Wells Fargo Master Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Registrant is making a filing for 13 of its series:

Wells Fargo C&B Large Cap Value Portfolio, Wells Fargo Diversified Large Cap Growth Portfolio, Wells Fargo Emerging Growth Portfolio, Wells Fargo Index Portfolio, Wells Fargo International Growth Portfolio, Wells Fargo International Value Portfolio, Wells Fargo Large Company Value Portfolio, Wells Fargo Small Company Growth Portfolio, Wells Fargo Small Company Value Portfolio, Wells Fargo Core Bond Portfolio, Wells Fargo Real Return Portfolio, Wells Fargo Managed Fixed Income Portfolio, and Wells Fargo Stable Income Portfolio.

Date of reporting period: November 30, 2015

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2015

Allocation Funds

n Wells Fargo Growth Balanced Fund

n Wells Fargo Moderate Balanced Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	10
Portfolio of investments
Wells Fargo Growth Balanced Fund	11
Wells Fargo Moderate Balanced Fund	11
Financial statements
Statements of assets and liabilities	12
Statements of operations	13
Statements of changes in net assets	14
Financial highlights	16
Notes to financial statements	20
Master portfolios
Portfolio of investments
Wells Fargo C&B Large Cap Value Portfolio	26
Wells Fargo Diversified Large Cap Growth Portfolio	29
Wells Fargo Emerging Growth Portfolio	34
Wells Fargo Index Portfolio (Summary portfolio of investments)*	38
Wells Fargo International Growth Portfolio	45
Wells Fargo International Value Portfolio	49
Wells Fargo Large Company Value Portfolio	57
Wells Fargo Small Company Growth Portfolio	62
Wells Fargo Small Company Value Portfolio	68

Wells Fargo Core Bond Portfolio (Summary portfolio of investments)**	73
Wells Fargo Managed Fixed Income Portfolio	80
Wells Fargo Real Return Portfolio	91
Wells Fargo Stable Income Portfolio	98
Financial statements
Statements of assets and liabilities	106
Statements of operations	110
Statements of changes in net assets	114
Financial highlights	127
Notes to financial statements	130
Other information	143
List of abbreviations	146

* A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/index-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

** A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/core-bond-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

The views expressed and any forward-looking statements are as of November 30, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Allocation Funds Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Funds

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Allocation Funds for the six-month period that ended November 30, 2015. Among the most significant influences on investment markets during the period were low interest rates; low prices for oil, natural gas, and other commodities; a strong U.S. dollar; and shifting investor sentiment, which sparked volatility in equity and bond markets at higher levels than during recent years, pushing markets generally lower.

U.S. economic growth remained slow and uneven.

U.S. annualized gross domestic product (GDP) growth was 2.1% for the three-month period ended September 30, 2015, a slower pace than the prior quarter that restrained investor activity during the third and fourth quarters of 2015. Investor concerns about economic growth in the U.S. were compounded by data on retail sales and industrial production. Retail sales increased in August but at a slightly slower pace than expected, and the overall trend remained constrained. Industrial production declined in August, and the trend remained fairly flat overall with the periodic exception of automobile manufacturing.

On a more positive note, unemployment eased to 5.0% in October 2015 and consumer spending was solid as housing demand improved, although corporate results, as measured by profits from current production, decreased in the third quarter after a second-quarter increase, according to the U.S. Bureau of Economic Analysis. Despite sometimes conflicting data, expectations grew throughout the period that the Federal Open Market Committee would announce the first increase in the federal funds rate since June 2006 after its December 2015 meeting. The S&P 500 Index¹ was essentially flat for the period, recording a -0.21% return.

Overseas, central banks diverged from Federal Reserve policy due to economic concerns.

Central bank actions abroad diverged during the period to be more accommodative when compared with the U.S. Federal Reserve. Contentious negotiations between Greece and its debtors to refinance the country’s sovereign debt concerned investors in mid-2015 before the Greek government accepted additional reforms in order to secure new loan agreements with the European Central Bank (ECB). The ECB continued to encourage lending and investing in the region by making funds available to banks at low interest rates, imposing a negative interest rate on bank deposits it held, and purchasing bonds through its quantitative easing program.

During the summer of 2015, the Hang Seng Index² in Hong Kong experienced a dramatic decline. The People’s Bank of China sought to spur growth by cutting interest rates six times in less than a year through October 2015; lowering bank reserve requirements to encourage lending; and allowing the renminbi to depreciate in support of exports and to advance government efforts to transition to a more market-driven economy. Slowing economic growth in China reduced its importing activity, which, combined with continued low prices for many commodities, negatively affected China’s trading partners, particularly emerging markets countries.

Although Japan’s third-quarter 2015 GDP was positive after contracting in the second quarter, the Bank of Japan expanded its economic stimulus programs to increase injections of liquidity into the economy through additional bond purchases. The Government Pension Investment Fund continued to reduce government bond investments and direct those assets to investments in the Japanese stock market.

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

²  The Hang Seng Index is a free-float-adjusted market-capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Allocation Funds 3

Developed European and Asian equity markets returned -7.42%, as measured by the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net),³ for the six-month period that ended November 30, 2015. U.S. investors in overseas markets saw the values of their investments fall as the U.S. dollar strengthened in comparison with other currencies.

Bond performance stumbled as investor concerns increased.

Bond investors were not spared the negative effects that stemmed from uncertain investor sentiment. While low interest rates restrained yields, periodic flights to the perceived quality of U.S. government bonds in the face of equity market volatility helped support domestic bond prices. As a result, U.S. bonds tended to fare better than bonds issued overseas. During the period, the Barclays U.S. Aggregate Bond Index⁴ was essentially flat, recording a -0.12% return, while the Barclays Global Aggregate ex U.S. Dollar Bond Index⁵ recorded a -1.76% return.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Bond investors were not spared the negative effects that stemmed from uncertain investor sentiment.

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Funds and the underlying Master Portfolios approved a change in the name of each Fund and underlying Master Portfolio whereby the word “Advantage” was removed from its name, effective December 15, 2015.

For current information about your fund investments, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. 24 hours a day, 7 days a week.

³  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index. Source: MSCI. MSCI makes norepresentations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

⁴  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵  The Barclays Global Aggregate ex U.S. Dollar Bond Index tracks an international basket of government, corporate, agency, and mortgage-related bonds. You cannot invest directly in an index.

4 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund¹

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for the master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, INC.

Phocas Financial Corportation

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA^®, FRM

Thomas C. Biwer, CFA^®

Aldo Ceccarelli, CFA^®

Christian Chan, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2015

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (WFGBX)	10-14-1998		(4.23	)		8.61		4.95		1.61			9.91		5.57		1.35		1.20
Class B (NVGRX)*	10-1-1998		(4.15	)		8.79		5.02		0.85			9.08		5.02		2.10		1.95
Class C (WFGWX)	10-1-1998		(0.15	)		9.09		4.79		0.85			9.09		4.79		2.10		1.95
Administrator Class (NVGBX)	11-11-1994		–			–		–		1.86			10.18		5.84		1.27		0.95
Growth Balanced Composite Index4	–		–			–		–		1.77			9.53		6.50		–		–
Barclays U.S. Aggregate Bond Index5	–		–			–		–		0.97			3.09		4.65		–		–
MSCI EAFE Index (Net)6	–		–			–		–		(2.94	)		5.52		3.64		–		–
Russell 1000® Growth Index7	–		–			–		–		6.12			15.10		8.66		–		–
Russell 1000® Value Index8	–		–			–		–		(1.11	)		13.47		6.45		–		–
Russell 2000® Index9	–		–			–		–		3.51			12.02		7.31		–		–
S&P 500 Index10	–		–			–		–		2.75			14.40		7.48		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 5-6.

Performance highlights (unaudited) Wells Fargo Allocation Funds 5

Wells Fargo Growth Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201511
Apple Incorporated	1.38
Facebook Incorporated	0.86
Amazon.com Incorporated	0.82
Alphabet Incorporated Class A	0.76
Exxon Mobil Corporation	0.70
JPMorgan Chase & Company	0.69
Alphabet Incorporated Class C	0.65
U.S. Treasury Bonds, 2.87% 8-15-2045	0.64
Visa Incorporated	0.61
Medtronic Plc	0.59

Current target allocation as of November 30, 2015¹²

Neutral target allocation as of November 30, 2015¹²

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

¹  The Fund is a gateway blended fund that invests all of its assets in two or more affiliated master portfolios of Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios in which it invests.

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

³  The manager has contractually committed through September 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

6 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund (continued)

⁴  Source: Wells Fargo Funds Management, LLC. The Growth Balanced Composite Index is weighted 35% in the Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Value Index, 16.25% in the S&P 500 Index, 16.25% in the Russell 1000^® Growth Index, 9.75% in the MSCI EAFE Index (Net), 6.50% in the Russell 2000^® Index. You cannot invest directly in an index.

⁵  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁶  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index. Source: MSCI. MSCI makes no representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

⁷  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁸  The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁹  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

¹⁰  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

¹¹  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹²  Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified. Current target allocation is subject to change and may have changed since the date specified.

Performance highlights (unaudited) Wells Fargo Allocation Funds 7

Wells Fargo Moderate Balanced Fund¹

Investment objective

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

Manager

Wells Capital Management Incorporated

Subadviser

Wells Capital Management Incorporated

Subadvisers for the master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, INC.

Phocas Financial Corportation

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA^®, FRM

Thomas C. Biwer, CFA^®

Aldo Ceccarelli, CFA^®

Christian Chan, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2015

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (WFMAX)	1-30-2004		(4.36	)		6.12		4.36		1.47			7.38		4.98		1.32		1.15
Class B (WMOBX)*	1-30-2004		(4.29	)		6.27		4.43		0.71			6.58		4.43		2.07		1.90
Class C (WFBCX)	1-30-2004		(0.26	)		6.58		4.19		0.74			6.58		4.19		2.07		1.90
Administrator Class (NVMBX)	11-11-1994		–			–		–		1.71			7.64		5.23		1.24		0.90
Moderate Balanced Composite Index4	–		–			–		–		1.43			6.66		5.48		–		–
Barclays U.S. Short Treasury 9-12 Months Index5	–		–			–		–		0.13			0.28		1.79		–		–
Barclays U.S. Aggregate Bond Index6	–		–			–		–		0.97			3.09		4.65		–		–
MSCI EAFE Index (Net)7	–		–			–		–		(2.94	)		5.52		3.64		–		–
Russell 1000® Growth Index8	–		–			–		–		6.12			15.10		8.66		–		–
Russell 1000® Value Index9	–		–			–		–		(1.11	)		13.47		6.45		–		–
Russell 2000® Index10	–		–			–		–		3.51			12.02		7.31		–		–
S&P 500 Index11	–		–			–		–		2.75			14.40		7.48		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 8-9.

8 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Moderate Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201512
Apple Incorporated	0.84
U.S. Treasury Bond, 2.88%, 8-15-2045	0.83
FHLMC Structured Pass-Through Securities Series T-58 Class 4A, 7.50%, 9-25-2043	0.77
U.S. Treasury Note, 0.63%, 9-30-2017	0.74
FNMA Series 2002-W4 Class A4, 6.25%, 5-25-2042	0.58
FNMA, 3.50%, 9-1-2032	0.56
Facebook Incorporated Class A	0.52
Amazon.com Incorporated	0.50
FHLMC, 3.50%, 4-1-2043	0.48
Alphabet Incorporated Class A	0.46

Current target allocation as of November 30, 2015¹³

Neutral target allocation as of November 30, 2015¹³

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

¹  The Fund is a gateway blended fund that invests all of its assets in two or more affiliated master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios in which it invests.

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

³  The manager has contractually committed through September 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Expenses allocated from the affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁴  Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Composite Index is weighted 45% in the Barclays U.S. Aggregate Bond Index, 15% in the Barclays U.S. Short Treasury 9-12 Months Index, 10% in the Russell 1000^® Index, 10% in the S&P 500 Index, 10% in the Russell 1000^® Growth Index, 6% in the MSCI EAFE Index (Net) and 4% in the Russell 2000^® Index. You cannot invest directly in an index.

Performance highlights (unaudited) Wells Fargo Allocation Funds 9

Wells Fargo Moderate Balanced Fund (continued)

⁵  The Barclays U.S. Short Treasury 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index.

⁶  The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

⁷  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index. Source: MSCI. MSCI makes no representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

⁸  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁹  The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.

¹⁰  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

¹¹  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

¹²  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the securities of the affiliated master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹³  Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified. Current target allocation is subject to change and may have changed since the date specified.

10 Wells Fargo Allocation Funds Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2015 to November 30, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Wells Fargo Growth Balanced Fund	Beginning account value 6-1-2015		Ending account value 11-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	984.56	$	5.95		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Class B
Actual	$	1,000.00	$	980.76	$	9.66		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.25	$	9.82		1.95	%
Class C
Actual	$	1,000.00	$	980.91	$	9.66		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.25	$	9.82		1.95	%
Administrator Class
Actual	$	1,000.00	$	985.77	$	4.72		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.25	$	4.80		0.95	%
Wells Fargo Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	991.09	$	5.72		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class B
Actual	$	1,000.00	$	987.40	$	9.44		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Class C
Actual	$	1,000.00	$	987.49	$	9.44		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Administrator Class
Actual	$	1,000.00	$	992.42	$	4.48		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 11

GROWTH BALANCED FUND

Security name	Value
Investment Companies: 100.70%
Affiliated Master Portfolios: 100.70%
Wells Fargo C&B Large Cap Value Portfolio	$	14,068,190
Wells Fargo Core Bond Portfolio		17,933,473
Wells Fargo Diversified Large Cap Growth Portfolio		42,163,363
Wells Fargo Emerging Growth Portfolio		4,271,258
Wells Fargo Index Portfolio		42,125,819
Wells Fargo International Growth Portfolio		12,667,643
Wells Fargo International Value Portfolio		12,205,285
Wells Fargo Large Company Value Portfolio		28,118,616
Wells Fargo Managed Fixed Income Portfolio		62,777,646
Wells Fargo Real Return Portfolio		8,992,991
Wells Fargo Small Company Growth Portfolio		4,214,717
Wells Fargo Small Company Value Portfolio		8,417,459
Total Investment Companies (Cost $230,303,176)		257,956,460

Total investments in securities (Cost $230,303,176) *	100.70	%		257,956,460
Other assets and liabilities, net	(0.70	)		(1,800,197	)
Total net assets	100.00	%	$	256,156,263

* Cost for federal income tax purposes is $231,007,235 and unrealized gains (losses) consists of:

Gross unrealized gains	$	26,949,225
Gross unrealized losses		0
Net unrealized gains	$	26,949,225

MODERATE BALANCED FUND

Security name	Value
Investment Companies: 100.48%
Affiliated Master Portfolios: 100.48%
Wells Fargo C&B Large Cap Value Portfolio	$	6,191,299
Wells Fargo Core Bond Portfolio		16,732,636
Wells Fargo Diversified Large Cap Growth Portfolio		18,562,160
Wells Fargo Emerging Growth Portfolio		1,888,286
Wells Fargo Index Portfolio		18,585,864
Wells Fargo International Growth Portfolio		5,596,364
Wells Fargo International Value Portfolio		5,513,038
Wells Fargo Large Company Value Portfolio		12,450,016
Wells Fargo Managed Fixed Income Portfolio		58,578,908
Wells Fargo Real Return Portfolio		8,388,576
Wells Fargo Small Company Growth Portfolio		1,893,295
Wells Fargo Small Company Value Portfolio		3,788,758
Wells Fargo Stable Income Portfolio		27,871,083
Total Investment Companies (Cost $175,575,274)		186,040,283

Total investments in securities (Cost $175,575,274) *	100.48	%		186,040,283
Other assets and liabilities, net	(0.48	)		(897,499	)
Total net assets	100.00	%	$	185,142,784

* Cost for federal income tax purposes is $174,611,774 and unrealized gains (losses) consists of:

Gross unrealized gains	$	11,428,509
Gross unrealized losses		0
Net unrealized gains	$	11,428,509

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

12 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2015 (unaudited)

	Growth Balanced Fund			Moderate Balanced Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	257,956,460		$	186,040,283
Receivable for Fund shares sold		335,532			385,695
Receivable from manager		0			572
Prepaid expenses and other assets		47,166			34,148
Total assets		258,339,158			186,460,698
Liabilities
Payable for Fund shares redeemed		2,053,195			1,242,033
Management fee payable		6,308			0
Distribution fees payable		9,465			5,077
Administration fees payable		32,586			21,735
Accrued expenses and other liabilities		81,341			49,069
Total liabilities		2,182,895			1,317,914
Total net assets	$	256,156,263		$	185,142,784
NET ASSETS CONSIST OF
Paid-in capital	$	365,138,629		$	165,249,634
Undistributed net investment income		3,909,644			2,141,841
Accumulated net realized gains (losses) on investments		(140,545,294	)		7,286,300
Net unrealized gains on investments		27,653,284			10,465,009
Total net assets	$	256,156,263		$	185,142,784
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	63,962,672		$	25,143,518
Shares outstanding – Class A1		1,592,472			1,076,308
Net asset value per share – Class A		$40.17			$23.36
Maximum offering price per share – Class A2		$42.62			$24.79
Net assets – Class B	$	162,137		$	160,345
Shares outstanding – Class B1		4,543			6,821
Net asset value per share – Class B		$35.69			$23.51
Net assets – Class C	$	15,439,998		$	8,554,713
Shares outstanding – Class C1		441,824			373,786
Net asset value per share – Class C		$34.95			$22.89
Net assets – Administrator Class	$	176,591,456		$	151,284,208
Shares outstanding – Administrator Class1		4,902,009			6,417,875
Net asset value per share – Administrator Class		$36.02			$23.57
Investments in affiliated Master Portfolios, at cost	$	230,303,176		$	175,575,274

¹ Each Fund has an unlimited number of authorized shares.

² Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statements of operations—six months ended November 30, 2015 (unaudited) Wells Fargo Allocation Funds 13

	Growth Balanced Fund			Moderate Balanced Fund
Investment income
Interest allocated from affiliated Master Portfolios	$	1,420,786		$	1,494,559
Dividends allocated from affiliated Master Portfolios*		1,353,775			595,820
Securities lending income allocated from affiliated Master Portfolios		22,046			10,476
Interest		106			74
Expenses allocated from affiliated Master Portfolios		(721,589	)		(494,050	)
Waivers allocated from affiliated Master Portfolios		61,574			71,209
Total investment income		2,136,698			1,678,088
Expenses
Management fee		384,620			270,992
Administration fees
Class A		69,330			23,784
Class B		207			181
Class C		15,931			7,335
Administrator Class		111,302			94,975
Shareholder servicing fees
Class A		79,361			27,290
Class B		239			206
Class C		18,255			8,433
Administrator Class		222,662			189,897
Distribution fees
Class B		716			618
Class C		54,767			25,299
Custody and accounting fees		5,547			4,107
Professional fees		15,930			16,057
Registration fees		27,502			22,480
Shareholder report expenses		31,032			15,311
Trustees’ fees and expenses		6,430			6,553
Other fees and expenses		5,318			5,776
Total expenses		1,049,149			719,294
Less: Fee waivers and/or expense reimbursements		(337,860	)		(267,313	)
Net expenses		711,289			451,981
Net investment income		1,425,409			1,226,107
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Securities transactions allocated from affiliated Master Portfolios		3,821,382			1,814,995
Futures transactions		631,982			471,956
Net realized gains on investments		4,453,364			2,286,951
Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(9,909,620	)		(5,088,864	)
Unaffiliated securities		(73	)		(53	)
Futures transactions		132,495			92,148
Net change in unrealized gains (losses) on investments		(9,777,198	)		(4,996,769	)
Net realized and unrealized gains (losses) on investments		(5,323,834	)		(2,709,818	)
Net decrease in net assets resulting from operations	$	(3,898,425	)	$	(1,483,711	)
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$19,313			$8,892

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

14 Wells Fargo Allocation Funds Statements of changes in net assets

	Growth Balanced Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	1,425,409					$	2,789,281
Net realized gains on investments					4,453,364						15,701,271
Net change in unrealized gains (losses) on investments					(9,777,198	)					1,114,605
Net increase (decrease) in net assets resulting from operations					(3,898,425	)					19,605,157
Distributions to shareholders from
Net investment income
Class A					0						(268,805	)
Class C					0						(29,178	)
Administrator Class					0						(1,028,262	)
Total distributions to shareholders					0						(1,326,245	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		146,862			5,900,015			185,450			7,274,394
Class B		2,165			78,159			1,558			53,483
Class C		70,893			2,467,172			72,213			2,489,920
Administrator Class		327,507			11,697,535			635,039			22,455,940
					20,142,881						32,273,737
Reinvestment of distributions
Class A		0			0			6,633			261,859
Class C		0			0			788			27,266
Administrator Class		0			0			28,932			1,022,158
					0						1,311,283
Payment for shares redeemed
Class A		(128,624	)		(5,168,709	)		(227,744	)		(8,991,283	)
Class B		(2,132	)		(76,248	)		(11,057	)		(384,245	)
Class C		(31,808	)		(1,108,199	)		(49,378	)		(1,697,172	)
Administrator Class		(415,990	)		(14,844,101	)		(826,937	)		(29,006,446	)
					(21,197,257	)					(40,079,146	)
Net decrease in net assets resulting from capital share transactions					(1,054,376	)					(6,494,126	)
Total increase (decrease) in net assets					(4,952,801	)					11,784,786
Net assets
Beginning of period					261,109,064						249,324,278
End of period				$	256,156,263					$	261,109,064
Undistributed net investment income				$	3,909,644					$	2,484,235

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

Statements of changes in net assets Wells Fargo Allocation Funds 15

	Moderate Balanced Fund
	Six months ended November 30, 2015 (unaudited)						Year ended May 31, 2015
Operations
Net investment income				$	1,226,107					$	2,299,319
Net realized gains on investments					2,286,951						7,901,060
Net change in unrealized losses on investments					(4,996,769	)					(22,765	)
Net increase (decrease) in net assets resulting from operations					(1,483,711	)					10,177,614
Distributions to shareholders from
Net investment income
Class A					0						(376,425	)
Class C					0						(52,862	)
Administrator Class					0						(3,267,946	)
Net realized gains
Class A					0						(415,324	)
Class B					0						(4,805	)
Class C					0						(111,625	)
Administrator Class					0						(3,128,190	)
Total distributions to shareholders					0						(7,357,177	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		336,361			7,818,549			255,117			5,957,581
Class B		1,822			43,159			1,624			38,050
Class C		151,215			3,447,311			97,255			2,232,984
Administrator Class		567,978			13,329,438			731,005			17,208,011
					24,638,457						25,436,626
Reinvestment of distributions
Class A		0			0			32,909			762,939
Class B		0			0			156			3,620
Class C		0			0			6,451			147,103
Administrator Class		0			0			270,522			6,320,119
					0						7,233,781
Payment for shares redeemed
Class A		(141,826	)		(3,305,610	)		(189,830	)		(4,466,077	)
Class B		(3,739	)		(88,210	)		(9,450	)		(221,598	)
Class C		(38,139	)		(871,589	)		(39,148	)		(899,068	)
Administrator Class		(610,871	)		(14,236,402	)		(709,375	)		(16,680,708	)
					(18,501,811	)					(22,267,451	)
Net increase in net assets resulting from capital share transactions					6,136,646						10,402,956
Total increase in net assets					4,652,935						13,223,393
Net assets
Beginning of period					180,489,849						167,266,456
End of period				$	185,142,784					$	180,489,849
Undistributed net investment income				$	2,141,841					$	915,734

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

16 Wells Fargo Allocation Funds Financial highlights

Growth Balanced Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Ending net asset value per share
Class A
Six months ended November 30, 2015 (unaudited)	$	40.80		0.20			(0.83	)		0.00		$	40.17
Year ended May 31, 2015	$	37.96		0.36			2.65			(0.17	)	$	40.80
Year ended May 31, 2014	$	33.35		0.35			4.60			(0.34	)	$	37.96
Year ended May 31, 2013	$	27.77		0.32			5.70			(0.44	)	$	33.35
Year ended May 31, 2012	$	29.34		0.39	4		(1.73	)		(0.23	)	$	27.77
Year ended May 31, 20115	$	25.89		0.23			4.11			(0.89	)	$	29.34
Year ended September 30, 2010	$	24.12		0.40	4		1.75			(0.38	)	$	25.89
Class B
Six months ended November 30, 2015 (unaudited)	$	36.39		0.04	4		(0.74	)		0.00		$	35.69
Year ended May 31, 2015	$	33.97		0.06	4		2.36			0.00		$	36.39
Year ended May 31, 2014	$	29.84		0.08	4		4.10			(0.05	)	$	33.97
Year ended May 31, 2013	$	24.80		0.12	4		5.05			(0.13	)	$	29.84
Year ended May 31, 2012	$	26.17		0.15	4		(1.52	)		0.00		$	24.80
Year ended May 31, 20115	$	23.07		0.12	4		3.62			(0.64	)	$	26.17
Year ended September 30, 2010	$	21.46		0.22	4		1.53			(0.14	)	$	23.07
Class C
Six months ended November 30, 2015 (unaudited)	$	35.63		0.04	4		(0.72	)		0.00		$	34.95
Year ended May 31, 2015	$	33.33		0.08	4		2.30			(0.08	)	$	35.63
Year ended May 31, 2014	$	29.38		0.10	4		4.00			(0.15	)	$	33.33
Year ended May 31, 2013	$	24.52		0.13	4		4.98			(0.25	)	$	29.38
Year ended May 31, 2012	$	25.94		0.16	4		(1.53	)		(0.05	)	$	24.52
Year ended May 31, 20115	$	22.93		0.12	4		3.60			(0.71	)	$	25.94
Year ended September 30, 2010	$	21.42		0.19	4		1.56			(0.24	)	$	22.93
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	36.54		0.24			(0.76	)		0.00		$	36.02
Year ended May 31, 2015	$	33.98		0.45	4		2.32			(0.21	)	$	36.54
Year ended May 31, 2014	$	29.89		0.41	4		4.10			(0.42	)	$	33.98
Year ended May 31, 2013	$	24.93		0.65	4		4.82			(0.51	)	$	29.89
Year ended May 31, 2012	$	26.39		0.41	4		(1.57	)		(0.30	)	$	24.93
Year ended May 31, 20115	$	23.39		0.31	4		3.64			(0.95	)	$	26.39
Year ended September 30, 2010	$	21.81		0.46	4		1.55			(0.43	)	$	23.39

¹  Includes net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate and then aggregating the results.

⁴  Calculated based upon average shares outstanding

⁵  For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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

Financial highlights Wells Fargo Allocation Funds 17

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	0.98	%		1.35	%		1.20	%		(1.54	)%		37	%	$	63,963
	0.97	%		1.40	%		1.20	%		7.94	%		75	%	$	64,223
	1.05	%		1.39	%		1.20	%		14.87	%		77	%	$	61,117
	1.23	%		1.39	%		1.20	%		21.85	%		80	%	$	55,777
	1.40	%		1.36	%		1.20	%		(4.53	)%		107	%	$	49,403
	1.43	%		1.35	%		1.20	%		17.02	%		70	%	$	60,055
	1.61	%		1.38	%		1.20	%		9.00	%		94	%	$	55,284
	0.24	%		2.09	%		1.95	%		(1.92	)%		37	%	$	162
	0.18	%		2.14	%		1.95	%		7.12	%		75	%	$	164
	0.25	%		2.14	%		1.95	%		14.00	%		77	%	$	476
	0.45	%		2.12	%		1.95	%		20.91	%		80	%	$	970
	0.61	%		2.10	%		1.95	%		(5.23	)%		107	%	$	1,704
	0.62	%		2.09	%		1.95	%		16.43	%		70	%	$	4,163
	0.96	%		2.12	%		1.95	%		8.19	%		94	%	$	6,924
	0.23	%		2.11	%		1.95	%		(1.91	)%		37	%	$	15,440
	0.22	%		2.15	%		1.95	%		7.13	%		75	%	$	14,349
	0.31	%		2.14	%		1.95	%		13.99	%		77	%	$	12,637
	0.48	%		2.14	%		1.95	%		20.97	%		80	%	$	9,326
	0.65	%		2.11	%		1.95	%		(5.26	)%		107	%	$	7,656
	0.68	%		2.10	%		1.95	%		16.45	%		70	%	$	8,388
	0.84	%		2.12	%		1.95	%		8.20	%		94	%	$	7,665
	1.23	%		1.26	%		0.95	%		(1.42	)%		37	%	$	176,591
	1.22	%		1.24	%		0.95	%		8.16	%		75	%	$	182,373
	1.29	%		1.23	%		0.95	%		15.16	%		77	%	$	175,094
	1.47	%		1.22	%		0.95	%		22.18	%		80	%	$	175,142
	1.64	%		1.20	%		0.95	%		(4.30	)%		107	%	$	220,021
	1.66	%		1.19	%		0.95	%		17.19	%		70	%	$	273,174
	2.04	%		1.19	%		0.95	%		9.32	%		94	%	$	287,073

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

18 Wells Fargo Allocation Funds Financial highlights

Moderate Balanced Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2015 (unaudited)	$	23.57		0.14	4		(0.35	)		0.00			0.00		$	23.36
Year ended May 31, 2015	$	23.19		0.32			1.01			(0.44	)		(0.51	)	$	23.57
Year ended May 31, 2014	$	21.21		0.29	4		1.82			(0.13	)		0.00		$	23.19
Year ended May 31, 2013	$	18.84		0.21			2.50			(0.34	)		0.00		$	21.21
Year ended May 31, 2012	$	19.64		0.32			(0.54	)		(0.58	)		0.00		$	18.84
Year ended May 31, 20115	$	17.97		0.28			1.80			(0.41	)		0.00		$	19.64
Year ended September 30, 2010	$	17.12		0.38	4		1.03			(0.56	)		0.00		$	17.97
Class B
Six months ended November 30, 2015 (unaudited)	$	23.81		0.05	4		(0.35	)		0.00			0.00		$	23.51
Year ended May 31, 2015	$	23.16		0.09	4		1.07			0.00			(0.51	)	$	23.81
Year ended May 31, 2014	$	21.25		0.11	4		1.83			(0.03	)		0.00		$	23.16
Year ended May 31, 2013	$	18.86		0.13	4		2.43			(0.17	)		0.00		$	21.25
Year ended May 31, 2012	$	19.58		0.18	4		(0.53	)		(0.37	)		0.00		$	18.86
Year ended May 31, 20115	$	17.85		0.14	4		1.84			(0.25	)		0.00		$	19.58
Year ended September 30, 2010	$	16.99		0.30			0.97			(0.41	)		0.00		$	17.85
Class C
Six months ended November 30, 2015 (unaudited)	$	23.18		0.05	4		(0.34	)		0.00			0.00		$	22.89
Year ended May 31, 2015	$	22.79		0.09	4		1.04			(0.23	)		(0.51	)	$	23.18
Year ended May 31, 2014	$	20.96		0.12	4		1.80			(0.09	)		0.00		$	22.79
Year ended May 31, 2013	$	18.63		0.11			2.42			(0.20	)		0.00		$	20.96
Year ended May 31, 2012	$	19.45		0.18	4		(0.53	)		(0.47	)		0.00		$	18.63
Year ended May 31, 20115	$	17.77		0.14	4		1.83			(0.29	)		0.00		$	19.45
Year ended September 30, 2010	$	16.96		0.28	4		0.99			(0.46	)		0.00		$	17.77
Administrator Class
Six months ended November 30, 2015 (unaudited)	$	23.75		0.17			(0.35	)		0.00			0.00		$	23.57
Year ended May 31, 2015	$	23.38		0.33	4		1.07			(0.52	)		(0.51	)	$	23.75
Year ended May 31, 2014	$	21.36		0.38			1.79			(0.15	)		0.00		$	23.38
Year ended May 31, 2013	$	18.96		0.41			2.38			(0.39	)		0.00		$	21.36
Year ended May 31, 2012	$	19.77		0.40			(0.58	)		(0.63	)		0.00		$	18.96
Year ended May 31, 20115	$	18.11		0.29			1.83			(0.46	)		0.00		$	19.77
Year ended September 30, 2010	$	17.23		0.52	4		0.95			(0.59	)		0.00		$	18.11

¹  Includes net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

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

³  Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate and then aggregating the results.

⁴  Calculated based upon average shares outstanding

⁵  For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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

Financial highlights Wells Fargo Allocation Funds 19

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.18	%		1.32	%		1.15	%		(0.89	)%		42	%	$	25,144
	1.14	%		1.36	%		1.15	%		5.87	%		84	%	$	20,782
	1.29	%		1.36	%		1.15	%		9.94	%		89	%	$	18,169
	1.41	%		1.36	%		1.15	%		14.57	%		86	%	$	10,344
	1.68	%		1.33	%		1.15	%		(0.93	)%		115	%	$	9,935
	1.89	%		1.34	%		1.15	%		11.72	%		70	%	$	10,702
	2.42	%		1.37	%		1.15	%		8.41	%		103	%	$	7,992
	0.42	%		2.05	%		1.90	%		(1.26	)%		42	%	$	160
	0.38	%		2.10	%		1.90	%		5.07	%		84	%	$	208
	0.50	%		2.11	%		1.90	%		9.15	%		89	%	$	380
	0.65	%		2.11	%		1.90	%		13.65	%		86	%	$	613
	0.94	%		2.08	%		1.90	%		(1.66	)%		115	%	$	807
	1.11	%		2.09	%		1.90	%		11.16	%		70	%	$	1,097
	1.65	%		2.12	%		1.90	%		7.58	%		103	%	$	1,257
	0.44	%		2.07	%		1.90	%		(1.25	)%		42	%	$	8,555
	0.40	%		2.11	%		1.90	%		5.06	%		84	%	$	6,042
	0.54	%		2.11	%		1.90	%		9.15	%		89	%	$	4,469
	0.66	%		2.11	%		1.90	%		13.65	%		86	%	$	2,576
	0.92	%		2.08	%		1.90	%		(1.67	)%		115	%	$	2,319
	1.16	%		2.09	%		1.90	%		11.17	%		70	%	$	2,364
	1.59	%		2.12	%		1.90	%		7.58	%		103	%	$	1,726
	1.42	%		1.22	%		0.90	%		(0.76	)%		42	%	$	151,284
	1.39	%		1.20	%		0.90	%		6.13	%		84	%	$	153,457
	1.52	%		1.20	%		0.90	%		10.18	%		89	%	$	144,248
	1.66	%		1.20	%		0.90	%		14.81	%		86	%	$	146,729
	1.92	%		1.17	%		0.90	%		(0.66	)%		115	%	$	172,587
	2.14	%		1.18	%		0.90	%		11.93	%		70	%	$	192,305
	3.06	%		1.18	%		0.90	%		8.65	%		103	%	$	176,179

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

20 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

1. ORGANIZATION

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

Each Fund seeks to achieve its investment objective by investing substantially all of its investable assets in separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2015 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2015, the Funds own the following percentages of the affiliated Master Portfolios:

	Growth Balanced Fund			Moderate Balanced Fund
Wells Fargo C&B Large Cap Value Portfolio		4	%		2	%
Wells Fargo Core Bond Portfolio		0	*		0	*
Wells Fargo Diversified Large Cap Growth Portfolio		36			16
Wells Fargo Emerging Growth Portfolio		0	*		0	*
Wells Fargo Index Portfolio		2			1
Wells Fargo International Growth Portfolio		8			4
Wells Fargo International Value Portfolio		2			1
Wells Fargo Large Company Value Portfolio		36			16
Wells Fargo Managed Fixed Income Portfolio		52			48
Wells Fargo Real Return Portfolio		18			16
Wells Fargo Small Company Growth Portfolio		0	*		0	*
Wells Fargo Small Company Value Portfolio		4			2
Wells Fargo Stable Income Portfolio		N/A			100

* The amount owned is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolios are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolios, which are included elsewhere in this report.

Futures 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.

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 21

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 Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the 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.

Futures contracts

Each Fund is subject to interest rate risk, equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis by each Fund and each affiliated Master Portfolio. Realized gains or losses in each Fund and each affiliated Master Portfolio are recorded on the basis of identified cost.

Interest income in each Fund and each affiliated Master Portfolio is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income in each affiliated Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

Federal and other taxes

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

22 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

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

As of May 31, 2015, Growth Balanced Fund had capital loss carryforwards that are available to offset future net realized capital gains in the amount of $144,529,745 with $3,749,870 expiring in 2016; $58,201,648 expiring in 2017; and $82,578,227 expiring in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each 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). Each 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:

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

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

n 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 November 30, 2015, each Fund’s investments in affiliated Master Portfolios carried at fair valued were designated as Level 2 inputs.

The Funds recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2015, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the applicable subadvisers, providing fund-level administrative services in connection with each Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of each Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.30% and declining to 0.22% as the average daily net assets of each Fund increase.

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement and was entitled to receive an annual fee which started at 0.25% and declined to 0.19% as the average daily net assets of each Fund increased. In addition, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of each Fund increased. For financial statement purposes, the advisory fee and fund-level administration fee for the six months ended November 30, 2015 have been included in management fee on the Statement of Operations.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 23

For the six months ended November 30, 2015, the management fee was equivalent to an annual rate of 0.30% of each Fund’s average daily net assets.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees

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

	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through September 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Class A			Class B			Class C			Administrator Class
Growth Balanced Fund		1.20	%		1.95	%		1.95	%		0.95	%
Moderate Balanced Fund		1.15			1.90			1.90			0.90

After the expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended November 30, 2015, Funds Distributor received the following amounts in front-end sales charges.

	Class A
Growth Balanced Fund	$	9,444
Moderate Balanced Fund		11,737

Shareholder servicing fees

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

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

24 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
Growth Balanced Fund	$	57,447,267	$	49,464,561	$	57,349,993	$	47,904,200
Moderate Balanced Fund		56,046,520		33,912,739		54,309,182		28,715,730

* The Funds seek to achieve their investment objective by investing substantially all of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2015, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

As of November 30, 2015, the Fund did not have any open futures contracts.

The Funds had average notional amounts in futures contracts during the six months ended November 30, 2015 as follows:

	Long contracts		Short contracts
Growth Balanced Fund	$	2,757,632	$	4,311,908
Moderate Balanced Fund		1,942,141		3,019,320

A summary of derivative instruments by primary risk exposure is outlined in the following tables, unless the only primary risk exposure category is already reflected in the appropriate financial statements.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for Growth Balanced Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	301,801		$	39,148
Equity contracts		(253,223	)		56,282
Foreign currency exchange contracts		583,404			37,065
	$	631,982		$	132,495

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2015 was as follows for Moderate Balanced Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	208,909		$	27,031
Equity contracts		437,127			38,815
Foreign currency exchange contracts		(174,080	)		26,302
	$	471,956		$	92,148

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $200,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 25

the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $25,000,000 with annual commitment fee of 0.15% of the unused balance which was allocated to each participating fund. For the six months ended November 30, 2015, the Growth Balanced Fund and Moderate Balanced Fund paid $341 and $179, respectively, in commitment fees.

For the six months ended November 30, 2015, there were no borrowings by Funds under the agreement.

8. INDEMNIFICATION

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

9. SUBSEQUENT DISTRIBUTIONS

On December 18, 2015, the Funds declared distributions from net investment income to shareholders of record on December 17, 2015. The per share amounts payable on December 21, 2015 were as follows:

	Growth Balanced Fund		Moderate Balanced Fund
Net investment income
Class A	$	0.33446	$	0.26051
Class B		0.00000		0.02797
Class C		0.13594		0.15602
Administrator Class		0.43175		0.30936

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

26 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.68%
Consumer Discretionary: 13.74%
Hotels, Restaurants & Leisure: 3.33%
Brinker International Incorporated		67,300	$	3,070,226
Carnival Corporation		148,100		7,483,493
				10,553,719
Media: 6.18%
Omnicom Group Incorporated		133,500		9,868,320
Twenty-First Century Fox Incorporated Class A		329,300		9,717,643
				19,585,963
Multiline Retail: 1.38%
Kohl’s Corporation		92,900		4,378,377
Textiles, Apparel & Luxury Goods: 2.85%
Gildan Activewear Incorporated		292,100		9,052,179
Consumer Staples: 8.68%
Beverages: 1.83%
Diageo plc ADR		50,620		5,799,027
Household Products: 2.81%
Colgate-Palmolive Company		46,010		3,021,937
The Procter & Gamble Company		78,790		5,896,644
				8,918,581
Personal Products: 1.46%
Unilever NV ADR		105,900		4,632,066
Tobacco: 2.58%
Philip Morris International		93,600		8,179,704
Energy: 8.12%
Oil, Gas & Consumable Fuels: 8.12%
Chevron Corporation		46,540		4,250,033
Devon Energy Corporation		80,900		3,722,209
Exxon Mobil Corporation		100,870		8,237,044
Noble Energy Incorporated		84,100		3,083,947
World Fuel Services Corporation		148,300		6,464,397
				25,757,630
Financials: 25.45%
Banks: 9.00%
Bank of America Corporation		507,200		8,840,496
JPMorgan Chase & Company		160,770		10,720,144
PNC Financial Services Group Incorporated		93,900		8,968,389
				28,529,029

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 27

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Capital Markets: 3.77%
State Street Corporation		164,900	$	11,968,442
Consumer Finance: 2.35%
American Express Company		103,900		7,443,396
Diversified Financial Services: 2.27%
Berkshire Hathaway Incorporated Class B †		53,700		7,200,633
Insurance: 8.06%
FNF Group		218,200		7,822,470
RenaissanceRe Holdings Limited		85,600		9,481,056
The Progressive Corporation		267,700		8,250,514
				25,554,040
Health Care: 15.62%
Health Care Equipment & Supplies: 4.28%
Abbott Laboratories		119,300		5,358,956
Becton Dickinson & Company		54,600		8,203,650
				13,562,606
Health Care Providers & Services: 8.23%
Cardinal Health Incorporated		96,140		8,349,759
Laboratory Corporation of America Holdings †		87,060		10,581,272
UnitedHealth Group Incorporated		63,490		7,155,958
				26,086,989
Pharmaceuticals: 3.11%
Johnson & Johnson		97,400		9,860,776
Industrials: 18.05%
Aerospace & Defense: 1.54%
Rockwell Collins Incorporated		52,600		4,874,968
Air Freight & Logistics: 2.46%
United Parcel Service Incorporated Class B		75,800		7,808,158
Electrical Equipment: 2.42%
Eaton Corporation plc		132,000		7,677,120
Industrial Conglomerates: 1.61%
3M Company		32,600		5,104,508
Machinery: 4.63%
Donaldson Company Incorporated		216,500		6,798,100
Parker-Hannifin Corporation		75,200		7,870,432
				14,668,532

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

28 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
Trading Companies & Distributors: 5.39%
Aercap Holdings NV †					198,300	$	9,010,752
W.W. Grainger Incorporated «					22,112		4,434,340
WESCO International Incorporated †					75,900		3,646,995
							17,092,087
Information Technology: 3.24%
Communications Equipment: 0.69%
QUALCOMM Incorporated					44,830		2,187,256
IT Services: 1.19%
The Western Union Company					200,400		3,779,544
Semiconductors & Semiconductor Equipment: 1.36%
Linear Technology Corporation					94,200		4,306,824
Materials: 3.78%
Containers & Packaging: 3.78%
Ball Corporation					45,920		3,187,766
Crown Holdings Incorporated †					169,300		8,788,363
							11,976,129
Total Common Stocks (Cost $240,460,541)							306,538,283
	Yield
Short-Term Investments: 4.54%
Investment Companies: 4.54%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		4,278,750		4,278,750
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			10,128,152		10,128,152
Total Short-Term Investments (Cost $14,406,902)							14,406,902

Total investments in securities (Cost $254,867,443) *	101.22	%		320,945,185
Other assets and liabilities, net	(1.22	)		(3,871,692	)
Total net assets	100.00	%	$	317,073,493

† 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 Portfolio 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 $265,027,841 and unrealized gains (losses) consists of:

Gross unrealized gains	$	71,516,145
Gross unrealized losses		(15,598,801	)
Net unrealized gains	$	55,917,344

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 29

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.75%
Consumer Discretionary: 24.23%
Auto Components: 1.31%
Delphi Automotive plc		17,610	$	1,547,567
Distributors: 0.43%
LKQ Corporation †		17,140		505,459
Hotels, Restaurants & Leisure: 3.80%
Chipotle Mexican Grill Incorporated †		1,400		811,370
Hilton Worldwide Holdings Incorporated		54,579		1,267,324
Marriott International Incorporated Class A		8,010		567,989
Starbucks Corporation		29,888		1,834,824
				4,481,507
Internet & Catalog Retail: 4.40%
Amazon.com Incorporated †		6,540		4,347,792
Netflix Incorporated †		4,180		515,519
The Priceline Group Incorporated †		270		337,190
				5,200,501
Media: 1.67%
Charter Communication Incorporated Class A «†		1,740		326,006
Comcast Corporation Class A		5,420		329,861
The Walt Disney Company		11,610		1,317,387
				1,973,254
Multiline Retail: 2.67%
Dollar General Corporation		9,770		639,056
Dollar Tree Incorporated †		28,560		2,155,138
Nordstrom Incorporated		6,390		359,821
				3,154,015
Specialty Retail: 6.67%
CarMax Incorporated †		23,120		1,324,776
O’Reilly Automotive Incorporated †		3,200		844,384
The Home Depot Incorporated		22,660		3,033,721
The TJX Companies Incorporated		17,030		1,202,318
Tractor Supply Company		16,400		1,465,340
				7,870,539
Textiles, Apparel & Luxury Goods: 3.28%
Nike Incorporated Class B		19,780		2,616,498
Under Armour Incorporated Class A †		5,230		450,931
VF Corporation		12,490		808,103
				3,875,532

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

30 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Consumer Staples: 5.07%
Beverages: 1.12%
Constellation Brands Incorporated Class A		6,590	$	924,313
The Coca-Cola Company		9,220		392,956
				1,317,269
Food & Staples Retailing: 2.86%
Costco Wholesale Corporation		8,530		1,376,913
CVS Health Corporation		10,300		969,127
Sprouts Farmers Market Incorporated †		12,088		291,683
Walgreens Boots Alliance Incorporated		8,720		732,742
				3,370,465
Household Products: 0.36%
Colgate-Palmolive Company		6,540		429,547
Personal Products: 0.73%
The Estee Lauder Companies Incorporated Class A		10,300		866,436
Energy: 0.93%
Oil, Gas & Consumable Fuels: 0.93%
Concho Resources Incorporated †		8,780		960,883
EOG Resources Incorporated		1,660		138,494
				1,099,377
Financials: 4.07%
Capital Markets: 1.77%
Charles Schwab Corporation		21,800		734,878
TD Ameritrade Holding Corporation		36,850		1,349,816
				2,084,694
Consumer Finance: 0.57%
Discover Financial Services		11,890		674,876
Diversified Financial Services: 1.42%
Intercontinental Exchange Incorporated		3,320		862,669
McGraw Hill Financial Incorporated		8,420		812,277
				1,674,946
REITs: 0.31%
American Tower Corporation		3,720		369,694
Health Care: 16.22%
Biotechnology: 9.77%
Alexion Pharmaceuticals Incorporated †		18,940		3,379,654
Biogen Incorporated †		930		266,780
BioMarin Pharmaceutical Incorporated †		5,380		513,091
Celgene Corporation †		21,920		2,399,144
Gilead Sciences Incorporated		9,719		1,029,825

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 31

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Biotechnology (continued)
Incyte Corporation †		3,980	$	454,675
Medivation Incorporated †		11,170		472,268
Regeneron Pharmaceuticals Incorporated †		4,610		2,510,145
Vertex Pharmaceuticals Incorporated †		3,990		516,146
				11,541,728
Health Care Equipment & Supplies: 1.15%
Intuitive Surgical Incorporated †		420		218,408
Medtronic plc		15,155		1,141,778
				1,360,186
Health Care Providers & Services: 1.96%
AmerisourceBergen Corporation		11,763		1,160,302
McKesson Corporation		930		176,096
UnitedHealth Group Incorporated		8,710		981,704
				2,318,102
Health Care Technology: 0.46%
Cerner Corporation †		8,981		535,268
Life Sciences Tools & Services: 0.60%
Mettler-Toledo International Incorporated †		430		147,395
Quintiles Transnational Holdings Incorporated †		8,164		555,070
				702,465
Pharmaceuticals: 2.28%
Allergan plc †		2,116		664,191
Bristol-Myers Squibb Company		11,390		763,244
Perrigo Company plc		4,170		622,956
Zoetis Incorporated		13,821		645,441
				2,695,832
Industrials: 8.08%
Aerospace & Defense: 0.78%
The Boeing Company		6,290		914,881
Air Freight & Logistics: 0.53%
United Parcel Service Incorporated Class B		6,100		628,361
Airlines: 1.71%
Delta Air Lines Incorporated		18,720		869,731
Southwest Airlines Company		24,980		1,146,082
				2,015,813
Industrial Conglomerates: 1.43%
3M Company		3,090		483,832
Carlisle Companies Incorporated		6,300		557,235
Danaher Corporation		6,730		648,705
				1,689,772

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

32 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Professional Services: 0.77%
Verisk Analytics Incorporated †		12,200	$	914,390
Road & Rail: 2.86%
Canadian Pacific Railway Limited		2,420		356,877
CSX Corporation		12,230		347,699
Kansas City Southern		8,710		791,913
Norfolk Southern Corporation		3,060		290,884
Union Pacific Corporation		18,970		1,592,532
				3,379,905
Information Technology: 35.85%
Communications Equipment: 0.72%
Cisco Systems Incorporated		6,280		171,130
Palo Alto Networks Incorporated †		3,652		684,166
				855,296
Internet Software & Services: 10.93%
Akamai Technologies Incorporated †		20,730		1,194,255
Alphabet Incorporated Class A †		5,384		4,107,184
Alphabet Incorporated Class C †		2,984		2,215,918
Facebook Incorporated Class A †		45,530		4,746,047
Tencent Holdings Limited ADR		32,050		637,946
				12,901,350
IT Services: 8.45%
Accenture plc Class A		9,000		964,980
Alliance Data Systems Corporation †		7,200		2,065,320
Cognizant Technology Solutions Corporation Class A †		22,520		1,454,342
MasterCard Incorporated Class A		20,660		2,023,027
Visa Incorporated Class A		43,990		3,475,650
				9,983,319
Semiconductors & Semiconductor Equipment: 3.36%
ARM Holdings plc ADR		15,490		785,343
Avago Technologies Limited		3,622		472,490
Broadcom Corporation Class A		2,870		156,788
Microchip Technology Incorporated «		33,949		1,639,058
Texas Instruments Incorporated		15,730		914,228
				3,967,907
Software: 8.17%
Adobe Systems Incorporated †		18,750		1,714,875
Electronic Arts Incorporated †		9,910		671,799
Fortinet Incorporated †		18,980		683,660
Microsoft Corporation		24,360		1,323,966
NetSuite Incorporated †		3,230		275,842
Red Hat Incorporated †		4,110		334,595
Salesforce.com Incorporated †		23,264		1,853,908

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 33

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Software (continued)
ServiceNow Incorporated †					17,650	$	1,535,727
Splunk Incorporated †					12,240		728,280
Tableau Software Incorporated Class A †					5,460		529,784
							9,652,436
Technology Hardware, Storage & Peripherals: 4.22%
Apple Incorporated					42,107		4,981,258
Materials: 3.08%
Chemicals: 3.08%
Airgas Incorporated					1,330		183,806
Axalta Coating Systems Limited †					19,350		561,537
Ecolab Incorporated					10,490		1,249,988
Praxair Incorporated					7,340		827,952
The Sherwin-Williams Company					2,950		814,407
							3,637,690
Telecommunication Services: 1.22%
Diversified Telecommunication Services: 0.41%
Level 3 Communications Incorporated †					9,660		491,018
Wireless Telecommunication Services: 0.81%
SBA Communications Corporation Class A †					9,063		953,063
Total Common Stocks (Cost $75,203,099)							116,615,718
	Yield
Short-Term Investments: 2.37%
Investment Companies: 2.37%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		1,326,875		1,326,875
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			1,475,666		1,475,666
Total Short-Term Investments (Cost $2,802,541)							2,802,541

Total investments in securities (Cost $78,005,640) *	101.12	%		119,418,259
Other assets and liabilities, net	(1.12	)		(1,320,509	)
Total net assets	100.00	%	$	118,097,750

† 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 Portfolio 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 $78,348,035 and unrealized gains (losses) consists of:

Gross unrealized gains	$	42,394,703
Gross unrealized losses		(1,324,479	)
Net unrealized gains	$	41,070,224

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

34 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.92%
Consumer Discretionary: 15.12%
Auto Components: 2.05%
Gentherm Incorporated †		116,360	$	5,915,742
Motorcar Parts of America Incorporated †		373,282		14,953,677
				20,869,419
Diversified Consumer Services: 1.43%
2U Incorporated †«		167,160		4,031,899
Grand Canyon Education Incorporated †		264,430		10,476,717
				14,508,616
Hotels, Restaurants & Leisure: 5.28%
Fiesta Restaurant Group Incorporated †		499,465		19,194,440
Jack in the Box Incorporated		130,640		9,685,650
La Quinta Holdings Incorporated †		120,505		1,806,370
Planet Fitness Incorporated Class A †		90,381		1,428,924
The Habit Restaurants Incorporated Class A †«		529,098		12,745,971
Wingstop Incorporated †«		241,070		5,195,059
Zoe’s Kitchen Incorporated †«		107,530		3,658,171
				53,714,585
Leisure Products: 0.77%
MCBC Holdings Incorporated †		258,372		3,707,638
Performance Sports Group Limited †		351,552		4,169,407
				7,877,045
Media: 1.28%
IMAX Corporation †		343,190		13,000,037
Specialty Retail: 3.25%
Boot Barn Holdings Incorporated †«		486,299		5,106,140
Five Below Incorporated †		116,497		3,263,081
Lithia Motors Incorporated Class A		140,780		17,490,507
Sportsman’s Warehouse Incorporated †		626,403		7,172,314
				33,032,042
Textiles, Apparel & Luxury Goods: 1.06%
G-III Apparel Group Limited †		236,420		10,844,585
Energy: 2.43%
Oil, Gas & Consumable Fuels: 2.43%
Matador Resources Company †		255,752		6,572,826
PDC Energy Incorporated †		135,170		7,635,753
RSP Permian Incorporated †		371,028		10,529,775
				24,738,354

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 35

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 6.80%
Capital Markets: 0.76%
Financial Engines Incorporated «		213,360	$	7,687,361
Consumer Finance: 0.31%
PRA Group Incorporated †«		77,280		3,192,437
Diversified Financial Services: 4.29%
MarketAxess Holdings Incorporated		408,501		43,619,737
Thrifts & Mortgage Finance: 1.44%
LendingTree Incorporated †		144,203		14,691,402
Health Care: 30.47%
Biotechnology: 5.02%
Exact Sciences Corporation †«		102,372		930,561
Ligand Pharmaceuticals Incorporated †		128,930		13,805,824
PTC Therapeutics Incorporated †«		213,250		6,406,030
Radius Health Incorporated †		135,135		8,217,559
Repligen Corporation †		320,150		9,101,865
Ultragenyx Pharmaceutical Incorporated †		128,494		12,633,530
				51,095,369
Health Care Equipment & Supplies: 12.49%
Abiomed Incorporated †		65,660		5,355,886
Align Technology Incorporated †		92,740		6,189,468
Cardiovascular Systems Incorporated †«		255,644		4,090,304
Cerus Corporation †«		1,161,428		6,585,297
ConforMIS Incorporated †«		249,804		5,328,319
Cynosure Incorporated Class A †		443,088		18,636,281
DexCom Incorporated †		20,670		1,757,363
Entellus Medical Incorporated †		248,145		4,327,649
Glaukos Corporation †		301,295		7,803,541
Inogen Incorporated †		258,888		9,902,466
Natus Medical Incorporated †		199,750		9,743,805
Nevro Corporation †		206,935		12,494,735
NxStage Medical Incorporated †		790,180		15,416,412
The Spectranetics Corporation †		1,079,919		14,935,280
Zeltiq Aesthetics Incorporated †		150,200		4,563,076
				127,129,882
Health Care Providers & Services: 10.12%
AAC Holdings Incorporated †«		138,491		3,398,569
Acadia Healthcare Company Incorporated †		517,400		35,705,774
Adeptus Health Incorporated Class A †«		80,365		4,829,131
Diplomat Pharmacy Incorporated †«		339,176		11,915,253
ExamWorks Group Incorporated †		581,658		15,367,404
HealthEquity Incorporated †		608,962		20,095,746
Team Health Holdings Incorporated †		69,110		3,810,725
Teladoc Incorporated †«		371,579		7,896,054
				103,018,656

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

36 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Life Sciences Tools & Services: 2.23%
ICON plc ADR †		138,610	$	10,302,881
INC Research Holdings Incorporated Class A †		261,113		12,350,645
				22,653,526
Pharmaceuticals: 0.61%
Intersect ENT Incorporated †		316,450		6,237,230
Industrials: 6.67%
Building Products: 1.16%
Apogee Enterprises Incorporated		233,910		11,746,960
Commercial Services & Supplies: 0.58%
Multi-Color Corporation		95,040		5,940,950
Machinery: 0.96%
John Bean Technologies Corporation		66,500		3,251,850
Milacron Holdings Corporation †		443,028		6,521,372
				9,773,222
Professional Services: 3.97%
CEB Incorporated		37,556		2,901,952
On Assignment Incorporated †		426,773		19,921,764
Wageworks Incorporated †		412,800		17,560,512
				40,384,228
Information Technology: 37.43%
Communications Equipment: 1.08%
Infinera Corporation †		489,093		11,014,374
Internet Software & Services: 11.95%
Demandware Incorporated †«		386,350		19,761,803
Envestnet Incorporated †		717,182		23,286,900
HomeAway Incorporated †		387,825		13,713,492
Hortonworks Incorporated †«		153,897		2,614,710
LogMeIn Incorporated †		76,600		5,470,772
Q2 Holdings Incorporated †		683,763		18,789,807
SPS Commerce Incorporated †		439,982		32,699,462
Xactly Corporation †		539,347		5,274,814
				121,611,760
IT Services: 2.11%
InterXion Holding NV †		600,320		18,441,830
MAXIMUS Incorporated		52,370		2,971,998
				21,413,828
Semiconductors & Semiconductor Equipment: 1.67%
Cavium Incorporated †		134,580		9,031,664
Monolithic Power Systems Incorporated		116,760		7,978,211
				17,009,875

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 37

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
Software: 20.62%
Callidus Software Incorporated †					885,592	$	18,376,034
CyberArk Software Limited †«					274,570		11,886,135
Fleetmatics Group plc †					246,730		14,729,781
Guidewire Software Incorporated †					167,951		9,964,533
HubSpot Incorporated †					297,876		16,147,858
Paycom Software Incorporated †					259,110		11,297,196
Paylocity Holding Corporation †					217,203		9,543,900
Proofpoint Incorporated †					549,870		40,310,970
Qlik Technologies Incorporated †					434,250		13,813,493
Qualys Incorporated †					210,080		8,079,677
Rapid7 Incorporated †«					211,879		3,629,487
Ringcentral Incorporated Class A †					715,810		16,399,207
Synchronoss Technologies Incorporated †					446,651		17,584,650
Tyler Technologies Incorporated †					49,735		8,874,713
Ultimate Software Group Incorporated †					46,540		9,191,650
							209,829,284
Total Common Stocks (Cost $760,204,702)							1,006,634,764
	Yield
Short-Term Investments: 10.75%
Investment Companies: 10.75%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		97,288,111		97,288,111
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			12,067,245		12,067,245
Total Short-Term Investments (Cost $109,355,356)							109,355,356

Total investments in securities (Cost $869,560,058) *	109.67	%		1,115,990,120
Other assets and liabilities, net	(9.67	)		(98,394,055	)
Total net assets	100.00	%	$	1,017,596,065

† 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 Portfolio 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 $871,132,855 and unrealized gains (losses) consists of:

Gross unrealized gains	$	285,010,123
Gross unrealized losses		(40,152,858	)
Net unrealized gains	$	244,857,265

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

38 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

The Summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category.

Security name	Shares		Value		Percent of net assets
Common Stocks: 97.62%
Consumer Discretionary: 12.77%
Auto Components: 0.39%
Other securities			$	9,998,825		0.39	%
Automobiles: 0.62%
Other securities				15,835,624		0.62
Distributors: 0.07%
Other securities				1,853,112		0.07
Diversified Consumer Services: 0.05%
Other securities				1,166,779		0.05
Hotels, Restaurants & Leisure: 1.78%
McDonald’s Corporation		127,027		14,501,402		0.57
Starbucks Corporation		200,181		12,289,112		0.48
Other securities				18,267,723		0.73
				45,058,237		1.78
Household Durables: 0.43%
Other securities				10,889,139		0.43
Internet & Catalog Retail: 2.09%
Amazon.com Incorporated †		51,728		34,388,774		1.36
Other securities				18,541,467		0.73
				52,930,241		2.09
Leisure Products: 0.09%
Other securities				2,243,547		0.09
Media: 3.14%
Comcast Corporation Class A		285,232		17,359,220		0.69
The Walt Disney Company		209,438		23,764,930		0.94
Other securities				38,367,610		1.51
				79,491,760		3.14
Multiline Retail: 0.60%
Other securities				15,106,401		0.60
Specialty Retail: 2.59%
The Home Depot Incorporated		173,193		23,187,079		0.92
Other securities				42,391,885		1.67
				65,578,964		2.59

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 39

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Textiles, Apparel & Luxury Goods: 0.92%
Nike Incorporated Class B		91,431	$	12,094,493		0.48	%
Other securities				11,269,188		0.44
				23,363,681		0.92
Consumer Staples: 9.34%
Beverages: 2.21%
PepsiCo Incorporated		198,130		19,844,701		0.78
The Coca-Cola Company		528,036		22,504,894		0.89
Other securities				13,594,355		0.54
				55,943,950		2.21
Food & Staples Retailing: 2.19%
CVS Health Corporation		150,316		14,143,232		0.56
Wal-Mart Stores Incorporated		212,842		12,523,623		0.49
Other securities				28,723,311		1.14
				55,390,166		2.19
Food Products: 1.60%
Other securities				40,537,489		1.60
Household Products: 1.71%
The Procter & Gamble Company		365,857		27,380,738		1.08
Other securities				15,984,687		0.63
				43,365,425		1.71
Personal Products: 0.10%
Other securities				2,562,548		0.10
Tobacco: 1.53%
Altria Group Incorporated		264,449		15,232,262		0.60
Philip Morris International		208,946		18,259,791		0.72
Other securities				5,170,519		0.21
				38,662,572		1.53
Energy: 6.89%
Energy Equipment & Services: 1.10%
Schlumberger Limited		170,677		13,167,731		0.52
Other securities				14,772,195		0.58
				27,939,926		1.10
Oil, Gas & Consumable Fuels: 5.79%
Chevron Corporation		253,799		23,176,925		0.92
Exxon Mobil Corporation		562,354		45,921,828		1.81
Other securities				77,414,331		3.06
				146,513,084		5.79

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

40 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Financials: 16.19%
Banks: 5.93%
Bank of America Corporation		1,411,945	$	24,610,201		0.97	%
Citigroup Incorporated		405,953		21,957,998		0.87
JPMorgan Chase & Company		498,777		33,258,450		1.31
Wells Fargo & Company (l)		630,049		34,715,700		1.37
Other securities				35,655,337		1.41
				150,197,686		5.93
Capital Markets: 2.15%
Other securities				54,470,876		2.15
Consumer Finance: 0.85%
Other securities				21,480,159		0.85
Diversified Financial Services: 1.97%
Berkshire Hathaway Incorporated Class B †		252,675		33,881,191		1.34
Other securities				16,028,966		0.63
				49,910,157		1.97
Insurance: 2.71%
American International Group Incorporated		174,513		11,095,537		0.44
Other securities				57,427,615		2.27
				68,523,152		2.71
Real Estate Management & Development: 0.06%
Other securities				1,464,927		0.06
REITs: 2.52%
Other securities				63,944,092		2.52
Health Care: 14.26%
Biotechnology: 3.50%
AbbVie Incorporated		223,255		12,982,278		0.51
Amgen Incorporated		102,269		16,475,536		0.65
Celgene Corporation †		106,624		11,669,997		0.46
Gilead Sciences Incorporated		197,943		20,974,040		0.83
Other securities				26,525,613		1.05
				88,627,464		3.50
Health Care Equipment & Supplies: 2.04%
Medtronic plc		190,739		14,370,276		0.57
Other securities				37,264,008		1.47
				51,634,284		2.04
Health Care Providers & Services: 2.53%
UnitedHealth Group Incorporated		128,612		14,495,859		0.57
Other securities				49,608,634		1.96
				64,104,493		2.53

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 41

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Health Care Technology: 0.10%
Other securities			$	2,468,751		0.10	%
Life Sciences Tools & Services: 0.60%
Other securities				15,183,455		0.60
Pharmaceuticals: 5.49%
Allergan plc †		53,092		16,665,048		0.66
Bristol-Myers Squibb Company		224,904		15,070,817		0.59
Johnson & Johnson		373,483		37,811,419		1.49
Merck & Company Incorporated		379,894		20,138,181		0.79
Pfizer Incorporated		831,821		27,258,774		1.08
Other securities				22,291,726		0.88
				139,235,965		5.49
Industrials: 9.88%
Aerospace & Defense: 2.63%
The Boeing Company		86,148		12,530,227		0.49
Other securities				54,223,344		2.14
				66,753,571		2.63
Air Freight & Logistics: 0.70%
Other securities				17,848,289		0.70
Airlines: 0.61%
Other securities				15,411,554		0.61
Building Products: 0.09%
Other securities				2,256,080		0.09
Commercial Services & Supplies: 0.41%
Other securities				10,369,398		0.41
Construction & Engineering: 0.09%
Other securities				2,171,415		0.09
Electrical Equipment: 0.47%
Other securities				11,868,205		0.47
Industrial Conglomerates: 2.43%
3M Company		84,262		13,193,744		0.52
General Electric Company		1,271,254		38,061,345		1.50
Other securities				10,357,588		0.41
				61,612,677		2.43
Machinery: 1.20%
Other securities				30,337,488		1.20
Professional Services: 0.28%
Other securities				7,108,301		0.28

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

42 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Road & Rail: 0.80%
Other securities			$	20,258,328		0.80	%
Trading Companies & Distributors: 0.17%
Other securities				4,241,892		0.17
Information Technology: 20.43%
Communications Equipment: 1.36%
Cisco Systems Incorporated		685,959		18,692,383		0.74
Other securities				15,710,720		0.62
				34,403,103		1.36
Electronic Equipment, Instruments & Components: 0.38%
Other securities				9,611,514		0.38
Internet Software & Services: 4.03%
Alphabet Incorporated Class A †		39,098		29,825,909		1.18
Alphabet Incorporated Class C †		39,893		29,624,542		1.17
Facebook Incorporated Class A †		304,782		31,770,476		1.25
Other securities				11,014,824		0.43
				102,235,751		4.03
IT Services: 3.60%
International Business Machines Corporation		121,545		16,945,804		0.67
MasterCard Incorporated Class A		134,605		13,180,522		0.52
Visa Incorporated Class A		263,193		20,794,879		0.82
Other securities				40,272,752		1.59
				91,193,957		3.60
Semiconductors & Semiconductor Equipment: 2.48%
Intel Corporation		641,196		22,294,385		0.88
Other securities				40,527,079		1.60
				62,821,464		2.48
Software: 4.20%
Microsoft Corporation		1,078,727		58,628,812		2.32
Oracle Corporation		438,621		17,093,060		0.67
Other securities				30,567,637		1.21
				106,289,509		4.20
Technology Hardware, Storage & Peripherals: 4.38%
Apple Incorporated		769,154		90,990,918		3.59
Other securities				19,935,289		0.79
				110,926,207		4.38
Materials: 2.79%
Chemicals: 2.11%
Other securities				53,509,505		2.11

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 43

INDEX PORTFOLIO

Security name						Shares		Value		Percent of net assets
Construction Materials: 0.13%
Other securities								$	3,266,685		0.13	%
Containers & Packaging: 0.22%
Other securities									5,572,841		0.22
Metals & Mining: 0.24%
Other securities									6,008,282		0.24
Paper & Forest Products: 0.09%
Other securities									2,356,828		0.09
Telecommunication Services: 2.28%
Diversified Telecommunication Services: 2.28%
AT&T Incorporated							829,616		27,933,171		1.10
Verizon Communications Incorporated							548,360		24,922,962		0.99
Other securities									4,807,075		0.19
									57,663,208		2.28
Utilities: 2.79%
Electric Utilities: 1.60%
Other securities									40,570,108		1.60
Gas Utilities: 0.04%
Other securities									1,013,446		0.04
Independent Power & Renewable Electricity Producers: 0.06%
Other securities									1,471,258		0.06
Multi-Utilities: 1.09%
Other securities									27,722,609		1.09
Total Common Stocks (Cost $1,203,617,883)									2,472,550,404		97.62
	Yield
Short-Term Investments: 1.79%
Investment Companies: 1.72%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%				13,080,495		13,080,495		0.52
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					30,518,256		30,518,256		1.20
									43,598,751		1.72
				Maturity date		Principal
U.S. Treasury Securities: 0.07%
Treasury Bill (z)#		0.05			4-7-2016	$	1,007,000		1,006,239		0.04
Treasury Bill (z)#		0.10			4-21-2016		255,000		254,796		0.01
Treasury Bill (z)#		0.16			2-25-2016		76,000		75,968		0.00
Treasury Bill (z)#		0.28			5-5-2016		360,000		359,507		0.02
									1,696,510		0.07

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

44 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

INDEX PORTFOLIO

	Value		Percent of net assets
Total Short-Term Investments (Cost $45,295,990)	$	45,295,261		1.79	%
Total investments in securities (Cost $1,248,913,873) *		2,517,845,665		99.41
Other assets and liabilities, net		14,857,797		0.59
Total net assets	$	2,532,703,462		100.00	%

† 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 Portfolio 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.

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

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

* Cost for federal income tax purposes is $1,317,979,628 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,301,718,519
Gross unrealized losses		(101,852,482	)
Net unrealized gains	$	1,199,866,037

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 45

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.66%
Belgium: 3.51%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		22,037	$	2,839,385
Telenet Group Holding NV (Consumer Discretionary, Media) †		22,809		1,245,669
UCB SA (Health Care, Pharmaceuticals)		15,768		1,408,076
				5,493,130
China: 8.44%
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		39,497		8,609,161
Tencent Holdings Limited (Information Technology, Internet Software & Services)		230,500		4,587,139
				13,196,300
France: 5.54%
L’Oreal SA (Consumer Staples, Personal Products)		6,888		1,219,711
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		7,971		1,336,954
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		77,130		1,333,204
Pernod-Ricard SA (Consumer Staples, Beverages)		12,640		1,438,311
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		123,250		3,337,532
				8,665,712
Germany: 11.29%
Allianz AG (Financials, Insurance)		8,871		1,571,325
Bayer AG (Health Care, Pharmaceuticals)		53,082		7,083,380
Beiersdorf AG (Consumer Staples, Personal Products)		24,795		2,309,017
Linde AG (Materials, Chemicals)		25,604		4,470,326
Vonovia SE (Financials, Real Estate Management & Development)		36,076		1,118,135
Wirecard AG (Information Technology, IT Services)		22,432		1,098,875
				17,651,058
Hong Kong: 3.74%
AIA Group Limited (Financials, Insurance)		932,400		5,567,859
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		362,000		282,935
				5,850,794
India: 2.07%
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		110,747		2,012,404
Infosys Limited ADR (Information Technology, IT Services)		73,799		1,230,967
				3,243,371
Ireland: 6.04%
Allegion plc (Industrials, Building Products)		4,928		331,211
Allergan plc (Health Care, Pharmaceuticals) †		5,099		1,600,525
Medtronic plc (Health Care, Health Care Equipment & Supplies)		99,664		7,508,686
				9,440,422
Italy: 0.64%
Mediaset SpA (Consumer Discretionary, Media)		228,906		1,006,582

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

46 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Japan: 9.29%
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		247,000	$	646,093
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		67,654		2,423,673
NGK Insulators Limited (Industrials, Machinery)		122,000		2,829,488
Olympus Corporation (Health Care, Health Care Equipment & Supplies)		75,400		3,007,425
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		8,100		1,296,921
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		69,400		4,316,781
				14,520,381
Mexico: 1.94%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		107,696		3,037,027
Netherlands: 2.28%
ASML Holdings NV (Information Technology, Semiconductors & Semiconductor Equipment)		38,503		3,558,309
South Korea: 0.01%
Orion Corporation (Consumer Staples, Food Products)		18		17,735
Spain: 1.48%
Grifols SA (Health Care, Biotechnology)		21,620		1,026,090
Grifols SA ADR (Health Care, Biotechnology)		37,018		1,286,376
				2,312,466
Sweden: 2.15%
Autoliv Incorporated SDR (Consumer Discretionary, Auto Components)		15,312		1,927,650
Swedbank AB Class A (Financials, Banks)		65,125		1,442,609
				3,370,259
Switzerland: 12.33%
Actelion Limited (Health Care, Biotechnology)		17,043		2,393,657
Adecco SA (Industrials, Professional Services)		22,326		1,527,677
Nestle SA (Consumer Staples, Food Products)		59,015		4,379,448
Novartis AG (Health Care, Pharmaceuticals)		22,069		1,886,542
Roche Holding AG (Health Care, Pharmaceuticals)		16,045		4,296,445
Syngenta AG (Materials, Chemicals)		10,271		3,786,548
TE Connectivity Limited (Information Technology, Electronic Equipment, Instruments & Components)		15,005		1,006,685
				19,277,002
United Kingdom: 20.47%
Aon plc (Financials, Insurance)		8,124		769,668
Babcock International Group plc (Industrials, Commercial Services & Supplies)		53,879		869,086
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		201,076		1,503,451
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		40,059		2,090,532
Croda International plc (Materials, Chemicals)		35,756		1,544,477
Delphi Automotive plc (Consumer Discretionary, Auto Components)		41,127		3,614,241
Diageo plc (Consumer Staples, Beverages)		1,639		47,148
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		32,109		1,735,133
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		37,990		1,462,459
International Consolidated Airlines Group SA (Industrials, Airlines) †		299,860		2,560,679
Johnson Matthey plc (Materials, Chemicals)		83,824		3,572,797

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 47

INTERNATIONAL GROWTH PORTFOLIO

Security name						Shares		Value
United Kingdom (continued)
Liberty Global plc Class A (Consumer Discretionary, Media)							56,548	$	2,398,201
Liberty Global plc Class C (Consumer Discretionary, Media)							94,351		3,868,391
Lloyds Banking Group plc (Financials, Banks)							1,834,497		2,015,835
Worldpay Group plc (Information Technology, IT Services) 144A†							244,315		1,100,208
WPP plc (Consumer Discretionary, Media)							123,555		2,856,421
									32,008,727
United States: 3.44%
Cognizant Technology Solutions Corporation Class A (Information Technology, IT Services) †							43,538		2,811,684
Royal Caribbean Cruises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)							16,934		1,568,258
WABCO Holdings Incorporated (Industrials, Machinery) †							9,256		994,835
									5,374,777
Total Common Stocks (Cost $124,324,775)									148,024,052
				Expiration date
Participation Notes: 1.19%
Ireland: 1.19%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)					10-29-2018		124,515		1,864,418
Total Participation Notes (Cost $1,147,504)									1,864,418
	Dividend yield
Preferred Stocks: 0.89%
Germany: 0.89%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.23	%				12,217		1,387,596
Total Preferred Stocks (Cost $874,798)									1,387,596
	Yield
Short-Term Investments: 3.60%
Investment Companies: 3.60%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					1,302,812		1,302,812
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					4,324,287		4,324,287
Total Short-Term Investments (Cost $5,627,099)									5,627,099

Total investments in securities (Cost $131,974,176) *	100.34	%		156,903,165
Other assets and liabilities, net	(0.34	)		(532,486	)
Total net assets	100.00	%	$	156,370,679

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

48 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

† Non-income-earning security

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

± 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.

(l) The issuer of the security is an affiliated person of the Portfolio 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 $132,399,036 and unrealized gains (losses) consists of:

Gross unrealized gains	$	27,616,019
Gross unrealized losses		(3,111,890	)
Net unrealized gains	$	24,504,129

The following table shows the percent of total long-term investments by sector as of November 30, 2015:

Health Care	21.67	%
Consumer Discretionary	20.31
Information Technology	15.87
Consumer Staples	11.76
Financials	10.82
Materials	8.84
Industrials	8.66
Telecommunication Services	1.88
Utilities	0.19
	100.00	%

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 49

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.94%
Australia: 5.05%
AGL Energy Limited (Utilities, Multi-Utilities)		131,500	$	1,573,919
Arrium Limited (Materials, Metals & Mining)		3,063,400		175,021
Automotive Holdings Group (Consumer Discretionary)		410,016		1,254,295
Bendigo Bank Limited (Financials, Banks)		272,500		2,199,324
Boart Longyear Group Limited (Industrials, Construction & Engineering) †		199,991		10,703
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies) «		207,386		410,950
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,901,751
CSR Limited (Materials, Construction Materials)		754,900		1,665,129
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		1,354,720
Fortescue Metals Group Limited (Materials, Metals & Mining) «		394,700		559,476
Independence Group NL (Materials, Metals & Mining)		404,400		707,758
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		3,231,891
McMillan Shakespeare Limited (Industrials, Professional Services)		158,800		1,535,467
Metcash Limited (Consumer Staples, Food & Staples Retailing) «		785,500		840,749
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		101,171
Mineral Resources Limited (Materials, Metals & Mining) «		144,300		509,266
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,059,500		850,516
Panoramic Resources Limited (Materials, Metals & Mining)		368,800		58,678
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		786,979
Qantas Airways Limited (Industrials, Airlines)		580,020		1,526,873
Rio Tinto Limited (Materials, Metals & Mining)		58,300		1,935,684
Seven Group Holdings Limited (Industrials, Trading Companies & Distributors) «		165,800		621,116
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		269,632
				25,081,068
Austria: 1.07%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		1,173,105
Raiffeisen Bank International AG (Financials, Banks) †«		81,200		1,270,577
RHI AG (Materials, Construction Materials) «		64,721		1,298,896
Voestalpine AG (Materials, Metals & Mining)		47,700		1,552,241
				5,294,819
Belgium: 0.80%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		3,947,589
Brazil: 1.10%
Banco do Brasil SA (Financials, Banks)		309,500		1,303,116
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		253,200		1,238,187
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		305,955
JBS SA (Consumer Staples, Food Products)		805,600		2,586,082
				5,433,340
Canada: 2.11%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		131,600		5,985,536
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		90,100		2,594,815
WestJet Airlines Limited (Industrials, Airlines)		120,000		1,908,570
				10,488,921

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

50 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Cayman Islands: 0.63%
China Resources Cement Holdings Limited (Materials, Construction Materials)		3,186,000	$	1,039,612
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,204,000		932,375
TCL Communication Technology Holdings Limited (Information Technology, Technology Hardware, Storage & Peripherals) «		1,586,000		1,174,141
				3,146,128
China: 2.68%
China BlueChemical Limited H Shares (Materials, Chemicals)		1,984,000		539,920
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,093,660
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		4,152,000		2,543,642
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		1,747,500		2,321,450
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		1,730,000		2,351,753
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		1,225,000		2,657,462
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Pharmaceuticals)		823,400		1,807,488
				13,315,375
Czech Republic: 0.21%
CEZ AS (Utilities, Electric Utilities)		57,500		1,044,660
Denmark: 0.28%
Sydbank AG (Financials, Banks)		43,000		1,410,994
Finland: 0.43%
TietoEnator Oyj (Information Technology, IT Services)		82,700		2,109,273
France: 9.01%
Alstom SA (Industrials, Machinery) †«		83,800		2,604,371
AXA SA (Financials, Insurance)		132,200		3,577,099
BNP Paribas SA (Financials, Banks)		49,100		2,910,796
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,406,398
Credit Agricole SA (Financials, Banks)		219,328		2,646,367
Electricite de France SA (Utilities, Electric Utilities) «		148,600		2,214,531
Engie SA (Utilities, Multi-Utilities)		171,900		2,994,929
Renault SA (Consumer Discretionary, Automobiles)		40,500		4,086,898
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		82,900		7,390,673
SCOR SE (Financials, Insurance)		109,700		4,302,338
Societe Generale SA (Financials, Banks)		39,000		1,861,662
Thales SA (Industrials, Aerospace & Defense)		41,400		3,082,439
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		4,652,939
				44,731,440
Germany: 8.61%
Allianz AG (Financials, Insurance)		35,700		6,323,561
BASF SE (Materials, Chemicals)		46,500		3,848,810
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		31,200		3,405,217
Daimler AG (Consumer Discretionary, Automobiles)		75,700		6,776,774
Deutsche Bank AG (Financials, Capital Markets)		130,100		3,340,895
E.ON SE (Utilities, Multi-Utilities)		87,200		828,812
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		3,627,399

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 51

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Germany (continued)
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		19,700	$	3,970,276
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,613,693
Rhoen Klinikum AG (Health Care, Health Care Providers & Services) †		18,500		235
Rhoen Klinikum AG (Health Care, Health Care Providers & Services) «		73,100		2,113,116
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		56,900		2,172,653
Volkswagen AG (Consumer Discretionary, Automobiles) «		22,600		3,373,965
Wincor Nixdorf AG (Information Technology, Technology Hardware, Storage & Peripherals)		26,600		1,346,333
				42,741,739
Hong Kong: 1.60%
Shenzhen International Holdings Limited (Industrials, Transportation Infrastructure)		1,012,500		1,666,290
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		2,425,346
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,637,529
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,220,137
				7,949,302
Hungary: 0.23%
Richter Gedeon (Health Care, Pharmaceuticals)		59,700		1,134,183
India: 0.89%
Gail Limited (Utilities, Gas Utilities)		28,100		923,085
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		83,800		2,645,566
Tata Steel Limited GDR (Industrials, Machinery) (i)		245,900		850,814
				4,419,465
Ireland: 0.90%
C&C Group plc (Consumer Staples, Beverages)		240,000		930,609
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,557,373
				4,487,982
Israel: 1.20%
Bank Hapoalim Limited (Financials, Banks)		542,900		2,807,366
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		3,148,064
				5,955,430
Italy: 1.24%
Enel SpA (Utilities, Electric Utilities)		688,400		3,035,871
Mediobanca SpA (Financials, Capital Markets)		324,800		3,112,528
				6,148,399
Japan: 22.12%
Adeka Corporation (Materials, Chemicals)		155,300		2,296,068
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,858,262
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		206,300		1,382,595
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		2,713,786
Aozora Bank Limited (Financials, Banks)		588,000		2,073,046
Calsonic Kansei Corporation (Consumer Discretionary, Auto Components)		326,000		2,836,279
Central Glass Company Limited (Industrials, Building Products)		444,000		2,099,171

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

52 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
CKD Corporation (Industrials, Machinery)		171,200	$	1,839,948
Dainippon Ink & Chemicals Incorporated (Materials, Chemicals)		808,700		2,332,157
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		981,124
Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals)		682,000		3,013,875
Eizo Nanao Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		1,486,084
Fujikura Limited (Industrials, Electrical Equipment)		348,000		1,970,398
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		110,300		1,240,987
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,448,833
Japan Airlines Company Limited (Industrials, Airlines)		80,700		2,759,927
JFE Holdings Incorporated (Materials, Metals & Mining)		70,000		1,104,305
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		1,654,869
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		102,800		2,553,716
Kureha Corporation (Materials, Chemicals)		271,000		1,065,508
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		1,869,017
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,459,854
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		2,858,749
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		1,115,329
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		597,530
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		556,400		3,014,775
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		657,100		4,216,970
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,192,957
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		4,530,734
Namura Shipbuilding Company Limited (Industrials, Machinery)		108,800		1,001,384
Nichirei Corporation (Consumer Staples, Food Products)		252,000		1,649,976
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		234,000		8,677,579
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		419,800		4,482,755
Nisshinbo Industries Incorporated (Industrials, Industrial Conglomerates)		117,000		1,383,851
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000		3,404,062
Resona Holdings Incorporated (Financials, Banks)		1,013,300		4,945,497
Ricoh Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		166,000		1,701,803
Sankyu Incorporated (Industrials, Road & Rail)		370,000		1,845,491
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		1,487,084
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,027,112
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		149,000		1,680,032
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		3,830,859
The Keiyo Bank Limited (Financials, Banks)		62,000		296,653
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		95,400		2,062,996
Tsumura & Company (Health Care, Pharmaceuticals)		79,300		2,180,589
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		148,500		2,553,814
				109,778,390
Liechtenstein: 0.11%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		6,558		522,358
Netherlands: 2.22%
Aegon NV (Financials, Insurance)		334,000		2,045,337
ING Groep NV (Financials, Banks)		237,100		3,255,351
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		263,630		5,735,102
				11,035,790

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 53

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Norway: 1.31%
Atea ASA (Information Technology, IT Services)		84,900	$	762,000
DnB Nor ASA (Financials, Banks)		148,800		1,958,762
Marine Harvest ASA (Consumer Staples, Food Products)		97,500		1,318,242
Yara International ASA (Materials, Chemicals)		53,600		2,481,233
				6,520,237
Poland: 0.42%
Asseco Poland SA (Information Technology, Software)		101,800		1,444,731
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		653,036
				2,097,767
Russia: 0.81%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,014		1,680,157
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		9,968
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		2,312,112
				4,002,237
Singapore: 0.85%
DBS Group Holdings Limited (Financials, Banks)		227,000		2,655,347
United Overseas Bank Limited (Financials, Banks)		113,000		1,553,344
				4,208,691
South Africa: 0.44%
Barclays Africa Group Limited (Financials, Banks)		200,300		2,201,554
South Korea: 2.81%
BS Financial Group Incorporated (Financials, Banks)		13,188		110,806
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		1,570,744
Industrial Bank of Korea (Financials, Banks)		192,500		2,210,829
KT&G Corporation (Consumer Staples, Tobacco)		43,000		3,973,058
Kwangju Bank (Financials, Banks) †		13,510		94,379
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		4,506,023
Woori Bank (Financials, Banks)		178,044		1,459,037
				13,924,876
Spain: 1.03%
Banco Santander Central Hispano SA (Financials, Banks)		429,681		2,346,165
Gas Natural SDG SA (Utilities, Gas Utilities)		128,100		2,771,169
				5,117,334
Sweden: 2.34%
Boliden AB (Materials, Metals & Mining)		169,300		3,111,604
Nordea Bank AB (Financials, Banks)		177,300		1,964,737
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,540,906
Telefonaktiebolaget LM Ericsson Class B (Information Technology, Communications Equipment)		304,500		2,965,818
TeliaSonera AB (Telecommunication Services, Diversified Telecommunication Services)		417,000		2,046,799
				11,629,864

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

54 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Switzerland: 5.30%
Baloise Holding AG (Financials, Insurance)		28,800	$	3,499,052
Credit Suisse Group AG (Financials, Capital Markets)		273,395		5,877,919
Georg Fischer AG (Industrials, Machinery)		3,000		1,955,095
Swiss Life Holding AG (Financials, Insurance)		12,600		3,178,014
Swiss Reinsurance AG (Financials, Insurance)		75,700		7,214,254
UBS Group AG (Financials, Capital Markets)		5,400		103,659
Zurich Insurance Group AG (Financials, Insurance)		17,100		4,502,493
				26,330,486
Taiwan: 0.77%
Innolux Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		3,549,000		1,086,162
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,730,026
				3,816,188
Thailand: 0.72%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,122,329
Thanachart Capital PCL (Financials, Banks)		1,481,500		1,457,111
				3,579,440
United Kingdom: 17.65%
3i Group plc (Financials, Capital Markets)		409,100		3,096,129
Alent plc (Materials, Chemicals) (a)		50,200		379,921
AMEC plc (Energy, Energy Equipment & Services)		83,300		546,244
Amlin plc (Financials, Insurance)		93,700		930,696
Anglo American plc (Materials, Metals & Mining)		107,000		658,550
AstraZeneca plc (Health Care, Pharmaceuticals)		38,500		2,610,766
Aviva plc (Financials, Insurance)		314,900		2,425,894
BAE Systems plc (Industrials, Aerospace & Defense)		939,800		7,310,705
Barclays plc (Financials, Banks)		715,000		2,403,553
Barratt Developments plc (Consumer Discretionary, Household Durables)		318,600		2,883,857
Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)		58,800		2,843,617
BP plc (Energy, Oil, Gas & Consumable Fuels)		844,300		4,898,836
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		509,700		3,811,041
Carillion plc (Industrials, Construction & Engineering) «		261,500		1,241,399
Centrica plc (Utilities, Multi-Utilities)		898,500		2,951,394
Chemring Group plc (Industrials, Aerospace & Defense)		247,200		742,754
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		264,876		2,140,257
Debenhams plc (Consumer Discretionary, Multiline Retail)		1,238,200		1,559,016
easyJet plc (Industrials, Airlines)		75,100		1,869,676
Firstgroup plc (Industrials, Road & Rail) †		952,400		1,510,432
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		110,500		2,255,876
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)		290,000		449,435
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,211,800		4,632,080
Kesa Electricals plc (Consumer Discretionary, Specialty Retail)		547,900		821,066
Lloyds Banking Group plc (Financials, Banks)		1,749,400		1,922,328
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		379,900		2,875,139
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		558,800		1,447,566
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		236,800		1,179,422

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 55

INTERNATIONAL VALUE PORTFOLIO

Security name						Shares		Value
United Kingdom (continued)
Mitie Group plc (Industrials, Commercial Services & Supplies)							283,197	$	1,361,034
Mondi plc (Materials, Paper & Forest Products)							67,600		1,571,982
Old Mutual plc (Financials, Insurance)							982,800		3,093,606
Pace plc (Consumer Discretionary, Household Durables)							308,800		1,853,822
Petrofac Limited (Energy, Energy Equipment & Services)							149,300		1,855,100
Premier Foods plc (Consumer Staples, Food Products) †							73,926		43,750
Redrow plc (Consumer Discretionary, Household Durables)							141,600		968,643
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							287,900		7,163,169
Standard Chartered plc (Financials, Banks)							253,000		2,123,172
Tate & Lyle plc (Consumer Staples, Food Products)							158,800		1,411,094
Tullett Prebon plc (Financials, Capital Markets)							279,500		1,472,920
Vesuvius plc (Industrials, Machinery)							145,400		745,869
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)							679,700		1,561,136
									87,622,946
Total Common Stocks (Cost $515,773,545)									481,228,265
	Dividend yield
Preferred Stocks: 0.14%
Brazil: 0.14%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		12.05	%				349,800		492,740
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		11.96					109,056		186,035
Total Preferred Stocks (Cost $3,545,600)									678,775
				Expiration date
Rights: 0.02%
United Kingdom: 0.02%
Standard Chartered plc (Financials, Banks) †					2-23-2016		72,286		99,071
Total Rights (Cost $0)									99,071
	Yield
Short-Term Investments: 3.93%
Investment Companies: 3.93%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					15,597,666		15,597,666
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					3,910,661		3,910,661
Total Short-Term Investments (Cost $19,508,327)									19,508,327

Total investments in securities (Cost $538,827,472) *	101.03	%		501,514,438
Other assets and liabilities, net	(1.03	)		(5,103,501	)
Total net assets	100.00	%	$	496,410,937

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

56 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

† Non-income-earning security

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

(i) Illiquid security.

(l) The issuer of the security is an affiliated person of the Portfolio 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.

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

* Cost for federal income tax purposes is $539,229,701 and unrealized gains (losses) consists of:

Gross unrealized gains	$	66,608,097
Gross unrealized losses		(104,323,360
Net unrealized losses	$	(37,715,263	)

The following table shows the percent of total long-term investments by sector as of November 30, 2015:

Financials	29.64	%
Consumer Discretionary	15.67
Industrials	13.25
Materials	8.82
Consumer Staples	6.80
Energy	6.35
Health Care	5.93
Telecommunication Services	5.41
Utilities Services	4.16
Information Technology	3.97
	100.00	%

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 57

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.13%
Consumer Discretionary: 7.36%
Hotels, Restaurants & Leisure: 1.52%
Norwegian Cruise Line Holdings Limited †		20,897	$	1,200,324
Household Durables: 1.50%
Harman International Industries Incorporated		11,488		1,185,102
Leisure Products: 0.98%
Mattel Incorporated		31,070		772,400
Media: 1.22%
Omnicom Group Incorporated		13,026		962,882
Multiline Retail: 0.64%
JCPenny Company Incorporated Ǡ		63,783		508,351
Textiles, Apparel & Luxury Goods: 1.50%
PVH Corporation		6,432		587,177
Skechers U.S.A. Incorporated Class A †		19,787		597,567
				1,184,744
Consumer Staples: 6.11%
Food & Staples Retailing: 2.60%
CVS Health Corporation		21,792		2,050,409
Food Products: 1.03%
TreeHouse Foods Incorporated †		9,442		816,355
Household Products: 1.15%
The Procter & Gamble Company		12,169		910,728
Personal Products: 1.33%
Herbalife Limited Ǡ		18,156		1,048,146
Energy: 11.56%
Energy Equipment & Services: 2.00%
Baker Hughes Incorporated		21,820		1,179,807
Noble Corporation plc «		30,051		398,777
				1,578,584
Oil, Gas & Consumable Fuels: 9.56%
Chevron Corporation		8,779		801,698
ConocoPhillips		18,980		1,025,869
Exxon Mobil Corporation		23,864		1,948,734
Marathon Oil Corporation		56,883		996,021
Noble Energy Incorporated		29,050		1,065,264
Valero Energy Corporation		18,325		1,316,835
Whiting Petroleum Corporation †		24,159		398,865
				7,553,286

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

58 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name		Shares		Value
Financials: 28.69%
Banks: 11.98%
Bank of America Corporation			63,481	$	1,106,474
BOK Financial Corporation «			29,357		2,021,228
Citigroup Incorporated			20,562		1,112,199
First Republic Bank			26,169		1,801,997
JPMorgan Chase & Company			31,756		2,117,490
KeyCorp			31,511		413,109
SunTrust Banks Incorporated			20,443		887,635
					9,460,132
Capital Markets: 3.44%
Ameriprise Financial Incorporated			16,299		1,840,972
Goldman Sachs Group Incorporated			4,631		879,983
					2,720,955
Insurance: 7.42%
ACE Limited			7,047		809,348
American International Group Incorporated			28,732		1,826,781
Endurance Specialty Holdings Limited			24,220		1,597,551
MetLife Incorporated			31,892		1,629,362
					5,863,042
REITs: 5.85%
Alexandria Real Estate Equities Incorporated			18,665		1,718,860
Equity Residential			16,508		1,317,669
Prologis Incorporated			18,090		773,348
VEREIT Incorporated			97,729		814,083
					4,623,960
Health Care: 12.87%
Biotechnology: 1.89%
Baxalta Incorporated			25,511		877,068
Gilead Sciences Incorporated			5,867		621,667
					1,498,735
Health Care Equipment & Supplies: 0.97%
Medtronic plc			10,172		766,358
Health Care Providers & Services: 2.61%
Cigna Corporation			5,529		746,304
HCA Holdings Incorporated †			9,106		619,754
McKesson Corporation			3,672		695,293
					2,061,351
Pharmaceuticals: 7.40%
AbbVie Incorporated			10,488		609,877
Allergan plc †	��		4,385		1,376,408
Johnson & Johnson			7,594		768,817

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 59

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Pharmaceuticals (continued)
Mallinckrodt plc †		11,924	$	798,059
Merck & Company Incorporated		16,463		872,704
Pfizer Incorporated		43,284		1,418,417
				5,844,282
Industrials: 11.87%
Aerospace & Defense: 2.90%
Curtiss-Wright Corporation		11,473		807,814
Raytheon Company		11,949		1,482,034
				2,289,848
Airlines: 0.44%
United Continental Holdings Incorporated †		6,218		346,529
Commercial Services & Supplies: 1.73%
Progressive Waste Solutions Limited		23,414		553,039
West Corporation		31,792		810,696
				1,363,735
Electrical Equipment: 0.87%
Eaton Corporation plc		11,799		686,230
Industrial Conglomerates: 1.63%
General Electric Company		42,941		1,285,654
Machinery: 1.59%
Stanley Black & Decker Incorporated		11,540		1,259,706
Professional Services: 0.84%
CEB Incorporated		8,546		660,349
Road & Rail: 1.87%
AMERCO		1,434		581,344
Norfolk Southern Corporation		9,471		900,313
				1,481,657
Information Technology: 10.73%
Communications Equipment: 0.96%
Cisco Systems Incorporated		28,008		763,218
Electronic Equipment, Instruments & Components: 2.24%
Synnex Corporation		13,907		1,311,013
TE Connectivity Limited		6,811		456,950
				1,767,963
Internet Software & Services: 1.41%
Alphabet Incorporated Class C †		1,496		1,110,930

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

60 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 2.57%
NXP Semiconductors NV †					8,507	$	795,064
Skyworks Solutions Incorporated					14,885		1,235,753
							2,030,817
Software: 0.52%
Citrix Systems Incorporated †					5,363		411,181
Technology Hardware, Storage & Peripherals: 3.03%
Apple Incorporated					7,011		829,401
NCR Corporation †					48,898		1,325,625
Seagate Technology plc «					6,638		238,570
							2,393,596
Materials: 3.29%
Chemicals: 1.72%
Cabot Corporation					11,863		516,515
FMC Corporation					19,675		845,435
							1,361,950
Containers & Packaging: 1.57%
Crown Holdings Incorporated †					17,021		883,560
WestRock Company					7,059		357,397
							1,240,957
Telecommunication Services: 1.97%
Diversified Telecommunication Services: 1.97%
AT&T Incorporated					22,528		758,518
Verizon Communications Incorporated					17,570		798,557
							1,557,075
Utilities: 3.68%
Electric Utilities: 2.75%
Duke Energy Corporation					15,099		1,023,108
The Southern Company					25,711		1,145,168
							2,168,276
Gas Utilities: 0.93%
Atmos Energy Corporation					11,822		736,629
Total Common Stocks (Cost $67,502,414)							77,526,426
	Yield
Short-Term Investments: 6.19%
Investment Companies: 6.19%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		3,413,200		3,413,200
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			1,477,801		1,477,801
Total Short-Term Investments (Cost $4,891,001)							4,891,001

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 61

LARGE COMPANY VALUE PORTFOLIO

			Value
Total investments in securities (Cost $72,393,415) *	104.32	%	$	82,417,427
Other assets and liabilities, net	(4.32	)		(3,416,112	)
Total net assets	100.00	%	$	79,001,315

† 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 Portfolio 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 $73,133,631 and unrealized gains (losses) consists of:

Gross unrealized gains	$	13,349,290
Gross unrealized losses		(4,065,494	)
Net unrealized gains	$	9,283,796

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

62 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.77%
Consumer Discretionary: 14.44%
Auto Components: 1.03%
Gentherm Incorporated †		234,165	$	11,904,948
Diversified Consumer Services: 1.87%
2U Incorporated †«		403,201		9,725,208
Houghton Mifflin Harcourt Company †		605,490		11,964,482
				21,689,690
Hotels, Restaurants & Leisure: 3.06%
Brinker International Incorporated		112,145		5,116,055
Del Taco Restaurants Incorporated †		524,230		5,787,499
Extended Stay America Incorporated		540,270		9,244,020
Krispy Kreme Doughnuts Incorporated †		631,710		8,932,379
Zoe’s Kitchen Incorporated †«		184,820		6,287,576
				35,367,529
Household Durables: 0.57%
William Lyon Homes Class A †		380,729		6,651,336
Leisure Products: 0.37%
Malibu Boats Incorporated †		272,830		4,234,322
Media: 2.54%
IMAX Corporation †		352,253		13,343,344
Lions Gate Entertainment Corporation		283,304		9,615,338
Media General Incorporated †«		410,540		6,375,686
				29,334,368
Multiline Retail: 0.66%
Burlington Stores Incorporated †		159,770		7,686,535
Specialty Retail: 3.12%
Chico’s FAS Incorporated		416,917		5,003,004
Dick’s Sporting Goods Incorporated		191,709		7,482,402
Monro Muffler Brake Incorporated		214,091		15,851,298
Party City Holdco Incorporated †		609,380		7,739,126
				36,075,830
Textiles, Apparel & Luxury Goods: 1.22%
Kate Spade & Company †		399,050		7,996,962
Skechers U.S.A. Incorporated Class A †		202,276		6,108,735
				14,105,697
Consumer Staples: 1.42%
Food Products: 1.42%
Amplify Snack Brands Incorporated †«		588,819		7,389,678
Whitewave Foods Company †		221,766		9,010,353
				16,400,031

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 63

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Energy: 2.21%
Oil, Gas & Consumable Fuels: 2.21%
Diamondback Energy Incorporated †		110,719	$	8,638,296
GasLog Limited «		473,043		5,662,325
Memorial Resource Development Corporation †		487,900		7,947,891
Ring Energy Incorporated †«		333,230		3,322,303
				25,570,815
Financials: 11.31%
Banks: 2.74%
ServisFirst Bancshares Incorporated		131,250		6,460,125
Signature Bank †		64,395		10,184,069
SVB Financial Group †		113,762		15,071,190
				31,715,384
Capital Markets: 4.85%
Evercore Partners Incorporated Class A		272,124		15,111,046
LPL Financial Holdings Incorporated «		276,707		12,722,988
Stifel Financial Corporation †		241,601		10,959,021
Virtu Financial Incorporated		434,428		9,666,023
Virtus Investment Partners Incorporated		56,048		7,635,980
				56,095,058
Insurance: 1.58%
Argo Group International Holdings Limited		212,801		13,519,248
Patriot National Incorporated †		324,040		4,724,503
				18,243,751
REITs: 0.98%
QTS Realty Trust Incorporated Class A		269,985		11,398,767
Thrifts & Mortgage Finance: 1.16%
Essent Group Limited †		543,084		13,425,036
Health Care: 22.45%
Biotechnology: 5.13%
Alder Biopharmaceuticals Inc †		123,070		4,585,588
Alnylam Pharmaceuticals Incorporated †		74,822		7,785,977
Celldex Therapeutics Incorporated †«		289,876		5,220,667
Cepheid Incorporated †		265,754		9,551,199
Flexion Therapeutics Incorporated †«		318,310		6,187,946
Intrexon Corporation «		118,354		4,297,434
Oncomed Pharmaceuticals Incorporated †«		234,120		5,349,642
Portola Pharmaceuticals Incorporated †		146,645		7,275,058
Radius Health Incorporated †		73,960		4,497,508
Tesaro Incorporated †		90,122		4,599,827
				59,350,846

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

64 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies: 7.12%
Accuray Incorporated †«		995,078	$	7,005,349
Analogic Corporation		119,440		9,979,212
Atricure Incorporated †		367,123		7,885,802
Cerus Corporation †«		1,706,248		9,674,426
DexCom Incorporated †		146,206		12,430,434
Inogen Incorporated †		283,515		10,844,449
LDR Holding Corporation †		325,109		8,784,445
Nevro Corporation †«		160,860		9,712,727
The Spectranetics Corporation †		437,994		6,057,457
				82,374,301
Health Care Providers & Services: 6.50%
Adeptus Health Incorporated Class A †«		163,877		9,847,369
AMN Healthcare Services Incorporated †		425,705		12,558,298
Capital Senior Living Corporation †		391,700		8,977,764
Ensign Group Incorporated		189,755		9,026,645
HealthEquity Incorporated †		366,830		12,105,390
LifePoint Hospitals Incorporated †		118,756		8,504,117
Surgery Partners Inc †«		409,094		7,817,786
Teladoc Incorporated †«		298,960		6,352,900
				75,190,269
Health Care Technology: 1.20%
Evolent Health Incorporated Class A †		477,820		7,778,910
Medidata Solutions Incorporated †		132,332		6,064,776
				13,843,686
Life Sciences Tools & Services: 1.45%
ICON plc ADR †		225,962		16,795,755
Pharmaceuticals: 1.05%
Akorn Incorporated †		195,388		6,506,420
Cempra Holdings Incorporated †«		176,680		5,637,859
				12,144,279
Industrials: 14.99%
Aerospace & Defense: 1.40%
Astronics Corporation		190,522		7,371,296
Esterline Technologies Corporation †		92,881		8,831,125
				16,202,421
Air Freight & Logistics: 1.03%
Hub Group Incorporated Class A †		307,789		11,859,110
Building Products: 2.63%
A.O. Smith Corporation		176,464		14,074,769
NCI Building Systems Incorporated †		618,414		7,334,390
PGT Incorporated †		813,650		9,047,788
				30,456,947

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 65

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Commercial Services & Supplies: 5.03%
Copart Incorporated †		326,873	$	12,901,677
KAR Auction Services Incorporated		296,190		11,234,487
Mobile Mini Incorporated		277,490		9,837,021
TrueBlue Incorporated †		490,276		14,360,184
West Corporation		386,200		9,848,100
				58,181,469
Construction & Engineering: 1.19%
Comfort Systems USA Incorporated		236,422		7,504,034
Granite Construction Incorporated		152,780		6,228,841
				13,732,875
Machinery: 0.88%
Wabash National Corporation †		787,273		10,210,931
Professional Services: 1.42%
On Assignment Incorporated †		245,704		11,469,463
RPX Corporation †		356,064		4,938,608
				16,408,071
Road & Rail: 1.41%
Genesee & Wyoming Incorporated Class A †		131,797		9,129,578
Swift Transportation Company †«		453,346		7,239,936
				16,369,514
Information Technology: 24.60%
Communications Equipment: 2.68%
Infinera Corporation †		485,952		10,943,639
Radware Limited †		572,960		9,419,462
Ruckus Wireless Incorporated †		933,810		10,692,125
				31,055,226
Electronic Equipment, Instruments & Components: 1.18%
OSI Systems Incorporated †		145,776		13,649,007
Internet Software & Services: 3.58%
Benefitfocus Incorporated †«		245,410		9,944,013
Cornerstone OnDemand Incorporated †		323,120		11,603,239
Marketo Incorporated †		301,040		9,112,481
Pandora Media Incorporated †		419,090		5,783,442
Zillow Group Incorporated Class A «		46,841		1,219,271
Zillow Group Incorporated Class C †«		150,822		3,717,762
				41,380,208
IT Services: 2.95%
Acxiom Corporation †		539,610		12,357,069
MAXIMUS Incorporated		184,690		10,481,158
Vantiv Incorporated Class A †		214,420		11,302,078
				34,140,305

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

66 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 5.72%
Applied Micro Circuits Corporation †					957,597	$	7,009,610
Cypress Semiconductor Corporation					1,138,464		12,318,180
FormFactor Incorporated †					1,013,475		8,827,367
Microsemi Corporation †					347,420		12,510,594
Nanometrics Incorporated †					294,549		4,642,092
Silicon Motion Technology Corporation					241,644		8,039,496
Teradyne Incorporated					619,377		12,870,654
							66,217,993
Software: 8.49%
Bottomline Technologies Incorporated †					311,740		9,635,883
Cadence Design Systems Incorporated †					675,612		15,066,148
PTC Incorporated †					328,825		11,850,853
Qlik Technologies Incorporated †					347,723		11,061,069
Rubicon Project Incorporated †					580,644		8,564,499
SS&C Technologies Holdings					252,358		18,144,540
Synchronoss Technologies Incorporated †					180,230		7,095,655
Ultimate Software Group Incorporated †					40,441		7,987,098
Zendesk Incorporated †					342,773		8,778,417
							98,184,162
Materials: 3.03%
Chemicals: 1.40%
Calgon Carbon Corporation					514,099		8,693,414
Flotek Industries Incorporated †«					657,247		7,505,761
							16,199,175
Metals & Mining: 0.64%
Steel Dynamics Incorporated					424,593		7,383,672
Paper & Forest Products: 0.99%
Boise Cascade Company †					366,107		11,459,149
Utilities: 0.32%
Independent Power & Renewable Electricity Producers: 0.32%
Dynegy Incorporated †					230,660		3,718,239
Total Common Stocks (Cost $995,453,082)							1,096,406,707
	Yield
Short-Term Investments: 15.24%
Investment Companies: 15.24%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		118,989,418		118,989,418
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17			57,304,768		57,304,768
Total Short-Term Investments (Cost $176,294,186)							176,294,186

Total investments in securities (Cost $1,171,747,268) *	110.01	%		1,272,700,893
Other assets and liabilities, net	(10.01	)		(115,825,971	)
Total net assets	100.00	%	$	1,156,874,922

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 67

SMALL COMPANY GROWTH PORTFOLIO

† 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 Portfolio 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 $1,183,487,190 and unrealized gains (losses) consists of:

Gross unrealized gains	$	153,725,982
Gross unrealized losses		(64,512,279	)
Net unrealized gains	$	89,213,703

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

68 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 95.47%
Consumer Discretionary: 11.61%
Auto Components: 2.42%
American Axle & Manufacturing Holdings Incorporated †		127,519	$	2,902,332
Metaldyne Performance Group Incorporated		94,700		2,132,644
				5,034,976
Automobiles: 1.02%
Thor Industries Incorporated		36,550		2,116,976
Hotels, Restaurants & Leisure: 0.97%
ClubCorp Holdings Incorporated		112,094		2,012,087
Media: 2.59%
National CineMedia Incorporated		167,800		2,662,986
Scholastic Corporation		63,693		2,720,965
				5,383,951
Specialty Retail: 4.61%
Asbury Automotive Group Incorporated †		24,109		1,810,586
Ascena Retail Group Incorporated †		121,820		1,380,221
DSW Incorporated Class A		80,188		1,841,116
Outerwall Incorporated «		38,790		2,401,101
The Men’s Wearhouse Incorporated		43,000		859,570
Urban Outfitters Incorporated †		57,550		1,289,120
				9,581,714
Consumer Staples: 1.62%
Food & Staples Retailing: 0.75%
SUPERVALU Incorporated †		231,850		1,558,032
Food Products: 0.87%
Darling Ingredients Incorporated †		165,910		1,816,715
Energy: 5.41%
Energy Equipment & Services: 0.96%
RPC Incorporated «		150,400		1,992,800
Oil, Gas & Consumable Fuels: 4.45%
Carrizo Oil & Gas Incorporated †		48,800		1,970,544
Parsley Energy Incorporated Class A †		112,300		2,206,695
PDC Energy Incorporated †		31,300		1,768,137
Rice Energy Incorporated †		91,500		1,233,420
WPX Energy Incorporated †		241,330		2,070,611
				9,249,407

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 69

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Financials: 40.79%
Banks: 21.24%
Associated Banc-Corp		110,800	$	2,272,508
BancorpSouth Incorporated		97,092		2,611,775
BankUnited Incorporated		67,650		2,557,170
Columbia Banking System Incorporated		54,235		1,927,512
ConnectOne Bancorp Incorporated		76,220		1,487,052
FirstMerit Corporation		96,500		1,952,195
Great Western Bancorp Incorporated		94,640		2,860,021
IBERIABANK Corporation		38,117		2,415,474
Investors Bancorp Incorporated		184,894		2,370,341
National Bank Holdings Corporation Class A		108,825		2,470,328
Pinnacle Financial Partners Incorporated		42,160		2,290,553
PrivateBancorp Incorporated		63,397		2,796,442
Renasant Corporation		71,000		2,593,630
Sterling BanCorp		153,700		2,695,898
Talmer Bancorp Incorporated Class A		145,900		2,665,593
Webster Financial Corporation		66,037		2,655,348
Western Alliance Bancorp †		84,378		3,273,023
Wintrust Financial Corporation		43,077		2,267,143
				44,162,006
Capital Markets: 0.94%
Stifel Financial Corporation †		42,993		1,950,162
Insurance: 6.18%
American Equity Investment Life Holding Company		72,108		1,933,215
Employers Holdings Incorporated		91,224		2,500,450
Horace Mann Educators Corporation		67,210		2,347,645
Kemper Corporation		47,210		1,940,803
OneBeacon Insurance Group Limited Class A		97,056		1,345,196
Primerica Incorporated		54,463		2,790,684
				12,857,993
Real Estate Management & Development: 1.78%
Alexander & Baldwin Incorporated		40,981		1,553,590
Kennedy Wilson Holdings Incorporated		81,900		2,137,590
				3,691,180
REITs: 10.65%
Columbia Property Trust Incorporated		97,400		2,440,844
Corporate Office Properties Trust		94,300		2,101,947
Education Realty Trust Incorporated		57,200		2,107,820
Equity Commonwealth †		99,600		2,750,952
Gramercy Property Trust Incorporated		100,450		2,399,751
Highwoods Properties Incorporated		50,800		2,212,848
Parkway Properties Incorporated		122,297		2,088,833
Physicians Realty Trust		130,900		2,095,709
Ramco-Gershenson Properties Trust		141,021		2,379,024
Sunstone Hotel Investors Incorporated		106,156		1,558,370
				22,136,098

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

70 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Health Care: 5.82%
Health Care Equipment & Supplies: 2.06%
Alere Incorporated †		66,697	$	2,752,585
Halyard Health Incorporated †		47,780		1,528,482
				4,281,067
Health Care Providers & Services: 3.48%
Kindred Healthcare Incorporated		169,300		2,260,155
Select Medical Holdings Corporation		188,360		2,273,505
WellCare Health Plans Incorporated †		32,743		2,700,643
				7,234,303
Health Care Technology: 0.28%
Computer Programs & Systems Incorporated «		12,100		589,512
Industrials: 7.76%
Air Freight & Logistics: 0.88%
Atlas Air Worldwide Holdings Incorporated †		44,005		1,818,287
Commercial Services & Supplies: 1.62%
Essendant Incorporated		47,819		1,732,004
Quad Graphics Incorporated		158,600		1,636,752
				3,368,756
Construction & Engineering: 1.88%
KBR Incorporated		109,190		2,122,654
Tutor Perini Corporation †		94,495		1,780,286
				3,902,940
Electrical Equipment: 1.08%
Generac Holdings Incorporated †		69,560		2,232,876
Machinery: 0.80%
NN Incorporated		63,190		1,077,390
Titan International Incorporated		136,820		593,799
				1,671,189
Professional Services: 0.28%
Hill International Incorporated †		170,166		587,073
Road & Rail: 0.15%
Universal Truckload Services		19,636		318,889
Trading Companies & Distributors: 1.07%
Air Lease Corporation		66,100		2,222,943
Information Technology: 12.55%
Communications Equipment: 0.98%
ARRIS Group Incorporated †		66,983		2,047,670

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 71

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 4.04%
Belden Incorporated		50,350	$	3,160,470
Celestica Incorporated †		180,136		2,031,934
Plexus Corporation †		51,321		1,909,141
Tech Data Corporation †		19,028		1,287,244
				8,388,789
IT Services: 1.79%
Cardtronics Incorporated †		43,840		1,648,822
VeriFone Systems Incorporated †		72,100		2,067,828
				3,716,650
Semiconductors & Semiconductor Equipment: 4.02%
Advanced Energy Industries Incorporated †		86,845		2,533,269
Diodes Incorporated †		113,040		2,632,702
Veeco Instruments Incorporated †		55,250		1,129,863
Xcerra Corporation †		340,471		2,059,850
				8,355,684
Software: 1.13%
Mentor Graphics Corporation		125,417		2,349,060
Technology Hardware, Storage & Peripherals: 0.59%
Avid Technology Incorporated †		162,200		1,231,098
Materials: 5.14%
Chemicals: 4.29%
A. Schulman Incorporated		68,900		2,384,629
Axiall Corporation		69,300		1,444,212
Cabot Corporation		58,600		2,551,444
Chemtura Corporation †		83,013		2,550,159
				8,930,444
Metals & Mining: 0.85%
Globe Specialty Metals Incorporated		173,500		1,764,495
Utilities: 4.77%
Electric Utilities: 3.52%
El Paso Electric Company		64,371		2,487,939
PNM Resources Incorporated		101,017		2,929,493
Portland General Electric Company		51,724		1,909,650
				7,327,082
Multi-Utilities: 1.25%
Avista Corporation		74,910		2,592,632
Total Common Stocks (Cost $174,801,497)				198,475,536

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

72 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name				Expiration date		Shares		Value
Warrants: 0.00%
Health Care: 0.00%
Health Care Equipment & Supplies: 0.00%
EnteroMedics Incorporated †(a)					5-14-2016		9,104	$	2
Total Warrants (Cost $0)									2
	Yield
Short-Term Investments: 6.15%
Investment Companies: 6.15%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%				4,795,850		4,795,850
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					7,987,779		7,987,779
Total Short-Term Investments (Cost $12,783,629)									12,783,629

Total investments in securities (Cost $187,585,126) *	101.62	%		211,259,167
Other assets and liabilities, net	(1.62	)		(3,373,120	)
Total net assets	100.00	%	$	207,886,047

† Non-income-earning security

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

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

(l) The issuer of the security is an affiliated person of the Portfolio 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 $188,083,132 and unrealized gains (losses) consists of:

Gross unrealized gains	$	35,807,002
Gross unrealized losses		(12,630,967	)
Net unrealized gains	$	23,176,035

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 73

CORE BOND PORTFOLIO

The Summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 31.34%
FHLMC		0.90-7.00	%		8-1-2017 to 12-10-2045	$	188,381,872	$	197,942,749		5.42	%
FHLMC		3.00			2-15-2045		20,186,411		20,432,393		0.56
FHLMC		3.50			12-1-2043		23,375,730		24,264,399		0.66
FHLMC %%		3.50			1-14-2046		31,900,000		32,901,858		0.90
FHLMC		4.00			8-1-2044		15,390,799		16,470,560		0.45
FHLMC		4.50			8-1-2020		13,649,699		14,164,647		0.39
FHLMC		5.00			8-1-2039		11,904,846		13,373,077		0.37
FHLMC Series 300 Class 300		3.00			1-15-2043		19,758,962		19,895,089		0.54
FHLMC Series 4483 Class PA		2.50			6-15-2045		19,188,169		19,455,398		0.53
FNMA		0.00-8.19			4-1-2017 to 12-10-2045		347,881,570		366,292,589		9.98
FNMA		3.00			10-25-2042		17,545,991		17,668,882		0.48
FNMA		3.00			4-1-2043		13,319,454		13,413,363		0.37
FNMA		3.50			6-1-2045		18,521,741		19,232,513		0.53
FNMA %%		3.50			1-14-2046		38,300,000		39,582,152		1.08
FNMA		4.00			7-1-2029		16,926,160		18,118,228		0.50
FNMA		4.00			2-1-2041		13,768,411		14,683,620		0.40
FNMA		4.00			12-1-2044		13,461,521		14,433,272		0.39
FNMA		4.00			10-1-2045		14,357,970		15,312,521		0.42
FNMA		4.50			2-1-2044		15,370,157		16,895,119		0.46
GNMA %%		3.50			12-17-2045		58,500,000		61,108,503		1.67
GNMA ±		2.50			5-20-2045		14,494,986		14,741,940		0.40
GNMA		2.50-4.50			4-15-2045 to 12-20-2045		35,819,634		38,272,470		1.07
GNMA %%		3.00			12-17-2045		49,600,000		50,433,131		1.38
GNMA %%		3.50			1-21-2046		52,700,000		54,911,957		1.50
GNMA %%		4.00			12-17-2045		14,800,000		15,722,978		0.43
Other securities									16,881,810		0.46
Total Agency Securities (Cost $1,146,474,469)									1,146,605,218		31.34
Asset-Backed Securities: 10.69%
Capital Auto Receivables Asset Trust		1.09-2.01			3-20-2018 to 7-20-2020		79,419,000		79,311,438		2.15
SLM Student Loan Trust		0.36-4.37			1-25-2018 to 2-15-2046		118,260,379		114,446,453		3.13
Other securities									197,416,052		5.41
Total Asset-Backed Securities (Cost $394,809,590)									391,173,943		10.69
Corporate Bonds and Notes: 17.09%
Consumer Discretionary: 1.56%
Automobiles: 0.38%
Other securities									13,803,360		0.38
Internet & Catalog Retail: 0.03%
Other securities									904,402		0.03
Media: 1.01%
Other securities									37,108,689		1.01

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

74 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Multiline Retail: 0.04%
Other securities								$	1,490,024		0.04	%
Specialty Retail: 0.05%
Other securities									1,871,533		0.05
Textiles, Apparel & Luxury Goods: 0.05%
Other securities									1,923,346		0.05
Consumer Staples: 1.01%
Beverages: 0.05%
Other securities									1,894,207		0.05
Food & Staples Retailing: 0.07%
Other securities									2,509,956		0.07
Food Products: 0.75%
Other securities									27,602,973		0.75
Tobacco: 0.14%
Other securities									4,986,445		0.14
Energy: 1.81%
Energy Equipment & Services: 0.10%
Other securities									3,773,695		0.10
Oil, Gas & Consumable Fuels: 1.71%
Other securities									62,432,630		1.71
Financials: 6.34%
Banks: 2.16%
Other securities									78,863,259		2.16
Capital Markets: 1.24%
Morgan Stanley		4.00	%		7-23-2025	$	13,454,000		13,976,096		0.38
Other securities									31,302,504		0.86
									45,278,600		1.24
Consumer Finance: 0.79%
Other securities									28,902,001		0.79
Diversified Financial Services: 0.23%
Other securities									8,535,009		0.23
Insurance: 0.91%
Other securities									33,263,028		0.91
REITs: 1.01%
Other securities									37,137,541		1.01

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

Summary portfolio of investments—November 30, 2015 (unaudited) �� Wells Fargo Allocation Funds 75

CORE BOND PORTFOLIO

Security name	Value		Percent of net assets
Health Care: 1.25%
Biotechnology: 0.91%
Other securities	$	33,306,145		0.91	%
Health Care Providers & Services: 0.04%
Other securities		1,429,515		0.04
Pharmaceuticals: 0.30%
Other securities		11,082,776		0.30
Industrials: 1.02%
Aerospace & Defense: 0.61%
Other securities		22,258,727		0.61
Machinery: 0.05%
Other securities		1,759,143		0.05
Professional Services: 0.01%
Other securities		533,651		0.01
Road & Rail: 0.29%
Other securities		10,521,512		0.29
Transportation Infrastructure: 0.06%
Other securities		2,264,467		0.06
Information Technology: 1.49%
Electronic Equipment, Instruments & Components: 0.04%
Other securities		1,461,020		0.04
IT Services: 0.50%
Other securities		18,223,030		0.50
Semiconductors & Semiconductor Equipment: 0.05%
Other securities		1,802,665		0.05
Software: 0.60%
Other securities		21,998,934		0.60
Technology Hardware, Storage & Peripherals: 0.30%
Other securities		11,029,267		0.30
Materials: 0.21%
Chemicals: 0.10%
Other securities		3,461,538		0.10
Metals & Mining: 0.02%
Other securities		850,298		0.02

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

76 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Paper & Forest Products: 0.09%
Other securities								$	3,191,221		0.09	%
Telecommunication Services: 0.92%
Diversified Telecommunication Services: 0.92%
Other securities									33,506,725		0.92
Utilities: 1.48%
Electric Utilities: 0.83%
Other securities									30,444,217		0.83
Multi-Utilities: 0.65%
Other securities									23,695,295		0.65
Total Corporate Bonds and Notes (Cost $630,838,447)									625,100,844		17.09
Municipal Obligations: 0.94%
California: 0.26%
Other securities									9,548,468		0.26
Nevada: 0.19%
Other securities									7,067,845		0.19
New Jersey: 0.17%
Other securities									6,299,380		0.17
New York: 0.13%
Other securities									4,519,967		0.13
Ohio: 0.04%
Other securities									1,313,630		0.04
Texas: 0.15%
Other securities									5,583,271		0.15
Total Municipal Obligations (Cost $29,677,345)									34,332,561		0.94
Non-Agency Mortgage-Backed Securities: 4.66%
Citigroup Commercial Mortgage Trust Series 2013-GC17 Class A4		4.13	%		11-10-2046	$	12,758,000		13,656,411		0.37
Commercial Mortgage Trust		1.80-4.21			5-15-2045 to 10-10-2053		35,515,821		36,806,796		1.01
Other securities									120,044,696		3.28
Total Non-Agency Mortgage-Backed Securities (Cost $170,318,800)									170,507,903		4.66
U.S. Treasury Securities: 31.96%
U.S. Treasury Bond		2.50			2-15-2045		19,271,000		17,384,543		0.48
U.S. Treasury Bond ##		2.88			8-15-2045		32,694,000		31,964,760		0.87
U.S. Treasury Bond		3.00			5-15-2045		20,774,000		20,802,398		0.57
U.S. Treasury Bond		3.00-4.50			8-15-2039 to 11-15-2045		24,424,000		25,717,746		0.70
U.S. Treasury Bond		3.13			2-15-2043		33,657,000		34,653,550		0.95

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 77

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
U.S. Treasury Securities (continued)
U.S. Treasury Note		0.63	%		5-31-2017	$	37,417,000	$	37,292,776		1.02	%
U.S. Treasury Note		0.63			8-31-2017		16,856,000		16,776,979		0.46
U.S. Treasury Note		0.63-2.13			9-30-2017 to 5-15-2025		59,619,000		59,439,081		1.61
U.S. Treasury Note		0.63			11-30-2017		18,817,000		18,692,036		0.51
U.S. Treasury Note		0.75			10-31-2017		16,200,000		16,144,952		0.44
U.S. Treasury Note		0.75			12-31-2017		12,988,000		12,924,073		0.35
U.S. Treasury Note		0.75			4-15-2018		47,062,000		46,707,200		1.28
U.S. Treasury Note		0.88			5-15-2017		30,929,000		30,949,537		0.85
U.S. Treasury Note		0.88			8-15-2017		74,780,000		74,768,334		2.04
U.S. Treasury Note		0.88			11-30-2017		29,125,000		29,088,594		0.80
U.S. Treasury Note		0.88			1-15-2018		39,731,000		39,614,588		1.08
U.S. Treasury Note		0.88			10-15-2018		49,785,000		49,308,558		1.35
U.S. Treasury Note		1.00			9-15-2018		39,252,000		39,046,555		1.07
U.S. Treasury Note		1.25			11-15-2018		56,808,000		56,852,360		1.55
U.S. Treasury Note		1.38			3-31-2020		13,375,000		13,261,099		0.36
U.S. Treasury Note		1.38			9-30-2020		114,159,000		112,669,568		3.08
U.S. Treasury Note «		1.38			10-31-2020		50,610,000		49,929,903		1.37
U.S. Treasury Note		1.63			3-31-2019		95,667,000		96,548,954		2.64
U.S. Treasury Note		1.63			6-30-2020		71,619,000		71,624,586		1.96
U.S. Treasury Note		1.63			7-31-2020		37,340,000		37,319,575		1.02
U.S. Treasury Note		1.63			11-30-2020		46,024,000		45,968,265		1.26
U.S. Treasury Note		2.00			8-15-2025		40,732,000		39,938,052		1.09
U.S. Treasury Note		2.25			11-15-2025		43,719,000		43,862,442		1.20
Total U.S. Treasury Securities (Cost $1,165,035,704)									1,169,251,064		31.96
Yankee Corporate Bonds and Notes: 5.30%
Consumer Discretionary: 0.20%
Media: 0.20%
Other securities									7,308,961		0.20
Energy: 0.72%
Oil, Gas & Consumable Fuels: 0.72%
Other securities									26,174,223		0.72
Financials: 2.67%
Banks: 2.31%
Other securities									84,348,567		2.31
Consumer Finance: 0.16%
Other securities									5,979,104		0.16
Diversified Financial Services: 0.11%
Other securities									4,212,606		0.11
Insurance: 0.09%
Other securities									3,292,298		0.09

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

78 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2015 (unaudited)

CORE BOND PORTFOLIO

Security name						Value			Percent of net assets
Health Care: 0.50%
Pharmaceuticals: 0.50%
Other securities						$	18,240,012			0.50	%
Industrials: 0.32%
Aerospace & Defense: 0.05%
Other securities							1,761,403			0.05
Transportation Infrastructure: 0.27%
Other securities							9,775,390			0.27
Information Technology: 0.09%
Internet Software & Services: 0.09%
Other securities							3,340,177			0.09
Materials: 0.35%
Chemicals: 0.08%
Other securities							2,799,892			0.08
Metals & Mining: 0.27%
Other securities							9,898,008			0.27
Telecommunication Services: 0.19%
Wireless Telecommunication Services: 0.19%
Other securities							7,117,736			0.19
Utilities: 0.26%
Electric Utilities: 0.26%
Other securities							9,550,779			0.26
Total Yankee Corporate Bonds and Notes (Cost $197,731,012)							193,799,156			5.30
Yankee Government Bonds: 1.32%
Other securities							48,344,874			1.32
Total Yankee Government Bonds (Cost $47,763,128)							48,344,874			1.32
	Yield			Shares
Short-Term Investments: 9.10%
Investment Companies: 9.10%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		60,450,000		60,450,000			1.65
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.17			272,482,327		272,482,327			7.45
Total Short-Term Investments (Cost $332,932,327)							332,932,327			9.10
Total investments in securities (Cost $4,115,580,822) *							4,112,047,890			112.40
Other assets and liabilities, net							(453,594,674	)		(12.40	)
Total net assets						$	3,658,453,216			100.00	%

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

Summary portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 79

CORE BOND PORTFOLIO

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

%% Security issued on a when-issued basis

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

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

(l) The issuer of the security is an affiliated person of the Portfolio 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 $4,127,741,800 and unrealized gains (losses) consists of:

Gross unrealized gains	$	23,212,447
Gross unrealized losses		(38,906,357	)
Net unrealized losses	$	(15,693,910	)

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

80 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 29.60%
FHLMC		3.50	%		9-1-2032	$	1,089,107	$	1,140,057
FHLMC		3.50			4-1-2043		1,789,259		1,858,652
FHLMC		3.50			5-1-2044		775,289		804,865
FHLMC		4.00			4-1-2044		943,793		1,009,026
FHLMC		4.00			8-1-2044		732,508		780,795
FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.99			9-25-2029		80,833		84,932
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		1,142,783		1,354,320
FNMA		2.57			9-1-2019		532,014		546,376
FNMA		2.57			9-1-2019		532,524		546,900
FNMA		2.73			1-1-2023		580,000		590,110
FNMA		2.73			9-1-2023		597,691		602,295
FNMA		2.76			4-1-2021		1,094,164		1,127,698
FNMA		2.78			10-1-2020		550,000		567,147
FNMA (a)		2.85			1-1-2046		590,000		592,213
FNMA		2.96			6-1-2022		523,758		542,940
FNMA		3.00			12-1-2032		72,325		74,581
FNMA		3.03			11-1-2022		589,091		610,948
FNMA		3.31			6-1-2021		550,000		576,859
FNMA		3.50			9-1-2032		2,080,684		2,188,167
FNMA		3.50			10-1-2032		1,026,915		1,080,293
FNMA		3.50			11-1-2042		391,268		406,258
FNMA		3.50			11-1-2042		570,397		592,062
FNMA		3.50			2-1-2043		288,555		299,620
FNMA		5.00			9-1-2033		288,945		320,333
FNMA		5.50			2-1-2036		479,987		511,798
FNMA Series 2002-90 Class A2		6.50			11-25-2042		481,494		542,865
FNMA Series 2002-T4 Class A2		7.00			12-25-2041		224,519		257,376
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		2,066,505		2,273,179
FNMA Series 2003-86 Class PT		4.50			9-25-2018		264,113		272,983
FNMA Series 2003-W4 Class 3A ±		6.54			10-25-2042		301,522		342,033
FNMA Series 2004-T2 Class 1A1		6.00			11-25-2043		901,816		1,004,850
FNMA Series 2004-T3 Class A1		6.00			2-25-2044		1,245,898		1,418,661
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		207,262		241,871
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,179,876		1,387,431
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		448,638		524,362
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		445,900		465,990
GNMA		6.50			10-15-2023		29,960		34,329
GNMA		6.50			11-15-2023		17,664		20,240
GNMA		6.50			11-15-2023		8,468		9,703
GNMA		6.50			12-15-2023		22,539		25,826
GNMA		6.50			1-15-2024		38,416		44,018
GNMA		7.00			8-15-2027		107,979		124,478
SBA Series 2006-20B Class 1		5.35			2-1-2026		648,053		707,349
SBA Series 2006-20H Class 1		5.70			8-1-2026		351,946		391,494
SBA Series 2007-20J Class 1		5.57			10-1-2027		764,473		857,417
SBA Series 2013-20A Class 1		2.13			1-1-2033		517,979		508,934
SBA Series 2013-20J Class 1		3.37			10-1-2033		541,725		565,261
SBA Series 2014-10A Class 1		3.19			3-10-2024		737,768		768,286
SBA Series 2014-10B Class 1		3.02			9-10-2024		1,130,745		1,171,878
SBA Series 2014-20A Class 1		3.46			1-1-2034		457,566		480,403

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 81

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
SBA Series 2015-10B Class 1		2.83	%		9-10-2025	$	590,000	$	599,517
SBA Series 2015-20C Class 1		2.72			3-1-2035		571,686		576,359
SBA Series 2015-20E Class 1		2.77			5-1-2035		880,926		888,076
SBA Series 2015-20F Class 1		2.98			6-1-2035		600,000		610,567
Total Agency Securities (Cost $34,757,847)									35,924,981
Asset-Backed Securities: 3.74%
American Express Credit Accounts Series 2014-2 Class A		1.26			1-15-2020		570,000		570,600
Barclays Dryrock Issuance Trust Series 2014-3 Class A		2.41			7-15-2022		570,000		577,923
Capital Auto Receivables Asset Trust Series 2014-2 Class A3		1.26			5-21-2018		550,000		549,842
Capital Auto Receivables Asset Trust Series 2014-3 Class A3		1.48			11-20-2018		570,000		569,965
CNH Equipment Trust Series 2014-A Class A3		0.84			5-15-2019		550,000		548,771
CNH Equipment Trust Series 2015-A Class A4		1.85			4-15-2021		580,000		579,199
Green Tree Financial Corporation Series 1997-7 Class A8 ±		6.86			7-15-2028		21,303		21,456
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 ±		0.90			10-25-2035		650,725		635,856
South Carolina Student Loan Corporation Series 2014-1 Class B ±		1.74			8-1-2035		500,000		479,860
Total Asset-Backed Securities (Cost $4,535,609)									4,533,472
Corporate Bonds and Notes: 31.82%
Consumer Discretionary: 4.17%
Automobiles: 0.34%
General Motors Company		4.88			10-2-2023		400,000		414,003
Diversified Consumer Services: 2.31%
Massachusetts Institute of Technology		3.96			7-1-2038		200,000		208,941
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		779,351
Northwestern University		4.64			12-1-2044		350,000		397,498
Service Corporation International		5.38			1-15-2022		360,000		378,000
The President and Fellows of Harvard College		3.53			10-1-2031		250,000		244,168
The President and Fellows of Harvard College		5.63			10-1-2038		250,000		310,912
Trustee of Dartmouth College		4.75			6-1-2019		440,000		480,467
									2,799,337
Media: 1.20%
CCO Safari II LLC 144A		4.91			7-23-2025		325,000		330,067
DIRECTV Holdings LLC		2.40			3-15-2017		400,000		404,750
Lamar Media Corporation		5.88			2-1-2022		315,000		329,963
Time Warner Incorporated		3.40			6-15-2022		140,000		140,326
Time Warner Incorporated		3.60			7-15-2025		260,000		257,380
									1,462,486
Specialty Retail: 0.11%
Home Depot Incorporated		2.63			6-1-2022		130,000		130,134
Textiles, Apparel & Luxury Goods: 0.21%
The William Carter Company		5.25			8-15-2021		250,000		256,875

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

82 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 1.21%
Food & Staples Retailing: 0.76%
CVS Caremark Corporation		4.00	%		12-5-2023	$	275,000	$	289,394
CVS Health Corporation		3.50			7-20-2022		120,000		123,266
SABMiller Holdings Incorporated 144A		3.75			1-15-2022		500,000		514,647
									927,307
Food Products: 0.25%
Kraft Foods Group Incorporated		3.50			6-6-2022		300,000		304,896
Household Products: 0.20%
The Procter & Gamble Company		5.50			2-1-2034		200,000		239,458
Energy: 3.15%
Energy Equipment & Services: 0.13%
Halliburton Company		3.80			11-15-2025		160,000		161,159
Oil, Gas & Consumable Fuels: 3.02%
Chevron Corporation		3.19			6-24-2023		250,000		255,526
Cimarex Energy Company		5.88			5-1-2022		350,000		368,429
Columbia Pipeline Group Incorporated 144A		2.45			6-1-2018		210,000		208,889
Concho Resources Incorporated		6.50			1-15-2022		375,000		382,500
ConocoPhillips Company		3.35			11-15-2024		370,000		364,974
EQT Corporation		8.13			6-1-2019		400,000		456,072
Florida Gas Transmission Company 144A		4.35			7-15-2025		230,000		222,548
Marathon Oil Corporation		3.85			6-1-2025		410,000		367,573
Newfield Exploration Company		5.63			7-1-2024		249,000		234,683
Pioneer Natural Resource Company %%		4.45			1-15-2026		190,000		189,789
Plains All American Pipeline LP		4.65			10-15-2025		400,000		373,103
Southwestern Energy Company «		4.95			1-23-2025		290,000		238,941
									3,663,027
Financials: 12.22%
Banks: 4.59%
Bank of America Corporation		2.60			1-15-2019		155,000		156,712
Bank of America Corporation		3.95			4-21-2025		120,000		118,700
Bank of America Corporation		4.00			4-1-2024		700,000		723,450
Chase Capital VI ±		0.95			8-1-2028		1,000,000		840,000
Citigroup Incorporated		3.30			4-27-2025		130,000		128,538
Citigroup Incorporated		4.40			6-10-2025		100,000		101,696
Citigroup Incorporated		6.13			11-21-2017		435,000		472,388
CoreStates Capital Trust II ±144A		0.97			1-15-2027		750,000		648,863
Manufacturers & Traders Trust Company ±		5.59			12-28-2020		758,000		752,458
National Capital Commerce Incorporated ±(i)		1.31			4-1-2027		400,000		333,000
NTC Capital Trust Series A ±		0.84			1-15-2027		450,000		378,000
UBS Preferred Funding Trust V Series 1 ±		6.24			5-29-2049		700,000		710,500
US Bancorp		2.95			7-15-2022		200,000		200,368
									5,564,673

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 83

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets: 1.52%
Goldman Sachs Capital II ±		4.00	%		12-31-2049	$	115,000	$	82,225
Goldman Sachs Group Incorporated		3.50			1-23-2025		265,000		263,558
Goldman Sachs Group Incorporated		4.25			10-21-2025		120,000		120,353
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		229,439
Morgan Stanley		3.70			10-23-2024		100,000		101,734
Morgan Stanley		3.95			4-23-2027		180,000		176,116
Morgan Stanley		5.50			7-24-2020		350,000		393,498
State Street Corporation		3.55			8-18-2025		220,000		226,875
The Bank of New York Mellon Corporation		3.25			9-11-2024		250,000		252,055
									1,845,853
Consumer Finance: 0.44%
American Honda Finance Corporation		2.45			9-24-2020		120,000		120,631
Caterpillar Financial Services Corporation		3.75			11-24-2023		150,000		155,625
Daimler Finance North America LLC 144A		2.38			8-1-2018		260,000		261,510
									537,766
Diversified Financial Services: 1.19%
Abay Leasing 2014 LLC		2.65			11-9-2026		527,083		534,816
ABB Treasury Center USA Incorporated 144A		4.00			6-15-2021		510,000		530,473
CNH Industrial Capital LLC		3.38			7-15-2019		390,000		374,888
									1,440,177
Insurance: 1.47%
ACE INA Holdings Incorporated		2.88			11-3-2022		110,000		109,354
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		804,076
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		645,646
Pacific LifeCorp 144A		6.00			2-10-2020		200,000		223,830
									1,782,906
REITs: 3.01%
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		187,286
AvalonBay Communities Incorporated		3.63			10-1-2020		40,000		41,703
Boston Properties LP		3.70			11-15-2018		180,000		187,095
Boston Properties LP		5.88			10-15-2019		200,000		224,111
Duke Realty LP		3.88			10-15-2022		150,000		150,890
ERP Operating LP		4.63			12-15-2021		470,000		512,743
Liberty Property LP		3.75			4-1-2025		100,000		96,630
Liberty Property LP		6.63			10-1-2017		400,000		431,410
Potlatch Corporation		7.50			11-1-2019		310,000		345,263
ProLogis LP		3.75			11-1-2025		170,000		170,270
Realty Income Corporation		4.65			8-1-2023		370,000		387,567
Simon Property Group LP		3.38			10-1-2024		300,000		302,432
UDR Incorporated		4.63			1-10-2022		260,000		278,712
Ventas Realty LP		3.50			2-1-2025		150,000		143,725
Vornado Realty LP		2.50			6-30-2019		200,000		198,094
									3,657,931

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

84 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 2.23%
Health Care Equipment & Supplies: 0.35%
Becton Dickinson & Company		3.73	%		12-15-2024	$	290,000	$	295,375
Medtronic Incorporated		3.15			3-15-2022		130,000		132,023
									427,398
Health Care Providers & Services: 1.35%
Allina Health System Incorporated		4.81			11-15-2045		235,000		243,144
Howard Hughes Medical Institute		3.50			9-1-2023		120,000		125,518
Memorial Sloan Kettering Cancer Center		4.20			7-1-2055		375,000		352,761
Texas Health Resources		4.33			11-15-2055		375,000		360,468
The New York and Presbyterian Hospital		4.02			8-1-2045		175,000		165,620
UnitedHealth Group Incorporated		3.75			7-15-2025		380,000		394,114
									1,641,625
Life Sciences Tools & Services: 0.13%
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		150,000		150,310
Pharmaceuticals: 0.40%
Bayer US Finance LLC 144A		3.38			10-8-2024		240,000		241,450
EMD Finance LLC 144A		2.95			3-19-2022		250,000		241,118
									482,568
Industrials: 3.38%
Aerospace & Defense: 0.37%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		100,000		100,052
Lockheed Martin Corporation		3.55			1-15-2026		160,000		161,550
United Technologies Corporation		3.10			6-1-2022		180,000		183,983
									445,585
Air Freight & Logistics: 0.19%
FedEx Corporation		4.00			1-15-2024		225,000		236,100
Commercial Services & Supplies: 0.49%
Clean Harbors Incorporated		5.25			8-1-2020		350,000		354,865
Waste Management Incorporated		3.13			3-1-2025		240,000		233,751
									588,616
Machinery: 1.45%
Actuant Corporation		5.63			6-15-2022		425,000		430,844
Briggs & Stratton Corporation		6.88			12-15-2020		350,000		380,625
Deere & Company		2.60			6-8-2022		340,000		337,131
Oshkosh Corporation		5.38			3-1-2022		375,000		378,750
Valmont Industries Incorporated		5.00			10-1-2044		260,000		226,259
									1,753,609
Road & Rail: 0.58%
Burlington Northern Santa Fe LLC		3.05			9-1-2022		100,000		100,291
Burlington Northern Santa Fe LLC		3.40			9-1-2024		150,000		150,200

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 85

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Road & Rail (continued)
Burlington Northern Santa Fe LLC		3.45	%		9-15-2021	$	250,000	$	257,592
Union Pacific Corporation		7.88			1-15-2019		171,000		199,137
									707,220
Transportation Infrastructure: 0.30%
Vessel Management Service		3.43			8-15-2036		356,000		362,792
Information Technology: 0.99%
Electronic Equipment, Instruments & Components: 0.23%
Jabil Circuit Incorporated		8.25			3-15-2018		250,000		278,750
IT Services: 0.09%
Fiserv Incorporated		4.75			6-15-2021		100,000		107,943
Software: 0.36%
Oracle Corporation		2.50			5-15-2022		220,000		218,150
Oracle Corporation		3.40			7-8-2024		220,000		224,248
									442,398
Technology Hardware, Storage & Peripherals: 0.31%
Hewlett Packard Enterprise Company 144A		4.90			10-15-2025		375,000		370,245
Materials: 1.47%
Chemicals: 0.37%
Ecolab Incorporated		4.35			12-8-2021		330,000		354,872
Valspar Corporation		3.30			2-1-2025		100,000		95,719
									450,591
Containers & Packaging: 0.57%
Ball Corporation		5.00			3-15-2022		350,000		354,375
Sealed Air Corporation 144A		6.50			12-1-2020		300,000		333,000
									687,375
Metals & Mining: 0.25%
Alcoa Incorporated		5.40			4-15-2021		300,000		301,875
Paper & Forest Products: 0.28%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		343,665
Telecommunication Services: 0.63%
Diversified Telecommunication Services: 0.63%
AT&T Incorporated		4.75			5-15-2046		280,000		262,752
Verizon Communications Incorporated		3.50			11-1-2024		110,000		110,391
Verizon Communications Incorporated		5.15			9-15-2023		350,000		391,366
									764,509

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

86 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Utilities: 2.37%
Electric Utilities: 2.05%
Entergy Texas Incorporated		7.13	%		2-1-2019	$	250,000	$	284,867
Great River Energy 144A		5.83			7-1-2017		261,811		269,417
IPALCO Enterprises Incorporated		3.45			7-15-2020		350,000		344,750
ITC Holdings Corporation		3.65			6-15-2024		120,000		119,028
Monongahela Power Company 144A		4.10			4-15-2024		380,000		391,861
Northern States Power Company of Wisconsin		3.30			6-15-2024		370,000		375,412
Otter Tail Corporation (i)		9.00			12-15-2016		350,000		375,249
PacifiCorp		3.35			7-1-2025		130,000		131,973
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		200,000		200,930
									2,493,487
Gas Utilities: 0.32%
AmeriGas Finance LLC		7.00			5-20-2022		375,000		386,250
Total Corporate Bonds and Notes (Cost $38,171,537)									38,610,899
Municipal Obligations: 8.28%
Arizona: 0.94%
Arizona School Facilities Board Refunding Certificates of Participation Series A-3 (Miscellaneous Revenue)		2.38			9-1-2019		235,000		235,872
Maricopa County AZ Elementary School District #28 Kyrene Elementary Build America Bonds Series D (GO Revenue)		5.38			7-1-2019		800,000		904,832
									1,140,704
Arkansas: 0.30%
Arkansas Taxable Bond Amendment 82 Series A (GO Revenue)		2.61			7-1-2021		350,000		362,268
California: 0.21%
California Build America Bonds (GO Revenue)		6.88			11-1-2026		200,000		260,814
Georgia: 0.49%
Cherokee County GA School System Build America Bonds (GO Revenue)		5.87			8-1-2028		500,000		592,395
Indiana: 0.34%
Indiana Housing & CDA Series A-2 (Housing Revenue, GNMA/FNMA/FHLMC Insured)		5.51			1-1-2039		110,000		111,745
Indianapolis In Local Public Improvement Bond Bank Build America Bonds (Miscellaneous Revenue)		5.85			1-15-2030		250,000		297,345
									409,090
Kentucky: 0.07%
Kentucky Housing Corporation Series D (Housing Revenue)		5.75			7-1-2037		85,000		86,184
Maryland: 0.24%
Baltimore County MD (GO Revenue)		3.57			8-1-2032		300,000		295,554
Massachusetts: 0.80%
Boston MA Series C Qualified School Construction Bonds (GO Revenue)		4.40			4-1-2026		400,000		437,476
Massachusetts Build America Bonds Series D (GO Revenue)		4.50			8-1-2031		500,000		539,250
									976,726

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 87

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Minnesota: 0.24%
Minnetonka MN Independent School District #276 Series E (GO Revenue, South Dakota Credit Program Insured)		2.55	%		1-1-2024	$	290,000	$	287,898
Missouri: 0.30%
Missouri Higher Education Loan Authority Notes Class A-1 (Education Revenue) ±		1.24			8-27-2029		365,367		362,444
New Hampshire: 0.02%
New Hampshire HFA SFMR Series D (Housing Revenue)		5.53			7-1-2037		25,000		25,040
New Jersey: 0.99%
Hudson County NJ Improvement Authority Hudson County Lease Project (Miscellaneous Revenue, AGM Insured)		7.40			12-1-2025		1,030,000		1,196,469
North Carolina: 0.31%
Duke University North Carolina Series A (Education Revenue)		5.85			4-1-2037		300,000		371,901
Ohio: 0.54%
Cuyahoga County OH Build America Bonds Series B (GO Revenue)		6.03			12-1-2034		325,000		394,180
Ohio Veterans Compensation (GO Revenue)		3.38			10-1-2021		250,000		263,855
									658,035
Oklahoma: 0.33%
Oklahoma Water Resource Board Revolving Fund Series A (Water & Sewer Revenue)		3.27			4-1-2023		375,000		395,490
Texas: 0.73%
Clear Creek TX Independent School District Taxable Refunding Series B (GO Revenue)		3.40			2-15-2022		375,000		396,585
Harris County TX Taxable Refunding Permanent Improvement Series B (GO Revenue)		2.12			10-1-2021		500,000		493,300
									889,885
Washington: 0.88%
King County WA Build America Bonds Recovery Zone Economic Development Taxable Bond Series C (GO Revenue)		5.03			12-1-2023		230,000		261,597
King County WA School District #210 Federal Way Build America Bonds (GO Revenue, AGM Insured)		4.90			12-1-2022		400,000		435,048
Washington Build America Bonds (GO Revenue)		5.09			8-1-2033		325,000		373,711
									1,070,356
West Virginia: 0.45%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25			3-1-2035		500,000		546,425
Wisconsin: 0.10%
Milwaukee County WI Taxable Pension Promissory Notes Series A (GO Revenue)		6.84			12-1-2028		90,000		115,988
Total Municipal Obligations (Cost $9,494,402)									10,043,666
Non-Agency Mortgage-Backed Securities: 11.44%
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21			7-10-2046		700,000		752,225
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15			8-15-2045		550,000		561,832
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		620,000		620,337
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62			10-10-2046		550,000		580,040
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±		4.19			11-10-2023		600,000		646,695

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

88 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Credit Suisse First Boston Commercial Mortgage Trust Series 2004-AR5 Class 10A1 ±		2.66	%		6-25-2034	$	605,187	$	614,025
Credit Suisse First Boston Commercial Mortgage Trust Series 2007-C1 Class AAB		5.34			2-15-2040		152,278		153,384
GE Equipment Transportation LLC Series 2015-1 Class A4		1.77			5-23-2023		500,000		500,000
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		500,000		547,482
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71			8-10-2044		545,000		575,907
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38			5-10-2045		560,000		580,210
GS Mortgage Securities Trust Series 2013-GC10 Class AAB		2.56			2-10-2046		212,500		213,023
GS Mortgage Securities Trust Series 2013-GC12 Class AAB		2.68			6-10-2046		212,500		213,837
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		615,000		664,823
GS Mortgage Securities Trust Series 2013-GC16 Class A4		4.27			11-10-2046		350,000		379,015
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07			11-15-2043		395,000		419,284
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C12 Class ASB		3.16			7-15-2045		550,000		565,455
MMAF Equipment Finance LLC Series 2015-AA Class A4 144A		1.93			7-16-2021		500,000		499,862
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65			4-15-2047		550,000		576,097
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		500,000		548,011
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12			7-15-2049		530,000		568,563
Motel 6 Trust Series 2015-MTL6 Class B 144A		3.30			2-5-2030		500,000		496,972
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 ±144A		6.50			10-25-2034		1,040,007		1,033,620
Sequoia Mortgage Trust Series 10 Class 1A ±		1.01			10-20-2027		283,045		276,440
Structured Asset Securities Corporation Series 2007-RM1 Class A1 ±144A(i)(a)		0.50			5-25-2047		1,979,516		1,296,583
Total Non-Agency Mortgage-Backed Securities (Cost $14,551,101)									13,883,722
U.S. Treasury Securities: 5.75%
TIPS		0.38			7-15-2025		1,234,219		1,207,413
U.S. Treasury Bond		2.50			2-15-2045		1,370,000		1,235,889
U.S. Treasury Bond		2.88			8-15-2045		3,000,000		2,933,085
U.S. Treasury Bond		3.00			11-15-2045		790,000		792,564
U.S. Treasury Note		2.00			8-15-2025		830,000		813,822
Total U.S. Treasury Securities (Cost $7,067,568)									6,982,773
Yankee Corporate Bonds and Notes: 5.58%
Consumer Discretionary: 0.29%
Media: 0.29%
Pearson Dollar Finance Two plc 144A		6.25			5-6-2018		325,000		353,821
Energy: 2.21%
Energy Equipment & Services: 0.45%
Ensco plc		4.70			3-15-2021		160,000		139,872
Schlumberger Norge AS 144A		4.20			1-15-2021		380,000		405,689
									545,561
Oil, Gas & Consumable Fuels: 1.76%
BP Capital Markets plc		3.81			2-10-2024		110,000		113,226
BP Capital Markets plc		4.50			10-1-2020		350,000		382,883
Petroleos Mexicanos		2.29			2-15-2024		233,750		235,575
Petroleos Mexicanos		2.83			2-15-2024		488,750		503,123
Petroleos Mexicanos		6.38			1-23-2045		250,000		231,875
Statoil ASA		3.25			11-10-2024		310,000		310,458

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 89

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Total Capital International SA		3.70	%		1-15-2024	$	200,000	$	207,068
Weatherford International Limited		4.50			4-15-2022		190,000		149,150
									2,133,358
Financials: 1.06%
Banks: 0.21%
Credit Suisse AG (New York)		3.63			9-9-2024		250,000		252,148
Diversified Financial Services: 0.85%
Shell International Finance BV		3.25			5-11-2025		200,000		198,938
Shell International Finance BV		3.40			8-12-2023		370,000		377,208
Tyco Electronics Group SA		3.50			2-3-2022		450,000		459,351
									1,035,497
Health Care: 0.19%
Pharmaceuticals: 0.19%
Actavis Funding SCS		4.55			3-15-2035		230,000		226,258
Industrials: 0.53%
Aerospace & Defense: 0.41%
BAE Systems plc 144A		4.75			10-11-2021		470,000		502,533
Road & Rail: 0.12%
Canadian Pacific Railway Company		2.90			2-1-2025		150,000		141,156
Information Technology: 0.54%
Semiconductors & Semiconductor Equipment: 0.31%
TSMC Global Limited 144A		1.63			4-3-2018		380,000		373,134
Technology Hardware, Storage & Peripherals: 0.23%
Seagate HDD (Cayman)		4.75			6-1-2023		325,000		287,064
Materials: 0.44%
Metals & Mining: 0.44%
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		370,000		376,794
Teck Resources Limited		3.00			3-1-2019		240,000		161,550
									538,344
Telecommunication Services: 0.32%
Wireless Telecommunication Services: 0.32%
Rogers Communications Incorporated		4.10			10-1-2023		370,000		385,614
Total Yankee Corporate Bonds and Notes (Cost $6,817,312)									6,774,488
Yankee Government Bonds: 0.80%
Hashemite Kingdom of Jordan		3.00			6-30-2025		950,000		975,693
Total Yankee Government Bonds (Cost $950,000)									975,693

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

90 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 3.67%
Investment Companies: 3.67%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%		236,500	$	236,500
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.17			4,211,422		4,211,422
Total Short-Term Investments (Cost $4,447,922)							4,447,922

Total investments in securities (Cost $120,793,298) *	100.68	%		122,177,616
Other assets and liabilities, net	(0.68	)		(821,055	)
Total net assets	100.00	%	$	121,356,561

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

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

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

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

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

(i) Illiquid security

(l) The issuer of the security is an affiliated person of the Portfolio 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.

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

* Cost for federal income tax purposes is $120,803,524 and unrealized gains (losses) consists of:

Gross unrealized gains	$	3,456,556
Gross unrealized losses		(2,082,464	)
Net unrealized gains	$	1,374,092

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 91

REAL RETURN PORTFOLIO

Security name	Shares		Value
Common Stocks: 12.58%
Consumer Staples: 1.53%
Food Products: 0.70%
Biostime International Holdings Limited		176,000	$	296,456
Marine Harvest ASA		4,555		61,586
				358,042
Household Products: 0.83%
Reckitt Benckiser Group plc		4,568		428,615
Energy: 2.16%
Oil, Gas & Consumable Fuels: 2.16%
BP plc		101,076		586,468
Eni SpA		32,056		522,256
				1,108,724
Financials: 4.48%
REITs: 4.48%
American Tower Corporation		3,884		385,992
AvalonBay Communities Incorporated		1,488		270,504
Boston Properties Incorporated		1,800		224,982
General Growth Properties Incorporated		9,274		236,209
Host Hotels & Resorts Incorporated		9,905		164,423
Mid-America Apartment Communities Incorporated		1,710		151,438
Physicians Realty Trust		8,414		134,708
Prologis Incorporated		3,676		157,149
Public Storage Incorporated		916		219,895
Simon Property Group Incorporated		1,345		250,493
Ventas Incorporated		1,922		102,519
				2,298,312
Materials: 4.41%
Chemicals: 2.60%
Akzo Nobel NV		8,858		630,042
Nitto Denko Corporation		10,400		700,881
				1,330,923
Metals & Mining: 1.81%
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares		6,000		158,700
Detour Gold Corporation †		4,400		45,830
Franco-Nevada Corporation		2,050		98,536
Fresnillo plc		7,800		83,995
Goldcorp Incorporated-U.S. Exchange Traded Shares		12,000		141,720
Newmont Mining Corporation		6,600		121,506
Randgold Resources Limited ADR «		2,850		172,710

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

92 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name						Shares		Value
Metals & Mining (continued)
Royal Gold Incorporated							1,760	$	63,272
Tahoe Resources Incorporated							4,800		42,233
									928,502
Total Common Stocks (Cost $6,733,020)									6,453,118
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 10.08%
Consumer Discretionary: 3.56%
Auto Components: 0.50%
Goodyear Tire & Rubber Company		8.25	%		8-15-2020	$	125,000		130,213
Tenneco Incorporated		6.88			12-15-2020		125,000		129,375
									259,588
Diversified Consumer Services: 0.15%
Service Corporation International		7.00			6-15-2017		70,000		75,250
Hotels, Restaurants & Leisure: 0.32%
Hilton Worldwide Finance LLC		5.63			10-15-2021		50,000		52,060
MGM Resorts International		7.63			1-15-2017		105,000		110,775
									162,835
Household Durables: 0.72%
DR Horton Incorporated		3.63			2-15-2018		135,000		136,688
Jarden Corporation		7.50			5-1-2017		120,000		128,100
Tempur Sealy International Incorporated		6.88			12-15-2020		100,000		105,875
									370,663
Media: 0.91%
CCO Holdings LLC		7.38			6-1-2020		125,000		130,313
CSC Holdings LLC		7.63			7-15-2018		75,000		78,375
DISH DBS Corporation		4.25			4-1-2018		130,000		129,350
Gannett Company Incorporated		5.13			10-15-2019		50,000		52,000
Nexstar Broadcasting Group Incorporated		6.88			11-15-2020		75,000		76,406
									466,444
Specialty Retail: 0.71%
Best Buy Company Incorporated		5.00			8-1-2018		100,000		104,000
Limited Brands Incorporated		6.90			7-15-2017		120,000		128,850
Sally Holdings Incorporated		6.88			11-15-2019		125,000		129,525
									362,375
Textiles, Apparel & Luxury Goods: 0.25%
HanesBrands Incorporated		6.38			12-15-2020		125,000		129,219

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 93

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.50%
Food Products: 0.25%
Smithfield Foods Incorporated		7.75	%		7-1-2017	$	120,000	$	128,850
Household Products: 0.25%
Spectrum Brands Incorporated		6.38			11-15-2020		120,000		128,400
Energy: 1.03%
Energy Equipment & Services: 0.38%
SESI LLC		6.38			5-1-2019		70,000		68,075
Targa Resources Partners 144A		5.00			1-15-2018		130,000		127,725
									195,800
Oil, Gas & Consumable Fuels: 0.65%
Kinder Morgan Incorporated		7.00			6-15-2017		60,000		62,550
Sabine Pass LNG LP		7.50			11-30-2016		65,000		66,300
Tesoro Corporation		4.25			10-1-2017		65,000		66,463
Tesoro Logistics LP		5.88			10-1-2020		65,000		66,788
WPX Energy Incorporated		5.25			1-15-2017		70,000		69,300
									331,401
Financials: 1.50%
Banks: 0.26%
CIT Group Incorporated		4.25			8-15-2017		130,000		132,560
Consumer Finance: 1.05%
Ally Financial Incorporated		6.25			12-1-2017		125,000		131,875
General Motors Financial Company Incorporated		3.25			5-15-2018		135,000		136,279
SLM Corporation		4.63			9-25-2017		130,000		130,000
Toll Brothers Finance Corporation		4.00			12-31-2018		135,000		139,725
									537,879
REITs: 0.19%
ARC Properties Operating Partnership LP		2.00			2-6-2017		100,000		98,750
Health Care: 0.52%
Health Care Providers & Services: 0.52%
Fresenius Medical Care Holdings Incorporated		6.88			7-15-2017		125,000		134,375
HCA Incorporated		8.00			10-1-2018		115,000		129,088
									263,463
Industrials: 0.93%
Building Products: 0.18%
USG Corporation		9.75			1-15-2018		80,000		89,800
Diversified Consumer Services: 0.13%
ADT Corporation		2.25			7-15-2017		70,000		69,125

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

94 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Machinery: 0.36%
Case New Holland Industrial Incorporated		7.88	%		12-1-2017	$	65,000	$	69,540
Manitowoc Company Incorporated		8.50			11-1-2020		30,000		31,200
SPX Flow Incorporated		6.88			9-1-2017		80,000		84,600
									185,340
Trading Companies & Distributors: 0.26%
United Rentals North America Incorporated		7.38			5-15-2020		125,000		132,500
Information Technology: 0.46%
Communications Equipment: 0.20%
ViaSat Incorporated		6.88			6-15-2020		100,000		103,761
Internet Software & Services: 0.26%
IAC/InterActiveCorp		4.88			11-30-2018		130,000		133,088
Materials: 0.70%
Chemicals: 0.16%
Ashland Incorporated		3.88			4-15-2018		80,000		81,900
Containers & Packaging: 0.51%
Crown Americas LLC		6.25			2-1-2021		125,000		129,214
Owens-Illinois Incorporated		7.80			5-15-2018		120,000		133,200
									262,414
Metals & Mining: 0.03%
US Steel Corporation		7.00			2-1-2018		25,000		15,500
Telecommunication Services: 0.64%
Diversified Telecommunication Services: 0.28%
Frontier Communications Corporation		8.13			10-1-2018		60,000		62,775
Hughes Satelite Systems Corporation		6.50			6-15-2019		75,000		81,000
									143,775
Wireless Telecommunication Services: 0.36%
SBA Communications Corporation		5.63			10-1-2019		80,000		83,200
T-Mobile USA Incorporated		6.46			4-28-2019		100,000		102,750
									185,950
Utilities: 0.24%
Independent Power & Renewable Electricity Producers: 0.24%
NRG Energy Incorporated		7.63			1-15-2018		120,000		124,800
Total Corporate Bonds and Notes (Cost $5,227,053)									5,171,430
Loans: 4.07%
Consumer Discretionary: 0.43%
Media: 0.17%
Virgin Media Investment Holdings Limited ±		3.50			6-30-2023		90,898		89,444

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 95

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Multiline Retail: 0.26%
Michaels Stores Incorporated ±		3.75	%		1-28-2020	$	133,629	$	132,245
Financials: 0.26%
Diversified Financial Services: 0.26%
Delos Finance SARL ±		3.50			3-6-2021		135,000		134,353
Health Care: 0.51%
Health Care Providers & Services: 0.40%
Community Health Systems Incorporated ±		3.66			12-31-2018		133,987		131,441
Iasis Healthcare LLC ±		4.50			5-3-2018		74,616		73,451
									204,892
Pharmaceuticals: 0.11%
Valeant Pharmaceuticals International Incorporated ±		3.50			2-13-2019		60,000		56,475
Industrials: 1.46%
Aerospace & Defense: 0.23%
TransDigm Incorporated ±		3.75			2-28-2020		119,134		116,057
Airlines: 0.26%
Delta Air Lines Incorporated ±		3.25			8-24-2022		135,000		134,606
Commercial Services & Supplies: 0.78%
Hertz Corporation ±		3.00			3-11-2018		133,629		131,709
KAR Auction Services Incorporated ±		3.50			3-11-2021		133,477		132,643
ServiceMaster Company ±		4.25			7-1-2021		133,985		133,052
									397,404
Diversified Consumer Services: 0.19%
NXP BV ±<		0.00			10-30-2020		100,000		99,375
Information Technology: 0.38%
Communications Equipment: 0.25%
Cequel Communications LLC ±		3.50			2-14-2019		130,495		128,537
Internet Software & Services: 0.13%
Zayo Group LLC ±		3.75			5-6-2021		69,472		68,614
Materials: 0.51%
Chemicals: 0.25%
Ineos US Finance LLC ±		3.75			12-15-2020		133,646		129,053
Containers & Packaging: 0.26%
Berry Plastics Group Incorporated ±		3.50			2-8-2020		133,629		131,068

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

96 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.52%
Diversified Telecommunication Services: 0.52%
Level 3 Financing Incorporated ±		3.50	%		5-31-2022	$	135,000	$	133,583
West Corporation ±		3.25			6-30-2018		135,000		132,806
									266,389
Total Loans (Cost $2,112,047)									2,088,512
U.S. Treasury Securities: 65.92%
TIPS		0.13			4-15-2017		670,509		669,636
TIPS		0.13			4-15-2018		1,410,278		1,410,260
TIPS		0.13			4-15-2019		2,142,747		2,136,750
TIPS		0.13			4-15-2020		975,485		967,458
TIPS		0.13			1-15-2022		1,534,971		1,499,155
TIPS		0.13			7-15-2022		1,671,137		1,633,580
TIPS		0.13			1-15-2023		1,448,429		1,400,524
TIPS		0.13			7-15-2024		1,538,300		1,475,407
TIPS		0.25			1-15-2025		1,557,223		1,501,219
TIPS		0.38			7-15-2023		1,451,964		1,431,716
TIPS		0.38			7-15-2025		1,364,665		1,335,026
TIPS		0.63			7-15-2021		1,414,759		1,435,538
TIPS		0.63			1-15-2024		1,499,150		1,496,748
TIPS		0.63			2-15-2043		445,050		384,829
TIPS		0.75			2-15-2042		679,243		609,497
TIPS		0.75			2-15-2045		884,196		787,740
TIPS		1.13			1-15-2021		1,321,665		1,372,328
TIPS		1.25			7-15-2020		976,552		1,021,515
TIPS		1.38			7-15-2018		1,064,868		1,105,674
TIPS		1.38			1-15-2020		632,730		661,409
TIPS		1.38			2-15-2044		755,555		785,581
TIPS		1.63			1-15-2018		613,359		634,124
TIPS		1.75			1-15-2028		675,831		749,952
TIPS		1.88			7-15-2019		523,796		558,102
TIPS		2.00			1-15-2026		719,346		809,059
TIPS		2.13			1-15-2019		459,957		488,836
TIPS		2.13			2-15-2040		269,730		324,010
TIPS		2.13			2-15-2041		347,715		419,771
TIPS		2.38			1-15-2025		871,049		1,001,967
TIPS		2.38			1-15-2027		648,984		760,731
TIPS		2.50			1-15-2029		509,832		614,327
TIPS		2.63			7-15-2017		597,028		625,153
TIPS		3.38			4-15-2032		201,090		277,132
TIPS		3.63			4-15-2028		426,657		566,626
TIPS		3.88			4-15-2029		622,421		859,954
Total U.S. Treasury Securities (Cost $33,559,816)									33,811,334
Yankee Corporate Bonds and Notes: 0.77%
Consumer Discretionary: 0.20%
Automobiles: 0.20%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		100,000		101,625

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 97

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 0.16%
Banks: 0.16%
Royal Bank of Scotland Group plc		4.70	%		7-3-2018	$	80,000	$	82,957
Health Care: 0.13%
Pharmaceuticals: 0.13%
Mallinckrodt International Finance SA		3.50			4-15-2018		70,000		64,575
Information Technology: 0.04%
Communications Equipment: 0.04%
Nokia Corporation		5.38			5-15-2019		20,000		21,374
Materials: 0.24%
Metals & Mining: 0.24%
ArcelorMittal SA		6.13			6-1-2018		125,000		121,563
Total Yankee Corporate Bonds and Notes (Cost $406,389)									392,094
	Yield					Shares
Short-Term Investments: 6.72%
Investment Companies: 6.67%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					166,050		166,050
Wells Fargo Government Money Market Fund, Select Class (l)(u)		0.04					3,255,779		3,255,779
									3,421,829
						Principal
U.S. Treasury Securities: 0.05%
U.S. Treasury Bill (z)#		0.08			12-17-2015	$	25,000		24,999
Total Short-Term Investments (Cost $3,446,828)									3,446,828

Total investments in securities (Cost $51,485,153) *	100.14	%		51,363,316
Other assets and liabilities, net	(0.14	)		(69,676	)
Total net assets	100.00	%	$	51,293,640

† Non-income-earning security

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

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

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

< All or a portion of the position represents an unfunded loan commitment.

(l) The issuer of the security is an affiliated person of the Portfolio 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.

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

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

* Cost for federal income tax purposes is $51,526,026 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,224,576
Gross unrealized losses		(1,387,286	)
Net unrealized losses	$	(162,710	)

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

98 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 27.91%
FHLMC		6.00	%		7-1-2017	$	10,705	$	10,978
FHLMC		7.50			7-17-2017		13,417		13,580
FHLMC Series T-54 Class 4A ±		3.07			2-25-2043		445,625		479,468
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		549,999		662,697
FHLMC Series T-63 Class 1A1 ±		1.42			2-25-2045		384,879		393,433
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-2043		411,991		482,477
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		606,854		672,116
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		671,385		795,663
FNMA ±		1.42			10-1-2034		237,123		242,987
FNMA ±		1.42			4-1-2044		200,456		205,437
FNMA ±		1.42			10-1-2044		226,745		232,391
FNMA ±		1.48			4-1-2037		250,820		258,018
FNMA ±		1.59			7-1-2017		1,310		1,309
FNMA ±		1.87			9-1-2033		147,202		153,971
FNMA ±		1.90			4-1-2034		348,944		368,421
FNMA ±		1.93			6-1-2033		312,226		327,597
FNMA ±		1.94			10-1-2033		361,064		377,711
FNMA ±		2.03			12-1-2033		256,567		270,320
FNMA ±		2.03			1-1-2036		190,740		201,391
FNMA ±		2.13			6-1-2033		205,586		211,620
FNMA ±		2.16			8-1-2035		246,536		258,819
FNMA ±		2.33			7-1-2035		220,765		235,117
FNMA		5.50			2-1-2017		25,998		26,374
FNMA Series 2003-W4 Class 3A ±		6.54			10-25-2042		251,938		285,788
FNMA Series 2004-W2 Class 2A2		7.00			2-25-2044		194,162		225,319
FNMA Series 2007-88 Class HC ±		2.41			9-25-2037		234,621		243,868
HUD		0.83			8-1-2016		150,000		149,874
Total Agency Securities (Cost $7,286,206)									7,786,744
Asset-Backed Securities: 25.21%
Ally Auto Receivables Trust Series 2013-2 Class A3		0.79			1-15-2018		66,463		66,428
Ally Auto Receivables Trust Series 2014-SN1 Class A3		0.75			2-21-2017		110,000		109,948
Ally Auto Receivables Trust Series 2014-SN2 Class A2B ±		0.51			3-20-2017		72,321		72,297
Ally Auto Receivables Trust Series 2015-1 Class A2		0.92			2-15-2018		130,000		129,871
American Express Credit Account Master Trust Series 2014-4 Class A		1.43			6-15-2020		130,000		130,236
AmeriCredit Automobile Receivables Trust Series 2013-5 Class A3		0.90			9-10-2018		79,007		78,941
AmeriCredit Automobile Receivables Trust Series 2014-1 Class A3		0.90			2-8-2019		98,668		98,534
AmeriCredit Automobile Receivables Trust Series 2014-4 Class A3		1.27			7-8-2019		125,000		124,734
AmeriCredit Automobile Receivables Trust Series 2015-2 Class A3		1.27			1-8-2020		135,000		133,923
Bank of the West Auto Trust Series 2014-1 Class A3 144A		1.09			3-15-2019		125,000		124,769
Bank of the West Auto Trust Series 2015-1 Class A2 144A±		0.55			4-16-2018		100,000		99,906
BMW Vehicle Lease Trust Series 2014-1 Class A3		0.73			2-21-2017		90,384		90,342
Capital Auto Receivables Asset Trust Series 2015-1 Class A2		1.42			6-20-2018		130,000		129,920
Capital Auto Receivables Asset Trust Series 2015-2 Class A1B ±		0.61			10-20-2017		150,000		149,661
Capital One Multi-Asset Execution Trust Series 2014-A2 Class A2		1.26			1-15-2020		100,000		100,150
CarMax Auto Owner Trust Series 2014-1 Class A3		0.79			10-15-2018		101,980		101,735
CarMax Auto Owner Trust Series 2015-1 Class A3		1.38			11-15-2019		130,000		129,655
CarMax Auto Owner Trust Series 2015-3 Class A2B ±		0.65			11-15-2018		140,000		139,886
Chase Issuance Trust Series 2014-A6 Class A6		1.26			7-15-2019		120,000		120,083
Chrysler Capital Auto Receivables Trust Series 2014-AA Class A3 144A		0.83			9-17-2018		68,875		68,792

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 99

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
CNH Equipment Trust Series 2014-A Class A3		0.84	%		5-15-2019	$	100,000	$	99,777
College Loan Corporation Trust Series 2004-1 Class A4 ±		0.51			4-25-2024		110,000		109,388
Fifth Third Auto Trust Series 2014-1 Class A3		0.68			4-16-2018		70,774		70,711
Fifth Third Auto Trust Series 2014-2 Class A3		0.89			11-15-2018		130,000		129,762
Ford Credit Auto Lease Trust Series 2014-A Class A3		0.68			4-15-2017		73,178		73,148
Ford Credit Auto Owner Trust Series 2014-A Class A3		0.79			5-15-2018		162,165		162,080
Ford Credit Auto Owner Trust Series 2014-B Class A3		0.90			10-15-2018		120,000		119,895
Ford Credit Auto Owner Trust Series 2014-C Class A3		1.06			5-15-2019		250,000		249,695
GE Equipment LLC Series 2013-2 Class A3		0.92			9-25-2017		81,513		81,503
GE Equipment Small Ticket LLC Series 2014-1A Class A3 144A		0.95			9-25-2017		110,000		110,003
GM Financial Automobile Lease Series 2014-1A Class A3 144A		1.01			5-22-2017		120,000		119,941
GSAMP Trust Series 2005-SEA2 Class A1 144A±		0.57			1-25-2045		196,657		192,668
Honda Auto Receivables Owner Trust Series 2014-1 Class A3		0.67			11-21-2017		100,000		99,885
Honda Auto Receivables Owner Trust Series 2014-4 Class A3		0.99			9-17-2018		100,000		99,808
Honda Auto Receivables Owner Trust Series 2015-3 Class A2		0.92			11-20-2017		140,000		140,041
Hyundai Auto Lease Securitization Trust Series 2015-A Class A3 144A		1.42			9-17-2018		130,000		130,132
Hyundai Auto Lease Securitization Trust Series 2015-B Class A3 144A		1.40			11-15-2018		140,000		139,536
Hyundai Auto Receivables Trust Series 2014-A Class A3		0.79			7-16-2018		88,535		88,462
Hyundai Auto Receivables Trust Series 2015-A Class A3		1.05			4-15-2019		130,000		129,580
John Deere Owner Trust Series 2014-A Class A3		0.92			4-16-2018		110,000		109,806
John Deere Owner Trust Series 2015-A Class A3		1.32			6-17-2019		130,000		130,059
Mercedes Benz Auto Receivables Trust 2015-1 Class A2B ±		0.47			6-15-2018		130,000		129,891
Mercedes-Benz Auto Lease Trust Series 2015-A Class A3		1.10			8-15-2017		130,000		130,015
Nissan Auto Receivables Owner Trust Series 2014-A Class A3		0.72			8-15-2018		88,346		88,196
Nissan Auto Receivables Owner Trust Series 2014-B Class A3		1.11			5-15-2019		130,000		129,771
Nissan Auto Receivables Owner Trust Series 2015-A Class A3		1.05			10-15-2019		135,000		134,395
Nissan Auto Receivables Owner Trust Series 2015-B Class A2B ±		0.48			7-16-2018		130,000		129,938
Santander Drive Auto Receivables Trust Series 2015-3 Class A2A		1.02			9-17-2018		135,210		135,068
Santander Drive Auto Receivables Trust Series 2015-4 Class A2B ±		0.90			12-17-2018		130,000		129,948
SunTrust Auto Receivables Trust Series 2015-1A Class A2 144A		0.99			6-15-2018		140,000		140,066
Toyota Auto Receivables Owner Trust Series 2014-A Class A3		0.67			12-15-2017		93,514		93,408
Toyota Auto Receivables Owner Trust Series 2014-B Class A3		0.76			3-15-2018		110,000		109,873
Toyota Auto Receivables Owner Trust Series 2015-B Class A2B ±		0.41			11-15-2017		135,000		134,897
Toyota Auto Receivables Owner Trust Series 2015-C Class A2B ±		0.53			2-15-2018		120,000		119,952
Volkswagen Auto Lease Trust Series 2014-A Class A3		0.80			4-20-2017		133,846		133,643
Volkswagen Auto Lease Trust Series 2015-A Class A3		1.25			12-20-2017		130,000		129,003
Volvo Financial Equipment LLC Series 2014-1A Class A3 144A		0.82			4-16-2018		100,000		99,820
Volvo Financial Equipment LLC Series 2015-1A Class A3 144A		1.51			6-17-2019		150,000		150,217
World Omni Auto Receivables Trust 2015-B		0.96			7-15-2019		130,000		129,807
Total Asset-Backed Securities (Cost $7,044,803)									7,033,599
Corporate Bonds and Notes: 22.63%
Consumer Discretionary: 0.58%
Specialty Retail: 0.58%
Lowe’s Companies Incorporated		1.63			4-15-2017		160,000		161,319
Consumer Staples: 2.47%
Beverages: 0.75%
Brown-Forman Corporation		2.50			1-15-2016		120,000		120,236
PepsiCo Incorporated ±		0.57			7-17-2017		90,000		89,986
									210,222

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

100 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Food Products: 1.72%
Cargill Incorporated 144A		1.90	%		3-1-2017	$	114,000	$	114,769
Diageo Capital plc		1.50			5-11-2017		90,000		90,049
General Mills Incorporated		5.70			2-15-2017		85,000		89,487
H.J. Heinz Company 144A		1.60			6-30-2017		90,000		90,089
Kellogg Company		4.45			5-30-2016		94,000		95,592
									479,986
Energy: 0.77%
Oil, Gas & Consumable Fuels: 0.77%
Chevron Corporation ±		0.48			2-22-2017		110,000		109,933
Chevron Corporation		1.34			11-9-2017		30,000		30,045
Marathon Oil Corporation		6.00			10-1-2017		70,000		74,249
									214,227
Financials: 9.42%
Banks: 2.93%
Bank of America Corporation		1.25			1-11-2016		70,000		70,032
Bank of America Corporation		3.88			3-22-2017		70,000		72,130
Branch Banking & Trust Company ±		0.66			9-13-2016		250,000		249,569
Citigroup Incorporated		1.85			11-24-2017		40,000		40,020
Citigroup Incorporated		4.59			12-15-2015		90,000		90,136
HSBC USA Incorporated ±		1.11			8-7-2018		110,000		109,835
JPMorgan Chase & Company		3.15			7-5-2016		120,000		121,620
JPMorgan Chase & Company		6.00			1-15-2018		60,000		65,211
									818,553
Capital Markets: 1.64%
Bank of New York Mellon Corporation		2.50			1-15-2016		115,000		115,286
Goldman Sachs Group Incorporated		2.38			1-22-2018		40,000		40,511
Goldman Sachs Group Incorporated		5.35			1-15-2016		90,000		90,493
Morgan Stanley		4.75			3-22-2017		50,000		52,075
Morgan Stanley		5.55			4-27-2017		115,000		121,374
State Street Corporation		2.88			3-7-2016		37,000		37,230
									456,969
Consumer Finance: 2.36%
American Honda Finance Corporation		0.95			5-5-2017		60,000		59,761
American Honda Finance Corporation		1.13			10-7-2016		50,000		50,118
American Honda Finance Corporation		1.55			12-11-2017		30,000		30,081
BMW Bank North America		0.70			7-18-2016		245,000		245,476
Daimler Finance North America LLC 144A		2.63			9-15-2016		150,000		151,657
Toyota Motor Credit Corporation		2.05			1-12-2017		120,000		121,345
									658,438
Diversified Financial Services: 0.67%
AIG Global Funding 144A		1.65			12-15-2017		100,000		100,166
General Electric Capital Corporation		5.63			9-15-2017		80,000		86,087
									186,253

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 101

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Insurance: 0.61%
MetLife Global Funding 144A		3.13	%		1-11-2016	$	100,000	$	100,266
New York Life Global Funding 144A		1.55			11-2-2018		70,000		69,601
									169,867
REITs: 1.21%
AvalonBay Communities Incorporated		5.70			3-15-2017		80,000		84,077
Boston Properties LP		3.70			11-15-2018		90,000		93,548
ERP Operating LP		5.38			8-1-2016		89,000		91,362
ERP Operating LP		5.75			6-15-2017		66,000		70,109
									339,096
Health Care: 0.83%
Health Care Equipment & Supplies: 0.18%
Becton Dickinson & Company		1.80			12-15-2017		50,000		50,112
Health Care Providers & Services: 0.25%
UnitedHealth Group Incorporated		1.45			7-17-2017		70,000		70,225
Pharmaceuticals: 0.40%
AbbVie Incorporated		1.80			5-14-2018		20,000		19,977
Merck & Company Incorporated ±		0.47			2-10-2017		90,000		89,946
									109,923
Industrials: 2.51%
Aerospace & Defense: 0.11%
Lockheed Martin Corporation		1.85			11-23-2018		30,000		30,041
Commercial Services & Supplies: 0.72%
Cintas Corporation No. 2		2.85			6-1-2016		80,000		80,691
Cooper US Incorporated		2.38			1-15-2016		120,000		120,236
									200,927
Electrical Equipment: 0.33%
ABB Treasury Center USA Incorporated 144A		2.50			6-15-2016		90,000		90,719
Machinery: 0.32%
Caterpillar Financial Service		1.80			11-13-2018		90,000		90,274
Road & Rail: 1.03%
Burlington Northern Santa Fe LLC		5.65			5-1-2017		80,000		84,766
Norfolk Southern Corporation		5.75			1-15-2016		106,000		106,626
Union Pacific Corporation		5.75			11-15-2017		90,000		97,390
									288,782
Information Technology: 1.33%
Communications Equipment: 0.32%
Cisco Systems Incorporated ±		0.65			6-15-2018		90,000		89,928

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

102 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Software: 0.33%
Oracle Corporation ±		0.52	%		7-7-2017	$	90,000	$	89,984
Technology Hardware, Storage & Peripherals: 0.68%
Apple Incorporated		0.90			5-12-2017		90,000		89,967
HP Enterprise Company 144A		2.45			10-5-2017		100,000		100,230
									190,197
Materials: 0.97%
Chemicals: 0.97%
Ecolab Incorporated		3.00			12-8-2016		90,000		91,631
Praxair Incorporated		1.05			11-7-2017		90,000		89,251
Sherwin-Williams Company		1.35			12-15-2017		90,000		89,376
									270,258
Telecommunication Services: 0.79%
Diversified Telecommunication Services: 0.79%
AT&T Incorporated		1.60			2-15-2017		90,000		90,349
Verizon Communications Incorporated		1.35			6-9-2017		130,000		130,075
									220,424
Utilities: 2.96%
Electric Utilities: 1.66%
Commonwealth Edison Company		5.95			8-15-2016		120,000		124,199
Connecticut Light & Power		5.38			3-1-2017		75,000		78,215
Sierra Pacific Power Company		6.00			5-15-2016		120,000		122,715
Southern California Edison Company		1.13			5-1-2017		90,000		89,843
Xcel Energy Incorporated		1.20			6-1-2017		50,000		49,771
									464,743
Gas Utilities: 0.52%
Questar Corporation		2.75			2-1-2016		144,000		144,408
Multi-Utilities: 0.78%
Consumers Energy Company		5.15			2-15-2017		130,000		135,885
Entergy Mississippi Incorporated		3.25			6-1-2016		80,000		80,700
									216,585
Total Corporate Bonds and Notes (Cost $6,314,291)									6,312,460
Municipal Obligations: 1.89%
Arizona: 0.25%
Arizona School Facilities Board Certificate of Participation Series A-3 (Miscellaneous Revenue)		0.95			9-1-2016		70,000		69,981
Michigan: 0.70%
Chippewa Valley MI School District (GO Revenue, Qualified School Board Loan Fund Insured)		1.18			5-1-2017		60,000		60,037
Saranac MI School District (GO Revenue, Qualified School Board Loan Fund Insured)		1.03			5-1-2016		135,000		135,050
									195,087

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

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 103

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Minnesota: 0.11%
Saint Paul MN Housing & Redevelopment Authority HealthPartners Obligated Group Series B (Health Revenue)		1.04	%		7-1-2016	$	30,000	$	29,969
North Carolina: 0.55%
North Carolina Education Assistance Authority Student Loan Backed notes Series 2011-1 Tranche A-2 (Education Revenue) ±		1.22			1-26-2026		152,245		152,712
Pennsylvania: 0.28%
Chester County PA (GO Revenue)		0.59			5-15-2016		80,000		79,947
Total Municipal Obligations (Cost $527,711)									527,696
Non-Agency Mortgage-Backed Securities: 6.34%
Bear Stearns Commercial Mortgage Securities Trust Series 2007 PW16 Class A1A ±		5.91			6-11-2040		106,814		112,383
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17 Class A1A ±		5.65			6-11-2050		129,713		136,971
CIT Education Loan Trust Series 2005-1 Class A3 ±		0.46			3-15-2026		79,047		77,906
CNH Equipment Trust Series 2014-B Class A3		0.91			5-15-2019		125,000		124,611
CNH Equipment Trust Series 2015 Class A2B ±		0.67			12-17-2018		140,000		140,102
Commercial Mortgage Trust Pass-Through Certificates Series 2007-C9 Class A4 ±		5.99			12-10-2049		140,000		147,045
Dell Equipment Finance Trust 2015-1 Class A2 144A		1.01			7-24-2017		140,000		139,856
GAHR Commercial Mortgage Trust Series 2015 144A±		1.50			12-15-2016		140,000		139,911
GE Equipment Transportation LLC Series 2014-1 Class A3		0.97			4-23-2018		120,000		119,825
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class A1A		5.44			1-15-2049		105,598		109,715
Morgan Stanley Capital I Series 2007-T27 Class A4 ±		5.82			6-11-2042		123,072		129,381
SLMA Series 2014-1 Class A1 ±		0.50			5-28-2019		17,706		17,684
SLMA Series 2006 1 A5 ±		0.43			7-26-2021		135,000		131,994
Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A		6.00			10-25-2036		138,737		139,027
Towd Point Mortgage Trust Series 2015-6-A1 144A±(a)		3.50			4-25-2055		100,000		101,269
Total Non-Agency Mortgage-Backed Securities (Cost $1,788,989)									1,767,680
U.S. Treasury Securities: 5.89%
U.S. Treasury Note		0.63			7-31-2017		300,000		298,828
U.S. Treasury Note		0.63			9-30-2017		1,350,000		1,343,250
Total U.S. Treasury Securities (Cost $1,646,147)									1,642,078
Yankee Corporate Bonds and Notes: 3.69%
Energy: 1.22%
Oil, Gas & Consumable Fuels: 1.22%
Schlumberger SA 144A		2.65			1-15-2016		100,000		100,238
Shell International Finance Company ±		0.66			5-10-2017		90,000		89,975
Total Capital SA		2.30			3-15-2016		150,000		150,725
									340,938
Financials: 1.65%
Banks: 0.92%
Bank of Nova Scotia ±		0.80			6-11-2018		90,000		89,819
BNP Paribas		3.60			2-23-2016		75,000		75,477
Toronto Dominion Bank ±		0.86			7-23-2018		90,000		89,891
									255,187

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

104 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2015 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 0.73%
ConocoPhillips Canada Funding Company		5.63	%		10-15-2016	$	100,000	$	103,780
Deutsche Bank AG (London)		3.25			1-11-2016		100,000		100,239
									204,019
Industrials: 0.82%
Machinery: 0.29%
Pentair Finance SA		1.35			12-1-2015		80,000		80,000
Road & Rail: 0.53%
Canadian National Railway Company		1.45			12-15-2016		90,000		90,553
Canadian National Railway Company		5.80			6-1-2016		57,000		58,436
									148,989
Total Yankee Corporate Bonds and Notes (Cost $1,029,708)									1,029,133
	Yield					Shares
Short-Term Investments: 6.17%
Investment Companies: 4.11%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					1,145,992		1,145,992
						Principal
U.S. Treasury Securities: 2.06%
U.S Treasury Bill (z)#		0.22			3-3-2016	$	575,000		574,678
Total Short-Term Investments (Cost $1,720,647)									1,720,670

Total investments in securities (Cost $27,348,502) *	99.73	%		27,820,060
Other assets and liabilities, net	0.27			76,663
Total net assets	100.00	%	$	27,896,723

± 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.

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

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

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

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

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

* Cost for federal income tax purposes is $26,784,231 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,101,788
Gross unrealized losses		(65,959	)
Net unrealized gains	$	1,035,829

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

This page is intentionally left blank.

106 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2015 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	306,538,283	$	116,615,718
In affiliated securities, at value (see cost below)		14,406,902		2,802,541
Total investments, at value (see cost below)		320,945,185		119,418,259
Cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		0		121,450
Receivable for dividends		597,245		103,426
Receivable for securities lending income		966		641
Prepaid expenses and other assets		4,408		5,307
Total assets		321,547,804		119,649,083
Liabilities
Payable for investments purchased		0		146,808
Payable upon receipt of securities loaned		4,278,750		1,326,875
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		169,545		52,402
Accrued expenses and other liabilities		26,016		25,248
Total liabilities		4,474,311		1,551,333
Total net assets	$	317,073,493	$	118,097,750
Investments in unaffiliated securities (including securities on loan), at cost	$	240,460,541	$	75,203,099
Investments in affiliated securities, at cost	$	14,406,902	$	2,802,541
Total investments, at cost	$	254,867,443	$	78,005,640
Securities on loan, at value	$	4,192,650	$	1,298,417
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 107

Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	1,006,634,764	$	2,439,531,214	$	151,276,066	$	482,006,111	$	77,526,426	$	1,096,406,707	$	198,475,538
	109,355,356		78,314,451		5,627,099		19,508,327		4,891,001		176,294,186		12,783,629
	1,115,990,120		2,517,845,665		156,903,165		501,514,438		82,417,427		1,272,700,893		211,259,167
	0		0		0		0		0		0		9,762
	0		0		55,488		9,263,631		0		0		0
	2,900,476		22,479,271		684,540		0		678,828		3,235,001		2,799,733
	6,402		5,820,405		209,219		1,575,575		173,142		362,879		238,835
	335,217		15,506		5,635		28,485		2,440		290,585		4,653
	3,410		21,849		18,636		11,613		6,885		17,022		3,350
	1,119,235,625		2,546,182,696		157,876,683		512,393,742		83,278,722		1,276,606,380		214,315,500
	3,644,031		0		53,395		0		798,059		0		1,474,888
	97,288,111		13,080,495		1,302,812		15,597,666		3,413,200		118,989,418		4,795,850
	0		181,800		0		0		0		0		0
	666,423		176,909		108,660		346,379		40,928		717,492		134,522
	40,995		40,030		41,137		38,760		25,220		24,548		24,193
	101,639,560		13,479,234		1,506,004		15,982,805		4,277,407		119,731,458		6,429,453
$	1,017,596,065	$	2,532,703,462	$	156,370,679	$	496,410,937	$	79,001,315	$	1,156,874,922	$	207,886,047
$	760,204,702	$	1,188,428,645	$	126,347,077	$	519,319,145	$	67,502,414	$	995,453,082	$	174,801,497
$	109,355,356	$	60,485,228	$	5,627,099	$	19,508,327	$	4,891,001	$	176,294,186	$	12,783,629
$	869,560,058	$	1,248,913,873	$	131,974,176	$	538,827,472	$	72,393,415	$	1,171,747,268	$	187,585,126
$	94,857,530	$	12,747,497	$	1,240,646	$	14,809,795	$	3,325,447	$	115,718,547	$	4,677,670
$	0	$	0	$	55,503	$	9,665,860	$	0	$	0	$	0

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

108 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2015 (unaudited)

	Core Bond Portfolio		Managed Fixed Income Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,779,115,563	$	117,729,694
In affiliated securities, at value (see cost below)		332,932,327		4,447,922
Total investments, at value (see cost below)		4,112,047,890		122,177,616
Cash		3,585,903		0
Segregated cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		297,335,015		92,075
Receivable for interest		14,859,972		951,310
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		22,100		42
Prepaid expenses and other assets		37,966		5,652
Total assets		4,427,888,846		123,226,695
Liabilities
Payable for investments purchased		707,879,734		1,576,449
Payable upon receipt of securities loaned		60,450,000		236,500
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		1,011,736		29,946
Professional fees payable		37,201		25,310
Accrued expenses and other liabilities		56,959		1,929
Total liabilities		769,435,630		1,870,134
Total net assets	$	3,658,453,216	$	121,356,561
Investments in unaffiliated securities (including securities on loan), at cost	$	3,782,648,495	$	116,345,376
Investments in affiliated securities, at cost	$	332,932,327	$	4,447,922
Total investments, at cost	$	4,115,580,822	$	120,793,298
Securities on loan, at value	$	59,259,188	$	231,503
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2015 (unaudited) Wells Fargo Allocation Funds 109

Real Return Portfolio		Stable Income Portfolio
$	47,941,487	$	26,674,068
	3,421,829		1,145,992
	51,363,316		27,820,060
	171		0
	0		13,500
	5,124		0
	5,139		0
	216,420		86,114
	0		703
	87		0
	3,006		2,369
	51,593,263		27,922,746
	103,035		0
	166,050		0
	406		0
	11,646		2,595
	17,754		22,193
	732		1,235
	299,623		26,023
$	51,293,640	$	27,896,723
$	48,063,324	$	26,202,510
$	3,421,829	$	1,145,992
$	51,485,153	$	27,348,502
$	162,486	$	0
$	5,147	$	0

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

110 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2015 (unaudited)

	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio
Investment income
Dividends*	$	3,185,662		$	520,296
Income from affiliated securities		9,012			1,195
Securities lending income, net		4,606			3,218
Interest		0			0
Total investment income		3,199,280			524,709
Expenses
Advisory fee		1,068,535			387,876
Custody and accounting fees		12,147			11,724
Professional fees		22,130			24,088
Shareholder report expenses		531			1,025
Trustees’ fees and expenses		6,301			6,473
Other fees and expenses		4,550			6,702
Total expenses		1,114,194			437,888
Less: Fee waivers and/or expense reimbursements		0			(66,660	)
Net expenses		1,114,194			371,228
Net investment income (loss)		2,085,086			153,481
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		10,230,399			4,189,078
Affiliated securities		0			0
Futures transactions		0			0
Net realized gain (losses) on investments		10,230,399			4,189,078
Net change in unrealized gains (losses) on:
Unaffiliated securities		(20,364,413	)		(2,879,730	)
Affiliated securities		0			0
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		(20,364,413	)		(2,879,730	)
Net realized and unrealized gains (losses) on investments		(10,134,014	)		1,309,348
Net increase (decrease) in net assets resulting from operations	$	(8,048,928	)	$	1,462,829
* Net of foreign dividend withholding taxes in the amount of		$17,263			$1,173

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

Statements of operations—six months ended November 30, 2015 (unaudited) Wells Fargo Allocation Funds 111

Emerging Growth Portfolio			Index Portfolio			International Growth Portfolio			International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
$	446,429		$	27,262,952		$	785,935		$	5,888,648		$	828,105		$	2,031,225		$	1,673,963
	18,887			505,801			3,876			4,240			1,585			38,880			4,714
	974,921			62,626			15,220			183,620			13,516			852,443			15,804
	0			264			0			0			0			0			0
	1,440,237			27,831,643			805,031			6,076,508			843,206			2,922,548			1,694,481
	4,318,734			1,090,712			652,569			2,142,625			257,317			3,793,458			828,526
	31,798			73,520			49,094			94,192			5,761			32,910			11,363
	23,493			30,361			26,642			30,417			23,654			24,297			23,329
	2,262			3,562			756			1,323			615			992			1,394
	6,125			4,773			6,430			5,982			6,121			5,971			6,023
	17,017			193,132			24,191			26,968			7,765			12,515			4,721
	4,399,429			1,396,060			759,682			2,301,507			301,233			3,870,143			875,356
	0			(11,554	)		0			0			(8,922	)		0			0
	4,399,429			1,384,506			759,682			2,301,507			292,311			3,870,143			875,356
	(2,959,192	)		26,447,137			45,349			3,775,001			550,895			(947,595	)		819,125
	30,516,698			76,603,043			(2,006,489	)		68,474			1,589,301			(33,533,955	)		14,137,854
	0			1,061,279			0			0			0			0			0
	0			40,989			0			0			0			0			0
	30,516,698			77,705,311			(2,006,489	)		68,474			1,589,301			(33,533,955	)		14,137,854
	(115,631,449	)		(111,490,822	)		(10,962,419	)		(53,900,425	)		(4,975,347	)		(33,388,318	)		(23,027,705	)
	0			(1,620,608	)		0			0			0			0			0
	0			935			0			0			0			0			0
	(115,631,449	)		(113,110,495	)		(10,962,419	)		(53,900,425	)		(4,975,347	)		(33,388,318	)		(23,027,705	)
	(85,114,751	)		(35,405,184	)		(12,968,908	)		(53,831,951	)		(3,386,046	)		(66,922,273	)		(8,889,851	)
$	(88,073,943	)	$	(8,958,047	)	$	(12,923,559	)	$	(50,056,950	)	$	(2,835,151	)	$	(67,869,868	)	$	(8,070,726	)
	$0			$3,832			$10,924			$657,280			$784			$6,205			$0

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

112 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2015 (unaudited)

	Core Bond Portfolio			Managed Fixed Income Portfolio
Investment income
Interest*	$	41,053,852		$	2,148,391
Income from affiliated securities		122,031			1,312
Securities lending income, net		63,914			276
Dividends		0			0
Total investment income		41,239,797			2,149,979
Expenses
Advisory fee		6,666,958			239,896
Custody and accounting fees		101,992			7,613
Professional fees		39,202			27,765
Shareholder report expenses		2,033			1,318
Trustees’ fees and expenses		5,722			6,544
Other fees and expenses		11,526			3,669
Total expenses		6,827,433			286,805
Less: Fee waivers and/or expense reimbursements		(268,428	)		(53,626	)
Net expenses		6,559,005			233,179
Net investment income		34,680,792			1,916,800
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,762,633	)		955,253
Futures transactions		0			0
TBA sale commitments		305,506			0
Net realized gain (losses) on investments		(1,457,127	)		955,253
Net change in unrealized gains (losses) on:
Unaffiliated securities		(36,347,983	)		(2,407,955	)
Futures transactions		0			0
Net change in unrealized gains (losses) on investments		(36,347,983	)		(2,407,955	)
Net realized and unrealized gains (losses) on investments		(37,805,110	)		(1,452,702	)
Net increase (decrease) in net assets resulting from operations	$	(3,124,318	)	$	464,098
* Net of foreign interest withholding taxes in the amount of		$0			$0

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

Statements of operations—six months ended November 30, 2015 (unaudited) Wells Fargo Allocation Funds 113

Real Return Portfolio			Stable Income Portfolio
$	495,671		$	214,645
	152			512
	5,818			165
	85,388			0
	587,029			215,322
	101,540			40,654
	6,179			4,728
	22,216			26,399
	717			862
	7,328			7,050
	4,289			3,470
	142,269			83,163
	(30,930	)		(28,213	)
	111,339			54,950
	475,690			160,372
	(61,660	)		(179	)
	7,530			(6,450	)
	0			0
	(54,130	)		(6,629	)
	(1,916,517	)		(92,713	)
	(2,851	)		8,251
	(1,919,368	)		(84,462	)
	(1,973,498	)		(91,091	)
$	(1,497,808	)	$	69,281
	$5,397			$0

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

114 Wells Fargo Allocation Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	2,085,086		$	3,962,347
Net realized gains on investments		10,230,399			41,880,494
Net change in unrealized gains (losses) on investments		(20,364,413	)		(13,267,776	)
Net increase (decrease) in net assets resulting from operations		(8,048,928	)		32,575,065
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		26,534,974			32,358,693
Withdrawals		(36,947,357	)		(46,347,409	)
Net decrease in net assets resulting from capital share transactions		(10,412,383	)		(13,988,716	)
Total increase (decrease) in net assets		(18,461,311	)		18,586,349
Net assets
Beginning of period		335,534,804			316,948,455
End of period	$	317,073,493		$	335,534,804

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

Statements of changes in net assets Wells Fargo Allocation Funds 115

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	153,481		$	378,418
Net realized gains on investments		4,189,078			13,356,513
Net change in unrealized gains (losses) on investments		(2,879,730	)		2,762,375
Net increase in net assets resulting from operations		1,462,829			16,497,306
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,990,449			1,385,145
Withdrawals		(8,685,389	)		(38,000,934	)
Net decrease in net assets resulting from capital share transactions		(6,694,940	)		(36,615,789	)
Total decrease in net assets		(5,232,111	)		(20,118,483	)
Net assets
Beginning of period		123,329,861			143,448,344
End of period	$	118,097,750		$	123,329,861

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

116 Wells Fargo Allocation Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment loss	$	(2,959,192	)	$	(7,075,125	)
Net realized gains on investments		30,516,698			124,199,895
Net change in unrealized gains (losses) on investments		(115,631,449	)		125,177,937
Net increase (decrease) in net assets resulting from operations		(88,073,943	)		242,302,707
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		70,849,193			45,776,720
Withdrawals		(112,946,618	)		(236,510,647	)
Net decrease in net assets resulting from capital share transactions		(42,097,425	)		(190,733,927	)
Total increase (decrease) in net assets		(130,171,368	)		51,568,780
Net assets
Beginning of period		1,147,767,433			1,096,198,653
End of period	$	1,017,596,065		$	1,147,767,433

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

Statements of changes in net assets Wells Fargo Allocation Funds 117

	Index Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	26,447,137		$	54,937,429
Net realized gains on investments		77,705,311			151,694,995
Net change in unrealized gains (losses) on investments		(113,110,495	)		106,085,589
Net increase (decrease) in net assets resulting from operations		(8,958,047	)		312,718,013
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		35,484,942			163,917,502
Withdrawals		(264,067,367	)		(543,742,749	)
Net decrease in net assets resulting from capital share transactions		(228,582,425	)		(379,825,247	)
Total decrease in net assets		(237,540,472	)		(67,107,234	)
Net assets
Beginning of period		2,770,243,934			2,837,351,168
End of period	$	2,532,703,462		$	2,770,243,934

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

118 Wells Fargo Allocation Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	45,349		$	1,168,188
Net realized gains (losses) on investments		(2,006,489	)		5,764,586
Net change in unrealized gains (losses) on investments		(10,962,419	)		1,080,710
Net increase (decrease) in net assets resulting from operations		(12,923,559	)		8,013,484
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		13,012,480			9,541,797
Withdrawals		(2,122,571	)		(15,259,152	)
Net increase (decrease) in net assets resulting from capital share transactions		10,889,909			(5,717,355	)
Total increase (decrease) in net assets		(2,033,650	)		2,296,129
Net assets
Beginning of period		158,404,329			156,108,200
End of period	$	156,370,679		$	158,404,329

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

Statements of changes in net assets Wells Fargo Allocation Funds 119

	International Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	3,775,001		$	12,375,837
Net realized gains on investments		68,474			12,459,307
Net change in unrealized gains (losses) on investments		(53,900,425	)		(27,933,255	)
Net decrease in net assets resulting from operations		(50,056,950	)		(3,098,111	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		16,809,245			42,159,536
Withdrawals		(4,555,006	)		(17,083,113	)
Net increase in net assets resulting from capital share transactions		12,254,239			25,076,423
Total increase (decrease) in net assets		(37,802,711	)		21,978,312
Net assets
Beginning of period		534,213,648			512,235,336
End of period	$	496,410,937		$	534,213,648

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

120 Wells Fargo Allocation Funds Statements of changes in net assets

	Large Company Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	550,895		$	964,436
Net realized gains on investments		1,589,301			9,724,164
Net change in unrealized gains (losses) on investments		(4,975,347	)		(3,904,014	)
Net increase (decrease) in net assets resulting from operations		(2,835,151	)		6,784,586
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,593,477			1,636,829
Withdrawals		(3,253,299	)		(21,975,522	)
Net decrease in net assets resulting from capital share transactions		(659,822	)		(20,338,693	)
Total decrease in net assets		(3,494,973	)		(13,554,107	)
Net assets
Beginning of period		82,496,288			96,050,395
End of period	$	79,001,315		$	82,496,288

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

Statements of changes in net assets Wells Fargo Allocation Funds 121

	Small Company Growth Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment loss	$	(947,595	)	$	(1,603,331	)
Net realized gains (losses) on investments		(33,533,955	)		17,519,892
Net change in unrealized gains (losses) on investments		(33,388,318	)		73,745,204
Net increase (decrease) in net assets resulting from operations		(67,869,868	)		89,661,765
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		502,985,505			343,108,775
Withdrawals		(29,626,135	)		(37,300,648	)
Net increase in net assets resulting from capital share transactions		473,359,370			305,808,127
Total increase in net assets		405,489,502			395,469,892
Net assets
Beginning of period		751,385,420			355,915,528
End of period	$	1,156,874,922		$	751,385,420

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

122 Wells Fargo Allocation Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	819,125		$	1,850,375
Net realized gains on investments		14,137,854			16,879,349
Net change in unrealized gains (losses) on investments		(23,027,705	)		(3,678,556	)
Net increase (decrease) in net assets resulting from operations		(8,070,726	)		15,051,168
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		9,367,320			22,862,632
Withdrawals		(9,106,770	)		(28,565,086	)
Net increase (decrease) in net assets resulting from capital share transactions		260,550			(5,702,454	)
Total increase (decrease) in net assets		(7,810,176	)		9,348,714
Net assets
Beginning of period		215,696,223			206,347,509
End of period	$	207,886,047		$	215,696,223

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

Statements of changes in net assets Wells Fargo Allocation Funds 123

	Core Bond Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	34,680,792		$	58,488,996
Net realized gains (losses) on investments		(1,457,127	)		54,777,871
Net change in unrealized gains (losses) on investments		(36,347,983	)		(15,603,380	)
Net increase (decrease) in net assets resulting from operations		(3,124,318	)		97,663,487
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		303,917,312			1,275,843,092
Withdrawals		(394,886,755	)		(517,501,361	)
Net increase (decrease) in net assets resulting from capital share transactions		(90,969,443	)		758,341,731
Total increase (decrease) in net assets		(94,093,761	)		856,005,218
Net assets
Beginning of period		3,752,546,977			2,896,541,759
End of period	$	3,658,453,216		$	3,752,546,977

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

124 Wells Fargo Allocation Funds Statements of changes in net assets

	Managed Fixed Income Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	1,916,800		$	3,704,473
Net realized gains on investments		955,253			1,635,962
Net change in unrealized gains (losses) on investments		(2,407,955	)		(507,703	)
Net increase in net assets resulting from operations		464,098			4,832,732
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,875,167			17,767,001
Withdrawals		(9,068,438	)		(14,012,007	)
Net increase (decrease) in net assets resulting from capital share transactions		(193,271	)		3,754,994
Total increase in net assets		270,827			8,587,726
Net assets
Beginning of period		121,085,734			112,498,008
End of period	$	121,356,561		$	121,085,734

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

Statements of changes in net assets Wells Fargo Allocation Funds 125

	Real Return Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	475,690		$	400,921
Net realized gains (losses) on investments		(54,130	)		1,132,514
Net change in unrealized gains (losses) on investments		(1,919,368	)		(896,307	)
Net increase (decrease) in net assets resulting from operations		(1,497,808	)		637,128
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,862,425			12,526,145
Withdrawals		(4,467,761	)		(11,966,906	)
Net increase in net assets resulting from capital share transactions		4,394,664			559,239
Total increase in net assets		2,896,856			1,196,367
Net assets
Beginning of period		48,396,784			47,200,417
End of period	$	51,293,640		$	48,396,784

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

126 Wells Fargo Allocation Funds Statements of changes in net assets

	Stable Income Portfolio
	Six months ended November 30, 2015 (unaudited)			Year ended May 31, 2015
Operations
Net investment income	$	160,372		$	308,337
Net realized gains (losses) on investments		(6,629	)		148
Net change in unrealized gains (losses) on investments		(84,462	)		(79,402	)
Net increase in net assets resulting from operations		69,281			229,083
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,484,007			3,703,378
Withdrawals		(1,732,369	)		(1,665,191	)
Net increase in net assets resulting from capital share transactions		751,638			2,038,187
Total increase in net assets		820,919			2,267,270
Net assets
Beginning of period		27,075,804			24,808,534
End of period	$	27,896,723		$	27,075,804

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

Financial highlights Wells Fargo Allocation Funds 127

	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return1
C&B Large Cap Value Portfolio
Six months ended November 30, 2015 (unaudited)		1.27	%		0.68	%		0.68	%		(2.13	)%		18	%
Year ended May 31, 2015		1.20	%		0.68	%		0.68	%		10.29	%		35	%
Year ended May 31, 2014		1.35	%		0.68	%		0.68	%		17.80	%		22	%
Year ended May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
Year ended May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
Year ended May 31, 20112		1.27	%		0.67	%		0.67	%		18.08	%		17	%
Year ended September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
Diversified Large Cap Growth Portfolio
Six months ended November 30, 2015 (unaudited)		0.26	%		0.73	%		0.62	%		1.28	%		28	%
Year ended May 31, 2015		0.28	%		0.72	%		0.62	%		13.11	%		46	%
Year ended May 31, 2014		0.15	%		0.72	%		0.62	%		21.70	%		54	%
Year ended May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
Year ended May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
Year ended May 31, 20112,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
Year ended September 30, 20103		0.66	%		0.70	%		0.62	%		7.51	%		11	%
Emerging Growth Portfolio
Six months ended November 30, 2015 (unaudited)		(0.54	)%		0.80	%		0.80	%		(7.70	)%		40	%
Year ended May 31, 2015		(0.63	)%		0.80	%		0.80	%		24.02	%		56	%
Year ended May 31, 2014		(0.62	)%		0.80	%		0.80	%		11.92	%		63	%
Year ended May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
Year ended May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
Year ended May 31, 20112		(0.77	)%		0.94	%		0.91	%		37.91	%		59	%
Year ended September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
Index Portfolio
Six months ended November 30, 2015 (unaudited)		2.05	%		0.11	%		0.11	%		(0.27	)%		2	%
Year ended May 31, 2015		1.96	%		0.11	%		0.11	%		11.69	%		4	%
Year ended May 31, 2014		1.99	%		0.10	%		0.10	%		20.33	%		5	%
Year ended May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
Year ended May 31, 2012		2.09	%		0.10	%		0.10	%		(0.52	)%		9	%
Year ended May 31, 20112		1.93	%		0.10	%		0.10	%		19.39	%		3	%
Year ended September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
International Growth Portfolio
Six months ended November 30, 2015 (unaudited)		0.06	%		0.99	%		0.99	%		(8.10	)%		22	%
Year ended May 31, 2015		0.76	%		1.00	%		1.00	%		5.13	%		51	%
Year ended May 31, 2014		1.13	%		1.00	%		1.00	%		16.45	%		46	%
Year ended May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
Year ended May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
Year ended May 31, 20112		1.62	%		1.10	%		1.10	%		14.50	%		53	%
Year ended September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
International Value Portfolio
Six months ended November 30, 2015 (unaudited)		1.50	%		0.91	%		0.91	%		(9.32	)%		5	%
Year ended May 31, 2015		2.45	%		0.91	%		0.91	%		(1.04	)%		18	%
Year ended May 31, 2014		3.09	%		0.91	%		0.91	%		18.22	%		11	%
Year ended May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
Year ended May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
Year ended May 31, 20112		3.14	%		0.94	%		0.94	%		14.00	%		16	%
Year ended September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%

Please see footnotes on page 131.

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

128 Wells Fargo Allocation Funds Financial highlights

	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return1
Large Company Value Portfolio
Six months ended November 30, 2015 (unaudited)		1.39	%		0.76	%		0.74	%		(3.40	)%		30	%
Year ended May 31, 2015		1.09	%		0.74	%		0.74	%		7.90	%		72	%
Year ended May 31, 2014		0.99	%		0.73	%		0.73	%		20.26	%		62	%
Year ended May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
Year ended May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
Year ended May 31, 20112		1.58	%		0.78	%		0.74	%		21.46	%		38	%
Year ended September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
Small Company Growth Portfolio
Six months ended November 30, 2015 (unaudited)		(0.20	)%		0.80	%		0.80	%		(6.99	)%		24	%
Year ended May 31, 2015		(0.32	)%		0.82	%		0.82	%		18.07	%		58	%
Year ended May 31, 2014		(0.37	)%		0.83	%		0.83	%		23.47	%		77	%
Year ended May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
Year ended May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
Year ended May 31, 20112		(0.42	)%		0.83	%		0.83	%		39.64	%		70	%
Year ended September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
Small Company Value Portfolio
Six months ended November 30, 2015 (unaudited)		0.79	%		0.85	%		0.85	%		(3.82	)%		34	%
Year ended May 31, 2015		0.89	%		0.84	%		0.84	%		7.29	%		54	%
Year ended May 31, 2014		0.89	%		0.85	%		0.85	%		18.09	%		47	%
Year ended May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
Year ended May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
Year ended May 31, 20112		1.60	%		0.84	%		0.84	%		26.72	%		47	%
Year ended September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%
Core Bond Portfolio
Six months ended November 30, 2015 (unaudited)		1.85	%		0.36	%		0.35	%		(0.10	)%		303	%
Year ended May 31, 2015		1.82	%		0.37	%		0.35	%		3.22	%		586	%
Year ended May 31, 2014		1.94	%		0.37	%		0.35	%		2.90	%		646	%
Year ended May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
Year ended May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
Year ended May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
Managed Fixed Income Portfolio
Six months ended November 30, 2015 (unaudited)		3.20	%		0.48	%		0.39	%		0.35	%		14	%
Year ended May 31, 2015		3.20	%		0.48	%		0.39	%		4.23	%		31	%
Year ended May 31, 2014		3.33	%		0.48	%		0.39	%		3.07	%		35	%
Year ended May 31, 2013		3.42	%		0.47	%		0.39	%		4.81	%		49	%
Year ended May 31, 2012		3.83	%		0.46	%		0.39	%		6.97	%		51	%
Year ended May 31, 2011		3.97	%		0.45	%		0.39	%		8.84	%		104	%
Real Return Portfolio
Six months ended November 30, 2015 (unaudited)		1.87	%		0.56	%		0.44	%		(3.03	)%		9	%
Year ended May 31, 2015		0.89	%		0.57	%		0.44	%		1.50	%		57	%
Year ended May 31, 2014		1.45	%		0.53	%		0.44	%		(0.26	)%		9	%
Year ended May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
Year ended May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
Year ended May 31, 2011		3.25	%		0.44	%		0.43	%		8.19	%		19	%
Stable Income Portfolio
Six months ended November 30, 2015 (unaudited)		1.18	%		0.61	%		0.41	%		0.28	%		13	%
Year ended May 31, 2015		1.20	%		0.64	%		0.41	%		0.89	%		26	%
Year ended May 31, 2014		1.41	%		0.66	%		0.41	%		1.52	%		33	%
Year ended May 31, 2013		1.50	%		0.58	%		0.41	%		2.78	%		20	%
Year ended May 31, 2012		1.76	%		0.59	%		0.41	%		1.71	%		11	%
Year ended May 31, 2011		2.02	%		0.54	%		0.40	%		2.97	%		14	%

Please see footnotes on page 131.

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

Financial highlights Wells Fargo Allocation Funds 129

¹  Returns for periods of less than one year are not annualized.

²  For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

³  After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio, and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

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

130 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following portfolios: the Wells Fargo C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), the Wells Fargo Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), the Wells Fargo Emerging Growth Portfolio (“Emerging Growth Portfolio”), the Wells Fargo Index Portfolio (“Index Portfolio”), the Wells Fargo International Growth Portfolio (“International Growth Portfolio”), the Wells Fargo International Value Portfolio (“International Value Portfolio”), the Wells Fargo Large Company Value Portfolio (“Large Company Value Portfolio”), the Wells Fargo Small Company Growth Portfolio (“Small Company Growth Portfolio”), the Wells Fargo Small Company Value Portfolio (“Small Company Value Portfolio”), the Wells Fargo Core Bond Portfolio (“Core Bond Portfolio”), the Wells Fargo Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), the Wells Fargo Real Return Portfolio (“Real Return Portfolio”), and the Wells Fargo Stable Income Portfolio (“Stable Income Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and other affiliated master portfolios rather than directly to the public.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

Equity securities and futures 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 primary 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 Portfolio’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2015, such fair value pricing was not used in pricing foreign securities.

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

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

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. The Board of Trustees has established a Valuation Committee comprised of the

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 131

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. 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 adviser 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.

Foreign currency translation

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

Security loans

The Portfolios may lend their 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 Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive 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 Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios 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 Portfolios fluctuate from time to time, In the event of default or bankruptcy by the borrower, the Portfolios 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 Portfolios have the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolios lend their 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”). 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. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statements of Operations.

When-issued transactions

The Portfolios may purchase securities on a forward commitment or when-issued basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment

132 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

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

Futures contracts

The Portfolios are subject to interest rate risk or equity price risk in the normal course of pursuing its investment objectives. A Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

TBA sale commitments

The Portfolios may enter into To Be Announced (“TBA”) sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities or offsetting TBA purchase commitments, which are deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Securities valuation”. The contract is marked-to-market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Inflation-indexed bonds and TIPS

The Portfolios may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Mortgage dollar roll transactions

The Portfolios may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 133

Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities which are recorded as soon as the custodian verifies the ex-dividend date.

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

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each Portfolio’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). Each Portfolio’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:

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

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

n Level 3 – significant unobservable inputs (including the Portfolio’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.

134 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of November 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	43,570,238	$	0	$	0	$	43,570,238
Consumer staples		27,529,378		0		0		27,529,378
Energy		25,757,630		0		0		25,757,630
Financials		80,695,540		0		0		80,695,540
Health care		49,510,371		0		0		49,510,371
Industrials		57,225,373		0		0		57,225,373
Information technology		10,273,624		0		0		10,273,624
Materials		11,976,129		0		0		11,976,129
Short-term investments
Investment companies		10,128,152		4,278,750		0		14,406,902
Total assets	$	316,666,435	$	4,278,750	$	0	$	320,945,185
Diversified Large Cap Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	28,608,374	$	0	$	0	$	28,608,374
Consumer staples		5,983,717		0		0		5,983,717
Energy		1,099,377		0		0		1,099,377
Financials		4,804,210		0		0		4,804,210
Health care		19,153,581		0		0		19,153,581
Industrials		9,543,122		0		0		9,543,122
Information technology		41,703,620		637,946		0		42,341,566
Materials		3,637,690		0		0		3,637,690
Telecommunication services		1,444,081		0		0		1,444,081
Short-term investments
Investment companies		1,475,666		1,326,875		0		2,802,541
Total assets	$	117,453,438	$	1,964,821	$	0	$	119,418,259
Emerging Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	153,846,329	$	0	$	0	$	153,846,329
Energy		24,738,354		0		0		24,738,354
Financials		69,190,937		0		0		69,190,937
Health care		310,134,663		0		0		310,134,663
Industrials		67,845,360		0		0		67,845,360
Information technology		380,879,121		0		0		380,879,121
Short-term investments
Investment companies		12,067,245		97,288,111		0		109,355,356
Total assets	$	1,018,702,009	$	97,288,111	$	0	$	1,115,990,120

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 135

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	323,516,310	$	0	$	0	$	323,516,310
Consumer staples		236,462,150		0		0		236,462,150
Energy		174,453,010		0		0		174,453,010
Financials		409,991,049		0		0		409,991,049
Health care		361,254,412		0		0		361,254,412
Industrials		250,237,198		0		0		250,237,198
Information technology		517,481,505		0		0		517,481,505
Materials		70,714,141		0		0		70,714,141
Telecommunication services		57,663,208		0		0		57,663,208
Utilities		70,777,421		0		0		70,777,421
Short-term investments
Investment companies		30,518,256		13,080,495		0		43,598,751
U.S. Treasury Securities		1,696,510		0		0		1,696,510
Total assets	$	2,504,765,170	$	13,080,495	$	0	$	2,517,845,665
Liabilities
Futures contracts	$	181,800	$	0	$	0	$	181,800
Total liabilities	$	181,800	$	0	$	0	$	181,800
International Growth Portfolio
Assets
Investments in:
Common stocks
Belgium	$	5,493,130	$	0	$	0	$	5,493,130
China		13,196,300		0		0		13,196,300
France		8,665,712		0		0		8,665,712
Germany		17,651,058		0		0		17,651,058
Hong Kong		5,850,794		0		0		5,850,794
India		3,243,371		0		0		3,243,371
Ireland		9,440,422		0		0		9,440,422
Italy		1,006,582		0		0		1,006,582
Japan		14,520,381		0		0		14,520,381
Mexico		3,037,027		0		0		3,037,027
Netherlands		3,558,309		0		0		3,558,309
South Korea		17,735		0		0		17,735
Spain		2,312,466		0		0		2,312,466
Sweden		3,370,259		0		0		3,370,259
Switzerland		19,277,002		0		0		19,277,002
United Kingdom		32,008,727		0		0		32,008,727
United States		5,374,777		0		0		5,374,777
Participation Notes
Ireland		0		1,864,418		0		1,864,418
Preferred stocks
Germany		1,387,596		0		0		1,387,596
Short-term investments
Investment companies		4,324,287		1,302,812		0		5,627,099
Total assets	$	153,735,935	$	3,167,230	$	0	$	156,903,165

136 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
International Value Portfolio
Assets
Investments in:
Common stocks
Australia	$	25,081,068	$	0	$	0	$	25,081,068
Austria		5,294,819		0		0		5,294,819
Belgium		3,947,589		0		0		3,947,589
Bermuda		6,311,773		0		0		6,311,773
Brazil		5,433,340		0		0		5,433,340
Canada		10,488,921		0		0		10,488,921
Cayman Islands		3,146,128		0		0		3,146,128
China		13,315,375		0		0		13,315,375
Czech Republic		1,044,660		0		0		1,044,660
Denmark		1,410,994		0		0		1,410,994
Finland		2,109,273		0		0		2,109,273
France		44,731,440		0		0		44,731,440
Germany		42,741,504		235		0		42,741,739
Hong Kong		1,637,529		0		0		1,637,529
Hungary		1,134,183		0		0		1,134,183
India		4,419,465		0		0		4,419,465
Ireland		4,487,982		0		0		4,487,982
Israel		5,955,430		0		0		5,955,430
Italy		6,148,399		0		0		6,148,399
Japan		109,778,390		0		0		109,778,390
Liechtenstein		522,358		0		0		522,358
Netherlands		11,035,790		0		0		11,035,790
Norway		6,520,237		0		0		6,520,237
Poland		2,097,767		0		0		2,097,767
Russia		4,002,237		0		0		4,002,237
Singapore		4,208,691		0		0		4,208,691
South Africa		2,201,554		0		0		2,201,554
South Korea		13,924,876		0		0		13,924,876
Spain		5,117,334		0		0		5,117,334
Sweden		11,629,864		0		0		11,629,864
Switzerland		26,330,486		0		0		26,330,486
Taiwan		3,816,188		0		0		3,816,188
Thailand		3,579,440		0		0		3,579,440
United Kingdom		87,143,954		478,992		0		87,622,946
Preferred stocks
Brazil		678,775		0		0		678,775
Rights
United Kingdom		99,071		0		0		99,071
Short-term investments
Investment companies		3,910,661		15,597,666		0		19,508,327
Total assets	$	485,437,545	$	16,076,893	$	0	$	501,514,438

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 137

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Large Company Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	5,813,803	$	0	$	0	$	5,813,803
Consumer staples		4,825,638		0		0		4,825,638
Energy		9,131,870		0		0		9,131,870
Financials		22,668,089		0		0		22,668,089
Health care		10,170,726		0		0		10,170,726
Industrials		9,373,708		0		0		9,373,708
Information technology		8,477,705		0		0		8,477,705
Materials		2,602,907		0		0		2,602,907
Telecommunication services		1,557,075		0		0		1,557,075
Utilities		2,904,905		0		0		2,904,905
Short-term investments
Investment companies		1,477,801		3,413,200		0		4,891,001
Total assets	$	79,004,227	$	3,413,200	$	0	$	82,417,427
Small Company Growth Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	167,050,255	$	0	$	0	$	167,050,255
Consumer staples		16,400,031		0		0		16,400,031
Energy		25,570,815		0		0		25,570,815
Financials		130,877,996		0		0		130,877,996
Health care		259,699,136		0		0		259,699,136
Industrials		173,421,338		0		0		173,421,338
Information technology		284,626,901		0		0		284,626,901
Materials		35,041,996		0		0		35,041,996
Utilities		3,718,239		0		0		3,718,239
Short-term investments
Investment companies		57,304,768		118,989,418		0		176,294,186
Total assets	$	1,153,711,475	$	118,989,418	$	0	$	1,272,700,893
Small Company Value Portfolio
Assets
Investments in:
Common stocks
Consumer discretionary	$	24,129,704	$	0	$	0	$	24,129,704
Consumer staples		3,374,747		0		0		3,374,747
Energy		11,242,207		0		0		11,242,207
Financials		84,797,439		0		0		84,797,439
Health care		12,104,882		0		0		12,104,882
Industrials		16,122,953		0		0		16,122,953
Information technology		26,088,951		0		0		26,088,951
Materials		10,694,939		0		0		10,694,939
Utilities		9,919,714		0		0		9,919,714
Warrants
Health care		0		2		0		2
Short-term investments
Investment companies		7,987,779		4,795,850		0		12,783,629
Total assets	$	206,463,315	$	4,795,852	$	0	$	211,259,167

138 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Core Bond Portfolio
Assets
Investments in:
Agency securities	$	0	$	1,146,605,218	$	0	$	1,146,605,218
Asset-backed securities		0		391,173,943		0		391,173,943
Corporate bonds and notes		0		625,100,844		0		625,100,844
Municipal obligations		0		34,332,561		0		34,332,561
Non-agency mortgage-backed securities		0		170,507,903		0		170,507,903
U.S. Treasury securities		1,169,251,064		0		0		1,169,251,064
Yankee corporate bonds and notes		0		193,799,156		0		193,799,156
Yankee government bonds		0		48,344,874		0		48,344,874
Short-term investments
Investment companies		272,482,327		60,450,000		0		332,932,327
Total assets	$	1,441,733,391	$	2,670,314,499	$	0	$	4,112,047,890
Managed Fixed Income Portfolio
Assets
Investments in:
Agency securities	$	0	$	35,924,981	$	0	$	35,924,981
Asset-backed securities		0		4,533,472		0		4,533,472
Corporate bonds and notes		0		38,610,899		0		38,610,899
Municipal obligations		0		10,043,666		0		10,043,666
Non-agency mortgage-backed securities		0		12,587,139		1,296,583		13,883,722
U.S. Treasury securities		6,982,773		0		0		6,982,773
Yankee corporate bonds and notes		0		6,774,488		0		6,774,488
Yankee government bonds		0		975,693		0		975,693
Short-term investments
Investment companies		4,211,422		236,500		0		4,447,922
Total assets	$	11,194,195	$	109,686,838	$	1,296,583	$	122,177,616
Real Return Portfolio
Assets
Investments in:
Common stocks
Consumer staples	$	786,657	$	0	$	0	$	786,657
Energy		1,108,724		0		0		1,108,724
Financials		2,298,312		0		0		2,298,312
Materials		2,259,425		0		0		2,259,425
Corporate bonds and notes		0		5,171,430		0		5,171,430
Loans		0		2,088,512		0		2,088,512
U.S. Treasury securities		33,811,334		0		0		33,811,334
Yankee corporate bonds and notes		0		392,094		0		392,094
Short-term investments
Investment companies		3,255,779		166,050		0		3,421,829
U. S. Treasury securities		24,999		0		0		24,999
Total assets	$	43,545,230	$	7,818,086	$	0	$	51,363,316
Liabilities
Futures contract	$	406	$	0	$	0	$	406
Total liabilities	$	406	$	0	$	0	$	406

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 139

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Stable Income Portfolio
Assets
Investments in:
Agency securities	$	0	$	7,786,744	$	0	$	7,786,744
Asset-backed securities		0		7,033,599		0		7,033,599
Corporate bonds and notes		0		6,312,460		0		6,312,460
Municipal obligations		0		527,696		0		527,696
Non-agency mortgage-backed securities		0		1,767,680		0		1,767,680
U.S. Treasury securities		1,642,078		0		0		1,642,078
Yankee corporate bonds and notes		0		1,029,133		0		1,029,133
Short-term investments
Investment companies		1,145,992		0		0		1,145,992
U.S. Treasury securities		574,678		0		0		574,678
		3,362,748		24,457,312		0		27,820,060
Futures contracts		703		0		0		703
Total assets	$	3,363,451	$	24,457,312	$	0	$	27,820,763

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Portfolio at that date. All other assets and liabilities are reported at their market value at measurement date.

The Portfolios recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2015, the Portfolios did not have any transfers into/out of Level 1 or Level 2.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Managed Fixed Income Portfolio	Non-agency mortgage-backed securities
Balance as of May 31, 2015	$	1,351,797
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		61,078
Purchases		0
Sales		(116,292	)
Transfers into Level 3		0
Transfers out of Level 3		0
Transfers in from acquisition		0
Balance as of November 30, 2015	$	1,296,583
Change in unrealized gains (losses) relating to securities still held at November 30, 2015	$	19,795

The investment type categorized above was valued using an indicative broker quote. The indicative broker quote is considered a Level 3 input. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Portfolio and therefore the disclosure that would address these inputs is not included above.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who are responsible for day-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee which is calculated based on the average daily net assets of each Portfolio.

140 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

Funds Management has retained the services of certain subadvisers to provide daily portfolio management for the Portfolios. Funds Management has engaged WellsCap (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), Peregrine Capital Management, Inc. (an affiliate of Funds Management and a direct wholly owned subsidiary of Wells Fargo), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Galliard Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), Golden Capital Management, LLC (an affiliate of Funds Management), LSV Asset Management, and Phocas Financial Corporation as subadvisers.

The fees for subadvisory services are borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each Portfolio.

The annual advisory and subadvisory fee rates for each Portfolio are as follows:

	Advisory fee						Effective rate for the six months ended November 30, 2015			Subadviser	Subadvisory fee
	starting at			declining to							starting at	declining to
C&B Large Cap Value Portfolio		0.65	%		0.475	%		0.65	%	Cooke & Bieler, L.P.	0.38%		0.30	%
Diversified Large Cap Growth Portfolio		0.65			0.475			0.65		WellsCap	0.30		0.20
Emerging Growth Portfolio		0.80			0.68			0.78		WellsCap	0.55		0.40
Index Portfolio		0.10			0.05			0.08		Golden Capital Management, LLC	0.05		0.02
International Growth Portfolio		0.85			0.70			0.85		Artisan Partners Limited Partnership	0.80		0.50
International Value Portfolio		0.85			0.70			0.85		LSV Asset Management	0.35		0.30
Large Company Value Portfolio		0.65			0.475			0.65		Phocas Financial Corporation	0.29		0.20
Small Company Growth Portfolio		0.80			0.68			0.79		Peregrine Capital Management, Inc.	0.50		0.45
Small Company Value Portfolio		0.80			0.68			0.80		Peregrine Capital Management, Inc.	0.45		0.40
Core Bond Portfolio		0.40			0.30			0.35		WellsCap	0.20		0.10
Managed Fixed Income Portfolio		0.40			0.30			0.40		Galliard Capital Management, Inc.	0.20		0.10
Real Return Portfolio		0.40			0.30			0.40		WellsCap	0.28		0.18
Stable Income Portfolio		0.30			0.225			0.30		Galliard Capital Management, Inc.	0.15		0.05

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 141

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2015 were as follows:

	Purchases at cost				Sales proceeds
	U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
C&B Large Cap Value Portfolio	$	0	$	57,405,351	$	0	$	62,971,984
Diversified Large Cap Growth Portfolio		0		32,564,848		0		38,940,011
Emerging Growth Portfolio		0		426,627,598		0		463,548,625
Index Portfolio		0		51,565,968		0		219,216,738
International Growth Portfolio		0		41,302,536		0		33,178,491
International Value Portfolio		0		42,162,582		0		25,390,877
Large Company Value Portfolio		0		23,533,763		0		23,142,265
Small Company Growth Portfolio		0		696,517,890		0		220,797,193
Small Company Value Portfolio		0		67,171,241		0		67,655,397
Core Bond Portfolio		10,589,875,023		1,491,007,478		10,554,847,450		1,433,738,469
Managed Fixed Income Portfolio		8,862,470		13,187,438		9,790,260		6,312,513
Real Return Portfolio		5,429,363		2,828,542		3,116,428		1,309,226
Stable Income Portfolio		2,445,838		4,836,467		799,123		2,367,314

As of November 30, 2015, Real Return Portfolio Portfolio had unfunded term loan commitments of $99,750.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2015, Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2015, Real Return Portfolio and Stable Income Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of each portfolio.

At November 30, 2015, the Portfolios had long and short futures contracts outstanding as follows:

	Expiration date	Counterparty	Contracts	Type	Contract value at November 30, 2015		Unrealized gains (losses)
Index Portfolio	12-17-2015	Societe Generale	72 Long	S&P 500 Index	$	37,436,400	$	168,015
Real Return Portfolio	03-21-2016	JPMorgan	2 Short	U.S. Treasury Bonds		308,000		(3,066	)
Real Return Portfolio	03-21-2016	JPMorgan	2 Long	5 Year U.S. Treasury Notes		237,359		215
Stable Income Portfolio	03-03-2016	JPMorgan	15 Short	5 Year U.S. Treasury Notes		1,780,195		555

As of November 30, 2015, Stable Income Portfolio had segregated $13,500 as cash collateral for open futures contracts.

The Portfolios had average notional amounts in futures contracts during the six months ended November 30, 2015 as follows:

	Long contracts		Short contracts
Index Portfolio	$	28,358,824	$	0
Real Return Portfolio		143,629		454,141
Stable Income Portfolio		0		2,132,298

The receivable and payable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

142 Wells Fargo Allocation Funds Notes to financial statements (unaudited)

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

	Derivative type	Counterparty	Gross amounts of assets in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
Stable Income Portfolio	Futures – variation margin	JPMorgan	$	703	$	0	$	0	$	703

	Derivative type	Counterparty	Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
Index Portfolio	Futures – variation margin	Societe Generale	$	181,800	$	0	$	(181,800	)	$	0
Real Return Portfolio	Futures – variation margin	JPMorgan		406		0		(406	)		0

¹ Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Portfolios that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector. The Portfolio of Investments or Summary Portfolio of Investments includes information on each Portfolio’s holdings, including sector composition, country and/or geographical composition as relevant.

8. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Allocation Funds 143

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

144 Wells Fargo Allocation Funds Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Allocation Funds 145

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996**	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** Donald Willeke retired as a Trustee effective December 31, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of the Growth Balanced Fund, Moderate Balanced Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 68 other funds and Assistant Treasurer of 61 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 61 other funds in the Fund Complex.

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

146 Wells Fargo Allocation Funds List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

239078 01-16 SAAFNLD/SAR109 11-15

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each fund (except for Wells Fargo Index Portfolio and Wells Fargo Core Bond Portfolio) is included as part of the report to shareholders filed under Item 1 of this Form. Wells Fargo Index Portfolio and Wells Fargo Core Bond Portfolio included a Summary Portfolio of Investments under Item 1. A Portfolio of Investments for each of Wells Fargo Index Portfolio and Wells Fargo Core Bond Portfolio is filed under this Item.

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 1

Security name	Shares		Value
Common Stocks: 97.62%
Consumer Discretionary: 12.77%
Auto Components: 0.39%
BorgWarner Incorporated		30,524	$	1,303,058
Delphi Automotive plc		38,352		3,370,374
Johnson Controls Incorporated		88,218		4,058,028
The Goodyear Tire & Rubber Company		36,335		1,267,365
				9,998,825
Automobiles: 0.62%
Ford Motor Company		525,606		7,531,934
General Motors Company		194,414		7,037,787
Harley-Davidson Incorporated		25,877		1,265,903
				15,835,624
Distributors: 0.07%
Genuine Parts Company		20,447		1,853,112
Diversified Consumer Services: 0.05%
H&R Block Incorporated		31,801		1,166,779
Hotels, Restaurants & Leisure: 1.78%
Carnival Corporation		62,433		3,154,739
Chipotle Mexican Grill Incorporated †		4,200		2,434,110
Darden Restaurants Incorporated		15,376		863,670
Marriott International Incorporated Class A		26,896		1,907,195
McDonald’s Corporation		127,027		14,501,402
Royal Caribbean Cruises Limited		23,139		2,142,903
Starbucks Corporation		200,181		12,289,112
Starwood Hotels & Resorts Worldwide Incorporated		22,980		1,650,883
Wyndham Worldwide Corporation		15,930		1,209,406
Wynn Resorts Limited «		10,956		687,708
Yum! Brands Incorporated		58,159		4,217,109
				45,058,237
Household Durables: 0.43%
D.R. Horton Incorporated		44,028		1,422,545
Garmin Limited «		15,967		604,351
Harman International Industries Incorporated		9,599		990,233
Leggett & Platt Incorporated		18,455		860,003
Lennar Corporation Class A		23,460		1,201,387
Mohawk Industries Incorporated †		8,573		1,635,043
Newell Rubbermaid Incorporated		36,120		1,613,119
PulteGroup Incorporated		43,300		843,484
Whirlpool Corporation		10,577		1,718,974
				10,889,139
Internet & Catalog Retail: 2.09%
Amazon.com Incorporated †		51,728		34,388,774
Expedia Incorporated		13,494		1,661,246

2 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Shares		Value
Internet & Catalog Retail (continued)
Netflix Incorporated †		57,457	$	7,086,172
The Priceline Group Incorporated †		6,838		8,539,636
TripAdvisor Incorporated †		15,229		1,254,413
				52,930,241
Leisure Products: 0.09%
Hasbro Incorporated		15,162		1,108,191
Mattel Incorporated		45,670		1,135,356
				2,243,547
Media: 3.14%
Cablevision Systems Corporation New York Group Class A		29,988		914,634
CBS Corporation Class B		59,940		3,025,771
Comcast Corporation Class A		332,078		20,218,700
Discovery Communications Incorporated Class A †«		20,137		627,066
Discovery Communications Incorporated Class C †		34,774		1,028,615
Interpublic Group of Companies Incorporated		55,353		1,273,119
News Corporation Class A		51,387		737,403
News Corporation Class B		14,540		210,248
Omnicom Group Incorporated		32,768		2,422,211
Scripps Networks Interactive Incorporated Class A		12,705		721,644
Tegna Incorporated		30,545		862,896
The Walt Disney Company		209,438		23,764,930
Time Warner Cable Incorporated		38,166		7,051,932
Time Warner Incorporated		110,001		7,697,870
Twenty-First Century Fox Incorporated Class A		164,674		4,859,530
Twenty First Century Fox Incorporated Class B		58,158		1,741,832
Viacom Incorporated Class B		46,864		2,333,359
				79,491,760
Multiline Retail: 0.60%
Dollar General Corporation		39,742		2,599,524
Dollar Tree Incorporated †		31,658		2,388,913
Kohl’s Corporation		26,689		1,257,853
Macy’s Incorporated		42,405		1,657,187
Nordstrom Incorporated		18,787		1,057,896
Target Corporation		84,759		6,145,028
				15,106,401
Specialty Retail: 2.59%
Advance Auto Parts Incorporated		9,875		1,606,959
AutoNation Incorporated †		10,557		674,803
AutoZone Incorporated †		4,164		3,263,618
Bed Bath & Beyond Incorporated †		22,874		1,247,090
Best Buy Company Incorporated		41,395		1,315,533
CarMax Incorporated †		28,060		1,607,838
GameStop Corporation Class A «		14,394		504,222
L Brands Incorporated		34,653		3,306,243
Lowe’s Companies Incorporated		124,791		9,558,991

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 3

Security name	Shares		Value
Specialty Retail (continued)
O’Reilly Automotive Incorporated †		13,407	$	3,537,705
Ross Stores Incorporated		55,810		2,902,678
Signet Jewelers Limited		10,735		1,410,472
Staples Incorporated		86,801		1,047,688
The Gap Incorporated		32,086		857,659
The Home Depot Incorporated		173,193		23,187,079
The TJX Companies Incorporated		90,956		6,421,494
Tiffany & Company		15,131		1,205,638
Tractor Supply Company		18,319		1,636,803
Urban Outfitters Incorporated †		12,788		286,451
				65,578,964
Textiles, Apparel & Luxury Goods: 0.92%
Coach Incorporated		37,310		1,185,339
Fossil Group Incorporated †		5,585		214,855
HanesBrands Incorporated		54,284		1,664,890
Michael Kors Holdings Limited †		26,088		1,122,306
Nike Incorporated Class B		91,431		12,094,493
PVH Corporation		11,133		1,016,332
Ralph Lauren Corporation		8,061		1,001,257
Under Armour Incorporated Class A †		24,272		2,092,732
VF Corporation		45,927		2,971,477
				23,363,681
Consumer Staples: 9.34%
Beverages: 2.21%
Brown-Forman Corporation Class B		14,311		1,467,450
Coca-Cola Enterprises Incorporated		28,426		1,429,828
Constellation Brands Incorporated Class A		23,197		3,253,611
Dr Pepper Snapple Group Incorporated		25,746		2,310,704
Molson Coors Brewing Company Class B		21,316		1,961,711
Monster Beverage Corporation †		20,510		3,171,051
PepsiCo Incorporated		198,130		19,844,701
The Coca-Cola Company		528,036		22,504,894
				55,943,950
Food & Staples Retailing: 2.19%
Costco Wholesale Corporation		59,276		9,568,332
CVS Health Corporation		150,316		14,143,232
Sysco Corporation		70,809		2,910,250
The Kroger Company		131,021		4,934,251
Wal-Mart Stores Incorporated		212,842		12,523,623
Walgreens Boots Alliance Incorporated		117,857		9,903,524
Whole Foods Market Incorporated		48,266		1,406,954
				55,390,166
Food Products: 1.60%
Archer Daniels Midland Company		82,131		2,996,960
Campbell Soup Company		24,291		1,268,962

4 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Shares		Value
Food Products (continued)
ConAgra Foods Incorporated		58,230	$	2,383,354
General Mills Incorporated		80,755		4,664,409
Hormel Foods Corporation		18,178		1,361,896
Kellogg Company		34,336		2,361,287
Keurig Green Mountain Incorporated		16,207		849,247
McCormick & Company Incorporated		15,641		1,343,875
Mead Johnson Nutrition Company		27,344		2,203,653
Mondelez International Incorporated Class A		217,325		9,488,410
The Hershey Company		19,700		1,700,307
The JM Smucker Company		16,140		1,956,007
The Kraft Heinz Company		80,155		5,906,622
Tyson Foods Incorporated Class A		41,050		2,052,500
				40,537,489
Household Products: 1.71%
Colgate-Palmolive Company		121,405		7,973,880
Kimberly-Clark Corporation		49,132		5,854,078
The Clorox Company		17,351		2,156,729
The Procter & Gamble Company		365,857		27,380,738
				43,365,425
Personal Products: 0.10%
The Estee Lauder Companies Incorporated Class A		30,463		2,562,548
Tobacco: 1.53%
Altria Group Incorporated		264,449		15,232,262
Philip Morris International		208,946		18,259,791
Reynolds American Incorporated		111,795		5,170,519
				38,662,572
Energy: 6.89%
Energy Equipment & Services: 1.10%
Baker Hughes Incorporated		58,790		3,178,775
Cameron International Corporation †		25,830		1,763,931
Diamond Offshore Drilling Incorporated «		8,695		196,768
Ensco plc Class A ADR		31,797		544,365
FMC Technologies Incorporated †		30,950		1,052,919
Halliburton Company		115,284		4,594,067
Helmerich & Payne Incorporated «		14,533		846,547
National Oilwell Varco Incorporated		51,766		1,932,942
Schlumberger Limited		170,677		13,167,731
Transocean Limited «		46,092		661,881
				27,939,926
Oil, Gas & Consumable Fuels: 5.79%
Anadarko Petroleum Corporation		68,518		4,104,228
Apache Corporation		50,981		2,507,246
Cabot Oil & Gas Corporation		55,812		1,050,940
Chesapeake Energy Corporation «		69,748		367,572

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 5

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Chevron Corporation		253,799	$	23,176,925
Cimarex Energy Company		12,740		1,516,315
Columbia Pipeline Group Incorporated		42,838		821,204
ConocoPhillips		166,363		8,991,920
CONSOL Energy Incorporated «		30,887		243,390
Devon Energy Corporation		52,108		2,397,489
EOG Resources Incorporated		74,069		6,179,577
EQT Corporation		20,555		1,176,157
Exxon Mobil Corporation		562,354		45,921,828
Hess Corporation		32,522		1,918,798
Kinder Morgan Incorporated		242,423		5,713,910
Marathon Oil Corporation		91,335		1,599,276
Marathon Petroleum Corporation		72,314		4,223,861
Murphy Oil Corporation		21,902		625,959
Newfield Exploration Company †		21,980		840,955
Noble Energy Incorporated		57,331		2,102,328
Occidental Petroleum Corporation		103,038		7,788,642
ONEOK Incorporated		28,211		831,660
Phillips 66		64,581		5,911,099
Pioneer Natural Resources Company		20,138		2,914,976
Range Resources Corporation «		22,843		652,853
Southwestern Energy Company †		51,852		467,187
Spectra Energy Corporation		90,550		2,372,410
Tesoro Corporation		16,603		1,912,168
The Williams Companies Incorporated		92,017		3,364,142
Valero Energy Corporation		67,048		4,818,069
				146,513,084
Financials: 16.19%
Banks: 5.93%
Bank of America Corporation		1,411,945		24,610,201
BB&T Corporation		105,149		4,060,854
Citigroup Incorporated		405,953		21,957,998
Comerica Incorporated		23,998		1,112,307
Fifth Third Bancorp		108,338		2,239,346
Huntington Bancshares Incorporated		108,313		1,266,179
JPMorgan Chase & Company		498,777		33,258,450
KeyCorp		113,411		1,486,818
M&T Bank Corporation		21,571		2,703,493
People’s United Financial Incorporated		41,810		700,318
PNC Financial Services Group Incorporated		69,272		6,616,169
Regions Financial Corporation		178,697		1,811,988
SunTrust Banks Incorporated		69,871		3,033,799
US Bancorp		223,264		9,799,057
Wells Fargo & Company (l)		630,049		34,715,700
Zions Bancorporation		27,537		825,009
				150,197,686

6 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Shares		Value
Capital Markets: 2.15%
Affiliated Managers Group Incorporated †		7,322	$	1,297,678
Ameriprise Financial Incorporated		24,038		2,715,092
Bank of New York Mellon Corporation		149,242		6,542,769
BlackRock Incorporated		17,279		6,284,718
Charles Schwab Corporation		161,475		5,443,322
E*TRADE Financial Corporation †		39,137		1,190,939
Franklin Resources Incorporated		52,157		2,186,421
Goldman Sachs Group Incorporated		54,297		10,317,516
Invesco Limited		57,823		1,948,057
Legg Mason Incorporated		14,797		656,691
Morgan Stanley		205,501		7,048,684
Northern Trust Corporation		29,522		2,212,379
State Street Corporation		55,044		3,995,094
T. Rowe Price Group Incorporated		34,557		2,631,516
				54,470,876
Consumer Finance: 0.85%
American Express Company		114,791		8,223,627
Capital One Financial Corporation		73,160		5,743,792
Discover Financial Services		58,712		3,332,493
Navient Corporation		50,448		600,836
Synchrony Financial †		112,454		3,579,411
				21,480,159
Diversified Financial Services: 1.97%
Berkshire Hathaway Incorporated Class B †		252,675		33,881,191
CME Group Incorporated		45,555		4,448,446
Intercontinental Exchange Incorporated		14,902		3,872,136
Leucadia National Corporation		45,490		804,263
McGraw Hill Financial Incorporated		36,753		3,545,562
Moody’s Corporation		23,503		2,423,629
The NASDAQ OMX Group Incorporated		15,949		934,930
				49,910,157
Insurance: 2.71%
ACE Limited		43,673		5,015,844
AFLAC Incorporated		58,090		3,789,792
American International Group Incorporated		174,513		11,095,537
Aon plc		37,771		3,578,425
Assurant Incorporated		9,012		770,706
Cincinnati Financial Corporation		19,919		1,217,250
Lincoln National Corporation		33,847		1,861,247
Loews Corporation		38,687		1,465,850
Marsh & McLennan Companies Incorporated		71,483		3,953,010
MetLife Incorporated		150,639		7,696,147
Principal Financial Group Incorporated		36,971		1,902,528
Prudential Financial Incorporated		60,829		5,264,750
The Allstate Corporation		54,003		3,389,228
The Chubb Corporation		30,614		3,996,045

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 7

Security name	Shares		Value
Insurance (continued)
The Hartford Financial Services Group Incorporated		55,952	$	2,553,649
The Progressive Corporation		79,028		2,435,643
The Travelers Companies Incorporated		41,974		4,808,961
Torchmark Corporation		15,694		951,370
Unum Group		33,271		1,220,380
XL Group plc		40,775		1,556,790
				68,523,152
Real Estate Management & Development: 0.06%
CBRE Group Incorporated Class A †		39,096		1,464,927
REITs: 2.52%
American Tower Corporation		57,090		5,673,604
Apartment Investment & Management Company Class A		21,079		803,321
AvalonBay Communities Incorporated		17,925		3,258,586
Boston Properties Incorporated		20,713		2,588,918
Crown Castle International Corporation		45,016		3,867,325
Equinix Incorporated		7,910		2,345,315
Equity Residential Company Limited		49,106		3,919,641
Essex Property Trust Incorporated		8,867		2,046,415
General Growth Properties Incorporated		78,839		2,008,029
HCP Incorporated		62,391		2,216,752
Host Hotels & Resorts Incorporated		101,308		1,681,713
Iron Mountain Incorporated		25,876		718,835
Kimco Realty Corporation		55,722		1,453,787
Plum Creek Timber Company		23,567		1,197,439
Prologis Incorporated		70,692		3,022,083
Public Storage Incorporated		19,830		4,760,390
Realty Income Corporation «		33,663		1,670,358
Simon Property Group Incorporated		41,732		7,772,168
SL Green Realty Corporation		13,435		1,586,405
The Macerich Company		18,151		1,418,501
Ventas Incorporated		44,846		2,392,086
Vornado Realty Trust		23,898		2,312,370
Welltower Incorporated		47,460		2,998,997
Weyerhaeuser Company		69,352		2,231,054
				63,944,092
Health Care: 14.26%
Biotechnology: 3.50%
AbbVie Incorporated		223,255		12,982,278
Alexion Pharmaceuticals Incorporated †		30,503		5,442,955
Amgen Incorporated		102,269		16,475,536
Baxalta Incorporated		73,045		2,511,287
Biogen Idec Incorporated †		30,064		8,624,159
Celgene Corporation †		106,624		11,669,997
Gilead Sciences Incorporated		197,943		20,974,040
Regeneron Pharmaceuticals Incorporated †		10,429		5,678,591
Vertex Pharmaceuticals Incorporated †		32,998		4,268,621
				88,627,464

8 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Shares		Value
Health Care Equipment & Supplies: 2.04%
Abbott Laboratories		201,023	$	9,029,953
Baxter International Incorporated		73,580		2,770,287
Becton Dickinson & Company		28,358		4,260,790
Boston Scientific Corporation †		181,266		3,313,542
C.R. Bard Incorporated		10,008		1,869,695
DENTSPLY International Incorporated		18,857		1,143,866
Edwards Lifesciences Corporation †		14,501		2,363,663
Intuitive Surgical Incorporated †		4,993		2,596,460
Medtronic plc		190,739		14,370,276
St. Jude Medical Incorporated		38,000		2,397,800
Stryker Corporation		42,662		4,115,177
Varian Medical Systems Incorporated †		13,314		1,075,505
Zimmer Holdings Incorporated		23,040		2,327,270
				51,634,284
Health Care Providers & Services: 2.53%
Aetna Incorporated		47,017		4,830,997
AmerisourceBergen Corporation		27,702		2,732,525
Anthem Incorporated		35,282		4,600,067
Cardinal Health Incorporated		44,153		3,834,688
CIGNA Corporation		34,730		4,687,855
DaVita HealthCare Partners Incorporated †		22,962		1,677,144
Express Scripts Holding Company †		91,139		7,790,562
HCA Holdings Incorporated †		43,119		2,934,679
Henry Schein Incorporated †		11,248		1,760,087
Humana Incorporated		19,981		3,369,995
Laboratory Corporation of America Holdings †		13,568		1,649,055
McKesson Corporation		31,345		5,935,176
Patterson Companies Incorporated		11,712		533,716
Quest Diagnostics Incorporated		19,362		1,322,812
Tenet Healthcare Corporation †		13,429		445,709
UnitedHealth Group Incorporated		128,612		14,495,859
Universal Health Services Incorporated Class B		12,373		1,503,567
				64,104,493
Health Care Technology: 0.10%
Cerner Corporation †		41,422		2,468,751
Life Sciences Tools & Services: 0.60%
Agilent Technologies Incorporated		44,698		1,869,270
Illumina Incorporated †		19,516		3,588,992
PerkinElmer Incorporated		15,293		812,976
Thermo Fisher Scientific Incorporated		53,746		7,438,446
Waters Corporation †		11,096		1,473,771
				15,183,455
Pharmaceuticals: 5.49%
Allergan plc †		53,092		16,665,048
Bristol-Myers Squibb Company		224,904		15,070,817

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 9

Security name	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Company		131,573	$	10,794,249
Endo International plc †		28,093		1,727,158
Johnson & Johnson		373,483		37,811,419
Mallinckrodt plc †		15,827		1,074,812
Merck & Company Incorporated		379,894		20,138,181
Mylan NV †		55,691		2,856,948
Perrigo Company plc		19,729		2,947,315
Pfizer Incorporated		831,821		27,258,774
Zoetis Incorporated		61,911		2,891,244
				139,235,965
Industrials: 9.88%
Aerospace & Defense: 2.63%
General Dynamics Corporation		40,916		5,992,557
Honeywell International Incorporated		105,440		10,960,488
L-3 Communications Holdings Incorporated		10,835		1,326,312
Lockheed Martin Corporation		36,020		7,894,143
Northrop Grumman Corporation		25,275		4,710,249
Precision Castparts Corporation		18,545		4,293,909
Raytheon Company		40,941		5,077,912
Rockwell Collins Incorporated		17,772		1,647,109
Textron Incorporated		37,282		1,590,823
The Boeing Company		86,148		12,530,227
United Technologies Corporation		111,711		10,729,842
				66,753,571
Air Freight & Logistics: 0.70%
C.H. Robinson Worldwide Incorporated		19,125		1,289,599
Expeditors International of Washington Incorporated		25,513		1,238,401
FedEx Corporation		35,426		5,616,438
United Parcel Service Incorporated Class B		94,203		9,703,851
				17,848,289
Airlines: 0.61%
American Airlines Group Incorporated		85,015		3,507,719
Delta Air Lines Incorporated		107,279		4,984,182
Southwest Airlines Company		88,931		4,080,154
United Continental Holdings Incorporated †		50,951		2,839,499
				15,411,554
Building Products: 0.09%
Allegion plc		12,923		868,555
Masco Corporation		46,390		1,387,525
				2,256,080
Commercial Services & Supplies: 0.41%
Cintas Corporation		12,040		1,102,744
Pitney Bowes Incorporated		27,234		588,254
Republic Services Incorporated		32,472		1,426,495

10 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Shares		Value
Commercial Services & Supplies (continued)
Stericycle Incorporated †		11,442	$	1,381,278
The ADT Corporation «		22,920		812,972
Tyco International plc		56,852		2,007,444
Waste Management Incorporated		56,727		3,050,211
				10,369,398
Construction & Engineering: 0.09%
Fluor Corporation		19,549		950,081
Jacobs Engineering Group Incorporated †		16,697		737,006
Quanta Services Incorporated †		21,965		484,328
				2,171,415
Electrical Equipment: 0.47%
AMETEK Incorporated		32,662		1,844,097
Eaton Corporation plc		63,054		3,667,221
Emerson Electric Company		88,632		4,431,600
Rockwell Automation Incorporated		18,088		1,925,287
				11,868,205
Industrial Conglomerates: 2.43%
3M Company		84,262		13,193,744
Danaher Corporation		80,201		7,730,574
General Electric Company		1,271,254		38,061,345
Roper Industries Incorporated		13,577		2,627,014
				61,612,677
Machinery: 1.20%
Caterpillar Incorporated		81,280		5,904,992
Cummins Incorporated		22,409		2,249,191
Deere & Company		42,048		3,345,759
Dover Corporation		21,103		1,390,688
Flowserve Corporation		17,988		831,765
Illinois Tool Works Incorporated		44,439		4,176,377
Ingersoll-Rand plc		35,789		2,099,741
Paccar Incorporated		47,876		2,487,637
Parker-Hannifin Corporation		18,669		1,953,898
Pentair plc		24,285		1,376,960
Snap-on Incorporated		7,846		1,350,767
Stanley Black & Decker Incorporated		20,668		2,256,119
Xylem Incorporated		24,480		913,594
				30,337,488
Professional Services: 0.28%
Dun & Bradstreet Corporation		4,870		524,937
Equifax Incorporated		15,948		1,778,202
Nielsen Holdings plc		49,480		2,309,726
Robert Half International Incorporated		18,141		928,456
Verisk Analytics Incorporated †		20,907		1,566,980
				7,108,301

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 11

Security name	Shares		Value
Road & Rail: 0.80%
CSX Corporation		132,681	$	3,772,121
J.B. Hunt Transport Services Incorporated		12,387		969,159
Kansas City Southern		14,885		1,353,344
Norfolk Southern Corporation		40,650		3,864,189
Ryder System Incorporated		7,199		474,846
Union Pacific Corporation		117,030		9,824,669
				20,258,328
Trading Companies & Distributors: 0.17%
Fastenal Company «		39,136		1,588,139
United Rentals Incorporated †		12,863		1,011,932
W.W. Grainger Incorporated «		8,187		1,641,821
				4,241,892
Information Technology: 20.43%
Communications Equipment: 1.36%
Cisco Systems Incorporated		685,959		18,692,383
F5 Networks Incorporated †		9,577		986,431
Harris Corporation		16,734		1,391,097
Juniper Networks Incorporated		47,702		1,437,261
Motorola Solutions Incorporated		21,685		1,556,549
QUALCOMM Incorporated		211,916		10,339,382
				34,403,103
Electronic Equipment, Instruments & Components: 0.38%
Amphenol Corporation Class A		41,696		2,295,365
Corning Incorporated		165,348		3,096,968
FLIR Systems Incorporated		18,916		578,073
TE Connectivity Limited		54,272		3,641,108
				9,611,514
Internet Software & Services: 4.03%
Akamai Technologies Incorporated †		24,088		1,387,710
Alphabet Incorporated Class A †		39,098		29,825,909
Alphabet Incorporated Class C †		39,893		29,624,542
eBay Incorporated		151,164		4,472,943
Facebook Incorporated Class A †		304,782		31,770,476
VeriSign Incorporated †«		13,470		1,204,757
Yahoo! Incorporated †		116,812		3,949,414
				102,235,751
IT Services: 3.60%
Accenture plc Class A		84,180		9,025,780
Alliance Data Systems Corporation †		8,286		2,376,839
Automatic Data Processing Incorporated		62,826		5,419,371
Cognizant Technology Solutions Corporation Class A †		82,210		5,309,122
CSRA Incorporated †		18,508		583,187
Fidelity National Information Services Incorporated		37,978		2,418,059

12 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Shares		Value
IT Services (continued)
Fiserv Incorporated †		31,639	$	3,044,937
International Business Machines Corporation		121,545		16,945,804
MasterCard Incorporated Class A		134,605		13,180,522
Paychex Incorporated		43,359		2,352,226
PayPal Holdings Incorporated †		149,583		5,274,297
Teradata Corporation †		17,938		536,526
Total System Services Incorporated		22,825		1,277,287
Visa Incorporated Class A		263,193		20,794,879
Western Union Company		68,979		1,300,944
Xerox Corporation		128,358		1,354,177
				91,193,957
Semiconductors & Semiconductor Equipment: 2.48%
Altera Corporation		40,796		2,154,029
Analog Devices Incorporated		42,307		2,607,380
Applied Materials Incorporated		161,933		3,039,482
Avago Technologies Limited		35,043		4,571,359
Broadcom Corporation Class A		75,395		4,118,829
First Solar Incorporated †		10,207		576,798
Intel Corporation		641,196		22,294,385
KLA-Tencor Corporation		21,247		1,412,288
Lam Research Corporation		21,335		1,668,397
Linear Technology Corporation		32,337		1,478,448
Microchip Technology Incorporated		28,471		1,374,580
Micron Technology Incorporated †		145,184		2,312,781
NVIDIA Corporation		69,063		2,190,678
Qorvo Incorporated †		19,063		1,106,988
Skyworks Solutions Incorporated		25,726		2,135,773
Texas Instruments Incorporated		138,434		8,045,784
Xilinx Incorporated		34,886		1,733,485
				62,821,464
Software: 4.20%
Activision Blizzard Incorporated		67,845		2,555,043
Adobe Systems Incorporated †		67,120		6,138,795
Autodesk Incorporated †		30,509		1,936,406
CA Incorporated		42,260		1,187,929
Citrix Systems Incorporated †		21,675		1,661,822
Electronic Arts Incorporated †		42,047		2,850,366
Intuit Incorporated		37,402		3,747,680
Microsoft Corporation		1,078,727		58,628,812
Oracle Corporation		438,621		17,093,060
Red Hat Incorporated †		24,747		2,014,653
Salesforce.com Incorporated †		83,676		6,668,140
Symantec Corporation		92,278		1,806,803
				106,289,509
Technology Hardware, Storage & Peripherals: 4.38%
Apple Incorporated		769,154		90,990,918
EMC Corporation		259,597		6,578,188

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 13

Security name	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterpris		243,640	$	3,620,490
HP Incorporated		243,640		3,055,246
NetApp Incorporated		40,474		1,240,933
SanDisk Corporation		27,574		2,036,891
Seagate Technology plc «		40,737		1,464,088
Western Digital Corporation		31,076		1,939,453
				110,926,207
Materials: 2.79%
Chemicals: 2.11%
Air Products & Chemicals Incorporated		26,096		3,572,281
Airgas Incorporated		9,062		1,252,368
CF Industries Holdings Incorporated		31,432		1,450,272
E.I. du Pont de Nemours & Company		122,040		8,218,174
Eastman Chemical Company		20,051		1,456,705
Ecolab Incorporated		35,820		4,268,311
FMC Corporation		18,021		774,362
International Flavors & Fragrances Incorporated		10,869		1,304,389
LyondellBasell Industries NV Class A		50,268		4,816,680
Monsanto Company		59,323		5,645,177
PPG Industries Incorporated		36,513		3,860,885
Praxair Incorporated		38,638		4,358,366
The Dow Chemical Company		156,199		8,142,654
The Mosaic Company		45,474		1,438,797
The Sherwin-Williams Company		10,686		2,950,084
				53,509,505
Construction Materials: 0.13%
Martin Marietta Materials Incorporated		9,037		1,422,424
Vulcan Materials Company		17,963		1,844,261
				3,266,685
Containers & Packaging: 0.22%
Avery Dennison Corporation		12,333		813,485
Ball Corporation		18,635		1,293,642
Owens-Illinois Incorporated †		21,684		418,284
Sealed Air Corporation		27,763		1,259,330
WestRock Company		35,317		1,788,100
				5,572,841
Metals & Mining: 0.24%
Alcoa Incorporated		176,659		1,653,528
Freeport-McMoRan Incorporated		153,343		1,254,346
Newmont Mining Corporation		71,356		1,313,664
Nucor Corporation		43,106		1,786,744
				6,008,282
Paper & Forest Products: 0.09%
International Paper Company		56,343		2,356,828

14 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Shares		Value
Telecommunication Services: 2.28%
Diversified Telecommunication Services: 2.28%
AT&T Incorporated		829,616	$	27,933,171
CenturyLink Incorporated		75,933		2,044,876
Frontier Communications Corporation «		157,562		786,234
Level 3 Communications Incorporated †		38,874		1,975,965
Verizon Communications Incorporated		548,360		24,922,962
				57,663,208
Utilities: 2.79%
Electric Utilities: 1.60%
American Electric Power Company Incorporated		66,164		3,705,846
Duke Energy Corporation		92,838		6,290,703
Edison International		43,944		2,608,516
Entergy Corporation		24,214		1,613,379
Eversource Energy		42,779		2,179,590
Exelon Corporation		124,026		3,387,150
FirstEnergy Corporation		56,978		1,788,539
Nextera Energy Incoporated		62,079		6,199,209
Pepco Holdings Incorporated		34,186		877,555
Pinnacle West Capital Corporation		14,946		946,979
PPL Corporation		90,362		3,075,922
The Southern Company		122,524		5,457,219
Xcel Energy Incorporated		68,410		2,439,501
				40,570,108
Gas Utilities: 0.04%
AGL Resources Incorporated		16,197		1,013,446
Independent Power & Renewable Electricity Producers: 0.06%
AES Corporation		92,096		920,039
NRG Energy Incorporated		44,597		551,219
				1,471,258
Multi-Utilities: 1.09%
Ameren Corporation		32,725		1,432,046
CenterPoint Energy Incorporated		58,032		983,642
CMS Energy Corporation		37,316		1,306,806
Consolidated Edison Incorporated		39,501		2,454,987
Dominion Resources Incorporated		80,159		5,400,312
DTE Energy Company		24,207		1,948,421
NiSource Incorporated		42,871		822,694
PG&E Corporation		65,976		3,478,914
Public Service Enterprise Group Incorporated		68,228		2,667,715
SCANA Corporation		19,276		1,139,983
Sempra Energy		31,766		3,152,140
TECO Energy Incorporated		31,725		835,002
WEC Energy Group Incorporated		42,578		2,099,947
				27,722,609
Total Common Stocks (Cost $1,203,617,883)				2,472,550,404

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Index Portfolio 15

Security name	Yield					Shares		Value
Short-Term Investments: 1.79%
Investment Companies: 1.72%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18	%				13,080,495	$	13,080,495
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.17					30,518,256		30,518,256
									43,598,751
				Maturity date		Principal
U.S. Treasury Securities: 0.07%
Treasury Bill (z)#		0.05			4-7-2016	$	1,007,000		1,006,239
Treasury Bill (z)#		0.10			4-21-2016		255,000		254,796
Treasury Bill (z)#		0.16			2-25-2016		76,000		75,968
Treasury Bill (z)#		0.28			5-5-2016		360,000		359,507
									1,696,510
Total Short-Term Investments (Cost $45,295,990)									45,295,261

Total investments in securities (Cost $1,248,913,873) *	99.41	%		2,517,845,665
Other assets and liabilities, net	0.59			14,857,797
Total net assets	100.00	%	$	2,532,703,462

† 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 Portfolio 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.

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

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

* Cost for federal income tax purposes is $1,317,979,628 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,301,718,519
Gross unrealized losses		(101,852,482	)
Net unrealized gains	$	1,199,866,037

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 1

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 31.34%
FHLMC ±		2.63	%		12-1-2042	$	4,034,770	$	4,107,223
FHLMC ±		2.65			10-1-2045		3,498,381		3,564,873
FHLMC ±		2.69			12-1-2045		1,090,276		1,111,916
FHLMC ±		2.69			8-1-2045		3,584,902		3,659,570
FHLMC ±		2.73			8-1-2045		2,390,794		2,442,906
FHLMC ±		2.75			9-1-2045		1,955,143		1,998,930
FHLMC ±		2.76			12-1-2045		4,060,537		4,149,764
FHLMC ±		2.76			10-1-2045		3,011,558		3,078,578
FHLMC ±		2.79			10-1-2045		3,604,082		3,687,988
FHLMC ±		2.83			10-1-2045		3,863,839		3,959,631
FHLMC ±		2.88			9-1-2045		8,001,122		8,268,403
FHLMC ±		2.88			1-1-2044		3,418,746		3,513,023
FHLMC ±		2.89			8-1-2044		3,742,009		3,846,892
FHLMC		3.00			2-15-2045		20,186,411		20,432,393
FHLMC ±		3.00			9-1-2045		1,521,958		1,565,559
FHLMC		3.50			12-1-2028		659,693		697,235
FHLMC		3.50			11-1-2029		1,200,625		1,264,078
FHLMC		3.50			11-1-2029		7,891,646		8,326,480
FHLMC		3.50			1-1-2030		1,967,393		2,076,642
FHLMC		3.50			4-1-2030		8,503,615		8,991,610
FHLMC		3.50			4-1-2030		3,273,372		3,461,713
FHLMC		3.50			6-1-2030		404,624		426,111
FHLMC		3.50			6-1-2030		2,400,530		2,538,719
FHLMC		3.50			7-1-2030		330,230		347,759
FHLMC		3.50			7-1-2030		2,786,879		2,947,366
FHLMC		3.50			8-1-2030		574,547		605,060
FHLMC		3.50			8-1-2030		3,454,326		3,653,238
FHLMC		3.50			8-1-2030		553,927		585,815
FHLMC		3.50			9-1-2030		443,942		468,696
FHLMC		3.50			10-1-2030		988,572		1,041,095
FHLMC		3.50			10-1-2030		1,334,261		1,411,112
FHLMC		3.50			10-1-2030		951,233		1,004,154
FHLMC		3.50			10-1-2030		648,912		686,266
FHLMC		3.50			10-1-2030		465,031		491,825
FHLMC		3.50			10-1-2030		1,065,617		1,127,007
FHLMC		3.50			10-1-2030		1,436,787		1,519,439
FHLMC		3.50			11-1-2030		784,186		825,974
FHLMC		3.50			11-1-2030		2,077,409		2,197,427
FHLMC		3.50			11-1-2030		4,163,848		4,404,378
FHLMC		3.50			11-1-2030		2,429,219		2,569,485
FHLMC		3.50			11-1-2030		533,268		563,071
FHLMC		3.50			12-1-2030		49,821		52,699
FHLMC		3.50			12-1-2030		180,101		190,169
FHLMC		3.50			9-1-2035		1,044,521		1,094,004
FHLMC		3.50			9-1-2035		1,408,740		1,475,613
FHLMC		3.50			5-1-2043		7,565,242		7,853,006
FHLMC		3.50			12-1-2043		23,375,730		24,264,399
FHLMC		3.50			7-1-2045		810,665		840,394
FHLMC		3.50			8-1-2045		1,295,824		1,343,345
FHLMC %%		3.50			12-10-2045		6,600,000		6,823,781

2 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC %%		3.50	%		1-14-2046	$	31,900,000	$	32,901,858
FHLMC		4.00			10-1-2029		1,883,601		2,019,317
FHLMC		4.00			11-1-2035		1,617,019		1,732,471
FHLMC		4.00			11-1-2035		858,312		922,498
FHLMC		4.00			4-15-2040		1,451,395		1,553,959
FHLMC		4.00			8-1-2044		15,390,799		16,470,560
FHLMC		4.00			2-1-2045		4,233,737		4,529,625
FHLMC		4.00			9-1-2045		5,797,030		6,198,896
FHLMC		4.00			9-1-2045		1,482,413		1,589,297
FHLMC		4.00			10-1-2045		1,321,581		1,402,509
FHLMC		4.00			10-1-2045		1,161,617		1,242,144
FHLMC		4.00			10-1-2045		870,261		926,243
FHLMC		4.00			10-1-2045		1,980,208		2,106,002
FHLMC		4.00			10-1-2045		444,633		476,690
FHLMC		4.00			10-1-2045		1,828,679		1,960,529
FHLMC		4.00			10-1-2045		1,301,160		1,383,817
FHLMC		4.00			10-1-2045		872,811		933,317
FHLMC		4.00			11-1-2045		374,387		400,770
FHLMC		4.00			11-1-2045		2,467,626		2,626,366
FHLMC		4.00			11-1-2045		1,864,332		1,982,766
FHLMC		4.00			12-1-2045		479,777		514,373
FHLMC		4.00			12-1-2045		1,364,324		1,452,087
FHLMC		4.00			12-1-2045		1,785,670		1,898,552
FHLMC		4.00			12-1-2045		1,533,178		1,627,069
FHLMC		4.50			8-1-2020		13,649,699		14,164,647
FHLMC		4.50			6-1-2042		5,696,284		6,267,886
FHLMC		5.00			8-1-2039		11,904,846		13,373,077
FHLMC		5.00			9-1-2039		514,875		578,170
FHLMC		5.00			5-1-2042		340,058		382,418
FHLMC		5.00			9-1-2043		906,287		1,019,176
FHLMC		5.00			9-1-2043		792,375		891,494
FHLMC		5.00			10-1-2043		1,223,610		1,376,603
FHLMC		5.00			10-1-2043		225,814		254,059
FHLMC		5.00			10-1-2043		193,756		217,743
FHLMC		5.00			7-1-2044		3,979,608		4,475,832
FHLMC		6.00			8-1-2017		11,513		11,816
FHLMC		6.00			10-1-2017		24,153		24,668
FHLMC		6.00			2-1-2023		35,801		40,375
FHLMC		6.50			4-1-2021		4,764		4,959
FHLMC Series 1590 Class IA ±		1.25			10-15-2023		35,863		36,815
FHLMC Series 1897 Class K		7.00			9-15-2026		1,138		1,273
FHLMC Series 1935 Class FL ±		0.90			2-15-2027		3,081		3,141
FHLMC Series 2423 Class MC		7.00			3-15-2032		19,265		22,083
FHLMC Series 271 Class 30		3.00			8-15-2042		6,631,089		6,550,933
FHLMC Series 300 Class 300		3.00			1-15-2043		19,758,962		19,895,089
FHLMC Series 4227 Class AB		3.50			10-15-2037		6,311,046		6,617,904
FHLMC Series 4425 Class A		4.00			9-15-2040		6,401,018		6,826,082
FHLMC Series 4483 Class PA		2.50			6-15-2045		19,188,169		19,455,398
FNMA ¤		0.00			10-9-2019		7,585,000		7,020,699
FNMA ±		1.88			6-1-2017		401		404

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 3

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.50	%		11-1-2045	$	3,507,501	$	3,563,916
FNMA ±		2.51			9-1-2045		1,548,442		1,574,100
FNMA ±		2.56			3-1-2045		1,216,671		1,240,127
FNMA ±		2.60			12-1-2045		1,003,222		1,020,054
FNMA ±		2.60			9-1-2045		2,763,282		2,816,629
FNMA		2.63			9-6-2024		3,036,000		3,087,876
FNMA ±		2.63			7-1-2045		1,093,562		1,116,059
FNMA ±		2.68			10-1-2045		2,210,670		2,258,082
FNMA ±		2.70			10-1-2045		2,779,104		2,840,464
FNMA ±		2.72			1-1-2045		6,253,209		6,410,531
FNMA ±		2.74			1-1-2045		2,144,357		2,202,314
FNMA ±		2.75			2-1-2045		3,743,481		3,845,512
FNMA ±		2.75			11-1-2045		3,906,480		3,998,093
FNMA ±		2.76			9-1-2045		5,725,774		5,864,449
FNMA ±		2.77			9-1-2045		6,278,709		6,432,559
FNMA ±		2.78			7-1-2045		1,963,585		2,016,346
FNMA ±		2.79			10-1-2045		4,393,192		4,502,246
FNMA ±		2.81			11-1-2044		1,845,342		1,895,383
FNMA ±		2.81			10-1-2045		3,663,710		3,756,980
FNMA ±		2.83			5-1-2043		1,510,252		1,549,505
FNMA ±		2.95			9-1-2045		1,549,383		1,594,535
FNMA		3.00			10-1-2042		1,317,628		1,327,749
FNMA		3.00			10-25-2042		17,545,991		17,668,882
FNMA		3.00			3-1-2043		5,882,464		5,924,008
FNMA		3.00			4-1-2043		13,319,454		13,413,363
FNMA		3.00			4-1-2043		6,903,355		6,952,089
FNMA		3.00			5-1-2043		1,433,157		1,443,264
FNMA ±		3.19			10-1-2043		2,308,657		2,387,684
FNMA		3.50			12-1-2029		2,784,182		2,942,880
FNMA		3.50			1-1-2030		5,643,707		5,976,018
FNMA		3.50			2-1-2030		4,448,589		4,702,292
FNMA		3.50			4-1-2030		4,454,571		4,717,244
FNMA		3.50			7-1-2030		3,255,691		3,448,314
FNMA		3.50			8-1-2030		2,210,325		2,341,417
FNMA		3.50			9-1-2030		1,831,699		1,932,060
FNMA		3.50			9-1-2032		4,751,357		4,998,091
FNMA		3.50			9-1-2035		967,510		1,012,837
FNMA		3.50			9-1-2035		10,146,271		10,620,937
FNMA		3.50			10-1-2035		7,025,078		7,353,113
FNMA		3.50			10-1-2040		4,849,859		5,041,908
FNMA		3.50			11-1-2040		5,557,238		5,777,301
FNMA		3.50			12-1-2042		3,649,547		3,789,853
FNMA		3.50			6-1-2045		18,521,741		19,232,513
FNMA		3.50			8-1-2045		11,482,028		11,922,669
FNMA (a)		3.50			12-1-2045		3,927,487		4,131,439
FNMA %%		3.50			12-10-2045		4,900,000		5,076,094
FNMA %%		3.50			1-14-2046		38,300,000		39,582,152
FNMA		4.00			3-1-2025		365,148		390,582
FNMA		4.00			6-1-2025		2,290,296		2,431,587
FNMA		4.00			10-1-2025		248,445		259,432

4 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		11-1-2025	$	493,613	$	525,134
FNMA		4.00			2-1-2026		1,919,921		2,063,005
FNMA		4.00			6-1-2026		1,655,342		1,770,630
FNMA		4.00			1-1-2029		2,531,661		2,719,641
FNMA		4.00			3-1-2029		2,081,622		2,219,927
FNMA		4.00			7-1-2029		16,926,160		18,118,228
FNMA		4.00			11-1-2029		3,624,054		3,892,606
FNMA		4.00			11-1-2035		883,504		951,698
FNMA		4.00			11-1-2040		1,982,547		2,114,216
FNMA		4.00			12-1-2040		5,455,227		5,815,884
FNMA		4.00			2-1-2041		13,768,411		14,683,620
FNMA		4.00			9-1-2041		201,432		216,125
FNMA		4.00			10-1-2041		460,534		494,134
FNMA		4.00			10-1-2041		1,672,283		1,783,459
FNMA		4.00			11-1-2041		356,003		381,979
FNMA		4.00			12-1-2041		443,396		475,748
FNMA		4.00			1-1-2042		5,776,829		6,159,408
FNMA		4.00			8-1-2042		3,954,663		4,234,305
FNMA		4.00			9-1-2042		10,365,691		11,099,079
FNMA		4.00			10-1-2042		4,754,443		5,090,964
FNMA		4.00			11-1-2042		5,174,054		5,540,699
FNMA		4.00			11-1-2042		1,603,537		1,716,524
FNMA		4.00			8-1-2043		3,916,850		4,175,823
FNMA		4.00			10-1-2043		2,449,405		2,611,358
FNMA		4.00			11-1-2044		5,002,359		5,354,373
FNMA		4.00			11-1-2044		3,512,433		3,759,519
FNMA		4.00			12-1-2044		13,461,521		14,433,272
FNMA		4.00			6-1-2045		11,626,761		12,442,954
FNMA		4.00			6-1-2045		4,577,330		4,881,367
FNMA		4.00			6-1-2045		5,691,153		6,067,223
FNMA		4.00			7-1-2045		491,075		526,901
FNMA		4.00			8-1-2045		1,473,453		1,579,830
FNMA		4.00			8-1-2045		505,225		542,085
FNMA		4.00			9-1-2045		2,395,257		2,585,510
FNMA		4.00			9-1-2045		688,784		739,035
FNMA		4.00			9-1-2045		1,564,593		1,666,691
FNMA		4.00			10-1-2045		1,422,863		1,512,983
FNMA		4.00			10-1-2045		5,384,689		5,748,156
FNMA		4.00			10-1-2045		14,357,970		15,312,521
FNMA		4.00			10-1-2045		374,197		401,500
FNMA		4.00			11-1-2045		3,977,969		4,287,892
FNMA		4.00			11-1-2045		602,593		646,557
FNMA		4.00			12-1-2045		7,205,680		7,720,318
FNMA ±		4.38			4-1-2040		2,460,485		2,613,582
FNMA		4.50			1-1-2020		6,286,334		6,554,113
FNMA		4.50			10-1-2033		1,644,781		1,790,006
FNMA		4.50			5-1-2034		2,581,680		2,852,694
FNMA		4.50			2-1-2044		15,370,157		16,895,119
FNMA		4.50			3-1-2044		1,748,954		1,920,925
FNMA		4.50			4-1-2044		9,662,525		10,623,010

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 5

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		6-1-2044	$	6,018,971	$	6,616,028
FNMA		4.50			2-1-2045		1,977,107		2,175,515
FNMA		5.00			9-1-2043		154,981		174,637
FNMA		5.00			10-1-2043		567,729		640,073
FNMA		5.00			12-1-2043		154,052		173,590
FNMA		5.00			1-1-2044		28,684		32,296
FNMA		5.00			7-1-2044		10,828,205		12,208,990
FNMA		5.00			7-1-2044		1,322,780		1,490,439
FNMA		5.37			4-1-2017		2,304,000		2,382,310
FNMA		5.40			5-1-2017		2,857,281		2,965,939
FNMA		6.00			5-1-2017		10,182		10,398
FNMA		6.00			11-1-2017		2,658		2,718
FNMA		6.00			4-1-2022		15,595		17,653
FNMA		6.00			2-1-2029		15,427		17,632
FNMA		6.00			3-1-2033		75,736		86,685
FNMA		6.00			11-1-2033		26,803		30,570
FNMA		6.50			6-1-2017		8,589		8,751
FNMA		6.50			7-1-2017		20,810		21,287
FNMA Series 1998-38 Class Pl		6.00			11-25-2028		504,678		572,372
FNMA Series 1999-54 Class LH		6.50			11-25-2029		17,305		19,689
FNMA Series 2005-31 Class PB		5.50			4-25-2035		70,000		81,593
FNMA Series 2007-108 Class AN ±		8.19			11-25-2037		1,043,460		1,271,122
FNMA Series 2012-134 Class LC		3.00			12-25-2042		2,810,038		2,847,313
FNMA Series 2012-411 Class A3		3.00			8-25-2042		2,053,097		2,067,694
GNMA %%		3.50			12-17-2045		58,500,000		61,108,503
GNMA ±		2.50			5-20-2045		14,494,986		14,741,940
GNMA ±		2.50			8-20-2045		2,610,771		2,656,305
GNMA ±		2.50			10-20-2045		6,116,844		6,213,415
GNMA %%		3.00			12-17-2045		49,600,000		50,433,131
GNMA %%		3.50			1-21-2046		52,700,000		54,911,957
GNMA		4.00			5-20-2045		620,367		668,075
GNMA		4.00			5-20-2045		26,591		28,638
GNMA		4.00			8-20-2045		293,652		316,801
GNMA		4.00			9-20-2045		852,482		927,615
GNMA		4.00			9-20-2045		887,020		962,873
GNMA		4.00			9-20-2045		3,580,315		3,828,121
GNMA		4.00			10-15-2045		1,786,110		1,940,600
GNMA		4.00			10-20-2045		2,110,872		2,272,114
GNMA		4.00			10-20-2045		938,978		1,019,279
GNMA		4.00			11-20-2045		1,898,416		2,030,564
GNMA %%		4.00			12-17-2045		14,800,000		15,722,978
GNMA %%		4.00			12-20-2045		1,614,165		1,717,762
GNMA		4.50			4-15-2045		174,789		191,922
GNMA		4.50			5-20-2045		316,673		346,535
GNMA		4.50			5-20-2045		1,338,107		1,461,053
GNMA		4.50			6-20-2045		2,000,296		2,197,555
GNMA		4.50			6-20-2045		235,238		257,461
GNMA		4.50			7-20-2045		2,323,948		2,528,247
GNMA		4.50			7-20-2045		3,601,327		3,964,748
GNMA		4.50			8-20-2045		1,252,825		1,368,257

6 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		4.50	%		9-20-2045	$	1,043,523	$	1,159,631
GNMA		4.50			10-20-2045		196,325		214,899
Structured Agency Credit Risk Debt Note Series 14-HQ1 Class M1 ±		1.87			8-25-2024		1,820,407		1,827,671
Structured Agency Credit Risk Debt Note Series 15-DN1 Class M1 ±		1.47			1-25-2025		2,134,524		2,137,310
Tennessee Valley Authority		2.88			9-15-2024		7,901,000		8,020,068
Tennessee Valley Authority		4.25			9-15-2065		4,977,000		4,896,761
Total Agency Securities (Cost $1,146,474,469)									1,146,605,218
Asset-Backed Securities: 10.69%
Ally Auto Receivables Trust Series 2013-1 Class A3		0.63			5-15-2017		122,712		122,689
Ally Auto Receivables Trust Series 2014-1 Class A4		1.53			4-15-2019		3,416,000		3,418,088
Ally Auto Receivables Trust Series 2014-2 Class A4		1.84			1-15-2020		1,440,000		1,440,191
Ally Auto Receivables Trust Series 2014-4 Class A2		1.43			6-17-2019		5,441,000		5,428,523
Ally Auto Receivables Trust Series 2015-2 Class A3		1.49			11-15-2019		3,314,000		3,312,908
Ally Master Owner Trust Series 2012-5 Class A		1.54			9-15-2019		8,027,000		8,014,132
Ally Master Owner Trust Series 2014-3A Class A		1.33			3-15-2019		721,000		720,064
Ally Master Owner Trust Series 2014-5 Class A1 ±		0.69			10-15-2019		8,356,000		8,328,084
Ally Master Owner Trust Series 2015-2 Class A1 ±		0.77			1-15-2021		4,771,000		4,750,805
Avis Budget Rental Car Funding LLC Series 2012-3A Class A 144A		2.10			3-20-2019		5,013,000		5,018,587
Avis Budget Rental Car Funding LLC Series 2013-1A Class A 144A		1.92			9-20-2019		7,248,000		7,188,911
Bank of the West Auto Trust Series 2014-1 Class A3 144A		1.09			3-15-2019		2,364,000		2,359,639
California Republic Auto Receivables Trust Series 2014-2 Class A4		1.57			12-16-2019		1,539,000		1,535,901
California Republic Auto Receivables Trust Series 2014-3 Class A4		1.79			3-16-2020		1,498,000		1,496,728
California Republic Auto Receivables Trust Series 2015-1 Class A3		1.33			4-15-2019		2,921,000		2,912,706
California Republic Auto Receivables Trust Series 2015-1 Class A4		1.82			9-15-2020		3,366,000		3,354,378
California Republic Auto Receivables Trust Series 2015-2 Class A3		1.31			8-15-2019		2,122,000		2,110,970
Capital Auto Receivables Asset Trust Series 2013-2 Class A4		1.56			7-20-2018		2,560,000		2,566,230
Capital Auto Receivables Asset Trust Series 2013-3 Class A4		1.68			4-20-2018		1,438,000		1,442,303
Capital Auto Receivables Asset Trust Series 2013-4 Class A3		1.09			3-20-2018		5,299,000		5,296,104
Capital Auto Receivables Asset Trust Series 2013-4 Class A4		1.47			7-20-2018		5,170,000		5,177,867
Capital Auto Receivables Asset Trust Series 2014-1 Class A4		1.69			10-22-2018		4,100,000		4,111,792
Capital Auto Receivables Asset Trust Series 2014-2 Class A3		1.26			5-21-2018		5,187,000		5,185,514
Capital Auto Receivables Asset Trust Series 2014-2 Class A4		1.62			10-22-2018		1,482,000		1,482,706
Capital Auto Receivables Asset Trust Series 2014-3 Class A3		1.48			11-20-2018		5,681,000		5,680,648
Capital Auto Receivables Asset Trust Series 2014-3 Class A4		1.83			4-22-2019		737,000		738,845
Capital Auto Receivables Asset Trust Series 2015-1 Class A2		1.42			6-20-2018		8,965,000		8,959,507
Capital Auto Receivables Asset Trust Series 2015-1 Class A3		1.61			6-20-2019		7,641,000		7,627,337
Capital Auto Receivables Asset Trust Series 2015-1 Class A4		1.86			10-21-2019		4,734,000		4,715,503
Capital Auto Receivables Asset Trust Series 2015-2 Class A2		1.39			9-20-2018		2,818,000		2,810,776
Capital Auto Receivables Asset Trust Series 2015-2 Class A3		1.73			9-20-2019		4,090,000		4,078,722
Capital Auto Receivables Asset Trust Series 2015-2 Class A4		1.97			1-21-2020		6,061,000		6,038,873
Capital Auto Receivables Asset Trust Series 2015-3 Class A3		1.94			1-21-2020		4,536,000		4,535,155
Capital Auto Receivables Asset Trust Series 2015-4 Class A2		1.62			3-20-2019		2,843,000		2,830,293
Capital Auto Receivables Asset Trust Series 2015-4 Class A3		1.83			3-20-2020		3,742,000		3,716,841
Capital Auto Receivables Asset Trust Series 2015-4 Class A4		2.01			7-20-2020		2,335,000		2,316,422
Citibank Credit Card Issuance Trust Series 2013-A7 Class A7 ±		0.62			9-10-2020		556,000		555,111
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6		2.15			7-15-2021		7,430,000		7,508,187
Discover Card Execution Note Trust Series 2015-A4 Class A1		2.19			4-17-2023		7,359,000		7,355,482
Ford Credit Auto Owner Trust Series 2013-B Class A3		0.57			10-15-2017		1,107,758		1,107,261
Ford Credit Auto Owner Trust Series 2013-D Class A3		0.67			4-15-2018		1,561,845		1,560,551

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 7

Security name	Interest rate			Maturity date		Principal			Value
Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust Series 2014-1 Class A 144A		2.26	%		11-15-2025	$	8,061,000		$	8,138,672
Ford Credit Auto Owner Trust Series 2015-2 Class A 144A		2.44			1-15-2027		5,533,000			5,551,891
Ford Credit Floorplan Master Owner Trust Series 2012-2 Class A		1.92			1-15-2019		5,573,000			5,609,752
Ford Credit Floorplan Master Owner Trust Series 2014-1 Class A1		1.20			2-15-2019		2,007,000			2,003,263
Ford Credit Floorplan Master Owner Trust Series 2015-2 Class A2 ±		0.77			1-15-2022		10,669,000			10,593,337
Honda Auto Receivables Owner Trust Series 2014-B Class A3		0.90			12-17-2018		3,290,000			3,286,382
Hyundai Auto Receivables Trust Series 2011-C Class A4		1.30			2-15-2018		497,234			497,327
Hyundai Auto Receivables Trust Series 2013-A Class A4		0.75			9-17-2018		1,673,000			1,671,559
Hyundai Auto Receivables Trust Series 2013-B Class A4		1.01			2-15-2019		1,482,000			1,482,233
Hyundai Auto Receivables Trust Series 2013-C Class A3		1.01			2-15-2018		185,719			185,879
Navient Student Loan Trust Series 2014-1 Class A2 ±		0.53			3-27-2023		2,902,000			2,877,238
Navient Student Loan Trust Series 2014-8 Class A2 ±		0.66			4-25-2023		3,282,000	��		3,244,569
Navient Student Loan Trust Series 2015-AA Class A2A 144A		2.65			12-15-2028		3,826,000			3,849,432
Nelnet Student Loan Trust Series 2004-4 Class A5 ±		0.48			1-25-2037		4,113,268			4,005,236
Nelnet Student Loan Trust Series 2004-5 Class A5 ±		0.50			10-27-2036		4,510,277			4,298,075
Nelnet Student Loan Trust Series 2005-1 Class A5 ±		0.43			10-25-2033		4,819,000			4,599,501
Nelnet Student Loan Trust Series 2005-2 Class A5 ±		0.42			3-23-2037		4,948,000			4,672,442
Nelnet Student Loan Trust Series 2005-3 Class A5 ±		0.44			12-24-2035		5,024,000			4,750,534
Nelnet Student Loan Trust Series 2005-4 Class A4 ±		0.50			3-22-2032		1,910,000			1,724,486
Nelnet Student Loan Trust Series 2006-1 Class A4 ±		0.47			11-23-2022		275,385			273,752
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.40			10-26-2026		591,335			589,971
Nelnet Student Loan Trust Series 2010-4A Class A 144A±		1.02			4-25-2046		1,647,726			1,645,789
SLC Student Loan Trust Series 2007-2 Class A2 ±		0.76			5-15-2028		1,432,933			1,416,435
SLM Student Loan Trust Series 2004-10 Class A6A 144A±		0.87			4-27-2026		8,068,000			7,965,004
SLM Student Loan Trust Series 2004-3 Class A5 ±		0.49			7-25-2023		6,207,407			6,064,245
SLM Student Loan Trust Series 2005-5 Class A3 ±		0.42			4-25-2025		472,365			468,495
SLM Student Loan Trust Series 2005-5 Class A4 ±		0.46			10-25-2028		7,353,000			6,908,985
SLM Student Loan Trust Series 2005-6 Class A5 ±		1.52			7-27-2026		1,856,228			1,860,640
SLM Student Loan Trust Series 2005-6 Class A6 ±		0.46			10-27-2031		5,441,000			5,164,572
SLM Student Loan Trust Series 2005-7 Class A4 ±		0.47			10-25-2029		3,904,000			3,668,241
SLM Student Loan Trust Series 2005-9 Class A ±		0.44			1-27-2025		2,139,078			2,132,012
SLM Student Loan Trust Series 2006-2 Class A5 ±		0.43			7-25-2025		2,506,684			2,462,179
SLM Student Loan Trust Series 2006-3 Class A5 ±		0.42			1-25-2021		5,340,000			5,117,570
SLM Student Loan Trust Series 2007-2 Class A4 ±		0.38			7-25-2022		7,909,000			7,444,450
SLM Student Loan Trust Series 2007-2 Class B ±		0.49			7-25-2025		3,722,000			3,124,630
SLM Student Loan Trust Series 2007-3 Class A3 ±		0.36			4-25-2019		10,736,361			10,587,646
SLM Student Loan Trust Series 2007-5 Class A5 ±		0.40			1-25-2024		2,482,000			2,451,480
SLM Student Loan Trust Series 2008-5 Class A3 ±		1.62			1-25-2018		245,529			245,754
SLM Student Loan Trust Series 2010-1 Class A ±		0.62			3-25-2025		1,320,465			1,293,843
SLM Student Loan Trust Series 2011-A Class A1 144A±		1.20			10-15-2024		1,472,843			1,474,125
SLM Student Loan Trust Series 2011-A Class A2 144A		4.37			4-17-2028		806,000			845,720
SLM Student Loan Trust Series 2012-6 Class A3 ±		0.97			5-26-2026		2,464,000			2,438,698
SLM Student Loan Trust Series 2012-6 Class B ±		1.22			4-27-2043		3,591,000			3,177,269
SLM Student Loan Trust Series 2012-B Class A2 144A		3.48			10-15-2030		1,942,999			1,979,630
SLM Student Loan Trust Series 2012-C Class A1 144A±		1.30			8-15-2023		2,739,455			2,739,695
SLM Student Loan Trust Series 2012-D Class A2 144A		2.95			2-15-2046		7,528,000			7,628,541
SLM Student Loan Trust Series 2012-E Class A1 144A±		0.95			10-16-2023		1,923,383			1,922,431
SLM Student Loan Trust Series 2012-E Class A2 144A±		1.95			6-15-2045		1,270,000			1,282,098
SLM Student Loan Trust Series 2013-1 Class B ±		2.02			11-25-2043		1,064,000			945,363
SLM Student Loan Trust Series 2013-2 Class B ±		1.72			6-25-2043		1,307,000			1,156,670

8 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2013-3 Class B ±		1.72	%		9-25-2043	$	1,719,000	$	1,589,586
SLM Student Loan Trust Series 2013-A Class A1 144A±		0.80			8-15-2022		107,140		106,814
SLM Student Loan Trust Series 2013-A Class A2B 144A±		1.25			5-17-2027		1,917,000		1,903,937
SLM Student Loan Trust Series 2013-B Class A1 144A±		0.85			7-15-2022		2,362,880		2,355,771
SLM Student Loan Trust Series 2013-B Class A2A 144A		1.85			6-17-2030		4,234,000		4,139,334
SLM Student Loan Trust Series 2013-C Class A2A 144A		2.94			10-15-2031		1,351,000		1,367,807
SLM Student Loan Trust Series 2014-2 Class A3 ±		0.81			3-26-2029		4,550,000		4,346,556
SLM Student Loan Trust Series 2014-2 Class B ±		1.72			1-25-2045		1,458,000		1,343,610
SLM Student Loan Trust Series 2014-A Class A1 144A±		0.80			7-15-2022		1,795,562		1,791,155
SLM Student Loan Trust Series 2014-A Class A2A 144A		2.59			1-15-2026		2,954,000		2,951,897
SMB Private Education Loan Trust Series 2015-A Class A1 144A±		0.80			7-17-2023		1,366,353		1,357,428
SMB Private Education Loan Trust Series 2015-A Class A2A 144A		2.49			6-15-2027		6,834,000		6,695,101
SMB Private Education Loan Trust Series 2015-A Class A2B 144A±		1.20			6-15-2027		4,724,000		4,697,378
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98			7-15-2027		3,986,000		3,992,854
SMB Private Education Loan Trust Series 2015-B Class A2B 144A±		1.40			7-15-2027		4,809,000		4,774,578
SMB Private Education Loan Trust Series 2015-C Class A1 144A±		1.09			7-15-2022		5,931,000		5,926,979
SMB Private Education Loan Trust Series 2015-C Class A2A 144A		2.75			7-15-2027		2,896,000		2,870,388
SMB Private Education Loan Trust Series 2015-C Class A2B 144A±		1.59			7-15-2027		2,535,000		2,523,804
Trade Maps Limited Series 2013-1A Class A 144A±		0.89			12-10-2018		6,545,000		6,506,608
World Financial Network Credit Card Master Trust Series 2014-C Class A		1.54			8-16-2021		1,505,000		1,503,283
Total Asset-Backed Securities (Cost $394,809,590)									391,173,943
Corporate Bonds and Notes: 17.09%
Consumer Discretionary: 1.56%
Automobiles: 0.38%
General Motors Company		3.45			4-10-2022		3,559,000		3,438,450
General Motors Company		3.50			10-2-2018		4,476,000		4,539,112
General Motors Company		4.00			4-1-2025		796,000		766,784
General Motors Company		5.00			4-1-2035		1,971,000		1,884,252
General Motors Company		5.20			4-1-2045		1,157,000		1,107,189
Volkswagen Group America 144A		2.40			5-22-2020		2,200,000		2,067,573
									13,803,360
Internet & Catalog Retail: 0.03%
Amazon.com Incorporated		4.95			12-5-2044		848,000		904,402
Media: 1.01%
21st Century Fox America Incorporated 144A		3.70			10-15-2025		2,176,000		2,186,138
21st Century Fox America Incorporated 144A		4.95			10-15-2045		1,550,000		1,571,833
CCO Safari II LLC 144A		4.91			7-23-2025		4,477,000		4,546,801
CCO Safari II LLC 144A		6.48			10-23-2045		3,176,000		3,308,204
Cox Communications Incorporated 144A		4.80			2-1-2035		1,442,000		1,223,448
DIRECTV Holdings LLC		3.80			3-15-2022		907,000		927,566
DIRECTV Holdings LLC		3.95			1-15-2025		5,052,000		5,047,787
DIRECTV Holdings LLC		4.45			4-1-2024		3,727,000		3,864,817
Scripps Networks Interactive Incorporated		2.80			6-15-2020		2,369,000		2,318,384
Scripps Networks Interactive Incorporated		3.50			6-15-2022		1,662,000		1,606,095

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 9

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Scripps Networks Interactive Incorporated		3.90	%		11-15-2024	$	2,903,000	$	2,799,775
Scripps Networks Interactive Incorporated		3.95			6-15-2025		2,814,000		2,700,511
Time Warner Cable Incorporated		6.55			5-1-2037		997,000		1,010,143
Viacom Incorporated		4.85			12-15-2034		3,264,000		2,785,308
Viacom Incorporated		5.25			4-1-2044		1,419,000		1,211,879
									37,108,689
Multiline Retail: 0.04%
Kohl’s Corporation		5.55			7-17-2045		1,564,000		1,490,024
Specialty Retail: 0.05%
Bed Bath & Beyond Incorporated		5.17			8-1-2044		2,159,000		1,871,533
Textiles, Apparel & Luxury Goods: 0.05%
Coach Incorporated		4.25			4-1-2025		2,024,000		1,923,346
Consumer Staples: 1.01%
Beverages: 0.05%
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		1,870,000		1,894,207
Food & Staples Retailing: 0.07%
Walgreens Boots Alliance Incorporated		4.80			11-18-2044		2,744,000		2,509,956
Food Products: 0.75%
H. J. Heinz Company 144A		2.80			7-2-2020		5,689,000		5,706,676
H. J. Heinz Company 144A		3.95			7-15-2025		7,000,000		7,147,133
H. J. Heinz Company 144A		5.20			7-15-2045		2,646,000		2,774,223
Wm. Wrigley Jr. Company 144A		2.00			10-20-2017		1,363,000		1,370,920
Wm. Wrigley Jr. Company 144A		2.40			10-21-2018		1,999,000		2,022,502
Wm. Wrigley Jr. Company 144A		2.90			10-21-2019		4,173,000		4,255,091
Wm. Wrigley Jr. Company 144A		3.38			10-21-2020		4,205,000		4,326,428
									27,602,973
Tobacco: 0.14%
Reynolds American Incorporated		4.45			6-12-2025		1,784,000		1,874,333
Reynolds American Incorporated		5.70			8-15-2035		2,828,000		3,112,112
									4,986,445
Energy: 1.81%
Energy Equipment & Services: 0.10%
Halliburton Company		3.80			11-15-2025		2,170,000		2,185,724
Halliburton Company		5.00			11-15-2045		1,560,000		1,587,971
									3,773,695
Oil, Gas & Consumable Fuels: 1.71%
Apache Corporation		4.25			1-15-2044		2,030,000		1,825,366
Chevron Corporation		1.37			3-2-2018		5,877,000		5,865,704
Chevron Corporation		2.41			3-3-2022		5,033,000		4,969,680
Energy Transfer Partners LP		2.50			6-15-2018		3,090,000		3,013,399

10 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Partners LP		4.15	%		10-1-2020	$	1,564,000	$	1,517,621
Energy Transfer Partners LP		4.75			1-15-2026		4,645,000		4,159,542
Enlink Midstream Partners LP		5.05			4-1-2045		2,652,000		2,054,637
Enterprise Products Operating LLC		3.70			2-15-2026		3,123,000		2,925,817
Gulfstream Natural Gas System LLC 144A		5.95			10-15-2045		2,135,000		2,094,341
Kerr-McGee Corporation		6.95			7-1-2024		6,402,000		7,471,499
Kinder Morgan Energy Partners LP		5.30			12-1-2034		2,060,000		1,580,784
Marathon Oil Corporation		5.20			6-1-2045		2,983,000		2,568,312
Marathon Petroleum Corporation		5.00			9-15-2054		394,000		347,245
ONEOK Partners LP		2.00			10-1-2017		2,430,000		2,383,458
Pioneer Natural Resources Company %%		3.45			1-15-2021		3,780,000		3,770,550
Rowan Companies Incorporated		5.40			12-1-2042		1,968,000		1,320,477
Rowan Companies Incorporated		5.85			1-15-2044		1,193,000		834,481
Sunoco Logistics Partner LP		5.95			12-1-2025		2,255,000		2,245,538
TC Pipelines LP		4.65			6-15-2021		869,000		871,084
Valero Energy Corporation		4.90			3-15-2045		2,639,000		2,380,104
Western Gas Partners LP		3.95			6-1-2025		4,514,000		4,091,259
Western Gas Partners LP		5.38			6-1-2021		1,116,000		1,164,054
Western Gas Partners LP		5.45			4-1-2044		740,000		636,107
Williams Partners LP		4.00			9-15-2025		2,866,000		2,341,571
									62,432,630
Financials: 6.34%
Banks: 2.16%
Bank of America Corporation		2.63			10-19-2020		5,951,000		5,924,304
Bank of America Corporation		3.88			8-1-2025		9,613,000		9,838,338
Bank of America Corporation		6.00			9-1-2017		4,530,000		4,856,921
Citigroup Incorporated		1.55			8-14-2017		6,321,000		6,310,046
Citigroup Incorporated		1.70			7-25-2016		4,383,000		4,401,834
Citigroup Incorporated		2.65			10-26-2020		4,488,000		4,474,819
Citigroup Incorporated		4.45			9-29-2027		8,077,000		8,094,212
Citigroup Incorporated		4.65			7-30-2045		2,696,000		2,741,840
Citizens Financial Group Incorporated %%		4.30			12-3-2025		2,285,000		2,282,601
HSBC USA Incorporated		2.75			8-7-2020		8,185,000		8,235,362
JPMorgan Chase & Company		2.55			10-29-2020		8,143,000		8,124,027
JPMorgan Chase & Company		3.90			7-15-2025		9,807,000		10,169,418
JPMorgan Chase & Company		4.25			10-1-2027		1,501,000		1,512,748
JPMorgan Chase & Company		4.95			6-1-2045		1,872,000		1,896,789	��
									78,863,259
Capital Markets: 1.24%
Goldman Sachs Group Incorporated		4.25			10-21-2025		3,718,000		3,728,942
Goldman Sachs Group Incorporated		4.75			10-21-2045		4,717,000		4,724,901
Goldman Sachs Group Incorporated		6.75			10-1-2037		3,171,000		3,806,221
Lazard Group LLC		3.75			2-13-2025		5,685,000		5,307,090
Lazard Group LLC		4.25			11-14-2020		3,198,000		3,339,077
Morgan Stanley		2.80			6-16-2020		6,963,000		7,042,239
Morgan Stanley		3.95			4-23-2027		3,428,000		3,354,034

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 11

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets (continued)
Morgan Stanley		4.00	%		7-23-2025	$	13,454,000	$	13,976,096
									45,278,600
Consumer Finance: 0.79%
Ally Financial Incorporated		3.25			11-5-2018		6,305,000		6,295,164
Capital One Financial Corporation		4.20			10-29-2025		3,442,000		3,431,406
ERAC USA Finance LLC 144A		4.50			2-15-2045		1,021,000		956,736
ERAC USA Finance LLC 144A		5.63			3-15-2042		3,270,000		3,520,976
General Motors Financial Company		3.10			1-15-2019		3,478,000		3,480,640
Murray Street Investment Trust I		4.65			3-9-2017		7,106,000		7,372,759
Synchrony Financial		4.50			7-23-2025		3,821,000		3,844,320
									28,902,001
Diversified Financial Services: 0.23%
General Electric Capital Corporation		5.88			1-14-2038		1,278,000		1,569,693
Intercontinental Exchange Incorporated		2.75			12-1-2020		3,835,000		3,847,586
Intercontinental Exchange Incorporated		3.75			12-1-2025		3,090,000		3,117,730
									8,535,009
Insurance: 0.91%
Ace Ina Holdings Incorporated		3.35			5-3-2026		5,415,000		5,400,656
Ace Ina Holdings Incorporated		4.35			11-3-2045		2,870,000		2,876,908
American International Group Incorporated		3.75			7-10-2025		3,027,000		3,026,594
American International Group Incorporated		4.38			1-15-2055		1,214,000		1,076,625
American International Group Incorporated		4.50			7-16-2044		544,000		515,396
Assurant Incorporated		2.50			3-15-2018		3,947,000		3,974,258
Liberty Mutual Group Incorporated 144A		4.85			8-1-2044		3,038,000		2,928,796
Marsh & McLennan Companies		3.75			3-14-2026		3,282,000		3,300,586
Metropolitan Life Global Funding I 144A %%		1.95			12-3-2018		3,520,000		3,516,015
Metropolitan Life Global Funding I 144A %%		2.50			12-3-2020		6,030,000		6,028,921
Teachers Insurance and Annuity Association 144A		4.90			9-15-2044		601,000		618,273
									33,263,028
REITs: 1.01%
American Tower Corporation		2.80			6-1-2020		1,967,000		1,957,008
American Tower Corporation		3.45			9-15-2021		3,872,000		3,891,174
American Tower Corporation		3.50			1-31-2023		3,790,000		3,702,682
American Tower Corporation		4.00			6-1-2025		98,000		97,131
DDR Corporation		3.38			5-15-2023		3,961,000		3,770,032
DDR Corporation		4.63			7-15-2022		4,771,000		4,939,235
HCP Incorporated %%		4.00			12-1-2022		1,605,000		1,605,201
Healthcare Trust of America Holdings LP		3.38			7-15-2021		1,106,000		1,094,306
Mid-America Apartments LP		3.75			6-15-2024		3,535,000		3,441,573
Mid-America Apartments LP		4.00			11-15-2025		1,870,000		1,865,097
Mid-America Apartments LP		4.30			10-15-2023		1,662,000		1,690,711
Tanger Properties LP		3.75			12-1-2024		1,763,000		1,737,886
Tanger Properties LP		3.88			12-1-2023		2,009,000		2,014,987
Wea Finance LLC 144A		3.25			10-5-2020		5,291,000		5,330,518
									37,137,541

12 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 1.25%
Biotechnology: 0.91%
Baxalta Incorporated 144A		5.25	%		6-23-2045	$	3,689,000	$	3,719,128
Biogen Incorporated		2.90			9-15-2020		2,220,000		2,225,066
Biogen Incorporated		3.63			9-15-2022		1,901,000		1,934,515
Biogen Incorporated		4.05			9-15-2025		3,682,000		3,713,054
Biogen Incorporated		5.20			9-15-2045		1,235,000		1,242,109
Celgene Corporation		2.88			8-15-2020		2,210,000		2,219,872
Celgene Corporation		3.88			8-15-2025		1,197,000		1,195,219
Celgene Corporation		5.00			8-15-2045		2,341,000		2,344,872
Gilead Sciences Incorporated		2.55			9-1-2020		5,760,000		5,811,402
Gilead Sciences Incorporated		3.65			3-1-2026		4,388,000		4,423,960
Gilead Sciences Incorporated		4.60			9-1-2035		1,756,000		1,789,057
Gilead Sciences Incorporated		4.75			3-1-2046		2,641,000		2,687,891
									33,306,145
Health Care Providers & Services: 0.04%
WellPoint Incorporated		5.10			1-15-2044		1,391,000		1,429,515
Pharmaceuticals: 0.30%
AbbVie Incorporated		2.50			5-14-2020		5,629,000		5,594,021
AbbVie Incorporated		3.60			5-14-2025		4,036,000		3,999,555
Mylan Incorporated		5.40			11-29-2043		1,562,000		1,489,200
									11,082,776
Industrials: 1.02%
Aerospace & Defense: 0.61%
Lockheed Martin Corporation		2.50			11-23-2020		5,120,000		5,129,923
Lockheed Martin Corporation		3.10			1-15-2023		1,700,000		1,700,785
Lockheed Martin Corporation		3.55			1-15-2026		6,800,000		6,865,892
Lockheed Martin Corporation		4.70			5-15-2046		2,885,000		2,959,494
Northrop Grumman Corporation		3.25			8-1-2023		4,322,000		4,335,506
Northrop Grumman Corporation		3.85			4-15-2045		1,419,000		1,267,127
									22,258,727
Machinery: 0.05%
Valmont Industries Incorporated		5.25			10-1-2054		2,051,000		1,759,143
Professional Services: 0.01%
Verisk Analytics Incorporated		5.50			6-15-2045		557,000		533,651
Road & Rail: 0.29%
Penske Truck Leasing Company LP 144A		3.05			1-9-2020		1,083,000		1,078,814
Penske Truck Leasing Company LP 144A		3.20			7-15-2020		5,376,000		5,360,006
Penske Truck Leasing Company LP 144A		3.38			2-1-2022		4,177,000		4,082,692
									10,521,512
Transportation Infrastructure: 0.06%
Burlington North Santa Fe LLC		4.70			9-1-2045		2,234,000		2,264,467

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 13

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 1.49%
Electronic Equipment, Instruments & Components: 0.04%
L-3 Communications Corporation		3.95	%		5-28-2024	$	1,537,000	$	1,461,020
IT Services: 0.50%
Automatic Data Processng Incorporated		3.38			9-15-2025		1,820,000		1,866,630
Fidelity National Information Services Incorporated		4.50			10-15-2022		1,662,000		1,706,249
Fidelity National Information Services Incorporated		2.85			10-15-2018		4,163,000		4,201,766
Fidelity National Information Services Incorporated		3.63			10-15-2020		3,325,000		3,374,260
Fidelity National Information Services Incorporated		5.00			10-15-2025		2,243,000		2,324,802
International Business Machines Corporation		2.88			11-9-2022		4,760,000		4,749,323
									18,223,030
Semiconductors & Semiconductor Equipment: 0.05%
Intel Corporation		4.90			7-29-2045		1,704,000		1,802,665
Software: 0.60%
Microsoft Corporation		2.00			11-3-2020		5,345,000		5,355,508
Microsoft Corporation		2.65			11-3-2022		2,099,000		2,106,145
Microsoft Corporation		3.13			11-3-2025		5,355,000		5,390,696
Microsoft Corporation		4.45			11-3-2045		2,630,000		2,714,515
Oracle Corporation		2.50			5-15-2022		3,947,000		3,913,810
Oracle Corporation		2.95			5-15-2025		2,575,000		2,518,260
									21,998,934
Technology Hardware, Storage & Peripherals: 0.30%
Hewlett Packard Enterprise Company 144A		2.85			10-5-2018		5,268,000		5,286,001
Hewlett Packard Enterprise Company 144A		4.90			10-15-2025		2,832,000		2,796,087
Hewlett Packard Enterprise Company 144A		6.35			10-15-2045		3,070,000		2,947,179
									11,029,267
Materials: 0.21%
Chemicals: 0.10%
Albemarle Corporation		5.45			12-1-2044		2,049,000		1,986,641
Mosaic Company		5.63			11-15-2043		1,452,000		1,474,897
									3,461,538
Metals & Mining: 0.02%
Vale Overseas Limited		8.25			1-17-2034		969,000		850,298
Paper & Forest Products: 0.09%
International Paper Company		5.15			5-15-2046		3,277,000		3,191,221
Telecommunication Services: 0.92%
Diversified Telecommunication Services: 0.92%
AT&T Incorporated		3.00			6-30-2022		6,429,000		6,359,220
AT&T Incorporated		3.40			5-15-2025		6,894,000		6,684,933
Verizon Communications Incorporated		2.50			9-15-2016		3,849,000		3,892,856
Verizon Communications Incorporated		4.27			1-15-2036		2,240,000		2,066,561

14 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Telecommunication Services (continued)
Verizon Communications Incorporated		4.40	%		11-1-2034	$	4,457,000	$	4,227,286
Verizon Communications Incorporated		4.86			8-21-2046		10,558,000		10,275,869
									33,506,725
Utilities: 1.48%
Electric Utilities: 0.83%
American Electric Power Company		1.65			12-15-2017		4,828,000		4,792,746
Appalachian Power Company		4.45			6-1-2045		1,606,000		1,558,329
Commonwealth Edison Company		3.70			3-1-2045		782,000		709,482
Consolidated Edison Company of New York Incorporated		4.50			12-1-2045		1,690,000		1,713,072
Consolidated Edison Company of New York Incorporated		4.63			12-1-2054		543,000		542,864
Duke Energy Ohio Incorporated		3.75			4-15-2024		1,795,000		1,825,818
Duke Energy Ohio Incorporated		4.80			12-15-2045		1,495,000		1,516,039
Duke Energy Progress Incorporated		3.25			8-15-2025		3,278,000		3,324,784
Duke Energy Progress Incorporated		4.20			8-15-2045		1,261,000		1,258,299
PECO Energy Company		3.15			10-15-2025		3,695,000		3,708,967
Potomac Electric Power Company		3.60			3-15-2024		2,084,000		2,174,742
PPL Electric Utilities Corporation		4.15			10-1-2045		2,258,000		2,238,084
Public Service Electric & Gas Company		3.05			11-15-2024		1,896,000		1,901,836
Southwestern Electric Power Company		3.90			4-1-2045		2,042,000		1,793,834
Virginia Electric & Power Company		4.45			2-15-2044		1,339,000		1,385,321
									30,444,217
Multi-Utilities: 0.65%
AGL Capital Corporation		3.88			11-15-2025		2,550,000		2,561,070
Dominion Resources Incorporated		3.90			10-1-2025		2,223,000		2,250,948
Dominion Resources Incorporated		4.70			12-1-2044		2,379,000		2,336,230
MidAmerican Energy Company		3.50			10-15-2024		2,042,000		2,102,927
MidAmerican Energy Company		4.25			5-1-2046		2,042,000		2,047,589
Puget Energy Incorporated		6.00			9-1-2021		4,270,000		4,851,514
Sempra Energy		2.85			11-15-2020		3,745,000		3,761,590
Sempra Energy		3.75			11-15-2025		3,745,000		3,783,427
									23,695,295
Total Corporate Bonds and Notes (Cost $630,838,447)									625,100,844
Municipal Obligations: 0.94%
California: 0.26%
California Build America Bonds (GO Revenue)		7.60			11-1-2040		3,110,000		4,676,165
Los Angeles CA Community College District Build America Bonds (GO Revenue)		6.75			8-1-2049		3,420,000		4,872,303
									9,548,468
Nevada: 0.19%
Clark County NV Airport Authority Build America Bonds Series C (Airport Revenue)		6.82			7-1-2045		5,085,000		7,067,845
New Jersey: 0.17%
New Jersey Turnpike Authority Build America Bonds Series A (Transportation Revenue)		7.10			1-1-2041		4,565,000		6,299,380

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 15

Security name	Interest rate			Maturity date		Principal		Value
New York: 0.13%
Port Authority of New York & New Jersey Consolidated Bonds Series 174 (Airport Revenue)		4.46	%		10-1-2062	$	4,660,000	$	4,519,967
Ohio: 0.04%
Ohio State University General Receipts Taxable Bonds Series A (Education Revenue)		4.80			6-1-2111		1,357,000		1,313,630
Texas: 0.15%
North Texas Tollway Authority (Transportation Revenue)		6.72			1-1-2049		4,060,000		5,583,271
Total Municipal Obligations (Cost $29,677,345)									34,332,561
Non-Agency Mortgage-Backed Securities: 4.66%
CFCRE Commercial Mortgage Trust Series 2011-C1 Series A4 144A±		4.96			4-15-2044		4,684,000		5,168,639
Citigroup Commercial Mortgage Trust Series 2013-GC17 Class A4		4.13			11-10-2046		12,758,000		13,656,411
Citigroup Commercial Mortgage Trust Series 2015-GC35 Class A4 %%		3.74			11-10-2048		1,415,000		1,457,407
Citigroup Commercial Mortgage Trust Series 2015-GC35 Class AAB %%		3.55			11-10-2048		3,243,000		3,340,168
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A2 144A		3.83			7-10-2046		2,233,172		2,329,784
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21			7-10-2046		5,684,000		6,108,071
Commercial Mortgage Pass-Through Certificate Series 2012-CR1 Class A2		2.35			5-15-2045		5,039,974		5,086,843
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		718,847		719,237
Commercial Mortgage Pass-Through Certificate Series 2012-CR4 Class A2		1.80			10-15-2045		1,125,000		1,119,535
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		1,038,000		1,073,603
Commercial Mortgage Pass-Through Certificate Series 2013-CR10 Class A2		2.97			8-10-2046		1,392,000		1,427,194
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class A4		4.05			10-10-2046		374,000		400,518
Commercial Mortgage Pass-Through Certificate Series 2014-C19 Class A5		3.80			8-10-2047		106,000		110,640
Commercial Mortgage Pass-Through Certificate Series 2014-CR18 Class ASB		3.45			7-15-2047		1,707,000		1,767,111
Commercial Mortgage Pass-Through Certificate Series 2014-UBS3 Class A4		3.82			6-10-2047		2,827,000		2,956,765
Commercial Mortgage Pass-Through Certificate Series 2014-UBS6 Class AM		4.05			12-10-2047		4,371,000		4,542,112
Commercial Mortgage Pass-Through Certificate Series 2014-UBS6 Class ASB		3.39			12-10-2047		3,406,000		3,492,948
Commercial Mortgage Pass-Through Certificate Series 2015-LC23 Class A4		3.77			10-10-2053		3,967,000		4,099,403
Commercial Mortgage Pass-Through Certificate Series 2015-PC1 Class ASB		3.61			7-10-2050		3,760,000		3,902,816
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		3,993,000		4,124,975
CSAIL Commercial Mortgage Trust Series 2015-C4 Class ASB		3.62			11-15-2048		5,037,000		5,194,688
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC1A Class A1 144A		3.74			11-10-2046		1,180,562		1,184,732
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC2A Class A4 144A		4.54			7-10-2044		6,645,000		7,271,712
GS Mortgage Securities Trust Series 2011-GC3 Class A2 144A		3.65			3-10-2044		890,371		890,205
GS Mortgage Securities Trust Series 2012-GC6 Class A1		1.28			1-10-2045		16,464		16,462
GS Mortgage Securities Trust Series 2012-GCJ7 Class A1		1.14			5-10-2045		393,915		393,913
GS Mortgage Securities Trust Series 2012-GCJ7 Class A2		2.32			5-10-2045		4,346,000		4,384,659
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		519,000		531,896
GS Mortgage Securities Trust Series 2013-GC16 Class A1		1.26			11-10-2046		710,750		707,687
GS Mortgage Securities Trust Series 2014-GC18 Class AAB		3.65			1-10-2047		1,754,000		1,828,823
GS Mortgage Securities Trust Series 2014-GC20 Class AAB		3.66			4-10-2047		2,641,000		2,753,323
GS Mortgage Securities Trust Series 2014-GC26 Class AAB		3.37			11-10-2047		2,111,000		2,162,634
GS Mortgage Securities Trust Series 2015-GC30 Class AAB		3.12			5-10-2050		2,493,000		2,517,524
GS Mortgage Securities Trust Series 2015-GC32 Class AAB		3.51			7-10-2048		3,776,000		3,887,386
GS Mortgage Securities Trust Series 2015-GC34 Class AAB		3.28			10-10-2048		3,499,000		3,546,903
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		9,515,774		10,869,488
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-A2 Class A2 144A		4.31			8-5-2032		1,629,000		1,741,201
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-CBX Class A4		3.48			6-15-2045		2,331,000		2,432,930
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-32 Class ASB		3.36			11-15-2048		1,617,000		1,651,351
JPMorgan Chase Commercial Mortgage Securities Trust Series 2004-LN2 Class A2		5.12			7-15-2041		75,160		75,236

16 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07	%		11-15-2043	$	2,376,000	$	2,522,071
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-CNTR Class A1 144A		3.30			8-5-2032		1,240,003		1,275,498
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4 Class A3 144A		4.11			7-15-2046		5,251,000		5,488,090
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9 Class A2		1.68			12-15-2047		1,453,000		1,452,960
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C22 Class A4		3.80			9-15-2047		1,010,000		1,052,606
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C25 Class ASB		3.41			11-15-2047		376,000		387,467
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		1,779,000		1,732,069
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class ASB		3.04			10-15-2048		1,298,000		1,303,799
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C30 Class A4		3.55			7-15-2048		2,178,000		2,223,690
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C30 Class AS ±		4.23			7-15-2048		3,207,000		3,355,689
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C30 Class ASB		3.56			7-15-2048		3,016,000		3,120,112
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-IVR2 Class A2 144A±		2.77			1-25-2045		3,284,537		3,303,323
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class A1		1.39			7-15-2046		2,852,884		2,855,215
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class A2		1.97			5-15-2046		1,458,000		1,462,981
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C125 Class ASB		3.38			10-15-2048		2,742,000		2,807,060
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C127 Class ASB		3.56			12-15-2047		2,046,000		2,111,267
Morgan Stanley Capital I Trust Series 2011-C2 Class A2 144A		3.48			6-15-2044		5,055,370		5,087,428
Morgan Stanley Dean Witter Capital I Series 2011-C3 Class A2		3.22			7-15-2049		2,934,599		2,967,999
Perpetual Savings Bank Series 1990-1 Class 1 ±		0.00			3-1-2020		34,145		34,117
Structured Asset Securities Corporation Series 1998-2 Class A ±		0.74			2-25-2028		41,372		40,785
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A2		2.11			5-10-2063		2,441,000		2,460,593
UBS Barclays Commercial Mortgage Trust Series 2013-C5 Class A4		3.18			3-10-2046		979,000		993,097
UBS Commercial Mortgage Trust Series 2012-C1 Class A3		3.40			5-10-2045		1,493,000		1,543,054
Total Non-Agency Mortgage-Backed Securities (Cost $170,318,800)									170,507,903
U.S. Treasury Securities: 31.96%
U.S. Treasury Bond		2.50			2-15-2045		19,271,000		17,384,543
U.S. Treasury Bond ##		2.88			8-15-2045		32,694,000		31,964,760
U.S. Treasury Bond		3.00			5-15-2045		20,774,000		20,802,398
U.S. Treasury Bond		3.00			11-15-2045		12,695,000		12,747,075
U.S. Treasury Bond		3.13			2-15-2043		33,657,000		34,653,550
U.S. Treasury Bond		3.38			5-15-2044		10,174,000		10,970,431
U.S. Treasury Bond		4.50			8-15-2039		1,555,000		2,000,240
U.S. Treasury Note		0.63			5-31-2017		37,417,000		37,292,776
U.S. Treasury Note		0.63			8-31-2017		16,856,000		16,776,979
U.S. Treasury Note		0.63			9-30-2017		10,748,000		10,694,260
U.S. Treasury Note		0.63			11-30-2017		18,817,000		18,692,036
U.S. Treasury Note		0.75			10-31-2017		16,200,000		16,144,952
U.S. Treasury Note		0.75			12-31-2017		12,988,000		12,924,073
U.S. Treasury Note		0.75			4-15-2018		47,062,000		46,707,200
U.S. Treasury Note		0.88			5-15-2017		30,929,000		30,949,537
U.S. Treasury Note		0.88			8-15-2017		74,780,000		74,768,334
U.S. Treasury Note		0.88			11-15-2017		12,903,000		12,885,362
U.S. Treasury Note		0.88			11-30-2017		29,125,000		29,088,594
U.S. Treasury Note		0.88			1-15-2018		39,731,000		39,614,588
U.S. Treasury Note		0.88			10-15-2018		49,785,000		49,308,558
U.S. Treasury Note		1.00			5-31-2018		7,120,000		7,107,763
U.S. Treasury Note		1.00			9-15-2018		39,252,000		39,046,555
U.S. Treasury Note		1.25			11-15-2018		56,808,000		56,852,360
U.S. Treasury Note		1.38			3-31-2020		13,375,000		13,261,099

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 17

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.38	%		9-30-2020	$	114,159,000	$	112,669,568
U.S. Treasury Note «		1.38			10-31-2020		50,610,000		49,929,903
U.S. Treasury Note		1.50			1-31-2019		8,956,000		9,015,128
U.S. Treasury Note		1.63			3-31-2019		95,667,000		96,548,954
U.S. Treasury Note		1.63			6-30-2020		71,619,000		71,624,586
U.S. Treasury Note		1.63			7-31-2020		37,340,000		37,319,575
U.S. Treasury Note		1.63			11-30-2020		46,024,000		45,968,265
U.S. Treasury Note		1.88			10-31-2022		7,179,000		7,124,878
U.S. Treasury Note		2.00			8-15-2025		40,732,000		39,938,052
U.S. Treasury Note		2.13			5-15-2025		12,713,000		12,611,690
U.S. Treasury Note		2.25			11-15-2025		43,719,000		43,862,442
Total U.S. Treasury Securities (Cost $1,165,035,704)									1,169,251,064
Yankee Corporate Bonds and Notes: 5.30%
Consumer Discretionary: 0.20%
Media: 0.20%
British Sky Broadcasting Group plc 144A		3.75			9-16-2024		4,032,000		4,004,389
Grupo Televisa SAB		5.00			5-13-2045		1,990,000		1,756,589
Grupo Televisa SAB		6.13			1-31-2046		1,520,000		1,547,983
									7,308,961
Energy: 0.72%
Oil, Gas & Consumable Fuels: 0.72%
Canadian Oil Sands Trust Limited 144A		6.00			4-1-2042		2,260,000		1,921,967
Ecopetrol SA		5.38			6-26-2026		2,758,000		2,509,780
Ecopetrol SA		5.88			5-28-2045		1,747,000		1,371,395
Ecopetrol SA		7.38			9-18-2043		529,000		488,003
Petroleos Mexicanos Company		2.38			4-15-2025		3,447,550		3,471,517
Petroleos Mexicanos Company		2.46			12-15-2025		8,065,000		8,141,997
Petroleos Mexicanos Company 144A		4.50			1-23-2026		1,639,000		1,545,249
Petroleos Mexicanos Company 144A		5.63			1-23-2046		2,646,000		2,222,640
Talisman Energy Incorporated		3.75			2-1-2021		2,523,000		2,338,115
Weatherford International Limited		4.50			4-15-2022		911,000		715,135
Weatherford International Limited		5.95			4-15-2042		2,290,000		1,448,425
									26,174,223
Financials: 2.67%
Banks: 2.31%
BNP Paribas SA 144A		4.38			9-28-2025		2,885,000		2,852,030
Japan Bank for International Cooperation		1.75			5-28-2020		5,516,000		5,431,693
Lloyds Banking Group plc 144A%%		5.30			12-1-2045		2,745,000		2,824,116
Rabobank Nederland NV		4.38			8-4-2025		3,160,000		3,228,310
Rabobank Nederland NV		5.25			8-4-2045		2,320,000		2,453,785
Royal Bank of Canada		2.10			10-14-2020		8,897,000		8,811,037
Santander Issuances SA Unipersonal		5.18			11-19-2025		5,750,000		5,775,726
Santander UK Group Holdings plc		2.88			10-16-2020		5,937,000		5,931,063
Santander UK Group Holdings plc 144A		4.75			9-15-2025		3,517,000		3,519,694
Skandinaviska Enskilda Banken 144A		2.63			11-17-2020		7,220,000		7,221,321

18 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Stadshypotek AB 144A		1.75	%		4-9-2020	$	11,608,000	$	11,386,891
UBS Group Funding (Jersey) Limited 144A		2.95			9-24-2020		6,054,000		6,048,545
UBS Group Funding (Jersey) Limited 144A		4.13			9-24-2025		4,028,000		4,038,521
Westpac Banking Corporation 144A		2.25			11-9-2020		8,055,000		8,006,340
Westpac Banking Corporation		2.60			11-23-2020		6,805,000		6,819,495
									84,348,567
Consumer Finance: 0.16%
Volkswagen International Finance NV 144A		1.13			11-18-2016		6,064,000		5,979,104
Diversified Financial Services: 0.11%
GE Capital International Funding Company 144A		4.42			11-15-2035		4,102,000		4,212,606
Insurance: 0.09%
AIA Group Limited 144A		3.20			3-11-2025		3,400,000		3,292,298
Health Care: 0.50%
Pharmaceuticals: 0.50%
Actavis Funding SCS		2.35			3-12-2018		2,819,000		2,844,597
Actavis Funding SCS		3.00			3-12-2020		3,577,000		3,622,024
Actavis Funding SCS		3.80			3-15-2025		4,532,000		4,572,534
Actavis Funding SCS		4.75			3-15-2045		3,740,000		3,735,340
Perrigo Finance plc		3.90			12-15-2024		3,573,000		3,465,517
									18,240,012
Industrials: 0.32%
Aerospace & Defense: 0.05%
Embraer Netherlands Finance BV		5.05			6-15-2025		1,859,000		1,761,403
Transportation Infrastructure: 0.27%
A.P. Moller-Maersk A/S 144A		2.88			9-28-2020		6,879,000		6,826,142
A.P. Moller-Maersk A/S 144A		3.88			9-28-2025		3,056,000		2,949,248
									9,775,390
Information Technology: 0.09%
Internet Software & Services: 0.09%
Alibaba Group Holding Limited		3.60			11-28-2024		3,465,000		3,340,177
Materials: 0.35%
Chemicals: 0.08%
LYB International Finance BV		4.88			3-15-2044		1,554,000		1,495,371
LyondellBasell Industries NV		4.63			2-26-2055		1,527,000		1,304,521
									2,799,892
Metals & Mining: 0.27%
Barrick Gold Corporation		4.10			5-1-2023		1,639,000		1,441,207
BHP Billiton Finance (USA) Limited 144A±		6.75			10-19-2075		1,630,000		1,625,925

Portfolio of investments—November 30, 2015 (unaudited) Wells Fargo Core Bond Portfolio 19

Security name	Interest rate			Maturity date		Principal		Value
Metals & Mining (continued)
Codelco Incorporated 144A		4.50	%		9-16-2025	$	2,920,000	$	2,802,537
Rio Tinto Finance USA Limited		3.75			6-15-2025		4,210,000		4,028,339
									9,898,008
Telecommunication Services: 0.19%
Wireless Telecommunication Services: 0.19%
America Movil SAB de CV		3.13			7-16-2022		3,690,000		3,654,694
Bharti Airtel International Company 144A		5.35			5-20-2024		2,050,000		2,165,128
Bharti Airtel Limited 144A		4.38			6-10-2025		1,315,000		1,297,914
									7,117,736
Utilities: 0.26%
Electric Utilities: 0.26%
Electricite de France SA 144A		2.35			10-13-2020		3,081,000		3,044,854
Electricite de France SA 144A		4.95			10-13-2045		5,106,000		5,018,325
Electricite de France SA 144A		5.25			10-13-2055		1,545,000		1,487,600
									9,550,779
Total Yankee Corporate Bonds and Notes (Cost $197,731,012)									193,799,156
Yankee Government Bonds: 1.32%
Hashemite Kingdom of Jordan		2.58			6-30-2022		5,672,000		5,758,294
Oriental Republic of Uruguay		4.38			10-27-2027		1,910,000		1,895,675
Republic of Brazil		5.00			1-27-2045		7,517,000		5,524,995
Republic of Colombia		4.50			1-28-2026		3,076,000		3,037,550
Republic of Paraguay 144A		6.10			8-11-2044		1,745,000		1,705,738
Republic of Slovenia 144A		5.25			2-18-2024		9,150,000		10,173,373
Republic of Slovenia 144A		5.50			10-26-2022		3,793,000		4,255,807
Republic of Slovenia 144A		5.85			5-10-2023		1,980,000		2,267,278
Slovak Republic 144A		4.38			5-21-2022		6,691,000		7,458,324
United Mexican States		5.75			10-12-2049		6,529,000		6,267,840
Total Yankee Government Bonds (Cost $47,763,128)									48,344,874
	Yield					Shares
Short-Term Investments: 9.10%
Investment Companies: 9.10%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.18					60,450,000		60,450,000
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.17					272,482,327		272,482,327
									332,932,327
Total Short-Term Investments (Cost $332,932,327)									332,932,327

Total investments in securities (Cost $4,115,580,822) *	112.40	%		4,112,047,890
Other assets and liabilities, net	(12.40	)		(453,594,674	)
Total net assets	100.00	%	$	3,658,453,216

20 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2015 (unaudited)

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

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

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

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

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

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

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

(l) The issuer of the security is an affiliated person of the Portfolio 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 $4,127,741,800 and unrealized gains (losses) consists of:

Gross unrealized gains	$	23,212,447
Gross unrealized losses		(38,906,357	)
Net unrealized losses	$	(15,693,910	)

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable

assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Master Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: January 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 Master Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: January 27, 2016
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: January 27, 2016
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date: January 27, 2016