,000		30,000,000
DNB Nor Bank ASA		0.30			5-2-2016		202,000,000		202,000,000
DNB Nor Bank ASA		0.81			7-14-2016		22,000,000		22,003,088
HSBC Bank plc		0.31			5-2-2016		229,000,000		229,000,000
HSBC Bank plc		0.57			5-25-2016		25,000,000		25,000,000
HSBC Bank plc 144A(z)		0.59			6-3-2016		57,000,000		56,970,107
HSBC Bank plc		0.66			6-9-2016		42,000,000		42,000,000
HSBC Bank plc ±		0.75			7-5-2016		32,000,000		32,000,000
HSBC Bank plc ±		0.76			8-1-2016		25,000,000		25,000,000
KBC Bank		0.31			5-2-2016		209,000,000		209,000,000
Kookmin Bank		0.50			5-9-2016		12,000,000		12,000,000
Lloyds Bank plc ±		0.81			7-7-2016		45,000,000		45,000,000
Mitsubishi Trust & Bank ##		0.62			5-2-2016		60,000,000		60,000,000
Mitsubishi Trust & Bank		0.65			6-16-2016		35,000,000		35,000,000
Mitsubishi UFJ Trust & Banking Corporation (z)		0.69			7-1-2016		45,000,000		44,948,335
Mitsubishi UFJ Trust & Banking Corporation (z)		0.70			7-5-2016		45,000,000		44,944,098
Mitsubishi UFJ Trust & Banking Corporation (z)		0.70			7-13-2016		30,000,000		29,958,073
Mizuho Bank Limited (z)		0.72			7-22-2016		35,000,000		34,943,400
Mizuho Bank Limited (z)		0.72			7-28-2016		30,000,000		29,947,894
Mizuho Corporate Bank (z)		0.69			5-3-2016		37,000,000		36,999,292
Mizuho Corporate Bank (z)		0.69			6-16-2016		33,000,000		32,971,587
Mizuho Corporate Bank (z)		0.70			6-3-2016		40,000,000		39,975,154
Mizuho Corporate Bank (z)		0.74			7-7-2016		25,000,000		24,966,374
National Bank of ABU Dhabi Americas NV		0.34			5-2-2016		139,000,000		139,000,000
National Bank of Kuwait		0.32			5-2-2016		50,000,000		50,000,000
Nordea Bank AB ±		0.61			5-13-2016		42,000,000		42,000,000
Norinchukin Bank		0.59			5-2-2016		60,000,000		60,000,000
Norinchukin Bank		0.60			6-10-2016		44,000,000		44,000,000
Norinchukin Bank		0.61			7-26-2016		14,100,000		14,099,663
Norinchukin Bank		0.61			7-29-2016		25,000,000		25,000,000
Oversea Chinese Banking		0.51			5-4-2016		30,000,000		30,000,000
Oversea Chinese Banking		0.51			5-13-2016		40,000,000		40,000,000
Oversea Chinese Banking		0.57			7-5-2016		55,000,000		54,999,024
Oversea Chinese Banking		0.57			7-8-2016		23,000,000		22,999,782
Skandinaviska Enskilda Banken AG		0.30			5-2-2016		187,000,000		187,000,000
Standard Chartered Bank		0.71			5-5-2016		20,000,000		20,000,000
Standard Chartered Bank		0.72			6-1-2016		40,000,000		40,000,000
Standard Chartered Bank		0.72			6-7-2016		42,000,000		42,000,000
Standard Chartered Bank		0.72			6-21-2016		42,000,000		42,000,000
Standard Chartered Bank ±		0.83			7-12-2016		20,000,000		20,000,000
State Street Bank & Trust Company ±		0.65			6-13-2016		25,000,000		25,000,000
State Street Bank & Trust Company ±		0.65			6-10-2016		25,000,000		25,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Cash Investment Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit (continued)
State Street Bank & Trust Company ±		0.79	%		9-2-2016	$	30,000,000	$	30,000,000
Sumitomo Mitsui Banking Corporation		0.60			6-29-2016		60,000,000		60,000,000
Sumitomo Mitsui Banking Corporation 144A(z)		0.60			6-29-2016		65,000,000		64,937,167
Sumitomo Mitsui Banking Corporation		0.61			7-6-2016		42,000,000		42,000,000
Sumitomo Mitsui Banking Corporation 144A(z)		0.61			7-12-2016		35,000,000		34,957,893
Sumitomo Trust & Banking Corporation 144A(z)		0.62			6-28-2016		64,000,000		63,937,173
Sumitomo Trust & Banking Corporation 144A(z)		0.62			6-29-2016		65,000,000		64,935,072
Sumitomo Trust & Banking Corporation		0.62			7-7-2016		38,000,000		38,000,000
Sumitomo Trust & Banking Corporation		0.62			7-13-2016		25,000,000		25,000,000
Sumitomo Trust & Banking Corporation		0.74			5-2-2016		40,000,000		40,000,000
Toronto-Dominion Bank 144A(z)		0.47			6-6-2016		65,000,000		64,970,299
Toronto-Dominion Bank ±		0.61			5-25-2016		50,000,000		50,000,000
Toronto-Dominion Bank ±		0.62			6-2-2016		25,000,000		25,000,000
Toronto-Dominion Bank ±		0.75			7-5-2016		32,000,000		32,000,000
Total Certificates of Deposit (Cost $3,917,444,965)									3,917,444,965

Commercial Paper : 47.79%
Asset-Backed Commercial Paper : 28.46%
Albion Capital Corporation 144A(z)		0.50			5-25-2016		75,000,000		74,976,042
Anglesea Funding LLC 144A(z)		0.42			5-3-2016		45,000,000		44,999,475
Anglesea Funding LLC ±144A		0.58			7-15-2016		25,000,000		25,000,000
Anglesea Funding LLC ±144A		0.59			8-2-2016		45,000,000		45,000,000
Anglesea Funding LLC ±144A		0.59			8-10-2016		20,000,000		20,000,000
Anglesea Funding LLC ±144A		0.59			9-7-2016		45,000,000		45,000,000
Anglesea Funding LLC ±144A		0.59			9-19-2016		31,000,000		31,000,000
Anglesea Funding LLC ±144A		0.59			9-29-2016		40,000,000		40,000,000
Antalis SA 144A(z)		0.42			5-2-2016		6,000,000		6,000,000
Antalis SA 144A(z)		0.70			5-6-2016		10,000,000		9,999,222
Antalis SA 144A(z)		0.70			5-27-2016		20,000,000		19,990,278
Antalis SA 144A(z)		0.70			6-10-2016		8,000,000		7,993,933
ANZ National International Limited 144A(z)		0.65			8-22-2016		20,000,000		19,959,556
ANZ National International Limited 144A(z)		0.65			8-26-2016		20,000,000		19,958,111
Atlantic Asset Securitization Corporation ±144A		0.60			12-16-2016		40,000,000		39,999,748
Atlantic Asset Securitization Corporation ±144A		0.60			12-9-2016		40,000,000		39,999,616
Atlantic Asset Securitization Corporation ±144A		0.60			12-5-2016		40,000,000		39,999,839
Barton Capital Corporation 144A(z)		0.54			6-6-2016		15,000,000		14,992,125
Barton Capital Corporation 144A(z)		0.54			6-24-2016		7,000,000		6,994,435
Barton Capital Corporation 144A(z)		0.61			5-18-2016		10,000,000		9,997,289
Barton Capital Corporation 144A(z)		0.62			7-20-2016		20,000,000		19,972,789
Barton Capital Corporation 144A(z)		0.64			5-12-2016		34,000,000		33,993,956
Bedford Row Funding Corporation ±144A		0.78			8-1-2016		30,000,000		29,999,250
Bedford Row Funding Corporation ±144A		0.80			7-11-2016		30,000,000		30,000,000
Bedford Row Funding Corporation ±144A		0.80			7-7-2016		15,000,000		15,000,000
Bennington Stark Capital Company LLC 144A(z)		0.55			5-13-2016		10,000,000		9,998,319
Bennington Stark Capital Company LLC ±144A		0.75			5-13-2016		28,000,000		27,999,870
Charta LLC 144A(z)		0.46			6-16-2016		10,000,000		9,994,250
Chesham Finance Limited 144A(z)		0.40			5-2-2016		49,000,000		49,000,000
Collateralized Commercial Paper Company LLC ±144A		0.74			6-8-2016		43,000,000		43,000,000
Concord Minutemen Capital Company 144A(z)		0.41			5-2-2016		39,000,000		39,000,000
Concord Minutemen Capital Company 144A(z)		0.44			5-5-2016		30,000,000		29,998,900
Concord Minutemen Capital Company 144A(z)		0.51			5-3-2016		25,000,000		24,999,646
Concord Minutemen Capital Company 144A(z)		0.51			5-4-2016		20,000,000		19,999,433
Concord Minutemen Capital Company 144A(z)		0.52			6-2-2016		35,000,000		34,984,328
Concord Minutemen Capital Company 144A(z)		0.52			6-3-2016		18,000,000		17,991,680
Crown Point Capital Company LLC ±144A		0.59			8-22-2016		21,000,000		21,000,000
Crown Point Capital Company LLC ±144A		0.64			10-25-2016		50,000,000		50,000,000
Crown Point Capital Company LLC ±144A%%		0.64			11-7-2016		50,000,000		50,000,000
Gotham Funding Corporation 144A(z)		0.49			5-3-2016		35,000,000		34,999,524
Gotham Funding Corporation 144A(z)		0.49			5-11-2016		10,000,000		9,998,775
Gotham Funding Corporation 144A(z)		0.49			5-12-2016		25,000,000		24,996,597
Gotham Funding Corporation 144A(z)		0.49			5-26-2016		15,000,000		14,995,100
Gotham Funding Corporation 144A(z)		0.49			5-27-2016		10,000,000		9,996,597
Halkin Finance LLC 144A(z)		0.44			5-3-2016		15,000,000		14,999,817
Halkin Finance LLC 144A(z)		0.44			5-4-2016		30,000,000		29,999,267
Hannover Funding Company LLC 144A(z)		0.65			5-2-2016		41,000,000		41,000,000


Wells Fargo Cash Investment Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Hannover Funding Company LLC 144A(z)		0.65	%		5-10-2016	$	70,000,000	$	69,989,889
Hannover Funding Company LLC 144A(z)		0.65			5-11-2016		75,000,000		74,987,813
Institutional Secured Funding LLC 144A(z)		0.45			5-2-2016		55,000,000		55,000,000
Institutional Secured Funding LLC 144A(z)		0.57			6-2-2016		50,000,000		49,975,458
Institutional Secured Funding LLC 144A(z)		0.60			5-11-2016		2,000,000		1,999,700
Institutional Secured Funding LLC 144A(z)		0.60			5-9-2016		35,000,000		34,995,917
Institutional Secured Funding LLC 144A(z)		0.60			5-17-2016		10,000,000		9,997,500
Kells Funding LLC 144A(z)		0.59			7-19-2016		10,000,000		9,987,217
Kells Funding LLC 144A(z)		0.59			7-21-2016		16,000,000		15,979,022
Kells Funding LLC 144A(z)		0.59			7-22-2016		20,000,000		19,973,450
Kells Funding LLC 144A(z)		0.59			7-26-2016		15,000,000		14,979,104
Kells Funding LLC 144A(z)		0.61			6-9-2016		35,000,000		34,977,464
Kells Funding LLC 144A(z)		0.61			6-13-2016		25,000,000		24,982,208
Legacy Capital Company 144A(z)		0.49			5-19-2016		10,723,000		10,720,519
Lexington Parker Capital Company LLC 144A(z)		0.36			5-2-2016		9,000,000		9,000,000
Lexington Parker Capital Company LLC 144A(z)		0.44			5-11-2016		35,000,000		34,996,150
Lexington Parker Capital Company LLC 144A(z)		0.52			6-2-2016		20,000,000		19,991,044
Lexington Parker Capital Company LLC 144A(z)		0.52			6-3-2016		18,000,000		17,991,680
Lexington Parker Capital Corporation 144A(z)		0.61			5-4-2016		30,000,000		29,998,983
Liberty Street Funding LLC 144A(z)		0.53			5-10-2016		16,000,000		15,998,116
Liberty Street Funding LLC 144A(z)		0.60			6-13-2016		20,000,000		19,986,000
Liberty Street Funding LLC 144A(z)		0.60			6-14-2016		35,000,000		34,974,917
Liberty Street Funding LLC 144A(z)		0.60			7-18-2016		35,000,000		34,955,083
LMA Americas LLC 144A(z)		0.48			6-1-2016		20,000,000		19,992,000
LMA Americas LLC 144A(z)		0.55			5-4-2016		20,000,000		19,999,389
LMA Americas LLC 144A(z)		0.65			5-26-2016		15,000,000		14,993,500
LMA Americas LLC 144A(z)		0.65			6-8-2016		20,000,000		19,986,639
LMA Americas LLC 144A(z)		0.66			5-24-2016		6,000,000		5,997,580
LMA Americas LLC 144A(z)		0.66			6-14-2016		30,000,000		29,976,350
LMA Americas LLC 144A(z)		0.68			5-10-2016		26,000,000		25,996,071
LMA Americas LLC 144A(z)		0.70			5-2-2016		40,000,000		40,000,000
Manhattan Asset Funding Company LLC (z)		0.50			5-3-2016		70,000,000		69,999,028
Manhattan Asset Funding Company LLC (z)		0.50			6-6-2016		8,000,000		7,996,111
Matchpoint Finance plc 144A(z)		0.38			5-2-2016		12,000,000		12,000,000
Matchpoint Finance plc 144A(z)		0.66			5-24-2016		18,000,000		17,992,740
Matchpoint Finance plc 144A(z)		0.66			5-25-2016		12,000,000		11,994,940
Matchpoint Finance plc 144A(z)		0.66			6-2-2016		35,000,000		34,980,109
Mountcliff Funding LLC 144A(z)		0.40			5-2-2016		25,000,000		25,000,000
Mountcliff Funding LLC 144A(z)		0.67			6-23-2016		40,000,000		39,961,289
Nieuw Amsterdam Receivable 144A(z)		0.67			6-1-2016		25,000,000		24,986,042
Nieuw Amsterdam Receivable 144A(z)		0.70			8-8-2016		20,000,000		19,961,889
Nieuw Amsterdam Receivable 144A(z)		0.70			8-22-2016		22,000,000		21,952,089
Old Line Funding LLC ±144A		0.64			6-10-2016		20,000,000		20,000,000
Regency Markets No.1 LLC 144A(z)		0.44			5-6-2016		60,000,000		59,997,067
Regency Markets No.1 LLC 144A(z)		0.44			5-9-2016		15,000,000		14,998,717
Regency Markets No.1 LLC 144A(z)		0.44			5-16-2016		40,000,000		39,993,156
Regency Markets No.1 LLC 144A(z)		0.44			5-17-2016		41,610,000		41,602,372
Regency Markets No.1 LLC 144A(z)		0.44			5-20-2016		45,000,000		44,990,100
Regency Markets No.1 LLC 144A(z)		0.44			5-25-2016		15,000,000		14,995,783
Regency Markets No.1 LLC 144A(z)		0.44			5-26-2016		20,000,000		19,994,133
Regency Markets No.1 LLC 144A(z)		0.44			5-27-2016		27,863,000		27,854,486
Ridgefield Funding Company LLC 144A(z)		0.38			5-2-2016		38,000,000		38,000,000
Ridgefield Funding Company LLC ±144A		0.57			6-30-2016		60,000,000		60,000,000
Ridgefield Funding Company LLC 144A(z)		0.62			5-3-2016		25,000,000		24,999,569
Ridgefield Funding Company LLC ±144A		0.63			9-23-2016		30,000,000		30,000,000
Ridgefield Funding Company LLC ±144A		0.65			7-7-2016		20,000,000		20,000,000
Starbird Funding Corporation ±144A		0.60			9-16-2016		32,000,000		32,000,000
Starbird Funding Corporation 144A(z)		0.63			5-5-2016		30,000,000		29,998,425
Starbird Funding Corporation 144A(z)		0.63			5-3-2016		35,000,000		34,999,388
Starbird Funding Corporation 144A(z)		0.65			6-10-2016		8,000,000		7,994,367
Starbird Funding Corporation 144A(z)		0.66			6-1-2016		15,000,000		14,991,750
Starbird Funding Corporation 144A(z)		0.66			6-3-2016		10,000,000		9,994,133
Starbird Funding Corporation 144A(z)		0.66			6-6-2016		22,000,000		21,985,883
Thunder Bay Funding LLC ±144A		0.64			6-14-2016		16,000,000		16,000,000
Versailles Commercial Paper LLC ±144A		0.60			12-8-2016		30,000,000		30,000,000
Versailles Commercial Paper LLC 144A(z)		0.63			5-5-2016		55,000,000		54,997,113
Versailles Commercial Paper LLC 144A(z)		0.63			5-6-2016		20,000,000		19,998,600
Versailles Commercial Paper LLC 144A(z)		0.63			5-9-2016		23,000,000		22,997,183


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Cash Investment Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Versailles Commercial Paper LLC 144A(z)		0.64	%		6-13-2016	$	21,000,000	$	20,984,320
Versailles Commercial Paper LLC 144A(z)		0.67			7-1-2016		23,000,000		22,974,317
Versailles Commercial Paper LLC 144A(z)		0.70			8-1-2016		30,000,000		29,946,917
Victory Receivables 144A(z)		0.49			5-2-2016		13,000,000		13,000,000
Victory Receivables 144A(z)		0.49			5-4-2016		30,000,000		29,999,183
Victory Receivables 144A(z)		0.49			5-10-2016		25,000,000		24,997,278
Victory Receivables 144A(z)		0.49			5-13-2016		10,000,000		9,998,503
Victory Receivables 144A(z)		0.49			5-16-2016		10,000,000		9,998,094
Victory Receivables 144A(z)		0.49			5-19-2016		25,000,000		24,994,215
Victory Receivables 144A(z)		0.49			5-20-2016		55,000,000		54,986,525
Victory Receivables 144A(z)		0.49			5-25-2016		15,000,000		14,995,304
Victory Receivables 144A(z)		0.49			6-2-2016		20,000,000		19,991,561
Working Capital Management Company 144A(z)		0.42			5-3-2016		25,000,000		24,999,708
									3,465,228,917

Financial Company Commercial Paper : 13.30%
ASB Finance Limited ±144A		0.65			5-27-2016		21,000,000		21,000,000
Australia & New Zealand Banking Group ±144A		0.65			5-23-2016		46,000,000		46,000,000
Banco De Credito e Inversiones 144A(z)		0.84			7-1-2016		4,000,000		3,994,400
Banco De Credito e Inversiones 144A(z)		0.84			6-30-2016		42,000,000		41,942,180
Banco De Credito e Inversiones 144A(z)		0.84			7-27-2016		40,000,000		39,919,733
BNP Paribas (New York) (z)		0.78			8-15-2016		6,000,000		5,986,350
BPCE 144A(z)		0.60			7-7-2016		20,000,000		19,978,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.42			5-4-2016		40,000,000		39,999,067
Caisse Centrale Desjardins du Quebec 144A(z)		0.50			6-20-2016		40,000,000		39,972,778
Caisse Centrale Desjardins du Quebec 144A(z)		0.50			6-21-2016		35,000,000		34,975,694
Caisse Centrale Desjardins du Quebec 144A(z)		0.53			5-16-2016		30,000,000		29,993,817
Caisse Centrale Desjardins du Quebec 144A(z)		0.53			6-30-2016		24,000,000		23,979,153
Caisse Centrale Desjardins du Quebec 144A(z)		0.59			7-6-2016		18,000,000		17,980,825
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			5-25-2016		15,000,000		14,994,250
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			6-1-2016		30,000,000		29,985,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			6-28-2016		15,000,000		14,985,750
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			7-8-2016		15,000,000		14,983,250
CDP Financial Incorporated 144A(z)		0.58			5-18-2016		39,250,000		39,239,882
Commonwealth Bank of Australia ±144A		0.62			6-2-2016		32,000,000		32,000,000
Commonwealth Bank of Australia ±144A		0.79			8-17-2016		30,000,000		30,000,000
CPPIB Capital Incorporated ±144A		0.71			6-15-2016		33,000,000		33,000,000
CPPIB Capital Incorporated ±144A		0.71			6-10-2016		40,000,000		40,000,000
CPPIB Capital Incorporated ±144A		0.74			7-8-2016		40,000,000		40,000,000
Credit Suisse (New York) (z)		0.82			6-13-2016		40,000,000		39,961,733
European Investment Bank (z)		0.59			6-2-2016		55,000,000		54,972,057
European Investment Bank (z)		0.60			6-3-2016		45,000,000		44,976,200
Macquarie Bank Limited 144A(z)		0.64			6-9-2016		42,000,000		41,971,848
Macquarie Bank Limited 144A(z)		0.64			6-10-2016		25,000,000		24,982,802
National Australia Bank Limited ±144A		0.77			6-17-2016		30,000,000		30,000,000
National Australia Bank Limited ±144A		0.77			8-4-2016		40,000,000		40,000,000
National Securities Clearing 144A(z)		0.45			5-20-2016		30,000,000		29,993,250
Nationwide Building Society 144A(z)		0.62			5-17-2016		40,000,000		39,989,667
NRW Bank 144A(z)		0.44			5-3-2016		45,000,000		44,999,456
NRW Bank 144A(z)		0.44			5-9-2016		50,000,000		49,995,771
NRW Bank 144A(z)		0.44			5-12-2016		15,000,000		14,998,188
NRW Bank 144A(z)		0.48			5-11-2016		25,000,000		24,997,000
NV Bank Nederlandse Gemeenten ±144A		0.61			5-6-2016		40,000,000		40,000,000
Ontario Teachers Finance 144A(z)		0.62			6-27-2016		10,000,000		9,990,356
Ontario Teachers Finance 144A(z)		0.69			5-2-2016		17,000,000		17,000,000
Ontario Teachers Finance 144A(z)		0.70			5-6-2016		17,000,000		16,998,678
Ontario Teachers Finance 144A(z)		0.70			5-27-2016		20,000,000		19,990,278
Ontario Teachers Finance 144A(z)		0.72			5-13-2016		10,000,000		9,997,800
Ontario Teachers Finance 144A(z)		0.72			6-2-2016		20,000,000		19,987,600
Ontario Teachers Finance 144A(z)		0.70			6-7-2016		25,000,000		24,982,500
PSP Capital Incorporated 144A(z)		0.56			7-28-2016		17,000,000		16,976,993
PSP Capital Incorporated 144A(z)		0.57			6-1-2016		12,000,000		11,994,300
PSP Capital Incorporated 144A(z)		0.57			6-3-2016		10,000,000		9,994,933
PSP Capital Incorporated 144A(z)		0.57			6-9-2016		8,000,000		7,995,187
Rabobank Nederland ±		0.76			7-11-2016		40,000,000		40,000,000
Shagang South Asia (Hong Kong) Trading Company (z)		1.00			5-5-2016		12,000,000		11,999,000
Suncorp Group Limited 144A(z)		0.66			6-1-2016		20,000,000		19,989,000
Suncorp Group Limited 144A(z)		0.67			6-15-2016		5,000,000		4,995,906


Wells Fargo Cash Investment Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
Suncorp Group Limited 144A(z)		0.67	%		6-16-2016	$	12,000,000	$	11,989,950
Suncorp Group Limited 144A(z)		0.75			5-9-2016		15,000,000		14,997,813
Suncorp Group Limited 144A(z)		0.75			5-26-2016		15,000,000		14,992,500
Suncorp Group Limited 144A(z)		0.75			5-31-2016		5,000,000		4,996,979
Suncorp Group Limited 144A(z)		0.76			7-6-2016		10,000,000		9,986,278
TCl Industries Holding (z)		1.00			5-10-2016		25,000,000		24,994,444
Unibail-Rodamco 144A(z)		0.57			5-4-2016		13,000,000		12,999,588
Westpac Banking Corporation ±144A		0.61			5-16-2016		50,000,000		50,000,000
Westpac Banking Corporation ±144A		0.62			6-13-2016		55,000,000		55,000,000
									1,619,598,184

Other Commercial Paper : 6.03%
Caisse Des Depots et Consignations 144A(z)		0.57			5-9-2016		35,000,000		34,996,121
Caisse Des Depots et Consignations 144A(z)		0.58			5-16-2016		42,000,000		41,990,527
Caisse Des Depots et Consignations 144A(z)		0.59			5-17-2016		45,000,000		44,988,938
Caisse Des Depots et Consignations 144A(z)		0.59			5-20-2016		40,000,000		39,988,200
Caisse Des Depots et Consignations 144A(z)		0.60			5-19-2016		40,000,000		39,988,667
China International Marine Containers (z)		1.00			5-10-2016		80,000,000		79,982,222
China International Marine Containers (z)		1.00			5-11-2016		40,000,000		39,990,000
China Power International Development (z)		1.00			5-5-2016		20,000,000		19,998,333
China Power International Development (z)		1.00			5-10-2016		10,000,000		9,997,778
China Shipping Container Lines (z)		1.00			5-2-2016		45,000,000		45,000,000
China Shipping Container Lines (z)		1.00			5-4-2016		15,000,000		14,999,167
China Shipping Container Lines (z)		1.00			5-5-2016		15,000,000		14,998,750
China Shipping Container Lines (z)		1.00			5-11-2016		30,000,000		29,992,500
COFCO Capital Corporation (z)		0.43			5-26-2016		26,000,000		25,992,547
Erste Abwicklungsanstalt 144A(z)		0.59			7-19-2016		30,000,000		29,961,650
Erste Abwicklungsanstalt 144A(z)		0.60			7-15-2016		11,000,000		10,986,433
Erste Abwicklungsanstalt 144A(z)		0.66			8-17-2016		10,000,000		9,980,383
Erste Abwicklungsanstalt 144A(z)		0.66			8-22-2016		18,000,000		17,963,040
Florida Power & Light Company (z)		0.50			5-5-2016		15,000,000		14,999,375
Florida Power & Light Company (z)		0.51			5-4-2016		23,000,000		22,999,348
Sinochem Capital Company Limited (z)		0.45			5-16-2016		30,000,000		29,994,750
Sinochem Capital Company Limited (z)		0.45			5-19-2016		38,000,000		37,991,925
Sinochem Capital Company Limited (z)		0.90			5-4-2016		37,000,000		36,998,150
Toyota Motor Credit Corporation (z)		0.60			8-3-2016		15,000,000		14,976,750
Toyota Motor Credit Corporation (z)		0.60			8-3-2016		25,000,000		24,961,250
									734,716,804

Total Commercial Paper (Cost $5,819,543,905)									5,819,543,905

Municipal Obligations : 11.76%
Arizona : 0.25%
Other Municipal Debt : 0.25%
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-9-2016		15,000,000		14,998,600
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-10-2016		15,000,000		14,998,400
									29,997,000

California : 0.02%
Variable Rate Demand Note ø: 0.02%
San Francisco CA City & County Certificate of Participation Series B001 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A		0.48			11-1-2041		2,000,000		2,000,000

Colorado : 0.27%
Variable Rate Demand Note ø: 0.27%
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA)		0.46			5-1-2052		32,740,000		32,740,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Cash Investment Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Connecticut : 1.62%
Variable Rate Demand Note ø: 1.62%
Puttable Floating Option Taxable Series TNP-1013 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.55	%		4-15-2046	$	197,590,000	$	197,590,000

District of Columbia : 0.09%
Other Municipal Debt : 0.09%
Metropolitan Washington District of Columbia Airports Sub Series A-1 (Airport Revenue, Royal Bank of Canada LOC)		0.43			10-1-2039		11,000,000		11,000,000

Georgia : 0.54%
Variable Rate Demand Notes ø: 0.54%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A		0.69			10-1-2039		21,570,000		21,570,000
Main Street Natural Gas Incorporated Georgia Gas Revenue Sub Series A1 (Gas Revenue, Royal Bank of Canada SPA)		0.47			8-1-2040		44,660,000		44,660,000
									66,230,000

Illinois : 0.88%
Other Municipal Debt : 0.05%
IIllinois Education Facility Authority (Education Revenue)		0.12			6-1-2016		6,000,000		5,997,282

Variable Rate Demand Note ø: 0.83%
JPMorgan Chase PUTTER/DRIVER Trust Series (GO Revenue, Societe Generale LIQ) 144A		0.48			6-1-2033		101,000,000		101,000,000

Louisiana : 0.56%
Variable Rate Demand Note ø: 0.56%
Puttable Floating Option Taxable Series TNP-1014 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.55			6-1-2045		68,120,000		68,120,000

Maryland : 0.38%
Variable Rate Demand Notes ø: 0.38%
Maryland CDA Housing & Community Residential Series B (Housing Revenue, TD Bank NA SPA)		0.45			9-1-2033		24,000,000		24,000,000
Maryland CDA Housing & Community Residential Series F (Housing Revenue, State Street Bank & Trust Company SPA)		0.42			9-1-2044		22,590,000		22,590,000
									46,590,000

Minnesota : 0.10%
Variable Rate Demand Note ø: 0.10%
NorthStar Student Loan Trust II (Education Revenue, Royal Bank of Canada LOC)		0.44			10-1-2042		12,007,000		12,007,000

Missouri : 0.09%
Variable Rate Demand Note ø: 0.09%
Puttable Floating Option Taxable Notes Series TN-044 (Education Revenue, Bank of America NA LIQ) 144A		0.60			11-26-2032		11,000,000		11,000,000

Nevada : 0.06%
Other Municipal Debt : 0.06%
Tuckee Meadows Water Authority (Miscellaneous Revenue)		0.12			6-2-2016		6,750,000		6,747,223


Wells Fargo Cash Investment Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
New Jersey : 0.41%
Variable Rate Demand Note ø: 0.41%
RBC Municipal Products Incorporated Taxable-Floater Certificates Series E60 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		0.46	%		6-28-2016	$	50,000,000	$	50,000,000

New York : 0.51%
Variable Rate Demand Notes ø: 0.51%
New York HFA 605 West 42 Street Series B (Housing Revenue, Bank of China LOC)		0.75			5-1-2048		25,000,000		25,000,000
New York HFA Manhattan West Residential Housing Series B-2 (Housing Revenue, Bank of China LOC)		1.10			11-1-2049		8,000,000		8,000,000
New York Municipal Water Finance Authority Series T-30001-I (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.42			6-15-2044		15,000,000		15,000,000
RBC Municipal Products Incorporated Trust Series E-51 for Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		0.69			7-1-2017		14,000,000		14,000,000
									62,000,000

North Carolina : 0.06%
Variable Rate Demand Note ø: 0.06%
Roanoke Rapids NC Music & Entertainment District Project (Tax Revenue, Bank of America NA LOC)		0.41			7-1-2027		6,960,000		6,960,000

North Dakota : 0.15%
Variable Rate Demand Note ø: 0.15%
North Dakota HFA Mortgage Finance Program Series F (Housing Revenue, FHLB SPA)		0.44			1-1-2047		18,000,000		18,000,000

Ohio : 0.18%
Variable Rate Demand Notes ø: 0.18%
Ohio HFA Residential Management Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		0.40			9-1-2039		16,110,000		16,110,000
Ohio Water Development Authority Water Development Notes (Water & Sewer Revenue)		0.71			5-1-2038		5,700,000		5,700,000
									21,810,000

Oregon : 0.08%
Variable Rate Demand Note ø: 0.08%
Puttable Floating Option Taxable Series TN-011 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.69			5-1-2035		10,000,000		10,000,000

Other : 4.07%
Variable Rate Demand Notes ø: 4.07%
Clipper Tax-Exempt Certificate Trust Certificates Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) 144A		0.46			2-15-2028		26,500,000		26,500,000
PFOTER Series TNP-1012 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.55			12-1-2038		39,695,000		39,695,000
Residual Interest Bond Floater Trust Delnor Health System Series 2014-5UE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			11-25-2017		21,375,000		21,375,000
Residual Interest Bond Floater Trust Series 8UE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.55			12-27-2016		127,900,000		127,900,000
Residual Interest Bond Floater Trust Series 9WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			4-13-2018		280,000,000		280,000,000
									495,470,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Cash Investment Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Pennsylvania : 0.21%
Other Municipal Debt : 0.08%
Philadelphia PA Series CC-2 (Miscellaneous Revenue)		0.70	%		8-1-2016	$	10,000,000	$	9,998,734

Variable Rate Demand Note ø: 0.13%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		0.69			7-1-2017		16,000,000		16,000,000

South Carolina : 0.11%
Other Municipal Debt : 0.11%
South Carolina Public Service (Utilities Revenue)		0.50			6-1-2016		13,000,000		13,000,000

Tennessee : 0.04%
Other Municipal Debt : 0.04%
Nashville TN Metropolitan Government (Miscellaneous Revenue)		0.38			5-2-2016		5,000,000		5,000,000

Texas : 0.70%
Variable Rate Demand Notes ø: 0.70%
Pasadena TX Independent School District Series B (GO Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.40			2-1-2035		69,900,000		69,900,000
Port Arthur TX Navigation District Daily Fina Oil and Chemical Company Project (Industrial Development Revenue)		0.51			5-1-2033		14,825,000		14,825,000
									84,725,000

Wisconsin : 0.38%
Other Municipal Debt : 0.38%
Wisconsin State Health & Educational Facilities (Health Revenue)		0.14			7-12-2016		40,840,000		40,787,797
Wisconsin State Health & Educational Facilities (Health Revenue)		0.17			5-4-2016		6,000,000		5,999,858
									46,787,655

Total Municipal Obligations (Cost $1,430,769,894)									1,430,769,894

Other Instruments : 2.71%
DBS Bank Limited Pooled Bank Deposit Product		0.44			5-2-2016		235,000,000		235,000,000
Oversea-Chinese Banking Corporation Pooled Bank Deposit Product		0.39			5-2-2016		95,000,000		95,000,000
Total Other Instruments (Cost $330,000,000)									330,000,000

Other Notes : 1.93%
Corporate Bonds and Notes : 1.93%
ACTS Retirement Life Communities Incorporated ±§		0.45			11-15-2029		14,805,000		14,805,000
Providence Health & Services ±§		0.45			10-1-2042		11,675,000		11,675,000
Racetrac Capital LLC ±§		0.40			9-1-2020		12,000,000		12,000,000
SSAB AB Series A ±§		0.42			6-1-2035		3,500,000		3,500,000
Steadfast Crestvilla LLC ±§		0.44			2-1-2056		3,000,000		3,000,000
United Overseas Bank Limited		0.44			5-2-2016		190,000,000		190,000,000
Total Other Notes (Cost $234,980,000)									234,980,000

Repurchase Agreements ^^: 4.28%
Bank of America Corporation, dated 4-29-2016, maturity value $17,150,429 (1)		0.30			5-2-2016		17,150,000		17,150,000
Credit Agricole, dated 4-29-2016, maturity value $110,002,842 (2)		0.31			5-2-2016		110,000,000		110,000,000
Goldman Sachs & Company, dated 4-1-2016, maturity value $151,098,150 (3) ±§(i)¢		0.39			5-31-2016		151,000,000		151,000,000
GX Clarke & Company, dated 4-29-2016, maturity value $118,003,933 (4)		0.40			5-2-2016		118,000,000		118,000,000
JPMorgan Securities, dated 4-1-2016 maturity value $103,100,471 (5) ±§(i)¢		0.56			6-3-2016		103,000,000		103,000,000


Wells Fargo Cash Investment Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
JPMorgan Securities, dated 4-1-2016, maturity value $22,007,009 (6) ±§¢				0.37	%		5-2-2016	$	22,000,000	$	22,000,000
Total Repurchase Agreements (Cost $521,150,000)											521,150,000

Total investments in securities (Cost $12,273,453,286)*	100.81	%									12,273,453,286
Other assets and liabilities, net	(0.81	)									(98,614,547	)

Total net assets	100.00	%								$	12,174,838,739

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

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

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.

(z)

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

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

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

(i)

Illiquid security

^^	Collateralized by:

(1)

U.S. government securities, 3.00% to 3.50%, 2-1-2043 to 9-1-2045, fair value including accrued interest is $17,664,500.

(2)

U.S. government securities, 2.50% to 4.50%, 10-1-2025 to 4-1-2046, fair value including accrued interest is $113,300,000.

(3)

U.S. government securities, 0.00% to 6.00%, 5-2-2016 to 4-15-2043, fair value including accrued interest is $155,244,813.

(4)

U.S. government securities, 1.50% to 10.50%, 7-20-2016 to 2-20-2046, fair value including accrued interest is $121,541,320.

(5)

U.S. government securities, 0.00% to 11.00%, 5-3-2016 to 4-20-2046, fair value including accrued interest is $105,448,364.

(6)

U.S. government securities, 0.00% to 11.00%, 8-8-2016 to 4-20-2046, fair value including accrued interest is $22,660,549.

¢	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.

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
ACA		ACA Financial Guaranty Corporation
AGM		Assured Guaranty Municipal
CDA		Community Development Authority
DRIVER		Derivative inverse tax-exempt receipts
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
LIQ		Liquidity agreement
LLC		Limited liability company
LOC		Letter of credit
MFHR		Multifamily housing revenue
PFOTER		Puttable floating option tax-exempt receipts
plc		Public limited company
PUTTER		Puttable tax-exempt receipts
SPA		Standby purchase agreement

Wells Fargo Cash Investment Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

Investments which are not valued using any of 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Repurchase agreements

When-issued transactions

Fair valuation measurements

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, use of amortized cost, etc.)

Level 3 –

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

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


Wells Fargo Government Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt : 46.09%
FFCB (z)		0.40	%		7-15-2016	$	20,000,000	$	19,983,761
FFCB ±		0.41			9-23-2016		97,000,000		96,997,237
FFCB ±		0.42			5-26-2016		75,000,000		74,999,872
FFCB ±		0.43			9-25-2017		80,000,000		79,981,095
FFCB ±		0.44			2-23-2017		100,000,000		99,983,478
FFCB ±		0.45			5-5-2016		50,000,000		50,000,063
FFCB (z)		0.45			6-14-2016		20,000,000		19,989,250
FFCB ±		0.46			8-26-2016		10,000,000		10,002,436
FFCB ±		0.46			7-8-2016		30,000,000		30,002,538
FFCB (z)		0.46			8-23-2016		25,000,000		24,963,903
FFCB (z)		0.46			8-16-2016		20,000,000		19,972,911
FFCB ±		0.46			3-29-2017		35,000,000		35,014,581
FFCB ±		0.46			7-26-2017		35,000,000		34,995,591
FFCB ±		0.46			5-15-2017		50,000,000		50,014,605
FFCB ±		0.47			2-26-2018		137,735,000		137,451,916
FFCB ±		0.47			7-25-2017		84,000,000		84,034,365
FFCB ±		0.49			5-11-2016		25,000,000		24,999,969
FFCB (z)		0.50			5-10-2016		25,000,000		24,997,222
FFCB ±		0.51			2-8-2017		100,000,000		100,000,000
FFCB (z)		0.51			5-2-2016		40,000,000		40,000,000
FFCB ±		0.51			6-19-2017		200,000,000		199,987,740
FFCB ±		0.52			8-31-2016		175,000,000		174,997,038
FFCB ±		0.53			10-28-2016		50,000,000		49,999,405
FFCB ±		0.54			9-9-2016		25,000,000		24,999,527
FFCB ±		0.55			10-10-2017		100,000,000		99,937,912
FFCB (z)		0.55			1-27-2017		5,000,000		4,979,375
FFCB ±		0.57			12-4-2017		100,000,000		100,000,000
FFCB ±		0.59			11-30-2016		50,000,000		50,000,000
FFCB ±		0.59			7-21-2017		40,000,000		39,999,925
FFCB ±		0.60			4-9-2018		15,000,000		14,984,554
FFCB ±		0.64			5-25-2016		14,250,000		14,250,800
FHLB (z)		0.34			7-29-2016		100,000,000		99,916,889
FHLB (z)		0.34			7-6-2016		100,000,000		99,937,889
FHLB (z)		0.34			7-8-2016		100,000,000		99,935,978
FHLB (z)		0.35			7-20-2016		150,000,000		149,886,438
FHLB (z)		0.35			7-22-2016		196,486,000		196,333,478
FHLB (z)		0.35			7-27-2016		200,000,000		199,834,689
FHLB (z)		0.35			7-12-2016		100,000,000		99,930,972
FHLB (z)		0.35			7-18-2016		50,000,000		49,962,569
FHLB (z)		0.35			7-21-2016		100,000,000		99,922,222
FHLB (z)		0.35			7-15-2016		200,000,000		199,855,495
FHLB (z)		0.35			7-13-2016		200,000,000		199,858,200
FHLB (z)		0.37			6-16-2016		100,000,000		99,954,375
FHLB (z)		0.37			6-22-2016		150,000,000		149,921,375
FHLB (z)		0.38			5-13-2016		250,000,000		249,971,339
FHLB (z)		0.38			5-18-2016		172,000,000		171,971,144
FHLB (z)		0.38			5-6-2016		178,000,000		177,992,486
FHLB ±		0.38			5-18-2016		50,000,000		50,000,000
FHLB (z)		0.39			5-20-2016		250,000,000		249,951,875
FHLB (z)		0.39			5-11-2016		100,000,000		99,990,300
FHLB ±		0.39			6-24-2016		65,000,000		65,001,248
FHLB (z)		0.39			6-8-2016		150,000,000		149,939,875
FHLB (z)		0.39			6-10-2016		200,000,000		199,915,500
FHLB (z)		0.39			6-23-2016		100,000,000		99,943,667
FHLB (z)		0.39			6-15-2016		150,000,000		149,928,317
FHLB (z)		0.40			5-27-2016		200,000,000		199,945,035
FHLB (z)		0.40			5-25-2016		100,000,000		99,974,572
FHLB ±		0.40			6-1-2016		81,000,000		80,999,503
FHLB		0.40			7-8-2016		25,000,000		25,000,532
FHLB (z)		0.40			7-25-2016		100,000,000		99,906,667
FHLB		0.41			8-5-2016		13,090,000		13,088,300
FHLB (z)		0.41			5-4-2016		100,000,000		99,997,722
FHLB (z)		0.42			6-1-2016		250,000,000		249,913,333


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Government Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (z)		0.43	%		9-30-2016	$	142,120,000	$	141,863,671
FHLB ±		0.43			7-6-2016		50,000,000		50,000,000
FHLB ±		0.43			6-20-2016		100,000,000		100,000,000
FHLB ±		0.44			3-17-2017		50,000,000		49,997,787
FHLB (z)		0.45			6-3-2016		150,000,000		149,940,444
FHLB		0.46			8-19-2016		50,000,000		49,995,448
FHLB (z)		0.47			8-12-2016		50,000,000		49,934,267
FHLB (z)		0.47			10-28-2016		100,000,000		99,769,289
FHLB (z)		0.47			8-17-2016		50,000,000		49,930,153
FHLB (z)		0.47			6-7-2016		50,000,000		49,976,500
FHLB ±		0.48			5-17-2016		10,645,000		10,645,567
FHLB		0.48			10-21-2016		100,000,000		99,991,541
FHLB ±		0.48			2-14-2017		135,000,000		134,971,328
FHLB ±		0.48			2-17-2017		32,000,000		31,980,424
FHLB ±		0.48			2-17-2017		63,250,000		63,225,989
FHLB ±		0.49			10-26-2016		30,000,000		29,999,299
FHLB ±		0.49			7-1-2016		45,000,000		44,999,556
FHLB (z)		0.49			8-10-2016		50,000,000		49,931,944
FHLB		0.50			9-28-2016		14,970,000		14,965,066
FHLB		0.52			9-9-2016		69,875,000		69,869,639
FHLB ±		0.54			5-27-2016		52,500,000		52,500,071
FHLB ±		0.54			12-23-2016		106,900,000		106,933,554
FHLB ±		0.54			8-25-2017		21,000,000		20,979,699
FHLB ±		0.55			7-15-2016		225,000,000		224,997,713
FHLB ±		0.55			10-12-2016		50,000,000		49,997,472
FHLB ±		0.56			2-10-2017		50,000,000		49,998,049
FHLB ±		0.56			2-8-2017		50,000,000		49,998,137
FHLB ±		0.57			10-25-2017		80,000,000		80,000,000
FHLB ±		0.58			11-25-2016		150,000,000		150,000,000
FHLB ±		0.61			9-11-2017		25,000,000		24,998,287
FHLB ±		0.62			9-11-2017		70,500,000		70,489,440
FHLMC (z)		0.38			6-21-2016		50,000,000		49,973,611
FHLMC ±		0.38			8-17-2016		100,000,000		100,000,000
FHLMC ±		0.39			8-24-2016		200,000,000		200,000,000
FHLMC ±		0.43			9-16-2016		75,000,000		75,000,000
FHLMC (z)		0.43			9-12-2016		100,000,000		99,841,139
FHLMC ±		0.44			1-13-2017		150,000,000		149,989,281
FHLMC ±		0.44			4-20-2017		100,000,000		99,985,209
FHLMC (z)		0.45			8-4-2016		100,000,000		99,882,500
FHLMC (z)		0.45			8-15-2016		50,000,000		49,934,375
FHLMC (z)		0.46			8-12-2016		100,000,000		99,871,083
FHLMC ±		0.48			4-27-2017		150,000,000		149,969,878
FHLMC		0.50			5-13-2016		10,385,000		10,385,452
FHLMC ±		0.51			11-14-2016		100,000,000		99,991,703
FHLMC ±		0.57			7-21-2017		150,000,000		149,981,173
FHLMC		2.00			8-25-2016		5,814,000		5,843,043
FHLMC		2.50			5-27-2016		70,073,000		70,175,240
FNMA (z)		0.35			6-2-2016		50,000,000		49,984,931
FNMA (z)		0.36			5-31-2016		50,000,000		49,985,701
FNMA (z)		0.37			6-14-2016		100,000,000		99,955,806
FNMA (z)		0.40			7-18-2016		100,000,000		99,914,444
FNMA ±		0.45			7-25-2016		10,900,000		10,901,679
FNMA ±		0.45			1-26-2017		193,000,000		193,012,642
FNMA ±		0.45			9-8-2017		100,000,000		99,986,328
FNMA ±		0.45			10-5-2017		130,000,000		129,971,668
FNMA ±		0.46			8-26-2016		30,000,000		30,007,288
FNMA ±		0.46			7-20-2017		50,000,000		49,996,873
FNMA (z)		0.49			6-1-2016		93,000,000		92,962,025
FNMA ±		0.52			10-21-2016		200,000,000		199,996,450
FNMA ±		0.77			11-21-2016		19,250,000		19,285,211
FNMA		1.25			9-28-2016		7,156,000		7,178,112
FNMA		1.38			11-15-2016		50,000,000		50,174,874
FNMA		5.25			9-15-2016		14,550,000		14,801,539
Overseas Private Investment Corporation ±§		0.36			8-15-2019		23,333,333		23,333,333
Overseas Private Investment Corporation ±§		0.36			11-20-2019		9,375,000		9,375,000


Wells Fargo Government Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation ±§		0.36	%		9-20-2022	$	7,000,000	$	7,000,000
Overseas Private Investment Corporation ±§		0.36			7-9-2026		91,935,000		91,935,000
Overseas Private Investment Corporation ±§		0.36			6-28-2028		5,004,000		5,004,000
Overseas Private Investment Corporation ±§		0.37			10-15-2027		94,000,000		94,000,000
Overseas Private Investment Corporation ±§		0.37			9-30-2031		12,486,640		12,486,640
Overseas Private Investment Corporation ±§		0.37			5-15-2033		6,033,939		6,033,939
Overseas Private Investment Corporation ±§		0.41			12-15-2019		41,580,000		41,580,000
Overseas Private Investment Corporation Series 1 ±§		0.36			8-15-2026		17,600,000		17,600,000
Overseas Private Investment Corporation Series 1 ±§		0.37			9-30-2031		4,916,000		4,916,000
Overseas Private Investment Corporation Series 2 ±§		0.36			1-15-2021		5,031,290		5,031,290
Overseas Private Investment Corporation Series 2 ±§		0.36			10-10-2025		8,798,220		8,798,220
Overseas Private Investment Corporation Series 2 ±§		0.37			9-30-2031		11,503,440		11,503,440
Overseas Private Investment Corporation Series 3 ±§		0.36			10-10-2025		11,437,686		11,437,686
Overseas Private Investment Corporation Series 3 ±§		0.37			7-15-2026		6,600,000		6,600,000
Overseas Private Investment Corporation Series 4 ±§		0.36			1-15-2021		5,191,200		5,191,200
Overseas Private Investment Corporation Series 4 ±§		0.37			9-30-2031		6,685,760		6,685,760
Overseas Private Investment Corporation Series 5 ±§		0.37			9-30-2031		6,882,400		6,882,400
Overseas Private Investment Corporation Series 6 ±§		0.37			9-30-2031		6,882,400		6,882,400
Overseas Private Investment Corporation Series 7 ±§		0.37			9-30-2031		3,932,800		3,932,800
Overseas Private Investment Corporation Series 8 ±§		0.37			9-30-2031		14,748,000		14,748,000
Overseas Private Investment Corporation Series 9 ±§		0.37			9-30-2031		4,621,040		4,621,040
Total Government Agency Debt (Cost $11,448,600,793)									11,448,600,793

Municipal Obligations : 0.38%
California : 0.03%
Variable Rate Demand Notes ø: 0.03%
Association of Bay Area Governments California Finance Authority Housing Gaia Building Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.45			9-15-2032		260,000		260,000
California Statewide CDA Grande Apartments Series TT (Housing Revenue, FNMA Insured, FNMA LIQ)		0.42			12-15-2034		1,925,000		1,925,000
California Statewide CDA Valley Palms Apartments Series C (Housing Revenue, FNMA Insured, FNMA LIQ)		0.40			5-15-2035		1,360,000		1,360,000
Oxnard CA Housing Authority SeaWind Senior Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.42			12-1-2020		3,175,000		3,175,000
									6,720,000

Florida : 0.00%
Variable Rate Demand Note ø: 0.00%
Orange County FL HFA Glenn Apartments Series D (Housing Revenue, FNMA LOC)		0.40			7-15-2034		240,000		240,000

New York : 0.12%
Variable Rate Demand Notes ø: 0.12%
New York City NY Housing Development Corporation 2 Gold Street Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			4-15-2036		1,400,000		1,400,000
New York HFA 38th Street Series B (Housing Revenue, FNMA LIQ)		0.40			5-15-2033		5,300,000		5,300,000
New York HFA West 17th Street (Housing Revenue, FNMA Insured, FNMA LIQ)		0.40			5-15-2039		20,000,000		20,000,000
New York State HFA 101 West End Avenue Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			5-15-2031		4,600,000		4,600,000
									31,300,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Government Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Virginia : 0.01%
Variable Rate Demand Note ø: 0.01%
Harrisonburg VA RDA Woodman West Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.45	%		6-15-2043	$	1,950,000	$	1,950,000

Washington : 0.11%
Variable Rate Demand Notes ø: 0.11%
Washington Housing Finance Commission Artspace Everett Lofts Series B (Housing Revenue, FHLMC LIQ)		0.41			12-1-2041		3,200,000		3,200,000
Washington Housing Finance Commission Brittany Park Project Series B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.40			11-1-2021		1,095,000		1,095,000
Washington Housing Finance Commission Eagles Landing Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.40			12-15-2036		2,575,000		2,575,000
Washington Housing Finance Commission Highland Park Apartments Project Series B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.45			7-15-2038		820,000		820,000
Washington Housing Finance Commission Inglenook Court Project (Housing Revenue, FHLMC LIQ)		0.44			7-1-2025		3,000,000		3,000,000
Washington Housing Finance Commission Interurban Senior Living Apartments Project (Housing Revenue, FHLMC LOC, FHLMC LIQ)		0.42			7-1-2052		14,640,000		14,640,000
Washington Housing Finance Commission Rolling Hills Apartments Project Series B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.40			6-15-2037		1,190,000		1,190,000
									26,520,000

Wisconsin : 0.11%
Variable Rate Demand Notes ø: 0.11%
Wisconsin PFA Affinity At Monterrey Project (Housing Revenue, East West Bank LOC)		0.40			8-1-2048		14,900,000		14,900,000
Wisconsin PFA Multifamily Housing Affinity Covington Project (Housing Revenue, FHLB LOC)		0.40			12-1-2047		12,500,000		12,500,000
									27,400,000

Total Municipal Obligations (Cost $94,130,000)									94,130,000

Repurchase Agreements ^^: 52.80%
Bank of America Corporation, dated 4-29-2016, maturity value $745,518,638 (1)		0.30			5-2-2016		745,500,000		745,500,000
Bank of Nova Scotia, dated 4-29-2016, maturity value $1,000,024,167 (2)		0.29			5-2-2016		1,000,000,000		1,000,000,000
Bank of Nova Scotia, dated 4-29-2016, maturity value $900,021,000 (3)		0.28			5-2-2016		900,000,000		900,000,000
Barclays Capital Incorporated, dated 4-29-2016, maturity value $200,005,000 (4)		0.30			5-2-2016		200,000,000		200,000,000
BNP Paribas Securities Corporation, dated 4-29-2016, maturity value $100,002,417 (5)		0.29			5-2-2016		100,000,000		100,000,000
BNP Paribas Securities Corporation, dated 4-29-2016, maturity value $650,215,713 (6)		0.29			5-2-2016		650,200,000		650,200,000
BNP Paribas Securities Corporation, dated 4-29-2016, maturity value $800,020,000 (7)		0.30			5-2-2016		800,000,000		800,000,000
Citibank NA, dated 4-28-2016, maturity value $250,014,097 (8)		0.29			5-5-2016		250,000,000		250,000,000
Citibank NA, dated 4-29-2016, maturity value $250,006,458 (9)		0.31			5-2-2016		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 4-26-2016, maturity value $250,014,583 (10)		0.30			5-3-2016		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 4-29-2016, maturity value $500,012,917 (11)		0.31			5-2-2016		500,000,000		500,000,000
Credit Agricole SA, dated 4-29-2016, maturity value $1,000,024,167 (12)		0.29			5-2-2016		1,000,000,000		1,000,000,000
Credit Agricole SA, dated 4-29-2016, maturity value $500,012,917 (13)		0.31			5-2-2016		500,000,000		500,000,000
Deutsche Bank Securities, dated 4-29-2016, maturity value $250,006,458 (14)		0.31			5-2-2016		250,000,000		250,000,000


Wells Fargo Government Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
Federal Reserve Bank of New York, dated 4-29-2016, maturity value $750,015,625 (15)				0.25	%		5-2-2016	$	750,000,000	$	750,000,000
Goldman Sachs & Company, dated 4-29-2016, maturity value $100,002,333 (16)				0.28			5-2-2016		100,000,000		100,000,000
HSBC Securities, dated 4-29-2016, maturity value $300,007,250 (17)				0.29			5-2-2016		300,000,000		300,000,000
JPMorgan Securities, dated 4-29-2016, maturity value $250,006,458 (18)				0.31			5-2-2016		250,000,000		250,000,000
Merrill Pierce Fenner Smith Incorporated, dated 4-29-2016, maturity value $100,002,500 (19)				0.30			5-2-2016		100,000,000		100,000,000
Mizuho Bank, dated 4-29-2016, maturity value $500,013,750 (20)				0.33			5-2-2016		500,000,000		500,000,000
Prudential, dated 4-29-2016, maturity value $345,795,145 (21)				0.30			5-2-2016		345,786,500		345,786,500
RBC Capital Markets, dated 4-8-2016, maturity value $250,068,889 (22) (i)				0.32			5-9-2016		250,000,000		250,000,000
RBC Capital Markets, dated 4-29-2016, maturity value $600,014,500 (23)				0.29			5-2-2016		600,000,000		600,000,000
SG Americas Securities, dated 4-29-2016, maturity value $825,019,938 (24)				0.29			5-2-2016		825,000,000		825,000,000
Societe Generale, dated 4-4-2016, maturity value $250,070,833 (25)				0.34			5-4-2016		250,000,000		250,000,000
Societe Generale, dated 4-13-2016, maturity value $250,070,833 (26) (i)				0.34			5-13-2016		250,000,000		250,000,000
Societe Generale, dated 4-19-2016, maturity value $250,068,750 (27) (i)				0.33			5-19-2016		250,000,000		250,000,000
Societe Generale, dated 4-29-2016, maturity value $200,012,056 (28)				0.31			5-6-2016		200,000,000		200,000,000
Societe Generale, dated 4-29-2016, maturity value $500,012,917 (29)				0.31			5-2-2016		500,000,000		500,000,000
TD Securities, dated 4-29-2016, maturity value $250,006,250 (30)				0.30			5-2-2016		250,000,000		250,000,000
Total Repurchase Agreements (Cost $13,116,486,500)											13,116,486,500

Treasury Debt : 0.83%
U.S. Treasury Bond				7.25			5-15-2016		50,000,000		50,122,329
U.S. Treasury Note				0.50			6-15-2016		85,000,000		85,010,785
U.S. Treasury Note				1.50			6-30-2016		71,000,000		71,127,668
Total Treasury Debt (Cost $206,260,782)											206,260,782

Total investments in securities (Cost $24,865,478,075)*	100.10	%									24,865,478,075
Other assets and liabilities, net	(0.10	)									(24,831,891	)

Total net assets	100.00	%								$	24,840,646,184

(z)

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

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

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

^^	Collateralized by:

(1)

U.S. government securities, 3.00% to 3.50%, 2-1-2043 to 9-1-2045, fair value including accrued interest is $767,865,000.

(2)

U.S. government securities, 0.90% to 7.25%, 4-25-2017 to 5-15-2030, fair value including accrued interest is $1,029,881,906.

(3)

U.S. government securities, 0.13% to 7.63%, 7-15-2016 to 2-15-2045, fair value including accrued interest is $918,000,004.

(4)

U.S. government securities, 0.00% to 10.70%, 5-13-2016 to 4-1-2056, fair value including accrued interest is $204,000,359.

(5)

U.S. government securities, 0.00% to 5.50%, 7-18-2016 to 11-15-2025, fair value including accrued interest is $102,000,036.

(6)

U.S. government securities, 0.00% to 8.75%, 7-15-2016 to 8-15-2044, fair value including accrued interest is $663,204,000.

(7)

U.S. government securities, 0.63% to 8.25%, 5-15-2017 to 12-1-2047, fair value including accrued interest is $823,706,464.

(8)

U.S. government securities, 0.00% to 6.25%, 1-31-2017 to 2-1-2043, fair value including accrued interest is $255,001,752.

(9)

U.S. government securities, 0.38% to 5.00%, 5-11-2017 to 9-20-2042, fair value including accrued interest is $255,000,056.

(10)

U.S. government securities, 0.13% to 4.63%, 10-31-2016 to 11-1-2042, fair value including accrued interest is $255,657,264.

(11)

U.S. government securities, 0.00% to 7.50%, 6-9-2016 to 2-20-2061, fair value including accrued interest is $510,682,161.

(12)

U.S. government securities, 2.88% to 3.75%, 8-15-2041 to 8-15-2045, fair value including accrued interest is $1,020,000,031.


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Government Money Market Fund

(13)

U.S. government securities, 2.50% to 4.50%, 10-1-2025 to 4-1-2046, fair value including accrued interest is $515,000,000.

(14)

U.S. government securities, 0.00% to 2.25%, 9-26-2018 to 4-15-2030, fair value including accrued interest is $255,000,057.

(15)

U.S. government securities, 1.50% to 5.50%, 2-28-2019 to 8-15-2028, fair value including accrued interest is $750,015,760.

(16)

U.S. government securities, 2.50% to 4.00%, 5-1-2027 to 9-1-2042, fair value including accrued interest is $103,000,001.

(17)

U.S. government securities, 3.50% to 4.50%, 1-11-2040 to 3-1-2046, fair value including accrued interest is $309,004,166.

(18)

U.S. government securities, 3.00% to 4.00%, 2-1-2026 to 4-1-2046, fair value including accrued interest is $257,500,103.

(19)

U.S. government security, 4.00%, 9-20-2045, fair value including accrued interest is $103,000,001.

(20)

U.S. government securities, 0.00% to 1.50%, 5-15-2016 to 2-15-2026, fair value including accrued interest is $510,000,090.

(21)

U.S. government securities, 0.00% to 3.75%, 5-15-2018 to 8-15-2045, fair value including accrued interest is $352,702,230.

(22)

U.S. government securities, 2.50% to 3.50%, 9-1-2027 to 7-1-2042, fair value including accrued interest is $257,500,000.

(23)

U.S. government securities, 1.55% to 10.50%, 10-15-2016 to 5-1-2046, fair value including accrued interest is $669,500,000.

(24)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 2-15-2044, fair value including accrued interest is $841,500,000.

(25)

U.S. government securities, 0.00% to 4.63%, 10-6-2016 to 5-15-2045, fair value including accrued interest is $255,000,035.

(26)

U.S. government securities, 0.00% to 4.63%, 8-31-2016 to 2-15-2041, fair value including accrued interest is $255,000,064.

(27)

U.S. government securities, 0.00% to 8.50%, 7-21-2016 to 8-15-2045, fair value including accrued interest is $255,000,095.

(28)

U.S. government securities, 3.00% to 3.50%, 12-20-2045 to 1-20-2046, fair value including accrued interest is $206,000,001.

(29)

U.S. government securities, 3.00% to 4.00%, 4-20-2043 to 1-20-2046, fair value including accrued interest is $515,000,000.

(30)

U.S. government securities, 2.50% to 4.50%, 12-1-2025 to 2-1-2046, fair value including accrued interest is $257,500,001.

(i)

Illiquid security

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
CDA		Community Development Authority
FFCB		Federal Farm Credit Banks
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
HFA		Housing Finance Authority
LIQ		Liquidity agreement
LOC		Letter of credit
PFA		Public Finance Authority
RDA		Redevelopment Authority

Wells Fargo Government Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Repurchase agreements

Fair valuation measurements

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


Wells Fargo Heritage Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit : 37.77%
Australia & New Zealand Banking Group		0.36	%		5-3-2016	$	584,000,000	$	584,000,000
Bank of Montreal		0.40			5-3-2016		220,000,000		220,000,000
Bank of Montreal ±		0.79			7-19-2016		117,000,000		117,000,000
Bank of Nova Scotia ±		0.79			7-6-2016		186,000,000		186,000,000
Citibank (New York)		0.58			5-12-2016		75,000,000		75,000,000
Citibank (New York)		0.58			5-18-2016		45,000,000		45,000,000
Citibank (New York)		0.58			7-13-2016		75,000,000		75,000,000
Citibank (New York)		0.58			7-14-2016		98,000,000		98,000,000
Cooperatieve Centrale ±		0.68			7-12-2016		63,000,000		63,004,412
Cooperatieve Centrale		0.72			5-6-2016		13,000,000		13,000,262
Cooperatieve Centrale ±		0.79			9-7-2016		114,000,000		114,000,000
Cooperatieve Centrale		0.84			7-12-2016		69,000,000		69,012,818
Credit Agricole SA		0.32			5-2-2016		1,033,000,000		1,033,000,000
Dexia Credit Local SA (New York) ±		0.62			5-11-2016		175,000,000		175,000,000
Dexia Credit Local SA (New York) ±		0.75			6-21-2016		156,000,000		156,000,000
DG Bank (New York)		0.50			5-16-2016		207,000,000		207,000,000
DG Bank (New York)		0.60			5-11-2016		197,000,000		197,000,000
DG Bank (New York)		0.60			5-19-2016		59,000,000		58,999,999
DG Bank (New York)		0.65			8-8-2016		163,000,000		163,000,000
DG Bank (New York)		0.66			6-6-2016		10,000,000		10,000,578
DG Bank (New York)		0.68			6-20-2016		115,000,000		115,000,000
DNB Nor Bank ##		0.30			5-2-2016		1,004,000,000		1,004,000,000
DNB Nor Bank		0.81			7-14-2016		72,000,000		72,010,107
HSBC Bank plc		0.31			5-2-2016		1,138,000,000		1,138,000,000
HSBC Bank plc		0.57			5-25-2016		166,000,000		166,000,000
HSBC Bank plc		0.66			6-9-2016		149,000,000		149,000,000
HSBC Bank plc ±		0.75			7-5-2016		110,000,000		110,000,000
HSBC Bank plc ±		0.76			8-1-2016		166,000,000		166,000,000
KBC Bank		0.31			5-2-2016		1,033,000,000		1,033,000,000
Kookmin Bank		0.50			5-9-2016		23,000,000		23,000,000
Lloyds Bank plc ±		0.81			7-7-2016		193,000,000		193,000,000
Mitsubishi Trust & Bank		0.62			5-2-2016		168,000,000		168,000,000
Mitsubishi Trust & Bank		0.65			6-16-2016		101,000,000		101,000,000
Mitsubishi UFJ Trust & Banking Corporation (z)		0.69			7-1-2016		142,000,000		141,836,969
Mitsubishi UFJ Trust & Banking Corporation (z)		0.70			7-5-2016		143,000,000		142,822,355
Mitsubishi UFJ Trust & Banking Corporation (z)		0.70			7-13-2016		118,000,000		117,835,085
Mizuho Bank Limited (z)		0.72			7-22-2016		111,000,000		110,820,496
Mizuho Corporate Bank (z)		0.69			5-3-2016		155,000,000		154,997,034
Mizuho Corporate Bank (z)		0.69			6-16-2016		166,000,000		165,857,072
Mizuho Corporate Bank (z)		0.70			6-3-2016		98,000,000		97,939,126
Mizuho Corporate Bank (z)		0.72			7-28-2016		113,000,000		112,803,733
Mizuho Corporate Bank (z)		0.74			7-7-2016		129,000,000		128,826,491
National Bank of Kuwait		0.32			5-2-2016		610,400,000		610,400,000
Natixis (Cayman Islands)		0.30			5-2-2016		660,600,000		660,600,000
NBAD Americas NV		0.34			5-2-2016		659,000,000		659,000,000
Nordea Bank AB ±		0.61			5-13-2016		142,000,000		142,000,000
Norinchukin Bank		0.59			5-2-2016		179,000,000		179,000,000
Norinchukin Bank		0.60			6-10-2016		35,000,000		35,000,000
Norinchukin Bank		0.60			6-10-2016		160,000,000		160,000,000
Norinchukin Bank		0.61			7-29-2016		65,000,000		65,000,000
Oversea-Chinese Banking Corporation		0.51			5-4-2016		114,000,000		114,000,000
Oversea-Chinese Banking Corporation		0.51			5-13-2016		148,000,000		148,000,000
Oversea-Chinese Banking Corporation		0.57			7-5-2016		125,000,000		124,997,781
Oversea-Chinese Banking Corporation		0.57			7-8-2016		58,000,000		57,999,449
Skandinaviska Enskilda Banken AG		0.30			5-2-2016		918,000,000		918,000,000
Standard Chartered Bank		0.71			5-5-2016		170,000,000		170,000,000
Standard Chartered Bank		0.72			6-1-2016		150,000,000		150,000,000
Standard Chartered Bank		0.72			6-7-2016		101,000,000		101,000,000
Standard Chartered Bank		0.72			6-21-2016		108,000,000		108,000,000
Standard Chartered Bank ±		0.83			7-12-2016		171,000,000		171,000,000
State Street Bank & Trust Company ±		0.65			6-13-2016		117,000,000		117,000,000
State Street Bank & Trust Company ±		0.65			6-10-2016		169,000,000		169,000,000
State Street Bank & Trust Company ±		0.79			9-2-2016		114,000,000		114,000,000
Sumitomo Mitsui Banking Corporation		0.60			6-29-2016		176,000,000		176,000,000
Sumitomo Mitsui Banking Corporation		0.61			7-6-2016		146,000,000		146,000,000
Sumitomo Trust & Banking Corporation		0.62			7-7-2016		200,000,000		200,000,000
Sumitomo Trust & Banking Corporation		0.62			7-13-2016		173,000,000		173,000,000
Sumitomo Trust & Banking Corporation		0.74			5-2-2016		136,000,000		136,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Heritage Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit (continued)
Toronto-Dominion Bank ±		0.61	%		5-25-2016	$	184,000,000	$	184,000,000
Toronto-Dominion Bank ±		0.62			6-2-2016		114,000,000		114,000,000
Toronto-Dominion Bank ±		0.75			7-5-2016		110,000,000		110,000,000
Total Certificates of Deposit (Cost $15,483,763,767)									15,483,763,767

Commercial Paper : 46.99%
Asset-Backed Commercial Paper : 25.38%
Albion Capital Corporation 144A(z)		0.50			5-25-2016		193,537,000		193,475,176
Anglesea Funding LLC 144A±		0.59			9-7-2016		100,000,000		100,000,000
Anglesea Funding LLC 144A(z)		0.42			5-3-2016		172,000,000		171,997,993
Anglesea Funding LLC 144A±		0.58			7-15-2016		70,000,000		70,000,000
Anglesea Funding LLC 144A±		0.59			8-2-2016		225,000,000		225,000,000
Anglesea Funding LLC 144A±		0.59			9-19-2016		113,000,000		113,000,000
Anglesea Funding LLC 144A±		0.59			9-7-2016		48,000,000		48,000,000
Anglesea Funding LLC 144A±		0.59			9-29-2016		58,000,000		58,000,000
Anglesea Funding LLC 144A±		0.59			8-10-2016		70,000,000		70,000,000
Antalis SA 144A(z)		0.42			5-2-2016		19,000,000		19,000,000
Antalis SA 144A(z)		0.70			5-6-2016		15,000,000		14,998,833
Antalis SA 144A(z)		0.70			5-27-2016		38,000,000		37,981,528
Antalis SA 144A(z)		0.70			6-10-2016		22,000,000		21,983,317
Atlantic Asset Securitization Corporation 144A±		0.60			12-16-2016		150,000,000		149,999,056
Atlantic Asset Securitization Corporation 144A±		0.60			12-9-2016		141,000,000		140,998,645
Atlantic Asset Securitization Corporation 144A±		0.60			12-5-2016		136,000,000		135,999,453
Barton Capital Corporation 144A(z)		0.54			6-6-2016		40,000,000		39,979,000
Barton Capital Corporation 144A(z)		0.54			6-24-2016		17,000,000		16,986,485
Barton Capital Corporation 144A(z)		0.61			5-18-2016		30,000,000		29,991,867
Barton Capital Corporation 144A(z)		0.62			7-20-2016		49,000,000		48,933,333
Barton Capital Corporation 144A(z)		0.64			5-12-2016		60,000,000		59,989,333
Bedford Row Funding Corporation 144A±		0.78			8-1-2016		114,000,000		113,997,150
Bedford Row Funding Corporation 144A±		0.80			7-11-2016		112,000,000		112,000,000
Bedford Row Funding Corporation 144A±		0.80			7-7-2016		54,000,000		54,000,000
Bennington Stark Capital Company LLC 144A(z)		0.55			5-13-2016		75,000,000		74,987,395
Bennington Stark Capital Company LLC 144A±		0.75			5-13-2016		95,000,000		94,999,560
Charta LLC 144A(z)		0.46			6-16-2016		32,000,000		31,981,600
Chesham Finance Limited 144A(z)		0.40			5-2-2016		45,000,000		45,000,000
Chesham Finance Limited 144A(z)		0.40			5-2-2016		82,000,000		82,000,000
Chesham Finance Limited 144A(z)		0.40			5-2-2016		50,000,000		50,000,000
Collateralized Commercial Paper Company LLC 144A±		0.74			6-8-2016		160,000,000		160,000,000
Concord Minutemen Capital Company 144A(z)		0.40			5-2-2016		141,000,000		141,000,000
Concord Minutemen Capital Company 144A(z)		0.44			5-5-2016		60,000,000		59,997,800
Concord Minutemen Capital Company 144A(z)		0.51			5-3-2016		69,000,000		68,999,022
Concord Minutemen Capital Company 144A(z)		0.51			5-4-2016		74,000,000		73,997,903
Concord Minutemen Capital Company 144A(z)		0.52			6-2-2016		80,000,000		79,964,177
Concord Minutemen Capital Company 144A(z)		0.52			6-3-2016		70,000,000		69,967,644
Crown Point Capital Company LLC 144A±		0.59			8-22-2016		72,000,000		72,000,000
Crown Point Capital Company LLC 144A±		0.64			10-25-2016		187,000,000		187,000,000
Crown Point Capital Company LLC 144A±%%		0.66			11-7-2016		192,000,000		192,000,000
Gotham Funding Corporation 144A(z)		0.49			5-11-2016		17,600,000		17,597,844
Gotham Funding Corporation 144A(z)		0.49			5-3-2016		85,000,000		84,998,843
Gotham Funding Corporation 144A(z)		0.49			5-12-2016		98,000,000		97,986,661
Gotham Funding Corporation 144A(z)		0.49			5-26-2016		28,000,000		27,990,853
Gotham Funding Corporation 144A(z)		0.49			5-27-2016		26,000,000		25,991,153
Halkin Finance LLC 144A(z)		0.44			5-3-2016		55,000,000		54,999,328
Halkin Finance LLC 144A(z)		0.44			5-4-2016		114,000,000		113,997,213
Institutional Secured Funding LLC 144A(z)		0.45			5-2-2016		276,000,000		276,000,000
Institutional Secured Funding LLC 144A(z)		0.57			6-2-2016		172,000,000		171,915,577
Institutional Secured Funding LLC 144A(z)		0.60			5-11-2016		5,600,000		5,599,160
Institutional Secured Funding LLC 144A(z)		0.60			5-9-2016		110,000,000		109,987,167
Institutional Secured Funding LLC 144A(z)		0.60			5-17-2016		37,000,000		36,990,750
Kells Funding LLC 144A(z)		0.59			7-19-2016		61,000,000		60,922,022
Kells Funding LLC 144A(z)		0.59			7-21-2016		80,000,000		79,895,111
Kells Funding LLC 144A(z)		0.59			7-22-2016		99,000,000		98,868,577
Kells Funding LLC 144A(z)		0.59			7-26-2016		31,000,000		30,956,815
Kells Funding LLC 144A(z)		0.61			6-9-2016		60,000,000		59,961,367
Kells Funding LLC 144A(z)		0.61			6-13-2016		118,000,000		117,916,023
Lexington Parker Capital Company LLC 144A(z)		0.36			5-2-2016		37,000,000		37,000,000
Lexington Parker Capital Company LLC 144A(z)		0.44			5-11-2016		155,000,000		154,982,950


Wells Fargo Heritage Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Lexington Parker Capital Company LLC 144A(z)		0.52	%		6-2-2016	$	68,000,000	$	67,969,551
Lexington Parker Capital Company LLC 144A(z)		0.52			6-3-2016		72,000,000		71,966,720
Lexington Parker Capital Company LLC 144A(z)		0.61			5-4-2016		114,000,000		113,996,137
Liberty Street Funding LLC 144A(z)		0.53			5-10-2016		55,000,000		54,993,522
Liberty Street Funding LLC 144A(z)		0.60			6-13-2016		98,300,000		98,231,190
Liberty Street Funding LLC 144A(z)		0.60			6-14-2016		59,000,000		58,957,717
Liberty Street Funding LLC 144A(z)		0.60			7-18-2016		39,000,000		38,949,950
LMA Americas LLC 144A(z)		0.66			6-10-2016		92,000,000		91,934,220
LMA Americas LLC 144A(z)		0.48			6-1-2016		55,150,000		55,127,940
LMA Americas LLC 144A(z)		0.55			5-4-2016		57,100,000		57,098,255
LMA Americas LLC 144A(z)		0.65			5-26-2016		42,100,000		42,081,757
LMA Americas LLC 144A(z)		0.65			6-8-2016		79,000,000		78,947,224
LMA Americas LLC 144A(z)		0.66			5-24-2016		24,000,000		23,990,320
LMA Americas LLC 144A(z)		0.66			6-14-2016		10,000,000		9,992,117
LMA Americas LLC 144A(z)		0.68			5-9-2016		14,800,000		14,798,043
LMA Americas LLC 144A(z)		0.70			5-2-2016		208,000,000		208,000,000
Manhattan Asset Funding Company LLC (z)		0.50			5-2-2016		24,583,000		24,583,000
Manhattan Asset Funding Company LLC (z)		0.50			5-3-2016		98,000,000		97,998,639
Manhattan Asset Funding Company LLC (z)		0.50			6-6-2016		18,500,000		18,491,007
Matchpoint Finance plc 144A(z)		0.38			5-2-2016		47,000,000		47,000,000
Matchpoint Finance plc 144A(z)		0.66			5-24-2016		50,000,000		49,979,833
Matchpoint Finance plc 144A(z)		0.66			5-25-2016		35,000,000		34,985,242
Matchpoint Finance plc 144A(z)		0.66			6-2-2016		109,000,000		108,938,052
Mountcliff Funding LLC 144A(z)		0.40			5-2-2016		170,000,000		170,000,000
Mountcliff Funding LLC 144A(z)		0.67			6-23-2016		147,000,000		146,857,737
Nieuw Amsterdam Receivable 144A(z)		0.67			6-1-2016		72,000,000		71,959,800
Nieuw Amsterdam Receivable 144A(z)		0.70			7-5-2016		19,022,000		19,003,401
Nieuw Amsterdam Receivable 144A(z)		0.70			8-8-2016		74,000,000		73,858,989
Old Line Funding LLC 144A±		0.64			6-10-2016		57,000,000		57,000,000
Regency Markets No.1 LLC 144A(z)		0.44			5-6-2016		154,275,000		154,267,458
Regency Markets No.1 LLC 144A(z)		0.44			5-9-2016		36,421,000		36,417,884
Regency Markets No.1 LLC 144A(z)		0.44			5-16-2016		141,030,000		141,005,868
Regency Markets No.1 LLC 144A(z)		0.44			5-20-2016		167,930,000		167,893,055
Regency Markets No.1 LLC 144A(z)		0.44			5-25-2016		71,000,000		70,980,041
Regency Markets No.1 LLC 144A(z)		0.44			5-26-2016		24,020,000		24,012,954
Regency Markets No.1 LLC 144A(z)		0.44			5-27-2016		109,000,000		108,966,695
Ridgefield Funding Company LLC 144A(z)		0.38			5-2-2016		147,000,000		147,000,000
Ridgefield Funding Company LLC 144A±		0.57			6-30-2016		169,000,000		169,000,000
Ridgefield Funding Company LLC 144A(z)		0.62			5-3-2016		69,000,000		68,998,812
Ridgefield Funding Company LLC 144A±		0.63			9-23-2016		193,000,000		193,000,000
Ridgefield Funding Company LLC 144A±		0.65			7-7-2016		172,000,000		172,000,000
Starbird Funding Corporation 144A±		0.60			9-16-2016		112,000,000		112,000,000
Starbird Funding Corporation 144A(z)		0.63			5-2-2016		100,000,000		100,000,000
Starbird Funding Corporation 144A(z)		0.63			5-5-2016		42,000,000		41,997,795
Starbird Funding Corporation 144A(z)		0.63			5-3-2016		10,000,000		9,999,825
Starbird Funding Corporation 144A(z)		0.65			6-10-2016		38,000,000		37,973,242
Starbird Funding Corporation 144A(z)		0.66			6-1-2016		32,000,000		31,982,400
Starbird Funding Corporation 144A(z)		0.66			6-3-2016		37,000,000		36,978,293
Starbird Funding Corporation 144A(z)		0.66			6-6-2016		75,000,000		74,951,875
Thunder Bay Funding LLC 144A±		0.64			6-14-2016		57,000,000		57,000,000
Versailles Commercial Paper LLC 144A±		0.60			12-8-2016		107,000,000		107,000,000
Versailles Commercial Paper LLC 144A(z)		0.63			5-5-2016		183,000,000		182,990,393
Versailles Commercial Paper LLC 144A(z)		0.63			5-6-2016		75,000,000		74,994,750
Versailles Commercial Paper LLC 144A(z)		0.63			5-9-2016		75,000,000		74,990,813
Versailles Commercial Paper LLC 144A(z)		0.64			6-13-2016		72,000,000		71,946,240
Versailles Commercial Paper LLC 144A(z)		0.67			7-1-2016		67,000,000		66,925,183
Versailles Commercial Paper LLC 144A(z)		0.70			8-1-2016		60,000,000		59,893,833
Victory Receivables 144A(z)		0.49			5-2-2016		33,000,000		33,000,000
Victory Receivables 144A(z)		0.49			5-4-2016		71,665,000		71,663,049
Victory Receivables 144A(z)		0.49			5-10-2016		106,467,000		106,455,407
Victory Receivables 144A(z)		0.49			5-12-2016		75,000,000		74,989,792
Victory Receivables 144A(z)		0.49			5-13-2016		109,000,000		108,983,681
Victory Receivables 144A(z)		0.49			5-16-2016		40,000,000		39,992,378
Victory Receivables 144A(z)		0.49			5-19-2016		23,000,000		22,994,678
Victory Receivables 144A(z)		0.49			5-20-2016		72,879,000		72,861,145
Victory Receivables 144A(z)		0.49			5-25-2016		31,000,000		30,990,295


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Heritage Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Victory Receivables 144A(z)		0.49	%		6-2-2016	$	43,000,000	$	42,981,856
									10,402,533,737

Financial Company Commercial Paper : 16.09%
ANZ National International Limited 144A(z)		0.65			8-22-2016		75,000,000		74,848,333
ANZ National International Limited 144A(z)		0.65			8-26-2016		75,000,000		74,842,917
ASB Finance Limited 144A±		0.65			5-27-2016		72,000,000		72,000,000
Australia & New Zealand Banking Group 144A±		0.65			5-23-2016		198,000,000		198,000,000
Banco De Credito e Inversiones 144A(z)		0.84			7-1-2016		12,850,000		12,832,010
Banco De Credito e Inversiones 144A(z)		0.84			6-30-2016		100,000,000		99,862,333
Banco De Credito e Inversiones 144A(z)		0.84			7-27-2016		102,000,000		101,795,320
BNP Paribas (New York) (z)		0.78			8-15-2016		19,000,000		18,956,775
BPCE SA 144A(z)		0.60			7-7-2016		28,550,000		28,518,595
Caisse Centrale Desjardins du Quebec 144A(z)		0.42			5-4-2016		136,300,000		136,296,820
Caisse Centrale Desjardins du Quebec 144A(z)		0.50			6-20-2016		44,000,000		43,970,056
Caisse Centrale Desjardins du Quebec 144A(z)		0.50			6-21-2016		103,000,000		102,928,472
Caisse Centrale Desjardins du Quebec 144A(z)		0.53			5-16-2016		62,000,000		61,987,221
Caisse Centrale Desjardins du Quebec 144A(z)		0.53			6-30-2016		68,000,000		67,940,934
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			5-25-2016		32,000,000		31,987,733
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			6-1-2016		123,000,000		122,938,500
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			6-28-2016		39,000,000		38,962,950
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			7-8-2016		32,000,000		31,964,267
CDP Financial Incorporated 144A(z)		0.58			5-11-2016		33,500,000		33,495,142
Commonwealth Bank of Australia 144A±		0.62			6-2-2016		106,000,000		106,000,000
Commonwealth Bank of Australia 144A±		0.79			8-17-2016		112,000,000		112,000,000
CPPIB Capital Incorporated 144A±		0.71			6-15-2016		160,000,000		160,000,000
CPPIB Capital Incorporated 144A±		0.71			6-10-2016		149,000,000		149,000,000
CPPIB Capital Incorporated 144A±		0.74			7-8-2016		150,000,000		150,000,000
Credit Suisse (New York) (z)		0.82			6-13-2016		149,000,000		148,857,457
DBS Bank Limited 144A(z)		0.50			5-17-2016		65,000,000		64,986,458
European Investment Bank (z)		0.59			6-2-2016		179,000,000		178,909,058
European Investment Bank (z)		0.60			6-3-2016		138,000,000		137,927,013
HSBC Bank plc 144A(z)		0.59			6-3-2016		96,000,000		95,949,653
Macquarie Bank Limited 144A(z)		0.63			6-21-2016		65,350,000		65,292,819
Macquarie Bank Limited 144A(z)		0.64			6-9-2016		149,000,000		148,900,129
Macquarie Bank Limited 144A(z)		0.64			6-10-2016		119,000,000		118,918,138
National Australia Bank Limited 144A±		0.77			6-17-2016		108,000,000		108,000,000
National Australia Bank Limited 144A±		0.77			8-4-2016		151,000,000		151,000,000
National Securities Clearing 144A(z)		0.50			6-7-2016		61,000,000		60,969,500
Nationwide Building Society 144A(z)		0.62			5-17-2016		103,000,000		102,973,392
NRW Bank 144A(z)		0.44			5-3-2016		184,000,000		183,997,777
NRW Bank 144A(z)		0.44			5-9-2016		230,000,000		229,980,546
NRW Bank 144A(z)		0.44			5-12-2016		55,000,000		54,993,354
NRW Bank 144A(z)		0.48			5-11-2016		100,000,000		99,988,000
NV Bank Nederlandse Gemeenten 144A±		0.61			5-6-2016		150,000,000		150,000,000
Ontario Teacher Finance Trust 144A(z)		0.70			5-11-2016		25,000,000		24,995,625
Ontario Teacher Finance Trust 144A(z)		0.62			6-27-2016		53,000,000		52,948,884
Ontario Teacher Finance Trust 144A(z)		0.69			5-2-2016		76,000,000		76,000,000
Ontario Teacher Finance Trust 144A(z)		0.70			5-6-2016		67,000,000		66,994,789
Ontario Teacher Finance Trust 144A(z)		0.70			5-27-2016		75,000,000		74,963,542
Ontario Teacher Finance Trust 144A(z)		0.70			6-7-2016		70,000,000		69,951,000
Ontario Teacher Finance Trust 144A(z)		0.72			5-13-2016		83,000,000		82,981,740
Ontario Teacher Finance Trust 144A(z)		0.72			6-2-2016		124,000,000		123,923,120
PSP Capital Incorporated 144A(z)		0.56			7-28-2016		53,000,000		52,928,273
PSP Capital Incorporated 144A(z)		0.57			6-1-2016		36,833,000		36,815,504
PSP Capital Incorporated 144A(z)		0.57			6-3-2016		61,000,000		60,969,093
PSP Capital Incorporated 144A(z)		0.57			6-9-2016		39,000,000		38,976,535
Rabobank Nederland ±		0.76			7-11-2016		148,000,000		148,000,000
Shagang South Asia Trading Company (z)		1.00			5-5-2016		66,000,000		65,994,500
Sumitomo Mitsui Banking Corporation 144A(z)		0.60			6-29-2016		173,000,000		172,832,767
Sumitomo Mitsui Banking Corporation 144A(z)		0.61			7-12-2016		165,000,000		164,801,496
Sumitomo Trust & Banking Corporation 144A(z)		0.62			6-28-2016		170,000,000		169,833,117
Sumitomo Trust & Banking Corporation 144A(z)		0.62			6-29-2016		171,000,000		170,829,190
Suncorp Group Limited 144A(z)		0.66			6-1-2016		71,000,000		70,960,950
Suncorp Group Limited 144A(z)		0.67			6-15-2016		20,000,000		19,983,622
Suncorp Group Limited 144A(z)		0.67			6-16-2016		30,000,000		29,974,875
Suncorp Group Limited 144A(z)		0.74			5-26-2016		36,000,000		35,982,200
Suncorp Group Limited 144A(z)		0.75			5-9-2016		67,200,000		67,190,200


Wells Fargo Heritage Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
Suncorp Group Limited 144A(z)		0.75	%		5-31-2016	$	20,000,000	$	19,987,917
Suncorp Group Limited 144A(z)		0.76			7-6-2016		37,000,000		36,949,228
TCl Industries Holding (z)		1.00			5-10-2016		68,000,000		67,984,889
Toronto-Dominion Bank 144A(z)		0.47			6-6-2016		72,000,000		71,967,100
Unibail-Rodamco 144A(z)		0.57			5-4-2016		33,000,000		32,998,955
Westpac Banking Corporation 144A±		0.61			5-16-2016		181,000,000		181,000,000
Westpac Banking Corporation 144A±		0.62			6-13-2016		173,000,000		173,000,000
									6,595,490,783

Other Commercial Paper : 5.52%
Caisse Des Depots et Consignations 144A(z)		0.57			5-9-2016		203,000,000		202,977,501
Caisse Des Depots et Consignations 144A(z)		0.58			5-16-2016		187,000,000		186,957,821
Caisse Des Depots et Consignations 144A(z)		0.59			5-17-2016		192,000,000		191,952,800
Caisse Des Depots et Consignations 144A(z)		0.59			5-20-2016		195,000,000		194,942,475
Caisse Des Depots et Consignations 144A(z)		0.60			5-19-2016		105,000,000		104,970,250
China International Marine Containers (z)		1.00			5-10-2016		199,000,000		198,955,778
China International Marine Containers (z)		1.00			5-11-2016		106,000,000		105,973,500
China Power International Development (z)		1.00			5-5-2016		66,000,000		65,994,500
China Power International Development (z)		1.00			5-9-2016		47,000,000		46,990,861
China Power International Development (z)		1.00			5-10-2016		35,000,000		34,992,222
China Shipping Container Lines (z)		1.00			5-2-2016		55,000,000		55,000,000
China Shipping Container Lines (z)		1.00			5-2-2016		27,000,000		27,000,000
China Shipping Container Lines (z)		1.00			5-4-2016		75,000,000		74,995,833
China Shipping Container Lines (z)		1.00			5-5-2016		82,000,000		81,993,167
China Shipping Container Lines (z)		1.00			5-11-2016		115,000,000		114,971,250
Erste Abwicklungsanstalt 144A(z)		0.59			7-19-2016		38,000,000		37,951,423
Erste Abwicklungsanstalt 144A(z)		0.60			7-15-2016		43,300,000		43,246,597
Erste Abwicklungsanstalt 144A(z)		0.66			8-17-2016		20,000,000		19,960,767
Erste Abwicklungsanstalt 144A(z)		0.66			8-22-2016		78,000,000		77,839,840
Sinochem Capital Company Limited (z)		0.45			5-16-2016		163,000,000		162,971,475
Sinochem Capital Company Limited (z)		0.45			5-19-2016		50,000,000		49,989,375
Sinochem Capital Company Limited (z)		0.90			5-4-2016		90,000,000		89,995,500
Toyota Motor Credit Corporation (z)		0.60			8-3-2016		30,000,000		29,953,500
Toyota Motor Credit Corporation (z)		0.60			8-3-2016		64,000,000		63,900,800
									2,264,477,235

Total Commercial Paper (Cost $19,262,501,755)									19,262,501,755

Municipal Obligations : 6.30%
Arizona : 0.21%
Other Municipal Debt : 0.21%
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-5-2016		36,000,000		35,998,560
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-9-2016		25,000,000		24,997,667
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-10-2016		23,000,000		22,997,547
									83,993,774

California : 0.43%
Other Municipal Debt : 0.32%
East Bay California Municipal Utility (Utilities Revenue)		0.10			6-2-2016		35,000,000		34,983,707
East Bay California Municipal Utility (Utilities Revenue)		0.06			5-5-2016		20,000,000		19,999,182
Los Angeles CA Metropolitan Transportation (Transportation Revenue)		0.58			5-3-2016		22,500,000		22,500,000
Turlock CA Irrigation District (Miscellaneous Revenue)		0.18			5-11-2016		52,000,000		51,993,896
									129,476,785

Variable Rate Demand Notes ø: 0.11%
RBC Municipal Products Incorporated Trust Water District Series E (Water & Sewer Revenue, Royal Bank of Canada LOC) 144A		0.48			4-5-2019		40,000,000		40,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Heritage Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
San Francisco CA City & County Certificate of Participation Series B001 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A		0.48	%		11-1-2041	$	6,000,000	$	6,000,000
									46,000,000

Colorado : 0.49%
Variable Rate Demand Notes ø: 0.49%
Avon CO Traer Creek Metropolitan District Refunding Series 2014 (GO Revenue, BNP Paribas LOC)		0.46			10-1-2030		19,163,000		19,163,000
Colorado HFA Class II Series A-2 (Housing Revenue, FHLB SPA)		0.40			10-1-2033		6,320,000		6,320,000
Colorado HFA MFHR Class I Bonds 2006 Series A-1 (Housing Revenue, FHLB LIQ)		0.40			10-1-2036		12,310,000		12,310,000
Colorado HFA MFHR Class I Series A-1 (Housing Revenue, FHLB SPA)		0.40			10-1-2033		14,345,000		14,345,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA)		0.46			5-1-2052		106,695,000		106,695,000
Colorado Southern Ute Indian Tribe Reservation Series 2001 (Industrial Development Revenue)		0.42			11-1-2031		24,000,000		24,000,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		0.44			1-1-2027		19,430,000		19,430,000
									202,263,000

District of Columbia : 0.10%
Variable Rate Demand Note ø: 0.10%
Metropolitan Washington District of Columbia Airports Sub Series A-1 (Airport Revenue, Royal Bank of Canada LOC)		0.43			10-1-2039		41,000,000		41,000,000

Georgia : 0.34%
Other Municipal Debt : 0.06%
Georgia Municipal Electric Authority Series A (Electric Utilities)		0.50			5-9-2016		24,155,000		24,155,000

Variable Rate Demand Notes ø: 0.28%
JP Morgan Chase PUTTER/DRIVER Trust Series (Miscellaneous Revenue, Societe Generale LOC, National/FGIC Insured, Societe Generale LIQ) 144A		0.48			1-1-2035		33,650,000		33,650,000
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC)		0.65			12-1-2022		80,000,000		80,000,000
									113,650,000

Illinois : 0.32%
Other Municipal Debt : 0.13%
IIllinois Education Facility Authority (Education Revenue)		0.10			6-2-2016		15,000,000		14,993,025
IIllinois Education Facility Authority (Education Revenue)		0.12			6-1-2016		15,143,000		15,136,139
Illilnois Education Facility Authority (Education Revenue)		0.07			5-4-2016		25,000,000		24,999,269
									55,128,433

Variable Rate Demand Notes ø: 0.19%
Illinois Toll Highway Authority Series A1 (Transportation Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.43			1-1-2031		25,500,000		25,500,000
JPMorgan Chase PUTTER/DRIVER Trust Series (GO Revenue, Societe Generale LIQ) 144A		0.48			6-1-2033		51,835,000		51,835,000
									77,335,000


Wells Fargo Heritage Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Louisiana : 0.04%
Variable Rate Demand Note ø: 0.04%
East Baton Rouge Parish LA Sewerage Commission Revenue Series B005 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.48	%		2-1-2045	$	16,280,000	$	16,280,000

Maine : 0.30%
Variable Rate Demand Notes ø: 0.30%
Maine Housing Authority Series D (Housing Revenue, Royal Bank of Canada SPA)		0.44			11-15-2039		55,000,000		55,000,000
Maine Housing Authority Series F (Housing Revenue, Citibank NA LIQ)		0.40			11-15-2032		39,585,000		39,585,000
Portland ME Pension Bonds (GO Revenue, Sumitomo Mitsui Banking SPA)		0.43			6-1-2026		28,675,000		28,675,000
									123,260,000

Maryland : 0.09%
Variable Rate Demand Note ø: 0.09%
Montgomery County MD Trinity Health Credit Group (Health Revenue)		0.14			12-1-2041		37,500,000		37,474,923

Michigan : 0.06%
Variable Rate Demand Note ø: 0.06%
Michigan Finance Authority Trinity Health Credit Group (Health Revenue)		0.14			12-1-2034		26,465,000		26,447,315

Minnesota : 0.06%
Variable Rate Demand Note ø: 0.06%
NorthStar Student Loan Trust II (Education Revenue, Royal Bank of Canada LOC)		0.44			10-1-2042		23,976,000		23,976,000

Nevada : 0.33%
Other Municipal Debt : 0.03%
Truckee Meadows Water Authority (Water & Sewer Revenue)		0.06			5-5-2016		13,000,000		12,999,526

Variable Rate Demand Note ø: 0.30%
Clark County NV Airport Lien Series C-1 (Airport Revenue, JPMorgan Chase & Company LOC)		0.42			7-1-2040		122,900,000		122,900,000

New Jersey : 1.23%
Variable Rate Demand Note ø: 1.23%
RBC Municipal Products Incorporated Taxable-Floater Certificates Series E60 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		0.46			6-28-2016		503,560,000		503,560,000

New York : 1.18%
Variable Rate Demand Notes ø: 1.18%
New York Dormitory Authority Secondary Issues Floater Series B-4 (Tax Revenue, Morgan Stanley Bank LIQ) 144A		0.48			3-15-2040		16,000,000		16,000,000
New York HFA 605 West 42 Street Series B (Housing Revenue, Bank of China LOC)		0.75			5-1-2048		216,550,000		216,550,000
New York HFA Manhattan West Residential Housing Series B-2 (Housing Revenue, Bank of China LOC)		1.10			11-1-2049		30,325,000		30,325,000
New York Taxable Trust Floater Series Yeshiva University (Education Revenue, Citibank NA LIQ) 144A		0.50			9-1-2024		119,500,000		119,500,000
New York Urban Development Corporate Revenue Series A3C (Tax Revenue, JPMorgan Chase & Company SPA)		0.42			3-15-2033		35,540,000		35,540,000
New York Urban Development Corporate Revenue Series A3D (Tax Revenue, JPMorgan Chase & Company SPA)		0.42			3-15-2033		37,620,000		37,620,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Heritage Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
RBC Municipal Products Incorporated Trust Series E-51 for Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		0.69	%		7-1-2017	$	30,000,000	$	30,000,000
									485,535,000

North Carolina : 0.02%
Variable Rate Demand Note ø: 0.02%
Roanoke Rapids NC Music & Entertainment District Project (Tax Revenue, Bank of America NA LOC)		0.41			7-1-2027		6,930,000		6,930,000

Ohio : 0.18%
Variable Rate Demand Notes ø: 0.18%
Cleveland-Cuyahoga County OH Carnagie 89th Garage & Service Center LLC Project Series 2007 (Health Revenue, JPMorgan Chase & Company LOC)		0.44			1-1-2037		28,340,000		28,340,000
Ohio Air Quality Development Authority Andersons Marathon Ethanol LLC Project Series 2007 (Resource Recovery Revenue, CoBank LOC)		0.49			3-1-2032		23,800,000		23,800,000
Ohio Water Development Authority Water Development Notes (Water & Sewer Revenue)		0.71			5-1-2038		20,000,000		20,000,000
									72,140,000

Other : 0.03%
Variable Rate Demand Note ø: 0.03%
FHLMC MFHR Series M021 Class A (Housing Revenue, FHLMC LIQ)		0.44			6-15-2036		12,000,000		12,000,000

Pennsylvania : 0.18%
Other Municipal Debt : 0.04%
Philadelphia PA Series CC-2 (Miscellaneous Revenue)		0.70			8-1-2016		17,000,000		16,997,847

Variable Rate Demand Note ø: 0.14%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		0.69			7-1-2017		55,000,000		55,000,000

South Carolina : 0.15%
Other Municipal Debt : 0.15%
South Carolina Public Service (Utilities Revenue)		0.07			5-5-2016		25,125,000		25,124,142
South Carolina Public Service (Utilities Revenue)		0.49			5-17-2016		20,000,000		20,000,000
South Carolina Public Service (Utilities Revenue)		0.50			6-1-2016		14,678,000		14,678,000
									59,802,142

Tennessee : 0.33%
Other Municipal Debt : 0.18%
Memphis TN Series A (Miscellaneous Revenue)		0.06			5-3-2016		18,400,000		18,399,781
Memphis TN Series A (Miscellaneous Revenue)		0.12			6-16-2016		11,000,000		10,993,472
Memphis TN Series A (Miscellaneous Revenue)		0.10			6-1-2016		12,500,000		12,494,861
Nashville and Davidson County TN Metropolitan Government (Miscellaneous Revenue)		0.06			5-2-2016		21,140,000		21,140,000
Nashville TN Metropolitan Government (Miscellaneous Revenue)		0.38			5-2-2016		12,500,000		12,500,000
									75,528,114

Variable Rate Demand Note ø: 0.15%
Montgomery County TN Industrial Development Bonds Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC)		0.60			12-1-2024		60,000,000		60,000,000


Wells Fargo Heritage Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Washington : 0.03%
Other Municipal Debt : 0.03%
Port of Seattle WA Series B (Port Authority Revenue)		0.50	%		5-5-2016	$	14,000,000	$	14,000,000

Wisconsin : 0.20%
Other Municipal Debt : 0.05%
Wisconsin State Health & Educational Facilities (Health Revenue)		0.17			5-4-2016		20,000,000		19,999,527

Variable Rate Demand Notes ø: 0.15%
Wisconsin Housing & EDA Series F (Housing Revenue, JPMorgan Chase & Company SPA)		0.44			11-1-2030		26,175,000		26,175,000
Wisconsin PFA Cleveland State University Housing Project LLC (Housing Revenue, Bank of America NA LOC)		0.40			1-1-2042		4,965,000		4,965,000
Wisconsin PFA Multifamily Housing Affinity Covington Project (Housing Revenue, FHLB LOC)		0.40			12-1-2047		10,000,000		10,000,000
Wisconsin PFA Multifamily Housing Affinity Wells Branch Project (Housing Revenue, FHLB LOC)		0.40			11-1-2047		21,775,000		21,775,000
									62,915,000

Total Municipal Obligations (Cost $2,580,747,386)									2,580,747,386

Other Instruments : 2.90%
DBS Bank Limited Pooled Bank Deposit Product		0.44			5-2-2016		705,000,000		705,000,000
FHLMC MFHR Series M004 Class A ±		0.48			5-15-2016		43,064,047		43,064,047
FHLMC MFHR Series M011 Class A ±		0.48			5-15-2016		995,000		995,000
Oversea-Chinese Banking Corporation Pooled Bank Deposit Product		0.39			5-2-2016		395,000,000		395,000,000
Salt River Project Agricultural Improvement & Power District (z)		0.48			5-6-2016		45,000,000		44,997,600
Total Other Instruments (Cost $1,189,056,647)									1,189,056,647

Other Notes : 2.50%
Corporate Bonds and Notes : 2.50%
Ballenisles Country Club Notes ±§		0.80			7-2-2016		13,505,000		13,505,000
Hartford Healthcare Corporation ±§		0.42			6-8-2016		50,000,000		50,000,000
Jets Stadium Development Bonds 144A±§		0.46			7-4-2016		35,800,000		35,800,000
Jets Stadium Finance Secured Bond 144A±§		0.46			6-8-2016		22,930,000		22,930,000
Keep Memory Alive ±§		0.42			5-6-2016		34,105,000		34,105,000
Providence Health & Services ±§		0.45			6-8-2016		24,190,000		24,190,000
Racetrac Capital LLC ±§		0.40			6-8-2016		14,000,000		14,000,000
SSAB AB Series A ±		0.42			7-4-2016		15,000,000		15,000,000
SSAB AB Series B ±§		0.42			7-4-2016		20,000,000		20,000,000
Studio Sixty LLC Secured ±§		0.43			6-13-2016		14,200,000		14,200,000
United Overseas Bank Limited		0.44			5-2-2016		770,000,000		770,000,000
World Wildlife Fund ±§		0.45			6-8-2016		11,305,000		11,305,000
Total Other Notes (Cost $1,025,035,000)									1,025,035,000

Repurchase Agreements ^^: 4.56%
Bank of America NA, dated 4-29-2016, maturity value $573,964,992 (1)		0.30			5-2-2016		573,950,644		573,950,644
Credit Agricole, dated 4-29-2016, maturity value $307,007,931 (2)		0.31			5-2-2016		307,000,000		307,000,000
Goldman Sachs & Company, dated 4-1-2016, maturity value $545,354,250 (3) ±§(i)¢		0.39			5-31-2016		545,000,000		545,000,000
JPMorgan Securities, dated 4-1-2016, maturity value $372,364,560 (4) ±§(i)¢		0.56			6-3-2016		372,000,000		372,000,000
JPMorgan Securities, dated 4-1-2016, maturity value $70,022,303 (5) ±§¢		0.37			5-2-2016		70,000,000		70,000,000
Total Repurchase Agreements (Cost $1,867,950,644)									1,867,950,644


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Heritage Money Market Fund


Security name			Value
Total investments in securities (Cost $41,409,055,199)*	101.02	%	$	41,409,055,199
Other assets and liabilities, net	(1.02	)		(419,916,083	)

Total net assets	100.00	%	$	40,989,139,116

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

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

(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.

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

(i)

Illiquid security

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

¢	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.

^^	Collateralized by:

(1)

U.S. government securities, 3.00% to 3.50%, 2-1-2043 to 9-1-2045, fair value including accrued interest is $591,169,163.

(2)

U.S. government securities, 2.50% to 4.50%, 10-1-2025 to 4-1-2046, fair value including accrued interest is $316,210,000.

(3)

U.S. government securities, 0.00% to 6.00%, 5-2-2016 to 4-15-2043, fair value including accrued interest is $560,320,683.

(4)

U.S. government securities, 0.00% to 11.00%, 5-3-2016 to 4-20-2046, fair value including accrued interest is $380,842,636.

(5)

U.S. government securities, 0.00% to 11.00%, 8-8-2016 to 4-20-2046, fair value including accrued interest is $72,101,748.

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
AGM		Assured Guaranty Municipal
DRIVER		Derivative inverse tax-exempt receipts
EDA		Economic Development Authority
FGIC		Financial Guaranty Insurance Corporation
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corporation
GO		General obligation
HFA		Housing Finance Authority
LIQ		Liquidity agreement
LLC		Limited liability company
LOC		Letter of credit
MFHR		Multifamily housing revenue
National		National Public Finance Guarantee Corporation
PFA		Public Finance Authority
plc		Public limited company
PUTTER		Puttable tax-exempt receipts
SPA		Standby purchase agreement

Wells Fargo Heritage Money Market Fund (the “Fund”)

Notes to Portfolio of investments –April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Repurchase agreements

When-issued transactions

Fair valuation measurements

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, use of amortized cost, etc.)

Level 3 –

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

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


Wells Fargo Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit : 31.75%
Australia & New Zealand Banking Group		0.36	%		5-3-2016	$	46,000,000	$	46,000,000
Bank of Montreal		0.40			5-3-2016		17,000,000		17,000,000
Bank of Montreal ±		0.79			7-19-2016		2,000,000		2,000,000
Bank of Nova Scotia ±		0.79			7-6-2016		6,000,000		6,000,000
Barclays Bank plc 144A(z)		0.55			5-23-2016		17,000,000		16,994,546
Citibank (New York)		0.58			5-12-2016		4,000,000		4,000,000
Citibank (New York)		0.58			5-18-2016		4,000,000		4,000,000
Citibank (New York)		0.58			7-13-2016		5,000,000		5,000,000
Citibank (New York)		0.58			7-14-2016		5,000,000		5,000,000
Cooperatieve Centrale ±		0.68			7-12-2016		5,000,000		5,000,350
Cooperatieve Centrale ±		0.79			9-7-2016		2,000,000		2,000,000
Cooperatieve Centrale		0.84			7-12-2016		2,000,000		2,000,372
Credit Agricole SA		0.32			5-2-2016		70,000,000		70,000,000
Dexia Credit Local SA (New York) ±		0.62			5-11-2016		13,000,000		13,000,000
Dexia Credit Local SA (New York) ±		0.75			6-21-2016		3,000,000		3,000,000
DG Bank (New York)		0.50			5-16-2016		8,000,000		8,000,000
DG Bank (New York)		0.60			5-11-2016		8,000,000		8,000,000
DG Bank (New York)		0.60			5-19-2016		3,000,000		3,000,000
DG Bank (New York)		0.65			8-8-2016		5,000,000		5,000,000
DG Bank (New York)		0.68			6-20-2016		4,000,000		4,000,000
DNB Nor Bank ##		0.30			5-2-2016		68,000,000		68,000,000
DNB Nor Bank		0.81			7-14-2016		2,000,000		2,000,281
HSBC Bank plc		0.31			5-2-2016		70,000,000		70,000,000
HSBC Bank plc		0.55			5-2-2016		22,707,000		22,707,000
HSBC Bank plc		0.57			5-25-2016		4,000,000		4,000,000
HSBC Bank plc		0.66			6-9-2016		3,000,000		3,000,000
HSBC Bank plc ±		0.75			7-5-2016		4,000,000		4,000,000
HSBC Bank plc ±		0.76			8-1-2016		3,000,000		3,000,000
KBC Bank		0.31			5-2-2016		70,000,000		70,000,000
Kookmin Bank		0.50			5-9-2016		3,000,000		3,000,000
Lloyds Bank plc ±		0.81			7-7-2016		5,000,000		5,000,000
Mitsubishi Trust & Bank		0.62			5-2-2016		4,000,000		4,000,000
Mitsubishi Trust & Bank		0.65			6-16-2016		10,000,000		10,000,000
Mitsubishi UFJ Trust & Banking Corporation (z)		0.69			7-1-2016		7,000,000		6,991,963
Mitsubishi UFJ Trust & Banking Corporation (z)		0.70			7-5-2016		6,000,000		5,992,546
Mizuho Corporate Bank (z)		0.69			5-3-2016		5,000,000		4,999,904
Mizuho Corporate Bank (z)		0.70			6-3-2016		5,000,000		4,996,894
Mizuho Corporate Bank (z)		0.72			7-28-2016		4,000,000		3,993,053
Mizuho Corporate Bank (z)		0.74			7-7-2016		7,000,000		6,990,585
NBAD Americas NV		0.34			5-2-2016		66,000,000		66,000,000
Nordea Bank AB ±		0.61			5-13-2016		9,000,000		9,000,000
Norinchukin Bank		0.59			5-2-2016		3,000,000		3,000,000
Norinchukin Bank		0.60			6-10-2016		6,000,000		6,000,000
Norinchukin Bank		0.61			7-29-2016		5,000,000		5,000,000
Oversea-Chinese Banking Corporation		0.51			5-4-2016		8,000,000		8,000,000
Oversea-Chinese Banking Corporation		0.51			5-13-2016		4,000,000		4,000,000
Oversea-Chinese Banking Corporation		0.57			7-5-2016		12,000,000		11,999,787
Oversea-Chinese Banking Corporation		0.57			7-8-2016		5,000,000		4,999,953
Skandinaviska Enskilda Banken AG		0.30			5-2-2016		69,000,000		69,000,000
Standard Chartered Bank		0.71			5-5-2016		5,000,000		5,000,000
Standard Chartered Bank		0.72			6-1-2016		8,000,000		8,000,000
Standard Chartered Bank		0.72			6-7-2016		5,000,000		5,000,000
Standard Chartered Bank ±		0.83			7-12-2016		5,000,000		5,000,000
State Street Bank & Trust Company ±		0.65			6-13-2016		4,000,000		4,000,000
State Street Bank & Trust Company ±		0.65			6-10-2016		4,000,000		4,000,000
State Street Bank & Trust Company ±		0.79			9-2-2016		2,000,000		2,000,000
Sumitomo Mitsui Banking Corporation		0.60			6-29-2016		10,000,000		10,000,000
Sumitomo Mitsui Banking Corporation		0.61			7-6-2016		9,000,000		9,000,000
Sumitomo Trust & Banking Corporation		0.62			7-7-2016		4,000,000		4,000,000
Sumitomo Trust & Banking Corporation		0.74			5-2-2016		4,000,000		4,000,000
Toronto-Dominion Bank ±		0.61			5-25-2016		8,000,000		8,000,000
Toronto-Dominion Bank ±		0.62			6-2-2016		8,000,000		8,000,000
Toronto-Dominion Bank ±		0.75			7-5-2016		4,000,000		4,000,000
Total Certificates of Deposit (Cost $798,667,234)									798,667,234


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Commercial Paper : 42.41%
Asset-Backed Commercial Paper : 23.45%
Albion Capital Corporation 144A(z)		0.50	%		5-25-2016	$	15,000,000	$	14,995,208
Anglesea Funding LLC 144A(z)		0.42			5-3-2016		13,000,000		12,999,848
Anglesea Funding LLC 144A±		0.58			7-15-2016		4,000,000		4,000,000
Anglesea Funding LLC 144A±		0.59			9-7-2016		5,000,000		5,000,000
Anglesea Funding LLC 144A±		0.59			8-10-2016		5,000,000		5,000,000
Antalis SA 144A(z)		0.42			5-2-2016		3,000,000		3,000,000
Antalis SA 144A(z)		0.70			5-27-2016		1,000,000		999,514
Atlantic Asset Securitization Corporation 144A±		0.60			12-16-2016		4,000,000		3,999,975
Atlantic Asset Securitization Corporation 144A±		0.60			12-9-2016		3,000,000		2,999,971
Atlantic Asset Securitization Corporation 144A±		0.60			12-5-2016		3,000,000		2,999,988
Barton Capital Corporation 144A(z)		0.54			6-6-2016		4,000,000		3,997,900
Barton Capital Corporation 144A(z)		0.54			6-24-2016		1,000,000		999,205
Barton Capital Corporation 144A(z)		0.62			7-20-2016		4,000,000		3,994,558
Barton Capital Corporation 144A(z)		0.64			5-12-2016		1,000,000		999,822
Bedford Row Funding Corporation 144A±		0.78			8-1-2016		2,000,000		1,999,950
Bedford Row Funding Corporation 144A±		0.80			7-11-2016		4,000,000		4,000,000
Bedford Row Funding Corporation 144A±		0.80			7-7-2016		2,000,000		2,000,000
Bennington Stark Capital Company LLC 144A(z)		0.55			5-13-2016		10,000,000		9,998,319
Bennington Stark Capital Company LLC 144A±		0.75			5-13-2016		7,000,000		6,999,968
Charta LLC 144A(z)		0.46			6-16-2016		2,000,000		1,998,850
Chesham Finance Limited 144A(z)		0.40			5-2-2016		11,000,000		11,000,000
Collateralized Commercial Paper Company LLC 144A±		0.74			6-8-2016		10,000,000		10,000,000
Concord Minutemen Capital Company 144A(z)		0.41			5-2-2016		13,000,000		13,000,000
Concord Minutemen Capital Company 144A(z)		0.44			5-5-2016		7,000,000		6,999,743
Concord Minutemen Capital Company 144A(z)		0.51			5-3-2016		2,000,000		1,999,972
Concord Minutemen Capital Company 144A(z)		0.51			5-4-2016		2,000,000		1,999,943
Concord Minutemen Capital Company 144A(z)		0.52			6-2-2016		10,000,000		9,995,522
Concord Minutemen Capital Company 144A(z)		0.52			6-3-2016		7,000,000		6,996,764
Crown Point Capital Company LLC 144A±		0.59			8-22-2016		5,000,000		5,000,000
Crown Point Capital Company LLC 144A±		0.64			10-25-2016		5,000,000		5,000,000
Crown Point Capital Company LLC 144A±%%		0.66			11-7-2016		5,000,000		5,000,000
Gotham Funding Corporation 144A(z)		0.49			5-3-2016		15,000,000		14,999,796
Gotham Funding Corporation 144A(z)		0.49			5-12-2016		5,000,000		4,999,319
Gotham Funding Corporation 144A(z)		0.49			5-26-2016		4,000,000		3,998,693
Gotham Funding Corporation 144A(z)		0.49			5-27-2016		3,000,000		2,998,979
Halkin Finance LLC 144A(z)		0.44			5-3-2016		4,000,000		3,999,951
Halkin Finance LLC 144A(z)		0.44			5-4-2016		5,000,000		4,999,878
Hannover Funding Company LLC 144A(z)		0.65			5-2-2016		7,000,000		7,000,000
Hannover Funding Company LLC 144A(z)		0.65			5-10-2016		12,000,000		11,998,267
Hannover Funding Company LLC 144A(z)		0.65			5-11-2016		13,000,000		12,997,888
Institutional Secured Funding LLC 144A(z)		0.45			5-2-2016		16,000,000		16,000,000
Institutional Secured Funding LLC 144A(z)		0.57			6-2-2016		10,000,000		9,995,092
Institutional Secured Funding LLC 144A(z)		0.60			5-9-2016		4,000,000		3,999,533
Institutional Secured Funding LLC 144A(z)		0.60			5-17-2016		2,000,000		1,999,500
Kells Funding LLC 144A(z)		0.59			7-19-2016		2,000,000		1,997,443
Kells Funding LLC (z)		0.59			7-21-2016		2,000,000		1,997,378
Kells Funding LLC 144A(z)		0.59			7-22-2016		4,000,000		3,994,690
Kells Funding LLC 144A(z)		0.59			7-26-2016		3,000,000		2,995,821
Kells Funding LLC 144A(z)		0.61			6-9-2016		4,000,000		3,997,424
Kells Funding LLC 144A(z)		0.61			6-13-2016		2,000,000		1,998,577
Lexington Parker Capital Company LLC 144A(z)		0.36			5-2-2016		3,000,000		3,000,000
Lexington Parker Capital Company LLC 144A(z)		0.44			5-11-2016		7,000,000		6,999,230
Lexington Parker Capital Company LLC 144A(z)		0.52			6-2-2016		7,000,000		6,996,866
Lexington Parker Capital Company LLC 144A(z)		0.52			6-3-2016		6,000,000		5,997,227
Lexington Parker Capital Company LLC 144A(z)		0.61			5-4-2016		2,000,000		1,999,932
Liberty Street Funding LLC 144A(z)		0.53			5-10-2016		1,000,000		999,882
Liberty Street Funding LLC 144A(z)		0.60			6-13-2016		4,000,000		3,997,200
Liberty Street Funding LLC 144A(z)		0.60			6-14-2016		5,000,000		4,996,417
Liberty Street Funding LLC 144A(z)		0.60			7-18-2016		6,000,000		5,992,300
LMA Americas LLC 144A(z)		0.48			6-1-2016		4,000,000		3,998,400
LMA Americas LLC 144A(z)		0.55			5-4-2016		2,000,000		1,999,939
LMA Americas LLC 144A(z)		0.65			5-26-2016		1,000,000		999,567
LMA Americas LLC 144A(z)		0.65			6-8-2016		4,000,000		3,997,328
LMA Americas LLC 144A(z)		0.66			6-14-2016		15,000,000		14,988,175
LMA Americas LLC 144A(z)		0.68			5-10-2016		3,000,000		2,999,547
LMA Americas LLC 144A(z)		0.70			5-2-2016		10,000,000		10,000,000
Manhattan Asset Funding Company LLC (z)		0.50			5-3-2016		15,000,000		14,999,792


Wells Fargo Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Manhattan Asset Funding Company LLC (z)		0.50	%		6-6-2016	$	2,000,000	$	1,999,028
Matchpoint Finance plc 144A(z)		0.38			5-2-2016		4,000,000		4,000,000
Matchpoint Finance plc 144A(z)		0.66			5-24-2016		1,000,000		999,597
Matchpoint Finance plc 144A(z)		0.66			5-25-2016		1,000,000		999,578
Matchpoint Finance plc 144A(z)		0.66			6-2-2016		2,000,000		1,998,863
Mountcliff Funding LLC 144A(z)		0.40			5-2-2016		4,000,000		4,000,000
Mountcliff Funding LLC 144A(z)		0.67			6-23-2016		10,000,000		9,990,322
Nieuw Amsterdam Receivable 144A(z)		0.53			7-5-2016		2,000,000		1,998,044
Nieuw Amsterdam Receivable 144A(z)		0.67			6-1-2016		1,000,000		999,442
Nieuw Amsterdam Receivable 144A(z)		0.70			8-8-2016		2,000,000		1,996,189
Nieuw Amsterdam Receivable 144A(z)		0.70			8-22-2016		2,000,000		1,995,644
Old Line Funding LLC 144A±		0.64			6-10-2016		2,000,000		2,000,000
Regency Markets No.1 LLC 144A(z)		0.44			5-6-2016		10,000,000		9,999,511
Regency Markets No.1 LLC 144A(z)		0.44			5-9-2016		4,000,000		3,999,658
Regency Markets No.1 LLC 144A(z)		0.44			5-16-2016		8,000,000		7,998,631
Regency Markets No.1 LLC 144A(z)		0.44			5-20-2016		4,000,000		3,999,120
Regency Markets No.1 LLC 144A(z)		0.44			5-25-2016		12,000,000		11,996,627
Regency Markets No.1 LLC 144A(z)		0.44			5-26-2016		3,000,000		2,999,120
Regency Markets No.1 LLC 144A(z)		0.44			5-27-2016		10,000,000		9,996,944
Ridgefield Funding Company LLC 144A(z)		0.38			5-2-2016		11,000,000		11,000,000
Ridgefield Funding Company LLC 144A±		0.57			6-30-2016		14,000,000		14,000,000
Ridgefield Funding Company LLC 144A(z)		0.62			5-3-2016		2,000,000		1,999,966
Ridgefield Funding Company LLC 144A±		0.65			7-7-2016		4,000,000		4,000,000
Starbird Funding Corporation 144A±		0.60			9-16-2016		2,000,000		2,000,000
Starbird Funding Corporation 144A(z)		0.63			5-5-2016		2,000,000		1,999,895
Starbird Funding Corporation 144A(z)		0.63			5-3-2016		2,000,000		1,999,965
Starbird Funding Corporation 144A(z)		0.65			6-10-2016		3,000,000		2,997,888
Starbird Funding Corporation 144A(z)		0.66			6-1-2016		1,000,000		999,450
Starbird Funding Corporation 144A(z)		0.66			6-3-2016		1,000,000		999,413
Starbird Funding Corporation 144A(z)		0.66			6-6-2016		1,000,000		999,358
Thunder Bay Funding LLC 144A±		0.64			6-14-2016		4,000,000		4,000,000
Versailles Commercial Paper LLC 144A±		0.60			12-8-2016		7,000,000		7,000,000
Versailles Commercial Paper LLC 144A(z)		0.63			5-5-2016		4,000,000		3,999,790
Versailles Commercial Paper LLC 144A(z)		0.63			5-6-2016		2,000,000		1,999,860
Versailles Commercial Paper LLC 144A(z)		0.63			5-9-2016		1,000,000		999,878
Versailles Commercial Paper LLC 144A(z)		0.64			6-13-2016		5,000,000		4,996,267
Versailles Commercial Paper LLC 144A(z)		0.67			7-1-2016		6,000,000		5,993,300
Versailles Commercial Paper LLC 144A(z)		0.70			8-1-2016		5,000,000		4,991,153
Victory Receivables 144A(z)		0.49			5-2-2016		3,000,000		3,000,000
Victory Receivables 144A(z)		0.49			5-4-2016		6,000,000		5,999,837
Victory Receivables 144A(z)		0.49			5-10-2016		8,000,000		7,999,129
Victory Receivables 144A(z)		0.49			5-13-2016		5,000,000		4,999,251
Victory Receivables 144A(z)		0.49			5-19-2016		5,000,000		4,998,843
Victory Receivables 144A(z)		0.49			5-20-2016		7,000,000		6,998,285
Victory Receivables 144A(z)		0.49			5-25-2016		3,000,000		2,999,061
Working Capital Management Company 144A(z)		0.42			5-3-2016		10,000,000		9,999,883
									589,841,841

Financial Company Commercial Paper : 13.04%
ANZ Banking Group Limited 144A(z)		0.65			8-22-2016		4,000,000		3,991,911
ANZ Banking Group Limited 144A(z)		0.65			8-26-2016		4,000,000		3,991,622
ASB Finance Limited 144A±		0.65			5-27-2016		5,000,000		5,000,000
Banco de Credito e Inversiones 144A(z)		0.84			6-30-2016		6,000,000		5,991,740
Banco de Credito e Inversiones 144A(z)		0.84			7-27-2016		4,000,000		3,991,973
BPCE SA 144A(z)		0.60			7-7-2016		7,000,000		6,992,300
Caisse Centrale Desjardins du Quebec 144A(z)		0.42			5-4-2016		8,000,000		7,999,813
Caisse Centrale Desjardins du Quebec 144A(z)		0.50			6-20-2016		10,000,000		9,993,194
Caisse Centrale Desjardins du Quebec 144A(z)		0.50			6-21-2016		7,000,000		6,995,139
Caisse Centrale Desjardins du Quebec 144A(z)		0.53			5-16-2016		5,000,000		4,998,969
Caisse Centrale Desjardins du Quebec 144A(z)		0.53			6-30-2016		4,000,000		3,996,526
Caisse Centrale Desjardins du Quebec 144A(z)		0.59			7-6-2016		5,000,000		4,994,674
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			5-25-2016		2,000,000		1,999,233
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			6-1-2016		4,000,000		3,998,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.60			7-8-2016		2,000,000		1,997,767
CDP Financial Incorporated 144A(z)		0.58			5-18-2016		4,000,000		3,998,969
Commonwealth Bank of Australia		0.62			6-2-2016		7,000,000		7,000,000
Commonwealth Bank of Australia 144A±		0.79			8-17-2016		7,000,000		7,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
CPPIB Capital Incorporated 144A±		0.71	%		6-15-2016	$	5,000,000	$	5,000,000
CPPIB Capital Incorporated 144A±		0.71			6-10-2016		5,000,000		5,000,000
CPPIB Capital Incorporated 144A±		0.74			7-8-2016		4,000,000		4,000,000
Credit Suisse (New York) (z)		0.82			6-13-2016		3,000,000		2,997,130
European Investment Bank (z)		0.59			6-2-2016		9,000,000		8,995,428
European Investment Bank (z)		0.60			6-3-2016		10,000,000		9,994,711
HSBC Bank plc 144A(z)		0.59			6-3-2016		17,000,000		16,991,084
Macquarie Bank Limited 144A(z)		0.64			6-9-2016		3,000,000		2,997,989
Macquarie Bank Limited 144A(z)		0.64			6-10-2016		4,000,000		3,997,248
National Australia Bank Limited 144A±		0.77			6-17-2016		7,000,000		7,000,000
National Australia Bank Limited 144A±		0.77			8-4-2016		3,000,000		3,000,000
National Securities Clearing 144A(z)		0.45			5-20-2016		15,000,000		14,996,625
National Securities Clearing 144A(z)		0.50			6-7-2016		3,000,000		2,998,500
Nationwide Building Society 144A(z)		0.62			5-17-2016		6,000,000		5,998,450
NRW Bank 144A(z)		0.44			5-3-2016		12,000,000		11,999,855
NRW Bank 144A(z)		0.44			5-9-2016		10,000,000		9,999,154
NV Bank Nederlandse Gemeenten 144A±		0.61			5-6-2016		10,000,000		10,000,000
Ontario Teacher Finance Trust 144A(z)		0.62			6-27-2016		3,000,000		2,997,107
Ontario Teacher Finance Trust 144A(z)		0.69			5-2-2016		3,000,000		3,000,000
Ontario Teacher Finance Trust 144A(z)		0.70			5-6-2016		2,000,000		1,999,844
Ontario Teacher Finance Trust 144A(z)		0.70			5-27-2016		4,000,000		3,998,056
Ontario Teacher Finance Trust 144A(z)		0.70			6-7-2016		2,000,000		1,998,600
Ontario Teacher Finance Trust 144A(z)		0.72			5-13-2016		3,000,000		2,999,340
Ontario Teacher Finance Trust 144A(z)		0.72			6-2-2016		5,000,000		4,996,900
PSP Capital Incorporated 144A(z)		0.56			7-28-2016		2,000,000		1,997,293
PSP Capital Incorporated 144A(z)		0.57			6-1-2016		1,000,000		999,525
PSP Capital Incorporated 144A(z)		0.57			6-3-2016		1,000,000		999,493
PSP Capital Incorporated 144A(z)		0.57			6-9-2016		3,000,000		2,998,195
Rabobank Nederland ±		0.76			7-11-2016		5,000,000		5,000,000
Shagang South Asia Trading Company (z)		1.00			5-5-2016		4,000,000		3,999,667
Sumitomo Mitsui Banking Corporation 144A(z)		0.60			6-29-2016		8,000,000		7,992,267
Sumitomo Trust & Banking Corporation 144A(z)		0.62			6-28-2016		8,000,000		7,992,147
Sumitomo Trust & Banking Corporation 144A(z)		0.62			6-29-2016		10,000,000		9,990,011
Suncorp Group Limited 144A(z)		0.66			6-1-2016		1,000,000		999,450
Suncorp Group Limited 144A(z)		0.67			6-16-2016		2,000,000		1,998,325
Suncorp Group Limited 144A(z)		0.75			5-9-2016		2,000,000		1,999,708
Suncorp Group Limited 144A(z)		0.75			5-26-2016		2,000,000		1,999,000
Suncorp Group Limited 144A(z)		0.76			7-6-2016		2,000,000		1,997,256
TCl Industries Holding (z)		1.00			5-10-2016		4,000,000		3,999,111
Toronto-Dominion Bank 144A(z)		0.47			6-6-2016		4,000,000		3,998,172
Unibail-Rodamco 144A(z)		0.57			5-4-2016		3,000,000		2,999,905
Westpac Banking Corporation 144A±		0.61			5-16-2016		11,000,000		11,000,000
Westpac Banking Corporation 144A±		0.62			6-13-2016		12,000,000		12,000,000
									327,847,376

Other Commercial Paper : 5.92%
Caisse Des Depots et Consignations 144A(z)		0.57			5-9-2016		8,000,000		7,999,113
Caisse Des Depots et Consignations 144A(z)		0.58			5-16-2016		10,000,000		9,997,744
Caisse Des Depots et Consignations 144A(z)		0.59			5-17-2016		8,000,000		7,998,033
Caisse Des Depots et Consignations 144A(z)		0.59			5-20-2016		10,000,000		9,997,050
Caisse Des Depots et Consignations 144A(z)		0.60			5-19-2016		4,000,000		3,998,867
China International Marine Containers (z)		1.00			5-10-2016		16,000,000		15,996,444
China International Marine Containers (z)		1.00			5-11-2016		3,000,000		2,999,250
China Power International Development (z)		1.00			5-5-2016		3,000,000		2,999,750
China Power International Development (z)		1.00			5-10-2016		4,000,000		3,999,111
China Shipping Container Lines (z)		1.00			5-2-2016		14,000,000		14,000,000
China Shipping Container Lines (z)		1.00			5-4-2016		4,000,000		3,999,778
China Shipping Container Lines (z)		1.00			5-5-2016		10,000,000		9,999,167
China Shipping Container Lines (z)		1.00			5-11-2016		3,000,000		2,999,250
COFCO Capital Corporation (z)		0.43			5-26-2016		15,000,000		14,995,700
Erste Abwicklungsanstalt 144A(z)		0.59			7-19-2016		5,000,000		4,993,608
Erste Abwicklungsanstalt 144A(z)		0.60			7-15-2016		2,000,000		1,997,533
Erste Abwicklungsanstalt 144A(z)		0.66			8-22-2016		3,000,000		2,993,840
Florida Power & Light Company (z)		0.51			5-4-2016		5,000,000		4,999,858
Sinochem Capital Company Limited (z)		0.45			5-16-2016		5,000,000		4,999,125
Sinochem Capital Company Limited (z)		0.45			5-19-2016		8,000,000		7,998,300
Sinochem Capital Company Limited (z)		0.90			5-4-2016		2,000,000		1,999,900


Wells Fargo Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Other Commercial Paper (continued)
Toyota Motor Credit Corporation (z)		0.60	%		8-3-2016	$	7,000,000	$	6,989,150
									148,950,571

Total Commercial Paper (Cost $1,066,639,788)									1,066,639,788

Municipal Obligations : 12.42%
Arizona : 0.48%
Other Municipal Debt : 0.48%
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-5-2016		3,000,000		2,999,880
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-9-2016		4,000,000		3,999,627
Salt River Project Agricultural Improvement & Power District Series D1 (Utilities Revenue) (z)		0.48			5-10-2016		5,000,000		4,999,467
									11,998,974

Colorado : 0.58%
Variable Rate Demand Note ø: 0.58%
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA)		0.46			5-1-2052		14,675,000		14,675,000

Connecticut : 1.39%
Variable Rate Demand Note ø: 1.39%
Puttable Floating Option Taxable Series TNP-1013 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.55			4-15-2046		35,075,000		35,075,000

District of Columbia : 0.08%
Variable Rate Demand Note ø: 0.08%
Metropolitan Washington District of Columbia Airports Sub Series A-1 (Airport Revenue, Royal Bank of Canada LOC)		0.43			10-1-2039		2,000,000		2,000,000

Georgia : 0.44%
Other Municipal Debt : 0.08%
Georgia Municipal Electric Authority Series A (Utilities Revenue)		0.50			5-9-2016		2,000,000		2,000,000

Variable Rate Demand Notes ø: 0.36%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A		0.69			10-1-2039		4,935,000		4,935,000
Main Street Natural Gas Incorporated Sub Series A1 (Utilities Revenue, Royal Bank of Canada SPA)		0.47			8-1-2040		4,000,000		4,000,000
									8,935,000

Illinois : 2.74%
Other Municipal Debt : 0.08%
Illilnois Education Facility Authority (Education Revenue)		0.07			5-4-2016		2,000,000		1,999,941

Variable Rate Demand Notes ø: 2.66%
JPMorgan Chase PUTTER/DRIVER Trust Series (GO Revenue, Societe Generale LIQ) 144A		0.48			6-1-2033		25,000,000		25,000,000
Residual Interest Bond Floater Trust Delnor Health System Series 2014 (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			11-25-2017		7,000,000		7,000,000
Residual Interest Bond Floater Trust Series 8UE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.55			12-27-2016		35,000,000		35,000,000
									67,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Louisiana : 0.66%
Variable Rate Demand Note ø: 0.66%
Puttable Floating Option Taxable Series TNP-1014 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.55	%		6-1-2045	$	16,625,000	$	16,625,000

Maryland : 0.08%
Variable Rate Demand Note ø: 0.08%
Maryland CDA Housing & Community Residential Series F (Housing Revenue, State Street Bank & Trust Company SPA)		0.42			9-1-2044		1,965,000		1,965,000

Missouri : 0.23%
Variable Rate Demand Note ø: 0.23%
Puttable Floating Option Taxable Notes Series TN-044 (Education Revenue, Bank of America NA LIQ) 144A		0.60			11-26-2032		5,700,000		5,700,000

Nevada : 0.12%
Other Municipal Debt : 0.12%
Truckee Meadows Water Authority (Water & Sewer Revenue)		0.06			5-5-2016		3,000,000		2,999,891

New Jersey : 0.20%
Variable Rate Demand Note ø: 0.20%
RBC Municipal Products Incorporated Taxable-Floater Certificates Series E60 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		0.46			6-28-2016		5,000,000		5,000,000

New York : 0.48%
Variable Rate Demand Notes ø: 0.48%
New York HFA 605 West 42 Street Series B (Housing Revenue, Bank of China LOC)		0.75			5-1-2048		10,000,000		10,000,000
New York Municipal Water Finance Authority Series T-30001-I (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.42			6-15-2044		1,000,000		1,000,000
RBC Municipal Products Incorporated Trust Series E-51 for Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		0.69			7-1-2017		1,000,000		1,000,000
									12,000,000

North Carolina : 0.10%
Variable Rate Demand Note ø: 0.10%
Roanoke Rapids NC Music & Entertainment District Project (Tax Revenue, Bank of America NA LOC)		0.41			7-1-2027		2,610,000		2,610,000

North Dakota : 0.20%
Variable Rate Demand Note ø: 0.20%
North Dakota HFA Mortgage Finance Program Series F (Housing Revenue, FHLB SPA)		0.44			1-1-2047		5,000,000		5,000,000

Ohio : 0.18%
Variable Rate Demand Note ø: 0.18%
Ohio HFA Residential Management Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		0.40			9-1-2039		4,580,000		4,580,000

Oregon : 0.20%
Variable Rate Demand Note ø: 0.20%
Puttable Floating Option Taxable Series TN-011 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.69			5-1-2035		5,000,000		5,000,000


Wells Fargo Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Other : 2.40%
Variable Rate Demand Notes ø: 2.40%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.46	%		2-15-2028	$	2,000,000	$	2,000,000
PFOTER Series TNP-1012 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.55			12-1-2038		5,575,000		5,575,000
Residual Interest Bond Floater Trust Series 9WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			4-13-2018		52,900,000		52,900,000
									60,475,000

Pennsylvania : 0.20%
Other Municipal Debt : 0.08%
Philadelphia PA Series CC-2 (Miscellaneous Revenue)		0.70			8-1-2016		2,000,000		1,999,747

Variable Rate Demand Note ø: 0.12%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		0.69			7-1-2017		3,000,000		3,000,000

South Carolina : 0.28%
Other Municipal Debt : 0.28%
South Carolina Public Service (Utilities Revenue)		0.50			6-1-2016		7,000,000		7,000,000

Tennessee : 0.12%
Other Municipal Debt : 0.12%
Nashville and Davidson County TN Metropolitan Government (Miscellaneous Revenue)		0.06			5-2-2016		3,000,000		3,000,000

Texas : 0.28%
Variable Rate Demand Notes ø: 0.28%
Pasadena TX Independent School District Series B (GO Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.40			2-1-2035		5,000,000		5,000,000
Port Arthur TX Navigation District Daily Fina Oil and Chemical Company Project (Industrial Development Revenue)		0.51			5-1-2033		2,000,000		2,000,000
									7,000,000

Washington : 0.08%
Other Municipal Debt : 0.08%
Port of Seattle WA Series B (Port Authority Revenue)		0.50			5-5-2016		2,000,000		2,000,000

Wisconsin : 0.90%
Other Municipal Debt : 0.36%
Wisconsin State Health & Educational Facilities (Health Revenue)		0.14			7-12-2016		6,000,000		5,992,331
Wisconsin State Health & Educational Facilities (Health Revenue)		0.17			5-4-2016		3,000,000		2,999,929
									8,992,260

Variable Rate Demand Note ø: 0.54%
Wisconsin PFA Cleveland State University Housing Project LLC (Housing Revenue, Bank of America NA LOC)		0.40			1-1-2042		13,680,000		13,680,000

Total Municipal Obligations (Cost $312,310,813)									312,310,813

Other Instruments : 2.78%
DBS Bank Limited Pooled Bank Deposit Product §		0.44			1-1-2050		60,000,000		60,000,000
Oversea-Chinese Banking Corporation Pooled Bank Deposit Product §		0.39			1-1-2050		10,000,000		10,000,000
Total Other Instruments (Cost $70,000,000)									70,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Money Market Fund


Security name			Interest rate			Maturity date		Principal		Value
Other Notes : 2.03%
Corporate Bonds and Notes : 2.03%
Providence Health & Services ±§				0.45	%		10-1-2042	$	5,840,000	$	5,840,000
Racetrac Capital LLC ±§				0.40			9-1-2020		4,250,000		4,250,000
SSAB AB Series A ±§				0.42			6-1-2035		1,000,000		1,000,000
United Overseas Bank Limited §				0.44			1-1-2050		40,000,000		40,000,000
Total Other Notes (Cost $51,090,000)											51,090,000

Repurchase Agreements ^^: 9.52%
Bank of America Corporation, dated 4-29-2016, maturity value $92,351,650 (1)				0.30			5-2-2016		92,349,341		92,349,341
Credit Agricole, dated 4-29-2016, maturity value $57,001,473 (2)				0.31			5-2-2016		57,000,000		57,000,000
Goldman Sachs & Company, dated 4-1-2016, maturity value $37,024,050 (3) §(i)¢±				0.39			5-31-2016		37,000,000		37,000,000
GX Clarke & Company, dated 4-29-2016, maturity value $23,000,767 (4)				0.40			5-2-2016		23,000,000		23,000,000
JPMorgan Securities, dated 4-1-2016, maturity value $25,024,500 (5) §(i)¢±				0.56			6-3-2016		25,000,000		25,000,000
JPMorgan Securities, dated 4-1-2016, maturity value $5,001,593 (6) §¢±				0.37			5-2-2016		5,000,000		5,000,000
Total Repurchase Agreements (Cost $239,349,341)											239,349,341

Total investments in securities (Cost $2,538,057,176)*	100.91	%									2,538,057,176
Other assets and liabilities, net	(0.91	)									(22,991,604	)

Total net assets	100.00	%								$	2,515,065,572

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

144A

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

(z)

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

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

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

(i)

Illiquid security

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

¢	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.

^^	Collateralized by:

(1)

U.S. government securities, 3.00% to 3.50%, 2-1-2043 to 9-1-2045, fair value including accrued interest is $95,119,821.

(2)

U.S. government securities, 2.50% to 4.50%, 10-1-2025 to 4-1-2046, fair value including accrued interest is $58,710,000.

(3)

U.S. government securities, 0.00% to 6.00%, 5-2-2016 to 4-15-2043, fair value including accrued interest is $38,040,120.

(4)

U.S. government securities, 1.50% to 10.50%, 7-20-2016 to 2-20-2046, fair value including accrued interest is $23,690,257.

(5)

U.S. government securities, 0.00% to 11.00%, 5-3-2016 to 4-20-2046, fair value including accrued interest is $25,594,263.

(6)

U.S. government securities, 0.00% to 11.00%, 8-8-2016 to 4-20-2046, fair value including accrued interest is $5,150,125.

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
ACA		ACA Financial Guaranty Corporation
AGM		Assured Guaranty Municipal
CDA		Community Development Authority
DRIVER		Derivative inverse tax-exempt receipts
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General obligation


Wells Fargo Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


HFA		Housing Finance Authority
LIQ		Liquidity agreement
LLC		Limited liability company
LOC		Letter of credit
MFHR		Multifamily housing revenue
National		National Public Finance Guarantee Corporation
PFA		Public Finance Authority
PFOTER		Puttable floating option tax-exempt receipts
plc		Public limited company
PUTTER		Puttable tax-exempt receipts
SPA		Standby purchase agreement

Wells Fargo Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

When-issued transactions

Repurchase agreements

Fair valuation measurements

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, use of amortized cost, etc.)

Level 3 –

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

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


Wells Fargo Municipal Cash Management Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations : 88.48%
Alabama : 0.51%
Variable Rate Demand Note ø: 0.51%
Chatom AL IDA Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue)		0.57	%		8-1-2041	$	4,500,000	$	4,500,000

Arizona : 2.03%
Variable Rate Demand Notes ø: 2.03%
Maricopa County AZ IDA Solid Waste Disposal Ambian Dairy LLC Project Series 2008 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.49			11-1-2033		3,600,000		3,600,000
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.49			8-1-2026		2,500,000		2,500,000
Mesa AZ Utility System Clipper Tax-Exempt Certificates Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.44			7-1-2024		8,100,000		8,100,000
Pinal County AZ IDA Shamrock Farms Project (Resource Recovery Revenue, Farm Credit Services America LOC)		0.48			8-1-2022		3,700,000		3,700,000
									17,900,000

California : 6.51%
Other Municipal Debt : 0.68%
California GO Series 2011-A2 (GO Revenue)		0.44			6-1-2016		2,100,000		2,100,000
Los Angeles County CA TRAN Series 2015 (Miscellaneous Revenue)		2.00			6-30-2016		2,450,000		2,456,628
Los Angeles County CA TRAN Series 2015 (Miscellaneous Revenue)		5.00			6-30-2016		1,450,000		1,461,166
									6,017,794

Variable Rate Demand Notes ø: 5.83%
ABAG Finance Authority for Nonprofit Corporations California Menlo School Series 2003 (Education Revenue, Northern Trust Company LOC)		0.41			9-1-2033		11,800,000		11,800,000
California CDA Oakmont Senior Living Series Y (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			8-1-2031		5,240,000		5,240,000
California CDA Sutter Health Series C (Health Revenue, AGM Insured, Citibank NA LIQ) 144A		0.44			8-15-2032		6,000,000		6,000,000
California Deutsche Bank SPEAR/LIFER Trust Series DBE-364 (Miscellaneous Revenue, AGM/FGIC/Ambac Insured, Deutsche Bank LIQ) 144A		0.73			6-1-2047		1,000,000		1,000,000
California PCFA Pacific Gas & Electric Project Series E (Utilities Revenue, Sumitomo Mitsui Banking LOC)		0.27			11-1-2026		6,500,000		6,500,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3841 (Transportation Revenue, Ambac Insured, JPMorgan Chase & Company LIQ) 144A		0.43			7-1-2024		5,780,000		5,780,000
Los Angeles CA DW&P Sub Series B-1 (Utilities Revenue, Barclays Bank plc SPA)		0.40			7-1-2034		1,300,000		1,300,000
Los Angeles CA DW&P Sub Series B-5 (Utilities Revenue, Bank of Montreal SPA)		0.37			7-1-2034		3,500,000		3,500,000
Los Angeles CA DW&P Sub Series B-6 (Utilities Revenue, Bank of Montreal SPA)		0.23			7-1-2034		100,000		100,000
Northern California Power Agency Hydroelectric Project Series A (Utilities Revenue, Bank of Montreal LOC)		0.40			7-1-2032		5,000,000		5,000,000
Sacramento County CA Housing Authority Shadowood Apartments Project Issue A (Housing Revenue, FHLMC LIQ)		0.42			12-1-2022		4,900,000		4,900,000
San Diego County CA Regional Transportation Community Limited Tax Series 2008-C (Tax Revenue, Mizuho Corporate Bank SPA)		0.39			4-1-2038		300,000		300,000
									51,420,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Cash Management Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Colorado : 2.62%
Variable Rate Demand Notes ø: 2.62%
Arapahoe County CO Cottrell Printing Project (Industrial Development Revenue, U.S. Bank NA LOC)		0.53	%		10-1-2019	$	1,230,000	$	1,230,000
Colorado Agricultural Development Authority Hunter Ridge Dairy Project (Resource Recovery Revenue, CoBank LOC)		0.48			11-1-2042		4,750,000		4,750,000
Colorado Health Facilities Authority Catholic Health Initiatives Series 2013-3364 (Health Revenue, Morgan Stanley Bank LIQ) 144A		0.55			10-1-2037		1,500,000		1,500,000
Colorado Health Facilities Authority Catholic Health Initiatives Series 2015-7WE (Health Revenue, Barclays Bank plc LOC) 144A		0.56			8-1-2018		2,700,000		2,700,000
Colorado MidCities Metropolitan District #1 Series 2004-B (Tax Revenue, BNP Paribas LOC)		0.45			12-1-2031		2,900,000		2,900,000
Colorado MidCities Metropolitan District #1 Special Refunding and Improvement Bonds Series A (Tax Revenue, BNP Paribas LOC)		0.45			12-1-2020		2,400,000		2,400,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2015-XF1003 (Health Revenue, Deutsche Bank LIQ) 144A		0.66			2-1-2041		4,200,000		4,200,000
Denver CO City & County Airport System Series 2006-A (Airport Revenue, FGIC Insured, Morgan Stanley Bank LIQ) 144A		0.52			11-15-2025		3,400,000		3,400,000
									23,080,000

Connecticut : 0.59%
Other Municipal Debt : 0.59%
Connecticut HEFA Middlesex Hospital Series L (Health Revenue, AGM Insured) §		5.00			7-1-2032		700,000		705,382
Fairfield CT BAN (GO Revenue)		2.00			7-14-2016		4,500,000		4,516,362
									5,221,744

Florida : 6.29%
Other Municipal Debt : 2.33%
Florida Department of Environmental Protection Florida Forever Series 2011-B (Tax Revenue)		5.00			7-1-2016		2,200,000		2,217,249
JEA Florida Electric System Series 2000-A (Utilities Revenue)		0.45			5-11-2016		3,600,000		3,600,000
JEA Florida Electric System Series 2000-F1 (Utilities Revenue)		0.48			5-10-2016		8,500,000		8,500,000
JEA Florida Electric System Series 2008-C-3 (Utilities Revenue)		0.13			6-1-2016		6,300,000		6,296,799
									20,614,048

Variable Rate Demand Notes ø: 3.96%
Florida Municipal Power Agency All Requirements Power Supply Series 2008C (Utilities Revenue, Bank of America NA LOC)		0.29			10-1-2035		200,000		200,000
Hillsborough County FL Aviation Authority PUTTER Series 3021 (Airport Revenue, AGC Insured, JPMorgan Chase & Company LIQ) 144A		0.61			10-1-2030		4,995,000		4,995,000
Hillsborough County FL Aviation Authority Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0286 (Airport Revenue, AGC Insured, TD Bank NA LIQ) 144A		0.51			10-1-2038		5,505,000		5,505,000
JEA Florida Electric System Sub Series D (Utilities Revenue, U.S. Bank NA SPA)		0.30			10-1-2038		200,000		200,000
Miami Dade County FL Special Obligation Juvenile Courthouse Series B (Miscellaneous Revenue, TD Bank NA LOC, Ambac Insured)		0.38			4-1-2043		17,000,000		17,000,000
Orange County FL Sales Tax Revenue Series 2012B Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-43 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.45			1-1-2020		5,115,000		5,115,000
Tender Option Bond Trust Receipts/Certificates (Housing Revenue, GNMA/FNMA/FHLMC Insured, Bank of America NA LIQ)		0.56			7-1-2032		1,915,000		1,915,000
									34,930,000


Wells Fargo Municipal Cash Management Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Georgia : 1.40%
Other Municipal Debt : 0.11%
Stephens County GA Development Authority Caterpillar Incorporated Project (Industrial Development Revenue)		0.56	%		8-1-2016	$	1,000,000	$	1,000,000

Variable Rate Demand Notes ø: 1.29%
Gwinnett County GA Housing Lehman Municipal Trust Receipts Series 06-K72 (Housing Revenue, FNMA Insured, Citibank NA LIQ)		0.71			3-1-2037		5,340,000		5,340,000
Main Street Natural Gas Incorporated Sub Series A1 (Gas Utilities, Royal Bank of Canada SPA)		0.47			8-1-2040		3,985,000		3,985,000
Main Street Natural Gas Incorporated Sub Series A2 (Utilities Revenue, Royal Bank of Canada SPA)		0.49			8-1-2040		2,000,000		2,000,000
									11,325,000

Illinois : 4.13%
Variable Rate Demand Notes ø: 4.13%
Chicago IL Enterprise Center Project Series IX (Industrial Development Revenue, Bank of America NA LOC)		0.57			6-1-2022		3,146,000		3,146,000
Chicago IL Enterprise Center Project Series X (Industrial Development Revenue, Bank of America NA LOC)		0.57			6-1-2022		4,300,000		4,300,000
Illinois Finance Authority Advocate Health Care Network Series 2011B (Health Revenue) (i)		0.61			4-1-2051		2,000,000		2,000,000
Illinois Finance Authority Swedish Covenant Series A (Health Revenue, PNC Bank NA LOC)		0.41			8-15-2038		15,165,000		15,165,000
Illinois Finance Authority University of Chicago Tender Option Bond Trust Receipts/Certificates Series 2015-XF2160 (Education Revenue, Barclays Bank plc LIQ) 144A		0.45			10-1-2046		2,300,000		2,300,000
Illinois Tender Option Bond Trust Receipts/Certificates Series XF0107 (Housing Revenue, JPMorgan Chase & Company LIQ) 144A		0.51			2-1-2033		2,475,000		2,475,000
Illinois Tender Option Bond Trust Receipts/Certificates Series XF2202 (Transportation Revenue, Citibank NA LIQ) 144A		0.44			7-1-2023		1,140,000		1,140,000
Lake County IL Northpoint Association (Industrial Development Revenue, Northern Trust Company LOC)		0.47			7-1-2029		2,600,000		2,600,000
Peoria County IL Caterpillar Incorporated Project (Industrial Development Revenue)		0.59			2-1-2030		3,300,000		3,300,000
									36,426,000

Indiana : 0.65%
Variable Rate Demand Notes ø: 0.65%
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial Development Revenue, Bank of America NA LOC)		0.52			12-1-2027		3,420,000		3,420,000
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC)		0.48			3-1-2041		1,430,000		1,430,000
Saint Joseph County IN Grace Christian Schools Project (Miscellaneous Revenue, JPMorgan Chase & Company LOC)		0.61			12-1-2016		200,000		200,000
Spencer County IN American Iron Oxide Company Project Series 1999 (Industrial Development Revenue, Bank of Tokyo-Mitsubishi LOC)		0.55			9-1-2018		700,000		700,000
									5,750,000

Iowa : 2.10%
Variable Rate Demand Notes ø: 2.10%
Iowa Finance Authority Barclays Residual Interest Bonds Trust Series 1WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			1-1-2019		12,100,000		12,100,000
Iowa Finance Authority John Maassen & Sons Project (Industrial Development Revenue, Farm Credit Services America LOC)		0.51			11-1-2035		2,075,000		2,075,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Cash Management Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (Industrial Development Revenue)		0.47	%		6-1-2039	$	4,400,000	$	4,400,000
									18,575,000

Kansas : 0.16%
Variable Rate Demand Note ø: 0.16%
Nemaha County KS Midwest AG Services LLC Project (Industrial Development Revenue, CoBank LOC)		0.48			11-1-2020		1,405,000		1,405,000

Kentucky : 0.82%
Other Municipal Debt : 0.40%
Kentucky Rural Water Finance Corporation Public Projects Construction Notes Series 2015-D1 (Water & Sewer Revenue)		1.25			7-1-2016		3,550,000		3,555,049

Variable Rate Demand Note ø: 0.42%
Kentucky Tender Option Bond Trust Receipts/Certificates Series XF1024 (Health Revenue, Deutsche Bank LIQ) 144A		0.68			1-1-2045		3,700,000		3,700,000

Louisiana : 1.61%
Variable Rate Demand Notes ø: 1.61%
Louisiana BAN Series 2016-A JPMorgan PUTTER Series 5006 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			8-15-2016		4,000,000		4,000,000
Louisiana PFFA Dynamic Fuels LLC Project Series 2008 (Industrial Development Revenue, Bank of America NA LOC)		0.29			10-1-2033		10,200,000		10,200,000
									14,200,000

Maryland : 1.73%
Other Municipal Debt : 0.17%
Prince Georges County MD Refunding Bond Consolidated Public Improvement Series B (GO Revenue)		5.00			7-15-2016		1,500,000		1,514,530

Variable Rate Demand Notes ø: 1.56%
Baltimore County MD Maryvale Preparatory School Facilities Project Series 2005A (Education Revenue, Manufacturers & Traders LOC)		0.46			12-3-2035		880,000		880,000
Maryland CDA Housing & Community Residential Series M (Housing Revenue, TD Bank NA SPA)		0.38			9-1-2043		2,900,000		2,900,000
Maryland Industrial Development Financing Authority Occidental Pete Corporation Series 2010 (Industrial Development Revenue)		0.65			3-1-2030		10,000,000		10,000,000
									13,780,000

Massachusetts : 0.84%
Variable Rate Demand Notes ø: 0.84%
Massachusetts HEFA Museum of Fine Arts Series A2 (Miscellaneous Revenue, Bank of America NA SPA)		0.31			12-1-2037		700,000		700,000
Massachusetts Industrial Finance Agency Constitution Project (Miscellaneous Revenue, TD Bank NA LOC)		0.59			6-1-2018		700,000		700,000
Massachusetts JPMorgan Chase PUTTER/DRIVER Trust Series 5004 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			9-1-2017		3,000,000		3,000,000
Massachusetts JPMorgan Chase PUTTER/DRIVER Trust Series 5005 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			6-1-2018		3,000,000		3,000,000
									7,400,000


Wells Fargo Municipal Cash Management Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Michigan : 3.38%
Other Municipal Debt : 0.10%
Monroe County MI Hospital Finance Authority Refunding Bond Mercy Memorial Hospital Corporation Obligation (Health Revenue) §		5.38	%		6-1-2026	$	900,000	$	903,879

Variable Rate Demand Notes ø: 3.28%
Eastern Michigan University Barclays Residual Interest Bonds Trust Series 6WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			7-1-2018		1,400,000		1,400,000
Green Lake Township MI Economic Development Corporation Interlochen Center Arts Project Series 2004 (Miscellaneous Revenue, BMO Harris Bank NA LOC)		0.30			6-1-2034		290,000		290,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) (i)		0.68			11-15-2047		2,800,000		2,800,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-8 (Health Revenue) (i)		0.68			11-15-2049		1,800,000		1,800,000
Michigan Housing Development Authority AMT Series A (Housing Revenue, AGM Insured, Fortis Bank SA SPA)		0.56			4-1-2042		10,735,000		10,735,000
Michigan Housing Development Authority Series D (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.65			12-1-2038		11,000,000		11,000,000
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2003 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.47			1-1-2032		870,000		870,000
									28,895,000

Minnesota : 2.57%
Other Municipal Debt : 0.04%
Minnesota (GO Revenue) §		5.00			6-1-2021		315,000		316,207

Variable Rate Demand Notes ø: 2.53%
Dakota County MN CDA View Pointe Apartments Project Series 2007-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.52			1-15-2038		16,865,000		16,865,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.50			8-15-2038		750,000		750,000
Hennepin County MN Housing & RDA Stone Arch Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.45			4-15-2035		2,800,000		2,800,000
Minnesota Bond Securitization Trust Certificate Series S-1 (Miscellaneous Revenue, PNC Bank NA LOC)		0.64			2-1-2027		1,260,000		1,260,000
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.52			6-1-2032		700,000		700,000
									22,375,000

Mississippi : 0.94%
Variable Rate Demand Note ø: 0.94%
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.44			11-1-2018		8,300,000		8,300,000

Missouri : 0.77%
Variable Rate Demand Notes ø: 0.77%
Greene County MO Strasbourg Estates Project (Housing Revenue, U.S. Bank NA LOC)		0.45			8-1-2038		2,160,000		2,160,000
Missouri Tender Option Bond Trust Receipts/Certificates Series XF2198 (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.44			5-1-2023		2,670,000		2,670,000
St. Louis County MO Sewer District Wastewater System Series 2013B (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.57			5-1-2043		2,000,000		2,000,000
									6,830,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Cash Management Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Nebraska : 1.32%
Variable Rate Demand Notes ø: 1.32%
Lincoln NE Electric System Series 2900 (Utilities Revenue, Credit Suisse LIQ)		0.50	%		9-1-2037	$	5,500,000	$	5,500,000
Nebraska Investment Finance Authority Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		0.16			9-1-2031		6,190,000		6,190,000
									11,690,000

Nevada : 1.44%
Variable Rate Demand Notes ø: 1.44%
Nevada Housing Division Multi-Unit Flamingo Road LLC Series A (Housing Revenue, Exchange Bank LOC) 144A		0.65			10-1-2026		8,500,000		8,500,000
Washoe County NV Eclipse Funding Trust Series 2006-0142 (GO Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.45			3-1-2036		4,225,000		4,225,000
									12,725,000

New Hampshire : 2.71%
Variable Rate Demand Notes ø: 2.71%
New Hampshire HEFA (Education Revenue, State Street Bank & Trust Company SPA)		0.30			7-1-2035		12,940,000		12,940,000
New Hampshire HEFA Dartmouth College Project Series 3069 (Education Revenue, Credit Suisse LIQ) 144A		0.45			6-1-2039		139		139
New Hampshire HEFA Tilton School Issue Series 2006 (Education Revenue, TD Bank NA LOC)		0.38			2-1-2036		11,000,000		11,000,000
									23,940,139

New Jersey : 0.27%
Variable Rate Demand Note ø: 0.27%
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2015-XF0015 (Housing Revenue, JPMorgan Chase & Company LIQ) 144A		0.51			4-1-2023		2,350,000		2,350,000

New York : 8.10%
Other Municipal Debt : 0.15%
New York Dormitory Authority Series 2014-C (Tax Revenue)		4.00			6-15-2016		1,300,000		1,305,896

Variable Rate Demand Notes ø: 7.95%
New York HFA Series A (Housing Revenue, Bank of China LOC)		0.32			5-1-2048		4,620,000		4,620,000
New York Metropolitan Transportation Authority Dedicated Tax Series 2008A-1 (Tax Revenue, Royal Bank of Canada LOC)		0.28			11-1-2031		1,000,000		1,000,000
New York Metropolitan Transportation Authority Sub Series G-2 (Transportation Revenue, TD Bank NA LOC)		0.38			11-1-2032		800,000		800,000
New York Mortgage Agency Homeowner Series 144 (Housing Revenue, JPMorgan Chase & Company SPA)		0.32			10-1-2037		9,100,000		9,100,000
New York NY Adjusted Series A-4 (GO Revenue, Bank of Tokyo-Mitsubishi LOC)		0.40			8-1-2038		14,500,000		14,500,000
New York NY Fiscal 1994 Series H Sub Series H-3 (GO Revenue, AGM Insured, State Street Bank & Trust Company SPA)		0.29			8-1-2021		5,900,000		5,900,000
New York NY Fiscal 2006 Series E Sub Series E-2 (GO Revenue, Bank of America NA LOC)		0.28			8-1-2034		7,300,000		7,300,000
New York NY Fiscal 2014 Series I Sub Series I-2 (GO Revenue, JPMorgan Chase & Company LIQ)		0.32			3-1-2040		4,600,000		4,600,000
New York NY Fiscal Series 2004-H-1 (GO Revenue, Bank of New York Mellon LOC)		0.28			3-1-2034		1,590,000		1,590,000
New York NY Housing Development Corporation Multifamily Housing Series 2015-F (Water & Sewer Revenue, Bank of America NA SPA)		0.28			6-15-2048		800,000		800,000


Wells Fargo Municipal Cash Management Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
New York NY Housing Development Corporation Series C (Housing Revenue)		0.32	%		5-1-2050	$	7,300,000	$	7,300,000
New York NY Municipal Water Finance Authority Series B-4 (Water & Sewer Revenue, Northern Trust Company SPA)		0.29			6-15-2045		455,000		455,000
New York NY Municipal Water Finance Authority Water & Sewer System 2nd Generation Resolution Fiscal 2014 Sub Series AA-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.32			6-15-2050		3,100,000		3,100,000
New York NY Municipal Water Finance Authority Water & Sewer System 2nd Generation Resolution Fiscal 2016 Sub Series AA-3 (Water & Sewer Revenue, Royal Bank of Canada SPA)		0.28			6-15-2048		2,400,000		2,400,000
New York NY Sub Series D-4 (GO Revenue, TD Bank NA LOC)		0.28			8-1-2040		320,000		320,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bonds Fiscal 2015 Sub Series A-3 (Tax Revenue, Mizuho Bank Limited SPA)		0.28			8-1-2043		1,100,000		1,100,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bonds Fiscal 2015 Sub Series E-4 (Tax Revenue, Bank of America NA SPA)		0.28			2-1-2045		3,040,000		3,040,000
New York NY Transitional Finance Authority Sub Series 2003A-4 (Tax Revenue, TD Bank NA SPA)		0.28			11-1-2029		100,000		100,000
New York Tender Option Bond Trust Receipts/Certificates (Tax Revenue, JPMorgan Chase & Company LIQ) 144A		0.44			2-15-2023		415,000		415,000
New York Tender Option Bond Trust Receipts/Certificates (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		0.49			5-1-2017		1,710,000		1,710,000
									70,150,000

North Carolina : 0.18%
Other Municipal Debt : 0.10%
Charlotte NC Series A (Water & Sewer Revenue) §		5.00			7-1-2031		900,000		907,139

Variable Rate Demand Note ø: 0.08%
North Carolina HFA Home Ownership Series 16-C (Housing Revenue, TD Bank NA SPA)		0.40			7-1-2032		700,000		700,000

North Dakota : 1.87%
Other Municipal Debt : 1.71%
Mercer County ND PCR Series 2009-1 (Utilities Revenue)		0.57			5-4-2016		15,100,000		15,100,000

Variable Rate Demand Note ø: 0.16%
Mandan ND IDA Cloverdale Foods Company Project (Industrial Development Revenue, BNC National Bank LOC)		0.59			12-1-2022		1,430,000		1,430,000

Ohio : 1.59%
Variable Rate Demand Notes ø: 1.59%
JobsOhio Beverage Systems Statewide Liquor Profits Series 2013-A Deutsche Bank SPEAR/LIFER Trust Series DBE-1157 (Miscellaneous Revenue, Deutsche Bank LIQ) 144A		0.55			1-1-2038		12,000,000		12,000,000
Ohio Higher Educational Facilities Commission Cleveland Clinic Health Systems Series 2013-B-3 (Health Revenue, U.S. Bank NA LIQ)		0.28			1-1-2039		2,000,000		2,000,000
									14,000,000

Oregon : 1.42%
Other Municipal Debt : 0.15%
Beaverton, Washington & Multnomah Counties OR School District (GO Revenue, AGM Insured) §		4.13			6-1-2026		215,000		215,688


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Cash Management Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Other Municipal Debt (continued)
Portland OR 2nd Lien Series B (Water & Sewer Revenue, National Insured) §		5.00	%		6-15-2028	$	1,100,000	$	1,106,331
									1,322,019

Variable Rate Demand Note ø: 1.27%
Port of Portland OR Horizon Air Industries Incorporated Project (Airport Revenue, Bank of America NA LOC)		0.33			6-15-2027		11,200,000		11,200,000

Other : 6.37%
Variable Rate Demand Notes ø: 6.37%
Clipper Tax-Exempt Certificate Trust Series 2009-32 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.46			1-1-2018		595,000		595,000
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.46			2-15-2028		1,088,000		1,088,000
Clipper Tax-Exempt Certified Trust Series 2005-30 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.47			6-1-2038		1,335,000		1,335,000
Clipper Tax-Exempt Certified Trust Series 2006-06 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.47			7-1-2037		845,000		845,000
Clipper Tax-Exempt Certified Trust Series 2007-19 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.53			9-1-2039		1,000,000		1,000,000
FHLMC MFHR Series M019 Class A (Housing Revenue, FHLMC LIQ)		0.44			1-15-2047		12,402,000		12,402,000
FHLMC MFHR Series M021 Class A (Housing Revenue, FHLMC LIQ)		0.44			6-15-2036		14,785,000		14,785,000
FHLMC Multifamily Municipal Securities Series M031 Class A (Housing Revenue, FHLMC LIQ)		0.42			12-15-2045		2,485,000		2,485,000
FHLMC Multifamily Municipal Securities Series M033 Class A (Housing Revenue, FHLMC LIQ)		0.42			3-15-2049		2,700,000		2,700,000
FHLMC Series M020 Class A (Housing Revenue, FHLMC LIQ)		0.45			11-15-2036		18,982,000		18,982,000
									56,217,000

Pennsylvania : 0.55%
Variable Rate Demand Notes ø: 0.55%
Central Bradford Progress Authority Pennsylvania Robert Packer Hospital Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-C-14 (Health Revenue, Royal Bank of Canada LOC) 144A		0.43			6-1-2035		100,000		100,000
Pennsylvania EDFA Series G10 (Miscellaneous Revenue, PNC Bank NA LOC)		0.54			12-1-2025		2,000,000		2,000,000
Pennsylvania Housing Finance Agency Series 2004 (GO Revenue, PNC Bank NA SPA)		0.43			1-1-2034		195,000		195,000
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		0.47			6-1-2044		200,000		200,000
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0281 (Housing Revenue, TD Bank NA LIQ) 144A		0.46			4-1-2029		2,325,000		2,325,000
									4,820,000

South Carolina : 4.05%
Other Municipal Debt : 3.04%
York County SC PCR Series 2000B-1 (Utilities Revenue)		0.55			5-2-2016		9,500,000		9,500,000
York County SC PCR Series 2000B-2 (Utilities Revenue)		0.55			5-2-2016		9,500,000		9,500,000
York County SC PCR Series 2000B-3 (Utilities Revenue)		0.55			5-2-2016		7,800,000		7,800,000
									26,800,000

Variable Rate Demand Notes ø: 1.01%
South Carolina Jobs EDA Blue Ridge Log Cabins LLC Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC)		0.48			3-1-2032		4,995,000		4,995,000


Wells Fargo Municipal Cash Management Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank SPEAR/LIFER Trust Series DBE-1141 (Health Revenue, Deutsche Bank LIQ) 144A		0.58	%		11-1-2029	$	1,000,000	$	1,000,000
South Carolina Jobs EDA South Carolina Generating Company Incorporated Project (Industrial Development Revenue, TD Bank NA LOC)		0.42			12-1-2038		2,950,000		2,950,000
									8,945,000

South Dakota : 0.18%
Variable Rate Demand Note ø: 0.18%
Grant County SD Mill Valley LLC Project (Industrial Development Revenue, Farm Credit Services America LOC)		0.48			7-1-2037		1,600,000		1,600,000

Tennessee : 1.66%
Other Municipal Debt : 0.32%
Metropolitan Government of Nashville & Davidson County TN Series A-2 (Miscellaneous Revenue)		0.22			5-3-2016		2,800,000		2,799,971

Variable Rate Demand Notes ø: 1.34%
Chattanooga TN Health & Education Housing Facilities Tender Option Bond Trust Receipts/Certificates Series 2015-XF1023 (Health Revenue, Deutsche Bank LIQ) 144A		0.68			1-1-2045		10,720,000		10,720,000
Montgomery County TN Public Building Authority Series 2008 (Miscellaneous Revenue, Bank of America NA LOC)		0.32			7-1-2038		1,100,000		1,100,000
									11,820,000

Texas : 10.47%
Other Municipal Debt : 0.54%
Dallas TX Independent School District Series 2012 (GO Revenue)		4.00			8-15-2016		700,000		707,431
San Antonio TX Independent School District Series A (GO Revenue)		0.22			5-4-2016		4,000,000		3,999,872
									4,707,303

Variable Rate Demand Notes ø: 9.93%
Atascosa County TX PCR San Miguel Electric Cooperative (Utilities Revenue)		0.49			6-30-2020		4,500,000		4,500,000
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource Recovery Revenue)		0.51			8-1-2039		1,700,000		1,700,000
Harris County TX Cultural and Educational Facilities Authority Barclays Residual Interest Bonds Trust Series 5WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			7-1-2018		10,000,000		10,000,000
Houston TX Series PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA LIQ) 144A		0.47			12-1-2023		5,400,000		5,400,000
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project Class A (Industrial Development Revenue)		0.51			4-1-2037		15,000,000		15,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (Industrial Development Revenue)		0.45			3-1-2042		7,500,000		7,500,000
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial Development Revenue)		0.45			4-1-2027		3,000,000		3,000,000
Port Corpus Christi TX Flint Hills Resources Project Series 2007 (Resource Recovery Revenue)		0.53			1-1-2032		5,000,000		5,000,000
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue)		0.53			4-1-2028		16,500,000		16,500,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Cash Management Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Texas Municipal Gas Acquisition & Supply Corporation III Series 2012 Deutsche Bank SPEAR/LIFER Trust Series DBE-1193 (Utilities Revenue, Deutsche Bank LIQ) 144A		0.68	%		12-15-2032	$	3,000,000	$	3,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A		0.71			12-15-2026		16,041,892		16,041,892
									87,641,892

Utah : 0.56%
Variable Rate Demand Note ø: 0.56%
Murray UT City Hospital IHC Health Services Incorporated Series C (Health Revenue)		0.27			5-15-2036		4,900,000		4,900,000

Vermont : 1.10%
Variable Rate Demand Notes ø: 1.10%
Vermont HFA Series A (Housing Revenue, AGM Insured, Bank of New York Mellon SPA)		0.47			5-1-2037		4,200,000		4,200,000
Vermont HFA Series C (Housing Revenue, AGM Insured, Bank of New York Mellon SPA)		0.47			11-1-2037		5,500,000		5,500,000
									9,700,000

Virginia : 1.64%
Variable Rate Demand Notes ø: 1.64%
Chesterfield County VA IDA Super Radiator Coils Project Series A (Industrial Development Revenue, Marshall & Ilsley Bank LOC)		0.48			4-1-2026		1,900,000		1,900,000
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i)		0.59			5-15-2042		6,810,000		6,810,000
Norfolk VA EDA Sentara Healthcare Series 2010-B (Health Revenue) (i)		0.61			11-1-2034		5,795,000		5,795,000
									14,505,000

Washington : 1.54%
Other Municipal Debt : 0.22%
Washington Motor Vehicle Fuel Tax Series 2007-B (GO Revenue)		5.00			7-1-2016		1,075,000		1,083,419
Washington Motor Vehicle Fuel Tax Series 2007-B (GO Revenue, AGM Insured) §		5.00			7-1-2021		900,000		907,140
									1,990,559

Variable Rate Demand Notes ø: 1.32%
Squaxin Island Tribe Washington Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC)		0.50			5-1-2028		1,240,000		1,240,000
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial Development Revenue, Northwest Farm Credit LOC)		0.48			9-1-2021		3,300,000		3,300,000
Washington Tender Option Bond Trust Receipts/Certificates Series XF1017 (Health Revenue, Deutsche Bank LIQ) 144A		0.66			1-1-2035		7,100,000		7,100,000

									11,640,000
West Virginia : 0.76%
Variable Rate Demand Notes ø: 0.76%
West Virginia EDA Collins Hardwood Company LLC (Miscellaneous Revenue, CoBank LOC)		0.48			10-1-2017		4,000,000		4,000,000


Wells Fargo Municipal Cash Management Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
West Virginia EDA Collins Hardwood Company LLC (Industrial Development Revenue, American AgCredit LOC)				0.48	%		10-1-2031	$	2,700,000	$	2,700,000
											6,700,000

Wisconsin : 1.05%
Other Municipal Debt : 0.06%
Monona Grove WI School District (GO Revenue, National Insured) §				5.00			5-1-2023		500,000		500,000

Variable Rate Demand Notes ø: 0.99%
Brodhead WI Stoughton Trailers Incorporated Project (Industrial Development Revenue, JPMorgan Chase & Company LOC)				0.49			8-1-2020		4,800,000		4,800,000
West Bend WI Bestech Tool Corporation Project Series A (Industrial Development Revenue, U.S. Bank NA LOC)				0.67			9-1-2019		435,000		435,000
Wisconsin HEFA University of Wisconsin Medical Foundation (Health Revenue, JPMorgan Chase & Company LOC)				0.44			5-1-2030		3,500,000		3,500,000
											8,735,000

Total Municipal Obligations (Cost $780,776,169)											780,776,169

Other : 7.95%
Nuveen California Dividend Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) 144A§±				0.54			3-1-2040		3,000,000		3,000,000
Nuveen California Dividend Municipal Fund Variable Rate Demand Preferred Shares Series 5 (Citibank NA LIQ) 144A§±				0.53			8-1-2040		3,700,000		3,700,000
Nuveen California Dividend Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ)				0.53			8-1-2040		13,800,000		13,800,000
Nuveen Enhanced Municipal Credit Opportunities Fund Variable Rate Demand Preferred Shares Series 2 (JPMorgan Chase & Company LIQ) 144A§±				0.56			3-1-2040		15,000,000		15,000,000
Nuveen New Jersey Dividend Municipal Fund Variable Rate Demand Preferred Shares Series 5 (TD Bank NA LIQ) 144A§±				0.54			8-3-2043		11,500,000		11,500,000
Western Asset Intermediate Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A§±				0.50			2-25-2045		3,500,000		3,500,000
Western Asset Managed Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ)				0.50			3-4-2045		16,000,000		16,000,000
Western Asset Municipal Partners Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A§±				0.50			3-11-2045		3,700,000		3,700,000
Total Other (Cost $70,200,000)											70,200,000

Repurchase Agreements ^^: 3.40%
HSBC Securities, dated 4-29-2016, maturity value $5,000,113 (1)				0.27			5-2-2016	$	5,000,000		5,000,000
SG Americas Securities LLC, dated 4-29-2016, maturity value $25,000,604 (2)				0.29			5-2-2016		25,000,000		25,000,000
Total Repurchase Agreements (Cost $30,000,000)											30,000,000

Total investments in securities (Cost $880,976,169)*	99.83	%									880,976,169
Other assets and liabilities, net	0.17										1,485,702

Total net assets	100.00	%								$	882,461,871

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.


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Cash Management Money Market Fund

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

(i)

Illiquid security

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

^^	Collateralized by:

(1)

U.S. government security, 0.00%, 5-15-2016 to 2-15-2046, fair value is $5,100,051.

(2)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 2-15-2044, fair value including accrued interest is $25,500,000.

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
AGC		Assured Guaranty Corporation
AGM		Assured Guaranty Municipal
Ambac		Ambac Financial Group Incorporated
AMT		Alternative minimum tax
BAN		Bond anticipation notes
CDA		Community Development Authority
DRIVER		Derivative inverse tax-exempt receipts
DW&P		Department of Water & Power
EDA		Economic Development Authority
EDFA		Economic Development Finance Authority
FGIC		Financial Guaranty Insurance Corporation
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General obligation
HEFA		Health & Educational Facilities Authority
HFA		Housing Finance Authority
IDA		Industrial Development Authority
LIFER		Long Inverse Floating Exempt Receipts
LIQ		Liquidity agreement
LLC		Limited liability company
LOC		Letter of credit
MFHR		Multifamily housing revenue
National		National Public Finance Guarantee Corporation
PCFA		Pollution Control Financing Authority
PCR		Pollution control revenue
PFFA		Public Facilities Financing Authority
plc		Public limited company
PUTTER		Puttable tax-exempt receipts
RDA		Redevelopment Authority
SPA		Standby purchase agreement
SPEAR		Short Puttable Exempt Adjustable Receipts
TRAN		Tax revenue anticipation notes

Wells Fargo Municipal Cash Management Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Repurchase agreements

Fair valuation measurements

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, use of amortized cost, etc.)

Level 3 –

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

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


Wells Fargo Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations : 89.92%
Alabama : 0.85%
Variable Rate Demand Note ø: 0.85%
Chatom AL IDA Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue)		0.57	%		8-1-2041	$	2,600,000	$	2,600,000

Arizona : 0.41%
Variable Rate Demand Note ø: 0.41%
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.48			8-1-2027		1,250,000		1,250,000

California : 11.28%
Other Municipal Debt : 0.79%
California GO Series 2011-A2 (GO Revenue)		0.44			6-1-2016		900,000		900,000
Los Angeles County CA TRAN Series 2015 (GO Revenue)		2.00			6-30-2016		800,000		802,164
Los Angeles County CA TRAN Series 2015 (Miscellaneous Revenue)		5.00			6-30-2016		700,000		705,395
									2,407,559

Variable Rate Demand Notes ø: 10.49%
ABAG Finance Authority for Nonprofit Corporations California Menlo School Series 2003 (Education Revenue, Northern Trust Company LOC)		0.41			9-1-2033		3,200,000		3,200,000
California Deutsche Bank SPEAR/LIFER Trust Series DBE-364 (Miscellaneous Revenue, AGM/FGIC/Ambac Insured, Deutsche Bank LIQ) 144A		0.73			6-1-2047		1,000,000		1,000,000
California HFA MFHR III Series B (Housing Revenue, JPMorgan Chase & Company LOC)		0.41			8-1-2036		1,920,000		1,920,000
California HFFA Tender Option Bond Trust Receipts/Certificates Series XF0236 (Health Revenue, TD Bank NA LIQ) 144A		0.44			8-15-2031		625,000		625,000
Elsinore Valley CA Municipal Water District Series A Eclipse Funding Trust Solar Eclipse 2007-0069 (Miscellaneous Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.43			7-1-2034		8,000,000		8,000,000
Los Angeles CA DW&P Series B1 (Utilities Revenue, Barclays Bank plc SPA)		0.40			7-1-2034		1,100,000		1,100,000
Los Angeles CA DW&P Sub Series B-5 (Utilities Revenue, Bank of Montreal SPA)		0.37			7-1-2034		3,500,000		3,500,000
Northern California Power Agency Hydroelectric Project Series A (Utilities Revenue, Bank of Montreal LOC)		0.40			7-1-2032		5,000,000		5,000,000
Oakland CA Joint Powers Financing Authority Series A (Housing Revenue, Citibank NA LOC)		0.41			7-1-2033		3,775,000		3,775,000
San Diego County CA Regional Transportation Community Limited Tax Series 2008-C (Tax Revenue, Mizuho Corporate Bank SPA)		0.39			4-1-2038		3,400,000		3,400,000
Santa Clara County CA Financing Authority Multiple Facilities Projects Series M (Miscellaneous Revenue, Bank of America NA LOC)		0.39			5-15-2035		365,000		365,000
									31,885,000

Colorado : 3.09%
Variable Rate Demand Notes ø: 3.09%
Colorado Health Facilities Authority Catholic Health Initiatives Series 2013-3364 (Health Revenue, Morgan Stanley Bank LIQ) 144A		0.55			10-1-2037		1,000,000		1,000,000
Colorado Health Facilities Authority Catholic Health Initiatives Series 2015-7WE (Health Revenue, Barclays Bank plc LOC) 144A		0.56			8-1-2018		700,000		700,000
Colorado HFA Worldwest LLP Project Series 1999-A (Industrial Development Revenue, UMB Bank Colorado LOC) 144A		0.72			9-1-2023		2,690,000		2,690,000
Colorado MidCities Metropolitan District #1 Series 2004-B (Tax Revenue, BNP Paribas LOC)		0.45			12-1-2031		1,500,000		1,500,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2015-XF1003 (Health Revenue, Deutsche Bank LIQ) 144A		0.66			2-1-2041		1,300,000		1,300,000
Denver City & County CO Airport System Series 2006-A (Airport Revenue, FGIC Insured, Morgan Stanley Bank LIQ) 144A		0.52			11-15-2025		1,000,000		1,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Town of Hudson CO Series A (Industrial Development Revenue, U.S. Bank NA LOC)		0.55	%		11-1-2020	$	1,205,000	$	1,205,000
									9,395,000

Connecticut : 0.52%
Other Municipal Debt : 0.52%
Connecticut HEFA Middlesex Hospital Series L (Health Revenue, AGM Insured) §		5.00			7-1-2032		175,000		176,346
Fairfield CT BAN (GO Revenue)		2.00			7-14-2016		1,400,000		1,405,090
									1,581,436

Florida : 3.72%
Other Municipal Debt : 2.07%
Florida Department of Environmental Protection Florida Forever Series 2011-B (Tax Revenue)		5.00			7-1-2016		600,000		604,704
JEA Florida Electric System Series 2000-A (Utilities Revenue)		0.45			5-11-2016		1,000,000		1,000,000
JEA Florida Electric System Series 2000-F1 (Utilities Revenue)		0.48			5-10-2016		2,800,000		2,800,000
JEA Florida Electric System Series 2008-C3 (Utilities Revenue)		0.13			6-1-2016		1,900,000		1,899,034
									6,303,738

Variable Rate Demand Notes ø: 1.65%
Hillsborough County FL Aviation Authority PUTTER Series 3021 (Airport Revenue, AGC Insured, JPMorgan Chase & Company LIQ) 144A		0.61			10-1-2030		3,000,000		3,000,000
Hillsborough County FL Aviation Authority Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0286 (Airport Revenue, AGC Insured, TD Bank NA LIQ) 144A		0.51			10-1-2032		2,000,000		2,000,000
									5,000,000

Georgia : 1.37%
Variable Rate Demand Notes ø: 1.37%
Gwinnett County GA Housing Lehman Municipal Trust Receipts Series 06-K72 (Housing Revenue, FNMA Insured, Citibank NA LIQ)		0.71			3-1-2037		1,460,000		1,460,000
Main Street Natural Gas Incorporated Georgia Gas Revenue Sub Series A1 (Utilities Revenue, Royal Bank of Canada SPA)		0.47			8-1-2040		1,595,000		1,595,000
Main Street Natural Gas Incorporated Georgia Gas Revenue Sub Series A2 (Utilities Revenue, Royal Bank of Canada SPA)		0.49			8-1-2040		1,100,000		1,100,000
									4,155,000

Illinois : 1.25%
Variable Rate Demand Notes ø: 1.25%
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial Development Revenue, Harris NA LOC)		0.47			7-1-2033		1,890,000		1,890,000
Illinois Finance Authority University of Chicago Tender Option Bond Trust Receipts/Certificates Series 2015-XF2160 (Education Revenue, Barclays Bank plc LIQ) 144A		0.45			10-1-2046		900,000		900,000
Peoria County IL Caterpillar Incorporated Project (Industrial Development Revenue)		0.59			2-1-2030		1,000,000		1,000,000
									3,790,000

Indiana : 0.55%
Variable Rate Demand Note ø: 0.55%
St. Joseph County IN Midcorr Land Development LLC Project (Industrial Development Revenue, PNC Bank NA LOC)		0.54			10-1-2023		1,680,000		1,680,000


Wells Fargo Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Iowa : 1.66%
Variable Rate Demand Notes ø: 1.66%
Iowa Finance Authority Barclays Residual Interest Bonds Trust Series 1WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56	%		1-1-2019	$	3,300,000	$	3,300,000
Iowa Finance Authority Interwest Project Series 2001 (Industrial Development Revenue, CoBank LOC)		0.48			11-1-2016		340,000		340,000
Iowa Finance Authority Powerfilm Incorporated Project (Industrial Development Revenue, Bank of America NA LOC)		0.58			6-1-2028		1,400,000		1,400,000
									5,040,000

Kansas : 0.64%
Variable Rate Demand Note ø: 0.64%
Olathe KS Integral Senior Living LLC Project (Industrial Development Revenue, U.S. Bank NA LOC)		0.51			8-1-2027		1,950,000		1,950,000

Kentucky : 1.79%
Other Municipal Debt : 0.38%
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2015-D1 (Water & Sewer Revenue)		1.25			7-1-2016		1,150,000		1,151,631

Variable Rate Demand Notes ø: 1.41%
Bardstown KY Industrial Building Linpac Materials Handling Project (Industrial Development Revenue, U.S. Bank NA LOC)		0.42			10-1-2019		1,550,000		1,550,000
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial Development Revenue, Stock Yards Bank & Trust LOC)		0.54			9-1-2022		1,650,000		1,650,000
Kentucky Tender Option Bond Trust Receipts/Certificates Series XF1024 (Health Revenue, Deutsche Bank LIQ) 144A		0.68			1-1-2045		1,100,000		1,100,000
									4,300,000

Louisiana : 2.43%
Variable Rate Demand Notes ø: 2.43%
Louisiana BAN Series 2016-A JPMorgan PUTTER Series 5006 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			8-15-2016		1,000,000		1,000,000
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial Development Revenue)		0.49			12-1-2036		4,000,000		4,000,000
Louisiana PFA Dynamic Fuels LLC Project Series 2008 (Industrial Development Revenue, Bank of America NA LOC)		0.29			10-1-2033		2,400,000		2,400,000
									7,400,000

Maryland : 0.17%
Other Municipal Debt : 0.17%
Prince Georges County MD Refunding Bond Consolidated Public Improvement Series B (GO Revenue)		5.00			7-15-2016		500,000		504,843

Massachusetts : 0.72%
Variable Rate Demand Notes ø: 0.72%
Massachusetts JPMorgan Chase PUTTER/DRIVER Trust Series 5004 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			9-1-2017		1,000,000		1,000,000
Massachusetts JPMorgan Chase PUTTER/DRIVER Trust Series 5005 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			6-1-2018		1,000,000		1,000,000
Massachusetts HEFA Museum of Fine Arts Series A2 (Miscellaneous Revenue, Bank of America NA SPA)		0.31			12-1-2037		200,000		200,000
									2,200,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Michigan : 2.76%
Other Municipal Debt : 0.10%
Monroe County MI Hospital Finance Authority Refunding Bond Mercy Memorial Hospital Corporation Obligation (Health Revenue) §		5.38	%		6-1-2026	$	300,000	$	301,293

Variable Rate Demand Notes ø: 2.66%
Eastern Michigan University Barclays Residual Interest Bonds Trust Series 6WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			7-1-2018		500,000		500,000
Green Lake Township MI Economic Development Corporation (Miscellaneous Revenue, BMO Harris Bank NA LOC)		0.30			6-1-2034		485,000		485,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) (i)		0.68			11-15-2047		1,100,000		1,100,000
Michigan Housing Development Authority Series A (Housing Revenue, AGM Insured, Fortis Bank SA SPA)		0.56			4-1-2042		1,010,000		1,010,000
Michigan Housing Development Authority Series D (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.65			12-1-2038		5,000,000		5,000,000
									8,095,000

Minnesota : 5.31%
Other Municipal Debt : 0.03%
Minnesota (GO Revenue) §		5.00			6-1-2021		100,000		100,383

Variable Rate Demand Notes ø: 5.28%
Becker MN Plymouth Foam Incorporated Project (Industrial Development Revenue, U.S. Bank NA LOC)		0.72			5-1-2019		985,000		985,000
Bloomington MN Refunding Bond MFHR Norlan Partnership Series 2000-A-1 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.52			7-15-2032		4,990,000		4,990,000
Coon Rapids MN Drake Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.52			6-15-2038		2,655,000		2,655,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.50			8-15-2038		400,000		400,000
Mahtomedi MN Briarcliff Manor Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.52			6-15-2038		3,645,000		3,645,000
Minnesota Bond Securitization Trust Certificate Series S-1 (Miscellaneous Revenue, PNC Bank NA LOC)		0.64			2-1-2027		1,235,000		1,235,000
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.52			6-1-2032		2,140,000		2,140,000
									16,050,000

Mississippi : 0.92%
Variable Rate Demand Notes ø: 0.92%
Mississippi Business Finance Corporation Gulf Opportunity Chevron USA Incorporated Project Series E (Industrial Development Revenue)		0.28			12-1-2030		200,000		200,000
Mississippi Business Finance Corporation Gulf Opportunity Chevron USA Incorporated Project Series L (Industrial Development Revenue)		0.28			11-1-2035		200,000		200,000
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.44			11-1-2018		2,400,000		2,400,000
									2,800,000

Missouri : 0.49%
Variable Rate Demand Note ø: 0.49%
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (Industrial Development Revenue, U.S. Bank NA LOC)		0.57			4-1-2026		1,500,000		1,500,000

Nebraska : 1.42%
Variable Rate Demand Note ø: 1.42%
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		0.16			9-1-2031		4,310,000		4,310,000


Wells Fargo Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Nevada : 1.78%
Variable Rate Demand Notes ø: 1.78%
Nevada Housing Division Multi-Unit Fort Apache Road LLC Series A (Housing Revenue, Exchange Bank LOC)		0.65	%		10-1-2026	$	1,400,000	$	1,400,000
Washoe County NV Eclipse Funding Trust Series 2006-0142 (GO Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.45			3-1-2036		4,000,000		4,000,000
									5,400,000

New York : 9.87%
Other Municipal Debt : 0.13%
New York Dormitory Authority Series 2014-C (Tax Revenue)		4.00			6-15-2016		400,000		401,814

Variable Rate Demand Notes ø: 9.74%
New York HFA Series 2014-A (Housing Revenue, Bank of China LOC)		0.32			5-1-2048		1,400,000		1,400,000
New York Mortgage Agency Homeowner Series 144 (Housing Revenue, JPMorgan Chase & Company SPA)		0.32			10-1-2037		5,000,000		5,000,000
New York NY Fiscal 2014 Series D Sub Series D-3 (GO Revenue, JPMorgan Chase & Company SPA)		0.32			8-1-2038		5,100,000		5,100,000
New York NY Housing Development Corporation Multifamily Housing Series 2015-F (Water & Sewer Revenue, Bank of America NA SPA)		0.28			6-15-2048		7,100,000		7,100,000
New York NY Housing Development Corporation Series C (Housing Revenue)		0.32			5-1-2050		1,800,000		1,800,000
New York NY Series 2006-E2 (GO Revenue, Bank of America NA LOC)		0.28			8-1-2034		2,200,000		2,200,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bonds Fiscal 2015 Sub Series E-4 (Tax Revenue, Bank of America NA SPA)		0.28			2-1-2045		7,000,000		7,000,000
									29,600,000

North Carolina : 5.08%
Other Municipal Debt : 0.10%
Charlotte NC Series A (Water & Sewer Revenue) §		5.00			7-1-2031		300,000		302,380

Variable Rate Demand Notes ø: 4.98%
North Carolina HFA Home Ownership Series 15-C (Housing Revenue, AGM Insured, TD Bank NA SPA)		0.40			7-1-2032		4,525,000		4,525,000
North Carolina HFA Home Ownership Series 16-C (Housing Revenue, TD Bank NA SPA)		0.40			7-1-2032		3,555,000		3,555,000
North Carolina Tender Option Bond Trust Receipts/Certificates Series XF2165 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.47			10-1-2055		300,000		300,000
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC)		0.48			12-1-2026		1,750,000		1,750,000
University of North Carolina Chapel Hill Series 2009- A (Education Revenue, TD Bank NA SPA)		0.38			2-1-2024		5,000,000		5,000,000
									15,130,000

North Dakota : 1.58%
Other Municipal Debt : 1.58%
Mercer County ND PCR Series 09-1 (Utilities Revenue)		0.57			5-4-2016		4,800,000		4,800,000

Ohio : 1.87%
Variable Rate Demand Note ø: 1.87%
Ohio Air Quality Development Authority Andersons Marathon Ethanol LLC Project Series 2007 (Resource Recovery Revenue, CoBank LOC)		0.49			3-1-2032		5,700,000		5,700,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Oklahoma : 0.11%
Variable Rate Demand Note ø: 0.11%
Oklahoma Development Finance Authority Industrial Development Tracker Marine Project (Miscellaneous Revenue, Bank of America NA LOC)		0.63	%		3-1-2018	$	325,000	$	325,000

Oregon : 2.17%
Other Municipal Debt : 0.17%
Beaverton, Washington & Multnomah Counties OR School District (GO Revenue, AGM Insured) §		4.13			6-1-2026		100,000		100,320
Portland OR 2nd Lien Series B (Water & Sewer Revenue, National Insured) §		5.00			6-15-2028		405,000		407,331
									507,651

Variable Rate Demand Note ø: 2.00%
Port of Portland OR Horizon Air Industries Incorporated Project (Airport Revenue, Bank of America NA LOC)		0.33			6-15-2027		6,100,000		6,100,000

Other : 4.32%
Variable Rate Demand Notes ø: 4.32%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.46			2-15-2028		2,827,000		2,827,000
Clipper Tax-Exempt Certificate Trust Series 2007-19 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.53			9-1-2039		1,085,000		1,085,000
Clipper Tax-Exempt Certificate Trust Series 2009-26 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.47			7-1-2037		155,000		155,000
FHLMC MFHR Series M019 Class A (Housing Revenue, FHLMC LIQ)		0.44			5-1-2017		2,542,000		2,542,000
FHLMC MFHR Series M021 Class A (Housing Revenue, FHLMC LIQ)		0.44			6-15-2036		4,620,000		4,620,000
FHLMC Multifamily Municipal Securities Series M031 Class A (Housing Revenue, FHLMC LIQ)		0.42			12-15-2045		1,100,000		1,100,000
FHLMC Multifamily Municipal Securities Series M033 Class A (Housing Revenue, FHLMC LIQ)		0.42			12-15-2046		800,000		800,000
									13,129,000

Pennsylvania : 1.94%
Variable Rate Demand Note ø: 1.94%
Pennsylvania Clipper Tax-Exempt Certificate Trust Series 2009-32 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.46			1-1-2018		5,000,000		5,000,000
Pennsylvania EDFA Series D-7 (Industrial Development Revenue, PNC Bank NA LOC)		0.54			8-1-2022		900,000		900,000
									5,900,000

South Carolina : 4.57%
Other Municipal Debt : 2.34%
York County SC PCR Series 2000B-1 (Utilities Revenue)		0.55			5-2-2016		2,500,000		2,500,000
York County SC PCR Series 2000B-2 (Utilities Revenue)		0.55			5-2-2016		2,500,000		2,500,000
York County SC PCR Series 2000B-3 (Utilities Revenue)		0.55			5-2-2016		2,100,000		2,100,000
									7,100,000

Variable Rate Demand Notes ø: 2.23%
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank SPEAR/LIFER Trust Series DBE-1141 (Health Revenue, Deutsche Bank LIQ) 144A		0.58			11-1-2029		545,000		545,000
South Carolina Jobs EDA South Carolina Generating Company Incorporated Project (Industrial Development Revenue, TD Bank NA LOC)		0.42			12-1-2038		6,250,000		6,250,000
									6,795,000


Wells Fargo Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Tennessee : 1.25%
Other Municipal Debt : 0.33%
Metropolitan Government of Nashville & Davidson County TN Series A-2 (Miscellaneous Revenue)		0.22	%		5-3-2016	$	1,000,000	$	999,990

Variable Rate Demand Note ø: 0.92%
Chattanooga TN Health & Education Housing Facilities Tender Option Bond Trust Receipts/Certificates Series 2015-XF1023 (Health Revenue, Deutsche Bank LIQ) 144A		0.68			1-1-2045		2,800,000		2,800,000

Texas : 7.55%
Other Municipal Debt : 0.40%
Dallas TX Independent School District Series 2012 (GO Revenue)		4.00			8-15-2016		200,000		202,123
San Antonio Independent School District Series A (GO Revenue)		0.22			5-4-2016		1,000,000		999,968
									1,202,091

Variable Rate Demand Notes ø: 7.15%
Atascosa County TX PCR San Miguel Electric Cooperative (Utilities Revenue)		0.49			6-30-2020		1,400,000		1,400,000
Brazos River Harbor TX Naval District BASF Corporation Project (Industrial Development Revenue)		0.51			5-1-2036		500,000		500,000
Dallas TX Waterworks & Sewer System Clipper Tax Exempt Certificates Trust 2009-52 (Water & Sewer Revenue, State Street Bank & Trust Company LIQ)		0.44			10-1-2018		2,500,000		2,500,000
Gulf Coast TX Waste Disposal Authority PCR Exxon Project Series 1989 (Industrial Development Revenue)		0.26			10-1-2024		3,750,000		3,750,000
Harris County TX Cultural Educational Facilities Finance Corporation Children’s Hospital Project Series 2015-3 JPMorgan PUTTER Series 5001 (Hospital Revenue, JPMorgan Chase & Company LIQ) 144A		0.31			6-1-2019		900,000		900,000
Lower Neches Valley Authority Texas Industrial Development Corporation Exempt Facilities Revenue Mobil Oil Refining Corporation Project (Industrial Development Revenue)		0.27			4-1-2029		1,500,000		1,500,000
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue)		0.53			4-1-2028		3,000,000		3,000,000
Tarrant County TX Cultural Educational Facilities Finance Corporation Methodist Hospitals of Dallas Series A (Health Revenue, TD Bank NA LOC)		0.31			10-1-2041		1,075,000		1,075,000
Texas Municipal Gas Acquisition & Supply Corporation III Series 2012 Deutsche Bank SPEAR/LIFER Trust Series DBE-1193 (Utilities Revenue, Deutsche Bank LIQ) 144A		0.68			12-15-2032		1,330,000		1,330,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A		0.71			12-15-2026		5,786,548		5,786,548
									21,741,548

Utah : 0.13%
Variable Rate Demand Note ø: 0.13%
Juab County UT Intermountain Farmers Association Project (Industrial Development Revenue, CoBank LOC)		0.53			10-1-2021		400,000		400,000

Vermont : 0.32%
Variable Rate Demand Note ø: 0.32%
Vermont Educational & Health Buildings Financing Agency North County Hospital Project Series 2007-A (Health Revenue, TD Bank NA LOC)		0.28			10-1-2034		965,000		965,000

Virginia : 1.11%
Variable Rate Demand Notes ø: 1.11%
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i)		0.59			5-15-2042		1,945,000		1,945,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Norfolk VA EDA Sentara Healthcare Series 2010-C (Health Revenue) (i)		0.61	%		11-1-2034	$	1,440,000	$	1,440,000
									3,385,000

Washington : 2.24%
Other Municipal Debt : 0.20%
Washington Motor Vehicle Fuel Tax Series 2007-B (GO Revenue)		5.00			7-1-2016		300,000		302,349
Washington Motor Vehicle Fuel Tax Series 2007-B (GO Revenue, AGM Insured) §		5.00			7-1-2021		300,000		302,380
									604,729

Variable Rate Demand Notes ø: 2.04%
Squaxin Island Tribe Washington Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC)		0.50			5-1-2028		830,000		830,000
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.45			5-15-2035		1,590,000		1,590,000
Washington Tender Option Bond Trust Receipts/Certificates Series XF1017 (Health Revenue, Deutsche Bank LIQ) 144A		0.66			1-1-2035		2,000,000		2,000,000
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC)		0.51			8-1-2026		1,785,000		1,785,000
									6,205,000

Wisconsin : 2.02%
Other Municipal Debt : 0.06%
Monona Grove WI School District (GO Revenue, National Insured) §		5.00			5-1-2023		200,000		200,000

Variable Rate Demand Notes ø: 1.96%
Brodhead WI Stoughton Trailers Incorporated Project (Industrial Development Revenue, JPMorgan Chase & Company LOC)		0.49			8-1-2020		2,000,000		2,000,000
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC)		0.57			11-1-2020		1,085,000		1,085,000
Sheboygan WI Alaark Manufacturing Corporation Project Series 2000 (Industrial Development Revenue, U.S. Bank NA LOC)		0.57			12-1-2021		995,000		995,000
Sheboygan WI Vortex Liquid Color Project (Industrial Development Revenue, Bank First National LOC)		0.72			11-1-2020		920,000		920,000
Two Rivers WI Riverside Foods Incorporated Project (Industrial Development Revenue, Bank First National LOC)		0.72			12-1-2022		950,000		950,000
									5,950,000

Wyoming : 0.66%
Variable Rate Demand Note ø: 0.66%
Sublette County WY PCR ExxonMobil Project (Industrial Development Revenue)		0.27			10-1-2044		2,000,000		2,000,000

Total Municipal Obligations (Cost $273,395,086)									273,395,086

Other : 7.04%
Nuveen California Dividend Municipal Fund Variable Rate Demand Preferred Shares Series 5 (Citibank NA LIQ) 144A±§		0.53			8-1-2040		1,800,000		1,800,000
Nuveen California Dividend Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ) 144A±§		0.53			8-1-2040		1,600,000		1,600,000
Nuveen Enhanced Municipal Credit Opportunities Fund Variable Rate Demand Preferred Shares Series 2 (JPMorgan Chase & Company LIQ) 144A±§		0.56			3-1-2040		5,000,000		5,000,000
Nuveen New Jersey Dividend Municipal Fund Variable Rate Demand Preferred Shares Series 5 (TD Bank NA LIQ) 144A±§		0.54			8-3-2043		3,500,000		3,500,000
Western Asset Intermediate Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A±§		0.50			2-25-2045		3,500,000		3,500,000


Wells Fargo Municipal Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Other (continued)
Western Asset Managed Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A±§				0.50	%		3-4-2045	$	6,000,000	$	6,000,000
Total Other (Cost $21,400,000)											21,400,000

Repurchase Agreements ^^: 2.96%
HSBC Securities, dated 4-30-2016, maturity value $2,000,045 (1)				0.27			5-2-2016		2,000,000		2,000,000
SG Americas Securities LLC, dated 4-30-2016, maturity value $7,000,169 (2)				0.29			5-2-2016		7,000,000		7,000,000
Total Repurchase Agreements (Cost $9,000,000)											9,000,000

Total investments in securities (Cost $303,795,086)*	99.92	%									303,795,086
Other assets and liabilities, net	0.08										240,299

Total net assets	100.00	%								$	304,035,385

^Ø

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.

(i)

Illiquid security

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

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

^^	Collateralized by:

(1)

U.S. government securities, 0.00%, 5-15-2016 to 2-15-2046, fair value is $2,040,020.

(2)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 2-15-2044, fair value including accrued interest is $7,140,000.

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
AGC		Assured Guaranty Corporation
AGM		Assured Guaranty Municipal
Ambac		Ambac Financial Group Incorporated
BAN		Bond anticipation notes
CDA		Community Development Authority
DRIVER		Derivative inverse tax-exempt receipts
DW&P		Department of Water & Power
EDA		Economic Development Authority
EDFA		Economic Development Finance Authority
FGIC		Financial Guaranty Insurance Corporation
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GO		General obligation
HEFA		Health & Educational Facilities Authority
HFA		Housing Finance Authority
HFFA		Health Facilities Financing Authority
IDA		Industrial Development Authority
LIFER		Long Inverse Floating Exempt Receipts
LIQ		Liquidity agreement
LLC		Limited liability company
LLP		Limited liability partnership
LOC		Letter of credit
MFHR		Multifamily housing revenue
National		National Public Finance Guarantee Corporation
PCFA		Pollution Control Financing Authority
PCR		Pollution control revenue
PFA		Public Finance Authority


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Municipal Money Market Fund


plc		Public limited company
PUTTER		Puttable tax-exempt receipts
RDA		Redevelopment Authority
SPA		Standby purchase agreement
SPEAR		Short Puttable Exempt Adjustable Receipts
TRAN		Tax revenue anticipation notes

Wells Fargo Municipal Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Repurchase agreements

Fair valuation measurements

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, use of amortized cost, etc.)

Level 3 –

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

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


Wells Fargo National Tax-Free Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations : 93.88%
Alabama : 0.56%
Variable Rate Demand Notes ø: 0.56%
Chatom AL IDA Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue)		0.57	%		8-1-2041	$	7,900,000	$	7,900,000
Mobile AL IDA Board High Providence LLC Project Series 2006 (Industrial Development Revenue, Whitney National Bank LOC)		0.44			8-1-2031		6,000,000		6,000,000
									13,900,000

Arizona : 1.49%
Variable Rate Demand Notes ø: 1.49%
Mesa AZ Excise Tax Revenue Obligation Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-69 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.48			7-1-2020		10,135,000		10,135,000
Mesa AZ Utility System Clipper Tax-Exempt Certificates Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.44			7-1-2024		26,955,000		26,955,000
									37,090,000

California : 7.22%
Other Municipal Debt : 0.77%
California GO Series 2011-A2 (GO Revenue)		0.44			6-1-2016		7,000,000		7,000,000
Los Angeles County CA TRAN Series 2015 (Miscellaneous Revenue)		2.00			6-30-2016		6,750,000		6,768,261
Los Angeles County CA TRAN Series 2015 (Miscellaneous Revenue)		5.00			6-30-2016		5,350,000		5,391,164
									19,159,425

Variable Rate Demand Notes ø: 6.45%
Association of Bay Area Governments Finance Authority for Nonprofit Corporation California Lakeside Village Apartments Series A (Housing Revenue, FHLMC LIQ)		0.40			10-1-2046		2,000,000		2,000,000
California CDA Motion Picture & Television Fund Series 2001-A (Health Revenue, Northern Trust Company LOC)		0.50			3-1-2031		11,900,000		11,900,000
California Deutsche Bank SPEAR/LIFER Trust Series DBE-364 (Miscellaneous Revenue, AGM/FGIC/Ambac Insured, Deutsche Bank LIQ) 144A		0.73			6-1-2047		17,025,000		17,025,000
California Municipal Finance Authority Pacific Institute Series 2001-A (Housing Revenue, California Bank & Trust LOC)		0.41			8-1-2037		17,200,000		17,200,000
California PCFA Pacific Gas & Electric Project Series E (Utilities Revenue, Sumitomo Mitsui Banking LOC)		0.27			11-1-2026		12,500,000		12,500,000
California Statewide CDA Morgan Stanley Series 3102 Sutter Health Series 2005A, 2005B & 2008C (Health Revenue, Credit Suisse LIQ) 144A		0.45			11-15-2048		9,543,345		9,543,345
California Statewide University of San Francisco Series B (Education Revenue, JPMorgan Chase & Company LOC)		0.40			10-1-2035		500,000		500,000
Chino Basin California Regional Financing Authority Inland Empire Utility Series B (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC)		0.41			6-1-2032		5,080,000		5,080,000
Elsinore Valley CA Municipal Water District Series A Eclipse Funding Trust Solar Eclipse Series 2007-0069 (Miscellaneous Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.43			7-1-2034		6,900,000		6,900,000
Irvine CA Limited Obligation Improvement Bonds Series A (Miscellaneous Revenue, State Street Bank & Trust Company LOC)		0.23			9-2-2026		600,000		600,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3841 (Transportation Revenue, Ambac Insured, JPMorgan Chase & Company LIQ) 144A		0.43			7-1-2024		22,735,000		22,735,000
Lancaster CA Redevelopment Agency MFHR 20th Street Apartments Project Series C (Housing Revenue, FNMA Insured, FNMA LIQ)		0.40			12-1-2026		5,500,000		5,500,000
Los Angeles CA Department of Water & Power Series B1 (Utilities Revenue, Barclays Bank plc SPA)		0.40			7-1-2034		2,000,000		2,000,000
Oakland CA Joint Powers Financing Authority Series A (Housing Revenue, Citibank NA LOC)		0.41			7-1-2033		7,000,000		7,000,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo National Tax-Free Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
San Francisco City & County CA Public Utilities Commission Series 3153X (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.47	%		11-1-2039	$	680,500	$	680,500
San Francisco City & County CA RDA Fillmore Center 1999 Issue B1 (Housing Revenue, FHLMC LIQ)		0.42			12-1-2017		20,000,000		20,000,000
San Mateo County CA Community College CAB Series B (Education Revenue, National Insured, Deutsche Bank LIQ) 144A		0.68			9-1-2036		19,290,000		19,290,000
									160,453,845

Colorado : 3.48%
Variable Rate Demand Notes ø: 3.48%
Colorado Educational & Cultural Facilities Authority National Jewish Federation Series D-3 (Miscellaneous Revenue, JPMorgan Chase & Company LOC)		0.30			12-1-2037		2,500,000		2,500,000
Colorado Health Facilities Authority Catholic Health Initiatives Series 2013-3364 (Health Revenue, Morgan Stanley Bank LIQ) 144A		0.55			10-1-2037		3,125,000		3,125,000
Colorado Health Facilities Authority Catholic Health Initiatives Series 2015-7WE (Health Revenue, Barclays Bank plc LOC) 144A		0.56			8-1-2018		38,710,000		38,710,000
Colorado Health Facilities Authority Health System Series 2013A Citigroup ROC RR-II-R-14085 (Health Revenue, Citibank NA LIQ) 144A		0.45			1-1-2022		4,600,000		4,600,000
Colorado MidCities Metropolitan District #1 Series 2004-B (Tax Revenue, BNP Paribas LOC)		0.45			12-1-2031		9,950,000		9,950,000
Colorado MidCities Metropolitan District #1 Special Refunding and Improvement Bonds Series A (Tax Revenue, BNP Paribas LOC)		0.45			12-1-2020		5,200,000		5,200,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2015-XF1003 (Health Revenue, Deutsche Bank LIQ) 144A		0.66			2-1-2041		12,350,000		12,350,000
Denver CO City & County Airport System Series 2006-A (Airport Revenue, FGIC Insured, Morgan Stanley Bank LIQ) 144A		0.52			11-15-2025		10,155,000		10,155,000
									86,590,000

Connecticut : 0.64%
Other Municipal Debt : 0.64%
Connecticut HEFA Middlesex Hospital Series L (Health Revenue, AGM Insured) §		5.00			7-1-2032		1,625,000		1,637,495
Fairfield CT BAN (GO Revenue)		2.00			7-14-2016		14,120,000		14,171,340
									15,808,835

District of Columbia : 0.14%
Variable Rate Demand Note ø: 0.14%
District of Columbia Community Connection Real Estate Foundation Issue Series 2007A (Miscellaneous Revenue, Manufacturers & Traders LOC)		0.46			7-1-2032		3,600,000		3,600,000

Florida : 4.64%
Other Municipal Debt : 2.33%
Florida Department of Environmental Protection Florida Forever Series 2011-B (Tax Revenue)		5.00			7-1-2016		5,860,000		5,905,944
JEA Florida Electric System Series 2000-A (Utilities Revenue)		0.45			5-11-2016		9,365,000		9,365,000
JEA Florida Electric System Series 2000-F-1 (Utilities Revenue)		0.48			5-10-2016		25,900,000		25,900,000
JEA Florida Electric System Series 2008-C-3 (Utilities Revenue)		0.13			6-1-2016		16,800,000		16,791,463
									57,962,407

Variable Rate Demand Notes ø: 2.31%
Broward County FL Educational Facilities Authority Nova Southeastern University Project Series 2008A (Education Revenue, Bank of America NA LOC)		0.29			4-1-2038		800,000		800,000
Florida Gulf Coast University Financing Corporation Parking Project Series 2009A (Education Revenue, Harris NA LOC)		0.42			2-1-2039		6,920,000		6,920,000
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health Revenue)		0.38			11-15-2032		1,700,000		1,700,000


Wells Fargo National Tax-Free Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2006C (Health Revenue, Bank of America NA LIQ) 144A		0.44	%		11-15-2036	$	8,595,000	$	8,595,000
Orange County FL School Board Certificate of Participation Series 2009A (Miscellaneous Revenue, AGC Insured, Morgan Stanley Bank LIQ) 144A		0.52			8-1-2034		3,300,000		3,300,000
Palm Beach County FL Children’s Home Project Series 2008 (Miscellaneous Revenue, Bank of America NA LOC)		0.48			5-1-2038		3,490,000		3,490,000
Palm Beach County FL Pine Crest Preparatory School Incorporated Project Series 2012B (Education Revenue, TD Bank NA LOC)		0.38			6-1-2038		10,000,000		10,000,000
Pinellas County FL IDA Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.43			8-1-2028		3,955,000		3,955,000
Sarasota County FL Planned Parenthood Incorporated Project Series 2007 (Health Revenue, BMO Harris Bank NA LOC)		0.45			10-1-2041		5,990,000		5,990,000
West Palm Beach FL Utilities Systems Series 2008C (Water & Sewer Revenue, AGC Insured, JPMorgan Chase & Company SPA)		0.47			10-1-2038		12,700,000		12,700,000
									57,450,000

Georgia : 2.04%
Variable Rate Demand Notes ø: 2.04%
Atlanta GA Development Authority Perkins Will Incorporated Project Series 2010 (Industrial Development Revenue, Harris NA LOC)		0.42			11-1-2030		6,650,000		6,650,000
Main Street Natural Gas Incorporated Georgia Sub Series A1 (Utilities Revenue, Royal Bank of Canada SPA)		0.47			8-1-2040		21,320,000		21,320,000
Main Street Natural Gas Incorporated Georgia Sub Series A2 (Utilities Revenue, Royal Bank of Canada SPA)		0.49			8-1-2040		12,360,000		12,360,000
Metropolitan Atlanta GA Rapid Transit Authority Series P (Tax Revenue, Societe Generale LOC, Ambac Insured) 144A		0.46			7-1-2020		10,330,000		10,330,000
									50,660,000

Hawaii : 0.27%
Variable Rate Demand Note ø: 0.27%
Honolulu City & County HI Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-62 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.45			11-1-2020		6,665,000		6,665,000

Illinois : 2.19%
Variable Rate Demand Notes ø: 2.19%
Chicago IL Education Marine Project Series 1984 (Industrial Development Revenue, FHLB LOC)		0.58			7-1-2023		4,200,000		4,200,000
DuPage & Will Counties IL Community School District #204 Indian Prairie School Building Series A Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-26 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.44			6-30-2016		5,765,000		5,765,000
Illinois Development Finance Authority Cook Communications Ministries Project Series 2002 (Miscellaneous Revenue, Bank of America NA LOC)		0.56			3-1-2017		4,500,000		4,500,000
Illinois Development Finance Authority Presbyterian Homes Two Arbor Lane Project Series 2001 (Health Revenue, Northern Trust Company LOC)		0.45			4-1-2035		4,500,000		4,500,000
Illinois Educational Facilities Authority Chicago Zoological Society Brookfield Zoo Project Series 1995B (Miscellaneous Revenue, Northern Trust Company LOC)		0.45			12-15-2025		5,000,000		5,000,000
Illinois Finance Authority Advocate Health Care Network Series 2011B (Health Revenue) (i)		0.61			4-1-2051		9,500,000		9,500,000
Illinois Tender Option Bond Trust Receipts/Certificates Series XM0078 (Transportation Revenue, Royal Bank of Canada LIQ) 144A		0.45			7-1-2023		10,365,000		10,365,000
Illinois Tender Option Bond Trust Receipts/Certificates Series ZM0120 (Transportation Revenue, Royal Bank of Canada LIQ) 144A		0.45			7-1-2023		3,100,000		3,100,000
Illinois Toll Highway Authority Series 2014D Tender Option Bond Trust Series 2015-XM0031 (Transportation Revenue, Royal Bank of Canada LIQ) 144A		0.45			1-1-2022		4,165,000		4,165,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo National Tax-Free Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Yorkville Kendall County IL Special Service Area #2003-101 Windett Ridge Project JPMorgan PUTTER Series 4380 (Tax Revenue, JPMorgan Chase & Company LIQ) 144A		0.59	%		3-1-2023	$	3,320,000	$	3,320,000
									54,415,000

Indiana : 1.56%
Variable Rate Demand Notes ø: 1.56%
Indiana Certificates of Participation Clipper Tax-Exempt Certified Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.45			7-1-2023		22,515,000		22,515,000
Spencer County IN American Iron Oxide Company Project Series 1999 (Industrial Development Revenue, Bank of Tokyo-Mitsubishi LOC)		0.55			9-1-2018		7,900,000		7,900,000
St. Joseph County IN Hospital Authority Memorial Health Series A (Health Revenue, JPMorgan Chase & Company LOC)		0.43			8-15-2033		8,400,000		8,400,000
									38,815,000

Iowa : 3.74%
Variable Rate Demand Notes ø: 3.74%
Iowa Finance Authority Barclays Residual Interest Bonds Trust Series 1WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			1-1-2019		32,600,000		32,600,000
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (Industrial Development Revenue)		0.47			6-1-2039		58,100,000		58,100,000
Iowa Finance Authority Multifamily Housing Series 2006 A Trust Receipts Series 2016-XF0386 (Housing Revenue, Bank of America NA LIQ) 144A		0.46			7-1-2041		2,335,000		2,335,000
									93,035,000

Kansas : 0.36%
Variable Rate Demand Note ø: 0.36%
Kansas Development Finance Authority Adventist Health Sunbelt Obligated Group Series 2009C Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-11 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.46			11-15-2038		9,000,000		9,000,000

Kentucky : 1.15%
Other Municipal Debt : 0.42%
Kentucky Rural Water Finance Corporation Public Projects Constructions Notes Series 2015-D1 (Water & Sewer Revenue)		1.25			7-1-2016		10,500,000		10,515,013

Variable Rate Demand Notes ø: 0.73%
Kentucky Infrastructure Authority Wastewater & Drinking Water Revolving Fund Series 2015A Morgan Stanley Series 2015-XF2109 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.50			2-1-2026		7,190,000		7,190,000
Kentucky Tender Option Bond Trust Receipts/Certificates Series XF1024 (Health Revenue, Deutsche Bank LIQ) 144A		0.68			1-1-2045		10,920,000		10,920,000
									18,110,000

Louisiana : 1.15%
Variable Rate Demand Notes ø: 1.15%
Louisiana BAN Series 2016-A JPMorgan PUTTER Series 5006 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			8-15-2016		10,000,000		10,000,000
Louisiana HFA The Reserve at Jefferson Crossing Series 2008 (Housing Revenue, FHLMC LOC)		0.45			7-1-2040		4,095,000		4,095,000
Louisiana PFA Pollution Control Allied Signal Incorporated Project Series 1992 (Industrial Development Revenue)		0.44			8-1-2017		6,815,000		6,815,000


Wells Fargo National Tax-Free Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Louisiana PFFA Dynamic Fuels LLC Project Series 2008 (Industrial Development Revenue, Bank of America NA LOC)		0.29	%		10-1-2033	$	7,600,000	$	7,600,000
									28,510,000

Maryland : 2.53%
Other Municipal Debt : 0.20%
Prince Georges County MD Refunding Bond Consolidated Public Improvement Series B (GO Revenue)		5.00			7-15-2016		4,875,000		4,922,223

Variable Rate Demand Notes ø: 2.33%
Baltimore County MD Maryvale Preparatory School Facilities Project Series 2005A (Education Revenue, Manufacturers & Traders LOC)		0.46			12-3-2035		1,480,000		1,480,000
Maryland CDA Housing & Community Residential Series M (Housing Revenue, TD Bank NA SPA)		0.38			9-1-2043		6,850,000		6,850,000
Maryland Industrial Development Financing Authority Occidental Pete Corporation Series 2010 (Industrial Development Revenue)		0.65			3-1-2030		40,780,000		40,780,000
Maryland Transportation Authority Facilities Project Series 2008 Tender Option Bond Trust Receipts Series 2016-XF0278 (Transportation Revenue, AGM Insured, Bank of America NA LIQ) 144A		0.46			7-1-2041		9,000,000		9,000,000
									58,110,000

Massachusetts : 1.39%
Variable Rate Demand Notes ø: 1.39%
Clipper Tax-Exempt Certificate Trust Series 2009-69 (Tax Revenue, State Street Bank & Trust Company LIQ)		0.45			7-1-2027		10,000,000		10,000,000
Massachusetts Bonds Series 2015-B JPMorgan Chase PUTTER/DRIVER Trust Series 5004 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			9-1-2017		9,000,000		9,000,000
Massachusetts Bonds Series 2015-C JPMorgan Chase PUTTER/DRIVER Trust Series 5005 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.31			6-1-2018		9,000,000		9,000,000
University of Massachusetts Building Authority Series 2011-2 (Education Revenue) (i)		0.66			11-1-2034		6,600,000		6,600,000
									34,600,000

Michigan : 2.56%
Other Municipal Debt : 0.11%
Monroe County MI Hospital Finance Authority Refunding Bond Mercy Memorial Hospital Corporation Obligation (Health Revenue) §		5.38			6-1-2026		2,800,000		2,812,069

Variable Rate Demand Notes ø: 2.45%
Eastern Michigan University Barclays Residual Interest Bonds Trust Series 6WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			7-1-2018		35,105,000		35,105,000
Green Lake Township MI Economic Development Corporation Interlochen Center Arts Project Series 2004 (Miscellaneous Revenue, BMO Harris Bank NA LOC)		0.30			6-1-2034		2,235,000		2,235,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) (i)		0.68			11-15-2047		2,750,000		2,750,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-7 (Health Revenue) (i)		0.68			11-15-2047		2,265,000		2,265,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-8 (Health Revenue) (i)		0.68			11-15-2047		1,000,000		1,000,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-8 (Health Revenue)		0.68			11-15-2049		300,000		300,000
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2002 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.47			1-1-2032		12,000,000		12,000,000
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2003 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.47			1-1-2032		3,200,000		3,200,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo National Tax-Free Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2006 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.47	%		1-1-2035	$	1,905,000	$	1,905,000
									60,760,000

Minnesota : 3.42%
Other Municipal Debt : 0.04%
Minnesota (GO Revenue) §		5.00			6-1-2021		1,000,000		1,003,833

Variable Rate Demand Notes ø: 3.38%
Bloomington MN Bristol Village Apartments Project Series 2002A-1 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.50			11-15-2032		10,905,000		10,905,000
Bloomington MN Presbyterian Homes Project Series 2008 (Health Revenue, FHLMC LIQ)		0.41			7-1-2038		5,330,000		5,330,000
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.49			10-15-2033		1,750,000		1,750,000
East Grand Forks MN Solid Waste Disposal American Crystal Sugar Company Project Series 2009 (Resource Recovery Revenue, CoBank LOC)		0.43			12-1-2021		4,165,000		4,165,000
Eden Prairie MN Eden Glen Apartments Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.50			2-15-2031		2,390,000		2,390,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.50			8-15-2038		4,100,000		4,100,000
Inver Grove Heights MN Inver Grove Incorporated Project Series 2005 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			5-15-2035		8,835,000		8,835,000
Maple Grove MN MFHR Basswood Trails Apartment Project Series 2002 (Housing Revenue, FHLMC LIQ)		0.49			3-1-2029		2,340,000		2,340,000
Minneapolis & St. Paul MN Metropolitan Airport Commission Morgan Stanley Series 3200 (Airport Revenue, Morgan Stanley Bank LIQ) 144A		0.57			1-1-2035		6,000,000		6,000,000
Minnesota HEFAR Carleton College Series 5G (Education Revenue, JPMorgan Chase & Company SPA)		0.50			11-1-2029		5,100,000		5,100,000
Minnesota HEFAR Concordia University Series P-1 (Education Revenue, U.S. Bank NA LOC)		0.27			4-1-2027		1,885,000		1,885,000
Oak Park Heights MN Boutwells Landing Project Series 2005 (Housing Revenue, FHLMC LIQ)		0.41			11-1-2035		8,900,000		8,900,000
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.49			9-15-2031		2,865,000		2,865,000
Spring Lake Park MN Senior Housing Oak Crest Apartments Project Series 2003 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.41			2-15-2033		1,275,000		1,275,000
St. Louis Park MN Knollwood Place Apartment Project Series 2005 (Housing Revenue, FHLMC LIQ)		0.49			10-1-2035		12,300,000		12,300,000
St. Louis Park MN MFHR Parkshore Senior Campus Project Series 2004 (Housing Revenue, FHLMC LIQ)		0.49			8-1-2034		5,865,000		5,865,000
									84,005,000

Mississippi : 0.97%
Variable Rate Demand Notes ø: 0.97%
Mississippi Business Finance Corporation Gulf Opportunity Chevron USA Incorporated Project Series 2011B (Industrial Development Revenue)		0.28			11-1-2035		370,000		370,000
Mississippi Business Finance Corporation Gulf Opportunity Chevron USA Incorporated Project Series L (Industrial Development Revenue)		0.28			11-1-2035		1,050,000		1,050,000
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.44			11-1-2018		22,760,000		22,760,000
									24,180,000

Missouri : 0.22%
Variable Rate Demand Notes ø: 0.22%
Missouri Tender Option Bond Trust Receipts/Certificates Series ZM0124 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.43			5-1-2023		2,500,000		2,500,000


Wells Fargo National Tax-Free Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
St. Louis County MO Sewer District Wastewater System Series 2013B (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.57	%		5-1-2043	$	3,000,000	$	3,000,000
									5,500,000

Nebraska : 0.66%
Variable Rate Demand Note ø: 0.66%
Lincoln NE Electric System Series 2900 (Utilities Revenue, Credit Suisse LIQ)		0.50			9-1-2037		16,370,000		16,370,000

New Hampshire : 0.69%
Variable Rate Demand Notes ø: 0.69%
New Hampshire HEFA Dartmouth College Project Series 3069 (Education Revenue, Credit Suisse LIQ) 144A		0.45			6-1-2039		6,280,000		6,280,000
New Hampshire HEFA FHA Insured Mortgage Revenue Series 2009 PUTTER Series 2015-XF0037 (Health Revenue, FHA Insured, TD Bank NA LIQ) 144A		0.44			10-1-2017		10,770,000		10,770,000
									17,050,000

New Jersey : 0.32%
Variable Rate Demand Notes ø: 0.32%
New Jersey EDA Motor Vehicle Surcharges Series 2004A Austin Trust Various Certificates B (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ)		0.46			7-1-2026		2,190,000		2,190,000
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ)		0.44			12-15-2023		5,750,000		5,750,000
									7,940,000

New York : 11.32%
Other Municipal Debt : 0.16%
New York Dormitory Authority Series 2014-C (Tax Revenue)		4.00			6-15-2016		4,085,000		4,103,528

Variable Rate Demand Notes ø: 11.16%
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.44			11-15-2026		25,000,000		25,000,000
New York HFA Series A (Housing Revenue, Bank of China LOC)		0.32			5-1-2048		27,800,000		27,800,000
New York HFA Series A (Housing Revenue, FHLMC LIQ)		0.40			11-1-2037		15,300,000		15,300,000
New York Metropolitan Transportation Authority Dedicated Tax Series 2008A-1 (Tax Revenue, Royal Bank of Canada LOC)		0.28			11-1-2031		4,500,000		4,500,000
New York Metropolitan Transportation Authority Sub Series E-4 (Transportation Revenue, Bank of the West LOC)		0.44			11-15-2045		7,000,000		7,000,000
New York Metropolitan Transportation Authority Sub Series E-5 (Transportation Revenue, U.S. Bank NA LOC)		0.29			11-15-2045		10,000,000		10,000,000
New York Metropolitan Transportation Authority Sub Series G-2 (Transportation Revenue, TD Bank NA LOC)		0.38			11-1-2032		1,050,000		1,050,000
New York NY City Municipal Water Finance Authority Sub Series AA-6 (Water & Sewer Revenue, Mizuho Bank Limited SPA)		0.32			6-15-2048		16,700,000		16,700,000
New York NY City Transitional Finance Authority Sub Series C5 (Tax Revenue, Bank of America NA SPA)		0.28			8-1-2031		400,000		400,000
New York NY Fiscal 1994 Series H Sub Series H-3 (GO Revenue, AGM Insured, State Street Bank & Trust Company SPA)		0.29			8-1-2021		5,100,000		5,100,000
New York NY Fiscal 2006 Series E Sub Series E-2 (GO Revenue, Bank of America NA LOC)		0.28			8-1-2034		3,600,000		3,600,000
New York NY Fiscal 2006 Series I Sub Series I-6 (GO Revenue, Bank of New York Mellon LOC)		0.28			4-1-2036		785,000		785,000
New York NY Fiscal 2008 Series J Sub Series J-5 (GO Revenue, Bank of America NA SPA)		0.28			8-1-2028		300,000		300,000
New York NY Fiscal 2014 Series D Sub Series D-3 (GO Revenue, JPMorgan Chase & Company SPA)		0.32			8-1-2038		36,760,000		36,760,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo National Tax-Free Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
New York NY Fiscal 2014 Series I Sub Series I-2 (GO Revenue, JPMorgan Chase & Company LIQ)		0.32	%		3-1-2040	$	17,050,000	$	17,050,000
New York NY Housing Development Corporation Series C (Housing Revenue)		0.32			5-1-2050		15,900,000		15,900,000
New York NY Municipal Water Finance Authority Water & Sewer System 2^nd Generation Resolution Fiscal 2007 Sub Series CC-1 (Water & Sewer Revenue, Bank of Nova Scotia SPA)		0.28			6-15-2038		6,200,000		6,200,000
New York NY Municipal Water Finance Authority Water & Sewer System 2nd Generation Resolution Fiscal 2011 Sub Series FF-1 (Water & Sewer Revenue, Bank of America NA SPA)		0.28			6-15-2044		6,000,000		6,000,000
New York NY Municipal Water Finance Authority Water & Sewer System Fiscal 2015 Sub Series BB-1 (Water & Sewer Revenue, Bank of America NA SPA)		0.28			6-15-2049		16,800,000		16,800,000
New York NY Municipal Water Finance Authority Water & Sewer System 2nd Generation Resolution Fiscal 2016 Sub Series AA-2 (Water & Sewer Revenue, PNC Bank NA SPA)		0.30			6-15-2048		14,300,000		14,300,000
New York NY Municipal Water Finance Authority Water & Sewer System 2nd Generation Resolution Fiscal 2016 Sub Series AA-3 (Water & Sewer Revenue, Royal Bank of Canada SPA)		0.28			6-15-2048		2,600,000		2,600,000
New York NY Transitional Finance Authority Fiscal 2013 Sub Series 2013A-4 (Tax Revenue, Northern Trust Company SPA)		0.28			8-1-2039		100,000		100,000
New York NY Transitional Finance Authority Fiscal 2014 Sub Series D-4 (Tax Revenue, Mizuho Bank Limited SPA)		0.30			2-1-2044		7,400,000		7,400,000
New York NY Transitional Finance Authority Fiscal 2016 Sub Series A-4 (Tax Revenue, Bank of America NA SPA)		0.28			8-1-2041		18,650,000		18,650,000
New York NY Transitional Finance Authority Fiscal 2016 Sub Series A-5 (Tax Revenue, Royal Bank of Canada SPA)		0.28			8-1-2041		5,000,000		5,000,000
New York NY Transitional Finance Authority JPMorgan Chase PUTTER/DRIVER Trust Series 4043 (Tax Revenue, JPMorgan Chase & Company LIQ) 144A		0.43			11-1-2020		2,600,000		2,600,000
New York NY Trust for Cultural Reserve Wildlife Series 2013A Tender Option Bond Trust Receipts/Certificates Series 2012-ZF0215 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A		0.44			8-1-2021		5,335,000		5,335,000
New York Sales Tax Asset Receivable Corporation Fiscal Series 2015A Tender Option Bond Trust Receipts/Certificates Series 2015-ZF0209 (Tax Revenue, JPMorgan Chase & Company LIQ) 144A		0.44			10-15-2031		5,250,000		5,250,000
									277,480,000

North Carolina : 1.71%
Other Municipal Debt : 0.13%
Charlotte NC Series A (Water & Sewer Revenue) §		5.00			7-1-2031		3,300,000		3,326,177

Variable Rate Demand Notes ø: 1.58%
Charlotte Mecklenburg NC Hospital Authority Carolinas Health Care System Series 2007E (Health Revenue, TD Bank NA LOC, AGM Insured)		0.38			1-15-2044		4,420,000		4,420,000
North Carolina Capital Facilities Finance Agency Duke University Project Series 2015B Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0105 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.47			10-1-2055		2,250,500		2,250,500
North Carolina Capital Facilities Finance Agency Educational Guilford College Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.43			5-1-2024		2,315,000		2,315,000
North Carolina Capital Facilities Finance Agency Educational Hill Center Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.43			7-1-2028		4,030,000		4,030,000
North Carolina Medical Care Commission FirstHealth Carolina Project Series 2008A (Health Revenue, Branch Banking & Trust SPA)		0.44			10-1-2028		9,730,000		9,730,000
North Carolina Medical Care Commission Hospice Alamance-Caswell Project Series 2008 (Health Revenue, Branch Banking & Trust LOC)		0.43			12-1-2033		4,200,000		4,200,000
North Carolina Tender Option Bond Trust Receipts/Certificates Series XF2165 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.47			10-1-2055		8,085,000		8,085,000
University of North Carolina Chapel Hill Series 2009- A (Education Revenue, TD Bank NA SPA)		0.38			2-1-2024		4,165,000		4,165,000
									39,195,500


Wells Fargo National Tax-Free Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
North Dakota : 2.17%
Other Municipal Debt : 1.81%
Mercer County ND PCR Series 09-1 (Utilities Revenue)		0.57	%		5-4-2016	$	45,100,000	$	45,100,000

Variable Rate Demand Note ø: 0.36%
Richland County ND Recovery Zone Project Series 2010C (Industrial Development Revenue, CoBank LOC)		0.43			11-1-2028		8,815,000		8,815,000

Ohio : 1.21%
Variable Rate Demand Note ø: 1.21%
JobsOhio Beverage Systems Statewide Liquor Profits Series 2013-A Deutsche Bank SPEAR/LIFER Trust Series DBE-1157 (Miscellaneous Revenue, Deutsche Bank LIQ) 144A		0.55			1-1-2038		30,180,000		30,180,000

Oklahoma : 0.52%
Variable Rate Demand Notes ø: 0.52%
Oklahoma City OK Water Utilities Trust Water & Sewer System Series 2015 Morgan Stanley Series 2015-ZF2080 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.57			7-1-2045		5,000,000		5,000,000
Oklahoma Turnpike Authority Series 2011A Citigroup ROC Series 11985 (Transportation Revenue, Citibank NA LIQ) 144A		0.47			1-1-2019		8,000,000		8,000,000
									13,000,000

Oregon : 0.19%
Other Municipal Debt : 0.19%
Beaverton, Washington & Multnomah Counties OR School District (GO Revenue, AGM Insured) §		4.13			6-1-2026		1,000,000		1,003,198
Portland OR 2nd Lien Series B (Water & Sewer Revenue, National Insured) §		5.00			6-15-2028		3,600,000		3,620,720
									4,623,918

Other : 4.20%
Variable Rate Demand Notes ø: 4.20%
Clipper Tax-Exempt Certificate Trust Certificates Series 2009-72 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.46			4-1-2019		13,630,000		13,630,000
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.46			2-15-2028		60,270,000		60,270,000
FHLMC Multifamily Municipal Securities Series M031 Class A (Housing Revenue, FHLMC LIQ)		0.42			12-15-2045		7,835,000		7,835,000
FHLMC Multifamily Municipal Securities Series M033 Class A (Housing Revenue, FHLMC LIQ)		0.42			12-15-2046		7,035,000		7,035,000
FHLMC Multifamily Municipal Securities Series MO27 Class A (Housing Revenue, FHLMC LIQ)		0.44			10-15-2029		15,730,000		15,730,000
									104,500,000

Pennsylvania : 0.49%
Variable Rate Demand Notes ø: 0.49%
Central Bradford Progress Authority Pennsylvania Robert Packer Hospital Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-C-14 (Health Revenue, Royal Bank of Canada LOC) 144A		0.43			6-1-2035		7,405,000		7,405,000
Philadelphia PA IDA Series B-2 (Miscellaneous Revenue, TD Bank NA LOC)		0.38			10-1-2030		2,100,000		2,100,000
South Central 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		0.47			6-1-2044		2,800,000		2,800,000
									12,305,000


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo National Tax-Free Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Rhode Island : 0.89%
Variable Rate Demand Notes ø: 0.89%
Narragansett Bay RI Commission Wastewater System Series 2013A Tender Option Trust Receipts/Certificates Series 2016-XM0140 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.44	%		9-1-2020	$	10,000,000	$	10,000,000
Narragansett Bay Rl Commission Wastewater System Series 2007A Solar Eclipse Series 2007-0016 (Water & Sewer Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.46			2-1-2037		12,230,000		12,230,000
									22,230,000

South Carolina : 3.86%
Other Municipal Debt : 2.61%
York County SC PCR Series 2000B-1 (Utilities Revenue)		0.55			5-2-2016		23,000,000		23,000,000
York County SC PCR Series 2000B-2 (Utilities Revenue)		0.55			5-2-2016		23,000,000		23,000,000
York County SC PCR Series 2000B-3 (Utilities Revenue)		0.55			5-2-2016		18,925,000		18,925,000
									64,925,000

Variable Rate Demand Notes ø: 1.25%
Charleston SC Waterworks & Sewer System Series 2010 Tender Option Bond Trust Receipt Series 2015-ZF0219 (Water & Sewer Revenue) 144A		0.44			8-1-2019		2,500,000		2,500,000
Charleston SC Waterworks & Sewer System Series 2010 Tender Option Bond Trust Receipt Series 2015-ZF0219 (Water & Sewer Revenue) 144A		0.44			1-1-2041		5,000,000		5,000,000
Greenville SC Health System Hospital Series 2014B Tender Option Bond Trust Receipts/Certificates Series 2015-XF0145 (Health Revenue, TD Bank NA LIQ) 144A		0.44			5-30-2022		8,020,000		8,020,000
South Carolina Educational Facilities Authority for Private Non-profit Institutions Higher Learning Educational Facilities Charleston Southern University Project Series 2003 (Education Revenue, Bank of America NA LOC)		0.44			4-1-2028		6,475,000		6,475,000
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC)		0.45			8-1-2025		3,325,000		3,325,000
South Carolina Housing Finance & Development Authority MFHR Brookside Crossing Apartments Series 2008 (Housing Revenue, FHLMC LIQ)		0.43			6-1-2046		4,380,000		4,380,000
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial Development Revenue, Branch Banking & Trust LOC)		0.43			11-1-2034		1,470,000		1,470,000
									31,170,000

South Dakota : 0.26%
Variable Rate Demand Note ø: 0.26%
South Dakota Housing Development Authority LaCrosse Investment Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.50			2-15-2031		6,495,000		6,495,000

Tennessee : 1.18%
Other Municipal Debt : 0.33%
Metropolitan Government of Nashville & Davidson County TN Series A-2 (Miscellaneous Revenue)		0.22			5-3-2016		8,200,000		8,199,914

Variable Rate Demand Notes ø: 0.85%
Chattanooga TN Health & Education Housing Facilities Tender Option Bond Trust Receipts/Certificates Series 2015-XF1023 (Health Revenue, Deutsche Bank LIQ) 144A		0.68			1-1-2045		4,200,000		4,200,000
Clarksville TN Public Building Authority Tennessee Municipal Building Fund Series 2004 (Miscellaneous Revenue, Bank of America NA LOC)		0.32			7-1-2034		575,000		575,000
Franklin County TN HEFA Board University of the South Project Series 1998B (Education Revenue)		0.46			9-1-2018		3,435,000		3,435,000


Wells Fargo National Tax-Free Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Montgomery County TN Public Building Authority Series 2008 (Miscellaneous Revenue, Bank of America NA LOC)		0.32	%		7-1-2038	$	8,655,000	$	8,655,000
Sevier County TN Public Building Authority Local Government Public Improvement Series V-B-1 (Water & Sewer Revenue, Branch Banking & Trust LOC)		0.43			6-1-2035		4,300,000		4,300,000
									21,165,000

Texas : 11.45%
Other Municipal Debt : 0.54%
Dallas TX Independent School District Series 2012 (GO Revenue)		4.00			8-15-2016		2,100,000		2,122,293
San Antonio TX Independent School District Series A (GO Revenue)		0.22			5-4-2016		11,200,000		11,199,642
									13,321,935

Variable Rate Demand Notes ø: 10.91%
Atascosa County TX PCR San Miguel Electric Cooperative (Utilities Revenue)		0.49			6-30-2020		13,000,000		13,000,000
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ)		0.49			9-1-2039		4,000,000		4,000,000
Brazos Harbor TX Industrial Development Corporation BASF Corporation Project Series 2001 (Industrial Development Revenue)		0.45			7-1-2022		4,900,000		4,900,000
Dallas TX Waterworks & Sewer System Clipper Tax Exempt Certificates Trust 2009-52 (Water & Sewer Revenue, State Street Bank & Trust Company LIQ)		0.44			10-1-2018		13,960,000		13,960,000
Galveston County TX Housing Finance Corporation Village By The Sea Apartments Project Series 2004 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.50			2-15-2032		5,090,000		5,090,000
Harris County TX Cultural and Educational Facilities Authority Barclays Residual Interest Bonds Trust Series 5WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144A		0.56			7-1-2018		50,995,000		50,995,000
Harris County TX Cultural Educational Facilities Finance Corporation Children’s Hospital Project Series 2015-3 JPMorgan PUTTER Series 5001 (Hospital Revenue, JPMorgan Chase & Company LIQ) 144A		0.31			6-1-2019		3,765,000		3,765,000
Harris County TX Metropolitan Transit Authority Sales & Use Tax Series 2011A Tender Option Bond Trust Receipts/Certificates Series 2016-ZM0164 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.46			11-1-2019		5,000,000		5,000,000
Houston TX Water & Sewer System Series PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA LIQ) 144A		0.47			12-1-2023		7,100,000		7,100,000
North Texas Tollway Authority Series 2008A Morgan Stanley Series 3356 (Miscellaneous Revenue, BHAC Insured, Morgan Stanley Bank LIQ) 144A		0.47			1-1-2048		4,440,000		4,440,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2011 (Industrial Development Revenue)		0.45			6-1-2041		25,000,000		25,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (Industrial Development Revenue)		0.45			3-1-2042		27,500,000		27,500,000
Port Arthur TX Navigation District of Jefferson County Total Petrochemicals Project (Resource Recovery Revenue)		0.45			3-1-2039		9,000,000		9,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002B (Resource Recovery Revenue)		0.50			7-1-2029		11,700,000		11,700,000
Tarrant County TX Cultural Educational Facilities Finance Corporation Hospital Revenue Series A (Health Revenue, TD Bank NA LOC)		0.31			10-1-2041		13,245,000		13,245,000
Texas Municipal Gas Acquisition & Supply Corporation III Series 2012 Deutsche Bank SPEAR/LIFER Trust Series DBE-1193 (Utilities Revenue, Deutsche Bank LIQ) 144A		0.68			12-15-2032		9,000,000		9,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144A		0.71			12-15-2026		56,621,560		56,621,560
West Harris County TX Regional Water Authority System Series 2007 Solar Eclipse Series 2007-0103 (Miscellaneous Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ)		0.44			12-15-2031		7,000,000		7,000,000
									271,316,560


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo National Tax-Free Money Market Fund


Security name	Interest rate			Maturity date		Principal		Value
Utah : 0.55%
Variable Rate Demand Notes ø: 0.55%
Weber County UT Hospital IHC Health Services Series 2000A (Health Revenue, Bank of New York Mellon SPA)		0.29	%		2-15-2031	$	4,000,000	$	4,000,000
West Jordan UT Multifamily Housing Broadmoor Village Apartments Series 2004 (Housing Revenue, FHLMC LIQ)		0.43			12-1-2034		9,675,000		9,675,000
									13,675,000

Vermont : 0.71%
Variable Rate Demand Notes ø: 0.71%
Vermont Educational & Health Buildings Financing Agency Brattleboro Memorial Hospital Project Series 2008A (Health Revenue, TD Bank NA LOC)		0.28			10-1-2028		1,735,000		1,735,000
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008A (Education Revenue, TD Bank NA LOC)		0.28			7-1-2033		3,020,000		3,020,000
Vermont Educational & Health Buildings Financing Agency North County Hospital Project Series 2007-A (Health Revenue, TD Bank NA LOC)		0.28			10-1-2034		8,795,000		8,795,000
Vermont Educational & Health Buildings Financing Agency Norwich University Project Series 2008 (Education Revenue, TD Bank NA LOC)		0.38			9-1-2038		4,100,000		4,100,000
									17,650,000

Virginia : 1.90%
Variable Rate Demand Notes ø: 1.90%
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i)		0.59			5-15-2042		18,015,000		18,015,000
Fauquier County VA IDA Highland School Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.43			12-1-2033		3,075,000		3,075,000
Norfolk VA EDA Sentara Healthcare Series 2010-B (Health Revenue) (i)		0.61			11-1-2034		4,905,000		4,905,000
Norfolk VA EDA Sentara Healthcare Series 2010-C (Health Revenue) (i)		0.61			11-1-2034		7,620,000		7,620,000
University of Virginia PUTTER Series 3188Z (Education Revenue, JPMorgan Chase & Company LIQ) 144A		0.31			6-1-2032		13,600,000		13,600,000
									47,215,000

Washington : 3.57%
Other Municipal Debt : 0.26%
Washington Motor Vehicle Fuel Tax Series 2007-B (GO Revenue)		5.00			7-1-2016		3,000,000		3,023,494
Washington Motor Vehicle Fuel Tax Series 2007-B (GO Revenue, AGM Insured) §		5.00			7-1-2021		3,350,000		3,376,575
									6,400,069

Variable Rate Demand Notes ø: 3.31%
King County WA Bonds 2007 Morgan Stanley Series 3090 (Water & Sewer Revenue, AGM Insured, Credit Suisse LIQ) 144A		0.55			1-1-2039		7,361,000		7,361,000
Squaxin Island Tribe Washington Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC)		0.50			5-1-2028		2,170,000		2,170,000
University of Washington Solar Eclipse Funding Trust Series 2007-0075 (Miscellaneous Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ)		0.48			6-1-2037		37,495,000		37,495,000
Washington Central Puget Sound Regional Transit Authority Sales Tax Improvement Series 2015S-26B Green Bonds JPMorgan PUTTER Series 5002 (Tax Revenue, JPMorgan Chase & Company LIQ) 144A		0.31			11-1-2017		9,190,000		9,190,000
Washington Health Care Facilities Authority MultiCare Health System Series 2009A Deutsche Bank SPEAR/LIFER Trust Series DBE-109 (Health Revenue, Deutsche Bank LIQ) 144A		0.63			8-15-2044		3,375,000		3,375,000
Washington Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0121 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.43			2-1-2023		1,900,000		1,900,000


Wells Fargo National Tax-Free Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø(continued)
Washington Tender Option Bond Trust Receipts/Certificates Series XF1017 (Health Revenue, Deutsche Bank LIQ) 144A				0.66	%		1-1-2035	$	20,900,000	$	20,900,000
											82,391,000

Wisconsin : 4.31%
Other Municipal Debt : 0.06%
Monona Grove WI School District (GO Revenue, National Insured) §				5.00			5-1-2023		1,510,000		1,510,000

Variable Rate Demand Notes ø: 4.25%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank LOC)				0.44			5-1-2037		30,000,000		30,000,000
Hull WI Welcome Dairy Incorporated Project Series 2010B (Industrial Development Revenue, Associated Bank NA LOC)				0.57			1-1-2027		1,820,000		1,820,000
Wisconsin Clipper Tax-Exempt Certificate Trust Series 2009-36 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)				0.44			5-1-2020		26,755,000		26,755,000
Wisconsin HEFA Wheaton Franciscan Healthcare System Morgan Stanley Series 2006-2113 (Health Revenue, Morgan Stanley Bank LIQ) 144A				0.50			8-15-2034		33,210,740		33,210,740
Wisconsin PFA Midwestern Disaster Area Program Series 2011 (Industrial Development Revenue, Farm Credit Services America LOC)				0.44			9-1-2036		13,780,000		13,780,000
											105,565,740

Total Municipal Obligations (Cost $2,334,851,991)											2,334,851,991

Repurchase Agreements^^ : 3.14%
HSBC Securities, dated 4-29-2016, maturity value $13,000,293 (1)				0.27			5-2-2016		13,000,000		13,000,000
SG Americas Securities LLC, dated 4-29-2016, maturity value $65,001,571 (2)				0.29			5-2-2016		65,000,000		65,000,000
Total Repurchase Agreements (Cost $78,000,000)											78,000,000

Total investments in securities (Cost $2,412,851,991)*	97.02	%									2,412,851,991
Other assets and liabilities, net	2.98										74,062,930

Total net assets	100.00	%								$	2,486,914,921

144A

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

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

(i)

Illiquid security

^^	Collateralized by:

(1)

U.S. government securities, 0.00%, 5-15-2016 to 2-15-2046, fair value is $13,260,133.

(2)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 2-15-2044, fair value including accrued interest is $66,300,000.

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
AGC		Assured Guaranty Corporation
AGM		Assured Guaranty Municipal
Ambac		Ambac Financial Group Incorporated
BAN		Bond anticipation notes
BHAC		Berkshire Hathaway Assurance Corporation
CAB		Capital appreciation bond
CDA		Community Development Authority
DRIVER		Derivative inverse tax-exempt receipts
EDA		Economic Development Authority
FGIC		Financial Guaranty Insurance Corporation


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo National Tax-Free Money Market Fund


FHA		Federal Housing Administration
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GO		General obligation
HEFA		Health & Educational Facilities Authority
HEFAR		Higher education facilities authority revenue
HFA		Housing Finance Authority
IDA		Industrial Development Authority
LIFER		Long Inverse Floating Exempt Receipts
LIQ		Liquidity agreement
LLC		Limited liability company
LOC		Letter of credit
MFHR		Multifamily housing revenue
National		National Public Finance Guarantee Corporation
PCFA		Pollution Control Financing Authority
PCR		Pollution control revenue
PFA		Public Finance Authority
PFFA		Public Facilities Financing Authority
plc		Public limited company
PUTTER		Puttable tax-exempt receipts
RDA		Redevelopment Authority
ROC		Reset option certificates
SPA		Standby purchase agreement
SPEAR		Short Puttable Exempt Adjustable Receipts
TRAN		Tax revenue anticipation notes
TTFA		Transportation Trust Fund Authority

Wells Fargo National Tax-Free Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Repurchase agreements

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, use of amortized cost, etc.)

Level 3 –

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

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


Wells Fargo Treasury Plus Money Market Fund		Portfolio of investments — April 30, 2016 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^: 67.31%
Bank of Montreal, dated 4-29-2016, maturity value $100,002,250 (1)				0.27	%		5-2-2016	$	100,000,000	$	100,000,000
Bank of Nova Scotia, dated 4-29-2016, maturity value $565,013,183 (2)				0.28			5-2-2016		565,000,000		565,000,000
Barclays Capital Incorporated, dated 4-29-2016, maturity value $250,006,042 (3)				0.29			5-2-2016		250,000,000		250,000,000
BNP Paribas, dated 4-29-2016, maturity value $2,349,856,787 (4)				0.29			5-2-2016		2,349,800,000		2,349,800,000
Citigroup Global Markets Incorporated, dated 4-28-2016, maturity value $250,013,125 (5)				0.27			5-5-2016		250,000,000		250,000,000
Credit Agricole, dated 4-25-2016, maturity value $250,014,583 (6)				0.30			5-2-2016		250,000,000		250,000,000
Credit Agricole, dated 4-29-2016, maturity value $675,016,313 (7)				0.29			5-2-2016		675,000,000		675,000,000
Deutsche Bank Securities, dated 4-29-2016, maturity value $125,003,125 (8)				0.30			5-2-2016		125,000,000		125,000,000
HSBC Securities USA Incorporated, dated 4-29-2016, maturity value $275,006,188 (9)				0.27			5-2-2016		275,000,000		275,000,000
JPMorgan Securities, dated 4-1-2016, maturity value $550,137,347 (10) ¢±§				0.29			5-2-2016		550,000,000		550,000,000
JPMorgan Securities, dated 4-29-2016, maturity value $625,015,104 (11)				0.29			5-2-2016		625,000,000		625,000,000
Merrill Lynch Pierce Fenner Smith Incorporated, dated 4-29-2016, maturity value $575,013,417 (12)				0.28			5-2-2016		575,000,000		575,000,000
Prudential, dated 4-29-2016, maturity value $479,429,235 (13)				0.30			5-2-2016		479,417,250		479,417,250
SG Americas Securities LLC, dated 4-29-2016, maturity value $950,022,958 (14)				0.29			5-2-2016		950,000,000		950,000,000
Societe Generale NY, dated 4-1-2016, maturity value $250,089,722 (15) ¢±§(i)				0.34			5-9-2016		250,000,000		250,000,000
Societe Generale, dated 4-1-2016, maturity value $250,096,806 (16) ¢±§				0.34			5-12-2016		250,000,000		250,000,000
Toronto Dominion Bank, dated 4-29-2016, maturity value $700,016,333 (17)				0.28			5-2-2016		700,000,000		700,000,000
Total Repurchase Agreements (Cost $9,219,217,250)											9,219,217,250

Treasury Debt : 29.57%
U.S. Treasury Bill (z)				0.30			6-2-2016		200,000,000		199,944,544
U.S. Treasury Bill (z)				0.40			10-27-2016		50,000,000		49,899,875
U.S. Treasury Bond				7.25			5-15-2016		200,000,000		200,492,612
U.S. Treasury Note				0.25			5-15-2016		50,000,000		49,994,935
U.S. Treasury Note ±				0.42			10-31-2017		550,000,000		549,589,049
U.S. Treasury Note				0.50			6-15-2016		144,000,000		144,021,647
U.S. Treasury Note				0.50			6-30-2016		168,000,000		168,035,569
U.S. Treasury Note ±				0.52			1-31-2018		400,000,000		400,174,568
U.S. Treasury Note ±%%				0.53			4-30-2018		40,000,000		40,002,413
U.S. Treasury Note				0.63			7-15-2016		60,000,000		60,015,002
U.S. Treasury Note				0.63			8-15-2016		60,000,000		60,039,056
U.S. Treasury Note ##				0.63			10-15-2016		50,000,000		50,047,261
U.S. Treasury Note				0.63			12-31-2016		170,000,000		170,122,590
U.S. Treasury Note				0.88			11-30-2016		150,000,000		150,366,234
U.S. Treasury Note				0.88			12-31-2016		120,000,000		120,284,547
U.S. Treasury Note				1.00			9-30-2016		100,000,000		100,253,330
U.S. Treasury Note				1.50			6-30-2016		189,000,000		189,311,458
U.S. Treasury Note				1.50			7-31-2016		130,000,000		130,334,722
U.S. Treasury Note				1.75			5-31-2016		150,000,000		150,167,979
U.S. Treasury Note				2.75			11-30-2016		172,000,000		174,280,132
U.S. Treasury Note				3.00			8-31-2016		50,000,000		50,390,902
U.S. Treasury Note				3.13			10-31-2016		85,000,000		86,128,219
U.S. Treasury Note				3.25			6-30-2016		264,000,000		265,189,709
U.S. Treasury Note				3.25			7-31-2016		150,000,000		150,995,955
U.S. Treasury Note				5.13			5-15-2016		300,000,000		300,516,040
U.S. Treasury Note				7.50			11-15-2016		37,443,000		38,855,008
Total Treasury Debt (Cost $4,049,453,356)											4,049,453,356

Total investments in securities (Cost $13,268,670,606)*	96.88	%									13,268,670,606
Other assets and liabilities, net	3.12										427,680,348

Total net assets	100.00	%								$	13,696,350,954

^^	Collateralized by:

(1)

U.S. government securities, 0.00% to 7.88%, 10-13-2016 to 2-15-2046, fair value including accrued interest is $102,000,034.

(2)

U.S. government securities, 0.13% to 7.63%, 7-15-2016 to 2-15-2045, fair value including accrued interest is $576,300,002.

(3)

U.S. government securities, 1.75% to 2.00%, 4-30-2022 to 2-15-2045, fair value including accrued interest is $255,000,081.

(4)

U.S. government securities, 0.00% to 8.75%, 7-15-2016 to 8-15-2044, fair value including accrued interest is $2,396,796,000.

(5)

U.S. government securities, 0.50% to 1.00%, 6-30-2016 to 3-31-2018, fair value including accrued interest is $255,000,001.


Portfolio of investments — April 30, 2016 (unaudited)		Wells Fargo Treasury Plus Money Market Fund

(6)

U.S. government securities, 0.75% to 6.88%, 4-15-2018 to 11-15-2042, fair value including accrued interest is $255,000,014.

(7)

U.S. government securities, 2.88% to 3.75%, 8-15-2041 to 8-15-2045, fair value including accrued interest is $688,500,021.

(8)

U.S. government securities, 3.63%, 2-15-2044, fair value including accrued interest is $127,500,108.

(9)

U.S. government securities, 0.00%, 5-15-2016 to 2-15-2046, fair value is $280,502,812.

(10)

U.S. government securities, 0.88% to 9.00%, 8-15-2017 to 8-15-2042, fair value including accrued interest is $561,002,038.

(11)

U.S. government securities, 0.07% to 5.25%, 4-30-2017 to 8-15-2043, fair value including accrued interest is $637,508,787.

(12)

U.S. government securities, 1.50% to 3.63%, 11-30-2019 to 2-15-2044, fair value including accrued interest is $586,500,157.

(13)

U.S. government securities, 0.00% to 8.00%, 7-15-2017 to 5-15-2045, fair value including accrued interest is $489,005,595.

(14)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 2-15-2044, fair value including accrued interest is $969,000,000.

(15)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 8-15-2043, fair value including accrued interest is $255,000,000.

(16)

U.S. government securities, 0.00% to 8.88%, 7-15-2016 to 2-15-2044, fair value including accrued interest is $255,000,058.

(17)

U.S. government securities, 0.00% to 9.00%, 4-30-2016 to 11-15-2042, fair value including accrued interest is $714,000,035.

¢	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.

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

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

(i)

Illiquid security

(z)

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

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

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

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.


Abbreviations:
LLC		Limited liability company

Wells Fargo Treasury Plus Money Market Fund (the “Fund”)

Notes to Portfolio of investments – April 30, 2016 (unaudited)

Securities valuation

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Repurchase agreements

When-issued transactions

Fair valuation measurements

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, use of amortized cost, 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.

ITEM 2. CONTROLS AND PROCEDURES

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

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

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/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date:		June 27, 2016

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/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date:		June 27, 2016

By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer

Date:		June 27, 2016

By:		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer

Date:		June 27, 2016