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

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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Registrant is making a filing for 11 of its series:

Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Credit Portfolio, Wells Fargo Emerging Markets Bond Portfolio, Wells Fargo Factor Enhanced Emerging Markets Portfolio, Wells Fargo Factor Enhanced International Portfolio, Wells Fargo Factor Enhanced Large Cap Portfolio, Wells Fargo Factor Enhanced Small Cap Portfolio, Wells Fargo High Yield Corporate Bond Portfolio, Wells Fargo Investment Grade Corporate Bond Portfolio, Wells Fargo Strategic Retirement Bond Portfolio, Wells Fargo U.S. REIT Portfolio, and Wells Fargo International Government Bond Portfolio.

Date of reporting period: August 31, 2017

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

August 31, 2017

Target Date Funds

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Wells Fargo Target Today Fund (formerly Wells Fargo Dow Jones Target Today Fund)

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Wells Fargo Target 2010 Fund (formerly Wells Fargo Dow Jones Target 2010 Fund)

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Wells Fargo Target 2015 Fund (formerly Wells Fargo Dow Jones Target 2015 Fund)

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Wells Fargo Target 2020 Fund (formerly Wells Fargo Dow Jones Target 2020 Fund)

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Wells Fargo Target 2025 Fund (formerly Wells Fargo Dow Jones Target 2025 Fund)

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Wells Fargo Target 2030 Fund (formerly Wells Fargo Dow Jones Target 2030 Fund)

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Wells Fargo Target 2035 Fund (formerly Wells Fargo Dow Jones Target 2035 Fund)

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Wells Fargo Target 2040 Fund (formerly Wells Fargo Dow Jones Target 2040 Fund)

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Wells Fargo Target 2045 Fund (formerly Wells Fargo Dow Jones Target 2045 Fund)

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Wells Fargo Target 2050 Fund (formerly Wells Fargo Dow Jones Target 2050 Fund)

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Wells Fargo Target 2055 Fund (formerly Wells Fargo Dow Jones Target 2055 Fund)

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Wells Fargo Target 2060 Fund (formerly Wells Fargo Dow Jones Target 2060 Fund)

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Contents



Master portfolios

Portfolio of investments
Bloomberg Barclays US Aggregate ex-Corporate Portfolio			82
Emerging Markets Bond Portfolio			93
Factor Enhanced Emerging Markets Portfolio			97
Factor Enhanced International Portfolio			116
Factor Enhanced Large Cap Portfolio			136
Factor Enhanced Small Cap Portfolio			151
High Yield Corporate Bond Portfolio			179
Investment Grade Corporate Bond Portfolio			191
Strategic Retirement Bond Portfolio			233
U.S. REIT Portfolio			237

Financial statements
Statements of assets and liabilities			240
Statements of operations			242
Statements of changes in net assets			244
Financial highlights			254

Notes to financial statements			255

Other information			267

Appendix			276

List of abbreviations			278

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

The views expressed and any forward-looking statements are as of August 31, 2017, 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 Target Date Funds		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Hiring remained strong, and business and consumer sentiment improved.

During the second quarter, most equity markets in the U.S. and abroad advanced.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Target Date Funds for the six-month period that ended August 31, 2017. Effective July 14, 2017, the Wells Fargo Target Date Funds, following a vote of the Wells Fargo Funds Board of Trustees, approved several enhancements to the Wells Fargo Dow Jones Target Date Funds. Despite heightened market volatility at times, in general, global stocks delivered double-digit results and bond markets had smaller, but positive, results as well. U.S. and international stocks returned 5.65% and 13.05%, respectively, for the six-month period, as measured by the S&P 500 Index¹and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³returned 2.74% and the Bloomberg Barclays Municipal Bond Index⁴returned 3.79% as interest rates rose from low levels.

Equity and bond markets advanced during the first half of 2017.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range of 0.75% to 1.00%. With the Fed’s target interest-rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range of 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year.

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

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. 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.

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

⁴	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Volatility increased during the third quarter of 2017.

Early in July and again in August, volatility expectations increased and then receded, as measured by the CBOE VIX⁵, amid geopolitical tensions, particularly in Asia, and declining investor optimism about President Trump’s potential to move forward with his agenda for tax and regulatory reforms. Economic momentum increased in Europe; the European Central Bank held its rates steady at low levels and continued its quantitative easing bond buying program, which is intended to spark economic activity. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

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,

LOGO

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.


4		Wells Fargo Target Date Funds		Performance highlights (unaudited)

Wells Fargo Target Date Funds¹

Investment objective

Each Fund seeks total return over time, consistent with its strategic target asset allocation.

Manager

Wells Fargo Funds Management, LLC

Subadviser^‡

Wells Fargo Capital Management Incorporated

Portfolio managers^‡

Kandarp R. Acharya, CFA^®, FRM

Petros Bocray, CFA^®, FRM

Christian L. Chan, CFA^®

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Funds. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Funds and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, new fund risk, regulatory risk, and smaller-company investment risk. Consult the Funds’ prospectus for additional information on these and other risks.

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Target Date Funds			5

Target Today Fund

Average annual total returns (%) as of August 31, 2017²


		Including sales charge							Excluding sales charge						Expense ratios³(%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STWRX)	3-1-1994		(4.61	)		0.56		2.58		1.17		1.75		3.19		0.75		0.65
Class C (WFODX)	12-1-1998		(0.58	)		1.00		2.42		0.42		1.00		2.42		1.50		1.40
Class R (WFRRX)	6-28-2013		–			–		–		1.01		1.53		3.06		1.00		0.90
Class R4 (WOTRX)	11-30-2012		–			–		–		1.16		2.08		3.61		0.47		0.34
Class R6 (WOTDX)	6-30-2004		–			–		–		1.63		2.27		3.71		0.32		0.19
Administrator Class (WFLOX)	11-8-1999		–			–		–		1.33		1.91		3.37		0.67		0.54
Wells Fargo Target Today Blended Index⁵*	–		–			–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–			–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target Today Index⁸	–		–			–		–		1.88		2.55		4.10		–		–
Russell 3000^® Index⁹	–		–			–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 18-19.


6		Wells Fargo Target Date Funds		Performance highlights (unaudited)

Target 2010 Fund

Average annual total returns (%) as of August 31, 2017¹⁰


		Including sales charge							Excluding sales charge						Expense ratios¹¹ (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STNRX)	3-1-1994		(4.61	)		1.06		2.44		1.18		2.27		3.05		0.78		0.65
Class C (WFOCX)	12-1-1998		(0.61	)		1.50		2.28		0.39		1.50		2.28		1.53		1.40
Class R (WFARX)	6-28-2013		–			–		–		0.90		2.02		2.90		1.03		0.90
Class R4 (WFORX)	11-30-2012		–			–		–		1.50		2.64		3.50		0.50		0.34
Class R6 (WFOAX)	6-30-2004		–			–		–		1.68		2.77		3.57		0.35		0.19
Administrator Class (WFLGX)	11-8-1999		–			–		–		1.30		2.42		3.24		0.70		0.54
Wells Fargo Target 2010 Blended Index⁵*	–		–			–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–			–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2010 Index⁸	–		–			–		–		1.96		3.11		4.00		–		–
Russell 3000^® Index⁹	–		–			–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Target Date Funds			7

Target 2015 Fund

Average annual total returns (%) as of August 31, 2017¹²


		Including sales charge							Excluding sales charge						Expense ratios¹¹ (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WFACX)	11-30-2012		(4.33	)		2.10		2.72		1.51		3.31		3.33		0.76		0.65
Class R (WFBRX)	6-28-2013		–			–		–		1.27		3.03		3.09		1.01		0.90
Class R4 (WFSRX)	11-30-2012		–			–		–		1.82		3.65		3.64		0.48		0.34
Class R6 (WFSCX)	6-29-2007		–			–		–		1.91		3.76		3.70		0.33		0.19
Administrator Class (WFFFX)	6-29-2007		–			–		–		1.76		3.43		3.39		0.68		0.54
Wells Fargo Target 2015 Blended Index⁵*	–		–			–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–			–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2015 Index⁸	–		–			–		–		2.63		4.20		4.15		–		–
Russell 3000^® Index⁹	–		–			–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 18-19.


8		Wells Fargo Target Date Funds		Performance highlights (unaudited)

Target 2020 Fund

Average annual total returns (%) as of August 31, 2017²


		Including sales charge							Excluding sales charge						Expense ratios¹³ (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STTRX)	3-1-1994		(2.68	)		3.30		2.85		3.26		4.53		3.46		0.75		0.65
Class C (WFLAX)	12-1-1998		1.41			3.74		2.68		2.41		3.74		2.68		1.50		1.40
Class R (WFURX)	6-28-2013		–			–		–		3.07		4.32		3.33		1.00		0.90
Class R4 (WFLRX)	11-30-2012		–			–		–		3.57		4.90		3.91		0.47		0.34
Class R6 (WFOBX)	6-30-2004		–			–		–		3.67		5.02		3.97		0.32		0.19
Administrator Class (WFLPX)	11-8-1999		–			–		–		3.33		4.67		3.64		0.67		0.54
Wells Fargo Target 2020 Blended Index⁵*	–		–			–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–			–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2020 Index⁸	–		–			–		–		4.82		5.56		4.45		–		–
Russell 3000^® Index⁹	–		–			–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Target Date Funds			9

Target 2025 Fund

Average annual total returns (%) as of August 31, 2017¹²


		Including sales charge							Excluding sales charge						Expense ratios¹¹ (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WFAYX)	11-30-2012		(0.91	)		4.66		3.39		5.15		5.91		4.00		0.74		0.65
Class R (WFHRX)	6-28-2013		–			–		–		4.14		5.48		3.69		0.99		0.90
Class R4 (WFGRX)	11-30-2012		–			–		–		5.51		6.28		4.34		0.46		0.34
Class R6 (WFTYX)	6-29-2007		–			–		–		5.72		6.41		4.40		0.31		0.19
Administrator Class (WFTRX)	6-29-2007		–			–		–		5.38		6.03		4.08		0.66		0.54
Wells Fargo Target 2025 Blended Index⁵*	–		–			–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–			–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2025 Index⁸	–		–			–		–		6.78		6.91		4.80		–		–
Russell 3000^® Index⁹	–		–			–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


10		Wells Fargo Target Date Funds		Performance highlights (unaudited)

Target 2030 Fund

Average annual total returns (%) as of August 31, 2017²


		Including sales charge						Excluding sales charge						Expense ratios¹³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STHRX)	3-1-1994		1.54		6.01		3.60		7.71		7.27		4.22		0.75		0.65
Class C (WFDMX)	12-1-1998		5.89		6.48		3.45		6.89		6.48		3.45		1.50		1.40
Class R (WFJRX)	6-28-2013		–		–		–		7.26		7.00		4.06		1.00		0.90
Class R4 (WTHRX)	11-30-2012		–		–		–		8.06		7.67		4.68		0.47		0.34
Class R6 (WFOOX)	6-30-2004		–		–		–		8.16		7.79		4.74		0.32		0.19
Administrator Class (WFLIX)	11-8-1999		–		–		–		7.87		7.42		4.41		0.67		0.54
Wells Fargo Target 2030 Blended Index⁵*	–		–		–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–		–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2030 Index⁸	–		–		–		–		9.21		8.28		5.16		–		–
Russell 3000^® Index⁹	–		–		–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Target Date Funds			11

Target 2035 Fund

Average annual total returns (%) as of August 31, 2017¹²


		Including sales charge						Excluding sales charge						Expense ratios¹³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WFQBX)	11-30-2012		3.62		7.17		4.15		9.92		8.44		4.77		0.76		0.65
Class R (WFKRX)	6-28-2013		–		–		–		9.62		8.13		4.48		1.01		0.90
Class R4 (WTTRX)	11-30-2012		–		–		–		10.24		8.79		5.09		0.48		0.34
Class R6 (WFQRX)	6-29-2007		–		–		–		10.41		8.93		5.16		0.33		0.19
Administrator Class (WFQWX)	6-29-2007		–		–		–		10.05		8.54		4.79		0.68		0.54
Wells Fargo Target 2035 Blended Index⁵*	–		–		–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–		–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2035 Index⁸	–		–		–		–		11.38		9.40		5.47		–		–
Russell 3000^® Index⁹	–		–		–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


12		Wells Fargo Target Date Funds		Performance highlights (unaudited)

Target 2040 Fund

Average annual total returns (%) as of August 31, 2017²


		Including sales charge						Excluding sales charge						Expense ratios¹³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (STFRX)	3-1-1994		5.34		7.99		4.24		11.78		9.29		4.86		0.75		0.65
Class C (WFOFX)	7-1-1998		9.98		8.47		4.08		10.98		8.47		4.08		1.50		1.40
Class R (WFMRX)	6-28-2013		–		–		–		11.56		9.06		4.73		1.00		0.90
Class R4 (WTFRX)	11-30-2012		–		–		–		12.13		9.67		5.31		0.47		0.34
Class R6 (WFOSX)	6-30-2004		–		–		–		12.28		9.82		5.39		0.32		0.19
Administrator Class (WFLWX)	11-8-1999		–		–		–		11.92		9.43		5.05		0.67		0.54
Wells Fargo Target 2040 Blended Index⁵*	–		–		–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–		–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2040 Index⁸	–		–		–		–		13.18		10.26		5.76		–		–
Russell 3000^® Index⁹	–		–		–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Target Date Funds			13

Target 2045 Fund

Average annual total returns (%) as of August 31, 2017¹²


		Including sales charge						Excluding sales charge						Expense ratios¹³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WFQVX)	11-30-2012		6.51		8.53		4.69		13.05		9.81		5.32		0.77		0.65
Class R (WFNRX)	6-28-2013		–		–		–		12.72		9.53		5.06		1.02		0.90
Class R4 (WFFRX)	11-30-2012		–		–		–		13.42		10.21		5.66		0.49		0.34
Class R6 (WFQPX)	6-29-2007		–		–		–		13.54		10.32		5.71		0.34		0.19
Administrator Class (WFQYX)	6-29-2007		–		–		–		13.11		9.92		5.38		0.69		0.54
Wells Fargo Target 2045 Blended Index⁵*	–		–		–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–		–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2045 Index⁸	–		–		–		–		14.41		10.76		5.99		–		–
Russell 3000^® Index⁹	–		–		–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


14		Wells Fargo Target Date Funds		Performance highlights (unaudited)

Target 2050 Fund

Average annual total returns (%) as of August 31, 2017¹⁴


		Including sales charge						Excluding sales charge						Expense ratios¹¹ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WFQAX)	11-30-2012		7.08		8.66		4.73		13.56		9.95		5.36		0.74		0.65
Class C (WFQCX)	11-30-2012		11.72		9.13		4.57		12.72		9.13		4.57		1.49		1.40
Class R (WFWRX)	6-28-2013		–		–		–		13.37		9.68		5.10		0.99		0.90
Class R4 (WQFRX)	11-30-2012		–		–		–		13.95		10.32		5.69		0.46		0.34
Class R6 (WFQFX)	6-29-2007		–		–		–		14.14		10.47		5.76		0.31		0.19
Administrator Class (WFQDX)	6-29-2007		–		–		–		13.75		10.09		5.41		0.66		0.54
Wells Fargo Target 2050 Blended Index⁵*	–		–		–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		0.49		2.19		4.40		–		–
S&P 500 Index⁷	–		–		–		–		16.23		14.34		7.61		–		–
Dow Jones Global Target 2050 Index⁸	–		–		–		–		14.95		10.89		6.05		–		–
Russell 3000^® Index⁹	–		–		–		–		16.06		14.27		7.70		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Target Date Funds			15

Target 2055 Fund

Average annual total returns (%) as of August 31, 2017¹²

Including sales charge

Excluding sales charge

Expense ratios¹¹ (%)

Inception date

1 year

5 year

Since
inception

1 year

5 year

Since
inception

Gross

Net⁴

Class A (WFQZX)

11-30-2012

7.00

8.64

6.90

13.53

9.94

7.94

0.80

0.65

Class R (WFYRX)

6-28-2013

–

13.15

9.66

7.56

1.05

0.90

Class R4 (WFVRX)

11-30-2012

–

13.84

10.31

8.30

0.52

0.34

Class R6 (WFQUX)

6-30-2011

–

14.00

10.45

8.41

0.37

0.19

Administrator Class (WFLHX)

6-30-2011

–

13.71

10.07

8.05

0.72

0.54

Wells Fargo Target 2055 Blended Index⁵*

–

Bloomberg Barclays U.S. Aggregate Bond Index⁶

–

0.49

2.19

3.21

–

S&P 500 Index⁷

–

16.23

14.34

13.09**

–

Dow Jones Global Target 2055 Index⁸

–

14.97

10.89

8.74

–

Russell 3000^® Index⁹

–

16.06

14.27

12.72

–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

Return is based on the inception date of the oldest class.

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

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

Please see footnotes on pages 18-19.


16		Wells Fargo Target Date Funds		Performance highlights (unaudited)

Target 2060 Fund

Average annual total returns (%) as of August 31, 2017¹⁴


		Including sales charge				Excluding sales charge				Expense ratios¹³ (%)
	Inception date	1 year		Since inception		1 year		Since inception		Gross		Net⁴
Class A (WFAFX)	6-30-2015		7.14		4.05		13.66		6.93		2.25		0.65
Class C (WFCFX)	6-30-2015		11.85		6.12		12.85		6.12		3.00		1.40
Class R (WFRFX)	6-30-2015		–		–		13.36		6.64		2.50		0.90
Class R4 (WFSFX)	6-30-2015		–		–		13.99		7.28		1.97		0.34
Class R6 (WFUFX)	6-30-2015		–		–		14.18		7.39		1.82		0.19
Administrator Class (WFDFX)	6-30-2015		–		–		13.79		7.05		2.17		0.54
Wells Fargo Target 2060 Blended Index⁵*	–		–		–		–		–		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–		–		0.49		3.20		–		–
S&P 500 Index⁷	–		–		–		16.23		11.04		–		–
Dow Jones Global Target 2060 Index⁸	–		–		–		14.97		7.65		–		–
Russell 3000^® Index⁹	–		–		–		16.06		10.24		–		–

The inception date of the index is July 14, 2017. Performance results for the periods indicated are not yet available.

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

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

Please see footnotes on pages 18-19.


Performance highlights (unaudited)		Wells Fargo Target Date Funds			17

Portfolio allocationas of August 31, 2017¹⁵


Target Today Fund	Target 2010 Fund	Target 2015 Fund


Target 2020 Fund	Target 2025 Fund	Target 2030 Fund


Target 2035 Fund	Target 2040 Fund	Target 2045 Fund

Please see footnotes on pages 18-19.


18		Wells Fargo Target Date Funds		Performance highlights (unaudited)


Target 2050 Fund	Target 2055 Fund	Target 2060 Fund

^‡	The subadviser and portfolio managers began management of each Fund effective July 14, 2017.

The Funds are gateway funds that invest in various affiliated master portfolios which in turn invest in a combination of securities to gain exposure to equity and fixed income asset classes. References to the investment activities of the Funds are intended to refer to the investment activities of the underlying affiliated master portfolios in which the Funds invest.

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

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.15% of acquired fund fees and expenses which represent the net expenses from the underlying 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.

⁴

The manager has contractually committed through July 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. 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. Net expenses from the underlying affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s return would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁵	Effective July 14, 2017, the Fund replaced the Dow Jones Global Target Date Indexes with the Wells Fargo Blended Indexes in order to better align with the Wells Fargo Target Date Funds. See Appendix for additional details on Wells Fargo Target Date Blended Indexes.

⁶

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

⁷	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.

⁸

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

⁹	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

¹⁰

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


Performance highlights (unaudited)		Wells Fargo Target Date Funds			19

¹¹

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% of acquired fund fees and expenses which represent the net expenses from the underlying 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.

¹²

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

¹³

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.17% of acquired fund fees and expenses which represent the net expenses from the underlying 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.

¹⁴

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

¹⁵

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


20		Wells Fargo Target Date Funds		Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from March 1, 2017 to August 31, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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


Target Today Fund	Beginning account value 3-1-2017		Ending account value 8-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,023.67	$	3.72		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Class C
Actual	$	1,000.00	$	1,019.50	$	7.53		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.74	$	7.53		1.48	%
Class R
Actual	$	1,000.00	$	1,022.79	$	5.00		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Class R4
Actual	$	1,000.00	$	1,022.20	$	2.29		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Class R6
Actual	$	1,000.00	$	1,025.97	$	1.43		0.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.79	$	1.43		0.28	%
Administrator Class
Actual	$	1,000.00	$	1,025.05	$	3.16		0.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.08	$	3.16		0.62	%

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).


Fund expenses (unaudited)		Wells Fargo Target Date Funds			21


Target 2010 Fund	Beginning account value 3-1-2017		Ending account value 8-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,024.98	$	3.83		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class C
Actual	$	1,000.00	$	1,020.70	$	7.64		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class R
Actual	$	1,000.00	$	1,023.52	$	5.10		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class R4
Actual	$	1,000.00	$	1,026.29	$	2.25		0.44	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.99	$	2.24		0.44	%
Class R6
Actual	$	1,000.00	$	1,027.11	$	1.48		0.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.74	$	1.48		0.29	%
Administrator Class
Actual	$	1,000.00	$	1,025.50	$	3.27		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.98	$	3.26		0.64	%
Target 2015 Fund
Class A
Actual	$	1,000.00	$	1,028.64	$	3.83		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class R
Actual	$	1,000.00	$	1,027.73	$	5.11		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class R4
Actual	$	1,000.00	$	1,030.03	$	2.30		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Class R6
Actual	$	1,000.00	$	1,030.81	$	1.54		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Administrator Class
Actual	$	1,000.00	$	1,029.47	$	3.27		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.98	$	3.26		0.64	%


22		Wells Fargo Target Date Funds		Fund expenses (unaudited)


Target 2020 Fund	Beginning account value 3-1-2017		Ending account value 8-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,034.97	$	3.95		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Class C
Actual	$	1,000.00	$	1,030.51	$	7.78		1.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.54	$	7.73		1.52	%
Class R
Actual	$	1,000.00	$	1,034.44	$	5.33		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Class R4
Actual	$	1,000.00	$	1,036.30	$	2.41		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%
Class R6
Actual	$	1,000.00	$	1,036.99	$	1.59		0.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.64	$	1.58		0.31	%
Administrator Class
Actual	$	1,000.00	$	1,035.79	$	3.39		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Target 2025 Fund
Class A
Actual	$	1,000.00	$	1,039.12	$	3.96		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Class R
Actual	$	1,000.00	$	1,030.51	$	5.37		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class R4
Actual	$	1,000.00	$	1,040.87	$	2.42		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%
Class R6
Actual	$	1,000.00	$	1,041.87	$	1.60		0.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.64	$	1.58		0.31	%
Administrator Class
Actual	$	1,000.00	$	1,038.86	$	3.39		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.36		0.66	%


Fund expenses (unaudited)		Wells Fargo Target Date Funds			23


Target 2030 Fund	Beginning account value 3-1-2017		Ending account value 8-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,044.91	$	3.97		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Class C
Actual	$	1,000.00	$	1,041.26	$	7.82		1.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.54	$	7.73		1.52	%
Class R
Actual	$	1,000.00	$	1,041.42	$	5.45		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class R4
Actual	$	1,000.00	$	1,046.61	$	2.42		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%
Class R6
Actual	$	1,000.00	$	1,047.25	$	1.65		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,045.45	$	3.45		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Target 2035 Fund
Class A
Actual	$	1,000.00	$	1,049.87	$	4.03		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class R
Actual	$	1,000.00	$	1,047.69	$	5.32		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class R4
Actual	$	1,000.00	$	1,051.25	$	2.53		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50		0.49	%
Class R6
Actual	$	1,000.00	$	1,051.99	$	1.66		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,050.79	$	3.46		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%


24		Wells Fargo Target Date Funds		Fund expenses (unaudited)


Target 2040 Fund	Beginning account value 3-1-2017		Ending account value 8-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,053.53	$	4.04		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class C
Actual	$	1,000.00	$	1,050.03	$	7.91		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.49	$	7.78		1.53	%
Class R
Actual	$	1,000.00	$	1,053.20	$	5.49		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class R4
Actual	$	1,000.00	$	1,055.39	$	2.49		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%
Class R6
Actual	$	1,000.00	$	1,056.42	$	1.66		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,054.49	$	3.47		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Target 2045 Fund
Class A
Actual	$	1,000.00	$	1,056.39	$	4.09		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Class R
Actual	$	1,000.00	$	1,055.54	$	5.34		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class R4
Actual	$	1,000.00	$	1,058.46	$	2.54		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50		0.49	%
Class R6
Actual	$	1,000.00	$	1,059.34	$	1.66		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,057.03	$	3.47		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%


Fund expenses (unaudited)		Wells Fargo Target Date Funds			25


Target 2050 Fund	Beginning account value 3-1-2017		Ending account value 8-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,057.96	$	4.05		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class C
Actual	$	1,000.00	$	1,053.81	$	7.92		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.49	$	7.78		1.53	%
Class R
Actual	$	1,000.00	$	1,056.72	$	5.34		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class R4
Actual	$	1,000.00	$	1,059.18	$	2.49		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%
Class R6
Actual	$	1,000.00	$	1,060.84	$	1.71		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Administrator Class
Actual	$	1,000.00	$	1,059.21	$	3.48		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Target 2055 Fund
Class A
Actual	$	1,000.00	$	1,057.93	$	4.05		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class R
Actual	$	1,000.00	$	1,056.88	$	5.34		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class R4
Actual	$	1,000.00	$	1,060.01	$	2.54		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50		0.49	%
Class R6
Actual	$	1,000.00	$	1,060.83	$	1.66		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,058.99	$	3.48		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%


26		Wells Fargo Target Date Funds		Fund expenses (unaudited)


Target 2060 Fund	Beginning account value 3-1-2017		Ending account value 8-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,058.29	$	4.05		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class C
Actual	$	1,000.00	$	1,054.50	$	7.92		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.49	$	7.78		1.53	%
Class R
Actual	$	1,000.00	$	1,057.06	$	5.34		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class R4
Actual	$	1,000.00	$	1,060.43	$	2.49		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%
Class R6
Actual	$	1,000.00	$	1,060.27	$	1.66		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,058.47	$	3.48		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%


Portfolios of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			27

TARGET TODAY FUND


Security name	Value

Investment Companies: 101.02%

Affiliated Master Portfolios: 101.02%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	56,370,720
Wells Fargo Emerging Markets Bond Portfolio		4,812,286
Wells Fargo Factor Enhanced Emerging Markets Portfolio		3,629,942
Wells Fargo Factor Enhanced International Portfolio		12,186,481
Wells Fargo Factor Enhanced Large Cap Portfolio		23,527,146
Wells Fargo Factor Enhanced Small Cap Portfolio		5,866,569
Wells Fargo High Yield Corporate Bond Portfolio		4,809,860
Wells Fargo Investment Grade Corporate Bond Portfolio		29,345,898
Wells Fargo Strategic Retirement Bond Portfolio		19,073,237
Wells Fargo U.S. REIT Portfolio		4,106,390

Total Investment Companies (Cost $141,815,627)		163,728,529


Total investments in securities (Cost $141,815,627)	101.02	%		163,728,529
Other assets and liabilities, net	(1.02	)		(1,654,157	)

Total net assets	100.00	%	$	162,074,372

TARGET 2010 FUND


Security name	Value

Investment Companies: 100.40%

Affiliated Master Portfolios: 100.40%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	63,891,803
Wells Fargo Emerging Markets Bond Portfolio		5,454,377
Wells Fargo Factor Enhanced Emerging Markets Portfolio		4,949,474
Wells Fargo Factor Enhanced International Portfolio		16,609,308
Wells Fargo Factor Enhanced Large Cap Portfolio		32,079,577
Wells Fargo Factor Enhanced Small Cap Portfolio		7,987,605
Wells Fargo High Yield Corporate Bond Portfolio		5,450,537
Wells Fargo Investment Grade Corporate Bond Portfolio		33,262,274
Wells Fargo Strategic Retirement Bond Portfolio		21,617,213
Wells Fargo U.S. REIT Portfolio		5,598,459

Total Investment Companies (Cost $160,339,092)		196,900,627


Total investments in securities (Cost $160,339,092)	100.40	%		196,900,627
Other assets and liabilities, net	(0.40	)		(778,240	)

Total net assets	100.00	%	$	196,122,387

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


28		Wells Fargo Target Date Funds		Portfolios of investments—August 31, 2017 (unaudited)

TARGET 2015 FUND


Security name	Value

Investment Companies: 105.52%

Affiliated Master Portfolios: 105.52%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	68,395,789
Wells Fargo Emerging Markets Bond Portfolio		5,848,056
Wells Fargo Factor Enhanced Emerging Markets Portfolio		6,578,950
Wells Fargo Factor Enhanced International Portfolio		22,010,287
Wells Fargo Factor Enhanced Large Cap Portfolio		42,711,084
Wells Fargo Factor Enhanced Small Cap Portfolio		10,643,878
Wells Fargo High Yield Corporate Bond Portfolio		5,835,188
Wells Fargo Investment Grade Corporate Bond Portfolio		35,613,758
Wells Fargo Strategic Retirement Bond Portfolio		23,141,771
Wells Fargo U.S. REIT Portfolio		7,436,951

Total Investment Companies (Cost $183,062,539)		228,215,712


Total investments in securities (Cost $183,062,539)	105.52	%		228,215,712
Other assets and liabilities, net	(5.52	)		(11,940,368	)

Total net assets	100.00	%	$	216,275,344

TARGET 2020 FUND


Security name	Value

Investment Companies: 101.17%

Affiliated Master Portfolios: 101.17%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	310,844,086
Wells Fargo Emerging Markets Bond Portfolio		26,349,020
Wells Fargo Factor Enhanced Emerging Markets Portfolio		42,910,600
Wells Fargo Factor Enhanced International Portfolio		143,802,826
Wells Fargo Factor Enhanced Large Cap Portfolio		267,435,902
Wells Fargo Factor Enhanced Small Cap Portfolio		66,648,034
Wells Fargo High Yield Corporate Bond Portfolio		26,335,735
Wells Fargo Investment Grade Corporate Bond Portfolio		161,798,651
Wells Fargo Strategic Retirement Bond Portfolio		68,524,449
Wells Fargo U.S. REIT Portfolio		30,640,672

Total Investment Companies (Cost $1,008,750,809)		1,145,289,975


Total investments in securities (Cost $1,008,750,809)	101.17	%		1,145,289,975
Other assets and liabilities, net	(1.17	)		(13,261,065	)

Total net assets	100.00	%	$	1,132,028,910

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


Portfolios of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			29

TARGET 2025 FUND


Security name	Value

Investment Companies: 108.86%

Affiliated Master Portfolios: 108.86%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	153,413,453
Wells Fargo Emerging Markets Bond Portfolio		12,915,001
Wells Fargo Factor Enhanced Emerging Markets Portfolio		31,406,876
Wells Fargo Factor Enhanced International Portfolio		104,778,862
Wells Fargo Factor Enhanced Large Cap Portfolio		187,399,303
Wells Fargo Factor Enhanced Small Cap Portfolio		47,129,442
Wells Fargo High Yield Corporate Bond Portfolio		12,907,518
Wells Fargo Investment Grade Corporate Bond Portfolio		79,928,366
Wells Fargo Strategic Retirement Bond Portfolio		13,422,925
Wells Fargo U.S. REIT Portfolio		8,466,945

Total Investment Companies (Cost $482,523,373)		651,768,691


Total investments in securities (Cost $482,523,373)	108.86	%		651,768,691
Other assets and liabilities, net	(8.86	)		(53,058,716	)

Total net assets	100.00	%	$	598,709,975

TARGET 2030 FUND


Security name	Value

Investment Companies: 101.60%

Affiliated Master Portfolios: 101.60%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	250,574,219
Wells Fargo Emerging Markets Bond Portfolio		21,164,384
Wells Fargo Factor Enhanced Emerging Markets Portfolio		78,618,547
Wells Fargo Factor Enhanced International Portfolio		265,869,018
Wells Fargo Factor Enhanced Large Cap Portfolio		453,401,105
Wells Fargo Factor Enhanced Small Cap Portfolio		113,445,906
Wells Fargo High Yield Corporate Bond Portfolio		21,153,713
Wells Fargo Investment Grade Corporate Bond Portfolio		130,472,830
Wells Fargo Strategic Retirement Bond Portfolio		3,563,089
Wells Fargo U.S. REIT Portfolio		2,686,278

Total Investment Companies (Cost $1,235,545,416)		1,340,949,089


Total investments in securities (Cost $1,235,545,416)	101.60	%		1,340,949,089
Other assets and liabilities, net	(1.60	)		(21,075,200	)

Total net assets	100.00	%	$	1,319,873,889

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


30		Wells Fargo Target Date Funds		Portfolios of investments—August 31, 2017 (unaudited)

TARGET 2035 FUND


Security name	Value

Investment Companies: 108.64%

Affiliated Master Portfolios: 108.64%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	75,720,819
Wells Fargo Emerging Markets Bond Portfolio		6,405,948
Wells Fargo Factor Enhanced Emerging Markets Portfolio		40,746,007
Wells Fargo Factor Enhanced International Portfolio		136,098,132
Wells Fargo Factor Enhanced Large Cap Portfolio		223,561,238
Wells Fargo Factor Enhanced Small Cap Portfolio		56,022,105
Wells Fargo High Yield Corporate Bond Portfolio		6,402,718
Wells Fargo Investment Grade Corporate Bond Portfolio		39,418,252

Total Investment Companies (Cost $535,816,819)		584,375,219


Total investments in securities (Cost $535,816,819)	108.64	%		584,375,219
Other assets and liabilities, net	(8.64	)		(46,479,132	)

Total net assets	100.00	%	$	537,896,087

TARGET 2040 FUND


Security name	Value

Investment Companies: 101.23%

Affiliated Master Portfolios: 101.23%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	104,915,597
Wells Fargo Emerging Markets Bond Portfolio		8,875,722
Wells Fargo Factor Enhanced Emerging Markets Portfolio		84,723,892
Wells Fargo Factor Enhanced International Portfolio		284,648,684
Wells Fargo Factor Enhanced Large Cap Portfolio		454,763,829
Wells Fargo Factor Enhanced Small Cap Portfolio		113,821,753
Wells Fargo High Yield Corporate Bond Portfolio		8,871,247
Wells Fargo Investment Grade Corporate Bond Portfolio		54,609,323

Total Investment Companies (Cost $1,105,904,431)		1,115,230,047


Total investments in securities (Cost $1,105,904,431)	101.23	%		1,115,230,047
Other assets and liabilities, net	(1.23	)		(13,522,399	)

Total net assets	100.00	%	$	1,101,707,648

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


Portfolios of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			31

TARGET 2045 FUND


Security name	Value

Investment Companies: 108.30%

Affiliated Master Portfolios: 108.30%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	24,381,050
Wells Fargo Emerging Markets Bond Portfolio		2,062,463
Wells Fargo Factor Enhanced Emerging Markets Portfolio		30,721,297
Wells Fargo Factor Enhanced International Portfolio		102,893,819
Wells Fargo Factor Enhanced Large Cap Portfolio		161,561,313
Wells Fargo Factor Enhanced Small Cap Portfolio		40,595,504
Wells Fargo High Yield Corporate Bond Portfolio		2,061,423
Wells Fargo Investment Grade Corporate Bond Portfolio		12,689,637

Total Investment Companies (Cost $379,151,061)		376,966,506


Total investments in securities (Cost $379,151,061)	108.30	%		376,966,506
Other assets and liabilities, net	(8.30	)		(28,876,655	)

Total net assets	100.00	%	$	348,089,851

TARGET 2050 FUND


Security name	Value

Investment Companies: 101.26%

Affiliated Master Portfolios: 101.26%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	35,444,517
Wells Fargo Emerging Markets Bond Portfolio		2,998,485
Wells Fargo Factor Enhanced Emerging Markets Portfolio		49,686,118
Wells Fargo Factor Enhanced International Portfolio		167,211,015
Wells Fargo Factor Enhanced Large Cap Portfolio		260,658,209
Wells Fargo Factor Enhanced Small Cap Portfolio		65,391,750
Wells Fargo High Yield Corporate Bond Portfolio		2,996,973
Wells Fargo Investment Grade Corporate Bond Portfolio		18,447,841

Total Investment Companies (Cost $574,052,720)		602,834,908


Total investments in securities (Cost $574,052,720)	101.26	%		602,834,908
Other assets and liabilities, net	(1.26	)		(7,515,342	)

Total net assets	100.00	%	$	595,319,566

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


32		Wells Fargo Target Date Funds		Portfolios of investments—August 31, 2017 (unaudited)

TARGET 2055 FUND


Security name	Value

Investment Companies: 104.88%

Affiliated Master Portfolios: 104.88%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	5,996,371
Wells Fargo Emerging Markets Bond Portfolio		508,224
Wells Fargo Factor Enhanced Emerging Markets Portfolio		8,459,006
Wells Fargo Factor Enhanced International Portfolio		28,131,836
Wells Fargo Factor Enhanced Large Cap Portfolio		44,052,420
Wells Fargo Factor Enhanced Small Cap Portfolio		11,080,279
Wells Fargo High Yield Corporate Bond Portfolio		507,212
Wells Fargo Investment Grade Corporate Bond Portfolio		3,121,255

Total Investment Companies (Cost $108,705,307)		101,856,603


Total investments in securities (Cost $108,705,307)	104.88	%		101,856,603
Other assets and liabilities, net	(4.88	)		(4,735,354	)

Total net assets	100.00	%	$	97,121,249

TARGET 2060 FUND


Security name	Value

Investment Companies: 100.83%

Affiliated Master Portfolios: 100.83%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	1,486,823
Wells Fargo Emerging Markets Bond Portfolio		125,791
Wells Fargo Factor Enhanced Emerging Markets Portfolio		2,082,786
Wells Fargo Factor Enhanced International Portfolio		6,993,968
Wells Fargo Factor Enhanced Large Cap Portfolio		10,926,497
Wells Fargo Factor Enhanced Small Cap Portfolio		2,741,148
Wells Fargo High Yield Corporate Bond Portfolio		125,728
Wells Fargo Investment Grade Corporate Bond Portfolio		774,033

Total Investment Companies (Cost $31,802,655)		25,256,774


Total investments in securities (Cost $31,802,655)	100.83	%		25,256,774
Other assets and liabilities, net	(0.83	)		(209,091	)

Total net assets	100.00	%	$	25,047,683

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

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34		Wells Fargo Target Date Funds		Statements of assets and liabilities—August 31, 2017 (unaudited)


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

Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	163,728,529	$	196,900,627	$	228,215,712	$	1,145,289,975
Receivable for Fund shares sold		50,054		67,568		75,889		354,448
Receivable from manager		14,817		12,094		15,860		12,385
Prepaid expenses and other assets		91,854		89,863		73,156		146,832

Total assets		163,885,254		197,070,152		228,380,617		1,145,803,640


Liabilities
Payable for Fund shares redeemed		1,738,567		885,209		12,023,710		13,483,873
Administration fees payable		16,929		18,712		18,103		86,597
Distribution fees payable		1,712		1,031		6		4,076
Accrued expenses and other liabilities		53,674		42,813		63,454		200,184

Total liabilities		1,810,882		947,765		12,105,273		13,774,730

Total net assets	$	162,074,372	$	196,122,387	$	216,275,344	$	1,132,028,910


NET ASSETS CONSIST OF
Paid-in capital	$	129,707,689	$	157,301,558	$	154,287,662	$	899,167,283
Undistributed net investment income		1,626,551		1,055,281		349,054		8,149,742
Accumulated net realized gains on investments		8,827,230		1,204,013		16,485,455		88,172,719
Net unrealized gains (losses) on investments		21,912,902		36,561,535		45,153,173		136,539,166

Total net assets	$	162,074,372	$	196,122,387	$	216,275,344	$	1,132,028,910


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	54,777,725	$	56,149,473	$	49,877,728	$	209,370,419
Shares outstanding – Class A¹		5,065,261		4,413,524		4,801,695		13,608,357
Net asset value per share – Class A		$10.81		$12.72		$10.39		$15.39
Maximum offering price per share – Class A²		$11.47		$13.50		$11.02		$16.33
Net assets – Class C	$	2,679,686	$	1,607,146		N/A	$	6,141,862
Shares outstanding – Class C¹		243,970		125,351		N/A		404,034
Net asset value per share – Class C		$10.98		$12.82		N/A		$15.20
Net assets – Class R	$	32,688	$	27,787	$	28,623	$	63,614
Shares outstanding – Class R¹		3,036		2,201		2,717		4,153
Net asset value per share – Class R		$10.77		$12.62		$10.53		$15.32
Net assets – Class R4	$	21,979,294	$	30,151,780	$	62,244,180	$	225,624,508
Share outstanding – Class R4¹		1,989,818		2,341,611		5,966,347		14,371,544
Net asset value per share – Class R4		$11.05		$12.88		$10.43		$15.70
Net assets – Class R6	$	47,920,026	$	68,047,381	$	83,622,893	$	531,339,501
Shares outstanding – Class R6¹		4,331,499		5,284,010		8,020,971		33,838,354
Net asset value per share – Class R6		$11.06		$12.88		$10.43		$15.70
Net assets – Administrator Class	$	34,684,953	$	40,138,820	$	20,501,920	$	159,489,006
Shares outstanding – Administrator Class¹		3,138,941		3,119,493		1,939,563		10,206,201
Net asset value per share – Administrator Class		$11.05		$12.87		$10.57		$15.63

Investments in affiliated Master Portfolios, at cost	$	141,815,627	$	160,339,092	$	183,062,539	$	1,008,750,809

¹	Each Fund has an unlimited number of authorized shares.

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

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


Statements of assets and liabilities—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			35


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


$	651,768,691	$	1,340,949,089	$	584,375,219	$	1,115,230,047	$	376,966,506		$	602,834,908	$	101,856,603		$	25,256,774
	421,171		980,618		554,993		581,632		305,228			703,801		162,285			79,690
	16,907		26,820		27,280		37,932		27,363			33,892		17,361			13,989
	184,405		230,038		147,894		257,621		130,973			178,690		98,570			92,688

	652,391,174		1,342,186,565		585,105,386		1,116,107,232		377,430,070			603,751,291		102,134,819			25,443,141



	53,503,065		21,967,596		47,050,616		14,105,011		29,240,221			8,281,430		5,002,060			393,748
	48,404		104,779		43,810		90,633		26,432			42,779		5,986			1,519
	8		3,098		41		3,279		9			870		9			191
	129,722		237,203		114,832		200,661		73,557			106,646		5,515			0

	53,681,199		22,312,676		47,209,299		14,399,584		29,340,219			8,431,725		5,013,570			395,458

$	598,709,975	$	1,319,873,889	$	537,896,087	$	1,101,707,648	$	348,089,851		$	595,319,566	$	97,121,249		$	25,047,683



$	327,733,967	$	972,736,794	$	352,481,660	$	801,301,114	$	238,737,627		$	379,954,666	$	77,671,728		$	25,103,215
	4,535,240		12,323,321		2,608,012		10,474,702		1,616,882			1,734,755		531,685			141,970
	97,195,450		229,410,101		134,248,015		280,606,216		109,919,897			184,847,957		25,766,540			6,348,379
	169,245,318		105,403,673		48,558,400		9,325,616		(2,184,555	)		28,782,188		(6,848,704	)		(6,545,881	)

$	598,709,975	$	1,319,873,889	$	537,896,087	$	1,101,707,648	$	348,089,851		$	595,319,566	$	97,121,249		$	25,047,683



$	132,033,916	$	230,244,790	$	121,684,836	$	222,051,900	$	62,284,837		$	65,643,532	$	9,573,938		$	649,612
	12,121,848		13,194,607		10,338,243		10,846,025		4,969,355			5,464,372		653,464			57,651
	$10.89		$17.45		$11.77		$20.47		$12.53			$12.01		$14.65			$11.27
	$11.55		$18.51		$12.49		$21.72		$13.29			$12.74		$15.54			$11.96
	N/A	$	4,897,893		N/A	$	5,219,420		N/A		$	1,351,365		N/A		$	257,443
	N/A		289,713		N/A		273,290		N/A			112,971		N/A			22,809
	N/A		$16.91		N/A		$19.10		N/A			$11.96		N/A			$11.29
$	36,942	$	40,977	$	193,640	$	60,493	$	44,141		$	36,864	$	43,603		$	136,958
	3,417		2,362		16,365		2,966		3,483			3,062		3,009			12,336
	$10.81		$17.35		$11.83		$20.39		$12.67			$12.04		$14.49			$11.10
$	151,224,024	$	356,044,083	$	135,936,266	$	294,180,267	$	88,297,307		$	183,780,713	$	25,993,051		$	6,590,326
	13,814,532		20,073,056		11,529,534		14,035,288		7,013,429			15,235,264		1,769,431			574,084
	$10.95		$17.74		$11.79		$20.96		$12.59			$12.06		$14.69			$11.48
$	261,254,435	$	509,846,011	$	233,251,494	$	411,324,121	$	160,401,872		$	236,986,659	$	52,584,245		$	12,428,112
	23,862,328		28,751,843		19,785,072		19,614,973		12,766,461			19,654,967		3,585,868			1,085,451
	$10.95		$17.73		$11.79		$20.97		$12.56			$12.06		$14.66			$11.45
$	54,160,658	$	218,800,135	$	46,829,851	$	168,871,447	$	37,061,694		$	107,520,433	$	8,926,412		$	4,985,232
	4,939,601		12,355,150		3,959,822		8,079,216		2,931,570			8,940,613		609,001			440,369
	$10.96		$17.71		$11.83		$20.90		$12.64			$12.03		$14.66			$11.32

$	482,523,373	$	1,235,545,416	$	535,816,819	$	1,105,904,431	$	379,151,061		$	574,052,720	$	108,705,307		$	31,802,655

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


36		Wells Fargo Target Date Funds		Statements of operations—six months ended August 31, 2017 (unaudited)


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

Investment income
Interest allocated from affiliated Master Portfolios*	$	2,682,457		$	1,784,231		$	2,217,436		$	11,173,866
Dividends allocated from affiliated Master Portfolios**		700,732			533,400			826,975			5,295,944
Securities lending income allocated from affiliated Master Portfolios		9,471			5,679			9,449			61,123
Expenses allocated from affiliated Master Portfolios		(271,724	)		(176,154	)		(232,005	)		(1,172,254	)

Total investment income		3,120,936			2,147,156			2,821,855			15,358,679


Expenses
Management fee		318,798			195,064			244,988			1,153,117
Administration fees
Class A		58,681			61,240			55,011			227,098
Class C		2,908			1,781			N/A			6,930
Class R		34			34			31			114
Class R4		73,284			16,281			34,979			122,644
Class R6		9,256			11,508			17,385			89,969
Administrator Class		24,330			29,064			13,740			118,369
Shareholder servicing fees
Class A		69,857			72,905			65,490			270,355
Class C		3,462			2,120			N/A			8,250
Class R		40			41			37			136
Class R4		91,403			20,351			43,483			153,031
Administrator Class		46,788			55,520			24,792			222,690
Distribution fees
Class C		10,385			6,359			N/A			24,751
Class R		40			41			37			136
Custody and accounting fees		8,692			4,607			6,548			27,308
Professional fees		18,612			17,783			19,162			19,464
Registration fees		47,185			42,291			49,912			54,337
Shareholder report expenses		22,985			19,949			27,090			45,242
Trustees’ fees and expenses		11,620			11,618			11,620			11,669
Interest expense		11			18			88			323
Other fees and expenses		8,144			6,196			8,698			21,059

Total expenses		826,515			574,771			623,091			2,576,992
Less: Fee waivers and/or expense reimbursements		(262,816	)		(177,371	)		(219,613	)		(620,796	)

Net expenses		563,699			397,400			403,478			1,956,196

Net investment income		2,557,237			1,749,756			2,418,377			13,402,483


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transaction allocated from affiliated Master Portfolios		5,256,097			4,826,682			8,757,969			69,125,686

Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		(751,521	)		(1,029,180	)		(3,232,568	)		(36,693,379	)

Net realized and unrealized gains (losses) on investments		4,504,576			3,797,502			5,525,401			32,432,307

Net increase in net assets resulting from operations	$	7,061,813		$	5,547,258		$	7,943,778		$	45,834,790


* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$7,797			$2,551			$4,509			$21,924
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$47,125			$32,458			$51,682			$336,579

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


Statements of operations—six months ended August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			37


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


$	5,627,769		$	8,091,873		$	2,568,171		$	3,027,547		$	698,863		$	803,246		$	144,454		$	31,662
	4,169,729			10,576,065			5,841,583			11,893,349			4,739,099			7,396,591			1,350,333			294,175
	49,694			126,134			71,116			143,842			58,864			91,082			17,051			3,546
	(708,347	)		(1,383,904	)		(640,625	)		(1,157,509	)		(428,221	)		(648,564	)		(118,166	)		(25,711	)

	9,138,845			17,410,168			7,840,245			13,907,229			5,068,605			7,642,355			1,393,672			303,672



	691,446			1,326,738			606,333			1,078,990			398,790			599,975			109,992			23,560

	143,878			244,778			132,118			233,926			71,555			69,315			10,136			729
	N/A			4,951			N/A			5,241			N/A			1,364			N/A			259
	158			215			201			129			45			38			43			140
	89,202			178,656			77,963			140,220			50,594			89,120			15,730			2,848
	54,240			87,419			47,768			70,437			32,728			41,675			9,896			2,049
	39,213			158,515			31,720			119,895			25,260			74,734			5,962			3,404

	171,284			291,402			157,283			278,484			85,185			82,518			12,067			868
	N/A			5,895			N/A			6,240			N/A			1,624			N/A			309
	188			256			239			154			53			45			52			166
	111,279			222,951			97,454			175,275			63,242			111,400			19,663			3,561
	70,899			300,802			58,319			228,363			47,181			142,449			11,235			6,547

	N/A			17,684			N/A			18,719			N/A			4,872			N/A			926
	188			256			239			154			53			45			52			166
	16,620			31,110			13,862			26,094			11,281			13,864			3,325			1,473
	17,566			19,498			18,963			18,849			19,031			18,998			17,600			14,910
	39,663			48,370			52,135			46,845			50,563			50,099			41,008			38,321
	42,705			53,557			41,152			47,080			29,328			37,979			14,921			8,405
	11,816			11,618			11,620			11,644			11,624			11,662			11,675			11,613
	479			711			762			689			668			423			130			16
	13,914			24,106			12,846			19,044			9,548			12,276			4,479			5,701

	1,514,738			3,029,488			1,360,977			2,526,472			906,729			1,364,475			287,966			125,971
	(410,468	)		(678,903	)		(353,368	)		(550,731	)		(274,106	)		(370,387	)		(133,913	)		(89,833	)

	1,104,270			2,350,585			1,007,609			1,975,741			632,623			994,088			154,053			36,138

	8,034,575			15,059,583			6,832,636			11,931,488			4,435,982			6,648,267			1,239,619			267,534



	61,513,569			190,509,827			108,653,304			244,037,029			93,822,869			156,165,736			26,219,838			6,501,821

	(39,166,055	)		(138,367,435	)		(81,770,407	)		(190,387,487	)		(73,057,728	)		(123,635,348	)		(20,331,350	)		(5,208,788	)

	22,347,514			52,142,392			26,882,897			53,649,542			20,765,141			32,530,388			5,888,488			1,293,033

$	30,382,089		$	67,201,975		$	33,715,533		$	65,581,030		$	25,201,123		$	39,178,655		$	7,128,107		$	1,560,567


	$12,049			$14,962			$4,965			$4,826			$1,176			$1,087			$228			$36
	$273,995			$692,806			$386,980			$788,405			$317,121			$494,180			$90,949			$19,582

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


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


	Target Today Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	2,557,237					$	8,108,238
Net realized gains on investments					5,256,097						19,448,165
Net change in unrealized gains (losses) on investments					(751,521	)					(6,228,835	)

Net increase in net assets resulting from operations					7,061,813						21,327,568


Distributions to shareholders from
Net investment income
Class A					0						(583,927	)
Class C					0						(10,272	)
Class R					0						(250	)
Class R4					0						(3,309,292	)
Class R6					0						(1,204,070	)
Administrator Class					0						(546,519	)
Net realized gains
Class A					0						(509,224	)
Class C					0						(24,645	)
Class R					0						(258	)
Class R4					0						(2,228,868	)
Class R6					0						(1,878,874	)
Administrator Class					0						(438,853	)

Total distributions to shareholders					0						(10,735,052	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		113,769			1,213,271			246,349			2,631,608
Class C		4,295			46,350			28,357			310,720
Class R		154			1,643			397			4,180
Class R4		994,542			10,835,924			3,300,035			36,219,983
Class R6		573,938			6,245,280			6,202,776			68,036,987
Administrator Class		296,243			3,226,203			792,164			8,623,265

					21,568,671						115,826,743

Reinvestment of distributions
Class A		0			0			103,641			1,083,760
Class C		0			0			3,217			34,356
Class R		0			0			49			508
Class R4		0			0			517,812			5,538,160
Class R6		0			0			282,767			3,032,839
Administrator Class		0			0			92,160			983,978

					0						10,673,601

Payment for shares redeemed
Class A		(348,240	)		(3,717,842	)		(1,450,631	)		(15,543,355	)
Class B		N/A			N/A			(310	)¹		(3,437	)¹
Class C		(22,448	)		(243,425	)		(29,507	)		(322,360	)
Class R		(177	)		(1,863	)		(157	)		(1,691	)
Class R4		(22,023,867	)		(240,859,878	)		(6,307,526	)		(68,848,062	)
Class R6		(2,982,749	)		(32,493,136	)		(22,670,955	)		(246,443,613	)
Administrator Class		(795,412	)		(8,669,755	)		(3,068,548	)		(33,333,515	)

					(285,985,899	)					(364,496,033	)

Net decrease in net assets resulting from capital share transactions					(264,417,228	)					(237,995,689	)

Total decrease in net assets					(257,355,415	)					(227,403,173	)


Net assets
Beginning of period					419,429,787						646,832,960

End of period				$	162,074,372					$	419,429,787

Undistributed (overdistributed) net investment income				$	1,626,551					$	(930,686	)

¹	For the period from March 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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


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


	Target 2010 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	1,749,756					$	5,300,135
Net realized gains on investments					4,826,682						17,262,849
Net change in unrealized gains (losses) on investments					(1,029,180	)					(6,339,716	)

Net increase in net assets resulting from operations					5,547,258						16,223,268


Distributions to shareholders from
Net investment income
Class A					0						(482,645	)
Class B					N/A						(34	)¹
Class C					0						(2,721	)
Class R					0						(297	)
Class R4					0						(630,636	)
Class R6					0						(1,832,870	)
Administrator Class					0						(678,380	)
Net realized gains
Class A					0						(1,034,288	)
Class C					0						(29,911	)
Class R					0						(882	)
Class R4					0						(927,722	)
Class R6					0						(2,563,659	)
Administrator Class					0						(1,215,342	)

Total distributions to shareholders					0						(9,399,387	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		48,323			604,550			320,041			4,005,083
Class C		4,237			53,842			22,779			286,839
Class R		0			0			9			113
Class R4		273,225			3,465,250			1,041,548			13,249,443
Class R6		689,439			8,717,518			4,547,953			57,992,817
Administrator Class		170,419			2,159,909			722,092			9,180,641

					15,001,069						84,714,936

Reinvestment of distributions
Class A		0			0			120,746			1,496,895
Class B		N/A			N/A			3	¹		34	¹
Class C		0			0			2,527			31,542
Class R		0			0			96			1,179
Class R4		0			0			124,200			1,558,358
Class R6		0			0			340,421			4,277,373
Administrator Class		0			0			148,875			1,866,250

					0						9,231,631

Payment for shares redeemed
Class A		(487,541	)		(6,105,026	)		(1,120,538	)		(14,076,865	)
Class B		N/A			N/A			(2,486	)¹		(31,397	)¹
Class C		(19,107	)		(242,010	)		(44,856	)		(570,911	)
Class R		(2,100	)		(25,956	)		(48	)		(608	)
Class R4		(1,828,337	)		(23,182,781	)		(2,965,131	)		(37,697,012	)
Class R6		(1,984,460	)		(25,158,018	)		(14,486,651	)		(183,122,305	)
Administrator Class		(1,001,173	)		(12,686,300	)		(4,298,183	)		(54,267,295	)

					(67,400,091	)					(289,766,393	)

Net decrease in net assets resulting from capital share transactions					(52,399,022	)					(195,819,826	)

Total decrease in net assets					(46,851,764	)					(188,995,945	)


Net assets
Beginning of period					242,974,151						431,970,096

End of period				$	196,122,387					$	242,974,151

Undistributed (overdistributed) net investment income				$	1,055,281					$	(694,475	)

¹	For the period from March 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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


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


	Target 2015 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	2,418,377					$	10,627,268
Net realized gains on investments					8,757,969						31,119,358
Net change in unrealized gains (losses) on investments					(3,232,568	)					(8,924,342	)

Net increase in net assets resulting from operations					7,943,778						32,822,284


Distributions to shareholders from
Net investment income
Class A					(98,441	)					(664,158	)
Class R					(12	)					(317	)
Class R4					(317,128	)					(1,501,134	)
Class R6					(461,344	)					(4,179,131	)
Administrator Class					(45,109	)					(1,183,112	)
Net realized gains
Class A					0						(979,508	)
Class R					0						(591	)
Class R4					0						(1,921,730	)
Class R6					0						(5,490,488	)
Administrator Class					0						(1,670,852	)

Total distributions to shareholders					(922,034	)					(17,591,021	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		110,922			1,137,454			472,706			4,872,068
Class R		7			75			66			681
Class R4		521,655			5,358,623			3,281,066			33,966,649
Class R6		812,144			8,335,147			8,730,425			90,017,825
Administrator Class		93,709			975,981			1,191,525			12,386,745

					15,807,280						141,243,968

Reinvestment of distributions
Class A		9,477			97,803			162,003			1,635,999
Class R		1			12			89			908
Class R4		30,611			317,128			337,377			3,422,864
Class R6		43,667			451,949			921,605			9,365,745
Administrator Class		4,259			44,719			277,370			2,844,581

					911,611						17,270,097

Payment for shares redeemed
Class A		(732,777	)		(7,495,658	)		(2,799,861	)		(28,769,893	)
Class R		(856	)		(8,810	)		(792	)		(8,129	)
Class R4		(4,996,195	)		(51,301,937	)		(6,077,465	)		(62,298,002	)
Class R6		(5,191,906	)		(53,596,469	)		(34,369,025	)		(348,220,043	)
Administrator Class		(287,312	)		(2,989,249	)		(11,547,122	)		(118,243,491	)

					(115,392,123	)					(557,539,558	)

Net decrease in net assets resulting from capital share transactions					(98,673,232	)					(399,025,493	)

Total decrease in net assets					(91,651,488	)					(383,794,230	)


Net assets
Beginning of period					307,926,832						691,721,062

End of period				$	216,275,344					$	307,926,840

Undistributed (overdistributed) net investment income				$	349,054					$	(1,147,289	)

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


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


	Target 2020 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	13,402,483					$	39,779,558
Net realized gains on investments					69,125,686						156,680,560
Net change in unrealized gains (losses) on investments					(36,693,379	)					(34,503,411	)

Net increase in net assets resulting from operations					45,834,790						161,956,707


Distributions to shareholders from
Net investment income
Class A					0						(2,619,472	)
Class B					N/A						(87	)¹
Class C					0						(38,178	)
Class R					0						(4,251	)
Class R4					0						(5,634,274	)
Class R6					0						(16,606,485	)
Administrator Class					0						(6,009,682	)
Net realized gains
Class A					0						(3,151,261	)
Class C					0						(99,187	)
Class R					0						(6,324	)
Class R4					0						(5,485,709	)
Class R6					0						(17,730,052	)
Administrator Class					0						(6,409,366	)

Total distributions to shareholders					0						(63,794,328	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		398,846			6,026,006			1,077,052			15,995,960
Class C		16,259			243,161			145,106			2,155,858
Class R		649			9,756			3,506			52,543
Class R4		1,994,901			30,672,100			7,912,329			120,262,004
Class R6		2,899,598			44,617,392			29,579,390			448,662,128
Administrator Class		1,009,604			15,460,947			4,539,800			68,331,350

					97,029,362						655,459,843

Reinvestment of distributions
Class A		0			0			385,483			5,674,858
Class B		N/A			N/A			6	¹		87	¹
Class C		0			0			8,796			128,190
Class R		0			0			722			10,575
Class R4		0			0			741,202			11,119,983
Class R6		0			0			2,223,824			33,407,112
Administrator Class		0			0			824,099			12,315,923

					0						62,656,728

Payment for shares redeemed
Class A		(1,496,575	)		(22,667,457	)		(3,011,707	)		(44,676,552	)
Class B		N/A			N/A			(2,821	)¹		(41,676	)¹
Class C		(67,466	)		(1,010,163	)		(149,522	)		(2,211,488	)
Class R		(18,190	)		(270,263	)		(11,485	)		(168,905	)
Class R4		(11,245,424	)		(173,330,033	)		(13,315,739	)		(201,266,768	)
Class R6		(11,681,371	)		(180,057,444	)		(66,534,662	)		(998,627,589	)
Administrator Class		(3,911,186	)		(60,081,562	)		(28,809,682	)		(431,422,845	)

					(437,416,922	)					(1,678,415,823	)

Net decrease in net assets resulting from capital share transactions					(340,387,560	)					(960,299,252	)

Total decrease in net assets					(294,552,770	)					(862,136,873	)


Net assets
Beginning of period					1,426,581,680						2,288,718,553

End of period				$	1,132,028,910					$	1,426,581,680

Undistributed (overdistributed) net investment income				$	8,149,742					$	(5,252,741	)

¹	For the period from March 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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


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


	Target 2025 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	8,034,575					$	35,642,585
Net realized gains on investments					61,513,569						155,982,862
Net change in unrealized gains (losses) on investments					(39,166,055	)					8,889,925

Net increase in net assets resulting from operations					30,382,089						200,515,372


Distributions to shareholders from
Net investment income
Class A					0						(2,306,156	)
Class R					0						(7,276	)
Class R4					0						(4,717,186	)
Class R6					0						(18,967,324	)
Administrator Class					0						(4,708,394	)
Net realized gains
Class A					0						(2,361,873	)
Class R					0						(9,422	)
Class R4					0						(4,472,260	)
Class R6					0						(24,192,306	)
Administrator Class					0						(4,706,783	)

Total distributions to shareholders					0						(66,448,980	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		421,842			4,498,366			1,513,892			15,681,305
Class R		6,359			66,171			2,822			29,361
Class R4		2,100,055			22,473,921			8,631,979			90,459,627
Class R6		3,466,412			37,109,690			27,490,150			286,244,401
Administrator Class		496,155			5,328,357			4,209,931			43,679,906

					69,476,505						436,094,600

Reinvestment of distributions
Class A		0			0			446,066			4,593,108
Class R		0			0			1,620			16,698
Class R4		0			0			889,379			9,189,446
Class R6		0			0			4,035,204			41,802,977
Administrator Class		0			0			909,253			9,408,063

					0						65,010,292

Payment for shares redeemed
Class A		(1,695,266	)		(18,107,400	)		(6,507,824	)		(67,704,631	)
Class R		(61,100	)		(644,007	)		(31,107	)		(319,792	)
Class R4		(14,388,333	)		(154,235,207	)		(11,942,981	)		(124,035,573	)
Class R6		(14,997,380	)		(162,460,445	)		(140,764,802	)		(1,457,629,379	)
Administrator Class		(1,778,236	)		(19,099,571	)		(29,281,475	)		(303,427,237	)

					(354,546,630	)					(1,953,116,612	)

Net decrease in net assets resulting from capital share transactions					(285,070,125	)					(1,452,011,720	)

Total decrease in net assets					(254,688,036	)					(1,317,945,328	)


Net assets
Beginning of period					853,398,011						2,171,343,339

End of period				$	598,709,975					$	853,398,011

Undistributed (overdistributed) net investment income				$	4,535,240					$	(3,499,335	)

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


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


	Target 2030 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	15,059,583					$	41,788,964
Net realized gains on investments					190,509,827						285,192,645
Net change in unrealized gains (losses) on investments					(138,367,435	)					3,651,745

Net increase in net assets resulting from operations					67,201,975						330,633,354


Distributions to shareholders from
Net investment income
Class A					0						(4,250,699	)
Class C					0						(63,295	)
Class R					0						(14,867	)
Class R4					0						(10,858,017	)
Class R6					0						(14,022,915	)
Administrator Class					0						(8,992,896	)
Net realized gains
Class A					0						(3,932,043	)
Class C					0						(87,929	)
Class R					0						(15,488	)
Class R4					0						(8,913,930	)
Class R6					0						(23,598,415	)
Administrator Class					0						(7,999,829	)

Total distributions to shareholders					0						(82,750,323	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		359,333			6,123,479			1,063,697			17,423,388
Class B		N/A			N/A			1,321	¹		21,894	¹
Class C		15,199			254,802			16,824			268,578
Class R		2,651			44,287			2,851			46,868
Class R4		2,810,167			48,636,444			9,056,613			151,196,897
Class R6		4,452,345			77,076,864			22,368,225			371,281,603
Administrator Class		1,492,696			25,774,417			5,648,833			93,336,961

					157,910,293						633,576,189

Reinvestment of distributions
Class A		0			0			493,003			8,029,944
Class C		0			0			8,931			141,623
Class R		0			0			1,868			30,355
Class R4		0			0			1,196,727			19,771,947
Class R6		0			0			2,210,976			36,707,115
Administrator Class		0			0			1,029,012			16,991,572

					0						81,672,556

Payment for shares redeemed
Class A		(937,064	)		(16,048,748	)		(2,806,490	)		(45,994,982	)
Class B		N/A			N/A			(6,730	)¹		(107,466	)¹
Class C		(10,545	)		(172,757	)		(55,899	)		(883,151	)
Class R		(54,558	)		(912,765	)		(6,765	)		(111,328	)
Class R4		(12,679,634	)		(219,793,445	)		(13,713,378	)		(228,391,107	)
Class R6		(12,227,307	)		(212,290,435	)		(71,624,029	)		(1,201,710,967	)
Administrator Class		(4,621,520	)		(80,073,322	)		(23,620,555	)		(392,144,183	)

					(529,291,472	)					(1,869,343,184	)

Net decrease in net assets resulting from capital share transactions					(371,381,179	)					(1,154,094,439	)

Total decrease in net assets					(304,179,204	)					(906,211,408	)


Net assets
Beginning of period					1,624,053,093						2,530,264,501

End of period				$	1,319,873,889					$	1,624,053,093

Undistributed (overdistributed) net investment income				$	12,323,321					$	(2,736,262	)

¹	For the period from March 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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


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


	Target 2035 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	6,832,636					$	20,578,296
Net realized gains on investments					108,653,304						159,628,599
Net change in unrealized gains (losses) on investments					(81,770,407	)					19,222,082

Net increase in net assets resulting from operations					33,715,533						199,428,977


Distributions to shareholders from
Net investment income
Class A					(439,566	)					(1,962,259	)
Class R					(482	)					(1,558	)
Class R4					(1,056,332	)					(4,088,239	)
Class R6					(1,766,702	)					(11,397,239	)
Administrator Class					(172,234	)					(2,957,409	)
Net realized gains
Class A					0						(2,126,418	)
Class R					0						(2,161	)
Class R4					0						(3,964,240	)
Class R6					0						(13,329,527	)
Administrator Class					0						(3,129,387	)

Total distributions to shareholders					(3,435,316	)					(42,958,437	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		516,990			5,943,433			1,253,704			13,492,027
Class R		6,840			77,925			9,064			98,311
Class R4		1,775,581			20,417,996			6,809,847			74,141,264
Class R6		3,001,197			34,527,092			19,872,642			214,299,770
Administrator Class		442,895			5,105,141			3,078,500			33,060,548

					66,071,587						335,091,920

Reinvestment of distributions
Class A		37,297			434,136			374,031			4,045,225
Class R		41			482			341			3,719
Class R4		90,672			1,056,332			744,052			8,052,479
Class R6		146,417			1,705,759			2,212,469			23,935,961
Administrator Class		14,733			172,234			560,180			6,086,796

					3,368,943						42,124,180

Payment for shares redeemed
Class A		(1,528,934	)		(17,636,041	)		(4,754,278	)		(51,553,434	)
Class R		(5,640	)		(64,124	)		(1,649	)		(18,193	)
Class R4		(11,636,228	)		(133,821,246	)		(9,351,383	)		(100,761,245	)
Class R6		(11,548,586	)		(134,719,881	)		(66,063,881	)		(722,366,426	)
Administrator Class		(1,001,350	)		(11,565,985	)		(17,507,773	)		(192,188,450	)

					(297,807,277	)					(1,066,887,748	)

Net decrease in net assets resulting from capital share transactions					(228,366,747	)					(689,671,648	)

Total decrease in net assets					(198,086,530	)					(533,201,108	)


Net assets
Beginning of period					735,982,617						1,269,183,725

End of period				$	537,896,087					$	735,982,617

Undistributed (overdistributed) net investment income				$	2,608,012					$	(789,308	)

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


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


	Target 2040 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	11,931,488					$	29,675,772
Net realized gains on investments					244,037,029						281,561,882
Net change in unrealized gains (losses) on investments					(190,387,487	)					28,899,272

Net increase in net assets resulting from operations					65,581,030						340,136,926


Distributions to shareholders from
Net investment income
Class A					0						(3,118,747	)
Class B					N/A						(240	)¹
Class C					0						(39,836	)
Class R					0						(4,094	)
Class R4					0						(6,907,862	)
Class R6					0						(15,908,768	)
Administrator Class					0						(4,922,079	)
Net realized gains
Class A					0						(3,955,515	)
Class C					0						(92,338	)
Class R					0						(5,844	)
Class R4					0						(7,095,650	)
Class R6					0						(19,057,353	)
Administrator Class					0						(5,594,910	)

Total distributions to shareholders					0						(66,703,236	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		316,742			6,320,577			750,385			13,850,987
Class C		27,645			515,102			22,185			384,662
Class R		826			16,074			5,024			95,186
Class R4		1,928,537			39,248,770			5,991,638			113,545,876
Class R6		3,142,600			63,974,158			16,718,285			314,049,695
Administrator Class		1,061,261			21,526,966			3,806,064			71,124,538

					131,601,647						513,050,944

Reinvestment of distributions
Class A		0			0			373,738			6,933,608
Class B		N/A			N/A			14	¹		240	¹
Class C		0			0			7,220			126,095
Class R		0			0			537			9,938
Class R4		0			0			740,553			14,003,512
Class R6		0			0			1,820,117			34,392,916
Administrator Class		0			0			550,579			10,409,892

					0						65,876,201

Payment for shares redeemed
Class A		(728,181	)		(14,554,978	)		(1,937,707	)		(35,723,021	)
Class B		N/A			N/A			(5,548	)¹		(97,562	)¹
Class C		(17,244	)		(319,549	)		(60,643	)		(1,048,846	)
Class R		(18,224	)		(354,416	)		(2,536	)		(47,441	)
Class R4		(7,464,377	)		(152,192,470	)		(9,697,443	)		(183,790,455	)
Class R6		(8,195,715	)		(167,798,108	)		(48,266,026	)		(923,947,920	)
Administrator Class		(2,934,155	)		(59,707,600	)		(13,179,578	)		(250,636,949	)

					(394,927,121	)					(1,395,292,194	)

Net decrease in net assets resulting from capital share transactions					(263,325,474	)					(816,365,049	)

Total decrease in net assets					(197,744,444	)					(542,931,359	)


Net assets
Beginning of period					1,299,452,092						1,842,383,451

End of period				$	1,101,707,648					$	1,299,452,092

Undistributed (overdistributed) net investment income				$	10,474,702					$	(1,456,786	)

¹	For the period from March 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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


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


	Target 2045 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	4,435,982						$	11,887,740
Net realized gains on investments					93,822,869							114,510,017
Net change in unrealized gains (losses) on investments					(73,057,728	)						20,363,337

Net increase in net assets resulting from operations					25,201,123					��		146,761,094


Distributions to shareholders from
Net investment income
Class A					(290,430	)						(1,166,088	)
Class R					(132	)						(440	)
Class R4					(770,814	)						(2,597,632	)
Class R6					(1,335,391	)						(7,314,597	)
Administrator Class					(161,243	)						(1,885,277	)
Net realized gains
Class A					0							(1,033,575	)
Class R					0							(492	)
Class R4					0							(2,165,894	)
Class R6					0							(7,211,828	)
Administrator Class					0							(1,659,277	)

Total distributions to shareholders					(2,558,010	)						(25,035,100	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		355,614			4,339,011			1,201,048				13,439,925
Class R		268			3,308			1,044				11,983
Class R4		1,346,593			16,493,063			4,442,172				50,226,606
Class R6		2,236,688			27,337,350			15,704,610				175,212,278
Administrator Class		418,437			5,136,472			2,322,405				25,910,378

					53,309,204							264,801,170

Reinvestment of distributions
Class A		23,366			288,806			194,607				2,190,289
Class R		11			132			82				932
Class R4		62,112			770,814			421,613				4,763,526
Class R6		104,530			1,294,077			1,260,571				14,181,842
Administrator Class		12,931			161,243			312,184				3,542,901

					2,515,072							24,679,490

Payment for shares redeemed
Class A		(1,335,815	)		(16,413,228	)		(3,119,406	)			(34,969,496	)
Class R		(274	)		(3,319	)		(579	)			(6,579	)
Class R4		(7,106,741	)		(87,064,627	)		(5,181,915	)			(58,020,514	)
Class R6		(8,002,917	)		(99,193,415	)		(38,859,114	)			(444,874,202	)
Administrator Class		(956,154	)		(11,739,894	)		(9,816,729	)			(113,364,507	)

					(214,414,483	)						(651,235,298	)

Net decrease in net assets resulting from capital share transactions					(158,590,207	)						(361,754,638	)

Total decrease in net assets					(135,947,094	)						(240,028,644	)


Net assets
Beginning of period					484,036,945							724,065,589

End of period				$	348,089,851						$	484,036,945

Undistributed (overdistributed) net investment income				$	1,616,882						$	(261,090	)

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


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


	Target 2050 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	6,648,267					$	20,768,333
Net realized gains on investments					156,165,736						178,311,295
Net change in unrealized gains (losses) on investments					(123,635,348	)					61,120,568

Net increase in net assets resulting from operations					39,178,655						260,200,196


Distributions to shareholders from
Net investment income
Class A					(276,783	)					(1,052,438	)
Class C					(1,214	)					(10,753	)
Class R					(115	)					(570	)
Class R4					(1,337,308	)					(4,811,396	)
Class R6					(1,722,560	)					(13,860,592	)
Administrator Class					(526,593	)					(3,479,790	)
Net realized gains
Class A					0						(931,850	)
Class C					0						(17,124	)
Class R					0						(486	)
Class R4					0						(3,687,375	)
Class R6					0						(14,124,221	)
Administrator Class					0						(2,769,054	)

Total distributions to shareholders					(3,864,573	)					(44,745,649	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		414,730			4,854,532			1,073,967			11,452,648
Class C		14,218			166,561			34,167			367,397
Class R		65			765			1,294			13,688
Class R4		2,811,515			33,021,160			8,595,718			92,702,362
Class R6		4,193,783			49,178,494			25,211,448			268,725,737
Administrator Class		1,698,591			19,847,370			5,754,148			61,093,379

					107,068,882						434,355,211

Reinvestment of distributions
Class A		23,199			274,910			183,141			1,974,063
Class C		102			1,201			2,542			27,550
Class R		10			115			98			1,056
Class R4		112,474			1,337,308			786,828			8,498,771
Class R6		142,061			1,687,680			2,556,328			27,519,772
Administrator Class		44,375			526,286			576,210			6,206,033

					3,827,500						44,227,245

Payment for shares redeemed
Class A		(618,736	)		(7,288,370	)		(1,727,222	)		(18,384,264	)
Class C		(8,579	)		(100,026	)		(22,857	)		(244,462	)
Class R		(14	)		(155	)		(1,744	)		(18,969	)
Class R4		(8,947,381	)		(105,148,428	)		(10,848,862	)		(117,265,781	)
Class R6		(9,807,045	)		(115,833,526	)		(86,275,614	)		(948,116,955	)
Administrator Class		(3,408,922	)		(39,918,455	)		(14,966,837	)		(162,602,080	)

					(268,288,960	)					(1,246,632,511	)

Net decrease in net assets resulting from capital share transactions					(157,392,578	)					(768,050,055	)

Total decrease in net assets					(122,078,496	)					(552,595,508	)


Net assets
Beginning of period					717,398,062						1,269,993,570

End of period				$	595,319,566					$	717,398,062

Undistributed (overdistributed) net investment income				$	1,734,755					$	(1,048,939	)

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


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


	Target 2055 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	1,239,619					$	3,900,658
Net realized gains on investments					26,219,838						30,594,432
Net change in unrealized gains (losses) on investments					(20,331,350	)					13,165,216

Net increase in net assets resulting from operations					7,128,107						47,660,306


Distributions to shareholders from
Net investment income
Class A					(42,378	)					(165,923	)
Class R					(156	)					(775	)
Class R4					(274,428	)					(719,343	)
Class R6					(429,216	)					(3,141,825	)
Administrator Class					(40,799	)					(380,788	)

Total distributions to shareholders					(786,977	)					(4,408,654	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		97,259			1,388,302			295,984			3,791,625
Class R		369			5,250			2,272			28,459
Class R4		734,662			10,505,544			1,821,833			23,608,827
Class R6		1,144,701			16,343,400			10,227,920			130,922,660
Administrator Class		194,671			2,777,807			1,273,847			16,263,083

					31,020,303						174,614,654

Reinvestment of distributions
Class A		2,861			41,350			12,712			162,444
Class R		11			156			61			775
Class R4		18,952			274,428			56,009			719,343
Class R6		28,553			412,586			230,120			2,903,253
Administrator Class		2,823			40,799			29,767			380,770

					769,319						4,166,585

Payment for shares redeemed
Class A		(113,273	)		(1,631,467	)		(415,288	)		(5,349,209	)
Class R		(299	)		(4,189	)		(3,065	)		(39,597	)
Class R4		(2,078,635	)		(29,819,066	)		(1,128,838	)		(14,561,489	)
Class R6		(2,295,692	)		(33,154,413	)		(19,725,771	)		(262,098,148	)
Administrator Class		(285,894	)		(4,073,848	)		(1,881,274	)		(24,996,411	)

					(68,682,983	)					(307,044,854	)

Net decrease in net assets resulting from capital share transactions					(36,893,361	)					(128,263,615	)

Total decrease in net assets					(30,552,231	)					(85,011,963	)


Net assets
Beginning of period					127,673,480						212,685,443

End of period				$	97,121,249					$	127,673,480

Undistributed net investment income				$	531,685					$	79,043

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


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


	Target 2060 Fund
	Six months ended August 31, 2017 (unaudited)						Year ended February 28, 2017

Operations
Net investment income				$	267,534					$	135,221
Net realized gains on investments					6,501,821						3,164,642
Net change in unrealized gains (losses) on investments					(5,208,788	)					(1,311,506	)

Net increase in net assets resulting from operations					1,560,567						1,988,357


Distributions to shareholders from
Net investment income
Class A					(2,715	)					(3,486	)
Class C					(80	)					(1,567	)
Class R					(372	)					(2,177	)
Class R4					(40,714	)					(31,389	)
Class R6					(81,236	)					(68,995	)
Administrator Class					(23,976	)					(26,508	)

Total distributions to shareholders					(149,093	)					(134,122	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		34,196			374,324			67,988			679,344
Class C		1,301			14,410			3,964			38,209
Class R		255			2,777			2,739			27,102
Class R4		311,289			3,478,533			680,949			6,938,855
Class R6		588,355			6,564,105			1,251,361			12,719,457
Administrator Class		236,654			2,594,931			556,655			5,584,665

					13,029,080						25,987,632

Reinvestment of distributions
Class A		244			2,715			351			3,486
Class C		7			80			164			1,567
Class R		34			372			232			2,177
Class R4		3,600			40,714			3,060			31,389
Class R6		7,110			80,206			6,704			68,438
Administrator Class		2,148			23,976			2,643			26,508

					148,063						133,565

Payment for shares redeemed
Class A		(39,580	)		(435,718	)		(16,887	)		(170,284	)
Class C		(2,028	)		(21,678	)		(42	)		(404	)
Class R		(2	)		(26	)		(1,028	)		(10,133	)
Class R4		(332,740	)		(3,728,284	)		(113,793	)		(1,178,005	)
Class R6		(663,090	)		(7,448,561	)		(169,020	)		(1,736,930	)
Administrator Class		(210,678	)		(2,344,989	)		(187,439	)		(1,931,014	)

					(13,979,256	)					(5,026,770	)

Net increase (decrease) in net assets resulting from capital share transactions					(802,113	)					21,094,427

Total increase in net assets					609,361						22,948,662


Net assets
Beginning of period					24,438,322						1,489,660

End of period				$	25,047,683					$	24,438,322

Undistributed net investment income				$	141,970					$	23,529

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


50		Wells Fargo Target Date Funds		Financial highlights


Target Today Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	10.56		0.07			0.18			0.00			0.00		$	10.81
Year ended February 28, 2017	$	10.41		0.12			0.23			(0.11	)		(0.09	)	$	10.56
Year ended February 29, 2016	$	10.81		0.10	⁴		(0.29	)		(0.03	)		(0.18	)	$	10.41
Year ended February 28, 2015	$	10.85		0.15			0.05			(0.13	)		(0.11	)	$	10.81
Year ended February 28, 2014	$	10.84		0.15			0.13			(0.13	)		(0.14	)	$	10.85
Year ended February 28, 2013	$	10.86		0.15	⁴		0.08			(0.17	)		(0.08	)	$	10.84
Class C
Six months ended August 31, 2017 (unaudited)	$	10.77		0.04			0.17			0.00			0.00		$	10.98
Year ended February 28, 2017	$	10.63		0.03			(0.24	)		(0.04	)		(0.09	)	$	10.77
Year ended February 29, 2016	$	11.08		0.02	⁴		(0.29	)		0.00			(0.18	)	$	10.63
Year ended February 28, 2015	$	11.11		0.06	⁴		0.06			(0.04	)		(0.11	)	$	11.08
Year ended February 28, 2014	$	11.09		0.06	⁴		0.14			(0.04	)		(0.14	)	$	11.11
Year ended February 28, 2013	$	11.11		0.07			0.08			(0.09	)		(0.08	)	$	11.09
Class R
Six months ended August 31, 2017 (unaudited)	$	10.53		0.06			0.18			0.00			0.00		$	10.77
Year ended February 28, 2017	$	10.39		0.09			0.23			(0.09	)		(0.09	)	$	10.53
Year ended February 29, 2016	$	10.80		0.07			(0.29	)		(0.01	)		(0.18	)	$	10.39
Year ended February 28, 2015	$	10.85		0.11			0.06			(0.11	)		(0.11	)	$	10.80
Year ended February 28, 2014⁵	$	10.57		0.07			0.41			(0.06	)		(0.14	)	$	10.85
Class R4
Six months ended August 31, 2017 (unaudited)	$	10.81		0.08	⁴		0.16			0.00			0.00		$	11.05
Year ended February 28, 2017	$	10.65		0.14			0.25			(0.14	)		(0.09	)	$	10.81
Year ended February 29, 2016	$	11.06		0.14			(0.30	)		(0.07	)		(0.18	)	$	10.65
Year ended February 28, 2015	$	11.10		0.18			0.06			(0.17	)		(0.11	)	$	11.06
Year ended February 28, 2014	$	11.08		0.18	⁴		0.15			(0.17	)		(0.14	)	$	11.10
Year ended February 28, 2013⁶	$	11.24		0.05	⁴		(0.06	)		(0.07	)		(0.08	)	$	11.08
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	10.78		0.10	⁴		0.18			0.00			0.00		$	11.06
Year ended February 28, 2017	$	10.64		0.17	⁴		0.23			(0.17	)		(0.09	)	$	10.78
Year ended February 29, 2016	$	11.05		0.15			(0.29	)		(0.09	)		(0.18	)	$	10.64
Year ended February 28, 2015	$	11.08		0.19			0.08			(0.19	)		(0.11	)	$	11.05
Year ended February 28, 2014	$	11.07		0.20	⁴		0.14			(0.19	)		(0.14	)	$	11.08
Year ended February 28, 2013	$	11.09		0.21			0.08			(0.23	)		(0.08	)	$	11.07
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	10.78		0.08			0.19			0.00			0.00		$	11.05
Year ended February 28, 2017	$	10.63		0.13	⁴		0.23			(0.12	)		(0.09	)	$	10.78
Year ended February 29, 2016	$	11.03		0.12	⁴		(0.29	)		(0.05	)		(0.18	)	$	10.63
Year ended February 28, 2015	$	11.07		0.16			0.06			(0.15	)		(0.11	)	$	11.03
Year ended February 28, 2014	$	11.05		0.16			0.14			(0.14	)		(0.14	)	$	11.07
Year ended February 28, 2013	$	11.07		0.17			0.08			(0.19	)		(0.08	)	$	11.05

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

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

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			51


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

	1.35	%		0.87	%		0.73	%		2.37	%		92	%	$	54,778
	1.06	%		0.85	%		0.76	%		3.39	%		41	%	$	55,965
	0.98	%		0.86	%		0.77	%		(1.74	)%		36	%	$	66,656
	1.26	%		0.98	%		0.81	%		1.83	%		42	%	$	15,537
	1.29	%		1.01	%		0.85	%		2.67	%		40	%	$	17,467
	1.39	%		1.08	%		0.96	%		2.15	%		39	%	$	19,815

	0.59	%		1.62	%		1.48	%		1.95	%		92	%	$	2,680
	0.31	%		1.61	%		1.51	%		2.57	%		41	%	$	2,822
	0.19	%		1.63	%		1.53	%		(2.44	)%		36	%	$	2,763
	0.51	%		1.73	%		1.56	%		1.09	%		42	%	$	3,471
	0.54	%		1.76	%		1.60	%		1.89	%		40	%	$	4,287
	0.64	%		1.83	%		1.71	%		1.36	%		39	%	$	4,945

	1.11	%		1.12	%		0.98	%		2.28	%		92	%	$	33
	0.79	%		1.12	%		1.01	%		3.13	%		41	%	$	32
	0.69	%		1.12	%		1.02	%		(2.00	)%		36	%	$	29
	1.01	%		1.27	%		1.06	%		1.53	%		42	%	$	28
	1.02	%		1.27	%		1.06	%		4.61	%		40	%	$	26

	1.48	%		0.60	%		0.45	%		2.22	%		82	%	$	21,979
	1.37	%		0.58	%		0.45	%		3.71	%		41	%	$	248,734
	1.27	%		0.59	%		0.45	%		(1.40	)%		36	%	$	271,674
	1.62	%		0.65	%		0.45	%		2.16	%		42	%	$	338,108
	1.66	%		0.66	%		0.45	%		3.09	%		40	%	$	367,184
	2.06	%		0.75	%		0.45	%		(0.09	)%		39	%	$	3,073

	1.77	%		0.44	%		0.28	%		2.60	%		92	%	$	47,920
	1.53	%		0.42	%		0.30	%		3.81	%		41	%	$	72,643
	1.42	%		0.43	%		0.30	%		(1.25	)%		36	%	$	243,820
	1.77	%		0.51	%		0.30	%		2.41	%		42	%	$	240,044
	1.79	%		0.57	%		0.37	%		3.23	%		40	%	$	233,894
	1.90	%		0.65	%		0.45	%		2.63	%		39	%	$	671,576

	1.45	%		0.79	%		0.62	%		2.50	%		92	%	$	34,685
	1.17	%		0.77	%		0.65	%		3.41	%		41	%	$	39,234
	1.07	%		0.78	%		0.65	%		(1.56	)%		36	%	$	61,887
	1.42	%		0.82	%		0.65	%		1.95	%		42	%	$	99,638
	1.45	%		0.85	%		0.69	%		2.87	%		40	%	$	116,854
	1.54	%		0.92	%		0.80	%		2.29	%		39	%	$	139,771

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


52		Wells Fargo Target Date Funds		Financial highlights


Target 2010 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	12.41		0.10			0.21			0.00			0.00		$	12.72
Year ended February 28, 2017	$	12.26		0.15			0.30			(0.09	)		(0.21	)	$	12.41
Year ended February 29, 2016	$	13.16		0.14	⁴		(0.40	)		(0.06	)		(0.58	)	$	12.26
Year ended February 28, 2015	$	13.33		0.18	⁴		0.09			(0.17	)		(0.27	)	$	13.16
Year ended February 28, 2014	$	13.30		0.19	⁴		0.31			(0.17	)		(0.30	)	$	13.33
Year ended February 28, 2013	$	13.26		0.19	⁴		0.19			(0.21	)		(0.13	)	$	13.30
Class C
Six months ended August 31, 2017 (unaudited)	$	12.56		0.06			0.20			0.00			0.00		$	12.82
Year ended February 28, 2017	$	12.42		0.07			0.30			(0.02	)		(0.21	)	$	12.56
Year ended February 29, 2016	$	13.36		0.04	⁴		(0.40	)		0.00			(0.58	)	$	12.42
Year ended February 28, 2015	$	13.52		0.09			0.09			(0.07	)		(0.27	)	$	13.36
Year ended February 28, 2014	$	13.48		0.09	⁴		0.31			(0.06	)		(0.30	)	$	13.52
Year ended February 28, 2013	$	13.44		0.09			0.19			(0.11	)		(0.13	)	$	13.48
Class R
Six months ended August 31, 2017 (unaudited)	$	12.33		0.07	⁴		0.22			0.00			0.00		$	12.62
Year ended February 28, 2017	$	12.19		0.11			0.31			(0.07	)		(0.21	)	$	12.33
Year ended February 29, 2016	$	13.11		0.11	⁴		(0.41	)		(0.04	)		(0.58	)	$	12.19
Year ended February 28, 2015	$	13.28		0.15	⁴		0.10			(0.15	)		(0.27	)	$	13.11
Year ended February 28, 2014⁵	$	13.08		0.10	⁴		0.58			(0.18	)		(0.30	)	$	13.28
Class R4
Six months ended August 31, 2017 (unaudited)	$	12.55		0.11	⁴		0.22			0.00			0.00		$	12.88
Year ended February 28, 2017	$	12.38		0.19	⁴		0.32			(0.13	)		(0.21	)	$	12.55
Year ended February 29, 2016	$	13.30		0.18	⁴		(0.41	)		(0.11	)		(0.58	)	$	12.38
Year ended February 28, 2015	$	13.46		0.23	⁴		0.10			(0.22	)		(0.27	)	$	13.30
Year ended February 28, 2014	$	13.43		0.24	⁴		0.31			(0.22	)		(0.30	)	$	13.46
Year ended February 28, 2013⁶	$	13.56		0.08			0.00	⁷		(0.08	)		(0.13	)	$	13.43
Class R6⁸
Six months ended August 31, 2017 (unaudited)	$	12.54		0.14			0.20			0.00			0.00		$	12.88
Year ended February 28, 2017	$	12.37		0.21	⁴		0.32			(0.15	)		(0.21	)	$	12.54
Year ended February 29, 2016	$	13.29		0.19			(0.40	)		(0.13	)		(0.58	)	$	12.37
Year ended February 28, 2015	$	13.45		0.27			0.08			(0.24	)		(0.27	)	$	13.29
Year ended February 28, 2014	$	13.43		0.25	⁴		0.32			(0.25	)		(0.30	)	$	13.45
Year ended February 28, 2013	$	13.39		0.26			0.19			(0.28	)		(0.13	)	$	13.43
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	12.55		0.09			0.23			0.00			0.00		$	12.87
Year ended February 28, 2017	$	12.39		0.16			0.31			(0.10	)		(0.21	)	$	12.55
Year ended February 29, 2016	$	13.29		0.16	⁴		(0.41	)		(0.07	)		(0.58	)	$	12.39
Year ended February 28, 2015	$	13.46		0.21			0.08			(0.19	)		(0.27	)	$	13.29
Year ended February 28, 2014	$	13.42		0.21	⁴		0.32			(0.19	)		(0.30	)	$	13.46
Year ended February 28, 2013	$	13.38		0.21	⁴		0.19			(0.23	)		(0.13	)	$	13.42

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

Class A		0.16	%		0.16	%		0.15	%		0.16	%		0.19	%		0.26	%
Class C		0.16			0.16			0.15			0.16			0.19			0.26
Class R		0.18			0.16			0.15			0.16			0.19	⁵		N/A
Class R4		0.16			0.16			0.15			0.16			0.19			0.26	⁶
Class R6⁸		0.16			0.16			0.15			0.16			0.19			0.26
Administrator Class		0.16			0.16			0.15			0.16			0.19			0.26

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

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

⁴	Calculated based upon average shares outstanding

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

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

⁷	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Target Date Funds			53


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

	1.35	%		0.89	%		0.75	%		2.50	%		88	%	$	56,149
	1.14	%		0.87	%		0.78	%		3.71	%		41	%	$	60,237
	1.11	%		0.88	%		0.79	%		(1.99	)%		36	%	$	67,826
	1.36	%		0.99	%		0.83	%		2.11	%		41	%	$	26,753
	1.39	%		1.02	%		0.87	%		3.87	%		40	%	$	32,012
	1.39	%		1.08	%		0.99	%		2.92	%		37	%	$	36,462

	0.60	%		1.63	%		1.50	%		2.07	%		88	%	$	1,607
	0.39	%		1.62	%		1.53	%		2.96	%		41	%	$	1,761
	0.34	%		1.65	%		1.55	%		(2.69	)%		36	%	$	1,984
	0.61	%		1.75	%		1.58	%		1.39	%		41	%	$	2,781
	0.64	%		1.77	%		1.62	%		3.07	%		40	%	$	2,952
	0.64	%		1.83	%		1.74	%		2.10	%		37	%	$	3,269

	1.09	%		1.16	%		1.00	%		2.35	%		88	%	$	28
	0.88	%		1.14	%		1.03	%		3.45	%		41	%	$	53
	0.84	%		1.16	%		1.05	%		(2.27	)%		36	%	$	52
	1.09	%		1.26	%		1.08	%		1.92	%		41	%	$	53
	1.18	%		1.29	%		1.08	%		5.36	%		40	%	$	26

	1.63	%		0.61	%		0.44	%		2.63	%		88	%	$	30,152
	1.45	%		0.59	%		0.47	%		4.11	%		41	%	$	48,885
	1.42	%		0.61	%		0.47	%		(1.73	)%		36	%	$	70,528
	1.73	%		0.66	%		0.47	%		2.55	%		41	%	$	148,668
	1.79	%		0.67	%		0.47	%		4.24	%		40	%	$	199,432
	2.03	%		0.75	%		0.47	%		0.63	%		37	%	$	5,555

	1.81	%		0.46	%		0.29	%		2.71	%		88	%	$	68,047
	1.61	%		0.44	%		0.32	%		4.27	%		41	%	$	82,474
	1.57	%		0.45	%		0.32	%		(1.59	)%		36	%	$	200,168
	1.88	%		0.51	%		0.38	%		2.71	%		41	%	$	184,812
	1.89	%		0.57	%		0.48	%		4.35	%		40	%	$	242,218
	1.91	%		0.65	%		0.48	%		3.43	%		37	%	$	486,113

	1.46	%		0.80	%		0.64	%		2.55	%		88	%	$	40,139
	1.26	%		0.79	%		0.67	%		3.84	%		41	%	$	49,565
	1.22	%		0.80	%		0.67	%		(1.83	)%		36	%	$	91,381
	1.53	%		0.86	%		0.67	%		2.26	%		41	%	$	168,185
	1.55	%		0.92	%		0.71	%		4.08	%		40	%	$	201,159
	1.54	%		0.92	%		0.83	%		3.08	%		37	%	$	241,045

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


54		Wells Fargo Target Date Funds		Financial highlights


Target 2015 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	10.12		0.07			0.22			(0.02	)		0.00		$	10.39
Year ended February 28, 2017	$	9.87		0.15	⁴		0.37			(0.10	)		(0.17	)	$	10.12
Year ended February 29, 2016	$	10.40		0.15			(0.41	)		(0.09	)		(0.18	)	$	9.87
Year ended February 28, 2015	$	10.38		0.15			0.13			(0.14	)		(0.12	)	$	10.40
Year ended February 28, 2014	$	10.13		0.15	⁴		0.40			(0.14	)		(0.16	)	$	10.38
Year ended February 28, 2013⁵	$	10.11		0.03			0.13			(0.04	)		(0.10	)	$	10.13
Class R
Six months ended August 31, 2017 (unaudited)	$	10.26		0.05			0.22			0.00	⁶		0.00		$	10.53
Year ended February 28, 2017	$	10.01		0.13			0.37			(0.08	)		(0.17	)	$	10.26
Year ended February 29, 2016	$	10.55		0.13			(0.42	)		(0.07	)		(0.18	)	$	10.01
Year ended February 28, 2015	$	10.52		0.12			0.14			(0.11	)		(0.12	)	$	10.55
Year ended February 28, 2014⁷	$	10.08		0.08	⁴		0.57			(0.05	)		(0.16	)	$	10.52
Class R4
Six months ended August 31, 2017 (unaudited)	$	10.16		0.09	⁴		0.21			(0.03	)		0.00		$	10.43
Year ended February 28, 2017	$	9.91		0.18	⁴		0.37			(0.13	)		(0.17	)	$	10.16
Year ended February 29, 2016	$	10.43		0.18			(0.41	)		(0.11	)		(0.18	)	$	9.91
Year ended February 28, 2015	$	10.40		0.18			0.14			(0.17	)		(0.12	)	$	10.43
Year ended February 28, 2014	$	10.14		0.20			0.38			(0.16	)		(0.16	)	$	10.40
Year ended February 28, 2013⁵	$	10.11		0.05	⁴		0.13			(0.05	)		(0.10	)	$	10.14
Class R6⁸
Six months ended August 31, 2017 (unaudited)	$	10.15		0.14			0.18			(0.04	)		0.00		$	10.43
Year ended February 28, 2017	$	9.90		0.20	⁴		0.37			(0.15	)		(0.17	)	$	10.15
Year ended February 29, 2016	$	10.42		0.20			(0.42	)		(0.12	)		(0.18	)	$	9.90
Year ended February 28, 2015	$	10.39		0.20			0.14			(0.19	)		(0.12	)	$	10.42
Year ended February 28, 2014	$	10.13		0.21			0.39			(0.18	)		(0.16	)	$	10.39
Year ended February 28, 2013	$	9.98		0.18			0.27			(0.20	)		(0.10	)	$	10.13
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	10.29		0.08			0.22			(0.02	)		0.00		$	10.57
Year ended February 28, 2017	$	10.02		0.17	⁴		0.38			(0.11	)		(0.17	)	$	10.29
Year ended February 29, 2016	$	10.55		0.17			(0.43	)		(0.09	)		(0.18	)	$	10.02
Year ended February 28, 2015	$	10.52		0.17			0.13			(0.15	)		(0.12	)	$	10.55
Year ended February 28, 2014	$	10.24		0.16			0.42			(0.14	)		(0.16	)	$	10.52
Year ended February 28, 2013	$	10.10		0.15	⁴		0.26			(0.17	)		(0.10	)	$	10.24

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

Class A		0.17	%		0.16	%		0.16	%		0.16	%		0.19	%		0.26	%⁵
Class R		0.19			0.16			0.16			0.16			0.19	⁷		N/A
Class R4		0.17			0.16			0.16			0.16			0.19			0.26	⁵
Class R6⁸		0.17			0.16			0.16			0.16			0.19			0.26
Administrator Class		0.17			0.16			0.16			0.16			0.19			0.26

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

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

⁴	Calculated based upon average shares outstanding

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

⁶	Amount is less than $0.005.

⁷	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

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

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


Financial highlights		Wells Fargo Target Date Funds			55


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

	1.47	%		0.89	%		0.75	%		2.86	%		85	%	$	49,878
	1.43	%		0.87	%		0.79	%		5.30	%		41	%	$	54,770
	1.55	%		0.85	%		0.79	%		(2.54	)%		36	%	$	74,807
	1.39	%		0.99	%		0.84	%		2.75	%		39	%	$	1,947
	1.45	%		0.99	%		0.84	%		5.56	%		38	%	$	332
	1.28	%		1.05	%		0.84	%		1.60	%		35	%	$	10

	1.22	%		1.15	%		1.00	%		2.77	%		85	%	$	29
	1.18	%		1.12	%		1.04	%		4.99	%		41	%	$	37
	1.25	%		1.14	%		1.06	%		(2.78	)%		36	%	$	42
	1.16	%		1.25	%		1.09	%		2.51	%		39	%	$	50
	1.14	%		1.26	%		1.09	%		6.51	%		38	%	$	27

	1.73	%		0.62	%		0.45	%		3.00	%		85	%	$	62,244
	1.73	%		0.59	%		0.48	%		5.57	%		41	%	$	105,773
	1.83	%		0.59	%		0.48	%		(2.22	)%		36	%	$	127,503
	1.78	%		0.66	%		0.48	%		3.15	%		39	%	$	180,101
	1.76	%		0.66	%		0.48	%		5.90	%		38	%	$	189,078
	1.90	%		0.75	%		0.48	%		1.72	%		35	%	$	2,614

	1.91	%		0.46	%		0.30	%		3.08	%		85	%	$	83,623
	1.92	%		0.43	%		0.33	%		5.74	%		41	%	$	125,438
	1.97	%		0.44	%		0.33	%		(2.12	)%		36	%	$	367,041
	1.92	%		0.51	%		0.33	%		3.31	%		39	%	$	420,676
	1.88	%		0.55	%		0.38	%		6.04	%		38	%	$	437,620
	1.87	%		0.65	%		0.49	%		4.56	%		35	%	$	613,945

	1.58	%		0.79	%		0.64	%		2.95	%		85	%	$	20,502
	1.59	%		0.78	%		0.68	%		5.52	%		41	%	$	21,910
	1.62	%		0.78	%		0.68	%		(2.45	)%		36	%	$	122,329
	1.57	%		0.83	%		0.68	%		2.91	%		39	%	$	188,412
	1.54	%		0.85	%		0.72	%		5.79	%		38	%	$	211,930
	1.47	%		0.92	%		0.84	%		4.06	%		35	%	$	194,125

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


56		Wells Fargo Target Date Funds		Financial highlights


Target 2020 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	14.87		0.13			0.39			0.00			0.00		$	15.39
Year ended February 28, 2017	$	14.19		0.21			0.85			(0.17	)		(0.21	)	$	14.87
Year ended February 29, 2016	$	15.24		0.22	⁴		(0.81	)		(0.10	)		(0.36	)	$	14.19
Year ended February 28, 2015	$	15.14		0.20	⁴		0.33			(0.18	)		(0.25	)	$	15.24
Year ended February 28, 2014	$	14.53		0.20			0.97			(0.17	)		(0.39	)	$	15.14
Year ended February 28, 2013	$	14.25		0.20			0.50			(0.21	)		(0.21	)	$	14.53
Class C
Six months ended August 31, 2017 (unaudited)	$	14.75		0.07			0.38			0.00			0.00		$	15.20
Year ended February 28, 2017	$	14.10		0.10			0.84			(0.08	)		(0.21	)	$	14.75
Year ended February 29, 2016	$	15.16		0.11	⁴		(0.79	)		(0.02	)		(0.36	)	$	14.10
Year ended February 28, 2015	$	15.08		0.09			0.32			(0.08	)		(0.25	)	$	15.16
Year ended February 28, 2014	$	14.49		0.08			0.97			(0.07	)		(0.39	)	$	15.08
Year ended February 28, 2013	$	14.20		0.09			0.51			(0.10	)		(0.21	)	$	14.49
Class R
Six months ended August 31, 2017 (unaudited)	$	14.81		0.11	⁴		0.40			0.00			0.00		$	15.32
Year ended February 28, 2017	$	14.14		0.18			0.84			(0.14	)		(0.21	)	$	14.81
Year ended February 29, 2016	$	15.18		0.17	⁴		(0.79	)		(0.06	)		(0.36	)	$	14.14
Year ended February 28, 2015	$	15.10		0.15	⁴		0.34			(0.16	)		(0.25	)	$	15.18
Year ended February 28, 2014⁵	$	14.48		0.10	⁴		1.10			(0.19	)		(0.39	)	$	15.10
Class R4
Six months ended August 31, 2017 (unaudited)	$	15.15		0.16	⁴		0.39			0.00			0.00		$	15.70
Year ended February 28, 2017	$	14.44		0.27	⁴		0.86			(0.21	)		(0.21	)	$	15.15
Year ended February 29, 2016	$	15.50		0.26			(0.81	)		(0.15	)		(0.36	)	$	14.44
Year ended February 28, 2015	$	15.40		0.26			0.33			(0.24	)		(0.25	)	$	15.50
Year ended February 28, 2014	$	14.77		0.19			1.06			(0.23	)		(0.39	)	$	15.40
Year ended February 28, 2013⁶	$	14.66		0.09			0.31			(0.08	)		(0.21	)	$	14.77
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	15.14		0.20			0.36			0.00			0.00		$	15.70
Year ended February 28, 2017	$	14.43		0.29	⁴		0.86			(0.23	)		(0.21	)	$	15.14
Year ended February 29, 2016	$	15.50		0.27			(0.80	)		(0.18	)		(0.36	)	$	14.43
Year ended February 28, 2015	$	15.40		0.28			0.33			(0.26	)		(0.25	)	$	15.50
Year ended February 28, 2014	$	14.77		0.27	⁴		1.00			(0.25	)		(0.39	)	$	15.40
Year ended February 28, 2013	$	14.47		0.27			0.52			(0.28	)		(0.21	)	$	14.77
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	15.09		0.14			0.40			0.00			0.00		$	15.63
Year ended February 28, 2017	$	14.40		0.24	⁴		0.84			(0.18	)		(0.21	)	$	15.09
Year ended February 29, 2016	$	15.46		0.23			(0.81	)		(0.12	)		(0.36	)	$	14.40
Year ended February 28, 2015	$	15.36		0.23			0.33			(0.21	)		(0.25	)	$	15.46
Year ended February 28, 2014	$	14.73		0.22			0.99			(0.19	)		(0.39	)	$	15.36
Year ended February 28, 2013	$	14.44		0.21			0.52			(0.23	)		(0.21	)	$	14.73

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

Class A		0.18	%		0.17	%		0.16	%		0.16	%		0.19	%		0.26	%
Class C		0.18			0.17			0.16			0.16			0.19			0.26
Class R		0.18			0.17			0.16			0.16			0.19	⁵		N/A
Class R4		0.18			0.17			0.16			0.16			0.19			0.26	⁶
Class R6⁷		0.18			0.17			0.16			0.16			0.19			0.26
Administrator Class		0.18			0.17			0.16			0.16			0.19			0.26

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			57


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

	1.76	%		0.84	%		0.77	%		3.50	%		77	%	$	209,370
	1.44	%		0.85	%		0.81	%		7.53	%		39	%	$	218,652
	1.49	%		0.86	%		0.82	%		(3.86	)%		34	%	$	230,667
	1.34	%		0.95	%		0.86	%		3.57	%		36	%	$	64,808
	1.32	%		0.98	%		0.90	%		8.16	%		35	%	$	75,871
	1.36	%		1.06	%		1.01	%		5.00	%		32	%	$	74,720

	1.01	%		1.59	%		1.52	%		3.05	%		77	%	$	6,142
	0.69	%		1.60	%		1.56	%		6.71	%		39	%	$	6,713
	0.74	%		1.62	%		1.58	%		(4.50	)%		34	%	$	6,355
	0.59	%		1.70	%		1.61	%		2.71	%		36	%	$	5,509
	0.57	%		1.73	%		1.65	%		7.36	%		35	%	$	5,208
	0.61	%		1.81	%		1.76	%		4.28	%		32	%	$	4,514

	1.52	%		1.10	%		1.04	%		3.44	%		77	%	$	64
	1.21	%		1.10	%		1.06	%		7.27	%		39	%	$	321
	1.25	%		1.14	%		1.08	%		(4.08	)%		34	%	$	409
	1.00	%		1.21	%		1.11	%		3.30	%		36	%	$	744
	1.07	%		1.24	%		1.11	%		8.37	%		35	%	$	27

	2.05	%		0.57	%		0.47	%		3.63	%		77	%	$	225,625
	1.76	%		0.56	%		0.50	%		7.89	%		39	%	$	357,823
	1.82	%		0.58	%		0.50	%		(3.52	)%		34	%	$	408,501
	1.72	%		0.62	%		0.50	%		3.89	%		36	%	$	772,604
	1.70	%		0.63	%		0.50	%		8.58	%		35	%	$	803,141
	1.72	%		0.73	%		0.50	%		2.79	%		32	%	$	23,050

	2.21	%		0.41	%		0.31	%		3.70	%		77	%	$	531,340
	1.92	%		0.41	%		0.35	%		8.04	%		39	%	$	645,237
	1.97	%		0.43	%		0.35	%		(3.42	)%		34	%	$	1,116,419
	1.85	%		0.47	%		0.35	%		4.04	%		36	%	$	1,114,670
	1.88	%		0.53	%		0.40	%		8.72	%		35	%	$	1,065,417
	1.85	%		0.63	%		0.50	%		5.60	%		32	%	$	1,605,032

	1.86	%		0.76	%		0.66	%		3.58	%		77	%	$	159,489
	1.60	%		0.76	%		0.70	%		7.58	%		39	%	$	197,835
	1.62	%		0.77	%		0.70	%		(3.72	)%		34	%	$	526,327
	1.50	%		0.79	%		0.70	%		3.69	%		36	%	$	670,893
	1.52	%		0.82	%		0.74	%		8.35	%		35	%	$	746,910
	1.47	%		0.90	%		0.85	%		5.19	%		32	%	$	688,261

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


58		Wells Fargo Target Date Funds		Financial highlights


Target 2025 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	10.48		0.09			0.32			0.00			0.00		$	10.89
Year ended February 28, 2017	$	9.77		0.13			0.90			(0.15	)		(0.17	)	$	10.48
Year ended February 29, 2016	$	10.69		0.14	⁴		(0.73	)		(0.08	)		(0.25	)	$	9.77
Year ended February 28, 2015	$	10.56		0.13			0.33			(0.13	)		(0.20	)	$	10.69
Year ended February 28, 2014	$	9.95		0.15			0.92			(0.13	)		(0.33	)	$	10.56
Year ended February 28, 2013⁵	$	9.83		0.04			0.33			(0.05	)		(0.20	)	$	9.95
Class R
Six months ended August 31, 2017 (unaudited)	$	10.49		0.08	⁴		0.24			0.00			0.00		$	10.81
Year ended February 28, 2017	$	9.79		0.12			0.88			(0.13	)		(0.17	)	$	10.49
Year ended February 29, 2016	$	10.71		0.13			(0.73	)		(0.07	)		(0.25	)	$	9.79
Year ended February 28, 2015	$	10.57		0.11			0.33			(0.10	)		(0.20	)	$	10.71
Year ended February 28, 2014⁶	$	9.95		0.07			0.94			(0.06	)		(0.33	)	$	10.57
Class R4
Six months ended August 31, 2017 (unaudited)	$	10.52		0.10			0.33			0.00			0.00		$	10.95
Year ended February 28, 2017	$	9.80		0.17			0.90			(0.18	)		(0.17	)	$	10.52
Year ended February 29, 2016	$	10.72		0.18			(0.73	)		(0.12	)		(0.25	)	$	9.80
Year ended February 28, 2015	$	10.58		0.17			0.33			(0.16	)		(0.20	)	$	10.72
Year ended February 28, 2014	$	9.97		0.15			0.95			(0.16	)		(0.33	)	$	10.58
Year ended February 28, 2013⁵	$	9.83		0.06			0.33			(0.05	)		(0.20	)	$	9.97
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	10.51		0.12	⁴		0.32			0.00			0.00		$	10.95
Year ended February 28, 2017	$	9.80		0.20	⁴		0.87			(0.19	)		(0.17	)	$	10.51
Year ended February 29, 2016	$	10.71		0.20			(0.73	)		(0.13	)		(0.25	)	$	9.80
Year ended February 28, 2015	$	10.57		0.19			0.33			(0.18	)		(0.20	)	$	10.71
Year ended February 28, 2014	$	9.96		0.19			0.92			(0.17	)		(0.33	)	$	10.57
Year ended February 28, 2013	$	9.71		0.18			0.45			(0.18	)		(0.20	)	$	9.96
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	10.55		0.10	⁴		0.31			0.00			0.00		$	10.96
Year ended February 28, 2017	$	9.82		0.17	⁴		0.89			(0.16	)		(0.17	)	$	10.55
Year ended February 29, 2016	$	10.74		0.16			(0.74	)		(0.09	)		(0.25	)	$	9.82
Year ended February 28, 2015	$	10.60		0.15			0.33			(0.14	)		(0.20	)	$	10.74
Year ended February 28, 2014	$	9.98		0.15			0.94			(0.14	)		(0.33	)	$	10.60
Year ended February 28, 2013	$	9.74		0.14	⁴		0.45			(0.15	)		(0.20	)	$	9.98

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

Class A		0.18	%		0.17	%		0.16	%		0.16	%		0.19	%		0.26	%⁵
Class R		0.19			0.17			0.16			0.16			0.19	⁶		N/A
Class R4		0.18			0.17			0.16			0.16			0.19			0.26	⁵
Class R6⁷		0.18			0.16			0.16			0.16			0.19			0.26
Administrator Class		0.18			0.16			0.16			0.16			0.19			0.26

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			59


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

	1.76	%		0.85	%		0.77	%		3.91	%		63	%	$	132,034
	1.37	%		0.84	%		0.81	%		10.61	%		36	%	$	140,428
	1.40	%		0.84	%		0.81	%		(5.56	)%		32	%	$	175,373
	1.25	%		0.96	%		0.86	%		4.46	%		31	%	$	3,193
	1.28	%		0.97	%		0.86	%		10.99	%		32	%	$	1,379
	1.01	%		1.06	%		0.86	%		3.92	%		28	%	$	159

	1.56	%		1.13	%		1.05	%		3.05	%		63	%	$	37
	1.12	%		1.10	%		1.06	%		10.22	%		36	%	$	610
	1.20	%		1.13	%		1.08	%		(5.72	)%		32	%	$	830
	0.85	%		1.21	%		1.11	%		4.24	%		31	%	$	1,032
	0.96	%		1.22	%		1.11	%		10.27	%		32	%	$	28

	2.04	%		0.58	%		0.47	%		4.09	%		63	%	$	151,224
	1.65	%		0.57	%		0.50	%		10.98	%		36	%	$	274,639
	1.78	%		0.58	%		0.50	%		(5.26	)%		32	%	$	279,663
	1.65	%		0.63	%		0.50	%		4.87	%		31	%	$	379,384
	1.60	%		0.63	%		0.50	%		11.29	%		32	%	$	354,137
	1.51	%		0.73	%		0.50	%		4.13	%		28	%	$	4,210

	2.21	%		0.42	%		0.31	%		4.19	%		63	%	$	261,254
	1.92	%		0.41	%		0.35	%		11.04	%		36	%	$	372,101
	1.92	%		0.43	%		0.35	%		(5.02	)%		32	%	$	1,416,984
	1.79	%		0.48	%		0.35	%		5.03	%		31	%	$	1,481,264
	1.78	%		0.52	%		0.39	%		11.42	%		32	%	$	1,409,281
	1.83	%		0.63	%		0.50	%		6.74	%		28	%	$	1,577,058

	1.86	%		0.76	%		0.66	%		3.89	%		63	%	$	54,161
	1.59	%		0.76	%		0.70	%		10.87	%		36	%	$	65,620
	1.58	%		0.77	%		0.70	%		(5.45	)%		32	%	$	298,492
	1.45	%		0.80	%		0.70	%		4.65	%		31	%	$	350,823
	1.43	%		0.82	%		0.74	%		11.11	%		32	%	$	354,050
	1.42	%		0.90	%		0.85	%		6.27	%		28	%	$	271,593

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


60		Wells Fargo Target Date Funds		Financial highlights


Target 2030 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	16.70		0.15			0.60			0.00			0.00		$	17.45
Year ended February 28, 2017	$	15.17		0.23			1.90			(0.31	)		(0.29	)	$	16.70
Year ended February 29, 2016	$	16.97		0.21	⁴		(1.44	)		(0.14	)		(0.43	)	$	15.17
Year ended February 28, 2015	$	16.61		0.22			0.67			(0.19	)		(0.34	)	$	16.97
Year ended February 28, 2014	$	15.31		0.20			1.83			(0.19	)		(0.54	)	$	16.61
Year ended February 28, 2013	$	14.74		0.20			0.85			(0.20	)		(0.28	)	$	15.31
Class C
Six months ended August 31, 2017 (unaudited)	$	16.24		0.08			0.59			0.00			0.00		$	16.91
Year ended February 28, 2017	$	14.79		0.07			1.88			(0.21	)		(0.29	)	$	16.24
Year ended February 29, 2016	$	16.58		0.10			(1.41	)		(0.05	)		(0.43	)	$	14.79
Year ended February 28, 2015	$	16.25		0.08			0.67			(0.08	)		(0.34	)	$	16.58
Year ended February 28, 2014	$	15.00		0.08			1.79			(0.08	)		(0.54	)	$	16.25
Year ended February 28, 2013	$	14.45		0.08			0.85			(0.10	)		(0.28	)	$	15.00
Class R
Six months ended August 31, 2017 (unaudited)	$	16.66		0.13	⁴		0.56			0.00			0.00		$	17.35
Year ended February 28, 2017	$	15.14		0.18			1.90			(0.27	)		(0.29	)	$	16.66
Year ended February 29, 2016	$	16.95		0.18			(1.44	)		(0.12	)		(0.43	)	$	15.14
Year ended February 28, 2015	$	16.61		0.13	⁴		0.71			(0.16	)		(0.34	)	$	16.95
Year ended February 28, 2014⁵	$	15.39		0.10			1.75			(0.09	)		(0.54	)	$	16.61
Class R4
Six months ended August 31, 2017 (unaudited)	$	16.95		0.18	⁴		0.61			0.00			0.00		$	17.74
Year ended February 28, 2017	$	15.38		0.27			1.94			(0.35	)		(0.29	)	$	16.95
Year ended February 29, 2016	$	17.20		0.28			(1.47	)		(0.20	)		(0.43	)	$	15.38
Year ended February 28, 2015	$	16.83		0.26			0.70			(0.25	)		(0.34	)	$	17.20
Year ended February 28, 2014	$	15.50		0.23			1.89			(0.25	)		(0.54	)	$	16.83
Year ended February 28, 2013⁶	$	15.07		0.08			0.71			(0.08	)		(0.28	)	$	15.50
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	16.93		0.19	⁴		0.61			0.00			0.00		$	17.73
Year ended February 28, 2017	$	15.37		0.31	⁴		1.92			(0.38	)		(0.29	)	$	16.93
Year ended February 29, 2016	$	17.19		0.30			(1.46	)		(0.23	)		(0.43	)	$	15.37
Year ended February 28, 2015	$	16.81		0.28			0.72			(0.28	)		(0.34	)	$	17.19
Year ended February 28, 2014	$	15.49		0.29	⁴		1.84			(0.27	)		(0.54	)	$	16.81
Year ended February 28, 2013	$	14.91		0.27			0.86			(0.27	)		(0.28	)	$	15.49
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	16.94		0.16	⁴		0.61			0.00			0.00		$	17.71
Year ended February 28, 2017	$	15.37		0.25	⁴		1.93			(0.32	)		(0.29	)	$	16.94
Year ended February 29, 2016	$	17.19		0.25			(1.47	)		(0.17	)		(0.43	)	$	15.37
Year ended February 28, 2015	$	16.82		0.23			0.70			(0.22	)		(0.34	)	$	17.19
Year ended February 28, 2014	$	15.49		0.23			1.86			(0.22	)		(0.54	)	$	16.82
Year ended February 28, 2013	$	14.91		0.21			0.88			(0.23	)		(0.28	)	$	15.49

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

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

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			61


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

	1.72	%		0.84	%		0.77	%		4.49	%		51	%	$	230,245
	1.32	%		0.84	%		0.82	%		14.15	%		31	%	$	230,044
	1.32	%		0.86	%		0.83	%		(7.37	)%		30	%	$	227,928
	1.22	%		0.95	%		0.87	%		5.44	%		26	%	$	60,747
	1.22	%		0.98	%		0.91	%		13.52	%		29	%	$	65,634
	1.29	%		1.06	%		1.02	%		7.28	%		25	%	$	60,857

	0.97	%		1.59	%		1.52	%		4.13	%		51	%	$	4,898
	0.57	%		1.59	%		1.57	%		13.28	%		31	%	$	4,630
	0.63	%		1.63	%		1.59	%		(8.05	)%		30	%	$	4,662
	0.45	%		1.70	%		1.62	%		4.67	%		26	%	$	5,020
	0.47	%		1.73	%		1.66	%		12.64	%		29	%	$	4,097
	0.53	%		1.82	%		1.77	%		6.52	%		25	%	$	3,465

	1.58	%		1.12	%		1.06	%		4.14	%		51	%	$	41
	1.06	%		1.10	%		1.07	%		13.88	%		31	%	$	904
	1.11	%		1.12	%		1.08	%		(7.57	)%		30	%	$	853
	0.72	%		1.22	%		1.12	%		5.15	%		26	%	$	603
	0.87	%		1.22	%		1.12	%		12.19	%		29	%	$	28

	2.01	%		0.57	%		0.47	%		4.66	%		51	%	$	356,044
	1.64	%		0.56	%		0.51	%		14.52	%		31	%	$	507,587
	1.73	%		0.58	%		0.51	%		(7.07	)%		30	%	$	513,864
	1.57	%		0.62	%		0.51	%		5.82	%		26	%	$	897,425
	1.53	%		0.63	%		0.51	%		13.99	%		29	%	$	850,913
	1.35	%		0.73	%		0.51	%		5.34	%		25	%	$	19,568

	2.17	%		0.41	%		0.32	%		4.73	%		51	%	$	509,846
	1.87	%		0.41	%		0.36	%		14.63	%		31	%	$	618,551
	1.85	%		0.43	%		0.36	%		(6.93	)%		30	%	$	1,284,324
	1.72	%		0.47	%		0.36	%		6.04	%		26	%	$	1,185,077
	1.76	%		0.53	%		0.41	%		14.08	%		29	%	$	1,049,122
	1.80	%		0.64	%		0.51	%		7.82	%		25	%	$	1,478,163

	1.81	%		0.76	%		0.67	%		4.55	%		51	%	$	218,800
	1.51	%		0.76	%		0.71	%		14.32	%		31	%	$	262,336
	1.52	%		0.77	%		0.71	%		(7.27	)%		30	%	$	498,554
	1.38	%		0.79	%		0.71	%		5.61	%		26	%	$	643,336
	1.38	%		0.82	%		0.75	%		13.74	%		29	%	$	685,421
	1.43	%		0.91	%		0.86	%		7.46	%		25	%	$	572,735

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


62		Wells Fargo Target Date Funds		Financial highlights


Target 2035 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	11.25		0.10			0.46			(0.04	)		0.00		$	11.77
Year ended February 28, 2017	$	9.89		0.13			1.56			(0.15	)		(0.18	)	$	11.25
Year ended February 29, 2016	$	11.32		0.15			(1.18	)		(0.11	)		(0.29	)	$	9.89
Year ended February 28, 2015	$	11.02		0.12			0.56			(0.13	)		(0.25	)	$	11.32
Year ended February 28, 2014	$	9.99		0.14			1.41			(0.13	)		(0.39	)	$	11.02
Year ended February 28, 2013⁴	$	9.60		0.02	⁵		0.58			(0.05	)		(0.16	)	$	9.99
Class R
Six months ended August 31, 2017 (unaudited)	$	11.32		0.09			0.45			(0.03	)		0.00		$	11.83
Year ended February 28, 2017	$	9.95		0.11			1.57			(0.13	)		(0.18	)	$	11.32
Year ended February 29, 2016	$	11.39		0.11			(1.17	)		(0.09	)		(0.29	)	$	9.95
Year ended February 28, 2015	$	11.09		0.10			0.55			(0.10	)		(0.25	)	$	11.39
Year ended February 28, 2014⁶	$	10.16		0.06	⁵		1.32			(0.06	)		(0.39	)	$	11.09
Class R4
Six months ended August 31, 2017 (unaudited)	$	11.27		0.12	⁵		0.46			(0.06	)		0.00		$	11.79
Year ended February 28, 2017	$	9.91		0.17	⁵		1.56			(0.19	)		(0.18	)	$	11.27
Year ended February 29, 2016	$	11.33		0.18			(1.17	)		(0.14	)		(0.29	)	$	9.91
Year ended February 28, 2015	$	11.03		0.17			0.54			(0.16	)		(0.25	)	$	11.33
Year ended February 28, 2014	$	9.99		0.15			1.44			(0.16	)		(0.39	)	$	11.03
Year ended February 28, 2013⁴	$	9.60		0.03	⁵		0.57			(0.05	)		(0.16	)	$	9.99
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	11.27		0.17			0.42			(0.07	)		0.00		$	11.79
Year ended February 28, 2017	$	9.91		0.20	⁵		1.55			(0.21	)		(0.18	)	$	11.27
Year ended February 29, 2016	$	11.33		0.19			(1.16	)		(0.16	)		(0.29	)	$	9.91
Year ended February 28, 2015	$	11.03		0.18			0.55			(0.18	)		(0.25	)	$	11.33
Year ended February 28, 2014	$	9.99		0.19			1.41			(0.17	)		(0.39	)	$	11.03
Year ended February 28, 2013	$	9.50		0.17			0.65			(0.17	)		(0.16	)	$	9.99
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	11.30		0.10	⁵		0.47			(0.04	)		0.00		$	11.83
Year ended February 28, 2017	$	9.94		0.16	⁵		1.55			(0.17	)		(0.18	)	$	11.30
Year ended February 29, 2016	$	11.37		0.16			(1.18	)		(0.12	)		(0.29	)	$	9.94
Year ended February 28, 2015	$	11.06		0.15			0.55			(0.14	)		(0.25	)	$	11.37
Year ended February 28, 2014	$	10.02		0.14			1.43			(0.14	)		(0.39	)	$	11.06
Year ended February 28, 2013	$	9.53		0.13			0.66			(0.14	)		(0.16	)	$	10.02

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

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

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

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

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

⁵	Calculated based upon average shares outstanding

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

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

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


Financial highlights		Wells Fargo Target Date Funds			63


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

	1.68	%		0.86	%		0.78	%		4.99	%		39	%	$	121,685
	1.28	%		0.85	%		0.83	%		17.33	%		27	%	$	127,294
	1.19	%		0.84	%		0.83	%		(9.28	)%		28	%	$	142,817
	1.05	%		0.97	%		0.88	%		6.33	%		22	%	$	1,677
	1.11	%		0.98	%		0.88	%		15.82	%		26	%	$	532
	1.04	%		1.07	%		0.88	%		6.36	%		22	%	$	41

	1.45	%		1.11	%		1.03	%		4.77	%		39	%	$	194
	0.89	%		1.11	%		1.08	%		17.09	%		27	%	$	171
	1.02	%		1.13	%		1.09	%		(9.48	)%		28	%	$	73
	0.90	%		1.23	%		1.13	%		5.97	%		22	%	$	36
	0.79	%		1.26	%		1.13	%		13.76	%		26	%	$	28

	1.99	%		0.59	%		0.49	%		5.13	%		39	%	$	135,936
	1.54	%		0.57	%		0.52	%		17.68	%		27	%	$	240,025
	1.66	%		0.59	%		0.52	%		(8.92	)%		28	%	$	228,810
	1.51	%		0.64	%		0.52	%		6.63	%		22	%	$	329,135
	1.45	%		0.65	%		0.52	%		16.28	%		26	%	$	297,612
	1.30	%		0.75	%		0.52	%		6.38	%		22	%	$	1,940

	2.14	%		0.43	%		0.32	%		5.20	%		39	%	$	233,251
	1.83	%		0.42	%		0.37	%		17.86	%		27	%	$	317,594
	1.80	%		0.44	%		0.37	%		(8.78	)%		28	%	$	714,884
	1.65	%		0.49	%		0.37	%		6.79	%		22	%	$	674,926
	1.71	%		0.55	%		0.41	%		16.41	%		26	%	$	570,482
	1.76	%		0.66	%		0.52	%		8.86	%		22	%	$	648,345

	1.79	%		0.77	%		0.67	%		5.08	%		39	%	$	46,830
	1.52	%		0.77	%		0.72	%		17.38	%		27	%	$	50,898
	1.46	%		0.78	%		0.72	%		(9.17	)%		28	%	$	182,599
	1.31	%		0.81	%		0.72	%		6.50	%		22	%	$	227,265
	1.33	%		0.85	%		0.75	%		15.96	%		26	%	$	236,217
	1.36	%		0.93	%		0.87	%		8.48	%		22	%	$	172,860

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


64		Wells Fargo Target Date Funds		Financial highlights


Target 2040 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	19.43		0.17			0.87			0.00			0.00		$	20.47
Year ended February 28, 2017	$	16.74		0.23			3.08			(0.27	)		(0.35	)	$	19.43
Year ended February 29, 2016	$	19.53		0.22	⁴		(2.27	)		(0.20	)		(0.54	)	$	16.74
Year ended February 28, 2015	$	18.90		0.22			1.08			(0.21	)		(0.46	)	$	19.53
Year ended February 28, 2014	$	16.92		0.21			2.71			(0.21	)		(0.73	)	$	18.90
Year ended February 28, 2013	$	16.07		0.21			1.19			(0.21	)		(0.34	)	$	16.92
Class C
Six months ended August 31, 2017 (unaudited)	$	18.19		0.10			0.81			0.00			0.00		$	19.10
Year ended February 28, 2017	$	15.71		0.04			2.94			(0.15	)		(0.35	)	$	18.19
Year ended February 29, 2016	$	18.38		0.09	⁴		(2.15	)		(0.07	)		(0.54	)	$	15.71
Year ended February 28, 2015	$	17.85		0.06	⁴		1.02			(0.09	)		(0.46	)	$	18.38
Year ended February 28, 2014	$	16.03		0.07	⁴		2.57			(0.09	)		(0.73	)	$	17.85
Year ended February 28, 2013	$	15.26		0.09	⁴		1.12			(0.10	)		(0.34	)	$	16.03
Class R
Six months ended August 31, 2017 (unaudited)	$	19.36		0.15	⁴		0.88			0.00			0.00		$	20.39
Year ended February 28, 2017	$	16.69		0.18			3.07			(0.23	)		(0.35	)	$	19.36
Year ended February 29, 2016	$	19.51		0.18			(2.28	)		(0.18	)		(0.54	)	$	16.69
Year ended February 28, 2015	$	18.90		0.14	⁴		1.11			(0.18	)		(0.46	)	$	19.51
Year ended February 28, 2014⁵	$	17.19		0.09	⁴		2.45			(0.10	)		(0.73	)	$	18.90
Class R4
Six months ended August 31, 2017 (unaudited)	$	19.86		0.20	⁴		0.90			0.00			0.00		$	20.96
Year ended February 28, 2017	$	17.09		0.27			3.18			(0.33	)		(0.35	)	$	19.86
Year ended February 29, 2016	$	19.93		0.28			(2.32	)		(0.26	)		(0.54	)	$	17.09
Year ended February 28, 2015	$	19.28		0.29			1.10			(0.28	)		(0.46	)	$	19.93
Year ended February 28, 2014	$	17.24		0.27	⁴		2.78			(0.28	)		(0.73	)	$	19.28
Year ended February 28, 2013⁶	$	16.52		0.09			1.06			(0.09	)		(0.34	)	$	17.24
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	19.85		0.28			0.84			0.00			0.00		$	20.97
Year ended February 28, 2017	$	17.09		0.41			3.06			(0.36	)		(0.35	)	$	19.85
Year ended February 29, 2016	$	19.93		0.32			(2.33	)		(0.29	)		(0.54	)	$	17.09
Year ended February 28, 2015	$	19.27		0.30			1.13			(0.31	)		(0.46	)	$	19.93
Year ended February 28, 2014	$	17.24		0.31	⁴		2.75			(0.30	)		(0.73	)	$	19.27
Year ended February 28, 2013	$	16.37		0.29			1.21			(0.29	)		(0.34	)	$	17.24
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	19.82		0.18	⁴		0.90			0.00			0.00		$	20.90
Year ended February 28, 2017	$	17.07		0.25			3.14			(0.29	)		(0.35	)	$	19.82
Year ended February 29, 2016	$	19.89		0.27			(2.33	)		(0.22	)		(0.54	)	$	17.07
Year ended February 28, 2015	$	19.25		0.25			1.09			(0.24	)		(0.46	)	$	19.89
Year ended February 28, 2014	$	17.21		0.24			2.77			(0.24	)		(0.73	)	$	19.25
Year ended February 28, 2013	$	16.34		0.22			1.22			(0.23	)		(0.34	)	$	17.21

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

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

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			65


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

	1.66	%		0.85	%		0.78	%		5.35	%		30	%	$	222,052
	1.21	%		0.85	%		0.83	%		20.01	%		24	%	$	218,689
	1.23	%		0.87	%		0.84	%		(10.72	)%		27	%	$	202,038
	1.11	%		0.96	%		0.88	%		7.01	%		18	%	$	111,874
	1.15	%		0.99	%		0.92	%		17.54	%		25	%	$	114,233
	1.25	%		1.08	%		1.03	%		8.99	%		20	%	$	104,836

	0.91	%		1.60	%		1.53	%		5.00	%		30	%	$	5,219
	0.47	%		1.60	%		1.58	%		19.11	%		24	%	$	4,782
	0.54	%		1.63	%		1.60	%		(11.39	)%		27	%	$	4,621
	0.35	%		1.71	%		1.63	%		6.15	%		18	%	$	5,747
	0.40	%		1.74	%		1.67	%		16.68	%		25	%	$	4,813
	0.50	%		1.83	%		1.78	%		8.18	%		20	%	$	4,040

	1.53	%		1.11	%		1.06	%		5.32	%		30	%	$	60
	0.94	%		1.10	%		1.08	%		19.68	%		24	%	$	394
	0.97	%		1.12	%		1.09	%		(10.96	)%		27	%	$	289
	0.72	%		1.23	%		1.13	%		6.71	%		18	%	$	137
	0.75	%		1.24	%		1.13	%		14.96	%		25	%	$	29

	1.97	%		0.57	%		0.48	%		5.54	%		30	%	$	294,180
	1.54	%		0.57	%		0.52	%		20.43	%		24	%	$	388,622
	1.64	%		0.59	%		0.52	%		(10.45	)%		27	%	$	385,259
	1.47	%		0.63	%		0.52	%		7.35	%		18	%	$	678,944
	1.42	%		0.64	%		0.52	%		18.02	%		25	%	$	635,241
	1.12	%		0.75	%		0.52	%		7.13	%		20	%	$	13,651

	2.12	%		0.42	%		0.32	%		5.64	%		30	%	$	411,324
	1.80	%		0.41	%		0.37	%		20.56	%		24	%	$	489,693
	1.75	%		0.43	%		0.37	%		(10.32	)%		27	%	$	929,672
	1.61	%		0.48	%		0.37	%		7.57	%		18	%	$	872,914
	1.70	%		0.54	%		0.42	%		18.14	%		25	%	$	724,856
	1.76	%		0.65	%		0.52	%		9.50	%		20	%	$	993,528

	1.76	%		0.77	%		0.67	%		5.45	%		30	%	$	168,871
	1.43	%		0.76	%		0.72	%		20.09	%		24	%	$	197,272
	1.42	%		0.78	%		0.72	%		(10.56	)%		27	%	$	320,415
	1.27	%		0.80	%		0.72	%		7.10	%		18	%	$	427,789
	1.30	%		0.83	%		0.76	%		17.79	%		25	%	$	452,487
	1.39	%		0.92	%		0.87	%		9.14	%		20	%	$	360,567

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


66		Wells Fargo Target Date Funds		Financial highlights


Target 2045 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	11.91		0.10			0.57			(0.05	)		0.00		$	12.53
Year ended February 28, 2017	$	10.07		0.13			2.05			(0.17	)		(0.17	)	$	11.91
Year ended February 29, 2016	$	11.85		0.16			(1.52	)		(0.13	)		(0.29	)	$	10.07
Year ended February 28, 2015	$	11.43		0.11	⁴		0.72			(0.13	)		(0.28	)	$	11.85
Year ended February 28, 2014	$	10.17		0.12	⁴		1.73			(0.14	)		(0.45	)	$	11.43
Year ended February 28, 2013⁵	$	9.64		0.03			0.68			(0.05	)		(0.13	)	$	10.17
Class R
Six months ended August 31, 2017 (unaudited)	$	12.04		0.08			0.59			(0.04	)		0.00		$	12.67
Year ended February 28, 2017	$	10.19		0.11			2.05			(0.14	)		(0.17	)	$	12.04
Year ended February 29, 2016	$	11.97		0.11			(1.51	)		(0.09	)		(0.29	)	$	10.19
Year ended February 28, 2015	$	11.54		0.10			0.71			(0.10	)		(0.28	)	$	11.97
Year ended February 28, 2014⁶	$	10.45		0.05			1.55			(0.06	)		(0.45	)	$	11.54
Class R4
Six months ended August 31, 2017 (unaudited)	$	11.96		0.12	⁴		0.58			(0.07	)		0.00		$	12.59
Year ended February 28, 2017	$	10.11		0.16			2.06			(0.20	)		(0.17	)	$	11.96
Year ended February 29, 2016	$	11.89		0.18			(1.51	)		(0.16	)		(0.29	)	$	10.11
Year ended February 28, 2015	$	11.46		0.17			0.71			(0.17	)		(0.28	)	$	11.89
Year ended February 28, 2014	$	10.18		0.14			1.76			(0.17	)		(0.45	)	$	11.46
Year ended February 28, 2013⁵	$	9.64		0.06			0.66			(0.05	)		(0.13	)	$	10.18
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	11.93		0.16			0.55			(0.08	)		0.00		$	12.56
Year ended February 28, 2017	$	10.10		0.23			1.99			(0.22	)		(0.17	)	$	11.93
Year ended February 29, 2016	$	11.87		0.19			(1.49	)		(0.18	)		(0.29	)	$	10.10
Year ended February 28, 2015	$	11.44		0.18			0.71			(0.18	)		(0.28	)	$	11.87
Year ended February 28, 2014	$	10.17		0.19			1.71			(0.18	)		(0.45	)	$	11.44
Year ended February 28, 2013	$	9.55		0.16			0.76			(0.17	)		(0.13	)	$	10.17
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	12.01		0.10			0.58			(0.05	)		0.00		$	12.64
Year ended February 28, 2017	$	10.16		0.16	⁴		2.04			(0.18	)		(0.17	)	$	12.01
Year ended February 29, 2016	$	11.94		0.16			(1.51	)		(0.14	)		(0.29	)	$	10.16
Year ended February 28, 2015	$	11.51		0.14			0.71			(0.14	)		(0.28	)	$	11.94
Year ended February 28, 2014	$	10.23		0.14			1.73			(0.14	)		(0.45	)	$	11.51
Year ended February 28, 2013	$	9.59		0.12			0.77			(0.12	)		(0.13	)	$	10.23

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

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

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			67


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.64	%		0.88	%		0.79	%		5.64	%		23	%	$	62,285
	1.22	%		0.86	%		0.83	%		21.85	%		22	%	$	70,570
	1.09	%		0.86	%		0.83	%		(11.70	)%		26	%	$	77,062
	0.96	%		0.99	%		0.88	%		7.41	%		16	%	$	793
	1.09	%		1.01	%		0.88	%		18.54	%		24	%	$	167
	1.08	%		1.10	%		0.88	%		7.41	%		19	%	$	13

	1.41	%		1.13	%		1.03	%		5.55	%		23	%	$	44
	0.88	%		1.11	%		1.08	%		21.41	%		22	%	$	42
	1.01	%		1.14	%		1.09	%		(11.84	)%		26	%	$	30
	0.83	%		1.25	%		1.13	%		7.11	%		16	%	$	31
	0.68	%		1.30	%		1.13	%		15.52	%		24	%	$	29

	1.97	%		0.61	%		0.49	%		5.85	%		23	%	$	88,297
	1.46	%		0.59	%		0.52	%		22.25	%		22	%	$	151,999
	1.61	%		0.60	%		0.52	%		(11.41	)%		26	%	$	131,789
	1.44	%		0.66	%		0.52	%		7.79	%		16	%	$	199,015
	1.39	%		0.68	%		0.52	%		18.99	%		24	%	$	174,582
	1.29	%		0.78	%		0.52	%		7.55	%		19	%	$	1,246

	2.11	%		0.45	%		0.32	%		5.93	%		23	%	$	160,402
	1.77	%		0.43	%		0.37	%		22.26	%		22	%	$	219,922
	1.73	%		0.45	%		0.37	%		(11.21	)%		26	%	$	407,094
	1.58	%		0.51	%		0.37	%		7.96	%		16	%	$	367,164
	1.67	%		0.57	%		0.42	%		19.07	%		24	%	$	291,293
	1.74	%		0.69	%		0.52	%		9.85	%		19	%	$	324,476

	1.75	%		0.79	%		0.67	%		5.70	%		23	%	$	37,062
	1.46	%		0.78	%		0.72	%		21.89	%		22	%	$	41,504
	1.39	%		0.79	%		0.72	%		(11.55	)%		26	%	$	108,091
	1.24	%		0.83	%		0.72	%		7.54	%		16	%	$	130,175
	1.28	%		0.87	%		0.75	%		18.65	%		24	%	$	126,533
	1.35	%		0.96	%		0.87	%		9.49	%		19	%	$	85,590

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


68		Wells Fargo Target Date Funds		Financial highlights


Target 2050 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	11.40		0.10			0.56			(0.05	)		0.00		$	12.01
Year ended February 28, 2017	$	9.61		0.12			2.02			(0.18	)		(0.17	)	$	11.40
Year ended February 29, 2016	$	11.34		0.11	⁴		(1.44	)		(0.12	)		(0.28	)	$	9.61
Year ended February 28, 2015	$	10.93		0.11			0.69			(0.13	)		(0.26	)	$	11.34
Year ended February 28, 2014	$	9.72		0.15			1.62			(0.13	)		(0.43	)	$	10.93
Year ended February 28, 2013⁵	$	9.29		0.03			0.65			(0.05	)		(0.20	)	$	9.72
Class C
Six months ended August 31, 2017 (unaudited)	$	11.36		0.05			0.56			(0.01	)		0.00		$	11.96
Year ended February 28, 2017	$	9.58		0.04			2.02			(0.11	)		(0.17	)	$	11.36
Year ended February 29, 2016	$	11.30		0.06			(1.46	)		(0.04	)		(0.28	)	$	9.58
Year ended February 28, 2015	$	10.91		0.04			0.68			(0.07	)		(0.26	)	$	11.30
Year ended February 28, 2014	$	9.71		0.08			1.61			(0.06	)		(0.43	)	$	10.91
Year ended February 28, 2013⁵	$	9.29		0.02			0.64			(0.04	)		(0.20	)	$	9.71
Class R
Six months ended August 31, 2017 (unaudited)	$	11.43		0.08			0.57			(0.04	)		0.00		$	12.04
Year ended February 28, 2017	$	9.63		0.09			2.04			(0.16	)		(0.17	)	$	11.43
Year ended February 29, 2016	$	11.37		0.11			(1.47	)		(0.10	)		(0.28	)	$	9.63
Year ended February 28, 2015	$	10.95		0.09			0.68			(0.09	)		(0.26	)	$	11.37
Year ended February 28, 2014⁶	$	9.91		0.05			1.48			(0.06	)		(0.43	)	$	10.95
Class R4
Six months ended August 31, 2017 (unaudited)	$	11.45		0.12	⁴		0.55			(0.06	)		0.00		$	12.06
Year ended February 28, 2017	$	9.64		0.16	⁴		2.03			(0.21	)		(0.17	)	$	11.45
Year ended February 29, 2016	$	11.38		0.17			(1.48	)		(0.15	)		(0.28	)	$	9.64
Year ended February 28, 2015	$	10.96		0.16			0.68			(0.16	)		(0.26	)	$	11.38
Year ended February 28, 2014	$	9.73		0.15	⁴		1.67			(0.16	)		(0.43	)	$	10.96
Year ended February 28, 2013⁵	$	9.29		0.05			0.64			(0.05	)		(0.20	)	$	9.73
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	11.44		0.15			0.54			(0.07	)		0.00		$	12.06
Year ended February 28, 2017	$	9.64		0.19	⁴		2.01			(0.23	)		(0.17	)	$	11.44
Year ended February 29, 2016	$	11.37		0.18			(1.46	)		(0.17	)		(0.28	)	$	9.64
Year ended February 28, 2015	$	10.95		0.17			0.68			(0.17	)		(0.26	)	$	11.37
Year ended February 28, 2014	$	9.72		0.17	⁴		1.66			(0.17	)		(0.43	)	$	10.95
Year ended February 28, 2013	$	9.20		0.16			0.72			(0.16	)		(0.20	)	$	9.72
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	11.41		0.10	⁴		0.58			(0.06	)		0.00		$	12.03
Year ended February 28, 2017	$	9.61		0.15	⁴		2.01			(0.19	)		(0.17	)	$	11.41
Year ended February 29, 2016	$	11.34		0.15			(1.47	)		(0.13	)		(0.28	)	$	9.61
Year ended February 28, 2015	$	10.92		0.13			0.69			(0.14	)		(0.26	)	$	11.34
Year ended February 28, 2014	$	9.70		0.13	⁴		1.65			(0.13	)		(0.43	)	$	10.92
Year ended February 28, 2013	$	9.18		0.12			0.73			(0.13	)		(0.20	)	$	9.70

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

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

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			69


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

	1.64	%		0.87	%		0.78	%		5.80	%		21	%	$	65,644
	1.13	%		0.85	%		0.83	%		22.48	%		21	%	$	64,356
	1.05	%		0.86	%		0.83	%		(11.93	)%		26	%	$	58,749
	0.94	%		0.97	%		0.88	%		7.52	%		16	%	$	1,629
	1.00	%		0.98	%		0.88	%		18.62	%		23	%	$	210
	1.07	%		1.05	%		0.88	%		7.49	%		19	%	$	11

	0.90	%		1.61	%		1.53	%		5.38	%		21	%	$	1,351
	0.33	%		1.61	%		1.58	%		21.58	%		21	%	$	1,218
	0.49	%		1.64	%		1.60	%		(12.56	)%		26	%	$	894
	0.20	%		1.72	%		1.63	%		6.70	%		16	%	$	737
	0.39	%		1.73	%		1.63	%		17.68	%		23	%	$	163
	0.16	%		1.81	%		1.63	%		7.31	%		19	%	$	17

	1.41	%		1.14	%		1.03	%		5.67	%		21	%	$	37
	0.94	%		1.13	%		1.08	%		22.29	%		21	%	$	34
	1.00	%		1.17	%		1.10	%		(12.21	)%		26	%	$	32
	0.82	%		1.25	%		1.13	%		7.20	%		16	%	$	31
	0.69	%		1.27	%		1.13	%		15.67	%		23	%	$	29

	1.96	%		0.59	%		0.48	%		5.92	%		21	%	$	183,781
	1.45	%		0.57	%		0.52	%		23.00	%		21	%	$	243,339
	1.61	%		0.59	%		0.52	%		(11.72	)%		26	%	$	219,157
	1.43	%		0.64	%		0.52	%		7.82	%		16	%	$	360,833
	1.39	%		0.65	%		0.52	%		19.10	%		23	%	$	307,320
	1.03	%		0.76	%		0.52	%		7.63	%		19	%	$	6,538

	2.10	%		0.44	%		0.33	%		6.08	%		21	%	$	236,987
	1.81	%		0.42	%		0.37	%		23.09	%		21	%	$	287,423
	1.72	%		0.44	%		0.37	%		(11.51	)%		26	%	$	806,152
	1.58	%		0.49	%		0.37	%		7.98	%		16	%	$	818,335
	1.66	%		0.55	%		0.41	%		19.28	%		23	%	$	693,648
	1.75	%		0.67	%		0.52	%		9.94	%		19	%	$	754,088

	1.75	%		0.78	%		0.67	%		5.92	%		21	%	$	107,520
	1.37	%		0.76	%		0.72	%		22.72	%		21	%	$	121,028
	1.39	%		0.78	%		0.72	%		(11.86	)%		26	%	$	185,008
	1.23	%		0.81	%		0.72	%		7.64	%		16	%	$	226,405
	1.28	%		0.85	%		0.75	%		18.79	%		23	%	$	202,276
	1.38	%		0.94	%		0.87	%		9.59	%		19	%	$	141,212

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


70		Wells Fargo Target Date Funds		Financial highlights


Target 2055 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	13.91		0.12			0.69			(0.07	)		0.00		$	14.65
Year ended February 28, 2017	$	11.56		0.14			2.44			(0.23	)		0.00		$	13.91
Year ended February 29, 2016	$	13.28		0.14	⁴		(1.71	)		(0.12	)		(0.03	)	$	11.56
Year ended February 28, 2015	$	12.63		0.13			0.80			(0.14	)		(0.14	)	$	13.28
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.13	)		(0.15	)	$	12.63
Year ended February 28, 2013⁵	$	10.19		0.03	⁴		0.72			(0.04	)		0.00		$	10.90
Class R
Six months ended August 31, 2017 (unaudited)	$	13.76		0.10			0.68			(0.05	)		0.00		$	14.49
Year ended February 28, 2017	$	11.45		0.10			2.41			(0.20	)		0.00		$	13.76
Year ended February 29, 2016	$	13.16		0.12			(1.71	)		(0.09	)		(0.03	)	$	11.45
Year ended February 28, 2015	$	12.51		0.11			0.79			(0.11	)		(0.14	)	$	13.16
Year ended February 28, 2014⁶	$	11.01		0.06			1.65			(0.06	)		(0.15	)	$	12.51
Class R4
Six months ended August 31, 2017 (unaudited)	$	13.94		0.14	⁴		0.70			(0.09	)		0.00		$	14.69
Year ended February 28, 2017	$	11.59		0.18			2.44			(0.27	)		0.00		$	13.94
Year ended February 29, 2016	$	13.32		0.20			(1.74	)		(0.16	)		(0.03	)	$	11.59
Year ended February 28, 2015	$	12.65		0.18			0.81			(0.18	)		(0.14	)	$	13.32
Year ended February 28, 2014	$	10.91		0.15			1.90			(0.16	)		(0.15	)	$	12.65
Year ended February 28, 2013⁵	$	10.19		0.04	⁴		0.72			(0.04	)		0.00		$	10.91
Class R6⁷
Six months ended August 31, 2017 (unaudited)	$	13.91		0.15	⁴		0.69			(0.09	)		0.00		$	14.66
Year ended February 28, 2017	$	11.57		0.23	⁴		2.40			(0.29	)		0.00		$	13.91
Year ended February 29, 2016	$	13.29		0.21			(1.72	)		(0.18	)		(0.03	)	$	11.57
Year ended February 28, 2015	$	12.63		0.19			0.80			(0.19	)		(0.14	)	$	13.29
Year ended February 28, 2014	$	10.90		0.19			1.87			(0.18	)		(0.15	)	$	12.63
Year ended February 28, 2013	$	10.08		0.15			0.83			(0.16	)		0.00		$	10.90
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	13.91		0.12			0.70			(0.07	)		0.00		$	14.66
Year ended February 28, 2017	$	11.57		0.17	⁴		2.41			(0.24	)		0.00		$	13.91
Year ended February 29, 2016	$	13.28		0.17			(1.71	)		(0.14	)		(0.03	)	$	11.57
Year ended February 28, 2015	$	12.62		0.14			0.81			(0.15	)		(0.14	)	$	13.28
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.14	)		(0.15	)	$	12.62
Year ended February 28, 2013	$	10.06		0.14	⁴		0.81			(0.11	)		0.00		$	10.90

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28
	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016			2015			2014			2013

Class A		0.19	%		0.17	%		0.17	%		0.16	%		0.18	%		0.27	%⁵
Class R		0.19			0.17			0.20			0.16			0.18	⁶		N/A
Class R4		0.19			0.17			0.16			0.16			0.18			0.27	⁵
Class R6⁷		0.19			0.16			0.16			0.16			0.18			0.27
Administrator Class		0.19			0.17			0.16			0.16			0.18			0.27

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

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

⁴	Calculated based upon average shares outstanding

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

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

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

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


Financial highlights		Wells Fargo Target Date Funds			71


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

	1.64	%		0.97	%		0.78	%		5.79	%		21	%	$	9,574
	1.13	%		0.91	%		0.83	%		22.45	%		21	%	$	9,270
	1.15	%		0.94	%		0.84	%		(11.93	)%		26	%	$	8,940
	0.97	%		1.07	%		0.88	%		7.46	%		16	%	$	565
	1.10	%		1.19	%		0.88	%		18.69	%		23	%	$	66
	1.05	%		1.44	%		0.88	%		7.39	%		19	%	$	14

	1.39	%		1.23	%		1.03	%		5.69	%		21	%	$	44
	0.98	%		1.16	%		1.08	%		22.04	%		21	%	$	40
	0.98	%		1.24	%		1.09	%		(12.16	)%		26	%	$	42
	0.83	%		1.36	%		1.13	%		7.24	%		16	%	$	31
	0.73	%		1.48	%		1.13	%		15.66	%		23	%	$	29

	1.97	%		0.70	%		0.49	%		6.00	%		21	%	$	25,993
	1.32	%		0.64	%		0.52	%		22.78	%		21	%	$	43,147
	1.61	%		0.66	%		0.52	%		(11.70	)%		26	%	$	27,193
	1.41	%		0.74	%		0.52	%		7.92	%		16	%	$	33,651
	1.40	%		0.86	%		0.52	%		19.06	%		23	%	$	20,591
	1.51	%		1.09	%		0.52	%		7.51	%		19	%	$	33

	2.09	%		0.55	%		0.32	%		6.08	%		21	%	$	52,584
	1.79	%		0.47	%		0.37	%		22.97	%		21	%	$	65,516
	1.72	%		0.51	%		0.37	%		(11.52	)%		26	%	$	161,764
	1.55	%		0.59	%		0.37	%		8.01	%		16	%	$	126,822
	1.63	%		0.75	%		0.40	%		19.18	%		23	%	$	74,427
	1.69	%		1.17	%		0.52	%		9.90	%		19	%	$	36,345

	1.77	%		0.89	%		0.67	%		5.90	%		21	%	$	8,926
	1.34	%		0.83	%		0.72	%		22.50	%		21	%	$	9,700
	1.37	%		0.85	%		0.72	%		(11.75	)%		26	%	$	14,747
	1.16	%		0.91	%		0.72	%		7.66	%		16	%	$	12,493
	1.28	%		1.05	%		0.75	%		18.70	%		23	%	$	8,462
	1.36	%		1.45	%		0.87	%		9.52	%		19	%	$	4,739

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


72		Wells Fargo Target Date Funds		Financial highlights


Target 2060 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Ending net asset value per share
Class A
Six months ended August 31, 2017 (unaudited)	$	10.69		0.09			0.53			(0.04	)	$	11.27
Year ended February 28, 2017	$	8.84		0.09	⁴		1.86			(0.10	)	$	10.69
Year ended February 29, 2016⁵	$	10.00		0.06			(1.11	)		(0.11	)	$	8.84
Class C
Six months ended August 31, 2017 (unaudited)	$	10.71		0.05			0.53			(0.00	)⁶	$	11.29
Year ended February 28, 2017	$	8.90		0.04			1.84			(0.07	)	$	10.71
Year ended February 29, 2016⁵	$	10.00		0.01			(1.11	)		0.00		$	8.90
Class R
Six months ended August 31, 2017 (unaudited)	$	10.53		0.08			0.52			(0.03	)	$	11.10
Year ended February 28, 2017	$	8.84		0.09	⁴		1.80			(0.20	)	$	10.53
Year ended February 29, 2016⁵	$	10.00		0.05			(1.11	)		(0.10	)	$	8.84
Class R4
Six months ended August 31, 2017 (unaudited)	$	10.88		0.11			0.55			(0.06	)	$	11.48
Year ended February 28, 2017	$	8.97		0.12	⁴		1.89			(0.10	)	$	10.88
Year ended February 29, 2016⁵	$	10.00		0.08	⁴		(1.11	)		0.00		$	8.97
Class R6
Six months ended August 31, 2017 (unaudited)	$	10.86		0.12			0.53			(0.06	)	$	11.45
Year ended February 28, 2017	$	8.95		0.13	⁴		1.90			(0.12	)	$	10.86
Year ended February 29, 2016⁵	$	10.00		0.09	⁴		(1.12	)		(0.02	)	$	8.95
Administrator Class
Six months ended August 31, 2017 (unaudited)	$	10.74		0.10			0.53			(0.05	)	$	11.32
Year ended February 28, 2017	$	8.89		0.10	⁴		1.88			(0.13	)	$	10.74
Year ended February 29, 2016⁵	$	10.00		0.07			(1.12	)		(0.06	)	$	8.89

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


	Six months ended August 31, 2017 (unaudited)			Year ended February 28, 2017			Year ended February 29, 2016⁵
Class A		0.19	%		0.17	%		0.15	%
Class C		0.19			0.16			0.16
Class R		0.20			0.19			0.17
Class R4		0.19			0.17			0.16
Class R6		0.19			0.17			0.16
Administrator Class		0.19			0.17			0.16

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

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

⁴	Calculated based upon average shares outstanding

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

⁶	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Target Date Funds			73


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

	1.62	%		1.42	%		0.78	%		5.83	%		21	%	$	650
	0.90	%		3.21	%		0.83	%		22.23	%		21	%	$	671
	0.97	%		14.47	%		0.83	%		(10.59	)%		26	%	$	100

	0.89	%		2.16	%		1.53	%		5.45	%		21	%	$	257
	0.39	%		5.30	%		1.58	%		21.22	%		21	%	$	252
	0.21	%		15.14	%		1.58	%		(11.00	)%		26	%	$	173

	1.39	%		1.67	%		1.03	%		5.71	%		21	%	$	137
	0.89	%		4.69	%		1.08	%		21.73	%		21	%	$	127
	0.72	%		14.73	%		1.08	%		(10.66	)%		26	%	$	89

	1.97	%		1.14	%		0.48	%		6.04	%		21	%	$	6,590
	1.14	%		1.88	%		0.52	%		22.45	%		21	%	$	6,443
	1.29	%		14.19	%		0.52	%		(10.30	)%		26	%	$	195

	2.11	%		0.99	%		0.32	%		6.03	%		21	%	$	12,428
	1.31	%		1.82	%		0.37	%		22.75	%		21	%	$	12,518
	1.41	%		14.05	%		0.37	%		(10.30	)%		26	%	$	573

	1.73	%		1.34	%		0.67	%		5.85	%		21	%	$	4,985
	0.98	%		2.31	%		0.72	%		22.38	%		21	%	$	4,427
	1.10	%		14.35	%		0.72	%		(10.50	)%		26	%	$	359

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


74		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Target Today Fund (“Target Today Fund”), Wells FargoTarget 2010 Fund (“Target 2010 Fund”), Wells FargoTarget 2015 Fund (“Target 2015 Fund”), Wells Fargo Target 2020 Fund (“Target 2020 Fund” ), Wells Fargo Target 2025 Fund (“Target 2025 Fund” ), Wells Fargo Target 2030 Fund (“Target 2030 Fund” ), Wells Fargo Target 2035 Fund (“Target 2035 Fund” ), Wells Fargo Target 2040 Fund (“Target 2040 Fund” ), Wells Fargo Target 2045 Fund (“Target 2045 Fund” ), Wells Fargo Target 2050 Fund (“Target 2050 Fund” ), Wells Fargo Target 2055 Fund (“Target 2055 Fund” ), and Wells Fargo Target 2060 Fund (“Target 2060 Fund” ) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Effective July 14, 2017, each Fund was renamed with new underlying strategies. The name changes of each Fund were as follows:


Former fund name		New fund name
Wells Fargo Dow Jones Target Today Fund		Wells Fargo Target Today Fund
Wells Fargo Dow Jones Target 2010 Fund		Wells Fargo Target 2010 Fund
Wells Fargo Dow Jones Target 2015 Fund		Wells Fargo Target 2015 Fund
Wells Fargo Dow Jones Target 2020 Fund		Wells Fargo Target 2020 Fund
Wells Fargo Dow Jones Target 2025 Fund		Wells Fargo Target 2025 Fund
Wells Fargo Dow Jones Target 2030 Fund		Wells Fargo Target 2030 Fund
Wells Fargo Dow Jones Target 2035 Fund		Wells Fargo Target 2035 Fund
Wells Fargo Dow Jones Target 2040 Fund		Wells Fargo Target 2040 Fund
Wells Fargo Dow Jones Target 2045 Fund		Wells Fargo Target 2045 Fund
Wells Fargo Dow Jones Target 2050 Fund		Wells Fargo Target 2050 Fund
Wells Fargo Dow Jones Target 2055 Fund		Wells Fargo Target 2055 Fund
Wells Fargo Dow Jones Target 2060 Fund		Wells Fargo Target 2060 Fund

Effective at the close of business on December 5, 2016, Class B shares of Target Today Fund, Target 2010 Fund, Target 2020 Fund, Target 2030 Fund and Target 2040 Fund were converted to Class A shares and are no longer offered by each Fund. Information for Class B shares reflected in the financial statements represents activity through December 5, 2016.

Each Fund seeks to achieve its investment objective by investing in multiple 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 each affiliated Master Portfolios


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			75

for the six months ended August 31, 2017 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2017, the Funds own the following percentages of the affiliated Master Portfolios:


	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund			Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund			Target 2060 Fund
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		5	%		5	%		6	%		27	%		13	%		22	%		7	%		9	%		2	%		3	%		1	%		0	%*
Wells Fargo Emerging Markets Bond Portfolio		5			6			6			27			13			22			7			9			2			3			0	*		0	*
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0	*		1			2			11			8			21			11			22			8			13			2			1
Wells Fargo Factor Enhanced International Portfolio		0	*		1			2			11			8			21			11			22			8			13			2			1
Wells Fargo Factor Enhanced Large Cap Portfolio		1			2			2			12			9			21			10			21			7			12			2			1
Wells Fargo Factor Enhanced Small Cap Portfolio		1			1			2			12			9			21			10			21			8			12			2			1
Wells Fargo High Yield Corporate Bond Portfolio		5			5			6			27			13			22			7			9			2			3			1			0	*
Wells Fargo Investment Grade Corporate Bond Portfolio		5			6			5			27			13			22			7			9			2			3			1			0	*
Wells Fargo Strategic Retirement Bond Portfolio		13			14			16			46			9			2			N/A			N/A			N/A			N/A			N/A			N/A
Wells Fargo U.S. REIT Portfolio		7			9			13			52			14			5			N/A			N/A			N/A			N/A			N/A			N/A

*	The amount owned is less than 1%.

Prior to July 14, 2017, each Fund primarily invested in three affiliated Master Portfolios: Wells Fargo Diversified Fixed Income Portfolio, Wells Fargo Diversified Stock Portfolio and Wells Fargo Short-Term Investment Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Security transactions and income recognition

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

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


76		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

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

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

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

Distributions to shareholders

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

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 August 31, 2017, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:


	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains (losses)
Target Today Fund	$	142,011,115	$	21,717,414	$	0		$	21,717,414
Target 2010 Fund		160,748,315		36,152,312		0			36,152,312
Target 2015 Fund		183,725,618		44,490,094		0			44,490,094
Target 2020 Fund		1,010,763,510		134,526,465		0			134,526,465
Target 2025 Fund		484,393,878		167,374,813		0			167,374,813
Target 2030 Fund		1,238,073,556		102,875,533		0			102,875,533
Target 2035 Fund		536,491,861		47,883,358		0			47,883,358
Target 2040 Fund		1,107,865,304		7,364,743		0			7,364,743
Target 2045 Fund		379,333,834		0		(2,367,328	)		(2,367,328	)
Target 2050 Fund		575,149,235		27,685,673		0			27,685,673
Target 2055 Fund		108,713,170		0		(6,856,567	)		(6,856,567	)
Target 2060 Fund		31,775,927		0		(6,519,153	)		(6,519,153	)

As of February 28, 2017, capital loss carryforwards available to offset future net realized capital gains were as follows:


	No expiration
	Short-term		Long-term
Target 2055 Fund	$	1,822,061	$	0
Target 2060 Fund		41,819		53,116


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			77

At February 28, 2017, current year deferred post-October capital losses and late-year ordinary losses, which were recognized on the first day of the current fiscal year were as follows:


	Deferred post-October capital losses				Late-year ordinary losses deferred
	Short-term		Long-term		Late-year ordinary losses deferred
Target Today Fund	$	0	$	0	$	763,398
Target 2010 Fund		0		0		362,770
Target 2015 Fund		0		0		777,441
Target 2020 Fund		0		0		3,692,583
Target 2025 Fund		0		0		1,451,620
Target 2030 Fund		0		0		822,110
Target 2060 Fund		43,798		64,147		3,362

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

As of August 31, 2017, each Fund’s investment in an affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate fair value of affiliated Master Portfolios held in each Fund was as follows:


	Aggregate fair value of affiliated Master Portfolios
Target Today Fund	$	163,728,529
Target 2010 Fund		196,900,627
Target 2015 Fund		228,215,712
Target 2020 Fund		1,145,289,975
Target 2025 Fund		651,768,591
Target 2030 Fund		1,340,949,089
Target 2035 Fund		584,375,219
Target 2040 Fund		1,115,230,047
Target 2045 Fund		376,966,506
Target 2050 Fund		602,834,908
Target 2055 Fund		101,856,603
Target 2060 Fund		25,256,774

Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


78		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

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


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate Index, before fees and expenses
Wells Fargo Emerging Markets Bond Portfolio		Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index, before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index, before fees and expenses.
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo High Yield Bond Index, before fees and expenses
Wells Fargo Investment Grade Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo Investment Grade Corporate Bond Index, before fees and expenses
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser, providing fund-level administrative services in connection with each Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of each Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.10% and declining to 0.08% as the average daily net assets of each Fund increase. Prior to July 14, 2017, Funds Management received a fee at an annual rate which started at 0.20% and declined to 0.18% as the average daily net assets of the Fund increased. For the six months ended August 31, 2017, the management fee was equivalent to an annual rate of 0.18% of each Fund’s average daily net assets, except for Target Today Fund and Target 2060 Fund which each incurred advisory fees equivalent to an annual rate of 0.19% and 0.17%, respectively, of its average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fees for subadvisory services are borne by Funds Management. 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 0.05% and declining to 0.03% as the average daily net assets of each Fund increase. Prior to July 14, 2017, Global Index Advisors, Inc., which is not an affiliate of Funds Management, was the subadviser to the Funds and was entitled to receive an annual fee which started at 0.60% and declined to 0.40% as the average daily net assets of each Fund increased.

Administration fees

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


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			79

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


	Class-level administration fee
Class A, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through July 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:


	Class A			Class C			Class R			Class R4			Class R6			Administrator Class
Target Today Fund		0.65	%		1.40	%		0.90	%		0.34	%		0.19	%		0.54	%
Target 2010 Fund		0.65			1.40			0.90			0.34			0.19			0.54
Target 2015 Fund		0.65			N/A			0.90			0.34			0.19			0.54
Target 2020 Fund		0.65			1.40			0.90			0.34			0.19			0.54
Target 2025 Fund		0.65			N/A			0.90			0.34			0.19			0.54
Target 2030 Fund		0.65			1.40			0.90			0.34			0.19			0.54
Target 2035 Fund		0.65			N/A			0.90			0.34			0.19			0.54
Target 2040 Fund		0.65			1.40			0.90			0.34			0.19			0.54
Target 2045 Fund		0.65			N/A			0.90			0.34			0.19			0.54
Target 2050 Fund		0.65			1.40			0.90			0.34			0.19			0.54
Target 2055 Fund		0.65			N/A			0.90			0.34			0.19			0.54
Target 2060 Fund		0.65			1.40			0.90			0.34			0.19			0.54

Prior to July 14, 2017, each Fund’s expenses were capped as following:


	Class A			Class C			Class R			Class R4			Class R6			Administrator Class
Target Today Fund		0.76	%		1.51	%		1.01	%		0.45	%		0.30	%		0.65	%
Target 2010 Fund		0.78			1.53			1.03			0.47			0.32			0.67
Target 2015 Fund		0.79			N/A			1.04			0.48			0.33			0.68
Target 2020 Fund		0.81			1.56			1.06			0.50			0.35			0.70
Target 2025 Fund		0.81			N/A			1.06			0.50			0.35			0.70
Target 2030 Fund		0.82			1.57			1.07			0.51			0.36			0.71
Target 2035 Fund		0.83			N/A			1.08			0.52			0.37			0.72
Target 2040 Fund		0.83			1.58			1.08			0.52			0.37			0.72
Target 2045 Fund		0.83			N/A			1.08			0.52			0.37			0.72
Target 2050 Fund		0.83			1.58			1.08			0.52			0.37			0.72
Target 2055 Fund		0.83			N/A			1.08			0.52			0.37			0.72
Target 2060 Fund		0.83			1.58			1.08			0.52			0.37			0.72

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 C and Class R shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC


80		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

(“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R 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 C shares. For the six months ended August 31, 2017, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.


	Front-end sales charges Class A		Contingent deferred sales charges Class C
Target Today Fund	$	2	$	0
Target 2010 Fund		56		0
Target 2015 Fund		100		N/A
Target 2020 Fund		356		267
Target 2025 Fund		136		N/A
Target 2030 Fund		651		0
Target 2035 Fund		260		N/A
Target 2040 Fund		1,044		0
Target 2045 Fund		193		N/A
Target 2050 Fund		651		0
Target 2055 Fund		157		N/A
Target 2060 Fund		8		0

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2017 were as follows:


	Purchase at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Target Today Fund	$	184,396,635	$	73,055,231	$	130,222,621	$	70,190,011
Target 2010 Fund		200,835,796		95,032,696		138,255,405		75,681,887
Target 2015 Fund		244,235,122		121,077,719		181,466,978		119,080,863
Target 2020 Fund		1,123,142,793		709,451,195		882,487,458		712,021,180
Target 2025 Fund		517,529,987		467,031,783		417,218,199		451,058,474
Target 2030 Fund		768,957,633		1,085,493,906		615,449,955		980,323,835
Target 2035 Fund		231,417,925		525,720,802		186,143,245		467,957,490
Target 2040 Fund		296,506,588		1,063,488,499		230,287,924		921,300,013
Target 2045 Fund		65,018,553		376,358,356		49,068,683		328,850,510
Target 2050 Fund		85,307,956		607,237,116		60,789,116		533,939,094
Target 2055 Fund		14,289,103		102,574,912		10,120,355		88,279,560
Target 2060 Fund		3,493,424		25,435,768		2,452,634		20,735,401

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


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			81

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $30,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

During the year ended August 31, 2017, the Funds had borrowings under the agreement. The amounts, including the related interest and fees, were not material to each Fund.

7. INDEMNIFICATION

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

8. REDEMPTIONS IN-KIND

After the close of business on December 9, 2016, the following Funds each redeemed assets through a redemption in-kind from a shareholder in Class R6. Each Fund invests all of its assets in the affiliated Master Portfolios to achieve its investment objective. In each redemption transaction, each applicable Fund issued securities which it received from the affiliated Master Portfolios on a pro-rata basis. The value of securities from the Portfolios along with any cash issued in the redemption, the percentage of the Fund and Class R6 at the time of the transaction and the gains or losses realized by each Fund are reflected in the table below. The redemption in-kind is reflected on the Statements of Changes in Net Assets.


	Value of securities		Cash		% of Fund on August 31, 2017			% of Class R6 on August 31, 2017			Gains recognized
Target Today Fund	$	105,985,689	$	15,411,197		21	%		56	%	$	13,693,939
Target 2010 Fund		44,481,032		6,468,094		15			33			9,446,049
Target 2015 Fund		141,203,562		20,532,749		27			49			18,589,051
Target 2020 Fund		446,374,230		64,908,349		22			40			107,022,336
Target 2025 Fund		922,814,403		134,188,661		47			69			97,311,715
Target 2030 Fund		620,359,094		90,207,907		27			51			205,832,959
Target 2035 Fund		410,931,047		59,754,471		34			58			116,877,858
Target 2040 Fund		485,327,423		70,572,627		28			52			211,673,564
Target 2045 Fund		249,349,193		36,258,465		34			57			88,998,866
Target 2050 Fund		584,732,726		85,027,391		46			70			131,256,617
Target 2055 Fund		136,882,005		19,904,341		50			66			25,419,397

9. SUBSEQUENT DISTRIBUTIONS

On September 25, 2017, Target Today Fund declared distributions from net investment income to shareholders of record on September 22, 2017. The per share amounts payable on September 26, 2017 were as follows:


Net investment income	Target Today Fund
Class A	$	0.06781
Class C		0.00689
Class R		0.05020
Class R4		0.07494
Class R6		0.10681
Administrator Class		0.07434

These distributions are not reflected in the accompanying financial statements.


82		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 39.65%
Federal Farm Credit Bank Bonds		0.89	%		11-16-2018	$	530,000	$	527,352
FHLB		0.88			8-5-2019		120,000		118,809
FHLB		1.00			9-26-2019		120,000		118,974
FHLMC		1.13			7-14-2021		120,000		117,707
FHLMC		1.25			10-2-2019		130,000		129,451
FHLMC		1.30			8-28-2019		100,000		99,648
FHLMC		1.75			12-14-2018		2,560,000		2,573,412
FHLMC		2.00			9-14-2018		900,000		906,708
FHLMC		2.13			6-9-2023		1,200,000		1,216,862
FHLMC		2.29			4-13-2022		920,000		920,622
FHLMC		2.38			1-13-2022		3,000,000		3,080,190
FHLMC		2.50			3-1-2032		10,517,829		10,667,898
FHLMC		2.75			12-13-2024		2,020,000		2,107,280
FHLMC		3.00			2-1-2047		20,053,914		20,291,218
FHLMC %%		3.00			9-13-2047		9,085,000		9,184,367
FHLMC		3.50			2-1-2044		17,968,666		18,709,253
FHLMC		3.50			4-1-2045		756,605		788,206
FHLMC		3.50			8-1-2047		11,044,258		11,452,167
FHLMC %%		3.50			9-13-2047		95,000		98,444
FHLMC		6.00			7-1-2040		4,676,726		5,270,638
FHLMC		6.25			7-15-2032		1,010,000		1,457,954
FHLMC		6.75			3-15-2031		600,000		883,299
FHLMC Series K005 Class A2		4.32			11-25-2019		1,400,000		1,470,184
FHLMC Series K014 Class A1		2.79			10-25-2020		10,975		11,125
FHLMC Series K015 Class A2		3.23			7-25-2021		60,000		62,847
FHLMC Series K028 Class A1		2.18			11-25-2022		666,238		671,320
FHLMC Series K029 Class A2 ±±		3.32			2-25-2023		1,425,000		1,510,002
FHLMC Series K030 Class A2 ±±		3.25			4-25-2023		1,510,000		1,595,394
FHLMC Series K034 Class A2 ±±		3.53			7-25-2023		60,000		64,336
FHLMC Series K035 Class A2 ±±		3.46			8-25-2023		55,000		58,771
FHLMC Series K048 Class A2 ±±		3.28			6-25-2025		1,420,000		1,504,114
FHLMC Series K062 Class A2		3.41			12-25-2026		750,000		798,953
FHLMC Series K063 Class A2 ±±		3.43			1-25-2027		45,000		47,998
FHLMC Series K706 Class A2		2.32			10-25-2018		58,984		59,346
FHLMC Series K717 Class A2		2.99			9-25-2021		900,000		936,076
FNMA ¤		0.00			10-9-2019		3,140,000		3,028,999
FNMA		1.00			10-24-2019		650,000		644,261
FNMA		1.13			10-19-2018		110,000		109,791
FNMA		1.38			2-26-2021		120,000		119,291
FNMA		1.50			11-30-2020		120,000		119,701
FNMA		1.63			11-27-2018		2,880,000		2,890,673
FNMA		2.01			7-25-2022		18,456		18,533
FNMA		2.50			12-1-2027		1,117,919		1,140,686
FNMA		2.50			9-1-2031		10,832,030		10,996,155
FNMA %%		2.50			9-18-2032		2,345,000		2,377,610
FNMA ±±		2.99			9-25-2027		168,393		171,972
FNMA		3.00			12-1-2026		5,504,842		5,698,583
FNMA		3.00			12-1-2030		748,782		773,677
FNMA		3.00			7-1-2032		7,723,689		7,979,369
FNMA %%		3.00			9-18-2032		3,940,000		4,068,050

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			83

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		3.00	%		8-1-2036	$	371,258	$	381,325
FNMA		3.00			2-1-2037		6,375,192		6,537,400
FNMA		3.00			8-1-2037		1,792,641		1,840,750
FNMA		3.00			11-1-2046		939,413		950,517
FNMA		3.00			7-1-2047		29,724,959		30,076,317
FNMA %%		3.00			9-13-2047		7,080,000		7,159,650
FNMA		3.50			6-1-2031		4,439,578		4,634,851
FNMA %%		3.50			9-18-2032		3,420,000		3,569,759
FNMA		3.50			1-1-2035		272,597		286,158
FNMA		3.50			3-1-2036		3,866,834		4,039,696
FNMA		3.50			4-1-2037		2,673,240		2,796,638
FNMA		3.50			6-1-2042		3,512,386		3,652,756
FNMA		3.50			7-1-2042		1,483,804		1,544,338
FNMA		3.50			10-1-2042		7,614,309		7,919,858
FNMA		3.50			9-1-2043		22,315,538		23,226,076
FNMA %%		3.50			9-13-2047		8,265,000		8,563,148
FNMA		4.00			6-1-2042		14,330,223		15,201,041
FNMA		4.00			6-1-2042		1,369,499		1,452,496
FNMA		4.00			8-1-2043		10,406,057		11,012,807
FNMA %%		4.00			9-13-2047		21,250,000		22,449,463
FNMA		4.50			5-1-2040		570,323		617,478
FNMA		4.50			9-1-2040		15,874,450		17,120,101
FNMA		4.50			2-1-2047		4,811,612		5,175,799
FNMA %%		4.50			9-13-2047		4,710,000		5,065,826
FNMA		5.00			1-1-2042		541,791		592,944
FNMA		5.00			6-1-2045		2,015,654		2,204,797
FNMA		5.00			7-1-2045		9,724,153		10,639,021
FNMA		5.50			9-1-2040		7,301,546		8,113,161
FNMA		6.00			5-1-2041		212,931		242,331
FNMA		7.13			1-15-2030		1,780,000		2,641,730
FNMA		7.25			5-15-2030		80,000		120,337
FNMA Series 2016-M7 Class A2		2.50			9-25-2026		495,000		487,583
FNMA Series 2017-M1 Class A2 ±±		2.50			10-25-2026		65,000		63,976
FNMA Series 2017-M3 Class A2 ±±		2.57			12-25-2026		995,000		983,534
GNMA		3.00			4-20-2045		11,198,227		11,439,382
GNMA		3.00			11-20-2045		798,348		815,540
GNMA		3.00			3-20-2046		15,747,148		16,086,264
GNMA %%		3.00			9-21-2047		7,585,000		7,741,441
GNMA		3.50			2-20-2045		22,189,644		23,172,344
GNMA		3.50			6-20-2045		3,645,728		3,807,193
GNMA		3.50			11-20-2045		4,046,976		4,226,220
GNMA		3.50			7-20-2047		13,888,928		14,499,552
GNMA %%		3.50			9-21-2047		405,000		422,323
GNMA		4.00			7-20-2044		4,026,529		4,273,056
GNMA		4.00			8-20-2044		1,956,755		2,076,559
GNMA		4.00			9-20-2044		3,973,323		4,216,290
GNMA %%		4.00			9-21-2047		10,100,000		10,642,875
TVA		1.75			10-15-2018		2,050,000		2,060,000
TVA		3.50			12-15-2042		30,000		31,951

Total Agency Securities (Cost $454,327,783)									456,522,928

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


84		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities: 0.65%
Americredit Automobile Receivables Trust Series 2016-3 Class A3		1.46	%		5-10-2021	$	455,000	$	453,927
Bank of America Credit Card Trust Series 2017 Class A1		1.95			8-15-2022		20,000		20,129
Capital Auto Receivables Asset Trust Series 2015-3 Class A4		2.13			5-20-2020		185,000		185,974
Capital Auto Receivables Asset Trust Series 2016-1 Class A4		1.98			10-20-2020		50,000		50,199
Capital One Multi Asset Execution Trust Series 2016-A5 Class A5		1.66			6-17-2024		188,000		186,376
Capital One Multi Asset Execution Trust Series 2017 Class A3		2.43			1-15-2025		40,000		40,734
Capital One Multi Asset Execution Trust Series 2017-A1 Class A1		2.00			1-17-2023		100,000		100,722
CarMax Auto Owner Trust Series 2016-3 Class A3		1.39			5-17-2021		465,000		463,471
CarMax Auto Owner Trust Series 2016-3 Class A4		1.60			1-18-2022		17,000		16,895
CarMax Auto Owner Trust Series 2016-4 Class A3		1.40			8-15-2021		470,000		467,757
CarMax Auto Owner Trust Series 2016-4 Class A4		1.60			6-15-2022		10,000		9,924
Chase Issuance Trust Series 2016-A2 Class A2		1.37			6-15-2021		590,000		587,613
Chase Issuance Trust Series 2016-A4 Class A4		1.49			7-15-2022		510,000		506,074
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6		2.15			7-15-2021		570,000		575,423
Citibank Credit Card Issuance Trust Series 2017-A2 Class A2		1.74			1-19-2021		580,000		581,629
Citibank Credit Card Issuance Trust Series 2017-A3 Class A3		1.92			4-7-2022		590,000		593,129
Nissan Auto Receivables Owners Trust Series 2017-A Class A4		2.11			5-15-2023		15,000		15,146
Synchrony Credit Card Master Note Trust Series 2015-1 Class A		2.37			3-15-2023		425,000		430,810
Synchrony Credit Card Master Note Trust Series 2016-2 Class A		2.21			5-15-2024		175,000		176,328
Toyota Auto Receivables Owner Trust Series 2017-B Class A3		1.76			7-15-2021		425,000		426,205
World Financial Network Credit Card Master Trust Series 2012-A Class A		3.14			1-17-2023		15,000		15,322
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		487,000		485,359
World Omni Auto Receivables Trust Series 2016-B Class A4		1.48			11-15-2022		422,000		417,667
World Omni Auto Receivables Trust Series 2017-A Class A3		1.93			9-15-2022		95,000		95,494
World Omni Auto Receivables Trust Series 2017-A Class A4		2.24			6-15-2023		210,000		212,544
World Omni Automobile Lease Securitization Trust Series 2016-A Class A3		1.45			8-15-2019		450,000		449,232

Total Asset-Backed Securities (Cost $7,548,187)									7,564,083


Municipal Obligations: 0.81%

California: 0.28%
Bay Area CA Toll Authority Series 1 (Transportation Revenue)		6.92			4-1-2040		15,000		21,684
Bay Area CA Toll Authority Series 1 (Transportation Revenue)		7.04			4-1-2050		320,000		502,266
California Build America Bonds (GO Revenue)		5.70			11-1-2021		270,000		308,105
California Build America Bonds (GO Revenue)		7.60			11-1-2040		15,000		23,887
California Department of Water Resources Series P (Utilities Revenue)		2.00			5-1-2022		55,000		54,844
California Series B (Education Revenue)		3.90			11-1-2047		15,000		15,770
California State Build America Bonds (GO Revenue)		7.55			4-1-2039		110,000		172,352
California State Build America Bonds (GO Revenue)		7.63			3-1-2040		800,000		1,245,776
Los Angeles CA Community College District Build America Bonds (GO Revenue)		6.75			8-1-2049		5,000		7,772
Los Angeles CA DW&P Build America Bonds (Utilities Revenue)		6.57			7-1-2045		175,000		261,686
Los Angeles CA Unified School District Build America Bonds (GO Revenue)		5.75			7-1-2034		15,000		19,358
Los Angeles CA Unified School District Build America Bonds (GO Revenue)		5.76			7-1-2029		160,000		199,910
Los Angeles CA Unified School District Build America Bonds (GO Revenue)		6.76			7-1-2034		160,000		225,459
University of California Series AD (Education Revenue)		4.86			5-15-2112		150,000		165,669

									3,224,538


Florida: 0.03%
Florida Board of Administrative Finance Series A (Miscellaneous Revenue)		2.64			7-1-2021		370,000		375,994

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			85

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Georgia: 0.04%
Municipal Electric Authority of Georgia Build America Bonds (Utilities Revenue)		6.66	%		4-1-2057	$	330,000	$	416,447
Municipal Electric Authority of Georgia Build America Bonds (Utilities Revenue)		7.06			4-1-2057		10,000		12,376

									428,823


Illinois: 0.16%
Chicago IL Series B (GO Revenue)		6.31			1-1-2044		330,000		354,740
Chicago IL Transit Authority Series B (Tax Revenue)		6.90			12-1-2040		310,000		411,510
Illinois Build America Bonds Series 3 (Miscellaneous Revenue)		6.73			4-1-2035		45,000		49,593
Illinois Taxable Pension (GO Revenue)		5.10			6-1-2033		1,010,000		1,005,475

									1,821,318


Kansas: 0.00%
Kansas Development Finance Authority Series H (Miscellaneous Revenue)		4.93			4-15-2045		5,000		5,734


Massachusetts: 0.03%
Massachusetts Build America Bonds (GO Revenue)		4.91			5-1-2029		300,000		357,201
Massachusetts Build America Bonds Series D (GO Revenue)		4.50			8-1-2031		5,000		5,782
Massachusetts Build America Bonds Series E (GO Revenue)		4.20			12-1-2021		10,000		10,730

									373,713


New Jersey: 0.09%
New Jersey EDA Series A (Miscellaneous Revenue, National Insured)		7.43			2-15-2029		395,000		490,250
New Jersey EDA Series B (Miscellaneous Revenue, AGM Insured) ¤		0.00			2-15-2022		25,000		21,878
New Jersey Turnpike Authority Build America Bonds Series A (Transportation Revenue)		7.10			1-1-2041		370,000		550,212

									1,062,340


New York: 0.15%
Metropolitan Transportation Authority New York Build America Bonds Series E (Transportation Revenue)		6.67			11-15-2039		50,000		70,653
Metropolitan Transportation Authority New York Build America Bonds Series E (Transportation Revenue)		6.81			11-15-2040		10,000		14,353
Metropolitan Transportation Authority New York Dedicated Tax Fund Build America Bonds (Tax Revenue)		7.34			11-15-2039		210,000		326,487
New York NY Municipal Water Finance Authority (Water & Sewer Revenue)		5.44			6-15-2043		10,000		13,190
New York NY Municipal Water Finance Authority Series CC (Water & Sewer Revenue)		5.88			6-15-2044		400,000		559,040
Port Authority of New York & New Jersey (Airport Revenue)		5.65			11-1-2040		45,000		60,243
Port Authority of New York & New Jersey Consolidated Bonds Series 174 (Airport Revenue)		4.46			10-1-2062		590,000		672,659

									1,716,625


Ohio: 0.02%
American Municipal Power Ohio Incorporated Build America Bonds (Utilities Revenue)		5.94			2-15-2047		150,000		199,610
American Municipal Power Ohio Incorporated Build America Bonds Series E (Utilities Revenue)		6.27			2-15-2050		10,000		13,105
Ohio State University Build America Bonds (Education Revenue)		4.91			6-1-2040		5,000		6,147

									218,862


Oregon: 0.01%
Oregon Department of Transportation Build America Bonds Series A (Tax Revenue)		5.83			11-15-2034		100,000		130,167

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


86		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Pennsylvania: 0.00%
Pennsylvania Turnpike Comission Series B (Transportation Revenue)		5.51	%		12-1-2045	$	5,000	$	6,599


Total Municipal Obligations (Cost $9,146,064)									9,364,713


Non-Agency Mortgage-Backed Securities: 1.58%
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		20,000		21,354
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		55,000		56,156
Citigroup Commercial Mortgage Trust Series 2016 GC37 Class B		4.23			4-10-2049		535,000		565,122
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5		3.62			2-10-2049		1,465,000		1,541,221
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class B ±±		4.92			2-10-2049		40,000		43,879
Citigroup Commercial Mortgage Trust Series 2016-P5 Class A2		2.40			10-10-2049		60,000		60,796
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		1,505,000		1,537,559
Commercial Mortgage Pass-Through Certificate Series 2013-CR9 Class A4 ±±		4.37			7-10-2045		1,395,000		1,530,716
Commercial Mortgage Trust Series 2012-LC4 Class A4		3.29			12-10-2044		1,460,000		1,518,342
Commercial Mortgage Trust Series 2013-CR6 Class A4		3.10			3-10-2046		60,000		62,188
Commercial Mortgage Trust Series 2014 UBS5 Class C ±±		4.77			9-10-2047		390,000		405,387
Commercial Mortgage Trust Series 2014-UBS6 Class C ±±		4.61			12-10-2047		60,000		59,381
Commercial Mortgage Trust Series 2015-CR23 Class A3		3.23			5-10-2048		60,000		61,896
Commercial Mortgage Trust Series 2016 CR1 Class C ±±		4.54			10-10-2049		65,000		66,739
Commercial Mortgage Trust Series 2016-CR28 Class A4		3.76			2-10-2049		1,055,000		1,123,314
Goldman Sachs Mortgage Securities Trust Series 2010-C1 Class D 144A±±		6.20			8-10-2043		890,000		926,836
Goldman Sachs Mortgage Securities Trust Series 2011-GC5 Class AS 144A±±		5.21			8-10-2044		45,000		48,803
Goldman Sachs Mortgage Securities Trust Series 2011-GC6 Class AS 144A		4.95			1-10-2045		50,000		54,691
Goldman Sachs Mortgage Securities Trust Series 2012-GC6 Class A3		3.48			1-10-2045		936,463		983,590
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ9 Class AS		3.12			11-10-2045		40,000		40,798
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		1,150,000		1,257,433
JPMorgan Chase Commercial Mortgage Securities Corporation Series 201- C30 Clas A5		3.82			7-15-2048		1,450,000		1,552,824
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C15 Class A4		4.10			11-15-2045		20,000		21,712
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C17 Class B ±±		5.05			1-15-2047		40,000		43,133
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C31 Class A3		3.80			8-15-2048		1,465,000		1,568,163
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		20,000		20,415
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class AS ±±		4.52			8-15-2046		765,000		827,286
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8 Class A4		3.13			12-15-2048		50,000		51,748
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14 Class A2		2.92			2-15-2047		500,000		507,425
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class A4		3.31			4-15-2048		60,000		62,218
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class B ±±		3.88			4-15-2048		1,455,000		1,495,931
Morgan Stanley Bank of America Merrill LynchTrust Series 2012-C5 Class A4		3.18			8-15-2045		60,000		62,367

Total Non-Agency Mortgage-Backed Securities (Cost $18,063,108)									18,179,423


U.S. Treasury Securities: 47.75%
U.S. Treasury Bond		2.50			2-15-2046		210,000		200,370
U.S. Treasury Bond		2.75			8-15-2042		6,035,000		6,113,031
U.S. Treasury Bond		2.75			11-15-2042		6,085,000		6,158,210
U.S. Treasury Bond		2.88			5-15-2043		5,955,000		6,153,888
U.S. Treasury Bond		3.00			5-15-2042		5,800,000		6,151,852
U.S. Treasury Bond		3.00			11-15-2044		585,000		618,295
U.S. Treasury Bond		3.00			5-15-2045		810,000		855,056
U.S. Treasury Bond		3.00			11-15-2045		55,000		58,029
U.S. Treasury Bond		3.00			2-15-2047		15,000		15,829
U.S. Treasury Bond		3.00			5-15-2047		26,361,000		27,830,420

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			87

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Bond		3.13	%		11-15-2041	$	5,670,000	$	6,150,621
U.S. Treasury Bond		3.38			5-15-2044		1,565,000		1,769,184
U.S. Treasury Bond		3.63			8-15-2043		1,100,000		1,293,445
U.S. Treasury Bond		3.63			2-15-2044		35,000		41,230
U.S. Treasury Bond		3.75			11-15-2043		5,100,000		6,126,574
U.S. Treasury Bond		4.25			11-15-2040		2,775,000		3,565,983
U.S. Treasury Bond		4.38			5-15-2041		4,665,000		6,110,239
U.S. Treasury Bond		4.75			2-15-2041		390,000		536,448
U.S. Treasury Bond		5.00			5-15-2037		5,504,000		7,698,290
U.S. Treasury Bond		5.38			2-15-2031		2,017,000		2,753,520
U.S. Treasury Bond		5.50			8-15-2028		110,000		145,836
U.S. Treasury Bond		6.13			11-15-2027		1,195,000		1,634,723
U.S. Treasury Note		0.75			2-15-2019		5,990,000		5,943,203
U.S. Treasury Note		0.75			7-15-2019		50,000		49,473
U.S. Treasury Note		0.88			4-15-2019		6,000,000		5,957,344
U.S. Treasury Note		1.00			3-15-2019		5,965,000		5,937,505
U.S. Treasury Note		1.00			11-15-2019		2,360,000		2,342,023
U.S. Treasury Note		1.00			11-30-2019		6,015,000		5,969,653
U.S. Treasury Note		1.13			1-31-2019		5,895,000		5,880,953
U.S. Treasury Note		1.13			2-28-2019		5,965,000		5,950,553
U.S. Treasury Note		1.13			12-31-2019		6,010,000		5,978,307
U.S. Treasury Note		1.13			6-30-2021		730,000		717,596
U.S. Treasury Note		1.25			12-31-2018		2,855,000		2,853,996
U.S. Treasury Note		1.25			1-31-2019		5,945,000		5,942,213
U.S. Treasury Note		1.25			3-31-2019		5,960,000		5,954,180
U.S. Treasury Note		1.25			4-30-2019		5,960,000		5,954,180
U.S. Treasury Note		1.25			5-31-2019		310,000		309,649
U.S. Treasury Note		1.25			6-30-2019		20,000		19,975
U.S. Treasury Note		1.25			2-29-2020		4,680,000		4,665,558
U.S. Treasury Note		1.25			3-31-2021		6,035,000		5,972,764
U.S. Treasury Note		1.25			10-31-2021		6,010,000		5,918,441
U.S. Treasury Note		1.38			2-28-2019		5,935,000		5,942,187
U.S. Treasury Note		1.38			12-15-2019		5,970,000		5,972,565
U.S. Treasury Note		1.38			10-31-2020		3,365,000		3,354,090
U.S. Treasury Note		1.38			1-31-2021		1,750,000		1,741,660
U.S. Treasury Note		1.38			4-30-2021		6,025,000		5,985,226
U.S. Treasury Note		1.38			5-31-2021		6,035,000		5,990,916
U.S. Treasury Note		1.38			6-30-2023		6,170,000		6,015,750
U.S. Treasury Note		1.38			8-31-2023		435,000		423,292
U.S. Treasury Note		1.38			9-30-2023		6,135,000		5,967,006
U.S. Treasury Note		1.50			1-31-2019		385,000		386,083
U.S. Treasury Note		1.50			2-28-2019		5,920,000		5,936,419
U.S. Treasury Note		1.50			3-31-2019		5,930,000		5,948,995
U.S. Treasury Note		1.50			11-30-2019		5,950,000		5,969,059
U.S. Treasury Note		1.50			6-15-2020		56,243,000		56,379,214
U.S. Treasury Note		1.50			3-31-2023		6,085,000		5,988,258
U.S. Treasury Note		1.50			8-15-2026		5,880,000		5,595,647
U.S. Treasury Note		1.63			3-31-2019		5,905,000		5,934,756
U.S. Treasury Note		1.63			4-30-2019		5,915,000		5,946,423
U.S. Treasury Note		1.63			12-31-2019		5,935,000		5,970,471

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


88		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		1.63	%		3-15-2020	$	10,000	$	10,061
U.S. Treasury Note		1.63			4-30-2023		6,070,000		6,008,352
U.S. Treasury Note		1.63			5-31-2023		6,085,000		6,021,060
U.S. Treasury Note		1.63			10-31-2023		6,080,000		5,998,300
U.S. Treasury Note		1.63			2-15-2026		6,240,000		6,026,231
U.S. Treasury Note		1.63			5-15-2026		6,285,000		6,056,678
U.S. Treasury Note		1.75			12-31-2020		10,000		10,078
U.S. Treasury Note		1.75			11-30-2021		5,965,000		5,991,563
U.S. Treasury Note		1.75			2-28-2022		1,030,000		1,033,661
U.S. Treasury Note		1.75			6-30-2022		34,453,000		34,516,254
U.S. Treasury Note		1.75			5-15-2023		6,035,000		6,011,897
U.S. Treasury Note		1.88			11-30-2021		5,925,000		5,985,176
U.S. Treasury Note		1.88			7-31-2022		1,670,000		1,682,460
U.S. Treasury Note		1.88			8-31-2024		5,285,000		5,258,781
U.S. Treasury Note		2.00			5-31-2021		5,890,000		5,981,801
U.S. Treasury Note		2.00			10-31-2021		5,895,000		5,982,043
U.S. Treasury Note		2.00			11-15-2021		5,895,000		5,985,958
U.S. Treasury Note		2.00			12-31-2021		3,630,000		3,682,607
U.S. Treasury Note		2.00			2-15-2023		30,000		30,330
U.S. Treasury Note		2.00			6-30-2024		24,961,000		25,061,429
U.S. Treasury Note		2.00			2-15-2025		5,995,000		5,996,639
U.S. Treasury Note		2.00			8-15-2025		6,025,000		6,011,114
U.S. Treasury Note		2.13			12-31-2021		5,885,000		6,000,401
U.S. Treasury Note		2.13			12-31-2022		3,190,000		3,246,697
U.S. Treasury Note		2.13			11-30-2023		4,850,000		4,925,402
U.S. Treasury Note		2.13			7-31-2024		2,455,000		2,483,865
U.S. Treasury Note		2.13			5-15-2025		5,985,000		6,033,394
U.S. Treasury Note		2.25			3-31-2021		5,810,000		5,952,300
U.S. Treasury Note		2.25			4-30-2021		5,825,000		5,968,350
U.S. Treasury Note		2.25			11-15-2025		1,710,000		1,736,251
U.S. Treasury Note		2.38			8-15-2024		35,000		35,983
U.S. Treasury Note		2.38			5-15-2027		11,113,000		11,354,360
U.S. Treasury Note		2.75			11-15-2023		50,000		52,623
U.S. Treasury Note		3.13			5-15-2019		5,680,000		5,853,506
U.S. Treasury Note		3.13			5-15-2021		5,640,000		5,957,691
U.S. Treasury Note		3.38			11-15-2019		5,685,000		5,935,495
U.S. Treasury Note		6.00			2-15-2026		1,485,000		1,945,408
U.S. Treasury Note		6.50			11-15-2026		3,485,000		4,781,257
U.S. Treasury Note		8.00			11-15-2021		760,000		956,561
U.S. Treasury Note		8.13			8-15-2019		55,000		62,187
U.S. Treasury Note		8.13			5-15-2021		2,490,000		3,077,776
U.S. Treasury Note		8.75			5-15-2020		1,865,000		2,229,695
U.S. Treasury Note		9.00			11-15-2018		1,925,000		2,104,416

Total U.S. Treasury Securities (Cost $543,936,181)									549,782,747


Yankee Corporate Bonds and Notes: 0.99%

Energy: 0.57%

Oil, Gas & Consumable Fuels: 0.57%
Ecopetrol SA		4.25			9-18-2018		1,040,000		1,064,440
Ecopetrol SA		7.38			9-18-2043		40,000		45,040

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			89

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Nexen Incorporated		7.50	%		7-30-2039	$	320,000	$	472,118
Nexen Incorporated		7.88			3-15-2032		200,000		289,872
Petroleos Mexicanos Company		5.50			6-27-2044		2,130,000		2,004,330
Petroleos Mexicanos Company 144A		6.50			3-13-2027		530,000		592,526
Petroleos Mexicanos Company		6.50			6-2-2041		110,000		115,363
Petroleos Mexicanos Company		8.00			5-3-2019		1,080,000		1,182,600
Statoil ASA		2.90			11-8-2020		110,000		113,349
Statoil ASA		4.80			11-8-2043		560,000		641,666

									6,521,304


Financials: 0.42%

Banks: 0.42%
Corporacion Andina de Fomento		2.13			9-27-2021		10,000		9,951
Corporación Andina de Fomento		4.38			6-15-2022		270,000		293,193
Export-Import Bank of Korea		2.88			1-21-2025		400,000		396,532
Export-Import Bank of Korea		5.13			6-29-2020		1,180,000		1,267,426
Japan Bank for International Cooperation		1.88			4-20-2021		2,550,000		2,531,081
Nordic Investment Bank		1.25			8-2-2021		400,000		392,564

									4,890,747


Total Yankee Corporate Bonds and Notes (Cost $11,238,181)									11,412,051


Yankee Government Bonds: 4.94%
African Development Bank		1.13			9-20-2019		880,000		873,488
Israel AID Bond		5.50			4-26-2024		60,000		72,462
Asian Development Bank		1.63			5-5-2020		140,000		140,242
Asian Development Bank		2.00			2-16-2022		1,620,000		1,633,538
Asian Development Bank		2.63			1-12-2027		900,000		926,770
Asian Development Bank		5.82			6-16-2028		10,000		12,755
Asian Development Bank		6.22			8-15-2027		470,000		623,747
Canada Government Bond		1.63			2-27-2019		245,000		245,938
Council of Europe		1.88			1-27-2020		370,000		372,829
European Bank for Reconstruction and Development		0.88			7-22-2019		60,000		59,105
European Bank for Reconstruction and Development		2.13			3-7-2022		1,190,000		1,202,985
European Investment Bank		1.25			12-16-2019		1,680,000		1,668,398
European Investment Bank		1.38			6-15-2020		1,740,000		1,729,455
European Investment Bank		1.63			8-14-2020		570,000		570,038
European Investment Bank		1.63			12-15-2020		280,000		279,399
European Investment Bank		1.88			3-15-2019		170,000		171,081
European Investment Bank		1.88			2-10-2025		110,000		107,786
European Investment Bank		2.38			6-15-2022		1,540,000		1,573,892
Export Development Canada		1.25			12-10-2018		100,000		99,804
Export Development Canada		1.63			1-17-2020		1,170,000		1,173,587
FMS Wertmanagement		1.75			3-17-2020		550,000		552,373
Hydro-Quebec		9.40			2-1-2021		1,195,000		1,458,942
Inter-American Development Bank		1.50			9-25-2018		720,000		720,671
Inter-American Development Bank		1.75			4-14-2022		1,590,000		1,582,905
Inter-American Development Bank		2.13			1-18-2022		590,000		597,973
Inter-American Development Bank		2.13			1-15-2025		10,000		10,000

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


90		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
Inter-American Development Bank		3.20	%		8-7-2042	$	80,000	$	81,211
Inter-American Development Bank		3.88			2-14-2020		140,000		147,679
Inter-American Development Bank		4.38			1-24-2044		40,000		49,012
International Bank for Reconstruction and Development		1.00			10-5-2018		1,120,000		1,115,342
International Bank for Reconstruction and Development		1.25			7-26-2019		2,115,000		2,106,183
International Bank for Reconstruction and Development		1.38			3-30-2020		850,000		846,501
International Bank for Reconstruction and Development		1.38			5-24-2021		1,740,000		1,719,651
International Bank for Reconstruction and Development		1.88			3-15-2019		40,000		40,252
International Bank for Reconstruction and Development		2.00			1-26-2022		240,000		241,881
International Bank for Reconstruction and Development		2.50			7-29-2025		10,000		10,154
International Bank for Reconstruction and Development		4.75			2-15-2035		130,000		163,908
International Finance Corporation		1.75			9-4-2018		1,170,000		1,174,375
Italy Government Bond		5.38			6-15-2033		200,000		233,014
Italy Government Bond		6.88			9-27-2023		255,000		306,408
KfW		1.50			6-15-2021		2,910,000		2,884,976
KfW		2.00			5-2-2025		40,000		39,561
KfW		2.13			3-7-2022		2,390,000		2,418,618
KfW		2.13			6-15-2022		130,000		131,434
KfW		2.13			1-17-2023		400,000		403,711
KfW		2.75			9-8-2020		2,660,000		2,747,178
Korea Development Bank		2.25			5-18-2020		650,000		649,165
Landwirtschaftliche Rentenbank		1.75			7-27-2026		10,000		9,562
Landwirtschaftliche Rentenbank		1.88			9-17-2018		90,000		90,446
Landwirtschaftliche Rentenbank		2.25			10-1-2021		1,210,000		1,231,069
Oesterreichische Kontrollbank Aktiengesellschaft		1.13			4-26-2019		1,070,000		1,062,774
Oriental Republic of Uruguay		4.50			8-14-2024		105,000		115,763
Oriental Republic of Uruguay		5.10			6-18-2050		670,000		706,850
Province of Alberta		1.90			12-6-2019		230,000		230,531
Province of Alberta		2.20			7-26-2022		90,000		90,373
Province of British Columbia		2.00			10-23-2022		15,000		14,995
Province of British Columbia		2.25			6-2-2026		530,000		523,073
Province of Manitoba		2.10			9-6-2022		530,000		529,285
Province of Manitoba		2.13			6-22-2026		20,000		19,225
Province of Ontario		1.63			1-18-2019		160,000		160,181
Province of Ontario		2.00			9-27-2018		90,000		90,414
Province of Ontario		2.50			4-27-2026		690,000		688,697
Province of Ontario		3.20			5-16-2024		5,000		5,264
Province of Ontario		4.40			4-14-2020		1,040,000		1,109,471
Province of Quebec		2.50			4-20-2026		75,000		75,161
Province of Quebec		2.63			2-13-2023		60,000		61,533
Republic of Chile		2.25			10-30-2022		200,000		200,180
Republic of Chile		3.63			10-30-2042		285,000		287,850
Republic of Colombia		4.38			7-12-2021		805,000		859,338
Republic of Colombia		6.13			1-18-2041		100,000		118,625
Republic of Colombia		7.38			9-18-2037		815,000		1,079,875
Republic of Hungary		4.00			3-25-2019		610,000		629,032
Republic of Hungary		5.38			3-25-2024		15,000		17,303
Republic of Hungary		6.38			3-29-2021		30,000		33,993
Republic of Hungary		7.63			3-29-2041		245,000		378,211
Republic of Korea		3.88			9-11-2023		415,000		445,693

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			91

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
Republic of Panama		6.70	%		1-26-2036	$	20,000	$	26,700
Republic of Panama		9.38			4-1-2029		595,000		899,938
Republic of Peru		5.63			11-18-2050		535,000		676,775
Republic of Peru		7.35			7-21-2025		240,000		316,560
Republic of Philippines		5.50			3-30-2026		955,000		1,150,595
Republic of Poland		3.00			3-17-2023		960,000		988,080
Republic of Poland		3.25			4-6-2026		10,000		10,333
Republic of Poland		5.13			4-21-2021		10,000		11,050
Republic of the Philippines		4.00			1-15-2021		105,000		111,826
Republic of the Philippines		6.38			1-15-2032		200,000		264,607
Republic of the Philippines		6.38			10-23-2034		475,000		642,271
State of Israel		2.88			3-16-2026		205,000		208,377
State of Israel		4.00			6-30-2022		365,000		392,904
Swedish Export Credit ¤		0.00			5-11-2037		275,000		145,686
Swedish Export Credit		1.88			6-23-2020		800,000		804,403
United Mexican States		4.00			10-2-2023		120,000		127,020
United Mexican States		4.13			1-21-2026		200,000		211,588
United Mexican States		5.75			10-12-2110		1,045,000		1,127,033
United Mexican States		7.50			4-8-2033		715,000		981,338
United Mexican States		8.13			12-30-2019		810,000		938,588

Total Yankee Government Bonds (Cost $56,479,245)									56,870,816


	Yield					Shares
Short-Term Investments: 8.51%

Investment Companies: 8.51%
Wells Fargo Government Money Market Select Class (l)(u)##		0.92					97,959,223		97,959,223


Total Short-Term Investments (Cost $97,959,223)									97,959,223


Total investments in securities (Cost $1,198,697,972)	104.88	%		1,207,655,984
Other assets and liabilities, net	(4.88	)		(56,213,681	)

Total net assets	100.00	%	$	1,151,442,303

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

±±	The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

¤	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.

(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.

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

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


92		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO

Investments In Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 8.51%
Wells Fargo Government Money Market Fund Select Class		0		295,863,417		197,904,194		97,959,223	$	0	$	0	$	156,388	$	97,959,223

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			93

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Expiration date		Principal		Value

Participation Notes: 1.10%

Ireland: 0.78%
RZD Capital PLC (Russian Railways) (Energy, Oil, Gas & Consumable Fuels)		4.38	%		3-1-2024	$	750,000	$	757,500


United Kingdom: 0.32%
Biz Finance PLC (State Export-Import Ukreximbank) (Financials, Banks)		9.63			4-27-2022		300,000		316,260


Total Participation Notes (Cost $1,072,073)									1,073,760


				Maturity date
Yankee Corporate Bonds and Notes: 14.08%

Azerbaijan: 1.03%
State Oil Company of the Azerbaijan Republic (Energy, Oil, Gas & Consumable Fuels)		4.75			3-13-2023		1,000,000		1,005,000


Brazil: 0.20%
Caixa Economica Federal (Financials, Banks)		3.50			11-7-2022		200,000		195,300


Chile: 1.81%
Banco del Estado de Chile (Financials, Banks)		4.13			10-7-2020		300,000		316,538
Codelco Incorporated (Materials, Metals & Mining)		4.88			11-4-2044		250,000		273,069
Codelco Incorporated (Materials, Metals & Mining)		5.63			9-21-2035		1,000,000		1,178,948

									1,768,555


China: 1.01%
Export-Import Bank of China (Financials, Banks)		2.00			4-26-2021		1,000,000		986,471


Indonesia: 0.95%
PT Pertamina Persero (Energy, Oil, Gas & Consumable Fuels)		5.63			5-20-2043		200,000		214,197
PT Perusahaan Listrik Negara (Utilities, Electric Utilities)		4.13			5-15-2027		700,000		706,083

									920,280


Ireland: 0.30%
Vnesheconombank (Finance, Banks)		5.94			11-21-2023		275,000		294,982


Kazakhstan: 0.68%
KazMunayGas National Company JSC (Energy, Oil, Gas & Consumable Fuels)		5.75			4-30-2043		650,000		663,130


Malaysia: 1.63%
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels)		3.13			3-18-2022		200,000		205,583
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels)		3.50			3-18-2025		216,000		224,959
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels)		7.88			5-22-2022		936,000		1,158,688

									1,589,230


Mexico: 3.02%
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		3.50			1-30-2023		225,000		223,031
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		4.88			1-24-2022		2,000,000		2,107,800
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		5.38			3-13-2022		225,000		241,425
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		5.63			1-23-2046		400,000		376,520

									2,948,776

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


94		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

South Africa: 0.29%
Eskom Holdings Limited (Utilities, Electric Utilities)		5.75	%		1-26-2021	$	275,000	$	281,486


United Kingdom: 0.22%
State Savings Bank of Ukraine JSC (Finance, Banks)		9.63			3-20-2025		200,000		210,540


Venezuela: 0.55%
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels)		5.38			4-12-2027		200,000		60,500
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels)		6.00			11-15-2026		225,000		67,500
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels)		9.00			11-17-2021		1,050,000		409,500

									537,500


Virgin Islands (British): 2.39%
Chinalco Capital Holding Company (Materials, Metals & Mining)		4.00			8-25-2021		650,000		655,879
Sinochem Capital Company Limited (5 Year Treasury Constant Maturity +4.30%) (Materials, Chemicals) ±		5.00			12-29-2049		275,000		281,531
Sinopec Group Overseas Development (2015) Limited (Energy, Oil, Gas & Consumable Fuels)		4.10			4-28-2045		200,000		201,974
Sinopec Group Overseas Development (2016) Limited (Energy, Oil, Gas & Consumable Fuels)		1.75			9-29-2019		1,200,000		1,188,989

									2,328,373


Total Yankee Corporate Bonds and Notes (Cost $13,654,024)									13,729,623


Yankee Government Bonds: 78.55%
Arab Republic of Egypt		5.88			6-11-2025		1,000,000		1,014,692
Arab Republic of Egypt		6.13			1-31-2022		200,000		208,200
Arab Republic of Egypt		8.50			1-31-2047		750,000		840,000
Banco Nacional de Desenvolvimento Economico e Social		4.00			4-14-2019		900,000		917,658
China Development Bank		4.00			1-24-2037		600,000		620,960
Dominican Republic		5.95			1-25-2027		2,300,000		2,495,500
Export-Import Bank of India		4.00			1-14-2023		275,000		289,236
Federation of Malaysia		3.18			4-27-2026		900,000		916,380
Federative Republic of Brazil		6.00			4-7-2026		1,973,000		2,188,057
Federative Republic of Brazil		10.13			5-15-2027		425,000		618,375
Government of Jamaica		6.75			4-28-2028		325,000		377,000
Government of Jamaica		7.88			7-28-2045		500,000		612,500
Islamic Republic of Pakistan		8.25			4-15-2024		800,000		900,982
Lebanese Republic		6.00			1-27-2023		850,000		835,499
Lebanese Republic		6.38			3-9-2020		200,000		203,751
Lebanese Republic		6.60			11-27-2026		1,150,000		1,140,085
Lebanese Republic		7.05			11-2-2035		200,000		194,932
Lebanese Republic		8.25			4-12-2021		350,000		374,675
Oman Government International Bond		4.75			6-15-2026		375,000		374,250
Oriental Republic of Uruguay		5.10			6-18-2050		375,000		395,625
Republic of Argentina		5.63			1-26-2022		2,150,000		2,248,900
Republic of Argentina		7.50			4-22-2026		225,000		252,563
Republic of Argentina		7.63			4-22-2046		1,250,000		1,371,875
Republic of Chile		3.86			6-21-2047		550,000		570,625
Republic of Colombia		3.88			4-25-2027		2,243,000		2,285,617
Republic of Colombia		5.00			6-15-2045		236,000		244,260
Republic of Costa Rica		5.63			4-30-2043		300,000		272,625

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			95

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
Republic of Costa Rica		7.00	%		4-4-2044	$	550,000	$	578,188
Republic of Croatia		6.00			1-26-2024		425,000		484,551
Republic of Croatia		6.63			7-14-2020		628,000		693,953
Republic of Ecuador		7.95			6-20-2024		1,700,000		1,663,875
Republic of Ecuador		10.50			3-24-2020		425,000		454,219
Republic of El Salvador		6.38			1-18-2027		300,000		288,750
Republic of El Salvador		7.65			6-15-2035		547,000		545,633
Republic of Gabon		6.38			12-12-2024		700,000		689,612
Republic of Ghana		8.13			1-18-2026		225,000		238,757
Republic of Ghana		9.25			9-15-2022		600,000		666,660
Republic of Guatemala		4.38			6-5-2027		800,000		792,000
Republic of Hungary		5.38			2-21-2023		2,000,000		2,267,700
Republic of Hungary		5.38			3-25-2024		200,000		230,710
Republic of Hungary		6.25			1-29-2020		450,000		491,625
Republic of Indonesia		4.55			3-29-2026		1,000,000		1,063,750
Republic of Indonesia		5.88			1-15-2024		2,050,000		2,368,705
Republic of Indonesia		7.75			1-17-2038		275,000		392,806
Republic of Iraq		5.80			1-15-2028		500,000		474,313
Republic of Ivory Coast		5.38			7-23-2024		375,000		377,888
Republic of Ivory Coast		6.13			6-15-2033		500,000		498,850
Republic of Kazakhstan		3.88			10-14-2024		1,400,000		1,453,200
Republic of Kazakhstan		4.88			10-14-2044		300,000		310,695
Republic of Kenya		6.88			6-24-2024		850,000		891,608
Republic of Lithuania		6.63			2-1-2022		950,000		1,116,250
Republic of Namibia		5.25			10-29-2025		200,000		204,900
Republic of Namibia		5.50			11-3-2021		200,000		215,750
Republic of Panama		4.00			9-22-2024		2,100,000		2,254,350
Republic of Panama		4.50			5-15-2047		400,000		429,000
Republic of Paraguay		4.63			1-25-2023		225,000		237,375
Republic of Paraguay		5.00			4-15-2026		250,000		270,625
Republic of Peru		6.55			3-14-2037		1,065,000		1,443,075
Republic of Peru		7.35			7-21-2025		200,000		263,800
Republic of Peru		8.75			11-21-2033		325,000		511,875
Republic of Philippines		3.95			1-20-2040		1,850,000		1,951,088
Republic of Philippines		5.50			3-30-2026		379,000		456,624
Republic of Poland		3.25			4-6-2026		1,700,000		1,756,610
Republic of Poland		5.13			4-21-2021		625,000		690,625
Republic of Senegal		8.75			5-13-2021		850,000		975,375
Republic of Serbia		4.88			2-25-2020		425,000		446,386
Republic of Serbia		5.88			12-3-2018		950,000		991,420
Republic of South Africa		4.88			4-14-2026		1,800,000		1,847,326
Republic of South Africa		6.25			3-8-2041		200,000		222,254
Republic of Sri Lanka		5.88			7-25-2022		450,000		478,173
Republic of Turkey		3.25			3-23-2023		250,000		239,692
Republic of Turkey		5.63			3-30-2021		411,000		439,415
Republic of Turkey		6.63			2-17-2045		1,650,000		1,891,032
Republic of Turkey		8.00			2-14-2034		200,000		255,736
Republic of Venezuela		6.00			12-9-2020		425,000		163,625
Republic of Venezuela		9.00			5-7-2023		1,210,000		438,625
Republic of Venezuela		9.25			9-15-2027		300,000		117,750

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


96		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
Republic of Zambia		8.50	%		4-14-2024	$	200,000	$	216,940
Republica Orient Uruguay		4.13			11-20-2045		1,400,000		1,365,000
Republica Orient Uruguay		8.00			11-18-2022		270,000		330,750
Romania		6.13			1-22-2044		200,000		256,270
Romania		6.75			2-7-2022		802,000		935,790
Russian Federation		4.50			4-4-2022		600,000		640,219
Russian Federation		7.50			3-31-2030		479,750		575,433
Russian Federation		12.75			6-24-2028		950,000		1,676,389
Sri Lanka		6.25			7-27-2021		2,050,000		2,206,925
Sultanate of Oman		5.38			3-8-2027		1,650,000		1,718,063
Sultanate of Oman		6.50			3-8-2047		200,000		209,000
Ukraine Government		7.75			9-1-2019		1,500,000		1,562,250
Ukraine Government		7.75			9-1-2020		225,000		234,590
Ukraine Government		7.75			9-1-2025		600,000		616,500
Ukraine Government		7.75			9-1-2026		250,000		256,250
United Mexican States		6.75			9-27-2034		2,000,000		2,619,400
ZAR Sovereign Capital Fund Proprietary Limited		3.90			6-24-2020		200,000		203,927

Total Yankee Government Bonds (Cost $75,388,367)									76,615,322


	Yield					Shares
Short-Term Investments: 1.76%

Investment Companies: 1.76%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.92					1,716,841		1,716,841


Total Short-Term Investments (Cost $1,716,841)									1,716,841


Total investments in securities (Cost $91,831,305)	95.49	%		93,135,546
Other assets and liabilities, net	4.51			4,393,719

Total net assets	100.00	%	$	97,529,265

±	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.

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

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 1.76%
Wells Fargo Government Money Market Fund Select Class		0		34,649,717		32,932,876		1,716,841	$	0	$	0	$	4,849	$	1,716,841

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			97

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Common Stocks: 82.64%

Brazil: 4.02%
B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail) †		32,835	$	192,868
Banco de Brasil SA (Financials, Banks)		120,109		1,171,386
Banco Santander (Brasil) SA (Financials, Banks)		1,200		6,351
BRF SA (Consumer Staples, Food Products) †		60,227		813,524
CCR SA (Industrials, Transportation Infrastructure)		119,682		663,833
Centrais Electricas Brasileiras SA (Utilities, Electric Utilities) †		31,866		178,369
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		49,841		509,042
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		16,559		226,777
Companhia Hering (Consumer Discretionary, Specialty Retail)		27,210		233,388
CPFL Energia SA (Utilities, Electric Utilities)		50,112		431,258
CPFL Energias Renovaveis SA (Utilities, Independent Power & Renewable Electricity Producers) †		1,400		5,782
CVC Brasil Operadora e Agencia de Viagens SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		20,264		245,909
Ecorodovias Infraestrutura Logistica SA (Industrials, Transportation Infrastructure)		1,700		5,779
EDP Energias do Brasil SA (Utilities, Electric Utilities)		45,347		219,543
Embraer SA (Industrials, Aerospace & Defense)		66,730		380,091
Equatorial Energia SA (Utilities, Electric Utilities)		22,714		441,025
Estacio Participacoes SA (Consumer Discretionary, Diversified Consumer Services)		32,033		262,646
Fibria Celulose SA (Materials, Paper & Forest Products)		29,166		387,200
Fleury SA (Health Care, Health Care Providers & Services)		21,105		212,535
Grendene SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		24,740		214,088
Hypermarcas SA (Consumer Staples, Personal Products)		49,836		467,195
Iguatemi Empresa de Shopping Centers SA (Real Estate, Real Estate Management & Development)		26,580		315,800
JBS SA (Consumer Staples, Food Products)		98,129		270,273
Kroton Educacional SA (Consumer Discretionary, Diversified Consumer Services)		182,369		1,041,082
Light SA (Utilities, Electric Utilities) †		27,231		178,204
Localiza Rent a Car SA (Industrials, Road & Rail)		17,907		338,759
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		92,033		894,645
M Dias Branco SA (Consumer Staples, Food Products)		26,055		406,405
MRV Engenharia e Participacoes SA (Consumer Discretionary, Household Durables)		1,900		8,142
Multiplan Empreendimentos Imobiliarios SA (Real Estate, Real Estate Management & Development)		13,775		319,842
Natura Cosmeticos SA (Consumer Staples, Personal Products)		33,576		314,657
Odontoprev SA (Health Care, Health Care Providers & Services)		45,262		213,092
Porto Seguro SA (Financials, Insurance)		16,668		184,003
Qualicorp SA (Health Care, Health Care Providers & Services)		26,101		288,965
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		34,633		762,997
Rumo SA (Industrials, Road & Rail) †		127,675		418,979
Sao Martinho SA (Consumer Staples, Food Products)		37,811		209,604
Smiles SA (Consumer Discretionary, Media)		10,492		231,682
Tim Participacoes SA (Telecommunication Services, Wireless Telecommunication Services)		95,614		342,623
Ultrapar Participacoes SA (Energy, Oil, Gas & Consumable Fuels)		43,298		1,010,289
WEG SA (Industrials, Machinery)		67,610		439,443

				15,458,075


Chile: 2.76%
AES Gener SA (Utilities, Independent Power & Renewable Electricity Producers)		195,388		68,749
Aguas Andinas SA Class A (Utilities, Water Utilities)		390,950		251,162
Almendral SA (Telecommunication Services, Wireless Telecommunication Services)		84,862		6,787
Antarchile SA (Industrials, Industrial Conglomerates)		4,891		71,970

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


98		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares			Value

Chile (continued)
Banco de Chile (Financials, Banks)		5,660,298		$	823,843
Banco de Credito e Inversiones (Financials, Banks)		8,155			533,262
Banco Santander Chile SA (Financials, Banks)		8,700,471			636,506
Banmedica SA (Health Care, Health Care Providers & Services)		32,620			83,477
CAP SA (Materials, Metals & Mining)		6,817			80,575
Cencosud SA (Consumer Staples, Food & Staples Retailing)		219,725			663,225
Colbun SA (Utilities, Independent Power & Renewable Electricity Producers)		826,298			200,619
Compania Cervecerias Unidas SA (Consumer Staples, Beverages)		32,132			440,692
Empresa Nacional de Telecomunicaciones SA (Telecommunication Services, Wireless Telecommunication Services)		12,086			127,196
Empresas CMPC SA (Materials, Paper & Forest Products)		247,153			650,273
Empresas Copec SA (Energy, Oil, Gas & Consumable Fuels)		55,359			705,436
Enel Americas SA (Utilities, Electric Utilities)		3,122,066			676,271
Enel Chile SA (Utilities, Electric Utilities)		2,828,002			334,715
Enel Generacion Chile SA (Utilities, Independent Power & Renewable Electricity Producers)		514,041			437,394
Engie Energia Chile SA (Utilities, Electric Utilities)		112,914			239,292
Grupo Security SA (Financials, Diversified Financial Services)		133,287			55,321
Inversiones Aguas Metropolitanas SA (Utilities, Water Utilities)		69,029			124,196
Itau CorpBanca SA (Financials, Banks)		40,091,631	��		387,242
LANTAM Airlines Group SA (Industrials, Airlines)		46,743			590,619
Parque Arauco SA (Real Estate, Real Estate Management & Development)		145,668			400,734
Quinenco SA (Industrials, Industrial Conglomerates)		28,133			83,248
Ripley Corporation SA (Consumer Discretionary, Multiline Retail)		162,374			154,813
SACI Falabella (Consumer Discretionary, Multiline Retail)		134,171			1,351,957
Sigdo Koppers SA (Industrials, Industrial Conglomerates)		3,641			6,435
Sociedad Matriz del Banco de Chile SA Class B (Financials, Banks)		515,192			230,723
Sociedad Matriz SAAM SA (Industrials, Transportation Infrastructure)		81,487			8,589
Vina Concha y Toro SA (Consumer Staples, Beverages)		109,453			186,966

					10,612,287


China: 12.47%
Agricultural Bank of China Limited H Shares (Financials, Banks)		3,572,000			1,679,706
Air China H Shares (Industrials, Airlines)		436,000			387,766
Aluminum Corporation of China Limited (Materials, Metals & Mining) †		294,000			217,520
Anhui Conch Cement Company Limited H Shares (Materials, Construction Materials)		192,000			716,404
Anhui Gujing Distillery Company Class B (Consumer Staples, Beverages)		34,400			147,521
BAIC Motor Corporation Limited H Shares (Consumer Discretionary, Auto Components)		189,000			168,333
Bank of China Limited H Shares (Financials, Banks)		9,339,000			4,916,676
Bank of Communications Limited H Shares (Financials, Banks)		989,847			756,386
Bank of Jinzhou Company Limited H Shares (Financials, Banks)		80,000			82,599
BBMG Corporation (Materials, Construction Materials)		379,000			195,172
Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure)		226,000			365,608
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		232,000			197,144
China Agri-Industries Holdings Limited (Consumer Staples, Food Products)		826,000			386,309
China Cinda Asset Management Company Limited H Shares (Financials, Capital Markets)		1,508,000			560,749
China CITIC Bank H Shares (Financials, Banks)		1,104,351			729,578
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		633,000			842,841
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		352,000			190,714
China Cosco Holdings Company Limited (Industrials, Marine)		412,500			261,445
China Eastern Airlines Company H Shares (Industrials, Airlines)		400,000			220,298

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			99

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

China (continued)
China Energy Engineering Corporation Limited H Shares (Industrials, Construction & Engineering)		916,000	$	169,722
China Everbright Bank Company Limited H Shares (Financials, Banks)		400,000		192,186
China Huarong Asset Management Company Limited H Shares (Financials, Capital Markets)		1,425,000		608,185
China Jinmao Holdings Group Limited (Real Estate, Real Estate Management & Development)		668,000		297,050
China Mengniu Dairy Company Limited (Consumer Staples, Food Products)		430,000		1,004,428
China Merchants Bank Company Limited H Shares (Financials, Banks)		444,000		1,673,705
China Minsheng Banking Corporation Limited H Shares (Financials, Banks)		722,948		721,493
China Molybdenum Company Limited H Shares (Materials, Metals & Mining)		294,000		159,665
China National Building Material Company Limited H Shares (Materials, Construction Materials)		472,000		296,743
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		3,112,000		2,381,993
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		258,000		338,253
China Railway Group Limited H Shares (Industrials, Construction & Engineering)		590,000		471,955
China Reinsurance Group Corporation H Shares (Financials, Insurance)		1,546,000		351,644
China Resources Beer Holdings Company Limited (Consumer Staples, Beverages)		92,000		230,889
China Resources Cement Holdings Limited (Materials, Construction Materials)		368,000		202,204
China Resources Power Holdings Company (Utilities, Independent Power & Renewable Electricity Producers)		304,000		557,830
China Southern Airlines Company H Shares (Industrials, Airlines)		372,000		290,441
China Telecom Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		1,708,000		877,380
China Unicom Hong Kong Limited (Telecommunication Services, Diversified Telecommunication Services) †		866,000		1,261,528
China Vanke Company Limited H Shares (Real Estate, Real Estate Management & Development)		70,600		211,554
Chongqing Changchun Automobile Class B (Consumer Discretionary, Automobiles)		148,500		194,312
Chongqing Rural Commercial Bank (Financials, Banks)		468,000		325,924
COSCO Shipping Ports Limited (Industrials, Transportation Infrastructure)		402,000		475,162
CRRC Corporation Limited H Shares (Industrials, Machinery)		533,000		480,846
CSG Holding Company Limited B Shares (Materials, Construction Materials)		179,170		109,896
Datang International Power Generation Company Limited (Utilities, Independent Power & Renewable Electricity Producers) †		20,000		6,568
Dazhong Transportation Group Class B (Industrials, Road & Rail)		94,700		64,775
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		454,000		589,418
Far East Horizon Limited (Financials, Diversified Financial Services)		468,000		427,588
Fuyao Glass Industry Group Company Limited H Shares (Consumer Discretionary, Auto Components)		128,800		410,639
Great Wall Motor Company Limited H Shares (Consumer Discretionary, Automobiles)		418,000		524,520
Guangzhou Automobile Group H Shares (Consumer Discretionary, Automobiles)		266,000		524,811
Guangzhou R&F Properties Company Limited H Shares (Real Estate, Real Estate Management & Development)		143,200		334,498
Huadian Fuxin Energy Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		258,000		57,035
Huaneng Power International Incorporated H Shares (Utilities, Independent Power & Renewable Electricity Producers)		578,000		378,157
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		8,326,000		6,234,592
Jiangsu Express Company Limited H Shares (Industrials, Transportation Infrastructure)		212,000		325,081
Lao Feng Xiang Company Limited Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		40,700		157,428
Legend Holdings Corporation H Shares (Financials, Diversified Financial Services)		69,400		164,948
Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals)		314,000		171,731
Metallurgical Corporation of China Limited H Shares (Industrials, Construction & Engineering) †		575,000		188,832
New China Life Insurance Company Limited H Shares (Financials, Insurance)		97,600		624,830
Nexteer Automotive Group Limited (Consumer Discretionary, Auto Components)		148,000		245,855
Orient Securities Company Limited of China H Shares (Financials, Diversified Financial Services) †		208,800		220,386
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		2,434,692		1,555,565
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		312,000		586,065
Poly Property Group Company Limited (Real Estate, Real Estate Management & Development) †		575,000		301,249
Postal Savings Bank of China Company Limited H Shares (Financials, Banks)		1,350,000		814,235

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


100		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

China (continued)
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		380,000	$	303,485
Shanghai Electric Group Company Limited (Industrials, Electrical Equipment) †		488,000		221,372
Shanghai Fosun Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals)		69,500		261,100
Shanghai Industrial Holdings Limited (Industrials, Industrial Conglomerates)		136,000		413,609
Shanghai Jinqiao Export Processing Zone Development Compay Limited Class B (Real Estate, Real Estate Management & Development)		49,900		71,257
Shanghai Mechanical & Electrical Industry Company Limited Class B (Industrials, Machinery)		35,000		70,945
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		158,800		390,824
Shanghai Zhenhua Heavy Industry Company Limited Class B (Industrials, Machinery)		173,300		89,943
Shenzhen Expressway Company Limited (Industrials, Transportation Infrastructure)		144,000		140,582
Shenzhen Investment Limited (Real Estate, Real Estate Management & Development)		920,000		419,691
Sinopec Engineering Group H Shares (Industrials, Construction & Engineering)		255,500		230,499
Sinopec Shanghai Petrochemical Company Limited (Materials, Chemicals)		630,000		392,857
Sinopharm Group Company Limited H Shares (Health Care, Health Care Providers & Services)		173,200		782,368
Sinotruk Hong Kong Limited (Industrials, Machinery)		218,000		241,240
Tong Ren Tang Technologies Company Limited H Shares (Health Care, Pharmaceuticals)		189,000		265,661
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		102,000		422,950
Weichai Power Company Limited (Industrials, Machinery)		257,000		264,693
Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages)		75,300		186,957
Yuexiu Property Company Limited (Real Estate, Real Estate Management & Development)		1,960,000		360,656
Zhejiang Expressway Company Limited (Industrials, Transportation Infrastructure)		206,000		257,706
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		890,000		326,397
Zoomlion Heavy Industry Science and Technology Company Limited H Shares (Industrials, Machinery)		11,400		5,201

				47,936,556


Colombia: 0.58%
Almacenes Exito SA (Consumer Staples, Food & Staples Retailing)		52,361		272,697
Cementos Argos SA (Materials, Construction Materials)		87,626		355,341
Corporacion Financiera Colombiana SA (Financials, Diversified Financial Services)		23,739		231,651
Empresa de Energia de Bogota SA (Utilities, Gas Utilities)		136,636		90,340
Grupo Argos SA (Materials, Construction Materials)		23,111		164,401
Grupo de Inversiones Suramericana SA (Financials, Diversified Financial Services)		40,649		571,978
Grupo Nutresa SA (Consumer Staples, Food Products)		18,688		171,970
Interconexion Electrica SA (Utilities, Electric Utilities)		83,776		379,496

				2,237,874


Greece: 0.31%
Hellenic Telecommunications Organization SA (Telecommunication Services, Diversified Telecommunication Services)		15,140		192,851
Jumbo SA (Consumer Discretionary, Specialty Retail)		16,390		273,161
Motor Oil (Hellas) Corinth Refineries SA (Energy, Oil, Gas & Consumable Fuels)		295		6,637
Mytilineos Holdings SA (Industrials, Industrial Conglomerates)		18,599		190,193
OPAP SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		22,538		251,937
Titan Cement Company SA (Materials, Construction Materials)		9,641		273,730

				1,188,509


India: 2.67%
Doctor Reddy’s Laboratories Limited ADR (Health Care, Pharmaceuticals)		101,849		3,278,519
Infosys Limited ADR (Information Technology, IT Services)		466,229		6,993,435

				10,271,954

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			101

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares			Value

Indonesia: 1.47%
PT Ace Hardware Incorporated Indonesia Tbk (Consumer Discretionary, Specialty Retail)		3,336,900		$	272,614
PT AKR Corporindo Tbk (Industrials, Trading Companies & Distributors)		432,400			219,571
PT Bank Danamon Indonesia Tbk (Financials, Banks)		487,500			199,136
PT Bank Negara Indonesia Persero Tbk (Financials, Banks)		1,207,600			665,257
PT Bank Sinarmas Tbk (Financials, Banks) †		81,800			5,334
PT Bank Tabungan Negara Persero Tbk (Financials, Banks)		1,143,600			258,000
PT Gudang Garam Tbk (Consumer Staples, Tobacco)		95,400			494,804
PT Hanjaya Mandala Sampoerna Tbk (Consumer Staples, Tobacco)		1,920,400			523,929
PT Hanson International Tbk (Real Estate, Real Estate Management & Development) †		19,056,900			192,826
PT Indofood CBP Sukses Makmur Tbk (Consumer Staples, Food Products)		657,700			430,103
PT Indofood Sukses Makmur Tbk (Consumer Staples, Food Products)		969,800			608,760
PT Jasa Marga (Persero) Tbk (Industrials, Transportation Infrastructure)		655,600	��		286,229
PT Kalbe Farma Tbk (Health Care, Pharmaceuticals)		3,717,000			476,396
PT Mayora Indah Tbk (Consumer Staples, Food Products)		388,787			58,280
PT Perusahaan Gas Negara Persero Tbk (Utilities, Gas Utilities)		1,381,900			219,579
PT Properti Tbk (Real Estate, Real Estate Management & Development)		3,342,300			51,104
PT Sumber Alfaria Trijaya Tbk (Consumer Staples, Food & Staples Retailing)		117,000			5,963
PT Surya Citra Media Tbk (Consumer Discretionary, Media)		1,098,300			181,925
PT Ultrajaya Milk Industry & Trading Company Tbk (Consumer Staples, Food Products)		62,000			5,553
PT United Tractors Tbk (Energy, Oil, Gas & Consumable Fuels)		226,100			513,478

					5,668,841


Luxembourg: 0.07%
Kernel Holding SA (Consumer Staples, Food Products)		16,128			274,429


Malaysia: 4.69%
Aeon Company Bhd (Consumer Discretionary, Multiline Retail)		44,500			20,945
Affin Holdings Bhd (Financials, Banks)		15,300			9,136
Alliance Financial Group Bhd (Financials, Banks)		178,600			160,596
AMMB Holdings Bhd (Financials, Banks)		172,900			173,285
Astro Malaysia Holdings Bhd (Consumer Discretionary, Media)		380,700			238,913
Axiata Group Bhd (Telecommunication Services, Wireless Telecommunication Services)		512,300			591,415
Batu Kawan Bhd (Materials, Chemicals)		2,000			8,851
Bermaz Auto Bhd (Consumer Discretionary, Specialty Retail)		180,500			79,039
Bimb Holdings Bhd (Financials, Banks)		52,600			54,195
Boustead Holdings Bhd (Industrials, Industrial Conglomerates)		147,300			93,130
British American Tobacco Malaysia Bhd (Consumer Staples, Tobacco)		39,900			412,781
Bursa Malaysia Bhd (Financials, Diversified Financial Services)		150,100			357,105
Cahya Mata Sarawak Bhd (Materials, Construction Materials)		361,600			343,776
Carlsberg Brewery Malaysia Bhd (Consumer Staples, Beverages)		2,300			7,982
Dialog Group Bhd (Industrials, Construction & Engineering)		27,100			13,009
Digi.com Bhd (Telecommunication Services, Wireless Telecommunication Services)		424,000			480,543
Felda Global Ventures Holdings Bhd (Consumer Staples, Food Products)		489,400			177,630
Fraser & Neave Holdings Bhd (Consumer Staples, Beverages)		29,800			169,708
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		469,400			1,067,293
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		657,500			903,764
HAP Seng Consolidated Bhd (Industrials, Industrial Conglomerates)		87,500			186,044
Hartalega Holdings Bhd (Health Care, Health Care Equipment & Supplies)		241,400			383,821
Heineken Malaysia Bhd (Consumer Staples, Beverages)		11,800			51,947
IGB REIT Bhd (Real Estate, Equity REITs)		265,300			106,853

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


102		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Malaysia (continued)
Inari Amertron Bhd (Information Technology, Electronic Equipment, Instruments & Components)		520,600	$	309,641
IOI Corporation Bhd (Consumer Staples, Food Products)		511,400		543,673
IOI Properties Group Bhd (Real Estate, Real Estate Management & Development)		316,200		147,345
KLCC Property Holdings Bhd (Real Estate, Equity REITs)		116,600		212,968
Kossan Rubber Industries Bhd (Health Care, Health Care Equipment & Supplies)		44,200		74,521
KPJ Healthcare Bhd (Health Care, Health Care Providers & Services)		68,900		67,117
Kuala Lumpur Kepong Bhd (Consumer Staples, Food Products)		128,700		739,562
LPI Capital Bhd (Financials, Insurance)		12,200		50,965
Mah Sing Group Bhd (Real Estate, Real Estate Management & Development)		187,100		64,842
Malayan Banking Bhd (Financials, Banks)		523,400		1,159,434
Malaysia Airports Holdings Bhd (Industrials, Transportation Infrastructure)		254,700		536,776
Malaysia Building Society Bhd (Financials, Thrifts & Mortgage Finance)		672,100		203,023
Malaysian Resources Corporation Bhd (Industrials, Construction & Engineering)		586,700		164,861
Maxis Bhd (Telecommunication Services, Wireless Telecommunication Services)		216,500		293,027
My EG Services Bhd (Information Technology, IT Services)		382,600		189,934
Nestle Malaysia Bhd (Consumer Staples, Food Products)		11,600		228,170
Press Metal Bhd (Materials, Metals & Mining)		368,800		310,032
Public Bank Bhd (Financials, Banks)		318,400		1,535,895
Ql Resources Bhd (Consumer Staples, Food Products)		92,200		104,064
Sapurakencana Petroleum Bhd (Energy, Energy Equipment & Services)		11,300		3,652
Sime Darby Bhd (Industrials, Industrial Conglomerates)		591,900		1,247,418
SP Setia Bhd (Real Estate, Real Estate Management & Development)		394,499		310,389
Sunway Bhd (Real Estate, Real Estate Management & Development)		430,300		437,303
Sunway Real Estate Investment Trust (Real Estate, Real Estate Management & Development)		12,700		5,085
Telecom Malaysia Bhd (Telecommunication Services, Diversified Telecommunication Services)		340,400		512,533
Tenaga Nasional Bhd (Utilities, Electric Utilities)		336,500		1,125,213
Top Glove Corporation Bhd (Health Care, Health Care Equipment & Supplies)		207,300		272,322
UMW Holdings Bhd (Consumer Discretionary, Automobiles)		58,400		83,145
WCT Holdings Bhd (Industrials, Construction & Engineering) †		440,900		180,676
Westports Holdings Bhd (Industrials, Transportation Infrastructure)		219,700		192,922
Yinson Holdings Bhd (Energy, Energy Equipment & Services)		6,500		5,540
YTL Corporation Bhd (Utilities, Multi-Utilities)		1,323,900		443,315
YTL Power International Bhd (Utilities, Multi-Utilities)		567,300		187,307

				18,034,431


Mexico: 4.30%
Alsea SAB de CV (Consumer Discretionary, Hotels, Restaurants & Leisure)		75,674		275,113
America Movil SAB de CV Series L (Telecommunication Services, Wireless Telecommunication Services)		2,851,523		2,650,688
Arca Continental SAB de CV (Consumer Staples, Beverages)		131,967		963,075
Banregio Grupo Financiero SAB de CV (Financials, Banks)		30,983		200,445
Coca-Cola Femsa SAB de CV Series L (Consumer Staples, Beverages)		85,028		696,755
El Puerto de Liverpool SAB de CV (Consumer Discretionary, Multiline Retail)		23,933		213,090
Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs)		395,353		703,616
Fomento Economico Mexicano SAB de CV (Consumer Staples, Beverages)		276,528		2,769,417
Genomma Lab Internacional SAB de CV (Health Care, Pharmaceuticals) †		159,993		205,548
Gentera SAB de CV (Financials, Consumer Finance)		129,148		198,931
Gruma SAB de CV Class B (Consumer Staples, Food Products)		32,320		474,065
Grupo Aeromexico SAB de CV (Industrials, Airlines) †		74,970		151,498
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure)		32,910		199,088

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			103

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Mexico (continued)
Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation Infrastructure)		43,915	$	485,173
Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation Infrastructure)		22,475		457,551
Grupo Carso SAB de CV (Industrials, Industrial Conglomerates)		51,801		208,777
Grupo Comercial Chedraui SAB de CV (Consumer Staples, Food & Staples Retailing)		35,944		77,078
Grupo Elektra SAB de CV (Financials, Banks)		9,179		399,416
Grupo Financiero Santander SAB de CV Class B (Financials, Banks)		141,703		291,026
Grupo Gicsa SAB de CV (Real Estate, Real Estate Management & Development) †		114,178		76,697
Grupo Lala SAB de CV (Consumer Staples, Food Products)		117,067		207,888
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (Industrials, Construction & Engineering) †		9,700		18,500
Industrias Bachoco SAB de CV Ser B (Consumer Staples, Food Products)		34,455		182,187
Industrias CH SAB de CV (Materials, Metals & Mining) †		1,100		5,233
Industrias Penoles SAB de CV (Materials, Metals & Mining)		17,433		453,521
Infraestructura Energetica Nova SAB de CV (Utilities, Gas Utilities)		89,626		488,703
Macquarie Mexico Real Estate Management SA de CV (Real Estate, Equity REITs) 144A		160,605		215,227
Mexichem SAB de CV (Materials, Chemicals)		111,524		296,911
Nemak SAB de CV (Consumer Discretionary, Auto Components) 144A		199,820		168,200
OHL Mexico SAB de CV (Industrials, Transportation Infrastructure)		135,591		191,944
Organizacion Soriana SAB de CV Class B (Consumer Staples, Food & Staples Retailing) †		25,823		63,564
PLA Administradora Industria S de RL de CV (Real Estate, Equity REITs)		105,904		180,483
Prologis Property Mexico SA de CV (Real Estate, Equity REITs)		111,194		226,751
Promotora Y Operadora de Infraestructura SAB de CV (Industrials, Transportation Infrastructure)		27,604		301,650
Telesites SAB de CV (Telecommunication Services, Diversified Telecommunication Services) †		259,729		205,410
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		670,839		1,632,143

				16,535,362


Philippines: 1.67%
Alliance Global Group Incorporated (Industrials, Industrial Conglomerates)		1,201,900		326,488
Ayala Corporation (Financials, Diversified Financial Services)		51,500		925,933
Belle Corporation (Real Estate, Real Estate Management & Development)		73,000		5,250
Bloomberry Resorts Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure) †		876,100		192,102
Cebu Air Incorporated (Industrials, Airlines)		40,340		85,379
China Banking Corporation (Financials, Banks)		12,600		8,877
Cosco Capital Incorporated (Consumer Staples, Food & Staples Retailing)		32,000		4,903
D&L Industries Incorporated (Materials, Chemicals)		841,400		170,023
DMCI Holdings Incorporated (Industrials, Industrial Conglomerates)		1,116,100		342,442
Energy Development Corporation (Utilities, Independent Power & Renewable Electricity Producers)		2,604,400		345,082
First Gen Corporation (Utilities, Independent Power & Renewable Electricity Producers)		265,400		87,239
First Philippine Holdings Corporation (Utilities, Electric Utilities)		4,850		6,350
Globe Telecom Incorporated (Telecommunication Services, Wireless Telecommunication Services)		5,350		209,107
GT Capital Holdings Incorporated (Financials, Diversified Financial Services)		18,525		404,748
International Container Term Services Incorporated (Industrials, Transportation Infrastructure)		262,880		536,343
Jollibee Foods Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		97,980		456,104
Manila Electric Company (Utilities, Electric Utilities)		76,690		406,156
Manila Water Company (Utilities, Water Utilities)		295,300		178,611
Max’s Group Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		231,500		89,849
Petron Corporation (Energy, Oil, Gas & Consumable Fuels)		1,003,000		192,093
Philippine National Bank (Financials, Banks)		26,120		30,883
Philippine Seven Corporation (Consumer Staples, Food & Staples Retailing)		1,390		4,618
Puregold Price Club Incorporated (Consumer Staples, Food & Staples Retailing)		208,100		195,411

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


104		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Philippines (continued)
Rizal Commercial Banking (Financials, Banks)		60,330	$	60,483
Robinsons Land Company (Financials, Real Estate Management & Development)		471,200		213,638
Robinsons Retail Holdings (Consumer Staples, Food & Staples Retailing)		246,460		437,097
San Miguel Corporation (Consumer Staples, Beverages)		26,850		52,472
Semirara Mining and Power Corporation (Energy, Oil, Gas & Consumable Fuels)		96,020		325,759
Vista Land & Lifescapes Incorporated (Real Estate, Real Estate Management & Development)		1,110,400		129,116

				6,422,556


Poland: 2.07%
Alior Bank SA (Financials, Banks) †		15,045		278,353
Amrest Holdings SE (Consumer Discretionary, Hotels, Restaurants & Leisure) †		755		75,557
Budimex SA (Industrials, Construction & Engineering)		2,353		149,829
CCC SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,387		322,449
CD Projekt SA (Information Technology, Software)		10,801		252,517
Ciech SA (Materials, Chemicals) †		4,936		86,798
Cyfrowy Polsat SA (Consumer Discretionary, Media)		56,065		421,199
Enea SA (Utilities, Electric Utilities)		55,622		237,781
Eurocash SA (Consumer Staples, Food & Staples Retailing)		22,297		244,640
Grupa Kety SA (Materials, Metals & Mining)		1,665		187,676
Grupa Lotos SA (Energy, Oil, Gas & Consumable Fuels)		13,965		230,421
ING Bank Slaski SA (Financials, Banks) †		1,117		62,624
Inter Cars SA (Consumer Discretionary, Distributors)		64		5,131
Jastrzebska Spolka Weglowa SA (Materials, Metals & Mining) †		8,945		260,780
Kruk SA (Financials, Diversified Financial Services)		3,674		351,148
LPP SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		224		548,330
Orange Polska SA (Telecommunication Services, Diversified Telecommunication Services) †		138,633		232,784
PKO Bank Polski SA (Financials, Banks) †		71,817		738,443
Polska Grupa Energetyczna SA (Utilities, Electric Utilities)		123,411		493,672
Polski Koncern Naftowy Orlen SA (Energy, Oil, Gas & Consumable Fuels)		38,149		1,260,832
Polskie Gornictwo Naftowe i Gazownictwo SA (Energy, Oil, Gas & Consumable Fuels)		203,370		389,375
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)		47,283		642,846
Synthos SA (Materials, Chemicals)		109,761		147,074
Tauron Polska Energia SA (Utilities, Electric Utilities) †		298,584		328,105

				7,948,364


Russia: 1.94%
Aeroflot PJSC (Industrials, Airlines)		60,058		201,384
Alrosa PJSC (Materials, Metals & Mining)		334,200		465,247
Bank Otkritie Financial Corporation PJSC (Financials, Banks) †		2,043		44,026
Bashneft PJSC (Energy, Oil, Gas & Consumable Fuels) †		102		3,833
Credit Bank of Moscow PJSC (Financials, Banks) †		1,243,300		98,169
Gazprom Neft PJSC (Energy, Oil, Gas & Consumable Fuels)		39,455		140,869
Inter Rao Ues PJSC (Utilities, Electric Utilities)		4,043,002		269,673
LSR Group PJSC (Real Estate, Construction Materials)		2,444		32,844
Lukoil PJSC (Energy, Oil, Gas & Consumable Fuels)		7,560		381,877
Magnit PJSC (Consumer Staples, Food & Staples Retailing)		7,224		1,351,270
Magnitogorsk Iron & Steel Works PJSC (Materials, Metals & Mining)		173,000		120,568
MMC Norilsk Nickel PJSC (Materials, Metals & Mining)		11,701		1,972,861
Mobile TeleSystems OJSC (Telecommunication Services, Wireless Telecommunication Services)		125,114		583,132

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			105

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Russia (continued)
Nizhnekamskneftekhim PJSC (Materials, Chemicals) †		5,400	$	4,618
Novolipetsk Steel PJSC (Materials, Metals & Mining)		117,410		278,319
PhosAgro PJSC (Materials, Chemicals)		5,015		199,805
Pik Group PJSC (Real Estate, Construction & Engineering) †		24,459		122,200
Severstal PJSC (Materials, Metals & Mining)		21,260		333,900
United Wagon PJSC (Industrials, Road & Rail) †		11,222		151,290
VTB Bank PJSC (Financials, Banks)		625,185,027		698,422

				7,454,307


South Africa: 3.71%
Advtech Limited (Consumer Discretionary, Diversified Consumer Services)		58,617		82,009
Aeci Limited (Materials, Chemicals)		15,370		126,422
Alexander Forbes Group Holdings Limited (Financials, Diversified Financial Services)		71,394		36,990
Anglogold Ashanti Limited (Materials, Metals & Mining)		39,838		403,196
Arrowhead Properties Limited REIT (Real Estate, Equity REITs)		216,729		141,945
Attacq Limited (Real Estate, Real Estate Management & Development) †		207,533		288,755
Avi Limited (Consumer Staples, Food Products)		65,619		498,319
Barloworld Limited (Industrials, Trading Companies & Distributors)		23,914		236,222
Bid Corporation Limited (Consumer Staples, Food & Staples Retailing)		42,836		972,843
Capitec Bank Holdings Limited (Financials, Banks)		8,616		596,422
Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		51,938		594,090
Distell Group Limited (Consumer Staples, Beverages)		20,587		218,693
Emira Property Fund Limited (Real Estate, Real Estate Management & Development)		59,962		63,932
Famous Brands Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) †		506		4,598
Fortress Income Fund Limited (Real Estate, Real Estate Management & Development)		135,408		410,218
Gold Fields Limited (Materials, Metals & Mining)		80,109		357,169
Growthpoint Properties Limited (Real Estate, Equity REITs)		277,793		537,061
Harmony Gold Mining Company Limited (Materials, Metals & Mining)		32,545		64,646
Hyprop Investments Limited (Real Estate, Real Estate Management & Development)		34,851		305,759
Imperial Holdings Limited (Consumer Discretionary, Distributors)		12,679		203,332
Investec Limited (Financials, Capital Markets)		26,492		201,754
Liberty Holdings Limited (Financials, Insurance)		22,965		182,890
Life Healthcare Group Holdings Limited (Health Care, Health Care Providers & Services)		2,304		4,670
Massmart Holdings Limited (Consumer Staples, Food & Staples Retailing)		546		5,106
Mondi Limited (Materials, Paper & Forest Products)		15,865		432,604
Mr. Price Group Limited (Consumer Discretionary, Specialty Retail)		19,579		272,793
Nampak Limited (Materials, Containers & Packaging) †		131,716		191,163
Nedbank Group Limited (Financials, Banks)		12,581		212,640
Netcare Limited (Health Care, Health Care Providers & Services)		101,032		187,249
Omnia Holdings Limited (Materials, Chemicals)		421		4,579
Pick’n Pay Stores Limited (Consumer Staples, Food & Staples Retailing)		43,578		214,327
Pioneer Foods Group Limited (Consumer Staples, Food Products)		19,134		186,284
PPC Limited (Materials, Construction Materials)		146,401		63,923
PSG Group Limited (Financials, Diversified Financial Services)		18,928		367,538
Redefine Properties Limited (Real Estate, Equity REITs)		522,663		428,295
Resilient REIT Limited (Real Estate, Equity REITs)		58,448		561,892
Reunert Limited (Industrials, Industrial Conglomerates)		19,622		104,832
SA Corporate Real Estate Limited REIT (Real Estate, Equity REITs)		559,282		232,591
Santam Limited (Financials, Insurance)		10,271		204,492

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


106		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Africa (continued)
Sappi Limited (Materials, Paper & Forest Products)		56,581	$	380,143
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		53,258		922,750
Sibanye Gold Limited (Materials, Metals & Mining)		133,393		212,978
SPAR Group Limited (Consumer Staples, Food & Staples Retailing)		16,719		217,265
Super Group Limited (Consumer Staples, Food & Staples Retailing) †		38,358		121,808
Telkom South Africa Limited (Telecommunication Services, Diversified Telecommunication Services)		879		4,241
The Bidvest Group Limited (Industrials, Industrial Conglomerates)		32,218		424,620
Tiger Brands Limited (Consumer Staples, Food Products)		24,264		751,678
Tongaat-Hulett Limited (Consumer Staples, Food Products)		25,044		228,363
Truworths International Limited (Consumer Discretionary, Specialty Retail)		1,217		7,768
Vodacom Group Proprietary Limited (Consumer Discretionary, Media)		19,028		265,613
Vukile Property Fund Limited REIT (Real Estate, Equity REITs)		154,610		222,845
Wilson Bayly Holmes Ovcon Limited (Industrials, Construction & Engineering)		465		4,960
Woolworths Holdings Limited (Consumer Discretionary, Multiline Retail)		47,994		218,927
Zeder Investments Limited (Financials, Capital Markets)		136,614		66,686

				14,252,888


South Korea: 18.15%
Amorepacific Corporation (Consumer Staples, Personal Products)		2,719		694,459
Amorepacific Group (Consumer Staples, Personal Products)		5,515		655,383
Asiana Airlines (Industrials, Airlines) †		37,608		149,585
BGF Retail Company Limited (Consumer Staples, Food & Staples Retailing)		4,508		364,606
Binggrae Company Limited (Consumer Staples, Food Products)		3,028		162,732
BNK Financial Group Incorporated (Financials, Banks)		43,518		380,532
Celltrion Incorporated (Health Care, Pharmaceuticals) †		10,181		1,039,228
Chabiotech Company Limited (Health Care, Health Care Providers & Services) †		453		5,042
Cheil Worldwide Incorporated (Consumer Discretionary, Media)		14,327		241,409
Chong Kun Dang Pharmaceutical Corporation (Health Care, Pharmaceuticals)		1,827		168,507
CJ CGV Company Limited (Consumer Discretionary, Media)		69		4,002
CJ Cheiljedang Corporation (Consumer Staples, Food Products)		1,706		548,444
CJ Corporation (Industrials, Industrial Conglomerates)		2,038		319,906
CJ E&M Corporation (Consumer Discretionary, Media)		3,459		233,136
CJ Korea Express Corporation (Industrials, Road & Rail) †		1,860		278,769
CJ O Shopping Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		1,188		225,463
Com2us Corporation (Information Technology, Software)		49		4,737
Cosmax Incorporated (Consumer Staples, Personal Products)		1,971		206,259
Coway Company Limited (Consumer Discretionary, Household Durables)		6,535		572,595
Daelim Industrial Company Limited (Industrials, Construction & Engineering)		4,244		315,402
Daesang Corporation (Consumer Staples, Food Products)		8,560		182,951
Daewoo Engineering & Construction Company Limited (Industrials, Construction & Engineering) †		30,823		192,165
Daewoo Securities Company Limited (Financials, Capital Markets)		25,827		232,480
Daewoong Pharmaceutical Company (Health Care, Pharmaceuticals)		2,577		230,824
Daishin Securities Company Limited (Financials, Capital Markets)		15,159		189,555
DGB Financial Group Incorporated (Financials, Banks)		20,249		197,534
Dong-A Socio Holdings Company Limited (Health Care, Pharmaceuticals) (a)		1,647		184,769
Dong-A ST Company Limited (Health Care, Pharmaceuticals)		2,406		178,167
Dongbu Insurance Company Limited (Financials, Insurance)		7,348		490,040
Dongkuk Steel Mill Company Limited (Materials, Metals & Mining)		8,851		99,295
Doosan Corporation (Industrials, Industrial Conglomerates)		2,676		303,767
E-MART Limited (Consumer Staples, Food & Staples Retailing)		3,289		653,366

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			107

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)
Grand Korea Leisure Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		245	$	5,019
Green Cross Corporation (Health Care, Biotechnology)		1,266		203,777
Green Cross Holdings Corporation (Health Care, Biotechnology)		6,834		204,547
GS Engineering & Construction Corporation (Industrials, Construction & Engineering) †		7,339		185,493
GS Holdings Corporation (Energy, Oil, Gas & Consumable Fuels)		9,629		602,880
GS Home Shopping Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		1,014		198,286
GS Retail Company Limited (Consumer Staples, Food & Staples Retailing)		7,371		263,764
Hana Financial Group Incorporated (Financials, Banks)		33,569		1,458,745
Hana Tour Service Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,521		190,260
Hanil Cement Company Limited (Materials, Construction Materials)		1,994		227,234
Hankook Tire Company Limited (Consumer Discretionary, Auto Components)		11,932		624,324
Hankook Tire Worldwide Company Limited (Financials, Diversified Financial Services)		10,362		195,735
Hanmi Pharm Company Limited (Health Care, Pharmaceuticals) †		823		294,137
Hanmi Science Company Limited (Health Care, Pharmaceuticals)		4,242		336,697
Hanon Systems (Consumer Discretionary, Auto Components)		23,361		239,287
Hansol Chemical Company Limited (Materials, Chemicals)		74		5,066
Hanssem Company Limited (Consumer Discretionary, Household Durables)		2,199		331,527
Hanwha Chem Corporation (Materials, Chemicals)		13,471		422,313
Hanwha Corporation (Korea) (Industrials, Industrial Conglomerates)		10,697		466,262
Hanwha Life Insurance Company Limited (Financials, Insurance)		69,610		451,885
Hanwha Techwin Company Limited (Industrials, Aerospace & Defense) †		6,030		207,488
Hite Jinro Company Limited (Consumer Staples, Beverages)		11,876		274,888
Hotel Shilla Company Limited (Consumer Discretionary, Specialty Retail)		5,656		310,488
Huchems Fine Chemical Corporation (Materials, Chemicals)		271		5,756
Hugel Incorporated (Health Care, Biotechnology) †		457		235,066
Hyosung Corporation (Materials, Chemicals)		2,631		369,824
Hyundai Elevator Company (Industrials, Machinery)		91		4,197
Hyundai Engineering & Construction Company Limited (Industrials, Construction & Engineering)		10,004		360,644
Hyundai Glovis Company Limited (Industrials, Air Freight & Logistics)		1,853		254,714
Hyundai Heavy Industries Company Limited (Industrials, Machinery)		5,285		696,011
Hyundai Home Shopping Network Corporation (Consumer Discretionary, Internet & Direct Marketing Retail)		2,176		265,342
Hyundai Marine & Fire Insurance Company Limited (Financials, Insurance)		9,711		397,879
Hyundai Merchant Marine Company Limited (Industrials, Marine) †		25,230		199,137
Hyundai Mipo Dockyard Company Limited (Industrials, Machinery) †		2,398		214,791
Hyundai Mobis (Consumer Discretionary, Auto Components)		8,609		1,801,813
Hyundai Motor Company (Consumer Discretionary, Automobiles)		19,456		2,424,236
Hyundai Robotics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) †		759		298,188
Hyundai Rotem Company (Industrials, Machinery) †		11,084		181,850
Hyundai Steel Company (Materials, Metals & Mining)		8,997		460,382
Ilyang Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		5,593		179,555
Industrial Bank of Korea (Financials, Banks)		29,071		385,431
Innocean Worldwide Incorporated (Consumer Discretionary, Media)		83		5,278
Is Dongseo Company Limited (Industrials, Building Products)		126		3,989
JB Financial Group Company Limited (Financials, Banks)		39,586		218,362
Jeil Pharmaceutical Company Limited (Health Care, Pharmaceuticals) †		48		2,114
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		12,826		392,424
KB Financial Group Incorporated (Financials, Banks)		51,523		2,531,371
KEPCO Plant Service & Engineering Company Limited (Industrials, Commercial Services & Supplies)		110		4,463
Kia Motors Corporation (Consumer Discretionary, Automobiles)		35,071		1,102,578
Kiwoom Securities Company (Financials, Capital Markets)		2,466		176,487

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


108		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)
Koh Young Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3,679	$	199,024
Kolon Industries Incorporated (Materials, Chemicals)		85		5,390
Kolon Life Science Incorporated (Health Care, Pharmaceuticals)		1,290		149,867
Korea Aerospace Industries Limited (Industrials, Aerospace & Defense)		7,810		320,337
Korea Electric Power Corporation (Utilities, Electric Utilities)		37,072		1,410,419
Korea Gas Corporation (Utilities, Gas Utilities) †		12,195		489,920
Korea Investment Holdings Company Limited (Financials, Capital Markets)		8,020		467,288
Korea Kolmar Company Limited (Consumer Staples, Personal Products)		3,139		189,019
Korea Petrochemical Industrial Company Limited (Materials, Chemicals)		24		5,694
Korea Reinsurance Company (Financials, Insurance)		20,977		231,610
Korean Air Lines Company Limited (Industrials, Airlines) †		8,897		261,955
KT&G Corporation (Consumer Staples, Tobacco)		17,787		1,806,147
Kumho Petrochemical Company Limited (Materials, Chemicals)		2,795		195,323
LF Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,197		185,733
LG Chem Limited (Materials, Chemicals)		4,327		1,454,357
LG Corporation (Industrials, Industrial Conglomerates)		17,716		1,319,745
LG Display Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		28,656		791,623
LG Electronics Incorporated (Consumer Discretionary, Household Durables)		15,298		1,105,700
LG Household & Health Care Limited (Consumer Staples, Personal Products)		1,553		1,322,171
LG Innotek Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,058		336,734
LG International Corporation (Industrials, Trading Companies & Distributors)		180		4,605
LG Uplus Corporation (Telecommunication Services, Diversified Telecommunication Services)		9,994		122,310
Lig Nex1 Company Limited (Industrials, Aerospace & Defense)		71		5,251
Loen Entertainment Incorporated (Consumer Discretionary, Media)		2,038		145,132
Lotte Chemical Corporation (Materials, Chemicals)		1,726		611,509
Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages)		182		249,693
Lotte Confectionery Company Limited (Consumer Staples, Food Products)		1,333		233,476
Lotte Fine Chemical Company Limited (Materials, Chemicals)		5,699		220,106
Lotte Food Company Limited (Consumer Staples, Food Products)		386		211,554
Lotte Shopping Company Limited (Consumer Discretionary, Multiline Retail)		2,351		535,835
LS Corporation (Industrials, Electrical Equipment)		4,999		374,615
LS Industrial Systems Company Limited (Industrials, Electrical Equipment)		5,108		263,645
Medy-Tox Incorporated (Health Care, Biotechnology)		603		304,334
Meritz Financial Group Incorporated (Financials, Diversified Financial Services)		19,613		291,342
Meritz Fire & Marine Insurance Company Limited (Financials, Insurance)		15,401		345,553
Meritz Securities Company Limited (Financials, Capital Markets)		47,817		204,609
Mirae Asset Life Insurance Company Limited (Financials, Insurance)		31,674		155,898
Naver Corporation (Information Technology, Internet Software & Services)		4,012		2,686,289
NCsoft Corporation (Information Technology, Software)		2,066		704,485
NH Investment & Securities Company Class C (Financials, Capital Markets)		15,295		187,186
Nong Shim Company Limited (Consumer Staples, Food Products)		903		266,271
Orion Corporation (Consumer Staples, Food Products)		44		1,073
Ottogi Corporation (Consumer Staples, Food Products)		488		329,344
Pan Ocean Company Limited (Industrials, Marine) †		33,987		193,807
Paradise Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		16,043		207,722
POSCO (Materials, Metals & Mining)		9,897		3,014,894
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		2,383		265,224
S1 Corporation Incorporated (Industrials, Commercial Services & Supplies)		4,688		372,928
Samsung Biologics Company Limited (Health Care, Life Sciences Tools & Services) 144A†		1,488		373,452
Samsung Card Company Limited (Financials, Consumer Finance)		5,689		187,178

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			109

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)
Samsung Engineering Company Limited (Industrials, Construction & Engineering) †		19,845	$	188,313
Samsung Fire & Marine Insurance Company Limited (Financials, Insurance)		5,349		1,311,634
Samsung Heavy Industries Company Limited (Industrials, Machinery) †		44,671		423,891
Samsung Life Insurance Company Limited (Financials, Insurance)		13,731		1,406,466
Samsung SDS Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		4,365		648,401
Samyang Holdings Corporation (Consumer Staples, Food Products)		1,928		182,951
Seegene Incorporated (Health Care, Biotechnology) †		5,986		167,222
SFA Engineering Corporation (Information Technology, Electronic Equipment, Instruments & Components)		5,671		190,358
Shinhan Financial Group Company Limited (Financials, Banks)		53,871		2,484,296
Shinsegae Company Limited (Consumer Discretionary, Multiline Retail)		1,584		271,117
SK Chemicals Company Limited (Materials, Chemicals)		3,160		191,685
SK Company Limited (Industrials, Industrial Conglomerates)		6,209		1,472,958
SK Innovation Company Limited (Energy, Oil, Gas & Consumable Fuels)		6,065		1,013,881
SK Materials Company Limited (Materials, Chemicals)		1,179		190,924
SK Networks Company Limited (Industrials, Trading Companies & Distributors)		36,234		225,257
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		6,624		1,489,166
SKC Company Limited (Materials, Chemicals)		194		6,349
Soulbrain Company Limited (Materials, Chemicals)		3,111		177,953
Taekwang Industrial Company Limited (Materials, Chemicals)		132		142,465
Vieworks Company Limited (Health Care, Health Care Equipment & Supplies)		91		3,874
Woori Bank (Financials, Banks)		73,392		1,210,617
Yuhan Corporation (Health Care, Pharmaceuticals)		1,551		310,860
Yungjin Pharmaceutical Company (Health Care, Pharmaceuticals) †		19,288		178,751

				69,783,858


Taiwan: 15.02%
Accton Technology Corporation (Information Technology, Communications Equipment)		90,000		235,594
Acer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		619,000		311,766
Advanced Semiconductor Engineering Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		792,000		955,260
Amtran Technology Company Limited (Consumer Discretionary, Household Durables)		7,000		3,897
Asia Cement Corporation (Materials, Construction Materials)		375,000		339,847
Asustek Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		90,000		745,552
BizLink Holding Incorporated (Industrials, Electrical Equipment)		1,000		8,715
Capital Securities Corporation (Financials, Capital Markets)		153,000		49,988
Cathay Financial Holding Company Limited (Financials, Insurance)		1,080,000		1,762,484
Chailease Holding Company Limited (Financials, Diversified Financial Services)		211,000		574,711
Chang Hwa Commercial Bank (Financials, Banks)		32,800		17,933
Cheng Loong Corporation (Materials, Containers & Packaging)		332,000		199,119
Cheng Uei Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		32,000		43,686
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		2,010		5,048
China Bills Finance Corporation (Financials, Capital Markets)		384,000		190,225
China Life Insurance Company - Taiwan Exchange (Financials, Insurance)		535,000		590,328
China Motor Company Limited (Consumer Discretionary, Automobiles)		256,000		238,364
China Petrochemical Development Corporation (Materials, Chemicals) †		575,000		261,979
China Steel Chemical Corporation (Materials, Chemicals)		47,000		179,877
China Steel Corporation (Materials, Metals & Mining)		1,232,000		1,032,824
China Synthetic Rubber Corporation (Materials, Chemicals)		273,000		330,632
Chunghwa Telecom Company Limited (Telecommunication Services, Diversified Telecommunication Services)		539,000		1,875,311

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


110		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		29,000	$	163,359
Compal Electronic Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		536,000		385,407
Compeq Manufacturing Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		197,000		212,477
CTBC Financial Holding Company Limited (Financials, Banks)		2,534,000		1,641,529
CTCI Corporation (Industrials, Construction & Engineering)		112,000		181,106
E.SUN Financial Holding Company Limited (Financials, Banks)		1,603,052		987,997
Elan Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		137,000		195,883
Elite Material Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		41,000		206,501
Eternal Chemical Company Limited (Materials, Chemicals)		165,900		175,361
Eva Airways Corporation (Industrials, Airlines)		394,490		205,225
Evergreen Marine Corporation (Taiwan) Limited (Industrials, Marine) †		392,000		298,751
Far Eastern Department Stores Company Limited (Consumer Discretionary, Multiline Retail)		266,000		133,093
Far Eastern International Bank (Financials, Banks)		405,108		124,973
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)		626,000		500,941
Far Eastone Telecommunications Company Limited (Telecommunication Services, Wireless Telecommunication Services)		223,000		540,893
Feng Hsin Iron & Steel Company (Materials, Metals & Mining)		3,000		5,229
Feng Tay Enterprise Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		42,000		199,013
First Financial Holding Company Limited (Financials, Banks)		1,901,280		1,234,802
Flexium Interconnect Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		1,049		4,640
Formosa Chemicals & Fibre Corporation (Materials, Chemicals)		528,000		1,660,333
Formosa Petrochemical Corporation (Energy, Oil, Gas & Consumable Fuels)		149,000		525,813
Formosa Plastics Corporation (Materials, Chemicals)		670,000		2,084,662
Formosa Taffeta Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		140,000		139,170
Fubon Financial Holding Company Limited (Financials, Diversified Financial Services)		925,000		1,486,547
General Interface Solution Holding Limited (Information Technology, Electronic Equipment, Instruments & Components)		18,000		215,614
Getac Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		3,000		4,279
Giant Manufacturing Company Limited (Consumer Discretionary, Leisure Products)		34,000		171,808
Gourmet Master Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		18,000		213,526
Grand Pacific Petrochemical Corporation (Materials, Chemicals)		273,000		231,126
Grape King Bio Limited (Consumer Staples, Personal Products)		30,000		182,412
Great Wall Enterprises Company Limited (Consumer Staples, Food Products)		260,000		266,642
Greatek Electronic Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		174,000		278,478
Hannstar Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		630,000		256,768
Hey Song Corporation (Consumer Staples, Beverages)		6,000		6,243
Highwealth Construction Corporation (Real Estate, Real Estate Management & Development)		118,000		187,680
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,937,000		7,541,585
Hotai Motor Company Limited (Consumer Discretionary, Specialty Retail)		50,000		588,986
Hua Nan Financial Holdings Company Limited Class C (Financials, Banks)		1,677,900		936,831
Huaku Development Company Limited (Financials, Real Estate Management & Development)		88,000		180,496
Inventec Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		323,000		256,332
Kenda Rubber Industrial Company Limited (Consumer Discretionary, Auto Components)		53,000		75,780
King Yuan Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		4,000		3,877
King’s Town Bank Company Limited (Financials, Banks)		214,000		225,849
Lee Chang Yung Chemical Industry Corporation (Materials, Chemicals)		109,000		146,097
Lien Hwa Industrial Corporation (Consumer Staples, Food Products)		348,600		318,232
Lite-On Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		274,000		405,385

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			111

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)
Long Chen Paper Company Limited (Materials, Paper & Forest Products)		129,000	$	189,146
Macronix International Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) †		270,564		377,439
Mercuries Life Insurance Company (Financials, Insurance) †		318,000		170,175
Merida Industry Company Limited (Consumer Discretionary, Leisure Products)		37,000		162,447
Merry Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		25,000		196,329
Micro-Star International Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		82,000		186,666
Mitac Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		158,000		188,214
Nan Kang Rubber Tire Company Limited (Consumer Discretionary, Auto Components)		80,000		72,236
Nan Ya Plastics Corporation (Materials, Chemicals)		665,000		1,679,081
Nanya Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		107,000		229,395
Nien Made Enterprise Company Limited (Consumer Discretionary, Household Durables)		18,000		193,545
Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment)		59,000		229,713
Oriental Union Chemical Corporation (Materials, Chemicals)		5,000		4,440
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		256,000		805,858
Pou Chen Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		148,000		191,994
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		96,000		291,381
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		119,000		995,643
Prince Housing & Development Corporation (Financials, Real Estate Management & Development)		201,000		76,593
Qisda Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		347,000		248,358
Quanta Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		330,000		751,218
Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		2,000		5,043
Realtek Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		63,000		244,243
Ruentex Development Company Limited (Real Estate, Real Estate Management & Development) †		208,800		204,448
Sanyang Industry Company Limited (Consumer Discretionary, Automobiles)		325,000		222,381
Scinopharm Taiwan Limited (Health Care, Pharmaceuticals)		4,680		5,381
Sercomm Corporation (Information Technology, Communications Equipment)		2,000		5,269
Shihlin Electric & Engineering Corporation (Industrials, Electrical Equipment)		3,000		4,255
Shin Kong Financial Holding Company Limited (Financials, Insurance)		2,088,000		606,772
Shin Kong No.1 REIT (Real Estate, Equity REITs)		10,000		4,692
Shinkong Synthetic Fibers Corporation (Materials, Chemicals)		210,000		63,183
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		273,000		432,400
Sinbon Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,000		4,937
Sinopac Financial Holdings Company Limited (Financials, Banks)		1,669,000		536,443
Standard Foods Corporation (Consumer Staples, Food Products)		160,160		409,170
Synnex Technology International Corporation (Information Technology, Electronic Equipment, Instruments & Components)		178,000		198,767
Taichung Commercial Bank (Financials, Banks)		1,045,476		330,836
Tainan Spinning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		9,000		4,041
Taishin Financial Holdings Company Limited (Financials, Banks)		2,101,578		933,137
Taiwan Business Bank (Financials, Banks)		1,210,250		334,454
Taiwan Cement Corporation (Materials, Construction Materials)		483,000		557,757
Taiwan Cooperative Financial Holdings (Financials, Banks)		1,878,720		989,816
Taiwan Glass Industrial Corporation (Industrials, Building Products) †		336,000		182,591
Taiwan High Speed Rail Corporation (Industrials, Transportation Infrastructure)		441,000		388,701
Taiwan Hon Chuan Enterprise Company Limited (Materials, Containers & Packaging)		103,000		186,689
Taiwan Mobile Company Limited (Telecommunication Services, Wireless Telecommunication Services)		297,000		1,062,858
Taiwan Secom Company Limited (Industrials, Commercial Services & Supplies)		46,000		135,962
Taiwan Shin Kong Security Company (Industrials, Commercial Services & Supplies)		35,000		46,854
Tatung Company Limited (Consumer Discretionary, Household Durables) †		453,000		209,396

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


112		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)
Teco Electric & Machinery Company Limited (Industrials, Electrical Equipment)		396,000	$	370,032
Tong Yang Industry Company Limited (Consumer Discretionary, Auto Components)		97,000		181,600
Transcend Information Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		1,000		2,982
Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		91,000		340,734
TSRC Corporation (Materials, Chemicals)		97,000		102,532
Tung Ho Steel Enterprise Corporation (Materials, Metals & Mining)		5,000		3,993
U-Ming Marine Transport Corporation (Industrials, Marine)		78,000		99,248
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		919,000		1,954,995
Union Bank of Taiwan (Financials, Banks)		14,000		4,180
Voltronic Power Technology Corporation (Industrials, Electrical Equipment)		14,000		252,361
Walsin Lihwa Corporation (Industrials, Electrical Equipment)		576,000		277,703
Waterland Financial Holdings (Financials, Capital Markets)		571,383		167,180
Windbond Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		458,000		351,327
Wistron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		398,458		376,290
Wistron Neweb Corporation (Information Technology, Communications Equipment)		63,843		192,085
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		144,000		187,521
WT Microelectronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,000		3,340
YFY Incorporated (Materials, Paper & Forest Products) †		427,000		169,787
Yuanta Financial Holding Company Limited (Financials, Capital Markets)		1,986,000		862,076
Yulon Motor Company Limited (Consumer Discretionary, Automobiles)		221,000		190,397
Yungtay Engineering Company Limited (Industrials, Machinery)		85,000		158,289

				57,739,870


Thailand: 5.04%
Advanced Info Service PCL (Telecommunication Services, Wireless Telecommunication Services)		104,900		592,343
AP Thailand PCL (Real Estate, Real Estate Management & Development)		1,097,800		259,531
Asia Aviation PCL (Industrials, Airlines)		706,700		131,954
Bangkok Bank PCL (Financials, Banks)		89,200		495,630
Bangkok Chain Hospital PCL (Health Care, Health Care Providers & Services)		487,800		217,420
Bangkok Expressway and Metro PCL (Industrials, Transportation Infrastructure)		1,297,600		304,812
Bangkok Insurance PCL (Financials, Insurance)		1,000		10,631
Bangkok Life Assurance PCL (Financials, Insurance)		213,400		294,023
Bangkokland PCL (Real Estate, Real Estate Management & Development)		8,296,800		452,257
Banpu PCL (Energy, Oil, Gas & Consumable Fuels)		420,900		223,094
Beauty Community PCL (Consumer Discretionary, Specialty Retail)		463,500		192,631
BEC World PCL (Consumer Discretionary, Media)		300,300		156,458
Berli Jucker PCL (Industrials, Industrial Conglomerates)		197,300		292,637
Bumrungrad Hospital PCL (Health Care, Health Care Providers & Services)		40,900		268,520
Carabao Group PCL (Consumer Staples, Beverages)		101,600		211,890
Central Plaza Hotel PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		230,900		283,366
Charoen Pokphand Foods PCL (Consumer Staples, Food Products)		678,600		556,900
CP All PCL (Consumer Staples, Food & Staples Retailing)		864,100		1,613,438
Delta Electronics Thailand PCL (Information Technology, Electronic Equipment, Instruments & Components)		152,100		407,677
Eastern Polymer Group PCL (Materials, Chemicals)		371,700		128,732
Electricity Genera PCL (Utilities, Independent Power & Renewable Electricity Producers)		66,700		470,044
GFPT PCL (Consumer Staples, Food Products)		384,600		222,386
Global Power Synergy PCL (Utilities, Independent Power & Renewable Electricity Producers)		164,400		193,091
Hana Microelectronics PCL (Information Technology, Electronic Equipment, Instruments & Components)		150,000		197,636
Home Product Center PCL (Consumer Discretionary, Specialty Retail)		1,133,800		341,455
Indorama Ventures PCL (Materials, Chemicals)		253,300		297,506

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			113

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Thailand (continued)
Jasmine International PCL (Telecommunication Services, Diversified Telecommunication Services)		21,000	$	4,933
Khon Kaen Sugar Industry PCL (Consumer Staples, Food Products)		877,100		117,810
Kiatnakin Bank PCL (Financials, Banks)		128,300		271,437
Krung Thai Bank PCL (Financials, Banks)		954,600		537,600
Krungthai Card PCL (Financials, Consumer Finance)		1,300		4,659
Land & Houses PCL (Real Estate, Real Estate Management & Development)		893,100		260,897
Major Cineplex Group PCL (Consumer Discretionary, Media)		201,200		181,780
MBK PCL (Real Estate, Real Estate Management & Development)		17,700		8,102
MK Restaurants Group PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,500		6,377
Muangthai Leasing PCL (Financials, Consumer Finance)		196,200		200,897
Pruksa Holding PCL (Real Estate, Real Estate Management & Development)		480,600		330,001
PTT Global Chemical PCL (Materials, Chemicals)		298,500		687,705
PTT PCL (Energy, Oil, Gas & Consumable Fuels)		153,600		1,845,698
Quality Houses PCL (Real Estate, Real Estate Management & Development)		3,091,600		223,456
Ratchaburi Electricity Generating Holding PLC (Utilities, Independent Power & Renewable Electricity Producers)		253,100		424,946
Sansiri PCL (Real Estate, Real Estate Management & Development)		4,007,400		251,028
Siam City Cement PCL (Materials, Construction Materials)		39,600		348,237
Siam Global House PCL (Consumer Discretionary, Specialty Retail)		568,500		256,814
Srisawad Power 1979 PCL (Financials, Diversified Financial Services)		139,200		214,847
Supalai PCL (Real Estate, Real Estate Management & Development)		324,200		246,531
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		84,900		240,983
Thai Union Group PCL (Consumer Staples, Food Products)		925,000		551,574
Thai Vegetable Oil PCL (Consumer Staples, Food Products)		5,600		4,807
Thanachart Capital PCL (Financials, Banks)		257,900		363,103
The Siam Cement PCL (Materials, Construction Materials)		107,100		1,612,709
Thoresen Thai Agencies PCL (Industrials, Marine)		569,400		157,762
Tipco Asphalt PCL (Materials, Construction Materials)		290,500		202,969
Tisco Financial Group PCL (Financials, Banks)		154,800		348,481
Total Access Communication PCL (Telecommunication Services, Wireless Telecommunication Services)		121,800		200,830
TTW PCL (Utilities, Water Utilities)		653,100		214,389
Vibhavadi Medical Center PCL (Health Care, Health Care Providers & Services)		777,900		65,128
Wha Corp PCL (Real Estate, Real Estate Management & Development)		2,068,400		198,088

				19,400,640


Turkey: 1.70%
Anadolu Efes Biracilik ve Malt Sanayii AS (Consumer Staples, Beverages)		56,402		346,225
Arcelik AS (Consumer Discretionary, Household Durables)		34,383		238,937
Aselsan Elektronik Sanayi ve Ticaret AS (Industrials, Aerospace & Defense)		43,000		336,171
Bim Birlesik Magazalar AS (Consumer Staples, Food & Staples Retailing)		36,802		815,194
Coca-Cola Icecek Uretim AS (Consumer Staples, Beverages)		22,231		258,383
Emlak Konut Gayrimenkul Yati AS (Real Estate, Equity REITs) †		393,494		334,976
Enka Insaat ve Sanayi AS (Industrials, Industrial Conglomerates)		281,120		435,485
Eregli Demir ve Celik Fabrikalari T AS (Materials, Metals & Mining)		236,625		563,197
Ford Otomotiv Sanayi AS (Consumer Discretionary, Automobiles)		26,663		367,025
Koc Holding AS (Industrials, Industrial Conglomerates)		162,926		851,050
Petkim Petrokimya Holding SA (Materials, Chemicals)		163,149		294,779
Soda Sanayii AS (Materials, Chemicals)		116,692		176,038
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)		2,308		14,181
Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary, Automobiles)		40,771		373,049
Tupras Turkiye Petrol Rafinerileri AS (Energy, Oil, Gas & Consumable Fuels)		7,583		257,553

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


114		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name				Shares		Value

Turkey (continued)
Turk Sise ve Cam Fabrikalari AS (Industrials, Industrial Conglomerates)					265,055	$	340,759
Turkcell Iletisim Hizmetleri AS (Telecommunication Services, Wireless Telecommunication Services)					63,937		244,559
Ulker Biskuvi Sanayi AS (Consumer Staples, Food Products)					42,468		253,805
Yazicilar Holding AS Class A (Industrials, Industrial Conglomerates)					8,652		56,518

							6,557,884


Total Common Stocks (Cost $311,950,786)							317,778,685


Exchange-Traded Funds: 8.98%

United States: 8.98%
iShares India 50 ETF					107,237		3,785,466
iShares MSCI India ETF					412,007		14,053,559
iShares MSCI India Small-Cap ETF					40,370		1,869,535
Powershares India Portfolio					68,037		1,677,112
WisdomTree India Earnings Fund					500,210		13,145,519

Total Exchange-Traded Funds (Cost $34,007,319)							34,531,191


	Dividend yield
Preferred Stocks: 4.18%

Brazil: 3.63%
Alpargatas SA (Consumer Discretionary, Personal Products)		1.86	%		21,972		96,324
Banco Bradesco SA (Financials, Banks)		0.87			346,153		3,692,621
Bradespar SA (Materials, Metals & Mining)		1.74			24,800		211,771
Braskem SA Class A (Materials, Chemicals)		3.20			16,310		197,460
Companhia Brasileira de Distribuicao (Consumer Staples, Food & Staples Retailing) ††		0.02			23,073		527,670
Companhia de Saneamento do Parana (Utilities, Water Utilities)		3.07			63,140		209,407
Companhia de Transmissao de Energia Electrica Paulista (Utilities, Electric Utilities)		1.13			10,680		240,040
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		2.95			95,069		253,086
Companhia Energetica de Sao Paulo Preference B (Utilities, Independent Power & Renewable Electricity Producers)		3.28			40,987		191,794
Companhia Paranaense de Energia-Copel Preference B (Utilities, Electric Utilities)		6.72			600		5,478
Gerdau SA (Materials, Metals & Mining)		0.17			96,900		364,778
Itau Unibanco Holding SA (Financials, Banks)		1.20			379,580		4,865,560
Itausa Investimentos Itau SA (Financials, Banks)		0.91			466,829		1,512,669
Klabin SA (Materials, Containers & Packaging)		1.61			7,600		7,436
Lojas Americanas SA (Consumer Discretionary, Multiline Retail)		0.14			54,835		309,550
Metalurgica Gerdau SA (Materials, Metals & Mining) †		0.00			71,500		128,561
Suzano Papel e Celulose SA Preference A (Materials, Paper & Forest Products)		1.99			58,429		324,827
Telefonica Brasil SA (Telecommunication Services, Diversified Telecommunication Services)		3.16			52,709		817,799

							13,956,831


Chile: 0.13%
Embotelladora Andina SA Preference B (Consumer Discretionary, Food & Staples Retailing)		1.34			65,206		314,962
Sociedad Quimica y Minera de Chile SA Class B (Materials, Chemicals)		2.10			4,332		203,441

							518,403

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			115

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Dividend yield			Shares		Value

Colombia: 0.28%
Banco Davivienda SA (Financials, Banks)		1.47	%		13,288	$	148,681
Bancolombia SA (Financials, Banks)		1.41			81,728		931,089

							1,079,770


Russia: 0.14%
Transneft PJSC (Energy, Oil, Gas & Consumable Fuels)		2.38			172		527,668


Total Preferred Stocks (Cost $14,702,602)							16,082,672


	Yield
Short-Term Investments: 3.44%

Investment Companies: 3.44%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.92			13,203,143		13,203,143


Total Short-Term Investments (Cost $13,203,143)							13,203,143


Total investments in securities (Cost $373,863,850)	99.24	%		381,595,691
Other assets and liabilities, net	0.76			2,927,335

Total net assets	100.00	%	$	384,523,026

†	Non-income-earning 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.

††	On the last dividend date, partial dividends were declared.

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

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
MSCI Emerging Markets Index		85		9-15-2017	$	4,618,783	$	4,616,350	$	0	$	(2,433	)

Forward Foreign Currency Contracts

Currency to be

received

Currency to be
delivered

Counterparty

Settlement date

Unrealized

gains

Unrealized

losses

319,276 USD

1,101,692 TRY

State Street Bank

9-6-2017

733

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 3.44%
Wells Fargo Government Money Market Fund Select Class		0		250,089,338		236,886,195		13,203,143	$	0	$	0	$	10,982	$	13,203,143

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


116		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Common Stocks: 94.35%

Australia: 8.70%
Abacus Property Group (Real Estate, Equity REITs)		851	$	1,056
AGL Energy Limited (Utilities, Multi-Utilities)		71,722		1,367,799
Alumina Limited (Materials, Metals & Mining)		431,688		727,521
Amcor Limited (Materials, Containers & Packaging)		122,921		1,574,205
APA Group (Utilities, Gas Utilities)		109,681		772,511
Aristocrat Leisure Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		71,585		1,204,710
ASX Limited (Financials, Capital Markets)		20,543		892,960
Aurizon Holdings Limited (Industrials, Road & Rail)		214,728		846,662
Australia & New Zealand Banking Group Limited (Financials, Banks)		313,367		7,323,865
Bank of Queensland Limited (Financials, Banks)		72,565		726,261
Bendigo Bank Limited (Financials, Banks)		75,558		717,775
BHP Billiton Limited (Materials, Metals & Mining)		315,627		6,869,851
BlueScope Steel Limited (Materials, Metals & Mining)		68,021		587,777
Boral Limited (Materials, Construction Materials)		139,122		737,669
Brambles Limited (Industrials, Commercial Services & Supplies)		174,511		1,291,553
Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels)		30,041		797,389
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		65,613		654,074
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		96,122		615,118
Cochlear Limited (Health Care, Health Care Equipment & Supplies)		6,047		750,911
Commonwealth Bank of Australia (Financials, Banks)		183,132		11,035,021
Computershare Limited (Information Technology, IT Services)		57,614		643,493
Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		70,262		647,915
CSL Limited (Health Care, Biotechnology)		50,632		5,172,917
Dexus Property Group (Real Estate, Equity REITs)		118,602		904,171
Domino’s Pizza Enterprises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,600		260,696
Fortescue Metals Group Limited (Materials, Metals & Mining)		195,508		934,069
Goodman Group (Real Estate, Equity REITs)		171,892		1,132,791
Healthscope Limited (Health Care, Health Care Providers & Services)		209,577		289,890
Iluka Resources Limited (Materials, Metals & Mining)		45,635		343,548
Incitec Pivot Limited (Materials, Chemicals)		253,371		670,719
Insurance Australia Group Limited (Financials, Insurance)		245,478		1,250,865
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		57,471		757,483
Link Administration Holdings Limited (Financials, Capital Markets)		106,382		639,337
Macquarie Group Limited (Financials, Capital Markets)		35,159		2,426,029
Medibank Private Limited (Financials, Insurance)		314,271		759,482
Mirvac Group (Real Estate, Equity REITs)		462,850		853,627
National Australia Bank Limited (Financials, Banks)		282,850		6,790,517
Newcrest Mining Limited (Materials, Metals & Mining)		87,494		1,589,294
Oil Search Limited (Energy, Oil, Gas & Consumable Fuels)		129,744		692,069
Orica Limited (Materials, Chemicals)		45,545		736,068
Origin Energy Limited (Energy, Oil, Gas & Consumable Fuels) †		181,258		1,102,296
Qantas Airways Limited (Industrials, Airlines)		197,578		898,410
QBE Insurance Group Limited (Financials, Insurance)		142,640		1,183,809
Qube Holdings Limited (Industrials, Transportation Infrastructure)		314,708		630,446
Ramsay Health Care Limited (Health Care, Health Care Providers & Services)		15,411		836,864
Rio Tinto Limited (Materials, Metals & Mining)		43,961		2,370,790
Scentre Group (Real Estate, Equity REITs)		577,373		1,771,673
SEEK Limited (Industrials, Commercial Services & Supplies)		50,755		675,824

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			117

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Australia (continued)
Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		45,320	$	788,994
South32 Limited – Athens Exchange (Materials, Metals & Mining)		567,682		1,317,734
Spark Infrastructure Group (Utilities, Electric Utilities)		332,035		712,668
Stockland Australia (Real Estate, Equity REITs)		293,690		1,034,269
Suncorp Group Limited (Financials, Insurance)		134,782		1,396,098
Sydney Airport Holdings Limited (Industrials, Transportation Infrastructure)		238,843		1,405,025
Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		196,222		641,105
Tatts Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		209,889		685,759
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		1,301,905		3,798,263
The GPT Group (Real Estate, Equity REITs)		195,301		776,273
The Star Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		168,626		697,056
Transurban Group (Industrials, Transportation Infrastructure)		237,665		2,297,410
Treasury Wine Estates Limited (Consumer Staples, Beverages)		74,081		852,737
Vicinity Centres (Real Estate, Equity REITs)		416,016		866,465
Wesfarmers Limited (Consumer Staples, Food & Staples Retailing)		117,339		3,975,535
Westfield Corporation (Real Estate, Equity REITs)		246,138		1,453,809
Westpac Banking Corporation (Financials, Banks)		351,777		8,744,501
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		71,959		1,649,185
Woolworths Limited (Consumer Staples, Food & Staples Retailing)		134,523		2,780,415

				112,333,081


Austria: 0.41%
ams AG (Information Technology, Semiconductors & Semiconductor Equipment)		9,993		719,554
Andritz AG (Industrials, Machinery)		10,814		588,449
Buwog AG (Real Estate, Real Estate Management & Development)		13,868		426,762
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks)		29,809		1,259,581
OMV AG (Energy, Oil, Gas & Consumable Fuels)		14,981		861,211
Raiffeisen Bank International AG (Financials, Banks) †		22,302		731,702
Voestalpine AG (Materials, Metals & Mining)		13,736		712,785

				5,300,044


Belgium: 0.61%
Ackermans & Van Haaren NV (Financials, Diversified Financial Services)		3,843		645,976
Colruyt SA (Consumer Staples, Food & Staples Retailing)		4,879		271,098
Galapagos NV (Health Care, Biotechnology) †		116		10,670
Galapagos NV (Health Care, Biotechnology) †		8,344		767,532
KBC Groep NV (Financials, Banks)		26,934		2,213,350
Proximus SA (Telecommunication Services, Diversified Telecommunication Services)		18,440		650,106
Solvay SA (Materials, Chemicals)		7,727		1,120,851
Telenet Group Holding NV (Consumer Discretionary, Media) †		10,455		707,813
UCB SA (Health Care, Pharmaceuticals)		11,986		826,017
Umicore (Materials, Metals & Mining)		8,955		668,945

				7,882,358


Canada: 9.63%
Agnico-Eagle Mines Limited (Materials, Metals & Mining)		26,695		1,368,366
Agrium Incorporated (Materials, Chemicals)		14,515		1,423,661
Alimentation Couche-Tard Incorporated Class B (Consumer Staples, Food & Staples Retailing)		45,235		2,160,050

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


118		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Canada (continued)
Bank of Montreal (Financials, Banks)		67,891	$	4,871,842
Barrick Gold Corporation (Materials, Metals & Mining)		128,771		2,319,167
BCE Incorporated (Telecommunication Services, Diversified Telecommunication Services)		97,315		4,632,155
Brookfield Asset Management Incorporated Class A (Financials, Capital Markets)		97,519		3,857,028
Canadian Imperial Bank of Commerce (Financials, Banks)		41,674		3,501,117
Canadian National Railway Company (Industrials, Road & Rail)		69,637		5,644,570
Canadian Pacific Railway Limited (Industrials, Road & Rail)		15,282		2,377,934
Canadian Tire Corporation Limited Class A (Consumer Discretionary, Multiline Retail)		7,375		872,893
CGI Group Incorporated Class A (Information Technology, IT Services) †		28,065		1,427,803
Constellation Software Incorporated (Information Technology, Software)		2,328		1,294,471
Dollarama Incorporated (Consumer Discretionary, Multiline Retail)		11,744		1,157,424
Enbridge Incorporated – Toronto Exchange (Energy, Oil, Gas & Consumable Fuels)		174,564		6,978,366
EnCana Corporation (Energy, Oil, Gas & Consumable Fuels)		89,590		835,815
Fortis Incorporated (Utilities, Electric Utilities)		44,044		1,611,508
Franco-Nevada Corporation (Materials, Metals & Mining)		20,608		1,685,936
Gildan Activewear Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		25,233		790,280
Goldcorp Incorporated (Materials, Metals & Mining)		92,700		1,273,859
Great-West Lifeco Incorporated (Financials, Insurance)		30,668		849,494
Imperial Oil Limited (Energy, Oil, Gas & Consumable Fuels)		26,162		772,237
Intact Financial Corporation (Financials, Insurance)		13,975		1,152,021
Inter Pipeline Limited (Energy, Oil, Gas & Consumable Fuels)		36,689		671,934
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		21,954		1,190,746
Magna International Incorporated (Consumer Discretionary, Auto Components)		38,927		1,873,172
Manulife Financial Corporation (Financials, Insurance)		200,393		3,936,449
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		25,330		836,118
National Bank of Canada (Financials, Banks)		36,008		1,657,449
Pembina Pipeline Corporation (Energy, Oil, Gas & Consumable Fuels)		40,052		1,290,965
Potash Corporation of Saskatchewan (Materials, Chemicals)		81,993		1,426,793
Power Corporation of Canada (Financials, Insurance)		39,696		970,188
Power Financial Corporation (Financials, Insurance)		25,912		699,494
Restaurant Brands International Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		26,203		1,599,563
RioCan REIT (Real Estate, Equity REITs)		34,843		664,075
Rogers Communications Incorporated Class B (Telecommunication Services, Wireless Telecommunication Services)		39,122		2,042,333
Royal Bank of Canada (Financials, Banks)		154,831		11,491,281
Saputo Incorporated (Consumer Staples, Food Products)		25,233		851,910
Shaw Communications Incorporated Class B (Consumer Discretionary, Media)		48,826		1,089,323
Sun Life Financial Incorporated (Financials, Insurance)		62,758		2,409,807
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		176,662		5,535,763
Teck Resources Limited Class B (Materials, Metals & Mining)		43,805		1,090,258
TELUS Corporation (Telecommunication Services, Diversified Telecommunication Services)		75,694		2,740,441
The Bank of Nova Scotia (Financials, Banks)		127,708		7,945,253
The Toronto-Dominion Bank (Financials, Banks)		198,128		10,639,811
Thomson Corporation (Financials, Capital Markets)		30,767		1,406,843
TransCanada Corporation (Energy, Oil, Gas & Consumable Fuels)		90,111		4,575,727
Waste Connections Incorporated – Toronto Exchange (Industrials, Commercial Services & Supplies)		26,700		1,781,283
Wheaton Precious Metals Corporation (Materials, Metals & Mining)		52,076		1,081,763

				124,356,739

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			119

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

China: 0.20%
AAC Technologies Holdings Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		74,500	$	1,358,483
COSCO Shipping Ports Limited (Industrials, Transportation Infrastructure)		2,473		2,923
Shenzhou International Group Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		79,000		632,949
Towngas China Company Limited (Utilities, Gas Utilities)		2,084		1,411
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		291,934		640,888

				2,636,654


Czech Republic: 0.06%
CEZ AS (Utilities, Electric Utilities)		37,971		720,277


Denmark: 1.88%
A.P. Moller Maersk AS Class B (Industrials, Marine)		688		1,418,446
Carlsberg AS Class B (Consumer Staples, Beverages)		10,787		1,238,010
Christian Hansen Holding AS (Materials, Chemicals)		9,371		806,248
Coloplast AS Class B (Health Care, Health Care Equipment & Supplies)		11,082		907,336
Danske Bank AS (Financials, Banks)		79,514		3,090,270
DONG Energy AS (Utilities, Electric Utilities) 144A		17,306		900,848
DSV AS (Industrials, Road & Rail)		18,776		1,331,407
Genmab AS (Health Care, Biotechnology) †		6,047		1,411,243
GN Store Nord AS (Health Care, Health Care Equipment & Supplies)		22,359		741,560
H. Lundbeck AS (Health Care, Pharmaceuticals)		11,370		724,167
ISS AS (Industrials, Commercial Services & Supplies)		17,386		676,533
Jyske Bank AS (Financials, Banks)		11,152		671,010
Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		190,255		9,075,207
Sydbank AS (Financials, Banks)		15,769		615,126
TDC AS (Telecommunication Services, Diversified Telecommunication Services)		114,386		681,480

				24,288,891


Finland: 0.98%
Amer Sports Oyj (Consumer Discretionary, Leisure Products)		14,274		377,403
Elisa Oyj (Telecommunication Services, Diversified Telecommunication Services)		15,998		698,945
Fortum Oyj (Utilities, Electric Utilities)		43,277		776,909
Huhtamaki Oyj (Materials, Containers & Packaging)		16,588		645,338
Kesko Oyj Class B (Consumer Staples, Food & Staples Retailing)		6,846		368,943
Kone Oyj Class B (Industrials, Machinery)		41,004		2,224,908
Metso Oyj (Industrials, Machinery)		18,615		616,941
Neste Oil Oyj (Energy, Oil, Gas & Consumable Fuels)		16,614		732,583
Orion Oyj Class B (Health Care, Pharmaceuticals)		10,776		510,310
Sampo Oyj Class A (Financials, Insurance)		48,888		2,580,533
Stora Enso Oyj (Materials, Paper & Forest Products)		56,251		739,283
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		53,758		1,398,958
Wartsila Oyj (Industrials, Machinery)		14,870		1,025,831

				12,696,885


France: 8.51%
Aeroports de Paris SA (Industrials, Transportation Infrastructure)		4,173		744,418
Air Liquide SA (Materials, Chemicals)		40,997		5,004,943
Alstom SA (Industrials, Machinery)		18,244		648,843

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


120		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

France (continued)
Amundi SA (Financials, Diversified Financial Services)		9,002	$	693,032
Arkema SA (Materials, Chemicals)		6,812		740,221
Atos Origin SA (Information Technology, IT Services)		9,763		1,506,259
Bouygues SA (Industrials, Construction & Engineering)		28,685		1,300,871
Bureau Veritas SA (Industrials, Professional Services)		29,719		706,696
Capgemini SA (Information Technology, IT Services)		18,067		2,003,028
Carrefour SA (Consumer Staples, Food & Staples Retailing)		69,088		1,393,245
Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,535		1,708,895
Compagnie de Saint-Gobain SA (Industrials, Building Products)		54,713		3,001,009
Compagnie Generale des Establissements Michelin SA (Consumer Discretionary, Auto Components)		18,297		2,494,002
Dassault Systemes SA (Information Technology, Software)		13,964		1,375,640
Eiffage SA (Industrials, Construction & Engineering)		9,724		1,004,792
Electricite de France SA (Utilities, Electric Utilities)		64,725		685,762
Elior Group SA (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		22,549		598,609
Essilor International SA Cie Generale d’Optique (Health Care, Health Care Equipment & Supplies)		22,304		2,815,820
Eurazeo (Financials, Diversified Financial Services)		8,356		691,238
Eutelsat Communications SA (Consumer Discretionary, Media)		25,536		742,200
Faurecia (Consumer Discretionary, Auto Components)		11,837		688,434
Fonciere des Regions (Real Estate, Equity REITs)		6,798		672,259
Gecina SA (Real Estate, Equity REITs)		4,300		670,069
Groupe Danone SA (Consumer Staples, Food Products)		64,229		5,057,886
Groupe Eurotunnel SE (Industrials, Transportation Infrastructure)		59,439		708,653
Hermes International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,251		1,190,592
ICADE (Real Estate, Equity REITs)		4,167		370,359
Iliad SA (Telecommunication Services, Diversified Telecommunication Services)		2,574		664,782
Ipsen SA (Health Care, Pharmaceuticals)		4,852		651,829
Kering SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,303		2,741,175
Klepierre (Real Estate, Equity REITs)		25,869		1,042,437
Lagardere SCA (Consumer Discretionary, Media)		20,837		669,498
Legrand SA (Industrials, Electrical Equipment)		27,521		1,929,050
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		28,314		7,423,839
Orpea SA (Health Care, Health Care Providers & Services)		5,909		716,099
Pernod-Ricard SA (Consumer Staples, Beverages)		21,661		2,960,274
Peugeot SA (Consumer Discretionary, Automobiles)		47,842		1,010,071
Rexel SA (Industrials, Trading Companies & Distributors)		40,115		599,324
Rubis (Utilities, Gas Utilities)		11,604		754,382
Safran SA (Industrials, Aerospace & Defense)		36,499		3,545,107
Sanofi SA (Health Care, Pharmaceuticals)		122,557		11,914,036
SCOR SE (Financials, Insurance)		16,224		679,848
SEB SA (Consumer Discretionary, Household Durables)		3,651		663,250
Societe BIC SA (Industrials, Commercial Services & Supplies)		5,525		663,972
Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		10,507		1,226,166
Suez Environnement Company SA (Utilities, Multi-Utilities)		39,622		751,623
Teleperformance SE (Industrials, Professional Services)		5,305		730,053
Thales SA (Industrials, Aerospace & Defense)		10,427		1,154,393
Total SA (Energy, Oil, Gas & Consumable Fuels)		267,242		13,821,517
Ubisoft Entertainment SA (Information Technology, Software) †		11,587		771,898
Unibail-Rodamco SA (Financials, Real Estate Management & Development)		176		44,743
Unibail-Rodamco SE (Real Estate, Equity REITs)		11,973		3,043,785
Valeo SA (Consumer Discretionary, Auto Components)		22,738		1,520,707

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			121

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

France (continued)
Veolia Environnement SA (Utilities, Multi-Utilities)		59,200	$	1,389,056
Vinci SA (Industrials, Construction & Engineering)		56,584		5,210,332
Vivendi SA (Consumer Discretionary, Media)		103,241		2,368,961

				109,879,982


Germany: 9.22%
Adidas AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		17,731		3,979,891
Allianz AG (Financials, Insurance)		46,462		9,942,102
BASF SE (Materials, Chemicals)		95,574		9,257,963
Bayer AG (Health Care, Pharmaceuticals)		88,413		11,314,517
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		34,910		3,241,573
Beiersdorf AG (Consumer Staples, Personal Products)		9,787		1,044,856
Brenntag AG (Materials, Chemicals)		16,353		866,593
Covestro AG (Materials, Chemicals) 144A		9,009		707,942
Deutsche Boerse AG (Financials, Capital Markets)		19,203		2,052,620
Deutsche Lufthansa AG (Industrials, Airlines)		28,610		717,619
Deutsche Post AG (Industrials, Air Freight & Logistics)		98,669		4,092,914
Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)		381,402		6,883,250
Deutsche Wohnen AG (Real Estate, Real Estate Management & Development)		36,247		1,539,601
Duerr AG (Industrials, Machinery)		2,590		301,667
E.ON SE (Utilities, Multi-Utilities)		221,408		2,502,648
Evonik Industries AG (Materials, Chemicals)		20,067		650,491
Fraport AG (Industrials, Transportation Infrastructure)		7,261		716,490
Freenet AG (Telecommunication Services, Wireless Telecommunication Services)		20,411		681,810
Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services)		22,527		2,105,156
Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services)		43,490		3,680,521
Hannover Rueck SE (Financials, Insurance)		6,801		824,199
Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,358		622,876
Infineon Technologies AG (Information Technology, Semiconductors & Semiconductor Equipment)		117,495		2,709,321
Innogy SE (Utilities, Multi-Utilities)		15,828		697,642
K&S AG (Materials, Chemicals)		24,849		592,222
Kion Group AG (Industrials, Machinery)		8,421		768,099
LANXESS AG (Materials, Chemicals)		8,981		669,818
LEG Immobilien AG (Real Estate, Real Estate Management & Development)		7,125		720,119
Linde AG (Materials, Chemicals)		18,217		3,492,599
MAN SE (Industrials, Machinery)		5,902		662,626
Merck KGaA (Health Care, Pharmaceuticals)		13,176		1,447,133
Metro Wholesale & Food Specialist AG (Consumer Staples, Food & Staples Retailing) †		27,817		543,744
MTU Aero Engines AG (Industrials, Aerospace & Defense)		4,886		684,025
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		16,427		3,390,929
Osram Licht AG (Industrials, Electrical Equipment)		9,097		747,021
ProSiebenSat.1 Media AG (Consumer Discretionary, Media)		27,046		907,309
Rheinmetall AG (Industrials, Industrial Conglomerates)		6,875		702,708
SAP SE (Information Technology, Software)		107,048		11,227,056
Siemens AG (Industrials, Industrial Conglomerates)		92,577		12,100,877
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		7,136		667,542
Symrise AG (Materials, Chemicals)		12,330		901,245
Telefonica Deutschland Holding AG (Telecommunication Services, Diversified Telecommunication Services)		130,895		708,376
Thyssenkrupp AG (Materials, Metals & Mining)		45,048		1,350,875
TUI AG – BATS Exchange (Consumer Discretionary, Hotels, Restaurants & Leisure)		42,697		722,167

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


122		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Germany (continued)
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)		26,146	$	650,990
United Internet AG (Information Technology, Internet Software & Services)		12,151		721,088
Vonovia SE (Real Estate, Real Estate Management & Development)		44,972		1,900,808
Wirecard AG (Information Technology, IT Services)		11,000		937,730
Zalando SE (Consumer Discretionary, Internet & Direct Marketing Retail) 144A†		14,211		673,062

				119,024,430


Hong Kong: 2.82%
ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment)		47,844		591,803
Cheung Kong Property Holding Limited (Real Estate, Real Estate Management & Development)		288,190		2,529,937
China Merchants Holdings International Company Limited (Industrials, Transportation Infrastructure)		3,673		12,015
China Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		420,000		655,835
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		301,070		3,939,503
CLP Holdings Limited (Utilities, Electric Utilities)		237,886		2,512,382
Dairy Farm International Holdings Limited (Consumer Staples, Food & Staples Retailing)		34,340		278,154
First Pacific Company Limited (Financials, Diversified Financial Services)		294,894		237,023
Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		308,625		1,936,362
Hang Lung Group Limited (Real Estate, Real Estate Management & Development)		108,705		409,775
Hang Lung Properties Limited (Real Estate, Real Estate Management & Development)		252,332		613,922
Hang Seng Bank Limited (Financials, Banks)		76,455		1,758,541
Henderson Land Development Company Limited (Real Estate, Real Estate Management & Development)		117,917		730,792
Hong Kong & China Gas Company Limited (Utilities, Gas Utilities)		828,519		1,566,888
Hong Kong Land Holdings Limited (Real Estate, Real Estate Management & Development)		128,325		950,888
Hong Kong Telecommunications Trust & Hong Kong Trust Limited (Telecommunication Services, Diversified Telecommunication Services)		507,574		655,081
Hopewell Holdings (Industrials, Industrial Conglomerates)		88,349		347,153
Hysan Development Company Limited (Real Estate, Real Estate Management & Development)		80,574		372,716
I Cable Communications Limited (Consumer Discretionary, Media) †		113,892		4,221
Jardine Matheson Holdings Limited (Industrials, Industrial Conglomerates)		28,628		1,881,146
Jardine Strategic Holdings Limited (Industrials, Industrial Conglomerates)		19,217		842,666
Link REIT (Real Estate, Equity REITs)		242,107		1,998,545
MTR Corporation Limited (Industrials, Road & Rail)		163,069		953,315
New World Development Limited (Real Estate, Real Estate Management & Development)		551,960		754,684
NWS Holdings Limited (Industrials, Industrial Conglomerates)		185,429		356,368
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		279,117		1,250,110
Sino Land Company (Real Estate, Real Estate Management & Development)		397,899		688,439
Sun Hung Kai Properties Limited (Real Estate, Real Estate Management & Development)		158,309		2,641,939
Swire Pacific Limited (Financials, Real Estate Management & Development)		66,478		676,609
Swire Properties Limited (Real Estate, Real Estate Management & Development)		192,353		666,104
Techtronic Industries Company Limited (Consumer Discretionary, Household Durables)		144,743		749,077
The Wharf Holdings Limited (Real Estate, Real Estate Management & Development)		125,717		1,197,611
Vitasoy International Holdings Limited (Consumer Staples, Food Products)		97,005		212,957
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		100,945		755,241
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		157,222		681,063

				36,408,865


Ireland: 0.37%
DCC plc (Industrials, Industrial Conglomerates)		10,069		917,275
Glanbia plc (Consumer Staples, Food Products)		33,676		629,808

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			123

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Ireland (continued)
Kerry Group plc Class A (Consumer Staples, Food Products)		17,565	$	1,635,810
Kingspan Group plc (Industrials, Building Products)		19,815		766,635
Smurfit Kappa Group plc (Materials, Containers & Packaging)		29,074		886,565

				4,836,093


Italy: 0.96%
Assicurazioni Generali SpA (Financials, Insurance)		131,698		2,357,971
Atlantia SpA (Industrials, Transportation Infrastructure)		52,270		1,680,071
Davide Campari-Milano SpA (Consumer Staples, Beverages)		89,926		650,879
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		44,539		753,435
Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		19,086		1,098,558
Moncler SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		22,394		636,349
Poste Italiane SpA (Financials, Insurance)		55,944		406,584
Prysmian SpA (Industrials, Electrical Equipment)		24,477		769,843
Recordati SpA (Health Care, Pharmaceuticals)		16,171		692,643
Snam SpA (Utilities, Gas Utilities)		278,940		1,358,141
Telecom Italia SpA (Telecommunication Services, Diversified Telecommunication Services) †		1,205,006		1,154,055
Terna SpA (Utilities, Electric Utilities)		150,316		887,561

				12,446,090


Japan: 15.36%
Advance Residence Investment Corporation (Real Estate, Equity REITs)		265		678,552
Aeon Mall Company Limited (Real Estate, Real Estate Management & Development)		19,800		355,890
Air Water Incorporated (Materials, Chemicals)		32,700		603,226
Ajinomoto Company Incorporated (Consumer Staples, Food Products)		60,400		1,193,056
Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		29,700		558,960
All Nippon Airways Company Limited (Industrials, Airlines)		422,000		1,565,394
Aozora Bank Limited (Financials, Banks)		120,000		454,087
Asahi Breweries Limited (Consumer Staples, Beverages)		46,300		2,016,926
Asahi Glass Company Limited (Industrials, Building Products)		22,200		866,312
Asahi Intecc Company Limited (Health Care, Health Care Equipment & Supplies)		8,100		424,396
Asahi Kasei Corporation (Materials, Chemicals)		135,000		1,617,274
Bandai Namco Holdings Incorporated (Consumer Discretionary, Leisure Products)		19,500		653,636
Benesse Corporation (Consumer Discretionary, Diversified Consumer Services)		11,100		427,098
Bridgestone Corporation (Consumer Discretionary, Auto Components)		73,400		3,150,722
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		32,800		777,521
CALBEE Incorporated (Consumer Staples, Food Products)		12,500		427,525
Canon Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		115,000		4,031,564
Casio Computer Company Limited (Consumer Discretionary, Household Durables)		40,100		566,839
Chubu Electric Power Company Incorporated (Utilities, Electric Utilities)		77,100		1,007,802
Citizen Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		52,900		374,850
Coca-Cola Bottlers Japan Incorporated (Consumer Staples, Beverages)		19,000		651,567
Comsys Holdings Corporation (Industrials, Construction & Engineering)		18,300		393,516
Cosmos Pharmaceutical Corporation (Consumer Staples, Food & Staples Retailing)		1,800		408,186
Credit Saison Company Limited (Financials, Consumer Finance)		31,200		566,189
CyberAgent Incorporated (Consumer Discretionary, Media)		14,100		461,086
Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies)		64,000		755,647
Daicel Chemical Industries Limited (Materials, Chemicals)		49,900		635,920
Daifuku Company Limited (Industrials, Machinery)		17,100		744,290

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


124		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Daiichikosho Company Limited (Consumer Discretionary, Media)		8,000	$	387,866
Daito Trust Construction Company Limited (Real Estate, Real Estate Management & Development)		7,700		1,364,758
Daiwa House Industry Company Limited (Real Estate, Real Estate Management & Development)		70,300		2,460,036
Daiwa House Residential Investment Corporation (Real Estate, Equity REITs)		279		682,175
Daiwa Securities Group Incorporated (Financials, Capital Markets)		179,000		979,872
Dena Company Limited (Information Technology, Internet Software & Services)		15,900		340,172
DIC Incorporated (Materials, Chemicals)		13,500		477,077
Disco Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		4,100		735,081
Don Quijote Company Limited (Consumer Discretionary, Multiline Retail)		16,400		622,823
East Japan Railway Company (Industrials, Road & Rail)		42,000		3,852,914
Ebara Corporation (Industrials, Machinery)		13,300		411,939
Electric Power Development Company Limited (Utilities, Independent Power & Renewable Electricity Producers)		23,600		646,164
Ezaki Glico Company Limited (Consumer Staples, Food Products)		8,500		451,539
Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment)		78,000		429,963
Fujikura Limited (Industrials, Electrical Equipment)		41,700		339,108
Fujitsu Limited (Information Technology, IT Services)		221,000		1,638,578
Fukuoka Financial Group Incorporated (Financials, Banks)		92,000		404,202
Furukawa Electric Company Limited (Industrials, Electrical Equipment)		9,600		520,453
Glory Limited (Industrials, Machinery)		11,000		374,221
Hakuhodo DY Holdings Incorporated (Consumer Discretionary, Media)		52,900		720,347
Hankyu Hanshin Holdings Incorporated (Industrials, Road & Rail)		25,300		964,270
Haseko Corporation (Consumer Discretionary, Household Durables)		41,600		515,388
Hikari Tsushin Incorporated (Consumer Discretionary, Specialty Retail)		4,200		521,108
Hino Motors Limited (Industrials, Machinery)		41,700		479,075
Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals)		11,000		529,313
Hitachi Chemical Company Limited (Materials, Chemicals)		17,600		476,442
Hitachi Construction Machinery Company Limited (Industrials, Machinery)		16,000		451,903
Hitachi High Technologies Corporation (Information Technology, Electronic Equipment, Instruments & Components)		11,600		414,154
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		487,000		3,353,427
Hitachi Metals Limited (Materials, Metals & Mining)		29,200		390,183
Hokuhoku Financial Group Incorporated (Financials, Banks)		23,500		361,045
Horiba Limited (Information Technology, Electronic Equipment, Instruments & Components)		6,900		423,032
Hoya Corporation (Health Care, Health Care Equipment & Supplies)		41,100		2,353,432
Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels)		16,600		405,581
Iida Group Holdings Company (Consumer Discretionary, Household Durables)		28,700		487,927
Inpex Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		117,200		1,120,455
Isetan Mitsukoshi Holdings Limited (Consumer Discretionary, Multiline Retail)		53,900		555,008
ITO EN Limited (Consumer Staples, Beverages)		10,800		397,872
Itochu Corporation (Industrials, Trading Companies & Distributors)		157,900		2,579,601
Izumi Company Limited (Consumer Discretionary, Multiline Retail)		7,000		366,762
J.Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		37,500		523,605
Japan Airport Terminal Company Limited (Industrials, Transportation Infrastructure)		11,300		410,124
Japan Prime Realty Investment Corporation (Real Estate, Equity REITs)		189		679,090
Japan Retail Fund Investment Corporation (Real Estate, Equity REITs)		360		662,459
JSR Corporation (Materials, Chemicals)		30,900		602,063
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		366,000		1,772,487
K’s Holdings Corporation (Consumer Discretionary, Specialty Retail)		15,500		346,559
Kagome Company Limited (Consumer Staples, Food Products)		13,500		426,115
Kajima Corporation (Industrials, Construction & Engineering)		100,000		917,815

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			125

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Kakaku.com Incorporated (Information Technology, Internet Software & Services)		19,000	$	236,603
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		5,500		290,672
Kamigumi Company Limited (Industrials, Transportation Infrastructure)		25,000		276,754
Kansai Electric Power Company Incorporated (Utilities, Electric Utilities)		97,300		1,363,006
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		199,200		5,376,144
Keikyu Corporation (Industrials, Road & Rail)		60,000		637,468
Keisei Electric Railway Company Limited (Industrials, Road & Rail)		24,000		653,841
Kewpie Corporation (Consumer Staples, Food Products)		17,600		421,849
Kintetsu Corporation (Industrials, Road & Rail)		182,000		687,042
Kirin Brewery Company Limited (Consumer Staples, Beverages)		93,600		2,125,550
Kobayashi Pharmaceutical Company Limited (Consumer Staples, Personal Products)		9,700		602,638
Konica Minolta Holdings Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		73,400		586,212
Kose Corporation (Consumer Staples, Personal Products)		5,900		740,619
Kuraray Company Limited (Materials, Chemicals)		36,100		685,649
Kyocera Corporation (Information Technology, Electronic Equipment, Instruments & Components)		40,000		2,401,419
Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities)		61,500		722,773
Kyushu Financial Group Incorporated (Financials, Banks)		69,900		426,006
Lawson Incorporated (Consumer Staples, Food & Staples Retailing)		7,700		517,606
Lion Corporation (Consumer Staples, Household Products)		37,400		743,679
LIXIL Group Corporation (Industrials, Building Products)		31,300		821,114
M3 Incorporated (Health Care, Health Care Technology)		24,500		636,708
Mabuchi Motor Company Limited (Industrials, Electrical Equipment)		12,500		590,121
Marubeni Corporation (Industrials, Trading Companies & Distributors)		174,900		1,138,159
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		6,900		469,477
Mebuki Financial Group Incorporated (Financials, Banks)		149,900		531,778
Medipal Holdings Corporation (Health Care, Health Care Providers & Services)		28,100		495,619
Meiji Holdings Company Limited (Consumer Staples, Food Products)		16,700		1,330,714
Minebea Company Limited (Industrials, Machinery)		42,800		703,503
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		8,200		372,575
Mitsubishi Chemical Holdings Corporation (Materials, Chemicals)		138,000		1,284,159
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		25,200		625,559
Mitsubishi Materials Corporation (Materials, Metals & Mining)		19,500		699,754
Mitsubishi Tanabe Pharma Corporation (Health Care, Pharmaceuticals)		27,600		677,855
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		90,400		457,201
Mitsui Chemicals Incorporated (Materials, Chemicals)		111,000		664,374
Mitsui OSK Lines Limited (Industrials, Marine)		127,000		407,796
Morinaga & Company Limited (Consumer Staples, Food Products)		6,900		395,415
Nabtesco Corporation (Industrials, Machinery)		17,700		619,061
Nagoya Railroad Company Limited (Industrials, Road & Rail)		107,000		478,865
Nankai Electric Railway Company Limited (Industrials, Road & Rail)		65,000		333,470
NEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		244,000		645,873
NH Foods Limited (Consumer Staples, Food Products)		22,000		646,382
NHK Spring Company Limited (Consumer Discretionary, Auto Components)		35,800		357,886
Nichirei Corporation (Consumer Staples, Food Products)		19,900		526,214
Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies)		12,300		285,305
Nihon M&A Center Incorporated (Industrials, Professional Services)		9,500		439,851
Nikon Corporation (Consumer Discretionary, Household Durables)		40,000		659,663
Nippon Express Company Limited (Industrials, Road & Rail)		105,000		724,928
Nippon Prologis REIT Incorporated (Real Estate, Equity REITs)		306		664,689
Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals)		8,100		563,651

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


126		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Nippon Shokubai Company Limited (Materials, Chemicals)		5,700	$	406,495
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		152,000		7,560,249
Nippon Television Network Corporation (Consumer Discretionary, Media)		600		10,894
Nisshin Seifun Group Incorporated (Consumer Staples, Food Products)		45,000		782,235
Nissin Food Products Company Limited (Consumer Staples, Food Products)		10,500		647,565
Nitori Holdings Company Limited (Consumer Discretionary, Specialty Retail)		10,300		1,590,885
Nomura Real Estate Holding Incorporated (Real Estate, Real Estate Management & Development)		19,700		406,956
Nomura Real Estate Master Fund Incorporated (Real Estate, Equity REITs)		548		724,286
Nomura Research Institute Limited (Information Technology, IT Services)		16,400		638,486
NSK Limited (Industrials, Machinery)		52,800		626,770
Obayashi Corporation (Industrials, Construction & Engineering)		67,700		798,717
Omron Corporation (Information Technology, Electronic Equipment, Instruments & Components)		19,800		994,188
Oracle Corporation (Japan) (Information Technology, Software)		5,600		414,136
ORIX Corporation (Financials, Diversified Financial Services)		135,300		2,165,465
ORIX JREIT Incorporated (Real Estate, Equity REITs)		448		646,315
Osaka Gas Company Limited (Utilities, Gas Utilities)		210,000		821,585
Otsuka Corporation (Information Technology, IT Services)		9,500		629,099
Panasonic Corporation (Consumer Discretionary, Household Durables)		257,000		3,425,965
Park24 Company Limited (Industrials, Commercial Services & Supplies)		18,300		439,959
Pigeon Corporation (Consumer Staples, Household Products)		15,900		615,405
Pilot Corporation (Industrials, Commercial Services & Supplies)		7,900		346,368
Pola Orbis Holdings Incorporated (Consumer Staples, Personal Products)		13,500		434,097
Recruit Holdings Company Limited (Industrials, Professional Services)		168,000		3,348,233
Relo Holdings Incorporated (Real Estate, Real Estate Management & Development)		16,600		377,345
Resona Holdings Incorporated (Financials, Banks)		249,500		1,245,060
Ricoh Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		79,600		797,195
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		9,600		747,496
Rohto Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		15,400		357,491
Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail)		2,500		693,592
Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		49,700		771,258
Sanwa Holdings Corporation (Industrials, Building Products)		36,700		409,280
Sapporo Holdings Limited (Consumer Staples, Beverages)		13,400		389,439
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		5,800		317,078
SBI Holdings Incorporated (Financials, Capital Markets)		35,600		494,809
SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		5,600		362,178
SCSK Corporation (Information Technology, IT Services)		8,900		385,355
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Products)		28,800		413,917
Seibu Holdings Incorporated (Industrials, Industrial Conglomerates)		37,700		648,480
Seiko Epson Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		33,000		846,800
Sekisui Chemical Company Limited (Consumer Discretionary, Household Durables)		45,000		839,132
Sharp Corporation (Consumer Discretionary, Household Durables) †		212,000		636,376
Shimadzu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		36,900		678,355
Shimamura Company Limited (Consumer Discretionary, Specialty Retail)		3,700		451,667
Shimizu Corporation (Industrials, Construction & Engineering)		66,600		688,203
Showa Denko KK (Materials, Chemicals)		20,000		531,405
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		31,500		345,272
SoftBank Group Corporation (Telecommunication Services, Wireless Telecommunication Services)		93,300		7,571,953
Sohgo Security Services Company Limited (Industrials, Commercial Services & Supplies)		15,500		677,469
Sojitz Corporation (Industrials, Trading Companies & Distributors)		212,800		571,028

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			127

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Sony Financial Holdings Incorporated (Financials, Insurance)		22,900	$	362,867
Square Enix Company Limited (Information Technology, Software)		12,900		453,527
Stanley Electric Company Limited (Consumer Discretionary, Auto Components)		22,100		733,752
Start Today Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		20,300		631,519
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		127,500		1,805,192
Sumitomo Dainippon Pharma Company Limited (Health Care, Pharmaceuticals)		25,500		346,541
Sumitomo Foresting Company Limited (Consumer Discretionary, Household Durables)		25,700		400,690
Sumitomo Heavy Industries Limited (Industrials, Machinery)		64,000		477,373
Sumitomo Rubber Industries Limited (Consumer Discretionary, Auto Components)		27,900		462,652
Sundrug Company Limited (Consumer Staples, Food & Staples Retailing)		11,200		464,056
Suntory Beverage & Food Limited (Consumer Staples, Beverages)		13,400		619,202
Suzuken Company Limited (Health Care, Health Care Providers & Services)		13,500		491,813
Suzuki Motor Corporation (Consumer Discretionary, Automobiles)		44,800		2,251,920
T&D Holdings Incorporated (Financials, Insurance)		67,000		919,357
Taiheiyo Cement Corporation (Materials, Construction Materials)		143,000		551,526
Taisei Corporation (Industrials, Construction & Engineering)		110,000		1,103,652
Takara Holdings Incorporated (Consumer Staples, Beverages)		33,900		328,716
Takashimaya Company Limited (Consumer Discretionary, Multiline Retail)		35,000		321,235
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		78,600		4,344,860
Teijin Limited (Materials, Chemicals)		31,000		629,390
Temp Holdings Company Limited (Industrials, Professional Services)		24,300		493,803
The Chugoku Bank Limited (Financials, Banks)		33,500		451,603
The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities)		47,800		551,329
The Gunma Bank Limited (Financials, Banks)		74,800		438,179
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		19,400		359,112
THK Company Limited (Industrials, Machinery)		18,100		604,239
TIS Incorporated (Information Technology, IT Services)		13,300		392,582
Tobu Railway Company Limited (Industrials, Road & Rail)		121,000		669,195
Toho Company Limited Tokyo (Consumer Discretionary, Media)		18,300		679,997
Toho Gas Company Limited (Utilities, Gas Utilities)		60,000		395,688
Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities)		55,400		757,917
Tokyo Broadcasting System Incorporated (Consumer Discretionary, Media)		18,100		347,396
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		17,100		2,404,749
Tokyo Gas Company Limited (Utilities, Gas Utilities)		219,000		1,161,785
Toppan Printing Company Limited (Industrials, Commercial Services & Supplies)		65,000		650,976
Tosoh Corporation (Materials, Chemicals)		66,000		774,458
Toyoda Gosei Company Limited (Consumer Discretionary, Auto Components)		13,700		319,399
Toyota Tsusho Corporation (Industrials, Trading Companies & Distributors)		23,700		729,745
Trend Micro Incorporated (Information Technology, Software)		13,300		615,791
Tsumura & Company (Health Care, Pharmaceuticals)		9,700		365,730
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		5,800		690,608
Unicharm Corporation (Consumer Staples, Household Products)		41,800		983,641
United Urban Investment Corporation (Real Estate, Equity REITs)		463		698,703
USS Company Limited (Consumer Discretionary, Specialty Retail)		34,500		678,169
West Japan Railway Company (Industrials, Road & Rail)		19,700		1,431,962
Yahoo! Japan Corporation (Information Technology, Internet Software & Services)		134,900		618,453
Yakult Honsha Company Limited (Consumer Staples, Food Products)		13,400		928,804
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail)		108,000		584,527
Yamaha Corporation (Consumer Discretionary, Leisure Products)		19,100		665,420
Yamaha Motor Company Limited (Consumer Discretionary, Automobiles)		29,600		837,368

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


128		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Yamazaki Baking Company Limited (Consumer Staples, Food Products)		28,700	$	544,056
Yaskawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		28,300		857,225
Yokogawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		33,700		525,111
Zenkoku Hosho Company Limited (Financials, Diversified Financial Services)		7,900		320,858

				198,387,267


Luxembourg: 0.26%
B&M European Value Retail SA (Consumer Discretionary, Multiline Retail)		69,752		335,891
Eurofins Scientific SE (Health Care, Life Sciences Tools & Services)		1,154		659,551
RTL Group SA (Consumer Discretionary, Media)		8,473		643,026
SES SA (Consumer Discretionary, Media)		44,732		1,022,690
Subsea 7 SA (Energy, Energy Equipment & Services)		47,678		686,474

				3,347,632


Netherlands: 3.51%
Aalberts Industries NV (Industrials, Machinery)		16,309		725,638
ABN AMRO Group NV (Financials, Banks) 144A		33,229		931,183
Airbus Group NV (Industrials, Aerospace & Defense)		58,935		4,953,942
Akzo Nobel NV (Materials, Chemicals)		26,947		2,463,673
Altice NV Class A (Consumer Discretionary, Media) †		53,002		1,222,175
Exor NV (Financials, Diversified Financial Services)		11,577		742,842
Ferrari NV (Consumer Discretionary, Automobiles)		11,757		1,345,059
Fiat Chrysler Automobiles NV (Consumer Discretionary, Automobiles)		100,643		1,515,603
Gemalto NV (Information Technology, Software)		10,220		552,294
Gemalto NV (Information Technology, Software)		163		8,809
Heineken Holding NV (Consumer Staples, Beverages)		10,355		1,022,411
Heineken NV (Consumer Staples, Beverages)		22,084		2,316,930
IMCD Group NV (Industrials, Trading Companies & Distributors)		5,481		322,361
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		133,306		2,396,283
Koninklijke DSM NV (Materials, Chemicals)		19,183		1,455,365
Koninklijke KPN NV (Telecommunication Services, Diversified Telecommunication Services)		327,046		1,156,706
Koninklijke Philips NV (Industrials, Industrial Conglomerates)		98,311		3,719,353
Koninklijke Vopak NV (Energy, Oil, Gas & Consumable Fuels)		14,029		593,798
NN Group NV (Financials, Insurance)		32,672		1,296,545
Philips Lighting NV (Industrials, Electrical Equipment)		17,530		646,927
Qiagen NV (Health Care, Life Sciences Tools & Services)		21,009		674,149
Randstad Holdings NV (Industrials, Professional Services)		14,825		866,626
RELX NV (Industrials, Professional Services)		106,149		2,228,449
STMicroelectronics NV (Information Technology, Semiconductors & Semiconductor Equipment)		63,579		1,103,526
Unilever NV (Consumer Staples, Personal Products)		162,803		9,692,414
Wolters Kluwer NV (Consumer Discretionary, Media)		30,626		1,337,853

				45,290,914


New Zealand: 0.28%
Auckland International Airport Limited (Industrials, Transportation Infrastructure)		126,051		614,526
Contact Energy Limited (Utilities, Electric Utilities)		92,506		370,620
Fisher & Paykel Healthcare Corporation (Health Care, Health Care Equipment & Supplies)		81,934		692,413
Fletcher Building Limited (Materials, Construction Materials)		111,913		655,685
Meridian Energy Limited (Utilities, Independent Power & Renewable Electricity Producers)		164,218		347,830

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			129

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

New Zealand (continued)
Ryman Healthcare Limited (Health Care, Health Care Providers & Services)		31,606	$	206,053
Spark New Zealand Limited (Telecommunication Services, Diversified Telecommunication Services)		245,804		690,948

				3,578,075


Norway: 0.55%
Den Norske Bank ASA (Financials, Banks)		88,201		1,722,420
Gjensidige Forsikring ASA (Financials, Insurance)		38,214		668,922
Marine Harvest ASA (Consumer Staples, Food Products)		42,516		844,516
Norsk Hydro ASA (Materials, Metals & Mining)		115,344		832,599
Orkla ASA (Consumer Staples, Food Products)		88,953		913,270
Telenor ASA (Telecommunication Services, Diversified Telecommunication Services)		65,992		1,336,351
TGS Nopec Geophysical Company ASA (Energy, Energy Equipment & Services)		9,964		213,717
Yara International ASA (Materials, Chemicals)		15,397		629,737

				7,161,532


Portugal: 0.19%
Energias de Portugal SA (Utilities, Electric Utilities)		262,449		1,007,595
Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels)		45,722		757,118
Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing)		33,336		665,118

				2,429,831


Singapore: 1.53%
Ascendas REIT (Real Estate, Equity REITs)		224,600		440,603
CapitaLand Limited (Real Estate, Real Estate Management & Development)		281,263		784,081
CapitaLand Mall Trust (Real Estate, Equity REITs)		292,900		468,744
City Developments Limited (Real Estate, Real Estate Management & Development)		83,075		717,437
ComfortDelGro Corporation Limited (Industrials, Road & Rail)		402,837		680,332
DBS Group Holdings Limited (Financials, Banks)		181,213		2,755,715
Genting Singapore plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		843,624		737,265
Global Logistic Properties Limited (Real Estate, Real Estate Management & Development)		307,905		735,729
Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		20,477		603,007
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		163,143		759,196
Oversea-Chinese Banking Corporation Limited (Financials, Banks)		307,796		2,535,552
Singapore Airlines Limited (Industrials, Airlines)		89,921		683,717
Singapore Exchange Limited (Financials, Capital Markets)		122,574		677,979
Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense)		244,469		658,071
Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)		875,855		2,389,958
Singapore Telecommunications Limited GDR (Telecommunication Services, Diversified Telecommunication Services)		11,900		32,559
United Overseas Bank Limited (Financials, Banks)		146,285		2,592,456
United Overseas Land Limited (Real Estate, Real Estate Management & Development)		119,473		720,741
Wilmar International Limited (Consumer Staples, Food Products)		316,485		774,903

				19,748,045


Spain: 2.72%
Abertis Infraestructuras SA (Industrials, Transportation Infrastructure)		72,350		1,464,195
Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)		22,349		844,987
Aena SA (Industrials, Transportation Infrastructure) 144A		8,036		1,569,378
Amadeus IT Holding SA Class A (Information Technology, IT Services)		44,478		2,757,047

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


130		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Spain (continued)
Banco de Sabade SA (Financials, Banks)		562,535	$	1,236,881
Bankia SA (Financials, Banks)		128,347		624,761
Bankinter SA (Financials, Banks)		70,188		669,278
CaixaBank SA (Financials, Banks)		359,183		1,854,884
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		106,576		674,459
Enagas SA (Energy, Oil, Gas & Consumable Fuels)		24,328		716,937
Endesa SA (Utilities, Electric Utilities)		37,733		910,289
Gas Natural SDG SA (Utilities, Gas Utilities)		37,329		907,431
Grifols SA (Health Care, Biotechnology)		31,048		877,826
Iberdrola SA (Utilities, Electric Utilities)		637,712		5,208,629
Industria de Diseno Textil SA (Consumer Discretionary, Specialty Retail)		114,577		4,353,151
International Consolidated Airlines Group SA (Industrials, Airlines)		115,027		909,554
Mapfre SA (Financials, Insurance)		182,314		645,248
Merlin Properties Socimi SA (Real Estate, Equity REITs)		51,716		712,619
Red Electrica Corporacion SA (Utilities, Electric Utilities)		44,142		991,335
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		126,117		2,166,463
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		464,163		5,005,670

				35,101,022


Sweden: 3.21%
Alfa Laval AB (Industrials, Machinery)		27,334		619,214
Atlas Copco AB Class A (Industrials, Machinery)		66,956		2,624,057
BillerudKorsnas AB (Materials, Containers & Packaging)		40,981		683,382
Boliden AB (Materials, Metals & Mining)		26,858		939,688
Castellum AB (Real Estate, Real Estate Management & Development)		44,625		698,656
Electrolux AB Class B (Consumer Discretionary, Household Durables)		23,067		838,694
Elekta AB Class B (Health Care, Health Care Equipment & Supplies)		68,956		713,794
Essity Aktiebolag AB (Consumer Staples, Household Products) †		65,678		1,823,436
Fabege AB (Real Estate, Real Estate Management & Development)		33,214		666,307
Getinge AB Class B (Health Care, Health Care Equipment & Supplies)		33,478		621,886
Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		96,501		2,441,142
Hexpol AB (Materials, Chemicals)		31,786		311,029
Husqvarna AB Class B (Consumer Discretionary, Household Durables)		65,799		663,725
Industrivarden AB Class A (Financials, Diversified Financial Services)		26,917		672,777
Intrum Justitia AB (Industrials, Commercial Services & Supplies)		8,964		292,529
Investor AB Class B (Financials, Diversified Financial Services)		46,626		2,180,565
Lundin Petroleum AB (Energy, Oil, Gas & Consumable Fuels)		29,235		627,325
Nordea Bank AB (Financials, Banks)		308,663		4,152,670
Saab AB Class B (Industrials, Aerospace & Defense)		13,167		600,703
Sandvik AB (Industrials, Machinery)		115,363		1,906,323
Securitas AB (Industrials, Commercial Services & Supplies)		39,125		643,076
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		157,042		2,043,626
Skanska AB Class B (Industrials, Construction & Engineering)		42,130		951,746
SKF AB Class B (Industrials, Machinery)		35,589		711,265
Svenska Handelsbanken AB Class A (Financials, Banks)		150,657		2,252,531
Swedbank AB Class A (Financials, Banks)		95,330		2,577,086
Swedish Match AB (Consumer Staples, Tobacco)		20,293		723,532
Tele2 AB Class B (Telecommunication Services, Wireless Telecommunication Services)		62,235		724,505
Telefonaktiebolaget LM Ericsson Class B (Information Technology, Communications Equipment)		315,141		1,847,040

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			131

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Sweden (continued)
Telia Company AB (Telecommunication Services, Diversified Telecommunication Services)		298,908	$	1,425,745
Trelleborg AB Class B (Industrials, Machinery)		28,435		677,437
Volvo AB Class B (Industrials, Machinery)		161,092		2,751,179

				41,406,670


Switzerland: 7.35%
ABB Limited (Industrials, Electrical Equipment)		222,993		5,162,360
Adecco SA (Industrials, Professional Services)		18,665		1,352,748
Aryzta AG (Consumer Staples, Food Products)		19,725		621,606
Baloise Holding AG (Financials, Insurance)		5,612		893,636
Barry Callebaut AG (Consumer Staples, Food Products)		253		364,086
Chocoladefabriken Lindt & Sprungli AG (Consumer Staples, Food Products)		12		834,718
Clariant AG (Materials, Chemicals)		27,932		674,015
Coca-Cola HBC AG (Consumer Staples, Beverages)		22,539		770,599
dormakaba Holding AG (Industrials, Building Products)		362		326,345
Dufry Group Register Shares (Consumer Discretionary, Specialty Retail) †		3,935		606,489
EMS-Chemie Holdings AG (Materials, Chemicals)		986		673,988
Flughafen Zuerich AG (Industrials, Transportation Infrastructure)		2,648		648,918
Geberit AG (Industrials, Building Products)		3,775		1,724,622
Georg Fischer AG (Industrials, Machinery)		539		621,090
Givaudan SA (Materials, Chemicals)		854		1,745,492
Helvetia Holding AG (Financials, Insurance)		1,132		648,661
Julius Baer Group Limited (Financials, Capital Markets)		23,723		1,325,984
Kuehne & Nagel International AG (Industrials, Marine)		6,285		1,138,438
LafargeHolcim Limited – BATS Exchange (Materials, Construction Materials)		49,184		2,890,159
Logitech International SA (Information Technology, Technology Hardware, Storage & Peripherals)		19,985		710,661
Lonza Group AG (Health Care, Life Sciences Tools & Services)		7,722		1,955,162
Nestle SA (Consumer Staples, Food Products)		337,939		28,668,167
Partners Group Holding AG (Financials, Capital Markets)		2,331		1,511,947
PSP Swiss Property AG (Real Estate, Real Estate Management & Development)		7,070		648,793
Roche Holding AG (Health Care, Pharmaceuticals)		75,240		19,105,207
Schindler Holding AG – Participation Certificate (Industrials, Machinery)		4,407		943,947
SGS SA (Industrials, Professional Services)		634		1,416,820
Sika AG (Materials, Chemicals)		210		1,489,157
Sonova Holding AG (Health Care, Health Care Equipment & Supplies)		5,822		984,145
Straumann Holding AG (Health Care, Health Care Equipment & Supplies)		1,168		748,461
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,202		1,278,195
Swiss Life Holding AG (Financials, Insurance)		3,143		1,124,853
Swiss Prime Site AG (Real Estate, Real Estate Management & Development)		9,149		828,128
Swiss Reinsurance AG (Financials, Insurance)		33,733		3,055,124
Swisscom AG (Telecommunication Services, Diversified Telecommunication Services)		2,691		1,357,076
Temenos Group AG (Information Technology, Software)		7,317		721,819
Vifor Pharma AG (Health Care, Pharmaceuticals)		5,823		588,403
Zurich Insurance Group AG (Financials, Insurance)		15,917		4,762,070

				94,922,089


Thailand: 0.05%
Thai Beverage PCL (Consumer Staples, Beverages)		933,600		640,325

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


132		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

United Kingdom: 14.99%
3i Group plc (Financials, Capital Markets)		102,859	$	1,289,503
Admiral Group plc (Financials, Insurance)		25,077		626,167
Aggreko plc (Industrials, Commercial Services & Supplies)		55,866		650,886
Ashtead Group plc (Industrials, Trading Companies & Distributors)		47,212		1,015,259
Associated British Foods plc (Consumer Staples, Food Products)		38,369		1,648,210
AstraZeneca plc (Health Care, Pharmaceuticals)		138,604		8,138,786
Auto Trader Group plc (Information Technology, Internet Software & Services) 144A		132,374		604,925
Babcock International Group plc (Industrials, Commercial Services & Supplies)		57,338		602,418
BAE Systems plc (Industrials, Aerospace & Defense)		346,574		2,722,542
Barratt Developments plc (Consumer Discretionary, Household Durables)		99,470		803,261
BBA Aviation plc (Industrials, Transportation Infrastructure)		162,426		633,880
Beazley plc (Financials, Insurance)		98,208		648,933
Bellway plc (Consumer Discretionary, Household Durables)		16,610		687,953
BHP Billiton plc (Materials, Metals & Mining)		196,373		3,749,277
Booker Group plc (Consumer Staples, Food & Staples Retailing)		263,940		682,602
BP plc (Energy, Oil, Gas & Consumable Fuels)		2,068,722		11,908,055
British American Tobacco plc (Consumer Staples, Tobacco)		196,249		12,259,614
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		913,342		3,455,142
Bunzl plc (Industrials, Trading Companies & Distributors)		36,807		1,099,448
Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		44,480		1,033,583
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,291		1,340,805
Centamin plc (Materials, Metals & Mining)		144,477		283,037
Centrica plc (Utilities, Multi-Utilities)		591,323		1,528,514
Close Brothers Group plc (Financials, Capital Markets)		17,024		340,112
Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		167,305		3,573,963
Conva Tec Limited (Health Care, Health Care Equipment & Supplies) 144A†		160,561		595,666
Croda International plc (Materials, Chemicals)		15,115		750,927
Daily Mail & General Trust plc Class A (Consumer Discretionary, Media)		32,417		261,361
Derwent Valley Holdings plc (Real Estate, Equity REITs)		19,038		685,366
Diageo plc (Consumer Staples, Beverages)		264,945		8,880,206
Dialog Semiconductor plc (Information Technology, Semiconductors & Semiconductor Equipment) †		15,069		684,997
Direct Line Insurance Group plc (Financials, Insurance)		148,878		731,747
Dixons Carphone plc (Consumer Discretionary, Specialty Retail)		175,154		392,737
DS Smith plc (Materials, Containers & Packaging)		104,311		671,456
easyJet plc (Industrials, Airlines)		37,133		574,280
Electrocomponents plc (Information Technology, Electronic Equipment, Instruments & Components)		83,611		683,843
Experian Group Limited plc (Industrials, Professional Services)		102,563		2,060,981
Fresnillo plc (Materials, Metals & Mining)		34,174		714,117
G4S plc (Industrials, Commercial Services & Supplies)		180,456		661,541
GKN plc (Consumer Discretionary, Auto Components)		186,845		770,492
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		535,041		10,609,702
Halma plc (Information Technology, Electronic Equipment, Instruments & Components)		45,544		643,700
Hammerson plc (Real Estate, Equity REITs)		87,715		636,310
Hargreaves Lansdown plc (Financials, Capital Markets)		39,434		713,890
Hikma Pharmaceuticals plc (Health Care, Pharmaceuticals)		15,242		246,762
Hiscox Limited (Financials, Insurance)		39,323		649,845
Howden Joinery Group plc (Industrials, Trading Companies & Distributors)		121,317		668,288
IMI plc (Industrials, Machinery)		41,775		613,119
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		101,502		4,200,730
Inchcape plc (Consumer Discretionary, Distributors)		66,033		710,849

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			133

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

United Kingdom (continued)
Indivior plc (Health Care, Pharmaceuticals) †		119,255	$	642,434
Informa plc (Consumer Discretionary, Media)		81,272		725,666
Inmarsat plc (Telecommunication Services, Diversified Telecommunication Services)		67,637		640,218
InterContinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,323		963,483
Intermediate Capital Group (Financials, Capital Markets)		57,893		664,770
Intertek Group plc (Industrials, Professional Services)		15,745		1,040,389
Investec plc (Financials, Capital Markets)		87,832		670,096
ITV plc (Consumer Discretionary, Media)		424,776		871,155
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		199,684		608,346
John Wood Group plc (Energy, Energy Equipment & Services)		78,844		577,055
Johnson Matthey plc (Materials, Chemicals)		22,853		816,796
Just Eat plc (Information Technology, Internet Software & Services) †		75,012		646,007
Kingfisher plc (Consumer Discretionary, Specialty Retail)		224,275		866,840
Land Securities Group plc (Real Estate, Equity REITs)		86,878		1,134,654
Legal & General Group plc (Financials, Insurance)		635,294		2,137,541
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		185,441		766,381
Mediclinic International plc (Health Care, Health Care Providers & Services)		67,988		672,113
Meggitt plc (Industrials, Aerospace & Defense)		102,548		686,893
Melrose Industries plc (Industrials, Electrical Equipment)		212,752		605,241
Merlin Entertainment plc (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		104,818		625,247
Metro Bank plc (Financials, Banks) †		13,378		600,106
Micro Focus International plc (Information Technology, Software)		26,318		773,543
Mondi plc (Materials, Paper & Forest Products)		33,824		924,180
National Grid plc (Utilities, Multi-Utilities)		391,556		4,935,114
Next plc (Consumer Discretionary, Multiline Retail)		16,784		896,134
Pennon Group plc (Utilities, Water Utilities)		61,277		643,407
Persimmon plc (Consumer Discretionary, Household Durables)		31,143		1,070,807
Phoenix Group Holdings (Financials, Insurance)		65,640		664,179
Playtech plc (Information Technology, Software)		52,302		642,502
Provident Financial plc (Financials, Consumer Finance)		20,911		238,763
Randgold Resources Limited (Materials, Metals & Mining)		10,180		1,041,254
Reckitt Benckiser Group plc (Consumer Staples, Household Products)		71,260		6,756,171
RELX plc (Industrials, Professional Services)		118,917		2,600,279
Rentokil Initial plc (Industrials, Commercial Services & Supplies)		205,769		810,214
Rightmove plc (Information Technology, Internet Software & Services)		11,815		629,758
Rio Tinto plc (Materials, Metals & Mining)		119,380		5,783,485
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		472,521		13,019,362
RPC Group plc (Materials, Containers & Packaging)		53,074		636,200
RSA Insurance Group plc (Financials, Insurance)		95,650		824,361
Schroders plc (Financials, Capital Markets)		15,952		694,736
Segro plc (Real Estate, Equity REITs)		108,154		752,415
Severn Trent plc (Utilities, Water Utilities)		21,822		640,267
Sky plc (Consumer Discretionary, Media)		110,430		1,365,140
Smith & Nephew plc (Health Care, Health Care Equipment & Supplies)		89,742		1,621,155
Smiths Group plc (Industrials, Industrial Conglomerates)		42,627		851,620
Spectris plc (Information Technology, Electronic Equipment, Instruments & Components)		19,686		589,051
Spirax-Sarco Engineering plc (Industrials, Machinery)		9,340		678,759
SSE plc (Utilities, Electric Utilities)		109,525		2,018,173
Tate & Lyle plc (Consumer Staples, Food Products)		75,793		669,885
Taylor Wimpey plc (Consumer Discretionary, Household Durables)		320,073		829,843

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


134		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name						Shares		Value

United Kingdom (continued)
TechnipFMC plc -BATS Exchange (Energy, Energy Equipment & Services) †							45,060	$	1,155,442
Tesco plc (Consumer Staples, Food & Staples Retailing) †							795,088		1,859,885
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)							13,306		643,676
The British Land Company plc (Real Estate, Equity REITs)							119,245		942,907
The Sage Group plc (Information Technology, Software)							126,055		1,128,787
TP Icap plc (Financials, Capital Markets)							106,173		677,675
Travis Perkins plc (Industrials, Trading Companies & Distributors)							33,191		645,936
Unilever plc (Consumer Staples, Personal Products)							135,233		7,902,384
United Business Media plc (Consumer Discretionary, Media)							73,017		626,466
United Utilities Group plc (Utilities, Water Utilities)							65,461		770,294
Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							18,020		875,677
William Hill plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							197,141		631,190
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)							213,814		680,148
Wolseley plc (Industrials, Trading Companies & Distributors)							26,028		1,549,223
WPP plc (Consumer Discretionary, Media)							149,339		2,742,167

									193,533,832


Total Common Stocks (Cost $1,110,393,000)									1,218,357,623


	Dividend yield
Preferred Stocks: 0.55%

Germany: 0.55%
Fuchs Petrolub AG (Materials, Chemicals)		1.75	%				11,774		654,564
Henkel AG & Company KGaA (Consumer Staples, Household Products)		1.28					18,935		2,537,010
Porsche Automobil Holding SE (Consumer Discretionary, Automobiles)		2.00					16,297		923,671
Schaeffler AG Preference (Consumer Discretionary, Auto Components)		3.85					19,199		270,609
Volkswagen AG (Consumer Discretionary, Automobiles)		1.50					17,856		2,664,526

Total Preferred Stocks (Cost $6,817,191)									7,050,380


				Expiration date
Rights: 0.00%

Sweden: 0.00%
Getinge AB (Health Care, Health Care Equipment & Supplies) †(a)					9-14-2017		33,478		12,399


Total Rights (Cost $0)									12,399


	Yield
Short-Term Investments: 4.47%

Investment Companies: 4.47%
Wells Fargo Government Money Market Select Class (l)(u)		0.92					57,687,125		57,687,125


Total Short-Term Investments (Cost $57,687,125)									57,687,125


Total investments in securities (Cost $1,174,897,316)	99.37	%		1,283,107,527
Other assets and liabilities, net	0.63			8,136,091

Total net assets	100.00	%	$	1,291,243,618

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			135

FACTOR ENHANCED INTERNATIONAL PORTFOLIO

†	Non-income-earning 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.

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

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		239		9-15-2017	$	23,077,933	$	23,120,860	$	42,927	$	0

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 4.47%
Wells Fargo Government Money Market Fund Select Class		0		472,462,496		414,775,371		57,687,125	$	0	$	0	$	26,461	$	57,687,125

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


136		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Common Stocks: 94.61%

Consumer Discretionary: 11.90%

Auto Components: 0.19%
Lear Corporation		15,214	$	2,275,101
The Goodyear Tire & Rubber Company		62,174		1,883,872

				4,158,973


Automobiles: 0.64%
Ford Motor Company		515,758		5,688,811
General Motors Company		170,391		6,226,087
Harley-Davidson Incorporated		40,433		1,900,755

				13,815,653


Distributors: 0.21%
Genuine Parts Company		29,543		2,447,047
LKQ Corporation †		60,749		2,104,953

				4,552,000


Hotels, Restaurants & Leisure: 2.43%
Aramark		53,282		2,168,045
Carnival Corporation		49,016		3,405,632
Chipotle Mexican Grill Incorporated †		5,306		1,680,463
Darden Restaurants Incorporated		24,344		1,998,399
Domino’s Pizza Incorporated		10,549		1,922,661
Hilton Worldwide Holdings Incorporated		35,442		2,279,984
Marriott International Incorporated Class A		36,465		3,777,045
McDonald’s Corporation		100,387		16,058,909
Norwegian Cruise Line Holdings Limited †		39,368		2,340,821
Starbucks Corporation		175,983		9,654,427
Vail Resorts Incorporated		9,671		2,204,506
Wyndham Worldwide Corporation		21,905		2,183,491
Yum! Brands Incorporated		37,966		2,916,548

				52,590,931


Household Durables: 0.59%
D.R. Horton Incorporated		63,375		2,291,006
Leggett & Platt Incorporated		41,370		1,901,779
Lennar Corporation Class A		41,879		2,167,657
Mohawk Industries Incorporated †		9,002		2,278,586
NVR Incorporated †		793		2,157,631
Whirlpool Corporation		11,839		2,031,809

				12,828,468


Leisure Products: 0.09%
Hasbro Incorporated		19,472		1,913,124
Mattel Incorporated		451		7,315

				1,920,439

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			137

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Media: 3.78%
CBS Corporation Class B		51,356	$	3,289,865
Charter Communications Incorporated Class A †		26,797		10,679,676
Comcast Corporation Class A		597,592		24,268,211
DISH Network Corporation Class A †		34,953		2,002,457
Interpublic Group of Companies Incorporated		94,012		1,893,402
Omnicom Group Incorporated		37,225		2,694,345
Sirius XM Holdings Incorporated		402,389		2,313,737
The Walt Disney Company		188,677		19,094,112
Time Warner Incorporated		94,153		9,518,868
Twenty-First Century Fox Incorporated Class A		146,427		4,039,921
Viacom Incorporated Class B		66,472		1,901,099

				81,695,693


Multiline Retail: 0.49%
Dollar General Corporation		43,561		3,160,786
Dollar Tree Incorporated †		36,280		2,889,339
Macy’s Incorporated		435		9,035
Target Corporation		83,379		4,546,657

				10,605,817


Specialty Retail: 2.65%
Advance Auto Parts Incorporated		20,694		2,025,942
AutoZone Incorporated †		4,219		2,229,488
Best Buy Company Incorporated		37,474		2,033,339
Foot Locker Incorporated		43,318		1,526,093
L Brands Incorporated		46,103		1,669,851
Lowe’s Companies Incorporated		108,197		7,994,676
O’Reilly Automotive Incorporated †		13,385		2,625,200
Ross Stores Incorporated		59,004		3,448,784
The Home Depot Incorporated		144,684		21,683,791
The TJX Companies Incorporated		79,772		5,767,516
Tiffany & Company		23,576		2,154,846
Tractor Supply Company		35,090		2,088,206
ULTA Beauty Incorporated †		9,241		2,042,353

				57,290,085


Textiles, Apparel & Luxury Goods: 0.83%
Coach Incorporated		48,874		2,038,046
HanesBrands Incorporated		94,091		2,282,648
Nike Incorporated Class B		162,935		8,604,597
PVH Corporation		16,549		2,083,354
VF Corporation		45,746		2,876,051

				17,884,696


Consumer Staples: 11.02%

Beverages: 2.57%
Brown-Forman Corporation Class B		45,216		2,398,256
Constellation Brands Incorporated Class A		19,473		3,896,547

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


138		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Beverages (continued)
Dr Pepper Snapple Group Incorporated		31,293	$	2,849,228
Molson Coors Brewing Company Class B		28,008		2,513,718
Monster Beverage Corporation †		60,058		3,352,438
PepsiCo Incorporated		169,411		19,605,935
The Coca-Cola Company		459,856		20,946,440

				55,562,562


Food & Staples Retailing: 2.28%
Costco Wholesale Corporation		53,868		8,443,270
CVS Health Corporation		132,847		10,274,387
Sysco Corporation		71,111		3,745,416
The Kroger Company		129,532		2,832,865
Wal-Mart Stores Incorporated		181,617		14,178,839
Walgreens Boots Alliance Incorporated		120,394		9,812,111

				49,286,888


Food Products: 1.97%
Archer Daniels Midland Company		76,186		3,148,006
Bunge Limited		28,283		2,110,760
Campbell Soup Company		41,916		1,936,519
ConAgra Foods Incorporated		63,085		2,047,739
General Mills Incorporated		60,613		3,228,248
Hormel Foods Corporation		64,632		1,986,788
Ingredion Incorporated		18,463		2,286,089
Kellogg Company		32,413		2,121,755
McCormick & Company Incorporated		22,673		2,156,882
Mondelez International Incorporated Class A		178,010		7,237,887
Pinnacle Foods Incorporated		36,582		2,169,678
The Hershey Company		20,504		2,151,280
The J.M. Smucker Company		18,860		1,975,774
The Kraft Heinz Company		71,099		5,741,245
Tyson Foods Incorporated Class A		36,995		2,341,784

				42,640,434


Household Products: 2.19%
Church & Dwight Company Incorporated		46,967		2,356,334
Colgate-Palmolive Company		107,915		7,731,030
Kimberly-Clark Corporation		47,311		5,832,973
The Clorox Company		18,781		2,601,732
The Procter & Gamble Company		312,467		28,831,330

				47,353,399


Personal Products: 0.23%
Coty Incorporated Class A		115,610		1,916,814
The Estee Lauder Companies Incorporated Class A		28,690		3,069,544

				4,986,358

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			139

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Tobacco: 1.78%
Altria Group Incorporated		246,690	$	15,640,146
Philip Morris International		194,014		22,686,057

				38,326,203


Energy: 4.14%

Energy Equipment & Services: 0.11%
Baker Hughes Incorporated		306		10,373
National Oilwell Varco Incorporated		74,056		2,271,297

				2,281,670


Oil, Gas & Consumable Fuels: 4.03%
Andeavor Corporation		23,324		2,335,899
Chevron Corporation		240,089		25,838,379
Exxon Mobil Corporation		550,586		42,026,230
Marathon Petroleum Corporation		72,854		3,821,192
ONEOK Incorporated		42,959		2,326,659
Phillips 66 Company		56,646		4,747,501
Targa Resources Corporation		50,500		2,250,785
Valero Energy Corporation		55,594		3,785,952

				87,132,597


Financials: 8.07%

Banks: 1.94%
Associated Banc-Corp		105,697		2,314,764
Bank of Hawaii Corporation		122		9,532
BB&T Corporation		117,547		5,417,741
CIT Group Incorporated		43,585		1,954,787
Citizens Financial Group Incorporated		99,260		3,288,484
Fifth Third Bancorp		126,846		3,314,486
Fulton Financial Corporation		123,425		2,153,766
Hancock Holding Company		47,487		2,087,054
M&T Bank Corporation		20,909		3,091,605
PNC Financial Services Group Incorporated		64,676		8,111,017
Synovus Financial Corporation		233		9,814
US Bancorp		197,683		10,131,254
Wintrust Financial Corporation		130		9,465

				41,893,769


Capital Markets: 1.55%
CBOE Holdings Incorporated		20,940		2,112,637
CME Group Incorporated		43,425		5,462,865
Franklin Resources Incorporated		56,267		2,432,422
Intercontinental Exchange Incorporated		69,387		4,487,257
Market Axess Holdings Incorporated		10,666		2,058,005
Moody’s Corporation		20,443		2,739,975
MSCI Incorporated		18,287		2,095,873
Raymond James Financial Incorporated		28,665		2,245,043
S&P Global Incorporated		31,085		4,797,348

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


140		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Capital Markets (continued)
SEI Investments Company		36,292	$	2,121,630
T. Rowe Price Group Incorporated		35,166		2,966,604

				33,519,659


Consumer Finance: 0.78%
Ally Financial Incorporated		102,363		2,313,404
American Express Company		91,618		7,888,310
Discover Financial Services		54,841		3,232,877
Synchrony Financial		112,900		3,476,191

				16,910,782


Diversified Financial Services: 1.23%
Berkshire Hathaway Incorporated Class B †		147,108		26,650,085


Insurance: 2.47%
AFLAC Incorporated		28,574		2,358,784
Alleghany Corporation †		5,041		2,836,923
American Financial Group Incorporated		21,445		2,183,316
Aon plc		27,849		3,875,467
Arch Capital Group Limited †		23,051		2,243,784
Arthur J. Gallagher & Company		40,637		2,352,882
Axis Capital Holdings Limited		42,073		2,534,477
Cincinnati Financial Corporation		33,254		2,555,237
Everest Reinsurance Group Limited		8,300		2,095,584
Loews Corporation		58,823		2,739,975
Markel Corporation †		2,267		2,384,867
Marsh & McLennan Companies Incorporated		62,583		4,886,481
ProAssurance Corporation		169		8,999
Reinsurance Group of America Incorporated		20,051		2,695,857
The Allstate Corporation		40,142		3,632,851
The Progressive Corporation		69,636		3,236,681
The Travelers Companies Incorporated		30,232		3,663,514
Torchmark Corporation		28,723		2,210,809
Unum Group		50,378		2,427,212
Willis Towers Watson plc		16,274		2,416,201

				53,339,901


Mortgage REITs: 0.10%
Annaly Capital Management Incorporated		178,706		2,233,825


Health Care: 15.85%

Biotechnology: 1.72%
AbbVie Incorporated		199,712		15,038,314
Biogen Incorporated		27,238		8,622,460
Gilead Sciences Incorporated		160,920		13,470,613

				37,131,387

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			141

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Health Care Equipment & Supplies: 3.76%
Abbott Laboratories		217,944	$	11,102,067
Align Technology Incorporated †		12,481		2,205,891
Baxter International Incorporated		65,079		4,037,501
Becton Dickinson & Company		25,658		5,117,232
Boston Scientific Corporation †		173,325		4,775,104
C.R. Bard Incorporated		7,519		2,412,170
Danaher Corporation		76,859		6,411,577
Dentsply Sirona Incorporated		37,882		2,142,985
Edwards Lifesciences Corporation †		26,615		3,025,061
Hologic Incorporated †		51,157		1,974,660
IDEXX Laboratories Incorporated †		14,275		2,218,764
Intuitive Surgical Incorporated †		4,423		4,443,650
Medtronic plc		168,224		13,562,219
ResMed Incorporated		28,755		2,230,813
Stryker Corporation		39,071		5,523,467
Teleflex Incorporated		10,562		2,236,503
The Cooper Companies Incorporated		9,219		2,312,402
Varian Medical Systems Incorporated		21,120		2,244,001
West Pharmaceutical Services Incorporated		104		9,052
Zimmer Biomet Holdings Incorporated		28,167		3,218,643

				81,203,762


Health Care Providers & Services: 3.51%
Aetna Incorporated		38,519		6,074,446
AmerisourceBergen Corporation		26,751		2,146,768
Anthem Incorporated		33,892		6,644,188
Cardinal Health Incorporated		44,081		2,973,704
Centene Corporation †		23,979		2,130,534
Cigna Corporation		30,830		5,612,910
DaVita HealthCare Partners Incorporated †		34,230		2,004,509
Express Scripts Holding Company †		76,677		4,816,849
HCA Holdings Incorporated †		40,034		3,149,074
Henry Schein Incorporated †		13,215		2,295,181
Humana Incorporated		16,549		4,263,352
Laboratory Corporation of America Holdings †		16,096		2,524,980
McKesson Corporation		26,616		3,974,035
Quest Diagnostics Incorporated		21,100		2,286,185
UnitedHealth Group Incorporated		114,934		22,860,373
WellCare Health Plans Incorporated †		12,034		2,102,099

				75,859,187


Health Care Technology: 0.12%
Cerner Corporation †		39,934		2,706,726


Life Sciences Tools & Services: 1.00%
Agilent Technologies Incorporated		46,408		3,003,526
Charles River Laboratories International Incorporated †		108		11,750
Mettler-Toledo International Incorporated †		3,907		2,364,087
PerkinElmer Incorporated		31,959		2,140,933

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


142		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Life Sciences Tools & Services (continued)
Quintiles Transnational Holdings Incorporated †		23,995	$	2,304,239
Thermo Fisher Scientific Incorporated		50,355		9,423,435
Waters Corporation †		12,569		2,306,160

				21,554,130


Pharmaceuticals: 5.74%
Bristol-Myers Squibb Company		211,430		12,787,286
Eli Lilly & Company		127,064		10,329,033
Johnson & Johnson		340,393		45,057,822
Merck & Company Incorporated		344,324		21,988,531
Mylan NV †		72,841		2,293,035
Perrigo Company plc		29,380		2,319,845
Pfizer Incorporated		744,311		25,247,029
Zoetis Incorporated		66,372		4,161,524

				124,184,105


Industrials: 11.80%

Aerospace & Defense: 3.12%
General Dynamics Corporation		34,207		6,887,580
Huntington Ingalls Industries Incorporated		10,033		2,146,661
L-3 Technologies Incorporated		11,629		2,110,431
Lockheed Martin Corporation		28,485		8,699,034
Northrop Grumman Corporation		21,415		5,829,378
Raytheon Company		35,790		6,514,138
Rockwell Collins Incorporated		20,621		2,702,382
Spirit AeroSystems Holdings Incorporated Class A		176		13,112
Teledyne Technologies Incorporated †		17,519		2,628,901
Textron Incorporated		46,973		2,305,905
The Boeing Company		71,389		17,109,088
United Technologies Corporation		87,438		10,468,077

				67,414,687


Air Freight & Logistics: 0.93%
C.H. Robinson Worldwide Incorporated		31,711		2,239,748
Expeditors International of Washington Incorporated		38,310		2,149,191
FedEx Corporation		30,530		6,545,021
United Parcel Service Incorporated Class B		80,863		9,247,493

				20,181,453


Airlines: 0.53%
Alaska Air Group Incorporated		23,890		1,783,627
American Airlines Group Incorporated		55,414		2,479,222
JetBlue Airways Corporation †		94,801		1,878,008
Southwest Airlines Company		60,523		3,155,669
United Continental Holdings Incorporated †		36,370		2,253,485

				11,550,011

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			143

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Building Products: 0.71%
A.O. Smith Corporation		38,367	$	2,136,658
Allegion plc		26,422		2,079,676
Fortune Brands Home & Security Incorporated		33,342		2,084,875
Johnson Controls International plc		121,282		4,801,554
Masco Corporation		57,163		2,101,884
Owens Corning Incorporated		29,315		2,173,121

				15,377,768


Commercial Services & Supplies: 0.54%
Cintas Corporation		15,921		2,149,494
Deluxe Corporation		33,579		2,328,704
Republic Services Incorporated		44,799		2,922,687
Stericycle Incorporated †		120		8,627
Waste Management Incorporated		55,227		4,258,554

				11,668,066


Construction & Engineering: 0.20%
Fluor Corporation		52,987		2,043,709
Jacobs Engineering Group Incorporated		41,071		2,237,959

				4,281,668


Electrical Equipment: 0.78%
AMETEK Incorporated		35,981		2,275,798
Eaton Corporation plc		61,307		4,399,390
Emerson Electric Company		83,128		4,907,877
Regal-Beloit Corporation		123		9,274
Rockwell Automation Incorporated		17,932		2,941,924
Sensata Technologies Holding NV †		50,145		2,239,476

				16,773,739


Industrial Conglomerates: 1.43%
3M Company		72,159		14,743,527
Honeywell International Incorporated		91,260		12,618,520
Roper Industries Incorporated		15,554		3,587,686

				30,949,733


Machinery: 1.73%
Allison Transmission Holdings Incorporated		269		9,342
Cummins Incorporated		24,457		3,897,957
Deere & Company		43,506		5,043,651
Donaldson Company Incorporated		47,821		2,259,542
Dover Corporation		25,586		2,171,740
Fortive Corporation		37,075		2,408,763
IDEX Corporation		19,217		2,259,535
Illinois Tool Works Incorporated		31,904		4,387,119
Ingersoll-Rand plc		35,349		3,018,451
Parker-Hannifin Corporation		18,585		2,990,141
Snap-on Incorporated		13,888		2,049,452

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


144		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Machinery (continued)
Stanley Black & Decker Incorporated		18,825	$	2,710,800
The Toro Company		33,903		2,091,137
Xylem Incorporated		34,038		2,112,739

				37,410,369


Professional Services: 0.55%
Equifax Incorporated		18,544		2,641,964
IHS Markit Limited †		49,482		2,317,737
Manpower Incorporated		19,286		2,150,582
Nielsen Holdings plc		61,617		2,393,820
Robert Half International Incorporated		215		9,740
Verisk Analytics Incorporated †		28,027		2,271,588

				11,785,431


Road & Rail: 1.08%
CSX Corporation		112,824		5,663,765
J.B. Hunt Transport Services Incorporated		20,992		2,075,899
Norfolk Southern Corporation		40,966		4,937,223
Union Pacific Corporation		102,314		10,773,664

				23,450,551


Trading Companies & Distributors: 0.20%
Fastenal Company		56,146		2,395,750
HD Supply Holdings Incorporated †		239		7,959
W.W. Grainger Incorporated		11,916		1,937,184

				4,340,893


Information Technology: 14.83%

Communications Equipment: 1.42%
Cisco Systems Incorporated		621,051		20,004,053
CommScope Holdings Incorporated †		57,717		1,908,124
F5 Networks Incorporated †		16,915		2,019,313
Harris Corporation		19,729		2,424,694
Juniper Networks Incorporated		77,356		2,145,082
Motorola Solutions Incorporated		25,095		2,211,371

				30,712,637


Electronic Equipment, Instruments & Components: 0.64%
Amphenol Corporation Class A		45,137		3,653,389
Arrow Electronics Incorporated †		29,186		2,318,244
CDW Corporation of Delaware		34,622		2,195,727
Corning Incorporated		117,687		3,384,678
Keysight Technologies Incorporated †		56,058		2,290,530
National Instruments Corporation		256		10,340

				13,852,908


Internet Software & Services: 3.75%
Akamai Technologies Incorporated †		42,808		2,018,397
Alphabet Incorporated Class A †		36,657		35,016,242

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			145

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Internet Software & Services (continued)
Alphabet Incorporated Class C †		37,354	$	35,087,731
eBay Incorporated †		124,825		4,509,927
IAC/InterActive Corp †		21,394		2,428,433
VeriSign Incorporated †		20,385		2,114,944

				81,175,674


IT Services: 3.60%
Accenture plc Class A		76,759		10,037,007
Alliance Data Systems Corporation		8,884		2,003,342
Amdocs Limited		33,716		2,184,460
Automatic Data Processing Incorporated		53,445		5,690,289
Broadridge Financial Solutions Incorporated		29,797		2,328,040
Cognizant Technology Solutions Corporation Class A		75,760		5,361,535
DXC Technology Company		38,863		3,303,355
Fidelity National Information Services Incorporated		40,994		3,809,162
Fiserv Incorporated †		25,956		3,211,017
Gartner Incorporated †		17,531		2,114,063
International Business Machines Corporation		107,005		15,304,925
Jack Henry & Associates Incorporated		22,004		2,267,952
Leidos Holdings Incorporated		37,276		2,173,936
Paychex Incorporated		46,777		2,667,692
PayPal Holdings Incorporated †		142,004		8,758,806
The Western Union Company		116,876		2,211,294
Total System Services Incorporated		32,404		2,239,764
Vantiv Incorporated Class A †		29,633		2,094,757

				77,761,396


Semiconductors & Semiconductor Equipment: 2.41%
Advanced Micro Devices Incorporated †		166,424		2,163,512
Applied Materials Incorporated		128,597		5,802,297
Intel Corporation		569,536		19,973,628
KLA-Tencor Corporation		25,282		2,368,670
Lam Research Corporation		20,284		3,366,738
Microchip Technology Incorporated		26,509		2,300,982
MKS Instruments Incorporated		26,909		2,215,956
ON Semiconductor Corporation †		133,543		2,280,914
Teradyne Incorporated		287		10,220
Texas Instruments Incorporated		114,290		9,465,498
Xilinx Incorporated		33,904		2,239,698

				52,188,113


Software: 2.44%
Activision Blizzard Incorporated		90,985		5,964,977
Ansys Incorporated †		16,289		2,098,349
CA Incorporated		63,265		2,099,133
Cadence Design Systems Incorporated †		57,490		2,258,782
CDK Global Incorporated		35,313		2,277,688
Citrix Systems Incorporated		27,630		2,160,942
Electronic Arts Incorporated †		36,741		4,464,032
Intuit Incorporated		28,195		3,988,183

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


146		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Software (continued)
Oracle Corporation		364,152	$	18,327,770
PTC Incorporated †		39,105		2,189,880
Symantec Corporation		84,179		2,523,686
Synopsys Incorporated †		26,368		2,120,515
Take-Two Interactive Software Incorporated †		22,702		2,220,029

				52,693,966


Technology Hardware, Storage & Peripherals: 0.57%
Hewlett Packard Enterprise Company		218,822		3,951,925
HP Incorporated		230,243		4,393,036
NetApp Incorporated		55,326		2,138,903
Seagate Technology plc		56,211		1,772,333

				12,256,197


Materials: 4.21%

Chemicals: 3.05%
Air Products & Chemicals Incorporated		26,887		3,908,563
Axalta Coating Systems Limited †		67,979		2,006,740
Celanese Corporation Series A		23,212		2,252,028
E.I. du Pont de Nemours & Company		112,220		9,418,624
Eastman Chemical Company		27,417		2,363,345
Ecolab Incorporated		28,702		3,825,977
FMC Corporation		25,408		2,190,678
International Flavors & Fragrances Incorporated		16,348		2,237,224
LyondellBasell Industries NV Class A		43,145		3,908,506
Monsanto Company		50,576		5,927,507
PPG Industries Incorporated		32,004		3,338,657
Praxair Incorporated		35,000		4,603,900
RPM International Incorporated		44,629		2,185,482
The Chemours Company		45,312		2,223,460
The Dow Chemical Company		151,756		10,114,537
The Mosaic Company		95,322		1,904,534
The Sherwin-Williams Company		10,262		3,481,589

				65,891,351


Construction Materials: 0.11%
Martin Marietta Materials Incorporated		11,432		2,423,470


Containers & Packaging: 0.65%
AptarGroup Incorporated		119		9,950
Ball Corporation		51,378		2,054,606
Berry Plastics Group Incorporated †		176		9,898
Crown Holdings Incorporated †		36,439		2,150,994
International Paper Company		57,597		3,102,750
Packaging Corporation of America		19,618		2,205,259
Sealed Air Corporation		48,427		2,149,190
Sonoco Products Company		201		9,700
WestRock Company		40,464		2,302,806

				13,995,153

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			147

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Metals & Mining: 0.40%
Newmont Mining Corporation		71,075	$	2,725,016
Nucor Corporation		65,434		3,606,068
Steel Dynamics Incorporated		70,204		2,418,528

				8,749,612


Real Estate: 5.46%

Equity REITs: 5.36%
Acadia Realty Trust		78,457		2,250,931
Alexandria Real Estate Equities Incorporated		18,234		2,211,967
American Tower Corporation		52,865		7,826,663
AvalonBay Communities Incorporated		17,943		3,368,438
Boston Properties Incorporated		22,967		2,769,820
Brixmor Property Group Incorporated		140,976		2,639,071
Colony NorthStar Incorporated Class A		717		9,400
Crown Castle International Corporation		44,696		4,846,834
DDR Corporation		1,072		10,377
Digital Realty Trust Incorporated		23,221		2,747,973
Duke Realty Corporation		78,929		2,345,770
EPR Properties		38,790		2,702,111
Equinix Incorporated		9,503		4,451,300
Equity Residential		47,189		3,168,741
Essex Property Trust Incorporated		9,424		2,506,502
Extra Space Storage Incorporated		28,354		2,201,121
Federal Realty Investment Trust		19,549		2,481,354
Gaming and Leisure Properties Incorporated		277		10,856
GGP Incorporated		125,793		2,610,205
HCP Incorporated		77,980		2,324,584
Host Hotels & Resorts Incorporated		130,285		2,360,764
Hudson Pacific Properties Incorporated		287		9,471
Iron Mountain Incorporated		56,799		2,239,017
JBG Smith Properties †		16,759		548,522
Kilroy Realty Corporation		135		9,346
Kimco Realty Corporation		117,689		2,309,058
Liberty Property Trust		56,664		2,413,886
Mid-America Apartment Communities Incorporated		20,834		2,217,988
Paramount Group Incorporated		631		9,957
Piedmont Office Realty Trust Incorporated Class A		104,171		2,109,463
Prologis Incorporated		68,696		4,352,579
Public Storage Incorporated		19,097		3,921,378
Realty Income Corporation		51,326		2,954,325
Regency Centers Corporation		36,722		2,361,959
Retail Properties of America Incorporated Class A		812		10,824
SBA Communications Corporation †		15,348		2,356,685
Simon Property Group Incorporated		41,590		6,523,391
SL Green Realty Corporation		22,349		2,153,997
The Macerich Company		52,061		2,747,259
UDR Incorporated		56,448		2,191,311
Ventas Incorporated		49,181		3,365,948
VEREIT Incorporated		294,876		2,488,753
Vornado Realty Trust		33,519		2,496,830

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


148		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
Weingarten Realty Investors		325	$	10,413
Welltower Incorporated		50,248		3,679,159
Weyerhaeuser Company		110,884		3,615,927
WP Carey Incorporated		43,553		2,998,624

				115,940,852


Real Estate Management & Development: 0.10%
CBRE Group Incorporated Class A †		59,316		2,140,121


Telecommunication Services: 2.74%

Diversified Telecommunication Services: 2.61%
AT&T Incorporated		785,093		29,409,584
CenturyLink Incorporated		115,602		2,279,671
Verizon Communications Incorporated		516,889		24,795,166

				56,484,421


Wireless Telecommunication Services: 0.13%
T-Mobile USA Incorporated †		43,658		2,825,109


Utilities: 4.59%

Electric Utilities: 2.79%
ALLETE Incorporated		31,458		2,432,647
Alliant Energy Corporation		67,956		2,904,440
American Electric Power Company Incorporated		48,796		3,592,849
Duke Energy Corporation		78,316		6,836,987
Edison International		33,889		2,717,220
Entergy Corporation		35,579		2,816,789
Eversource Energy		43,678		2,751,714
Exelon Corporation		118,826		4,499,941
FirstEnergy Corporation		73,832		2,405,447
IDACORP Incorporated		27,800		2,473,644
NextEra Energy Incorporated		47,556		7,157,653
PG&E Corporation		53,027		3,732,040
Pinnacle West Capital Corporation		25,758		2,317,447
Portland General Electric Company		55,509		2,637,233
PPL Corporation		71,365		2,800,363
The Southern Company		117,565		5,673,687
Xcel Energy Incorporated		52,318		2,589,741

				60,339,842


Gas Utilities: 0.10%
ONE Gas Incorporated		142		10,684
Spire Incorporated		142		10,863
UGI Corporation		44,517		2,199,585

				2,221,132


Independent Power & Renewable Electricity Producers: 0.10%
AES Corporation		200,532		2,213,873

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			149

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name				Shares		Value

Multi-Utilities: 1.50%
Ameren Corporation					46,793	$	2,807,112
CenterPoint Energy Incorporated					69,970		2,072,511
CMS Energy Corporation					44,653		2,167,457
Consolidated Edison Incorporated					36,921		3,111,333
Dominion Resources Incorporated					69,566		5,479,714
DTE Energy Company					22,121		2,484,630
NiSource Incorporated					86,432		2,322,428
Public Service Enterprise Group Incorporated					65,682		3,076,545
SCANA Corporation					37,644		2,272,945
Sempra Energy					34,751		4,098,185
WEC Energy Group Incorporated					38,343		2,500,730

							32,393,590


Water Utilities: 0.10%
American Water Works Company Incorporated					25,682		2,077,676


Total Common Stocks (Cost $1,642,768,516)							2,045,621,646


	Yield
Short-Term Investments: 4.86%

Investment Companies: 4.86%
Wells Fargo Government Money Market Select Class (l)(u)		0.92	%		105,054,093		105,054,093


Total Short-Term Investments (Cost $105,054,093)							105,054,093


Total investments in securities (Cost $1,747,822,609)	99.47	%		2,150,675,739
Other assets and liabilities, net	0.53			11,411,289

Total net assets	100.00	%	$	2,162,087,028

†	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.

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		395		9-15-2017	$	48,252,980	$	48,784,479	$	531,499	$	0

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


150		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 4.86%
Wells Fargo Government Money Market Fund Select Class		0		1,332,389,629		1,227,335,536		105,054,093	$	0	$	0	$	81,912	$	105,054,093

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			151

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Common Stocks: 94.52%

Consumer Discretionary: 13.78%

Auto Components: 0.92%
Cooper Tire & Rubber Company		18,581	$	624,295
Cooper-Standard Holdings Incorporated †		6,124		615,952
Dorman Products Incorporated †		12,057		800,826
Fox Factory Holding Corporation †		15,023		600,920
LCI Industries		8,364		826,363
Motorcar Parts of America Incorporated †		11,535		303,024
Standard Motor Products Incorporated		9,228		406,955
Stoneridge Incorporated †		17,866		295,861
Superior Industries International Incorporated		14,829		217,245
Tower International Incorporated		12,214		274,204

				4,965,645


Automobiles: 0.08%
Winnebago Industries Incorporated		11,476		414,857


Distributors: 0.09%
Core Mark Holding Company Incorporated		18,049		488,406


Diversified Consumer Services: 0.87%
Adtalem Global Education Incorporated		20,886		714,301
American Public Education Incorporated †		11,681		215,514
Capella Education Company		4,312		290,413
Career Education Corporation †		33,877		325,558
Carriage Services Incorporated		12,447		304,827
Graham Holdings Company Class B		1,696		995,891
K12 Incorporated †		17,196		308,152
Laureate Education Incorporated Class A †		15,548		227,623
Regis Corporation †		31,504		418,373
Strayer Education Incorporated		4,794		383,568
Weight Watchers International Incorporated †		10,590		495,718

				4,679,938


Hotels, Restaurants & Leisure: 3.55%
BJ’s Restaurants Incorporated †		10,714		322,491
Bloomin’ Brands Incorporated		40,812		694,212
Bob Evans Farms Incorporated		7,909		543,981
Bojangles Incorporated †		287		3,831
Brinker International Incorporated		20,873		651,655
Carrols Restaurant Group Incorporated †		26,540		289,286
Choice Hotels International Incorporated		13,939		864,915
Churchill Downs Incorporated		5,426		1,060,240
Chuy’s Holding Incorporated †		14,697		276,304
ClubCorp Holdings Incorporated		26,975		458,575
Dave & Buster’s Entertainment Incorporated †		15,622		913,262
Del Frisco’s Restaurant Group Incorporated †		292		4,088
Del Taco Restaurants Incorporated †		19,935		280,685
Denny’s Corporation †		43,512		520,404

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


152		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)
DineEquity Incorporated		10,607	$	421,628
Eldorado Resorts Incorporated †		11,578		266,294
Fiesta Restaurant Group Incorporated †		13,439		233,839
Hyatt Hotels Corporation Class A †		7,702		458,346
International Game Technology		39,818		811,093
International Speedway Corporation Class A		9,562		340,885
Interval Leisure Group Incorporated		40,054		1,057,426
Lindblad Expeditions Holding †		522		5,805
Marcus Corporation		10,885		271,037
Marriott Vacations Worldwide Corporation		8,365		973,351
Monarch Casino & Resort Incorporated †		8,926		317,498
Papa John’s International Incorporated		10,924		817,006
Penn National Gaming Incorporated †		32,553		722,351
Pinnacle Entertainment Incorporated †		22,201		432,920
Planet Fitness Incorporated Class A		25,192		639,121
Playa Hotels & Resorts NV †		30,175		312,915
Red Robin Gourmet Burgers Incorporated †		6,648		378,936
Red Rock Resorts Incorporated Class A		18,371		415,185
Ruth’s Chris Steak House Incorporated		18,752		366,602
SeaWorld Entertainment Incorporated		31,869		413,660
Sonic Corporation		16,851		394,482
Speedway Motorsports Incorporated		11,771		244,955
The Cheesecake Factory Incorporated		16,808		696,355
The Habit Restaurants Incorporated Class A †		265		3,445
The Wendy’s Company		61,207		913,208
Wingstop Incorporated		13,040		422,626
Zoe’s Kitchen Incorporated †		275		3,539

				19,218,437


Household Durables: 1.74%
Bassett Furniture Industries Incorporated		8,608		308,597
Beazer Homes Incorporated †		21,620		322,354
Cavco Industries Incorporated †		3,858		519,094
Century Communities Incorporated †		12,984		292,789
Ethan Allen Interiors Incorporated		13,200		386,100
Flexsteel Industries Incorporated		5,584		254,072
Green Brick Partners Incorporated †		460		4,347
Hooker Furniture Corporation		6,957		280,019
Hovnanian Enterprises Incorporated Class A †		94,712		172,376
Installed Building Products †		8,426		486,180
iRobot Corporation †		10,046		958,589
KB Home Incorporated		25,239		540,115
La-Z-Boy Incorporated		19,981		476,547
LGI Homes Incorporated †		7,608		323,644
M/I Homes Incorporated †		13,993		344,228
MDC Holdings Incorporated		15,467		483,344
Meritage Corporation †		14,269		580,748
Nacco Industries Class A		67		4,858
PICO Holdings Incorporated †		17,825		289,656

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			153

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Household Durables (continued)
Taylor Morrison Home Corporation Class A †		13,409	$	271,130
TopBuild Corporation †		14,331		850,545
TRI Pointe Homes Incorporated †		46,689		594,818
Universal Electronics Incorporated †		6,662		390,060
William Lyon Homes Class A †		12,152		291,526

				9,425,736


Internet & Direct Marketing Retail: 0.86%
1-800-Flowers.com Incorporated Class A †		488		4,392
FTD Companies Incorporated †		16,298		218,230
HSN Incorporated		12,686		465,576
Liberty Expedia Holdings Incorporated Class A †		23,630		1,292,325
Nutrisystem Incorporated		11,804		640,957
PetMed Express Incorporated		9,589		347,793
Shutterfly Incorporated †		13,744		626,452
Wayfair Incorporated Class A †		15,158		1,076,370

				4,672,095


Leisure Products: 0.36%
Acushnet Holdings Corporation		10,997		180,791
American Outdoor Brands Corporation †		24,822		405,095
Callaway Golf Company		34,536		481,432
Malibu Boats Incorporated Class A †		10,577		285,262
Nautilus Group Incorporated †		14,852		242,830
Sturm, Ruger & Company Incorporated		8,038		368,140

				1,963,550


Media: 1.20%
AMC Entertainment Holdings Class A		21,438		287,269
Entercom Communications Corporation		504		5,191
Entravision Communications Corporation Class A		41,618		230,980
Gannett Company Incorporated		46,292		393,019
Gray Television Incorporated †		25,251		361,089
John Wiley & Sons Incorporated Class A		17,739		957,019
Meredith Corporation		14,339		779,325
MSG Networks Incorporated Class A †		23,984		514,457
National CineMedia Incorporated		60,425		326,899
New Media Investment Group Incorporated		28,971		399,510
Reading International Incorporated Class A †		312		4,917
Regal Entertainment Group Class A		41,386		611,271
Scholastic Corporation		10,141		399,860
The E.W. Scripps Company †		23,924		427,761
Time Incorporated		37,471		492,744
World Wrestling Entertainment Incorporated Class A		13,963		304,393

				6,495,704


Multiline Retail: 0.46%
Big Lots Stores Incorporated		16,873		803,155
Dillard’s Incorporated Class A		6,361		386,749

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


154		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Multiline Retail (continued)
Fred’s Incorporated Class A		370	$	2,190
JCPenny Company Incorporated †		128,974		499,129
Ollie’s Bargain Outlet Holdings Incorporated †		19,122		800,256

				2,491,479


Specialty Retail: 2.78%
Aaron’s Incorporated		26,962		1,193,608
American Eagle Outfitters Incorporated		61,096		730,097
Asbury Automotive Group Incorporated †		6,791		365,695
Ascena Retail Group Incorporated †		127,150		259,386
Barnes & Noble Education Incorporated †		25,326		131,189
Barnes & Noble Incorporated		37,820		293,105
Caleres Incorporated		19,559		527,702
Camping World Holdings Incorporated Class A		7,079		260,153
Chico’s FAS Incorporated		55,880		429,158
Children’s Place Retail Stores Incorporated		7,109		754,620
Citi Trends Incorporated		100		1,813
DSW Incorporated Class A		27,158		503,238
Express Incorporated †		45,513		289,918
Finish Line Incorporated Class A		20,255		168,724
Five Below Incorporated †		21,119		1,004,631
Francescas Holdings Corporation †		25,807		187,359
GameStop Corporation Class A		34,239		633,422
Genesco Incorporated †		11,927		252,256
Group 1 Automotive Incorporated		8,688		521,454
Haverty Furniture Companies Incorporated		13,773		322,977
Hibbett Sports Incorporated †		16,899		207,858
Lithia Motors Incorporated Class A		8,649		934,092
MarineMax Incorporated †		13,792		222,741
Murphy USA Incorporated †		13,374		862,088
Office Depot Incorporated		193,470		829,986
Penske Auto Group Incorporated		11,580		490,529
Pier 1 Imports Incorporated		53,925		225,946
Rent-A-Center Incorporated		21,058		254,802
Select Comfort Corporation †		16,870		498,171
Sonic Automotive Incorporated		14,289		258,631
Tailored Brands Incorporated		23,528		278,101
The Buckle Incorporated		19,196		271,623
The Cato Corporation Class A		18,863		248,237
Urban Outfitters Incorporated †		31,332		640,426
Winmark Corporation		39		5,142

				15,058,878


Textiles, Apparel & Luxury Goods: 0.87%
Columbia Sportswear Company		11,155		639,070
Crocs Incorporated †		37,350		333,536
Culp Incorporated		9,135		264,915
Fossil Group Incorporated †		27,263		226,010
G-III Apparel Group Limited †		15,901		437,278

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			155

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Movado Group Incorporated		10,556	$	292,929
Oxford Industries Incorporated		5,836		337,379
Steven Madden Limited †		20,798		881,835
Unifi Incorporated †		10,883		338,244
Wolverine World Wide Incorporated		37,147		976,966

				4,728,162


Consumer Staples: 3.35%

Beverages: 0.39%
Boston Beer Company Incorporated †		4,039		601,811
Coca Cola Bottling Corporation		1,916		409,238
MGP Ingredients Incorporated		5,283		297,063
National Beverage Corporation		4,664		542,003
Primo Water Corporation †		21,785		238,546

				2,088,661


Food & Staples Retailing: 0.75%
Ingles Markets Incorporated Class A		10,100		221,695
Performance Food Group Company †		28,150		782,570
Pricesmart Incorporated		10,336		839,800
Smart & Final Stores Incorporated †		371		2,616
SpartanNash Company		17,577		433,097
Supervalu Incorporated †		18,023		360,280
The Andersons Incorporated		12,737		405,673
The Chef’s Warehouse Incorporated †		327		5,641
United Natural Foods Incorporated †		21,244		738,229
Weis Markets Incorporated		6,747		298,285

				4,087,886


Food Products: 1.49%
Amplify Snack Brands Incorporated †		550		3,966
Blue Buffalo Pet Products Incorporated †		35,460		913,450
Calavo Growers Incorporated		6,326		424,791
Dean Foods Company		36,319		399,509
Farmer Bros Corporation †		9,502		309,290
Fresh del Monte Produce Incorporated		12,638		593,860
Freshpet Incorporated †		16,817		266,549
Hostess Brands Incorporated †		34,205		456,295
J & J Snack Foods Corporation		5,655		720,956
John B. Sanfilippo & Son Incorporated		4,341		269,402
Lancaster Colony Corporation		7,310		851,395
Landec Corporation †		23,025		299,325
Omega Protein Corporation		15,366		242,783
Pilgrim S Pride Corporation †		21,218		624,870
Sanderson Farms Incorporated		7,498		1,106,105
Seaboard Corporation		63		270,627
Tootsie Roll Industries Incorporated		7,699		287,558

				8,040,731

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


156		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Household Products: 0.32%
Central Garden & Pet Company Class A †		13,951	$	475,590
HRG Group Incorporated †		45,032		711,055
WD-40 Company		5,081		553,575

				1,740,220


Personal Products: 0.18%
Inter Parfums Incorporated		6,884		271,574
Medifast Incorporated		7,053		399,341
USANA Health Sciences Incorporated †		4,680		277,056

				947,971


Tobacco: 0.22%
Universal Corporation		10,000		572,000
Vector Group Limited		29,307		633,031

				1,205,031


Energy: 2.51%

Energy Equipment & Services: 0.88%
Archrock Incorporated		35,373		360,805
Atwood Oceanics Incorporated †		36,952		242,775
Basic Energy Services Incorporated †		11,730		167,035
Bristow Group Incorporated		353		2,909
Dril-Quip Incorporated †		16,620		624,081
Exterran Corporation †		16,510		457,987
Keane Group Incorporated †		17,556		227,350
McDermott International Incorporated †		94,046		577,442
Natural Gas Services Group Incorporated †		189		4,460
Newpark Resources Incorporated †		51,707		416,241
Noble Corporation plc †		128,950		420,377
ProPetro Holding Corporation †		20,373		234,493
Rowan Companies plc Class A †		58,497		570,346
Seacor Holdings Incorporated		11,473		440,219
Seacor Marine Holdings Incorporated †		133		1,704

				4,748,224


Oil, Gas & Consumable Fuels: 1.63%
Andeavor Corporation		226		22,634
Arch Coal Incorporated		8,981		717,312
California Resources Corporation †		395		3,081
Centennial Resource Development Class A †		38,027		657,487
Clean Energy Fuels Corporation †		104,453		248,598
CVR Energy Incorporated		12,721		272,484
Delek US Holdings Incorporated		27,533		680,616
Energy XXI Gulf Coast Incorporated †		15,367		160,585
Enlink Midstream LLC		29,276		499,156
Green Plains Renewable Energy Incorporated		17,194		318,949
Midstates Petroleum Company Incorporated †		324		4,695
Par Pacific Holdings Incorporated †		18,481		329,147

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			157

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
PBF Energy Incorporated Class A		40,759	$	965,173
Peabody Energy Corporation †		21,657		628,053
Penn Virginia Corporation †		7,873		303,111
Renewable Energy Group Incorporated †		21,978		265,934
Resolute Energy Corporation †		9,189		271,535
Rex American Resources Corporation †		3,638		315,124
Sandridge Energy Incorporated †		22,077		380,166
Tallgrass Energy Gp Lp		22,944		616,735
Tellurian Incorporated †		28,000		258,720
World Fuel Services Corporation		27,036		933,823

				8,853,118


Financials: 19.36%

Banks: 10.14%
1st Source Corporation		5,482		255,845
Access National Corporation		11,886		305,232
Allegiance Bancshares Incorporated †		7,993		272,162
American National Bankshares Incorporated		133		4,855
Ameris Bancorp		14,081		620,268
AMES National Corporation		161		4,363
Arrow Financial Corporation		7,600		245,480
Atlantic Capital Bancshares †		16,432		294,954
Banc of California Incorporated		19,720		365,806
BancFirst Corporation		7,120		358,848
BancorpSouth Incorporated		27,687		804,307
Bank of Marin Bancorp		5,374		351,728
Bankwell Financial Group Incorporated		148		5,017
Banner Corporation		11,135		613,761
Bar Harbor Bankshares		12,457		327,121
Berkshire Hills Bancorp Incorporated		11,873		401,307
Blue Hills Bancorp Incorporated		23,263		435,018
BOK Financial Corporation		7,705		620,099
Boston Private Financial Holdings Incorporated		34,217		502,990
Bridge Bancorp Incorporated		12,385		382,697
Brookline Bancorp Incorporated		29,698		426,166
Bryn Mawr Bank Corporation		9,386		384,357
Camden National Corporation		9,794		381,966
Capital Bank Financial Corporation Class A		10,610		398,936
Capital City Bank Group Incorporated		100		2,069
Carolina Financial Corporation		9,314		316,955
CenterState Banks Incorporated		18,629		455,852
Central Pacific Financial Company		223		6,467
Citizens & Northern Corporation		11,522		258,554
City Holding Company		7,203		456,166
CNB Financial Corporation		12,285		296,806
CoBiz Incorporated		24,966		425,670
Columbia Banking System Incorporated		18,354		682,218
Community Bank System Incorporated		13,514		695,430
Community Bankers Trust Corporation †		32,812		275,621

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


158		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
Community Trust Bancorp		10,896	$	463,625
ConnectOne Bancorp Incorporated		18,801		428,663
CU Bancorp †		9,997		356,393
Customers Bancorp Incorporated †		14,508		408,835
Eagle Bancorp Incorporated †		10,995		683,889
Enterprise Bancorp Incorporated		150		4,799
Enterprise Financial Service		9,375		358,125
Equity Bancshares Incorporated Class A †		100		3,415
Farmers Natl Banc Corporation		14,785		202,555
FCB Financial Holdings Class A †		11,660		508,376
Fidelity Southern Corporation		13,245		289,536
Financial Institutions Incorporated		7,160		194,752
First Bancorp		13,699		423,847
First Bancorp Incorporated		186		4,842
First Bancshares Incorporated		183		5,161
First Busey Corporation		14,523		418,989
First Citizens BancShares Corporation Class A		1,826		621,771
First Commonwealth Financial Corporation		32,223		406,332
First Community Bancshares		10,249		263,809
First Connecticut Bancorp		13,993		346,327
First Financial Bancorp		22,002		526,948
First Financial Corporation		9,109		395,331
First Foundation Incorporated †		18,057		306,066
First Interstate Bancsys Class A		7,228		254,426
First Merchants Corporation		15,231		598,121
First Mid-Illinois Bancshares		100		3,468
First of Long Island Corporation		16,867		451,192
Flushing Financial Corporation		15,240		416,662
Franklin Financial Network †		7,217		235,996
German American Bancorp		14,343		466,721
Glacier Bancorp Incorporated		20,087		667,089
Great Southern Bancorp Incorporated		8,311		413,888
Great Western Bancorp Incorporated		20,520		737,078
Green Bancorp Incorporated †		13,485		270,374
Guaranty Bancorp		12,114		312,541
Hanmi Financial Corporation		16,953		452,645
Harborone Bancorp Incorporated †		234		4,022
Heartland Financial USA Incorporated		10,648		484,484
Heritage Commerce Corporation		26,669		357,365
Heritage Financial Corporation		16,361		427,840
Hilltop Holdings Incorporated		29,084		688,418
Hometrust Bancshares Incorporated †		16,384		380,109
Hope Bancorp Incorporated		45,599		735,968
Horizon Bancorp Indiana		14,716		385,118
Independent Bank Corporation (Massachusetts)		8,763		607,276
Independent Bank Corporation (Michigan)		20,888		426,115
Independent Bank Group Incorporated		6,566		365,398
Lakeland Bancorp Incorporated		24,934		461,279
Lakeland Financial Corporation		9,451		410,740
LCNB Corporation		248		4,576

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			159

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
LegacyTexas Financial Group		15,775	$	567,742
Live Oak Bancshares Incorporated		11,336		253,360
Mainsource Financial Group Class I		11,889		389,127
Mercantile Bank Corporation		10,628		322,985
Midland States Bancorp Incorporated		9,144		279,258
Midwestone Financial Group Class I		11,130		365,954
National Bank Holdings Corporation Class A		14,919		480,093
National Bankshares Incorporated		117		4,610
National Commerce Corporation †		9,315		370,271
NBT Bancorp Incorporated		18,424		604,860
Old National Bancorp		29,708		485,726
Old Second Bancorp Incorporated		33,038		378,285
Opus Bank †		11,055		247,632
Pacific Continental Corporation		13,593		322,834
Pacific Premier Bancorp Incorporated †		15,498		548,629
Park National Corporation		5,380		519,654
Park Sterling Corporation		31,815		361,737
Peapack-Gladstone Financial Corporation		10,634		324,018
People S Utah Bancorp		10,181		278,450
Peoples Bancorp Incorporated		13,233		411,017
Peoples Bancorp of North Carolina Incorporated		100		3,038
Peoples Financial Services		122		5,069
Pinnacle Financial Partners Incorporated		1		62
Preferred Bank/Los Angeles		6,321		340,070
Qcr Holdings Incorporated		8,077		352,965
Renasant Corporation		12,954		515,958
Republic Bancorp Incorporated Class A		8,215		292,290
Republic First Bancorp Incorporated †		32,216		272,225
S&T Bancorp Incorporated		16,951		609,219
Sandy Spring Bancorp Incorporated		9,979		384,890
Seacoast Banking Corporation †		15,076		344,788
ServisFirst Bancshares Incorporated		17,354		591,945
Sierra Bancorp		196		4,961
Simmons First National Corporation Class A		10,500		548,100
South State Corporation		8,687		714,506
Southern National Bancorp of Virginia		15,279		255,923
Southside Bancshares Incorporated		11,507		375,934
Southwest Bancorp Incorporated		14,431		364,383
State Bank Financial Corporation		17,357		466,383
Sterling BanCorp		39,752		892,432
Stock Yards Bancorp Incorporated		15,633		544,028
Stonegate Bank		7,745		373,386
TCF Financial Corporation		48,426		752,056
Tompkins Trust Company Incorporated		6,468		491,051
Towne Bank		23,079		708,525
TriCo Bancshares		10,002		355,871
TriState Capital Holdings Incorporated †		16,468		344,181
Triumph Bancorp Incorporated †		10,866		306,421
Trustmark Corporation		14,259		422,352
Union Bankshares Corporation		17,078		535,054

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


160		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
United Community Bank		15,040	$	392,694
Univest Corporation of Pennsylvania		14,999		437,221
Valley National Bancorp		70,996		794,445
Veritex Holdings Incorporated †		11,824		312,272
Washington Trust Bancorp		7,854		402,518
Washingtonfirst Bankshare		7,833		265,304
WesBanco Incorporated		16,891		641,520
West Bancorporation		7,722		169,498
Westamerica Bancorporation		10,383		535,244

				54,911,410


Capital Markets: 1.43%
Artisan Partners Asset Management Incorporated Class A		17,398		534,119
BGC Partners Incorporated		77,263		1,003,646
Cohen & Steers Incorporated		9,520		360,237
Diamond Hill Investment Group		1,986		389,911
Donnelley Financial Solutions †		12,234		261,930
Evercore Partners Incorporated Class A		12,818		967,118
Federated Investors Incorporated Class B		19,577		534,648
Greenhill & Company Incorporated		15,109		227,390
Houlihan Lokey Incorporated		7,696		277,441
Intl Fcstone Incorporated †		9,575		339,817
Ladenburg Thalmann Financial Services Incorporated		2,130		5,474
Moelis Company Class A		10,820		426,308
Morningstar Incorporated		8,105		670,284
OM Asset Management plc		20,214		285,624
PJT Partners Incorporated Class A		8,441		326,329
Virtu Financial Incorporated Class A		15,603		280,074
Virtus Investment Partners Incorporated		3,235		342,910
Waddell & Reed Financial Incorporated Class A		637		11,855
Westwood Holdings Group Incorporated		7,892		482,438

				7,727,553


Consumer Finance: 1.08%
Credit Acceptance Corporation †		4,427		1,205,472
Encore Capital Group Incorporated †		10,808		436,103
Enova International Incorporated †		17,971		213,855
Ezcorp Incorporated †		28,891		261,464
First Cash Financial Services Incorporated		19,844		1,164,843
Green Dot Corporation Class A †		18,067		870,468
Nelnet Incorporated Class A		7,346		348,421
PRA Group Incorporated †		18,171		525,142
Santander Consumer USA Holdings Incorporated †		38,878		555,178
World Acceptance Corporation †		3,567		266,883

				5,847,829


Diversified Financial Services: 0.00%
Marlin Business Services Incorporated		201		5,246

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			161

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Insurance: 2.70%
Ambac Financial Group Incorporated †		23,992	$	436,414
American National Insurance Company		4,221		488,412
Amerisafe Incorporated		8,716		468,921
AmTrust Financial Services Incorporated		29,587		366,879
Argo Group International Holdings Limited		10,593		637,699
CNA Financial Corporation		5,567		273,117
eHealth Incorporated †		278		6,750
EMC Insurance Group Incorporated		9,815		273,642
Employers Holdings Incorporated		13,261		558,951
FBL Financial Group Incorporated		3,903		265,404
Fidelity & Guaranty Life		8,574		267,938
Greenlight Capital Limited †		13,218		294,101
HCI Group Incorporated		5,767		224,855
Heritage Insurance Holdings Incorporated		21,264		241,984
Horace Mann Educators Corporation		17,515		615,652
Infinity Property & Casualty Corporation		4,930		436,059
Investors Title Company		27		4,748
James River Group Holdings Limited		8,516		339,618
Kemper Corporation		16,723		801,032
Kinsale Capital Group Incorporated		10,075		381,339
Maiden Holdings Limited		33,943		246,087
Mercury General Corporation		12,187		700,387
National General Holdings Corporation		20,122		345,495
National Western Life Group Class A		1,069		357,484
OneBeacon Insurance Group Limited Class A		14,949		272,371
RLI Corporation		17,491		936,118
Safety Insurance Group Incorporated		6,959		496,873
Selective Insurance Group Incorporated		22,477		1,132,841
State Auto Financial Corporation		15,568		385,152
State National Companies Incorporated		17,455		362,540
Stewart Information Services Corporation		9,073		327,354
The Navigators Group Incorporated		11,609		647,782
Trupanion Incorporated †		12,165		266,170
United Fire Group Incorporated		9,899		416,352
Universal Insurance Holdings Company		14,655		314,350
WMIH Corporation †		4,482		5,603

				14,596,474


Mortgage REITs: 1.41%
AG Mortgage Investment Trust Incorporated		18,002		346,899
Anworth Mortgage Asset Corporation		58,251		353,001
Apollo Commercial Real Estate Finance Incorporated		29,726		537,743
Arbor Realty Trust Incorporated		35,532		291,362
Ares Commercial Real Estate		28,174		371,615
ARMOUR Residential REIT Incorporated		16,087		424,858
Blackstone Mortgage Trust Incorporated Class A		29,652		929,590
Capstead Mortgage Corporation		765		7,398
CYS Investments Incorporated		62,311		547,714
Dynex Capital Incorporated		40,433		289,096

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


162		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Mortgage REITs (continued)
Hannon Armstrong Sustainable		22,437	$	520,538
Invesco Mortgage Capital Incorporated		40,693		690,967
Ladder Capital Corporation		27,494		377,218
Mortgage Investment Corporation		20,987		402,950
New York Mortgage Trust Incorporated		54,068		338,466
PennyMac Mortgage Investment Trust		21,842		377,648
Redwood Trust Incorporated		30,692		511,943
Western Asset Mortgage Capital REIT		30,495		320,502

				7,639,508


Thrifts & Mortgage Finance: 2.60%
Astoria Financial Corporation		36,876		722,401
Bank Mutual Corporation		37,896		346,748
Beneficial Bancorp Incorporated		38,393		573,975
Bofi Holding Incorporated †		21,295		564,530
Capitol Federal Financial Incorporated		42,840		587,765
Charter Financial Corporation		275		4,472
Clifton Bancorp Incorporated		200		3,150
Dime Community Bancshares		20,720		392,644
Essent Group Limited †		29,438		1,150,437
Federal Agricultural Mortgage Corporation Class C		4,259		290,123
First Defiance Financial Corporation		6,506		318,534
Flagstar Bancorp Incorporated †		8,764		287,634
Hingham Institution For Savings Corporation		29		5,336
Home Bancorp Incorporated		133		5,371
Homestreet Incorporated †		12,575		317,519
Kearny Financial Corporation		39,425		557,864
LendingTree Incorporated †		2,804		647,584
Meridian Bancorp Incorporated		31,807		559,803
Meta Financial Group Incorporated		4,592		322,818
Nationstar Mortgage Holdings †		15,234		262,329
NMI Holdings Incorporated Class A †		31,289		339,486
Northfield Bancorp Incorporated		33,891		545,984
Northwest Bancshares Incorporated		30,840		475,861
Oceanfirst Financial Corporation		15,339		382,861
Oritani Financial Corporation		19,628		315,029
Pennymac Financial Service Incorporated †		16,110		273,870
Provident Financial Services Incorporated		23,844		592,523
Trustco Bank Corporation		54,536		430,834
United Community Financial Corporation		31,349		284,962
United Financial Bancorp Incorporated		24,188		418,936
Walker & Dunlop Incorporated †		11,441		551,342
Washington Federal Incorporated		20,461		639,406
Waterstone Financial Incorporated		20,626		364,049
Western New England Bancorp		491		4,885
WSFS Financial Corporation		12,502		558,839

				14,099,904

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			163

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Health Care: 12.15%

Biotechnology: 3.02%
Achaogen Incorporated †		13,855	$	259,643
Acorda Therapeutics Incorporated †		18,684		388,627
AMAG Pharmaceuticals Incorporated †		16,016		267,467
Arena Pharmaceuticals Incorporated †		14,524		336,666
Array BioPharma Incorporated †		71,642		693,495
Biocryst Pharmaceuticals Incorporated †		46,490		237,099
Biotime Incorporated †		1,621		4,750
Blueprint Medicines Corporation †		12,542		680,027
Coherus Biosciences Incorporated †		19,005		274,622
Cytokinetics Incorporated †		21,081		313,053
Cytomx Therapeutics Incorporated †		16,926		292,481
Eagle Pharmaceuticals Incorporated †		4,260		232,426
Emergent BioSolutions Incorporated †		13,105		489,210
Enanta Pharmaceuticals Incorporated †		9,241		396,069
Exact Sciences Corporation †		42,458		1,778,566
Fibrogen Incorporated †		25,350		1,221,870
Foundation Medicine Incorporated †		6,881		277,304
Genomic Health Incorporated †		8,451		267,897
Immunogen Incorporated †		44,782		374,378
Insys Therapeutics Incorporated †		20,539		187,726
Invitae Corporation †		555		5,450
Ironwood Pharmaceuticals Incorporated †		61,654		983,381
Ligand Pharmaceuticals Incorporated †		7,652		986,113
Merrimack Pharmaceuticals Incorporated		1,433		1,949
MiMedx Group Incorporated †		42,116		685,227
Momenta Pharmaceuticals Incorporated †		33,087		557,516
Myriad Genetics Incorporated †		27,714		845,000
Natera Incorporated †		12,623		155,894
PDL BioPharma Incorporated †		90,935		283,717
Progenics Pharmaceuticals Incorporated †		43,766		294,545
Repligen Corporation †		14,180		619,241
Retrophin Incorporated †		19,793		482,949
Rigel Pharmaceuticals Incorporated †		100,009		255,023
Spectrum Pharmaceuticals Incorporated †		38,471		375,477
Vanda Pharmaceuticals Incorporated †		24,923		428,676
Xencor Incorporated †		19,962		431,578

				16,365,112


Health Care Equipment & Supplies: 3.65%
Abaxis Incorporated		8,974		414,778
Accuray Incorporated †		79,905		331,606
Analogic Corporation		6,014		430,302
AngioDynamics Incorporated †		19,593		333,669
Anika Therapeutics Incorporated †		7,201		386,694
Antares Pharma Incorporated †		87,426		263,152
Atricure Incorporated †		16,057		360,159
Atrion Corporation		714		444,215
Axogen Incorporated †		16,380		288,288

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


164		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Health Care Equipment & Supplies (continued)
Cantel Medical Corporation		12,469	$	1,013,106
Cardiovascular Systems Incorporated †		12,017		352,939
CONMED Corporation		10,104		501,158
CryoLife Incorporated †		16,778		348,982
Cutera Incorporated †		9,624		357,532
Exactech Incorporated †		166		5,071
Glaukos Corporation †		9,924		374,631
Globus Medical Incorporated †		25,174		761,010
Haemonetics Corporation †		19,411		835,061
Halyard Health Incorporated †		16,091		728,762
Heska Corporation †		3,198		325,301
ICU Medical Incorporated †		5,483		955,961
Inogen Incorporated †		6,194		593,385
Integer Holdings Corporation †		11,850		544,508
Integra LifeSciences Holdings Corporation †		20,374		1,038,870
Invacare Corporation		20,729		279,842
iRhythm Technologies Incorporated †		6,363		303,770
K2M Group Holdings Incorporated †		17,792		415,977
Lantheus Holdings Incorporated †		14,784		258,720
Lemaitre Vascular Incorporated		7,177		261,243
Meridian Diagnostics Incorporated		22,379		311,068
Merit Medical Systems Incorporated †		18,757		774,664
Natus Medical Incorporated †		13,063		438,917
Neogen Corporation †		14,900		1,026,610
NxStage Medical Incorporated †		25,480		713,440
OraSure Technologies Incorporated †		25,614		522,782
Oxford Immunotec Global plc †		18,176		287,544
Penumbra Incorporated †		10,945		941,270
Quidel Corporation †		10,953		382,698
STAAR Surgical Company †		524		6,262
Surmodics Incorporated †		12,475		324,350
Varex Imaging Corporation †		15,972		487,625

				19,725,922


Health Care Providers & Services: 2.32%
AAC Holdings Incorporated †		32,795		304,666
Aceto Corporation		17,521		185,898
Almost Family Incorporated †		6,449		314,066
Amedisys Incorporated †		10,315		538,856
AMN Healthcare Services Incorporated †		19,056		711,742
Biotelemetry Incorporated †		11,081		411,659
Chemed Corporation		5,678		1,120,212
CorVel Corporation †		6,137		318,510
Cross Country Healthcare Incorporated †		22,229		275,195
Diplomat Pharmacy Incorporated †		21,275		356,356
Ensign Group Incorporated		22,520		462,561
Landauer Incorporated		5,818		361,007
LHC Group Incorporated †		7,168		467,712
LifePoint Hospitals Incorporated †		14,421		835,697
Magellan Health Services Incorporated †		9,592		775,993

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			165

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Health Care Providers & Services (continued)
Molina Healthcare Incorporated †		16,969	$	1,086,016
National Healthcare Corporation		5,020		312,947
Owens & Minor Incorporated		22,555		630,187
PharMerica Corporation †		13,992		411,365
Premier Incorporated Class A †		15,238		510,473
Providence Service Corporation †		7,103		368,148
R1 RCM Incorporated †		1,382		4,561
Radnet Incorporated †		654		6,704
Select Medical Holdings Corporation †		41,414		770,300
Surgery Partners Incorporated †		12,424		121,134
Tivity Health Incorporated †		13,592		532,806
U.S. Physical Therapy Incorporated		6,373		381,743

				12,576,514


Health Care Technology: 0.80%
Allscripts Healthcare Solutions Incorporated †		70,801		930,325
Computer Programs & Systems Incorporated		8,392		252,599
Cotiviti Holdings Incorporated †		12,145		433,941
HealthStream Incorporated †		13,271		311,736
HMS Holdings Corporation †		31,150		551,978
Inovalon Holdings Incorporated Class A †		26,517		359,305
Omnicell Incorporated †		15,130		776,169
Quality Systems Incorporated †		22,110		348,233
Vocera Communications Incorporated †		13,533		376,894

				4,341,180


Life Sciences Tools & Services: 1.04%
Albany Molecular Research Incorporated †		12,512		272,011
Cambrex Corporation †		12,938		674,070
Enzo Biochem Incorporated †		26,494		298,058
INC Research Holdings Incorporated Class A †		21,153		1,241,681
Luminex Corporation		21,095		407,766
Neogenomics Incorporated †		42,055		425,176
PRA Health Sciences Incorporated †		14,995		1,160,613
VWR Corporation †		34,147		1,127,534

				5,606,909


Pharmaceuticals: 1.32%
Akorn Incorporated †		35,938		1,182,360
Amphastar Pharmaceuticals Incorporated †		17,637		282,368
ANI Pharmaceuticals Incorporated †		5,788		277,824
Corcept Therapeutics Incorporated †		38,913		648,680
Depomed Incorporated †		31,520		191,642
Endo International plc †		83,268		731,926
Horizon Pharma plc †		63,378		867,011
Innoviva Incorporated †		29,941		420,372
Intersect ENT Incorporated †		11,878		367,030
Lannett Company Incorporated †		14,340		251,667
Phibro Animal Health Corporation Class A		7,910		280,805

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


166		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Pharmaceuticals (continued)
Sciclone Pharmaceuticals Incorporated †		24,756	$	272,316
Sucampo Pharmaceuticals Class A †		25,469		299,261
Supernus Pharmaceuticals Incorporated †		18,993		869,879
Teligent Incorporated †		30,252		209,041

				7,152,182


Industrials: 14.36%

Aerospace & Defense: 1.53%
AAR Corporation		13,342		481,113
Aerojet Rocketdyne Holdings †		25,452		754,143
Astronics Corporation		10,625		279,331
Cubic Corporation		11,282		484,562
DigitalGlobe Incorporated †		24,759		851,710
Ducommun Incorporated †		8,511		234,053
Engility Holdings Incorporated †		9,659		300,105
Esterline Technologies Corporation †		10,654		909,852
HEICO Corporation		5,902		506,214
KLX Incorporated †		19,929		955,396
Mercury Computer Systems Incorporated †		15,545		750,046
Moog Incorporated Class A †		12,739		977,846
National Presto Industries Incorporated		3,238		322,505
Vectrus Incorporated †		8,281		236,671
Wesco Aircraft Holdings Incorporated †		30,111		252,932

				8,296,479


Air Freight & Logistics: 0.46%
Air Transport Services Group †		21,741		499,173
Atlas Air Worldwide Holdings Incorporated †		9,034		603,471
Echo Global Logistics Incorporated †		18,588		282,538
Forward Air Corporation		11,270		585,702
Hub Group Incorporated Class A †		13,879		533,648

				2,504,532


Airlines: 0.12%
Allegiant Travel Company		5,500		649,000


Building Products: 1.49%
Aaon Incorporated		17,128		558,373
Advanced Drainage Systems Incorporated		17,397		338,372
American Woodmark Corporation †		4,830		399,924
Apogee Enterprises Incorporated		9,608		419,870
Armstrong Flooring Incorporated †		14,937		222,860
Builders FirstSource Incorporated †		33,858		551,208
Continental Building Product †		15,000		365,250
CSW Industrials Incorporated †		10,489		438,965
Gibraltar Industries Incorporated †		13,785		403,211
Griffon Corporation		20,119		373,207
Insteel Industries Incorporated		9,161		229,666
JELD-WEN Holding Incorporated †		9,442		288,170

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			167

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Building Products (continued)
NCI Building Systems Incorporated †		17,773	$	298,586
Patrick Industries Incorporated †		5,805		429,570
Ply Gem Holdings Incorporated †		15,298		237,884
Quanex Building Products Corporation		20,249		396,880
Simpson Manufacturing Company Incorporated		13,860		606,791
Trex Company Incorporated †		10,899		828,324
Universal Forest Products Incorporated		7,716		672,912

				8,060,023


Commercial Services & Supplies: 2.69%
ABM Industries Incorporated		19,449		864,119
ACCO Brands Corporation †		40,663		445,260
Brady Corporation Class A		18,111		604,002
Brink’s Company		18,171		1,425,515
Casella Waste Systems Incorporated Class A †		21,039		353,666
Covanta Holding Corporation		52,562		754,265
Ennis Incorporated		21,635		413,229
Essendant Incorporated		21,945		260,268
Herman Miller Incorporated		23,989		807,230
Hudson Technologies Incorporated †		30,679		273,043
InnerWorkings Incorporated †		31,129		325,921
Interface Incorporated		25,325		481,175
Kimball International Incorporated Class B		297		5,037
Knoll Incorporated		22,687		409,500
LSC Communications Incorporated		14,020		225,862
Matthews International Corporation Class A		13,240		797,710
Mcgrath RentCorp		12,180		491,707
MSA Safety Incorporated		11,909		867,690
Multi-Color Corporation		6,159		491,488
Quad Graphics Incorporated		12,519		238,612
SP Plus Corporation †		8,810		325,089
Steelcase Incorporated Class A		28,082		370,682
Tetra Tech Incorporated		18,113		771,614
UniFirst Corporation		5,455		783,338
US Ecology Incorporated		10,191		523,817
Viad Corporation		9,030		496,199
VSE Corporation		6,406		334,073
West Corporation		17,919		418,767

				14,558,878


Construction & Engineering: 0.47%
Argan Incorporated		6,474		410,128
Comfort Systems USA Incorporated		16,613		565,673
Great Lakes Dredge & Dock Company †		1,124		4,552
MYR Group Incorporated †		11,078		285,923
Nv5 Global Incorporated †		6,637		320,235
Primoris Services Corporation		18,281		523,019
Tutor Perini Corporation †		15,889		415,497

				2,525,027

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


168		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Electrical Equipment: 0.63%
Atkore International Incorporated †		14,895	$	248,151
AZZ Incorporated		10,961		535,993
Babcock & Wilcox Enterprises Incorporated †		28,076		63,452
Encore Wire Corporation		10,488		449,935
Generac Holdings Incorporated †		22,387		903,987
General Cable Corporation		19,361		328,169
Powell Industries Incorporated		150		4,271
Sunrun Incorporated †		40,230		269,541
Thermon Group Holdings Incorporated †		23,169		382,752
Vicor Corporation †		12,831		249,563

				3,435,814


Electronic Equipment, Instruments & Components: 0.09%
ScanSource Incorporated †		12,230		480,028


Industrial Conglomerates: 0.08%
Raven Industries Incorporated		15,627		437,556


Machinery: 3.32%
Alamo Group Incorporated		4,702		431,456
Albany International Corporation Class A		9,290		497,944
Altra Holdings Incorporated		13,170		606,479
American Railcar Industries		137		4,932
Astec Industries Incorporated		9,937		493,670
Barnes Group Incorporated		17,776		1,111,356
Briggs & Stratton Corporation		17,723		371,120
Columbus McKinnon Corporation		10,921		360,721
Douglas Dynamics Incorporated		12,072		421,313
EnPro Industries Incorporated		8,781		618,797
ESCO Technologies Incorporated		10,843		590,401
Federal Signal Corporation		29,160		545,000
Franklin Electric Company Incorporated		16,819		648,372
Global Brass & Copper Holdings Incorporated		11,484		342,797
Hillenbrand Incorporated		20,322		726,511
Hurco Companies Incorporated		152		5,343
Hyster Yale Materials		3,828		272,477
John Bean Technologies Corporation		11,912		1,056,594
Kadant Incorporated		5,552		482,191
Lindsay Manufacturing Company		5,568		482,022
Lydall Incorporated †		8,350		392,450
Meritor Incorporated †		31,464		624,875
Milacron Holdings Corporation †		16,594		264,674
Miller Industries Incorporated		198		4,970
Mueller Industries Incorporated		21,288		635,021
NN Incorporated		12,154		309,927
Omega Flex Incorporated		81		4,697
Park Ohio Holdings Corporation		2,989		119,112
RBC Bearings Incorporated †		8,889		980,190
REV Group Incorporated		9,778		246,308
SPX Corporation †		18,741		451,658

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			169

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Machinery (continued)
Standex International Corporation		5,262	$	502,258
Tennant Company		8,762		534,044
The Greenbrier Companies Incorporated		10,207		437,880
Titan International Incorporated		25,616		219,785
Wabash National Corporation		25,690		540,004
Watts Water Technologies Incorporated		10,510		648,467
Welbilt Incorporated †		51,303		1,020,930

				18,006,746


Marine: 0.09%
Matson Incorporated		18,294		471,985


Professional Services: 1.50%
Barrett Business Services Incorporated		4,784		246,759
CBIZ Incorporated †		32,677		495,057
CRA International Incorporated		100		3,753
Exponent Incorporated		9,746		663,703
FTI Consulting Incorporated †		16,583		562,330
GP Strategies Corporation †		13,147		376,004
Heidrick & Struggles International Incorporated		12,537		228,800
ICF International Incorporated †		9,364		449,940
Insperity Incorporated		6,902		554,231
Kelly Services Incorporated Class A		17,474		377,963
Kforce Incorporated		13,307		239,526
Mistras Group Incorporated †		13,836		261,639
Navigant Consulting Incorporated †		22,555		345,768
On Assignment Incorporated †		18,810		897,237
Resources Connection Incorporated		23,297		297,037
RPX Corporation †		24,479		319,696
The Advisory Board Company †		17,176		914,622
TriNet Group Incorporated †		14,606		521,872
TrueBlue Incorporated †		18,043		368,979

				8,124,916


Road & Rail: 0.81%
Arcbest Corporation		11,940		354,618
Heartland Express Incorporated		18,800		416,796
Knight Transportation Incorporated		22,641		884,131
Marten Transport Limited		21,769		373,338
Saia Incorporated †		11,037		624,142
Swift Transportation Company †		29,761		834,796
Werner Enterprises Incorporated		16,800		556,080
YRC Worldwide Incorporated †		23,919		320,275

				4,364,176


Trading Companies & Distributors: 1.08%
Applied Industrial Technologies Incorporated		13,704		781,128
BMC Stock Holdings Incorporated †		24,362		494,549
CAI International Incorporated †		8,577		265,801

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


170		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Trading Companies & Distributors (continued)
DXP Enterprises Incorporated †		8,376	$	226,906
GATX Corporation		13,809		836,549
GMS Incorporated †		9,453		304,198
Kaman Corporation		10,176		499,031
Nexeo Solutions Incorporated †		556		3,987
Rush Enterprises Incorporated †		12,760		523,032
Siteone Landscape Supply Incorporated †		9,268		465,624
Titan Machinery Incorporated †		15,225		196,403
Univar Incorporated †		38,085		1,074,378
Veritiv Corporation †		6,203		173,684

				5,845,270


Information Technology: 13.56%

Communications Equipment: 1.53%
Acacia Communications Incorporated †		7,610		371,596
ADTRAN Incorporated		23,148		511,571
Applied Optoelectronics Incorporated †		7,814		461,964
Calamp Corporation †		16,429		304,594
Calix Networks Incorporated †		729		3,572
Comtech Telecommunications Corporation		14,152		276,955
Echostar Corporation †		13,491		813,507
Emcore Corporation †		466		4,241
Extreme Networks Incorporated †		43,528		497,525
Harmonic Incorporated †		52,326		170,060
Lumentum Holdings Incorporated †		23,619		1,342,740
NETGEAR Incorporated †		13,348		640,704
Oclaro Incorporated †		68,605		576,968
Plantronics Incorporated		11,312		482,231
ShoreTel Incorporated †		41,346		308,028
Ubiquiti Networks Incorporated †		10,344		616,399
Viavi Solutions Incorporated †		90,428		907,897

				8,290,552


Electronic Equipment, Instruments & Components: 2.24%
Anixter International Incorporated †		10,582		780,952
AVX Corporation		18,837		328,706
Badger Meter Incorporated		12,877		591,054
Benchmark Electronics Incorporated †		18,856		612,820
Control4 Corporation †		11,410		282,512
CTS Corporation		21,273		478,643
Daktronics Incorporated		28,317		272,693
Eplus Incorporated †		6,437		538,777
II-VI Incorporated †		22,856		819,388
Insight Enterprises Incorporated †		15,093		604,927
Itron Incorporated †		12,885		935,451
Kemet Corporation †		17,393		415,867
Kimball Electronics Incorporated †		12,698		241,897
Mesa Laboratories Incorporated		1,920		262,214
Methode Electronics Incorporated		15,142		619,308

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			171

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
MTS Systems Corporation		7,790	$	377,036
OSI Systems Incorporated †		7,283		604,926
Park Electrochemical Corporation		18,085		328,424
PC Connection Incorporated		189		4,821
Plexus Corporation †		11,941		621,887
Sanmina Corporation †		29,595		1,108,333
TTM Technologies Incorporated †		36,990		526,738
Vishay Intertechnology Incorporated		42,324		749,135
Vishay Precision Group †		279		6,096

				12,112,605


Internet Software & Services: 2.57%
2U Incorporated †		17,803		891,930
Actua Corporation †		23,794		304,563
Alarm.com Holdings Incorporated †		9,218		414,073
Angie’s List Incorporated †		21,150		257,184
Appfolio Incorporated Class A †		166		7,121
Bankrate Incorporated †		19,367		268,233
Bazaarvoice Incorporated †		65,029		308,888
Blucora Incorporated †		17,684		403,195
Box Incorporated Class A †		25,890		507,962
Carbonite Incorporated †		13,034		260,680
ChannelAdvisor Corporation †		435		5,046
Commercehub Incorporated Series C †		13,470		285,968
Endurance International Group Holdings †		35,286		271,702
Five9 Incorporated †		22,685		487,728
GoDaddy Incorporated Class A †		8,305		372,230
GTT Communications Incorporated †		14,338		455,232
Instructure Incorporated †		9,957		294,727
LivePerson Incorporated †		25,393		340,266
Match Group Incorporated †		16,909		367,771
Mindbody Incorporated Class A †		11,605		274,458
Mulesoft Incorporated Class A †		10,934		238,361
NIC Incorporated		29,671		485,121
Nutanix Incorporated Class A †		14,842		326,524
Q2 Holdings Incorporated †		14,372		583,503
Quotient Technology Incorporated †		29,144		437,160
Shutterstock Incorporated †		7,762		260,648
SPS Commerce Incorporated †		7,913		482,060
Stamps.com Incorporated †		6,359		1,216,159
The Meet Group Incorporated †		51,862		203,299
The Trade Desk Incorporated †		7,042		373,015
TrueCar Incorporated †		23,328		395,410
Twilio Incorporated Class A †		19,434		569,028
Web.com Group Incorporated †		20,181		510,579
WebMD Health Corporation †		14,008		930,692
Xo Group Incorporated †		7,613		141,754

				13,932,270

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


172		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

IT Services: 1.78%
Black Knight Financial Services Incorporated Class A †		9,637	$	410,536
Blackhawk Network Incorporated †		21,072		944,026
Cardtronics Incorporated Class A †		19,473		505,909
Cass Information Systems Incorporated		7,064		432,458
Convergys Corporation		38,787		911,495
CSG Systems International Incorporated		12,886		498,817
Edgewater Technology Incorporated †		744		4,762
Everi Holdings Incorporated †		38,344		295,632
Exlservice Holdings Incorporated †		13,062		735,129
Forrester Research Incorporated		3,046		124,125
Hackett Group Incorporated		17,482		238,804
Luxoft Holding Incorporated †		8,835		447,493
ManTech International Corporation Class A		11,053		444,552
Moneygram International Incorporated †		15,725		247,826
Perficient Incorporated †		19,788		362,120
Science Applications International Corporation		12,801		945,738
Sykes Enterprises Incorporated †		16,761		446,848
TeleTech Holdings Incorporated		8,132		322,840
Travelport Worldwide Limited		44,565		674,714
Unisys Corporation †		26,793		207,646
Virtusa Corporation †		11,601		421,348

				9,622,818


Semiconductors & Semiconductor Equipment: 2.00%
Advanced Energy Industries Incorporated †		14,868		1,093,393
Alpha & Omega Semiconductor †		269		4,272
Amkor Technology Incorporated †		36,348		319,135
Axcelis Technologies Incorporated †		15,720		328,548
Brooks Automation Incorporated		26,729		696,825
Cabot Microelectronics Corporation		7,907		566,299
Ceva Incorporated †		10,241		415,273
Cohu Incorporated		10,831		203,190
Diodes Incorporated †		16,535		465,295
Impinj Incorporated †		7,094		271,275
IXYS Corporation †		14,980		344,540
MaxLinear Incorporated Class A †		22,092		477,187
Nanometrics Incorporated †		13,967		360,209
Neophotonics Corporation †		579		3,387
NVE Corporation		5,220		395,885
PDF Solutions Incorporated †		16,562		251,577
Photronics Incorporated †		34,862		275,410
Power Integrations Incorporated		11,176		814,172
Rudolph Technologies Incorporated †		17,166		381,085
Semtech Corporation †		24,768		931,277
Silicon Laboratories Incorporated †		15,032		1,140,929
Ultra Clean Holdings Incorporated †		11,932		275,271
Xcerra Corporation †		28,099		275,932
Xperi Corporation		19,138		521,511

				10,811,877

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			173

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name		Shares		Value

Software: 2.96%
8x8 Incorporated †			41,338	$	584,933
A10 Networks Incorporated †			33,416		218,875
ACI Worldwide Incorporated †			45,186		1,028,433
American Software Incorporated Class A			454		4,999
Barracuda Networks Incorporated †			16,478		398,932
Bottomline Technologies Incorporated †			18,510		561,038
CommVault Systems Incorporated †			15,841		967,093
Ebix Incorporated			9,143		527,551
Everbridge Incorporated †			11,636		269,606
Gigamon Incorporated †			13,416		576,217
Globant SA †			10,584		411,612
MicroStrategy Incorporated Class A †			3,645		470,205
Model N Incorporated †			396		5,366
Monotype Imaging Holdings Incorporated			15,851		289,281
Paycom Software Incorporated †			17,924		1,337,310
Pegasystems Incorporated			14,266		821,008
Progress Software Corporation			16,756		562,666
PROS Holdings Incorporated †			13,796		363,387
Qad Incorporated Class A			161		5,426
Qualys Incorporated †			13,839		657,353
RealPage Incorporated †			22,383		964,707
RingCentral Incorporated Class A †			22,872		968,629
Silver Spring Networks Incorporated †			15,811		200,167
Synchronoss Technologies Incorporated †			20,988		352,389
Tivo Corporation			41,729		763,641
Vasco Data Security International Incorporated †			20,965		263,111
Verint Systems Incorporated †			24,062		955,261
Workiva Incorporated †			16,568		334,674
Zix Corporation †			823		4,370
Zynga Incorporated Class A †			311,230		1,167,113

					16,035,353


Technology Hardware, Storage & Peripherals: 0.48%	��
Diebold Incorporated			25,869		529,021
Electronics For Imaging Incorporated †			15,639		556,123
Pure Storage Incorporated Class A †			34,099		507,734
Quantum Corporation †			99,458		548,014
Super Micro Computer Incorporated †			16,862		448,951

					2,589,843


Materials: 4.04%

Chemicals: 1.87%
Advansix Incorporated †			12,501		399,157
American Vanguard Corporation			15,674		317,399
Calgon Carbon Corporation			26,950		328,790
Chase Corporation			4,411		412,429
Futurefuel Corporation			18,419		248,288
GCP Applied Technologies Incorporated †			27,594		779,530
Hawkins Incorporated			6,868		244,844

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


174		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Chemicals (continued)
HB Fuller Company		14,127	$	709,034
Ingevity Corporation †		16,876		1,062,682
Innophos Holdings Incorporated		9,269		423,223
Innospec Incorporated		9,315		516,983
KMG Chemicals Incorporated		5,602		269,008
Kooper Holdings Incorporated †		9,518		373,106
Kraton Performance Polymers Incorporated †		11,039		362,410
Kronos Worldwide Incorporated		14,630		306,206
Omnova Solutions Incorporated †		27,965		243,296
Quaker Chemical Corporation		5,051		703,200
Rayonier Advanced Materials		19,808		271,766
Stepan Company		6,930		536,105
Trecora Resources †		448		5,443
Tredegar Corporation		21,093		343,816
Trinseo SA		15,425		1,031,933
Valvoline Incorporated		11,760		250,370

				10,139,018


Construction Materials: 0.09%
US Concrete Incorporated †		5,754		460,608


Containers & Packaging: 0.31%
Greif Incorporated Class A		8,574		518,298
Myers Industries Incorporated		19,721		370,755
Silgan Holdings Incorporated		26,489		797,054

				1,686,107


Metals & Mining: 1.19%
Cleveland Cliffs Incorporated †		122,739		1,026,098
Commercial Metals Company		42,165		796,497
Compass Minerals International Incorporated		13,057		872,208
Haynes International Incorporated		10,699		326,854
Hecla Mining Company		163,951		865,661
Kaiser Aluminum Corporation		6,877		662,393
Materion Corporation		10,214		390,175
Schnitzer Steel Industry		13,395		360,326
Suncoke Energy Incorporated †		32,095		299,125
Worthington Industries Incorporated		17,042		851,418

				6,450,755


Paper & Forest Products: 0.58%
Boise Cascade Company †		15,216		456,480
Clearwater Paper Corporation †		8,050		374,325
Domtar Corporation		22,309		902,176
Neenah Paper Incorporated		6,457		498,803
PH Glatfelter Company		22,886		396,386
Schweitzer-Mauduit International Incorporated		12,936		490,662

				3,118,832

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			175

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Real Estate: 7.79%

Equity REITs: 7.12%
Agree Realty Corporation		9,556	$	478,947
Alexander S Incorporated REIT		482		201,809
American Assets Trust Incorporated		17,603		715,034
Armada Hoffler Properties Incorporated		26,182		350,053
Ashford Hospitality Prime Incorporated		511		4,916
Ashford Hospitality Trust Incorporated		55,533		344,860
Bluerock Residential Growth REIT Incorporated		390		3,951
Brandywine Realty Trust		56,538		971,323
CareTrust REIT Incorporated		25,299		488,018
Catchmark Timber Trust Incorporated Class A		40,293		464,578
CBL & Associates Properties Incorporated		82,223		657,784
Cedar Shopping Centers Incorporated		109,015		549,436
Chatham Lodging Trust		17,943		363,884
Chesapeake Lodging Trust		20,980		536,878
Community Healthcare Trust Incorporated		5,142		136,572
CorEnergy Infrastructure Trust Incorporated		8,102		264,368
DiamondRock Hospitality		72,481		796,566
Easterly Government Properties Incorporated		21,686		435,021
EastGroup Properties Incorporated		8,854		786,766
Felcor Lodging Trust Incorporated		57,660		420,918
First Potomac Realty Trust		37,712		419,735
Four Corners Property Trust Incorporated		25,913		658,449
Franklin Street Properties Corporation		52,708		525,499
Getty Realty Corporation		14,596		402,266
Gladstone Commercial Corporation		16,247		347,686
Global Net Lease Incorporated		22,886		495,711
Government Properties Income		27,468		509,531
Hersha Hospitality Trust		17,724		328,603
Independence Realty Trust Incorporated		539		5,546
InfraReit Incorporated		17,007		382,487
Investors Real Estate Trust		62,705		393,787
iStar Financial Incorporated †		26,613		308,977
Kite Realty Group Trust		57,119		1,149,234
Lexington Corporate Properties Trust		63,091		622,077
LTC Properties Incorporated		14,047		683,106
Mack-Cali Realty Corporation		32,280		738,889
Medequities Realty Trust Incorporated		15,228		174,665
MGM Growth Properties LLC Class A		21,256		650,434
Monmouth Real Estate Investment Corporation		27,752		450,970
Monogram Residential Trust Incorporated		62,778		753,336
National Storage Affiliates		20,997		468,653
New Senior Investment Group Incorporated		49,082		453,027
New York REIT Incorporated		61,524		506,958
Nexpoint Residential		11,154		259,888
One Liberty Properties Incorporated		10,467		251,313
Parkway Incorporated		17,777		408,160
Pebblebrook Hotel Trust		28,397		953,855
Pennsylvania Real Estate Investment Trust		50,816		509,684

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


176		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
Potlatch Corporation		13,626	$	651,323
Preferred Apartment Communities Incorporated Series A		23,230		422,554
PS Business Parks Incorporated		5,379		726,757
QTS Realty Trust Incorporated Class A		16,541		896,191
Quality Care Properties Incorporated †		36,693		503,428
Ramco-Gershenson Properties Trust		52,855		695,043
Retail Opportunity Investment Corporation		45,971		912,065
Rexford Industrial Realty Incorporated		22,761		683,968
Ryman Hospitality Properties Incorporated		15,228		904,848
Sabra Health Care REIT Incorporated		61,738		1,348,985
Saul Centers Incorporated		8,443		511,646
Select Income REIT		16,559		384,334
Seritage Growth Property Class A		10,925		525,056
STAG Industrial Incorporated		25,807		722,338
Summit Hotel Properties Incorporated		31,862		472,832
Terreno Realty Corporation		16,374		593,558
Tier Incorporated		26,950		496,150
UMH Properties Incorporated		21,133		334,324
Universal Health Realty Income Trust		5,576		422,159
Urban Edge Properties		37,324		938,699
Urstadt Biddle Properties Incorporated		24,012		496,568
Washington Prime Group Incorporated		77,998		651,283
Washington Real Estate Investment Trust		19,482		640,179
Whitestone REIT		424		5,317
Xenia Hotels & Resorts Incorporated		41,485		828,041

				38,551,854


Real Estate Management & Development: 0.67%
Alexander & Baldwin Incorporated		18,230		791,182
Forestar Real Estate Group Incorporated †		316		5,435
FRP Holdings Incorporated †		3,408		149,611
HFF Incorporated Class A		14,462		551,436
Kennedy Wilson Holdings Incorporated		36,863		711,456
Marcus & Millichap Incorporated †		10,184		268,145
Re/max Holdings Incorporated Class A		7,861		481,486
The RMR Group Incorporated Class A		4,788		247,300
The St. Joe Company †		23,416		441,392

				3,647,443


Telecommunication Services: 1.20%

Diversified Telecommunication Services: 0.90%
ATN International Incorporated		5,748		348,156
Cincinnati Bell Incorporated †		21,084		443,818
Cogent Communications Group Incorporated		16,475		767,735
Consolidated Communications Holdings Incorporated		30,915		570,382
Frontier Communications Corporation		34,952		470,804
General Communication Incorporated Class A †		9,186		396,192
Iradium Communications Incorporated †		34,535		383,339
Lumos Networks Corporation †		15,243		274,069

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			177

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Diversified Telecommunication Services (continued)
ORBCOMM Incorporated †		29,918	$	330,893
Vonage Holdings Corporation †		80,867		671,196
Windstream Holdings Incorporated		114,275		236,549

				4,893,133


Wireless Telecommunication Services: 0.30%
Boingo Wireless Incorporated †		18,422		379,309
Shenandoah Telecommunications Company		18,501		666,961
Spok Holdings Incorporated		17,502		293,159
United States Cellular Corporation †		7,181		277,761

				1,617,190


Utilities: 2.42%

Electric Utilities: 0.84%
Avangrid Incorporated		21,574		1,053,243
El Paso Electric Company		14,133		785,088
MGE Energy Incorporated		14,970		952,092
Otter Tail Corporation		16,254		679,417
PNM Resources Incorporated		25,457		1,079,377

				4,549,217


Gas Utilities: 0.49%
Chesapeake Utilities Corporation		8,233		654,112
Northwest Natural Gas Company		11,326		750,914
South Jersey Industries Incorporated		34,279		1,229,931

				2,634,957


Independent Power & Renewable Electricity Producers: 0.33%
8point3 Energy Partners LP		18,220		262,732
NRG Yield Incorporated Class C		24,081		445,499
Ormat Technologies Incorporated		13,667		785,032
TerraForm Global Incorporated Class A †		54,192		273,670

				1,766,933


Multi-Utilities: 0.22%
Avista Corporation		19,908		1,023,271
Unitil Corporation		3,405		169,773

				1,193,044


Water Utilities: 0.54%
American States Water Company		11,168		550,582
Artesian Resources Corporation Class A		126		4,673
California Water Service Group		20,968		785,252
Connecticut Water Service Incorporated		9,821		532,691
Middlesex Water Company		9,233		350,669
SJW Corporation		8,608		477,744

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


178		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name				Shares		Value

Water Utilities (continued)
York Water Company					7,306	$	240,367

							2,941,978


Total Common Stocks (Cost $512,755,140)							511,717,289


	Yield
Short-Term Investments: 5.02%

Investment Companies: 5.02%
Wells Fargo Government Money Market Select Class (l)(u)		0.92	%		27,168,625		27,168,625


Total Short-Term Investments (Cost $27,168,625)							27,168,625


Total investments in securities (Cost $539,923,765)	99.54	%		538,885,914
Other assets and liabilities, net	0.46			2,497,366

Total net assets	100.00	%	$	541,383,280

†	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.

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
Russell 2000 Index		200		9-15-2017	$	13,823,887	$	14,044,000	$	220,113	$	0

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 5.02%
Wells Fargo Government Money Market Fund Select Class		0		485,171,157		458,002,532		27,168,625	$	0	$	0	$	41,649	$	27,168,625

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			179

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 74.01%

Consumer Discretionary: 19.11%

Auto Components: 1.70%
American Axle & Manufacturing Incorporated 144A		6.50	%		4-1-2027	$	300,000	$	295,500
Dana Incorporated		6.00			9-15-2023		300,000		314,250
Goodyear Tire & Rubber Company		5.13			11-15-2023		300,000		313,872
ZF North America Capital Incorporated 144A		4.75			4-29-2025		700,000		734,125

									1,657,747


Automobiles: 0.20%
Tesla Incorporated 144A		5.30			8-15-2025		200,000		197,250


Distributors: 0.21%
American Tire Distributors Holdings Incorporated 144A		10.25			3-1-2022		200,000		206,500


Diversified Consumer Services: 1.08%
APX Group Incorporated		7.88			12-1-2022		200,000		217,000
Hertz Corporation		6.75			4-15-2019		300,000		298,875
Laureate Education Incorporated 144A		8.25			5-1-2025		200,000		217,500
Service Corporation International		5.38			5-15-2024		300,000		319,125

									1,052,500


Hotels, Restaurants & Leisure: 3.05%
Boyd Gaming Corporation		6.88			5-15-2023		200,000		215,000
Diamond Resorts International Incorporated 144A		7.75			9-1-2023		300,000		321,000
Hilton Worldwide Finance LLC		4.88			4-1-2027		300,000		317,250
International Game Technology plc 144A		5.63			2-15-2020		300,000		317,250
KFC Holding Company 144A		4.75			6-1-2027		300,000		307,875
KFC Holding Company 144A		5.00			6-1-2024		300,000		313,590
MGM Resorts International		8.63			2-1-2019		700,000		763,875
Wynn Las Vegas LLC 144A		5.50			3-1-2025		400,000		417,000

									2,972,840


Household Durables: 1.32%
Lennar Corporation		4.50			6-15-2019		300,000		308,250
Lennar Corporation		4.50			11-15-2019		200,000		206,250
Pulte Group Incorporated		4.25			3-1-2021		200,000		207,780
Standard Pacific Corporation		8.38			1-15-2021		200,000		233,000
Toll Brothers Finance Corporation		5.88			2-15-2022		300,000		331,986

									1,287,266


Internet & Direct Marketing Retail: 0.33%
Netflix Incorporated		5.38			2-1-2021		300,000		321,375


Leisure Products: 0.69%
Scientific Games Company		10.00			12-1-2022		600,000		667,500


Media: 7.31%
Altice US Finance Corporation 144A		5.38			7-15-2023		200,000		209,500
AMC Entertainment Holdings Incorporated		5.88			11-15-2026		300,000		281,625

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


180		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Media (continued)
AMC Networks Incorporated		4.75	%		8-1-2025	$	300,000	$	300,750
AMC Networks Incorporated		5.00			4-1-2024		200,000		206,250
CCO Holdings LLC 144A		5.13			5-1-2027		300,000		309,000
CCO Holdings LLC 144A		5.88			5-1-2027		500,000		532,500
Cequel Communications Holdings LLC 144A		7.75			7-15-2025		300,000		331,125
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		400,000		411,000
Clear Channel Worldwide Holdings Incorporated		7.63			3-15-2020		300,000		298,875
CSC Holdings LLC 144A		5.50			4-15-2027		200,000		209,000
CSC Holdings LLC 144A		10.13			1-15-2023		200,000		231,690
DISH DBS Corporation		5.88			7-15-2022		300,000		323,438
DISH DBS Corporation		5.88			11-15-2024		600,000		647,250
Gray Television Incorporated 144A		5.88			7-15-2026		300,000		309,000
iHeart Communications Incorporated		11.25			3-1-2021		200,000		148,500
Lamar Media Corporation		5.00			5-1-2023		200,000		207,000
Nielsen Finance LLC 144A		5.00			4-15-2022		200,000		207,000
Sinclair Television Group Company 144A		5.13			2-15-2027		200,000		194,000
Sirius XM Radio Incorporated 144A		5.38			7-15-2026		200,000		210,000
Sirius XM Radio Incorporated 144A		6.00			7-15-2024		400,000		432,112
TEGNA Incorporated		6.38			10-15-2023		300,000		318,375
Univision Communications Incorporated 144A		5.13			5-15-2023		400,000		407,000
Viacom Incorporated (3 Month LIBOR +3.90%) ±		6.25			2-28-2057		400,000		401,000

									7,125,990


Multiline Retail: 1.05%
Claire’s Stores Incorporated 144A		9.00			3-15-2019		400,000		208,000
Dollar Tree Incorporated		5.75			3-1-2023		400,000		422,000
JC Penney Corporation Incorporated		5.65			6-1-2020		400,000		395,820

									1,025,820


Specialty Retail: 1.95%
Group 1 Automotive Incorporated		5.00			6-1-2022		100,000		102,250
Guitar Center Incorporated 144A		9.63			4-15-2020		400,000		223,000
L Brands Incorporated		6.88			11-1-2035		400,000		383,000
L Brands Incorporated		7.00			5-1-2020		300,000		329,250
New Albertsons Incorporated		7.45			8-1-2029		400,000		349,120
Penske Auto Group Incorporated		5.75			10-1-2022		300,000		309,000
Sally Holdings LLC / Sally Capital Incorporated		5.63			12-1-2025		200,000		204,252

									1,899,872


Textiles, Apparel & Luxury Goods: 0.22%
HanesBrands Incorporated 144A		4.63			5-15-2024		200,000		208,000


Consumer Staples: 2.74%

Food & Staples Retailing: 0.68%
Albertsons Companies LLC		5.75			3-15-2025		300,000		270,375
Rite Aid Corporation 144A		6.13			4-1-2023		400,000		393,000

									663,375

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			181

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Food Products: 1.36%
B&G Foods Incorporated		5.25	%		4-1-2025	$	300,000	$	309,750
JBS USA Finance Incorporated 144A		7.25			6-1-2021		400,000		409,840
Lamb Weston Holdings Incorporated 144A		4.88			11-1-2026		200,000		207,530
Post Holdings Incorporated 144A		5.00			8-15-2026		400,000		400,000

									1,327,120


Household Products: 0.22%
Spectrum Brands Incorporated		5.75			7-15-2025		200,000		212,750


Personal Products: 0.48%
Avon Products Incorporated		6.60			3-15-2020		300,000		303,840
Revlon Consumer Products Corporation		6.25			8-1-2024		200,000		161,486

									465,326


Energy: 12.68%

Energy Equipment & Services: 1.19%
Diamond Offshore Drilling Incorporated		5.70			10-15-2039		300,000		229,500
EP Energy LLC & Everest Acquisition Finance Incorporated		6.38			6-15-2023		500,000		285,000
Hornbeck Offshore Services Incorporated		5.00			3-1-2021		200,000		92,000
Pacific Drilling SA 144A		5.38			6-1-2020		400,000		148,000
SESI LLC		7.13			12-15-2021		200,000		202,000
Targa Resources Partners Company		5.25			5-1-2023		200,000		204,500

									1,161,000


Oil, Gas & Consumable Fuels: 11.49%
Andeavor Logistics LP		5.25			1-15-2025		200,000		212,000
Andeavor Logistics LP		6.25			10-15-2022		200,000		212,000
Antero Resources Corporation		5.63			6-1-2023		200,000		203,500
Ascent Resources Utica Holdings LLC 144A		10.00			4-1-2022		200,000		203,500
California Resources Corporation 144A		8.00			12-15-2022		500,000		276,250
Calumet Specialty Prod Company Guar		6.50			4-15-2021		200,000		192,000
Carrizo Oil & Gas Incorporated		6.25			4-15-2023		200,000		194,000
Cheniere Corpus Christi Holdings LLC		5.88			3-31-2025		400,000		430,000
Chesapeake Energy Corporation		5.75			3-15-2023		300,000		265,125
Chesapeake Energy Corporation		6.63			8-15-2020		300,000		300,000
Concho Resources Incorporated		4.38			1-15-2025		200,000		208,000
CONSOL Energy Incorporated		8.00			4-1-2023		200,000		211,000
Continental Resources Incorporated		5.00			9-15-2022		400,000		402,000
Crestwood Midstream Partners LP		6.25			4-1-2023		200,000		206,500
DCP Midstream Operating LLC (3 Month LIBOR +3.85%) 144A±		5.85			5-21-2043		600,000		556,500
Denbury Resources Incorporated 144A		9.00			5-15-2021		400,000		358,000
Energy Transfer Equity LP		5.88			1-15-2024		200,000		215,500
Genesis Energy LP		6.75			8-1-2022		400,000		405,000
Gulfport Energy Corporation 144A		6.00			10-15-2024		300,000		294,000
Laredo Petroleum Incorporated		5.63			1-15-2022		400,000		398,500
Murray Energy Corporation 144A		11.25			4-15-2021		500,000		288,125
Newfield Exploration Company		5.75			1-30-2022		200,000		211,000
NGL Energy Partners LP		6.13			3-1-2025		200,000		178,000
Oasis Petroleum Incorporated		6.88			3-15-2022		200,000		195,000
Parsley Energy LLC 144A		5.38			1-15-2025		300,000		301,500

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


182		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
PBF Holding Company LLC		7.00	%		11-15-2023	$	200,000	$	200,500
QEP Resources Incorporated		5.25			5-1-2023		400,000		380,000
Range Resources Corporation		4.88			5-15-2025		500,000		478,750
Rice Energy Incorporated		6.25			5-1-2022		200,000		208,000
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		300,000		327,750
Rowan Companies Incorporated		4.88			6-1-2022		300,000		272,250
Sanchez Energy Corporation		7.75			6-15-2021		300,000		259,500
SM Energy Corporation		5.63			6-1-2025		300,000		271,500
Southwestern Energy Company		4.10			3-15-2022		200,000		184,500
Sunoco LP / Sunoco Finance Corporation		6.38			4-1-2023		200,000		210,750
Ultra Resources Incorporated 144A		6.88			4-15-2022		300,000		295,125
Whiting Petroleum Corporation		5.00			3-15-2019		300,000		297,000
Whiting Petroleum Corporation		5.75			3-15-2021		200,000		188,000
Williams Companies Incorporated		3.70			1-15-2023		500,000		496,250
WPX Energy Incorporated		6.00			1-15-2022		200,000		206,250

									11,193,125


Financials: 6.62%

Capital Markets: 0.91%
Blue Cube Spinco Incorporated		10.00			10-15-2025		300,000		369,750
Jefferies Finance LLC 144A		7.50			4-15-2021		300,000		309,000
MSCI Incorporated 144A		5.25			11-15-2024		200,000		213,000

									891,750


Consumer Finance: 2.36%
Ally Financial Incorporated		3.50			1-27-2019		400,000		405,000
Ally Financial Incorporated		8.00			3-15-2020		300,000		339,750
NAVIENT Corporation		4.88			6-17-2019		600,000		620,250
Navient Corporation		5.00			10-26-2020		600,000		615,750
Springleaf Finance Corporation		6.00			6-1-2020		300,000		316,500

									2,297,250


Diversified Financial Services: 1.92%
Argos Merger Incorporated 144A		7.13			3-15-2023		600,000		489,000
CNH Industrial Capital LLC		3.38			7-15-2019		400,000		405,500
GLP Capital LP/GLP Financing II Incorporated		5.38			4-15-2026		200,000		217,000
Prime Services Company 144A		9.25			5-15-2023		300,000		331,500
Transocean Incorporated 144A		9.00			7-15-2023		400,000		426,000

									1,869,000


Insurance: 0.68%
Alliant Holdings International LLC 144A		8.25			8-1-2023		200,000		210,000
Genworth Holdings Incorporated		6.50			6-15-2034		300,000		249,000
Hub International Limited 144A		7.88			10-1-2021		200,000		207,940

									666,940

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			183

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Real Estate Management & Development: 0.32%
Realogy Group LLC 144A		4.50	%		4-15-2019	$	300,000	$	309,000


Thrifts & Mortgage Finance: 0.43%
Quicken Loans Incorporated 144A		5.75			5-1-2025		400,000		419,000


Health Care: 6.76%

Health Care Equipment & Supplies: 0.60%
Crimson Incorporated 144A		6.63			5-15-2022		300,000		294,000
DJO Finco Incorporated 144A		8.13			6-15-2021		200,000		190,060
Hologic Incorporated 144A		5.25			7-15-2022		100,000		105,280

									589,340


Health Care Providers & Services: 5.52%
Centene Corporation		6.13			2-15-2024		400,000		430,500
Community Health Systems Incorporated		6.25			3-31-2023		800,000		806,000
DaVita HealthCare Partners Incorporated		5.00			5-1-2025		300,000		304,140
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		300,000		306,188
Envision Healthcare Corporation		5.63			7-15-2022		400,000		416,000
HCA Incorporated		3.75			3-15-2019		300,000		305,250
HCA Incorporated		7.50			2-15-2022		500,000		576,250
HealthSouth Corporation		5.75			11-1-2024		400,000		412,000
Jaguar Holding Company II / Pharmaceutical Product Development LLC 144A		6.38			8-1-2023		200,000		210,500
Kindred Healthcare Incorporated		6.38			4-15-2022		300,000		273,000
Lifepoint Health Incorporated		5.38			5-1-2024		200,000		207,000
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		300,000		321,750
MPT Operating Partnership LP		6.38			3-1-2024		100,000		108,625
Tenet Healthcare Corporation 144A		4.63			7-15-2024		700,000		699,860

									5,377,063


Health Care Technology: 0.21%
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		200,000		208,000


Pharmaceuticals: 0.43%
Endo Finance LLC 144A		5.38			1-15-2023		500,000		418,750


Industrials: 6.38%

Aerospace & Defense: 1.86%
Alcoa Incorporated		6.75			1-15-2028		700,000		798,000
KLX Incorporated 144A		5.88			12-1-2022		200,000		209,750
TransDigm Group Incorporated		5.50			10-15-2020		300,000		304,590
TransDigm Incorporated		6.00			7-15-2022		300,000		310,500
Triumph Group Incorporated		5.25			6-1-2022		200,000		192,120

									1,814,960


Air Freight & Logistics: 0.21%
XPO Logistics Incorporated 144A		6.13			9-1-2023		200,000		208,750


Building Products: 0.22%
Standard Industries Incorporated 144A		5.50			2-15-2023		200,000		210,750

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


184		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Commercial Services & Supplies: 1.06%
ADT Corporation		3.50	%		7-15-2022	$	200,000	$	199,360
Aramark Services Incorporated		4.75			6-1-2026		300,000		314,340
BWAY Holding Company 144A		7.25			4-15-2025		300,000		306,375
Reynolds Group Issuer Incorporated 144A		7.00			7-15-2024		200,000		214,250

									1,034,325


Construction & Engineering: 0.88%
AECOM		5.88			10-15-2024		300,000		328,125
United Rentals North America Incorporated		5.50			7-15-2025		500,000		535,000

									863,125


Electrical Equipment: 0.23%
Vertiv Group Corporation 144A		9.25			10-15-2024		200,000		222,500


Machinery: 0.55%
BlueLine Rental Finance Corporation 144A		9.25			3-15-2024		300,000		327,570
Gates Global LLC 144A		6.00			7-15-2022		200,000		204,960

									532,530


Road & Rail: 0.40%
Avis Budget Car Rental LLC 144A		5.13			6-1-2022		200,000		200,500
The Hertz Corporation		6.25			10-15-2022		200,000		186,000

									386,500


Trading Companies & Distributors: 0.97%
Aircastle Limited		4.63			12-15-2018		300,000		308,625
Ashtead Capital Incorporated 144A		4.38			8-15-2027		200,000		204,500
HD Supply Incorporated 144A		5.75			4-15-2024		300,000		321,750
Herc Rentals Incorporated 144A		7.50			6-1-2022		100,000		109,500

									944,375


Information Technology: 5.23%

Communications Equipment: 0.51%
CommScope Technologies Finance LLC 144A		5.00			3-15-2027		500,000		498,275


Electronic Equipment, Instruments & Components: 0.21%
CDW LLC / CDW Finance Corporation		5.00			9-1-2023		200,000		208,250


Internet Software & Services: 1.29%
Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13			5-1-2021		400,000		408,000
Rackspace Hosting Company 144A		8.63			11-15-2024		300,000		318,375
Verisign Incorporated		5.25			4-1-2025		300,000		321,000
Zayo Group LLC		6.00			4-1-2023		200,000		211,690

									1,259,065


IT Services: 0.79%
Conduent Business Services LLC 144A		10.50			12-15-2024		200,000		236,000
First Data Corporation 144A		7.00			12-1-2023		500,000		538,750

									774,750

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			185

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Semiconductors & Semiconductor Equipment: 0.33%
Micron Technology Incorporated		5.50	%		2-1-2025	$	300,000	$	316,860


Software: 1.00%
BMC Software Finance Incorporated 144A		8.13			7-15-2021		200,000		206,500
Solera LLC / Solera Finance Incorporated 144A		10.50			3-1-2024		300,000		341,625
Symantec Corporation 144A		5.00			4-15-2025		200,000		209,440
Veritas US Incorporated / Veritas Bermuda Limited 144A		10.50			2-1-2024		200,000		214,500

									972,065


Technology Hardware, Storage & Peripherals: 1.10%
Diamond 1 Finance Corporation 144A		5.88			6-15-2021		200,000		209,690
EMC Corporation		3.38			6-1-2023		300,000		289,647
NCR Corporation		6.38			12-15-2023		200,000		213,900
Western Digital Corporation		10.50			4-1-2024		300,000		355,875

									1,069,112


Materials: 5.66%

Chemicals: 1.88%
CF Industries Incorporated		7.13			5-1-2020		300,000		330,750
Chemours Company		6.63			5-15-2023		200,000		212,250
Hexion Incorporated		6.63			4-15-2020		400,000		364,000
Platform Specialty Products 144A		6.50			2-1-2022		300,000		311,250
Signode Industrial Group LLC 144A		6.38			5-1-2022		300,000		309,750
Tronox Finance LLC		6.38			8-15-2020		300,000		304,875

									1,832,875


Construction Materials: 0.21%
Summit Materials LLC		6.13			7-15-2023		200,000		209,500


Containers & Packaging: 1.87%
Ball Corporation		5.25			7-1-2025		200,000		218,000
Berry Plastics Corporation		6.00			10-15-2022		300,000		317,625
BWAY Holding Company 144A		5.50			4-15-2024		300,000		313,125
Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		200,000		219,500
Reynolds Group Issuer Incorporated 144A		5.13			7-15-2023		300,000		312,657
Sealed Air Corporation 144A		5.25			4-1-2023		200,000		214,000
Sealed Air Corporation 144A		6.50			12-1-2020		200,000		223,120

									1,818,027


Metals & Mining: 1.70%
Aleris International Incorporated		7.88			11-1-2020		300,000		295,815
Freeport Mcmoran Incorporated		6.50			11-15-2020		500,000		511,250
Freeport-McMoRan Copper & Gold Incorporated		5.40			11-14-2034		200,000		192,500
Joseph T Ryerson & Son Incorporated 144A		11.00			5-15-2022		200,000		226,250
Steel Dynamics Incorporated		5.25			4-15-2023		200,000		207,000
United States Steel Corporation 144A		8.38			7-1-2021		200,000		221,000

									1,653,815

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


186		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Real Estate: 1.90%

Equity REITs: 1.36%
Equinix Incorporated		5.38	%		4-1-2023	$	300,000	$	312,750
Iron Mountain Incorporated		5.75			8-15-2024		300,000		306,015
MGM Growth Properties Operating Partnership LP		4.50			9-1-2026		300,000		305,250
SBA Communications Corporation		4.88			7-15-2022		200,000		207,000
Uniti Group Incorporated / CSL Capital LLC		8.25			10-15-2023		200,000		195,420

									1,326,435


Real Estate Management & Development: 0.54%
Icahn Enterprises Company		6.75			2-1-2024		500,000		526,400


Telecommunication Services: 3.93%

Diversified Telecommunication Services: 2.36%
CenturyLink Incorporated		7.60			9-15-2039		300,000		264,750
Centurylink Incorporated		5.63			4-1-2025		300,000		285,375
Embarq Corporation		8.00			6-1-2036		200,000		203,000
Frontier Communications Corporation		8.75			4-15-2022		300,000		254,250
Hughes Satellite Systems Company		7.63			6-15-2021		300,000		341,625
Level 3 Financing Incorporated		5.38			1-15-2024		400,000		408,880
Level 3 Financing Incorporated		5.63			2-1-2023		300,000		309,000
Windstream Services LLC		7.50			6-1-2022		300,000		234,000

									2,300,880


Wireless Telecommunication Services: 1.57%
Sprint Corporation		6.90			5-1-2019		200,000		214,020
Sprint Corporation		7.25			9-15-2021		200,000		220,500
Sprint Corporation		7.88			9-15-2023		400,000		457,052
T-Mobile USA Incorporated		5.38			4-15-2027		400,000		429,120
T-Mobile USA Incorporated		6.50			1-15-2024		200,000		213,500

									1,534,192


Utilities: 3.00%

Electric Utilities: 0.45%
Talen Energy Supply LLC Company		6.50			6-1-2025		600,000		438,000


Gas Utilities: 0.80%
AmeriGas Partners LP / AmeriGas Finance Corporation		5.50			5-20-2025		300,000		303,750
Ferrellgas LP		6.75			6-15-2023		500,000		473,750

									777,500


Independent Power & Renewable Electricity Producers: 1.75%
AES Corporation		8.00			6-1-2020		65,000		74,263
Calpine Corporation 144A		6.00			1-15-2022		300,000		309,375
Dynergy Incorporated		5.88			6-1-2023		500,000		496,250
NRG Energy Incorporated		6.63			3-15-2023		200,000		207,000
TerraForm Power Operating LLC 144A		6.38			2-1-2023		200,000		207,000
The AES Corporation		5.50			3-15-2024		400,000		415,000

									1,708,888


Total Corporate Bonds and Notes (Cost $72,798,510)									72,134,153

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			187

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Corporate Bonds and Notes: 18.46%

Consumer Discretionary: 3.67%

Auto Components: 0.31%
IHO Verwaltungs GmbH 144A		4.50	%		9-15-2023	$	300,000	$	305,250


Automobiles: 1.18%
Fiat Chrysler Automobiles NV		5.25			4-15-2023		600,000		639,000
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		500,000		507,500

									1,146,500


Household Durables: 0.32%
Brookfield Residential Properties Incorporated 144A		6.13			7-1-2022		300,000		312,750


Media: 1.86%
Altice SA 144A		7.63			2-15-2025		200,000		216,440
Societe Francaise du Radiotelephone Group SA 144A		6.25			5-15-2024		800,000		843,000
Unitymedia GmbH 144A		6.13			1-15-2025		300,000		320,985
Videotron Limited		5.00			7-15-2022		400,000		428,000

									1,808,425


Consumer Staples: 0.32%

Food & Staples Retailing: 0.32%
Tesco Place 144A		6.15			11-15-2037		300,000		314,661


Energy: 2.76%

Energy Equipment & Services: 0.86%
Alcoa Nederland Holding Company BV 144A		7.00			9-30-2026		300,000		335,250
Ensco plc		4.70			3-15-2021		200,000		190,000
Noble Holding International Limited		8.70			4-1-2045		200,000		142,980
Precision Drilling Corporation		5.25			11-15-2024		200,000		176,500

									844,730


Oil, Gas & Consumable Fuels: 1.90%
MEG Energy Corporation 144A		6.50			1-15-2025		300,000		278,625
Navios Maritime Acquisition Corporation 144A		8.13			11-15-2021		300,000		249,000
Seven Generations Energy Company 144A		6.88			6-30-2023		400,000		416,000
Tullow Oil plc 144A		6.25			4-15-2022		400,000		376,000
Weatherford International Limited		5.13			9-15-2020		200,000		193,000
Weatherford International Limited		7.00			3-15-2038		400,000		338,000

									1,850,625


Financials: 1.75%

Banks: 0.76%
Intesa Sanpaolo SpA 144A		5.02			6-26-2024		400,000		409,397
Royal Bank of Scotland Group plc		6.00			12-19-2023		300,000		332,444

									741,841


Diversified Financial Services: 0.99%
Algeco Scotsman Global Finance plc 144A		10.75			10-15-2019		300,000		249,750
Anglo American Capital plc 144A		4.45			9-27-2020		300,000		314,250

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


188		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Diversified Financial Services (continued)
Deutsche Bank AG (5 Year USD Swap Rate +2.25%) ±		4.30	%		5-24-2028	$	200,000	$	200,235
New Red Finance Incorporated 144A		4.63			1-15-2022		200,000		204,440

									968,675


Health Care: 1.18%

Pharmaceuticals: 1.18%
Concordia International 144A		9.00			4-1-2022		400,000		288,000
Mallinckrodt plc 144A		4.88			4-15-2020		300,000		297,750
Valeant Pharmaceuticals International Incorporated 144A		5.63			12-1-2021		400,000		367,000
Valeant Pharmaceuticals International Incorporated 144A		7.50			7-15-2021		200,000		196,250

									1,149,000


Industrials: 1.44%

Aerospace & Defense: 0.56%
Bombardier Incorporated 144A		6.13			1-15-2023		200,000		205,188
Bombardier Incorporated 144A		8.75			12-1-2021		300,000		340,779

									545,967


Commercial Services & Supplies: 0.21%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		200,000		208,000


Electrical Equipment: 0.34%
Sensata Technologies BV 144A		5.63			11-1-2024		300,000		327,000


Professional Services: 0.33%
IHS Markit Limited 144A		4.75			2-15-2025		300,000		319,500


Information Technology: 1.11%

Communications Equipment: 0.45%
Nokia Corporation		5.38			5-15-2019		200,000		211,060
Nokia Corporation		6.63			5-15-2039		200,000		230,000

									441,060


Semiconductors & Semiconductor Equipment: 0.44%
NXP BV / NXP Funding LLC 144A		4.63			6-15-2022		400,000		427,000


Software: 0.22%
Open Text Corporation 144A		5.63			1-15-2023		200,000		210,750


Materials: 2.64%

Containers & Packaging: 0.23%
Ardagh Packaging Finance plc 144A		7.25			5-15-2024		200,000		220,620


Metals & Mining: 2.41%
Anglo American Capital plc 144A		4.75			4-10-2027		300,000		315,000
ArcelorMittal SA		5.75			8-5-2020		200,000		216,000
ArcelorMittal SA		7.25			3-1-2041		400,000		463,120
Constellium NV 144A		8.00			1-15-2023		300,000		319,500

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			189

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Metals & Mining (continued)
FMG Resources August 2006 Property Limited 144A		4.75	%		5-15-2022	$	200,000	$	206,500
Novelis Corporation 144A		6.25			8-15-2024		300,000		316,875
Teck Resources Limited		4.75			1-15-2022		300,000		314,640
Teck Resources Limited		5.40			2-1-2043		200,000		199,500

									2,351,135


Telecommunication Services: 3.34%

Diversified Telecommunication Services: 2.37%
Intelsat Jackson Holdings SA		7.25			10-15-2020		400,000		380,750
Telecom Italia Capital SA		7.18			6-18-2019		100,000		108,370
Telecom Italia Capital SA		7.72			6-4-2038		300,000		385,440
Virgin Media Finance plc 144A		6.00			10-15-2024		400,000		419,000
Wind Acquisition Finance SA 144A		4.75			7-15-2020		600,000		607,500
Ziggo Bond Finance BV 144A		5.88			1-15-2025		400,000		414,500

									2,315,560


Wireless Telecommunication Services: 0.97%
Altice Financing SA 144A		6.63			2-15-2023		100,000		105,750
Inmarsat Finance plc 144A		4.88			5-15-2022		200,000		203,500
Millicom International Cellular SA 144A		6.00			3-15-2025		400,000		425,511
SoftBank Group Corporation 144A		4.50			4-15-2020		200,000		206,750

									941,511


Utilities: 0.25%

Electric Utilities: 0.25%
Enel SpA (5 Year USD Swap Rate +5.88%) 144A±		8.75			9-24-2073		200,000		241,750


Total Yankee Corporate Bonds and Notes (Cost $17,974,404)									17,992,310


	Yield					Shares
Short-Term Investments: 4.30%

Investment Companies: 4.30%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.92					4,196,265		4,196,265


Total Short-Term Investments (Cost $4,196,265)									4,196,265


Total investments in securities (Cost $94,969,179)	96.77	%		94,322,728
Other assets and liabilities, net	3.23			3,144,498

Total net assets	100.00	%	$	97,467,226

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.

¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

(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.

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


190		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 4.30%
Wells Fargo Government Money Market Fund Select Class		0		110,727,911		106,531,646		4,196,265	$	0	$	0	$	8,405	$	4,196,265

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			191

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 75.90%

Consumer Discretionary: 7.64%

Auto Components: 0.05%
Lear Corporation		5.25	%		1-15-2025	$	297,000	$	318,306


Automobiles: 0.37%
American Honda Finance Corporation		1.65			7-12-2021		1,300,000		1,280,971
General Motors Company		6.25			10-2-2043		175,000		195,577
General Motors Company		6.60			4-1-2036		350,000		409,893
Toyota Motor Credit Corporation		2.63			1-10-2023		310,000		315,081

									2,201,522


Diversified Consumer Services: 0.04%
President & Fellows of Harvard College		4.88			10-15-2040		210,000		264,997


Hotels, Restaurants & Leisure: 0.65%
Marriott International Incorporated		3.00			3-1-2019		140,000		141,743
Marriott International Incorporated		3.38			10-15-2020		117,000		120,843
Marriott International Incorporated		3.75			3-15-2025		500,000		521,947
McDonald’s Corporation		2.63			1-15-2022		250,000		253,810
McDonald’s Corporation		3.25			6-10-2024		350,000		364,533
McDonald’s Corporation		3.38			5-26-2025		245,000		253,716
McDonald’s Corporation		3.50			7-15-2020		140,000		146,140
McDonald’s Corporation		3.63			5-20-2021		70,000		73,642
McDonald’s Corporation		3.70			2-15-2042		350,000		333,808
McDonald’s Corporation		6.30			10-15-2037		210,000		279,101
McDonald’s Corporation		6.30			3-1-2038		420,000		556,429
McDonald’s Corporation		4.60			5-26-2045		175,000		191,621
Starbucks Corporation		2.00			12-5-2018		175,000		176,048
Starbucks Corporation		4.30			6-15-2045		105,000		116,270
Wyndham Worldwide Corporation		4.25			3-1-2022		350,000		354,149

									3,883,800


Household Durables: 0.44%
D.R. Horton Incorporated		3.75			3-1-2019		182,000		185,907
D.R. Horton Incorporated		4.00			2-15-2020		231,000		240,402
Newell Brands Incorporated		3.15			4-1-2021		525,000		539,979
Newell Brands Incorporated		4.20			4-1-2026		525,000		559,710
Newell Brands Incorporated		5.50			4-1-2046		225,000		269,277
Newell Rubbermaid Incorporated		2.88			12-1-2019		140,000		142,571
Newell Rubbermaid Incorporated		4.70			8-15-2020		350,000		375,269
Whirlpool Corporation		4.00			3-1-2024		87,000		92,766
Whirlpool Corporation		4.70			6-1-2022		140,000		153,691
Whirlpool Corporation		4.85			6-15-2021		70,000		76,380

									2,635,952


Internet & Direct Marketing Retail: 0.59%
Amazon.com Incorporated		2.50			11-29-2022		620,000		627,535
Amazon.com Incorporated		2.60			12-5-2019		280,000		285,457
Amazon.com Incorporated		4.80			12-5-2034		850,000		974,980

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


192		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Internet & Direct Marketing Retail (continued)
Amazon.com Incorporated		4.95	%		12-5-2044	$	200,000	$	233,267
Expedia Incorporated		4.50			8-15-2024		70,000		74,914
Expedia Incorporated		5.95			8-15-2020		420,000		459,330
QVC Incorporated		4.38			3-15-2023		210,000		217,409
QVC Incorporated		4.45			2-15-2025		350,000		355,498
QVC Incorporated		5.13			7-2-2022		140,000		150,177
QVC Incorporated		5.45			8-15-2034		175,000		172,716

									3,551,283


Leisure Products: 0.09%
Hasbro Incorporated		6.35			3-15-2040		108,000		135,305
Unilever Capital Corporation		3.10			7-30-2025		390,000		398,569

									533,874


Media: 3.24%
21st Century Fox America Incorporated		3.00			9-15-2022		262,000		267,827
21st Century Fox America Incorporated		4.50			2-15-2021		350,000		376,226
21st Century Fox America Incorporated		4.75			9-15-2044		350,000		376,199
21st Century Fox America Incorporated		6.65			11-15-2037		325,000		431,865
21st Century Fox America Incorporated		8.15			10-17-2036		175,000		260,623
CBS Corporation		3.70			8-15-2024		350,000		362,441
CBS Corporation		4.85			7-1-2042		140,000		146,873
CBS Corporation		4.90			8-15-2044		350,000		375,186
CBS Corporation		5.75			4-15-2020		320,000		349,400
CBS Corporation		7.88			7-30-2030		420,000		584,637
Charter Communications Operating LLC		4.46			7-23-2022		1,500,000		1,587,428
Charter Communications Operating LLC		6.38			10-23-2035		170,000		194,501
Comcast Corporation		2.35			1-15-2027		210,000		197,649
Comcast Corporation		3.13			7-15-2022		350,000		364,482
Comcast Corporation		4.40			8-15-2035		210,000		226,657
Comcast Corporation		4.65			7-15-2042		384,000		418,183
Comcast Corporation		4.75			3-1-2044		262,000		289,114
Comcast Corporation		5.15			3-1-2020		350,000		378,756
Comcast Corporation		6.95			8-15-2037		280,000		389,236
Discovery Communications LLC		3.30			5-15-2022		175,000		177,518
Discovery Communications LLC		4.38			6-15-2021		210,000		222,026
Discovery Communications LLC		4.95			5-15-2042		175,000		170,726
Discovery Communications LLC		5.63			8-15-2019		108,000		114,905
Discovery Communications LLC		6.35			6-1-2040		175,000		201,166
Omnicom Group Incorporated		3.63			5-1-2022		175,000		183,313
Omnicom Group Incorporated		6.25			7-15-2019		455,000		490,558
TCI Communications Incorporated		7.13			2-15-2028		245,000		325,302
Thomson Reuters Corporation		4.30			11-23-2023		210,000		225,329
Thomson Reuters Corporation		4.70			10-15-2019		297,000		312,806
Thomson Reuters Corporation		5.65			11-23-2043		140,000		168,855
Thomson Reuters Corporation		5.85			4-15-2040		94,000		111,661
Time Warner Cable Incorporated		4.00			1-15-2022		210,000		222,102
Time Warner Cable Incorporated		4.13			2-15-2021		350,000		364,962
Time Warner Cable Incorporated		4.50			9-15-2042		220,000		203,144

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			193

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Media (continued)
Time Warner Cable Incorporated		4.65	%		6-1-2044	$	525,000	$	515,118
Time Warner Cable Incorporated		4.70			1-15-2021		175,000		188,475
Time Warner Cable Incorporated		5.50			9-1-2041		210,000		215,110
Time Warner Cable Incorporated		6.55			5-1-2037		300,000		346,790
Time Warner Cable Incorporated		6.63			5-15-2029		280,000		350,330
Time Warner Cable Incorporated		6.75			6-15-2039		350,000		411,741
Time Warner Cable Incorporated		7.30			7-1-2038		385,000		474,616
Time Warner Cable Incorporated		7.63			4-15-2031		200,000		275,062
Time Warner Cable Incorporated		8.38			3-15-2023		175,000		219,568
Time Warner Entertainment Company LP		8.38			7-15-2033		210,000		282,081
Time Warner Incorporated		3.40			6-15-2022		70,000		72,424
Time Warner Incorporated		4.75			3-29-2021		350,000		378,354
Time Warner Incorporated		4.90			6-15-2042		36,000		36,700
Time Warner Incorporated		6.50			11-15-2036		176,000		214,177
Viacom Incorporated		3.25			3-15-2023		140,000		139,187
Viacom Incorporated		4.25			9-1-2023		180,000		186,517
Viacom Incorporated		4.38			3-15-2043		386,000		331,446
Viacom Incorporated		4.50			3-1-2021		350,000		370,124
Viacom Incorporated		5.25			4-1-2044		350,000		338,251
Viacom Incorporated		5.50			5-15-2033		140,000		154,212
Viacom Incorporated		5.63			9-15-2019		105,000		112,035
Viacom Incorporated		5.85			9-1-2043		87,000		89,532
Viacom Incorporated		6.88			4-30-2036		238,000		267,918
Walt Disney Company		2.55			2-15-2022		175,000		178,003
Walt Disney Company		2.75			8-16-2021		350,000		359,425
Walt Disney Company		3.00			2-13-2026		350,000		355,468
Walt Disney Company		4.13			12-1-2041		175,000		184,918
Walt Disney Company		4.13			6-1-2044		245,000		259,890
Walt Disney Company		4.38			8-16-2041		545,000		591,473
Walt Disney Company		5.50			3-15-2019		350,000		370,597
Walt Disney Company		7.00			3-1-2032		52,000		72,888

									19,414,086


Multiline Retail: 0.76%
Dollar General Corporation		3.25			4-15-2023		245,000		251,533
Kohl’s Corporation		3.25			2-1-2023		105,000		102,962
Kohl’s Corporation		4.75			12-15-2023		210,000		219,643
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		140,000		140,917
Macy’s Retail Holdings Incorporated		4.38			9-1-2023		210,000		211,540
Macy’s Retail Holdings Incorporated		6.70			7-15-2034		350,000		375,713
Macy’s Retail Holdings Incorporated		6.90			4-1-2029		350,000		380,704
Nordstrom Incorporated		4.00			10-15-2021		175,000		181,260
Nordstrom Incorporated		4.75			5-1-2020		94,000		98,698
Nordstrom Incorporated		5.00			1-15-2044		70,000		68,991
Target Corporation		2.50			4-15-2026		1,880,000		1,804,643
Target Corporation		2.90			1-15-2022		175,000		181,011
Target Corporation		3.63			4-15-2046		210,000		197,251
Target Corporation		6.35			11-1-2032		210,000		275,752
Target Corporation		7.00			1-15-2038		37,000		52,584

									4,543,202

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


194		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Specialty Retail: 1.33%
Advance Auto Parts Incorporated		4.50	%		1-15-2022	$	70,000	$	74,264
Advance Auto Parts Incorporated		4.50			12-1-2023		175,000		185,691
AutoZone Incorporated		2.88			1-15-2023		175,000		175,864
AutoZone Incorporated		3.13			7-15-2023		105,000		106,425
AutoZone Incorporated		4.00			11-15-2020		140,000		147,038
Bed Bath & Beyond Incorporated		4.92			8-1-2034		175,000		165,918
Bed Bath & Beyond Incorporated		5.17			8-1-2044		245,000		220,100
Home Depot Incorporated		2.70			4-1-2023		262,000		267,122
Home Depot Incorporated		3.50			9-15-2056		260,000		240,827
Home Depot Incorporated		3.75			2-15-2024		350,000		375,102
Home Depot Incorporated		3.95			9-15-2020		280,000		297,558
Home Depot Incorporated		4.20			4-1-2043		280,000		297,099
Home Depot Incorporated		4.40			4-1-2021		350,000		378,385
Home Depot Incorporated		5.40			9-15-2040		140,000		174,107
Home Depot Incorporated		5.95			4-1-2041		350,000		465,922
Lowe’s Companies Incorporated		2.50			4-15-2026		350,000		337,667
Lowe’s Companies Incorporated		3.12			4-15-2022		140,000		145,824
Lowe’s Companies Incorporated		3.75			4-15-2021		105,000		111,237
Lowe’s Companies Incorporated		3.88			9-15-2023		175,000		188,397
Lowe’s Companies Incorporated		4.25			9-15-2044		175,000		185,414
Lowe’s Companies Incorporated		4.38			9-15-2045		400,000		427,125
Lowe’s Companies Incorporated		4.63			4-15-2020		640,000		678,361
Lowe’s Companies Incorporated		4.65			4-15-2042		350,000		388,687
O’Reilly Automotive Incorporated		3.80			9-1-2022		105,000		110,546
O’Reilly Automotive Incorporated		4.88			1-14-2021		31,000		33,413
O’Reilly Automotive Incorporated		4.63			9-15-2021		105,000		113,325
TJX Companies Incorporated		2.75			6-15-2021		350,000		359,133
Unilever Capital Corporation		2.00			7-28-2026		1,400,000		1,306,748

									7,957,299


Textiles, Apparel & Luxury Goods: 0.08%
Nike Incorporated		2.25			5-1-2023		70,000		70,176
Nike Incorporated		3.63			5-1-2043		70,000		69,899
Nike Incorporated		3.88			11-1-2045		350,000		361,674

									501,749


Consumer Staples: 6.87%

Beverages: 1.84%
Anheuser-Busch InBev Finance Company		3.30			2-1-2023		525,000		544,612
Anheuser-Busch InBev Finance Company		4.00			1-17-2043		210,000		210,986
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		245,000		269,120
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		500,000		504,622
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		252,000		244,768
Anheuser-Busch InBev Worldwide Incorporated		6.88			11-15-2019		350,000		387,391
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-2019		350,000		377,913
Coca Cola Company		1.38			5-30-2019		210,000		209,722
Coca-Cola Company		2.45			11-1-2020		700,000		714,629
Coca-Cola Company		2.50			4-1-2023		245,000		248,368
Coca-Cola Company		2.88			10-27-2025		700,000		712,078

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			195

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Beverages (continued)
Coca-Cola Company		3.20	%		11-1-2023	$	280,000	$	293,112
Coca-Cola Company		3.30			9-1-2021		49,000		51,642
Constellation Brands Incorporated		3.75			5-1-2021		98,000		102,562
Constellation Brands Incorporated		3.88			11-15-2019		77,000		80,004
Constellation Brands Incorporated		4.25			5-1-2023		360,000		388,168
Constellation Brands Incorporated		6.00			5-1-2022		115,000		132,322
Diageo Investment Corporation		4.25			5-11-2042		175,000		190,321
Diageo Investment Corporation		7.45			4-15-2035		105,000		155,336
Molson Coors Brewing Company		2.10			7-15-2021		260,000		257,190
Molson Coors Brewing Company		4.20			7-15-2046		2,000,000		1,998,521
Molson Coors Brewing Company		5.00			5-1-2042		350,000		386,736
Pepsi Bottling Group Incorporated		7.00			3-1-2029		420,000		577,957
PepsiCo Incorporated		2.25			1-7-2019		245,000		247,307
PepsiCo Incorporated		2.75			3-5-2022		259,000		267,742
PepsiCo Incorporated		3.00			8-25-2021		175,000		182,286
PepsiCo Incorporated		3.60			8-13-2042		285,000		283,273
PepsiCo Incorporated		4.00			3-5-2042		175,000		184,320
PepsiCo Incorporated		4.25			10-22-2044		140,000		151,507
PepsiCo Incorporated		4.50			1-15-2020		140,000		149,432
PepsiCo Incorporated		4.88			11-1-2040		227,000		265,827
PepsiCo Incorporated		5.50			1-15-2040		210,000		266,157

									11,035,931


Food & Staples Retailing: 1.84%
Costco Wholesale Corporation		1.70			12-15-2019		350,000		350,280
CVS Caremark Corporation		2.25			12-5-2018		195,000		196,262
CVS Caremark Corporation		2.75			12-1-2022		350,000		354,352
CVS Caremark Corporation		5.30			12-5-2043		210,000		246,433
CVS Health Corporation		2.13			6-1-2021		260,000		259,136
CVS Health Corporation		2.80			7-20-2020		400,000		408,593
CVS Health Corporation		3.88			7-20-2025		525,000		551,426
CVS Health Corporation		5.13			7-20-2045		700,000		806,757
Sysco Corporation		3.30			7-15-2026		700,000		708,244
The Kroger Company		2.30			1-15-2019		140,000		140,728
The Kroger Company		3.30			1-15-2021		350,000		360,279
The Kroger Company		3.40			4-15-2022		175,000		180,473
The Kroger Company		3.85			8-1-2023		175,000		183,453
The Kroger Company		5.00			4-15-2042		175,000		181,152
The Kroger Company		5.15			8-1-2043		105,000		112,005
The Kroger Company		6.90			4-15-2038		210,000		266,039
The Kroger Company		7.50			4-1-2031		342,000		461,114
Wal-Mart Stores Incorporated		3.63			7-8-2020		270,000		285,049
Wal-Mart Stores Incorporated		4.00			4-11-2043		280,000		297,638
Wal-Mart Stores Incorporated		4.25			4-15-2021		350,000		379,935
Wal-Mart Stores Incorporated		4.30			4-22-2044		350,000		391,935
Wal-Mart Stores Incorporated		4.88			7-8-2040		175,000		208,288
Wal-Mart Stores Incorporated		5.63			4-1-2040		180,000		232,479
Wal-Mart Stores Incorporated		5.63			4-15-2041		350,000		455,527
Wal-Mart Stores Incorporated		5.88			4-5-2027		70,000		88,311
Wal-Mart Stores Incorporated		7.55			2-15-2030		350,000		514,132

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


196		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Food & Staples Retailing (continued)
Walgreen Company		3.10	%		9-15-2022	$	700,000	$	717,748
Walgreen Company		4.40			9-15-2042		350,000		355,831
Walgreens Boots Alliance Incorporated		2.70			11-18-2019		210,000		213,543
Walgreens Boots Alliance Incorporated		3.45			6-1-2026		525,000		526,443
Walgreens Boots Alliance Incorporated		4.80			11-18-2044		540,000		584,090

									11,017,675


Food Products: 1.41%
Archer-Daniels-Midland Company		4.54			3-26-2042		175,000		198,075
Archer-Daniels-Midland Company		4.70			3-1-2021		374,000		402,505
Bunge Limited Finance Corporation		8.50			6-15-2019		350,000		388,886
Campbell Soup Company		2.50			8-2-2022		85,000		85,759
Campbell Soup Company		4.50			2-15-2019		199,000		206,625
ConAgra Foods Incorporated		8.25			9-15-2030		84,000		119,178
General Mills Incorporated		3.65			2-15-2024		175,000		183,991
General Mills Incorporated		5.40			6-15-2040		241,000		284,804
Hershey Company		4.13			12-1-2020		350,000		374,510
J.M. Smucker Company		3.50			10-15-2021		210,000		220,023
Kellogg Company		4.00			12-15-2020		155,000		164,667
Kellogg Company		4.15			11-15-2019		210,000		220,311
Kraft Foods Group Incorporated		3.50			6-6-2022		700,000		727,179
Kraft Foods Group Incorporated		6.50			2-9-2040		350,000		436,002
Kraft Heinz Foods Company		2.80			7-2-2020		400,000		407,429
Kraft Heinz Foods Company		3.00			6-1-2026		500,000		481,629
Kraft Heinz Foods Company		4.38			6-1-2046		300,000		292,728
Mead Johnson Nutrition Company		4.90			11-1-2019		175,000		186,076
Mead Johnson Nutrition Company		5.90			11-1-2039		70,000		90,331
Tyson Foods Incorporated		3.55			6-2-2027		1,500,000		1,537,875
Tyson Foods Incorporated		4.50			6-15-2022		350,000		380,800
Tyson Foods Incorporated		4.88			8-15-2034		175,000		194,997
Unilever Capital Corporation		4.25			2-10-2021		300,000		322,941
Unilever Capital Corporation		4.80			2-15-2019		245,000		255,976
Unilever Capital Corporation		5.90			11-15-2032		210,000		280,066

									8,443,363


Household Products: 0.60%
Clorox Company		3.05			9-15-2022		113,000		116,919
Clorox Company		3.50			12-15-2024		140,000		145,108
Colgate-Palmolive Company		2.30			5-3-2022		350,000		354,336
Kimberly-Clark Corporation		2.40			6-1-2023		105,000		105,242
Kimberly-Clark Corporation		5.30			3-1-2041		171,000		215,008
Kimberly-Clark Corporation		6.63			8-1-2037		140,000		200,637
Kimberly-Clark Corporation		7.50			11-1-2018		70,000		74,710
The Procter & Gamble Company		3.10			8-15-2023		2,272,000		2,387,321

									3,599,281


Personal Products: 0.03%
Estee Lauder Companies Incorporated		6.00			5-15-2037		140,000		179,578

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			197

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Tobacco: 1.15%
Altria Group Incorporated		2.63	%		1-14-2020	$	280,000	$	285,032
Altria Group Incorporated		4.00			1-31-2024		62,000		66,603
Altria Group Incorporated		4.25			8-9-2042		350,000		357,234
Altria Group Incorporated		4.50			5-2-2043		175,000		185,334
Altria Group Incorporated		4.75			5-5-2021		590,000		645,009
Altria Group Incorporated		5.38			1-31-2044		525,000		625,999
Altria Group Incorporated		9.70			11-10-2018		248,000		271,042
Philip Morris International Incorporated		1.88			1-15-2019		175,000		175,574
Philip Morris International Incorporated		2.50			8-22-2022		175,000		176,568
Philip Morris International Incorporated		2.63			3-6-2023		122,000		122,680
Philip Morris International Incorporated		3.25			11-10-2024		210,000		215,538
Philip Morris International Incorporated		3.88			8-21-2042		415,000		413,855
Philip Morris International Incorporated		4.13			3-4-2043		210,000		214,263
Philip Morris International Incorporated		4.25			11-10-2044		210,000		219,628
Philip Morris International Incorporated		4.38			11-15-2041		350,000		371,947
Philip Morris International Incorporated		4.50			3-26-2020		525,000		559,117
Philip Morris International Incorporated		4.50			3-20-2042		140,000		150,938
Reynolds American Incorporated		4.00			6-12-2022		280,000		296,996
Reynolds American Incorporated		4.45			6-12-2025		350,000		378,261
Reynolds American Incorporated		5.70			8-15-2035		210,000		245,900
Reynolds American Incorporated		6.15			9-15-2043		87,000		107,893
Reynolds American Incorporated		6.88			5-1-2020		485,000		543,040
Reynolds American Incorporated		7.25			6-15-2037		140,000		192,392
Reynolds American Incorporated		8.13			6-23-2019		108,000		119,494

									6,940,337


Energy: 7.22%

Energy Equipment & Services: 0.60%
Baker Hughes Incorporated		6.88			1-15-2029		175,000		221,057
Baker Hughes Incorporated		7.50			11-15-2018		262,000		279,740
Enterprise Products Operations		6.88			3-1-2033		280,000		358,331
Halliburton Company		3.25			11-15-2021		140,000		144,649
Halliburton Company		3.50			8-1-2023		350,000		364,304
Halliburton Company		3.80			11-15-2025		350,000		361,584
Halliburton Company		4.50			11-15-2041		175,000		177,770
Halliburton Company		4.75			8-1-2043		175,000		183,040
Halliburton Company		5.00			11-15-2045		420,000		454,884
Halliburton Company		7.45			9-15-2039		380,000		527,430
National Oilwell Varco Incorporated		3.95			12-1-2042		280,000		236,143
Sabine Pass Liquefaction LLC		4.20			3-15-2028		270,000		271,066

									3,579,998


Oil, Gas & Consumable Fuels: 6.62%
Anadarko Finance Company		7.50			5-1-2031		227,000		285,161
Anadarko Petroleum Corporation		3.45			7-15-2024		175,000		173,699
Anadarko Petroleum Corporation		4.50			7-15-2044		350,000		328,949
Anadarko Petroleum Corporation		5.55			3-15-2026		350,000		390,690
Anadarko Petroleum Corporation		6.20			3-15-2040		210,000		237,913
Anadarko Petroleum Corporation		6.45			9-15-2036		160,000		186,983

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


198		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Anadarko Petroleum Corporation		8.70	%		3-15-2019	$	315,000	$	344,894
Apache Corporation		3.25			4-15-2022		253,000		257,462
Apache Corporation		4.25			1-15-2044		505,000		469,037
Apache Corporation		5.10			9-1-2040		402,000		418,898
Apache Corporation		5.25			2-1-2042		70,000		74,456
Apache Corporation		6.00			1-15-2037		350,000		403,269
Boardwalk Pipelines LP		3.38			2-1-2023		70,000		69,705
Boardwalk Pipelines LP		5.75			9-15-2019		105,000		111,663
Buckeye Partners LP		4.15			7-1-2023		175,000		181,735
Buckeye Partners LP		4.88			2-1-2021		392,000		417,089
Buckeye Partners LP		5.85			11-15-2043		140,000		152,266
Chevron Corporation		2.10			5-16-2021		260,000		261,737
Chevron Corporation		2.19			11-15-2019		70,000		70,809
Chevron Corporation		2.36			12-5-2022		525,000		528,036
Chevron Corporation		2.42			11-17-2020		350,000		355,776
Chevron Corporation		2.95			5-16-2026		700,000		707,654
Chevron Corporation		4.95			3-3-2019		350,000		367,319
Columbia Pipeline Group Incorporated		5.80			6-1-2045		140,000		170,333
ConocoPhillips Company		3.35			5-15-2025		350,000		361,842
ConocoPhillips Company		4.30			11-15-2044		210,000		219,162
ConocoPhillips Company		4.95			3-15-2026		350,000		393,207
ConocoPhillips Company		5.90			10-15-2032		175,000		214,673
ConocoPhillips Company		5.90			5-15-2038		280,000		348,502
ConocoPhillips Company		6.95			4-15-2029		210,000		274,115
Devon Energy Corporation		4.00			7-15-2021		140,000		146,050
Devon Energy Corporation		7.95			4-15-2032		150,000		197,880
Devon Financing Corporation ULC		7.88			9-30-2031		434,000		573,743
Dominion Gas Holdings LLC		4.80			11-1-2043		350,000		383,112
El Paso Pipeline Partners Operating LLC		4.70			11-1-2042		70,000		66,006
Enable Midstream Partner LP		3.90			5-15-2024		700,000		701,168
Enbridge Energy Partners LP		5.20			3-15-2020		266,000		282,905
Enbridge Energy Partners LP		5.50			9-15-2040		140,000		148,678
Enbridge Energy Partners LP		7.50			4-15-2038		189,000		240,884
Enbridge Energy Partners LP		9.88			3-1-2019		87,000		96,736
Energy Transfer Partners LP		3.60			2-1-2023		210,000		213,015
Energy Transfer Partners LP		4.75			1-15-2026		280,000		295,212
Energy Transfer Partners LP		4.90			2-1-2024		210,000		225,375
Energy Transfer Partners LP		5.15			2-1-2043		140,000		136,604
Energy Transfer Partners LP		5.15			3-15-2045		280,000		271,000
Energy Transfer Partners LP		5.95			10-1-2043		140,000		146,711
Energy Transfer Partners LP		6.05			6-1-2041		210,000		224,568
Energy Transfer Partners LP		6.63			10-15-2036		161,000		183,797
Energy Transfer Partners LP		7.50			7-1-2038		70,000		85,996
Energy Transfer Partners LP		9.00			4-15-2019		280,000		310,088
Enterprise Products Operating LLC		3.35			3-15-2023		245,000		253,151
Enterprise Products Operating LLC		3.90			2-15-2024		210,000		220,943
Enterprise Products Operating LLC		4.05			2-15-2022		175,000		186,328
Enterprise Products Operating LLC		4.45			2-15-2043		355,000		358,697
Enterprise Products Operating LLC		4.85			3-15-2044		280,000		298,289
Enterprise Products Operating LLC		4.90			5-15-2046		245,000		264,993

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			199

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC		5.25	%		1-31-2020	$	140,000	$	150,274
Enterprise Products Operating LLC		5.70			2-15-2042		140,000		165,258
Enterprise Products Operating LLC		5.95			2-1-2041		70,000		84,420
Enterprise Products Operating LLC		7.55			4-15-2038		70,000		96,434
EOG Resources Incorporated		3.90			4-1-2035		140,000		139,147
EOG Resources Incorporated		4.10			2-1-2021		140,000		148,125
EOG Resources Incorporated		4.40			6-1-2020		210,000		222,579
EOG Resources Incorporated		5.63			6-1-2019		52,000		55,331
EOG Resources Incorporated		6.88			10-1-2018		280,000		294,723
EQT Corporation		4.88			11-15-2021		210,000		226,682
EQT Corporation		8.13			6-1-2019		227,000		249,250
Exxon Mobil Corporation		1.71			3-1-2019		210,000		210,470
Exxon Mobil Corporation		1.82			3-15-2019		200,000		200,907
Exxon Mobil Corporation		2.71			3-6-2025		350,000		355,727
Exxon Mobil Corporation		3.57			3-6-2045		350,000		344,490
Exxon Mobil Corporation		4.11			3-1-2046		1,100,000		1,177,267
Hess Corporation		6.00			1-15-2040		245,000		251,854
Hess Corporation		7.30			8-15-2031		269,000		311,341
Hess Corporation		7.88			10-1-2029		196,000		236,216
Kerr-McGee Corporation		6.95			7-1-2024		140,000		165,439
Kinder Morgan Energy Partners LP		2.65			2-1-2019		250,000		251,933
Kinder Morgan Energy Partners LP		3.45			2-15-2023		175,000		177,391
Kinder Morgan Energy Partners LP		3.50			3-1-2021		210,000		215,669
Kinder Morgan Energy Partners LP		3.95			9-1-2022		262,000		272,968
Kinder Morgan Energy Partners LP		5.00			8-15-2042		175,000		173,085
Kinder Morgan Energy Partners LP		5.00			3-1-2043		157,000		154,459
Kinder Morgan Energy Partners LP		5.30			9-15-2020		87,000		93,849
Kinder Morgan Energy Partners LP		5.50			3-1-2044		210,000		219,692
Kinder Morgan Energy Partners LP		5.80			3-15-2035		70,000		75,821
Kinder Morgan Incorporated		5.55			6-1-2045		375,000		397,660
Magellan Midstream Partners LP		5.15			10-15-2043		140,000		155,741
Marathon Oil Corporation		3.85			6-1-2025		245,000		243,045
Marathon Oil Corporation		5.20			6-1-2045		140,000		136,507
Marathon Oil Corporation		6.60			10-1-2037		315,000		349,838
Marathon Petroleum Corporation		3.63			9-15-2024		350,000		357,753
Marathon Petroleum Corporation		4.75			9-15-2044		350,000		339,376
Marathon Petroleum Corporation		5.13			3-1-2021		24,000		26,036
MPLX LP		4.88			6-1-2025		1,425,000		1,526,602
MPLX LP		5.20			3-1-2047		220,000		226,863
NextEra Energy Capital		4.50			6-1-2021		140,000		150,071
Noble Energy Incorporated		3.90			11-15-2024		210,000		215,372
Noble Energy Incorporated		4.15			12-15-2021		350,000		370,626
Noble Energy Incorporated		8.25			3-1-2019		245,000		266,837
Occidental Petroleum Corporation		3.00			2-15-2027		1,500,000		1,487,823
Occidental Petroleum Corporation		3.50			6-15-2025		210,000		217,114
Occidental Petroleum Corporation		4.10			2-1-2021		322,000		342,944
ONEOK Partners LP		3.20			9-15-2018		87,000		88,001
ONEOK Partners LP		3.38			10-1-2022		350,000		353,755
ONEOK Partners LP		6.20			9-15-2043		700,000		816,112
ONEOK Partners LP		8.63			3-1-2019		245,000		267,526

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


200		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Phillips 66		4.65	%		11-15-2034	$	140,000	$	149,241
Phillips 66		4.88			11-15-2044		140,000		152,254
Plains All American Pipeline LP		2.60			12-15-2019		140,000		140,221
Plains All American Pipeline LP		3.60			11-1-2024		210,000		207,115
Plains All American Pipeline LP		3.85			10-15-2023		350,000		353,577
Plains All American Pipeline LP		4.90			2-15-2045		175,000		164,331
Plains All American Pipeline LP		5.00			2-1-2021		140,000		147,966
Plains All American Pipeline LP		5.15			6-1-2042		350,000		331,035
Plains All American Pipeline LP		6.65			1-15-2037		140,000		156,252
Plains All American Pipeline LP		8.75			5-1-2019		590,000		647,094
Sabine Pass Liquefaction LLC		5.63			2-1-2021		695,000		752,424
Sabine Pass Liquefaction LLC		5.63			3-1-2025		545,000		601,739
Sabine Pass Liquefaction LLC		5.75			5-15-2024		545,000		606,114
Spectra Energy Partners LP		2.95			9-25-2018		350,000		353,544
Spectra Energy Partners LP		4.75			3-15-2024		245,000		268,313
Sunoco Logistics Partner LP		3.45			1-15-2023		140,000		141,022
Sunoco Logistics Partner LP		4.95			1-15-2043		105,000		100,254
Sunoco Logistics Partner LP		5.35			5-15-2045		140,000		138,598
TC Pipelines LP		4.65			6-15-2021		210,000		222,766
Tennessee Gas Pipeline Company		7.00			10-15-2028		175,000		215,177
Texas Eastern Transmission LP		7.00			7-15-2032		227,000		295,554
Valero Energy Corporation		6.13			2-1-2020		45,000		49,153
Valero Energy Corporation		7.50			4-15-2032		210,000		275,502
Western Gas Partners LP		4.00			7-1-2022		280,000		289,863
Western Gas Partners LP		5.45			4-1-2044		350,000		360,121
Williams Partners LP		3.35			8-15-2022		175,000		177,927
Williams Partners LP		4.13			11-15-2020		210,000		220,330
Williams Partners LP		4.30			3-4-2024		350,000		371,022
Williams Partners LP		4.50			11-15-2023		280,000		300,005
Williams Partners LP		5.10			9-15-2045		350,000		365,671
Williams Partners LP		5.25			3-15-2020		448,000		482,249
Williams Partners LP		6.30			4-15-2040		273,000		321,756

									39,703,556


Financials: 16.06%

Banks: 5.30%
ABB Finance (USA) Incorporated		4.38			5-8-2042		26,000		28,581
Bank of America Corporation		3.25			10-21-2027		525,000		517,464
Bank of America Corporation (3 Month LIBOR +1.51%) ±		3.71			4-24-2028		750,000		767,298
Bank of America Corporation		4.18			11-25-2027		560,000		579,936
Bank of America Corporation		4.20			8-26-2024		390,000		410,725
Bank of America Corporation		4.25			10-22-2026		280,000		293,718
Bank of America Corporation		5.00			1-21-2044		340,000		394,078
Bank of America Corporation		5.49			3-15-2019		250,000		262,094
Bank of America Corporation		5.88			1-5-2021		350,000		390,523
Bank One Corporation		7.63			10-15-2026		168,000		218,484
Bank One Corporation		8.00			4-29-2027		385,000		519,469
BB&T Corporation		2.05			5-10-2021		210,000		210,250
BB&T Corporation		2.45			1-15-2020		900,000		913,420

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			201

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Branch Banking & Trust Corporation		2.30	%		10-15-2018	$	500,000	$	503,467
Branch Banking & Trust Corporation		3.80			10-30-2026		400,000		427,013
Branch Banking & Trust Corporation		3.95			3-22-2022		350,000		372,391
Branch Banking & Trust Corporation		6.85			4-30-2019		350,000		378,435
Citigroup Incorporated		3.88			3-26-2025		300,000		307,362
Citigroup Incorporated		2.75			4-25-2022		200,000		201,806
Citigroup Incorporated		3.50			5-15-2023		350,000		357,769
Citigroup Incorporated		4.40			6-10-2025		700,000		740,243
Citigroup Incorporated		4.45			9-29-2027		525,000		555,081
Citigroup Incorporated		4.60			3-9-2026		200,000		213,447
Citigroup Incorporated		4.65			7-30-2045		300,000		330,097
Citigroup Incorporated		4.75			5-18-2046		300,000		322,451
Citizens Bank NA		2.55			5-13-2021		500,000		504,351
Citizens Financial Group Incorporated		4.30			12-3-2025		245,000		259,469
City National Corporation		5.25			9-15-2020		140,000		152,291
Commonwealth Bank of Australia		2.30			9-6-2019		250,000		252,195
Commonwealth Bank of Australia		2.25			3-13-2019		700,000		705,182
Commonwealth Bank of Australia		2.55			3-15-2021		1,200,000		1,214,743
Compass Bank		2.75			9-29-2019		250,000		252,484
Cooperatieve Rabobank U.A.		2.75			1-10-2022		250,000		255,162
Discover Bank		3.10			6-4-2020		500,000		512,287
Discover Bank		4.20			8-8-2023		310,000		331,195
Discover Bank		4.25			3-13-2026		250,000		261,771
Fifth Third Bancorp		4.30			1-16-2024		350,000		374,783
Fifth Third Bank		2.25			6-14-2021		200,000		200,755
Fifth Third Bank		2.88			10-1-2021		300,000		307,107
Fifth Third Bank		3.85			3-15-2026		1,400,000		1,464,736
HSBC Bank USA NA		5.00			9-27-2020		350,000		378,146
HSBC Bank USA NA		5.63			8-15-2035		225,000		275,570
Huntington Bancshares Incorporated		7.00			12-15-2020		17,000		19,500
JPMorgan Chase & Company		2.95			10-1-2026		525,000		516,954
JPMorgan Chase & Company		3.20			1-25-2023		700,000		720,237
JPMorgan Chase & Company		4.13			12-15-2026		700,000		737,393
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		240,000		253,944
JPMorgan Chase & Company		5.63			8-16-2043		140,000		170,709
Key Bank NA		2.40			6-9-2022		1,300,000		1,308,788
Key Bank NA		3.18			10-15-2027		250,000		257,091
KeyCorp		2.30			12-13-2018		210,000		211,473
KeyCorp		5.10			3-24-2021		300,000		329,346
MUFG Americas Holdings Corporation		3.00			2-10-2025		350,000		349,009
National Australia Bank		1.38			7-12-2019		340,000		337,725
PNC Bank NA		2.70			11-1-2022		620,000		626,873
PNC Bank NA		2.95			1-30-2023		300,000		306,292
PNC Bank NA		3.30			10-30-2024		500,000		517,135
PNC Bank NA		3.80			7-25-2023		300,000		318,046
PNC Bank NA		4.20			11-1-2025		250,000		273,009
Regions Financial Corporation		3.20			2-8-2021		700,000		718,692
Santander Bank		2.70			5-24-2019		350,000		353,008
Santander Holdings USA		4.50			7-17-2025		350,000		366,210
SunTrust Banks Incorporated		3.30			5-15-2026		1,600,000		1,607,024

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


202		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
SunTrust Banks Incorporated		2.70	%		1-27-2022	$	500,000	$	505,970
Union Bank NA		2.63			9-26-2018		500,000		504,375
UnionBanCal Corporation		3.50			6-18-2022		140,000		145,587
US Bancorp		1.95			11-15-2018		175,000		175,846
US Bancorp		2.20			4-25-2019		200,000		201,691
US Bancorp		2.38			7-22-2026		190,000		183,083
US Bancorp		3.00			3-15-2022		350,000		362,631
US Bancorp		3.10			4-27-2026		700,000		705,934
US Bancorp		3.60			9-11-2024		350,000		367,508
US Bancorp		4.13			5-24-2021		350,000		375,978

									31,744,890


Capital Markets: 2.56%
AGL Capital Corporation		4.40			6-1-2043		140,000		146,877
Ameriprise Financial Incorporated		4.00			10-15-2023		350,000		377,949
Ameriprise Financial Incorporated		5.30			3-15-2020		210,000		227,261
Ameriprise Financial Incorporated		7.30			6-28-2019		45,000		49,329
Ares Capital Corporation		3.88			1-15-2020		280,000		288,095
Ares Capital Corporation		4.88			11-30-2018		70,000		72,323
Bank of New York Mellon		2.30			9-11-2019		270,000		272,693
Bank of New York Mellon Corporation		2.50			4-15-2021		350,000		355,399
Bank of New York Mellon Corporation		2.60			8-17-2020		525,000		535,664
Bank of New York Mellon Corporation		3.55			9-23-2021		420,000		442,261
Bank of New York Mellon Corporation		3.95			11-18-2025		350,000		377,910
Bank of New York Mellon Corporation		4.15			2-1-2021		70,000		74,626
Bank of New York Mellon Corporation		5.45			5-15-2019		700,000		743,439
Charles Schwab Corporation		4.45			7-22-2020		140,000		149,813
Franklin Resources Incorporated		2.80			9-15-2022		210,000		214,457
Franklin Resources Incorporated		4.63			5-20-2020		175,000		187,114
FS Investment Corporation		4.00			7-15-2019		175,000		177,422
Goldman Sachs Group Incorporated		3.00			4-26-2022		750,000		762,414
Goldman Sachs Group Incorporated		3.63			1-22-2023		270,000		280,720
Goldman Sachs Group Incorporated		3.75			5-22-2025		350,000		361,058
Goldman Sachs Group Incorporated		5.25			7-27-2021		770,000		848,243
Goldman Sachs Group Incorporated		6.25			2-1-2041		525,000		696,257
Jefferies Group Incorporated		5.13			1-20-2023		175,000		192,711
Jefferies Group Incorporated		6.25			1-15-2036		105,000		115,406
Jefferies Group Incorporated		6.45			6-8-2027		105,000		121,982
Jefferies Group Incorporated		6.50			1-20-2043		175,000		199,428
Jefferies Group Incorporated		6.88			4-15-2021		105,000		119,847
Legg Mason Incorporated		4.75			3-15-2026		190,000		204,865
Legg Mason Incorporated		5.63			1-15-2044		420,000		459,182
Morgan Stanley		3.63			1-20-2027		500,000		511,104
Morgan Stanley		4.30			1-27-2045		350,000		366,918
Morgan Stanley		5.00			11-24-2025		525,000		577,852
Morgan Stanley		5.50			7-24-2020		350,000		382,599
Morgan Stanley		5.63			9-23-2019		250,000		267,945
Morgan Stanley		6.25			8-9-2026		300,000		362,952
Morgan Stanley		7.25			4-1-2032		329,000		455,414
Morgan Stanley		7.30			5-13-2019		280,000		304,808

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			203

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Capital Markets (continued)
Northern Trust Corporation		3.45	%		11-4-2020	$	350,000	$	365,910
Northern Trust Corporation		3.95			10-30-2025		175,000		187,811
S&P Global Incorporated		4.00			6-15-2025		227,000		241,045
State Street Corporation		3.10			5-15-2023		320,000		328,870
State Street Corporation		3.70			11-20-2023		1,500,000		1,613,281
TD Ameritrade Holding Corporation		3.63			4-1-2025		140,000		146,789
TD Ameritrade Holding Corporation		5.60			12-1-2019		140,000		151,401

									15,319,444


Consumer Finance: 3.39%
Ahold Finance USA LLC		6.88			5-1-2029		210,000		265,722
American Express Company		2.65			12-2-2022		402,000		407,900
American Express Company		4.05			12-3-2042		633,000		647,566
American Express Credit Corporation		2.25			8-15-2019		700,000		706,280
American Express Credit Corporation		2.25			5-5-2021		200,000		200,958
American Express Credit Corporation		2.38			5-26-2020		175,000		177,105
American Honda Finance Corporation		2.00			2-14-2020		360,000		361,906
American Honda Finance Corporation		2.13			10-10-2018		210,000		211,358
American Honda Finance Corporation		2.25			8-15-2019		350,000		353,595
Capital One Bank USA NA		2.15			11-21-2018		250,000		250,856
Capital One Bank USA NA		2.30			6-5-2019		500,000		501,988
Capital One Bank USA NA		2.40			9-5-2019		200,000		201,243
Capital One Bank USA NA		3.38			2-15-2023		500,000		509,447
Capital One Financial Corporation		3.75			7-28-2026		525,000		523,023
Capital One Financial Corporation		3.75			3-9-2027		330,000		334,653
Capital One Financial Corporation		4.75			7-15-2021		315,000		342,028
Caterpillar Financial Services Corporation		2.63			3-1-2023		260,000		262,911
Caterpillar Financial Services Corporation		2.10			6-9-2019		350,000		352,587
Caterpillar Financial Services Corporation		3.75			11-24-2023		175,000		187,308
Caterpillar Financial Services Corporation		7.15			2-15-2019		175,000		188,382
Daimler Finance North America LLC		8.50			1-18-2031		297,000		447,501
Discover Financial Services		3.85			11-21-2022		385,000		400,358
Discover Financial Services		5.20			4-27-2022		420,000		459,952
Discover Financial Services		3.95			11-6-2024		700,000		723,419
Ford Motor Credit Company LLC		3.10			5-4-2023		200,000		198,786
Ford Motor Credit Company LLC		3.66			9-8-2024		300,000		301,191
Ford Motor Credit Company LLC		4.25			9-20-2022		541,000		572,114
Ford Motor Credit Company LLC		4.75			1-15-2043		700,000		675,539
General Motors Financial Company		3.15			1-15-2020		350,000		357,136
General Motors Financial Company		3.45			4-10-2022		700,000		712,972
General Motors Financial Company		4.00			10-6-2026		750,000		753,468
General Motors Financial Company		3.70			5-9-2023		180,000		183,530
HSBC Finance Corporation		6.68			1-15-2021		475,000		541,069
John Deere Capital Corporation		1.95			12-13-2018		140,000		140,703
John Deere Capital Corporation		2.80			1-27-2023		350,000		358,209
John Deere Capital Corporation		3.90			7-12-2021		210,000		224,039
John Deere Capital Corporation		5.75			9-10-2018		350,000		364,854
National City Corporation		6.88			5-15-2019		350,000		378,552
Synchrony Financial		3.00			8-15-2019		525,000		532,609
Synchrony Financial		4.25			8-15-2024		2,635,000		2,759,002

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


204		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Consumer Finance (continued)
Toyota Motor Credit Corporation		2.00	%		10-24-2018	$	280,000	$	281,652
Toyota Motor Credit Corporation		2.10			1-17-2019		245,000		246,860
Toyota Motor Credit Corporation		3.30			1-12-2022		1,050,000		1,100,113
Toyota Motor Credit Corporation		3.40			9-15-2021		245,000		257,555
Toyota Motor Credit Corporation		4.50			6-17-2020		350,000		375,028

									20,333,027


Diversified Financial Services: 1.11%
Barclays Bank plc		5.14			10-14-2020		560,000		601,647
Block Financial LLC		5.50			11-1-2022		140,000		153,979
Boeing Capital Corporation		4.70			10-27-2019		350,000		372,067
CME Group Incorporated		5.30			9-15-2043		210,000		267,496
General Electric Capital Corporation		4.38			9-16-2020		200,000		215,151
General Electric Capital Corporation		6.75			3-15-2032		421,000		589,454
IntercontinentalExchange Incorporated		2.50			10-15-2018		157,000		158,393
IntercontinentalExchange Incorporated		2.75			12-1-2020		350,000		356,162
IntercontinentalExchange Incorporated		4.00			10-15-2023		140,000		151,154
International Lease Finance Corporation		5.88			4-1-2019		260,000		275,192
John Deere Capital Corporation		1.95			1-8-2019		260,000		261,505
Moody’s Corporation		4.50			9-1-2022		175,000		190,091
Moody’s Corporation		4.88			2-15-2024		245,000		273,251
Moody’s Corporation		5.25			7-15-2044		210,000		248,164
NASDAQ OMX Group Incorporated		5.55			1-15-2020		350,000		378,327
National Rural Utilities Cooperative Finance Corporation		8.00			3-1-2032		450,000		675,089
National Rural Utilities Cooperative Finance Corporation		2.15			2-1-2019		70,000		70,465
National Rural Utilities Cooperative Finance Corporation		2.30			11-15-2019		233,000		235,774
National Rural Utilities Cooperative Finance Corporation		4.02			11-1-2032		140,000		152,177
National Rural Utilities Cooperative Finance Corporation (3 Month LIBOR +2.91%) ±		4.75			4-30-2043		175,000		181,783
National Rural Utilities Cooperrative Finance Corporation		3.25			11-1-2025		300,000		308,818
PNC Funding Corporation		5.13			2-8-2020		105,000		112,957
PNC Funding Corporation		6.70			6-10-2019		350,000		379,107
TECO Finance Incorporated		5.15			3-15-2020		45,000		48,070

									6,656,273


Insurance: 3.59%
ACE INA Holdings Incorporated		2.70			3-13-2023		280,000		284,792
ACE INA Holdings Incorporated		3.15			3-15-2025		700,000		717,157
ACE INA Holdings Incorporated		3.35			5-15-2024		350,000		365,688
ACE INA Holdings Incorporated		5.90			6-15-2019		350,000		375,311
Alleghany Corporation		5.63			9-15-2020		70,000		76,963
Allstate Corporation (3 Month LIBOR +2.12%) ±		6.50			5-15-2067		140,000		165,200
American International Group Incorporated		3.90			4-1-2026		700,000		731,476
American International Group Incorporated		4.50			7-16-2044		865,000		901,260
American International Group Incorporated		4.88			6-1-2022		1,450,000		1,602,873
American International Group Incorporated		6.40			12-15-2020		200,000		225,981
AON Corporation		6.25			9-30-2040		70,000		91,343
Arch Capital Group Limited		5.14			11-1-2043		147,000		169,533
Berkshire Hathaway Finance Corporation		2.90			10-15-2020		150,000		155,295
Berkshire Hathaway Finance Corporation		4.30			5-15-2043		200,000		216,874

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			205

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)
Berkshire Hathaway Finance Corporation		4.40	%		5-15-2042	$	180,000	$	197,949
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		175,000		225,640
Berkshire Hathaway Incorporated		2.10			8-14-2019		200,000		201,839
Berkshire Hathaway Incorporated		2.75			3-15-2023		425,000		434,737
Berkshire Hathaway Incorporated		3.00			2-11-2023		75,000		77,691
Berkshire Hathaway Incorporated		3.13			3-15-2026		525,000		537,465
Berkshire Hathaway Incorporated		3.40			1-31-2022		175,000		184,952
Berkshire Hathaway Incorporated		4.50			2-11-2043		275,000		306,951
CHUBB Corporation		6.00			5-11-2037		196,000		258,003
CHUBB Corporation		6.50			5-15-2038		245,000		338,824
CNA Financial Corporation		5.88			8-15-2020		350,000		385,561
CNA Financial Corporation		7.35			11-15-2019		206,000		229,297
Hartford Financial Services Group Incorporated		4.30			4-15-2043		30,000		31,618
Hartford Financial Services Group Incorporated		5.13			4-15-2022		168,000		187,659
Hartford Financial Services Group Incorporated		5.50			3-30-2020		175,000		189,786
Hartford Financial Services Group Incorporated		5.95			10-15-2036		52,000		65,414
Hartford Financial Services Group Incorporated		6.10			10-1-2041		175,000		229,184
Lincoln National Corporation		4.00			9-1-2023		175,000		186,140
Lincoln National Corporation		4.85			6-24-2021		56,000		61,046
Lincoln National Corporation		6.15			4-7-2036		350,000		432,073
Lincoln National Corporation		6.25			2-15-2020		210,000		230,103
Loews Corporation		2.63			5-15-2023		105,000		105,779
Loews Corporation		4.13			5-15-2043		140,000		141,532
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		210,000		229,442
MetLife Incorporated		3.05			12-15-2022		190,000		196,437
MetLife Incorporated		4.13			8-13-2042		210,000		215,535
MetLife Incorporated		4.37			9-15-2023		1,317,000		1,445,540
MetLife Incorporated		4.72			12-15-2044		175,000		196,149
MetLife Incorporated		4.75			2-8-2021		525,000		571,992
MetLife Incorporated		4.88			11-13-2043		350,000		404,176
MetLife Incorporated		5.70			6-15-2035		280,000		350,132
MetLife Incorporated		6.38			6-15-2034		196,000		257,610
MetLife Incorporated		6.50			12-15-2032		140,000		184,833
Principal Financial Group Incorporated		3.30			9-15-2022		175,000		181,646
Principal Financial Group Incorporated		3.40			5-15-2025		140,000		145,259
Principal Financial Group Incorporated		4.63			9-15-2042		175,000		193,653
Principal Financial Group Incorporated (3 Month LIBOR +3.04%) ±		4.70			5-15-2055		350,000		362,950
Progressive Corporation		6.25			12-1-2032		52,000		69,487
Prudential Financial Incorporated		5.10			8-15-2043		370,000		432,054
Prudential Financial Incorporated		4.50			11-16-2021		175,000		190,921
Prudential Financial Incorporated		4.60			5-15-2044		350,000		387,337
Prudential Financial Incorporated (3 Month LIBOR +3.04%) ±		5.20			3-15-2044		175,000		185,063
Prudential Financial Incorporated (3 Month LIBOR +3.92%) ±		5.63			6-15-2043		475,000		516,563
Prudential Financial Incorporated (3 Month LIBOR +4.18%) ±		5.88			9-15-2042		350,000		386,750
Prudential Financial Incorporated		6.20			11-15-2040		175,000		229,868
Prudential Financial Incorporated		6.63			12-1-2037		45,000		61,171
Prudential Financial Incorporated		7.38			6-15-2019		248,000		271,925
Prudential Financial Incorporated		5.75			7-15-2033		350,000		427,194
Prudential Financial Incorporated		5.40			6-13-2035		126,000		149,431
Reinsurance Group of America		5.00			6-1-2021		42,000		45,697

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


206		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)
Reinsurance Group of America Incorporated		4.70	%		9-15-2023	$	210,000	$	229,040
Reinsurance Group of America Incorporated		6.45			11-15-2019		245,000		267,705
Transatlantic Holdings Incorporated		8.00			11-30-2039		70,000		95,780
Travelers Companies Incorporated		5.35			11-1-2040		245,000		302,775
Travelers Companies Incorporated		5.90			6-2-2019		350,000		374,410
Travelers Companies Incorporated		6.25			6-15-2037		255,000		340,934
WR Berkley Corporation		5.38			9-15-2020		140,000		152,366
XL Capital Limited		6.25			5-15-2027		70,000		84,295
XL Capital Limited		6.38			11-15-2024		70,000		84,199

									21,539,308


REITs: 0.09%
American Tower Corporation		5.05			9-1-2020		350,000		378,999
Health Care REIT Incorporated		6.50			3-15-2041		140,000		180,081

									559,080


Thrifts & Mortgage Finance: 0.02%
People’s United Financial Incorporated		3.65			12-6-2022		105,000		108,716


Health Care: 9.72%

Biotechnology: 2.02%
AbbVie Incorporated		2.30			5-14-2021		350,000		350,780
AbbVie Incorporated		2.50			5-14-2020		250,000		253,202
AbbVie Incorporated		3.20			5-14-2026		420,000		419,679
AbbVie Incorporated		4.30			5-14-2036		245,000		256,058
AbbVie Incorporated		4.40			11-6-2042		350,000		362,849
AbbVie Incorporated		4.45			5-14-2046		420,000		438,397
Amgen Incorporated		3.63			5-15-2022		200,000		209,899
Amgen Incorporated		3.63			5-22-2024		350,000		365,862
Amgen Incorporated		3.88			11-15-2021		750,000		795,091
Amgen Incorporated		4.50			3-15-2020		45,000		47,833
Amgen Incorporated		4.95			10-1-2041		320,000		362,130
Amgen Incorporated		5.15			11-15-2041		245,000		282,253
Amgen Incorporated		5.75			3-15-2040		56,000		68,886
Amgen Incorporated		6.40			2-1-2039		175,000		227,762
Baxalta Incorporated		2.88			6-23-2020		280,000		284,932
Baxalta Incorporated		3.60			6-23-2022		140,000		145,557
Baxalta Incorporated		4.00			6-23-2025		455,000		479,397
Baxalta Incorporated		5.25			6-23-2045		280,000		324,750
Biogen Incorporated		5.20			9-15-2045		420,000		483,550
Celgene Corporation		2.88			8-15-2020		700,000		717,585
Celgene Corporation		3.25			8-15-2022		350,000		362,522
Celgene Corporation		3.63			5-15-2024		350,000		365,563
Celgene Corporation		3.88			8-15-2025		175,000		185,325
Celgene Corporation		3.95			10-15-2020		140,000		148,116
Celgene Corporation		4.00			8-15-2023		175,000		188,785
Celgene Corporation		4.63			5-15-2044		240,000		257,971
Celgene Corporation		5.00			8-15-2045		350,000		399,618
Celgene Corporation		5.25			8-15-2043		105,000		121,484

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			207

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Biotechnology (continued)
Genzyme Corporation		5.00	%		6-15-2020	$	140,000	$	151,673
Gilead Sciences Incorporated		4.00			9-1-2036		310,000		318,893
Gilead Sciences Incorporated		3.65			3-1-2026		350,000		367,429
Gilead Sciences Incorporated		3.70			4-1-2024		350,000		371,762
Gilead Sciences Incorporated		4.40			12-1-2021		560,000		607,555
Gilead Sciences Incorporated		4.50			4-1-2021		350,000		377,572
Gilead Sciences Incorporated		4.50			2-1-2045		200,000		213,712
Gilead Sciences Incorporated		4.75			3-1-2046		350,000		391,203
Gilead Sciences Incorporated		4.80			4-1-2044		350,000		389,143

									12,094,778


Health Care Equipment & Supplies: 1.42%
Abbott Laboratories		2.35			11-22-2019		220,000		221,937
Abbott Laboratories		2.90			11-30-2021		560,000		569,675
Abbott Laboratories		3.75			11-30-2026		560,000		579,808
Abbott Laboratories		4.13			5-27-2020		175,000		184,536
Abbott Laboratories		5.13			4-1-2019		97,000		101,815
Abbott Laboratories		5.30			5-27-2040		175,000		199,620
Abbott Laboratories		6.00			4-1-2039		105,000		130,345
Abbott Laboratories		6.15			11-30-2037		166,000		207,071
Becton Dickinson & Company		2.89			6-6-2022		500,000		502,212
Becton Dickinson & Company		3.13			11-8-2021		210,000		215,331
Becton Dickinson & Company		3.25			11-12-2020		245,000		252,150
Becton Dickinson & Company		3.70			6-6-2027		750,000		759,355
Becton Dickinson & Company		4.69			12-15-2044		350,000		367,525
Boston Scientific Corporation		3.85			5-15-2025		200,000		209,536
Boston Scientific Corporation		6.00			1-15-2020		245,000		267,126
Boston Scientific Corporation		7.38			1-15-2040		210,000		285,576
C.R. Bard Incorporated		4.40			1-15-2021		118,000		124,406
Medtronic Incorporated		2.50			3-15-2020		220,000		223,795
Medtronic Incorporated		3.15			3-15-2022		350,000		364,878
Medtronic Incorporated		3.50			3-15-2025		600,000		632,406
Medtronic Incorporated		4.45			3-15-2020		280,000		298,455
Medtronic Incorporated		4.50			3-15-2042		140,000		158,342
Medtronic Incorporated		4.63			3-15-2044		175,000		197,750
Stryker Corporation		4.10			4-1-2043		175,000		176,943
Stryker Corporation		4.38			1-15-2020		105,000		111,206
Stryker Corporation		4.63			3-15-2046		350,000		386,824
Zimmer Holdings Incorporated		3.55			4-1-2025		500,000		508,046
Zimmer Holdings Incorporated		4.63			11-30-2019		250,000		263,188

									8,499,857


Health Care Providers & Services: 3.22%
Aetna Incorporated		2.20			3-15-2019		350,000		352,075
Aetna Incorporated		2.75			11-15-2022		650,000		660,041
Aetna Incorporated		4.13			6-1-2021		140,000		148,858
Aetna Incorporated		4.13			11-15-2042		175,000		184,681
Aetna Incorporated		4.75			3-15-2044		1,200,000		1,375,825
AmerisourceBergen Corporation		3.50			11-15-2021		210,000		219,376

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


208		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Health Care Providers & Services (continued)
AmerisourceBergen Corporation		4.25	%		3-1-2045	$	175,000	$	179,403
AmerisourceBergen Corporation		4.88			11-15-2019		175,000		186,300
Cardinal Health Incorporated		2.62			6-15-2022		1,300,000		1,307,336
Cardinal Health Incorporated		3.20			3-15-2023		190,000		194,922
Cardinal Health Incorporated		3.50			11-15-2024		350,000		361,595
Catholic Health Initiatives		4.35			11-1-2042		175,000		165,869
CIGNA Corporation		4.00			2-15-2022		175,000		186,813
CIGNA Corporation		4.50			3-15-2021		70,000		75,093
CIGNA Corporation		5.13			6-15-2020		150,000		162,236
CIGNA Corporation		5.38			2-15-2042		245,000		299,395
CIGNA Corporation		6.15			11-15-2036		35,000		45,168
Coventry Health Care Incorporated		5.45			6-15-2021		406,000		448,198
Dignity Health		2.64			11-1-2019		350,000		354,240
Express Scripts Holding Company		3.40			3-1-2027		600,000		596,413
Express Scripts Holding Company		3.90			2-15-2022		350,000		369,388
Express Scripts Holding Company		4.80			7-15-2046		210,000		220,891
Express Scripts Holding Company		6.13			11-15-2041		175,000		211,717
Howard Hughes Medical Institute		3.50			9-1-2023		332,000		352,230
Humana Incorporated		3.15			12-1-2022		210,000		215,644
Humana Incorporated		3.85			10-1-2024		350,000		370,204
Humana Incorporated		4.95			10-1-2044		350,000		403,148
Kaiser Foundation Hospitals		4.88			4-1-2042		175,000		208,840
Laboratory Corporation of America Holdings		3.60			2-1-2025		350,000		362,159
Laboratory Corporation of America Holdings		3.75			8-23-2022		39,000		40,870
Laboratory Corporation of America Holdings		4.00			11-1-2023		105,000		111,302
Laboratory Corporation of America Holdings		4.63			11-15-2020		350,000		374,045
McKesson Corporation		2.28			3-15-2019		350,000		352,094
McKesson Corporation		2.85			3-15-2023		140,000		141,138
McKesson Corporation		4.88			3-15-2044		350,000		386,284
Medco Health Solutions Incorporated		4.13			9-15-2020		350,000		369,289
Quest Diagnostics Incorporated		4.70			4-1-2021		112,000		120,633
Quest Diagnostics Incorporated		4.75			1-30-2020		413,000		438,677
UnitedHealth Group Incorporated		1.63			3-15-2019		175,000		174,875
UnitedHealth Group Incorporated		1.70			2-15-2019		360,000		360,579
UnitedHealth Group Incorporated		2.13			3-15-2021		600,000		602,704
UnitedHealth Group Incorporated		2.70			7-15-2020		320,000		328,140
UnitedHealth Group Incorporated		3.95			10-15-2042		520,000		541,875
UnitedHealth Group Incorporated		4.25			3-15-2043		175,000		188,840
UnitedHealth Group Incorporated		4.75			7-15-2045		350,000		407,792
UnitedHealth Group Incorporated		5.80			3-15-2036		175,000		223,640
UnitedHealth Group Incorporated		5.95			2-15-2041		350,000		464,444
UnitedHealth Group Incorporated		6.63			11-15-2037		105,000		148,392
WellPoint Incorporated		2.25			8-15-2019		280,000		281,897
WellPoint Incorporated		3.13			5-15-2022		350,000		360,717
WellPoint Incorporated		3.30			1-15-2023		1,575,000		1,631,132
WellPoint Incorporated		4.65			1-15-2043		315,000		346,385
WellPoint Incorporated		4.65			8-15-2044		50,000		54,752
WellPoint Incorporated		5.85			1-15-2036		200,000		246,707
WellPoint Incorporated		7.00			2-15-2019		350,000		374,989

									19,290,250

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			209

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Life Sciences Tools & Services: 0.35%
Life Technologies Corporation		5.00	%		1-15-2021	$	105,000	$	112,967
Life Technologies Corporation		6.00			3-1-2020		175,000		190,718
Thermo Fisher Scientific Incorporated		2.40			2-1-2019		280,000		282,041
Thermo Fisher Scientific Incorporated		3.00			4-15-2023		200,000		204,160
Thermo Fisher Scientific Incorporated		3.15			1-15-2023		350,000		359,985
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		210,000		218,370
Thermo Fisher Scientific Incorporated		3.60			8-15-2021		280,000		293,415
Thermo Fisher Scientific Incorporated		4.15			2-1-2024		280,000		302,140
Thermo Fisher Scientific Incorporated		5.30			2-1-2044		140,000		165,386

									2,129,182


Pharmaceuticals: 2.71%
Allergan Incorporated		2.80			3-15-2023		157,000		157,578
Allergan Incorporated		3.38			9-15-2020		350,000		361,692
Bristol-Myers Squibb Company		1.75			3-1-2019		175,000		175,192
Bristol-Myers Squibb Company		2.00			8-1-2022		175,000		174,231
Bristol-Myers Squibb Company		3.25			11-1-2023		109,000		114,725
Bristol-Myers Squibb Company		3.25			8-1-2042		175,000		162,740
Bristol-Myers Squibb Company		4.50			3-1-2044		200,000		224,149
Eli Lilly & Company		2.75			6-1-2025		70,000		70,957
Eli Lilly & Company		3.70			3-1-2045		350,000		351,578
Eli Lilly & Company		5.50			3-15-2027		280,000		341,214
GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		140,000		143,817
GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		210,000		255,643
GlaxoSmithKline Capital Incorporated		6.38			5-15-2038		1,340,000		1,846,363
Johnson & Johnson		1.13			3-1-2019		350,000		348,616
Johnson & Johnson		2.45			3-1-2026		525,000		519,027
Johnson & Johnson		3.38			12-5-2023		300,000		322,718
Johnson & Johnson		3.70			3-1-2046		175,000		182,152
Johnson & Johnson		4.38			12-5-2033		200,000		227,973
Johnson & Johnson		4.50			9-1-2040		210,000		246,389
Johnson & Johnson		4.85			5-15-2041		140,000		170,890
Johnson & Johnson		4.95			5-15-2033		126,000		154,631
Merck & Company Incorporated		2.35			2-10-2022		250,000		254,078
Merck & Company Incorporated		2.40			9-15-2022		350,000		356,230
Merck & Company Incorporated		2.75			2-10-2025		270,000		272,224
Merck & Company Incorporated		3.60			9-15-2042		175,000		172,615
Merck & Company Incorporated		3.70			2-10-2045		200,000		202,136
Merck & Company Incorporated		3.88			1-15-2021		245,000		260,226
Merck & Company Incorporated		4.15			5-18-2043		350,000		377,565
Merck & Company Incorporated		5.00			6-30-2019		175,000		185,531
Merck & Company Incorporated		5.85			6-30-2039		52,000		69,237
Mylan Incorporated		2.55			3-28-2019		1,269,000		1,275,020
Mylan Incorporated		5.40			11-29-2043		23,000		25,090
Mylan NV Company		3.15			6-15-2021		280,000		283,982
Novartis Capital Corporation		1.80			2-14-2020		180,000		180,966
Novartis Capital Corporation		2.40			9-21-2022		350,000		355,207
Novartis Capital Corporation		3.40			5-6-2024		600,000		632,271
Novartis Capital Corporation		3.70			9-21-2042		175,000		177,409
Novartis Capital Corporation		4.40			4-24-2020		350,000		374,473

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


210		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Pharmaceuticals (continued)
Pfizer Incorporated		3.00	%		12-15-2026	$	700,000	$	712,815
Pfizer Incorporated		3.40			5-15-2024		350,000		370,532
Pfizer Incorporated		4.00			12-15-2036		170,000		183,719
Pfizer Incorporated		4.13			12-15-2046		420,000		449,878
Pfizer Incorporated		4.30			6-15-2043		210,000		229,612
Pharmacia Corporation		6.60			12-1-2028		350,000		466,326
Schering-Plough Corporation		6.50			12-1-2033		175,000		236,839
Schering-Plough Corporation		6.55			9-15-2037		140,000		195,955
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		175,000		171,262
Teva Pharmaceutical Finance LLC		6.15			2-1-2036		280,000		302,177
Watson Pharmaceuticals Incorporated		6.13			8-15-2019		91,000		98,266
Zoetis Incorporated		3.25			2-1-2023		420,000		434,512
Zoetis Incorporated		4.70			2-1-2043		350,000		381,840

									16,240,268


Industrials: 7.94%

Aerospace & Defense: 1.90%
Boeing Company		2.60			10-30-2025		1,400,000		1,396,813
Boeing Company		4.88			2-15-2020		428,000		461,491
Boeing Company		5.88			2-15-2040		21,000		27,972
Boeing Company		6.00			3-15-2019		210,000		223,916
Boeing Company		6.13			2-15-2033		126,000		165,996
General Dynamics Corporation		2.25			11-15-2022		350,000		351,373
General Dynamics Corporation		3.88			7-15-2021		140,000		149,862
Honeywell International Incorporated		3.35			12-1-2023		140,000		147,188
Honeywell International Incorporated		4.25			3-1-2021		35,000		37,735
Honeywell International Incorporated		5.70			3-15-2037		175,000		225,500
L-3 Communications Corporation		5.20			10-15-2019		350,000		373,131
Lockheed Martin Corporation		2.50			11-23-2020		260,000		264,493
Lockheed Martin Corporation		3.35			9-15-2021		175,000		183,274
Lockheed Martin Corporation		3.55			1-15-2026		700,000		731,075
Lockheed Martin Corporation		3.80			3-1-2045		350,000		345,547
Lockheed Martin Corporation		4.07			12-15-2042		229,000		236,129
Lockheed Martin Corporation		4.70			5-15-2046		350,000		396,757
Lockheed Martin Corporation		6.15			9-1-2036		122,000		160,782
Northrop Grumman Corporation		3.50			3-15-2021		210,000		219,997
Northrop Grumman Corporation		4.75			6-1-2043		350,000		402,145
Northrop Grumman Corporation		5.05			8-1-2019		59,000		62,491
Northrop Grumman Corporation		5.05			11-15-2040		70,000		81,915
Northrop Grumman Corporation		7.75			2-15-2031		210,000		304,612
Precision Castparts Corporation		2.50			1-15-2023		175,000		176,897
Precision Castparts Corporation		3.25			6-15-2025		210,000		216,792
Precision Castparts Corporation		3.90			1-15-2043		140,000		145,567
Raytheon Company		2.50			12-15-2022		245,000		248,685
Raytheon Company		4.70			12-15-2041		350,000		406,402
Raytheon Company		7.20			8-15-2027		84,000		114,523
Rockwell Collins Incorporated		3.70			12-15-2023		245,000		258,428
Rockwell Collins Incorporated		4.80			12-15-2043		175,000		195,012
Rockwell Collins Incorporated		5.25			7-15-2019		35,000		37,014

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			211

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Aerospace & Defense (continued)
Textron Incorporated		4.30	%		3-1-2024	$	140,000	$	149,852
United Technologies Corporation		3.10			6-1-2022		587,000		606,920
United Technologies Corporation		3.75			11-1-2046		270,000		259,572
United Technologies Corporation		4.50			4-15-2020		350,000		373,384
United Technologies Corporation		4.50			6-1-2042		723,000		777,346
United Technologies Corporation		5.70			4-15-2040		350,000		436,478

									11,353,066


Air Freight & Logistics: 0.75%
FedEx Corporation		2.63			8-1-2022		337,000		344,360
FedEx Corporation		3.88			8-1-2042		140,000		135,720
FedEx Corporation		3.90			2-1-2035		330,000		334,799
FedEx Corporation		4.00			1-15-2024		203,000		219,480
FedEx Corporation		4.55			4-1-2046		350,000		370,366
FedEx Corporation		4.90			1-15-2034		175,000		196,833
FedEx Corporation		5.10			1-15-2044		210,000		237,592
FedEx Corporation		8.00			1-15-2019		280,000		303,149
United Parcel Service Incorporated		2.35			5-16-2022		900,000		912,506
United Parcel Service Incorporated		2.45			10-1-2022		280,000		284,413
United Parcel Service Incorporated		3.13			1-15-2021		630,000		654,908
United Parcel Service Incorporated		5.13			4-1-2019		210,000		220,999
United Parcel Service Incorporated		6.20			1-15-2038		206,000		282,296

									4,497,421


Airlines: 0.44%
American Airlines Incorporated		3.20			12-15-2029		1,168,800		1,185,046
American Airlines Incorporated		3.38			11-1-2028		28,926		29,522
American Airlines Incorporated		4.95			7-15-2024		474,162		508,301
Continental Airlines Incorporated		7.25			5-10-2021		91,121		100,233
Delta Air Lines Incorporated		6.82			2-10-2024		38,742		44,840
United Airlines Incorporated		4.00			10-11-2027		310,708		325,871
United Airlines Incorporated		4.30			2-15-2027		196,034		208,776
US Airways Group Incorporated		3.95			5-15-2027		84,583		88,389
US Airways Group Incorporated		4.63			12-3-2026		129,196		138,240

									2,629,218


Building Products: 0.23%
Johnson Controls International plc		3.90			2-14-2026		500,000		531,992
Johnson Controls International plc		4.25			3-1-2021		120,000		127,647
Johnson Controls International plc		5.00			3-30-2020		100,000		106,972
Masco Corporation		3.50			4-1-2021		245,000		253,048
Masco Corporation		4.38			4-1-2026		190,000		203,851
Owens Corning Incorporated		4.20			12-15-2022		149,000		158,852

									1,382,362


Commercial Services & Supplies: 0.40%
Black & Decker Corporation		3.40			12-1-2021		280,000		293,677
Cintas Corporation No. 2		3.25			6-1-2022		70,000		72,502
Equifax Incorporated		3.30			12-15-2022		162,000		167,669

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


212		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Commercial Services & Supplies (continued)
Pitney Bowes Incorporated		4.63	%		3-15-2024	$	350,000	$	359,197
Republic Services Incorporated		2.90			7-1-2026		260,000		258,699
Republic Services Incorporated		4.75			5-15-2023		210,000		234,176
Republic Services Incorporated		5.25			11-15-2021		35,000		39,038
Republic Services Incorporated		5.50			9-15-2019		87,000		93,189
Waste Management Incorporated		4.10			3-1-2045		350,000		373,262
Waste Management Incorporated		4.60			3-1-2021		140,000		151,279
Waste Management Incorporated		4.75			6-30-2020		350,000		376,945

									2,419,633


Electrical Equipment: 0.33%
Eaton Corporation		4.15			11-2-2042		350,000		360,879
Eaton Corporation		6.95			3-20-2019		140,000		150,327
Emerson Electric Company		3.15			6-1-2025		210,000		217,627
Emerson Electric Company		4.25			11-15-2020		140,000		149,763
Emerson Electric Company		4.88			10-15-2019		140,000		148,700
Emerson Electric Company		5.25			10-15-2018		35,000		36,411
Emerson Electric Company		5.25			11-15-2039		350,000		421,772
Roper Industries Incorporated		2.05			10-1-2018		350,000		350,830
Roper Industries Incorporated		6.25			9-1-2019		140,000		151,571

									1,987,880


Industrial Conglomerates: 1.11%
3M Company		2.00			6-26-2022		507,000		507,782
3M Company		5.70			3-15-2037		227,000		296,291
GATX Corporation		2.50			3-15-2019		117,000		117,884
GATX Corporation		4.85			6-1-2021		70,000		76,297
General Electric Company		2.70			10-9-2022		700,000		716,521
General Electric Company		4.13			10-9-2042		2,825,000		2,989,409
General Electric Company		4.50			3-11-2044		200,000		223,078
Honeywell International Incorporated		2.50			11-1-2026		1,800,000		1,749,339

									6,676,601


Machinery: 0.68%
Caterpillar Incorporated		3.80			8-15-2042		105,000		107,696
Caterpillar Incorporated		3.90			5-27-2021		700,000		745,964
Caterpillar Incorporated		4.30			5-15-2044		350,000		386,470
Cummins Incorporated		3.65			10-1-2023		117,000		124,455
Cummins Incorporated		4.88			10-1-2043		60,000		70,013
Deere & Company		2.60			6-8-2022		350,000		356,651
Deere & Company		3.90			6-9-2042		350,000		369,288
Deere & Company		5.38			10-16-2029		210,000		260,025
Dover Corporation		4.30			3-1-2021		350,000		374,262
Dover Corporation		5.38			10-15-2035		140,000		168,565
Illinois Tool Works Incorporated		3.38			9-15-2021		84,000		88,485
Illinois Tool Works Incorporated		3.90			9-1-2042		214,000		224,572
Illinois Tool Works Incorporated		4.88			9-15-2041		206,000		245,277
Illinois Tool Works Incorporated		6.25			4-1-2019		108,000		115,760
Parker Hannifin Corporation		3.50			9-15-2022		70,000		73,712

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			213

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Machinery (continued)
Parker Hannifin Corporation		6.25	%		5-15-2038	$	42,000	$	56,977
Stanley Black & Decker Incorporated		2.90			11-1-2022		245,000		250,761
Stanley Black & Decker Incorporated (3 Month LIBOR +4.30%) ±		5.75			12-15-2053		70,000		73,150

									4,092,083


Professional Services: 0.11%
Verisk Analytics Incorporated		4.00			6-15-2025		420,000		442,487
Verisk Analytics Incorporated		4.13			9-12-2022		175,000		186,699

									629,186


Road & Rail: 1.87%
BNSF Railway Company		5.75			5-1-2040		385,000		487,758
Burlington Northern Santa Fe LLC		3.00			3-15-2023		210,000		217,532
Burlington Northern Santa Fe LLC		3.40			9-1-2024		210,000		220,691
Burlington Northern Santa Fe LLC		3.75			4-1-2024		350,000		375,258
Burlington Northern Santa Fe LLC		4.40			3-15-2042		470,000		503,152
Burlington Northern Santa Fe LLC		4.45			3-15-2043		210,000		228,715
Burlington Northern Santa Fe LLC		4.55			9-1-2044		210,000		233,041
Burlington Northern Santa Fe LLC		4.70			10-1-2019		87,000		92,167
Burlington Northern Santa Fe LLC		4.95			9-15-2041		140,000		164,101
Burlington Northern Santa Fe LLC		5.05			3-1-2041		175,000		205,444
Burlington Northern Santa Fe LLC		5.15			9-1-2043		210,000		253,097
CSX Corporation		3.40			8-1-2024		278,000		287,667
CSX Corporation		3.70			10-30-2020		175,000		183,320
CSX Corporation		4.10			3-15-2044		280,000		282,916
CSX Corporation		4.25			6-1-2021		140,000		149,673
CSX Corporation		4.40			3-1-2043		390,000		408,591
CSX Corporation		4.50			8-1-2054		350,000		363,151
CSX Corporation		4.75			5-30-2042		161,000		177,594
CSX Corporation		6.00			10-1-2036		210,000		264,337
CSX Corporation		6.15			5-1-2037		224,000		288,926
CSX Corporation		6.22			4-30-2040		140,000		181,670
Kansas City Southern		3.00			5-15-2023		51,000		51,606
Kansas City Southern		4.30			5-15-2043		140,000		144,489
Norfolk Southern Corporation		2.90			6-15-2026		50,000		50,060
Norfolk Southern Corporation		2.90			2-15-2023		400,000		408,894
Norfolk Southern Corporation		3.00			4-1-2022		350,000		360,398
Norfolk Southern Corporation		3.85			1-15-2024		140,000		149,601
Norfolk Southern Corporation		3.95			10-1-2042		384,000		392,660
Norfolk Southern Corporation		5.90			6-15-2019		545,000		583,678
Norfolk Southern Corporation		6.00			5-23-2111		710,000		927,914
Ryder System Incorporated		2.45			11-15-2018		245,000		246,848
Ryder System Incorporated		2.50			5-11-2020		140,000		141,703
Union Pacific Corporation		2.25			2-15-2019		140,000		141,421
Union Pacific Corporation		2.75			4-15-2023		200,000		204,809
Union Pacific Corporation		3.25			1-15-2025		175,000		181,849
Union Pacific Corporation		3.75			3-15-2024		140,000		150,007
Union Pacific Corporation		3.80			10-1-2051		809,000		806,402
Union Pacific Corporation		4.15			1-15-2045		175,000		186,601

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


214		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Road & Rail (continued)
Union Pacific Corporation		4.16	%		7-15-2022	$	306,000	$	332,561
Union Pacific Corporation		4.30			6-15-2042		175,000		190,300

									11,220,602


Trading Companies & Distributors: 0.12%
Air Lease Corporation		3.38			1-15-2019		375,000		382,061
W.W. Grainger Incorporated		4.60			6-15-2045		280,000		306,512

									688,573


Information Technology: 6.55%

Communications Equipment: 0.85%
Cisco Systems Incorporated		2.20			2-28-2021		700,000		707,464
Cisco Systems Incorporated		2.45			6-15-2020		420,000		428,562
Cisco Systems Incorporated		2.90			3-4-2021		210,000		216,881
Cisco Systems Incorporated		2.95			2-28-2026		340,000		344,617
Cisco Systems Incorporated		3.00			6-15-2022		140,000		145,704
Cisco Systems Incorporated		5.50			1-15-2040		490,000		615,995
Harris Corporation		4.40			12-15-2020		210,000		223,519
Motorola Incorporated		3.50			3-1-2023		385,000		390,802
Motorola Incorporated		7.50			5-15-2025		84,000		103,369
Qualcomm Incorporated		2.25			5-20-2020		500,000		505,135
Qualcomm Incorporated		3.45			5-20-2025		700,000		725,715
Qualcomm Incorporated		4.80			5-20-2045		620,000		683,355

									5,091,118


Electronic Equipment, Instruments & Components: 0.34%
Agilent Technologies Incorporated		3.88			7-15-2023		105,000		110,454
Amphenol Corporation		4.00			2-1-2022		210,000		222,865
Avnet Incorporated		5.88			6-15-2020		70,000		75,543
Corning Incorporated		2.90			5-15-2022		350,000		356,467
Corning Incorporated		4.25			8-15-2020		175,000		185,158
Corning Incorporated		5.75			8-15-2040		105,000		126,961
Dell International LLC/EMC Corporation 144A		3.48			6-1-2019		220,000		224,841
Keysight Technologies Incorporated		3.30			10-30-2019		175,000		177,713
Keysight Technologies Incorporated		4.55			10-30-2024		175,000		187,137
L-3 Communications Corporation		4.95			2-15-2021		350,000		377,430

									2,044,569


Internet Software & Services: 0.41%
Alphabet Incorporated		3.38			2-25-2024		87,000		92,204
Alphabet Incorporated		3.63			5-19-2021		350,000		371,535
eBay Incorporated		2.60			7-15-2022		245,000		245,515
eBay Incorporated		2.88			8-1-2021		350,000		357,071
eBay Incorporated		3.25			10-15-2020		140,000		144,662
eBay Incorporated		3.45			8-1-2024		405,000		414,496
eBay Incorporated		3.80			3-9-2022		638,000		672,102
eBay Incorporated		4.00			7-15-2042		175,000		158,945

									2,456,530

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			215

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

IT Services: 1.33%
Fidelity National Information Services Incorporated		3.00	%		8-15-2026	$	400,000	$	393,766
Fidelity National Information Services Incorporated		3.50			4-15-2023		49,000		51,059
Fidelity National Information Services Incorporated		4.50			8-15-2046		300,000		313,116
Fidelity National Information Services Incorporated		5.00			10-15-2025		195,000		221,130
Fiserv Incorporated		2.70			6-1-2020		280,000		284,549
Fiserv Incorporated		3.50			10-1-2022		280,000		290,230
Fiserv Incorporated		3.85			6-1-2025		210,000		220,554
IBM Corporation		1.63			5-15-2020		350,000		349,491
IBM Corporation		1.88			8-1-2022		280,000		275,576
IBM Corporation		1.95			2-12-2019		350,000		352,066
IBM Corporation		3.38			8-1-2023		210,000		219,483
IBM Corporation		4.00			6-20-2042		350,000		353,988
IBM Corporation		5.88			11-29-2032		175,000		224,432
IBM Corporation		7.00			10-30-2025		210,000		272,305
IBM Corporation		7.63			10-15-2018		350,000		373,006
Total System Services Incorporated		3.75			6-1-2023		105,000		109,738
Visa Incorporated		2.20			12-14-2020		700,000		708,784
Visa Incorporated		3.15			12-14-2025		1,020,000		1,050,198
Visa Incorporated		4.30			12-14-2045		700,000		777,879
Western Union Company		5.25			4-1-2020		56,000		59,941
Western Union Company		6.20			11-17-2036		122,000		131,893
Xerox Corporation		4.50			5-15-2021		400,000		422,353
Xerox Corporation		5.63			12-15-2019		140,000		149,466
Xerox Corporation		6.75			12-15-2039		340,000		367,830

									7,972,833


Semiconductors & Semiconductor Equipment: 1.26%
Altera Corporation		2.50			11-15-2018		175,000		177,095
Analog Devices Incorporated		2.88			6-1-2023		105,000		106,537
Applied Materials Incorporated		4.30			6-15-2021		210,000		227,738
Applied Materials Incorporated		5.85			6-15-2041		140,000		177,651
Broadcom Corporation 144A		2.38			1-15-2020		260,000		261,711
Broadcom Corporation 144A		3.00			1-15-2022		700,000		710,863
Broadcom Corporation 144A		3.88			1-15-2027		1,000,000		1,028,945
Intel Corporation		2.60			5-19-2026		220,000		215,851
Intel Corporation		3.30			10-1-2021		593,000		623,393
Intel Corporation		4.25			12-15-2042		175,000		187,625
Intel Corporation		4.80			10-1-2041		450,000		520,169
Intel Corporation		4.90			7-29-2045		525,000		620,649
KLA-Tencor Corporation		4.65			11-1-2024		700,000		765,714
Lam Research Corporation		2.80			6-15-2021		350,000		356,592
Maxim Integrated Product Incorporated		3.38			3-15-2023		140,000		143,469
Qualcomm Incorporated		1.85			5-20-2019		700,000		703,016
Texas Instruments Incorporated		1.65			8-3-2019		175,000		174,983
Texas Instruments Incorporated		2.25			5-1-2023		175,000		174,613
Xilinx Incorporated		2.13			3-15-2019		175,000		175,554
Xilinx Incorporated		3.00			3-15-2021		175,000		179,328

									7,531,496

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


216		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Software: 1.10%
Adobe Systems Incorporated		4.75	%		2-1-2020	$	227,000	$	243,269
Autodesk Incorporated		3.60			12-15-2022		175,000		180,392
CA Incorporated		5.38			12-1-2019		350,000		373,737
Microsoft Corporation		1.63			12-6-2018		280,000		281,204
Microsoft Corporation		2.00			11-3-2020		490,000		494,204
Microsoft Corporation		3.00			10-1-2020		280,000		290,070
Microsoft Corporation		3.75			5-1-2043		33,000		33,614
Microsoft Corporation		3.75			2-12-2045		350,000		355,384
Microsoft Corporation		3.95			8-8-2056		750,000		765,881
Microsoft Corporation		4.00			2-12-2055		350,000		359,938
Microsoft Corporation		4.50			2-6-2057		250,000		280,070
Microsoft Corporation		4.88			12-15-2043		140,000		165,487
Microsoft Corporation		5.20			6-1-2039		77,000		95,086
Oracle Corporation		2.50			10-15-2022		560,000		567,375
Oracle Corporation		2.80			7-8-2021		250,000		258,103
Oracle Corporation		3.88			7-15-2020		245,000		259,906
Oracle Corporation		4.00			7-15-2046		350,000		360,138
Oracle Corporation		4.30			7-8-2034		175,000		192,076
Oracle Corporation		4.38			5-15-2055		200,000		216,975
Oracle Corporation		4.50			7-8-2044		350,000		385,429
Oracle Corporation		6.13			7-8-2039		140,000		187,123
Oracle Corporation		6.50			4-15-2038		175,000		242,245

									6,587,706


Technology Hardware, Storage & Peripherals: 1.26%
Apple Incorporated		1.70			2-22-2019		220,000		220,814
Apple Incorporated		3.20			5-11-2027		750,000		766,953
Apple Incorporated		3.25			2-23-2026		475,000		491,202
Apple Incorporated		3.35			2-9-2027		200,000		207,163
Apple Incorporated		3.45			2-9-2045		700,000		670,947
Apple Incorporated		4.38			5-13-2045		350,000		385,962
Apple Incorporated		4.65			2-23-2046		200,000		229,308
Diamond 1 Finance Corporation 144A		4.42			6-15-2021		400,000		421,503
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		700,000		906,162
Hewlett Packard Enterprise Company		4.90			10-15-2025		700,000		743,071
Hewlett Packard Enterprise Company		6.35			10-15-2045		525,000		557,472
Hewlett-Packard Company		3.75			12-1-2020		29,000		30,345
Hewlett-Packard Company		4.05			9-15-2022		175,000		186,428
Hewlett-Packard Company		4.65			12-9-2021		350,000		378,918
Hewlett-Packard Company		6.00			9-15-2041		332,000		353,894
HP Enterprise Company		3.60			10-15-2020		995,000		1,032,392

									7,582,534


Materials: 2.75%

Chemicals: 1.95%
Air Products & Chemicals Incorporated		3.00			11-3-2021		175,000		181,397
Air Products & Chemicals Incorporated		3.35			7-31-2024		245,000		257,047
Air Products & Chemicals Incorporated		4.38			8-21-2019		105,000		110,335
Dow Chemical Company		3.50			10-1-2024		175,000		182,382

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			217

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Chemicals (continued)
Dow Chemical Company		4.13	%		11-15-2021	$	350,000	$	373,936
Dow Chemical Company		4.25			10-1-2034		175,000		182,702
Dow Chemical Company		4.38			11-15-2042		540,000		553,865
Dow Chemical Company		5.25			11-15-2041		175,000		200,432
Dow Chemical Company		7.38			11-1-2029		420,000		566,021
Dow Chemical Company		8.55			5-15-2019		458,000		508,488
E.I. du Pont de Nemours & Company		2.80			2-15-2023		210,000		213,403
E.I. du Pont de Nemours & Company		3.63			1-15-2021		350,000		367,872
E.I. du Pont de Nemours & Company		4.15			2-15-2043		210,000		214,523
E.I. du Pont de Nemours & Company		4.50			8-15-2019		280,000		294,864
E.I. du Pont de Nemours & Company		4.63			1-15-2020		140,000		148,881
E.I. du Pont de Nemours & Company		4.90			1-15-2041		700,000		797,254
E.I. du Pont de Nemours & Company		6.50			1-15-2028		175,000		221,625
Eastman Chemical Company		2.70			1-15-2020		210,000		212,686
Eastman Chemical Company		3.60			8-15-2022		280,000		291,574
Eastman Chemical Company		4.80			9-1-2042		140,000		150,735
Ecolab Incorporated		4.35			12-8-2021		350,000		380,795
Ecolab Incorporated		5.50			12-8-2041		210,000		262,239
FMC Corporation		3.95			2-1-2022		87,000		90,323
FMC Corporation		4.10			2-1-2024		175,000		182,678
Monsanto Company		3.38			7-15-2024		200,000		205,401
Monsanto Company		4.70			7-15-2064		210,000		215,025
Monsanto Company		5.50			8-15-2025		70,000		80,455
Mosaic Company		3.75			11-15-2021		80,000		83,377
Mosaic Company		4.25			11-15-2023		297,000		311,217
Mosaic Company		5.45			11-15-2033		213,000		222,731
Mosaic Company		5.63			11-15-2043		175,000		182,858
Praxair Incorporated		2.20			8-15-2022		350,000		350,819
Praxair Incorporated		2.45			2-15-2022		140,000		141,804
Praxair Incorporated		2.70			2-21-2023		105,000		105,939
Praxair Incorporated		4.05			3-15-2021		140,000		149,270
RPM International Incorporated		6.13	��		10-15-2019		140,000		151,925
Sherwin-Williams Company		3.13			6-1-2024		2,000,000		2,031,210
Sherwin-Williams Company		3.45			8-1-2025		400,000		407,534
Sherwin-Williams Company		4.00			12-15-2042		92,000		88,610

									11,674,232


Containers & Packaging: 0.10%
Bemis Company Incorporated		6.80			8-1-2019		7,000		7,630
International Paper Company		3.00			2-15-2027		260,000		252,515
Packaging Corporation of America		3.65			9-15-2024		175,000		181,239
Packaging Corporation of America		3.90			6-15-2022		140,000		147,882

									589,266


Metals & Mining: 0.35%
Barrick Gold Finance Company LLC		4.40			5-30-2021		101,000		109,242
Barrick Gold Finance Company LLC		5.70			5-30-2041		210,000		253,325
Newmont Mining Corporation		3.50			3-15-2022		420,000		437,355
Newmont Mining Corporation		4.88			3-15-2042		350,000		378,163

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


218		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Metals & Mining (continued)
Nucor Corporation		4.00	%		8-1-2023	$	132,000	$	141,465
Nucor Corporation		5.20			8-1-2043		140,000		167,058
Nucor Corporation		6.40			12-1-2037		140,000		185,108
Southern Copper Corporation		5.38			4-16-2020		63,000		68,124
Southern Copper Corporation		6.75			4-16-2040		308,000		376,042

									2,115,882


Paper & Forest Products: 0.35%
Georgia-Pacific LLC		8.00			1-15-2024		140,000		181,437
International Paper Company		3.65			6-15-2024		350,000		365,865
International Paper Company		4.75			2-15-2022		52,000		56,975
International Paper Company		4.80			6-15-2044		175,000		188,322
International Paper Company		6.00			11-15-2041		374,000		456,180
International Paper Company		7.30			11-15-2039		175,000		242,941
International Paper Company		7.50			8-15-2021		315,000		375,124
MeadWestvaco Corporation		7.95			2-15-2031		35,000		49,615
Plum Creek Timberlands LP		3.25			3-15-2023		192,000		196,537

									2,112,996


Real Estate: 4.00%

Equity REITs: 4.00%
Alexandria Real Estate Equities Incorporated		4.50			7-30-2029		525,000		563,796
American Campus Communities Incorporated		3.75			4-15-2023		70,000		72,772
American Tower Corporation		3.45			9-15-2021		350,000		363,174
American Tower Corporation		3.50			1-31-2023		295,000		306,423
American Tower Corporation		4.00			6-1-2025		350,000		366,692
American Tower Corporation		5.00			2-15-2024		245,000		272,209
American Tower Corporation		5.90			11-1-2021		395,000		448,701
AvalonBay Communities Incorporated		2.95			9-15-2022		245,000		250,399
AvalonBay Communities Incorporated		3.45			6-1-2025		140,000		144,740
AvalonBay Communities Incorporated		3.50			11-15-2024		105,000		109,455
AvalonBay Communities Incorporated		3.63			10-1-2020		140,000		145,966
AvalonBay Communities Incorporated		4.20			12-15-2023		175,000		189,041
Boston Properties LP		3.13			9-1-2023		105,000		108,142
Boston Properties LP		3.80			2-1-2024		1,510,000		1,596,271
Boston Properties LP		3.85			2-1-2023		280,000		298,079
Boston Properties LP		4.13			5-15-2021		210,000		223,020
Boston Properties LP		5.63			11-15-2020		380,000		417,179
Boston Properties LP		5.88			10-15-2019		350,000		376,453
CBL & Associates LP		4.60			10-15-2024		92,000		87,738
CBL & Associates LP		5.25			12-1-2023		47,000		47,199
CBL & Associates LP		5.95			12-15-2026		200,000		202,493
Corporate Office Properties LP		3.60			5-15-2023		70,000		70,479
Corporate Office Properties LP		3.70			6-15-2021		350,000		360,545
Crown Castle International Corporation		3.70			6-15-2026		350,000		355,070
Crown Castle International Corporation		4.88			4-15-2022		50,000		54,663
Crown Castle International Corporation		5.25			1-15-2023		350,000		390,370
Crown Castle International Corporation		4.75			5-15-2047		900,000		943,747
DDR Corporation		3.38			5-15-2023		175,000		173,287

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			219

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Equity REITs (continued)
DDR Corporation		3.50	%		1-15-2021	$	175,000	$	178,273
DDR Corporation		4.63			7-15-2022		175,000		185,254
Digital Realty Trust LP		3.63			10-1-2022		140,000		146,511
Digital Realty Trust LP		3.95			7-1-2022		140,000		148,554
Digital Realty Trust LP		5.25			3-15-2021		70,000		76,419
Digital Realty Trust LP		5.88			2-1-2020		210,000		226,741
Duke Realty LP		3.75			12-1-2024		455,000		475,991
Entertainment Properties Trust		5.75			8-15-2022		105,000		117,052
Equity One Incorporated		3.75			11-15-2022		175,000		181,892
ERP Operating LP		4.63			12-15-2021		419,000		456,347
Essex Portfolio LP		3.25			5-1-2023		70,000		71,056
Federal Realty Investment Trust		4.50			12-1-2044		175,000		186,485
HCP Incorporated		3.15			8-1-2022		70,000		71,481
HCP Incorporated		3.75			2-1-2019		70,000		71,402
HCP Incorporated		3.88			8-15-2024		200,000		208,556
HCP Incorporated		4.25			11-15-2023		195,000		208,913
HCP Incorporated		5.38			2-1-2021		45,000		49,110
HCP Incorporated		6.75			2-1-2041		95,000		125,240
Health Care REIT Incorporated		4.00			6-1-2025		210,000		221,511
Health Care REIT Incorporated		4.13			4-1-2019		175,000		180,193
Health Care REIT Incorporated		4.50			1-15-2024		140,000		152,460
Health Care REIT Incorporated		4.95			1-15-2021		175,000		189,046
Health Care REIT Incorporated		5.25			1-15-2022		70,000		77,455
Hospitality Properties Trust		4.65			3-15-2024		350,000		369,907
Host Hotels & Resorts Company		3.75			10-15-2023		70,000		72,142
Host Hotels & Resorts Company		4.75			3-1-2023		175,000		189,163
Host Hotels & Resorts Company		6.00			10-1-2021		350,000		392,306
Kilroy Realty Corporation		3.80			1-15-2023		175,000		181,704
Kimco Realty Corporation		2.80			10-1-2026		350,000		332,600
Kimco Realty Corporation		6.88			10-1-2019		70,000		76,765
Liberty Property LP		4.40			2-15-2024		109,000		117,358
Liberty Property LP		4.75			10-1-2020		175,000		186,428
Mid-America Apartments LP		4.30			10-15-2023		35,000		37,514
National Retail Properties Incorporated		3.30			4-15-2023		70,000		71,500
National Retail Properties Incorporated		3.80			10-15-2022		70,000		73,433
ProLogis LP		3.35			2-1-2021		280,000		290,735
Realty Income Corporation		3.88			7-15-2024		350,000		364,633
Realty Income Corporation		4.65			8-1-2023		210,000		230,116
Simon Property Group LP		2.20			2-1-2019		350,000		352,345
Simon Property Group LP		3.30			1-15-2026		410,000		417,235
Simon Property Group LP		3.38			3-15-2022		350,000		364,992
Simon Property Group LP		3.75			2-1-2024		175,000		184,593
Simon Property Group LP		4.13			12-1-2021		210,000		224,717
Simon Property Group LP		4.38			3-1-2021		350,000		374,614
Simon Property Group LP		4.75			3-15-2042		175,000		193,847
Simon Property Group LP		6.75			2-1-2040		245,000		337,680
UDR Incorporated		3.70			10-1-2020		175,000		181,248
UDR Incorporated		4.63			1-10-2022		70,000		75,146
Ventas Realty LP		2.70			4-1-2020		660,000		668,361
Ventas Realty LP		3.85			4-1-2027		1,800,000		1,848,952

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


220		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Equity REITs (continued)
Ventas Realty LP		4.25	%		3-1-2022	$	700,000	$	745,605
Ventas Realty LP		4.75			6-1-2021		105,000		113,181
Ventas Realty LP		5.70			9-30-2043		175,000		209,311
VEREIT Operating Partnership LP		3.00			2-6-2019		147,000		148,797
VEREIT Operating Partnership LP		4.13			6-1-2021		80,000		84,007
VEREIT Operating Partnership LP		4.60			2-6-2024		98,000		103,598
VEREIT Operating Partnership LP		4.88			6-1-2026		119,000		127,823
Vornado Realty LP		2.50			6-30-2019		350,000		353,298
Weyerhaeuser Company		4.63			9-15-2023		210,000		231,125
Weyerhaeuser Company		7.38			10-1-2019		70,000		77,469
Weyerhaeuser Company		7.38			3-15-2032		200,000		283,997
WP Carey Incorporated		4.60			4-1-2024		350,000		370,616

									24,002,906


Telecommunication Services: 0.79%

Diversified Telecommunication Services: 0.73%
AT&T Incorporated		3.00			2-15-2022		200,000		202,558
AT&T Incorporated		3.90			3-11-2024		350,000		364,859
AT&T Incorporated		4.30			12-15-2042		350,000		324,989
AT&T Incorporated		4.50			5-15-2035		230,000		225,155
AT&T Incorporated		5.00			3-1-2021		200,000		217,105
AT&T Incorporated		5.15			3-15-2042		350,000		357,177
AT&T Incorporated		6.00			8-15-2040		280,000		317,169
AT&T Incorporated		6.30			1-15-2038		350,000		410,912
Qwest Corporation		6.88			9-15-2033		178,000		175,963
Verizon Communications Incorporated		3.85			11-1-2042		260,000		225,386
Verizon Communications Incorporated		4.67			3-15-2055		655,000		608,737
Verizon Communications Incorporated		4.75			11-1-2041		350,000		345,770
Verizon Communications Incorporated		4.86			8-21-2046		581,000		578,039

									4,353,819


Wireless Telecommunication Services: 0.06%
CC Holdings GS V LLC		3.85			4-15-2023		350,000		368,814


Utilities: 6.36%

Electric Utilities: 4.61%
Alabama Power Company		3.55			12-1-2023		175,000		185,505
Alabama Power Company		3.85			12-1-2042		140,000		144,023
Alabama Power Company		4.15			8-15-2044		105,000		113,374
American Electric Power Company Incorporated		2.95			12-15-2022		140,000		143,621
Appalachian Power Company		3.40			6-1-2025		175,000		181,774
Appalachian Power Company		4.45			6-1-2045		175,000		195,512
Appalachian Power Company		7.00			4-1-2038		70,000		99,209
Arizona Public Service Company		3.15			5-15-2025		105,000		106,966
Arizona Public Service Company		4.50			4-1-2042		70,000		78,331
Baltimore Gas & Electric Company		3.50			8-15-2046		50,000		48,119
Carolina Power & Light Company		2.80			5-15-2022		175,000		179,848
CenterPoint Energy Houston		2.25			8-1-2022		210,000		210,316
CenterPoint Energy Houston		3.55			8-1-2042		175,000		173,322

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			221

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
CenterPoint Energy Houston		4.50	%		4-1-2044	$	175,000	$	199,472
Cleveland Electric Illuminating Company		5.50			8-15-2024		500,000		578,555
Commonwealth Edison Company		3.80			10-1-2042		70,000		72,203
Commonwealth Edison Company		4.70			1-15-2044		175,000		202,878
Commonwealth Edison Company		5.90			3-15-2036		175,000		228,999
Connecticut Light & Power Company		4.15			6-1-2045		87,000		94,272
Consolidated Edison Company of New York Incorporated		4.20			3-15-2042		175,000		188,239
Consolidated Edison Company of New York Incorporated		4.30			12-1-2056		245,000		266,306
Consolidated Edison Company of New York Incorporated		4.45			3-15-2044		350,000		393,118
Consolidated Edison Company of New York Incorporated		6.20			6-15-2036		200,000		266,352
Consolidated Edison Company of New York Incorporated		6.30			8-15-2037		175,000		235,876
Consolidated Edison Company of New York Incorporated		6.75			4-1-2038		210,000		299,864
Consolidated Edison Company of New York Incorporated		7.13			12-1-2018		140,000		149,077
DTE Electric Company		3.65			3-15-2024		105,000		111,884
Duke Energy Carolinas LLC		4.30			6-15-2020		50,000		53,418
Duke Energy Carolinas LLC		6.10			6-1-2037		175,000		230,667
Duke Energy Carolinas LLC		7.00			11-15-2018		70,000		74,381
Duke Energy Corporation		3.05			8-15-2022		70,000		71,809
Duke Energy Corporation		3.95			10-15-2023		140,000		149,380
Duke Energy Florida Incorporated		3.85			11-15-2042		70,000		71,979
Duke Energy Indiana Incorporated		3.75			5-15-2046		175,000		176,935
Duke Energy Indiana Incorporated		4.90			7-15-2043		105,000		126,412
Duke Energy Indiana Incorporated		6.45			4-1-2039		45,000		62,807
Duke Energy Progress Incorporated		3.00			9-15-2021		175,000		180,495
Duke Energy Progress Incorporated		4.10			3-15-2043		105,000		113,156
Duke Energy Progress Incorporated		4.15			12-1-2044		175,000		189,471
Duke Energy Progress Incorporated		4.38			3-30-2044		175,000		194,715
Emera US Finance LP		3.55			6-15-2026		200,000		203,774
Entergy Arkansas Incorporated		3.70			6-1-2024		175,000		185,657
Entergy Corporation		5.13			9-15-2020		175,000		188,792
Entergy Gulf States Louisiana LLC		5.59			10-1-2024		84,000		98,159
Entergy Louisiana LLC		3.25			4-1-2028		350,000		357,557
Entergy Louisiana LLC		5.40			11-1-2024		175,000		203,903
Entergy Texas Incorporated		7.13			2-1-2019		140,000		149,519
Exelon Corporation		4.95			6-15-2035		140,000		158,249
Exelon Corporation		5.10			6-15-2045		280,000		322,537
Exelon Corporation		5.63			6-15-2035		255,000		308,692
Exelon Generation Company LLC		4.25			6-15-2022		157,000		167,127
FirstEnergy Corporation		4.25			3-15-2023		168,000		178,273
FirstEnergy Corporation Series C		7.38			11-15-2031		390,000		526,344
Florida Power & Light Company		3.25			6-1-2024		350,000		365,393
Florida Power & Light Company		4.05			6-1-2042		175,000		189,052
Florida Power & Light Company		4.13			2-1-2042		560,000		609,672
Florida Power & Light Company		5.25			2-1-2041		140,000		175,191
Florida Power & Light Company		5.95			2-1-2038		224,000		298,180
Florida Power & Light Company		5.96			4-1-2039		175,000		234,171
Florida Power Corporation		5.65			4-1-2040		87,000		112,526
Georgia Power Company		4.30			3-15-2042		175,000		185,137
Georgia Power Company		4.30			3-15-2043		245,000		259,613
Georgia Power Company		5.40			6-1-2040		175,000		210,773

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


222		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Georgia Power Company		5.95	%		2-1-2039	$	175,000	$	221,179
Great Plains Energy Incorporated		4.85			6-1-2021		35,000		37,456
Interstate Power & Light Company		6.25			7-15-2039		21,000		27,784
Jersey Central Power & Light Company		7.35			2-1-2019		175,000		187,261
Kansas City Power & Light Company		3.15			3-15-2023		140,000		143,231
Kansas City Power & Light Company		7.15			4-1-2019		140,000		151,205
Kentucky Utilities Company		3.25			11-1-2020		175,000		181,475
LG&E & KU Energy LLC		3.75			11-15-2020		70,000		73,219
MidAmerican Energy Holdings Company		4.80			9-15-2043		210,000		247,749
MidAmerican Energy Holdings Company		5.95			5-15-2037		210,000		270,036
MidAmerican Energy Holdings Company		6.13			4-1-2036		140,000		182,759
MidAmerican Energy Holdings Company		6.75			12-30-2031		105,000		145,146
Nevada Power Company		6.75			7-1-2037		140,000		191,415
NiSource Finance Corporation		5.65			2-1-2045		140,000		173,956
Northeast Utilities		2.80			5-1-2023		122,000		123,616
Northern States Power Company of Minnesota		2.15			8-15-2022		175,000		174,999
Northern States Power Company of Minnesota		2.60			5-15-2023		105,000		106,544
Northern States Power Company of Minnesota		3.40			8-15-2042		175,000		171,334
Northern States Power Company of Minnesota		5.35			11-1-2039		28,000		35,201
Northern States Power Company of Minnesota		6.20			7-1-2037		210,000		284,323
NSTAR Electric Company		2.38			10-15-2022		140,000		140,886
NSTAR Electric Company		5.50			3-15-2040		70,000		89,050
Oglethorpe Power Corporation		5.25			9-1-2050		240,000		274,006
Oglethorpe Power Corporation		5.38			11-1-2040		210,000		245,468
Oglethorpe Power Corporation		5.95			11-1-2039		105,000		130,832
Ohio Edison Company		6.88			7-15-2036		175,000		238,975
Ohio Power Company		5.38			10-1-2021		45,000		50,425
Oncor Electric Delivery Company LLC		4.55			12-1-2041		140,000		157,378
Oncor Electric Delivery Company LLC		5.25			9-30-2040		175,000		213,903
Oncor Electric Delivery Company LLC		7.00			5-1-2032		122,000		170,570
Oncor Electric Delivery Company LLC		7.50			9-1-2038		140,000		211,113
PacifiCorp		3.60			4-1-2024		175,000		185,741
PacifiCorp		4.10			2-1-2042		70,000		74,704
PacifiCorp		5.75			4-1-2037		175,000		224,154
PECO Energy Company		2.38			9-15-2022		300,000		302,245
PECO Energy Company		4.15			10-1-2044		245,000		265,619
Potomac Electric Power Company		3.60			3-15-2024		175,000		185,700
Potomac Electric Power Company		6.50			11-15-2037		140,000		193,443
PPL Capital Funding Incorporated		3.40			6-1-2023		350,000		363,252
PPL Capital Funding Incorporated		3.95			3-15-2024		175,000		185,258
PPL Capital Funding Incorporated		4.20			6-15-2022		140,000		151,085
PPL Capital Funding Incorporated		4.70			6-1-2043		87,000		96,662
PPL Electric Utilities		4.75			7-15-2043		105,000		123,351
PPL Electric Utilities		6.25			5-15-2039		31,000		42,600
Progress Energy Incorporated		4.10			5-15-2042		175,000		187,661
Progress Energy Incorporated		6.00			12-1-2039		210,000		270,431
Progress Energy Incorporated		6.30			4-1-2038		35,000		47,973
PSEG Power LLC		5.13			4-15-2020		196,000		210,685
PSEG Power LLC		8.63			4-15-2031		75,000		99,583
Public Service Company of Colorado		2.25			9-15-2022		70,000		70,266

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			223

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Public Service Company of Colorado		3.20	%		11-15-2020	$	210,000	$	217,635
Public Service Company of Colorado		3.60			9-15-2042		140,000		139,988
Public Service Company of Colorado		4.30			3-15-2044		175,000		193,754
Public Service Company of Colorado		5.13			6-1-2019		145,000		153,351
Public Service Company of New Hampshire		3.50			11-1-2023		210,000		222,120
Public Service Electric & Gas Company		2.38			5-15-2023		140,000		140,075
Public Service Electric & Gas Company		3.65			9-1-2042		175,000		177,183
Public Service Electric & Gas Company		3.80			1-1-2043		140,000		145,607
Public Service Electric & Gas Company		3.95			5-1-2042		70,000		74,431
Public Service Electric & Gas Company		5.80			5-1-2037		70,000		91,775
Southern California Edison Company		3.88			6-1-2021		449,000		477,923
Southern California Edison Company		3.90			3-15-2043		105,000		110,846
Southern California Edison Company		4.05			3-15-2042		350,000		376,131
Southern California Edison Company		5.35			7-15-2035		126,000		154,161
Southern California Edison Company		5.50			3-15-2040		140,000		178,611
Southern California Edison Company		6.00			1-15-2034		70,000		90,479
Southern California Edison Company		6.05			3-15-2039		245,000		329,705
Southern Company		2.45			9-1-2018		126,000		126,859
Southern Company		2.75			6-15-2020		175,000		178,095
Southern Company		2.95			7-1-2023		200,000		202,375
Southwestern Electric Power Company		6.20			3-15-2040		35,000		46,205
TXU Electric Delivery Company		7.25			1-15-2033		52,000		73,667
Union Electric Company		3.90			9-15-2042		175,000		184,388
Union Electric Company		8.45			3-15-2039		56,000		91,145
Virginia Electric & Power Company		3.10			5-15-2025		70,000		71,212
Virginia Electric & Power Company		3.45			2-15-2024		105,000		109,793
Virginia Electric & Power Company		4.00			1-15-2043		227,000		237,458
Virginia Electric & Power Company		4.00			11-15-2046		270,000		284,442
Virginia Electric & Power Company		4.20			5-15-2045		105,000		113,817
Virginia Electric & Power Company		4.45			2-15-2044		105,000		117,010
Virginia Electric & Power Company		5.00			6-30-2019		140,000		147,925
Virginia Electric & Power Company		6.00			1-15-2036		70,000		91,620
Virginia Electric & Power Company		8.88			11-15-2038		210,000		358,421
Westar Energy Incorporated		4.10			4-1-2043		210,000		224,520
Westar Energy Incorporated		4.13			3-1-2042		350,000		374,449
Wisconsin Electric Power Company		5.63			5-15-2033		70,000		85,142
Wisconsin Electric Power Company		5.70			12-1-2036		105,000		132,576
Wisconsin Power & Light Company		6.38			8-15-2037		175,000		238,567

									27,627,299


Gas Utilities: 0.38%
Atmos Energy Corporation		4.13			10-15-2044		245,000		263,677
Atmos Energy Corporation		4.15			1-15-2043		113,000		121,481
Atmos Energy Corporation		5.50			6-15-2041		42,000		52,134
Atmos Energy Corporation		8.50			3-15-2019		175,000		192,460
CenterPoint Energy Resources Corporation		4.50			1-15-2021		45,000		47,695
CenterPoint Energy Resources Corporation		5.85			1-15-2041		77,000		96,225
National Fuel Gas Company		3.75			3-1-2023		218,000		223,807
One Gas Incorporated		2.07			2-1-2019		70,000		70,231
One Gas Incorporated		3.61			2-1-2024		70,000		73,979

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


224		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Gas Utilities (continued)
One Gas Incorporated		4.66	%		2-1-2044	$	35,000	$	39,762
Piedmont Natural Gas Company		4.65			8-1-2043		35,000		39,257
Sempra Energy		2.88			10-1-2022		140,000		141,665
Sempra Energy		6.00			10-15-2039		520,000		671,220
Southern California Gas Company		3.75			9-15-2042		140,000		145,354
Southern California Gas Company		5.13			11-15-2040		70,000		84,778

									2,263,725


Independent Power & Renewable Electricity Producers: 0.07%
Constellation Energy Group Incorporated		5.15			12-1-2020		70,000		75,924
Southern Power Company		5.25			7-15-2043		314,000		349,317

									425,241


Multi-Utilities: 1.26%
Berkshire Hathaway Energy		2.00			11-15-2018		175,000		175,643
Berkshire Hathaway Energy		3.75			11-15-2023		350,000		372,303
Berkshire Hathaway Energy		5.15			11-15-2043		280,000		335,694
Black Hills Corporation		4.25			11-30-2023		210,000		226,004
CMS Energy Corporation		5.05			3-15-2022		245,000		271,675
Consumers Energy Company		3.95			5-15-2043		140,000		148,253
Consumers Energy Company		6.70			9-15-2019		100,000		109,658
Dominion Resources Incorporated		2.50			12-1-2019		132,000		133,546
Dominion Resources Incorporated		2.75			9-15-2022		210,000		211,817
Dominion Resources Incorporated		3.63			12-1-2024		210,000		219,250
Dominion Resources Incorporated		4.05			9-15-2042		175,000		175,097
Dominion Resources Incorporated		4.45			3-15-2021		70,000		75,323
Dominion Resources Incorporated		4.70			12-1-2044		175,000		193,610
Dominion Resources Incorporated		4.90			8-1-2041		42,000		47,201
Dominion Resources Incorporated		5.95			6-15-2035		157,000		196,969
DTE Energy Company		2.40			12-1-2019		210,000		211,669
DTE Energy Company		3.30			6-15-2022		70,000		72,135
DTE Energy Company		3.85			12-1-2023		170,000		179,689
Eversource Energy		4.50			11-15-2019		70,000		73,691
Pacific Gas & Electric Company		2.45			8-15-2022		175,000		175,892
Pacific Gas & Electric Company		2.95			3-1-2026		350,000		352,834
Pacific Gas & Electric Company		3.40			8-15-2024		205,000		214,684
Pacific Gas & Electric Company		3.50			6-15-2025		105,000		109,907
Pacific Gas & Electric Company		3.75			8-15-2042		140,000		139,225
Pacific Gas & Electric Company		4.30			3-15-2045		140,000		153,530
Pacific Gas & Electric Company		5.40			1-15-2040		310,000		382,387
Pacific Gas & Electric Company		6.35			2-15-2038		70,000		95,014
Pacific Gas & Electric Company		8.25			10-15-2018		175,000		187,335
Pacific Gas & Electric Corporation		5.13			11-15-2043		175,000		213,206
Puget Energy Incorporated		3.65			5-15-2025		140,000		144,042
Puget Energy Incorporated		6.00			9-1-2021		175,000		197,602
Puget Sound Energy Incorporated		5.80			3-15-2040		35,000		45,539
Puget Sound Energy Incorporated		6.27			3-15-2037		231,000		308,096
San Diego Gas & Electric Company		3.00			8-15-2021		300,000		311,014
San Diego Gas & Electric Company		6.00			6-1-2039		371,000		495,576

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			225

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Multi-Utilities (continued)
Scana Corporation		4.75	%		5-15-2021	$	175,000	$	185,319
WEC Energy Group Incorporated		2.45			6-15-2020		105,000		106,332
WEC Energy Group Incorporated		3.55			6-15-2025		140,000		146,214
Xcel Energy Incorporated		4.70			5-15-2020		175,000		185,413

									7,578,388


Water Utilities: 0.04%
American Water Capital Corporation		3.40			3-1-2025		210,000		219,651


Total Corporate Bonds and Notes (Cost $434,097,252)									454,996,492


Yankee Corporate Bonds and Notes: 19.56%

Consumer Discretionary: 0.14%

Auto Components: 0.03%
Magna International Incorporated		4.15			10-1-2025		175,000		188,397


Media: 0.11%
WPP Finance 2010		3.63			9-7-2022		245,000		255,598
WPP Finance 2010		3.75			9-19-2024		200,000		206,336
WPP Finance 2010		5.63			11-15-2043		140,000		161,809

									623,743


Consumer Staples: 0.24%

Beverages: 0.24%
Coca-Cola Femsa SAB de CV		3.88			11-26-2023		300,000		320,060
Coca-Cola Femsa SAB de CV		4.63			2-15-2020		200,000		212,777
Diageo Capital plc		2.63			4-29-2023		210,000		214,063
Diageo Capital plc		3.88			4-29-2043		161,000		166,315
Diageo Capital plc		5.88			9-30-2036		122,000		159,152
Fomento Economico Mexicano SAB de CV		2.88			5-10-2023		200,000		201,083
Fomento Economico Mexicano SAB de CV		4.38			5-10-2043		150,000		153,268

									1,426,718


Energy: 2.16%

Oil, Gas & Consumable Fuels: 2.16%
BP Capital Markets plc		2.24			5-10-2019		280,000		282,444
BP Capital Markets plc		2.52			1-15-2020		700,000		712,259
BP Capital Markets plc		3.25			5-6-2022		525,000		546,435
BP Capital Markets plc		3.81			2-10-2024		350,000		372,380
BP Capital Markets plc		4.50			10-1-2020		350,000		376,752
BP Capital Markets plc		4.75			3-10-2019		315,000		329,490
Canadian National Resources Limited		6.75			2-1-2039		110,000		134,207
Canadian Natural Resources Limited		3.90			2-1-2025		210,000		215,368
Canadian Natural Resources Limited		6.25			3-15-2038		1,150,000		1,353,115
Cenovus Energy Incorporated		3.00			8-15-2022		145,000		139,716
Cenovus Energy Incorporated 144A		4.25			4-15-2027		800,000		772,225
Cenovus Energy Incorporated		4.45			9-15-2042		320,000		267,950
Cenovus Energy Incorporated		5.70			10-15-2019		200,000		210,220

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


226		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Cenovus Energy Incorporated		6.75	%		11-15-2039	$	240,000	$	259,354
Enbridge Incorporated		3.50			6-10-2024		700,000		711,822
Husky Energy Incorporated		4.00			4-15-2024		350,000		359,814
Husky Energy Incorporated		6.80			9-15-2037		70,000		87,834
Husky Energy Incorporated		7.25			12-15-2019		395,000		438,309
Petro-Canada		5.95			5-15-2035		140,000		169,871
Suncor Energy Incorporated		3.60			12-1-2024		420,000		433,881
Suncor Energy Incorporated		5.95			12-1-2034		52,000		63,391
Suncor Energy Incorporated		6.50			6-15-2038		280,000		363,690
Total Capital Canada Limited		2.75			7-15-2023		245,000		250,340
Total Capital International SA		2.13			1-10-2019		350,000		352,427
Total Capital International SA		2.70			1-25-2023		385,000		392,441
Total Capital International SA		2.88			2-17-2022		175,000		180,040
Total Capital International SA		3.75			4-10-2024		350,000		374,213
Total Capital SA		4.13			1-28-2021		70,000		75,047
Total Capital SA		4.45			6-24-2020		350,000		375,756
TransCanada PipeLines Limited		2.50			8-1-2022		640,000		644,459
TransCanada PipeLines Limited		3.75			10-16-2023		175,000		185,735
TransCanada PipeLines Limited		3.80			10-1-2020		210,000		220,949
TransCanada PipeLines Limited		5.00			10-16-2043		350,000		408,060
TransCanada PipeLines Limited		5.60			3-31-2034		70,000		84,608
TransCanada PipeLines Limited		6.10			6-1-2040		210,000		274,188
TransCanada PipeLines Limited		7.63			1-15-2039		350,000		515,450

									12,934,240


Financials: 11.11%

Banks: 9.00%
Australia & New Zealand Banking Group Limited		2.25			6-13-2019		700,000		707,552
Australia & New Zealand Banking Group Limited		2.30			6-1-2021		750,000		753,756
Australia & New Zealand Banking Group Limited		2.70			11-16-2020		1,300,000		1,326,777
Bancolombia SA		5.95			6-3-2021		200,000		221,500
Bank of Montreal		1.50			7-18-2019		1,600,000		1,592,983
Bank of Montreal		1.90			8-27-2021		270,000		268,516
Bank of Montreal		2.55			11-6-2022		700,000		708,254
Bank of Nova Scotia		1.95			1-15-2019		525,000		527,388
Bank of Nova Scotia		2.80			7-21-2021		1,805,000		1,848,780
Bank of Nova Scotia		4.38			1-13-2021		350,000		375,216
Barclays plc		2.75			11-8-2019		472,000		477,684
Barclays plc		2.88			6-8-2020		300,000		303,740
Barclays plc		3.25			1-12-2021		500,000		510,982
Barclays plc		4.38			1-12-2026		800,000		841,155
Barclays plc		5.20			5-12-2026		500,000		534,812
Barclays plc		5.25			8-17-2045		500,000		571,818
BNP Paribas		2.40			12-12-2018		420,000		423,802
BNP Paribas		3.25			3-3-2023		300,000		310,719
BNP Paribas		4.25			10-15-2024		400,000		421,589
BNP Paribas		5.00			1-15-2021		1,105,000		1,207,531
BPCE SA		2.50			7-15-2019		1,700,000		1,717,932
BPCE SA		2.75			12-2-2021		330,000		335,277

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			227

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
BPCE SA		4.00	%		4-15-2024	$	500,000	$	534,472
Cooperatieve Rabobank UA		3.75			7-21-2026		780,000		796,503
Credit Suisse (New York)		3.00			10-29-2021		700,000		718,351
Credit Suisse (New York)		5.40			1-14-2020		300,000		322,383
Credit Suisse Group Funding (Guernsey) Limited		3.45			4-16-2021		250,000		258,009
Credit Suisse Group Funding Limited		3.75			3-26-2025		700,000		717,478
Credit Suisse Group Funding Limited		4.55			4-17-2026		750,000		806,217
Credit Suisse Group Funding Limited		4.88			5-15-2045		500,000		558,876
Deutsche Bank AG		3.13			1-13-2021		350,000		355,162
HSBC Holdings plc		3.90			5-25-2026		700,000		734,600
HSBC Holdings plc		4.00			3-30-2022		200,000		212,790
HSBC Holdings plc		4.88			1-14-2022		175,000		192,145
HSBC Holdings plc		6.10			1-14-2042		280,000		374,323
HSBC Holdings plc		6.50			5-2-2036		200,000		259,227
HSBC Holdings plc		6.80			6-1-2038		245,000		330,773
Intesa Sanpaolo SpA		5.25			1-12-2024		500,000		555,358
Lloyds Banking Group plc		4.50			11-4-2024		3,100,000		3,272,039
Lloyds Banking Group plc		4.58			12-10-2025		250,000		263,343
Lloyds Banking Group plc		5.30			12-1-2045		300,000		351,843
Mitsubishi UFJ Financial Group Incorporated		2.19			9-13-2021		700,000		696,065
Mitsubishi UFJ Financial Group Incorporated		2.76			9-13-2026		560,000		546,577
Mitsubishi UFJ Financial Group Incorporated		2.95			3-1-2021		612,000		626,007
Mitsubishi UFJ Financial Group Incorporated		3.85			3-1-2026		525,000		554,543
Mizuho Financial Group		2.95			2-28-2022		750,000		762,654
National Australia Bank Limited		2.50			7-12-2026		1,600,000		1,539,811
National Australia Bank Limited		3.00			1-20-2023		350,000		358,496
NIBC Bank NV		4.88			11-19-2019		560,000		596,063
Perrigo Finance Unlimited Company		4.38			3-15-2026		500,000		518,938
Rabobank Nederland NV		3.88			2-8-2022		350,000		373,600
RaboBank Nederland NV		4.50			1-11-2021		350,000		375,879
Rabobank Nederland NV		4.63			12-1-2023		750,000		815,368
Rabobank Nederland NV		5.75			12-1-2043		250,000		312,630
Royal Bank of Canada		2.00			12-10-2018		250,000		251,044
Royal Bank of Canada		2.15			3-15-2019		350,000		353,020
Royal Bank of Canada		2.15			3-6-2020		300,000		302,294
Royal Bank of Canada		2.50			1-19-2021		350,000		355,465
Royal Bank of Canada		4.65			1-27-2026		1,350,000		1,460,416
Royal Bank of Scotland Group plc		3.88			9-12-2023		200,000		204,756
Royal Bank of Scotland Group plc		4.80			4-5-2026		3,000,000		3,211,516
Santander UK plc		2.35			9-10-2019		240,000		242,341
Santander UK plc		2.50			3-14-2019		1,300,000		1,313,445
Santander UK plc		4.00			3-13-2024		525,000		559,678
Skandinaviska Enskilda		2.63			3-15-2021		500,000		507,771
Sumitomo Mitsui Banking Corporation		2.25			7-11-2019		750,000		755,338
Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		267,646
Sumitomo Mitsui Financial Group		3.01			10-19-2026		655,000		652,143
Sumitomo Mitsui Financial Group		3.78			3-9-2026		700,000		737,737
Svenska Handelsbanken AB		2.50			1-25-2019		260,000		262,811
Svenska Handelsbanken AB		1.88			9-7-2021		500,000		495,389
Svenska Handelsbanken AB		2.25			6-17-2019		500,000		504,392

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


228		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Svenska Handelsbanken AB		2.45	%		3-30-2021	$	750,000	$	759,333
Toronto Dominion Bank		1.80			7-13-2021		1,000,000		991,686
Toronto Dominion Bank		2.13			7-2-2019		350,000		352,734
Toronto Dominion Bank		2.50			12-14-2020		560,000		569,395
Toronto Dominion Bank		2.63			9-10-2018		420,000		424,465
Toronto Dominion Bank (5 Year USD Swap Rate +2.21%) ±		3.63			9-15-2031		525,000		526,032
Westpac Banking Corporation		2.10			5-13-2021		350,000		349,761
Westpac Banking Corporation		2.15			3-6-2020		290,000		292,273
Westpac Banking Corporation		2.25			1-17-2019		175,000		176,205
Westpac Banking Corporation		2.30			5-26-2020		700,000		707,812
Westpac Banking Corporation		2.85			5-13-2026		700,000		694,573

									53,959,757


Capital Markets: 0.63%
Deutsche Bank AG (London)		2.50			2-13-2019		350,000		351,759
Deutsche Bank AG (London)		2.85			5-10-2019		420,000		424,723
Deutsche Bank AG (London)		3.38			5-12-2021		420,000		429,776
Deutsche Bank AG (London)		3.70			5-30-2024		1,500,000		1,534,057
Invesco Finance plc		4.00			1-30-2024		175,000		187,301
Invesco Finance plc		5.38			11-30-2043		175,000		213,249
Nomura Holdings Incorporated		2.75			3-19-2019		350,000		354,323
Nomura Holdings Incorporated		6.70			3-4-2020		249,000		275,562

									3,770,750


Diversified Financial Services: 1.21%
Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		135,000		166,260
BHP Billiton Finance USA Limited		2.88			2-24-2022		1,300,000		1,340,117
BHP Billiton Finance USA Limited		3.85			9-30-2023		200,000		217,095
BHP Billiton Finance USA Limited		5.00			9-30-2043		350,000		414,596
Burlington Resources Finance Company		7.20			8-15-2031		350,000		474,398
ConocoPhillips Canada Funding Company		5.95			10-15-2036		210,000		262,170
GE Capital International Funding Company		2.34			11-15-2020		300,000		303,674
GE Capital International Funding Company		3.37			11-15-2025		550,000		572,850
Shell International Finance BV		2.25			1-6-2023		175,000		174,967
Shell International Finance BV		2.38			8-21-2022		175,000		176,662
Shell International Finance BV		2.88			5-10-2026		230,000		231,282
Shell International Finance BV		3.25			5-11-2025		350,000		362,934
Shell International Finance BV		3.40			8-12-2023		175,000		184,334
Shell International Finance BV		3.63			8-21-2042		175,000		167,862
Shell International Finance BV		4.13			5-11-2035		350,000		373,245
Shell International Finance BV		4.38			3-25-2020		350,000		372,878
Shell International Finance BV		4.38			5-11-2045		350,000		374,564
Shell International Finance BV		6.38			12-15-2038		245,000		334,069
UBS AG		2.35			3-26-2020		500,000		504,734
UBS AG		2.38			8-14-2019		225,000		227,293

									7,235,984


Insurance: 0.27%
AON plc		4.00			11-27-2023		105,000		113,046

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			229

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)
AON plc		4.60	%		6-14-2044	$	420,000	$	453,962
AXA SA		8.60			12-15-2030		455,000		658,044
XLIT Limited		2.30			12-15-2018		245,000		246,408
XLIT Limited		5.25			12-15-2043		140,000		160,830

									1,632,290


Health Care: 1.60%

Health Care Equipment & Supplies: 0.06%
Covidien International Finance SA		6.55			10-15-2037		280,000		380,221


Pharmaceuticals: 1.54%
Actavis Funding SCS		3.85			6-15-2024		350,000		369,239
Actavis Funding SCS		4.75			3-15-2045		700,000		765,234
Actavis Funding SCS		4.85			6-15-2044		350,000		385,416
Allergan Funding Company		2.45			6-15-2019		310,000		312,899
AstraZeneca plc		1.95			9-18-2019		1,000,000		1,000,732
AstraZeneca plc		2.38			11-16-2020		350,000		352,876
AstraZeneca plc		3.38			11-16-2025		500,000		511,583
AstraZeneca plc		4.00			9-18-2042		385,000		382,343
AstraZeneca plc		6.45			9-15-2037		180,000		238,066
Mylan NV		3.95			6-15-2026		700,000		713,124
Novartis Securities Investment Limited		5.13			2-10-2019		700,000		734,979
Sanofi Aventis		4.00			3-29-2021		490,000		524,196
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		400,000		397,131
Shire Acquisitions Investments Ireland Limited		1.90			9-23-2019		190,000		189,430
Shire plc ADR		3.20			9-23-2026		560,000		551,125
Teva Pharmaceutical Finance BV		2.20			7-21-2021		500,000		475,832
Teva Pharmaceutical Finance BV		2.95			12-18-2022		350,000		334,855
Teva Pharmaceutical Finance BV		3.15			10-1-2026		875,000		800,685
Teva Pharmaceuticals Industries Incorporated		1.70			7-19-2019		190,000		185,685

									9,225,430


Industrials: 0.95%

Aerospace & Defense: 0.05%
Embraer Netherlands Finance BV		5.05			6-15-2025		290,000		308,473


Industrial Conglomerates: 0.16%
Koninklijke Philips Electronics NV		3.75			3-15-2022		350,000		370,784
Koninklijke Philips Electronics NV		6.88			3-11-2038		175,000		239,580
Tyco Electronics Group SA		7.13			10-1-2037		245,000		353,183

									963,547


Road & Rail: 0.29%
Canadian National Railway Company		5.55			3-1-2019		304,000		321,287
Canadian National Railway Company		6.20			6-1-2036		140,000		186,764
Canadian National Railway Company		6.38			11-15-2037		385,000		533,753
Canadian Pacific Railway Company		4.45			3-15-2023		140,000		152,911
Canadian Pacific Railway Company		5.95			5-15-2037		45,000		57,128
Canadian Pacific Railway Company		6.13			9-15-2115		350,000		447,187

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


230		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Road & Rail (continued)
Canadian Pacific Railway Company		7.25	%		5-15-2019	$	45,000	$	48,878

									1,747,908


Trading Companies & Distributors: 0.45%
AerCap Ireland Capital Limited		3.75			5-15-2019		577,000		591,953
AerCap Ireland Capital Limited		3.95			2-1-2022		520,000		542,436
AerCap Ireland Capital Limited		4.50			5-15-2021		795,000		844,957
AerCap Ireland Capital Limited		4.63			10-30-2020		665,000		708,853

									2,688,199


Information Technology: 0.22%

Internet Software & Services: 0.16%
Alibaba Group Holding Company		3.13			11-28-2021		250,000		257,151
Alibaba Group Holding Limited		3.60			11-28-2024		200,000		209,171
Baidu Incorporated		2.75			6-9-2019		525,000		529,676

									995,998


Technology Hardware, Storage & Peripherals: 0.06%
Seagate HDD Cayman		4.75			1-1-2025		350,000		341,029

									341,029


Materials: 1.39%

Chemicals: 0.52%
Agrium Incorporated		3.50			6-1-2023		210,000		217,571
Agrium Incorporated		4.90			6-1-2043		140,000		154,573
Agrium Incorporated		6.13			1-15-2041		115,000		141,977
Agrium Incorporated		6.75			1-15-2019		210,000		222,929
LYB International Finance BV		4.00			7-15-2023		700,000		744,914
LyondellBasell Industries NV		4.63			2-26-2055		350,000		353,775
LyondellBasell Industries NV		5.00			4-15-2019		400,000		416,389
LyondellBasell Industries NV		5.75			4-15-2024		250,000		287,740
Potash Corporation of Saskatchewan Incorporated		4.88			3-30-2020		178,000		188,747
Potash Corporation of Saskatchewan Incorporated		5.63			12-1-2040		140,000		167,278
Potash Corporation of Saskatchewan Incorporated		5.88			12-1-2036		157,000		189,243
Potash Corporation of Saskatchewan Incorporated		6.50			5-15-2019		45,000		48,175

									3,133,311


Metals & Mining: 0.76%
Barrick Gold Corporation		4.10			5-1-2023		154,000		169,333
Goldcorp Incorporated		3.70			3-15-2023		210,000		219,080
Rio Tinto Finance (USA) Limited		2.88			8-21-2022		8,000		8,199
Rio Tinto Finance (USA) Limited		4.13			8-21-2042		175,000		183,726
Rio Tinto Finance (USA) Limited		4.75			3-22-2042		875,000		1,008,812
Rio Tinto Finance (USA) Limited		5.20			11-2-2040		330,000		399,580
Rio Tinto Finance (USA) Limited		7.13			7-15-2028		350,000		473,343
Vale Overseas Limited		4.38			1-11-2022		140,000		147,770
Vale Overseas Limited		4.63			9-15-2020		210,000		222,863
Vale Overseas Limited		6.88			11-21-2036		382,000		436,817

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			231

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Metals & Mining (continued)
Vale Overseas Limited		6.88	%		11-10-2039	$	91,000	$	103,740
Vale Overseas Limited		8.25			1-17-2034		540,000		674,347
Vale SA		5.63			9-11-2042		525,000		534,187

									4,581,797


Paper & Forest Products: 0.11%
Celulosa Arauco y Constitucion SA		4.75			1-11-2022		350,000		371,242
Celulosa Arauco y Constitucion SA		7.25			7-29-2019		245,000		267,640

									638,882


Telecommunication Services: 1.75%

Diversified Telecommunication Services: 1.02%
British Telecommunications plc		9.13			12-15-2030		455,000		704,019
Deutsche Telekom International Finance BV		6.00			7-8-2019		350,000		375,307
Deutsche Telekom International Finance BV		9.25			6-1-2032		350,000		557,929
France Telecom SA		5.38			7-8-2019		420,000		446,282
France Telecom SA		5.38			1-13-2042		350,000		416,567
Orange SA		2.75			2-6-2019		350,000		354,752
Orange SA		9.00			3-1-2031		427,000		654,209
Telefonica Emisiones SAU		4.10			3-8-2027		750,000		783,650
Telefonica Emisiones SAU		4.57			4-27-2023		300,000		330,105
Telefonica Emisiones SAU		5.13			4-27-2020		511,000		549,996
Telefonica Emisiones SAU		5.21			3-8-2047		500,000		556,034
Telefonica Europe BV		8.25			9-15-2030		294,000		419,106

									6,147,956


Wireless Telecommunication Services: 0.73%
America Movil SAB de CV		3.13			7-16-2022		220,000		227,931
America Movil SAB de CV		4.38			7-16-2042		250,000		259,134
America Movil SAB de CV		5.00			3-30-2020		700,000		753,872
America Movil SAB de CV		6.13			11-15-2037		70,000		86,056
America Movil SAB de CV		6.38			3-1-2035		395,000		500,947
Rogers Communications Incorporated		3.00			3-15-2023		140,000		142,438
Rogers Communications Incorporated		4.50			3-15-2043		140,000		148,372
Rogers Communications Incorporated		5.00			3-15-2044		470,000		540,227
Vodafone Group plc		2.50			9-26-2022		350,000		353,199
Vodafone Group plc		2.95			2-19-2023		190,000		193,683
Vodafone Group plc		4.38			2-19-2043		350,000		355,852
Vodafone Group plc		5.45			6-10-2019		280,000		296,941
Vodafone Group plc		6.25			11-30-2032		210,000		260,419
Vodafone Group plc		7.88			2-15-2030		175,000		238,830

									4,357,901


Total Yankee Corporate Bonds and Notes (Cost $113,003,284)									117,282,531

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


232		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 0.44%

Investment Companies: 0.44%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.92	%		2,648,131	$	2,648,131


Total Short-Term Investments (Cost $2,648,131)							2,648,131


Total investments in securities (Cost $549,748,667) *	95.90	%		574,927,154
Other assets and liabilities, net	4.10			24,557,349

Total net assets	100.00	%	$	599,484,503

±	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.

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 0.44%
Wells Fargo Government Money Market Fund Select Class		0		94,644,796		91,996,665		2,648,131	$	0	$	0	$	11,991	$	2,648,131

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			233

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 1.89%
FHLMC ¤		0.00	%		11-29-2019	$	155,000	$	149,212
FHLMC		1.38			2-28-2019		550,000		549,650
FHLMC		2.05			7-13-2021		55,000		55,012
FHLMC		2.13			6-9-2023		35,000		35,492
FHLMC		3.00			9-10-2021		125,000		131,452
FHLMC		3.25			6-9-2023		370,000		396,397
FNMA ¤		0.00			10-9-2019		480,000		463,032
FNMA		1.38			5-1-2020		390,000		389,520
FNMA		1.38			10-7-2021		45,000		44,443
FNMA		1.50			6-22-2020		33,000		33,053
FNMA		1.50			11-30-2020		234,000		233,417
FNMA		2.13			4-24-2026		353,000		350,034

Total Agency Securities (Cost $2,820,974)									2,830,714


U.S. Treasury Securities: 95.09%
TIPS		0.13			4-15-2019		3,102,628		3,108,809
TIPS		0.13			4-15-2020		5,096,015		5,121,751
TIPS		0.13			4-15-2021		3,341,306		3,356,968
TIPS		0.13			1-15-2022		4,150,390		4,174,761
TIPS		0.13			4-15-2022		1,851,252		1,857,065
TIPS		0.13			7-15-2022		4,274,487		4,308,905
TIPS		0.13			1-15-2023		4,302,105		4,309,196
TIPS		0.13			7-15-2024		2,948,284		2,937,295
TIPS		0.13			7-15-2026		3,629,753		3,565,505
TIPS		0.25			1-15-2025		3,278,319		3,269,729
TIPS		0.38			7-15-2023		2,558,749		2,604,769
TIPS		0.38			7-15-2025		3,945,716		3,979,110
TIPS		0.38			1-15-2027		3,229,674		3,225,832
TIPS		0.38			7-15-2027		1,001,350		1,003,235
TIPS		0.63			7-15-2021		1,987,767		2,047,746
TIPS		0.63			1-15-2024		4,252,699		4,368,779
TIPS		0.63			1-15-2026		3,822,503		3,910,433
TIPS		1.13			1-15-2021		3,561,925		3,711,250
TIPS		1.25			7-15-2020		3,206,650		3,345,970
TIPS		1.38			1-15-2020		1,534,831		1,591,257
TIPS		1.88			7-15-2019		1,894,027		1,972,295
TIPS		2.13			1-15-2019		1,141		1,176
TIPS		2.38			1-15-2025		2,857,557		3,292,761
TIPS		2.38			1-15-2027		1,260,786		1,490,426
U.S. Treasury Bond		6.88			8-15-2025		20,000		27,221
U.S. Treasury Note		0.75			9-30-2018		44,000		43,756
U.S. Treasury Note		0.75			10-31-2018		18,000		17,893
U.S. Treasury Note		0.88			10-15-2018		300,000		298,734
U.S. Treasury Note		0.88			4-15-2019		690,000		685,095
U.S. Treasury Note		0.88			5-15-2019		690,000		684,906
U.S. Treasury Note		0.88			6-15-2019		691,000		685,656
U.S. Treasury Note		0.88			7-31-2019		573,000		568,210
U.S. Treasury Note		1.00			9-15-2018		299,000		298,229
U.S. Treasury Note		1.00			11-30-2018		713,000		710,660
U.S. Treasury Note		1.00			6-30-2019		532,000		529,049

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


234		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		1.00	%		10-15-2019	$	690,000	$	685,095
U.S. Treasury Note		1.13			5-31-2019		262,000		261,202
U.S. Treasury Note		1.13			4-30-2020		689,000		684,209
U.S. Treasury Note		1.13			7-31-2021		818,000		803,525
U.S. Treasury Note		1.13			9-30-2021		820,000		804,080
U.S. Treasury Note		1.25			10-31-2018		772,000		771,879
U.S. Treasury Note		1.25			12-15-2018		688,000		687,704
U.S. Treasury Note		1.25			1-31-2019		682,000		681,680
U.S. Treasury Note		1.25			4-30-2019		832,000		831,188
U.S. Treasury Note		1.25			6-30-2019		713,000		712,109
U.S. Treasury Note		1.25			10-31-2019		569,000		567,889
U.S. Treasury Note		1.25			10-31-2021		818,000		805,538
U.S. Treasury Note		1.25			7-31-2023		753,000		728,145
U.S. Treasury Note		1.38			9-30-2018		10,000		10,011
U.S. Treasury Note		1.38			2-28-2019		674,000		674,816
U.S. Treasury Note		1.38			1-15-2020		686,000		686,107
U.S. Treasury Note		1.38			1-31-2020		538,000		538,084
U.S. Treasury Note		1.38			2-15-2020		449,000		449,000
U.S. Treasury Note		1.38			3-31-2020		275,000		274,946
U.S. Treasury Note		1.38			4-30-2020		823,000		822,550
U.S. Treasury Note		1.38			5-31-2020		99,000		98,930
U.S. Treasury Note		1.38			10-31-2020		825,000		822,325
U.S. Treasury Note		1.38			4-30-2021		814,000		808,626
U.S. Treasury Note		1.38			6-30-2023		744,000		725,400
U.S. Treasury Note		1.38			8-31-2023		750,000		729,814
U.S. Treasury Note		1.38			9-30-2023		339,000		329,717
U.S. Treasury Note		1.50			1-31-2019		768,000		770,160
U.S. Treasury Note		1.50			2-28-2019		789,000		791,188
U.S. Treasury Note		1.50			11-30-2019		822,000		824,633
U.S. Treasury Note		1.50			4-15-2020		686,000		687,903
U.S. Treasury Note		1.50			5-15-2020		687,000		688,744
U.S. Treasury Note		1.50			5-31-2020		823,000		824,961
U.S. Treasury Note		1.50			8-15-2026		1,192,000		1,134,356
U.S. Treasury Note		1.63			8-31-2019		819,000		823,671
U.S. Treasury Note		1.63			3-15-2020		684,000		688,141
U.S. Treasury Note		1.63			6-30-2020		822,000		826,592
U.S. Treasury Note		1.63			7-31-2020		819,000		823,671
U.S. Treasury Note		1.63			11-30-2020		821,000		824,432
U.S. Treasury Note		1.63			8-15-2022		669,000		666,361
U.S. Treasury Note		1.63			4-30-2023		743,000		735,454
U.S. Treasury Note		1.63			5-31-2023		20,000		19,790
U.S. Treasury Note		1.63			10-31-2023		746,000		735,976
U.S. Treasury Note		1.63			2-15-2026		1,186,000		1,145,370
U.S. Treasury Note		1.63			5-15-2026		1,174,000		1,131,351
U.S. Treasury Note		1.75			9-30-2019		275,000		277,234
U.S. Treasury Note		1.75			10-31-2020		733,000		739,127
U.S. Treasury Note		1.75			2-28-2022		748,000		750,659
U.S. Treasury Note		1.75			3-31-2022		749,000		751,194
U.S. Treasury Note		1.75			5-31-2022		812,000		813,998
U.S. Treasury Note		1.75			1-31-2023		10,000		9,982

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			235

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		1.88	%		6-30-2020	$	586,000	$	593,508
U.S. Treasury Note		1.88			4-30-2022		805,000		811,383
U.S. Treasury Note		1.88			8-31-2022		742,000		747,159
U.S. Treasury Note		2.00			7-31-2020		434,000		441,086
U.S. Treasury Note		2.00			9-30-2020		636,000		646,285
U.S. Treasury Note		2.00			11-30-2020		674,000		684,795
U.S. Treasury Note		2.00			5-31-2021		724,000		735,284
U.S. Treasury Note		2.00			10-31-2021		744,000		754,986
U.S. Treasury Note		2.00			2-15-2022		756,000		767,251
U.S. Treasury Note		2.00			2-15-2023		285,000		288,139
U.S. Treasury Note		2.00			4-30-2024		10,000		10,050
U.S. Treasury Note		2.00			5-31-2024		739,000		742,435
U.S. Treasury Note		2.00			6-30-2024		740,000		742,977
U.S. Treasury Note		2.00			2-15-2025		1,207,000		1,207,330
U.S. Treasury Note		2.00			8-15-2025		1,208,000		1,205,216
U.S. Treasury Note		2.00			11-15-2026		10,000		9,909
U.S. Treasury Note		2.13			8-31-2020		705,000		718,990
U.S. Treasury Note		2.13			1-31-2021		692,000		705,921
U.S. Treasury Note		2.13			12-31-2021		744,000		758,589
U.S. Treasury Note		2.13			2-29-2024		733,000		742,993
U.S. Treasury Note		2.25			3-31-2021		693,000		709,973
U.S. Treasury Note		2.25			7-31-2021		738,000		756,162
U.S. Treasury Note		2.25			12-31-2023		732,000		748,098
U.S. Treasury Note		2.25			1-31-2024		729,000		744,719
U.S. Treasury Note		2.25			11-15-2025		1,203,000		1,221,468
U.S. Treasury Note		2.25			2-15-2027		225,000		227,531
U.S. Treasury Note		2.25			8-15-2027		270,000		272,964
U.S. Treasury Note		2.38			12-31-2020		668,000		686,866
U.S. Treasury Note		2.38			8-15-2024		1,188,000		1,221,366
U.S. Treasury Note		2.38			5-15-2027		453,000		462,839
U.S. Treasury Note		2.50			8-15-2023		559,000		579,897
U.S. Treasury Note		2.50			5-15-2024		1,172,000		1,214,485
U.S. Treasury Note		2.63			8-15-2020		798,000		825,338
U.S. Treasury Note		2.63			11-15-2020		275,000		284,754
U.S. Treasury Note		2.75			11-15-2023		1,082,000		1,138,763
U.S. Treasury Note		3.38			11-15-2019		823,000		859,263
U.S. Treasury Note		3.50			5-15-2020		759,000		801,160
U.S. Treasury Note		3.63			8-15-2019		710,000		741,451
U.S. Treasury Note		3.63			2-15-2020		906,000		955,335
U.S. Treasury Note		6.00			2-15-2026		396,000		518,775
U.S. Treasury Note		6.50			11-15-2026		30,000		41,159
U.S. Treasury Note		7.88			2-15-2021		352,000		426,786
U.S. Treasury Note		8.00			11-15-2021		421,000		529,884
U.S. Treasury Note		8.13			5-15-2021		339,000		419,023
U.S. Treasury Note		8.13			8-15-2021		340,000		425,053
U.S. Treasury Note		8.50			2-15-2020		358,000		419,923
U.S. Treasury Note		8.75			5-15-2020		351,000		419,637
U.S. Treasury Note		8.75			8-15-2020		376,000		455,124

Total U.S. Treasury Securities (Cost $140,965,830)									142,006,031

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


236		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 0.34%

Investment Companies: 0.34%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.92	%		510,469	$	510,469


Total Short-Term Investments (Cost $510,469)							510,469


Total investments in securities (Cost $144,297,273)	97.32	%		145,347,214
Other assets and liabilities, net	2.68			3,995,471

Total net assets	100.00	%	$	149,342,685

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

±	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.

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

Investments In Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 0.34%
Wells Fargo Government Money Market Fund Select Class		0		15,657,781		15,147,312		510,469	$	0	$	0	$	1,484	$	510,469

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			237

U.S. REIT PORTFOLIO


Security name	Shares		Value

Common Stocks: 99.95%

Real Estate: 99.95%

Equity REITs: 99.95%
Acadia Realty Trust		6,661	$	191,104
Alexandria Real Estate Equities Incorporated		7,284		883,624
American Assets Trust Incorporated		3,204		130,146
American Campus Communities Incorporated		11,201		533,056
American Homes 4 Rent Class A		18,173		402,714
Apartment Investment & Management Company Class A		12,820		581,130
Apple Hospitality REIT Incorporated		17,009		309,224
Armada Hoffler Properties Incorporated		3,575		47,798
AvalonBay Communities Incorporated		11,261		2,114,028
Boston Properties Incorporated		12,284		1,481,450
Brandywine Realty Trust		13,996		240,451
Brixmor Property Group Incorporated		23,382		437,711
Camden Property Trust		7,034		629,404
CBL & Associates Properties Incorporated		13,090		104,720
Chatham Lodging Trust		3,007		60,982
Chesapeake Lodging Trust		4,690		120,017
Colony NorthStar Incorporated Class A		42,257		553,989
Columbia Property Trust Incorporated		10,045		210,945
CoreCivic Incorporated		9,501		254,627
Corporate Office Properties Trust		8,112		270,616
Cousins Properties Incorporated		33,645		314,581
CubeSmart REIT		14,451		356,217
DCT Industrial Trust Incorporated		7,300		425,955
DDR Corporation		23,339		225,922
DiamondRock Hospitality		15,796		173,597
Digital Realty Trust Incorporated		12,911		1,527,888
Douglas Emmett Incorporated		11,861		462,105
Duke Realty Corporation		28,693		852,756
DuPont Fabros Technology Incorporated		6,234		401,221
Easterly Government Properties Incorporated		3,004		60,260
EastGroup Properties Incorporated		2,616		232,458
Education Realty Trust Incorporated		6,002		231,917
Empire State Realty Trust Incorporated		12,709		258,628
Equity Commonwealth †		9,999		309,370
Equity Lifestyle Properties Incorporated		6,602		588,572
Equity Residential		29,726		1,996,101
Essex Property Trust Incorporated		5,334		1,418,697
Extra Space Storage Incorporated		9,785		759,610
Federal Realty Investment Trust		5,713		725,151
Felcor Lodging Trust Incorporated		10,010		73,073
First Industrial Realty Trust Incorporated		9,489		293,970
First Potomac Realty Trust		4,634		51,576
Forest City Realty Trust Incorporated		21,115		505,915
Franklin Street Properties Corporation		8,446		84,207
Gaming and Leisure Properties Incorporated		15,488		606,975
GGP Incorporated		49,856		1,034,512
Government Properties Income		7,571		140,442

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


238		Wells Fargo Target Date Funds		Portfolio of investments—August 31, 2017 (unaudited)

U.S. REIT PORTFOLIO


Security name	Shares			Value

Equity REITs (continued)
HCP Incorporated		37,681		$	1,123,272
Healthcare Realty Trust Incorporated		9,195			306,011
Healthcare Trust of America Incorporated Class A		15,529			482,486
Hersha Hospitality Trust		3,233			59,940
Highwoods Properties Incorporated		8,101			423,115
Hospitality Properties Trust		12,873			352,205
Host Hotels & Resorts Incorporated		57,535			1,042,534
Hudson Pacific Properties Incorporated		12,409			409,497
Independence Realty Trust Incorporated		5,617			57,799
Invitation Homes Incorporated		6,822			157,861
Iron Mountain Incorporated		20,232	��		797,545
Jernigan Capital Incorporated		1,011			19,654
Kilroy Realty Corporation		7,822			541,518
Kimco Realty Corporation		31,902			625,917
Kite Realty Group Trust		6,598			132,752
Lamar Advertising Company Class A		6,653			442,824
LaSalle Hotel Properties		8,955			254,143
Liberty Property Trust		11,833			504,087
Life Storage Incorporated		3,662			269,487
LTC Properties Incorporated		3,128			152,115
Mack-Cali Realty Corporation		6,545			149,815
Mid-America Apartment Communities Incorporated		9,104			969,216
Monogram Residential Trust Class I		13,407			160,884
National Health Investors Incorporated		3,164			253,689
National Storage Affiliates		3,522			78,611
New York REIT Incorporated		13,373			110,194
NorthStar Realty Europe Corporation		4,022			49,993
Outfront Media Incorporated		10,908			239,976
Paramount Group Incorporated		15,752			248,567
Park Hotels & Resorts Incorporated		11,459			305,840
Parkway Incorporated		3,505			80,475
Pebblebrook Hotel Trust		5,507			184,980
Pennsylvania Real Estate Investment Trust		5,444			54,603
Piedmont Office Realty Trust Incorporated Class A		11,494			232,754
Prologis Incorporated		41,485			2,628,490
PS Business Parks Incorporated		1,588			214,555
Public Storage Incorporated		12,062			2,476,811
Quality Care Properties Incorporated †		7,625			104,615
Ramco-Gershenson Properties Trust		6,157			80,965
Regency Centers Corporation		11,824			760,520
Retail Opportunity Investment Corporation		8,487			168,382
Rexford Industrial Realty Incorporated		5,332			160,227
RLJ Lodging Trust		9,703			195,807
Ryman Hospitality Properties Incorporated		3,563			211,714
Sabra Health Care REIT Incorporated		2			39
SBA Communications Corporation †		9,759			1,498,502
Senior Housing Properties Trust		18,977			374,226
Seritage Growth Property Class A		1,973			94,822
Simon Property Group Incorporated		24,729			3,878,741
SL Green Realty Corporation		7,954			766,607

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


Portfolio of investments—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			239

U.S. REIT PORTFOLIO


Security name				Shares		Value

Equity REITs (continued)
STAG Industrial Incorporated					7,121	$	199,317
Starwood Waypoint Homes					9,931		369,731
Summit Hotel Properties Incorporated					8,354		123,973
Sun Communities Incorporated					6,173		557,483
Sunstone Hotel Investors Incorporated					17,568		277,575
Tanger Factory Outlet Centers Incorporated					7,513		175,804
Taubman Centers Incorporated					4,650		242,917
Terreno Realty Corporation					3,849		139,526
The Geo Group Incorporated					9,698		268,052
The Macerich Company					11,020		581,525
UDR Incorporated					21,693		842,122
Uniti Group Incorporated					13,012		250,612
Universal Health Realty Income Trust					1,014		76,770
Urban Edge Properties					7,761		195,189
Ventas Incorporated					28,859		1,975,110
Vornado Realty Trust					14,017		1,044,126
Washington Prime Group Incorporated					14,784		123,446
Washington Real Estate Investment Trust					6,040		198,476
Weingarten Realty Investors					9,474		303,547
Welltower Incorporated					29,925		2,191,109
Whitestone REIT					2,916		36,567
Xenia Hotels & Resorts Incorporated					8,561		170,878

Total Common Stocks (Cost $53,250,995)							58,902,649


	Yield
Short-Term Investments: 0.03%

Investment Companies: 0.03%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.92	%		19,143		19,143


Total Short-Term Investments (Cost $19,143)							19,143


Total investments in securities (Cost $53,270,138)	99.98	%		58,921,792
Other assets and liabilities, net	0.02			13,905

Total net assets	100.00	%	$	58,935,697

†	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.

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

Investments In Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Portoflio at the beginning of the period or the end of the period were as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 0.03%
Wells Fargo Government Money Market Fund Select Class		0		42,371,603		42,352,460		19,143	$	0	$	0	$	1,535	$	19,143

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


240		Wells Fargo Target Date Funds		Statements of assets and liabilities—August 31, 2017 (unaudited)


	Bloomberg Barclays US Aggregate ex- Corporate Portfolio		Emerging Markets Bond Portfolio

Assets
Investments in unaffiliated securities, at value (see cost below)	$	1,109,696,761	$	91,418,705
Investments in affiliated securities, at value (see cost below)		97,959,223		1,716,841
Cash		177,131		0
Segregated cash for futures transactions		0		0
Segregated cash for credit default swap		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		48,326,442		4,243,117
Principal paydown receivable		9,500		0
Receivable for dividends and interest		4,830,633		1,394,610
Receivable for daily variation margin on open futures contracts		0		0
Unrealized gains on forward foreign currency contracts		0		0
Prepaid expenses and other assets		385		656

Total assets		1,261,000,075		98,773,929


Liabilities
Payable for investments purchased		109,468,959		1,199,915
Advisory fee payable		50,319		21,269
Due to custodian bank		0		0
Custodian and accounting fees payable		12,656		1,548
Professional fees payable		23,808		17,610
Accrued expenses and other liabilities		2,030		4,322

Total liabilities		109,557,772		1,244,664

Total net assets	$	1,151,442,303	$	97,529,265


Investments in unaffiliated securities, at cost	$	1,100,738,749	$	90,114,464

Investments in affiliated securities, at cost	$	97,959,223	$	1,716,841

Foreign currency, at cost	$	0	$	0

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


Statements of assets and liabilities—August 31, 2017 (unaudited)		Wells Fargo Target Date Funds			241


Factor Enhanced Emerging Markets Portfolio		Factor Enhanced International Portfolio		Factor Enhanced Large Cap Portfolio		Factor Enhanced Small Cap Portfolio		High Yield Corporate Bond Portfolio		Investment Grade Corporate Bond Portfolio		Strategic Retirement Bond Portfolio		U.S. REIT Portfolio


$	368,392,548	$	1,225,420,402	$	2,045,621,646	$	511,717,289	$	90,126,463	$	572,279,023	$	144,836,745	$	58,902,649
	13,203,143		57,687,125		105,054,093		27,168,625		4,196,265		2,648,131		510,469		19,143
	133,981		0		2,844,157		0		0		0		21,933		0
	500,773		2,276,606		3,182,633		1,881,663		0		0		0		0
	0		0		0		0		18,668		0		0		0
	779,538		694,929		0		0		0		0		0		0
	876,350		0		0		0		5,055,731		24,831,962		4,464,604		0
	0		0		0		0		0		0		0		0
	760,031		3,450,010		4,946,996		416,455		1,590,545		6,283,036		322,282		29,821
	6,108		454,609		647,752		294,345		0		0		0		0
	733		0		0		0		0		0		0		0
	74,115		3,014,527		21,576		1,162		1,534		71,183		1,669		3,968

	384,727,320		1,292,998,208		2,162,318,853		541,479,539		100,989,206		606,113,335		150,157,702		58,955,581



	0		5,344		0		0		3,482,844		6,399,120		786,589		0
	50,319		168,574		187,268		69,535		21,181		26,181		6,504		5,088
	0		1,487,079		0		1,663		0		0		0		0
	141,082		77,049		30,683		13,082		1,699		130,139		1,033		446
	12,459		15,979		13,488		11,519		15,885		56,037		18,114		13,488
	434		565		386		460		371		17,355		2,777		862

	204,294		1,754,590		231,825		96,259		3,521,980		6,628,832		815,017		19,884

$	384,523,026	$	1,291,243,618	$	2,162,087,028	$	541,383,280	$	97,467,226	$	599,484,503	$	149,342,685	$	58,935,697


$	360,660,707	$	1,117,210,191	$	1,642,768,516	$	512,755,140	$	90,772,914	$	547,100,536	$	143,786,804	$	53,250,995

$	13,203,143	$	57,687,125	$	105,054,093	$	27,168,625	$	4,196,265	$	2,648,131	$	510,469	$	19,143

$	779,440	$	693,450	$	0	$	0	$	0	$	0	$	0	$	0

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


242		Wells Fargo Target Date Funds		Statements of operations—period ended August 31, 2017¹ (unaudited)


	Bloomberg Barclays US Aggregate ex- Corporate Portfolio		Emerging Markets Bond Portfolio

Investment income
Interest	$	2,928,717	$	713,097
Income from affiliated securities		156,388		4,849
Dividends*		0		0

Total investment income		3,085,105		717,946


Expenses
Advisory fee		78,796		39,136
Custody and accounting fees		12,656		1,548
Professional fees		29,021		22,823
Shareholder report expenses		4,555		4,413
Trustees’ fees and expenses		5,161		5,161
Other fees and expenses		5,316		5,371

Total expenses		135,505		78,452

Net investment income		2,949,600		639,494


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		1,386,494		(56,422	)
Futures transactions		0		0
Forward foreign currency contract transactions		0		0
Credit default swap transactions		0		0

Net realized gain (losses) on investments		1,386,494		(56,422	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		8,958,012		1,304,241
Futures transactions		0		0
Forward foreign currency contract transactions		0		0

Net change in unrealized gains (losses) on investments		8,958,012		1,304,241

Net realized and unrealized gains (losses) on investments		10,344,506		1,247,819

Net increase (decrease) in net assets resulting from operations	$	13,294,106	$	1,887,313


* Net of foreign dividend withholding taxes in the amount of		$0		$0

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


Statements of operations—period ended August 31, 2017¹ (unaudited)		Wells Fargo Target Date Funds			243


Factor Enhanced Emerging Markets Portfolio			Factor Enhanced International Portfolio			Factor Enhanced Large Cap Portfolio			Factor Enhanced Small Cap Portfolio			High Yield Corporate Bond Portfolio			Investment Grade Corporate Bond Portfolio		Strategic Retirement Bond Portfolio			U.S. REIT Portfolio


$	0		$	0		$	0		$	0		$	1,221,290		$	2,838,885	$	314,265		$	0
	10,982			26,461			81,912			41,649			8,405			11,991		1,484			1,535
	1,821,303			4,256,961			6,329,673			925,115			0			0		0			175,213

	1,832,285			4,283,422			6,411,585			966,764			1,229,695			2,850,876		315,749			176,748



	77,367			256,042			281,277			106,454			50,060			42,846		10,449			7,761
	141,082			77,049			30,683			13,082			1,699			5,758		1,033			446
	21,192			21,192			18,701			18,701			21,098			21,904		23,327			18,701
	1,495			1,495			1,495			1,601			1,708			4,555		5,338			1,601
	5,161			5,161			5,161			5,161			5,161			5,161		5,161			5,161
	6,291			3,289			2,466			2,466			3,836			1,781		1,781			2,466

	252,588			364,228			339,783			147,465			83,562			82,005		47,089			36,136

	1,579,697			3,919,194			6,071,802			819,299			1,146,133			2,768,871		268,660			140,612





	(38,605	)		(91,810,687	)		(396,848,098	)		(9,666,320	)		(523,805	)		3,708,836		(56,063	)		(5,453,955	)
	(613,640	)		93,884			312,634			(505,336	)		0			0		0			0
	13,846			0			0			0			0			0		0			0
	0			0			0			0			2,348			0		0			0

	(638,399	)		(91,716,803	)		(396,535,464	)		(10,171,656	)		(521,457	)		3,708,836		(56,063	)		(5,453,955	)



	7,732,358			108,216,393			402,853,130			(1,037,851	)		(646,451	)		1,398,851		1,049,941			5,651,654
	(2,433	)		42,927			531,499			220,113			0			0		0			0
	733			0			0			0			0			0		0			0

	7,730,658			108,259,320			403,384,629			(817,738	)		(646,451	)		1,398,851		1,049,941			5,651,654

	7,092,259			16,542,517			6,849,165			(10,989,394	)		(1,167,908	)		5,107,687		993,878			197,699

$	8,671,956		$	20,461,711		$	12,920,967		$	(10,170,095	)	$	(21,775	)	$	7,876,558	$	1,262,538		$	338,311


	$365,090			$199,806			$0			$0			$0			$0		$0			$0

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


244		Wells Fargo Target Date Funds		Statements of changes in net assets


	Bloomberg Barclays US Aggregate ex-Corporate Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	2,949,600
Net realized gains on investments		1,386,494
Net change in unrealized gains (losses) on investments		8,958,012

Net increase in net assets resulting from operations		13,294,106


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,265,521,378
Withdrawals		(127,373,181	)

Net increase in net assets resulting from capital share transactions		1,138,148,197

Total increase in net assets		1,151,442,303


Net assets
Beginning of period		0

End of period	$	1,151,442,303

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


Statements of changes in net assets		Wells Fargo Target Date Funds			245


	Emerging Markets Bond Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	639,494
Net realized losses on investments		(56,422	)
Net change in unrealized gains (losses) on investments		1,304,241

Net increase in net assets resulting from operations		1,887,313


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		122,930,933
Withdrawals		(27,288,981	)

Net increase in net assets resulting from capital share transactions		95,641,952

Total increase in net assets		97,529,265


Net assets
Beginning of period		0

End of period	$	97,529,265

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


246		Wells Fargo Target Date Funds		Statements of changes in net assets


	Factor Enhanced Emerging Markets Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	1,579,697
Net realized losses on investments		(638,399	)
Net change in unrealized gains (losses) on investments		7,730,658

Net increase in net assets resulting from operations		8,671,956


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		414,306,942
Withdrawals		(38,455,872	)

Net increase in net assets resulting from capital share transactions		375,851,070

Total increase in net assets		384,523,026


Net assets
Beginning of period		0

End of period	$	384,523,026

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


Statements of changes in net assets		Wells Fargo Target Date Funds			247


	Factor Enhanced International Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	3,919,194
Net realized losses on investments		(91,716,803	)
Net change in unrealized gains (losses) on investments		108,259,320

Net increase in net assets resulting from operations		20,461,711


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,376,776,579
Withdrawals		(105,994,672	)

Net increase in net assets resulting from capital share transactions		1,270,781,907

Total increase in net assets		1,291,243,618


Net assets
Beginning of period		0

End of period	$	1,291,243,618

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


248		Wells Fargo Target Date Funds		Statements of changes in net assets


	Factor Enhanced Large Cap Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	6,071,802
Net realized losses on investments		(396,535,464	)
Net change in unrealized gains (losses) on investments		403,384,629

Net increase in net assets resulting from operations		12,920,967


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,267,470,892
Withdrawals		(118,304,831	)

Net increase in net assets resulting from capital share transactions		2,149,166,061

Total increase in net assets		2,162,087,028


Net assets
Beginning of period		0

End of period	$	2,162,087,028

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


Statements of changes in net assets		Wells Fargo Target Date Funds			249


	Factor Enhanced Small Cap Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	819,299
Net realized losses on investments		(10,171,656	)
Net change in unrealized gains (losses) on investments		(817,738	)

Net decrease in net assets resulting from operations		(10,170,095	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		588,140,536
Withdrawals		(36,587,161	)

Net increase in net assets resulting from capital share transactions		551,553,375

Total increase in net assets		541,383,280


Net assets
Beginning of period		0

End of period	$	541,383,280

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


250		Wells Fargo Target Date Funds		Statements of changes in net assets


	High Yield Corporate Bond Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	1,146,133
Net realized losses on investments		(521,457	)
Net change in unrealized gains (losses) on investments		(646,451	)

Net decrease in net assets resulting from operations		(21,775	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		153,843,880
Withdrawals		(56,354,879	)

Net increase in net assets resulting from capital share transactions		97,489,001

Total increase in net assets		97,467,226


Net assets
Beginning of period		0

End of period	$	97,467,226

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


Statements of changes in net assets		Wells Fargo Target Date Funds			251


	Investment Grade Corporate Bond Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	2,768,871
Net realized gains on investments		3,708,836
Net change in unrealized gains (losses) on investments		1,398,851

Net increase in net assets resulting from operations		7,876,558


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,532,534,974
Withdrawals		(1,940,927,029	)

Net increase in net assets resulting from capital share transactions		591,607,945

Total increase in net assets		599,484,503


Net assets
Beginning of period		0

End of period	$	599,484,503

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


252		Wells Fargo Target Date Funds		Statements of changes in net assets


	Strategic Retirement Bond Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	268,660
Net realized losses on investments		(56,063	)
Net change in unrealized gains (losses) on investments		1,049,941

Net increase in net assets resulting from operations		1,262,538


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		166,967,217
Withdrawals		(18,887,070	)

Net increase in net assets resulting from capital share transactions		148,080,147

Total increase in net assets		149,342,685


Net assets
Beginning of period		0

End of period	$	149,342,685

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


Statements of changes in net assets		Wells Fargo Target Date Funds			253


	U.S. REIT Portfolio
	Period ended August 31, 2017¹ (unaudited)

Operations
Net investment income	$	140,612
Net realized losses on investments		(5,453,955	)
Net change in unrealized gains (losses) on investments		5,651,654

Net increase in net assets resulting from operations		338,311


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		62,868,179
Withdrawals		(4,270,793	)

Net increase in net assets resulting from capital share transactions		58,597,386

Total increase in net assets		58,935,697


Net assets
Beginning of period		0

End of period	$	58,935,697

¹	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


254		Wells Fargo Target Date Funds		Financial highlights


	Ratio to average net assets (annualized)						Total return¹			Portfolio turnover rate
	Net investment income			Gross expenses			Total return¹			Portfolio turnover rate

Bloomberg Barclays US Aggregate ex-Corporate Portfolio
Period ended August 31, 2017²		1.87	%		0.09	%		1.11	%		207	%

Emerging Markets Bond Portfolio
Period ended August 31, 2017²		4.09	%		0.50	%		1.79	%		175	%

Factor Enhanced Emerging Markets Portfolio
Period ended August 31, 2017²		3.06	%		0.49	%		6.08	%		59	%

Factor Enhanced International Portfolio
Period ended August 31, 2017²		2.30	%		0.21	%		3.85	%		54	%

Factor Enhanced Large Cap Portfolio
Period ended August 31, 2017²		2.16	%		0.12	%		2.96	%		17	%

Factor Enhanced Small Cap Portfolio
Period ended August 31, 2017²		1.15	%		0.21	%		1.51	%		7	%

High Yield Corporate Bond Portfolio
Period ended August 31, 2017²		5.72	%		0.42	%		(0.12	)%		102	%

Investment Grade Corporate Bond Portfolio
Period ended August 31, 2017²		3.23	%		0.10	%		1.57	%		51	%

Strategic Retirement Bond Portfolio
Period ended August 31, 2017²		1.29	%		0.23	%		0.37	%		222	%

U.S. REIT Portfolio
Period ended August 31, 2017²		1.81	%		0.47	%		0.04	%		14	%

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

²	For the period from May 23, 2017 (commencement of operations) to August 31, 2017

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


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			255

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 Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following portfolios: Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio (“Bloomberg Barclays US Aggregate ex-Corporate Portfolio”), Wells Fargo Emerging Market Bond Portfolio (“Emerging Market Bond Portfolio”), Wells Fargo Factor Enhanced Emerging Markets Portfolio (“Factor Enhanced Emerging Markets Portfolio”), Wells Fargo Factor Enhanced International Portfolio (“Factor Enhanced International Portfolio”), Wells Fargo Factor Enhanced Large Cap Portfolio (“Factor Enhanced Large Cap Portfolio”), Wells Fargo Factor Enhanced Small Cap Portfolio (“Factor Enhanced Small Cap Portfolio”), Wells Fargo High Yield Corporate Bond Portfolio (“High Yield Corporate Bond Portfolio”), Wells Fargo Investment Grade Corporate Bond Portfolio (“Investment Grade Corporate Bond Portfolio”), Wells Fargo Strategic Retirement Bond Portfolio (“Strategic Retirement Bond Portfolio”), and Wells Fargo U.S. REIT Portfolio (“U.S. REIT 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.

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.

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, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On August 31, 2017, such fair value pricing was not used in pricing foreign securities.

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

Investments which are not valued 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


256		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

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

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

Foreign currency translation

The accounting records of each Portfolio are maintained in U.S. dollars. The values 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 of securities 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.

Participation notes

The Fund may invest in participation notes to gain exposure to securities in certain foreign markets. Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying foreign security. Participation notes involve transaction costs, which may be higher than those applicable to the underlying foreign security. The holder of the participation note is entitled to receive from the bank or broker-dealer, an amount equal to the dividend paid by the issuer of the underlying foreign security; however, the holder is not entitled to the same rights (i.e. dividends, voting rights) as an owner of the underlying foreign security. Investments in participation notes involve risks beyond those normally associated with a direct investment in an underlying security. The Fund has no rights against the issuer of the underlying foreign security and participation notes expose the Fund to counterparty risk in the event the counterparty does not perform. There is also no assurance there will be a secondary trading market for the participation note or that the trading price of the participation note will equal the underlying value of the foreign security that it seeks to replicate.

Forward foreign currency contracts

Each Portfolio may be subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

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 Target Date Funds			257

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

Futures contracts

Each Portfolio may enter into futures contracts and may be subject to equity price risk or interest rate 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 or 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.

Credit default swaps

Each Portfolio may be subject to credit risk in the normal course of pursuing its investment objectives. A Portfolio may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. A Portfolio may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Portfolio is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Portfolio could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Portfolio as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by having the counterparty post collateral to cover the Portfolio’s exposure to the counterparty.

If the Portfolio is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statements of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Certain credit default swap contracts entered into by the Portfolio provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

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.


258		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

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 been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

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.

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

Each Portfolio’s income and federal tax returns and all financial records supporting those returns for the fiscal year since commencement of operations will be subject to examination by the federal revenue authorities.

As of August 31, 2017, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:


	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains (losses)
Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	1,198,697,972		9,129,974		(171,962	)	$	8,958,012
Emerging Markets Bond Portfolio		91,831,305		1,659,326		(355,085	)		1,304,241
Factor Enhanced Emerging Markets Portfolio		373,863,850		17,151,572		(9,421,431	)		7,730,141
Factor Enhanced International Portfolio		1,174,897,316		127,779,296		(19,526,158	)		108,253,138
Factor Enhanced Large Cap Portfolio		1,747,807,420		423,052,856		(19,653,038	)		403,399,818
Factor Enhanced Small Cap Portfolio		539,665,994		35,638,250		(36,198,217	)		(559,967	)
High Yield Corporate Bond Portfolio		94,926,478		412,585		(1,016,335	)		(603,750	)
Investment Grade Corporate Bond Portfolio		549,748,667		26,261,006		(1,082,519	)		25,178,487
Strategic Retirement Bond Portfolio		144,297,273		1,050,266		(325	)		1,049,941
U.S. REIT Portfolio		53,242,472		6,703,091		(1,023,771	)		5,679,320

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 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, 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 Target Date Funds			259

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of August 31, 2017:


Bloomberg Barclays US Aggregate ex-Corporate Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Agency securities	$	0	$	456,522,928	$	0	$	456,522,928

Asset-backed securities		0		7,564,083		0		7,564,083

Municipal obligations		0		9,364,713		0		9,364,713

Non-agency mortgage-backed securities		0		18,179,423		0		18,179,423

U.S. Treasury securities		549,782,747		0		0		549,782,747

Yankee corporate bonds and notes		0		11,412,051		0		11,412,051

Yankee government bonds		0		56,870,816		0		56,870,816

Short-term investments
Investment companies		97,959,223		0		0		97,959,223
Total assets	$	647,741,970	$	559,914,014	$	0	$	1,207,655,984


Emerging Markets Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Participation notes	$	0	$	1,073,760	$	0	$	1,073,760

Yankee corporate bonds and notes		0		13,729,623		0		13,729,623

Yankee government bonds		0		76,615,322		0		76,615,322

Short-term investments
Investment companies		1,716,841		0		0		1,716,841
Total assets	$	1,716,841	$	91,418,705	$	0	$	93,135,546


260		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)


Factor Enhanced Emerging Markets Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Brazil	$	15,458,075	$	0	$	0	$	15,458,075
Chile		10,612,287		0		0		10,612,287
China		47,936,556		0		0		47,936,556
Colombia		2,237,874		0		0		2,237,874
Greece		1,188,509		0		0		1,188,509
India		10,271,954		0		0		10,271,954
Indonesia		5,668,841		0		0		5,668,841
Luxembourg		274,429		0		0		274,429
Malaysia		18,034,431		0		0		18,034,431
Mexico		16,535,362		0		0		16,535,362
Philippines		6,422,556		0		0		6,422,556
Poland		7,948,364		0		0		7,948,364
Russia		7,454,307		0		0		7,454,307
South Africa		14,252,888		0		0		14,252,888
South Korea		69,599,089		184,769		0		69,783,858
Taiwan		57,739,870		0		0		57,739,870
Thailand		19,400,640		0		0		19,400,640
Turkey		6,557,884		0		0		6,557,884

Exchange-traded funds		34,531,191		0		0		34,531,191

Preferred stocks
Brazil		13,956,831		0		0		13,956,831
Chile		518,403		0		0		518,403
Colombia		1,079,770		0		0		1,079,770
Russia		527,668		0		0		527,668

Short-term investments
Investment companies		13,203,143		0		0		13,203,143
		381,410,922		184,769		0		381,595,691

Future contracts		6,108		0		0		6,108
Forward foreign currency contracts		733		0		0		733
Total assets	$	381,417,763	$	184,769	$	0	$	381,602,532


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			261


Factor Enhanced International Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Australia	$	112,333,081	$	0	$	0	$	112,333,081
Austria		5,300,044		0		0		5,300,044
Belgium		7,882,358		0		0		7,882,358
Canada		124,356,739		0		0		124,356,739
China		2,636,654		0		0		2,636,654
Czech Republic		720,277		0		0		720,277
Denmark		24,288,891		0		0		24,288,891
Finland		12,696,885		0		0		12,696,885
France		109,879,982		0		0		109,879,982
Germany		119,024,430		0		0		119,024,430
Hong Kong		36,408,865		0		0		36,408,865
Ireland		4,836,093		0		0		4,836,093
Italy		12,446,090		0		0		12,446,090
Japan		198,387,267		0		0		198,387,267
Luxembourg		3,347,632		0		0		3,347,632
Netherlands		45,290,914		0		0		45,290,914
New Zealand		3,578,075		0		0		3,578,075
Norway		7,161,532		0		0		7,161,532
Portugal		2,429,831		0		0		2,429,831
Singapore		19,748,045		0		0		19,748,045
Spain		35,101,022		0		0		35,101,022
Sweden		41,406,670		0		0		41,406,670
Switzerland		94,922,089		0		0		94,922,089
Thailand		640,325		0		0		640,325
United Kingdom		193,533,832		0		0		193,533,832

Preferred stocks
Germany		7,050,380		0		0		7,050,380

Rights
Sweden		0		12,399		0		12,399

Short-term investments
Investment companies		57,687,125		0		0		57,687,125
		1,283,095,128		12,399		0		1,283,107,527
Future contracts		454,609		0		0		454,609
Total assets	$	1,283,549,737	$	12,399	$	0	$	1,283,562,136


262		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)


Factor Enhanced Large Cap Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	257,342,755	$	0	$	0	$	257,342,755
Consumer staples		238,155,844		0		0		238,155,844
Energy		89,414,267		0		0		89,414,267
Financials		174,548,021		0		0		174,548,021
Health care		342,639,297		0		0		342,639,297
Industrials		255,184,369		0		0		255,184,369
Information technology		320,640,891		0		0		320,640,891
Materials		91,059,586		0		0		91,059,586
Real estate		118,080,973		0		0		118,080,973
Telecommunication		59,309,530		0		0		59,309,530
Utilities		99,246,113		0		0		99,246,113

Short-term investments
Investment companies		105,054,093		0		0		105,054,093
		2,150,675,739		0		0		2,150,675,739
Future contracts		647,752		0		0		647,752
Total assets	$	2,151,323,491	$	0	$	0	$	2,151,323,491


Factor Enhanced Small Cap Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	74,602,887	$	0	$	0	$	74,602,887
Consumer staples		18,110,500		0		0		18,110,500
Energy		13,601,342		0		0		13,601,342
Financials		104,827,924		0		0		104,827,924
Health care		65,767,819		0		0		65,767,819
Industrials		77,760,430		0		0		77,760,430
Information technology		73,395,318		0		0		73,395,318
Materials		21,855,320		0		0		21,855,320
Real estate		42,199,297		0		0		42,199,297
Telecommunication		6,510,323		0		0		6,510,323
Utilities		13,086,129		0		0		13,086,129

Short-term investments
Investment companies		27,168,625		0		0		27,168,625
		538,885,914		0		0		538,885,914
Future contracts		294,345		0		0		294,345
Total assets	$	539,180,259	$	0	$	0	$	539,180,259


High Yield Corporate Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Corporate bonds and notes	$	0	$	72,134,153	$	0	$	72,134,153

Yankee corporate bonds and notes		0		17,992,310		0		17,992,310

Short-term investments
Investment companies		4,196,265		0		0		4,196,265
Total assets	$	4,196,265	$	90,126,463	$	0	$	94,322,728


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			263


Investment Grade Corporate Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Corporate bonds and notes	$	0	$	454,996,492	$	0	$	454,996,492

Yankee corporate bonds and notes		0		117,282,531		0		117,282,531

Short-term investments
Investment companies		2,648,131		0		0		2,648,131
Total assets	$	2,648,131	$	572,279,023	$	0	$	574,927,154


Strategic Retirement Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Agency securities	$	0	$	2,830,714	$	0	$	2,830,714

U.S. Treasury securities		142,006,031		0		0		142,006,031

Short-term investments
Investment companies		510,469		0		0		510,469
Total assets	$	142,516,500	$	2,830,714	$	0	$	145,347,214


U.S. REIT Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Real estate	$	58,902,649	$	0	$	0	$	58,902,649

Short-term investments
Investment companies		19,143		0		0		19,143
Total assets	$	58,921,792	$	0	$	0	$	58,921,792

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. Futures contracts are reported at their variation margin at measurement date, which represents the amount due to 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 August 31, 2017, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fees

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

Funds Management has retained the services of subadvisers to provide daily portfolio management to the Portfolios. Funds Management has engaged Wells Capital Management Incorporated (“WellsCap”), Analytic Investors, LLC and First International Advisors, LLC (each an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo) as subadvisers.


264		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

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

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


	Advisory fee						Effective rate for the period ended August 31, 2017			Subadviser	Subadvisory Fee
	starting at			declining to			Effective rate for the period ended August 31, 2017			Subadviser	starting at	declining to
Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.05	%		0.03	%		0.05	%	WellsCap	0.04%		0.03	%
Emerging Markets Bond Portfolio		0.25			0.21			0.25		First International Advisors, LLC	0.09		0.07
Factor Enhanced Emerging Markets Portfolio		0.15			0.11			0.15		Analytic Investors, LLC	0.08		0.05
Factor Enhanced International Portfolio		0.15			0.11			0.15		Analytic Investors, LLC	0.08		0.05
Factor Enhanced Large Cap Portfolio		0.10			0.06			0.10		Analytic Investors, LLC	0.06		0.04
Factor Enhanced Small Cap Portfolio		0.15			0.11			0.15		Analytic Investors, LLC	0.08		0.05
High Yield Corporate Bond Portfolio		0.25			0.21			0.25		WellsCap	0.09		0.07
Investment Grade Corporate Bond Portfolio		0.05			0.03			0.05		WellsCap	0.04		0.03
Strategic Retirement Bond Portfolio		0.05			0.03			0.05		WellsCap	0.04		0.03
U.S. REIT Portfolio		0.10			0.06			0.10		WellsCap	0.06		0.04

Interfund transactions

The Portfolios may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolios had the following in interfund purchases and sales, during the period from May 23, 2017 (commencement of operations) to August 31, 2017:


	Purchases		Sales
Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	163,871,963	$	0
Emerging Market Bond Portfolio		0		0
Factor Enhanced Emerging Markets Portfolio		35,206,126		0
Factor Enhanced International Portfolio		406,246,019		0
Factor Enhanced Large Cap Portfolio		993,928,569		0
Factor Enhanced Small Cap Portfolio		92,323,909		0
High Yield Corporate Bond Portfolio		0		0
Investment Grade Corporate Bond Portfolio		513,417,528		0
Strategic Retirement Bond Portfolio		0		0
U.S. REIT Portfolio		18,613,862		0


Notes to financial statements (unaudited)		Wells Fargo Target Date Funds			265

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period from May 23, 2017 (commencement of operations) to August 31, 2017 were as follows:


	Purchase at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	1,999,788,197	$	115,788,778	$	999,007,326	$	11,262,127
Emerging Markets Bond Portfolio		72,064,405		103,199,725		72,090,045		12,256,584
Factor Enhanced Emerging Markets Portfolio		0		460,495,597		0		94,449,676
Factor Enhanced International Portfolio		0		1,551,581,387		0		286,738,311
Factor Enhanced Large Cap Portfolio		0		2,290,004,060		0		145,028,229
Factor Enhanced Small Cap Portfolio		0		554,840,929		0		15,441,735
High Yield Corporate Bond Portfolio		43,443,126		115,801,298		43,458,079		24,168,842
Investment Grade Corporate Bond Portfolio		0		177,432,409		54,737,246		79,960,499
Strategic Retirement Bond Portfolio		287,584,847		2,234,985		143,795,649		2,236,031
U.S. REIT Portfolio		0		64,468,605		0		3,367,899

6. DERIVATIVE TRANSACTIONS

During the period from May 23, 2017 (commencement of operations) to August 31, 2017, Factor Enhanced Emerging Markets Portfolio, Factor Enhanced International Portfolio, Factor Enhanced Large Cap Portfolio and Factor Enhanced Small Cap Portfolio entered into futures contracts to gain market exposure and Factor Enhanced Emerging Markets Portfolio entered into forward foreign currency contracts for economic hedging purposes. High Yield Corporate Bond Portfolio entered into credit default swaps contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Portfolio’s total return.

The table below discloses the volume of the each Portfolio’s derivative transactions and any segregated cash during the period from May 23, 2017 (commencement of operations) to August 31, 2017.

Factor
Enhanced
Emerging
Markets
Portfolio

Factor
Enhanced
International
Portfolio

Factor
Enhanced
Large Cap
Portfolio

Factor
Enhanced
Small Cap
Portfolio

High Yield
Corporate Bond
Portfolio

Futures contracts

Average notional balance on long futures

7,134,646

8,904,153

22,414,059

17,669,647

N/A

Segregated cash at August 31, 2017

500,773

2,276,606

3,182,633

1,881,663

N/A

Forward contracts

Average contract amounts to buy

445,637

N/A

Credit default swaps

Average notional balance

N/A

14,130

Segregated cash at August 31, 2017

N/A

18,668

A summary of the location of derivative instruments on the financial statements by primary risk exposure for Factor Enhanced Emerging Markets Portfolio is outlined following tables.

The fair value of derivative instruments as of August 31, 2017 was as follows:

Asset derivatives

Liability derivatives

Statement of Assets and Liabilities
location

Fair value

Statement of Assets and Liabilities
location

Fair value

Equity risk

Receivable for daily variation margin on open futures contracts

6,108

Payable for daily variation margin on open futures contracts

Foreign currency risk

Unrealized gains on forward foreign currency contracts

733

Unrealized losses on forward foreign currency contracts

6,841

*	Only the current day’s variation margin as of August 31, 2017 is reported separately on the Statement of Assets and Liabilities.


266		Wells Fargo Target Date Funds		Notes to financial statements (unaudited)

The effect of derivative instruments on the Statement of Operations for the period from May 23, 2017 (commencement of operations) to August 31, 2017 was as follows for Factor Enhanced Emerging Markets Portfolio:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives			Total
Equity risk	$	(613,640	)	$	(2,433	)	$	(616,073	)
Foreign currency risk		13,846			733			14,579
	$	(599,794	)	$	(1,700	)	$	(601,494	)

Factor Enhanced International Portfolio, Factor Enhanced Large Cap Portfolio and Factor Enhanced Small Cap Portfolio each entered into futures transactions. High Yield Corporate Bond Portfolio entered into credit default swap contracts. The fair value, realized gains or losses and change in unrealized gains or losses, on these derivative transactions are reflected in the corresponding financial statement captions.

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 clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolios under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between the Portfolios 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:


	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
Factor Enhanced Emerging Markets Portfolio	Morgan Stanley	$	6,108	$	0	$	0	$	6,108
Factor Enhanced Emerging Markets Portfolio	State Street Bank		733		0		0		733
Factor Enhanced International Portfolio	Morgan Stanley		454,609		0		0		454,609
Factor Enhanced Large Cap Portfolio	Morgan Stanley		647,752		0		0		647,752
Factor Enhanced Small Cap Portfolio	Morgan Stanley		294,345		0		0		294,345

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors, countries or geographical regions. 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 fund whose investments are not heavily weighted in any sector. Portfolios that focus their investments in particular countries or geographic regions may be particularly susceptible to economic and political events affecting those countries or regions. The Portfolio of Investments includes information on each Portfolio’s holdings, including sector, country and/or geographical composition, as relevant.

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Target Date Funds			267

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.


268		Wells Fargo Target Date Funds		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Target Today Fund, Wells Fargo Target 2010 Fund, Wells Fargo Target 2015 Fund, Wells Fargo Target 2020 Fund, Wells Fargo Target 2025 Fund, Wells Fargo Target 2030 Fund, Wells Fargo Target 2035 Fund, Wells Fargo Target 2040 Fund, Wells Fargo Target 2045 Fund, Wells Fargo Target 2050 Fund, Wells Fargo Target 2055 Fund, Wells Fargo Target 2060 Fund, Wells Fargo Diversified Fixed Income Portfolio, Wells Fargo Diversified Stock Portfolio, Wells Fargo Short-Term Investment Portfolio

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”), must determine annually whether to approve the continuation of the Trusts’ investment management, advisory and sub-advisory agreements, as applicable. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for each of the funds of Funds Trust identified above (individually, a “Target Date Fund” and collectively, the “Target Date Funds”): (i) an investment management agreement (the “Target Date Fund Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Funds Trust Sub-Advisory Agreement”) with Global Index Advisors, Inc. (“GIA”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Funds Management for each of the portfolios of Master Trust identified in the table below (individually, a “Master Portfolio” and collectively, the “Master Portfolios”); and (ii) an investment sub-advisory agreement (each, a “Master Trust Sub-Advisory Agreement”, and together with the Funds Trust Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with the sub-adviser identified in the chart below for the corresponding Master Portfolio identified in the chart:


Master Portfolio		Sub-Adviser
Wells Fargo Diversified Fixed Income Portfolio		SSgA Funds Management, Inc. (“SSgA”)
Wells Fargo Diversified Stock Portfolio		SSgA
Wells Fargo Short-Term Investment Portfolio		Wells Capital Management Incorporated (“Wells Capital Management”)

The Target Date Funds and the Master Portfolios are collectively referred to as the “Funds.” Wells Capital Management, GIA and SSgA are collectively referred to as the “Sub-Advisers,” and the Target Date Fund Management Agreement, Master Portfolio Advisory Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.” The Target Date Funds are gateway blended funds that each invests all of its assets in the Master Portfolios.

At the Meeting, the Boards considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Boards in the discharge of their duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Boards, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Boards’ annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Boards considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Boards reviewed reports of Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.


Other information (unaudited)		Wells Fargo Target Date Funds			269

The Boards noted that the Funds Trust Board considered and approved at the Meeting and at a previous Funds Trust Board meeting held on April 18-19, 2017, a comprehensive set of changes to enhance the structure and investment strategy of the Target Date Funds (the “Target Date Fund Enhancements”), to take effect later in 2017. The Target Date Enhancements include replacing GIA with Wells Capital Management as the Target Date Funds’ sub-adviser, changing the Target Date Funds’ investment strategies and mix of underlying investments, and reducing each Target Date Funds’ fees and expenses. The Funds Trust Board noted that because the Target Date Fund Enhancements would not take effect immediately, the Funds Trust Board would re-approve the Funds Trust Sub-Advisory Agreement with GIA with respect to the Target Date Funds, with such agreement continuing until the transition to Wells Capital Management as sub-adviser to the Target Date Funds becomes effective.

The Master Trust Board noted that it considered and approved at a Master Trust Board meeting held on March 27, 2017, the merger of the Diversified Fixed Income Portfolio into the newly created Wells Fargo U.S. Investment Grade Corporate Bond Portfolio, and the closure and liquidation of the Diversified Stock Portfolio and the Short-Term Investment Portfolio. The Master Trust Board noted that the Master Portfolio Advisory Agreement and Sub-Advisory Agreement with SSgA with respect to the Diversified Fixed Income Portfolio would continue until the date of the merger of the Diversified Fixed Income Portfolio, that the Master Portfolio Advisory Agreement and Sub-Advisory Agreement with SSgA with respect to the Diversified Stock Portfolio would continue until the date of its liquidation, and that the Master Portfolio Advisory Agreement and Sub-Advisory Agreement with Wells Capital Management with respect to the Short-Term Investment Portfolio would continue until the date of its liquidation.

After its deliberations, the Funds Trust Board unanimously approved the continuation of the Target Date Fund Management Agreement and the Funds Trust Sub-Advisory Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously approved the continuation of the Master Portfolio Advisory Agreement and each Master Trust Sub-Advisory Agreement for a one-year term. The Boards also determined that the compensation payable to Funds Management and each of the Sub-Advisers was reasonable. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

Nature, extent and quality of services

The Boards received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and/or personnel changes involving Funds Management and Wells Capital Management, and a description of Funds Management’s and the Sub-Advisers’ business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Boards evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Boards further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Boards took into account the full range of services provided to the Funds by Funds Management and its affiliates.

Investment performance and expenses

The Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2016. The Boards considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the respective Fund (each, a “Universe”), and in comparison to each Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in each performance Universe.

The Funds Trust Board noted that the investment performance of each Target Date Fund (Administrator Class) relative to its respective Universe was as follows: (i) the performance of the Wells Fargo Target Today Fund was lower than the average performance of its Universe for all periods under review except the ten-year period; (ii) the performance of the Wells Fargo Target 2010 Fund was lower than the average performance of its Universe for all periods under review except the ten-year period; (iii) the performance of the Wells Fargo Target 2015 Fund was lower than the average performance of


270		Wells Fargo Target Date Funds		Other information (unaudited)

its Universe for all periods under review; (iv) the performance of the Wells Fargo Target 2020 Fund was lower than the average performance of its Universe for all periods under review except the ten-year period; (v) the performance of the Wells Fargo Target 2025 Fund was lower than the average performance of its Universe for all periods under review; (vi) the performance of the Wells Fargo Target 2030 Fund was higher than or in range of the average performance of its Universe for all periods under review except the five-year period; (vii) the performance of the Wells Fargo Target 2035 Fund was higher than or in range of the average performance of its Universe for all periods under review except the five-year period; (viii) the performance of the Wells Fargo Target 2040 Fund was higher than or in range of the average performance of its Universe for all periods under review; (ix) the performance of the Wells Fargo Target 2045 Fund was higher than, equal to or in range of the average performance of its Universe for all periods under review; (x) the performance of the Wells Fargo Target 2050 Fund was higher than or in range of the average performance of its Universe for all periods under review; (xi) the performance of the Wells Fargo Target 2055 Fund was higher than or in range of the average performance of its Universe for all periods under review; and (xii) the performance of the Wells Fargo Target 2060 Fund was higher than the average performance of its Universe for the one-year period. The Funds Trust Board also noted that the performance of each Target Date Fund was lower than the performance of its respective benchmark index for all periods under review.

The Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance for the periods noted above. Funds Management advised the Funds Trust Board that the nearer-dated Target Date Funds have relatively more conservative glidepaths than many competitor funds, and as a result had a lower allocation to equities compared to funds in each respective Target Date Fund’s Universe. Thus, the Funds Trust Board was advised that underperformance of the nearer-dated Target Date Funds relative to their respective Universes was to be expected during periods in which the equity markets posted strong gains. The Funds Trust Board noted that the Target Date Funds’ underperformance relative to their benchmarks was largely attributable to fees charged to the Target Date Funds (which are not charged to a benchmark index). The Funds Trust Board also noted the Target Date Enhancements include changes to the Target Date Funds’ investment strategies and mix of underlying investments.

The Master Trust Board noted that the investment performance of the Diversified Stock Portfolio was higher than or in range of the average performance of its Universe for all periods under review except the three- and five-year periods. The Master Trust Board also noted that the investment performance of the Diversified Stock Portfolio was higher than or in range of the performance of its benchmark, the Dow Jones Stock CMAC Index, for all periods under review. The Master Trust Board was advised that the underperformance of the Diversified Stock Portfolio relative to its Universe for the periods noted above was largely attributable to sector allocation. The Master Trust Board also noted that it previously approved the closure and liquidation of the Diversified Stock Portfolio in connection with the Target Date Enhancements.

The Master Trust Board noted that the investment performance of the Diversified Fixed Income Portfolio was lower than the average performance of its Universe for all periods under review. The Master Trust Board also noted that the investment performance of the Diversified Fixed Income Portfolio was in range of the performance of its benchmark, the Dow Jones Bond CMAC Index, for the three-year period under review, but lower than its benchmark for the one- and five-year periods under review. The Master Trust Board was advised that the underperformance of the Diversified Fixed Income Portfolio relative to its Universe and benchmark for the periods noted above was largely attributable to sector allocation. The Master Trust Board also noted that it had previously approved merging the Diversified Fixed Income Portfolio into the new Wells Fargo U.S. Investment Grade Corporate Bond Portfolio in connection with the Target Date Enhancements.

The Master Trust Board also noted that the investment performance of the Short-Term Investment Portfolio was lower than the average performance of its Universe for all periods under review. The Master Trust Board also noted that the investment performance of the Short-Term Investment Portfolio was higher than the performance of its benchmark, the Bloomberg Barclays U.S. Treasury Bill 1-3 Month Index, for the three-, five- and ten-year periods under review, but lower than its benchmark for the one-year period under review. The Master Trust Board was advised that the underperformance of the Short-Term Investment Portfolio relative to its Universe for the periods noted above was largely attributable to the fact that the Short-Term Investment Portfolio is managed using a strategy similar to that of a money market fund, while the other funds in the Universe are managed with strategies that are less similar to those utilized by money market funds. The Master Trust Board also noted that it previously approved the closure and liquidation of the Short-Term Investment Portfolio in connection with the Target Date Enhancements.

The Funds Trust Board also received and considered information regarding each Target Date Fund’s net operating expense ratios, which include fees and expenses of the corresponding Master Portfolio, and their various components, including actual management fees assessed at both the Target Date Fund level and the Master Portfolio level, custodian


Other information (unaudited)		Wells Fargo Target Date Funds			271

and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to each Target Date Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Funds Trust Board noted that the net operating expense ratios of each Target Date Fund were lower than the median net operating expense ratios of its respective expense Groups for all share classes.

With respect to the Master Portfolios, the Master Trust Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Fund performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management, advisory and sub-advisory fee rates

The Funds Trust Board reviewed and considered the fee rates that are payable by each Target Date Fund to Funds Management under the Target Date Fund Management Agreement, as well as the contractual fee rates payable by each Target Date Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Master Trust Board reviewed and considered the contractual investment advisory fee rates that are payable by the Master Portfolios to Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the “Advisory Agreement Rates”). The Boards also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Funds Trust Board was a comparison of each Target Date Fund’s Management Rate, each of which do not include the advisory fees paid at the Master Portfolio level, with the average contractual investment management fee rates of funds in the expense Groups at a common asset level, as well as transfer agency costs of the funds in the expense Groups. The Funds Trust Board noted that the Management Rates of each Target Date Fund were lower than the sum of the management fee rates and transfer agency costs of its respective expense Groups for all share classes.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rates of each Master Portfolio with those of other funds in each Master Portfolio’s respective expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rates of each Master Portfolio were lower than the median rate for the Master Portfolio’s respective expense Group.

The Boards also received and considered information about the portions of the total management fees that were retained by Funds Management after payment of the fees to the Sub-Advisers for sub-advisory services. With respect to the Target Date Funds, the Diversified Fixed Income Portfolio and the Diversified Stock Portfolio, the Boards considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Broadridge to be similar to the respective Fund. In assessing the reasonableness of these amounts, the Boards received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. With respect to the Short-Term Investment Portfolio, given the affiliation between Funds Management and Wells Capital Management, the Master Trust Board ascribed limited relevance to the allocation of the advisory fee between them. With respect to GIA and SSgA, the Boards considered that the Sub-Advisory Agreement Rates paid to each of these Sub-Advisers had been negotiated by Funds Management on an arm’s-length basis.

Other than with respect to the Wells Fargo Diversified Stock Portfolio, the Boards also received and considered information about the nature and extent of services offered and fee rates charged by the Sub-Advisers to other types of clients with investment strategies similar to those of the Funds. In this regard, the Boards received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation payable to Funds Management under the Target Date Fund Management Agreement and the compensation payable to GIA under the Funds Trust Sub-Advisory Agreement was reasonable. The


272		Wells Fargo Target Date Funds		Other information (unaudited)

Master Trust Board determined that the compensation payable to Funds Management under the Master Portfolio Advisory Agreement and to SSgA and Wells Capital Management under each Master Trust Sub-Advisory Agreement was reasonable.

Profitability

The Boards received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Funds and the fund family as a whole. The Boards also received and considered information concerning the profitability of Wells Capital Management from providing services to the fund family as a whole, noting that Wells Capital Management’s profitability information with respect to providing services to the Funds was subsumed in the Wells Fargo and Funds Management profitability analysis. The Boards did not receive or consider profitability information with respect to GIA or SSgA, as the sub-advisory fees paid to them had been negotiated by Funds Management on an arm’s-length basis.

Funds Management reported on the methodologies and estimates used in calculating profitability , including a description of the methodology used to allocate certain expenses. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Boards did not deem the profits reported by Funds Management or Wells Fargo from its services to the Funds to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Funds Trust Board noted the existence of breakpoints in each Target Date Fund’s management fee structure, and the Master Trust Board noted the existence of breakpoints in each Master Portfolio’s advisory fee structure (except the Short-Term Investment Portfolio), which operate generally to reduce the Funds’ expense ratios as the Funds grow in size. They considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Boards also considered that, in addition to management fee breakpoints, competitive fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Funds. The Boards considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies that were summarized for the Boards, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Boards concluded that the Funds’ fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, or GIA or SSgA as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationships with the Funds. The Boards noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Boards also reviewed information about soft dollar credits earned and utilized by Wells Capital Management, fees earned by Funds Management and Wells Capital Management from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards did not find that any ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, or GIA or SSgA were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Funds Trust Board unanimously approved the continuation of the Target Date Fund Management Agreement and the Funds Trust Sub-Advisory Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously approved the continuation of the Master Portfolio Advisory Agreement and each Master Trust Sub-Advisory Agreement for a one-year term. The Boards also determined that the compensation payable to Funds Management and each of the Sub-Advisers was reasonable.


Other information (unaudited)		Wells Fargo Target Date Funds			273

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


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


274		Wells Fargo Target Date 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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	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. 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.

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None


Other information (unaudited)		Wells Fargo Target Date Funds			275

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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.


276		Wells Fargo Target Date Funds		Appendix

On July 14, 2017, the Wells Fargo Target Blended Indexes were composed of the following indexes:


	Wells Fargo Target Today Blended Index			Wells Fargo Target 2010 Blended Index			Wells Fargo Target 2015 Blended Index			Wells Fargo Target 2020 Blended Index			Wells Fargo Target 2025 Blended Index
Bloomberg Barclays U.S. Aggregate ex-Corporate Index		34.50	%		32.52	%		30.06	%		27.22	%		23.63	%
Bloomberg Barclays U.S. Government Intermediate Bond Index		5.83	%		5.50	%		5.08	%		3.00	%		1.03	%
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index		5.83	%		5.50	%		5.08	%		3.00	%		1.03	%
JP Morgan EMBI Global Diversified Index		2.94	%		2.77	%		2.56	%		2.30	%		1.99	%
Wells Fargo Factor Enhanced Emerging Markets Index (Net)		2.22	%		2.52	%		2.89	%		3.75	%		4.82	%
Wells Fargo Factor Enhanced International Index (Net)		7.41	%		8.40	%		9.63	%		12.50	%		16.07	%
Wells Fargo Factor Enhanced Large Cap Index		14.31	%		16.22	%		18.61	%		23.26	%		28.66	%
Wells Fargo Factor Enhanced Small Cap Index		3.57	%		4.05	%		4.64	%		5.83	%		7.17	%
Wells Fargo U.S. High Yield Bond Index		2.94	%		2.77	%		2.56	%		2.30	%		1.99	%
Wells Fargo U.S. Investment Grade Corporate Bond Index		17.95	%		16.92	%		15.64	%		14.17	%		12.31	%
Wells Fargo U.S. REIT Index		2.50	%		2.83	%		3.25	%		2.67	%		1.30	%

Average annual total returns (%) as of August 31, 2017

1 year

5 year

10 year

Bloomberg Barclays U.S. Aggregate ex-Corporate Index¹

0.06

–

Bloomberg Barclays U.S. Government Intermediate Bond Index²

0.09

1.12

3.21

Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index³

1.12

0.27

3.43

JP Morgan EMBI Global Diversified Index⁴

5.02

5.25

7.71

Wells Fargo Factor Enhanced Emerging Markets Index (Net)⁵*

–

Wells Fargo Factor Enhanced International Index (Net)⁶*

–

Wells Fargo Factor Enhanced Large Cap Index⁷*

–

Wells Fargo Factor Enhanced Small Cap Index⁸*

–

Wells Fargo U.S. High Yield Bond Index⁹*

–

Wells Fargo U.S. Investment Grade Corporate Bond Index¹⁰*

–

Wells Fargo U.S. REIT Index¹¹*

–

*	The inception date of the index is April 2017. Performance results for the periods indicated are not yet available.

The Bloomberg Barclays U.S. Aggregate ex Corporate Bond Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass throughs), asset backed securities and commercial mortgage backed securities (agency and non-agency). You cannot invest directly in an index.

²	The Bloomberg Barclays U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.

Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market with maturities more an 1 year and less than 10 years. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index.

⁴

The J.P. Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index.

⁵

The Wells Fargo Factor Enhanced Emerging Markets Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various emerging markets countries and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.


Appendix		Wells Fargo Target Date Funds			277


Wells Fargo Target 2030 Blended Index			Wells Fargo Target 2035 Blended Index			Wells Fargo Target 2040 Blended Index			Wells Fargo Target 2045 Blended Index			Wells Fargo Target 2050 Blended Index			Wells Fargo Target 2055 Blended Index			Wells Fargo Target 2060 Blended Index
	18.78	%		13.02	%		9.47	%		6.51	%		5.92	%		5.92	%		5.92	%
	0.13	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	0.13	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	1.58	%		1.10	%		0.80	%		0.55	%		0.50	%		0.50	%		0.50	%
	5.88	%		6.98	%		7.63	%		8.17	%		8.28	%		8.28	%		8.28	%
	19.77	%		23.30	%		25.47	%		27.34	%		27.72	%		27.72	%		27.72	%
	33.73	%		38.18	%		40.72	%		42.79	%		43.20	%		43.20	%		43.20	%
	8.43	%		9.54	%		10.18	%		10.70	%		10.80	%		10.80	%		10.80	%
	1.59	%		1.10	%		0.80	%		0.55	%		0.50	%		0.50	%		0.50	%
	9.78	%		6.78	%		4.93	%		3.39	%		3.08	%		3.08	%		3.08	%
	0.20	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

⁶

The Wells Fargo Factor Enhanced International Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various developed markets outside the US and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁷

The Wells Fargo Factor Enhanced Large Cap Index is an index of equity securities that is derived from a universe of the largest 1000 companies in the US market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁸

The Wells Fargo Factor Enhanced Small Cap Index is an index of equity securities that is derived from a universe of the smallest 2000 companies in the US market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁹

The Wells Fargo US High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indexes. You cannot invest directly in an index.

¹⁰

The Wells Fargo US Investment Grade Corporate Bond Index is a rules-based index designed to measure the performance of publicly issued U.S. dollar denominated investment grade, fixed rate corporate bonds issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index.

¹¹	The Wells Fargo U.S. REIT Index is a float-adjusted, capitalization-weighted index of all applicable NYSE MKT or NASDAQ-listed classes of REIT Stock that satisfy specified market capitalization and other eligibility requirements


278		Wells Fargo Target Date Funds		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLO	— Collateralized loan obligation

CLP	— Chilean peso

COP	— Colombian 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

PJSC	— Public Joint Stock Company

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.

LOGO

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305824 10-17

SOFLD/SAR101 08-17

Semi-Annual Report

August 31, 2017

Wells Fargo International Government Bond Portfolio

LOGO

Contents


		Portfolio of investments			2

		Financial statements
		Statement of assets and liabilities			5
		Statement of operations			6
		Statement of changes in net assets			7
		Financial highlights			8

		Notes to financial statements			9

		Other information			14

		List of abbreviations			17

NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE


Portfolio of investments — August 31, 2017 (unaudited)		Wells Fargo International Government Bond Portfolio


Security name			Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @ : 98.51%
Australia Government Bond Series 124 (AUD)				5.75	%		5-15-2021		500,000		$	448,800
Belgium Government Bond Series 73 (EUR) 144A				3.00			6-22-2034		100,000			152,182
Belgium Government Bond Series 76 (EUR) 144A				1.90			6-22-2038		100,000			129,423
Belgium Government Bond Series 84 (EUR) 144A				1.45			6-22-2037		120,000			144,571
Bonos y Obligaciones del Estado (EUR) 144A				2.15			10-31-2025		320,000			409,922
Bundesrepublik Deutschland (EUR) ¤				0.00			8-15-2026		120,000			140,182
Bundesrepublik Deutschland (EUR)				1.00			8-15-2025		220,000			281,759
Canada (CAD)				3.50			12-1-2045		250,000			250,322
Canada (CAD)				5.00			6-1-2037		130,000			150,226
Czech Republic (CZK)				2.40			9-17-2025		2,060,000			107,648
Finnish Government Bond (EUR) 144A				0.50			4-15-2026		100,000			120,414
Finnish Government Bond (EUR) 144A				4.00			7-4-2025		190,000			292,715
France Government Bond (EUR) 144A				2.00			5-25-2048		150,000			189,396
France Government Bond (EUR)				4.00			10-25-2038		170,000			299,687
Italy Buoni Poliennali del Tesoro (EUR)				0.35			11-1-2021		160,000			189,247
Italy Buoni Poliennali del Tesoro (EUR)				0.45			6-1-2021		100,000			119,366
Italy Buoni Poliennali del Tesoro (EUR) 144A				3.50			3-1-2030		140,000			186,918
Italy Buoni Poliennali del Tesoro (EUR)				5.25			11-1-2029		220,000			343,208
Japan (JPY)				0.10			9-15-2018		89,100,000			812,538
Japan (JPY)				0.20			3-20-2019		135,350,000			1,238,064
Malaysia (MYR)				3.90			11-30-2026		300,000			70,287
Malaysia (MYR)				4.07			9-30-2026		380,000			88,412
Malaysia (MYR)				4.13			4-15-2032		360,000			81,746
Malaysia (MYR)				4.25			9-30-2030		240,000			54,952
Mexico (MXN)				8.00			6-11-2020		6,970,000			402,749
Netherlands Government Bond (EUR) 144A				0.25			7-15-2025		100,000			119,551
Netherlands Government Bond (EUR) 144A				0.50			7-15-2026		250,000			301,680
New Zealand (NZD)				6.00			5-15-2021		170,000			138,415
Norway (NOK) 144A				1.75			2-17-2027		630,000			82,737
Poland (PLN)				2.50			7-25-2026		1,090,000			289,145
Republic of Austria (EUR) 144A				0.50			4-20-2027		100,000			118,237
Republic of Austria (EUR) 144A				0.75			10-20-2026		100,000			121,819
Republic of Austria (EUR) 144A				4.85			3-15-2026		100,000			164,805
Republic of South Africa (ZAR)				7.75			2-28-2023		3,860,000			295,430
Russia (RUB)				7.60			4-14-2021		11,160,000			192,592
Singapore (SGD)				3.25			9-1-2020		290,000			225,314
Switzerland (CHF)				1.25			5-28-2026		100,000			117,743
Thailand (THB)				3.45			3-8-2019		9,830,000			304,785
United Kingdom Gilt (GBP)				3.75			7-22-2052		220,000			445,164
United Kingdom Gilt (GBP)				4.25			3-7-2036		190,000			350,191

Total Foreign Government Bonds (Cost $9,858,579)												9,972,342


			Yield					Shares

Short-Term Investments : 0.65%

Investment Companies : 0.65%
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.92					65,308			65,308


Total Short-Term Investments (Cost $65,308)												65,308


Total investments in securities (Cost $9,923,887)	99.16	%										10,037,650

Other assets and liabilities, net	0.84											85,372


Total net assets	100.00	%									$	10,123,022

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


Wells Fargo International Government Bond Portfolio		Portfolio of investments — August 31, 2017 (unaudited)

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

144A

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

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

(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.

Forward Foreign Currency Contracts

Currency to be

Settlement

Unrealized

received

delivered

Counterparty¤¤

date

gains

losses

800,000 EUR

939,778 USD

State Street Bank

9/6/2017

$12,629

1,250,000 SEK

154,169 USD

State Street Bank

9/6/2017

3,156

1,265,000 DKK

199,862 USD

State Street Bank

9/6/2017

2,635

231,841 USD

3,065,000 ZAR

State Street Bank

9/6/2017

(3,730)

49,828 USD

63,000 CAD

State Street Bank

9/6/2017

(625)

43,108 USD

59,000 NZD

State Street Bank

9/6/2017

747

114,930 USD

2,045,000 MXN

State Street Bank

9/6/2017

570

226,424 USD

286,000 AUD

State Street Bank

9/6/2017

(929)

212,184 USD

23,300,000 JPY

State Street Bank

9/6/2017

232

241,118 USD

187,000 GBP

State Street Bank

9/6/2017

(699)

71,494 USD

260,000 PLN

State Street Bank

9/6/2017

(1,390)

126,861 USD

173,000 SGD

State Street Bank

9/6/2017

(726)

208,893 USD

6,940,000 THB

State Street Bank

9/6/2017

(113)

753,300,000 KRW

660,500 USD

State Street Bank

9/11/2017

7,592

836,000 MYR

194,441 USD

State Street Bank

9/11/2017

(1,270)

11,425,000 RUB

191,502 USD

State Street Bank

9/11/2017

(5,246)

27,561

(14,728)

¤¤	Transactions can only be closed with the originating counterparty.

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period
Investment companies - 0.65%
Wells Fargo Government Money Market Fund Select Class		0		10,000,000		9,934,692		65,308		$0		$0		$1,265		$65,308

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


Portfolio of investments — August 31, 2017 (unaudited)		Wells Fargo International Government Bond Portfolio

The following table shows the ten largest portfolio holdings as a percent of total long-term investments as of August 31, 2017:


Japan, 0.20%, 3-20-2019			12.23%
Japan, 0.10%, 9-15-2018			8.03%
Australia Government Bond Series 124, 5.75%, 5-15-2021			4.43%
United Kingdom Gilt, 3.75%, 7-22-2052			4.40%
Bonos y Obligaciones del Estado, 2.15%, 10-31-2025			4.05%
Mexico, 8.00%, 6-11-2020			3.98%
United Kingdom Gilt, 4.25%, 3-7-2036			3.46%
Italy Buoni Poliennali del Tesoro, 5.25%, 11-1-2029			3.39%
Thailand, 3.45%, 3-8-2019			3.01%
Netherlands Government Bond, 0.50%, 7-15-2026			2.98%

The following table shows the percent of total long-term investments by country allocation as of August 31, 2017:


Japan			20.56%
Italy			8.41%
United Kingdom			7.98%
France			4.91%
Australia			4.50%
Belgium			4.27%
Germany			4.23%
Netherlands			4.22%
Finland			4.14%
Spain			4.11%
Austria			4.06%
Mexico			4.04%
Canada			4.02%
Thailand			3.06%
South Africa			2.96%
Malaysia			2.96%
Poland			2.90%
Singapore			2.26%
Russia			1.93%
New Zealand			1.39%
Switzerland			1.18%
Czech Republic			1.08%
Norway			0.83%

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


Statement of assets and liabilities – August 31, 2017 (unaudited)		Wells Fargo International Government Bond Portfolio




Assets
Investments in unaffiliated securities, at value (cost $9,858,579)	$	9,972,342
Investments in affiliated securities, at value (cost $65,308)		65,308
Foreign currency, at value (cost $988)		997
Receivable for interest		77,982
Unrealized gains on forward foreign currency contracts		27,561
Total assets		10,144,190
Liabilities
Unrealized losses on forward foreign currency contracts		14,728
Advisory fee payable		1,034
Professional fees payable		3,790
Accrued expenses and other liabilities		1,616
Total liabilities		21,168
Total net assets	$	10,123,022

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


Statement of operations – period ended August 31, 2017¹ (unaudited)		Wells Fargo International Government Bond Portfolio




Investment income
Interest	$	5,505
Income from affiliated securities		1,265
Total investment income		6,770
Expenses
Advisory fee		1,034
Custody and accounting fees		164
Professional fees		3,790
Shareholder report expenses		308
Trustees’ fees and expenses		774
Other fees and expenses		370
Total expenses		6,440
Net investment income		330
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on unaffiliated securities		(4,603)
Net change in unrealized gains (losses) on:
Unaffiliated securities		113,772
Forward foreign currency contract transactions		12,833
Foreign currency and foreign currency translations		690
Net change in unrealized gains (losses) on investments		127,295
Net realized and unrealized gains (losses) on investments		122,692
Net increase in net assets resulting from operations	$	123,022

¹^.	For the period from August 16, 2017 (commencement of operations) to August 31, 2017

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


Statement of changes in net assets		Wells Fargo International Government Bond Portfolio


	Period ended August 31, 2017¹ (unaudited)
Operations
Net investment income	$	330
Net realized losses on unaffiliated securities		(4,603)
Net change in unrealized gains (losses) on unaffiliated securities		127,295
Net increase in net assets resulting from operations		123,022

Capital share transactions
Transactions in investors’ beneficial interests Contributions		10,000,000
Net increase in net assets resulting from capital share transactions		10,000,000
Total increase in net assets		10,123,022
Net assets
Beginning of period		0
End of period	$	10,123,022

^1.	For the period from August 16, 2017 (commencement of operations) to August 31, 2017

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


Wells Fargo International Government Bond Portfolio		Financial Highlights


	Ratio to average net assets (annualized)			Portfolio turnover rate
	Net investment income	Gross expenses	Total return¹	Portfolio turnover rate
Period ended August 31, 2017²	0.08%	1.56%	1.20%	0%

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

² For the period from August 16, 2017 (commencement of operations) to August 31, 2017

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


Notes to financial statements (unaudited)		Wells Fargo International Government Bond Portfolio

1. ORGANIZATION

The Portfolio offers its 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 the 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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.

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

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values 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 of securities 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.


Notes to financial statements (unaudited)		Wells Fargo International Government Bond Portfolio

Forward foreign currency contracts

The Portfolio is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

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.

Federal and other taxes

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

The Portfolio’s income and federal excise tax returns and all financial records supporting those returns for the fiscal year since commencement of operations will be subject to examination by the federal and Delaware revenue authorities.

As of August 31, 2017, the aggregate cost of all investments for federal income tax purposes was $9,923,887 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$151,223

Gross unrealized losses	(24,627	)


Net unrealized gains	$126,596

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the 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 unobservable inputs (Level 3). The 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, 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 International Government Bond Portfolio

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets

Investments in :

Foreign government bonds		$0		$9,972,342		$0		$9,972,342

Short-term investments

Investment companies		65,308		0		0		65,308


		65,308		9,972,342		0		10,037,650
Forward foreign currency contracts		0		27,561		0		27,561


Total assets		$65,308		$9,999,903		$0		$10,065,211

Liabilities

Forward foreign currency contracts		$0		$14,728		$0		$14,728


Total liabilities		$0		$14,728		$0		$14,728

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Portfolio recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At August 31, 2017, the Portfolio did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.21% as the average daily net assets of the Portfolio increase. For the period from August 16, 2017 (commencement of operations) to August 31, 2017, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. First International Advisors, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.09% and declining to 0.07% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the period from August 16, 2017 (commencement of operations) to August 31, 2017 were $9,860,807 and $0, respectively.

6. DERIVATIVE TRANSACTIONS

During the period from August 16, 2017 (commencement of operations) to August 31, 2017, the Portfolio entered into forward foreign currency contracts for economic hedging purposes. The Portfolio had average contract amounts of $73,150 and $71,384 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the period from August 16, 2017 (commencement of operations) to August 31, 2017.


Notes to financial statements (unaudited)		Wells Fargo International Government Bond Portfolio

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


Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements		Collateral received		Net amount of assets
State Street Bank		$27,561		$(14,728)		$0		$12,833

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged		Net amount of liabilities
State Street Bank		$14,728		$(14,728)		$0		$0

7. INDEMNIFICATION


Notes to financial statements (unaudited)		Wells Fargo International Government Bond Portfolio

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Portfolio will be publicly available monthly on the Portfolio’s website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Portfolio will be publicly available on the Portfolio’s website on a monthly, seven-day or more delayed basis. The 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, the Portfolio’s 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.


Wells Fargo International Government Bond Portfolio			Other information	(unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


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

William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	Asset Allocation Trust

Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust

Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust

Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust


Other information (unaudited)		Wells Fargo International Government Bond Portfolio


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

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

Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	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. 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.

Advisory Board Members


Wells Fargo International Government Bond Portfolio			Other information	(unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer

Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.

Jeremy DePalma¹ (Born 1974)	Assistant 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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²The 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.


Wells Fargo International Government Bond Portfolio			List of abbreviations

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


ACA	— ACA Financial Guaranty Corporation	LIQ	— Liquidity agreement
ADR	— American depositary receipt	LLC	— Limited liability company
ADS	— American depositary shares	LLLP	— Limited liability limited partnership
AGC	— Assured Guaranty Corporation	LLP	— Limited liability partnership
AGM	— Assured Guaranty Municipal	LOC	— Letter of credit
Ambac	— Ambac Financial Group Incorporated	LP	— Limited partnership
AMT	— Alternative minimum tax	MBIA	— Municipal Bond Insurance Association
AUD	— Australian dollar	MFHR	— Multifamily housing revenue
BAN	— Bond anticipation notes	MSTR	— Municipal securities trust receipts
BHAC	— Berkshire Hathaway Assurance Corporation	MTN	— Medium-term note
BRL	— Brazilian real	MUD	— Municipal Utility District
CAB	— Capital appreciation bond	MXN	— Mexican peso
CAD	— Canadian dollar	MYR	— Malaysian ringgit
CCAB	— Convertible capital appreciation bond	National	— National Public Finance Guarantee Corporation
CDA	— Community Development Authority	NGN	— Nigerian naira
CDO	— Collateralized debt obligation	NOK	— Norwegian krone
CHF	— Swiss franc	NZD	— New Zealand dollar
CLO	— Collateralized loan obligation	PCFA	— Pollution Control Financing Authority
CLP	— Chilean peso	PCL	— Public Company Limited
COP	— Colombian peso	PCR	— Pollution control revenue
DKK	— Danish krone	PFA	— Public Finance Authority
DRIVER	— Derivative inverse tax-exempt receipts	PFFA	— Public Facilities Financing Authority
DW&P	— Department of Water & Power	PFOTER	— Puttable floating option tax-exempt receipts
DWR	— Department of Water Resources	PJSC	— Public Joint Stock Company
ECFA	— Educational & Cultural Facilities Authority	plc	— Public limited company
EDA	— Economic Development Authority	PLN	— Polish zloty
EDFA	— Economic Development Finance Authority	PUTTER	— Puttable tax-exempt receipts
ETF	— Exchange-traded fund	R&D	— Research & development
EUR	— Euro	Radian	— Radian Asset Assurance
FDIC	— Federal Deposit Insurance Corporation	RAN	— Revenue anticipation notes
FFCB	— Federal Farm Credit Banks	RDA	— Redevelopment Authority
FGIC	— Financial Guaranty Insurance Corporation	RDFA	— Redevelopment Finance Authority
FHA	— Federal Housing Administration	REIT	— Real estate investment trust
FHLB	— Federal Home Loan Bank	ROC	— Reset option certificates
FHLMC	— Federal Home Loan Mortgage Corporation	RON	— Romanian lei
FICO	— The Financing Corporation	RUB	— Russian ruble
FNMA	— Federal National Mortgage Association	SAVRS	— Select auction variable rate securities
FSA	— Farm Service Agency	SBA	— Small Business Authority
GBP	— Great British pound	SDR	— Swedish depositary receipt
GDR	— Global depositary receipt	SEK	— Swedish krona
GNMA	— Government National Mortgage Association	SFHR	— Single-family housing revenue
GO	— General obligation	SFMR	— Single-family mortgage revenue
HCFR	— Healthcare facilities revenue	SGD	— Singapore dollar
HEFA	— Health & Educational Facilities Authority	SPA	— Standby purchase agreement
HEFAR	— Higher education facilities authority revenue	SPDR	— Standard & Poor’s Depositary Receipts
HFA	— Housing Finance Authority	SPEAR	— Short Puttable Exempt Adjustable Receipts
HFFA	— Health Facilities Financing Authority	STRIPS	— Separate trading of registered interest and
HKD	— Hong Kong dollar		principal securities
HUD	— Department of Housing and Urban Development	TAN	— Tax anticipation notes
HUF	— Hungarian forint	TBA	— To be announced
IDA	— Industrial Development Authority	THB	— Thai baht
IDAG	— Industrial Development Agency	TIPS	— Treasury inflation-protected securities
IDR	— Indonesian rupiah	TRAN	— Tax revenue anticipation notes
IEP	— Irish pound	TRY	— Turkish lira
JPY	— Japanese yen	TTFA	— Transportation Trust Fund Authority
KRW	— Republic of Korea won	TVA	— Tennessee Valley Authority
LIBOR	— London Interbank Offered Rate	ZAR	— South African rand
LIFER	— Long Inverse Floating Exempt Receipts

LOGO


For more information More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Funds’ website, or call: Wells Fargo Funds P.O. Box 8266 Boston, MA 02266-8266 Email: fundservice@wellsfargo.com Website: wellsfargofunds.com Individual investors: 1-800-222-8222 Retail investment professionals: 1-888-877-9275 Institutional investment professionals: 1-866-765-0778	This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call *1-800-222-8222* or visit the Funds’ website at *wellsfargofunds.com*. Read the prospectus carefully before you invest or send money. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.
	NOT FDIC INSURED § NO BANK GUARANTEE § MAY LOSE VALUE

	© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

		305825 10-17 SA/SAR 271 08-17

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Master Trust is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable.

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

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END 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:		October 26, 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:		October 26, 2017

By:
		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		October 26, 2017

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

James G. Polisson
(Born 1959)

Advisory Board Member,
since 2017

Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.