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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Registrant is making a filing for 13 of its series:

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

Date of reporting period:            November 30, 2016

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2016

Allocation Funds

∎ Wells Fargo Growth Balanced Fund

∎ Wells Fargo Moderate Balanced Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	11
Portfolio of investments
Wells Fargo Growth Balanced Fund	12
Wells Fargo Moderate Balanced Fund	13
Financial statements
Statements of assets and liabilities	14
Statements of operations	15
Statements of changes in net assets	16
Financial highlights	18
Notes to financial statements	22

Master portfolios
Portfolio of investments
Wells Fargo C&B Large Cap Value Portfolio	30
Wells Fargo Diversified Large Cap Growth Portfolio	33
Wells Fargo Emerging Growth Portfolio	38
Wells Fargo Index Portfolio (Summary portfolio of investments)*	42
Wells Fargo International Growth Portfolio	49
Wells Fargo International Value Portfolio	53
Wells Fargo Large Company Value Portfolio	61
Wells Fargo Small Company Growth Portfolio	65
Wells Fargo Small Company Value Portfolio	71
Wells Fargo Core Bond Portfolio (Summary portfolio of investments)**	76
Wells Fargo Managed Fixed Income Portfolio	83
Wells Fargo Real Return Bond Portfolio	94
Wells Fargo Stable Income Portfolio	104
Financial statements
Statements of assets and liabilities	114
Statements of operations	118
Statements of changes in net assets	122
Financial highlights	135
Notes to financial statements	137
Other information	152
List of abbreviations	155

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

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

The views expressed and any forward-looking statements are as of November 30, 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 Allocation Funds Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During much of the period, modestly positive economic data influenced global stock, bond, and commodity markets.

Throughout the period, economic and business data, while often uneven, appeared to be strengthening overall.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Allocation Funds for the six-month period that ended November 30, 2016. During much of the period, modestly positive economic data influenced global stock, bond, and commodity markets. Late in the period, stocks moved higher and bond markets fell in reaction to global political events including the U.S. presidential election, efforts by the Organization of Petroleum Exporting Countries (OPEC) to increase oil prices, and interest-rate expectations.

The surprise Brexit vote rattled markets briefly before stocks rebounded.

Global investment markets trended lower at the end of June following the Brexit vote in the U.K. to leave the European Union (E.U.). The equity sell-off proved temporary. During July, better-than-expected corporate earnings, economic data, consumer confidence, and industrial output sent U.S. stocks higher.

Stocks drifted somewhat lower in the fall as the presidential campaign wore on toward the election. Following the November election, the S&P 500 Index¹ reached several record all-time highs on its path to a 6.01% return for the six-month period that ended November 30, 2016. The Russell 2000^® Index² and S&P MidCap 400^® Index³ delivered even more robust returns for the period at 15.37% and 9.93%, respectively.

International equity markets confronted challenging circumstances during the period.

During the period, political circumstances in countries outside of the U.S. challenged investor sentiment. In the U.K., a new prime minister took office following the Brexit vote and began setting the ground rules for the country’s exit from the E.U. In Brazil, the Senate removed the president from office, and the possibility of presidential impeachment due to a corruption scandal emerged in South Korea. The king of Thailand died. The French president lost a primary election and endorsed his rival. An attempted coup in Turkey, continued escalation of conflicts in Syria and Iraq, and North Korea’s testing of its nuclear weapons capabilities also caused uncertainty.

Throughout the period, economic and business data, while often uneven, appeared to be strengthening overall. After generating concern early in 2016, China’s economic growth demonstrated strength. The prime minister’s re-election in Japan offered the potential for new economic stimulus. India appointed a new central bank governor who many expected would continue the outgoing governor’s policies, which were considered effective. OPEC members agreed to production cuts intended to support increased prices for oil, which could benefit commodities markets that are economically important to many international developed and emerging markets. Developed international markets as measured by the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net)⁴ ended the period

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

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

³  The S&P MidCap 400^® Index measures the performance of the mid-size company segment of the U.S. market; this index is used by more than 95% of U.S. managers and pension plan sponsors. More than $25 billion is indexed to the S&P MidCap 400^® Index. You cannot invest directly in an index.

⁴  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. Source: MSCI. MSCI makes no representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Allocation Funds 3

1.25% lower. Stocks in emerging markets delivered an 8.42% gain for the period as measured by the MSCI Emerging Markets Index (Net).⁵

Fixed-income markets were volatile before the U.S. election and declined post-election.

Global fixed-income markets were volatile during the period, particularly following the U.S. election. Investors appeared to be anticipating U.S. interest-rate increases and waiting for clarity from central bank policymakers outside of the U.S. When investors expect interest rates to rise, they often seek higher yields on their investments to compensate for inflation’s eroding effect on real returns, tending to favor equities and high-yield bonds, for example, over investment-grade bonds.

Also, currency values in several European and Asian countries fell relative to the U.S. dollar during the period, restraining investor interest in foreign bond markets. While the Bloomberg Barclays U.S. Aggregate Bond Index⁶ suffered a 0.92% loss during the period, the 4.97% loss for the Bloomberg Barclays Global Aggregate ex-U.S. Dollar Bond Index⁷ reflects the relatively more difficult conditions for bonds outside of the U.S.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

⁵  The Morgan Stanley Capital International (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. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. 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 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.

⁷  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.

4 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund¹

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for the affiliated master portfolios

Analytic Investors, LLC^‡

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, LLC

Phocas Financial Corporation^‡

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA^®, FRM

Thomas C. Biwer, CFA^®

Petros Bocray, CFA^®, FRM

Aldo Ceccarelli, CFA^®

Christian Chan, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2016

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (WFGBX)	10-14-1998		(2.74	)		8.49		4.16		3.20			9.78		4.78		1.35		1.20
Class B (NVGRX)*	10-1-1998		(2.56	)		8.67		4.23		2.44			8.95		4.23		2.10		1.95
Class C (WFGWX)	10-1-1998		1.41			8.96		4.00		2.41			8.96		4.00		2.10		1.95
Administrator Class (NVGBX)	11-11-1994		–			–		–		3.47			10.05		5.04		1.27		0.95
Growth Balanced Blended Index4	–		–			–		–		5.28			9.42		5.76		–		–
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–			–		–		2.17			2.43		4.27		–		–
MSCI EAFE Index (Net)6	–		–			–		–		(3.66	)		5.62		0.72		–		–
Russell 1000® Growth Index7	–		–			–		–		4.22			14.14		8.24		–		–
Russell 1000® Value Index8	–		–			–		–		12.02			14.69		5.70		–		–
Russell 2000® Index9	–		–			–		–		12.08			13.98		6.81		–		–
S&P 500 Index10	–		–			–		–		8.06			14.45		6.89		–		–

* At the close of business on December 5, 2016, existing Class B shareholders were converted to Class A shareholders. Effective December 6, 2016, Class B shares are no longer offered by the Fund.

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

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

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

Please see footnotes on page 6.

Performance highlights (unaudited) Wells Fargo Allocation Funds 5

Wells Fargo Growth Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201611
Amazon.com Incorporated	1.20
Facebook Incorporated Class A	1.03
Microsoft Corporation	1.01
Alphabet Incorporated Class A	0.95
Apple Incorporated	0.85
Exxon Mobil Corporation	0.76
JPMorgan Chase & Company	0.75
Visa Incorporated Class A	0.66
Alphabet Incoporated Class C	0.65
Bank of America Corporation	0.57

Current target allocation as of November 30, 2016¹²

Neutral target allocation

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

Please see footnotes on page 6.

6 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Growth Balanced Fund (continued)

^‡  Effective February 1, 2017, Analytic Investors, LLC replaced Phocas Financial Corporation as a subadviser.

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

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.51% in net expenses from affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through September 30, 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 money market fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. All other acquired fund fees from the underlying affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  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.

⁶  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the 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. Source: MSCI. MSCI makes no representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

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

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

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

¹²  Current target allocation includes the effect of any tactical futures overlay that may be in place. These amounts are subject to change and may have changed since the date specified.

This page is intentionally left blank.

8 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Moderate Balanced Fund¹

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for the affiliated master portfolios

Analytic Investors, LLC^‡

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, LLC

Phocas Financial Corporation^‡

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA^®, FRM

Thomas C. Biwer, CFA^®

Petros Bocray, CFA^®, FRM

Aldo Ceccarelli, CFA^®

Christian Chan, CFA^®

Erik Sens, CFA^®

Average annual total returns (%) as of November 30, 2016

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (WFMAX)	1-30-2004		(2.97	)		5.87		3.78		2.95			7.13		4.39		1.32		1.15
Class B (WMOBX)*	1-30-2004		(2.84	)		6.01		3.84		2.16			6.32		3.84		2.07		1.90
Class C (WFBCX)	1-30-2004		1.15			6.33		3.60		2.15			6.33		3.60		2.07		1.90
Administrator Class (NVMBX)	11-11-1994		–			–		–		3.19			7.38		4.64		1.24		0.90
Moderate Balanced Blended Index4	–		–			–		–		3.93			6.42		4.89		–		–
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–			–		–		2.17			2.43		4.27		–		–
Bloomberg Barclays U.S. Short Treasury 9-12 Months Index6	–		–			–		–		0.74			0.32		1.42		–		–
MSCI EAFE Index (Net)7	–		–			–		–		(3.66	)		5.62		0.72		–		–
Russell 1000® Growth Index8	–		–			–		–		4.22			14.14		8.24		–		–
Russell 1000® Value Index9	–		–			–		–		12.02			14.69		5.70		–		–
Russell 2000® Index10	–		–			–		–		12.08			13.98		6.81		–		–
S&P 500 Index11	–		–			–		–		8.06			14.45		6.89		–		–

* At the close of business on December 5, 2016, existing Class B shareholders were converted to Class A shareholders. Effective December 6, 2016, Class B shares are no longer offered by the Fund.

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

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

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

Please see footnotes on page 10.

Performance highlights (unaudited) Wells Fargo Allocation Funds 9

Wells Fargo Moderate Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201612
U.S. Treasury Bond, 0.75%, 9-30-2018	0.75
Amazon.com Incorporated	0.74
FHLMC Series T-58 Class 4A, 7.5%, 9-25-2043	0.68
Facebook Incorporated Class A	0.64
Microsoft Corporation	0.62
Alphabet Incorporated Class A	0.59
FNMA Series 2002-W4 Class A4, 6.25%, 5-25-2042	0.54
Apple Incorporated	0.53
FNMA, 3.50%, 9-1-2032	0.47
Exxon Mobil Corporation	0.47

Current target allocation as of November 30, 2016¹³

Neutral target allocation

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

Please see footnotes on page 10.

10 Wells Fargo Allocation Funds Performance highlights (unaudited)

Wells Fargo Moderate Balanced Fund (continued)

^‡  Effective February 1, 2017, Analytic Investors, LLC replaced Phocas Financial Corporation as a subadviser.

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

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.47% in net expenses from affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through September 30, 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 money market fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. All other acquired fund fees from the underlying affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  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.

⁶  The Bloomberg Barclays U.S. Short Treasury 9–12 Months Index (formerly known as Barclays U.S. Short Treasury 9–12 Months Index) is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index.

⁷  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the 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. Source: MSCI. MSCI makes no representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

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

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

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

¹³  Current target allocation includes the effect of any tactical futures overlay that may be in place. These amounts are subject to change and may have changed since the date specified.

Fund expenses (unaudited) Wells Fargo Allocation Funds 11

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2016 to November 30, 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.

Wells Fargo Growth Balanced Fund	Beginning account value 6-1-2016		Ending account value 11-30-2016		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,027.76	$	6.08		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Class B
Actual	$	1,000.00	$	1,023.80	$	9.87		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.25	$	9.82		1.95	%
Class C
Actual	$	1,000.00	$	1,023.84	$	9.87		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.25	$	9.82		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,028.79	$	4.82		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.25	$	4.80		0.95	%
Wells Fargo Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	1,016.88	$	5.80		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class B
Actual	$	1,000.00	$	1,013.20	$	9.56		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Class C
Actual	$	1,000.00	$	1,013.15	$	9.56		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,018.06	$	4.54		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%

¹ Expenses paid is equal to the annualized 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).

12 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

GROWTH BALANCED FUND

Security name								Value
Investment Companies: 99.90%
Affiliated Master Portfolios: 99.90%
Wells Fargo C&B Large Cap Value Portfolio								$	13,108,968
Wells Fargo Core Bond Portfolio									15,976,020
Wells Fargo Diversified Large Cap Growth Portfolio									38,057,281
Wells Fargo Emerging Growth Portfolio									3,879,679
Wells Fargo Index Portfolio									38,974,062
Wells Fargo International Growth Portfolio									10,789,023
Wells Fargo International Value Portfolio									11,323,065
Wells Fargo Large Company Value Portfolio									26,340,516
Wells Fargo Managed Fixed Income Portfolio									56,002,123
Wells Fargo Real Return Portfolio									8,057,134
Wells Fargo Small Company Growth Portfolio									3,906,658
Wells Fargo Small Company Value Portfolio									8,037,362
Total Investment Companies (Cost $209,305,894)									234,451,891
	Yield			Maturity date		Principal
Short-Term Investments: 0.09%
U.S. Treasury Securities: 0.09%
U.S. Treasury Bill #(z)		0.00	%		12-1-2016	$	104,000		104,000
U.S. Treasury Bill #(z)		0.34			12-29-2016		104,000		103,971
Total Short-Term Investments (Cost $207,971)									207,971

Total investments in securities (Cost $209,513,865) *	99.99	%		234,659,862
Other assets and liabilities, net	0.01			14,328
Total net assets	100.00	%	$	234,674,190

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

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

* Cost for federal income tax purposes is $210,486,901and unrealized gains (losses) consists of:

Gross unrealized gains	$	24,172,961
Gross unrealized losses		0
Net unrealized gains	$	24,172,961

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 13

MODERATE BALANCED FUND

Security name								Value
Investment Companies: 99.88%
Affiliated Master Portfolios: 99.88%
Wells Fargo C&B Large Cap Value Portfolio								$	6,469,695
Wells Fargo Core Bond Portfolio									16,493,252
Wells Fargo Diversified Large Cap Growth Portfolio									18,645,994
Wells Fargo Emerging Growth Portfolio									1,941,068
Wells Fargo Index Portfolio									19,174,378
Wells Fargo International Growth Portfolio									5,369,360
Wells Fargo International Value Portfolio									5,588,877
Wells Fargo Large Company Value Portfolio									12,950,036
Wells Fargo Managed Fixed Income Portfolio									57,779,470
Wells Fargo Real Return Portfolio									8,294,425
Wells Fargo Small Company Growth Portfolio									1,942,066
Wells Fargo Small Company Value Portfolio									3,973,332
Wells Fargo Stable Income Portfolio									27,799,995
Total Investment Companies (Cost $176,307,213)									186,421,948
	Yield			Maturity date		Principal
Short-Term Investments: 0.09%
U.S. Treasury Securities: 0.09%
U.S. Treasury Bill #(z)		0.00	%		12-1-2016	$	83,000		83,000
U.S. Treasury Bill #(z)		0.34			12-29-2016		83,000		82,977
Total Short-Term Investments (Cost $165,977)									165,977

Total investments in securities (Cost $176,473,190) *	99.97	%		186,587,925
Other assets and liabilities, net	0.03			52,222
Total net assets	100.00	%	$	186,640,147

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

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

* Cost for federal income tax purposes is $175,642,936 and unrealized gains (losses) consists of:

Gross unrealized gains	$	10,944,989
Gross unrealized losses		0
Net unrealized gains	$	10,944,989

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

14 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2016 (unaudited)

	Growth Balanced Fund			Moderate Balanced Fund
Assets
Investments
In affiliated Master Portfolios, at value (see cost below)	$	234,451,891		$	186,421,948
In unaffiliated securities, at value (see cost below)		207,971			165,977
Total investments, at value (see cost below)		234,659,862			186,587,925
Receivable for Fund shares sold		235,993			294,906
Receivable for daily variation margin on open futures contracts		40,375			32,063
Receivable from manager		0			553
Prepaid expenses and other assets		50,268			30,598
Total assets		234,986,498			186,946,045
Liabilities
Payable for investments purchased		103,971			82,977
Payable for Fund shares redeemed		76,940			123,824
Management fee payable		6,098			0
Distribution fees payable		9,799			8,266
Administration fees payable		30,218			23,167
Shareholder report expenses payable		22,088			15,519
Shareholder servicing fees payable		48,189			38,026
Accrued expenses and other liabilities		15,005			14,119
Total liabilities		312,308			305,898
Total net assets	$	234,674,190		$	186,640,147
NET ASSETS CONSIST OF
Paid-in capital	$	338,304,836		$	169,454,530
Undistributed net investment income		4,165,190			2,350,731
Accumulated net realized gains (losses) on investments		(132,956,104	)		4,708,818
Net unrealized gains on investments		25,160,268			10,126,068
Total net assets	$	234,674,190		$	186,640,147
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	62,866,456		$	36,348,880
Shares outstanding – Class A1		1,529,681			1,588,027
Net asset value per share – Class A		$41.10			$22.89
Maximum offering price per share – Class A2		$43.61			$24.29
Net assets – Class B	$	145,853		$	88,295
Shares outstanding – Class B1		3,989			3,821
Net asset value per share – Class B		$36.56			$23.11
Net assets – Class C	$	15,738,926		$	13,436,513
Shares outstanding – Class C1		441,447			601,409
Net asset value per share – Class C		$35.65			$22.34
Net assets – Administrator Class	$	155,922,955		$	136,766,459
Shares outstanding – Administrator Class1		4,235,567			5,917,491
Net asset value per share – Administrator Class		$36.81			$23.11
Investments in affiliated Master Portfolios, at cost	$	209,305,894		$	176,307,213
Investments in unaffiliated securities, at cost	$	207,971		$	165,977
Total investments, at cost	$	209,513,865		$	176,473,190

¹  Each Fund has an unlimited number of authorized shares.

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

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

Statements of operations—six months ended November 30, 2016 (unaudited) Wells Fargo Allocation Funds 15

	Growth Balanced Fund			Moderate Balanced Fund
Investment income
Dividends allocated from affiliated Master Portfolios*	$	1,451,115		$	711,639
Interest allocated from affiliated Master Portfolios**		1,330,075			1,594,977
Securities lending income allocated from affiliated Master Portfolios		35,741			19,562
Interest		220			176
Expenses allocated from affiliated Master Portfolios		(724,766	)		(552,252	)
Waivers allocated from affiliated Master Portfolios		69,403	��		85,184
Total investment income		2,161,788			1,859,286
Expenses
Management fee		383,283			299,822
Administration fees
Class A		68,324			38,460
Class B		173			120
Class C		16,964			13,966
Administrator Class		113,185			97,394
Shareholder servicing fees
Class A		81,338			45,786
Class B		206			143
Class C		20,195			16,626
Administrator Class		217,664			187,051
Distribution fees
Class B		619			430
Class C		60,585			49,878
Custody and accounting fees		5,530			4,663
Professional fees		13,566			15,681
Registration fees		33,597			30,753
Shareholder report expenses		34,377			30,442
Trustees’ fees and expenses		8,727			11,194
Other fees and expenses		5,047			4,901
Total expenses		1,063,380			847,310
Less: Fee waivers and/or expense reimbursements		(342,070	)		(302,049	)
Net expenses		721,310			545,261
Net investment income		1,440,478			1,314,025
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Securities transactions allocated from affiliated Master Portfolios		5,967,198			3,060,537
Futures transactions		443,163			339,882
Net realized gains on investments		6,410,361			3,400,419
Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(922,550	)		(1,110,589	)
Futures transactions		44,546			34,670
Net change in unrealized gains (losses) on investments		(878,004	)		(1,075,919	)
Net realized and unrealized gains (losses) on investments		5,532,357			2,324,500
Net increase in net assets resulting from operations	$	6,972,835		$	3,638,525
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$40,291			$19,798
** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$124			$121

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

16 Wells Fargo Allocation Funds Statements of changes in net assets

	Growth Balanced Fund
	Six months ended November 30, 2016 (unaudited)						Year ended May 31, 2016
Operations
Net investment income				$	1,440,478					$	3,105,608
Net realized gains on investments					6,410,361						5,629,076
Net change in unrealized gains (losses) on investments					(878,004	)					(11,392,210	)
Net increase (decrease) in net assets resulting from operations					6,972,835						(2,657,526	)
Distributions to shareholders from
Net investment income
Class A					0						(542,593	)
Class C					0						(61,467	)
Administrator Class					0						(2,115,400	)
Total distributions to shareholders					0						(2,719,460	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		70,252			2,856,259			302,429			11,925,156
Class B		238			8,516			6,666			229,343
Class C		9,879			349,079			129,397			4,455,113
Administrator Class		271,750			9,869,214			668,947			23,470,005
					13,083,068						40,079,617
Reinvestment of distributions
Class A		0			0			13,763			533,044
Class C		0			0			1,662			56,244
Administrator Class		0			0			60,923			2,108,567
					0						2,697,855
Payment for shares redeemed
Class A		(187,541	)		(7,620,723	)		(243,456	)		(9,569,788	)
Class B		(935	)		(34,184	)		(6,490	)		(227,822	)
Class C		(34,326	)		(1,218,072	)		(67,904	)		(2,314,573	)
Administrator Class		(947,545	)		(34,482,046	)		(809,000	)		(28,424,055	)
					(43,355,025	)					(40,536,238	)
Net increase (decrease) in net assets resulting from capital share transactions					(30,271,957	)					2,241,234
Total decrease in net assets					(23,299,122	)					(3,135,752	)
Net assets
Beginning of period					257,973,312						261,109,064
End of period				$	234,674,190					$	257,973,312
Undistributed net investment income				$	4,165,190					$	2,724,712

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

Statements of changes in net assets Wells Fargo Allocation Funds 17

	Moderate Balanced Fund
	Six months ended November 30, 2016 (unaudited)						Year ended May 31, 2016
Operations
Net investment income				$	1,314,025					$	2,606,971
Net realized gains on investments					3,400,419						3,030,846
Net change in unrealized gains (losses) on investments					(1,075,919	)					(4,259,791	)
Net increase in net assets resulting from operations					3,638,525						1,378,026
Distributions to shareholders from
Net investment income
Class A					0						(297,818	)
Class B					0						(182	)
Class C					0						(67,037	)
Administrator Class					0						(2,056,183	)
Net realized gains
Class A					0						(935,192	)
Class B					0						(5,343	)
Class C					0						(325,466	)
Administrator Class					0						(5,453,616	)
Total distributions to shareholders					0						(9,140,837	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		262,991			6,006,745			1,014,195			22,691,852
Class B		0			0			5,573			125,768
Class C		98,724			2,209,474			408,018			8,992,522
Administrator Class		533,850			12,307,924			1,214,117			27,655,326
					20,524,143						59,465,468
Reinvestment of distributions
Class A		0			0			53,460			1,186,272
Class B		0			0			203			4,571
Class C		0			0			15,738			342,627
Administrator Class		0			0			327,107			7,317,656
					0						8,851,126
Payment for shares redeemed
Class A		(274,085	)		(6,277,612	)		(350,307	)		(7,888,089	)
Class B		(2,873	)		(66,881	)		(7,820	)		(179,801	)
Class C		(64,197	)		(1,434,845	)		(117,584	)		(2,583,589	)
Administrator Class		(1,529,240	)		(35,305,251	)		(1,089,111	)		(24,830,085	)
					(43,084,589	)					(35,481,564	)
Net increase (decrease) in net assets resulting from capital share transactions					(22,560,446	)					32,835,030
Total increase (decrease) in net assets					(18,921,921	)					25,072,219
Net assets
Beginning of period					205,562,068						180,489,849
End of period				$	186,640,147					$	205,562,068
Undistributed net investment income				$	2,350,731					$	1,036,706

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

18 Wells Fargo Allocation Funds Financial highlights

Growth Balanced 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 November 30, 2016 (unaudited)	$	39.99		0.18	4		0.93			0.00		$	41.10
Year ended May 31, 2016	$	40.80		0.46			(0.94	)		(0.33	)	$	39.99
Year ended May 31, 2015	$	37.96		0.36			2.65			(0.17	)	$	40.80
Year ended May 31, 2014	$	33.35		0.35			4.60			(0.34	)	$	37.96
Year ended May 31, 2013	$	27.77		0.32			5.70			(0.44	)	$	33.35
Year ended May 31, 2012	$	29.34		0.39	4		(1.73	)		(0.23	)	$	27.77
Class B
Six months ended November 30, 2016 (unaudited)	$	35.71		0.05	4		0.80			0.00		$	36.56
Year ended May 31, 2016	$	36.39		0.13	4		(0.81	)		0.00		$	35.71
Year ended May 31, 2015	$	33.97		0.06	4		2.36			0.00		$	36.39
Year ended May 31, 2014	$	29.84		0.08	4		4.10			(0.05	)	$	33.97
Year ended May 31, 2013	$	24.80		0.12	4		5.05			(0.13	)	$	29.84
Year ended May 31, 2012	$	26.17		0.15	4		(1.52	)		0.00		$	24.80
Class C
Six months ended November 30, 2016 (unaudited)	$	34.82		0.05	4		0.78			0.00		$	35.65
Year ended May 31, 2016	$	35.63		0.12	4		(0.79	)		(0.14	)	$	34.82
Year ended May 31, 2015	$	33.33		0.08	4		2.30			(0.08	)	$	35.63
Year ended May 31, 2014	$	29.38		0.10	4		4.00			(0.15	)	$	33.33
Year ended May 31, 2013	$	24.52		0.13	4		4.98			(0.25	)	$	29.38
Year ended May 31, 2012	$	25.94		0.16	4		(1.53	)		(0.05	)	$	24.52
Administrator Class
Six months ended November 30, 2016 (unaudited)	$	35.78		0.41			0.62			0.00		$	36.81
Year ended May 31, 2016	$	36.54		0.49			(0.82	)		(0.43	)	$	35.78
Year ended May 31, 2015	$	33.98		0.45			2.32			(0.21	)	$	36.54
Year ended May 31, 2014	$	29.89		0.41	4		4.10			(0.42	)	$	33.98
Year ended May 31, 2013	$	24.93		0.65	4		4.82			(0.51	)	$	29.89
Year ended May 31, 2012	$	26.39		0.41	4		(1.57	)		(0.30	)	$	24.93

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

	Six month ended November 30, 2016 (unaudited)			Year ended May 31
				2016			2015			2014			2013			2012
Class A		0.51	%		0.51	%		0.51	%		0.51	%		0.50	%		0.49	%
Class B		0.50			0.50			0.51			0.51			0.50			0.49
Class C		0.51			0.50			0.51			0.51			0.50			0.49
Administrator Class		0.51			0.50			0.51			0.51			0.50			0.49

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

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

Financial highlights Wells Fargo Allocation Funds 19

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income			Gross expenses1			Net expenses1
	1.01	%		1.35	%		1.20	%		2.78	%		40	%	$	62,866
	1.10	%		1.35	%		1.20	%		(1.14	)%		79	%	$	65,866
	0.97	%		1.40	%		1.20	%		7.94	%		75	%	$	64,223
	1.05	%		1.39	%		1.20	%		14.87	%		77	%	$	61,117
	1.23	%		1.39	%		1.20	%		21.85	%		80	%	$	55,777
	1.40	%		1.36	%		1.20	%		(4.53	)%		107	%	$	49,403
	0.26	%		2.09	%		1.95	%		2.38	%		40	%	$	146
	0.36	%		2.09	%		1.95	%		(1.87	)%		79	%	$	167
	0.18	%		2.14	%		1.95	%		7.12	%		75	%	$	164
	0.25	%		2.14	%		1.95	%		14.00	%		77	%	$	476
	0.45	%		2.12	%		1.95	%		20.91	%		80	%	$	970
	0.61	%		2.10	%		1.95	%		(5.23	)%		107	%	$	1,704
	0.26	%		2.10	%		1.95	%		2.38	%		40	%	$	15,739
	0.36	%		2.10	%		1.95	%		(1.88	)%		79	%	$	16,225
	0.22	%		2.15	%		1.95	%		7.13	%		75	%	$	14,349
	0.31	%		2.14	%		1.95	%		13.99	%		77	%	$	12,637
	0.48	%		2.14	%		1.95	%		20.97	%		80	%	$	9,326
	0.65	%		2.11	%		1.95	%		(5.26	)%		107	%	$	7,656
	1.25	%		1.27	%		0.95	%		2.88	%		40	%	$	155,923
	1.35	%		1.27	%		0.95	%		(0.86	)%		79	%	$	175,715
	1.22	%		1.24	%		0.95	%		8.16	%		75	%	$	182,373
	1.29	%		1.23	%		0.95	%		15.16	%		77	%	$	175,094
	1.47	%		1.22	%		0.95	%		22.18	%		80	%	$	175,142
	1.64	%		1.20	%		0.95	%		(4.30	)%		107	%	$	220,021

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

20 Wells Fargo Allocation Funds Financial highlights

Moderate Balanced 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 November 30, 2016 (unaudited)	$	22.51		0.13			0.25			0.00			0.00		$	22.89
Year ended May 31, 2016	$	23.57		0.28	4		(0.23	)		(0.26	)		(0.85	)	$	22.51
Year ended May 31, 2015	$	23.19		0.32			1.01			(0.44	)		(0.51	)	$	23.57
Year ended May 31, 2014	$	21.21		0.29	4		1.82			(0.13	)		0.00		$	23.19
Year ended May 31, 2013	$	18.84		0.21			2.50			(0.34	)		0.00		$	21.21
Year ended May 31, 2012	$	19.64		0.32			(0.54	)		(0.58	)		0.00		$	18.84
Class B
Six months ended November 30, 2016 (unaudited)	$	22.81		0.05	4		0.25			0.00			0.00		$	23.11
Year ended May 31, 2016	$	23.81		0.11	4		(0.23	)		(0.03	)		(0.85	)	$	22.81
Year ended May 31, 2015	$	23.16		0.09	4		1.07			0.00			(0.51	)	$	23.81
Year ended May 31, 2014	$	21.25		0.11	4		1.83			(0.03	)		0.00		$	23.16
Year ended May 31, 2013	$	18.86		0.13	4		2.43			(0.17	)		0.00		$	21.25
Year ended May 31, 2012	$	19.58		0.18	4		(0.53	)		(0.37	)		0.00		$	18.86
Class C
Six months ended November 30, 2016 (unaudited)	$	22.05		0.05	4		0.24			0.00			0.00		$	22.34
Year ended May 31, 2016	$	23.18		0.11	4		(0.23	)		(0.16	)		(0.85	)	$	22.05
Year ended May 31, 2015	$	22.79		0.09	4		1.04			(0.23	)		(0.51	)	$	23.18
Year ended May 31, 2014	$	20.96		0.12	4		1.80			(0.09	)		0.00		$	22.79
Year ended May 31, 2013	$	18.63		0.11			2.42			(0.20	)		0.00		$	20.96
Year ended May 31, 2012	$	19.45		0.18	4		(0.53	)		(0.47	)		0.00		$	18.63
Administrator Class
Six months ended November 30, 2016 (unaudited)	$	22.70		0.22			0.19			0.00			0.00		$	23.11
Year ended May 31, 2016	$	23.75		0.32			(0.21	)		(0.31	)		(0.85	)	$	22.70
Year ended May 31, 2015	$	23.38		0.33	4		1.07			(0.52	)		(0.51	)	$	23.75
Year ended May 31, 2014	$	21.36		0.38			1.79			(0.15	)		0.00		$	23.38
Year ended May 31, 2013	$	18.96		0.41			2.38			(0.39	)		0.00		$	21.36
Year ended May 31, 2012	$	19.77		0.40			(0.58	)		(0.63	)		0.00		$	18.96

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

	Six month ended November 30, 2016 (unaudited)			Year ended May 31
				2016			2015			2014			2013			2012
Class A		0.47	%		0.47	%		0.47	%		0.46	%		0.46	%		0.45	%
Class B		0.46			0.46			0.47			0.46			0.46			0.45
Class C		0.47			0.47			0.47			0.46			0.46			0.45
Administrator Class		0.47			0.47			0.47			0.46			0.46			0.45

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

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

Financial highlights Wells Fargo Allocation Funds 21

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
	1.18	%		1.33	%		1.15	%		1.69	%		43	%	$	36,349
	1.26	%		1.32	%		1.15	%		0.34	%		87	%	$	35,993
	1.14	%		1.36	%		1.15	%		5.87	%		84	%	$	20,782
	1.29	%		1.36	%		1.15	%		9.94	%		89	%	$	18,169
	1.41	%		1.36	%		1.15	%		14.57	%		86	%	$	10,344
	1.68	%		1.33	%		1.15	%		(0.93	)%		115	%	$	9,935
	0.42	%		2.06	%		1.90	%		1.32	%		43	%	$	88
	0.48	%		2.06	%		1.90	%		(0.43	)%		87	%	$	153
	0.38	%		2.10	%		1.90	%		5.07	%		84	%	$	208
	0.50	%		2.11	%		1.90	%		9.15	%		89	%	$	380
	0.65	%		2.11	%		1.90	%		13.65	%		86	%	$	613
	0.94	%		2.08	%		1.90	%		(1.66	)%		115	%	$	807
	0.43	%		2.08	%		1.90	%		1.32	%		43	%	$	13,437
	0.51	%		2.07	%		1.90	%		(0.44	)%		87	%	$	12,501
	0.40	%		2.11	%		1.90	%		5.06	%		84	%	$	6,042
	0.54	%		2.11	%		1.90	%		9.15	%		89	%	$	4,469
	0.66	%		2.11	%		1.90	%		13.65	%		86	%	$	2,576
	0.92	%		2.08	%		1.90	%		(1.67	)%		115	%	$	2,319
	1.43	%		1.24	%		0.90	%		1.81	%		43	%	$	136,766
	1.48	%		1.23	%		0.90	%		0.59	%		87	%	$	156,915
	1.39	%		1.20	%		0.90	%		6.13	%		84	%	$	153,457
	1.52	%		1.20	%		0.90	%		10.18	%		89	%	$	144,248
	1.66	%		1.20	%		0.90	%		14.81	%		86	%	$	146,729
	1.92	%		1.17	%		0.90	%		(0.66	)%		115	%	$	172,587

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

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

1. ORGANIZATION

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

Each Fund seeks to achieve its investment objective by investing all investable assets in separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2016 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2016, the Funds own the following percentages of the affiliated Master Portfolios:

	Growth Balanced Fund			Moderate Balanced Fund
Wells Fargo C&B Large Cap Value Portfolio		4	%		2	%
Wells Fargo Core Bond Portfolio		0	*		0	*
Wells Fargo Diversified Large Cap Growth Portfolio		36			18
Wells Fargo Emerging Growth Portfolio		0	*		0	*
Wells Fargo Index Portfolio		2			1
Wells Fargo International Growth Portfolio		8			4
Wells Fargo International Value Portfolio		2			1
Wells Fargo Large Company Value Portfolio		35			17
Wells Fargo Managed Fixed Income Portfolio		49			51
Wells Fargo Real Return Portfolio		11			11
Wells Fargo Small Company Growth Portfolio		0	*		0	*
Wells Fargo Small Company Value Portfolio		4			2
Wells Fargo Stable Income Portfolio		N/A			100

* The amount owned is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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.

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

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

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

Futures contracts

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each Fund and 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 in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

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

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 May 31, 2016, Growth Balanced Fund had capital loss carryforwards that are available to offset future net realized capital gains in the amount of $137,481,627 with $54,903,400 expiring in 2017 and $82,578,227 expiring in 2018.

As of May 31, 2016, Growth Balanced Fund had current year deferred post-October capital losses of $1,137,602, which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of November 30, 2016:

Growth Balanced Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Short-term investments
U.S. Treasury securities	$	207,971	$	0	$	0	$	207,971
Investments measured at net asset value*								234,451,891
		207,971		0		0		234,659,862
Futures contracts		40,375		0		0		40,375
Total assets	$	248,346	$	0	$	0	$	234,700,237

* 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. At November 30, 2016, the aggregated affiliated Master Portfolios measured at fair value using the net asset value per share (or its equivalent) were valued at $234,451,891. Each affiliated Master Portfolio 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 Allocation Funds 25

Moderate Balanced Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Short-term investments
U.S. Treasury securities	$	165,977	$	0	$	0	$	165,977
Investments measured at net asset value*								186,421,948
		165,977		0		0		186,587,925
Futures contracts		32,063		0		0		32,063
Total assets	$	198,040	$	0	$	0	$	186,619,988

* 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. At November 30, 2016, the aggregated affiliated Master Portfolios measured at fair value using the net asset value per share (or its equivalent) were valued at $186,421,948. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

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

The investment objective of each affiliated Master Portfolio is as follows:

Affiliated Master Portfolio	Investment objective
Wells Fargo C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal
Wells Fargo Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation
Wells Fargo Diversified Large Cap Growth Portfolio	Seeks long-term capital appreciation
Wells Fargo Emerging Growth Portfolio	Seeks long-term capital appreciation
Wells Fargo Index Portfolio	Seeks to replicate the total return of the S&P 500 Index, before expenses
Wells Fargo International Growth Portfolio	Seeks long-term capital appreciation
Wells Fargo International Value Portfolio	Seeks long-term capital appreciation
Wells Fargo Large Company Value Portfolio	Seeks long-term capital appreciation
Wells Fargo Managed Fixed Income Portfolio	Seeks consistent fixed-income returns
Wells Fargo Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term
Wells Fargo Small Company Growth Portfolio	Seeks long-term capital appreciation
Wells Fargo Small Company Value Portfolio	Seeks long-term capital appreciation
Wells Fargo Stable Income Portfolio	Seeks current income consistent with capital preservation

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the 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 0.30% and declining to 0.22% as the average daily net assets of each Fund increase. For the six months ended November 30, 2016, the management fee was equivalent to an annual rate of 0.30% of each Fund’s average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of each Fund increase.

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

Administration fees

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

	Class-level administration fee
Class A, Class B, Class C		0.21	%
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 September 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			Administrator Class
Growth Balanced Fund		1.20	%		1.95	%		1.95	%		0.95	%
Moderate Balanced Fund		1.15			1.90			1.90			0.90

Net expenses from affiliated Master Portfolios are included in the expense caps. After the expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended November 30, 2016, Funds Distributor received the following amounts in front-end sales charges.

	Class A
Growth Balanced Fund	$	5,693
Moderate Balanced Fund		3,747

Shareholder servicing fees

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

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 27

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2016 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Growth Balanced Fund	$	43,170,349	$	61,338,206	$	39,867,246	$	67,135,999
Moderate Balanced Fund		47,211,185		42,001,414		45,858,380		42,691,597

* 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. Purchases and sales of unaffiliated securities in which the Funds invest are actual purchases and sale of those securities.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2016, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At November 30, 2016, the Funds had short futures contracts outstanding as follows:

Expiration date

Counterparty

Contracts

Type

Contract value at November 30, 2016

Unrealized gains

Growth Balanced Fund

3-22-2017

Goldman Sachs

68 Short

10-Year U.S. Treasury Notes

$

8,467,063

$

14,271

Moderate Balanced Fund

3-22-2017

Goldman Sachs

54 Short

10-Year U.S. Treasury Notes

6,723,844

11,333

The Funds had an average notional amounts in futures contracts during the six months ended November 30, 2016 as follows:

	Short contracts
Growth Balanced Fund	$	2,393,813
Moderate Balanced Fund		2,930,912

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of November 30, 2016 was as follows for Growth Balanced Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Interest rate risk	Receivable for daily variation margin on open futures contracts	$	40,375	*	Payable for daily variation margin on open futures contracts	$	0	*

* Only the current day’s variation margin as of November 30, 2016 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended November 30, 2016 was as follows for Growth Balanced Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate risk	$	281,950	$	44,546
Equity risk		161,213		0
	$	443,163	$	44,546

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

The fair value of derivative instruments as of November 30, 2016 was as follows for Moderate Balanced Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Interest rate risk	Receivable for daily variation margin on open futures contracts	$	32,063	*	Payable for daily variation margin on open futures contracts	$	0	*

* Only the current day’s variation margin as of November 30, 2016 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended November 30, 2016 was as follows for Moderate Balanced Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate risk	$	212,609	$	34,670
Equity risk		127,273		0
	$	339,882	$	34,670

For certain types of derivative transactions, the Funds have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allow the Funds 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 Funds 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 each Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

	Derivative type	Counterparty	Gross amounts of assets in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
Growth Balanced Fund	Futures – variation margin	Goldman Sachs	$	40,375	$	0	$	0	$	40,375
Moderate Balanced Fund	Futures – variation margin	Goldman Sachs		32,063		0		0		32,063

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the sixth months ended November 30, 2016, there were no borrowings by Funds under the agreement.

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 29

8. INDEMNIFICATION

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

9. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

10. SUBSEQUENT DISTRIBUTIONS

On December 16, 2016, Funds declared distributions from net investment income gains to shareholders of record on December 15, 2016. The per share amounts payable on December 19, 2016 were as follows:

	Growth Balanced Fund		Moderate Balanced Fund
Net investment income
Class A	$	0.42382	$	0.29254
Class C		0.18603		0.13777
Administrator Class		0.52814		0.34776

On December 7, 2016, Moderate Balanced Funds declared distributions from capital gains to shareholders of record on December 6, 2016. The per share amounts payable on December 8, 2016 were as follows:

	Short term capital gains		Long term capital gains
Class A	$	0.07504	$	0.29175
Class C		0.07504		0.29175
Administrator Class		0.07504		0.29175

30 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.20%
Consumer Discretionary: 13.25%
Hotels, Restaurants & Leisure: 3.14%
Brinker International Incorporated «		86,707	$	4,605,009
Carnival Corporation		119,800		6,158,918
				10,763,927
Household Durables: 1.56%
Whirlpool Corporation		32,900		5,344,276
Media: 5.50%
Omnicom Group Incorporated		113,146		9,836,913
Twenty-First Century Fox Incorporated Class A		321,351		9,033,177
				18,870,090
Specialty Retail: 0.39%
Tiffany & Company		16,480		1,359,270
Textiles, Apparel & Luxury Goods: 2.66%
Gildan Activewear Incorporated		335,432		9,120,396
Consumer Staples: 5.55%
Beverages: 1.81%
Diageo plc ADR «		61,320		6,208,037
Personal Products: 2.32%
Unilever NV ADR		199,349		7,940,071
Tobacco: 1.42%
Philip Morris International		55,300		4,881,884
Energy: 5.60%
Oil, Gas & Consumable Fuels: 5.60%
Chevron Corporation		34,400		3,837,664
Exxon Mobil Corporation		90,400		7,891,920
World Fuel Services Corporation		168,323		7,483,641
				19,213,225
Financials: 25.42%
Banks: 7.92%
Bank of America Corporation		359,850		7,600,032
JPMorgan Chase & Company		136,700		10,959,239
PNC Financial Services Group Incorporated		78,000		8,622,120
				27,181,391
Capital Markets: 2.85%
State Street Corporation		124,200		9,786,960

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 31

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Consumer Finance: 2.13%
American Express Company		101,200	$	7,290,448
Diversified Financial Services: 2.41%
Berkshire Hathaway Incorporated Class B †		52,440		8,256,154
Insurance: 10.11%
Chubb Limited		54,900		7,027,200
FNF Group		263,600		8,419,384
RenaissanceRe Holdings Limited		79,290		10,352,102
The Progressive Corporation		266,100		8,861,130
				34,659,816
Health Care: 14.15%
Health Care Equipment & Supplies: 4.02%
Abbott Laboratories		234,200		8,915,994
Becton Dickinson & Company		28,800		4,870,080
				13,786,074
Health Care Providers & Services: 7.39%
Cardinal Health Incorporated		94,440		6,706,184
Laboratory Corporation of America Holdings †		85,650		10,779,053
UnitedHealth Group Incorporated		49,615		7,855,047
				25,340,284
Pharmaceuticals: 2.74%
Allergan plc		18,100		3,516,830
Johnson & Johnson		53,015		5,900,570
				9,417,400
Industrials: 17.04%
Aerospace & Defense: 2.17%
Rockwell Collins Incorporated		80,367		7,451,628
Air Freight & Logistics: 2.08%
United Parcel Service Incorporated Class B		61,500		7,129,080
Electrical Equipment: 4.03%
AMETEK Incorporated		107,900		5,109,065
Eaton Corporation plc		131,200		8,726,112
				13,835,177
Industrial Conglomerates: 1.28%
3M Company		25,600		4,396,544
Machinery: 4.44%
Donaldson Company Incorporated		181,000		7,341,360
Parker-Hannifin Corporation		56,771		7,887,195
				15,228,555

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

32 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
Trading Companies & Distributors: 3.04%
AerCap Holdings NV †					243,100	$	10,416,835
Information Technology: 8.91%
Electronic Equipment, Instruments & Components: 1.00%
TE Connectivity Limited					50,500		3,415,820
IT Services: 5.73%
Alliance Data Systems Corporation					34,988		8,004,555
Cognizant Technology Solutions Corporation Class A †					134,800		7,424,784
The Western Union Company					199,900		4,203,897
							19,633,236
Semiconductors & Semiconductor Equipment: 2.18%
Linear Technology Corporation					119,800		7,491,094
Materials: 5.67%
Chemicals: 2.14%
Axalta Coating Systems Limited †					278,550		7,359,291
Containers & Packaging: 3.53%
Ball Corporation					67,800		5,089,069
Crown Holdings Incorporated †					128,900		7,010,871
							12,099,940
Real Estate: 1.61%
Real Estate Management & Development: 1.61%
CBRE Group Incorporated Class A †					189,600		5,505,981
Total Common Stocks (Cost $252,599,693)							333,382,884
	Yield
Short-Term Investments: 5.28%
Investment Companies: 5.28%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%		6,884,213		6,884,901
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31			11,232,148		11,232,148
Total Short-Term Investments (Cost $18,117,000)							18,117,049

Total investments in securities (Cost $270,716,693) *	102.48	%		351,499,933
Other assets and liabilities, net	(2.48	)		(8,502,706	)
Total net assets	100.00	%	$	342,997,227

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

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the 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 $271,791,273 and unrealized gains (losses) consists of:

Gross unrealized gains	$	82,237,521
Gross unrealized losses		(2,528,861	)
Net unrealized gains	$	79,708,660

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 33

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.53%
Consumer Discretionary: 20.20%
Auto Components: 0.03%
Delphi Automotive plc		570	$	36,480
Distributors: 0.19%
LKQ Corporation †		6,270		205,844
Hotels, Restaurants & Leisure: 2.88%
Marriott International Incorporated Class A		2,930		230,825	��
Starbucks Corporation		35,748		2,072,312
Yum China Holdings Incorporated †		220		6,186
Yum! Brands Incorporated		11,620		736,592
				3,045,915
Internet & Direct Marketing Retail: 6.19%
Amazon.com Incorporated †		7,980		5,989,549
The Priceline Group Incorporated †		380		571,398
				6,560,947
Media: 1.00%
Charter Communications Incorporated Class A †		3,500		963,585
The Walt Disney Company		940		93,173
				1,056,758
Multiline Retail: 2.30%
Dollar Tree Incorporated †		27,590		2,432,334
Specialty Retail: 6.09%
Burlington Stores Incorporated †		2,560		225,075
O’Reilly Automotive Incorporated †		7,210		1,979,145
The Home Depot Incorporated		20,440		2,644,936
The TJX Companies Incorporated		11,140		872,708
Tractor Supply Company		6,730		505,221
ULTA Salon Cosmetics & Fragrance Incorporated †		880		228,360
				6,455,445
Textiles, Apparel & Luxury Goods: 1.52%
Nike Incorporated Class B		12,510		626,376
Under Armour Incorporated Class A «		10,670		328,636
Under Armour Incorporated Class C †		3,215		82,883
VF Corporation		10,480		571,265
				1,609,160
Consumer Staples: 5.26%
Beverages: 2.39%
Constellation Brands Incorporated Class A		7,900		1,194,006
Monster Beverage Corporation †		18,360		821,610
The Coca-Cola Company		12,640		510,024
				2,525,640

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

34 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Food & Staples Retailing: 0.95%
Costco Wholesale Corporation		6,730	$	1,010,240
Household Products: 0.50%
Colgate-Palmolive Company		8,150		531,625
Personal Products: 0.95%
The Estee Lauder Companies Incorporated Class A		12,930		1,004,661
Tobacco: 0.47%
Reynolds American Incorporated		9,250		500,425
Energy: 1.68%
Energy Equipment & Services: 0.38%
Schlumberger Limited		4,850		407,643
Oil, Gas & Consumable Fuels: 1.30%
Concho Resources Incorporated †		8,620		1,232,832
EOG Resources Incorporated		1,210		124,049
Extraction Oil & Gas Incorporated †		753		17,718
				1,374,599
Financials: 2.17%
Capital Markets: 2.17%
Goldman Sachs Group Incorporated		660		144,731
Intercontinental Exchange Incorporated		16,200		897,480
S&P Global Incorporated		4,810		572,342
TD Ameritrade Holding Corporation		4,220		173,062
The Charles Schwab Corporation		13,160		508,766
				2,296,381
Health Care: 12.84%
Biotechnology: 6.97%
Alexion Pharmaceuticals Incorporated †		3,740		458,487
Amgen Incorporated		2,500		360,175
Biogen Incorporated †		700		205,849
BioMarin Pharmaceutical Incorporated †		12,020		1,029,273
Celgene Corporation †		25,510		3,023,190
Incyte Corporation		5,570		569,755
Regeneron Pharmaceuticals Incorporated †		2,950		1,118,758
Tesaro Incorporated Ǡ		1,180		160,114
Vertex Pharmaceuticals Incorporated †		5,610		457,832
				7,383,433
Health Care Equipment & Supplies: 2.41%
Baxter International Incorporated		13,380		593,671
Boston Scientific Corporation †		26,200		536,052
Danaher Corporation		7,650		598,001
Edwards Lifesciences Corporation †		1,530		126,761
Intuitive Surgical Incorporated †		1,090		701,677
				2,556,162

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 35

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Providers & Services: 2.24%
Acadia Healthcare Company Incorporated Ǡ		23,230	$	882,972
UnitedHealth Group Incorporated		8,460		1,339,387
VCA Incorporated †		2,430		152,118
				2,374,477
Pharmaceuticals: 1.22%
Eli Lilly & Company		3,070		206,058
Zoetis Incorporated		21,522		1,084,278
				1,290,336
Industrials: 9.54%
Aerospace & Defense: 0.66%
The Boeing Company		4,610		694,082
Air Freight & Logistics: 0.90%
FedEx Corporation		2,900		555,843
United Parcel Service Incorporated Class B		3,440		398,765
				954,608
Airlines: 0.11%
Southwest Airlines Company		2,443		113,868
Building Products: 0.70%
Johnson Controls International plc		16,538		743,879
Commercial Services & Supplies: 2.11%
KAR Auction Services Incorporated		18,011		759,344
Waste Connections Incorporated		19,303		1,475,521
				2,234,865
Electrical Equipment: 0.73%
Acuity Brands Incorporated		1,760		442,482
Rockwell Automation Incorporated		2,500		334,275
				776,757
Industrial Conglomerates: 0.81%
3M Company		3,480		597,655
Honeywell International Incorporated		2,290		260,923
				858,578
Machinery: 0.35%
Fortive Corporation		6,805		374,207
Road & Rail: 3.17%
Kansas City Southern		10,610		941,213
Norfolk Southern Corporation		5,470		582,336
Union Pacific Corporation		18,090		1,833,060
				3,356,609

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

36 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Information Technology: 43.41%
Communications Equipment: 1.01%
Harris Corporation		7,180	$	743,561
Palo Alto Networks Incorporated †		2,470		331,894
				1,075,455
Internet Software & Services: 13.69%
Alphabet Incorporated Class A †		6,574		5,100,635
Alphabet Incorporated Class C †		2,764		2,095,223
CoStar Group Incorporated †		1,340		256,087
eBay Incorporated †		31,680		881,021
Facebook Incorporated Class A †		45,210		5,353,768
MercadoLibre Incorporated		890		140,460
Tencent Holdings Limited ADR		27,150		677,121
				14,504,315
IT Services: 9.63%
Accenture plc Class A		7,300		871,839
Fidelity National Information Services Incorporated		14,360		1,108,448
FleetCor Technologies Incorporated †		5,120		764,621
Global Payments Incorporated		770		52,784
MasterCard Incorporated Class A		19,490		1,991,878
PayPal Holdings Incorporated †		46,750		1,836,340
Visa Incorporated Class A		46,290		3,579,143
				10,205,053
Semiconductors & Semiconductor Equipment: 6.08%
Broadcom Limited		12,271		2,092,083
Microchip Technology Incorporated		32,239		2,133,577
NXP Semiconductors NV †		1,940		192,351
QUALCOMM Incorporated		6,630		451,702
Texas Instruments Incorporated		21,260		1,571,752
				6,441,465
Software: 11.39%
Activision Blizzard Incorporated		3,270		119,715
Adobe Systems Incorporated †		16,950		1,742,630
Electronic Arts Incorporated †		10,430		826,473
Microsoft Corporation		68,840		4,148,298
Red Hat Incorporated †		3,840		303,782
Salesforce.com Incorporated †		19,884		1,431,648
ServiceNow Incorporated †		11,610		965,372
Splunk Incorporated †		20,758		1,196,076
Symantec Corporation		26,360		642,920
Ultimate Software Group Incorporated †		3,376		691,844
				12,068,758
Technology Hardware, Storage & Peripherals: 1.61%
Apple Incorporated		15,447		1,707,202

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 37

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Materials: 3.13%
Chemicals: 3.13%
Ecolab Incorporated					12,300	$	1,435,779
Praxair Incorporated					11,000		1,323,300
The Sherwin-Williams Company					2,100		564,204
							3,323,283
Real Estate: 0.30%
Equity REITs: 0.30%
American Tower Corporation					3,080		314,992
Total Common Stocks (Cost $71,168,423)							104,406,481
	Yield
Short-Term Investments: 2.37%
Investment Companies: 2.37%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%		1,030,133		1,030,236
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31			1,480,422		1,480,422
Total Short-Term Investments (Cost $2,510,604)							2,510,658

Total investments in securities (Cost $73,679,027) *	100.90	%		106,917,139
Other assets and liabilities, net	(0.90	)		(954,171	)
Total net assets	100.00	%	$	105,962,968

† Non-income-earning security

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

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

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

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

* Cost for federal income tax purposes is $73,569,746 and unrealized gains (losses) consists of:

Gross unrealized gains	$	34,231,628
Gross unrealized losses		(884,235	)
Net unrealized gains	$	33,347,393

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

38 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.34%
Consumer Discretionary: 12.14%
Auto Components: 1.38%
Cooper-Standard Holdings Incorporated †		34,100	$	3,250,412
Drew Industries Incorporated		46,300		4,866,130
Motorcar Parts of America Incorporated †		122,391		2,993,684
				11,110,226
Diversified Consumer Services: 1.35%
Grand Canyon Education Incorporated †		190,420		10,872,982
Hotels, Restaurants & Leisure: 2.85%
Planet Fitness Incorporated Class A «		344,231		6,977,562
The Habit Restaurants Incorporated Class A «†		483,908		8,129,654
Wingstop Incorporated «		255,778		7,849,827
				22,957,043
Household Durables: 0.30%
Universal Electronics Incorporated †		36,000		2,424,600
Leisure Products: 1.16%
MCBC Holdings Incorporated		289,912		3,896,417
Nautilus Group Incorporated †		315,800		5,431,760
				9,328,177
Media: 1.36%
IMAX Corporation †		343,040		10,960,128
Multiline Retail: 0.86%
Ollie’s Bargain Outlet Holdings Incorporated «†		231,900		6,968,595
Specialty Retail: 2.88%
Camping World Holdings Incorporated		113,700		3,172,230
Five Below Incorporated †		98,207		3,865,428
Lithia Motors Incorporated Class A		121,720		11,186,068
Sportsman’s Warehouse Holdings Incorporated †		555,463		4,999,167
				23,222,893
Energy: 3.62%
Oil, Gas & Consumable Fuels: 3.62%
Extraction Oil & Gas Incorporated		58,588		1,378,576
Matador Resources Company †		157,236		4,188,767
PDC Energy Incorporated †		135,190		10,064,896
RSP Permian Incorporated †		302,358		13,500,285
				29,132,524
Financials: 6.25%
Capital Markets: 4.20%
Financial Engines Incorporated «		280,920		9,790,062
MarketAxess Holdings Incorporated		145,041		24,043,447
				33,833,509

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 39

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Insurance: 0.29%
Kinsale Capital Group Incorporated		80,948	$	2,307,827
Thrifts & Mortgage Finance: 1.76%
LendingTree Incorporated †		135,512		14,201,658
Health Care: 28.71%
Biotechnology: 6.13%
Alder Biopharmaceuticals Incorporated Ǡ		147,900		3,483,045
Ligand Pharmaceuticals Incorporated Ǡ		178,380		18,622,872
Radius Health Incorporated Ǡ		126,105		6,711,308
Repligen Corporation †		306,850		9,880,570
Spark Therapeutics Incorporated Ǡ		85,300		4,692,353
Ultragenyx Pharmaceutical Incorporated †		76,734		6,007,505
				49,397,653
Health Care Equipment & Supplies: 15.48%
Abiomed Incorporated †		34,330		3,853,199
Cerus Corporation Ǡ		926,118		4,834,336
Cynosure Incorporated Class A †		277,698		12,593,604
Entellus Medical Incorporated Ǡ		188,772		3,479,068
Glaukos Corporation †		366,672		11,443,833
Inogen Incorporated †		136,170		8,773,433
Integra LifeSciences Holdings Corporation †		138,000		11,150,400
iRhythm Technologies Incorporated †		102,332		3,121,126
Natus Medical Incorporated †		241,090		9,607,437
Nevro Corporation Ǡ		166,165		12,633,525
NxStage Medical Incorporated †		567,050		14,017,476
The Spectranetics Corporation †		704,469		15,392,640
Zeltiq Aesthetics Incorporated Ǡ		314,060		13,821,781
				124,721,858
Health Care Providers & Services: 4.22%
Acadia Healthcare Company Incorporated †		349,530		13,285,635
HealthEquity Incorporated †		367,842		16,380,004
Surgery Partners Incorporated †		154,100		2,272,975
Teladoc Incorporated Ǡ		112,059		2,056,283
				33,994,897
Life Sciences Tools & Services: 2.26%
ICON plc ADR †		88,140		6,666,910
INC Research Holdings Incorporated Class A †		232,945		11,530,778
				18,197,688
Pharmaceuticals: 0.62%
Heska Corporation †		76,420		5,052,126
Industrials: 16.06%
Aerospace & Defense: 0.73%
HEICO Corporation		74,600		5,856,100

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

40 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Airlines: 0.96%
SkyWest Incorporated		209,960	$	7,737,026
Building Products: 1.19%
Apogee Enterprises Incorporated		200,950		9,585,315
Commercial Services & Supplies: 0.58%
Advanced Disposal Services †		134,432		2,696,706
Multi-Color Corporation		27,130		1,950,647
				4,647,353
Construction & Engineering: 1.54%
Dycom Industries Incorporated Ǡ		73,400		5,375,082
Granite Construction Incorporated		119,590		7,054,614
				12,429,696
Machinery: 4.31%
John Bean Technologies Corporation		156,410		14,108,182
Milacron Holdings Corporation †		438,868		7,412,481
Mueller Water Products Incorporated Class A		384,190		5,082,834
Rexnord Corporation †		368,710		8,111,620
				34,715,117
Professional Services: 5.09%
On Assignment Incorporated †		536,313		22,144,364
WageWorks Incorporated †		255,824		18,892,602
				41,036,966
Trading Companies & Distributors: 1.66%
Beacon Roofing Supply Incorporated		199,670		9,262,691
BMC Stock Holdings Incorporated †		218,200		4,113,070
				13,375,761
Information Technology: 30.56%
Communications Equipment: 0.36%
Quantenna Communications Incorporated Ǡ		150,804		2,863,768
Electronic Equipment, Instruments & Components: 0.10%
Mercury Computer Systems Incorporated †		27,500		817,025
Internet Software & Services: 10.74%
2U Incorporated †		216,920		7,171,375
Benefitfocus Incorporated †		2,039		55,665
Coupa Software Incorporated †		30,805		977,751
Envestnet Incorporated †		420,242		15,170,736
Five9 Incorporated †		235,300		3,724,799
LogMeIn Incorporated		147,500		14,875,375
Q2 Holdings Incorporated †		665,143		19,621,719
SPS Commerce Incorporated †		288,608		19,991,876
Xactly Corporation †		350,967		4,948,635
				86,537,931

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 41

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
IT Services: 1.67%
InterXion Holding NV †					393,470	$	13,440,935
Semiconductors & Semiconductor Equipment: 4.72%
Cavium Incorporated †					151,880		8,661,716
MaxLinear Incorporated Class A †					234,948		4,799,988
Microsemi Corporation †					229,150		12,545,963
Monolithic Power Systems Incorporated					146,910		12,052,496
							38,060,163
Software: 12.97%
BlackLine Incorporated †					21,374		575,816
Callidus Software Incorporated †					412,022		6,468,745
CommVault Systems Incorporated †					113,070		6,105,780
CyberArk Software Limited †					221,480		11,297,695
Guidewire Software Incorporated †					64,781		3,608,950
HubSpot Incorporated †					212,936		11,945,710
Paycom Software Incorporated †					265,850		11,928,690
Paylocity Holding Corporation †					127,353		4,216,658
Proofpoint Incorporated †					270,460		20,828,125
Rapid7 Incorporated Ǡ					83,928		973,565
Ringcentral Incorporated Class A †					360,930		7,778,042
Synchronoss Technologies Incorporated †					221,351		10,731,096
Talend SA Ǡ					160,096		3,696,617
Tyler Technologies Incorporated †					28,995		4,317,356
							104,472,845
Total Common Stocks (Cost $560,292,720)							784,260,385
	Yield
Short-Term Investments: 13.06%
Investment Companies: 13.06%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%		85,987,308		85,995,907
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31			19,236,622		19,236,622
Total Short-Term Investments (Cost $105,224,647)							105,232,529

Total investments in securities (Cost $665,517,367) *	110.40	%		889,492,914
Other assets and liabilities, net	(10.40	)		(83,761,636	)
Total net assets	100.00	%	$	805,731,278

† Non-income-earning security

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

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

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

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

* Cost for federal income tax purposes is $669,076,405 and unrealized gains (losses) consists of:

Gross unrealized gains	$	236,058,540
Gross unrealized losses		(15,642,031	)
Net unrealized gains	$	220,416,509

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

42 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

INDEX PORTFOLIO

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

Security name	Shares		Value		Percent of net assets
Common Stocks: 96.55%
Consumer Discretionary: 11.90%
Auto Components: 0.17%
Other securities			$	3,711,162		0.17	%
Automobiles: 0.54%
Other securities				12,109,380		0.54
Distributors: 0.12%
Other securities				2,772,162		0.12
Diversified Consumer Services: 0.03%
Other securities				551,319		0.03
Hotels, Restaurants & Leisure: 1.56%
McDonald’s Corporation		96,904		11,557,740		0.52
Starbucks Corporation		166,540		9,654,324		0.43
Other securities				13,620,653		0.61
				34,832,717		1.56
Household Durables: 0.46%
Other securities				10,293,517		0.46
Internet & Direct Marketing Retail: 2.24%
Amazon.com Incorporated †		44,682		33,536,969		1.50
Other securities				16,496,074		0.74
				50,033,043		2.24
Leisure Products: 0.10%
Other securities				2,315,540		0.10
Media: 2.97%
Comcast Corporation Class A		272,803		18,962,537		0.85
The Walt Disney Company		167,895		16,641,752		0.75
Other securities				30,642,403		1.37
				66,246,692		2.97
Multiline Retail: 0.58%
Other securities				12,992,294		0.58
Specialty Retail: 2.43%
The Home Depot Incorporated		140,306		18,155,596		0.81
Other securities				36,009,790		1.62
				54,165,386		2.43
Textiles, Apparel & Luxury Goods: 0.70%
Other securities				15,577,559		0.70

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

Summary portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 43

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Consumer Staples: 8.94%
Beverages: 1.97%
PepsiCo Incorporated		163,424	$	16,358,742		0.73	%
The Coca-Cola Company		441,098		17,798,304		0.80
Other securities				9,916,817		0.44
				44,073,863		1.97
Food & Staples Retailing: 2.01%
Wal-Mart Stores Incorporated		172,116		12,122,130		0.54
Other securities				32,672,450		1.47
				44,794,580		2.01
Food Products: 1.51%
Other securities				33,728,636		1.51
Household Products: 1.76%
The Procter & Gamble Company		303,051		24,989,585		1.12
Other securities				14,304,799		0.64
				39,294,384		1.76
Personal Products: 0.13%
Other securities				2,951,710		0.13
Tobacco: 1.56%
Altria Group Incorporated		221,871		14,184,213		0.63
Philip Morris International		176,162		15,551,581		0.70
Other securities				5,085,833		0.23
				34,821,627		1.56
Energy: 7.26%
Energy Equipment & Services: 1.15%
Schlumberger Limited		157,921		13,273,260		0.60
Other securities				12,293,577		0.55
				25,566,837		1.15
Oil, Gas & Consumable Fuels: 6.11%
Chevron Corporation		214,225		23,898,941		1.07
Exxon Mobil Corporation		470,874		41,107,300		1.84
Other securities				71,507,310		3.20
				136,513,551		6.11
Financials: 14.14%
Banks: 6.31%
Bank of America Corporation		1,158,810		24,474,067		1.10
Citigroup Incorporated		329,921		18,604,245		0.83
JPMorgan Chase & Company		410,160		32,882,527		1.47
Wells Fargo & Company (l)		515,654		27,288,410		1.22
Other securities				37,619,996		1.69
				140,869,245		6.31

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

44 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Capital Markets: 2.76%
Other securities			$	61,662,693		2.76	%
Consumer Finance: 0.81%
Other securities				18,013,042		0.81
Diversified Financial Services: 1.56%
Berkshire Hathaway Incorporated Class B †		215,602		33,944,379		1.52
Other securities				811,041		0.04
				34,755,420		1.56
Insurance: 2.70%
Other securities				60,394,672		2.70
Health Care: 13.26%
Biotechnology: 2.73%
AbbVie Incorporated		184,930		11,243,744		0.50
Amgen Incorporated		84,980		12,243,069		0.55
Celgene Corporation †		88,018		10,431,013		0.47
Gilead Sciences Incorporated		149,854		11,044,240		0.49
Other securities				15,985,152		0.72
				60,947,218		2.73
Health Care Equipment & Supplies: 2.37%
Medtronic plc		156,926		11,457,167		0.51
Other securities				41,532,294		1.86
				52,989,461		2.37
Health Care Providers & Services: 2.59%
UnitedHealth Group Incorporated		108,149		17,122,150		0.77
Other securities				40,699,861		1.82
				57,822,011		2.59
Health Care Technology: 0.08%
Other securities				1,698,991		0.08
Life Sciences Tools & Services: 0.59%
Other securities				13,215,735		0.59
Pharmaceuticals: 4.90%
Bristol-Myers Squibb Company		189,735		10,708,643		0.48
Johnson & Johnson		310,674		34,578,016		1.55
Merck & Company Incorporated		314,004		19,213,905		0.86
Pfizer Incorporated		688,788		22,137,646		0.99
Other securities				22,833,685		1.02
				109,471,895		4.90

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

Summary portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 45

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Industrials: 10.10%
Aerospace & Defense: 2.21%
The Boeing Company		65,880	$	9,918,893		0.44	%
United Technologies Corporation		88,385		9,520,832		0.43
Other securities				29,940,927		1.34
				49,380,652		2.21
Air Freight & Logistics: 0.75%
Other securities				16,713,640		0.75
Airlines: 0.61%
Other securities				13,621,750		0.61
Building Products: 0.35%
Other securities				7,700,669		0.35
Commercial Services & Supplies: 0.31%
Other securities				6,800,344		0.31
Construction & Engineering: 0.10%
Other securities				2,279,623		0.10
Electrical Equipment: 0.54%
Other securities				12,026,066		0.54
Industrial Conglomerates: 2.46%
3M Company		68,633		11,787,031		0.53
General Electric Company		1,017,596		31,301,253		1.40
Honeywell International Incorporated		86,401		9,844,530		0.44
Other securities				2,084,214		0.09
				55,017,028		2.46
Machinery: 1.46%
Other securities				32,565,855		1.46
Professional Services: 0.26%
Other securities				5,842,339		0.26
Road & Rail: 0.87%
Union Pacific Corporation		94,582		9,583,994		0.43
Other securities				9,910,591		0.44
				19,494,585		0.87
Trading Companies & Distributors: 0.18%
Other securities				4,000,002		0.18
Information Technology: 20.09%
Communications Equipment: 1.00%
Cisco Systems Incorporated		571,151		17,031,723		0.76
Other securities				5,236,009		0.24
				22,267,732		1.00

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

46 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Electronic Equipment, Instruments & Components: 0.37%
Other securities			$	8,279,406		0.37	%
Internet Software & Services: 4.13%
Alphabet Incorporated Class A †		33,481		25,977,238		1.16
Alphabet Incorporated Class C †		33,556		25,436,790		1.14
Facebook Incorporated Class A †		263,785		31,237,420		1.40
Other securities				9,549,730		0.43
				92,201,178		4.13
IT Services: 3.59%
International Business Machines Corporation		98,773		16,022,956		0.72
MasterCard Incorporated Class A		108,892		11,128,762		0.50
Visa Incorporated Class A		214,215		16,563,104		0.74
Other securities				36,488,992		1.63
				80,203,814		3.59
Semiconductors & Semiconductor Equipment: 3.20%
Intel Corporation		537,231		18,641,916		0.84
QUALCOMM Incorporated		167,341		11,400,942		0.51
Other securities				41,421,595		1.85
				71,464,453		3.20
Software: 4.23%
Microsoft Corporation		884,882		53,322,989		2.39
Oracle Corporation		341,756		13,735,174		0.61
Other securities				27,403,125		1.23
				94,461,288		4.23
Technology Hardware, Storage & Peripherals: 3.57%
Apple Incorporated		611,887		67,625,751		3.03
Other securities				12,054,487		0.54
				79,680,238		3.57
Materials: 2.81%
Chemicals: 2.04%
Other securities				45,536,718		2.04
Construction Materials: 0.16%
Other securities				3,479,615		0.16
Containers & Packaging: 0.33%
Other securities				7,305,967		0.33
Metals & Mining: 0.28%
Other securities				6,332,800		0.28

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

Summary portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 47

INDEX PORTFOLIO

Security name						Shares		Value		Percent of net assets
Real Estate: 2.67%
Equity REITs: 2.63%
Other securities								$	58,634,333		2.63	%
Real Estate Management & Development: 0.04%
Other securities									985,008		0.04
Telecommunication Services: 2.41%
Diversified Telecommunication Services: 2.41%
AT&T Incorporated							698,593		26,986,648		1.21
Verizon Communications Incorporated							462,886		23,098,011		1.03
Other securities									3,765,516		0.17
									53,850,175		2.41
Utilities: 2.97%
Electric Utilities: 1.84%
Other securities									41,064,531		1.84
Independent Power & Renewable Electricity Producers: 0.06%
Other securities									1,262,947		0.06
Multi-Utilities: 1.01%
Other securities									22,470,109		1.01
Water Utilities: 0.06%
Other securities									1,464,039		0.06
Total Common Stocks (Cost $964,325,647)									2,155,573,246		96.55
	Yield
Short-Term Investments: 0.62%
Investment Companies: 0.54%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%				12,148,091		12,149,306		0.54
				Maturity date		Principal
U.S. Treasury Securities: 0.08%
U.S. Treasury Bill #(z)		0.21			12-15-2016	$	535,000		534,970		0.02
U.S. Treasury Bill #(z)		0.31			1-19-2017		282,000		281,867		0.01
U.S. Treasury Bill #(z)		0.36			1-5-2017		331,000		330,901		0.02
U.S. Treasury Bill #(z)		0.41			2-16-2017		605,000		604,419		0.03
U.S. Treasury Bill #(z)		0.46			2-23-2017		50,000		49,946		0.00
									1,802,103		0.08
Total Short-Term Investments (Cost $13,950,780)									13,951,409		0.62
Total investments in securities (Cost $978,276,427) *									2,169,524,655		97.17
Other assets and liabilities, net									63,087,873		2.83
Total net assets								$	2,232,612,528		100.00	%

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

48 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

INDEX 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.

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

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

* Cost for federal income tax purposes is $980,547,734 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,214,008,252
Gross unrealized losses		(25,031,331	)
Net unrealized gains	$	1,188,976,921

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 49

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 93.99%
Australia: 1.47%
BHP Billiton Limited (Materials, Metals & Mining)		35,733	$	644,106
Westpac Banking Corporation (Financials, Banks)		57,349		1,324,265
				1,968,371
Belgium: 0.97%
Telenet Group Holding NV (Consumer Discretionary, Media) †		24,727		1,305,628
Canada: 4.23%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		31,520		4,830,440
Rogers Communications Incorporated Class B (Telecommunication Services, Wireless Telecommunication Services)		21,864		844,742
				5,675,182
China: 5.72%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		48,260		4,537,405
China Construction Bank H Shares (Financials, Banks)		540,512		402,780
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		158,500		1,729,778
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		22,433		1,014,645
				7,684,608
Denmark: 0.45%
ISS AS (Industrials, Commercial Services & Supplies)		17,616		602,226
France: 4.12%
AXA SA (Financials, Insurance)		31,087		732,424
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		4,347		791,051
Pernod-Ricard SA (Consumer Staples, Beverages)		8,852		928,797
Schneider Electric SE (Industrials, Electrical Equipment)		3,347		222,806
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		128,822		2,856,249
				5,531,327
Germany: 18.46%
Allianz AG (Financials, Insurance)		31,427		4,989,523
Beiersdorf AG (Consumer Staples, Personal Products)		28,722		2,346,393
Deutsche Boerse AG (Financials, Diversified Financial Services)		67,176		5,428,730
Deutsche Post AG (Industrials, Air Freight & Logistics)		52,553		1,642,542
Linde AG (Materials, Chemicals)		35,043		5,838,457
Vonovia SE (Real Estate, Real Estate Management & Development)		60,926		1,964,938
Wirecard AG (Information Technology, IT Services)		57,756		2,576,748
				24,787,331
Hong Kong: 3.42%
AIA Group Limited (Financials, Insurance)		753,000		4,591,878
Indonesia: 0.23%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		387,000		311,256

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

50 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Ireland: 5.29%
Allegion plc (Industrials, Building Products)		2,032	$	135,961
Medtronic plc (Health Care, Health Care Equipment & Supplies)		72,196		5,271,030
Willis Towers Watson plc (Financials, Insurance)		13,620		1,693,919
				7,100,910
Italy: 1.96%
Atlantia SpA (Industrials, Transportation Infrastructure) «		56,331		1,251,362
Intesa Sanpaolo SpA (Financials, Banks)		618,767		1,374,557
				2,625,919
Japan: 12.47%
Bridgestone Corporation (Consumer Discretionary, Auto Components)		25,700		981,005
CALBEE Incorporated (Consumer Staples, Food Products)		30,300		944,185
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		166,754		5,751,596
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		92,800		2,432,649
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		60,400		2,441,764
Nomura Holdings Incorporated (Financials, Capital Markets)		14,500		77,714
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		161,593		3,706,307
Seven & I Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		10,600		410,917
				16,746,137
Luxembourg: 0.31%
RTL Group SA (Consumer Discretionary, Media)		6,064		412,030
Netherlands: 4.79%
Akzo Nobel NV (Materials, Chemicals)		23,491		1,462,944
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		11,856		1,226,652
Heineken NV (Consumer Staples, Beverages)		4,147		310,828
ING Group NV (Financials, Banks)		252,482		3,438,570
				6,438,994
Russia: 0.27%
MMC Norilsk Nickel PJSC (Materials, Metals & Mining)		21,629		362,935
South Korea: 0.01%
Orion Corporation (Consumer Staples, Food Products)		18		10,470
Spain: 1.82%
Grifols SA (Health Care, Biotechnology)		44,705		876,541
Grifols SA ADR (Health Care, Biotechnology)		100,677		1,573,582
				2,450,123
Sweden: 1.16%
Swedbank AB Class A (Financials, Banks)		67,414		1,556,191
Switzerland: 7.39%
Actelion Limited (Health Care, Biotechnology)		6,140		1,183,673
LafargeHolcim Limited (Materials, Construction Materials)		24,233		1,283,512
Nestle SA (Consumer Staples, Food Products)		73,051		4,914,614

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 51

INTERNATIONAL GROWTH PORTFOLIO

Security name						Shares		Value
Switzerland (continued)
Roche Holding AG (Health Care, Pharmaceuticals)							3,060	$	682,307
UBS Group AG (Financials, Capital Markets)							116,663		1,855,455
									9,919,561
Taiwan: 2.11%
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)							493,000		2,830,578
Thailand: 0.14%
Thai Beverage PCL (Consumer Staples, Beverages)							311,500		190,158
United Kingdom: 15.06%
Aon plc (Financials, Insurance)							37,872		4,321,195
BHP Billiton plc (Materials, Metals & Mining)							51,436		845,325
British American Tobacco plc (Consumer Staples, Tobacco)							25,681		1,411,722
Coca-Cola European Partners plc (Consumer Staples, Beverages)							73,650		2,390,679
Conva Tec Limited (Health Care, Health Care Equipment & Supplies) †144A							430,131		1,280,868
Imperial Tobacco Group plc (Consumer Staples, Tobacco)							24,893		1,069,246
Liberty Global plc Class A (Consumer Discretionary, Media)							61,931		1,939,679
Liberty Global plc Class C (Consumer Discretionary, Media)							101,136		3,079,591
Liberty Global plc LiLAC Class A (Consumer Discretionary, Media) †«							9,208		198,709
Liberty Global plc LiLAC Class C (Consumer Discretionary, Media) †							14,073		297,925
St. James’s Place plc (Financials, Insurance)							11,697		137,572
Unilever plc (Consumer Staples, Personal Products)							34,191		1,367,241
Wolseley plc (Industrials, Trading Companies & Distributors)							32,418		1,884,076
									20,223,828
United States: 2.14%
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) †							2,183		1,638,494
WABCO Holdings Incorporated (Industrials, Machinery) †							12,575		1,238,763
									2,877,257
Total Common Stocks (Cost $123,698,895)									126,202,898
				Expiration date
Participation Notes: 2.22%
Ireland: 2.22%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)					10-29-2018		203,815		2,979,015
Total Participation Notes (Cost $2,299,114)									2,979,015
	Dividend yield
Preferred Stocks: 1.49%
Germany: 1.49%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.44	%				17,290		2,002,901
Total Preferred Stocks (Cost $1,464,874)									2,002,901

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

52 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 2.95%
Investment Companies: 2.95%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%		2,197,894	$	2,198,114
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31			1,759,819		1,759,819
Total Short-Term Investments (Cost $3,957,933)							3,957,933

Total investments in securities (Cost $131,420,816) *	100.65	%		135,142,747
Other assets and liabilities, net	(0.65	)		(867,980	)
Total net assets	100.00	%	$	134,274,767

† Non-income-earning security

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

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

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

(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 $131,355,071 and unrealized gains (losses) consists of:

Gross unrealized gains	$	9,514,811
Gross unrealized losses		(5,727,135	)
Net unrealized gains	$	3,787,676

The following table shows the percent of total long-term investments by sector as of November 30, 2016:

Financials	24.57	%
Consumer Staples	18.33
Industrials	13.45
Consumer Discretionary	8.89
Information Technology	8.52
Telecommunication Services	8.50
Health Care	8.28
Materials	7.96
Real Estate	1.50
	100.00	%

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 53

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.38%
Australia: 5.64%
Arrium Limited (Materials, Metals & Mining) †(a)		3,063,400	$	49,771
Asaleo Care Limited (Consumer Staples, Personal Products)		1,262,800		1,436,072
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail)		410,016		1,111,189
Bendigo Bank Limited (Financials, Banks)		272,500		2,424,793
BlueScope Steel Limited (Materials, Metals & Mining)		234,700		1,563,294
Boart Longyear Limited (Industrials, Construction & Engineering) †		199,991		18,460
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies)		207,386		565,102
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		200,200		1,574,471
CSR Limited (Materials, Construction Materials)		754,900		2,268,845
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		2,172,640
Fortescue Metals Group Limited (Materials, Metals & Mining)		380,300		1,648,487
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		455,500		1,597,729
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		350,500		3,522,631
McMillan Shakespeare Limited (Industrials, Professional Services)		158,800		1,158,587
Metcash Limited (Consumer Staples, Food & Staples Retailing) †«		1,164,200		1,770,989
Mincor Resources NL (Materials, Metals & Mining) †(i)		550,994		115,961
Mineral Resources Limited (Industrials, Metals & Mining)		144,300		1,339,438
Myer Holdings Limited (Consumer Discretionary, Multiline Retail)		1,059,500		997,544
Panoramic Resources Limited (Materials, Metals & Mining) †		180,600		44,010
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		918,728
Qantas Airways Limited (Industrials, Airlines)		821,700		2,002,388
Retail Food Group Limited (Consumer Discretionary, Food Products)		269,500		1,231,886
Seven Group Holdings Limited (Industrials, Trading Companies & Distributors)		157,700		992,184
				30,525,199
Austria: 1.27%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		62,900		2,032,935
Raiffeisen Bank International AG (Financials, Banks) †		81,200		1,478,938
RHI AG (Materials, Construction Materials)		64,721		1,562,926
Voestalpine AG (Materials, Metals & Mining)		47,700		1,807,588
				6,882,387
Brazil: 1.05%
Banco do Brasil SA (Financials, Banks)		309,500		2,608,108
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		729,769
JBS SA (Consumer Staples, Food Products)		805,600		2,324,820
				5,662,697
Canada: 2.03%
Magna International Incorporated (Consumer Discretionary, Auto Components) «		131,600		5,317,686
Open Text Corporation (Information Technology, Software)		59,700		3,803,858
WestJet Airlines Limited (Industrials, Airlines)		120,000		1,881,337
				11,002,881
China: 2.70%
China BlueChemical Limited H Shares (Materials, Chemicals)		1,984,000		455,298
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,670,924

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

54 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
China (continued)
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		2,970,000	$	2,075,343
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		1,747,500		2,482,750
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		1,730,000		1,759,776
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		910,000		1,525,172
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		676,200		1,691,263
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		731,500		1,076,997
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,502,000		1,864,444
				14,601,967
Czech Republic: 0.17%
CEZ AS (Utilities, Electric Utilities)		57,500		933,331
Denmark: 0.95%
Danske Bank AS (Financials, Banks)		132,300		3,865,153
Sydbank AS (Financials, Banks)		43,000		1,264,823
				5,129,976
Finland: 0.23%
Tieto Oyj (Information Technology, IT Services)		48,200		1,222,969
France: 9.40%
Atos Origin SA (Information Technology, IT Services)		42,800		4,424,114
AXA SA (Financials, Insurance)		132,200		3,114,693
BNP Paribas SA (Financials, Banks)		49,100		2,850,676
Carrefour SA (Consumer Staples, Food & Staples Retailing)		133,200		3,122,724
Cie Generale des Establissements Michelin (Consumer Discretionary, Auto Components)		32,700		3,500,366
Credit Agricole SA (Financials, Banks)		219,328		2,475,643
Electricite de France SA (Utilities, Electric Utilities) «		148,600		1,574,149
Engie SA (Utilities, Multi-Utilities)		171,900		2,122,492
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		243,000		3,542,511
Renault SA (Consumer Discretionary, Automobiles)		40,500		3,190,964
Sanofi SA (Health Care, Pharmaceuticals)		123,800		9,986,347
SCOR SE (Financials, Insurance)		109,700		3,483,896
Societe Generale SA (Financials, Banks)		39,000		1,677,546
Thales SA (Industrials, Aerospace & Defense)		13,500		1,318,193
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		4,464,387
				50,848,701
Germany: 8.27%
Allianz AG (Financials, Insurance)		35,700		5,667,928
Aurubis AG (Materials, Metals & Mining)		25,900		1,371,545
BASF SE (Materials, Chemicals)		46,500		3,991,431
Bayer AG (Health Care, Pharmaceuticals)		44,600		4,187,587
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		31,200		2,658,942
Daimler AG (Consumer Discretionary, Automobiles)		75,700		5,035,274
Deutsche Bank AG (Financials, Capital Markets) †		130,100		2,048,993
Deutsche Post AG (Industrials, Air Freight & Logistics)		74,100		2,315,993
E.ON SE (Utilities, Multi-Utilities)		87,200		575,492
Hannover Rueck SE (Financials, Insurance)		16,300		1,730,146
Metro AG (Consumer Staples, Food & Staples Retailing)		108,100		3,230,294

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 55

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Germany (continued)
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		23,200	$	4,225,536
Siemens AG (Industrials, Industrial Conglomerates)		26,600		3,005,267
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		30,500		1,489,878
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)		8,720		108,638
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		3,094,676
				44,737,620
Hong Kong: 2.13%
China Resources Cement Holdings Limited (Materials, Construction Materials)		2,350,000		1,008,896
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components) (i)		2,204,000		1,952,102
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		2,338,000		1,796,491
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		2,310,527
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		379,000		2,252,549
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,203,497
				11,524,062
Hungary: 0.22%
Richter Gedeon (Health Care, Pharmaceuticals)		58,400		1,166,323
India: 0.31%
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		50,800		1,679,956
Ireland: 0.71%
C&C Group plc (Consumer Staples, Beverages)		240,000		884,932
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		2,966,837
				3,851,769
Israel: 0.96%
Bank Hapoalim Limited (Financials, Banks)		542,900		3,267,631
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		1,905,194
				5,172,825
Italy: 1.61%
A2A SpA (Utilities, Multi-Utilities)		1,078,900		1,286,406
Enel SpA (Utilities, Electric Utilities)		688,400		2,782,696
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense) †		184,000		2,388,901
Mediobanca SpA (Financials, Banks)		324,800		2,240,997
				8,699,000
Japan: 23.36%
Adeka Corporation (Materials, Chemicals)		155,300		2,089,128
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,983,270
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		206,300		1,044,078
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		24,800		842,166
Aozora Bank Limited (Financials, Banks)		427,000		1,466,815
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		136,700		1,887,310
Calsonic Kansei Corporation (Consumer Discretionary, Auto Components)		326,000		4,998,068
Central Glass Company Limited (Industrials, Building Products)		444,000		1,754,189
CKD Corporation (Industrials, Machinery)		171,200		2,059,099

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

56 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
Cocokara Fine Incorporated (Consumer Staples, Food & Staples Retailing)		15,100	$	553,027
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail) «		143,100		1,292,097
Denka Company Limited (Materials, Chemicals)		682,000		3,010,445
DIC Incorporated (Materials, Chemicals)		100,700		3,111,529
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		1,864,613
Fujikura Limited (Industrials, Electrical Equipment)		348,000		1,876,806
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		91,700		992,305
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		327,800		1,745,803
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		221,400		2,610,625
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,740,207
Japan Airlines Company Limited (Industrials, Airlines)		80,700		2,387,741
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		245,400		6,432,888
Kureha Corporation (Materials, Chemicals)		27,100		1,106,219
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		2,078,563
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,545,903
Makino Milling Machine Company Limited (Industrials, Machinery)		232,000		1,638,530
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		2,824,796
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		60,500		2,887,374
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		1,123,308
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		278,200		4,216,588
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		657,100		3,847,083
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		3,974,612
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		201,600		8,149,993
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		505,000		4,663,542
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		147,200		1,425,616
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		98,600		2,261,496
ORIX Corporation (Financials, Diversified Financial Services)		201,300		3,134,618
Resona Holdings Incorporated (Financials, Banks)		1,013,300		4,872,307
Sankyu Incorporated (Industrials, Road & Rail)		370,000		2,150,693
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		36,200		1,939,653
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,160,700		2,942,205
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		205,000		2,445,916
Sumitomo Heavy Industries Limited (Industrials, Machinery)		256,000		1,541,751
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		3,691,118
Sumitomo Osaka Cement Company (Materials, Construction Materials)		444,000		1,567,904
Suzuken Company Limited (Health Care, Health Care Providers & Services)		67,000		2,002,884
T-Gaia Corporation (Consumer Discretionary, Specialty Retail)		10,300		153,683
The Keiyo Bank Limited (Financials, Banks)		62,000		264,464
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		63,000		1,220,296
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		375,000		1,704,471
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		95,400		1,164,930
Tsumura & Company (Health Care, Pharmaceuticals)		53,700		1,452,747
UBE Industries Limited (Materials, Chemicals)		954,300		1,985,258
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		148,500		2,683,008
				126,403,738
Liechtenstein: 0.12%
VP Bank AG (Financials, Capital Markets)		6,558		664,379

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 57

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Netherlands: 2.01%
Aegon NV (Financials, Insurance)		334,000	$	1,698,443
ING Group NV (Financials, Banks)		237,100		3,229,081
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		267,032		5,266,887
X 5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing) †		23,700		711,000
				10,905,411
Norway: 1.24%
Atea ASA (Information Technology, IT Services) (i)		84,900		777,829
DNB Nor ASA (Financials, Banks)		148,800		2,191,705
Marine Harvest ASA (Consumer Staples, Food Products)		97,500		1,753,321
Yara International ASA (Materials, Chemicals)		53,600		1,983,157
				6,706,012
Poland: 0.38%
Asseco Poland SA (Information Technology, Software)		101,800		1,273,802
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		758,676
				2,032,478
Portugal: 0.21%
Sonae SGPS SA (Consumer Staples, Food & Staples Retailing)		1,362,100		1,147,679
Russia: 0.98%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		13,600
Gazprom Neft Sponsored ADR - London Exchange (Energy, Oil, Gas & Consumable Fuels) (i)		150,014		2,340,218
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		2,972,284
				5,326,102
Singapore: 0.81%
DBS Group Holdings Limited (Financials, Banks)		227,000		2,779,398
United Overseas Bank Limited (Financials, Banks)		113,000		1,609,049
				4,388,447
South Africa: 0.47%
Barclays Africa Group Limited (Financials, Banks)		161,100		1,800,223
Petra Diamonds Limited (Materials, Metals & Mining) †		367,347		757,461
				2,557,684
South Korea: 2.23%
BNK Financial Group Incorporated (Financials, Banks)		13,188		101,077
E-MART Limited (Consumer Staples, Food & Staples Retailing)		8,500		1,366,922
Industrial Bank of Korea (Financials, Banks)		192,500		2,148,860
KT&G Corporation (Consumer Staples, Tobacco)		31,300		2,811,257
Kwangju Bank (Financials, Banks)		13,510		119,031
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		19,000		3,673,068
Woori Bank (Financials, Banks)		178,044		1,827,576
				12,047,791

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

58 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Spain: 1.91%
Banco Santander Central Hispano SA (Financials, Banks)		429,681	$	1,964,128
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		483,500		2,206,555
Gas Natural SDG SA (Utilities, Gas Utilities)		209,300		3,582,499
Iberdrola SA (Utilities, Electric Utilities)		433,600		2,609,789
				10,362,971
Sweden: 1.68%
Boliden AB (Materials, Metals & Mining)		122,600		3,166,427
Nordea Bank AB (Financials, Banks)		177,300		1,862,815
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,443,847
Telefonaktiebolaget LM Ericsson Class B (Information Technology, Communications Equipment)		207,200		1,066,913
Telia Company AB (Telecommunication Services, Diversified Telecommunication Services)		417,000		1,567,118
				9,107,120
Switzerland: 6.98%
Aryzta AG (Consumer Staples, Food Products)		42,100		1,793,815
Baloise Holding AG (Financials, Insurance)		28,800		3,470,050
Credit Suisse Group AG (Financials, Capital Markets)		273,395		3,635,586
Georg Fischer AG (Industrials, Machinery)		3,000		2,567,129
Helvetia Holding AG (Financials, Insurance)		4,600		2,391,168
Roche Holding AG (Health Care, Pharmaceuticals)		12,900		2,876,394
Swiss Life Holding AG (Financials, Insurance)		17,800		4,895,131
Swiss Reinsurance AG (Financials, Insurance)		75,700		6,969,135
UBS Group AG (Financials, Capital Markets)		158,900		2,527,209
Valiant Holding AG (Financials, Banks)		22,700		2,173,547
Zurich Insurance Group AG (Financials, Insurance)		17,100		4,482,296
				37,781,460
Taiwan: 1.10%
Hon Hai Precision Industry Company Limited GDR (Information Technology, Electronic Equipment, Instruments & Components)		49,100		245,991
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,255,000		3,228,752
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,464,672
				5,939,415
Thailand: 1.50%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,009,178
Krung Thai Bank PCL (Financials, Banks)		4,470,600		2,205,260
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		1,003,900		2,068,040
Thanachart Capital PCL (Financials, Banks)		1,481,500		1,826,987
				8,109,465
United Kingdom: 14.75%
3i Group plc (Financials, Capital Markets)		409,100		3,526,755
AMEC Foster Wheeler plc (Energy, Energy Equipment & Services)		83,300		454,421
AstraZeneca plc (Health Care, Pharmaceuticals)		30,100		1,562,748
Aviva plc (Financials, Insurance)		314,900		1,761,192
BAE Systems plc (Industrials, Aerospace & Defense)		939,800		7,061,144

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 59

INTERNATIONAL VALUE PORTFOLIO

Security name				Shares		Value
United Kingdom (continued)
Barclays plc (Financials, Banks)					715,000	$	1,931,905
Barratt Developments plc (Consumer Discretionary, Household Durables)					345,800		2,030,063
Bellway plc (Consumer Discretionary, Household Durables)					80,100		2,447,399
Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)					75,800		2,349,210
Bovis Homes Group plc (Consumer Discretionary, Household Durables)					108,600		1,104,707
BP plc (Energy, Oil, Gas & Consumable Fuels)					1,138,200		6,543,098
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					252,200		1,126,838
Carillion plc (Industrials, Construction & Engineering)					764,400		2,360,437
Centrica plc (Utilities, Multi-Utilities)					898,500		2,364,199
Chemring Group plc (Industrials, Aerospace & Defense) †					324,766		674,536
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)					264,876		1,449,931
Debenhams plc (Consumer Discretionary, Multiline Retail)					1,238,200		858,276
easyJet plc (Industrials, Airlines)					103,400		1,280,803
Firstgroup plc (Industrials, Road & Rail) †					952,400		1,213,092
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					251,200		4,700,376
Inchcape plc (Consumer Discretionary, Distributors)					25,400		193,384
Indivior plc (Health Care, Pharmaceuticals)					371,600		1,499,915
International Consolidated Airlines Group SA (Industrials, Airlines)					182,900		992,040
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)					1,211,800		3,502,430
Kingfisher plc (Consumer Discretionary, Specialty Retail)					507,900		2,243,895
Lloyds Banking Group plc (Financials, Banks)					2,460,500		1,781,572
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)					379,900		1,562,412
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		940,384
Meggitt plc (Industrials, Aerospace & Defense)					316,900		1,873,090
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					236,800		673,157
Mitie Group plc (Industrials, Commercial Services & Supplies) «					539,300		1,387,331
Mondi plc (Materials, Paper & Forest Products)					117,200		2,394,641
Old Mutual plc (Financials, Insurance)					698,000		1,658,468
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)					355,291		1,624,349
Premier Foods plc (Consumer Staples, Food Products) †					73,926		40,698
Redrow plc (Consumer Discretionary, Household Durables)					388,600		1,986,679
Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					44,316		179,985
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					104,800		2,777,898
Royal Mail plc (Industrials, Air Freight & Logistics)					382,800		2,244,403
Tullett Prebon plc (Financials, Capital Markets)					279,500		1,555,162
Vesuvius plc (Industrials, Machinery)					145,400		715,691
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					443,800		1,207,739
							79,836,453
Total Common Stocks (Cost $570,491,874)							526,958,268
	Dividend yield
Preferred Stocks: 0.26%
Brazil: 0.26%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks) ±		5.91	%		349,800		1,164,604
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) ±		5.66	%		109,056		254,740
Total Preferred Stocks (Cost $3,545,600)							1,419,344

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

60 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 2.96%
Investment Companies: 2.96%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%		9,471,381	$	9,472,329
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31			6,504,594		6,504,594
Total Short-Term Investments (Cost $15,976,523)							15,976,923

Total investments in securities (Cost $590,013,997) *	100.60	%		544,354,535
Other assets and liabilities, net	(0.60	)		(3,225,536	)
Total net assets	100.00	%	$	541,128,999

† Non-income-earning security

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

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

(i) Illiquid security

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

(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 $590,510,958 and unrealized gains (losses) consists of:

Gross unrealized gains	$	54,934,308
Gross unrealized losses		(101,090,731	)
Net unrealized losses	$	(46,156,423	)

The following table shows the percent of total long-term investments by sector as of November 30, 2016:

Financials	26.84	%
Consumer Discretionary	14.56
Industrials	13.90
Materials	9.18
Health Care	8.27
Consumer Staples	7.20
Telecommunication Services	5.38
Energy	5.25
Information Technology	4.75
Utilities	3.58
Real Estate	1.09
	100.00	%

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 61

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 100.26%
Consumer Discretionary: 6.22%
Hotels, Restaurants & Leisure: 1.20%
Norwegian Cruise Line Holdings Limited †		22,588	$	899,228
Leisure Products: 1.19%
Mattel Incorporated		28,289		893,084
Media: 1.24%
Scripps Networks Interactive Incorporated Class A		13,361		925,383
Specialty Retail: 1.63%
Signet Jewelers Limited «		7,442		679,380
Williams-Sonoma Incorporated		9,848		539,473
				1,218,853
Textiles, Apparel & Luxury Goods: 0.96%
HanesBrands Incorporated		30,807		715,647
Consumer Staples: 6.50%
Beverages: 0.78%
Coca-Cola European Partners plc		18,027		585,156
Food & Staples Retailing: 0.91%
CVS Health Corporation		8,817		677,939
Food Products: 3.02%
ConAgra Foods Incorporated		22,948		841,962
Lamb Weston Holdings Incorporated †		24,397		816,812
TreeHouse Foods Incorporated †		8,597		595,944
				2,254,718
Household Products: 1.07%
The Procter & Gamble Company		9,735		802,748
Personal Products: 0.72%
Herbalife Limited †«		11,002		539,428
Energy: 13.70%
Energy Equipment & Services: 1.71%
Baker Hughes Incorporated		19,922		1,281,582
Oil, Gas & Consumable Fuels: 11.99%
Apache Corporation		14,744		972,367
Chevron Corporation		10,225		1,140,701
ConocoPhillips		33,992		1,649,292
Exxon Mobil Corporation		25,922		2,262,991
Kinder Morgan Incorporated		60,857		1,351,025
Noble Energy Incorporated		41,675		1,590,318
				8,966,694

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

62 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Financials: 24.10%
Banks: 14.51%
Bank of America Corporation		88,457	$	1,868,212
BOK Financial Corporation «		17,834		1,432,427
CIT Group Incorporated		29,921		1,222,273
Citigroup Incorporated		28,047		1,581,570
First Republic Bank		10,675		874,283
FNB Corporation PA		102,222		1,561,952
JPMorgan Chase & Company		28,913		2,317,955
				10,858,672
Capital Markets: 3.26%
Affiliated Managers Group Incorporated †		4,699		695,922
Ameriprise Financial Incorporated		3,994		456,155
Goldman Sachs Group Incorporated		5,871		1,287,452
				2,439,529
Insurance: 6.33%
American International Group Incorporated		26,004		1,646,833
Arthur J. Gallagher & Company		19,125		962,944
Chubb Limited		8,758		1,121,024
MetLife Incorporated		18,213		1,001,897
				4,732,698
Health Care: 10.28%
Biotechnology: 1.81%
AbbVie Incorporated		9,462		575,290
Shire plc ADR		4,489		783,779
				1,359,069
Health Care Providers & Services: 2.50%
AmSurg Corporation †«		8,848		602,726
Cigna Corporation		5,034		678,281
HCA Holdings Incorporated †		8,291		587,749
				1,868,756
Pharmaceuticals: 5.97%
Allergan plc		3,972		771,760
Johnson & Johnson		6,914		769,528
Mallinckrodt plc †		14,270		752,029
Merck & Company Incorporated		14,988		917,116
Pfizer Incorporated		39,049		1,255,035
				4,465,468
Industrials: 10.60%
Aerospace & Defense: 2.55%
Curtiss-Wright Corporation		10,547		1,060,184
Orbital ATK Incorporated		9,957		849,631
				1,909,815

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 63

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Airlines: 1.09%
United Continental Holdings Incorporated †		11,852	$	817,195
Electrical Equipment: 0.96%
Eaton Corporation plc		10,743		714,517
Industrial Conglomerates: 1.61%
General Electric Company		39,096		1,202,593
Machinery: 1.67%
Stanley Black & Decker Incorporated		10,506		1,246,327
Road & Rail: 1.23%
Norfolk Southern Corporation		8,656		921,518
Trading Companies & Distributors: 1.49%
HD Supply Holdings Incorporated †		28,463		1,116,888
Information Technology: 10.57%
Electronic Equipment, Instruments & Components: 2.12%
Synnex Corporation		7,320		855,781
TE Connectivity Limited		10,754		727,401
				1,583,182
Internet Software & Services: 1.38%
Alphabet Incorporated Class C †		1,362		1,032,450
IT Services: 1.01%
Alliance Data Systems Corporation		3,290		752,686
Semiconductors & Semiconductor Equipment: 2.71%
NXP Semiconductors NV †		8,734		865,976
Skyworks Solutions Incorporated		15,126		1,162,433
				2,028,409
Software: 0.79%
Citrix Systems Incorporated †		6,840		593,233
Technology Hardware, Storage & Peripherals: 2.56%
Apple Incorporated		6,384		705,560
NCR Corporation †		31,246		1,210,783
				1,916,343
Materials: 4.35%
Chemicals: 2.07%
Cabot Corporation		10,801		550,095
FMC Corporation		17,826		1,000,395
				1,550,490
Containers & Packaging: 2.28%
Crown Holdings Incorporated †		15,497		842,882
WestRock Company		16,768		858,522
				1,701,404

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

64 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Real Estate: 6.39%
Equity REITs: 6.39%
Alexandria Real Estate Equities Incorporated					16,994	$	1,862,372
Prologis Incorporated					16,426		836,083
SL Green Realty Corporation					7,470		787,039
VEREIT Incorporated					88,980		737,644
Vornado Realty Trust					5,698		556,980
							4,780,118
Telecommunication Services: 2.12%
Diversified Telecommunication Services: 2.12%
AT&T Incorporated					20,511		792,340
Verizon Communications Incorporated					15,997		798,250
							1,590,590
Utilities: 5.43%
Electric Utilities: 4.43%
Duke Energy Corporation					13,747		1,014,116
Great Plains Energy Incorporated					45,713		1,206,366
The Southern Company					23,409		1,096,009
							3,316,491
Multi-Utilities: 1.00%
Black Hills Corporation «					12,675		744,656
Total Common Stocks (Cost $60,740,114)							75,003,557
	Yield
Short-Term Investments: 4.42%
Investment Companies: 4.42%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%		3,310,979		3,311,310
Total Short-Term Investments (Cost $3,311,198)							3,311,310

Total investments in securities (Cost $64,051,312) *	104.68	%		78,314,867
Other assets and liabilities, net	(4.68	)		(3,504,364	)
Total net assets	100.00	%	$	74,810,503

† Non-income-earning security

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

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

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

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

* Cost for federal income tax purposes is $64,189,829 and unrealized gains (losses) consists of:

Gross unrealized gains	$	15,729,328
Gross unrealized losses		(1,604,290	)
Net unrealized gains	$	14,125,038

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 65

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 95.13%
Consumer Discretionary: 13.25%
Auto Components: 1.39%
Gentherm Incorporated †		428,583	$	13,650,369
Tower International Incorporated		280,761		7,355,938
				21,006,307
Diversified Consumer Services: 0.49%
Houghton Mifflin Harcourt Company †		673,835		7,445,877
Hotels, Restaurants & Leisure: 2.18%
Del Taco Restaurants Incorporated †		675,213		9,804,093
Extended Stay America Incorporated		867,711		13,501,583
Zoe’s Kitchen Incorporated «†		393,745		9,709,752
				33,015,428
Household Durables: 1.18%
Tempur-Pedic International Incorporated Ǡ		137,287		8,690,267
William Lyon Homes Class A «†		465,911		9,225,038
				17,915,305
Media: 2.45%
IMAX Corporation Ǡ		633,716		20,247,226
Lions Gate Entertainment Corporation «		450,595		10,543,923
Media General Incorporated †		346,667		6,368,273
				37,159,422
Specialty Retail: 4.95%
At Home Group Incorporated Ǡ		334,908		4,313,615
Burlington Stores Incorporated †		182,737		16,066,237
Chico’s FAS Incorporated		607,888		9,306,765
Dick’s Sporting Goods Incorporated		260,543		15,390,275
Monro Muffler Brake Incorporated		180,411		10,788,578
Party City Holdco Incorporated Ǡ		787,328		12,636,614
Sportsman’s Warehouse Holdings Incorporated †		722,719		6,504,471
				75,006,555
Textiles, Apparel & Luxury Goods: 0.61%
Kate Spade & Company †		620,807		9,218,984
Consumer Staples: 1.81%
Food Products: 0.91%
Snyders Lance Incorporated		371,994		13,860,496
Household Products: 0.90%
Central Garden & Pet Company Class A †		496,937		13,601,166

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

66 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Energy: 3.57%
Energy Equipment & Services: 0.54%
Mammoth Energy Services Incorporated †		246,374	$	3,949,375
Smart Sand Incorporated †		308,988		4,223,866
				8,173,241
Oil, Gas & Consumable Fuels: 3.03%
Diamondback Energy Incorporated †		86,343		9,312,093
GasLog Limited «		520,749		8,175,759
Oasis Petroleum Incorporated †		629,047		9,416,834
PDC Energy Incorporated †		127,547		9,495,874
QEP Resources Incorporated		486,916		9,572,769
				45,973,329
Financials: 9.27%
Banks: 2.85%
ServisFirst Bancshares Incorporated		157,518		11,596,475
Signature Bank †		82,084		12,305,212
SVB Financial Group †		122,193		19,310,160
				43,211,847
Capital Markets: 3.81%
Evercore Partners Incorporated Class A		289,599		19,518,973
Stifel Financial Corporation †		309,969		15,451,955
Virtu Financial Incorporated Class A		799,166		11,068,449
Virtus Investment Partners Incorporated «		100,356		11,621,225
				57,660,602
Insurance: 1.33%
Argo Group International Holdings Limited		318,160		20,187,252
Thrifts & Mortgage Finance: 1.28%
Essent Group Limited †		635,448		19,393,873
Health Care: 20.62%
Biotechnology: 3.71%
Alder Biopharmaceuticals Incorporated Ǡ		216,403		5,096,291
Alnylam Pharmaceuticals Incorporated †		128,703		5,646,201
Emergent BioSolutions Incorporated		184,706		4,942,733
Flexion Therapeutics Incorporated †		453,599		7,484,384
Galapagos NV		55,987		3,309,951
Intrexon Corporation Ǡ		156,456		4,565,386
Ophthotech Corporation †		148,610		4,554,897
Portola Pharmaceuticals Incorporated †		282,149		5,075,861
Radius Health Incorporated Ǡ		115,044		6,122,642
Tesaro Incorporated Ǡ		68,924		9,352,298
				56,150,644

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 67

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies: 8.19%
Accuray Incorporated Ǡ		1,502,649	$	7,588,377
Analogic Corporation		140,682		12,963,846
Atricure Incorporated Ǡ		493,150		8,871,769
Cerus Corporation Ǡ		2,023,805		10,564,262
DexCom Incorporated †		156,767		10,235,317
Inogen Incorporated †		231,853		14,938,289
K2M Group Holdings Incorporated Ǡ		599,308		11,266,990
Nevro Corporation Ǡ		197,741		15,034,248
Novocure Limited Ǡ		693,104		5,371,556
Obalon Therapeutics Incorporated Ǡ		175,558		2,141,808
The Spectranetics Corporation †		576,206		12,590,101
Wright Medical Group NV Ǡ		541,891		12,485,169
				124,051,732
Health Care Providers & Services: 4.83%
AMN Healthcare Services Incorporated †		516,420		17,196,786
HealthEquity Incorporated †		423,315		18,850,217
LifePoint Hospitals Incorporated †		127,242		6,991,948
Surgery Partners Incorporated Ǡ		665,808		9,820,668
Teladoc Incorporated Ǡ		451,456		8,284,218
The Ensign Group Incorporated		556,138		12,023,704
				73,167,541
Health Care Technology: 1.74%
Evolent Health Incorporated Class A «†		639,290		12,018,652
Medidata Solutions Incorporated †		176,517		9,749,034
Vocera Communications Incorporated †		253,550		4,614,610
				26,382,296
Life Sciences Tools & Services: 1.68%
ICON plc ADR †		276,389		20,906,064
Pacific BioSciences of California Ǡ		606,224		4,613,365
				25,519,429
Pharmaceuticals: 0.47%
Pacira Pharmaceuticals Incorporated †		225,421		7,179,659
Industrials: 15.55%
Air Freight & Logistics: 0.70%
Hub Group Incorporated Class A †		248,722		10,657,738
Building Products: 4.65%
A.O. Smith Corporation		343,834		16,720,647
Apogee Enterprises Incorporated «		376,873		17,976,842
Masonite International Corporation †		156,523		10,142,690
NCI Building Systems Incorporated †		840,469		14,035,832
PGT Incorporated †		1,043,239		11,579,953
				70,455,964

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

68 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Commercial Services & Supplies: 3.11%
Copart Incorporated †		399,834	$	21,878,916
KAR Auction Services Incorporated		311,248		13,122,216
West Corporation		507,728		12,114,390
				47,115,522
Construction & Engineering: 1.73%
Chicago Bridge & Iron Company NV		267,979		8,979,976
Granite Construction Incorporated		291,422		17,190,984
				26,170,960
Machinery: 2.20%
EnPro Industries Incorporated		242,570		14,748,256
SPX Corporation †		266,974		6,522,175
Wabash National Corporation †		871,045		12,011,711
				33,282,142
Professional Services: 1.48%
On Assignment Incorporated †		408,796		16,879,187
RPX Corporation †		524,539		5,481,433
				22,360,620
Road & Rail: 1.68%
Genesee & Wyoming Incorporated Class A †		177,927		13,593,623
Swift Transportation Company Ǡ		478,378		11,945,099
				25,538,722
Information Technology: 27.24%
Communications Equipment: 0.93%
Ciena Corporation †		659,825		14,153,246
Electronic Equipment, Instruments & Components: 0.89%
OSI Systems Incorporated †		178,599		13,519,944
Internet Software & Services: 4.93%
2U Incorporated Ǡ		481,364		15,913,894
Benefitfocus Incorporated Ǡ		395,772		10,804,576
Cornerstone OnDemand Incorporated †		395,230		14,192,709
Hortonworks Incorporated Ǡ		709,136		6,446,046
Mimecast Limited Ǡ		308,131		6,304,360
Pandora Media Incorporated Ǡ		632,881		7,354,077
Shopify Incorporated Class A †		330,468		13,770,602
				74,786,264
IT Services: 2.96%
Acxiom Corporation †		725,369		19,244,040
Maximus Incorporated		183,650		10,154,009
Vantiv Incorporated Class A †		272,902		15,399,860
				44,797,909

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 69

SMALL COMPANY GROWTH PORTFOLIO

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 6.90%
Applied Micro Circuits Corporation †					1,446,062	$	12,653,043
Cypress Semiconductor Corporation					1,370,032		15,412,860
FormFactor Incorporated †					1,168,758		13,090,090
Microsemi Corporation †					424,962		23,266,670
Nanometrics Incorporated †					376,654		9,005,797
Silicon Motion Technology Corporation					229,552		10,557,096
Teradyne Incorporated					841,804		20,523,182
							104,508,738
Software: 10.63%
Cadence Design Systems Incorporated †					735,628		19,332,304
CyberArk Software Limited Ǡ					287,418		14,661,192
Nuance Communications Incorporated †					814,495		13,202,964
PTC Incorporated †					496,550		24,186,951
Realpage Incorporated †					647,839		18,528,195
Secureworks Corporation Class A «†					285,547		3,526,505
SS&C Technologies Holdings Incorporated					838,360		25,159,184
Synchronoss Technologies Incorporated †					214,327		10,390,573
Talend SA †					200,949		4,639,912
The Rubicon Project Incorporated †					681,139		5,142,599
Ultimate Software Group Incorporated †					54,951		11,261,108
Zendesk Incorporated †					520,474		11,080,891
							161,112,378
Materials: 2.71%
Construction Materials: 0.81%
Forterra Incorporated †					616,847		12,219,739
Metals & Mining: 0.99%
Steel Dynamics Incorporated					421,999		14,972,525
Paper & Forest Products: 0.91%
Boise Cascade Company †					607,382		13,848,310
Real Estate: 1.11%
Equity REITs: 1.11%
QTS Realty Trust Incorporated Class A					359,619		16,830,162
Total Common Stocks (Cost $1,226,035,864)							1,441,611,868
	Yield
Short-Term Investments: 15.86%
Investment Companies: 15.86%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%		165,095,831		165,112,340
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31			75,190,164		75,190,164
Total Short-Term Investments (Cost $240,287,228)							240,302,504

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

70 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

			Value
Total investments in securities (Cost $1,466,323,092) *	110.99	%	$	1,681,914,372
Other assets and liabilities, net	(10.99	)		(166,551,894	)
Total net assets	100.00	%	$	1,515,362,478

† Non-income-earning security

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

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

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

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

* Cost for federal income tax purposes is $1,510,671,686 and unrealized gains (losses) consists of:

Gross unrealized gains	$	279,923,404
Gross unrealized losses		(108,680,718	)
Net unrealized gains	$	171,242,686

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 71

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.67%
Consumer Discretionary: 17.61%
Auto Components: 1.81%
Metaldyne Performance Group Incorporated		93,100	$	1,880,620
Visteon Corporation		27,790		2,186,239
				4,066,859
Automobiles: 0.99%
Thor Industries Incorporated		22,110		2,223,603
Diversified Consumer Services: 1.18%
DeVry Incorporated «		89,060		2,658,441
Hotels, Restaurants & Leisure: 3.99%
ClubCorp Holdings Incorporated		155,424		2,020,512
Eldorado Resorts Incorporated Ǡ		165,790		2,279,613
Penn National Gaming Incorporated †		190,030		2,523,598
Red Robin Gourmet Burgers Incorporated †		41,970		2,159,357
				8,983,080
Household Durables: 2.60%
Century Communities Incorporated †		90,546		1,878,830
Taylor Morrison Home Corporation Class A †		115,990		2,297,762
TRI Pointe Homes Incorporated †		144,881		1,683,517
				5,860,109
Internet & Direct Marketing Retail: 0.80%
1-800-Flowers.com Incorporated Class A †		170,400		1,797,720
Media: 2.38%
Lions Gate Entertainment Corporation «		141,820		3,318,588
Scholastic Corporation		45,933		2,025,186
				5,343,774
Specialty Retail: 2.10%
Asbury Automotive Group Incorporated †		29,609		1,739,529
GNC Holdings Incorporated Class A		56,970		823,217
Urban Outfitters Incorporated †		68,450		2,163,020
				4,725,766
Textiles, Apparel & Luxury Goods: 1.76%
G-III Apparel Group Limited †		60,000		1,629,600
Oxford Industries Incorporated		32,000		2,325,120
				3,954,720
Consumer Staples: 2.14%
Food & Staples Retailing: 1.16%
The Andersons Incorporated		24,425		961,124
United Natural Foods Incorporated †		35,120		1,648,884
				2,610,008

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

72 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Food Products: 0.98%
Darling Ingredients Incorporated †		163,010	$	2,202,265
Energy: 5.04%
Energy Equipment & Services: 1.80%
RPC Incorporated «		98,300		1,973,864
Unit Corporation †		85,160		2,069,388
				4,043,252
Oil, Gas & Consumable Fuels: 3.24%
Callon Petroleum Company †		114,600		2,021,544
Carrizo Oil & Gas Incorporated †		41,000		1,735,940
Delek US Holdings Incorporated		112,900		2,270,419
Scorpio Tankers Incorporated		301,400		1,274,922
				7,302,825
Financials: 27.50%
Banks: 19.50%
BancorpSouth Incorporated		78,592		2,243,802
Cathay General Bancorp		67,300		2,362,230
Chemical Financial Corporation		50,895		2,640,433
ConnectOne Bancorp Incorporated		74,920		1,760,620
Customers Bancorp Incorporated †		61,700		1,881,850
FCB Financial Holdings Class A †		58,700		2,597,475
Great Western Bancorp Incorporated		63,140		2,525,600
Independent Bank Group Incorporated		48,700		2,926,870
MB Financial Incorporated		56,400		2,440,428
Pinnacle Financial Partners Incorporated		36,560		2,358,120
Renasant Corporation		69,700		2,889,762
Sterling BanCorp		100,673		2,290,311
Umpqua Holdings Corporation		120,400		2,139,508
United Community Bank		92,800		2,522,304
Webster Financial Corporation		51,537		2,556,751
Western Alliance Bancorp †		58,678		2,741,436
Wintrust Financial Corporation		36,977		2,434,566
Yadkin Financial Corporation		77,800		2,548,728
				43,860,794
Capital Markets: 1.37%
Stifel Financial Corporation †		61,893		3,085,366
Consumer Finance: 1.00%
PRA Group Incorporated †		62,470		2,245,797
Insurance: 4.66%
American Equity Investment Life Holding Company		93,208		1,932,202
Horace Mann Educators Corporation		66,210		2,658,332
Kemper Corporation		54,310		2,223,995
OneBeacon Insurance Group Limited Class A		95,256		1,462,180
Primerica Incorporated		31,363		2,217,364
				10,494,073

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 73

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Thrifts & Mortgage Finance: 0.97%
Bofi Holding Incorporated Ǡ		92,300	$	2,181,049
Health Care: 5.69%
Health Care Equipment & Supplies: 0.80%
Merit Medical Systems Incorporated †		76,410		1,799,456
Health Care Providers & Services: 4.89%
Magellan Health Services Incorporated †		37,120		2,702,336
Molina Healthcare Incorporated †		44,540		2,354,384
Owens & Minor Incorporated		45,850		1,554,774
PharMerica Corporation †		103,710		2,494,226
Select Medical Holdings Corporation †		155,120		1,884,708
				10,990,428
Industrials: 10.21%
Aerospace & Defense: 0.97%
Triumph Group Incorporated		78,360		2,178,408
Commercial Services & Supplies: 3.05%
Interface Incorporated		131,220		2,283,228
LSC Communications Incorporated		96,461		1,990,955
West Corporation		108,110		2,579,505
				6,853,688
Construction & Engineering: 2.87%
Argan Incorporated		36,932		2,232,539
KBR Incorporated		107,290		1,792,816
Tutor Perini Corporation †		92,895		2,424,560
				6,449,915
Electrical Equipment: 0.89%
Generac Holdings Incorporated †		49,090		2,011,708
Professional Services: 1.23%
Korn/Ferry International		108,560		2,755,253
Trading Companies & Distributors: 1.20%
Air Lease Corporation		75,500		2,707,430
Information Technology: 13.59%
Communications Equipment: 1.95%
Comtech Telecommunications Corporation		151,970		1,747,655
NetScout Systems Incorporated †		84,350		2,631,720
				4,379,375
Electronic Equipment, Instruments & Components: 3.30%
Anixter International Incorporated †		26,120		2,041,278
Jabil Circuit Incorporated		123,910		2,620,697
VeriFone Systems Incorporated †		98,000		1,655,220
Vishay Intertechnology Incorporated		72,381		1,098,418
				7,415,613

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

74 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
IT Services: 1.13%
Cardtronics Incorporated †		51,610	$	2,553,147
Semiconductors & Semiconductor Equipment: 4.47%
Cirrus Logic Incorporated †		60,070		3,303,850
Integrated Device Technology Incorporated †		72,814		1,703,848
MKS Instruments Incorporated		36,870		2,121,869
Veeco Instruments Incorporated †		110,140		2,935,231
				10,064,798
Software: 2.27%
Nuance Communications Incorporated †		147,450		2,390,165
Tivo Corporation †		134,460		2,722,815
				5,112,980
Technology Hardware, Storage & Peripherals: 0.47%
Avid Technology Incorporated †		250,880		1,056,205
Materials: 3.18%
Chemicals: 2.04%
A. Schulman Incorporated		78,000		2,597,400
Cabot Corporation		39,200		1,996,456
				4,593,856
Metals & Mining: 1.14%
Ferroglobe plc (a)		224,340		0
Ferroglobe plc		224,340		2,559,719
				2,559,719
Real Estate: 9.20%
Equity REITs: 8.41%
Brandywine Realty Trust		139,500		2,141,325
Corporate Office Properties Trust		75,600		2,163,672
Cousins Properties Incorporated		281,500		2,226,665
Equity Commonwealth †		76,200		2,215,896
Four Corners Property Trust Incorporated		123,100		2,361,058
Kite Realty Group Trust		83,100		1,998,555
Pennsylvania Real Estate Investment Trust		94,500		1,811,565
Ramco-Gershenson Properties Trust		101,721		1,726,205
Sunstone Hotel Investors Incorporated		156,680		2,278,127
				18,923,068
Real Estate Management & Development: 0.79%
Alexander & Baldwin Incorporated		40,281		1,775,184
Utilities: 3.51%
Electric Utilities: 2.70%
El Paso Electric Company		45,031		2,028,647
PNM Resources Incorporated		61,127		1,931,613
Portland General Electric Company		50,924		2,118,438
				6,078,698

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 75

SMALL COMPANY VALUE PORTFOLIO

Security name						Shares		Value
Gas Utilities: 0.81%
Southwest Gas Corporation							24,490	$	1,815,436
Total Common Stocks (Cost $181,313,891)									219,713,866
				Expiration date
Warrants: 0.00%
Health Care: 0.00%
Health Care Equipment & Supplies: 0.00%
EnteroMedics Incorporated †(a)					2-15-2017		9,104		0
Total Warrants (Cost $0)									0
	Yield
Short-Term Investments: 6.71%
Investment Companies: 6.71%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%				11,761,436		11,762,612
Wells Fargo Government Money Market Fund Select Class (u)		0.31					3,332,087		3,332,087
Total Short-Term Investments (Cost $15,094,012)									15,094,699

Total investments in securities (Cost $196,407,903) *	104.38	%		234,808,565
Other assets and liabilities, net	(4.38	)		(9,860,757	)
Total net assets	100.00	%	$	224,947,808

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

† Non-income-earning security

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

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

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

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

* Cost for federal income tax purposes is $198,335,771 and unrealized gains (losses) consists of:

Gross unrealized gains	$	45,949,979
Gross unrealized losses		(9,477,185	)
Net unrealized gains	$	36,472,794

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

76 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

CORE BOND PORTFOLIO

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

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 27.20%
FHLMC		1.24-7.00	%		8-1-2017 to 12-13-2046	$	160,588,888	$	169,079,765		3.22	%
FHLMC %%		3.00			12-13-2046		44,100,000		43,838,156		0.84
FHLMC		3.50			7-1-2032		14,165,419		14,699,881		0.28
FHLMC		4.00			8-1-2044		18,453,037		19,619,382		0.38
FHLMC Series 300 Class 300		3.00			1-15-2043		14,386,497		14,443,906		0.28
FNMA		0.00-8.12			4-1-2017 to 11-1-2046		479,910,237		504,096,462		9.68
FNMA		3.00			6-1-2031		14,469,882		14,930,795		0.29
FNMA %%		3.00			12-13-2046		34,100,000		33,918,844		0.65
FNMA %%		3.00			1-18-2047		110,500,000		109,684,200		2.10
FNMA		3.50			6-1-2045		17,691,683		18,218,372		0.35
FNMA %%		3.50			12-13-2046		86,500,000		88,743,594		1.70
FNMA %%		3.50			1-18-2047		23,600,000		24,202,343		0.46
FNMA %%		4.00			12-13-2046		23,500,000		24,722,207		0.47
FNMA		4.50			2-1-2044		13,480,624		14,806,106		0.28
FNMA		4.50			3-1-2046		14,991,505		16,378,521		0.31
FNMA Series 2015-18 Class HE		4.00			9-25-2041		14,738,307		15,668,393		0.30
GNMA %%		3.00			12-20-2046		35,200,000		35,699,125		0.68
GNMA %%		3.50			12-20-2046		105,500,000		109,715,875		2.10
GNMA		3.50-5.00			3-15-2041 to 12-20-2046		66,644,891		71,970,810		1.37
Other securities									75,256,391		1.46
Total Agency Securities (Cost $1,436,765,054)									1,419,693,128		27.20
Asset-Backed Securities: 12.48%
Capital Auto Receivables Asset Trust		1.39-2.01			2-20-2018 to 10-20-2020		60,002,588		60,131,465		1.14
SLM Student Loan Trust		0.92-3.74			4-25-2019 to 1-25-2072		138,293,380		134,680,958		2.60
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		16,726,000		16,451,744		0.31
Other securities									440,050,191		8.43
Total Asset-Backed Securities (Cost $652,378,051)									651,314,358		12.48
Corporate Bonds and Notes: 18.61%
Consumer Discretionary: 1.07%
Automobiles: 0.09%
Other securities									4,584,220		0.09
Hotels, Restaurants & Leisure: 0.17%
Other securities									8,773,757		0.17
Household Durables: 0.14%
Other securities									7,599,477		0.14
Media: 0.67%
Other securities									34,860,933		0.67

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

Summary portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 77

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Consumer Staples: 1.18%
Beverages: 0.26%
Other securities								$	13,789,725		0.26	%
Food & Staples Retailing: 0.15%
Other securities									7,948,054		0.15
Food Products: 0.63%
Other securities									32,710,454		0.63
Tobacco: 0.14%
Other securities									7,009,791		0.14
Energy: 1.98%
Energy Equipment & Services: 0.06%
Other securities									3,186,815		0.06
Oil, Gas & Consumable Fuels: 1.92%
Other securities									100,232,644		1.92
Financials: 5.42%
Banks: 1.85%
Bank of America Corporation		3.25	%		10-21-2027	$	17,750,000		16,951,747		0.32
Other securities									79,753,520		1.53
									96,705,267		1.85
Capital Markets: 1.49%
Morgan Stanley		2.63			11-17-2021		15,250,000		15,073,405		0.29
Other securities									62,346,176		1.20
									77,419,581		1.49
Consumer Finance: 0.98%
Other securities									51,170,711		0.98
Diversified Financial Services: 0.18%
Other securities									9,340,849		0.18
Insurance: 0.92%
Other securities									48,059,262		0.92
Health Care: 1.37%
Biotechnology: 0.67%
Other securities									34,688,992		0.67
Health Care Providers & Services: 0.15%
Other securities									7,647,661		0.15
Life Sciences Tools & Services: 0.10%
Other securities									5,433,610		0.10

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

78 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

CORE BOND PORTFOLIO

Security name	Value		Percent of net assets
Pharmaceuticals: 0.45%
Other securities	$	23,649,922		0.45	%
Industrials: 1.11%
Aerospace & Defense: 0.51%
Other securities		26,595,110		0.51
Air Freight & Logistics: 0.10%
Other securities		5,034,524		0.10
Construction & Engineering: 0.05%
Other securities		2,424,627		0.05
Machinery: 0.08%
Other securities		4,410,650		0.08
Road & Rail: 0.37%
Other securities		19,583,744		0.37
Information Technology: 2.28%
Communications Equipment: 0.64%
Other securities		33,600,473		0.64
IT Services: 0.31%
Other securities		16,013,261		0.31
Semiconductors & Semiconductor Equipment: 0.36%
Other securities		18,933,701		0.36
Software: 0.69%
Other securities		35,714,356		0.69
Technology Hardware, Storage & Peripherals: 0.28%
Other securities		14,574,189		0.28
Materials: 0.38%
Chemicals: 0.26%
Other securities		13,555,869		0.26
Containers & Packaging: 0.08%
Other securities		4,416,591		0.08
Metals & Mining: 0.04%
Other securities		1,958,873		0.04
Real Estate: 0.58%
Equity REITs: 0.45%
Other securities		23,783,659		0.45

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

Summary portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 79

CORE BOND PORTFOLIO

Security name	Value		Percent of net assets
Real Estate Management & Development: 0.13%
Other securities	$	6,606,640		0.13	%
Telecommunication Services: 1.38%
Diversified Telecommunication Services: 1.26%
Other securities		65,888,791		1.26
Wireless Telecommunication Services: 0.12%
Other securities		6,305,725		0.12
Utilities: 1.86%
Electric Utilities: 1.25%
Other securities		65,133,988		1.25
Gas Utilities: 0.09%
Other securities		4,755,915		0.09
Independent Power & Renewable Electricity Producers: 0.07%
Other securities		3,744,067		0.07
Multi-Utilities: 0.45%
Other securities		23,452,864		0.45
Total Corporate Bonds and Notes (Cost $990,186,671)		971,299,342		18.61
Government Agency Debt: 0.39%
Other securities		20,555,046		0.39
Total Government Agency Debt (Cost $21,113,777)		20,555,046		0.39
Municipal Obligations: 0.76%
California: 0.23%
Other securities		12,140,785		0.23
Nevada: 0.12%
Other securities		6,354,442		0.12
New Jersey: 0.11%
Other securities		5,526,055		0.11
New York: 0.13%
Other securities		6,614,413		0.13
Ohio: 0.04%
Other securities		1,933,085		0.04
Texas: 0.13%
Other securities		6,929,864		0.13
Total Municipal Obligations (Cost $34,858,655)		39,498,644		0.76

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

80 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Non-Agency Mortgage-Backed Securities: 5.49%
SMB Private Education Loan Trust Series 2016-C Class A2A 144A		2.34	%		9-15-2034	$	14,672,000	$	14,497,770		0.28	%
Verizon Owner Trust Series 2016-2A Class A 144A		1.68			5-20-2021		13,972,000		13,948,459		0.27
Other securities									258,081,189		4.94
Total Non-Agency Mortgage-Backed Securities (Cost $289,024,528)									286,527,418		5.49
U.S. Treasury Securities: 34.66%
U.S. Treasury Bond «		2.25			8-15-2046		73,660,000		62,038,441		1.19
U.S. Treasury Bond		2.50			2-15-2046		49,355,000		43,983,794		0.84
U.S. Treasury Bond		2.50			5-15-2046		38,269,000		34,089,298		0.65
U.S. Treasury Bond		2.88			11-15-2046		26,020,000		25,174,350		0.48
U.S. Treasury Bond		3.00			11-15-2045		27,871,000		27,579,219		0.53
U.S. Treasury Note		0.75			7-31-2018		87,096,000		86,629,862		1.66
U.S. Treasury Note ##		0.75			9-30-2018		279,439,000		277,616,219		5.32
U.S. Treasury Note		0.75-2.00			10-31-2018 to 11-30-2023		29,024,000		28,771,763		0.55
U.S. Treasury Note		0.88			7-15-2018		27,343,000		27,266,111		0.52
U.S. Treasury Note		1.00			11-30-2018		42,967,000		42,862,934		0.82
U.S. Treasury Note		1.00			10-15-2019		168,848,000		167,001,141		3.20
U.S. Treasury Note		1.00			11-15-2019		150,115,000		148,379,370		2.84
U.S. Treasury Note		1.13			6-15-2018		17,877,000		17,897,952		0.34
U.S. Treasury Note		1.13			6-30-2021		51,083,000		49,488,648		0.95
U.S. Treasury Note		1.13			7-31-2021		16,549,000		16,013,739		0.31
U.S. Treasury Note		1.13			9-30-2021		61,169,000		59,071,087		1.13
U.S. Treasury Note		1.25			12-15-2018		23,639,000		23,687,933		0.45
U.S. Treasury Note		1.25			10-31-2021		43,614,000		42,336,241		0.81
U.S. Treasury Note		1.38			2-29-2020		16,496,000		16,426,403		0.31
U.S. Treasury Note		1.38			1-31-2021		74,478,000		73,325,900		1.41
U.S. Treasury Note		1.38			4-30-2021		55,396,000		54,383,306		1.04
U.S. Treasury Note «		1.50			8-15-2026		172,381,000		158,933,903		3.05
U.S. Treasury Note		1.63			5-15-2026		6,515,000		6,089,492		0.12
U.S. Treasury Note		1.75			11-30-2021		44,442,000		44,235,434		0.85
U.S. Treasury Note		2.00			8-31-2021		33,853,000		34,032,827		0.65
U.S. Treasury Note		2.00			10-31-2021		47,323,000		47,530,038		0.91
U.S. Treasury Note		2.00			11-15-2026		28,004,000		27,046,823		0.52
U.S. Treasury Note ##		2.13			8-15-2021		149,754,000		151,427,052		2.90
U.S. Treasury Note		2.13			9-30-2021		15,782,000		15,948,453		0.31
Total U.S. Treasury Securities (Cost $1,852,142,157)									1,809,267,733		34.66
Yankee Corporate Bonds and Notes: 6.05%
Consumer Discretionary: 0.08%
Media: 0.08%
Other securities									4,062,162		0.08
Energy: 0.85%
Oil, Gas & Consumable Fuels: 0.85%
Other securities									44,580,982		0.85

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

Summary portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 81

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value			Percent of net assets
Financials: 3.92%
Banks: 2.56%
HSBC Holdings plc		2.65	%		1-5-2022	$	13,920,000	$	13,542,587			0.26	%
KFW		1.00			7-15-2019		28,907,000		28,466,226			0.54
Other securities									91,792,637			1.76
									133,801,450			2.56
Capital Markets: 0.25%
Other securities									12,994,394			0.25
Diversified Financial Services: 0.98%
Other securities									51,217,702			0.98
Insurance: 0.02%
Other securities									924,177			0.02
Thrifts & Mortgage Finance: 0.11%
Other securities									5,698,968			0.11
Health Care: 0.65%
Pharmaceuticals: 0.65%
Other securities									33,764,288			0.65
Industrials: 0.18%
Chemicals: 0.18%
Other securities									9,187,406			0.18
Materials: 0.13%
Metals & Mining: 0.13%
Other securities									6,541,034			0.13
Utilities: 0.24%
Electric Utilities: 0.24%
Other securities									12,785,354			0.24
Total Yankee Corporate Bonds and Notes (Cost $324,477,592)									315,557,917			6.05
Yankee Government Bonds: 1.49%
Other securities									77,693,478			1.49
Total Yankee Government Bonds (Cost $80,078,070)									77,693,478			1.49
	Yield					Shares
Short-Term Investments: 7.06%
Investment Companies: 7.06%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65					230,736,112		230,759,186			4.42
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.31					137,895,059		137,895,059			2.64
Total Short-Term Investments (Cost $368,654,047)									368,654,245			7.06
Total investments in securities (Cost $6,049,678,602) *									5,960,061,309			114.19	%
Other assets and liabilities, net									(740,715,159	)		(14.19	)
Total net assets								$	5,219,346,150			100.00	%

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

82 Wells Fargo Allocation Funds Summary portfolio of investments—November 30, 2016 (unaudited)

CORE BOND PORTFOLIO

%% Security issued on a when-issued basis

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.

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

(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 $6,074,405,459 and unrealized gains (losses) consists of:

Gross unrealized gains	$	15,025,520
Gross unrealized losses		(129,369,670	)
Net unrealized losses	$	(114,344,150	)

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 83

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 33.01%
FHLMC		3.00	%		7-1-2046	$	738,895	$	736,534
FHLMC		3.00			7-1-2046		1,025,977		1,022,383
FHLMC		3.50			9-1-2032		912,614		949,097
FHLMC		3.50			4-1-2043		1,508,145		1,552,553
FHLMC		3.50			5-1-2044		681,557		702,738
FHLMC		3.50			6-1-2046		582,994		599,497
FHLMC		4.00			4-1-2044		844,413		898,452
FHLMC		4.00			8-1-2044		616,781		653,923
FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.08			9-25-2029		48,993		51,306
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		1,021,525		1,183,022
FNMA		2.50			8-1-2031		510,875		513,419
FNMA		2.51			9-1-2024		964,843		967,661
FNMA		2.57			9-1-2019		523,121		532,656
FNMA		2.57			9-1-2019		523,868		533,416
FNMA		2.69			5-1-2023		593,276		601,155
FNMA		2.73			1-1-2023		571,508		580,621
FNMA		2.73			9-1-2023		588,050		594,906
FNMA		2.76			4-1-2021		1,084,948		1,098,484
FNMA		2.78			10-1-2020		550,000		564,410
FNMA		2.85			12-1-2023		590,000		598,319
FNMA		2.96			6-1-2022		516,389		520,249
FNMA		3.00			12-1-2032		63,479		64,841
FNMA		3.00			7-1-2046		593,146		591,614
FNMA		3.05			11-1-2022		537,148		553,354
FNMA		3.07			2-1-2026		360,000		367,148
FNMA		3.08			1-1-2026		480,000		489,963
FNMA		3.31			6-1-2021		550,000		570,804
FNMA		3.35			1-1-2028		280,000		288,079
FNMA		3.50			9-1-2032		1,699,988		1,766,962
FNMA		3.50			10-1-2032		896,883		932,384
FNMA		3.50			11-1-2042		350,267		361,199
FNMA		3.50			11-1-2042		451,041		463,025
FNMA		3.50			2-1-2043		250,129		256,773
FNMA		3.50			4-1-2046		287,117		295,632
FNMA		5.00			9-1-2033		223,304		246,806
FNMA		5.50			2-1-2036		258,710		274,877
FNMA Series 2002-90 Class A2		6.50			11-25-2042		401,304		447,961
FNMA Series 2002-T4 Class A2		7.00			12-25-2041		199,417		226,988
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		1,790,229		2,016,434
FNMA Series 2003-86 Class PT		4.50			9-25-2018		143,845		146,592
FNMA Series 2003-W4 Class 3A ±		6.25			10-25-2042		274,341		308,019
FNMA Series 2004-T2 Class 1A1		6.00			11-25-2043		765,394		845,360
FNMA Series 2004-T3 Class A1		6.00			2-25-2044		1,092,834		1,234,486
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		178,577		206,034
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,056,469		1,230,480
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		350,477		402,884
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		266,057		269,493
GNMA		6.50			10-15-2023		26,521		30,281
GNMA		6.50			11-15-2023		12,625		14,415
GNMA		6.50			11-15-2023		3,322		3,793

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

84 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		6.50	%		12-15-2023	$	15,269	$	17,434
GNMA		6.50			1-15-2024		32,351		36,938
GNMA		7.00			8-15-2027		86,056		99,764
SBA Series 2006-20B Class 1		5.35			2-1-2026		415,954		448,403
SBA Series 2006-20H Class 1		5.70			8-1-2026		235,823		259,150
SBA Series 2007-20J Class 1		5.57			10-1-2027		547,713		602,865
SBA Series 2013-20A Class 1		2.13			1-1-2033		465,719		456,989
SBA Series 2013-20J Class 1		3.37			10-1-2033		490,473		511,327
SBA Series 2014-10A Class 1		3.19			3-10-2024		681,330		706,471
SBA Series 2014-10B Class 1		3.02			9-10-2024		1,060,564		1,100,494
SBA Series 2014-20A Class 1		3.46			1-1-2034		404,046		422,466
SBA Series 2015-10B Class 1		2.83			9-10-2025		574,441		586,193
SBA Series 2015-20C Class 1		2.72			3-1-2035		526,942		529,559
SBA Series 2015-20E Class 1		2.77			5-1-2035		823,775		828,955
SBA Series 2015-20F Class 1		2.98			6-1-2035		574,195		585,695
Total Agency Securities (Cost $36,902,080)									37,554,185
Asset-Backed Securities: 4.13%
American Express Credit Accounts Series 2014-2 Class A		1.26			1-15-2020		570,000		570,559
Barclays Dryrock Issuance Trust Series 2014-3 Class A		2.41			7-15-2022		570,000		580,210
Capital Auto Receivables Asset Trust Series 2014-2 Class A3		1.26			5-21-2018		104,022		104,038
Capital Auto Receivables Asset Trust Series 2014-3 Class A3		1.48			11-20-2018		484,932		485,313
CNH Equipment Trust Series 2014-Class A3		0.84			5-15-2019		193,252		193,149
CNH Equipment Trust Series 2015-A Class A4		1.85			4-15-2021		580,000		583,247
Ford Credit Auto Owner Trust Series 2015-2 Class A 144A		2.44			1-15-2027		600,000		607,540
Ford Credit Auto Owner Trust Series 2016-1 Class A 144A		2.31			8-15-2027		600,000		601,540
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 ±		1.26			10-25-2035		551,777		537,107
South Carolina Student Loan Corporation Series 2014-1 Class B ±		2.03			8-1-2035		500,000		437,027
Total Asset-Backed Securities (Cost $4,735,382)									4,699,730
Corporate Bonds and Notes: 31.33%
Consumer Discretionary: 4.19%
Auto Components: 0.35%
Allison Transmission Incorporated 144A		5.00			10-1-2024		400,000		403,000
Automobiles: 0.37%
General Motors Company		4.88			10-2-2023		400,000		417,457
Diversified Consumer Services: 2.14%
Massachusetts Institute of Technology		3.96			7-1-2038		200,000		209,969
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		760,034
Northwestern University		3.69			12-1-2038		530,000		529,308
President and Fellows of Harvard College		3.53			10-1-2031		250,000		247,718
Service Corporation International		5.38			1-15-2022		360,000		372,600
University of Southern California		3.03			10-1-2039		350,000		309,192
									2,428,821

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 85

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Media: 0.93%
Charter Communications 144A		4.91	%		7-23-2025	$	325,000	$	338,789
Lamar Media Corporation		5.88			2-1-2022		315,000		324,450
Time Warner Incorporated		3.40			6-15-2022		140,000		140,795
Time Warner Incorporated		3.60			7-15-2025		260,000		256,810
									1,060,844
Textiles, Apparel & Luxury Goods: 0.40%
Hanesbrands Incorporated 144A		4.63			5-15-2024		200,000		200,000
The William Carter Company		5.25			8-15-2021		250,000		259,000
									459,000
Consumer Staples: 0.86%
Beverages: 0.12%
Anheuser-Busch InBev Finance Incorporated		3.65			2-1-2026		140,000		140,675
Food & Staples Retailing: 0.34%
CVS Health Corporation		3.50			7-20-2022		120,000		123,128
SABMiller Holdings Incorporated 144A		3.75			1-15-2022		250,000		261,021
									384,149
Food Products: 0.40%
Ingredion Incorporated		3.20			10-1-2026		150,000		145,800
Kraft Foods Group Incorporated		3.50			6-6-2022		300,000		306,650
									452,450
Energy: 4.08%
Energy Equipment & Services: 0.14%
Halliburton Company		3.80			11-15-2025		160,000		160,468
Oil, Gas & Consumable Fuels: 3.94%
Anadarko Petroleum Corporation «		5.55			3-15-2026		150,000		163,657
Chevron Corporation		2.95			5-16-2026		250,000		245,027
Chevron Corporation		3.19			6-24-2023		250,000		254,635
Cimarex Energy Company		5.88			5-1-2022		350,000		365,027
Columbia Pipeline Group Company		2.45			6-1-2018		210,000		211,117
Concho Resources Incorporated		6.50			1-15-2022		375,000		389,063
ConocoPhillips Company		3.35			11-15-2024		370,000		363,208
Devon Energy Corporation		5.85			12-15-2025		130,000		143,730
EQT Corporation		8.13			6-1-2019		400,000		450,599
Florida Gas Transmission Company 144A		4.35			7-15-2025		230,000		228,885
Magellan Midstream Partners LP		5.00			3-1-2026		170,000		185,842
Marathon Oil Corporation «		3.85			6-1-2025		410,000		380,860
Newfield Exploration Company		5.38			1-1-2026		75,000		76,155
Newfield Exploration Company		5.63			7-1-2024		249,000		256,781
Pioneer Natural Resource Company		4.45			1-15-2026		190,000		198,738
Plains All American Pipeline LP		4.65			10-15-2025		400,000		402,120
Southwestern Energy Company		6.70			1-23-2025		175,000		173,250
									4,488,694

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

86 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 6.92%
Banks: 2.78%
Bank of America Corporation		3.95	%		4-21-2025	$	120,000	$	118,820
Bank of America Corporation		4.00			4-1-2024		700,000		722,827
Citigroup Incorporated		3.30			4-27-2025		130,000		127,228
Citigroup Incorporated		3.40			5-1-2026		250,000		242,697
Citigroup Incorporated		4.40			6-10-2025		100,000		102,013
CoreStates Capital Trust II 144A±		1.53			1-15-2027		750,000		664,688
National Capital Commerce Incorporated ±(i)		1.83			4-1-2027		400,000		332,000
NTC Capital Trust Series A ±		1.40			1-15-2027		450,000		405,563
PNC Bank		3.25			6-1-2025		250,000		250,059
US Bancorp		2.95			7-15-2022		200,000		201,563
									3,167,458
Capital Markets: 1.35%
Goldman Sachs Capital II ±		4.00			12-29-2049		6,000		4,781
Goldman Sachs Group Incorporated		3.50			1-23-2025		265,000		263,497
Goldman Sachs Group Incorporated		4.25			10-21-2025		120,000		121,284
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		225,721
Morgan Stanley		3.70			10-23-2024		100,000		101,223
Morgan Stanley		3.95			4-23-2027		180,000		177,900
Morgan Stanley		5.50			7-24-2020		350,000		383,422
The Bank of New York Mellon Corporation		3.25			9-11-2024		250,000		251,899
									1,529,727
Consumer Finance: 0.37%
Caterpillar Financial Services Corporation		3.75			11-24-2023		150,000		157,473
Daimler Finance North America LLC 144A		2.38			8-1-2018		260,000		261,987
									419,460
Diversified Financial Services: 0.77%
Abay Leasing 2014 LLC		2.65			11-9-2026		479,167		486,737
CNH Industrial Capital LLC		3.38			7-15-2019		390,000		389,025
									875,762
Insurance: 1.65%
Berkshire Hathaway Incorporated		2.75			3-15-2023		210,000		209,067
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		814,437
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		637,949
Pacific LifeCorp 144A		6.00			2-10-2020		200,000		216,807
									1,878,260
Health Care: 3.19%
Health Care Equipment & Supplies: 0.56%
Becton Dickinson & Company		3.73			12-15-2024		134,000		137,074
C.R. Bard Incorporated		3.00			5-15-2026		170,000		162,793
Medtronic Incorporated		3.15			3-15-2022		130,000		133,181
Teleflex Incorporated		4.88			6-1-2026		200,000		198,000
									631,048

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 87

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services: 2.07%
Allina Health System Incorporated		4.81	%		11-15-2045	$	235,000	$	251,968
Ascension Health		3.95			11-15-2046		225,000		215,757
Howard Hughes Medical Institute		3.50			9-1-2023		120,000		125,098
Mayo Clinic		3.77			11-15-2043		120,000		112,355
Mednax Incorporated 144A		5.25			12-1-2023		475,000		482,125
Memorial Sloan Kettering Cancer Center		4.20			7-1-2055		375,000		367,499
Texas Health Resources		4.33			11-15-2055		375,000		371,782
The New York and Presbyterian Hospital		3.56			8-1-2036		275,000		263,223
The New York and Presbyterian Hospital		4.02			8-1-2045		175,000		169,905
									2,359,712
Life Sciences Tools & Services: 0.13%
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		150,000		152,392
Pharmaceuticals: 0.43%
Bayer US Finance LLC 144A		3.38			10-8-2024		240,000		237,523
EMD Finance LLC 144A		2.95			3-19-2022		250,000		249,550
									487,073
Industrials: 2.77%
Aerospace & Defense: 0.09%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		100,000		102,475
Commercial Services & Supplies: 0.32%
Clean Harbors Incorporated		5.25			8-1-2020		350,000		357,875
Construction & Engineering: 0.20%
Valmont Industries Incorporated		5.00			10-1-2044		260,000		226,951
Machinery: 1.86%
Actuant Corporation		5.63			6-15-2022		425,000		437,219
Briggs & Stratton Corporation		6.88			12-15-2020		350,000		384,125
Deere & Company		2.60			6-8-2022		340,000		340,038
Fortive Corporation 144A		3.15			6-15-2026		240,000		235,532
Oshkosh Corporation		5.38			3-1-2022		375,000		390,938
Vessel Management Services Incorporated		3.43			8-15-2036		340,000		330,454
									2,118,306
Road & Rail: 0.30%
Burlington Northern Santa Fe LLC		3.40			9-1-2024		150,000		154,244
Union Pacific Corporation		7.88			1-15-2019		171,000		191,623
									345,867
Information Technology: 1.06%
IT Services: 0.09%
Fiserv Incorporated		4.75			6-15-2021		100,000		107,943
Semiconductors & Semiconductor Equipment: 0.24%
Micron Technology Incorporated 144A		7.50			9-15-2023		245,000		269,500

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

88 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Software: 0.39%
Oracle Corporation		2.50	%		5-15-2022	$	220,000	$	217,701
Oracle Corporation		3.40			7-8-2024		220,000		223,986
									441,687
Technology Hardware, Storage & Peripherals: 0.34%
Hewlett Packard Enterprise Company 144A		5.15			10-15-2025		375,000		383,070
Materials: 1.70%
Chemicals: 0.61%
Scotts Miracle-Gro Company 144A		6.00			10-15-2023		390,000		412,425
Valspar Corporation		3.30			2-1-2025		100,000		95,862
Valvoline Incorporated 144A		5.50			7-15-2024		185,000		191,013
									699,300
Containers & Packaging: 0.50%
Ball Corporation		5.00			3-15-2022		350,000		368,375
International Paper Company		3.00			2-15-2027		210,000		196,120
									564,495
Metals & Mining: 0.28%
Alcoa Incorporated «		5.40			4-15-2021		300,000		316,875
Paper & Forest Products: 0.31%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		349,960
Real Estate: 3.19%
Equity REITs: 3.19%
Alexandria Real Estate Equities Incorporated		3.95			1-15-2027		240,000		238,759
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		189,616
AvalonBay Communities Incorporated		3.63			10-1-2020		40,000		41,571
Boston Properties LP		3.70			11-15-2018		180,000		185,845
Boston Properties LP		5.88			10-15-2019		200,000		218,864
Duke Realty LP		3.25			6-30-2026		130,000		125,637
Duke Realty LP		3.88			10-15-2022		150,000		156,258
ERP Operating LP		4.63			12-15-2021		281,000		305,169
Liberty Property LP		3.75			4-1-2025		100,000		100,431
Potlatch Corporation		7.50			11-1-2019		310,000		339,450
ProLogis LP		3.75			11-1-2025		170,000		174,710
Realty Income Corporation		4.65			8-1-2023		370,000		396,471
Simon Property Group LP		3.38			10-1-2024		300,000		303,349
UDR Incorporated		4.63			1-10-2022		260,000		279,318
Ventas Realty LP		3.50			2-1-2025		150,000		147,758
Vornado Realty LP		2.50			6-30-2019		200,000		200,709
Weingarten Realty Investors		3.25			8-15-2026		240,000		226,796
									3,630,711

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 89

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.77%
Diversified Telecommunication Services: 0.77%
AT&T Incorporated		4.75	%		5-15-2046	$	280,000	$	260,833
Verizon Communications Incorporated		2.63			8-15-2026		130,000		119,723
Verizon Communications Incorporated		3.50			11-1-2024		110,000		110,414
Verizon Communications Incorporated		5.15			9-15-2023		350,000		387,136
									878,106
Utilities: 2.60%
Electric Utilities: 1.95%
Great River Energy 144A		5.83			7-1-2017		129,702		131,767
IPALCO Enterprises Incorporated		3.45			7-15-2020		350,000		354,375
ITC Holdings Corporation		3.65			6-15-2024		120,000		120,192
Monongahela Power Company 144A		4.10			4-15-2024		380,000		397,222
Northern States Power Company of Wisconsin		3.30			6-15-2024		370,000		374,345
Otter Tail Corporation (i)		9.00			12-15-2016		350,000		350,625
PacifiCorp		3.35			7-1-2025		130,000		132,807
Tenaska Alabama II Partners LP 144A		7.00			6-30-2021		151,817		153,715
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		200,000		203,741
									2,218,789
Gas Utilities: 0.65%
AmeriGas Finance LLC		7.00			5-20-2022		375,000		393,750
Boardwalk Pipelines Company		5.95			6-1-2026		325,000		346,272
									740,022
Total Corporate Bonds and Notes (Cost $35,076,594)									35,648,382
Municipal Obligations: 7.98%
Alaska: 0.27%
Alaska Taxable Build America Bonds Series 2010A (GO Revenue)		5.74			8-1-2033		250,000		306,980
Arizona: 0.09%
Arizona School Facilities Board Refunding Certificates of Participation Series A-3 (Miscellaneous Revenue)		2.38			9-1-2019		100,000		101,562
Georgia: 0.52%
Cherokee County GA School System Build America Bonds (GO Revenue)		5.87			8-1-2028		500,000		589,275
Indiana: 0.19%
Indiana Finance Authority Taxable Facilities Series A (Miscellaneous Revenue)		2.37			7-1-2024		225,000		217,244
Maryland: 0.26%
Baltimore County MD (GO Revenue)		3.57			8-1-2032		300,000		300,279
Massachusetts: 0.72%
Boston MA Series C Qualified School Construction Bonds (GO Revenue)		4.40			4-1-2026		400,000		429,804
Massachusetts Build America Bonds Series D (GO Revenue)		4.50			8-1-2031		350,000		390,919
									820,723

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

90 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Missouri: 0.26%
Missouri Higher Education Loan Authority Notes Class A-1 (Education Revenue) ±		1.51	%		8-27-2029	$	298,636	$	295,243
New Jersey: 1.07%
Hudson County NJ Improvement Authority Hudson County Lease Project (Miscellaneous Revenue, AGM Insured)		7.40			12-1-2025		1,030,000		1,210,611
North Carolina: 1.03%
Duke University Series A (Education Revenue)		5.85			4-1-2037		300,000		384,144
North Carolina Education Assistance Authority Student Loan 2011-1 Series A3 (Education Revenue)		1.78			10-25-2041		650,000		641,797
University of North Carolina Chapel Hill Refunding Bonds Series 2016C (Education Revenue)		3.33			12-1-2036		150,000		146,888
									1,172,829
Ohio: 0.57%
Cuyahoga County OH Build America Bonds Series B (GO Revenue)		6.03			12-1-2034		325,000		391,817
Ohio Veterans Compensation (GO Revenue)		3.38			10-1-2021		250,000		261,330
									653,147
Oklahoma: 0.34%
Oklahoma Water Resource Board Revolving Fund Series A (Water & Sewer Revenue)		3.27			4-1-2023		375,000		391,226
Texas: 0.97%
Clear Creek TX Independent School District Taxable Refunding Series B (GO Revenue)		3.40			2-15-2022		375,000		394,046
Harris County TX Taxable Refunding Permanent Improvement Series B (GO Revenue)		2.12			10-1-2021		500,000		495,625
Texas State A&M University (Education Revenue)		3.11			5-15-2028		220,000		215,054
									1,104,725
Virginia: 0.20%
Virginia State HDA (Housing Revenue)		3.10			6-25-2041		232,393		229,728
Washington: 0.95%
King County WA Economic Development Taxable Bond Series C (GO Revenue)		5.03			12-1-2023		230,000		261,418
King County WA School District #210 (GO Revenue, AGM Insured)		4.90			12-1-2022		400,000		428,264
Washington Build America Bonds (Tax Revenue)		5.09			8-1-2033		325,000		385,011
									1,074,693
West Virginia: 0.44%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25			3-1-2035		475,000		498,152
Wisconsin: 0.10%
Milwaukee County WI Taxable Pension Promissory Notes Series A (GO Revenue)		6.84			12-1-2028		90,000		112,387
Total Municipal Obligations (Cost $8,666,179)									9,078,804
Non-Agency Mortgage-Backed Securities: 12.85%
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21			7-10-2046		700,000		745,013
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15			8-15-2045		550,000		569,718
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		620,000		629,503
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		630,000		659,103
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62			10-10-2046		550,000		579,303

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 91

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±		4.19	%		11-10-2023	$	600,000	$	648,600
Commercial Mortgage Pass-Through Certificate Series 2013-CR7 Class A4		3.21			3-10-2046		630,000		645,617
Credit Suisse First Boston Commercial Mortgage Trust Series 2004-AR5 Class 10A1 ±		2.98			6-25-2034		477,094		480,236
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		492,412		533,678
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71			8-10-2044		545,000		577,937
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38			5-10-2045		560,000		585,729
GS Mortgage Securities Trust Series 2013-GC10 Class AAB		2.56			2-10-2046		212,500		215,356
GS Mortgage Securities Trust Series 2013-GC12 Class AAB		2.68			6-10-2046		212,500		216,150
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		615,000		668,607
GS Mortgage Securities Trust Series 2013-GC16 Class A4		4.27			11-10-2046		350,000		380,035
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07			11-15-2043		395,000		413,814
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C12 Class ASB		3.16			7-15-2045		550,000		569,232
MMAF Equipment Finance LLC Series 2015-AA Class A4 144A		1.93			7-16-2021		500,000		502,071
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65			4-15-2047		550,000		575,437
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		500,000		546,547
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12			7-15-2049		530,000		572,403
Motel 6 Trust Series 2015-MTL6 Class B 144A		3.30			2-5-2030		500,000		500,171
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 144A±		6.50			10-25-2034		927,781		926,982
Sequoia Mortgage Trust Series 10 Class 1A ±		1.36			10-20-2027		241,147		234,985
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±		2.75			8-25-2055		398,622		399,182
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±		2.25			8-25-2055		578,924		575,353
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4		4.02			12-15-2046		630,000		672,195
Total Non-Agency Mortgage-Backed Securities (Cost $14,588,079)									14,622,957
U.S. Treasury Securities: 1.82%
U.S. Treasury Bond «		2.25			8-15-2046		1,075,000		905,394
U.S. Treasury Bond		2.88			11-15-2046		1,200,000		1,161,000
Total U.S. Treasury Securities (Cost $2,187,971)									2,066,394
Yankee Corporate Bonds and Notes: 5.42%
Consumer Discretionary: 0.30%
Media: 0.30%
Pearson Dollar Finance Two plc 144A		6.25			5-6-2018		325,000		341,580
Energy: 1.73%
Energy Equipment & Services: 0.36%
Schlumberger Norge AS 144A		4.20			1-15-2021		380,000		403,976
Oil, Gas & Consumable Fuels: 1.37%
BP Capital Markets plc		3.81			2-10-2024		110,000		113,626
BP Capital Markets plc		4.50			10-1-2020		350,000		375,578
Petroleos Mexicanos		2.29			2-15-2024		206,250		207,556
Petroleos Mexicanos		2.83			2-15-2024		431,250		442,215
Petroleos Mexicanos		6.38			1-23-2045		250,000		215,000
Total Capital International SA		3.70			1-15-2024		200,000		207,392
									1,561,367

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

92 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 1.46%
Banks: 0.77%
Bank of Nova Scotia		4.50	%		12-16-2025	$	250,000	$	253,936
Credit Suisse New York		3.63			9-9-2024		250,000		251,050
HSBC Holdings plc		3.60			5-25-2023		250,000		250,881
Royal Bank of Canada		4.65			1-27-2026		120,000		125,542
									881,409
Diversified Financial Services: 0.69%
Shell International Finance BV		3.25			5-11-2025		200,000		199,185
Shell International Finance BV		3.40			8-12-2023		370,000		376,760
Tyco Electronics Group SA		3.50			2-3-2022		200,000		206,215
									782,160
Health Care: 0.32%
Pharmaceuticals: 0.32%
Actavis Funding SCS		4.55			3-15-2035		230,000		225,353
Teva Pharmaceutical Finance BV		2.20			7-21-2021		150,000		143,994
									369,347
Industrials: 0.57%
Aerospace & Defense: 0.44%
BAE Systems plc 144A		4.75			10-11-2021		470,000		505,984
Road & Rail: 0.13%
Canadian Pacific Railway Company		2.90			2-1-2025		150,000		146,523
Information Technology: 0.70%
Semiconductors & Semiconductor Equipment: 0.34%
TSMC Global Limited 144A		1.63			4-3-2018		380,000		378,732
Technology Hardware, Storage & Peripherals: 0.36%
Seagate HDD		4.75			6-1-2023		425,000		412,781
Telecommunication Services: 0.34%
Wireless Telecommunication Services: 0.34%
Rogers Communications Incorporated		4.10			10-1-2023		370,000		388,944
Total Yankee Corporate Bonds and Notes (Cost $6,070,414)									6,172,803
	Yield					Shares
Short-Term Investments: 4.06%
Investment Companies: 4.06%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65					1,699,678		1,699,848
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31					2,919,104		2,919,104
Total Short-Term Investments (Cost $4,618,936)									4,618,952

Total investments in securities (Cost $112,845,635) *	100.60	%		114,462,207
Other assets and liabilities, net	(0.60	)		(680,614	)
Total net assets	100.00	%	$	113,781,593

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 93

MANAGED FIXED INCOME PORTFOLIO

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

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

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

(i) Illiquid security

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

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

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

* Cost for federal income tax purposes is $112,924,557 and unrealized gains (losses) consists of:

Gross unrealized gains	$	2,988,290
Gross unrealized losses		(1,450,640	)
Net unrealized gains	$	1,537,650

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

94 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

REAL RETURN PORTFOLIO

Security name	Shares		Value
Common Stocks: 14.12%
Consumer Staples: 3.47%
Beverages: 0.28%
The Coca-Cola Company		5,100	$	205,785
Food & Staples Retailing: 0.67%
The Kroger Company		5,132		165,764
Wal-Mart Stores Incorporated		1,718		120,999
Walgreens Boots Alliance Incorporated		2,326		197,082
				483,845
Food Products: 1.09%
Biostime International Holdings Limited Ǡ		79,000		258,190
JBS SA		52,100		150,351
Marine Harvest ASA		4,555		81,912
Mead Johnson Nutrition Company		1,122		80,885
Mondelez International Incorporated Class A		2,537		104,626
The Hershey Company		476		46,001
The Kraft Heinz Company		889		72,587
				794,552
Household Products: 1.11%
Church & Dwight Company Incorporated		2,528		110,701
Reckitt Benckiser Group plc		4,626		391,446
The Clorox Company		502		58,011
The Procter & Gamble Company		3,032		250,019
				810,177
Personal Products: 0.08%
The Estee Lauder Companies Incorporated Class A		771		59,907
Tobacco: 0.24%
Philip Morris International		1,965		173,470
Energy: 3.70%
Energy Equipment & Services: 0.60%
AMEC Foster Wheeler plc		27,787		151,584
Halliburton Company		3,763		199,778
Schlumberger Limited		1,073		90,186
				441,548
Oil, Gas & Consumable Fuels: 3.10%
Anadarko Petroleum Corporation		2,011		139,061
BP plc		106,870		614,357
Chevron Corporation		3,127		348,848
Cimarex Energy Company		1,073		147,945
Eni SpA		32,056		446,425
EOG Resources Incorporated		1,815		186,074
Occidental Petroleum Corporation		2,104		150,141
Phillips 66 Company		1,119		92,967
Pioneer Natural Resources Company		699		133,537
				2,259,355

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 95

REAL RETURN PORTFOLIO

Security name	Shares		Value
Materials: 3.66%
Chemicals: 0.78%
Axalta Coating Systems Limited †		1,809	$	47,794
Dow Chemical Company		2,028		113,000
Ecolab Incorporated		506		59,065
International Flavors & Fragrances Incorporated		493		59,678
LyondellBasell Industries NV Class A		1,018		91,946
PolyOne Corporation		1,895		62,478
PPG Industries Incorporated		788		75,593
Praxair Incorporated		500		60,150
				569,704
Construction Materials: 0.09%
Martin Marietta Materials Incorporated		309		67,810
Containers & Packaging: 0.10%
Crown Holdings Incorporated †		1,375		74,786
Metals & Mining: 2.69%
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares		3,600		147,780
Barrick Gold Corporation		5,000		75,100
Detour Gold Corporation †		9,800		124,898
Fresnillo plc		6,800		102,098
Goldcorp Incorporated-U.S. Exchange Traded Shares		5,171		68,205
Kinross Gold Corporation †		20,000		66,106
Lundin Mining Corporation †		53,049		260,249
Newmont Mining Corporation		7,600		246,544
Randgold Resources Limited ADR		3,050		219,234
Royal Gold Incorporated		3,759		261,777
Silver Wheaton Corporation-U.S. Exchange Traded Shares		10,000		182,300
Steel Dynamics Incorporated		1,981		70,286
Tahoe Resources Incorporated		14,000		134,549
				1,959,126
Real Estate: 3.29%
Equity REITs: 3.29%
American Homes 4 Rent Class A		3,633		76,547
American Tower Corporation		2,796		285,947
AvalonBay Communities Incorporated		1,195		196,566
Boston Properties Incorporated		1,885		233,514
Camden Property Trust		1,746		137,428
Equinix Incorporated		439		148,716
Essex Property Trust Incorporated		472		101,914
General Growth Properties Incorporated		6,912		175,150
Hersha Hospitality Trust		1,971		39,755
Host Hotels & Resorts Incorporated		6,076		108,396
Mid-America Apartment Communities Incorporated		679		62,217
Physicians Realty Trust		12,345		223,691
Prologis Incorporated		3,416		173,874
Public Storage Incorporated		568		118,882

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

96 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

REAL RETURN PORTFOLIO

Security name						Shares		Value
Equity REITs (continued)
Simon Property Group Incorporated							1,018	$	182,884
Ventas Incorporated							2,228		134,616
									2,400,097
Total Common Stocks (Cost $9,929,361)									10,300,162
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 10.01%
Consumer Discretionary: 3.32%
Auto Components: 0.33%
American Axle & Manufacturing Incorporated «		6.25	%		3-15-2021	$	100,000		102,000
American Axle & Manufacturing Incorporated		7.75			11-15-2019		25,000		27,688
Cooper Tire & Rubber Company (i)		8.00			12-15-2019		20,000		22,250
Goodyear Tire & Rubber Company		7.00			5-15-2022		85,000		89,144
									241,082
Diversified Consumer Services: 0.14%
Service Corporation International		5.38			1-15-2022		100,000		103,500
Hotels, Restaurants & Leisure: 0.58%
GLP Capital LP/GLP Financing II Incorporated		4.88			11-1-2020		75,000		78,750
Hilton Worldwide Finance LLC		5.63			10-15-2021		100,000		103,248
MGM Resorts International		8.63			2-1-2019		100,000		111,000
NCL Corporation Limited 144A		5.25			11-15-2019		125,000		126,875
									419,873
Household Durables: 0.35%
CalAtlantic Group Incorporated		6.63			5-1-2020		15,000		16,463
DR Horton Incorporated		3.63			2-15-2018		135,000		136,688
Lennar Corporation		4.50			6-15-2019		100,000		103,000
									256,151
Media: 1.17%
CCO Holdings LLC		6.63			1-31-2022		125,000		129,844
CSC Holdings LLC		7.63			7-15-2018		75,000		79,500
DISH DBS Corporation		4.25			4-1-2018		130,000		132,600
DISH DBS Corporation		7.88			9-1-2019		25,000		27,688
LIN Television Corporation		6.38			1-15-2021		40,000		41,400
Mediacom LLC/Mediacom Capital Corporation		7.25			2-15-2022		70,000		72,450
National CineMedia LLC		6.00			4-15-2022		100,000		103,000
Nexstar Broadcasting Group Incorporated		6.88			11-15-2020		75,000		77,250
Sinclair Television Group Incorporated		6.13			10-1-2022		100,000		103,750
TEGNA Incorporated		5.13			10-15-2019		50,000		51,267
TEGNA Incorporated		5.13			7-15-2020		30,000		30,975
									849,724
Multiline Retail: 0.14%
Dollar Tree Incorporated		5.25			3-1-2020		100,000		103,250

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 97

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 0.36%
Best Buy Company Incorporated		5.00	%		8-1-2018	$	100,000	$	104,795
International Game Technology		7.50			6-15-2019		50,000		54,625
Sally Beauty Holdings Incorporated		5.75			6-1-2022		100,000		103,625
									263,045
Textiles, Apparel & Luxury Goods: 0.25%
Levi Strauss & Company		6.88			5-1-2022		75,000		78,750
The William Carter Company		5.25			8-15-2021		100,000		103,600
									182,350
Consumer Staples: 0.70%
Beverages: 0.14%
Cott Beverages Incorporated		6.75			1-1-2020		100,000		103,500
Food Products: 0.56%
B&G Foods Incorporated		4.63			6-1-2021		85,000		86,700
Pinnacle Foods Incorporated		4.88			5-1-2021		100,000		102,250
Post Holdings Incorporated 144A		6.75			12-1-2021		90,000		95,850
Smithfield Foods Incorporated		7.75			7-1-2017		120,000		123,660
									408,460
Energy: 0.74%
Energy Equipment & Services: 0.17%
NGPL PipeCo LLC 144A		7.12			12-15-2017		120,000		124,500
Oil, Gas & Consumable Fuels: 0.57%
Crestwood Midstream Partners LP		6.00			12-15-2020		30,000		30,525
Kinder Morgan Incorporated		7.00			6-15-2017		60,000		61,592
Rockies Express Pipeline LLC 144A		6.00			1-15-2019		125,000		130,000
Sabine Pass Liquefaction LLC		5.63			2-1-2021		60,000		63,750
Tesoro Corporation		4.25			10-1-2017		65,000		66,056
Tesoro Logistics LP		5.88			10-1-2020		65,000		67,106
									419,029
Financials: 1.01%
Banks: 0.22%
CIT Group Incorporated		4.25			8-15-2017		105,000		106,604
CIT Group Incorporated		5.25			3-15-2018		25,000		25,856
CIT Group Incorporated 144A		5.50			2-15-2019		25,000		26,391
									158,851
Consumer Finance: 0.79%
Ally Financial Incorporated		3.75			11-18-2019		65,000		65,073
Ally Financial Incorporated		6.25			12-1-2017		60,000		62,100
Diamond 1 Finance Corporation 144A		3.48			6-1-2019		40,000		40,763
General Motors Financial Company Incorporated		3.25			5-15-2018		135,000		136,331
Navient Corporation		4.63			9-25-2017		130,000		131,950
Toll Brothers Finance Corporation		4.00			12-31-2018		135,000		138,796
									575,013

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

98 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 0.83%
Health Care Providers & Services: 0.79%
Centene Corporation		5.63	%		2-15-2021	$	115,000	$	118,450
Fresenius Medical Care Holdings Incorporated		6.88			7-15-2017		125,000		128,125
HCA Incorporated		8.00			10-1-2018		115,000		124,775
MPT Operating Partnership LP		6.38			2-15-2022		100,000		102,625
Tenet Healthcare Corporation		6.25			11-1-2018		100,000		104,250
									578,225
Life Sciences Tools & Services: 0.04%
inVentiv Health Incorporated 144A		9.00			1-15-2018		30,000		30,227
Industrials: 1.13%
Aerospace & Defense: 0.06%
Huntington Ingalls Industries Incorporated 144A		5.00			12-15-2021		40,000		41,600
Airlines: 0.28%
American Airlines Group Incorporated		6.13			6-1-2018		100,000		103,375
United Continental Holdings Incorporated		6.38			6-1-2018		100,000		103,500
									206,875
Building Products: 0.12%
USG Corporation		9.75			1-15-2018		80,000		84,400
Commercial Services & Supplies: 0.29%
ACCO Brands Corporation		6.75			4-30-2020		105,000		109,988
Clean Harbors Incorporated		5.13			6-1-2021		100,000		102,250
									212,238
Machinery: 0.09%
Case New Holland Industrial Incorporated		7.88			12-1-2017		65,000		68,501
Trading Companies & Distributors: 0.29%
Aircastle Limited		4.63			12-15-2018		100,000		104,375
Ashtead Capital Incorporated 144A		6.50			7-15-2022		100,000		104,625
									209,000
Information Technology: 0.42%
Communications Equipment: 0.08%
ViaSat Incorporated		6.88			6-15-2020		55,000		56,753
Electronic Equipment, Instruments & Components: 0.11%
Jabil Circuit Incorporated		8.25			3-15-2018		75,000		80,614
Internet Software & Services: 0.15%
IAC/InterActiveCorp		4.88			11-30-2018		109,000		110,635
Technology Hardware, Storage & Peripherals: 0.08%
EMC Corporation		1.88			6-1-2018		60,000		59,119

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 99

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Materials: 0.57%
Chemicals: 0.11%
Ashland Incorporated		3.88	%		4-15-2018	$	80,000	$	81,600
Containers & Packaging: 0.30%
Owens-Illinois Incorporated		7.80			5-15-2018		120,000		128,400
Reynolds Group Holdings		5.75			10-15-2020		85,000		87,444
									215,844
Metals & Mining: 0.16%
Alcoa Incorporated		6.75			7-15-2018		60,000		63,825
Steel Dynamics Incorporated		6.13			8-15-2019		50,000		51,700
									115,525
Real Estate: 0.60%
Equity REITs: 0.44%
ARC Properties Operating Partnership LP		3.00			2-6-2019		100,000		99,780
Equinix Incorporated		5.38			1-1-2022		100,000		104,250
Iron Mountain Incorporated 144A		6.00			10-1-2020		100,000		105,250
VEREIT Operating Partnership LP		4.13			6-1-2021		10,000		10,250
									319,530
Real Estate Management & Development: 0.16%
KB Home		4.75			5-15-2019		60,000		60,750
Taylor Morrison Communities Incorporated 144A		5.25			4-15-2021		60,000		61,350
									122,100
Telecommunication Services: 0.69%
Diversified Telecommunication Services: 0.35%
CenturyLink Incorporated		5.63			4-1-2020		90,000		93,713
Frontier Communications Corporation		8.13			10-1-2018		75,000		79,973
Hughes Satellite Systems Corporation		6.50			6-15-2019		75,000		80,625
									254,311
Wireless Telecommunication Services: 0.34%
Sprint Communications Incorporated 144A		9.00			11-15-2018		130,000		142,675
T-Mobile USA Incorporated		6.25			4-1-2021		5,000		5,213
T-Mobile USA Incorporated		6.46			4-28-2019		100,000		101,625
									249,513	��
Total Corporate Bonds and Notes (Cost $7,319,812)									7,304,938
Loans: 3.24%
Consumer Discretionary: 0.46%
Auto Components: 0.08%
Allison Transmission Incorporated ±		3.25			9-23-2022		56,713		57,188

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

100 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Household Products: 0.18%
Michaels Stores Incorporated ±		3.75	%		1-27-2023	$	132,238	$	133,148
Internet & Direct Marketing Retail: 0.08%
Ancestry.com Incorporated ±		5.25			10-19-2023		55,000		55,092
Media: 0.12%
Virgin Media Investment Holdings Limited ±		3.50			6-30-2023		90,898		91,381
Financials: 0.18%
Diversified Financial Services: 0.18%
Delos Finance SARL ±		3.59			3-6-2021		135,000		135,748
Health Care: 0.27%
Health Care Equipment & Supplies: 0.11%
Prestige Brands Incorporated ±		3.50			9-3-2021		83,048		83,549
Health Care Providers & Services: 0.16%
Community Health Systems Incorporated ±		4.16			12-31-2018		118,263		114,473
Industrials: 0.85%
Aerospace & Defense: 0.16%
TransDigm Incorporated ±		3.82			2-28-2020		117,909		118,137
Airlines: 0.19%
Delta Air Lines Incorporated ±		3.25			8-24-2022		133,650		134,628
Commercial Services & Supplies: 0.50%
Huntsman International LLC ±%%<		0.00			4-1-2023		100,000		100,438
KAR Auction Services Incorporated ±		4.06			3-9-2021		131,865		132,579
ServiceMaster Company ±		3.11			11-3-2023		135,000		134,691
									367,708
Information Technology: 0.45%
Internet Software & Services: 0.09%
Zayo Group LLC ±		3.75			5-6-2021		62,460		62,633
IT Services: 0.13%
First Data Corporation ±		4.33			7-8-2022		93,295		93,697
Semiconductors & Semiconductor Equipment: 0.23%
Avago Technologies ±		3.54			2-1-2023		97,397		98,290
Micron Technology Incorporated ±%%<		4.36			4-26-2022		20,000		20,211
NXP Semiconductors NV ±		3.41			12-7-2020		53,320		53,462
									171,963
Materials: 0.54%
Chemicals: 0.18%
Ineos US Finance LLC ±		3.75			12-15-2020		132,301		132,538

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 101

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Containers & Packaging: 0.22%
Berry Plastics Group Incorporated ±		3.50	%		2-8-2020	$	132,259	$	132,604
Reynolds Group Holdings Incorporated ±		4.25			2-5-2023		30,000		30,146
									162,750
Metals & Mining: 0.14%
Novelis Incorporated ±		4.00			6-2-2022		99,747		99,919
Real Estate: 0.16%
Equity REITs: 0.16%
MGM Growth Properties LLC ±		3.50			4-25-2023		114,712		115,190
Telecommunication Services: 0.19%
Diversified Telecommunication Services: 0.19%
Level 3 Financing Incorporated ±		3.50			5-31-2022		135,000		135,929
Utilities: 0.14%
Independent Power & Renewable Electricity Producers: 0.14%
Calpine Corporation ±		3.59			5-27-2022		99,747		99,922
Total Loans (Cost $2,357,822)									2,365,593
U.S. Treasury Securities: 66.55%
TIPS		0.13			4-15-2018		287,194		289,086
TIPS		0.13			4-15-2019		1,586,585		1,602,435
TIPS		0.13			4-15-2020		3,901,843		3,934,934
TIPS		0.13			4-15-2021		2,368,175		2,378,536
TIPS		0.13			1-15-2022		1,557,236		1,559,109
TIPS		0.13			7-15-2022		2,314,743		2,320,798
TIPS		0.13			1-15-2023		1,762,291		1,749,389
TIPS		0.13			7-15-2024		1,911,377		1,878,607
TIPS		0.13			7-15-2026		1,641,606		1,593,198
TIPS		0.25			1-15-2025		1,946,729		1,916,458
TIPS		0.38			7-15-2023		2,251,050		2,272,891
TIPS		0.38			7-15-2025		1,837,472		1,830,464
TIPS		0.63			7-15-2021		1,435,274		1,480,930
TIPS		0.63			1-15-2024		1,774,373		1,807,183
TIPS		0.63			1-15-2026		2,809,185		2,844,356
TIPS		0.63			2-15-2043		577,506		535,493
TIPS		0.75			2-15-2042		860,038		823,317
TIPS		0.75			2-15-2045		1,189,197		1,131,609
TIPS		1.00			2-15-2046		916,956		934,203
TIPS		1.13			1-15-2021		1,710,534		1,791,377
TIPS		1.25			7-15-2020		1,284,062		1,354,132
TIPS		1.38			7-15-2018		576,543		597,203
TIPS		1.38			1-15-2020		1,172,178		1,230,701
TIPS		1.38			2-15-2044		895,993		988,252
TIPS		1.63			1-15-2018		316,891		324,836
TIPS		1.75			1-15-2028		685,636		769,370
TIPS		1.88			7-15-2019		531,391		565,060

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

102 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

REAL RETURN PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
TIPS		2.00	%		1-15-2026	$	729,780	$	825,417
TIPS		2.13			1-15-2019		466,626		492,619
TIPS		2.13			2-15-2040		390,919		488,940
TIPS		2.13			2-15-2041		567,721		714,627
TIPS		2.38			1-15-2025		1,165,446		1,342,108
TIPS		2.38			1-15-2027		658,394		775,250
TIPS		2.50			1-15-2029		669,018		811,363
TIPS		2.63			7-15-2017		58,239		59,639
TIPS		3.38			4-15-2032		204,008		283,980
TIPS		3.63			4-15-2028		1,052,262		1,391,475
TIPS		3.88			4-15-2029		631,446		868,806
Total U.S. Treasury Securities (Cost $47,673,223)									48,558,151
Yankee Corporate Bonds and Notes: 0.93%
Consumer Discretionary: 0.14%
Automobiles: 0.14%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		100,000		102,000
Consumer Staples: 0.14%
Food & Staples Retailing: 0.14%
Tesco plc 144A		5.50			11-15-2017		100,000		102,878
Financials: 0.23%
Banks: 0.23%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		80,000		83,200
Royal Bank of Scotland Group plc		4.70			7-3-2018		80,000		81,428
									164,628
Health Care: 0.14%
Pharmaceuticals: 0.14%
Mallinckrodt International Finance SA		3.50			4-15-2018		100,000		99,500
Information Technology: 0.14%
Communications Equipment: 0.14%
Nokia Corporation		5.38			5-15-2019		100,000		104,750
Materials: 0.14%
Containers & Packaging: 0.14%
Ardagh Packaging Finance plc 144A±		3.85			12-15-2019		100,000		101,743
Total Yankee Corporate Bonds and Notes (Cost $671,391)									675,499
	Yield					Shares
Short-Term Investments: 5.78%
Investment Companies: 5.71%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65					371,298		371,335
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.31					3,792,921		3,792,921
									4,164,256

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 103

REAL RETURN PORTFOLIO

Security name	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.07%
U.S. Treasury Bill (z)#		0.32	%		12-15-2016	$	50,000	$	49,997
Total Short-Term Investments (Cost $4,214,228)									4,214,253

Total investments in securities (Cost $72,165,837) *	100.63	%		73,418,596
Other assets and liabilities, net	(0.63	)		(458,627	)
Total net assets	100.00	%	$	72,959,969

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

† Non-income-earning security

(i) Illiquid security

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

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

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

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

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

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

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

## All or a portion of this security is segregated for unfunded loans.

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

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

* Cost for federal income tax purposes is $72,130,823 and unrealized gains (losses) consists of:

Gross unrealized gains	$	2,188,040
Gross unrealized losses		(900,267	)
Net unrealized gains	$	1,287,773

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

104 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 22.66%
FHLMC		6.00	%		7-1-2017	$	2,728	$	2,742
FHLMC		7.50			7-17-2017		3,618		3,642
FHLMC Series T-54 Class 4A ±		3.27			2-25-2043		387,680		398,255
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		493,840		578,000
FHLMC Series T-63 Class 1A1 ±		1.71			2-25-2045		332,937		331,019
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-2043		353,234		409,371
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		533,764		587,614
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		600,146		695,026
FNMA ±		1.72			10-1-2034		191,915		195,629
FNMA ±		1.72			4-1-2044		138,508		141,179
FNMA ±		1.72			10-1-2044		176,549		180,554
FNMA ±		1.94			4-1-2034		260,604		274,577
FNMA ±		2.22			4-1-2037		211,265		216,027
FNMA ±		2.22			9-1-2033		113,408		117,949
FNMA ±		2.23			10-1-2033		272,464		283,449
FNMA ±		2.38			1-1-2036		145,481		152,649
FNMA ±		2.43			6-1-2033		252,486		265,728
FNMA ±		2.56			12-1-2033		245,344		257,598
FNMA ±		2.71			8-1-2035		235,744		247,699
FNMA ±		2.83			6-1-2033		195,835		201,369
FNMA ±		2.84			7-1-2035		138,841		146,541
FNMA		5.50			2-1-2017		2,660		2,664
FNMA Series 2003-W4 Class 3A ±		6.25			10-25-2042		229,227		257,367
FNMA Series 2004-W2 Class 2A2		7.00			2-25-2044		155,935		179,665
FNMA Series 2007-88 Class HC ±		2.85			9-25-2037		169,049		178,108
Total Agency Securities (Cost $5,937,227)									6,304,421
Asset-Backed Securities: 29.75%
Ally Auto Receivables Trust Series 2015-1 Class A2		0.92			2-15-2018		24,177		24,171
Ally Auto Receivables Trust Series 2016-1 Class A2A		1.20			8-15-2018		77,320		77,372
Ally Auto Receivables Trust Series 2016-2 Class A2		1.17			10-15-2018		106,418		106,456
Ally Auto Receivables Trust Series 2016-3 Class A2		1.19			12-17-2018		150,000		150,061
American Express Credit Account Master Trust Series 2014-4 Class A		1.43			6-15-2020		130,000		130,268
AmeriCredit Automobile Receivables Trust Series 2014-1 Class A3		0.90			2-8-2019		16,884		16,878
AmeriCredit Automobile Receivables Trust Series 2014-4 Class A3		1.27			7-8-2019		95,419		95,412
AmeriCredit Automobile Receivables Trust Series 2015-2 Class A3		1.27			1-8-2020		135,000		134,996
AmeriCredit Automobile Receivables Trust Series 2016-1 Class A2 ±		1.29			6-10-2019		93,538		93,696
AmeriCredit Automobile Receivables Trust Series 2016-2 Class A2A		1.42			10-8-2019		127,143		127,263
AmeriCredit Automobile Receivables Trust Series 2016-3 Class A2A		1.37			11-8-2019		155,000		154,994
Bank of the West Auto Trust Series 2014-1 Class A3 144A		1.09			3-15-2019		63,056		63,053
Bank of the West Auto Trust Series 2015-1 Class A2 144A±		0.89			4-16-2018		11,739		11,740
BMW Vehicle Owner Trust Series 2016 Class A2a		0.99			5-25-2019		155,000		154,809
Capital Auto Receivables Asset Trust Series 2014-2 Class A4		1.62			10-22-2018		150,000		150,235
Capital Auto Receivables Asset Trust Series 2015-1 Class A2		1.42			6-20-2018		82,888		82,913
Capital Auto Receivables Asset Trust Series 2015-2 Class A1B ±		0.96			10-20-2017		24,064		24,069
Capital Auto Receivables Asset Trust Series 2016-1 Class A2B ±		1.26			11-20-2018		58,726		58,850
Capital Auto Receivables Asset Trust Series 2016-2 Class A2A		1.32			1-22-2019		200,000		200,073
Capital Auto Receivables Asset Trust Series 2016-3 Class A2A		1.36			4-22-2019		150,000		149,997
Capital One Multi-Asset Execution Trust Series 2014-A2 Class A2		1.26			1-15-2020		100,000		100,061

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 105

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
CarMax Auto Owner Trust Series 2014-1 Class A3		0.79	%		10-15-2018	$	30,643	$	30,621
CarMax Auto Owner Trust Series 2015-1 Class A3		1.38			11-15-2019		127,671		127,779
CarMax Auto Owner Trust Series 2015-3 Class A2B ±		0.99			11-15-2018		57,591		57,641
CarMax Auto Owner Trust Series 2016-1 Class A2		1.30			4-15-2019		104,913		104,952
CarMax Auto Owner Trust Series 2016-2 Class A2A		1.24			6-17-2019		146,145		146,186
Chase Issuance Trust Series 2014 Class A6		1.26			7-15-2019		120,000		120,128
CNH Equipment Trust Series 2014-Class A3		0.84			5-15-2019		35,137		35,118
CNH Equipment Trust Series 2014-B Class A3		0.91			5-15-2019		57,459		57,425
CNH Equipment Trust Series 2015 Class A2B ±		1.01			12-17-2018		63,567		63,638
CNH Equipment Trust Series 2016-B Class A2A		1.31			10-15-2019		150,000		150,025
College Loan Corporation Trust Series 2004-1 Class A4 ±		1.07			4-25-2024		27,541		27,461
Dell Equipment Finance Trust Series 2015-1 Class A2 144A		1.01			7-24-2017		12,397		12,395
Dell Equipment Finance Trust Series 2016-1 Class A2 144A		1.43			9-24-2018		150,000		150,039
Fifth Third Auto Trust Series 2014-1 Class A3		0.68			4-16-2018		5,901		5,899
Fifth Third Auto Trust Series 2014-2 Class A3		0.89			11-15-2018		46,416		46,394
Ford Credit Auto Owner Trust Series 2014-A Class A3		0.79			5-15-2018		25,639		25,631
Ford Credit Auto Owner Trust Series 2014-B Class A3		0.90			10-15-2018		42,926		42,906
Ford Credit Auto Owner Trust Series 2014-C Class A3		1.06			5-15-2019		166,810		166,771
Ford Credit Auto Owner Trust Series 2016-A Class A2 ±		0.94			12-15-2018		97,452		97,567
Ford Credit Auto Owner Trust Series 2016-B Class A2A		1.08			3-15-2019		145,592		145,585
GM Financial Automobile Lease Series 2016-1A Class A2		1.30			7-20-2018		120,440		120,470
GM Financial Automobile Lease Series 2016-2 Class A2A		1.28			10-22-2018		160,000		159,973
GSAMP Trust Series 2005 A2 Class A1 144A±		0.93			1-25-2045		102,887		102,058
Honda Auto Receivables Owner Trust Series 2014-1 Class A3		0.67			11-21-2017		12,481		12,477
Honda Auto Receivables Owner Trust Series 2014-4 Class A3		0.99			9-17-2018		57,205		57,172
Honda Auto Receivables Owner Trust Series 2015-3 Class A2		0.92			11-20-2017		37,622		37,615
Honda Auto Receivables Owner Trust Series 2016-2 Class A2		1.13			9-17-2018		150,000		150,005
Honda Auto Receivables Owner Trust Series 2016-3 Class A2		1.01			10-18-2018		150,000		149,905
Huntington Auto Trust 2016 1 A2		1.38			5-15-2019		140,000		139,994
Hyundai Auto Lease Securitization Trust Series 2015-A Class A3 144A		1.42			9-17-2018		130,000		130,143
Hyundai Auto Lease Securitization Trust Series 2015-B Class A3 144A		1.40			11-15-2018		140,000		140,174
Hyundai Auto Lease Securitization Trust Series 2016-A Class A2 144A		1.33			7-16-2018		129,391		129,484
Hyundai Auto Lease Securitization Trust Series 2016-B Class A2A 144A		1.24			11-15-2018		150,000		149,993
Hyundai Auto Receivables Trust Series 2014-A Class A3		0.79			7-16-2018		20,407		20,398
Hyundai Auto Receivables Trust Series 2015-A Class A3		1.05			4-15-2019		100,610		100,562
Hyundai Auto Receivables Trust Series 2016-A Class A2		1.21			6-17-2019		122,276		122,340
John Deere Owner Trust Series 2014-A Class A3		0.92			4-16-2018		32,342		32,327
John Deere Owner Trust Series 2015-A Class A3		1.32			6-17-2019		130,000		130,088
John Deere Owner Trust Series 2016-B Class A2		1.09			2-15-2019		150,000		149,840
Kubota Credit Owner Trust Series 2016-1A Class A2 144A		1.25			4-15-2019		155,000		154,836
Mercedes Benz Auto Lease Trust Series 2015-A Class A3		1.10			8-15-2017		20,956		20,957
Mercedes Benz Auto Lease Trust Series 2016-A Class A2A		1.34			7-16-2018		66,749		66,812
Mercedes Benz Auto Receivables Trust Series 2015-1 Class A2B ±		0.81			6-15-2018		43,273		43,289
Mercedes Benz Auto Receivables Trust Series 2016-1 Class A2a		1.11			3-15-2019		150,000		149,974
MMAF Equipment Finance LLC Series 2016-AA Class A2 144A		1.39			12-17-2018		150,000		150,068
Nissan Auto Lease Trust Series 2016-A Class A2A		1.22			8-15-2018		150,000		150,031
Nissan Auto Receivables Owner Trust Series 2014-A Class A3		0.72			8-15-2018		25,947		25,927
Nissan Auto Receivables Owner Trust Series 2014-B Class A3		1.11			5-15-2019		91,665		91,662
Nissan Auto Receivables Owner Trust Series 2015-A Class A3		1.05			10-15-2019		122,541		122,416
Nissan Auto Receivables Owner Trust Series 2015-B Class A2B ±		0.82			7-16-2018		53,907		53,945

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

106 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Nissan Auto Receivables Owner Trust Series 2016-C Class A2A		1.07	%		5-15-2019	$	160,000	$	159,749
Santander Drive Auto Receivables Trust Series 2015-4 Class A2B ±		1.24			12-17-2018		15,842		15,848
Santander Drive Auto Receivables Trust Series 2016-2 Class A2A		1.38			7-15-2019		125,378		125,509
SunTrust Auto Receivables Trust Series 2015-1A Class A2 144A		0.99			6-15-2018		19,006		19,005
Toyota Auto Receivables Owner Trust Series 2014-A Class A3		0.67			12-15-2017		16,336		16,329
Toyota Auto Receivables Owner Trust Series 2014-B Class A3		0.76			3-15-2018		33,861		33,842
Toyota Auto Receivables Owner Trust Series 2015-B Class A2B ±		0.75			11-15-2017		22,443		22,445
Toyota Auto Receivables Owner Trust Series 2015-C Class A2B ±		0.87			2-15-2018		39,595		39,610
Toyota Auto Receivables Owner Trust Series 2016-B Class A2A		1.02			10-15-2018		180,000		179,906
Toyota Auto Receivables Owner Trust Series 2016-C Class A2A		1.00			1-15-2019		155,000		154,850
Volkswagen Auto Lease Trust Series 2015-A Class A3		1.25			12-20-2017		130,000		129,956
Volvo Financial Equipment LLC Series 2014-1A Class A3 144A		0.82			4-16-2018		28,785		28,758
Volvo Financial Equipment LLC Series 2015-1A Class A3 144A		1.51			6-17-2019		150,000		150,269
World Omni Auto Receivables Trust Series 2015-B		0.96			7-15-2019		71,325		71,282
World Omni Auto Receivables Trust Series 2016-B Class A2		1.10			1-15-2020		190,000		189,659
World Omni Automobile Lease Securitization Trust Series 2016-A Class A2A		1.20			2-15-2019		155,000		154,830
Total Asset-Backed Securities (Cost $8,277.870)									8,278,310
Corporate Bonds and Notes: 29.46%
Consumer Discretionary: 0.84%
Hotels, Restaurants & Leisure: 0.26%
McDonald’s Corporation		5.80			10-15-2017		70,000		72,592
Specialty Retail: 0.58%
Lowe’s Companies Incorporated		1.63			4-15-2017		160,000		160,192
Consumer Staples: 2.23%
Beverages: 1.19%
Anheuser-Busch InBev NV Companies Incorporated		1.38			7-15-2017		140,000		140,084
Brown Forman Corporation		1.00			1-15-2018		100,000		99,567
PepsiCo Incorporated ±		1.13			7-17-2017		90,000		90,117
									329,768
Food Products: 1.04%
Cargill Incorporated 144A		1.90			3-1-2017		114,000		114,271
General Mills Incorporated		5.70			2-15-2017		85,000		85,779
Kraft Heinz Foods Company		1.60			6-30-2017		90,000		90,095
									290,145
Energy: 1.52%
Oil, Gas & Consumable Fuels: 1.52%
Chevron Corporation ±		1.02			2-22-2017		110,000		110,016
Chevron Corporation		1.34			11-9-2017		30,000		30,028
Chevron Corporation ±		1.41			5-16-2018		60,000		60,252
Exxon Mobil Corporation ±		1.54			2-28-2018		90,000		90,625
Marathon Oil Corporation		6.00			10-1-2017		70,000		72,243
Phillips 66		2.95			5-1-2017		60,000		60,428
									423,592

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 107

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 9.26%
Banks: 3.27%
Bank of America Corporation		1.70	%		8-25-2017	$	60,000	$	60,096
Bank of America Corporation		2.00			1-11-2018		50,000		50,106
Bank of America Corporation		3.88			3-22-2017		70,000		70,561
Berkshire Hathaway Finance Corporation ±		1.54			3-15-2019		100,000		101,271
Citigroup Incorporated		1.80			2-5-2018		150,000		149,962
Citigroup Incorporated		1.85			11-24-2017		40,000		40,112
HSBC USA Incorporated ±		1.65			8-7-2018		110,000		109,904
JPMorgan Chase & Company		1.80			1-25-2018		60,000		60,029
JPMorgan Chase & Company		2.00			8-15-2017		60,000		60,270
JPMorgan Chase & Company		6.00			1-15-2018		60,000		62,790
KeyCorp		2.30			12-13-2018		90,000		90,738
US Bancorp ±		1.40			11-15-2018		55,000		55,172
									911,011
Capital Markets: 2.17%
Bank of New York Mellon Corporation ±		1.78			8-17-2020		90,000		91,293
Charles Schwab Corporation		2.20			7-25-2018		90,000		90,869
Goldman Sachs Group Incorporated ±		1.92			4-25-2019		70,000		70,501
Goldman Sachs Group Incorporated		2.38			1-22-2018		40,000		40,245
Goldman Sachs Group Incorporated		5.95			1-18-2018		50,000		52,244
Morgan Stanley		4.75			3-22-2017		50,000		50,532
Morgan Stanley		5.55			4-27-2017		115,000		116,910
State Street Corporation ±		1.81			8-18-2020		90,000		91,187
									603,781
Consumer Finance: 2.34%
American Express Credit Corporation		1.55			9-22-2017		100,000		99,991
American Honda Finance Corporation		0.95			5-5-2017		60,000		59,943
American Honda Finance Corporation		1.55			12-11-2017		30,000		30,086
American Honda Finance Corporation ±		1.74			2-22-2019		50,000		50,607
BMW US Capital LLC 144A±		1.26			9-13-2019		75,000		74,940
Caterpillar Financial Service		1.80			11-13-2018		90,000		90,179
Hyundai Capital America 144A		1.45			2-6-2017		50,000		50,014
John Deere Capital Corporation ±		1.44			1-8-2019		75,000		75,503
Toyota Motor Credit Corporation		2.05			1-12-2017		120,000		120,135
									651,398
Diversified Financial Services: 0.66%
AIG Global Funding 144A		1.65			12-15-2017		100,000		100,349
General Electric Capital Corporation		5.63			9-15-2017		80,000		82,772
									183,121
Insurance: 0.82%
Marsh & McLennan Company Incorporated		2.55			10-15-2018		54,000		54,577
New York Life Global Funding 144A		1.55			11-2-2018		70,000		69,813
Travelers Company Incorporated		5.80			5-15-2018		97,000		102,861
									227,251

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

108 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 2.18%
Biotechnology: 0.23%
AbbVie Incorporated		1.80	%		5-14-2018	$	65,000	$	64,959
Health Care Equipment & Supplies: 0.47%
Becton Dickinson & Company		1.80			12-15-2017		39,000		39,073
Medtronic plc ±		1.65			3-15-2020		90,000		91,041
									130,114
Health Care Providers & Services: 0.69%
Cardinal Health Incorporated		1.90			6-15-2017		90,000		90,272
UnitedHealth Group Incorporated		1.45			7-17-2017		70,000		70,175
UnitedHealth Group Incorporated		1.70			2-15-2019		30,000		29,924
									190,371
Pharmaceuticals: 0.79%
EMD Finance LLC Company 144A		1.70			3-19-2018		40,000		39,916
Johnson & Johnson ±		1.11			3-1-2019		90,000		90,202
Merck & Company Incorporated ±		1.01			2-10-2017		90,000		90,008
									220,126
Industrials: 1.87%
Aerospace & Defense: 0.43%
Lockheed Martin Corporation		1.85			11-23-2018		30,000		30,103
Northrop Grumman Corporation		1.75			6-1-2018		90,000		90,236
									120,339
Electrical Equipment: 0.29%
Eaton Corporation		1.50			11-2-2017		80,000		80,111
Industrial Conglomerates: 0.18%
Roper Industries Incorporated		1.85			11-15-2017		50,000		50,168
Machinery: 0.34%
Parker Hannifin Corporation		5.50			5-15-2018		90,000		95,179
Road & Rail: 0.63%
Burlington Northern Santa Fe LLC		5.65			5-1-2017		80,000		81,488
Union Pacific Corporation		5.75			11-15-2017		90,000		93,690
									175,178
Information Technology: 2.12%
Communications Equipment: 0.43%
Cisco Systems Incorporated ±		1.16			6-15-2018		90,000		90,229
Cisco Systems Incorporated ±		1.51			2-21-2018		30,000		30,177
									120,406
Electronic Equipment, Instruments & Components: 0.22%
Corning Incorporated		1.50			5-8-2018		60,000		59,778

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 109

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
IT Services: 0.18%
Visa Incorporated		1.20	%		12-14-2017	$	50,000	$	50,053
Software: 0.50%
Microsoft Corporation		1.10			8-8-2019		50,000		49,292
Oracle Corporation ±		1.07			7-7-2017		90,000		90,116
									139,408
Technology Hardware, Storage & Peripherals: 0.79%
Apple Incorporated		0.90			5-12-2017		90,000		89,998
Apple Incorporated		1.70			2-22-2019		30,000		30,073
HP Enterprise Company 144A		2.70			10-5-2017		100,000		101,075
									221,146
Materials: 1.45%
Chemicals: 1.45%
Chevron Phillips Chemical Company 144A		1.70			5-1-2018		75,000		74,789
Ecolab Incorporated		1.45			12-8-2017		60,000		59,978
Ecolab Incorporated		3.00			12-8-2016		90,000		89,941
Praxair Incorporated		1.05			11-7-2017		90,000		89,870
Sherwin-Williams Company		1.35			12-15-2017		90,000		89,988
									404,566
Real Estate: 1.37%
Equity REITs: 1.37%
Boston Properties LP		3.70			11-15-2018		90,000		92,922
ERP Operating LP		5.75			6-15-2017		30,000		30,703
Realty Income Corporation		2.00			1-31-2018		73,000		73,238
Simon Property Group LP		2.15			9-15-2017		90,000		90,437
UDR Incorporated		4.25			6-1-2018		90,000		93,127
									380,427
Telecommunication Services: 0.79%
Diversified Telecommunication Services: 0.79%
AT&T Incorporated		1.60			2-15-2017		90,000		90,075
Verizon Communications Incorporated		1.35			6-9-2017		130,000		130,223
									220,298
Utilities: 5.83%
Electric Utilities: 4.68%
Alabama Power Company Series Q		5.50			10-15-2017		90,000		93,188
Commonwealth Edison Company		2.15			1-15-2019		50,000		50,453
Connecticut Light & Power		5.38			3-1-2017		75,000		75,736
Duke Energy Carolinas		5.25			1-15-2018		55,000		57,293
Entergy Gulf States Louisiana LLC		6.00			5-1-2018		90,000		95,337
Florida Power & Light Company		5.55			11-1-2017		115,000		119,437
Florida Power & Light Company		5.80			9-15-2017		80,000		82,778

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

110 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
MidAmerican Energy Holdings Company		5.30	%		3-15-2018	$	55,000	$	57,597
Northern States Power Company of Minnesota		5.25			3-1-2018		70,000		73,249
PacifiCorp 1st Mortgage		5.50			1-15-2019		100,000		107,304
Public Service Colorado 1st Mortgage		5.80			8-1-2018		59,000		63,063
Public Service Electric & Gas Company		5.30			5-1-2018		84,000		88,397
Southern California Edison Company		1.13			5-1-2017		90,000		90,086
Union Electric Company		6.40			6-15-2017		120,000		123,251
Westar Energy Incorporated		5.15			1-1-2017		75,000		75,204
Xcel Energy Incorporated		1.20			6-1-2017		50,000		49,947
									1,302,320
Gas Utilities: 0.32%
Southern California Gas Company		5.45			4-15-2018		85,000		89,369
Multi-Utilities: 0.83%
Consumers Energy Company		5.15			2-15-2017		130,000		131,102
Peco Energy Company		5.35			3-1-2018		96,000		100,474
									231,576
Total Corporate Bonds and Notes (Cost $8,190,601)									8,198,743
Municipal Obligations: 0.52%
Michigan: 0.21%
Chippewa Valley MI School District (GO Revenue, Qualified School Board Loan Fund Insured)		1.18			5-1-2017		60,000		60,055
North Carolina: 0.31%
North Carolina Education Assistance Authority Student Loan Notes Series 2011-1 Tranche A-2 (Education Revenue)		1.78			1-26-2026		85,699		85,684
Total Municipal Obligations (Cost $146,013)									145,739
Non-Agency Mortgage-Backed Securities: 4.90%
Bear Stearns Commercial Mortgage Securities Trust Series 2007 PW16 Class A1A ±		5.90			6-11-2040		83,622		84,688
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17 Class A1A ±		5.65			6-11-2050		105,489		107,745
CGGS Commercial Mortgage Trust Series 2016 144A±		2.19			2-15-2033		115,023		115,460
CIT Education Loan Trust Series 2005-1 Class A3 ±		0.97			3-15-2026		48,878		48,431
Commercial Mortgage Trust Pass-Through Certificates Series 2007-C9 Class A4 ±		6.01			12-10-2049		125,755		127,524
GAHR Commercial Mortgage Trust Series 2015 Class AFL1 144A±		1.83			12-15-2034		138,717		139,193
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class A1A		5.44			1-15-2049		57,726		58,029
Morgan Stanley Capital I Series 2007-T27 Class A4 ±		5.82			6-11-2042		117,228		118,879
SCG Trust Series 2013-SRP1 Class A 144A±		1.94			11-15-2026		140,000		139,534
SLMA Series 2006 1 Class A5 ±		0.99			7-26-2021		135,000		128,442
Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A		6.00			10-25-2036		112,776		112,245
Towd Point Mortgage Trust Series 2015-6 Class A1 144A±		3.50			4-25-2055		83,433		85,345
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±		2.25			8-25-2055		99,503		98,889
Total Non-Agency Mortgage-Backed Securities (Cost $1,379,282)									1,364,404
U.S. Treasury Securities: 6.71%
U.S. Treasury Note		0.63			7-31-2017		300,000		299,789
U.S. Treasury Note		0.75			2-28-2018		300,000		299,168

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 111

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		0.75	%		9-30-2018	$	550,000	$	546,412
U.S. Treasury Note		0.75			10-31-2018		575,000		570,912
U.S. Treasury Note		0.88			7-15-2017		150,000		150,158
Total U.S. Treasury Securities (Cost $1,873,083)									1,866,439
Yankee Corporate Bonds and Notes: 2.38%
Consumer Staples: 0.33%
Food Products: 0.33%
Diageo Capital plc		1.50			5-11-2017		90,000		90,169
Energy: 0.32%
Oil, Gas & Consumable Fuels: 0.32%
Shell International Finance Company ±		1.20			5-10-2017		90,000		90,096
Financials: 1.30%
Banks: 1.30%
Bank of Montreal		1.35			8-28-2018		30,000		29,806
Bank of Nova Scotia ±		1.32			6-11-2018		90,000		90,184
Royal Bank of Canada Incorporated		2.00			10-1-2018		150,000		150,879
Toronto Dominion Bank ±		1.42			7-23-2018		90,000		90,215
									361,084
Health Care: 0.11%
Pharmaceuticals: 0.11%
Teva Pharmaceutical Finance Netherlands III BV		1.40			7-20-2018		30,000		29,706
Industrials: 0.32%
Road & Rail: 0.32%
Canadian National Railway Company		1.45			12-15-2016		90,000		90,018
Total Yankee Corporate Bonds and Notes (Cost $661,856)									661,073
	Yield					Shares
Short-Term Investments: 3.35%
Investment Companies: 3.35%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.31					931,716		931,716
Total Short-Term Investments (Cost $931,716)									931,716

Total investments in securities (Cost $27,397,648) *	99.73	%		27,750,845
Other assets and liabilities, net	0.27			75,006
Total net assets	100.00	%	$	27,825,851

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

112 Wells Fargo Allocation Funds Portfolio of investments—November 30, 2016 (unaudited)

STABLE INCOME PORTFOLIO

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

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

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

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

* Cost for federal income tax purposes is $26,919,578 and unrealized gains (losses) consists of:

Gross unrealized gains	$	912,152
Gross unrealized losses		(80,885	)
Net unrealized gains	$	831,267

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

This page is intentionally left blank.

114 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2016 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	333,382,884	$	104,406,481
In affiliated securities, at value (see cost below)		18,117,049		2,510,658
Total investments, at value (see cost below)		351,499,933		106,917,139
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		4,478,407		963,672
Receivable for dividends		617,956		154,365
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		5,946		1,412
Prepaid expenses and other assets		2,664		0
Total assets		356,604,906		108,036,588
Liabilities
Payable for investments purchased		6,514,762		944,357
Payable upon receipt of securities loaned		6,884,850		1,030,168
Payable for daily variation margin on open futures contracts		0		0
Due to custodian bank		0		0
Advisory fee payable		179,778		43,360
Accrued expenses and other liabilities		28,289		55,735
Total liabilities		13,607,679		2,073,620
Total net assets	$	342,997,227	$	105,962,968
Investments in unaffiliated securities (including securities on loan), at cost	$	252,599,693	$	71,168,423
Investments in affiliated securities, at cost	$	18,117,000	$	2,510,604
Total investments, at cost	$	270,716,693	$	73,679,027
Securities on loan, at value	$	6,741,288	$	1,004,578
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 115

Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	784,260,385	$	2,130,086,939	$	131,184,814	$	528,377,612	$	75,003,557	$	1,441,611,868	$	219,713,866
	105,232,529		39,437,716		3,957,933		15,976,923		3,311,310		240,302,504		15,094,699
	889,492,914		2,169,524,655		135,142,747		544,354,535		78,314,867		1,681,914,372		234,808,565
	0		0		129,529		6,056,644		0		0		0
	6,071,508		81,572,756		2,484,487		2,082,015		11		4,876,065		7,523,952
	988,515		5,635,238		368,292		1,744,463		188,595		563,364		189,002
	0		11,930		0		0		0		0		0
	58,139		3,569		5,007		13,699		1,404		175,837		5,811
	0		59,534		0		0		0		9,093		562
	896,611,076		2,256,807,682		138,130,062		554,251,356		78,504,877		1,687,538,731		242,527,892
	4,316,099		0		1,497,296		3,215,938		0		6,099,373		5,647,301
	85,985,863		12,147,358		2,197,722		9,469,808		3,311,197		165,095,222		11,761,925
	0		10,250		0		0		0		0		0
	0		0		0		0		316,141		0		0
	511,877		158,516		89,665		332,625		37,729		941,243		143,619
	65,959		11,879,030		70,612		103,986		29,307		40,415		27,239
	90,879,798		24,195,154		3,855,295		13,122,357		3,694,374		172,176,253		17,580,084
$	805,731,278	$	2,232,612,528	$	134,274,767	$	541,128,999	$	74,810,503	$	1,515,362,478	$	224,947,808
$	560,292,720	$	952,633,972	$	127,462,883	$	574,037,474	$	60,740,114	$	1,226,035,864	$	181,313,891
$	105,224,647	$	25,642,455	$	3,957,933	$	15,976,523	$	3,311,198	$	240,287,228	$	15,094,012
$	665,517,367	$	978,276,427	$	131,420,816	$	590,013,997	$	64,051,312	$	1,466,323,092	$	196,407,903
$	83,950,774	$	11,407,707	$	2,094,957	$	8,970,460	$	3,241,542	$	160,714,454	$	11,468,149
$	0	$	0	$	131,433	$	6,220,868	$	0	$	0	$	0

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

116 Wells Fargo Allocation Funds Statements of assets and liabilities—November 30, 2016 (unaudited)

	Core Bond Portfolio		Managed Fixed Income Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	5,591,407,064	$	109,843,255
In affiliated securities, at value (see cost below)		368,654,245		4,618,952
Total investments, at value (see cost below)		5,960,061,309		114,462,207
Segregated cash		3,960,000		112,000
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		502,646,058		159,579
Principal paydown receivable		115,974		0
Receivable for interest		22,492,204		842,120
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		69,413		555
Prepaid expenses and other assets		66,298		5,411
Total assets		6,489,411,256		115,581,872
Liabilities
Payable for investments purchased		1,037,430,406		0
Payable upon receipt of securities loaned		230,753,814		1,699,779
Payable for daily variation margin on open futures contracts		0		37,500
Due to custodian bank		275,520		0
Advisory fee payable		1,489,078		28,434
Shareholder report expenses payable		511		2,909
Professional fees payable		19,837		26,635
Accrued expenses and other liabilities		95,940		5,022
Total liabilities		1,270,065,106		1,800,279
Total net assets	$	5,219,346,150	$	113,781,593
Investments in unaffiliated securities (including securities on loan), at cost	$	5,681,024,555	$	108,226,699
Investments in affiliated securities, at cost	$	368,654,047	$	4,618,936
Total investments, at cost	$	6,049,678,602	$	112,845,635
Securities on loan, at value	$	226,218,264	$	1,665,873
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2016 (unaudited) Wells Fargo Allocation Funds 117

Real Return Portfolio		Stable Income Portfolio
$	69,254,340	$	26,819,129
	4,164,256		931,716
	73,418,596		27,750,845
	0		8,500
	1,231		0
	0		11,021
	0		0
	273,229		85,755
	3,656		2,813
	1,831		52
	2,050		1,164
	73,700,593		27,860,150
	323,565		0
	371,300		0
	1,781		0
	0		0
	18,078		1,075
	2,420		1,941
	20,909		26,780
	2,571		4,503
	740,624		34,299
$	72,959,969	$	27,825,851
$	68,001,602	$	26,465,932
$	4,164,235	$	931,716
$	72,165,837	$	27,397,648
$	355,661	$	0
$	1,234	$	0

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

118 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2016 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Investment income
Dividends*	$	2,806,863	$	609,679
Income from affiliated securities		17,185		2,589
Securities lending income, net		23,186		6,747
Interest		0		0
Total investment income		2,847,234		619,015
Expenses
Advisory fee		1,031,131		369,429
Custody and accounting fees		11,931		11,618
Professional fees		22,130		24,088
Shareholder report expenses		531		1,025
Trustees’ fees and expenses		6,301		26,722
Other fees and expenses		4,552		6,702
Total expenses		1,076,576		439,584
Less: Fee waivers and/or expense reimbursements		0		(86,011	)
Net expenses		1,076,576		353,573
Net investment income (loss)		1,770,658		265,442
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		8,791,368		3,915,816
Affiliated securities		0		0
Futures transactions		0		0
Net realized gain (losses) on investments		8,791,368		3,915,816
Net change in unrealized gains (losses) on:
Unaffiliated securities		13,101,251		(3,207,811	)
Affiliated securities		49		54
Futures transactions		0		0
Net change in unrealized gains (losses) on investments		13,101,300		(3,207,757	)
Net realized and unrealized gains (losses) on investments		21,892,668		708,059
Net increase (decrease) in net assets resulting from operations	$	23,663,326	$	973,501
* Net of foreign dividend withholding taxes in the amount of		$72,523		$2,418

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

Statements of operations—six months ended November 30, 2016 (unaudited) Wells Fargo Allocation Funds 119

Emerging Growth Portfolio		Index Portfolio			International Growth Portfolio			International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
$	3,598,699	$	25,227,234		$	879,602		$	6,732,564		$	816,661		$	3,366,760		$	1,732,589
	24,884		450,895			7,750			3,094			2,676			100,092			11,184
	679,956		74,593			86,292			265,478			7,799			1,326,542			67,549
	0		2,259			0			0			0			0			0
	4,303,539		25,754,981			973,644			7,001,136			827,136			4,793,394			1,811,322
	3,363,418		986,981			606,777			2,077,052			253,421			5,256,376			869,756
	27,112		70,665			38,146			94,073			5,186			40,181			11,556
	23,494		30,361			34,775			30,416			24,502			24,297			23,329
	2,262		3,561			298			1,323			317			992			1,394
	6,125		4,773			12,345			5,982			10,742			5,971			6,023
	17,018		15,565			27,186			26,969			6,734			12,515			4,721
	3,439,429		1,111,906			719,527			2,235,815			300,902			5,340,332			916,779
	0		0			0			0			(13,016	)		0			0
	3,439,429		1,111,906			719,527			2,235,815			287,886			5,340,332			916,779
	864,110		24,643,075			254,117			4,765,321			539,250			(546,938	)		894,543
	77,141,486		114,919,856			1,849,535			(8,467,844	)		2,024,711			7,468,252			14,766,624
	0		1,344,108			391			2,122			0			0			0
	0		2,844,137			0			0			0			0			0
	77,141,486		119,108,101			1,849,926			(8,465,722	)		2,024,711			7,468,252			14,766,624
	37,134,260		(9,907,265	)		(11,938,708	)		11,362,749			2,642,198			136,434,698			16,402,776
	7,882		(314,536	)		0			400			112			(1,842	)		687
	0		(1,096,995	)		0			0			0			0			0
	37,142,142		(11,318,796	)		(11,938,708	)		11,363,149			2,642,310			136,432,856			16,403,463
	114,283,628		107,789,305			(10,088,782	)		2,897,427			4,667,021			143,901,108			31,170,087
$	115,147,738	$	132,432,380		$	(9,834,665	)	$	7,662,748		$	5,206,271		$	143,354,170		$	32,064,630
	0		$24,170			$114,192			$829,962			$12,664			$20,750			$2,146

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

120 Wells Fargo Allocation Funds Statements of operations—six months ended November 30, 2016 (unaudited)

	Core Bond Portfolio			Managed Fixed Income Portfolio
Investment income
Interest*	$	49,944,640		$	2,053,978
Income from affiliated securities		304,382			3,650
Securities lending income, net		270,195			3,795
Dividends**		0			0
Total investment income		50,519,217			2,061,423
Expenses
Advisory fee		8,514,246			250,492
Custody and accounting fees		123,471			8,774
Professional fees		39,202			28,526
Shareholder report expenses		2,033			1,297
Trustees’ fees and expenses		5,722			7,843
Other fees and expenses		11,526			3,684
Total expenses		8,696,200			300,616
Less: Fee waivers and/or expense reimbursements		(137,093	)		(57,138	)
Net expenses		8,559,107			243,478
Net investment income		41,960,110			1,817,945
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		27,555,391			734,608
Futures transactions		0			(342,590	)
TBA sale commitments		129,865			0
Net realized gains on investments		27,685,256			392,018
Net change in unrealized gains (losses) on:
Unaffiliated securities		(126,597,189	)		(1,917,867	)
Affiliated securities		198			(33	)
Futures transactions		0			(24,733	)
Net change in unrealized gains (losses) on investments		(126,596,991	)		(1,942,633	)
Net realized and unrealized gains (losses) on investments		(98,911,735	)		(1,550,615	)
Net increase (decrease) in net assets resulting from operations	$	(56,951,625	)	$	267,330
*Net of foreign interest withholding taxes in the amount of		$33,358			$0
** Net of foreign dividend withholding taxes in the amount of		$0			$0

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

Statements of operations—six months ended November 30, 2016 (unaudited) Wells Fargo Allocation Funds 121

Real Return Portfolio			Stable Income Portfolio
$	912,547		$	256,604
	4,546			1,149
	11,296			52
	132,805			0
	1,061,194			257,805
	140,793			44,834
	6,885			5,339
	23,413			29,875
	717			163
	12,127			12,290
	4,288			2,452
	188,223			94,953
	(33,844	)		(34,352	)
	154,379			60,601
	906,815			197,204
	212,438			7,321
	(6,048	)		3,374
	0			0
	206,390			10,695
	(1,032,338	)		(124,844	)
	21			0
	7,216			5,956
	(1,025,101	)		(118,888	)
	(818,711	)		(108,193	)
$	88,104		$	89,011
	$0			$0
	$4,566			$0

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

122 Wells Fargo Allocation Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	1,770,658		$	4,128,282
Net realized gains on investments		8,791,368			14,000,084
Net change in unrealized gains (losses) on investments		13,101,300			(18,760,215	)
Net increase (decrease) in net assets resulting from operations		23,663,326			(631,849	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		57,623,968			38,393,377
Withdrawals		(31,254,356	)		(80,332,043	)
Net increase (decrease) in net assets resulting from capital share transactions		26,369,612			(41,938,666	)
Total increase (decrease) in net assets		50,032,938			(42,570,515	)
Net assets
Beginning of period		292,964,289			335,534,804
End of period	$	342,997,227		$	292,964,289

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

Statements of changes in net assets Wells Fargo Allocation Funds 123

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	265,442		$	336,085
Net realized gains on investments		3,915,816			5,117,947
Net change in unrealized gains (losses) on investments		(3,207,757	)		(7,846,480	)
Net increase (decrease) in net assets resulting from operations		973,501			(2,392,448	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,585,353			7,089,759
Withdrawals		(12,354,362	)		(12,268,696	)
Net decrease in net assets resulting from capital share transactions		(10,769,009	)		(5,178,937	)
Total decrease in net assets		(9,795,508	)		(7,571,385	)
Net assets
Beginning of period		115,758,476			123,329,861
End of period	$	105,962,968		$	115,758,476

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

124 Wells Fargo Allocation Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income (loss)	$	864,110		$	(3,962,052	)
Net realized gains on investments		77,141,486			18,746,231
Net change in unrealized gains (losses) on investments		37,142,142			(175,228,106	)
Net increase (decrease) in net assets resulting from operations		115,147,738			(160,443,927	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		39,242,680			105,565,223
Withdrawals		(247,146,805	)		(194,401,064	)
Net decrease in net assets resulting from capital share transactions		(207,904,125	)		(88,835,841	)
Total decrease in net assets		(92,756,387	)		(249,279,768	)
Net assets
Beginning of period		898,487,665			1,147,767,433
End of period	$	805,731,278		$	898,487,665

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

Statements of changes in net assets Wells Fargo Allocation Funds 125

	Index Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	24,643,075		$	51,941,420
Net realized gains on investments		119,108,101			154,402,400
Net change in unrealized gains (losses) on investments		(11,318,796	)		(179,622,273	)
Net increase in net assets resulting from operations		132,432,380			26,721,547
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		17,832,463			66,728,942
Withdrawals		(258,064,773	)		(523,281,965	)
Net decrease in net assets resulting from capital share transactions		(240,232,310	)		(456,553,023	)
Total decrease in net assets		(107,799,930	)		(429,831,476	)
Net assets
Beginning of period		2,340,412,458			2,770,243,934
End of period	$	2,232,612,528		$	2,340,412,458

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

126 Wells Fargo Allocation Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	254,117		$	1,728,257
Net realized gains (losses) on investments		1,849,926			(1,635,815	)
Net change in unrealized gains (losses) on investments		(11,938,708	)		(20,243,476	)
Net decrease in net assets resulting from operations		(9,834,665	)		(20,151,034	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,143,369			15,674,750
Withdrawals		(6,410,552	)		(5,551,430	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,267,183	)		10,123,320
Total decrease in net assets		(14,101,848	)		(10,027,714	)
Net assets
Beginning of period		148,376,615			158,404,329
End of period	$	134,274,767		$	148,376,615

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

Statements of changes in net assets Wells Fargo Allocation Funds 127

	International Value Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	4,765,321		$	12,349,092
Net realized losses on investments		(8,465,722	)		(1,517,228	)
Net change in unrealized gains (losses) on investments		11,363,149			(73,474,825	)
Net increase (decrease) in net assets resulting from operations		7,662,748			(62,642,961	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		62,062,545			46,792,442
Withdrawals		(36,915,264	)		(10,044,159	)
Net increase in net assets resulting from capital share transactions		25,147,281			36,748,283
Total increase (decrease) in net assets		32,810,029			(25,894,678	)
Net assets
Beginning of period		508,318,970			534,213,648
End of period	$	541,128,999		$	508,318,970

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

128 Wells Fargo Allocation Funds Statements of changes in net assets

	Large Company Value Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	539,250		$	1,196,671
Net realized gains (losses) on investments		2,024,711			(1,089,821	)
Net change in unrealized gains (losses) on investments		2,642,310			(3,378,107	)
Net increase (decrease) in net assets resulting from operations		5,206,271			(3,271,257	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		474,857			6,867,155
Withdrawals		(9,985,455	)		(6,977,356	)
Net decrease in net assets resulting from capital share transactions		(9,510,598	)		(110,201	)
Total decrease in net assets		(4,304,327	)		(3,381,458	)
Net assets
Beginning of period		79,114,830			82,496,288
End of period	$	74,810,503		$	79,114,830

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

Statements of changes in net assets Wells Fargo Allocation Funds 129

	Small Company Growth Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment loss	$	(546,938	)	$	(288,808	)
Net realized gains (losses) on investments		7,468,252			(95,998,247	)
Net change in unrealized gains (losses) on investments		136,432,856			(55,183,521	)
Net increase (decrease) in net assets resulting from operations		143,354,170			(151,470,576	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		287,537,092			708,902,550
Withdrawals		(112,125,224	)		(112,220,954	)
Net increase in net assets resulting from capital share transactions		175,411,868			596,681,596
Total increase in net assets		318,766,038			445,211,020
Net assets
Beginning of period		1,196,596,440			751,385,420
End of period	$	1,515,362,478		$	1,196,596,440

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

130 Wells Fargo Allocation Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	894,543		$	1,286,924
Net realized gains on investments		14,766,624			12,552,384
Net change in unrealized gains (losses) on investments		16,403,463			(24,625,962	)
Net increase (decrease) in net assets resulting from operations		32,064,630			(10,786,654	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		14,301,944			36,132,062
Withdrawals		(38,988,536	)		(23,471,861	)
Net increase (decrease) in net assets resulting from capital share transactions		(24,686,592	)		12,660,201
Total increase in net assets		7,378,038			1,873,547
Net assets
Beginning of period		217,569,770			215,696,223
End of period	$	224,947,808		$	217,569,770

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

Statements of changes in net assets Wells Fargo Allocation Funds 131

	Core Bond Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	41,960,110		$	71,646,971
Net realized gains on investments		27,685,256			33,744,871
Net change in unrealized gains (losses) on investments		(126,596,991	)		4,164,647
Net increase (decrease) in net assets resulting from operations		(56,951,625	)		109,556,489
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,064,955,273			1,207,036,360
Withdrawals		(129,492,556	)		(728,304,768	)
Net increase in net assets resulting from capital share transactions		935,462,717			478,731,592
Total increase in net assets		878,511,092			588,288,081
Net assets
Beginning of period		4,340,835,058			3,752,546,977
End of period	$	5,219,346,150		$	4,340,835,058

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

132 Wells Fargo Allocation Funds Statements of changes in net assets

	Managed Fixed Income Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	1,817,945		$	3,776,941
Net realized gains on investments		392,018			1,250,302
Net change in unrealized gains (losses) on investments		(1,942,633	)		(257,799	)
Net increase in net assets resulting from operations		267,330			4,769,444
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		5,212,499			18,117,390
Withdrawals		(18,451,966	)		(17,218,838	)
Net increase (decrease) in net assets resulting from capital share transactions		(13,239,467	)		898,552
Total increase (decrease) in net assets		(12,972,137	)		5,667,996
Net assets
Beginning of period		126,753,730			121,085,734
End of period	$	113,781,593		$	126,753,730

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

Statements of changes in net assets Wells Fargo Allocation Funds 133

	Real Return Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	906,815		$	809,383
Net realized gains (losses) on investments		206,390			(131,670	)
Net change in unrealized gains (losses) on investments		(1,025,101	)		484,975
Net increase in net assets resulting from operations		88,104			1,162,688
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		15,019,507			29,489,684
Withdrawals		(6,245,523	)		(14,951,275	)
Net increase in net assets resulting from capital share transactions		8,773,984			14,538,409
Total increase in net assets		8,862,088			15,701,097
Net assets
Beginning of period		64,097,881			48,396,784
End of period	$	72,959,969		$	64,097,881

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

134 Wells Fargo Allocation Funds Statements of changes in net assets

	Stable Income Portfolio
	Six months ended November 30, 2016 (unaudited)			Year ended May 31, 2016
Operations
Net investment income	$	197,204		$	339,242
Net realized gains (losses) on investments		10,695			(28,391	)
Net change in unrealized gains (losses) on investments		(118,888	)		(82,401	)
Net increase in net assets resulting from operations		89,011			228,450
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,904,166			5,915,120
Withdrawals		(4,585,527	)		(2,801,173	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,681,361	)		3,113,947
Total increase (decrease) in net assets		(2,592,350	)		3,342,397
Net assets
Beginning of period		30,418,201			27,075,804
End of period	$	27,825,851		$	30,418,201

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

Financial highlights Wells Fargo Allocation Funds 135

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
C&B Large Cap Value Portfolio
Six months ended November 30, 2016 (unaudited)		1.12	%		0.68	%		0.68	%		7.80	%		32	%
Year ended May 31, 2016		1.33	%		0.68	%		0.68	%		0.35	%		29	%
Year ended May 31, 2015		1.20	%		0.68	%		0.68	%		10.29	%		35	%
Year ended May 31, 2014		1.35	%		0.68	%		0.68	%		17.80	%		22	%
Year ended May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
Year ended May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
Diversified Large Cap Growth Portfolio
Six months ended November 30, 2016 (unaudited)		0.47	%		0.77	%		0.62	%		0.77	%		36	%
Year ended May 31, 2016		0.29	%		0.74	%		0.62	%		(2.28	)%		59	%
Year ended May 31, 2015		0.28	%		0.72	%		0.62	%		13.11	%		46	%
Year ended May 31, 2014		0.15	%		0.72	%		0.62	%		21.70	%		54	%
Year ended May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
Year ended May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
Emerging Growth Portfolio
Six months ended November 30, 2016 (unaudited)		0.20	%		0.81	%		0.81	%		14.08	%		50	%
Year ended May 31, 2016		(0.40	)%		0.80	%		0.80	%		(14.47	)%		66	%
Year ended May 31, 2015		(0.63	)%		0.80	%		0.80	%		24.02	%		56	%
Year ended May 31, 2014		(0.62	)%		0.80	%		0.80	%		11.92	%		63	%
Year ended May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
Year ended May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
Index Portfolio
Six months ended November 30, 2016 (unaudited)		2.15	%		0.10	%		0.10	%		5.95	%		5	%
Year ended May 31, 2016		2.12	%		0.11	%		0.10	%		1.62	%		4	%
Year ended May 31, 2015		1.96	%		0.11	%		0.11	%		11.69	%		4	%
Year ended May 31, 2014		1.99	%		0.10	%		0.10	%		20.33	%		5	%
Year ended May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
Year ended May 31, 2012		2.09	%		0.10	%		0.10	%		(0.52	)%		9	%
International Growth Portfolio
Six months ended November 30, 2016 (unaudited)		0.35	%		0.99	%		0.99	%		(6.84	)%		59	%
Year ended May 31, 2016		1.16	%		0.99	%		0.99	%		(12.40	)%		62	%
Year ended May 31, 2015		0.76	%		1.00	%		1.00	%		5.13	%		51	%
Year ended May 31, 2014		1.13	%		1.00	%		1.00	%		16.45	%		46	%
Year ended May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
Year ended May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
International Value Portfolio
Six months ended November 30, 2016 (unaudited)		1.92	%		0.90	%		0.90	%		1.41	%		15	%
Year ended May 31, 2016		2.50	%		0.91	%		0.91	%		(11.85	)%		14	%
Year ended May 31, 2015		2.45	%		0.91	%		0.91	%		(1.04	)%		18	%
Year ended May 31, 2014		3.09	%		0.91	%		0.91	%		18.22	%		11	%
Year ended May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
Year ended May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
Large Company Value Portfolio
Six months ended November 30, 2016 (unaudited)		1.38	%		0.77	%		0.74	%		7.09	%		33	%
Year ended May 31, 2016		1.54	%		0.76	%		0.74	%		(3.92	)%		50	%
Year ended May 31, 2015		1.09	%		0.74	%		0.74	%		7.90	%		72	%
Year ended May 31, 2014		0.99	%		0.73	%		0.73	%		20.26	%		62	%
Year ended May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
Year ended May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%

Please see footnote on page 136.

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

136 Wells Fargo Allocation Funds Financial highlights

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
Small Company Growth Portfolio
Six months ended November 30, 2016 (unaudited)		(0.08	)%		0.79	%		0.79	%		11.25	%		35	%
Year ended May 31, 2016		(0.03	)%		0.80	%		0.80	%		(13.86	)%		49	%
Year ended May 31, 2015		(0.32	)%		0.82	%		0.82	%		18.07	%		58	%
Year ended May 31, 2014		(0.37	)%		0.83	%		0.83	%		23.47	%		77	%
Year ended May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
Year ended May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
Small Company Value Portfolio
Six months ended November 30, 2016 (unaudited)		0.82	%		0.84	%		0.84	%		15.63	%		55	%
Year ended May 31, 2016		0.62	%		0.85	%		0.85	%		(4.96	)%		72	%
Year ended May 31, 2015		0.89	%		0.84	%		0.84	%		7.29	%		54	%
Year ended May 31, 2014		0.89	%		0.85	%		0.85	%		18.09	%		47	%
Year ended May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
Year ended May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
Core Bond Portfolio
Six months ended November 30, 2016 (unaudited)		1.71	%		0.35	%		0.35	%		(0.70	)%		252	%
Year ended May 31, 2016		1.86	%		0.36	%		0.35	%		2.78	%		667	%
Year ended May 31, 2015		1.82	%		0.37	%		0.35	%		3.22	%		586	%
Year ended May 31, 2014		1.94	%		0.37	%		0.35	%		2.90	%		646	%
Year ended May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
Year ended May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
Managed Fixed Income Portfolio
Six months ended November 30, 2016 (unaudited)		2.90	%		0.48	%		0.39	%		0.00	%		17	%
Year ended May 31, 2016		3.12	%		0.48	%		0.39	%		3.95	%		25	%
Year ended May 31, 2015		3.20	%		0.48	%		0.39	%		4.23	%		31	%
Year ended May 31, 2014		3.33	%		0.48	%		0.39	%		3.07	%		35	%
Year ended May 31, 2013		3.42	%		0.47	%		0.39	%		4.81	%		49	%
Year ended May 31, 2012		3.83	%		0.46	%		0.39	%		6.97	%		51	%
Real Return Portfolio
Six months ended November 30, 2016 (unaudited)		2.58	%		0.53	%		0.44	%		0.38	%		10	%
Year ended May 31, 2016		1.45	%		0.56	%		0.44	%		1.29	%		29	%
Year ended May 31, 2015		0.89	%		0.57	%		0.44	%		1.50	%		57	%
Year ended May 31, 2014		1.45	%		0.53	%		0.44	%		(0.26	)%		9	%
Year ended May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
Year ended May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
Stable Income Portfolio
Six months ended November 30, 2016 (unaudited)		1.32	%		0.64	%		0.41	%		0.27	%		24	%
Year ended May 31, 2016		1.22	%		0.62	%		0.41	%		0.83	%		20	%
Year ended May 31, 2015		1.20	%		0.64	%		0.41	%		0.89	%		26	%
Year ended May 31, 2014		1.41	%		0.66	%		0.41	%		1.52	%		33	%
Year ended May 31, 2013		1.50	%		0.58	%		0.41	%		2.78	%		20	%
Year ended May 31, 2012		1.76	%		0.59	%		0.41	%		1.71	%		11	%

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

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

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

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), 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 November 30, 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

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

Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Foreign currency translation

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

Security loans

The Portfolios may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Portfolios continues to receive interest or dividends on the securities loaned. The Portfolios receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolio 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 fluctuates 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 has 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 valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statements of Operations.

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

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

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

Loans

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

Futures contracts

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

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

TBA sale commitments

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

Inflation-indexed bonds and TIPS

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

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.

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

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.

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.

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

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of November 30, 2016:

C&B Large Cap Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	45,457,959	$	0	$	0	$	45,457,959
Consumer staples		19,029,992		0		0		19,029,992
Energy		19,213,225		0		0		19,213,225
Financials		87,174,769		0		0		87,174,769
Health care		48,543,758		0		0		48,543,758
Industrials		58,457,819		0		0		58,457,819
Information technology		30,540,150		0		0		30,540,150
Materials		19,459,231		0		0		19,459,231
Real estate		5,505,981		0		0		5,505,981
Short-term investments
Investment companies		11,232,148		0		0		11,232,148
Investments measured at net asset value*								6,884,901
Total assets	$	344,615,032	$	0	$	0	$	351,499,933

* 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 Investment, LLC valued at $6,884,901 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Diversified Large Cap Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	21,402,883	$	0	$	0	$	21,402,883
Consumer staples		5,572,591		0		0		5,572,591
Energy		1,782,242		0		0		1,782,242
Financials		2,296,381		0		0		2,296,381
Health care		13,604,408		0		0		13,604,408
Industrials		10,107,453		0		0		10,107,453
Information technology		46,002,248		0		0		46,002,248
Materials		3,323,283		0		0		3,323,283
Real estate		314,992		0		0		314,992
Short-term investments
Investment companies		1,480,422		0		0		1,480,422
Investments measured at net asset value*								1,030,236
Total assets	$	105,886,903	$	0	$	0	$	106,917,139

* 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 Investment, LLC valued at $1,030,236 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

Emerging Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	97,844,644	$	0	$	0	$	97,844,644
Energy		29,132,524		0		0		29,132,524
Financials		50,342,994		0		0		50,342,994
Health care		231,364,222		0		0		231,364,222
Industrials		129,383,334		0		0		129,383,334
Information technology		246,192,667		0		0		246,192,667
Short-term investments
Investment companies		19,236,622		0		0		19,236,622
Investments measured at net asset value*								85,995,907
Total assets	$	803,497,007	$	0	$	0	$	889,492,914

* 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 Investment, LLC valued at $85,995,907 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Index Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	265,600,771	$	0	$	0	$	265,600,771
Consumer staples		199,664,800		0		0		199,664,800
Energy		162,080,388		0		0		162,080,388
Financials		315,695,072		0		0		315,695,072
Health care		296,145,311		0		0		296,145,311
Industrials		225,442,553		0		0		225,442,553
Information technology		448,558,109		0		0		448,558,109
Materials		62,655,100		0		0		62,655,100
Real estate		59,619,341		0		0		59,619,341
Telecommuniciation services		53,850,175		0		0		53,850,175
Utilities		66,261,626		0		0		66,261,626
Short-term investments
U.S. Treasury securities		1,802,103		0		0		1,802,103
Investments measured at net asset value*								12,149,306
		2,157,375,349		0		0		2,169,524,655
Futures contracts		11,930		0		0		11,930
Total assets	$	2,157,387,279	$	0	$	0	$	2,169,536,585
Liabilities
Futures contracts	$	10,250	$	0	$	0	$	10,250
Total liabilities	$	10,250	$	0	$	0	$	10,250

* 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 Investment, LLC valued at $12,149,306 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 Allocation Funds 143

International Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	1,968,371	$	0	$	0	$	1,968,371
Belgium		1,305,628		0		0		1,305,628
Canada		5,675,182		0		0		5,675,182
China		7,684,608		0		0		7,684,608
Denmark		602,226		0		0		602,226
France		5,531,327		0		0		5,531,327
Germany		24,787,331		0		0		24,787,331
Hong Kong		4,591,878		0		0		4,591,878
Indonesia		311,256		0		0		311,256
Ireland		7,100,910		0		0		7,100,910
Italy		2,625,919		0		0		2,625,919
Japan		16,746,137		0		0		16,746,137
Luxembourg		412,030		0		0		412,030
Netherlands		6,438,994		0		0		6,438,994
Russia		362,935		0		0		362,935
South Korea		10,470		0		0		10,470
Spain		2,450,123		0		0		2,450,123
Sweden		1,556,191		0		0		1,556,191
Switzerland		9,919,561		0		0		9,919,561
Taiwan		2,830,578		0		0		2,830,578
Thailand		190,158		0		0		190,158
United Kingdom		20,223,828		0		0		20,223,828
United States		2,877,257		0		0		2,877,257
Participation Notes
Ireland		0		2,979,015		0		2,979,015
Preferred stocks
Germany		2,002,901		0		0		2,002,901
Short-term investments
Investment companies		1,759,819		0		0		1,759,819
Investments measured at net asset value*								2,198,114
Total assets	$	129,965,618	$	2,979,015	$	0	$	135,142,747

* 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 $2,198,114 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

International Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	30,475,428	$	0	$	49,771	$	30,525,199
Austria		6,882,387		0		0		6,882,387
Brazil		5,662,697		0		0		5,662,697
Canada		11,002,881		0		0		11,002,881
China		14,601,967		0		0		14,601,967
Czech Republic		933,331		0		0		933,331
Denmark		5,129,976		0		0		5,129,976
Finland		1,222,969		0		0		1,222,969
France		50,848,701		0		0		50,848,701
Germany		44,737,620		0		0		44,737,620
Hong Kong		11,524,062		0		0		11,524,062
Hungary		1,166,323		0		0		1,166,323
India		1,679,956		0		0		1,679,956
Ireland		3,851,769		0		0		3,851,769
Israel		5,172,825		0		0		5,172,825
Italy		8,699,000		0		0		8,699,000
Japan		126,403,738		0		0		126,403,738
Liechtenstein		664,379		0		0		664,379
Netherlands		10,905,411		0		0		10,905,411
Norway		6,706,012		0		0		6,706,012
Poland		2,032,478		0		0		2,032,478
Portugal		1,147,679		0		0		1,147,679
Russia		5,326,102		0		0		5,326,102
Singapore		4,388,447		0		0		4,388,447
South Africa		2,557,684		0		0		2,557,684
South Korea		12,047,791		0		0		12,047,791
Spain		10,362,971		0		0		10,362,971
Sweden		9,107,120		0		0		9,107,120
Switzerland		37,781,460		0		0		37,781,460
Taiwan		5,939,415		0		0		5,939,415
Thailand		8,109,465		0		0		8,109,465
United Kingdom		79,836,453		0		0		79,836,453
Preferred stocks
Brazil		1,419,344		0		0		1,419,344
Short-term investments
Investment companies		6,504,594		0		0		6,504,594
Investments measured at net asset value*								9,472,329
Total assets	$	534,832,435	$	0	$	49,771	$	544,354,535

* 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 Investment, LLC valued at $9,472,329 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 Allocation Funds 145

Large Company Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	4,652,195	$	0	$	0	$	4,652,195
Consumer staples		4,859,989		0		0		4,859,989
Energy		10,248,276		0		0		10,248,276
Financials		18,030,899		0		0		18,030,899
Health care		7,693,293		0		0		7,693,293
Industrials		7,928,853		0		0		7,928,853
Information technology		7,906,303		0		0		7,906,303
Materials		3,251,894		0		0		3,251,894
Real estate		4,780,118		0		0		4,780,118
Telecommunication services		1,590,590		0		0		1,590,590
Utilities		4,061,147		0		0		4,061,147
Investments measured at net asset value*								3,311,310
Total assets	$	75,003,557	$	0	$	0	$	78,314,867

* 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 Investment, LLC valued at $3,311,310 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Small Company Growth Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	200,767,878	$	0	$	0	$	200,767,878
Consumer staples		27,461,662		0		0		27,461,662
Energy		54,146,570		0		0		54,146,570
Financials		140,453,574		0		0		140,453,574
Health care		312,451,301		0		0		312,451,301
Industrials		235,581,668		0		0		235,581,668
Information technology		412,878,479		0		0		412,878,479
Materials		41,040,574		0		0		41,040,574
Real estate		16,830,162		0		0		16,830,162
Short-term investments
Investment companies		75,190,164		0		0		75,190,164
Investments measured at net asset value*								165,112,340
Total assets	$	1,516,802,032	$	0	$	0	$	1,681,914,372

* 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 Investment, LLC valued at $165,112,340 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

Small Company Value Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	39,614,072	$	0	$	0	$	39,614,072
Consumer staples		4,812,273		0		0		4,812,273
Energy		11,346,077		0		0		11,346,077
Financials		61,867,079		0		0		61,867,079
Health care		12,789,884		0		0		12,789,884
Industrials		22,956,402		0		0		22,956,402
Information technology		30,582,118		0		0		30,582,118
Materials		7,153,575		0		0		7,153,575
Real estate		20,698,252		0		0		20,698,252
Utilities		7,894,134		0		0		7,894,134
Short-term investments
Investment companies		3,332,087		0		0		3,332,087
Investments measured at net asset value*								11,762,612
Total assets	$	223,045,953	$	0	$	0	$	234,808,565

* 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 Investment, LLC valued at $11,762,612 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Core Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,419,693,128	$	0	$	1,419,693,128
Asset-backed securities		0		651,314,358		0		651,314,358
Corporate bonds and notes		0		971,299,342		0		971,299,342
Government agency		0		20,555,046		0		20,555,046
Municipal obligations		0		39,498,644		0		39,498,644
Non-agency mortgage-backed securities		0		286,527,418		0		286,527,418
U.S. Treasury securities		1,809,267,733		0		0		1,809,267,733
Yankee corporate bonds and notes		0		315,557,917		0		315,557,917
Yankee government bonds		0		77,693,478		0		77,693,478
Short-term investments
Investment companies		137,895,059		0		0		137,895,059
Investments measured at net asset value*								230,759,186
Total assets	$	1,947,162,792	$	3,782,139,331	$	0	$	5,960,061,309

* 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 Investment, LLC valued at $230,759,186 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 Allocation Funds 147

Managed 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	$	37,554,185	$	0	$	37,554,185
Asset-backed securities		0		4,699,730		0		4,699,730
Corporate bonds and notes		0		35,648,382		0		35,648,382
Municipal obligations		0		9,078,804		0		9,078,804
Non-agency mortgage-backed securities		0		14,622,957		0		14,622,957
U.S. Treasury securities		2,066,394		0		0		2,066,394
Yankee corporate bonds and notes		0		6,172,803		0		6,172,803
Short-term investments
Investment companies		2,919,104		0		0		2,919,104
Investments measured at net asset value*								1,699,848
Total assets	$	4,985,498	$	107,776,861	$	0	$	114,462,207
Liabilities
Futures contracts	$	37,500	$	0	$	0	$	37,500
Total liabilities	$	37,500	$	0	$	0	$	37,500

* 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 Investment, LLC valued at $1,699,848 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Real Return Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer staples	$	2,527,736	$	0	$	0	$	2,527,736
Energy		2,700,903		0		0		2,700,903
Materials		2,671,426		0		0		2,671,426
Real estate		2,400,097		0		0		2,400,097
Corporate bonds and notes		0		7,304,938		0		7,304,938
Loans		0		2,265,155		100,438		2,365,593
U.S. Treasury securities		48,558,151		0		0		48,558,151
Yankee corporate bonds and notes		0		675,499		0		675,499
Short-term investments
Investment companies		3,792,921		0		0		3,792,921
U.S. Treasury securities		49,997		0		0		49,997
Investments measured at net asset value*								371,335
		62,701,231		10,245,592		100,438		73,418,596
Futures contracts		3,656		0		0		3,656
Total assets	$	62,704,887	$	10,245,592	$	100,438	$	73,422,252
Liabilities
Futures contracts	$	1,781	$	0	$	0	$	1,781
Total liabilities	$	1,781	$	0	$	0	$	1,781

* 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 Investment, LLC valued at $371,335 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

Stable Income Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	6,304,421	$	0	$	6,304,421
Asset-backed securities		0		7,552,507		0		7,552,507
Corporate bonds and notes		0		8,198,743		0		8,198,743
Municipal obligations		0		145,739		0		145,739
Non-agency mortgage-backed securities		0		2,090,207		0		2,090,207
U.S. Treasury securities		1,866,439		0		0		1,866,439
Yankee corporate bonds and notes		0		661,073		0		661,073
Short-term investments
Investment companies		931,716		0		0		931,716
		2,798,155		24,952,690		0		27,750,845
Futures contracts		2,813		0		0		2,813
Total assets	$	2,800,968	$	24,952,690	$	0	$	27,753,658

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

The Portfolios recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2016, the Portfolios 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, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who are responsible for day-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee which is calculated based on the average daily net assets of each Portfolio.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management for the Portfolios. Funds Management has engaged WellsCap, Peregrine Capital Management, LLC (“Peregrine”), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Golden Capital Management, LLC (an affiliate of Funds Management), LSV Asset Management, Phocas Financial Corporation and Galliard Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo) as subadvisers. Peregine, Artisan Partners Limited Partnership, Cooke & Bieler, L.P., LSV Asset Management and Phocas Financial Corporation are not affiliates of Funds Management. As of August 25, 2016, Peregrine is no longer an affiliate of Funds Management as a result of a change in control through a buyout agreement between Wells Fargo and Peregrine. There was no change to the personnel or the operation of Peregrine and the subadvisory fee rates are identical to the prior subadvisory agreement.

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 149

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

	Advisory fee						Effective rate for the six months ended November 30, 2016				Subadvisory fee
	starting at			declining to						Subadviser	starting at			declining to
C&B Large Cap Value Portfolio		0.65	%		0.475	%		0.65	%	Cooke & Bieler, L.P.		0.38	%		0.30	%
Diversified Large Cap Growth Portfolio		0.65			0.475			0.65		WellsCap		0.30			0.20
Emerging Growth Portfolio		0.80			0.68			0.79		WellsCap		0.55			0.40
Index Portfolio		0.10			0.05			0.09		Golden Capital Management, LLC		0.05			0.02
International Growth Portfolio		0.80	*		0.65	*		0.83		Artisan Partners Limited Partnership		0.80			0.50
International Value Portfolio		0.80	*		0.65	*		0.83		LSV Asset Management		0.35			0.30
Large Company Value Portfolio		0.65			0.475			0.65		Phocas Financial Corporation		0.29			0.20
Small Company Growth Portfolio		0.80			0.68			0.78		Peregrine		0.50			0.45
Small Company Value Portfolio		0.80			0.68			0.80		Peregrine		0.45			0.40
Core Bond Portfolio		0.40			0.30			0.35		WellsCap		0.20			0.10
Managed Fixed Income Portfolio		0.40			0.30			0.40		Galliard Capital Management, Inc.		0.20			0.10
Real Return Portfolio		0.40			0.30			0.40		WellsCap		0.28			0.18
Stable Income Portfolio		0.30			0.225			0.30		Galliard Capital Management, Inc.		0.15			0.05

* Prior to July 1 2016, the Adviser was entitled to receive a fee which started at 0.85% and declined to 0.70% as average net assets increased.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2016 were as follows:

	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
C&B Large Cap Value Portfolio	$	0	$	138,247,965	$	0	$	98,309,476
Diversified Large Cap Growth Portfolio		0		39,874,152		0		48,378,661
Emerging Growth Portfolio		0		423,646,223		0		445,338,695
Index Portfolio		0		105,617,172		0		342,200,515
International Growth Portfolio		0		86,810,483		0		82,464,777
International Value Portfolio		0		118,692,922		0		74,418,267
Large Company Value Portfolio		0		25,686,356		0		29,271,036
Small Company Growth Portfolio		0		789,709,097		0		467,420,144
Small Company Value Portfolio		0		115,642,016		0		128,449,471
Core Bond Portfolio		11,464,870,789		3,054,192,949		10,739,535,990		2,265,170,181
Managed Fixed Income Portfolio		14,538,157		6,194,043		13,856,103		12,455,363
Real Return Portfolio		8,346,402		7,079,293		1,580,240		4,864,811
Stable Income Portfolio		2,650,438.57		4,649,625.78		4,705,277.22		2,275,382.66

The Portfolios may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

As of November 30, 2016, Real Return Portfolio had unfunded term loan commitments of $116,006.

150 Wells Fargo Allocation 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 Index Portfolio at the beginning of the period or the end of the period.

	Shares, beginning of period		Shares purchases		Shares sold		Shares, end of period		Value, end of period		Income from affiliated securities		Realized gains on affiliated securities
Wells Fargo & Company		583,952		15,747		84,045		515,654	$	27,288,410	$	420,422	$	1,342,812

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2016, Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2016, Managed Fixed Income Portfolio, Real Return Portfolio and Stable Income Portfolio entered into futures contract to speculate on interest rates and to help manage the duration of each portfolio.

At November 30, 2016, the Portfolios had long and short futures contracts outstanding as follows:

	Expiration date	Counterparty	Contracts	Type	Contract value at November 30, 2016		Unrealized gains (losses)
Index Portfolio	12-15-2016	Societe Generale	14 Long	S&P 500 Index	$	7,695,800	$	31,255
Index Portfolio	3-16-2017	Societe Generale	50 Long	S&P 500 Index		27,421,250		(10,250	)
Managed Fixed Income Portfolio	3-22-2017	JPMorgan	20 Long	U.S. Treasury Bonds		3,228,125		(24,733	)
Real Return Portfolio	3-22-2017	JPMorgan	3 Long	10-Year U.S. Treasury Notes		373,547		(1,390	)
Real Return Portfolio	3-31-2017	JPMorgan	13 Short	5-Year U.S. Treasury Notes		1,531,969		3,152
Stable Income Portfolio	3-31-2017	JPMorgan	10 Short	5-Year U.S. Treasury Notes		1,178,438		2,089

As of November 30 2016, Managed Fixed Income Portfolio and Stable Income Portfolio had segregated $112,000 and $8,500, respectively, as cash collateral for open futures contracts.

The Portfolios had average notional amounts in futures contracts during the six months ended November 30, 2016 as follows:

	Long contracts		Short contracts
Index Portfolio	$	24,700,134	$	0
Managed Fixed Income Portfolio		1,493,076		0
Real Return Portfolio		300,788		2,093,099
Stable Income Portfolio		0		1,444,466

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

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

Notes to financial statements (unaudited) Wells Fargo Allocation Funds 151

between a Portfolio and the applicable counterparty. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

	Derivative type	Counterparty	Gross amounts of assets in the Statements of Assets and Liabilities		Amounts subject to netting agreements			Collateral received		Net amount of assets
Index Portfolio	Futures – variation margin	Societe Generale	$	11,930	$	(10,250	)	$	0	$	1,680
Real Return Portfolio	Futures – variation margin	JPMorgan		3,656		(1,781	)		0		1,875
Stable Income Portfolio	Futures – variation margin	JPMorgan		2,813		0			0		2,813

	Derivative type	Counterparty	Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
Index Portfolio	Futures – variation margin	Societe Generale	$	10,250	$	(10,250	)	$	0		$	0
Managed Fixed Income Portfolio	Futures – variation margin	JPMorgan		37,500		0			(37,500	)		0
Real Return Portfolio	Futures – variation margin	JPMorgan		1,781		(1,781	)		0			0

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

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

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

10. REDEMPTION IN-KIND

After the close of business on July 15, 2016, Wells Fargo Emerging Growth Fund, which invests all of its assets in Emerging Growth Portfolio, redeemed assets through an in-kind redemption. In the redemption transaction, Wells Fargo Emerging Growth Fund issued securities which it received from Emerging Growth Portfolio with a value of $80,953,334 along with cash in the amount of $2,716,932. Emerging Growth Portfolio recognized gains in the amount of $30,973,586, which are reflected on the Statements of Operations. The redemption in-kind represented 9.01% of Emerging Growth Portfolio.

11. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

152 Wells Fargo Allocation Funds Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Allocation Funds 153

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 investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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
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

154 Wells Fargo Allocation Funds Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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.

** Peter Gordon is expected to retire on December 31, 2017.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen3 (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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 the Growth Balanced Fund, Moderate Balanced Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 65 other funds and Assistant Treasurer of 59 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 59 other funds in the Fund Complex.

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

³  Andrew Owen became President on January 1, 2017.

List of abbreviations Wells Fargo Allocation Funds 155

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

This page is intentionally left blank.

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. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

248012 01-17 SAAFNLD/SAR109 11-16

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

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

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 1

Security name	Shares		Value
Common Stocks: 96.55%
Consumer Discretionary: 11.90%
Auto Components: 0.17%
BorgWarner Incorporated		22,871	$	814,203
Delphi Automotive plc		30,974		1,982,336
The Goodyear Tire & Rubber Company		29,802		914,623
				3,711,162
Automobiles: 0.54%
Ford Motor Company		443,137		5,299,919
General Motors Company		161,402		5,573,211
Harley-Davidson Incorporated		20,303		1,236,250
				12,109,380
Distributors: 0.12%
Genuine Parts Company		16,910		1,627,249
LKQ Corporation †		34,874		1,144,913
				2,772,162
Diversified Consumer Services: 0.03%
H&R Block Incorporated		24,879		551,319
Hotels, Restaurants & Leisure: 1.56%
Carnival Corporation		49,158		2,527,213
Chipotle Mexican Grill Incorporated †«		3,306		1,310,267
Darden Restaurants Incorporated		14,333		1,050,609
Marriott International Incorporated Class A		36,319		2,861,211
McDonald’s Corporation		96,904		11,557,740
Royal Caribbean Cruises Limited		19,067		1,543,855
Starbucks Corporation		166,540		9,654,324
Wyndham Worldwide Corporation		12,477		898,219
Wynn Resorts Limited «		9,016		919,542
Yum! Brands Incorporated		39,592		2,509,737
				34,832,717
Household Durables: 0.46%
D.R. Horton Incorporated		38,470		1,066,388
Garmin Limited «		13,083		682,409
Harman International Industries Incorporated		7,924		866,648
Leggett & Platt Incorporated		15,179		729,503
Lennar Corporation Class A		21,332		907,463
Mohawk Industries Incorporated †		7,157		1,413,078
Newell Rubbermaid Incorporated		54,756		2,574,080
PulteGroup Incorporated		35,118		662,325
Whirlpool Corporation		8,567		1,391,623
				10,293,517
Internet & Direct Marketing Retail: 2.24%
Amazon.com Incorporated †		44,682		33,536,969
Expedia Incorporated		13,682		1,697,252

2 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Shares		Value
Internet & Direct Marketing Retail (continued)
Netflix Incorporated †		48,685	$	5,696,145
The Priceline Group Incorporated †		5,637		8,476,244
TripAdvisor Incorporated †		12,975		626,433
				50,033,043
Leisure Products: 0.10%
Hasbro Incorporated		12,817		1,094,444
Mattel Incorporated		38,679		1,221,096
				2,315,540
Media: 2.97%
CBS Corporation Class B		46,203		2,805,446
Charter Communications Incorporated Class A †		24,612		6,775,930
Comcast Corporation Class A		272,803		18,962,537
Discovery Communications Incorporated Class A †		17,134		464,160
Discovery Communications Incorporated Class C †		25,462		673,215
Interpublic Group of Companies Incorporated		45,503		1,095,257
News Corporation Class A		43,212		499,531
News Corporation Class B		13,601		162,532
Omnicom Group Incorporated		26,860		2,335,208
Scripps Networks Interactive Incorporated Class A		10,810		748,701
Tegna Incorporated		24,338		545,901
The Walt Disney Company		167,895		16,641,752
Time Warner Incorporated		88,328		8,110,277
Twenty-First Century Fox Incorporated Class A		120,824		3,396,363
Twenty-First Century Fox Incorporated Class B		55,313		1,552,083
Viacom Incorporated Class B		39,429		1,477,799
				66,246,692
Multiline Retail: 0.58%
Dollar General Corporation		29,434		2,275,837
Dollar Tree Incorporated †		26,774		2,360,396
Kohl’s Corporation		20,394		1,097,809
Macy’s Incorporated		35,028		1,478,182
Nordstrom Incorporated «		13,196		737,920
Target Corporation		65,279		5,042,150
				12,992,294
Specialty Retail: 2.43%
Advance Auto Parts Incorporated		8,362		1,419,199
AutoNation Incorporated †		7,535		336,513
AutoZone Incorporated †		3,319		2,599,374
Bed Bath & Beyond Incorporated		17,530		785,519
Best Buy Company Incorporated		31,345		1,432,467
CarMax Incorporated †«		21,743		1,256,528
Foot Locker Incorporated		15,365		1,101,210
L Brands Incorporated		27,278		1,915,461
Lowe’s Companies Incorporated		99,322		7,007,167
O’Reilly Automotive Incorporated †		10,780		2,959,110

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 3

Security name	Shares		Value
Specialty Retail (continued)
Ross Stores Incorporated		45,034	$	3,043,848
Signet Jewelers Limited «		8,584		783,633
Staples Incorporated		73,859		714,217
The Gap Incorporated		24,887		621,428
The Home Depot Incorporated		140,306		18,155,596
The TJX Companies Incorporated		74,566		5,841,500
Tiffany & Company		12,197		1,006,009
Tractor Supply Company		15,178		1,139,412
ULTA Salon Cosmetics & Fragrance Incorporated †		6,658		1,727,751
Urban Outfitters Incorporated †		10,109		319,444
				54,165,386
Textiles, Apparel & Luxury Goods: 0.70%
Coach Incorporated		31,675		1,152,653
HanesBrands Incorporated		42,901		996,590
Michael Kors Holdings Limited †		19,192		892,236
Nike Incorporated Class B		153,114		7,666,418
PVH Corporation		9,110		965,113
Ralph Lauren Corporation		6,402		669,713
Under Armour Incorporated Class A «		20,825		641,410
Under Armour Incorporated Class C †		20,933		539,653
VF Corporation		37,677		2,053,773
				15,577,559
Consumer Staples: 8.94%
Beverages: 1.97%
Brown-Forman Corporation Class B		20,712		939,289
Constellation Brands Incorporated Class A		20,116		3,040,332
Dr Pepper Snapple Group Incorporated		21,054		1,826,224
Molson Coors Brewing Company Class B		20,918		2,050,592
Monster Beverage Corporation †		46,042		2,060,380
PepsiCo Incorporated		163,424		16,358,742
The Coca-Cola Company		441,098		17,798,304
				44,073,863
Food & Staples Retailing: 2.01%
Costco Wholesale Corporation		49,745		7,467,222
CVS Health Corporation		121,074		9,309,380
Sysco Corporation		57,995		3,088,234
The Kroger Company		107,763		3,480,745
Wal-Mart Stores Incorporated		172,116		12,122,130
Walgreens Boots Alliance Incorporated		97,093		8,226,690
Whole Foods Market Incorporated		36,202		1,100,179
				44,794,580
Food Products: 1.51%
Archer Daniels Midland Company		66,062		2,855,860
Campbell Soup Company		22,081		1,256,188

4 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Shares		Value
Food Products (continued)
ConAgra Foods Incorporated		47,328	$	1,736,464
General Mills Incorporated		67,795		4,131,427
Hormel Foods Corporation		30,686		1,050,689
Kellogg Company		28,637		2,061,864
McCormick & Company Incorporated		13,063		1,191,346
Mead Johnson Nutrition Company		20,969		1,511,655
Mondelez International Incorporated Class A		176,639		7,284,592
The Hershey Company		15,939		1,540,345
The J.M. Smucker Company		13,220		1,665,059
The Kraft Heinz Company		67,658		5,524,276
Tyson Foods Incorporated Class A		33,777		1,918,871
				33,728,636
Household Products: 1.76%
Church & Dwight Company Incorporated		29,252		1,280,945
Colgate-Palmolive Company		101,234		6,603,494
Kimberly-Clark Corporation		40,839		4,721,397
The Clorox Company		14,702		1,698,963
The Procter & Gamble Company		303,051		24,989,585
				39,294,384
Personal Products: 0.13%
Coty Incorporated Class A		53,570		1,002,295
The Estee Lauder Companies Incorporated Class A		25,089		1,949,415
				2,951,710
Tobacco: 1.56%
Altria Group Incorporated		221,871		14,184,213
Philip Morris International		176,162		15,551,581
Reynolds American Incorporated		94,008		5,085,833
				34,821,627
Energy: 7.26%
Energy Equipment & Services: 1.15%
Baker Hughes Incorporated		48,590		3,125,795
FMC Technologies Incorporated †		25,621		877,775
Halliburton Company		97,783		5,191,299
Helmerich & Payne Incorporated «		12,271		928,301
National Oilwell Varco Incorporated		42,882		1,602,072
Schlumberger Limited		157,921		13,273,260
Transocean Limited †«		44,057		568,335
				25,566,837
Oil, Gas & Consumable Fuels: 6.11%
Anadarko Petroleum Corporation		61,968		4,285,087
Apache Corporation		43,086		2,841,522
Cabot Oil & Gas Corporation		52,820		1,168,378
Chesapeake Energy Corporation «		84,632		592,424

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 5

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Chevron Corporation		214,225	$	23,898,941
Cimarex Energy Company		10,786		1,487,174
Concho Resources Incorporated †		16,141		2,308,486
ConocoPhillips		140,639		6,823,804
Devon Energy Corporation		59,458		2,873,605
EOG Resources Incorporated		62,529		6,410,473
EQT Corporation		19,616		1,374,689
Exxon Mobil Corporation		470,874		41,107,300
Hess Corporation		30,566		1,710,473
Kinder Morgan Incorporated		218,003		4,839,667
Marathon Oil Corporation		96,211		1,737,571
Marathon Petroleum Corporation		60,044		2,823,269
Murphy Oil Corporation		18,381		623,300
Newfield Exploration Company †		22,553		1,019,847
Noble Energy Incorporated		48,792		1,861,903
Occidental Petroleum Corporation		86,748		6,190,337
ONEOK Incorporated		23,895		1,312,552
Phillips 66 Company		50,466		4,192,715
Pioneer Natural Resources Company		19,260		3,679,430
Range Resources Corporation		21,347		750,987
Southwestern Energy Company †		56,035		635,997
Spectra Energy Corporation		79,614		3,260,193
Tesoro Corporation		13,489		1,097,330
The Williams Companies Incorporated		77,560		2,381,092
Valero Energy Corporation		52,388		3,225,005
				136,513,551
Financials: 14.14%
Banks: 6.31%
Bank of America Corporation		1,158,810		24,474,067
BB&T Corporation		92,491		4,185,218
Citigroup Incorporated		329,921		18,604,245
Citizens Financial Group Incorporated		58,989		1,976,721
Comerica Incorporated		19,748		1,258,935
Fifth Third Bancorp		87,026		2,264,417
Huntington Bancshares Incorporated		123,267		1,535,907
JPMorgan Chase & Company		410,160		32,882,527
KeyCorp		122,887		2,127,174
M&T Bank Corporation		17,802		2,562,420
People’s United Financial Incorporated «		35,311		661,022
PNC Financial Services Group Incorporated		55,802		6,168,353
Regions Financial Corporation		142,535		1,929,924
SunTrust Banks Incorporated		56,938		2,957,929
US Bancorp		182,693		9,065,227
Wells Fargo & Company (l)		515,654		27,288,410
Zions Bancorporation		23,291		926,749
				140,869,245

6 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Shares		Value
Capital Markets: 2.76%
Affiliated Managers Group Incorporated †		6,117	$	905,928
Ameriprise Financial Incorporated		18,330		2,093,469
Bank of New York Mellon Corporation		121,240		5,749,201
BlackRock Incorporated		13,855		5,137,295
CME Group Incorporated		38,478		4,344,551
E*TRADE Financial Corporation †		31,078		1,072,502
Franklin Resources Incorporated		39,907		1,566,749
Goldman Sachs Group Incorporated		42,819		9,389,779
Intercontinental Exchange Incorporated		67,642		3,747,367
Invesco Limited		46,548		1,457,418
Legg Mason Incorporated		10,473		334,089
Moody’s Corporation		18,998		1,909,299
Morgan Stanley		167,164		6,913,903
Northern Trust Corporation		24,187		1,986,962
S&P Global Incorporated		29,979		3,567,201
State Street Corporation		41,631		3,280,523
T. Rowe Price Group Incorporated		28,224		2,090,269
The Charles Schwab Corporation		136,713		5,285,325
The NASDAQ OMX Group Incorporated		12,964		830,863
				61,662,693
Consumer Finance: 0.81%
American Express Company		88,116		6,347,877
Capital One Financial Corporation		57,468		4,829,611
Discover Financial Services		45,834		3,106,170
Navient Corporation		36,001		620,297
Synchrony Financial		89,962		3,109,087
				18,013,042
Diversified Financial Services: 1.56%
Berkshire Hathaway Incorporated Class B †		215,602		33,944,379
Leucadia National Corporation		36,832		811,041
				34,755,420
Insurance: 2.70%
AFLAC Incorporated		46,509		3,319,812
American International Group Incorporated		115,500		7,314,615
Aon plc		30,160		3,441,256
Arthur J. Gallagher & Company		20,103		1,012,186
Assurant Incorporated		6,474		558,965
Chubb Limited		52,812		6,759,936
Cincinnati Financial Corporation		17,007		1,305,117
Lincoln National Corporation		26,435		1,694,484
Loews Corporation		31,390		1,401,564
Marsh & McLennan Companies Incorporated		58,849		4,078,824
MetLife Incorporated		124,783		6,864,313
Principal Financial Group Incorporated		30,372		1,752,161
Prudential Financial Incorporated		49,624		4,992,174
The Allstate Corporation		42,181		2,949,296

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 7

Security name	Shares		Value
Insurance (continued)
The Hartford Financial Services Group Incorporated		43,829	$	2,065,222
The Progressive Corporation		66,080		2,200,464
The Travelers Companies Incorporated		32,736		3,710,626
Torchmark Corporation		12,648		886,498
Unum Group		26,645		1,126,284
Willis Towers Watson plc		14,736		1,832,716
XL Group Limited		31,225		1,128,159
				60,394,672
Health Care: 13.26%
Biotechnology: 2.73%
AbbVie Incorporated		184,930		11,243,744
Alexion Pharmaceuticals Incorporated †		25,465		3,121,754
Amgen Incorporated		84,980		12,243,069
Biogen Idec Incorporated †		24,882		7,317,050
Celgene Corporation †		88,018		10,431,013
Gilead Sciences Incorporated		149,854		11,044,240
Regeneron Pharmaceuticals Incorporated †		8,570		3,250,087
Vertex Pharmaceuticals Incorporated †		28,137		2,296,261
				60,947,218
Health Care Equipment & Supplies: 2.37%
Abbott Laboratories		166,926		6,354,873
Baxter International Incorporated		55,585		2,466,306
Becton Dickinson & Company		24,179		4,088,669
Boston Scientific Corporation †		154,520		3,161,479
C.R. Bard Incorporated		8,341		1,756,198
Danaher Corporation		69,005		5,394,121
Dentsply Sirona Incorporated		26,460		1,539,443
Edwards Lifesciences Corporation †		24,174		2,002,816
Hologic Incorporated †		31,503		1,205,935
Intuitive Surgical Incorporated †		4,371		2,813,788
Medtronic plc		156,926		11,457,167
St. Jude Medical Incorporated		32,355		2,562,516
Stryker Corporation		35,278		4,009,697
The Cooper Companies Incorporated		5,535		910,452
Varian Medical Systems Incorporated †		10,604		952,557
Zimmer Biomet Holdings Incorporated		22,712		2,313,444
				52,989,461
Health Care Providers & Services: 2.59%
Aetna Incorporated		39,835		5,212,011
AmerisourceBergen Corporation		18,995		1,481,420
Anthem Incorporated		29,884		4,259,367
Cardinal Health Incorporated		36,177		2,568,929
Centene Corporation †		19,388		1,117,330
CIGNA Corporation		29,135		3,925,650
DaVita HealthCare Partners Incorporated †		18,796		1,190,727
Express Scripts Holding Company †		71,565		5,430,352

8 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name		Shares		Value
Health Care Providers & Services (continued)
HCA Holdings Incorporated †			33,538	$	2,377,509
Henry Schein Incorporated †			9,288		1,383,540
Humana Incorporated			16,927		3,599,357
Laboratory Corporation of America Holdings †			11,617		1,461,999
McKesson Corporation			25,630		3,685,850
Patterson Companies Incorporated			9,462		366,558
Quest Diagnostics Incorporated			15,786		1,380,644
UnitedHealth Group Incorporated			108,149		17,122,150
Universal Health Services Incorporated Class B			10,231		1,258,618
					57,822,011
Health Care Technology: 0.08%
Cerner Corporation †			34,130		1,698,991
Life Sciences Tools & Services: 0.59%
Agilent Technologies Incorporated			36,965		1,625,721
Illumina Incorporated †			16,647		2,216,382
Mettler-Toledo International Incorporated †			3,008		1,239,356
PerkinElmer Incorporated			12,423		630,095
Thermo Fisher Scientific Incorporated			44,771		6,272,865
Waters Corporation †			9,150		1,231,316
					13,215,735
Pharmaceuticals: 4.90%
Allergan plc			42,592		8,275,626
Bristol-Myers Squibb Company			189,735		10,708,643
Eli Lilly & Company			110,306		7,403,739
Endo International plc †			22,514		360,449
Johnson & Johnson			310,674		34,578,016
Mallinckrodt plc †			12,231		644,574
Merck & Company Incorporated			314,004		19,213,905
Mylan NV †			52,238		1,912,433
Perrigo Company plc	��		16,270		1,404,752
Pfizer Incorporated			688,788		22,137,646
Zoetis Incorporated			56,215		2,832,112
					109,471,895
Industrials: 10.10%
Aerospace & Defense: 2.21%
Arconic Incorporated			49,789		959,932
General Dynamics Corporation			32,586		5,713,955
L-3 Communications Holdings Incorporated			8,771		1,383,801
Lockheed Martin Corporation			28,666		7,603,657
Northrop Grumman Corporation			20,278		5,062,403
Raytheon Company			33,510		5,011,085
Rockwell Collins Incorporated			14,754		1,367,991
Textron Incorporated			30,599		1,408,472
The Boeing Company			65,880		9,918,893
TransDigm Group Incorporated			5,686		1,429,631
United Technologies Corporation			88,385		9,520,832
					49,380,652

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 9

Security name	Shares		Value
Air Freight & Logistics: 0.75%
C.H. Robinson Worldwide Incorporated		16,205	$	1,212,944
Expeditors International of Washington Incorporated		20,559		1,084,282
FedEx Corporation		27,740		5,316,926
United Parcel Service Incorporated Class B		78,498		9,099,488
				16,713,640
Airlines: 0.61%
Alaska Air Group Incorporated		13,978		1,149,970
American Airlines Group Incorporated		60,174		2,794,481
Delta Air Lines Incorporated		85,043		4,097,372
Southwest Airlines Company		70,431		3,282,789
United Continental Holdings Incorporated †		33,316		2,297,138
				13,621,750
Building Products: 0.35%
Allegion plc		10,890		728,650
Fortune Brands Home & Security Incorporated		17,476		963,801
Johnson Controls International plc		107,190		4,821,406
Masco Corporation		37,498		1,186,812
				7,700,669
Commercial Services & Supplies: 0.31%
Cintas Corporation		9,703		1,111,964
Pitney Bowes Incorporated		21,075		302,426
Republic Services Incorporated		26,474		1,469,042
Stericycle Incorporated †		9,657		704,671
Waste Management Incorporated		46,206		3,212,241
				6,800,344
Construction & Engineering: 0.10%
Fluor Corporation		15,812		846,100
Jacobs Engineering Group Incorporated †		13,789		855,056
Quanta Services Incorporated †		17,155		578,467
				2,279,623
Electrical Equipment: 0.54%
Acuity Brands Incorporated		4,984		1,253,027
AMETEK Incorporated		26,392		1,249,661
Eaton Corporation plc		51,634		3,434,177
Emerson Electric Company		73,077		4,124,466
Rockwell Automation Incorporated		14,694		1,964,735
				12,026,066
Industrial Conglomerates: 2.46%
3M Company		68,633		11,787,031
General Electric Company		1,017,596		31,301,253
Honeywell International Incorporated		86,401		9,844,530
Roper Industries Incorporated		11,508		2,084,214
				55,017,028

10 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Shares		Value
Machinery: 1.46%
Caterpillar Incorporated		66,343	$	6,339,737
Cummins Incorporated		17,618		2,497,880
Deere & Company		32,848		3,291,370
Dover Corporation		17,626		1,279,824
Flowserve Corporation		14,805		702,497
Fortive Corporation		34,141		1,877,414
Illinois Tool Works Incorporated		36,277		4,541,155
Ingersoll-Rand plc		29,297		2,183,798
Paccar Incorporated		39,804		2,473,819
Parker-Hannifin Corporation		15,205		2,112,431
Pentair plc		18,920		1,087,143
Snap-on Incorporated		6,596		1,102,851
Stanley Black & Decker Incorporated		17,082		2,026,438
Xylem Incorporated		20,347		1,049,498
				32,565,855
Professional Services: 0.26%
Dun & Bradstreet Corporation		4,123		501,852
Equifax Incorporated		13,551		1,550,912
Nielsen Holdings plc		38,144		1,644,006
Robert Half International Incorporated		14,778		663,089
Verisk Analytics Incorporated †		17,844		1,482,480
				5,842,339
Road & Rail: 0.87%
CSX Corporation		107,422		3,846,782
J.B. Hunt Transport Services Incorporated		9,980		951,793
Kansas City Southern		12,262		1,087,762
Norfolk Southern Corporation		33,334		3,548,738
Ryder System Incorporated		6,073		475,516
Union Pacific Corporation		94,582		9,583,994
				19,494,585
Trading Companies & Distributors: 0.18%
Fastenal Company		32,814		1,555,384
United Rentals Incorporated †		9,784		989,260
W.W. Grainger Incorporated		6,312		1,455,358
				4,000,002
Information Technology: 20.09%
Communications Equipment: 1.00%
Cisco Systems Incorporated		571,151		17,031,723
F5 Networks Incorporated †		7,518		1,058,159
Harris Corporation		14,106		1,460,817
Juniper Networks Incorporated		43,488		1,197,660
Motorola Solutions Incorporated		18,933		1,519,373
				22,267,732

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 11

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 0.37%
Amphenol Corporation Class A		35,057	$	2,392,991
Corning Incorporated		108,017		2,595,649
FLIR Systems Incorporated		15,589		559,801
TE Connectivity Limited		40,375		2,730,965
				8,279,406
Internet Software & Services: 4.13%
Akamai Technologies Incorporated †		19,841		1,323,395
Alphabet Incorporated Class A †		33,481		25,977,238
Alphabet Incorporated Class C †		33,556		25,436,790
eBay Incorporated †		119,232		3,315,842
Facebook Incorporated Class A †		263,785		31,237,420
VeriSign Incorporated †		10,548		831,710
Yahoo! Incorporated †		99,434		4,078,783
				92,201,178
IT Services: 3.59%
Accenture plc Class A		70,693		8,442,865
Alliance Data Systems Corporation		6,646		1,520,472
Automatic Data Processing Incorporated		51,801		4,973,932
Cognizant Technology Solutions Corporation Class A †		68,922		3,796,224
CSRA Incorporated		16,537		529,349
Fidelity National Information Services Incorporated		37,226		2,873,475
Fiserv Incorporated †		24,961		2,611,420
Global Payments Incorporated		17,446		1,195,923
International Business Machines Corporation		98,773		16,022,956
MasterCard Incorporated Class A		108,892		11,128,762
Paychex Incorporated		36,437		2,147,961
PayPal Holdings Incorporated †		127,458		5,006,550
Teradata Corporation †		14,808		397,595
Total System Services Incorporated		18,788		924,745
Visa Incorporated Class A		214,215		16,563,104
Western Union Company		55,385		1,164,747
Xerox Corporation		96,656		903,734
				80,203,814
Semiconductors & Semiconductor Equipment: 3.20%
Analog Devices Incorporated		34,915		2,592,090
Applied Materials Incorporated		122,741		3,952,260
Broadcom Limited		44,913		7,657,217
First Solar Incorporated †«		8,718		264,330
Intel Corporation		537,231		18,641,916
KLA-Tencor Corporation		17,714		1,414,286
Lam Research Corporation		18,198		1,929,352
Linear Technology Corporation		27,222		1,702,192
Microchip Technology Incorporated		24,447		1,617,902
Micron Technology Incorporated †		117,915		2,302,880
NVIDIA Corporation		60,752		5,601,334
Qorvo Incorporated †		14,523		775,673

12 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
QUALCOMM Incorporated		167,341	$	11,400,942
Skyworks Solutions Incorporated		21,291		1,636,213
Texas Instruments Incorporated		113,920		8,422,106
Xilinx Incorporated		28,784		1,553,760
				71,464,453
Software: 4.23%
Activision Blizzard Incorporated		77,462		2,835,884
Adobe Systems Incorporated †		56,584		5,817,401
Autodesk Incorporated †		22,173		1,609,982
CA Incorporated		35,680		1,140,333
Citrix Systems Incorporated †		17,684		1,533,733
Electronic Arts Incorporated †		34,153		2,706,284
Intuit Incorporated		27,826		3,163,260
Microsoft Corporation		884,882		53,322,989
Oracle Corporation		341,756		13,735,174
Red Hat Incorporated †		20,564		1,626,818
Salesforce.com Incorporated †		73,118		5,264,496
Symantec Corporation		69,903		1,704,934
				94,461,288
Technology Hardware, Storage & Peripherals: 3.57%
Apple Incorporated		611,887		67,625,751
Hewlett Packard Enterprise Company		188,697		4,490,989
HP Incorporated		194,279		2,991,897
NetApp Incorporated		31,644		1,156,905
Seagate Technology plc «		33,909		1,359,751
Western Digital Corporation		32,280		2,054,945
				79,680,238
Materials: 2.81%
Chemicals: 2.04%
Air Products & Chemicals Incorporated		24,590		3,552,271
Albemarle Corporation		12,764		1,120,424
CF Industries Holdings Incorporated		26,473		766,129
E.I. du Pont de Nemours & Company		99,284		7,308,295
Eastman Chemical Company		16,773		1,259,988
Ecolab Incorporated		29,801		3,478,671
FMC Corporation		15,195		852,743
International Flavors & Fragrances Incorporated		9,038		1,094,050
LyondellBasell Industries NV Class A		38,710		3,496,287
Monsanto Company		49,689		5,103,557
PPG Industries Incorporated		30,238		2,900,731
Praxair Incorporated		32,390		3,896,517
The Dow Chemical Company		127,958		7,129,820
The Mosaic Company		39,767		1,129,383
The Sherwin-Williams Company		9,111		2,447,852
				45,536,718

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 13

Security name	Shares		Value
Construction Materials: 0.16%
Martin Marietta Materials Incorporated		7,204	$	1,580,918
Vulcan Materials Company		15,111		1,898,697
				3,479,615
Containers & Packaging: 0.33%
Avery Dennison Corporation		10,090		727,085
Ball Corporation		19,785		1,485,062
International Paper Company		46,694		2,274,932
Owens-Illinois Incorporated †		18,405		338,100
Sealed Air Corporation		22,337		1,018,567
WestRock Company		28,559		1,462,221
				7,305,967
Metals & Mining: 0.28%
Freeport-McMoRan Incorporated †		138,764		2,130,027
Newmont Mining Corporation		60,251		1,954,542
Nucor Corporation		36,151		2,248,231
				6,332,800
Real Estate: 2.67%
Equity REITs: 2.63%
American Tower Corporation		48,317		4,941,380
Apartment Investment & Management Company Class A		17,784		748,706
AvalonBay Communities Incorporated		15,593		2,564,893
Boston Properties Incorporated		17,453		2,162,078
Crown Castle International Corporation		40,949		3,417,604
Digital Realty Trust Incorporated		18,047		1,666,280
Equinix Incorporated		8,071		2,734,132
Equity Residential Company Limited		41,511		2,491,075
Essex Property Trust Incorporated		7,437		1,605,797
Extra Space Storage Incorporated		14,284		1,002,165
Federal Realty Investment Trust		8,052		1,130,662
General Growth Properties Incorporated		66,308		1,680,245
HCP Incorporated		53,097		1,567,954
Host Hotels & Resorts Incorporated		84,313		1,504,144
Iron Mountain Incorporated		27,801		917,433
Kimco Realty Corporation		47,699		1,218,232
Prologis Incorporated		59,838		3,045,754
Public Storage Incorporated		16,934		3,544,286
Realty Income Corporation		29,362		1,627,829
Simon Property Group Incorporated		35,682		6,410,271
SL Green Realty Corporation		11,392		1,200,261
The Macerich Company		13,700		930,093
UDR Incorporated		30,326		1,032,297
Ventas Incorporated		39,898		2,410,637
Vornado Realty Trust		19,512		1,907,298
Welltower Incorporated		40,643		2,551,568
Weyerhaeuser Company		85,023		2,621,259
				58,634,333

14 Wells Fargo Index Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Shares		Value
Real Estate Management & Development: 0.04%
CBRE Group Incorporated Class A †		33,919	$	985,008
Telecommunication Services: 2.41%
Diversified Telecommunication Services: 2.41%
AT&T Incorporated		698,593		26,986,648
CenturyLink Incorporated «		61,998		1,458,193
Frontier Communications Corporation «		133,209		486,213
Level 3 Communications Incorporated †		33,069		1,821,110
Verizon Communications Incorporated		462,886		23,098,011
				53,850,175
Utilities: 2.97%
Electric Utilities: 1.84%
Alliant Energy Corporation		25,815		927,275
American Electric Power Company Incorporated		55,836		3,297,116
Duke Energy Corporation		78,232		5,771,175
Edison International		36,998		2,544,352
Entergy Corporation		20,324		1,396,869
Eversource Energy		36,021		1,859,404
Exelon Corporation		104,797		3,406,950
FirstEnergy Corporation		48,284		1,510,806
Nextera Energy Incorporated		53,039		6,058,645
PG&E Corporation		56,608		3,328,550
Pinnacle West Capital Corporation		12,625		933,366
PPL Corporation		77,001		2,576,453
The Southern Company		111,137		5,203,434
Xcel Energy Incorporated		57,681		2,250,136
				41,064,531
Independent Power & Renewable Electricity Producers: 0.06%
AES Corporation		74,843		856,952
NRG Energy Incorporated		35,802		405,995
				1,262,947
Multi-Utilities: 1.01%
Ameren Corporation		27,553		1,353,403
CenterPoint Energy Incorporated		48,906		1,166,897
CMS Energy Corporation		31,685		1,274,371
Consolidated Edison Incorporated		34,568		2,411,809
Dominion Resources Incorporated		71,059		5,207,914
DTE Energy Company		20,376		1,896,802
NiSource Incorporated		36,586		802,697
Public Service Enterprise Group Incorporated		57,450		2,373,260
SCANA Corporation		16,229		1,144,631
Sempra Energy		28,366		2,830,927
WEC Energy Group Incorporated		35,840		2,007,398
				22,470,109

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Index Portfolio 15

Security name						Shares		Value
Water Utilities: 0.06%
American Water Works Company Incorporated							20,202	$	1,464,039
Total Common Stocks (Cost $964,325,647)									2,155,573,246
	Yield
Short-Term Investments: 0.62%
Investment Companies: 0.54%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65	%				12,148,091		12,149,306
				Maturity date		Principal
U.S. Treasury Securities: 0.08%
U.S. Treasury Bill (z)#		0.21			12-15-2016	$	535,000		534,970
U.S. Treasury Bill (z)#		0.31			1-19-2017		282,000		281,867
U.S. Treasury Bill (z)#		0.36			1-5-2017		331,000		330,901
U.S. Treasury Bill (z)#		0.41			2-16-2017		605,000		604,419
U.S. Treasury Bill (z)#		0.46			2-23-2017		50,000		49,946
									1,802,103
Total Short-Term Investments (Cost $13,950,780)									13,951,409

Total investments in securities (Cost $978,276,427) *	97.17	%		2,169,524,655
Other assets and liabilities, net	2.83			63,087,873
Total net assets	100.00	%	$	2,232,612,528

† Non-income-earning security

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

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

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

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

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

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

* Cost for federal income tax purposes is $980,547,734 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,214,008,252
Gross unrealized losses		(25,031,331	)
Net unrealized gains	$	1,188,976,921

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 1

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 27.20%
FHLMC ±		2.55	%		7-1-2042	$	3,323,996	$	3,421,640
FHLMC ±		2.79			12-1-2041		1,665,328		1,722,324
FHLMC ±		2.81			5-1-2045		2,648,267		2,716,020
FHLMC		3.00			3-1-2030		2,629,907		2,720,878
FHLMC		3.00			4-1-2031		3,696,898		3,825,006
FHLMC		3.00			5-1-2031		2,136,863		2,199,182
FHLMC		3.00			5-1-2031		348,317		360,381
FHLMC		3.00			6-1-2031		1,972,521		2,030,037
FHLMC		3.00			7-1-2031		4,407,104		4,536,158
FHLMC		3.00			7-1-2031		2,614,500		2,691,134
FHLMC		3.00			9-1-2031		1,752,610		1,803,988
FHLMC		3.00			9-1-2031		596,272		613,741
FHLMC		3.00			11-1-2031		2,841,855		2,925,812
FHLMC		3.00			11-1-2031		2,966,635		3,053,556
FHLMC		3.00			11-1-2031		383,230		396,548
FHLMC		3.00			11-1-2031		1,288,353		1,326,425
FHLMC %%		3.00			12-13-2046		44,100,000		43,838,156
FHLMC ±		3.10			2-1-2045		2,882,967		2,957,023
FHLMC		3.50			11-1-2029		976,947		1,022,851
FHLMC		3.50			1-1-2030		1,643,392		1,732,298
FHLMC		3.50			4-1-2030		7,440,283		7,885,404
FHLMC		3.50			6-1-2030		2,134,542		2,255,506
FHLMC		3.50			7-1-2030		3,032,537		3,204,881
FHLMC		3.50			7-1-2030		2,554,696		2,699,764
FHLMC		3.50			8-1-2030		495,147		522,864
FHLMC		3.50			8-1-2030		2,988,729		3,158,278
FHLMC		3.50			9-1-2030		391,713		413,347
FHLMC		3.50			10-1-2030		1,177,037		1,244,044
FHLMC		3.50			10-1-2030		576,196		608,774
FHLMC		3.50			10-1-2030		801,022		844,783
FHLMC		3.50			10-1-2030		438,166		463,136
FHLMC		3.50			10-1-2030		956,081		1,010,527
FHLMC		3.50			10-1-2030		1,311,650		1,386,601
FHLMC		3.50			11-1-2030		705,559		739,288
FHLMC		3.50			11-1-2030		1,917,290		2,027,052
FHLMC		3.50			11-1-2030		3,815,389		4,033,359
FHLMC		3.50			11-1-2030		2,211,432		2,337,615
FHLMC		3.50			11-1-2030		462,673		488,227
FHLMC		3.50			12-1-2030		6,320,055		6,669,776
FHLMC		3.50			12-1-2030		153,608		162,091
FHLMC		3.50			1-1-2031		2,728,561		2,885,146
FHLMC		3.50			1-1-2031		460,573		486,898
FHLMC		3.50			1-1-2031		5,780,637		6,110,299
FHLMC		3.50			1-1-2031		6,652,502		7,031,989
FHLMC		3.50			2-1-2031		941,416		995,511
FHLMC		3.50			3-1-2031		3,327,889		3,518,991
FHLMC		3.50			4-1-2031		3,524,772		3,727,595
FHLMC		3.50			6-1-2031		2,061,917		2,181,331
FHLMC		3.50			7-1-2031		1,377,146		1,457,003
FHLMC		3.50			7-1-2032		14,165,419		14,699,881

2 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		3.50	%		5-1-2034	$	692,224	$	716,400
FHLMC		3.50			11-1-2035		213,891		223,689
FHLMC		3.50			12-1-2035		2,090,822		2,181,539
FHLMC		3.50			12-1-2045		710,572		731,954
FHLMC		3.50			6-1-2046		2,373,805		2,441,716
FHLMC		3.50			8-1-2046		3,386,204		3,483,290
FHLMC		3.50			12-1-2046		3,400,000		3,497,480
FHLMC %%		3.50			12-13-2046		12,300,000		12,606,953
FHLMC		4.00			10-1-2029		1,727,949		1,860,283
FHLMC		4.00			6-1-2039		211,304		225,443
FHLMC		4.00			8-1-2044		1,288,721		1,367,110
FHLMC		4.00			8-1-2044		18,453,037		19,619,382
FHLMC		4.00			2-1-2045		4,919,204		5,234,709
FHLMC		4.00			9-1-2045		746,487		784,691
FHLMC		4.00			10-1-2045		1,115,405		1,172,485
FHLMC		4.00			10-1-2045		2,350,037		2,502,165
FHLMC		4.00			10-1-2045		1,199,809		1,270,161
FHLMC		4.00			10-1-2045		896,979		948,684
FHLMC		4.00			10-1-2045		3,889,918		4,116,656
FHLMC		4.00			11-1-2045		1,657,519		1,753,062
FHLMC		4.00			11-1-2045		1,706,469		1,806,532
FHLMC		4.00			11-1-2045		746,314		789,333
FHLMC		4.00			11-1-2045		796,999		842,938
FHLMC		4.00			12-1-2045		1,680,893		1,779,452
FHLMC		4.00			12-1-2045		1,402,661		1,483,516
FHLMC		4.00			12-1-2045		1,384,386		1,464,188
FHLMC		4.00			12-1-2045		1,949,451		2,075,650
FHLMC		4.00			2-1-2046		2,620,710		2,774,326
FHLMC		4.00			2-1-2046		1,814,536		1,919,093
FHLMC		4.00			3-1-2046		5,283,233		5,595,482
FHLMC		4.00			4-1-2046		1,166,673		1,235,628
FHLMC		4.00			4-1-2046		1,008,875		1,067,011
FHLMC		4.00			6-1-2046		2,017,492		2,133,747
FHLMC		4.00			6-1-2046		1,641,224		1,738,492
FHLMC		4.00			6-1-2046		2,818,392		2,980,801
FHLMC		4.50			8-1-2020		7,308,221		7,507,593
FHLMC		4.50			6-1-2039		273,367		292,607
FHLMC		4.50			7-1-2039		297,376		318,373
FHLMC		4.50			2-1-2042		600,212		651,555
FHLMC		4.50			6-1-2044		3,038,793		3,294,575
FHLMC		5.00			5-1-2044		1,411,258		1,573,268
FHLMC		5.00			6-1-2044		4,372,712		4,896,734
FHLMC		6.00			8-1-2017		2,654		2,677
FHLMC		6.00			10-1-2017		5,966		6,020
FHLMC		6.00			2-1-2023		27,339		31,044
FHLMC		6.50			4-1-2021		1,663		1,719
FHLMC Series 1590 Class IA ±		1.58			10-15-2023		27,824		28,496
FHLMC Series 1897 Class K		7.00			9-15-2026		942		1,044
FHLMC Series 1935 Class FL ±		1.24			2-15-2027		2,562		2,609
FHLMC Series 2423 Class MC		7.00			3-15-2032		15,802		17,941

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 3

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC Series 300 Class 300		3.00	%		1-15-2043	$	14,386,497	$	14,443,906
FHLMC Series 4425 Class A		4.00			9-15-2040		4,312,918		4,566,738
FNMA ¤		0.00			10-9-2019		11,585,000		10,986,426
FNMA ±		1.71			4-1-2043		4,302,655		4,432,044
FNMA ±		1.95			6-1-2017		136		136
FNMA ±		2.42			6-1-2042		2,925,130		3,009,253
FNMA ±		2.67			1-1-2042		4,142,678		4,283,094
FNMA ±		2.75			2-1-2042		7,159,319		7,517,435
FNMA ±		2.75			1-1-2045		1,916,990		1,964,021
FNMA ±		2.76			1-1-2045		4,425,003		4,531,333
FNMA ±		2.84			5-1-2043		1,335,020		1,365,610
FNMA ±		2.98			6-1-2041		5,725,762		6,040,089
FNMA		3.00			4-1-2031		2,290,730		2,371,177
FNMA		3.00			5-1-2031		2,869,949		2,970,745
FNMA		3.00			6-1-2031		14,469,882		14,930,795
FNMA		3.00			8-1-2031		3,540,232		3,653,738
FNMA		3.00			8-1-2031		3,640,769		3,750,036
FNMA		3.00			9-1-2031		12,107,085		12,610,138
FNMA		3.00			9-1-2031		4,508,301		4,643,824
FNMA		3.00			9-1-2031		1,975,955		2,035,361
FNMA		3.00			10-1-2031		828,735		859,190
FNMA		3.00			10-1-2031		935,369		968,888
FNMA		3.00			10-1-2031		1,138,203		1,176,217
FNMA		3.00			10-1-2031		2,215,504		2,283,925
FNMA		3.00			10-1-2031		7,256,725		7,476,327
FNMA		3.00			10-1-2031		3,290,316		3,388,870
FNMA		3.00			10-1-2031		1,815,045		1,869,247
FNMA		3.00			10-1-2031		3,782,513		3,910,293
FNMA		3.00			10-1-2031		3,755,756		3,867,752
FNMA		3.00			11-1-2031		10,798,071		11,128,165
FNMA		3.00			11-1-2031		9,177,312		9,455,039
FNMA		3.00			11-1-2031		2,347,458		2,417,468
FNMA		3.00			11-1-2031		1,879,681		1,938,533
FNMA		3.00			11-1-2031		3,051,115		3,142,851
FNMA		3.00			11-1-2031		2,667,556		2,747,107
FNMA		3.00			11-1-2031		4,937,161		5,082,572
FNMA %%		3.00			12-13-2046		34,100,000		33,918,844
FNMA %%		3.00			1-18-2047		110,500,000		109,684,200
FNMA ±		3.19			10-1-2043		1,947,992		1,998,088
FNMA		3.50			12-1-2029		2,511,628		2,644,021
FNMA		3.50			1-1-2030		5,624,170		5,921,903
FNMA		3.50			2-1-2030		3,848,082		4,042,977
FNMA		3.50			7-1-2030		3,021,632		3,182,352
FNMA		3.50			7-1-2030		836,994		872,166
FNMA		3.50			8-1-2030		1,938,049		2,041,107
FNMA		3.50			1-1-2031		2,250,776		2,351,812
FNMA		3.50			1-1-2031		2,927,414		3,086,357
FNMA		3.50			2-1-2031		3,427,591		3,613,993
FNMA		3.50			2-1-2031		2,299,540		2,429,856
FNMA		3.50			2-1-2031		1,784,484		1,880,242

4 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		3.50	%		4-1-2031	$	5,587,756	$	5,887,692
FNMA		3.50			4-1-2031		730,433		769,764
FNMA		3.50			4-1-2031		1,898,969		2,007,061
FNMA		3.50			4-1-2031		7,919,011		8,349,056
FNMA		3.50			6-1-2031		2,329,324		2,454,652
FNMA		3.50			6-1-2031		3,065,530		3,240,092
FNMA		3.50			6-1-2031		3,110,688		3,288,116
FNMA		3.50			6-1-2031		6,303,395		6,638,236
FNMA		3.50			7-1-2031		3,042,608		3,216,095
FNMA		3.50			7-1-2031		1,448,239		1,530,904
FNMA		3.50			8-1-2031		2,290,768		2,421,401
FNMA		3.50			9-1-2032		4,013,169		4,202,304
FNMA		3.50			9-1-2033		985,278		1,031,626
FNMA		3.50			1-1-2035		2,111,301		2,197,564
FNMA		3.50			6-1-2043		974,265		1,000,150
FNMA		3.50			6-1-2045		17,691,683		18,218,372
FNMA		3.50			8-1-2045		5,514,596		5,678,772
FNMA		3.50			8-1-2045		10,816,719		11,138,749
FNMA		3.50			10-1-2045		2,005,325		2,065,029
FNMA		3.50			11-1-2045		4,753,204		4,894,718
FNMA		3.50			1-1-2046		2,493,004		2,567,308
FNMA		3.50			1-1-2046		1,624,171		1,677,303
FNMA		3.50			2-1-2046		753,212		777,853
FNMA		3.50			2-1-2046		549,352		567,324
FNMA		3.50			3-1-2046		2,639,955		2,726,319
FNMA		3.50			4-1-2046		1,064,619		1,097,715
FNMA		3.50			4-1-2046		1,444,826		1,492,093
FNMA		3.50			4-1-2046		785,048		810,731
FNMA		3.50			5-1-2046		4,367,809		4,507,822
FNMA		3.50			6-1-2046		5,372,980		5,530,902
FNMA		3.50			6-1-2046		1,876,549		1,937,937
FNMA		3.50			7-1-2046		1,593,421		1,645,554
FNMA		3.50			7-1-2046		4,400,468		4,543,069
FNMA		3.50			7-1-2046		2,496,419		2,570,014
FNMA		3.50			8-1-2046		765,389		790,431
FNMA		3.50			8-1-2046		1,240,407		1,280,990
FNMA		3.50			8-1-2046		667,257		689,087
FNMA		3.50			8-1-2046		3,355,585		3,454,509
FNMA		3.50			8-1-2046		454,875		469,757
FNMA		3.50			9-1-2046		3,053,013		3,143,019
FNMA		3.50			9-1-2046		3,048,041		3,137,899
FNMA		3.50			10-1-2046		1,886,235		1,941,845
FNMA		3.50			11-1-2046		4,211,997		4,336,169
FNMA %%		3.50			12-13-2046		86,500,000		88,743,594
FNMA %%		3.50			1-18-2047		23,600,000		24,202,343
FNMA		4.00			7-1-2029		10,080,376		10,738,011
FNMA		4.00			11-1-2029		2,965,311		3,158,127
FNMA		4.00			11-1-2039		856,351		924,762
FNMA		4.00			11-1-2040		1,571,554		1,653,320
FNMA		4.00			11-1-2040		7,280,096		7,708,574

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 5

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		12-1-2040	$	4,624,249	$	4,909,565
FNMA		4.00			9-1-2041		194,942		209,534
FNMA		4.00			10-1-2041		450,344		484,062
FNMA		4.00			10-1-2041		1,452,275		1,541,943
FNMA		4.00			11-1-2041		332,185		357,057
FNMA		4.00			12-1-2041		431,000		463,271
FNMA		4.00			1-1-2042		4,721,030		5,012,086
FNMA		4.00			7-1-2042		252,174		270,848
FNMA		4.00			10-1-2043		5,454,458		5,780,648
FNMA		4.00			4-1-2044		6,182,392		6,590,403
FNMA		4.00			12-1-2044		278,807		298,381
FNMA		4.00			12-1-2044		1,204,181		1,274,544
FNMA		4.00			5-1-2045		10,302,314		10,926,546
FNMA		4.00			5-1-2045		1,897,897		2,011,600
FNMA		4.00			6-1-2045		3,831,807		4,059,250
FNMA		4.00			6-1-2045		4,951,822		5,241,821
FNMA		4.00			7-1-2045		447,009		480,597
FNMA		4.00			7-1-2045		259,818		278,097
FNMA		4.00			8-1-2045		1,344,196		1,429,876
FNMA		4.00			8-1-2045		496,268		533,562
FNMA		4.00			8-1-2045		720,338		774,472
FNMA		4.00			8-1-2045		2,390,854		2,545,131
FNMA		4.00			9-1-2045		2,077,244		2,212,627
FNMA		4.00			9-1-2045		635,641		683,405
FNMA		4.00			9-1-2045		1,419,503		1,511,104
FNMA		4.00			9-1-2045		366,370		390,012
FNMA		4.00			9-1-2045		355,307		378,235
FNMA		4.00			9-1-2045		6,326,353		6,729,575
FNMA		4.00			10-1-2045		351,749		378,184
FNMA		4.00			10-1-2045		1,290,321		1,365,937
FNMA		4.00			11-1-2045		591,229		635,657
FNMA		4.00			11-1-2045		1,219,985		1,295,649
FNMA		4.00			11-1-2045		1,460,893		1,546,502
FNMA		4.00			12-1-2045		1,089,521		1,153,367
FNMA		4.00			12-1-2045		194,123		206,645
FNMA		4.00			12-1-2045		476,055		506,762
FNMA		4.00			1-1-2046		623,679		656,250
FNMA		4.00			1-1-2046		2,379,348		2,526,864
FNMA		4.00			2-1-2046		495,835		534,206
FNMA		4.00			2-1-2046		405,266		436,630
FNMA		4.00			2-1-2046		754,665		803,491
FNMA		4.00			3-1-2046		779,274		839,576
FNMA		4.00			3-1-2046		4,734,662		5,041,922
FNMA		4.00			3-1-2046		2,573,086		2,735,109
FNMA		4.00			4-1-2046		3,012,254		3,213,285
FNMA		4.00			7-1-2046		382,248		406,906
FNMA		4.00			7-1-2046		1,442,356		1,527,916
FNMA		4.00			11-1-2046		944,221		1,000,231
FNMA %%		4.00			12-13-2046		23,500,000		24,722,207
FNMA ±		4.37			4-1-2040		1,969,161		2,057,118

6 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		1-1-2020	$	3,148,411	$	3,251,693
FNMA		4.50			5-1-2034		2,236,499		2,464,247
FNMA		4.50			1-1-2039		7,940,953		8,635,139
FNMA		4.50			11-1-2043		316,691		341,441
FNMA		4.50			12-1-2043		167,366		180,878
FNMA		4.50			1-1-2044		1,257,445		1,361,444
FNMA		4.50			1-1-2044		546,640		593,103
FNMA		4.50			2-1-2044		13,480,624		14,806,106
FNMA		4.50			2-1-2044		189,020		204,753
FNMA		4.50			3-1-2044		1,568,164		1,732,734
FNMA		4.50			3-1-2044		276,648		300,447
FNMA		4.50			3-1-2044		208,966		227,053
FNMA		4.50			4-1-2044		7,548,948		8,294,773
FNMA		4.50			4-1-2044		4,181,218		4,604,288
FNMA		4.50			6-1-2044		5,382,193		5,916,763
FNMA		4.50			6-1-2044		665,447		725,061
FNMA		4.50			10-1-2044		383,852		419,109
FNMA		4.50			6-1-2045		396,800		436,341
FNMA		4.50			6-1-2045		395,267		434,684
FNMA		4.50			8-1-2045		1,399,693		1,539,138
FNMA		4.50			8-1-2045		251,216		275,887
FNMA		4.50			9-1-2045		527,260		579,825
FNMA		4.50			12-1-2045		220,854		242,737
FNMA		4.50			12-1-2045		316,728		346,553
FNMA		4.50			2-1-2046		208,409		230,902
FNMA		4.50			2-1-2046		615,891		676,914
FNMA		4.50			3-1-2046		14,991,505		16,378,521
FNMA		4.50			3-1-2046		464,085		510,067
FNMA		4.50			4-1-2046		362,235		398,399
FNMA		4.50			4-1-2046		640,606		705,898
FNMA		4.50			6-1-2046		11,588,214		12,781,895
FNMA		4.50			6-1-2046		10,798,131		11,867,988
FNMA		4.50			6-1-2046		338,344		372,348
FNMA		5.00			12-1-2039		2,423,667		2,716,095
FNMA		5.00			1-1-2040		3,884,191		4,352,600
FNMA		5.00			7-1-2044		964,736		1,065,717
FNMA		5.37			4-1-2017		2,304,000		2,304,597
FNMA		5.40			5-1-2017		2,792,963		2,793,690
FNMA		6.00			5-1-2017		1,488		1,496
FNMA		6.00			11-1-2017		436		439
FNMA		6.00			4-1-2022		11,330		12,863
FNMA		6.00			2-1-2029		10,784		12,366
FNMA		6.00			3-1-2033		60,778		70,078
FNMA		6.00			11-1-2033		21,438		24,640
FNMA		6.50			6-1-2017		481		483
FNMA		6.50			7-1-2017		6,165		6,193
FNMA Series 1998-38 Class Pl		6.00			11-25-2028		415,774		473,993
FNMA Series 1999-54 Class LH		6.50			11-25-2029		14,457		16,663
FNMA Series 2005-31 Class PB		5.50			4-25-2035		70,000		79,425
FNMA Series 2007-108 Class AN ±		8.12			11-25-2037		775,154		930,448

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2012-134 Class LC		3.00	%		12-25-2042	$	2,495,008	$	2,503,512
FNMA Series 2015-18 Class HE		4.00			9-25-2041		14,738,307		15,668,393
FNMA Series 2015-M3 Class FA ±		0.78			6-25-2018		9,165,119		9,167,258
FNMA Series 2016-59 Class CA		3.50			9-25-2043		7,880,905		8,236,990
GNMA %%		3.50			12-20-2046		105,500,000		109,715,875
GNMA %%		3.00			12-20-2046		35,200,000		35,699,125
GNMA		3.50			6-15-2046		1,292,803		1,355,043
GNMA		3.50			7-15-2046		1,313,595		1,377,076
GNMA		4.00			12-15-2040		398,107		432,299
GNMA		4.00			10-15-2041		653,709		709,320
GNMA		4.00			2-15-2042		1,027,827		1,114,858
GNMA		4.00			10-15-2043		681,117		738,645
GNMA		4.00			3-15-2045		2,044,193		2,218,190
GNMA		4.00			5-15-2045		458,183		497,193
GNMA		4.00			7-15-2045		844,747		905,991
GNMA		4.00			8-15-2045		1,631,954		1,770,929
GNMA		4.00			8-20-2045		288,275		312,630
GNMA		4.00			9-15-2045		568,841		617,273
GNMA		4.00			9-15-2045		2,112,824		2,265,680
GNMA		4.00			9-20-2045		3,464,053		3,714,588
GNMA		4.00			10-15-2045		1,022,281		1,109,462
GNMA		4.00			10-15-2045		3,373,881		3,618,554
GNMA		4.00			10-20-2045		1,951,953		2,107,498
GNMA		4.00			11-15-2045		1,469,232		1,596,640
GNMA		4.00			11-20-2045		1,841,928		1,997,862
GNMA		4.00			1-20-2046		646,878		701,214
GNMA		4.00			2-20-2046		1,103,805		1,184,047
GNMA		4.00			2-20-2046		2,538,326		2,722,449
GNMA		4.00			3-20-2046		6,212,239		6,663,077
GNMA		4.00			3-20-2046		875,439		939,145
GNMA		4.00			4-15-2046		892,868		969,299
GNMA		4.00			4-20-2046		978,812		1,061,947
GNMA		4.00			5-20-2046		3,943,318		4,230,213
GNMA		4.00			5-20-2046		575,189		617,076
GNMA		4.00			6-15-2046		192,330		208,872
GNMA		4.00			6-15-2046		310,757		337,468
GNMA		4.00			7-20-2046		2,168,622		2,326,589
GNMA		4.00			8-15-2046		412,835		448,322
GNMA		4.00			8-20-2046		432,684		469,438
GNMA %%		4.00			12-20-2046		5,800,000		6,141,656
GNMA		4.50			3-15-2041		1,252,597		1,393,913
GNMA		4.50			4-15-2045		171,509		191,015
GNMA		4.50			5-20-2045		283,045		307,219
GNMA		4.50			5-20-2045		1,112,381		1,216,987
GNMA		4.50			6-20-2045		1,602,247		1,783,512
GNMA		4.50			6-20-2045		230,576		253,614
GNMA		4.50			7-20-2045		1,821,298		1,989,842
GNMA		4.50			8-20-2045		959,208		1,051,240
GNMA		4.50			10-20-2045		192,500		211,723
GNMA		4.50			12-15-2045		1,752,168		1,952,475
GNMA		4.50			12-15-2045		2,734,672		3,016,881

8 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		4.50	%		1-15-2046	$	299,129	$	325,501
GNMA		4.50			1-20-2046		357,370		393,113
GNMA		4.50			2-20-2046		375,119		407,968
GNMA		4.50			4-15-2046		817,406		911,705
GNMA		4.50			5-15-2046		119,470		133,473
GNMA		4.50			5-15-2046		429,927		479,234
GNMA		4.50			5-20-2046		1,774,938		1,952,660
GNMA		4.50			6-15-2046		774,666		864,405
GNMA		4.50			6-20-2046		279,128		307,128
GNMA		4.50			9-20-2046		347,486		382,254
GNMA		5.00			12-20-2039		395,530		446,187
GNMA		5.00			11-20-2045		666,879		748,314
TVA		2.88			9-15-2024		7,901,000		8,099,078
Total Agency Securities (Cost $1,436,765,054)									1,419,693,128
Asset-Backed Securities: 12.48%
Ally Auto Receivables Trust Series 2014-1 Class A4		1.53			4-15-2019		3,416,000		3,424,805
Ally Master Owner Trust Series 2012-5 Class A		1.54			9-15-2019		6,261,000		6,273,033
Ally Master Owner Trust Series 2014-3A Class A		1.33			3-15-2019		11,891,000		11,893,414
AmeriCredit Auto Receivables Trust Series 2016-3 Class A2A		1.37			11-8-2019		2,825,000		2,824,896
AmeriCredit Auto Receivables Trust Series 2016-4 Class A3		1.53			7-8-2021		6,530,000		6,498,489
Avis Budget Rental Car Funding (AESOP) LLC Series 2014-1A Class A 144A		2.46			7-20-2020		11,595,000		11,619,501
Avis Budget Rental Car Funding LLC Series 2012-3A Class A 144A		2.10			3-20-2019		5,013,000		5,020,624
Avis Budget Rental Car Funding LLC Series 2014-2A Class A 144A		2.50			2-20-2021		8,701,000		8,674,491
Avis Budget Rental Car Funding LLC Series 2016-2A Class A 144A		2.72			11-20-2022		6,880,000		6,773,661
Bank of the West Auto Trust Series 2014-1 Class A3 144A		1.09			3-15-2019		1,192,515		1,192,464
California Republic Auto Receivables Trust Series 2014-2 Class A4		1.57			12-16-2019		1,513,514		1,516,200
California Republic Auto Receivables Trust Series 2015-1 Class A4		1.82			9-15-2020		3,366,000		3,381,101
California Republic Auto Receivables Trust Series 2015-2 Class A3		1.31			8-15-2019		1,897,563		1,898,575
California Republic Auto Receivables Trust Series 2015-4 Class A2 144A		1.60			9-17-2018		1,181,871		1,183,269
California Republic Auto Receivables Trust Series 2015-4 Class A4 144A		2.58			6-15-2021		5,562,000		5,627,323
California Republic Auto Receivables Trust Series 2016-1 Class A3		1.89			5-15-2020		4,994,000		5,022,690
California Republic Auto Receivables Trust Series 2016-1 Class A4		2.24			10-15-2021		2,780,000		2,803,069
California Republic Auto Receivables Trust Series 2016-2 Class A2		1.34			3-15-2019		2,805,000		2,804,320
California Republic Auto Receivables Trust Series 2016-2 Class A4		1.83			12-15-2021		4,931,000		4,914,560
Capital Auto Receivables Asset Trust Series 2013-3 Class A4		1.68			4-20-2018		180,530		180,564
Capital Auto Receivables Asset Trust Series 2013-4 Class A4		1.47			7-20-2018		2,815,180		2,816,415
Capital Auto Receivables Asset Trust Series 2014-1 Class A4		1.69			10-22-2018		4,195,000		4,202,088
Capital Auto Receivables Asset Trust Series 2015-1 Class A3		1.61			6-20-2019		5,401,000		5,411,432
Capital Auto Receivables Asset Trust Series 2015-2 Class A2		1.39			9-20-2018		2,355,000		2,356,312
Capital Auto Receivables Asset Trust Series 2015-2 Class A3		1.73			9-20-2019		4,184,000		4,196,534
Capital Auto Receivables Asset Trust Series 2015-2 Class A4		1.97			1-21-2020		6,200,000		6,226,036
Capital Auto Receivables Asset Trust Series 2015-3 Class A1A 144A		1.39			2-20-2018		6,248,518		6,251,133
Capital Auto Receivables Asset Trust Series 2015-3 Class A3		1.94			1-21-2020		4,639,000		4,661,373
Capital Auto Receivables Asset Trust Series 2015-4 Class A2		1.62			3-20-2019		2,906,000		2,911,175
Capital Auto Receivables Asset Trust Series 2015-4 Class A3		1.83			3-20-2020		5,368,000		5,381,640
Capital Auto Receivables Asset Trust Series 2015-4 Class A4		2.01			7-20-2020		2,387,000		2,394,829
Capital Auto Receivables Asset Trust Series 2016-1 Class A2A		1.50			11-20-2018		5,238,360		5,245,790
Capital Auto Receivables Asset Trust Series 2016-1 Class A3		1.73			4-20-2020		5,430,000		5,437,920
Capital Auto Receivables Asset Trust Series 2016-1 Class A4		1.98			10-20-2020		2,455,000		2,458,224
Capital Auto Receivables Asset Trust Series 2016-2 Class A2A		1.32			1-22-2019		1,781,000		1,781,651

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 9

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Capital Auto Receivables Asset Trust Series 2016-2 Class A3		1.46	%		6-22-2020	$	4,283,000	$	4,268,584
Capital Auto Receivables Asset Trust Series 2016-3 Class A2A		1.36			4-22-2019		3,349,000		3,348,940
Capital Auto Receivables Asset Trust Series 2016-3 Class A3A		1.54			8-20-2020		3,634,000		3,625,667
Capital Auto Receivables Asset Trust Series 2016-3 Class A4		1.69			3-20-2021		2,417,000		2,402,318
Capital One Multi Asset Execution Trust 2016-A1 Class A1 ±		0.99			2-15-2022		5,834,000		5,858,076
Capital One Multi Asset Execution Trust Series 2015-A1 Class A		1.39			1-15-2021		498,000		498,506
Capital One Multi Asset Execution Trust Series 2016-A2 Class A2 ±		1.17			2-15-2024		4,989,000		5,014,738
Chrysler Capital Auto Receivables Series 2016-AA Class A3 144A		1.77			10-15-2020		8,321,000		8,335,950
Citibank Credit Card Issuance Trust Series 2013-A2 Class A2 ±		0.87			5-26-2020		4,147,000		4,154,381
Citibank Credit Card Issuance Trust Series 2013-A7 Class A7 ±		0.97			9-10-2020		1,100,000		1,104,057
Citibank Credit Card Issuance Trust Series 2014-A8 Class A8		1.73			4-9-2020		2,459,000		2,472,519
Discover Card Execution Note Trust Series 2016-A2 Class A2 ±		1.08			9-15-2021		1,773,000		1,783,969
Discover Card Master Trust I Series 2013-A1 Class A1 ±		0.83			8-17-2020		4,023,000		4,029,407
Flagship Credit Auto Owner Trust Series 2016-3 Class A2 144A		2.05			11-15-2020		2,940,000		2,933,480
Ford Credit Auto Owner Trust Series 2014-1 Class A 144A		2.26			11-15-2025		9,051,000		9,161,266
Ford Credit Auto Owner Trust Series 2015-2 Class A 144A		2.44			1-15-2027		10,747,000		10,882,052
Ford Credit Auto Owner Trust Series 2016-1 Class A 144A		2.31			8-15-2027		5,160,000		5,173,247
Ford Credit Floorplan Master Owner Trust Series 2012-2 Class A		1.92			1-15-2019		3,955,000		3,958,559
Ford Credit Floorplan Master Owner Trust Series 2014-1 Class A1		1.20			2-15-2019		2,007,000		2,007,253
Ford Credit Floorplan Master Owner Trust Series 2014-4 Class A2 ±		0.88			8-15-2019		7,082,000		7,085,276
Ford Credit Floorplan Master Owner Trust Series 2015-2 Class A2 ±		1.11			1-15-2022		2,963,000		2,976,936
Ford Credit Floorplan Master Owner Trust Series 2016-3 Class A1		1.55			7-15-2021		7,761,000		7,712,169
Hertz Vehicle Financing LLC Series 2013-1A Class A2 144A		1.83			8-25-2019		2,494,000		2,472,434
Hertz Vehicle Financing LLC Series 2015-1A Class A 144A		2.73			3-25-2021		2,528,000		2,519,220
Hertz Vehicle Financing LLC Series 2016-3A Class A 144A		2.27			7-25-2020		5,551,000		5,510,463
Hertz Vehicle Financing LLC Series 2016-4A Class A 144A		2.65			7-25-2022		5,005,000		4,908,439
Navient Student Loan Trust Series 2014-8 Class A2 ±		1.02			4-25-2023		2,624,000		2,619,104
Navient Student Loan Trust Series 2014-8 Class B ±		2.08			7-26-2049		56,000		50,573
Navient Student Loan Trust Series 2014-AA Class A2B 144A±		1.79			2-15-2029		4,498,330		4,532,438
Navient Student Loan Trust Series 2014-CTA Class A 144A±		1.24			9-16-2024		4,301,198		4,299,985
Navient Student Loan Trust Series 2015-AA Class A2A 144A		2.65			12-15-2028		3,826,000		3,823,658
Navient Student Loan Trust Series 2015-AA Class A2B 144A±		1.74			12-15-2028		4,936,000		4,982,783
Navient Student Loan Trust Series 2015-CA Class B 144A		3.25			5-15-2040		2,766,000		2,751,528
Navient Student Loan Trust Series 2016-AA Class A2A 144A		3.91			12-15-2045		8,134,000		8,524,997
Nelnet Student Loan Trust Series 2004-4 Class A5 ±		1.04			1-25-2037		3,769,965		3,675,501
Nelnet Student Loan Trust Series 2004-5 Class A5 ±		1.06			10-27-2036		4,095,793		3,952,001
Nelnet Student Loan Trust Series 2005-1 Class A5 ±		0.99			10-25-2033		5,249,824		5,098,390
Nelnet Student Loan Trust Series 2005-2 Class A5 ±		0.97			3-23-2037		5,052,000		4,765,284
Nelnet Student Loan Trust Series 2005-3 Class A5 ±		0.99			12-24-2035		4,907,395		4,640,929
Nelnet Student Loan Trust Series 2005-4 Class A4 ±		1.05			3-22-2032		3,650,000		3,362,846
Nelnet Student Loan Trust Series 2010-4A Class A 144A±		1.33			4-25-2046		1,305,937		1,302,471
Nelnet Student Loan Trust Series 2016-1A Class A 144A±		1.38			9-25-2065		12,737,000		12,736,479
Nissan Auto Receivables Owner Trust Series 2016-C Class A2A		1.07			5-15-2019		7,020,000		7,008,979
Nissan Auto Receivables Owner Trust Series 2016-C Class A3		1.18			1-15-2021		4,467,000		4,441,516
Santander Drive Auto Receivables Trust Series 2016-2 Class A2A		1.38			7-15-2019		5,897,761		5,903,950
SLC Student Loan Trust Series 2007-2 Class A2 ±		1.30			5-15-2028		1,105,929		1,098,519
SLM Student Loan Trust Series 2004-10 Class A6A 144A±		1.43			4-27-2026		9,296,000		9,254,164
SLM Student Loan Trust Series 2004-3 Class A5 ±		1.05			7-25-2023		4,549,052		4,530,325
SLM Student Loan Trust Series 2005-5 Class A3 ±		0.98			4-25-2025		294,748		293,320
SLM Student Loan Trust Series 2005-5 Class A4 ±		1.02			10-25-2028		10,324,000		10,043,967
SLM Student Loan Trust Series 2005-6 Class A5 ±		2.08			7-27-2026		1,111,134		1,117,858
SLM Student Loan Trust Series 2005-6 Class A6 ±		1.02			10-27-2031		11,625,000		11,327,627

10 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2005-7 Class A4 ±		1.03	%		10-25-2029	$	4,012,000	$	3,924,187
SLM Student Loan Trust Series 2006-2 Class A5 ±		0.99			7-25-2025		1,531,665		1,527,426
SLM Student Loan Trust Series 2006-3 Class A5 ±		0.98			1-25-2021		8,658,000		8,359,823
SLM Student Loan Trust Series 2007-2 Class A4 ±		0.94			7-25-2022		11,939,000		11,274,073
SLM Student Loan Trust Series 2007-2 Class B ±		1.05			7-25-2025		4,301,000		3,492,169
SLM Student Loan Trust Series 2007-3 Class A3 ±		0.92			4-25-2019		8,004,741		7,951,979
SLM Student Loan Trust Series 2007-5 Class A5 ±		0.96			1-25-2024		5,019,317		5,001,363
SLM Student Loan Trust Series 2010-1 Class A ±		0.98			3-25-2025		1,990,023		1,940,601
SLM Student Loan Trust Series 2011-B Class A2 144A		3.74			2-15-2029		446,617		456,540
SLM Student Loan Trust Series 2012-6 Class A3 ±		1.33			5-26-2026		4,166,000		4,032,736
SLM Student Loan Trust Series 2012-6 Class B ±		1.58			4-27-2043		2,705,000		2,400,784
SLM Student Loan Trust Series 2012-B Class A2 144A		3.48			10-15-2030		1,191,684		1,210,481
SLM Student Loan Trust Series 2012-D Class A2 144A		2.95			2-15-2046		8,914,376		8,975,383
SLM Student Loan Trust Series 2012-E Class A1 144A±		1.29			10-16-2023		263,624		263,732
SLM Student Loan Trust Series 2013-1 Class B ±		2.38			11-25-2043		1,264,000		1,125,681
SLM Student Loan Trust Series 2013-3 Class B ±		2.08			9-25-2043		1,866,000		1,614,735
SLM Student Loan Trust Series 2013-6 Class A3 ±		1.23			6-25-2055		8,924,000		8,847,103
SLM Student Loan Trust Series 2013-A Class A1 144A±		1.14			8-15-2022		79,207		79,263
SLM Student Loan Trust Series 2013-A Class A2A 144A		1.77			5-17-2027		1,664,000		1,653,922
SLM Student Loan Trust Series 2013-A Class A2B 144A±		1.59			5-17-2027		3,675,000		3,703,275
SLM Student Loan Trust Series 2013-B Class A1 144A±		1.19			7-15-2022		1,096,192		1,096,698
SLM Student Loan Trust Series 2013-B Class A2A 144A		1.85			6-17-2030		5,423,000		5,406,578
SLM Student Loan Trust Series 2013-B Class A2B 144A±		1.64			6-17-2030		1,028,000		1,033,771
SLM Student Loan Trust Series 2013-C Class A2A 144A		2.94			10-15-2031		4,089,000		4,145,654
SLM Student Loan Trust Series 2014-2 Class A3 ±		1.17			3-25-2055		5,358,000		5,295,321
SLM Student Loan Trust Series 2014-2 Class B ±		2.08			1-25-2072		1,458,000		1,265,387
SLM Student Loan Trust Series 2014-A Class A2A 144A		2.59			1-15-2026		3,054,000		3,068,803
SLM Student Loan Trust Series 2014-A Class A2B 144A±		1.69			1-15-2026		1,937,000		1,954,181
SMB Private Education Loan Trust Series 2015-A Class A2A 144A		2.49			6-15-2027		7,046,000		7,001,812
SMB Private Education Loan Trust Series 2015-A Class A2B 144A±		1.54			6-15-2027		6,176,000		6,151,667
SMB Private Education Loan Trust Series 2015-B Class A1 144A±		1.24			2-15-2023		1,371,708		1,373,445
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98			7-15-2027		2,728,000		2,772,091
SMB Private Education Loan Trust Series 2015-B Class A2B 144A±		1.74			7-15-2027		8,516,000		8,601,049
SMB Private Education Loan Trust Series 2015-C Class A2A 144A		2.75			7-15-2027		2,333,000		2,343,674
SMB Private Education Loan Trust Series 2015-C Class A2B 144A±		1.94			7-15-2027		3,981,000		4,050,546
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		10,488,000		10,470,477
SMB Private Education Loan Trust Series 2016-A Class A2B 144A±		2.04			5-15-2031		8,006,000		8,215,734
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		16,726,000		16,451,744
SMB Private Education Loan Trust Series 2016-B Class A2B 144A±		1.99			2-17-2032		9,179,000		9,297,951
Synchrony Credit Card Master Note Trust Series 2016-2 Class A		2.21			5-15-2024		5,300,000		5,309,117
Synchrony Credit Card Master Note Trust Series 2016-3 Class A		1.58			9-15-2022		6,690,000		6,633,110
TCF Auto Receivables Owner Trust Series 2016-1A Class A2 144A		1.39			11-15-2019		5,593,000		5,589,966
TCF Auto Receivables Owner Trust Series 2016-1A Class A3 144A		1.71			4-15-2021		2,235,000		2,226,146
TCF Auto Receivables Owner Trust Series 2016-1A Class A4 144A		2.03			2-15-2022		1,667,000		1,655,978
Toyota Auto Receivables Owner Trust Series 2016-C Class A2A		1.00			1-15-2019		4,102,000		4,098,017
Toyota Auto Receivables Owner Trust Series 2016-C Class A3		1.14			8-17-2020		5,466,000		5,437,851
Trade Maps Limited Series 2013-1A Class A 144A±		1.23			12-10-2018		6,545,000		6,543,489
Verizon Owner Trust Series 2016-1A Class A 144A		1.42			1-20-2021		9,191,000		9,146,806
World Financial Network Credit Card Master Trust Series 2012-B Class A		1.76			5-17-2021		4,438,000		4,452,742
World Financial Network Credit Card Master Trust Series 2014-C Class A		1.54			8-16-2021		828,000		829,481

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03	%		4-15-2025	$	4,712,000	$	4,620,262
World Financial Network Credit Card Master Trust Series 2016-B Class A		1.44			6-15-2022		6,981,000		6,961,800
World Financial Network Credit Card Master Trust Series 2016-C Class A		1.72			8-15-2023		9,052,000		8,985,037
World Omni Auto Receivables Trust Series 2016-B Class A3		1.30			2-15-2022		5,447,000		5,396,018
Total Asset-Backed Securities (Cost $652,378,051)									651,314,358
Corporate Bonds and Notes: 18.61%
Consumer Discretionary: 1.07%
Automobiles: 0.09%
BMW US Capital LLC Company 144A		2.80			4-11-2026		3,195,000		3,082,820
General Motors Company		6.75			4-1-2046		1,305,000		1,501,400
									4,584,220
Hotels, Restaurants & Leisure: 0.17%
McDonald’s Corporation		2.75			12-9-2020		2,545,000		2,573,341
McDonald’s Corporation		4.88			12-9-2045		5,868,000		6,200,416
									8,773,757
Household Durables: 0.14%
Newell Brands Incorporated		4.20			4-1-2026		4,330,000		4,506,525
Newell Brands Incorporated		5.50			4-1-2046		2,751,000		3,092,952
									7,599,477
Media: 0.67%
Charter Communications Operating LLC 144A		6.48			10-23-2045		6,065,000		6,792,709
Cox Communications Incorporated 144A		4.80			2-1-2035		1,046,000		955,394
Discovery Communications Incorporated		4.88			4-1-2043		2,355,000		2,097,055
Discovery Communications LLC		4.95			5-15-2042		1,145,000		1,022,977
Scripps Networks Interactive Incorporated		2.80			6-15-2020		2,644,000		2,644,970
Scripps Networks Interactive Incorporated		3.50			6-15-2022		2,166,000		2,186,932
Scripps Networks Interactive Incorporated		3.90			11-15-2024		1,843,000		1,851,640
Time Warner Cable Incorporated		6.55			5-1-2037		1,392,000		1,558,375
Time Warner Incorporated %%		3.80			2-15-2027		5,405,000		5,371,884
Time Warner Incorporated		4.65			6-1-2044		325,000		306,115
Time Warner Incorporated		4.85			7-15-2045		2,475,000		2,431,049
Viacom Incorporated		4.85			12-15-2034		2,657,000		2,535,474
Viacom Incorporated		2.25			2-4-2022		3,195,000		3,059,784
Viacom Incorporated		3.45			10-4-2026		2,145,000		2,046,575
									34,860,933
Consumer Staples: 1.18%
Beverages: 0.26%
Anheuser-Busch InBev Finance Company		4.90			2-1-2046		10,619,000		11,333,945
Anheuser-Busch InBev Finance Incorporated		3.65			2-1-2026		2,444,000		2,455,780
									13,789,725

12 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Food & Staples Retailing: 0.15%
Walgreens Boots Alliance Incorporated		3.45	%		6-1-2026	$	8,125,000	$	7,948,054
Food Products: 0.63%
Kraft Heinz Foods Company		2.80			7-2-2020		8,134,000		8,198,015
Kraft Heinz Foods Company		3.00			6-1-2026		5,065,000		4,775,469
Kraft Heinz Foods Company		4.38			6-1-2046		4,590,000		4,346,363
WM Wrigley Jr. Company 144A		2.00			10-20-2017		1,363,000		1,370,460
WM Wrigley Jr. Company 144A		2.40			10-21-2018		2,474,000		2,500,974
WM Wrigley Jr. Company 144A		2.90			10-21-2019		5,953,000		6,062,505
WM Wrigley Jr. Company 144A		3.38			10-21-2020		5,310,000		5,456,668
									32,710,454
Tobacco: 0.14%
Reynolds American Incorporated		5.70			8-15-2035		2,498,000		2,857,490
Reynolds American Incorporated		5.85			8-15-2045		3,515,000		4,152,301
									7,009,791
Energy: 1.98%
Energy Equipment & Services: 0.06%
Halliburton Company		5.00			11-15-2045		3,123,000		3,186,815
Oil, Gas & Consumable Fuels: 1.92%
Anadarko Petroleum Corporation		6.60			3-15-2046		3,165,000		3,684,187
Apache Corporation		4.25			1-15-2044		2,695,000		2,483,642
Buckeye Partners LP		3.95			12-1-2026		4,750,000		4,546,876
Chevron Corporation		1.56			5-16-2019		6,746,000		6,705,234
Chevron Corporation		2.10			5-16-2021		9,345,000		9,236,308
Cimarex Energy Company		4.38			6-1-2024		3,148,000		3,224,843
Colorado Interstate Gas Company 144A		4.15			8-15-2026		3,020,000		2,871,845
ConocoPhillips Company		4.95			3-15-2026		3,820,000		4,151,969
Energy Transfer Partners LP		2.50			6-15-2018		3,100,000		3,103,550
Energy Transfer Partners LP		4.75			1-15-2026		2,290,000		2,301,104
Energy Transfer Partners LP		6.13			12-15-2045		5,079,000		5,110,073
Enterprise Products Operating LLC		5.10			2-15-2045		1,930,000		1,909,204
Enterprise Products Operating LLC		5.95			2-1-2041		912,000		990,520
Enterprise Products Operating LLC		6.45			9-1-2040		560,000		638,706
Hess Corporpation		4.30			4-1-2027		2,115,000		1,999,297
Hess Corporporation		5.80			4-1-2047		2,275,000		2,190,295
Hollyfrontier Corporation		5.88			4-1-2026		4,955,000		4,966,099
Kinder Morgan Energy Partners Company		5.40			9-1-2044		2,177,000		2,073,945
Kinder Morgan Incorporated		5.55			6-1-2045		3,260,000		3,245,376
Marathon Oil Corporation «		3.85			6-1-2025		1,065,000		989,308
Marathon Oil Corporation		5.20			6-1-2045		1,655,000		1,454,000
Marathon Petroleum Corporation		5.00			9-15-2054		509,000		402,409
Marathon Petroleum Corporation		5.85			12-15-2045		1,315,000		1,229,524
Noble Energy Incorporated		6.00			3-1-2041		1,542,000		1,614,306
Occidental Petroleum Corporation		3.00			2-15-2027		2,995,000		2,881,145
Phillips 66 Partners LP		3.55			10-1-2026		2,130,000		2,028,088
Phillips 66 Partners LP		4.90			10-1-2046		2,130,000		1,984,104

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 13

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction LLC 144A		5.00	%		3-15-2027	$	3,330,000	$	3,288,375
TC Pipelines LP		4.65			6-15-2021		1,369,000		1,425,688
Transcontinental Gas Pipe Line Company LLC 144A		7.85			2-1-2026		5,345,000		6,619,355
Valero Energy Corporation		3.40			9-15-2026		5,440,000		5,138,727
Williams Partners LP		4.00			9-15-2025		1,981,000		1,908,432
Williams Partners LP		4.50			11-15-2023		3,235,000		3,284,204
Williams Partners LP		5.10			9-15-2045		610,000		551,906
									100,232,644
Financials: 5.42%
Banks: 1.85%
Bank of America Corporation		2.50			10-21-2022		10,585,000		10,272,118
Bank of America Corporation		3.25			10-21-2027		17,750,000		16,951,747
Bank of America Corporation		4.18			11-25-2027		6,360,000		6,340,678
Bank of America Corporation		4.45			3-3-2026		3,209,000		3,292,306
Bank of America Corporation		6.00			9-1-2017		6,200,000		6,403,937
Citigroup Incorporated		1.55			8-14-2017		8,786,000		8,788,030
Citigroup Incorporated		3.20			10-21-2026		5,765,000		5,500,029
Citigroup Incorporated		4.45			9-29-2027		11,402,000		11,530,626
JPMorgan Chase & Company		2.30			8-15-2021		10,020,000		9,829,871
JPMorgan Chase & Company		2.95			10-1-2026		8,865,000		8,441,953
JPMorgan Chase & Company		3.63			12-1-2027		9,615,000		9,353,972
									96,705,267
Capital Markets: 1.49%
Bank of New York Mellon Corporation		2.20			8-16-2023		5,170,000		4,909,303
Bank of New York Mellon Corporation		2.45			8-17-2026		4,855,000		4,523,957
Goldman Sachs Group Incorporated		2.35			11-15-2021		10,020,000		9,728,679
Goldman Sachs Group Incorporated		3.50			11-16-2026		7,450,000		7,279,984
Goldman Sachs Group Incorporated		4.75			10-21-2045		4,361,000		4,541,127
Goldman Sachs Group Incorporated		6.75			10-1-2037		4,556,000		5,595,711
Lazard Group LLC		3.75			2-13-2025		6,540,000		6,413,758
Morgan Stanley		2.50			4-21-2021		11,329,000		11,197,640
Morgan Stanley		2.63			11-17-2021		15,250,000		15,073,405
Morgan Stanley		3.13			7-27-2026		6,590,000		6,288,066
Morgan Stanley		3.95			4-23-2027		1,890,000		1,867,951
									77,419,581
Consumer Finance: 0.98%
Capital One Financial Corporation		3.75			7-28-2026		3,415,000		3,284,711
Capital One Financial Corporation		4.20			10-29-2025		4,855,000		4,855,194
Diamond 1 Finance Corporation 144A		6.02			6-15-2026		3,465,000		3,628,163
ERAC USA Finance LLC 144A		3.30			12-1-2026		5,825,000		5,577,193
ERAC USA Finance LLC 144A		4.50			2-15-2045		1,005,000		946,744
General Motors Financial Company		3.70			5-9-2023		7,710,000		7,575,137
General Motors Financial Company		4.20			3-1-2021		10,605,000		10,892,989
General Motors Financial Company		5.25			3-1-2026		2,905,000		3,033,355
Synchrony Financial		3.70			8-4-2026		6,080,000		5,832,021
Toyota Motor Credit Corporation		2.25			10-18-2023		5,765,000		5,545,204
									51,170,711

14 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 0.18%
General Electric Capital Corporation		5.88	%		1-14-2038	$	1,748,000	$	2,179,635
Murray Street Investment Trust I		4.65			3-9-2017		7,106,000		7,161,214
									9,340,849
Insurance: 0.92%
American International Group Incorporated		3.90			4-1-2026		2,084,000		2,107,522
American International Group Incorporated		4.38			1-15-2055		770,000		690,639
American International Group Incorporated		6.25			5-1-2036		3,148,000		3,746,768
Berkshire Hathaway Incorporated		3.13			3-15-2026		9,235,000		9,140,415
Chubb INA Holdings Incorporated		3.35			5-3-2026		4,906,000		4,929,941
Chubb INA Holdings Incorporated		4.35			11-3-2045		3,735,000		3,885,147
Marsh & McLennan Companies		3.75			3-14-2026		4,522,000		4,620,204
MetLife Incorporated		4.60			5-13-2046		3,188,000		3,299,242
Metropolitan Life Global Funding Incorporated 144A		1.55			9-13-2019		4,495,000		4,431,854
Metropolitan Life Global Funding Incorporated 144A		1.95			9-15-2021		6,880,000		6,700,047
Progressive Corporation		2.45			1-15-2027		2,865,000		2,659,935
Teachers Insurance and Annuity Association 144A		4.90			9-15-2044		1,736,000		1,847,548
									48,059,262
Health Care: 1.37%
Biotechnology: 0.67%
AbbVie Incorporated		2.50			5-14-2020		7,869,000		7,847,250
AbbVie Incorporated		2.60			8-19-2026		4,480,000		4,145,519
AbbVie Incorporated		3.20			5-14-2026		3,575,000		3,396,093
AbbVie Incorporated		4.45			5-14-2046		4,415,000		4,126,193
Amgen Incorporated		4.40			5-1-2045		3,360,000		3,196,623
Biogen Incorporated		5.20			9-15-2045		2,665,000		2,851,896
Celgene Corporation		5.00			8-15-2045		6,409,000		6,589,221
Gilead Sciences Incorporated		4.15			3-1-2047		2,710,000		2,536,197
									34,688,992
Health Care Providers & Services: 0.15%
Express Scripts Holding Company		4.80			7-15-2046		2,968,000		2,841,842
UnitedHealth Group Incorporated		3.10			3-15-2026		4,855,000		4,805,819
									7,647,661
Life Sciences Tools & Services: 0.10%
Thermo Fisher Scientific Incorporated		2.95			9-19-2026		5,760,000		5,433,610
Pharmaceuticals: 0.45%
Abbott Laboratories		2.90			11-30-2021		5,725,000		5,689,597
Abbott Laboratories		3.75			11-30-2026		5,725,000		5,635,129
Abbott Laboratories		4.90			11-30-2046		950,000		956,399
Pfizer Incorporated		2.20			12-15-2021		7,645,000		7,587,785
Pfizer Incorporated		3.00			12-15-2026		3,845,000		3,781,012
									23,649,922

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 15

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 1.11%
Aerospace & Defense: 0.51%
L3 Communications Corporation %%		3.85	%		12-15-2026	$	2,175,000	$	2,169,628
Lockheed Martin Corporation		2.50			11-23-2020		5,120,000		5,153,039
Lockheed Martin Corporation		4.70			5-15-2046		2,890,000		3,124,301
Northrop Grumman Corporation %%		3.20			2-1-2027		8,050,000		7,996,886
Northrop Grumman Corporation		3.25			8-1-2023		6,187,000		6,326,628
Northrop Grumman Corporation		3.85			4-15-2045		1,934,000		1,824,628
									26,595,110
Air Freight & Logistics: 0.10%
FedEx Corporation		4.55			4-1-2046		5,065,000		5,034,524
Construction & Engineering: 0.05%
Valmont Industries Incorporated		5.25			10-1-2054		2,796,000		2,424,627
Machinery: 0.08%
Wabtec Corporation 144A		3.45			11-15-2026		4,590,000		4,410,650
Road & Rail: 0.37%
Penske Truck Leasing Company 144A		3.40			11-15-2026		8,365,000		8,044,403
Penske Truck Leasing Company LP 144A		3.20			7-15-2020		4,181,000		4,222,308
Penske Truck Leasing Company LP 144A		3.38			2-1-2022		3,582,000		3,616,040
Union Pacific Corporation		4.05			3-1-2046		3,735,000		3,700,993
									19,583,744
Information Technology: 2.28%
Communications Equipment: 0.64%
Cisco Systems Incorporated		1.40			9-20-2019		11,825,000		11,686,163
Cisco Systems Incorporated		1.85			9-20-2021		12,940,000		12,594,657
Cisco Systems Incorporated		2.20			9-20-2023		9,705,000		9,319,653
									33,600,473
IT Services: 0.31%
Fidelity National Information Services Incorporated		2.25			8-15-2021		3,250,000		3,166,306
Fidelity National Information Services Incorporated		4.50			8-15-2046		2,083,000		1,931,887
Fidelity National Information Services Incorporated		2.85			10-15-2018		5,917,000		6,019,879
Fidelity National Information Services Incorporated		3.63			10-15-2020		4,745,000		4,895,189
									16,013,261
Semiconductors & Semiconductor Equipment: 0.36%
Analog Devices Incorporated %%		2.50			12-5-2021		4,305,000		4,287,522
Analog Devices Incorporated %%		3.13			12-5-2023		6,490,000		6,466,571
Analog Devices Incorporated %%		3.50			12-5-2026		8,230,000		8,179,608
									18,933,701
Software: 0.69%
Microsoft Corporation		2.00			8-8-2023		5,175,000		4,925,627
Microsoft Corporation		3.45			8-8-2036		2,950,000		2,786,449

16 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Software (continued)
Microsoft Corporation		3.70	%		8-8-2046	$	6,310,000	$	5,839,672
Microsoft Corporation		3.95			8-8-2056		1,910,000		1,769,856
Oracle Corporation		1.90			9-15-2021		5,865,000		5,725,448
Oracle Corporation		2.40			9-15-2023		12,725,000		12,292,859
Oracle Corporation		3.85			7-15-2036		2,440,000		2,374,445
									35,714,356
Technology Hardware, Storage & Peripherals: 0.28%
Apple Incorporated		3.85			8-4-2046		4,795,000		4,491,026
Hewlett Packard Enterprise Company 144A		4.90			10-15-2025		2,602,000		2,657,992
Hewlett Packard Enterprise Company 144A		6.60			10-15-2045		7,580,000		7,425,171
									14,574,189
Materials: 0.38%
Chemicals: 0.26%
CF Industries Incorporated 144A		3.40			12-1-2021		4,135,000		4,096,114
CF Industries Incorporated 144A		4.50			12-1-2026		5,170,000		5,069,014
Chevron Phillips Chemical Company 144A		3.40			12-1-2026		3,080,000		3,055,856
Mosaic Company		5.63			11-15-2043		1,422,000		1,334,885
									13,555,869
Containers & Packaging: 0.08%
International Paper Company		5.15			5-15-2046		4,392,000		4,416,591
Metals & Mining: 0.04%
Barrick Gold Finance Company LLC		4.40			5-30-2021		924,000		980,795
Barrick Gold Finance Company LLC		5.70			5-30-2041		930,000		978,078
									1,958,873
Real Estate: 0.58%
Equity REITs: 0.45%
DDR Corporation		3.38			5-15-2023		4,051,000		3,924,540
DDR Corporation		4.63			7-15-2022		6,736,000		7,127,934
Mid-America Apartments LP		3.75			6-15-2024		4,330,000		4,347,818
Mid-America Apartments LP		4.00			11-15-2025		1,910,000		1,932,761
Mid-America Apartments LP		4.30			10-15-2023		1,697,000		1,771,853
Tanger Properties LP		3.75			12-1-2024		2,458,000		2,460,040
Tanger Properties LP		3.88			12-1-2023		2,184,000		2,218,713
									23,783,659
Real Estate Management & Development: 0.13%
Simon Property Group LP		2.35			1-30-2022		2,865,000		2,827,403
Simon Property Group LP		3.25			11-30-2026		3,850,000		3,779,237
									6,606,640

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 17

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 1.38%
Diversified Telecommunication Services: 1.26%
AT&T Incorporated		3.00	%		6-30-2022	$	9,174,000	$	8,996,217
AT&T Incorporated		3.40			5-15-2025		11,614,000		11,161,042
AT&T Incorporated		3.80			3-15-2022		3,895,000		3,974,092
AT&T Incorporated		3.95			1-15-2025		7,232,000		7,224,414
AT&T Incorporated		4.45			4-1-2024		12,069,000		12,530,844
AT&T Incorporated		4.75			5-15-2046		1,010,000		940,863
Verizon Communications Incorporated		4.13			8-15-2046		5,410,000		4,830,686
Verizon Communications Incorporated		4.27			1-15-2036		2,240,000		2,134,046
Verizon Communications Incorporated		4.40			11-1-2034		6,397,000		6,229,571
Verizon Communications Incorporated		4.86			8-21-2046		7,848,000		7,867,016
									65,888,791
Wireless Telecommunications Services: 0.12%
Sprint Spectrum LP 144A		3.36			3-20-2023		6,290,000		6,305,725
Utilities: 1.86%
Electric Utilities: 1.25%
American Electric Power Company		1.65			12-15-2017		4,828,000		4,831,626
Arizona Public Service Company		2.55			9-15-2026		2,800,000		2,644,085
Commonwealth Edison Company		3.70			3-1-2045		1,067,000		1,000,906
Consolidated Edison Company of New York Incorporated		3.85			6-15-2046		1,750,000		1,654,674
Duke Energy Carolinas LLC		2.50			3-15-2023		4,105,000		4,065,633
Duke Energy Carolinas LLC		3.88			3-15-2046		1,985,000		1,911,601
Duke Energy Corporation		1.80			9-1-2021		4,480,000		4,313,828
Duke Energy Corporation		2.65			9-1-2026		5,600,000		5,188,954
Duke Energy Corporation		3.75			9-1-2046		2,335,000		2,065,394
Duke Energy Florida LLC 1st Mortgage		3.40			10-1-2046		1,850,000		1,628,555
Duke Energy Ohio Incorporated		4.80			12-15-2045		875,000		912,279
Indiana Michigan Power Company		4.55			3-15-2046		1,980,000		2,030,809
PECO Energy Company		3.15			10-15-2025		4,190,000		4,200,948
PPL Electric Utilities Corporation		4.15			10-1-2045		3,348,000		3,327,226
Sierra Pacific Power Company		2.60			5-1-2026		4,445,000		4,237,432
Southern Company		2.45			10-1-2023		1,860,000		1,764,307
Southern Company		4.40			7-1-2046		3,999,000		3,892,311
Southwestern Electric Power Company		3.90			4-1-2045		2,797,000		2,574,859
Virginia Electric & Power Company		2.95			11-15-2026		2,855,000		2,778,555
Virginia Electric & Power Company		3.15			1-15-2026		3,000,000		2,979,045
Virginia Electric & Power Company		4.00			11-15-2046		2,855,000		2,806,916
Xcel Energy Incorporated %%		2.60			3-15-2022		4,335,000		4,324,045
									65,133,988
Gas Utilities: 0.09%
Southern California Gas Company 1st Mortgage		2.60			6-15-2026		4,950,000		4,755,915
Independent Power & Renewable Electricity Producers: 0.07%
Southern Power Company		4.95			12-15-2046		3,905,000		3,744,067

18 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Multi-Utilities: 0.45%
CMS Energy Corporation		2.95	%		2-15-2027	$	2,150,000	$	2,038,071
Dominion Resources Incorporated		1.60			8-15-2019		3,880,000		3,829,370
Dominion Resources Incorporated		2.00			8-15-2021		2,870,000		2,783,673
Dominion Resources Incorporated		2.85			8-15-2026		2,835,000		2,649,679
Dominion Resources Incorporated		2.96			7-1-2019		1,930,000		1,955,542
Dominion Resources Incorporated		4.70			12-1-2044		1,404,000		1,413,808
MidAmerican Energy Company		3.50			10-15-2024		2,827,000		2,935,048
MidAmerican Energy Company		4.25			5-1-2046		2,337,000		2,400,375
Pacific Gas & Electric Company		2.95			3-1-2026		3,520,000		3,447,298
									23,452,864
Total Corporate Bonds and Notes (Cost $990,186,671)									971,299,342
Government Agency Debt: 0.39%
Japan Bank for International Cooperation		1.50			7-21-2021		10,738,000		10,301,393
Japan Bank for International Cooperation		1.88			4-20-2021		6,453,000		6,301,903
Japan Bank for International Cooperation		2.00			11-4-2021		4,050,000		3,951,750
Total Government Agency Debt (Cost $21,113,777)									20,555,046
Municipal Obligations: 0.76%
California: 0.23%
California Build America Bonds (GO Revenue)		7.60			11-1-2040		3,465,000		5,190,327
Los Angeles CA Community College District Build America Bonds (GO Revenue)		6.75			8-1-2049		4,835,000		6,950,458
									12,140,785
Nevada: 0.12%
Clark County NV Airport Authority Build America Bonds Series C (Airport Revenue)		6.82			7-1-2045		4,520,000		6,354,442
New Jersey: 0.11%
New Jersey Turnpike Authority Build America Bonds Series A (Transportation Revenue)		7.10			1-1-2041		3,948,000		5,526,055
New York: 0.13%
Port Authority of New York & New Jersey Consolidated Bonds Series 174 (Airport Revenue)		4.46			10-1-2062		6,580,000	��	6,614,413
Ohio: 0.04%
Ohio State University General Receipts Taxable Bonds Series A (Education Revenue)		4.80			6-1-2111		1,957,000		1,933,085
Texas: 0.13%
North Texas Tollway Authority (Transportation Revenue)		6.72			1-1-2049		4,960,000		6,929,864
Total Municipal Obligations (Cost $34,858,655)									39,498,644
Non-Agency Mortgage-Backed Securities: 5.49%
Ally Master Owner Trust Series 2014-1 Class A2		1.29			1-15-2019		4,103,000		4,103,466
CD Commercial Mortgage Trust Series 2016-CD1 Class A1		1.44			8-10-2049		1,704,086		1,683,833
CD Commercial Mortgage Trust Series 2016-CD1 Class ASB		2.62			8-10-2049		4,881,000		4,782,153
CFCRE Commercial Mortgage Trust Series 2011-C1 Class A4 144A±		4.96			4-15-2044		4,009,000		4,344,340
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A1		1.79			1-10-2048		2,577,874		2,580,153
Citigroup Commercial Mortgage Trust Series 2013-GC11 Class A2		1.99			4-10-2046		3,813,000		3,831,786

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 19

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5		3.62	%		2-10-2049	$	4,207,000	$	4,331,563
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A2 144A		3.83			7-10-2046		537,146		547,682
Commercial Mortgage Pass-Through Certificate Series 2012-CR1 Class A2		2.35			5-15-2045		3,390,180		3,396,868
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		1,038,000		1,085,951
Commercial Mortgage Pass-Through Certificate Series 2013-CR10 Class A2		2.97			8-10-2046		1,392,000		1,422,332
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class A4		4.05			10-10-2046		374,000		400,448
Commercial Mortgage Pass-Through Certificate Series 2013-CR6 Class A2		2.12			3-10-2046		8,674,000		8,734,014
Commercial Mortgage Pass-Through Certificate Series 2014-C19 Class A5		3.80			8-10-2047		5,500,300		5,763,218
Commercial Mortgage Pass-Through Certificate Series 2014-C4 Class A5		3.69			8-10-2047		5,615,000		5,814,125
Commercial Mortgage Pass-Through Certificate Series 2014-UBS2 Class A5		3.96			3-10-2047		1,000,000		1,054,632
Commercial Mortgage Pass-Through Certificate Series 2014-UBS6 Class AM		4.05			12-10-2047		4,230,000		4,358,040
Commercial Mortgage Pass-Through Certificate Series 2014-UBS6 Class ASB		3.39			12-10-2047		3,406,000		3,532,239
Commercial Mortgage Pass-Through Certificate Series 2015-C26 Class ASB		3.37			10-10-2048		5,989,000		6,172,106
Commercial Mortgage Pass-Through Certificate Series 2016-C1 Class ASB		2.97			10-10-2049		2,071,000		2,064,191
Commercial Mortgage Trust Series 2012-CR4 Class A2		1.80			10-15-2045		1,125,000		1,127,502
Commercial Mortgage Trust Series 2013-CR11 Class A1		1.47			10-10-2046		791,226		790,191
Commercial Mortgage Trust Series 2013-CR12 Class A1		1.30			10-10-2046		265,358		265,148
Commercial Real Estate Products & Resources Estate Series 2016-C4 Class ASB		3.09			5-10-2058		1,734,000		1,736,667
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		1,594,000		1,664,361
CSAIL Commercial Mortgage Trust Series 2016-C5 Class ASB		3.53			11-15-2048		865,000		896,774
CSAIL Commercial Mortgage Trust Series 2016-C7 Class A5		3.20			11-15-2049		1,980,000		1,998,543
GS Mortgage Securities Trust Series 2011-GC5 Class A2		3.00			8-10-2044		224,222		224,110
GS Mortgage Securities Trust Series 2012-GCJ7 Class A2		2.32			5-10-2045		1,916,707		1,919,752
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		519,000		529,244
GS Mortgage Securities Trust Series 2013-GC16 Class A1		1.26			11-10-2046		94,276		94,255
GS Mortgage Securities Trust Series 2013-GC16 Class A2		3.03			11-10-2046		1,872,000		1,914,569
GS Mortgage Securities Trust Series 2015-GC34 Class AAB		3.28			10-10-2048		2,006,000		2,054,897
GS Mortgage Securities Trust Series 2016-GS3 Class A4		2.85			10-10-2049		2,075,000		2,019,176
GS Mortgage Securities Trust Series 2016-GS3 Class AAB		2.78			10-10-2049		3,117,000		3,096,334
GS Mortgage Securities Trust Series 2016-GS4 Class A4 (a)		3.44			11-10-2049		2,763,000		2,845,885
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		8,807,051		9,842,343
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-A2 Class A2 144A		4.31			8-5-2032		7,966,000		8,401,776
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C2 Class A2 144A		3.62			11-15-2043		2,220,061		2,256,145
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013 Class C14 ±		3.76			8-15-2046		1,466,000		1,553,848
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class ASB		3.41			1-15-2046		2,965,000		3,096,865
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C15 Class A2		2.98			11-15-2045		1,630,059		1,665,938
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A2		2.87			7-15-2047		1,932,000		1,981,658
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A5		3.80			7-15-2047		4,897,000		5,137,134
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C21 Class A5		3.77			8-15-2047		3,121,000		3,270,291
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-C2 Class ASB		2.95			6-15-2049		3,939,000		3,945,258

20 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-C4 Series A3		3.14	%		12-15-2049	$	2,170,000	$	2,160,580
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP2 Class A1		1.32			8-15-2049		2,178,132		2,157,032
JPMorgan Chase Commercial Mortgage Securities Trust Series 2004-LN2 Class A2		5.12			7-15-2041		43,497		43,386
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-CNTR Class A1 144A		3.30			8-5-2032		1,010,908		1,032,030
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4 Class A3 144A		4.11			7-15-2046		7,236,777		7,463,483
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9 Class A2		1.68			12-15-2047		1,265,207		1,267,457
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		8,302,000		8,183,193
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C30 Class AS ±		4.23			7-15-2048		4,030,000		4,250,883
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class ASB		3.73			1-15-2049		834,000		876,324
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP2 Class ASB		2.71			8-15-2049		2,765,000		2,728,245
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-C1 Class ASB		3.32			3-15-2049		3,307,000		3,392,441
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class A1		1.39			7-15-2046		591,251		591,139
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class A2		2.96			7-15-2046		1,112,000		1,128,420
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class A2		1.97			5-15-2046		1,297,084		1,303,729
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class ASB		3.29			1-15-2049		1,983,000		2,035,465
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class ASB		2.73			9-15-2049		9,888,000		9,724,330
Morgan Stanley Capital I Trust Series 2011-C2 Class A2 144A		3.48			6-15-2044		510,447		511,238
Morgan Stanley Capital I Trust Series 2016-UB11 Class A1		1.45			8-15-2049		4,596,666		4,554,638
Morgan Stanley Capital I Trust Series 2016-UB11 Class ASB		2.61			8-15-2049		2,119,000		2,075,891
Morgan Stanley Capital I Trust Series 2016-UBS9 Class A1		1.71			3-15-2049		2,234,121		2,215,915
Navient Student Loan Trust Series 2014-1 Class A3 ±		1.09			6-25-2031		4,121,000		3,969,065
Navient Student Loan Trust Series 2016-7A Class A 144A±		1.67			3-25-2066		6,838,000		6,906,773
Perpetual Savings Bank Series 1990-1 Class 1 ±		0.00			3-1-2020		21,267		21,169
SLM Student Loan Trust Series 2004-10 Class A7A 144A±		1.63			10-25-2029		5,127,000		4,925,184
SMB Private Education Loan Trust Series 2016-C Class A2A 144A		2.34			9-15-2034		14,672,000		14,497,770
SMB Private Education Loan Trust Series 2016-C Class A2B 144A±		1.63			9-15-2034		10,351,000		10,351,000
Social Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		5,555,368		5,613,830
Social Professional Loan Program LLC Series 2016-D Class A2A 144A		1.53			4-25-2033		4,115,670		4,113,011
Social Professional Loan Program LLC Series 2016-D Class A2B 144A		2.34			4-25-2033		4,285,000		4,219,524
Social Professional Loan Program LLC Series 2016-E Class A1 144A±		1.38			7-25-2039		9,884,000		9,884,000
Social Professional Loan Program LLC Series 2016-E Class A2A 144A		1.63			1-25-2036		4,162,000		4,161,713
Social Professional Loan Program LLC Series 2016-E Class A2B 144A		2.49			1-25-2036		6,505,000		6,492,020
Structured Asset Securities Corporation Series 1998-2 Class A ±		1.11			2-25-2028		34,440		33,479
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A2		2.11			5-10-2063		2,409,413		2,418,566
UBS Barclays Commercial Mortgage Trust Series 2012-C4 Class A2		1.71			12-10-2045		2,937,000		2,944,232
Verizon Owner Trust Series 2016-2A Class A 144A		1.68			5-20-2021		13,972,000		13,948,459
Total Non-Agency Mortgage-Backed Securities (Cost $289,024,528)									286,527,418
U.S. Treasury Securities: 34.66%
U.S. Treasury Bond «		2.25			8-15-2046		73,660,000		62,038,441
U.S. Treasury Bond		2.50			2-15-2046		49,355,000		43,983,794
U.S. Treasury Bond		2.50			5-15-2046		38,269,000		34,089,298
U.S. Treasury Bond		2.88			11-15-2046		26,020,000		25,174,350
U.S. Treasury Bond		3.00			11-15-2045		27,871,000		27,579,219
U.S. Treasury Note		0.75			7-31-2018		87,096,000		86,629,862
U.S. Treasury Note ##		0.75			9-30-2018		279,439,000		277,616,219

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 21

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note «		0.75	%		10-31-2018	$	10,948,000	$	10,870,171
U.S. Treasury Note		0.88			7-15-2018		27,343,000		27,266,111
U.S. Treasury Note		0.88			9-15-2019		10,269,000		10,133,018
U.S. Treasury Note		1.00			11-30-2018		42,967,000		42,862,934
U.S. Treasury Note		1.00			10-15-2019		168,848,000		167,001,141
U.S. Treasury Note		1.00			11-15-2019		150,115,000		148,379,370
U.S. Treasury Note		1.13			6-15-2018		17,877,000		17,897,952
U.S. Treasury Note		1.13			6-30-2021		51,083,000		49,488,648
U.S. Treasury Note		1.13			7-31-2021		16,549,000		16,013,739
U.S. Treasury Note		1.13			9-30-2021		61,169,000		59,071,087
U.S. Treasury Note		1.25			12-15-2018		23,639,000		23,687,933
U.S. Treasury Note		1.25			10-31-2021		43,614,000		42,336,241
U.S. Treasury Note		1.38			2-29-2020		16,496,000		16,426,403
U.S. Treasury Note		1.38			1-31-2021		74,478,000		73,325,900
U.S. Treasury Note		1.38			4-30-2021		55,396,000		54,383,306
U.S. Treasury Note «		1.50			8-15-2026		172,381,000		158,933,903
U.S. Treasury Note		1.63			5-15-2026		6,515,000		6,089,492
U.S. Treasury Note		1.75			11-30-2021		44,442,000		44,235,434
U.S. Treasury Note		2.00			8-31-2021		33,853,000		34,032,827
U.S. Treasury Note		2.00			10-31-2021		47,323,000		47,530,038
U.S. Treasury Note		2.00			11-30-2023		7,807,000		7,768,574
U.S. Treasury Note		2.00			11-15-2026		28,004,000		27,046,823
U.S. Treasury Note ##		2.13			8-15-2021		149,754,000		151,427,052
U.S. Treasury Note		2.13			9-30-2021		15,782,000		15,948,453
Total U.S. Treasury Securities (Cost $1,852,142,157)									1,809,267,733
Yankee Corporate Bonds and Notes: 6.05%
Consumer Discretionary: 0.08%
Media: 0.08%
Grupo Televisa SAB		5.00			5-13-2045		1,985,000		1,666,723
Grupo Televisa SAB		6.13			1-31-2046		2,420,000		2,395,439
									4,062,162
Energy: 0.85%
Oil, Gas & Consumable Fuels: 0.85%
BP Capital Markets plc		3.22			11-28-2023		6,680,000		6,668,343
BP Capital Markets plc		3.72			11-28-2028		6,695,000		6,711,530
Canadian National Resources Limited		6.75			2-1-2039		1,715,000		1,907,975
Comision Federal De Electric 144A		4.75			2-23-2027		5,355,000		4,980,150
Enbridge Incorporated		4.25			12-1-2026		3,235,000		3,246,533
Enbridge Incorporated		5.50			12-1-2046		2,590,000		2,639,948
Petroleos Mexicanos Company		2.38			4-15-2025		3,084,650		3,105,342
Petroleos Mexicanos Company		2.46			12-15-2025		7,661,750		7,733,518
Petroleos Mexicanos Company		5.63			1-23-2046		3,786,000		2,942,858
Petroleos Mexicanos Company 144A		6.75			9-21-2047		4,030,000		3,535,922
Petroleos Mexicanos Company 144A		6.88			8-4-2026		1,075,000		1,108,863
									44,580,982

22 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Financials: 3.92%
Banks: 2.56%
BPCE SA %%		2.75	%		12-2-2021	$	7,710,000	$	7,681,088
Cooperatieve Rabobank U.A. of Netherlands		3.75			7-21-2026		3,195,000		3,094,300
HSBC Holdings plc		2.65			1-5-2022		13,920,000		13,542,587
HSBC Holdings plc		4.38			11-23-2026		6,935,000		6,887,696
KFW		1.00			7-15-2019		28,907,000		28,466,226
KFW		4.00			1-27-2020		4,714,000		5,039,478
Mitsubishi UFJ Financial Group		2.76			9-13-2026		7,895,000		7,441,866
National Australia Bank 144A%%		2.40			12-7-2021		8,250,000		8,231,108
Perrigo Finance Unlimited Company		4.38			3-15-2026		3,595,000		3,585,585
Royal Bank of Canada		2.30			3-22-2021		188,000		187,861
Skandinaviska Enskilda		1.88			9-13-2021		7,530,000		7,285,900
Sumitomo Mitsui Financial Group		3.01			10-19-2026		8,650,000		8,254,513
Svenska Handelsbanken AB		1.88			9-7-2021		7,710,000		7,459,163
Toronto-Dominion Bank 144A		2.25			3-15-2021		13,365,000		13,329,088
UBS Group Funding Company 144A		2.65			2-1-2022		9,485,000		9,208,104
UBS Group Funding Company 144A		4.13	��		4-15-2026		4,075,000		4,106,887
									133,801,450
Capital Markets: 0.25%
Deutsche Bank AG 144A		4.25			10-14-2021		13,216,000		12,994,394
Diversified Financial Services: 0.98%
Air Liquide Finance Company 144A		1.38			9-27-2019		5,980,000		5,894,145
Air Liquide Finance Company 144A		1.75			9-27-2021		5,045,000		4,862,961
Air Liquide Finance Company 144A		2.25			9-27-2023		4,315,000		4,127,246
Air Liquide Finance Company 144A		2.50			9-27-2026		4,315,000		4,051,388
BHP Billiton Finance USA Limited		5.00			9-30-2043		2,340,000		2,595,406
Credit Suisse Group Funding Limited		3.45			4-16-2021		3,598,000		3,596,093
Credit Suisse Group Funding Limited		3.80			6-9-2023		10,260,000		10,052,430
GE Capital International Funding Company		4.42			11-15-2035		5,682,000		5,903,371
Shell International Finance BV		2.88			5-10-2026		6,100,000		5,864,107
Shell International Finance BV		4.00			5-10-2046		4,615,000		4,270,555
									51,217,702
Insurance: 0.02%
AON plc		4.60			6-14-2044		940,000		924,177
Thrifts & Mortgage Finance: 0.11%
Stadshypotek AB 144A		1.88			10-2-2019		5,725,000		5,698,968
Health Care: 0.65%
Pharmaceuticals: 0.65%
Actavis Funding SCS		4.55			3-15-2035		2,835,000		2,777,725
Actavis Funding SCS		4.75			3-15-2045		5,015,000		4,961,490
Shire plc ADR		2.88			9-23-2023		4,900,000		4,656,833
Shire plc ADR		3.20			9-23-2026		11,010,000		10,315,996
Teva Pharmaceutical Finance BV		3.15			10-1-2026		11,950,000		11,052,244
									33,764,288

Portfolio of investments—November 30, 2016 (unaudited) Wells Fargo Core Bond Portfolio 23

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 0.18%
Chemicals: 0.18%
Equate Petrochemical BV 144A		3.00	%		3-3-2022	$	5,500,000	$	5,190,625
Equate Petrochemical BV 144A		4.25			11-3-2026		4,235,000		3,996,781
									9,187,406
Materials: 0.13%
Metals & Mining: 0.13%
Barrick Gold Corporation		5.25			4-1-2042		2,025,000		2,028,220
Vale Overseas Limited «		5.88			6-10-2021		2,165,000		2,268,920
Vale Overseas Limited		6.25			8-10-2026		2,155,000		2,243,894
									6,541,034
Utilities: 0.24%
Electric Utilities: 0.24%
Electricite de France SA 144A		5.25			10-13-2055		2,190,000		2,190,878
Electricite de France SA 144A		6.00			1-22-2114		765,000		748,553
Fortis Incorporated 144A		2.10			10-4-2021		3,465,000		3,352,592
Fortis Incorporated 144A		3.06			10-4-2026		6,935,000		6,493,331
									12,785,354
Total Yankee Corporate Bonds and Notes (Cost $324,477,592)									315,557,917
Yankee Government Bonds: 1.49%
Abu Dhabi Government International 144A		2.13			5-3-2021		5,150,000		5,075,995
Province of Ontario		1.63			1-18-2019		6,045,000		6,045,181
Republic of Paraguay 144A		6.10			8-11-2044		2,990,000		2,967,575
Republic of Slovenia 144A		5.25			2-18-2024		11,945,000		13,239,766
Republic of Slovenia 144A		5.50			10-26-2022		5,453,000		6,068,147
Republic of Slovenia 144A		5.85			5-10-2023		4,852,000		5,518,597
Republic of South Africa		4.30			10-12-2028		4,960,000		4,594,200
State of Israel		4.50			1-30-2043		4,280,000		4,292,583
State of Qatar 144A		2.38			6-2-2021		7,145,000		7,045,327
State of Qatar 144A		3.25			6-2-2026		4,070,000		3,969,056
United Mexican States		4.00			10-2-2023		8,565,000		8,543,588
United Mexican States		4.35			1-15-2047		5,565,000		4,632,863
United Mexican States		5.75			10-12-2049		6,334,000		5,700,600
Total Yankee Government Bonds (Cost $80,078,070)									77,693,478
	Yield					Shares
Short-Term Investments: 7.06%
Investment Companies: 7.06%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65					230,736,112		230,759,186
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.31					137,895,059		137,895,059
Total Short-Term Investments (Cost $368,654,047)									368,654,245

Total investments in securities (Cost $6,049,678,602) *	114.19	%		5,960,061,309
Other assets and liabilities, net	(14.19	)		(740,715,159	)
Total net assets	100.00	%	$	5,219,346,150

24 Wells Fargo Core Bond Portfolio Portfolio of investments—November 30, 2016 (unaudited)

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

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

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

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.

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

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

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

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

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

* Cost for federal income tax purposes is $6,074,405,459 and unrealized gains (losses) consists of:

Gross unrealized gains	$	15,025,520
Gross unrealized losses		(129,369,670	)
Net unrealized losses	$	(114,344,150	)

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/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 2017

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/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 2017

By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	January 25, 2017

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	January 25, 2017