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

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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: February 28

Registrant is making a filing for 3 of its series:

Wells Fargo Diversified Fixed Income Portfolio, Wells Fargo Diversified Stock Portfolio, and Wells Fargo Short-Term Investment Portfolio.

Date of reporting period: August 31, 2016

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

August 31, 2016

Dow Jones Target Date Funds

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Wells Fargo Dow Jones Target Today Fund

Wells Fargo Dow Jones Target 2010 Fund

Wells Fargo Dow Jones Target 2015 Fund

Wells Fargo Dow Jones Target 2020 Fund

Wells Fargo Dow Jones Target 2025 Fund

Wells Fargo Dow Jones Target 2030 Fund

Wells Fargo Dow Jones Target 2035 Fund

Wells Fargo Dow Jones Target 2040 Fund

Wells Fargo Dow Jones Target 2045 Fund

Wells Fargo Dow Jones Target 2050 Fund

Wells Fargo Dow Jones Target 2055 Fund

Wells Fargo Dow Jones Target 2060 Fund

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Contents



Letter to shareholders			2

Performance highlights			4

Fund expenses			20

Portfolios of investments
Wells Fargo Dow Jones Target Today Fund			27
Wells Fargo Dow Jones Target 2010 Fund			27
Wells Fargo Dow Jones Target 2015 Fund			28
Wells Fargo Dow Jones Target 2020 Fund			28
Wells Fargo Dow Jones Target 2025 Fund			29
Wells Fargo Dow Jones Target 2030 Fund			29
Wells Fargo Dow Jones Target 2035 Fund			30
Wells Fargo Dow Jones Target 2040 Fund			30
Wells Fargo Dow Jones Target 2045 Fund			31
Wells Fargo Dow Jones Target 2050 Fund			31
Wells Fargo Dow Jones Target 2055 Fund			32
Wells Fargo Dow Jones Target 2060 Fund			32



Financial statements
Statements of assets and liabilities			34
Statements of operations			36
Statements of changes in net assets			38
Financial highlights			60

Notes to financial statements			84

Master portfolios

Portfolio of investments
Wells Fargo Diversified Fixed Income Portfolio (Summary portfolio of investments) *			90
Wells Fargo Diversified Stock Portfolio (Summary portfolio of investments)**			99
Wells Fargo Short-Term Investment Portfolio			108

Financial statements
Statements of assets and liabilities			116
Statements of operations			117
Statements of changes in net assets			118
Financial highlights			121

Notes to financial statements			122

Other information			130

List of abbreviations			137

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/diversified-fixed-income-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/diversified-stock-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.

Dow Jones® and Dow Jones Target Date Indexes^SM are service marks of Dow Jones Trademark Holdings LLC (Dow Jones); have been licensed to CME Group Index Services LLC (CME Indexes); and have been sublicensed for use for certain purposes by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Wells Fargo Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME Indexes, or their respective affiliates, and none of them makes any representation regarding the advisability of investing in such product(s).

The views expressed and any forward-looking statements are as of August 31, 2016, 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 Dow Jones Target Date Funds		Letter to shareholders (unaudited)

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Karla M. Rabusch

President

Wells Fargo Funds

The combination of steady economic growth and the lack of further Fed rate hikes supported the U.S. stock and bond markets.

Dear Valued Shareholder:

We are pleased to offer you this semiannual report for the Wells Fargo Dow Jones Target Date Funds for the six-month period that ended August 31, 2016. The Dow Jones Target Date Funds diversify investments across equity, fixed-income, and short-term debt securities. During the period, global stocks and bonds benefited from resilient economies and accommodative central-bank policy.

The U.S. economy achieved low but continued growth.

Real U.S. gross domestic product (GDP) growth remained modestly positive during the reporting period, falling below 1% in the first quarter of 2016 and just topping 1% in the second quarter of 2016. The U.S. unemployment rate remained largely unchanged, beginning the period at 5.0% in March 2016 and ending at 4.9% in August 2016.

The U.S. economy was strong enough in December 2015 that the U.S. Federal Reserve (Fed) raised its target interest rate by 25 basis points (bps; 100 bps equals 1.00%) after keeping it near zero for seven years. Throughout the reporting period, investors debated the potential timing of the next Fed rate hike, even as the Fed clarified that future interest-rate increases would be gradual. As of the end of the period, the Fed remained on hold.

The combination of steady economic growth and the lack of further Fed rate hikes supported the U.S. stock and bond markets. The S&P 500 Index,¹ a proxy for U.S. large-cap stocks, returned 13.60% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index,² which measures the investment-grade bond market, returned 3.68% for the reporting period.

Non-U.S. developed markets presented a mixed picture, even as emerging markets maintained strong growth rates.

In Japan, despite the continued implementation of Prime Minister Shinzō Abe’s reform program, the country reported disappointing numbers for exports, factory output, and household spending. The Bank of Japan continued to provide liquidity by purchasing bonds and exchange-traded funds and keeping its key interest rate at -0.1%.

The economic picture was brighter in the European Union (E.U.), whose economy remained resilient despite problems that ranged from fragile banks in Italy, Spain, and Portugal to the June 2016 vote by the United Kingdom to exit the E.U. For the second quarter of 2016, the E.U. achieved a 1.8% real GDP growth rate, year over year, largely on the basis of a growth in exports and a modest increase in household spending. The E.U.’s economy was supported by the European Central Bank (ECB), which pushed its rate for banks’ excess reserves to -0.40% in March 2016 in an effort to encourage lending. Moreover, the ECB kept its main lending rate at zero and continued to provide liquidity through an asset-purchase program.

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.

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


Letter to shareholders (unaudited)		Wells Fargo Dow Jones Target Date Funds			3

Despite a stagnant Japanese economy, generally favorable European growth and accommodative central banks boosted developed markets stocks and bonds. The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net)³ returned 10.35% for the fiscal period, while the Bloomberg Barclays Global Aggregate ex U.S. Dollar Bond Index⁴ gained 7.64%.

In emerging economies, China’s second-quarter GDP growth narrowly beat analyst estimates as a result of both fiscal and monetary stimulus. Solid economic performance from both China and India supported the MSCI Emerging Markets (EM) Index (Net),⁵ which returned 22.69%. Brazil also strongly outperformed as it ended its impeachment process against former President Dilma Rousseff by removing her from office.

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,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

Despite a stagnant Japanese economy, generally favorable European growth and accommodative central banks boosted developed markets stocks and bonds.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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 United States 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.

⁴	The Bloomberg Barclays Global Aggregate ex U.S. Dollar Bond Index (formerly known as 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.

⁵

The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.


4		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)

Wells Fargo Dow Jones Target Date Funds¹

Investment objective

Each Fund’s objective is to approximate, before fees and expenses, the total return of the appropriate Dow Jones Global Target Date Index as specified in the following table:


Wells Fargo Dow Jones Target Date Funds		Corresponding Dow Jones Global Target Date Index
Target Today Fund		Dow Jones Global Target Today Index
Target 2010 Fund		Dow Jones Global Target 2010 Index
Target 2015 Fund		Dow Jones Global Target 2015 Index
Target 2020 Fund		Dow Jones Global Target 2020 Index
Target 2025 Fund		Dow Jones Global Target 2025 Index
Target 2030 Fund		Dow Jones Global Target 2030 Index
Target 2035 Fund		Dow Jones Global Target 2035 Index
Target 2040 Fund		Dow Jones Global Target 2040 Index
Target 2045 Fund		Dow Jones Global Target 2045 Index
Target 2050 Fund		Dow Jones Global Target 2050 Index
Target 2055 Fund		Dow Jones Global Target 2055 Index
Target 2060 Fund		Dow Jones Global Target 2060 Index

Manager

Wells Fargo Funds Management, LLC

Subadviser

Global Index Advisors, Inc.

Portfolio managers

Rodney H. Alldredge

James P. Lauder

Paul T. Torregrosa, Ph.D.

The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.

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 Funds. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on each Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). These Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, smaller-company investment risk, and allocation methodology risk (risk that the allocation methodology of the Dow Jones Global Target Date Index, whose total returns each Fund seeks to approximate, before fees and expenses, will not meet an investor’s goals). Consult the Funds’ prospectus for additional information on these and other risks.

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			5

Target Today Fund

Average annual total returns (%) as of August 31, 2016²


		Including sales charge							Excluding sales charge						Expense ratios³(%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STWRX)	3-1-1994		(1.15	)		1.15		3.02		4.92		2.35		3.63		0.84		0.76
Class B (WFOKX)*	8-1-1998		(0.85	)		1.20		3.08		4.15		1.58		3.08		1.59		1.51
Class C (WFODX)	12-1-1998		3.14			1.60		2.85		4.14		1.60		2.85		1.59		1.51
Class R (WFRRX)	6-28-2013		–			–		–		4.57		2.15		3.51		1.09		1.01
Class R4 (WOTRX)	11-30-2012		–			–		–		5.22		2.78		4.11		0.56		0.45
Class R6 (WOTDX)	6-30-2004		–			–		–		5.39		2.88		4.16		0.41		0.30
Administrator Class (WFLOX)	11-8-1999		–			–		–		4.97		2.51		3.82		0.76		0.65
Dow Jones Global Target Today Index⁵	–		–			–		–		5.57		3.17		4.56		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		5.97		3.24		4.89		–		–
Russell 3000^® Index⁷	–		–			–		–		11.44		14.46		7.59		–		–

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 and 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. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 18-19.


6		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2010 Fund

Average annual total returns (%) as of August 31, 2016⁸


		Including sales charge							Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STNRX)	3-1-1994		(0.65	)		1.75		2.99		5.37		2.95		3.60		0.85		0.78
Class B (SPTBX)*	3-1-1997		(0.42	)		1.84		3.06		4.58		2.21		3.06		1.60		1.53
Class C (WFOCX)	12-1-1998		3.61			2.19		2.83		4.61		2.19		2.83		1.60		1.53
Class R (WFARX)	6-28-2013		–			–		–		5.12		2.75		3.48		1.10		1.03
Class R4 (WFORX)	11-30-2012		–			–		–		5.76		3.38		4.08		0.57		0.47
Class R6 (WFOAX)	6-30-2004		–			–		–		5.89		3.48		4.13		0.42		0.32
Administrator Class (WFLGX)	11-8-1999		–			–		–		5.50		3.11		3.80		0.77		0.67
Dow Jones Global Target 2010 Index⁵	–		–			–		–		6.12		3.81		4.57		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		5.97		3.24		4.89		–		–
Russell 3000^® Index⁷	–		–			–		–		11.44		14.46		7.59		–		–

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

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.

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			7

Target 2015 Fund

Average annual total returns (%) as of August 31, 2016⁹


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFACX)	11-30-2012		0.91		2.83		2.81		7.03		4.05		3.47			0.84		0.79
Class R (WFBRX)	6-28-2013		–		–		–		6.82		3.78		3.24			1.09		1.04
Class R4 (WFSRX)	11-30-2012		–		–		–		7.28		4.40		3.78			0.56		0.48
Class R6 (WFSCX)	6-29-2007		–		–		–		7.53		4.50		3.84			0.41		0.33
Administrator Class (WFFFX)	6-29-2007		–		–		–		7.11		4.13		3.52			0.76		0.68
Dow Jones Global Target 2015 Index⁵	–		–		–		–		7.84		4.86		4.28	*		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.99	*		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		6.44	*		–		–

Based on the inception date of the oldest class.

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%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 18-19.


8		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2020 Fund

Average annual total returns (%) as of August 31, 2016²


		Including sales charge						Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STTRX)	3-1-1994		1.08		3.78		3.55		7.28		5.02		4.17		0.83		0.81
Class B (STPBX)*	3-1-1997		1.41		3.88		3.62		6.41		4.22		3.62		1.58		1.56
Class C (WFLAX)	12-1-1998		5.50		4.24		3.39		6.50		4.24		3.39		1.58		1.56
Class R (WFURX)	6-28-2013		–		–		–		7.01		4.83		4.06		1.08		1.06
Class R4 (WFLRX)	11-30-2012		–		–		–		7.62		5.43		4.65		0.55		0.50
Class R6 (WFOBX)	6-30-2004		–		–		–		7.83		5.54		4.70		0.40		0.35
Administrator Class (WFLPX)	11-8-1999		–		–		–		7.41		5.17		4.38		0.75		0.70
Dow Jones Global Target 2020 Index⁵	–		–		–		–		8.12		5.91		5.11		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.89		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		7.59		–		–

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

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.

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			9

Target 2025 Fund

Average annual total returns (%) as of August 31, 2016¹⁰


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFAYX)	11-30-2012		1.44		4.92		2.96		7.60		6.17		3.62			0.83		0.81
Class R (WFHRX)	6-28-2013		–		–		–		7.29		5.90		3.39			1.08		1.06
Class R4 (WFGRX)	11-30-2012		–		–		–		7.86		6.55		3.95			0.55		0.50
Class R6 (WFTYX)	6-29-2007		–		–		–		8.01		6.64		4.00			0.40		0.35
Administrator Class (WFTRX)	6-29-2007		–		–		–		7.66		6.27		3.69			0.75		0.70
Dow Jones Global Target 2025 Index⁵	–		–		–		–		8.34		7.00		4.38	*		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.99	*		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		6.44	*		–		–

Based on the inception date of the oldest class.

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.

Please see footnotes on pages 18-19.


10		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2030 Fund

Average annual total returns (%) as of August 31, 2016²


		Including sales charge						Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STHRX)	3-1-1994		1.41		5.85		4.19		7.58		7.11		4.81		0.83		0.82
Class B (SGPBX)*	3-1-1997		1.82		6.01		4.26		6.82		6.32		4.26		1.58		1.57
Class C (WFDMX)	12-1-1998		5.81		6.31		4.03		6.81		6.31		4.03		1.58		1.57
Class R (WFJRX)	6-28-2013		–		–		–		7.28		6.91		4.70		1.08		1.07
Class R4 (WTHRX)	11-30-2012		–		–		–		7.92		7.55		5.30		0.55		0.51
Class R6 (WFOOX)	6-30-2004		–		–		–		8.09		7.65		5.35		0.40		0.36
Administrator Class (WFLIX)	11-8-1999		–		–		–		7.68		7.27		5.02		0.75		0.71
Dow Jones Global Target 2030 Index⁵	–		–		–		–		8.37		7.99		5.70		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.89		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		7.59		–		–

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

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.

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			11

Target 2035 Fund

Average annual total returns (%) as of August 31, 2016¹⁰


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFQBX)	11-30-2012		1.32		6.67		3.18		7.51		7.95		3.85			0.84		0.83
Class R (WFKRX)	6-28-2013		–		–		–		7.25		7.66		3.57			1.09		1.08
Class R4 (WTTRX)	11-30-2012		–		–		–		7.85		8.31		4.17			0.56		0.52
Class R6 (WFQRX)	6-29-2007		–		–		–		8.02		8.42		4.23			0.41		0.37
Administrator Class (WFQWX)	6-29-2007		–		–		–		7.61		8.02		3.87			0.76		0.72
Dow Jones Global Target 2035 Index⁵	–		–		–		–		8.32		8.77		4.51	*		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.99	*		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		6.44	*		–		–

Based on the inception date of the oldest class.

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.

Please see footnotes on pages 18-19.


12		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2040 Fund

Average annual total returns (%) as of August 31, 2016²


		Including sales charge						Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STFRX)	3-1-1994		1.33		7.16		4.58		7.49		8.44		5.20		0.84		0.83
Class B (SLPBX)*	3-1-1997		1.71		7.32		4.64		6.71		7.62		4.64		1.59		1.58
Class C (WFOFX)	7-1-1998		5.68		7.64		4.41		6.68		7.64		4.41		1.59		1.58
Class R (WFMRX)	6-28-2013		–		–		–		7.22		8.24		5.09		1.09		1.08
Class R4 (WTFRX)	11-30-2012		–		–		–		7.84		8.88		5.68		0.56		0.52
Class R6 (WFOSX)	6-30-2004		–		–		–		8.01		9.00		5.74		0.41		0.37
Administrator Class (WFLWX)	11-8-1999		–		–		–		7.63		8.60		5.41		0.76		0.72
Dow Jones Global Target 2040 Index⁵	–		–		–		–		8.28		9.32		6.05		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.89		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		7.59		–		–

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

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.

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			13

Target 2045 Fund

Average annual total returns (%) as of August 31, 2016¹⁰


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFQVX)	11-30-2012		1.35		7.50		3.46		7.51		8.78		4.13			0.85		0.83
Class R (WFNRX)	6-28-2013		–		–		–		7.28		8.51		3.87			1.10		1.08
Class R4 (WFFRX)	11-30-2012		–		–		–		7.84		9.17		4.46			0.57		0.52
Class R6 (WFQPX)	6-29-2007		–		–		–		8.02		9.26		4.51			0.42		0.37
Administrator Class (WFQYX)	6-29-2007		–		–		–		7.58		8.88		4.19			0.77		0.72
Dow Jones Global Target 2045 Index⁵	–		–		–		–		8.25		9.60		4.74	*		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.99	*		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		6.44	*		–		–

Based on the inception date of the oldest class.

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.

Please see footnotes on pages 18-19.


14		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2050 Fund

Average annual total returns¹¹ (%) as of August 31, 2016


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFQAX)	11-30-2012		1.37		7.53		3.46		7.53		8.83		4.13			0.84		0.83
Class C (WFQCX)	11-30-2012		5.74		8.01		3.35		6.74		8.01		3.35			1.59		1.58
Class R (WFWRX)	6-28-2013		–		–		–		7.20		8.54		3.87			1.09		1.08
Class R4 (WQFRX)	11-30-2012		–		–		–		7.85		9.20		4.45			0.56		0.52
Class R6 (WFQFX)	6-29-2007		–		–		–		8.02		9.31		4.51			0.41		0.37
Administrator Class (WFQDX)	6-29-2007		–		–		–		7.65		8.94		4.18			0.76		0.72
Dow Jones Global Target 2050 Index⁵	–		–		–		–		8.26		9.63		4.76	*		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		4.99	*		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		6.44	*		–		–

Based on the inception date of the oldest class.

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 C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			15

Target 2055 Fund

Average annual total returns (%) as of August 31, 2016¹⁰


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFQZX)	11-30-2012		1.35		7.55		5.67		7.50		8.82		6.89			0.90		0.83
Class R (WFYRX)	6-28-2013		–		–		–		7.22		8.46		6.51			1.15		1.08
Class R4 (WFVRX)	11-30-2012		–		–		–		7.83		9.21		7.26			0.62		0.52
Class R6 (WFQUX)	6-30-2011		–		–		–		8.01		9.31		7.36			0.47		0.37
Administrator Class (WFLHX)	6-30-2011		–		–		–		7.65		8.91		6.98			0.82		0.72
Dow Jones Global Target 2055 Index⁵	–		–		–		–		8.26		9.63		7.58	*		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.97		3.24		3.74	*		–		–
Russell 3000^® Index⁷	–		–		–		–		11.44		14.46		12.09	*		–		–

Based on the inception date of the oldest class.

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

Please see footnotes on pages 18-19.


16		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2060 Fund

Average annual total returns (%) as of August 31, 2016¹¹


		Including sales charge					Excluding sales charge					Expense ratios³ (%)
	Inception date	1 Year		Since inception			1 Year		Since inception			Gross		Net⁴
Class A (WFAFX)	7-1-2015		1.14		(3.52	)		7.33		1.49			14.46		0.83
Class C (WFCFX)	7-1-2015		5.57		0.69			6.57		0.69			15.21		1.58
Class R (WFRFX)	7-1-2015		–		–			7.08		1.20			14.71		1.08
Class R4 (WFSFX)	7-1-2015		–		–			7.78		1.86			14.18		0.52
Class R6 (WFUFX)	7-1-2015		–		–			7.85		1.91			14.03		0.37
Administrator Class (WFDFX)	7-1-2015		–		–			7.47		1.61			14.38		0.72
Dow Jones Global Target 2060 Index⁵	–		–		–			8.26		1.77	*		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–			5.97		5.57	*		–		–
Russell 3000^® Index⁷	–		–		–			11.44		5.50	*		–		–

Based on the inception date of the oldest class.

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

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			17

Portfolio allocation as of August 31, 2016¹²


Target Today Fund	Target 2010 Fund	Target 2015 Fund


Target 2020 Fund	Target 2025 Fund	Target 2030 Fund


Target 2035 Fund	Target 2040 Fund	Target 2045 Fund

Please see footnotes on pages 18-19.


18		Wells Fargo Dow Jones Target Date Funds		Performance highlights (unaudited)


Target 2050 Fund	Target 2055 Fund	Target 2060 Fund

The Funds are gateway funds that invest in various affiliated master portfolios which in turn invest in a combination of equity, fixed income, and money market securities using an asset allocation strategy designed to replicate, before fees and expenses, the total return of the Dow Jones Global Target Date Indexes that have the same target year as the Funds. References to the investment activities of the Funds are intended to refer to the investment activities of the affiliated master portfolios in which the Funds invest.

Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses.

³	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.

⁴

The manager has committed through June 30, 2017, 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 expense cap. Net expenses from the affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s returns would have been lower.

⁵

The Dow Jones Global Target Date Indexes (each an “index” or collectively the “indexes”) are a series of indexes designed as benchmarks for multi-asset class portfolios with risk profiles that become more conservative over time. The index weightings among the major asset classes are adjusted monthly based on a published set of index rules. The indexes with longer time horizons have higher allocations to equity securities, while the indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. You cannot invest directly in an index.

⁶

The Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as Barclays U.S. Aggregate Bond Index) is composed of the Bloomberg Barclays U.S. Government/Credit Index (formerly known as Barclays U.S. Government/Credit Index) and the Bloomberg Barclays U.S. Mortgage-Backed Securities Index (formerly known as Barclays U.S. Mortgage-Backed Securities Index), and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities.

⁷	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁸

Historical performance shown for Class R shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares, and includes the higher expenses applicable to Class R6. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses.

⁹

Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares, and includes the higher expenses applicable to Class R6. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013 reflects Institutional Class performance and expenses.


Performance highlights (unaudited)		Wells Fargo Dow Jones Target Date Funds			19

¹⁰

Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses.

¹¹

Historical performance shown for Class A and Class C shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A and Class C shares. Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses.

¹²

Each chart represents the composite of the portfolio allocations of the affiliated master portfolios in which the Fund invests and is calculated based on the total investments of the affiliated master portfolios. Portfolio holdings are subject to change and may have changed since the date specified. See Portfolio of investments or Summary portfolio of investments of each affiliated master portfolio which is also included in this report.


20		Wells Fargo Dow Jones Target Date 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 March 1, 2016 to August 31, 2016.

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.


Target Today Fund	Beginning account value 3-1-2016		Ending account value 8-31-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,046.11	$	3.91		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.86		0.76	%
Class B
Actual	$	1,000.00	$	1,041.51	$	7.70		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.61		1.50	%
Class C
Actual	$	1,000.00	$	1,041.39	$	7.75		1.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.66		1.51	%
Class R
Actual	$	1,000.00	$	1,044.27	$	5.19		1.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.06	$	5.13		1.01	%
Class R4
Actual	$	1,000.00	$	1,047.89	$	2.32		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.87	$	2.29		0.45	%
Class R6
Actual	$	1,000.00	$	1,047.93	$	1.54		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.63	$	1.53		0.30	%
Administrator Class
Actual	$	1,000.00	$	1,046.10	$	3.34		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%

Please see footnote on page 26.


Fund expenses (unaudited)		Wells Fargo Dow Jones Target Date Funds			21


Target 2010 Fund	Beginning account value 3-1-2016		Ending account value 8-31-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,050.60	$	4.02		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.96		0.78	%
Class B
Actual	$	1,000.00	$	1,046.51	$	7.87		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.44	$	7.76		1.53	%
Class C
Actual	$	1,000.00	$	1,046.85	$	7.87		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.44	$	7.76		1.53	%
Class R
Actual	$	1,000.00	$	1,049.36	$	5.31		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.96	$	5.23		1.03	%
Class R4
Actual	$	1,000.00	$	1,052.73	$	2.43		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.77	$	2.39		0.47	%
Class R6
Actual	$	1,000.00	$	1,053.26	$	1.65		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.53	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,051.22	$	3.45		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.77	$	3.40		0.67	%
Target 2015 Fund
Class A
Actual	$	1,000.00	$	1,067.12	$	4.10		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.01		0.79	%
Class R
Actual	$	1,000.00	$	1,065.45	$	5.40		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.28		1.04	%
Class R4
Actual	$	1,000.00	$	1,067.92	$	2.50		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.72	$	2.44		0.48	%
Class R6
Actual	$	1,000.00	$	1,069.49	$	1.72		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.48	$	1.68		0.33	%
Administrator Class
Actual	$	1,000.00	$	1,067.50	$	3.53		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.46		0.68	%

Please see footnote on page 26.


22		Wells Fargo Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2020 Fund	Beginning account value 3-1-2016		Ending account value 8-31-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,077.75	$	4.23		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.12		0.81	%
Class B
Actual	$	1,000.00	$	1,073.58	$	8.13		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.91		1.56	%
Class C
Actual	$	1,000.00	$	1,073.81	$	8.13		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.91		1.56	%
Class R
Actual	$	1,000.00	$	1,076.59	$	5.53		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.38		1.06	%
Class R4
Actual	$	1,000.00	$	1,079.50	$	2.61		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%
Class R6
Actual	$	1,000.00	$	1,080.73	$	1.83		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.38	$	1.78		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,078.35	$	3.66		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Target 2025 Fund
Class A
Actual	$	1,000.00	$	1,093.01	$	4.26		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.12		0.81	%
Class R
Actual	$	1,000.00	$	1,090.66	$	5.57		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.38		1.06	%
Class R4
Actual	$	1,000.00	$	1,094.87	$	2.63		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%
Class R6
Actual	$	1,000.00	$	1,094.35	$	1.84		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.38	$	1.78		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,093.00	$	3.68		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%

Please see footnote on page 26.


Fund expenses (unaudited)		Wells Fargo Dow Jones Target Date Funds			23


Target 2030 Fund	Beginning account value 3-1-2016		Ending account value 8-31-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,107.45	$	4.34		0.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.17		0.82	%
Class B
Actual	$	1,000.00	$	1,103.68	$	8.30		1.57	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	7.96		1.57	%
Class C
Actual	$	1,000.00	$	1,103.45	$	8.30		1.57	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	7.96		1.57	%
Class R
Actual	$	1,000.00	$	1,105.68	$	5.66		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.43		1.07	%
Class R4
Actual	$	1,000.00	$	1,109.23	$	2.70		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.57	$	2.59		0.51	%
Class R6
Actual	$	1,000.00	$	1,109.95	$	1.91		0.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.33	$	1.83		0.36	%
Administrator Class
Actual	$	1,000.00	$	1,108.00	$	3.76		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.61		0.71	%
Target 2035 Fund
Class A
Actual	$	1,000.00	$	1,120.71	$	4.42		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class R
Actual	$	1,000.00	$	1,119.05	$	5.75		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class R4
Actual	$	1,000.00	$	1,122.19	$	2.77		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,122.96	$	1.97		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.38	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,120.80	$	3.84		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%

Please see footnote on page 26.


24		Wells Fargo Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2040 Fund	Beginning account value 3-1-2016		Ending account value 8-31-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,131.14	$	4.45		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class B
Actual	$	1,000.00	$	1,127.18	$	8.45		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.01		1.58	%
Class C
Actual	$	1,000.00	$	1,127.01	$	8.45		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.01		1.58	%
Class R
Actual	$	1,000.00	$	1,129.86	$	5.78		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class R4
Actual	$	1,000.00	$	1,133.54	$	2.79		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,134.33	$	1.99		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,131.48	$	3.86		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Target 2045 Fund
Class A
Actual	$	1,000.00	$	1,138.64	$	4.46		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class R
Actual	$	1,000.00	$	1,136.86	$	5.80		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class R4
Actual	$	1,000.00	$	1,140.80	$	2.80		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,140.72	$	1.99		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,139.08	$	3.87		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%

Please see footnote on page 26.


Fund expenses (unaudited)		Wells Fargo Dow Jones Target Date Funds			25


Target 2050 Fund	Beginning account value 3-1-2016		Ending account value 8-31-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,141.05	$	4.47		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class C
Actual	$	1,000.00	$	1,136.64	$	8.49		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.01		1.58	%
Class R
Actual	$	1,000.00	$	1,139.84	$	5.81		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class R4
Actual	$	1,000.00	$	1,143.25	$	2.80		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,144.05	$	1.99		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,142.69	$	3.88		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Target 2055 Fund
Class A
Actual	$	1,000.00	$	1,141.06	$	4.47		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class R
Actual	$	1,000.00	$	1,139.84	$	5.81		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class R4
Actual	$	1,000.00	$	1,143.27	$	2.80		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,144.27	$	1.99		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,140.86	$	3.87		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%

Please see footnote on page 26.


26		Wells Fargo Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2060 Fund	Beginning account value 3-1-2016		Ending account value 8-31-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,138.02	$	4.46		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class C
Actual	$	1,000.00	$	1,132.71	$	8.47		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.01		1.58	%
Class R
Actual	$	1,000.00	$	1,135.08	$	5.80		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class R4
Actual	$	1,000.00	$	1,139.10	$	2.80		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,139.88	$	1.99		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,138.36	$	3.87		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%

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


Portfolios of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			27

TARGET TODAY FUND

Security name

Value

Investment Companies: 100.22%

Affiliated Master Portfolios: 100.22%

Wells Fargo Diversified Fixed Income Portfolio

373,388,834

Wells Fargo Diversified Stock Portfolio

96,136,731

Wells Fargo Short-Term Investment Portfolio

168,661,432

Total Investment Companies (Cost $585,098,851)

638,186,997


Total investments in securities (Cost $585,098,851) *	100.22	%		638,186,997
Other assets and liabilities, net	(0.22	)		(1,423,008	)

Total net assets	100.00	%	$	636,763,989


*	Cost for federal income tax purposes is $586,825,258 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	51,361,739
	Gross unrealized losses		0

	Net unrealized gains	$	51,361,739

TARGET 2010 FUND

Security name

Value

Investment Companies: 101.18%

Affiliated Master Portfolios: 101.18%

Wells Fargo Diversified Fixed Income Portfolio

246,625,892

Wells Fargo Diversified Stock Portfolio

65,281,366

Wells Fargo Short-Term Investment Portfolio

79,890,878

Total Investment Companies (Cost $330,515,304)

391,798,136


Total investments in securities (Cost $330,515,304) *	101.18	%		391,798,136
Other assets and liabilities, net	(1.18	)		(4,556,470	)

Total net assets	100.00	%	$	387,241,666


*	Cost for federal income tax purposes is $339,611,014 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	52,187,122
	Gross unrealized losses		0

	Net unrealized gains	$	52,187,122

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


28		Wells Fargo Dow Jones Target Date Funds		Portfolios of investments—August 31, 2016 (unaudited)

TARGET 2015 FUND

Security name

Value

Investment Companies: 100.05%

Affiliated Master Portfolios: 100.05%

Wells Fargo Diversified Fixed Income Portfolio

493,300,331

Wells Fargo Diversified Stock Portfolio

149,035,476

Wells Fargo Short-Term Investment Portfolio

26,815,475

Total Investment Companies (Cost $574,497,676)

669,151,282


Total investments in securities (Cost $574,497,676) *	100.05	%		669,151,282
Other assets and liabilities, net	(0.05	)		(351,356	)

Total net assets	100.00	%	$	668,799,926


*	Cost for federal income tax purposes is $575,763,308 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	93,387,974
	Gross unrealized losses		0

	Net unrealized gains	$	93,387,974

TARGET 2020 FUND

Security name

Value

Investment Companies: 100.72%

Affiliated Master Portfolios: 100.72%

Wells Fargo Diversified Fixed Income Portfolio

1,622,824,293

Wells Fargo Diversified Stock Portfolio

782,696,168

Wells Fargo Short-Term Investment Portfolio

100,366,233

Total Investment Companies (Cost $2,147,083,021)

2,505,886,694


Total investments in securities (Cost $2,147,083,021) *	100.72	%		2,505,886,694
Other assets and liabilities, net	(0.72	)		(17,822,130	)

Total net assets	100.00	%	$	2,488,064,564


*	Cost for federal income tax purposes is $2,165,645,030 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	340,241,664
	Gross unrealized losses		0

	Net unrealized gains	$	340,241,664

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


Portfolios of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			29

TARGET 2025 FUND

Security name

Value

Investment Companies: 100.08%

Affiliated Master Portfolios: 100.08%

Wells Fargo Diversified Fixed Income Portfolio

1,203,934,957

Wells Fargo Diversified Stock Portfolio

1,020,723,767

Wells Fargo Short-Term Investment Portfolio

92,745,275

Total Investment Companies (Cost $1,946,949,386)

2,317,403,999


Total investments in securities (Cost $1,946,949,386) *	100.08	%		2,317,403,999
Other assets and liabilities, net	(0.08	)		(1,830,396	)

Total net assets	100.00	%	$	2,315,573,603


*	Cost for federal income tax purposes is $1,951,689,376 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	365,714,623
	Gross unrealized losses		0

	Net unrealized gains	$	365,714,623

TARGET 2030 FUND

Security name

Value

Investment Companies: 101.35%

Affiliated Master Portfolios: 101.35%

Wells Fargo Diversified Fixed Income Portfolio

1,037,698,560

Wells Fargo Diversified Stock Portfolio

1,572,240,090

Wells Fargo Short-Term Investment Portfolio

108,713,033

Total Investment Companies (Cost $2,245,582,897)

2,718,651,683


Total investments in securities (Cost $2,245,582,897) *	101.35	%		2,718,651,683
Other assets and liabilities, net	(1.35	)		(36,231,907	)

Total net assets	100.00	%	$	2,682,419,776


*	Cost for federal income tax purposes is $2,260,377,423 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	458,274,260
	Gross unrealized losses		0

	Net unrealized gains	$	458,274,260

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


30		Wells Fargo Dow Jones Target Date Funds		Portfolios of investments—August 31, 2016 (unaudited)

TARGET 2035 FUND

Security name

Value

Investment Companies: 100.20%

Affiliated Master Portfolios: 100.20%

Wells Fargo Diversified Fixed Income Portfolio

355,382,138

Wells Fargo Diversified Stock Portfolio

973,796,301

Wells Fargo Short-Term Investment Portfolio

55,321,293

Total Investment Companies (Cost $1,140,710,376)

1,384,499,732


Total investments in securities (Cost $1,140,710,376) *	100.20	%		1,384,499,732
Other assets and liabilities, net	(0.20	)		(2,725,284	)

Total net assets	100.00	%	$	1,381,774,448


*	Cost for federal income tax purposes is $1,144,443,279 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	240,056,453
	Gross unrealized losses		0

	Net unrealized gains	$	240,056,453

TARGET 2040 FUND

Security name

Value

Investment Companies: 101.76%

Affiliated Master Portfolios: 101.76%

Wells Fargo Diversified Fixed Income Portfolio

315,416,359

Wells Fargo Diversified Stock Portfolio

1,630,726,912

Wells Fargo Short-Term Investment Portfolio

80,948,140

Total Investment Companies (Cost $1,644,778,475)

2,027,091,411


Total investments in securities (Cost $1,644,778,475) *	101.76	%		2,027,091,411
Other assets and liabilities, net	(1.76	)		(35,133,143	)

Total net assets	100.00	%	$	1,991,958,268


*	Cost for federal income tax purposes is $1,656,093,766 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	370,997,645
	Gross unrealized losses		0

	Net unrealized gains	$	370,997,645

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


Portfolios of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			31

TARGET 2045 FUND

Security name

Value

Investment Companies: 100.12%

Affiliated Master Portfolios: 100.12%

Wells Fargo Diversified Fixed Income Portfolio

72,653,708

Wells Fargo Diversified Stock Portfolio

717,836,560

Wells Fargo Short-Term Investment Portfolio

32,865,780

Total Investment Companies (Cost $684,193,298)

823,356,048


Total investments in securities (Cost $684,193,298) *	100.12	%		823,356,048
Other assets and liabilities, net	(0.12	)		(969,498	)

Total net assets	100.00	%	$	822,386,550


*	Cost for federal income tax purposes is $686,350,726 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	137,005,322
	Gross unrealized losses		0

	Net unrealized gains	$	137,005,322

TARGET 2050 FUND

Security name

Value

Investment Companies: 101.35%

Affiliated Master Portfolios: 101.35%

Wells Fargo Diversified Fixed Income Portfolio

88,779,674

Wells Fargo Diversified Stock Portfolio

1,306,225,460

Wells Fargo Short-Term Investment Portfolio

57,989,426

Total Investment Companies (Cost $1,202,499,763)

1,452,994,560


Total investments in securities (Cost $1,202,499,763) *	101.35	%		1,452,994,560
Other assets and liabilities, net	(1.35	)		(19,380,719	)

Total net assets	100.00	%	$	1,433,613,841


*	Cost for federal income tax purposes is $1,207,835,500 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	245,159,060
	Gross unrealized losses		0

	Net unrealized gains	$	245,159,060

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


32		Wells Fargo Dow Jones Target Date Funds		Portfolios of investments—August 31, 2016 (unaudited)

TARGET 2055 FUND

Security name

Value

Investment Companies: 100.14%

Affiliated Master Portfolios: 100.14%

Wells Fargo Diversified Fixed Income Portfolio

17,017,561

Wells Fargo Diversified Stock Portfolio

252,077,269

Wells Fargo Short-Term Investment Portfolio

11,186,064

Total Investment Companies (Cost $251,926,822)

280,280,894


Total investments in securities (Cost $251,926,822) *	100.14	%		280,280,894
Other assets and liabilities, net	(0.14	)		(400,486	)

Total net assets	100.00	%	$	279,880,408


*	Cost for federal income tax purposes is $251,936,500 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	28,344,394
	Gross unrealized losses		0

	Net unrealized gains	$	28,344,394

TARGET 2060 FUND

Security name

Value

Investment Companies: 97.78%

Affiliated Master Portfolios: 97.78%

Wells Fargo Diversified Fixed Income Portfolio

828,546

Wells Fargo Diversified Stock Portfolio

12,273,070

Wells Fargo Short-Term Investment Portfolio

544,624

Total Investment Companies (Cost $13,345,177)

13,646,240


Total investments in securities (Cost $13,345,177) *	97.78	%		13,646,240
Other assets and liabilities, net	2.22			310,390

Total net assets	100.00	%	$	13,956,630


*	Cost for federal income tax purposes is $13,343,552 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	302,688
	Gross unrealized losses		0

	Net unrealized gains	$	302,688

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

This page is intentionally left blank.


34		Wells Fargo Dow Jones Target Date Funds		Statements of assets and liabilities—August 31, 2016 (unaudited)


	Target Today Fund		Target 2010 Fund			Target 2015 Fund		Target 2020 Fund

Assets
Investment in affiliated Master Portfolios, at value (see cost below)	$	638,186,997	$	391,798,136		$	669,151,282	$	2,505,886,694
Receivable for Fund shares sold		1,168,390		2,934,701			334,254		12,623,981
Receivable from manager		0		0			0		0
Prepaid expenses and other assets		66,817		61,324			64,638		68,269

Total assets		639,422,204		394,794,161			669,550,174		2,518,578,944


Liabilities
Payable for Fund shares redeemed		2,488,144		7,427,533			569,495		29,754,118
Management fee payable		45,362		29,308			59,246		311,797
Distribution fees payable		1,967		1,393			10		4,588
Administration fees payable		43,789		30,904			43,275		164,539
Shareholder servicing fees payable		51,022		38,931			50,454		200,190
Professional fees payable		10,619		9,017			10,284		9,988
Accrued expenses and other liabilities		17,312		15,409			17,484		69,160

Total liabilities		2,658,215		7,552,495			750,248		30,514,380

Total net assets	$	636,763,989	$	387,241,666		$	668,799,926	$	2,488,064,564


NET ASSETS CONSIST OF
Paid-in capital	$	579,674,989	$	332,783,954		$	570,324,885	$	2,129,705,835
Undistributed net investment income		3,615,281		458,213			1,373,965		6,984,385
Accumulated net realized gains (losses) on investments		385,573		(7,283,333	)		2,447,470		(7,429,329	)
Net unrealized gains on investments		53,088,146		61,282,832			94,653,606		358,803,673

Total net assets	$	636,763,989	$	387,241,666		$	668,799,926	$	2,488,064,564


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	66,058,091	$	66,215,778		$	71,977,157	$	236,274,694
Shares outstanding – Class A¹		6,064,580		5,156,005			6,862,614		15,511,743
Net asset value per share – Class A		$10.89		$12.84			$10.49		$15.23
Maximum offering price per share – Class A²		$11.55		$13.62			$11.13		$16.16
Net assets – Class B	$	2,151	$	29,841			N/A	$	32,840
Shares outstanding – Class B¹		190		2,296			N/A		2,160
Net asset value per share – Class B		$11.29		$13.00			N/A		$15.20
Net assets – Class C	$	3,078,631	$	2,007,099			N/A	$	6,878,033
Shares outstanding – Class C¹		278,062		154,545			N/A		455,328
Net asset value per share – Class C		$11.07		$12.99			N/A		$15.11
Net assets – Class R	$	31,159	$	54,403		$	45,167	$	474,596
Shares outstanding – Class R¹		2,871		4,263			4,249		31,279
Net asset value per share – Class R		$10.85		$12.76			$10.63		$15.17
Net assets – Class R4	$	272,489,121	$	60,998,911		$	118,270,678	$	404,139,456
Share outstanding – Class R4¹		24,424,718		4,700,027			11,226,891		26,050,212
Net asset value per share – Class R4		$11.16		$12.98			$10.53		$15.51
Net assets – Class R6	$	235,629,818	$	173,260,906		$	362,465,886	$	1,327,175,210
Shares outstanding – Class R6¹		21,134,304		13,356,071			34,422,051		85,582,437
Net asset value per share – Class R6		$11.15		$12.97			$10.53		$15.51
Net assets – Administrator Class	$	59,475,018	$	84,674,728		$	116,041,038	$	513,089,735
Shares outstanding – Administrator Class¹		5,346,890		6,524,138			10,894,235		33,187,427
Net asset value per share – Administrator Class		$11.12		$12.98			$10.65		$15.46

Investments in affiliated Master Portfolios, at cost	$	585,098,851	$	330,515,304		$	574,497,676	$	2,147,083,021

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 assets and liabilities—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			35


Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund			Target 2060 Fund


$	2,317,403,999	$	2,718,651,683	$	1,384,499,732	$	2,027,091,411	$	823,356,048	$	1,452,994,560	$	280,280,894		$	13,646,240
	2,353,826		16,110,196		1,025,016		13,650,722		798,345		5,761,228		274,566			254,046
	0		0		0		0		0		0		0			10,801
	87,467		61,895		70,159		63,209		67,551		62,488		66,558			63,092

	2,319,845,292		2,734,823,774		1,385,594,907		2,040,805,342		824,221,944		1,458,818,276		280,622,018			13,974,179



	3,667,924		51,573,766		3,410,939		48,208,467		1,598,168		24,809,612		677,148			4,475
	289,222		362,168		187,401		284,009		103,909		195,803		26,315			0
	131		3,370		31		3,238		8		664		15			169
	124,748		175,256		85,050		132,791		49,801		74,877		11,892			828
	128,598		210,961		94,269		155,491		55,436		78,472		9,607			1,048
	8,212		9,953		10,276		10,390		10,207		13,955		11,115			9,989
	52,854		68,524		32,493		52,688		17,865		31,052		5,518			1,040

	4,271,689		52,403,998		3,820,459		48,847,074		1,835,394		25,204,435		741,610			17,549

$	2,315,573,603	$	2,682,419,776	$	1,381,774,448	$	1,991,958,268	$	822,386,550	$	1,433,613,841	$	279,880,408		$	13,956,630



$	1,928,387,676	$	2,179,851,526	$	1,125,065,568	$	1,594,797,921	$	674,647,724	$	1,169,275,472	$	255,142,768		$	13,665,293
	6,403,745		23,950,782		4,228,980		5,302,374		2,467,948		3,990,449		1,010,847			29,886
	10,327,569		5,548,682		8,690,544		9,545,037		6,108,128		9,853,123		(4,627,279	)		(39,612	)
	370,454,613		473,068,786		243,789,356		382,312,936		139,162,750		250,494,797		28,354,072			301,063

$	2,315,573,603	$	2,682,419,776	$	1,381,774,448	$	1,991,958,268	$	822,386,550	$	1,433,613,841	$	279,880,408		$	13,956,630



$	172,919,022	$	238,876,685	$	146,577,231	$	216,659,352	$	81,586,122	$	63,051,629	$	10,353,180		$	266,861
	16,272,788		14,218,820		13,289,332		11,505,132		7,155,970		5,786,066		790,259			26,659
	$10.63		$16.80		$11.03		$18.83		$11.40		$10.90		$13.10			$10.01
	$11.28		$17.82		$11.70		$19.98		$12.10		$11.56		$13.90			$10.62
	N/A	$	19,938		N/A	$	69,142		N/A		N/A		N/A			N/A
	N/A		1,208		N/A		3,847		N/A		N/A		N/A			N/A
	N/A		$16.50		N/A		$17.97		N/A		N/A		N/A			N/A
	N/A	$	4,946,204		N/A	$	4,781,418		N/A	$	1,027,661		N/A		$	226,831
	N/A		303,168		N/A		270,704		N/A		94,660		N/A			22,631
	N/A		$16.32		N/A		$17.66		N/A		$10.86		N/A			$10.02
$	618,947	$	951,000	$	144,998	$	350,958	$	37,440	$	48,316	$	70,920		$	127,518
	58,190		56,800		13,073		18,696		3,248		4,424		5,469			12,928
	$10.64		$16.74		$11.09		$18.77		$11.53		$10.92		$12.97			$9.86
$	265,135,247	$	511,277,427	$	223,308,692	$	384,952,792	$	134,225,642	$	229,819,341	$	33,172,163		$	3,382,691
	24,860,218		29,969,395		20,213,572		20,008,690		11,723,209		21,004,797		2,525,048			331,982
	$10.67		$17.06		$11.05		$19.24		$11.45		$10.94		$13.14			$10.19
$	1,554,977,615	$	1,414,233,978	$	808,899,200	$	1,055,550,266	$	481,996,650	$	937,043,482	$	214,435,144		$	6,915,256
	145,863,503		82,920,152		73,214,966		54,874,108		42,173,254		85,681,231		16,348,899			680,500
	$10.66		$17.06		$11.05		$19.24		$11.43		$10.94		$13.12			$10.16
$	321,922,772	$	512,114,544	$	202,844,327	$	329,594,340	$	124,540,696	$	202,623,412	$	21,849,001		$	3,037,473
	30,135,952		30,066,499		18,303,212		17,162,197		10,828,984		18,579,232		1,667,665			302,106
	$10.68		$17.03		$11.08		$19.20		$11.50		$10.91		$13.10			$10.05

$	1,946,949,386	$	2,245,582,897	$	1,140,710,376	$	1,644,778,475	$	684,193,298	$	1,202,499,763	$	251,926,822		$	13,345,177

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


36		Wells Fargo Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2016 (unaudited)


	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund

Investment income
Interest allocated from affiliated Master Portfolios*	$	4,709,141		$	3,242,772		$	6,004,707		$	19,305,508
Dividends allocated from affiliated Master Portfolios**		1,260,774			925,383			1,991,515			9,882,629
Affiliated income allocated from affiliated Master Portfolios		37,779			25,069			51,338			187,814
Securities lending income allocated from affiliated Master Portfolios		36,967			27,244			58,359			286,644
Expenses allocated from affiliated Master Portfolios		(492,635	)		(328,338	)		(559,034	)		(2,006,725	)

Total investment income		5,552,026			3,892,130			7,546,885			27,655,870


Expenses
Management fee		656,910			430,048			693,314			2,474,420
Administration fees
Class A		70,884			71,535			77,823			248,905
Class B		3			32			N/A			37
Class C		3,097			2,203			N/A			7,127
Class R		32			57			47			465
Class R4		110,497			28,291			49,948			170,706
Class R6		37,178			29,655			55,724			189,292
Administrator Class		40,508			59,353			79,813			351,904
Shareholder servicing fees
Class A		84,386			85,161			92,647			296,316
Class B		3			38			N/A			45
Class C		3,688			2,622			N/A			8,484
Class R		38			67			56			553
Class R4		138,121			35,363			62,435			213,088
Administrator Class		77,900			114,140			153,140			675,840
Distribution fees
Class B		10			114			N/A			134
Class C		11,063			7,866			N/A			25,452
Class R		38			67			56			553
Custody and accounting fees		13,221			8,188			13,901			47,297
Professional fees		18,612			17,783			19,162			19,464
Registration fees		47,185			42,291			49,912			54,337
Shareholder report expenses		22,985			19,949			27,090			45,242
Trustees’ fees and expenses		11,620			11,618			11,620			11,669
Other fees and expenses		8,143			6,196			8,697			21,059

Total expenses		1,356,122			972,637			1,395,385			4,862,389
Less: Fee waivers and/or expense reimbursements		(373,909	)		(230,294	)		(331,288	)		(683,301	)

Net expenses		982,213			742,343			1,064,097			4,179,088

Net investment income		4,569,813			3,149,787			6,482,788			23,476,782


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolios		416,743			303,713			709,464			4,603,396
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		25,333,544			18,666,957			38,775,311			157,490,537

Net realized and unrealized gains (losses) on investments		25,750,287			18,970,670			39,484,775			162,093,933

Net increase in net assets resulting from operations	$	30,320,100		$	22,120,457		$	45,967,563		$	185,570,715


* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$35,034			$24,807			$49,649			$160,845
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$81,543			$60,041			$128,943			$642,071

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


Statements of operations—six months ended August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			37


Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund			Target 2060 Fund


$	14,439,314		$	12,553,139		$	4,284,610		$	3,890,988		$	921,423		$	1,197,368		$	214,861		$	3,920
	13,033,610			20,206,984			12,328,172			20,614,542			8,878,101			16,119,168			2,894,675			48,654
	167,821			189,474			93,071			132,218			52,608			92,059			17,756			864
	376,640			583,039			354,742			592,990			254,927			462,806			82,680			1,255
	(1,869,844	)		(2,209,512	)		(1,112,029	)		(1,630,880	)		(650,092	)		(1,147,310	)		(206,620	)		(3,847	)

	26,147,541			31,323,124			15,948,566			23,599,858			9,456,967			16,724,091			3,003,352			50,846



	2,308,707			2,733,707			1,377,856			2,023,739			807,186			1,425,333			256,561			4,834

	187,081			251,024			157,721			226,297			86,117			66,103			10,339			188
	N/A			41			N/A			73			N/A			N/A			N/A			N/A
	N/A			5,144			N/A			5,149			N/A			1,044			N/A			221
	700			966			118			346			35			43			61			106
	110,805			218,491			92,183			167,301			54,644			97,575			12,441			422
	229,522			212,035			119,249			156,584			69,932			136,967			29,336			329
	209,757			343,839			131,355			221,499			79,503			132,790			12,985			714

	222,716			298,838			187,763			269,402			102,521			78,694			12,309			224
	N/A			49			N/A			87			N/A			N/A			N/A			N/A
	N/A			6,123			N/A			6,130			N/A			1,243			N/A			263
	834			1,150			141			412			42			51			73			126
	138,507			272,404			115,229			208,328			68,305			121,473			15,552			527
	403,380			661,229			252,605			425,960			152,890			255,366			24,970			1,372

	N/A			147			N/A			261			N/A			N/A			N/A			N/A
	N/A			18,370			N/A			18,391			N/A			3,728			N/A			788
	834			1,150			141			412			42			51			73			126
	44,112			52,159			25,978			38,847			16,027			27,047			5,666			1,064
	17,566			19,498			18,963			18,849			19,031			18,998			17,600			16,723
	39,663			48,370			52,135			46,844			50,563			53,899			44,508			62,205
	42,705			53,557			41,152			47,080			29,328			37,979			14,921			3,635
	11,816			11,618			11,620			12,444			12,924			7,862			8,175			7,846
	13,914			24,106			12,847			19,045			9,548			12,277			4,479			4,733

	3,982,619			5,234,015			2,597,056			3,913,480			1,558,638			2,478,523			470,049			106,446
	(627,570	)		(604,460	)		(287,673	)		(363,449	)		(210,175	)		(297,547	)		(120,889	)		(96,599	)

	3,355,049			4,629,555			2,309,383			3,550,031			1,348,463			2,180,976			349,160			9,847

	22,792,492			26,693,569			13,639,183			20,049,827			8,108,504			14,543,115			2,654,192			40,999



	7,032,476			11,808,731			7,522,121			12,868,326			5,615,755			10,223,782			1,836,302			42,373
	174,123,735			238,105,515			134,265,665			213,650,209			89,162,994			159,925,053			28,159,778			357,226

	181,156,211			249,914,246			141,787,786			226,518,535			94,778,749			170,148,835			29,996,080			399,599

$	203,948,703		$	276,607,815		$	155,426,969		$	246,568,362		$	102,887,253		$	184,691,950		$	32,650,272		$	440,598


	$119,680			$103,403			$34,873			$30,926			$7,004			$8,720			$1,568			$30
	$845,778			$1,314,597			$801,620			$1,342,259			$578,150			$1,050,146			$188,606			$2,872

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


38		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target Today Fund
	Six months ended August 31, 2016 (unaudited)				Year ended February 29, 2016

Operations
Net investment income			$	4,569,813				$	8,827,099
Net realized gains on investments				416,743					3,450,074
Net change in unrealized gains (losses) on investments				25,333,544					(23,144,376	)

Net increase (decrease) in net assets resulting from operations				30,320,100					(10,867,203	)


Distributions to shareholders from
Net investment income
Class A				0					(212,385	)
Class R				0					(39	)
Class R4				0					(1,986,228	)
Class R6				0					(2,057,136	)
Administrator Class				0					(295,420	)
Net realized gains
Class A				0					(1,208,132	)
Class B				0					(60	)
Class C				0					(50,563	)
Class R				0					(482	)
Class R4				0					(4,742,418	)
Class R6				0					(4,034,298	)
Administrator Class				0					(1,109,624	)

Total distributions to shareholders				0					(15,696,785	)


Capital share transactions		Shares				Shares
Proceeds from shares sold
Class A		147,447		1,577,814		5,647,163			60,339,126
Class C		27,463		301,094		10,570			115,474
Class R		103		1,094		120			1,272
Class R4		1,793,543		19,722,945		3,730,527			40,609,285
Class R6		3,697,182		40,577,351		10,259,626			111,458,455
Administrator Class		438,839		4,794,867		1,204,150			13,090,822
Investor Class		N/A		N/A		414,797	¹		4,533,435	¹

				66,975,165					230,147,869

Reinvestment of distributions
Class A		0		0		135,261			1,409,363
Class B		0		0		5			60
Class C		0		0		4,686			49,810
Class R		0		0		50			521
Class R4		0		0		630,358			6,728,633
Class R6		0		0		563,932			6,009,114
Administrator Class		0		0		131,713			1,401,554

				0					15,599,055

Please see footnote on page 39.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			39


	Target Today Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(483,240	)	$	(5,178,523	)		(818,764	)	$	(8,571,490	)
Class B		(120	)		(1,327	)		(654	)		(7,312	)
Class C		(9,457	)		(103,827	)		(68,466	)		(738,149	)
Class R		(2	)		(21	)		(1	)		(10	)
Class R4		(2,877,647	)		(31,635,709	)		(9,414,225	)		(102,232,762	)
Class R6		(5,488,600	)		(60,420,818	)		(9,625,506	)		(104,577,784	)
Administrator Class		(914,283	)		(10,024,011	)		(4,542,886	)		(49,322,402	)
Investor Class		N/A			N/A			(6,369,254	)¹		(69,335,370	)¹

					(107,364,236	)					(334,785,279	)

Net decrease in net assets resulting from capital share transactions					(40,389,071	)					(89,038,355	)

Total decrease in net assets					(10,068,971	)					(115,602,343	)


Net assets
Beginning of period					646,832,960						762,435,303

End of period				$	636,763,989					$	646,832,960

Undistributed (overdistributed) net investment income				$	3,615,281					$	(954,532	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


40		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2010 Fund
	Six months ended August 31, 2016 (unaudited)					Year ended February 29, 2016

Operations
Net investment income			$	3,149,787					$	7,103,709
Net realized gains on investments				303,713						9,701,380
Net change in unrealized gains (losses) on investments				18,666,957						(26,828,269	)

Net increase (decrease) in net assets resulting from operations				22,120,457						(10,023,180	)


Distributions to shareholders from
Net investment income
Class A				(207,925	)					(335,875	)
Class B				(18	)					(51	)
Class C				(1,921	)					0
Class R				(133	)					(172	)
Class R4				(284,940	)					(788,009	)
Class R6				(915,442	)					(2,051,024	)
Administrator Class				(307,124	)					(586,950	)
Net realized gains
Class A				0						(3,286,691	)
Class B				0						(1,389	)
Class C				0						(92,831	)
Class R				0						(2,344	)
Class R4				0						(4,072,646	)
Class R6				0						(9,055,541	)
Administrator Class				0						(4,393,823	)

Total distributions to shareholders				(1,717,503	)					(24,667,346	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		186,022		2,345,399			4,221,546			54,786,333
Class B		0		0			2,193			29,082
Class C		9,264		118,443			7,041			90,916
Class R		9		106			16			212
Class R4		525,982		6,713,468			1,712,102			22,327,468
Class R6		2,990,117		38,149,016			8,059,088			104,895,708
Administrator Class		449,889		5,741,176			1,374,739			17,794,276
Investor Class		N/A		N/A			308,626	¹		4,041,703	¹

				53,067,608						203,965,698

Reinvestment of distributions
Class A		16,251		205,253			291,606			3,586,673
Class B		2		18			116			1,440
Class C		139		1,776			7,012			87,152
Class R		11		133			206			2,516
Class R4		22,331		284,940			390,609			4,860,655
Class R6		70,650		900,797			878,628			10,935,710
Administrator Class		21,923		279,745			400,560			4,980,773

				1,672,662						24,454,919

Please see footnote on page 41.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			41


	Target 2010 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(578,761	)	$	(7,318,721	)		(1,013,261	)	$	(12,776,658	)
Class B		(189	)		(2,411	)		(682	)		(9,045	)
Class C		(14,629	)		(189,320	)		(62,410	)		(820,797	)
Class R		(1	)		(6	)		(1	)		(17	)
Class R4		(1,544,392	)		(19,868,086	)		(7,588,790	)		(97,975,580	)
Class R6		(5,882,004	)		(75,485,979	)		(6,669,142	)		(86,398,389	)
Administrator Class		(1,325,137	)		(17,007,131	)		(7,050,419	)		(91,816,190	)
Investor Class		N/A			N/A			(4,828,884	)¹		(63,153,213	)¹

					(119,871,654	)					(352,949,889	)

Net decrease in net assets resulting from capital share transactions					(65,131,384	)					(124,529,272	)

Total decrease in net assets					(44,728,430	)					(159,219,798	)


Net assets
Beginning of period					431,970,096						591,189,894

End of period				$	387,241,666					$	431,970,096

Undistributed (overdistributed) net investment income				$	458,213					$	(974,071	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


42		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2015 Fund
	Six months ended August 31, 2016 (unaudited)					Year ended February 29, 2016

Operations
Net investment income			$	6,482,788					$	14,276,725
Net realized gains on investments				709,464						4,048,645
Net change in unrealized gains (losses) on investments				38,775,311						(37,431,296	)

Net increase (decrease) in net assets resulting from operations				45,967,563						(19,105,926	)


Distributions to shareholders from
Net investment income
Class A				(285,287	)					(20,228	)
Class R				(145	)					(329	)
Class R4				(614,617	)					(1,703,828	)
Class R6				(2,075,207	)					(4,784,541	)
Administrator Class				(525,665	)					(1,475,155	)
Investor Class				N/A						(758,997	)¹
Net realized gains
Class A				0						(1,573,386	)
Class R				0						(859	)
Class R4				0						(2,323,259	)
Class R6				0						(6,760,642	)
Administrator Class				0						(2,256,193	)

Total distributions to shareholders				(3,500,921	)					(21,657,417	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		351,064		3,632,742			9,344,836			94,779,977
Class R		34		356			67			686
Class R4		1,643,034		17,046,207			2,312,239			23,537,215
Class R6		5,582,321		57,597,528			12,758,792			129,474,281
Administrator Class		928,880		9,655,197			1,888,382			19,442,817
Investor Class		N/A		N/A			908,576	¹		9,440,796	¹

				87,932,030						276,675,772

Reinvestment of distributions
Class A		27,688		284,079			160,134			1,584,498
Class R		14		145			117			1,188
Class R4		59,672		614,617			401,199			4,027,087
Class R6		195,749		2,014,255			1,109,939			11,115,010
Administrator Class		49,924		520,204			366,890			3,726,803
Investor Class		N/A		N/A			73,227	¹		758,463	¹

				3,433,300						21,213,049

Please see footnote on page 43.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			43


	Target 2015 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(1,095,363	)	$	(11,257,901	)		(2,112,945	)	$	(20,902,388	)
Class R		(1	)		(8	)		(708	)		(6,979	)
Class R4		(3,345,113	)		(34,651,071	)		(7,113,750	)		(72,406,836	)
Class R6		(8,430,080	)		(86,887,845	)		(17,178,318	)		(174,145,663	)
Administrator Class		(2,291,703	)		(23,956,283	)		(7,909,252	)		(81,427,388	)
Investor Class		N/A			N/A			(11,199,953	)¹		(115,605,930	)¹

					(156,753,108	)					(464,495,184	)

Net decrease in net assets resulting from capital share transactions					(65,387,778	)					(166,606,363	)

Total decrease in net assets					(22,921,136	)					(207,369,706	)


Net assets
Beginning of period					691,721,062						899,090,768

End of period				$	668,799,926					$	691,721,062

Undistributed (overdistributed) net investment income				$	1,373,965					$	(1,607,902	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


44		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2020 Fund
	Six months ended August 31, 2016 (unaudited)					Year ended February 29, 2016

Operations
Net investment income			$	23,476,782					$	47,559,500
Net realized gains on investments				4,603,396						25,796,388
Net change in unrealized gains (losses) on investments				157,490,537						(170,875,058	)

Net increase (decrease) in net assets resulting from operations				185,570,715						(97,519,170	)


Distributions to shareholders from
Net investment income
Class A				(957,681	)					(1,204,855	)
Class B				(52	)					(108	)
Class C				(13,794	)					(6,481	)
Class R				(1,531	)					(2,560	)
Class R4				(2,110,732	)					(6,107,482	)
Class R6				(7,301,676	)					(13,668,753	)
Administrator Class				(2,352,441	)					(5,002,528	)
Investor Class				N/A						(494,020	)¹
Net realized gains
Class A				0						(6,049,652	)
Class B				0						(1,139	)
Class C				0						(138,075	)
Class R				0						(10,129	)
Class R4				0						(12,325,852	)
Class R6				0						(27,705,228	)
Administrator Class				0						(13,559,585	)

Total distributions to shareholders				(12,737,907	)					(86,276,447	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		612,231		9,100,212			13,749,128			204,800,204
Class C		87,999		1,303,953			186,108			2,690,829
Class R		2,612		39,336			1,560			22,804
Class R4		3,653,947		55,415,788			8,587,505			129,528,210
Class R6		21,309,911		323,115,545			25,570,337			385,301,666
Administrator Class		2,834,892		42,651,916			6,631,029			99,603,642
Investor Class		N/A		N/A			1,084,475	¹		16,500,298	¹

				431,626,750						838,447,653

Reinvestment of distributions
Class A		63,717		943,646			498,070			7,153,660
Class B		4		52			87			1,247
Class C		878		12,908			9,259			132,096
Class R		104		1,531			881			12,689
Class R4		140,062		2,110,732			1,252,971			18,433,334
Class R6		472,278		7,112,510			2,737,761			40,176,324
Administrator Class		149,756		2,250,826			1,267,785			18,559,644
Investor Class		N/A		N/A			32,029	¹		494,020	¹

				12,432,205						84,963,014

Please see footnote on page 45.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			45


	Target 2020 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(1,419,463	)	$	(21,061,316	)		(2,245,750	)	$	(32,588,487	)
Class B		(659	)		(9,712	)		(4,357	)		(63,797	)
Class C		(84,410	)		(1,251,091	)		(107,814	)		(1,567,416	)
Class R		(388	)		(5,848	)		(22,506	)		(336,340	)
Class R4		(6,028,072	)		(92,027,941	)		(31,392,856	)		(469,564,323	)
Class R6		(13,551,327	)		(206,741,079	)		(22,890,031	)		(342,653,004	)
Administrator Class		(6,350,787	)		(96,448,765	)		(14,750,039	)		(220,778,164	)
Investor Class		N/A			N/A			(14,268,341	)¹		(215,721,640	)¹

					(417,545,752	)					(1,283,273,171	)

Net increase (decrease) in net assets resulting from capital share transactions					26,513,203						(359,862,504	)

Total increase (decrease) in net assets					199,346,011						(543,658,121	)


Net assets
Beginning of period					2,288,718,553						2,832,376,674

End of period				$	2,488,064,564					$	2,288,718,553

Undistributed (overdistributed) net investment income				$	6,984,385					$	(3,754,490	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


46		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2025 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

Operations
Net investment income				$	22,792,492					$	42,396,222
Net realized gains on investments					7,032,476						31,965,590
Net change in unrealized gains (losses) on investments					174,123,735						(199,079,376	)

Net increase (decrease) in net assets resulting from operations					203,948,703						(124,717,564	)


Distributions to shareholders from
Net investment income
Class A					(765,715	)					(42,829	)
Class R					(2,072	)					(5,968	)
Class R4					(1,498,225	)					(3,638,272	)
Class R6					(9,191,063	)					(18,652,274	)
Administrator Class					(1,578,641	)					(3,011,839	)
Investor Class					N/A						(1,645,710	)¹
Net realized gains
Class A					0						(5,365,512	)
Class R					0						(22,403	)
Class R4					0						(7,078,806	)
Class R6					0						(35,607,376	)
Administrator Class					0						(7,606,102	)

Total distributions to shareholders					(13,035,716	)					(82,677,091	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		890,367			9,206,295			22,964,538			237,832,126
Class R		1,915			19,877			7,103			73,345
Class R4		3,401,367			35,387,286			7,138,606			74,121,014
Class R6		15,580,784			161,458,190			32,385,111			335,503,244
Administrator Class		2,840,173			29,358,621			5,348,130			55,738,366
Investor Class		N/A			N/A			3,079,689	¹		32,431,424	¹

					235,430,269						735,699,519

Reinvestment of distributions
Class A		73,991			757,664			537,272			5,363,185
Class R		202			2,072			2,814			28,371
Class R4		145,884			1,498,225			1,057,076			10,717,065
Class R6		869,914			8,925,315			5,206,467			52,679,324
Administrator Class		153,173			1,576,156			1,041,420			10,562,155
Investor Class		N/A			N/A			157,908	¹		1,643,604	¹

					12,759,432						80,993,704

Payment for shares redeemed
Class A		(2,634,708	)		(27,187,302	)		(5,857,457	)		(57,909,133	)
Class R		(28,750	)		(294,890	)		(21,481	)		(219,125	)
Class R4		(7,211,466	)		(75,054,974	)		(15,075,663	)		(156,694,774	)
Class R6		(15,219,939	)		(158,455,868	)		(31,284,459	)		(321,990,675	)
Administrator Class		(3,241,367	)		(33,879,390	)		(8,684,086	)		(89,814,734	)
Investor Class		N/A			N/A			(26,018,686	)¹		(271,321,720	)¹

					(294,872,424	)					(897,950,161	)

Net decrease in net assets resulting from capital share transactions					(46,682,723	)					(81,256,715	)

Total increase (decrease) in net assets					144,230,264						(288,651,370	)


Net assets
Beginning of period					2,171,343,339						2,459,994,709

End of period				$	2,315,573,603					$	2,171,343,339

Undistributed (overdistributed) net investment income				$	6,403,745					$	(3,353,031	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			47


	Target 2030 Fund
	Six months ended August 31, 2016 (unaudited)				Year ended February 29, 2016

Operations
Net investment income			$	26,693,569				$	49,126,829
Net realized gains on investments				11,808,731					47,166,634
Net change in unrealized gains (losses) on investments				238,105,515					(304,156,369	)

Net increase (decrease) in net assets resulting from operations				276,607,815					(207,862,906	)


Distributions to shareholders from
Net investment income
Class A				0					(672,323	)
Class B				0					(317	)
Class C				0					(14,221	)
Class R				0					(5,538	)
Class R4				0					(9,749,314	)
Class R6				0					(17,248,094	)
Administrator Class				0					(5,868,441	)
Investor Class				N/A					(1,506,020	)¹
Net realized gains
Class A				0					(6,570,826	)
Class B				0					(1,944	)
Class C				0					(130,780	)
Class R				0					(23,231	)
Class R4				0					(17,160,046	)
Class R6				0					(33,810,493	)
Administrator Class				0					(14,132,103	)

Total distributions to shareholders				0					(106,893,691	)


Capital share transactions		Shares				Shares
Proceeds from shares sold
Class A		566,805		9,224,780		13,314,397			218,134,426
Class B		0		0		2,962			47,267
Class C		4,798		76,253		61,971			996,816
Class R		1,731		28,277		24,510			411,423
Class R4		3,829,476		62,957,421		11,129,367			184,411,020
Class R6		12,867,918		211,613,836		30,536,859			503,514,864
Administrator Class		3,495,233		57,227,897		7,079,870			117,060,125
Investor Class		N/A		N/A		1,082,862	¹		18,302,900	¹

				341,128,464					1,042,878,841

Reinvestment of distributions
Class A		0		0		451,373			7,108,240
Class B		0		0		141			2,195
Class C		0		0		8,955			137,782
Class R		0		0		1,822			28,769
Class R4		0		0		1,666,294			26,908,961
Class R6		0		0		3,085,435			49,653,407
Administrator Class		0		0		1,242,049			19,998,935
Investor Class		N/A		N/A		90,457	¹		1,500,603	¹

				0					105,338,892

Please see footnote on page 48.

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


48		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2030 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(1,370,113	)	$	(22,240,784	)		(2,322,835	)	$	(36,890,791	)
Class B		(4,201	)		(66,137	)		(4,678	)		(75,655	)
Class C		(16,833	)		(263,234	)		(58,470	)		(938,684	)
Class R		(1,246	)		(20,028	)		(5,557	)		(93,587	)
Class R4		(7,262,642	)		(121,031,221	)		(31,558,785	)		(514,470,177	)
Class R6		(13,519,399	)		(224,995,790	)		(19,005,059	)		(311,167,043	)
Administrator Class		(5,855,418	)		(96,963,810	)		(13,317,134	)		(219,101,625	)
Investor Class		N/A			N/A			(13,797,898	)¹		(229,181,050	)¹

					(465,581,004	)					(1,311,918,612	)

Net decrease in net assets resulting from capital share transactions					(124,452,540	)					(163,700,879	)

Total increase (decrease) in net assets					152,155,275						(478,457,476	)


Net assets
Beginning of period					2,530,264,501						3,008,721,977

End of period				$	2,682,419,776					$	2,530,264,501

Undistributed (overdistributed) net investment income				$	23,950,782					$	(2,742,787	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			49


	Target 2035 Fund
	Six months ended August 31, 2016 (unaudited)					Year ended February 29, 2016

Operations
Net investment income			$	13,639,183					$	23,055,848
Net realized gains on investments				7,522,121						26,916,539
Net change in unrealized gains (losses) on investments				134,265,665						(179,695,293	)

Net increase (decrease) in net assets resulting from operations				155,426,969						(129,722,906	)


Distributions to shareholders from
Net investment income
Class A				(697,938	)					(301,136	)
Class R				(449	)					(372	)
Class R4				(1,451,464	)					(3,545,457	)
Class R6				(5,517,618	)					(10,573,204	)
Administrator Class				(1,072,892	)					(2,304,817	)
Investor Class				N/A						(1,435,192	)¹
Net realized gains
Class A				0						(4,979,880	)
Class R				0						(1,055	)
Class R4				0						(6,509,836	)
Class R6				0						(19,919,240	)
Administrator Class				0						(5,313,366	)

Total distributions to shareholders				(8,740,361	)					(54,883,555	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		690,737		7,323,212			18,552,591			201,310,133
Class R		5,757		61,673			4,089			42,241
Class R4		2,809,733		29,981,465			6,285,864			68,420,704
Class R6		11,301,250		120,284,890			27,717,560			300,793,731
Administrator Class		2,043,165		21,682,742			4,092,376			44,621,351
Investor Class		N/A		N/A			2,114,487	¹		23,609,674	¹

				179,333,982						638,797,834

Reinvestment of distributions
Class A		66,527		692,240			505,796			5,237,691
Class R		43		449			136			1,427
Class R4		139,432		1,451,464			954,353			10,055,293
Class R6		513,866		5,350,072			2,798,657			29,409,827
Administrator Class		102,625		1,072,892			722,417			7,618,183
Investor Class		N/A		N/A			129,844	¹		1,431,195	¹

				8,567,117						53,753,616

Please see footnote on page 50.

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


50		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2035 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(1,907,365	)	$	(20,341,360	)		(4,767,137	)	$	(48,289,542	)
Class R		(95	)		(1,015	)		(47	)		(487	)
Class R4		(5,832,586	)		(62,270,551	)		(13,188,251	)		(143,959,697	)
Class R6		(10,764,964	)		(115,530,170	)		(17,913,876	)		(192,666,848	)
Administrator Class		(2,215,215	)		(23,853,888	)		(6,437,073	)		(69,772,390	)
Investor Class		N/A			N/A			(20,176,529	)¹		(221,695,444	)¹

					(221,996,984	)					(676,384,408	)

Net increase (decrease) in net assets resulting from capital share transactions					(34,095,885	)					16,167,042

Total increase (decrease) in net assets					112,590,723						(168,439,419	)


Net assets
Beginning of period					1,269,183,725						1,437,623,144

End of period				$	1,381,774,448					$	1,269,183,725

Undistributed (overdistributed) net investment income				$	4,228,980					$	(669,842	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			51


	Target 2040 Fund
	Six months ended August 31, 2016 (unaudited)					Year ended February 29, 2016

Operations
Net investment income			$	20,049,827					$	34,325,202
Net realized gains on investments				12,868,326						46,674,645
Net change in unrealized gains (losses) on investments				213,650,209						(309,570,864	)

Net increase (decrease) in net assets resulting from operations				246,568,362						(228,571,017	)


Distributions to shareholders from
Net investment income
Class A				(1,147,269	)					(1,363,872	)
Class B				(114	)					(427	)
Class C				(12,098	)					(21,203	)
Class R				(1,492	)					(2,485	)
Class R4				(2,762,643	)					(8,186,005	)
Class R6				(7,793,062	)					(14,332,859	)
Administrator Class				(1,955,670	)					(4,465,866	)
Investor Class				N/A						(1,006,626	)¹
Net realized gains
Class A				0						(6,639,292	)
Class B				0						(3,025	)
Class C				0						(155,995	)
Class R				0						(8,919	)
Class R4				0						(15,183,244	)
Class R6				0						(27,150,983	)
Administrator Class				0						(10,413,294	)

Total distributions to shareholders				(13,672,348	)					(88,934,095	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		370,768		6,702,739			7,832,531			145,840,814
Class B		0		0			3,929			71,579
Class C		10,565		179,681			37,287			657,846
Class R		1,303		23,483			10,378			197,802
Class R4		2,578,894		47,639,286			8,084,530			153,528,934
Class R6		9,739,815		180,439,424			22,577,979			425,406,090
Administrator Class		2,282,097		41,889,070			4,962,945			93,999,139
Investor Class		N/A		N/A			818,800	¹		16,002,580	¹

				276,873,683						835,704,784

Reinvestment of distributions
Class A		63,577		1,124,037			441,267			7,850,956
Class B		6		114			203			3,449
Class C		689		11,447			10,060			168,164
Class R		85		1,492			640			11,404
Class R4		153,055		2,762,643			1,271,924			23,369,182
Class R6		425,200		7,674,856			2,211,178			40,536,041
Administrator Class		102,588		1,849,664			813,092			14,878,081
Investor Class		N/A		N/A			52,301	¹		1,003,724	¹

				13,424,253						87,821,001

Please see footnote on page 52.

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


52		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2040 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(1,000,261	)	$	(18,124,386	)		(1,932,220	)	$	(34,985,826	)
Class B		(1,693	)		(28,260	)		(3,253	)		(58,388	)
Class C		(34,677	)		(591,921	)		(65,920	)		(1,132,401	)
Class R		(31	)		(562	)		(720	)		(13,176	)
Class R4		(5,259,639	)		(98,980,257	)		(20,889,265	)		(387,340,331	)
Class R6		(9,686,619	)		(181,649,550	)		(14,202,963	)		(266,513,595	)
Administrator Class		(3,997,533	)		(74,244,197	)		(8,504,025	)		(159,988,208	)
Investor Class		N/A			N/A			(7,811,715	)¹		(148,868,103	)¹

					(373,619,133	)					(998,900,208	)

Net decrease in net assets resulting from capital share transactions					(83,321,197	)					(75,374,243	)

Total increase (decrease) in net assets					149,574,817						(392,879,355	)


Net assets
Beginning of period					1,842,383,451						2,235,262,806

End of period				$	1,991,958,268					$	1,842,383,451

Undistributed (overdistributed) net investment income				$	5,302,374					$	(1,075,105	)

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			53


	Target 2045 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

Operations
Net investment income				$	8,108,504					$	12,722,827
Net realized gains on investments					5,615,755						16,623,481
Net change in unrealized gains (losses) on investments					89,162,994						(125,041,631	)

Net increase (decrease) in net assets resulting from operations					102,887,253						(95,695,323	)


Distributions to shareholders from
Net investment income
Class A					(451,822	)					(268,832	)
Class R					(153	)					(252	)
Class R4					(980,353	)					(2,188,948	)
Class R6					(3,604,294	)					(6,523,660	)
Administrator Class					(746,082	)					(1,492,836	)
Investor Class					N/A						(837,020	)¹
Net realized gains
Class A					0						(2,771,190	)
Class R					0						(817	)
Class R4					0						(3,688,268	)
Class R6					0						(11,238,044	)
Administrator Class					0						(3,155,252	)

Total distributions to shareholders					(5,782,704	)					(32,165,119	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		528,899			5,756,827			10,643,641			119,886,949
Class R		396			4,439			251			2,795
Class R4		1,784,875			19,588,544			4,571,380			52,006,760
Class R6		9,202,082			100,951,485			20,456,922			230,687,584
Administrator Class		1,500,185			16,438,614			3,086,451			35,108,254
Investor Class		N/A			N/A			1,568,639	¹		18,347,423	¹

					142,739,909						456,039,765

Reinvestment of distributions
Class A		42,361			450,405			282,891			3,027,399
Class R		14			153			98			1,069
Class R4		91,865			980,353			536,817			5,877,216
Class R6		330,622			3,522,109			1,585,167			17,267,672
Administrator Class		69,378			744,430			423,857			4,648,064
Investor Class		N/A			N/A			72,282	¹		836,392	¹

					5,697,450						31,657,812

Payment for shares redeemed
Class A		(1,065,231	)		(11,620,073	)		(3,343,560	)		(35,251,201	)
Class R		(93	)		(1,000	)		(2	)		(18	)
Class R4		(3,183,126	)		(35,054,200	)		(8,821,123	)		(101,240,476	)
Class R6		(7,681,543	)		(85,217,293	)		(12,660,032	)		(140,410,371	)
Administrator Class		(1,379,075	)		(15,328,381	)		(3,775,671	)		(42,382,911	)
Investor Class		N/A			N/A			(11,149,642	)¹		(127,553,030	)¹

					(147,220,947	)					(446,838,007	)

Net increase in net assets resulting from capital share transactions					1,216,412						40,859,570

Total increase (decrease) in net assets					98,320,961						(87,000,872	)


Net assets
Beginning of period					724,065,589						811,066,461

End of period				$	822,386,550					$	724,065,589

Undistributed net investment income				$	2,467,948					$	142,148

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


54		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2050 Fund
	Six months ended August 31, 2016 (unaudited)					Year ended February 29, 2016

Operations
Net investment income			$	14,543,115					$	23,349,252
Net realized gains on investments				10,223,782						29,896,358
Net change in unrealized gains (losses) on investments				159,925,053						(225,672,734	)

Net increase (decrease) in net assets resulting from operations				184,691,950						(172,427,124	)


Distributions to shareholders from
Net investment income
Class A				(361,554	)					(186,145	)
Class C				(2,553	)					(3,126	)
Class R				(202	)					(272	)
Class R4				(1,738,324	)					(4,725,511	)
Class R6				(7,141,031	)					(13,225,354	)
Administrator Class				(1,297,655	)					(2,626,389	)
Investor Class				N/A						(513,873	)¹
Net realized gains
Class A1				0						(1,825,085	)
Class C				0						(22,958	)
Class R				0						(847	)
Class R4				0						(7,749,938	)
Class R6				0						(21,991,674	)
Administrator Class				0						(5,482,713	)

Total distributions to shareholders				(10,541,319	)					(58,353,885	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		586,587		6,104,664			6,951,910			74,657,726
Class C		11,957		123,908			50,243			530,074
Class R		1,097		11,536			521			5,371
Class R4		3,668,965		38,412,648			11,348,069			122,406,849
Class R6		15,299,170		160,366,894			33,537,208			360,894,394
Administrator Class		3,526,014		36,693,878			7,641,132			82,336,166
Investor Class		N/A		N/A			895,669	¹		9,981,111	¹

				241,713,528						650,811,691

Reinvestment of distributions
Class A		35,554		360,712			196,059			2,006,262
Class C		242		2,456			2,416			24,807
Class R		20		202			108			1,119
Class R4		170,720		1,738,324			1,191,982			12,475,449
Class R6		689,988		7,021,229			3,298,611			34,453,143
Administrator Class		123,604		1,254,844			779,371			8,109,102
Investor Class		N/A		N/A			46,705	¹		513,287	¹

				10,377,767						57,583,169

Please see footnote on page 55.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			55


	Target 2050 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(951,368	)	$	(9,925,906	)		(1,176,375	)	$	(11,926,737	)
Class C		(10,917	)		(112,596	)		(24,531	)		(253,785	)
Class R		(46	)		(482	)		(2	)		(29	)
Class R4		(5,559,860	)		(59,364,797	)		(21,529,377	)		(225,930,036	)
Class R6		(13,941,933	)		(147,816,804	)		(25,162,016	)		(272,468,982	)
Administrator Class		(4,313,434	)		(45,401,070	)		(9,136,641	)		(97,702,104	)
Investor Class		N/A			N/A			(6,875,405	)¹		(74,811,494	)¹

					(262,621,655	)					(683,093,167	)

Net increase (decrease) in net assets resulting from capital share transactions					(10,530,360	)					25,301,693

Total increase (decrease) in net assets					163,620,271						(205,479,316	)


Net assets
Beginning of period					1,269,993,570						1,475,472,886

End of period				$	1,433,613,841					$	1,269,993,570

Undistributed (overdistributed) net investment income				$	3,990,449					$	(11,347	)

¹	For the period from March 1, 2014 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


56		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2055 Fund
	Six months ended August 31, 2016 (unaudited)					Year ended February 29, 2016

Operations
Net investment income			$	2,654,192					$	3,348,997
Net realized gains (losses) on investments				1,836,302						(6,950,552	)
Net change in unrealized gains (losses) on investments				28,159,778						(21,701,511	)

Net increase (decrease) in net assets resulting from operations				32,650,272						(25,303,066	)


Distributions to shareholders from
Net investment income
Class A				(64,257	)					(29,658	)
Class R				(341	)					(252	)
Class R4				(251,524	)					(378,682	)
Class R6				(1,691,131	)					(2,072,829	)
Administrator Class				(142,351	)					(152,082	)
Investor Class				N/A						(72,053	)¹
Net realized gains
Class A				0						(24,092	)
Class R				0						(86	)
Class R4				0						(55,238	)
Class R6				0						(319,151	)
Administrator Class				0						(31,756	)

Total distributions to shareholders				(2,149,604	)					(3,135,879	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		181,759		2,276,805			1,100,577			13,865,874
Class R		1,804		22,364			1,468			17,944
Class R4		787,120		9,876,574			1,763,543			22,488,266
Class R6		5,699,660		71,427,002			9,869,147			124,299,082
Administrator Class		782,860		9,788,929			1,127,506			14,089,884
Investor Class		N/A		N/A			320,954	¹		4,145,234	¹

				93,391,674						178,906,284

Reinvestment of distributions
Class A		5,177		63,119			4,195			51,885
Class R		28		341			27			338
Class R4		20,577		251,524			34,201			433,920
Class R6		125,788		1,534,481			171,963			2,165,166
Administrator Class		11,670		142,333			14,584			183,838
Investor Class		N/A		N/A			5,667	¹		71,987	¹

				1,991,798						2,907,134

Please see footnote on page 57.

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			57


	Target 2055 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(169,886	)	$	(2,114,049	)		(374,104	)	$	(4,453,123	)
Class R		(23	)		(296	)		(191	)		(2,112	)
Class R4		(628,097	)		(7,895,571	)		(1,979,482	)		(25,237,910	)
Class R6		(3,452,586	)		(43,558,095	)		(5,605,399	)		(70,687,587	)
Administrator Class		(401,926	)		(5,121,164	)		(807,536	)		(10,091,281	)
Investor Class		N/A			N/A			(938,655	)¹		(11,838,163	)¹

					(58,689,175	)					(122,310,176	)

Net increase in net assets resulting from capital share transactions					36,694,297						59,503,242

Total increase in net assets					67,194,965						31,064,297


Net assets
Beginning of period					212,685,443						181,621,146

End of period				$	279,880,408					$	212,685,443

Undistributed net investment income				$	1,010,847					$	506,259

¹	For the period from March 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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


58		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2060 Fund
	Six months ended August 31, 2016 (unaudited)						Year ended February 29, 2016¹

Operations
Net investment income				$	40,999					$	9,249
Net realized gains (losses) on investments					42,373					��	(83,369	)
Net change in unrealized gains (losses) on investments					357,226						(56,163	)

Net increase (decrease) in net assets resulting from operations					440,598						(130,283	)


Distributions to shareholders from
Net investment income
Class A					(866	)					(1,105	)
Class C					(1,272	)					0
Class R					(1,661	)					(981	)
Class R4					(1,185	)					0
Class R6					(4,357	)					(1,057	)
Administrator Class					(4,055	)					(2,524	)

Total distributions to shareholders					(13,396	)					(5,667	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		25,720			248,025			11,519			113,979
Class C		3,087			29,333			19,544			190,494
Class R		2,644			26,154			10,000			100,000
Class R4		331,622			3,318,293			39,373			372,597
Class R6		646,794			6,457,652			64,296			622,396
Administrator Class		293,554			2,898,256			58,746			570,470

					12,977,713						1,969,936

Reinvestment of distributions
Class A		93			866			120			1,105
Class C		136			1,272			0			0
Class R		180			1,661			106			981
Class R4		125			1,185			0			0
Class R6		456			4,330			113			1,057
Administrator Class		432			4,055			272			2,524

					13,369						5,667

Payment for shares redeemed
Class A		(10,493	)		(103,621	)		(300	)		(2,643	)
Class C		(35	)		(329	)		(101	)		(947	)
Class R		(2	)		(24	)		0			0
Class R4		(21,484	)		(216,027	)		(17,654	)		(166,114	)
Class R6		(30,781	)		(308,776	)		(378	)		(3,576	)
Administrator Class		(32,266	)		(322,537	)		(18,632	)		(176,713	)

					(951,314	)					(349,993	)

Net increase in net assets resulting from capital share transactions					12,039,768						1,625,610

Total increase in net assets					12,466,970						1,489,660


Net assets
Beginning of period					1,489,660						0

End of period				$	13,956,630					$	1,489,660

Undistributed net investment income				$	29,886					$	2,283

¹	For the period from June 30, 2015 (commencement of Fund operations) to February 29, 2016

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

This page is intentionally left blank.


60		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target Today Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	10.41		0.06			0.42			0.00			0.00		$	10.89
Year ended February 29, 2016	$	10.81		0.10	⁴		(0.29	)		(0.03	)		(0.18	)	$	10.41
Year ended February 28, 2015	$	10.85		0.15			0.05			(0.13	)		(0.11	)	$	10.81
Year ended February 28, 2014	$	10.84		0.15			0.13			(0.13	)		(0.14	)	$	10.85
Year ended February 28, 2013	$	10.86		0.15	⁴		0.08			(0.17	)		(0.08	)	$	10.84
Year ended February 29, 2012	$	10.56		0.18	⁴		0.39			(0.22	)		(0.05	)	$	10.86
Class B
Six months ended August 31, 2016 (unaudited)	$	10.84		0.02	⁴		0.43			0.00			0.00		$	11.29
Year ended February 29, 2016	$	11.29		0.02	⁴		(0.29	)		0.00			(0.18	)	$	10.84
Year ended February 28, 2015	$	11.30		0.06	⁴		0.06			(0.02	)		(0.11	)	$	11.29
Year ended February 28, 2014	$	11.26		0.07	⁴		0.14			(0.03	)		(0.14	)	$	11.30
Year ended February 28, 2013	$	11.22		0.07	⁴		0.08			(0.03	)		(0.08	)	$	11.26
Year ended February 29, 2012	$	10.87		0.10	⁴		0.41			(0.11	)		(0.05	)	$	11.22
Class C
Six months ended August 31, 2016 (unaudited)	$	10.63		0.02	⁴		0.42			0.00			0.00		$	11.07
Year ended February 29, 2016	$	11.08		0.02	⁴		(0.29	)		0.00			(0.18	)	$	10.63
Year ended February 28, 2015	$	11.11		0.06	⁴		0.06			(0.04	)		(0.11	)	$	11.08
Year ended February 28, 2014	$	11.09		0.06	⁴		0.14			(0.04	)		(0.14	)	$	11.11
Year ended February 28, 2013	$	11.11		0.07			0.08			(0.09	)		(0.08	)	$	11.09
Year ended February 29, 2012	$	10.78		0.10	⁴		0.41			(0.13	)		(0.05	)	$	11.11
Class R
Six months ended August 31, 2016 (unaudited)	$	10.39		0.04			0.42			0.00			0.00		$	10.85
Year ended February 29, 2016	$	10.80		0.07			(0.29	)		(0.01	)		(0.18	)	$	10.39
Year ended February 28, 2015	$	10.85		0.11			0.06			(0.11	)		(0.11	)	$	10.80
Year ended February 28, 2014⁵	$	10.57		0.07			0.41			(0.06	)		(0.14	)	$	10.85
Class R4
Six months ended August 31, 2016 (unaudited)	$	10.65		0.08	⁴		0.43			0.00			0.00		$	11.16
Year ended February 29, 2016	$	11.06		0.14			(0.30	)		(0.07	)		(0.18	)	$	10.65
Year ended February 28, 2015	$	11.10		0.18			0.06			(0.17	)		(0.11	)	$	11.06
Year ended February 28, 2014	$	11.08		0.18	⁴		0.15			(0.17	)		(0.14	)	$	11.10
Year ended February 28, 2013⁶	$	11.24		0.05	⁴		(0.06	)		(0.07	)		(0.08	)	$	11.08
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	10.64		0.10			0.41			0.00			0.00		$	11.15
Year ended February 29, 2016	$	11.05		0.15			(0.29	)		(0.09	)		(0.18	)	$	10.64
Year ended February 28, 2015	$	11.08		0.19			0.08			(0.19	)		(0.11	)	$	11.05
Year ended February 28, 2014	$	11.07		0.20	⁴		0.14			(0.19	)		(0.14	)	$	11.08
Year ended February 28, 2013	$	11.09		0.21			0.08			(0.23	)		(0.08	)	$	11.07
Year ended February 29, 2012	$	10.77		0.24			0.40			(0.27	)		(0.05	)	$	11.09
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	10.63		0.07			0.42			0.00			0.00		$	11.12
Year ended February 29, 2016	$	11.03		0.12	⁴		(0.29	)		(0.05	)		(0.18	)	$	10.63
Year ended February 28, 2015	$	11.07		0.16			0.06			(0.15	)		(0.11	)	$	11.03
Year ended February 28, 2014	$	11.05		0.16			0.14			(0.14	)		(0.14	)	$	11.07
Year ended February 28, 2013	$	11.07		0.17			0.08			(0.19	)		(0.08	)	$	11.05
Year ended February 29, 2012	$	10.75		0.20			0.40			(0.23	)		(0.05	)	$	11.07

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.15	%		0.15	%		0.16	%		0.18	%		0.25	%		0.25	%
Class B		0.14			0.11			0.16			0.18			0.25			0.25
Class C		0.15			0.15			0.16			0.18			0.25			0.25
Class R		0.16			0.14			0.16			0.18	⁵		N/A			N/A
Class R4		0.15			0.15			0.16			0.18			0.25	⁶		N/A
Class R6⁷		0.15			0.15			0.16			0.18			0.25			0.25
Administrator Class		0.15			0.15			0.16			0.18			0.25			0.25

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			61


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.08	%		0.85	%		0.76	%		4.61	%		16	%	$	66,058
	0.98	%		0.86	%		0.77	%		(1.74	)%		36	%	$	66,656
	1.26	%		0.98	%		0.81	%		1.83	%		42	%	$	15,537
	1.29	%		1.01	%		0.85	%		2.67	%		40	%	$	17,467
	1.39	%		1.08	%		0.96	%		2.15	%		39	%	$	19,815
	1.69	%		1.08	%		0.96	%		5.47	%		46	%	$	21,822

	0.32	%		1.54	%		1.50	%		4.15	%		16	%	$	2
	0.21	%		1.56	%		1.52	%		(2.39	)%		36	%	$	3
	0.54	%		1.71	%		1.56	%		1.03	%		42	%	$	11
	0.62	%		1.76	%		1.61	%		1.90	%		40	%	$	51
	0.66	%		1.82	%		1.71	%		1.39	%		39	%	$	108
	0.97	%		1.82	%		1.70	%		4.73	%		46	%	$	242

	0.33	%		1.60	%		1.51	%		4.14	%		16	%	$	3,079
	0.19	%		1.63	%		1.53	%		(2.44	)%		36	%	$	2,763
	0.51	%		1.73	%		1.56	%		1.09	%		42	%	$	3,471
	0.54	%		1.76	%		1.60	%		1.89	%		40	%	$	4,287
	0.64	%		1.83	%		1.71	%		1.36	%		39	%	$	4,945
	0.94	%		1.83	%		1.71	%		4.81	%		46	%	$	5,100

	0.81	%		1.11	%		1.01	%		4.43	%		16	%	$	31
	0.69	%		1.12	%		1.02	%		(2.00	)%		36	%	$	29
	1.01	%		1.27	%		1.06	%		1.53	%		42	%	$	28
	1.02	%		1.27	%		1.06	%		4.61	%		40	%	$	26

	1.39	%		0.57	%		0.45	%		4.79	%		16	%	$	272,489
	1.27	%		0.59	%		0.45	%		(1.40	)%		36	%	$	271,674
	1.62	%		0.65	%		0.45	%		2.16	%		42	%	$	338,108
	1.66	%		0.66	%		0.45	%		3.09	%		40	%	$	367,184
	2.06	%		0.75	%		0.45	%		(0.09	)%		39	%	$	3,073

	1.54	%		0.42	%		0.30	%		4.79	%		16	%	$	235,630
	1.42	%		0.43	%		0.30	%		(1.25	)%		36	%	$	243,820
	1.77	%		0.51	%		0.30	%		2.41	%		42	%	$	240,044
	1.79	%		0.57	%		0.37	%		3.23	%		40	%	$	233,894
	1.90	%		0.65	%		0.45	%		2.63	%		39	%	$	671,576
	2.20	%		0.65	%		0.45	%		6.09	%		46	%	$	700,645

	1.19	%		0.77	%		0.65	%		4.61	%		16	%	$	59,475
	1.07	%		0.78	%		0.65	%		(1.56	)%		36	%	$	61,887
	1.42	%		0.82	%		0.65	%		1.95	%		42	%	$	99,638
	1.45	%		0.85	%		0.69	%		2.87	%		40	%	$	116,854
	1.54	%		0.92	%		0.80	%		2.29	%		39	%	$	139,771
	1.84	%		0.92	%		0.80	%		5.74	%		46	%	$	121,886

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


62		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2010 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	12.26		0.08			0.54			(0.04	)		0.00		$	12.84
Year ended February 29, 2016	$	13.16		0.14	⁴		(0.40	)		(0.06	)		(0.58	)	$	12.26
Year ended February 28, 2015	$	13.33		0.18	⁴		0.09			(0.17	)		(0.27	)	$	13.16
Year ended February 28, 2014	$	13.30		0.19	⁴		0.31			(0.17	)		(0.30	)	$	13.33
Year ended February 28, 2013	$	13.26		0.19	⁴		0.19			(0.21	)		(0.13	)	$	13.30
Year ended February 29, 2012	$	12.86		0.21	⁴		0.43			(0.24	)		0.00		$	13.26
Class B
Six months ended August 31, 2016 (unaudited)	$	12.43		0.03	⁴		0.55			(0.01	)		0.00		$	13.00
Year ended February 29, 2016	$	13.38		0.04	⁴		(0.39	)		(0.02	)		(0.58	)	$	12.43
Year ended February 28, 2015	$	13.49		0.09	⁴		0.10			(0.03	)		(0.27	)	$	13.38
Year ended February 28, 2014	$	13.43		0.08	⁴		0.32			(0.04	)		(0.30	)	$	13.49
Year ended February 28, 2013	$	13.37		0.09	⁴		0.19			(0.09	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.93		0.12	⁴		0.44			(0.12	)		0.00		$	13.37
Class C
Six months ended August 31, 2016 (unaudited)	$	12.42		0.03			0.55			(0.01	)		0.00		$	12.99
Year ended February 29, 2016	$	13.36		0.04	⁴		(0.40	)		0.00			(0.58	)	$	12.42
Year ended February 28, 2015	$	13.52		0.09			0.09			(0.07	)		(0.27	)	$	13.36
Year ended February 28, 2014	$	13.48		0.09	⁴		0.31			(0.06	)		(0.30	)	$	13.52
Year ended February 28, 2013	$	13.44		0.09			0.19			(0.11	)		(0.13	)	$	13.48
Year ended February 29, 2012	$	13.03		0.12	⁴		0.43			(0.14	)		0.00		$	13.44
Class R
Six months ended August 31, 2016 (unaudited)	$	12.19		0.06			0.54			(0.03	)		0.00		$	12.76
Year ended February 29, 2016	$	13.11		0.11	⁴		(0.41	)		(0.04	)		(0.58	)	$	12.19
Year ended February 28, 2015	$	13.28		0.15	⁴		0.10			(0.15	)		(0.27	)	$	13.11
Year ended February 28, 2014⁵	$	13.08		0.10	⁴		0.58			(0.18	)		(0.30	)	$	13.28
Class R4
Six months ended August 31, 2016 (unaudited)	$	12.38		0.10	⁴		0.55			(0.05	)		0.00		$	12.98
Year ended February 29, 2016	$	13.30		0.18	⁴		(0.41	)		(0.11	)		(0.58	)	$	12.38
Year ended February 28, 2015	$	13.46		0.23	⁴		0.10			(0.22	)		(0.27	)	$	13.30
Year ended February 28, 2014	$	13.43		0.24	⁴		0.31			(0.22	)		(0.30	)	$	13.46
Year ended February 28, 2013⁶	$	13.56		0.08			0.00	⁷		(0.08	)		(0.13	)	$	13.43
Class R6⁸
Six months ended August 31, 2016 (unaudited)	$	12.37		0.11			0.55			(0.06	)		0.00		$	12.97
Year ended February 29, 2016	$	13.29		0.19			(0.40	)		(0.13	)		(0.58	)	$	12.37
Year ended February 28, 2015	$	13.45		0.27			0.08			(0.24	)		(0.27	)	$	13.29
Year ended February 28, 2014	$	13.43		0.25	⁴		0.32			(0.25	)		(0.30	)	$	13.45
Year ended February 28, 2013	$	13.39		0.26			0.19			(0.28	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.97		0.28			0.45			(0.31	)		0.00		$	13.39
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	12.39		0.08			0.55			(0.04	)		0.00		$	12.98
Year ended February 29, 2016	$	13.29		0.16	⁴		(0.41	)		(0.07	)		(0.58	)	$	12.39
Year ended February 28, 2015	$	13.46		0.21			0.08			(0.19	)		(0.27	)	$	13.29
Year ended February 28, 2014	$	13.42		0.21	⁴		0.32			(0.19	)		(0.30	)	$	13.46
Year ended February 28, 2013	$	13.38		0.21	⁴		0.19			(0.23	)		(0.13	)	$	13.42
Year ended February 29, 2012	$	12.97		0.24			0.43			(0.26	)		0.00		$	13.38

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.15	%		0.15	%		0.16	%		0.19	%		0.26	%		0.26	%
Class B		0.14			0.14			0.16			0.19			0.26			0.26
Class C		0.15			0.15			0.16			0.19			0.26			0.26
Class R		0.16			0.15			0.16			0.19	⁵		N/A			N/A
Class R4		0.15			0.15			0.16			0.19			0.26	⁶		N/A
Class R6⁸		0.15			0.15			0.16			0.19			0.26			0.26
Administrator Class		0.15			0.15			0.16			0.19			0.26			0.26

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			63


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.18	%		0.86	%		0.78	%		5.06	%		16	%	$	66,216
	1.11	%		0.88	%		0.79	%		(1.99	)%		36	%	$	67,826
	1.36	%		0.99	%		0.83	%		2.11	%		41	%	$	26,753
	1.39	%		1.02	%		0.87	%		3.87	%		40	%	$	32,012
	1.39	%		1.08	%		0.99	%		2.92	%		37	%	$	36,462
	1.63	%		1.08	%		0.99	%		5.05	%		43	%	$	39,691

	0.43	%		1.59	%		1.53	%		4.65	%		16	%	$	30
	0.34	%		1.59	%		1.53	%		(2.61	)%		36	%	$	31
	0.69	%		1.74	%		1.58	%		1.42	%		41	%	$	11
	0.62	%		1.77	%		1.63	%		3.05	%		40	%	$	118
	0.67	%		1.83	%		1.74	%		2.12	%		37	%	$	341
	0.90	%		1.83	%		1.74	%		4.35	%		43	%	$	748

	0.43	%		1.61	%		1.53	%		4.69	%		16	%	$	2,007
	0.34	%		1.65	%		1.55	%		(2.69	)%		36	%	$	1,984
	0.61	%		1.75	%		1.58	%		1.39	%		41	%	$	2,781
	0.64	%		1.77	%		1.62	%		3.07	%		40	%	$	2,952
	0.64	%		1.83	%		1.74	%		2.10	%		37	%	$	3,269
	0.88	%		1.83	%		1.74	%		4.28	%		43	%	$	3,323

	0.93	%		1.12	%		1.03	%		4.94	%		16	%	$	54
	0.84	%		1.16	%		1.05	%		(2.27	)%		36	%	$	52
	1.09	%		1.27	%		1.08	%		1.92	%		41	%	$	53
	1.18	%		1.29	%		1.08	%		5.36	%		40	%	$	26

	1.49	%		0.58	%		0.47	%		5.27	%		16	%	$	60,999
	1.42	%		0.61	%		0.47	%		(1.73	)%		36	%	$	70,528
	1.73	%		0.66	%		0.47	%		2.55	%		41	%	$	148,668
	1.79	%		0.67	%		0.47	%		4.24	%		40	%	$	199,432
	2.03	%		0.75	%		0.47	%		0.63	%		37	%	$	5,555

	1.64	%		0.43	%		0.32	%		5.33	%		16	%	$	173,261
	1.57	%		0.45	%		0.32	%		(1.59	)%		36	%	$	200,168
	1.88	%		0.51	%		0.38	%		2.71	%		41	%	$	184,812
	1.89	%		0.57	%		0.48	%		4.35	%		40	%	$	242,218
	1.91	%		0.65	%		0.48	%		3.43	%		37	%	$	486,113
	2.14	%		0.65	%		0.48	%		5.61	%		43	%	$	563,343

	1.29	%		0.78	%		0.67	%		5.12	%		16	%	$	84,675
	1.22	%		0.80	%		0.67	%		(1.83	)%		36	%	$	91,381
	1.53	%		0.86	%		0.67	%		2.26	%		41	%	$	168,185
	1.55	%		0.92	%		0.71	%		4.08	%		40	%	$	201,159
	1.54	%		0.92	%		0.83	%		3.08	%		37	%	$	241,045
	1.79	%		0.93	%		0.83	%		5.25	%		43	%	$	190,863

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁷	Amount is less than $0.005.

⁸	On June 1, 2013, Institutional Class was renamed Class R6.

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


64		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2015 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	9.87		0.08			0.58			(0.04	)		0.00		$	10.49
Year ended February 29, 2016	$	10.40		0.15			(0.41	)		(0.09	)		(0.18	)	$	9.87
Year ended February 28, 2015	$	10.38		0.15			0.13			(0.14	)		(0.12	)	$	10.40
Year ended February 28, 2014	$	10.13		0.15	⁴		0.40			(0.14	)		(0.16	)	$	10.38
Year ended February 28, 2013⁵	$	10.11		0.03	⁴		0.13			(0.04	)		(0.10	)	$	10.13
Class R
Six months ended August 31, 2016 (unaudited)	$	10.01		0.07			0.58			(0.03	)		0.00		$	10.63
Year ended February 29, 2016	$	10.55		0.13			(0.42	)		(0.07	)		(0.18	)	$	10.01
Year ended February 28, 2015	$	10.52		0.12			0.14			(0.11	)		(0.12	)	$	10.55
Year ended February 28, 2014⁶	$	10.08		0.08	⁴		0.57			(0.05	)		(0.16	)	$	10.52
Class R4
Six months ended August 31, 2016 (unaudited)	$	9.91		0.09			0.58			(0.05	)		0.00		$	10.53
Year ended February 29, 2016	$	10.43		0.18			(0.41	)		(0.11	)		(0.18	)	$	9.91
Year ended February 28, 2015	$	10.40		0.18			0.14			(0.17	)		(0.12	)	$	10.43
Year ended February 28, 2014	$	10.14		0.20			0.38			(0.16	)		(0.16	)	$	10.40
Year ended February 28, 2013⁵	$	10.11		0.05	⁴		0.13			(0.05	)		(0.10	)	$	10.14
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	9.90		0.11			0.58			(0.06	)		0.00		$	10.53
Year ended February 29, 2016	$	10.42		0.20			(0.42	)		(0.12	)		(0.18	)	$	9.90
Year ended February 28, 2015	$	10.39		0.20			0.14			(0.19	)		(0.12	)	$	10.42
Year ended February 28, 2014	$	10.13		0.21			0.39			(0.18	)		(0.16	)	$	10.39
Year ended February 28, 2013	$	9.98		0.18	⁴		0.27			(0.20	)		(0.10	)	$	10.13
Year ended February 29, 2012	$	9.81		0.19			0.29			(0.20	)		(0.11	)	$	9.98
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	10.02		0.08			0.60			(0.05	)		0.00		$	10.65
Year ended February 29, 2016	$	10.55		0.16			(0.42	)		(0.09	)		(0.18	)	$	10.02
Year ended February 28, 2015	$	10.52		0.17			0.14			(0.15	)		(0.12	)	$	10.55
Year ended February 28, 2014	$	10.24		0.16			0.42			(0.14	)		(0.16	)	$	10.52
Year ended February 28, 2013	$	10.10		0.15	⁴		0.26			(0.17	)		(0.10	)	$	10.24
Year ended February 29, 2012	$	9.92		0.17			0.29			(0.17	)		(0.11	)	$	10.10

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.16	%		0.16	%		0.19	%		0.26	%⁵		N/A
Class R		0.16			0.16			0.16			0.19	⁶		N/A			N/A
Class R4		0.16			0.16			0.16			0.19			0.26	⁵		N/A
Class R6⁷		0.16			0.16			0.16			0.19			0.26			0.26	%
Administrator Class		0.16			0.16			0.16			0.19			0.26			0.26

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			65


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.55	%		0.86	%		0.79	%		6.71	%		15	%	$	71,977
	1.55	%		0.85	%		0.79	%		(2.54	)%		36	%	$	74,807
	1.39	%		0.99	%		0.84	%		2.75	%		39	%	$	1,947
	1.45	%		0.99	%		0.84	%		5.56	%		38	%	$	332
	1.28	%		1.05	%		0.84	%		1.60	%		35	%	$	10

	1.30	%		1.11	%		1.04	%		6.55	%		15	%	$	45
	1.25	%		1.14	%		1.06	%		(2.78	)%		36	%	$	42
	1.16	%		1.25	%		1.09	%		2.51	%		39	%	$	50
	1.14	%		1.26	%		1.09	%		6.51	%		38	%	$	27

	1.86	%		0.58	%		0.48	%		6.79	%		15	%	$	118,271
	1.83	%		0.59	%		0.48	%		(2.22	)%		36	%	$	127,503
	1.78	%		0.66	%		0.48	%		3.15	%		39	%	$	180,101
	1.76	%		0.66	%		0.48	%		5.90	%		38	%	$	189,078
	1.90	%		0.75	%		0.48	%		1.72	%		35	%	$	2,614

	2.01	%		0.43	%		0.33	%		6.95	%		15	%	$	362,466
	1.97	%		0.44	%		0.33	%		(2.12	)%		36	%	$	367,041
	1.92	%		0.51	%		0.33	%		3.31	%		39	%	$	420,676
	1.88	%		0.55	%		0.38	%		6.04	%		38	%	$	437,620
	1.87	%		0.65	%		0.49	%		4.56	%		35	%	$	613,945
	2.05	%		0.65	%		0.49	%		5.06	%		40	%	$	536,453

	1.66	%		0.78	%		0.68	%		6.75	%		15	%	$	116,041
	1.54	%		0.78	%		0.68	%		(2.45	)%		36	%	$	122,329
	1.57	%		0.83	%		0.68	%		2.91	%		39	%	$	188,412
	1.54	%		0.85	%		0.72	%		5.79	%		38	%	$	211,930
	1.47	%		0.92	%		0.84	%		4.06	%		35	%	$	194,125
	1.70	%		0.92	%		0.84	%		4.74	%		40	%	$	84,759

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


66		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2020 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	14.19		0.12			0.98			(0.06	)		0.00		$	15.23
Year ended February 29, 2016	$	15.24		0.22	⁴		(0.81	)		(0.10	)		(0.36	)	$	14.19
Year ended February 28, 2015	$	15.14		0.20	⁴		0.33			(0.18	)		(0.25	)	$	15.24
Year ended February 28, 2014	$	14.53		0.20			0.97			(0.17	)		(0.39	)	$	15.14
Year ended February 28, 2013	$	14.25		0.20			0.50			(0.21	)		(0.21	)	$	14.53
Year ended February 29, 2012	$	13.97		0.21			0.33			(0.22	)		(0.04	)	$	14.25
Class B
Six months ended August 31, 2016 (unaudited)	$	14.18		0.06	⁴		0.98			(0.02	)		0.00		$	15.20
Year ended February 29, 2016	$	15.25		0.11	⁴		(0.80	)		(0.02	)		(0.36	)	$	14.18
Year ended February 28, 2015	$	15.13		0.09	⁴		0.32			(0.04	)		(0.25	)	$	15.25
Year ended February 28, 2014	$	14.47		0.08	⁴		0.97			0.00			(0.39	)	$	15.13
Year ended February 28, 2013	$	14.16		0.09	⁴		0.51			(0.08	)		(0.21	)	$	14.47
Year ended February 29, 2012	$	13.85		0.10	⁴		0.33			(0.08	)		(0.04	)	$	14.16
Class C
Six months ended August 31, 2016 (unaudited)	$	14.10		0.06			0.98			(0.03	)		0.00		$	15.11
Year ended February 29, 2016	$	15.16		0.11	⁴		(0.79	)		(0.02	)		(0.36	)	$	14.10
Year ended February 28, 2015	$	15.08		0.09			0.32			(0.08	)		(0.25	)	$	15.16
Year ended February 28, 2014	$	14.49		0.08			0.97			(0.07	)		(0.39	)	$	15.08
Year ended February 28, 2013	$	14.20		0.09			0.51			(0.10	)		(0.21	)	$	14.49
Year ended February 29, 2012	$	13.93		0.08			0.35			(0.12	)		(0.04	)	$	14.20
Class R
Six months ended August 31, 2016 (unaudited)	$	14.14		0.10			0.98			(0.05	)		0.00		$	15.17
Year ended February 29, 2016	$	15.18		0.17	⁴		(0.79	)		(0.06	)		(0.36	)	$	14.14
Year ended February 28, 2015	$	15.10		0.15	⁴		0.34			(0.16	)		(0.25	)	$	15.18
Year ended February 28, 2014⁵	$	14.48		0.10	⁴		1.10			(0.19	)		(0.39	)	$	15.10
Class R4
Six months ended August 31, 2016 (unaudited)	$	14.44		0.14			1.01			(0.08	)		0.00		$	15.51
Year ended February 29, 2016	$	15.50		0.26			(0.81	)		(0.15	)		(0.36	)	$	14.44
Year ended February 28, 2015	$	15.40		0.26			0.33			(0.24	)		(0.25	)	$	15.50
Year ended February 28, 2014	$	14.77		0.19			1.06			(0.23	)		(0.39	)	$	15.40
Year ended February 28, 2013⁶	$	14.66		0.09			0.31			(0.08	)		(0.21	)	$	14.77
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	14.43		0.15			1.01			(0.08	)		0.00		$	15.51
Year ended February 29, 2016	$	15.50		0.27			(0.80	)		(0.18	)		(0.36	)	$	14.43
Year ended February 28, 2015	$	15.40		0.28			0.33			(0.26	)		(0.25	)	$	15.50
Year ended February 28, 2014	$	14.77		0.27	⁴		1.00			(0.25	)		(0.39	)	$	15.40
Year ended February 28, 2013	$	14.47		0.27			0.52			(0.28	)		(0.21	)	$	14.77
Year ended February 29, 2012	$	14.19		0.27	⁴		0.35			(0.30	)		(0.04	)	$	14.47
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	14.40		0.13			1.00			(0.07	)		0.00		$	15.46
Year ended February 29, 2016	$	15.46		0.23			(0.81	)		(0.12	)		(0.36	)	$	14.40
Year ended February 28, 2015	$	15.36		0.23			0.33			(0.21	)		(0.25	)	$	15.46
Year ended February 28, 2014	$	14.73		0.22			0.99			(0.19	)		(0.39	)	$	15.36
Year ended February 28, 2013	$	14.44		0.21			0.52			(0.23	)		(0.21	)	$	14.73
Year ended February 29, 2012	$	14.15		0.23			0.35			(0.25	)		(0.04	)	$	14.44

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.16	%		0.16	%		0.19	%		0.26	%		0.26	%
Class B		0.15			0.16			0.16			0.19			0.26			0.26
Class C		0.16			0.16			0.16			0.19			0.26			0.26
Class R		0.16			0.16			0.16			0.19	⁵		N/A			N/A
Class R4		0.16			0.16			0.16			0.19			0.26	⁶		N/A
Class R6⁷		0.16			0.16			0.16			0.19			0.26			0.26
Administrator Class		0.16			0.16			0.16			0.19			0.26			0.26

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			67


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.59	%		0.84	%		0.81	%		7.78	%		14	%	$	236,275
	1.49	%		0.86	%		0.82	%		(3.86	)%		34	%	$	230,667
	1.34	%		0.95	%		0.86	%		3.57	%		36	%	$	64,808
	1.32	%		0.98	%		0.90	%		8.16	%		35	%	$	75,871
	1.36	%		1.06	%		1.01	%		5.00	%		32	%	$	74,720
	1.45	%		1.05	%		1.01	%		3.97	%		35	%	$	74,955

	0.85	%		1.56	%		1.56	%		7.36	%		14	%	$	33
	0.74	%		1.63	%		1.58	%		(4.55	)%		34	%	$	40
	0.61	%		1.70	%		1.61	%		2.74	%		36	%	$	108
	0.58	%		1.74	%		1.66	%		7.34	%		35	%	$	238
	0.63	%		1.81	%		1.76	%		4.27	%		32	%	$	599
	0.78	%		1.80	%		1.76	%		3.11	%		35	%	$	1,048

	0.84	%		1.59	%		1.56	%		7.38	%		14	%	$	6,878
	0.74	%		1.62	%		1.58	%		(4.50	)%		34	%	$	6,355
	0.59	%		1.70	%		1.61	%		2.71	%		36	%	$	5,509
	0.57	%		1.73	%		1.65	%		7.36	%		35	%	$	5,208
	0.61	%		1.81	%		1.76	%		4.28	%		32	%	$	4,514
	0.68	%		1.81	%		1.76	%		3.14	%		35	%	$	4,600

	1.34	%		1.09	%		1.06	%		7.66	%		14	%	$	475
	1.25	%		1.14	%		1.08	%		(4.08	)%		34	%	$	409
	1.00	%		1.21	%		1.11	%		3.30	%		36	%	$	744
	1.07	%		1.24	%		1.11	%		8.37	%		35	%	$	27

	1.90	%		0.56	%		0.50	%		7.95	%		14	%	$	404,139
	1.82	%		0.58	%		0.50	%		(3.52	)%		34	%	$	408,501
	1.72	%		0.62	%		0.50	%		3.89	%		36	%	$	772,604
	1.70	%		0.63	%		0.50	%		8.58	%		35	%	$	803,141
	1.72	%		0.73	%		0.50	%		2.79	%		32	%	$	23,050

	2.04	%		0.41	%		0.35	%		8.07	%		14	%	$	1,327,175
	1.97	%		0.43	%		0.35	%		(3.42	)%		34	%	$	1,116,419
	1.85	%		0.47	%		0.35	%		4.04	%		36	%	$	1,114,670
	1.88	%		0.53	%		0.40	%		8.72	%		35	%	$	1,065,417
	1.85	%		0.63	%		0.50	%		5.60	%		32	%	$	1,605,032
	1.95	%		0.63	%		0.50	%		4.47	%		35	%	$	1,540,045

	1.70	%		0.76	%		0.70	%		7.84	%		14	%	$	513,090
	1.62	%		0.77	%		0.70	%		(3.72	)%		34	%	$	526,327
	1.50	%		0.79	%		0.70	%		3.69	%		36	%	$	670,893
	1.52	%		0.82	%		0.74	%		8.35	%		35	%	$	746,910
	1.47	%		0.90	%		0.85	%		5.19	%		32	%	$	688,261
	1.63	%		0.90	%		0.85	%		4.17	%		35	%	$	468,494

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


68		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2025 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	9.77		0.08			0.83				(0.05	)		0.00		$	10.63
Year ended February 29, 2016	$	10.69		0.14	⁴		(0.73	)			(0.08	)		(0.25	)	$	9.77
Year ended February 28, 2015	$	10.56		0.13			0.33				(0.13	)		(0.20	)	$	10.69
Year ended February 28, 2014	$	9.95		0.15			0.92				(0.13	)		(0.33	)	$	10.56
Year ended February 28, 2013⁵	$	9.83		0.04			0.33				(0.05	)		(0.20	)	$	9.95
Class R
Six months ended August 31, 2016 (unaudited)	$	9.79		0.07	⁴		0.82				(0.04	)		0.00		$	10.64
Year ended February 29, 2016	$	10.71		0.13			(0.73	)			(0.07	)		(0.25	)	$	9.79
Year ended February 28, 2015	$	10.57		0.11			0.33				(0.10	)		(0.20	)	$	10.71
Year ended February 28, 2014⁶	$	9.95		0.07			0.94				(0.06	)		(0.33	)	$	10.57
Class R4
Six months ended August 31, 2016 (unaudited)	$	9.80		0.10			0.83				(0.06	)		0.00		$	10.67
Year ended February 29, 2016	$	10.72		0.18			(0.73	)			(0.12	)		(0.25	)	$	9.80
Year ended February 28, 2015	$	10.58		0.17			0.33				(0.16	)		(0.20	)	$	10.72
Year ended February 28, 2014	$	9.97		0.15			0.95				(0.16	)		(0.33	)	$	10.58
Year ended February 28, 2013⁵	$	9.83		0.06			0.33				(0.05	)		(0.20	)	$	9.97
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	9.80		0.11			0.81				(0.06	)		0.00		$	10.66
Year ended February 29, 2016	$	10.71		0.20			(0.73	)			(0.13	)		(0.25	)	$	9.80
Year ended February 28, 2015	$	10.57		0.19			0.33				(0.18	)		(0.20	)	$	10.71
Year ended February 28, 2014	$	9.96		0.19			0.92		��		(0.17	)		(0.33	)	$	10.57
Year ended February 28, 2013	$	9.71		0.18			0.45				(0.18	)		(0.20	)	$	9.96
Year ended February 29, 2012	$	9.79		0.17	⁴		0.16				(0.18	)		(0.23	)	$	9.71
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	9.82		0.09			0.82				(0.05	)		0.00		$	10.68
Year ended February 29, 2016	$	10.74		0.16			(0.73	)			(0.09	)		(0.25	)	$	9.82
Year ended February 28, 2015	$	10.60		0.15			0.33				(0.14	)		(0.20	)	$	10.74
Year ended February 28, 2014	$	9.98		0.15			0.94				(0.14	)		(0.33	)	$	10.60
Year ended February 28, 2013	$	9.74		0.14	⁴		0.45				(0.15	)		(0.20	)	$	9.98
Year ended February 29, 2012	$	9.81		0.14	⁴		0.17				(0.15	)		(0.23	)	$	9.74

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.16	%		0.16	%		0.19	%		0.26	%⁵		N/A
Class R		0.16			0.16			0.16			0.19	⁶		N/A			N/A
Class R4		0.16			0.16			0.16			0.19			0.26	⁵		N/A
Class R6⁷		0.16			0.16			0.16			0.19			0.26			0.26	%
Administrator Class		0.16			0.16			0.16			0.19			0.26			0.26

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			69


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.62	%		0.84	%		0.81	%		9.30	%		12	%	$	172,919
	1.40	%		0.84	%		0.81	%		(5.56	)%		32	%	$	175,373
	1.25	%		0.96	%		0.86	%		4.46	%		31	%	$	3,193
	1.28	%		0.97	%		0.86	%		10.99	%		32	%	$	1,379
	1.01	%		1.06	%		0.86	%		3.92	%		28	%	$	159

	1.40	%		1.09	%		1.06	%		9.07	%		12	%	$	619
	1.20	%		1.13	%		1.08	%		(5.72	)%		32	%	$	830
	0.85	%		1.21	%		1.11	%		4.24	%		31	%	$	1,032
	0.96	%		1.22	%		1.11	%		10.27	%		32	%	$	28

	1.93	%		0.56	%		0.50	%		9.49	%		12	%	$	265,135
	1.78	%		0.58	%		0.50	%		(5.26	)%		32	%	$	279,663
	1.65	%		0.63	%		0.50	%		4.87	%		31	%	$	379,384
	1.60	%		0.63	%		0.50	%		11.29	%		32	%	$	354,137
	1.51	%		0.73	%		0.50	%		4.13	%		28	%	$	4,210

	2.08	%		0.41	%		0.35	%		9.44	%		12	%	$	1,554,978
	1.92	%		0.43	%		0.35	%		(5.02	)%		32	%	$	1,416,984
	1.79	%		0.48	%		0.35	%		5.03	%		31	%	$	1,481,264
	1.78	%		0.52	%		0.39	%		11.42	%		32	%	$	1,409,281
	1.83	%		0.63	%		0.50	%		6.74	%		28	%	$	1,577,058
	1.83	%		0.64	%		0.50	%		3.77	%		31	%	$	1,431,120

	1.73	%		0.76	%		0.70	%		9.30	%		12	%	$	321,923
	1.58	%		0.77	%		0.70	%		(5.45	)%		32	%	$	298,492
	1.45	%		0.80	%		0.70	%		4.65	%		31	%	$	350,823
	1.43	%		0.82	%		0.74	%		11.11	%		32	%	$	354,050
	1.42	%		0.90	%		0.85	%		6.27	%		28	%	$	271,593
	1.47	%		0.91	%		0.85	%		3.49	%		31	%	$	111,673

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


70		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2030 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	15.17		0.14			1.49			0.00			0.00		$	16.80
Year ended February 29, 2016	$	16.97		0.21	⁴		(1.44	)		(0.14	)		(0.43	)	$	15.17
Year ended February 28, 2015	$	16.61		0.22			0.67			(0.19	)		(0.34	)	$	16.97
Year ended February 28, 2014	$	15.31		0.20			1.83			(0.19	)		(0.54	)	$	16.61
Year ended February 28, 2013	$	14.74		0.20			0.85			(0.20	)		(0.28	)	$	15.31
Year ended February 29, 2012	$	14.81		0.17	⁴		0.13			(0.18	)		(0.19	)	$	14.74
Class B
Six months ended August 31, 2016 (unaudited)	$	14.95		0.08	⁴		1.47			0.00			0.00		$	16.50
Year ended February 29, 2016	$	16.75		0.10	⁴		(1.42	)		(0.05	)		(0.43	)	$	14.95
Year ended February 28, 2015	$	16.36		0.09	⁴		0.66			(0.02	)		(0.34	)	$	16.75
Year ended February 28, 2014	$	15.08		0.08	⁴		1.80			(0.06	)		(0.54	)	$	16.36
Year ended February 28, 2013	$	14.49		0.08	⁴		0.86			(0.07	)		(0.28	)	$	15.08
Year ended February 29, 2012	$	14.53		0.07	⁴		0.12			(0.04	)		(0.19	)	$	14.49
Class C
Six months ended August 31, 2016 (unaudited)	$	14.79		0.07			1.46			0.00			0.00		$	16.32
Year ended February 29, 2016	$	16.58		0.10			(1.41	)		(0.05	)		(0.43	)	$	14.79
Year ended February 28, 2015	$	16.25		0.08			0.67			(0.08	)		(0.34	)	$	16.58
Year ended February 28, 2014	$	15.00		0.08			1.79			(0.08	)		(0.54	)	$	16.25
Year ended February 28, 2013	$	14.45		0.08			0.85			(0.10	)		(0.28	)	$	15.00
Year ended February 29, 2012	$	14.53		0.06	⁴		0.14			(0.09	)		(0.19	)	$	14.45
Class R
Six months ended August 31, 2016 (unaudited)	$	15.14		0.11			1.49			0.00			0.00		$	16.74
Year ended February 29, 2016	$	16.95		0.18			(1.44	)		(0.12	)		(0.43	)	$	15.14
Year ended February 28, 2015	$	16.61		0.13	⁴		0.71			(0.16	)		(0.34	)	$	16.95
Year ended February 28, 2014⁵	$	15.39		0.10			1.75			(0.09	)		(0.54	)	$	16.61
Class R4
Six months ended August 31, 2016 (unaudited)	$	15.38		0.17			1.51			0.00			0.00		$	17.06
Year ended February 29, 2016	$	17.20		0.28			(1.47	)		(0.20	)		(0.43	)	$	15.38
Year ended February 28, 2015	$	16.83		0.26			0.70			(0.25	)		(0.34	)	$	17.20
Year ended February 28, 2014	$	15.50		0.23			1.89			(0.25	)		(0.54	)	$	16.83
Year ended February 28, 2013⁶	$	15.07		0.08			0.71			(0.08	)		(0.28	)	$	15.50
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	15.37		0.18			1.51			0.00			0.00		$	17.06
Year ended February 29, 2016	$	17.19		0.30			(1.46	)		(0.23	)		(0.43	)	$	15.37
Year ended February 28, 2015	$	16.81		0.28			0.72			(0.28	)		(0.34	)	$	17.19
Year ended February 28, 2014	$	15.49		0.29	⁴		1.84			(0.27	)		(0.54	)	$	16.81
Year ended February 28, 2013	$	14.91		0.27			0.86			(0.27	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.25	⁴		0.12			(0.25	)		(0.19	)	$	14.91
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	15.37		0.15			1.51			0.00			0.00		$	17.03
Year ended February 29, 2016	$	17.19		0.25			(1.47	)		(0.17	)		(0.43	)	$	15.37
Year ended February 28, 2015	$	16.82		0.23			0.70			(0.22	)		(0.34	)	$	17.19
Year ended February 28, 2014	$	15.49		0.23			1.86			(0.22	)		(0.54	)	$	16.82
Year ended February 28, 2013	$	14.91		0.21			0.88			(0.23	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.20	⁴		0.13			(0.21	)		(0.19	)	$	14.91

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.16	%		0.16	%		0.19	%		0.27	%		0.27	%
Class B		0.15			0.16			0.16			0.19			0.27			0.27
Class C		0.16			0.16			0.16			0.19			0.27			0.27
Class R		0.16			0.16			0.16			0.19	⁵		N/A			N/A
Class R4		0.16			0.16			0.16			0.19			0.27	⁶		N/A
Class R6⁷		0.16			0.16			0.16			0.19			0.27			0.27
Administrator Class		0.16			0.16			0.16			0.19			0.27			0.27

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			71


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)³
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)³

	1.63	%		0.84	%		0.82	%		10.74	%		9	%	$	238,877
	1.32	%		0.86	%		0.83	%		(7.37	)%		30	%	$	227,928
	1.22	%		0.95	%		0.87	%		5.44	%		26	%	$	60,747
	1.22	%		0.98	%		0.91	%		13.52	%		29	%	$	65,634
	1.29	%		1.06	%		1.02	%		7.28	%		25	%	$	60,857
	1.21	%		1.06	%		1.02	%		2.27	%		26	%	$	60,087

	1.02	%		1.57	%		1.57	%		10.37	%		9	%	$	20
	0.65	%		1.62	%		1.59	%		(8.03	)%		30	%	$	81
	0.53	%		1.70	%		1.62	%		4.64	%		26	%	$	117
	0.50	%		1.74	%		1.67	%		12.65	%		29	%	$	290
	0.57	%		1.81	%		1.77	%		6.54	%		25	%	$	463
	0.50	%		1.81	%		1.77	%		1.43	%		26	%	$	872

	0.88	%		1.59	%		1.57	%		10.34	%		9	%	$	4,946
	0.63	%		1.63	%		1.59	%		(8.05	)%		30	%	$	4,662
	0.45	%		1.70	%		1.62	%		4.67	%		26	%	$	5,020
	0.47	%		1.73	%		1.66	%		12.64	%		29	%	$	4,097
	0.53	%		1.82	%		1.77	%		6.52	%		25	%	$	3,465
	0.45	%		1.82	%		1.77	%		1.47	%		26	%	$	3,120

	1.38	%		1.09	%		1.07	%		10.57	%		9	%	$	951
	1.11	%		1.12	%		1.08	%		(7.57	)%		30	%	$	853
	0.72	⁴%		1.22	%		1.12	%		5.15	%		26	%	$	603
	0.87	%		1.22	%		1.12	%		12.19	%		29	%	$	28

	1.94	%		0.56	%		0.51	%		10.92	%		9	%	$	511,277
	1.73	%		0.58	%		0.51	%		(7.07	)%		30	%	$	513,864
	1.57	%		0.62	%		0.51	%		5.82	%		26	%	$	897,425
	1.53	%		0.63	%		0.51	%		13.99	%		29	%	$	850,913
	1.35	%		0.73	%		0.51	%		5.34	%		25	%	$	19,568

	2.09	%		0.41	%		0.36	%		11.00	%		9	%	$	1,414,234
	1.85	%		0.43	%		0.36	%		(6.93	)%		30	%	$	1,284,324
	1.72	%		0.47	%		0.36	%		6.04	%		26	%	$	1,185,077
	1.76	%		0.53	%		0.41	%		14.08	%		29	%	$	1,049,122
	1.80	%		0.64	%		0.51	%		7.82	%		25	%	$	1,478,163
	1.71	%		0.64	%		0.51	%		2.78	%		26	%	$	1,335,729

	1.75	%		0.76	%		0.71	%		10.80	%		9	%	$	512,115
	1.52	%		0.77	%		0.71	%		(7.27	)%		30	%	$	498,554
	1.38	%		0.79	%		0.71	%		5.61	%		26	%	$	643,336
	1.38	%		0.82	%		0.75	%		13.74	%		29	%	$	685,421
	1.43	%		0.91	%		0.86	%		7.46	%		25	%	$	572,735
	1.37	%		0.91	%		0.86	%		2.41	%		26	%	$	395,067

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


72		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2035 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	9.89		0.09			1.10			(0.05	)		0.00		$	11.03
Year ended February 29, 2016	$	11.32		0.15			(1.18	)		(0.11	)		(0.29	)	$	9.89
Year ended February 28, 2015	$	11.02		0.12			0.56			(0.13	)		(0.25	)	$	11.32
Year ended February 28, 2014	$	9.99		0.14			1.41			(0.13	)		(0.39	)	$	11.02
Year ended February 28, 2013⁴	$	9.60		0.02	⁵		0.58			(0.05	)		(0.16	)	$	9.99
Class R
Six months ended August 31, 2016 (unaudited)	$	9.95		0.07			1.11			(0.04	)		0.00		$	11.09
Year ended February 29, 2016	$	11.39		0.11			(1.17	)		(0.09	)		(0.29	)	$	9.95
Year ended February 28, 2015	$	11.09		0.10			0.55			(0.10	)		(0.25	)	$	11.39
Year ended February 28, 2014⁶	$	10.16		0.06	⁵		1.32			(0.06	)		(0.39	)	$	11.09
Class R4
Six months ended August 31, 2016 (unaudited)	$	9.91		0.10			1.11			(0.07	)		0.00		$	11.05
Year ended February 29, 2016	$	11.33		0.18			(1.17	)		(0.14	)		(0.29	)	$	9.91
Year ended February 28, 2015	$	11.03		0.17			0.54			(0.16	)		(0.25	)	$	11.33
Year ended February 28, 2014	$	9.99		0.15			1.44			(0.16	)		(0.39	)	$	11.03
Year ended February 28, 2013⁴	$	9.60		0.03	⁵		0.57			(0.05	)		(0.16	)	$	9.99
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	9.91		0.11			1.10			(0.07	)		0.00		$	11.05
Year ended February 29, 2016	$	11.33		0.19			(1.16	)		(0.16	)		(0.29	)	$	9.91
Year ended February 28, 2015	$	11.03		0.18			0.55			(0.18	)		(0.25	)	$	11.33
Year ended February 28, 2014	$	9.99		0.19			1.41			(0.17	)		(0.39	)	$	11.03
Year ended February 28, 2013	$	9.50		0.17			0.65			(0.17	)		(0.16	)	$	9.99
Year ended February 29, 2012	$	9.61		0.15	⁵		0.02			(0.14	)		(0.14	)	$	9.50
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	9.94		0.09	⁵		1.11			(0.06	)		0.00		$	11.08
Year ended February 29, 2016	$	11.37		0.16			(1.18	)		(0.12	)		(0.29	)	$	9.94
Year ended February 28, 2015	$	11.06		0.15			0.55			(0.14	)		(0.25	)	$	11.37
Year ended February 28, 2014	$	10.02		0.14			1.43			(0.14	)		(0.39	)	$	11.06
Year ended February 28, 2013	$	9.53		0.13			0.66			(0.14	)		(0.16	)	$	10.02
Year ended February 29, 2012	$	9.65		0.12	⁵		0.01			(0.11	)		(0.14	)	$	9.53

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.17	%		0.16	%		0.19	%		0.27	%⁴		N/A
Class R		0.16			0.17			0.16			0.19	⁶		N/A			N/A
Class R4		0.16			0.16			0.16			0.19			0.27	⁴		N/A
Class R6⁷		0.16			0.16			0.16			0.19			0.27			0.27	%
Administrator Class		0.16			0.16			0.16			0.19			0.27			0.27

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁵	Calculated based upon average shares outstanding

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			73


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.65	%		0.84	%		0.83	%		12.07	%		7	%	$	146,577
	1.19	%		0.84	%		0.83	%		(9.28	)%		28	%	$	142,817
	1.05	%		0.97	%		0.88	%		6.33	%		22	%	$	1,677
	1.11	%		0.98	%		0.88	%		15.82	%		26	%	$	532
	1.04	%		1.07	%		0.88	%		6.36	%		22	%	$	41

	1.36	%		1.10	%		1.08	%		11.90	%		7	%	$	145
	1.02	%		1.13	%		1.09	%		(9.48	)%		28	%	$	73
	0.90	%		1.23	%		1.13	%		5.97	%		22	%	$	36
	0.79	%		1.26	%		1.13	%		13.76	%		26	%	$	28

	1.96	%		0.56	%		0.52	%		12.22	%		7	%	$	223,309
	1.66	%		0.59	%		0.52	%		(8.92	)%		28	%	$	228,810
	1.51	%		0.64	%		0.52	%		6.63	%		22	%	$	329,135
	1.45	%		0.65	%		0.52	%		16.28	%		26	%	$	297,612
	1.30	%		0.75	%		0.52	%		6.38	%		22	%	$	1,940

	2.10	%		0.42	%		0.37	%		12.30	%		7	%	$	808,899
	1.80	%		0.44	%		0.37	%		(8.78	)%		28	%	$	714,884
	1.65	%		0.49	%		0.37	%		6.79	%		22	%	$	674,926
	1.71	%		0.55	%		0.41	%		16.41	%		26	%	$	570,482
	1.76	%		0.66	%		0.52	%		8.86	%		22	%	$	648,345
	1.60	%		0.66	%		0.52	%		1.96	%		22	%	$	481,784

	1.76	%		0.77	%		0.72	%		12.08	%		7	%	$	202,844
	1.46	%		0.78	%		0.72	%		(9.17	)%		28	%	$	182,599
	1.31	%		0.81	%		0.72	%		6.50	%		22	%	$	227,265
	1.33	%		0.85	%		0.75	%		15.96	%		26	%	$	236,217
	1.36	%		0.93	%		0.87	%		8.48	%		22	%	$	172,860
	1.26	%		0.93	%		0.87	%		1.55	%		22	%	$	77,039

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


74		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2040 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	16.74		0.16			2.03			(0.10	)		0.00		$	18.83
Year ended February 29, 2016	$	19.53		0.22	⁴		(2.27	)		(0.20	)		(0.54	)	$	16.74
Year ended February 28, 2015	$	18.90		0.22			1.08			(0.21	)		(0.46	)	$	19.53
Year ended February 28, 2014	$	16.92		0.21			2.71			(0.21	)		(0.73	)	$	18.90
Year ended February 28, 2013	$	16.07		0.21			1.19			(0.21	)		(0.34	)	$	16.92
Year ended February 29, 2012	$	16.40		0.17			(0.07	)		(0.16	)		(0.27	)	$	16.07
Class B
Six months ended August 31, 2016 (unaudited)	$	15.97		0.08	⁴		1.95			(0.03	)		0.00		$	17.97
Year ended February 29, 2016	$	18.68		0.09	⁴		(2.19	)		(0.07	)		(0.54	)	$	15.97
Year ended February 28, 2015	$	18.06		0.09	⁴		1.01			(0.02	)		(0.46	)	$	18.68
Year ended February 28, 2014	$	16.18		0.07	⁴		2.59			(0.05	)		(0.73	)	$	18.06
Year ended February 28, 2013	$	15.36		0.09	⁴		1.13			(0.06	)		(0.34	)	$	16.18
Year ended February 29, 2012	$	15.67		0.05	⁴		(0.06	)		(0.03	)		(0.27	)	$	15.36
Class C
Six months ended August 31, 2016 (unaudited)	$	15.71		0.08	⁴		1.91			(0.04	)		0.00		$	17.66
Year ended February 29, 2016	$	18.38		0.09	⁴		(2.15	)		(0.07	)		(0.54	)	$	15.71
Year ended February 28, 2015	$	17.85		0.06	⁴		1.02			(0.09	)		(0.46	)	$	18.38
Year ended February 28, 2014	$	16.03		0.07	⁴		2.57			(0.09	)		(0.73	)	$	17.85
Year ended February 28, 2013	$	15.26		0.09	⁴		1.12			(0.10	)		(0.34	)	$	16.03
Year ended February 29, 2012	$	15.60		0.04	⁴		(0.05	)		(0.06	)		(0.27	)	$	15.26
Class R
Six months ended August 31, 2016 (unaudited)	$	16.69		0.13			2.03			(0.08	)		0.00		$	18.77
Year ended February 29, 2016	$	19.51		0.18			(2.28	)		(0.18	)		(0.54	)	$	16.69
Year ended February 28, 2015	$	18.90		0.14	⁴		1.11			(0.18	)		(0.46	)	$	19.51
Year ended February 28, 2014⁶	$	17.19		0.09	⁴		2.45			(0.10	)		(0.73	)	$	18.90
Class R4
Six months ended August 31, 2016 (unaudited)	$	17.09		0.18			2.09			(0.12	)		0.00		$	19.24
Year ended February 29, 2016	$	19.93		0.28			(2.32	)		(0.26	)		(0.54	)	$	17.09
Year ended February 28, 2015	$	19.28		0.29			1.10			(0.28	)		(0.46	)	$	19.93
Year ended February 28, 2014	$	17.24		0.27	⁴		2.78			(0.28	)		(0.73	)	$	19.28
Year ended February 28, 2013⁶	$	16.52		0.09			1.06			(0.09	)		(0.34	)	$	17.24
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	17.09		0.20			2.09			(0.14	)		0.00		$	19.24
Year ended February 29, 2016	$	19.93		0.32			(2.33	)		(0.29	)		(0.54	)	$	17.09
Year ended February 28, 2015	$	19.27		0.30			1.13			(0.31	)		(0.46	)	$	19.93
Year ended February 28, 2014	$	17.24		0.31	⁴		2.75			(0.30	)		(0.73	)	$	19.27
Year ended February 28, 2013	$	16.37		0.29			1.21			(0.29	)		(0.34	)	$	17.24
Year ended February 29, 2012	$	16.69		0.24			(0.05	)		(0.24	)		(0.27	)	$	16.37
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	17.07		0.17			2.07			(0.11	)		0.00		$	19.20
Year ended February 29, 2016	$	19.89		0.27			(2.33	)		(0.22	)		(0.54	)	$	17.07
Year ended February 28, 2015	$	19.25		0.25			1.09			(0.24	)		(0.46	)	$	19.89
Year ended February 28, 2014	$	17.21		0.24			2.77			(0.24	)		(0.73	)	$	19.25
Year ended February 28, 2013	$	16.34		0.22			1.22			(0.23	)		(0.34	)	$	17.21
Year ended February 29, 2012	$	16.67		0.19			(0.06	)		(0.19	)		(0.27	)	$	16.34

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.16	%		0.16	%		0.19	%		0.27	%		0.27	%
Class B		0.16			0.16			0.16			0.19			0.27			0.27
Class C		0.16			0.16			0.16			0.19			0.27			0.27
Class R		0.16			0.17			0.16			0.19	⁶		N/A			N/A
Class R4		0.16			0.16			0.16			0.19			0.27	⁶		N/A
Class R6⁷		0.16			0.16			0.16			0.19			0.27			0.27
Administrator Class		0.16			0.16			0.16			0.19			0.27			0.27

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			75


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.66	%		0.84	%		0.83	%		13.11	%		6	%	$	216,659
	1.23	%		0.87	%		0.84	%		(10.72	)%		27	%	$	202,038
	1.11	%		0.96	%		0.88	%		7.01	%		18	%	$	111,874
	1.15	%		0.99	%		0.92	%		17.54	%		25	%	$	114,233
	1.25	%		1.08	%		1.03	%		8.99	%		20	%	$	104,836
	1.06	%		1.08	%		1.03	%		0.85	%		20	%	$	103,841

	0.93	%		1.59	%		1.58	%		12.72	%		6	%	$	69
	0.54	%		1.63	%		1.60	%		(11.41	)%		27	%	$	88
	0.49	%		1.70	%		1.63	%		6.20	%		18	%	$	87
	0.42	%		1.75	%		1.68	%		16.63	%		25	%	$	344
	0.54	%		1.83	%		1.78	%		8.15	%		20	%	$	747
	0.34	%		1.83	%		1.78	%		0.12	%		20	%	$	1,564

	0.92	%		1.59	%		1.58	%		12.70	%		6	%	$	4,781
	0.54	%		1.63	%		1.60	%		(11.39	)%		27	%	$	4,621
	0.35	%		1.71	%		1.63	%		6.15	%		18	%	$	5,747
	0.40	%		1.74	%		1.67	%		16.68	%		25	%	$	4,813
	0.50	%		1.83	%		1.78	%		8.18	%		20	%	$	4,040
	0.30	%		1.83	%		1.78	%		0.14	%		20	%	$	3,623

	1.41	%		1.09	%		1.08	%		12.99	%		6	%	$	351
	0.97	%		1.12	%		1.09	%		(10.96	)%		27	%	$	289
	0.72	%		1.23	%		1.13	%		6.71	%		18	%	$	137
	0.75	%		1.24	%		1.13	%		14.96	%		25	%	$	29

	1.97	%		0.56	%		0.52	%		13.35	%		6	%	$	384,953
	1.64	%		0.59	%		0.52	%		(10.45	)%		27	%	$	385,259
	1.47	%		0.63	%		0.52	%		7.35	%		18	%	$	678,944
	1.42	%		0.64	%		0.52	%		18.02	%		25	%	$	635,241
	1.12	%		0.75	%		0.52	%		7.13	%		20	%	$	13,651

	2.12	%		0.41	%		0.37	%		13.43	%		6	%	$	1,055,550
	1.75	%		0.43	%		0.37	%		(10.32	)%		27	%	$	929,672
	1.61	%		0.48	%		0.37	%		7.57	%		18	%	$	872,914
	1.70	%		0.54	%		0.42	%		18.14	%		25	%	$	724,856
	1.76	%		0.65	%		0.52	%		9.50	%		20	%	$	993,528
	1.55	%		0.65	%		0.52	%		1.37	%		20	%	$	846,499

	1.78	%		0.76	%		0.72	%		13.15	%		6	%	$	329,594
	1.42	%		0.78	%		0.72	%		(10.56	)%		27	%	$	320,415
	1.27	%		0.80	%		0.72	%		7.10	%		18	%	$	427,789
	1.30	%		0.83	%		0.76	%		17.79	%		25	%	$	452,487
	1.39	%		0.92	%		0.87	%		9.14	%		20	%	$	360,567
	1.22	%		0.92	%		0.87	%		1.00	%		20	%	$	256,378

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


76		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2045 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	10.07		0.09	⁴		1.30			(0.06	)		0.00		$	11.40
Year ended February 29, 2016	$	11.85		0.16			(1.52	)		(0.13	)		(0.29	)	$	10.07
Year ended February 28, 2015	$	11.43		0.11	⁴		0.72			(0.13	)		(0.28	)	$	11.85
Year ended February 28, 2014	$	10.17		0.12	⁴		1.73			(0.14	)		(0.45	)	$	11.43
Year ended February 28, 2013⁵	$	9.64		0.03			0.68			(0.05	)		(0.13	)	$	10.17
Class R
Six months ended August 31, 2016 (unaudited)	$	10.19		0.08			1.31			(0.05	)		0.00		$	11.53
Year ended February 29, 2016	$	11.97		0.11			(1.51	)		(0.09	)		(0.29	)	$	10.19
Year ended February 28, 2015	$	11.54		0.10			0.71			(0.10	)		(0.28	)	$	11.97
Year ended February 28, 2014⁶	$	10.45		0.05			1.55			(0.06	)		(0.45	)	$	11.54
Class R4
Six months ended August 31, 2016 (unaudited)	$	10.11		0.11			1.31			(0.08	)		0.00		$	11.45
Year ended February 29, 2016	$	11.89		0.18			(1.51	)		(0.16	)		(0.29	)	$	10.11
Year ended February 28, 2015	$	11.46		0.17			0.71			(0.17	)		(0.28	)	$	11.89
Year ended February 28, 2014	$	10.18		0.14			1.76			(0.17	)		(0.45	)	$	11.46
Year ended February 28, 2013⁵	$	9.64		0.06			0.66			(0.05	)		(0.13	)	$	10.18
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	10.10		0.12			1.29			(0.08	)		0.00		$	11.43
Year ended February 29, 2016	$	11.87		0.19			(1.49	)		(0.18	)		(0.29	)	$	10.10
Year ended February 28, 2015	$	11.44		0.18			0.71			(0.18	)		(0.28	)	$	11.87
Year ended February 28, 2014	$	10.17		0.19			1.71			(0.18	)		(0.45	)	$	11.44
Year ended February 28, 2013	$	9.55		0.16			0.76			(0.17	)		(0.13	)	$	10.17
Year ended February 29, 2012	$	9.62		0.14			(0.05	)		(0.12	)		(0.04	)	$	9.55
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	10.16		0.10			1.31			(0.07	)		0.00		$	11.50
Year ended February 29, 2016	$	11.94		0.16			(1.51	)		(0.14	)		(0.29	)	$	10.16
Year ended February 28, 2015	$	11.51		0.14			0.71			(0.14	)		(0.28	)	$	11.94
Year ended February 28, 2014	$	10.23		0.14			1.73			(0.14	)		(0.45	)	$	11.51
Year ended February 28, 2013	$	9.59		0.12			0.77			(0.12	)		(0.13	)	$	10.23
Year ended February 29, 2012	$	9.66		0.11			(0.05	)		(0.09	)		(0.04	)	$	9.59

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.17	%		0.16	%		0.19	%		0.27	%⁵		N/A
Class R		0.16			0.16			0.16			0.19	⁶		N/A			N/A
Class R4		0.16			0.16			0.16			0.19			0.27	⁵		N/A
Class R6⁷		0.16			0.16			0.16			0.19			0.27			0.27	%
Administrator Class		0.16			0.16			0.16			0.19			0.27			0.27

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			77


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.68	%		0.86	%		0.83	%		13.86	%		4	%	$	81,586
	1.09	%		0.86	%		0.83	%		(11.70	)%		26	%	$	77,062
	0.96	%		0.99	%		0.88	%		7.41	%		16	%	$	793
	1.09	%		1.01	%		0.88	%		18.54	%		24	%	$	167
	1.08	%		1.10	%		0.88	%		7.41	%		19	%	$	13

	1.43	%		1.10	%		1.08	%		13.69	%		4	%	$	37
	1.01	%		1.14	%		1.09	%		(11.84	)%		26	%	$	30
	0.83	%		1.25	%		1.13	%		7.11	%		16	%	$	31
	0.68	%		1.30	%		1.13	%		15.52	%		24	%	$	29

	1.99	%		0.57	%		0.52	%		14.08	%		4	%	$	134,226
	1.61	%		0.60	%		0.52	%		(11.41	)%		26	%	$	131,789
	1.44	%		0.66	%		0.52	%		7.79	%		16	%	$	199,015
	1.39	%		0.68	%		0.52	%		18.99	%		24	%	$	174,582
	1.29	%		0.78	%		0.52	%		7.55	%		19	%	$	1,246

	2.13	%		0.43	%		0.37	%		14.07	%		4	%	$	481,997
	1.73	%		0.45	%		0.37	%		(11.21	)%		26	%	$	407,094
	1.58	%		0.51	%		0.37	%		7.96	%		16	%	$	367,164
	1.67	%		0.57	%		0.42	%		19.07	%		24	%	$	291,293
	1.74	%		0.69	%		0.52	%		9.85	%		19	%	$	324,476
	1.51	%		0.67	%		0.52	%		1.16	%		19	%	$	215,067

	1.78	%		0.78	%		0.72	%		13.91	%		4	%	$	124,541
	1.39	%		0.79	%		0.72	%		(11.55	)%		26	%	$	108,091
	1.24	%		0.83	%		0.72	%		7.54	%		16	%	$	130,175
	1.28	%		0.87	%		0.75	%		18.65	%		24	%	$	126,533
	1.35	%		0.96	%		0.87	%		9.49	%		19	%	$	85,590
	1.18	%		0.94	%		0.87	%		0.85	%		19	%	$	39,964

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


78		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2050 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	9.61		0.09			1.26			(0.06	)		0.00		$	10.90
Year ended February 29, 2016	$	11.34		0.11	⁴		(1.44	)		(0.12	)		(0.28	)	$	9.61
Year ended February 28, 2015	$	10.93		0.11			0.69			(0.13	)		(0.26	)	$	11.34
Year ended February 28, 2014	$	9.72		0.15			1.62			(0.13	)		(0.43	)	$	10.93
Year ended February 28, 2013⁵	$	9.29		0.03			0.65			(0.05	)		(0.20	)	$	9.72
Class C
Six months ended August 31, 2016 (unaudited)	$	9.58		0.05			1.26			(0.03	)		0.00		$	10.86
Year ended February 29, 2016	$	11.30		0.06			(1.46	)		(0.04	)		(0.28	)	$	9.58
Year ended February 28, 2015	$	10.91		0.04			0.68			(0.07	)		(0.26	)	$	11.30
Year ended February 28, 2014	$	9.71		0.08			1.61			(0.06	)		(0.43	)	$	10.91
Year ended February 28, 2013⁵	$	9.29		0.02			0.64			(0.04	)		(0.20	)	$	9.71
Class R
Six months ended August 31, 2016 (unaudited)	$	9.63		0.07			1.27			(0.05	)		0.00		$	10.92
Year ended February 29, 2016	$	11.37		0.11			(1.47	)		(0.10	)		(0.28	)	$	9.63
Year ended February 28, 2015	$	10.95		0.09			0.68			(0.09	)		(0.26	)	$	11.37
Year ended February 28, 2014⁶	$	9.91		0.05			1.48			(0.06	)		(0.43	)	$	10.95
Class R4
Six months ended August 31, 2016 (unaudited)	$	9.64		0.10	⁴		1.28			(0.08	)		0.00		$	10.94
Year ended February 29, 2016	$	11.38		0.17			(1.48	)		(0.15	)		(0.28	)	$	9.64
Year ended February 28, 2015	$	10.96		0.16			0.68			(0.16	)		(0.26	)	$	11.38
Year ended February 28, 2014	$	9.73		0.15	⁴		1.67			(0.16	)		(0.43	)	$	10.96
Year ended February 28, 2013⁵	$	9.29		0.05			0.64			(0.05	)		(0.20	)	$	9.73
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	9.64		0.11			1.27			(0.08	)		0.00		$	10.94
Year ended February 29, 2016	$	11.37		0.18			(1.46	)		(0.17	)		(0.28	)	$	9.64
Year ended February 28, 2015	$	10.95		0.17			0.68			(0.17	)		(0.26	)	$	11.37
Year ended February 28, 2014	$	9.72		0.17	⁴		1.66			(0.17	)		(0.43	)	$	10.95
Year ended February 28, 2013	$	9.20		0.16			0.72			(0.16	)		(0.20	)	$	9.72
Year ended February 29, 2012	$	9.50		0.14			(0.07	)		(0.12	)		(0.25	)	$	9.20
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	9.61		0.09			1.28			(0.07	)		0.00		$	10.91
Year ended February 29, 2016	$	11.34		0.15			(1.47	)		(0.13	)		(0.28	)	$	9.61
Year ended February 28, 2015	$	10.92		0.13			0.69			(0.14	)		(0.26	)	$	11.34
Year ended February 28, 2014	$	9.70		0.13	⁴		1.65			(0.13	)		(0.43	)	$	10.92
Year ended February 28, 2013	$	9.18		0.12	⁴		0.73			(0.13	)		(0.20	)	$	9.70
Year ended February 29, 2012	$	9.48		0.11			(0.07	)		(0.09	)		(0.25	)	$	9.18

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.17	%		0.16	%		0.21	%		0.27	%⁵		N/A
Class C		0.16			0.16			0.16			0.21			0.27	⁵		N/A
Class R		0.18			0.19			0.16			0.21	⁶		N/A			N/A
Class R4		0.16			0.16			0.16			0.21			0.27	⁵		N/A
Class R6⁷		0.16			0.16			0.16			0.21			0.27			0.27	%
Administrator Class		0.16			0.16			0.16			0.21			0.27			0.27

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			79


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.68	%		0.84	%		0.83	%		14.10	%		4	%	$	63,052
	1.05	%		0.86	%		0.83	%		(11.93	)%		26	%	$	58,749
	0.94	%		0.97	%		0.88	%		7.52	%		16	%	$	1,629
	1.00	%		0.98	%		0.88	%		18.62	%		23	%	$	210
	1.07	%		1.05	%		0.88	%		7.49	%		19	%	$	11

	0.93	%		1.59	%		1.58	%		13.66	%		4	%	$	1,028
	0.49	%		1.64	%		1.60	%		(12.56	)%		26	%	$	894
	0.20	%		1.72	%		1.63	%		6.70	%		16	%	$	737
	0.39	%		1.73	%		1.63	%		17.68	%		23	%	$	163
	0.16	%		1.81	%		1.63	%		7.31	%		19	%	$	17

	1.41	%		1.12	%		1.08	%		13.98	%		4	%	$	48
	1.00	%		1.17	%		1.10	%		(12.21	)%		26	%	$	32
	0.82	%		1.25	%		1.13	%		7.20	%		16	%	$	31
	0.69	%		1.27	%		1.13	%		15.67	%		23	%	$	29

	1.99	%		0.56	%		0.52	%		14.33	%		4	%	$	229,819
	1.61	%		0.59	%		0.52	%		(11.72	)%		26	%	$	219,157
	1.43	%		0.64	%		0.52	%		7.82	%		16	%	$	360,833
	1.39	%		0.65	%		0.52	%		19.10	%		23	%	$	307,320
	1.03	%		0.76	%		0.52	%		7.63	%		19	%	$	6,538

	2.14	%		0.41	%		0.37	%		14.40	%		4	%	$	937,043
	1.72	%		0.44	%		0.37	%		(11.51	)%		26	%	$	806,152
	1.58	%		0.49	%		0.37	%		7.98	%		16	%	$	818,335
	1.66	%		0.55	%		0.41	%		19.28	%		23	%	$	693,648
	1.75	%		0.67	%		0.52	%		9.94	%		19	%	$	754,088
	1.53	%		0.66	%		0.52	%		1.11	%		19	%	$	651,308

	1.79	%		0.76	%		0.72	%		14.27	%		4	%	$	202,623
	1.39	%		0.78	%		0.72	%		(11.86	)%		26	%	$	185,008
	1.23	%		0.81	%		0.72	%		7.64	%		16	%	$	226,405
	1.28	%		0.85	%		0.75	%		18.79	%		23	%	$	202,276
	1.38	%		0.94	%		0.87	%		9.59	%		19	%	$	141,212
	1.18	%		0.93	%		0.87	%		0.81	%		19	%	$	89,984

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


80		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2055 Fund	Beginning net asset value per share		Net investment income			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 August 31, 2016 (unaudited)	$	11.56		0.11			1.51			(0.08	)		0.00		$	13.10
Year ended February 29, 2016	$	13.28		0.14	⁴		(1.71	)		(0.12	)		(0.03	)	$	11.56
Year ended February 28, 2015	$	12.63		0.13			0.80			(0.14	)		(0.14	)	$	13.28
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.13	)		(0.15	)	$	12.63
Year ended February 28, 2013⁵	$	10.19		0.03	⁴		0.72			(0.04	)		0.00		$	10.90
Class R
Six months ended August 31, 2016 (unaudited)	$	11.45		0.09			1.51			(0.08	)		0.00		$	12.97
Year ended February 29, 2016	$	13.16		0.12			(1.71	)		(0.09	)		(0.03	)	$	11.45
Year ended February 28, 2015	$	12.51		0.11			0.79			(0.11	)		(0.14	)	$	13.16
Year ended February 28, 2014⁶	$	11.01		0.06			1.65			(0.06	)		(0.15	)	$	12.51
Class R4
Six months ended August 31, 2016 (unaudited)	$	11.59		0.12			1.53			(0.10	)		0.00		$	13.14
Year ended February 29, 2016	$	13.32		0.20			(1.74	)		(0.16	)		(0.03	)	$	11.59
Year ended February 28, 2015	$	12.65		0.18			0.81			(0.18	)		(0.14	)	$	13.32
Year ended February 28, 2014	$	10.91		0.15			1.90			(0.16	)		(0.15	)	$	12.65
Year ended February 28, 2013⁵	$	10.19		0.04	⁴		0.72			(0.04	)		0.00		$	10.91
Class R6⁷
Six months ended August 31, 2016 (unaudited)	$	11.57		0.13			1.53			(0.11	)		0.00		$	13.12
Year ended February 29, 2016	$	13.29		0.21			(1.72	)		(0.18	)		(0.03	)	$	11.57
Year ended February 28, 2015	$	12.63		0.19			0.80			(0.19	)		(0.14	)	$	13.29
Year ended February 28, 2014	$	10.90		0.19			1.87			(0.18	)		(0.15	)	$	12.63
Year ended February 28, 2013	$	10.08		0.15			0.83			(0.16	)		0.00		$	10.90
Year ended February 29, 2012⁸	$	10.00		0.08	⁴		0.00	⁹		0.00			0.00		$	10.08
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	11.57		0.11			1.51			(0.09	)		0.00		$	13.10
Year ended February 29, 2016	$	13.28		0.17			(1.71	)		(0.14	)		(0.03	)	$	11.57
Year ended February 28, 2015	$	12.62		0.14			0.81			(0.15	)		(0.14	)	$	13.28
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.14	)		(0.15	)	$	12.62
Year ended February 28, 2013	$	10.06		0.14	⁴		0.81			(0.11	)		0.00		$	10.90
Year ended February 29, 2012⁸	$	10.00		0.06	⁴		0.00	⁹		0.00			0.00		$	10.06

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			Year ended February 28									Year ended February 29, 2012
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016			2015			2014			2013			Year ended February 29, 2012

Class A		0.16	%		0.17	%		0.16	%		0.18	%		0.27	%⁵		N/A
Class R		0.16			0.20			0.16			0.18	⁶		N/A			N/A
Class R4		0.16			0.16			0.16			0.18			0.27	⁵		N/A
Class R6⁷		0.16			0.16			0.16			0.18			0.27			0.27	%⁸
Administrator Class		0.16			0.16			0.16			0.18			0.27			0.27	⁸

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁷	On June 1, 2013, Institutional Class was renamed Class R6.

⁸	For the period from June 30, 2011 (commencement of class operations) to February 29, 2012

⁹	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			81


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.68	%		0.90	%		0.83	%		14.11	%		4	%	$	10,353
	1.15	%		0.94	%		0.84	%		(11.93	)%		26	%	$	8,940
	0.97	%		1.07	%		0.88	%		7.46	%		16	%	$	565
	1.10	%		1.19	%		0.88	%		18.69	%		23	%	$	66
	1.05	%		1.44	%		0.88	%		7.39	%		19	%	$	14

	1.40	%		1.14	%		1.08	%		13.98	%		4	%	$	71
	0.98	%		1.24	%		1.09	%		(12.16	)%		26	%	$	42
	0.83	%		1.36	%		1.13	%		7.24	%		16	%	$	31
	0.73	%		1.48	%		1.13	%		15.66	%		23	%	$	29

	1.99	%		0.62	%		0.52	%		14.33	%		4	%	$	33,172
	1.61	%		0.66	%		0.52	%		(11.70	)%		26	%	$	27,193
	1.41	%		0.74	%		0.52	%		7.92	%		16	%	$	33,651
	1.40	%		0.86	%		0.52	%		19.06	%		23	%	$	20,591
	1.51	%		1.09	%		0.52	%		7.51	%		19	%	$	33

	2.13	%		0.47	%		0.37	%		14.43	%		4	%	$	214,435
	1.72	%		0.51	%		0.37	%		(11.52	)%		26	%	$	161,764
	1.55	%		0.59	%		0.37	%		8.01	%		16	%	$	126,822
	1.63	%		0.75	%		0.40	%		19.18	%		23	%	$	74,427
	1.69	%		1.17	%		0.52	%		9.90	%		19	%	$	36,345
	1.33	%		4.06	%		0.52	%		0.80	%		19	%	$	8,963

	1.78	%		0.82	%		0.72	%		14.09	%		4	%	$	21,849
	1.37	%		0.85	%		0.72	%		(11.75	)%		26	%	$	14,747
	1.16	%		0.91	%		0.72	%		7.66	%		16	%	$	12,493
	1.28	%		1.05	%		0.75	%		18.70	%		23	%	$	8,462
	1.36	%		1.45	%		0.87	%		9.52	%		19	%	$	4,739
	0.87	%		2.14	%		0.87	%		0.60	%		19	%	$	1,794

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


82		Wells Fargo Dow Jones Target Date Funds		Financial highlights


Target 2060 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Ending net asset value per share
Class A
Six months ended August 31, 2016 (unaudited)	$	8.84		0.08	⁴		1.14			(0.05	)	$	10.01
Year ended February 29, 2016⁵	$	10.00		0.06			(1.11	)		(0.11	)	$	8.84
Class C
Six months ended August 31, 2016 (unaudited)	$	8.90		0.04			1.14			(0.06	)	$	10.02
Year ended February 29, 2016⁵	$	10.00		0.01			(1.11	)		0.00		$	8.90
Class R
Six months ended August 31, 2016 (unaudited)	$	8.84		0.07	⁴		1.11			(0.16	)	$	9.86
Year ended February 29, 2016⁵	$	10.00		0.05			(1.11	)		(0.10	)	$	8.84
Class R4
Six months ended August 31, 2016 (unaudited)	$	8.97		0.09	⁴		1.16			(0.03	)	$	10.19
Year ended February 29, 2016⁵	$	10.00		0.08	⁴		(1.11	)		0.00		$	8.97
Class R6
Six months ended August 31, 2016 (unaudited)	$	8.95		0.09	⁴		1.16			(0.04	)	$	10.16
Year ended February 29, 2016⁵	$	10.00		0.09	⁴		(1.12	)		(0.02	)	$	8.95
Administrator Class
Six months ended August 31, 2016 (unaudited)	$	8.89		0.08	⁴		1.15			(0.07	)	$	10.05
Year ended February 29, 2016⁵	$	10.00		0.07			(1.12	)		(0.06	)	$	8.89

¹	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016⁵
Class A		0.16	%		0.15	%
Class C		0.16			0.16
Class R		0.18			0.17
Class R4		0.16			0.16
Class R6		0.16			0.16
Administrator Class		0.16			0.16

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 aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 30, 2015 (commencement of Fund operations) to February 29, 2016

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			83


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.55	%		7.02	%		0.83	%		13.80	%		4	%	$	267
	0.97	%		14.47	%		0.83	%		(10.59	)%		26	%	$	100

	0.87	%		8.44	%		1.58	%		13.27	%		4	%	$	227
	0.21	%		15.14	%		1.58	%		(11.00	)%		26	%	$	173

	1.37	%		7.93	%		1.08	%		13.51	%		4	%	$	128
	0.72	%		14.73	%		1.08	%		(10.66	)%		26	%	$	89

	1.71	%		3.89	%		0.52	%		13.91	%		4	%	$	3,383
	1.29	%		14.19	%		0.52	%		(10.30	)%		26	%	$	195

	1.87	%		4.09	%		0.37	%		13.99	%		4	%	$	6,915
	1.41	%		14.05	%		0.37	%		(10.30	)%		26	%	$	573

	1.54	%		4.70	%		0.72	%		13.84	%		4	%	$	3,037
	1.10	%		14.35	%		0.72	%		(10.50	)%		26	%	$	359

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


84		Wells Fargo Dow Jones Target Date 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 Dow Jones Target Today Fund (“Target Today Fund”), Wells Fargo Dow Jones Target 2010 Fund (“Target 2010 Fund”), Wells Fargo Dow Jones Target 2015 Fund (“Target 2015 Fund” ), Wells Fargo Dow Jones Target 2020 Fund (“Target 2020 Fund” ), Wells Fargo Dow Jones Target 2025 Fund (“Target 2025 Fund”), Wells Fargo Dow Jones Target 2030 Fund (“Target 2030 Fund”), Wells Fargo Dow Jones Target 2035 Fund (“Target 2035 Fund”), Wells Fargo Dow Jones Target 2040 Fund (“Target 2040 Fund”), Wells Fargo Dow Jones Target 2045 Fund (“Target 2045 Fund”), Wells Fargo Dow Jones Target 2050 Fund (“Target 2050 Fund”), Wells Fargo Dow Jones Target 2055 Fund (“Target 2055 Fund”), and Wells Fargo Dow Jones Target 2060 Fund (“Target 2060 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

After the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class in the applicable Funds received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the applicable Funds.

Each Fund seeks to achieve its investment objective by investing all investable assets in separate diversified portfolios of Wells Fargo Master Trust, a registered open-end management investment company. Each Fund invests in Wells Fargo Diversified Fixed Income Portfolio (“Diversified Fixed Income Portfolio”), Wells Fargo Diversified Stock Portfolio (“Diversified Stock Portfolio”) and Wells Fargo Short-Term Investment Portfolio (“Short-Term Investment Portfolio”) (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”). 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 August 31, 2016 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2016, the Funds own the following percentages of the affiliated Master Portfolios:


	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund			Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund			Target 2060 Fund
Wells Fargo Diversified Fixed Income Portfolio		6	%		4	%		8	%		28	%		21	%		18	%		6	%		6	%		1	%		2	%		0	%*		0	%*
Wells Fargo Diversified Stock Portfolio		1			1			2			9			12			18			11			19			9			15			3			0	*
Wells Fargo Short-Term Investment Portfolio		21			10			3			12			12			13			7			10			4			7			1			0	*

*	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), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.

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.


Notes to financial statements (unaudited)		Wells Fargo Dow Jones Target Date Funds			85

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each affiliated Master Portfolio. 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.

Income from foreign securities 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 income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

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 February 29, 2016, capital loss carryforwards available to offset future net realized capital gains were as follows:


	No expiration
	Short-term		Long-term
Target 2055 Fund	$	244,295	$	0
Target 2060 Fund		14,099		24,669

At February 29, 2016, current year deferred post-October capital losses and late-year ordinary losses, which were recognized on the first day of the current fiscal year were as follows:


	Deferred post-October capital losses				Late-year ordinary losses deferred
	Short-term		Long-term		Late-year ordinary losses deferred
Target Today Fund	$	0	$	0	$	706,386
Target 2010 Fund		0		0		592,599
Target 2015 Fund		0		0		1,163,269
Target 2020 Fund		0		0		1,811,667
Target 2025 Fund		0		0		1,217,250
Target 2030 Fund		0		0		207,630
Target 2055 Fund		2,993,109		3,714,064		0
Target 2060 Fund		19,939		24,169		0


86		Wells Fargo Dow Jones Target Date Funds		Notes to financial statements (unaudited)

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

As of August 31, 2016, each Fund’s investment in the affiliated Master Portfolios was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The Diversified Stock Portfolio and the Diversified Fixed Income Portfolio seek to approximate, before fees and expenses, the total return of the respective equity and fixed income portions of its corresponding Dow Jones Global Target Date Index by investing in the securities that comprise the sub-indexes representing the equity and fixed income asset classes, respectively. The Diversified Stock Portfolio and the Diversified Fixed Income Portfolio use an optimization process, which seeks to balance the replication of index performance and security transaction costs. The Short-Term Investment Portfolio seeks to represent the cash component of the Dow Jones Global Target Date Indexes. At August 31, 2016, the affiliated Master Portfolios do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.

At August 31, 2016, aggregate fair value of the affiliated Master Portfolios held in each Fund was as follows:


	Fair value of affiliated Master Portfolios
Target Today Fund	$	638,186,997
Target 2010 Fund		391,798,136
Target 2015 Fund		669,151,282
Target 2020 Fund		2,505,886,694
Target 2025 Fund		2,317,403,999
Target 2030 Fund		2,718,651,683
Target 2035 Fund		1,384,499,732
Target 2040 Fund		2,027,091,411
Target 2045 Fund		823,356,048
Target 2050 Fund		1,452,994,560
Target 2055 Fund		280,280,894
Target 2060 Fund		13,646,240

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Wells Fargo Funds Management, LLC (“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 subadviser, 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 0.20% and declining to 0.18% as the average daily net assets of each Fund increase. For the six months ended August 31, 2016, the management fee for each Fund was equivalent to an annual rate of 0.20% 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.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fees for subadvisory services are borne by Funds Management. Global Index Advisors, Inc. is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.06% and declining to 0.04% as the average daily net assets of each Fund increase.


Notes to financial statements (unaudited)		Wells Fargo Dow Jones Target Date Funds			87

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
Class A, Class B, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the 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 June 30, 2017 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			Class R			Class R4			Class R6			Administrator Class
Target Today Fund		0.76	%		1.51	%		1.51	%		1.01	%		0.45	%		0.30	%		0.65	%
Target 2010 Fund		0.78			1.53			1.53			1.03			0.47			0.32			0.67
Target 2015 Fund		0.79			N/A			N/A			1.04			0.48			0.33			0.68
Target 2020 Fund		0.81			1.56			1.56			1.06			0.50			0.35			0.70
Target 2025 Fund		0.81			N/A			N/A			1.06			0.50			0.35			0.70
Target 2030 Fund		0.82			1.57			1.57			1.07			0.51			0.36			0.71
Target 2035 Fund		0.83			N/A			N/A			1.08			0.52			0.37			0.72
Target 2040 Fund		0.83			1.58			1.58			1.08			0.52			0.37			0.72
Target 2045 Fund		0.83			N/A			N/A			1.08			0.52			0.37			0.72
Target 2050 Fund		0.83			N/A			1.58			1.08			0.52			0.37			0.72
Target 2055 Fund		0.83			N/A			N/A			1.08			0.52			0.37			0.72
Target 2060 Fund		0.83			N/A			1.58			1.08			0.52			0.37			0.72

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, Class C, and Class R shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B, Class C, and Class R 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 and 0.25% of the average daily net assets of Class R shares.


88		Wells Fargo Dow Jones Target Date Funds		Notes to financial statements (unaudited)

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six month ended August 31, 2016, Funds Distributor received the following amounts in front-end sales charges.


	Front-end sales charges
	Class A
Target Today Fund	$	338
Target 2010 Fund		63
Target 2015 Fund		339
Target 2020 Fund		539
Target 2025 Fund		185
Target 2030 Fund		1,130
Target 2035 Fund		266
Target 2040 Fund		1,774
Target 2045 Fund		99
Target 2050 Fund		2,264
Target 2055 Fund		608
Target 2060 Fund		716

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Class R, and Administrator Class of each applicable Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2016 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
Target Today Fund	$	78,888,770	$	22,585,295	$	55,060,929	$	20,675,730
Target 2010 Fund		52,106,575		14,968,055		36,368,123		13,806,249
Target 2015 Fund		104,223,406		30,460,130		72,743,403		29,166,539
Target 2020 Fund		342,866,740		108,459,510		239,306,067		120,523,374
Target 2025 Fund		254,364,725		92,885,255		177,535,511		126,394,950
Target 2030 Fund		219,242,665		99,606,039		153,021,841		167,134,810
Target 2035 Fund		75,084,355		46,400,956		52,405,613		93,824,507
Target 2040 Fund		66,640,473		62,817,377		46,512,151		147,682,979
Target 2045 Fund		15,350,115		24,129,199		10,713,713		62,776,182
Target 2050 Fund		18,757,174		41,596,054		13,091,691		112,766,896
Target 2055 Fund		3,595,433		8,021,132		2,509,456		21,758,029
Target 2060 Fund		175,053		390,531		122,180		1,059,349

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


Notes to financial statements (unaudited)		Wells Fargo Dow Jones Target Date Funds			89

6. BANK BORROWINGS

The Trust is party to a $30,000,000 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 the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.175% of the unused balance is allocated to each participating fund. For the six months ended August 31, 2016, there were no borrowings by the Funds under the agreement.

7. 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.

8. SUBSEQUENT DISTRIBUTIONS

On September 26, 2016, the Funds declared distributions from net investment income to shareholders of record on September 23, 2016. The per share amounts payable on September 27, 2016 were as follows:


Net investment income	Target 2010 Fund	Target 2015 Fund		Target 2020 Fund		Target 2025 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund		Target 2060 Fund
Class A	$0.03195	$	0.03235	$	0.04784	$	0.03306	$	0.03568	$	0.06576	$	0.03833	$	0.03745	$	0.04234	$	0.01993
Class B	0.00684		N/A		0.01663		N/A		N/A		0.03295		N/A		N/A		N/A		N/A
Class C	0.00523		N/A		0.02090		N/A		N/A		0.03319		N/A		0.01786		N/A		0.00035
Class R	0.02445		0.02554		0.03840		0.02679		0.03012		0.05485		0.03193		0.03264		0.03599		0.01499
Class R4	0.04186		0.04060		0.05973		0.04163		0.04468		0.08014		0.04704		0.04585		0.05283		0.02714
Class R6	0.04709		0.04459		0.06569		0.04555		0.04871		0.08774		0.05115		0.05007		0.05743		0.02971
Administrator Class	0.03503		0.03454		0.05114		0.03566		0.03829		0.06985		0.04039		0.04004		0.04554		0.02349

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.


90		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED FIXED INCOME 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: 26.40%
FHLB		0.88-6.00	%		9-8-2017 to 11-1-2043	$	99,858,099		$	105,591,908		1.81	%
FHLMC		0.75-6.75			12-1-2016 to 9-14-2046		298,568,649			317,897,176		5.46
FHLMC		2.50			5-1-2031		12,710,547			13,152,162		0.23
FHLMC		3.00			8-1-2045		11,672,034			12,115,254		0.21
FNMA		0.00-7.25			9-1-2016 to 9-14-2046		543,349,651			579,298,977		9.94
FNMA %%		3.00			9-19-2031		13,000,000			13,606,204		0.23
FNMA		3.00			5-1-2046		13,426,898			13,935,459		0.24
FNMA		3.00			8-1-2046		13,988,318			14,518,144		0.25
FNMA %%		3.00			9-14-2046		14,625,000			15,166,581		0.26
FNMA		3.50			1-1-2045		14,197,359			14,956,519		0.26
FNMA		3.50			2-1-2046		12,729,452			13,410,120		0.23
FNMA		3.50			2-1-2046		13,166,070			13,870,085		0.24
GNMA		3.00-7.00			11-15-2023 to 7-20-2046		292,449,085			313,770,318		5.38
GNMA %%		3.00			9-21-2046		16,800,000			17,589,469		0.30
GNMA		3.50			4-20-2043		12,024,236			12,789,651		0.22
GNMA		3.50			4-20-2045		14,167,295			15,148,047		0.26
GNMA		3.50			4-20-2046		15,531,032			16,494,183		0.28
GNMA %%		3.50			9-21-2046		24,075,000			25,544,892		0.44
Other securities										9,587,229		0.16

Total Agency Securities (Cost $1,491,864,872)										1,538,442,378		26.40


Corporate Bonds and Notes: 20.82%

Consumer Discretionary: 1.99%								��

Auto Components: 0.05%
Other securities										3,180,171		0.05


Automobiles: 0.08%
Other securities										4,754,937		0.08


Diversified Consumer Services: 0.04%
Other securities										2,379,700		0.04


Hotels, Restaurants & Leisure: 0.15%
Other securities										8,950,956		0.15


Household Durables: 0.09%
Other securities										4,988,436		0.09


Internet & Catalog Retail: 0.10%
Other securities										5,776,351		0.10


Leisure Products: 0.01%
Other securities										645,096		0.01


Media: 1.06%
Other securities										61,605,668		1.06

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			91

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets

Multiline Retail: 0.14%
Other securities								$	8,016,351		0.14	%


Specialty Retail: 0.25%
Other securities									14,484,445		0.25


Textiles, Apparel & Luxury Goods: 0.02%
Other securities									1,406,443		0.02


Consumer Staples: 2.01%

Beverages: 0.66%
Other securities									38,318,026		0.66


Food & Staples Retailing: 0.55%
Other securities									32,101,544		0.55


Food Products: 0.40%
Other securities									23,150,211		0.40


Household Products: 0.12%
Other securities									6,903,258		0.12


Personal Products: 0.00%
Other securities									270,273		0.00


Tobacco: 0.28%
Other securities									16,380,945		0.28


Energy: 1.77%

Energy Equipment & Services: 0.13%
Other securities									7,411,507		0.13


Oil, Gas & Consumable Fuels: 1.64%
Other securities									95,588,600		1.64


	Interest rate			Maturity date		Principal
Financials: 6.20%

Banks: 2.39%
Wachovia Bank NA (l)		5.85	%		2-1-2037	$	1,000,000		1,270,804		0.02
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		843,014		0.01
Wachovia Corporation (l)		5.50			8-1-2035		700,000		829,965		0.01
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,061,915		0.02
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		1,003,727		0.02
Wells Fargo & Company (l)		2.15			1-30-2020		2,500,000		2,540,693		0.04
Wells Fargo & Company (l)		3.00			2-19-2025		1,250,000		1,284,808		0.02
Wells Fargo & Company (l)		3.00			4-22-2026		1,250,000		1,281,340		0.02
Wells Fargo & Company (l)		3.30			9-9-2024		1,500,000		1,584,654		0.03
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		786,196		0.01
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,067,960		0.02
Wells Fargo & Company (l)		3.90			5-1-2045		600,000		635,458		0.01
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,085,518		0.02

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


92		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Banks (continued)
Wells Fargo & Company (l)		4.13	%		8-15-2023	$	1,000,000	$	1,090,789		0.02	%
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,389,594		0.02
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,201,227		0.02
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,248,846		0.02
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,581,108		0.03
Wells Fargo Bank NA (l)		1.65			1-22-2018		750,000		754,318		0.01
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		449,998		0.01
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		552,500		0.01
Other securities									115,471,078		2.00

									139,015,510		2.39


Capital Markets: 1.15%
Other securities									66,936,160		1.15


Consumer Finance: 0.90%
Other securities									52,455,813		0.90


Diversified Financial Services: 0.29%
Other securities									17,171,282		0.29


Insurance: 0.78%
Other securities									45,594,954		0.78


Real Estate Management & Development: 0.01%
Other securities									599,924		0.01


REITs: 0.68%
Other securities									39,603,969		0.68


Thrifts & Mortgage Finance: 0.00%
Other securities									152,361		0.00


Health Care: 2.27%

Biotechnology: 0.61%
Other securities									35,792,601		0.61


Health Care Equipment & Supplies: 0.37%
Other securities									21,315,482		0.37


Health Care Providers & Services: 0.61%
Other securities									35,606,500		0.61


Life Sciences Tools & Services: 0.05%
Other securities									2,788,189		0.05


Pharmaceuticals: 0.63%
Other securities									36,802,450		0.63


Industrials: 1.52%

Aerospace & Defense: 0.43%
Other securities									24,711,551		0.43

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			93

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets

Air Freight & Logistics: 0.11%
Other securities	$	6,126,855		0.11	%


Airlines: 0.05%
Other securities		3,056,131		0.05


Building Products: 0.00%
Other securities		227,188		0.00


Commercial Services & Supplies: 0.11%
Other securities		6,584,421		0.11


Electrical Equipment: 0.09%
Other securities		5,467,505		0.09


Industrial Conglomerates: 0.10%
Other securities		5,692,743		0.10


Machinery: 0.22%
Other securities		12,615,278		0.22


Professional Services: 0.02%
Other securities		1,160,475		0.02


Road & Rail: 0.33%
Other securities		19,361,475		0.33


Trading Companies & Distributors: 0.06%
Other securities		3,366,066		0.06


Information Technology: 1.71%

Communications Equipment: 0.21%
Other securities		12,201,313		0.21


Electronic Equipment, Instruments & Components: 0.06%
Other securities		3,547,658		0.06


Internet Software & Services: 0.04%
Other securities		2,362,059		0.04


IT Services: 0.35%
Other securities		20,247,825		0.35


Semiconductors & Semiconductor Equipment: 0.19%
Other securities		10,825,113		0.19


Software: 0.43%
Other securities		25,010,883		0.43


Technology Hardware, Storage & Peripherals: 0.43%
Other securities		25,336,727		0.43

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


94		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets

Materials: 0.61%

Chemicals: 0.37%
Other securities								$	21,473,980		0.37	%


Construction Materials: 0.00%
Other securities									133,359		0.00


Containers & Packaging: 0.02%
Other securities									1,194,933		0.02


Metals & Mining: 0.11%
Other securities									6,032,053		0.11


Paper & Forest Products: 0.11%
Other securities									6,439,733		0.11


Telecommunication Services: 0.90%

Diversified Telecommunication Services: 0.89%
Other securities									51,973,130		0.89


Wireless Telecommunication Services: 0.01%
Other securities									635,840		0.01


Utilities: 1.84%

Electric Utilities: 1.37%
Other securities									80,020,411		1.37


Gas Utilities: 0.09%
Other securities									5,045,919		0.09


Independent Power & Renewable Electricity Producers: 0.02%
Other securities									1,014,874		0.02


Multi-Utilities: 0.34%
Other securities									20,105,652		0.34


Water Utilities: 0.02%
Other securities									1,111,994		0.02


Total Corporate Bonds and Notes (Cost $1,119,059,698)									1,213,231,257		20.82


	Interest rate			Maturity date		Principal
Foreign Government Bonds @: 24.63%
France Government Bond (EUR)		0.00-8.50	%		10-25-2017 to 5-25-2066		99,875,000		138,987,681		2.38
Italy Buoni Poliennali del Tesoro (EUR)		0.10-9.00			11-1-2017 to 3-1-2047		101,455,000		137,884,341		2.37
Japan Government Ten Year Bond (JPY)		0.10-1.80			9-20-2017 to 6-20-2026		26,139,000,000		264,381,974		4.54
Japan Government Thirty Year Bond (JPY)		1.70-2.90			5-20-2030 to 3-20-2044		6,237,500,000		83,262,831		1.43
Japan Government Twenty Year Bond (JPY)		0.20-3.10			9-20-2017 to 6-20-2036		18,723,500,000		216,243,948		3.71
Japan Government Twenty Year Bond Series 148 (JPY)		1.50			3-20-2034		1,150,000,000		13,549,915		0.23

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			95

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Foreign Government Bonds @ (continued)
United Kingdom Gilt (GBP)		1.00-8.00	%		9-7-2017 to 7-22-2068		89,270,000	$	160,449,911		2.75	%
Other securities									420,804,521		7.22

Total Foreign Government Bonds (Cost $1,379,786,537)									1,435,565,122		24.63


U.S. Treasury Securities: 22.98%
U.S. Treasury Bond		2.25-6.63			2-15-2026 to 8-15-2046	$	128,150,000		159,549,871		2.74
U.S. Treasury Bond		2.50			2-15-2045		17,750,000		18,746,361		0.32
U.S. Treasury Bond		3.00			11-15-2044		16,600,000		19,320,840		0.33
U.S. Treasury Bond		3.63			2-15-2044		9,750,000		12,667,005		0.22
U.S. Treasury Bond		3.75			11-15-2043		10,000,000		13,279,300		0.23
U.S. Treasury Note		0.63			9-30-2017		14,000,000		13,985,776		0.24
U.S. Treasury Note		0.63-9.13			9-30-2017 to 8-15-2026		564,875,000		582,088,491		9.99
U.S. Treasury Note		1.00			6-30-2019		25,000,000		25,060,550		0.43
U.S. Treasury Note		1.00			9-30-2019		23,500,000		23,531,208		0.40
U.S. Treasury Note		1.13			4-30-2020		15,000,000		15,037,500		0.26
U.S. Treasury Note		1.13			2-28-2021		12,500,000		12,475,100		0.21
U.S. Treasury Note		1.25			4-30-2019		12,000,000		12,113,904		0.21
U.S. Treasury Note		1.38			4-30-2020		15,500,000		15,674,980		0.27
U.S. Treasury Note		1.50			8-31-2018		12,000,000		12,156,564		0.21
U.S. Treasury Note		1.50			5-31-2019		22,500,000		22,858,605		0.39
U.S. Treasury Note		1.63			11-15-2022		12,500,000		12,680,663		0.22
U.S. Treasury Note		1.63			2-15-2026		14,000,000		14,043,750		0.24
U.S. Treasury Note		1.75			9-30-2019		30,000,000		30,715,742		0.53
U.S. Treasury Note		1.75			2-28-2022		15,000,000		15,355,080		0.26
U.S. Treasury Note		1.75			5-15-2023		12,500,000		12,759,275		0.22
U.S. Treasury Note		2.00			11-15-2021		16,000,000		16,595,008		0.28
U.S. Treasury Note		2.00			2-15-2025		16,500,000		17,097,482		0.29
U.S. Treasury Note		2.00			8-15-2025		13,500,000		13,982,517		0.24
U.S. Treasury Note		2.13			8-31-2020		13,000,000		13,505,271		0.23
U.S. Treasury Note		2.25			11-15-2024		18,500,000		19,526,898		0.34
U.S. Treasury Note		2.25			11-15-2025		11,500,000		12,158,559		0.21
U.S. Treasury Note		2.38			8-15-2024		15,000,000		15,965,040		0.27
U.S. Treasury Note		2.50			8-15-2023		14,250,000		15,249,167		0.26
U.S. Treasury Note		2.50			5-15-2024		15,500,000		16,637,065		0.29
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,693,744		0.22
U.S. Treasury Note		2.63			11-15-2020		15,000,000		15,898,830		0.27
U.S. Treasury Note		2.75			11-15-2023		15,500,000		16,878,043		0.29
U.S. Treasury Note		2.75			2-15-2024		18,250,000		19,901,059		0.34
U.S. Treasury Note		3.50			5-15-2020		25,000,000		27,189,450		0.47
U.S. Treasury Note		3.63			2-15-2020		20,500,000		22,297,748		0.38
U.S. Treasury Note		3.63			2-15-2021		20,000,000		22,110,160		0.38
U.S. Treasury Note		7.25			8-15-2022		13,000,000		17,438,278		0.30

Total U.S. Treasury Securities (Cost $1,271,729,003)									1,339,224,884		22.98


Yankee Corporate Bonds and Notes: 3.97%

Consumer Discretionary: 0.06%

Auto Components: 0.01%
Other securities									274,549		0.01

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


96		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets

Media: 0.05%
Other securities	$	3,081,828		0.05	%


Consumer Staples: 0.07%

Beverages: 0.07%
Other securities		4,182,645		0.07


Energy: 0.39%

Oil, Gas & Consumable Fuels: 0.39%
Other securities		22,634,300		0.39


Financials: 2.24%

Banks: 1.48%
Other securities		86,149,430		1.48


Capital Markets: 0.11%
Other securities		6,186,284		0.11


Diversified Financial Services: 0.59%
Other securities		34,567,934		0.59


Insurance: 0.06%
Other securities		3,483,252		0.06


Health Care: 0.27%

Health Care Equipment & Supplies: 0.03%
Other securities		1,725,791		0.03


Pharmaceuticals: 0.24%
Other securities		14,138,489		0.24


Industrials: 0.19%

Industrial Conglomerates: 0.06%
Other securities		3,399,758		0.06


Machinery: 0.01%
Other securities		570,026		0.01


Road & Rail: 0.06%
Other securities		3,340,566		0.06


Trading Companies & Distributors: 0.06%
Other securities		3,894,120		0.06


Information Technology: 0.11%

Communications Equipment: 0.01%
Other securities		430,056		0.01


Internet Software & Services: 0.07%
Other securities		3,754,263		0.07

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			97

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name						Value			Percent of net assets

Technology Hardware, Storage & Peripherals: 0.03%
Other securities						$	1,899,340			0.03	%


Materials: 0.25%

Chemicals: 0.09%
Other securities							5,130,393			0.09


Metals & Mining: 0.15%
Other securities							8,675,856			0.15


Paper & Forest Products: 0.01%
Other securities							937,235			0.01


Telecommunication Services: 0.38%

Diversified Telecommunication Services: 0.21%
Other securities							12,407,996			0.21


Wireless Telecommunication Services: 0.17%
Other securities							9,646,916			0.17


Utilities: 0.01%

Electric Utilities: 0.00%
Other securities							174,475			0.00


Independent Power & Renewable Electricity Producers: 0.01%
Other securities							291,200			0.01


Water Utilities: 0.00%
Other securities							268,558			0.00


Total Yankee Corporate Bonds and Notes (Cost $218,120,030)							231,245,260			3.97


Yankee Government Bonds: 0.03%
Other securities							2,026,706			0.03


Total Yankee Government Bonds (Cost $2,000,727)							2,026,706			0.03


	Yield			Shares
Short-Term Investments: 3.32%

Investment Companies: 3.32%
Securities Lending Cash Investments LLC (l)(r)(u)		0.51	%		4,562,280		4,562,280			0.08
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.32			188,973,592		188,973,592			3.24

Total Short-Term Investments (Cost $193,535,872)							193,535,872			3.32


Total investments in securities (Cost $5,676,096,739) *							5,953,271,479			102.15
Other assets and liabilities, net							(125,420,626	)		(2.15	)

Total net assets						$	5,827,850,853			100.00	%

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


98		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

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

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

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

(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 $5,679,627,115 and unrealized gains (losses) consists of:


Gross unrealized gains	$	332,449,793
Gross unrealized losses		(58,805,429	)

Net unrealized gains	$	273,644,364

The following table shows the percent of total long-term investments by geographic location as of August 31, 2016:


United States	70.89	%
Japan	11.92
United Kingdom	3.64
France	2.69
Italy	2.42
Germany	1.86
Spain	1.38
Canada	1.26
Netherlands	1.05
Other	2.89

	100.00	%

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			99

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets

Common Stocks: 97.02%

Consumer Discretionary: 13.31%

Auto Components: 0.67%
Other securities			$	57,649,906		0.67	%


Automobiles: 1.21%
Toyota Motor Corporation		428,100		25,810,543		0.30
Other securities				77,755,163		0.91

				103,565,706		1.21


Distributors: 0.26%
Other securities				22,061,240		0.26


Diversified Consumer Services: 0.18%
Other securities				15,686,998		0.18


Hotels, Restaurants & Leisure: 2.01%
McDonald’s Corporation		158,914		18,379,993		0.22
Other securities				154,101,309		1.79

				172,481,302		2.01


Household Durables: 1.10%
Other securities				94,771,604		1.10


Internet & Catalog Retail: 1.35%
Amazon.com Incorporated †		70,127		53,938,883		0.63
Other securities				62,109,279		0.72

				116,048,162		1.35


Leisure Products: 0.34%
Other securities				29,226,081		0.34


Media: 2.08%
Charter Communications Incorporated Class A †		123,007		31,638,630		0.37
Naspers Limited		119,631		19,577,757		0.23
Other securities				126,797,479		1.48

				178,013,866		2.08


Multiline Retail: 0.51%
Other securities				44,069,790		0.51


Specialty Retail: 2.41%
O’Reilly Automotive Incorporated †		55,606		15,566,900		0.18
The Home Depot Incorporated		225,520		30,246,742		0.35
Other securities				160,779,576		1.88

				206,593,218		2.41

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


100		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets

Textiles, Apparel & Luxury Goods: 1.19%
Other securities			$	101,700,310		1.19	%


Consumer Staples: 7.21%

Beverages: 1.67%
Constellation Brands Incorporated Class A		101,759		16,693,564		0.20
PepsiCo Incorporated		160,019		17,082,028		0.20
The Coca-Cola Company		431,674		18,747,602		0.22
Other securities				90,747,400		1.05

				143,270,594		1.67


Food & Staples Retailing: 1.16%
Other securities				99,500,814		1.16


Food Products: 2.32%
Nestle SA		299,651		23,855,090		0.28
Other securities				175,783,312		2.04

				199,638,402		2.32


Household Products: 0.74%
The Procter & Gamble Company		295,768		25,823,504		0.30
Other securities				37,469,911		0.44

				63,293,415		0.74


Personal Products: 0.56%
Other securities				48,002,680		0.56


Tobacco: 0.76%
Philip Morris International Incorporated		171,843		17,172,271		0.20
Other securities				47,768,576		0.56

				64,940,847		0.76


Energy: 5.39%

Energy Equipment & Services: 0.78%
Schlumberger Limited		251,555		19,872,845		0.23
Other securities				47,291,850		0.55

				67,164,695		0.78


Oil, Gas & Consumable Fuels: 4.61%
Chevron Corporation		209,116		21,032,887		0.25
Exxon Mobil Corporation		448,552		39,086,821		0.46
Other securities				334,910,223		3.90

				395,029,931		4.61


Financials: 21.47%

Banks: 7.85%
Bank of America Corporation		1,137,245		18,355,134		0.21
China Construction Bank H Shares		26,890,990		20,105,284		0.24

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			101

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets

Banks (continued)
Citigroup Incorporated		324,432	$	15,488,384		0.18	%
JPMorgan Chase & Company		406,393		27,431,528		0.32
Wells Fargo & Company (l)		513,184		26,069,747		0.30
Other securities				566,494,395		6.60

				673,944,472		7.85


Capital Markets: 1.94%
Other securities				166,536,175		1.94


Consumer Finance: 0.33%
Other securities				28,290,041		0.33


Diversified Financial Services: 0.40%
Other securities				34,384,376		0.40


Insurance: 4.02%
Other securities				344,682,697		4.02


Real Estate Management & Development: 0.88%
Other securities				75,829,404		0.88


REITs: 5.77%
Other securities				494,812,458		5.77


Thrifts & Mortgage Finance: 0.28%
Other securities				23,790,157		0.28


Health Care: 10.19%

Biotechnology: 2.28%
Gilead Sciences Incorporated		241,100		18,897,418		0.22
Other securities				176,948,391		2.06

				195,845,809		2.28


Health Care Equipment & Supplies: 1.86%
Boston Scientific Corporation †		739,078		17,604,838		0.21
Other securities				141,643,936		1.65

				159,248,774		1.86


Health Care Providers & Services: 2.06%
Centene Corporation †		224,602		15,338,071		0.18
Other securities				161,398,625		1.88

				176,736,696		2.06


Health Care Technology: 0.17%
Other securities				14,431,033		0.17


Life Sciences Tools & Services: 0.64%
Other securities				55,193,003		0.64

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


102		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets

Pharmaceuticals: 3.18%
Allergan plc †		71,612	$	16,795,878		0.20	%
Johnson & Johnson		297,596		35,515,107		0.41
Merck & Company Incorporated		306,685		19,256,751		0.23
Novartis AG		242,433		19,078,150		0.22
Pfizer Incorporated		673,771		23,447,231		0.27
Roche Holding AG Genusschein		65,222		15,901,821		0.19
Other securities				142,647,351		1.66

				272,642,289		3.18


Industrials: 10.76%

Aerospace & Defense: 1.32%
Other securities				113,518,825		1.32


Air Freight & Logistics: 0.30%
Other securities				25,731,681		0.30


Airlines: 0.40%
Other securities				34,541,527		0.40


Building Products: 0.63%
Other securities				54,218,910		0.63


Commercial Services & Supplies: 0.79%
Other securities				67,408,733		0.79


Construction & Engineering: 0.64%
Other securities				54,497,590		0.64


Electrical Equipment: 0.73%
Other securities				62,657,362		0.73


Industrial Conglomerates: 1.11%
General Electric Company		994,738		31,075,615		0.36
Other securities				64,443,947		0.75

				95,519,562		1.11


Machinery: 2.35%
Other securities				201,739,062		2.35


Marine: 0.10%
Other securities				8,369,290		0.10


Professional Services: 0.43%
Other securities				37,021,638		0.43


Road & Rail: 0.95%
Other securities				81,134,613		0.95


Trading Companies & Distributors: 0.76%
Other securities				64,822,211		0.76

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			103

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets

Transportation Infrastructure: 0.25%
Other securities			$	21,781,949		0.25	%


Information Technology: 16.93%

Communications Equipment: 0.88%
Cisco Systems Incorporated		557,050		17,513,652		0.21
Other securities				58,461,999		0.67

				75,975,651		0.88


Electronic Equipment, Instruments & Components: 1.53%
Other securities				130,893,950		1.53


Internet Software & Services: 3.20%
Alibaba Group Holding Limited ADR †		303,156		29,463,732		0.34
Alphabet Incorporated Class A †		53,249		42,058,723		0.49
Alphabet Incorporated Class C †		53,555		41,079,363		0.48
Facebook Incorporated Class A †		419,189		52,868,117		0.62
Tencent Holdings Limited		1,447,566		37,656,067		0.44
Other securities				71,136,385		0.83

				274,262,387		3.20


IT Services: 3.20%
International Business Machines Corporation		159,846		25,396,332		0.30
MasterCard Incorporated Class A		175,800		16,987,554		0.20
Visa Incorporated Class A		344,794		27,893,835		0.33
Other securities				204,152,569		2.37

				274,430,290		3.20


Semiconductors & Semiconductor Equipment: 3.06%
Intel Corporation		523,302		18,781,309		0.22
NVIDIA Corporation		276,000		16,929,840		0.20
QUALCOMM Incorporated		265,897		16,770,124		0.20
Taiwan Semiconductor Manufacturing Company Limited		5,093,298		28,251,066		0.33
Other securities				181,529,770		2.11

				262,262,109		3.06


Software: 2.82%
Microsoft Corporation		850,273		48,856,687		0.57
Other securities				193,563,965		2.25

				242,420,652		2.82


Technology Hardware, Storage & Peripherals: 2.24%
Apple Incorporated		993,143		105,372,472		1.23
Samsung Electronics Company Limited		16,904		24,560,072		0.29
Other securities				62,620,136		0.72

				192,552,680		2.24

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


104		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets

Materials: 5.23%

Chemicals: 2.40%
Other securities			$	205,715,996		2.40	%


Construction Materials: 0.53%
Other securities				45,158,476		0.53


Containers & Packaging: 0.53%
Other securities				45,794,315		0.53


Metals & Mining: 1.63%
Other securities				139,930,302		1.63


Paper & Forest Products: 0.14%
Other securities				11,788,413		0.14


Telecommunication Services: 2.60%

Diversified Telecommunication Services: 1.62%
AT&T Incorporated		684,577		27,985,508		0.33
Verizon Communications Incorporated		452,797		23,694,867		0.28
Other securities				87,450,004		1.01

				139,130,379		1.62


Wireless Telecommunication Services: 0.98%
China Mobile Limited		1,508,000		18,622,684		0.22
Other securities				64,838,544		0.76

				83,461,228		0.98


Utilities: 3.93%

Electric Utilities: 1.65%
Other securities				141,220,415		1.65


Gas Utilities: 0.68%
Other securities				58,309,050		0.68


Independent Power & Renewable Electricity Producers: 0.26%
Other securities				22,192,279		0.26


Multi-Utilities: 1.13%
Other securities				97,209,453		1.13


Water Utilities: 0.21%
Other securities				18,517,023		0.21


Total Common Stocks (Cost $6,135,611,402)				8,323,264,946		97.02


Preferred Stocks: 0.48%

Consumer Discretionary: 0.06%

Automobiles: 0.05%
Other securities				4,037,716		0.05

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			105

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets

Multiline Retail: 0.01%
Other securities	$	1,018,787		0.01	%


Consumer Staples: 0.03%

Beverages: 0.00%
Other securities		82,961		0.00


Household Products: 0.03%
Other securities		2,234,499		0.03


Personal Products: 0.00%
Other securities		110,738		0.00


Energy: 0.07%

Oil, Gas & Consumable Fuels: 0.07%
Other securities		5,798,084		0.07


Financials: 0.22%

Banks: 0.22%
Other securities		18,921,256		0.22


Health Care: 0.01%

Biotechnology: 0.01%
Other securities		354,992		0.01


Health Care Equipment & Supplies: 0.00%
Other securities		250,297		0.00


Life Sciences Tools & Services: 0.00%
Other securities		41		0.00


Information Technology: 0.04%

Technology Hardware, Storage & Peripherals: 0.04%
Other securities		3,527,896		0.04


Materials: 0.03%

Chemicals: 0.01%
Other securities		734,722		0.01


Metals & Mining: 0.02%
Other securities		2,479,464		0.02


Telecommunication Services: 0.02%

Diversified Telecommunication Services: 0.02%
Other securities		1,977,515		0.02


Utilities: 0.00%

Multi-Utilities: 0.00%
Other securities		44,203		0.00


Total Preferred Stocks (Cost $52,987,562)		41,573,171		0.48

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


106		Wells Fargo Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2016 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name						Value				Percent of net assets

Rights: 0.00%

Health Care: 0.00%

Biotechnology: 0.00%
Other securities						$	0				0.00	%


Industrials: 0.00%

Industrial Conglomerates: 0.00%
Other securities							0				0.00


Total Rights (Cost $0)							0				0.00


Warrants: 0.00%

Consumer Discretionary: 0.00%

Automobiles: 0.00%
Other securities							85,263				0.00


Media: 0.00%
Other securities							358				0.00


Energy: 0.00%

Energy Equipment & Services: 0.00%
Other securities							758				0.00


Oil, Gas & Consumable Fuels: 0.00%
Other securities							20,511				0.00


Industrials: 0.00%

Industrial Conglomerates: 0.00%
Other securities							1,030				0.00


Total Warrants (Cost $112,266)							107,920				0.00


	Yield			Shares
Short-Term Investments: 3.75%

Investment Companies: 3.75%
Securities Lending Cash Investments LLC (l)(r)(u)		0.51	%		218,333,728		218,333,728				2.54
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.32			103,413,508		103,413,508				1.21

Total Short-Term Investments (Cost $321,747,236)							321,747,236				3.75
									��

Total investments in securities (Cost $6,510,458,466) *							8,686,693,273				101.25
Other assets and liabilities, net							(107,644,103	)			(1.25	)

Total net assets						$	8,579,049,170				100.00	%

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


Summary portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			107

DIVERSIFIED STOCK PORTFOLIO

†	Non-income-earning 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.

*	Cost for federal income tax purposes is $6,583,907,790 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,774,571,750
Gross unrealized losses		(671,786,267	)

Net unrealized gains	$	2,102,785,483

The following table shows percent of total long-term investments by geographic locations as of August 31, 2016:


United States	63.74	%
Japan	6.73
United Kingdom	3.12
China	2.81
Taiwan	1.72
Australia	1.70
Switzerland	1.57
Canada	1.56
India	1.55
Hong Kong	1.47
South Korea	1.37
France	1.34
Germany	1.32
Ireland	1.18
Other	8.82

	100.00	%

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


108		Wells Fargo Dow Jones Target Date Funds		Portfolio of investments—August 31, 2016 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Certificates of Deposit: 18.75%
Abbey National Treasury Services plc		0.34	%		9-1-2016	$	7,000,000	$	7,000,000
ABN AMRO Funding LLC		0.46			9-1-2016		2,000,000		2,000,000
Bank of Montreal		0.44			9-1-2016		3,000,000		3,000,000
Bank of Montreal		0.44			9-6-2016		2,000,000		2,000,020
Bank of Montreal		0.44			9-7-2016		4,000,000		4,000,000
Bank of Montreal		0.66			10-4-2016		8,000,000		8,001,040
Canadian Imperial Bank of Commerce		0.30			9-1-2016		6,000,000		6,000,000
Canadian Imperial Bank of Commerce		0.85			9-1-2016		3,000,000		3,000,030
Cooperatieve Centrale ±		0.85			9-7-2016		2,000,000		2,000,180
Credit Agricole SA		0.32			9-1-2016		7,000,000		7,000,000
DG Bank (New York)		0.75			9-12-2016		6,000,000		6,000,600
DG Bank (New York)		0.90			11-18-2016		9,000,000		9,002,970
DNB Nor Bank		0.30			9-1-2016		11,000,000		11,000,000
HSBC Bank plc		0.34			9-1-2016		7,000,000		7,000,000
KBC Bank		0.32			9-1-2016		7,000,000		7,000,000
Mitsubishi Trust & Bank		0.44			9-2-2016		4,000,000		4,000,040
NBAD Americas NV		0.37			9-1-2016		7,000,000		7,000,000
Nordea Bank AB		0.29			9-1-2016		7,000,000		7,000,000
Norinchukin Bank		0.64			9-15-2016		2,000,000		2,000,240
Oversea Chinese Banking Corporation		0.55			9-15-2016		10,000,000		10,000,400
State Street Bank & Trust Company ±		0.85			9-2-2016		2,000,000		2,000,060
Sumitomo Mitsui Banking Corporation		0.55			9-7-2016		7,000,000		7,000,280
Sumitomo Trust & Banking Corporation		0.65			9-23-2016		8,000,000		8,001,120
Svenska Handlesbanken		0.30			9-1-2016		9,000,000		9,000,000
Swedbank		0.30			9-1-2016		13,000,000		13,000,000

Total Certificates of Deposit (Cost $153,000,213)									153,006,980


Commercial Paper: 45.75%
Albion Capital Corporation (p)(z)		0.82			10-18-2016		10,000,000		9,994,100
Alpine Securitization Limited 144A(p)(z)		0.57			9-22-2016		3,000,000		2,999,010
Alpine Securitization Limited 144A(p)(z)		0.60			9-6-2016		11,000,000		10,999,120
Anglesea Funding LLC 144A(p)(z)		0.45			9-2-2016		4,000,000		3,999,920
Anglesea Funding LLC 144A(p)(z)		0.47			9-6-2016		4,000,000		3,999,720
Anglesea Funding LLC 144A±(p)		0.64			9-7-2016		2,000,000		2,000,000
Anglesea Funding LLC 144A±(p)		0.66			9-19-2016		2,000,000		1,999,900
Anglesea Funding LLC 144A±(p)		0.67			9-29-2016		2,000,000		1,999,800
Antalis SA 144A(z)		0.60			9-8-2016		1,000,000		999,900
Antalis SA 144A(z)		0.70			9-6-2016		1,000,000		999,920
Antalis SA 144A(z)		0.70			9-9-2016		1,000,000		999,880
Antalis SA 144A(z)		1.00			11-4-2016		5,000,000		4,993,300
ANZ Banking Group Limited 144A(z)		0.65			9-2-2016		2,000,000		1,999,940
Atlantic Asset Securitization Corporation 144A(p)(z)		0.34			9-1-2016		4,000,000		3,999,952
Atlantic Asset Securitization Corporation 144A±(p)		0.66			12-5-2016		3,000,000		2,999,850
Atlantic Asset Securitization Corporation 144A±(p)		0.66			12-9-2016		3,000,000		2,999,820
Atlantic Asset Securitization Corporation 144A±(p)		0.67			12-16-2016		3,000,000		2,999,790
Australia & New Zealand Banking Group 144A(z)		0.62			9-22-2016		4,000,000		3,998,680
Banco De Credito E Inversiones 144A(z)		0.85			10-28-2016		8,000,000		7,993,920
Bank of Nova Scotia 144A(z)		0.60			9-21-2016		4,000,000		3,999,000
Bank of Nova Scotia 144A(z)		0.75			10-20-2016		10,000,000		9,992,400
Banque et Caisse d’Epargne de l’Etat (z)		0.66			9-1-2016		1,000,000		999,990

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


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			109

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Commercial Paper (continued)
Barclays Bank plc 144A(z)		0.68	%		9-12-2016	$	8,000,000	$	7,999,120
Barclays Bank plc 144A(z)		0.80			9-6-2016		6,000,000		5,999,700
Barton Capital Corporation 144A(p)(z)		0.64			9-7-2016		2,000,000		1,999,860
Barton Capital Corporation 144A(p)(z)		0.76			9-29-2016		2,000,000		1,999,320
Bennington Stark Capital Company LLC 144A(p)(z)		0.52			9-2-2016		2,000,000		1,999,960
Bennington Stark Capital Company LLC 144A(p)(z)		0.55			9-1-2016		2,000,000		1,999,980
Bennington Stark Capital Company LLC 144A(p)(z)		0.55			9-7-2016		2,000,000		1,999,820
Caisse Centrale Desjardins du Quebec 144A(z)		0.39			9-1-2016		6,000,000		5,999,941
Caisse Centrale Desjardins du Quebec 144A(z)		0.61			9-14-2016		5,000,000		4,999,250
Caisse Centrale Desjardins du Quebec 144A(z)		0.63			9-15-2016		3,000,000		2,999,520
Caisse Centrale Desjardins du Quebec 144A(z)		0.65			9-12-2016		2,000,000		1,999,740
Caisse Centrale Desjardins du Quebec 144A(z)		0.67			9-29-2016		1,000,000		999,670
Caisse D’amortissement de la Dette Sociale 144A(z)		0.68			9-19-2016		10,000,000		9,997,300
Caisse Des Depots et Consignations 144A(z)		0.66			10-3-2016		10,000,000		9,994,300
CDP Financial Incorporated 144A(z)		0.64			9-30-2016		12,950,000		12,945,856
Chesham Finance Limited 144A(p)(z)		0.48			9-1-2016		1,000,000		999,988
Chesham Finance Limited 144A(p)(z)		0.48			9-1-2016		1,000,000		999,988
Chesham Finance Limited 144A(p)(z)		0.48			9-1-2016		2,000,000		1,999,976
China International Marine Containers Group Limited (z)		1.00			9-6-2016		4,000,000		3,999,760
China International Marine Containers Group Limited (z)		1.00			9-7-2016		2,000,000		1,999,856
China Power International Development (z)		1.00			9-7-2016		3,000,000		2,999,732
China Shipping Container Lines (z)		1.00			9-1-2016		2,000,000		1,999,980
China Shipping Container Lines (z)		1.00			9-6-2016		5,000,000		4,999,700
Commonwealth Bank of Australia 144A(z)		0.62			9-6-2016		2,000,000		1,999,860
Concord Minutemen Capital Company 144A(p)(z)		0.54			9-2-2016		5,000,000		4,999,900
DBS Bank Limited 144A(z)		0.55			9-15-2016		6,000,000		5,999,100
DBS Bank Limited 144A(z)		0.65			10-11-2016		12,500,000		12,494,375
Dexia Credit Local SA (z)		0.65			9-12-2016		3,000,000		2,999,640
Erste Abwicklungsanstalt 144A(z)		0.72			10-17-2016		8,000,000		7,995,760
Gotham Funding Corporation 144A(p)(z)		0.57			9-8-2016		2,000,000		1,999,800
Gotham Funding Corporation 144A(p)(z)		0.59			9-13-2016		2,000,000		1,999,640
Gotham Funding Corporation 144A(p)(z)		0.59			9-14-2016		1,000,000		999,810
Halkin Finance LLC 144A(z)		0.48			9-1-2016		2,000,000		1,999,976
Halkin Finance LLC 144A(z)		0.50			9-2-2016		1,000,000		999,980
HSBC Bank plc 144A(z)		0.63			9-9-2016		2,000,000		1,999,820
HSBC Bank plc 144A(z)		0.65			10-5-2016		5,000,000		4,997,600
Institutional Secured Funding LLC 144A(p)(z)		0.58			9-2-2016		2,000,000		1,999,951
Institutional Secured Funding LLC 144A(p)(z)		0.63			9-1-2016		5,000,000		4,999,950
Institutional Secured Funding LLC 144A(p)(z)		0.69			9-19-2016		4,000,000		3,998,920
Jupiter Securitization Company LLC 144A(z)		0.55			9-20-2016		1,000,000		999,710
Kells Funding LLC 144A(z)		0.64			9-20-2016		1,000,000		999,720
Kells Funding LLC 144A(z)		0.64			9-22-2016		1,000,000		999,690
Legacy Capital Company 144A(z)		0.75			10-7-2016		9,984,000		9,977,810
Lexington Parker Capital Corporation 144A(p)(z)		0.52			9-7-2016		3,000,000		2,999,730
Lexington Parker Capital Corporation 144A(p)(z)		0.54			9-1-2016		3,000,000		2,999,970
LMA Americas LLC 144A(z)		0.55			9-2-2016		3,000,000		2,999,940
Macquarie Bank Limited 144A(z)		0.62			9-6-2016		3,000,000		2,999,580
Macquarie Bank Limited 144A(z)		0.64			9-1-2016		1,000,000		999,980
Macquarie Bank Limited 144A(z)		0.65			9-7-2016		2,000,000		1,999,680
Manhattan Asset Funding Company LLC 144A(p)(z)		0.57			9-2-2016		1,000,000		999,980

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


110		Wells Fargo Dow Jones Target Date Funds		Portfolio of investments—August 31, 2016 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Commercial Paper (continued)
Matchpoint Finance plc 144A(p)(z)		0.68	%		9-1-2016	$	1,000,000	$	999,990
Mizuho Corporate Bank (z)		0.75			9-9-2016		2,000,000		1,999,820
Mountcliff Funding LLC 144A(p)(z)		0.48			9-1-2016		5,000,000		4,999,950
National Australia Bank Limited 144A(z)		0.68			10-21-2016		8,000,000		7,995,680
Nationwide Building Society 144A(z)		0.70			9-2-2016		2,000,000		1,999,920
Nationwide Building Society 144A(z)		0.92			11-15-2016		3,000,000		2,993,850
Nederlandse Waterschapsbank NV 144A(z)		0.63			9-1-2016		3,000,000		2,999,970
Nederlandse Waterschapsbank NV 144A(z)		0.63			9-21-2016		10,000,000		9,997,800
Nieuw Amsterdam Receivable 144A(z)		0.76			10-26-2016		5,000,000		4,994,600
NRW Bank 144A(z)		0.61			9-16-2016		4,000,000		3,999,280
Ontario Teachers Finance Trust 144A(z)		0.66			9-21-2016		1,000,000		999,650
Regency Markets No. 1 LLC 144A(p)(z)		0.55			9-14-2016		6,000,000		5,998,860
Ridgefield Funding Company LLC 144A±(p)		0.71			9-23-2016		2,000,000		1,999,920
Salt River Agricultural Improvement & Power District Series D-1 (z)		0.55			9-8-2016		1,000,000		999,890
Salt River Agricultural Improvement & Power District Series D-1 (z)		0.55			9-9-2016		2,000,000		1,999,720
Sinochem Capital Company Limited (z)		0.47			9-6-2016		2,000,000		1,999,880
Sinochem Capital Company Limited (z)		0.47			9-12-2016		2,000,000		1,999,760
Sinochem Capital Company Limited (z)		1.00			9-2-2016		2,000,000		1,999,960
Skandinaviska Enskilda Banken AG 144A(z)		0.65			10-6-2016		10,000,000		9,996,200
Starbird Funding Corporation 144A±(p)		0.67			9-16-2016		2,000,000		1,999,940
Starbird Funding Corporation 144A(p)(z)		0.68			9-1-2016		1,000,000		999,990
Suncorp Group Limited 144A(z)		0.74			9-6-2016		2,000,000		1,999,880
Suncorp Group Limited 144A(z)		0.75			9-8-2016		2,000,000		1,999,840
Suncorp Group Limited 144A(z)		0.92			11-23-2016		4,000,000		3,994,920
United Overseas Bank Limited 144A(z)		0.65			10-17-2016		12,000,000		11,993,640
Victory Receivables 144A(p)(z)		0.60			9-19-2016		1,000,000		999,730
Victory Receivables 144A(p)(z)		0.60			9-7-2016		3,000,000		2,999,730
Working Capital Management Company 144A(z)		0.60			9-1-2016		2,000,000		1,999,980

Total Commercial Paper (Cost $373,277,701)									373,322,451


Corporate Bonds and Notes: 0.29%

Health Care: 0.23%

Health Care Providers & Services: 0.23%
Keep Memory Alive ±§		0.56			5-1-2037		920,000		920,000
Providence Health & Services ±§		0.60			10-1-2042		970,000		970,000

									1,890,000


Materials: 0.06%

Metals & Mining: 0.06%
SSAB AB Series A ±§		0.49			6-1-2035		500,000		500,000


Total Corporate Bonds and Notes (Cost $2,390,000)									2,390,000


Municipal Obligations: 24.09%

Alabama: 0.12%
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series J (Industrial Development Revenue, Bank of Nova Scotia LOC) ø		0.66			4-1-2028		1,000,000		1,000,000

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


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			111

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date			Principal		Value

Arkansas: 0.12%
Maumelle AR Taxable Variable Kimberly Clark Corporation (Industrial Development Revenue) 144Aø		0.54	%		8-1-2045		$	1,000,000	$	1,000,000


California: 2.32%
California CDA Sub Series A (Utilities Revenue, Royal Bank of Canada SPA) ø		0.65			11-1-2040			5,000,000		5,000,000
California HFFA Catholic Healthcare West Series C (Health Revenue, Bank of Montreal LOC) ø		0.60			3-1-2047			3,000,000		3,000,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3841 (Transportation Revenue, Ambac Insured, JPMorgan Chase & Company LIQ) 144Aø		0.68			7-1-2024			5,000,000		5,000,000
Puttable Floating Option Taxable Series PT-4699 (Health Revenue, National Insured, Bank of America NA LIQ) 144Aø		0.73			9-1-2028			960,000		960,000
San Diego County CA Regional Transportation Community Limited Tax Series B (Tax Revenue, JPMorgan Chase & Company SPA) ø		0.58			4-1-2038			2,000,000		2,000,000
San Francisco City & County CA Airports Commission Variable Reference Second Series A-2 (Airport Revenue, Bank of America NA LOC) ø		0.62			5-1-2030			3,000,000		3,000,000

										18,960,000


Colorado: 1.00%
Colorado HFA Catholic Health Initiatives Series 7WE (Health Revenue, Barclays Bank plc LOC) 144Aø		0.71			8-1-2018			5,000,000		5,000,000
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA) ø		0.60			10-1-2034			1,000,000		1,000,000
Colorado HFA MFHR Class I Series A-1 (Housing Revenue, FHLB SPA) ø		0.60			10-1-2033			890,000		890,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) ø		0.60			5-1-2052			240,000		240,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue) ø		0.56			1-1-2027			1,000,000		1,000,000

										8,130,000


Connecticut: 2.01%
Connecticut HFA Series C-2 (Housing Revenue, Bank of Tokyo-Mitsubishi SPA) ø		0.60			5-15-2034			3,000,000		3,000,000
Connecticut Series C (GO Revenue, Bank of America NA SPA) ø		0.61			5-15-2034			2,000,000		2,000,000
Puttable Floating Option Taxable Series TNP-1013 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.55			4-15-2046			11,440,000		11,440,000

										16,440,000


District of Columbia: 1.59%
Howard University (Education Revenue) ±		0.60			8-1-2031			12,000,000		12,000,000
Metropolitan Washington District of Columbia Airports Sub Series A-1 (Airport Revenue, Royal Bank of Canada LOC) ø		0.62			10-1-2039			970,000		970,000

										12,970,000
						��

Florida: 1.35%
Gainesville FL (Utilities Revenue)		0.65			9-1-2016			1,000,000		1,000,000
Gainesville FL Series B (Utilities Revenue, Bank of Montreal SPA) ø		0.65			10-1-2038			4,000,000		4,000,000
Orlando & Orange County FL Expressway Authority Series 2007 0081 (Transportation Revenue, BHAC/AGM Insured, Citibank NA LIQ) ø		0.60			7-1-2042			3,000,000		3,000,000
West Palm Beach FL Utilities Systems Series C (Water & Sewer Revenue, AGC Insured, JPMorgan Chase & Company SPA) ø		0.64			10-1-2038			3,000,000		3,000,000

										11,000,000

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


112		Wells Fargo Dow Jones Target Date Funds		Portfolio of investments—August 31, 2016 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Idaho: 0.37%
Idaho HFA (Housing Revenue) (z)		0.64	%		9-2-2016	$	3,000,000	$	2,999,820


Illinois: 0.24%
Illinois Toll Highway Authority Series A1 (Transportation Revenue, AGM Insured, JPMorgan Chase & Company SPA) ø		0.63			1-1-2031		2,000,000		2,000,000


Iowa: 0.24%
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (Industrial Development Revenue) ø		0.64			6-1-2039		2,000,000		2,000,000


Louisiana: 1.10%
Puttable Floating Option Taxable Series TNP-1014 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.55			6-1-2045		8,980,000		8,980,000


Maryland: 0.25%
Maryland CDA Housing & Community Residential Series B (Housing Revenue, TD Bank NA SPA) ø		0.57			9-1-2033		2,000,000		2,000,000


Massachusetts: 0.98%
Massachusetts Department of Transportation Series A6 (Transportation Revenue, TD Bank NA SPA) ø		0.59			1-1-2029		5,000,000		5,000,000
Massachusetts Department of Transportation Series A7 (Transportation Revenue, Sumitomo Mitsui Banking SPA) ø		0.62			1-1-2039		3,000,000		3,000,000

									8,000,000


Michigan: 0.24%
Michigan Housing Development Authority Series D (Housing Revenue, Bank of Tokyo-Mitsubishi SPA) ø		0.67			10-1-2039		1,975,000		1,975,000


Minnesota: 0.23%
NorthStar Student Loan Trust II (Education Revenue, Royal Bank of Canada LOC) ø		0.60			10-1-2042		851,000		851,000
RBC Municipal Products Incorporated Trust Floater CTFS Series E-69 (Housing Revenue, Royal Bank of Canada LOC) 144Aø		0.60			5-31-2018		1,000,000		1,000,000

									1,851,000


Nevada: 0.25%
Clark County NV Series B-2 (Airport Revenue, Royal Bank of Canada LOC) ø		0.63			7-1-2022		2,000,000		2,000,000


New York: 4.17%
New York City NY Municipal Water Finance Various Subordinated Series F1B-RMKT-06/25/09 (Water & Sewer Revenue, U.S. Bank NA SPA) ø		0.56			6-15-2035		4,000,000		4,000,000
New York HFA 20 River Terrace Series A (Housing Revenue, FNMA LOC, FNMA LIQ) ø		0.65			5-15-2034		2,000,000		2,000,000
New York HFA 605 West 42 Street Series B (Housing Revenue, Bank of China LOC) ø		0.90			5-1-2048		3,000,000		3,000,000
New York HFA Biltmore Tower (Housing Revenue, FNMA LOC, FNMA LIQ) ø		0.68			5-15-2034		2,000,000		2,000,000
New York HFA Series A (Housing Revenue, FHLMC LIQ) ø		0.60			11-1-2037		1,000,000		1,000,000
New York Housing Finance Agency 222 East 44TH Street Series B (Housing Revenue, Bank of China LOC) ø		1.20			5-1-2050		1,000,000		1,000,000
New York Housing Finance Agency Manhattan West Residential Project Series B-2 (Housing Revenue, Bank of China LOC) ø		0.96			11-1-2049		1,000,000		1,000,000
New York Housing HFA Riverside Center 2 Series A-2 (Housing Revenue, Bank of America NA LOC) ø		0.63			11-1-2046		1,000,000		1,000,000

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


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			113

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

New York (continued)
New York Metropolitan Transportation Authority Sub Series G-2 (Transportation Revenue, TD Bank NA LOC) ø		0.57	%		11-1-2032	$	3,000,000	$	3,000,000
New York NY Housing Development Corporation Atlantic Court Apartments Series A (Housing Revenue, FHLMC LOC, FHLMC LIQ) ø		0.67			12-1-2035		1,000,000		1,000,000
New York NY Sub Series B-3 (GO Revenue, Citibank NA LOC) ø		0.61			4-1-2042		6,000,000		6,000,000
New York NY Transitional Finance Authority Sub Series C-5 (Tax Revenue, Sumitomo Mitsui Banking LOC) ø		0.57			11-1-2041		5,000,000		5,000,000
New York Urban Development Corporation Series A3D (Tax Revenue, JPMorgan Chase & Company SPA) ø		0.57			3-15-2033		2,000,000		2,000,000
RBC Municipal Products Incorporated Trust Series E-51 for Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144Aø(i)		0.97			7-1-2017		2,000,000		2,000,000

									34,000,000


North Carolina: 0.61%
Charlotte NC NASCAR Project Series D (Miscellaneous Revenue, Bank of America NA LOC) ø		0.60			6-1-2035		2,000,000		2,000,000
North Carolina Medical Care Commission FirstHealth Carolina Project Series 2008A (Health Revenue, Branch Banking & Trust SPA) ø		0.64			10-1-2028		3,000,000		3,000,000

									5,000,000


North Dakota: 0.25%
North Dakota HFA Mortgage Finance Program Series F (Housing Revenue, FHLB SPA) ø		0.60			1-1-2047		2,000,000		2,000,000


Ohio: 0.24%
Ohio HFA Residential Management Series J (Housing Revenue, JPMorgan Chase & Company SPA) ø		0.62			9-1-2035		1,950,000		1,950,000


Oklahoma: 0.46%
Oklahoma Grand River Dam Authority Series C (Utilities Revenue, Barclays Bank plc LOC) ø		0.61			6-1-2039		3,750,000		3,750,000


Oregon: 0.12%
Tender Option Bond Trust Receipts/Certificates Series 2016-TXG001 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.77			5-1-2035		1,000,000		1,000,000


Other: 1.80%
Clipper Tax-Exempt Certified Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) ø		0.62			2-15-2028		7,000,000		7,000,000
Eagle Tax Exempt Trust Series 2008 0055F (, FHLMC Insured, FHLB LIQ) 144Aø		0.59			4-15-2049		2,000,000		2,000,000
FHLMC MFHR Series M017 Class A (Housing Revenue) 144Aø		0.59			9-15-2050		4,993,000		4,993,000
PFOTER Series TNP-1012 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.55			12-1-2038		735,000		735,000

									14,728,000


Pennsylvania: 0.12%
Philadelphia PA Series CC-2 (Miscellaneous Revenue)		0.56			9-12-2016		1,000,000		999,940


South Carolina: 0.61%
South Carolina Public Service Commission (Miscellaneous Revenue)		0.48			9-9-2016		1,000,000		1,000,000
York County SC PCR (Miscellaneous Revenue)		0.55			9-1-2016		4,000,000		4,000,000

									5,000,000

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


114		Wells Fargo Dow Jones Target Date Funds		Portfolio of investments—August 31, 2016 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Tennessee: 0.25%
Sevier County TN Public Building AuthorityLocal Government Public Improvement Series 6-A1 (Miscellaneous Revenue, Branch Banking & Trust SPA) ø		0.63	%		6-1-2029	$	2,000,000	$	2,000,000


Texas: 2.80%
Brazos Harbor TX Industrial Development Corporation (Industrial Development Revenue) ø		0.75			10-1-2036		5,000,000		5,000,000
Harris County TX Cultural and Educational Facilities Authority Barclays Residual Interest Bonds Trust Series 5WE (Miscellaneous Revenue, Barclays Bank plc LOC) 144Aø		0.71			7-1-2018		10,000,000		10,000,000
Houston TX Adjustable Refunding First Lien B3 (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC) ø		0.58			5-15-2034		1,000,000		1,000,000
Port Arthur TX Navigation District Daily Fina Oil and Chemical Company Project (Industrial Development Revenue) ø		0.70			5-1-2033		1,000,000		1,000,000
Texas Department of Housing & Community Affairs Foundation Asmara (Housing Revenue, FHLMC LIQ) ø		0.64			7-1-2033		2,000,000		2,000,000
Texas Department of Housing & Community Affairs Series A (Housing Revenue, GNMA/FNMA/FHLMC Insured, Texas State Treasurer SPA) ø		0.64			9-1-2038		865,000		865,000
Texas Tollway Authortiy Series D (Transportation Revenue, Royal Bank of Canada LOC) ø		0.61			1-1-2049		3,000,000		3,000,000

									22,865,000


Utah: 0.25%
Utah Water Finance Agency Series B-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) ø		0.68			10-1-2037		2,000,000		2,000,000


Total Municipal Obligations (Cost $196,598,946)									196,598,760


Other: 0.98%
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ) 144A±§		0.67			8-1-2040		1,000,000		1,000,000
Nuveen Enhanced Municipal Credit Opportunities Fund Series 1 (Citibank NA LIQ) 144A±§		0.69			3-1-2040		3,000,000		3,000,000
Western Asset Managed Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A±§		0.65			3-4-2045		4,000,000		4,000,000

Total Other (Cost $8,000,000)									8,000,000


Repurchase Agreements ^^: 10.09%
Bank of America Corporation, dated 8-31-2016, maturity value $21,500,203 (1)		0.34			9-1-2016		21,500,000		21,500,000
Barclays Capital Incorporated, dated 8-31-2016, maturity value $14,000,136 (2)		0.35			9-1-2016		14,000,000		14,000,000
BNP Paribas, dated 8-31-2016, maturity value $20,852,589 (3)		0.33			9-1-2016		20,852,398		20,852,398
GX Clarke & Company, dated 8-31-2016, maturity value $26,000,289 (4)		0.40			9-1-2016		26,000,000		26,000,000

Total Repurchase Agreements (Cost $82,352,398)									82,352,398


Total investments in securities (Cost $815,619,258) *	99.95	%		815,670,589
Other assets and liabilities, net	0.05			377,065

Total net assets	100.00	%	$	816,047,654

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


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			115

SHORT-TERM INVESTMENT PORTFOLIO

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

(p)	Asset-backed commercial paper

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

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

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

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

(i)	Illiquid security

^^	Collateralized by:

(1)

U.S. government securities, 3.00% to 3.50%, 2-1-2043 to 9-1-2045, fair value including accrued interest is $22,145,000.

(2)

U.S. government securities, 1.13% to 3.75%, 4-30-2020 to 5-31-2022, fair value including accrued interest is $14,280,002.

(3)

U.S. government securities, 0.00% to 8.13%, 9-30-2016 to 8-1-2048, fair value including accrued interest is $21,453,672.

(4)

U.S. government securities, 2.50% to 5.50%, 12-1-2017 to 2-1-2046, fair value including accrued interest is $26,780,117.

*	Cost for federal income tax purposes is $815,619,258 and unrealized gains (losses) consists of:


Gross unrealized gains	$	553,826
Gross unrealized losses		(2,495	)

Net unrealized gains	$	551,331

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


116		Wells Fargo Dow Jones Target Date Funds		Statements of assets and liabilities—August 31, 2016 (unaudited)


	Diversified Fixed Income Portfolio		Diversified Stock Portfolio		Short-Term Investment Portfolio

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	5,736,191,175	$	8,338,876,290	$	733,318,191
In affiliated securities, at value (see cost below)		217,080,304		347,816,983		0
In repurchase agreements, at value		0		0		82,352,398

Total investments, at value (see cost below)		5,953,271,479		8,686,693,273		815,670,589
Cash		0		2,735,808		37
Segregated cash		0		5,000,610		0
Foreign currency, at value (see cost below)		0		28,553,426		0
Receivable for investments sold		0		60,834,844		5,318,000
Receivable for dividends and interest		35,646,733		15,751,225		190,913
Receivable for securities lending income		3,296		312,947		0
Prepaid expenses and other assets		27,429		5,769		3,985

Total assets		5,988,948,937		8,799,887,902		821,183,524


Liabilities
Payable for investments purchased		155,507,346		36,448		5,000,018
Payable upon receipt of securities loaned		4,562,280		218,333,728		0
Payable for daily variation margin on open futures contracts		0		495,965		0
Advisory fee payable		757,337		1,032,112		69,393
Accrued expenses and other liabilities		271,121		940,479		66,459

Total liabilities		161,098,084		220,838,732		5,135,870

Total net assets	$	5,827,850,853	$	8,579,049,170	$	816,047,654


Investments in unaffiliated securities, at cost	$	5,460,872,952	$	6,174,265,631	$	733,266,860

Investments in affiliated securities, at cost	$	215,223,787	$	336,192,835	$	0

Investments in repurchase agreements, at cost	$	0	$	0	$	82,352,398

Total investments, at cost	$	5,676,096,739	$	6,510,458,466	$	815,619,258

Securities on loan, at value	$	4,467,550	$	211,927,377	$	0

Foreign currency, at cost	$	0	$	28,622,409	$	0

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


Statements of operations—six months ended August 31, 2016 (unaudited)		Wells Fargo Dow Jones Target Date Funds			117


	Diversified Fixed Income Portfolio			Diversified Stock Portfolio		Short-Term Investment Portfolio

Investment income
Interest*	$	68,288,436		$	19,555	$	2,459,760
Income from affiliated securities		492,522			555,349		0
Securities lending income, net		15,404			3,102,889		0
Dividends**		0			108,184,207		0

Total investment income		68,796,362			111,862,000		2,459,760


Expenses
Advisory fee		4,377,532			6,087,242		450,223
Custody and accounting fees		231,946			749,387		48,886
Professional fees		54,882			58,617		22,380
Shareholder report expenses		6,462			10,538		972
Trustees’ fees and expenses		12,286			11,824		11,620
Other fees and expenses		12,994			61,526		7,549

Total expenses		4,696,102			6,979,134		541,630

Net investment income		64,100,260			104,882,866		1,918,130


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(6,448,731	)		51,742,888		830
Affiliated securities		33,372			412,007		0
Futures transactions		0			17,242,631		0

Net realized gain (losses) on investments		(6,415,359	)		69,397,526		830


Net change in unrealized gains (losses) on:
Unaffiliated securities		211,852,888			1,060,370,766		37,369
Affiiliated securities		809,955			1,640,988		0
Futures transactions		0			3,304,558		0

Net change in unrealized gains (losses) on investments		212,662,843			1,065,316,312		37,369

Net realized and unrealized gains (losses) on investments		206,247,484			1,134,713,838		38,199

Net increase in net assets resulting from operations	$	270,347,744		$	1,239,596,704	$	1,956,329


* Net of foreign interest withholding taxes in the amount of		$576,539			$0		$0
** Net of foreign dividend withholding taxes in the amount of		$0			$7,036,626		$0

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


118		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Diversified Fixed Income Portfolio
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016

Operations
Net investment income	$	64,100,260		$	141,080,187
Net realized losses on investments		(6,415,359	)		(72,730,886	)
Net change in unrealized gains (losses) on investments		212,662,843			5,299,221

Net increase in net assets resulting from operations		270,347,744			73,648,522


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		743,511,208			1,180,576,977
Withdrawals		(530,553,373	)		(1,994,426,845	)

Net increase (decrease) in net assets resulting from capital share transactions		212,957,835			(813,849,868	)

Total increase (decrease) in net assets		483,305,579			(740,201,346	)


Net assets
Beginning of period		5,344,545,274			6,084,746,620

End of period	$	5,827,850,853		$	5,344,545,274

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


Statements of changes in net assets		Wells Fargo Dow Jones Target Date Funds			119


	Diversified Stock Portfolio
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016

Operations
Net investment income	$	104,882,866		$	177,947,840
Net realized gains on investments		69,397,526			307,932,833
Net change in unrealized gains (losses) on investments		1,065,316,312			(1,628,567,751	)

Net increase (decrease) in net assets resulting from operations		1,239,596,704			(1,142,687,078	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		537,300,928			1,596,369,458
Withdrawals		(1,143,587,541	)		(2,186,652,936	)

Net decrease in net assets resulting from capital share transactions		(606,286,613	)		(590,283,478	)

Total increase (decrease) in net assets		633,310,091			(1,732,970,556	)


Net assets
Beginning of period		7,945,739,079			9,678,709,635

End of period	$	8,579,049,170		$	7,945,739,079

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


120		Wells Fargo Dow Jones Target Date Funds		Statements of changes in net assets


	Short-Term Investment Portfolio
	Six months ended August 31, 2016 (unaudited)			Year ended February 29, 2016

Operations
Net investment income	$	1,918,130		$	1,789,194
Net realized gains on investments		830			862
Net change in unrealized gains (losses) on investments		37,369			12,131

Net increase in net assets resulting from operations		1,956,329			1,802,187


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		178,353,630			410,642,819
Withdrawals		(207,698,140	)		(460,272,218	)

Net decrease in net assets resulting from capital share transactions		(29,344,510	)		(49,629,399	)

Total decrease in net assets		(27,388,181	)		(47,827,212	)


Net assets
Beginning of period		843,435,835			891,263,047

End of period	$	816,047,654		$	843,435,835

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


Financial highlights		Wells Fargo Dow Jones Target Date Funds			121


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Diversified Fixed Income Portfolio
Six months ended August 31, 2016 (unaudited)		2.25	%		0.16	%		0.16	%		4.94	%		19	%
Year ended February 29, 2016		2.37	%		0.16	%		0.16	%		1.58	%		39	%
Year ended February 28, 2015		2.28	%		0.16	%		0.16	%		1.54	%		49	%
Year ended February 28, 2014		2.25	%		0.19	%		0.19	%		0.47	%		44	%
Year ended February 28, 2013		2.24	%		0.27	%		0.26	%		1.50	%		43	%
Year ended February 29, 2012		2.66	%		0.27	%		0.26	%		7.41	%		52	%

Diversified Stock Portfolio
Six months ended August 31, 2016 (unaudited)		2.44	%		0.16	%		0.16	%		15.84	%		3	%
Year ended February 29, 2016		1.99	%		0.17	%		0.17	%		(12.77	)%		25	%
Year ended February 28, 2015		1.85	%		0.16	%		0.16	%		9.01	%		14	%
Year ended February 28, 2014		1.92	%		0.20	%		0.19	%		21.82	%		22	%
Year ended February 28, 2013		2.06	%		0.33	%		0.28	%		11.12	%		18	%
Year ended February 29, 2012		1.79	%		0.33	%		0.28	%		0.86	%		17	%

Short-Term Investment Portfolio
Six months ended August 31, 2016 (unaudited)		0.43	%		0.12	%		0.12	%		0.20	%		N/A
Year ended February 29, 2016		0.18	%		0.12	%		0.12	%		0.15	%		N/A
Year ended February 28, 2015		0.07	%		0.12	%		0.12	%		(0.03	)%		N/A
Year ended February 28, 2014		0.09	%		0.12	%		0.12	%		0.03	%		N/A
Year ended February 28, 2013		0.14	%		0.12	%		0.12	%		0.11	%		N/A
Year ended February 29, 2012		0.13	%		0.12	%		0.12	%		0.10	%		N/A

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

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


122		Wells Fargo Dow Jones Target Date 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 funds: Wells Fargo Diversified Fixed Income Portfolio (“Diversified Fixed Income Portfolio”), Wells Fargo Diversified Stock Portfolio (“Diversified Stock Portfolio”), and Wells Fargo Short-Term Investment Portfolio (“Short-Term Investment Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”).

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), although the Portfolios may deviate from this calculation time under unusual or unexpected circumstances.

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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

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 of Wells Fargo Funds Management, LLC (“Funds Management”).

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 August 31, 2016, 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 normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. 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. 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


Notes to financial statements (unaudited)		Wells Fargo Dow Jones Target Date Funds			123

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.

Repurchase agreements

The Portfolios may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to a Portfolio in the event that such Portfolio is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Portfolio seeks to assert its rights.

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”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are 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.


124		Wells Fargo Dow Jones Target Date Funds		Notes to financial statements (unaudited)

When-issued transactions

Each Portfolio 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 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.

Futures contracts

Each Portfolio may enter into futures contracts and may be subject to interest rate risk or equity price risk in the normal course of pursuing its investment objectives. The 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.

Mortgage dollar roll transactions

Each Portfolio 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 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. A Portfolio accounts 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 interest holders 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.


Notes to financial statements (unaudited)		Wells Fargo Dow Jones Target Date Funds			125

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:

Level 1 – quoted prices in active markets for identical securities

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

Level 3 – significant unobservable inputs (including the 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.

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of August 31, 2016:


Diversified Fixed Income Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Agency securities	$	0	$	1,538,442,378	$	0	$	1,538,442,378

Corporate bonds and notes		0		1,213,231,257		0		1,213,231,257

Foreign government bonds		0		1,435,565,122		0		1,435,565,122

U.S. Treasury securities		1,339,224,884		0		0		1,339,224,884

Yankee corporate bonds and notes		0		231,245,260		0		231,245,260

Yankee government bonds		0		2,026,706		0		2,026,706

Short-term investments
Investment companies		188,973,592		0		0		188,973,592
Investments measured at net asset value*								4,562,280
Total assets	$	1,528,198,476	$	4,420,510,723	$	0	$	5,953,271,479

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $4,562,280 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


126		Wells Fargo Dow Jones Target Date Funds		Notes to financial statements (unaudited)


Diversified Stock Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	1,141,713,109	$	155,074	$	0	$	1,141,868,183
Consumer staples		618,306,765		339,987		0		618,646,752
Energy		460,001,104		2,193,519		3		462,194,626
Financials		1,841,599,293		670,411		76		1,842,269,780
Health care		874,097,604		0		0		874,097,604
Industrials		922,888,836		5,933		68,184		922,962,953
Information technology		1,452,797,718		1		0		1,452,797,719
Materials		448,091,883		295,619		0		448,387,502
Telecommunication services		221,898,681		692,926		0		222,591,607
Utilities		337,448,220		0		0		337,448,220

Preferred stocks
Consumer discretionary		5,056,503		0		0		5,056,503
Consumer staples		2,428,198		0		0		2,428,198
Energy		5,798,084		0		0		5,798,084
Financials		18,921,256		0		0		18,921,256
Health care		605,330		0		0		605,330
Information technology		3,527,896		0		0		3,527,896
Materials		3,214,186		0		0		3,214,186
Telecommunication services		1,977,515		0		0		1,977,515
Utilities		44,203		0		0		44,203

Rights
Health care		0		0		0		0
Industrials		0		0		0		0

Warrants
Consumer discretionary		0		85,621		0		85,621
Energy		0		21,269		0		21,269
Industrials		0		1,030		0		1,030

Short-term investments
Investment companies		103,413,508		0		0		103,413,508
Investments measured at net asset value*								218,333,728
Total assets	$	8,463,829,892	$	4,461,390	$	68,263	$	8,686,693,273
Liabilities
Futures contracts	$	495,965	$	0	$	0	$	495,965
Total liabilities	$	495,965	$	0	$	0	$	495,965

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $218,333,728 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Notes to financial statements (unaudited)		Wells Fargo Dow Jones Target Date Funds			127


Short-Term Investment Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Certificates of deposit	$	0	$	153,006,980	$	0	$	153,006,980

Commercial paper		0		373,322,451		0		373,322,451

Corporate bonds and notes		0		2,390,000		0		2,390,000

Municipal obligations		0		196,598,760		0		196,598,760

Other		0		8,000,000		0		8,000,000

Repurchase agreements		0		82,352,398		0		82,352,398
Total assets	$	0	$	815,670,589	$	0	$	815,670,589

Futures contracts are reported at their variation margin at measurement date, which represents the amount due 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. Fair value pricing which was used in pricing certain foreign securities at the previous period end was not used at August 31, 2016. As a result, Diversified Stock Portfolio common stocks valued at $2,393,980,410 and preferred stocks valued at $11,267,327 were transferred from Level 2 to Level 1 within the fair value hierarchy. The Diversified Stock Portfolio had no material transfers into/out of Level 3. At August 31, 2016, the Diversified Fixed Income Portfolio and Short-Term Investment Portfolio did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management. The advisor is responsible for implementing investment policies and guidelines and for supervising the applicable 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 from Diversified Fixed Income Portfolio and Diversified Stock Portfolio starting at 0.20% and declining to 0.10% as the average daily net assets of each respective Portfolio increase. Funds Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets of Short-Term Investment Portfolio. For the six months ended August 31, 2016, the advisory fee was equivalent to an annual rate for each Portfolio as follows:


	Advisory fee
Diversified Fixed Income Portfolio		0.15	%
Diversified Stock Portfolio		0.14
Short-Term Investment Portfolio		0.10

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolios. The fees for subadvisory services are borne by Funds Management. WellsCap is the subadviser to Short-Term Investment Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of Short-Term Investment Portfolio increase. SSgA Funds Management Incorporated is the subadviser to both Diversified Fixed Income Portfolio and Diversified Stock Portfolio and is entitled to receive an annual subadvisory fee from Funds Management starting at 0.07% and declining to 0.025% as the average daily net assets of each Portfolio increase.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2016 were as follows:


	Purchases at cost				Sales proceeds
	U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
Diversified Fixed Income Portfolio	$	1,231,295,484	$	310,156,042	$	859,390,678	$	196,608,387
Diversified Stock Portfolio		0		242,163,491		0		720,961,207


128		Wells Fargo Dow Jones Target Date Funds		Notes to financial statements (unaudited)

6. INVESTMENTS IN AFFILIATES

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

Shares, beginning

of period

purchased

sold

Shares, end

of period

Value, end

of period

Income from

affiliated

securities

Realized

gains

Diversified Stock Portfolio

Wells Fargo & Company

563,684

14,700

65,200

513,184

26,069,747

416,157

412,007

7. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2016, Diversified Stock Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At August 31, 2016, Diversified Stock Portfolio had long futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts	Type	Contract value at August 31, 2016		Unrealized gains
9-16-2016	UBS	10 Long	MSCI EAFE Index	$	843,800	$	12,505
9-16-2016	UBS	4 Long	MSCI EM Index		177,580		11,440
9-16-2016	UBS	362 Long	Russell 2000 Index		44,844,560		2,060,700
9-16-2016	UBS	245 Long	S&P 400 E-Mini Index		38,313,100		334,460
9-16-2016	UBS	343 Long	S&P 500 E-Mini Index		37,206,925		10,288

Diversified Stock Portfolio had an average notional amount of $146,425,110 in long futures contracts during the six months ended August 31, 2016. As of August 31, 2016, Diversified Stock Portfolio had segregated $5,000,610 as cash collateral for open futures contracts.

The 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 and change in unrealized gains (losses) on futures contracts are reflected in the Statements of Operations.

For certain types of derivative transactions, the Diversified Stock Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Diversified Stock 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 Diversified Stock Portfolio 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. 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 Diversified Stock 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 liabilities in the

Statements of

Assets and

Liabilities

Amounts

subject to

netting

agreements

Collateral

pledged¹

Net amount

of liabilities

Diversified Stock Portfolio

Futures – variation margin

UBS

495,965

(495,965

)

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


Notes to financial statements (unaudited)		Wells Fargo Dow Jones Target Date Funds			129

8. INDEMNIFICATION


130		Wells Fargo Dow Jones Target Date 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 139 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he 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 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). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	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, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Dow Jones Target Date Funds			131


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

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

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	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.
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.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016*	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 68 funds and Assistant Treasurer of 71 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.

*	Michael Whitaker became Chief Compliance Officer effective May 16, 2016.


132		Wells Fargo Dow Jones Target Date Funds		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Dow Jones Target Today Fund, Wells Fargo Dow Jones Target 2010 Fund, Wells Fargo Dow Jones Target 2015 Fund, Wells Fargo Dow Jones Target 2020 Fund, Wells Fargo Dow Jones Target 2025 Fund, Wells Fargo Dow Jones Target 2030 Fund, Wells Fargo Dow Jones Target 2035 Fund, Wells Fargo Dow Jones Target 2040 Fund, Wells Fargo Dow Jones Target 2045 Fund, Wells Fargo Dow Jones Target 2050 Fund, Wells Fargo Dow Jones Target 2055 Fund, Wells Fargo Dow Jones Target 2060 Fund, Wells Fargo Diversified Fixed Income Portfolio, Wells Fargo Diversified Stock Portfolio, Wells Fargo Short-Term Investment Portfolio

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”), must determine annually whether to approve the continuation of the Trusts’ investment management, advisory and sub-advisory agreements, as applicable. In this regard, at an in-person meeting held on May 24-25, 2016 (the “Meeting”) and, the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management, advisory and sub-advisory agreements and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for each of the Wells Fargo Dow Jones Target Today Fund, Wells Fargo Dow Jones Target 2010 Fund, Wells Fargo Dow Jones Target 2015 Fund, Wells Fargo Dow Jones Target 2020 Fund, Wells Fargo Dow Jones Target 2025 Fund, Wells Fargo Dow Jones Target 2030 Fund, Wells Fargo Dow Jones Target 2035 Fund, Wells Fargo Dow Jones Target 2040 Fund, Wells Fargo Dow Jones Target 2045 Fund, Wells Fargo Dow Jones Target 2050 Fund, Wells Fargo Dow Jones Target 2055 Fund and Wells Fargo Dow Jones Target 2060 Fund (individually, the “Target Date Fund” and collectively, the “Target Date Funds”) an investment management agreement (the “Target Date Fund Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”).

At the Meeting, the Master Trust Board, all the members of which are Independent Trustees, reviewed and approved for each of Wells Fargo Diversified Fixed Income Portfolio, Wells Fargo Diversified Stock Portfolio and Wells Fargo Short-Term Investment Portfolio (the “Master Portfolios”) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Funds Management. The Target Date Funds and the Master Portfolios are collectively referred to as the “Funds.”

The Funds Trust Board also reviewed and approved the following at the Meeting: an investment sub-advisory agreement with Global Index Advisors, Inc. (“GIA”) for the Target Date Funds. The Master Trust Board also reviewed: an investment sub-advisory agreement with (i) SSgA Funds Management, Inc. (“SSgA”) for Wells Fargo Diversified Fixed Income Portfolio and Wells Fargo Diversified Stock Portfolio; and (ii) Wells Capital Management Incorporated (“Wells Capital Management”) for the Wells Fargo Short-Term Investment Portfolio (collectively, the “Sub-Advisory Agreements”).

Wells Capital Management, GIA and SSgA are collectively referred to as the “Sub-Advisers”, and the Target Date Fund Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.” The Target Date Funds are gateway blended funds that each invests all of their assets in the Master Portfolios.

At the Meeting, the Boards considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2016, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Boards in the discharge of their duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Boards, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Boards’ annual contract renewal process earlier in 2016. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Boards considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Boards reviewed reports of Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.


Other information (unaudited)		Wells Fargo Dow Jones Target Date Funds			133

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

Nature, extent and quality of services

The Boards received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services, as well as, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

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

Fund performance and expenses

The Boards considered the performance results for each of the Funds over various time periods ended December 31, 2015. The Boards considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the respective Funds (each, a “Universe”), and in comparison to each Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in each performance Universe.

The Funds Trust Board noted that the performance of each Target Date Fund (Administrator Class) relative to its respective Universe was as follows: (i) the performance of the Target 2010 Fund was in range of the average performance of its Universe for all periods under review except the three- and five-year periods; (ii) the performance of the Target 2015 Fund was lower than the average performance of its Universe for all periods under review except the one-year period; (iii) the performance of the Target 2020 Fund was higher than or in range of the average performance of its Universe for all periods under review except the three and five-year periods; (iv) the performance of the Target 2025 Fund was lower than the average performance of its Universe for all periods under review except the one-year period; (v) the performance of the Target 2030 Fund was higher than or in range of the average performance of its Universe for all periods under review except the five-year period; (vi) the performance of the Target 2035 Fund was lower than the average performance of its Universe for all periods under review except the one-year period; (vii) the performance of the Target 2040 Fund was higher than or in range of the average performance of its Universe for all periods under review except the one-year period; (viii) the performance of the Target 2045 Fund was lower than the average performance of its Universe for all periods under review except the three-year period; (ix) the performance of the Target 2050 Fund was higher than or in range of the average performance of its Universe for all periods under review except the one-year period; (x) the performance of the Target 2055 Fund was lower than the average performance of its Universe for all periods under review; (xi) the performance of the Target 2060 Fund was lower than the average performance of its Universe for all periods under review; and (xii) the performance of the Target Today Fund was higher than or in range of the average performance of its Universe for all periods under review except the three- and five-year periods. The Funds Trust Board also noted that the performance of each Target Date Fund was lower than the performance of its respective benchmark index for all periods under review except the first quarter of 2015.

The Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance for the periods noted above. Funds Management advised the Funds Trust Board that the nearer-dated Target Date Funds have some of the more conservative glidepaths in the industry, and as a result had a lower allocation to equities compared to funds in each respective Target Date Fund’s Universe. Thus, the Funds Trust Board was advised that underperformance of the nearer-dated Target Date Funds relative to their respective Universes was to be expected during periods in which the equity markets posted strong gains. The Funds Trust Board noted that the Target Date Funds’ underperformance relative to their benchmarks was largely attributable to fees charged to the Target Date Funds (which are not charged to a benchmark index).


134		Wells Fargo Dow Jones Target Date Funds		Other information (unaudited)

The Master Trust Board took note of the performance of the Master Portfolios. The Master Trust Board noted that the performance of the Diversified Stock Portfolio was lower than the average performance of its Universe for all periods under review. The Master Trust Board also noted that the performance of the Diversified Stock Portfolio was in range of the performance of its benchmark, the Dow Jones Stock CMAC Index, for all periods under review. The Master Trust Board was apprised that the underperformance of the Diversified Stock Portfolio relative to its Universe for the periods noted above was largely attributable to sector allocation.

The Master Trust Board noted that the performance of the Diversified Fixed Income Portfolio was lower than the average performance of its Universe for all periods under review. The Master Trust Board also noted that the performance of the Diversified Fixed Income Portfolio was in range of the performance of its benchmark, the Dow Jones Bond CMAC Index, for all periods under review except the five-year period. The Master Trust Board was apprised that the underperformance of the Diversified Fixed Income Portfolio relative to its Universe and benchmark for the periods noted above was largely attributable to sector allocation.

The Master Trust Board also noted that the performance of the Short-Term Investment Portfolio was higher than or in range of the average performance of its Universe for all periods under review except the ten-year period. The Master Trust Board also noted that the performance of the Short-Term Investment Portfolio was higher than the performance of its benchmark, the Barclays U.S. T-Bill 1-3 Month Index, for all periods under review. The Master Trust Board was apprised that the underperformance of the Short-Term Investment Portfolio relative to its benchmark for the periods noted above was largely attributable to the fact that the Short-Term Investment Portfolio is managed using a money market strategy. The Master Trust Board noted that the Short-Term Investment Portfolio experienced a portfolio manager change in 2014.

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

With respect to the Master Portfolios, the Master Trust Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

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

Investment management, advisory and sub-advisory fee rates

The Funds Trust Board reviewed and considered the fee rates that are payable by each Target Date Fund to Funds Management under the Target Date Fund Management Agreement, as well as the contractual fee rates payable by each Target Date Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”).

The Master Trust Board reviewed and considered the contractual investment advisory fee rates that are payable by the Master Portfolios to Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the “Advisory Agreement Rates”). The Master Trust Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Funds Trust Board was a comparison of each Target Date Fund’s Management Rate, which do not include the advisory fees paid at the Master Portfolio level, with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Funds Trust Board noted that the Management Rates of each Target Date Fund were lower than the sum of the management fee rates and transfer agency costs of its respective expense Groups for all share classes. The Funds Trust Board noted that it had recently approved a reduction in the advisory fee schedules for each of the Target Date Funds in February 2015, effective July 1, 2015.


Other information (unaudited)		Wells Fargo Dow Jones Target Date Funds			135

The Master Trust Board reviewed a comparison of the Advisory Agreement Rates of each Master Portfolio with those of other funds in each Master Portfolio’s respective expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rates of each Master Portfolio were lower than the median rate for the Master Portfolio’s respective expense Group.

The Boards also received and considered information about the portions of the total management fees that were retained by Funds Management after payment of the fees to the Sub-Advisers for sub-advisory services. With respect to the Target Date Funds, the Diversified Fixed Income Portfolio and the Diversified Stock Portfolio, the Boards considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Broadridge to be similar to the respective Fund. In assessing the reasonableness of these amounts, the Boards received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. With respect to the Short-Term Investment Portfolio, given the current affiliation between Funds Management and Wells Capital Management, the Master Trust Board ascribed limited relevance to the allocation of the advisory fee between them. With respect to GIA and SSgA, the Boards considered that the Sub-Advisory Agreement Rates paid to each of these Sub-Advisers had been negotiated by Funds Management on an arm’s-length basis.

Other than with respect to the Wells Fargo Diversified Stock Porfolio, the Boards also received and considered information about the nature and extent of services offered and fee rates charged by the Sub-Advisers to other types of clients with investment strategies similar to those of the Funds. In this regard, the Boards received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation payable to Funds Management under the Target Date Fund Management Agreement was reasonable in light of the services covered by the Target Date Fund Management Agreement. The Master Trust Board determined that the compensation payable to Funds Management under the Master Portfolio Advisory Agreement and to each Sub-Adviser under each Sub-Advisory Agreement was reasonable, in light of the services covered by the Master Portfolio Advisory Agreement and each Sub-Advisory Agreement, respectively.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Funds and the fund family as a whole. The Board also received and considered information concerning the profitability of Wells Capital Management from providing services to the fund family as a whole, noting that Wells Capital Management’s profitability information with respect to providing services to the Funds was subsumed in the Wells Fargo and Funds Management profitability analysis. The Boards did not receive or consider profitability information with respect to GIA or SSgA, as the sub-advisory fees paid to them had been negotiated by Funds Management on an arm’s-length basis.

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

Economies of scale

With respect to possible economies of scale, the Funds Trust Boards noted the existence of breakpoints in each Target Date Fund’s management fee structure, and the Master Trust Board noted the existence of breakpoints in each Master Portfolio’s advisory fee structure (except the Short-Term Investment Portfolio), which operate generally to reduce the Funds’ expense ratios as the Funds grow in size. They considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Boards also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Funds and the fund family as a whole. The Boards considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.


136		Wells Fargo Dow Jones Target Date Funds		Other information (unaudited)

The Boards concluded that the Funds’ fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other benefits to Funds Management and the Sub-Advisers

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

The Boards also reviewed information about fees earned by Funds Management and Wells Capital Management from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards did not find that any ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, or GIA or SSgA or were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Funds Trust Board unanimously approved the continuation of the Target Date Fund Management Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreements, each for a one-year term. The Boards also determined that the compensation payable to Funds Management and each of the Sub-Advisers was reasonable.


List of abbreviations		Wells Fargo Dow Jones Target Date Funds			137

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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LOGO

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@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 Funds’ website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. 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

245797 10-16

SOFLD/SAR101 08-16

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

Wells Fargo Diversified Fixed Income Portfolio and Wells Fargo Diversified Stock Portfolio included a Summary Portfolio of Investments under Item 1. A Portfolio of Investments for each of Wells Fargo Diversified Fixed Income Portfolio and Wells Fargo Diversified Stock Portfolio are filed under this Item.


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			1


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 26.40%
FFCB		1.10	%		6-1-2018	$	3,000,000	$	3,009,813
FFCB		3.50			12-20-2023		400,000		450,252
FHLB		0.88			3-19-2018		3,500,000		3,500,567
FHLB		0.88			10-1-2018		1,500,000		1,498,997
FHLB		0.88			8-5-2019		750,000		746,849
FHLB		1.13			6-21-2019		2,000,000		2,006,156
FHLB		1.38			2-18-2021		1,000,000		1,005,094
FHLB		2.50			8-1-2027		118,112		122,248
FHLB		2.50			12-1-2027		62,779		64,982
FHLB		2.50			6-1-2028		79,432		82,228
FHLB		2.50			8-1-2028		734,344		760,121
FHLB		2.50			9-1-2028		3,346,919		3,464,078
FHLB		2.50			9-1-2028		338,849		351,855
FHLB		2.50			9-1-2028		2,262,644		2,341,867
FHLB		2.50			10-1-2028		705,959		730,707
FHLB		2.50			10-1-2028		117,742		121,864
FHLB		2.50			11-1-2028		2,126,430		2,201,036
FHLB		2.50			11-1-2028		650,144		673,033
FHLB		3.00			10-1-2042		7,795,651		8,104,496
FHLB		3.00			10-1-2042		614,079		638,350
FHLB		3.00			11-1-2042		3,849,829		4,001,763
FHLB		3.00			11-1-2042		368,266		386,990
FHLB		3.00			11-1-2042		201,578		210,169
FHLB		3.00			12-1-2042		198,628		206,430
FHLB		3.00			12-1-2042		95,192		98,943
FHLB		3.00			1-1-2043		7,246,266		7,554,336
FHLB		3.00			1-1-2043		148,484		154,290
FHLB		3.00			3-1-2043		75,061		78,004
FHLB		3.00			4-1-2043		7,331,024		7,620,361
FHLB		3.00			4-1-2043		617,645		641,740
FHLB		3.00			5-1-2043		114,992		119,455
FHLB		3.00			6-1-2043		296,849		308,262
FHLB		3.00			7-1-2043		2,086,237		2,166,814
FHLB		3.00			7-1-2043		154,812		160,812
FHLB		3.00			7-1-2043		156,572		162,609
FHLB		3.00			7-1-2043		594,762		618,455
FHLB		3.00			8-1-2043		70,996		73,691
FHLB		3.00			8-1-2043		278,814		289,401
FHLB		3.00			8-1-2043		132,298		137,387
FHLB		3.00			8-1-2043		168,102		174,485
FHLB		3.00			8-1-2043		77,227		80,209
FHLB		3.00			8-1-2043		22,527		23,383
FHLB		3.00			8-1-2043		581,485		603,872
FHLB		3.00			8-1-2043		1,701,129		1,765,725
FHLB		3.00			9-1-2043		282,275		293,075
FHLB		3.00			9-1-2043		255,614		265,354
FHLB		3.00			10-1-2043		169,523		175,999
FHLB		3.00			10-1-2043		238,883		248,057
FHLB		3.00			11-1-2043		75,275		78,152
FHLB		3.50			8-1-2020		96,826		102,447


2		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLB		3.50	%		9-1-2020	$	27,045	$	28,614
FHLB		3.50			10-1-2020		136,337		144,251
FHLB		3.50			11-1-2020		276,774		292,840
FHLB		3.50			11-1-2020		164,779		174,343
FHLB		3.50			11-1-2020		221,235		234,077
FHLB		3.50			12-1-2020		156,845		165,949
FHLB		3.50			1-1-2021		9,262		9,800
FHLB		3.50			4-1-2021		9,168		9,701
FHLB		3.50			4-1-2021		174,499		184,628
FHLB		3.50			12-1-2025		3,287,751		3,518,939
FHLB		3.50			1-1-2029		4,446,778		4,704,894
FHLB		3.50			12-1-2042		2,416,971		2,553,697
FHLB		4.00			6-1-2024		15,135		15,978
FHLB		4.00			7-1-2025		281,616		299,043
FHLB		4.00			4-1-2026		1,488,486		1,583,232
FHLB		4.00			11-1-2040		2,925,126		3,141,729
FHLB		4.00			1-1-2041		5,021,853		5,392,859
FHLB		4.00			2-1-2041		2,439,539		2,634,461
FHLB		4.00			4-1-2041		3,833,078		4,162,339
FHLB		4.50			2-1-2024		44,199		47,505
FHLB		4.50			5-1-2024		44,092		47,060
FHLB		4.50			9-1-2024		16,725		17,875
FHLB		4.50			9-1-2024		34,674		37,302
FHLB		4.50			12-1-2024		64,181		68,663
FHLB		4.50			3-1-2039		353,274		386,898
FHLB		4.50			3-1-2039		51,050		55,740
FHLB		4.50			5-1-2039		81,318		89,034
FHLB		4.50			10-1-2039		83,803		91,513
FHLB		4.50			10-1-2039		66,690		73,170
FHLB		4.50			9-1-2040		77,829		85,343
FHLB		4.50			1-1-2041		152,177		167,097
FHLB		4.50			2-1-2041		638,266		700,754
FHLB		4.50			4-1-2041		1,778,566		1,950,068
FHLB		4.88			9-8-2017		1,000,000		1,042,181
FHLB		5.00			11-17-2017		4,000,000		4,201,560
FHLB		5.00			12-1-2034		1,828		2,014
FHLB		5.00			8-1-2035		296,206		327,732
FHLB		5.00			11-1-2035		303,281		336,039
FHLB		5.00			12-1-2035		2,293		2,526
FHLB		5.00			1-1-2036		24,480		26,972
FHLB		5.00			6-1-2036		359,110		400,157
FHLB		5.00			3-1-2037		3,596		3,975
FHLB		5.00			7-1-2037		7,563		8,373
FHLB		5.00			3-1-2038		266,463		293,627
FHLB		5.00			5-1-2038		16,470		18,172
FHLB		5.00			6-1-2038		4,186		4,612
FHLB		5.00			9-1-2038		292,336		322,203
FHLB		5.00			5-1-2039		19,294		21,434
FHLB		5.00			1-1-2040		1,142,600		1,266,395
FHLB		5.38			9-30-2022		1,350,000		1,650,583


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			3


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLB		5.50	%		12-1-2035	$	459,621	$	517,841
FHLB		5.50			7-15-2036		600,000		884,426
FHLB		5.50			12-1-2036		216,861		244,832
FHLB		5.50			3-1-2037		23,196		25,902
FHLB		5.50			7-1-2037		972,606		1,099,254
FHLB		5.50			10-1-2037		1,803		2,036
FHLB		5.50			3-1-2038		16,173		18,225
FHLB		5.50			5-1-2038		152,055		171,217
FHLB		5.50			6-1-2038		49,987		56,286
FHLB		5.50			8-1-2038		55,388		62,451
FHLB		5.50			10-1-2038		4,011		4,478
FHLB		5.50			11-1-2038		103,706		117,327
FHLB		6.00			1-1-2032		19,757		22,479
FHLB		6.00			4-1-2033		20,331		23,526
FHLB		6.00			7-1-2036		24,056		27,723
FHLB		6.00	��		9-1-2036		137,960		158,051
FHLB		6.00			11-1-2036		185,412		213,184
FHLB		6.00			11-1-2036		13,297		15,208
FHLB		6.00			5-1-2037		101,308		115,892
FHLB		6.00			6-1-2037		51,113		58,144
FHLB		6.00			8-1-2037		122,447		139,247
FHLB		6.00			9-1-2037		1,513		1,729
FHLB		6.00			9-1-2037		56,400		64,326
FHLB		6.00			10-1-2037		11,224		12,766
FHLB		6.00			10-1-2037		8,069		9,214
FHLB		6.00			11-1-2037		33,653		38,512
FHLB		6.00			11-1-2037		44,498		50,822
FHLB		6.00			12-1-2037		30,977		35,597
FHLB		6.00			12-1-2037		19,812		22,538
FHLB		6.00			12-1-2037		85,187		97,399
FHLB		6.00			6-1-2038		53,996		61,416
FHLB		6.00			7-1-2038		26,902		30,630
FHLB		6.00			12-1-2039		43,916		50,109
FHLB		6.00			5-1-2040		811,782		925,972
FHLMC		0.75			1-12-2018		2,000,000		1,997,246
FHLMC		0.88			3-7-2018		2,000,000		2,000,104
FHLMC		1.00			9-27-2017		250,000		250,719
FHLMC		1.00			9-29-2017		2,000,000		2,005,450
FHLMC %%		1.07			9-6-2018		750,000		749,079
FHLMC %%		1.10			9-13-2018		1,000,000		998,788
FHLMC		1.13			4-15-2019		750,000		752,574
FHLMC		1.25			1-29-2019		500,000		500,007
FHLMC		1.25			8-1-2019		2,000,000		2,012,030
FHLMC		1.25			10-2-2019		3,800,000		3,821,972
FHLMC		1.30			8-28-2019		1,500,000		1,498,368
FHLMC		2.00			7-30-2019		100,000		102,693
FHLMC		2.38			1-13-2022		3,580,000		3,762,748
FHLMC		2.50			10-1-2029		6,496,093		6,722,084
FHLMC		2.50			1-1-2031		2,238,153		2,315,916
FHLMC		2.50			5-1-2031		12,710,547		13,152,162


4		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC %%		2.50	%		9-19-2031	$	5,000,000	$	5,167,774
FHLMC		3.00			9-1-2021		411,964		431,832
FHLMC		3.00			4-1-2022		373,556		391,572
FHLMC		3.00			9-1-2026		93,311		97,839
FHLMC		3.00			10-1-2026		2,007,393		2,105,442
FHLMC		3.00			11-1-2026		202,188		212,056
FHLMC		3.00			11-1-2026		31,357		32,876
FHLMC		3.00			11-1-2026		544,078		570,555
FHLMC		3.00			12-1-2026		4,004,167		4,199,804
FHLMC		3.00			12-1-2026		14,626		15,339
FHLMC		3.00			12-1-2026		1,093,797		1,146,993
FHLMC		3.00			1-1-2027		1,952,350		2,047,311
FHLMC		3.00			3-1-2027		495,470		519,608
FHLMC		3.00			8-1-2027		1,323,938		1,388,559
FHLMC		3.00			4-1-2028		51,208		53,717
FHLMC		3.00			7-1-2029		4,830,735		5,065,238
FHLMC		3.00			9-1-2029		7,068,366		7,411,574
FHLMC %%		3.00			9-19-2031		3,000,000		3,143,116
FHLMC		3.00			5-1-2035		5,320,504		5,577,252
FHLMC		3.00			3-1-2043		4,531,401		4,709,052
FHLMC		3.00			8-1-2045		11,672,034		12,115,254
FHLMC		3.00			9-1-2046		8,425,000		8,744,921
FHLMC %%		3.00			9-14-2046		11,075,000		11,485,121
FHLMC		3.50			10-1-2020		469,641		496,902
FHLMC		3.50			1-1-2021		660,690		699,041
FHLMC		3.50			11-1-2021		123,928		131,121
FHLMC		3.50			5-1-2023		225,366		238,557
FHLMC		3.50			11-1-2023		408,186		431,879
FHLMC		3.50			1-1-2024		388,928		411,553
FHLMC		3.50			2-1-2026		168,142		178,013
FHLMC		3.50			4-1-2026		584,175		618,184
FHLMC		3.50			1-1-2030		425,481		450,624
FHLMC		3.50			1-1-2030		282,458		299,026
FHLMC		3.50			2-1-2042		10,368,627		10,948,579
FHLMC		3.50			10-1-2042		2,706,635		2,849,847
FHLMC		3.50			10-1-2042		564,743		596,659
FHLMC		3.50			10-1-2042		5,243,319		5,538,747
FHLMC		3.50			7-1-2043		4,319,159		4,562,774
FHLMC		3.50			8-1-2043		6,921,229		7,309,888
FHLMC		3.50			1-1-2044		3,451,227		3,643,803
FHLMC		3.50			6-1-2044		3,296,648		3,473,693
FHLMC		3.50			10-1-2044		9,154,089		9,637,549
FHLMC		3.50			11-1-2044		7,222,249		7,603,682
FHLMC		3.50			7-1-2045		6,585,975		6,993,572
FHLMC		3.50			10-1-2045		8,276,761		8,713,886
FHLMC		3.50			1-1-2046		5,866,821		6,176,668
FHLMC		3.50			3-1-2046		2,413,852		2,541,336
FHLMC		3.50			4-1-2046		5,143,186		5,416,751
FHLMC		3.50			5-1-2046		7,801,688		8,218,025
FHLMC %%		3.50			9-14-2046		6,625,000		6,973,847


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			5


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC		3.75	%		3-27-2019	$	2,900,000	$	3,102,133
FHLMC		4.00			5-1-2023		32,111		33,408
FHLMC		4.00			2-1-2024		70,851		73,632
FHLMC		4.00			5-1-2024		42,686		45,314
FHLMC		4.00			5-1-2024		72,380		76,350
FHLMC		4.00			8-1-2024		112,223		119,144
FHLMC		4.00			1-1-2025		119,489		123,512
FHLMC		4.00			2-1-2025		167,865		178,569
FHLMC		4.00			3-1-2025		1,068,049		1,132,087
FHLMC		4.00			5-1-2025		440,455		463,634
FHLMC		4.00			6-1-2025		369,170		392,523
FHLMC		4.00			6-1-2025		87,339		92,876
FHLMC		4.00			7-1-2025		11,030		11,743
FHLMC		4.00			8-1-2025		77,711		82,643
FHLMC		4.00			10-1-2025		25,663		27,284
FHLMC		4.00			3-1-2026		232,200		244,973
FHLMC		4.00			4-1-2026		343,022		364,806
FHLMC		4.00			5-1-2026		289,659		308,056
FHLMC		4.00			5-1-2029		204,795		220,336
FHLMC		4.00			9-1-2031		90,454		96,719
FHLMC		4.00			10-1-2033		6,521		6,997
FHLMC		4.00			8-1-2036		6,220		6,651
FHLMC		4.00			4-1-2039		417,005		456,451
FHLMC		4.00			5-1-2039		145,749		155,754
FHLMC		4.00			6-1-2039		157,330		168,449
FHLMC		4.00			2-1-2040		290,551		312,161
FHLMC		4.00			9-1-2040		1,074,623		1,153,991
FHLMC		4.00			10-1-2040		1,232,279		1,339,765
FHLMC		4.00			10-1-2040		357,852		384,205
FHLMC		4.00			10-1-2040		756,076		811,820
FHLMC		4.00			11-1-2040		162,281		174,266
FHLMC		4.00			12-1-2040		3,722,153		3,996,845
FHLMC		4.00			12-1-2040		76,023		81,625
FHLMC		4.00			4-1-2041		19,172		20,587
FHLMC		4.00			6-1-2041		314,145		336,672
FHLMC		4.00			6-1-2041		7,104		7,595
FHLMC		4.00			10-1-2041		32,385		34,788
FHLMC		4.00			10-1-2041		197,093		210,711
FHLMC		4.00			11-1-2041		197,279		210,956
FHLMC		4.00			11-1-2041		47,889		51,440
FHLMC		4.00			11-1-2041		21,494		23,088
FHLMC		4.00			11-1-2041		14,806		15,833
FHLMC		4.00			11-1-2041		281,884		302,802
FHLMC		4.00			12-1-2041		6,648,486		7,142,139
FHLMC		4.00			1-1-2042		1,912,357		2,054,566
FHLMC		4.00			1-1-2042		75,486		81,105
FHLMC		4.00			2-1-2042		33,683		36,107
FHLMC		4.00			4-1-2042		6,730,300		7,260,906
FHLMC		4.00			5-1-2044		4,629,369		4,953,532
FHLMC		4.00			5-1-2044		6,668,305		7,126,032


6		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC		4.00	%		12-1-2045	$	3,400,315	$	3,636,623
FHLMC		4.00			1-1-2046		2,946,394		3,150,698
FHLMC		4.50			4-1-2018		11,345		11,620
FHLMC		4.50			8-1-2018		189,805		194,406
FHLMC		4.50			10-1-2018		38,501		39,435
FHLMC		4.50			4-1-2024		53,860		55,165
FHLMC		4.50			8-1-2024		366,541		392,278
FHLMC		4.50			11-1-2024		104,129		106,894
FHLMC		4.50			2-1-2025		397,516		423,664
FHLMC		4.50			8-1-2035		29,585		32,425
FHLMC		4.50			9-1-2035		47,398		51,886
FHLMC		4.50			1-1-2037		44,186		48,245
FHLMC		4.50			10-1-2038		198,858		217,128
FHLMC		4.50			2-1-2039		22,354		24,435
FHLMC		4.50			5-1-2039		38,281		41,952
FHLMC		4.50			6-1-2039		1,479,438		1,624,250
FHLMC		4.50			9-1-2039		992,564		1,089,001
FHLMC		4.50			10-1-2039		180,231		197,747
FHLMC		4.50			10-1-2039		172,703		189,541
FHLMC		4.50			1-1-2040		1,703,203		1,889,076
FHLMC		4.50			2-1-2040		5,027,482		5,552,472
FHLMC		4.50			3-1-2040		2,476,798		2,768,126
FHLMC		4.50			8-1-2040		886,521		971,012
FHLMC		4.50			9-1-2040		2,121,649		2,360,417
FHLMC		4.50			9-1-2040		203,476		223,324
FHLMC		4.50			2-1-2041		55,774		61,219
FHLMC		4.50			4-1-2041		2,512,388		2,757,734
FHLMC		4.50			7-1-2041		4,959,559		5,437,549
FHLMC		4.50			7-1-2041		129,081		141,727
FHLMC		4.50			10-1-2041		823,957		902,360
FHLMC		4.88			6-13-2018		1,700,000		1,819,515
FHLMC		5.00			7-1-2022		177		182
FHLMC		5.00			6-1-2023		6,756		7,265
FHLMC		5.00			6-1-2023		18,980		20,382
FHLMC		5.00			6-1-2023		2,504		2,573
FHLMC		5.00			10-1-2023		2,149		2,209
FHLMC		5.00			8-1-2033		1,043,182		1,168,312
FHLMC		5.00			11-1-2033		93,188		103,057
FHLMC		5.00			3-1-2034		73,563		81,756
FHLMC		5.00			7-1-2035		336,947		373,035
FHLMC		5.00			8-1-2035		95,469		105,310
FHLMC		5.00			9-1-2035		686,554		774,211
FHLMC		5.00			4-1-2036		40,410		44,924
FHLMC		5.00			12-1-2036		27,147		30,010
FHLMC		5.00			2-1-2037		39,284		43,361
FHLMC		5.00			3-1-2039		261,027		292,392
FHLMC		5.00			8-1-2039		604,025		671,831
FHLMC		5.00			8-1-2039		3,070,421		3,393,722
FHLMC		5.00			9-1-2039		924,735		1,024,856
FHLMC		5.00			12-1-2039		1,411,816		1,582,630


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			7


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC		5.00	%		6-1-2040	$	3,499,490	$	3,907,519
FHLMC		5.00			6-1-2040		2,556,324		2,834,701
FHLMC		5.13			11-17-2017		1,000,000		1,051,372
FHLMC		5.50			12-1-2016		685		687
FHLMC		5.50			8-1-2017		221		223
FHLMC		5.50			9-1-2017		3,843		3,911
FHLMC		5.50			10-1-2017		282		287
FHLMC		5.50			11-1-2017		395		396
FHLMC		5.50			11-1-2017		4,452		4,537
FHLMC		5.50			12-1-2017		115,311		117,038
FHLMC		5.50			3-1-2018		2,490		2,502
FHLMC		5.50			2-1-2019		29,312		29,618
FHLMC		5.50			12-1-2033		71,706		80,106
FHLMC		5.50			12-1-2034		143,176		162,589
FHLMC		5.50			1-1-2035		478,586		534,470
FHLMC		5.50			6-1-2035		354,839		399,072
FHLMC		5.50			1-1-2036		25,403		28,366
FHLMC		5.50			1-1-2036		66,062		74,756
FHLMC		5.50			2-1-2036		84,321		95,566
FHLMC		5.50			12-1-2036		86,301		97,632
FHLMC		5.50			2-1-2037		88,672		99,039
FHLMC		5.50			3-1-2037		77,789		87,086
FHLMC		5.50			4-1-2037		22,699		25,677
FHLMC		5.50			1-1-2038		225,772		254,390
FHLMC		5.50			2-1-2038		339,568		381,555
FHLMC		5.50			4-1-2038		287,062		323,576
FHLMC		5.50			5-1-2038		239,778		270,275
FHLMC		5.50			5-1-2038		957,838		1,078,797
FHLMC		5.50			5-1-2038		39,735		44,750
FHLMC		5.50			5-1-2038		670,624		757,507
FHLMC		5.50			6-1-2038		6,739		7,576
FHLMC		5.50			7-1-2038		131,738		148,306
FHLMC		5.50			7-1-2038		168,311		189,481
FHLMC		5.50			8-1-2038		47,661		53,691
FHLMC		5.50			8-1-2038		227,285		256,531
FHLMC		5.50			9-1-2038		37,530		42,159
FHLMC		5.50			9-1-2038		72,400		81,529
FHLMC		5.50			1-1-2039		118,458		133,875
FHLMC		5.50			8-1-2039		474,517		535,879
FHLMC		5.50			11-1-2039		935,455		1,046,660
FHLMC		5.50			3-1-2040		1,871,120		2,097,365
FHLMC		5.50			4-1-2040		1,490,871		1,684,154
FHLMC		6.00			9-1-2023		58,473		65,128
FHLMC		6.00			11-1-2033		371,566		429,515
FHLMC		6.00			7-1-2034		170,064		193,455
FHLMC		6.00			1-1-2036		31,263		36,120
FHLMC		6.00			2-1-2036		242,533		275,811
FHLMC		6.00			11-1-2036		54,167		61,796
FHLMC		6.00			12-1-2036		22,828		26,233
FHLMC		6.00			2-1-2037		2,042		2,345


8		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC		6.00	%		3-1-2037	$	15,347	$	17,453
FHLMC		6.00			3-1-2037		98,285		112,767
FHLMC		6.00			4-1-2037		1,290		1,477
FHLMC		6.00			8-1-2037		16,647		18,932
FHLMC		6.00			8-1-2037		29,228		33,257
FHLMC		6.00			8-1-2037		37,289		42,425
FHLMC		6.00			8-1-2037		12,920		14,787
FHLMC		6.00			8-1-2037		121,475		139,395
FHLMC		6.00			9-1-2037		4,699		5,354
FHLMC		6.00			9-1-2037		18,938		21,662
FHLMC		6.00			10-1-2037		16,699		18,990
FHLMC		6.00			10-1-2037		18,227		20,856
FHLMC		6.00			10-1-2037		316,840		360,473
FHLMC		6.00			11-1-2037		12,749		14,506
FHLMC		6.00			12-1-2037		49,936		57,041
FHLMC		6.00			12-1-2037		244,133		278,268
FHLMC		6.00			1-1-2038		18,125		20,725
FHLMC		6.00			2-1-2038		11,603		13,249
FHLMC		6.00			2-1-2038		44,921		51,374
FHLMC		6.00			5-1-2038		38,141		43,766
FHLMC		6.00			6-1-2038		18,857		21,537
FHLMC		6.00			6-1-2038		24,196		27,643
FHLMC		6.00			6-1-2038		24,108		27,421
FHLMC		6.00			7-1-2038		54,673		62,460
FHLMC		6.00			7-1-2038		269,130		307,775
FHLMC		6.00			8-1-2038		32,924		37,614
FHLMC		6.00			8-1-2038		65,140		74,407
FHLMC		6.00			9-1-2038		31,801		36,289
FHLMC		6.00			9-1-2038		47,195		53,671
FHLMC		6.00			9-1-2038		13,579		15,442
FHLMC		6.00			10-1-2038		25,769		29,313
FHLMC		6.00			11-1-2038		32,549		37,224
FHLMC		6.00			12-1-2038		800		910
FHLMC		6.00			3-1-2039		16,664		19,018
FHLMC		6.00			6-1-2039		2,561		2,929
FHLMC		6.25			7-15-2032		900,000		1,374,033
FHLMC		6.50			10-1-2037		52,239		59,866
FHLMC		6.50			12-1-2037		71,994		82,505
FHLMC		6.50			3-1-2038		27,794		31,852
FHLMC		6.50			3-1-2038		60,325		69,132
FHLMC		6.50			1-1-2039		20,908		24,708
FHLMC		6.50			4-1-2039		173,402		198,720
FHLMC		6.50			4-1-2039		158,656		193,224
FHLMC		6.75			3-15-2031		1,000,000		1,555,636
FHMLC		0.75			4-9-2018		750,000		748,423
FICO		9.65			11-2-2018		500,000		593,404
FNMA		5.00			12-1-2035		4,765		5,278
FNMA ¤		0.00			10-9-2019		200,000		191,523
FNMA		0.75			7-27-2018		750,000		746,983
FNMA		0.88			10-26-2017		5,250,000		5,254,967


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			9


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		0.88	%		12-20-2017	$	2,000,000	$	2,001,830
FNMA		0.88			2-8-2018		1,000,000		1,000,245
FNMA		0.88			3-28-2018		750,000		750,323
FNMA		0.88			5-21-2018		1,000,000		999,737
FNMA		0.88			8-2-2019		750,000		746,813
FNMA		0.90			11-7-2017		250,000		249,825
FNMA		1.00			5-21-2018		100,000		99,940
FNMA		1.25			8-17-2021		750,000		747,314
FNMA		1.38			4-11-2019		500,000		500,135
FNMA		1.63			11-27-2018		2,000,000		2,031,146
FNMA		1.75			1-30-2019		200,000		203,578
FNMA		1.75			5-30-2019		2,000,000		2,041,426
FNMA		1.75			9-12-2019		2,000,000		2,041,334
FNMA		1.88			2-19-2019		3,000,000		3,065,301
FNMA		2.13			4-24-2026		750,000		767,562
FNMA		2.50			10-1-2027		2,581,656		2,675,580
FNMA		2.50			3-1-2028		2,887,967		2,997,227
FNMA		2.50			4-1-2028		5,015,662		5,184,674
FNMA		2.50			7-1-2028		4,591,648		4,746,331
FNMA		2.50			7-1-2028		7,206,836		7,449,522
FNMA		2.50			7-1-2028		6,368,683		6,583,145
FNMA		2.50			10-1-2028		5,440,346		5,623,629
FNMA		2.50			2-1-2030		4,162,289		4,307,629
FNMA %%		2.50			9-19-2031		9,000,000		9,295,313
FNMA		2.50			1-1-2038		270,538		272,994
FNMA		2.50			10-1-2042		536,015		543,124
FNMA		2.50			11-1-2042		61,053		61,863
FNMA		2.50			2-1-2043		217,963		220,549
FNMA		2.50			3-1-2043		239,196		242,367
FNMA		2.50			3-1-2043		118,756		120,285
FNMA		2.50			3-1-2043		225,946		228,844
FNMA		2.50			4-1-2043		155,137		157,194
FNMA		2.50			4-1-2043		283,681		286,256
FNMA		2.50			8-1-2043		1,231,775		1,245,905
FNMA		2.50			8-1-2043		319,385		322,287
FNMA		2.50			8-1-2043		610,550		616,096
FNMA		2.63			9-6-2024		1,000,000		1,069,599
FNMA		3.00			10-1-2021		3,526,758		3,693,142
FNMA		3.00			8-1-2026		162,251		169,905
FNMA		3.00			9-1-2026		100,885		105,722
FNMA		3.00			11-1-2026		1,688,210		1,769,486
FNMA		3.00			11-1-2026		156,938		164,342
FNMA		3.00			2-1-2027		92,874		97,282
FNMA		3.00			2-1-2027		948,947		994,204
FNMA		3.00			4-1-2027		190,336		199,546
FNMA		3.00			5-1-2027		225,145		235,936
FNMA		3.00			6-1-2027		150,491		157,754
FNMA		3.00			7-1-2027		260,627		273,156
FNMA		3.00			7-1-2027		331,834		347,887
FNMA		3.00			8-1-2027		1,727,648		1,811,295


10		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		3.00	%		8-1-2027	$	1,689,363	$	1,770,923
FNMA		3.00			8-1-2027		10,162,701		10,654,241
FNMA		3.00			9-1-2027		1,338,672		1,403,600
FNMA		3.00			9-1-2027		1,434,596		1,504,154
FNMA		3.00			9-1-2027		5,518,923		5,785,157
FNMA		3.00			9-1-2027		2,112,245		2,214,332
FNMA		3.00			10-1-2027		2,490,120		2,610,106
FNMA		3.00			8-1-2029		6,354,601		6,654,396
FNMA %%		3.00			9-19-2031		13,000,000		13,606,204
FNMA		3.00			3-1-2036		2,359,183		2,477,071
FNMA		3.00			9-1-2042		1,919,240		1,995,308
FNMA		3.00			9-1-2042		36,007		37,436
FNMA		3.00			9-1-2042		601,158		624,945
FNMA		3.00			9-1-2042		381,601		396,054
FNMA		3.00			10-1-2042		3,844,793		3,991,645
FNMA		3.00			10-1-2042		976,937		1,015,702
FNMA		3.00			10-1-2042		3,782,924		3,954,100
FNMA		3.00			11-1-2042		7,367,620		7,660,040
FNMA		3.00			12-1-2042		7,363,725		7,691,394
FNMA		3.00			1-1-2043		7,356,208		7,647,284
FNMA		3.00			2-1-2043		7,847,270		8,158,053
FNMA		3.00			5-1-2043		1,902,039		1,976,907
FNMA		3.00			5-1-2043		7,556,265		7,853,278
FNMA		3.00			6-1-2043		162,615		169,029
FNMA		3.00			6-1-2043		3,773,198		3,930,717
FNMA		3.00			7-1-2043		912,061		948,148
FNMA		3.00			7-1-2043		4,130,896		4,294,118
FNMA		3.00			7-1-2043		7,408,575		7,699,820
FNMA		3.00			8-1-2043		308,817		321,014
FNMA		3.00			8-1-2043		818,955		851,147
FNMA		3.00			8-1-2043		367,541		382,010
FNMA		3.00			12-1-2043		229,718		238,419
FNMA		3.00			4-1-2044		247,285		256,800
FNMA		3.00			7-1-2044		309,688		321,633
FNMA		3.00			5-1-2046		13,426,898		13,935,459
FNMA		3.00			8-1-2046		13,988,318		14,518,144
FNMA %%		3.00			9-14-2046		14,625,000		15,166,581
FNMA		3.50			11-1-2025		1,564,591		1,652,823
FNMA		3.50			12-1-2025		3,804,760		4,042,167
FNMA		3.50			12-1-2026		5,298,441		5,597,628
FNMA		3.50			10-1-2029		6,278,171		6,629,647
FNMA		3.50			12-1-2035		1,390,959		1,477,761
FNMA		3.50			1-1-2036		23,463		24,778
FNMA		3.50			10-1-2040		1,071,340		1,129,824
FNMA		3.50			12-1-2040		156,730		165,379
FNMA		3.50			1-1-2041		964,876		1,025,174
FNMA		3.50			1-1-2041		30,796		32,546
FNMA		3.50			1-1-2041		70,765		74,735
FNMA		3.50			1-1-2041		29,560		31,245
FNMA		3.50			1-1-2041		318,834		336,275


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			11


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		3.50	%		2-1-2041	$	450,398	$	480,172
FNMA		3.50			2-1-2041		34,944		36,812
FNMA		3.50			2-1-2041		510,939		539,343
FNMA		3.50			2-1-2041		2,185,997		2,307,249
FNMA		3.50			9-1-2042		8,787,176		9,285,353
FNMA		3.50			9-1-2042		6,288,080		6,654,196
FNMA		3.50			10-1-2042		5,218,413		5,518,003
FNMA		3.50			12-1-2042		1,174,302		1,252,507
FNMA		3.50			4-1-2043		5,576,695		5,907,110
FNMA		3.50			5-1-2043		366,523		386,771
FNMA		3.50			5-1-2043		180,496		190,161
FNMA		3.50			6-1-2043		466,515		493,091
FNMA		3.50			7-1-2043		8,650,972		9,143,576
FNMA		3.50			7-1-2043		6,980,663		7,375,323
FNMA		3.50			8-1-2043		1,185,331		1,255,079
FNMA		3.50			9-1-2043		562,385		594,139
FNMA		3.50			9-1-2043		302,449		319,522
FNMA		3.50			1-1-2044		6,931,850		7,323,666
FNMA		3.50			1-1-2045		9,099,542		9,586,112
FNMA		3.50			1-1-2045		14,197,359		14,956,519
FNMA		3.50			5-1-2045		10,313,414		10,864,892
FNMA		3.50			8-1-2045		10,437,323		11,062,829
FNMA		3.50			11-1-2045		8,336,672		8,782,450
FNMA		3.50			12-1-2045		2,193,404		2,310,691
FNMA		3.50			2-1-2046		12,729,452		13,410,120
FNMA		3.50			2-1-2046		9,982,619		10,516,409
FNMA		3.50			2-1-2046		13,166,070		13,870,085
FNMA %%		3.50			9-14-2046		6,500,000		6,847,344
FNMA		4.00			4-1-2018		57		59
FNMA		4.00			7-1-2018		520,891		538,772
FNMA		4.00			7-1-2018		16,708		17,282
FNMA		4.00			7-1-2018		976		1,010
FNMA		4.00			7-1-2018		21,962		22,715
FNMA		4.00			8-1-2018		385,313		398,539
FNMA		4.00			8-1-2018		225,812		233,563
FNMA		4.00			8-1-2018		156,563		161,937
FNMA		4.00			8-1-2018		163,103		168,702
FNMA		4.00			9-1-2018		2,167		2,241
FNMA		4.00			9-1-2018		14,153		14,639
FNMA		4.00			2-1-2019		39,884		41,253
FNMA		4.00			4-1-2019		30,989		32,052
FNMA		4.00			4-1-2019		11,336		11,725
FNMA		4.00			5-1-2019		14,207		14,696
FNMA		4.00			12-1-2019		456,762		472,441
FNMA		4.00			5-1-2020		760,091		786,182
FNMA		4.00			10-1-2020		26,634		27,557
FNMA		4.00			1-1-2021		293,197		303,972
FNMA		4.00			5-1-2021		205,241		212,856
FNMA		4.00			6-1-2021		156,171		161,897
FNMA		4.00			2-1-2024		5,630		5,986


12		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		4.00	%		3-1-2024	$	301,445	$	320,482
FNMA		4.00			4-1-2024		534,440		568,149
FNMA		4.00			5-1-2024		22,478		23,922
FNMA		4.00			6-1-2024		187,478		199,462
FNMA		4.00			6-1-2024		52,633		55,995
FNMA		4.00			6-1-2024		44,716		47,554
FNMA		4.00			6-1-2024		117,845		125,320
FNMA		4.00			9-1-2024		44,026		46,803
FNMA		4.00			10-1-2024		41,601		44,291
FNMA		4.00			2-1-2025		380,363		404,900
FNMA		4.00			3-1-2025		1,442,982		1,539,650
FNMA		4.00			3-1-2025		55,649		58,744
FNMA		4.00			7-1-2025		905,430		963,348
FNMA		4.00			1-1-2026		51,429		54,800
FNMA		4.00			5-1-2026		885,109		941,491
FNMA		4.00			7-1-2026		384,390		408,846
FNMA		4.00			2-1-2039		59,373		63,744
FNMA		4.00			2-1-2039		198,855		212,804
FNMA		4.00			3-1-2039		34,242		36,644
FNMA		4.00			8-1-2039		2,682,053		2,941,703
FNMA		4.00			8-1-2039		233,687		250,353
FNMA		4.00			8-1-2039		346,940		371,276
FNMA		4.00			8-1-2039		844,153		906,633
FNMA		4.00			11-1-2039		21,892		23,483
FNMA		4.00			1-1-2040		206,917		221,590
FNMA		4.00			1-1-2040		216,433		232,084
FNMA		4.00			3-1-2040		10,185		10,920
FNMA		4.00			3-1-2040		356,464		382,206
FNMA		4.00			4-1-2040		1,415,162		1,519,023
FNMA		4.00			8-1-2040		57,342		61,495
FNMA		4.00			8-1-2040		893,341		959,568
FNMA		4.00			8-1-2040		709,438		762,075
FNMA		4.00			8-1-2040		296,961		319,121
FNMA		4.00			9-1-2040		15,625		16,778
FNMA		4.00			9-1-2040		15,851		17,029
FNMA		4.00			9-1-2040		54,566		58,393
FNMA		4.00			10-1-2040		29,981		32,097
FNMA		4.00			10-1-2040		34,024		36,536
FNMA		4.00			10-1-2040		184,864		198,364
FNMA		4.00			10-1-2040		412,847		442,520
FNMA		4.00			11-1-2040		2,610,296		2,802,883
FNMA		4.00			11-1-2040		297,496		319,611
FNMA		4.00			11-1-2040		269,381		288,276
FNMA		4.00			11-1-2040		139,801		150,146
FNMA		4.00			11-1-2040		213,267		228,226
FNMA		4.00			11-1-2040		30,954		33,254
FNMA		4.00			11-1-2040		23,532		25,289
FNMA		4.00			11-1-2040		55,834		59,964
FNMA		4.00			12-1-2040		322,104		345,978
FNMA		4.00			12-1-2040		749,714		805,084


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			13


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		4.00	%		12-1-2040	$	2,513,080	$	2,736,630
FNMA		4.00			12-1-2040		12,223		13,135
FNMA		4.00			12-1-2040		26,059		28,000
FNMA		4.00			12-1-2040		72,171		77,247
FNMA		4.00			12-1-2040		275,664		296,089
FNMA		4.00			12-1-2040		115,761		124,327
FNMA		4.00			12-1-2040		57,391		61,658
FNMA		4.00			1-1-2041		3,265,599		3,511,865
FNMA		4.00			1-1-2041		7,738		8,314
FNMA		4.00			1-1-2041		61,878		66,469
FNMA		4.00			2-1-2041		3,821,979		4,107,094
FNMA		4.00			2-1-2041		270,096		290,161
FNMA		4.00			2-1-2041		147,698		158,612
FNMA		4.00			3-1-2041		98,120		105,452
FNMA		4.00			3-1-2041		1,847,356		1,986,342
FNMA		4.00			4-1-2041		213,881		229,283
FNMA		4.00			5-1-2041		3,787,204		4,070,915
FNMA		4.00			7-1-2041		17,005		18,202
FNMA		4.00			7-1-2041		90,194		96,944
FNMA		4.00			8-1-2041		20,249		21,768
FNMA		4.00			8-1-2041		264,255		284,078
FNMA		4.00			10-1-2041		1,467,975		1,577,525
FNMA		4.00			10-1-2041		1,101,686		1,183,976
FNMA		4.00			10-1-2041		156,185		167,747
FNMA		4.00			10-1-2041		96,411		103,587
FNMA		4.00			11-1-2041		287,676		309,304
FNMA		4.00			11-1-2041		932,889		1,002,674
FNMA		4.00			12-1-2041		312,214		335,524
FNMA		4.00			12-1-2041		161,910		174,001
FNMA		4.00			12-1-2041		201,620		216,692
FNMA		4.00			1-1-2042		7,165		7,673
FNMA		4.00			1-1-2042		42,392		45,444
FNMA		4.00			2-1-2042		54,745		58,604
FNMA		4.00			2-1-2042		14,047		15,097
FNMA		4.00			2-1-2042		112,871		121,308
FNMA		4.00			2-1-2042		2,043,405		2,190,190
FNMA		4.00			4-1-2042		1,197,456		1,286,994
FNMA		4.00			7-1-2042		43,527		46,606
FNMA		4.00			10-1-2043		4,016,697		4,299,194
FNMA		4.00			10-1-2043		5,383,990		5,761,639
FNMA		4.00			12-1-2043		3,777,926		4,045,593
FNMA		4.00			7-1-2044		4,475,369		4,789,285
FNMA		4.00			9-1-2044		9,239,102		9,887,160
FNMA		4.00			10-1-2044		7,317,106		7,830,722
FNMA		4.00			10-1-2044		4,746,215		5,079,129
FNMA		4.00			5-1-2045		9,520,528		10,204,367
FNMA		4.00			7-1-2045		9,877,544		10,580,245
FNMA		4.00			12-1-2045		7,369,184		7,894,672
FNMA		4.50			3-1-2018		6,510		6,667
FNMA		4.50			4-1-2018		32,875		33,663


14		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		4.50	%		12-1-2018	$	5,037	$	5,161
FNMA		4.50			5-1-2019		5,833		5,974
FNMA		4.50			1-1-2020		13,777		14,220
FNMA		4.50			8-1-2020		6,722		6,944
FNMA		4.50			10-1-2020		27,374		28,391
FNMA		4.50			12-1-2020		42,470		44,057
FNMA		4.50			1-1-2021		24,988		25,744
FNMA		4.50			3-1-2022		131,307		134,809
FNMA		4.50			3-1-2022		30,937		31,705
FNMA		4.50			5-1-2022		6,115		6,266
FNMA		4.50			11-1-2022		42,062		43,682
FNMA		4.50			2-1-2023		188,798		197,049
FNMA		4.50			3-1-2023		3,487		3,680
FNMA		4.50			3-1-2023		13,438		13,759
FNMA		4.50			3-1-2023		82,521		87,800
FNMA		4.50			5-1-2023		89,344		91,497
FNMA		4.50			5-1-2023		22,173		23,160
FNMA		4.50			5-1-2023		13,684		14,649
FNMA		4.50			5-1-2023		11,081		11,458
FNMA		4.50			6-1-2023		119,601		128,431
FNMA		4.50			12-1-2023		42,312		43,346
FNMA		4.50			3-1-2024		10,104		10,667
FNMA		4.50			5-1-2024		173,939		185,642
FNMA		4.50			5-1-2024		13,409		14,252
FNMA		4.50			7-1-2024		708,883		757,638
FNMA		4.50			8-1-2024		5,031		5,343
FNMA		4.50			8-1-2024		91,445		97,470
FNMA		4.50			8-1-2024		59,078		63,275
FNMA		4.50			1-1-2025		966,261		1,030,251
FNMA		4.50			3-1-2025		52,193		54,166
FNMA		4.50			3-1-2025		949,014		1,013,119
FNMA		4.50			4-1-2025		93,073		99,383
FNMA		4.50			4-1-2025		20,366		22,220
FNMA		4.50			10-1-2025		136,078		148,465
FNMA		4.50			2-1-2026		80,772		88,125
FNMA		4.50			2-1-2026		23,528		24,650
FNMA		4.50			4-1-2026		483,456		520,673
FNMA		4.50			5-1-2026		53,078		57,173
FNMA		4.50			6-1-2026		14,774		15,482
FNMA		4.50			4-1-2028		27,865		30,402
FNMA		4.50			4-1-2028		10,346		11,288
FNMA		4.50			4-1-2028		20,344		22,196
FNMA		4.50			3-1-2029		20,504		22,370
FNMA		4.50			5-1-2029		3,154,264		3,441,387
FNMA		4.50			10-1-2029		210,702		229,881
FNMA		4.50			9-1-2033		243,915		267,236
FNMA		4.50			4-1-2035		80,617		87,955
FNMA		4.50			5-1-2035		16,839		18,463
FNMA		4.50			7-1-2035		2,573		2,818
FNMA		4.50			8-1-2035		3,800		4,146


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			15


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		4.50	%		9-1-2035	$	328,388	$	358,403
FNMA		4.50			9-1-2035		18,784		20,524
FNMA		4.50			10-1-2035		47,258		51,637
FNMA		4.50			3-1-2038		359,243		393,173
FNMA		4.50			2-1-2039		13,827		15,087
FNMA		4.50			2-1-2039		232,491		253,915
FNMA		4.50			2-1-2039		15,068		16,469
FNMA		4.50			2-1-2039		40,552		44,275
FNMA		4.50			3-1-2039		608,870		664,294
FNMA		4.50			3-1-2039		937,834		1,023,705
FNMA		4.50			4-1-2039		1,067,326		1,165,102
FNMA		4.50			4-1-2039		280,620		306,164
FNMA		4.50			4-1-2039		5,421		5,914
FNMA		4.50			4-1-2039		912,382		995,434
FNMA		4.50			5-1-2039		470,101		520,670
FNMA		4.50			5-1-2039		1,192,548		1,309,994
FNMA		4.50			6-1-2039		659,774		720,282
FNMA		4.50			9-1-2039		1,186,369		1,312,628
FNMA		4.50			12-1-2039		107,620		117,663
FNMA		4.50			2-1-2040		2,506,728		2,775,178
FNMA		4.50			3-1-2040		1,955,259		2,177,399
FNMA		4.50			5-1-2040		721,884		794,851
FNMA		4.50			5-1-2040		1,680,505		1,845,569
FNMA		4.50			6-1-2040		639,501		701,205
FNMA		4.50			8-1-2040		176,622		193,643
FNMA		4.50			8-1-2040		1,599,700		1,751,578
FNMA		4.50			9-1-2040		17,765		19,382
FNMA		4.50			10-1-2040		250,423		274,634
FNMA		4.50			11-1-2040		1,277,127		1,401,152
FNMA		4.50			2-1-2041		4,785,841		5,247,636
FNMA		4.50			2-1-2041		3,719,593		4,066,540
FNMA		4.50			4-1-2041		1,095,389		1,199,477
FNMA		4.50			5-1-2041		1,804,625		1,978,908
FNMA		4.50			5-1-2041		7,666		8,367
FNMA		4.50			1-1-2042		5,228,284		5,730,185
FNMA		4.50			9-1-2043		3,701,774		4,052,703
FNMA		5.00			12-1-2017		81,224		83,443
FNMA		5.00			6-1-2018		69,853		71,766
FNMA		5.00			10-1-2018		50,633		52,080
FNMA		5.00			11-1-2018		18,684		19,235
FNMA		5.00			6-1-2019		52,457		54,438
FNMA		5.00			9-1-2019		158,992		163,529
FNMA		5.00			10-1-2019		72,991		75,849
FNMA		5.00			11-1-2019		58,074		59,913
FNMA		5.00			6-1-2020		30,112		31,092
FNMA		5.00			5-1-2023		251,111		267,355
FNMA		5.00			5-1-2023		50,280		53,979
FNMA		5.00			6-1-2023		129,322		137,582
FNMA		5.00			6-1-2023		37,709		40,462
FNMA		5.00			9-1-2024		76,926		85,092


16		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		5.00	%		3-1-2025	$	793,006	$	850,900
FNMA		5.00			4-1-2034		133,999		150,838
FNMA		5.00			4-1-2034		452,790		503,938
FNMA		5.00			4-1-2035		1,210,182		1,349,316
FNMA		5.00			6-1-2035		391,345		433,671
FNMA		5.00			7-1-2035		25,045		27,803
FNMA		5.00			7-1-2035		22,450		24,907
FNMA		5.00			7-1-2035		46,043		51,063
FNMA		5.00			8-1-2035		50,190		55,703
FNMA		5.00			10-1-2035		1,499,231		1,663,612
FNMA		5.00			11-1-2035		377,363		418,908
FNMA		5.00			2-1-2036		1,823,656		2,023,966
FNMA		5.00			7-1-2036		39,727		44,058
FNMA		5.00			11-1-2036		152,803		169,042
FNMA		5.00			11-1-2036		116,836		129,401
FNMA		5.00			5-1-2037		37,105		41,044
FNMA		5.00			5-1-2037		39,360		43,539
FNMA		5.00			5-1-2037		114,307		126,442
FNMA		5.00			6-1-2037		43,108		47,684
FNMA		5.00			8-1-2037		258,049		285,446
FNMA		5.00			2-1-2038		936,646		1,038,899
FNMA		5.00			3-1-2038		565,687		625,744
FNMA		5.00			4-1-2038		29,481		32,611
FNMA		5.00			5-1-2038		146,559		162,119
FNMA		5.00			5-1-2038		105,942		117,190
FNMA		5.00			5-1-2038		54,547		60,338
FNMA		5.00			7-1-2038		3,527		3,901
FNMA		5.00			7-1-2038		5,379		5,953
FNMA		5.00			11-1-2038		143,561		158,803
FNMA		5.00			11-1-2038		83,544		92,414
FNMA		5.00			11-1-2038		5,065		5,603
FNMA		5.00			4-1-2039		163,993		181,513
FNMA		5.00			4-1-2039		224,999		248,886
FNMA		5.00			6-1-2039		383,564		424,286
FNMA		5.00			7-1-2039		269,067		297,633
FNMA		5.00			8-1-2039		2,760,794		3,060,877
FNMA		5.00			10-1-2039		507,529		562,813
FNMA		5.00			7-1-2040		4,524,798		5,069,049
FNMA		5.00			9-1-2040		2,711,104		3,006,787
FNMA		5.00			4-1-2041		1,759,736		1,949,050
FNMA		5.00			8-1-2041		181,252		200,686
FNMA		5.45			10-18-2021		200,000		201,279
FNMA		5.50			11-1-2016		6,178		6,190
FNMA		5.50			11-1-2016		115		115
FNMA		5.50			1-1-2017		5,156		5,173
FNMA		5.50			2-1-2017		3,457		3,467
FNMA		5.50			2-1-2017		113		113
FNMA		5.50			4-1-2017		7,273		7,315
FNMA		5.50			6-1-2017		19,542		19,717
FNMA		5.50			7-1-2017		26,624		26,907


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			17


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		5.50	%		8-1-2017	$	6,566	$	6,646
FNMA		5.50			10-1-2017		28,421		28,869
FNMA		5.50			3-1-2018		12,746		13,021
FNMA		5.50			4-1-2018		17,464		17,853
FNMA		5.50			12-1-2018		155,859		159,550
FNMA		5.50			5-1-2021		109,219		114,865
FNMA		5.50			5-1-2023		117,686		128,553
FNMA		5.50			2-1-2024		10,838		11,883
FNMA		5.50			6-1-2024		104,141		112,755
FNMA		5.50			8-1-2025		63,952		72,514
FNMA		5.50			7-1-2033		116,884		132,490
FNMA		5.50			9-1-2033		227,639		257,539
FNMA		5.50			11-1-2033		118,231		134,213
FNMA		5.50			7-1-2034		100,781		113,114
FNMA		5.50			9-1-2034		50,011		56,812
FNMA		5.50			10-1-2034		29,181		32,753
FNMA		5.50			12-1-2034		222,930		253,077
FNMA		5.50			1-1-2035		1,339,885		1,521,947
FNMA		5.50			1-1-2035		180,262		203,016
FNMA		5.50			6-1-2035		291,610		331,197
FNMA		5.50			8-1-2035		27,994		31,601
FNMA		5.50			8-1-2035		181,458		204,825
FNMA		5.50			8-1-2035		351,886		398,604
FNMA		5.50			9-1-2035		317,749		360,893
FNMA		5.50			12-1-2035		354,992		401,352
FNMA		5.50			12-1-2035		411,151		466,330
FNMA		5.50			1-1-2036		874,781		988,255
FNMA		5.50			2-1-2036		198,812		225,648
FNMA		5.50			4-1-2036		255,722		290,303
FNMA		5.50			4-1-2036		553,169		624,635
FNMA		5.50			4-1-2036		1,415,519		1,601,487
FNMA		5.50			9-1-2036		18,515		20,874
FNMA		5.50			2-1-2037		152,033		175,238
FNMA		5.50			3-1-2037		44,315		50,021
FNMA		5.50			5-1-2037		59,788		67,105
FNMA		5.50			6-1-2037		144,229		162,318
FNMA		5.50			7-1-2037		44,285		49,762
FNMA		5.50			7-1-2037		13,682		15,356
FNMA		5.50			2-1-2038		421,834		473,459
FNMA		5.50			2-1-2038		46,890		52,882
FNMA		5.50			2-1-2038		55,769		62,594
FNMA		5.50			3-1-2038		14,620		16,514
FNMA		5.50			4-1-2038		487,987		551,064
FNMA		5.50			5-1-2038		42,086		47,388
FNMA		5.50			5-1-2038		665,096		750,651
FNMA		5.50			5-1-2038		321,143		363,186
FNMA		5.50			6-1-2038		162,307		183,010
FNMA		5.50			8-1-2038		34,546		39,143
FNMA		5.50			9-1-2038		180,425		203,867
FNMA		5.50			11-1-2038		398,130		450,291


18		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		5.50	%		11-1-2038	$	388,123	$	438,061
FNMA		5.50			1-1-2039		269,288		303,743
FNMA		5.50			2-1-2039		1,436,103		1,628,978
FNMA		5.50			5-1-2039		242,401		273,414
FNMA		5.50			6-1-2039		567,266		640,271
FNMA		5.50			12-1-2039		5,819		6,562
FNMA		5.50			6-1-2040		10,626		12,037
FNMA		5.50			9-1-2040		108,162		122,029
FNMA		5.50			2-1-2041		162,195		183,205
FNMA		5.63			7-15-2037		150,000		224,948
FNMA		6.00			9-1-2016		6		6
FNMA		6.00			11-1-2017		41		41
FNMA		6.00			11-1-2017		38,281		38,914
FNMA		6.00			1-1-2018		13,217		13,515
FNMA		6.00			5-1-2021		68,925		74,019
FNMA		6.00			5-1-2021		84,936		91,683
FNMA		6.00			9-1-2021		40,551		43,074
FNMA		6.00			8-1-2022		23,059		24,891
FNMA		6.00			10-1-2022		64,124		69,190
FNMA		6.00			9-1-2024		6,608		7,082
FNMA		6.00			11-1-2033		20,133		23,152
FNMA		6.00			8-1-2034		87,600		101,294
FNMA		6.00			9-1-2034		41,668		47,618
FNMA		6.00			10-1-2034		79,319		91,708
FNMA		6.00			11-1-2034		94,192		108,507
FNMA		6.00			3-1-2035		29,578		33,802
FNMA		6.00			1-1-2036		249,679		287,613
FNMA		6.00			3-1-2036		29,271		33,465
FNMA		6.00			9-1-2036		2,185		2,501
FNMA		6.00			9-1-2036		107,631		123,214
FNMA		6.00			9-1-2036		48,462		55,448
FNMA		6.00			11-1-2036		633,074		723,879
FNMA		6.00			1-1-2037		319,949		366,103
FNMA		6.00			2-1-2037		1,964		2,251
FNMA		6.00			2-1-2037		1,026,020		1,174,349
FNMA		6.00			3-1-2037		160,332		183,711
FNMA		6.00			4-1-2037		9,395		10,766
FNMA		6.00			5-1-2037		459,813		526,661
FNMA		6.00			5-1-2037		3,286		3,763
FNMA		6.00			6-1-2037		4,435		5,078
FNMA		6.00			7-1-2037		495,153		567,194
FNMA		6.00			8-1-2037		20,516		23,490
FNMA		6.00			8-1-2037		100,959		116,316
FNMA		6.00			8-1-2037		2,334		2,672
FNMA		6.00			8-1-2037		322,206		368,217
FNMA		6.00			9-1-2037		19,018		21,734
FNMA		6.00			9-1-2037		32,614		37,314
FNMA		6.00			9-1-2037		41,726		47,685
FNMA		6.00			9-1-2037		263,109		301,067
FNMA		6.00			9-1-2037		40,790		46,739


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			19


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		6.00	%		9-1-2037	$	30,086	$	34,382
FNMA		6.00			9-1-2037		25,488		29,136
FNMA		6.00			9-1-2037		2,164		2,473
FNMA		6.00			9-1-2037		26,913		30,825
FNMA		6.00			10-1-2037		73,323		83,909
FNMA		6.00			10-1-2037		592,249		676,822
FNMA		6.00			10-1-2037		114,658		131,032
FNMA		6.00			10-1-2037		20,152		23,029
FNMA		6.00			10-1-2037		1,931		2,211
FNMA		6.00			10-1-2037		375,823		429,491
FNMA		6.00			10-1-2037		1,431		1,635
FNMA		6.00			11-1-2037		16,064		18,358
FNMA		6.00			11-1-2037		12,131		13,871
FNMA		6.00			11-1-2037		19,523		22,326
FNMA		6.00			11-1-2037		3,730		4,262
FNMA		6.00			11-1-2037		3,714		4,245
FNMA		6.00			12-1-2037		17,363		19,873
FNMA		6.00			1-1-2038		25,143		28,734
FNMA		6.00			1-1-2038		15,826		18,113
FNMA		6.00			1-1-2038		212,013		242,518
FNMA		6.00			2-1-2038		65,336		74,700
FNMA		6.00			2-1-2038		1,009		1,154
FNMA		6.00			2-1-2038		29,391		33,588
FNMA		6.00			2-1-2038		43,008		49,149
FNMA		6.00			6-1-2038		17,098		19,539
FNMA		6.00			7-1-2038		47,264		54,014
FNMA		6.00			7-1-2038		4,564		5,224
FNMA		6.00			7-1-2038		155,427		177,622
FNMA		6.00			7-1-2038		40,299		46,054
FNMA		6.00			8-1-2038		37,068		42,361
FNMA		6.00			8-1-2038		12,349		14,112
FNMA		6.00			8-1-2038		3,088		3,529
FNMA		6.00			8-1-2038		32,079		36,660
FNMA		6.00			8-1-2038		18,188		20,785
FNMA		6.00			8-1-2038		1,007		1,151
FNMA		6.00			9-1-2038		29,624		33,854
FNMA		6.00			9-1-2038		19,361		22,126
FNMA		6.00			9-1-2038		28,876		33,275
FNMA		6.00			9-1-2038		22,200		25,370
FNMA		6.00			9-1-2038		10,501		12,000
FNMA		6.00			9-1-2038		40,205		45,946
FNMA		6.00			9-1-2038		3,285		3,755
FNMA		6.00			9-1-2038		1,318		1,506
FNMA		6.00			9-1-2038		6,477		7,462
FNMA		6.00			9-1-2038		8,431		9,635
FNMA		6.00			9-1-2038		31,198		35,680
FNMA		6.00			9-1-2038		1,427		1,631
FNMA		6.00			9-1-2038		81,101		92,682
FNMA		6.00			10-1-2038		44,646		51,021
FNMA		6.00			10-1-2038		18,041		20,617


20		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		6.00	%		10-1-2038	$	8,141	$	9,303
FNMA		6.00			11-1-2038		27,090		30,959
FNMA		6.00			11-1-2038		137,227		156,823
FNMA		6.00			11-1-2038		16,520		18,888
FNMA		6.00			11-1-2038		26,398		30,168
FNMA		6.00			11-1-2038		31,301		35,771
FNMA		6.00			11-1-2038		2,143		2,449
FNMA		6.00			12-1-2038		26,111		29,840
FNMA		6.00			12-1-2038		31,008		35,436
FNMA		6.00			12-1-2038		44,007		50,291
FNMA		6.00			1-1-2039		10,766		12,320
FNMA		6.00			2-1-2039		36,548		41,785
FNMA		6.00			3-1-2039		6,310		7,234
FNMA		6.00			9-1-2039		87,237		99,828
FNMA		6.00			9-1-2039		1,322		1,514
FNMA		6.00			10-1-2039		1,561,868		1,789,678
FNMA		6.00			4-1-2040		1,922,244		2,203,669
FNMA		6.00			6-1-2040		9,804		11,217
FNMA		6.21			8-6-2038		200,000		314,996
FNMA		6.25			5-15-2029		500,000		725,451
FNMA		6.50			7-1-2036		123,962		144,519
FNMA		6.50			9-1-2036		62,584		73,948
FNMA		6.50			9-1-2036		4,992		5,737
FNMA		6.50			12-1-2036		288,711		331,769
FNMA		6.50			3-1-2037		12,681		14,573
FNMA		6.50			4-1-2037		12,885		14,807
FNMA		6.50			5-1-2037		1,257		1,445
FNMA		6.50			5-1-2037		53,732		61,746
FNMA		6.50			6-1-2037		55,470		63,743
FNMA		6.50			6-1-2037		59,441		68,306
FNMA		6.50			8-1-2037		9,692		11,137
FNMA		6.50			9-1-2037		460,472		537,548
FNMA		6.50			9-1-2037		2,286		2,627
FNMA		6.50			9-1-2037		361,228		426,175
FNMA		6.50			10-1-2037		34,756		39,939
FNMA		6.50			10-1-2037		541,200		621,915
FNMA		6.50			10-1-2037		2,223		2,633
FNMA		6.50			10-1-2037		85,630		98,401
FNMA		6.50			11-1-2037		38,090		43,770
FNMA		6.50			11-1-2037		154,229		177,230
FNMA		6.50			11-1-2037		11,945		13,726
FNMA		6.50			1-1-2038		22,572		25,939
FNMA		6.50			1-1-2038		90,206		103,659
FNMA		6.50			3-1-2038		6,931		8,535
FNMA		6.50			7-1-2038		12,364		14,208
FNMA		6.50			9-1-2038		8,817		10,608
FNMA		6.50			9-1-2038		6,235		7,165
FNMA		6.50			10-1-2038		35,222		40,754
FNMA		6.50			1-1-2039		347,838		405,629
FNMA		6.50			2-1-2039		38,626		44,888


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			21


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		6.50	%		6-1-2039	$	23,504	$	27,010
FNMA		6.50			10-1-2039		254,611		292,584
FNMA		6.50			10-1-2039		690,673		808,037
FNMA		6.50			5-1-2040		190,156		219,312
FNMA		6.63			11-15-2030		1,300,000		1,993,224
FNMA		7.00			8-1-2037		15,788		17,792
FNMA		7.13			1-15-2030		500,000		783,721
FNMA		7.25			5-15-2030		1,300,000		2,066,726
GNMA		3.00			9-15-2042		2,850,721		2,993,879
GNMA		3.00			9-15-2042		241,120		252,856
GNMA		3.00			9-20-2042		6,198,883		6,508,182
GNMA		3.00			11-15-2042		3,511,240		3,687,569
GNMA		3.00			11-20-2042		3,143,097		3,306,024
GNMA		3.00			12-20-2042		1,336,553		1,403,110
GNMA		3.00			1-20-2043		6,442,036		6,762,560
GNMA		3.00			2-20-2043		7,433,690		7,820,492
GNMA		3.00			3-15-2043		1,175,158		1,234,177
GNMA		3.00			3-15-2043		1,201,355		1,261,688
GNMA		3.00			3-20-2043		5,009,136		5,258,453
GNMA		3.00			3-20-2043		2,237,154		2,353,501
GNMA		3.00			4-20-2043		1,338,868		1,405,505
GNMA		3.00			6-15-2043		573,395		601,941
GNMA		3.00			8-20-2043		3,657,980		3,840,390
GNMA		3.00			9-15-2043		262,815		275,710
GNMA		3.00			3-20-2045		6,131,398		6,428,013
GNMA		3.00			4-20-2045		4,350,834		4,561,312
GNMA		3.00			6-20-2045		8,087,034		8,478,255
GNMA		3.00			4-20-2046		7,805,517		8,183,119
GNMA		3.00			7-20-2046		3,691,712		3,870,303
GNMA %%		3.00			9-21-2046		16,800,000		17,589,469
GNMA		3.50			12-15-2040		461,290		497,999
GNMA		3.50			1-15-2041		347,453		369,238
GNMA		3.50			10-15-2041		1,745,431		1,853,951
GNMA		3.50			2-15-2042		4,776,402		5,091,525
GNMA		3.50			3-20-2042		1,382,352		1,470,337
GNMA		3.50			4-20-2042		933,379		994,516
GNMA		3.50			5-15-2042		1,897,530		2,015,443
GNMA		3.50			5-15-2042		1,215,672		1,290,419
GNMA		3.50			6-20-2042		1,514,465		1,615,055
GNMA		3.50			7-15-2042		2,373,843		2,519,881
GNMA		3.50			10-20-2042		2,733,926		2,913,009
GNMA		3.50			3-20-2043		3,891,207		4,143,019
GNMA		3.50			4-15-2043		2,477,214		2,634,578
GNMA		3.50			4-20-2043		12,024,236		12,789,651
GNMA		3.50			10-20-2043		3,116,784		3,319,022
GNMA		3.50			1-20-2044		2,977,088		3,164,480
GNMA		3.50			5-20-2044		3,015,723		3,200,573
GNMA		3.50			10-20-2044		10,118,394		10,738,510
GNMA		3.50			12-20-2044		6,115,588		6,490,388
GNMA		3.50			3-20-2045		4,463,765		4,737,391


22		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		3.50	%		4-20-2045	$	14,167,295	$	15,148,047
GNMA		3.50			6-20-2045		10,126,818		10,748,667
GNMA		3.50			10-20-2045		8,099,595		8,597,672
GNMA		3.50			3-20-2046		7,453,416		7,914,229
GNMA		3.50			4-20-2046		15,531,032		16,494,183
GNMA %%		3.50			9-21-2046		24,075,000		25,544,892
GNMA		4.00			6-15-2039		209,682		224,747
GNMA		4.00			7-15-2039		67,321		72,159
GNMA		4.00			7-15-2039		327,484		350,955
GNMA		4.00			8-15-2040		2,390,195		2,562,885
GNMA		4.00			9-15-2040		3,858,040		4,143,768
GNMA		4.00			10-15-2040		1,436,150		1,562,730
GNMA		4.00			12-15-2040		2,595,572		2,840,226
GNMA		4.00			1-15-2041		1,032,121		1,130,083
GNMA		4.00			1-15-2041		2,499,151		2,735,613
GNMA		4.00			7-15-2041		600,375		645,517
GNMA		4.00			10-20-2041		1,203,989		1,293,335
GNMA		4.00			11-20-2041		3,382,537		3,639,735
GNMA		4.00			2-20-2042		790,870		849,242
GNMA		4.00			4-20-2042		3,428,188		3,686,177
GNMA		4.00			5-20-2042		2,631,713		2,824,974
GNMA		4.00			3-20-2043		958,503		1,030,513
GNMA		4.00			8-20-2043		4,093,424		4,377,524
GNMA		4.00			3-20-2044		4,656,993		4,976,997
GNMA		4.00			5-20-2044		4,557,933		4,871,528
GNMA		4.00			6-20-2044		3,992,970		4,267,177
GNMA		4.00			8-20-2044		5,158,736		5,513,705
GNMA		4.00			10-20-2044		1,070,027		1,143,455
GNMA		4.00			12-20-2044		6,320,213		6,755,035
GNMA		4.00			11-20-2045		11,313,547		12,093,596
GNMA		4.50			3-15-2037		58,750		64,706
GNMA		4.50			3-15-2038		22,097		24,376
GNMA		4.50			3-15-2039		335,521		373,959
GNMA		4.50			3-15-2039		2,973,906		3,277,655
GNMA		4.50			4-15-2039		276,857		304,922
GNMA		4.50			5-15-2039		617,093		683,533
GNMA		4.50			6-15-2039		333,847		367,689
GNMA		4.50			7-15-2039		427,933		471,643
GNMA		4.50			7-15-2039		740,814		817,208
GNMA		4.50			9-15-2039		294,307		324,140
GNMA		4.50			10-15-2039		618,616		681,766
GNMA		4.50			12-15-2039		764,672		851,979
GNMA		4.50			1-15-2040		840,962		926,867
GNMA		4.50			4-15-2040		92,236		101,792
GNMA		4.50			5-15-2040		1,623,432		1,801,795
GNMA		4.50			5-15-2040		1,584,393		1,751,299
GNMA		4.50			5-15-2040		23,847		26,283
GNMA		4.50			6-15-2040		809,034		894,340
GNMA		4.50			6-15-2040		307,222		339,032
GNMA		4.50			6-15-2040		83,848		92,429


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			23


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		4.50	%		9-15-2040	$	61,091	$	67,283
GNMA		4.50			9-15-2040		300,907		331,531
GNMA		4.50			10-15-2040		28,317		31,188
GNMA		4.50			11-15-2040		1,274,636		1,406,327
GNMA		4.50			12-15-2040		98,186		108,139
GNMA		4.50			2-15-2041		969,604		1,077,776
GNMA		4.50			3-15-2041		42,793		47,131
GNMA		4.50			4-15-2041		101,334		111,606
GNMA		4.50			4-15-2041		170,514		187,798
GNMA		4.50			5-15-2041		28,479		31,406
GNMA		4.50			6-15-2041		598,615		659,296
GNMA		4.50			6-15-2041		1,279,813		1,409,546
GNMA		4.50			6-15-2041		54,192		59,685
GNMA		4.50			6-15-2041		137,391		151,343
GNMA		4.50			7-15-2041		104,218		114,782
GNMA		4.50			7-20-2041		983,201		1,076,508
GNMA		4.50			10-15-2041		158,950		175,241
GNMA		4.50			10-15-2041		59,187		65,187
GNMA		4.50			10-15-2041		40,400		44,495
GNMA		4.50			11-20-2041		898,054		983,282
GNMA		4.50			12-20-2043		3,624,348		3,912,005
GNMA		4.50			1-20-2044		2,200,375		2,375,014
GNMA		4.50			4-20-2044		2,558,212		2,761,251
GNMA		4.50			10-20-2045		4,555,950		4,917,546
GNMA		5.00			3-15-2035		327,612		370,274
GNMA		5.00			5-15-2038		1,109,671		1,241,299
GNMA		5.00			8-15-2038		764,210		854,860
GNMA		5.00			8-15-2038		134,208		150,519
GNMA		5.00			8-15-2038		6,655		7,473
GNMA		5.00			12-15-2038		375,684		421,479
GNMA		5.00			3-15-2039		450,764		505,676
GNMA		5.00			3-15-2039		62,382		69,965
GNMA		5.00			5-15-2039		190,297		213,253
GNMA		5.00			7-15-2039		27,934		31,248
GNMA		5.00			9-15-2039		3,478,994		3,934,199
GNMA		5.00			11-15-2039		995,395		1,125,420
GNMA		5.00			1-15-2040		1,541,127		1,742,246
GNMA		5.00			2-15-2040		957,086		1,082,202
GNMA		5.00			3-15-2040		2,966,102		3,318,600
GNMA		5.00			5-15-2040		935,219		1,046,177
GNMA		5.00			7-15-2040		918,371		1,030,015
GNMA		5.00			7-15-2040		2,738		3,073
GNMA		5.00			12-15-2040		658,535		736,668
GNMA		5.00			9-15-2041		91,513		101,824
GNMA		5.00			10-15-2041		222,130		248,387
GNMA		5.00			5-20-2042		1,296,769		1,410,237
GNMA		5.50			9-15-2034		141,212		162,323
GNMA		5.50			11-15-2035		208,089		236,369
GNMA		5.50			12-15-2035		185,162		209,784
GNMA		5.50			2-15-2036		86,869		98,421


24		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		5.50	%		3-15-2036	$	199,120	$	224,956
GNMA		5.50			5-15-2036		2,955		3,345
GNMA		5.50			5-15-2036		35,219		40,453
GNMA		5.50			2-15-2037		56,070		63,071
GNMA		5.50			6-15-2037		2,981		3,353
GNMA		5.50			8-15-2037		63,610		71,553
GNMA		5.50			2-15-2038		149,254		168,064
GNMA		5.50			2-15-2038		336,201		381,009
GNMA		5.50			3-15-2038		8,068		9,085
GNMA		5.50			3-15-2038		39,303		44,327
GNMA		5.50			4-15-2038		86,839		97,803
GNMA		5.50			5-15-2038		57,204		64,415
GNMA		5.50			5-15-2038		258,047		291,036
GNMA		5.50			6-15-2038		28,682		32,297
GNMA		5.50			6-15-2038		72,000		81,198
GNMA		5.50			6-15-2038		13,172		14,817
GNMA		5.50			7-15-2038		247,395		278,578
GNMA		5.50			8-15-2038		1,468,811		1,680,992
GNMA		5.50			8-15-2038		97,764		110,085
GNMA		5.50			8-15-2038		16,877		19,004
GNMA		5.50			9-15-2038		763,174		859,273
GNMA		5.50			9-15-2038		51,870		59,356
GNMA		5.50			9-15-2038		50,022		56,327
GNMA		5.50			10-15-2038		366,907		412,721
GNMA		5.50			10-15-2038		35,564		40,048
GNMA		5.50			11-15-2038		23,562		26,529
GNMA		5.50			11-15-2038		61,319		69,016
GNMA		5.50			11-15-2038		163,516		184,129
GNMA		5.50			11-15-2038		164,932		186,019
GNMA		5.50			12-15-2038		202,749		228,306
GNMA		5.50			12-15-2038		33,851		38,118
GNMA		5.50			12-15-2038		185,004		208,377
GNMA		5.50			1-15-2039		64,230		72,442
GNMA		5.50			1-15-2039		34,749		39,144
GNMA		5.50			7-15-2039		15,233		17,208
GNMA		5.50			7-15-2039		109,357		123,131
GNMA		5.50			8-15-2039		52,079		58,661
GNMA		5.50			10-15-2039		727,537		819,239
GNMA		5.50			2-15-2040		10,360		11,653
GNMA		5.50			2-15-2040		28,494		32,101
GNMA		5.50			3-15-2040		57,722		65,670
GNMA		5.50			3-15-2040		98,818		111,157
GNMA		5.50			3-15-2040		40,152		45,213
GNMA		5.50			3-15-2040		338,228		380,856
GNMA		5.50			7-15-2040		18,302		20,587
GNMA		5.50			12-15-2040		55,438		62,427
GNMA		5.50			2-15-2041		60,514		68,070
GNMA		5.50			4-15-2041		116,912		131,510
GNMA		6.00			12-15-2031		19,889		22,715
GNMA		6.00			6-15-2036		168,761		192,741


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			25


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		6.00	%		8-15-2036	$	2,774	$	3,182
GNMA		6.00			1-15-2037		461,778		529,601
GNMA		6.00			5-15-2037		4,467		5,102
GNMA		6.00			5-15-2037		4,618		5,291
GNMA		6.00			5-15-2037		132,813		152,294
GNMA		6.00			6-15-2037		14,421		16,645
GNMA		6.00			6-15-2037		54,098		62,734
GNMA		6.00			7-15-2037		41,055		46,889
GNMA		6.00			8-15-2037		79,759		93,006
GNMA		6.00			8-15-2037		4,863		5,614
GNMA		6.00			8-15-2037		177,933		203,215
GNMA		6.00			1-15-2038		206,837		236,227
GNMA		6.00			1-15-2038		2,332		2,664
GNMA		6.00			2-15-2038		4,096		4,678
GNMA		6.00			7-15-2038		285,086		325,594
GNMA		6.00			8-15-2038		217,245		248,113
GNMA		6.00			8-15-2038		65,945		75,329
GNMA		6.00			8-15-2038		109,068		124,565
GNMA		6.00			9-15-2038		137,234		156,733
GNMA		6.00			9-15-2038		302,558		345,549
GNMA		6.00			9-15-2038		2,283		2,608
GNMA		6.00			9-15-2038		2,030		2,321
GNMA		6.00			9-15-2038		2,071		2,365
GNMA		6.00			10-15-2038		44,162		50,446
GNMA		6.00			10-15-2038		225,411		257,440
GNMA		6.00			10-15-2038		28,719		32,799
GNMA		6.00			10-15-2038		17,474		19,961
GNMA		6.00			10-15-2038		43,581		49,805
GNMA		6.00			10-15-2038		128,530		146,793
GNMA		6.00			10-15-2038		7,787		8,894
GNMA		6.00			11-15-2038		80,163		91,572
GNMA		6.00			11-15-2038		89,730		102,501
GNMA		6.00			12-15-2038		3,162		3,611
GNMA		6.00			12-15-2038		247,884		287,117
GNMA		6.00			1-15-2039		114,850		131,190
GNMA		6.00			1-15-2039		2,790		3,187
GNMA		6.00			2-15-2039		2,158		2,465
GNMA		6.00			2-15-2039		201,972		230,670
GNMA		6.00			6-15-2039		14,147		16,157
GNMA		6.00			8-15-2039		18,974		21,670
GNMA		6.00			8-15-2039		5,306		6,162
GNMA		6.00			10-15-2039		22,047		25,331
GNMA		6.00			11-15-2039		1,815		2,073
GNMA		6.00			12-15-2039		223,656		255,435
GNMA		6.00			3-15-2040		6,801		7,767
GNMA		6.00			12-15-2040		164,925		188,359
GNMA		6.00			6-15-2041		620,345		716,882
GNMA		6.00			6-15-2041		87,837		101,154
GNMA		6.00			6-15-2041		433,986		495,651
GNMA		6.50			11-15-2023		429		494


26		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		6.50	%		12-15-2023	$	160	$	184
GNMA		6.50			10-15-2031		93,671		110,586
GNMA		6.50			3-15-2034		197,272		226,985
GNMA		6.50			9-15-2036		33,664		41,314
GNMA		6.50			2-15-2037		27,210		31,309
GNMA		6.50			12-15-2037		61,848		72,904
GNMA		6.50			1-15-2038		65,767		75,673
GNMA		6.50			4-15-2038		5,296		6,094
GNMA		6.50			5-15-2038		5,165		5,966
GNMA		6.50			5-15-2038		60,658		69,794
GNMA		6.50			8-15-2038		29,169		34,191
GNMA		6.50			8-15-2038		2,335		2,687
GNMA		6.50			8-15-2038		50,528		60,410
GNMA		6.50			9-15-2038		56,586		65,831
GNMA		6.50			9-15-2038		183,653		218,581
GNMA		6.50			10-15-2038		31,766		36,551
GNMA		6.50			10-15-2038		68,503		78,821
GNMA		6.50			10-15-2038		466,316		536,551
GNMA		6.50			11-15-2038		2,032		2,338
GNMA		6.50			11-15-2038		8,978		10,331
GNMA		6.50			12-15-2038		90,017		103,575
GNMA		6.50			2-15-2039		2,497		2,913
GNMA		6.50			5-15-2040		97,810		112,542
GNMA		6.50			7-15-2040		97,222		116,780
GNMA		6.50			7-15-2040		407,036		480,368
GNMA		7.00			3-15-2037		5,457		5,562
TVA		3.50			12-15-2042		150,000		167,208
TVA		3.88			2-15-2021		1,320,000		1,463,163
TVA		4.50			4-1-2018		200,000		211,079
TVA		4.65			6-15-2035		200,000		255,185
TVA		4.88			1-15-2048		200,000		265,119
TVA		5.25			9-15-2039		1,500,000		2,114,444
TVA		5.88			4-1-2036		300,000		443,699
TVA		6.15			1-15-2038		400,000		613,863

Total Agency Securities (Cost $1,491,864,872)									1,538,442,378


Corporate Bonds and Notes: 20.82%

Consumer Discretionary: 1.99%

Auto Components: 0.05%
BorgWarner Incorporated		4.63			9-15-2020		100,000		108,258
Delphi Corporation		4.15			3-15-2024		1,000,000		1,070,160
Johnson Controls Incorporated		3.75			12-1-2021		500,000		531,562
Johnson Controls Incorporated		4.25			3-1-2021		120,000		128,770
Johnson Controls Incorporated		4.63			7-2-2044		850,000		940,793
Johnson Controls Incorporated		5.00			3-30-2020		100,000		109,497
Johnson Controls Incorporated		5.70			3-1-2041		240,000		291,131

									3,180,171


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			27


Security name	Interest rate			Maturity date		Principal		Value

Automobiles: 0.08%
Ford Motor Company		6.63	%		10-1-2028	$	200,000	$	253,837
Ford Motor Company		7.45			7-16-2031		1,000,000		1,357,581
General Motors Company		3.50			10-2-2018		1,000,000		1,028,945
General Motors Company		6.25			10-2-2043		1,250,000		1,498,053
General Motors Company		6.60			4-1-2036		500,000		616,521

									4,754,937


Diversified Consumer Services: 0.04%
Cornell University		5.45			2-1-2019		100,000		109,703
President & Fellows of Harvard College		4.88			10-15-2040		300,000		398,237
Princeton University		5.70			3-1-2039		500,000		732,526
Stanford University		4.75			5-1-2019		500,000		543,740
University of Pennsylvania		4.67			9-1-2112		500,000		595,494

									2,379,700


Hotels, Restaurants & Leisure: 0.15%
Brinker International Incorporated		3.88			5-15-2023		150,000		149,492
Carnival Corporation		1.88			12-15-2017		200,000		201,418
Carnival Corporation		3.95			10-15-2020		267,000		288,598
Darden Restaurants Incorporated		6.80			10-15-2037		20,000		23,762
Hyatt Hotels Corporation		3.38			7-15-2023		160,000		165,049
Marriott International Incorporated		3.00			3-1-2019		200,000		205,845
Marriott International Incorporated		3.38			10-15-2020		167,000		174,364
McDonald’s Corporation		2.63			1-15-2022		1,000,000		1,029,776
McDonald’s Corporation		3.38			5-26-2025		350,000		368,646
McDonald’s Corporation		3.50			7-15-2020		200,000		213,410
McDonald’s Corporation		3.63			5-20-2021		100,000		107,886
McDonald’s Corporation		3.70			1-30-2026		750,000		810,510
McDonald’s Corporation		3.70			2-15-2042		500,000		503,810
McDonald’s Corporation		5.35			3-1-2018		400,000		424,378
McDonald’s Corporation		5.80			10-15-2017		100,000		105,076
McDonald’s Corporation		6.30			10-15-2037		300,000		400,886
McDonald’s Corporation		6.30			3-1-2038		600,000		797,816
McDonald’s Corporation		4.60			5-26-2045		250,000		282,740
Starbucks Corporation		2.00			12-5-2018		250,000		254,408
Starbucks Corporation		2.10			2-4-2021		750,000		769,325
Starbucks Corporation		2.70			6-15-2022		200,000		209,868
Starbucks Corporation		4.30			6-15-2045		150,000		180,492
Starwood Hotels & Resort Company		3.13			2-15-2023		226,000		230,010
Starwood Hotels & Resort Company		3.75			3-15-2025		500,000		522,343
Wyndham Worldwide Corporation		4.25			3-1-2022		500,000		531,048

									8,950,956


Household Durables: 0.09%
Leggett & Platt Incorporated		3.40			8-15-2022		100,000		103,623
Mohawk Industries Incorporated		3.85			2-1-2023		100,000		104,859
Newell Brands Incorporated		2.60			3-29-2019		1,000,000		1,022,930
Newell Brands Incorporated		3.15			4-1-2021		750,000		782,452
Newell Brands Incorporated		4.20			4-1-2026		750,000		818,713


28		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Household Durables (continued)
Newell Brands Incorporated		5.50	%		4-1-2046	$	750,000	$	926,090
Newell Rubbermaid Incorporated		2.88			12-1-2019		200,000		205,786
Newell Rubbermaid Incorporated		4.00			6-15-2022		100,000		105,854
Newell Rubbermaid Incorporated		6.25			4-15-2018		165,000		176,324
Tupperware Brands Corporation		4.75			6-1-2021		250,000		270,263
Whirlpool Corporation		4.00			3-1-2024		125,000		136,302
Whirlpool Corporation		4.70			6-1-2022		200,000		223,198
Whirlpool Corporation		4.85			6-15-2021		100,000		112,042

									4,988,436


Internet & Catalog Retail: 0.10%
Amazon.com Incorporated		1.20			11-29-2017		350,000		350,562
Amazon.com Incorporated		2.50			11-29-2022		500,000		515,930
Amazon.com Incorporated		2.60			12-5-2019		400,000		416,087
Amazon.com Incorporated		3.30			12-5-2021		400,000		430,121
Amazon.com Incorporated		3.80			12-5-2024		500,000		557,904
Amazon.com Incorporated		4.80			12-5-2034		500,000		600,430
Amazon.com Incorporated		4.95			12-5-2044		600,000		754,403
Expedia Incorporated		4.50			8-15-2024		100,000		105,260
Expedia Incorporated		5.95			8-15-2020		600,000		672,548
QVC Incorporated		4.38			3-15-2023		300,000		303,308
QVC Incorporated		4.45			2-15-2025		500,000		497,918
QVC Incorporated		5.13			7-2-2022		200,000		213,190
QVC Incorporated		5.45			8-15-2034		250,000		236,969
QVC Incorporated		5.95			3-15-2043		125,000		121,721

									5,776,351


Leisure Products: 0.01%
Hasbro Incorporated		6.35			3-15-2040		155,000		191,657
Mattel Incorporated		1.70			3-15-2018		125,000		125,408
Mattel Incorporated		3.15			3-15-2023		100,000		100,683
Mattel Incorporated		4.35			10-1-2020		100,000		108,440
Mattel Incorporated		6.20			10-1-2040		100,000		118,908

									645,096


Media: 1.06%
21st Century Fox America Incorporated		3.00			9-15-2022		375,000		390,430
21st Century Fox America Incorporated		3.70			9-15-2024		500,000		541,692
21st Century Fox America Incorporated		4.50			2-15-2021		500,000		555,859
21st Century Fox America Incorporated		4.75			9-15-2044		500,000		564,159
21st Century Fox America Incorporated		6.15			2-15-2041		735,000		953,502
21st Century Fox America Incorporated		6.20			12-15-2034		500,000		636,454
21st Century Fox America Incorporated		6.65			11-15-2037		350,000		468,929
21st Century Fox America Incorporated		6.90			3-1-2019		500,000		563,259
21st Century Fox America Incorporated		6.90			8-15-2039		500,000		685,709
21st Century Fox America Incorporated		8.15			10-17-2036		250,000		367,814
CBS Corporation		3.70			8-15-2024		500,000		527,290
CBS Corporation		4.63			5-15-2018		180,000		189,083
CBS Corporation		4.85			7-1-2042		200,000		212,584


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			29


Security name	Interest rate			Maturity date		Principal		Value

Media (continued)
CBS Corporation		4.90	%		8-15-2044	$	500,000	$	542,419
CBS Corporation		7.88			7-30-2030		600,000		855,730
Charter Communications Operating LLC 144A		4.46			7-23-2022		3,000,000		3,252,552
Charter Communications Operating LLC 144A		6.48			10-23-2045		2,000,000		2,457,580
Comcast Corporation		3.13			7-15-2022		500,000		533,748
Comcast Corporation		3.15			3-1-2026		1,000,000		1,058,087
Comcast Corporation		3.38			2-15-2025		750,000		806,842
Comcast Corporation		3.60			3-1-2024		500,000		548,847
Comcast Corporation		4.20			8-15-2034		750,000		837,943
Comcast Corporation		4.40			8-15-2035		300,000		343,969
Comcast Corporation		4.65			7-15-2042		548,000		642,678
Comcast Corporation		4.75			3-1-2044		375,000		448,975
Comcast Corporation		5.15			3-1-2020		500,000		561,862
Comcast Corporation		5.70			7-1-2019		1,000,000		1,120,020
Comcast Corporation		5.88			2-15-2018		75,000		80,103
Comcast Corporation		6.30			11-15-2017		500,000		530,799
Comcast Corporation		6.40			3-1-2040		500,000		713,958
Comcast Corporation		6.45			3-15-2037		900,000		1,263,377
Comcast Corporation		6.50			11-15-2035		550,000		775,161
Comcast Corporation		6.55			7-1-2039		650,000		935,873
Comcast Corporation		6.95			8-15-2037		400,000		592,923
Discovery Communications LLC		3.30			5-15-2022		250,000		254,579
Discovery Communications LLC		4.38			6-15-2021		300,000		324,665
Discovery Communications LLC		4.95			5-15-2042		250,000		234,428
Discovery Communications LLC		5.05			6-1-2020		750,000		825,027
Discovery Communications LLC		5.63			8-15-2019		250,000		274,017
Discovery Communications LLC		6.35			6-1-2040		250,000		264,640
Interpublic Group of Companies		4.00	��		3-15-2022		1,000,000		1,050,679
NBCUniversal Media LLC		2.88			1-15-2023		500,000		523,855
NBCUniversal Media LLC		4.38			4-1-2021		800,000		894,498
NBCUniversal Media LLC		4.45			1-15-2043		500,000		571,125
NBCUniversal Media LLC		5.95			4-1-2041		500,000		683,609
Omnicom Group Incorporated		3.63			5-1-2022		250,000		265,585
Omnicom Group Incorporated		4.45			8-15-2020		90,000		98,453
Omnicom Group Incorporated		6.25			7-15-2019		650,000		732,408
Scripps Networks Interactive Incorporated		2.80			6-15-2020		1,500,000		1,532,088
TCI Communications Incorporated		7.13			2-15-2028		350,000		496,691
Thomson Reuters Corporation		3.85			9-29-2024		1,000,000		1,071,060
Thomson Reuters Corporation		4.30			11-23-2023		300,000		329,594
Thomson Reuters Corporation		4.70			10-15-2019		425,000		460,531
Thomson Reuters Corporation		5.65			11-23-2043		200,000		238,697
Thomson Reuters Corporation		5.85			4-15-2040		134,000		162,215
Thomson Reuters Corporation		6.50			7-15-2018		500,000		544,381
Time Warner Cable Incorporated		4.00			1-15-2022		300,000		327,268
Time Warner Cable Incorporated		4.13			2-15-2021		500,000		531,925
Time Warner Cable Incorporated		4.50			9-15-2042		600,000		580,474
Time Warner Cable Incorporated		4.70			1-15-2021		250,000		278,789
Time Warner Cable Incorporated		4.88			3-15-2020		500,000		553,011
Time Warner Cable Incorporated		5.00			2-1-2020		535,000		582,715
Time Warner Cable Incorporated		5.50			9-1-2041		300,000		325,555


30		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Media (continued)
Time Warner Cable Incorporated		6.20	%		3-15-2040	$	300,000	$	387,376
Time Warner Cable Incorporated		6.55			5-1-2037		850,000		1,025,643
Time Warner Cable Incorporated		6.63			5-15-2029		800,000		1,054,637
Time Warner Cable Incorporated		6.75			7-1-2018		750,000		817,316
Time Warner Cable Incorporated		6.75			6-15-2039		500,000		616,162
Time Warner Cable Incorporated		7.30			7-1-2038		550,000		714,286
Time Warner Cable Incorporated		7.63			4-15-2031		825,000		1,163,256
Time Warner Cable Incorporated		8.25			4-1-2019		150,000		173,350
Time Warner Cable Incorporated		8.38			3-15-2023		250,000		325,425
Time Warner Cable Incorporated		8.75			2-14-2019		704,000		817,752
Time Warner Cable Incorporated		9.15			2-1-2023		250,000		338,888
Time Warner Entertainment Company LP		8.38			7-15-2033		300,000		410,073
Time Warner Incorporated		3.40			6-15-2022		100,000		106,053
Time Warner Incorporated		4.65			6-1-2044		750,000		831,507
Time Warner Incorporated		4.75			3-29-2021		500,000		560,510
Time Warner Incorporated		4.90			6-15-2042		51,000		57,515
Time Warner Incorporated		6.10			7-15-2040		400,000		514,552
Time Warner Incorporated		6.25			3-29-2041		500,000		657,903
Time Warner Incorporated		6.50			11-15-2036		252,000		327,491
Time Warner Incorporated		7.57			2-1-2024		250,000		324,710
Time Warner Incorporated		7.70			5-1-2032		700,000		1,000,585
Viacom Incorporated		2.75			12-15-2019		150,000		153,276
Viacom Incorporated		3.25			3-15-2023		200,000		199,448
Viacom Incorporated		4.25			9-1-2023		1,000,000		1,059,535
Viacom Incorporated		4.38			3-15-2043		552,000		499,944
Viacom Incorporated		4.50			3-1-2021		500,000		545,071
Viacom Incorporated		4.88			6-15-2043		175,000		163,564
Viacom Incorporated		5.25			4-1-2044		500,000		512,286
Viacom Incorporated		5.50			5-15-2033		200,000		224,518
Viacom Incorporated		5.63			9-15-2019		150,000		165,538
Viacom Incorporated		5.85			9-1-2043		125,000		139,877
Viacom Incorporated		6.13			10-5-2017		250,000		262,209
Viacom Incorporated		6.88			4-30-2036		340,000		397,503
Walt Disney Company		1.10			12-1-2017		1,000,000		1,000,166
Walt Disney Company		2.35			12-1-2022		500,000		518,688
Walt Disney Company		2.55			2-15-2022		250,000		259,927
Walt Disney Company		2.75			8-16-2021		500,000		527,661
Walt Disney Company		3.00			2-13-2026		500,000		531,231
Walt Disney Company		4.13			12-1-2041		250,000		286,527
Walt Disney Company		4.13			6-1-2044		350,000		401,663
Walt Disney Company		4.38			8-16-2041		250,000		297,418
Walt Disney Company		5.50			3-15-2019		500,000		552,504
Walt Disney Company		7.00			3-1-2032		75,000		109,352

									61,605,668


Multiline Retail: 0.14%
Dollar General Corporation		3.25			4-15-2023		350,000		361,394
Kohl’s Corporation		3.25			2-1-2023		150,000		150,815
Kohl’s Corporation		4.75			12-15-2023		300,000		324,616


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			31


Security name	Interest rate			Maturity date		Principal		Value

Multiline Retail (continued)
Macy’s Retail Holdings Incorporated		3.88	%		1-15-2022	$	200,000	$	209,136
Macy’s Retail Holdings Incorporated		4.38			9-1-2023		300,000		316,918
Macy’s Retail Holdings Incorporated		6.70			7-15-2034		500,000		566,394
Macy’s Retail Holdings Incorporated		6.90			4-1-2029		500,000		569,738
Macy’s Retail Holdings Incorporated		4.50			12-15-2034		500,000		473,187
Nordstrom Incorporated		4.00			10-15-2021		250,000		267,760
Nordstrom Incorporated		4.75			5-1-2020		135,000		147,297
Nordstrom Incorporated		5.00			1-15-2044		100,000		105,159
Nordstrom Incorporated		6.25			1-15-2018		500,000		532,616
Target Corporation		2.50			4-15-2026		750,000		769,322
Target Corporation		2.90			1-15-2022		250,000		264,407
Target Corporation		3.63			4-15-2046		300,000		313,151
Target Corporation		4.00			7-1-2042		475,000		526,203
Target Corporation		6.00			1-15-2018		500,000		532,821
Target Corporation		6.35			11-1-2032		300,000		414,154
Target Corporation		7.00			1-15-2038		768,000		1,171,263

									8,016,351


Specialty Retail: 0.25%
Advance Auto Parts Incorporated		4.50			1-15-2022		100,000		107,461
Advance Auto Parts Incorporated		4.50			12-1-2023		250,000		270,114
AutoZone Incorporated		2.88			1-15-2023		250,000		254,874
AutoZone Incorporated		3.13			7-15-2023		150,000		156,019
AutoZone Incorporated		4.00			11-15-2020		200,000		214,167
Bed Bath & Beyond Incorporated		4.92			8-1-2034		250,000		254,985
Bed Bath & Beyond Incorporated		5.17			8-1-2044		350,000		344,591
Home Depot Incorporated		2.25			9-10-2018		1,000,000		1,022,825
Home Depot Incorporated		2.70			4-1-2023		375,000		391,435
Home Depot Incorporated		3.75			2-15-2024		500,000		556,595
Home Depot Incorporated		3.95			9-15-2020		400,000		437,140
Home Depot Incorporated		4.20			4-1-2043		400,000		453,916
Home Depot Incorporated		4.40			4-1-2021		500,000		559,921
Home Depot Incorporated		4.88			2-15-2044		500,000		621,405
Home Depot Incorporated		5.40			9-15-2040		200,000		262,609
Home Depot Incorporated		5.88			12-16-2036		1,500,000		2,067,584
Home Depot Incorporated		5.95			4-1-2041		500,000		692,088
Lowe’s Companies Incorporated		2.50			4-15-2026		1,000,000		1,013,674
Lowe’s Companies Incorporated		3.12			4-15-2022		200,000		212,609
Lowe’s Companies Incorporated		3.75			4-15-2021		150,000		164,190
Lowe’s Companies Incorporated		3.80			11-15-2021		500,000		548,922
Lowe’s Companies Incorporated		3.88			9-15-2023		250,000		277,927
Lowe’s Companies Incorporated		4.25			9-15-2044		250,000		282,365
Lowe’s Companies Incorporated		4.63			4-15-2020		400,000		439,156
Lowe’s Companies Incorporated		4.65			4-15-2042		500,000		591,364
Lowe’s Companies Incorporated		5.80			10-15-2036		250,000		329,973
Lowe’s Companies Incorporated		5.80			4-15-2040		110,000		148,559
Lowe’s Companies Incorporated		6.50			3-15-2029		75,000		102,234
Lowe’s Companies Incorporated		6.65			9-15-2037		350,000		507,719
O’Reilly Automotive Incorporated		3.80			9-1-2022		150,000		159,138
O’Reilly Automotive Incorporated		4.88			1-14-2021		45,000		49,511


32		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Specialty Retail (continued)
O’Reilly Automotive Incorporated		4.63	%		9-15-2021	$	150,000	$	164,993
Staples Incorporated «		4.38			1-12-2023		200,000		205,982
TJX Companies Incorporated		2.75			6-15-2021		500,000		521,383
TJX Companies Incorporated		6.95			4-15-2019		85,000		97,017

									14,484,445


Textiles, Apparel & Luxury Goods: 0.02%
Nike Incorporated		2.25			5-1-2023		100,000		102,860
Nike Incorporated		3.63			5-1-2043		100,000		107,434
Nike Incorporated		3.88			11-1-2045		500,000		561,107
Ralph Lauren Corporation		2.13			9-26-2018		50,000		50,798
VF Corporation		3.50			9-1-2021		250,000		269,048
VF Corporation		5.95			11-1-2017		100,000		105,354
VF Corporation		6.45			11-1-2037		150,000		209,842

									1,406,443


Consumer Staples: 2.01%

Beverages: 0.66%
Anheuser-Busch Companies Incorporated		5.50			1-15-2018		200,000		211,288
Anheuser-Busch Companies Incorporated		5.75			4-1-2036		250,000		323,335
Anheuser-Busch InBev Finance Company		1.90			2-1-2019		1,200,000		1,212,474
Anheuser-Busch InBev Finance Company		2.63			1-17-2023		500,000		510,268
Anheuser-Busch InBev Finance Company		2.65			2-1-2021		2,250,000		2,318,645
Anheuser-Busch InBev Finance Company		3.30			2-1-2023		750,000		786,989
Anheuser-Busch InBev Finance Company		3.65			2-1-2026		3,500,000		3,736,656
Anheuser-Busch InBev Finance Company		3.70			2-1-2024		750,000		813,878
Anheuser-Busch InBev Finance Company		4.00			1-17-2043		300,000		318,389
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		350,000		406,799
Anheuser-Busch InBev Finance Company		4.70			2-1-2036		1,500,000		1,738,635
Anheuser-Busch InBev Finance Company		4.90			2-1-2046		3,100,000		3,748,706
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		1,750,000		1,785,737
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		360,000		367,861
Anheuser-Busch InBev Worldwide Incorporated		5.00			4-15-2020		1,000,000		1,109,536
Anheuser-Busch InBev Worldwide Incorporated		6.38			1-15-2040		750,000		1,030,118
Anheuser-Busch InBev Worldwide Incorporated		6.88			11-15-2019		500,000		581,357
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-2019		500,000		570,484
Anheuser-Busch InBev Worldwide Incorporated		8.20			1-15-2039		500,000		816,011
Beam Incorporated		1.75			6-15-2018		250,000		250,196
Brown-Forman Corporation		2.25			1-15-2023		250,000		251,025
Brown-Forman Corporation		3.75			1-15-2043		100,000		105,086
Coca-Cola Company		1.15			4-1-2018		500,000		500,822
Coca-Cola Company		1.65			3-14-2018		1,100,000		1,111,238
Coca-Cola Company		2.45			11-1-2020		1,000,000		1,037,804
Coca-Cola Company		2.50			4-1-2023		350,000		362,370
Coca-Cola Company		2.88			10-27-2025		1,000,000		1,052,913
Coca-Cola Company		3.20			11-1-2023		400,000		435,054
Coca-Cola Company		3.30			9-1-2021		70,000		75,466
Coca-Cola Enterprises Incorporated		3.50			9-15-2020		500,000		526,924
Coca-Cola Enterprises Incorporated		4.50			9-1-2021		100,000		110,661


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			33


Security name	Interest rate			Maturity date		Principal		Value

Beverages (continued)
Diageo Investment Corporation		2.88	%		5-11-2022	$	600,000	$	627,754
Diageo Investment Corporation		4.25			5-11-2042		250,000		282,458
Diageo Investment Corporation		7.45			4-15-2035		150,000		229,141
Dr Pepper Snapple Group Incorporated		3.20			11-15-2021		250,000		263,339
Dr Pepper Snapple Group Incorporated		7.45			5-1-2038		100,000		148,870
Molson Coors Brewing Company		5.00			5-1-2042		500,000		585,610
PepsiCo Incorporated		2.25			1-7-2019		350,000		358,443
PepsiCo Incorporated		2.75			3-5-2022		370,000		388,137
PepsiCo Incorporated		2.75			3-1-2023		475,000		500,975
PepsiCo Incorporated		3.00			8-25-2021		250,000		267,703
PepsiCo Incorporated		3.13			11-1-2020		1,000,000		1,067,937
PepsiCo Incorporated		3.60			3-1-2024		1,000,000		1,097,789
PepsiCo Incorporated		3.60			8-13-2042		250,000		262,148
PepsiCo Incorporated		4.00			3-5-2042		250,000		276,867
PepsiCo Incorporated		4.25			10-22-2044		200,000		230,350
PepsiCo Incorporated		4.50			1-15-2020		200,000		220,358
PepsiCo Incorporated		4.88			11-1-2040		325,000		404,906
PepsiCo Incorporated		5.00			6-1-2018		1,000,000		1,067,031
PepsiCo Incorporated		5.50			1-15-2040		300,000		397,304
PepsiCo Incorporated		7.90			11-1-2018		500,000		571,561
PepsiCo Incorporated Series B		7.00			3-1-2029		600,000		862,620

									38,318,026


Food & Staples Retailing: 0.55%
Costco Wholesale Corporation		1.13			12-15-2017		1,000,000		1,002,448
Costco Wholesale Corporation		1.70			12-15-2019		500,000		507,330
CVS Caremark Corporation		2.25			12-5-2018		278,000		283,938
CVS Caremark Corporation		2.75			12-1-2022		500,000		516,380
CVS Caremark Corporation		3.38			8-12-2024		800,000		849,817
CVS Caremark Corporation		4.00			12-5-2023		1,000,000		1,106,338
CVS Caremark Corporation		5.30			12-5-2043		300,000		375,217
CVS Health Corporation		1.90			7-20-2018		750,000		759,227
CVS Health Corporation		2.80			7-20-2020		2,000,000		2,082,886
CVS Health Corporation		3.88			7-20-2025		750,000		826,136
CVS Health Corporation		4.88			7-20-2035		750,000		893,618
CVS Health Corporation		5.13			7-20-2045		1,000,000		1,246,720
Delhaize America Incorporated		9.00			4-15-2031		500,000		708,998
Sysco Corporation		3.30			7-15-2026		1,000,000		1,046,523
Sysco Corporation		5.25			2-12-2018		300,000		315,648
Sysco Corporation		6.63			3-17-2039		200,000		274,429
The Kroger Company		2.30			1-15-2019		200,000		203,831
The Kroger Company		3.30			1-15-2021		500,000		530,471
The Kroger Company		3.40			4-15-2022		250,000		265,102
The Kroger Company		3.85			8-1-2023		250,000		273,173
The Kroger Company		5.00			4-15-2042		250,000		302,822
The Kroger Company		5.15			8-1-2043		150,000		186,386
The Kroger Company		6.15			1-15-2020		800,000		912,944
The Kroger Company		6.90			4-15-2038		300,000		426,648
The Kroger Company		7.50			4-1-2031		75,000		106,779
Wal-Mart Stores Incorporated		1.13			4-11-2018		500,000		501,552


34		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Food & Staples Retailing (continued)
Wal-Mart Stores Incorporated		3.25	%		10-25-2020	$	750,000	$	808,689
Wal-Mart Stores Incorporated		3.63			7-8-2020		1,100,000		1,192,666
Wal-Mart Stores Incorporated		4.00			4-11-2043		400,000		454,955
Wal-Mart Stores Incorporated		4.25			4-15-2021		500,000		561,788
Wal-Mart Stores Incorporated		4.30			4-22-2044		500,000		597,676
Wal-Mart Stores Incorporated		4.88			7-8-2040		250,000		314,710
Wal-Mart Stores Incorporated		5.00			10-25-2040		500,000		638,672
Wal-Mart Stores Incorporated		5.25			9-1-2035		950,000		1,268,800
Wal-Mart Stores Incorporated		5.63			4-1-2040		600,000		818,476
Wal-Mart Stores Incorporated		5.63			4-15-2041		500,000		683,495
Wal-Mart Stores Incorporated		5.80			2-15-2018		700,000		748,441
Wal-Mart Stores Incorporated		5.88			4-5-2027		100,000		131,530
Wal-Mart Stores Incorporated		6.50			8-15-2037		1,000,000		1,482,825
Wal-Mart Stores Incorporated		7.55			2-15-2030		500,000		764,397
Walgreen Company		3.10			9-15-2022		1,000,000		1,037,970
Walgreen Company		4.40			9-15-2042		500,000		533,926
Walgreen Company		5.25			1-15-2019		62,000		67,078
Walgreens Boots Alliance Incorporated		2.60			6-1-2021		750,000		766,676
Walgreens Boots Alliance Incorporated		2.70			11-18-2019		300,000		309,570
Walgreens Boots Alliance Incorporated		3.45			6-1-2026		750,000		780,116
Walgreens Boots Alliance Incorporated		3.80			11-18-2024		1,000,000		1,072,363
Walgreens Boots Alliance Incorporated		4.80			11-18-2044		500,000		561,364

									32,101,544


Food Products: 0.40%
Archer-Daniels-Midland Company		4.02			4-16-2043		840,000		920,470
Archer-Daniels-Midland Company		4.48			3-1-2021		535,000		600,241
Archer-Daniels-Midland Company		4.54			3-26-2042		250,000		293,423
Archer-Daniels-Midland Company		5.45			3-15-2018		80,000		85,239
Campbell Soup Company		2.50			8-2-2022		121,000		123,836
Campbell Soup Company		4.50			2-15-2019		285,000		306,430
ConAgra Foods Incorporated		3.25			9-15-2022		500,000		517,404
ConAgra Foods Incorporated		7.00			4-15-2019		101,000		113,177
ConAgra Foods Incorporated		8.25			9-15-2030		120,000		169,375
General Mills Incorporated		3.65			2-15-2024		250,000		274,409
General Mills Incorporated		5.40			6-15-2040		345,000		439,291
General Mills Incorporated		5.65			2-15-2019		1,000,000		1,102,426
Hershey Company		2.63			5-1-2023		100,000		103,251
Hershey Company		4.13			12-1-2020		500,000		551,654
Hormel Foods Corporation		4.13			4-15-2021		100,000		110,249
Ingredion Incorporated		1.80			9-25-2017		150,000		150,676
Ingredion Incorporated		4.63			11-1-2020		300,000		328,481
J.M. Smucker Company		3.50			10-15-2021		300,000		321,908
J.M. Smucker Company		3.50			3-15-2025		1,500,000		1,615,725
Kellogg Company		3.25			5-21-2018		65,000		67,024
Kellogg Company		4.00			12-15-2020		221,000		242,137
Kellogg Company		4.15			11-15-2019		300,000		323,870
Kraft Foods Group Incorporated		3.50			6-6-2022		1,000,000		1,067,836
Kraft Foods Group Incorporated		5.00			6-4-2042		750,000		874,122
Kraft Foods Group Incorporated		5.38			2-10-2020		250,000		280,041


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			35


Security name	Interest rate			Maturity date		Principal		Value

Food Products (continued)
Kraft Foods Group Incorporated		6.13	%		8-23-2018	$	1,000,000	$	1,089,717
Kraft Foods Group Incorporated		6.50			2-9-2040		793,000		1,086,923
Kraft Foods Group Incorporated		6.50			2-9-2040		500,000		687,665
Kraft Heinz Foods Company		2.80			7-2-2020		1,000,000		1,039,584
Kraft Heinz Foods Company		3.00			6-1-2026		1,200,000		1,216,142
Kraft Heinz Foods Company		4.38			6-1-2046		750,000		811,186
Kraft Heinz Foods Company		5.20			7-15-2045		750,000		899,065
McCormick & Company		3.50			9-1-2023		179,000		192,221
McCormick & Company		3.90			7-15-2021		75,000		81,632
Mead Johnson Nutrition Company		4.90			11-1-2019		250,000		274,427
Mead Johnson Nutrition Company		5.90			11-1-2039		100,000		125,912
Mondelez International		4.00			2-1-2024		1,200,000		1,324,076
Sara Lee Corporation		4.10			9-15-2020		266,000		280,972
Tyson Foods Incorporated		3.95			8-15-2024		1,000,000		1,082,580
Tyson Foods Incorporated		4.50			6-15-2022		500,000		552,737
Tyson Foods Incorporated		4.88			8-15-2034		250,000		283,879
Unilever Capital Corporation		4.25			2-10-2021		300,000		334,022
Unilever Capital Corporation		4.80			2-15-2019		350,000		379,667
Unilever Capital Corporation		5.90			11-15-2032		300,000		425,109

									23,150,211


Household Products: 0.12%
Church & Dwight Company Incorporated		2.88			10-1-2022		107,000		109,563
Clorox Company		3.05			9-15-2022		161,000		168,503
Clorox Company		3.50			12-15-2024		200,000		214,876
Clorox Company		5.95			10-15-2017		90,000		94,832
Colgate-Palmolive Company		1.95			2-1-2023		500,000		501,408
Colgate-Palmolive Company		2.30			5-3-2022		500,000		518,285
Colgate-Palmolive Company		2.95			11-1-2020		200,000		212,609
Kimberly-Clark Corporation		2.40			6-1-2023		150,000		154,974
Kimberly-Clark Corporation		3.63			8-1-2020		750,000		808,195
Kimberly-Clark Corporation		5.30			3-1-2041		245,000		329,677
Kimberly-Clark Corporation		6.63			8-1-2037		200,000		301,426
Kimberly-Clark Corporation		7.50			11-1-2018		100,000		113,336
The Procter & Gamble Company		3.10			8-15-2023		375,000		405,255
The Procter & Gamble Company		4.70			2-15-2019		1,500,000		1,631,646
The Procter & Gamble Company		5.50			2-1-2034		350,000		483,986
The Procter & Gamble Company		5.55			3-5-2037		500,000		712,166
The Procter & Gamble Company		5.80			8-15-2034		100,000		142,521

									6,903,258


Personal Products: 0.00%
Estee Lauder Companies Incorporated		6.00			5-15-2037		200,000		270,273


Tobacco: 0.28%
Altria Group Incorporated		2.63			1-14-2020		400,000		415,324
Altria Group Incorporated		4.00			1-31-2024		89,000		99,880
Altria Group Incorporated		4.25			8-9-2042		500,000		560,837
Altria Group Incorporated		4.50			5-2-2043		250,000		288,382
Altria Group Incorporated		4.75			5-5-2021		500,000		567,705


36		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Tobacco (continued)
Altria Group Incorporated		5.38	%		1-31-2044	$	750,000	$	974,273
Altria Group Incorporated		9.25			8-6-2019		1,000,000		1,220,824
Altria Group Incorporated		9.70			11-10-2018		355,000		417,424
Altria Group Incorporated		9.95			11-10-2038		226,000		414,767
Altria Group Incorporated		10.20			2-6-2039		161,000		302,571
Philip Morris International Incorporated		1.88			1-15-2019		250,000		253,793
Philip Morris International Incorporated		2.50			8-22-2022		250,000		257,086
Philip Morris International Incorporated		2.63			3-6-2023		175,000		180,276
Philip Morris International Incorporated		3.25			11-10-2024		300,000		321,591
Philip Morris International Incorporated		3.88			8-21-2042		250,000		262,939
Philip Morris International Incorporated		4.13			3-4-2043		300,000		327,425
Philip Morris International Incorporated		4.25			11-10-2044		300,000		336,792
Philip Morris International Incorporated		4.38			11-15-2041		500,000		567,308
Philip Morris International Incorporated		4.50			3-26-2020		750,000		825,383
Philip Morris International Incorporated		4.50			3-20-2042		200,000		229,986
Philip Morris International Incorporated		5.65			5-16-2018		1,300,000		1,397,061
Philip Morris International Incorporated		6.38			5-16-2038		600,000		843,625
Reynolds American Incorporated		4.00			6-12-2022		400,000		437,976
Reynolds American Incorporated		4.45			6-12-2025		500,000		561,108
Reynolds American Incorporated		4.85			9-15-2023		1,500,000		1,721,216
Reynolds American Incorporated		5.70			8-15-2035		300,000		372,723
Reynolds American Incorporated		5.85			8-15-2045		1,000,000		1,304,135
Reynolds American Incorporated		6.15			9-15-2043		125,000		167,467
Reynolds American Incorporated		6.88			5-1-2020		250,000		293,071
Reynolds American Incorporated		7.25			6-15-2037		200,000		276,032
Reynolds American Incorporated		8.13			6-23-2019		155,000		181,965

									16,380,945


Energy: 1.77%

Energy Equipment & Services: 0.13%
Baker Hughes Incorporated		5.13			9-15-2040		500,000		573,531
Baker Hughes Incorporated		6.88			1-15-2029		250,000		317,454
Baker Hughes Incorporated		7.50			11-15-2018		375,000		420,320
FMC Technologies Incorporated		3.45			10-1-2022		100,000		95,764
Halliburton Company		2.00			8-1-2018		500,000		502,955
Halliburton Company		3.25			11-15-2021		200,000		207,397
Halliburton Company		3.50			8-1-2023		500,000		516,794
Halliburton Company		3.80			11-15-2025		1,000,000		1,033,527
Halliburton Company		4.50			11-15-2041		250,000		255,732
Halliburton Company		4.75			8-1-2043		250,000		264,253
Halliburton Company		5.00			11-15-2045		600,000		660,486
Halliburton Company		6.15			9-15-2019		350,000		392,378
Halliburton Company		7.45			9-15-2039		650,000		909,640
National Oilwell Varco Incorporated		2.60			12-1-2022		1,000,000		940,682
National Oilwell Varco Incorporated		3.95			12-1-2042		400,000		320,594

									7,411,507


Oil, Gas & Consumable Fuels: 1.64%
Amerada Hess Corporation		7.13			3-15-2033		500,000		579,901
Anadarko Petroleum Corporation		3.45			7-15-2024		250,000		243,369


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			37


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Anadarko Petroleum Corporation		4.50	%		7-15-2044	$	500,000	$	453,407
Anadarko Petroleum Corporation «		5.55			3-15-2026		500,000		553,094
Anadarko Petroleum Corporation		6.20			3-15-2040		300,000		335,024
Anadarko Petroleum Corporation		6.45			9-15-2036		850,000		981,142
Anadarko Petroleum Corporation		8.70			3-15-2019		450,000		513,718
Apache Corporation		3.25			4-15-2022		362,000		370,113
Apache Corporation		3.63			2-1-2021		500,000		524,189
Apache Corporation		4.25			1-15-2044		250,000		244,950
Apache Corporation		5.10			9-1-2040		575,000		599,858
Apache Corporation		5.25			2-1-2042		100,000		105,987
Apache Corporation		6.00			1-15-2037		500,000		574,539
Boardwalk Pipelines LP		3.38			2-1-2023		100,000		93,990
Boardwalk Pipelines LP		5.75			9-15-2019		150,000		159,847
Buckeye Partners LP		4.15			7-1-2023		250,000		253,142
Buckeye Partners LP		4.88			2-1-2021		560,000		597,920
Buckeye Partners LP		5.50			8-15-2019		150,000		160,377
Buckeye Partners LP		5.85			11-15-2043		200,000		208,051
Buckeye Partners LP		6.05			1-15-2018		100,000		105,148
Chevron Corporation		1.10			12-5-2017		1,000,000		1,001,292
Chevron Corporation		1.56			5-16-2019		750,000		754,907
Chevron Corporation		1.72			6-24-2018		2,000,000		2,020,764
Chevron Corporation		2.10			5-16-2021		750,000		763,340
Chevron Corporation		2.19			11-15-2019		100,000		102,195
Chevron Corporation		2.36			12-5-2022		750,000		767,831
Chevron Corporation		2.42			11-17-2020		500,000		516,163
Chevron Corporation		2.95			5-16-2026		1,000,000		1,040,013
Chevron Corporation		3.19			6-24-2023		1,000,000		1,069,629
Chevron Corporation		4.95			3-3-2019		500,000		545,554
Columbia Pipeline Group Incorporated		3.30			6-1-2020		900,000		931,438
Columbia Pipeline Group Incorporated		5.80			6-1-2045		200,000		240,851
ConocoPhillips Company		1.05			12-15-2017		250,000		248,697
ConocoPhillips Company		1.50			5-15-2018		1,000,000		1,000,053
ConocoPhillips Company		2.40			12-15-2022		500,000		498,093
ConocoPhillips Company		3.35			11-15-2024		750,000		772,030
ConocoPhillips Company		3.35			5-15-2025		500,000		509,990
ConocoPhillips Company		4.30			11-15-2044		300,000		307,377
ConocoPhillips Company		4.95			3-15-2026		500,000		566,899
ConocoPhillips Company		5.20			5-15-2018		250,000		265,313
ConocoPhillips Company		5.90			10-15-2032		250,000		293,544
ConocoPhillips Company		5.90			5-15-2038		100,000		122,289
ConocoPhillips Company		6.00			1-15-2020		750,000		847,846
ConocoPhillips Company		6.95			4-15-2029		300,000		383,106
Devon Energy Corporation		3.25			5-15-2022		500,000		496,073
Devon Energy Corporation		4.00			7-15-2021		200,000		208,939
Devon Energy Corporation		4.75			5-15-2042		500,000		464,999
Devon Energy Corporation		5.60			7-15-2041		200,000		199,908
Devon Energy Corporation		7.95			4-15-2032		500,000		612,275
Dominion Gas Holdings LLC		4.80			11-1-2043		500,000		556,415
El Paso Corporation Series MTN		7.75			1-15-2032		1,000,000		1,207,183
El Paso Natural Gas Company		8.38			6-15-2032		650,000		830,751


38		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
El Paso Pipeline Partners Operating LLC		4.70	%		11-1-2042	$	100,000	$	92,398
Enable Midstream Partner LP		3.90			5-15-2024		1,000,000		940,916
Enbridge Energy Partners LP		5.20			3-15-2020		380,000		405,360
Enbridge Energy Partners LP		5.50			9-15-2040		200,000		199,748
Enbridge Energy Partners LP		6.50			4-15-2018		200,000		211,503
Enbridge Energy Partners LP		7.50			4-15-2038		270,000		316,440
Enbridge Energy Partners LP		9.88			3-1-2019		125,000		145,836
Energy Transfer Partners LP		3.60			2-1-2023		300,000		295,320
Energy Transfer Partners LP		4.65			6-1-2021		1,100,000		1,171,327
Energy Transfer Partners LP		4.75			1-15-2026		400,000		419,520
Energy Transfer Partners LP		4.90			2-1-2024		300,000		311,369
Energy Transfer Partners LP		5.15			2-1-2043		200,000		185,473
Energy Transfer Partners LP		5.15			3-15-2045		400,000		383,871
Energy Transfer Partners LP		5.20			2-1-2022		500,000		540,757
Energy Transfer Partners LP		5.95			10-1-2043		200,000		207,643
Energy Transfer Partners LP		6.05			6-1-2041		300,000		309,717
Energy Transfer Partners LP		6.13			12-15-2045		400,000		431,997
Energy Transfer Partners LP		6.50			2-1-2042		500,000		539,732
Energy Transfer Partners LP		6.63			10-15-2036		230,000		249,017
Energy Transfer Partners LP		6.70			7-1-2018		100,000		107,174
Energy Transfer Partners LP		7.50			7-1-2038		100,000		117,698
Energy Transfer Partners LP		8.25			11-15-2029		125,000		155,169
Energy Transfer Partners LP		9.00			4-15-2019		500,000		569,290
Eni Lasmo plc		7.30			11-15-2027		200,000		242,750
Enterprise Products Operating LLC		1.65			5-7-2018		200,000		200,306
Enterprise Products Operating LLC		2.55			10-15-2019		500,000		512,056
Enterprise Products Operating LLC		3.35			3-15-2023		350,000		362,321
Enterprise Products Operating LLC		3.90			2-15-2024		300,000		317,573
Enterprise Products Operating LLC		4.05			2-15-2022		250,000		269,638
Enterprise Products Operating LLC		4.45			2-15-2043		250,000		251,519
Enterprise Products Operating LLC		4.85			3-15-2044		400,000		423,587
Enterprise Products Operating LLC		4.90			5-15-2046		350,000		374,443
Enterprise Products Operating LLC		5.20			9-1-2020		500,000		562,338
Enterprise Products Operating LLC		5.25			1-31-2020		200,000		220,807
Enterprise Products Operating LLC		5.70			2-15-2042		200,000		231,567
Enterprise Products Operating LLC		5.95			2-1-2041		100,000		118,972
Enterprise Products Operating LLC		6.13			10-15-2039		1,000,000		1,200,103
Enterprise Products Operating LLC		6.30			9-15-2017		400,000		419,562
Enterprise Products Operating LLC		6.65			4-15-2018		250,000		269,592
Enterprise Products Operating LLC		7.55			4-15-2038		100,000		133,069
Enterprise Products Operating LLC Series D		6.88			3-1-2033		400,000		503,997
EOG Resources Incorporated		2.63			3-15-2023		450,000		448,996
EOG Resources Incorporated		3.90			4-1-2035		200,000		200,489
EOG Resources Incorporated		4.10			2-1-2021		200,000		216,181
EOG Resources Incorporated		4.40			6-1-2020		300,000		322,896
EOG Resources Incorporated		5.63			6-1-2019		75,000		81,935
EOG Resources Incorporated		6.88			10-1-2018		400,000		440,380
EQT Corporation		4.88			11-15-2021		300,000		326,831
EQT Corporation		8.13			6-1-2019		325,000		370,072
Equitable Resources Incorporated		6.50			4-1-2018		100,000		104,985


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			39


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corporation		1.44	%		3-1-2018	$	1,500,000	$	1,508,397
Exxon Mobil Corporation		1.71			3-1-2019		1,000,000		1,011,393
Exxon Mobil Corporation		1.82			3-15-2019		1,000,000		1,012,842
Exxon Mobil Corporation		2.71			3-6-2025		500,000		522,218
Exxon Mobil Corporation		2.73			3-1-2023		1,000,000		1,042,932
Exxon Mobil Corporation		3.18			3-15-2024		500,000		534,231
Exxon Mobil Corporation		3.57			3-6-2045		500,000		530,492
Exxon Mobil Corporation		4.11			3-1-2046		1,000,000		1,151,102
Gulf South Pipeline Company LP		4.00			6-15-2022		200,000		193,200
Hess Corporation		5.60			2-15-2041		300,000		304,724
Hess Corporation		6.00			1-15-2040		350,000		365,385
Hess Corporation		7.30			8-15-2031		384,000		445,371
Hess Corporation		7.88			10-1-2029		280,000		340,218
Hess Corporation		8.13			2-15-2019		500,000		564,873
Kerr-McGee Corporation		6.95			7-1-2024		200,000		233,862
Kinder Morgan Energy Partners LP		3.45			2-15-2023		250,000		247,507
Kinder Morgan Energy Partners LP		3.50			3-1-2021		300,000		309,873
Kinder Morgan Energy Partners LP		3.50			9-1-2023		250,000		247,602
Kinder Morgan Energy Partners LP		3.95			9-1-2022		375,000		388,141
Kinder Morgan Energy Partners LP		4.30			6-1-2025		750,000		777,615
Kinder Morgan Energy Partners LP		5.00			8-15-2042		250,000		241,907
Kinder Morgan Energy Partners LP		5.00			3-1-2043		225,000		216,350
Kinder Morgan Energy Partners LP		5.30			9-15-2020		125,000		135,491
Kinder Morgan Energy Partners LP		5.50			3-1-2044		300,000		304,585
Kinder Morgan Energy Partners LP		5.80			3-15-2035		100,000		103,682
Kinder Morgan Energy Partners LP		5.95			2-15-2018		500,000		527,576
Kinder Morgan Energy Partners LP		6.38			3-1-2041		500,000		537,064
Kinder Morgan Energy Partners LP		6.95			1-15-2038		500,000		572,395
Kinder Morgan Incorporated		5.55			6-1-2045		1,250,000		1,289,634
Magellan Midstream Partners LP		5.15			10-15-2043		200,000		219,234
Magellan Midstream Partners LP		6.40			7-15-2018		100,000		108,107
Magellan Midstream Partners LP		6.55			7-15-2019		575,000		647,411
Marathon Oil Corporation		2.80			11-1-2022		600,000		548,458
Marathon Oil Corporation «		3.85			6-1-2025		350,000		327,068
Marathon Oil Corporation		5.20			6-1-2045		200,000		179,201
Marathon Oil Corporation		6.00			10-1-2017		625,000		646,175
Marathon Oil Corporation		6.60			10-1-2037		450,000		463,843
Marathon Petroleum Corporation		3.63			9-15-2024		500,000		506,484
Marathon Petroleum Corporation		4.75			9-15-2044		500,000		458,867
Marathon Petroleum Corporation		5.13			3-1-2021		35,000		38,989
Marathon Petroleum Corporation		6.50			3-1-2041		545,000		612,210
MPLX LP 144A		4.88			6-1-2025		750,000		764,915
Nabors Industries Incorporated		5.00			9-15-2020		300,000		296,828
Nabors Industries Incorporated		6.15			2-15-2018		500,000		518,175
Nabors Industries Incorporated		9.25			1-15-2019		500,000		545,272
Nextera Energy Capital		4.50			6-1-2021		200,000		219,949
Noble Energy Incorporated		3.90			11-15-2024		300,000		306,221
Noble Energy Incorporated		4.15			12-15-2021		500,000		529,608
Noble Energy Incorporated		5.05			11-15-2044		500,000		499,017
Noble Energy Incorporated		6.00			3-1-2041		565,000		615,787


40		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Noble Energy Incorporated		8.25	%		3-1-2019	$	350,000	$	398,452
Northwest Pipeline Corporation		6.05			6-15-2018		170,000		178,716
Occidental Petroleum Corporation		1.50			2-15-2018		250,000		250,922
Occidental Petroleum Corporation		2.70			2-15-2023		500,000		509,424
Occidental Petroleum Corporation		3.50			6-15-2025		300,000		318,714
Occidental Petroleum Corporation		4.10			2-1-2021		460,000		501,904
Occidental Petroleum Corporation		4.63			6-15-2045		300,000		344,254
ONEOK Partners LP		3.20			9-15-2018		125,000		127,135
ONEOK Partners LP		3.38			10-1-2022		1,000,000		1,006,893
ONEOK Partners LP		6.13			2-1-2041		500,000		546,119
ONEOK Partners LP		6.20			9-15-2043		179,000		198,176
ONEOK Partners LP		6.85			10-15-2037		500,000		577,468
ONEOK Partners LP		8.63			3-1-2019		350,000		394,901
Phillips 66		4.30			4-1-2022		1,000,000		1,101,554
Phillips 66		4.65			11-15-2034		200,000		218,528
Phillips 66		4.88			11-15-2044		200,000		224,015
Phillips 66		5.88			5-1-2042		750,000		945,771
Pioneer Natural Resources Company		3.95			7-15-2022		1,000,000		1,053,144
Plains All American Pipeline LP		2.60			12-15-2019		200,000		201,275
Plains All American Pipeline LP		3.60			11-1-2024		300,000		291,038
Plains All American Pipeline LP		3.65			6-1-2022		500,000		505,294
Plains All American Pipeline LP		3.85			10-15-2023		500,000		497,548
Plains All American Pipeline LP		4.90			2-15-2045		250,000		230,107
Plains All American Pipeline LP «		5.00			2-1-2021		200,000		214,352
Plains All American Pipeline LP		5.15			6-1-2042		500,000		461,470
Plains All American Pipeline LP		6.50			5-1-2018		150,000		160,089
Plains All American Pipeline LP		6.65			1-15-2037		200,000		223,148
Plains All American Pipeline LP		8.75			5-1-2019		400,000		459,621
Southern Natural Gas Company		4.40			6-15-2021		1,000,000		1,070,678
Spectra Energy Capital LLC		3.30			3-15-2023		200,000		197,446
Spectra Energy Capital LLC		4.60			6-15-2021		100,000		107,921
Spectra Energy Capital LLC		7.50			9-15-2038		100,000		121,971
Spectra Energy Capital LLC		8.00			10-1-2019		100,000		115,396
Spectra Energy Partners LP		2.95			9-25-2018		500,000		509,128
Spectra Energy Partners LP		4.75			3-15-2024		350,000		388,964
Sunoco Logistics Partner LP		3.45			1-15-2023		200,000		199,450
Sunoco Logistics Partner LP		4.95			1-15-2043		150,000		147,000
Sunoco Logistics Partner LP		5.30			4-1-2044		500,000		507,135
Sunoco Logistics Partner LP		5.35			5-15-2045		200,000		206,718
Sunoco Logistics Partner LP		6.85			2-15-2040		250,000		287,809
TC Pipelines LP		4.65			6-15-2021		300,000		313,620
Tennessee Gas Pipeline Company		7.00			10-15-2028		250,000		299,955
Texas Eastern Transmission LP		7.00			7-15-2032		325,000		409,056
Transcontinental Gas Pipe Line Corporation		6.05			6-15-2018		105,000		110,383
Valero Energy Corporation		6.13			2-1-2020		65,000		74,229
Valero Energy Corporation		6.63			6-15-2037		1,000,000		1,172,284
Valero Energy Corporation		7.50			4-15-2032		300,000		376,900
Valero Energy Corporation		9.38			3-15-2019		250,000		295,652
Western Gas Partners LP		4.00			7-1-2022		400,000		407,041
Western Gas Partners LP		5.45			4-1-2044		500,000		491,997


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			41


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Williams Partners LP		3.35	%		8-15-2022	$	250,000	$	244,355
Williams Partners LP		3.60			3-15-2022		500,000		499,104
Williams Partners LP		4.13			11-15-2020		300,000		311,065
Williams Partners LP		4.30			3-4-2024		500,000		511,865
Williams Partners LP		4.50			11-15-2023		400,000		415,002
Williams Partners LP		5.10			9-15-2045		1,000,000		980,237
Williams Partners LP		5.25			3-15-2020		640,000		688,553
Williams Partners LP		5.80			11-15-2043		1,000,000		1,055,608
Williams Partners LP		6.30			4-15-2040		390,000		425,681
XTO Energy Incorporated		6.50			12-15-2018		500,000		556,121

									95,588,600


Financials: 6.20%

Banks: 2.39%
ABB Finance (USA) Incorporated		2.88			5-8-2022		1,100,000		1,154,571
ABB Finance (USA) Incorporated		4.38			5-8-2042		37,000		42,892
Bank of America Corporation		1.75			6-5-2018		750,000		755,200
Bank of America Corporation		1.95			5-12-2018		250,000		251,799
Bank of America Corporation		2.00			1-11-2018		1,250,000		1,257,550
Bank of America Corporation		2.60			1-15-2019		554,000		566,238
Bank of America Corporation		3.30			1-11-2023		1,600,000		1,661,960
Bank of America Corporation		3.50			4-19-2026		1,000,000		1,043,736
Bank of America Corporation		3.95			4-21-2025		3,000,000		3,122,409
Bank of America Corporation		4.00			4-1-2024		750,000		810,804
Bank of America Corporation		4.13			1-22-2024		1,250,000		1,361,326
Bank of America Corporation		4.20			8-26-2024		1,700,000		1,803,197
Bank of America Corporation		5.00			1-21-2044		1,200,000		1,438,310
Bank of America Corporation		5.49			3-15-2019		250,000		270,568
Bank of America Corporation		5.63			7-1-2020		1,500,000		1,693,307
Bank of America Corporation		5.70			1-24-2022		1,000,000		1,166,534
Bank of America Corporation		5.75			12-1-2017		1,500,000		1,577,130
Bank of America Corporation		5.88			1-5-2021		500,000		576,051
Bank of America Corporation		5.88			2-7-2042		500,000		660,118
Bank of America Corporation		6.00			9-1-2017		1,000,000		1,043,945
Bank of America Corporation		6.00			10-15-2036		300,000		393,830
Bank of America Corporation		7.63			6-1-2019		2,500,000		2,871,998
Bank One Corporation		7.63			10-15-2026		240,000		321,171
Bank One Corporation		8.00			4-29-2027		550,000		746,692
BB&T Corporation		2.05			5-10-2021		1,000,000		1,007,857
Branch Banking & Trust Corporation		1.35			10-1-2017		1,200,000		1,201,804
Branch Banking & Trust Corporation		2.30			10-15-2018		500,000		510,355
Branch Banking & Trust Corporation		3.80			10-30-2026		400,000		437,861
Branch Banking & Trust Corporation		3.95			3-22-2022		500,000		537,275
Branch Banking & Trust Corporation		6.85			4-30-2019		500,000		567,481
Citigroup Incorporated		1.70			4-27-2018		1,500,000		1,501,704
Citigroup Incorporated		1.75			5-1-2018		100,000		100,132
Citigroup Incorporated		1.80			2-5-2018		2,500,000		2,509,098
Citigroup Incorporated		2.50			9-26-2018		400,000		407,002
Citigroup Incorporated		2.50			7-29-2019		1,000,000		1,020,246
Citigroup Incorporated		3.30			4-27-2025		1,250,000		1,290,975


42		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Citigroup Incorporated		3.38	%		3-1-2023	$	632,000	$	660,330
Citigroup Incorporated		3.50			5-15-2023		500,000		515,028
Citigroup Incorporated		3.75			6-16-2024		1,550,000		1,645,344
Citigroup Incorporated		3.88			10-25-2023		850,000		918,470
Citigroup Incorporated		4.05			7-30-2022		400,000		425,452
Citigroup Incorporated		4.40			6-10-2025		1,000,000		1,059,864
Citigroup Incorporated		4.45			9-29-2027		750,000		790,703
Citigroup Incorporated		4.50			1-14-2022		1,500,000		1,658,586
Citigroup Incorporated		4.60			3-9-2026		1,250,000		1,343,229
Citigroup Incorporated		4.65			7-30-2045		1,000,000		1,140,214
Citigroup Incorporated		5.50			9-13-2025		1,000,000		1,132,880
Citigroup Incorporated		5.88			1-30-2042		500,000		647,702
Citigroup Incorporated		6.00			10-31-2033		725,000		868,320
Citigroup Incorporated		6.13			8-25-2036		500,000		614,863
Citizens Bank NA		2.55			5-13-2021		500,000		510,590
Citizens Financial Group Incorporated		4.30			12-3-2025		350,000		369,857
City National Corporation		5.25			9-15-2020		200,000		225,375
Comerica Incorporated		3.80			7-22-2026		250,000		258,749
Commonwealth Bank of Australia (New York)		1.90			9-18-2017		250,000		251,497
Commonwealth Bank of Australia (New York)		2.25			3-13-2019		1,000,000		1,016,683
Commonwealth Bank of Australia (New York)		2.50			9-20-2018		1,500,000		1,531,334
Compass Bank		2.75			9-29-2019		250,000		249,522
Compass Bank		6.40			10-1-2017		250,000		260,932
Discover Bank		3.10			6-4-2020		500,000		514,370
Discover Bank		3.20			8-9-2021		500,000		513,626
Discover Bank		4.20			8-8-2023		500,000		535,628
Discover Bank		4.25			3-13-2026		250,000		266,406
Fifth Third Bancorp		2.30			3-1-2019		1,000,000		1,015,807
Fifth Third Bancorp		4.30			1-16-2024		500,000		537,032
Fifth Third Bancorp		8.25			3-1-2038		750,000		1,134,272
Fifth Third Bank		2.88			10-1-2021		300,000		313,238
HSBC Bank USA NA		2.25			6-23-2019		1,900,000		1,914,267
HSBC Bank USA NA		4.88			8-24-2020		800,000		871,377
HSBC Bank USA NA		5.00			9-27-2020		500,000		542,210
HSBC Bank USA NA		5.63			8-15-2035		225,000		269,594
HSBC Bank USA NA		7.00			1-15-2039		500,000		682,817
HSBC USA Incorporated		1.63			1-16-2018		1,000,000		1,000,127
Huntington Bancshares Incorporated		2.60			8-2-2018		250,000		254,317
Huntington Bancshares Incorporated		7.00			12-15-2020		25,000		29,117
Huntington National Bank		2.20			11-6-2018		1,500,000		1,515,887
JPMorgan Chase & Company		1.70			3-1-2018		750,000		753,420
JPMorgan Chase & Company		1.80			1-25-2018		500,000		503,265
JPMorgan Chase & Company		1.85			3-22-2019		1,000,000		1,006,758
JPMorgan Chase & Company		2.25			1-23-2020		750,000		760,097
JPMorgan Chase & Company		2.35			1-28-2019		500,000		510,315
JPMorgan Chase & Company		2.75			6-23-2020		1,000,000		1,029,251
JPMorgan Chase & Company		2.95			10-1-2026		750,000		756,533
JPMorgan Chase & Company		3.13			1-23-2025		1,000,000		1,027,516
JPMorgan Chase & Company		3.20			1-25-2023		1,000,000		1,043,041
JPMorgan Chase & Company		3.25			9-23-2022		1,500,000		1,574,402


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			43


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
JPMorgan Chase & Company		3.30	%		4-1-2026	$	1,500,000	$	1,554,840
JPMorgan Chase & Company		3.38			5-1-2023		1,000,000		1,031,473
JPMorgan Chase & Company		3.63			5-13-2024		2,000,000		2,134,804
JPMorgan Chase & Company		4.13			12-15-2026		1,000,000		1,071,686
JPMorgan Chase & Company		4.25			10-15-2020		1,000,000		1,088,283
JPMorgan Chase & Company		4.40			7-22-2020		1,500,000		1,634,307
JPMorgan Chase & Company		4.50			1-24-2022		1,500,000		1,661,006
JPMorgan Chase & Company		4.63			5-10-2021		1,500,000		1,663,025
JPMorgan Chase & Company		5.40			1-6-2042		750,000		952,139
JPMorgan Chase & Company		5.60			7-15-2041		1,100,000		1,426,924
JPMorgan Chase & Company		5.63			8-16-2043		200,000		250,060
JPMorgan Chase & Company		6.00			10-1-2017		1,250,000		1,310,491
JPMorgan Chase & Company		6.00			1-15-2018		1,000,000		1,061,251
JPMorgan Chase & Company		6.40			5-15-2038		1,350,000		1,885,544
KeyBank NA		1.65			2-1-2018		400,000		401,756
KeyCorp		2.30			12-13-2018		300,000		304,746
KeyCorp		5.10			3-24-2021		1,500,000		1,693,065
Manufacturers & Traders Trust Company		2.25			7-25-2019		850,000		864,942
Manufacturers & Traders Trust Company		6.63			12-4-2017		500,000		532,128
MUFG Americas Holdings Corporation		3.00			2-10-2025		500,000		507,037
PNC Bank NA		1.50			10-18-2017		500,000		501,705
PNC Bank NA		1.60			6-1-2018		1,000,000		1,005,011
PNC Bank NA		2.25			7-2-2019		750,000		763,473
PNC Bank NA		2.70			11-1-2022		350,000		356,152
PNC Bank NA		2.95			1-30-2023		300,000		310,957
PNC Bank NA		3.30			10-30-2024		500,000		533,472
PNC Bank NA		3.80			7-25-2023		300,000		324,062
PNC Bank NA		4.20			11-1-2025		1,500,000		1,682,471
PNC Bank NA		6.00			12-7-2017		500,000		527,328
PNC Bank NA		6.88			4-1-2018		175,000		189,343
Regions Financial Corporation		3.20			2-8-2021		1,000,000		1,036,748
Santander Bank		8.75			5-30-2018		250,000		275,908
Santander Bank		2.70			5-24-2019		500,000		505,515
Santander Holdings USA		4.50			7-17-2025		500,000		523,389
SunTrust Bank Incorporated		6.00			9-11-2017		750,000		783,016
SunTrust Bank Incorporated		7.25			3-15-2018		500,000		540,869
SVB Financial Group		5.38			9-15-2020		160,000		177,720
Union Bank NA		2.63			9-26-2018		500,000		509,620
UnionBanCal Corporation		3.50			6-18-2022		200,000		211,532
US Bancorp		1.95			11-15-2018		250,000		253,792
US Bancorp		2.20			4-25-2019		1,000,000		1,021,557
US Bancorp		2.95			7-15-2022		575,000		598,338
US Bancorp		3.00			3-15-2022		500,000		528,462
US Bancorp		3.10			4-27-2026		1,000,000		1,034,016
US Bancorp		3.60			9-11-2024		500,000		537,548
US Bancorp		4.13			5-24-2021		500,000		555,138
US Bank NA		1.38			9-11-2017		500,000		501,089
Wachovia Bank NA (l)		5.85			2-1-2037		1,000,000		1,270,804
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		843,014
Wachovia Corporation (l)		5.50			8-1-2035		700,000		829,965


44		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Wachovia Corporation (l)		5.75	%		2-1-2018	$	1,000,000	$	1,061,915
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		1,003,727
Wells Fargo & Company (l)		2.15			1-30-2020		2,500,000		2,540,693
Wells Fargo & Company (l)		3.00			2-19-2025		1,250,000		1,284,808
Wells Fargo & Company (l)		3.00			4-22-2026		1,250,000		1,281,340
Wells Fargo & Company (l)		3.30			9-9-2024		1,500,000		1,584,654
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		786,196
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,067,960
Wells Fargo & Company (l)		3.90			5-1-2045		600,000		635,458
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,085,518
Wells Fargo & Company (l)		4.13			8-15-2023		1,000,000		1,090,789
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,389,594
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,201,227
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,248,846
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,581,108
Wells Fargo Bank NA (l)		1.65			1-22-2018		750,000		754,318
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		449,998
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		552,500

									139,015,510


Capital Markets: 1.15%
AGL Capital Corporation		4.40			6-1-2043		200,000		215,265
AGL Capital Corporation		5.88			3-15-2041		570,000		720,541
Ameriprise Financial Incorporated		4.00			10-15-2023		500,000		547,533
Ameriprise Financial Incorporated		5.30			3-15-2020		300,000		334,642
Ameriprise Financial Incorporated		7.30			6-28-2019		65,000		74,887
AmeriTech Capital Funding Corporation		6.45			1-15-2018		300,000		318,750
Ares Capital Corporation		3.88			1-15-2020		400,000		414,064
Ares Capital Corporation		4.88			11-30-2018		100,000		104,652
Bank of New York Mellon Corporation		1.35			3-6-2018		350,000		350,740
Bank of New York Mellon Corporation		2.10			1-15-2019		300,000		305,186
Bank of New York Mellon Corporation		2.50			4-15-2021		500,000		514,615
Bank of New York Mellon Corporation		2.60			8-17-2020		750,000		772,888
Bank of New York Mellon Corporation		3.40			5-15-2024		1,000,000		1,079,206
Bank of New York Mellon Corporation		3.55			9-23-2021		600,000		645,280
Bank of New York Mellon Corporation		3.95			11-18-2025		500,000		561,695
Bank of New York Mellon Corporation		4.15			2-1-2021		100,000		109,644
Bank of New York Mellon Corporation		5.45			5-15-2019		1,000,000		1,105,028
Bear Stearns Companies Incorporated		6.40			10-2-2017		620,000		653,110
Bear Stearns Companies Incorporated		7.25			2-1-2018		1,500,000		1,619,625
BlackRock Incorporated		3.38			6-1-2022		500,000		538,545
BlackRock Incorporated		4.25			5-24-2021		500,000		557,064
BlackRock Incorporated		5.00			12-10-2019		250,000		278,305
BlackRock Incorporated		6.25			9-15-2017		350,000		368,417
Charles Schwab Corporation		2.20			7-25-2018		150,000		152,254
Charles Schwab Corporation		3.23			9-1-2022		425,000		451,573
Charles Schwab Corporation		4.45			7-22-2020		200,000		220,733
Eaton Vance Corporation		3.63			6-15-2023		100,000		105,810
Eaton Vance Corporation		6.50			10-2-2017		30,000		31,541
Franklin Resources Incorporated		2.80			9-15-2022		300,000		313,424


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			45


Security name	Interest rate			Maturity date			Principal		Value

Capital Markets (continued)
Franklin Resources Incorporated		4.63	%		5-20-2020		$	250,000	$	275,034
FS Investment Corporation		4.00			7-15-2019			250,000		253,605
Goldman Sachs Group Incorporated		3.50			1-23-2025			1,500,000		1,557,186
Goldman Sachs Group Incorporated		3.63			1-22-2023			1,500,000		1,589,864
Goldman Sachs Group Incorporated		3.75			5-22-2025			500,000		528,766
Goldman Sachs Group Incorporated		3.75			2-25-2026			500,000		529,279
Goldman Sachs Group Incorporated		4.80			7-8-2044			1,000,000		1,139,935
Goldman Sachs Group Incorporated		5.15			5-22-2045			750,000		826,718
Goldman Sachs Group Incorporated		5.25			7-27-2021			1,100,000		1,248,652
Goldman Sachs Group Incorporated		5.38			3-15-2020			1,500,000		1,668,630
Goldman Sachs Group Incorporated		5.75			1-24-2022			2,000,000		2,319,260
Goldman Sachs Group Incorporated		5.95			1-18-2018			2,000,000		2,119,390
Goldman Sachs Group Incorporated		5.95			1-15-2027			1,070,000		1,264,631
Goldman Sachs Group Incorporated		6.00			6-15-2020			1,000,000		1,141,094
Goldman Sachs Group Incorporated		6.13			2-15-2033			1,000,000		1,259,116
Goldman Sachs Group Incorporated		6.15			4-1-2018			1,750,000		1,873,951
Goldman Sachs Group Incorporated		6.25			2-1-2041			750,000		992,276
Goldman Sachs Group Incorporated		6.45			5-1-2036			1,000,000		1,237,895
Goldman Sachs Group Incorporated		6.75			10-1-2037			925,000		1,186,430
Goldman Sachs Group Incorporated		7.50			2-15-2019			2,300,000		2,618,421
Jefferies Group Incorporated		5.13			1-20-2023			250,000		268,710
Jefferies Group Incorporated		6.25			1-15-2036			150,000		158,398
Jefferies Group Incorporated		6.45			6-8-2027			150,000		168,176
Jefferies Group Incorporated		6.50			1-20-2043	��		250,000		263,658
Jefferies Group Incorporated		6.88			4-15-2021			150,000		172,070
Jefferies Group Incorporated «		8.50			7-15-2019			700,000		803,088
Legg Mason Incorporated		5.63			1-15-2044			600,000		628,687
Morgan Stanley		2.13			4-25-2018			943,000		952,423
Morgan Stanley		2.45			2-1-2019			600,000		611,531
Morgan Stanley		2.65			1-27-2020			750,000		769,282
Morgan Stanley		2.80			6-16-2020			1,000,000		1,028,149
Morgan Stanley		3.70			10-23-2024			1,000,000		1,059,618
Morgan Stanley		3.75			2-25-2023			1,175,000		1,256,671
Morgan Stanley		3.88			4-29-2024			1,000,000		1,074,478
Morgan Stanley		3.95			4-23-2027			1,000,000		1,038,936
Morgan Stanley		4.10			5-22-2023			750,000		795,215
Morgan Stanley		4.30			1-27-2045			500,000		540,508
Morgan Stanley		4.35			9-8-2026			1,250,000		1,337,644
Morgan Stanley		4.88			11-1-2022			906,000		1,004,199
Morgan Stanley		5.00			11-24-2025			750,000		835,998
Morgan Stanley		5.50			1-26-2020			1,000,000		1,111,999
Morgan Stanley		5.50			7-24-2020			500,000		563,935
Morgan Stanley		5.63			9-23-2019			2,000,000		2,223,030
Morgan Stanley		5.75			1-25-2021			1,250,000		1,432,733
Morgan Stanley		6.25			8-9-2026			300,000		376,662
Morgan Stanley		6.38			7-24-2042			1,000,000		1,372,352
Morgan Stanley		6.63			4-1-2018			2,500,000		2,693,533
Morgan Stanley		7.25			4-1-2032			470,000		653,726
Morgan Stanley		7.30			5-13-2019			400,000		456,612
Northern Trust Corporation		3.45			11-4-2020			500,000		534,429


46		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Capital Markets (continued)
Northern Trust Corporation		3.95	%		10-30-2025	$	250,000	$	278,791
Raymond James Financial Incorporated		8.60			8-15-2019		100,000		117,585
S&P Global Incorporated		4.00			6-15-2025		325,000		353,963
S&P Global Incorporated		5.90			11-15-2017		250,000		261,615
Stifel Financial Corporation		4.25			7-18-2024		200,000		203,653
TD Ameritrade Holding Corporation		3.63			4-1-2025		200,000		215,813
TD Ameritrade Holding Corporation		5.60			12-1-2019		200,000		223,140

									66,936,160


Consumer Finance: 0.90%
Ahold Finance USA LLC		6.88			5-1-2029		300,000		390,907
American Express Centurion Bank		6.00			9-13-2017		500,000		524,551
American Express Company		1.55			5-22-2018		375,000		375,925
American Express Company		2.65			12-2-2022		575,000		589,577
American Express Company		4.05			12-3-2042		905,000		964,076
American Express Company		7.00			3-19-2018		800,000		867,115
American Express Company		8.13			5-20-2019		500,000		583,040
American Express Credit Corporation		1.55			9-22-2017		500,000		501,699
American Express Credit Corporation		2.13			7-27-2018		200,000		203,284
American Express Credit Corporation		2.25			8-15-2019		1,000,000		1,020,823
American Express Credit Corporation		2.38			5-26-2020		250,000		255,895
American Honda Finance Corporation		1.55			12-11-2017		400,000		402,754
American Honda Finance Corporation		1.70			2-22-2019		750,000		757,904
American Honda Finance Corporation		2.13			10-10-2018		300,000		305,846
American Honda Finance Corporation		2.25			8-15-2019		500,000		512,980
Anadarko Finance Company Series B		7.50			5-1-2031		325,000		393,891
Bunge Limited Finance Corporation		8.50			6-15-2019		500,000		584,711
Capital One Bank USA NA		2.15			11-21-2018		250,000		251,966
Capital One Bank USA NA		2.25			2-13-2019		500,000		505,960
Capital One Bank USA NA		2.30			6-5-2019		1,000,000		1,012,333
Capital One Bank USA NA		2.40			9-5-2019		500,000		508,900
Capital One Bank USA NA		3.38			2-15-2023		500,000		513,724
Capital One Bank USA NA		8.80			7-15-2019		750,000		882,245
Capital One Financial Corporation		3.75			7-28-2026		750,000		755,760
Capital One Financial Corporation		4.75			7-15-2021		450,000		502,399
Capital One Financial Corporation		6.75			9-15-2017		283,000		297,836
Caterpillar Financial Services Corporation		2.10			6-9-2019		500,000		510,053
Caterpillar Financial Services Corporation		3.30			6-9-2024		1,000,000		1,076,368
Caterpillar Financial Services Corporation		3.75			11-24-2023		250,000		276,294
Caterpillar Financial Services Corporation		7.15			2-15-2019		250,000		284,435
Daimler Finance North America LLC		8.50			1-18-2031		425,000		708,574
Devon Financing Corporation LLC		7.88			9-30-2031		620,000		760,026
Diamond 1 Finance Corporation 144A		3.48			6-1-2019		1,750,000		1,798,920
Diamond 1 Finance Corporation 144A		4.42			6-15-2021		2,000,000		2,092,412
Diamond 1 Finance Corporation 144A		6.02			6-15-2026		2,500,000		2,679,948
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		1,000,000		1,164,744
Discover Financial Services		3.85			11-21-2022		550,000		568,470
Discover Financial Services		5.20			4-27-2022		600,000		657,659
Ford Motor Credit Company LLC		2.38			3-12-2019		1,000,000		1,013,322
Ford Motor Credit Company LLC		3.34			3-18-2021		1,000,000		1,037,530


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			47


Security name	Interest rate			Maturity date		Principal		Value

Consumer Finance (continued)
Ford Motor Credit Company LLC		3.66	%		9-8-2024	$	300,000	$	310,440
Ford Motor Credit Company LLC		4.25			9-20-2022		773,000		835,370
Ford Motor Credit Company LLC		4.75			1-15-2043		1,000,000		1,081,650
Ford Motor Credit Company LLC		5.88			8-2-2021		1,250,000		1,434,929
General Motors Financial Company		2.40			4-10-2018		1,000,000		1,007,416
General Motors Financial Company		2.40			5-9-2019		500,000		502,274
General Motors Financial Company		3.00			9-25-2017		500,000		506,579
General Motors Financial Company		3.15			1-15-2020		1,000,000		1,021,017
General Motors Financial Company		3.45			4-10-2022		1,000,000		1,018,485
General Motors Financial Company		3.70			5-9-2023		500,000		509,652
General Motors Financial Company		4.00			1-15-2025		1,400,000		1,425,253
General Motors Financial Company		4.20			3-1-2021		750,000		791,388
HSBC Finance Corporation		6.68			1-15-2021		679,000		783,089
John Deere Capital Corporation		1.30			3-12-2018		550,000		551,703
John Deere Capital Corporation		1.95			12-13-2018		200,000		203,450
John Deere Capital Corporation		2.80			1-27-2023		500,000		521,097
John Deere Capital Corporation		3.90			7-12-2021		300,000		329,715
John Deere Capital Corporation		5.75			9-10-2018		500,000		544,918
National City Corporation		6.88			5-15-2019		500,000		564,256
PACCAR Financial Corporation		1.45			3-9-2018		750,000		753,923
Reed Elsevier Capital Incorporated		3.13			10-15-2022		500,000		512,516
Reed Elsevier Capital Incorporated		8.63			1-15-2019		500,000		576,557
Synchrony Financial		3.00			8-15-2019		750,000		766,676
Synchrony Financial		4.25			8-15-2024		750,000		787,022
Toyota Motor Credit Corporation		1.25			10-5-2017		650,000		651,679
Toyota Motor Credit Corporation		1.45			1-12-2018		1,250,000		1,254,665
Toyota Motor Credit Corporation		2.00			10-24-2018		400,000		406,365
Toyota Motor Credit Corporation		2.10			1-17-2019		350,000		356,559
Toyota Motor Credit Corporation		2.13			7-18-2019		800,000		817,376
Toyota Motor Credit Corporation		3.30			1-12-2022		1,500,000		1,606,049
Toyota Motor Credit Corporation		3.40			9-15-2021		350,000		377,368
Toyota Motor Credit Corporation		4.50			6-17-2020		500,000		551,521

									52,455,813


Diversified Financial Services: 0.29%
Block Financial LLC		5.50			11-1-2022		200,000		216,609
Boeing Capital Corporation		4.70			10-27-2019		500,000		552,467
CME Group Incorporated		5.30			9-15-2043		300,000		397,219
General Electric Capital Corporation		5.63			5-1-2018		1,000,000		1,074,765
General Electric Capital Corporation		5.88			1-14-2038		716,000		979,746
General Electric Capital Corporation		6.15			8-7-2037		187,000		262,106
General Electric Capital Corporation		6.75			3-15-2032		602,000		860,921
General Electric Capital Corporation		6.88			1-10-2039		430,000		657,788
ING US Incorporated		2.90			2-15-2018		305,000		311,040
IntercontinentalExchange Incorporated		2.50			10-15-2018		225,000		230,352
IntercontinentalExchange Incorporated		2.75			12-1-2020		500,000		520,522
IntercontinentalExchange Incorporated		4.00			10-15-2023		200,000		220,558
Leucadia National Corporation		5.50			10-18-2023		240,000		252,076
Leucadia National Corporation		6.63			10-23-2043		120,000		120,177
Mellon Funding Corporation		5.50			11-15-2018		200,000		217,372


48		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Diversified Financial Services (continued)
Merrill Lynch & Company Incorporated		6.11	%		1-29-2037	$	600,000	$	746,705
Merrill Lynch & Company Incorporated		6.88			4-25-2018		1,690,000		1,831,641
Merrill Lynch & Company Incorporated		7.75			5-14-2038		750,000		1,106,806
Moody’s Corporation		4.50			9-1-2022		250,000		277,455
Moody’s Corporation		4.88			2-15-2024		350,000		399,082
Moody’s Corporation		5.25			7-15-2044		300,000		373,274
NASDAQ OMX Group Incorporated		5.25			1-16-2018		60,000		62,925
NASDAQ OMX Group Incorporated		5.55			1-15-2020		500,000		554,524
National Credit Union Administration		3.45			6-12-2021		200,000		219,184
National Rural Utilities Cooperative Finance Corporation		2.15			2-1-2019		100,000		101,962
National Rural Utilities Cooperative Finance Corporation		2.30			11-15-2019		333,000		341,740
National Rural Utilities Cooperative Finance Corporation		4.02			11-1-2032		200,000		218,985
National Rural Utilities Cooperative Finance Corporation ±		4.75			4-30-2043		250,000		252,549
National Rural Utilities Cooperative Finance Corporation		10.38			11-1-2018		700,000		830,884
National Rural Utilities Cooperative Finance Corporation Series C		8.00			3-1-2032		300,000		453,294
PNC Funding Corporation		5.13			2-8-2020		150,000		166,659
PNC Funding Corporation		6.70			6-10-2019		500,000		570,348
Private Export Funding Corporation		2.05			11-15-2022		250,000		254,905
Private Export Funding Corporation		2.25			3-15-2020		750,000		773,864
Private Export Funding Corporation		2.45			7-15-2024		300,000		311,496
Private Export Funding Corporation		4.30			12-15-2021		100,000		113,440
TECO Finance Incorporated		5.15			3-15-2020		65,000		71,528
TECO Finance Incorporated		6.57			11-1-2017		250,000		264,314

									17,171,282


Insurance: 0.78%
ACE INA Holdings Incorporated		3.15			3-15-2025		1,000,000		1,054,920
ACE INA Holdings Incorporated		3.35			5-15-2024		500,000		535,649
ACE INA Holdings Incorporated		5.90			6-15-2019		500,000		555,433
Aegon Funding Corporation		5.75			12-15-2020		75,000		86,420
AFLAC Incorporated		3.63			6-15-2023		500,000		538,585
AFLAC Incorporated		6.90			12-17-2039		250,000		358,131
Alleghany Corporation		5.63			9-15-2020		100,000		110,816
Allied World Assurance		5.50			11-15-2020		300,000		329,116
Allstate Corporation		5.55			5-9-2035		830,000		1,080,459
Allstate Corporation ±		6.50			5-15-2067		200,000		231,000
Allstate Corporation		7.45			5-16-2019		650,000		746,590
American International Group Incorporated		3.90			4-1-2026		1,000,000		1,049,958
American International Group Incorporated		4.50			7-16-2044		750,000		779,367
American International Group Incorporated		4.88			6-1-2022		500,000		559,750
American International Group Incorporated		5.85			1-16-2018		1,350,000		1,427,771
American International Group Incorporated		6.40			12-15-2020		1,000,000		1,176,488
AON Corporation		5.00			9-30-2020		550,000		608,276
AON Corporation		6.25			9-30-2040		100,000		129,300
Arch Capital Group Limited		5.14			11-1-2043		210,000		233,864
Assurant Incorporated		6.75			2-15-2034		375,000		477,540
AXIS Specialty Finance LLC		5.88			6-1-2020		200,000		223,415
Berkshire Hathaway Finance Corporation		1.30			5-15-2018		200,000		200,548
Berkshire Hathaway Finance Corporation		2.00			8-15-2018		250,000		254,426
Berkshire Hathaway Finance Corporation		2.90			10-15-2020		225,000		236,465


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			49


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)
Berkshire Hathaway Finance Corporation		4.25	%		1-15-2021	$	500,000	$	553,560
Berkshire Hathaway Finance Corporation		4.30			5-15-2043		300,000		344,374
Berkshire Hathaway Finance Corporation		4.40			5-15-2042		500,000		580,144
Berkshire Hathaway Finance Corporation		5.40			5-15-2018		350,000		374,776
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		250,000		340,087
Berkshire Hathaway Incorporated		1.55			2-9-2018		300,000		302,183
Berkshire Hathaway Incorporated		2.10			8-14-2019		300,000		306,693
Berkshire Hathaway Incorporated		2.75			3-15-2023		600,000		623,628
Berkshire Hathaway Incorporated		3.00			2-11-2023		100,000		106,241
Berkshire Hathaway Incorporated		3.13			3-15-2026		750,000		796,463
Berkshire Hathaway Incorporated		3.40			1-31-2022		250,000		269,457
Berkshire Hathaway Incorporated		4.50			2-11-2043		400,000		473,504
CHUBB Corporation		5.75			5-15-2018		250,000		268,742
CHUBB Corporation		6.00			5-11-2037		280,000		385,899
CHUBB Corporation		6.50			5-15-2038		350,000		509,431
Cincinnati Financial Corporation		6.92			5-15-2028		75,000		98,158
CNA Financial Corporation		5.88			8-15-2020		500,000		566,020
CNA Financial Corporation		7.35			11-15-2019		295,000		338,554
Endurance Specialty Holdings Limited		7.00			7-15-2034		200,000		243,525
Fidelity National Financial Incorporated		5.50			9-1-2022		100,000		109,447
First American Financial Corporation		4.60			11-15-2024		100,000		103,728
GE Global Insurance Holdings		7.00			2-15-2026		430,000		557,781
Hartford Financial Services Group Incorporated		4.30			4-15-2043		43,000		43,071
Hartford Financial Services Group Incorporated		5.13			4-15-2022		240,000		271,876
Hartford Financial Services Group Incorporated		5.50			3-30-2020		250,000		279,029
Hartford Financial Services Group Incorporated		5.95			10-15-2036		75,000		90,128
Hartford Financial Services Group Incorporated		6.10			10-1-2041		250,000		306,608
Hartford Financial Services Group Incorporated		6.30			3-15-2018		250,000		266,702
Hartford Financial Services Group Incorporated		6.63			3-30-2040		500,000		649,132
Infinity Property & Casualty Corporation		5.00			9-19-2022		100,000		105,317
Lincoln National Corporation		4.00			9-1-2023		250,000		265,744
Lincoln National Corporation		4.85			6-24-2021		80,000		88,272
Lincoln National Corporation		6.15			4-7-2036		500,000		597,087
Lincoln National Corporation		6.25			2-15-2020		300,000		338,002
Lincoln National Corporation		8.75			7-1-2019		220,000		257,204
Loews Corporation		2.63			5-15-2023		150,000		151,521
Loews Corporation		4.13			5-15-2043		200,000		212,057
Markel Corporation		3.63			3-30-2023		150,000		154,925
Markel Corporation		5.00			3-30-2043		100,000		107,996
Markel Corporation		5.35			6-1-2021		100,000		111,904
Marsh & McLennan Companies Incorporated		2.35			9-10-2019		1,000,000		1,016,311
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		300,000		332,654
MetLife Incorporated		1.90			12-15-2017		250,000		251,533
MetLife Incorporated		4.13			8-13-2042		300,000		304,608
MetLife Incorporated		4.37			9-15-2023		167,000		185,213
MetLife Incorporated		4.72			12-15-2044		250,000		274,539
MetLife Incorporated		4.75			2-8-2021		750,000		842,429
MetLife Incorporated		4.88			11-13-2043		500,000		562,685
MetLife Incorporated		5.70			6-15-2035		400,000		492,226
MetLife Incorporated		5.88			2-6-2041		700,000		880,338


50		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)
MetLife Incorporated		6.38	%		6-15-2034	$	280,000	$	363,587
MetLife Incorporated		6.40			12-15-2066		800,000		898,400
MetLife Incorporated		6.50			12-15-2032		200,000		261,325
MetLife Incorporated Series A		6.82			8-15-2018		750,000		827,301
OneBeacon US Holdings Incorporated		4.60			11-9-2022		100,000		100,866
PartnerRe Finance B LLC		5.50			6-1-2020		250,000		278,302
Principal Financial Group Incorporated		3.30			9-15-2022		250,000		258,321
Principal Financial Group Incorporated		3.40			5-15-2025		200,000		205,175
Principal Financial Group Incorporated		4.63			9-15-2042		250,000		269,643
Principal Financial Group Incorporated ±		4.70			5-15-2055		500,000		497,500
ProAssurance Corporation		5.30			11-15-2023		200,000		215,192
Progressive Corporation		6.25			12-1-2032		75,000		100,850
Protective Life Corporation		7.38			10-15-2019		500,000		577,215
Prudential Financial Incorporated		4.50			11-16-2021		250,000		279,810
Prudential Financial Incorporated ±		5.20			3-15-2044		250,000		259,844
Prudential Financial Incorporated		5.38			6-21-2020		500,000		562,365
Prudential Financial Incorporated		4.60			5-15-2044		500,000		543,681
Prudential Financial Incorporated ±		5.63			6-15-2043		250,000		268,125
Prudential Financial Incorporated		5.70			12-14-2036		538,000		655,072
Prudential Financial Incorporated ±		5.88			9-15-2042		500,000		553,750
Prudential Financial Incorporated		6.20			11-15-2040		250,000		314,355
Prudential Financial Incorporated		6.63			12-1-2037		65,000		85,031
Prudential Financial Incorporated		7.38			6-15-2019		355,000		408,441
Prudential Financial Incorporated ±		8.88			6-15-2068		200,000		222,520
Prudential Financial Incorporated Series B		5.75			7-15-2033		500,000		597,329
Prudential Financial Incorporated Series C		5.40			6-13-2035		180,000		208,246
Reinsurance Group of America Incorporated		4.70			9-15-2023		300,000		325,363
Reinsurance Group of America Incorporated		5.00			6-1-2021		60,000		65,654
Reinsurance Group of America Incorporated		6.45			11-15-2019		350,000		394,598
StanCorp Financial Group Incorporated		5.00			8-15-2022		100,000		106,878
Torchmark Corporation		3.80			9-15-2022		350,000		358,572
Transatlantic Holdings Incorporated		8.00			11-30-2039		100,000		139,548
Travelers Companies Incorporated		5.35			11-1-2040		350,000		456,113
Travelers Companies Incorporated		5.75			12-15-2017		250,000		264,094
Travelers Companies Incorporated		5.90			6-2-2019		500,000		556,753
Travelers Companies Incorporated		6.25			6-15-2037		365,000		512,308
Travelers Property Casualty Corporation		6.38			3-15-2033		600,000		826,015
Unum Group		4.00			3-15-2024		500,000		517,080
WR Berkley Corporation		5.38			9-15-2020		200,000		218,312
WR Berkley Corporation		6.25			2-15-2037		100,000		124,975
XL Capital Limited		6.25			5-15-2027		100,000		120,573
XL Capital Limited		6.38			11-15-2024		100,000		120,079

									45,594,954


Real Estate Management & Development: 0.01%
CubeSmart LP		4.38			12-15-2023		250,000		272,534
Jones Lang LaSalle Incorporated		4.40			11-15-2022		100,000		107,102
Regency Centers LP		4.80			4-15-2021		200,000		220,288

									599,924


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			51


Security name	Interest rate			Maturity date		Principal		Value

REITs: 0.68%
Alexandria Real Estate Equities Incorporated		2.75	%		1-15-2020	$	750,000	$	758,270
Alexandria Real Estate Equities Incorporated		4.50			7-30-2029		750,000		793,060
American Campus Communities Incorporated		3.75			4-15-2023		100,000		104,883
American Tower Corporation		3.45			9-15-2021		500,000		524,354
American Tower Corporation		3.50			1-31-2023		150,000		156,684
American Tower Corporation		4.00			6-1-2025		500,000		534,759
American Tower Corporation		4.50			1-15-2018		500,000		519,664
American Tower Corporation		5.00			2-15-2024		350,000		400,003
American Tower Corporation		5.05			9-1-2020		500,000		554,944
American Tower Corporation		5.90			11-1-2021		565,000		658,539
AvalonBay Communities Incorporated		2.95			9-15-2022		350,000		359,897
AvalonBay Communities Incorporated		3.45			6-1-2025		200,000		210,423
AvalonBay Communities Incorporated		3.50			11-15-2024		150,000		158,223
AvalonBay Communities Incorporated		3.63			10-1-2020		200,000		212,212
AvalonBay Communities Incorporated		4.20			12-15-2023		250,000		274,922
AvalonBay Communities Incorporated		6.10			3-15-2020		100,000		114,080
Boston Properties LP		3.13			9-1-2023		150,000		155,323
Boston Properties LP		3.80			2-1-2024		300,000		322,778
Boston Properties LP		3.85			2-1-2023		400,000		430,655
Boston Properties LP		4.13			5-15-2021		300,000		327,453
Boston Properties LP		5.63			11-15-2020		500,000		569,733
Boston Properties LP		5.88			10-15-2019		500,000		556,823
Brandywine Operating Partnership LP		3.95			2-15-2023		350,000		358,129
Camden Property Trust		2.95			12-15-2022		150,000		151,175
Camden Property Trust		4.25			1-15-2024		67,000		72,459
Camden Property Trust		4.63			6-15-2021		150,000		164,178
Camden Property Trust		4.88			6-15-2023		100,000		111,664
CBL & Associates LP		4.60			10-15-2024		131,000		126,857
CBL & Associates LP		5.25			12-1-2023		67,000		68,055
Commonwealth REIT		5.88			9-15-2020		100,000		110,634
Corporate Office Properties LP		3.60			5-15-2023		100,000		99,819
Corporate Office Properties LP		3.70			6-15-2021		500,000		515,712
Crown Castle International Corporation		3.70			6-15-2026		500,000		524,099
Crown Castle International Corporation		5.25			1-15-2023		500,000		570,940
DDR Corporation		3.38			5-15-2023		250,000		252,092
DDR Corporation		3.50			1-15-2021		250,000		258,502
DDR Corporation		4.63			7-15-2022		250,000		271,531
Digital Realty Trust LP		3.63			10-1-2022		200,000		207,313
Digital Realty Trust LP		3.95			7-1-2022		200,000		211,542
Digital Realty Trust LP		5.25			3-15-2021		100,000		112,711
Digital Realty Trust LP		5.88			2-1-2020		300,000		335,763
Duke Realty LP		3.63			4-15-2023		125,000		131,910
Duke Realty LP		3.75			12-1-2024		650,000		691,517
Entertainment Properties Trust		5.75			8-15-2022		150,000		165,594
EPR Properties Company		5.25			7-15-2023		113,000		120,958
Equity One Incorporated		3.75			11-15-2022		250,000		256,060
ERP Operating LP		4.63			12-15-2021		598,000		670,122
Essex Portfolio LP		3.25			5-1-2023		100,000		102,562
Essex Portfolio LP		3.38			1-15-2023		500,000		517,388
Essex Portfolio LP		5.20			3-15-2021		65,000		72,755


52		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

REITs (continued)
Federal Realty Investment Trust		2.75	%		6-1-2023	$	100,000	$	102,211
Federal Realty Investment Trust		3.00			8-1-2022		100,000		103,920
Federal Realty Investment Trust		4.50			12-1-2044		250,000		288,251
HCP Incorporated		3.15			8-1-2022		100,000		100,812
HCP Incorporated		3.75			2-1-2019		100,000		103,722
HCP Incorporated		3.88			8-15-2024		1,000,000		1,023,223
HCP Incorporated		4.00			6-1-2025		425,000		437,332
HCP Incorporated		4.20			3-1-2024		200,000		209,148
HCP Incorporated		4.25			11-15-2023		279,000		293,972
HCP Incorporated		5.38			2-1-2021		65,000		72,905
HCP Incorporated		6.70			1-30-2018		500,000		534,607
HCP Incorporated		6.75			2-1-2041		65,000		82,152
Health Care REIT Incorporated		4.00			6-1-2025		300,000		320,960
Health Care REIT Incorporated		4.13			4-1-2019		250,000		263,391
Health Care REIT Incorporated		4.50			1-15-2024		200,000		219,211
Health Care REIT Incorporated		4.70			9-15-2017		500,000		516,461
Health Care REIT Incorporated		4.95			1-15-2021		250,000		275,007
Health Care REIT Incorporated		5.25			1-15-2022		100,000		113,193
Health Care REIT Incorporated		5.75			1-15-2021		250,000		281,828
Health Care REIT Incorporated		6.13			4-15-2020		250,000		283,612
Health Care REIT Incorporated		6.50			3-15-2041		200,000		262,644
Healthcare Realty Trust Incorporated		3.75			4-15-2023		125,000		128,059
Highwoods Realty LP		3.20			6-15-2021		500,000		506,520
Hospitality Properties Trust		4.65			3-15-2024		500,000		512,643
Host Hotels & Resorts Company		3.75			10-15-2023		100,000		101,600
Host Hotels & Resorts Company		4.75			3-1-2023		250,000		269,116
Host Hotels & Resorts Company		6.00			10-1-2021		500,000		567,391
Kilroy Realty Corporation		3.80			1-15-2023		250,000		260,095
Kilroy Realty Corporation		4.80			7-15-2018		150,000		157,043
Kimco Realty Corporation		6.88			10-1-2019		100,000		114,841
Liberty Property LP		4.40			2-15-2024		156,000		168,709
Liberty Property LP		4.75			10-1-2020		250,000		270,777
Liberty Property LP		6.63			10-1-2017		150,000		157,440
Mack-Cali Realty Corporation		2.50			12-15-2017		100,000		100,418
Mack-Cali Realty Corporation		3.15			5-15-2023		100,000		93,094
Mack-Cali Realty Corporation		7.75			8-15-2019		150,000		168,491
Mid-America Apartments LP		4.30			10-15-2023		50,000		54,196
National Retail Properties Incorporated		3.30			4-15-2023		100,000		102,366
National Retail Properties Incorporated		3.80			10-15-2022		100,000		106,328
National Retail Properties Incorporated		3.90			6-15-2024		1,000,000		1,060,909
National Retail Properties Incorporated		6.88			10-15-2017		100,000		105,408
ProLogis Trust		3.35			2-1-2021		400,000		422,428
ProLogis Trust		4.25			8-15-2023		1,000,000		1,108,678
Realty Income Corporation		2.00			1-31-2018		150,000		150,929
Realty Income Corporation		3.88			7-15-2024		500,000		529,914
Realty Income Corporation		4.65			8-1-2023		300,000		332,183
Realty Income Corporation		5.75			1-15-2021		300,000		342,789
Retail Opportunity Investments Corporation		5.00			12-15-2023		50,000		53,573
Simon Property Group LP		2.15			9-15-2017		500,000		503,842
Simon Property Group LP		2.20			2-1-2019		500,000		509,633


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			53


Security name	Interest rate			Maturity date		Principal		Value

REITs (continued)
Simon Property Group LP		3.38	%		3-15-2022	$	500,000	$	532,568
Simon Property Group LP		3.75			2-1-2024		250,000		272,922
Simon Property Group LP		4.13			12-1-2021		300,000		331,516
Simon Property Group LP		4.38			3-1-2021		500,000		553,241
Simon Property Group LP		4.75			3-15-2042		250,000		303,718
Simon Property Group LP		5.65			2-1-2020		200,000		224,735
Simon Property Group LP		6.75			2-1-2040		350,000		524,023
Simon Property Group LP		10.35			4-1-2019		600,000		722,277
UDR Incorporated		3.70			10-1-2020		250,000		263,221
UDR Incorporated		4.25			6-1-2018		150,000		156,599
UDR Incorporated		4.63			1-10-2022		100,000		110,270
Ventas Realty LP		2.70			4-1-2020		200,000		204,395
Ventas Realty LP		4.25			3-1-2022		1,000,000		1,077,400
Ventas Realty LP		4.75			6-1-2021		150,000		166,881
Ventas Realty LP		5.70			9-30-2043		250,000		306,881
Vornado Realty LP		2.50			6-30-2019		500,000		506,002
Washington REIT		3.95			10-15-2022		150,000		152,373
Weingarten Realty Investors		3.38			10-15-2022		150,000		153,349
Weingarten Realty Investors		3.50			4-15-2023		125,000		128,084
Weyerhaeuser Company		4.63			9-15-2023		300,000		334,264
Weyerhaeuser Company		6.88			12-15-2033		150,000		191,685
Weyerhaeuser Company		7.38			10-1-2019		100,000		114,289
Weyerhaeuser Company		7.38			3-15-2032		700,000		952,594
WP Carey Incorporated		4.60			4-1-2024		500,000		522,984

									39,603,969


Thrifts & Mortgage Finance: 0.00%
People’s United Financial Incorporated		3.65			12-6-2022		150,000		152,361


Health Care: 2.27%

Biotechnology: 0.61%
AbbVie Incorporated		1.75			11-6-2017		1,500,000		1,506,771
AbbVie Incorporated		2.00			11-6-2018		300,000		302,980
AbbVie Incorporated		2.30			5-14-2021		500,000		505,199
AbbVie Incorporated		2.50			5-14-2020		2,000,000		2,045,756
AbbVie Incorporated		2.90			11-6-2022		1,000,000		1,030,004
AbbVie Incorporated		3.20			5-14-2026		600,000		614,251
AbbVie Incorporated		3.60			5-14-2025		1,500,000		1,586,184
AbbVie Incorporated		4.30			5-14-2036		350,000		369,865
AbbVie Incorporated		4.40			11-6-2042		500,000		532,840
AbbVie Incorporated		4.45			5-14-2046		600,000		642,203
AbbVie Incorporated		4.50			5-14-2035		1,000,000		1,084,344
AbbVie Incorporated		4.70			5-14-2045		1,000,000		1,113,267
Amgen Incorporated		3.63			5-15-2022		1,000,000		1,074,447
Amgen Incorporated		3.63			5-22-2024		500,000		539,183
Amgen Incorporated		3.88			11-15-2021		2,000,000		2,176,042
Amgen Incorporated		4.10			6-15-2021		100,000		109,588
Amgen Incorporated		4.50			3-15-2020		65,000		71,151
Amgen Incorporated		4.95			10-1-2041		500,000		570,179
Amgen Incorporated		5.15			11-15-2041		350,000		401,925


54		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Biotechnology (continued)
Amgen Incorporated		5.38	%		5-15-2043	$	500,000	$	612,659
Amgen Incorporated		5.65			6-15-2042		1,100,000		1,360,280
Amgen Incorporated		5.75			3-15-2040		80,000		100,389
Amgen Incorporated		6.15			6-1-2018		250,000		270,481
Amgen Incorporated		6.38			6-1-2037		500,000		656,902
Amgen Incorporated		6.40			2-1-2039		250,000		329,962
Baxalta Incorporated		2.88			6-23-2020		400,000		406,475
Baxalta Incorporated		3.60			6-23-2022		200,000		205,855
Baxalta Incorporated		4.00			6-23-2025		650,000		694,554
Baxalta Incorporated		5.25			6-23-2045		400,000		469,816
Biogen Incorporated		3.63			9-15-2022		1,000,000		1,069,616
Biogen Incorporated		5.20			9-15-2045		600,000		723,981
Biogen Incorporated		6.88			3-1-2018		500,000		540,049
Celgene Corporation		2.30			8-15-2018		286,000		290,325
Celgene Corporation		2.88			8-15-2020		1,000,000		1,037,836
Celgene Corporation		3.25			8-15-2022		500,000		521,517
Celgene Corporation		3.63			5-15-2024		500,000		529,483
Celgene Corporation		3.88			8-15-2025		250,000		270,012
Celgene Corporation		3.95			10-15-2020		200,000		215,598
Celgene Corporation		4.00			8-15-2023		250,000		271,804
Celgene Corporation		4.63			5-15-2044		750,000		811,597
Celgene Corporation		5.00			8-15-2045		500,000		576,998
Celgene Corporation		5.25			8-15-2043		150,000		173,982
Genzyme Corporation		5.00			6-15-2020		200,000		224,916
Gilead Sciences Incorporated		2.05			4-1-2019		500,000		510,079
Gilead Sciences Incorporated		2.55			9-1-2020		750,000		778,406
Gilead Sciences Incorporated		3.50			2-1-2025		500,000		537,378
Gilead Sciences Incorporated		3.65			3-1-2026		500,000		542,092
Gilead Sciences Incorporated		3.70			4-1-2024		500,000		541,451
Gilead Sciences Incorporated		4.40			12-1-2021		800,000		898,158
Gilead Sciences Incorporated		4.50			4-1-2021		500,000		558,545
Gilead Sciences Incorporated		4.50			2-1-2045		1,000,000		1,118,550
Gilead Sciences Incorporated		4.75			3-1-2046		500,000		581,754
Gilead Sciences Incorporated		4.80			4-1-2044		500,000		578,144
Gilead Sciences Incorporated		5.65			12-1-2041		400,000		506,778

									35,792,601


Health Care Equipment & Supplies: 0.37%
Becton Dickinson & Company		1.80			12-15-2017		500,000		502,914
Becton Dickinson & Company		2.68			12-15-2019		500,000		517,528
Becton Dickinson & Company		3.13			11-8-2021		300,000		316,123
Becton Dickinson & Company		3.25			11-12-2020		350,000		367,406
Becton Dickinson & Company		3.73			12-15-2024		750,000		814,958
Becton Dickinson & Company		4.69			12-15-2044		500,000		580,418
Becton Dickinson & Company		6.00			5-15-2039		200,000		258,186
Becton Dickinson & Company		6.38			8-1-2019		500,000		566,592
Boston Scientific Corporation		3.85			5-15-2025		1,000,000		1,071,441
Boston Scientific Corporation		6.00			1-15-2020		350,000		395,322
Boston Scientific Corporation		7.38			1-15-2040		300,000		415,168
C.R. Bard Incorporated		1.38			1-15-2018		100,000		100,161


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			55


Security name	Interest rate			Maturity date		Principal		Value

Health Care Equipment & Supplies (continued)
C.R. Bard Incorporated		4.40	%		1-15-2021	$	168,000	$	184,617
Edwards Lifesciences Corporation		2.88			10-15-2018		150,000		153,536
Medtronic Incorporated		1.38			4-1-2018		400,000		401,410
Medtronic Incorporated		2.75			4-1-2023		1,000,000		1,038,870
Medtronic Incorporated		3.15			3-15-2022		2,000,000		2,123,802
Medtronic Incorporated		3.50			3-15-2025		1,200,000		1,300,513
Medtronic Incorporated		4.38			3-15-2035		700,000		804,192
Medtronic Incorporated		4.45			3-15-2020		400,000		438,158
Medtronic Incorporated		4.50			3-15-2042		200,000		234,279
Medtronic Incorporated		4.63			3-15-2044		250,000		296,410
Medtronic Incorporated		4.63			3-15-2045		1,250,000		1,501,655
Medtronic Incorporated		5.55			3-15-2040		300,000		387,276
St. Jude Medical Incorporated		3.25			4-15-2023		500,000		515,462
St. Jude Medical Incorporated		4.75			4-15-2043		300,000		322,813
Stryker Corporation		1.30			4-1-2018		225,000		225,097
Stryker Corporation		3.50			3-15-2026		1,000,000		1,062,279
Stryker Corporation		4.10			4-1-2043		250,000		261,555
Stryker Corporation		4.38			1-15-2020		150,000		163,339
Stryker Corporation		4.63			3-15-2046		500,000		569,894
Zimmer Holdings Incorporated		2.70			4-1-2020		1,250,000		1,278,933
Zimmer Holdings Incorporated		3.55			4-1-2025		1,000,000		1,041,206
Zimmer Holdings Incorporated		4.45			8-15-2045		500,000		526,738
Zimmer Holdings Incorporated		4.63			11-30-2019		250,000		269,720
Zimmer Holdings Incorporated		5.75			11-30-2039		250,000		307,511

									21,315,482


Health Care Providers & Services: 0.61%
Aetna Incorporated		1.90			6-7-2019		400,000		403,525
Aetna Incorporated		2.20			3-15-2019		500,000		507,783
Aetna Incorporated		2.40			6-15-2021		400,000		405,840
Aetna Incorporated		2.75			11-15-2022		300,000		304,408
Aetna Incorporated		3.20			6-15-2026		750,000		763,725
Aetna Incorporated		3.95			9-1-2020		200,000		215,240
Aetna Incorporated		4.13			6-1-2021		200,000		215,976
Aetna Incorporated		4.13			11-15-2042		250,000		262,245
Aetna Incorporated		4.38			6-15-2046		500,000		519,879
Aetna Incorporated		6.63			6-15-2036		650,000		896,847
AmerisourceBergen Corporation		3.50			11-15-2021		300,000		320,265
Amerisourcebergen Corporation		4.25			3-1-2045		250,000		276,748
AmerisourceBergen Corporation		4.88			11-15-2019		250,000		273,441
Cardinal Health Incorporated		1.70			3-15-2018		157,000		157,738
Cardinal Health Incorporated		3.20			6-15-2022		250,000		261,826
Cardinal Health Incorporated		3.20			3-15-2023		225,000		235,010
Cardinal Health Incorporated		3.50			11-15-2024		500,000		533,832
Catholic Health Initiatives		4.35			11-1-2042		250,000		248,889
CIGNA Corporation		4.00			2-15-2022		250,000		270,021
CIGNA Corporation		4.38			12-15-2020		500,000		543,434
CIGNA Corporation		4.50			3-15-2021		100,000		109,338
CIGNA Corporation		5.13			6-15-2020		215,000		238,031
CIGNA Corporation		5.38			2-15-2042		350,000		429,928


56		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Health Care Providers & Services (continued)
CIGNA Corporation		5.88	%		3-15-2041	$	330,000	$	418,808
CIGNA Corporation		6.15			11-15-2036		50,000		64,144
Coventry Health Care Incorporated		5.45			6-15-2021		580,000		659,512
Dignity Health		2.64			11-1-2019		500,000		511,028
Express Scripts Holding Company		3.50			6-15-2024		600,000		623,093
Express Scripts Holding Company		3.90			2-15-2022		500,000		538,700
Express Scripts Holding Company		4.75			11-15-2021		750,000		843,343
Express Scripts Holding Company		6.13			11-15-2041		250,000		314,708
Howard Hughes Medical Institute		3.50			9-1-2023		475,000		520,247
Humana Incorporated		3.15			12-1-2022		300,000		311,884
Humana Incorporated		3.85			10-1-2024		500,000		537,005
Humana Incorporated		4.95			10-1-2044		500,000		562,711
Humana Incorporated		7.20			6-15-2018		500,000		548,764
Kaiser Foundation Hospitals		4.88			4-1-2042		250,000		311,620
Laboratory Corporation of America Holdings		3.60			2-1-2025		500,000		524,802
Laboratory Corporation of America Holdings		3.75			8-23-2022		56,000		59,339
Laboratory Corporation of America Holdings		4.00			11-1-2023		150,000		161,062
Laboratory Corporation of America Holdings		4.63			11-15-2020		500,000		546,546
Laboratory Corporation of America Holdings		4.70			2-1-2045		500,000		549,673
Mayo Clinic Rochester		4.00			11-15-2047		100,000		109,998
McKesson Corporation		1.40			3-15-2018		250,000		250,125
McKesson Corporation		2.28			3-15-2019		500,000		509,672
McKesson Corporation		2.85			3-15-2023		200,000		204,541
McKesson Corporation		4.88			3-15-2044		500,000		597,514
McKesson Corporation		6.00			3-1-2041		250,000		327,116
McKesson Corporation		7.50			2-15-2019		500,000		569,367
Medco Health Solutions Incorporated		4.13			9-15-2020		500,000		538,758
Medco Health Solutions Incorporated		7.13			3-15-2018		1,000,000		1,082,105
Novant Health Incorporated		4.37			11-1-2043		100,000		115,486
Quest Diagnostics Incorporated		4.70			4-1-2021		160,000		175,729
Quest Diagnostics Incorporated		4.75			1-30-2020		590,000		643,665
UnitedHealth Group Incorporated		1.63			3-15-2019		250,000		251,482
UnitedHealth Group Incorporated		2.70			7-15-2020		1,600,000		1,668,222
UnitedHealth Group Incorporated		2.88			3-15-2022		1,000,000		1,046,290
UnitedHealth Group Incorporated		2.88			3-15-2023		500,000		522,453
UnitedHealth Group Incorporated		3.75			7-15-2025		1,000,000		1,107,593
UnitedHealth Group Incorporated		3.95			10-15-2042		500,000		546,481
UnitedHealth Group Incorporated		4.25			3-15-2043		250,000		284,190
UnitedHealth Group Incorporated		4.75			7-15-2045		500,000		619,472
UnitedHealth Group Incorporated		5.80			3-15-2036		250,000		334,219
UnitedHealth Group Incorporated		5.95			2-15-2041		500,000		697,958
UnitedHealth Group Incorporated		6.00			2-15-2018		1,000,000		1,068,225
UnitedHealth Group Incorporated		6.63			11-15-2037		150,000		217,314
UnitedHealth Group Incorporated		6.88			2-15-2038		500,000		745,128
WellPoint Incorporated		1.88			1-15-2018		500,000		502,763
WellPoint Incorporated		2.25			8-15-2019		400,000		406,219
WellPoint Incorporated		2.30			7-15-2018		150,000		152,193
WellPoint Incorporated		3.13			5-15-2022		500,000		519,265
WellPoint Incorporated		3.30			1-15-2023		250,000		261,658
WellPoint Incorporated		4.65			1-15-2043		450,000		502,776


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			57


Security name	Interest rate			Maturity date		Principal		Value

Health Care Providers & Services (continued)
WellPoint Incorporated		4.65	%		8-15-2044	$	500,000	$	554,558
WellPoint Incorporated		5.85			1-15-2036		725,000		911,141
WellPoint Incorporated		7.00			2-15-2019		500,000		561,866

									35,606,500


Life Sciences Tools & Services: 0.05%
Life Technologies Corporation		5.00			1-15-2021		150,000		165,260
Life Technologies Corporation		6.00			3-1-2020		250,000		279,799
Thermo Fisher Scientific Incorporated		2.40			2-1-2019		400,000		407,515
Thermo Fisher Scientific Incorporated		3.15			1-15-2023		500,000		513,784
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		300,000		314,900
Thermo Fisher Scientific Incorporated		3.60			8-15-2021		400,000		425,198
Thermo Fisher Scientific Incorporated		4.15			2-1-2024		400,000		438,404
Thermo Fisher Scientific Incorporated		5.30			2-1-2044		200,000		243,329

									2,788,189


Pharmaceuticals: 0.63%
Abbott Laboratories		2.95			3-15-2025		1,250,000		1,287,681
Abbott Laboratories		4.13			5-27-2020		250,000		272,528
Abbott Laboratories		5.13			4-1-2019		139,000		151,825
Abbott Laboratories		5.30			5-27-2040		250,000		301,154
Abbott Laboratories		6.00			4-1-2039		150,000		193,885
Abbott Laboratories		6.15			11-30-2037		237,000		312,950
Allergan Incorporated		1.35			3-15-2018		50,000		49,803
Allergan Incorporated		2.80			3-15-2023		225,000		224,478
Allergan Incorporated		3.38			9-15-2020		500,000		524,423
Bristol-Myers Squibb Company		1.75			3-1-2019		250,000		253,595
Bristol-Myers Squibb Company		2.00			8-1-2022		250,000		252,285
Bristol-Myers Squibb Company		3.25			11-1-2023		156,000		170,623
Bristol-Myers Squibb Company		3.25			8-1-2042		250,000		256,486
Bristol-Myers Squibb Company		4.50			3-1-2044		605,000		761,477
Bristol-Myers Squibb Company		5.88			11-15-2036		582,000		793,740
Eli Lilly & Company		2.75			6-1-2025		100,000		106,411
Eli Lilly & Company		3.70			3-1-2045		500,000		544,310
Eli Lilly & Company		5.50			3-15-2027		400,000		514,681
GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		200,000		209,989
GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		300,000		380,267
GlaxoSmithKline Capital Incorporated		5.65			5-15-2018		1,650,000		1,771,744
GlaxoSmithKline Capital Incorporated		6.38			5-15-2038		650,000		947,606
Johnson & Johnson		1.13			11-21-2017		350,000		350,899
Johnson & Johnson		1.13			3-1-2019		1,000,000		1,000,654
Johnson & Johnson		2.45			3-1-2026		750,000		774,335
Johnson & Johnson		3.70			3-1-2046		750,000		865,609
Johnson & Johnson		4.38			12-5-2033		583,000		711,381
Johnson & Johnson		4.50			9-1-2040		300,000		383,966
Johnson & Johnson		4.85			5-15-2041		200,000		266,231
Johnson & Johnson		4.95			5-15-2033		180,000		233,877
Johnson & Johnson		5.15			7-15-2018		500,000		539,167
Johnson & Johnson		5.85			7-15-2038		500,000		737,531
Johnson & Johnson		6.73			11-15-2023		300,000		400,088


58		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Pharmaceuticals (continued)
Merck & Company Incorporated		1.30	%		5-18-2018	$	333,000	$	334,903
Merck & Company Incorporated		2.40			9-15-2022		500,000		515,963
Merck & Company Incorporated		2.75			2-10-2025		1,100,000		1,149,047
Merck & Company Incorporated		2.80			5-18-2023		650,000		684,260
Merck & Company Incorporated		3.60			9-15-2042		250,000		264,451
Merck & Company Incorporated		3.70			2-10-2045		1,000,000		1,071,979
Merck & Company Incorporated		3.88			1-15-2021		350,000		383,359
Merck & Company Incorporated		4.15			5-18-2043		500,000		572,225
Merck & Company Incorporated		5.00			6-30-2019		250,000		275,975
Merck & Company Incorporated		5.85			6-30-2039		75,000		101,661
Mylan Incorporated		2.55			3-28-2019		112,000		113,376
Mylan Incorporated		2.60			6-24-2018		1,000,000		1,014,275
Mylan Incorporated		5.40			11-29-2043		33,000		37,037
Novartis Capital Corporation		2.40			9-21-2022		500,000		520,102
Novartis Capital Corporation		3.40			5-6-2024		1,500,000		1,648,569
Novartis Capital Corporation		3.70			9-21-2042		250,000		269,054
Novartis Capital Corporation		4.40			4-24-2020		500,000		552,666
Pfizer Incorporated		1.50			6-15-2018		500,000		504,193
Pfizer Incorporated		3.40			5-15-2024		500,000		547,441
Pfizer Incorporated		4.30			6-15-2043		300,000		341,634
Pfizer Incorporated		6.00			2-15-2036		625,000		840,245
Pfizer Incorporated		6.20			3-15-2019		2,000,000		2,237,006
Pfizer Incorporated		6.50			2-1-2034		500,000		689,478
Pfizer Incorporated		7.20			3-15-2039		750,000		1,150,880
Pharmacia Corporation		6.60			12-1-2028		500,000		689,040
Schering-Plough Corporation		6.50			12-1-2033		250,000		353,915
Schering-Plough Corporation		6.55			9-15-2037		200,000		287,199
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		250,000		252,668
Teva Pharmaceutical Finance LLC		6.15			2-1-2036		400,000		513,396
Watson Pharmaceuticals Incorporated		1.88			10-1-2017		500,000		502,217
Watson Pharmaceuticals Incorporated		4.63			10-1-2042		500,000		541,927
Watson Pharmaceuticals Incorporated		6.13			8-15-2019		130,000		145,831
Zoetis Incorporated		3.25			2-1-2023		600,000		617,228
Zoetis Incorporated		4.70			2-1-2043		500,000		533,571

									36,802,450


Industrials: 1.52%

Aerospace & Defense: 0.43%
Boeing Company		0.95			5-15-2018		150,000		149,784
Boeing Company		4.88			2-15-2020		140,000		156,779
Boeing Company		5.88			2-15-2040		30,000		41,697
Boeing Company		6.00			3-15-2019		300,000		334,874
Boeing Company		6.13			2-15-2033		180,000		247,141
Boeing Company		6.88			3-15-2039		800,000		1,213,443
General Dynamics Corporation		1.00			11-15-2017		500,000		499,733
General Dynamics Corporation		2.25			11-15-2022		500,000		512,261
General Dynamics Corporation		3.88			7-15-2021		200,000		219,799
Honeywell International Incorporated		3.35			12-1-2023		200,000		216,278
Honeywell International Incorporated		4.25			3-1-2021		50,000		55,828
Honeywell International Incorporated		5.00			2-15-2019		750,000		817,877


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			59


Security name	Interest rate			Maturity date		Principal		Value

Aerospace & Defense (continued)
Honeywell International Incorporated		5.30	%		3-1-2018	$	100,000	$	106,154
Honeywell International Incorporated		5.38			3-1-2041		365,000		490,720
Honeywell International Incorporated		5.70			3-15-2037		250,000		338,001
L-3 Communications Corporation		4.95			2-15-2021		500,000		551,693
L-3 Communications Corporation		5.20			10-15-2019		500,000		549,419
Lockheed Martin Corporation		3.35			9-15-2021		250,000		267,175
Lockheed Martin Corporation		3.55			1-15-2026		1,000,000		1,085,837
Lockheed Martin Corporation		3.80			3-1-2045		500,000		519,496
Lockheed Martin Corporation		4.07			12-15-2042		1,042,000		1,126,457
Lockheed Martin Corporation		4.25			11-15-2019		1,000,000		1,086,272
Lockheed Martin Corporation		4.70			5-15-2046		500,000		598,721
Lockheed Martin Corporation Series B		6.15			9-1-2036		175,000		237,632
Northrop Grumman Corporation		1.75			6-1-2018		300,000		302,520
Northrop Grumman Corporation		3.25			8-1-2023		350,000		374,621
Northrop Grumman Corporation		3.50			3-15-2021		300,000		321,021
Northrop Grumman Corporation		4.75			6-1-2043		500,000		607,838
Northrop Grumman Corporation		5.05			8-1-2019		85,000		93,167
Northrop Grumman Corporation		5.05			11-15-2040		100,000		122,348
Northrop Grumman Corporation		7.75			2-15-2031		300,000		447,658
Precision Castparts Corporation		1.25			1-15-2018		500,000		501,252
Precision Castparts Corporation		2.50			1-15-2023		250,000		259,068
Precision Castparts Corporation		3.25			6-15-2025		300,000		322,913
Precision Castparts Corporation		3.90			1-15-2043		200,000		223,330
Raytheon Company		2.50			12-15-2022		350,000		363,869
Raytheon Company		4.40			2-15-2020		600,000		659,348
Raytheon Company		4.70			12-15-2041		500,000		618,273
Raytheon Company		7.20			8-15-2027		120,000		169,786
Rockwell Collins Incorporated		3.70			12-15-2023		350,000		380,906
Rockwell Collins Incorporated		4.80			12-15-2043		250,000		303,660
Rockwell Collins Incorporated		5.25			7-15-2019		50,000		55,514
Textron Incorporated		3.65			3-1-2021		150,000		157,828
Textron Incorporated		4.30			3-1-2024		200,000		215,456
Textron Incorporated		7.25			10-1-2019		350,000		402,091
United Technologies Corporation		3.10			6-1-2022		839,000		899,320
United Technologies Corporation		4.50			4-15-2020		500,000		555,906
United Technologies Corporation		4.50			6-1-2042		1,033,000		1,224,455
United Technologies Corporation		5.38			12-15-2017		500,000		527,531
United Technologies Corporation		5.70			4-15-2040		500,000		678,613
United Technologies Corporation		6.05			6-1-2036		400,000		543,017
United Technologies Corporation		6.13			2-1-2019		565,000		629,907
United Technologies Corporation		6.13			7-15-2038		500,000		691,680
United Technologies Corporation		7.50			9-15-2029		430,000		635,584

									24,711,551


Air Freight & Logistics: 0.11%
FedEx Corporation		2.63			8-1-2022		482,000		495,779
FedEx Corporation		3.88			8-1-2042		200,000		201,868
FedEx Corporation		4.00			1-15-2024		290,000		321,580
FedEx Corporation		4.55			4-1-2046		500,000		555,364
FedEx Corporation		4.90			1-15-2034		250,000		288,864


60		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Air Freight & Logistics (continued)
FedEx Corporation		5.10	%		1-15-2044	$	300,000	$	355,546
FedEx Corporation		8.00			1-15-2019		400,000		460,190
United Parcel Service Incorporated		1.13			10-1-2017		250,000		250,533
United Parcel Service Incorporated		2.45			10-1-2022		400,000		417,528
United Parcel Service Incorporated		3.13			1-15-2021		900,000		960,839
United Parcel Service Incorporated		5.13			4-1-2019		500,000		549,824
United Parcel Service Incorporated		5.50			1-15-2018		100,000		106,124
United Parcel Service Incorporated		6.20			1-15-2038		795,000		1,162,816

									6,126,855


Airlines: 0.05%
American Airlines		4.00			1-15-2027		510,293		546,014
American Airlines		4.95			7-15-2024		519,424		568,120
Continental Airlines Incorporated Series A		4.75			7-12-2022		346,452		373,302
Continental Airlines Incorporated Series A		7.25			5-10-2021		138,475		158,554
Delta Air Lines Incorporated		4.95			11-23-2020		106,633		112,498
Delta Air Lines Incorporated		6.82			2-10-2024		60,651		71,417
Hawaiian Airlines Incorporated		3.90			7-15-2027		34,691		34,951
United Airlines Incorporated		4.00			10-11-2027		471,365		504,360
United Airlines Incorporated		4.30			2-15-2027		300,418		329,709
US Airways Group Incorporated		3.95			5-15-2027		130,731		139,229
US Airways Group Incorporated		4.63			12-3-2026		199,066		217,977

									3,056,131


Building Products: 0.00%
Owens Corning Incorporated		4.20			12-15-2022		213,000		227,188


Commercial Services & Supplies: 0.11%
Avery Dennison Corporation		5.38			4-15-2020		350,000		382,510
Black & Decker Corporation		3.40			12-1-2021		400,000		427,514
Cintas Corporation No. 2		3.25			6-1-2022		100,000		106,777
Cintas Corporation No. 2		4.30			6-1-2021		60,000		66,405
Cintas Corporation No. 2		6.13			12-1-2017		200,000		211,772
Cintas Corporation No. 2		6.15			8-15-2036		50,000		64,829
Cooper US Incorporated		3.88			12-15-2020		200,000		214,291
CRH America Incorporated		8.13			7-15-2018		200,000		221,589
Equifax Incorporated		3.30			12-15-2022		231,000		241,706
Equifax Incorporated		7.00			7-1-2037		50,000		65,896
Pitney Bowes Incorporated		4.63			3-15-2024		500,000		525,050
Pitney Bowes Incorporated		5.75			9-15-2017		16,000		16,689
Republic Services Incorporated		3.55			6-1-2022		1,000,000		1,072,224
Republic Services Incorporated		3.80			5-15-2018		100,000		104,071
Republic Services Incorporated		4.75			5-15-2023		300,000		338,279
Republic Services Incorporated		5.25			11-15-2021		50,000		57,646
Republic Services Incorporated		5.50			9-15-2019		125,000		138,846
Waste Management Incorporated		3.13			3-1-2025		600,000		631,732
Waste Management Incorporated		4.10			3-1-2045		500,000		568,766
Waste Management Incorporated		4.60			3-1-2021		200,000		222,000
Waste Management Incorporated		4.75			6-30-2020		500,000		555,282
Waste Management Incorporated		6.10			3-15-2018		326,000		350,547

									6,584,421


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			61


Security name	Interest rate			Maturity date		Principal		Value

Electrical Equipment: 0.09%
Eaton Corporation		1.50	%		11-2-2017	$	500,000	$	501,731
Eaton Corporation		2.75			11-2-2022		1,000,000		1,032,048
Eaton Corporation		4.15			11-2-2042		500,000		548,685
Eaton Corporation		6.95			3-20-2019		200,000		225,576
Emerson Electric Company		3.15			6-1-2025		300,000		318,156
Emerson Electric Company		4.25			11-15-2020		200,000		220,161
Emerson Electric Company		4.88			10-15-2019		200,000		221,062
Emerson Electric Company		5.25			10-15-2018		50,000		54,205
Emerson Electric Company		5.25			11-15-2039		500,000		635,633
Emerson Electric Company		5.38			10-15-2017		200,000		208,729
Emerson Electric Company		6.13			4-15-2039		100,000		140,964
Hubbell Incorporated		3.63			11-15-2022		200,000		213,739
Rockwell Automation Incorporated		6.25			12-1-2037		300,000		416,324
Roper Industries Incorporated		2.05			10-1-2018		500,000		505,739
Roper Industries Incorporated		6.25			9-1-2019		200,000		224,753

									5,467,505


Industrial Conglomerates: 0.10%
3M Company		2.00			6-26-2022		725,000		738,265
3M Company		5.70			3-15-2037		325,000		446,597
GATX Corporation		2.50			3-15-2019		167,000		167,532
GATX Corporation		4.85			6-1-2021		100,000		108,257
General Electric Company		2.70			10-9-2022		1,000,000		1,044,323
General Electric Company		4.13			10-9-2042		750,000		844,465
General Electric Company		4.50			3-11-2044		1,000,000		1,186,096
General Electric Company		5.25			12-6-2017		1,100,000		1,157,208

									5,692,743


Machinery: 0.22%
Caterpillar Incorporated		3.80			8-15-2042		150,000		157,469
Caterpillar Incorporated		3.90			5-27-2021		1,000,000		1,099,233
Caterpillar Incorporated		4.30			5-15-2044		500,000		565,209
Caterpillar Incorporated		5.20			5-27-2041		555,000		694,249
Caterpillar Incorporated		6.05			8-15-2036		900,000		1,205,483
Crane Company		2.75			12-15-2018		150,000		153,806
Cummins Incorporated		3.65			10-1-2023		167,000		180,827
Cummins Incorporated		4.88			10-1-2043		86,000		104,462
Deere & Company		2.60			6-8-2022		500,000		517,831
Deere & Company		3.90			6-9-2042		500,000		555,450
Deere & Company		4.38			10-16-2019		1,400,000		1,529,905
Deere & Company		5.38			10-16-2029		300,000		385,038
Dover Corporation		4.30			3-1-2021		500,000		547,573
Dover Corporation		5.38			10-15-2035		200,000		249,976
Dover Corporation		5.45			3-15-2018		100,000		106,422
Dover Corporation		6.60			3-15-2038		60,000		87,042
Flowserve Corporation		4.00			11-15-2023		107,000		112,164
IDEX Corporation		4.50			12-15-2020		100,000		107,145
Illinois Tool Works Incorporated		1.95			3-1-2019		500,000		508,859
Illinois Tool Works Incorporated		3.38			9-15-2021		120,000		129,198


62		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Machinery (continued)
Illinois Tool Works Incorporated		3.90	%		9-1-2042	$	306,000	$	343,089
Illinois Tool Works Incorporated		4.88			9-15-2041		295,000		369,212
Illinois Tool Works Incorporated		6.25			4-1-2019		155,000		173,834
Ingersoll-Rand Global Holding Company Limited		4.25			6-15-2023		1,000,000		1,099,900
Ingersoll-Rand Global Holding Company Limited		6.88			8-15-2018		250,000		276,381
Kennametal Incorporated		2.65			11-1-2019		150,000		150,790
Kennametal Incorporated		3.88			2-15-2022		98,000		100,024
Parker Hannifin Corporation		3.50			9-15-2022		100,000		108,427
Parker Hannifin Corporation		5.50			5-15-2018		135,000		144,841
Parker Hannifin Corporation		6.25			5-15-2038		60,000		86,209
Snap-on Incorporated		6.13			9-1-2021		150,000		180,435
Stanley Black & Decker Incorporated		2.90			11-1-2022		350,000		367,473
Stanley Black & Decker Incorporated ±		5.75			12-15-2053		100,000		107,150
Wabtec Corporation		4.38			8-15-2023		100,000		110,172

									12,615,278


Professional Services: 0.02%
Dun & Bradstreet Corporation		4.38			12-1-2022		250,000		257,306
Verisk Analytics Incorporated		4.00			6-15-2025		600,000		636,561
Verisk Analytics Incorporated		4.13			9-12-2022		250,000		266,608

									1,160,475


Road & Rail: 0.33%
BNSF Railway Company		5.75			5-1-2040		550,000		737,658
Burlington Northern Santa Fe LLC		3.00			3-15-2023		300,000		317,109
Burlington Northern Santa Fe LLC		3.05			3-15-2022		500,000		529,437
Burlington Northern Santa Fe LLC		3.40			9-1-2024		300,000		325,044
Burlington Northern Santa Fe LLC		3.60			9-1-2020		200,000		215,408
Burlington Northern Santa Fe LLC		3.75			4-1-2024		500,000		552,795
Burlington Northern Santa Fe LLC		4.40			3-15-2042		1,000,000		1,147,336
Burlington Northern Santa Fe LLC		4.45			3-15-2043		300,000		349,871
Burlington Northern Santa Fe LLC		4.55			9-1-2044		300,000		354,572
Burlington Northern Santa Fe LLC		4.70			10-1-2019		125,000		137,701
Burlington Northern Santa Fe LLC		4.90			4-1-2044		500,000		617,139
Burlington Northern Santa Fe LLC		4.95			9-15-2041		200,000		246,397
Burlington Northern Santa Fe LLC		5.05			3-1-2041		250,000		308,407
Burlington Northern Santa Fe LLC		5.15			9-1-2043		300,000		379,034
Burlington Northern Santa Fe LLC		6.15			5-1-2037		650,000		889,004
CSX Corporation		3.40			8-1-2024		397,000		424,973
CSX Corporation		3.70			10-30-2020		250,000		267,200
CSX Corporation		4.10			3-15-2044		400,000		435,121
CSX Corporation		4.25			6-1-2021		200,000		220,165
CSX Corporation		4.50			8-1-2054		500,000		549,302
CSX Corporation		4.75			5-30-2042		230,000		265,567
CSX Corporation		6.00			10-1-2036		300,000		389,650
CSX Corporation		6.15			5-1-2037		320,000		425,842
CSX Corporation		6.22			4-30-2040		200,000		271,629
CSX Corporation		7.38			2-1-2019		500,000		568,463
Kansas City Southern		3.00			5-15-2023		73,000		74,366


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			63


Security name	Interest rate			Maturity date		Principal		Value

Road & Rail (continued)
Kansas City Southern		4.30	%		5-15-2043	$	200,000	$	212,334
Norfolk Southern Corporation		2.90			2-15-2023		886,000		917,714
Norfolk Southern Corporation		3.00			4-1-2022		500,000		522,948
Norfolk Southern Corporation		3.85			1-15-2024		200,000		218,622
Norfolk Southern Corporation		3.95			10-1-2042		120,000		127,024
Norfolk Southern Corporation		4.84			10-1-2041		685,000		809,278
Norfolk Southern Corporation		5.59			5-17-2025		53,000		64,118
Norfolk Southern Corporation		5.75			4-1-2018		500,000		534,664
Norfolk Southern Corporation		5.90			6-15-2019		65,000		72,480
Norfolk Southern Corporation		6.00			5-23-2111		500,000		619,791
Ryder System Incorporated		2.45			11-15-2018		350,000		355,063
Ryder System Incorporated		2.50			5-11-2020		200,000		201,422
Union Pacific Corporation		2.25			2-15-2019		200,000		204,425
Union Pacific Corporation		3.25			1-15-2025		250,000		268,052
Union Pacific Corporation		3.75			3-15-2024		200,000		220,483
Union Pacific Corporation		4.00			2-1-2021		500,000		546,667
Union Pacific Corporation		4.15			1-15-2045		250,000		281,731
Union Pacific Corporation		4.16			7-15-2022		437,000		491,913
Union Pacific Corporation		4.30			6-15-2042		250,000		285,683
Union Pacific Corporation		4.82			2-1-2044		947,000		1,160,789
Union Pacific Corporation		4.85			6-15-2044		200,000		247,084

									19,361,475


Trading Companies & Distributors: 0.06%
Air Lease Corporation		2.13			1-15-2018		500,000		500,490
Air Lease Corporation		3.38			1-15-2019		1,250,000		1,287,013
International Lease Finance Corporation 144A		7.13			9-1-2018		1,000,000		1,100,090
W.W. Grainger Incorporated		4.60			6-15-2045		400,000		478,473

									3,366,066


Information Technology: 1.71%

Communications Equipment: 0.21%
Cisco Systems Incorporated		1.60			2-28-2019		750,000		758,543
Cisco Systems Incorporated		2.20			2-28-2021		1,000,000		1,026,153
Cisco Systems Incorporated		2.45			6-15-2020		600,000		622,092
Cisco Systems Incorporated		2.90			3-4-2021		300,000		316,559
Cisco Systems Incorporated		3.00			6-15-2022		200,000		213,283
Cisco Systems Incorporated		3.63			3-4-2024		500,000		555,655
Cisco Systems Incorporated		4.45			1-15-2020		950,000		1,044,266
Cisco Systems Incorporated		4.95			2-15-2019		800,000		871,001
Cisco Systems Incorporated		5.50			1-15-2040		700,000		926,666
Cisco Systems Incorporated		5.90			2-15-2039		800,000		1,101,608
Harris Corporation		4.40			12-15-2020		300,000		325,889
Motorola Incorporated		3.50			3-1-2023		550,000		549,729
Motorola Incorporated		7.50			5-15-2025		120,000		142,615
Qualcomm Incorporated		2.25			5-20-2020		1,500,000		1,542,983
Qualcomm Incorporated		3.45			5-20-2025		1,000,000		1,079,075
Qualcomm Incorporated		4.65			5-20-2035		400,000		441,117
Qualcomm Incorporated		4.80			5-20-2045		600,000		684,079

									12,201,313


64		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Electronic Equipment, Instruments & Components: 0.06%
Agilent Technologies Incorporated		3.88	%		7-15-2023	$	150,000	$	157,538
Amphenol Corporation		2.55			1-30-2019		200,000		204,676
Amphenol Corporation		4.00			2-1-2022		300,000		320,698
Arrow Electronics Incorporated		5.13			3-1-2021		300,000		325,327
Arrow Electronics Incorporated		6.00			4-1-2020		100,000		110,267
Avnet Incorporated		5.88			6-15-2020		100,000		110,683
Corning Incorporated		1.45			11-15-2017		400,000		399,665
Corning Incorporated		2.90			5-15-2022		500,000		508,515
Corning Incorporated		3.70			11-15-2023		113,000		119,264
Corning Incorporated		4.25			8-15-2020		250,000		269,914
Corning Incorporated		5.75			8-15-2040		150,000		179,798
Corning Incorporated		6.63			5-15-2019		20,000		22,408
Ingram Micro Incorporated		4.95			12-15-2024		200,000		202,132
Keysight Technologies Incorporated		3.30			10-30-2019		250,000		254,562
Keysight Technologies Incorporated		4.55			10-30-2024		250,000		259,844
Tech Data Corporation		3.75			9-21-2017		100,000		102,367

									3,547,658


Internet Software & Services: 0.04%
Alphabet Incorporated		3.38			2-25-2024		125,000		137,530
Alphabet Incorporated		3.63			5-19-2021		500,000		547,715
eBay Incorporated		2.60			7-15-2022		350,000		354,419
eBay Incorporated		2.88			8-1-2021		500,000		513,866
eBay Incorporated		3.25			10-15-2020		200,000		208,806
eBay Incorporated		3.45			8-1-2024		350,000		364,396
eBay Incorporated		4.00			7-15-2042		250,000		235,327

									2,362,059


IT Services: 0.35%
Broadridge Financial Solutions Incorporated		3.95			9-1-2020		100,000		106,442
Computer Sciences Corporation		4.45			9-15-2022		200,000		211,617
Fidelity National Information Services Incorporated		2.00			4-15-2018		114,000		114,694
Fidelity National Information Services Incorporated		3.50			4-15-2023		131,000		137,822
Fidelity National Information Services Incorporated		3.63			10-15-2020		500,000		530,249
Fidelity National Information Services Incorporated		5.00			3-15-2022		300,000		310,289
Fidelity National Information Services Incorporated		5.00			10-15-2025		1,000,000		1,146,901
Fiserv Incorporated		2.70			6-1-2020		400,000		412,346
Fiserv Incorporated		3.50			10-1-2022		400,000		424,099
Fiserv Incorporated		3.85			6-1-2025		300,000		324,094
IBM Corporation		1.25			2-8-2018		500,000		502,170
IBM Corporation		1.63			5-15-2020		500,000		503,625
IBM Corporation		1.88			5-15-2019		500,000		508,864
IBM Corporation		1.88			8-1-2022		400,000		399,516
IBM Corporation		1.95			2-12-2019		500,000		509,282
IBM Corporation		3.38			8-1-2023		400,000		432,362
IBM Corporation		4.00			6-20-2042		500,000		533,921
IBM Corporation		5.60			11-30-2039		900,000		1,173,552
IBM Corporation		5.70			9-14-2017		1,500,000		1,572,024
IBM Corporation		5.88			11-29-2032		250,000		337,573
IBM Corporation		7.00			10-30-2025		300,000		408,157
IBM Corporation		7.63			10-15-2018		500,000		565,349
MasterCard Incorporated		3.38			4-1-2024		1,000,000		1,088,975


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			65


Security name	Interest rate			Maturity date		Principal		Value

IT Services (continued)
Total System Services Incorporated		2.38	%		6-1-2018	$	205,000	$	206,438
Total System Services Incorporated		3.75			6-1-2023		150,000		155,116
Visa Incorporated		1.20			12-14-2017		500,000		501,008
Visa Incorporated		2.20			12-14-2020		1,000,000		1,028,928
Visa Incorporated		2.80			12-14-2022		1,000,000		1,049,241
Visa Incorporated		3.15			12-14-2025		1,500,000		1,601,805
Visa Incorporated		4.30			12-14-2045		1,000,000		1,183,682
Western Union Company		2.88			12-10-2017		250,000		253,378
Western Union Company		5.25			4-1-2020		80,000		87,621
Western Union Company		6.20			11-17-2036		175,000		190,413
Western Union Company		6.20			6-21-2040		200,000		213,666
Xerox Corporation		4.50			5-15-2021		1,000,000		1,044,434
Xerox Corporation		5.63			12-15-2019		200,000		216,446
Xerox Corporation		6.35			5-15-2018		150,000		159,509
Xerox Corporation		6.75			12-15-2039		100,000		102,217

									20,247,825


Semiconductors & Semiconductor Equipment: 0.19%
Altera Corporation		2.50			11-15-2018		250,000		257,327
Analog Devices Incorporated		2.88			6-1-2023		150,000		150,982
Applied Materials Incorporated		4.30			6-15-2021		300,000		333,723
Applied Materials Incorporated		5.85			6-15-2041		200,000		253,631
Intel Corporation		1.35			12-15-2017		1,150,000		1,155,067
Intel Corporation		2.70			12-15-2022		550,000		575,126
Intel Corporation		3.30			10-1-2021		847,000		913,988
Intel Corporation		3.70			7-29-2025		1,000,000		1,113,199
Intel Corporation		4.00			12-15-2032		500,000		556,275
Intel Corporation		4.25			12-15-2042		250,000		278,325
Intel Corporation		4.80			10-1-2041		643,000		768,863
Intel Corporation		4.90			7-29-2045		750,000		911,183
KLA-Tencor Corporation		4.65			11-1-2024		1,000,000		1,099,344
Lam Research Corporation		2.80			6-15-2021		500,000		512,256
Lam Research Corporation		3.90			6-15-2026		500,000		522,980
Maxim Integrated Product Incorporated		3.38			3-15-2023		200,000		204,871
Texas Instruments Incorporated		1.00			5-1-2018		200,000		199,678
Texas Instruments Incorporated		1.65			8-3-2019		250,000		253,055
Texas Instruments Incorporated		2.25			5-1-2023		250,000		251,759
Xilinx Incorporated		2.13			3-15-2019		250,000		252,541
Xilinx Incorporated		3.00			3-15-2021		250,000		260,940

									10,825,113


Software: 0.43%
Adobe Systems Incorporated		4.75			2-1-2020		325,000		358,223
Autodesk Incorporated		1.95			12-15-2017		250,000		250,892
Autodesk Incorporated		3.60			12-15-2022		250,000		255,961
CA Incorporated		5.38			12-1-2019		500,000		551,107
Microsoft Corporation		1.63			12-6-2018		400,000		404,770
Microsoft Corporation		2.00			11-3-2020		700,000		713,834
Microsoft Corporation		2.70			2-12-2025		2,000,000		2,068,530


66		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Software (continued)
Microsoft Corporation		3.00	%		10-1-2020	$	400,000	$	425,325
Microsoft Corporation		3.50			2-12-2035		1,000,000		1,035,023
Microsoft Corporation		3.63			12-15-2023		1,000,000		1,103,132
Microsoft Corporation		3.75			5-1-2043		47,000		48,976
Microsoft Corporation		3.75			2-12-2045		500,000		521,282
Microsoft Corporation		4.00			2-8-2021		500,000		554,127
Microsoft Corporation		4.00			2-12-2055		1,000,000		1,053,401
Microsoft Corporation		4.20			6-1-2019		875,000		945,631
Microsoft Corporation		4.45			11-3-2045		1,000,000		1,163,012
Microsoft Corporation		4.50			10-1-2040		500,000		581,024
Microsoft Corporation		4.88			12-15-2043		200,000		244,876
Microsoft Corporation		5.20			6-1-2039		110,000		138,233
Microsoft Corporation		5.30			2-8-2041		500,000		640,840
Oracle Corporation		1.20			10-15-2017		1,000,000		1,002,881
Oracle Corporation		2.38			1-15-2019		600,000		616,291
Oracle Corporation		2.50			10-15-2022		800,000		821,743
Oracle Corporation		2.80			7-8-2021		1,500,000		1,570,340
Oracle Corporation		2.95			5-15-2025		1,000,000		1,035,923
Oracle Corporation		3.63			7-15-2023		400,000		435,816
Oracle Corporation		3.88			7-15-2020		350,000		381,227
Oracle Corporation		3.90			5-15-2035		500,000		527,252
Oracle Corporation		4.30			7-8-2034		250,000		277,282
Oracle Corporation		4.38			5-15-2055		1,000,000		1,088,065
Oracle Corporation		4.50			7-8-2044		500,000		563,799
Oracle Corporation		5.00			7-8-2019		600,000		661,090
Oracle Corporation		5.38			7-15-2040		600,000		752,068
Oracle Corporation		5.75			4-15-2018		1,000,000		1,073,971
Oracle Corporation		6.13			7-8-2039		200,000		274,104
Oracle Corporation		6.50			4-15-2038		250,000		352,809
Symantec Corporation		3.95			6-15-2022		200,000		203,246
Symantec Corporation		4.20			9-15-2020		300,000		314,777

									25,010,883


Technology Hardware, Storage & Peripherals: 0.43%
Apple Incorporated		1.00			5-3-2018		2,300,000		2,299,094
Apple Incorporated		2.00			5-6-2020		1,000,000		1,020,765
Apple Incorporated		2.25			2-23-2021		1,000,000		1,026,178
Apple Incorporated		2.40			5-3-2023		3,150,000		3,224,302
Apple Incorporated		3.20			5-13-2025		750,000		801,377
Apple Incorporated		3.25			2-23-2026		1,750,000		1,869,175
Apple Incorporated		3.45			5-6-2024		1,000,000		1,085,874
Apple Incorporated		3.45			2-9-2045		1,000,000		983,250
Apple Incorporated		3.85			5-4-2043		1,000,000		1,037,894
Apple Incorporated		4.38			5-13-2045		500,000		560,799
Apple Incorporated		4.65			2-23-2046		1,250,000		1,460,309
EMC Corporation		1.88			6-1-2018		950,000		947,382
EMC Corporation		2.65			6-1-2020		500,000		495,941
EMC Corporation «		3.38			6-1-2023		100,000		97,847
Hewlett Packard Enterprise Company 144A		3.60			10-15-2020		3,250,000		3,395,662


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			67


Security name	Interest rate			Maturity date		Principal		Value

Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterprise Company 144A		4.90	%		10-15-2025	$	1,000,000	$	1,066,369
Hewlett Packard Enterprise Company 144A		6.35			10-15-2045		750,000		774,025
Hewlett-Packard Company		3.75			12-1-2020		41,000		43,440
Hewlett-Packard Company		4.05			9-15-2022		250,000		262,947
Hewlett-Packard Company		4.30			6-1-2021		500,000		539,436
Hewlett-Packard Company		4.38			9-15-2021		500,000		538,897
Hewlett-Packard Company		4.65			12-9-2021		500,000		547,001
Hewlett-Packard Company		6.00			9-15-2041		475,000		489,954
Lexmark International Incorporated		6.65			6-1-2018		250,000		265,027
NetApp Incorporated		2.00			12-15-2017		250,000		251,214
NetApp Incorporated		3.25			12-15-2022		250,000		252,568

									25,336,727


Materials: 0.61%

Chemicals: 0.37%
Air Products & Chemicals Incorporated		1.20			10-15-2017		132,000		132,394
Air Products & Chemicals Incorporated		3.00			11-3-2021		250,000		266,841
Air Products & Chemicals Incorporated		3.35			7-31-2024		350,000		378,342
Air Products & Chemicals Incorporated		4.38			8-21-2019		150,000		162,997
Airgas Incorporated		2.90			11-15-2022		500,000		503,600
Albemarle Corporation		4.50			12-15-2020		300,000		323,322
Albemarle Corporation		5.45			12-1-2044		200,000		236,692
Celanese U.S. Holdings LLC		4.63			11-15-2022		170,000		185,938
Celanese U.S. Holdings LLC		5.88			6-15-2021		140,000		159,687
CF Industries Incorporated		3.45			6-1-2023		437,000		436,197
CF Industries Incorporated		4.95			6-1-2043		425,000		391,940
CF Industries Incorporated		5.15			3-15-2034		500,000		495,790
CF Industries Incorporated		6.88			5-1-2018		500,000		538,306
Dow Chemical Company		3.50			10-1-2024		250,000		265,120
Dow Chemical Company		4.13			11-15-2021		500,000		546,688
Dow Chemical Company		4.25			11-15-2020		575,000		623,885
Dow Chemical Company		4.25			10-1-2034		250,000		260,277
Dow Chemical Company		4.38			11-15-2042		500,000		517,100
Dow Chemical Company		5.25			11-15-2041		250,000		286,446
Dow Chemical Company		7.38			11-1-2029		600,000		816,440
Dow Chemical Company		8.55			5-15-2019		655,000		772,676
Dow Chemical Company		9.40			5-15-2039		385,000		631,743
E.I. du Pont de Nemours & Company		3.63			1-15-2021		500,000		537,136
E.I. du Pont de Nemours & Company		4.15			2-15-2043		300,000		316,568
E.I. du Pont de Nemours & Company		4.50			8-15-2019		400,000		435,972
E.I. du Pont de Nemours & Company		4.63			1-15-2020		200,000		219,403
E.I. du Pont de Nemours & Company		4.90			1-15-2041		300,000		344,832
E.I. du Pont de Nemours & Company		5.60			12-15-2036		25,000		30,972
E.I. du Pont de Nemours & Company		6.00			7-15-2018		625,000		677,809
E.I. du Pont de Nemours & Company		6.50			1-15-2028		250,000		320,324
Eastman Chemical Company		2.70			1-15-2020		300,000		308,553
Eastman Chemical Company		3.60			8-15-2022		400,000		420,292
Eastman Chemical Company		4.50			1-15-2021		500,000		544,547
Eastman Chemical Company		4.80			9-1-2042		200,000		206,194


68		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Chemicals (continued)
Ecolab Incorporated		4.35	%		12-8-2021	$	500,000	$	561,468
Ecolab Incorporated		5.50			12-8-2041		300,000		377,180
FMC Corporation		3.95			2-1-2022		125,000		130,830
FMC Corporation		4.10			2-1-2024		250,000		264,613
International Flavors & Fragrances Incorporated		3.20			5-1-2023		100,000		102,709
Lubrizol Corporation		8.88			2-1-2019		250,000		293,692
Monsanto Company		3.38			7-15-2024		1,000,000		1,037,654
Monsanto Company		3.60			7-15-2042		150,000		134,774
Monsanto Company		4.40			7-15-2044		600,000		624,314
Monsanto Company		4.70			7-15-2064		300,000		288,470
Monsanto Company		5.50			8-15-2025		100,000		116,635
Mosaic Company		3.75			11-15-2021		115,000		121,269
Mosaic Company		4.25			11-15-2023		425,000		453,220
Mosaic Company		5.45			11-15-2033		304,000		333,263
Mosaic Company		5.63			11-15-2043		250,000		274,219
NewMarket Corporation		4.10			12-15-2022		50,000		51,427
PPG Industries Incorporated		2.30			11-15-2019		250,000		253,888
PPG Industries Incorporated		3.60			11-15-2020		100,000		105,709
PPG Industries Incorporated		5.50			11-15-2040		150,000		186,796
Praxair Incorporated		1.25			11-7-2018		100,000		100,198
Praxair Incorporated		2.20			8-15-2022		500,000		507,587
Praxair Incorporated		2.45			2-15-2022		200,000		205,130
Praxair Incorporated		2.70			2-21-2023		150,000		154,737
Praxair Incorporated		3.55			11-7-2042		150,000		159,257
Praxair Incorporated		4.05			3-15-2021		200,000		219,924
RPM International Incorporated		6.13			10-15-2019		200,000		222,722
RPM International Incorporated		6.50			2-15-2018		250,000		266,679
Sherwin-Williams Company		1.35			12-15-2017		250,000		250,278
Sherwin-Williams Company		4.00			12-15-2042		132,000		131,337
Valspar Corporation		4.20			1-15-2022		100,000		106,291
Valspar Corporation		7.25			6-15-2019		100,000		113,298
Westlake Chemical Corporation		3.60			7-15-2022		29,000		29,389

									21,473,980


Construction Materials: 0.00%
Martin Marietta Materials Incorporated		6.60			4-15-2018		125,000		133,359


Containers & Packaging: 0.02%
Bemis Company Incorporated		6.80			8-1-2019		10,000		11,283
Packaging Corporation of America		3.65			9-15-2024		250,000		260,143
Packaging Corporation of America		3.90			6-15-2022		200,000		211,006
Packaging Corporation of America		4.50			11-1-2023		550,000		606,357
Sonoco Products Company		4.38			11-1-2021		100,000		106,144

									1,194,933


Metals & Mining: 0.11%
Barrick Gold Finance Company LLC		4.40			5-30-2021		600,000		655,586
Barrick Gold Finance Company LLC		5.70			5-30-2041		300,000		346,914
Newmont Mining Corporation		3.50			3-15-2022		600,000		623,360


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			69


Security name	Interest rate			Maturity date		Principal			Value

Metals & Mining (continued)
Newmont Mining Corporation		4.88	%		3-15-2042	$	500,000		$	525,255
Newmont Mining Corporation		6.25			10-1-2039		475,000			556,617
Nucor Corporation		4.00			8-1-2023		189,000			204,076
Nucor Corporation		5.20			8-1-2043		200,000			231,016
Nucor Corporation		5.75			12-1-2017		500,000	��		521,742
Nucor Corporation		5.85			6-1-2018		150,000			160,451
Nucor Corporation		6.40			12-1-2037		200,000			253,094
Reliance Steel & Aluminum Company		4.50			4-15-2023		150,000			154,248
Southern Copper Corporation		5.38			4-16-2020		90,000			98,361
Southern Copper Corporation		5.88			4-23-2045		500,000			507,775
Southern Copper Corporation		6.75			4-16-2040		440,000			487,154
Southern Copper Corporation		7.50			7-27-2035		600,000			706,404

										6,032,053


Paper & Forest Products: 0.11%
Domtar Corporation		4.40			4-1-2022		500,000			527,649
Georgia-Pacific LLC		7.25			6-1-2028		325,000			444,094
Georgia-Pacific LLC		8.00			1-15-2024		200,000			266,227
Georgia-Pacific LLC		8.88			5-15-2031		500,000			796,134
International Paper Company		3.65			6-15-2024		500,000			527,611
International Paper Company		4.75			2-15-2022		75,000			83,173
International Paper Company		4.80			6-15-2044		250,000			265,303
International Paper Company		6.00			11-15-2041		535,000			643,597
International Paper Company		7.30			11-15-2039		250,000			338,020
International Paper Company		7.50			8-15-2021		450,000			551,801
International Paper Company		7.95			6-15-2018		1,000,000			1,112,438
MeadWestvaco Corporation		7.95			2-15-2031		50,000			67,136
Plum Creek Timberlands LP		3.25			3-15-2023		275,000			274,515
Plum Creek Timberlands LP		4.70			3-15-2021		500,000			542,035

										6,439,733


Telecommunication Services: 0.90%

Diversified Telecommunication Services: 0.89%
AT&T Incorporated		2.45			6-30-2020		1,250,000			1,275,163
AT&T Incorporated		2.63			12-1-2022		1,000,000			1,010,372
AT&T Incorporated		3.00			2-15-2022		1,500,000			1,545,954
AT&T Incorporated		3.40			5-15-2025		3,000,000			3,088,752
AT&T Incorporated		3.80			3-15-2022		500,000			536,303
AT&T Incorporated		3.88			8-15-2021		45,000			48,774
AT&T Incorporated		3.90			3-11-2024		500,000			535,918
AT&T Incorporated		4.13			2-17-2026		1,500,000			1,628,759
AT&T Incorporated		4.30			12-15-2042		500,000			502,264
AT&T Incorporated		4.35			6-15-2045		1,000,000			1,008,012
AT&T Incorporated		4.45			5-15-2021		650,000			715,456
AT&T Incorporated		4.45			4-1-2024		700,000			771,576
AT&T Incorporated		4.60			2-15-2021		350,000			384,750
AT&T Incorporated		4.75			5-15-2046		2,000,000			2,138,696
AT&T Incorporated		5.00			3-1-2021		700,000			786,532


70		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Diversified Telecommunication Services (continued)
AT&T Incorporated		5.15	%		3-15-2042	$	500,000	$	557,262
AT&T Incorporated		5.20			3-15-2020		330,000		367,553
AT&T Incorporated		5.35			9-1-2040		1,372,000		1,567,505
AT&T Incorporated		5.50			2-1-2018		1,000,000		1,056,551
AT&T Incorporated		5.55			8-15-2041		60,000		70,858
AT&T Incorporated		5.60			5-15-2018		500,000		535,209
AT&T Incorporated		5.80			2-15-2019		800,000		880,708
AT&T Incorporated		6.00			8-15-2040		400,000		484,539
AT&T Incorporated		6.15			9-15-2034		500,000		614,521
AT&T Incorporated		6.30			1-15-2038		500,000		632,196
AT&T Incorporated		6.35			3-15-2040		145,000		183,678
AT&T Incorporated		6.38			3-1-2041		500,000		635,845
AT&T Incorporated		6.50			9-1-2037		970,000		1,261,312
AT&T Incorporated		6.55			2-15-2039		800,000		1,039,485
AT&T Incorporated		8.25			11-15-2031		536,000		787,175
Qwest Corporation		6.88			9-15-2033		255,000		253,245
Verizon Communications Incorporated		2.45			11-1-2022		600,000		609,075
Verizon Communications Incorporated		2.63			2-21-2020		1,000,000		1,031,334
Verizon Communications Incorporated		3.00			11-1-2021		750,000		787,487
Verizon Communications Incorporated		3.50			11-1-2021		1,000,000		1,074,796
Verizon Communications Incorporated		3.50			11-1-2024		750,000		804,253
Verizon Communications Incorporated		3.65			9-14-2018		1,400,000		1,464,191
Verizon Communications Incorporated		4.15			3-15-2024		850,000		944,006
Verizon Communications Incorporated		4.27			1-15-2036		1,387,000		1,456,214
Verizon Communications Incorporated		4.50			9-15-2020		1,029,000		1,135,545
Verizon Communications Incorporated		4.52			9-15-2048		1,569,000		1,663,699
Verizon Communications Incorporated		4.60			4-1-2021		1,000,000		1,116,308
Verizon Communications Incorporated		4.67			3-15-2055		2,365,000		2,459,517
Verizon Communications Incorporated		4.75			11-1-2041		500,000		535,595
Verizon Communications Incorporated		4.86			8-21-2046		830,000		922,793
Verizon Communications Incorporated		5.01			8-21-2054		1,200,000		1,315,747
Verizon Communications Incorporated		5.15			9-15-2023		3,300,000		3,857,139
Verizon Communications Incorporated		6.00			4-1-2041		500,000		634,448
Verizon Communications Incorporated		6.55			9-15-2043		2,244,000		3,037,425
Verizon Global Funding Corporation		5.85			9-15-2035		175,000		218,635

									51,973,130


Wireless Telecommunication Services: 0.01%
CC Holdings GS V LLC		2.38			12-15-2017		100,000		100,910
CC Holdings GS V LLC		3.85			4-15-2023		500,000		534,930

									635,840


Utilities: 1.84%

Electric Utilities: 1.37%
Alabama Power Company		3.55			12-1-2023		250,000		273,190
Alabama Power Company		3.85			12-1-2042		200,000		214,326
Alabama Power Company		4.15			8-15-2044		150,000		167,621
Alabama Power Company		5.50			3-15-2041		65,000		83,925
Alabama Power Company		6.00			3-1-2039		500,000		667,969


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			71


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Alabama Power Company		6.13	%		5-15-2038	$	105,000	$	142,343
American Electric Power Company Incorporated		2.95			12-15-2022		200,000		208,512
Appalachian Power Company		3.40			6-1-2025		250,000		264,750
Appalachian Power Company		4.45			6-1-2045		250,000		276,552
Appalachian Power Company		5.80			10-1-2035		315,000		383,905
Appalachian Power Company		6.38			4-1-2036		300,000		385,016
Appalachian Power Company		7.00			4-1-2038		100,000		138,389
Arizona Public Service Company		3.15			5-15-2025		150,000		159,407
Arizona Public Service Company		4.50			4-1-2042		100,000		118,627
Arizona Public Service Company		4.70			1-15-2044		250,000		302,893
Arizona Public Service Company		8.75			3-1-2019		500,000		585,695
Atlantic City Electric Company		7.75			11-15-2018		65,000		73,748
Baltimore Gas & Electric Company		3.50			11-15-2021		500,000		535,217
Carolina Power & Light Company		2.80			5-15-2022		250,000		261,537
Carolina Power & Light Company		5.30			1-15-2019		500,000		545,213
CenterPoint Energy Houston		2.25			8-1-2022		300,000		299,228
CenterPoint Energy Houston		3.55			8-1-2042		250,000		257,163
CenterPoint Energy Houston		4.50			4-1-2044		250,000		299,093
CenterPoint Energy Houston Series K		6.95			3-15-2033		250,000		361,580
Cleco Power LLC		6.00			12-1-2040		300,000		385,617
Cleveland Electric Illuminating Company		5.95			12-15-2036		500,000		580,028
Columbus Southern Power Company		6.05			5-1-2018		200,000		214,130
Commonwealth Edison Company		3.80			10-1-2042		100,000		107,401
Commonwealth Edison Company		4.70			1-15-2044		250,000		303,386
Commonwealth Edison Company		5.80			3-15-2018		500,000		534,721
Commonwealth Edison Company		5.90			3-15-2036		250,000		335,171
Commonwealth Edison Company Series 100		5.88			2-1-2033		65,000		84,785
Connecticut Light & Power Company		4.15			6-1-2045		125,000		142,396
Connecticut Light & Power Company		5.65			5-1-2018		100,000		107,237
Connecticut Light & Power Company		6.35			6-1-2036		200,000		278,095
Consolidated Edison Company of New York Incorporated		4.45			3-15-2044		500,000		584,421
Consolidated Edison Company of New York Incorporated		7.13			12-1-2018		200,000		225,544
Consolidated Edison Company of New York Incorporated Series 06-E		5.70			12-1-2036		250,000		323,683
Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-2037		250,000		344,556
Consolidated Edison Company of New York Incorporated Series 08-A		5.85			4-1-2018		100,000		107,056
Consolidated Edison Company of New York Incorporated Series 08-B		6.75			4-1-2038		300,000		440,267
Consolidated Edison Company of New York Incorporated Series 09-C		5.50			12-1-2039		600,000		777,200
Consolidated Edison Company of New York Incorporated Series 12-A		4.20			3-15-2042		250,000		279,563
Delmarva Power & Light Company		4.00			6-1-2042		300,000		329,054
Detroit Edison Company		2.65			6-15-2022		200,000		206,937
Detroit Edison Company		3.45			10-1-2020		500,000		534,194
DTE Electric Company		3.65			3-15-2024		150,000		164,822
DTE Electric Company		6.63			6-1-2036		250,000		359,655
Duke Energy Carolinas LLC		2.50			3-15-2023		750,000		776,431
Duke Energy Carolinas LLC		4.25			12-15-2041		500,000		569,868
Duke Energy Carolinas LLC		6.10			6-1-2037		250,000		335,154
Duke Energy Carolinas LLC Series C		7.00			11-15-2018		100,000		112,220
Duke Energy Corporation		3.05			8-15-2022		100,000		104,624
Duke Energy Corporation		3.95			10-15-2023		200,000		220,202
Duke Energy Corporation		6.45			10-15-2032		375,000		513,720


72		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Duke Energy Florida Incorporated		3.85	%		11-15-2042	$	100,000	$	106,478
Duke Energy Indiana Incorporated		3.75			5-15-2046		250,000		264,203
Duke Energy Indiana Incorporated		4.90			7-15-2043		150,000		181,861
Duke Energy Indiana Incorporated		6.35			8-15-2038		500,000		709,178
Duke Energy Indiana Incorporated		6.45			4-1-2039		65,000		93,134
Duke Energy Ohio Incorporated		5.45			4-1-2019		250,000		274,820
Duke Energy Progress Incorporated		3.00			9-15-2021		250,000		265,020
Duke Energy Progress Incorporated		4.10			3-15-2043		150,000		166,233
Duke Energy Progress Incorporated		4.15			12-1-2044		250,000		282,476
Duke Energy Progress Incorporated		4.38			3-30-2044		250,000		289,667
Entergy Arkansas Incorporated		3.70			6-1-2024		250,000		273,044
Entergy Corporation		5.13			9-15-2020		250,000		277,641
Entergy Gulf States Louisiana LLC		5.59			10-1-2024		120,000		144,222
Entergy Gulf States Louisiana LLC		6.00			5-1-2018		100,000		107,058
Entergy Louisiana LLC		3.25			4-1-2028		500,000		531,966
Entergy Louisiana LLC		4.05			9-1-2023		400,000		442,933
Entergy Louisiana LLC		5.40			11-1-2024		250,000		302,550
Entergy Texas Incorporated		7.13			2-1-2019		200,000		224,852
Exelon Corporation		3.95			6-15-2025		500,000		546,180
Exelon Corporation		4.95			6-15-2035		200,000		231,199
Exelon Corporation		5.10			6-15-2045		400,000		475,478
Exelon Corporation		5.63			6-15-2035		365,000		444,980
Exelon Generation Company LLC		4.25			6-15-2022		225,000		240,971
Exelon Generation Company LLC		5.20			10-1-2019		500,000		548,506
Exelon Generation Company LLC		5.60			6-15-2042		605,000		646,845
Exelon Generation Company LLC		6.25			10-1-2039		500,000		575,368
FirstEnergy Solutions Company		6.80			8-15-2039		164,000		111,042
Florida Power & Light Company		3.25			6-1-2024		500,000		535,664
Florida Power & Light Company		4.05			6-1-2042		250,000		284,405
Florida Power & Light Company		4.13			2-1-2042		300,000		342,671
Florida Power & Light Company		5.25			2-1-2041		200,000		260,825
Florida Power & Light Company		5.65			2-1-2037		363,000		483,511
Florida Power & Light Company		5.95			2-1-2038		320,000		444,453
Florida Power & Light Company		5.96			4-1-2039		250,000		349,360
Florida Power Corporation		5.65			6-15-2018		300,000		323,118
Florida Power Corporation		5.65			4-1-2040		125,000		165,721
Florida Power Corporation		5.80			9-15-2017		200,000		209,384
Florida Power Corporation		6.40			6-15-2038		500,000		714,465
FPL Group Capital Incorporated		6.00			3-1-2019		750,000		825,170
Georgia Power Company		4.25			12-1-2019		375,000		405,890
Georgia Power Company		4.30			3-15-2042		250,000		276,937
Georgia Power Company		4.30			3-15-2043		350,000		386,560
Georgia Power Company		5.40			6-1-2018		200,000		214,010
Georgia Power Company		5.40			6-1-2040		250,000		313,647
Georgia Power Company		5.95			2-1-2039		250,000		331,758
Great Plains Energy Incorporated		4.85			6-1-2021		50,000		54,596
Iberdrola International BV		6.75			7-15-2036		397,000		535,422
Indiana Michigan Power Company		3.20			3-15-2023		100,000		104,243
Indiana Michigan Power Company		7.00			3-15-2019		500,000		562,102
Interstate Power & Light Company		4.70			10-15-2043		300,000		354,986


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			73


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Interstate Power & Light Company		6.25	%		7-15-2039	$	30,000	$	41,899
Jersey Central Power & Light Company		7.35			2-1-2019		250,000		279,677
Kansas City Power & Light Company		3.15			3-15-2023		200,000		203,855
Kansas City Power & Light Company		6.38			3-1-2018		250,000		267,132
Kansas City Power & Light Company		7.15			4-1-2019		200,000		227,372
Kentucky Utilities Company		3.25			11-1-2020		250,000		263,748
Kentucky Utilities Company		5.13			11-1-2040		500,000		628,128
LG&E & KU Energy LLC		3.75			11-15-2020		100,000		107,283
MidAmerican Energy Holdings Company		2.40			3-15-2019		500,000		513,140
MidAmerican Energy Holdings Company		4.80			9-15-2043		300,000		372,639
MidAmerican Energy Holdings Company		5.30			3-15-2018		250,000		265,541
MidAmerican Energy Holdings Company		5.80			10-15-2036		75,000		100,658
MidAmerican Energy Holdings Company		5.95			5-15-2037		300,000		395,450
MidAmerican Energy Holdings Company		6.13			4-1-2036		200,000		268,848
MidAmerican Energy Holdings Company		6.50			9-15-2037		500,000		694,754
MidAmerican Energy Holdings Company		6.75			12-30-2031		150,000		211,151
Nevada Power Company		5.45			5-15-2041		120,000		154,962
Nevada Power Company		6.75			7-1-2037		200,000		284,969
Nevada Power Company		7.13			3-15-2019		300,000		342,361
NiSource Finance Corporation		4.80			2-15-2044		850,000		980,211
NiSource Finance Corporation		5.45			9-15-2020		415,000		466,997
NiSource Finance Corporation		5.65			2-1-2045		200,000		261,662
NiSource Finance Corporation		6.13			3-1-2022		100,000		118,919
NiSource Finance Corporation		6.40			3-15-2018		699,000		747,806
NiSource Finance Corporation		6.80			1-15-2019		90,000		100,471
Northeast Utilities		1.45			5-1-2018		350,000		350,299
Northeast Utilities		2.80			5-1-2023		175,000		179,341
Northern States Power Company of Minnesota		2.15			8-15-2022		250,000		253,379
Northern States Power Company of Minnesota		2.60			5-15-2023		150,000		154,872
Northern States Power Company of Minnesota		3.40			8-15-2042		250,000		256,585
Northern States Power Company of Minnesota		5.25			3-1-2018		500,000		530,080
Northern States Power Company of Minnesota		5.35			11-1-2039		40,000		52,595
Northern States Power Company of Minnesota		6.20			7-1-2037		300,000		424,378
NSTAR Electric Company		2.38			10-15-2022		200,000		202,965
NSTAR Electric Company		4.40			3-1-2044		250,000		288,952
NSTAR Electric Company		5.50			3-15-2040		100,000		129,685
Oglethorpe Power Corporation		4.55			6-1-2044		250,000		278,128
Oglethorpe Power Corporation		5.38			11-1-2040		300,000		364,750
Oglethorpe Power Corporation		5.95			11-1-2039		150,000		191,911
Ohio Edison Company		6.88			7-15-2036		250,000		330,078
Ohio Edison Company		8.25			10-15-2038		200,000		303,454
Ohio Power Company		5.38			10-1-2021		65,000		73,953
Ohio Power Company		6.60			2-15-2033		194,000		253,264
Ohio Power Company		6.60			3-1-2033		150,000		194,310
Oklahoma Gas & Electric Company		4.55			3-15-2044		250,000		290,700
Oklahoma Gas & Electric Company		5.25			5-15-2041		100,000		124,286
Oklahoma Gas & Electric Company		5.85			6-1-2040		100,000		134,129
Oncor Electric Delivery Company LLC		4.10			6-1-2022		500,000		552,977
Oncor Electric Delivery Company LLC		4.55			12-1-2041		200,000		237,343
Oncor Electric Delivery Company LLC		5.25			9-30-2040		250,000		323,733


74		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Oncor Electric Delivery Company LLC		6.80	%		9-1-2018	$	500,000	$	550,885
Oncor Electric Delivery Company LLC		7.00			5-1-2032		175,000		247,880
Oncor Electric Delivery Company LLC		7.50			9-1-2038		200,000		312,408
PacifiCorp		3.60			4-1-2024		250,000		273,191
PacifiCorp		4.10			2-1-2042		100,000		112,219
PacifiCorp		5.65			7-15-2018		600,000		648,328
PacifiCorp		5.75			4-1-2037		250,000		331,946
PacifiCorp		6.00			1-15-2039		500,000		688,618
PacifiCorp		6.25			10-15-2037		720,000		1,011,244
PECO Energy Company		2.38			9-15-2022		750,000		764,280
PECO Energy Company		4.15			10-1-2044		350,000		396,342
Portland General Electric Company		6.10			4-15-2019		250,000		277,835
Potomac Electric Power Company		3.60			3-15-2024		250,000		271,094
Potomac Electric Power Company		6.50			11-15-2037		200,000		286,929
PPL Capital Funding Incorporated		1.90			6-1-2018		100,000		100,319
PPL Capital Funding Incorporated		3.40			6-1-2023		500,000		527,454
PPL Capital Funding Incorporated		3.95			3-15-2024		250,000		270,508
PPL Capital Funding Incorporated		4.20			6-15-2022		200,000		218,198
PPL Capital Funding Incorporated		4.70			6-1-2043		125,000		142,286
PPL Capital Funding Incorporated		5.00			3-15-2044		250,000		286,448
PPL Electric Utilities		4.75			7-15-2043		150,000		182,846
PPL Electric Utilities		5.20			7-15-2041		200,000		254,034
PPL Electric Utilities		6.25			5-15-2039		45,000		63,990
Progress Energy Incorporated		3.15			4-1-2022		500,000		525,177
Progress Energy Incorporated		4.10			5-15-2042		250,000		277,501
Progress Energy Incorporated		4.40			1-15-2021		250,000		274,169
Progress Energy Incorporated		4.55			4-1-2020		75,000		82,444
Progress Energy Incorporated		6.00			12-1-2039		300,000		391,252
Progress Energy Incorporated		6.30			4-1-2038		50,000		70,754
Progress Energy Incorporated		7.00			10-30-2031		500,000		678,099
Progress Energy Incorporated		7.75			3-1-2031		300,000		424,050
PSEG Power LLC		2.45			11-15-2018		300,000		303,540
PSEG Power LLC		4.15			9-15-2021		250,000		267,149
PSEG Power LLC «		4.30			11-15-2023		300,000		324,204
PSEG Power LLC		5.13			4-15-2020		280,000		307,658
PSEG Power LLC		8.63			4-15-2031		75,000		98,624
Public Service Company of Colorado		2.25			9-15-2022		100,000		102,047
Public Service Company of Colorado		2.50			3-15-2023		250,000		255,253
Public Service Company of Colorado		3.20			11-15-2020		300,000		318,052
Public Service Company of Colorado		3.60			9-15-2042		200,000		212,047
Public Service Company of Colorado		3.95			3-15-2043		125,000		139,289
Public Service Company of Colorado		4.30			3-15-2044		250,000		291,532
Public Service Company of Colorado		5.13			6-1-2019		50,000		54,982
Public Service Company of New Hampshire		3.50			11-1-2023		300,000		321,272
Public Service Company of Oklahoma		4.40			2-1-2021		100,000		108,798
Public Service Company of Oklahoma		5.15			12-1-2019		40,000		44,066
Public Service Electric & Gas Company		2.00			8-15-2019		200,000		203,631
Public Service Electric & Gas Company		2.38			5-15-2023		200,000		203,664
Public Service Electric & Gas Company		3.65			9-1-2042		250,000		268,263
Public Service Electric & Gas Company		3.80			1-1-2043		200,000		219,904


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			75


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Public Service Electric & Gas Company		3.95	%		5-1-2042	$	100,000	$	111,699
Public Service Electric & Gas Company		5.80			5-1-2037		100,000		134,345
South Carolina Electric & Gas Company		4.35			2-1-2042		600,000		671,365
South Carolina Electric & Gas Company		6.50			11-1-2018		525,000		582,103
Southern California Edison Company		3.88			6-1-2021		270,000		295,705
Southern California Edison Company		3.90			3-15-2043		150,000		165,631
Southern California Edison Company		4.05			3-15-2042		500,000		559,256
Southern California Edison Company		5.50			8-15-2018		500,000		541,794
Southern California Edison Company		5.50			3-15-2040		200,000		264,197
Southern California Edison Company		6.00			1-15-2034		100,000		134,490
Southern California Edison Company		6.05			3-15-2039		350,000		489,256
Southern California Edison Company Series 05-E		5.35			7-15-2035		180,000		226,227
Southern Company		2.15			9-1-2019		500,000		507,072
Southern Company		2.45			9-1-2018		180,000		183,639
Southern Company		2.75			6-15-2020		250,000		257,863
Southern Company		2.95			7-1-2023		1,000,000		1,032,348
Southern Company		3.25			7-1-2026		1,250,000		1,302,898
Southern Company		4.40			7-1-2046		600,000		660,580
Southwestern Electric Power Company		6.20			3-15-2040		50,000		63,979
Southwestern Public Service Company		6.00			10-1-2036		100,000		128,697
System Energy Resources		4.10			4-1-2023		150,000		158,727
Tampa Electric Company		2.60			9-15-2022		200,000		205,231
Tampa Electric Company		4.20			5-15-2045		300,000		330,160
Tampa Electric Company		6.10			5-15-2018		100,000		106,979
Tampa Electric Company		6.15			5-15-2037		75,000		101,811
Toleda Edison Company		6.15			5-15-2037		50,000		62,597
TXU Electric Delivery Company		7.25			1-15-2033		75,000		108,875
Union Electric Company		3.90			9-15-2042		250,000		273,065
Union Electric Company		8.45			3-15-2039		80,000		136,221
Virginia Electric & Power Company		3.10			5-15-2025		100,000		105,477
Virginia Electric & Power Company		3.45			2-15-2024		150,000		163,208
Virginia Electric & Power Company		4.00			1-15-2043		325,000		357,219
Virginia Electric & Power Company		4.20			5-15-2045		150,000		169,770
Virginia Electric & Power Company		4.45			2-15-2044		150,000		175,519
Virginia Electric & Power Company		5.00			6-30-2019		200,000		217,062
Virginia Electric & Power Company		8.88			11-15-2038		300,000		512,911
Virginia Electric & Power Company Series B		3.45			9-1-2022		1,000,000		1,071,686
Virginia Electric & Power Company Series B		6.00			1-15-2036		100,000		134,206
Westar Energy Incorporated		4.10			4-1-2043		300,000		332,783
Westar Energy Incorporated		4.13			3-1-2042		500,000		556,127
Wisconsin Electric Power Company		1.70			6-15-2018		150,000		151,321
Wisconsin Electric Power Company		4.25			12-15-2019		350,000		377,981
Wisconsin Electric Power Company		5.63			5-15-2033		100,000		128,095
Wisconsin Electric Power Company		5.70			12-1-2036		150,000		198,905
Wisconsin Power & Light Company		4.10			10-15-2044		250,000		280,167
Wisconsin Power & Light Company		5.00			7-15-2019		50,000		54,474
Wisconsin Power & Light Company		6.38			8-15-2037		250,000		355,483
Wisconsin Public Service Corporation		4.75			11-1-2044		400,000		493,884

									80,020,411


76		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Gas Utilities: 0.09%
Atmos Energy Corporation		4.13	%		10-15-2044	$	350,000	$	388,689
Atmos Energy Corporation		4.15			1-15-2043		161,000		176,779
Atmos Energy Corporation		5.50			6-15-2041		60,000		77,127
Atmos Energy Corporation		8.50			3-15-2019		250,000		291,568
CenterPoint Energy Resources Corporation		4.50			1-15-2021		65,000		70,385
CenterPoint Energy Resources Corporation		5.85			1-15-2041		110,000		134,132
CenterPoint Energy Resources Corporation		6.00			5-15-2018		100,000		106,488
CenterPoint Energy Resources Corporation		6.13			11-1-2017		150,000		157,422
CenterPoint Energy Resources Corporation		6.63			11-1-2037		50,000		61,789
KeySpan Corporation		5.80			4-1-2035		125,000		154,570
Laclede Group Incorporated		4.70			8-15-2044		250,000		273,222
National Fuel Gas Company		3.75			3-1-2023		312,000		315,718
One Gas Incorporated		2.07			2-1-2019		100,000		101,481
One Gas Incorporated		3.61			2-1-2024		100,000		107,432
One Gas Incorporated		4.66			2-1-2044		50,000		58,563
Panhandle Eastern Pipe Line Company LP		6.20			11-1-2017		400,000		413,180
Piedmont Natural Gas Company		4.65			8-1-2043		50,000		57,699
Sempra Energy		2.88			10-1-2022		200,000		206,662
Sempra Energy		3.55			6-15-2024		1,000,000		1,058,813
Sempra Energy		6.00			10-15-2039		300,000		390,103
Southern California Gas Company		3.75			9-15-2042		200,000		215,894
Southern California Gas Company		5.13			11-15-2040		100,000		128,269
Southern California Gas Company		5.75			11-15-2035		75,000		99,934

									5,045,919


Independent Power & Renewable Electricity Producers: 0.02%
Constellation Energy Group Incorporated		5.15			12-1-2020		100,000		111,329
Southern Power Company		5.15			9-15-2041		500,000		551,621
Southern Power Company		5.25			7-15-2043		120,000		132,909
Tri-State Generation & Transmission Association Incorporated		3.70			11-1-2024		100,000		106,122
Tri-State Generation & Transmission Association Incorporated		4.70			11-1-2044		100,000		112,893

									1,014,874


Multi-Utilities: 0.34%
Ameren Illinois Company		4.30			7-1-2044		500,000		577,620
Ameren Illinois Company		4.80			12-15-2043		100,000		123,048
Ameren Illinois Company		6.13			11-15-2017		100,000		105,367
Avista Corporation		5.13			4-1-2022		55,000		60,710
Berkshire Hathaway Energy		2.00			11-15-2018		250,000		252,851
Berkshire Hathaway Energy		3.75			11-15-2023		500,000		546,380
Berkshire Hathaway Energy		5.15			11-15-2043		400,000		491,950
Black Hills Corporation		4.25			11-30-2023		300,000		326,226
CMS Energy Corporation		3.88			3-1-2024		500,000		548,159
CMS Energy Corporation		4.70			3-31-2043		125,000		145,710
CMS Energy Corporation		5.05			3-15-2022		350,000		397,418
Consumers Energy Company		3.95			5-15-2043		200,000		223,856
Consumers Energy Company		4.35			8-31-2064		150,000		174,588
Consumers Energy Company		5.65			9-15-2018		150,000		162,647
Consumers Energy Company		6.70			9-15-2019		500,000		577,498


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			77


Security name	Interest rate			Maturity date		Principal		Value

Multi-Utilities (continued)
Dominion Resources Incorporated		1.90	%		6-15-2018	$	200,000	$	201,249
Dominion Resources Incorporated		2.50			12-1-2019		188,000		191,879
Dominion Resources Incorporated		2.75			9-15-2022		200,000		203,904
Dominion Resources Incorporated		3.63			12-1-2024		300,000		318,544
Dominion Resources Incorporated		4.05			9-15-2042		250,000		254,789
Dominion Resources Incorporated		4.45			3-15-2021		100,000		110,277
Dominion Resources Incorporated		4.70			12-1-2044		250,000		283,350
Dominion Resources Incorporated		4.90			8-1-2041		60,000		68,863
Dominion Resources Incorporated		5.95			6-15-2035		225,000		278,956
Dominion Resources Incorporated		6.40			6-15-2018		750,000		812,699
Dominion Resources Incorporated		7.00			6-15-2038		500,000		698,114
DTE Energy Company		3.30			6-15-2022		100,000		106,320
DTE Energy Company		3.85			12-1-2023		243,000		266,530
Eversource Energy		4.50			11-15-2019		100,000		108,809
Integrys Energy Group		4.17			11-1-2020		200,000		216,711
Louisville Gas & Electric Company		5.13			11-15-2040		125,000		159,147
NorthWestern Corporation		4.18			11-15-2044		300,000		331,185
Pacific Gas & Electric Company		2.45			8-15-2022		250,000		256,073
Pacific Gas & Electric Company		2.95			3-1-2026		500,000		521,459
Pacific Gas & Electric Company		3.40			8-15-2024		650,000		701,411
Pacific Gas & Electric Company		3.50			6-15-2025		150,000		163,223
Pacific Gas & Electric Company		3.75			8-15-2042		200,000		209,033
Pacific Gas & Electric Company		4.25			5-15-2021		500,000		550,719
Pacific Gas & Electric Company		4.30			3-15-2045		200,000		229,243
Pacific Gas & Electric Company		5.40			1-15-2040		700,000		902,639
Pacific Gas & Electric Company		5.80			3-1-2037		500,000		664,463
Pacific Gas & Electric Company		6.05			3-1-2034		500,000		677,027
Pacific Gas & Electric Company		6.35			2-15-2038		100,000		139,801
Pacific Gas & Electric Company		8.25			10-15-2018		250,000		284,196
Pacific Gas & Electric Corporation		5.13			11-15-2043		250,000		314,812
Puget Energy Incorporated		3.65			5-15-2025		200,000		208,220
Puget Energy Incorporated		6.00			9-1-2021		250,000		288,540
Puget Sound Energy Incorporated		4.43			11-15-2041		500,000		582,906
Puget Sound Energy Incorporated		5.76			10-1-2039		400,000		535,118
Puget Sound Energy Incorporated		5.80			3-15-2040		50,000		67,696
Puget Sound Energy Incorporated		6.27			3-15-2037		330,000		456,803
San Diego Gas & Electric Company		3.00			8-15-2021		750,000		796,121
San Diego Gas & Electric Company		5.35			5-15-2035		100,000		126,830
San Diego Gas & Electric Company		6.00			6-1-2039		530,000		741,625
Scana Corporation		4.75			5-15-2021		250,000		268,649
WEC Energy Group Incorporated		1.65			6-15-2018		150,000		150,933
WEC Energy Group Incorporated		2.45			6-15-2020		150,000		153,181
WEC Energy Group Incorporated		3.55			6-15-2025		200,000		215,556
Xcel Energy Incorporated		4.70			5-15-2020		250,000		273,316
Xcel Energy Incorporated		4.80			9-15-2041		250,000		300,705

									20,105,652


Water Utilities: 0.02%
American Water Capital Corporation		3.40			3-1-2025		300,000		323,935
American Water Capital Corporation		6.09			10-15-2017		750,000		788,059

									1,111,994


Total Corporate Bonds and Notes (Cost $1,119,059,698)									1,213,231,257


78		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @: 24.63%
Australian Government Bond Series 122 (AUD)		5.25	%		3-15-2019		1,850,000	$	1,522,916
Australian Government Bond Series 124 (AUD)		5.75			5-15-2021		1,950,000		1,746,027
Australian Government Bond Series 126 (AUD)		4.50			4-15-2020		2,100,000		1,749,379
Australian Government Bond Series 128 (AUD)		5.75			7-15-2022		300,000		277,435
Australian Government Bond Series 128 (AUD)		5.75			7-15-2022		1,600,000		1,479,656
Australian Government Bond Series 132 (AUD)		5.50			1-21-2018		1,775,000		1,407,980
Australian Government Bond Series 133 (AUD)		5.50			4-21-2023		1,900,000		1,769,786
Australian Government Bond Series 136 (AUD)		4.75			4-21-2027		2,000,000		1,918,101
Australian Government Bond Series 137 (AUD)		2.75			4-21-2024		2,150,000		1,732,199
Australian Government Bond Series 138 (AUD)		3.25			4-21-2029		1,050,000		895,437
Australian Government Bond Series 139 (AUD)		3.25			4-21-2025		2,300,000		1,929,660
Australian Government Bond Series 140 (AUD)		4.50			4-21-2033		1,000,000		988,129
Australian Government Bond Series 141 (AUD)		3.25			10-21-2018		1,565,000		1,220,767
Australian Government Bond Series 142 (AUD)		4.25			4-21-2026		2,650,000		2,416,201
Australian Government Bond Series 143 (AUD)		2.75			10-21-2019		1,800,000		1,408,264
Australian Government Bond Series 144 (AUD)		3.75			4-21-2037		700,000		637,806
Australian Government Bond Series 145 (AUD)		2.75			6-21-2035		750,000		595,036
Australian Government Bond Series 146 (AUD)		1.75			11-21-2020		1,525,000		1,159,158
Australian Government Bond Series 147 (AUD)		3.25			6-21-2039		300,000		253,601
Australian Government Bond Series 148 (AUD)		2.75			11-21-2027		1,000,000		813,674
Australian Government Bond Series 149 (AUD)		2.25			5-21-2028		750,000		579,405
Belgium Government Bond Series 31 (EUR)		5.50			3-28-2028		2,025,000		3,620,541
Belgium Government Bond Series 40 (EUR) 144A		5.50			9-28-2017		400,000		475,476
Belgium Government Bond Series 44 (EUR) 144A		5.00			3-28-2035		1,700,000		3,361,055
Belgium Government Bond Series 48 (EUR)		4.00			3-28-2022		1,200,000		1,672,396
Belgium Government Bond Series 52 (EUR) 144A		4.00			3-28-2018		1,000,000		1,196,209
Belgium Government Bond Series 55 (EUR)		4.00			3-28-2019		1,000,000		1,248,369
Belgium Government Bond Series 58 (EUR) 144A		3.75			9-28-2020		1,650,000		2,164,236
Belgium Government Bond Series 60 (EUR) 144A		4.25			3-28-2041		1,375,000		2,704,745
Belgium Government Bond Series 61 (EUR) 144A		4.25			9-28-2021		1,450,000		2,006,835
Belgium Government Bond Series 62 (EUR)		3.00			9-28-2019		1,150,000		1,424,278
Belgium Government Bond Series 64 (EUR) 144A		4.50			3-28-2026		900,000		1,431,910
Belgium Government Bond Series 65 (EUR)		4.25			9-28-2022		1,300,000		1,862,693
Belgium Government Bond Series 66 (EUR)		4.00			3-28-2032		300,000		511,249
Belgium Government Bond Series 68 (EUR)		2.25			6-22-2023		1,150,000		1,507,011
Belgium Government Bond Series 69 (EUR)		1.25			6-22-2018		1,050,000		1,210,330
Belgium Government Bond Series 71 (EUR)		3.75			6-22-2045		750,000		1,432,412
Belgium Government Bond Series 72 (EUR) 144A		2.60			6-22-2024		1,600,000		2,167,968
Belgium Government Bond Series 73 (EUR) 144A		3.00			6-22-2034		750,000		1,175,521
Belgium Government Bond Series 74 (EUR) 144A		0.80			6-22-2025		1,310,000		1,562,059
Belgium Government Bond Series 75 (EUR) 144A		1.00			6-22-2031		100,000		119,164
Belgium Government Bond Series 76 (EUR) 144A		1.90			6-22-2038		325,000		441,737
Belgium Government Bond Series 77 (EUR) 144A		1.00			6-22-2026		1,000,000		1,205,765
Belgium Government Bond Series 78 (EUR) 144A		1.60			6-22-2047		400,000		511,104
Belgium Government Bond Series 79 (EUR) 144A		0.20			10-22-2023		500,000		574,290
Belgium Government Bond Series 80 (EUR) 144A		2.15			6-22-2066		300,000		421,826
Bonos y Obligaciones del Estado (EUR)		0.25			4-30-2018		1,100,000		1,235,707
Bonos y Obligaciones del Estado (EUR)		0.25			1-31-2019		250,000		281,150
Bonos y Obligaciones del Estado (EUR)		0.50			10-31-2017		1,500,000		1,686,875
Bonos y Obligaciones del Estado (EUR)		0.75			7-30-2021		1,150,000		1,321,391


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			79


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Bonos y Obligaciones del Estado (EUR)		1.15	%		7-30-2020		1,500,000	$	1,748,348
Bonos y Obligaciones del Estado (EUR) 144A		1.30			10-31-2026		500,000		569,998
Bonos y Obligaciones del Estado (EUR)		1.40			1-31-2020		2,050,000		2,396,561
Bonos y Obligaciones del Estado (EUR) 144A		1.60			4-30-2025		1,750,000		2,073,205
Bonos y Obligaciones del Estado (EUR) 144A		1.95			4-30-2026		2,000,000		2,426,506
Bonos y Obligaciones del Estado (EUR) 144A		1.95			7-30-2030		1,500,000		1,798,864
Bonos y Obligaciones del Estado (EUR) 144A		2.15			10-31-2025		2,000,000		2,466,939
Bonos y Obligaciones del Estado (EUR)		2.75			4-30-2019		2,100,000		2,518,780
Bonos y Obligaciones del Estado (EUR) 144A		2.75			10-31-2024		1,800,000		2,316,997
Bonos y Obligaciones del Estado (EUR) 144A		2.90			10-31-2046		500,000		657,408
Bonos y Obligaciones del Estado (EUR) 144A		3.45			7-30-2066		500,000		686,119
Bonos y Obligaciones del Estado (EUR)		3.75			10-31-2018		1,300,000		1,573,343
Bonos y Obligaciones del Estado (EUR) 144A		3.80			4-30-2024		1,800,000		2,467,587
Bonos y Obligaciones del Estado (EUR) 144A		4.10			7-30-2018		2,100,000		2,533,643
Bonos y Obligaciones del Estado (EUR) 144A		4.40			10-31-2023		1,650,000		2,335,955
Bonos y Obligaciones del Estado (EUR)		4.50			1-31-2018		1,850,000		2,199,986
Bonos y Obligaciones del Estado (EUR) 144A		5.15			10-31-2028		1,250,000		2,005,803
Bonos y Obligaciones del Estado (EUR) 144A		5.15			10-31-2044		1,000,000		1,860,464
Bonos y Obligaciones del Estado (EUR) 144A		5.40			1-31-2023		1,950,000		2,860,724
Bundesobligation Series 164 (EUR)		0.50			10-13-2017		1,225,000		1,383,484
Bundesobligation Series 165 (EUR)		0.50			2-23-2018		1,900,000		2,154,427
Bundesobligation Series 166 (EUR)		0.25			4-13-2018		1,300,000		1,470,700
Bundesobligation Series 167 (EUR)		1.00			10-12-2018		1,800,000		2,077,532
Bundesobligation Series 168 (EUR)		1.00			2-22-2019		1,650,000		1,916,060
Bundesobligation Series 169 (EUR)		0.50			4-12-2019		1,500,000		1,723,422
Bundesobligation Series 170 (EUR)		0.25			10-11-2019		1,000,000		1,146,476
Bundesobligation Series 171 (EUR) ¤		0.00			4-17-2020		1,100,000		1,255,168
Bundesobligation Series 172 (EUR)		0.25			10-16-2020		1,300,000		1,501,814
Bundesobligation Series 173 (EUR) ¤		0.00			4-9-2021		1,700,000		1,945,528
Bundesobligation Series 174 (EUR) ¤		0.00			10-8-2021		200,000		228,991
Bundesrepublik Deutschland (EUR) ¤		0.00			8-15-2026		300,000		337,218
Bundesrepublik Deutschland (EUR)		0.50			2-15-2025		1,600,000		1,903,820
Bundesrepublik Deutschland (EUR)		0.50			2-15-2026		2,000,000		2,368,913
Bundesrepublik Deutschland (EUR)		1.00			8-15-2024		1,750,000		2,163,961
Bundesrepublik Deutschland (EUR)		1.00			8-15-2025		2,000,000		2,477,210
Bundesrepublik Deutschland (EUR)		1.50			9-4-2022		1,750,000		2,188,170
Bundesrepublik Deutschland (EUR)		1.50			2-15-2023		1,750,000		2,200,823
Bundesrepublik Deutschland (EUR)		1.50			5-15-2023		1,500,000		1,892,186
Bundesrepublik Deutschland (EUR)		1.50			5-15-2024		1,500,000		1,918,841
Bundesrepublik Deutschland (EUR)		1.75			7-4-2022		2,000,000		2,528,364
Bundesrepublik Deutschland (EUR)		1.75			2-15-2024		1,700,000		2,204,795
Bundesrepublik Deutschland (EUR)		2.00			1-4-2022		2,000,000		2,535,168
Bundesrepublik Deutschland (EUR)		2.00			8-15-2023		1,575,000		2,058,177
Bundesrepublik Deutschland (EUR)		2.25			9-4-2020		1,125,000		1,401,511
Bundesrepublik Deutschland (EUR)		2.50			1-4-2021		1,950,000		2,472,196
Bundesrepublik Deutschland (EUR)		2.50			7-4-2044		1,500,000		2,588,670
Bundesrepublik Deutschland (EUR)		2.50			8-15-2046		1,500,000		2,635,191
Bundesrepublik Deutschland (EUR)		3.00			7-4-2020		2,100,000		2,670,585
Bundesrepublik Deutschland (EUR)		3.25			7-4-2021		1,500,000		1,986,370
Bundesrepublik Deutschland (EUR)		3.25			7-4-2042		1,300,000		2,463,179


80		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Bundesrepublik Deutschland (EUR)		4.75	%		7-4-2040		175,000	$	392,421
Bundesrepublik Deutschland Series 00 (EUR)		5.50			1-4-2031		1,175,000		2,327,393
Bundesrepublik Deutschland Series 00 (EUR)		6.25			1-4-2030		850,000		1,747,024
Bundesrepublik Deutschland Series 03 (EUR)		4.75			7-4-2034		1,600,000		3,223,608
Bundesrepublik Deutschland Series 05 (EUR)		4.00			1-4-2037		2,000,000		3,874,427
Bundesrepublik Deutschland Series 07 (EUR)		4.00			1-4-2018		1,700,000		2,014,680
Bundesrepublik Deutschland Series 08 (EUR)		4.25			7-4-2018		2,250,000		2,736,176
Bundesrepublik Deutschland Series 08 (EUR)		4.75			7-4-2040		1,250,000		2,803,006
Bundesrepublik Deutschland Series 09 (EUR)		3.25			1-4-2020		2,000,000		2,524,306
Bundesrepublik Deutschland Series 09 (EUR)		3.50			7-4-2019		2,000,000		2,495,666
Bundesrepublik Deutschland Series 09 (EUR)		3.75			1-4-2019		1,750,000		2,154,048
Bundesrepublik Deutschland Series 161 (EUR)		2.25			9-4-2021		1,500,000		1,910,912
Bundesrepublik Deutschland Series 2007 (EUR)		4.25			7-4-2039		1,250,000		2,603,662
Bundesrepublik Deutschland Series 94 (EUR)		6.25			1-4-2024		855,000		1,431,872
Bundesrepublik Deutschland Series 97 (EUR)		6.50			7-4-2027		1,000,000		1,924,780
Bundesrepublik Deutschland Series 98 (EUR)		4.75			7-4-2028		1,300,000		2,283,043
Bundesrepublik Deutschland Series 98 (EUR)		5.63			1-4-2028		1,400,000		2,582,848
Bundesschatzanweisungen (EUR) ¤		0.00			9-15-2017		1,400,000		1,571,430
Bundesschatzanweisungen (EUR) ¤		0.00			12-15-2017		1,000,000		1,124,307
Bundesschatzanweisungen (EUR) ¤		0.00			3-16-2018		700,000		788,197
Bundesschatzanweisungen (EUR) ¤		0.00			6-15-2018		500,000		564,020
Canadian Government Bond (CAD)		0.25			11-1-2017		1,500,000		1,139,584
Canadian Government Bond (CAD)		0.25			5-1-2018		650,000		493,007
Canadian Government Bond (CAD)		0.50			8-1-2018		1,000,000		761,476
Canadian Government Bond (CAD)		0.75			9-1-2020		1,000,000		767,249
Canadian Government Bond (CAD)		0.75			3-1-2021		550,000		421,697
Canadian Government Bond (CAD)		0.75			9-1-2021		1,275,000		976,813
Canadian Government Bond (CAD)		1.25			2-1-2018		1,200,000		923,782
Canadian Government Bond (CAD)		1.25			3-1-2018		1,075,000		828,022
Canadian Government Bond (CAD)		1.25			9-1-2018		800,000		618,429
Canadian Government Bond (CAD)		1.50			9-1-2017		1,275,000		981,256
Canadian Government Bond (CAD)		1.50			3-1-2020		1,000,000		786,823
Canadian Government Bond (CAD)		1.50			6-1-2023		1,550,000		1,238,676
Canadian Government Bond (CAD)		1.50			6-1-2026		750,000		597,644
Canadian Government Bond (CAD)		1.75			3-1-2019		1,000,000		785,153
Canadian Government Bond (CAD)		1.75			9-1-2019		1,100,000		867,712
Canadian Government Bond (CAD)		2.25			6-1-2025		1,200,000		1,017,264
Canadian Government Bond (CAD)		2.50			6-1-2024		1,300,000		1,114,655
Canadian Government Bond (CAD)		2.75			6-1-2022		1,450,000		1,232,942
Canadian Government Bond (CAD)		2.75			12-1-2048		550,000		536,797
Canadian Government Bond (CAD)		2.75			12-1-2064		500,000		529,358
Canadian Government Bond (CAD)		3.25			6-1-2021		1,000,000		856,314
Canadian Government Bond (CAD)		3.50			6-1-2020		1,350,000		1,140,376
Canadian Government Bond (CAD)		3.50			12-1-2045		1,450,000		1,586,884
Canadian Government Bond (CAD)		3.75			6-1-2019		1,600,000		1,326,106
Canadian Government Bond (CAD)		4.00			6-1-2041		1,250,000		1,409,267
Canadian Government Bond (CAD)		4.25			6-1-2018		1,000,000		811,270
Canadian Government Bond (CAD)		5.00			6-1-2037		1,100,000		1,337,564
Canadian Government Bond (CAD)		5.75			6-1-2029		1,200,000		1,394,092
Canadian Government Bond (CAD)		5.75			6-1-2033		1,300,000		1,612,153


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			81


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Canadian Government Bond (CAD)		8.00	%		6-1-2023		195,000	$	219,154
Canadian Government Bond (CAD)		8.00			6-1-2027		593,000		766,568
Canadian Government Bond (CAD)		9.00			6-1-2025		200,000		255,855
Denmark Government Bond (DKK)		0.25			11-15-2018		2,000,000		304,865
Denmark Government Bond (DKK)		1.50			11-15-2023		5,700,000		957,472
Denmark Government Bond (DKK)		1.75			11-15-2025		4,500,000		780,617
Denmark Government Bond (DKK)		3.00			11-15-2021		8,000,000		1,409,021
Denmark Government Bond (DKK)		4.00			11-15-2017		5,700,000		902,411
Denmark Government Bond (DKK)		4.00			11-15-2019		9,400,000		1,612,986
Denmark Government Bond (DKK)		4.50			11-15-2039		10,750,000		3,013,751
Denmark Government Bond (DKK)		7.00			11-10-2024		2,500,000		597,255
France Government Bond (EUR) ¤		0.00			2-25-2018		1,925,000		2,165,725
France Government Bond (EUR) ¤		0.00			2-25-2019		1,300,000		1,470,096
France Government Bond (EUR) ¤		0.00			5-25-2020		2,200,000		2,499,978
France Government Bond (EUR) ¤		0.00			5-25-2021		1,250,000		1,420,403
France Government Bond (EUR)		0.25			11-25-2020		1,500,000		1,723,038
France Government Bond (EUR)		0.50			11-25-2019		2,250,000		2,593,835
France Government Bond (EUR)		0.50			5-25-2025		2,900,000		3,368,888
France Government Bond (EUR)		0.50			5-25-2026		2,750,000		3,166,396
France Government Bond (EUR)		1.00			5-25-2018		1,925,000		2,206,025
France Government Bond (EUR)		1.00			11-25-2018		1,500,000		1,731,820
France Government Bond (EUR)		1.00			5-25-2019		2,000,000		2,325,758
France Government Bond (EUR)		1.00			11-25-2025		1,600,000		1,934,369
France Government Bond (EUR) 144A		1.25			5-25-2036		1,000,000		1,210,134
France Government Bond (EUR)		1.50			5-25-2031		1,000,000		1,270,855
France Government Bond (EUR)		1.75			5-25-2023		2,700,000		3,419,183
France Government Bond (EUR)		1.75			11-25-2024		2,650,000		3,393,364
France Government Bond (EUR) 144A		1.75			5-25-2066		500,000		646,672
France Government Bond (EUR)		2.25			10-25-2022		2,700,000		3,490,265
France Government Bond (EUR)		2.25			5-25-2024		2,950,000		3,901,994
France Government Bond (EUR)		2.50			10-25-2020		3,100,000		3,888,763
France Government Bond (EUR)		2.50			5-25-2030		2,375,000		3,381,495
France Government Bond (EUR)		2.75			10-25-2027		3,300,000		4,689,429
France Government Bond (EUR)		3.00			4-25-2022		2,675,000		3,555,077
France Government Bond (EUR)		3.25			10-25-2021		3,500,000		4,641,993
France Government Bond (EUR)		3.25			5-25-2045		1,150,000		2,015,318
France Government Bond (EUR)		3.50			4-25-2020		2,900,000		3,712,463
France Government Bond (EUR)		3.50			4-25-2026		3,200,000		4,734,292
France Government Bond (EUR)		3.75			10-25-2019		3,150,000		3,992,005
France Government Bond (EUR)		3.75			4-25-2021		3,750,000		5,004,258
France Government Bond (EUR)		4.00			4-25-2018		2,700,000		3,239,721
France Government Bond (EUR)		4.00			10-25-2038		2,350,000		4,327,234
France Government Bond (EUR)		4.00			4-25-2055		1,475,000		3,112,508
France Government Bond (EUR)		4.00			4-25-2060		1,000,000		2,174,463
France Government Bond (EUR)		4.25			10-25-2017		3,100,000		3,650,480
France Government Bond (EUR)		4.25			10-25-2018		2,750,000		3,386,200
France Government Bond (EUR)		4.25			4-25-2019		2,950,000		3,711,555
France Government Bond (EUR)		4.25			10-25-2023		3,825,000		5,645,135
France Government Bond (EUR)		4.50			4-25-2041		2,200,000		4,441,266
France Government Bond (EUR)		4.75			4-25-2035		2,550,000		4,885,737


82		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal			Value

Foreign Government Bonds @ (continued)
France Government Bond (EUR)		5.50	%		4-25-2029		2,575,000		$	4,718,974
France Government Bond (EUR)		5.75			10-25-2032		2,600,000			5,247,482
France Government Bond (EUR)		6.00			10-25-2025		1,750,000			3,018,389
France Government Bond (EUR)		8.25			4-25-2022		650,000			1,081,433
France Government Bond (EUR)		8.50			10-25-2019		650,000			932,737
France Government Bond (EUR)		8.50			4-25-2023		1,050,000			1,860,476
Italy Buoni Poliennali del Tesoro (EUR)		0.10			4-15-2019		900,000			1,007,017
Italy Buoni Poliennali del Tesoro (EUR)		0.25			5-15-2018		1,500,000			1,682,826
Italy Buoni Poliennali del Tesoro (EUR)		0.30			10-15-2018		500,000			561,908
Italy Buoni Poliennali del Tesoro (EUR)		0.45			6-1-2021		1,250,000			1,408,103
Italy Buoni Poliennali del Tesoro (EUR)		0.65			11-1-2020		500,000			570,218
Italy Buoni Poliennali del Tesoro (EUR)		0.70			5-1-2020		1,500,000			1,712,997
Italy Buoni Poliennali del Tesoro (EUR)		0.75			1-15-2018		1,500,000			1,693,401
Italy Buoni Poliennali del Tesoro (EUR)		0.95			3-15-2023		1,750,000			1,997,171
Italy Buoni Poliennali del Tesoro (EUR)		1.05			12-1-2019		1,000,000			1,153,380
Italy Buoni Poliennali del Tesoro (EUR)		1.25			12-1-2026		750,000			841,375
Italy Buoni Poliennali del Tesoro (EUR)		1.35			4-15-2022		1,600,000			1,877,169
Italy Buoni Poliennali del Tesoro (EUR)		1.45			9-15-2022		1,400,000			1,651,580
Italy Buoni Poliennali del Tesoro (EUR)		1.50			8-1-2019		1,500,000			1,746,815
Italy Buoni Poliennali del Tesoro (EUR)		1.50			6-1-2025		1,500,000			1,747,146
Italy Buoni Poliennali del Tesoro (EUR)		1.60			6-1-2026		1,500,000			1,743,263
Italy Buoni Poliennali del Tesoro (EUR) 144A		1.65			3-1-2032		1,000,000			1,139,999
Italy Buoni Poliennali del Tesoro (EUR)		2.00			12-1-2025		2,000,000			2,414,794
Italy Buoni Poliennali del Tesoro (EUR)		2.15			12-15-2021		1,500,000			1,831,399
Italy Buoni Poliennali del Tesoro (EUR) 144A		2.25			9-1-2036		1,000,000			1,203,294
Italy Buoni Poliennali del Tesoro (EUR)		2.50			5-1-2019		1,800,000	��		2,141,944
Italy Buoni Poliennali del Tesoro (EUR)		2.50			12-1-2024		1,450,000			1,820,849
Italy Buoni Poliennali del Tesoro (EUR) 144A		2.70			3-1-2047		1,000,000			1,238,915
Italy Buoni Poliennali del Tesoro (EUR) 144A		3.25			9-1-2046		1,150,000			1,596,379
Italy Buoni Poliennali del Tesoro (EUR)		3.50			11-1-2017		1,500,000			1,744,637
Italy Buoni Poliennali del Tesoro (EUR)		3.50			6-1-2018		1,525,000			1,807,369
Italy Buoni Poliennali del Tesoro (EUR)		3.50			12-1-2018		1,700,000			2,048,080
Italy Buoni Poliennali del Tesoro (EUR) 144A		3.50			3-1-2030		1,300,000			1,823,230
Italy Buoni Poliennali del Tesoro (EUR)		3.75			3-1-2021		2,200,000			2,846,874
Italy Buoni Poliennali del Tesoro (EUR)		3.75			5-1-2021		1,800,000			2,335,330
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-2021		2,750,000			3,591,722
Italy Buoni Poliennali del Tesoro (EUR)		3.75			9-1-2024		1,800,000			2,451,818
Italy Buoni Poliennali del Tesoro (EUR)		4.00			9-1-2020		2,000,000			2,579,349
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2037		2,000,000			3,058,564
Italy Buoni Poliennali del Tesoro (EUR)		4.25			2-1-2019		2,550,000			3,139,334
Italy Buoni Poliennali del Tesoro (EUR)		4.25			9-1-2019		2,250,000			2,829,908
Italy Buoni Poliennali del Tesoro (EUR)		4.25			3-1-2020		2,450,000			3,134,703
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2018		2,150,000			2,554,822
Italy Buoni Poliennali del Tesoro (EUR)		4.50			8-1-2018		2,500,000			3,032,351
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2019		2,250,000			2,794,380
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2020		2,300,000			2,955,466
Italy Buoni Poliennali del Tesoro (EUR)		4.50			5-1-2023		1,500,000			2,099,536
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2024		1,800,000			2,549,919
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2026		1,775,000			2,590,814
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-1-2021		2,450,000			3,339,945


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			83


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75	%		8-1-2023		2,000,000	$	2,857,096
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75			9-1-2028		1,300,000		2,002,420
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75			9-1-2044		1,300,000		2,259,163
Italy Buoni Poliennali del Tesoro (EUR)		5.00			3-1-2022		1,900,000		2,649,699
Italy Buoni Poliennali del Tesoro (EUR) 144A		5.00			3-1-2025		2,200,000		3,266,016
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2034		2,150,000		3,625,530
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2039		1,700,000		2,964,052
Italy Buoni Poliennali del Tesoro (EUR)		5.00			9-1-2040		2,000,000		3,496,624
Italy Buoni Poliennali del Tesoro (EUR)		5.25			11-1-2029		2,700,000		4,406,531
Italy Buoni Poliennali del Tesoro (EUR)		5.50			9-1-2022		1,350,000		1,953,625
Italy Buoni Poliennali del Tesoro (EUR)		5.50			11-1-2022		2,000,000		2,904,307
Italy Buoni Poliennali del Tesoro (EUR)		5.75			2-1-2033		1,600,000		2,859,126
Italy Buoni Poliennali del Tesoro (EUR)		6.00			5-1-2031		2,425,000		4,310,094
Italy Buoni Poliennali del Tesoro (EUR)		6.50			11-1-2027		2,550,000		4,395,061
Italy Buoni Poliennali del Tesoro (EUR)		7.25			11-1-2026		950,000		1,678,002
Italy Buoni Poliennali del Tesoro (EUR)		9.00			11-1-2023		1,230,000		2,166,902
Japan Government Five Year Bond Series 106 (JPY)		0.20			9-20-2017		1,050,000,000		10,192,302
Japan Government Five Year Bond Series 107 (JPY)		0.20			12-20-2017		650,000,000		6,316,494
Japan Government Five Year Bond Series 110 (JPY)		0.30			3-20-2018		300,000,000		2,922,612
Japan Government Five Year Bond Series 111 (JPY)		0.40			3-20-2018		350,000,000		3,414,855
Japan Government Five Year Bond Series 112 (JPY)		0.40			6-20-2018		400,000,000		3,908,529
Japan Government Five Year Bond Series 113 (JPY)		0.30			6-20-2018		800,000,000		7,802,755
Japan Government Five Year Bond Series 117 (JPY)		0.20			3-20-2019		625,000,000		6,100,674
Japan Government Five Year Bond Series 125 (JPY)		0.10			9-20-2020		300,000,000		2,932,934
Japan Government Five Year Bond Series 126 (JPY)		0.10			12-20-2020		400,000,000		3,913,169
Japan Government Five Year Bond Series 127 (JPY)		0.10			3-20-2021		500,000,000		4,894,892
Japan Government Forty Year Bond Series 1 (JPY)		2.40			3-20-2048		261,500,000		3,979,936
Japan Government Forty Year Bond Series 2 (JPY)		2.20			3-20-2049		241,000,000		3,569,358
Japan Government Forty Year Bond Series 3 (JPY)		2.20			3-20-2050		448,000,000		6,680,273
Japan Government Forty Year Bond Series 5 (JPY)		2.00			3-20-2052		225,000,000		3,267,475
Japan Government Forty Year Bond Series 6 (JPY)		1.90			3-20-2053		175,000,000		2,502,585
Japan Government Forty Year Bond Series 7 (JPY)		1.70			3-20-2054		450,000,000		6,178,481
Japan Government Forty Year Bond Series 8 (JPY)		1.40			3-20-2055		300,000,000		3,838,168
Japan Government Forty Year Bond Series 9 (JPY)		0.40			3-20-2056		250,000,000		2,348,765
Japan Government Ten Year Bond Series 288 (JPY)		1.70			9-20-2017		700,000,000		6,902,305
Japan Government Ten Year Bond Series 289 (JPY)		1.50			12-20-2017		1,000,000,000		9,881,119
Japan Government Ten Year Bond Series 290 (JPY)		1.40			3-20-2018		475,000,000		4,705,560
Japan Government Ten Year Bond Series 291 (JPY)		1.30			3-20-2018		925,000,000		9,149,601
Japan Government Ten Year Bond Series 292 (JPY)		1.70			3-20-2018		400,000,000		3,980,554
Japan Government Ten Year Bond Series 293 (JPY)		1.80			6-20-2018		550,000,000		5,507,495
Japan Government Ten Year Bond Series 294 (JPY)		1.70			6-20-2018		300,000,000		2,998,869
Japan Government Ten Year Bond Series 296 (JPY)		1.50			9-20-2018		630,000,000		6,301,948
Japan Government Ten Year Bond Series 297 (JPY)		1.40			12-20-2018		525,000,000		5,259,996
Japan Government Ten Year Bond Series 298 (JPY)		1.30			12-20-2018		550,000,000		5,498,086
Japan Government Ten Year Bond Series 299 (JPY)		1.30			3-20-2019		500,000,000		5,016,237
Japan Government Ten Year Bond Series 300 (JPY)		1.50			3-20-2019		375,000,000		3,780,735
Japan Government Ten Year Bond Series 301 (JPY)		1.50			6-20-2019		620,000,000		6,276,523
Japan Government Ten Year Bond Series 302 (JPY)		1.40			6-20-2019		600,000,000		6,057,933
Japan Government Ten Year Bond Series 303 (JPY)		1.40			9-20-2019		970,000,000		9,831,252
Japan Government Ten Year Bond Series 304 (JPY)		1.30			9-20-2019		500,000,000		5,052,820


84		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Japan Government Ten Year Bond Series 305 (JPY)		1.30	%		12-20-2019		1,000,000,000	$	10,140,241
Japan Government Ten Year Bond Series 306 (JPY)		1.40			3-20-2020		460,000,000		4,697,677
Japan Government Ten Year Bond Series 309 (JPY)		1.10			6-20-2020		600,000,000		6,082,521
Japan Government Ten Year Bond Series 311 (JPY)		0.80			9-20-2020		702,000,000		7,056,842
Japan Government Ten Year Bond Series 312 (JPY)		1.20			12-20-2020		650,000,000		6,656,304
Japan Government Ten Year Bond Series 313 (JPY)		1.30			3-20-2021		517,000,000		5,331,698
Japan Government Ten Year Bond Series 315 (JPY)		1.20			6-20-2021		865,000,000		8,912,347
Japan Government Ten Year Bond Series 317 (JPY)		1.10			9-20-2021		200,000,000		2,058,203
Japan Government Ten Year Bond Series 318 (JPY)		1.00			9-20-2021		725,000,000		7,425,320
Japan Government Ten Year Bond Series 320 (JPY)		1.00			12-20-2021		725,000,000		7,446,552
Japan Government Ten Year Bond Series 321 (JPY)		1.00			3-20-2022		600,000,000		6,179,713
Japan Government Ten Year Bond Series 322 (JPY)		0.90			3-20-2022		400,000,000		4,098,159
Japan Government Ten Year Bond Series 324 (JPY)		0.80			6-20-2022		500,000,000		5,110,134
Japan Government Ten Year Bond Series 325 (JPY)		0.80			9-20-2022		450,000,000		4,610,907
Japan Government Ten Year Bond Series 326 (JPY)		0.70			12-20-2022		600,000,000		6,126,652
Japan Government Ten Year Bond Series 327 (JPY)		0.80			12-20-2022		750,000,000		7,703,982
Japan Government Ten Year Bond Series 328 (JPY)		0.60			3-20-2023		1,150,000,000		11,691,620
Japan Government Ten Year Bond Series 329 (JPY)		0.80			6-20-2023		900,000,000		9,287,315
Japan Government Ten Year Bond Series 332 (JPY)		0.60			12-20-2023		500,000,000		5,107,863
Japan Government Ten Year Bond Series 333 (JPY)		0.60			3-20-2024		500,000,000		5,113,372
Japan Government Ten Year Bond Series 335 (JPY)		0.50			9-20-2024		500,000,000		5,084,666
Japan Government Ten Year Bond Series 337 (JPY)		0.30			12-20-2024		800,000,000		8,012,217
Japan Government Ten Year Bond Series 338 (JPY)		0.40			3-20-2025		175,000,000		1,767,760
Japan Government Ten Year Bond Series 339 (JPY)		0.40			6-20-2025		500,000,000		5,052,771
Japan Government Ten Year Bond Series 340 (JPY)		0.40			9-20-2025		450,000,000		4,551,017
Japan Government Ten Year Bond Series 341 (JPY)		0.30			12-20-2025		500,000,000		5,012,371
Japan Government Ten Year Bond Series 342 (JPY)		0.10			3-20-2026		300,000,000		2,949,316
Japan Government Ten Year Bond Series 343 (JPY)		0.10			6-20-2026		500,000,000		4,913,401
Japan Government Thirty Year Bond Series 03 (JPY)		2.30			5-20-2030		100,000,000		1,261,441
Japan Government Thirty Year Bond Series 04 (JPY)		2.90			11-20-2030		40,000,000		540,828
Japan Government Thirty Year Bond Series 11 (JPY)		1.70			6-20-2033		247,000,000		2,982,716
Japan Government Thirty Year Bond Series 14 (JPY)		2.40			3-20-2034		125,000,000		1,657,771
Japan Government Thirty Year Bond Series 15 (JPY)		2.50			6-20-2034		245,000,000		3,298,153
Japan Government Thirty Year Bond Series 16 (JPY)		2.50			9-20-2034		150,000,000		2,024,235
Japan Government Thirty Year Bond Series 18 (JPY)		2.30			3-20-2035		715,500,000		9,439,358
Japan Government Thirty Year Bond Series 23 (JPY)		2.50			6-20-2036		375,000,000		5,128,727
Japan Government Thirty Year Bond Series 25 (JPY)		2.30			12-20-2036		240,000,000		3,203,495
Japan Government Thirty Year Bond Series 26 (JPY)		2.40			3-20-2037		300,000,000		4,071,464
Japan Government Thirty Year Bond Series 27 (JPY)		2.50			9-20-2037		140,000,000		1,940,136
Japan Government Thirty Year Bond Series 28 (JPY)		2.50			3-20-2038		225,000,000		3,136,387
Japan Government Thirty Year Bond Series 29 (JPY)		2.40			9-20-2038		130,000,000		1,796,152
Japan Government Thirty Year Bond Series 30 (JPY)		2.30			3-20-2039		210,000,000		2,875,842
Japan Government Thirty Year Bond Series 31 (JPY)		2.20			9-20-2039		255,000,000		3,455,396
Japan Government Thirty Year Bond Series 32 (JPY)		2.30			3-20-2040		300,000,000		4,150,969
Japan Government Thirty Year Bond Series 34 (JPY)		2.20			3-20-2041		400,000,000		5,501,107
Japan Government Thirty Year Bond Series 36 (JPY)		2.00			3-20-2042		490,000,000		6,575,704
Japan Government Thirty Year Bond Series 37 (JPY)		1.90			9-20-2042		500,000,000		6,618,905
Japan Government Thirty Year Bond Series 38 (JPY)		1.80			3-20-2043		325,000,000		4,244,177
Japan Government Thirty Year Bond Series 42 (JPY)		1.70			3-20-2044		725,000,000		9,359,868
Japan Government Twenty Year Bond Series 037 (JPY)		3.10			9-20-2017		250,000,000		2,500,677


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			85


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 041 (JPY)		1.50	%		3-20-2019		295,000,000	$	2,974,920
Japan Government Twenty Year Bond Series 045 (JPY)		2.40			3-20-2020		430,000,000		4,537,848
Japan Government Twenty Year Bond Series 048 (JPY)		2.50			12-21-2020		100,000,000		1,078,017
Japan Government Twenty Year Bond Series 050 (JPY)		1.90			3-22-2021		429,000,000		4,540,024
Japan Government Twenty Year Bond Series 052 (JPY)		2.10			9-21-2021		408,000,000		4,397,796
Japan Government Twenty Year Bond Series 055 (JPY)		2.00			3-21-2022		300,000,000		3,251,650
Japan Government Twenty Year Bond Series 058 (JPY)		1.90			9-20-2022		560,000,000		6,098,866
Japan Government Twenty Year Bond Series 059 (JPY)		1.70			12-20-2022		100,000,000		1,081,873
Japan Government Twenty Year Bond Series 060 (JPY)		1.40			12-20-2022		100,000,000		1,063,886
Japan Government Twenty Year Bond Series 062 (JPY)		0.80			6-20-2023		257,000,000		2,651,498
Japan Government Twenty Year Bond Series 064 (JPY)		1.90			9-20-2023		428,500,000		4,754,604
Japan Government Twenty Year Bond Series 067 (JPY)		1.90			3-20-2024		678,000,000		7,579,590
Japan Government Twenty Year Bond Series 070 (JPY)		2.40			6-20-2024		293,000,000		3,399,610
Japan Government Twenty Year Bond Series 073 (JPY)		2.00			12-20-2024		898,500,000		10,230,299
Japan Government Twenty Year Bond Series 076 (JPY)		1.90			3-20-2025		300,000,000		3,406,253
Japan Government Twenty Year Bond Series 082 (JPY)		2.10			9-20-2025		455,000,000		5,279,434
Japan Government Twenty Year Bond Series 086 (JPY)		2.30			3-20-2026		555,000,000		6,585,492
Japan Government Twenty Year Bond Series 088 (JPY)		2.30			6-20-2026		375,000,000		4,467,743
Japan Government Twenty Year Bond Series 090 (JPY)		2.20			9-20-2026		250,000,000		2,968,033
Japan Government Twenty Year Bond Series 092 (JPY)		2.10			12-20-2026		230,000,000		2,716,007
Japan Government Twenty Year Bond Series 095 (JPY)		2.30			6-20-2027		165,000,000		1,996,346
Japan Government Twenty Year Bond Series 097 (JPY)		2.20			9-20-2027		200,000,000		2,408,989
Japan Government Twenty Year Bond Series 099 (JPY)		2.10			12-20-2027		100,000,000		1,198,251
Japan Government Twenty Year Bond Series 100 (JPY)		2.20			3-20-2028		250,000,000		3,033,079
Japan Government Twenty Year Bond Series 102 (JPY)		2.40			6-20-2028		210,000,000		2,606,748
Japan Government Twenty Year Bond Series 105 (JPY)		2.10			9-20-2028		200,000,000		2,421,515
Japan Government Twenty Year Bond Series 108 (JPY)		1.90			12-20-2028		322,000,000		3,834,123
Japan Government Twenty Year Bond Series 110 (JPY)		2.10			3-20-2029		530,000,000		6,450,873
Japan Government Twenty Year Bond Series 112 (JPY)		2.10			6-20-2029		173,000,000		2,111,916
Japan Government Twenty Year Bond Series 113 (JPY)		2.10			9-20-2029		350,000,000		4,289,001
Japan Government Twenty Year Bond Series 115 (JPY)		2.20			12-20-2029		160,000,000		1,986,913
Japan Government Twenty Year Bond Series 116 (JPY)		2.20			3-20-2030		100,000,000		1,245,890
Japan Government Twenty Year Bond Series 117 (JPY)		2.10			3-20-2030		200,000,000		2,465,781
Japan Government Twenty Year Bond Series 118 (JPY)		2.00			6-20-2030		70,000,000		856,731
Japan Government Twenty Year Bond Series 120 (JPY)		1.60			6-20-2030		326,500,000		3,823,709
Japan Government Twenty Year Bond Series 121 (JPY)		1.90			9-20-2030		235,000,000		2,852,684
Japan Government Twenty Year Bond Series 123 (JPY)		2.10			12-20-2030		240,000,000		2,982,806
Japan Government Twenty Year Bond Series 125 (JPY)		2.20			3-20-2031		100,000,000		1,260,001
Japan Government Twenty Year Bond Series 126 (JPY)		2.00			3-20-2031		160,000,000		1,971,573
Japan Government Twenty Year Bond Series 127 (JPY)		1.90			3-20-2031		155,000,000		1,888,164
Japan Government Twenty Year Bond Series 128 (JPY)		1.90			6-20-2031		515,000,000		6,292,990
Japan Government Twenty Year Bond Series 130 (JPY)		1.80			9-20-2031		125,000,000		1,511,260
Japan Government Twenty Year Bond Series 133 (JPY)		1.80			12-20-2031		390,000,000		4,726,288
Japan Government Twenty Year Bond Series 134 (JPY)		1.80			3-20-2032		100,000,000		1,213,715
Japan Government Twenty Year Bond Series 139 (JPY)		1.60			6-20-2032		250,000,000		2,964,191
Japan Government Twenty Year Bond Series 140 (JPY)		1.70			9-20-2032		600,000,000		7,216,585
Japan Government Twenty Year Bond Series 141 (JPY)		1.70			12-20-2032		300,000,000		3,611,598
Japan Government Twenty Year Bond Series 142 (JPY)		1.80			12-20-2032		300,000,000		3,657,092
Japan Government Twenty Year Bond Series 143 (JPY)		1.60			3-20-2033		300,000,000		3,567,844
Japan Government Twenty Year Bond Series 146 (JPY)		1.70			9-20-2033		550,000,000		6,647,789


86		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 147 (JPY)		1.60	%		12-20-2033		500,000,000	$	5,969,603
Japan Government Twenty Year Bond Series 148 (JPY)		1.50			3-20-2034		1,150,000,000		13,549,915
Japan Government Twenty Year Bond Series 149 (JPY)		1.50			6-20-2034		680,000,000		8,018,302
Japan Government Twenty Year Bond Series 152 (JPY)		1.20			3-20-2035		300,000,000		3,384,043
Japan Government Twenty Year Bond Series 155 (JPY)		1.00			12-20-2035		150,000,000		1,637,235
Japan Government Twenty Year Bond Series 156 (JPY)		0.40			3-20-2036		325,000,000		3,189,627
Japan Government Twenty Year Bond Series 157 (JPY)		0.20			6-20-2036		200,000,000		1,884,521
Japan Government Twenty Year Bond Series 40 (JPY)		2.30			9-20-2018		200,000,000		2,032,011
Japan Government Twenty Year Bond Series 72 (JPY)		2.10			9-20-2024		175,000,000		1,998,787
Japan Government Twenty Year Bond Series 79 (JPY)		2.00			6-20-2025		825,000,000		9,471,254
Japan Government Two Year Bond Series 360 (JPY)		0.10			1-15-2018		500,000,000		4,853,622
Japan Government Two Year Bond Series 362 (JPY)		0.10			3-15-2018		250,000,000		2,427,753
Japan Government Two Year Bond Series 364 (JPY)		0.10			5-15-2018		500,000,000		4,857,875
Japan Government Two Year Bond Series 367 (JPY)		0.10			8-15-2018		450,000,000		4,374,175
Netherlands Government Bond (EUR) 144A¤		0.00			4-15-2018		1,450,000		1,633,017
Netherlands Government Bond (EUR)		0.25			1-15-2020		1,450,000		1,664,063
Netherlands Government Bond (EUR) 144A		0.25			7-15-2025		1,350,000		1,549,571
Netherlands Government Bond (EUR) 144A		0.50			7-15-2026		1,000,000		1,166,639
Netherlands Government Bond (EUR) 144A		1.25			1-15-2018		1,000,000		1,144,242
Netherlands Government Bond (EUR) 144A		1.25			1-15-2019		1,000,000		1,165,003
Netherlands Government Bond (EUR) 144A		1.75			7-15-2023		1,450,000		1,851,478
Netherlands Government Bond (EUR) 144A		2.00			7-15-2024		1,425,000		1,867,432
Netherlands Government Bond (EUR) 144A		2.25			7-15-2022		850,000		1,098,177
Netherlands Government Bond (EUR) 144A		2.50			1-15-2033		1,050,000		1,591,262
Netherlands Government Bond (EUR) 144A		2.75			1-15-2047		1,000,000		1,812,247
Netherlands Government Bond (EUR) 144A		3.25			7-15-2021		1,200,000		1,584,577
Netherlands Government Bond (EUR) 144A		3.50			7-15-2020		1,450,000		1,875,806
Netherlands Government Bond (EUR)		3.75			1-15-2023		970,000		1,370,633
Netherlands Government Bond (EUR) 144A		3.75			1-15-2042		1,350,000		2,707,636
Netherlands Government Bond (EUR) 144A		4.00			7-15-2018		1,450,000		1,757,530
Netherlands Government Bond (EUR) 144A		4.00			7-15-2019		1,450,000		1,833,811
Netherlands Government Bond (EUR) 144A		4.00			1-15-2037		1,228,000		2,353,407
Netherlands Government Bond (EUR)		5.50			1-15-2028		1,050,000		1,899,173
Netherlands Government Bond (EUR)		7.50			1-15-2023		335,000		563,771
Spain Government Bond (EUR) 144A		4.00			4-30-2020		2,025,000		2,588,570
Spain Government Bond (EUR) 144A		4.20			1-31-2037		1,400,000		2,222,384
Spain Government Bond (EUR) 144A		4.30			10-31-2019		1,750,000		2,220,033
Spain Government Bond (EUR) 144A		4.60			7-30-2019		2,000,000		2,533,411
Spain Government Bond (EUR) 144A		4.65			7-30-2025		1,600,000		2,357,216
Spain Government Bond (EUR) 144A		4.70			7-30-2041		1,200,000		2,074,420
Spain Government Bond (EUR) 144A		4.80			1-31-2024		1,650,000		2,396,447
Spain Government Bond (EUR) 144A		4.85			10-31-2020		1,600,000		2,143,617
Spain Government Bond (EUR) 144A		4.90			7-30-2040		1,150,000		2,025,747
Spain Government Bond (EUR) 144A		5.50			4-30-2021		2,150,000		3,002,137
Spain Government Bond (EUR)		5.75			7-30-2032		1,850,000		3,324,319
Spain Government Bond (EUR) 144A		5.85			1-31-2022		2,000,000		2,907,220
Spain Government Bond (EUR) 144A		5.90			7-30-2026		1,500,000		2,437,080
Spain Government Bond (EUR)		6.00			1-31-2029		1,100,000		1,894,743
Sweden Government Bond Series 1047 (SEK)		5.00			12-1-2020		7,590,000		1,098,126
Sweden Government Bond Series 1052 (SEK)		4.25			3-12-2019		8,650,000		1,136,638


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			87


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ (continued)
Sweden Government Bond Series 1053 (SEK)		3.50	%		3-30-2039		3,750,000	$	669,460
Sweden Government Bond Series 1054 (SEK)		3.50			6-1-2022		8,650,000		1,237,765
Sweden Government Bond Series 1056 (SEK)		2.25			6-1-2032		1,000,000		145,990
Sweden Government Bond Series 1057 (SEK)		1.50			11-13-2023		7,300,000		960,975
Sweden Government Bond Series 1058 (SEK)		2.50			5-12-2025		4,900,000		703,170
Sweden Government Bond Series 1059 (SEK)		1.00			11-12-2026		5,000,000		636,651
United Kingdom Gilt (GBP)		1.00			9-7-2017		2,820,000		3,735,454
United Kingdom Gilt (GBP)		1.25			7-22-2018		3,100,000		4,156,192
United Kingdom Gilt (GBP)		1.50			1-22-2021		2,900,000		4,022,143
United Kingdom Gilt (GBP)		1.50			7-22-2026		1,000,000		1,423,399
United Kingdom Gilt (GBP)		1.75			7-22-2019		2,500,000		3,436,899
United Kingdom Gilt (GBP)		1.75			9-7-2022		2,850,000		4,066,634
United Kingdom Gilt (GBP)		2.00			7-22-2020		2,950,000		4,146,436
United Kingdom Gilt (GBP)		2.00			9-7-2025		2,000,000		2,964,913
United Kingdom Gilt (GBP)		2.25			9-7-2023		1,750,000		2,598,143
United Kingdom Gilt (GBP)		2.50			7-22-2065		1,200,000		2,410,781
United Kingdom Gilt (GBP)		2.75			9-7-2024		2,450,000		3,804,351
United Kingdom Gilt (GBP)		3.25			1-22-2044		2,250,000		4,318,518
United Kingdom Gilt (GBP)		3.50			1-22-2045		1,600,000		3,230,860
United Kingdom Gilt (GBP)		3.50			7-22-2068		1,600,000		4,097,139
United Kingdom Gilt (GBP)		3.75			9-7-2019		2,450,000		3,571,528
United Kingdom Gilt (GBP)		3.75			9-7-2020		2,000,000		3,008,425
United Kingdom Gilt (GBP)		3.75			9-7-2021		2,000,000		3,090,838
United Kingdom Gilt (GBP)		3.75			7-22-2052		2,100,000		4,848,006
United Kingdom Gilt (GBP)		4.00			3-7-2022		3,600,000		5,702,176
United Kingdom Gilt (GBP)		4.00			1-22-2060		1,900,000		5,003,595
United Kingdom Gilt (GBP)		4.25			12-7-2027		2,600,000		4,715,219
United Kingdom Gilt (GBP)		4.25			6-7-2032		3,000,000		5,813,530
United Kingdom Gilt (GBP)		4.25			3-7-2036		2,450,000		4,983,281
United Kingdom Gilt (GBP)		4.25			9-7-2039		1,850,000		3,908,028
United Kingdom Gilt (GBP)		4.25			12-7-2040		2,300,000		4,938,563
United Kingdom Gilt (GBP)		4.25			12-7-2046		2,000,000		4,619,197
United Kingdom Gilt (GBP)		4.25			12-7-2049		1,950,000		4,702,648
United Kingdom Gilt (GBP)		4.25			12-7-2055		2,000,000		5,245,443
United Kingdom Gilt (GBP)		4.50			3-7-2019		2,725,000		3,975,477
United Kingdom Gilt (GBP)		4.50			9-7-2034		2,850,000		5,849,040
United Kingdom Gilt (GBP)		4.50			12-7-2042		2,200,000		5,013,360
United Kingdom Gilt (GBP)		4.75			3-7-2020		3,100,000		4,736,886
United Kingdom Gilt (GBP)		4.75			12-7-2030		3,100,000		6,175,225
United Kingdom Gilt (GBP)		4.75			12-7-2038		2,300,000		5,124,798
United Kingdom Gilt (GBP)		5.00			3-7-2018		3,200,000		4,513,074
United Kingdom Gilt (GBP)		5.00			3-7-2025		2,500,000		4,510,336
United Kingdom Gilt (GBP)		6.00			12-7-2028		1,825,000		3,852,983
United Kingdom Gilt (GBP)		8.00			6-7-2021		2,300,000		4,136,393

Total Foreign Government Bonds (Cost $1,379,786,537)									1,435,565,122


U.S. Treasury Securities: 22.98%
U.S. Treasury Bond		2.25			8-15-2046	$	2,750,000		2,764,609
U.S. Treasury Bond		2.50			2-15-2045		17,750,000		18,746,361
U.S. Treasury Bond		2.50			2-15-2046		8,000,000		8,450,624


88		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Bond		2.50	%		5-15-2046	$	10,000,000	$	10,582,030
U.S. Treasury Bond		2.75			8-15-2042		4,500,000		5,004,140
U.S. Treasury Bond		2.75			11-15-2042		8,250,000		9,163,943
U.S. Treasury Bond		2.88			5-15-2043		9,350,000		10,623,938
U.S. Treasury Bond		2.88			8-15-2045		3,000,000		3,411,327
U.S. Treasury Bond		3.00			5-15-2042		2,000,000		2,325,468
U.S. Treasury Bond		3.00			11-15-2044		16,600,000		19,320,840
U.S. Treasury Bond		3.13			11-15-2041		6,000,000		7,123,596
U.S. Treasury Bond		3.13			2-15-2042		2,250,000		2,674,512
U.S. Treasury Bond		3.13			2-15-2043		6,250,000		7,430,419
U.S. Treasury Bond		3.13			8-15-2044		8,000,000		9,528,440
U.S. Treasury Bond		3.38			5-15-2044		9,000,000		11,207,808
U.S. Treasury Bond		3.50			2-15-2039		3,000,000		3,781,875
U.S. Treasury Bond		3.63			8-15-2043		6,500,000		8,442,889
U.S. Treasury Bond		3.63			2-15-2044		9,750,000		12,667,005
U.S. Treasury Bond		3.75			8-15-2041		2,350,000		3,078,683
U.S. Treasury Bond		3.75			11-15-2043		10,000,000		13,279,300
U.S. Treasury Bond		4.25			11-15-2040		4,500,000		6,311,075
U.S. Treasury Bond		4.38			2-15-2038		1,750,000		2,483,086
U.S. Treasury Bond		4.38			11-15-2039		800,000		1,136,062
U.S. Treasury Bond		4.50			2-15-2036		5,000,000		7,144,530
U.S. Treasury Bond		4.50			5-15-2038		600,000		866,437
U.S. Treasury Bond		4.50			8-15-2039		2,100,000		3,030,071
U.S. Treasury Bond		4.75			2-15-2037		800,000		1,180,500
U.S. Treasury Bond		4.75			2-15-2041		5,200,000		7,812,392
U.S. Treasury Bond		5.00			5-15-2037		800,000		1,219,344
U.S. Treasury Bond		5.50			8-15-2028		1,000,000		1,414,766
U.S. Treasury Bond		6.00			2-15-2026		1,150,000		1,602,678
U.S. Treasury Bond		6.13			11-15-2027		2,400,000		3,502,313
U.S. Treasury Bond		6.25			5-15-2030		3,000,000		4,663,710
U.S. Treasury Bond		6.38			8-15-2027		5,400,000		7,978,289
U.S. Treasury Bond		6.50			11-15-2026		1,500,000		2,198,379
U.S. Treasury Bond		6.63			2-15-2027		950,000		1,411,938
U.S. Treasury Note		0.63			9-30-2017		14,000,000		13,985,776
U.S. Treasury Note		0.63			11-30-2017		7,600,000		7,589,018
U.S. Treasury Note		0.63			4-30-2018		4,000,000		3,988,908
U.S. Treasury Note		0.63			6-30-2018		4,000,000		3,987,032
U.S. Treasury Note		0.75			10-31-2017		10,000,000		10,002,730
U.S. Treasury Note		0.75			12-31-2017		4,000,000		3,999,688
U.S. Treasury Note		0.75			2-28-2018		5,000,000		4,997,460
U.S. Treasury Note		0.75			3-31-2018		3,500,000		3,498,359
U.S. Treasury Note		0.75			4-30-2018		5,000,000		4,996,095
U.S. Treasury Note		0.75			7-31-2018		2,000,000		1,997,578
U.S. Treasury Note		0.75			8-31-2018		5,000,000		4,996,289
U.S. Treasury Note		0.75			2-15-2019		2,500,000		2,492,188
U.S. Treasury Note		0.75			8-15-2019		5,000,000		4,978,711
U.S. Treasury Note		0.88			11-15-2017		5,000,000		5,008,400
U.S. Treasury Note		0.88			1-31-2018		5,000,000		5,008,010
U.S. Treasury Note		0.88			3-31-2018		10,000,000		10,012,890
U.S. Treasury Note		0.88			5-31-2018		6,500,000		6,507,365


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			89


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		0.88	%		4-15-2019	$	5,000,000	$	4,997,460
U.S. Treasury Note		0.88			5-15-2019		5,000,000		4,996,875
U.S. Treasury Note		0.88			7-31-2019		2,500,000		2,496,485
U.S. Treasury Note		1.00			5-15-2018		2,500,000		2,508,203
U.S. Treasury Note		1.00			5-31-2018		7,000,000		7,022,694
U.S. Treasury Note		1.00			3-15-2019		10,000,000		10,029,690
U.S. Treasury Note		1.00			6-30-2019		25,000,000		25,060,550
U.S. Treasury Note		1.00			9-30-2019		23,500,000		23,531,208
U.S. Treasury Note		1.00			11-30-2019		10,000,000		10,003,910
U.S. Treasury Note		1.13			12-31-2019		5,000,000		5,020,115
U.S. Treasury Note		1.13			4-30-2020		15,000,000		15,037,500
U.S. Treasury Note		1.13			2-28-2021		12,500,000		12,475,100
U.S. Treasury Note		1.13			6-30-2021		10,000,000		9,964,060
U.S. Treasury Note		1.13			7-31-2021		10,000,000		9,959,770
U.S. Treasury Note		1.13			8-31-2021		6,500,000		6,485,527
U.S. Treasury Note		1.25			10-31-2018		10,000,000		10,083,980
U.S. Treasury Note		1.25			11-30-2018		10,000,000		10,087,110
U.S. Treasury Note		1.25			1-31-2019		2,500,000		2,522,070
U.S. Treasury Note		1.25			4-30-2019		12,000,000		12,113,904
U.S. Treasury Note		1.25			1-31-2020		7,000,000		7,051,954
U.S. Treasury Note		1.25			2-29-2020		10,000,000		10,072,660
U.S. Treasury Note		1.25			3-31-2021		6,750,000		6,768,455
U.S. Treasury Note		1.25			7-31-2023		4,500,000		4,442,346
U.S. Treasury Note		1.38			6-30-2018		5,000,000		5,050,195
U.S. Treasury Note		1.38			7-31-2018		5,000,000		5,052,345
U.S. Treasury Note		1.38			9-30-2018		11,000,000		11,120,747
U.S. Treasury Note		1.38			12-31-2018		10,000,000		10,116,020
U.S. Treasury Note		1.38			2-28-2019		5,000,000		5,060,940
U.S. Treasury Note		1.38			1-31-2020		3,000,000		3,035,040
U.S. Treasury Note		1.38			4-30-2020		15,500,000		15,674,980
U.S. Treasury Note		1.38			5-31-2020		10,000,000		10,107,030
U.S. Treasury Note		1.38			1-31-2021		7,750,000		7,815,085
U.S. Treasury Note		1.38			4-30-2021		10,000,000		10,079,690
U.S. Treasury Note		1.38			5-31-2021		10,000,000		10,083,200
U.S. Treasury Note		1.50			8-31-2018		12,000,000		12,156,564
U.S. Treasury Note		1.50			1-31-2019		7,000,000		7,103,908
U.S. Treasury Note		1.50			5-31-2019		22,500,000		22,858,605
U.S. Treasury Note		1.50			2-28-2023		5,000,000		5,026,955
U.S. Treasury Note		1.50			3-31-2023		5,000,000		5,024,220
U.S. Treasury Note		1.50			8-15-2026		10,000,000		9,944,922
U.S. Treasury Note		1.63			3-31-2019		10,000,000		10,185,940
U.S. Treasury Note		1.63			8-31-2019		5,000,000		5,100,000
U.S. Treasury Note		1.63			8-15-2022		6,100,000		6,197,936
U.S. Treasury Note		1.63			11-15-2022		12,500,000		12,680,663
U.S. Treasury Note		1.63			4-30-2023		6,000,000		6,074,298
U.S. Treasury Note		1.63			2-15-2026		14,000,000		14,043,750
U.S. Treasury Note		1.63			5-15-2026		11,000,000		11,031,801
U.S. Treasury Note		1.75			9-30-2019		30,000,000		30,715,742
U.S. Treasury Note		1.75			2-28-2022		15,000,000		15,355,080
U.S. Treasury Note		1.75			5-15-2022		7,500,000		7,677,540


90		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		1.75	%		1-31-2023	$	5,000,000	$	5,104,295
U.S. Treasury Note		1.75			5-15-2023		12,500,000		12,759,275
U.S. Treasury Note		1.88			9-30-2017		6,000,000		6,075,234
U.S. Treasury Note		2.00			7-31-2020		6,000,000		6,203,436
U.S. Treasury Note		2.00			11-30-2020		10,000,000		10,344,920
U.S. Treasury Note		2.00			5-31-2021		5,000,000		5,182,420
U.S. Treasury Note		2.00			11-15-2021		16,000,000		16,595,008
U.S. Treasury Note		2.00			11-30-2022		5,000,000		5,182,420
U.S. Treasury Note		2.00			2-15-2023		11,000,000		11,405,196
U.S. Treasury Note		2.00			2-15-2025		16,500,000		17,097,482
U.S. Treasury Note		2.00			8-15-2025		13,500,000		13,982,517
U.S. Treasury Note		2.13			8-31-2020		13,000,000		13,505,271
U.S. Treasury Note		2.13			1-31-2021		10,000,000		10,404,690
U.S. Treasury Note		2.13			6-30-2021		5,000,000		5,213,280
U.S. Treasury Note		2.13			8-15-2021		10,000,000		10,425,390
U.S. Treasury Note		2.13			9-30-2021		2,500,000		2,607,715
U.S. Treasury Note		2.13			12-31-2022		5,000,000		5,218,165
U.S. Treasury Note		2.13			5-15-2025		10,000,000		10,463,670
U.S. Treasury Note		2.25			11-30-2017		7,500,000		7,638,578
U.S. Treasury Note		2.25			7-31-2021		7,000,000		7,340,977
U.S. Treasury Note		2.25			11-15-2024		18,500,000		19,526,898
U.S. Treasury Note		2.25			11-15-2025		11,500,000		12,158,559
U.S. Treasury Note		2.38			6-30-2018		3,000,000		3,084,726
U.S. Treasury Note		2.38			8-15-2024		15,000,000		15,965,040
U.S. Treasury Note		2.50			8-15-2023		14,250,000		15,249,167
U.S. Treasury Note		2.50			5-15-2024		15,500,000		16,637,065
U.S. Treasury Note		2.63			1-31-2018		4,000,000		4,103,752
U.S. Treasury Note		2.63			4-30-2018		5,500,000		5,666,073
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,693,744
U.S. Treasury Note		2.63			11-15-2020		15,000,000		15,898,830
U.S. Treasury Note		2.75			12-31-2017		6,000,000		6,156,330
U.S. Treasury Note		2.75			2-28-2018		4,000,000		4,117,032
U.S. Treasury Note		2.75			11-15-2023		15,500,000		16,878,043
U.S. Treasury Note		2.75			2-15-2024		18,250,000		19,901,059
U.S. Treasury Note		2.88			3-31-2018		5,000,000		5,161,525
U.S. Treasury Note		3.13			5-15-2019		8,000,000		8,473,440
U.S. Treasury Note		3.13			5-15-2021		4,000,000		4,348,908
U.S. Treasury Note		3.38			11-15-2019		8,000,000		8,601,248
U.S. Treasury Note		3.50			2-15-2018		5,000,000		5,196,095
U.S. Treasury Note		3.50			5-15-2020		25,000,000		27,189,450
U.S. Treasury Note		3.63			8-15-2019		9,500,000		10,240,706
U.S. Treasury Note		3.63			2-15-2020		20,500,000		22,297,748
U.S. Treasury Note		3.63			2-15-2021		20,000,000		22,110,160
U.S. Treasury Note		3.75			11-15-2018		7,000,000		7,443,513
U.S. Treasury Note		3.88			5-15-2018		3,000,000		3,158,673
U.S. Treasury Note		4.00			8-15-2018		2,525,000		2,683,502
U.S. Treasury Note		4.25			11-15-2017		4,000,000		4,167,344
U.S. Treasury Note		6.25			8-15-2023		3,500,000		4,627,931
U.S. Treasury Note		6.75			8-15-2026		1,500,000		2,223,282
U.S. Treasury Note		6.88			8-15-2025		1,500,000		2,178,516


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			91


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		7.13	%		2-15-2023	$	3,000,000	$	4,070,157
U.S. Treasury Note		7.25			8-15-2022		13,000,000		17,438,278
U.S. Treasury Note		7.50			11-15-2024		2,000,000		2,938,906
U.S. Treasury Note		7.88			2-15-2021		500,000		645,821
U.S. Treasury Note		8.00			11-15-2021		4,100,000		5,497,362
U.S. Treasury Note		8.13			8-15-2019		1,350,000		1,633,025
U.S. Treasury Note		8.50			2-15-2020		1,700,000		2,133,036
U.S. Treasury Note		8.75			8-15-2020		400,000		518,906
U.S. Treasury Note		8.88			2-15-2019		1,200,000		1,435,640
U.S. Treasury Note		9.13			5-15-2018		2,900,000		3,310,759

Total U.S. Treasury Securities (Cost $1,271,729,003)									1,339,224,884


Yankee Corporate Bonds and Notes: 3.97%

Consumer Discretionary: 0.06%

Auto Components: 0.01%
Magna International Incorporated		4.15			10-1-2025		250,000		274,549


Media: 0.05%
Grupo Televisa SAB		5.00			5-13-2045		500,000		520,988
Grupo Televisa SAB		6.00			5-15-2018		250,000		268,245
Grupo Televisa SAB		6.63			1-15-2040		500,000		612,925
WPP Finance 2010		3.63			9-7-2022		350,000		371,383
WPP Finance 2010		3.75			9-19-2024		1,000,000		1,068,117
WPP Finance 2010		5.63			11-15-2043		200,000		240,170

									3,081,828


Consumer Staples: 0.07%

Beverages: 0.07%
Coca-Cola Femsa SAB de CV		2.38			11-26-2018		500,000		509,423
Coca-Cola Femsa SAB de CV		3.88			11-26-2023		300,000		323,260
Coca-Cola Femsa SAB de CV		4.63			2-15-2020		200,000		216,698
Coca-Cola Femsa SAB de CV		5.25			11-26-2043		300,000		369,806
Diageo Capital plc		1.13			4-29-2018		500,000		499,641
Diageo Capital plc		2.63			4-29-2023		300,000		311,195
Diageo Capital plc		3.88			4-29-2043		230,000		248,399
Diageo Capital plc		5.75			10-23-2017		1,050,000		1,103,293
Diageo Capital plc		5.88			9-30-2036		175,000		236,775
Fomento Economico Mexicano SAB de CV		2.88			5-10-2023		200,000		201,389
Fomento Economico Mexicano SAB de CV		4.38			5-10-2043		150,000		162,766

									4,182,645


Energy: 0.39%

Oil, Gas & Consumable Fuels: 0.39%
BP Capital Markets plc		1.38			11-6-2017		400,000		400,569
BP Capital Markets plc		1.38			5-10-2018		350,000		350,704
BP Capital Markets plc		2.24			5-10-2019		400,000		409,091
BP Capital Markets plc		2.50			11-6-2022		500,000		506,417
BP Capital Markets plc		2.52			1-15-2020		1,000,000		1,028,812


92		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
BP Capital Markets plc		2.75	%		5-10-2023	$	600,000	$	611,294
BP Capital Markets plc		3.25			5-6-2022		750,000		792,263
BP Capital Markets plc		3.51			3-17-2025		1,000,000		1,064,993
BP Capital Markets plc		3.81			2-10-2024		500,000		544,231
BP Capital Markets plc		4.50			10-1-2020		500,000		552,062
BP Capital Markets plc		4.75			3-10-2019		450,000		486,380
Canadian Natural Resources Limited		3.90			2-1-2025		300,000		302,222
Canadian Natural Resources Limited		5.85			2-1-2035		565,000		588,948
Canadian Natural Resources Limited		6.25			3-15-2038		500,000		549,536
Enbridge Incorporated		3.50			6-10-2024		1,000,000		970,446
Husky Energy Incorporated		4.00			4-15-2024		500,000		510,263
Husky Energy Incorporated		6.80			9-15-2037		100,000		120,783
Husky Energy Incorporated		7.25			12-15-2019		565,000		645,713
Petro-Canada		5.95			5-15-2035		200,000		243,132
Petro-Canada		6.80			5-15-2038		400,000		535,390
Suncor Energy Incorporated		3.60			12-1-2024		600,000		633,670
Suncor Energy Incorporated		5.95			12-1-2034		75,000		90,166
Suncor Energy Incorporated		6.10			6-1-2018		900,000		966,587
Suncor Energy Incorporated		6.50			6-15-2038		400,000		524,876
Suncor Energy Incorporated		6.85			6-1-2039		250,000		344,706
Total Capital Canada Limited		2.75			7-15-2023		350,000		361,059
Total Capital International SA		2.13			1-10-2019		500,000		510,235
Total Capital International SA		2.70			1-25-2023		350,000		363,073
Total Capital International SA		2.88			2-17-2022		250,000		259,930
Total Capital International SA		3.70			1-15-2024		500,000		547,223
Total Capital International SA		3.75			4-10-2024		500,000		549,571
Total Capital SA		4.13			1-28-2021		100,000		109,555
Total Capital SA		4.25			12-15-2021		250,000		278,254
Total Capital SA		4.45			6-24-2020		500,000		550,176
TransCanada PipeLines Limited		2.50			8-1-2022		500,000		501,101
TransCanada PipeLines Limited		3.75			10-16-2023		250,000		267,369
TransCanada PipeLines Limited		3.80			10-1-2020		300,000		320,983
TransCanada PipeLines Limited		5.00			10-16-2043		500,000		579,378
TransCanada PipeLines Limited		5.60			3-31-2034		100,000		119,218
TransCanada PipeLines Limited		6.10			6-1-2040		300,000		384,106
TransCanada PipeLines Limited		6.20			10-15-2037		585,000		744,239
TransCanada PipeLines Limited		7.13			1-15-2019		1,500,000		1,671,804
TransCanada PipeLines Limited		7.63			1-15-2039		500,000		743,772

									22,634,300


Financials: 2.24%

Banks: 1.48%
Australia & New Zealand Banking Group Limited		1.45			5-15-2018		250,000		249,944
Australia & New Zealand Banking Group Limited		1.88			10-6-2017		250,000		251,713
Australia & New Zealand Banking Group Limited		2.25			6-13-2019		1,000,000		1,016,386
Australia & New Zealand Banking Group Limited		2.30			6-1-2021		750,000		763,313
Bancolombia SA		5.95			6-3-2021		1,000,000		1,105,000
Bank of Montreal		1.35			8-28-2018		1,000,000		1,000,040
Bank of Montreal		1.40			9-11-2017		1,000,000		1,001,959


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			93


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Bank of Montreal		2.55	%		11-6-2022	$	1,000,000	$	1,027,492
Bank of Nova Scotia		1.38			12-18-2017		500,000		500,510
Bank of Nova Scotia		1.45			4-25-2018		500,000		501,161
Bank of Nova Scotia		1.70			6-11-2018		300,000		301,691
Bank of Nova Scotia		1.95			1-15-2019		750,000		758,204
Bank of Nova Scotia		2.05			10-30-2018		100,000		101,197
Bank of Nova Scotia		2.80			7-21-2021		750,000		780,959
Bank of Nova Scotia		4.38			1-13-2021		500,000		550,190
Barclays Bank plc		5.14			10-14-2020		800,000		864,658
Barclays plc		2.75			11-8-2019		675,000		680,434
Barclays plc		2.88			6-8-2020		300,000		302,387
Barclays plc		3.25			1-12-2021		500,000		509,547
Barclays plc		3.65			3-16-2025		1,500,000		1,491,129
Barclays plc		4.38			1-12-2026		500,000		522,000
Barclays plc		5.20			5-12-2026		500,000		519,962
Barclays plc		5.25			8-17-2045		500,000		575,038
BNP Paribas		2.40			12-12-2018		600,000		609,169
BNP Paribas		2.45			3-17-2019		500,000		509,057
BNP Paribas		2.70			8-20-2018		1,000,000		1,022,412
BNP Paribas		3.25			3-3-2023		500,000		523,566
BNP Paribas		4.25			10-15-2024		400,000		419,014
BNP Paribas		5.00			1-15-2021		1,150,000		1,290,039
BPCE SA		2.50			7-15-2019		1,000,000		1,020,718
BPCE SA		4.00			4-15-2024		500,000		548,318
Canadian Imperial Bank		1.55			1-23-2018		300,000		300,632
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.50			1-11-2021		500,000		554,492
CorpBanca SA 144A		3.88			9-22-2019		600,000		628,270
Credit Suisse (New York)		1.75			1-29-2018		1,000,000		1,001,501
Credit Suisse (New York)		3.00			10-29-2021		1,000,000		1,031,571
Credit Suisse (New York)		3.63			9-9-2024		1,500,000		1,573,737
Credit Suisse (New York)		4.38			8-5-2020		1,000,000		1,079,415
Credit Suisse (New York)		5.30			8-13-2019		1,500,000		1,648,241
Credit Suisse (New York)		5.40			1-14-2020		1,500,000		1,644,471
Credit Suisse Group Funding Limited		3.75			3-26-2025		1,000,000		1,001,608
Credit Suisse Group Funding Limited 144A		4.55			4-17-2026		750,000		792,105
Credit Suisse Group Funding Limited		4.88			5-15-2045		500,000		542,031
HSBC Holdings plc		2.95			5-25-2021		1,000,000		1,025,396
HSBC Holdings plc		3.60			5-25-2023		1,000,000		1,034,409
HSBC Holdings plc		3.90			5-25-2026		1,000,000		1,043,261
HSBC Holdings plc		4.00			3-30-2022		1,000,000		1,069,565
HSBC Holdings plc		4.25			3-14-2024		1,000,000		1,041,035
HSBC Holdings plc		4.30			3-8-2026		1,000,000		1,075,409
HSBC Holdings plc		4.88			1-14-2022		250,000		277,931
HSBC Holdings plc		5.10			4-5-2021		1,000,000		1,115,999
HSBC Holdings plc		5.25			3-14-2044		500,000		571,651
HSBC Holdings plc		6.10			1-14-2042		500,000		679,194
HSBC Holdings plc		6.50			5-2-2036		1,000,000		1,285,753
HSBC Holdings plc		6.50			9-15-2037		850,000		1,101,993
HSBC Holdings plc		6.80			6-1-2038		350,000		466,989
Intesa Sanpaolo SpA		3.88			1-16-2018		700,000		715,576


94		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Intesa Sanpaolo SpA		3.88	%		1-15-2019	$	500,000	$	513,083
Intesa Sanpaolo SpA		5.25			1-12-2024		500,000		549,142
Lloyds Banking Group plc Subordinated		4.65			3-24-2026		2,000,000		2,075,786
Lloyds TSB Bank plc		1.75			5-14-2018		1,750,000		1,748,765
Lloyds TSB Bank plc		2.30			11-27-2018		200,000		202,212
Lloyds TSB Bank plc		2.40			3-17-2020		500,000		506,009
Mitsubishi UFJ Financial Group Incorporated		2.95			3-1-2021		425,000		438,053
Mitsubishi UFJ Financial Group Incorporated		3.85			3-1-2026		750,000		819,320
National Australia Bank Limited		1.88			7-12-2021		500,000		498,385
National Australia Bank Limited		2.30			7-25-2018		500,000		507,457
National Australia Bank Limited		2.50			7-12-2026		750,000		747,257
National Australia Bank Limited		3.00			1-20-2023		350,000		365,775
NIBC Bank NV		4.88			11-19-2019		800,000		876,122
Perrigo Finance Unlimited Company		4.38			3-15-2026		500,000		521,996
Rabobank Nederland NV		1.70			3-19-2018		500,000		502,509
Rabobank Nederland NV		2.25			1-14-2019		500,000		507,750
Rabobank Nederland NV		3.38			5-21-2025		500,000		533,943
Rabobank Nederland NV		3.88			2-8-2022		500,000		546,062
Rabobank Nederland NV		3.95			11-9-2022		750,000		786,710
Rabobank Nederland NV		4.63			12-1-2023		750,000		812,602
Rabobank Nederland NV		5.25			5-24-2041		725,000		938,186
Rabobank Nederland NV		5.75			12-1-2043		1,000,000		1,244,229
Royal Bank of Canada		1.50			1-16-2018		450,000		450,914
Royal Bank of Canada		2.00			12-10-2018		1,500,000		1,516,643
Royal Bank of Canada		2.15			3-15-2019		500,000		508,187
Royal Bank of Canada		2.20			7-27-2018		1,000,000		1,015,093
Royal Bank of Canada		2.50			1-19-2021		500,000		515,123
Royal Bank of Canada		4.65			1-27-2026		500,000		549,908
Royal Bank of Scotland Group plc		4.80			4-5-2026		500,000		523,199
Santander UK plc		2.50			3-14-2019		1,500,000		1,521,731
Santander UK plc		3.05			8-23-2018		500,000		512,253
Santander UK plc		4.00			3-13-2024		750,000		818,224
Skandinaviska Enskilda		2.63			3-15-2021		500,000		515,726
Societe Generale		2.75			10-12-2017		700,000		709,149
Sumitomo Mitsui Banking Corporation		1.50			1-18-2018		500,000		499,274
Sumitomo Mitsui Banking Corporation		2.25			7-11-2019		500,000		507,022
Sumitomo Mitsui Banking Corporation		2.45			1-10-2019		500,000		508,885
Sumitomo Mitsui Banking Corporation		3.20			7-18-2022		1,000,000		1,045,305
Sumitomo Mitsui Banking Corporation		3.40			7-11-2024		250,000		266,304
Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		273,451
Sumitomo Mitsui Financial Group		2.93			3-9-2021		1,500,000		1,548,153
Sumitomo Mitsui Financial Group		3.78			3-9-2026		1,000,000		1,088,261
Svenska Handelsbanken AB		1.63			3-21-2018		400,000		401,555
Svenska Handelsbanken AB		2.25			6-17-2019		500,000		509,166
Svenska Handelsbanken AB		2.45			3-30-2021		750,000		768,735
Toronto Dominion Bank		1.40			4-30-2018		1,250,000		1,251,960
Toronto Dominion Bank		2.13			7-2-2019		500,000		508,819
Toronto Dominion Bank		2.50			12-14-2020		1,500,000		1,541,553
Toronto Dominion Bank		2.63			9-10-2018		600,000		613,837
Westpac Banking Corporation		1.55			5-25-2018		1,000,000		1,004,938


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			95


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Westpac Banking Corporation		2.10	%		5-13-2021	$	500,000	$	503,547
Westpac Banking Corporation		2.25			1-17-2019		250,000		254,038
Westpac Banking Corporation		2.30			5-26-2020		1,000,000		1,016,953
Westpac Banking Corporation		2.85			5-13-2026		1,000,000		1,020,729

									86,149,430


Capital Markets: 0.11%
Deutsche Bank AG (London)		1.88			2-13-2018		1,500,000		1,492,325
Deutsche Bank AG (London)		2.50			2-13-2019		500,000		500,639
Deutsche Bank AG (London)		2.85			5-10-2019		600,000		601,939
Deutsche Bank AG (London)		3.38			5-12-2021		600,000		599,384
Deutsche Bank AG (London)		3.70			5-30-2024		1,000,000		992,564
Invesco Finance plc		4.00			1-30-2024		250,000		273,771
Invesco Finance plc		5.38			11-30-2043		250,000		302,410
Nomura Holdings Incorporated		2.75			3-19-2019		500,000		511,101
Nomura Holdings Incorporated		6.70			3-4-2020		356,000		409,651
Sasol Financing International Company		4.50			11-14-2022		500,000		502,500

									6,186,284


Diversified Financial Services: 0.59%
Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		550,000		630,852
BHP Billiton Finance USA Limited		2.88			2-24-2022		350,000		366,752
BHP Billiton Finance USA Limited		3.25			11-21-2021		500,000		532,271
BHP Billiton Finance USA Limited «		3.85			9-30-2023		1,500,000		1,637,537
BHP Billiton Finance USA Limited		4.13			2-24-2042		650,000		683,131
BHP Billiton Finance USA Limited		5.00			9-30-2043		500,000		596,995
Burlington Resources Finance Company		7.20			8-15-2031		500,000		654,183
ConocoPhillips Canada Funding Company		5.95			10-15-2036		300,000		362,637
GE Capital International Funding Company		2.34			11-15-2020		6,500,000		6,688,689
GE Capital International Funding Company		3.37			11-15-2025		1,500,000		1,637,948
GE Capital International Funding Company		4.42			11-15-2035		4,013,000		4,593,693
Schlumberger Investment SA		3.65			12-1-2023		604,000		657,475
Shell International Finance BV		1.38			5-10-2019		750,000		749,438
Shell International Finance BV		1.90			8-10-2018		1,000,000		1,012,959
Shell International Finance BV		2.00			11-15-2018		500,000		507,753
Shell International Finance BV		2.13			5-11-2020		750,000		765,323
Shell International Finance BV		2.25			1-6-2023		250,000		251,345
Shell International Finance BV		2.38			8-21-2022		250,000		254,842
Shell International Finance BV		2.88			5-10-2026		1,000,000		1,028,359
Shell International Finance BV		3.25			5-11-2025		1,000,000		1,061,775
Shell International Finance BV		3.40			8-12-2023		250,000		268,548
Shell International Finance BV		3.63			8-21-2042		250,000		247,044
Shell International Finance BV		4.00			5-10-2046		650,000		681,041
Shell International Finance BV		4.13			5-11-2035		500,000		548,017
Shell International Finance BV		4.30			9-22-2019		1,000,000		1,084,896
Shell International Finance BV		4.38			3-25-2020		500,000		547,819
Shell International Finance BV		4.38			5-11-2045		500,000		550,435
Shell International Finance BV		4.55			8-12-2043		500,000		562,788
Shell International Finance BV		5.50			3-25-2040		300,000		374,561


96		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Diversified Financial Services (continued)
Shell International Finance BV		6.38	%		12-15-2038	$	850,000	$	1,169,298
Syngenta Finance NV		3.13			3-28-2022		500,000		512,956
Tyco International Finance SV		3.90			2-14-2026		500,000		546,840
UBS AG (Stamford)		1.80			3-26-2018		500,000		502,793
UBS AG (Stamford)		2.35			3-26-2020		500,000		511,283
UBS AG (Stamford)		2.38			8-14-2019		1,750,000		1,785,658

									34,567,934


Insurance: 0.06%
AON plc		4.00			11-27-2023		150,000		162,830
AON plc		4.45			5-24-2043		100,000		104,476
AON plc		4.60			6-14-2044		600,000		638,825
Aspen Insurance Holdings Limited		4.65			11-15-2023		200,000		213,225
AXA SA		8.60			12-15-2030		650,000		912,568
Montpelier Re Holdings Limited		4.70			10-15-2022		100,000		103,135
Trinity Acquisition plc		4.63			8-15-2023		350,000		374,596
Trinity Acquisition plc		6.13			8-15-2043		350,000		396,372
XLIT Limited		2.30			12-15-2018		350,000		354,505
XLIT Limited		5.25			12-15-2043		200,000		222,720

									3,483,252


Health Care: 0.27%

Health Care Equipment & Supplies: 0.03%
Covidien International Finance SA		3.20			6-15-2022		500,000		528,947
Covidien International Finance SA		6.00			10-15-2017		600,000		632,111
Covidien International Finance SA		6.55			10-15-2037		400,000		564,733

									1,725,791


Pharmaceuticals: 0.24%
Actavis Funding SCS		3.00			3-12-2020		2,150,000		2,222,281
Actavis Funding SCS		3.80			3-15-2025		2,500,000		2,638,238
Actavis Funding SCS		3.85			6-15-2024		500,000		530,941
Actavis Funding SCS		4.75			3-15-2045		1,000,000		1,096,859
Actavis Funding SCS		4.85			6-15-2044		500,000		557,263
AstraZeneca plc		2.38			11-16-2020		500,000		514,510
AstraZeneca plc		4.00			9-18-2042		550,000		588,878
AstraZeneca plc		5.90			9-15-2017		800,000		838,686
AstraZeneca plc		6.45			9-15-2037		1,150,000		1,622,057
Novartis Securities Investment Limited		5.13			2-10-2019		1,000,000		1,093,458
Perrigo Company plc		2.30			11-8-2018		295,000		296,484
Perrigo Company plc		4.00			11-15-2023		250,000		257,330
Sanofi Aventis		1.25			4-10-2018		591,000		592,220
Sanofi Aventis		4.00			3-29-2021		700,000		776,719
Teva Pharmaceutical Finance BV		2.95			12-18-2022		500,000		512,565

									14,138,489


Industrials: 0.19%

Industrial Conglomerates: 0.06%
Koninklijke Philips Electronics NV		3.75			3-15-2022		500,000		538,029
Koninklijke Philips Electronics NV		5.00			3-15-2042		500,000		568,217


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			97


Security name	Interest rate			Maturity date		Principal		Value

Industrial Conglomerates (continued)
Koninklijke Philips Electronics NV		5.75	%		3-11-2018	$	650,000	$	692,812
Koninklijke Philips Electronics NV		6.88			3-11-2038		250,000		335,283
Tyco Electronics Group SA		3.45			8-1-2024		200,000		209,041
Tyco Electronics Group SA		4.88			1-15-2021		500,000		556,002
Tyco Electronics Group SA		7.13			10-1-2037		350,000		500,374

									3,399,758


Machinery: 0.01%
Pentair Finance SA		3.15			9-15-2022		250,000		247,160
Pentair Finance SA		5.00			5-15-2021		300,000		322,866

									570,026


Road & Rail: 0.06%
Canadian National Railway Company		2.25			11-15-2022		350,000		355,318
Canadian National Railway Company		5.55			3-1-2019		435,000		479,884
Canadian National Railway Company		6.20			6-1-2036		200,000		277,713
Canadian National Railway Company		6.38			11-15-2037		550,000		785,732
Canadian Pacific Railway Company		4.45			3-15-2023		200,000		222,770
Canadian Pacific Railway Company		5.75			3-15-2033		360,000		438,762
Canadian Pacific Railway Company		5.95			5-15-2037		65,000		82,710
Canadian Pacific Railway Company		6.13			9-15-2115		500,000		623,368
Canadian Pacific Railway Company		7.25			5-15-2019		65,000		74,309

									3,340,566


Trading Companies & Distributors: 0.06%
AerCap Ireland Capital Limited		3.75			5-15-2019		825,000		849,239
AerCap Ireland Capital Limited		3.95			2-1-2022		1,100,000		1,141,250
AerCap Ireland Capital Limited		4.50			5-15-2021		850,000		896,750
AerCap Ireland Capital Limited		4.63			10-30-2020		950,000		1,006,881

									3,894,120


Information Technology: 0.11%

Communications Equipment: 0.01%
Ericsson LM		4.13			5-15-2022		400,000		430,056


Internet Software & Services: 0.07%
Alibaba Group Holding Limited		2.50			11-28-2019		1,000,000		1,018,340
Alibaba Group Holding Limited		3.60			11-28-2024		1,000,000		1,050,135
Alibaba Group Holding Limited		4.50			11-28-2034		300,000		330,766
Baidu Incorporated		2.75			6-9-2019		750,000		764,757
Baidu Incorporated		3.25			8-6-2018		576,000		590,265

									3,754,263


Technology Hardware, Storage & Peripherals: 0.03%
Seagate HDD Cayman		4.75			6-1-2023		1,000,000		974,000
Seagate HDD Cayman		4.75			1-1-2025		1,000,000		925,340

									1,899,340


98		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Materials: 0.25%

Chemicals: 0.09%
Agrium Incorporated		3.50	%		6-1-2023	$	300,000	$	311,833
Agrium Incorporated		4.90			6-1-2043		200,000		211,568
Agrium Incorporated		5.25			1-15-2045		400,000		445,239
Agrium Incorporated		6.13			1-15-2041		165,000		201,730
Agrium Incorporated		6.75			1-15-2019		300,000		332,099
LYB International Finance BV		4.88			3-15-2044		500,000		544,639
LyondellBasell Industries NV		4.63			2-26-2055		500,000		501,580
LyondellBasell Industries NV		5.00			4-15-2019		400,000		430,429
LyondellBasell Industries NV		5.75			4-15-2024		500,000		599,238
LyondellBasell Industries NV		6.00			11-15-2021		500,000		583,149
Methanex Corporation		3.25			12-15-2019		100,000		98,893
Potash Corporation of Saskatchewan Incorporated		4.88			3-30-2020		255,000		278,385
Potash Corporation of Saskatchewan Incorporated		5.63			12-1-2040		200,000		243,726
Potash Corporation of Saskatchewan Incorporated		5.88			12-1-2036		225,000		274,943
Potash Corporation of Saskatchewan Incorporated		6.50			5-15-2019		65,000		72,942

									5,130,393


Metals & Mining: 0.15%
Barrick Gold Corporation		4.10			5-1-2023		220,000		236,927
Barrick Gold Corporation		5.25			4-1-2042		500,000		547,750
Goldcorp Incorporated		2.13			3-15-2018		100,000		100,257
Goldcorp Incorporated		3.70			3-15-2023		300,000		313,160
Rio Tinto Alcan Incorporated		6.13			12-15-2033		600,000		705,751
Rio Tinto Finance (USA) Limited		2.25			12-14-2018		750,000		761,141
Rio Tinto Finance (USA) Limited «		2.88			8-21-2022		500,000		514,014
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		500,000		539,306
Rio Tinto Finance (USA) Limited		4.13			8-21-2042		250,000		257,126
Rio Tinto Finance (USA) Limited		4.75			3-22-2042		250,000		277,338
Rio Tinto Finance (USA) Limited		5.20			11-2-2040		300,000		349,458
Rio Tinto Finance (USA) Limited		7.13			7-15-2028		500,000		654,690
Rio Tinto Finance (USA) Limited		9.00			5-1-2019		480,000		570,897
Vale Overseas Limited		4.38			1-11-2022		200,000		194,700
Vale Overseas Limited		4.63			9-15-2020		300,000		304,851
Vale Overseas Limited		6.88			11-21-2036		1,260,000		1,238,580
Vale Overseas Limited		6.88			11-10-2039		130,000		127,725
Vale Overseas Limited		8.25			1-17-2034		300,000		336,660
Vale SA		5.63			9-11-2042		750,000		645,525

									8,675,856


Paper & Forest Products: 0.01%
Celulosa Arauco y Constitucion SA		4.75			1-11-2022		500,000		538,049
Celulosa Arauco y Constitucion SA		7.25			7-29-2019		350,000		399,186

									937,235


Telecommunication Services: 0.38%

Diversified Telecommunication Services: 0.21%
British Telecommunications plc		5.95			1-15-2018		250,000		265,614
British Telecommunications plc		9.38			12-15-2030		650,000		1,060,740


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Fixed Income Portfolio			99


Security name	Interest rate			Maturity date		Principal		Value

Diversified Telecommunication Service (continued)
Deutsche Telekom International Finance BV		6.00	%		7-8-2019	$	500,000	$	561,195
Deutsche Telekom International Finance BV		8.75			6-15-2030		830,000		1,297,340
Deutsche Telekom International Finance BV		9.25			6-1-2032		500,000		824,809
France Telecom SA		5.38			7-8-2019		600,000		663,279
France Telecom SA		5.38			1-13-2042		500,000		617,495
France Telecom SA		9.00			3-1-2031		925,000		1,482,647
Orange SA		2.75			2-6-2019		1,000,000		1,028,761
Royal KPN NV		8.38			10-1-2030		375,000		521,697
Telefonica Emisiones SAU		3.19			4-27-2018		500,000		512,823
Telefonica Emisiones SAU		4.57			4-27-2023		300,000		336,806
Telefonica Emisiones SAU		5.13			4-27-2020		445,000		493,522
Telefonica Emisiones SAU		7.05			6-20-2036		1,050,000		1,408,148
Telefonica Europe BV		8.25			9-15-2030		420,000		616,034
Telefonica SA		5.88			7-15-2019		645,000		717,086

									12,407,996


Wireless Telecommunication Services: 0.17%
America Movil SAB de CV		3.13			7-16-2022		500,000		516,973
America Movil SAB de CV		4.38			7-16-2042		500,000		525,519
America Movil SAB de CV		5.00			3-30-2020		1,000,000		1,104,301
America Movil SAB de CV		5.63			11-15-2017		450,000		472,279
America Movil SAB de CV		6.13			11-15-2037		100,000		124,550
America Movil SAB de CV		6.38			3-1-2035		565,000		723,518
Rogers Communications Incorporated		3.00			3-15-2023		200,000		208,560
Rogers Communications Incorporated		4.50			3-15-2043		200,000		221,036
Rogers Communications Incorporated		5.00			3-15-2044		1,000,000		1,195,552
Rogers Communications Incorporated		6.80			8-15-2018		750,000		823,763
Vodafone Group plc		1.25			9-26-2017		250,000		249,951
Vodafone Group plc		1.50			2-19-2018		500,000		499,924
Vodafone Group plc		2.50			9-26-2022		500,000		505,806
Vodafone Group plc		2.95			2-19-2023		600,000		621,412
Vodafone Group plc		4.38			2-19-2043		500,000		512,320
Vodafone Group plc		4.63			7-15-2018		180,000		190,146
Vodafone Group plc		5.45			6-10-2019		400,000		440,213
Vodafone Group plc		6.25			11-30-2032		300,000		369,405
Vodafone Group plc		7.88			2-15-2030		250,000		341,688

									9,646,916


Utilities: 0.01%

Electric Utilities: 0.00%
Scottish Power Limited		5.81			3-15-2025		150,000		174,475


Independent Power & Renewable Electricity Producers: 0.01%
TransAlta Corporation		6.50			3-15-2040		90,000		81,848
TransAlta Corporation		6.90			5-15-2018		200,000		209,352

									291,200


Water Utilities: 0.00%
United Utilities Group plc		5.38			2-1-2019		250,000		268,558


Total Yankee Corporate Bonds and Notes (Cost $218,120,030)									231,245,260


100		Wells Fargo Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds: 0.03%
Ukraine Government Aid		1.84	%		5-16-2019	$	2,000,000	$	2,026,706


Total Yankee Government Bonds (Cost $2,000,727)									2,026,706


	Yield					Shares
Short-Term Investments: 3.32%

Investment Companies: 3.32%
Securities Lending Cash Investments LLC (l)(r)(u)		0.51					4,562,280		4,562,280
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.32					188,973,592		188,973,592

Total Short-Term Investments (Cost $193,535,872)									193,535,872


Total investments in securities (Cost $5,676,096,739) *	102.15	%		5,953,271,479
Other assets and liabilities, net	(2.15	)		(125,420,626	)

Total net assets	100.00	%	$	5,827,850,853

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

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

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

«	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.

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

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

(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 $5,679,627,115 and unrealized gains (losses) consists of:


Gross unrealized gains	$	332,449,793
Gross unrealized losses		(58,805,429	)

Net unrealized gains	$	273,644,364

The following table shows the percent of total long-term investments by geographic location as of August 31, 2016:


United States	70.89	%
Japan	11.92
United Kingdom	3.64
France	2.69
Italy	2.42
Germany	1.86
Spain	1.38
Canada	1.26
Netherlands	1.05
Other	2.89

	100.00	%


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			1


Security name	Shares		Value

Common Stocks: 97.02%

Consumer Discretionary: 13.31%

Auto Components: 0.67%
Aisin Seiki Company Limited		29,100	$	1,373,928
Akebono Brake Industry Company Limited †		22,700		41,027
Autoliv Incorporated «		49,222		5,226,392
Bharat Forge Limited		28,151		357,426
Bosch Limited		2,730		985,189
Bridgestone Corporation		100,100		3,439,380
Calsonic Kansei Corporation		25,000		196,443
Cheng Shin Rubber Industry Company Limited		588,369		1,249,778
Cie Generale des Establissements Michelin		18,498		1,966,382
Continental AG		10,150		2,127,370
Cooper Tire & Rubber Company		68,804		2,338,648
Daido Metal Company Limited		7,000		79,157
Dana Holding Corporation		172,141		2,482,273
Delphi Automotive plc		32,768		2,315,387
Denso Corporation		76,600		3,162,762
Exedy Corporation		6,200		153,524
Exide Industries Limited		78,617		217,526
Faurecia		2,059		82,188
FCC Company Limited		4,800		96,032
Futaba Industrial Company Limited		6,100		28,653
GKN plc		150,914		616,317
Halla Holdings Corporation		1,219		83,089
Hankook Tire Company Limited		12,415		621,307
Hanon Systems		25,350		266,004
Hi-Lex Corporation		5,800		152,309
Hota Industrial Manufacturing Company Limited		60,000		311,057
Hyundai Mobis		11,126		2,599,393
Hyundai Wia Corporation		3,195		260,758
Keihin Corporation		6,400		98,290
Kenda Rubber Industrial Company Limited		190,188		300,892
Koito Manufacturing Company Limited		18,900		899,652
Kumho Tire Company Incorporated †		22,990		204,951
KYB Corporation		38,000		154,255
Leoni AG		4,204		155,382
Linamar Corporation		2,422		99,953
Magna International Incorporated		34,700		1,397,367
Mando Corporation		1,330		311,924
Martinrea International Incorporated		3,001		19,154
Mitsuba Corporation		8,000		110,028
Motherson Sumi Systems Limited		88,861		427,984
Musashi Seimitsu Industry Company Limited		4,100		82,345
Nan Kang Rubber Tire Company Limited		148,145		136,797
NGK Spark Plug Company Limited		27,600		516,175
NHK Spring Company Limited		35,900		337,956
Nifco Incorporated		7,000		352,486
Nippon Seiki Company Limited		10,000		188,566
Nissin Kogyo Company Limited		5,400		78,600


2		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Auto Components (continued)
NOK Corporation		19,200	$	389,697
Nokian Renkaat Oyj		13,330		481,308
Pacific Industrial Company Limited		10,300		117,271
Plastic Omnium SA		6,187		197,411
Press Kogyo Company Limited		13,000		55,787
Riken Corporation		14,000		45,465
Sanden Corporation		27,000		76,983
Showa Corporation		13,400		79,521
Somboon Advance Technology PCL		70		28
Stanley Electric Company Limited		23,000		587,532
Sumitomo Riko Company Limited		6,500		60,499
Sumitomo Rubber Industries Limited		30,400		450,719
Tachi-S Company Limited		5,700		94,757
Takata Corporation †		7,500		29,430
Tenedora Nemak SA de CV 144A		158,018		178,968
Tenneco Automotive Incorporated †		74,500		4,159,335
The Goodyear Tire & Rubber Company		140,200		4,114,870
Tokai Rika Company Limited		8,200		162,074
Tong Yang Industry Company Limited		100,374		202,137
Topre Corporation		6,800		133,549
Toyo Tire & Rubber Company Limited		18,000		253,129
Toyoda Gosei Company Limited		10,900		250,943
Toyota Boshoku Corporation		12,100		276,581
Toyota Industries Corporation		30,700		1,468,758
TPR Company Limited		5,200		132,884
TS Tech Company Limited		7,600		176,365
Unipres Corporation		6,700		119,540
Valeo SA		23,457		1,213,800
Visteon Corporation		43,514		3,076,440
Xinyi Automobile Glass Hong Kong Enterprises Limited †		18		4
Xinyi Glass Holdings Limited		149		128
Yarnapund PCL †(a)		1,551,500		0
Yokohama Rubber Company Limited		19,500		316,817
Yorozu Corporation		3,500		44,720

				57,649,906


Automobiles: 1.21%
Bajaj Auto		25,817		1,148,215
Bayerische Motoren Werke AG		30,555		2,658,782
Brilliance China Automotive Holdings Limited		880,000		1,006,194
BYD Company Limited H Shares †«		218,000		1,517,489
China Motor Company Limited		198,150		147,065
Daimler AG		92,366		6,396,082
Dongfeng Motor Group Company Limited H Shares		748,000		799,340
Ferrari NV		8,301		400,004
Fiat Chrysler Automobiles NV		83,018		573,672
Ford Motor Company		424,201		5,344,933
Ford Otomotiv Sanayi AS		14,299		155,104
Fuji Heavy Industries Limited		96,400		3,818,172
Geely Automobile Holdings Limited		1,395,000		1,118,510


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			3


Security name	Shares		Value

Automobiles (continued)
General Motors Company		151,493	$	4,835,657
Ghabbour Auto †		25,801		6,886
Hero Honda Motors Limited		29,463		1,557,993
Honda Motor Company Limited		261,500		8,011,936
Honda Motor Company Limited ADR		25		770
Hyundai Motor Company		24,353		2,904,887
Isuzu Motors Limited		93,700		1,078,141
Kia Motors Corporation		43,683		1,643,499
Mahindra & Mahindra Limited		74,466		1,597,400
Mahindra & Mahindra Limited GDR		10,726		232,218
Maruti Suzuki India Limited		36,529		2,756,530
Mazda Motor Corporation		89,900		1,481,897
Mitsubishi Motors Corporation		111,400		509,276
Nissan Motor Company Limited		375,600		3,684,666
Nissan Shatai Company Limited		11,700		106,410
Oriental Holdings Bhd		46,320		77,666
Peugeot SA †		32,543		480,069
PT Astra International Tbk		6,419,940		3,944,403
Renault SA		19,824		1,621,081
Suzuki Motor Corporation		64,500		2,137,636
Tata Motors Limited		222,094		1,783,186
Tata Motors Limited ADR		10,643		433,915
Tata Motors Limited Class A (Differential Voting Rights)		132,940		681,970
Tesla Motors Incorporated †«		20,300		4,303,803
Thor Industries Incorporated		59,620		4,838,163
Tofas Turk Otomobil Fabrikasi AS		25,253		185,804
Toyota Motor Corporation		428,100		25,810,543
UMW Holdings Bhd		137,800		189,261
Volkswagen AG		3,151		458,504
Yamaha Motor Company Limited		45,300		928,198
Yulon Motor Company Limited		230,929		199,776

				103,565,706


Distributors: 0.26%
Canon Marketing Japan Incorporated		7,900		138,583
D’ieteren SA NV		1,530		73,880
DOSHISHA Company Limited		4,400		83,692
Genuine Parts Company		80,400		8,266,728
Imperial Holdings Limited		47,334		507,789
Inchcape plc		38,717		356,651
Jardine Cycle & Carriage Limited		21,598		673,724
LKQ Corporation †		173,800		6,272,442
Paltac Corporation		4,300		89,354
Pool Corporation		55,300		5,578,111
Uni-Select Incorporated		864		20,286

				22,061,240


Diversified Consumer Services: 0.18%
AA plc		52,430		186,028
Apollo Education Group Incorporated †		134,600		1,193,902


4		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Diversified Consumer Services (continued)
Benesse Corporation		14,400	$	332,078
DeVry Incorporated «		75,300		1,734,912
Dignity plc		4,665		164,724
Educomp Solutions Limited †		5,295		1,012
Enercare Incorporated		9,800		136,530
Grand Canyon Education Incorporated †		66,720		2,770,882
H&R Block Incorporated		116,111		2,514,964
Houghton Mifflin Harcourt Company †		138,512		2,209,266
InvoCare Limited		18,207		184,043
Navitas Limited		46,793		182,870
New Oriental Education & Technology Group Incorporated		38,053		1,502,332
Raffles Education Corporation Limited		55,177		8,100
Sotheby’s «		64,700		2,565,355

				15,686,998


Hotels, Restaurants & Leisure: 2.01%
Accor SA		17,394		656,665
Accordia Golf Company Limited		9,600		96,311
Ajisen China Holdings Limited		200		80
Amax International Holdings Limited †		6,262		371
Amaya Incorporated †		9,782		146,872
Aramark		120,840		4,583,461
Ardent Leisure Group		63,264		120,292
Aristocrat Leisure Limited		88,978		1,009,759
Autogrill SpA		9,260		79,431
Banyan Tree Holdings Limited †		13,000		4,198
Berjaya Land Bhd †		408,500		65,473
Berjaya Sports Toto Bhd		168,499		139,187
Brinker International Incorporated		72,300		3,883,233
Buffalo Wild Wings Incorporated †		24,400		3,957,680
Cafe de Coral Holdings Limited		52,000		181,990
Carnival Corporation		45,600		2,179,680
Carnival plc		20,101		964,496
Chipotle Mexican Grill Incorporated †		5,594		2,314,406
Choice Hotels International Incorporated		49,840		2,416,742
Colowide Company Limited		10,000		171,362
Compass Group plc		155,707		2,948,408
Cracker Barrel Old Country Store Incorporated «		31,400		4,776,254
Crown Limited		59,986		591,933
Darden Restaurants Incorporated		59,900		3,692,236
Domino’s Pizza Enterprises Limited		9,110		518,221
Domino’s Pizza Group plc		44,042		207,507
Domino’s Pizza Incorporated		66,800		9,991,276
Doutor Nichires Holdings Company Limited		5,200		91,973
Egyptian Resorts Company †		16,982		1,530
Flight Centre Limited		11,645		322,504
Formosa International Hotels Corporation		19,491		110,568
Fresh Express Delivery Holding Group Company Limited †		1,669		155
Fuji Kyuko Company Limited		10,000		107,573
Fujita Kanko Incorporated		12,000		43,841


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			5


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)
Galaxy Entertainment Group Limited		385,000	$	1,253,134
Genting Bhd		624,500		1,201,110
Genting Malaysia Bhd		1,046,115		1,145,297
Genting Singapore plc		1,113,320		588,345
Grand Korea Leisure Company Limited		4,800		112,359
Great Canadian Gaming Corporation †		676		11,232
Greene King plc		29,029		309,720
GVC Holdings plc		13,541		122,602
H.I.S. Company Limited		6,500		163,592
Hana Tour Service Incorporated		1,564		100,994
Hilton Worldwide Holdings Incorporated		101,213		2,415,954
Hong Kong & Shanghai Hotels Limited		96,806		98,833
Hotel Properties Limited		32,000		79,621
Hyatt Hotels Corporation Class A †		15,414		824,341
Imperial Hotel Limited		6,400		130,394
InterContinental Hotels Group plc		21,940		939,510
J D Wetherspoon plc		8,168		95,192
J. Alexander’s Holdings Incorporated †		20,074		200,138
Jack in the Box Incorporated		42,200		4,197,212
Jollibee Foods Corporation		94,580		497,309
Kangwon Land Incorporated		17,620		623,416
Kisoji Company Limited		3,500		72,020
Kyoritsu Maintenance Company Limited		2,100		137,003
Ladbrokers plc		95,658		193,068
Las Vegas Sands Corporation		70,555		3,542,567
Macau Legend Development Limited †		840,000		119,110
Magnum Bhd		221,370		127,183
Marriott International Incorporated Class A «		36,800		2,624,944
Marston’s plc		50,669		96,943
McDonald’s Corporation		158,914		18,379,993
McDonald’s Holdings Company Japan Limited		9,700		267,754
Melco Crown Entertainment Limited ADR «		32,470		421,461
Melco International Development Limited		180,000		186,090
Merlin Entertainment plc 144A		50,120		315,978
MGM China Holdings Limited		177,200		272,737
MGM Resorts International †		269,700		6,443,133
Millennium & Copthorne Hotels plc		18,690		106,123
Minor International PCL		486,956		580,287
Miramar Hotel & Investment Company Limited		48,000		84,274
Mitchells & Butlers plc		19,207		64,845
MOS Food Services Incorporated		4,700		135,960
Norwegian Cruise Line Holdings Limited †		87,062		3,124,655
Ohsho Food Service Corporation		1,600		61,470
OPAP SA		58,349		489,442
Oriental Land Company Limited		33,600		1,967,645
Paddy Power Betfair plc		3,017		362,898
Paddy Power plc		3,683		440,194
Panera Bread Company Class A †		30,049		6,525,140
Paradise Company Limited		11,315		169,979
Plenus Company Limited		4,100		68,079


6		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)
Resorttrust Incorporated		14,700	$	313,138
Restaurant Brands International Incorporated		19,733		941,508
Restaurant Group plc		15,681		76,703
Round One Corporation		8,500		59,561
Royal Caribbean Cruises Limited		95,470		6,788,872
Royal Holdings Company Limited		5,300		86,212
Saint Marc Holdings Company Limited		2,400		61,400
Saizeriya Company Limited		4,700		98,166
Sands China Limited		395,123		1,553,487
Shangri-La Asia Limited		274,166		296,871
Six Flags Entertainment Corporation		105,419		5,141,285
SJM Holdings Limited		390,000		245,335
SKYCITY Entertainment Group Limited		125,099		454,767
Skylark Company Limited		17,100		212,541
Sodexho Alliance SA		9,330		1,080,783
SSP Group plc		80,582		344,855
Star Entertainment Group Limited		140,622		623,539
Starbucks Corporation		265,200		14,912,196
Tabcorp Holdings Limited		160,020		597,707
Tatts Group Limited		233,609		668,918
The Cheesecake Factory Incorporated		63,600		3,269,676
The Wendy’s Company		248,114		2,528,282
Thomas Cook Group plc †		117,612		107,492
Tokyo Dome Corporation		18,000		162,142
Tokyotokeiba Company Limited		32,000		61,857
TUI AG		12,319		171,765
TUI AG - BATS Exchange		24,427		340,971
Unibet Group plc		36,544		326,993
Vail Resorts Incorporated		47,720		7,560,280
Whitbread plc		16,280		891,893
William Hill plc		82,355		344,116
Wyndham Worldwide Corporation		63,100		4,466,849
Wynn Macau Limited		273,600		380,904
Wynn Resorts Limited «		45,837		4,094,161
Yoshinoya D&C Company Limited		11,800		160,238
Yum! Brands Incorporated		43,700		3,964,027
Zensho Company Limited		13,100		224,864

				172,481,302


Household Durables: 1.10%
Alpine Electronics Incorporated		7,900		95,061
Altek Corporation		436		314
Arcelik AS		78,008		558,133
Barratt Developments plc		86,863		563,477
Bellway plc		9,497		290,574
Berkeley Group Holdings plc		11,306		396,698
Bonava AB B Shares †		8,600		103,674
Bovis Homes Group plc		9,917		116,682
Casio Computer Company Limited		39,600		559,180
Chofu Seisakusho Company Limited		3,500		83,386


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			7


Security name	Shares		Value

Household Durables (continued)
Coway Company Limited		8,430	$	630,549
Crest Nicholson Holdings plc		42,434		259,164
D.R. Horton Incorporated		184,676		5,920,713
Dorel Industries Incorporated Class B		2,467		70,413
Electrolux AB Class B		25,871		673,925
Forbo Holding AG		129		177,194
Foster Electric Company Limited		4,400		77,058
Fujitsu General Limited		9,000		183,018
Garmin Limited		61,100		2,998,788
GoPro Incorporated Class A †«		111,691		1,636,273
GUD Holdings Limited		7,917		59,738
Haier Electronics Group Company		470,000		786,408
Hanssem Company Limited		1,940		255,767
Harman International Industries Incorporated		38,970		3,300,369
Haseko Corporation		44,800		423,904
Husqvarna AB Class A		1		9
Husqvarna AB Class B		37,065		320,614
Iida Group Holdings Company		25,700		481,386
JM AB		8,886		225,766
JVC Kenwood Holdings Incorporated		26,300		61,769
Leggett & Platt Incorporated		70,719		3,711,333
Lennar Corporation Class A		103,471		4,894,178
Lennar Corporation Class B		1,900		72,181
LG Electronics Incorporated		17,628		814,208
Mohawk Industries Incorporated †		36,200		7,702,636
Newell Rubbermaid Incorporated		247,742		13,150,145
Nikon Corporation «		59,000		866,196
NVR Incorporated †		2,034		3,430,951
Panahome Corporation		11,000		81,332
Panasonic Corporation		338,010		3,466,183
Peace Mark Holdings Limited †(a)		10,000		0
Persimmon plc		31,295		749,573
Pioneer Corporation †		54,900		120,449
Pulte Homes Incorporated		165,500		3,536,735
Rinnai Corporation		5,700		534,384
Sangetsu Company Limited		9,300		164,221
SEB SA		3,036		404,010
Sekisui Chemical Company Limited		68,900		962,929
Sekisui House Limited		93,200		1,500,712
Sharp Corporation †«		269,000		371,788
Skyworth Digital Holdings Limited		144		107
Sony Corporation		182,294		5,858,286
Starts Corporation Incorporated		5,200		89,309
Steinhoff International Holdings H Shares		949,758		5,699,065
Sumitomo Foresting Company Limited		24,600		332,866
Tamron Company Limited		4,000		61,663
Taylor Woodrow plc		300,372		636,221
Techtronic Industries Company Limited		217,000		879,743
Tempur-Pedic International Incorporated †		80,300		6,297,126
Token Corporation		1,340		98,818


8		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares			Value

Household Durables (continued)
Toll Brothers Incorporated †		93,800		$	2,916,242
Tupperware Brands Corporation		60,300			3,951,459
Welling Holding Limited		800			146
Zojirushi Corporation «		6,800			106,405

					94,771,604


Internet & Catalog Retail: 1.35%
Amazon.com Incorporated †		70,127			53,938,883
Askul Corporation		4,000			144,010
ASOS plc †		4,799			285,472
CJ O Shopping Company Limited		949			134,818
Ctrip.com International Limited ADR †«		96,068			4,548,820
Expedia Incorporated		66,712			7,279,613
Groupon Incorporated †«		588,300			3,135,639
GS Home Shopping Incorporated		834			117,583
Home Retail Group plc		62,866	��		131,836
HSN Incorporated		45,387			1,896,269
Hyundai Home Shopping Network Corporation		1,833			202,205
JD.com Incorporated ADR †		240,645			6,114,789
Liberty Interactive Corporation Series A †		252,900			5,343,777
Liberty TripAdvisor Holdings Incorporated Class A †		96,300			2,004,003
N Brown Group plc		13,911			37,247
Netflix Incorporated †		77,582			7,560,366
Ocado Group plc †«		44,034			176,130
Rakuten Incorporated		131,400			1,656,073
Senshukai Company Limited		7,500			50,089
Shutterfly Incorporated †		49,300			2,475,846
Start Today Company Limited		8,700			404,035
The Priceline Group Incorporated †		8,996			12,744,903
TripAdvisor Incorporated †		64,201			3,916,261
Vipshop Holdings Limited ADR †		89,052			1,260,976
Zalando SE 144A†		12,774			488,519

					116,048,162


Leisure Products: 0.34%
Amer Sports Oyj		13,925			419,381
Bandai Namco Holdings Incorporated		32,700			893,154
Fields Corporation		2,900			35,933
Giant Manufacturing Company Limited		113,687			732,702
Hasbro Incorporated		62,721			5,126,815
Heiwa Corporation		9,000			193,022
Mattel Incorporated		190,495			6,311,099
Merida Industry Company Limited		47,250			192,839
Mizuno Corporation		17,000			82,318
Polaris Industries Incorporated «		33,156			2,872,636
Sankyo Company Limited		7,900			274,112
Sega Sammy Holdings Incorporated		30,200			412,435
Shimano Incorporated		12,400			1,802,503
The Brunswick Corporation		119,470			5,494,425


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			9


Security name	Shares		Value

Leisure Products (continued)
Tomy Company Limited		14,100	$	126,466
Universal Entertainment Corporation †		2,500		76,475
Vista Outdoor Incorporated †		83,224		3,313,980
Yamaha Corporation		26,700		865,786

				29,226,081


Media: 2.08%
Aimia Incorporated		16,463		101,937
Alibaba Pictures Group Limited †		3,700,000		763,128
Altice NV Class A		24,543		408,594
Altice NV Class B †		8,181		136,016
AMC Networks Incorporated Class A †		37,462		2,035,685
Asatsu-DK Incorporated		5,100		125,005
Astro Malaysia Holdings Bhd		902,400		656,412
Avex Group Holdings Incorporated		7,200		93,249
Axel Springer AG		4,131		210,398
BEC World PCL		121,700		78,753
Cable One Incorporated		5,576		3,017,285
Charter Communications Incorporated Class A †		123,007		31,638,630
Cheil Worldwide Incorporated		13,120		187,092
Cinemark Holdings Incorporated		127,500		4,927,875
Cineplex Incorporated		8,140		308,245
Cineworld Group plc		18,075		135,528
CJ CGV Company Limited		2,020		149,462
CJ E&M Corporation		3,006		187,370
Cogeco Communications Incorporated		1,258		60,866
Corus Entertainment Incorporated Class B «		12,391		116,124
CTS Eventim AG & Company KGaA		4,511		156,539
CyberAgent Incorporated		7,300		395,815
Cyfrowy Polsat SA †		97,742		615,209
Daiichikosho Company Limited		6,700		259,349
Daily Mail & General Trust plc Class A		23,399		221,844
Dentsu Incorporated		36,600		2,012,797
Discovery Communications Incorporated Class A †		92,102		2,349,522
Discovery Communications Incorporated Class C †		131,948		3,274,949
DISH Network Corporation Class A †		27,070		1,359,726
eSun Holdings Limited †		3,000		286
Eutelsat Communications SA		15,183		295,108
Event Hospitality and Entertainment Limited		22,965		259,926
Fairfax Media Limited		382,378		283,066
Fuji Television Network Incorporated		8,900		109,417
Gannett Company Incorporated		156,499		1,867,033
GFK SE		2,287		74,363
Grupo Televisa SA		590,602		3,222,353
Hakuhodo DY Holdings Incorporated		42,500		461,702
Havas SA		34,495		288,312
IMAX Corporation †		5,455		166,323
Informa plc		60,450		562,406
Ipsos		1,688		55,432
ITV plc		319,668		842,482


10		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Media (continued)
JC Decaux SA		5,375	$	184,663
Kadokawa Dwango Corporation		4,900		60,288
Lagardere SCA		10,820		263,892
Liberty Broadband Corporation Class A †		35,428		2,389,619
Liberty Broadband Corporation Class C †		86,366		5,918,662
Liberty Global plc Class A		54,958		1,739,421
Liberty Global plc Class C		126,329		3,894,723
Liberty Latin America and Caribbean Group Class A †		23,705		666,822
Liberty Latin America and Caribbean Group Class C †		53,670		1,532,815
Lions Gate Entertainment Corporation «		58,600		1,228,256
Live Nation Incorporated †		89,455		2,390,238
M6 Metropole Television SA		5,835		103,520
Madison Square Garden Company Class A †		26,287		4,748,747
Mediaset Espana Comunicacion SA		15,943		192,152
Mediaset SpA		67,736		214,277
Meredith Corporation		49,800		2,641,392
Modern Times Group Class B		4,115		103,444
MSG Networks Incorporated Class A		36,900		645,012
Naspers Limited		119,631		19,577,757
New York Times Company Class A		162,087		2,097,406
News Corporation Class A		221,380		3,112,603
News Corporation Class B		61,266		884,068
Nippon Television Network Corporation		10,000		161,504
NOS SGPS		7,553		51,173
Omnicom Group Incorporated		128,700		11,084,931
Pearson plc		78,175		888,483
ProSiebenSat.1 Media AG		20,366		875,978
PT Media Nusantara Citra Tbk		1,052,000		152,268
Publicis Groupe SA		17,005		1,262,336
Quebecor Incorporated Class B		6,882		210,490
REA Group Limited		7,600		334,768
Regal Entertainment Group Class A «		89,393		1,911,222
RTL Group		1,962		165,452
Schibsted ASA Class A		8,244		261,782
Schibsted ASA Class B		8,244		238,433
Scripps Networks Interactive Incorporated Class A		52,764		3,343,655
SES SA		43,074		989,286
Seven West Media Limited		254,688		149,300
Shaw Communications Incorporated Class B		37,500		750,057
Shochiku Company Limited		20,000		214,372
Sinclair Broadcast Group Incorporated Class A		91,674		2,610,876
Singapore Press Holdings Limited		289,000		799,684
Sirius XM Holdings Incorporated †		401,788		1,663,402
SKY Network Television Limited		62,990		222,129
Sky Perfect JSAT Holdings Incorporated		21,100		95,849
Sky plc		92,582		1,032,163
SM Entertainment Company †		3,747		91,743
Societe Television Francaise 1 SA		10,997		107,259
Starz Incorporated Class A †		94,146		2,936,414
Sun TV Network Limited		19,075		134,553


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			11


Security name	Shares		Value

Media (continued)
Technicolor		26,745	$	173,537
Tegna Incorporated		126,571		2,564,328
Telenet Group Holding NV †		5,930		278,112
Television Broadcasts Limited		55,000		196,389
Time Incorporated		135,071		1,904,501
Toei Company Limited		16,000		120,466
Toho Company Limited Tokyo		21,500		626,516
Tokyo Broadcasting System Incorporated		5,700		78,284
Tribune Media Company Class A		93,147		3,547,038
TV Asahi Corporation		3,800		60,747
Twenty-First Century Fox Incorporated Class A		198,623		4,874,208
Twenty-First Century Fox Incorporated Class B		83,197		2,067,445
United Business Media plc		31,206		281,725
Viacom Incorporated		1,244		56,216
Viacom Incorporated Class B		41,563		1,676,651
Vivendi SA		113,848		2,207,117
Wolters Kluwer NV		33,251		1,395,505
WPP plc		120,952		2,789,020
Zee Entertainment Enterprises Limited		153,249		1,234,550
Zenrin Company Limited		5,000		80,559

				178,013,866


Multiline Retail: 0.51%
Aeon Company Bhd		165,600		111,475
B&M European Value Retail SA		75,912		274,529
Canadian Tire Corporation Limited Class A		7,500		768,244
Debenhams plc		147,783		117,601
Dollar General Corporation		51,400		3,773,274
Dollar Tree Incorporated †		135,586		11,212,962
Dollarama Incorporated		12,916		954,370
Don Quijote Company Limited		16,800		548,823
Far Eastern Department Stores Company Limited		185,584		97,674
Fuji Company Limited		5,100		92,965
H2O Retailing Corporation		14,100		191,879
Harvey Norman Holdings Limited		101,944		412,194
Hudson’s Bay Company		10,727		147,973
Hyundai Department Store Company Limited		3,673		413,418
Isetan Mitsukoshi Holdings Limited		58,100		528,973
Izumi Company Limited		6,700		262,910
J.Front Retailing Company Limited		39,100		441,394
Kintetsu Department Store Company Limited †		27,000		89,248
Kohl’s Corporation		102,033		4,528,225
Lifestyle China Group Limited †		119,500		32,811
Lifestyle International Holdings Limited		119,500		180,231
Lotte Shopping Company Limited		2,095		381,422
Macy’s Incorporated		36,812		1,331,858
Marks & Spencer Group plc		149,257		675,601
Marui Company Limited		38,500		469,226
Matsuya Company Limited		9,600		67,826
Metro Holdings Limited		163,200		107,806


12		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Multiline Retail (continued)
Myer Holdings Limited «		108,425	$	111,230
New World Department Store China Limited		150,000		20,109
Next plc		15,421		1,118,817
Nordstrom Incorporated «		73,000		3,683,580
PT Matahari Department Store Tbk		650,500		980,776
Ryohin Keikaku Company Limited		3,900		703,368
SACI Falabella		339,045		2,396,294
Seria Company Limited		3,000		198,328
Shinsegae Company Limited		1,463		267,014
Takashimaya Company Limited		52,000		380,457
Target Corporation		63,700		4,471,103
Warehouse Group Limited		10,254		21,502
Woolworths Holdings Limited		273,894		1,502,300

				44,069,790


Specialty Retail: 2.41%
ABC-Mart Incorporated		4,200		263,857
Abercrombie & Fitch Company Class A		89,100		1,580,634
Adastria Company Limited		5,000		111,342
Advance Auto Parts Incorporated		41,796		6,577,854
Alpen Company Limited		2,900		52,162
American Eagle Outfitters Incorporated		198,202		3,674,665
AOKI Holdings Incorporated		6,600		68,064
Aoyama Trading Company Limited		7,100		230,571
Asbury Automotive Group Incorporated †		31,680		1,701,850
Autobacs Seven Company Limited		11,400		157,891
AutoNation Incorporated †		43,700		2,069,195
AutoZone Incorporated †		5,400		4,005,720
BCA Marketplace plc		73,329		191,139
Best Buy Company Incorporated		157,219		6,049,787
BIC Camera Incorporated		22,100		174,297
Burlington Stores Incorporated †		94,228		7,653,198
Cabela’s Incorporated †		62,400		3,056,976
CarMax Incorporated †		110,200		6,496,290
Chico’s FAS Incorporated		175,995		2,231,617
Chiyoda Company Limited		4,900		103,053
Chow Sang Sang Holdings International Limited		81,000		154,116
Chow Tai Fook Jewellery Company Limited «		230,800		161,254
CST Brands Incorporated		90,669		4,334,885
DCM Holdings Company Limited «		16,300		124,142
Dixons Carphone plc		119,075		579,639
Dufry Group Register Shares †		3,543		414,260
Edion Corporation		14,400		113,012
Esprit Holdings Limited †		355,658		314,508
Fast Retailing Company Limited «		9,300		3,266,438
FF Group		17,878		432,742
Fielmann AG		1,552		121,390
Foot Locker Incorporated		72,035		4,728,377
Gamestop Corporation Class A «		124,300		3,528,877
Geo Holdings Corporation		5,700		72,555


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			13


Security name	Shares		Value

Specialty Retail (continued)
Giordano International Limited		338,000	$	194,324
GNC Holdings Incorporated Class A		91,145		1,916,779
Group 1 Automotive Incorporated		30,700		1,821,738
Guess? Incorporated		84,100		1,398,583
Halfords Group plc		10,381		47,398
Hennes & Mauritz AB Class B		89,703		2,734,895
Hikari Tsushin Incorporated		3,600		323,588
Home Product Center PCL		1,192,700		375,567
Hotai Motor Company Limited		116,000		1,283,182
Hotel Shilla Company Limited		5,410		328,967
IDOM Incorporated		11,100		66,193
Industria de Diseno Textil SA		100,857		3,573,593
JB Hi-Fi Limited		17,769		396,489
JIN Company Limited «		2,300		105,591
Joshin Denki Company Limited		10,000		82,153
Joyful Honda Company Limited		6,900		166,790
Jumbo SA		24,601		300,481
K’s Holdings Corporation		13,400		211,494
Kingfisher plc		235,574		1,147,975
Kohnan Shoji Company Limited		4,900		89,082
Komeri Company Limited		6,500		150,776
L Brands Incorporated		48,815		3,720,191
Lithia Motors Incorporated Class A		33,900		2,805,903
LOTTE Himart Company Limited		2,142		84,527
Luk Fook Holdings International Limited		65,000		148,307
Mr. Price Group Limited		65,912		827,016
Nafco Company Limited		1,400		22,083
Nishimatsuya Chain Company Limited		8,400		115,448
Nitori Company Limited		12,100		1,226,782
O’Reilly Automotive Incorporated †		55,606		15,566,900
Praktiker Bau Und Heimwerkermaerkte AG †		3,061		17
Premier Investments Limited		16,893		208,721
Restoration Hardware Holdings Incorporated †«		53,768		1,813,595
Ross Stores Incorporated		231,488		14,407,813
Sa Sa International Holdings Limited		188,740		78,342
Sally Beauty Holdings Incorporated †		201,900		5,495,718
Sanrio Company Limited «		8,800		163,727
Shimachu Company Limited		7,100		158,586
Shimamura Company Limited		3,500		404,920
Signet Jewelers Limited		43,600		3,574,328
Sports Direct International plc †		23,788		92,868
Staples Incorporated		336,345		2,879,113
Super Cheap Auto Group Limited		27,099		224,029
The Foschini Limited		46,328		411,885
The Gap Incorporated		117,800		2,929,686
The Home Depot Incorporated		225,520		30,246,742
The TJX Companies Incorporated		119,700		9,269,568
Tiffany & Company		61,600		4,396,392
Tractor Supply Company		75,872		6,369,454
Trinity Limited †		202,000		15,884


14		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Specialty Retail (continued)
Truworths International Limited		107,753	$	558,114
Ulta Salon Cosmetics & Fragrance Incorporated †		35,700		8,825,397
United Arrows Limited		4,100		104,892
Urban Outfitters Incorporated †		111,513		3,997,741
USS Company Limited		32,900		525,942
WH Smith plc		12,180		243,751
Williams-Sonoma Incorporated «		50,100		2,637,264
Xebio Company Limited		4,100		62,254
Yamada Denki Company Limited		99,900		467,323

				206,593,218


Textiles, Apparel & Luxury Goods: 1.19%
Adidas AG		19,806		3,290,694
ASICS Corporation		27,900		565,469
Belle International Holdings Limited		1,590,000		1,033,007
Billabong International Limited †		11,336		10,777
Burberry Group plc		41,524		711,035
Carter’s Incorporated		27,800		2,649,062
CCC SA		3,479		162,006
China Hongxing Sports Limited †(a)		37,000		0
Christian Dior SA		4,809		831,451
Coach Incorporated		155,700		5,944,626
Compagnie Financiere Richemont SA		49,685		2,861,731
Daphne International Holdings Limited †		130,000		17,931
Deckers Outdoor Corporation †		45,598		2,979,829
Descente Limited		9,000		100,643
Eclat Textile Company Limited		70,965		899,070
Feng Tay Enterprise Company Limited		101,978		485,296
Fibrechem Technologies Limited †(a)		20,000		0
Fila Korea Limited		1,626		146,559
Formosa Taffeta Company Limited		209,000		201,883
Fossil Group Incorporated †		58,911		1,682,498
Fujibo Holdings Incorporated		23,000		68,468
G-III Apparel Group Limited †		57,100		1,802,647
Gildan Activewear Incorporated		21,862		643,657
Global Brands Group Holding Limited †		1,128,530		104,742
Gunze Limited		36,000		106,123
Hansae Company Limited		3,320		72,057
Hermes International		1,835		774,938
Hugo Boss AG		5,926		361,906
Jaybharat Textiles & Real Estate Limited †(a)		15,488		5,782
Kate Spade & Company †		165,138		3,081,475
Kering		7,111		1,348,038
Kurabo Industries Limited		43,000		76,886
Li & Fung Limited		1,128,530		580,445
LPP SA «		207		238,336
lululemon athletica Incorporated †		60,995		4,666,727
Luxottica Group SpA		12,870		620,890
LVMH Moet Hennessy Louis Vuitton SA		26,096		4,415,803
Makalot Industrial Company Limited		43,119		203,837


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			15


Security name	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Michael Kors Holdings Limited †		104,486	$	5,114,590
Moncler SpA		21,572		357,809
Nike Incorporated Class B		241,000		13,891,240
Onward Kashiyama Company Limited		21,000		147,760
Pacific Textiles Holdings Limited		106,000		139,374
Page Industries Limited		1,637		363,099
Pandora AS		11,925		1,483,498
Pou Chen Corporation		853,600		1,237,472
Prada SpA		47,800		143,260
PVH Corporation		45,562		4,909,761
Rajesh Exports Limited		41,060		269,431
Ralph Lauren Corporation		31,559		3,270,144
Ruentex Industries Limited		153,911		238,891
Sanyo Shokai Limited		23,000		36,457
Seiko Holdings Corporation Class C		23,000		71,135
Seiren Company Limited		9,500		105,959
Shenzhou International Group Holdings Limited		201,000		1,320,127
Skechers U.S.A. Incorporated Class A †		173,100		4,208,061
Stella International		100,000		159,071
Steven Madden Limited †		79,250		2,780,883
Tainan Spinning Company Limited		361,640		143,035
Texwinca Holdings Limited		100,000		71,414
The Japan Wool Textile Company Limited		13,000		87,952
The Swatch Group AG - Bearer Shares «		2,953		759,905
The Swatch Group AG - Regular Shares		4,901		248,899
Titan Industries Limited		93,936		587,012
Tod’s SpA		810		48,474
TSI Holdings Company Limited		20,900		115,342
Under Armour Incorporated Class A «		102,692		4,069,684
Under Armour Incorporated Class C †		103,375		3,685,319
Unitika Limited †		84,000		44,653
VF Corporation		60,416		3,748,813
Wacoal Corporation		21,000		224,482
Wolverine World Wide Incorporated		127,880		3,057,611
Youngone Corporation		5,630		168,900
Yue Yuen Industrial Holdings Limited		151,500		644,469

				101,700,310


Consumer Staples: 7.21%

Beverages: 1.67%
Ambev SA		1,200,673		7,135,177
Anadolu Efes Biracilik Ve Malt Sanayii AS		41,874		259,814
Anheuser-Busch InBev NV		75,959		9,409,098
Arca Continental SAB de CV		95,500		596,258
Asahi Breweries Limited		69,800		2,284,278
Britvic plc		18,843		158,978
Brown-Forman Corporation Class A		34,156		1,767,231
Brown-Forman Corporation Class B		113,642		5,517,319
C&C Group plc		40,928		173,025


16		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Beverages (continued)
Carlsberg AS Class B		10,130	$	949,702
Carlsberg Brewery Malaysia Bhd		27,300		98,955
China Resources Enterprise Limited		543,781		1,254,736
Coca-Cola Amatil Limited		76,261		560,531
Coca-Cola East Japan Company Limited		12,700		223,399
Coca-Cola European Partners plc		118,819		4,568,591
Coca-Cola HBC AG		17,518		385,083
Coca-Cola Icecek Uretim AS		15,881		198,469
Coca-Cola West Japan Company Limited		14,900		337,704
Compania Cervecerias Unidas SA		59,871		632,401
Constellation Brands Incorporated Class A		101,759		16,693,564
Cott Corporation		9,100		145,098
Davide Campari-Milano SpA		22,742		247,461
Diageo plc		225,296		6,237,940
Distell Group Limited		26,980		313,806
Dr Pepper Snapple Group Incorporated		100,385		9,406,075
Fomento Economico Mexicano Sab de CV		583,400		5,345,529
Fraser & Neave Holdings		12,000		72,198
Heineken Holding NV		9,870		793,344
Heineken Malaysia Bhd		33,500		150,009
Heineken NV		20,410		1,823,584
Hite Jinro Company Limited		6,516		127,982
ITO EN Limited		9,400		282,550
Kirin Brewery Company Limited		125,400		2,044,045
Lotte Chilsung Beverage Company Limited		132		177,697
Molson Coors Brewing Company Class B		99,542		10,185,137
Monster Beverage Corporation †		25,487		3,922,194
PepsiCo Incorporated		160,019		17,082,028
Pernod Ricard SA		18,977		2,178,177
Remy Cointreau SA		1,992		173,825
SABMiller plc		88,681		5,121,532
Sapporo Holdings Limited		11,600		284,548
Suntory Beverage & Food Limited		18,634		739,309
Takara Holdings Incorporated		29,500		254,898
Thai Beverage PCL		2,812,000		2,053,609
The Coca-Cola Company		431,674		18,747,602
Treasury Wine Estates Limited		106,565		899,399
Tsingtao Brewery Company Limited H Shares		70,000		234,610
United Breweries Limited		33,308		404,476
United Spirits Limited †		17,882		617,619

				143,270,594


Food & Staples Retailing: 1.16%
Aeon Company Limited «		125,900		1,730,950
Ain Holdings Incorporated		3,700		209,916
Alimentation Couche-Tard Incorporated Class B		39,729		2,048,858
ARCS Company Limited		7,400		169,793
Axfood AB		6,336		112,574
Axial Retailing Incorporated		2,900		90,113
BGF Retail Company Limited		2,571		466,930


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			17


Security name	Shares		Value

Food & Staples Retailing (continued)
Bim Birlesik Magazalar AS		67,584	$	1,158,602
Booker Group plc		194,495		449,761
Carrefour SA		53,917		1,357,399
Casey’s General Stores Incorporated		51,410		6,750,647
Casino Guichard Perrachon SA		5,420		268,098
Cencosud SA		443,098		1,301,899
Cocokara Fine Incorporated		4,000		135,118
Colruyt SA		6,243		342,652
Cosmos Pharmaceutical Corporation		1,400		254,115
Costco Wholesale Corporation		79,327		12,858,113
CP ALL PCL		1,232,200		2,215,899
Dairy Farm International Holdings Limited		52,200		374,274
Distribuidora Internacional SA		55,953		341,710
Dongsuh Company Incorporated		12,182		337,054
E-MART Limited		3,311		467,697
Empire Company Limited Class A		14,916		245,339
Eurocash SA		15,296		168,288
FamilyMart Company Limited «		8,800		630,242
George Weston Limited		5,500		473,502
Greggs plc		9,507		129,460
GS Retail Company Limited		7,588		320,533
Heiwado Company Limited		8,100		145,771
Hyundai Greenfood Company Limited		13,680		204,280
ICA Gruppen AB «		11,898		407,086
Inageya Company Limited		5,500		72,933
J Sainsbury plc		119,290		376,419
Jeronimo Martins SA		20,490		330,606
Kato Sangyo Company Limited		5,600		122,809
Kesko Oyj Class A		1,500		61,539
Kesko Oyj Class B		7,559		328,752
Koninklijke Ahold Delhaize NV		117,595		2,815,593
Kusuri No Aoki Company Limited		2,300		84,140
Lawson Incorporated		10,000		701,687
Life Corporation		4,000		108,829
Loblaw Companies Limited		20,909		1,137,606
Magnit OJSC Sponsored GDR		68,877		2,716,509
Matsumotokiyoshi Holdings Company Limited		7,200		316,977
Metcash Limited †«		174,566		287,317
Metro AG		12,722		377,474
Metro Incorporated «		29,037		986,204
Mitsubishi Shokuhin Company Limited		4,200		119,994
OKUWA Company Limited		6,000		55,323
President Chain Store Corporation		194,032		1,544,037
Puregold Price Club Incorporated		289,300		278,776
Rallye SA		2,005		32,518
Rite Aid Corporation †		552,380		4,159,421
San-A Company Limited		2,500		117,189
Seven & I Holdings Company Limited «		115,180		4,854,782
Shoprite Holdings Limited		105,840		1,357,015
Shufersal Limited		1		3


18		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Food & Staples Retailing (continued)
Sligro Food Group NV		1,429	$	53,510
Sonae SGPS SA		93,661		78,147
Sprouts Farmers Market Incorporated †		184,947		4,166,856
Sugi Pharmacy Company Limited		6,100		298,913
Sun Art Retail Group Limited		518,000		333,201
Sundrug Company Limited		5,100		369,690
Sysco Corporation		55,348		2,870,347
Tesco plc †		770,024		1,682,059
The Jean Coutu Group PJC Incorporated Class A		9,211		136,332
Tsuruha Holdings Incorporated		5,800		568,424
United Natural Foods Incorporated †		64,679		2,949,362
United Super Markets Holdings Incorporated		11,000		99,831
UNY Group Holdings Company Limited (a)		34,400		339,987
Valor Company Limited		7,200		194,222
Wal-Mart de Mexico SAB de CV		1,414,152		3,230,345
Walgreens Boots Alliance Incorporated		94,577		7,633,310
Welcia Holdings Company		3,500		205,335
Wesfarmers Limited		162,265		5,175,571
Whole Foods Market Incorporated		182,161		5,534,051
William Morrison Supermarkets plc		218,799		566,012
Woolworths Limited		184,615		3,289,702
Yaoko Company Limited		3,700		143,938
Yokohama Reito Company		7,100		70,544

				99,500,814


Food Products: 2.32%
Ajinomoto Company Incorporated		84,300		1,786,787
Archer Daniels Midland Company		61,900		2,708,744
Ariake Japan Company Limited		2,900		137,201
Aryzta AG		9,603		382,538
Associated British Foods plc		34,117		1,362,390
B&G Foods Incorporated		74,500		3,537,260
Barry Callebaut AG		233		299,438
BRF SA		164,500		2,743,195
Britannia Industries Limited		8,705		449,815
Bunge Limited		77,978		4,982,794
CALBEE Incorporated		16,200		587,938
Campbell Soup Company		100,500		6,102,360
Charoen Pokphand Food PCL		866,900		813,920
China Agri-Industries Holdings Limited †		700		247
China Huishan Dairy Holdings Company Limited «		1,506,000		578,518
China Mengniu Dairy Company		730,000		1,385,180
CJ Cheiljedang Corporation		1,371		478,928
ConAgra Foods Incorporated		236,377		11,017,532
Dairy Crest Group plc		6,886		59,363
Danone SA		57,249		4,349,396
Darling Ingredients Incorporated †		195,600		2,754,048
Dean Foods Company		121,104		2,084,200
Dydo Drinco Incorporated		1,900		92,737
Ebro Puleva SA		6,042		135,195


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			19


Security name	Shares		Value

Food Products (continued)
Elders Limited †		3,653	$	10,076
Ezaki Glico Company Limited		8,600		430,561
Felda Global Ventures Holdings Bhd		469,000		262,515
Flowers Foods Incorporated «		104,950		1,564,805
Fuji Oil Company Limited		9,500		184,647
General Mills Incorporated		64,100		4,539,562
Genting Plantations Bhd		46,000		120,232
Glanbia plc		16,206		308,574
GlaxoSmithKline Consumer Healthcare Limited		4,898		458,669
Golden Agri-Resources Limited		1,248,045		329,771
GrainCorp Limited Class A		43,413		268,194
Greencore Group plc		38,147		175,825
Gruma SAB de CV Class B		60,100		798,983
Grupo Bimbo Sab de CV Series A		390,400		1,111,831
Grupo Lala SAB de CV		239,043		500,796
Hain Celestial Group Incorporated †		136,466		5,015,126
Hokuto Corporation		5,200		88,857
Hormel Foods Corporation		151,000		5,777,260
House Foods Corporation		12,000		258,174
Indofood Agri Resources Limited		39,000		12,881
Ingredion Incorporated		40,200		5,505,792
IOI Corporation Bhd		1,011,046		1,101,917
Itoham Yonekyu Holdings Incorporated †		23,000		217,629
J-Oil Mills Incorporated		19,000		60,784
JBS SA		274,223		1,061,497
Kagome Company Limited		11,600		263,807
KAMEDA SEIKA Company Limited		2,900		140,424
Kellogg Company		26,000		2,137,460
Kerry Group plc Class A		15,076		1,281,083
Kewpie Corporation		18,700		513,837
Kikkoman Corporation		29,000		912,338
Kuala Lumpur Kepong Bhd		99,100		576,200
Lancaster Colony Corporation		24,969		3,359,080
Lindt & Spruengli AG		10		688,221
Lindt & Spruengli AG - Participation Certificate		96		555,864
Lotte Confectionery Company Limited		2,280		346,601
Lotte Food Company Limited		154		93,091
Maple Leaf Foods Incorporated		14,491		321,887
Marine Harvest ASA		25,295		390,987
Marudai Food Company Limited		19,000		83,922
Maruha Nichiro Corporation		6,900		160,188
McCormick & Company Incorporated		65,500		6,678,380
Mead Johnson Nutrition Company		107,020		9,104,191
Megmilk Snow Brand Company Limited		7,500		231,238
Meiji Holdings Company Limited		22,000		1,979,607
Mitsui Sugar Company Limited		17,000		77,717
Mondelez International Incorporated Class A		169,854		7,646,827
Morinaga & Company Limited		40,000		322,428
Morinaga Milk Industry Company Limited		32,000		203,199
Nestle India Limited		8,749		852,502


20		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Food Products (continued)
Nestle Malaysia Bhd		10,000	$	194,403
Nestle SA		299,651		23,855,090
NH Foods Limited		30,000		656,744
Nichirei Corporation		44,000		435,896
Nippon Flour Mills Company Limited		25,000		173,489
Nippon Suisan Kaisha Limited		41,400		173,659
Nisshin Seifun Group Incorporated		39,000		551,462
Nissin Food Products Company Limited		13,700		760,044
Nong Shim Company Limited		901		242,422
Orion Corporation		539		359,172
Orkla ASA		72,715		665,825
Ottogi Corporation		361		226,313
Pioneer Foods Group Limited		36,864		426,260
Post Holdings Incorporated †		84,915		7,199,094
PPB Group Bhd		119,200		472,626
PT Astra Agro Lestari Tbk		87,388		108,041
PT Charoen Pokphand Indonesia Tbk		1,636,000		460,029
PT Indofood CBP Sukses Makmur Tbk		768,000		577,520
PT Indofood Sukses Makmur Tbk		993,924		593,807
Qinqin Foodstuffs Group †		50,000		17,982
Riken Vitamin Company Limited		2,000		81,670
Sakata Seed Corporation		5,700		126,214
Samyang Holdings Corporation		1,019		109,668
Saputo Incorporated		25,208		838,088
Showa Sangyo Company Limited		27,000		129,174
Standard Foods Corporation		87,299		215,424
Suedzucker AG		5,793		151,271
Tate & Lyle plc		44,144		425,193
Thai Union Group PCL		984,976		611,778
The J.M. Smucker Company		64,700		9,173,813
The Kraft Heinz Company		64,697		5,789,735
The Nisshin Oillio Group Limited		21,000		89,712
Tiger Brands Limited		53,732		1,394,357
Tingyi Holding Corporation		498,000		460,924
Toyo Suisan Kaisha Limited		14,900		609,883
TreeHouse Foods Incorporated †		74,623		7,069,037
Ulker Biskuvi Sanayi AS		81,281		572,206
Uni-President Enterprises Corporation		1,489,925		2,817,337
United Plantations Bhd		17,000		116,114
Universal Robina Corporation		238,100		955,568
Viscofan SA		4,011		219,185
Vitasoy International Holdings Limited		188,000		351,884
Want Want China Holdings Limited «		2,237,000		1,473,541
WH Group Limited 144A		1,898,137		1,492,563
WhiteWave Foods Company †		100,065		5,546,603
Wilmar International Limited		474,930		1,073,643
Yakult Honsha Company Limited		24,800		1,094,206
Yamazaki Baking Company Limited		25,700		583,972

				199,638,402


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			21


Security name	Shares		Value

Household Products: 0.74%
Colgate-Palmolive Company		97,616	$	7,256,773
Earth Chemical Company Limited		2,900		123,046
Energizer Holdings Incorporated		73,741		3,644,280
Henkel AG & Company KGaA		11,153		1,252,148
Hindustan Unilever Limited		192,802		2,640,124
Kimberly-Clark Corporation		39,016		4,996,389
Kimberly-Clark de Mexico SAB de CV Class A		424,300		1,014,801
Lion Corporation		40,000		559,803
Pigeon Corporation		17,000		452,337
PT Unilever Indonesia Tbk		402,000		1,383,438
PZ Cussons plc		28,166		123,904
Reckitt Benckiser Group plc		58,925		5,690,329
Spectrum Brands Holdings Incorporated «		35,586		4,775,641
Svenska Cellulosa AB Class A		7,500		230,327
Svenska Cellulosa AB Class B		56,712		1,742,967
The Procter & Gamble Company		295,768		25,823,504
Unicharm Corporation		65,200		1,583,604

				63,293,415


Personal Products: 0.56%
Aderans Company Limited		6,500		29,150
Amorepacific Corporation		5,000		1,730,942
Amorepacific Group		4,680		608,610
Avon Products Incorporated		575,200		3,278,640
Beiersdorf AG		10,132		942,678
Blackmores Limited «		1,922		178,220
Ci:Z Holdings Company Limited		4,000		101,870
Colgate-Palmolive Company India Limited		13,598		192,559
Cosmax Incorporated		1,043		137,040
Dabur India Limited		131,061		568,707
Edgewell Personal Care Company †		34,529		2,762,665
Emami Limited		9,988		171,020
Euglena Company Limited †«		10,800		152,191
FANCL Corporation		7,300		115,217
Godrej Consumer Products Limited		45,847		1,038,318
Hengan International Group Company Limited		206,500		1,747,552
Kao Corporation		72,800		3,783,362
Kobayashi Pharmaceutical Company Limited		8,400		390,103
Korea Kolmar Company Limited		4,292		346,824
Kose Corporation		4,400		394,646
L’Oreal SA		22,921		4,329,811
LG Household & Health Care Limited H Shares		1,529		1,304,107
Mandom Corporation		3,200		130,981
Marico Limited		140,176		610,143
McCarthy & Stone plc		46,458		124,636
Milbon Company Limited		2,000		86,599
NU Skin Enterprises Incorporated Class A		73,000		4,225,240
Oriflame Holding AG †		2,947		90,675
Pola Orbis Holdings Incorporated		3,200		255,468
Procter & Gamble Hygiene & Healthcare Limited		2,333		232,396


22		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Personal Products (continued)
Shiseido Company Limited		58,300	$	1,465,600
The Estee Lauder Companies Incorporated Class A		42,920		3,829,752
Unilever NV		159,186		7,300,546
Unilever plc		115,371		5,346,412

				48,002,680


Tobacco: 0.76%
Altria Group Incorporated		216,369		14,299,827
British American Tobacco Malaysia Bhd		28,400		344,680
British American Tobacco plc		167,593		10,398,527
Eastern Company		2,662		64,452
Imperial Tobacco Group plc		88,482		4,640,051
ITC Limited		908,538		3,527,928
Japan Tobacco Incorporated		167,500		6,488,571
KT&G Corporation		19,787		2,076,304
Philip Morris International Incorporated		171,843		17,172,271
PT Gudang Garam Tbk		106,500		517,045
PT Hanjaya Mandala Sampoerna Tbk		700,000		210,026
Reynolds American Incorporated		89,218		4,422,536
Swedish Match AB		21,840		778,629

				64,940,847


Energy: 5.39%

Energy Equipment & Services: 0.78%
AMEC Foster Wheeler plc		31,672		225,002
Amec Foster Wheeler plc ADR		4,290		30,245
Atwood Oceanics Incorporated «		77,700		613,830
Baker Hughes Incorporated		79,300		3,896,009
Bristow Group Incorporated «		46,600		531,706
Bumi Armada Bhd		340,600		62,569
Calfrac Well Services Limited		3,918		8,515
CGG SA †		2,054		49,878
Core Laboratories NV «		26,884		3,005,094
Diamond Offshore Drilling Incorporated «		85,100		1,571,797
Dril-Quip Incorporated †		53,910		2,995,779
Enerflex Limited		4,043		41,188
Ensco plc Class A		357,660		2,714,639
Ensign Energy Services Incorporated		11,978		70,513
Ezra Holdings Limited †		377,000		10,792
Fugro NV †		7,340		116,097
Halliburton Company		1		43
Helmerich & Payne Incorporated «		56,800		3,434,128
Hunting plc		13,249		80,857
John Wood Group plc		30,475		278,727
KNM Group Bhd †		14		1
Modec Incorporated «		3,100		53,002
Mullen Group Limited		6,400		79,256
Nabors Industries Limited		362,400		3,602,256
Noble Corporation plc		321,235		1,850,314


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			23


Security name	Shares		Value

Energy Equipment & Services (continued)
Oceaneering International Incorporated		126,368	$	3,351,279
Oil States International Incorporated †		68,000		2,109,360
Pason Systems Incorporated		10,745		153,219
Petrofac Limited		25,283		276,061
Petroleum Geo-Services ASA †«		19,980		42,512
Precision Drilling Corporation		20,412		83,896
Prosafe ASA		26,130		1,756
Rowan Companies plc Class A		166,523		2,074,877
Saipem SpA †		1,047,510		480,114
Sapurakencana Petroleum Bhd		640,922		249,700
SBM Offshore NV		17,972		263,215
Schlumberger Limited		251,555		19,872,845
Schoeller-Bleckmann Oilfield Equipment AG		1,839		106,668
Seadrill Limited †«		33,756		83,532
Shawcor Limited Class A		4,528		110,628
Shinko Plantech Company Limited		7,600		51,639
Subsea 7 SA †		26,952		293,043
Technip SA		11,161		659,452
Tecnicas Reunidas SA		2,168		77,918
Tenaris SA		45,222		621,456
TGS Nopec Geophysical Company ASA		10,707		186,572
Transocean Limited «		413,208		4,008,118
Trican Well Service Limited †		16,245		26,509
Trinidad Drilling Limited		7,400		14,220
U.S. Silica Holdings Incorporated «		83,671		3,284,087
Vallourec SA †		30,693		135,953
Weatherford International plc †		548,362		2,999,540
WorleyParsons Limited		36,573		224,289

				67,164,695


Oil, Gas & Consumable Fuels: 4.61%
Advantage Oil & Gas Limited †		8,522		58,161
AET&D Holdings No.1 Limited (a)		20,314		0
Afren plc †«(a)		100,824		0
Altagas Limited «		11,048		285,930
Antero Resources Corporation †		81,934		2,094,233
Apache Corporation		45,400		2,256,380
ARC Resources Limited «		29,540		515,384
Athabasca Oil Corporation †		28,194		26,659
Australian Worldwide Exploration Limited †		77,909		40,694
Bankers Petroleum Limited †		23,555		33,948
Banpu PCL		213,000		96,607
Bayan Resources Group †		170,500		85,796
Baytex Energy Corporation		11,349		51,232
Beach Petroleum Limited		252,019		107,014
Bharat Petroleum Corporation Limited		128,848		1,159,382
Birchcliff Energy Limited †		4,522		31,310
Bonavista Energy Corporation		16,745		44,308
BP plc		1,636,500		9,195,438
Brightoil Petroleum Holdings Limited «		514,000		141,130


24		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Cabot Oil & Gas Corporation		264,454	$	6,513,502
Cairn Energy plc †		48,348		117,897
Cairn India Limited		136,030		404,515
California Resources Corporation «		51,475		511,147
Caltex Australia Limited		41,964		1,070,717
Cameco Corporation		37,200		343,236
Canadian Natural Resources Limited		103,154		3,203,799
Carrizo Oil & Gas Incorporated †		77,800		2,978,962
Cenovus Energy Incorporated		72,271		1,044,331
Cheniere Energy Incorporated †		133,133		5,711,406
Chesapeake Energy Corporation †		698,232		4,433,773
Chevron Corporation		209,116		21,032,887
China Petroleum & Chemical Corporation H Shares		6,887,600		4,998,638
China Shenhua Energy Company Limited H Shares		1,109,500		1,993,726
Cimarex Energy Company		53,900		7,124,502
CNOOC Limited		4,511,000		5,541,676
Coal India Limited		421,834		2,100,667
Cobalt International Energy Incorporated †		456,800		548,160
Concho Resources Incorporated †		74,528		9,629,018
Connacher Oil and Gas Limited †(a)		28		3
ConocoPhillips		134,356		5,515,314
CONSOL Energy Incorporated «		277,000		5,052,480
Continental Resources Incorporated †		50,451		2,419,630
Corridor Resources Incorporated †		1,363		411
Cosmo Energy Holdings Company Limited		12,900		134,654
Crescent Point Energy Corporation		49,703		750,434
Crew Energy Incorporated †		7,839		39,691
Delek Group Limited		312		66,357
Denbury Resources Incorporated «		463,400		1,427,272
Diamondback Energy Incorporated †		99,416		9,469,374
Ecopetrol SA Sponsored ADR †«		63,212		560,058
Empresas Copec SA		168,585		1,466,183
Enbridge Income Fund Holdings Incorporated		5,200		124,865
Enbridge Incorporated		87,300		3,443,004
Encana Corporation		70,534		673,392
Energy Absolute PCL Class A		511,600		373,183
Enerplus Corporation		20,247		140,960
Eni SpA		247,150		3,732,755
EOG Resources Incorporated		99,596		8,813,250
EQT Corporation		98,100		7,014,150
Exxon Mobil Corporation		448,552		39,086,821
Formosa Petrochemical Corporation		462,590		1,352,905
Galp Energia SGPS SA		56,016		814,154
Gazprom ADR		1,577,489		6,380,943
Gibson Energy Incorporated		11,458		156,222
Golar LNG Limited (a)		2,733		56,959
Gran Tierra Energy Incorporated †		23,505		65,959
Grupa Lotos SA †		14,414		107,136
GS Holdings Corporation		8,189		362,813
Gulfport Energy Corporation †		163,900		4,687,540


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			25


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Hindustan Petroleum Corporation Limited		24,569	$	447,099
HollyFrontier Corporation		101,467		2,625,966
Husky Energy Incorporated		27,170		333,979
Idemitsu Kosan Company Limited		16,500		300,928
Igas Energy plc †		2,782		648
Imperial Oil Limited		23,700		723,072
Indian Oil Corporation Limited		146,800		1,261,292
Inpex Holdings Incorporated		162,100		1,407,535
Inter Pipeline Limited		28,473		619,224
InterOil Corporation †		3,782		185,621
IRPC PCL		4,652,021		650,454
Itochu Enex Company Limited		6,000		43,493
Ivanhoe Energy Incorporated †(a)		426		0
Japan Petroleum Exploration Company		5,500		121,147
JX Holdings Incorporated		373,800		1,397,798
Karoon Gas Australia Limited †		31,102		30,855
Keyera Corporation		14,048		433,738
Kinder Morgan Incorporated		196,503		4,293,591
Koninklijke Vopak NV		6,083		308,459
Kunlun Energy Company Limited		1,270,000		934,793
Lukoil PJSC ADR		138,293		6,202,441
Lundin Petroleum AB †		23,462		413,020
Marathon Oil Corporation		456,861		6,862,052
Marathon Petroleum Corporation		63,483		2,698,662
MEG Energy Corporation †		12,100		50,009
Mitsuuroko Holdings Company Limited		10,000		48,905
MOL Hungarian Oil & Gas plc		18,943		1,182,511
Motor Oil (Hellas) Corinth Refineries SA		18,029		202,914
Murphy Oil Corporation		94,200		2,517,024
Neste Oil Oyj		15,503		645,714
New Hope Corporation Limited		33,755		38,560
Niko Resource Limited †		5,137		470
Nippon Gas Company Limited		6,300		175,607
NovaTek OAO		6,672		699,338
NovaTek OAO Sponsored GDR		12,799		1,379,732
NuVista Energy Limited †		3,905		21,499
Oasis Petroleum Incorporated †		256,900		2,435,412
Occidental Petroleum Corporation		83,185		6,392,767
Oil & Natural Gas Corporation Limited		582,446		2,055,129
Oil India Limited		23,455		134,664
Oil Search Limited		194,808		983,862
OMV AG		14,891		417,247
ONEOK Incorporated		117,500		5,509,575
Ophir Energy plc †		50,585		48,989
Origin Energy Limited		288,382		1,140,019
PA Resources AB †(a)		1,136		0
Paramount Resources Limited Class A †		12,300		130,841
Parex Resources Incorporated †		13,423		158,857
Parkland Fuel Corporation		7,600		168,412
Paz Oil Company Limited		173		28,169


26		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
PBF Energy Incorporated Class A		129,437	$	2,834,670
Pembina Pipeline Corporation «		37,455		1,127,020
Pengrowth Energy Corporation		42,515		61,273
Penn West Petroleum Limited		42,170		66,885
PetroChina Company Limited H Shares		5,696,000		3,803,428
Petroleo Brasileiro SA †		812,145		3,707,115
Petronas Dagangan Bhd		125,000		721,243
Petronet LNG Limited		37,495		196,993
Peyto Exploration & Development Corporation «		13,213		379,745
Phillips 66 Company		50,099		3,930,267
Pioneer Natural Resources Company		29,600		5,299,880
Polish Oil & Gas		592,108		807,485
Polski Koncern Naftowy Orlen SA «		100,002		1,663,139
PrairieSky Royalty Limited		15,807		309,776
Premier Oil plc †		62,107		59,332
PT Adaro Energy Tbk		4,031,000		349,465
PTT Exploration & Production PCL		388,971		912,998
PTT PCL		239,900		2,418,717
Raging River Exploration Incorporated †		18,708		151,644
Range Resources Corporation		94,945		3,662,029
Reliance Industries Limited		441,513		6,988,260
Reliance Industries Limited GDR 144A		2,006		62,587
Repsol YPF SA		95,906		1,288,020
Rosneft Oil Company OJSC Sponsored GDR		64,216		335,529
Rosneft OJSC GDR		256,180		1,351,426
Royal Dutch Shell plc Class A - Amsterdam Exchange		58,261		1,430,694
Royal Dutch Shell plc Class A - London Exchange		320,148		7,821,582
Royal Dutch Shell plc Class B		336,685		8,585,926
S-Oil Corporation		8,742		554,313
Santos Limited		229,433		765,591
Sasol Limited		137,035		3,450,202
Semirara Mining and Power Corporation		100,160		238,389
Seven Generations Energy Limited Class A †		16,242		374,034
Showa Shell Sekiyu KK		28,800		245,509
SK Innovation Company Limited		9,812		1,280,400
SM Energy Company		96,900		3,670,572
Southwestern Energy Company †		237,117		3,298,297
Spectra Energy Corporation		72,349		2,577,071
Spyglass Resources Corporation †(a)		2,042		0
Statoil ASA		100,037		1,582,296
Storm Resources Limited †		281		943
Suncor Energy Incorporated		149,319		4,048,943
Surgutneftegas SP ADR		257,109		1,212,012
Targa Resources Corporation		212,461		9,259,050
Tatneft ADR		78,690		2,321,355
Thai Oil PCL		365,200		746,426
The Williams Companies Incorporated		81,800		2,285,492
TonenGeneral Sekiyu KK		42,000		387,667
Total SA		224,363		10,698,861
Touchstone Exploration Incorporated †		3,067		503


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			27


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Tourmaline Oil Corporation †		13,128	$	369,194
TransCanada Corporation		66,600		3,020,209
Tullow Oil plc †		85,595		244,917
Tupras Turkiye Petrol Rafinerileri AS		43,221		846,167
Ultrapar Participacoes SA		117,200		2,701,349
United Tractors		352,380		498,087
Valero Energy Corporation		49,666		2,749,013
Veresen Incorporated		41,157		405,482
Vermilion Energy Incorporated		9,494		343,084
Washington H. Soul Pattinson & Company Limited		25,619		331,361
Western Refining Incorporated		106,500		2,679,540
Whitecap Resources Incorporated		23,314		176,891
Whitehaven Coal Limited †		113,230		165,941
Whiting Petroleum Corporation †		298,785		2,178,143
Woodside Petroleum Limited		104,596		2,250,580
World Fuel Services Corporation		92,389		4,118,702
WPX Energy Incorporated †		328,468		3,941,616
Yanchang Petroleum International Limited †		280,000		7,471

				395,029,931


Financials: 21.47%

Banks: 7.85%
Abu Dhabi Commercial Bank PJSC		680,446		1,189,312
Affin Holdings Bhd		93,730		49,228
Agricultural Bank of China Limited H Shares		7,519,000		3,091,905
Agricultural Bank of Greece †(a)		342		0
Akbank TAS		548,661		1,450,753
Alior Bank SA †«		17,880		243,792
Alliance Financial Group Bhd		96,700		94,184
Alpha Bank AE †		203,386		390,211
AMMB Holdings Bhd		186,100		201,450
Aozora Bank Limited		172,000		608,438
Associated Banc-Corp		178,305		3,537,571
Australia & New Zealand Banking Group Limited		422,360		8,538,726
Axis Bank Limited		367,572		3,275,875
Banca Carige SpA †		332		124
Banca Monte dei Paschi di Sien SpA †«		340,385		91,731
Banca Popolare dell’Emilia Romagna Scarl		38,724		149,022
Banca Popolare dell’Etruria e del Lazio †(a)		258		0
Banca Popolare di Milano Scarl		484,767		207,642
Banca Popolare di Sondrio Scarl		27,109		72,936
Banco Bilbao Vizcaya Argentaria SA		582,525		3,624,460
Banco Bradesco SA		194,854		1,755,931
Banco Comercial Portugues SA †		3,424,278		68,753
Banco de Brasil SA		301,685		2,168,373
Banco de Chile		10,275,029		1,138,760
Banco de Credito e Inversiones		11,329		500,963
Banco de Sabade SA		435,494		590,213
Banco Popolare Societa Cooperativa		39,538		98,702


28		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Banks (continued)
Banco Popular Espanol SA		297,857	$	403,013
Banco Santander Brasil SA		131,500		923,579
Banco Santander Central Hispano SA		1,199,869		5,380,344
Banco Santander Central Hispano SA ADR		87,065		390,051
Banco Santander Chile SA		22,027,452		1,156,879
Bancolombia SA ADR		36,000		1,413,720
BancorpSouth Incorporated		112,836		2,809,616
Bangkok Bank PCL		31,000		151,796
Bangkok Bank PCL - Non-voting		152,500		746,739
Bank Handlowy w Warszawie SA		8,631		160,768
Bank Hapoalim Limited		105,587		566,373
Bank Leumi Le-Israel †		148,085		554,388
Bank Millennium SA †		93,393		138,356
Bank of America Corporation		1,137,245		18,355,134
Bank of Ayudhya PCL		470,600		523,410
Bank of Baroda		81,560		198,450
Bank of China Limited H Shares		21,357,100		9,608,224
Bank of Communications Limited H Shares		6,190,350		4,779,885
Bank of East Asia Limited		197,521		798,227
Bank of Hawaii Corporation		51,317		3,696,877
Bank of Ireland †		2,392,830		539,155
Bank of Kyoto Limited		60,000		433,770
Bank of Montreal		62,035		4,114,537
Bank of Nova Scotia		111,405		5,930,443
Bank of Queensland Limited		61,778		489,829
Bank of the Ozarks Incorporated		108,200		4,239,276
Bank of the Philippine Islands		560,676		1,269,478
Bank of the Ryukyus Limited		7,500		85,754
Bank Pekao SA		43,062		1,446,106
Bank Zachodni WBK SA		11,565		949,855
Bankia SA		318,040		268,197
Bankinter SA		39,803		291,963
BankUnited Incorporated		124,419		4,000,071
Banque Cantonale Vaudoise Waadtlaender Kantonalbank		244		160,260
Barclays Africa Group Limited		90,379		915,347
Barclays plc		1,466,378		3,316,800
BDO Unibank Incorporated		514,398		1,261,846
Bendigo Bank Limited		75,871		626,089
Berner Kantonalbank AG		648		124,059
BNK Financial Group Incorporated		51,437		408,267
BNP Paribas SA		98,106		4,990,663
BOC Hong Kong Holdings Limited		518,000		1,812,905
BOK Financial Corporation «		27,762		1,917,521
Branch Banking & Trust Corporation		87,227		3,358,240
CaixaBank SA		214,811		578,181
Canadian Imperial Bank of Commerce		38,100		3,024,409
Canadian Western Bank «		8,239		165,421
Canara Bank †		13,142		55,054
Capitec Bank Holdings Limited		15,169		601,085
Cathay General Bancorp		86,409		2,714,971


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			29


Security name	Shares		Value

Banks (continued)
Chang Hwa Commercial Bank		2,034,079	$	1,022,472
Chiba Bank Limited		125,000		740,589
China CITIC Bank H Shares		3,722,000		2,456,528
China Construction Bank H Shares		26,890,990		20,105,284
China Development Financial Holding Corporation		4,863,338		1,229,226
China Merchants Bank Company Limited H Shares		1,239,522		3,016,697
China Minsheng Banking Corporation Limited H Shares		2,085,780		2,242,384
Chong Hing Bank Limited		5,771		11,501
CIMB Group Holdings Bhd		781,248		924,668
CIT Group Incorporated		89,142		3,287,557
Citigroup Incorporated		324,432		15,488,384
Citizens Financial Group Incorporated		285,109		7,062,150
Comerica Incorporated		92,609		4,379,480
Commerce Bancshares Incorporated		100,053		5,070,686
Commercial International Bank		194,543		1,071,088
Commerzbank AG		110,488		777,176
Commonwealth Bank of Australia		247,558		13,360,414
Concordia Financial Group Limited		189,500		977,308
Credicorp Limited		20,258		3,174,023
Credit Agricole SA		111,138		1,052,496
Credito Valtellinese Scarl		9,849		3,767
CTBC Financial Holding Company Limited		4,678,759		2,705,763
Cullen Frost Bankers Incorporated		65,653		4,786,104
CYBG plc †		102,609		359,360
Dah Sing Banking Group Limited		36,901		67,832
Dah Sing Financial Holdings Limited		32,795		221,521
Danske Bank AS		76,789		2,253,524
DBS Group Holdings Limited		288,837		3,177,854
DGB Financial Group Incorporated		34,107		279,586
DNB Nor ASA		85,061		1,034,074
E.SUN Financial Holding Company Limited		2,632,313		1,480,808
East West Bancorp Incorporated		83,820		3,113,075
EnTie Commercial Bank		238,977		101,298
Erste Bank Der Oesterreichischen Sparkassen AG		26,833		753,809
Eurobank Ergasias SA †		25,114		14,987
Far Eastern International Bank		649,775		194,950
Fifth Third Bancorp		412,100		8,307,936
First Financial Bankshares Incorporated «		77,400		2,834,388
First Financial Holding Company Limited		2,554,749		1,312,378
First Gulf Bank PJSC		306,590		976,587
First Horizon National Corporation		278,720		4,286,714
First Republic Bank		79,443		6,113,933
FNB Corporation PA		247,616		3,092,724
Fukuoka Financial Group Incorporated		126,000		533,398
Fulton Financial Corporation		203,640		2,944,634
Glacier Bancorp Incorporated		100,518		3,009,509
Grupo Elektra SA de CV		16,094		227,444
Grupo Financiero Banorte SAB de CV		748,800		4,035,322
Grupo Financiero Inbursa SAB de CV		637,564		1,111,952
Grupo Financiero Santander SAB de CV Class B		551,179		1,053,317


30		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Banks (continued)
Gunma Bank Limited		75,000	$	353,743
Hana Financial Group Incorporated		47,314		1,243,319
Hancock Holding Company		90,832		2,963,848
Hang Seng Bank Limited		113,100		1,984,249
HDFC Bank Limited		245,309		4,729,625
HDFC Bank Limited ADR		4,473		320,490
Hokuhoku Financial Group Incorporated		219,000		302,682
Hong Leong Bank Bhd		113,401		365,747
Hong Leong Financial Group Bhd		75,101		297,774
HSBC Holdings plc		1,754,059		12,997,756
Hua Nan Financial Holdings Company Limited Class C		2,791,716		1,438,507
Huishang Bank H Shares		240,374		113,408
Huntington Bancshares Incorporated		584,959		5,855,441
IBERIABANK Corporation		44,600		3,067,142
ICICI Bank Limited		727,062		2,800,985
ICICI Bank Limited ADR		21,140		162,144
IDFC Bank Limited		243,990		204,205
Indusind Bank Limited		81,278		1,439,629
Industrial & Commercial Bank of China Limited H Shares		21,073,442		13,392,381
Industrial Bank of Korea		44,220		465,996
ING Bank Slaski SA		7,363		284,471
ING Groep NV		364,202		4,558,116
International Bancshares Corporation		73,140		2,168,601
Intesa Sanpaolo RSP		86,693		192,050
Intesa Sanpaolo SpA		1,335,380		3,172,741
Israel Discount Bank Limited Class A †		70,341		127,012
Itau CorpBanca		35,444,248		303,624
Itau Unibanco Holding SA		64,447		612,897
Itausa Investimentos Itau SA		64,037		165,387
Japan Post Bank Company Limited		61,600		723,970
Jimoto Holdings Incorporated		34,300		49,395
Joyo Bank Limited		106,000		421,070
JPMorgan Chase & Company		406,393		27,431,528
Jyske Bank AS		7,244		347,765
Kansai Urban Banking Corporation		7,600		73,234
Kasikornbank PCL - Non-voting		392,700		2,240,564
KB Financial Group Incorporated		63,082		2,200,798
KBC Groep NV †		30,404		1,799,824
KeyCorp		583,639		7,330,506
Kiatnakin Finance		6,000		8,970
King’s Town Bank Company Limited		212,000		180,394
Komercni Banka AS		26,560		898,830
Kotak Mahindra Bank Limited		198,124		2,387,132
Krung Thai Bank PCL ADR		937,725		514,705
Kwangju Bank		5,204		43,732
Kyushu Financial Group Incorporated		68,236		404,278
Laurentian Bank of Canada		1,861		69,763
Lloyds Banking Group plc		5,487,074		4,276,374
Luzerner Kantonalbank AG		304		124,947
M&T Bank Corporation		85,940		10,169,280


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			31


Security name	Shares		Value

Banks (continued)
Malayan Banking Bhd		985,488	$	1,900,263
Masraf Al Rayan		100,153		1,045,166
mBank SA †		3,102		309,140
Mediobanca SpA		44,444		329,674
Mega Financial Holding Company Limited		2,967,916		2,020,359
Metro Bank plc †		6,336		199,433
Metropolitan Bank & Trust Company		486,081		871,076
Mitsubishi UFJ Financial Group Incorporated		2,045,570		11,152,622
Miyazaki Bank Limited		34,000		89,383
Mizrahi Tefahot Bank Limited		8,324		100,386
Mizuho Financial Group Incorporated		3,614,300		6,277,386
National Australia Bank Limited		383,410		7,878,073
National Bank of Abu Dhabi PJSC		354,945		881,299
National Bank of Canada		30,600		1,075,457
National Bank of Greece SA †		608,097		143,122
National Bank of Greece SA ADR †		32		8
Natixis		85,430		377,932
Nedbank Group Limited		70,250		986,807
Nishi-Nippon City Bank Limited		117,000		243,126
Nordea Bank AB		282,459		2,761,685
North Pacific Bank Limited		46,000		155,608
OTP Bank		66,278		1,731,351
Oversea-Chinese Banking Corporation Limited		446,202		2,813,223
PacWest Bancorp		138,700		6,007,097
People’s United Financial Incorporated		376,941		6,125,291
Piraeus Bank SA †		4,331		705
PKO Bank Polski SA		285,823		1,943,101
PNC Financial Services Group Incorporated		53,802		4,847,560
PrivateBancorp Incorporated		103,700		4,765,015
PT Bank Central Asia Tbk		4,214,500		4,781,623
PT Bank Danamon Indonesia Tbk		786,234		241,827
PT Bank Mandiri Persero Tbk		3,037,712		2,570,548
PT Bank Negara Indonesia Persero Tbk		2,701,500		1,196,480
PT Bank Pan Indonesia Tbk †		506,500		34,556
PT Bank Rakyat Indonesia Tbk		3,377,500		2,966,293
Public Bank Bhd		324,251		1,583,077
Punjab National Bank †		87,525		166,699
Qatar National Bank		68,128		3,049,656
Raiffeisen Bank International AG †		3,869		54,982
Regions Financial Corporation		682,712		6,806,639
Resona Holdings Incorporated		325,100		1,486,854
RHB Capital Bhd		258,175		318,302
Royal Bank of Canada		139,900		8,697,611
Royal Bank of Scotland Group plc †		296,857		785,482
Sberbank of Russia ADR		663,511		6,084,396
Sberbank Sponsored ADR		137,254		1,245,580
Senshu Ikeda Holdings Incorporated		45,180		204,361
Seven Bank Limited		107,600		380,627
Shiga Bank		39,000		187,716
Shimizu Bank Limited		1,000		25,545


32		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Banks (continued)
Shinhan Financial Group Company Limited		75,949	$	2,792,744
Shinsei Bank Limited		305,000		486,396
Shizuoka Bank Limited		93,000		765,824
Siam Commercial Bank PCL		437,100		2,020,367
Signature Bank †		30,100		3,672,501
Sinopac Financial Holdings Company Limited		3,212,364		939,498
Skandinaviska Enskilda Banken AB Class A		159,842		1,562,822
Sociedad Matriz Banco de Chile Class B		1,087,348		331,462
Societe Generale SA		75,627		2,753,872
St. Galler Kantonalbank Class A		210		82,950
Standard Bank Group Limited		323,326		2,928,011
Standard Chartered plc		248,820		2,097,657
State Bank of India		472,910		1,783,034
State Bank of India Limited GDR 144A		3,576		133,027
Sumitomo Mitsui Financial Group Incorporated		204,184		7,145,897
Sumitomo Mitsui Trust Holdings Incorporated		569,000		2,036,444
SunTrust Banks Incorporated		59,600		2,626,572
Suruga Bank Limited		33,800		803,961
SVB Financial Group †		31,746		3,525,711
Svenska Handelsbanken AB Class A		140,664		1,815,677
Swedbank AB Class A		92,146		2,119,412
Sydbank AS		8,747		277,150
Synovus Financial Corporation		160,879		5,321,877
Taishin Financial Holdings Company Limited		3,572,995		1,351,253
Taiwan Business Bank		842,576		225,179
Taiwan Cooperative Financial Holdings		2,579,128		1,133,888
TCF Financial Corporation		200,598		2,938,761
Texas Capital Bancshares Incorporated †		60,500		3,177,460
Thanachart Capital PCL		15,516		17,930
The 77 Bank Limited		56,000		233,277
The Aichi Bank Limited - Tokai		1,900		86,585
The Akita Bank Limited - Akita		37,000		109,071
The Aomori Bank Limited		40,000		118,301
The Awa Bank Limited		34,000		213,599
The Bank of Iwate Limited		3,600		140,743
The Bank of Nagoya Limited		35,000		117,383
The Bank of Okinawa Limited		4,800		134,585
The Bank of Saga Limited		25,000		56,299
The Chiba Kogyo Bank Limited		4,700		18,443
The Chugoku Bank Limited		29,200		359,550
The Daisan Bank Limited		27,000		46,190
The Daishi Bank Limited		53,000		202,851
The Ehime Bank Limited		27,000		67,066
The Eighteenth Bank Limited		34,000		104,170
The Fukui Bank Limited		32,000		77,630
The Hachijuni Bank Limited		81,000		428,232
The Hiroshima Bank Limited		99,000		412,400
The Hokkoku Bank Limited		44,000		133,108
The Hokuetsu Bank Limited		48,000		106,703
The Hyakugo Bank Limited		37,000		135,891


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			33


Security name	Shares		Value

Banks (continued)
The Hyakujushi Bank Limited		45,000	$	134,828
The Iyo Bank Limited		51,300		330,712
The Juroku Bank Limited		69,000		191,398
The Kanto Tsukuba Bank Limited		15,600		44,780
The Keiyo Bank Limited		41,000		166,829
The Kiyo Bank Limited		10,800		168,266
The Michinoku Bank Limited		27,000		49,582
The Minato Bank Limited		79,000		125,221
The Musashino Bank Limited		4,900		126,449
The Nanto Bank Limited		40,000		141,111
The Ogaki Kyoritsu Bank Limited		52,000		177,413
The Oita Bank Limited		32,000		104,538
The San-in Godo Bank Limited		23,200		158,531
The Shikoku Bank Limited		41,000		83,613
The Tochigi Bank Limited		22,000		88,030
The Toho Bank Limited		37,000		125,163
The Towa Bank Limited		58,000		48,770
Tisco Financial Group PCL		6,820		11,132
TMB Bank PCL		5,991,165		391,155
Tokyo TY Financial Group Incorporated		4,800		140,801
Tomony Holdings Incorporated		27,500		121,466
Toronto-Dominion Bank		172,162		7,682,568
Trustmark Corporation		89,267		2,531,612
TT Hellenic Postbank SA †(a)		8,178		0
Turkiye Garanti Bankasi AS		646,636		1,668,273
Turkiye Halk Bankasi AS		227,219		682,245
Turkiye Is Bankasi Class C		549,429		893,592
Turkiye Vakiflar Bankasi Tao		219,660		323,089
Umpqua Holdings Corporation		264,031		4,335,389
UniCredit SpA		563,189		1,448,651
Unione di Banche SpA		81,642		219,655
United Bankshares Incorporated «		76,993		3,033,524
United Overseas Bank Limited		213,421		2,821,177
US Bancorp		177,478		7,835,654
Valiant Holding AG		1,769		166,999
Valley National Bancorp		297,149		2,867,488
VTB Bank OJSC		780,769		1,596,673
Webster Financial Corporation		109,641		4,235,432
Wells Fargo & Company (l)		513,184		26,069,747
Western Alliance Bancorp †		119,900		4,582,578
Westpac Banking Corporation		483,004		10,694,033
Woori Bank		46,055		437,832
Yamagata Bank Limited		23,000		96,032
Yamaguchi Financial Group		36,000		379,955
Yamanashi Chou Bank Limited		25,000		104,866
Yapi Ve Kredi Bankasi AS †«		184,289		226,821
Yes Bank Limited		56,788		1,158,401
Zions Bancorporation		106,200		3,248,658

				673,944,472


34		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Capital Markets: 1.94%
3i Group plc		93,011	$	750,534
Aberdeen Asset Management plc		107,379		452,061
Affiliated Managers Group Incorporated †		30,186		4,287,921
Apollo Investment Corporation		1		6
Ashmore Group plc		39,880		184,232
ASX Limited		5,334		205,049
Azimut Holding SpA		9,036		138,690
Bank of New York Mellon Corporation		116,156		4,840,221
BlackRock Incorporated		22,774		8,490,375
BM&F Bovespa SA		465,494		2,581,753
Bolsas y Mercados Espanoles «		6,793		212,883
Brait SE «		75,105		595,139
Brewin Dolphin Holding plc		23,817		82,911
Brookfield Asset Management Incorporated Class A «		79,275		2,674,942
Canaccord Financial Incorporated		5,064		17,145
Capital Securities Corporation		362,713		91,906
CBOE Holdings Incorporated		44,900		3,084,181
Charles Schwab Corporation		219,100		6,892,886
China Cinda Asset Management Company Limited H Shares		3,330,000		1,128,952
China Galaxy Securities Company Limited H Shares		1,105,000		1,035,552
China Huarong Asset Management Company Limited †		2,999,000		1,186,835
CI Financial Corporation		21,303		416,996
CITIC Securities Company Limited H Shares		685,500		1,532,258
Close Brothers Group plc		13,950		249,314
Credicorp Capital Peru SAA (a)		112		76
Credit Suisse Group AG		153,342		1,997,164
Daewoo Securities Company Limited		41,552		296,268
Daiwa Securities Group Incorporated		255,000		1,489,605
Deutsche Bank AG †		127,306		1,875,866
Dundee Corporation Class A †		3,983		17,889
ETRADE Financial Corporation †*		155,800		4,110,004
Egyptian Financial Group-Hermes Holding Company †		57,952		81,642
Euronext NV 144A		10,368		437,561
FactSet Research Systems Incorporated		22,841		4,066,383
Federated Investors Incorporated Class B		112,714		3,640,662
Financial Engines Incorporated «		75,323		2,408,076
Financiere de Tubize		2,881		197,509
GAM Holding AG		21,185		205,701
GIMV NV		1,389		72,680
Grupo BTG Pactual		71,900		381,855
Guoco Group Limited		14,000		157,008
Haitong Securities Company Limited H Shares		1,127,600		1,962,295
Hargreaves Lansdown plc		24,237		420,750
Henderson Group plc		106,112		332,189
Hong Kong Exchanges & Clearing Limited		164,000		4,010,390
Hyundai Securities Company Limited		27,692		181,550
ICAP plc		54,134		340,004
Ichiyoshi Securities Company Limited		7,400		58,362
IG Group Holdings plc		37,974		474,221
IGM Financial Incorporated		10,400		294,220


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			35


Security name	Shares		Value

Capital Markets (continued)
Intercontinental Exchange Incorporated		21,626	$	6,098,965
Intermediate Capital Group		31,754		248,102
Investec plc		47,156		279,148
IOOF Holdings Limited «		40,299		269,855
IP Group plc †		53,049		132,356
JAFCO Company Limited		5,300		154,444
Janus Capital Group Incorporated		170,296		2,532,302
Japan Exchange Group Incorporated		82,200		1,283,866
Julius Baer Group Limited		19,658		824,055
Jupiter Fund Management plc		46,400		255,602
Kabu.com Securities Company Limited		18,800		61,416
Kingston Financial Group Limited «		512,000		209,221
Kiwoom Securities Company		1,800		118,332
Korea Investment Holdings Company Limited		9,034		324,900
Kyokuto Securities Company Limited		4,800		60,635
Lazard Limited		156,912		5,810,451
Legg Mason Incorporated		126,400		4,372,176
London Stock Exchange Group plc		29,389		1,063,214
LPL Financial Holdings Incorporated «		108,675		3,230,908
Macquarie Group Limited		50,620		3,070,108
Man Group plc		173,995		248,359
MarketAxess Holdings Incorporated		49,700		8,376,438
Marusan Securities Company Limited		8,000		65,723
Matsui Securities Company Limited		17,400		155,055
Mercantile Investment Company Limited †		5,857		682
Meritz Securities Company Limited		46,660		141,445
Mirae Asset Securities Company Limited		14,204		300,004
Monex Beans Holdings Incorporated		39,100		94,098
Moody’s Corporation		96,896		10,531,626
NH Investment & Securities Company Class C		32,427		293,733
Nihon M&A Center Incorporated		4,700		258,474
Nomura Holdings Incorporated		518,800		2,443,447
Northern Trust Corporation		115,200		8,131,968
NorthStar Asset Management Group Incorporated		221,138		2,748,745
Okasan Holdings Incorporated		33,000		167,767
Partners Group Holding AG		1,488		682,312
Perpetual Trustees Australia Limited		7,563		276,696
Pioneers Holding †		13,767		14,883
Platinum Asset Management Limited		43,875		177,402
Rathbone Brothers		6,015		145,413
Ratos AB Class B		21,869		103,257
Raymond James Financial Incorporated		70,707		4,113,026
Reinet Investments SCA		1,457		30,294
Samsung Securities Company Limited		13,029		409,566
SBI Holdings Incorporated		33,816		401,354
Schroders plc		11,497		420,308
Schroders plc - Non-Voting		4,395		120,043
Singapore Exchange Limited		152,000		843,422
State Street Corporation		41,600		2,921,984
Stifel Financial Corporation †		84,970		3,343,570


36		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Capital Markets (continued)
T. Rowe Price Group Incorporated		47,900	$	3,330,966
The NASDAQ OMX Group Incorporated		60,900		4,336,689
Thomson Corporation		34,752		1,439,211
TMX Group Limited		2,056		89,207
Tokai Tokyo Securities Company Limited		40,900		194,094
Tullett Prebon plc		11,401		57,115
UBS Group AG		326,047		4,713,933
UOB-Kay Hian Holdings Limited		54,838		52,526
Value Partners Group Limited		67,000		61,753
Vontobel Holdings AG		3,142		151,901
Waterland Financial Holdings		719,704		181,001
WisdomTree Investments Incorporated «		161,257		1,693,199
Yuanta Financial Holding Company Limited		3,411,330		1,209,482
Yuanta Securities Korea Company Limited †		7,124		21,276

				166,536,175


Consumer Finance: 0.33%
Acom Company Limited †		65,700		314,324
Aeon Financial Service Company Limited		16,900		311,163
Aiful Corporation †		54,100		173,597
Allied Properties (Hong Kong) Limited		297,208		61,682
Bajaj Finance Limited		4,363		717,357
Capital One Financial Corporation		59,000		4,224,400
Cembra Money Bank AG		2,650		191,970
Credit Saison Company Limited		25,526		439,393
Discover Financial Services		43,026		2,581,560
Hitachi Capital Corporation		8,400		174,714
Hong Leong Singapore Finance Limited		46,000		75,628
International Personal Finance plc		23,636		84,174
J Trust Company Limited		11,400		86,493
Jaccs Company Limited		22,000		83,352
LendingClub Corporation †«		298,848		1,616,768
Mahindra & Mahindra Financial Services Limited		51,709		275,068
Navient Corporation		400,556		5,759,995
Orient Corporation †		65,100		129,615
PRA Group Incorporated †		65,964		2,109,529
Provident Financial plc		12,082		476,916
Samsung Card Company Limited		9,337		370,549
Santander Consumer USA Holdings Incorporated †		62,501		786,263
Shriram Transport Finance Company Limited		46,998		868,133
SLM Corporation †		510,000		3,781,650
Sundaram Finance Limited		7,985		173,453
Synchrony Financial		87,039		2,422,295

				28,290,041


Diversified Financial Services: 0.40%
Ackermans & Van Haaren NV		2,400		286,314
AMP Limited		427,009		1,688,032
Ayala Corporation		69,362		1,302,538
Bajaj Auto Limited		5,564		150,233


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			37


Security name	Shares		Value

Diversified Financial Services (continued)
Banca Mediolanum SpA		18,176	$	126,107
Bursa Malaysia Bhd		59,100		126,783
Century Leasing System Incorporated		8,000		300,391
Chailease Holding Company Limited		274,560		474,177
Challenger Financial Services Group Limited		81,434		562,444
Corporation Financiera Alba		1,616		66,064
D.Carnegie & Company AB †		1		13
Deutsche Boerse AG		18,044		1,541,742
Element Financial Corporation		24,304		252,974
Eurazeo		3,850		233,577
Exor SpA		5,847		240,337
First Pacific Company Limited		479,650		359,233
FirstRand Limited		996,648		2,987,504
FNFV Group		91,610		1,180,853
Fubon Financial Holding Company Limited		1,961,579		2,775,717
Fuyo General Lease Company Limited		4,100		192,983
Goldin Financial Holdings Limited †«		440,000		386,823
Groupe Bruxelles Lambert SA		7,755		680,520
GT Capital Holdings Incorporated		19,520		643,056
Haci Omer Sabanci Holding AS		362,072		1,117,759
Hankook Tire Worldwide Company Limited		3,596		69,017
IBJ Leasing Company Limited		6,500		132,243
Industrivarden AB Class A		18,200		353,342
Industrivarden AB Class C		13,675		249,198
Investor AB Class A		17,400		607,328
Investor AB Class B		40,618		1,432,909
Japan Securities Finance Company Limited		17,700		80,233
Kinnevik AB Class B		21,989		541,464
Legend Holdings Corporation H Shares		153,800		372,726
Lundbergforetagen AB Class B		5,095		311,569
Metro Pacific Investments Corporation		2,050,000		304,453
Mitsubishi UFJ Lease & Finance Company Limited		85,100		398,913
Onex Corporation		8,400		513,006
ORIX Corporation		191,200		2,748,852
Pargesa Holding SA		2,020		139,247
Power Finance Corporation Limited		84,672		156,397
Power Finance Corporation Limited-Bonus Shares (a)		84,672		156,397
PSG Group Limited		28,452		363,710
Remgro Limited		120,787		2,067,970
Ricoh Leasing Company Limited		2,300		59,842
RMB Holdings Limited		252,615		1,008,604
Rural Electrification Corporation Limited		147,918		526,448
SNS REAAL NV †«(a)		4,259		0
Sofina SA		2,215		309,334
Voya Financial Incorporated		106,191		3,105,025
Wendel		3,495		397,452
Zenkoku Hosho Company Limited		7,700		302,523

				34,384,376


38		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Insurance: 4.02%
Admiral Group plc		19,943	$	536,857
Aegon NV		135,914		556,998
AFLAC Incorporated		44,000		3,263,920
Ageas NV		24,124		833,375
AIA Group Limited		1,739,600		10,999,269
Alleghany Corporation †		9,100		4,879,420
Allianz AG		42,233		6,291,381
Allianz AG ADR		5		74
Allied World Assurance Company		107,834		4,373,747
American Financial Group Incorporated		36,748		2,761,612
American International Group Incorporated		122,045		7,301,952
AmTrust Financial Services Incorporated		92,600		2,452,974
Arch Capital Group Limited †		68,166		5,517,356
Arthur J. Gallagher & Company		98,793		4,881,362
Aspen Insurance Holdings Limited		72,024		3,310,223
Assicurazioni Generali SpA		129,712		1,649,435
Assurant Incorporated		31,999		2,865,510
Assured Guaranty Limited		161,284		4,478,857
Aviva plc		368,601		2,073,577
AXA SA		176,076		3,696,324
Axis Capital Holdings Limited		51,222		2,912,995
Bajaj Finserv Limited		7,957		352,558
Baloise Holding AG		4,595		546,607
BB Seguridade Participacoes SA		221,952		2,003,562
Beazley plc		46,327		237,010
Brown & Brown Incorporated		140,455		5,262,849
Cathay Financial Holding Company Limited		2,272,719		2,872,190
China Insurance International Holdings Company Limited †		415,000		832,402
China Life Insurance Company - Taiwan Exchange		1,269,600		1,124,337
China Life Insurance Company H Shares		2,009,000		4,801,369
China Pacific Insurance Group Company Limited H Shares		836,200		2,942,715
Chubb Limited		50,631		6,426,593
Cincinnati Financial Corporation		82,834		6,387,330
CNO Financial Group Incorporated		214,300		3,482,375
CNP Assurances		18,792		302,475
Dai-Ichi Mutual Life Insurance Company Limited		173,000		2,406,935
Delta Lloyd NV		29,752		120,568
Direct Line Insurance Group plc		130,127		630,533
Discovery Holdings Limited		134,499		1,096,338
Dongbu Insurance Company Limited		5,940		359,596
E-L Financial Corporation Limited		200		103,248
Endurance Specialty Holdings Limited		74,878		4,930,716
Erie Indemnity Company Class A		30,700		3,132,321
Euler Hermes SA		1,281		105,867
Everest Reinsurance Group Limited		22,343		4,320,689
Fairfax Financial Holdings Limited		1,900		1,075,353
First American Financial Corporation		132,679		5,717,138
FNF Group		153,266		5,776,596
Genworth Financial Incorporated Class A †		657,534		3,110,136
Gjensidige Forsikring ASA		20,511		352,240


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			39


Security name	Shares		Value

Insurance (continued)
Great Eastern Holdings Limited		10,000	$	150,464
Great-West Lifeco Incorporated «		23,800		568,412
Grupo Catalana Occidente SA		4,581		129,944
Hannover Rueck SE		5,268		538,259
Hanwha Life Insurance Company Limited		51,670		262,752
Helvetia Holding AG		513		256,487
Hiscox Limited		26,391		361,802
Hyundai Marine & Fire Insurance Company Limited		14,670		444,705
Industrial Alliance Insurance & Financial Services Incorporated		9,339		332,854
Insurance Australia Group Limited		382,174		1,596,960
Intact Financial Corporation		12,815		930,099
Japan Post Holdings Company Limited		72,185		945,350
Japan Post Insurance Company Limited		10,000		211,279
Jardine Lloyd Thompson Group plc		11,879		153,259
KB Insurance Company Limited		12,020		290,528
Kemper Corporation		63,725		2,386,501
Korea Reinsurance Company		11,222		120,272
Lancashire Holdings Limited		19,049		157,839
Legal & General Group plc		564,612		1,559,206
Liberty Holdings Limited		27,424		210,353
Lincoln National Corporation		133,453		6,409,748
Loews Corporation		149,900		6,274,814
Manulife Financial Corporation		175,200		2,390,063
Mapfre SA		59,378		160,483
Markel Corporation †		7,899		7,354,838
Medibank Private Limited		441,394		892,353
Mercury General Corporation		48,122		2,613,025
Meritz Fire & Marine Insurance Company Limited		13,130		183,113
MetLife Incorporated		118,945		5,162,213
MMI Holdings Limited		225,444		345,940
MPHB Capital Bhd †		85		29
MS&AD Insurance Group Holdings Incorporated		75,900		2,165,899
Muenchener Rueckversicherungs Gesellschaft AG		13,431		2,427,770
New China Life Insurance Company Limited H Shares		243,100		988,689
NIB Holdings Limited		69,823		234,041
NN Group NV		15,472		460,364
Old Mutual plc		447,204		1,139,844
Old Republic International Corporation		295,685		5,686,023
People’s Insurance Company Group of China Limited H Shares		2,502,000		1,006,276
Phoenix Group Holdings		18,917		215,867
PICC Property & Casualty Company Limited H Shares		1,448,435		2,393,660
Ping An Insurance (Group) Company of China Limited H Shares		1,381,500		7,150,096
Poste Italiane SpA		42,438		295,859
Power Corporation of Canada		32,500		686,976
Power Financial Corporation		24,500		564,393
Powszechny Zaklad Ubezpieczen SA		182,060		1,288,001
Primerica Incorporated «		55,464		3,157,566
Principal Financial Group Incorporated		145,293		7,129,528
ProAssurance Corporation		63,098		3,471,652
Prudential Financial Incorporated		47,162		3,743,720


40		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Insurance (continued)
Prudential plc		237,335	$	4,249,434
QBE Insurance Group Limited		216,170		1,611,629
Rand Merchant Investment Holdings Limited		276,245		785,406
Reinsurance Group of America Incorporated		33,339		3,577,941
RenaissanceRe Holdings Limited		52,285		6,258,515
RLI Corporation		48,870		3,468,793
RSA Insurance Group plc		97,743		636,493
Saga plc		57,412		166,010
Sampo Oyj Class A		45,762		1,964,731
Samsung Fire & Marine Insurance Company Limited		5,879		1,423,614
Samsung Life Insurance Company		15,277		1,411,239
Sanlam Limited		488,659		2,076,684
Santam Limited		1		15
SCOR SE		17,098		503,023
Shin Kong Financial Holding Company Limited		3,485,718		764,583
Societa Cattolica di Assicurazione Societa Cooperativa		2,135		12,348
Sompo Japan Nipponkoa Holdings Incorporated		60,000		1,922,969
Sony Financial Holdings Incorporated		27,600		379,062
St. James’s Place plc		47,271		609,566
Standard Life plc		184,742		884,255
Storebrand ASA †		21,988		92,963
Sun Life Financial Incorporated «		57,400		1,811,203
Suncorp Group Limited		185,747		1,774,293
Swiss Life Holding AG		2,683		671,057
Swiss Reinsurance AG		32,594		2,750,549
T&D Holdings Incorporated		102,100		1,164,926
The Allstate Corporation		39,327		2,711,990
The Hanover Insurance Group Incorporated		51,559		4,031,914
The Hartford Financial Services Group Incorporated		212,445		8,725,116
The Progressive Corporation		315,385		10,268,936
The Travelers Companies Incorporated		31,290		3,714,436
Tokio Marine Holdings Incorporated		111,000		4,359,967
Tong Yang Life Insurance Company		13,010		140,601
Topdanmark AS †		12,150		324,151
Torchmark Corporation		58,931		3,811,657
Tryg A/S		10,915		217,747
Unipol Gruppo Finanziario SpA		73,717		205,076
UnipolSai SpA		197,970		330,576
Unum Group		125,553		4,470,942
Validus Holdings Limited		98,347		4,995,044
Vienna Insurance Group AG		4,394		86,434
W.R. Berkley Corporation		50,912		3,022,645
Willis Towers Watson plc		74,757		9,270,616
Xl Group Limited		159,038		5,443,871
Zurich Insurance Group AG		13,809		3,529,645

				344,682,697


Real Estate Management & Development: 0.88%
Aeon Mall Company Limited		17,100		240,638
Africa Israel Investments Limited †		1,061		393


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			41


Security name	Shares		Value

Real Estate Management & Development (continued)
Aldar Properties PJSC		857,106	$	644,037
Allreal Holding AG		1,348		198,866
Ascendas India Trust		83,000		65,793
Atrium European Real Estate Limited		10,857		47,473
Ayala Land Incorporated		1,588,900		1,312,859
Bukit Sembawang Estates Limited		28,000		94,947
Buwog AG		5,071		131,852
C C Land Holdings Limited		511		132
CA Immobilien Anlagen AG		3,951		74,943
Capital & Counties Properties plc		89,398		348,187
CapitaLand Limited		485,500		1,093,974
Castellum AB		28,107		424,856
Cathay Real Estate Development Company Limited †		260,000		113,487
Central Pattana PCL		354,500		617,025
Cheung Kong Property Holding Limited		399,793		2,808,711
China Evergrande Group		1,557,000		1,075,793
China Overseas Land & Investment Limited		1,170,480		3,870,141
China Resources Land Limited		808,888		2,278,323
China Vanke Company Limited H Shares		359,280		921,640
Chinese Estates Holdings Limited		69,696		150,037
City Developments Limited		83,000		517,208
Colliers International Group		2,138		87,972
Country Garden Holdings Company Limited		2,175,580		1,104,960
Daibiru Corporation		10,800		99,373
Daikyo Incorporated		44,000		69,743
Daito Trust Construction Company Limited		11,400		1,678,626
Daiwa House Industry Company Limited		96,200		2,483,915
Deutsche Euroshop AG		4,842		222,873
Deutsche Wohnen AG		27,669		1,040,096
DLF Limited		85,755		198,285
Dream Unlimited Class A †		3,983		24,237
Elbit Imaging Limited †		13		51
Emaar Properties PJSC		1,168,710		2,259,084
Emperor International Holdings Limited		200,000		44,602
F&C Commercial Property Trust Limited		75,126		124,301
Fabege AB		13,162		244,155
Far East Consortium International Limited		155,987		55,095
Farglory Land Development Company Limited		52,252		61,012
First Capital Realty Incorporated		7,489		126,720
FirstService Corporation		2,138		102,645
Future Mall Management Limited †		504		238
Gazit Globe Limited		4,376		45,417
Global Logistic Properties Limited		470,000		626,115
Goldcrest Company Limited		3,340		53,523
Goldin Properties Holdings Limited †		326,000		312,655
Grainger plc		37,054		112,739
Great Eagle Holdings Limited		71,414		322,201
Guocoland Limited		42,554		59,656
Hang Lung Group Limited		147,000		538,160
Hang Lung Properties Limited		305,000		695,116


42		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Real Estate Management & Development (continued)
Heiwa Real Estate Company Limited		5,200	$	67,145
Heliopolis Housing		1,417		8,831
Henderson Land Development Company Limited		170,513		996,805
Highwealth Construction Corporation		269,880		419,315
HKC Holdings Limited †		217,196		3,528
HKR International Limited		125,600		56,505
Hong Kong Land Holdings Limited		170,000		1,103,300
Hufvudstaden AB Class A		14,497		252,154
Hulic Company Limited		62,900		595,776
Hysan Development Company Limited		117,533		567,397
Immoeast AG Interim Shares (a)		15,082		0
Immofinanz AG		101,423		231,808
Immofinanz AG Interim Shares †(a)		19,870		0
IOI Properties Group Bhd		502,600		312,305
Jones Lang LaSalle Incorporated		27,655		3,228,721
K Wah International Holdings Limited		175,515		96,156
Kenedix Incorporated		44,000		202,001
Kerry Properties Limited		145,053		421,647
Kowloon Development Company Limited		45,000		43,216
Kungsleden		25,316		195,918
Land & Houses PCL		456,840		126,697
LEG Immobilien AG		4,572		446,287
Lendlease Corporation Limited		85,652		889,618
Leopalace21 Corporation		39,000		258,580
Longfor Properties Company Limited		306,000		493,068
Medinet Nasr Housing †		13,400		21,851
Megaworld Corporation		2,758,000		278,789
Midland Holdings Limited †		56,000		17,325
Mitsubishi Estate Company Limited		204,189		3,862,155
Mitsui Fudosan Company Limited		143,000		3,079,341
Mobimo Holding AG		799		199,192
New World Development Limited		749,118		939,590
Nexity SA		1,566		82,117
Nomura Real Estate Holding Incorporated		20,000		325,907
NTT Urban Development Corporation		15,800		144,921
Palm Hills Developments SAE		79,185		21,937
Prelios SpA †		1,105		98
PSP Swiss Property AG		3,653		349,868
PT Bumi Serpong Damai Tbk		2,777,000		450,098
PT Lippo Karawaci Terbuka Tbk		4,995,500		414,252
Radium Life Tech Company Limited		1,634		518
Realogy Holdings Corporation		89,395		2,399,362
Red Star Macalline Group Corporation H shares		459,000		415,361
Relo Holdings Incorporated		1,600		226,859
Robinsons Land Company		372,100		254,748
Ruentex Development Company Limited †		202,996		237,667
Savills plc		10,369		100,759
Shimao Property Holding Limited		283,500		394,686
Shree Precoated Steels Limited †		3,781		144
Sinarmas Land Limited		85,000		30,882


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			43


Security name	Shares		Value

Real Estate Management & Development (continued)
Sino Land Company		677,961	$	1,160,588
Sino-Ocean Land Holdings Limited		1,039,500		482,395
SM Prime Holdings Incorporated		3,478,354		2,228,326
SP Setia Bhd		269,144		231,614
Sumitomo Real Estate Sales Company Limited		2,500		47,190
Sumitomo Realty & Development Company Limited		69,000		1,820,949
Sun Hung Kai Properties Limited		230,284		3,241,618
Swire Pacific Limited Class A		97,500		1,077,112
Swire Pacific Limited Class B		195,000		385,096
Swire Properties Limited		200,183		563,838
Swiss Prime Site AG		5,716		502,703
TAG Immobilien AG		11,454		164,751
Talaat Moustafa Group		108,625		70,215
The Howard Hughes Corporation †		21,943		2,594,101
The RMR Group Incorporated Class A		7,013		270,351
Tian An China Investment		224,097		125,950
TOC Company Limited		13,900		109,894
Tokyo Tatemono Company Limited		34,500		405,137
Tokyu Fudosan Holdings Corporation		74,700		415,862
UEM Land Holdings Bhd		413,675		110,164
Unite Group plc		20,850		171,530
United Industrial Corporation Limited		64,877		129,521
United Overseas Land Limited		106,331		433,924
Vonovia SE		40,491		1,575,605
Wharf Holdings Limited		203,500		1,437,541
Wheelock & Company Limited		145,000		829,901
Wheelock Properties (Singapore) Limited		39,000		42,079
Wing Tai Holdings Limited		88,730		111,364

				75,829,404


REITs: 5.77%
Abacus Property Group		42,035		95,406
Activia Properties Incorporated		80		408,254
Advance Residence Investment Corporation		189		504,170
Aeon REIT Investment Corporation		168		208,975
Alexandria Real Estate Equities Incorporated		39,100		4,304,519
Allied Properties REIT		9,500		266,803
American Campus Communities Incorporated		159,600		7,997,556
American Capital Agency Corporation		173,400		3,348,354
American Homes 4 Rent Class A		212,092		4,638,452
American Tower Corporation		76,862		8,714,614
Annaly Capital Management Incorporated		544,533		5,831,948
Apartment Investment & Management Company Class A		82,337		3,719,986
Apple Hospitality REIT Incorporated «		185,573		3,640,942
Argosy Property Trust		146,218		123,071
Ascendas REIT		362,087		651,116
AvalonBay Communities Incorporated		24,800		4,340,248
Befimmo S.C.A. Sicafi		1,044		69,872
Big Yellow Group plc		13,948		138,559
Blackstone Mortgage Trust Incorporated Class A		111,287		3,318,578


44		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

REITs (continued)
Boardwalk REIT		1,855	$	71,278
Boston Properties Incorporated		29,589		4,146,307
Brandywine Realty Trust		208,094		3,356,556
British Land Company plc		96,327		838,640
Brixmor Property Group Incorporated		120,114		3,430,456
Bunnings Warehouse Property Trust		74,476		181,910
Camden Property Trust		45,900		4,028,643
Canadian Apartment Properties		5,440		123,949
Canadian REIT		4,006		148,461
CapitaLand Commercial Trust Limited		360,464		408,761
CapitaLand Mall Trust		468,636		742,966
Care Capital Properties Incorporated		98,869		2,965,081
Cathay No.1 REIT		400,000		214,305
CBL & Associates Properties Incorporated		200,468		2,860,678
CDL Hospitality Trusts		121,000		123,003
Champion REIT		571,653		364,765
Charter Hall Group		46,118		202,761
Charter Hall Retail REIT		62,961		202,523
Chimera Investment Corporation		223,979		3,693,414
Cofinimmo SA		2,555		314,637
Colony Financial Incorporated Class A		150,927		2,787,622
Columbia Property Trust Incorporated		146,952		3,465,128
Comforia Residential REIT Incorporated		72		165,760
Cominar REIT		20,000		250,877
Communications Sales & Leasing Incorporated		160,991		5,022,919
Corporate Office Properties Trust		112,300		3,202,796
Corrections Corporation of America		141,300		2,250,909
Cousins Properties Incorporated		232,387		2,560,905
Cromwell Group		285,800		219,089
Crown Castle International Corporation		63,053		5,975,533
CubeSmart REIT		215,900		5,943,727
CYS Investments Incorporated		202,052		1,780,078
Daiwa House REIT Investment Corporation (a)		46		285,412
Daiwa House Residential Investment Corporation		99		279,207
Daiwa Office Investment Corporation		41		245,291
DCT Industrial Trust Incorporated		107,037		5,213,772
DDR Corporation		159,633		3,018,660
Derwent Valley Holdings plc		8,152		292,455
Dexus Property Group		143,410		1,047,620
DiamondRock Hospitality		265,181		2,808,267
Douglas Emmett Incorporated		170,655		6,409,802
Duke Realty Corporation		193,178		5,432,165
DuPont Fabros Technology Incorporated		89,200		3,782,080
Emlak Konut Gayrimenkul Yati		469,570		462,036
EPR Properties		77,326		6,056,172
Equinix Incorporated		39,249		14,469,144
Equinix Incorporated		770		283,861
Equity Commonwealth †		150,841		4,719,815
Equity Lifestyle Properties Incorporated		106,750		8,276,328
Equity Residential		38,700		2,510,469


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			45


Security name	Shares		Value

REITs (continued)
Essex Property Trust Incorporated		37,309	$	8,472,874
Eurocommercial Properties NV		3,299		149,936
Extra Space Storage Incorporated		71,200		5,735,160
Federal Realty Investment Trust		40,301		6,407,859
Fibra Uno Administracion SAB de CV		718,045		1,389,766
Fonciere des Regions		3,503		327,286
Fortune REIT		246,000		314,574
Four Corners Property Trust Incorporated		71,528		1,481,345
Frontier Real Estate Investment Corporation		73		357,010
Fukuoka REIT Corporation		100		179,868
Gaming and Leisure Properties Incorporated		232,260		7,945,615
Gecina SA		2,316		362,319
General Growth Properties Incorporated		69,200		2,016,488
Geo Group Incorporated		87,942		1,762,358
Global One Real Estate Investment Corporation		36		137,090
GLP J-REIT		383		475,303
Goodman Group		252,674		1,441,320
Goodman Property Trust		181,257		177,552
GPT Group		275,271		1,102,670
Granite Real Estate Investment Trust		4,243		134,855
Great Portland Estates plc		28,410		252,752
Growthpoint Properties Limited		721,042		1,247,184
H&R REIT		11,358		201,974
Hammerson plc		66,473		506,276
Hankyu REIT Incorporated		115		157,387
HCP Incorporated		56,004		2,202,637
Healthcare Realty Trust Incorporated		139,075		4,875,970
Healthcare Trust of America Incorporated Class A		165,351		5,578,943
Heiwa Real Estate REIT Incorporated		149		123,273
Hospitality Properties Trust		183,721		5,601,653
Host Hotels & Resorts Incorporated		402,800		7,177,896
Hulic REIT Incorporated		121		213,313
ICADE		3,119		240,683
Ichigo Real Estate Investment Corporation		189		140,839
Industrial & Infrastructure Fund Investment Corporation		51		254,347
Intu Properties plc		88,750		368,273
Invesco Mortgage Capital Incorporated		148,078		2,330,748
Investa Office Fund		109,870		376,532
Invincible Investment Corporation		507		325,864
Iron Mountain Incorporated		133,519		5,128,465
Japan Excellent Incorporated		184		247,906
Japan Hotel REIT Investment Corporation		503		432,192
Japan Logistics Fund Incorporated		129		294,120
Japan Prime Realty Investment Corporation		128		565,989
Japan Real Estate Investment Corporation		191		1,122,389
Japan Rental Housing Investment Incorporated		257		203,931
Japan Retail Fund Investment Corporation		385		864,403
Kenedix Realty Investment		52		313,613
Kenedix Residential Investment Corporation		43		118,529
Kenedix Retail REIT Corporation		61		152,463


46		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

REITs (continued)
Keppel REIT		206,614	$	161,506
Kilroy Realty Corporation		51,295		3,725,556
Kimco Realty Corporation		226,180		6,796,709
Kite Realty Group Trust		98,139		2,834,254
Kiwi Property Group Limited		201,240		226,331
KLCC Property Holdings Bhd		105,300		199,150
Klepierre		21,292		997,744
Lamar Advertising Company Class A		42,756		2,664,981
Land Securities Group plc		74,578		1,071,377
LaSalle Hotel Properties		134,952		3,786,753
LaSalle Logiport REIT		172		174,219
Lexington Corporate Properties Trust		247,458		2,670,072
Liberty Property Trust		178,732		7,369,120
Life Storage Incorporated		61,066		5,495,940
Link REIT		323,655		2,353,081
LondonMetric Property plc		59,025		127,192
Mack-Cali Realty Corporation		105,534		2,929,624
Mapletree Industrial Trust		180,600		235,948
Mapletree Logistics Trust		301,210		236,555
MCUBS MidCity Investment Corporation		33		111,154
Merlin Properties Socimi SA		27,586		320,632
MFA Mortgage Investments Incorporated		440,466		3,400,398
Mirvac Group		619,201		1,079,637
Mori Hills REIT Corporation		189		285,879
Mori Trust Sogo REIT Incorporated		165		291,519
National Retail Properties Incorporated		176,454		8,840,345
New Residential Investment Corporation		275,075		3,947,326
Nippon Accommodations Fund Incorporated		76		325,405
Nippon Building Fund Incorporated		208		1,272,546
Nippon Prologis REIT Incorporated		255		611,961
NIPPON REIT Investment Corporation		47		116,472
Nomura Real Estate Master Fund Incorporated		558		920,607
NorthStar Realty Europe Corporation		80,892		828,334
NorthStar Realty Finance Corporation		213,311		2,845,569
Omega Healthcare Investors Incorporated		85,974		3,112,259
ORIX JREIT Incorporated «		355		620,688
Outfront Media Incorporated		165,040		3,683,693
Paramount Group Incorporated		200,225		3,604,050
Parkway Life REIT		64,000		117,436
Pebblebrook Hotel Trust		94,940		2,851,998
Piedmont Office Realty Trust Incorporated Class A		173,200		3,742,852
Post Properties Incorporated		69,746		4,622,765
Potlatch Corporation		54,022		2,045,813
Precinct Properties New Zealand Limited		145,054		136,300
Premier Investment Corporation		163		221,030
Public Storage Incorporated		27,597		6,180,072
Rayonier Incorporated		146,600		4,035,898
Realty Income Corporation		139,262		9,153,691
Redefine Properties Limited		1,331,220		997,826
Redwood Trust Incorporated		101,434		1,501,223


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			47


Security name	Shares		Value

REITs (continued)
Regency Centers Corporation		54,383	$	4,380,007
Resilient REIT Limited		102,685		824,162
Retail Properties of America Incorporated Class A		286,377		4,868,409
RioCan REIT		14,088		295,854
RLJ Lodging Trust		148,627		3,468,954
Scentre Group		768,669		2,871,136
Segro plc		80,631		479,851
Sekisui House REIT incorporated		119		167,807
Sekisui House SI Investment Corporation		125		144,493
Senior Housing Properties Trust		288,489		6,444,844
Shaftesbury plc		24,082		305,955
Shopping Centres Australasia Property Group		117,209		203,484
SIA REIT Incorporated		14		53,854
Simon Property Group Incorporated		55,986		12,063,303
Smart REIT		5,367		145,041
Spirit Realty Capital Incorporated		585,754		7,761,241
Starhill Global REIT		254,000		150,075
Starwood Property Trust Incorporated		122,500		2,805,250
Stockland Australia		353,241		1,287,570
Sunstone Hotel Investors Incorporated		257,450		3,575,981
Suntec REIT		384,000		472,091
Taubman Centers Incorporated		79,573		6,180,435
Tokyu REIT Incorporated		135		185,019
Top REIT Incorporated (a)		29		125,354
Two Harbors Investment Corporation		414,286		3,687,145
UDR Incorporated		149,300		5,401,674
Unibail-Rodamco SE		8,909		2,444,636
United Urban Investment Corporation		405		721,418
Urban Edge Properties REIT		109,548		3,139,646
Vastned Retail NV		1,059		43,854
VEREIT Incorporated		505,138		5,278,692
Vicinity Centres		471,677		1,173,359
Washington Prime Group Incorporated		217,062		2,982,432
Washington Real Estate Investment Trust		85,675		2,784,438
Weingarten Realty Investors		140,000		5,775,000
Welltower Incorporated		37,753		2,897,543
Wereldhave NV		4,146		198,721
Westfield Corporation		275,983		2,119,782
Weyerhaeuser Company		405,634		12,919,443
Workspace Group plc		11,049		99,604
WP Carey Incorporated		51,257		3,416,279
Xenia Hotels & Resorts Incorporated		143,924		2,423,680
Yuexiu Real Estate Investment Trust		325,000		213,244

				494,812,458


Thrifts & Mortgage Finance: 0.28%
Aareal Bank AG		3,994		134,544
Capitol Federal Financial Incorporated		166,615		2,395,924
Genworth Mortgage Insurance Canada Incorporated		2,068		53,947
Home Capital Group Incorporated «		4,758		106,306


48		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Thrifts & Mortgage Finance (continued)
Housing Development Finance Corporation Limited		443,127	$	9,299,580
Indiabulls Housing Finance Limited		89,088		1,089,755
LIC Housing Finance Limited		74,052		633,649
MGIC Investment Corporation †		403,974		3,268,150
New York Community Bancorp Incorporated		256,238		3,871,756
Paragon Group of Companies plc		26,738		111,407
Washington Federal Incorporated		106,609		2,825,139

				23,790,157


Health Care: 10.19%

Biotechnology: 2.28%
3-D Matrix Limited †		3,100		20,853
AbbVie Incorporated		178,272		11,427,235
Abcam plc		16,796		160,014
ACADIA Pharmaceuticals Incorporated †«		116,502		3,743,209
Actelion Limited		11,077		1,843,633
Agios Pharmaceuticals Incorporated †«		37,796		1,392,405
Alexion Pharmaceuticals Incorporated †		40,608		5,110,923
Alkermes plc †		84,791		3,711,302
Alnylam Pharmaceuticals Incorporated †		98,019		6,846,627
Amgen Incorporated		83,000		14,114,980
Biogen Incorporated †		39,707		12,135,650
BioMarin Pharmaceutical Incorporated †		92,649		8,698,815
bluebird bio Incorporated †«		52,600		2,595,284
Celgene Corporation †		140,224		14,967,510
Cepheid Incorporated †		93,354		3,203,909
CK Life Sciences International Holdings Incorporated		702,000		64,250
Clovis Oncology Incorporated †«		48,096		1,191,338
CSL Limited		66,050		5,366,073
Dyax Corporation (a)		188,200		0
Genmab AS †		5,982		955,772
Genus plc		5,667		135,512
Gilead Sciences Incorporated		241,100		18,897,418
Green Cross Corporation		1,207		189,439
Green Cross Holdings Corporation		5,818		157,582
Grifols SA		26,431		559,872
Incyte Corporation †		97,380		7,897,518
Intercept Pharmaceuticals Incorporated †«		22,588		3,350,026
Intrexon Corporation †«		72,346		1,826,013
Ionis Pharmaceuticals Incorporated †«		157,612		4,673,196
Juno Therapeutics Incorporated †«		105,185		3,111,372
Karo Bio AB †«		107,433		530,849
Kite Pharma Incorporated †«		55,307		3,186,789
Medivation Incorporated †		93,286		7,515,120
Medy-Tox Incorporated		1,142		453,215
Mesoblast Limited †«		31,890		32,116
Myriad Genetics Incorporated †		100,100		2,038,036
NanoCarrier Company Limited †«		6,400		57,094
Neurocrine Biosciences Incorporated †		104,600		5,068,916


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			49


Security name	Shares		Value

Biotechnology (continued)
Novavax Incorporated †«		385,500	$	2,636,820
OBI Pharma Incorporated †		50,000		625,581
OPKO Health Incorporated †«		418,615		3,809,397
PeptiDream Incorporated †«		5,100		218,117
Portola Pharmaceuticals Incorporated †		80,403		1,637,005
Puma Biotechnology Incorporated †		31,460		1,860,859
Radius Health Incorporated †«		48,410		2,654,804
Regeneron Pharmaceuticals Incorporated †		14,213		5,579,313
Savient Pharmaceuticals Incorporated †(a)		2,670		0
Seattle Genetics Incorporated †		66,100		2,944,755
Shire Limited plc		79,789		4,988,332
Shire plc ADR		387		72,439
Sirtex Medical Limited		8,261		208,173
Swedish Orphan Biovitrum AB †		15,061		178,044
Takara Bio Incorporated		6,300		91,031
Ultragenyx Pharmaceutical Incorporated †		50,559		3,332,849
United Therapeutics Corporation †		27,305		3,338,855
Vertex Pharmaceuticals Incorporated †		44,738		4,228,188
Viromed Company Limited †		1,994		211,382

				195,845,809


Health Care Equipment & Supplies: 1.86%
Abbott Laboratories		160,394		6,739,756
Abiomed Incorporated †		51,800		6,109,292
Align Technology Incorporated †		96,605		8,974,605
Ansell Limited		26,316		444,209
Asahi Intecc Company Limited		8,000		355,676
Baxter International Incorporated		58,264		2,722,677
bioMerieux SA		1,765		268,442
Boston Scientific Corporation †		739,078		17,604,838
C.R. Bard Incorporated		41,994		9,273,955
Cochlear Limited		8,162		864,302
Coloplast Class B		10,575		804,390
Cooper Companies Incorporated		27,308		5,077,103
CYBERDYNE Incorporated †«		8,948		140,881
Danaher Corporation		108,494		8,832,497
DexCom Incorporated †		111,060		10,116,455
DiaSorin SpA		1,623		104,911
Edwards Lifesciences Corporation †		121,882		14,035,931
Elekta AB Class B «		35,308		301,910
Essilor International SA Cie Generale d’Optique		17,811		2,261,890
Fisher & Paykel Healthcare Corporation		89,568		628,458
Fukuda Denshi Company Limited		2,200		129,706
Getinge AB Class B		18,499		360,876
GN Store Nord A/S		17,550		376,941
Halyard Health Incorporated †		53,142		1,937,026
Hartalega Holdings Bhd		183,500		198,183
Hogy Medical Company Limited		2,000		135,891
Hoya Corporation		58,400		2,262,848
IDEXX Laboratories Incorporated †		50,374		5,676,142


50		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Health Care Equipment & Supplies (continued)
Intuitive Surgical Incorporated †		6,842	$	4,696,486
Nagaileben Company Limited		3,800		77,201
Nakanishi Incorporated		4,000		144,590
Nihon Kohden Corporation		13,200		300,577
Nikkiso Company Limited		14,000		123,133
Nipro Corporation		22,400		278,850
NuVasive Incorporated †		64,800		4,242,456
Olympus Corporation		45,000		1,472,237
Osstem Implant Company Limited †		1,678		85,631
Paramount Bed Holdings Company Limited		3,500		126,178
ResMed Incorporated		79,251		5,285,249
Smith & Nephew plc		83,542		1,348,251
Sonova Holding AG		4,488		621,033
St. Jude Medical Incorporated		29,645		2,309,938
Straumann Holding AG		989		383,614
Sysmex Corporation		24,300		1,566,530
Teleflex Incorporated		58,090		10,635,698
Terumo Corporation		52,100		2,026,797
Top Glove Corporation Bhd		366,800		384,392
Varian Medical Systems Incorporated †		56,276		5,409,812
West Pharmaceutical Services Incorporated		96,573		7,902,569
William Demant Holding †		17,515		365,951
Zimmer Holdings Incorporated		21,000		2,721,810

				159,248,774


Health Care Providers & Services: 2.06%
Acadia Healthcare Company Incorporated †		97,541		4,993,124
Alfresa Holdings Corporation		32,200		600,959
AmerisourceBergen Corporation		104,700		9,105,759
AmSurg Corporation †		71,000		4,609,320
Anthem Incorporated		28,181		3,524,879
Apollo Hospitals Enterprise Limited		21,420		431,774
AS ONE Corporation		2,400		91,509
Bangkok Chain Hospital PCL		87		30
Bangkok Dusit Medical Services PCL Class F		1,509,100		1,024,508
Brookdale Senior Living Incorporated †		113,800		1,958,498
Bumrungrad Hospital PCL		107,400		527,452
Cardinal Health Incorporated		34,400		2,740,648
Celesio AG		9,643		271,704
Centene Corporation †		224,602		15,338,071
Chemed Corporation		21,451		2,894,383
Cigna Corporation		46,800		6,002,568
DaVita HealthCare Partners Incorporated †		92,743		5,993,980
Express Scripts Holding Company †		114,563		8,328,730
Fresenius Medical Care AG & Company KGaA		19,133		1,693,267
Fresenius SE & Company KGaA		36,249		2,645,189
Healthscope Limited		250,063		575,081
HealthSouth Corporation		115,500		4,702,005
Henry Schein Incorporated †		46,782		7,662,424
Humana Incorporated		27,028		4,830,174


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			51


Security name	Shares		Value

Health Care Providers & Services (continued)
IHH Healthcare Bhd		615,700	$	992,893
Korian SA		11,688		418,304
Laboratory Corporation of America Holdings †		58,285		7,980,965
Life Healthcare Group Holdings Limited		246,277		644,923
LifePoint Hospitals Incorporated †		56,556		3,201,070
Magellan Health Services Incorporated †		35,157		2,008,168
McKesson Corporation		40,700		7,514,034
Mediclinic International plc		78,796		1,061,404
Medipal Holdings Corporation		30,400		480,688
MEDNAX Incorporated †		52,256		3,436,877
Miraca Holdings Incorporated		8,300		393,481
Molina Healthcare Incorporated †		58,800		3,164,028
Netcare Limited		414,008		925,055
Nichii Gakkan Company		7,200		57,272
Orpea		3,644		316,437
Owens & Minor Incorporated		73,500		2,526,195
Patterson Companies Incorporated		100,400		4,618,400
Primary Health Care Limited		92,654		284,804
Quest Diagnostics Incorporated		79,200		6,559,344
Ramsay Health Care Limited		20,419		1,273,250
Rhoen Klinikum AG		4,591		135,784
Ryman Healthcare Limited		72,433		504,551
Ship Healthcare Holdings Incorporated		6,600		176,251
Sigma Pharmaceuticals Limited		257,710		236,292
Sinopharm Group Company Limited H Shares		367,600		1,883,597
Sonic Healthcare Limited		59,652		1,031,124
Suzuken Company Limited		14,800		428,988
Team Health Holdings Incorporated †		96,200		3,203,460
Tenet Healthcare Corporation †		129,164		3,087,020
Toho Holdings Company Limited		9,400		182,703
TOKAI Corporation		2,600		82,801
UDG Healthcare plc		34,039		273,777
UnitedHealth Group Incorporated		105,163		14,307,426
Universal Health Services Incorporated Class B		51,000		6,147,030
Vital KSK Holdings Incorporated		9,000		81,854
WellCare Health Plans Incorporated †		58,300		6,570,410

				176,736,696


Health Care Technology: 0.17%
Allscripts Healthcare Solutions Incorporated †		221,500		2,859,565
athenahealth Incorporated †		24,063		2,946,033
Cerner Corporation †		58,024		3,744,869
M3 Incorporated		28,600		855,526
Medidata Solutions Incorporated †		74,400		4,025,040

				14,431,033


Life Sciences Tools & Services: 0.64%
Bio Techne Corporation		48,878		5,149,297
Bio-Rad Laboratories Incorporated Class A †		27,067		4,027,840
Charles River Laboratories International Incorporated †		62,020		5,160,684


52		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Life Sciences Tools & Services (continued)
Divi’s Laboratories Limited		25,894	$	511,346
Eurofins Scientific SE		812		329,148
Gerresheimer AG		3,694		306,769
ICON plc ADR †		5,230		401,612
Illumina Incorporated †		26,657		4,487,439
Lonza Group AG		5,820		1,102,992
Mettler-Toledo International Incorporated †		15,260		6,150,848
Parexel International Corporation †		69,096		4,700,601
QIAGEN NV †		22,655		599,922
Quintiles Transnational Holdings Incorporated †		52,465		4,055,545
Tecan Group AG		803		126,547
Thermo Fisher Scientific Incorporated		71,200		10,835,928
Waters Corporation †		46,065		7,246,485

				55,193,003


Pharmaceuticals: 3.18%
Akorn Incorporated †		108,000		2,907,360
Alapis Holding Industrial & Commercial SA of Pharmaceutical Chemical Products †(a)		1,231		0
Allergan plc †		71,612		16,795,878
Aspen Pharmacare Holdings Limited		82,217		1,968,466
Astellas Pharma Incorporated		320,800		4,900,444
AstraZeneca plc		112,231		7,234,691
Aurobindo Pharma Limited		73,202		864,444
Bayer AG		76,769		8,218,103
Bristol-Myers Squibb Company		184,485		10,587,594
BTG plc †		29,198		230,431
Bukwang Pharmaceutical Company		3,630		90,506
Cadila Healthcare Limited		101,725		578,573
Celltrion Incorporated †«		13,443		1,287,634
China Medical System Holding Limited		329,000		551,334
Chugai Pharmaceutical Company Limited		31,300		981,670
Cipla Limited India		112,548		962,885
Daiichi Sankyo Company Limited		97,200		2,230,720
Dong-A ST Company Limited		1,090		101,668
Dr. Reddys Laboratories Limited		23,358		1,077,687
Eisai Company Limited		42,800		2,494,409
Eli Lilly & Company		106,619		8,289,627
Endo International plc †		124,836		2,584,105
Galenica AG		419		486,075
GlaxoSmithKline Pharmaceuticals Limited		4,235		191,859
GlaxoSmithKline plc		437,688		9,420,148
Glenmark Pharmaceuticals Limited		35,144		441,386
GW Pharmaceuticals plc †		22,939		155,281
H. Lundbeck AS †		7,172		286,583
Hanmi Pharm Company Limited		750		399,552
Hanmi Science Company Limited		4,294		516,050
Haw Par Corporation Limited		27,500		184,888
Hikma Pharmaceuticals plc		10,618		298,381
Hisamitsu Pharmaceutical Company Incorporated		12,600		563,843
Horizon Pharma plc †		188,677		3,547,128


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			53


Security name	Shares		Value

Pharmaceuticals (continued)
Hua Han Bio-Pharmaceutical Holdings Limited H Shares		4,987	$	347
Ilyang Pharmaceutical Company Limited †		2,300		96,022
Indivior plc		61,638		254,637
Innoviva Incorporated «		105,049		1,164,993
Ipsen SA		2,572		167,058
Jazz Pharmaceuticals plc †		34,000		4,210,220
Jeil Pharmaceutical Company		1,190		101,710
Johnson & Johnson		297,596		35,515,107
Kaken Pharmaceutical Company Limited		6,500		366,887
Kissei Pharmaceutical Company Limited		7,200		173,276
Komipharm International Company †«		5,117		156,034
Kyorin Company Limited		8,900		178,318
Kyowa Hakko Kogyo Company Limited		37,800		536,320
LG Life Sciences Limited †		1,820		105,283
Lupin Limited		66,388		1,469,319
Luye Pharma Group Limited †		418,000		265,643
Merck & Company Incorporated		306,685		19,256,751
Merck KGaA		12,492		1,314,553
Mitsubishi Tanabe Pharma Corporation		36,000		668,052
Mochida Pharmaceutical Company Limited		2,200		152,032
Mylan NV †		82,392		3,490,125
Nichi-Iko Pharmaceutical Company Limited		8,000		141,265
Nippon Shinyaku Company Limited		9,000		417,098
Novartis AG		242,433		19,078,150
Novo Nordisk AS Class B		176,159		8,256,257
Ono Pharmaceutical Company Limited		77,700		2,025,389
Orion Oyj Class A		3,628		136,419
Orion Oyj Class B		8,702		329,444
Otsuka Holdings Company Limited		80,500		3,487,957
Pacira Pharmaceuticals Incorporated †		52,919		2,097,180
Perrigo Company plc		27,634		2,514,418
Pfizer Incorporated		673,771		23,447,231
Piramal Enterprises Limited		18,361		504,071
PT Kalbe Farma Tbk		7,442,000		1,007,040
Recordati SpA		6,569		198,719
Roche Holding AG		2,539		620,326
Roche Holding AG Genusschein		65,222		15,901,821
Rohto Pharmaceutical Company Limited		16,300		255,374
Sanofi SA		110,160		8,487,183
Santen Pharmaceutical Company Limited		60,900		766,364
Sawai Pharmaceutical Company Limited		5,200		341,758
Seikagaku Corporation		7,900		111,554
Shionogi & Company Limited		44,100		1,968,761
Sino Biopharmaceutical Limited		1,218,000		781,902
Sosei Group Corporation «†		2,300		371,904
Stada Arzneimittel AG		5,207		279,604
Sumitomo Dainippon Pharma Company Limited		25,200		421,847
Sun Pharmaceutical Industries Limited		303,946		3,520,318
Taisho Pharmaceutical Holding Company Limited		8,200		751,327
Takeda Pharmaceutical Company Limited		107,200		4,724,612


54		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Pharmaceuticals (continued)
Teva Pharmaceutical Industries Limited		94,247	$	4,783,466
The United Laboratories International Holdings Limited †		500		226
Torrent Pharmaceuticals Limited		20,280		494,191
Towa Pharmaceutical Company Limited		1,900		71,802
Tsumura & Company		10,400		273,809
TTY Biopharm Company Limited		65,000		236,602
UCB SA		13,970		1,147,053
Valeant Pharmaceuticals International Incorporated †		30,257		878,823
Yuhan Corporation		1,877		485,663
Yungjin Pharmaceutical Company †		13,070		126,011
Zeria Pharmaceutical Company Limited		9,000		127,260

				272,642,289


Industrials: 10.76%

Aerospace & Defense: 1.32%
Airbus Group NV		54,584		3,183,715
B/E Aerospace Incorporated		62,600		3,164,430
BAE Systems plc		307,386		2,173,621
Bharat Electronics Limited		27,081		493,520
Bombardier Incorporated Class B †		143,159		234,705
BWX Technologies Incorporated		124,908		4,847,679
CAE Incorporated		24,800		353,637
Chemring Group plc		12,198		22,946
Cobham plc		161,040		341,946
Dassault Aviation SA		313		333,722
Elbit Systems Limited		1,785		173,538
Embraer SA		217,900		966,960
General Dynamics Corporation		30,926		4,707,556
Hanwha Techwin Company Limited		9,105		503,021
Hexcel Corporation		122,400		5,489,640
Huntington Ingalls Industries Incorporated		62,707		10,357,315
KLX Incorporated †		75,045		2,802,180
Korea Aerospace Industries Limited		7,520		571,250
L-3 Communications Holdings Incorporated		43,085		6,411,910
Leonardo-Finmeccanica SpA †		34,904		398,291
Lockheed Martin Corporation		27,449		6,669,284
MacDonald Dettwiler & Associates Limited		2,966		195,818
Meggitt plc		77,064		473,903
Moog Incorporated Class A †		46,740		2,757,193
MTU Aero Engines AG		4,407		448,123
Northrop Grumman Corporation		19,451		4,124,974
Orbital ATK Incorporated		77,157		5,819,953
Qinetiq Group plc		51,946		157,231
Raytheon Company		32,000		4,484,160
Rockwell Collins Incorporated		72,896		6,100,666
Rolls-Royce Holdings plc - BATS Exchange		181,553		1,835,728
Saab AB Class B		5,318		181,146
Safran SA		31,081		2,173,072
Senior plc		38,774		120,213
Singapore Technologies Engineering Limited		264,000		625,873


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			55


Security name	Shares		Value

Aerospace & Defense (continued)
Teledyne Technologies Incorporated †		45,176	$	4,840,157
Thales SA		9,751		844,362
TransDigm Group Incorporated †		30,240		8,624,146
Ultra Electronics Holdings plc		5,405		119,949
United Technologies Corporation		140,909		14,996,945
Zodiac Aerospace SA		17,330		394,347

				113,518,825


Air Freight & Logistics: 0.30%
Bollore Investissement		97,380		351,720
Bpost SA		9,098		231,383
Deutsche Post AG		89,813		2,845,167
Expeditors International of Washington Incorporated		101,600		5,146,040
FedEx Corporation		45,200		7,454,836
Freightways Limited		37,588		184,917
Hub Group Incorporated Class A †		48,701		1,984,566
Hyundai Glovis Company Limited		2,877		473,479
Kerry Logistics Network Limited		72,526		101,157
Kintetsu World Express Incorporated		5,900		71,736
Mainfreight Limited		9,747		121,646
Mitsui-Soko Company Limited		20,000		58,764
Oesterreichische Post AG		4,954		177,935
Panalpina Welttransport Holdings AG		1,522		209,835
PostNL †		25,238		110,439
Royal Mail plc		72,366		488,441
Singapore Post Limited		260,000		260,487
XPO Logistics Incorporated †«		116,105		4,156,559
Yamato Holdings Company Limited		55,200		1,302,574

				25,731,681


Airlines: 0.40%
Air Canada †		26,372		180,184
Air China H Shares		534,000		395,120
Air France-KLM †		16,025		87,999
All Nippon Airways Company Limited		169,000		459,476
Allegiant Travel Company		18,500		2,557,440
Asiana Airlines †		21,610		104,077
Cathay Pacific Airways Limited		167,000		240,246
China Airlines		594,775		172,638
Chorus Aviation Incorporated		63		288
Deutsche Lufthansa AG		24,014		279,784
easyJet plc		22,179		321,824
Eva Airways Corporation		427,849		198,212
International Consolidated Airlines		72,922		366,751
Japan Airlines Company Limited		17,605		535,475
JetBlue Airways Corporation †		426,213		6,798,097
Korean Air Lines Company Limited †		7,538		213,295
LANTAM Airlines Group SA †		79,059		622,209
Qantas Airways Limited		191,247		465,691


56		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Airlines (continued)
Ryanair Holdings plc		15,795	$	1,146,875
Singapore Airlines Limited		90,200		695,145
Southwest Airlines Company		115,600		4,263,328
Spirit Airlines Incorporated †		92,614		3,703,634
Turk Hava Yollari Anonim Ortakligi †«		270,807		472,490
United Continental Holdings Incorporated †		191,600		9,658,556
Virgin Australia International Holdings (a)		177,317		0
WestJet Airlines Limited		32,660		602,693

				34,541,527


Building Products: 0.63%
A.O. Smith Corporation		99,000		9,551,520
Aica Kogyo Company Limited		9,900		246,005
Armstrong Flooring Incorporated †		34,365		708,606
Armstrong World Industries Incorporated		68,700		2,986,389
Asahi Glass Company Limited		175,000		1,112,937
Assa Abloy AB Class B		92,949		1,882,726
Belimo Holding AG		43		144,273
Bunka Shutter Company Limited		12,000		83,622
Central Glass Company Limited		31,000		118,948
Compagnie de Saint-Gobain SA		45,570		1,998,678
Daikin Industries Limited		42,700		3,957,380
Dorma+Kaba Holding AG Class B		280		219,775
Geberit AG		3,718		1,621,699
GWA International Limited		44,009		97,902
Johnson Controls Incorporated		68,800		3,018,944
KCC Corporation		841		311,132
Kingspan Group plc		16,453		451,105
Lennox International Incorporated		51,358		8,272,233
LIXIL Group Corporation		42,000		847,185
Nibe Industrier AB Class B		53,652		480,387
Nichias Corporation		22,000		196,260
Nichiha Corporation		5,800		107,238
Nippon Sheet Glass Company Limited		171,000		132,219
Nitto Boseki Company Limited		38,000		128,913
Noritz Corporation		8,300		162,446
Okabe Company Limited		8,500		68,680
Owens Corning Incorporated		60,200		3,306,184
Rockwool International AS Class B		400		75,900
Sankyo Tateyama Incorporated		4,600		69,401
Sanwa Holdings Corporation		35,900		318,525
Sekisui Jushi Corporation		6,000		93,771
Taiwan Glass Industrial Corporation †		343,581		140,765
Takara Standard Company Limited		20,000		166,433
Takasago Thermal Engineering Company		9,700		143,815
TOTO Limited		23,400		888,822
Tyco International plc		230,254		10,057,495
Uponor Oyj		2,800		50,597

				54,218,910


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			57


Security name	Shares		Value

Commercial Services & Supplies: 0.79%
Aeon Delight Company Limited		3,500	$	98,473
Aggreko plc		24,032		321,572
Babcock International Group plc		46,368		636,890
Berendsen plc		15,297		246,069
Bilfinger SE †		4,408		127,717
Brambles Limited		227,942		2,110,538
Cabcharge Australia Limited «		26,928		65,570
China Everbright International Limited		717,000		916,867
Civeo Corporation †		59,549		68,481
Clean Harbors Incorporated †		67,504		3,226,691
Cleanaway Waste Management Limited		162,245		137,787
Copart Incorporated †		131,190		6,693,314
Covanta Holding Corporation		153,000		2,278,170
Dai Nippon Printing Company Limited		89,000		904,924
Daiseki Company Limited		6,700		116,496
De La Rue plc		11,470		91,199
Deluxe Corporation		58,634		3,997,080
Downer EDI Limited		82,141		302,492
Duskin Company Limited		8,400		144,188
Edenred		14,866		323,686
Essendant Incorporated		49,312		955,173
G4S plc		126,965		384,466
HomeServe plc		12,155		90,341
Intrum Justitia AB		10,031		316,726
ISS A/S		13,842		560,576
KEPCO Plant Service & Engineering Company Limited		3,274		189,099
Kokuyo Company Limited		17,300		238,938
Loomis AB Class B		8,827		252,623
Mineral Resources Limited		31,646		269,706
Mitie Group plc «		40,984		145,524
Mitsubishi Pencil Company Limited		4,400		214,759
MSA Safety Incorporated		45,321		2,639,948
Nissha Printing Company Limited «		7,200		173,554
Okamura Corporation		15,400		141,103
Oyo Corporation		3,900		39,503
Park24 Company Limited		16,100		470,715
Pilot Corporation		5,800		227,874
Pitney Bowes Incorporated		226,500		4,249,140
Prosegur Compania de Seguridad SA		26,730		179,194
Regus plc		55,194		217,216
Relia Incorporated		8,300		78,536
Rentokil Initial plc		173,799		488,171
Republic Services Incorporated		127,900		6,461,508
Ritchie Bros. Auctioneers Incorporated		6,229		216,642
RR Donnelley & Sons Company		251,822		4,306,156
S1 Corporation Incorporated		2,828		261,241
Sato Corporation		4,000		84,202
Secom Company Limited		30,000		2,276,712
Securitas AB Class B		25,461		442,857
Serco Group plc †		97,398		163,710


58		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Commercial Services & Supplies (continued)
Societe BIC SA		2,766	$	403,716
Sohgo Security Services Company Limited		13,000		649,592
Spotless Group Holdings Limited		290,919		230,665
Stericycle Incorporated †		47,931		4,121,107
Taiwan Secom Company Limited		64,960		184,661
Tetra Tech Incorporated		67,000		2,365,100
Tomra Systems ASA		7,776		86,786
Toppan Forms Company Limited		6,500		68,477
Toppan Printing Company Limited		95,000		846,566
Transcontinental Incorporated Class A		3,424		50,130
Waste Connections Incorporated		5,786		441,473
Waste Connections Incorporated		73,348		5,605,988
Waste Management Incorporated		43,953		2,810,355

				67,408,733


Construction & Engineering: 0.64%
Abengoa SA Class A		2,071		1,312
Actividades de Construccion y Servicios SA		16,688		472,905
AECOM Technology Corporation †		186,700		5,755,961
Aecon Group Incorporated		8,690		121,596
Arcadis NV		7,054		94,578
Balfour Beatty plc †		61,174		226,773
Bouygues SA		16,989		538,759
Budimex SA		6,367		320,928
Cardno Limited «		53,299		30,644
Carillion plc		47,881		163,601
China Communications Construction Company Limited H Shares		1,454,779		1,586,510
China Railway Group Limited Class H		1,159,000		859,066
China State Construction International Holdings Limited		438,000		522,830
Chiyoda Corporation		25,000		202,001
Chudenko Corporation		6,500		123,887
CIMIC Group Limited		17,730		394,553
Comsys Holdings Corporation		16,700		315,551
CTCI Corporation		123,000		174,438
Daelim Industrial Company Limited		6,425		467,325
Daewoo Engineering & Construction Company Limited †		31,654		172,607
Dialog Group Bhd		784,124		297,756
Eiffage SA		4,842		379,151
EverChina International Holdings Company Limited †		960,000		32,175
Ferrovial SA		37,886		746,522
Flsmidth & Company AS		5,428		200,299
Fluor Corporation		73,400		3,809,460
Galliford Try plc		7,693		114,658
Gamuda Bhd		828,450		996,877
GS Engineering & Construction Corporation †		11,855		305,678
Hanison Construction Holding Limited		30,555		5,199
Hazama Ando Corporation		30,100		167,861
Hibiya Engineering Limited		6,000		93,597
Hochtief AG		4,214		566,646
Hyundai Development Company		9,673		404,704


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			59


Security name	Shares		Value

Construction & Engineering (continued)
Hyundai Engineering & Construction Company Limited		11,463	$	396,322
IJM Corporation Bhd		1,039,140		878,868
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV †		407,640		613,195
Interserve plc		12,112		68,431
Jacobs Engineering Group Incorporated †		63,900		3,366,891
JGC Corporation		38,000		602,697
Kajima Corporation		145,000		974,001
Kandenko Company Limited		16,000		142,425
KBR Incorporated		187,800		2,756,904
KEPCO Engineering & Construction Company Incorporated		1,785		51,949
Kier Group plc		8,943		146,559
Kinden Corporation		23,000		251,863
Koninklijke Bam Groep NV		28,912		129,774
Kumagai Gumi Company Limited		61,000		164,490
Kumho Industrial Company Limited †		9		90
Kyowa Exeo Corporation		14,600		209,831
Kyudenko Corporation		7,200		227,555
Larsen & Toubro Limited		54,392		1,228,795
Larsen & Toubro Limited GDR		8,011		180,248
Maeda Corporation		23,000		191,843
Maeda Road Construction Company Limited		10,000		170,106
Malaysian Resources Corporation Bhd		50		15
Mirait Holdings Corporation		11,700		98,720
Monadelphous Group Limited «		19,272		125,286
NCC AB Class B		8,600		214,481
Nippo Corporation		8,000		144,977
Nippon Densetsu Kogyo Company Limited		8,000		150,389
Nippon Koei Company Limited		15,000		57,991
Nishimatsu Construction Company Limited		45,000		204,852
Obayashi Corporation		106,200		980,245
Obrascon Huarte Lain SA		10,626		35,440
Okumura Corporation		29,000		156,401
Outotec Oyj †		15,988		68,197
Peab AB		21,523		179,889
Penta-Ocean Construction Company Limited		41,700		220,057
Quanta Services Incorporated †		198,000		5,094,540
Royal Boskalis Westminster NV		8,093		289,326
Samsung Engineering Company Limited †		30,682		309,572
Sanki Engineering Company Limited		10,000		80,704
Shimizu Corporation		107,000		954,535
Sho-Bond Holdings Company Limited		3,600		158,836
Sino Thai Engineering & Construction PCL		374,529		270,492
Skanska AB Class B		34,816		763,372
SNC-Lavalin Group Incorporated		14,400		613,817
Socam Development Limited †		63		27
Sumitomo Mitsui Construction Company Limited		150,200		140,815
Taikisha Limited		5,400		121,032
Taisei Corporation		169,000		1,270,787
Takamatsu Corporation		3,600		83,054
Toa Corporation		31,000		56,029


60		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Construction & Engineering (continued)
Toda Corporation		37,000	$	188,460
Tokyu Construction Company Limited		13,280		130,021
Toshiba Plant Systems & Services Corporation		6,000		94,293
Totetsu Kogyo Company Limited		5,900		162,747
Toyo Engineering Corporation		28,000		86,329
United Engineers Limited		59,000		97,435
Valmont Industries Incorporated		29,477		3,845,864
Vinci SA		43,394		3,290,978
WSP Global Incorporated		5,250		172,625
YIT Oyj		11,040		77,028
Yokogawa Bridge Holdings Corporation		8,000		88,687

				54,497,590


Electrical Equipment: 0.73%
ABB Limited		183,256		3,970,500
ABB Limited - Natl India Exchange		14,757		255,267
Acuity Brands Incorporated		24,962		6,867,545
AMETEK Incorporated		132,768		6,472,440
Bharat Heavy Electricals limited		223,538		464,299
Cosel Company Limited		4,900		51,148
Daihen Corporation		18,000		94,467
Denyo Company Limited		3,200		30,928
Doosan Heavy Industries & Construction Company Limited		13,384		331,899
Eaton Corporation plc		48,605		3,234,177
Elswedy Cables Holding Company		9,692		56,210
Emerson Electric Company		68,904		3,629,863
FDG Electric Vehicles Limited †		1,480,000		91,575
Fuji Electric Holdings Company Limited		102,000		465,317
Fujikura Limited		46,000		258,310
Furukawa Electric Company Limited		104,000		268,381
Futaba Corporation		6,900		103,435
Gamesa Corporación Tecnologica SA		20,083		460,913
GS Yuasa Corporation		61,000		237,597
Havells India Limited		71,752		447,419
Johnson Electric Holdings Limited		54,750		146,446
Legrand SA		23,684		1,418,928
LS Corporation		7,178		404,929
LS Industrial Systems Company Limited		3,641		139,436
Mabuchi Motor Company Limited		8,700		461,634
Mitsubishi Electric Corporation		313,000		4,085,502
Nidec Corporation		39,800		3,585,904
Nitto Kogyo Corporation		4,900		60,998
Nordex AG †		816		22,578
Osram Licht AG		7,623		399,134
Prysmian SpA		18,370		453,257
Rockwell Automation Incorporated		74,300		8,613,599
Sanyo Denki Company Limited		6,000		31,141
Schneider Electric SE		52,663		3,588,607
Schneider Electric SE - London Exchange		1,614		110,307
Sensata Technologies Holding NV †		95,700		3,644,256


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			61


Security name	Shares		Value

Electrical Equipment (continued)
SGL Carbon AG «		3,056	$	39,338
Shihlin Electric		118,000		144,290
SolarCity Corporation †«		85,386		1,764,075
Sumitomo Electric Industries Limited		115,700		1,714,840
Teco Electric & Machinery Company Limited		774,000		651,291
Ushio Incorporated		18,700		208,029
Vestas Wind Systems AS		23,748		1,970,131
Voltronic Power Technology Corporation		13,650		211,221
Walsin Lihwa Corporation		600,000		192,874
Ya Hsin Industrial Company Limited †(a)		40,000		0
Zhuzhou CSR Times Electric Company Limited H Shares		151,000		802,927

				62,657,362


Industrial Conglomerates: 1.11%
Aboitiz Equity Ventures Incorporated		814,780		1,311,482
Aditya Birla Nuvo Limited		9,359		192,183
Alfa SA de CV Class A		1,170,200		1,904,014
Alliance Global Group Incorporated		970,700		339,573
Antarchile SA		32,607		301,786
Beijing Enterprises Holdings Limited		135,000		774,407
Bidvest Group Limited		93,694		968,677
Boustead Holdings Bhd		158,368		84,348
CITIC Pacific Limited		1,930,000		3,040,212
CJ Corporation		1,980		339,175
CK Hutchison Holdings Limited		384,296		4,938,971
DCC plc		9,251		841,853
DMCI Holdings Incorporated		2,121,900		523,701
Doosan Corporation		2,425		257,724
Enka Insaat Ve Sanayi AS		342,626		506,273
Far Eastern New Century Corporation		1,360,496		1,003,312
Fosun International		445,000		616,084
General Electric Company		994,738		31,075,615
Grupo Carso SAB de CV		111,000		452,696
Hanwha Corporation (Korea)		11,460		376,690
HAP Seng Consolidated Bhd		197,100		378,113
Hopewell Holdings		123,000		433,649
Industries Qatar		18,137		557,855
Jardine Matheson Holdings Limited		43,585		2,608,562
Jardine Strategic Holdings Limited		28,894		931,543
JG Summit Holdings		966,992		1,618,744
Katakura Industries Company Limited		5,400		58,924
Keihan Electric Railway Company Limited		82,000		531,793
Keppel Corporation Limited		270,051		1,026,727
Koc Holding AS		227,557		987,956
Koninklijke Philips NV «		95,657		2,778,484
LG Corporation		21,404		1,265,044
LT Group Incorporated		735,600		268,381
MMC Corporation Bhd		109,200		60,584
Mytilineos Holdings SA		1,209		5,259
Nisshinbo Holdings Incorporated		21,600		219,622


62		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Industrial Conglomerates (continued)
NWS Holdings Limited		304,024	$	543,183
Quinenco SA		62,686		128,928
Rheinmetall AG		3,555		256,722
Roper Industries Incorporated		57,993		10,296,657
Samsung C&T Corporation		14,897		2,024,122
San Miguel Corporation		214,380		388,778
Seibu Holdings Incorporated		32,708		537,098
SembCorp Industries Limited		165,000		329,407
Shun Tak Holdings Limited		294,250		97,103
Siemens AG		76,880		9,180,160
Siemens India Limited		21,727		410,743
Sime Darby Bhd		699,391		1,360,669
SK Company Limited		6,119		1,163,433
SM Investments Corporation		160,932		2,348,616
Smiths Group plc		35,162		619,179
Tokai Holdings Corporation		17,500		102,668
Top Frontier Investment Holdings Incorporated †		8		37
Toshiba Corporation †		612,000		1,935,402
Turk Sise Ve Cam Fabrikalari AS		151,693		175,418
Yazicilar Holding AS Class A		9,222		41,223

				95,519,562


Machinery: 2.35%
Aalberts Industries NV		11,130		373,070
AG Growth International Incorporated		1,000		32,980
AGCO Corporation		85,000		4,125,900
Aida Engineering Limited		11,300		79,181
Airtac International Group		16,852		125,870
Alfa Laval AB		28,699		445,874
Allison Transmission Holdings Incorporated		98,313		2,727,203
Alstom SA †		20,310		537,258
Amada Company Limited		51,500		538,569
Andritz AG		7,071		360,807
Asahi Diamond Industrial Company Limited		12,000		98,700
Ashok Leyland Limited		330,303		431,806
Atlas Copco AB Class A		61,897		1,755,543
Atlas Copco AB Class B		37,370		960,808
ATS Automation Tooling Systems Incorporated †		4,800		39,567
Bando Chemical Industries Limited		15,000		66,689
Bodycote plc		18,289		141,816
Bucher Industries AG		862		218,228
Cargotec Oyj Corporation Class B		3,652		163,963
Caterpillar Incorporated		63,293		5,186,861
China Conch Venture Holdings Limited		543,000		1,044,345
CKD Corporation		12,000		130,479
CLARCOR Incorporated		63,038		4,127,098
CNH Industrial NV		78,164		571,082
Colfax Corporation †		129,564		3,845,460
Cosco Corporation Singapore Limited †		190,000		36,258
CRRC Corporation Limited H Shares		1,315,000		1,176,415


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			63


Security name	Shares		Value

Machinery (continued)
CSBC Corporation Taiwan		102	$	48
Cummins India Limited		13,858		190,457
Daewoo Shipbuilding & Marine Engineering Company Limited †«(a)		16,970		68,184
Daifuku Company Limited		16,700		289,403
Deere & Company		31,400		2,654,870
DMG Mori Seiki AG		3,643		172,845
DMG Mori Seiki Company Limited		16,700		184,327
Donaldson Company Incorporated		149,600		5,617,480
Doosan Infracore Company Limited †		19,520		143,030
Duerr AG		2,309		195,229
Ebara Corporation		69,000		354,787
Eicher Motors Limited		4,371		1,484,910
FANUC Corporation		28,200		4,805,161
Fortive Corporation		56,397		2,970,430
Fuji Machine Manufacturing Company Limited		13,300		152,327
Fujitec Company Limited		13,000		144,619
Furukawa Company Limited		61,000		92,563
GEA Group AG		16,445		882,601
Georg Fischer AG		456		366,729
Glory Limited		10,100		323,602
Graco Incorporated		73,100		5,385,277
Hanjin Heavy Industries & Construction Company Limited †		14,343		54,928
Hillenbrand Incorporated		83,186		2,674,430
Hino Motors Limited		41,900		464,093
Hitachi Construction Machinery Company Limited		15,400		288,457
Hitachi Koki Company Limited		9,300		65,347
Hitachi Zosen Corporation		30,600		159,706
Hiwin Technologies Corporation		59,684		308,478
Hong Leong Asia Limited		11,000		5,813
Hoshizaki Electric Company Limited		7,700		615,464
Hyundai Elevator Company †		2,044		128,323
Hyundai Heavy Industries Company Limited †		7,814		963,610
Hyundai Mipo Dockyard Company Limited †		2,652		181,240
Hyundai Rotem Company Limited †		9,250		198,688
IDEX Corporation		42,263		3,949,055
IHI Corporation		228,000		696,351
Illinois Tool Works Incorporated		34,700		4,124,095
IMI plc		29,234		405,768
Ingersoll-Rand plc		139,100		9,457,409
Iseki & Company Limited		44,000		110,569
ITT Incorporated		107,189		3,878,098
Japan Steel Works		55,000		256,222
Joy Global Incorporated		116,100		3,167,208
JTEKT Corporation		36,000		559,494
Kawasaki Heavy Industries Limited		246,000		720,418
Kennametal Incorporated		105,200		2,941,392
King Slide Works Company Limited		17,000		207,608
Kion Group AG		5,692		324,251
Kitz Corporation		21,100		118,689
Komatsu Limited		140,330		3,067,282


64		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Machinery (continued)
Komori Corporation		11,000	$	135,340
Kone Oyj Class B		38,458		1,932,554
Konecranes Oyj		3,753		118,807
Krones AG		626		59,842
Kubota Corporation		170,765		2,503,750
Kurita Water Industries Limited		16,200		369,360
Kyokuto Kaihatsu Kogyo Company		6,900		73,025
Lincoln Electric Holdings Incorporated		82,100		5,218,276
Makino Milling Machine Company Limited		16,000		102,373
Makita Corporation		20,400		1,464,959
Makita Corporation ADR		1		71
MAN SE		3,130		325,604
Manitowoc Company Incorporated		185,346		908,195
Manitowoc Foodservice Incorporated †		162,607		2,622,851
Max Company Limited		6,000		64,834
Meidensha Corporation		41,000		129,184
Melrose Industries plc		170,482		331,325
Metso Oyj		12,945		362,432
Minebea Company Limited		55,300		561,204
Mitsubishi Heavy Industries Limited		492,000		2,141,756
Mitsuboshi Belting Company Limited		10,000		77,128
Mitsui Engineering & Shipbuilding Company Limited		121,000		167,235
Miura Company Limited		16,600		313,341
Morgan Advanced Materials plc		21,935		82,322
Morita Holdings Corporation		7,000		89,982
Nabtesco Corporation		17,300		446,274
Nachi-Fujikoshi Corporation		45,000		153,095
Navistar International Corporation †«		94,121		1,321,459
NGK Insulators Limited		42,000		910,917
Nippon Sharyo Limited †		14,000		35,858
Nippon Thompson Company Limited		13,000		45,610
Nitta Corporation		3,300		76,962
NKT Holding AS		1,131		66,434
Nordson Corporation		70,742		6,984,358
Noritake Company Limited		17,000		38,119
Norma Group Se		2,994		160,304
NSK Limited		74,700		769,634
NTN Corporation		84,000		307,698
OILES Corporation		5,900		96,029
Okuma Corporation		21,000		160,547
OSG Corporation		14,100		261,654
Oshkosh Corporation		88,100		4,751,233
Paccar Incorporated		63,456		3,797,207
Pentair plc		102,659		6,575,309
Rotork plc		77,250		203,795
Ryobi Limited		20,000		88,339
Samsung Heavy Industries Company Limited †«		28,640		248,641
Sandvik AB		105,184		1,142,069
Schindler Holding AG		2,474		467,357
Schindler Holding AG - Participation Certificate		5,042		948,883


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			65


Security name	Shares		Value

Machinery (continued)
SembCorp Marine Limited		147,200	$	137,752
Shima Seiki Manufacturing Limited		4,400		96,833
Shinmaywa Industries Limited		17,000		107,950
Singamas Container Holding		180,000		18,563
Sintokogio Limited		10,700		85,422
SKF AB Class A		976		16,474
SKF AB Class B		35,091		591,501
SMC Corporation		9,700		2,731,919
Snap-on Incorporated		32,800		5,027,912
Spirax-Sarco Engineering plc		7,515		427,693
Star Micronics Company Limited		6,100		70,631
Sulzer AG		2,037		193,645
Sumitomo Heavy Industries Limited		97,000		476,258
Tadano Limited		18,900		187,603
Takuma Company Limited		14,000		120,427
Terex Corporation		129,600		3,146,688
The Middleby Corporation †		76,500		9,803,475
The Timken Company		81,200		2,750,244
The Toro Company		72,470		7,040,461
THK Company Limited		19,500		382,028
Toshiba Machine Company Limited		18,000		59,324
Trelleborg AB Class B		21,858		416,445
Tsubakimoto Chain Company		23,000		173,614
Tsugami Corporation		18,000		83,507
Tsukishima Kikai Company Limited		5,000		48,326
Valmet Corporation		12,945		172,841
Vesuvius plc		23,880		109,753
Volvo AB Class A		43,600		468,308
Volvo AB Class B		132,230		1,421,828
WABCO Holdings Incorporated †		28,700		3,064,012
Wabtec Corporation		50,380		3,859,612
Wartsila Oyj		17,118		704,197
WEG SA		209,260		1,071,184
Weir Group plc		19,735		390,539
Woodward Governor Company		71,600		4,490,752
Xylem Incorporated		99,633		5,067,334
Yangzijiang Shipbuilding Holdings Limited		789,000		443,014
Zardoya Otis SA (a)		629		5,933
Zardoya Otis SA - BATS Exchange		15,737		148,330

				201,739,062


Marine: 0.10%
A.P. Moller Maersk AS Class A		200		285,076
A.P. Moller Maersk AS Class B		645		964,324
DS Norden AS †		1,300		17,341
Evergreen Marine Corporation (Taiwan) Limited †		336,630		127,308
Hanjin Shipping Company Limited †		16,787		18,669
Hyundai Merchant Marine Company Limited †«		2,539		21,246
Iino Kaiun Kaisha Limited		15,900		57,167
Kawasaki Kisen Kaisha Limited «		149,000		375,866


66		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Marine (continued)
Kirby Corporation †		70,118	$	3,653,148
Kuehne & Nagel International AG		5,401		753,960
MISC Bhd		427,800		797,477
Mitsui OSK Lines Limited		191,000		441,202
Nippon Yusen Kabushiki Kaisha		250,000		454,260
Orient Overseas International Limited		30,500		103,402
Pacific Basin Shipping Limited †		504,000		55,224
Pan Ocean Company Limited †		159		524
U-Ming Marine Transport Corporation		113,000		76,567
Wan Hai Lines Limited		209,212		100,879
Yang Ming Marine Transport		285,357		65,650

				8,369,290


Professional Services: 0.43%
Adecco SA		17,602		1,012,936
ALS Limited		74,573		302,645
Bureau Veritas SA		23,580		505,531
Capita plc		61,090		830,280
CEB Incorporated		40,832		2,458,086
Dksh Holding AG		2,262		156,734
Experian Group Limited		87,165		1,732,934
Hays plc		95,742		164,195
Ihs Markit Limited †		155,139		5,789,787
Intertek Group plc		15,050		689,923
Meitec Corporation		4,600		147,605
Michael Page International plc		20,623		93,971
Nomura Company Limited		6,900		93,898
Randstad Holdings NV		9,424		444,395
Recruit Holdings Company Limited		66,094		2,513,699
RELX NV		100,662		1,785,307
RELX plc		105,383		1,999,643
Robert Half International Incorporated		80,400		3,081,732
SAI Global Limited		33,140		84,931
SEEK Limited		58,955		712,024
SGS SA		519		1,140,317
Stantec Incorporated		7,070		168,582
TechnoPro Holdings Incorporated		4,000		130,092
Teleperformance SE		6,495		673,264
Temp Holdings Company Limited		22,700		362,226
The Advisory Board Company †		58,608		2,470,327
Verisk Analytics Incorporated †		87,924		7,302,088
WS Atkins plc		8,888		174,486

				37,021,638


Road & Rail: 0.95%
Aurizon Holdings Limited		59,294		195,629
Avis Budget Group Incorporated †		123,700		4,469,281
BTS Group Holdings PCL		1,605,700		419,800
Canadian National Railway Company		73,500		4,723,078
Canadian Pacific Railway Limited		14,300		2,190,144


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			67


Security name	Shares		Value

Road & Rail (continued)
Central Japan Railway Company		30,200	$	4,959,146
China Auto Rental Incorporated †		323,000		306,031
CJ Korea Express Corporation †		2,016		363,422
ComfortDelGro Corporation Limited		275,000		571,214
Container Corporation of India		13,018		271,080
CSX Corporation		101,000		2,856,280
DSV AS		17,460		865,947
East Japan Railway Company		56,700		4,855,381
Firstgroup plc †		137,119		197,883
Fukuyama Transporting Company Limited «		28,000		161,833
Genesee & Wyoming Incorporated Class A †		74,825		5,087,352
Go-Ahead Group plc		3,179		82,613
Hankyu Hanshin Holdings Incorporated		38,000		1,226,695
Hitachi Transport System Limited		8,700		170,275
J.B. Hunt Transport Services Incorporated		49,914		3,962,672
Kansas City Southern		61,218		5,921,005
Keikyu Corporation		80,000		740,734
Keio Corporation		89,000		744,928
Keisei Electric Railway Company Limited		51,000		613,193
Kintetsu Corporation		286,000		1,089,103
Landstar System Incorporated		54,994		3,807,235
Maruzen Showa Unyu Company Limited		16,000		55,671
MTR Corporation Limited		203,684		1,113,264
Nagoya Railroad Company Limited		134,000		656,628
Nankai Electric Railway Company Limited		83,000		382,651
National Express Group plc		29,635		137,643
Nikkon Holdings Company Limited		9,900		213,472
Nippon Express Company Limited		139,000		658,290
Nishi-Nippon Railroad Company Limited		58,000		266,834
Norfolk Southern Corporation		31,300		2,939,070
Odakyu Electric Railway Company Limited		94,000		964,848
Old Dominion Freight Line Incorporated †		41,613		2,959,933
PKP Cargo SA †		18,354		208,976
Sankyu Incorporated		44,000		250,481
SEINO Holdings Company Limited		25,400		266,115
Senko Company Limited		15,000		90,755
SMRT Corporation Limited		98,000		118,324
Sotetsu Holdings Incorporated		68,000		340,444
Stagecoach Group plc		49,321		147,407
Tobu Railway Company Limited		158,000		766,597
Tokyu Corporation		176,000		1,313,217
TransForce Incorporated		6,211		126,787
Transport International Holdings Limited		45,600		141,957
Union Pacific Corporation		152,300		14,549,219
West Japan Railway Company		28,200		1,614,076

				81,134,613


Trading Companies & Distributors: 0.76%
AerCap Holdings NV †		20,019		800,159
Ashtead Group plc		48,201		800,683


68		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Trading Companies & Distributors (continued)
Brenntag AG		14,433	$	785,485
Bunzl plc		31,676		980,818
Daewoo International Corporation		7,912		162,498
Fastenal Company		164,224		7,079,697
Finning International Incorporated		16,500		292,657
GATX Corporation «		54,534		2,391,316
Grafton Group plc		18,582		133,595
Hanwa Company Limited		31,000		172,880
Howden Joinery Group plc		55,350		331,724
iMarketKorea Incorporated		5,870		70,019
Inaba Denki Sangyo Company Limited		4,100		134,533
Inabata & Company Limited		8,900		83,095
Itochu Corporation		228,100		2,691,829
Iwatani International Corporation		36,000		197,632
Japan Pulp & Paper Company Limited		25,000		80,462
Kanamoto Company Limited		6,000		126,710
Kanematsu Corporation		81,000		118,997
Kloeckner & Company †		8,856		124,666
Kuroda Electric Company Limited		5,800		108,920
LG International Corporation		5,460		162,821
Marubeni Corporation		260,300		1,297,412
Misumi Group Incorporated		40,400		705,189
Mitsubishi Corporation		233,100		4,856,203
Mitsui & Company Limited		259,400		3,452,315
MonotaRO Company Limited		9,800		247,309
MRC Global Incorporated †		131,519		1,929,384
MSC Industrial Direct Company Class A		58,225		4,252,754
Nagase & Company Limited		17,600		195,282
Nichiden Corporation		2,100		58,130
Noble Group Limited †		918,576		80,231
NOW Incorporated †		141,721		2,925,121
Reece Australia Limited		7,414		251,185
Rexel SA		26,522		426,157
Russel Metals Incorporated		4,649		77,247
Seven Group Holdings Limited «		22,953		140,590
SIG plc		78,253		128,550
SK Networks Company Limited		31,860		180,873
Sojitz Corporation		187,500		449,427
Spicers Limited †		60,182		1,176
STX Corporation Company Limited †		116		304
Sumitomo Corporation		182,300		1,976,906
Tat Hong Holdings Limited		7,000		2,749
Toromont Industries Limited		6,843		207,054
Toyota Tsusho Corporation		34,900		798,081
Travis Perkins plc		23,342		510,348
Trusco Nakayama Corporation		3,400		156,091
United Rentals Incorporated †		49,445		4,069,818
W.W. Grainger Incorporated «		32,080		7,399,573
Wakita & Company Limited		7,000		49,253
Watsco Incorporated		33,780		4,994,711


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			69


Security name	Shares		Value

Trading Companies & Distributors (continued)
WESCO International Incorporated †		55,624	$	3,457,588
Wolseley plc		26,144		1,503,697
Yamazen Corporation		18,000		136,742
Yuasa Trading Company Limited		3,800		73,565

				64,822,211


Transportation Infrastructure: 0.25%
Abertis Infraestructuras SA		43,565		674,736
Adani Ports & Special Economic Zone Limited		277,615		1,090,023
Aena SA 144A		6,720		950,096
Aeroports de Paris		3,323		342,864
Airports of Thailand PCL		115,000		1,335,529
Ansaldo STS SpA		6,620		77,978
Atlantia SpA		40,773		1,048,775
Auckland International Airport Limited		167,179		909,788
BBA Aviation plc		82,297		260,444
Beijing Capital International Airport Company Limited H Shares		426,000		480,500
CCR SA		296,720		1,567,584
China Merchants Holdings International Company Limited		503,227		1,433,612
China Resources and Transportation Group Limited †		130,000		2,665
COSCO Pacific Limited		416,669		451,176
DP World Limited		45,239		836,922
Flughafen Zuerich AG		2,275		420,975
Fraport AG		3,869		215,827
Groupe Eurotunnel SE		53,575		589,236
Grupo Aeroportuario del Pacifico SAB de CV Class B		97,400		968,477
Grupo Aeroportuario del Sureste SAB de CV Class B		61,000		928,916
Hong Kong Aircraft Engineering Company Limited		10,000		73,864
Hopewell Highway Infrastructure Limited		173,650		101,179
Hutchison Port Holdings Trust		977,000		420,110
International Container Term Services Incorporated		175,300		316,025
Japan Airport Terminal Company Limited «		11,500		453,487
Kamigumi Company Limited		38,000		329,077
Macquarie Atlas Roads Limited		53,146		221,278
Malaysia Airports Holdings Berhad		104,804		162,807
Mitsubishi Logistics Corporation		24,000		369,980
Nissin Corporation		18,000		49,930
Port of Tauranga Limited		9,453		136,496
PT Jasa Marga Tbk		395,500		144,902
SIA Engineering Company		42,000		117,758
Singapore Airport Terminal Services Limited		108,666		375,659
Sumitomo Warehouse Company Limited		29,000		143,788
Sydney Airport Holdings Limited		173,939		951,670
TAV Havalimanlari Holding AS		40,981		159,908
Transurban Group		293,870		2,531,034
Westshore Terminals Investment Corporation		8,100		136,874

				21,781,949


70		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Information Technology: 16.93%

Communications Equipment: 0.88%
Arista Networks Incorporated †«		45,835	$	3,652,133
Brocade Communications Systems Incorporated		564,236		5,066,839
Ciena Corporation †		166,480		3,570,996
Cisco Systems Incorporated		557,050		17,513,652
Comba Telecom Systems Holdings Limited		309		55
CommScope Holdings Incorporated †		85,948		2,541,482
D-Link Corporation		801		289
Denki Kogyo Company Limited		13,000		58,551
F5 Networks Incorporated †		37,638		4,619,312
Harris Corporation		69,777		6,487,865
Hitachi Kokusai Electric Incorporated		9,000		159,706
Infinera Corporation †		201,400		1,728,012
Juniper Networks Incorporated		187,252		4,321,776
Lumentum Holdings Incorporated †		67,619		2,374,779
NetScout Systems Incorporated †		120,100		3,552,558
Nokia Oyj		354,521		1,993,071
Nokia Oyj - BATS Exchange		167,970		945,055
Palo Alto Networks Incorporated †		43,120		5,742,290
Plantronics Incorporated		47,400		2,400,810
Spirent plc		75,771		84,574
Telefonaktiebolaget LM Ericsson Class B		289,375		2,063,669
Viasat Incorporated †		58,700		4,404,848
Viavi Solutions Incorporated †		306,088		2,381,365
VTech Holdings Limited		27,900		311,457
Zinwell Corporation		446		507

				75,975,651


Electronic Equipment, Instruments & Components: 1.53%
AAC Technologies Holdings Incorporated		199,000		2,268,957
Ai Holdings Corporation		5,200		123,284
Alps Electric Company Limited		28,800		649,402
Amano Corporation		9,700		139,409
Anixter International Incorporated †		40,448		2,586,245
Anritsu Corporation		20,100		110,733
Arrow Electronics Incorporated †		48,114		3,167,345
AU Optronics Corporation		3,247,319		1,279,258
Avnet Incorporated		66,338		2,764,968
Azbil Corporation		10,300		301,638
Canon Electronics Incorporated		3,800		55,936
CDW Corporation of Delaware		77,079		3,441,577
Celestica Incorporated †		1,675		17,856
Cheng Uei Precision Industry Company Limited		71,855		87,185
Chroma ATE Incorporated		84,624		218,691
Chunghwa Picture Tubes Limited †		75		3
Citizen Holdings Company Limited		52,300		289,137
Corning Incorporated		113,100		2,566,239
Daiwabo Company Limited		29,000		61,663
Delta Electronics Incorporated		531,015		2,761,301


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			71


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Delta Electronics Thailand PCL		212,000	$	453,207
Electrocomponents plc		44,350		177,510
Enplas Corporation		2,000		56,000
FEI Company		53,800		5,728,086
FIH Mobile Limited		528,000		176,963
Flextronics International Limited †		106,400		1,408,736
FLIR Systems Incorporated		166,600		5,136,278
Halma plc		39,753		553,337
Hamamatsu Photonics		21,700		682,680
Hexagon AB Class B		23,900		973,237
Hirose Electric Company Limited		4,600		590,422
Hitachi High Technologies Corporation		9,700		359,537
Hitachi Limited		709,000		3,398,869
Hon Hai Precision Industry Company Limited		3,668,660		10,174,503
Horiba Limited		5,900		274,001
Hosiden Corporation		12,200		91,266
Ibiden Company Limited		22,000		278,548
Ingenico SA		5,513		593,671
Ingram Micro Incorporated Class A		179,673		6,281,368
Innolux Display Corporation		3,328,666		1,174,928
IPG Photonics Corporation †		47,600		4,140,248
Jabil Circuit Incorporated		230,300		4,880,057
Japan Aviation Electronics Industry Limited		10,000		155,125
Japan Display Incorporated †		62,500		88,798
Keyence Corporation		6,400		4,486,464
Keysight Technologies Incorporated †		206,255		6,276,340
Kingboard Chemicals Holdings Limited		140		365
Knowles Corporation †		120,100		1,669,390
KOA Corporation		3,700		28,931
Kyocera Corporation		51,200		2,432,699
Laird Group plc		37,748		148,211
Largan Precision Company Limited		27,244		3,056,638
LG Display Company Limited		36,210		975,884
LG Innotek Company Limited		2,021		149,536
Littelfuse Incorporated		28,951		3,670,987
Mitsumi Electric Company Limited †«		16,600		102,843
Murata Manufacturing Company Limited		31,000		4,166,191
National Instruments Corporation		131,400		3,671,316
Nichicon Corporation		13,600		110,414
Nippon Chemi-Con Corporation		32,000		55,671
Nippon Electric Glass Company Limited		62,000		311,004
Nippon Signal Company Limited		10,900		88,494
OC Oerlikon Corporation AG		18,201		174,876
Oki Electric Industry Company Limited		138,000		184,062
Omron Corporation		32,004		1,085,720
Optex Company Limited		30		631
Pan-International Industrial Coporation		770		596
Premier Farnell plc		32,868		78,768
Renishaw plc		3,215		110,695
Ryosan Company Limited		4,600		138,047


72		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Samsung Electro-Mechanics Company Limited		8,990	$	428,940
Samsung SDI Company Limited		8,978		930,008
Shimadzu Corporation		40,000		625,912
Silitech Technology Corporation		381		201
Simplo Technology Company Limited		67,000		220,655
Spectris plc		9,963		253,285
Synnex Technology International Corporation		274,535		289,845
Taiyo Yuden Company Limited		17,600		182,183
TDK Corporation		19,100		1,366,066
Tech Data Corporation †		41,700		3,095,808
Topcon Corporation		14,800		193,681
Toyo Corporation		3,700		36,905
TPK Holding Company Limited		58,033		106,993
Trimble Navigation Limited †		332,918		9,121,953
Tripod Technology Corporation		120,261		256,967
Truly International		250,000		116,983
Unimicron Technology Corporation		312,402		127,991
Venture Corporation Limited		49,000		330,875
Vishay Intertechnology Incorporated		180,954		2,562,309
WPG Holdings Company Limited		352,227		419,047
Yageo Corporation		99,516		211,072
Yaskawa Electric Corporation		40,000		589,185
Yokogawa Electric Corporation		33,300		426,449
Zebra Technologies Corporation Class A †		67,400		4,715,304
Zhen Ding Technology Holding		195,750		392,358

				130,893,950


Internet Software & Services: 3.20%
58.com Incorporated ADR †«		8,944		406,952
Akamai Technologies Incorporated †		98,748		5,421,265
Alibaba Group Holding Limited ADR †		303,156		29,463,732
Alphabet Incorporated Class A †		53,249		42,058,723
Alphabet Incorporated Class C †		53,555		41,079,363
Auto Trader Group plc 144A		101,594		497,746
Baidu.com Incorporated ADR †		71,598		12,248,270
Carsales.com Limited		34,942		337,712
Cimpress NV †«		2,740		272,000
COOKPAD Incorporated		6,500		64,771
CoStar Group Incorporated ��		18,200		3,771,950
Criteo SA ADR †		9,221		340,070
Dena Company Limited		15,200		451,012
Dip Corporation		4,400		126,729
Facebook Incorporated Class A †		419,189		52,868,117
GMO Internet Incorporated		12,000		173,740
Gourmet Navigator Incorporated		4,400		108,868
Gree Incorporated		21,300		108,080
HC International Incorporated †		66,000		51,728
IAC/InterActive Corp		47,300		2,776,983
Internet Initiative Japan Incorporated		6,600		121,647
J2 Global Incorporated		60,087		4,096,131


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			73


Security name	Shares		Value

Internet Software & Services (continued)
Just Eat plc †		40,457	$	287,412
Kakaku.com Incorporated		21,300		356,149
Kakao Corporation		6,754		492,467
LinkedIn Corporation Class A †		21,361		4,117,333
Mixi Incorporated		5,800		206,012
Moneysupermarket.com Group plc		76,188		288,533
Naver Corporation		4,228		3,204,179
NetEase Incorporated ADR		18,883		4,002,630
Pandora Media Incorporated †«		277,722		3,888,108
PChome Online Incorporated		25,409		277,068
Rackspace Hosting Incorporated †		137,104		4,311,921
Rightmove plc		11,307		608,610
Tencent Holdings Limited		1,447,566		37,656,067
Twitter Incorporated †		117,821		2,263,341
United Internet AG		13,768		566,078
VeriSign Incorporated †«		56,500		4,206,425
Yahoo! Incorporated †		159,100		6,801,525
Yahoo! Japan Corporation		184,500		752,515
Yelp Incorporated †		81,352		3,130,425

				274,262,387


IT Services: 3.20%
Accenture plc Class A		68,300		7,854,500
Alliance Data Systems Corporation †		33,528		6,859,158
Amadeus IT Holding SA Class A		39,511		1,815,569
Amdocs Limited		83,862		5,041,783
Atos Origin SA		9,556		940,252
Automatic Data Processing Incorporated		49,200		4,418,652
Booz Allen Hamilton Holding Corporation		154,243		4,682,817
Broadridge Financial Solutions Incorporated		65,813		4,560,841
Capgemini SA		14,926		1,454,142
CGI Group Incorporated Class A †		24,400		1,187,625
Cielo SA		265,555		2,762,292
Cognizant Technology Solutions Corporation Class A †		113,374		6,512,203
Computer Sciences Corporation		72,696		3,419,620
Computershare Limited		80,644		598,807
Convergys Corporation		114,777		3,423,798
Corelogic Incorporated †		106,616		4,373,388
CSRA Incorporated		164,819		4,184,754
DH Corporation		7,953		180,055
Digital Garage Incorporated		7,000		117,856
DST Systems Incorporated		42,900		5,212,779
DTS Corporation		4,200		86,342
EPAM Systems Incorporated †		55,574		3,790,703
Euronet Worldwide Incorporated †		64,780		5,027,576
Fidelity National Information Services Incorporated		150,500		11,939,165
Fiserv Incorporated †		128,028		13,193,285
FleetCor Technologies Incorporated †		44,240		7,264,208
Fujitsu Limited		289,000		1,466,997
Gartner Incorporated †		46,400		4,222,400


74		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

IT Services (continued)
Genpact Limited †		94,100	$	2,226,406
Global Payments Incorporated		87,550		6,649,423
HCL Technologies Limited		170,968		1,987,564
Indra Sistemas SA †		6,012		77,724
Infosys Limited ADR		11,028		174,904
Infosys Technologies Limited		587,102		9,080,926
International Business Machines Corporation		159,846		25,396,332
Iress Market Technology Limited		16,055		147,328
Itochu Techno-Science Corporation		7,100		173,271
Jack Henry & Associates Incorporated		44,300		3,866,061
Leidos Holdings Incorporated		86,909		3,520,678
MasterCard Incorporated Class A		175,800		16,987,554
Maximus Incorporated		85,070		5,003,817
NEC Networks & System Integration Corporation		5,800		94,681
Net One Systems Company Limited		17,400		118,225
NeuStar Incorporated Class A «†		77,400		1,966,734
Nihon Unisys Limited		9,400		119,652
Nomura Research Institute Limited		18,200		615,667
NS Solutions Corporation		5,200		89,913
NTT Data Corporation		19,000		989,803
OBIC Company Limited		9,700		496,883
Otsuka Corporation		8,700		368,719
Paychex Incorporated		173,500		10,526,245
PayPal Holdings Incorporated †		199,677		7,418,001
Paysafe Group plc †		44,072		252,732
Sabre Corporation		114,372		3,219,572
Science Applications International Corporation		48,869		3,118,331
SCSK Corporation		7,600		279,495
Tata Consultancy Services Limited		127,664		4,787,257
Tech Mahindra Limited		160,321		1,122,271
Tieto Oyj		8,394		250,463
TIS Incorporated		12,806		303,859
TKC Corporation		2,200		64,959
Transcosmos Incorporated		4,400		102,106
Visa Incorporated Class A		344,794		27,893,835
Western Union Company		274,348		5,903,969
WEX Incorporated †		50,667		5,031,740
Wipro Limited		172,934		1,269,568
Wipro Limited ADR «		13,142		135,625
Wirecard AG «		9,255		458,053
Worldpay Group plc 144A		79,838		313,260
Xerox Corporation		531,484		5,235,117

				274,430,290


Semiconductors & Semiconductor Equipment: 3.06%
Advanced Micro Devices Incorporated †		777,886		5,756,356
Advanced Semiconductor Engineering Incorporated		1,727,821		2,123,667
Advantest Corporation «		25,500		381,767
Aixtron AG †		8,010		49,454
Ams AG		10,795		365,486


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			75


Security name	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Analog Devices Incorporated		166,300	$	10,403,728
Applied Materials Incorporated		115,459		3,445,297
ARM Holdings plc		132,795		2,957,479
ASM International NV		4,894		186,316
ASM Pacific Technology		46,000		358,154
ASML Holdings NV		38,883		4,136,392
Broadcom Limited		67,152		11,846,956
Cavium Incorporated †		73,870		4,113,082
Chipbond Technology Corporation		155,000		200,769
Cree Incorporated †		130,163		3,125,214
Cypress Semiconductor Corporation		398,886		4,758,710
Dialog Semiconductor plc †		11,319		396,828
Disco Corporation		4,800		541,864
EO Technics Company Limited		1,365		106,874
Epistar Corporation †		213,210		154,546
Everlight Electronics Company Limited		83,210		132,956
Fairchild Semiconductor International Incorporated †		149,982		2,984,642
Faraday Technology Corporation		316		315
First Solar Incorporated †		44,600		1,686,772
Gintech Energy Corporation		8		6
Global PVQ SE †		3,594		44
Hanergy Thin Film Power Group Limited †(a)		5,441,305		1
Hermes Microvision Incorporated		21,000		900,080
Himax Technologies Incorporated «		29,262		310,762
Infineon Technologies AG		102,520		1,726,203
Inotera Memories Incorporated †		1,007,888		854,452
Intel Corporation		523,302		18,781,309
King Yuan Electronics Company Limited		341,063		313,326
Kinsus Interconnect Technology Corporation		53,582		112,971
KLA-Tencor Corporation		88,570		6,134,358
Lam Research Corporation		91,000		8,492,120
Linear Technology Corporation		128,900		7,507,136
Marvell Technology Group Limited		243,900		3,024,360
Maxim Integrated Products Incorporated		159,000		6,474,480
MediaTek Incorporated		407,531		3,204,456
Microchip Technology Incorporated		115,764		7,166,949
Micron Technology Incorporated †		200,100		3,299,649
Microsemi Corporation †		148,600		5,938,056
Nanya Technology Corporation		199,734		236,051
Novatek Microelectronics Corporation Limited		224,790		768,652
NVIDIA Corporation		276,000		16,929,840
NXP Semiconductors NV †		26,126		2,299,611
ON Semiconductor Corporation †		501,000		5,410,800
Phison Electronics Corporation		34,000		245,915
Powertech Technology Incorporated		181,914		474,700
PV Crystalox Solar plc †		3,180		626
Qorvo Incorporated †		156,346		8,978,951
QUALCOMM Incorporated		265,897		16,770,124
Radiant Opto-Electronics Corporation		114,735		188,390
Realtek Semiconductor Corporation		99,440		398,004


76		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Renesas Electronics Corporation «†		33,400	$	199,177
Rohm Company Limited		14,300		714,551
Sanken Electric Company Limited		24,000		77,475
SCREEN Holdings Company Limited		35,000		453,632
Seoul Semiconductor Company Limited		9,698		129,597
Shindengen Electric Manufacturing Company Limited		9,000		35,490
Shinko Electric Industries		12,800		70,888
Silicon Laboratories Incorporated †		55,165		3,160,955
Silicon Motion Technology Corporation		12,675		639,834
Siliconware Precision Industries Company		885,534		1,321,443
Sino-American Silicon Products Incorporated		122,000		130,726
SK Hynix Incorporated		91,427		2,988,802
Skyworks Solutions Incorporated		108,200		8,099,852
Solarworld AG †		26		145
STMicroelectronics NV		66,138		495,021
Sumco Corporation		21,800		190,472
Synaptics Incorporated †		52,500		2,990,925
Taiwan Semiconductor Manufacturing Company Limited		5,093,298		28,251,066
Teradyne Incorporated		260,835		5,493,185
Texas Instruments Incorporated		109,967		7,647,105
Tokyo Electron Limited		23,900		2,196,310
Tokyo Seimitsu Company Limited		6,000		159,416
Tower Semiconductor Limited †		470		7,358
ULVAC Incorporated		6,800		191,516
United Microelectronics Corporation		4,087,301		1,481,350
Vanguard International Semiconductor Corporation		191,000		358,157
VIA Technologies Incorporated †		485		170
Windbond Electronics Corporation		630,000		205,496
Xilinx Incorporated		136,800		7,415,928
Xinyi Solar Holdings Limited «		149		61

				262,262,109


Software: 2.82%
ACI Worldwide Incorporated †		149,000		2,845,900
Ansys Incorporated †		49,445		4,701,725
Aspen Technology Incorporated †		106,870		4,858,310
Asseco Poland SA		17,110		249,579
Autodesk Incorporated †		127,698		8,606,845
AVEVA Group plc		4,997		125,068
Blackbaud Incorporated		62,000		4,176,940
CA Incorporated		165,400		5,608,714
Capcom Company Limited		7,500		163,099
CDK Global Incorporated		207,510		12,031,430
Check Point Software Technologies Limited †		13,229		1,015,193
Citrix Systems Incorporated †		88,300		7,699,760
Colopl Incorporated		5,900		88,159
Com2us Corporation †		1,531		141,703
CommVault Systems Incorporated †		58,100		2,994,474
Constellation Software Incorporated		1,591		694,173
Dassault Systemes SA		12,766		1,075,393


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			77


Security name	Shares		Value

Software (continued)
Fair Isaac Corporation		40,800	$	5,219,952
Fidessa Group plc		2,334		76,040
FireEye Incorporated †		189,824		2,725,873
Fortinet Incorporated †		89,300		3,227,302
Fuji Soft Incorporated		4,700		127,238
Gemalto NV		6,728		468,672
Guidewire Software Incorporated †		94,870		5,837,351
GungHo Online Entertainment Incorporated «		66,800		158,825
IGG Incorporated		195,000		111,859
Intuit Incorporated		46,342		5,164,816
Koei Techmo Holdings Company Limited		9,600		172,673
Konami Holdings Corporation		15,600		551,085
Manhattan Associates Incorporated †		94,820		5,738,506
Micro Focus International plc		18,699		490,601
Microsoft Corporation		850,273		48,856,687
NCsoft Corporation		2,292		555,013
NetSuite Incorporated †		23,100		2,515,590
Nexon Company Limited		22,300		305,409
NHN Entertainment Corporation †		4,635		243,597
Nice Systems Limited		6,731		459,604
Nintendo Company Limited		16,900		3,703,740
Nippon System Development Company Limited		8,000		123,713
Nuance Communications Incorporated †		137,300		2,001,834
Open Text Corporation		11,200		704,420
Oracle Corporation (Japan)		4,600		267,646
Oracle Financials Services		4,122		212,754
Playtech plc		18,069		216,156
Proofpoint Incorporated †		53,932		4,150,067
PTC Incorporated †		151,078		6,446,498
Red Hat Incorporated †		103,211		7,532,339
Salesforce.com Incorporated †		115,268		9,154,585
SAP SE		88,957		7,815,127
ServiceNow Incorporated †		86,968		6,319,965
Software AG		6,805		270,379
Splunk Incorporated †		74,415		4,333,930
Square Enix Company Limited		12,400		363,137
SS&C Technologies Holdings Incorporated		212,200		6,991,990
Symantec Corporation		330,000		7,962,900
Tableau Software Incorporated Class A †		33,716		1,956,539
Take-Two Interactive Software Incorporated †		101,640		4,418,291
Temenos Group AG		5,073		294,771
The Descartes Systems Group Incorporated †		7,120		151,804
The Sage Group plc		100,222		954,147
Trend Micro Incorporated		17,600		624,288
Tyler Technologies Incorporated †		42,924		7,037,390
Ubisoft Entertainment SA †		8,390		327,926
Ultimate Software Group Incorporated †		38,285		7,999,268
V1 Group Limited		1,400		67
Verint Systems Incorporated †		88,580		3,022,350
VMware Incorporated Class A «†		15,311		1,122,756


78		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Software (continued)
Workday Incorporated Class A †		66,699	$	5,655,408
Xero Limited «†		14,012		201,309

				242,420,652


Technology Hardware, Storage & Peripherals: 2.24%
3D Systems Corporation «†		151,600		2,198,200
Acer Incorporated		679,311		305,075
Advantech Company Limited		130,836		1,070,010
Apple Incorporated		993,143		105,372,472
Asustek Computer Incorporated		229,601		1,942,858
Blackberry Limited †		42,015		318,781
Brother Industries Limited		38,400		644,299
Canon Incorporated		157,900		4,523,420
Canon Incorporated ADR		7		200
Catcher Technology Company Limited		222,614		1,599,596
Chicony Electronics Company Limited		117,121		289,753
Clevo Company		125,978		115,931
Compal Electronic Incorporated		1,550,754		918,806
Diebold Incorporated		86,036		2,414,170
Diebold Incorporated - Frankfurt Exchange		1,147		31,865
Eizo Corporation		3,500		87,783
Electronics For Imaging Incorporated †		67,000		3,154,360
Foxconn Technology Company Limited		274,505		769,951
FUJIFILM Holdings Corporation		69,800		2,622,265
Gigabyte Technology Company Limited		100,000		137,722
Hewlett Packard Enterprise Company		177,583		3,814,483
HP Incorporated		178,781		2,569,083
HTC Corporation		165,691		443,855
Inventec Company Limited		871,583		646,879
Jess Link Products Company Limited		143		129
Konica Minolta Holdings Incorporated		74,000		666,583
Lenovo Group Limited		2,090,000		1,409,040
Lexmark International Incorporated Class A		73,500		2,632,035
Lite-On Technology Corporation		535,838		810,584
Logitech International SA		18,355		384,437
Micro-Star International Company Limited		186,218		448,958
NCR Corporation †		149,200		5,050,420
NEC Corporation		390,149		991,728
Neopost SA		3,201		84,551
NetApp Incorporated		162,126		5,607,938
Pegatron Corporation		620,150		1,499,047
Qisda Corporation		171,392		69,679
Quanta Computer Incorporated		913,766		1,690,426
Ricoh Company Limited		111,565		1,006,042
Riso Kagaku Corporation		4,100		67,207
Ritek Corporation †		159		20
Samsung Electronics Company Limited		16,904		24,560,072
Samsung SDS Company Limited		6,077		872,036
Seagate Technology plc		158,907		5,361,522
Seiko Epson Corporation		46,000		881,187


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			79


Security name	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Stratasys Limited «†		3,967	$	84,656
Toshiba TEC Corporation †		25,000		97,618
Transcend Information Incorporated		68,130		196,464
Wacom Company Limited		32,000		100,208
Western Digital Corporation		33,700		1,572,779
Wistron Corporation		565,834		415,497

				192,552,680


Materials: 5.23%

Chemicals: 2.40%
Adeka Corporation		15,200		223,449
Agrium Incorporated		14,300		1,377,877
Air Liquide SA		32,542		3,569,279
Air Water Incorporated		28,000		517,431
Akzo Nobel NV		25,110		1,696,782
Albemarle Corporation		62,700		5,014,119
Alexandria Mineral Oils Company		1,424		6,102
Arkema SA		6,977		622,833
Asahi Kasei Corporation		196,000		1,652,640
Ashland Incorporated		32,700		3,828,516
Asian Paints Limited		98,719		1,706,835
Axalta Coating Systems Limited †		103,793		2,970,556
BASF SE		86,320		7,019,225
Batu Kawan Bhd		35,500		158,439
Cabot Corporation		74,407		3,709,933
Castrol India Limited		27,072		180,716
Celanese Corporation Series A		82,400		5,309,032
China Steel Chemical Corporation		35,000		112,510
Christian Hansen Holding AS		8,826		535,230
Chugoku Marine Paints Limited		12,000		84,550
Ciech SA		645		11,138
Clariant AG		25,999		452,812
Corbion NV		9,177		250,282
Covestro AG		5,900		307,208
Croda International plc		12,234		531,754
Daicel Chemical Industries Limited		51,000		650,162
Dainichiseika Color & Chemicals Manufacturing Company Limited		15,000		67,994
Denka Company Limited		69,000		291,432
DIC Incorporated		13,500		410,356
Dow Chemical Company		122,444		6,567,896
DuluxGroup Limited		61,858		297,997
E.I. du Pont de Nemours & Company		95,299		6,632,810
Ecolab Incorporated		47,938		5,898,771
Elementis plc		43,384		124,194
EMS-Chemie Holdings AG		754		401,321
Essentra plc		22,982		155,723
Eternal Chemical Company Limited		156,644		169,823
Evonik Industries AG		10,659		358,293
Formosa Chemicals & Fibre Corporation		1,130,495		2,935,749


80		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Chemicals (continued)
Formosa Plastics Corporation		1,319,709	$	3,256,590
Frutarom Industries Limited		1,818		95,978
FUCHS PRETROLUB SE		3,135		131,520
Fufeng Group Limited		200		87
Fujimori Kogyo Company Limited		3,100		69,871
GCP Applied Technologies Incorporated †		100,657		2,945,224
Givaudan SA		948		1,959,518
Grupa Azoty SA		20,022		328,940
Hanwha Chem Corporation		19,613		450,307
Hexpol AB		40,678		370,873
Hitachi Chemical Company Limited		15,000		323,298
Huntsman Corporation		236,200		4,083,898
Hyosung Corporation		5,120		606,135
Incitec Pivot Limited		260,881		558,786
Indorama Ventures PCL		398,233		368,143
Ingevity Corporation †		24,044		1,067,073
International Flavors & Fragrances Incorporated		45,200		6,263,816
Ishihara Sangyo Kaisha Limited †		110,000		71,232
Israel Chemicals Limited		39,013		165,266
Johnson Matthey plc		18,533		812,356
JSR Corporation		28,700		419,689
K&S AG		16,172		338,593
Kaneka Corporation		51,000		415,532
Kansai Paint Company Limited		39,400		867,855
Kemira Oyj		9,572		122,787
Kolon Industries Incorporated		3,691		271,446
Koninklijke DSM NV		19,849		1,383,564
Korea Petrochemical Industrial Company Limited		631		110,637
Kumho Petrochemical Company Limited		2,618		161,776
Kuraray Company Limited		51,700		738,536
Kureha Corporation		28,000		105,543
LANXESS AG		8,492		453,160
LG Chem Limited		7,139		1,731,928
Linde AG		17,717		3,034,521
Lintec Corporation		6,800		127,699
Lotte Chemical Corporation		3,390		814,816
Lotte Fine Chemical Company Limited		4,271		134,833
LyondellBasell Industries NV Class A		36,000		2,840,040
Methanex Corporation		12,000		348,544
Mexichem SAB de CV		342,879		791,989
Minerals Technologies Incorporated		45,884		3,238,034
Mitsubishi Chemical Holdings Corporation		225,600		1,423,396
Mitsubishi Gas Chemical Company Incorporated		66,000		446,528
Mitsui Chemicals Incorporated		149,000		712,850
Monsanto Company		79,108		8,425,002
Nan Ya Plastics Corporation		1,428,125		2,727,482
NewMarket Corporation		13,078		5,675,198
Nihon Nohyaku Company Limited		10,000		49,195
Nihon Parkerizing Company Limited		19,000		253,603
Nippon Kayaku Company Limited		27,000		295,404


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			81


Security name	Shares		Value

Chemicals (continued)
Nippon Paint Company Limited		29,200	$	1,045,629
Nippon Shokubai Company Limited		5,100		313,004
Nippon Soda Company Limited		28,000		141,265
Nippon Synthetic Chemical Industry Company Limited		7,000		61,431
Nissan Chemical Industries Limited		22,900		703,832
Nitto Denko Corporation		24,100		1,645,411
NOF Corporation		27,000		272,701
Novozymes AS Class B		23,343		1,012,175
Nufarm Limited		41,407		262,337
Nuplex Industries Limited		34,891		135,445
OIC Company Limited «†		2,946		230,924
Okamoto Industries Incorporated		14,000		155,202
Olin Corporation		198,048		4,285,759
Orica Limited		58,314		646,870
Oriental Union Chemical Corporation		186,626		116,456
Osaka Soda Company Limited		20,000		75,195
Petkim Petrokimya Holding SA		123,111		191,070
Petronas Chemicals Group Bhd		692,200		1,141,861
Pidilite Industries Limited		36,846		384,333
PolyOne Corporation		109,300		3,767,571
Potash Corporation of Saskatchewan		82,800		1,500,174
PPG Industries Incorporated		48,200		5,103,416
PTT Global Chemical PCL		620,523		1,093,496
RPM International Incorporated		69,718		3,801,723
Sakai Chemical Industry Company Limited		13,000		38,950
Sanyo Chemical Industries Limited		13,000		109,564
Scotts Miracle-Gro Company Class A		54,292		4,495,378
Shikoku Chemicals Corporation		9,000		82,202
Shin-Etsu Chemical Company Limited		59,500		4,367,110
Showa Denko KK		20,900		258,763
Sidi Kerir Petrochemcials Company		9,866		13,721
Sika AG		199		948,110
SK Chemicals Company Limited		4,328		256,187
SK Kaken Company Limited «		1,000		99,744
SK Materials Company Limited		682		89,241
SKC Company Limited		4,380		107,830
Solvay SA		7,552		828,994
Sumitomo Bakelite Company Limited		27,000		134,132
Sumitomo Chemical Company Limited		248,000		1,136,152
Symrise AG		9,598		706,709
Syngenta AG		8,855		3,856,028
Synthomer plc		25,554		122,212
Synthos SA †		150,781		149,687
T. Hasegawa Company Limited		4,600		83,362
Taekwang Industrial Company Limited		176		131,329
Taiwan Fertilizer Company Limited		147,000		194,113
Taiyo Holdings Company Limited		3,100		107,413
Taiyo Nippon Sanso Corporation		28,000		284,154
Takasago International Corporation		2,600		61,190
Teijin Limited		145,000		540,956


82		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Chemicals (continued)
The Chemours Company		239,572	$	3,159,955
The Israel Corporation Limited		200		36,802
The Mosaic Company		195,295		5,872,521
The Sherwin-Williams Company		14,200		4,028,682
The Valspar Corporation		40,900		4,311,269
Toagosei Company Limited		19,200		205,240
Tokai Carbon Company Limited		40,000		105,543
Tokuyama Corporation †		51,000		208,012
Tokyo Ohka Kogyo Company Limited		6,600		207,316
Toray Industries Incorporated		236,000		2,272,753
Tosoh Corporation		95,000		584,884
Toyo Ink SC Holding Company Limited		34,000		145,247
Toyobo Company Limited		130,000		206,060
UBE Industries Limited		156,000		283,458
Umicore SA		12,219		721,556
United Phosphorus Limited		115,943		1,106,194
Victrex plc		9,279		185,451
W.R. Grace & Company		43,035		3,362,325
Wacker Chemie AG		1,172		108,951
Westlake Chemical Corporation		23,900		1,238,498
Yara International ASA		16,864		598,646
Zeon Corporation		32,000		275,262

				205,715,996


Construction Materials: 0.53%
Adelaide Brighton Limited		81,546		321,751
Ambuja Cements Limited		238,447		989,642
Anhui Conch Cement Company Limited H Shares		341,000		958,266
Asia Cement Corporation		875,058		781,831
Associated Cement Companies Limited		9,386		239,632
Boral Limited		121,372		602,945
Brickworks Limited		11,048		116,327
Buzzi Unicem SpA		3,462		73,604
Cemex SAB de CV †		4,177,579		3,460,833
China Resources Cement Holdings Limited		336,369		131,815
CRH plc		74,479		2,521,406
CSR Limited		85,052		220,527
Eagle Materials Incorporated		63,400		5,095,458
Fletcher Building Limited		120,402		926,055
Fletcher Building Limited - Australia Exchange		8,657		66,038
Grasim Industries Limited		9,932		692,548
Heidelbergcement AG		13,467		1,250,863
Imerys SA		3,080		217,026
Italcementi SpA		33,149		390,837
James Hardie Industries NV		64,012		1,043,468
Lafarge Malayan Cement Bhd		55,470		110,106
LafargeHolcim Limited		16,849		892,068
LafargeHolcim Limited - Switzerland Exchange		23,023		1,220,730
Martin Marietta Materials Incorporated		36,117		6,610,495
PT Indocement Tunggal Prakarsa Tbk		408,500		545,077


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			83


Security name	Shares		Value

Construction Materials (continued)
PT Semen Gresik Persero Tbk		663,500	$	495,187
RHI AG		2,303		58,429
Shree Cement Limited		2,671		684,992
Siam City Cement PCL		10,000		87,244
Suez Cement Company		4,510		5,688
Sumitomo Osaka Cement Company		61,000		275,919
Taiheiyo Cement Corporation		196,000		594,829
Taiwan Cement Corporation		1,183,746		1,352,352
TCC International Holdings Limited		121,000		23,553
The Siam Cement PCL		102,934		1,576,029
Titan Cement Company SA		8,513		197,513
Ultra Tech Cement Limited		22,119		1,330,608
Ultratech Cement Limited GDR		1,352		81,332
Vicat SA		887		56,426
Vulcan Materials Company		76,300		8,688,281
Wienerberger AG		10,742		170,746

				45,158,476


Containers & Packaging: 0.53%
Amcor Limited		167,201		2,010,559
AptarGroup Incorporated		83,182		6,486,532
Avery Dennison Corporation		46,800		3,624,192
Ball Corporation		3,312		262,277
Bemis Company Incorporated		114,914		6,044,476
BillerudKorsnas AB		28,295		482,896
CCL Industries Incorporated Class B		1,924		367,150
DS Smith plc		99,241		532,350
FP Corporation		4,200		221,640
Fuji Seal International Incorporated		4,300		163,331
Huhtamaki Oyj		10,786		469,219
International Paper Company		49,300		2,390,557
La Seda De Barcelona SA †(a)		482		0
Mayr-Melnhof Karton AG		610		68,689
Orora Limited		243,074		566,315
Owens-Illinois Incorporated †		193,200		3,464,076
Packaging Corporation of America		52,600		4,135,938
Rengo Company Limited		36,000		213,985
RPC Group plc		28,420		324,308
Smurfit Kappa Group plc		16,584		408,820
Sonoco Products Company		122,439		6,310,506
Toyo Seikan Kaisha Limited		26,100		483,833
WestRock Company		141,183		6,762,666

				45,794,315


Metals & Mining: 1.63%
Acerinox SA		8,382		103,969
Aeris Resources Limited †		7,674		288
African Minerals Limited «†(a)		22,055		0
Agnico-Eagle Mines Limited		19,266		976,522
Aichi Steel Corporation		18,000		95,511


84		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Metals & Mining (continued)
Alacer Gold Corporation †		17,005	$	38,253
Alamos Gold Incorporated Class A		24,548		172,776
Alcoa Incorporated		705,800		7,114,464
Allegheny Technologies Incorporated «		143,900		2,454,934
Alumina Limited		478,202		477,992
Anglo American Platinum Limited		11,072		297,706
Anglo American plc		133,132		1,363,264
Anglogold Ashanti Limited †		103,958		1,695,487
Antofagasta plc		33,519		217,744
ArcelorMittal		157,253		928,083
Asahi Holdings Incorporated		4,500		77,157
Aurubis AG		3,804		200,341
B2Gold Corporation †		55,517		139,703
Barrick Gold Corporation		107,200		1,822,089
Bekaert SA		3,186		131,598
BHP Billiton Limited		463,310		7,113,741
BHP Billiton plc		191,237		2,485,864
BlueScope Steel Limited		81,602		532,940
Boliden AB		25,134		532,295
Centerra Gold Incorporated		13,776		68,912
China Metal Recycling Holdings Limited †(a)		68,664		0
China Rare Earth Holdings Limited †		60		4
China Steel Corporation		3,740,348		2,593,330
Chung Hung Steel Corporation		954		199
Commercial Metals Company		132,505		2,056,478
Daido Steel Company Limited		59,000		268,013
Delong Holdings Limited †		1,400		313
Detour Gold Corporation †		15,148		341,910
Dominion Diamond Corporation		10,250		89,885
Dongkuk Steel Mill Company Limited †		6,732		51,199
Dowa Mining Company Limited		49,000		328,198
El Ezz Aldekhela Steel Alexandria		164		3,878
Eldorado Gold Corporation		67,207		215,243
Eregli Demir Ve Celik Fabrikalari Tas		657,512		989,342
Ezz Steel †		15,612		13,872
Feng Hsin Iron & Steel Company		115,690		148,028
First Majestic Silver Corporation †		10,800		130,203
First Quantum Minerals Limited		56,722		429,935
Fortescue Metals Group Limited		245,624		904,534
Franco-Nevada Corporation - Toronto Exchange		16,707		1,167,350
Freeport-McMoRan Incorporated		674,000		6,935,460
Fresnillo plc		15,690		330,889
G-Resources Group Limited		6,643,718		121,612
Glencore International plc		1,137,793		2,600,467
Goldcorp Incorporated		77,180		1,174,709
Grupo Mexico SAB de CV Class B		1,155,856		2,889,847
Hindalco Industries Limited		159,435		379,125
Hindalco Industries Limited GDR 144A		47,917		113,942
Hindustan Zinc Limited		43,032		145,860
Hitachi Metals Limited		32,000		387,223


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			85


Security name	Shares		Value

Metals & Mining (continued)
Hudbay Minerals Incorporated		14,987	$	60,798
Hyundai Steel Company		13,240		609,159
IAMGOLD Corporation †		35,249		130,900
Iluka Resources Limited		79,595		393,613
Independence Group NL		42,669		117,689
Industrias Penoles SAB de CV		28,068		649,037
JFE Holdings Incorporated		86,492		1,342,960
JSW Steel Limited		25,023		655,037
KGHM Polska Miedz SA «		48,720		913,107
Kinross Gold Corporation †		113,307		452,744
Kobe Steel Limited		556,000		515,885
Korea Zinc Company Limited		2,063		885,332
Koza Altin Isletmeleri AS		13,742		64,262
Kurimoto Limited		22,000		38,274
Kyoei Steel Limited		5,200		100,919
Labrador Iron Ore Royalty Company		2,785		27,608
Lundin Mining Corporation †		45,155		170,786
Maruichi Steel Tube Limited		12,300		424,404
Melewar Industrial Group Bhd †		1		0
Mercator Minerals Limited †(a)		33,385		0
Midas Holdings Limited		65,000		10,734
Mitsubishi Materials Corporation		193,000		544,687
Mitsubishi Steel Manufacturing Company Limited		27,000		43,319
Mitsui Mining & Smelting Company Limited		84,000		171,304
MMC Norilsk Nickel PJSC		187,999		2,831,265
Mongolian Mining Corporation †		408,750		5,691
Neturen Company Limited		6,900		47,950
Nevsun Resources Limited		18,400		57,947
New Gold Incorporated †		45,386		218,036
Newcrest Mining Limited †		110,203		1,837,844
Newmont Mining Corporation		287,564		10,996,447
Nippon Denko Company Limited		10,000		16,237
Nippon Light Metal Holdings Company Limited		79,500		169,043
Nippon Steel Corporation		137,200		2,912,011
Nisshin Steel Holdings Company Limited		17,264		221,755
Nittetsu Mining Company Limited		12,000		42,565
NMDC Limited		207,319		334,336
Norsk Hydro ASA		97,893		416,114
Northern Dynasty Minerals †		2,200		1,527
Northern Star Resources Limited		87,386		265,984
NovaCopper Incorporated †		2,136		1,205
NovaGold Resources Incorporated †		12,820		66,084
Novolipet Steel GDR Register Shares		18,613		259,651
Nucor Corporation		171,710		8,329,652
Oceanagold Corporation		56,900		179,196
OSAKA Titanium Technologies Company «		3,700		56,109
Osisko Gold Royalties Limited		3,915		44,243
Outokumpu Oyj †		8,348		45,665
OZ Minerals Limited		56,980		273,641
Pacific Metals Company Limited †		27,000		75,417


86		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Metals & Mining (continued)
Pan American Silver Corporation		16,145	$	281,559
Petropavlovsk plc †		9,120		807
Philex Mining Corporation		24		4
POSCO		12,853		2,662,819
Pretium Resources Incorporated †		12,526		120,828
PT Aneka Tambang Tbk †		186		10
Randgold Resources Limited		8,749		821,445
Real Gold Mining Limited †(a)		41,000		0
Regis Resources Limited		88,984		247,441
Reliance Steel & Aluminum Company		88,100		6,350,248
Rio Tinto Limited		61,241		2,190,823
Rio Tinto plc		109,053		3,295,098
Royal Gold Incorporated		86,085		6,311,752
Salzgitter AG		2,771		84,305
Sandfire Resources NL		24,651		101,525
Sanyo Special Steel Company Limited		26,000		141,980
Semafo Incorporated †		21,405		90,915
Silver Standard Resources Incorporated †		5,023		58,948
Silver Wheaton Corporation		41,341		1,047,869
Sims Group Limited		28,188		211,000
Sociedad Minera Cerro Verde SA †		3,244		61,020
South32 Limited - Athens Exchange		525,142		757,768
South32 Limited - London Exchange		191,237		276,235
Southern Copper Corporation «		55,608		1,435,799
SSAB Svenskt Stal AB Class A †		20,546		61,129
SSAB Svenskt Stal AB Class B †		25,759		61,955
Steel Authority of India Limited		105,948		76,253
Steel Dynamics Incorporated		297,700		7,329,374
Sumitomo Metal Mining Company Limited		81,000		1,027,130
Tahoe Resources Incorporated		28,200		367,929
Talvivaara Mining Company plc †(a)		152,775		0
Tata Steel Limited		48,920		270,349
Teck Resources Limited Class B		45,708		740,655
Thyssenkrupp AG		36,326		846,662
Toho Titanium Company Limited		7,700		55,072
Toho Zinc Company Limited		26,000		79,911
Tokyo Steel Manufacturing Company Limited		16,100		113,283
Ton Yi Industrial Corporation		243,350		108,137
Topy Industries Limited		36,000		73,068
Torex Gold Resources Incorporated †		7,400		169,510
Trans Hex Group Limited †		3,465		896
Turquoise Hill Resources Limited †		57,728		177,841
UACJ Corporation		44,000		137,360
United States Steel Corporation «		175,400		3,409,776
Vale SA		412,546		2,164,167
Vedanta Limited		301,698		765,845
Viohalco SA †		1,430		1,994
Voestalpine AG		9,874		326,784
Worthington Industries Incorporated		52,239		2,241,053
Yamana Gold Incorporated		78,246		316,826


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			87


Security name	Shares		Value

Metals & Mining (continued)
Yamato Kogyo Company Limited		7,200	$	220,248
Yieh Phui Enterprise		14,220		4,446
Yodogawa Steel Works Limited		4,500		118,170
Young Poong Corporation		239		233,427

				139,930,302


Paper & Forest Products: 0.14%
Canfor Corporation †		8,208		95,324
Daio Paper Corporation «		16,500		175,262
Domtar Corporation		73,600		2,746,752
Empresas CMPC SA		458,328		909,054
Fibria Celulose SA		78,215		533,108
Hokuetsu Paper Mills Limited		22,300		140,096
Holmen AB Class B		6,246		218,302
Kapstone Paper & Packaging Corporation		122,300		2,141,473
Mitsubishi Paper Mills Limited †		65,000		43,976
Mondi Limited		35,625		719,672
Mondi plc		33,273		676,796
Nippon Paper Industries Company Limited		17,100		316,829
Oji Holdings Corporation		146,000		587,020
Stella-Jones Incorporated		9,800		332,246
Stora Enso Oyj		69,844		616,638
Tokushu Tokai Holdings Company Limited		24,000		80,955
UPM-Kymmene Oyj		55,974		1,124,476
West Fraser Timber Company Limited		6,150		207,048
YFY Incorporated		433,565		123,386

				11,788,413


Telecommunication Services: 2.60%

Diversified Telecommunication Services: 1.62%
AT&T Incorporated		684,577		27,985,508
BCE Incorporated		28,401		1,326,925
Bezeq Israeli Telecommunication Corporation Limited		178,458		358,192
Bharti Infratel Limited		184,499		966,299
BT Group plc		788,518		4,000,430
Cellnex Telecom SAU		13,745		239,944
CenturyLink Incorporated		294,060		8,174,868
China Telecom Corporation Limited H Shares		4,440,000		2,295,106
China Unicom Limited		1,731,688		1,962,158
Chorus Limited		62,330		192,213
Chunghwa Telecom Company Limited		1,036,602		3,724,260
Citic 1616 Holdings Limited		481		182
Deutsche Telekom AG		295,083		4,927,381
Elisa Oyj		17,138		602,937
Frontier Communications Corporation «		610,441		2,808,029
Hellenic Telecommunications Organization SA		66,898		634,282
Hong Kong Broadband Network Limited		153,000		170,996
Hong Kong Telecommunications Trust & Hong Kong Trust Limited		513,364		708,084
Hutchison Telecommunications Hong Kong Holdings Limited		196,000		67,712


88		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Diversified Telecommunication Services (continued)
Iliad SA		1,823	$	375,886
Inmarsat plc		40,614		411,192
Koninklijke KPN NV		274,617		896,603
KT Corporation		20,261		574,213
Level 3 Communications Incorporated †		165,964		8,236,793
LG Uplus Corporation		33,879		353,982
Manitoba Telecom Services Incorporated		5,945		172,946
Nippon Telegraph & Telephone Corporation		99,900		4,389,363
Ooredoo QSC		33,164		935,352
Orange Polska SA		132,850		182,873
Orange SA		204,770		3,126,943
PCCW Limited		819,477		519,729
Proximus SA		15,466		473,210
PT Telekomunikasi Indonesia Persero Tbk		15,507,084		4,921,585
Rostelecom Sponsored ADR		3,611		27,249
SBA Communications Corporation Class A †		71,498		8,161,497
SFR Group SA		8,018		213,307
Singapore Telecommunications Limited		1,162,100		3,428,854
Spark New Zealand Limited		198,250		547,350
Sunrise Communications Group AG 144A		3,172		215,756
Swisscom AG		2,129		1,017,149
Taicom PCL		188,600		119,865
TalkTalk Telecom Group plc		57,843		160,268
TDC AS		101,735		562,357
Telecom Egypt Company		36,313		41,302
Telecom Italia SpA †		885,010		803,075
Telecom Italia SpA RSP		592,709		434,367
Telecom Malaysia Bhd		653,250		1,101,770
Telefonica Brasil SA		8,717		107,950
Telefonica Deutschland Holding AG		91,645		376,599
Telefonica SA		386,950		3,897,560
Telenor ASA		70,077		1,223,630
Telesites SAB de CV †		465,117		272,789
Telia Company AB		284,399		1,284,682
Telstra Corporation Limited		617,757		2,442,089
Telus Corporation		19,486		639,231
Tiscali SpA †		588		30
TPG Telecom Limited		45,074		412,941
True Corporation PCL		3,114,716		701,847
TT&T PCL †(a)		270,800		0
Turk Telekomunikasyon AS		117,421		237,030
Verizon Communications Incorporated		452,797		23,694,867
Vocus Communications Limited		49,969		288,792

				139,130,379


Wireless Telecommunication Services: 0.98%
Advanced Info Service PCL - Foreign Register		353,800		1,691,551
America Movil SAB de CV Class L		8,388,136		5,008,801
Axiata Group Bhd		945,470		1,279,899
Bharti Airtel Limited		447,901		2,218,103


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			89


Security name	Shares		Value

Wireless Telecommunication Services (continued)
China Mobile Limited		1,508,000	$	18,622,684
Digi.com Bhd		901,400		1,115,776
Drillisch AG «		7,270		335,361
Empresa Nacional de Telecomunicaciones SA		28,911		272,675
Far Eastone Telecommunications Company Limited		553,722		1,289,613
Freenet AG		9,566		274,656
Global Telecom Holding †		313,006		142,757
Globe Telecom Incorporated		8,330		352,186
Idea Cellular Limited		292,014		407,477
Intouch Holdings PCL Class F		419,200		681,198
KDDI Corporation		261,000		7,658,590
M1 Limited		94,400		184,996
Maxis Bhd		514,200		796,246
MegaFon OAO		49,841		505,886
Millicom International Cellular SA		6,159		315,481
Mobile Telesystems ADR		144,012		1,170,818
MTN Group Limited «		414,152		3,386,007
NTT DOCOMO Incorporated		194,300		4,888,251
Okinawa Cellular Telephone Company		2,400		72,372
Orascom Telecom Media & Technology Holding SAE †		313,006		20,092
PLDT Incorporated		24,955		977,955
PT Indonesian Satellite Corporation Tbk †		241,500		112,876
PT Tower Bersama Infrastructure Tbk		565,500		237,668
PT Xl Axiata Tbk †		651,875		139,565
Reliance Communications Limited †		442,880		356,777
Reliance Communications Limited GDR 144A†		32,828		26,446
Rogers Communications Incorporated Class B		35,000		1,498,856
SK Telecom Company Limited		6,460		1,265,928
SmarTone Telecommunications Holding Limited		53,688		88,585
SoftBank Group Corporation		138,645		9,053,164
Sprint Corporation «†		93,742		579,326
StarHub Limited		109,000		292,811
Taiwan Mobile Company Limited		554,202		1,947,449
Tele2 AB Class B		29,579		246,185
Telephone & Data Systems Incorporated		112,802		3,143,792
Tim Participacoes SA		177,415		456,558
Total Access Communication PCL		192,200		191,559
Turkcell Iletisim Hizmetleri AS †		272,349		914,445
VimpelCom Limited ADR		49,963		213,342
Vodacom Group Proprietary Limited		136,573		1,420,630
Vodafone Group plc		2,382,728		7,191,725
Vodafone Qatar		126,716		414,110

				83,461,228


Utilities: 3.93%

Electric Utilities: 1.65%
Acciona SA		2,541		181,059
ALLETE Incorporated		55,132		3,269,328
Alliant Energy Corporation		126,736		4,809,631
American Electric Power Company Incorporated		52,480		3,388,634


90		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Electric Utilities (continued)
AusNet Services		244,412	$	315,943
CEZ AS		55,424		967,323
Cheung Kong Infrastructure Holdings Limited		104,000		873,420
Chubu Electric Power Company Incorporated		107,900		1,458,968
CLP Holdings Limited		284,500		2,917,413
Contact Energy Limited		167,998		633,877
Duke Energy Corporation		75,079		5,980,793
Edison International		34,468		2,506,513
El Paso Electric Company		46,800		2,138,292
Electricite de France SA «		26,434		338,497
Emera Incorporated		12,523		455,981
Endesa SA		29,051		591,714
Enea SA †		23,564		59,447
Enel SpA		694,131		3,064,555
Energa SA		97,841		202,774
Energias de Portugal SA		245,535		823,016
Enersis Chile SA		5,359,575		571,236
Enersis SA		5,359,575		887,994
Entergy Corporation		95,946		7,502,977
Eversource Energy		171,519		9,256,880
Exelon Corporation		98,571		3,351,414
FirstEnergy Corporation		228,246		7,470,492
Fortis Incorporated		25,374		798,137
Fortum Oyj		40,768		629,369
Great Plains Energy Incorporated		187,146		5,082,885
Hawaiian Electric Industries Incorporated		129,177		3,876,602
HK Electric Investments Limited 144A		344,434		323,231
Hokkaido Electric Power Company Incorporated		30,100		244,082
Hokuriku Electric Power Company		29,400		351,214
Hydro One Limited 144A		15,657		313,044
Iberdrola SA		539,205		3,548,592
IDACORP Incorporated		60,844		4,628,403
Infratil Limited		115,574		283,448
Kansai Electric Power Company Incorporated †		120,900		1,036,119
Korea Electric Power Corporation		41,924		2,180,800
Kyushu Electric Power Company Incorporated		69,700		648,732
Manila Electric Company		106,140		708,435
Nextera Energy Incorporated		50,311		6,084,612
OGE Energy Corporation		105,096		3,271,638
PG&E Corporation		52,865		3,274,458
Pinnacle West Capital Corporation		62,004		4,652,780
PNM Resources Incorporated		95,037		3,021,226
Polska Grupa Energetyczna SA		252,746		746,271
Portland General Electric Company		107,135		4,511,455
Power Assets Holdings Limited		203,605		1,947,456
Power Grid Corporation of India Limited		426,776		1,170,655
PPL Corporation		71,566		2,489,065
Public Power Corporation SA †		10,093		29,834
Red Electrica Corporacion SA		38,910		837,879
Scottish & Southern Energy plc		90,573		1,788,796


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			91


Security name	Shares		Value

Electric Utilities (continued)
Shikoku Electric Power Company Incorporated		32,900	$	313,530
Spark Infrastructure Group		255,559		487,846
Tata Power Company Limited		384,258		450,414
Tauron Polska Energia SA		210,484		149,717
Tenaga Nasional Bhd		752,837		2,736,239
Terna SpA		126,682		654,536
The Chugoku Electric Power Company Incorporated		50,000		600,203
The Okinawa Electric Power Company Incorporated		5,800		118,282
The Southern Company		101,845		5,227,704
Tohoku Electric Power Company Incorporated		74,100		928,891
Tokyo Electric Power Company Incorporated †		127,300		513,063
Trustpower Limited		3,817		21,741
Westar Energy Incorporated		78,913		4,335,480
Xcel Energy Incorporated		52,838		2,185,380

				141,220,415


Gas Utilities: 0.68%
APA Group		176,480		1,225,534
Atmos Energy Corporation		56,966		4,198,394
Aygaz AS		12,972		48,731
China Gas Holdings Limited		654,000		1,111,139
China Resources Gas Group Limited		210,000		703,830
Enagas SA		20,387		598,649
ENN Energy Holdings Limited		136,000		761,735
Gail India Limited		63,415		363,521
Gas Natural SDG SA		32,383		668,431
Hong Kong & China Gas Company Limited		1,065,302		2,032,403
Infraestructura Energetica Nova SAB de CV		107,712		415,747
Korea Gas Corporation		5,695		216,819
National Fuel Gas Company		103,000		5,877,180
New Jersey Resources Corporation		102,900		3,461,556
ONE Gas Incorporated		62,484		3,825,895
Osaka Gas Company Limited		307,000		1,208,535
Petronas Gas Bhd		166,800		913,071
Piedmont Natural Gas Company		98,072		5,894,127
PT Perusahaan Gas Negara Persero Tbk		2,360,000		537,294
Questar Corporation		212,103		5,304,696
Rubis SCA		5,494		448,590
Saibu Gas Company Limited		65,000		153,289
Shizuoka Gas Company Limited		11,500		82,583
Snam SpA		230,938		1,280,271
South Jersey Industries Incorporated		94,400		2,801,792
Southwest Gas Corporation		57,007		3,980,229
Superior Plus Corporation		9,992		89,527
Toho Gas Company Limited		76,000		645,668
Tokyo Gas Company Limited		337,000		1,444,542
Towngas China Company Limited		127,000		73,179
UGI Corporation		91,158		4,145,866
WGL Holdings Incorporated		60,411		3,796,227

				58,309,050


92		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Shares		Value

Independent Power & Renewable Electricity Producers: 0.26%
Aboitiz Power Corporation		386,100	$	377,027
AES Corporation		367,200		4,432,104
AES Gener SA		472,711		187,711
Algonquin Power & Utilities Corporation		41,900		378,295
Calpine Corporation †		202,200		2,523,456
Capital Power Corporation		7,700		123,010
China Longyuan Power Group Corporation H Shares		1,165,000		979,149
China Power International Development Limited		969,000		365,988
China Renewable Energy Investment Limited		15,871		405
China Resources Power Holdings Company		617,185		1,066,094
Colbun SA		1,637,920		346,500
Drax Group plc		35,738		142,618
EDP Renovaveis SA		9,632		76,959
Electric Power Development Company Limited		27,700		676,269
Electricity Generating PCL		111,800		637,879
Empresa Nacional de Electricidad SA		1,148,063		860,168
Endesa Americas SA		1,148,063		511,884
Energy Development Corporation		1,562,250		192,117
Engie Brasil Energia SA		78,129		943,587
Etrion Corporation †		2,567		684
Glow Energy PCL		209,800		484,869
Huaneng Power International Incorporated H Shares		1,186,000		721,609
Malakoff Corporation Bhd		1,131,300		460,275
Neyveli Lignite Corporation Limited		4,901		5,690
NHPC Limited		186,049		78,203
Northland Power Incorporated		23,700		429,398
NRG Energy Incorporated		183,189		2,218,419
NTPC Limited		682,862		1,623,798
Ratchaburi Electricity Generating Holding PCL ADR		20,700		32,591
Talen Energy Corporation †		87,512		1,208,541
Transalta Corporation		24,700		106,982

				22,192,279


Multi-Utilities: 1.13%
A2A SpA		134,739		178,700
AGL Energy Limited		97,194		1,355,007
Ameren Corporation		130,762		6,462,258
ATCO Limited Class I		8,258		302,953
Avista Corporation		75,020		3,047,312
Black Hills Corporation		61,642		3,606,673
Canadian Utilities Limited Class A		11,598		332,534
CenterPoint Energy Incorporated		240,810		5,411,001
Centrica plc		535,264		1,634,903
CMS Energy Corporation		150,421		6,313,169
Consolidated Edison Incorporated		32,115		2,416,654
Dominion Resources Incorporated		66,745		4,949,809
DTE Energy Company		96,981		9,009,535
Duet Group		354,371		700,442
E.ON SE		187,516		1,727,073
Engie SA		147,526		2,351,533


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			93


Security name				Shares		Value

Multi-Utilities (continued)
Hera SpA					43,571	$	120,726
Just Energy Group Incorporated «					8,403		46,263
Keppel Infrastructure Trust					56,761		20,830
MDU Resources Group Incorporated					236,803		5,581,447
National Grid plc					352,433		4,843,172
NiSource Incorporated					179,287		4,292,131
Northwestern Corporation					57,317		3,314,069
Public Service Enterprise Group Incorporated					52,702		2,253,538
RWE AG †					45,697		747,515
SCANA Corporation					79,957		5,648,962
Sempra Energy					24,979		2,613,553
Suez Environnement Company SA					28,095		425,108
Vector Limited					28,886		72,311
Vectren Corporation					100,019		4,891,929
Veolia Environnement SA					45,364		964,713
WEC Energy Group Incorporated					170,947		10,236,306
YTL Corporation Bhd					1,978,309		819,519
YTL Power International Bhd					1,409,368		517,805

							97,209,453


Water Utilities: 0.21%
Aguas Andinas SA Class A					613,482		365,145
American Water Works Company Incorporated					95,378		7,057,018
Aqua America Incorporated					216,312		6,578,048
Beijing Enterprises Water Group Limited					1,732,000		1,207,871
Guangdong Investment Limited					804,000		1,243,692
Hyflux Limited					81,500		30,508
Pennon Group plc					35,570		409,869
Severn Trent plc					25,380		793,533
United Utilities Group plc					65,169		831,339

							18,517,023


Total Common Stocks (Cost $6,135,611,402)							8,323,264,946


	Dividend yield
Preferred Stocks: 0.48%

Consumer Discretionary: 0.06%

Automobiles: 0.05%
Bayerische Motoren Werke AG †		0.00	%		4,593		344,232
Hyundai Motor Company ±		3.90			4,236		381,810
Hyundai Motor Company ±		4.04			2,744		235,763
Porsche Automobile Holding SE ±		2.21			14,496		734,503
Volkswagen AG ±		0.14			16,860		2,341,408

							4,037,716


Multiline Retail: 0.01%
Lojas Americanas SA ±		0.27			171,080		1,018,787


94		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Dividend yield			Shares		Value

Consumer Staples: 0.03%

Beverages: 0.00%
ITO EN Limited ±		2.60	%		4,600	$	82,961


Household Products: 0.03%
Henkel AG & Company KGaA ±		1.27			17,027		2,234,499


Personal Products: 0.00%
LG Household & Health Care Limited ±		0.93			217		110,738


Energy: 0.07%

Oil, Gas & Consumable Fuels: 0.07%
Petroleo Brasileiro SA †		0.00			1,115,658		4,439,553
Surgutneftegaz SP ADR ±		21.03			269,016		1,358,531

							5,798,084


Financials: 0.22%

Banks: 0.22%
Banco Bradesco SA ±		3.73			758,614		6,826,868
Itau Unibanco Holding SA ±		2.49			801,285		8,895,723
Itausa Investimentos Itau SA ±		4.45			1,114,743		2,968,782
Shinkin Central Bank Class A ±		2.60			104		229,883

							18,921,256


Health Care: 0.01%

Biotechnology: 0.01%
Grifols SA Class B ±		1.78			22,412		354,992


Health Care Equipment & Supplies: 0.00%
Sartorius AG Vorzug ±		0.55			3,164		250,297


Life Sciences Tools & Services: 0.00%
Valneva SE †		0.00			612		41


Information Technology: 0.04%

Technology Hardware, Storage & Peripherals: 0.04%
Samsung Electronics Company Limited ±		1.51			2,971		3,527,896


Materials: 0.03%

Chemicals: 0.01%
Fuchs Petrolub AG ±		2.06			6,432		292,579
LG Chem Limited ±		2.41			846		136,574
Sociedad Quimica y Minera de Chile SA Class B ±		2.01			12,021		305,569

							734,722


Metals & Mining: 0.02%
Vale SA †		0.00			553,330		2,479,464


Portfolio of investments—August 31, 2016 (unaudited)		Wells Fargo Diversified Stock Portfolio			95


Security name	Dividend yield					Shares		Value

Telecommunication Services: 0.02%

Diversified Telecommunication Services: 0.02%
Telefonica Brasil SA ±		2.56	%				131,152	$	1,977,515


Utilities: 0.00%

Multi-Utilities: 0.00%
RWE AG ±		1.24					3,735		44,203


Total Preferred Stocks (Cost $52,987,562)									41,573,171


				Expiration date
Rights: 0.00%

Health Care: 0.00%

Biotechnology: 0.00%
Intercell AG †(a)					5-16-2017		1,885		0


Industrials: 0.00%

Industrial Conglomerates: 0.00%
Hanwha Corporation †(a)					11-10-2016		2,961		0


Total Rights (Cost $0)									0


Warrants: 0.00%

Consumer Discretionary: 0.00%

Automobiles: 0.00%
Peugeot SA †					4-29-2017		32,389		85,263


Media: 0.00%
Yellow Pages Limited †					12-20-2022		128		358


Energy: 0.00%

Energy Equipment & Services: 0.00%
KNM Group Bhd †					11-15-2017		47,262		758
KNM Group Bhd †					4-21-2020		1		0

									758


Oil, Gas & Consumable Fuels: 0.00%
Banpu PCL †					6-5-2017		71,000		20,511


Industrials: 0.00%

Industrial Conglomerates: 0.00%
Discount Investment Corporation †					12-21-2016		276		337
Discount Investment Corporation †					12-21-2017		276		344
Discount Investment Corporation †					12-21-2018		276		349

									1,030


Total Warrants (Cost $112,266)									107,920


96		Wells Fargo Diversified Stock Portfolio		Portfolio of investments—August 31, 2016 (unaudited)


Security name	Yield			Shares		Value

Short-Term Investments: 3.75%

Investment Companies: 3.75%
Securities Lending Cash Investments LLC (l)(r)(u)		0.51	%		218,333,728	$	218,333,728
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.32			103,413,508		103,413,508

Total Short-Term Investments (Cost $321,747,236)							321,747,236


Total investments in securities (Cost $6,510,458,466) *	101.25	%		8,686,693,273
Other assets and liabilities, net	(1.25	)		(107,644,103	)

Total net assets	100.00	%	$	8,579,049,170

†	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.

(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.

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

(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 $6,583,907,790 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,774,571,750
Gross unrealized losses		(671,786,267	)

Net unrealized gains	$	2,102,785,483

The following table shows percent of total long-term investments by geographic locations as of August 31, 2016:


United States	63.74	%
Japan	6.73
United Kingdom	3.12
China	2.81
Taiwan	1.72
Australia	1.70
Switzerland	1.57
Canada	1.56
India	1.55
Hong Kong	1.47
South Korea	1.37
France	1.34
Germany	1.32
Ireland	1.18
Other	8.82

	100.00	%

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: October 26, 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: October 26, 2016

By:
		Jeremy DePalma
		Treasurer

Date: October 26, 2016

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