UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

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

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Registrant is making a filing for 3 of its series:

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

Date of reporting period:     November 30, 2016

ITEM 1. INVESTMENTS

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 26.49%
FFCB		1.10	%	6-1-2018	$	3,000,000	$	3,001,377
FFCB		3.50		12-20-2023		400,000		425,198
FHLB		0.88		3-19-2018		3,500,000		3,492,671
FHLB		0.88		10-1-2018		1,500,000		1,492,815
FHLB		0.88		8-5-2019		750,000		739,696
FHLB		1.00		9-26-2019		2,500,000		2,468,930
FHLB		1.13		6-21-2019		2,000,000		1,987,606
FHLB		1.38		2-18-2021		1,000,000		981,491
FHLB		2.50		8-1-2027		111,418		111,874
FHLB		2.50		12-1-2027		59,148		59,391
FHLB		2.50		6-1-2028		77,015		77,332
FHLB		2.50		8-1-2028		701,047		703,602
FHLB		2.50		9-1-2028		3,254,689		3,266,551
FHLB		2.50		9-1-2028		330,494		332,260
FHLB		2.50		9-1-2028		2,166,012		2,173,906
FHLB		2.50		10-1-2028		670,062		672,505
FHLB		2.50		10-1-2028		114,283		114,700
FHLB		2.50		11-1-2028		1,972,064		1,979,251
FHLB		2.50		11-1-2028		637,363		639,987
FHLB		3.00		10-1-2042		7,477,111		7,451,605
FHLB		3.00		10-1-2042		592,100		590,050
FHLB		3.00		11-1-2042		195,081		194,516
FHLB		3.00		11-1-2042		362,023		364,575
FHLB		3.00		11-1-2042		3,630,350		3,617,219
FHLB		3.00		12-1-2042		190,389		189,663
FHLB		3.00		12-1-2042		90,580		90,248
FHLB		3.00		1-1-2043		7,052,995		7,032,570
FHLB		3.00		1-1-2043		142,491		141,949
FHLB		3.00		3-1-2043		72,242		71,966
FHLB		3.00		4-1-2043		7,025,764		7,003,255
FHLB		3.00		4-1-2043		592,799		590,502
FHLB		3.00		5-1-2043		110,017		109,580
FHLB		3.00		6-1-2043		283,229		282,060
FHLB		3.00		7-1-2043		2,000,084		1,991,820
FHLB		3.00		7-1-2043		149,796		149,192
FHLB		3.00		7-1-2043		155,501		154,867
FHLB		3.00		7-1-2043		590,577		588,654
FHLB		3.00		8-1-2043		259,889		260,283
FHLB		3.00		8-1-2043		127,562		127,028
FHLB		3.00		8-1-2043		123,403		122,782
FHLB		3.00		8-1-2043		68,688		68,380
FHLB		3.00		8-1-2043		74,372		74,069
FHLB		3.00		8-1-2043		22,370		22,277
FHLB		3.00		8-1-2043		561,266		558,976
FHLB		3.00		8-1-2043		1,689,573		1,682,768
FHLB		3.00		9-1-2043		273,264		272,125
FHLB		3.00		9-1-2043		244,185		243,126
FHLB		3.00		10-1-2043		165,859		165,168
FHLB		3.00		10-1-2043		237,387		236,409
FHLB		3.00		11-1-2043		74,770		74,450
FHLB		3.50		8-1-2020		87,177		90,986
FHLB		3.50		9-1-2020		24,745		25,826
FHLB		3.50		10-1-2020		124,752		130,204
FHLB		3.50		11-1-2020		238,710		249,141
FHLB		3.50		11-1-2020		151,708		158,338
FHLB		3.50		11-1-2020		201,970		210,796
FHLB		3.50		12-1-2020		139,085		145,163
FHLB		3.50		1-1-2021		8,029		8,380
FHLB		3.50		4-1-2021		8,503		8,874
FHLB		3.50		4-1-2021		159,298		166,259
FHLB		3.50		12-1-2025		3,037,304		3,199,958
FHLB		3.50		1-1-2029		4,184,101		4,366,940
FHLB		3.50		12-1-2042		2,276,887		2,342,221

1

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLB		4.00	%	6-1-2024	$	13,665	$	14,291
FHLB		4.00		7-1-2025		261,716		277,224
FHLB		4.00		4-1-2026		1,387,567		1,469,888
FHLB		4.00		11-1-2040		2,322,888		2,441,119
FHLB		4.00		1-1-2041		4,555,290		4,787,299
FHLB		4.00		2-1-2041		2,307,992		2,440,785
FHLB		4.00		4-1-2041		3,599,449		3,816,493
FHLB		4.50		2-1-2024		41,423		44,048
FHLB		4.50		5-1-2024		40,234		42,555
FHLB		4.50		9-1-2024		15,399		16,302
FHLB		4.50		9-1-2024		32,901		35,032
FHLB		4.50		12-1-2024		59,529		63,004
FHLB		4.50		3-1-2039		344,850		372,371
FHLB		4.50		5-1-2039		67,139		72,264
FHLB		4.50		10-1-2039		73,690		79,390
FHLB		4.50		10-1-2039		61,185		66,001
FHLB		4.50		9-1-2040		68,366		73,673
FHLB		4.50		1-1-2041		130,260		140,275
FHLB		4.50		2-1-2041		566,660		610,687
FHLB		4.50		4-1-2041		1,658,525		1,793,414
FHLB		5.00		12-1-2034		1,814		1,984
FHLB		5.00		8-1-2035		285,547		314,555
FHLB		5.00		11-1-2035		280,591		308,096
FHLB		5.00		12-1-2035		2,274		2,488
FHLB		5.00		1-1-2036		24,211		26,488
FHLB		5.00		6-1-2036		332,692		366,709
FHLB		5.00		3-1-2037		3,447		3,781
FHLB		5.00		7-1-2037		6,475		7,084
FHLB		5.00		3-1-2038		246,748		270,415
FHLB		5.00		5-1-2038		15,154		16,595
FHLB		5.00		6-1-2038		4,157		4,548
FHLB		5.00		9-1-2038		270,766		296,237
FHLB		5.00		5-1-2039		17,914		19,710
FHLB		5.00		1-1-2040		1,027,723		1,127,056
FHLB		5.38		9-30-2022		1,350,000		1,597,154
FHLB		5.50		12-1-2035		422,677		474,388
FHLB		5.50		7-15-2036		600,000		791,745
FHLB		5.50		12-1-2036		200,338		224,513
FHLB		5.50		3-1-2037		18,095		20,127
FHLB		5.50		7-1-2037		904,500		1,017,024
FHLB		5.50		10-1-2037		1,792		2,014
FHLB		5.50		3-1-2038		13,263		14,752
FHLB		5.50		5-1-2038		140,659		157,774
FHLB		5.50		6-1-2038		49,697		55,682
FHLB		5.50		8-1-2038		54,945		61,659
FHLB		5.50		10-1-2038		2,898		3,223
FHLB		5.50		11-1-2038		100,468		113,644
FHLB		6.00		1-1-2032		19,540		22,188
FHLB		6.00		4-1-2033		19,231		22,170
FHLB		6.00		7-1-2036		22,400		25,681
FHLB		6.00		9-1-2036		129,823		148,672
FHLB		6.00		11-1-2036		12,333		14,018
FHLB		6.00		11-1-2036		171,969		196,505
FHLB		6.00		5-1-2037		91,911		104,584
FHLB		6.00		6-1-2037		50,747		57,996
FHLB		6.00		8-1-2037		113,431		129,173
FHLB		6.00		9-1-2037		1,393		1,586
FHLB		6.00		9-1-2037		52,796		60,148
FHLB		6.00		10-1-2037		7,493		8,509
FHLB		6.00		10-1-2037		7,432		8,464
FHLB		6.00		11-1-2037		32,063		36,573
FHLB		6.00		11-1-2037		41,104		46,827
FHLB		6.00		12-1-2037		26,236		29,792
FHLB		6.00		12-1-2037		17,026		19,333
FHLB		6.00		12-1-2037		77,938		88,560

2

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLB		6.00	%	6-1-2038	$	50,142	$	57,205
FHLB		6.00		7-1-2038		26,016		29,614
FHLB		6.00		12-1-2039		40,979		46,598
FHLB		6.00		5-1-2040		751,830		854,378
FHLMC		0.75		1-12-2018		2,000,000		1,996,038
FHLMC		0.88		3-7-2018		2,000,000		1,993,378
FHLMC		1.07		9-6-2018		750,000		745,502
FHLMC		1.10		9-13-2018		1,000,000		998,143
FHLMC		1.13		4-15-2019		750,000		746,646
FHLMC		1.25		8-1-2019		2,000,000		1,991,222
FHLMC		1.25		10-2-2019		3,800,000		3,779,009
FHLMC		1.30		8-28-2019		1,500,000		1,492,209
FHLMC		2.00		7-30-2019		100,000		101,396
FHLMC		2.38		1-13-2022		3,580,000		3,643,803
FHLMC		2.50		10-1-2029		6,040,445		6,062,461
FHLMC		2.50		1-1-2031		2,115,925		2,123,636
FHLMC		2.50		5-1-2031		12,204,511		12,248,993
FHLMC %%		2.50		12-16-2031		5,000,000		5,013,086
FHLMC		3.00		9-1-2021		373,479		383,883
FHLMC		3.00		4-1-2022		339,057		348,503
FHLMC		3.00		9-1-2026		87,307		89,739
FHLMC		3.00		10-1-2026		1,872,162		1,924,317
FHLMC		3.00		11-1-2026		188,411		193,660
FHLMC		3.00		11-1-2026		507,984		522,135
FHLMC		3.00		11-1-2026		27,653		28,424
FHLMC		3.00		12-1-2026		3,766,287		3,871,208
FHLMC		3.00		12-1-2026		14,066		14,458
FHLMC		3.00		12-1-2026		1,025,400		1,053,966
FHLMC		3.00		1-1-2027		1,826,902		1,877,796
FHLMC		3.00		3-1-2027		484,327		497,820
FHLMC		3.00		8-1-2027		1,237,892		1,272,377
FHLMC		3.00		4-1-2028		48,854		50,223
FHLMC		3.00		7-1-2029		4,482,173		4,607,038
FHLMC		3.00		9-1-2029		6,561,733		6,744,530
FHLMC		3.00		5-1-2035		5,014,379		5,087,471
FHLMC		3.00		3-1-2043		4,351,686		4,335,275
FHLMC		3.00		8-1-2045		11,202,365		11,146,306
FHLMC		3.00		9-1-2046		8,324,365		8,282,385
FHLMC		3.00		11-1-2046		8,181,763		8,140,501
FHLMC %%		3.00		12-13-2046		13,875,000		13,792,617
FHLMC		3.50		10-1-2020		426,942		445,599
FHLMC		3.50		1-1-2021		594,105		620,066
FHLMC		3.50		11-1-2021		110,793		115,635
FHLMC		3.50		5-1-2023		211,815		221,338
FHLMC		3.50		11-1-2023		361,386		377,178
FHLMC		3.50		1-1-2024		364,834		381,170
FHLMC		3.50		2-1-2026		157,005		163,928
FHLMC		3.50		4-1-2026		562,787		587,867
FHLMC		3.50		1-1-2030		391,241		408,338
FHLMC		3.50		1-1-2030		260,930		272,905
FHLMC		3.50		2-1-2042		9,498,191		9,740,068
FHLMC		3.50		10-1-2042		2,689,911		2,773,718
FHLMC		3.50		10-1-2042		525,405		540,559
FHLMC		3.50		10-1-2042		4,759,880		4,881,186
FHLMC		3.50		7-1-2043		4,097,710		4,215,253
FHLMC		3.50		8-1-2043		6,251,729		6,410,374
FHLMC		3.50		1-1-2044		3,140,454		3,220,146
FHLMC		3.50		6-1-2044		2,925,901		3,000,150
FHLMC		3.50		10-1-2044		8,226,804		8,435,569
FHLMC		3.50		11-1-2044		6,455,718		6,619,539
FHLMC		3.50		7-1-2045		6,365,922		6,548,835
FHLMC		3.50		10-1-2045		7,649,555		7,843,672
FHLMC		3.50		1-1-2046		5,449,400		5,587,685

3

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC		3.50	%	3-1-2046	$	2,244,277	$	2,301,228
FHLMC		3.50		4-1-2046		4,882,354		5,006,765
FHLMC		3.50		5-1-2046		7,501,637		7,692,923
FHLMC %%		3.50		12-13-2046		5,625,000		5,765,375
FHLMC		3.75		3-27-2019		2,900,000		3,064,421
FHLMC		4.00		5-1-2023		29,986		30,997
FHLMC		4.00		2-1-2024		64,025		66,057
FHLMC		4.00		5-1-2024		38,960		41,052
FHLMC		4.00		5-1-2024		65,694		68,909
FHLMC		4.00		8-1-2024		104,189		109,913
FHLMC		4.00		1-1-2025		112,818		118,842
FHLMC		4.00		2-1-2025		156,827		166,264
FHLMC		4.00		3-1-2025		994,904		1,047,914
FHLMC		4.00		5-1-2025		399,089		419,004
FHLMC		4.00		6-1-2025		84,842		89,870
FHLMC		4.00		6-1-2025		342,560		362,845
FHLMC		4.00		7-1-2025		10,191		10,806
FHLMC		4.00		8-1-2025		73,441		77,797
FHLMC		4.00		10-1-2025		24,006		25,425
FHLMC		4.00		3-1-2026		210,385		220,924
FHLMC		4.00		4-1-2026		313,932		330,816
FHLMC		4.00		5-1-2026		282,529		299,320
FHLMC		4.00		5-1-2029		186,728		196,495
FHLMC		4.00		9-1-2031		89,229		93,782
FHLMC		4.00		10-1-2033		6,442		6,794
FHLMC		4.00		8-1-2036		6,153		6,467
FHLMC		4.00		4-1-2039		394,242		419,223
FHLMC		4.00		5-1-2039		132,693		139,605
FHLMC		4.00		6-1-2039		145,643		153,247
FHLMC		4.00		2-1-2040		265,694		279,749
FHLMC		4.00		9-1-2040		950,508		998,766
FHLMC		4.00		10-1-2040		334,252		352,851
FHLMC		4.00		10-1-2040		687,125		722,010
FHLMC		4.00		10-1-2040		1,193,257		1,266,013
FHLMC		4.00		11-1-2040		147,974		155,833
FHLMC		4.00		12-1-2040		3,407,107		3,587,683
FHLMC		4.00		12-1-2040		67,852		71,302
FHLMC		4.00		4-1-2041		17,651		18,631
FHLMC		4.00		6-1-2041		277,141		291,246
FHLMC		4.00		6-1-2041		6,508		6,851
FHLMC		4.00		10-1-2041		29,792		31,460
FHLMC		4.00		10-1-2041		194,571		204,486
FHLMC		4.00		11-1-2041		186,247		196,676
FHLMC		4.00		11-1-2041		41,769		43,902
FHLMC		4.00		11-1-2041		19,954		21,072
FHLMC		4.00		11-1-2041		13,971		14,754
FHLMC		4.00		11-1-2041		264,132		278,917
FHLMC		4.00		12-1-2041		6,061,636		6,385,068
FHLMC		4.00		1-1-2042		1,773,708		1,873,157
FHLMC		4.00		1-1-2042		68,551		72,066
FHLMC		4.00		2-1-2042		30,794		32,427
FHLMC		4.00		4-1-2042		6,134,651		6,474,901
FHLMC		4.00		5-1-2044		4,137,172		4,347,218
FHLMC		4.00		5-1-2044		5,996,199		6,300,628
FHLMC		4.00		12-1-2045		3,138,177		3,298,333
FHLMC		4.00		1-1-2046		2,691,861		2,828,978
FHLMC		4.50		4-1-2018		8,162		8,385
FHLMC		4.50		8-1-2018		154,958		159,186
FHLMC		4.50		10-1-2018		31,243		32,096
FHLMC		4.50		4-1-2024		51,924		54,510
FHLMC		4.50		8-1-2024		315,837		327,368
FHLMC		4.50		11-1-2024		100,724		104,226
FHLMC		4.50		2-1-2025		385,635		405,768
FHLMC		4.50		8-1-2035		28,099		30,370
FHLMC		4.50		9-1-2035		38,192		41,107

4

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC		4.50	%	1-1-2037	$	43,872	$	47,221
FHLMC		4.50		10-1-2038		187,798		202,324
FHLMC		4.50		2-1-2039		21,349		23,064
FHLMC		4.50		5-1-2039		34,373		37,050
FHLMC		4.50		6-1-2039		1,354,597		1,461,300
FHLMC		4.50		9-1-2039		909,566		981,632
FHLMC		4.50		10-1-2039		165,288		178,308
FHLMC		4.50		10-1-2039		171,381		185,327
FHLMC		4.50		1-1-2040		1,597,120		1,741,853
FHLMC		4.50		2-1-2040		4,780,640		5,196,778
FHLMC		4.50		3-1-2040		2,391,813		2,629,195
FHLMC		4.50		8-1-2040		803,036		866,457
FHLMC		4.50		9-1-2040		1,979,103		2,159,459
FHLMC		4.50		9-1-2040		170,881		183,991
FHLMC		4.50		2-1-2041		51,562		55,670
FHLMC		4.50		4-1-2041		2,311,420		2,494,647
FHLMC		4.50		7-1-2041		4,600,982		4,966,876
FHLMC		4.50		7-1-2041		122,245		132,217
FHLMC		4.50		10-1-2041		747,469		806,454
FHLMC		4.88		6-13-2018		1,700,000		1,797,352
FHLMC		5.00		7-1-2022		125		128
FHLMC		5.00		6-1-2023		17,321		18,486
FHLMC		5.00		6-1-2023		2,393		2,452
FHLMC		5.00		6-1-2023		6,185		6,636
FHLMC		5.00		10-1-2023		2,088		2,140
FHLMC		5.00		8-1-2033		1,017,545		1,131,833
FHLMC		5.00		11-1-2033		92,350		101,354
FHLMC		5.00		3-1-2034		68,177		75,083
FHLMC		5.00		7-1-2035		313,150		344,619
FHLMC		5.00		8-1-2035		83,442		91,372
FHLMC		5.00		9-1-2035		584,086		649,599
FHLMC		5.00		4-1-2036		37,842		41,702
FHLMC		5.00		12-1-2036		23,646		25,871
FHLMC		5.00		2-1-2037		37,883		41,627
FHLMC		5.00		3-1-2039		238,915		264,613
FHLMC		5.00		8-1-2039		568,380		628,907
FHLMC		5.00		8-1-2039		2,856,169		3,139,546
FHLMC		5.00		9-1-2039		827,919		907,971
FHLMC		5.00		12-1-2039		1,311,095		1,453,957
FHLMC		5.00		6-1-2040		3,252,633		3,602,877
FHLMC		5.00		6-1-2040		2,401,708		2,651,493
FHLMC		5.50		12-1-2016		96		96
FHLMC		5.50		8-1-2017		143		144
FHLMC		5.50		9-1-2017		2,711		2,746
FHLMC		5.50		10-1-2017		199		201
FHLMC		5.50		11-1-2017		3,183		3,233
FHLMC		5.50		12-1-2017		79,409		80,256
FHLMC		5.50		3-1-2018		1,394		1,399
FHLMC		5.50		2-1-2019		17,280		17,405
FHLMC		5.50		12-1-2033		71,083		79,292
FHLMC		5.50		12-1-2034		134,564		152,126
FHLMC		5.50		1-1-2035		474,241		527,496
FHLMC		5.50		6-1-2035		352,182		394,356
FHLMC		5.50		1-1-2036		62,072		69,944
FHLMC		5.50		1-1-2036		24,956		28,101
FHLMC		5.50		2-1-2036		76,558		86,075
FHLMC		5.50		12-1-2036		78,585		88,133
FHLMC		5.50		2-1-2037		83,138		93,358
FHLMC		5.50		3-1-2037		69,763		77,974
FHLMC		5.50		4-1-2037		21,021		23,579
FHLMC		5.50		1-1-2038		207,640		232,827
FHLMC		5.50		2-1-2038		328,340		369,061
FHLMC		5.50		4-1-2038		263,639		295,903

5

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC		5.50	%	5-1-2038	$	35,219	$	39,217
FHLMC		5.50		5-1-2038		628,907		706,478
FHLMC		5.50		5-1-2038		228,506		256,965
FHLMC		5.50		5-1-2038		899,212		1,010,041
FHLMC		5.50		6-1-2038		6,041		6,733
FHLMC		5.50		7-1-2038		120,441		134,954
FHLMC		5.50		7-1-2038		157,237		176,649
FHLMC		5.50		8-1-2038		208,886		234,161
FHLMC		5.50		8-1-2038		43,703		48,923
FHLMC		5.50		9-1-2038		71,562		80,163
FHLMC		5.50		9-1-2038		33,774		37,567
FHLMC		5.50		1-1-2039		111,006		124,655
FHLMC		5.50		8-1-2039		445,452		501,091
FHLMC		5.50		11-1-2039		860,338		957,849
FHLMC		5.50		3-1-2040		1,758,941		1,964,017
FHLMC		5.50		4-1-2040		1,471,360		1,657,435
FHLMC		6.00		9-1-2023		49,280		52,968
FHLMC		6.00		11-1-2033		368,290		422,947
FHLMC		6.00		7-1-2034		168,603		193,705
FHLMC		6.00		1-1-2036		28,870		33,044
FHLMC		6.00		2-1-2036		235,998		271,025
FHLMC		6.00		11-1-2036		50,558		57,574
FHLMC		6.00		12-1-2036		21,434		24,552
FHLMC		6.00		2-1-2037		1,939		2,219
FHLMC		6.00		3-1-2037		15,243		17,310
FHLMC		6.00		3-1-2037		93,729		107,152
FHLMC		6.00		4-1-2037		1,179		1,343
FHLMC		6.00		8-1-2037		15,072		17,154
FHLMC		6.00		8-1-2037		29,031		33,129
FHLMC		6.00		8-1-2037		37,047		42,068
FHLMC		6.00		8-1-2037		120,786		138,230
FHLMC		6.00		8-1-2037		12,040		13,735
FHLMC		6.00		9-1-2037		4,283		4,880
FHLMC		6.00		9-1-2037		16,952		19,271
FHLMC		6.00		10-1-2037		314,901		358,655
FHLMC		6.00		10-1-2037		16,585		19,004
FHLMC		6.00		10-1-2037		16,329		18,561
FHLMC		6.00		11-1-2037		11,730		13,341
FHLMC		6.00		12-1-2037		224,815		255,622
FHLMC		6.00		12-1-2037		47,917		54,590
FHLMC		6.00		1-1-2038		16,487		18,794
FHLMC		6.00		2-1-2038		10,935		12,463
FHLMC		6.00		2-1-2038		40,998		46,614
FHLMC		6.00		5-1-2038		34,445		39,254
FHLMC		6.00		6-1-2038		21,567		24,509
FHLMC		6.00		6-1-2038		18,691		21,300
FHLMC		6.00		6-1-2038		24,014		27,308
FHLMC		6.00		7-1-2038		47,132		53,520
FHLMC		6.00		7-1-2038		234,899		266,739
FHLMC		6.00		8-1-2038		32,745		37,271
FHLMC		6.00		8-1-2038		59,883		68,003
FHLMC		6.00		9-1-2038		13,508		15,339
FHLMC		6.00		9-1-2038		29,299		33,295
FHLMC		6.00		9-1-2038		42,174		47,890
FHLMC		6.00		10-1-2038		25,623		29,161
FHLMC		6.00		11-1-2038		30,127		34,252
FHLMC		6.00		12-1-2038		706		801
FHLMC		6.00		3-1-2039		15,329		17,428
FHLMC		6.00		6-1-2039		2,545		2,899
FHLMC		6.25		7-15-2032		900,000		1,259,146
FHLMC		6.50		10-1-2037		50,363		57,642
FHLMC		6.50		12-1-2037		67,926		76,695
FHLMC		6.50		3-1-2038		27,624		31,190
FHLMC		6.50		3-1-2038		53,996		60,966
FHLMC		6.50		1-1-2039		20,317		24,032

6

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC		6.50	%	4-1-2039	$	167,500	$	192,835
FHLMC		6.50		4-1-2039		151,884		179,444
FHLMC		6.75		3-15-2031		1,000,000		1,426,163
FHMLC		0.75		4-9-2018		750,000		746,978
FICO		9.65		11-2-2018		500,000		580,188
FNMA		5.00		12-1-2035		4,469		4,910
FNMA ¤		0.00		10-9-2019		200,000		189,666
FNMA		0.75		7-27-2018		750,000		745,346
FNMA		0.88		12-20-2017		2,000,000		1,999,130
FNMA		0.88		2-8-2018		1,000,000		998,444
FNMA		0.88		3-28-2018		750,000		748,807
FNMA		0.88		5-21-2018		1,000,000		997,295
FNMA		0.88		8-2-2019		750,000		739,635
FNMA		1.00		5-21-2018		100,000		99,521
FNMA		1.00		10-24-2019		2,500,000		2,465,298
FNMA		1.25		8-17-2021		750,000		727,302
FNMA		1.38		10-7-2021		1,000,000		971,918
FNMA		1.63		11-27-2018		2,000,000		2,017,566
FNMA		1.75		1-30-2019		200,000		202,105
FNMA		1.75		5-30-2019		2,000,000		2,020,068
FNMA		1.75		9-12-2019		2,000,000		2,017,844
FNMA		1.88		2-19-2019		3,000,000		3,040,953
FNMA		2.13		4-24-2026		750,000		714,457
FNMA		2.50		10-1-2027		2,499,480		2,511,937
FNMA		2.50		3-1-2028		2,756,130		2,772,560
FNMA		2.50		4-1-2028		4,774,249		4,797,896
FNMA		2.50		7-1-2028		4,364,656		4,386,234
FNMA		2.50		7-1-2028		6,970,629		7,005,052
FNMA		2.50		7-1-2028		5,827,467		5,853,613
FNMA		2.50		10-1-2028		5,225,830		5,251,665
FNMA		2.50		3-1-2029		3,219,565		3,235,452
FNMA		2.50		2-1-2030		3,954,133		3,971,874
FNMA %%		2.50		12-16-2031		5,650,000		5,669,643
FNMA		2.50		1-1-2038		267,707		255,544
FNMA		2.50		10-1-2042		527,647		505,779
FNMA		2.50		11-1-2042		58,587		56,159
FNMA		2.50		2-1-2043		216,413		207,155
FNMA		2.50		3-1-2043		237,446		227,608
FNMA		2.50		3-1-2043		116,449		111,585
FNMA		2.50		3-1-2043		219,703		210,599
FNMA		2.50		4-1-2043		281,939		269,121
FNMA		2.50		4-1-2043		149,605		143,406
FNMA		2.50		8-1-2043		317,382		302,952
FNMA		2.50		8-1-2043		480,779		458,920
FNMA		2.50		8-1-2043		1,195,796		1,144,640
FNMA		2.63		9-6-2024		1,000,000		1,013,788
FNMA		3.00		10-1-2021		3,200,796		3,292,223
FNMA		3.00		8-1-2026		153,724		158,115
FNMA		3.00		9-1-2026		95,575		98,305
FNMA		3.00		11-1-2026		145,726		149,889
FNMA		3.00		11-1-2026		1,589,789		1,635,200
FNMA		3.00		2-1-2027		90,783		93,376
FNMA		3.00		2-1-2027		862,899		887,547
FNMA		3.00		4-1-2027		178,517		183,616
FNMA		3.00		5-1-2027		211,019		217,046
FNMA		3.00		6-1-2027		140,819		144,841
FNMA		3.00		7-1-2027		243,292		250,241
FNMA		3.00		7-1-2027		312,323		321,244
FNMA		3.00		8-1-2027		1,641,758		1,688,653
FNMA		3.00		8-1-2027		1,577,577		1,622,638
FNMA		3.00		8-1-2027		9,394,734		9,663,084
FNMA		3.00		9-1-2027		1,241,603		1,277,082
FNMA		3.00		9-1-2027		1,301,717		1,338,899

7

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		3.00	%	9-1-2027	$	1,976,728	$	2,033,191
FNMA		3.00		9-1-2027		5,169,601		5,317,264
FNMA		3.00		10-1-2027		2,308,157		2,374,091
FNMA		3.00		8-1-2029		5,867,031		6,034,616
FNMA		3.00		5-1-2030		4,870,199		5,009,311
FNMA %%		3.00		12-16-2031		5,500,000		5,652,969
FNMA %%		3.00		12-16-2031		3,000,000		3,081,094
FNMA		3.00		3-1-2036		2,202,044		2,234,079
FNMA		3.00		9-1-2042		1,906,318		1,906,090
FNMA		3.00		9-1-2042		35,689		35,672
FNMA		3.00		9-1-2042		596,958		596,887
FNMA		3.00		9-1-2042		376,794		375,137
FNMA		3.00		10-1-2042		3,724,527		3,714,425
FNMA		3.00		10-1-2042		969,810		969,694
FNMA		3.00		10-1-2042		3,660,898		3,660,462
FNMA		3.00		11-1-2042		7,060,109		7,059,268
FNMA		3.00		12-1-2042		7,134,180		7,133,331
FNMA		3.00		1-1-2043		7,042,219		7,041,381
FNMA		3.00		2-1-2043		7,565,409		7,564,508
FNMA		3.00		5-1-2043		1,816,348		1,816,130
FNMA		3.00		5-1-2043		7,200,557		7,199,696
FNMA		3.00		6-1-2043		155,263		155,244
FNMA		3.00		6-1-2043		3,696,165		3,695,725
FNMA		3.00		7-1-2043		883,091		882,985
FNMA		3.00		7-1-2043		6,985,056		6,984,224
FNMA		3.00		7-1-2043		3,966,551		3,966,079
FNMA		3.00		8-1-2043		294,131		294,096
FNMA		3.00		8-1-2043		776,567		776,474
FNMA		3.00		8-1-2043		348,491		348,449
FNMA		3.00		12-1-2043		220,970		220,944
FNMA		3.00		4-1-2044		245,858		245,387
FNMA		3.00		7-1-2044		307,688		307,541
FNMA		3.00		5-1-2046		12,975,348		12,918,313
FNMA		3.00		8-1-2046		13,776,083		13,715,528
FNMA		3.00		9-1-2046		8,248,761		8,212,502
FNMA		3.00		12-1-2046		8,200,000		8,164,765
FNMA %%		3.00		12-13-2046		14,575,000		14,497,570
FNMA		3.50		11-1-2025		1,409,239		1,467,845
FNMA		3.50		12-1-2025		3,541,752		3,694,814
FNMA		3.50		12-1-2026		4,959,406		5,170,871
FNMA		3.50		10-1-2029		5,868,536		6,117,159
FNMA		3.50		12-1-2035		1,321,393		1,368,413
FNMA		3.50		1-1-2036		23,232		23,909
FNMA		3.50		10-1-2040		989,946		1,016,014
FNMA		3.50		12-1-2040		144,204		148,015
FNMA		3.50		1-1-2041		28,419		29,168
FNMA		3.50		1-1-2041		70,260		72,441
FNMA		3.50		1-1-2041		20,171		20,705
FNMA		3.50		1-1-2041		293,715		301,469
FNMA		3.50		1-1-2041		902,830		930,872
FNMA		3.50		2-1-2041		437,184		451,218
FNMA		3.50		2-1-2041		34,733		35,652
FNMA		3.50		2-1-2041		507,357		523,090
FNMA		3.50		2-1-2041		2,033,277		2,096,162
FNMA		3.50		9-1-2042		8,223,406		8,471,571
FNMA		3.50		9-1-2042		5,849,260		6,032,762
FNMA		3.50		10-1-2042		5,057,628		5,210,729
FNMA		3.50		12-1-2042		1,111,040		1,145,713
FNMA		3.50		4-1-2043		5,314,873		5,485,561
FNMA		3.50		5-1-2043		353,857		365,222
FNMA		3.50		5-1-2043		178,412		183,798
FNMA		3.50		6-1-2043		423,685		434,941
FNMA		3.50		7-1-2043		8,177,217		8,424,616
FNMA		3.50		7-1-2043		6,393,637		6,562,219
FNMA		3.50		8-1-2043		1,125,211		1,159,268

8

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		3.50	%	9-1-2043	$	526,116	$	541,906
FNMA		3.50		9-1-2043		277,821		285,136
FNMA		3.50		1-1-2044		6,335,998		6,502,843
FNMA		3.50		1-1-2045		8,073,032		8,285,617
FNMA		3.50		1-1-2045		12,894,796		13,234,352
FNMA		3.50		5-1-2045		9,474,396		9,723,883
FNMA		3.50		8-1-2045		9,960,650		10,248,377
FNMA		3.50		11-1-2045		7,637,800		7,838,925
FNMA		3.50		12-1-2045		2,083,478		2,138,455
FNMA		3.50		2-1-2046		11,897,294		12,210,582
FNMA		3.50		2-1-2046		9,347,622		9,593,771
FNMA		3.50		2-1-2046		12,292,981		12,616,689
FNMA		3.50		4-1-2046		4,861,223		4,990,305
FNMA		4.00		7-1-2018		421,387		432,344
FNMA		4.00		7-1-2018		14,108		14,476
FNMA		4.00		7-1-2018		835		857
FNMA		4.00		7-1-2018		18,428		18,907
FNMA		4.00		8-1-2018		313,656		321,811
FNMA		4.00		8-1-2018		189,031		193,958
FNMA		4.00		8-1-2018		127,837		131,161
FNMA		4.00		8-1-2018		130,722		134,121
FNMA		4.00		9-1-2018		12,033		12,347
FNMA		4.00		9-1-2018		1,624		1,667
FNMA		4.00		2-1-2019		33,198		34,063
FNMA		4.00		4-1-2019		8,740		8,968
FNMA		4.00		4-1-2019		26,184		26,868
FNMA		4.00		5-1-2019		12,004		12,320
FNMA		4.00		12-1-2019		378,571		388,428
FNMA		4.00		5-1-2020		617,886		633,951
FNMA		4.00		10-1-2020		24,743		25,403
FNMA		4.00		1-1-2021		265,791		273,309
FNMA		4.00		5-1-2021		194,661		200,221
FNMA		4.00		6-1-2021		140,174		144,223
FNMA		4.00		2-1-2024		5,130		5,407
FNMA		4.00		3-1-2024		282,839		298,501
FNMA		4.00		4-1-2024		496,659		524,108
FNMA		4.00		5-1-2024		20,566		21,709
FNMA		4.00		6-1-2024		108,371		114,380
FNMA		4.00		6-1-2024		40,954		43,225
FNMA		4.00		6-1-2024		48,719		51,422
FNMA		4.00		6-1-2024		172,873		182,500
FNMA		4.00		9-1-2024		41,391		43,676
FNMA		4.00		10-1-2024		36,599		38,201
FNMA		4.00		2-1-2025		342,251		358,551
FNMA		4.00		3-1-2025		1,357,417		1,435,517
FNMA		4.00		3-1-2025		49,731		52,041
FNMA		4.00		7-1-2025		818,407		858,684
FNMA		4.00		1-1-2026		48,757		51,643
FNMA		4.00		5-1-2026		814,901		860,162
FNMA		4.00		7-1-2026		357,527		378,180
FNMA		4.00		2-1-2039		178,116		187,360
FNMA		4.00		2-1-2039		55,648		58,753
FNMA		4.00		3-1-2039		33,742		35,493
FNMA		4.00		8-1-2039		335,037		352,811
FNMA		4.00		8-1-2039		754,985		794,168
FNMA		4.00		8-1-2039		216,680		228,150
FNMA		4.00		8-1-2039		2,616,511		2,791,149
FNMA		4.00		11-1-2039		17,932		18,862
FNMA		4.00		1-1-2040		198,224		208,601
FNMA		4.00		1-1-2040		193,114		203,285
FNMA		4.00		3-1-2040		9,425		9,925
FNMA		4.00		3-1-2040		330,116		347,656
FNMA		4.00		4-1-2040		1,282,887		1,349,570

9

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		4.00	%	8-1-2040	$	53,047	$	55,882
FNMA		4.00		8-1-2040		840,507		886,778
FNMA		4.00		8-1-2040		703,394		742,395
FNMA		4.00		8-1-2040		270,288		284,738
FNMA		4.00		9-1-2040		14,491		15,285
FNMA		4.00		9-1-2040		15,480		16,340
FNMA		4.00		9-1-2040		49,983		52,638
FNMA		4.00		10-1-2040		27,291		28,744
FNMA		4.00		10-1-2040		30,111		31,674
FNMA		4.00		10-1-2040		177,490		187,071
FNMA		4.00		10-1-2040		372,859		392,211
FNMA		4.00		11-1-2040		51,939		54,797
FNMA		4.00		11-1-2040		274,743		289,977
FNMA		4.00		11-1-2040		243,290		255,916
FNMA		4.00		11-1-2040		129,496		136,658
FNMA		4.00		11-1-2040		2,473,639		2,610,408
FNMA		4.00		11-1-2040		200,169		211,184
FNMA		4.00		11-1-2040		28,074		29,531
FNMA		4.00		11-1-2040		22,059		23,284
FNMA		4.00		12-1-2040		104,190		109,598
FNMA		4.00		12-1-2040		9,862		10,374
FNMA		4.00		12-1-2040		24,816		26,199
FNMA		4.00		12-1-2040		67,857		71,644
FNMA		4.00		12-1-2040		253,337		267,371
FNMA		4.00		12-1-2040		306,753		323,866
FNMA		4.00		12-1-2040		690,755		728,755
FNMA		4.00		12-1-2040		2,373,206		2,522,493
FNMA		4.00		12-1-2040		52,933		55,872
FNMA		4.00		1-1-2041		57,328		60,517
FNMA		4.00		1-1-2041		6,888		7,245
FNMA		4.00		1-1-2041		2,948,378		3,101,445
FNMA		4.00		2-1-2041		131,437		138,259
FNMA		4.00		2-1-2041		248,695		262,492
FNMA		4.00		2-1-2041		3,551,838		3,749,967
FNMA		4.00		3-1-2041		1,678,055		1,765,145
FNMA		4.00		3-1-2041		92,130		97,284
FNMA		4.00		4-1-2041		200,301		211,510
FNMA		4.00		5-1-2041		3,540,770		3,738,469
FNMA		4.00		7-1-2041		89,686		94,693
FNMA		4.00		7-1-2041		16,914		17,792
FNMA		4.00		8-1-2041		20,132		21,259
FNMA		4.00		8-1-2041		255,244		269,519
FNMA		4.00		10-1-2041		155,340		163,933
FNMA		4.00		10-1-2041		90,418		95,442
FNMA		4.00		10-1-2041		1,168,817		1,229,478
FNMA		4.00		10-1-2041		1,013,227		1,070,083
FNMA		4.00		11-1-2041		852,748		898,665
FNMA		4.00		11-1-2041		261,920		276,002
FNMA		4.00		12-1-2041		276,716		291,078
FNMA		4.00		12-1-2041		147,681		155,624
FNMA		4.00		12-1-2041		182,436		191,911
FNMA		4.00		1-1-2042		37,651		39,615
FNMA		4.00		1-1-2042		6,941		7,312
FNMA		4.00		2-1-2042		52,578		55,391
FNMA		4.00		2-1-2042		13,030		13,763
FNMA		4.00		2-1-2042		109,952		116,117
FNMA		4.00		2-1-2042		1,980,381		2,086,158
FNMA		4.00		4-1-2042		1,091,219		1,150,059
FNMA		4.00		7-1-2042		32,799		34,514
FNMA		4.00		10-1-2043		3,619,183		3,807,015
FNMA		4.00		10-1-2043		4,965,913		5,225,750
FNMA		4.00		12-1-2043		3,421,154		3,598,709
FNMA		4.00		7-1-2044		3,989,771		4,196,837
FNMA		4.00		9-1-2044		8,043,062		8,460,490
FNMA		4.00		10-1-2044		6,676,035		7,023,027

10

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		4.00	%	10-1-2044	$	4,337,724	$	4,562,848
FNMA		4.00		5-1-2045		8,484,585		8,927,503
FNMA		4.00		7-1-2045		8,964,770		9,432,890
FNMA		4.00		12-1-2045		6,897,950		7,258,427
FNMA		4.50		3-1-2018		4,857		4,997
FNMA		4.50		4-1-2018		25,619		26,358
FNMA		4.50		12-1-2018		4,044		4,160
FNMA		4.50		5-1-2019		5,031		5,176
FNMA		4.50		1-1-2020		12,064		12,486
FNMA		4.50		8-1-2020		6,218		6,451
FNMA		4.50		10-1-2020		23,498		24,388
FNMA		4.50		12-1-2020		39,791		41,470
FNMA		4.50		1-1-2021		23,548		24,365
FNMA		4.50		3-1-2022		28,403		29,223
FNMA		4.50		3-1-2022		112,384		115,801
FNMA		4.50		5-1-2022		5,728		5,893
FNMA		4.50		11-1-2022		38,494		40,162
FNMA		4.50		2-1-2023		158,672		163,251
FNMA		4.50		3-1-2023		74,583		78,746
FNMA		4.50		3-1-2023		12,384		13,091
FNMA		4.50		3-1-2023		3,176		3,360
FNMA		4.50		5-1-2023		85,861		88,339
FNMA		4.50		5-1-2023		20,697		21,742
FNMA		4.50		5-1-2023		12,864		13,676
FNMA		4.50		5-1-2023		10,720		11,099
FNMA		4.50		6-1-2023		108,081		114,049
FNMA		4.50		12-1-2023		40,959		42,784
FNMA		4.50		3-1-2024		9,339		9,881
FNMA		4.50		5-1-2024		12,732		13,556
FNMA		4.50		5-1-2024		159,507		168,774
FNMA		4.50		7-1-2024		653,117		691,334
FNMA		4.50		8-1-2024		84,086		88,988
FNMA		4.50		8-1-2024		55,365		58,822
FNMA		4.50		8-1-2024		3,982		4,097
FNMA		4.50		1-1-2025		890,048		942,041
FNMA		4.50		3-1-2025		48,172		50,986
FNMA		4.50		3-1-2025		903,256		961,454
FNMA		4.50		4-1-2025		86,695		91,912
FNMA		4.50		4-1-2025		19,352		20,864
FNMA		4.50		10-1-2025		126,005		135,853
FNMA		4.50		2-1-2026		72,440		78,102
FNMA		4.50		2-1-2026		23,004		24,061
FNMA		4.50		4-1-2026		471,637		502,640
FNMA		4.50		5-1-2026		51,612		55,013
FNMA		4.50		6-1-2026		14,092		14,736
FNMA		4.50		4-1-2028		24,268		26,164
FNMA		4.50		4-1-2028		10,072		10,859
FNMA		4.50		4-1-2028		19,850		21,401
FNMA		4.50		3-1-2029		20,014		21,578
FNMA		4.50		5-1-2029		2,951,919		3,182,623
FNMA		4.50		10-1-2029		190,695		205,598
FNMA		4.50		9-1-2033		235,038		254,422
FNMA		4.50		4-1-2035		79,497		85,710
FNMA		4.50		5-1-2035		16,660		18,054
FNMA		4.50		7-1-2035		2,364		2,554
FNMA		4.50		8-1-2035		3,757		4,069
FNMA		4.50		9-1-2035		325,736		352,842
FNMA		4.50		9-1-2035		17,089		18,460
FNMA		4.50		10-1-2035		46,786		50,684
FNMA		4.50		3-1-2038		298,080		321,376
FNMA		4.50		2-1-2039		37,575		40,513
FNMA		4.50		2-1-2039		218,056		235,358
FNMA		4.50		2-1-2039		13,519		14,579

11

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		4.50	%	2-1-2039	$	12,591	$	13,575
FNMA		4.50		3-1-2039		493,920		532,521
FNMA		4.50		3-1-2039		867,083		934,849
FNMA		4.50		4-1-2039		832,859		897,950
FNMA		4.50		4-1-2039		4,961		5,348
FNMA		4.50		4-1-2039		261,209		281,712
FNMA		4.50		4-1-2039		981,578		1,058,292
FNMA		4.50		5-1-2039		452,218		494,959
FNMA		4.50		5-1-2039		1,044,679		1,128,174
FNMA		4.50		6-1-2039		607,346		654,963
FNMA		4.50		9-1-2039		1,123,508		1,228,295
FNMA		4.50		12-1-2039		97,352		105,077
FNMA		4.50		2-1-2040		2,347,275		2,569,932
FNMA		4.50		3-1-2040		1,863,926		2,047,027
FNMA		4.50		5-1-2040		1,590,094		1,728,950
FNMA		4.50		5-1-2040		674,494		732,204
FNMA		4.50		6-1-2040		602,844		652,241
FNMA		4.50		8-1-2040		160,386		173,159
FNMA		4.50		8-1-2040		1,472,463		1,590,385
FNMA		4.50		9-1-2040		13,901		14,988
FNMA		4.50		10-1-2040		229,538		247,893
FNMA		4.50		11-1-2040		1,231,371		1,332,934
FNMA		4.50		2-1-2041		4,286,970		4,627,896
FNMA		4.50		2-1-2041		3,547,470		3,839,425
FNMA		4.50		4-1-2041		1,066,326		1,153,742
FNMA		4.50		5-1-2041		1,672,267		1,806,368
FNMA		4.50		5-1-2041		7,609		8,204
FNMA		4.50		1-1-2042		4,878,529		5,278,480
FNMA		4.50		9-1-2043		3,186,369		3,435,396
FNMA		5.00		12-1-2017		59,332		60,626
FNMA		5.00		6-1-2018		56,402		57,638
FNMA		5.00		10-1-2018		41,776		42,727
FNMA		5.00		11-1-2018		15,194		15,548
FNMA		5.00		6-1-2019		47,485		48,861
FNMA		5.00		9-1-2019		143,824		147,132
FNMA		5.00		10-1-2019		64,245		66,010
FNMA		5.00		11-1-2019		50,210		51,547
FNMA		5.00		6-1-2020		26,187		27,003
FNMA		5.00		5-1-2023		48,435		51,659
FNMA		5.00		5-1-2023		213,054		217,699
FNMA		5.00		6-1-2023		33,979		36,005
FNMA		5.00		6-1-2023		115,198		122,035
FNMA		5.00		9-1-2024		71,221		77,953
FNMA		5.00		3-1-2025		734,321		783,235
FNMA		5.00		4-1-2034		126,428		140,730
FNMA		5.00		4-1-2034		422,751		465,261
FNMA		5.00		4-1-2035		1,123,954		1,236,971
FNMA		5.00		6-1-2035		387,680		425,562
FNMA		5.00		7-1-2035		22,837		25,038
FNMA		5.00		7-1-2035		21,189		23,264
FNMA		5.00		7-1-2035		45,675		50,133
FNMA		5.00		8-1-2035		46,968		51,566
FNMA		5.00		10-1-2035		1,400,790		1,537,998
FNMA		5.00		11-1-2035		319,514		349,714
FNMA		5.00		2-1-2036		1,690,980		1,856,043
FNMA		5.00		7-1-2036		35,720		39,130
FNMA		5.00		11-1-2036		110,714		121,508
FNMA		5.00		11-1-2036		151,780		166,131
FNMA		5.00		5-1-2037		36,657		40,122
FNMA		5.00		5-1-2037		37,400		40,935
FNMA		5.00		5-1-2037		104,713		114,610
FNMA		5.00		6-1-2037		42,774		46,817
FNMA		5.00		8-1-2037		237,696		260,163
FNMA		5.00		2-1-2038		877,429		963,226
FNMA		5.00		3-1-2038		505,197		552,948

12

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		5.00	%	4-1-2038	$	27,496	$	30,095
FNMA		5.00		5-1-2038		145,409		159,153
FNMA		5.00		5-1-2038		93,885		102,759
FNMA		5.00		5-1-2038		36,131		39,546
FNMA		5.00		7-1-2038		3,501		3,832
FNMA		5.00		7-1-2038		4,524		4,951
FNMA		5.00		11-1-2038		117,604		128,720
FNMA		5.00		11-1-2038		76,818		84,079
FNMA		5.00		11-1-2038		4,757		5,207
FNMA		5.00		4-1-2039		152,120		166,598
FNMA		5.00		4-1-2039		210,766		230,688
FNMA		5.00		6-1-2039		356,903		390,638
FNMA		5.00		7-1-2039		248,120		271,573
FNMA		5.00		8-1-2039		2,268,328		2,482,849
FNMA		5.00		10-1-2039		468,986		513,982
FNMA		5.00		7-1-2040		4,128,828		4,554,770
FNMA		5.00		9-1-2040		2,495,467		2,736,766
FNMA		5.00		4-1-2041		1,684,230		1,851,172
FNMA		5.00		8-1-2041		153,652		168,241
FNMA		5.50		1-1-2017		568		567
FNMA		5.50		2-1-2017		1,326		1,327
FNMA		5.50		2-1-2017		27		27
FNMA		5.50		4-1-2017		3,410		3,421
FNMA		5.50		6-1-2017		11,289		11,339
FNMA		5.50		7-1-2017		16,744		16,840
FNMA		5.50		8-1-2017		4,037		4,066
FNMA		5.50		10-1-2017		19,362		19,561
FNMA		5.50		3-1-2018		8,676		8,815
FNMA		5.50		4-1-2018		12,855		13,095
FNMA		5.50		12-1-2018		118,280		120,681
FNMA		5.50		5-1-2021		103,575		108,344
FNMA		5.50		5-1-2023		111,689		120,802
FNMA		5.50		2-1-2024		10,520		11,383
FNMA		5.50		6-1-2024		96,338		103,486
FNMA		5.50		8-1-2025		61,287		68,972
FNMA		5.50		7-1-2033		114,802		129,086
FNMA		5.50		9-1-2033		206,391		231,541
FNMA		5.50		11-1-2033		111,402		125,352
FNMA		5.50		7-1-2034		82,685		92,169
FNMA		5.50		9-1-2034		47,037		52,901
FNMA		5.50		10-1-2034		26,396		29,551
FNMA		5.50		12-1-2034		208,404		234,100
FNMA		5.50		1-1-2035		178,214		199,248
FNMA		5.50		1-1-2035		1,254,619		1,409,647
FNMA		5.50		6-1-2035		269,126		302,089
FNMA		5.50		8-1-2035		24,699		27,570
FNMA		5.50		8-1-2035		159,956		178,576
FNMA		5.50		8-1-2035		331,369		372,846
FNMA		5.50		9-1-2035		272,484		306,184
FNMA		5.50		12-1-2035		339,331		380,907
FNMA		5.50		12-1-2035		383,149		429,822
FNMA		5.50		1-1-2036		793,183		887,460
FNMA		5.50		2-1-2036		184,043		206,450
FNMA		5.50		4-1-2036		1,316,308		1,476,727
FNMA		5.50		4-1-2036		520,699		583,625
FNMA		5.50		4-1-2036		239,296		268,832
FNMA		5.50		9-1-2036		15,445		17,216
FNMA		5.50		2-1-2037		150,442		172,965
FNMA		5.50		3-1-2037		40,573		45,393
FNMA		5.50		5-1-2037		59,375		66,186
FNMA		5.50		6-1-2037		139,992		157,253
FNMA		5.50		7-1-2037		12,402		13,844
FNMA		5.50		7-1-2037		44,002		49,331

13

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		5.50	%	2-1-2038	$	40,906	$	45,598
FNMA		5.50		2-1-2038		47,605		53,065
FNMA		5.50		2-1-2038		380,276		423,894
FNMA		5.50		3-1-2038		13,491		15,092
FNMA		5.50		4-1-2038		437,473		488,558
FNMA		5.50		5-1-2038		295,934		331,342
FNMA		5.50		5-1-2038		39,906		44,683
FNMA		5.50		5-1-2038		619,854		694,302
FNMA		5.50		6-1-2038		152,687		171,115
FNMA		5.50		8-1-2038		32,500		36,533
FNMA		5.50		9-1-2038		171,288		192,053
FNMA		5.50		11-1-2038		359,612		402,350
FNMA		5.50		11-1-2038		376,740		422,538
FNMA		5.50		1-1-2039		249,260		278,913
FNMA		5.50		2-1-2039		1,331,129		1,494,387
FNMA		5.50		5-1-2039		223,892		250,485
FNMA		5.50		6-1-2039		525,908		588,441
FNMA		5.50		12-1-2039		5,397		6,039
FNMA		5.50		6-1-2040		9,919		11,125
FNMA		5.50		9-1-2040		101,502		113,642
FNMA		5.50		2-1-2041		148,354		165,933
FNMA		5.63		7-15-2037		150,000		201,415
FNMA		6.00		11-1-2017		20		20
FNMA		6.00		11-1-2017		27,966		28,352
FNMA		6.00		1-1-2018		10,296		10,472
FNMA		6.00		5-1-2021		62,897		67,256
FNMA		6.00		5-1-2021		79,803		84,929
FNMA		6.00		9-1-2021		38,476		40,607
FNMA		6.00		8-1-2022		20,791		22,316
FNMA		6.00		10-1-2022		57,995		62,236
FNMA		6.00		9-1-2024		6,090		6,476
FNMA		6.00		11-1-2033		19,942		22,950
FNMA		6.00		8-1-2034		82,990		95,341
FNMA		6.00		9-1-2034		41,322		47,301
FNMA		6.00		10-1-2034		78,669		90,484
FNMA		6.00		11-1-2034		81,464		92,487
FNMA		6.00		3-1-2035		29,210		33,246
FNMA		6.00		1-1-2036		226,023		257,642
FNMA		6.00		3-1-2036		29,084		33,020
FNMA		6.00		9-1-2036		106,913		121,626
FNMA		6.00		9-1-2036		44,257		50,287
FNMA		6.00		9-1-2036		2,170		2,467
FNMA		6.00		11-1-2036		577,816		656,431
FNMA		6.00		1-1-2037		306,007		348,086
FNMA		6.00		2-1-2037		927,452		1,053,164
FNMA		6.00		2-1-2037		1,952		2,223
FNMA		6.00		3-1-2037		142,003		161,216
FNMA		6.00		4-1-2037		7,789		8,843
FNMA		6.00		5-1-2037		416,666		473,571
FNMA		6.00		5-1-2037		3,044		3,461
FNMA		6.00		6-1-2037		4,402		5,010
FNMA		6.00		7-1-2037		430,549		488,803
FNMA		6.00		8-1-2037		93,254		106,468
FNMA		6.00		8-1-2037		20,398		23,210
FNMA		6.00		8-1-2037		2,007		2,279
FNMA		6.00		8-1-2037		312,957		355,890
FNMA		6.00		9-1-2037		261,441		297,159
FNMA		6.00		9-1-2037		26,764		30,459
FNMA		6.00		9-1-2037		37,671		42,824
FNMA		6.00		9-1-2037		28,137		31,973
FNMA		6.00		9-1-2037		24,096		27,373
FNMA		6.00		9-1-2037		18,906		21,464
FNMA		6.00		9-1-2037		32,408		36,852
FNMA		6.00		9-1-2037		41,005		46,624
FNMA		6.00		9-1-2037		2,152		2,443

14

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		6.00	%	10-1-2037	$	1,421	$	1,616
FNMA		6.00		10-1-2037		114,012		129,438
FNMA		6.00		10-1-2037		18,931		21,495
FNMA		6.00		10-1-2037		1,861		2,118
FNMA		6.00		10-1-2037		66,509		75,568
FNMA		6.00		10-1-2037		538,037		610,836
FNMA		6.00		10-1-2037		373,744		424,313
FNMA		6.00		11-1-2037		3,703		4,209
FNMA		6.00		11-1-2037		3,549		4,036
FNMA		6.00		11-1-2037		18,449		20,979
FNMA		6.00		11-1-2037		13,285		15,082
FNMA		6.00		11-1-2037		10,856		12,325
FNMA		6.00		12-1-2037		17,267		19,637
FNMA		6.00		1-1-2038		11,671		13,250
FNMA		6.00		1-1-2038		201,065		228,596
FNMA		6.00		1-1-2038		23,152		26,285
FNMA		6.00		2-1-2038		42,763		48,549
FNMA		6.00		2-1-2038		1,003		1,139
FNMA		6.00		2-1-2038		64,919		73,779
FNMA		6.00		2-1-2038		29,222		33,176
FNMA		6.00		6-1-2038		17,005		19,306
FNMA		6.00		7-1-2038		146,422		166,234
FNMA		6.00		7-1-2038		40,061		45,518
FNMA		6.00		7-1-2038		4,265		4,854
FNMA		6.00		7-1-2038		46,782		53,111
FNMA		6.00		8-1-2038		995		1,131
FNMA		6.00		8-1-2038		12,358		14,030
FNMA		6.00		8-1-2038		3,071		3,486
FNMA		6.00		8-1-2038		31,916		36,234
FNMA		6.00		8-1-2038		32,459		36,851
FNMA		6.00		8-1-2038		12,284		13,946
FNMA		6.00		9-1-2038		8,387		9,521
FNMA		6.00		9-1-2038		27,899		31,673
FNMA		6.00		9-1-2038		1,377		1,564
FNMA		6.00		9-1-2038		80,407		91,286
FNMA		6.00		9-1-2038		3,266		3,708
FNMA		6.00		9-1-2038		599		680
FNMA		6.00		9-1-2038		6,430		7,372
FNMA		6.00		9-1-2038		35,179		39,938
FNMA		6.00		9-1-2038		29,467		33,454
FNMA		6.00		9-1-2038		28,665		32,867
FNMA		6.00		9-1-2038		21,988		24,990
FNMA		6.00		9-1-2038		10,202		11,588
FNMA		6.00		9-1-2038		15,870		18,017
FNMA		6.00		10-1-2038		42,651		48,422
FNMA		6.00		10-1-2038		17,948		20,376
FNMA		6.00		10-1-2038		7,695		8,736
FNMA		6.00		11-1-2038		2,109		2,394
FNMA		6.00		11-1-2038		31,148		35,363
FNMA		6.00		11-1-2038		25,633		29,105
FNMA		6.00		11-1-2038		120,404		136,695
FNMA		6.00		11-1-2038		16,436		18,662
FNMA		6.00		11-1-2038		9,840		11,171
FNMA		6.00		12-1-2038		43,760		49,681
FNMA		6.00		12-1-2038		25,962		29,475
FNMA		6.00		12-1-2038		28,395		32,237
FNMA		6.00		1-1-2039		10,676		12,132
FNMA		6.00		2-1-2039		33,265		37,787
FNMA		6.00		3-1-2039		6,024		6,858
FNMA		6.00		9-1-2039		80,105		91,116
FNMA		6.00		9-1-2039		1,228		1,395
FNMA		6.00		10-1-2039		1,457,624		1,658,558
FNMA		6.00		4-1-2040		1,794,401		2,040,585

15

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		6.00	%	6-1-2040	$	9,142	$	10,403
FNMA		6.21		8-6-2038		200,000		287,640
FNMA		6.25		5-15-2029		500,000		669,379
FNMA		6.50		7-1-2036		112,607		127,517
FNMA		6.50		9-1-2036		62,134		73,274
FNMA		6.50		9-1-2036		3,901		4,417
FNMA		6.50		12-1-2036		286,954		324,949
FNMA		6.50		3-1-2037		12,617		14,287
FNMA		6.50		4-1-2037		12,813		14,509
FNMA		6.50		5-1-2037		53,445		60,521
FNMA		6.50		5-1-2037		859		973
FNMA		6.50		6-1-2037		59,114		66,941
FNMA		6.50		6-1-2037		55,123		62,422
FNMA		6.50		8-1-2037		9,640		10,916
FNMA		6.50		9-1-2037		333,173		379,276
FNMA		6.50		9-1-2037		434,299		491,803
FNMA		6.50		9-1-2037		2,273		2,574
FNMA		6.50		10-1-2037		1,984		2,246
FNMA		6.50		10-1-2037		85,013		96,269
FNMA		6.50		10-1-2037		31,783		35,991
FNMA		6.50		10-1-2037		503,367		570,015
FNMA		6.50		11-1-2037		37,887		42,903
FNMA		6.50		11-1-2037		138,521		156,862
FNMA		6.50		11-1-2037		11,884		13,457
FNMA		6.50		1-1-2038		89,437		102,259
FNMA		6.50		1-1-2038		22,440		25,412
FNMA		6.50		3-1-2038		6,699		7,976
FNMA		6.50		7-1-2038		12,296		13,924
FNMA		6.50		9-1-2038		8,758		10,153
FNMA		6.50		9-1-2038		6,205		7,026
FNMA		6.50		10-1-2038		32,463		36,762
FNMA		6.50		1-1-2039		324,651		370,262
FNMA		6.50		2-1-2039		38,443		43,533
FNMA		6.50		6-1-2039		21,754		24,634
FNMA		6.50		10-1-2039		643,060		731,764
FNMA		6.50		10-1-2039		235,931		267,170
FNMA		6.50		5-1-2040		176,522		200,015
FNMA		6.63		11-15-2030		1,300,000		1,828,133
FNMA		7.00		8-1-2037		14,592		16,426
FNMA		7.13		1-15-2030		500,000		722,693
FNMA		7.25		5-15-2030		1,300,000		1,903,177
GNMA %%		3.50		12-20-2046		8,050,000		8,371,685
GNMA		3.00		9-15-2042		227,249		230,638
GNMA		3.00		9-15-2042		2,671,643		2,715,615
GNMA		3.00		9-20-2042		5,829,138		5,938,403
GNMA		3.00		11-15-2042		3,291,995		3,346,176
GNMA		3.00		11-20-2042		2,954,138		3,009,513
GNMA		3.00		12-20-2042		1,258,734		1,282,307
GNMA		3.00		1-20-2043		6,068,661		6,182,234
GNMA		3.00		2-20-2043		7,200,528		7,323,487
GNMA		3.00		3-15-2043		1,087,574		1,102,183
GNMA		3.00		3-15-2043		1,110,038		1,124,949
GNMA		3.00		3-20-2043		2,169,657		2,206,718
GNMA		3.00		3-20-2043		4,714,045		4,802,296
GNMA		3.00		4-20-2043		1,263,523		1,287,172
GNMA		3.00		6-15-2043		569,895		579,239
GNMA		3.00		8-20-2043		3,468,992		3,534,023
GNMA		3.00		9-15-2043		245,520		249,504
GNMA		3.00		3-20-2045		5,627,417		5,715,969
GNMA		3.00		4-20-2045		4,030,099		4,093,350
GNMA		3.00		6-20-2045		7,558,477		7,677,280
GNMA		3.00		4-20-2046		7,340,728		7,455,755
GNMA		3.00		7-20-2046		3,607,240		3,663,764
GNMA		3.00		10-20-2046		4,989,070		5,067,247
GNMA		3.00		11-20-2046		13,350,000		13,559,191

16

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA %%		3.00	%	1-24-2047	$	11,950,000	$	12,090,273
GNMA		3.50		12-15-2040		428,555		451,669
GNMA		3.50		1-15-2041		308,515		321,445
GNMA		3.50		10-15-2041		1,685,606		1,760,492
GNMA		3.50		2-15-2042		4,501,970		4,701,774
GNMA		3.50		3-20-2042		1,283,340		1,340,263
GNMA		3.50		4-20-2042		863,426		900,446
GNMA		3.50		5-15-2042		1,068,608		1,113,207
GNMA		3.50		5-15-2042		1,717,126		1,789,102
GNMA		3.50		6-20-2042		1,409,814		1,473,643
GNMA		3.50		7-15-2042		2,101,719		2,189,436
GNMA		3.50		10-20-2042		2,553,886		2,667,172
GNMA		3.50		3-20-2043		3,688,975		3,850,525
GNMA		3.50		4-15-2043		2,283,310		2,378,605
GNMA		3.50		4-20-2043		11,198,262		11,695,025
GNMA		3.50		10-20-2043		2,902,461		3,030,601
GNMA		3.50		1-20-2044		2,750,889		2,868,267
GNMA		3.50		5-20-2044		2,779,882		2,896,407
GNMA		3.50		10-20-2044		9,198,017		9,573,249
GNMA		3.50		12-20-2044		5,552,841		5,779,385
GNMA		3.50		3-20-2045		4,022,238		4,186,523
GNMA		3.50		4-20-2045		13,420,058		13,988,208
GNMA		3.50		6-20-2045		9,254,630		9,632,930
GNMA		3.50		10-20-2045		7,348,256		7,648,537
GNMA		3.50		3-20-2046		6,884,561		7,167,068
GNMA		3.50		4-20-2046		14,714,970		15,318,830
GNMA		3.50		7-20-2046		13,129,372		13,669,907
GNMA		4.00		6-15-2039		192,890		204,452
GNMA		4.00		7-15-2039		52,291		55,433
GNMA		4.00		7-15-2039		304,325		322,566
GNMA		4.00		8-15-2040		2,156,894		2,287,474
GNMA		4.00		9-15-2040		3,487,593		3,699,334
GNMA		4.00		10-15-2040		1,351,387		1,450,588
GNMA		4.00		12-15-2040		2,512,609		2,727,460
GNMA		4.00		1-15-2041		2,386,360		2,590,141
GNMA		4.00		1-15-2041		963,722		1,045,592
GNMA		4.00		7-15-2041		559,077		594,718
GNMA		4.00		10-20-2041		1,112,277		1,182,528
GNMA		4.00		11-20-2041		3,141,738		3,345,559
GNMA		4.00		2-20-2042		729,576		775,471
GNMA		4.00		4-20-2042		3,188,604		3,393,585
GNMA		4.00		5-20-2042		2,442,988		2,595,927
GNMA		4.00		3-20-2043		894,304		951,870
GNMA		4.00		8-20-2043		3,736,155		3,962,681
GNMA		4.00		3-20-2044		4,249,138		4,502,895
GNMA		4.00		5-20-2044		4,172,224		4,421,447
GNMA		4.00		6-20-2044		3,647,983		3,865,652
GNMA		4.00		8-20-2044		4,698,912		4,979,373
GNMA		4.00		10-20-2044		973,985		1,031,975
GNMA		4.00		12-20-2044		5,778,864		6,123,205
GNMA		4.00		11-20-2045		9,939,492		10,531,557
GNMA		4.50		3-15-2037		58,113		63,254
GNMA		4.50		3-15-2038		21,934		24,062
GNMA		4.50		3-15-2039		315,163		347,378
GNMA		4.50		3-15-2039		2,768,885		3,021,346
GNMA		4.50		4-15-2039		243,649		265,253
GNMA		4.50		5-15-2039		584,649		643,744
GNMA		4.50		6-15-2039		312,172		340,635
GNMA		4.50		7-15-2039		674,702		735,562
GNMA		4.50		7-15-2039		400,493		437,011
GNMA		4.50		9-15-2039		279,290		304,838
GNMA		4.50		10-15-2039		565,926		616,976
GNMA		4.50		12-15-2039		717,395		790,731

17

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA		4.50	%	1-15-2040	$	772,635	$	842,335
GNMA		4.50		4-15-2040		91,559		99,909
GNMA		4.50		5-15-2040		1,378,096		1,499,594
GNMA		4.50		5-15-2040		21,882		23,855
GNMA		4.50		5-15-2040		1,549,555		1,720,920
GNMA		4.50		6-15-2040		72,375		78,756
GNMA		4.50		6-15-2040		713,414		780,364
GNMA		4.50		6-15-2040		281,680		307,092
GNMA		4.50		9-15-2040		60,718		66,433
GNMA		4.50		9-15-2040		299,261		325,984
GNMA		4.50		10-15-2040		28,165		30,648
GNMA		4.50		11-15-2040		1,074,610		1,169,352
GNMA		4.50		12-15-2040		97,510		106,106
GNMA		4.50		2-15-2041		935,958		1,032,228
GNMA		4.50		3-15-2041		42,415		46,163
GNMA		4.50		4-15-2041		95,726		104,414
GNMA		4.50		4-15-2041		169,194		185,355
GNMA		4.50		5-15-2041		28,329		30,919
GNMA		4.50		6-15-2041		536,681		584,400
GNMA		4.50		6-15-2041		1,183,201		1,289,507
GNMA		4.50		6-15-2041		125,701		136,961
GNMA		4.50		6-15-2041		53,874		58,664
GNMA		4.50		7-15-2041		103,613		112,875
GNMA		4.50		7-20-2041		907,296		986,765
GNMA		4.50		10-15-2041		40,193		43,737
GNMA		4.50		10-15-2041		53,420		58,191
GNMA		4.50		10-15-2041		158,006		172,380
GNMA		4.50		11-20-2041		847,636		925,290
GNMA		4.50		12-20-2043		3,348,990		3,591,302
GNMA		4.50		1-20-2044		2,047,694		2,196,013
GNMA		4.50		4-20-2044		2,378,619		2,551,087
GNMA		4.50		10-20-2045		4,000,623		4,289,873
GNMA		5.00		3-15-2035		324,577		361,496
GNMA		5.00		5-15-2038		1,048,080		1,165,459
GNMA		5.00		8-15-2038		713,507		792,687
GNMA		5.00		8-15-2038		127,311		141,589
GNMA		5.00		8-15-2038		6,034		6,680
GNMA		5.00		12-15-2038		354,670		394,386
GNMA		5.00		3-15-2039		397,556		438,703
GNMA		5.00		3-15-2039		57,628		63,904
GNMA		5.00		5-15-2039		177,950		197,850
GNMA		5.00		7-15-2039		25,893		28,713
GNMA		5.00		9-15-2039		3,214,214		3,599,136
GNMA		5.00		11-15-2039		949,194		1,064,594
GNMA		5.00		1-15-2040		1,452,198		1,628,051
GNMA		5.00		2-15-2040		900,890		1,009,944
GNMA		5.00		3-15-2040		2,589,869		2,854,601
GNMA		5.00		5-15-2040		866,207		960,549
GNMA		5.00		7-15-2040		2,392		2,637
GNMA		5.00		7-15-2040		867,224		964,342
GNMA		5.00		12-15-2040		616,182		685,090
GNMA		5.00		9-15-2041		91,084		100,394
GNMA		5.00		10-15-2041		220,921		244,836
GNMA		5.00		5-20-2042		1,195,420		1,293,606
GNMA		5.50		9-15-2034		127,328		143,648
GNMA		5.50		11-15-2035		172,825		193,841
GNMA		5.50		12-15-2035		170,850		193,192
GNMA		5.50		2-15-2036		83,383		94,700
GNMA		5.50		3-15-2036		159,055		178,398
GNMA		5.50		5-15-2036		2,635		2,959
GNMA		5.50		5-15-2036		30,682		34,413
GNMA		5.50		2-15-2037		44,881		50,339
GNMA		5.50		6-15-2037		2,814		3,156
GNMA		5.50		8-15-2037		60,941		68,352
GNMA		5.50		2-15-2038		315,268		356,592

18

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA		5.50	%	2-15-2038	$	145,629	$	163,890
GNMA		5.50		3-15-2038		35,519		39,918
GNMA		5.50		3-15-2038		7,509		8,439
GNMA		5.50		4-15-2038		86,332		97,176
GNMA		5.50		5-15-2038		56,863		63,999
GNMA		5.50		5-15-2038		239,745		269,437
GNMA		5.50		6-15-2038		13,095		14,698
GNMA		5.50		6-15-2038		26,949		30,286
GNMA		5.50		6-15-2038		59,808		67,210
GNMA		5.50		7-15-2038		220,896		248,252
GNMA		5.50		8-15-2038		16,105		18,110
GNMA		5.50		8-15-2038		79,337		89,162
GNMA		5.50		8-15-2038		1,417,292		1,623,071
GNMA		5.50		9-15-2038		51,367		58,636
GNMA		5.50		9-15-2038		47,611		53,532
GNMA		5.50		9-15-2038		706,402		792,305
GNMA		5.50		10-15-2038		32,383		36,394
GNMA		5.50		10-15-2038		287,880		322,889
GNMA		5.50		11-15-2038		57,324		64,383
GNMA		5.50		11-15-2038		158,269		178,061
GNMA		5.50		11-15-2038		148,227		166,586
GNMA		5.50		11-15-2038		21,827		24,528
GNMA		5.50		12-15-2038		189,220		212,656
GNMA		5.50		12-15-2038		31,531		35,436
GNMA		5.50		12-15-2038		174,418		196,039
GNMA		5.50		1-15-2039		33,083		37,197
GNMA		5.50		1-15-2039		63,786		71,787
GNMA		5.50		7-15-2039		15,152		17,092
GNMA		5.50		7-15-2039		100,752		113,220
GNMA		5.50		8-15-2039		48,728		54,759
GNMA		5.50		10-15-2039		678,394		762,410
GNMA		5.50		2-15-2040		10,309		11,564
GNMA		5.50		2-15-2040		26,619		29,914
GNMA		5.50		3-15-2040		49,432		55,443
GNMA		5.50		3-15-2040		98,309		110,264
GNMA		5.50		3-15-2040		36,490		41,009
GNMA		5.50		3-15-2040		315,889		355,008
GNMA		5.50		7-15-2040		18,214		20,428
GNMA		5.50		12-15-2040		52,528		59,050
GNMA		5.50		2-15-2041		60,198		67,519
GNMA		5.50		4-15-2041		116,286		130,428
GNMA		6.00		12-15-2031		19,627		22,394
GNMA		6.00		6-15-2036		167,572		191,197
GNMA		6.00		8-15-2036		2,756		3,187
GNMA		6.00		1-15-2037		437,585		506,500
GNMA		6.00		5-15-2037		119,955		137,642
GNMA		6.00		5-15-2037		4,432		5,056
GNMA		6.00		5-15-2037		4,581		5,249
GNMA		6.00		6-15-2037		13,350		15,365
GNMA		6.00		6-15-2037		53,679		62,201
GNMA		6.00		7-15-2037		40,814		46,569
GNMA		6.00		8-15-2037		79,251		92,407
GNMA		6.00		8-15-2037		153,832		175,519
GNMA		6.00		8-15-2037		4,828		5,620
GNMA		6.00		1-15-2038		2,319		2,645
GNMA		6.00		1-15-2038		197,569		225,423
GNMA		6.00		2-15-2038		4,072		4,646
GNMA		6.00		7-15-2038		266,245		303,781
GNMA		6.00		8-15-2038		103,480		118,069
GNMA		6.00		8-15-2038		215,938		249,541
GNMA		6.00		8-15-2038		56,936		64,963
GNMA		6.00		9-15-2038		288,630		329,321
GNMA		6.00		9-15-2038		2,271		2,594

19

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA		6.00	%	9-15-2038	$	1,680	$	1,917
GNMA		6.00		9-15-2038		1,786		2,037
GNMA		6.00		9-15-2038		130,204		148,560
GNMA		6.00		10-15-2038		213,150		243,200
GNMA		6.00		10-15-2038		28,560		32,618
GNMA		6.00		10-15-2038		17,384		19,837
GNMA		6.00		10-15-2038		41,112		46,908
GNMA		6.00		10-15-2038		123,288		140,691
GNMA		6.00		10-15-2038		7,110		8,112
GNMA		6.00		10-15-2038		34,489		39,351
GNMA		6.00		11-15-2038		79,701		90,956
GNMA		6.00		11-15-2038		89,273		101,903
GNMA		6.00		12-15-2038		3,145		3,619
GNMA		6.00		12-15-2038		245,576		284,421
GNMA		6.00		1-15-2039		2,423		2,764
GNMA		6.00		1-15-2039		114,150		130,314
GNMA		6.00		2-15-2039		168,326		192,057
GNMA		6.00		2-15-2039		2,097		2,394
GNMA		6.00		6-15-2039		14,074		16,058
GNMA		6.00		8-15-2039		18,863		21,522
GNMA		6.00		8-15-2039		4,387		5,005
GNMA		6.00		10-15-2039		21,941		25,324
GNMA		6.00		11-15-2039		1,647		1,879
GNMA		6.00		12-15-2039		209,676		239,236
GNMA		6.00		3-15-2040		6,769		7,724
GNMA		6.00		12-15-2040		153,236		174,839
GNMA		6.00		6-15-2041		588,979		681,795
GNMA		6.00		6-15-2041		80,916		93,131
GNMA		6.00		6-15-2041		404,004		460,961
GNMA		6.50		11-15-2023		416		475
GNMA		6.50		12-15-2023		155		177
GNMA		6.50		10-15-2031		89,913		105,093
GNMA		6.50		3-15-2034		195,797		223,557
GNMA		6.50		9-15-2036		33,438		39,738
GNMA		6.50		2-15-2037		27,045		30,880
GNMA		6.50		12-15-2037		57,023		65,108
GNMA		6.50		1-15-2038		64,723		73,900
GNMA		6.50		4-15-2038		2,163		2,470
GNMA		6.50		5-15-2038		60,353		68,911
GNMA		6.50		5-15-2038		5,138		5,866
GNMA		6.50		8-15-2038		2,323		2,652
GNMA		6.50		8-15-2038		50,245		60,142
GNMA		6.50		8-15-2038		27,090		31,133
GNMA		6.50		9-15-2038		47,490		54,223
GNMA		6.50		9-15-2038		170,418		195,635
GNMA		6.50		10-15-2038		63,731		72,767
GNMA		6.50		10-15-2038		448,556		512,154
GNMA		6.50		10-15-2038		28,806		32,890
GNMA		6.50		11-15-2038		8,936		10,203
GNMA		6.50		11-15-2038		2,022		2,309
GNMA		6.50		12-15-2038		89,594		102,297
GNMA		6.50		2-15-2039		2,484		2,836
GNMA		6.50		5-15-2040		93,438		106,686
GNMA		6.50		7-15-2040		91,488		106,111
GNMA		6.50		7-15-2040		391,445		459,619
GNMA		7.00		3-15-2037		5,419		5,523
TVA		3.50		12-15-2042		150,000		146,524
TVA		3.88		2-15-2021		1,320,000		1,425,471
TVA		4.50		4-1-2018		200,000		208,816
TVA		4.65		6-15-2035		200,000		231,094
TVA		4.88		1-15-2048		200,000		230,491
TVA		5.25		9-15-2039		1,500,000		1,872,761
TVA		5.88		4-1-2036		300,000		398,911

20

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
TVA		6.15	%	1-15-2038	$	400,000	$	551,174
Total Agency Securities (Cost $1,425,099,350)								1,436,722,423
Corporate Bonds and Notes : 20.83%
Consumer Discretionary : 1.98%
Auto Components : 0.06%
BorgWarner Incorporated		4.63		9-15-2020		100,000		105,541
Delphi Corporation		4.15		3-15-2024		1,000,000		1,030,089
Johnson Controls Incorporated		3.75		12-1-2021		500,000		520,484
Johnson Controls Incorporated		4.25		3-1-2021		120,000		127,496
Johnson Controls Incorporated		4.63		7-2-2044		850,000		845,050
Johnson Controls Incorporated		5.00		3-30-2020		100,000		107,611
Johnson Controls Incorporated		5.70		3-1-2041		240,000		272,490
Lear Corporation		5.25		1-15-2025		425,000		446,781
								3,455,542
Automobiles : 0.08%
Ford Motor Company		6.63		10-1-2028		200,000		235,814
Ford Motor Company		7.45		7-16-2031		1,000,000		1,234,909
General Motors Company		3.50		10-2-2018		1,000,000		1,018,462
General Motors Company		6.25		10-2-2043		1,250,000		1,345,294
General Motors Company		6.60		4-1-2036		500,000		561,001
								4,395,480
Diversified Consumer Services : 0.04%
Cornell University		5.45		2-1-2019		100,000		107,880
President & Fellows of Harvard College		4.88		10-15-2040		300,000		353,812
Princeton University		5.70		3-1-2039		500,000		652,143
Stanford University		4.75		5-1-2019		500,000		536,309
University of Pennsylvania		4.67		9-1-2112		500,000		480,837
								2,130,981
Hotels, Restaurants & Leisure : 0.15%
Carnival Corporation		1.88		12-15-2017		200,000		200,920
Carnival Corporation		3.95		10-15-2020		267,000		280,859
Darden Restaurants Incorporated		6.80		10-15-2037		20,000		22,526
Hyatt Hotels Corporation		3.38		7-15-2023		160,000		157,209
Marriott International Incorporated		3.00		3-1-2019		200,000		203,753
Marriott International Incorporated		3.38		10-15-2020		167,000		171,591
McDonald’s Corporation		2.63		1-15-2022		1,000,000		996,397
McDonald’s Corporation		3.38		5-26-2025		350,000		343,709
McDonald’s Corporation		3.50		7-15-2020		200,000		207,822
McDonald’s Corporation		3.63		5-20-2021		100,000		104,174
McDonald’s Corporation		3.70		1-30-2026		750,000		760,060
McDonald’s Corporation		3.70		2-15-2042		500,000		440,519
McDonald’s Corporation		5.35		3-1-2018		400,000		418,126
McDonald’s Corporation		6.30		10-15-2037		300,000		367,751
McDonald’s Corporation		6.30		3-1-2038		600,000		738,902
McDonald’s Corporation		4.60		5-26-2045		250,000		250,869
Starbucks Corporation		2.00		12-5-2018		250,000		252,306
Starbucks Corporation		2.10		2-4-2021		750,000		746,233
Starbucks Corporation		2.70		6-15-2022		200,000		201,877
Starbucks Corporation		4.30		6-15-2045		150,000		156,451
Starwood Hotels & Resort Company		3.13		2-15-2023		226,000		220,230
Starwood Hotels & Resort Company		3.75		3-15-2025		500,000		498,649

21

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Worldwide Corporation		4.25	%		3-1-2022	$	500,000	$	517,472
									8,258,405
Household Durables : 0.10%
D.R. Horton Incorporated		3.75			3-1-2019		260,000		265,850
D.R. Horton Incorporated		4.00			2-15-2020		330,000		340,313
Leggett & Platt Incorporated		3.40			8-15-2022		100,000		100,441
Mohawk Industries Incorporated		3.85			2-1-2023		100,000		101,491
Newell Brands Incorporated		2.60			3-29-2019		1,000,000		1,012,451
Newell Brands Incorporated		3.15			4-1-2021		750,000		763,442
Newell Brands Incorporated		4.20			4-1-2026		750,000		780,576
Newell Brands Incorporated		5.50			4-1-2046		750,000		843,226
Newell Rubbermaid Incorporated		2.88			12-1-2019		200,000		202,993
Newell Rubbermaid Incorporated		4.00			6-15-2022		100,000		104,120
Newell Rubbermaid Incorporated		6.25			4-15-2018		165,000		174,513
Tupperware Brands Corporation		4.75			6-1-2021		250,000		266,145
Whirlpool Corporation		4.00			3-1-2024		125,000		130,692
Whirlpool Corporation		4.70			6-1-2022		200,000		217,514
Whirlpool Corporation		4.85			6-15-2021		100,000		108,650
									5,412,417
Internet & Direct Marketing Retail : 0.10%
Amazon.com Incorporated		2.50			11-29-2022		500,000		494,792
Amazon.com Incorporated		2.60			12-5-2019		400,000		407,926
Amazon.com Incorporated		3.30			12-5-2021		400,000		413,934
Amazon.com Incorporated		3.80			12-5-2024		500,000		523,313
Amazon.com Incorporated		4.80			12-5-2034		500,000		542,569
Amazon.com Incorporated		4.95			12-5-2044		600,000		660,833
Expedia Incorporated		4.50			8-15-2024		100,000		100,554
Expedia Incorporated		5.95			8-15-2020		600,000		659,183
QVC Incorporated		4.38			3-15-2023		300,000		292,633
QVC Incorporated		4.45			2-15-2025		500,000		475,490
QVC Incorporated		5.13			7-2-2022		200,000		204,311
QVC Incorporated		5.45			8-15-2034		250,000		219,129
QVC Incorporated		5.95			3-15-2043		125,000		111,050
									5,105,717
Leisure Products : 0.01%
Hasbro Incorporated		6.35			3-15-2040		155,000		179,278
Mattel Incorporated		1.70			3-15-2018		125,000		124,839
Mattel Incorporated		3.15			3-15-2023		100,000		98,385
Mattel Incorporated		4.35			10-1-2020		100,000		105,892
Mattel Incorporated		6.20			10-1-2040		100,000		108,465
									616,859
Media : 1.03%
21st Century Fox America Incorporated		3.00			9-15-2022		375,000		375,285
21st Century Fox America Incorporated		3.70			9-15-2024		500,000		509,628
21st Century Fox America Incorporated		4.50			2-15-2021		500,000		536,956
21st Century Fox America Incorporated		4.75			9-15-2044		500,000		498,755
21st Century Fox America Incorporated		6.15			2-15-2041		735,000		867,474
21st Century Fox America Incorporated		6.20			12-15-2034		500,000		589,660
21st Century Fox America Incorporated		6.65			11-15-2037		350,000		432,684
21st Century Fox America Incorporated		6.90			3-1-2019		500,000		552,709
21st Century Fox America Incorporated		6.90			8-15-2039		500,000		630,453
21st Century Fox America Incorporated		8.15			10-17-2036		250,000		339,130
CBS Corporation		3.70			8-15-2024		500,000		501,067
CBS Corporation		4.63			5-15-2018		180,000		186,992
CBS Corporation		4.85			7-1-2042		200,000		194,593
CBS Corporation		4.90			8-15-2044		500,000		493,848

22

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Media (continued)
CBS Corporation		7.88	%	7-30-2030	$	600,000	$	795,569
Charter Communications Operating LLC 144A		4.46		7-23-2022		3,000,000		3,113,580
Charter Communications Operating LLC 144A		6.48		10-23-2045		2,000,000		2,239,970
Comcast Corporation		3.13		7-15-2022		500,000		509,852
Comcast Corporation		3.15		3-1-2026		1,000,000		992,037
Comcast Corporation		3.38		2-15-2025		750,000		757,716
Comcast Corporation		3.60		3-1-2024		500,000		516,833
Comcast Corporation		4.20		8-15-2034		750,000		763,308
Comcast Corporation		4.40		8-15-2035		300,000		310,174
Comcast Corporation		4.65		7-15-2042		548,000		572,018
Comcast Corporation		4.75		3-1-2044		375,000		394,939
Comcast Corporation		5.15		3-1-2020		500,000		546,588
Comcast Corporation		5.70		7-1-2019		1,000,000		1,095,251
Comcast Corporation		5.88		2-15-2018		75,000		78,813
Comcast Corporation		6.40		3-1-2040		500,000		644,020
Comcast Corporation		6.45		3-15-2037		900,000		1,147,806
Comcast Corporation		6.50		11-15-2035		550,000		706,028
Comcast Corporation		6.55		7-1-2039		650,000		843,716
Comcast Corporation		6.95		8-15-2037		400,000		539,414
Discovery Communications LLC		3.30		5-15-2022		250,000		248,864
Discovery Communications LLC		4.38		6-15-2021		300,000		316,371
Discovery Communications LLC		4.95		5-15-2042		250,000		223,358
Discovery Communications LLC		5.05		6-1-2020		750,000		807,761
Discovery Communications LLC		5.63		8-15-2019		250,000		271,220
Discovery Communications LLC		6.35		6-1-2040		250,000		258,977
Interpublic Group of Companies		4.00		3-15-2022		500,000		518,432
NBCUniversal Media LLC		2.88		1-15-2023		500,000		499,656
NBCUniversal Media LLC		4.38		4-1-2021		800,000		862,602
NBCUniversal Media LLC		4.45		1-15-2043		500,000		505,812
NBCUniversal Media LLC		5.95		4-1-2041		500,000		607,648
Omnicom Group Incorporated		3.63		5-1-2022		250,000		258,282
Omnicom Group Incorporated		4.45		8-15-2020		90,000		95,864
Omnicom Group Incorporated		6.25		7-15-2019		650,000		717,151
Scripps Networks Interactive Incorporated		2.80		6-15-2020		1,500,000		1,500,551
TCI Communications Incorporated		7.13		2-15-2028		350,000		459,343
Thomson Reuters Corporation		3.85		9-29-2024		500,000		508,526
Thomson Reuters Corporation		4.30		11-23-2023		300,000		313,887
Thomson Reuters Corporation		4.70		10-15-2019		425,000		451,854
Thomson Reuters Corporation		5.65		11-23-2043		200,000		215,495
Thomson Reuters Corporation		5.85		4-15-2040		134,000		145,425
Thomson Reuters Corporation		6.50		7-15-2018		500,000		535,140
Time Warner Cable Incorporated		4.00		1-15-2022		300,000		311,017
Time Warner Cable Incorporated		4.13		2-15-2021		500,000		516,325
Time Warner Cable Incorporated		4.50		9-15-2042		600,000		528,178
Time Warner Cable Incorporated		4.70		1-15-2021		250,000		268,262
Time Warner Cable Incorporated		4.88		3-15-2020		500,000		535,359
Time Warner Cable Incorporated		5.00		2-1-2020		535,000		567,133
Time Warner Cable Incorporated		5.50		9-1-2041		300,000		298,541
Time Warner Cable Incorporated		6.20		3-15-2040		300,000		339,936
Time Warner Cable Incorporated		6.55		5-1-2037		850,000		951,594
Time Warner Cable Incorporated		6.63		5-15-2029		800,000		976,106
Time Warner Cable Incorporated		6.75		7-1-2018		750,000		803,583
Time Warner Cable Incorporated		6.75		6-15-2039		500,000		563,318
Time Warner Cable Incorporated		7.30		7-1-2038		550,000		654,063
Time Warner Cable Incorporated		7.63		4-15-2031		825,000		1,088,952
Time Warner Cable Incorporated		8.25		4-1-2019		150,000		169,267
Time Warner Cable Incorporated		8.38		3-15-2023		250,000		312,006
Time Warner Cable Incorporated		8.75		2-14-2019		704,000		797,117
Time Warner Cable Incorporated		9.15		2-1-2023		250,000		322,468
Time Warner Entertainment Company LP		8.38		7-15-2033		300,000		384,987
Time Warner Incorporated		3.40		6-15-2022		100,000		100,568
Time Warner Incorporated		4.65		6-1-2044		750,000		706,420
Time Warner Incorporated		4.75		3-29-2021		500,000		537,956

23

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Time Warner Incorporated		4.90	%		6-15-2042	$	51,000	$	50,180
Time Warner Incorporated		6.25			3-29-2041		500,000		575,563
Time Warner Incorporated		6.50			11-15-2036		252,000		303,903
Time Warner Incorporated		7.57			2-1-2024		250,000		307,566
Time Warner Incorporated		7.70			5-1-2032		700,000		922,655
Viacom Incorporated		2.75			12-15-2019		150,000		151,033
Viacom Incorporated		3.25			3-15-2023		200,000		194,738
Viacom Incorporated		4.25			9-1-2023		1,000,000		1,027,376
Viacom Incorporated		4.38			3-15-2043		552,000		481,748
Viacom Incorporated		4.50			3-1-2021		500,000		527,961
Viacom Incorporated		4.88			6-15-2043		175,000		166,401
Viacom Incorporated		5.25			4-1-2044		500,000		495,191
Viacom Incorporated		5.50			5-15-2033		200,000		207,999
Viacom Incorporated		5.63			9-15-2019		150,000		162,320
Viacom Incorporated		5.85			9-1-2043		125,000		133,049
Viacom Incorporated		6.88			4-30-2036		340,000		385,794
Walt Disney Company		1.10			12-1-2017		1,000,000		999,160
Walt Disney Company		2.35			12-1-2022		500,000		494,651
Walt Disney Company		2.55			2-15-2022		250,000		251,631
Walt Disney Company		2.75			8-16-2021		500,000		508,851
Walt Disney Company		3.00			2-13-2026		500,000		496,571
Walt Disney Company		4.13			12-1-2041		250,000		251,368
Walt Disney Company		4.13			6-1-2044		350,000		354,843
Walt Disney Company		4.38			8-16-2041		250,000		261,146
Walt Disney Company		5.50			3-15-2019		500,000		541,811
Walt Disney Company		7.00			3-1-2032		75,000		100,739
									55,686,489
Multiline Retail : 0.14%
Dollar General Corporation		3.25			4-15-2023		350,000		346,601
Kohl’s Corporation		3.25			2-1-2023		150,000		146,982
Kohl’s Corporation		4.75			12-15-2023		300,000		311,903
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		200,000		204,457
Macy’s Retail Holdings Incorporated		4.38			9-1-2023		300,000		305,985
Macy’s Retail Holdings Incorporated		6.70			7-15-2034		500,000		528,735
Macy’s Retail Holdings Incorporated		6.90			4-1-2029		500,000		546,075
Macy’s Retail Holdings Incorporated		4.50			12-15-2034		500,000		441,181
Nordstrom Incorporated		4.00			10-15-2021		250,000		262,594
Nordstrom Incorporated		4.75			5-1-2020		135,000		143,994
Nordstrom Incorporated		5.00			1-15-2044		100,000		99,076
Nordstrom Incorporated		6.25			1-15-2018		500,000		524,650
Target Corporation		2.50			4-15-2026		750,000		711,740
Target Corporation		2.90			1-15-2022		250,000		254,093
Target Corporation		3.63			4-15-2046		300,000		274,841
Target Corporation		4.00			7-1-2042		475,000		465,184
Target Corporation		6.00			1-15-2018		500,000		524,616
Target Corporation		6.35			11-1-2032		300,000		381,143
Target Corporation		7.00			1-15-2038		768,000		1,070,347
									7,544,197
Specialty Retail : 0.25%
Advance Auto Parts Incorporated		4.50			1-15-2022		100,000		104,562
Advance Auto Parts Incorporated		4.50			12-1-2023		250,000		258,245
AutoZone Incorporated		2.88			1-15-2023		250,000		244,596
AutoZone Incorporated		3.13			7-15-2023		150,000		148,253
AutoZone Incorporated		4.00			11-15-2020		200,000		209,737
Bed Bath & Beyond Incorporated		4.92			8-1-2034		250,000		247,294
Bed Bath & Beyond Incorporated		5.17			8-1-2044		350,000		321,187
Home Depot Incorporated		2.25			9-10-2018		1,000,000		1,013,796
Home Depot Incorporated		2.70			4-1-2023		375,000		373,406
Home Depot Incorporated		3.75			2-15-2024		500,000		525,586
Home Depot Incorporated		3.95			9-15-2020		400,000		424,046

24

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail (continued)
Home Depot Incorporated		4.20	%		4-1-2043	$	400,000	$	405,514
Home Depot Incorporated		4.40			4-1-2021		500,000		540,883
Home Depot Incorporated		4.88			2-15-2044		500,000		561,502
Home Depot Incorporated		5.40			9-15-2040		200,000		235,960
Home Depot Incorporated		5.88			12-16-2036		1,500,000		1,874,177
Home Depot Incorporated		5.95			4-1-2041		500,000		627,176
Lowe’s Companies Incorporated		2.50			4-15-2026		1,000,000		942,613
Lowe’s Companies Incorporated		3.12			4-15-2022		200,000		204,673
Lowe’s Companies Incorporated		3.75			4-15-2021		150,000		158,744
Lowe’s Companies Incorporated		3.80			11-15-2021		500,000		530,419
Lowe’s Companies Incorporated		3.88			9-15-2023		250,000		266,247
Lowe’s Companies Incorporated		4.25			9-15-2044		250,000		249,557
Lowe’s Companies Incorporated		4.63			4-15-2020		400,000		428,649
Lowe’s Companies Incorporated		4.65			4-15-2042		500,000		524,142
Lowe’s Companies Incorporated		5.80			10-15-2036		250,000		298,124
Lowe’s Companies Incorporated		5.80			4-15-2040		110,000		132,817
Lowe’s Companies Incorporated		6.50			3-15-2029		75,000		94,832
Lowe’s Companies Incorporated		6.65			9-15-2037		350,000		460,187
O’Reilly Automotive Incorporated		3.80			9-1-2022		150,000		155,696
O’Reilly Automotive Incorporated		4.88			1-14-2021		45,000		48,292
O’Reilly Automotive Incorporated		4.63			9-15-2021		150,000		161,346
Staples Incorporated «		4.38			1-12-2023		200,000		199,245
TJX Companies Incorporated		2.75			6-15-2021		500,000		511,255
									13,482,758
Textiles, Apparel & Luxury Goods : 0.02%
Nike Incorporated		2.25			5-1-2023		100,000		97,771
Nike Incorporated		3.63			5-1-2043		100,000		93,595
Nike Incorporated		3.88			11-1-2045		500,000		486,846
Ralph Lauren Corporation		2.13			9-26-2018		50,000		50,450
VF Corporation		3.50			9-1-2021		250,000		260,864
VF Corporation		6.45			11-1-2037		150,000		188,586
									1,178,112
Consumer Staples : 1.91%
Beverages : 0.67%
Anheuser-Busch Companies Incorporated		5.50			1-15-2018		200,000		208,152
Anheuser-Busch Companies Incorporated		5.75			4-1-2036		250,000		291,367
Anheuser-Busch InBev Finance Company		1.90			2-1-2019		1,200,000		1,199,761
Anheuser-Busch InBev Finance Company		2.63			1-17-2023		500,000		488,102
Anheuser-Busch InBev Finance Company		2.65			2-1-2021		2,250,000		2,257,196
Anheuser-Busch InBev Finance Company		3.30			2-1-2023		750,000		758,336
Anheuser-Busch InBev Finance Company		3.65			2-1-2026		3,500,000		3,516,870
Anheuser-Busch InBev Finance Company		3.70			2-1-2024		750,000		776,027
Anheuser-Busch InBev Finance Company		4.00			1-17-2043		300,000		282,123
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		350,000		359,736
Anheuser-Busch InBev Finance Company		4.70			2-1-2036		1,500,000		1,567,916
Anheuser-Busch InBev Finance Company		4.90			2-1-2046		3,100,000		3,308,714
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		1,750,000		1,722,266
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		360,000		326,862
Anheuser-Busch InBev Worldwide Incorporated		5.00			4-15-2020		1,000,000		1,082,529
Anheuser-Busch InBev Worldwide Incorporated		6.38			1-15-2040		750,000		940,701
Anheuser-Busch InBev Worldwide Incorporated		6.88			11-15-2019		500,000		567,399
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-2019		500,000		558,480
Anheuser-Busch InBev Worldwide Incorporated		8.20			1-15-2039		500,000		746,900
Beam Incorporated		1.75			6-15-2018		250,000		249,352
Brown-Forman Corporation		2.25			1-15-2023		250,000		240,683
Brown-Forman Corporation		3.75			1-15-2043		100,000		91,965
Coca-Cola Company		1.15			4-1-2018		500,000		499,362
Coca-Cola Company		1.65			3-14-2018		1,100,000		1,104,632

25

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Beverages (continued)
Coca-Cola Company		2.45	%	11-1-2020	$	1,000,000	$	1,012,781
Coca-Cola Company		2.50		4-1-2023		350,000		344,631
Coca-Cola Company		2.88		10-27-2025		1,000,000		986,626
Coca-Cola Company		3.20		11-1-2023		400,000		410,596
Coca-Cola Company		3.30		9-1-2021		70,000		73,001
Coca-Cola Enterprises Incorporated		3.50		9-15-2020		500,000		516,258
Coca-Cola Enterprises Incorporated		4.50		9-1-2021		100,000		107,854
Constellation Brands Incorporated		3.75		5-1-2021		140,000		145,425
Constellation Brands Incorporated		3.88		11-15-2019		110,000		114,813
Constellation Brands Incorporated		4.25		5-1-2023		515,000		536,244
Constellation Brands Incorporated		6.00		5-1-2022		165,000		187,770
Diageo Investment Corporation		2.88		5-11-2022		600,000		604,730
Diageo Investment Corporation		4.25		5-11-2042		250,000		250,721
Diageo Investment Corporation		7.45		4-15-2035		150,000		209,026
Dr Pepper Snapple Group Incorporated		3.20		11-15-2021		250,000		256,184
Dr Pepper Snapple Group Incorporated		7.45		5-1-2038		100,000		135,819
Molson Coors Brewing Company		5.00		5-1-2042		500,000		517,369
PepsiCo Incorporated		2.25		1-7-2019		350,000		354,544
PepsiCo Incorporated		2.75		3-5-2022		370,000		374,574
PepsiCo Incorporated		2.75		3-1-2023		475,000		474,666
PepsiCo Incorporated		3.00		8-25-2021		250,000		256,856
PepsiCo Incorporated		3.13		11-1-2020		1,000,000		1,033,596
PepsiCo Incorporated		3.60		3-1-2024		1,000,000		1,041,987
PepsiCo Incorporated		3.60		8-13-2042		250,000		230,784
PepsiCo Incorporated		4.00		3-5-2042		250,000		246,054
PepsiCo Incorporated		4.25		10-22-2044		200,000		202,617
PepsiCo Incorporated		4.50		1-15-2020		200,000		215,259
PepsiCo Incorporated		4.88		11-1-2040		325,000		358,334
PepsiCo Incorporated		5.00		6-1-2018		1,000,000		1,053,532
PepsiCo Incorporated		5.50		1-15-2040		300,000		360,259
PepsiCo Incorporated Series B		7.00		3-1-2029		600,000		818,471
								36,576,812
Food & Staples Retailing : 0.56%
Costco Wholesale Corporation		1.13		12-15-2017		1,000,000		1,000,513
Costco Wholesale Corporation		1.70		12-15-2019		500,000		500,255
CVS Caremark Corporation		2.25		12-5-2018		278,000		280,050
CVS Caremark Corporation		2.75		12-1-2022		500,000		490,241
CVS Caremark Corporation		3.38		8-12-2024		800,000		799,677
CVS Caremark Corporation		4.00		12-5-2023		1,000,000		1,041,831
CVS Caremark Corporation		5.30		12-5-2043		300,000		333,307
CVS Health Corporation		1.90		7-20-2018		750,000		751,583
CVS Health Corporation		2.80		7-20-2020		2,000,000		2,024,416
CVS Health Corporation		3.88		7-20-2025		750,000		768,424
CVS Health Corporation		4.88		7-20-2035		750,000		800,308
CVS Health Corporation		5.13		7-20-2045		1,000,000		1,094,268
Delhaize America Incorporated		9.00		4-15-2031		500,000		678,944
Sysco Corporation		3.30		7-15-2026		1,000,000		976,720
Sysco Corporation		5.25		2-12-2018		300,000		312,359
Sysco Corporation		6.63		3-17-2039		200,000		249,186
The Kroger Company		2.30		1-15-2019		200,000		201,445
The Kroger Company		3.30		1-15-2021		500,000		512,436
The Kroger Company		3.40		4-15-2022		250,000		255,010
The Kroger Company		3.85		8-1-2023		250,000		259,905
The Kroger Company		5.00		4-15-2042		250,000		258,660
The Kroger Company		5.15		8-1-2043		150,000		158,662
The Kroger Company		6.15		1-15-2020		800,000		887,833
The Kroger Company		6.90		4-15-2038		300,000		377,904
The Kroger Company		7.50		4-1-2031		75,000		100,750
Wal-Mart Stores Incorporated		1.13		4-11-2018		500,000		498,797
Wal-Mart Stores Incorporated		3.25		10-25-2020		750,000		784,055
Wal-Mart Stores Incorporated		3.63		7-8-2020		1,100,000		1,161,733
Wal-Mart Stores Incorporated		4.00		4-11-2043		400,000		398,887
Wal-Mart Stores Incorporated		4.25		4-15-2021		500,000		542,223

26

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Food & Staples Retailing (continued)
Wal-Mart Stores Incorporated		4.30	%	4-22-2044	$	500,000	$	522,881
Wal-Mart Stores Incorporated		4.88		7-8-2040		250,000		278,236
Wal-Mart Stores Incorporated		5.00		10-25-2040		500,000		569,244
Wal-Mart Stores Incorporated		5.25		9-1-2035		950,000		1,132,866
Wal-Mart Stores Incorporated		5.63		4-1-2040		600,000		742,762
Wal-Mart Stores Incorporated		5.63		4-15-2041		500,000		615,067
Wal-Mart Stores Incorporated		5.80		2-15-2018		700,000		737,377
Wal-Mart Stores Incorporated		5.88		4-5-2027		100,000		123,810
Wal-Mart Stores Incorporated		6.50		8-15-2037		1,000,000		1,347,329
Wal-Mart Stores Incorporated		7.55		2-15-2030		500,000		712,868
Walgreen Company		3.10		9-15-2022		1,000,000		1,001,000
Walgreen Company		4.40		9-15-2042		500,000		474,160
Walgreen Company		5.25		1-15-2019		62,000		65,706
Walgreens Boots Alliance Incorporated		2.60		6-1-2021		750,000		745,890
Walgreens Boots Alliance Incorporated		2.70		11-18-2019		300,000		304,094
Walgreens Boots Alliance Incorporated		3.45		6-1-2026		750,000		733,667
Walgreens Boots Alliance Incorporated		3.80		11-18-2024		1,000,000		1,015,562
Walgreens Boots Alliance Incorporated		4.80		11-18-2044		500,000		498,508
								30,121,409
Food Products : 0.35%
Archer-Daniels-Midland Company		4.02		4-16-2043		840,000		821,903
Archer-Daniels-Midland Company		4.48		3-1-2021		535,000		582,315
Archer-Daniels-Midland Company		4.54		3-26-2042		250,000		263,185
Archer-Daniels-Midland Company		5.45		3-15-2018		80,000		83,997
Campbell Soup Company		2.50		8-2-2022		121,000		118,787
Campbell Soup Company		4.50		2-15-2019		285,000		300,638
ConAgra Foods Incorporated		3.25		9-15-2022		500,000		500,554
ConAgra Foods Incorporated		8.25		9-15-2030		120,000		161,490
General Mills Incorporated		3.65		2-15-2024		250,000		261,042
General Mills Incorporated		5.40		6-15-2040		345,000		391,813
General Mills Incorporated		5.65		2-15-2019		1,000,000		1,076,837
Hershey Company		2.63		5-1-2023		100,000		98,363
Hershey Company		4.13		12-1-2020		500,000		534,401
Hormel Foods Corporation		4.13		4-15-2021		100,000		107,112
Ingredion Incorporated		4.63		11-1-2020		300,000		321,333
J.M. Smucker Company		3.50		10-15-2021		300,000		311,659
J.M. Smucker Company		3.50		3-15-2025		1,500,000		1,516,577
Kellogg Company		3.25		5-21-2018		65,000		66,392
Kellogg Company		4.00		12-15-2020		221,000		233,668
Kellogg Company		4.15		11-15-2019		300,000		317,042
Kraft Foods Group Incorporated		3.50		6-6-2022		1,000,000		1,022,167
Kraft Foods Group Incorporated		5.00		6-4-2042		750,000		771,122
Kraft Foods Group Incorporated		6.13		8-23-2018		1,000,000		1,071,484
Kraft Foods Group Incorporated		6.50		2-9-2040		500,000		611,804
Kraft Heinz Foods Company		2.80		7-2-2020		1,000,000		1,007,870
Kraft Heinz Foods Company		3.00		6-1-2026		1,200,000		1,131,404
Kraft Heinz Foods Company		4.38		6-1-2046		750,000		710,190
Kraft Heinz Foods Company		5.20		7-15-2045		750,000		796,945
McCormick & Company		3.50		9-1-2023		179,000		183,769
McCormick & Company		3.90		7-15-2021		75,000		79,322
Mead Johnson Nutrition Company		4.90		11-1-2019		250,000		268,457
Mead Johnson Nutrition Company		5.90		11-1-2039		100,000		112,752
Sara Lee Corporation		4.10		9-15-2020		266,000		273,887
Tyson Foods Incorporated		3.95		8-15-2024		1,000,000		1,021,626
Tyson Foods Incorporated		4.50		6-15-2022		500,000		535,974
Tyson Foods Incorporated		4.88		8-15-2034		250,000		256,066
Unilever Capital Corporation		4.25		2-10-2021		300,000		322,651
Unilever Capital Corporation		4.80		2-15-2019		350,000		373,066
Unilever Capital Corporation		5.90		11-15-2032		300,000		392,062
								19,011,726

27

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Household Products : 0.08%
Church & Dwight Company Incorporated		2.88	%	10-1-2022	$	107,000	$	106,451
Clorox Company		3.05		9-15-2022		161,000		162,519
Clorox Company		3.50		12-15-2024		200,000		204,015
Colgate-Palmolive Company		1.95		2-1-2023		500,000		479,892
Colgate-Palmolive Company		2.30		5-3-2022		500,000		496,881
Colgate-Palmolive Company		2.95		11-1-2020		200,000		206,982
Kimberly-Clark Corporation		2.40		6-1-2023		150,000		147,109
Kimberly-Clark Corporation		3.63		8-1-2020		750,000		790,211
Kimberly-Clark Corporation		5.30		3-1-2041		245,000		294,062
Kimberly-Clark Corporation		6.63		8-1-2037		200,000		272,593
Kimberly-Clark Corporation		7.50		11-1-2018		100,000		111,200
The Procter & Gamble Company		3.10		8-15-2023		375,000		385,191
The Procter & Gamble Company		5.55		3-5-2037		500,000		654,256
								4,311,362
Personal Products : 0.01%
Estee Lauder Companies Incorporated		6.00		5-15-2037		200,000		239,444
Tobacco : 0.24%
Altria Group Incorporated		2.63		1-14-2020		400,000		404,712
Altria Group Incorporated		4.00		1-31-2024		89,000		93,891
Altria Group Incorporated		4.25		8-9-2042		500,000		489,622
Altria Group Incorporated		4.50		5-2-2043		250,000		254,465
Altria Group Incorporated		4.75		5-5-2021		500,000		544,771
Altria Group Incorporated		5.38		1-31-2044		750,000		854,585
Altria Group Incorporated		9.25		8-6-2019		1,000,000		1,186,500
Altria Group Incorporated		9.70		11-10-2018		355,000		408,502
Philip Morris International Incorporated		1.88		1-15-2019		250,000		250,524
Philip Morris International Incorporated		2.50		8-22-2022		250,000		246,488
Philip Morris International Incorporated		2.63		3-6-2023		175,000		172,113
Philip Morris International Incorporated		3.25		11-10-2024		300,000		302,078
Philip Morris International Incorporated		3.88		8-21-2042		250,000		231,821
Philip Morris International Incorporated		4.13		3-4-2043		300,000		287,535
Philip Morris International Incorporated		4.25		11-10-2044		300,000		294,880
Philip Morris International Incorporated		4.38		11-15-2041		500,000		500,254
Philip Morris International Incorporated		4.50		3-26-2020		750,000		805,074
Philip Morris International Incorporated		4.50		3-20-2042		200,000		203,221
Philip Morris International Incorporated		5.65		5-16-2018		1,300,000		1,375,197
Philip Morris International Incorporated		6.38		5-16-2038		600,000		769,990
Reynolds American Incorporated		4.00		6-12-2022		400,000		421,017
Reynolds American Incorporated		4.45		6-12-2025		500,000		528,971
Reynolds American Incorporated		5.70		8-15-2035		300,000		343,173
Reynolds American Incorporated		5.85		8-15-2045		1,000,000		1,181,309
Reynolds American Incorporated		6.15		9-15-2043		125,000		151,110
Reynolds American Incorporated		6.88		5-1-2020		250,000		284,799
Reynolds American Incorporated		7.25		6-15-2037		200,000		260,096
Reynolds American Incorporated		8.13		6-23-2019		155,000		178,019
								13,024,717
Energy : 1.80%
Energy Equipment & Services : 0.13%
Baker Hughes Incorporated		5.13		9-15-2040		500,000		542,044
Baker Hughes Incorporated		6.88		1-15-2029		250,000		302,172
Baker Hughes Incorporated		7.50		11-15-2018		375,000		414,595
FMC Technologies Incorporated		3.45		10-1-2022		100,000		97,609
Halliburton Company «		2.00		8-1-2018		500,000		500,873
Halliburton Company		3.25		11-15-2021		200,000		203,789
Halliburton Company		3.50		8-1-2023		500,000		502,495
Halliburton Company		3.80		11-15-2025		1,000,000		1,002,922
Halliburton Company		4.50		11-15-2041		250,000		234,573
Halliburton Company		4.75		8-1-2043		250,000		243,258

28

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Energy Equipment & Services (continued)
Halliburton Company		5.00	%	11-15-2045	$	600,000	$	612,260
Halliburton Company		6.15		9-15-2019		350,000		385,765
Halliburton Company		7.45		9-15-2039		650,000		855,706
National Oilwell Varco Incorporated		2.60		12-1-2022		1,000,000		920,211
National Oilwell Varco Incorporated		3.95		12-1-2042		400,000		285,274
								7,103,546
Oil, Gas & Consumable Fuels : 1.67%
Amerada Hess Corporation		7.13		3-15-2033		500,000		541,386
Anadarko Petroleum Corporation		3.45		7-15-2024		250,000		240,714
Anadarko Petroleum Corporation		4.50		7-15-2044		500,000		441,482
Anadarko Petroleum Corporation «		5.55		3-15-2026		500,000		545,524
Anadarko Petroleum Corporation		6.20		3-15-2040		300,000		323,531
Anadarko Petroleum Corporation		6.45		9-15-2036		850,000		954,457
Anadarko Petroleum Corporation		8.70		3-15-2019		450,000		510,332
Apache Corporation		3.25		4-15-2022		362,000		363,723
Apache Corporation		3.63		2-1-2021		500,000		513,730
Apache Corporation		4.25		1-15-2044		250,000		230,394
Apache Corporation		5.10		9-1-2040		575,000		576,103
Apache Corporation		5.25		2-1-2042		100,000		101,927
Apache Corporation		6.00		1-15-2037		500,000		558,441
Boardwalk Pipelines LP		3.38		2-1-2023		100,000		94,326
Boardwalk Pipelines LP		5.75		9-15-2019		150,000		161,103
Buckeye Partners LP		4.15		7-1-2023		250,000		250,449
Buckeye Partners LP		4.88		2-1-2021		560,000		594,014
Buckeye Partners LP		5.50		8-15-2019		150,000		160,431
Buckeye Partners LP		5.85		11-15-2043		200,000		199,122
Buckeye Partners LP		6.05		1-15-2018		100,000		104,265
Chevron Corporation		1.10		12-5-2017		1,000,000		998,110
Chevron Corporation		1.56		5-16-2019		750,000		745,468
Chevron Corporation		1.72		6-24-2018		2,000,000		2,005,204
Chevron Corporation		2.10		5-16-2021		750,000		741,277
Chevron Corporation		2.19		11-15-2019		100,000		101,016
Chevron Corporation		2.36		12-5-2022		750,000		734,354
Chevron Corporation		2.42		11-17-2020		500,000		503,286
Chevron Corporation		2.95		5-16-2026		1,000,000		980,106
Chevron Corporation		3.19		6-24-2023		1,000,000		1,018,541
Chevron Corporation		4.95		3-3-2019		500,000		534,128
Columbia Pipeline Group Incorporated		3.30		6-1-2020		900,000		912,213
Columbia Pipeline Group Incorporated		5.80		6-1-2045		200,000		224,196
ConocoPhillips Company		1.05		12-15-2017		250,000		248,509
ConocoPhillips Company		1.50		5-15-2018		1,000,000		995,654
ConocoPhillips Company		2.40		12-15-2022		500,000		481,870
ConocoPhillips Company		3.35		11-15-2024		750,000		736,232
ConocoPhillips Company		3.35		5-15-2025		500,000		490,192
ConocoPhillips Company		4.30		11-15-2044		300,000		286,883
ConocoPhillips Company		4.95		3-15-2026		500,000		543,452
ConocoPhillips Company		5.20		5-15-2018		250,000		261,540
ConocoPhillips Company		5.90		10-15-2032		250,000		280,357
ConocoPhillips Company		5.90		5-15-2038		100,000		115,000
ConocoPhillips Company		6.00		1-15-2020		750,000		829,317
ConocoPhillips Company		6.95		4-15-2029		300,000		366,861
Devon Energy Corporation		3.25		5-15-2022		500,000		484,718
Devon Energy Corporation		4.00		7-15-2021		200,000		203,302
Devon Energy Corporation		4.75		5-15-2042		500,000		445,031
Devon Energy Corporation		5.60		7-15-2041		200,000		193,190
Devon Energy Corporation		7.95		4-15-2032		500,000		603,055
Dominion Gas Holdings LLC		4.80		11-1-2043		500,000		503,529
El Paso Corporation		7.75		1-15-2032		1,000,000		1,181,839
El Paso Natural Gas Company		8.38		6-15-2032		650,000		788,730
El Paso Pipeline Partners Operating LLC		4.70		11-1-2042		100,000		86,998
Enable Midstream Partner LP		3.90		5-15-2024		1,000,000		928,335

29

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Enbridge Energy Partners LP		5.20	%	3-15-2020	$	380,000	$	404,698
Enbridge Energy Partners LP		5.50		9-15-2040		200,000		193,732
Enbridge Energy Partners LP		6.50		4-15-2018		200,000		211,078
Enbridge Energy Partners LP		7.50		4-15-2038		270,000		316,114
Enbridge Energy Partners LP		9.88		3-1-2019		125,000		142,301
Energy Transfer Partners LP		3.60		2-1-2023		300,000		291,301
Energy Transfer Partners LP		4.65		6-1-2021		1,100,000		1,152,963
Energy Transfer Partners LP		4.75		1-15-2026		400,000		401,940
Energy Transfer Partners LP		4.90		2-1-2024		300,000		307,273
Energy Transfer Partners LP		5.15		2-1-2043		200,000		178,591
Energy Transfer Partners LP		5.15		3-15-2045		400,000		358,306
Energy Transfer Partners LP		5.20		2-1-2022		500,000		535,843
Energy Transfer Partners LP		5.95		10-1-2043		200,000		196,496
Energy Transfer Partners LP		6.05		6-1-2041		300,000		295,709
Energy Transfer Partners LP		6.13		12-15-2045		400,000		402,447
Energy Transfer Partners LP		6.50		2-1-2042		500,000		517,984
Energy Transfer Partners LP		6.63		10-15-2036		230,000		240,948
Energy Transfer Partners LP		6.70		7-1-2018		100,000		106,557
Energy Transfer Partners LP		7.50		7-1-2038		100,000		112,227
Energy Transfer Partners LP		8.25		11-15-2029		125,000		150,784
Energy Transfer Partners LP		9.00		4-15-2019		500,000		569,696
Eni Lasmo plc		7.30		11-15-2027		200,000		240,601
Enterprise Products Operating LLC		1.65		5-7-2018		200,000		199,086
Enterprise Products Operating LLC		2.55		10-15-2019		500,000		504,581
Enterprise Products Operating LLC		3.35		3-15-2023		350,000		349,364
Enterprise Products Operating LLC		3.90		2-15-2024		300,000		306,087
Enterprise Products Operating LLC		4.05		2-15-2022		250,000		262,312
Enterprise Products Operating LLC		4.45		2-15-2043		250,000		227,246
Enterprise Products Operating LLC		4.85		3-15-2044		400,000		381,784
Enterprise Products Operating LLC		4.90		5-15-2046		350,000		339,768
Enterprise Products Operating LLC		5.20		9-1-2020		500,000		546,756
Enterprise Products Operating LLC		5.25		1-31-2020		200,000		216,582
Enterprise Products Operating LLC		5.70		2-15-2042		200,000		211,251
Enterprise Products Operating LLC		5.95		2-1-2041		100,000		108,610
Enterprise Products Operating LLC		6.13		10-15-2039		1,000,000		1,107,853
Enterprise Products Operating LLC		6.65		4-15-2018		250,000		265,615
Enterprise Products Operating LLC		7.55		4-15-2038		100,000		124,499
Enterprise Products Operating LLC Series D		6.88		3-1-2033		400,000		469,184
EOG Resources Incorporated		2.63		3-15-2023		450,000		434,754
EOG Resources Incorporated		3.90		4-1-2035		200,000		185,773
EOG Resources Incorporated		4.10		2-1-2021		200,000		210,603
EOG Resources Incorporated		4.40		6-1-2020		300,000		317,664
EOG Resources Incorporated		5.63		6-1-2019		75,000		81,059
EOG Resources Incorporated		6.88		10-1-2018		400,000		434,723
EQT Corporation		4.88		11-15-2021		300,000		319,636
EQT Corporation		8.13		6-1-2019		325,000		366,112
Equitable Resources Incorporated		6.50		4-1-2018		100,000		105,429
Exxon Mobil Corporation		1.44		3-1-2018		1,500,000		1,500,002
Exxon Mobil Corporation		1.71		3-1-2019		1,000,000		998,581
Exxon Mobil Corporation		1.82		3-15-2019		1,000,000		997,444
Exxon Mobil Corporation		2.71		3-6-2025		500,000		487,807
Exxon Mobil Corporation		2.73		3-1-2023		1,000,000		997,541
Exxon Mobil Corporation		3.18		3-15-2024		500,000		508,072
Exxon Mobil Corporation		3.57		3-6-2045		500,000		454,652
Exxon Mobil Corporation		4.11		3-1-2046		1,000,000		1,000,045
Gulf South Pipeline Company LP		4.00		6-15-2022		200,000		200,019
Hess Corporation		5.60		2-15-2041		300,000		277,123
Hess Corporation		6.00		1-15-2040		350,000		335,535
Hess Corporation		7.30		8-15-2031		384,000		421,655
Hess Corporation		7.88		10-1-2029		280,000		324,064
Kerr-McGee Corporation		6.95		7-1-2024		200,000		232,147
Kinder Morgan Energy Partners LP		3.45		2-15-2023		250,000		243,614
Kinder Morgan Energy Partners LP		3.50		3-1-2021		300,000		302,874
Kinder Morgan Energy Partners LP		3.50		9-1-2023		250,000		241,196
Kinder Morgan Energy Partners LP		3.95		9-1-2022		375,000		381,258

30

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners LP		4.30	%	6-1-2025	$	750,000	$	755,843
Kinder Morgan Energy Partners LP		5.00		8-15-2042		250,000		227,068
Kinder Morgan Energy Partners LP		5.00		3-1-2043		225,000		205,596
Kinder Morgan Energy Partners LP		5.30		9-15-2020		125,000		133,815
Kinder Morgan Energy Partners LP		5.50		3-1-2044		300,000		290,012
Kinder Morgan Energy Partners LP		5.80		3-15-2035		100,000		100,410
Kinder Morgan Energy Partners LP		5.95		2-15-2018		500,000		521,041
Kinder Morgan Energy Partners LP		6.38		3-1-2041		500,000		511,948
Kinder Morgan Energy Partners LP		6.95		1-15-2038		500,000		555,119
Kinder Morgan Incorporated		5.55		6-1-2045		1,250,000		1,244,393
Magellan Midstream Partners LP		5.15		10-15-2043		200,000		201,354
Magellan Midstream Partners LP		6.40		7-15-2018		100,000		106,984
Magellan Midstream Partners LP		6.55		7-15-2019		575,000		636,607
Marathon Oil Corporation		2.80		11-1-2022		600,000		552,959
Marathon Oil Corporation «		3.85		6-1-2025		350,000		325,125
Marathon Oil Corporation		5.20		6-1-2045		200,000		175,710
Marathon Oil Corporation		6.60		10-1-2037		450,000		455,799
Marathon Petroleum Corporation		3.63		9-15-2024		500,000		479,857
Marathon Petroleum Corporation		4.75		9-15-2044		500,000		412,064
Marathon Petroleum Corporation		5.13		3-1-2021		35,000		37,908
Marathon Petroleum Corporation		6.50		3-1-2041		545,000		552,100
MPLX LP		4.88		6-1-2025		750,000		753,432
Nabors Industries Incorporated		5.00		9-15-2020		300,000		301,500
Nabors Industries Incorporated		6.15		2-15-2018		500,000		515,000
Nabors Industries Incorporated		9.25		1-15-2019		500,000		550,000
NextEra Energy Capital		4.50		6-1-2021		200,000		215,003
Noble Energy Incorporated		3.90		11-15-2024		300,000		297,646
Noble Energy Incorporated		4.15		12-15-2021		500,000		517,142
Noble Energy Incorporated		5.05		11-15-2044		500,000		473,698
Noble Energy Incorporated		6.00		3-1-2041		565,000		591,493
Noble Energy Incorporated		8.25		3-1-2019		350,000		389,494
Northwest Pipeline Corporation		6.05		6-15-2018		170,000		178,969
Occidental Petroleum Corporation		1.50		2-15-2018		250,000		249,898
Occidental Petroleum Corporation		2.70		2-15-2023		500,000		490,182
Occidental Petroleum Corporation		3.50		6-15-2025		300,000		302,852
Occidental Petroleum Corporation		4.10		2-1-2021		460,000		488,401
Occidental Petroleum Corporation		4.63		6-15-2045		300,000		304,853
ONEOK Partners LP		3.20		9-15-2018		125,000		127,726
ONEOK Partners LP		3.38		10-1-2022		1,000,000		994,942
ONEOK Partners LP		6.13		2-1-2041		500,000		526,527
ONEOK Partners LP		6.20		9-15-2043		179,000		190,272
ONEOK Partners LP		6.85		10-15-2037		500,000		556,320
ONEOK Partners LP		8.63		3-1-2019		350,000		394,879
Phillips 66		4.30		4-1-2022		1,000,000		1,076,081
Phillips 66		4.65		11-15-2034		200,000		202,603
Phillips 66		4.88		11-15-2044		200,000		205,248
Phillips 66		5.88		5-1-2042		750,000		864,779
Pioneer Natural Resources Company		3.95		7-15-2022		1,000,000		1,033,120
Plains All American Pipeline LP		2.60		12-15-2019		200,000		200,147
Plains All American Pipeline LP		3.60		11-1-2024		300,000		282,995
Plains All American Pipeline LP		3.65		6-1-2022		500,000		500,076
Plains All American Pipeline LP		3.85		10-15-2023		500,000		487,670
Plains All American Pipeline LP		4.90		2-15-2045		250,000		219,154
Plains All American Pipeline LP		5.00		2-1-2021		200,000		213,924
Plains All American Pipeline LP		5.15		6-1-2042		500,000		448,611
Plains All American Pipeline LP		6.50		5-1-2018		150,000		158,925
Plains All American Pipeline LP		6.65		1-15-2037		200,000		209,787
Plains All American Pipeline LP		8.75		5-1-2019		400,000		455,975
Southern Natural Gas Company		4.40		6-15-2021		1,000,000		1,062,126
Spectra Energy Capital LLC		3.30		3-15-2023		200,000		191,379
Spectra Energy Capital LLC		4.60		6-15-2021		100,000		106,300
Spectra Energy Capital LLC		7.50		9-15-2038		100,000		117,645
Spectra Energy Capital LLC		8.00		10-1-2019		100,000		113,413

31

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Spectra Energy Partners LP		2.95	%	9-25-2018	$	500,000	$	507,378
Spectra Energy Partners LP		4.75		3-15-2024		350,000		368,853
Sunoco Logistics Partner LP		3.45		1-15-2023		200,000		194,742
Sunoco Logistics Partner LP		4.95		1-15-2043		150,000		132,718
Sunoco Logistics Partner LP		5.30		4-1-2044		500,000		465,306
Sunoco Logistics Partner LP		5.35		5-15-2045		200,000		185,887
Sunoco Logistics Partner LP		6.85		2-15-2040		250,000		269,415
TC Pipelines LP		4.65		6-15-2021		300,000		312,422
Tennessee Gas Pipeline Company		7.00		10-15-2028		250,000		289,739
Texas Eastern Transmission LP		7.00		7-15-2032		325,000		388,063
Transcontinental Gas Pipe Line Corporation		6.05		6-15-2018		105,000		110,539
Valero Energy Corporation		6.13		2-1-2020		65,000		71,914
Valero Energy Corporation		6.63		6-15-2037		1,000,000		1,110,593
Valero Energy Corporation		7.50		4-15-2032		300,000		366,507
Valero Energy Corporation		9.38		3-15-2019		250,000		288,870
Western Gas Partners LP		4.00		7-1-2022		400,000		399,045
Western Gas Partners LP		5.45		4-1-2044		500,000		486,567
Williams Partners LP		3.35		8-15-2022		250,000		241,467
Williams Partners LP		3.60		3-15-2022		500,000		493,868
Williams Partners LP		4.13		11-15-2020		300,000		306,801
Williams Partners LP		4.30		3-4-2024		500,000		497,229
Williams Partners LP		4.50		11-15-2023		400,000		404,917
Williams Partners LP		5.10		9-15-2045		1,000,000		904,764
Williams Partners LP		5.25		3-15-2020		640,000		680,531
Williams Partners LP		5.80		11-15-2043		1,000,000		958,524
Williams Partners LP		6.30		4-15-2040		390,000		393,767
XTO Energy Incorporated		6.50		12-15-2018		500,000		547,768
								90,745,589
Financials : 5.62%
Banks : 2.40%
ABB Finance (USA) Incorporated		2.88		5-8-2022		1,100,000		1,111,837
ABB Finance (USA) Incorporated		4.38		5-8-2042		37,000		38,641
Bank of America Corporation		1.75		6-5-2018		750,000		751,063
Bank of America Corporation		1.95		5-12-2018		250,000		250,328
Bank of America Corporation		2.00		1-11-2018		1,250,000		1,252,640
Bank of America Corporation		2.15		11-9-2020		500,000		494,265
Bank of America Corporation		2.60		1-15-2019		554,000		558,885
Bank of America Corporation		3.25		10-21-2027		750,000		716,271
Bank of America Corporation		3.30		1-11-2023		1,600,000		1,601,162
Bank of America Corporation		3.50		4-19-2026		1,000,000		988,101
Bank of America Corporation		3.95		4-21-2025		3,000,000		2,970,489
Bank of America Corporation		4.00		4-1-2024		750,000		774,458
Bank of America Corporation		4.13		1-22-2024		1,250,000		1,301,629
Bank of America Corporation		4.18		11-25-2027		800,000		799,360
Bank of America Corporation		4.20		8-26-2024		1,700,000		1,726,192
Bank of America Corporation		5.00		1-21-2044		1,200,000		1,295,492
Bank of America Corporation		5.49		3-15-2019		250,000		265,693
Bank of America Corporation		5.63		7-1-2020		1,500,000		1,651,800
Bank of America Corporation		5.70		1-24-2022		1,000,000		1,125,162
Bank of America Corporation		5.75		12-1-2017		1,500,000		1,558,365
Bank of America Corporation		5.88		1-5-2021		500,000		558,620
Bank of America Corporation		5.88		2-7-2042		500,000		600,020
Bank of America Corporation		6.00		10-15-2036		300,000		361,231
Bank of America Corporation		7.63		6-1-2019		2,500,000		2,814,440
Bank One Corporation		7.63		10-15-2026		240,000		308,407
Bank One Corporation		8.00		4-29-2027		550,000		711,228
BB&T Corporation		2.05		5-10-2021		1,000,000		982,205
Branch Banking & Trust Corporation		2.30		10-15-2018		500,000		505,706
Branch Banking & Trust Corporation		3.80		10-30-2026		400,000		412,424
Branch Banking & Trust Corporation		3.95		3-22-2022		500,000		522,758
Branch Banking & Trust Corporation		6.85		4-30-2019		500,000		555,968
Citigroup Incorporated		1.70		4-27-2018		1,500,000		1,496,466

32

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Banks (continued)
Citigroup Incorporated		1.75	%	5-1-2018	$	100,000	$	99,836
Citigroup Incorporated		1.80		2-5-2018		2,500,000		2,499,365
Citigroup Incorporated		2.50		9-26-2018		400,000		403,944
Citigroup Incorporated		2.50		7-29-2019		1,000,000		1,006,578
Citigroup Incorporated		3.30		4-27-2025		1,250,000		1,223,349
Citigroup Incorporated		3.38		3-1-2023		632,000		634,771
Citigroup Incorporated		3.50		5-15-2023		500,000		499,611
Citigroup Incorporated		3.75		6-16-2024		1,550,000		1,579,600
Citigroup Incorporated		3.88		10-25-2023		850,000		877,535
Citigroup Incorporated		4.05		7-30-2022		400,000		412,740
Citigroup Incorporated		4.40		6-10-2025		1,000,000		1,020,131
Citigroup Incorporated		4.45		9-29-2027		750,000		758,461
Citigroup Incorporated		4.50		1-14-2022		1,500,000		1,610,447
Citigroup Incorporated		4.60		3-9-2026		1,250,000		1,286,493
Citigroup Incorporated		4.65		7-30-2045		1,000,000		1,028,455
Citigroup Incorporated		5.50		9-13-2025		1,000,000		1,093,507
Citigroup Incorporated		5.88		1-30-2042		500,000		591,883
Citigroup Incorporated		6.00		10-31-2033		725,000		819,228
Citigroup Incorporated		6.13		8-25-2036		500,000		569,096
Citizens Bank NA		2.55		5-13-2021		500,000		497,241
Citizens Financial Group Incorporated		4.30		12-3-2025		350,000		353,483
City National Corporation		5.25		9-15-2020		200,000		219,763
Comerica Incorporated		3.80		7-22-2026		250,000		245,643
Commonwealth Bank of Australia (New York)		2.25		3-13-2019		1,000,000		1,004,313
Commonwealth Bank of Australia (New York)		2.50		9-20-2018		1,500,000		1,518,914
Compass Bank		2.75		9-29-2019		250,000		248,247
Discover Bank		3.10		6-4-2020		500,000		505,371
Discover Bank		3.20		8-9-2021		500,000		503,215
Discover Bank		4.20		8-8-2023		500,000		518,676
Discover Bank		4.25		3-13-2026		250,000		254,996
Fifth Third Bancorp		2.30		3-1-2019		1,000,000		1,003,950
Fifth Third Bancorp		4.30		1-16-2024		500,000		518,535
Fifth Third Bancorp		8.25		3-1-2038		750,000		1,056,045
Fifth Third Bank		2.88		10-1-2021		300,000		303,970
HSBC Bank USA NA		2.25		6-23-2019		1,900,000		1,894,460
HSBC Bank USA NA		4.88		8-24-2020		800,000		850,112
HSBC Bank USA NA		5.00		9-27-2020		500,000		531,525
HSBC Bank USA NA		5.63		8-15-2035		225,000		252,187
HSBC Bank USA NA		7.00		1-15-2039		500,000		638,184
HSBC USA Incorporated		1.63		1-16-2018		1,000,000		999,054
Huntington Bancshares Incorporated		2.60		8-2-2018		250,000		252,396
Huntington Bancshares Incorporated		7.00		12-15-2020		25,000		28,613
Huntington National Bank		2.20		11-6-2018		1,500,000		1,504,814
JPMorgan Chase & Company		1.70		3-1-2018		750,000		749,776
JPMorgan Chase & Company		1.80		1-25-2018		500,000		500,240
JPMorgan Chase & Company		1.85		3-22-2019		1,000,000		997,675
JPMorgan Chase & Company		2.25		1-23-2020		750,000		747,882
JPMorgan Chase & Company		2.35		1-28-2019		500,000		503,845
JPMorgan Chase & Company		2.75		6-23-2020		1,000,000		1,008,602
JPMorgan Chase & Company		2.95		10-1-2026		750,000		714,209
JPMorgan Chase & Company		3.13		1-23-2025		1,000,000		979,476
JPMorgan Chase & Company		3.20		1-25-2023		1,000,000		1,008,478
JPMorgan Chase & Company		3.25		9-23-2022		1,500,000		1,517,324
JPMorgan Chase & Company		3.30		4-1-2026		1,500,000		1,472,738
JPMorgan Chase & Company		3.38		5-1-2023		1,000,000		997,633
JPMorgan Chase & Company		3.63		5-13-2024		2,000,000		2,040,822
JPMorgan Chase & Company		4.13		12-15-2026		1,000,000		1,023,709
JPMorgan Chase & Company		4.25		10-15-2020		1,000,000		1,061,197
JPMorgan Chase & Company		4.40		7-22-2020		1,500,000		1,594,403
JPMorgan Chase & Company		4.50		1-24-2022		1,500,000		1,616,502
JPMorgan Chase & Company		4.63		5-10-2021		1,500,000		1,615,215
JPMorgan Chase & Company		5.40		1-6-2042		750,000		867,919
JPMorgan Chase & Company		5.60		7-15-2041		1,100,000		1,292,559

33

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
JPMorgan Chase & Company		5.63	%		8-16-2043	$	200,000	$	229,102
JPMorgan Chase & Company		6.00			1-15-2018		1,000,000		1,046,503
JPMorgan Chase & Company		6.40			5-15-2038		1,350,000		1,726,136
KeyBank NA		1.65			2-1-2018		400,000		400,154
KeyCorp		2.30			12-13-2018		300,000		302,459
KeyCorp		5.10			3-24-2021		1,500,000		1,643,627
Manufacturers & Traders Trust Company		2.25			7-25-2019		850,000		856,215
Manufacturers & Traders Trust Company		6.63			12-4-2017		500,000		524,395
MUFG Americas Holdings Corporation		3.00			2-10-2025		500,000		481,675
PNC Bank NA		1.60			6-1-2018		1,000,000		998,658
PNC Bank NA		2.25			7-2-2019		750,000		755,435
PNC Bank NA		2.70			11-1-2022		350,000		343,868
PNC Bank NA		2.95			1-30-2023		300,000		295,871
PNC Bank NA		3.30			10-30-2024		500,000		502,821
PNC Bank NA		3.80			7-25-2023		300,000		309,888
PNC Bank NA		4.20			11-1-2025		1,500,000		1,588,712
PNC Bank NA		6.00			12-7-2017		500,000		521,089
PNC Bank NA		6.88			4-1-2018		175,000		186,459
Regions Financial Corporation		3.20			2-8-2021		1,000,000		1,016,832
Santander Bank		2.70			5-24-2019		500,000		499,364
Santander Bank		8.75			5-30-2018		250,000		270,163
Santander Holdings USA		4.50			7-17-2025		500,000		489,916
SunTrust Bank Incorporated		7.25			3-15-2018		500,000		532,866
SVB Financial Group		5.38			9-15-2020		160,000		172,524
Union Bank NA		2.63			9-26-2018		500,000		505,857
UnionBanCal Corporation		3.50			6-18-2022		200,000		204,911
US Bancorp		1.95			11-15-2018		250,000		251,342
US Bancorp		2.20			4-25-2019		1,000,000		1,008,104
US Bancorp		2.95			7-15-2022		575,000		579,495
US Bancorp		3.00			3-15-2022		500,000		510,579
US Bancorp		3.10			4-27-2026		1,000,000		975,017
US Bancorp		3.60			9-11-2024		500,000		510,907
US Bancorp		4.13			5-24-2021		500,000		537,410
Wachovia Bank NA (l)		5.85			2-1-2037		1,000,000		1,168,635
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		762,618
Wachovia Corporation (l)		5.50			8-1-2035		700,000		774,353
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,045,416
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		997,729
Wells Fargo & Company (l)		2.15			1-30-2020		2,500,000		2,482,765
Wells Fargo & Company (l)		3.00			2-19-2025		1,250,000		1,209,451
Wells Fargo & Company (l)		3.00			4-22-2026		1,250,000		1,197,455
Wells Fargo & Company (l)		3.30			9-9-2024		1,500,000		1,489,791
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		747,760
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,031,119
Wells Fargo & Company (l)		3.90			5-1-2045		600,000		565,328
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,016,015
Wells Fargo & Company (l)		4.13			8-15-2023		1,000,000		1,034,795
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,347,776
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,107,707
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,138,979
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,560,959
Wells Fargo Bank NA (l)		1.65			1-22-2018		750,000		750,397
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		415,229
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		531,250
									130,244,128
Capital Markets : 1.23%
AGL Capital Corporation		4.40			6-1-2043		200,000		196,344
AGL Capital Corporation		5.88			3-15-2041		570,000		655,308
Ameriprise Financial Incorporated		4.00			10-15-2023		500,000		524,828
Ameriprise Financial Incorporated		5.30			3-15-2020		300,000		326,297
Ameriprise Financial Incorporated		7.30			6-28-2019		65,000		73,267
Ameritech Capital Funding Corporation		6.45			1-15-2018		300,000		314,747
Ares Capital Corporation		3.88			1-15-2020		400,000		405,662

34

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Capital Markets (continued)
Ares Capital Corporation		4.88	%	11-30-2018	$	100,000	$	103,496
Bank of New York Mellon Corporation		1.35		3-6-2018		350,000		349,379
Bank of New York Mellon Corporation		2.10		1-15-2019		300,000		301,617
Bank of New York Mellon Corporation		2.50		4-15-2021		500,000		499,735
Bank of New York Mellon Corporation		2.60		8-17-2020		750,000		756,215
Bank of New York Mellon Corporation		3.40		5-15-2024		1,000,000		1,017,352
Bank of New York Mellon Corporation		3.55		9-23-2021		600,000		625,361
Bank of New York Mellon Corporation		3.95		11-18-2025		500,000		526,480
Bank of New York Mellon Corporation		4.15		2-1-2021		100,000		106,270
Bank of New York Mellon Corporation		5.45		5-15-2019		1,000,000		1,081,876
Bear Stearns Companies Incorporated		7.25		2-1-2018		1,500,000		1,593,159
BlackRock Incorporated		3.38		6-1-2022		500,000		521,259
BlackRock Incorporated		4.25		5-24-2021		500,000		540,117
BlackRock Incorporated		5.00		12-10-2019		250,000		272,016
Charles Schwab Corporation		2.20		7-25-2018		150,000		151,449
Charles Schwab Corporation		3.23		9-1-2022		425,000		435,631
Charles Schwab Corporation		4.45		7-22-2020		200,000		214,464
Eaton Vance Corporation		3.63		6-15-2023		100,000		101,788
Franklin Resources Incorporated		2.80		9-15-2022		300,000		301,260
Franklin Resources Incorporated		4.63		5-20-2020		250,000		267,932
FS Investment Corporation		4.00		7-15-2019		250,000		252,149
Goldman Sachs Group Incorporated		3.50		1-23-2025		1,500,000		1,491,494
Goldman Sachs Group Incorporated		3.63		1-22-2023		1,500,000		1,532,213
Goldman Sachs Group Incorporated		3.75		5-22-2025		500,000		503,285
Goldman Sachs Group Incorporated		3.75		2-25-2026		500,000		501,690
Goldman Sachs Group Incorporated		4.80		7-8-2044		1,000,000		1,042,056
Goldman Sachs Group Incorporated		5.15		5-22-2045		750,000		770,873
Goldman Sachs Group Incorporated		5.25		7-27-2021		1,100,000		1,210,131
Goldman Sachs Group Incorporated		5.38		3-15-2020		1,500,000		1,629,353
Goldman Sachs Group Incorporated		5.75		1-24-2022		2,000,000		2,257,208
Goldman Sachs Group Incorporated		5.95		1-18-2018		2,000,000		2,089,766
Goldman Sachs Group Incorporated		5.95		1-15-2027		1,070,000		1,210,994
Goldman Sachs Group Incorporated		6.00		6-15-2020		1,000,000		1,112,626
Goldman Sachs Group Incorporated		6.13		2-15-2033		1,000,000		1,194,418
Goldman Sachs Group Incorporated		6.15		4-1-2018		1,750,000		1,846,156
Goldman Sachs Group Incorporated		6.25		2-1-2041		750,000		919,279
Goldman Sachs Group Incorporated		6.45		5-1-2036		1,000,000		1,174,241
Goldman Sachs Group Incorporated		6.75		10-1-2037		925,000		1,136,091
Goldman Sachs Group Incorporated		7.50		2-15-2019		2,300,000		2,560,705
Jefferies Group Incorporated		5.13		1-20-2023		250,000		258,135
Jefferies Group Incorporated		6.25		1-15-2036		150,000		146,492
Jefferies Group Incorporated		6.45		6-8-2027		150,000		162,046
Jefferies Group Incorporated		6.50		1-20-2043		250,000		248,035
Jefferies Group Incorporated		6.88		4-15-2021		150,000		170,821
Jefferies Group Incorporated «		8.50		7-15-2019		700,000		796,032
Legg Mason Incorporated		5.63		1-15-2044		600,000		574,841
Merrill Lynch & Company Incorporated		6.11		1-29-2037		600,000		698,989
Merrill Lynch & Company Incorporated		6.88		4-25-2018		1,690,000		1,803,073
Merrill Lynch & Company Incorporated		7.75		5-14-2038		750,000		1,039,824
Morgan Stanley		2.13		4-25-2018		943,000		945,948
Morgan Stanley		2.45		2-1-2019		600,000		604,515
Morgan Stanley		2.65		1-27-2020		750,000		754,235
Morgan Stanley		2.80		6-16-2020		1,000,000		1,008,121
Morgan Stanley		3.70		10-23-2024		1,000,000		1,012,226
Morgan Stanley		3.75		2-25-2023		1,175,000		1,207,209
Morgan Stanley		3.88		4-29-2024		1,000,000		1,025,359
Morgan Stanley		3.95		4-23-2027		1,000,000		988,334
Morgan Stanley		4.10		5-22-2023		750,000		767,953
Morgan Stanley		4.30		1-27-2045		500,000		495,334
Morgan Stanley		4.35		9-8-2026		1,250,000		1,276,199
Morgan Stanley		4.88		11-1-2022		906,000		974,253
Morgan Stanley		5.00		11-24-2025		750,000		800,475
Morgan Stanley		5.50		1-26-2020		1,000,000		1,087,062

35

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Capital Markets (continued)
Morgan Stanley		5.50	%	7-24-2020	$	500,000	$	547,746
Morgan Stanley		5.63		9-23-2019		2,000,000		2,172,520
Morgan Stanley		5.75		1-25-2021		1,250,000		1,389,549
Morgan Stanley		6.25		8-9-2026		300,000		358,486
Morgan Stanley		6.38		7-24-2042		1,000,000		1,281,654
Morgan Stanley		6.63		4-1-2018		2,500,000		2,652,858
Morgan Stanley		7.25		4-1-2032		470,000		626,551
Morgan Stanley		7.30		5-13-2019		400,000		446,889
Northern Trust Corporation		3.45		11-4-2020		500,000		519,513
Northern Trust Corporation		3.95		10-30-2025		250,000		262,455
Raymond James Financial Incorporated		8.60		8-15-2019		100,000		115,023
S&P Global Incorporated		4.00		6-15-2025		325,000		334,339
Stifel Financial Corporation		4.25		7-18-2024		200,000		197,969
TD Ameritrade Holding Corporation		3.63		4-1-2025		200,000		203,326
TD Ameritrade Holding Corporation		5.60		12-1-2019		200,000		220,455
								66,872,881
Consumer Finance : 0.94%
Ahold Finance USA LLC		6.88		5-1-2029		300,000		370,148
American Express Company		1.55		5-22-2018		375,000		374,305
American Express Company		2.65		12-2-2022		575,000		568,328
American Express Company		4.05		12-3-2042		905,000		866,434
American Express Company		7.00		3-19-2018		800,000		852,782
American Express Company		8.13		5-20-2019		500,000		571,665
American Express Credit Corporation		2.13		7-27-2018		200,000		201,336
American Express Credit Corporation		2.25		8-15-2019		1,000,000		1,004,652
American Express Credit Corporation		2.38		5-26-2020		250,000		250,244
American Honda Finance Corporation		1.55		12-11-2017		400,000		401,148
American Honda Finance Corporation		1.70		2-22-2019		750,000		748,539
American Honda Finance Corporation		2.13		10-10-2018		300,000		302,455
American Honda Finance Corporation		2.25		8-15-2019		500,000		503,904
Anadarko Finance Company Series B		7.50		5-1-2031		325,000		402,469
Bunge Limited Finance Corporation		8.50		6-15-2019		500,000		575,083
Capital One Bank USA NA		2.15		11-21-2018		250,000		250,431
Capital One Bank USA NA		2.25		2-13-2019		500,000		502,071
Capital One Bank USA NA		2.30		6-5-2019		1,000,000		1,003,507
Capital One Bank USA NA		2.40		9-5-2019		500,000		501,824
Capital One Bank USA NA		3.38		2-15-2023		500,000		495,921
Capital One Bank USA NA		8.80		7-15-2019		750,000		866,383
Capital One Financial Corporation		3.75		7-28-2026		750,000		721,386
Capital One Financial Corporation		4.75		7-15-2021		450,000		488,219
Caterpillar Financial Services Corporation		2.10		6-9-2019		500,000		501,612
Caterpillar Financial Services Corporation		3.30		6-9-2024		1,000,000		1,013,898
Caterpillar Financial Services Corporation		3.75		11-24-2023		250,000		262,455
Caterpillar Financial Services Corporation		7.15		2-15-2019		250,000		278,246
Daimler Finance North America LLC		8.50		1-18-2031		425,000		641,384
Devon Financing Corporation LLC		7.88		9-30-2031		620,000		754,949
Diamond 1 Finance Corporation 144A		3.48		6-1-2019		1,750,000		1,783,366
Diamond 1 Finance Corporation 144A		4.42		6-15-2021		2,000,000		2,057,078
Diamond 1 Finance Corporation 144A		6.02		6-15-2026		2,500,000		2,617,723
Diamond 1 Finance Corporation 144A		8.35		7-15-2046		1,000,000		1,162,710
Discover Financial Services		3.85		11-21-2022		550,000		556,549
Discover Financial Services		5.20		4-27-2022		600,000		646,601
Ford Motor Credit Company LLC		2.38		3-12-2019		1,000,000		997,724
Ford Motor Credit Company LLC		2.94		1-8-2019		1,500,000		1,517,385
Ford Motor Credit Company LLC		3.10		5-4-2023		500,000		481,164
Ford Motor Credit Company LLC		3.34		3-18-2021		1,000,000		1,003,060
Ford Motor Credit Company LLC		3.66		9-8-2024		300,000		292,158
Ford Motor Credit Company LLC		4.25		9-20-2022		773,000		799,092
Ford Motor Credit Company LLC		4.39		1-8-2026		500,000		505,943
Ford Motor Credit Company LLC		4.75		1-15-2043		1,000,000		936,796
Ford Motor Credit Company LLC		5.88		8-2-2021		1,250,000		1,379,725
General Motors Financial Company		2.40		4-10-2018		1,000,000		1,000,430
General Motors Financial Company		2.40		5-9-2019		500,000		495,259

36

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Consumer Finance (continued)
General Motors Financial Company		3.15	%	1-15-2020	$	1,000,000	$	1,004,220
General Motors Financial Company		3.45		4-10-2022		1,000,000		986,721
General Motors Financial Company		3.70		5-9-2023		500,000		491,254
General Motors Financial Company		4.00		1-15-2025		1,400,000		1,358,783
General Motors Financial Company		4.20		3-1-2021		750,000		770,367
HSBC Finance Corporation		6.68		1-15-2021		679,000		762,449
John Deere Capital Corporation		1.30		3-12-2018		550,000		548,213
John Deere Capital Corporation		1.95		12-13-2018		200,000		201,179
John Deere Capital Corporation		2.80		1-27-2023		500,000		497,675
John Deere Capital Corporation		3.90		7-12-2021		300,000		318,354
John Deere Capital Corporation		5.75		9-10-2018		500,000		535,344
National City Corporation		6.88		5-15-2019		500,000		549,790
PACCAR Financial Corporation		1.45		3-9-2018		750,000		749,750
Reed Elsevier Capital Incorporated		3.13		10-15-2022		500,000		494,036
Reed Elsevier Capital Incorporated		8.63		1-15-2019		500,000		563,781
Synchrony Financial		3.00		8-15-2019		750,000		760,415
Synchrony Financial		4.25		8-15-2024		750,000		761,309
Toyota Motor Credit Corporation		1.45		1-12-2018		1,250,000		1,249,750
Toyota Motor Credit Corporation		2.00		10-24-2018		400,000		402,459
Toyota Motor Credit Corporation		2.10		1-17-2019		350,000		351,855
Toyota Motor Credit Corporation		2.13		7-18-2019		800,000		803,940
Toyota Motor Credit Corporation		3.30		1-12-2022		1,500,000		1,556,457
Toyota Motor Credit Corporation		3.40		9-15-2021		350,000		365,128
Toyota Motor Credit Corporation		4.50		6-17-2020		500,000		536,967
								51,128,737
Diversified Financial Services : 0.24%
Block Financial LLC		5.50		11-1-2022		200,000		212,014
Boeing Capital Corporation		4.70		10-27-2019		500,000		541,316
CME Group Incorporated		5.30		9-15-2043		300,000		348,258
General Electric Capital Corporation		5.63		5-1-2018		1,000,000		1,058,549
General Electric Capital Corporation		5.88		1-14-2038		716,000		892,803
General Electric Capital Corporation		6.15		8-7-2037		187,000		237,716
General Electric Capital Corporation		6.75		3-15-2032		602,000		792,810
General Electric Capital Corporation		6.88		1-10-2039		430,000		598,031
ING US Incorporated		2.90		2-15-2018		305,000		308,640
IntercontinentalExchange Incorporated		2.50		10-15-2018		225,000		228,310
IntercontinentalExchange Incorporated		2.75		12-1-2020		500,000		504,936
IntercontinentalExchange Incorporated		4.00		10-15-2023		200,000		212,242
Leucadia National Corporation		5.50		10-18-2023		240,000		245,643
Leucadia National Corporation		6.63		10-23-2043		120,000		117,191
Mellon Funding Corporation		5.50		11-15-2018		200,000		214,274
Moody’s Corporation		4.50		9-1-2022		250,000		267,547
Moody’s Corporation		4.88		2-15-2024		350,000		380,874
Moody’s Corporation		5.25		7-15-2044		300,000		327,105
NASDAQ OMX Group Incorporated		5.25		1-16-2018		60,000		62,211
NASDAQ OMX Group Incorporated		5.55		1-15-2020		500,000		542,525
National Credit Union Administration		3.45		6-12-2021		200,000		217,704
National Rural Utilities Cooperative Finance Corporation		2.15		2-1-2019		100,000		100,851
National Rural Utilities Cooperative Finance Corporation		2.30		11-15-2019		333,000		336,099
National Rural Utilities Cooperative Finance Corporation		4.02		11-1-2032		200,000		203,888
National Rural Utilities Cooperative Finance Corporation ±		4.75		4-30-2043		250,000		252,500
National Rural Utilities Cooperative Finance Corporation		10.38		11-1-2018		700,000		812,095
National Rural Utilities Cooperative Finance Corporation Series C		8.00		3-1-2032		300,000		419,853
PNC Funding Corporation		5.13		2-8-2020		150,000		162,429
PNC Funding Corporation		6.70		6-10-2019		500,000		557,587
Private Export Funding Corporation		2.05		11-15-2022		250,000		246,651
Private Export Funding Corporation		2.25		3-15-2020		750,000		763,324
Private Export Funding Corporation		2.45		7-15-2024		300,000		295,721
Private Export Funding Corporation		4.30		12-15-2021		100,000		109,624

37

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
TECO Finance Incorporated		5.15	%		3-15-2020	$	65,000	$	69,837
									12,641,158
Insurance : 0.81%
ACE INA Holdings Incorporated		3.15			3-15-2025		1,000,000		999,082
ACE INA Holdings Incorporated		3.35			5-15-2024		500,000		509,253
ACE INA Holdings Incorporated		5.90			6-15-2019		500,000		547,821
Aegon Funding Corporation		5.75			12-15-2020		75,000		83,368
AFLAC Incorporated		3.63			6-15-2023		500,000		517,191
AFLAC Incorporated		6.90			12-17-2039		250,000		327,265
Alleghany Corporation		5.63			9-15-2020		100,000		108,196
Allied World Assurance		5.50			11-15-2020		300,000		325,282
Allstate Corporation		5.55			5-9-2035		830,000		977,142
Allstate Corporation ±		6.50			5-15-2067		200,000		229,000
Allstate Corporation		7.45			5-16-2019		650,000		733,068
American International Group Incorporated		3.90			4-1-2026		1,000,000		1,011,287
American International Group Incorporated		4.50			7-16-2044		750,000		729,368
American International Group Incorporated		4.88			6-1-2022		500,000		544,320
American International Group Incorporated		5.85			1-16-2018		1,350,000		1,411,142
American International Group Incorporated		6.40			12-15-2020		1,000,000		1,139,522
AON Corporation		5.00			9-30-2020		550,000		593,682
AON Corporation		6.25			9-30-2040		100,000		118,648
Arch Capital Group Limited		5.14			11-1-2043		210,000		214,044
Assurant Incorporated		6.75			2-15-2034		375,000		441,255
AXIS Specialty Finance LLC		5.88			6-1-2020		200,000		219,842
Berkshire Hathaway Finance Corporation		1.30			5-15-2018		200,000		199,605
Berkshire Hathaway Finance Corporation		2.00			8-15-2018		250,000		252,210
Berkshire Hathaway Finance Corporation		2.90			10-15-2020		225,000		230,926
Berkshire Hathaway Finance Corporation		4.25			1-15-2021		500,000		538,470
Berkshire Hathaway Finance Corporation		4.30			5-15-2043		300,000		306,014
Berkshire Hathaway Finance Corporation		4.40			5-15-2042		500,000		516,024
Berkshire Hathaway Finance Corporation		5.40			5-15-2018		350,000		369,128
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		250,000		304,406
Berkshire Hathaway Incorporated		1.55			2-9-2018		300,000		300,705
Berkshire Hathaway Incorporated		2.10			8-14-2019		300,000		302,488
Berkshire Hathaway Incorporated		2.75			3-15-2023		600,000		597,335
Berkshire Hathaway Incorporated		3.00			2-11-2023		100,000		101,167
Berkshire Hathaway Incorporated		3.13			3-15-2026		750,000		742,319
Berkshire Hathaway Incorporated		3.40			1-31-2022		250,000		261,768
Berkshire Hathaway Incorporated		4.50			2-11-2043		400,000		421,287
CHUBB Corporation		5.75			5-15-2018		250,000		264,731
CHUBB Corporation		6.00			5-11-2037		280,000		349,655
CHUBB Corporation		6.50			5-15-2038		350,000		462,329
Cincinnati Financial Corporation		6.92			5-15-2028		75,000		93,479
CNA Financial Corporation		5.88			8-15-2020		500,000		553,082
CNA Financial Corporation		7.35			11-15-2019		295,000		335,845
Endurance Specialty Holdings Limited		7.00			7-15-2034		200,000		238,281
Fidelity National Financial Incorporated		5.50			9-1-2022		100,000		105,882
First American Financial Corporation		4.60			11-15-2024		100,000		98,639
GE Global Insurance Holdings		7.00			2-15-2026		430,000		531,095
Hartford Financial Services Group Incorporated		4.30			4-15-2043		43,000		38,843
Hartford Financial Services Group Incorporated		5.13			4-15-2022		240,000		264,743
Hartford Financial Services Group Incorporated		5.50			3-30-2020		250,000		273,740
Hartford Financial Services Group Incorporated		5.95			10-15-2036		75,000		82,733
Hartford Financial Services Group Incorporated		6.10			10-1-2041		250,000		286,103
Hartford Financial Services Group Incorporated		6.30			3-15-2018		250,000		263,166
Hartford Financial Services Group Incorporated		6.63			3-30-2040		500,000		604,409
Infinity Property & Casualty Corporation		5.00			9-19-2022		100,000		102,730
Lincoln National Corporation		4.00			9-1-2023		250,000		261,103
Lincoln National Corporation		4.85			6-24-2021		80,000		85,650
Lincoln National Corporation		6.15			4-7-2036		500,000		557,915
Lincoln National Corporation		6.25			2-15-2020		300,000		330,850
Lincoln National Corporation		8.75			7-1-2019		220,000		254,211
Loews Corporation		2.63			5-15-2023		150,000		146,051

38

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
Loews Corporation		4.13	%		5-15-2043	$	200,000	$	188,597
Markel Corporation		3.63			3-30-2023		150,000		150,795
Markel Corporation		5.00			3-30-2043		100,000		100,283
Markel Corporation		5.35			6-1-2021		100,000		109,540
Marsh & McLennan Companies Incorporated		2.35			9-10-2019		1,000,000		1,004,332
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		300,000		326,462
MetLife Incorporated		1.90			12-15-2017		250,000		250,923
MetLife Incorporated		4.13			8-13-2042		300,000		288,662
MetLife Incorporated		4.37			9-15-2023		167,000		180,053
MetLife Incorporated		4.72			12-15-2044		250,000		263,478
MetLife Incorporated		4.75			2-8-2021		750,000		817,845
MetLife Incorporated		4.88			11-13-2043		500,000		536,220
MetLife Incorporated		5.70			6-15-2035		400,000		468,072
MetLife Incorporated		5.88			2-6-2041		700,000		831,879
MetLife Incorporated		6.38			6-15-2034		280,000		347,360
MetLife Incorporated		6.40			12-15-2066		800,000		866,000
MetLife Incorporated		6.50			12-15-2032		200,000		248,970
MetLife Incorporated Series A		6.82			8-15-2018		750,000		812,021
OneBeacon US Holdings Incorporated		4.60			11-9-2022		100,000		97,399
PartnerRe Finance B LLC		5.50			6-1-2020		250,000		271,777
Principal Financial Group Incorporated		3.30			9-15-2022		250,000		253,982
Principal Financial Group Incorporated		3.40			5-15-2025		200,000		199,437
Principal Financial Group Incorporated		4.63			9-15-2042		250,000		254,232
Principal Financial Group Incorporated ±		4.70			5-15-2055		500,000		490,940
ProAssurance Corporation		5.30			11-15-2023		200,000		205,137
Progressive Corporation		6.25			12-1-2032		75,000		94,357
Protective Life Corporation		7.38			10-15-2019		500,000		568,351
Prudential Financial Incorporated		4.50			11-16-2021		250,000		271,168
Prudential Financial Incorporated		4.60			5-15-2044		500,000		514,013
Prudential Financial Incorporated ±		5.20			3-15-2044		250,000		249,063
Prudential Financial Incorporated		5.38			6-21-2020		500,000		546,501
Prudential Financial Incorporated ±		5.63			6-15-2043		250,000		259,063
Prudential Financial Incorporated		5.70			12-14-2036		538,000		622,555
Prudential Financial Incorporated ±		5.88			9-15-2042		500,000		528,850
Prudential Financial Incorporated		6.20			11-15-2040		250,000		299,812
Prudential Financial Incorporated		6.63			12-1-2037		65,000		81,632
Prudential Financial Incorporated		7.38			6-15-2019		355,000		399,641
Prudential Financial Incorporated ±		8.88			6-15-2068		200,000		216,000
Prudential Financial Incorporated Series B		5.75			7-15-2033		500,000		565,466
Prudential Financial Incorporated Series C		5.40			6-13-2035		180,000		198,711
Reinsurance Group of America Incorporated		4.70			9-15-2023		300,000		317,335
Reinsurance Group of America Incorporated		5.00			6-1-2021		60,000		63,799
Reinsurance Group of America Incorporated		6.45			11-15-2019		350,000		389,269
StanCorp Financial Group Incorporated		5.00			8-15-2022		100,000		103,826
Torchmark Corporation		3.80			9-15-2022		350,000		358,932
Transatlantic Holdings Incorporated		8.00			11-30-2039		100,000		125,408
Travelers Companies Incorporated		5.35			11-1-2040		350,000		409,007
Travelers Companies Incorporated		5.75			12-15-2017		250,000		261,450
Travelers Companies Incorporated		5.90			6-2-2019		500,000		546,194
Travelers Companies Incorporated		6.25			6-15-2037		365,000		465,134
Travelers Property Casualty Corporation		6.38			3-15-2033		600,000		759,040
Unum Group		4.00			3-15-2024		500,000		495,562
WR Berkley Corporation		5.38			9-15-2020		200,000		214,465
WR Berkley Corporation		6.25			2-15-2037		100,000		114,901
XL Capital Limited		6.25			5-15-2027		100,000		114,639
XL Capital Limited		6.38			11-15-2024		100,000		115,747
									43,643,182
Thrifts & Mortgage Finance : 0.00%
People’s United Financial Incorporated		3.65			12-6-2022		150,000		151,263

39

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Health Care : 2.29%
Biotechnology : 0.59%
AbbVie Incorporated		2.00	%	11-6-2018	$	300,000	$	300,600
AbbVie Incorporated		2.30		5-14-2021		500,000		489,881
AbbVie Incorporated		2.50		5-14-2020		2,000,000		1,994,472
AbbVie Incorporated		2.90		11-6-2022		1,000,000		985,646
AbbVie Incorporated		3.20		5-14-2026		600,000		569,974
AbbVie Incorporated		3.60		5-14-2025		1,500,000		1,477,905
AbbVie Incorporated		4.30		5-14-2036		350,000		332,685
AbbVie Incorporated		4.40		11-6-2042		500,000		468,182
AbbVie Incorporated		4.45		5-14-2046		600,000		560,751
AbbVie Incorporated		4.50		5-14-2035		1,000,000		975,189
AbbVie Incorporated		4.70		5-14-2045		1,000,000		973,711
Amgen Incorporated		3.63		5-15-2022		1,000,000		1,036,003
Amgen Incorporated		3.63		5-22-2024		500,000		508,609
Amgen Incorporated		3.88		11-15-2021		2,000,000		2,097,060
Amgen Incorporated		4.10		6-15-2021		100,000		105,987
Amgen Incorporated		4.50		3-15-2020		65,000		69,248
Amgen Incorporated		4.95		10-1-2041		500,000		509,548
Amgen Incorporated		5.15		11-15-2041		350,000		368,450
Amgen Incorporated		5.38		5-15-2043		500,000		546,564
Amgen Incorporated		5.65		6-15-2042		1,100,000		1,212,725
Amgen Incorporated		5.75		3-15-2040		80,000		90,116
Amgen Incorporated		6.15		6-1-2018		250,000		265,796
Amgen Incorporated		6.38		6-1-2037		500,000		594,231
Amgen Incorporated		6.40		2-1-2039		250,000		300,549
Baxalta Incorporated		2.88		6-23-2020		400,000		399,867
Baxalta Incorporated		3.60		6-23-2022		200,000		202,492
Baxalta Incorporated		4.00		6-23-2025		650,000		654,791
Baxalta Incorporated		5.25		6-23-2045		400,000		421,162
Biogen Incorporated		3.63		9-15-2022		1,000,000		1,029,887
Biogen Incorporated		5.20		9-15-2045		600,000		642,078
Biogen Incorporated		6.88		3-1-2018		500,000		531,084
Celgene Corporation		2.30		8-15-2018		286,000		288,039
Celgene Corporation		2.88		8-15-2020		1,000,000		1,010,749
Celgene Corporation		3.25		8-15-2022		500,000		505,189
Celgene Corporation		3.63		5-15-2024		500,000		502,619
Celgene Corporation		3.88		8-15-2025		250,000		253,805
Celgene Corporation		3.95		10-15-2020		200,000		209,535
Celgene Corporation		4.00		8-15-2023		250,000		258,940
Celgene Corporation		4.63		5-15-2044		750,000		728,895
Celgene Corporation		5.00		8-15-2045		500,000		514,060
Celgene Corporation		5.25		8-15-2043		150,000		158,037
Genzyme Corporation		5.00		6-15-2020		200,000		218,810
Gilead Sciences Incorporated		2.05		4-1-2019		500,000		501,702
Gilead Sciences Incorporated		2.55		9-1-2020		750,000		754,993
Gilead Sciences Incorporated		3.50		2-1-2025		500,000		501,494
Gilead Sciences Incorporated		3.65		3-1-2026		500,000		504,082
Gilead Sciences Incorporated		3.70		4-1-2024		500,000		513,105
Gilead Sciences Incorporated		4.40		12-1-2021		800,000		864,018
Gilead Sciences Incorporated		4.50		4-1-2021		500,000		539,694
Gilead Sciences Incorporated		4.50		2-1-2045		1,000,000		983,751
Gilead Sciences Incorporated		4.75		3-1-2046		500,000		512,744
Gilead Sciences Incorporated		4.80		4-1-2044		500,000		514,176
Gilead Sciences Incorporated		5.65		12-1-2041		400,000		456,083
								32,009,763
Health Care Equipment & Supplies : 0.34%
Becton Dickinson & Company		1.80		12-15-2017		500,000		500,937
Becton Dickinson & Company		2.68		12-15-2019		500,000		508,837
Becton Dickinson & Company		3.13		11-8-2021		300,000		305,953
Becton Dickinson & Company		3.25		11-12-2020		350,000		359,486
Becton Dickinson & Company		3.73		12-15-2024		750,000		767,206
Becton Dickinson & Company		4.69		12-15-2044		500,000		509,777

40

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care Equipment & Supplies (continued)
Becton Dickinson & Company		6.00	%		5-15-2039	$	200,000	$	229,991
Becton Dickinson & Company		6.38			8-1-2019		500,000		554,902
Boston Scientific Corporation		3.85			5-15-2025		1,000,000		1,000,508
Boston Scientific Corporation		6.00			1-15-2020		350,000		385,410
Boston Scientific Corporation		7.38			1-15-2040		300,000		373,643
C.R. Bard Incorporated		1.38			1-15-2018		100,000		99,693
C.R. Bard Incorporated		4.40			1-15-2021		168,000		180,635
Edwards Lifesciences Corporation		2.88			10-15-2018		150,000		152,576
Medtronic Incorporated		1.38			4-1-2018		400,000		399,420
Medtronic Incorporated		2.75			4-1-2023		1,000,000		989,583
Medtronic Incorporated		3.15			3-15-2022		500,000		512,236
Medtronic Incorporated		3.50			3-15-2025		1,200,000		1,229,728
Medtronic Incorporated		4.38			3-15-2035		700,000		724,095
Medtronic Incorporated		4.45			3-15-2020		400,000		427,843
Medtronic Incorporated		4.50			3-15-2042		200,000		205,524
Medtronic Incorporated		4.63			3-15-2044		250,000		261,733
Medtronic Incorporated		4.63			3-15-2045		1,250,000		1,315,910
Medtronic Incorporated		5.55			3-15-2040		300,000		344,399
St. Jude Medical Incorporated		3.25			4-15-2023		500,000		497,622
St. Jude Medical Incorporated		4.75			4-15-2043		300,000		289,918
Stryker Corporation		1.30			4-1-2018		225,000		224,290
Stryker Corporation		3.50			3-15-2026		1,000,000		1,001,748
Stryker Corporation		4.10			4-1-2043		250,000		229,253
Stryker Corporation		4.38			1-15-2020		150,000		159,105
Stryker Corporation		4.63			3-15-2046		500,000		496,772
Zimmer Holdings Incorporated		2.70			4-1-2020		1,250,000		1,249,031
Zimmer Holdings Incorporated		3.55			4-1-2025		1,000,000		975,869
Zimmer Holdings Incorporated		4.45			8-15-2045		500,000		469,929
Zimmer Holdings Incorporated		4.63			11-30-2019		250,000		265,173
Zimmer Holdings Incorporated		5.75			11-30-2039		250,000		282,375
									18,481,110
Health Care Providers & Services : 0.62%
Aetna Incorporated		1.90			6-7-2019		400,000		398,091
Aetna Incorporated		2.20			3-15-2019		500,000		502,399
Aetna Incorporated		2.40			6-15-2021		400,000		396,444
Aetna Incorporated		2.75			11-15-2022		300,000		297,425
Aetna Incorporated		3.20			6-15-2026		750,000		734,136
Aetna Incorporated		3.95			9-1-2020		200,000		209,481
Aetna Incorporated		4.13			6-1-2021		200,000		211,076
Aetna Incorporated		4.13			11-15-2042		250,000		230,020
Aetna Incorporated		4.38			6-15-2046		500,000		490,525
Aetna Incorporated		6.63			6-15-2036		650,000		819,982
AmerisourceBergen Corporation		3.50			11-15-2021		300,000		308,742
AmerisourceBergen Corporation		4.25			3-1-2045		250,000		239,744
AmerisourceBergen Corporation		4.88			11-15-2019		250,000		268,918
Cardinal Health Incorporated		1.70			3-15-2018		157,000		157,017
Cardinal Health Incorporated		3.20			6-15-2022		250,000		253,222
Cardinal Health Incorporated		3.20			3-15-2023		225,000		226,553
Cardinal Health Incorporated		3.50			11-15-2024		500,000		505,484
Catholic Health Initiatives		4.35			11-1-2042		250,000		221,858
CIGNA Corporation		4.00			2-15-2022		250,000		260,757
CIGNA Corporation		4.38			12-15-2020		500,000		530,807
CIGNA Corporation		4.50			3-15-2021		100,000		106,401
CIGNA Corporation		5.13			6-15-2020		215,000		232,193
CIGNA Corporation		5.38			2-15-2042		350,000		381,807
CIGNA Corporation		5.88			3-15-2041		330,000		376,443
CIGNA Corporation		6.15			11-15-2036		50,000		58,081
Coventry Health Care Incorporated		5.45			6-15-2021		580,000		640,596
Dignity Health		2.64			11-1-2019		500,000		504,001
Express Scripts Holding Company		3.50			6-15-2024		600,000		594,815
Express Scripts Holding Company		3.90			2-15-2022		500,000		521,265

41

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Health Care Providers & Services (continued)
Express Scripts Holding Company		4.75	%	11-15-2021	$	750,000	$	809,708
Express Scripts Holding Company		6.13		11-15-2041		250,000		280,048
Howard Hughes Medical Institute		3.50		9-1-2023		475,000		495,181
Humana Incorporated		3.15		12-1-2022		300,000		300,196
Humana Incorporated		3.85		10-1-2024		500,000		509,953
Humana Incorporated		4.95		10-1-2044		500,000		510,001
Humana Incorporated		7.20		6-15-2018		500,000		541,212
Kaiser Foundation Hospitals		4.88		4-1-2042		250,000		275,660
Laboratory Corporation of America Holdings		3.60		2-1-2025		500,000		497,876
Laboratory Corporation of America Holdings		3.75		8-23-2022		56,000		57,662
Laboratory Corporation of America Holdings		4.00		11-1-2023		150,000		154,064
Laboratory Corporation of America Holdings		4.63		11-15-2020		500,000		533,831
Laboratory Corporation of America Holdings		4.70		2-1-2045		500,000		495,517
Mayo Clinic Rochester		4.00		11-15-2047		100,000		95,034
McKesson Corporation		1.40		3-15-2018		250,000		248,836
McKesson Corporation		2.28		3-15-2019		500,000		502,563
McKesson Corporation		2.85		3-15-2023		200,000		194,790
McKesson Corporation		4.88		3-15-2044		500,000		502,629
McKesson Corporation		6.00		3-1-2041		250,000		288,916
McKesson Corporation		7.50		2-15-2019		500,000		556,528
Medco Health Solutions Incorporated		4.13		9-15-2020		500,000		525,557
Medco Health Solutions Incorporated		7.13		3-15-2018		1,000,000		1,064,971
Novant Health Incorporated		4.37		11-1-2043		100,000		98,664
Quest Diagnostics Incorporated		4.70		4-1-2021		160,000		171,917
Quest Diagnostics Incorporated		4.75		1-30-2020		590,000		629,759
UnitedHealth Group Incorporated		1.63		3-15-2019		250,000		249,130
UnitedHealth Group Incorporated		2.70		7-15-2020		1,600,000		1,622,354
UnitedHealth Group Incorporated		2.88		3-15-2022		1,000,000		1,014,295
UnitedHealth Group Incorporated		2.88		3-15-2023		500,000		501,027
UnitedHealth Group Incorporated		3.75		7-15-2025		1,000,000		1,037,408
UnitedHealth Group Incorporated		3.95		10-15-2042		500,000		476,156
UnitedHealth Group Incorporated		4.25		3-15-2043		250,000		248,321
UnitedHealth Group Incorporated		4.75		7-15-2045		500,000		546,378
UnitedHealth Group Incorporated		5.80		3-15-2036		250,000		299,935
UnitedHealth Group Incorporated		5.95		2-15-2041		500,000		608,934
UnitedHealth Group Incorporated		6.00		2-15-2018		1,000,000		1,051,225
UnitedHealth Group Incorporated		6.63		11-15-2037		150,000		196,571
UnitedHealth Group Incorporated		6.88		2-15-2038		500,000		673,138
WellPoint Incorporated		1.88		1-15-2018		500,000		500,567
WellPoint Incorporated		2.25		8-15-2019		400,000		399,156
WellPoint Incorporated		2.30		7-15-2018		150,000		150,803
WellPoint Incorporated		3.13		5-15-2022		500,000		499,062
WellPoint Incorporated		3.30		1-15-2023		250,000		248,787
WellPoint Incorporated		4.65		1-15-2043		450,000		446,538
WellPoint Incorporated		4.65		8-15-2044		500,000		492,310
WellPoint Incorporated		5.85		1-15-2036		725,000		818,953
WellPoint Incorporated		7.00		2-15-2019		500,000		550,588
								33,650,992
Life Sciences Tools & Services : 0.05%
Life Technologies Corporation		5.00		1-15-2021		150,000		160,081
Life Technologies Corporation		6.00		3-1-2020		250,000		273,532
Thermo Fisher Scientific Incorporated		2.40		2-1-2019		400,000		403,313
Thermo Fisher Scientific Incorporated		3.15		1-15-2023		500,000		496,355
Thermo Fisher Scientific Incorporated		3.30		2-15-2022		300,000		304,783
Thermo Fisher Scientific Incorporated		3.60		8-15-2021		400,000		414,731
Thermo Fisher Scientific Incorporated		4.15		2-1-2024		400,000		417,357
Thermo Fisher Scientific Incorporated		5.30		2-1-2044		200,000		220,956
								2,691,108
Pharmaceuticals : 0.69%
Abbott Laboratories		2.35		11-22-2019		1,000,000		1,001,820

42

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Pharmaceuticals (continued)
Abbott Laboratories		2.90	%	11-30-2021	$	800,000	$	797,304
Abbott Laboratories «		2.95		3-15-2025		1,250,000		1,188,200
Abbott Laboratories		3.75		11-30-2026		800,000		792,424
Abbott Laboratories		4.13		5-27-2020		250,000		262,625
Abbott Laboratories		4.90		11-30-2046		1,000,000		1,013,280
Abbott Laboratories		5.13		4-1-2019		139,000		148,806
Abbott Laboratories		5.30		5-27-2040		250,000		266,299
Abbott Laboratories		6.00		4-1-2039		150,000		175,384
Abbott Laboratories		6.15		11-30-2037		237,000		282,998
Allergan Incorporated		1.35		3-15-2018		50,000		49,615
Allergan Incorporated		2.80		3-15-2023		225,000		215,959
Allergan Incorporated		3.38		9-15-2020		500,000		510,367
Bristol-Myers Squibb Company		1.75		3-1-2019		250,000		249,955
Bristol-Myers Squibb Company		2.00		8-1-2022		250,000		243,090
Bristol-Myers Squibb Company		3.25		11-1-2023		156,000		161,659
Bristol-Myers Squibb Company		3.25		8-1-2042		250,000		224,103
Bristol-Myers Squibb Company		4.50		3-1-2044		605,000		658,029
Bristol-Myers Squibb Company		5.88		11-15-2036		582,000		713,950
Eli Lilly & Company		2.75		6-1-2025		100,000		98,609
Eli Lilly & Company		3.70		3-1-2045		500,000		472,592
Eli Lilly & Company		5.50		3-15-2027		400,000		473,750
GlaxoSmithKline Capital Incorporated		2.80		3-18-2023		200,000		199,666
GlaxoSmithKline Capital Incorporated		5.38		4-15-2034		300,000		351,980
GlaxoSmithKline Capital Incorporated		5.65		5-15-2018		1,650,000		1,743,416
GlaxoSmithKline Capital Incorporated		6.38		5-15-2038		650,000		852,435
Johnson & Johnson		1.13		3-1-2019		1,000,000		991,431
Johnson & Johnson		2.45		3-1-2026		750,000		717,635
Johnson & Johnson		3.70		3-1-2046		750,000		736,534
Johnson & Johnson		4.38		12-5-2033		583,000		640,913
Johnson & Johnson		4.50		9-1-2040		300,000		332,778
Johnson & Johnson		4.85		5-15-2041		200,000		233,761
Johnson & Johnson		4.95		5-15-2033		180,000		209,886
Johnson & Johnson		5.15		7-15-2018		500,000		530,960
Johnson & Johnson		5.85		7-15-2038		500,000		655,439
Johnson & Johnson		6.73		11-15-2023		300,000		374,815
Merck & Company Incorporated		1.30		5-18-2018		333,000		332,779
Merck & Company Incorporated		2.40		9-15-2022		500,000		495,800
Merck & Company Incorporated		2.75		2-10-2025		1,100,000		1,078,796
Merck & Company Incorporated		2.80		5-18-2023		650,000		648,017
Merck & Company Incorporated		3.60		9-15-2042		250,000		233,887
Merck & Company Incorporated		3.70		2-10-2045		1,000,000		947,860
Merck & Company Incorporated		3.88		1-15-2021		350,000		372,037
Merck & Company Incorporated		4.15		5-18-2043		500,000		507,074
Merck & Company Incorporated		5.00		6-30-2019		250,000		270,427
Merck & Company Incorporated		5.85		6-30-2039		75,000		93,124
Mylan Incorporated		2.55		3-28-2019		112,000		111,849
Mylan Incorporated		2.60		6-24-2018		1,000,000		1,004,654
Mylan Incorporated		5.40		11-29-2043		33,000		31,403
Novartis Capital Corporation		2.40		9-21-2022		500,000		494,651
Novartis Capital Corporation		3.40		5-6-2024		1,500,000		1,546,932
Novartis Capital Corporation		3.70		9-21-2042		250,000		236,974
Novartis Capital Corporation		4.40		4-24-2020		500,000		537,695
Pfizer Incorporated		1.50		6-15-2018		500,000		500,262
Pfizer Incorporated		1.70		12-15-2019		1,000,000		999,260
Pfizer Incorporated		3.00		12-15-2026		1,000,000		986,570
Pfizer Incorporated		3.40		5-15-2024		500,000		515,240
Pfizer Incorporated		4.13		12-15-2046		600,000		601,104
Pfizer Incorporated		4.30		6-15-2043		300,000		307,611
Pfizer Incorporated		6.00		2-15-2036		625,000		766,334
Pfizer Incorporated		6.50		2-1-2034		500,000		633,019
Pfizer Incorporated		7.20		3-15-2039		750,000		1,072,329
Pharmacia Corporation		6.60		12-1-2028		500,000		641,190
Schering-Plough Corporation		6.50		12-1-2033		250,000		324,334

43

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Pharmaceuticals (continued)
Schering-Plough Corporation		6.55	%	9-15-2037	$	200,000	$	262,706
Teva Pharmaceutical Finance LLC		2.25		3-18-2020		250,000		245,567
Teva Pharmaceutical Finance LLC		6.15		2-1-2036		400,000		450,420
Watson Pharmaceuticals Incorporated		4.63		10-1-2042		500,000		479,826
Watson Pharmaceuticals Incorporated		6.13		8-15-2019		130,000		142,643
Zoetis Incorporated		3.25		2-1-2023		600,000		594,316
Zoetis Incorporated		4.70		2-1-2043		500,000		477,165
								37,516,322
Industrials : 1.47%
Aerospace & Defense : 0.40%
Boeing Company		0.95		5-15-2018		150,000		149,254
Boeing Company		4.88		2-15-2020		140,000		152,645
Boeing Company		5.88		2-15-2040		30,000		37,897
Boeing Company		6.00		3-15-2019		300,000		328,151
Boeing Company		6.13		2-15-2033		180,000		230,453
Boeing Company		6.88		3-15-2039		800,000		1,102,302
General Dynamics Corporation		2.25		11-15-2022		500,000		493,373
General Dynamics Corporation		3.88		7-15-2021		200,000		213,334
Honeywell International Incorporated		3.35		12-1-2023		200,000		204,933
Honeywell International Incorporated		4.25		3-1-2021		50,000		54,151
Honeywell International Incorporated		5.38		3-1-2041		365,000		438,410
Honeywell International Incorporated		5.70		3-15-2037		250,000		305,038
L-3 Communications Corporation		4.95		2-15-2021		500,000		537,251
L-3 Communications Corporation		5.20		10-15-2019		500,000		537,460
Lockheed Martin Corporation		3.35		9-15-2021		250,000		258,953
Lockheed Martin Corporation		3.55		1-15-2026		1,000,000		1,025,080
Lockheed Martin Corporation		3.80		3-1-2045		500,000		464,538
Lockheed Martin Corporation		4.07		12-15-2042		1,042,000		1,017,036
Lockheed Martin Corporation		4.25		11-15-2019		1,000,000		1,066,525
Lockheed Martin Corporation		4.70		5-15-2046		500,000		540,537
Lockheed Martin Corporation Series B		6.15		9-1-2036		175,000		216,630
Northrop Grumman Corporation		1.75		6-1-2018		300,000		300,786
Northrop Grumman Corporation		3.25		8-1-2023		350,000		357,899
Northrop Grumman Corporation		3.50		3-15-2021		300,000		312,119
Northrop Grumman Corporation		4.75		6-1-2043		500,000		534,402
Northrop Grumman Corporation		5.05		8-1-2019		85,000		91,623
Northrop Grumman Corporation		5.05		11-15-2040		100,000		109,991
Northrop Grumman Corporation		7.75		2-15-2031		300,000		417,726
Precision Castparts Corporation		1.25		1-15-2018		500,000		498,916
Precision Castparts Corporation		2.50		1-15-2023		250,000		246,058
Precision Castparts Corporation		3.25		6-15-2025		300,000		303,218
Precision Castparts Corporation		3.90		1-15-2043		200,000		197,089
Raytheon Company		2.50		12-15-2022		350,000		348,730
Raytheon Company		4.40		2-15-2020		600,000		642,703
Raytheon Company		4.70		12-15-2041		500,000		550,786
Raytheon Company		7.20		8-15-2027		120,000		158,820
Rockwell Collins Incorporated		3.70		12-15-2023		350,000		358,013
Rockwell Collins Incorporated		4.80		12-15-2043		250,000		259,470
Rockwell Collins Incorporated		5.25		7-15-2019		50,000		53,808
Textron Incorporated		3.65		3-1-2021		150,000		153,919
Textron Incorporated		4.30		3-1-2024		200,000		208,750
Textron Incorporated		7.25		10-1-2019		350,000		392,665
United Technologies Corporation		3.10		6-1-2022		839,000		860,455
United Technologies Corporation		4.50		4-15-2020		500,000		537,953
United Technologies Corporation		4.50		6-1-2042		1,033,000		1,085,171
United Technologies Corporation		5.38		12-15-2017		500,000		521,720
United Technologies Corporation		5.70		4-15-2040		500,000		602,355
United Technologies Corporation		6.05		6-1-2036		400,000		496,437
United Technologies Corporation		6.13		2-1-2019		565,000		617,842
United Technologies Corporation		6.13		7-15-2038		500,000		626,693

44

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Aerospace & Defense (continued)
United Technologies Corporation		7.50	%	9-15-2029	$	430,000	$	602,267
								21,822,335
Air Freight & Logistics : 0.10%
FedEx Corporation		2.63		8-1-2022		482,000		482,058
FedEx Corporation		3.88		8-1-2042		200,000		179,544
FedEx Corporation		4.00		1-15-2024		290,000		307,368
FedEx Corporation		4.55		4-1-2046		500,000		496,992
FedEx Corporation		4.90		1-15-2034		250,000		263,903
FedEx Corporation		5.10		1-15-2044		300,000		318,950
FedEx Corporation		8.00		1-15-2019		400,000		449,858
United Parcel Service Incorporated		2.45		10-1-2022		400,000		397,742
United Parcel Service Incorporated		3.13		1-15-2021		900,000		933,139
United Parcel Service Incorporated		5.13		4-1-2019		500,000		538,841
United Parcel Service Incorporated		5.50		1-15-2018		100,000		104,548
United Parcel Service Incorporated		6.20		1-15-2038		795,000		1,040,521
								5,513,464
Airlines : 0.05%
American Airlines		4.00		1-15-2027		510,293		525,602
American Airlines		4.95		7-15-2024		519,424		556,433
Continental Airlines Incorporated Series A		4.75		7-12-2022		346,452		368,105
Continental Airlines Incorporated Series A		7.25		5-10-2021		134,324		150,779
Delta Air Lines Incorporated		4.95		11-23-2020		0		0
Delta Air Lines Incorporated		6.82		2-10-2024		60,651		70,962
Hawaiian Airlines Incorporated		3.90		7-15-2027		34,691		35,515
United Airlines Incorporated		4.00		10-11-2027		457,607		473,454
United Airlines Incorporated		4.30		2-15-2027		300,418		315,799
US Airways Group Incorporated		3.95		5-15-2027		125,860		129,787
US Airways Group Incorporated		4.63		12-3-2026		199,066		213,000
								2,839,436
Building Products : 0.01%
Owens Corning Incorporated		4.20		12-15-2022		213,000		220,714
Commercial Services & Supplies : 0.11%
Avery Dennison Corporation		5.38		4-15-2020		350,000		372,687
Black & Decker Corporation		3.40		12-1-2021		400,000		414,486
Cintas Corporation No. 2		3.25		6-1-2022		100,000		102,376
Cintas Corporation No. 2		4.30		6-1-2021		60,000		64,029
Cintas Corporation No. 2		6.13		12-1-2017		200,000		208,827
Cintas Corporation No. 2		6.15		8-15-2036		50,000		58,095
CRH America Incorporated		8.13		7-15-2018		200,000		219,424
Equifax Incorporated		3.30		12-15-2022		231,000		234,539
Equifax Incorporated		7.00		7-1-2037		50,000		60,125
Pitney Bowes Incorporated		4.63		3-15-2024		500,000		491,946
Republic Services Incorporated		3.55		6-1-2022		1,000,000		1,036,309
Republic Services Incorporated		3.80		5-15-2018		100,000		102,912
Republic Services Incorporated		4.75		5-15-2023		300,000		327,044
Republic Services Incorporated		5.25		11-15-2021		50,000		55,742
Republic Services Incorporated		5.50		9-15-2019		125,000		136,403
Waste Management Incorporated «		3.13		3-1-2025		600,000		598,829
Waste Management Incorporated		4.10		3-1-2045		500,000		494,892
Waste Management Incorporated		4.60		3-1-2021		200,000		216,389
Waste Management Incorporated		4.75		6-30-2020		500,000		540,455
Waste Management Incorporated		6.10		3-15-2018		326,000		344,753
								6,080,262

45

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Electrical Equipment : 0.08%
Eaton Corporation		2.75	%	11-2-2022	$	1,000,000	$	987,380
Eaton Corporation		4.15		11-2-2042		500,000		483,506
Eaton Corporation		6.95		3-20-2019		200,000		221,453
Emerson Electric Company		3.15		6-1-2025		300,000		301,351
Emerson Electric Company		4.25		11-15-2020		200,000		213,849
Emerson Electric Company		4.88		10-15-2019		200,000		216,670
Emerson Electric Company		5.25		10-15-2018		50,000		53,468
Emerson Electric Company		5.25		11-15-2039		500,000		565,973
Emerson Electric Company		6.13		4-15-2039		100,000		125,179
Hubbell Incorporated		3.63		11-15-2022		200,000		207,134
Rockwell Automation Incorporated		6.25		12-1-2037		300,000		371,169
Roper Industries Incorporated		2.05		10-1-2018		500,000		502,369
Roper Industries Incorporated		6.25		9-1-2019		200,000		220,841
								4,470,342
Industrial Conglomerates : 0.10%
3M Company		2.00		6-26-2022		725,000		709,029
3M Company		5.70		3-15-2037		325,000		406,601
GATX Corporation		2.50		3-15-2019		167,000		167,305
GATX Corporation		4.85		6-1-2021		100,000		107,556
General Electric Company		2.70		10-9-2022		1,000,000		1,004,631
General Electric Company		4.13		10-9-2042		750,000		746,127
General Electric Company		4.50		3-11-2044		1,000,000		1,049,621
General Electric Company		5.25		12-6-2017		1,100,000		1,144,626
								5,335,496
Machinery : 0.22%
Caterpillar Incorporated		3.80		8-15-2042		150,000		144,407
Caterpillar Incorporated		3.90		5-27-2021		1,000,000		1,056,111
Caterpillar Incorporated		4.30		5-15-2044		500,000		516,829
Caterpillar Incorporated		5.20		5-27-2041		555,000		636,123
Caterpillar Incorporated		6.05		8-15-2036		900,000		1,119,781
Crane Company		2.75		12-15-2018		150,000		151,937
Cummins Incorporated		3.65		10-1-2023		167,000		172,748
Cummins Incorporated		4.88		10-1-2043		86,000		95,691
Deere & Company		2.60		6-8-2022		500,000		500,056
Deere & Company		3.90		6-9-2042		500,000		500,449
Deere & Company		4.38		10-16-2019		1,400,000		1,493,659
Deere & Company		5.38		10-16-2029		300,000		360,129
Dover Corporation		4.30		3-1-2021		500,000		532,896
Dover Corporation		5.38		10-15-2035		200,000		227,786
Dover Corporation		5.45		3-15-2018		100,000		104,989
Dover Corporation		6.60		3-15-2038		60,000		78,185
Flowserve Corporation		4.00		11-15-2023		107,000		108,966
IDEX Corporation		4.50		12-15-2020		100,000		103,885
Illinois Tool Works Incorporated		1.95		3-1-2019		500,000		504,398
Illinois Tool Works Incorporated		3.38		9-15-2021		120,000		125,325
Illinois Tool Works Incorporated		3.90		9-1-2042		306,000		305,280
Illinois Tool Works Incorporated		4.88		9-15-2041		295,000		328,834
Illinois Tool Works Incorporated		6.25		4-1-2019		155,000		170,406
Ingersoll-Rand Global Holding Company Limited		4.25		6-15-2023		1,000,000		1,056,323
Ingersoll-Rand Global Holding Company Limited		6.88		8-15-2018		250,000		271,269
Kennametal Incorporated		2.65		11-1-2019		150,000		149,123
Kennametal Incorporated		3.88		2-15-2022		98,000		96,533
Parker Hannifin Corporation		3.50		9-15-2022		100,000		104,681
Parker Hannifin Corporation		5.50		5-15-2018		135,000		142,768
Parker Hannifin Corporation		6.25		5-15-2038		60,000		76,750
Snap-on Incorporated		6.13		9-1-2021		150,000		174,076
Stanley Black & Decker Incorporated		2.90		11-1-2022		350,000		353,015
Stanley Black & Decker Incorporated ±		5.75		12-15-2053		100,000		105,000

46

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Machinery (continued)
Wabtec Corporation		4.38	%	8-15-2023	$	100,000	$	104,804
								11,973,212
Professional Services : 0.02%
Dun & Bradstreet Corporation		4.38		12-1-2022		250,000		253,988
Verisk Analytics Incorporated		4.00		6-15-2025		600,000		609,688
Verisk Analytics Incorporated		4.13		9-12-2022		250,000		258,923
								1,122,599
Road & Rail : 0.32%
BNSF Railway Company		5.75		5-1-2040		550,000		659,200
Burlington Northern Santa Fe LLC		3.00		3-15-2023		300,000		303,584
Burlington Northern Santa Fe LLC		3.05		3-15-2022		500,000		511,576
Burlington Northern Santa Fe LLC		3.40		9-1-2024		300,000		308,488
Burlington Northern Santa Fe LLC		3.60		9-1-2020		200,000		208,182
Burlington Northern Santa Fe LLC		3.75		4-1-2024		500,000		525,620
Burlington Northern Santa Fe LLC		4.40		3-15-2042		1,000,000		1,019,005
Burlington Northern Santa Fe LLC		4.45		3-15-2043		300,000		309,176
Burlington Northern Santa Fe LLC		4.55		9-1-2044		300,000		314,465
Burlington Northern Santa Fe LLC		4.70		10-1-2019		125,000		134,645
Burlington Northern Santa Fe LLC		4.90		4-1-2044		500,000		548,514
Burlington Northern Santa Fe LLC		4.95		9-15-2041		200,000		218,800
Burlington Northern Santa Fe LLC		5.05		3-1-2041		250,000		278,230
Burlington Northern Santa Fe LLC		5.15		9-1-2043		300,000		338,298
Burlington Northern Santa Fe LLC		6.15		5-1-2037		650,000		823,149
CSX Corporation		3.40		8-1-2024		397,000		405,460
CSX Corporation		3.70		10-30-2020		250,000		260,528
CSX Corporation		4.10		3-15-2044		400,000		380,240
CSX Corporation		4.25		6-1-2021		200,000		213,800
CSX Corporation		4.50		8-1-2054		500,000		485,617
CSX Corporation		4.75		5-30-2042		230,000		235,225
CSX Corporation		6.00		10-1-2036		300,000		359,358
CSX Corporation		6.15		5-1-2037		320,000		385,658
CSX Corporation		6.22		4-30-2040		200,000		245,667
Kansas City Southern		3.00		5-15-2023		73,000		71,040
Kansas City Southern		4.30		5-15-2043		200,000		184,752
Norfolk Southern Corporation		2.90		2-15-2023		886,000		879,300
Norfolk Southern Corporation		3.00		4-1-2022		500,000		504,253
Norfolk Southern Corporation		3.85		1-15-2024		200,000		208,697
Norfolk Southern Corporation		3.95		10-1-2042		120,000		112,130
Norfolk Southern Corporation		4.84		10-1-2041		685,000		728,345
Norfolk Southern Corporation		5.59		5-17-2025		53,000		60,562
Norfolk Southern Corporation		5.75		4-1-2018		500,000		526,999
Norfolk Southern Corporation		5.90		6-15-2019		65,000		71,059
Norfolk Southern Corporation		6.00		5-23-2111		500,000		539,529
Ryder System Incorporated		2.45		11-15-2018		350,000		353,273
Ryder System Incorporated		2.50		5-11-2020		200,000		199,758
Union Pacific Corporation		2.25		2-15-2019		200,000		201,965
Union Pacific Corporation		3.25		1-15-2025		250,000		254,789
Union Pacific Corporation		3.75		3-15-2024		200,000		210,505
Union Pacific Corporation 144A		3.80		10-1-2051		1,241,000		1,138,516
Union Pacific Corporation		4.00		2-1-2021		500,000		530,242
Union Pacific Corporation		4.15		1-15-2045		250,000		249,314
Union Pacific Corporation		4.16		7-15-2022		437,000		473,820
Union Pacific Corporation		4.30		6-15-2042		250,000		253,778
								17,225,111
Trading Companies & Distributors : 0.06%
Air Lease Corporation		2.13		1-15-2018		500,000		501,008

47

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Trading Companies & Distributors (continued)
Air Lease Corporation «		3.38	%	1-15-2019	$	1,250,000	$	1,275,175
International Lease Finance Corporation 144A		7.13		9-1-2018		1,000,000		1,085,000
W.W. Grainger Incorporated		4.60		6-15-2045		400,000		423,183
								3,284,366
Information Technology : 1.77%
Communications Equipment : 0.22%
Cisco Systems Incorporated		1.60		2-28-2019		750,000		749,219
Cisco Systems Incorporated		2.20		2-28-2021		1,000,000		994,096
Cisco Systems Incorporated		2.45		6-15-2020		600,000		604,982
Cisco Systems Incorporated		2.90		3-4-2021		300,000		306,490
Cisco Systems Incorporated		3.00		6-15-2022		200,000		204,081
Cisco Systems Incorporated		3.63		3-4-2024		500,000		522,215
Cisco Systems Incorporated		4.45		1-15-2020		950,000		1,017,696
Cisco Systems Incorporated		4.95		2-15-2019		800,000		854,890
Cisco Systems Incorporated		5.50		1-15-2040		700,000		846,505
Cisco Systems Incorporated		5.90		2-15-2039		800,000		1,005,965
Harris Corporation		4.40		12-15-2020		300,000		317,407
Motorola Incorporated		3.50		3-1-2023		550,000		538,324
Motorola Incorporated		7.50		5-15-2025		120,000		140,123
Qualcomm Incorporated		2.25		5-20-2020		1,500,000		1,501,784
Qualcomm Incorporated		3.45		5-20-2025		1,000,000		1,016,537
Qualcomm Incorporated		4.65		5-20-2035		400,000		420,996
Qualcomm Incorporated		4.80		5-20-2045		600,000		634,228
								11,675,538
Electronic Equipment, Instruments & Components : 0.05%
Agilent Technologies Incorporated		3.88		7-15-2023		150,000		154,153
Amphenol Corporation		2.55		1-30-2019		200,000		202,225
Amphenol Corporation		4.00		2-1-2022		300,000		314,207
Arrow Electronics Incorporated		5.13		3-1-2021		300,000		319,659
Arrow Electronics Incorporated		6.00		4-1-2020		100,000		108,450
Avnet Incorporated		5.88		6-15-2020		100,000		108,147
Corning Incorporated		2.90		5-15-2022		500,000		504,306
Corning Incorporated		3.70		11-15-2023		113,000		115,554
Corning Incorporated		4.25		8-15-2020		250,000		262,929
Corning Incorporated		5.75		8-15-2040		150,000		165,381
Corning Incorporated		6.63		5-15-2019		20,000		22,117
Ingram Micro Incorporated		4.95		12-15-2024		200,000		196,297
Keysight Technologies Incorporated		3.30		10-30-2019		250,000		253,696
Keysight Technologies Incorporated		4.55		10-30-2024		250,000		246,472
								2,973,593
Internet Software & Services : 0.04%
Alphabet Incorporated		3.38		2-25-2024		125,000		130,026
Alphabet Incorporated		3.63		5-19-2021		500,000		529,909
eBay Incorporated		2.60		7-15-2022		350,000		337,910
eBay Incorporated		2.88		8-1-2021		500,000		497,699
eBay Incorporated		3.25		10-15-2020		200,000		204,014
eBay Incorporated		3.45		8-1-2024		350,000		341,816
eBay Incorporated		4.00		7-15-2042		250,000		208,293
								2,249,667
IT Services : 0.33%
Broadridge Financial Solutions Incorporated		3.95		9-1-2020		100,000		104,120
Computer Sciences Corporation		4.45		9-15-2022		200,000		207,084
Fidelity National Information Services Incorporated		2.00		4-15-2018		114,000		114,342
Fidelity National Information Services Incorporated		3.50		4-15-2023		131,000		132,367
Fidelity National Information Services Incorporated		3.63		10-15-2020		500,000		515,826

48

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
IT Services (continued)
Fidelity National Information Services Incorporated		5.00	%	3-15-2022	$	300,000	$	309,048
Fidelity National Information Services Incorporated		5.00		10-15-2025		1,000,000		1,081,492
Fiserv Incorporated		2.70		6-1-2020		400,000		401,378
Fiserv Incorporated		3.50		10-1-2022		400,000		408,883
Fiserv Incorporated		3.85		6-1-2025		300,000		306,152
IBM Corporation		1.25		2-8-2018		500,000		499,456
IBM Corporation		1.63		5-15-2020		500,000		491,438
IBM Corporation		1.88		5-15-2019		500,000		502,009
IBM Corporation		1.88		8-1-2022		400,000		383,802
IBM Corporation		1.95		2-12-2019		500,000		503,380
IBM Corporation		3.38		8-1-2023		400,000		411,706
IBM Corporation		4.00		6-20-2042		500,000		484,571
IBM Corporation		5.60		11-30-2039		900,000		1,083,347
IBM Corporation		5.88		11-29-2032		250,000		311,986
IBM Corporation		7.00		10-30-2025		300,000		385,684
IBM Corporation		7.63		10-15-2018		500,000		554,509
MasterCard Incorporated		3.38		4-1-2024		1,000,000		1,027,678
Total System Services Incorporated		2.38		6-1-2018		205,000		206,020
Total System Services Incorporated		3.75		6-1-2023		150,000		150,033
Visa Incorporated		1.20		12-14-2017		500,000		500,530
Visa Incorporated		2.20		12-14-2020		1,000,000		999,444
Visa Incorporated		2.80		12-14-2022		1,000,000		1,006,529
Visa Incorporated		3.15		12-14-2025		1,500,000		1,499,880
Visa Incorporated		4.30		12-14-2045		1,000,000		1,041,602
Western Union Company		2.88		12-10-2017		250,000		253,159
Western Union Company		5.25		4-1-2020		80,000		86,229
Western Union Company		6.20		11-17-2036		175,000		180,262
Western Union Company		6.20		6-21-2040		200,000		194,336
Xerox Corporation		4.50		5-15-2021		1,000,000		1,040,930
Xerox Corporation		5.63		12-15-2019		200,000		214,844
Xerox Corporation		6.35		5-15-2018		150,000		158,052
Xerox Corporation		6.75		12-15-2039		100,000		98,186
								17,850,294
Semiconductors & Semiconductor Equipment : 0.18%
Altera Corporation		2.50		11-15-2018		250,000		254,723
Analog Devices Incorporated		2.88		6-1-2023		150,000		146,521
Applied Materials Incorporated		4.30		6-15-2021		300,000		323,155
Applied Materials Incorporated		5.85		6-15-2041		200,000		232,806
Intel Corporation		1.35		12-15-2017		1,150,000		1,152,264
Intel Corporation		2.70		12-15-2022		550,000		553,224
Intel Corporation		3.30		10-1-2021		847,000		881,311
Intel Corporation		3.70		7-29-2025		1,000,000		1,051,839
Intel Corporation		4.00		12-15-2032		500,000		504,143
Intel Corporation		4.25		12-15-2042		250,000		250,986
Intel Corporation		4.80		10-1-2041		643,000		699,929
Intel Corporation		4.90		7-29-2045		750,000		830,215
KLA-Tencor Corporation		4.65		11-1-2024		1,000,000		1,053,573
Lam Research Corporation		2.80		6-15-2021		500,000		496,528
Maxim Integrated Product Incorporated		3.38		3-15-2023		200,000		195,813
Texas Instruments Incorporated		1.00		5-1-2018		200,000		198,988
Texas Instruments Incorporated		1.65		8-3-2019		250,000		249,541
Texas Instruments Incorporated		2.25		5-1-2023		250,000		241,018
Xilinx Incorporated		2.13		3-15-2019		250,000		250,573
Xilinx Incorporated		3.00		3-15-2021		250,000		252,468
								9,819,618
Software : 0.53%
Adobe Systems Incorporated		4.75		2-1-2020		325,000		349,350
Autodesk Incorporated		1.95		12-15-2017		250,000		250,598
Autodesk Incorporated		3.60		12-15-2022		250,000		250,921

49

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Software (continued)
CA Incorporated		5.38	%	12-1-2019	$	500,000	$	541,607
Microsoft Corporation		1.10		8-8-2019		1,000,000		985,848
Microsoft Corporation		1.63		12-6-2018		400,000		402,382
Microsoft Corporation		2.00		11-3-2020		700,000		698,909
Microsoft Corporation		2.40		8-8-2026		1,250,000		1,183,531
Microsoft Corporation		2.70		2-12-2025		2,000,000		1,961,610
Microsoft Corporation		3.00		10-1-2020		400,000		413,202
Microsoft Corporation		3.50		2-12-2035		1,000,000		954,626
Microsoft Corporation		3.63		12-15-2023		1,000,000		1,050,643
Microsoft Corporation		3.70		8-8-2046		1,250,000		1,156,829
Microsoft Corporation		3.75		5-1-2043		47,000		43,380
Microsoft Corporation		3.75		2-12-2045		500,000		467,552
Microsoft Corporation		4.00		2-8-2021		500,000		536,067
Microsoft Corporation		4.00		2-12-2055		1,000,000		922,074
Microsoft Corporation		4.20		6-1-2019		875,000		931,566
Microsoft Corporation		4.45		11-3-2045		1,000,000		1,049,553
Microsoft Corporation		4.50		10-1-2040		500,000		525,564
Microsoft Corporation		4.88		12-15-2043		200,000		219,373
Microsoft Corporation		5.20		6-1-2039		110,000		128,389
Microsoft Corporation		5.30		2-8-2041		500,000		591,712
Oracle Corporation		2.38		1-15-2019		600,000		608,683
Oracle Corporation		2.40		9-15-2023		700,000		676,228
Oracle Corporation		2.50		10-15-2022		800,000		789,912
Oracle Corporation		2.65		7-15-2026		1,000,000		949,326
Oracle Corporation		2.80		7-8-2021		1,500,000		1,525,731
Oracle Corporation		2.95		5-15-2025		1,000,000		981,777
Oracle Corporation		3.63		7-15-2023		400,000		416,595
Oracle Corporation		3.85		7-15-2036		500,000		486,567
Oracle Corporation		3.88		7-15-2020		350,000		371,907
Oracle Corporation		3.90		5-15-2035		500,000		486,719
Oracle Corporation		4.00		7-15-2046		500,000		473,945
Oracle Corporation		4.30		7-8-2034		250,000		256,492
Oracle Corporation		4.38		5-15-2055		1,000,000		972,971
Oracle Corporation		4.50		7-8-2044		500,000		508,621
Oracle Corporation		5.00		7-8-2019		600,000		647,703
Oracle Corporation		5.38		7-15-2040		600,000		686,367
Oracle Corporation		5.75		4-15-2018		1,000,000		1,058,233
Oracle Corporation		6.13		7-8-2039		200,000		248,984
Oracle Corporation		6.50		4-15-2038		250,000		325,751
Symantec Corporation		3.95		6-15-2022		200,000		196,326
Symantec Corporation		4.20		9-15-2020		300,000		306,467
								28,590,591
Technology Hardware, Storage & Peripherals : 0.42%
Apple Incorporated		1.00		5-3-2018		2,300,000		2,289,581
Apple Incorporated		2.00		5-6-2020		1,000,000		1,000,852
Apple Incorporated		2.25		2-23-2021		1,000,000		999,933
Apple Incorporated		2.40		5-3-2023		3,150,000		3,068,686
Apple Incorporated		3.20		5-13-2025		750,000		754,609
Apple Incorporated		3.25		2-23-2026		1,750,000		1,758,292
Apple Incorporated		3.45		5-6-2024		1,000,000		1,028,839
Apple Incorporated		3.45		2-9-2045		1,000,000		876,356
Apple Incorporated		3.85		5-4-2043		1,000,000		937,412
Apple Incorporated		4.38		5-13-2045		500,000		509,331
Apple Incorporated		4.65		2-23-2046		1,250,000		1,318,671
Hewlett Packard Enterprise Company 144A		3.85		10-15-2020		3,250,000		3,341,692
Hewlett Packard Enterprise Company 144A		5.15		10-15-2025		1,000,000		1,021,519
Hewlett Packard Enterprise Company 144A		6.60		10-15-2045		750,000		734,681
Hewlett-Packard Company		3.75		12-1-2020		41,000		42,541
Hewlett-Packard Company		4.05		9-15-2022		250,000		256,602
Hewlett-Packard Company		4.30		6-1-2021		500,000		524,651
Hewlett-Packard Company		4.38		9-15-2021		500,000		525,108
Hewlett-Packard Company «		4.65		12-9-2021		500,000		531,817
Hewlett-Packard Company		6.00		9-15-2041		475,000		465,343

50

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Technology Hardware, Storage & Peripherals (continued)
Lexmark International Incorporated		6.65	%		6-1-2018	$	250,000	$	262,992
NetApp Incorporated		2.00			12-15-2017		250,000		250,523
NetApp Incorporated		3.25			12-15-2022		250,000		248,294
									22,748,325
Materials : 0.57%
Chemicals : 0.33%
Air Products & Chemicals Incorporated		3.00			11-3-2021		250,000		257,758
Air Products & Chemicals Incorporated		3.35			7-31-2024		350,000		360,189
Air Products & Chemicals Incorporated		4.38			8-21-2019		150,000		159,779
Airgas Incorporated		2.90			11-15-2022		500,000		502,022
Albemarle Corporation		4.50			12-15-2020		300,000		319,339
Albemarle Corporation		5.45			12-1-2044		200,000		211,249
Celanese U.S. Holdings LLC		4.63			11-15-2022		170,000		180,591
Celanese U.S. Holdings LLC		5.88			6-15-2021		140,000		156,001
Dow Chemical Company		3.50			10-1-2024		250,000		253,140
Dow Chemical Company		4.13			11-15-2021		500,000		529,176
Dow Chemical Company		4.25			11-15-2020		575,000		609,604
Dow Chemical Company		4.25			10-1-2034		250,000		241,666
Dow Chemical Company		4.38			11-15-2042		500,000		475,656
Dow Chemical Company		5.25			11-15-2041		250,000		264,902
Dow Chemical Company		7.38			11-1-2029		600,000		780,808
Dow Chemical Company		8.55			5-15-2019		655,000		752,423
Dow Chemical Company		9.40			5-15-2039		385,000		587,026
E.I. du Pont de Nemours & Company		3.63			1-15-2021		500,000		519,544
E.I. du Pont de Nemours & Company		4.15			2-15-2043		300,000		282,239
E.I. du Pont de Nemours & Company		4.50			8-15-2019		400,000		427,392
E.I. du Pont de Nemours & Company		4.63			1-15-2020		200,000		213,899
E.I. du Pont de Nemours & Company		4.90			1-15-2041		300,000		310,775
E.I. du Pont de Nemours & Company		5.60			12-15-2036		25,000		27,855
E.I. du Pont de Nemours & Company		6.00			7-15-2018		625,000		666,340
E.I. du Pont de Nemours & Company		6.50			1-15-2028		250,000		306,076
Eastman Chemical Company		2.70			1-15-2020		300,000		300,966
Eastman Chemical Company		3.60			8-15-2022		400,000		410,417
Eastman Chemical Company		4.80			9-1-2042		200,000		194,154
Ecolab Incorporated		4.35			12-8-2021		500,000		537,756
Ecolab Incorporated		5.50			12-8-2041		300,000		349,298
FMC Corporation		3.95			2-1-2022		125,000		126,897
FMC Corporation		4.10			2-1-2024		250,000		250,929
International Flavors & Fragrances Incorporated		3.20			5-1-2023		100,000		98,695
Lubrizol Corporation		8.88			2-1-2019		250,000		286,473
Monsanto Company		3.38			7-15-2024		1,000,000		990,469
Monsanto Company		3.60			7-15-2042		150,000		121,807
Monsanto Company		4.40			7-15-2044		600,000		556,081
Monsanto Company		4.70			7-15-2064		300,000		262,699
Monsanto Company		5.50			8-15-2025		100,000		111,324
Mosaic Company		3.75			11-15-2021		115,000		117,135
Mosaic Company «		4.25			11-15-2023		425,000		423,592
Mosaic Company		5.45			11-15-2033		304,000		289,304
Mosaic Company		5.63			11-15-2043		250,000		234,685
NewMarket Corporation		4.10			12-15-2022		50,000		49,938
PPG Industries Incorporated		2.30			11-15-2019		250,000		249,994
PPG Industries Incorporated		3.60			11-15-2020		100,000		103,487
PPG Industries Incorporated		5.50			11-15-2040		150,000		171,101
Praxair Incorporated		1.25			11-7-2018		100,000		99,453
Praxair Incorporated		2.20			8-15-2022		500,000		490,333
Praxair Incorporated		2.45			2-15-2022		200,000		199,050
Praxair Incorporated		2.70			2-21-2023		150,000		148,828
Praxair Incorporated		3.55			11-7-2042		150,000		139,109
Praxair Incorporated		4.05			3-15-2021		200,000		213,361

51

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
RPM International Incorporated		6.13	%		10-15-2019	$	200,000	$	219,539
RPM International Incorporated		6.50			2-15-2018		250,000		263,022
Sherwin-Williams Company		1.35			12-15-2017		250,000		249,968
Sherwin-Williams Company		4.00			12-15-2042		132,000		118,989
Valspar Corporation		4.20			1-15-2022		100,000		103,300
Valspar Corporation		7.25			6-15-2019		100,000		111,020
Westlake Chemical Corporation		3.60			7-15-2022		29,000		29,059
									18,017,681
Construction Materials : 0.00%
Martin Marietta Materials Incorporated		6.60			4-15-2018		125,000		132,351
Containers & Packaging : 0.02%
Bemis Company Incorporated		6.80			8-1-2019		10,000		11,092
Packaging Corporation of America		3.65			9-15-2024		250,000		249,357
Packaging Corporation of America		3.90			6-15-2022		200,000		204,869
Packaging Corporation of America		4.50			11-1-2023		550,000		582,408
Sonoco Products Company		4.38			11-1-2021		100,000		103,474
									1,151,200
Metals & Mining : 0.11%
Barrick Gold Finance Company LLC		4.40			5-30-2021		600,000		636,880
Barrick Gold Finance Company LLC		5.70			5-30-2041		300,000		315,509
Newmont Mining Corporation «		3.50			3-15-2022		600,000		612,598
Newmont Mining Corporation		4.88			3-15-2042		500,000		473,546
Newmont Mining Corporation		6.25			10-1-2039		475,000		523,480
Nucor Corporation		4.00			8-1-2023		189,000		196,497
Nucor Corporation		5.20			8-1-2043		200,000		223,010
Nucor Corporation		5.75			12-1-2017		500,000		519,455
Nucor Corporation		5.85			6-1-2018		150,000		158,908
Nucor Corporation		6.40			12-1-2037		200,000		246,176
Reliance Steel & Aluminum Company		4.50			4-15-2023		150,000		150,916
Southern Copper Corporation		5.38			4-16-2020		90,000		98,535
Southern Copper Corporation		5.88			4-23-2045		500,000		475,571
Southern Copper Corporation		6.75			4-16-2040		440,000		455,388
Southern Copper Corporation		7.50			7-27-2035		600,000		681,864
									5,768,333
Paper & Forest Products : 0.11%
Domtar Corporation		4.40			4-1-2022		500,000		512,082
Georgia-Pacific LLC		7.25			6-1-2028		325,000		417,906
Georgia-Pacific LLC		8.00			1-15-2024		200,000		253,505
Georgia-Pacific LLC		8.88			5-15-2031		500,000		747,010
International Paper Company		3.65			6-15-2024		500,000		502,908
International Paper Company		4.75			2-15-2022		75,000		80,989
International Paper Company		4.80			6-15-2044		250,000		240,987
International Paper Company		6.00			11-15-2041		535,000		594,414
International Paper Company		7.30			11-15-2039		250,000		311,569
International Paper Company		7.50			8-15-2021		450,000		538,871
International Paper Company		7.95			6-15-2018		589,000		642,995
MeadWestvaco Corporation		7.95			2-15-2031		50,000		65,311
Plum Creek Timberlands LP		3.25			3-15-2023		275,000		261,613
Plum Creek Timberlands LP		4.70			3-15-2021		500,000		530,203
									5,700,363
Real Estate : 0.69%
Equity REITs : 0.68%
Alexandria Real Estate Equities Incorporated		2.75			1-15-2020		750,000		747,155
Alexandria Real Estate Equities Incorporated		4.50			7-30-2029		750,000		750,124

52

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Equity REITs (continued)
American Campus Communities Incorporated		3.75	%	4-15-2023	$	100,000	$	100,829
American Tower Corporation		3.45		9-15-2021		500,000		507,948
American Tower Corporation		3.50		1-31-2023		150,000		150,384
American Tower Corporation		4.00		6-1-2025		500,000		504,081
American Tower Corporation		4.50		1-15-2018		500,000		514,174
American Tower Corporation		5.00		2-15-2024		350,000		376,437
American Tower Corporation		5.05		9-1-2020		500,000		536,758
American Tower Corporation		5.90		11-1-2021		565,000		637,482
ARC Properties Operating Partnership LP		3.00		2-6-2019		210,000		210,000
AvalonBay Communities Incorporated		2.95		9-15-2022		350,000		349,293
AvalonBay Communities Incorporated		3.45		6-1-2025		200,000		199,304
AvalonBay Communities Incorporated		3.50		11-15-2024		150,000		150,528
AvalonBay Communities Incorporated		3.63		10-1-2020		200,000		207,854
AvalonBay Communities Incorporated		4.20		12-15-2023		250,000		263,607
AvalonBay Communities Incorporated		6.10		3-15-2020		100,000		111,265
Boston Properties LP		3.13		9-1-2023		150,000		147,220
Boston Properties LP		3.80		2-1-2024		300,000		304,597
Boston Properties LP		3.85		2-1-2023		400,000		410,563
Boston Properties LP		4.13		5-15-2021		300,000		316,641
Boston Properties LP		5.63		11-15-2020		500,000		552,585
Boston Properties LP		5.88		10-15-2019		500,000		547,161
Brandywine Operating Partnership LP		3.95		2-15-2023		350,000		349,013
Camden Property Trust		2.95		12-15-2022		150,000		147,318
Camden Property Trust		4.25		1-15-2024		67,000		69,348
Camden Property Trust		4.63		6-15-2021		150,000		160,097
Camden Property Trust		4.88		6-15-2023		100,000		107,706
CBL & Associates LP		4.60		10-15-2024		131,000		123,401
CBL & Associates LP		5.25		12-1-2023		67,000		66,468
Commonwealth REIT		5.88		9-15-2020		100,000		107,132
Corporate Office Properties LP		3.60		5-15-2023		100,000		96,380
Corporate Office Properties LP		3.70		6-15-2021		500,000		511,618
Crown Castle International Corporation		3.70		6-15-2026		500,000		484,862
Crown Castle International Corporation		5.25		1-15-2023		500,000		543,530
DDR Corporation		3.38		5-15-2023		250,000		242,196
DDR Corporation		3.50		1-15-2021		250,000		253,417
DDR Corporation		4.63		7-15-2022		250,000		264,546
Digital Realty Trust LP		3.63		10-1-2022		200,000		202,491
Digital Realty Trust LP		3.95		7-1-2022		200,000		206,528
Digital Realty Trust LP		5.25		3-15-2021		100,000		108,893
Digital Realty Trust LP		5.88		2-1-2020		300,000		327,306
Duke Realty LP		3.63		4-15-2023		125,000		126,611
Duke Realty LP		3.75		12-1-2024		650,000		657,969
Entertainment Properties Trust		5.75		8-15-2022		150,000		161,874
EPR Properties Company		5.25		7-15-2023		113,000		117,405
Equity One Incorporated		3.75		11-15-2022		250,000		255,902
ERP Operating LP		4.63		12-15-2021		598,000		649,435
Essex Portfolio LP		3.25		5-1-2023		100,000		99,496
Essex Portfolio LP		3.38		1-15-2023		500,000		502,312
Essex Portfolio LP		5.20		3-15-2021		65,000		70,931
Federal Realty Investment Trust		2.75		6-1-2023		100,000		97,452
Federal Realty Investment Trust		3.00		8-1-2022		100,000		100,458
Federal Realty Investment Trust		4.50		12-1-2044		250,000		253,063
HCP Incorporated		3.15		8-1-2022		100,000		98,479
HCP Incorporated		3.75		2-1-2019		100,000		102,763
HCP Incorporated		3.88		8-15-2024		1,000,000		991,160
HCP Incorporated		4.00		6-1-2025		425,000		421,144
HCP Incorporated		4.20		3-1-2024		200,000		202,565
HCP Incorporated		4.25		11-15-2023		279,000		284,412
HCP Incorporated		5.38		2-1-2021		65,000		71,152
HCP Incorporated		6.75		2-1-2041		65,000		74,613

53

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Equity REITs (continued)
Healthcare Realty Trust Incorporated		3.75	%	4-15-2023	$	125,000	$	124,522
Healthcare Realty Trust Incorporated		5.75		1-15-2021		250,000		275,899
Highwoods Realty LP		3.20		6-15-2021		500,000		502,837
Hospitality Properties Trust		4.65		3-15-2024		500,000		495,474
Host Hotels & Resorts Company		3.75		10-15-2023		100,000		98,043
Host Hotels & Resorts Company		4.75		3-1-2023		250,000		260,061
Host Hotels & Resorts Company		6.00		10-1-2021		500,000		559,236
Kilroy Realty Corporation		3.80		1-15-2023		250,000		251,338
Kilroy Realty Corporation		4.80		7-15-2018		150,000		155,717
Kimco Realty Corporation		6.88		10-1-2019		100,000		112,514
Liberty Property LP		4.40		2-15-2024		156,000		163,141
Liberty Property LP		4.75		10-1-2020		250,000		266,001
Mack-Cali Realty Corporation		2.50		12-15-2017		100,000		100,181
Mack-Cali Realty Corporation		3.15		5-15-2023		100,000		90,500
Mid-America Apartments LP		4.30		10-15-2023		50,000		52,205
National Retail Properties Incorporated		3.30		4-15-2023		100,000		99,499
National Retail Properties Incorporated		3.80		10-15-2022		100,000		103,316
National Retail Properties Incorporated		3.90		6-15-2024		1,000,000		1,019,871
ProLogis LP		3.35		2-1-2021		400,000		412,158
ProLogis LP		4.25		8-15-2023		1,000,000		1,063,237
Realty Income Corporation		2.00		1-31-2018		150,000		150,490
Realty Income Corporation		3.88		7-15-2024		500,000		510,115
Realty Income Corporation		4.65		8-1-2023		300,000		321,463
Realty Income Corporation		5.75		1-15-2021		300,000		333,473
Retail Opportunity Investments Corporation		5.00		12-15-2023		50,000		51,338
Simon Property Group LP		2.20		2-1-2019		500,000		503,959
Simon Property Group LP		3.38		3-15-2022		500,000		518,143
Simon Property Group LP		3.75		2-1-2024		250,000		259,078
Simon Property Group LP		4.13		12-1-2021		300,000		320,055
Simon Property Group LP		4.38		3-1-2021		500,000		535,362
Simon Property Group LP		4.75		3-15-2042		250,000		264,798
Simon Property Group LP		5.65		2-1-2020		200,000		219,513
Simon Property Group LP		6.75		2-1-2040		350,000		467,314
Simon Property Group LP		10.35		4-1-2019		600,000		721,709
UDR Incorporated		3.70		10-1-2020		250,000		258,375
UDR Incorporated		4.25		6-1-2018		150,000		155,211
UDR Incorporated		4.63		1-10-2022		100,000		107,430
Ventas Realty LP		2.70		4-1-2020		200,000		201,370
Ventas Realty LP		4.25		3-1-2022		1,000,000		1,060,744
Ventas Realty LP		4.75		6-1-2021		150,000		161,873
Ventas Realty LP		5.70		9-30-2043		250,000		276,907
VEREIT Operating Partnership LP		4.13		6-1-2021		115,000		118,019
VEREIT Operating Partnership LP		4.60		2-6-2024		140,000		143,010
VEREIT Operating Partnership LP		4.88		6-1-2026		170,000		174,250
Vornado Realty LP		2.50		6-30-2019		500,000		501,773
Washington REIT		3.95		10-15-2022		150,000		149,155
Weingarten Realty Investors		3.38		10-15-2022		150,000		149,779
Weingarten Realty Investors		3.50		4-15-2023		125,000		124,448
Welltower Incorporated		4.00		6-1-2025		300,000		306,326
Welltower Incorporated		4.13		4-1-2019		250,000		259,596
Welltower Incorporated		4.50		1-15-2024		200,000		210,265
Welltower Incorporated		4.95		1-15-2021		250,000		269,755
Welltower Incorporated		5.25		1-15-2022		100,000		110,372
Welltower Incorporated		6.13		4-15-2020		250,000		277,685
Welltower Incorporated		6.50		3-15-2041		200,000		238,323
Weyerhaeuser Company		4.63		9-15-2023		300,000		322,430
Weyerhaeuser Company		6.88		12-15-2033		150,000		181,742
Weyerhaeuser Company		7.38		10-1-2019		100,000		112,906
Weyerhaeuser Company		7.38		3-15-2032		700,000		881,032
WP Carey Incorporated		4.60		4-1-2024		500,000		503,364
								36,946,136
Real Estate Management & Development : 0.01%
CubeSmart LP		4.38		12-15-2023		250,000		261,910

54

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Real Estate Management & Development (continued)
Jones Lang LaSalle Incorporated		4.40	%	11-15-2022	$	100,000	$	103,670
Regency Centers LP		4.80		4-15-2021		200,000		215,545
								581,125
Telecommunication Services : 0.88%
Diversified Telecommunication Services : 0.87%
AT&T Incorporated		2.45		6-30-2020		1,250,000		1,237,363
AT&T Incorporated		2.63		12-1-2022		1,000,000		956,986
AT&T Incorporated		3.00		2-15-2022		1,500,000		1,486,446
AT&T Incorporated		3.40		5-15-2025		2,000,000		1,921,998
AT&T Incorporated		3.80		3-15-2022		500,000		510,153
AT&T Incorporated		3.88		8-15-2021		45,000		46,575
AT&T Incorporated		3.90		3-11-2024		500,000		501,935
AT&T Incorporated		4.13		2-17-2026		1,500,000		1,510,070
AT&T Incorporated		4.30		12-15-2042		500,000		436,065
AT&T Incorporated		4.35		6-15-2045		1,000,000		872,896
AT&T Incorporated		4.45		5-15-2021		650,000		686,709
AT&T Incorporated		4.45		4-1-2024		700,000		726,787
AT&T Incorporated 144A		4.50		3-9-2048		623,000		554,782
AT&T Incorporated		4.60		2-15-2021		350,000		370,459
AT&T Incorporated		4.75		5-15-2046		2,000,000		1,863,096
AT&T Incorporated		5.00		3-1-2021		700,000		754,359
AT&T Incorporated		5.15		3-15-2042		500,000		492,938
AT&T Incorporated		5.20		3-15-2020		330,000		354,674
AT&T Incorporated		5.35		9-1-2040		1,372,000		1,387,012
AT&T Incorporated		5.50		2-1-2018		1,000,000		1,040,940
AT&T Incorporated		5.55		8-15-2041		60,000		61,945
AT&T Incorporated		5.60		5-15-2018		500,000		525,856
AT&T Incorporated		5.80		2-15-2019		800,000		860,280
AT&T Incorporated		6.00		8-15-2040		400,000		438,676
AT&T Incorporated		6.30		1-15-2038		500,000		561,223
AT&T Incorporated		6.35		3-15-2040		145,000		164,600
AT&T Incorporated		6.38		3-1-2041		500,000		573,945
AT&T Incorporated		6.50		9-1-2037		970,000		1,097,918
AT&T Incorporated		6.55		2-15-2039		800,000		925,854
AT&T Incorporated		8.25		11-15-2031		536,000		739,690
Qwest Corporation		6.88		9-15-2033		255,000		240,799
Verizon Communications Incorporated		2.45		11-1-2022		600,000		580,521
Verizon Communications Incorporated		2.63		2-21-2020		1,000,000		1,006,701
Verizon Communications Incorporated		3.00		11-1-2021		750,000		756,179
Verizon Communications Incorporated		3.50		11-1-2021		1,000,000		1,029,051
Verizon Communications Incorporated		3.50		11-1-2024		750,000		752,825
Verizon Communications Incorporated		3.65		9-14-2018		1,400,000		1,443,522
Verizon Communications Incorporated		4.15		3-15-2024		850,000		890,168
Verizon Communications Incorporated		4.27		1-15-2036		1,387,000		1,321,394
Verizon Communications Incorporated		4.50		9-15-2020		1,029,000		1,098,341
Verizon Communications Incorporated		4.52		9-15-2048		1,569,000		1,484,439
Verizon Communications Incorporated		4.60		4-1-2021		1,000,000		1,073,540
Verizon Communications Incorporated		4.67		3-15-2055		2,365,000		2,207,988
Verizon Communications Incorporated		4.75		11-1-2041		500,000		486,974
Verizon Communications Incorporated		4.86		8-21-2046		830,000		832,011
Verizon Communications Incorporated		5.01		8-21-2054		1,200,000		1,180,014
Verizon Communications Incorporated		5.15		9-15-2023		3,300,000		3,650,137
Verizon Communications Incorporated		6.00		4-1-2041		500,000		574,345
Verizon Communications Incorporated		6.55		9-15-2043		2,244,000		2,787,939
Verizon Global Funding Corporation		5.85		9-15-2035		175,000		197,965
								47,257,083
Wireless Telecommunication Services : 0.01%
CC Holdings GS V LLC		3.85		4-15-2023		500,000		509,294

55

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Utilities : 1.85%
Electric Utilities : 1.41%
Alabama Power Company		3.55	%	12-1-2023	$	250,000	$	259,543
Alabama Power Company		3.85		12-1-2042		200,000		190,178
Alabama Power Company		4.15		8-15-2044		150,000		149,742
Alabama Power Company		5.50		3-15-2041		65,000		75,999
Alabama Power Company		6.00		3-1-2039		500,000		610,887
Alabama Power Company		6.13		5-15-2038		105,000		129,518
American Electric Power Company Incorporated		2.95		12-15-2022		200,000		202,007
Appalachian Power Company		3.40		6-1-2025		250,000		252,354
Appalachian Power Company		4.45		6-1-2045		250,000		253,461
Appalachian Power Company		5.80		10-1-2035		315,000		356,145
Appalachian Power Company		6.38		4-1-2036		300,000		364,938
Appalachian Power Company		7.00		4-1-2038		100,000		130,713
Arizona Public Service Company		3.15		5-15-2025		150,000		151,092
Arizona Public Service Company		4.50		4-1-2042		100,000		104,982
Arizona Public Service Company		4.70		1-15-2044		250,000		266,057
Arizona Public Service Company		8.75		3-1-2019		500,000		572,314
Atlantic City Electric Company		7.75		11-15-2018		65,000		72,358
Baltimore Gas & Electric Company		3.50		11-15-2021		500,000		519,577
Carolina Power & Light Company		2.80		5-15-2022		250,000		253,418
Carolina Power & Light Company		5.30		1-15-2019		500,000		536,551
CenterPoint Energy Houston		2.25		8-1-2022		300,000		294,508
CenterPoint Energy Houston		3.55		8-1-2042		250,000		231,775
CenterPoint Energy Houston		4.50		4-1-2044		250,000		268,775
CenterPoint Energy Houston Series K		6.95		3-15-2033		250,000		328,115
Cleco Power LLC		6.00		12-1-2040		300,000		364,984
Cleveland Electric Illuminating Company		5.95		12-15-2036		500,000		552,093
Columbus Southern Power Company		6.05		5-1-2018		200,000		211,444
Commonwealth Edison Company		3.80		10-1-2042		100,000		95,835
Commonwealth Edison Company		4.70		1-15-2044		250,000		268,741
Commonwealth Edison Company		5.80		3-15-2018		500,000		527,100
Commonwealth Edison Company		5.90		3-15-2036		250,000		307,300
Commonwealth Edison Company Series 100		5.88		2-1-2033		65,000		78,249
Connecticut Light & Power Company		4.15		6-1-2045		125,000		125,996
Connecticut Light & Power Company		5.65		5-1-2018		100,000		105,933
Connecticut Light & Power Company		6.35		6-1-2036		200,000		254,892
Consolidated Edison Company of New York Incorporated		4.45		3-15-2044		500,000		519,106
Consolidated Edison Company of New York Incorporated		7.13		12-1-2018		200,000		221,372
Consolidated Edison Company of New York Incorporated Series 06-E		5.70		12-1-2036		250,000		295,037
Consolidated Edison Company of New York Incorporated Series 07-A		6.30		8-15-2037		250,000		316,903
Consolidated Edison Company of New York Incorporated Series 08-A		5.85		4-1-2018		100,000		105,656
Consolidated Edison Company of New York Incorporated Series 08-B		6.75		4-1-2038		300,000		397,232
Consolidated Edison Company of New York Incorporated Series 09-C		5.50		12-1-2039		600,000		701,778
Consolidated Edison Company of New York Incorporated Series 12-A		4.20		3-15-2042		250,000		247,533
Consolidated Edison Company of New York Series C		4.30		12-1-2056		350,000		346,878
Delmarva Power & Light Company		4.00		6-1-2042		300,000		288,731
Detroit Edison Company		2.65		6-15-2022		200,000		201,066
Detroit Edison Company		3.45		10-1-2020		500,000		522,902
DTE Electric Company		3.65		3-15-2024		150,000		156,836
DTE Electric Company		6.63		6-1-2036		250,000		330,166
Duke Energy Carolinas LLC		2.50		3-15-2023		750,000		742,808
Duke Energy Carolinas LLC		2.95		12-1-2026		750,000		741,593
Duke Energy Carolinas LLC		4.25		12-15-2041		500,000		506,414
Duke Energy Carolinas LLC		6.10		6-1-2037		250,000		307,159
Duke Energy Carolinas LLC Series C		7.00		11-15-2018		100,000		110,318
Duke Energy Corporation		3.05		8-15-2022		100,000		101,067
Duke Energy Corporation		3.95		10-15-2023		200,000		210,811
Duke Energy Corporation		6.45		10-15-2032		375,000		474,732
Duke Energy Florida Incorporated		3.85		11-15-2042		100,000		94,201
Duke Energy Indiana Incorporated		3.75		5-15-2046		250,000		233,482
Duke Energy Indiana Incorporated		4.90		7-15-2043		150,000		165,977
Duke Energy Indiana Incorporated		6.35		8-15-2038		500,000		642,035
Duke Energy Indiana Incorporated		6.45		4-1-2039		65,000		85,001
Duke Energy Ohio Incorporated		5.45		4-1-2019		250,000		269,776

56

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Electric Utilities (continued)
Duke Energy Progress Incorporated		3.00	%	9-15-2021	$	250,000	$	257,115
Duke Energy Progress Incorporated		4.10		3-15-2043		150,000		147,802
Duke Energy Progress Incorporated		4.15		12-1-2044		250,000		247,306
Duke Energy Progress Incorporated		4.38		3-30-2044		250,000		257,552
Entergy Arkansas Incorporated		3.70		6-1-2024		250,000		259,471
Entergy Corporation		5.13		9-15-2020		250,000		270,470
Entergy Gulf States Louisiana LLC		5.59		10-1-2024		120,000		139,081
Entergy Gulf States Louisiana LLC		6.00		5-1-2018		100,000		105,930
Entergy Louisiana LLC		3.25		4-1-2028		500,000		493,554
Entergy Louisiana LLC		4.05		9-1-2023		400,000		421,336
Entergy Louisiana LLC		5.40		11-1-2024		250,000		286,118
Entergy Texas Incorporated		7.13		2-1-2019		200,000		221,061
Exelon Corporation		3.95		6-15-2025		500,000		512,285
Exelon Corporation		4.95		6-15-2035		200,000		209,373
Exelon Corporation		5.10		6-15-2045		400,000		421,313
Exelon Corporation		5.63		6-15-2035		365,000		403,605
Exelon Generation Company LLC		4.25		6-15-2022		225,000		233,857
Exelon Generation Company LLC		5.20		10-1-2019		500,000		536,987
Exelon Generation Company LLC		5.60		6-15-2042		605,000		572,627
Exelon Generation Company LLC		6.25		10-1-2039		500,000		497,186
FirstEnergy Corporation		2.75		3-15-2018		180,000		181,430
FirstEnergy Corporation		4.25		3-15-2023		240,000		248,545
FirstEnergy Corporation Series C		7.38		11-15-2031		415,000		517,151
Florida Power & Light Company		3.25		6-1-2024		500,000		511,452
Florida Power & Light Company		4.05		6-1-2042		250,000		253,759
Florida Power & Light Company		4.13		2-1-2042		300,000		307,613
Florida Power & Light Company		5.25		2-1-2041		200,000		234,659
Florida Power & Light Company		5.65		2-1-2037		363,000		439,507
Florida Power & Light Company		5.95		2-1-2038		320,000		403,561
Florida Power & Light Company		5.96		4-1-2039		250,000		318,521
Florida Power Corporation		5.65		6-15-2018		300,000		318,144
Florida Power Corporation		5.65		4-1-2040		125,000		151,020
Florida Power Corporation		6.40		6-15-2038		500,000		649,861
FPL Group Capital Incorporated		6.00		3-1-2019		750,000		811,639
Georgia Power Company		4.25		12-1-2019		375,000		399,717
Georgia Power Company		4.30		3-15-2042		250,000		249,232
Georgia Power Company		4.30		3-15-2043		350,000		353,118
Georgia Power Company		5.40		6-1-2018		200,000		211,371
Georgia Power Company		5.40		6-1-2040		250,000		279,983
Georgia Power Company		5.95		2-1-2039		250,000		299,161
Great Plains Energy Incorporated		4.85		6-1-2021		50,000		53,355
Iberdrola International BV		6.75		7-15-2036		397,000		486,323
Indiana Michigan Power Company		3.20		3-15-2023		100,000		100,887
Indiana Michigan Power Company		7.00		3-15-2019		500,000		552,533
Interstate Power & Light Company		4.70		10-15-2043		300,000		312,866
Interstate Power & Light Company		6.25		7-15-2039		30,000		37,834
Jersey Central Power & Light Company		7.35		2-1-2019		250,000		274,792
Kansas City Power & Light Company		3.15		3-15-2023		200,000		198,807
Kansas City Power & Light Company		6.38		3-1-2018		250,000		263,552
Kansas City Power & Light Company		7.15		4-1-2019		200,000		222,764
Kentucky Utilities Company		3.25		11-1-2020		250,000		258,004
Kentucky Utilities Company		5.13		11-1-2040		500,000		569,965
LG&E & KU Energy LLC		3.75		11-15-2020		100,000		104,319
MidAmerican Energy Holdings Company		2.40		3-15-2019		500,000		506,644
MidAmerican Energy Holdings Company		4.80		9-15-2043		300,000		331,429
MidAmerican Energy Holdings Company		5.30		3-15-2018		250,000		261,803
MidAmerican Energy Holdings Company		5.80		10-15-2036		75,000		90,343
MidAmerican Energy Holdings Company		5.95		5-15-2037		300,000		364,535
MidAmerican Energy Holdings Company		6.13		4-1-2036		200,000		247,997
MidAmerican Energy Holdings Company		6.50		9-15-2037		500,000		638,587
MidAmerican Energy Holdings Company		6.75		12-30-2031		150,000		202,352
Nevada Power Company		5.45		5-15-2041		120,000		138,512
Nevada Power Company		6.75		7-1-2037		200,000		261,018

57

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Electric Utilities (continued)
Nevada Power Company		7.13	%	3-15-2019	$	300,000	$	335,005
NiSource Finance Corporation		4.80		2-15-2044		850,000		875,138
NiSource Finance Corporation		5.45		9-15-2020		415,000		453,370
NiSource Finance Corporation		5.65		2-1-2045		200,000		231,746
NiSource Finance Corporation		6.13		3-1-2022		100,000		115,400
NiSource Finance Corporation		6.40		3-15-2018		699,000		738,061
NiSource Finance Corporation		6.80		1-15-2019		90,000		98,596
Northeast Utilities		1.45		5-1-2018		350,000		348,458
Northeast Utilities		2.80		5-1-2023		175,000		171,179
Northern States Power Company of Minnesota		2.15		8-15-2022		250,000		244,996
Northern States Power Company of Minnesota		2.60		5-15-2023		150,000		148,952
Northern States Power Company of Minnesota		3.40		8-15-2042		250,000		227,930
Northern States Power Company of Minnesota		5.25		3-1-2018		500,000		523,209
Northern States Power Company of Minnesota		5.35		11-1-2039		40,000		47,357
Northern States Power Company of Minnesota		6.20		7-1-2037		300,000		389,926
NSTAR Electric Company		2.38		10-15-2022		200,000		196,004
NSTAR Electric Company		4.40		3-1-2044		250,000		259,509
NSTAR Electric Company		5.50		3-15-2040		100,000		116,680
Oglethorpe Power Corporation		4.55		6-1-2044		250,000		244,906
Oglethorpe Power Corporation		5.38		11-1-2040		300,000		329,679
Oglethorpe Power Corporation		5.95		11-1-2039		150,000		177,000
Ohio Edison Company		6.88		7-15-2036		250,000		309,487
Ohio Edison Company		8.25		10-15-2038		200,000		281,005
Ohio Power Company		5.38		10-1-2021		65,000		72,700
Ohio Power Company		6.60		2-15-2033		194,000		236,381
Ohio Power Company		6.60		3-1-2033		150,000		182,679
Oklahoma Gas & Electric Company		4.55		3-15-2044		250,000		264,213
Oklahoma Gas & Electric Company		5.25		5-15-2041		100,000		111,634
Oklahoma Gas & Electric Company		5.85		6-1-2040		100,000		120,817
Oncor Electric Delivery Company LLC		4.10		6-1-2022		500,000		535,417
Oncor Electric Delivery Company LLC		4.55		12-1-2041		200,000		212,684
Oncor Electric Delivery Company LLC		5.25		9-30-2040		250,000		287,102
Oncor Electric Delivery Company LLC		6.80		9-1-2018		500,000		543,228
Oncor Electric Delivery Company LLC		7.00		5-1-2032		175,000		229,846
Oncor Electric Delivery Company LLC		7.50		9-1-2038		200,000		282,148
PacifiCorp		3.60		4-1-2024		250,000		259,482
PacifiCorp		4.10		2-1-2042		100,000		99,688
PacifiCorp		5.65		7-15-2018		600,000		638,878
PacifiCorp		5.75		4-1-2037		250,000		300,683
PacifiCorp		6.00		1-15-2039		500,000		633,747
PacifiCorp		6.25		10-15-2037		720,000		930,430
PECO Energy Company		2.38		9-15-2022		750,000		738,717
PECO Energy Company		4.15		10-1-2044		350,000		349,232
Portland General Electric Company		6.10		4-15-2019		250,000		273,606
Potomac Electric Power Company		3.60		3-15-2024		250,000		258,834
Potomac Electric Power Company		6.50		11-15-2037		200,000		261,579
PPL Capital Funding Incorporated		1.90		6-1-2018		100,000		99,932
PPL Capital Funding Incorporated		3.40		6-1-2023		500,000		503,652
PPL Capital Funding Incorporated		3.95		3-15-2024		250,000		259,161
PPL Capital Funding Incorporated		4.20		6-15-2022		200,000		212,121
PPL Capital Funding Incorporated		4.70		6-1-2043		125,000		124,335
PPL Capital Funding Incorporated		5.00		3-15-2044		250,000		262,811
PPL Electric Utilities		4.75		7-15-2043		150,000		164,814
PPL Electric Utilities		5.20		7-15-2041		200,000		229,054
PPL Electric Utilities		6.25		5-15-2039		45,000		57,609
Progress Energy Incorporated		3.15		4-1-2022		500,000		507,275
Progress Energy Incorporated		4.10		5-15-2042		250,000		245,213
Progress Energy Incorporated		4.40		1-15-2021		250,000		265,745
Progress Energy Incorporated		4.55		4-1-2020		75,000		80,404
Progress Energy Incorporated		6.00		12-1-2039		300,000		358,808
Progress Energy Incorporated		6.30		4-1-2038		50,000		64,173
Progress Energy Incorporated		7.00		10-30-2031		500,000		625,479
Progress Energy Incorporated		7.75		3-1-2031		300,000		400,757
PSEG Power LLC		2.45		11-15-2018		300,000		303,080
PSEG Power LLC		4.15		9-15-2021		250,000		259,368

58

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Electric Utilities (continued)
PSEG Power LLC «		4.30	%	11-15-2023	$	300,000	$	310,337
PSEG Power LLC		5.13		4-15-2020		280,000		301,448
PSEG Power LLC		8.63		4-15-2031		75,000		90,205
Public Service Company of Colorado		2.25		9-15-2022		100,000		98,613
Public Service Company of Colorado		2.50		3-15-2023		250,000		245,501
Public Service Company of Colorado		3.20		11-15-2020		300,000		309,699
Public Service Company of Colorado		3.60		9-15-2042		200,000		186,428
Public Service Company of Colorado		3.95		3-15-2043		125,000		123,732
Public Service Company of Colorado		4.30		3-15-2044		250,000		260,116
Public Service Company of Colorado		5.13		6-1-2019		50,000		54,028
Public Service Company of New Hampshire		3.50		11-1-2023		300,000		307,392
Public Service Company of Oklahoma		4.40		2-1-2021		100,000		106,524
Public Service Company of Oklahoma		5.15		12-1-2019		40,000		43,117
Public Service Electric & Gas Company		2.00		8-15-2019		200,000		201,299
Public Service Electric & Gas Company		2.38		5-15-2023		200,000		195,395
Public Service Electric & Gas Company		3.65		9-1-2042		250,000		236,850
Public Service Electric & Gas Company		3.80		1-1-2043		200,000		192,020
Public Service Electric & Gas Company		3.95		5-1-2042		100,000		100,065
Public Service Electric & Gas Company		5.80		5-1-2037		100,000		122,294
South Carolina Electric & Gas Company		4.35		2-1-2042		600,000		599,888
South Carolina Electric & Gas Company		6.50		11-1-2018		525,000		571,470
Southern California Edison Company		3.88		6-1-2021		270,000		287,002
Southern California Edison Company		3.90		3-15-2043		150,000		146,790
Southern California Edison Company		4.05		3-15-2042		500,000		497,596
Southern California Edison Company		5.50		8-15-2018		500,000		533,978
Southern California Edison Company		5.50		3-15-2040		200,000		238,615
Southern California Edison Company		6.00		1-15-2034		100,000		123,460
Southern California Edison Company		6.05		3-15-2039		350,000		441,149
Southern California Edison Company Series 05-E		5.35		7-15-2035		180,000		208,764
Southern Company		2.15		9-1-2019		500,000		500,466
Southern Company		2.45		9-1-2018		180,000		181,837
Southern Company		2.75		6-15-2020		250,000		252,177
Southern Company		2.95		7-1-2023		1,000,000		988,288
Southern Company		3.25		7-1-2026		1,250,000		1,213,751
Southern Company		4.40		7-1-2046		600,000		583,993
Southwestern Electric Power Company		6.20		3-15-2040		50,000		60,102
Southwestern Public Service Company		6.00		10-1-2036		100,000		117,173
System Energy Resources		4.10		4-1-2023		150,000		154,159
Tampa Electric Company		2.60		9-15-2022		200,000		197,854
Tampa Electric Company		4.20		5-15-2045		300,000		293,831
Tampa Electric Company		6.10		5-15-2018		100,000		105,264
Tampa Electric Company		6.15		5-15-2037		75,000		90,492
Toleda Edison Company		6.15		5-15-2037		50,000		57,924
TXU Electric Delivery Company		7.25		1-15-2033		75,000		101,129
Union Electric Company		3.90		9-15-2042		250,000		243,704
Union Electric Company		8.45		3-15-2039		80,000		123,525
Virginia Electric & Power Company		3.10		5-15-2025		100,000		99,709
Virginia Electric & Power Company		3.45		2-15-2024		150,000		154,460
Virginia Electric & Power Company		4.00		1-15-2043		325,000		318,634
Virginia Electric & Power Company		4.20		5-15-2045		150,000		152,099
Virginia Electric & Power Company		4.45		2-15-2044		150,000		156,967
Virginia Electric & Power Company		5.00		6-30-2019		200,000		214,739
Virginia Electric & Power Company		8.88		11-15-2038		300,000		476,318
Virginia Electric & Power Company Series B		3.45		9-1-2022		1,000,000		1,039,185
Virginia Electric & Power Company Series B		6.00		1-15-2036		100,000		121,959
Westar Energy Incorporated		4.10		4-1-2043		300,000		292,151
Westar Energy Incorporated		4.13		3-1-2042		500,000		496,150
Wisconsin Electric Power Company		1.70		6-15-2018		150,000		150,533
Wisconsin Electric Power Company		4.25		12-15-2019		350,000		372,546
Wisconsin Electric Power Company		5.63		5-15-2033		100,000		117,287
Wisconsin Electric Power Company		5.70		12-1-2036		150,000		180,401
Wisconsin Power & Light Company		4.10		10-15-2044		250,000		251,635
Wisconsin Power & Light Company		5.00		7-15-2019		50,000		53,466

59

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
Wisconsin Power & Light Company		6.38	%		8-15-2037	$	250,000	$	322,118
Wisconsin Public Service Corporation		4.75			11-1-2044		400,000		440,745
									76,438,493
Gas Utilities : 0.07%
Atmos Energy Corporation		4.13			10-15-2044		350,000		341,239
Atmos Energy Corporation		4.15			1-15-2043		161,000		157,050
Atmos Energy Corporation		5.50			6-15-2041		60,000		69,312
Atmos Energy Corporation		8.50			3-15-2019		250,000		285,629
CenterPoint Energy Resources Corporation		4.50			1-15-2021		65,000		68,144
CenterPoint Energy Resources Corporation		5.85			1-15-2041		110,000		123,439
CenterPoint Energy Resources Corporation		6.00			5-15-2018		100,000		105,105
CenterPoint Energy Resources Corporation		6.63			11-1-2037		50,000		60,451
KeySpan Corporation		5.80			4-1-2035		125,000		142,074
Laclede Group Incorporated		4.70			8-15-2044		250,000		244,045
National Fuel Gas Company		3.75			3-1-2023		312,000		300,162
One Gas Incorporated		2.07			2-1-2019		100,000		100,478
One Gas Incorporated		3.61			2-1-2024		100,000		102,651
One Gas Incorporated		4.66			2-1-2044		50,000		52,178
Piedmont Natural Gas Company		4.65			8-1-2043		50,000		51,538
Sempra Energy		2.88			10-1-2022		200,000		199,275
Sempra Energy		3.55			6-15-2024		1,000,000		1,012,929
Sempra Energy		6.00			10-15-2039		300,000		354,029
Southern California Gas Company		3.75			9-15-2042		200,000		194,296
Southern California Gas Company		5.13			11-15-2040		100,000		114,663
Southern California Gas Company		5.75			11-15-2035		75,000		91,050
									4,169,737
Independent Power & Renewable Electricity Producers : 0.02%
Constellation Energy Group Incorporated		5.15			12-1-2020		100,000		108,438
Southern Power Company		5.15			9-15-2041		500,000		502,756
Southern Power Company		5.25			7-15-2043		120,000		120,636
Tri-State Generation & Transmission Association Incorporated		3.70			11-1-2024		100,000		101,081
Tri-State Generation & Transmission Association Incorporated		4.70			11-1-2044		100,000		102,628
									935,539
Multi-Utilities : 0.34%
Ameren Illinois Company		4.30			7-1-2044		500,000		516,508
Ameren Illinois Company		4.80			12-15-2043		100,000		110,179
Avista Corporation		5.13			4-1-2022		55,000		60,007
Berkshire Hathaway Energy		2.00			11-15-2018		250,000		251,433
Berkshire Hathaway Energy		3.75			11-15-2023		500,000		523,216
Berkshire Hathaway Energy		5.15			11-15-2043		400,000		443,884
Black Hills Corporation		4.25			11-30-2023		300,000		315,473
CMS Energy Corporation		3.88			3-1-2024		500,000		516,634
CMS Energy Corporation		4.70			3-31-2043		125,000		129,934
CMS Energy Corporation		5.05			3-15-2022		350,000		384,689
Consumers Energy Company		3.95			5-15-2043		200,000		197,970
Consumers Energy Company		4.35			8-31-2064		150,000		150,517
Consumers Energy Company		5.65			9-15-2018		150,000		160,353
Consumers Energy Company		6.70			9-15-2019		500,000		564,237
Dominion Resources Incorporated		1.90			6-15-2018		200,000		199,843
Dominion Resources Incorporated		2.50			12-1-2019		188,000		190,203
Dominion Resources Incorporated		2.75			9-15-2022		200,000		197,654
Dominion Resources Incorporated		3.63			12-1-2024		300,000		301,906
Dominion Resources Incorporated		4.05			9-15-2042		250,000		231,760
Dominion Resources Incorporated		4.45			3-15-2021		100,000		107,168
Dominion Resources Incorporated		4.70			12-1-2044		250,000		251,747
Dominion Resources Incorporated		4.90			8-1-2041		60,000		62,092
Dominion Resources Incorporated		5.95			6-15-2035		225,000		256,397
Dominion Resources Incorporated		6.40			6-15-2018		750,000		799,438

60

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Multi-Utilities (continued)
Dominion Resources Incorporated		7.00	%	6-15-2038	$	500,000	$	639,077
DTE Energy Company		3.30		6-15-2022		100,000		102,087
DTE Energy Company		3.85		12-1-2023		243,000		251,950
Eversource Energy		4.50		11-15-2019		100,000		106,667
Integrys Energy Group		4.17		11-1-2020		200,000		209,971
Louisville Gas & Electric Company		5.13		11-15-2040		125,000		141,833
NorthWestern Corporation		4.18		11-15-2044		300,000		293,370
Pacific Gas & Electric Company		2.45		8-15-2022		250,000		247,743
Pacific Gas & Electric Company		2.95		3-1-2026		500,000		489,673
Pacific Gas & Electric Company		3.40		8-15-2024		650,000		664,314
Pacific Gas & Electric Company		3.50		6-15-2025		150,000		153,686
Pacific Gas & Electric Company		3.75		8-15-2042		200,000		186,150
Pacific Gas & Electric Company		4.25		5-15-2021		500,000		534,249
Pacific Gas & Electric Company		4.30		3-15-2045		200,000		202,769
Pacific Gas & Electric Company		5.40		1-15-2040		700,000		811,677
Pacific Gas & Electric Company		5.80		3-1-2037		500,000		602,014
Pacific Gas & Electric Company		6.05		3-1-2034		500,000		620,381
Pacific Gas & Electric Company		6.35		2-15-2038		100,000		127,460
Pacific Gas & Electric Company		8.25		10-15-2018		250,000		278,809
Pacific Gas & Electric Corporation		5.13		11-15-2043		250,000		283,915
Puget Energy Incorporated		3.65		5-15-2025		200,000		197,767
Puget Energy Incorporated		6.00		9-1-2021		250,000		281,376
Puget Sound Energy Incorporated		4.43		11-15-2041		500,000		520,782
Puget Sound Energy Incorporated		5.76		10-1-2039		400,000		485,331
Puget Sound Energy Incorporated		5.80		3-15-2040		50,000		60,995
Puget Sound Energy Incorporated		6.27		3-15-2037		330,000		413,269
San Diego Gas & Electric Company		3.00		8-15-2021		750,000		770,500
San Diego Gas & Electric Company		5.35		5-15-2035		100,000		116,596
San Diego Gas & Electric Company		6.00		6-1-2039		530,000		688,951
Scana Corporation		4.75		5-15-2021		250,000		261,500
WEC Energy Group Incorporated		1.65		6-15-2018		150,000		149,961
WEC Energy Group Incorporated		2.45		6-15-2020		150,000		150,357
WEC Energy Group Incorporated		3.55		6-15-2025		200,000		203,444
Xcel Energy Incorporated		4.70		5-15-2020		250,000		266,914
Xcel Energy Incorporated		4.80		9-15-2041		250,000		264,437
								18,703,217
Water Utilities : 0.01%
American Water Capital Corporation		3.40		3-1-2025		300,000		307,679
Total Corporate Bonds and Notes (Cost $1,096,465,202)								1,129,845,400
Foreign Government Bonds @: 24.86%
Australian Government Bond Series 122 (AUD)		5.25		3-15-2019		1,850,000		1,470,058
Australian Government Bond Series 124 (AUD)		5.75		5-15-2021		2,450,000		2,088,840
Australian Government Bond Series 126 (AUD)		4.50		4-15-2020		2,100,000		1,678,638
Australian Government Bond Series 128 (AUD)		5.75		7-15-2022		1,600,000		1,398,552
Australian Government Bond Series 128 (AUD)		5.75		7-15-2022		300,000		262,229
Australian Government Bond Series 132 (AUD)		5.50		1-21-2018		1,775,000		1,366,978
Australian Government Bond Series 133 (AUD)		5.50		4-21-2023		1,900,000		1,660,969
Australian Government Bond Series 136 (AUD)		4.75		4-21-2027		2,500,000		2,181,835
Australian Government Bond Series 137 (AUD)		2.75		4-21-2024		2,150,000		1,612,121
Australian Government Bond Series 138 (AUD)		3.25		4-21-2029		1,050,000		801,563
Australian Government Bond Series 139 (AUD)		3.25		4-21-2025		2,300,000		1,779,034
Australian Government Bond Series 140 (AUD)		4.50		4-21-2033		1,000,000		866,317
Australian Government Bond Series 141 (AUD)		3.25		10-21-2018		1,565,000		1,187,392
Australian Government Bond Series 142 (AUD)		4.25		4-21-2026		2,650,000		2,211,613
Australian Government Bond Series 143 (AUD)		2.75		10-21-2019		1,800,000		1,360,901
Australian Government Bond Series 144 (AUD)		3.75		4-21-2037		700,000		545,757
Australian Government Bond Series 145 (AUD)		2.75		6-21-2035		750,000		511,703
Australian Government Bond Series 146 (AUD)		1.75		11-21-2020		2,000,000		1,460,298
Australian Government Bond Series 147 (AUD)		3.25		6-21-2039		300,000		214,225

61

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Australian Government Bond Series 148 (AUD)		2.75	%		11-21-2027		2,000,000	$	1,470,663
Australian Government Bond Series 149 (AUD)		2.25			5-21-2028		1,250,000		869,611
Australian Government Bond Series 150 (AUD)		3.00			3-21-2047		1,000,000		648,318
Belgium Government Bond Series 31 (EUR)		5.50			3-28-2028		2,025,000		3,272,305
Belgium Government Bond Series 44 (EUR) 144A		5.00			3-28-2035		1,700,000		2,979,985
Belgium Government Bond Series 48 (EUR)		4.00			3-28-2022		1,200,000		1,564,109
Belgium Government Bond Series 52 (EUR) 144A		4.00			3-28-2018		1,000,000		1,125,878
Belgium Government Bond Series 55 (EUR)		4.00			3-28-2019		1,000,000		1,173,902
Belgium Government Bond Series 58 (EUR) 144A		3.75			9-28-2020		1,000,000		1,231,208
Belgium Government Bond Series 60 (EUR) 144A		4.25			3-28-2041		1,375,000		2,347,848
Belgium Government Bond Series 61 (EUR) 144A		4.25			9-28-2021		1,450,000		1,878,615
Belgium Government Bond Series 62 (EUR)		3.00			9-28-2019		1,650,000		1,924,851
Belgium Government Bond Series 64 (EUR) 144A		4.50			3-28-2026		900,000		1,305,288
Belgium Government Bond Series 65 (EUR)		4.25			9-28-2022		1,300,000		1,735,979
Belgium Government Bond Series 66 (EUR)		4.00			3-28-2032		300,000		453,981
Belgium Government Bond Series 68 (EUR)		2.25			6-22-2023		1,150,000		1,402,758
Belgium Government Bond Series 69 (EUR)		1.25			6-22-2018		1,050,000		1,146,202
Belgium Government Bond Series 71 (EUR)		3.75			6-22-2045		750,000		1,223,777
Belgium Government Bond Series 72 (EUR) 144A		2.60			6-22-2024		1,600,000		1,997,333
Belgium Government Bond Series 73 (EUR) 144A		3.00			6-22-2034		750,000		1,037,379
Belgium Government Bond Series 74 (EUR) 144A		0.80			6-22-2025		1,810,000		1,976,875
Belgium Government Bond Series 75 (EUR) 144A		1.00			6-22-2031		900,000		951,309
Belgium Government Bond Series 76 (EUR) 144A		1.90			6-22-2038		325,000		384,843
Belgium Government Bond Series 77 (EUR) 144A		1.00			6-22-2026		1,000,000		1,096,629
Belgium Government Bond Series 78 (EUR) 144A		1.60			6-22-2047		400,000		427,713
Belgium Government Bond Series 79 (EUR) 144A		0.20			10-22-2023		500,000		534,740
Belgium Government Bond Series 80 (EUR) 144A		2.15			6-22-2066		500,000		587,050
Bonos y Obligaciones del Estado (EUR)		0.25			4-30-2018		1,100,000		1,171,554
Bonos y Obligaciones del Estado (EUR)		0.25			1-31-2019		1,500,000		1,595,220
Bonos y Obligaciones del Estado (EUR)		0.75			7-30-2021		1,650,000		1,769,438
Bonos y Obligaciones del Estado (EUR)		1.15			7-30-2020		1,500,000		1,640,183
Bonos y Obligaciones del Estado (EUR) 144A		1.30			10-31-2026		2,000,000		2,071,209
Bonos y Obligaciones del Estado (EUR)		1.40			1-31-2020		2,050,000		2,251,378
Bonos y Obligaciones del Estado (EUR) 144A		1.60			4-30-2025		1,750,000		1,890,441
Bonos y Obligaciones del Estado (EUR) 144A		1.95			4-30-2026		2,000,000		2,201,988
Bonos y Obligaciones del Estado (EUR) 144A		1.95			7-30-2030		1,500,000		1,591,403
Bonos y Obligaciones del Estado (EUR) 144A		2.15			10-31-2025		2,000,000		2,243,242
Bonos y Obligaciones del Estado (EUR)		2.75			4-30-2019		2,100,000		2,366,205
Bonos y Obligaciones del Estado (EUR) 144A		2.75			10-31-2024		1,800,000		2,118,228
Bonos y Obligaciones del Estado (EUR) 144A		2.90			10-31-2046		1,000,000		1,092,278
Bonos y Obligaciones del Estado (EUR) 144A		3.45			7-30-2066		500,000		566,692
Bonos y Obligaciones del Estado (EUR)		3.75			10-31-2018		1,300,000		1,477,613
Bonos y Obligaciones del Estado (EUR) 144A		3.80			4-30-2024		1,800,000		2,262,128
Bonos y Obligaciones del Estado (EUR) 144A		4.10			7-30-2018		2,100,000		2,377,932
Bonos y Obligaciones del Estado (EUR) 144A		4.40			10-31-2023		1,650,000		2,142,825
Bonos y Obligaciones del Estado (EUR)		4.50			1-31-2018		1,850,000		2,066,581
Bonos y Obligaciones del Estado (EUR) 144A		5.15			10-31-2028		1,250,000		1,802,566
Bonos y Obligaciones del Estado (EUR) 144A		5.15			10-31-2044		1,000,000		1,567,518
Bonos y Obligaciones del Estado (EUR) 144A		5.40			1-31-2023		1,950,000		2,632,067
Bundesobligation Series 165 (EUR)		0.50			2-23-2018		1,900,000		2,046,014
Bundesobligation Series 166 (EUR)		0.25			4-13-2018		1,300,000		1,397,411
Bundesobligation Series 167 (EUR)		1.00			10-12-2018		1,800,000		1,970,608
Bundesobligation Series 168 (EUR)		1.00			2-22-2019		1,650,000		1,817,426
Bundesobligation Series 169 (EUR)		0.50			4-12-2019		1,500,000		1,636,911
Bundesobligation Series 170 (EUR)		0.25			10-11-2019		1,000,000		1,089,388
Bundesobligation Series 171 (EUR) ¤		0.00			4-17-2020		1,100,000		1,191,879
Bundesobligation Series 172 (EUR)		0.25			10-16-2020		1,300,000		1,423,231
Bundesobligation Series 173 (EUR) ¤		0.00			4-9-2021		1,700,000		1,842,291
Bundesobligation Series 174 (EUR) ¤		0.00			10-8-2021		1,500,000		1,623,742
Bundesrepublik Deutschland (EUR) ¤		0.00			8-15-2026		1,500,000		1,551,207
Bundesrepublik Deutschland (EUR)		0.50			2-15-2025		2,000,000		2,201,414
Bundesrepublik Deutschland (EUR)		0.50			2-15-2026		2,500,000		2,726,463
Bundesrepublik Deutschland (EUR)		1.00			8-15-2024		1,750,000		2,007,037
Bundesrepublik Deutschland (EUR)		1.00			8-15-2025		2,000,000		2,286,321
Bundesrepublik Deutschland (EUR)		1.50			9-4-2022		1,750,000		2,051,896

62

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Bundesrepublik Deutschland (EUR)		1.50	%	2-15-2023		1,750,000	$	2,059,736
Bundesrepublik Deutschland (EUR)		1.50		5-15-2023		1,500,000		1,770,169
Bundesrepublik Deutschland (EUR)		1.50		5-15-2024		1,500,000		1,780,417
Bundesrepublik Deutschland (EUR)		1.75		7-4-2022		2,000,000		2,372,508
Bundesrepublik Deutschland (EUR)		1.75		2-15-2024		1,700,000		2,048,266
Bundesrepublik Deutschland (EUR)		2.00		1-4-2022		2,000,000		2,381,101
Bundesrepublik Deutschland (EUR)		2.00		8-15-2023		1,575,000		1,917,863
Bundesrepublik Deutschland (EUR)		2.25		9-4-2020		1,125,000		1,322,462
Bundesrepublik Deutschland (EUR)		2.50		1-4-2021		1,950,000		2,329,509
Bundesrepublik Deutschland (EUR)		2.50		7-4-2044		1,500,000		2,211,345
Bundesrepublik Deutschland (EUR)		2.50		8-15-2046		1,750,000		2,609,099
Bundesrepublik Deutschland (EUR)		3.00		7-4-2020		2,100,000		2,519,030
Bundesrepublik Deutschland (EUR)		3.25		7-4-2021		1,500,000		1,867,349
Bundesrepublik Deutschland (EUR)		3.25		7-4-2042		1,300,000		2,131,618
Bundesrepublik Deutschland (EUR)		4.75		7-4-2040		175,000		342,956
Bundesrepublik Deutschland Series 00 (EUR)		5.50		1-4-2031		1,175,000		2,089,817
Bundesrepublik Deutschland Series 00 (EUR)		6.25		1-4-2030		850,000		1,566,902
Bundesrepublik Deutschland Series 03 (EUR)		4.75		7-4-2034		2,000,000		3,570,295
Bundesrepublik Deutschland Series 05 (EUR)		4.00		1-4-2037		2,000,000		3,415,857
Bundesrepublik Deutschland Series 07 (EUR)		4.00		1-4-2018		1,700,000		1,897,561
Bundesrepublik Deutschland Series 08 (EUR)		4.25		7-4-2018		2,250,000		2,576,627
Bundesrepublik Deutschland Series 08 (EUR)		4.75		7-4-2040		1,250,000		2,449,684
Bundesrepublik Deutschland Series 09 (EUR)		3.25		1-4-2020		2,000,000		2,379,829
Bundesrepublik Deutschland Series 09 (EUR)		3.50		7-4-2019		2,000,000		2,355,092
Bundesrepublik Deutschland Series 09 (EUR)		3.75		1-4-2019		1,750,000		2,031,327
Bundesrepublik Deutschland Series 161 (EUR)		2.25		9-4-2021		1,500,000		1,798,035
Bundesrepublik Deutschland Series 2007 (EUR)		4.25		7-4-2039		1,250,000		2,273,881
Bundesrepublik Deutschland Series 94 (EUR)		6.25		1-4-2024		855,000		1,319,607
Bundesrepublik Deutschland Series 97 (EUR)		6.50		7-4-2027		1,000,000		1,744,629
Bundesrepublik Deutschland Series 98 (EUR)		4.75		7-4-2028		1,300,000		2,059,300
Bundesrepublik Deutschland Series 98 (EUR)		5.63		1-4-2028		1,400,000		2,332,903
Bundesschatzanweisungen (EUR) ¤		0.00		12-15-2017		1,000,000		1,068,856
Bundesschatzanweisungen (EUR) ¤		0.00		3-16-2018		1,300,000		1,392,014
Bundesschatzanweisungen (EUR) ¤		0.00		6-15-2018		1,000,000		1,072,540
Bundesschatzanweisungen (EUR) ¤		0.00		9-14-2018		1,000,000		1,074,329
Bundesschatzanweisungen (EUR) ¤		0.00		12-14-2018		500,000		537,964
Canadian Government Bond (CAD)		0.25		5-1-2018		1,000,000		739,887
Canadian Government Bond (CAD)		0.50		8-1-2018		1,000,000		741,986
Canadian Government Bond (CAD)		0.50		11-1-2018		1,500,000		1,112,466
Canadian Government Bond (CAD)		0.50		2-1-2019		500,000		370,483
Canadian Government Bond (CAD)		0.50		3-1-2022		1,000,000		722,274
Canadian Government Bond (CAD)		0.75		9-1-2020		1,000,000		740,572
Canadian Government Bond (CAD)		0.75		3-1-2021		1,000,000		738,011
Canadian Government Bond (CAD)		0.75		9-1-2021		1,275,000		938,145
Canadian Government Bond (CAD)		1.00		6-1-2027		500,000		347,867
Canadian Government Bond (CAD)		1.25		2-1-2018		1,200,000		899,701
Canadian Government Bond (CAD)		1.25		3-1-2018		1,075,000		806,166
Canadian Government Bond (CAD)		1.25		9-1-2018		800,000		601,277
Canadian Government Bond (CAD)		1.50		3-1-2020		1,000,000		760,225
Canadian Government Bond (CAD)		1.50		6-1-2023		1,550,000		1,171,564
Canadian Government Bond (CAD)		1.50		6-1-2026		750,000		554,669
Canadian Government Bond (CAD)		1.75		3-1-2019		1,000,000		761,609
Canadian Government Bond (CAD)		1.75		9-1-2019		1,100,000		840,923
Canadian Government Bond (CAD)		2.25		6-1-2025		1,200,000		947,449
Canadian Government Bond (CAD)		2.50		6-1-2024		1,300,000		1,045,313
Canadian Government Bond (CAD)		2.75		6-1-2022		1,450,000		1,173,007
Canadian Government Bond (CAD)		2.75		12-1-2048		1,000,000		847,167
Canadian Government Bond (CAD)		2.75		12-1-2064		500,000		440,732
Canadian Government Bond (CAD)		3.25		6-1-2021		1,000,000		818,425
Canadian Government Bond (CAD)		3.50		6-1-2020		1,350,000		1,096,482
Canadian Government Bond (CAD)		3.50		12-1-2045		1,450,000		1,386,033
Canadian Government Bond (CAD)		3.75		6-1-2019		1,600,000		1,280,179
Canadian Government Bond (CAD)		4.00		6-1-2041		1,250,000		1,251,424

63

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Canadian Government Bond (CAD)		4.25	%	6-1-2018		1,000,000	$	783,876
Canadian Government Bond (CAD)		5.00		6-1-2037		1,100,000		1,207,085
Canadian Government Bond (CAD)		5.75		6-1-2029		1,200,000		1,282,257
Canadian Government Bond (CAD)		5.75		6-1-2033		1,300,000		1,471,498
Canadian Government Bond (CAD)		8.00		6-1-2023		195,000		206,019
Canadian Government Bond (CAD)		8.00		6-1-2027		593,000		709,035
Canadian Government Bond (CAD)		9.00		6-1-2025		200,000		237,776
Denmark Government Bond (DKK)		0.25		11-15-2018		2,500,000		361,602
Denmark Government Bond (DKK)		1.50		11-15-2023		5,700,000		893,924
Denmark Government Bond (DKK)		1.75		11-15-2025		8,000,000		1,277,610
Denmark Government Bond (DKK)		3.00		11-15-2021		8,000,000		1,321,036
Denmark Government Bond (DKK)		4.00		11-15-2019		9,400,000		1,517,416
Denmark Government Bond (DKK)		4.50		11-15-2039		10,750,000		2,656,144
Denmark Government Bond (DKK)		7.00		11-10-2024		2,500,000		550,084
France Government Bond (EUR) ¤		0.00		2-25-2018		1,925,000		2,058,067
France Government Bond (EUR) ¤		0.00		2-25-2019		1,800,000		1,934,707
France Government Bond (EUR) ¤		0.00		5-25-2020		2,200,000		2,366,952
France Government Bond (EUR) ¤		0.00		5-25-2021		2,000,000		2,143,440
France Government Bond (EUR) ¤		0.00		5-25-2022		500,000		532,850
France Government Bond (EUR)		0.25		11-25-2020		1,500,000		1,627,370
France Government Bond (EUR)		0.25		11-25-2026		1,750,000		1,766,548
France Government Bond (EUR)		0.50		11-25-2019		2,250,000		2,458,300
France Government Bond (EUR)		0.50		5-25-2025		2,900,000		3,078,623
France Government Bond (EUR)		0.50		5-25-2026		2,750,000		2,866,216
France Government Bond (EUR)		1.00		5-25-2018		1,925,000		2,091,369
France Government Bond (EUR)		1.00		11-25-2018		1,500,000		1,642,396
France Government Bond (EUR)		1.00		5-25-2019		2,000,000		2,206,145
France Government Bond (EUR)		1.00		11-25-2025		3,000,000		3,291,142
France Government Bond (EUR) 144A		1.25		5-25-2036		1,500,000		1,560,917
France Government Bond (EUR)		1.50		5-25-2031		1,000,000		1,118,587
France Government Bond (EUR)		1.75		5-25-2023		2,700,000		3,171,928
France Government Bond (EUR)		1.75		11-25-2024		2,650,000		3,113,616
France Government Bond (EUR) 144A		1.75		5-25-2066		1,250,000		1,280,895
France Government Bond (EUR)		2.25		10-25-2022		2,700,000		3,252,774
France Government Bond (EUR)		2.25		5-25-2024		2,950,000		3,591,951
France Government Bond (EUR)		2.50		10-25-2020		3,100,000		3,657,785
France Government Bond (EUR)		2.50		5-25-2030		2,375,000		2,991,529
France Government Bond (EUR)		2.75		10-25-2027		3,300,000		4,202,090
France Government Bond (EUR)		3.00		4-25-2022		3,400,000		4,221,084
France Government Bond (EUR)		3.25		10-25-2021		3,500,000		4,346,242
France Government Bond (EUR)		3.25		5-25-2045		1,150,000		1,683,810
France Government Bond (EUR)		3.50		4-25-2020		4,000,000		4,813,922
France Government Bond (EUR)		3.50		4-25-2026		3,200,000		4,280,538
France Government Bond (EUR)		3.75		10-25-2019		3,150,000		3,758,653
France Government Bond (EUR)		3.75		4-25-2021		3,750,000		4,683,873
France Government Bond (EUR)		4.00		4-25-2018		2,700,000		3,050,122
France Government Bond (EUR)		4.00		10-25-2038		2,350,000		3,719,930
France Government Bond (EUR)		4.00		4-25-2055		1,475,000		2,564,808
France Government Bond (EUR)		4.00		4-25-2060		1,000,000		1,785,137
France Government Bond (EUR)		4.25		10-25-2018		2,750,000		3,188,832
France Government Bond (EUR)		4.25		4-25-2019		2,950,000		3,494,809
France Government Bond (EUR)		4.25		10-25-2023		3,825,000		5,208,483
France Government Bond (EUR)		4.50		4-25-2041		2,200,000		3,778,074
France Government Bond (EUR)		4.75		4-25-2035		2,550,000		4,265,983
France Government Bond (EUR)		5.50		4-25-2029		2,575,000		4,209,493
France Government Bond (EUR)		5.75		10-25-2032		2,600,000		4,618,572
France Government Bond (EUR)		6.00		10-25-2025		1,750,000		2,745,493
France Government Bond (EUR)		8.25		4-25-2022		650,000		1,003,868
France Government Bond (EUR)		8.50		10-25-2019		650,000		871,187
France Government Bond (EUR)		8.50		4-25-2023		1,050,000		1,714,227
Italy Buoni Poliennali del Tesoro (EUR)		0.05		10-15-2019		750,000		786,970
Italy Buoni Poliennali del Tesoro (EUR)		0.10		4-15-2019		900,000		948,512
Italy Buoni Poliennali del Tesoro (EUR)		0.25		5-15-2018		1,500,000		1,594,038
Italy Buoni Poliennali del Tesoro (EUR)		0.30		10-15-2018		500,000		531,223
Italy Buoni Poliennali del Tesoro (EUR)		0.35		11-1-2021		1,500,000		1,548,091

64

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Italy Buoni Poliennali del Tesoro (EUR)		0.45	%	6-1-2021		1,250,000	$	1,305,445
Italy Buoni Poliennali del Tesoro (EUR)		0.65		11-1-2020		1,250,000		1,327,388
Italy Buoni Poliennali del Tesoro (EUR)		0.65		10-15-2023		1,000,000		1,006,565
Italy Buoni Poliennali del Tesoro (EUR)		0.70		5-1-2020		1,500,000		1,599,466
Italy Buoni Poliennali del Tesoro (EUR)		0.75		1-15-2018		1,500,000		1,603,780
Italy Buoni Poliennali del Tesoro (EUR)		0.95		3-15-2023		1,100,000		1,142,716
Italy Buoni Poliennali del Tesoro (EUR)		1.05		12-1-2019		1,000,000		1,079,200
Italy Buoni Poliennali del Tesoro (EUR)		1.25		12-1-2026		2,000,000		1,979,513
Italy Buoni Poliennali del Tesoro (EUR)		1.35		4-15-2022		1,600,000		1,720,175
Italy Buoni Poliennali del Tesoro (EUR)		1.45		9-15-2022		1,400,000		1,508,729
Italy Buoni Poliennali del Tesoro (EUR)		1.50		8-1-2019		1,500,000		1,636,482
Italy Buoni Poliennali del Tesoro (EUR)		1.50		6-1-2025		1,500,000		1,556,567
Italy Buoni Poliennali del Tesoro (EUR)		1.60		6-1-2026		1,500,000		1,548,046
Italy Buoni Poliennali del Tesoro (EUR) 144A		1.65		3-1-2032		2,000,000		1,943,374
Italy Buoni Poliennali del Tesoro (EUR)		2.00		12-1-2025		1,500,000		1,607,040
Italy Buoni Poliennali del Tesoro (EUR)		2.15		12-15-2021		1,500,000		1,685,818
Italy Buoni Poliennali del Tesoro (EUR) 144A		2.25		9-1-2036		1,000,000		1,004,564
Italy Buoni Poliennali del Tesoro (EUR)		2.50		5-1-2019		1,800,000		2,005,394
Italy Buoni Poliennali del Tesoro (EUR)		2.50		12-1-2024		1,450,000		1,629,292
Italy Buoni Poliennali del Tesoro (EUR) 144A		2.70		3-1-2047		1,000,000		992,286
Italy Buoni Poliennali del Tesoro (EUR) 144A		2.80		3-1-2067		1,000,000		917,783
Italy Buoni Poliennali del Tesoro (EUR) 144A		3.25		9-1-2046		1,150,000		1,273,184
Italy Buoni Poliennali del Tesoro (EUR)		3.50		6-1-2018		1,525,000		1,699,186
Italy Buoni Poliennali del Tesoro (EUR)		3.50		12-1-2018		1,700,000		1,919,380
Italy Buoni Poliennali del Tesoro (EUR) 144A		3.50		3-1-2030		1,300,000		1,572,801
Italy Buoni Poliennali del Tesoro (EUR)		3.75		3-1-2021		2,200,000		2,627,871
Italy Buoni Poliennali del Tesoro (EUR)		3.75		5-1-2021		1,800,000		2,152,873
Italy Buoni Poliennali del Tesoro (EUR)		3.75		8-1-2021		2,000,000		2,403,731
Italy Buoni Poliennali del Tesoro (EUR)		3.75		9-1-2024		1,800,000		2,196,415
Italy Buoni Poliennali del Tesoro (EUR)		4.00		9-1-2020		2,000,000		2,387,812
Italy Buoni Poliennali del Tesoro (EUR)		4.00		2-1-2037		2,000,000		2,541,880
Italy Buoni Poliennali del Tesoro (EUR)		4.25		2-1-2019		2,550,000		2,933,691
Italy Buoni Poliennali del Tesoro (EUR)		4.25		9-1-2019		1,750,000		2,049,484
Italy Buoni Poliennali del Tesoro (EUR)		4.25		3-1-2020		2,450,000		2,911,032
Italy Buoni Poliennali del Tesoro (EUR)		4.50		2-1-2018		2,150,000		2,398,317
Italy Buoni Poliennali del Tesoro (EUR)		4.50		8-1-2018		2,500,000		2,843,312
Italy Buoni Poliennali del Tesoro (EUR)		4.50		3-1-2019		2,250,000		2,608,820
Italy Buoni Poliennali del Tesoro (EUR)		4.50		2-1-2020		2,000,000		2,386,358
Italy Buoni Poliennali del Tesoro (EUR)		4.50		5-1-2023		1,500,000		1,901,052
Italy Buoni Poliennali del Tesoro (EUR)		4.50		3-1-2024		1,800,000		2,294,049
Italy Buoni Poliennali del Tesoro (EUR)		4.50		3-1-2026		1,775,000		2,290,770
Italy Buoni Poliennali del Tesoro (EUR)		4.75		9-1-2021		2,450,000		3,066,347
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75		8-1-2023		2,000,000		2,581,904
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75		9-1-2028		2,000,000		2,687,558
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75		9-1-2044		1,300,000		1,819,047
Italy Buoni Poliennali del Tesoro (EUR)		5.00		3-1-2022		1,900,000		2,422,998
Italy Buoni Poliennali del Tesoro (EUR) 144A		5.00		3-1-2025		2,200,000		2,919,008
Italy Buoni Poliennali del Tesoro (EUR)		5.00		8-1-2034		2,150,000		3,061,097
Italy Buoni Poliennali del Tesoro (EUR)		5.00		8-1-2039		1,700,000		2,436,816
Italy Buoni Poliennali del Tesoro (EUR)		5.00		9-1-2040		2,000,000		2,857,847
Italy Buoni Poliennali del Tesoro (EUR)		5.25		11-1-2029		2,700,000		3,826,478
Italy Buoni Poliennali del Tesoro (EUR)		5.50		9-1-2022		1,350,000		1,777,479
Italy Buoni Poliennali del Tesoro (EUR)		5.50		11-1-2022		2,000,000		2,638,835
Italy Buoni Poliennali del Tesoro (EUR)		5.75		2-1-2033		1,600,000		2,428,657
Italy Buoni Poliennali del Tesoro (EUR)		6.00		5-1-2031		2,425,000		3,715,409
Italy Buoni Poliennali del Tesoro (EUR)		6.50		11-1-2027		2,550,000		3,866,137
Italy Buoni Poliennali del Tesoro (EUR)		7.25		11-1-2026		950,000		1,487,555
Italy Buoni Poliennali del Tesoro (EUR)		9.00		11-1-2023		1,230,000		1,953,233
Italy Certificati di Credito del Tesoro (EUR) ¤		0.00		3-28-2018		500,000		529,814
Japan Government Five Year Bond Series 107 (JPY)		0.20		12-20-2017		650,000,000		5,708,387
Japan Government Five Year Bond Series 110 (JPY)		0.30		3-20-2018		300,000,000		2,639,622
Japan Government Five Year Bond Series 111 (JPY)		0.40		3-20-2018		350,000,000		3,083,537
Japan Government Five Year Bond Series 112 (JPY)		0.40		6-20-2018		400,000,000		3,527,678

65

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Japan Government Five Year Bond Series 113 (JPY)		0.30	%	6-20-2018		800,000,000	$	7,044,517
Japan Government Five Year Bond Series 116 (JPY) ¤		0.00		12-20-2018		200,000,000		1,761,776
Japan Government Five Year Bond Series 117 (JPY)		0.20		3-20-2019		625,000,000		5,508,009
Japan Government Five Year Bond Series 125 (JPY)		0.10		9-20-2020		300,000,000		2,643,110
Japan Government Five Year Bond Series 126 (JPY)		0.10		12-20-2020		400,000,000		3,526,105
Japan Government Five Year Bond Series 127 (JPY)		0.10		3-20-2021		500,000,000		4,407,980
Japan Government Five Year Bond Series 129 (JPY)		0.10		9-20-2021		500,000,000		4,411,564
Japan Government Forty Year Bond Series 1 (JPY)		2.40		3-20-2048		261,500,000		3,473,889
Japan Government Forty Year Bond Series 2 (JPY)		2.20		3-20-2049		241,000,000		3,105,520
Japan Government Forty Year Bond Series 3 (JPY)		2.20		3-20-2050		448,000,000		5,812,311
Japan Government Forty Year Bond Series 5 (JPY)		2.00		3-20-2052		225,000,000		2,832,811
Japan Government Forty Year Bond Series 6 (JPY)		1.90		3-20-2053		175,000,000		2,164,750
Japan Government Forty Year Bond Series 7 (JPY)		1.70		3-20-2054		450,000,000		5,329,514
Japan Government Forty Year Bond Series 8 (JPY)		1.40		3-20-2055		300,000,000		3,298,859
Japan Government Forty Year Bond Series 9 (JPY)		0.40		3-20-2056		250,000,000		1,999,017
Japan Government Ten Year Bond Series 289 (JPY)		1.50		12-20-2017		1,000,000,000		8,900,485
Japan Government Ten Year Bond Series 290 (JPY)		1.40		3-20-2018		475,000,000		4,238,193
Japan Government Ten Year Bond Series 291 (JPY)		1.30		3-20-2018		925,000,000		8,242,813
Japan Government Ten Year Bond Series 292 (JPY)		1.70		3-20-2018		400,000,000		3,582,641
Japan Government Ten Year Bond Series 293 (JPY)		1.80		6-20-2018		550,000,000		4,954,880
Japan Government Ten Year Bond Series 294 (JPY)		1.70		6-20-2018		300,000,000		2,698,597
Japan Government Ten Year Bond Series 296 (JPY)		1.50		9-20-2018		630,000,000		5,672,120
Japan Government Ten Year Bond Series 297 (JPY)		1.40		12-20-2018		525,000,000		4,735,119
Japan Government Ten Year Bond Series 298 (JPY)		1.30		12-20-2018		550,000,000		4,950,697
Japan Government Ten Year Bond Series 299 (JPY)		1.30		3-20-2019		500,000,000		4,515,537
Japan Government Ten Year Bond Series 300 (JPY)		1.50		3-20-2019		375,000,000		3,401,763
Japan Government Ten Year Bond Series 301 (JPY)		1.50		6-20-2019		620,000,000		5,646,956
Japan Government Ten Year Bond Series 302 (JPY)		1.40		6-20-2019		600,000,000		5,451,370
Japan Government Ten Year Bond Series 303 (JPY)		1.40		9-20-2019		970,000,000		8,844,504
Japan Government Ten Year Bond Series 304 (JPY)		1.30		9-20-2019		500,000,000		4,547,004
Japan Government Ten Year Bond Series 305 (JPY)		1.30		12-20-2019		1,000,000,000		9,123,377
Japan Government Ten Year Bond Series 306 (JPY)		1.40		3-20-2020		460,000,000		4,223,211
Japan Government Ten Year Bond Series 309 (JPY)		1.10		6-20-2020		600,000,000		5,471,404
Japan Government Ten Year Bond Series 311 (JPY)		0.80		9-20-2020		702,000,000		6,347,729
Japan Government Ten Year Bond Series 312 (JPY)		1.20		12-20-2020		650,000,000		5,982,182
Japan Government Ten Year Bond Series 313 (JPY)		1.30		3-20-2021		517,000,000		4,792,028
Japan Government Ten Year Bond Series 315 (JPY)		1.20		6-20-2021		865,000,000		8,007,781
Japan Government Ten Year Bond Series 317 (JPY)		1.10		9-20-2021		200,000,000		1,848,398
Japan Government Ten Year Bond Series 318 (JPY)		1.00		9-20-2021		725,000,000		6,669,835
Japan Government Ten Year Bond Series 320 (JPY)		1.00		12-20-2021		725,000,000		6,686,882
Japan Government Ten Year Bond Series 321 (JPY)		1.00		3-20-2022		600,000,000		5,546,086
Japan Government Ten Year Bond Series 322 (JPY)		0.90		3-20-2022		400,000,000		3,678,825
Japan Government Ten Year Bond Series 324 (JPY)		0.80		6-20-2022		500,000,000		4,585,814
Japan Government Ten Year Bond Series 325 (JPY)		0.80		9-20-2022		450,000,000		4,135,925
Japan Government Ten Year Bond Series 326 (JPY)		0.70		12-20-2022		600,000,000		5,493,693
Japan Government Ten Year Bond Series 327 (JPY)		0.80		12-20-2022		750,000,000		6,906,975
Japan Government Ten Year Bond Series 328 (JPY)		0.60		3-20-2023		1,150,000,000		10,482,134
Japan Government Ten Year Bond Series 329 (JPY)		0.80		6-20-2023		900,000,000		8,316,140
Japan Government Ten Year Bond Series 332 (JPY)		0.60		12-20-2023		500,000,000		4,572,833
Japan Government Ten Year Bond Series 333 (JPY)		0.60		3-20-2024		500,000,000		4,576,286
Japan Government Ten Year Bond Series 335 (JPY)		0.50		9-20-2024		500,000,000		4,551,025
Japan Government Ten Year Bond Series 336 (JPY)		0.50		12-20-2024		500,000,000		4,554,215
Japan Government Ten Year Bond Series 337 (JPY)		0.30		12-20-2024		550,000,000		4,932,140
Japan Government Ten Year Bond Series 338 (JPY)		0.40		3-20-2025		525,000,000		4,747,738
Japan Government Ten Year Bond Series 339 (JPY)		0.40		6-20-2025		500,000,000		4,523,185
Japan Government Ten Year Bond Series 340 (JPY)		0.40		9-20-2025		450,000,000		4,072,755
Japan Government Ten Year Bond Series 341 (JPY)		0.30		12-20-2025		500,000,000		4,488,484
Japan Government Ten Year Bond Series 342 (JPY)		0.10		3-20-2026		700,000,000		6,169,704
Japan Government Ten Year Bond Series 343 (JPY)		0.10		6-20-2026		500,000,000		4,406,232
Japan Government Ten Year Bond Series 344 (JPY)		0.10		9-20-2026		800,000,000		7,045,986
Japan Government Thirty Year Bond Series 03 (JPY)		2.30		5-20-2030		100,000,000		1,125,327
Japan Government Thirty Year Bond Series 04 (JPY)		2.90		11-20-2030		40,000,000		481,643
Japan Government Thirty Year Bond Series 11 (JPY)		1.70		6-20-2033		247,000,000		2,653,126
Japan Government Thirty Year Bond Series 14 (JPY)		2.40		3-20-2034		125,000,000		1,473,209
Japan Government Thirty Year Bond Series 15 (JPY)		2.50		6-20-2034		245,000,000		2,930,684

66

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Japan Government Thirty Year Bond Series 16 (JPY)		2.50	%	9-20-2034		150,000,000	$	1,794,821
Japan Government Thirty Year Bond Series 18 (JPY)		2.30		3-20-2035		715,500,000		8,379,490
Japan Government Thirty Year Bond Series 23 (JPY)		2.50		6-20-2036		375,000,000		4,538,744
Japan Government Thirty Year Bond Series 25 (JPY)		2.30		12-20-2036		240,000,000		2,834,310
Japan Government Thirty Year Bond Series 26 (JPY)		2.40		3-20-2037		300,000,000		3,599,816
Japan Government Thirty Year Bond Series 27 (JPY)		2.50		9-20-2037		140,000,000		1,712,159
Japan Government Thirty Year Bond Series 28 (JPY)		2.50		3-20-2038		225,000,000		2,764,567
Japan Government Thirty Year Bond Series 29 (JPY)		2.40		9-20-2038		130,000,000		1,580,192
Japan Government Thirty Year Bond Series 30 (JPY)		2.30		3-20-2039		210,000,000		2,527,636
Japan Government Thirty Year Bond Series 31 (JPY)		2.20		9-20-2039		255,000,000		3,037,220
Japan Government Thirty Year Bond Series 32 (JPY)		2.30		3-20-2040		300,000,000		3,648,800
Japan Government Thirty Year Bond Series 34 (JPY)		2.20		3-20-2041		400,000,000		4,829,754
Japan Government Thirty Year Bond Series 36 (JPY)		2.00		3-20-2042		490,000,000		5,768,084
Japan Government Thirty Year Bond Series 37 (JPY)		1.90		9-20-2042		500,000,000		5,802,762
Japan Government Thirty Year Bond Series 38 (JPY)		1.80		3-20-2043		325,000,000		3,716,088
Japan Government Thirty Year Bond Series 42 (JPY)		1.70		3-20-2044		725,000,000		8,182,700
Japan Government Thirty Year Bond Series 49 (JPY)		1.40		12-20-2045		200,000,000		2,142,214
Japan Government Thirty Year Bond Series 51 (JPY)		0.30		6-20-2046		200,000,000		1,621,730
Japan Government Thirty Year Bond Series 52 (JPY)		0.50		9-20-2046		150,000,000		1,286,967
Japan Government Twenty Year Bond Series 041 (JPY)		1.50		3-20-2019		295,000,000		2,677,034
Japan Government Twenty Year Bond Series 045 (JPY)		2.40		3-20-2020		430,000,000		4,071,215
Japan Government Twenty Year Bond Series 048 (JPY)		2.50		12-21-2020		100,000,000		966,444
Japan Government Twenty Year Bond Series 050 (JPY)		1.90		3-22-2021		429,000,000		4,072,959
Japan Government Twenty Year Bond Series 052 (JPY)		2.10		9-21-2021		408,000,000		3,942,663
Japan Government Twenty Year Bond Series 055 (JPY)		2.00		3-21-2022		300,000,000		2,912,207
Japan Government Twenty Year Bond Series 058 (JPY)		1.90		9-20-2022		560,000,000		5,461,377
Japan Government Twenty Year Bond Series 059 (JPY)		1.70		12-20-2022		100,000,000		969,223
Japan Government Twenty Year Bond Series 060 (JPY)		1.40		12-20-2022		100,000,000		953,271
Japan Government Twenty Year Bond Series 062 (JPY)		0.80		6-20-2023		257,000,000		2,374,720
Japan Government Twenty Year Bond Series 064 (JPY)		1.90		9-20-2023		428,500,000		4,246,834
Japan Government Twenty Year Bond Series 067 (JPY)		1.90		3-20-2024		678,000,000		6,765,362
Japan Government Twenty Year Bond Series 070 (JPY)		2.40		6-20-2024		293,000,000		3,032,930
Japan Government Twenty Year Bond Series 073 (JPY)		2.00		12-20-2024		898,500,000		9,133,906
Japan Government Twenty Year Bond Series 076 (JPY)		1.90		3-20-2025		300,000,000		3,039,255
Japan Government Twenty Year Bond Series 082 (JPY)		2.10		9-20-2025		455,000,000		4,716,442
Japan Government Twenty Year Bond Series 086 (JPY)		2.30		3-20-2026		555,000,000		5,887,594
Japan Government Twenty Year Bond Series 088 (JPY)		2.30		6-20-2026		375,000,000		3,992,461
Japan Government Twenty Year Bond Series 090 (JPY)		2.20		9-20-2026		250,000,000		2,650,999
Japan Government Twenty Year Bond Series 092 (JPY)		2.10		12-20-2026		230,000,000		2,427,942
Japan Government Twenty Year Bond Series 095 (JPY)		2.30		6-20-2027		165,000,000		1,783,754
Japan Government Twenty Year Bond Series 097 (JPY)		2.20		9-20-2027		200,000,000		2,151,549
Japan Government Twenty Year Bond Series 099 (JPY)		2.10		12-20-2027		100,000,000		1,069,743
Japan Government Twenty Year Bond Series 100 (JPY)		2.20		3-20-2028		250,000,000		2,707,596
Japan Government Twenty Year Bond Series 102 (JPY)		2.40		6-20-2028		210,000,000		2,323,758
Japan Government Twenty Year Bond Series 105 (JPY)		2.10		9-20-2028		200,000,000		2,161,322
Japan Government Twenty Year Bond Series 108 (JPY)		1.90		12-20-2028		322,000,000		3,423,605
Japan Government Twenty Year Bond Series 110 (JPY)		2.10		3-20-2029		530,000,000		5,761,182
Japan Government Twenty Year Bond Series 112 (JPY)		2.10		6-20-2029		173,000,000		1,886,359
Japan Government Twenty Year Bond Series 113 (JPY)		2.10		9-20-2029		350,000,000		3,826,489
Japan Government Twenty Year Bond Series 115 (JPY)		2.20		12-20-2029		160,000,000		1,771,923
Japan Government Twenty Year Bond Series 116 (JPY)		2.20		3-20-2030		100,000,000		1,110,546
Japan Government Twenty Year Bond Series 117 (JPY)		2.10		3-20-2030		200,000,000		2,198,243
Japan Government Twenty Year Bond Series 118 (JPY)		2.00		6-20-2030		70,000,000		763,254
Japan Government Twenty Year Bond Series 120 (JPY)		1.60		6-20-2030		326,500,000		3,407,809
Japan Government Twenty Year Bond Series 121 (JPY)		1.90		9-20-2030		235,000,000		2,540,395
Japan Government Twenty Year Bond Series 123 (JPY)		2.10		12-20-2030		240,000,000		2,658,513
Japan Government Twenty Year Bond Series 125 (JPY)		2.20		3-20-2031		100,000,000		1,122,696
Japan Government Twenty Year Bond Series 126 (JPY)		2.00		3-20-2031		160,000,000		1,756,986
Japan Government Twenty Year Bond Series 127 (JPY)		1.90		3-20-2031		155,000,000		1,683,167
Japan Government Twenty Year Bond Series 128 (JPY)		1.90		6-20-2031		515,000,000		5,604,072
Japan Government Twenty Year Bond Series 130 (JPY)		1.80		9-20-2031		125,000,000		1,347,220
Japan Government Twenty Year Bond Series 133 (JPY)		1.80		12-20-2031		390,000,000		4,210,180
Japan Government Twenty Year Bond Series 134 (JPY)		1.80		3-20-2032		100,000,000		1,081,037

67

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 139 (JPY)		1.60	%	6-20-2032		250,000,000	$	2,640,204
Japan Government Twenty Year Bond Series 140 (JPY)		1.70		9-20-2032		600,000,000		6,426,904
Japan Government Twenty Year Bond Series 141 (JPY)		1.70		12-20-2032		300,000,000		3,213,478
Japan Government Twenty Year Bond Series 142 (JPY)		1.80		12-20-2032		300,000,000		3,253,992
Japan Government Twenty Year Bond Series 143 (JPY)		1.60		3-20-2033		300,000,000		3,177,108
Japan Government Twenty Year Bond Series 146 (JPY)		1.70		9-20-2033		550,000,000		5,909,597
Japan Government Twenty Year Bond Series 147 (JPY)		1.60		12-20-2033		500,000,000		5,297,758
Japan Government Twenty Year Bond Series 148 (JPY)		1.50		3-20-2034		1,150,000,000		12,023,006
Japan Government Twenty Year Bond Series 149 (JPY)		1.50		6-20-2034		680,000,000		7,108,780
Japan Government Twenty Year Bond Series 152 (JPY)		1.20		3-20-2035		300,000,000		3,000,734
Japan Government Twenty Year Bond Series 153 (JPY)		1.30		6-20-2035		150,000,000		1,524,282
Japan Government Twenty Year Bond Series 154 (JPY)		1.20		9-20-2035		450,000,000		4,499,095
Japan Government Twenty Year Bond Series 155 (JPY)		1.00		12-20-2035		150,000,000		1,451,331
Japan Government Twenty Year Bond Series 156 (JPY)		0.40		3-20-2036		325,000,000		2,825,445
Japan Government Twenty Year Bond Series 157 (JPY)		0.20		6-20-2036		200,000,000		1,668,966
Japan Government Twenty Year Bond Series 158 (JPY)		0.50		9-20-2036		250,000,000		2,205,367
Japan Government Twenty Year Bond Series 40 (JPY)		2.30		9-20-2018		200,000,000		1,826,249
Japan Government Twenty Year Bond Series 72 (JPY)		2.10		9-20-2024		175,000,000		1,784,050
Japan Government Twenty Year Bond Series 79 (JPY)		2.00		6-20-2025		825,000,000		8,450,977
Japan Government Two Year Bond Series 360 (JPY)		0.10		1-15-2018		500,000,000		4,386,915
Japan Government Two Year Bond Series 362 (JPY)		0.10		3-15-2018		250,000,000		2,193,851
Japan Government Two Year Bond Series 364 (JPY)		0.10		5-15-2018		500,000,000		4,389,013
Japan Government Two Year Bond Series 367 (JPY)		0.10		8-15-2018		450,000,000		3,951,527
Japan Government Two Year Bond Series 368 (JPY)		0.10		9-15-2018		500,000,000		4,391,679
Japan Government Two Year Bond Series 369 (JPY)		0.10		10-15-2018		500,000,000		4,393,252
Japan Government Two Year Bond Series 370 (JPY)		0.10		11-15-2018		500,000,000		4,392,902
Netherlands Government Bond (EUR) 144A¤		0.00		4-15-2018		1,100,000		1,177,128
Netherlands Government Bond (EUR) 144A¤		0.00		1-15-2022		1,000,000		1,075,778
Netherlands Government Bond (EUR)		0.25		1-15-2020		1,450,000		1,579,342
Netherlands Government Bond (EUR) 144A		0.25		7-15-2025		1,350,000		1,427,864
Netherlands Government Bond (EUR) 144A		0.50		7-15-2026		1,500,000		1,600,351
Netherlands Government Bond (EUR) 144A		1.25		1-15-2018		1,000,000		1,083,824
Netherlands Government Bond (EUR) 144A		1.25		1-15-2019		1,000,000		1,104,165
Netherlands Government Bond (EUR) 144A		1.75		7-15-2023		1,450,000		1,724,752
Netherlands Government Bond (EUR) 144A		2.00		7-15-2024		1,425,000		1,726,290
Netherlands Government Bond (EUR) 144A		2.25		7-15-2022		1,200,000		1,452,900
Netherlands Government Bond (EUR) 144A		2.50		1-15-2033		1,050,000		1,409,825
Netherlands Government Bond (EUR) 144A		2.75		1-15-2047		1,000,000		1,535,468
Netherlands Government Bond (EUR) 144A		3.25		7-15-2021		1,200,000		1,490,080
Netherlands Government Bond (EUR) 144A		3.50		7-15-2020		1,450,000		1,766,302
Netherlands Government Bond (EUR)		3.75		1-15-2023		970,000		1,279,738
Netherlands Government Bond (EUR) 144A		3.75		1-15-2042		1,350,000		2,341,414
Netherlands Government Bond (EUR) 144A		4.00		7-15-2018		1,450,000		1,655,022
Netherlands Government Bond (EUR) 144A		4.00		7-15-2019		1,450,000		1,726,598
Netherlands Government Bond (EUR) 144A		4.00		1-15-2037		1,228,000		2,070,419
Netherlands Government Bond (EUR)		5.50		1-15-2028		1,050,000		1,718,097
Netherlands Government Bond (EUR)		7.50		1-15-2023		335,000		523,793
Spain Government Bond (EUR) 144A		4.00		4-30-2020		2,025,000		2,417,153
Spain Government Bond (EUR) 144A		4.20		1-31-2037		1,800,000		2,469,911
Spain Government Bond (EUR) 144A		4.30		10-31-2019		1,750,000		2,074,579
Spain Government Bond (EUR) 144A		4.60		7-30-2019		2,000,000		2,367,255
Spain Government Bond (EUR) 144A		4.65		7-30-2025		1,600,000		2,143,867
Spain Government Bond (EUR) 144A		4.70		7-30-2041		1,200,000		1,765,265
Spain Government Bond (EUR) 144A		4.80		1-31-2024		1,650,000		2,193,998
Spain Government Bond (EUR) 144A		4.85		10-31-2020		1,600,000		1,992,077
Spain Government Bond (EUR) 144A		4.90		7-30-2040		1,150,000		1,731,139
Spain Government Bond (EUR) 144A		5.50		4-30-2021		2,150,000		2,781,415
Spain Government Bond (EUR)		5.75		7-30-2032		1,850,000		2,933,560
Spain Government Bond (EUR) 144A		5.85		1-31-2022		2,000,000		2,681,282
Spain Government Bond (EUR) 144A		5.90		7-30-2026		1,500,000		2,209,621
Spain Government Bond (EUR)		6.00		1-31-2029		1,100,000		1,699,701
Sweden Government Bond Series 1047 (SEK)		5.00		12-1-2020		7,590,000		1,003,337
Sweden Government Bond Series 1052 (SEK)		4.25		3-12-2019		8,650,000		1,045,000
Sweden Government Bond Series 1053 (SEK)		3.50		3-30-2039		3,750,000		566,168
Sweden Government Bond Series 1054 (SEK)		3.50		6-1-2022		8,650,000		1,127,531

68

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Sweden Government Bond Series 1056 (SEK)		2.25	%	6-1-2032		1,000,000	$	126,144
Sweden Government Bond Series 1057 (SEK)		1.50		11-13-2023		7,300,000		869,133
Sweden Government Bond Series 1058 (SEK)		2.50		5-12-2025		6,000,000		770,148
Sweden Government Bond Series 1059 (SEK)		1.00		11-12-2026		6,000,000		679,842
United Kingdom Gilt (GBP)		0.50		7-22-2022		1,000,000		1,227,432
United Kingdom Gilt (GBP)		1.25		7-22-2018		3,100,000		3,950,440
United Kingdom Gilt (GBP)		1.50		1-22-2021		2,900,000		3,765,719
United Kingdom Gilt (GBP)		1.50		7-22-2026		2,250,000		2,838,993
United Kingdom Gilt (GBP)		1.50		7-22-2047		1,250,000		1,398,388
United Kingdom Gilt (GBP)		1.75		7-22-2019		2,500,000		3,254,082
United Kingdom Gilt (GBP)		1.75		9-7-2022		2,500,000		3,294,972
United Kingdom Gilt (GBP)		1.75		9-7-2037		750,000		897,410
United Kingdom Gilt (GBP)		2.00		7-22-2020		2,600,000		3,434,471
United Kingdom Gilt (GBP)		2.00		9-7-2025		2,000,000		2,653,096
United Kingdom Gilt (GBP)		2.25		9-7-2023		2,500,000		3,392,628
United Kingdom Gilt (GBP)		2.50		7-22-2065		1,000,000		1,526,936
United Kingdom Gilt (GBP)		2.75		9-7-2024		2,450,000		3,434,968
United Kingdom Gilt (GBP)		3.25		1-22-2044		2,250,000		3,525,536
United Kingdom Gilt (GBP)		3.50		1-22-2045		2,600,000		4,271,862
United Kingdom Gilt (GBP)		3.50		7-22-2068		1,600,000		3,125,713
United Kingdom Gilt (GBP)		3.75		9-7-2019		2,450,000		3,365,481
United Kingdom Gilt (GBP)		3.75		9-7-2020		2,000,000		2,814,904
United Kingdom Gilt (GBP)		3.75		9-7-2021		2,000,000		2,871,851
United Kingdom Gilt (GBP)		3.75		7-22-2052		2,100,000		3,890,242
United Kingdom Gilt (GBP)		4.00		3-7-2022		3,600,000		5,279,210
United Kingdom Gilt (GBP)		4.00		1-22-2060		1,900,000		3,932,124
United Kingdom Gilt (GBP)		4.25		12-7-2027		2,600,000		4,147,401
United Kingdom Gilt (GBP)		4.25		6-7-2032		3,000,000		5,000,751
United Kingdom Gilt (GBP)		4.25		3-7-2036		2,450,000		4,204,575
United Kingdom Gilt (GBP)		4.25		9-7-2039		1,850,000		3,260,305
United Kingdom Gilt (GBP)		4.25		12-7-2040		2,300,000		4,104,125
United Kingdom Gilt (GBP)		4.25		12-7-2046		2,000,000		3,768,863
United Kingdom Gilt (GBP)		4.25		12-7-2049		1,950,000		3,813,922
United Kingdom Gilt (GBP)		4.25		12-7-2055		2,000,000		4,178,609
United Kingdom Gilt (GBP)		4.50		3-7-2019		3,650,000		5,017,954
United Kingdom Gilt (GBP)		4.50		9-7-2034		2,500,000		4,362,924
United Kingdom Gilt (GBP)		4.50		12-7-2042		2,200,000		4,141,070
United Kingdom Gilt (GBP)		4.75		3-7-2020		3,100,000		4,439,291
United Kingdom Gilt (GBP)		4.75		12-7-2030		3,100,000		5,351,662
United Kingdom Gilt (GBP)		4.75		12-7-2038		2,300,000		4,290,693
United Kingdom Gilt (GBP)		5.00		3-7-2018		3,000,000		3,985,808
United Kingdom Gilt (GBP)		5.00		3-7-2025		2,500,000		4,063,202
United Kingdom Gilt (GBP)		6.00		12-7-2028		1,825,000		3,394,031
United Kingdom Gilt (GBP)		8.00		6-7-2021		2,300,000		3,834,873
Total Foreign Government Bonds (Cost $1,432,464,922)								1,348,829,177
U.S. Treasury Securities : 23.39%
U.S. Treasury Bond «		2.25		8-15-2046	$	2,750,000		2,316,124
U.S. Treasury Bond		2.50		2-15-2045		17,750,000		15,866,139
U.S. Treasury Bond		2.50		2-15-2046		8,000,000		7,129,376
U.S. Treasury Bond		2.50		5-15-2046		10,000,000		8,907,810
U.S. Treasury Bond		2.75		8-15-2042		4,500,000		4,275,702
U.S. Treasury Bond		2.75		11-15-2042		8,250,000		7,828,475
U.S. Treasury Bond		2.88		5-15-2043		9,350,000		9,070,229
U.S. Treasury Bond		2.88		8-15-2045		3,000,000		2,896,407
U.S. Treasury Bond		2.88		11-15-2046		5,000,000		4,869,531
U.S. Treasury Bond		3.00		5-15-2042		2,000,000		1,993,282
U.S. Treasury Bond		3.00		11-15-2044		16,600,000		16,465,772
U.S. Treasury Bond		3.13		11-15-2041		6,000,000		6,117,654
U.S. Treasury Bond		3.13		2-15-2042		2,250,000		2,293,769
U.S. Treasury Bond		3.13		2-15-2043		6,250,000		6,364,744
U.S. Treasury Bond		3.13		8-15-2044		8,000,000		8,132,816

69

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		3.38	%	5-15-2044	$	9,000,000	$	9,586,053
U.S. Treasury Bond		3.50		2-15-2039		3,000,000		3,295,314
U.S. Treasury Bond		3.63		8-15-2043		6,500,000		7,243,691
U.S. Treasury Bond		3.63		2-15-2044		9,750,000		10,865,537
U.S. Treasury Bond		3.75		8-15-2041		2,350,000		2,659,448
U.S. Treasury Bond		3.75		11-15-2043		10,000,000		11,393,360
U.S. Treasury Bond		4.25		11-15-2040		4,500,000		5,485,253
U.S. Treasury Bond		4.38		2-15-2038		1,750,000		2,184,219
U.S. Treasury Bond		4.38		11-15-2039		800,000		991,938
U.S. Treasury Bond		4.50		2-15-2036		5,000,000		6,349,415
U.S. Treasury Bond		4.50		5-15-2038		600,000		761,250
U.S. Treasury Bond		4.50		8-15-2039		2,100,000		2,648,379
U.S. Treasury Bond		4.75		2-15-2037		800,000		1,045,187
U.S. Treasury Bond		4.75		2-15-2041		5,200,000		6,807,330
U.S. Treasury Bond		5.00		5-15-2037		800,000		1,078,656
U.S. Treasury Bond		5.50		8-15-2028		1,000,000		1,301,836
U.S. Treasury Bond		6.00		2-15-2026		1,150,000		1,495,853
U.S. Treasury Bond		6.13		11-15-2027		2,400,000		3,241,126
U.S. Treasury Bond		6.25		5-15-2030		3,000,000		4,261,173
U.S. Treasury Bond		6.38		8-15-2027		5,400,000		7,394,625
U.S. Treasury Bond		6.63		2-15-2027		950,000		1,311,928
U.S. Treasury Note		0.63		4-30-2018		4,000,000		3,977,656
U.S. Treasury Note		0.63		6-30-2018		4,000,000		3,974,064
U.S. Treasury Note		0.75		12-31-2017		4,000,000		3,992,656
U.S. Treasury Note		0.75		2-28-2018		5,000,000		4,986,135
U.S. Treasury Note		0.75		3-31-2018		3,500,000		3,488,790
U.S. Treasury Note		0.75		4-30-2018		5,000,000		4,982,030
U.S. Treasury Note		0.75		7-31-2018		2,000,000		1,989,296
U.S. Treasury Note		0.75		8-31-2018		5,000,000		4,970,900
U.S. Treasury Note		0.75		2-15-2019		2,500,000		2,477,148
U.S. Treasury Note		0.75		8-15-2019		5,000,000		4,922,070
U.S. Treasury Note		0.88		1-31-2018		5,000,000		4,995,510
U.S. Treasury Note		0.88		3-31-2018		10,000,000		9,985,550
U.S. Treasury Note		0.88		5-31-2018		6,500,000		6,485,271
U.S. Treasury Note		0.88		4-15-2019		5,000,000		4,958,010
U.S. Treasury Note		0.88		5-15-2019		5,000,000		4,953,320
U.S. Treasury Note		0.88		7-31-2019		2,500,000		2,470,703
U.S. Treasury Note		1.00		2-15-2018		3,000,000		3,001,056
U.S. Treasury Note		1.00		3-15-2018		10,000,000		10,002,340
U.S. Treasury Note		1.00		5-15-2018		2,500,000		2,499,023
U.S. Treasury Note		1.00		5-31-2018		7,000,000		6,996,990
U.S. Treasury Note		1.00		11-30-2018		5,000,000		4,989,258
U.S. Treasury Note		1.00		3-15-2019		10,000,000		9,955,470
U.S. Treasury Note		1.00		6-30-2019		25,000,000		24,809,575
U.S. Treasury Note		1.00		9-30-2019		23,500,000		23,260,418
U.S. Treasury Note		1.00		11-15-2019		5,000,000		4,944,727
U.S. Treasury Note		1.00		11-30-2019		10,000,000		9,882,030
U.S. Treasury Note		1.13		12-31-2019		5,000,000		4,952,345
U.S. Treasury Note		1.13		4-30-2020		15,000,000		14,788,470
U.S. Treasury Note		1.13		2-28-2021		12,500,000		12,168,463
U.S. Treasury Note		1.13		6-30-2021		10,000,000		9,687,890
U.S. Treasury Note		1.13		7-31-2021		10,000,000		9,676,560
U.S. Treasury Note		1.13		8-31-2021		6,500,000		6,286,722
U.S. Treasury Note		1.25		10-31-2018		10,000,000		10,025,000
U.S. Treasury Note		1.25		11-30-2018		10,000,000		10,023,830
U.S. Treasury Note		1.25		1-31-2019		2,500,000		2,504,103
U.S. Treasury Note		1.25		4-30-2019		12,000,000		12,000,000
U.S. Treasury Note		1.25		1-31-2020		7,000,000		6,952,148
U.S. Treasury Note		1.25		2-29-2020		10,000,000		9,924,610
U.S. Treasury Note		1.25		3-31-2021		6,750,000		6,597,862
U.S. Treasury Note		1.25		10-31-2021		3,000,000		2,912,109
U.S. Treasury Note		1.25		7-31-2023		4,500,000		4,241,952
U.S. Treasury Note		1.38		6-30-2018		5,000,000		5,025,585
U.S. Treasury Note		1.38		7-31-2018		5,000,000		5,025,000
U.S. Treasury Note		1.38		9-30-2018		11,000,000		11,050,699

70

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.38	%	12-31-2018	$	10,000,000	$	10,046,880
U.S. Treasury Note		1.38		2-28-2019		5,000,000		5,019,725
U.S. Treasury Note		1.38		1-31-2020		3,000,000		2,991,444
U.S. Treasury Note		1.38		4-30-2020		15,500,000		15,408,581
U.S. Treasury Note		1.38		5-31-2020		10,000,000		9,932,030
U.S. Treasury Note		1.38		1-31-2021		7,750,000		7,630,115
U.S. Treasury Note		1.38		4-30-2021		10,000,000		9,817,190
U.S. Treasury Note		1.38		5-31-2021		10,000,000		9,813,670
U.S. Treasury Note		1.50		8-31-2018		12,000,000		12,082,968
U.S. Treasury Note		1.50		1-31-2019		7,000,000		7,049,763
U.S. Treasury Note		1.50		5-31-2019		22,500,000		22,626,563
U.S. Treasury Note		1.50		2-28-2023		5,000,000		4,813,085
U.S. Treasury Note		1.50		3-31-2023		5,000,000		4,808,010
U.S. Treasury Note		1.50		8-15-2026		10,000,000		9,219,920
U.S. Treasury Note		1.63		3-31-2019		10,000,000		10,094,140
U.S. Treasury Note		1.63		8-31-2019		5,000,000		5,037,695
U.S. Treasury Note		1.63		8-15-2022		6,100,000		5,963,940
U.S. Treasury Note		1.63		11-15-2022		12,500,000		12,173,825
U.S. Treasury Note		1.63		4-30-2023		6,000,000		5,809,452
U.S. Treasury Note		1.63		2-15-2026		14,000,000		13,114,612
U.S. Treasury Note		1.63		5-15-2026		11,000,000		10,281,568
U.S. Treasury Note		1.75		9-30-2019		30,000,000		30,318,485
U.S. Treasury Note		1.75		11-30-2021		5,000,000		4,982,813
U.S. Treasury Note		1.75		2-28-2022		15,000,000		14,843,550
U.S. Treasury Note		1.75		5-15-2022		7,500,000		7,401,270
U.S. Treasury Note		1.75		1-31-2023		5,000,000		4,892,385
U.S. Treasury Note		1.75		5-15-2023		12,500,000		12,189,938
U.S. Treasury Note		2.00		7-31-2020		6,000,000		6,078,984
U.S. Treasury Note		2.00		11-30-2020		10,000,000		10,107,810
U.S. Treasury Note		2.00		5-31-2021		5,000,000		5,038,085
U.S. Treasury Note		2.00		11-15-2021		16,000,000		16,071,872
U.S. Treasury Note		2.00		11-30-2022		5,000,000		4,972,850
U.S. Treasury Note		2.00		2-15-2023		11,000,000		10,920,932
U.S. Treasury Note		2.00		2-15-2025		16,500,000		16,081,692
U.S. Treasury Note		2.00		8-15-2025		13,500,000		13,109,769
U.S. Treasury Note		2.00		11-15-2026		7,500,000		7,263,574
U.S. Treasury Note		2.13		8-31-2020		13,000,000		13,219,375
U.S. Treasury Note		2.13		1-31-2021		10,000,000		10,148,440
U.S. Treasury Note		2.13		6-30-2021		5,000,000		5,062,500
U.S. Treasury Note		2.13		8-15-2021		10,000,000		10,111,720
U.S. Treasury Note		2.13		9-30-2021		2,500,000		2,526,368
U.S. Treasury Note		2.13		12-31-2022		5,000,000		5,003,710
U.S. Treasury Note		2.13		5-15-2025		10,000,000		9,823,440
U.S. Treasury Note		2.25		7-31-2021		7,000,000		7,120,316
U.S. Treasury Note		2.25		11-15-2024		18,500,000		18,411,108
U.S. Treasury Note		2.25		11-15-2025		11,500,000		11,381,861
U.S. Treasury Note		2.38		6-30-2018		3,000,000		3,061,290
U.S. Treasury Note		2.38		8-15-2024		15,000,000		15,090,240
U.S. Treasury Note		2.50		8-15-2023		14,250,000		14,524,427
U.S. Treasury Note		2.50		5-15-2024		15,500,000		15,754,293
U.S. Treasury Note		2.63		1-31-2018		4,000,000		4,076,720
U.S. Treasury Note		2.63		4-30-2018		5,500,000		5,623,750
U.S. Treasury Note		2.63		8-15-2020		12,000,000		12,420,000
U.S. Treasury Note		2.63		11-15-2020		15,000,000		15,527,340
U.S. Treasury Note		2.75		12-31-2017		6,000,000		6,116,952
U.S. Treasury Note		2.75		2-28-2018		4,000,000		4,087,032
U.S. Treasury Note		2.75		11-15-2023		15,500,000		16,037,664
U.S. Treasury Note		2.75		2-15-2024		18,250,000		18,882,326
U.S. Treasury Note		2.88		3-31-2018		5,000,000		5,123,635
U.S. Treasury Note		3.13		5-15-2019		8,000,000		8,356,872
U.S. Treasury Note		3.13		5-15-2021		4,000,000		4,223,592
U.S. Treasury Note		3.38		11-15-2019		8,000,000		8,456,872
U.S. Treasury Note		3.50		2-15-2018		5,000,000		5,150,390

71

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		3.50	%	5-15-2020	$	25,000,000	$	26,615,225
U.S. Treasury Note		3.63		8-15-2019		9,500,000		10,078,161
U.S. Treasury Note		3.63		2-15-2020		20,500,000		21,864,521
U.S. Treasury Note		3.63		2-15-2021		20,000,000		21,517,960
U.S. Treasury Note		3.75		11-15-2018		7,000,000		7,353,829
U.S. Treasury Note		3.88		5-15-2018		3,000,000		3,124,806
U.S. Treasury Note		4.00		8-15-2018		2,525,000		2,651,545
U.S. Treasury Note		6.25		8-15-2023		3,500,000		4,398,244
U.S. Treasury Note		6.50		11-15-2026		1,500,000		2,045,216
U.S. Treasury Note		6.75		8-15-2026		1,500,000		2,067,833
U.S. Treasury Note		6.88		8-15-2025		1,500,000		2,041,172
U.S. Treasury Note		7.13		2-15-2023		3,000,000		3,883,242
U.S. Treasury Note		7.25		8-15-2022		13,000,000		16,678,090
U.S. Treasury Note		7.50		11-15-2024		2,000,000		2,767,110
U.S. Treasury Note		7.88		2-15-2021		500,000		624,043
U.S. Treasury Note		8.00		11-15-2021		4,100,000		5,282,432
U.S. Treasury Note		8.13		8-15-2019		1,350,000		1,593,000
U.S. Treasury Note		8.50		2-15-2020		1,700,000		2,073,735
U.S. Treasury Note		8.75		8-15-2020		400,000		502,594
U.S. Treasury Note		8.88		2-15-2019		1,200,000		1,403,484
U.S. Treasury Note		9.13		5-15-2018		2,900,000		3,238,259
Total U.S. Treasury Securities (Cost $1,259,985,277)								1,268,858,664
Yankee Corporate Bonds and Notes : 4.06%
Consumer Discretionary : 0.06%
Auto Components : 0.01%
Magna International Incorporated		4.15		10-1-2025		250,000		259,348
Media : 0.05%
Grupo Televisa SAB		5.00		5-13-2045		500,000		419,830
Grupo Televisa SAB		6.00		5-15-2018		250,000		263,711
Grupo Televisa SAB		6.63		1-15-2040		500,000		513,616
WPP Finance 2010		3.63		9-7-2022		350,000		359,380
WPP Finance 2010		3.75		9-19-2024		1,000,000		1,004,643
WPP Finance 2010		5.63		11-15-2043		200,000		214,325
								2,775,505
Consumer Staples : 0.05%
Beverages : 0.05%
Coca-Cola Femsa SAB de CV		2.38		11-26-2018		500,000		504,376
Coca-Cola Femsa SAB de CV		3.88		11-26-2023		300,000		304,337
Coca-Cola Femsa SAB de CV		4.63		2-15-2020		200,000		212,409
Coca-Cola Femsa SAB de CV		5.25		11-26-2043		300,000		321,125
Diageo Capital plc		1.13		4-29-2018		500,000		496,813
Diageo Capital plc		2.63		4-29-2023		300,000		296,969
Diageo Capital plc		3.88		4-29-2043		230,000		218,565
Diageo Capital plc		5.88		9-30-2036		175,000		213,562
Fomento Economico Mexicano SAB de CV		2.88		5-10-2023		200,000		191,452
Fomento Economico Mexicano SAB de CV		4.38		5-10-2043		150,000		141,185
								2,900,793
Energy : 0.39%
Oil, Gas & Consumable Fuels : 0.39%
BP Capital Markets plc		1.38		5-10-2018		350,000		348,749
BP Capital Markets plc		2.24		5-10-2019		400,000		402,016
BP Capital Markets plc		2.50		11-6-2022		500,000		484,465
BP Capital Markets plc		2.52		1-15-2020		1,000,000		1,004,701

72

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
BP Capital Markets plc		2.75	%	5-10-2023	$	600,000	$	585,507
BP Capital Markets plc		3.25		5-6-2022		750,000		764,120
BP Capital Markets plc		3.51		3-17-2025		1,000,000		1,007,005
BP Capital Markets plc		3.81		2-10-2024		500,000		516,481
BP Capital Markets plc		4.50		10-1-2020		500,000		536,540
BP Capital Markets plc		4.75		3-10-2019		450,000		477,118
Canadian Natural Resources Limited		3.90		2-1-2025		300,000		294,288
Canadian Natural Resources Limited		5.85		2-1-2035		565,000		576,756
Canadian Natural Resources Limited		6.25		3-15-2038		500,000		544,291
Enbridge Incorporated		3.50		6-10-2024		1,000,000		964,201
Husky Energy Incorporated		4.00		4-15-2024		500,000		507,325
Husky Energy Incorporated		6.80		9-15-2037		100,000		115,527
Husky Energy Incorporated		7.25		12-15-2019		565,000		642,870
Petro-Canada		5.95		5-15-2035		200,000		227,601
Petro-Canada		6.80		5-15-2038		400,000		496,466
Suncor Energy Incorporated		3.60		12-1-2024		600,000		600,350
Suncor Energy Incorporated		5.95		12-1-2034		75,000		85,191
Suncor Energy Incorporated		6.10		6-1-2018		900,000		953,068
Suncor Energy Incorporated		6.50		6-15-2038		400,000		490,336
Suncor Energy Incorporated		6.85		6-1-2039		250,000		317,496
Total Capital Canada Limited		2.75		7-15-2023		350,000		344,889
Total Capital International SA		2.13		1-10-2019		500,000		502,784
Total Capital International SA		2.70		1-25-2023		350,000		346,127
Total Capital International SA		2.88		2-17-2022		250,000		252,411
Total Capital International SA		3.70		1-15-2024		500,000		518,479
Total Capital International SA		3.75		4-10-2024		500,000		522,887
Total Capital SA		4.13		1-28-2021		100,000		106,265
Total Capital SA		4.25		12-15-2021		250,000		270,209
Total Capital SA		4.45		6-24-2020		500,000		537,172
TransCanada PipeLines Limited		2.50		8-1-2022		500,000		487,640
TransCanada PipeLines Limited		3.75		10-16-2023		250,000		257,995
TransCanada PipeLines Limited		3.80		10-1-2020		300,000		313,205
TransCanada PipeLines Limited		5.00		10-16-2043		500,000		541,211
TransCanada PipeLines Limited		5.60		3-31-2034		100,000		113,481
TransCanada PipeLines Limited		6.10		6-1-2040		300,000		358,749
TransCanada PipeLines Limited		6.20		10-15-2037		585,000		702,354
TransCanada PipeLines Limited		7.13		1-15-2019		1,500,000		1,643,069
TransCanada PipeLines Limited		7.63		1-15-2039		500,000		701,862
								21,463,257
Financials : 2.32%
Banks : 1.54%
Australia & New Zealand Banking Group Limited		1.45		5-15-2018		250,000		248,882
Australia & New Zealand Banking Group Limited		2.25		6-13-2019		1,000,000		1,004,829
Australia & New Zealand Banking Group Limited		2.30		6-1-2021		750,000		739,781
Bancolombia SA		5.95		6-3-2021		1,000,000		1,075,500
Bank of Montreal		1.35		8-28-2018		1,000,000		993,531
Bank of Montreal		2.55		11-6-2022		1,000,000		986,924
Bank of Nova Scotia		1.38		12-18-2017		500,000		499,390
Bank of Nova Scotia		1.45		4-25-2018		500,000		498,303
Bank of Nova Scotia		1.70		6-11-2018		300,000		300,012
Bank of Nova Scotia		1.95		1-15-2019		750,000		750,567
Bank of Nova Scotia		2.05		10-30-2018		100,000		100,519
Bank of Nova Scotia		2.80		7-21-2021		750,000		758,678
Bank of Nova Scotia		4.38		1-13-2021		500,000		536,020
Barclays Bank plc		5.14		10-14-2020		800,000		842,694
Barclays plc		2.75		11-8-2019		675,000		672,500
Barclays plc		2.88		6-8-2020		300,000		296,379
Barclays plc		3.25		1-12-2021		500,000		496,608
Barclays plc		3.65		3-16-2025		1,500,000		1,430,001
Barclays plc		4.38		1-12-2026		500,000		499,100

73

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Banks (continued)
Barclays plc		5.20	%	5-12-2026	$	500,000	$	499,496
Barclays plc		5.25		8-17-2045		500,000		520,262
BNP Paribas		2.40		12-12-2018		600,000		605,567
BNP Paribas		2.45		3-17-2019		500,000		503,088
BNP Paribas		2.70		8-20-2018		1,000,000		1,013,960
BNP Paribas		3.25		3-3-2023		500,000		506,393
BNP Paribas		4.25		10-15-2024		400,000		398,414
BNP Paribas		5.00		1-15-2021		1,150,000		1,254,239
BPCE SA		2.50		7-15-2019		1,000,000		1,006,553
BPCE SA		4.00		4-15-2024		500,000		521,624
Canadian Imperial Bank		1.55		1-23-2018		300,000		300,090
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.50		1-11-2021		500,000		538,432
Cooperatieve Rabobank U.A. of Netherlands		3.75		7-21-2026		500,000		484,241
CorpBanca SA 144A		3.88		9-22-2019		600,000		616,135
Credit Suisse (New York)		1.75		1-29-2018		1,000,000		998,586
Credit Suisse (New York)		3.00		10-29-2021		1,000,000		1,002,629
Credit Suisse (New York)		3.63		9-9-2024		1,500,000		1,506,299
Credit Suisse (New York)		4.38		8-5-2020		1,000,000		1,057,258
Credit Suisse (New York)		5.30		8-13-2019		1,500,000		1,617,137
Credit Suisse (New York)		5.40		1-14-2020		1,500,000		1,599,083
Credit Suisse Group Funding Limited		3.75		3-26-2025		1,000,000		958,131
Credit Suisse Group Funding Limited		4.55		4-17-2026		750,000		760,383
Credit Suisse Group Funding Limited		4.88		5-15-2045		500,000		498,676
HSBC Holdings plc		2.95		5-25-2021		1,000,000		993,573
HSBC Holdings plc		3.60		5-25-2023		1,000,000		1,003,523
HSBC Holdings plc		3.90		5-25-2026		1,000,000		994,115
HSBC Holdings plc		4.00		3-30-2022		1,000,000		1,034,182
HSBC Holdings plc		4.25		3-14-2024		1,000,000		1,001,968
HSBC Holdings plc		4.30		3-8-2026		1,000,000		1,025,782
HSBC Holdings plc		4.88		1-14-2022		250,000		268,818
HSBC Holdings plc		5.10		4-5-2021		1,000,000		1,079,134
HSBC Holdings plc		5.25		3-14-2044		500,000		526,513
HSBC Holdings plc		6.10		1-14-2042		500,000		620,083
HSBC Holdings plc		6.50		5-2-2036		1,000,000		1,197,859
HSBC Holdings plc		6.50		9-15-2037		850,000		1,025,378
HSBC Holdings plc		6.80		6-1-2038		350,000		436,003
Intesa Sanpaolo SpA		3.88		1-16-2018		700,000		710,703
Intesa Sanpaolo SpA		3.88		1-15-2019		500,000		509,562
Intesa Sanpaolo SpA		5.25		1-12-2024		500,000		513,911
Lloyds Banking Group plc Subordinated		4.65		3-24-2026		2,000,000		1,992,216
Lloyds Banking Group plc Subordinated		5.30		12-1-2045		550,000		554,395
Mitsubishi UFJ Financial Group Incorporated		2.76		9-13-2026		800,000		754,084
Mitsubishi UFJ Financial Group Incorporated		2.95		3-1-2021		875,000		879,292
Mitsubishi UFJ Financial Group Incorporated		3.85		3-1-2026		750,000		773,843
National Australia Bank Limited		1.88		7-12-2021		500,000		484,578
National Australia Bank Limited		2.30		7-25-2018		500,000		504,865
National Australia Bank Limited		2.50		7-12-2026		750,000		700,019
National Australia Bank Limited		3.00		1-20-2023		350,000		350,097
NIBC Bank NV		4.88		11-19-2019		800,000		859,779
Perrigo Finance Unlimited Company		4.38		3-15-2026		500,000		498,691
Rabobank Nederland NV		1.70		3-19-2018		500,000		500,165
Rabobank Nederland NV		2.25		1-14-2019		500,000		502,874
Rabobank Nederland NV		3.38		5-21-2025		500,000		507,773
Rabobank Nederland NV		3.88		2-8-2022		500,000		528,206
Rabobank Nederland NV		3.95		11-9-2022		750,000		767,000
Rabobank Nederland NV		4.63		12-1-2023		750,000		784,465
Rabobank Nederland NV		5.25		5-24-2041		725,000		834,829
Rabobank Nederland NV		5.75		12-1-2043		1,000,000		1,158,758
Royal Bank of Canada		1.50		1-16-2018		450,000		449,655
Royal Bank of Canada		2.00		12-10-2018		1,500,000		1,505,397
Royal Bank of Canada		2.15		3-15-2019		500,000		501,968
Royal Bank of Canada		2.20		7-27-2018		1,000,000		1,007,891
Royal Bank of Canada		2.50		1-19-2021		500,000		502,479
Royal Bank of Canada		4.65		1-27-2026		500,000		523,090
Royal Bank of Scotland Group plc		3.88		9-12-2023		750,000		708,449

74

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Banks (continued)
Royal Bank of Scotland Group plc		4.80	%	4-5-2026	$	500,000	$	490,291
Santander UK plc		2.50		3-14-2019		1,500,000		1,507,596
Santander UK plc		3.05		8-23-2018		500,000		508,307
Santander UK plc		4.00		3-13-2024		750,000		780,500
Skandinaviska Enskilda		2.63		3-15-2021		500,000		500,184
Sumitomo Mitsui Banking Corporation		1.50		1-18-2018		500,000		498,132
Sumitomo Mitsui Banking Corporation		2.25		7-11-2019		500,000		499,352
Sumitomo Mitsui Banking Corporation		2.45		1-10-2019		500,000		502,628
Sumitomo Mitsui Banking Corporation		3.20		7-18-2022		1,000,000		1,010,844
Sumitomo Mitsui Banking Corporation		3.40		7-11-2024		250,000		251,869
Sumitomo Mitsui Banking Corporation		3.95		7-19-2023		250,000		261,289
Sumitomo Mitsui Financial Group		2.93		3-9-2021		1,500,000		1,505,247
Sumitomo Mitsui Financial Group		3.01		10-19-2026		750,000		715,709
Sumitomo Mitsui Financial Group		3.78		3-9-2026		1,000,000		1,022,193
Svenska Handelsbanken AB		1.63		3-21-2018		400,000		399,644
Svenska Handelsbanken AB		2.25		6-17-2019		500,000		502,112
Svenska Handelsbanken AB		2.45		3-30-2021		750,000		746,165
Toronto Dominion Bank		1.40		4-30-2018		1,250,000		1,247,048
Toronto Dominion Bank		2.13		7-2-2019		500,000		502,266
Toronto Dominion Bank		2.50		12-14-2020		1,500,000		1,509,714
Toronto Dominion Bank		2.63		9-10-2018		600,000		609,692
Toronto Dominion Bank Subordinated ±		3.63		9-15-2031		750,000		721,089
Westpac Banking Corporation		1.55		5-25-2018		1,000,000		997,803
Westpac Banking Corporation		2.10		5-13-2021		500,000		489,698
Westpac Banking Corporation		2.25		1-17-2019		250,000		251,201
Westpac Banking Corporation		2.30		5-26-2020		1,000,000		994,643
Westpac Banking Corporation		2.85		5-13-2026		1,000,000		956,345
								83,554,420
Capital Markets : 0.11%
Deutsche Bank AG (London)		1.88		2-13-2018		1,500,000		1,480,739
Deutsche Bank AG (London)		2.50		2-13-2019		500,000		490,279
Deutsche Bank AG (London)		2.85		5-10-2019		600,000		592,746
Deutsche Bank AG (London)		3.38		5-12-2021		600,000		580,226
Deutsche Bank AG (London)		3.70		5-30-2024		1,000,000		933,156
Invesco Finance plc		4.00		1-30-2024		250,000		261,704
Invesco Finance plc		5.38		11-30-2043		250,000		271,734
Nomura Holdings Incorporated		2.75		3-19-2019		500,000		505,219
Nomura Holdings Incorporated		6.70		3-4-2020		356,000		398,928
Sasol Financing International Company		4.50		11-14-2022		500,000		485,600
								6,000,331
Diversified Financial Services : 0.61%
Barrick Australian Finance Proprietary Limited		5.95		10-15-2039		550,000		586,214
BHP Billiton Finance USA Limited		2.88		2-24-2022		350,000		353,643
BHP Billiton Finance USA Limited		3.25		11-21-2021		500,000		516,221
BHP Billiton Finance USA Limited «		3.85		9-30-2023		1,500,000		1,584,300
BHP Billiton Finance USA Limited		4.13		2-24-2042		650,000		629,216
BHP Billiton Finance USA Limited		5.00		9-30-2043		500,000		554,574
Burlington Resources Finance Company		7.20		8-15-2031		500,000		623,151
ConocoPhillips Canada Funding Company		5.95		10-15-2036		300,000		336,829
GE Capital International Funding Company		2.34		11-15-2020		6,500,000		6,494,774
GE Capital International Funding Company		3.37		11-15-2025		1,500,000		1,517,213
GE Capital International Funding Company		4.42		11-15-2035		4,013,000		4,169,346
Schlumberger Investment SA		3.65		12-1-2023		604,000		626,375
Shell International Finance BV		1.38		5-10-2019		750,000		740,858
Shell International Finance BV		1.90		8-10-2018		1,000,000		1,006,008
Shell International Finance BV		2.00		11-15-2018		500,000		503,706
Shell International Finance BV		2.13		5-11-2020		750,000		747,217
Shell International Finance BV		2.25		1-6-2023		250,000		240,209
Shell International Finance BV		2.38		8-21-2022		250,000		244,582

75

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
Shell International Finance BV		2.88	%		5-10-2026	$	1,000,000	$	961,329
Shell International Finance BV		3.25			5-11-2025		1,000,000		995,923
Shell International Finance BV		3.40			8-12-2023		250,000		254,567
Shell International Finance BV		3.63			8-21-2042		250,000		219,896
Shell International Finance BV		4.00			5-10-2046		650,000		601,487
Shell International Finance BV		4.13			5-11-2035		500,000		497,834
Shell International Finance BV		4.30			9-22-2019		1,000,000		1,061,037
Shell International Finance BV		4.38			3-25-2020		500,000		537,889
Shell International Finance BV		4.38			5-11-2045		500,000		490,818
Shell International Finance BV		4.55			8-12-2043		500,000		501,316
Shell International Finance BV		5.50			3-25-2040		300,000		340,719
Shell International Finance BV		6.38			12-15-2038		850,000		1,067,061
Syngenta Finance NV		3.13			3-28-2022		500,000		500,300
Tyco International Finance SV		3.90			2-14-2026		500,000		516,236
UBS AG (Stamford)		1.80			3-26-2018		500,000		500,103
UBS AG (Stamford)		2.35			3-26-2020		500,000		498,130
UBS AG (Stamford)		2.38			8-14-2019		1,750,000		1,759,350
									32,778,431
Insurance : 0.06%
AON plc		4.00			11-27-2023		150,000		156,406
AON plc		4.45			5-24-2043		100,000		95,577
AON plc		4.60			6-14-2044		600,000		589,900
Aspen Insurance Holdings Limited		4.65			11-15-2023		200,000		204,934
AXA SA		8.60			12-15-2030		650,000		903,630
Montpelier Re Holdings Limited		4.70			10-15-2022		100,000		99,609
Trinity Acquisition plc		4.63			8-15-2023		350,000		363,117
Trinity Acquisition plc		6.13			8-15-2043		350,000		370,748
XLIT Limited		2.30			12-15-2018		350,000		352,419
XLIT Limited		5.25			12-15-2043		200,000		202,531
									3,338,871
Health Care : 0.32%
Health Care Equipment & Supplies : 0.02%
Covidien International Finance SA		3.20			6-15-2022		500,000		511,265
Covidien International Finance SA		6.55			10-15-2037		400,000		509,383
									1,020,648
Pharmaceuticals : 0.30%
Actavis Funding SCS		3.00			3-12-2020		2,150,000		2,181,571
Actavis Funding SCS		3.80			3-15-2025		2,500,000		2,510,998
Actavis Funding SCS		3.85			6-15-2024		500,000		505,078
Actavis Funding SCS		4.75			3-15-2045		1,000,000		989,330
Actavis Funding SCS		4.85			6-15-2044		500,000		495,674
Astrazeneca plc		2.38			11-16-2020		500,000		497,926
AstraZeneca plc		4.00			9-18-2042		550,000		519,641
AstraZeneca plc		6.45			9-15-2037		1,150,000		1,476,154
Novartis Securities Investment Limited		5.13			2-10-2019		1,000,000		1,071,439
Perrigo Company plc		2.30			11-8-2018		295,000		295,298
Perrigo Company plc		4.00			11-15-2023		250,000		248,972
Sanofi Aventis		1.25			4-10-2018		591,000		589,888
Sanofi Aventis		4.00			3-29-2021		700,000		746,620
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		900,000		869,713
Shire plc ADR		1.90			9-23-2019		900,000		887,968
Shire plc ADR		3.20			9-23-2026		800,000		749,573
Teva Pharmaceutical Finance BV		2.95			12-18-2022		500,000		483,918
Teva Pharmaceutical Finance BV		3.15			10-1-2026		1,250,000		1,156,093
									16,275,854

76

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Industrials : 0.20%
Industrial Conglomerates : 0.06%
Koninklijke Philips Electronics NV		3.75	%	3-15-2022	$	500,000	$	525,147
Koninklijke Philips Electronics NV		5.00		3-15-2042		500,000		511,372
Koninklijke Philips Electronics NV		5.75		3-11-2018		650,000		681,595
Koninklijke Philips Electronics NV		6.88		3-11-2038		250,000		304,713
Tyco Electronics Group SA		3.45		8-1-2024		200,000		201,288
Tyco Electronics Group SA		4.88		1-15-2021		500,000		539,639
Tyco Electronics Group SA		7.13		10-1-2037		350,000		451,017
								3,214,771
Machinery : 0.01%
Pentair Finance SA		3.15		9-15-2022		250,000		244,837
Pentair Finance SA		5.00		5-15-2021		300,000		320,465
								565,302
Road & Rail : 0.06%
Canadian National Railway Company		2.25		11-15-2022		350,000		340,635
Canadian National Railway Company		5.55		3-1-2019		435,000		469,621
Canadian National Railway Company		6.20		6-1-2036		200,000		258,762
Canadian National Railway Company		6.38		11-15-2037		550,000		720,805
Canadian Pacific Railway Company		4.45		3-15-2023		200,000		215,450
Canadian Pacific Railway Company		5.75		3-15-2033		360,000		411,396
Canadian Pacific Railway Company		5.95		5-15-2037		65,000		77,098
Canadian Pacific Railway Company		6.13		9-15-2115		500,000		575,041
Canadian Pacific Railway Company		7.25		5-15-2019		65,000		72,908
								3,141,716
Trading Companies & Distributors : 0.07%
AerCap Ireland Capital Limited		3.75		5-15-2019		825,000		839,438
AerCap Ireland Capital Limited		3.95		2-1-2022		1,100,000		1,113,750
AerCap Ireland Capital Limited		4.50		5-15-2021		850,000		876,563
AerCap Ireland Capital Limited		4.63		10-30-2020		950,000		992,750
								3,822,501
Information Technology : 0.11%
Communications Equipment : 0.01%
Ericsson LM		4.13		5-15-2022		400,000		403,108
Internet Software & Services : 0.07%
Alibaba Group Holding Limited		2.50		11-28-2019		1,000,000		1,006,641
Alibaba Group Holding Limited		3.60		11-28-2024		1,000,000		988,630
Alibaba Group Holding Limited		4.50		11-28-2034		300,000		300,732
Baidu Incorporated		2.75		6-9-2019		750,000		757,568
Baidu Incorporated		3.25		8-6-2018		576,000		587,092
								3,640,663
Technology Hardware, Storage & Peripherals : 0.03%
Seagate HDD Cayman		4.75		6-1-2023		1,000,000		971,250
Seagate HDD Cayman		4.75		1-1-2025		1,000,000		932,500
								1,903,750

77

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Materials : 0.23%
Chemicals : 0.09%
Agrium Incorporated		3.50	%	6-1-2023	$	300,000	$	301,558
Agrium Incorporated		4.90		6-1-2043		200,000		193,868
Agrium Incorporated		5.25		1-15-2045		400,000		407,663
Agrium Incorporated		6.13		1-15-2041		165,000		184,099
Agrium Incorporated		6.75		1-15-2019		300,000		326,045
LYB International Finance BV		4.88		3-15-2044		500,000		509,416
LyondellBasell Industries NV		4.63		2-26-2055		500,000		452,628
LyondellBasell Industries NV		5.00		4-15-2019		400,000		423,342
LyondellBasell Industries NV		5.75		4-15-2024		500,000		569,801
LyondellBasell Industries NV		6.00		11-15-2021		500,000		567,734
Methanex Corporation		3.25		12-15-2019		100,000		97,739
Potash Corporation of Saskatchewan Incorporated		4.88		3-30-2020		255,000		270,995
Potash Corporation of Saskatchewan Incorporated		5.63		12-1-2040		200,000		214,074
Potash Corporation of Saskatchewan Incorporated		5.88		12-1-2036		225,000		245,431
Potash Corporation of Saskatchewan Incorporated		6.50		5-15-2019		65,000		71,223
								4,835,616
Metals & Mining : 0.13%
Barrick Gold Corporation		4.10		5-1-2023		220,000		227,914
Barrick Gold Corporation		5.25		4-1-2042		500,000		500,795
Goldcorp Incorporated		2.13		3-15-2018		100,000		100,015
Goldcorp Incorporated		3.70		3-15-2023		300,000		297,388
Rio Tinto Alcan Incorporated		6.13		12-15-2033		600,000		661,289
Rio Tinto Finance (USA) Limited		2.88		8-21-2022		64,000		64,437
Rio Tinto Finance (USA) Limited		3.75		9-20-2021		199,000		208,833
Rio Tinto Finance (USA) Limited		4.13		8-21-2042		250,000		243,504
Rio Tinto Finance (USA) Limited		4.75		3-22-2042		250,000		266,856
Rio Tinto Finance (USA) Limited		5.20		11-2-2040		300,000		335,767
Rio Tinto Finance (USA) Limited		7.13		7-15-2028		500,000		641,395
Rio Tinto Finance (USA) Limited		9.00		5-1-2019		480,000		556,696
Vale Overseas Limited		4.38		1-11-2022		200,000		197,500
Vale Overseas Limited		4.63		9-15-2020		300,000		302,667
Vale Overseas Limited		6.88		11-21-2036		1,260,000		1,213,279
Vale Overseas Limited		6.88		11-10-2039		130,000		122,850
Vale Overseas Limited		8.25		1-17-2034		300,000		325,125
Vale SA		5.63		9-11-2042		750,000		645,473
								6,911,783
Paper & Forest Products : 0.01%
Celulosa Arauco y Constitucion SA		4.75		1-11-2022		500,000		513,541
Celulosa Arauco y Constitucion SA		7.25		7-29-2019		350,000		387,872
								901,413
Telecommunication Services : 0.37%
Diversified Telecommunication Services : 0.22%
British Telecommunications plc		5.95		1-15-2018		250,000		261,394
British Telecommunications plc		9.38		12-15-2030		650,000		988,140
Deutsche Telekom International Finance BV		6.00		7-8-2019		500,000		548,704
Deutsche Telekom International Finance BV		8.75		6-15-2030		830,000		1,209,292
Deutsche Telekom International Finance BV		9.25		6-1-2032		500,000		765,537
France Telecom SA		5.38		7-8-2019		600,000		648,551
France Telecom SA		5.38		1-13-2042		500,000		560,325
France Telecom SA		9.00		3-1-2031		925,000		1,388,392
Orange SA		2.75		2-6-2019		1,000,000		1,014,292
Royal KPN NV		8.38		10-1-2030		375,000		497,385
Telefonica Emisiones SAU		3.19		4-27-2018		500,000		507,605
Telefonica Emisiones SAU		4.57		4-27-2023		300,000		313,184
Telefonica Emisiones SAU		5.13		4-27-2020		445,000		475,706

78

Wells Fargo Diversified Fixed Income Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Telecommunication Services (continued)
Telefonica Emisiones SAU		7.05	%		6-20-2036	$	1,050,000	$	1,221,372
Telefonica Europe BV		8.25			9-15-2030		420,000		555,311
Telefonica SA		5.88			7-15-2019		645,000		700,773
									11,655,963
Wireless Telecommunication Services : 0.15%
America Movil SAB de CV		3.13			7-16-2022		500,000		491,317
America Movil SAB de CV		4.38			7-16-2042		500,000		452,272
America Movil SAB de CV		5.00			3-30-2020		1,000,000		1,072,408
America Movil SAB de CV		6.13			11-15-2037		100,000		110,593
America Movil SAB de CV		6.38			3-1-2035		565,000		645,265
Rogers Communications Incorporated		3.00			3-15-2023		200,000		199,206
Rogers Communications Incorporated		4.50			3-15-2043		200,000		194,942
Rogers Communications Incorporated		5.00			3-15-2044		1,000,000		1,050,544
Rogers Communications Incorporated		6.80			8-15-2018		750,000		811,213
Vodafone Group plc		1.50			2-19-2018		500,000		498,137
Vodafone Group plc		2.50			9-26-2022		500,000		481,172
Vodafone Group plc		2.95			2-19-2023		600,000		583,787
Vodafone Group plc		4.38			2-19-2043		500,000		445,025
Vodafone Group plc		4.63			7-15-2018		180,000		187,452
Vodafone Group plc		5.45			6-10-2019		400,000		432,376
Vodafone Group plc		6.25			11-30-2032		300,000		347,175
Vodafone Group plc		7.88			2-15-2030		250,000		326,345
									8,329,229
Utilities : 0.01%
Electric Utilities : 0.00%
Scottish Power Limited		5.81			3-15-2025		150,000		166,358
Independent Power & Renewable Electricity Producers : 0.01%
TransAlta Corporation		6.50			3-15-2040		90,000		82,288
TransAlta Corporation		6.90			5-15-2018		200,000		208,919
									291,207
Water Utilities : 0.00%
United Utilities Group plc		5.38			2-1-2019		250,000		262,688
Total Yankee Corporate Bonds and Notes (Cost $216,758,741)									220,413,526
Yankee Government Bonds : 0.04%
Ukraine Government Aid		1.84			5-16-2019		2,000,000		1,996,994
Total Yankee Government Bonds (Cost $2,000,662)									1,996,994
	Yield					Shares
Short-Term Investments : 2.54%
Investment Companies : 2.54%
Securities Lending Cash Investment LLC (l)(r)(u)		0.65					7,511,837		7,512,588
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.31					130,210,006		130,210,006
Total Short-Term Investments (Cost $137,722,071)									137,722,594

79

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Fixed Income Portfolio

			Value
Total investments in securities (Cost $5,570,496,225)*	102.21	%	$	5,544,388,778
Other assets and liabilities, net	(2.21	)		(119,898,097	)
Total net assets	100.00	%	$	5,424,490,681

%%	The security is issued on a when-issued basis.
¤	The security is issued in zero coupon form with no periodic interest payments.
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
«	All or a portion of this security is on loan.
(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
±	Variable rate investment. The rate shown is the rate in effect at period end.
@	Foreign bond principal is denominated in the local currency of the issuer.
(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.
(u)	The rate represents the 7-day annualized yield at period end.
##	All or a portion of this security is segregated for when-issued securities.
*	Cost for federal income tax purposes is $5,570,549,816 and unrealized gains (losses) consists of:

Gross unrealized gains	$	128,213,712
Gross unrealized losses		(154,374,750	)
Net unrealized losses	$	(26,161,038	)

Abbreviations:
ADR	American depositary receipt
AUD	Australian dollar
CAD	Canadian dollar
DKK	Danish krone
EUR	Euro
FFCB	Federal Farm Credit Banks
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FICO	The Financing Corporation
FNMA	Federal National Mortgage Association
GBP	Great British pound
GNMA	Government National Mortgage Association
JPY	Japanese yen
LLC	Limited liability company
LP	Limited partnership
plc	Public limited company
REIT	Real estate investment trust
SEK	Swedish krona
TVA	Tennessee Valley Authority

80

Wells Fargo Diversified Fixed Income Portfolio (the “Portfolio”)

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

Securities valuation

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

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”).

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the 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.

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

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 and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Security loans

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

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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 significant 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, use of amortized cost, etc.)
Level 3	–	significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	1,436,722,423	$	0	$	1,436,722,423
Corporate bonds and notes		0		1,129,845,400		0		1,129,845,400
Foreign government bonds		0		1,348,829,177		0		1,348,829,177
U.S. Treasury securities		1,268,858,664		0		0		1,268,858,664
Yankee corporate bonds and notes		0		220,413,526		0		220,413,526
Yankee government bonds		0		1,996,994		0		1,996,994
Short-term investments
Investment companies		130,210,006		0		0		130,210,006
Investments measured at net asset value*								7,512,588
Total assets	$	1,399,068,670	$	4,137,807,520	$	0	$	5,544,388,778

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $7,512,588 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Common Stocks : 95.65%
Consumer Discretionary : 13.35%
Auto Components : 0.83%
Adient plc †		45,245	$	2,423,322
Aisin Seiki Company Limited		27,200		1,162,607
Akebono Brake Industry Company Limited †		22,700		60,914
Autoliv Incorporated «		42,522		4,399,326
Bharat Forge Limited		28,151		371,582
BorgWarner Incorporated		91,400		3,253,840
Bosch Limited		2,730		818,628
Bridgestone Corporation		94,200		3,595,747
Calsonic Kansei Corporation		21,000		321,961
Cheng Shin Rubber Industry Company Limited		588,369		1,107,588
Cie Generale des Establissements Michelin		18,498		1,980,115
Continental AG		10,150		1,800,801
Cooper Tire & Rubber Company		54,704		2,095,163
Daido Metal Company Limited		7,000		66,693
Dana Holding Corporation		146,441		2,473,388
Delphi Automotive plc		127,516		8,161,024
Denso Corporation		73,200		3,186,364
Exedy Corporation		4,500		123,705
Exide Industries Limited		78,617		208,060
Faurecia		2,059		73,803
FCC Company Limited		4,800		82,989
Futaba Industrial Company Limited		6,100		36,897
GKN plc		150,914		585,164
Halla Holdings Corporation		1,219		66,526
Hankook Tire Company Limited		12,415		575,590
Hanon Systems		25,350		211,639
Hi-Lex Corporation		4,000		99,576
Hota Industrial Manufacturing Company Limited		60,000		230,603
Hyundai Mobis		9,715		2,069,231
Hyundai Wia Corporation		3,195		188,030
Keihin Corporation		6,400		104,611
Kenda Rubber Industrial Company Limited		190,188		276,871
Koito Manufacturing Company Limited		17,600		916,883
Kumho Tire Company Incorporated †		22,990		164,404
KYB Corporation		38,000		172,720
Lear Corporation		34,400		4,455,144
Leoni AG		4,204		132,955
Linamar Corporation		2,422		93,288
Magna International Incorporated «		34,700		1,402,156
Mando Corporation		1,330		284,988
Martinrea International Incorporated		3,001		16,956
Mitsuba Corporation		8,000		113,841
Motherson Sumi Systems Limited		88,861		402,185
Musashi Seimitsu Industry Company Limited		4,100		101,635
Nan Kang Rubber Tire Company Limited		148,145		136,186
NGK Spark Plug Company Limited		25,700		527,007
NHK Spring Company Limited		35,900		336,391
Nifco Incorporated		6,200		340,335
Nippon Seiki Company Limited		7,000		141,891
Nissin Kogyo Company Limited		5,400		79,297
NOK Corporation		16,600		330,099
Nokian Renkaat Oyj		13,330		481,475
Pacific Industrial Company Limited		7,500		93,746
Plastic Omnium SA		6,187		188,424
Press Kogyo Company Limited		13,000		56,702
Riken Corporation		1,400		51,152
Sanden Corporation		27,000		86,141
Showa Corporation		7,000		41,851
Somboon Advance Technology PCL		70		26
Stanley Electric Company Limited		21,600		595,673
Sumitomo Riko Company Limited		6,500		57,725
Sumitomo Rubber Industries Limited		25,600		422,695
Tachi-S Company Limited		5,700		84,699
Takata Corporation †		7,500		38,023

1

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Auto Components (continued)
Tenneco Automotive Incorporated †		63,100	$	3,719,745
The Goodyear Tire & Rubber Company		119,800		3,676,662
Tokai Rika Company Limited		8,200		160,767
Tong Yang Industry Company Limited		100,374		214,145
Topre Corporation		6,800		160,720
Toyo Tire & Rubber Company Limited		18,000		219,798
Toyoda Gosei Company Limited		10,900		235,331
Toyota Boshoku Corporation		12,100		275,094
Toyota Industries Corporation		28,800		1,349,312
TPR Company Limited		4,000		111,883
TS Tech Company Limited		7,600		200,288
Unipres Corporation		5,000		95,756
Valeo SA		23,457		1,307,932
Visteon Corporation		37,614		2,959,093
Xinyi Automobile Glass Hong Kong Enterprises Limited †		18		3
Xinyi Glass Holdings Limited		149		111
Yarnapund PCL †(a)		1,551,500		0
Yokohama Rubber Company Limited		19,500		352,314
Yorozu Corporation		3,500		49,194
				69,647,199
Automobiles : 1.20%
Bajaj Auto		25,817		1,012,762
Bayerische Motoren Werke AG		30,555		2,603,974
Brilliance China Automotive Holdings Limited		880,000		1,232,102
BYD Company Limited H Shares «		218,000		1,312,525
China Motor Company Limited		198,150		166,612
Daimler AG		92,366		6,143,832
Dongfeng Motor Group Company Limited H Shares		748,000		760,874
Ferrari NV		8,301		454,847
Fiat Chrysler Automobiles NV		83,018		641,422
Ford Motor Company		376,401		4,501,756
Ford Otomotiv Sanayi AS		14,299		120,112
Fuji Heavy Industries Limited		90,700		3,682,544
Geely Automobile Holdings Limited		1,395,000		1,442,390
General Motors Company		137,293		4,740,727
Ghabbour Auto †		25,801		4,130
Harley-Davidson Incorporated		82,500		5,023,425
Hero Honda Motors Limited		29,463		1,362,787
Honda Motor Company Limited		248,200		7,228,726
Hyundai Motor Company		21,050		2,394,808
Isuzu Motors Limited		85,400		1,006,989
Kia Motors Corporation		43,683		1,397,497
Mahindra & Mahindra Limited		74,466		1,289,277
Mahindra & Mahindra Limited GDR		10,726		183,415
Maruti Suzuki India Limited		36,529		2,810,295
Mazda Motor Corporation		82,700		1,325,745
Mitsubishi Motors Corporation		104,100		481,350
Nissan Motor Company Limited		345,200		3,187,831
Nissan Shatai Company Limited		11,700		115,461
Oriental Holdings Bhd		46,320		71,046
Peugeot SA †		32,543		480,110
PT Astra International Tbk		5,259,940		2,930,275
Renault SA		19,824		1,561,918
Suzuki Motor Corporation		61,600		1,981,452
Tata Motors Limited		222,094		1,490,275
Tata Motors Limited ADR		10,643		351,964
Tata Motors Limited Class A (Differential Voting Rights)		132,940		578,575
Tesla Motors Incorporated †«		20,474		3,877,827
Thor Industries Incorporated		53,120		5,342,278
Tofas Turk Otomobil Fabrikasi AS		25,253		157,588
Toyota Motor Corporation		402,400		23,386,719
UMW Holdings Bhd		137,800		158,597
Volkswagen AG		3,151		431,475
Yamaha Motor Company Limited		42,200		970,484

2

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Automobiles (continued)
Yulon Motor Company Limited		230,929	$	200,332
				100,599,130
Distributors : 0.22%
Canon Marketing Japan Incorporated		7,900		124,433
D’ieteren SA NV		1,530		60,249
DOSHISHA Company Limited		4,400		79,381
Genuine Parts Company		69,300		6,668,739
Imperial Holdings Limited		47,334		570,160
Inchcape plc		38,717		294,774
Jardine Cycle & Carriage Limited		21,598		604,988
LKQ Corporation †		173,800		5,705,854
Paltac Corporation		4,300		95,731
Pool Corporation		46,700		4,698,487
Uni-Select Incorporated		864		19,495
				18,922,291
Diversified Consumer Services : 0.20%
AA plc		52,430		174,300
Benesse Corporation		11,800		313,037
Bright Horizons Family Solutions Incorporated †		49,516		3,407,691
DeVry Incorporated «		64,000		1,910,400
Dignity plc		4,665		142,477
Educomp Solutions Limited †		5,295		866
Enercare Incorporated		9,800		132,340
Grand Canyon Education Incorporated †		52,620		3,004,602
H&R Block Incorporated		97,611		2,163,060
Houghton Mifflin Harcourt Company †		114,812		1,268,673
InvoCare Limited		18,207		173,574
Navitas Limited		46,793		178,300
New Oriental Education & Technology Group Incorporated †		38,053		1,909,119
Raffles Education Corporation Limited †		55,177		7,507
Sotheby’s «		53,500		2,089,710
				16,875,656
Hotels, Restaurants & Leisure : 2.10%
Accor SA		17,394		616,283
Accordia Golf Company Limited		9,600		100,611
Ajisen China Holdings Limited		200		84
Amax International Holdings Limited †		6,262		509
Amaya Incorporated †«		9,782		142,729
Aramark		111,579		3,839,433
Ardent Leisure Group		63,264		99,975
Aristocrat Leisure Limited		88,978		985,587
Autogrill SpA		9,260		76,256
Banyan Tree Holdings Limited †		13,000		3,310
Berjaya Sports Toto Bhd		168,499		118,093
Brinker International Incorporated		52,900		2,809,519
Buffalo Wild Wings Incorporated †		20,400		3,439,440
Cafe de Coral Holdings Limited		52,000		187,043
Carnival plc		20,101		1,017,081
Chipotle Mexican Grill Incorporated †«		15,894		6,299,269
Choice Hotels International Incorporated		39,940		2,054,913
Colowide Company Limited		7,700		127,610
Compass Group plc		155,707		2,670,990
Cracker Barrel Old Country Store Incorporated «		26,800		4,361,432
Crown Limited		59,986		520,043
Darden Restaurants Incorporated		59,900		4,390,670
Domino’s Pizza Enterprises Limited		9,110		455,975
Domino’s Pizza Group plc		44,042		192,869
Domino’s Pizza Incorporated		53,500		8,990,140
Doutor Nichires Holdings Company Limited		5,200		96,678
Egyptian Resorts Company †		16,982		960
Flight Centre Limited		11,645		287,215

3

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Hotels, Restaurants & Leisure (continued)
Formosa International Hotels Corporation		19,491	$	104,264
Fresh Express Delivery Holding Group Company Limited †		1,669		104
Fuji Kyuko Company Limited		10,000		92,828
Fujita Kanko Incorporated		12,000		34,509
Galaxy Entertainment Group Limited		385,000		1,910,978
Genting Bhd		624,500		1,113,081
Genting Malaysia Bhd		1,046,115		1,093,900
Genting Singapore plc		1,113,320		753,424
Grand Korea Leisure Company Limited		4,800		90,330
Great Canadian Gaming Corporation †		676		12,012
Greene King plc		29,029		249,163
GVC Holdings plc †		13,541		110,465
H.I.S. Company Limited		6,500		178,969
Hana Tour Service Incorporated		1,564		91,107
Hilton Worldwide Holdings Incorporated		95,113		2,384,483
Hong Kong & Shanghai Hotels Limited		96,806		111,951
Hyatt Hotels Corporation Class A †		15,414		791,355
Imperial Hotel Limited		6,400		117,477
InterContinental Hotels Group plc		21,940		900,678
J D Wetherspoon plc		8,168		83,802
Jack in the Box Incorporated		36,300		3,775,926
Jollibee Foods Corporation		94,580		410,424
Kangwon Land Incorporated		17,620		537,319
Kisoji Company Limited		3,500		69,844
Kyoritsu Maintenance Company Limited		2,100		127,206
Ladbrokers plc		95,658		148,532
Las Vegas Sands Corporation		60,655		3,801,249
Macau Legend Development Limited †		840,000		185,187
Magnum Bhd		221,370		110,536
Marriott International Incorporated Class A		176,900		13,936,182
Marriott Vacations Worldwide Corporation		27,200		2,111,808
Marston’s plc		50,669		85,269
McDonald’s Corporation		85,514		10,199,255
McDonald’s Holdings Company Japan Limited		9,700		266,654
Melco Crown Entertainment Limited ADR «		32,470		638,360
Melco International Development Limited		180,000		289,615
Merlin Entertainment plc 144A		50,120		273,291
MGM China Holdings Limited		177,200		393,397
MGM Resorts International †		260,200		7,470,342
Millennium & Copthorne Hotels plc		18,690		100,087
Minor International PCL		486,956		511,802
Miramar Hotel & Investment Company Limited		48,000		108,420
Mitchells & Butlers plc		19,207		54,600
MOS Food Services Incorporated		4,700		139,885
Norwegian Cruise Line Holdings Limited †		87,062		3,465,938
Ohsho Food Service Corporation		1,600		58,039
OPAP SA		58,349		544,202
Oriental Land Company Limited		32,100		1,828,554
Paddy Power Betfair plc		3,017		315,957
Paddy Power plc		3,683		384,488
Panera Bread Company Class A †«		24,949		5,291,932
Paradise Company Limited		11,315		129,696
Plenus Company Limited		4,100		79,990
Resorttrust Incorporated		12,600		243,949
Restaurant Brands International Incorporated		19,733		939,716
Restaurant Group plc		15,681		63,687
Round One Corporation		8,500		59,215
Royal Caribbean Cruises Limited		91,970		7,446,811
Royal Holdings Company Limited		5,300		89,642
Saint Marc Holdings Company Limited		2,400		74,262
Saizeriya Company Limited		4,700		113,592
Sands China Limited		395,123		1,945,942
Shangri-La Asia Limited		274,166		298,679
Six Flags Entertainment Corporation		91,019		5,246,335
SJM Holdings Limited		390,000		315,761
SKYCITY Entertainment Group Limited		128,140		358,458
Skylark Company Limited		17,100		239,150
Sodexho Alliance SA		9,330		1,020,483
SSP Group plc		80,582		372,949

4

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Hotels, Restaurants & Leisure (continued)
Star Entertainment Group Limited		140,622	$	548,287
Starbucks Corporation		250,700		14,533,079
Tabcorp Holdings Limited		160,020		554,202
Tatts Group Limited		233,609		722,811
Texas Roadhouse Incorporated		71,200		3,338,568
The Cheesecake Factory Incorporated		49,900		2,952,583
The Wendy’s Company		208,814		2,624,792
Thomas Cook Group plc †		117,612		124,641
Tokyo Dome Corporation		13,100		134,773
Tokyotokeiba Company Limited		32,000		78,039
TUI AG		12,319		161,898
TUI AG - BATS Exchange		24,427		322,135
Unibet Group plc		36,544		313,818
Vail Resorts Incorporated		40,420		6,402,528
Whitbread plc		16,280		705,600
William Hill plc		82,355		310,467
Wyndham Worldwide Corporation		59,300		4,269,007
Wynn Macau Limited		273,600		507,235
Wynn Resorts Limited «		43,937		4,481,135
Yoshinoya D&C Company Limited		8,900		121,125
Yum! Brands Incorporated		32,300		2,047,497
Zensho Company Limited		13,100		223,973
				176,260,407
Household Durables : 1.01%
Alpine Electronics Incorporated		5,500		70,910
Altek Corporation		436		294
Arcelik AS		78,008		455,011
Barratt Developments plc		86,863		509,940
Bellway plc		9,497		290,174
Berkeley Group Holdings plc		11,306		350,398
Bonava AB B Shares †		8,600		112,270
Bovis Homes Group plc		9,917		100,878
Casio Computer Company Limited		35,000		457,366
Chofu Seisakusho Company Limited		3,500		81,408
Coway Company Limited		8,430		609,328
Crest Nicholson Holdings plc		42,434		232,284
D.R. Horton Incorporated		163,376		4,528,783
Dorel Industries Incorporated Class B		2,467		67,584
Electrolux AB Class B		25,871		605,063
Forbo Holding AG		129		166,341
Foster Electric Company Limited		4,400		81,073
Fujitsu General Limited		9,000		177,160
Garmin Limited «		51,800		2,701,888
GUD Holdings Limited		7,917		60,159
Haier Electronics Group Company		470,000		784,091
Hanssem Company Limited		1,940		342,680
Harman International Industries Incorporated		38,970		4,262,149
Haseko Corporation		41,200		426,387
Helen of Troy Limited †		30,800		2,621,080
Husqvarna AB Class A		1		7
Husqvarna AB Class B		37,065		274,286
Iida Group Holdings Company		25,700		498,253
JM AB		8,886		241,545
JVC Kenwood Holdings Incorporated		26,300		73,103
Lennar Corporation Class A		103,471		4,401,656
Lennar Corporation Class B		1,900		64,391
LG Electronics Incorporated		17,628		677,043
McCarthy & Stone plc 144A		46,458		96,667
Mohawk Industries Incorporated †		35,100		6,930,144
Newell Rubbermaid Incorporated		231,142		10,865,985
Nikon Corporation		54,900		806,189
NVR Incorporated †		2,034		3,244,230
Panahome Corporation		11,000		78,074
Panasonic Corporation		321,410		3,270,148
Peace Mark Holdings Limited †(a)		10,000		0
Persimmon plc		31,295		665,657

5

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Household Durables (continued)
Pioneer Corporation †		54,900	$	113,250
Pulte Homes Incorporated		138,900		2,619,654
Rinnai Corporation		5,400		459,263
Sangetsu Company Limited		9,300		162,336
SEB SA		3,036		407,683
Sekisui Chemical Company Limited		62,900		952,256
Sekisui House Limited		90,400		1,477,628
Sharp Corporation †		232,000		383,270
Skyworth Digital Holdings Limited		144		90
Sony Corporation		172,994		4,971,848
Starts Corporation Incorporated		5,200		94,814
Steinhoff International Holdings H Shares		835,628		3,863,091
Sumitomo Foresting Company Limited		24,600		336,515
Tamron Company Limited		4,000		67,095
Taylor Woodrow plc		300,372		557,349
Techtronic Industries Company Limited		217,000		846,290
Tempur-Pedic International Incorporated †«		56,700		3,589,110
Token Corporation		1,340		92,765
Toll Brothers Incorporated †		79,100		2,346,106
Tupperware Brands Corporation		55,000		3,049,200
Welling Holding Limited		800		157
Whirlpool Corporation		35,000		5,685,400
Zojirushi Corporation «		6,800		89,930
				84,447,177
Internet & Direct Marketing Retail : 1.32%
Amazon.com Incorporated †		67,827		50,908,911
Askul Corporation		3,000		107,906
ASOS plc †		4,799		303,047
CJ O Shopping Company Limited		949		133,861
Ctrip.com International Limited ADR †		96,068		4,345,156
Expedia Incorporated		66,712		8,275,624
Groupon Incorporated †		447,700		1,777,369
GS Home Shopping Incorporated		834		122,705
Hyundai Home Shopping Network Corporation		1,833		167,770
JD.com Incorporated ADR †«		240,645		6,466,131
Liberty Expedia Holdings Incorporated Class A †		26,840		1,179,886
Liberty Interactive Corporation Series A †		194,800		4,034,308
Liberty TripAdvisor Holdings Incorporated Class A †		81,200		1,303,260
Liberty Ventures Group Series A		40,260		1,570,945
N Brown Group plc		13,911		34,724
Netflix Incorporated †		72,682		8,503,794
Ocado Group plc †		44,034		148,757
Qunar Cayman Islands Limited ADR †«		12,569		377,447
Rakuten Incorporated		124,400		1,226,548
Senshukai Company Limited		7,500		49,233
Shutterfly Incorporated †		37,700		1,910,259
Start Today Company Limited		23,800		365,514
The Priceline Group Incorporated †		8,496		12,775,265
TripAdvisor Incorporated †		64,201		3,099,624
Vipshop Holdings Limited ADR †«		107,944		1,211,132
Zalando SE 144A†		12,774		476,082
				110,875,258
Leisure Products : 0.26%
Amer Sports Oyj		13,925		371,322
Bandai Namco Holdings Incorporated		30,400		867,584
Fields Corporation		2,900		34,221
Giant Manufacturing Company Limited		113,687		677,706
Heiwa Corporation		7,200		154,881
Mattel Incorporated		164,395		5,189,950
Merida Industry Company Limited		47,250		206,801
Mizuno Corporation		17,000		82,619
Polaris Industries Incorporated «		33,156		2,879,930
Sankyo Company Limited		6,300		199,069
Sega Sammy Holdings Incorporated		27,700		414,029

6

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Leisure Products (continued)
Shimano Incorporated		11,800	$	1,938,045
The Brunswick Corporation		100,270		5,025,532
Tomy Company Limited		14,100		143,336
Universal Entertainment Corporation †		2,500		67,633
Vista Outdoor Incorporated †		67,124		2,695,029
Yamaha Corporation		24,300		740,226
				21,687,913
Media : 2.23%
Aimia Incorporated		16,463		102,457
Alibaba Pictures Group Limited †		3,700,000		710,759
Altice NV Class A †		24,543		422,693
Altice NV Class B †		8,181		142,155
AMC Networks Incorporated Class A †		66,662		3,683,076
Asatsu-DK Incorporated		5,100		134,850
Astro Malaysia Holdings Bhd		902,400		527,377
Avex Group Holdings Incorporated		7,200		99,499
Axel Springer AG		4,131		177,187
BEC World PCL		121,700		62,420
Cable One Incorporated		5,270		3,114,886
Charter Communications Incorporated Class A †		36,877		10,152,607
Cheil Worldwide Incorporated		13,120		167,781
Cinemark Holdings Incorporated		111,000		4,422,240
Cineplex Incorporated		8,140		304,864
Cineworld Group plc		18,075		123,141
CJ CGV Company Limited		2,020		105,229
CJ E&M Corporation		3,006		145,022
Cogeco Communications Incorporated		1,258		60,451
Corus Entertainment Incorporated Class B «		12,391		111,983
CTS Eventim AG & Company KGaA		4,511		134,393
CyberAgent Incorporated		14,600		354,902
Cyfrowy Polsat SA †		97,742		561,629
Daiichikosho Company Limited		6,700		261,488
Daily Mail & General Trust plc Class A		23,399		223,382
Dentsu Incorporated		34,600		1,581,732
Discovery Communications Incorporated Class A †		85,802		2,324,376
Discovery Communications Incorporated Class C †		127,548		3,372,369
DISH Network Corporation Class A †		104,970		6,030,527
eSun Holdings Limited †		3,000		263
Eutelsat Communications SA «		15,183		273,318
Event Hospitality and Entertainment Limited		22,965		235,723
Fairfax Media Limited		382,378		227,305
Fuji Television Network Incorporated		6,500		87,155
Gannett Company Incorporated		131,599		1,255,454
GFK SE		2,287		70,365
Grupo Televisa SA		590,602		2,451,274
Hakuhodo DY Holdings Incorporated		42,500		493,335
Havas SA		34,495		278,401
IMAX Corporation †		5,455		174,287
Informa plc		75,562		614,058
Ipsos		1,688		49,037
ITV plc		319,668		671,947
JCDecaux SA		5,375		140,139
Kadokawa Dwango Corporation		4,900		66,772
Lagardere SCA		10,820		266,793
Liberty Broadband Corporation Class A †		29,028		2,018,317
Liberty Broadband Corporation Class C †		74,866		5,338,694
Liberty Global plc Class A		48,058		1,505,177
Liberty Global plc Class C		106,308		3,237,079
Liberty Latin America and Caribbean Group Class A †«		56,705		1,223,694
Liberty Latin America and Caribbean Group Class C †		134,770		2,853,081
Liberty Media Corporation Class A †		49,900		1,811,370
Liberty MediaCorporation Class C †		100,700		3,601,032
Lions Gate Entertainment Corporation «		120,200		2,812,680
Live Nation Incorporated †		75,755		2,096,898
M6 Metropole Television SA		5,835		99,566
Madison Square Garden Company Class A †		16,787		2,914,895

7

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Media (continued)
Mediaset Espana Comunicacion SA		15,943	$	163,632
Mediaset SpA		67,736		164,112
Meredith Corporation		36,700		2,038,685
Modern Times Group Class B		4,115		108,733
Naspers Limited		115,473		16,855,326
New York Times Company Class A		137,487		1,787,331
News Corporation Class A		167,501		1,936,312
News Corporation Class B		61,266		732,129
Nippon Television Network Corporation		7,200		122,470
NOS SGPS		7,553		42,819
Omnicom Group Incorporated		110,800		9,632,952
Pearson plc		78,175		778,099
ProSiebenSat.1 Media AG		20,366		697,948
PT Media Nusantara Citra Tbk		1,052,000		134,678
Publicis Groupe SA		17,005		1,103,533
Quebecor Incorporated Class B		6,882		186,536
REA Group Limited		7,600		289,703
Regal Entertainment Group Class A «		89,393		2,047,994
RTL Group		1,962		133,083
Schibsted ASA Class A		8,244		177,978
Schibsted ASA Class B		8,244		167,326
Scripps Networks Interactive Incorporated Class A		52,764		3,654,435
SES SA		43,074		931,072
Seven West Media Limited		254,688		128,831
Shaw Communications Incorporated Class B		37,500		733,920
Shochiku Company Limited		20,000		216,074
Sinclair Broadcast Group Incorporated Class A		61,774		2,010,744
Singapore Press Holdings Limited		289,000		756,096
Sirius XM Holdings Incorporated «		316,188		1,444,979
SKY Network Television Limited		62,990		213,680
Sky Perfect JSAT Holdings Incorporated		21,100		100,700
Sky plc		92,582		904,699
SM Entertainment Company †		3,747		79,969
Societe Television Francaise 1 SA		10,997		100,829
Starz Incorporated Class A †		85,146		2,883,044
Sun TV Network Limited		19,075		131,200
Technicolor		26,745		131,807
Tegna Incorporated		234,721		5,264,792
Telenet Group Holding NV †		5,930		313,114
Television Broadcasts Limited		55,000		196,061
The Walt Disney Company		253,900		25,166,568
Time Incorporated		112,971		1,830,130
Toei Company Limited		16,000		128,806
Toho Company Limited Tokyo		19,900		571,404
Tokyo Broadcasting System Incorporated		5,700		89,133
Tribune Media Company Class A		79,147		2,842,169
TV Asahi Corporation		3,800		71,347
Twenty-First Century Fox Incorporated Class A		178,205		5,009,343
Twenty-First Century Fox Incorporated Class B		83,197		2,334,508
United Business Media plc		31,206		278,586
Viacom Incorporated Class A		1,244		51,719
Viacom Incorporated Class B		161,063		6,036,641
Vivendi SA		81,295		1,550,027
Wolters Kluwer NV		33,251		1,198,901
WPP plc		120,952		2,586,317
Zee Entertainment Enterprises Limited		153,249		1,020,146
Zenrin Company Limited		5,000		74,429
				186,821,183
Multiline Retail : 0.62%
Aeon Company Bhd		165,600		100,116
B&M European Value Retail SA		75,912		236,503
Canadian Tire Corporation Limited Class A		7,500		781,210
Debenhams plc		147,783		102,438
Dillard’s Incorporated Class A		29,500		2,109,545
Dollar General Corporation		42,800		3,309,296
Dollar Tree Incorporated †		131,886		11,627,070
Dollarama Incorporated		12,916		960,647

8

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Multiline Retail (continued)
Don Quijote Company Limited		16,800	$	642,454
Far Eastern Department Stores Company Limited		185,584		94,326
Fuji Company Limited		5,100		99,143
H2O Retailing Corporation		14,100		210,875
Harvey Norman Holdings Limited		101,944		357,583
Hudson’s Bay Company		10,727		117,947
Hyundai Department Store Company Limited		3,673		339,322
Isetan Mitsukoshi Holdings Limited		54,100		596,303
Izumi Company Limited		6,700		293,405
J.Front Retailing Company Limited		36,700		517,114
JCPenny Company Incorporated †«		317,400		3,005,778
Kintetsu Department Store Company Limited †		27,000		83,309
Kohl’s Corporation		82,533		4,442,751
Lifestyle China Group Limited †		119,500		31,275
Lifestyle International Holdings Limited		119,500		153,448
Lotte Shopping Company Limited		2,095		388,876
Macy’s Incorporated		143,212		6,043,546
Marks & Spencer Group plc		149,257		613,848
Marui Company Limited		33,200		457,351
Matsuya Company Limited		9,600		85,255
Metro Holdings Limited		163,200		115,567
Myer Holdings Limited		108,425		102,085
New World Department Store China Limited		150,000		20,886
Next plc		15,421		946,214
Nordstrom Incorporated «		62,200		3,478,224
PT Matahari Department Store Tbk		650,500		691,179
Ryohin Keikaku Company Limited		3,700		725,414
SACI Falabella		268,983		2,113,283
Seria Company Limited		3,000		215,550
Shinsegae Company Limited		1,463		225,886
Takashimaya Company Limited		52,000		431,345
Target Corporation		55,400		4,279,096
Warehouse Group Limited		10,254		21,277
Woolworths Holdings Limited		273,894		1,263,288
				52,430,028
Specialty Retail : 2.36%
ABC-Mart Incorporated		4,200		246,335
Abercrombie & Fitch Company Class A		76,800		1,103,616
Adastria Company Limited		5,000		141,165
Advance Auto Parts Incorporated		40,296		6,839,037
Alpen Company Limited		2,900		56,046
American Eagle Outfitters Incorporated «		176,702		2,926,185
AOKI Holdings Incorporated		6,600		77,247
Aoyama Trading Company Limited		7,100		241,104
Asbury Automotive Group Incorporated †		21,780		1,279,575
Autobacs Seven Company Limited		11,400		165,412
AutoZone Incorporated †		4,800		3,759,264
BCA Marketplace plc «		73,329		170,654
Bed Bath & Beyond Incorporated		70,000		3,136,700
Best Buy Company Incorporated		133,219		6,088,108
BIC Camera Incorporated		22,100		195,878
Burlington Stores Incorporated †		79,828		7,018,478
Cabela’s Incorporated †		57,200		3,560,128
CarMax Incorporated †«		106,400		6,148,856
Chico’s FAS Incorporated		132,995		2,036,153
Chiyoda Company Limited		4,900		113,586
Chow Sang Sang Holdings International Limited		81,000		151,213
Chow Tai Fook Jewellery Company Limited		230,800		188,949
CST Brands Incorporated		78,869		3,788,078
DCM Holdings Company Limited «		16,300		147,178
Dixons Carphone plc		119,075		494,338
DSW Incorporated Class A		86,200		2,048,112
Dufry Group Register Shares †		3,543		438,388
Edion Corporation		14,400		138,330
Esprit Holdings Limited †		355,658		291,166
Fast Retailing Company Limited		8,800		3,043,713

9

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Specialty Retail (continued)
FF Group †		17,878	$	383,886
Fielmann AG		1,552		97,690
Five Below Incorporated †		61,200		2,408,832
Foot Locker Incorporated		65,135		4,668,225
Gamestop Corporation Class A «		106,600		2,631,954
Geo Holdings Corporation		5,700		61,681
Giordano International Limited		338,000		180,842
GNC Holdings Incorporated Class A		77,145		1,114,745
Halfords Group plc		10,381		44,473
Hennes & Mauritz AB Class B		89,703		2,605,655
Hikari Tsushin Incorporated		3,600		320,965
Home Product Center PCL		1,192,700		344,310
Hotai Motor Company Limited		83,000		954,397
Hotel Shilla Company Limited		5,410		233,236
IDOM Incorporated		11,100		55,109
Industria de Diseno Textil SA		100,857		3,449,980
JB Hi-Fi Limited		20,461		418,229
JIN Company Limited		2,300		96,399
Joshin Denki Company Limited		10,000		83,213
Joyful Honda Company Limited		6,900		193,903
Jumbo SA		24,601		349,905
K’s Holdings Corporation		13,400		247,374
Kingfisher plc		235,574		1,040,763
Kohnan Shoji Company Limited		4,900		92,642
Komeri Company Limited		4,500		106,516
L Brands Incorporated		39,265		2,757,188
Lithia Motors Incorporated Class A		25,900		2,380,210
LOTTE Himart Company Limited		2,142		83,826
Lowe’s Companies Incorporated		148,900		10,504,895
Luk Fook Holdings International Limited		65,000		188,133
Mr. Price Group Limited		65,912		679,136
Nafco Company Limited		1,400		20,693
Nishimatsuya Chain Company Limited		8,400		108,667
Nitori Holdings Company Limited		11,400		1,189,773
O’Reilly Automotive Incorporated †		15,806		4,338,747
Office Depot Incorporated		557,400		2,714,538
Praktiker Bau Und Heimwerkermaerkte AG †		3,061		13
Premier Investments Limited		16,893		171,900
Ross Stores Incorporated		222,388		15,031,205
Sa Sa International Holdings Limited		198,177		88,913
Sally Beauty Holdings Incorporated †		162,900		4,266,351
Sanrio Company Limited		8,800		154,916
Shimachu Company Limited		7,100		183,140
Shimamura Company Limited		3,100		369,057
Signet Jewelers Limited «		40,600		3,706,374
Sports Direct International plc †«		23,788		94,053
Staples Incorporated		293,345		2,836,646
Super Cheap Auto Group Limited		27,099		192,308
The Gap Incorporated		98,000		2,447,060
The Home Depot Incorporated		212,320		27,474,208
The TJX Companies Incorporated		111,500		8,734,910
Tiffany & Company		58,000		4,783,840
Tractor Supply Company		75,872		5,695,711
Trinity Limited †		202,000		15,365
Truworths International Limited		110,493		550,679
ULTA Salon Cosmetics & Fragrance Incorporated †		32,700		8,485,650
United Arrows Limited		4,100		103,248
Urban Outfitters Incorporated †		99,313		3,138,291
USS Company Limited		30,900		494,540
WH Smith plc		12,180		229,813
Williams-Sonoma Incorporated		91,200		4,995,936
Xebio Company Limited		4,100		63,074
Yamada Denki Company Limited		99,900		533,534
				198,024,457
Textiles, Apparel & Luxury Goods : 1.00%
Adidas AG		19,806		2,917,802
ASICS Corporation		26,000		547,249

10

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Belle International Holdings Limited		1,590,000	$	912,203
Billabong International Limited †		11,336		10,129
Burberry Group plc		41,524		742,434
Carter’s Incorporated		55,800		5,093,982
CCC SA		3,479		164,725
China Hongxing Sports Limited †(a)		37,000		0
Christian Dior SA		4,809		935,266
Coach Incorporated		128,600		4,679,754
Compagnie Financiere Richemont SA		49,685		3,247,338
Daphne International Holdings Limited †		130,000		14,079
Descente Limited		9,000		98,571
Eclat Textile Company Limited		70,965		734,743
Feng Tay Enterprise Company Limited		101,978		382,342
Fibrechem Technologies Limited †(a)		20,000		0
Fila Korea Limited		1,626		93,188
Formosa Taffeta Company Limited		209,000		195,407
Fujibo Holdings Incorporated		2,300		71,671
G-III Apparel Group Limited †		45,800		1,243,928
Gildan Activewear Incorporated		21,862		594,357
Global Brands Group Holding Limited †		1,128,530		176,049
Gunze Limited		26,000		85,905
Hansae Company Limited		3,320		63,188
Hermes International		1,835		757,315
Hugo Boss AG		5,926		339,784
Jaybharat Textiles & Real Estate Limited †		15,488		4,910
Kate Spade & Company †		142,438		2,115,204
Kering		7,111		1,545,001
Kurabo Industries Limited		43,000		86,823
Li & Fung Limited		1,128,530		494,682
LPP SA		207		284,192
lululemon athletica Incorporated †«		60,995		3,476,105
Luxottica Group SpA		12,870		669,737
LVMH Moet Hennessy Louis Vuitton SA «		26,096		4,748,851
Makalot Industrial Company Limited		43,119		169,781
Michael Kors Holdings Limited †		93,590		4,350,999
Moncler SpA		21,572		350,720
Nike Incorporated Class B		229,900		11,511,093
Onward Kashiyama Company Limited		21,000		137,852
Pacific Textiles Holdings Limited		106,000		123,404
Page Industries Limited		1,637		319,351
Pandora AS		11,925		1,419,208
Pou Chen Corporation		853,600		1,067,234
Prada SpA		47,800		169,471
PVH Corporation		45,562		4,826,838
Rajesh Exports Limited		41,060		279,506
Ruentex Industries Limited		153,911		282,490
Sanyo Shokai Limited		23,000		31,764
Seiko Holdings Corporation Class C		23,000		81,019
Seiren Company Limited		9,500		121,734
Shenzhou International Group Holdings Limited		143,000		879,404
Skechers U.S.A. Incorporated Class A †		148,300		3,378,274
Stella International		100,000		169,406
Steven Madden Limited †		61,250		2,269,313
Tainan Spinning Company Limited		361,640		139,559
Texwinca Holdings Limited		100,000		73,229
The Japan Wool Textile Company Limited		13,000		90,905
The Swatch Group AG - Bearer Shares		2,953		868,154
The Swatch Group AG - Regular Shares		4,901		281,999
Titan Industries Limited		93,936		443,956
Tod’s SpA		810		46,358
TSI Holdings Company Limited		14,900		85,567
Under Armour Incorporated Class A «		102,692		3,162,914
Under Armour Incorporated Class C †		103,375		2,665,008
Unitika Limited †		84,000		63,144
VF Corporation		54,516		2,971,667
Wacoal Corporation		21,000		243,582
Wolverine World Wide Incorporated		110,680		2,493,620
Youngone Corporation		5,630		132,677

11

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Yue Yuen Industrial Holdings Limited		151,500	$	545,920
				83,774,034
Consumer Staples : 6.25%
Beverages : 1.24%
Ambev SA		1,103,786		5,597,176
Anadolu Efes Biracilik Ve Malt Sanayii AS		41,874		219,748
Anheuser-Busch InBev NV		75,959		7,892,722
Arca Continental SAB de CV		95,500		505,302
Asahi Breweries Limited		63,400		2,062,627
Britvic plc		18,843		134,739
Brown-Forman Corporation Class A		30,734		1,451,874
Brown-Forman Corporation Class B		98,542		4,468,880
C&C Group plc		40,928		150,910
Carlsberg AS Class B		10,130		861,440
Carlsberg Brewery Malaysia Bhd		27,300		84,724
China Resources Enterprise Limited †		395,781		837,842
Coca-Cola Amatil Limited		76,261		540,060
Coca-Cola East Japan Company Limited		12,700		268,309
Coca-Cola European Partners plc		20,984		681,141
Coca-Cola HBC AG		17,518		372,615
Coca-Cola Icecek Uretim AS		15,881		151,705
Coca-Cola West Japan Company Limited		12,600		356,838
Compania Cervecerias Unidas SA		59,871		598,847
Constellation Brands Incorporated Class A		29,559		4,467,547
Cott Corporation		9,100		103,445
Davide Campari-Milano SpA		22,742		219,338
Diageo plc		225,296		5,651,900
Distell Group Limited		26,980		299,899
Dr Pepper Snapple Group Incorporated		88,885		7,709,885
Fomento Economico Mexicano Sab de CV		583,400		4,565,751
Fraser & Neave Holdings		12,000		61,800
Heineken Holding NV		9,870		693,441
Heineken Malaysia Bhd		33,500		118,368
Heineken NV		20,410		1,529,782
Hite Jinro Company Limited		6,516		121,229
ITO EN Limited		9,400		310,581
Kirin Brewery Company Limited		125,400		2,042,593
Lotte Chilsung Beverage Company Limited		132		176,933
Molson Coors Brewing Company Class B		86,142		8,444,500
Monster Beverage Corporation †		66,471		2,974,577
PepsiCo Incorporated		144,219		14,436,322
Pernod Ricard SA		18,977		1,991,164
Remy Cointreau SA		2,038		171,135
Sapporo Holdings Limited		11,600		305,196
Suntory Beverage & Food Limited		17,334		741,663
Takara Holdings Incorporated		29,500		268,428
Thai Beverage PCL		2,812,000		1,716,608
The Coca-Cola Company		389,174		15,703,171
Treasury Wine Estates Limited		106,565		849,097
United Breweries Limited		33,308		427,828
United Spirits Limited †		17,882		501,187
				103,840,867
Food & Staples Retailing : 1.25%
Aeon Company Limited		120,300		1,657,207
Ain Holdings Incorporated		3,700		258,407
Alimentation Couche-Tard Incorporated Class B		39,729		1,833,396
ARCS Company Limited		7,400		167,657
Axfood AB		6,336		92,332
Axial Retailing Incorporated		2,900		98,352
BGF Retail Company Limited		5,142		382,665
Bim Birlesik Magazalar AS		67,584		948,147
Booker Group plc		194,495		419,539
Carrefour SA		53,917		1,264,023

12

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Food & Staples Retailing (continued)
Casey’s General Stores Incorporated		43,510	$	5,240,780
Casino Guichard Perrachon SA «		5,420		246,606
Cencosud SA		292,655		859,356
Cocokara Fine Incorporated		4,000		146,497
Colruyt SA		6,243		315,515
Cosmos Pharmaceutical Corporation		1,400		256,125
Costco Wholesale Corporation		74,627		11,202,259
CP ALL PCL		1,232,200		2,080,748
Dairy Farm International Holdings Limited		52,200		365,400
Distribuidora Internacional SA		55,953		255,353
Dongsuh Company Incorporated		12,182		277,183
E-MART Limited		3,311		532,456
Empire Company Limited Class A		14,916		202,537
Eurocash SA		15,296		141,645
FamilyMart Company Limited		12,500		781,216
George Weston Limited		5,500		457,426
Greggs plc		9,507		107,294
GS Retail Company Limited		7,588		307,012
Heiwado Company Limited		6,300		124,618
Hyundai Greenfood Company Limited		13,680		189,569
ICA Gruppen AB		11,898		352,832
Inageya Company Limited		5,500		68,507
J Sainsbury plc		139,469		403,103
Jeronimo Martins SA		20,490		323,790
Kato Sangyo Company Limited		4,200		92,550
Kesko Oyj Class A		1,500		69,251
Kesko Oyj Class B		7,559		372,210
Koninklijke Ahold NV		117,595		2,319,421
Kusuri no Aoki Holdings Company Limited		2,300		97,806
Lawson Incorporated		9,200		636,895
Life Corporation		4,000		113,457
Loblaw Companies Limited		20,909		1,086,309
Magnit OJSC Sponsored GDR		68,877		2,774,366
Matsumotokiyoshi Holdings Company Limited		6,200		295,896
Metcash Limited †«		174,566		265,551
Metro AG		12,722		380,165
Metro Incorporated		29,037		884,317
Mitsubishi Shokuhin Company Limited		2,900		83,523
OKUWA Company Limited		6,000		61,309
President Chain Store Corporation		143,032		1,074,771
Puregold Price Club Incorporated		289,300		227,170
Rallye SA		2,005		35,041
Rite Aid Corporation †		504,180		4,013,273
San-A Company Limited		2,500		120,406
Seven & I Holdings Company Limited		109,980		4,263,461
Shoprite Holdings Limited		105,840		1,405,486
Sligro Food Group NV		1,429		48,927
Sonae SGPS SA		93,661		78,917
Sprouts Farmers Market Incorporated †		155,147		3,104,491
Sugi Pharmacy Company Limited		5,100		238,049
Sun Art Retail Group Limited		518,000		439,430
Sundrug Company Limited		4,600		320,056
Sysco Corporation		48,048		2,558,556
Tesco plc †		770,024		2,010,728
The Jean Coutu Group PJC Incorporated Class A		9,211		142,008
Tsuruha Holdings Incorporated		5,300		541,095
United Natural Foods Incorporated †		56,279		2,642,299
United Super Markets Holdings Incorporated		11,000		90,188
Valor Company Limited		7,200		171,937
Wal-Mart de Mexico SAB de CV		1,238,708		2,277,426
Wal-Mart Stores Incorporated		151,900		10,698,317
Walgreens Boots Alliance Incorporated		145,880		12,360,412
Welcia Holdings Company		3,500		218,129
Wesfarmers Limited		162,265		5,006,271
Whole Foods Market Incorporated		173,161		5,262,363
William Morrison Supermarkets plc		218,799		595,431
Woolworths Limited		184,615		3,120,569
Yaoko Company Limited		3,700		140,684

13

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Food & Staples Retailing (continued)
Yokohama Reito Company		7,100	$	64,543
				105,163,012
Food Products : 2.02%
Ajinomoto Company Incorporated		78,900		1,525,862
Archer Daniels Midland Company		57,700		2,494,371
Ariake Japan Company Limited		2,900		144,994
Aryzta AG		9,603		409,169
Associated British Foods plc		34,117		1,088,523
B&G Foods Incorporated		68,400		2,927,520
Barry Callebaut AG		233		276,612
BRF SA		164,500		2,512,212
Britannia Industries Limited		8,705		385,709
Bunge Limited		64,078		4,375,246
CALBEE Incorporated		15,200		473,651
Campbell Soup Company		93,800		5,336,282
Charoen Pokphand Food PCL		866,900		698,535
China Agri-Industries Holdings Limited †		700		282
China Huishan Dairy Holdings Company Limited		1,506,000		563,063
China Mengniu Dairy Company		730,000		1,496,422
CJ Cheiljedang Corporation		1,371		450,335
ConAgra Foods Incorporated		194,177		7,124,354
Dairy Crest Group plc		6,886		49,153
Danone SA		57,249		3,601,688
Darling Ingredients Incorporated †		167,600		2,264,276
Dean Foods Company		102,104		2,027,785
Dydo Drinco Incorporated		1,900		93,833
Ebro Puleva SA		6,042		122,437
Elders Limited †		3,653		10,601
Ezaki Glico Company Limited		8,000		374,110
Felda Global Ventures Holdings Bhd		469,000		161,724
Flowers Foods Incorporated «		187,550		2,910,776
Fuji Oil Company Limited		9,500		179,197
General Mills Incorporated		57,000		3,473,580
Genting Plantations Bhd		46,000		110,210
Glanbia plc		16,206		274,557
GlaxoSmithKline Consumer Healthcare Limited		4,898		357,957
Golden Agri-Resources Limited		1,248,045		374,409
GrainCorp Limited Class A		43,413		277,625
Greencore Group plc		38,147		138,893
Gruma SAB de CV Class B		60,100		718,770
Grupo Bimbo Sab de CV Series A		390,400		901,624
Grupo Lala SAB de CV		239,043		360,144
Hain Celestial Group Incorporated †		115,266		4,517,275
Hokuto Corporation		3,500		61,461
Hormel Foods Corporation		130,400		4,464,896
House Foods Corporation		12,000		240,619
Indofood Agri Resources Limited		39,000		14,693
Ingredion Incorporated		33,028		3,876,827
IOI Corporation Bhd		1,011,046		984,785
Itoham Yonekyu Holdings Incorporated †		23,000		200,638
J-Oil Mills Incorporated		1,900		61,947
JBS SA		274,223		791,359
Kagome Company Limited		11,600		272,446
KAMEDA SEIKA Company Limited		2,900		133,080
Kellogg Company		26,000		1,872,000
Kerry Group plc Class A		15,076		1,067,829
Kewpie Corporation		16,300		385,113
Kikkoman Corporation		27,000		826,013
Kuala Lumpur Kepong Bhd		99,100		529,894
Lamb Weston Holdings Incorporated †		3,374		112,962
Lancaster Colony Corporation		21,769		2,949,917
Lindt & Spruengli AG		10		581,391
Lindt & Spruengli AG - Participation Certificate		96		473,060
Lotte Confectionery Company Limited		2,280		348,129
Lotte Food Company Limited		154		86,284
Maple Leaf Foods Incorporated		14,491		315,646
Marine Harvest ASA		25,295		454,874

14

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Food Products (continued)
Marudai Food Company Limited		19,000	$	78,388
Maruha Nichiro Corporation		6,900		175,508
McCormick & Company Incorporated		62,600		5,709,120
Mead Johnson Nutrition Company		101,120		7,289,741
Megmilk Snow Brand Company Limited		7,500		209,781
Meiji Holdings Company Limited		21,100		1,682,024
Mitsui Sugar Company Limited		3,400		70,583
Mondelez International Incorporated Class A		155,844		6,427,007
Morinaga & Company Limited		8,000		316,420
Morinaga Milk Industry Company Limited		32,000		219,291
Nestle India Limited		8,749		803,936
Nestle Malaysia Bhd		10,000		170,130
Nestle SA		281,985		18,970,959
NH Foods Limited		28,000		721,017
Nichirei Corporation		20,300		410,773
Nippon Flour Mills Company Limited		12,500		168,917
Nippon Suisan Kaisha Limited		41,400		186,002
Nisshin Seifun Group Incorporated		36,700		514,227
Nissin Food Products Company Limited		12,700		661,614
Nong Shim Company Limited		901		250,867
Orion Corporation		539		313,520
Orkla ASA		72,715		648,257
Ottogi Corporation		361		213,688
Pioneer Foods Group Limited		36,864		408,378
Post Holdings Incorporated †		72,115		5,504,538
PPB Group Bhd		119,200		417,440
PT Astra Agro Lestari Tbk		87,388		106,716
PT Charoen Pokphand Indonesia Tbk		1,636,000		380,255
PT Indofood CBP Sukses Makmur Tbk		768,000		490,183
PT Indofood Sukses Makmur Tbk		993,924		555,541
Qinqin Foodstuffs Group Cayman Company Limited †		50,000		15,987
Riken Vitamin Company Limited		2,000		77,532
Sakata Seed Corporation		5,700		149,170
Samyang Holdings Corporation		1,019		106,777
Saputo Incorporated		25,208		852,527
Showa Sangyo Company Limited		20,000		102,793
Snyders Lance Incorporated		72,400		2,697,624
Standard Foods Corporation		87,299		207,066
Suedzucker AG		5,793		129,916
Tate & Lyle plc		44,144		374,479
Thai Union Group PCL		984,976		571,449
The J.M. Smucker Company		54,200		6,826,490
The Kraft Heinz Company		57,575		4,700,999
The Nisshin Oillio Group Limited		21,000		89,393
The WhiteWave Foods Company †		100,065		5,512,581
Tiger Brands Limited		53,732		1,504,191
Tingyi Holding Corporation		498,000		591,963
Toyo Suisan Kaisha Limited		14,000		495,608
TreeHouse Foods Incorporated †		63,023		4,368,754
Ulker Biskuvi Sanayi AS		81,281		408,097
Uni-President Enterprises Corporation		1,250,925		2,138,971
United Plantations Bhd		17,000		100,873
Universal Robina Corporation		238,100		813,456
Viscofan SA		4,011		193,423
Vitasoy International Holdings Limited		188,000		388,773
Want Want China Holdings Limited «		1,605,000		1,024,270
WH Group Limited 144A		1,898,137		1,578,416
Wilmar International Limited		474,930		1,166,326
Yakult Honsha Company Limited		22,100		969,730
Yamazaki Baking Company Limited		25,700		509,709
				169,431,793
Household Products : 0.63%
Colgate-Palmolive Company		89,316		5,826,083
Earth Chemical Company Limited		2,200		91,342
Energizer Holdings Incorporated		63,441		2,846,598
Henkel AG & Company KGaA		11,153		1,135,596

15

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Household Products (continued)
Hindustan Unilever Limited		192,802	$	2,377,318
Kimberly-Clark Corporation		36,216		4,186,932
Kimberly-Clark de Mexico SAB de CV Class A		424,300		742,360
Lion Corporation		40,000		650,321
Pigeon Corporation		15,700		395,639
PT Unilever Indonesia Tbk		402,000		1,202,070
PZ Cussons plc		28,166		108,825
Reckitt Benckiser Group plc		58,925		4,986,153
Spectrum Brands Holdings Incorporated «		27,186		3,259,330
Svenska Cellulosa AB Class A		7,500		198,584
Svenska Cellulosa AB Class B		56,712		1,512,681
The Procter & Gamble Company		264,668		21,824,523
Unicharm Corporation		60,800		1,293,804
				52,638,159
Personal Products : 0.51%
Aderans Company Limited		6,500		41,021
Amorepacific Corporation		5,000		1,402,848
Amorepacific Group		4,680		516,419
Avon Products Incorporated		446,100		2,395,557
Beiersdorf AG		10,132		827,716
Blackmores Limited		1,922		168,542
Ci:Z Holdings Company Limited		4,000		103,492
Colgate-Palmolive Company India Limited		13,598		185,488
Cosmax Incorporated		1,043		92,786
Dabur India Limited		131,061		542,921
Edgewell Personal Care Company †		64,557		5,109,041
Emami Limited		9,988		161,810
Euglena Company Limited †«		10,800		121,211
FANCL Corporation		5,100		70,479
Godrej Consumer Products Limited		45,847		975,997
Hengan International Group Company Limited		206,500		1,625,324
Kao Corporation		69,500		3,199,655
Kobayashi Pharmaceutical Company Limited		7,600		332,818
Korea Kolmar Company Limited		4,292		247,449
Kose Corporation		4,400		352,677
L’Oreal SA		22,921		3,912,358
LG Household & Health Care Limited H Shares		1,529		1,029,317
Mandom Corporation		3,200		137,337
Marico Limited		140,176		517,400
Milbon Company Limited		2,000		81,115
NU Skin Enterprises Incorporated Class A		58,500		3,052,530
Oriflame Holding AG		2,947		75,027
Pola Orbis Holdings Incorporated		3,200		248,101
Procter & Gamble Hygiene & Healthcare Limited		2,333		225,248
Shiseido Company Limited		54,800		1,393,411
The Estee Lauder Companies Incorporated Class A		36,120		2,806,524
Unilever NV		159,186		6,390,014
Unilever plc		115,371		4,613,495
				42,955,128
Tobacco : 0.60%
Altria Group Incorporated		195,769		12,515,512
British American Tobacco Malaysia Bhd		28,400		281,075
British American Tobacco plc		167,593		9,212,831
Eastern Company		2,662		42,917
Imperial Tobacco Group plc		88,482		3,800,628
ITC Limited		763,972		2,594,978
Japan Tobacco Incorporated		153,400		5,290,996
KT&G Corporation		19,787		1,777,199
Philip Morris International Incorporated		155,443		13,722,508
PT Gudang Garam Tbk		106,500		510,791
PT Hanjaya Mandala Sampoerna Tbk		700,000		196,274
Swedish Match AB		21,840		681,523
				50,627,232

16

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Energy : 6.11%
Energy Equipment & Services : 1.00%
AMEC Foster Wheeler plc		31,672	$	172,778
Amec Foster Wheeler plc ADR «		4,290		23,423
Baker Hughes Incorporated		71,300		4,586,729
Bumi Armada Bhd		340,600		38,895
Calfrac Well Services Limited		3,918		9,654
CGG SA †«		2,054		29,650
Core Laboratories NV «		48,984		5,474,452
Diamond Offshore Drilling Incorporated «		73,600		1,329,216
Dril-Quip Incorporated †		41,710		2,358,701
Enerflex Limited		4,043		51,346
Ensco plc Class A		308,238		2,977,579
Ensign Energy Services Incorporated		11,978		81,946
Ezra Holdings Limited †		377,000		11,047
FMC Technologies Incorporated †		102,700		3,518,502
Fugro NV †		7,340		120,657
Helmerich & Payne Incorporated «		51,600		3,903,540
Hunting plc		13,249		89,517
John Wood Group plc		30,475		313,812
KNM Group Bhd †		14		1
Modec Incorporated		3,100		47,148
Mullen Group Limited		6,400		85,473
Nabors Industries Limited		296,400		4,772,040
National Oilwell Varco Incorporated		175,400		6,552,944
Noble Corporation plc «		274,935		1,710,096
Oceaneering International Incorporated		109,368		2,914,657
Oil States International Incorporated †		58,100		2,082,885
Pason Systems Incorporated		10,745		127,503
Petrofac Limited		25,283		251,333
Petroleum Geo-Services ASA †		19,980		58,435
Precision Drilling Corporation †		20,412		108,191
Prosafe ASA †		26,130		890
Rowan Companies plc Class A		126,423		2,252,858
Saipem SpA †		1,047,510		470,837
Sapurakencana Petroleum Bhd †		640,922		206,656
SBM Offshore NV		17,972		259,333
Schlumberger Limited		238,355		20,033,738
Schoeller-Bleckmann Oilfield Equipment AG		1,839		130,665
Seadrill Limited †«		33,756		93,770
Shawcor Limited Class A		4,528		111,338
Shinko Plantech Company Limited		7,600		53,610
Subsea 7 SA †		26,952		314,673
Technip SA		11,161		773,142
Tecnicas Reunidas SA		2,168		79,835
Tenaris SA		45,222		722,283
TGS Nopec Geophysical Company ASA		10,707		210,400
Transocean Limited †«		373,594		4,819,363
Trican Well Service Limited †		16,245		44,624
Trinidad Drilling Limited		7,400		15,425
U.S. Silica Holdings Incorporated		70,771		3,581,720
Vallourec SA †		30,693		173,027
Weatherford International plc †		997,962		5,099,586
WorleyParsons Limited †		36,573		233,613
				83,483,536
Oil, Gas & Consumable Fuels : 5.11%
Advantage Oil & Gas Limited †		8,522		61,791
AET&D Holdings No.1 Limited †(a)		20,314		0
Afren plc †«(a)		100,824		0
Altagas Limited		11,048		268,448
Antero Resources Corporation †		81,934		2,006,564
Apache Corporation		39,000		2,572,050
ARC Resources Limited «		29,540		517,219
Athabasca Oil Corporation †		28,194		28,545
Australian Worldwide Exploration Limited †		77,909		34,519
Banpu PCL		284,000		148,847

17

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Bayan Resources Group †		170,500	$	75,484
Baytex Energy Corporation †«		11,349		48,664
Beach Petroleum Limited		254,369		150,271
Bharat Petroleum Corporation Limited		128,848		1,212,169
Birchcliff Energy Limited †		4,522		30,566
Bonavista Energy Corporation		16,745		55,970
BP plc		1,666,281		9,578,844
Brightoil Petroleum Holdings Limited		514,000		155,065
Cabot Oil & Gas Corporation		253,154		5,599,766
Cairn Energy plc †		48,348		126,672
Cairn India Limited		136,030		500,010
Caltex Australia Limited		41,964		931,199
Cameco Corporation		37,200		342,285
Canadian Natural Resources Limited		103,154		3,480,958
Carrizo Oil & Gas Incorporated †		61,700		2,612,378
Cenovus Energy Incorporated		72,271		1,117,449
Cheniere Energy Incorporated †		133,133		5,439,814
Chesapeake Energy Corporation †«		698,232		4,887,624
Chevron Corporation		189,016		21,086,625
China Petroleum & Chemical Corporation H Shares		6,887,600		4,812,840
China Shenhua Energy Company Limited H Shares		860,000		1,780,648
Cimarex Energy Company		51,900		7,155,972
CNOOC Limited		4,071,000		5,133,034
Coal India Limited		421,834		1,901,826
Concho Resources Incorporated †		79,528		11,374,095
Connacher Oil and Gas Limited †(a)		28		3
ConocoPhillips		120,156		5,829,969
CONSOL Energy Incorporated		183,600		3,778,488
Continental Resources Incorporated †		46,709		2,709,589
Corridor Resources Incorporated †		1,363		416
Cosmo Energy Holdings Company Limited		9,200		116,603
Crescent Point Energy Corporation		49,703		632,711
Crew Energy Incorporated †		7,839		43,184
Delek Group Limited		312		66,328
Devon Energy Corporation		54,000		2,609,820
Diamondback Energy Incorporated †		84,891		9,155,494
Ecopetrol SA Sponsored ADR †«		63,212		541,095
Empresas Copec SA		127,300		1,205,216
Enbridge Income Fund Holdings Incorporated		5,200		132,197
Enbridge Incorporated		87,300		3,671,890
Encana Corporation		70,534		885,810
Energy Absolute PCL Class A		511,600		422,994
Enerplus Corporation		20,247		175,143
Eni SpA		247,150		3,441,916
EOG Resources Incorporated		93,496		9,585,210
EQT Corporation		94,300		6,608,544
Exxon Mobil Corporation		412,452		36,007,060
Formosa Petrochemical Corporation		462,590		1,560,205
Galp Energia SGPS SA		56,016		757,839
Gazprom ADR		1,577,489		7,270,647
Gibson Energy Incorporated		11,458		155,668
Golar LNG Limited (a)		2,733		66,756
Gran Tierra Energy Incorporated †		23,505		67,192
Grupa Lotos SA †		14,414		126,516
GS Holdings Corporation		8,189		381,063
Gulfport Energy Corporation †		139,700		3,588,893
Hess Corporation		125,100		7,000,596
Hindustan Petroleum Corporation Limited		73,707		507,396
HollyFrontier Corporation		185,932		5,349,264
Husky Energy Incorporated		27,170		318,969
Idemitsu Kosan Company Limited		16,500		373,253
Igas Energy plc †		2,782		405
Imperial Oil Limited		23,700		811,407
Indian Oil Corporation Limited		293,600		1,315,537
Inpex Holdings Incorporated		149,200		1,414,991
Inter Pipeline Limited		28,473		578,871
IRPC PCL		4,652,021		631,057
Itochu Enex Company Limited		6,000		45,313
Ivanhoe Energy Incorporated †(a)		426		0

18

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Japan Petroleum Exploration Company		5,500	$	111,870
JX Holdings Incorporated		344,200		1,312,957
Karoon Gas Australia Limited †		31,102		42,719
Keyera Corporation		14,048		403,777
Kinder Morgan Incorporated		184,376		4,093,147
Koninklijke Vopak NV		6,083		284,316
Kunlun Energy Company Limited		1,270,000		928,370
Lukoil PJSC ADR		121,124		5,935,076
Lundin Petroleum AB †		23,462		442,132
Marathon Oil Corporation		393,561		7,107,712
Marathon Petroleum Corporation		49,465		2,325,844
MEG Energy Corporation †		12,100		61,162
Mitsuuroko Holdings Company Limited		10,000		61,536
MOL Hungarian Oil & Gas plc		18,943		1,184,042
Motor Oil (Hellas) Corinth Refineries SA		18,029		233,500
Murphy Oil Corporation		176,300		5,978,333
Neste Oil Oyj		15,503		636,695
New Hope Corporation Limited		33,755		40,755
Niko Resource Limited †		5,137		363
Nippon Gas Company Limited		6,300		181,172
Noble Energy Incorporated		200,100		7,635,816
NovaTek OAO		6,672		756,315
NovaTek OAO Sponsored GDR		12,799		1,511,562
NuVista Energy Limited †		3,905		20,291
Oasis Petroleum Incorporated †		201,000		3,008,970
Occidental Petroleum Corporation		73,985		5,279,570
Oil & Natural Gas Corporation Limited		582,446		2,458,309
Oil India Limited		23,455		143,696
Oil Search Limited		194,808		927,871
OMV AG		14,891		481,279
ONEOK Incorporated		101,500		5,575,395
Ophir Energy plc †		50,585		50,317
Origin Energy Limited		288,382		1,264,957
PA Resources AB †(a)		1,136		0
Paramount Resources Limited Class A †		12,300		158,958
Parex Resources Incorporated †		13,423		175,269
Parkland Fuel Corporation		7,600		157,737
Parsley Energy Incorporated Class A †		163,800		6,248,970
Paz Oil Company Limited		173		28,854
PBF Energy Incorporated Class A «		99,837		2,395,090
Pembina Pipeline Corporation		37,455		1,100,535
Pengrowth Energy Corporation		42,515		64,565
Penn West Petroleum Limited †		42,170		73,459
PetroChina Company Limited H Shares		5,696,000		3,870,034
Petroleo Brasileiro SA †		812,145		4,435,274
Petronas Dagangan Bhd		63,000		324,451
Petronet LNG Limited		37,495		212,922
Peyto Exploration & Development Corporation		13,213		325,186
Phillips 66 Company		42,493		3,530,318
Pioneer Natural Resources Company		29,600		5,654,784
Polish Oil & Gas		590,862		695,893
Polski Koncern Naftowy Orlen SA		100,002		1,819,019
PrairieSky Royalty Limited		15,807		385,849
Premier Oil plc †		62,107		46,236
PT Adaro Energy Tbk		4,031,000		455,077
PTT Exploration & Production PCL		388,971		899,399
PTT PCL		239,900		2,346,588
Raging River Exploration Incorporated †		18,708		148,043
Range Resources Corporation		94,945		3,340,165
Reliance Industries Limited		441,513		6,386,072
Reliance Industries Limited GDR 144A		2,006		57,472
Repsol YPF SA		95,906		1,280,739
Rice Energy Incorporated †		137,900		3,357,865
Rosneft Oil Company OJSC Sponsored GDR		64,216		337,776
Rosneft OJSC GDR		256,180		1,349,633
Royal Dutch Shell plc Class A - Amsterdam Exchange		59,351		1,508,417
Royal Dutch Shell plc Class A - London Exchange		332,444		8,427,224
Royal Dutch Shell plc Class B		336,685		8,924,396

19

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
S-Oil Corporation		8,742	$	628,141
Santos Limited		229,433		665,839
Semgroup Corporation Class A		59,400		2,141,370
Semirara Mining and Power Corporation		100,160		263,844
Seven Generations Energy Limited Class A †		16,242		374,099
Showa Shell Sekiyu KK		28,800		257,024
SK Innovation Company Limited		9,812		1,279,954
SM Energy Company		96,900		3,862,434
Snam SpA		230,938		894,351
Southwestern Energy Company †		237,117		2,691,278
Spectra Energy Corporation		66,149		2,708,802
Spyglass Resources Corporation †(a)		2,042		0
Statoil ASA		101,118		1,732,868
Storm Resources Limited		281		1,151
Suncor Energy Incorporated		149,319		4,755,354
Surgutneftegas SP ADR		257,109		1,168,560
Targa Resources Corporation		183,753		9,792,197
Tatneft ADR		63,828		2,322,063
Tesoro Corporation		54,700		4,449,845
Thai Oil PCL		365,200		752,314
The Williams Companies Incorporated		70,800		2,173,560
TonenGeneral Sekiyu KK		42,000		399,790
Total SA		218,858		10,427,608
Touchstone Exploration Incorporated †		3,067		388
Tourmaline Oil Corporation †		13,128		354,172
TransCanada Corporation		66,600		2,991,125
Tullow Oil plc †		85,595		318,933
Tupras Turkiye Petrol Rafinerileri AS		43,221		861,728
Ultrapar Participacoes SA		117,200		2,394,560
United Tractors		352,380		546,023
Valero Energy Corporation		43,566		2,681,923
Veresen Incorporated		41,157		378,082
Vermilion Energy Incorporated		9,494		385,117
Washington H. Soul Pattinson & Company Limited		25,619		278,100
Western Refining Incorporated		81,600		2,926,992
Whitecap Resources Incorporated		23,314		207,749
Whitehaven Coal Limited †		113,230		229,940
Whiting Petroleum Corporation †		298,785		3,651,153
Woodside Petroleum Limited		104,596		2,287,816
World Fuel Services Corporation		78,489		3,489,621
WPX Energy Incorporated †		328,468		5,104,393
Yanchang Petroleum International Limited †		280,000		8,014
				429,010,099
Financials : 16.32%
Banks : 8.10%
Abu Dhabi Commercial Bank PJSC		680,446		1,148,651
Affin Holdings Bhd		93,730		47,222
Agricultural Bank of China Limited H Shares		6,698,000		2,806,485
Agricultural Bank of Greece †(a)		342		0
Akbank TAS		548,661		1,205,690
Alior Bank SA †		17,880		189,950
Alliance Financial Group Bhd		96,700		83,362
Alpha Bank AE †		203,386		409,561
AMMB Holdings Bhd		186,100		174,182
Aozora Bank Limited		162,000		556,497
Associated Banc-Corp		154,305		3,525,869
Australia & New Zealand Banking Group Limited		422,360		8,860,843
Axis Bank Limited		367,572		2,523,102
Banca Carige SpA †		332		90
Banca Monte dei Paschi di Sien †		3,404		77,202
Banca Popolare dell’Emilia Romagna Scarl		38,724		155,548
Banca Popolare dell’Etruria e del Lazio †(a)		258		0
Banca Popolare di Milano Scarl		484,767		157,063
Banca Popolare di Sondrio Scarl		27,109		85,850
Banco Bilbao Vizcaya Argentaria SA		591,351		3,651,406
Banco Bradesco SA		194,854		1,678,877

20

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Banks (continued)
Banco Comercial Portugues SA †«		45,656	$	57,098
Banco de Brasil SA		301,685		2,542,252
Banco de Chile		5,883,535		657,116
Banco de Credito e Inversiones		11,329		566,622
Banco de Sabade SA		435,494		543,254
Banco Popolare Societa Cooperativa		39,538		81,294
Banco Popular Espanol SA		297,857		261,070
Banco Santander Brasil SA		131,500		1,094,910
Banco Santander Central Hispano SA		1,213,661		5,547,803
Banco Santander Central Hispano SA ADR		87,065		393,534
Banco Santander Chile SA		22,027,452		1,200,440
Bancolombia SA ADR		36,000		1,206,000
BancorpSouth Incorporated		87,936		2,510,573
Bangkok Bank PCL		31,000		137,278
Bangkok Bank PCL - Non-voting		152,500		666,769
Bank Handlowy w Warszawie SA		8,631		138,206
Bank Hapoalim Limited		105,587		635,512
Bank Leumi Le-Israel †		148,085		602,961
Bank Millennium SA †		93,393		117,772
Bank of America Corporation		1,022,345		21,591,926
Bank of Ayudhya PCL		470,600		507,801
Bank of Baroda †		81,560		195,592
Bank of China Limited H Shares		19,279,100		8,773,960
Bank of Communications Limited H Shares		5,589,350		4,294,788
Bank of East Asia Limited		199,286		826,023
Bank of Hawaii Corporation «		46,617		3,886,459
Bank of Ireland †		2,392,830		509,744
Bank of Kyoto Limited		52,000		360,439
Bank of Montreal		62,035		4,088,408
Bank of Nova Scotia		111,405		6,148,713
Bank of Queensland Limited		64,104		532,075
Bank of the Ozarks Incorporated		98,900		4,798,628
Bank of the Philippine Islands		560,676		1,014,696
Bank of the Ryukyus Limited		7,500		96,762
Bank Pekao SA		43,062		1,211,052
Bank Zachodni WBK SA		11,565		805,001
Bankia SA		318,040		283,480
Bankinter SA		39,803		299,177
BankUnited Incorporated		108,519		3,844,828
Banque Cantonale Vaudoise Waadtlaender Kantonalbank		244		151,795
Barclays Africa Group Limited		90,379		1,009,946
Barclays plc		1,466,378		3,962,103
BDO Unibank Incorporated		514,398		1,158,507
Bendigo Bank Limited		78,440		697,984
Berner Kantonalbank AG		648		114,788
BNK Financial Group Incorporated		51,437		394,231
BNP Paribas SA		98,106		5,695,894
BOC Hong Kong Holdings Limited		518,000		1,943,377
BOK Financial Corporation «		23,562		1,892,500
Branch Banking & Trust Corporation		77,727		3,517,147
CaixaBank SA		214,811		624,492
Canadian Imperial Bank of Commerce		38,100		3,005,909
Canadian Western Bank «		8,239		178,850
Canara Bank †		13,142		61,132
Capitec Bank Holdings Limited		15,169		700,710
Cathay General Bancorp		76,009		2,667,916
Chang Hwa Commercial Bank		2,034,079		1,088,101
Chiba Bank Limited		113,000		669,674
China CITIC Bank H Shares		3,128,000		2,040,570
China Construction Bank H Shares		23,754,990		17,701,778
China Development Financial Holding Corporation		4,863,338		1,211,524
China Merchants Bank Company Limited H Shares		954,522		2,357,847
China Minsheng Banking Corporation Limited H Shares		1,580,280		1,784,729
Chong Hing Bank Limited		5,771		11,428
CIMB Group Holdings Bhd		795,816		814,348
CIT Group Incorporated		89,142		3,641,451
Citigroup Incorporated		291,080		16,414,001
Citizens Financial Group Incorporated		242,427		8,123,729

21

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Banks (continued)
Comerica Incorporated		80,209	$	5,113,324
Commerce Bancshares Incorporated		91,721		5,027,209
Commercial International Bank		194,543		749,423
Commerzbank AG		110,488		769,703
Commonwealth Bank of Australia		247,558		14,377,942
Concordia Financial Group Limited		178,200		818,532
Credicorp Limited		20,258		3,174,226
Credit Agricole SA		111,138		1,254,459
Credito Valtellinese Scarl		9,849		3,043
CTBC Financial Holding Company Limited		5,053,059		2,774,403
Cullen Frost Bankers Incorporated		60,353		4,967,655
CYBG plc †		102,609		350,065
Dah Sing Banking Group Limited		36,901		68,888
Dah Sing Financial Holdings Limited		32,795		219,648
Danske Bank AS		76,789		2,243,396
DBS Group Holdings Limited		248,687		3,044,934
DGB Financial Group Incorporated		34,107		279,204
DNB Nor ASA		85,061		1,252,881
E.SUN Financial Holding Company Limited		2,632,313		1,527,870
East West Bancorp Incorporated		158,120		7,570,786
EnTie Commercial Bank		238,977		94,472
Erste Bank Der Oesterreichischen Sparkassen AG		26,833		746,238
Eurobank Ergasias SA †		25,114		18,818
Far Eastern International Bank		662,770		188,394
Fifth Third Bancorp		358,800		9,335,976
First Financial Bankshares Incorporated «		68,200		2,936,010
First Financial Holding Company Limited		2,554,749		1,346,587
First Gulf Bank PJSC		306,590		968,320
First Horizon National Corporation		243,320		4,642,546
First Republic Bank		71,823		5,882,304
FNB Corporation PA		217,516		3,323,644
Fukuoka Financial Group Incorporated		118,000		510,555
Fulton Financial Corporation		179,040		3,177,960
Glacier Bancorp Incorporated		78,118		2,679,447
Grupo Financiero Banorte SAB de CV		618,300		2,964,991
Grupo Financiero Inbursa SAB de CV		420,864		568,215
Grupo Financiero Santander SAB de CV		551,179		773,622
Gunma Bank Limited		61,300		311,309
Hana Financial Group Incorporated		47,314		1,301,181
Hancock Holding Company		80,332		3,337,795
Hang Seng Bank Limited		113,100		2,143,454
HDFC Bank Limited		245,309		4,299,155
HDFC Bank Limited ADR		4,473		288,598
Hokuhoku Financial Group Incorporated		18,500		299,803
Hong Leong Bank Bhd		113,401		337,715
Hong Leong Financial Group Bhd		75,101		252,243
HSBC Holdings plc		1,778,758		14,136,892
Hua Nan Financial Holdings Company Limited Class C		2,000,716		1,016,898
Huishang Bank H Shares		240,374		121,791
Huntington Bancshares Incorporated		523,859		6,527,283
IBERIABANK Corporation		44,600		3,695,110
ICICI Bank Limited		727,062		2,820,661
ICICI Bank Limited ADR		21,140		165,738
IDFC Bank Limited		243,990		243,994
Indusind Bank Limited		81,278		1,290,315
Industrial & Commercial Bank of China Limited H Shares		19,789,442		12,118,849
Industrial Bank of Korea		44,220		493,624
ING Bank Slaski SA		7,363		259,805
ING Group NV		364,202		4,960,092
International Bancshares Corporation		58,840		2,290,347
Intesa Sanpaolo RSP		86,693		179,812
Intesa Sanpaolo SpA		1,335,380		2,966,473
Israel Discount Bank Limited Class A †		70,341		143,571
Itau CorpBanca		35,444,248		286,807
Itau Unibanco Holding SA		70,891		641,405
Itausa Investimentos Itau SA		64,037		156,209
Japan Post Bank Company Limited		55,500		654,425
Jimoto Holdings Incorporated		34,300		57,264
JPMorgan Chase & Company		361,893		29,012,962

22

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Banks (continued)
Jyske Bank AS		7,244	$	316,161
Kansai Urban Banking Corporation		7,600		85,828
Kasikornbank PCL		392,700		1,871,074
KB Financial Group Incorporated		68,363		2,461,898
KBC Groep NV		30,404		1,823,215
KeyCorp		506,039		8,759,535
Kiatnakin Finance		6,000		9,291
King’s Town Bank Company Limited		212,000		180,253
Komercni Banka AS		26,560		878,365
Kotak Mahindra Bank Limited		198,124		2,186,634
Krung Thai Bank PCL ADR		937,725		459,933
Kwangju Bank		5,204		45,850
Kyushu Financial Group Incorporated		63,436		417,528
Laurentian Bank of Canada		1,861		73,911
Lloyds Banking Group plc		5,487,074		3,973,021
Luzerner Kantonalbank AG		304		118,706
M&T Bank Corporation		73,540		10,585,348
Malayan Banking Bhd		1,007,236		1,752,401
Masraf Al Rayan		100,153		929,711
mBank SA †		3,102		239,501
Mebuki Financial Group Incorporated		124,020		450,962
Mediobanca SpA		44,444		306,647
Mega Financial Holding Company Limited		2,967,916		2,118,410
Metro Bank plc †		6,336		258,836
Metropolitan Bank & Trust Company		486,081		733,080
Mitsubishi UFJ Financial Group Incorporated		1,941,170		11,364,850
Miyazaki Bank Limited		34,000		107,583
Mizrahi Tefahot Bank Limited		8,324		116,692
Mizuho Financial Group Incorporated		3,441,600		6,094,735
National Australia Bank Limited		383,410		8,190,924
National Bank of Abu Dhabi PJSC		354,945		908,430
National Bank of Canada		30,600		1,146,276
National Bank of Greece SA †		608,097		141,788
Natixis		85,430		430,260
Nedbank Group Limited		70,250		1,147,754
Nishi-Nippon Financial Holdings Incorporated †		23,400		219,877
Nordea Bank AB		282,459		2,967,675
North Pacific Bank Limited		46,000		180,132
OTP Bank		66,278		1,786,431
Oversea-Chinese Banking Corporation Limited		446,202		2,826,605
People’s United Financial Incorporated «		328,941		6,157,776
Piraeus Bank SA †		4,331		913
PKO Bank Polski SA †		285,823		1,738,237
PNC Financial Services Group Incorporated		47,602		5,261,925
PrivateBancorp Incorporated		88,500		4,140,030
PT Bank Central Asia Tbk		3,395,500		3,582,782
PT Bank Danamon Indonesia Tbk		786,234		188,545
PT Bank Mandiri Persero Tbk		3,037,712		2,353,512
PT Bank Negara Indonesia Persero Tbk		2,701,500		1,031,563
PT Bank Pan Indonesia Tbk †		506,500		27,469
PT Bank Rakyat Indonesia Tbk		3,377,500		2,716,455
Public Bank Bhd		619,551		2,716,258
Punjab National Bank †		87,525		176,651
Qatar National Bank		68,128		2,786,042
Raiffeisen Bank International AG †		3,869		70,468
Regions Financial Corporation		585,712		7,930,540
Resona Holdings Incorporated		304,500		1,464,144
RHB Capital Bhd		258,175		283,264
Royal Bank of Canada		139,900		9,069,078
Royal Bank of Scotland Group plc †		296,857		721,683
Sberbank of Russia ADR		573,542		5,749,759
Sberbank Sponsored ADR		137,254		1,384,207
Senshu Ikeda Holdings Incorporated		45,180		195,087
Seven Bank Limited		107,600		306,609
Shiga Bank		39,000		203,173
Shimizu Bank Limited		1,000		29,413
Shinhan Financial Group Company Limited		66,659		2,514,573
Shinsei Bank Limited		305,000		487,872

23

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Banks (continued)
Shizuoka Bank Limited		84,000	$	679,166
Siam Commercial Bank PCL		437,100		1,794,732
Signature Bank †		30,100		4,512,291
Sinopac Financial Holdings Company Limited		3,212,364		917,156
Skandinaviska Enskilda Banken AB Class A		159,842		1,592,735
Sociedad Matriz Banco de Chile Class B		1,087,348		357,090
Societe Generale SA		75,627		3,253,020
St. Galler Kantonalbank Class A		210		80,142
Standard Bank Group Limited		323,326		3,468,103
Standard Chartered plc †		248,820		1,995,895
State Bank of India		472,910		1,784,926
State Bank of India Limited GDR 144A		3,576		134,458
Sumitomo Mitsui Financial Group Incorporated		193,684		7,120,623
Sumitomo Mitsui Trust Holdings Incorporated		53,800		1,951,576
SunTrust Banks Incorporated		51,700		2,685,815
Suruga Bank Limited		31,800		716,303
SVB Financial Group †		28,546		4,511,124
Svenska Handelsbanken AB Class A		140,664		1,952,226
Swedbank AB Class A		92,146		2,127,107
Sydbank AS		8,747		257,289
Synovus Financial Corporation		129,379		5,008,261
Taishin Financial Holdings Company Limited		2,405,995		883,197
Taiwan Business Bank		884,704		224,000
Taiwan Cooperative Financial Holdings		2,579,128		1,136,911
TCF Financial Corporation		176,398		3,060,505
Texas Capital Bancshares Incorporated †		51,300		3,732,075
Thanachart Capital PCL		15,516		19,134
The 77 Bank Limited		56,000		263,835
The Aichi Bank Limited - Tokai		1,900		107,119
The Akita Bank Limited - Akita		25,000		80,635
The Aomori Bank Limited		28,000		92,024
The Awa Bank Limited		34,000		200,306
The Bank of Iwate Limited		2,500		100,739
The Bank of Nagoya Limited		2,600		87,155
The Bank of Okinawa Limited		3,300		123,312
The Bank of Saga Limited		25,000		60,531
The Chiba Kogyo Bank Limited		4,700		21,486
The Chugoku Bank Limited		29,200		394,591
The Daisan Bank Limited		2,700		43,071
The Daishi Bank Limited		53,000		222,368
The Ehime Bank Limited		5,400		64,429
The Eighteenth Bank Limited		24,000		71,535
The Fukui Bank Limited		32,000		78,039
The Hachijuni Bank Limited		70,000		375,071
The Hiroshima Bank Limited		86,000		378,865
The Hokkoku Bank Limited		44,000		152,686
The Hokuetsu Bank Limited		3,400		75,754
The Hyakugo Bank Limited		37,000		141,008
The Hyakujushi Bank Limited		45,000		149,862
The Iyo Bank Limited		44,400		284,862
The Juroku Bank Limited		52,000		166,811
The Kanto Tsukuba Bank Limited		15,600		45,816
The Keiyo Bank Limited		41,000		174,887
The Kiyo Bank Limited		10,800		164,259
The Michinoku Bank Limited		27,000		51,449
The Minato Bank Limited		5,600		95,352
The Musashino Bank Limited		4,900		131,275
The Nanto Bank Limited		4,000		145,273
The Ogaki Kyoritsu Bank Limited		52,000		186,810
The Oita Bank Limited		22,000		78,458
The San-in Godo Bank Limited		23,200		177,034
The Shikoku Bank Limited		41,000		105,363
The Tochigi Bank Limited		14,300		62,122
The Toho Bank Limited		37,000		133,246
The Towa Bank Limited		58,000		54,753
Tisco Financial Group PCL		6,820		10,322
TMB Bank PCL		5,991,165		339,191
Tokyo TY Financial Group Incorporated		4,800		158,385
Tomony Holdings Incorporated		20,900		107,784

24

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Banks (continued)
Toronto-Dominion Bank		172,162	$	8,147,352
Trustmark Corporation		68,767		2,318,136
TT Hellenic Postbank SA †(a)		8,178		0
Turkiye Garanti Bankasi AS		646,636		1,372,057
Turkiye Halk Bankasi AS		227,219		581,324
Turkiye Is Bankasi Class C		549,429		770,803
Turkiye Vakiflar Bankasi Tao		219,660		266,607
Umpqua Holdings Corporation		239,631		4,258,243
UniCredit SpA		563,189		1,206,923
Unione di Banche SpA «		81,642		182,402
United Bankshares Incorporated «		72,593		3,350,167
United Overseas Bank Limited		218,139		3,106,162
US Bancorp		161,178		7,997,652
Valiant Holding AG		1,769		169,383
Valley National Bancorp		262,149		2,972,770
VTB Bank OJSC		780,769		1,637,273
Webster Financial Corporation		99,841		4,953,112
Wells Fargo & Company (l)		454,984		24,077,753
Western Alliance Bancorp †		105,200		4,914,944
Westpac Banking Corporation «		483,004		11,153,204
Woori Bank		46,055		472,743
Yamagata Bank Limited		23,000		94,489
Yamaguchi Financial Group		36,000		374,459
Yamanashi Chou Bank Limited		25,000		110,572
Yapi Ve Kredi Bankasi AS †		184,289		167,355
Yes Bank Limited		56,788		973,873
Zions Bancorporation		93,500		3,720,365
				679,779,192
Capital Markets : 2.34%
3i Group plc		93,011		801,826
Aberdeen Asset Management plc		107,379		360,065
Affiliated Managers Group Incorporated †		30,186		4,470,547
Ameriprise Financial Incorporated		75,500		8,622,855
Ashmore Group plc		39,880		136,770
ASX Limited		5,334		191,666
Azimut Holding SpA		9,036		134,841
Bank of New York Mellon Corporation		103,256		4,896,400
BlackRock Incorporated		20,674		7,665,712
BM&F Bovespa SA		465,494		2,286,145
Bolsas y Mercados Espanoles «		6,793		206,699
Brait SE		75,105		454,285
Brewin Dolphin Holding plc		23,817		85,645
Brookfield Asset Management Incorporated Class A «		79,275		2,639,746
Canaccord Financial Incorporated		5,064		15,079
Capital Securities Corporation		362,713		101,851
CBOE Holdings Incorporated		44,900		3,093,610
China Cinda Asset Management Company Limited H Shares		2,215,557		799,789
China Galaxy Securities Company Limited H Shares		1,105,000		1,096,951
China Huarong Asset Management Company Limited †		2,999,000		1,206,328
CI Financial Corporation		21,303		421,366
CITIC Securities Company Limited H Shares		685,500		1,604,935
Close Brothers Group plc		13,950		237,901
Credicorp Capital Peru SAA (a)		112		80
Credit Suisse Group AG		153,342		2,039,130
Daewoo Securities Company Limited		41,552		247,027
Daiwa Securities Group Incorporated		240,000		1,442,035
Deutsche Bank AG †		127,306		2,004,989
Donnelley Financial Solutions †		28,515		543,781
Dundee Corporation Class A †		3,983		17,138
E*TRADE Financial Corporation †		148,500		5,124,735
Egyptian Financial Group-Hermes Holding Company †		57,952		64,878
Euronext NV 144A		10,368		404,378
FactSet Research Systems Incorporated		22,841		3,658,443
Federated Investors Incorporated Class B		96,014		2,639,425
Financial Engines Incorporated «		58,923		2,053,467
Financiere de Tubize		2,881		176,488

25

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Capital Markets (continued)
Franklin Resources Incorporated		36,300	$	1,425,138
GAM Holding AG		21,185		207,120
GIMV NV		1,389		74,269
Goldman Sachs Group Incorporated		36,900		8,091,801
Grupo BTG Pactual		90,791		410,191
Haitong Securities Company Limited H Shares		804,000		1,550,679
Hargreaves Lansdown plc		24,237		356,929
Henderson Group plc		106,112		307,755
Hong Kong Exchanges & Clearing Limited		165,980		4,365,361
ICAP plc		54,134		329,789
Ichiyoshi Securities Company Limited		7,400		53,040
IG Group Holdings plc		37,974		399,347
IGM Financial Incorporated		10,400		301,169
Intercontinental Exchange Incorporated		100,002		5,540,111
Intermediate Capital Group		31,754		269,373
Investec plc		47,156		306,808
IOOF Holdings Limited «		40,299		260,389
IP Group plc †		53,049		92,394
JAFCO Company Limited		5,300		182,990
Janus Capital Group Incorporated		160,796		2,170,746
Japan Exchange Group Incorporated		75,700		1,120,893
Julius Baer Group Limited		19,658		868,726
Jupiter Fund Management plc		46,400		249,349
Kabu.com Securities Company Limited		18,800		60,144
Kingston Financial Group Limited «		512,000		244,894
Kiwoom Securities Company		1,800		98,542
Korea Investment Holdings Company Limited		9,034		309,492
Kyokuto Securities Company Limited		4,800		69,731
Lazard Limited Class A		136,912		5,319,031
Legg Mason Incorporated		95,100		3,033,690
London Stock Exchange Group plc		29,389		1,010,481
LPL Financial Holdings Incorporated		88,475		3,644,285
Macquarie Group Limited		50,620		3,136,210
Man Group plc		173,995		246,875
MarketAxess Holdings Incorporated		41,700		6,912,609
Marusan Securities Company Limited		8,000		65,032
Matsui Securities Company Limited		17,400		133,840
Mercantile Investment Company Limited †		5,857		757
Meritz Securities Company Limited		46,660		141,491
Mirae Asset Securities Company Limited		14,204		247,861
Monex Beans Holdings Incorporated		39,100		92,277
Moody’s Corporation		93,596		9,406,398
Morgan Stanley		143,100		5,918,616
NH Investment & Securities Company Class C		32,427		272,664
Nihon M&A Center Incorporated		9,400		256,352
Nomura Holdings Incorporated		495,600		2,659,835
Northern Trust Corporation		99,500		8,173,925
NorthStar Asset Management Group Incorporated		194,389		2,869,182
Okasan Holdings Incorporated		33,000		189,511
Partners Group Holding AG		1,488		722,998
Perpetual Trustees Australia Limited		7,563		265,674
Pioneers Holding †		13,767		9,240
Platinum Asset Management Limited «		43,875		177,549
Rathbone Brothers		6,015		138,327
Ratos AB Class B		21,869		90,366
Raymond James Financial Incorporated		70,707		5,086,662
Reinet Investments SCA		1,457		27,641
Samsung Securities Company Limited		13,029		357,196
SBI Holdings Incorporated		28,016		350,674
Schroders plc		11,497		397,746
Schroders plc - Non-Voting		4,395		112,565
SEI Investments Company		77,600		3,661,168
Singapore Exchange Limited		152,000		774,131
State Street Corporation		34,600		2,726,480
Stifel Financial Corporation †		73,970		3,687,405
T. Rowe Price Group Incorporated		138,900		10,286,934
The Charles Schwab Corporation		204,000		7,886,640
The NASDAQ OMX Group Incorporated		51,900		3,326,271
Thomson Corporation		34,752		1,500,237

26

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Capital Markets (continued)
TMX Group Limited		2,056	$	103,634
Tokai Tokyo Securities Company Limited		32,300		166,857
Tullett Prebon plc		11,401		63,436
UBS Group AG		326,047		5,185,581
UOB-Kay Hian Holdings Limited		54,838		48,780
Value Partners Group Limited		67,000		60,552
Vontobel Holdings AG		3,142		158,846
Waddell & Reed Financial Incorporated		93,400		1,824,102
Waterland Financial Holdings		719,704		184,256
Yuanta Financial Holding Company Limited		3,411,330		1,236,183
Yuanta Securities Korea Company Limited †		7,124		19,348
				196,032,577
Consumer Finance : 0.45%
Acom Company Limited †		65,700		314,129
Aeon Financial Service Company Limited		16,900		281,260
Aiful Corporation †		41,800		128,975
Allied Properties (Hong Kong) Limited		297,208		66,289
Ally Financial Incorporated		222,165		4,314,444
American Express Company		75,300		5,424,612
Bajaj Finance Limited		43,630		586,289
Capital One Financial Corporation		48,600		4,084,344
Cembra Money Bank AG		2,650		195,876
Credit Saison Company Limited		22,326		400,250
Discover Financial Services		39,926		2,705,785
Hitachi Capital Corporation		6,700		164,096
Hong Leong Singapore Finance Limited		46,000		68,678
International Personal Finance plc		23,636		82,391
J Trust Company Limited		11,400		98,052
Jaccs Company Limited		22,000		102,111
LendingClub Corporation †«		298,848		1,691,480
Mahindra & Mahindra Financial Services Limited		51,709		225,612
Navient Corporation		335,119		5,774,100
Orient Corporation †		65,100		114,944
PRA Group Incorporated †		51,764		1,860,916
Provident Financial plc		12,082		440,660
Samsung Card Company Limited		9,337		333,849
Shriram Transport Finance Company Limited		46,998		621,008
SLM Corporation †		465,300		4,685,571
Sundaram Finance Limited		7,985		149,040
Synchrony Financial		74,479		2,573,994
				37,488,755
Diversified Financial Services : 0.75%
Ackermans & Van Haaren NV		2,400		314,648
AMP Limited		427,009		1,482,026
Ayala Corporation		69,362		1,012,604
Bajaj Auto Limited		5,564		173,584
Banca Mediolanum SpA		18,176		117,702
Berkshire Hathaway Incorporated Class B †		190,200		29,945,088
Bursa Malaysia Bhd		59,100		111,954
Chailease Holding Company Limited		274,560		468,612
Challenger Financial Services Group Limited		81,434		640,437
Corporation Financiera Alba		1,616		68,680
D.Carnegie & Company AB †		1		11
Deutsche Boerse AG		18,044		1,458,200
ECN Capital Corporation †		24,304		54,640
Element Financial Corporation		24,304		202,639
Eurazeo		3,850		208,918
Exor SpA		5,847		245,461
First Pacific Company Limited		479,650		337,020
FirstRand Limited		996,648		3,575,260
Fubon Financial Holding Company Limited		1,961,579		3,043,331
Fuyo General Lease Company Limited		3,300		155,762
Goldin Financial Holdings Limited †		440,000		191,736

27

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Diversified Financial Services (continued)
Groupe Bruxelles Lambert SA		7,755	$	636,572
GT Capital Holdings Incorporated		19,520		454,930
Haci Omer Sabanci Holding AS		362,072		923,175
Hankook Tire Worldwide Company Limited		3,596		63,519
IBJ Leasing Company Limited		6,500		137,096
Industrivarden AB Class A		18,200		336,065
Industrivarden AB Class C		13,675		234,273
Investor AB Class A		17,400		577,874
Investor AB Class B		40,618		1,371,873
Japan Securities Finance Company Limited		17,700		84,319
Kinnevik AB Class B		21,989		538,829
Legend Holdings Corporation H Shares		153,800		371,983
Lundbergforetagen AB Class B		5,095		293,619
Metro Pacific Investments Corporation		2,050,000		255,580
Mitsubishi UFJ Lease & Finance Company Limited		73,600		339,034
Onex Corporation		8,400		589,557
ORIX Corporation		182,600		2,843,424
Pargesa Holding SA		2,020		128,150
Power Finance Corporation Limited		169,344		332,013
PSG Group Limited		28,452		393,164
Remgro Limited		132,865		1,973,603
Ricoh Leasing Company Limited		2,300		70,364
RMB Holdings Limited		252,615		1,119,743
Rural Electrification Corporation Limited		295,836		591,681
SNS REAAL NV †«(a)		4,259		0
Sofina SA		2,215		298,258
Tokyo Century Corporation		8,000		258,380
Voya Financial Incorporated		91,112		3,541,523
Wendel		3,495		404,496
Zenkoku Hosho Company Limited		7,700		260,806
				63,232,216
Insurance : 4.03%
Admiral Group plc		19,943		474,350
Aegon NV		140,767		715,823
AFLAC Incorporated		38,700		2,762,406
Ageas NV		24,124		900,371
AIA Group Limited		1,739,600		10,608,274
Alleghany Corporation †		8,400		4,770,780
Allianz AG		42,233		6,705,143
Allied World Assurance Company		93,934		4,397,051
American Financial Group Incorporated		32,748		2,692,868
American International Group Incorporated		99,145		6,278,853
AmTrust Financial Services Incorporated		92,600		2,357,596
Arch Capital Group Limited †		59,066		4,885,940
Arthur J. Gallagher & Company		81,164		4,086,607
Aspen Insurance Holdings Limited		62,324		3,175,408
Assicurazioni Generali SpA		129,712		1,638,705
Assurant Incorporated		25,299		2,184,316
Assured Guaranty Limited		138,884		4,966,492
Aviva plc		368,601		2,061,535
AXA SA		176,076		4,148,431
Axis Capital Holdings Limited		98,322		5,998,625
Bajaj Finserv Limited		7,957		347,579
Baloise Holding AG		4,595		553,642
BB Seguridade Participacoes SA		170,452		1,425,788
Beazley plc		46,327		220,844
Brown & Brown Incorporated		120,755		5,234,729
Cathay Financial Holding Company Limited		2,272,719		3,344,226
China Insurance International Holdings Company Limited †		415,000		950,222
China Life Insurance Company - Taiwan Exchange		878,600		937,232
China Life Insurance Company H Shares		2,009,000		5,840,643
China Pacific Insurance Group Company Limited H Shares		702,800		2,731,828
Chubb Limited		45,187		5,783,936
Cincinnati Financial Corporation		71,834		5,512,541
CNO Financial Group Incorporated		181,200		3,243,480
CNP Assurances		18,792		330,020
Dai-Ichi Mutual Life Insurance Company Limited		165,200		2,647,561

28

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Insurance (continued)
Delta Lloyd NV		30,564	$	175,993
Direct Line Insurance Group plc		130,127		565,293
Discovery Holdings Limited		134,499		1,064,527
Dongbu Insurance Company Limited		5,940		370,917
E-L Financial Corporation Limited		200		104,054
Endurance Specialty Holdings Limited		67,978		6,267,572
Erie Indemnity Company Class A		20,800		2,229,136
Euler Hermes SA		1,281		107,595
Everest Reinsurance Group Limited		19,143		4,030,559
Fairfax Financial Holdings Limited		1,900		902,857
First American Financial Corporation		114,979		4,339,307
FNF Group		125,002		3,992,564
Genworth Financial Incorporated Class A †		504,034		2,157,266
Gjensidige Forsikring ASA		20,511		328,130
Great Eastern Holdings Limited		10,000		140,231
Great-West Lifeco Incorporated		23,800		626,493
Grupo Catalana Occidente SA		4,581		137,547
Hannover Rueck SE		5,268		559,166
Hanwha Life Insurance Company Limited		51,670		294,361
Helvetia Holding AG		513		266,667
Hiscox Limited		26,600		348,462
Hyundai Marine & Fire Insurance Company Limited		14,670		456,771
Industrial Alliance Insurance & Financial Services Incorporated		9,339		395,932
Insurance Australia Group Limited		382,174		1,577,589
Intact Financial Corporation		12,815		891,984
Japan Post Holdings Company Limited		67,785		839,573
Japan Post Insurance Company Limited		10,000		201,827
Jardine Lloyd Thompson Group plc		11,879		142,536
KB Insurance Company Limited		12,020		292,519
Kemper Corporation		48,725		1,995,289
Korea Reinsurance Company		11,222		109,911
Lancashire Holdings Limited		19,049		153,730
Legal & General Group plc		564,612		1,665,791
Lincoln National Corporation		108,353		6,945,427
Loews Corporation		133,500		5,960,775
Manulife Financial Corporation		175,200		3,050,642
Mapfre SA		59,378		178,097
Markel Corporation †		7,899		7,095,988
Medibank Private Limited		441,394		847,463
Mercury General Corporation		36,922		2,156,245
Meritz Fire & Marine Insurance Company Limited		13,130		185,317
MetLife Incorporated		106,845		5,877,543
MMI Holdings Limited		225,444		351,999
MPHB Capital Bhd †		85		23
MS&AD Insurance Group Holdings Incorporated		70,700		2,193,211
Muenchener Rueckversicherungs Gesellschaft AG		13,431		2,446,258
New China Life Insurance Company Limited H Shares		243,100		1,230,152
NIB Holdings Limited		69,823		251,101
NN Group NV		15,819		508,506
Old Mutual plc		447,204		1,062,569
Old Republic International Corporation		256,185		4,578,026
People’s Insurance Company Group of China Limited H Shares		2,502,000		1,054,798
Phoenix Group Holdings		29,951		265,695
PICC Property & Casualty Company Limited H Shares		1,168,435		1,958,313
Ping An Insurance (Group) Company of China Limited H Shares		1,283,500		7,098,840
Poste Italiane SpA		42,438		263,795
Power Corporation of Canada		32,500		725,824
Power Financial Corporation		24,500		618,656
Powszechny Zaklad Ubezpieczen SA		182,060		1,280,905
Primerica Incorporated		48,264		3,412,265
Principal Financial Group Incorporated		124,593		7,187,770
ProAssurance Corporation		54,898		3,077,033
Prudential Financial Incorporated		42,062		4,231,437
Prudential plc		237,335		4,598,324
QBE Insurance Group Limited		216,170		1,783,075
Rand Merchant Investment Holdings Limited		276,245		757,650
Reinsurance Group of America Incorporated		29,239		3,568,620
RenaissanceRe Holdings Limited		45,185		5,899,354

29

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Insurance (continued)
RLI Corporation		42,670	$	2,561,907
RSA Insurance Group plc		97,743		661,010
Saga plc		57,412		136,987
Sampo Oyj Class A		45,762		2,022,970
Samsung Fire & Marine Insurance Company Limited		5,879		1,473,459
Samsung Life Insurance Company		15,277		1,489,738
Sanlam Limited		488,659		2,140,693
Santam Limited		1		17
SCOR SE		17,098		543,005
Shin Kong Financial Holding Company Limited †		3,485,718		898,962
Societa Cattolica di Assicurazione Societa Cooperativa		2,135		12,027
Sompo Japan Nipponkoa Holdings Incorporated		56,900		1,854,143
Sony Financial Holdings Incorporated		23,800		343,254
St. James’s Place plc		47,271		555,967
Standard Life plc		184,742		798,851
Storebrand ASA †		21,988		114,928
Sun Life Financial Incorporated «		57,400		2,204,044
Suncorp Group Limited		185,747		1,714,561
Swiss Life Holding AG		2,683		737,845
Swiss Reinsurance AG		32,594		3,000,687
T&D Holdings Incorporated		89,300		1,115,421
The Allstate Corporation		36,927		2,581,936
The Hanover Insurance Group Incorporated		44,559		3,858,364
The Hartford Financial Services Group Incorporated		180,445		8,502,568
The Progressive Corporation		272,285		9,067,091
The Travelers Companies Incorporated		27,390		3,104,657
Tokio Marine Holdings Incorporated		104,500		4,474,853
Tong Yang Life Insurance Company		13,010		143,560
Topdanmark AS †		12,150		307,889
Torchmark Corporation		50,731		3,555,736
Tryg AS		10,915		196,367
Unipol Gruppo Finanziario SpA		73,717		227,824
UnipolSai SpA		197,970		377,673
Unum Group		107,953		4,563,173
Validus Holdings Limited		90,947		4,942,060
Vienna Insurance Group AG		4,394		89,437
W.R. Berkley Corporation		44,112		2,725,680
White Mountain Insurance Group Limited		4,900		4,101,153
Willis Towers Watson plc		60,514		7,526,126
XL Group Limited		126,622		4,574,853
Zurich Insurance Group AG		13,809		3,619,650
				338,268,816
Mortgage REITs : 0.39%
AGNC Investment Corporation		149,102		2,782,243
Annaly Capital Management Incorporated		491,833		5,026,533
Blackstone Mortgage Trust Incorporated Class A		96,587		2,905,337
Chimera Investment Corporation		183,979		3,120,284
Colony Financial Incorporated Class A «		115,727		2,373,561
CYS Investments Incorporated		171,052		1,375,258
Invesco Mortgage Capital Incorporated		126,078		1,878,562
MFA Mortgage Investments Incorporated		382,166		2,988,538
New Residential Investment Corporation		275,075		4,249,909
Starwood Property Trust Incorporated		106,100		2,384,067
Two Harbors Investment Corporation		358,386		3,107,207
				32,191,499
Thrifts & Mortgage Finance : 0.26%
Aareal Bank AG		3,994		141,743
Capitol Federal Financial Incorporated		127,115		2,022,400
Genworth Mortgage Insurance Canada Incorporated		2,068		50,295
Home Capital Group Incorporated «		4,758		105,269
Housing Development Finance Corporation Limited		416,770		7,690,727
Indiabulls Housing Finance Limited		89,088		995,731
LIC Housing Finance Limited		74,052		610,600
MGIC Investment Corporation †		352,374		3,196,032

30

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Thrifts & Mortgage Finance (continued)
New York Community Bancorp Incorporated		233,138	$	3,725,545
Paragon Group of Companies plc		26,738		122,243
Radian Group Incorporated		221,600		3,226,496
				21,887,081
Health Care : 9.08%
Biotechnology : 1.94%
3-D Matrix Limited †		3,100		17,938
AbbVie Incorporated		160,034		9,730,067
Abcam plc		16,796		174,111
ACADIA Pharmaceuticals Incorporated †«		103,902		2,804,315
Actelion Limited		11,077		2,135,430
Agios Pharmaceuticals Incorporated †		33,396		1,943,981
Alexion Pharmaceuticals Incorporated †		37,408		4,585,847
Alkermes plc †		84,791		4,818,673
Alnylam Pharmaceuticals Incorporated †		79,419		3,484,112
Amgen Incorporated		75,000		10,805,250
Biogen Incorporated †		37,307		10,970,869
BioMarin Pharmaceutical Incorporated †		92,649		7,933,534
bluebird bio Incorporated †«		41,300		2,492,455
Celgene Corporation †		132,624		15,717,270
CK Life Sciences International Holdings Incorporated		702,000		65,163
CSL Limited		66,050		4,779,912
Dyax Corporation †(a)		188,200		0
Genmab AS †		5,982		1,036,147
Genus plc		5,667		130,821
Gilead Sciences Incorporated		129,700		9,558,890
Green Cross Corporation		1,207		151,256
Green Cross Holdings Corporation		5,818		111,976
Grifols SA		26,431		518,238
Incyte Corporation †		97,380		9,961,000
Intercept Pharmaceuticals Incorporated †«		19,488		1,970,627
Intrexon Corporation †«		67,646		1,973,910
Ionis Pharmaceuticals Incorporated †«		134,712		5,894,997
Juno Therapeutics Incorporated †«		84,785		1,699,939
Kite Pharma Incorporated †«		49,007		2,495,927
Ligand Pharmaceuticals Incorporated †«		21,300		2,223,720
Medy-Tox Incorporated		1,142		320,606
Mesoblast Limited †«		31,890		28,494
Myriad Genetics Incorporated †		77,100		1,286,799
NanoCarrier Company Limited †«		6,400		53,368
Neurocrine Biosciences Incorporated †		96,600		4,487,070
Novavax Incorporated †«		302,100		365,541
OBI Pharma Incorporated †		50,000		440,812
OPKO Health Incorporated †«		402,965		4,186,806
PeptiDream Incorporated †«		5,100		254,097
Portola Pharmaceuticals Incorporated †		63,103		1,135,223
Radius Health Incorporated †«		41,310		2,198,518
Regeneron Pharmaceuticals Incorporated †		12,613		4,783,354
Savient Pharmaceuticals Incorporated †(a)		2,670		0
Seattle Genetics Incorporated †		51,200		3,318,272
Shire Limited plc		79,789		4,652,170
Shire plc ADR		387		67,570
Sirtex Medical Limited		8,261		168,491
Swedish Orphan Biovitrum AB †		15,061		159,383
Takara Bio Incorporated		6,300		80,454
Tesaro Incorporated †«		36,700		4,979,823
Ultragenyx Pharmaceutical Incorporated †		40,359		3,159,706
United Therapeutics Corporation †		24,905		3,128,317
Vertex Pharmaceuticals Incorporated †		40,938		3,340,950
Viromed Company Limited †		2,223		199,662
				162,981,861

31

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Health Care Equipment & Supplies : 1.48%
Abbott Laboratories		147,294	$	5,607,483
Abiomed Incorporated †		44,500		4,994,680
Align Technology Incorporated †		83,905		7,807,360
Ansell Limited		26,316		438,993
Asahi Intecc Company Limited		8,000		310,826
Baxter International Incorporated		45,464		2,017,238
bioMerieux SA		1,765		245,334
Boston Scientific Corporation †		128,278		2,624,568
C.R. Bard Incorporated		41,094		8,652,342
Cochlear Limited		8,162		715,432
Coloplast Class B		10,575		671,675
Cooper Companies Incorporated		27,308		4,491,893
CYBERDYNE Incorporated †«		8,948		116,929
Danaher Corporation		102,994		8,051,041
DexCom Incorporated †		93,460		6,102,003
DiaSorin SpA		1,623		87,555
Edwards Lifesciences Corporation †		119,382		9,890,799
Elekta AB Class B		35,308		291,719
Essilor International SA Cie Generale d’Optique		17,811		1,889,586
Fisher & Paykel Healthcare Corporation		89,568		518,874
Fukuda Denshi Company Limited		1,500		81,946
Getinge AB Class B		18,499		282,816
GN Store Nord A/S		17,550		342,483
Halyard Health Incorporated †		46,342		1,721,605
Hartalega Holdings Bhd		183,500		201,332
Hogy Medical Company Limited		2,000		117,477
Hoya Corporation		54,800		2,155,021
IDEXX Laboratories Incorporated †		50,374		5,926,501
Intuitive Surgical Incorporated †		6,442		4,146,973
Nagaileben Company Limited		3,800		78,787
Nakanishi Incorporated		4,000		146,847
Nihon Kohden Corporation		11,200		251,206
Nikkiso Company Limited		14,000		127,022
Nipro Corporation		22,400		246,311
NuVasive Incorporated †		55,800		3,621,420
Olympus Corporation		45,000		1,581,225
Osstem Implant Company Limited †		1,678		81,097
Paramount Bed Holdings Company Limited		2,500		91,561
ResMed Incorporated		79,251		4,872,351
Smith & Nephew plc		83,542		1,178,027
Sonova Holding AG		4,488		542,515
Steris Corporation plc		97,909		6,423,809
Straumann Holding AG		989		354,569
Sysmex Corporation		23,000		1,385,167
Teleflex Incorporated		48,990		7,247,091
Terumo Corporation		47,100		1,657,074
Top Glove Corporation Bhd		366,800		433,655
Varian Medical Systems Incorporated †		51,776		4,651,038
West Pharmaceutical Services Incorporated		81,673		6,627,764
William Demant Holding †		17,515		296,393
Zimmer Biomet Holdings Incorporated		18,400		1,874,224
				124,271,637
Health Care Providers & Services : 1.97%
Acadia Healthcare Company Incorporated †		84,841		3,224,806
Alfresa Holdings Corporation		29,600		471,665
AmerisourceBergen Corporation		91,500		7,136,085
AmSurg Corporation †«		61,200		4,168,944
Anthem Incorporated		25,174		3,588,050
Apollo Hospitals Enterprise Limited		21,420		374,050
AS ONE Corporation		2,400		102,268
Bangkok Chain Hospital PCL		87		34
Bangkok Dusit Medical Services PCL Class F		1,509,100		985,497
Brookdale Senior Living Incorporated		206,900		2,406,247
Bumrungrad Hospital PCL		107,400		577,945
Cardinal Health Incorporated		33,000		2,343,330
Centene Corporation †		95,102		5,480,728
Chemed Corporation		18,151		2,703,954

32

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Health Care Providers & Services (continued)
Cigna Corporation		43,200	$	5,820,768
Community Health Systems Incorporated «		111,500		606,560
DaVita HealthCare Partners Incorporated †		92,743		5,875,269
Express Scripts Holding Company †		106,831		8,106,336
Fresenius Medical Care AG & Company KGaA		19,133		1,492,469
Fresenius SE & Company KGaA		36,249		2,602,853
Healthscope Limited		250,063		415,483
HealthSouth Corporation		93,600		3,900,312
Henry Schein Incorporated †		45,582		6,789,895
Humana Incorporated		25,028		5,321,954
IHH Healthcare Bhd		615,700		909,901
Korian SA		11,688		305,229
Laboratory Corporation of America Holdings †		57,085		7,184,147
Life Healthcare Group Holdings Limited		246,277		543,025
LifePoint Hospitals Incorporated †		42,256		2,321,967
Magellan Health Services Incorporated †		27,257		1,984,310
McKesson Corporation		37,900		5,450,399
Mediclinic International plc		78,796		697,983
Medipal Holdings Corporation		27,100		387,769
MEDNAX Incorporated †		52,256		3,421,200
Miraca Holdings Incorporated		8,300		371,452
Molina Healthcare Incorporated †		47,600		2,516,136
Netcare Limited		414,008		918,743
Nichii Gakkan Company		7,200		55,130
Orpea		3,644		281,547
Owens & Minor Incorporated		70,100		2,377,091
Primary Health Care Limited		92,654		251,103
Quest Diagnostics Incorporated		64,400		5,632,424
Ramsay Health Care Limited		20,419		1,067,702
Rhoen Klinikum AG		4,591		121,279
Ryman Healthcare Limited		72,433		448,849
Ship Healthcare Holdings Incorporated		6,600		172,319
Sigma Pharmaceuticals Limited		257,710		234,076
Sinopharm Group Company Limited H Shares		367,600		1,715,609
Sonic Healthcare Limited		59,652		960,290
Suzuken Company Limited		12,300		367,694
Team Health Holdings Incorporated †		82,600		3,514,630
Tenet Healthcare Corporation †		88,464		1,347,307
Toho Holdings Company Limited		9,400		182,076
TOKAI Corporation		2,600		82,951
UDG Healthcare plc		34,039		280,027
UnitedHealth Group Incorporated		163,563		25,895,294
Universal Health Services Incorporated Class B		51,000		6,274,020
VCA Incorporated †		91,900		5,752,940
Vital KSK Holdings Incorporated		9,000		75,757
WellCare Health Plans Incorporated †		49,400		6,768,788
				165,366,666
Health Care Technology : 0.21%
Allscripts Healthcare Solutions Incorporated †		188,100		2,065,338
athenahealth Incorporated †«		43,963		4,158,900
Cerner Corporation †		48,724		2,425,481
M3 Incorporated		25,900		668,526
Medidata Solutions Incorporated †		60,800		3,357,984
Veeva Systems Incorporated Class A †		108,000		5,019,840
				17,696,069
Life Sciences Tools & Services : 0.59%
Bio Techne Corporation		41,778		4,401,730
Bio-Rad Laboratories Incorporated Class A †		23,167		4,019,475
Charles River Laboratories International Incorporated †		52,620		3,741,282
Divi’s Laboratories Limited		25,894		444,120
Eurofins Scientific SE		812		355,384
Gerresheimer AG		3,694		269,554
ICON plc ADR †		5,230		395,597

33

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Life Sciences Tools & Services (continued)
Illumina Incorporated †		24,157	$	3,216,263
Lonza Group AG		5,820		1,039,551
Mettler-Toledo International Incorporated †		14,460		5,957,809
Parexel International Corporation †		58,996		3,480,764
QIAGEN NV †		22,655		625,484
Quintiles Transnational Holdings Incorporated †		73,355		5,635,865
Tecan Group AG		803		126,922
Thermo Fisher Scientific Incorporated		67,000		9,387,370
Waters Corporation †		44,965		6,050,940
				49,148,110

Pharmaceuticals : 2.89%
Akorn Incorporated †	98,400	2,088,048
Alapis Holding Industrial & Commercial SA of Pharmaceutical Chemical Products †(a)	1,231	0
Allergan plc †	63,993	12,433,840
Aspen Pharmacare Holdings Limited	82,217	1,693,282
Astellas Pharma Incorporated	297,000	4,100,446
AstraZeneca plc	112,231	5,826,868
Aurobindo Pharma Limited	73,202	792,241
Bayer AG	76,769	7,208,002
Bristol-Myers Squibb Company	164,085	9,260,957
BTG plc †	29,198	213,533
Bukwang Pharmaceutical Company	3,630	74,522
Cadila Healthcare Limited	101,725	596,984
Celltrion Incorporated †«	13,443	1,177,506
China Medical System Holding Limited	329,000	548,864
Chugai Pharmaceutical Company Limited	29,100	817,766
Cipla Limited India	112,548	931,639
Daiichi Sankyo Company Limited	89,000	1,853,048
Dong-A ST Company Limited	1,090	78,600
Dr. Reddys Laboratories Limited	23,358	1,090,933
Eisai Company Limited	40,900	2,362,730
Eli Lilly & Company	97,319	6,532,051
Endo International plc †	98,936	1,583,965
Galenica AG	419	443,026
GlaxoSmithKline Pharmaceuticals Limited	4,235	167,930
GlaxoSmithKline plc	437,688	8,189,882
Glenmark Pharmaceuticals Limited	35,144	449,563
H. Lundbeck AS †	7,172	273,381
Hanmi Pharm Company Limited	750	236,410
Hanmi Science Company Limited	4,294	275,480
Haw Par Corporation Limited	27,500	173,632
Hikma Pharmaceuticals plc	10,618	225,982
Hisamitsu Pharmaceutical Company Incorporated	11,600	557,668
Horizon Pharma plc †	180,677	3,577,405
Hua Han Bio-Pharmaceutical Holdings Limited H Shares (a)	4,987	341
Ilyang Pharmaceutical Company Limited †	2,300	71,023
Indivior plc	61,638	248,794
Ipsen SA	2,572	174,323
Jazz Pharmaceuticals plc †	34,000	3,523,420
Jeil Pharmaceutical Company	1,190	57,920
Johnson & Johnson	274,096	30,506,885
Kaken Pharmaceutical Company Limited	5,600	297,609
Kissei Pharmaceutical Company Limited	5,400	126,734
Komipharm International Company †	5,117	153,197
Kyorin Company Limited	7,300	153,268
Kyowa Hakko Kogyo Company Limited	35,500	506,411
LG Life Sciences Limited †	1,820	90,451
Lupin Limited	66,388	1,459,540
Mallinckrodt plc †	48,468	2,554,264
Merck & Company Incorporated	277,085	16,954,831
Merck KGaA	12,492	1,251,676
Mitsubishi Tanabe Pharma Corporation	33,800	635,495
Mochida Pharmaceutical Company Limited	2,200	152,878
Mylan NV †	75,097	2,749,301
Nichi-Iko Pharmaceutical Company Limited	8,000	110,555
Nippon Shinyaku Company Limited	8,400	390,612
Novartis AG	231,957	16,027,323

34

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Pharmaceuticals (continued)
Novo Nordisk AS Class B		176,159	$	5,972,044
Ono Pharmaceutical Company Limited		73,100		1,618,800
Orion Oyj Class A		3,628		152,921
Orion Oyj Class B		8,702		370,019
Otsuka Holdings Company Limited		76,900		3,123,590
Pacira Pharmaceuticals Incorporated †		41,719		1,328,750
Perrigo Company plc		79,946		6,902,538
Pfizer Incorporated		607,671		19,530,546
Piramal Enterprises Limited		18,361		454,177
Prestige Brands Holdings Incorporated †		59,000		2,806,630
PT Kalbe Farma Tbk		7,442,000		823,686
Recordati SpA		6,569		178,858
Roche Holding AG		2,539		574,628
Roche Holding AG Genusschein		62,032		13,831,666
Rohto Pharmaceutical Company Limited		16,300		230,242
Sanofi SA		103,560		8,353,684
Santen Pharmaceutical Company Limited		56,800		693,089
Sawai Pharmaceutical Company Limited		5,200		278,624
Seikagaku Corporation		5,500		78,698
Shionogi & Company Limited		42,100		1,990,831
Sino Biopharmaceutical Limited		1,218,000		835,397
Sosei Group Corporation †		2,300		283,869
Stada Arzneimittel AG		5,207		254,354
Sumitomo Dainippon Pharma Company Limited		25,200		411,685
Sun Pharmaceutical Industries Limited		300,733		3,118,533
Taisho Pharmaceutical Holding Company Limited		7,500		639,832
Takeda Pharmaceutical Company Limited		101,800		4,168,813
Teva Pharmaceutical Industries Limited		94,247		3,493,090
The Medicines Company †		71,200		2,499,120
The United Laboratories International Holdings Limited †		500		271
Torrent Pharmaceuticals Limited		20,280		408,021
Towa Pharmaceutical Company Limited		1,900		68,507
Tsumura & Company		10,400		281,351
TTY Biopharm Company Limited		65,000		198,428
UCB SA		13,970		898,730
Valeant Pharmaceuticals International Incorporated †		30,257		478,418
Yuhan Corporation		1,877		316,299
Yungjin Pharmaceutical Company †«		13,070		93,912
Zeria Pharmaceutical Company Limited		6,400		103,884
				241,879,570
Industrials : 11.08%
Aerospace & Defense : 1.21%
Airbus Group NV		54,584		3,486,670
Arconic Incorporated		212,166		4,090,560
BAE Systems plc		307,386		2,309,530
Bharat Electronics Limited		27,081		569,343
Bombardier Incorporated Class B †		143,159		200,357
BWX Technologies Incorporated		108,308		4,241,341
CAE Incorporated		24,800		365,732
Chemring Group plc †		12,198		25,335
Cobham plc		161,040		331,053
Dassault Aviation SA		313		341,851
Elbit Systems Limited		1,785		180,676
General Dynamics Corporation		27,726		4,861,754
Hanwha Techwin Company Limited		9,105		372,674
HEICO Corporation		23,600		1,852,600
HEICO Corporation Class A		40,400		2,714,880
Hexcel Corporation		103,000		5,327,160
Huntington Ingalls Industries Incorporated		50,900		9,098,884
KLX Incorporated †		53,245		2,076,023
Korea Aerospace Industries Limited		7,520		426,480
L-3 Communications Holdings Incorporated		35,785		5,645,799
Leonardo-Finmeccanica SpA †		34,904		453,164
Lockheed Martin Corporation		24,649		6,538,147
MacDonald Dettwiler & Associates Limited		2,966		155,156

35

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Aerospace & Defense (continued)
Meggitt plc		77,064	$	455,500
Moog Incorporated Class A †		36,340		2,537,622
MTU Aero Engines AG		4,407		463,199
Northrop Grumman Corporation		17,951		4,481,467
Orbital ATK Incorporated		64,114		5,470,848
Qinetiq Group plc		51,946		157,937
Raytheon Company		28,400		4,246,936
Rolls-Royce Holdings plc		181,553		1,536,731
Rolls-Royce Holdings plc Class C †(a)		8,351,438		10,449
Saab AB Class B		5,318		197,433
Safran SA		31,081		2,133,601
Senior plc		38,774		89,702
Singapore Technologies Engineering Limited		264,000		622,542
Teledyne Technologies Incorporated †		38,576		4,816,985
Thales SA		9,751		952,126
TransDigm Group Incorporated		27,940		7,024,954
Triumph Group Incorporated		55,800		1,551,240
Ultra Electronics Holdings plc		5,405		136,878
United Technologies Corporation		78,009		8,403,129
Zodiac Aerospace SA		17,330		384,242
				101,338,690
Air Freight & Logistics : 0.29%
Bollore†		459		1,508
Bollore Investissement		97,380		319,532
Bpost SA		9,098		204,421
Deutsche Post AG		89,813		2,807,102
Expeditors International of Washington Incorporated		83,200		4,387,968
FedEx Corporation		41,400		7,935,138
Freightways Limited		37,588		178,353
Hub Group Incorporated Class A †		37,201		1,594,063
Hyundai Glovis Company Limited		2,877		391,295
Kerry Logistics Network Limited		72,526		97,057
Kintetsu World Express Incorporated		5,900		83,700
Mainfreight Limited		9,747		139,230
Mitsui-Soko Company Limited		20,000		58,389
Oesterreichische Post AG		4,954		160,455
Panalpina Welttransport Holdings AG		1,522		189,670
PostNL†		25,238		124,380
Royal Mail plc		72,366		424,291
Singapore Post Limited		260,000		268,462
XPO Logistics Incorporated †«		89,405		3,981,205
Yamato Holdings Company Limited		55,200		1,105,640
				24,451,859
Airlines : 0.47%
Air Canada †		26,372		265,035
Air China H Shares		534,000		366,258
Air France-KLM †		16,025		86,432
All Nippon Airways Company Limited		169,000		468,718
Allegiant Travel Company		14,500		2,369,300
American Airlines Group Incorporated		49,481		2,297,898
Asiana Airlines †		21,610		87,157
Cathay Pacific Airways Limited		167,000		226,068
China Airlines		594,775		178,397
Chorus Aviation Incorporated		63		309
Deutsche Lufthansa AG		24,014		311,141
easyJet plc		22,179		274,729
Eva Airways Corporation		427,849		210,079
International Consolidated Airlines		72,922		395,525
Japan Airlines Company Limited		16,405		485,389
JetBlue Airways Corporation †		360,213		7,236,679
Korean Air Lines Company Limited †		7,538		201,499
LANTAM Airlines Group SA †		79,059		713,408
Qantas Airways Limited		191,247		466,047
Ryanair Holdings plc †		15,795		1,261,073

36

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Airlines (continued)
Singapore Airlines Limited		90,200	$	629,295
Southwest Airlines Company		103,800		4,838,118
Spirit Airlines Incorporated †		78,014		4,337,578
Turk Hava Yollari Anonim Ortakligi †		270,807		379,131
United Continental Holdings Incorporated †		163,800		11,294,010
Virgin Australia International Holdings †(a)		177,317		0
WestJet Airlines Limited		32,660		512,037
				39,891,310
Building Products : 0.70%
A.O. Smith Corporation		165,200		8,033,676
Aica Kogyo Company Limited		9,900		260,469
Allegion plc		54,900		3,673,359
Armstrong World Industries Incorporated		55,800		2,326,860
Asahi Glass Company Limited		163,000		1,058,599
Assa Abloy AB Class B		92,949		1,757,634
Belimo Holding AG		43		124,766
Bunka Shutter Company Limited		12,000		91,150
Central Glass Company Limited		31,000		122,477
Compagnie de Saint-Gobain SA		45,570		1,976,569
Daikin Industries Limited		40,400		3,783,803
Dorma+Kaba Holding AG Class B		280		202,282
Geberit AG		3,718		1,471,914
GWA International Limited		44,009		91,971
Johnson Controls International plc		446,067		20,064,094
KCC Corporation		841		267,972
Kingspan Group plc		16,453		439,430
Lennox International Incorporated		43,558		6,475,768
LIXIL Group Corporation		39,500		878,353
Nibe Industrier AB Class B		61,316		455,077
Nichias Corporation		18,000		174,171
Nichiha Corporation		4,400		110,611
Nippon Sheet Glass Company Limited †		12,400		87,251
Nitto Boseki Company Limited		27,000		105,022
Noritz Corporation		6,000		106,674
Okabe Company Limited		8,500		75,040
Owens Corning Incorporated		51,600		2,651,208
Rockwool International AS Class B		400		64,498
Sankyo Tateyama Incorporated		4,600		62,805
Sanwa Holdings Corporation		32,700		322,984
Sekisui Jushi Corporation		6,000		90,940
Taiwan Glass Industrial Corporation †		387,415		164,092
Takara Standard Company Limited		10,000		165,377
Takasago Thermal Engineering Company		9,700		129,299
TOTO Limited		21,800		835,567
Uponor Oyj		2,800		45,137
				58,746,899
Commercial Services & Supplies : 0.71%
Aeon Delight Company Limited		3,500		96,062
Aggreko plc		24,032		245,813
Babcock International Group plc		46,368		554,049
Berendsen plc		15,297		169,481
Bilfinger SE †		4,408		166,527
Brambles Limited		227,942		1,982,854
Cabcharge Australia Limited		26,928		73,376
China Everbright International Limited		717,000		868,923
Cintas Corporation		47,500		5,443,500
Clean Harbors Incorporated †		58,104		3,070,796
Cleanaway Waste Management Limited		162,245		132,390
Copart Incorporated †		108,390		5,931,101
Covanta Holding Corporation		146,500		2,138,900
Dai Nippon Printing Company Limited		84,000		794,441
Daiseki Company Limited		6,700		127,728
De La Rue plc		11,470		82,520

37

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Commercial Services & Supplies (continued)
Deluxe Corporation		50,634	$	3,427,922
Downer EDI Limited		82,141		343,925
Duskin Company Limited		8,400		168,800
Edenred		14,866		313,460
G4S plc		126,965		387,774
HomeServe plc		12,155		92,162
Intrum Justitia AB		10,031		303,775
ISS AS		13,842		473,207
KEPCO Plant Service & Engineering Company Limited		3,274		161,593
Kokuyo Company Limited		17,300		201,875
Loomis AB Class B		8,827		233,529
LSC Communications Incorporated		28,515		588,550
Mitie Group plc «		40,984		105,430
Mitsubishi Pencil Company Limited		4,400		228,836
MSA Safety Incorporated		34,521		2,145,825
Nissha Printing Company Limited		5,200		110,132
Okamura Corporation		15,400		130,975
Oyo Corporation		3,900		45,680
Park24 Company Limited		14,600		414,755
Pilot Corporation		5,100		211,079
Pitney Bowes Incorporated		190,600		2,735,110
Prosegur Compania de Seguridad SA		26,730		166,013
Regus plc		55,194		160,907
Relia Incorporated		8,300		79,877
Rentokil Initial plc		173,799		466,228
Republic Services Incorporated		108,100		5,998,469
Ritchie Bros. Auctioneers Incorporated		6,229		237,419
Rollins Incorporated		54,900		1,763,937
RR Donnelley & Sons Company		76,040		1,322,336
S1 Corporation Incorporated		2,828		229,569
Sato Corporation		4,000		78,948
Secom Company Limited		29,400		2,137,831
Securitas AB Class B		25,461		374,069
Serco Group plc †		97,398		162,080
Societe BIC SA		2,766		357,795
Sohgo Security Services Company Limited		11,900		484,196
Spotless Group Holdings Limited		290,919		197,643
Stericycle Incorporated †		47,931		3,497,525
Taiwan Secom Company Limited		64,960		177,314
Tetra Tech Incorporated		58,700		2,515,295
Tomra Systems ASA		7,776		77,635
Toppan Forms Company Limited		6,500		61,929
Toppan Printing Company Limited		88,000		797,657
Transcontinental Incorporated Class A		3,424		47,538
Waste Connections Incorporated		10,108		772,656
Waste Connections Incorporated - Toronto Exchange		5,786		441,843
Waste Management Incorporated		38,353		2,666,301
				59,975,865
Construction & Engineering : 0.70%
Abengoa SA Class A †		2,071		1,045
Actividades de Construccion y Servicios SA		16,688		491,427
AECOM Technology Corporation †		162,600		5,910,510
Aecon Group Incorporated		8,690		101,113
Arcadis NV		7,054		81,976
Balfour Beatty plc		61,174		204,900
Bouygues SA		16,989		576,185
Budimex SA		6,367		311,010
Cardno Limited †		53,299		37,784
Carillion plc		47,881		147,855
Chicago Bridge & Iron Company NV		109,500		3,669,345
China Communications Construction Company Limited H Shares		1,122,779		1,346,206
China Railway Group Limited Class H		1,159,000		1,045,961
China State Construction International Holdings Limited		438,000		708,118
Chiyoda Corporation		25,000		179,406
Chudenko Corporation		4,600		92,680
CIMIC Group Limited		17,730		403,518
Comsys Holdings Corporation		16,700		285,377

38

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Construction & Engineering (continued)
CTCI Corporation		123,000	$	194,497
Daelim Industrial Company Limited		6,425		419,888
Daewoo Engineering & Construction Company Limited †		31,654		139,986
Dialog Group Bhd		784,124		280,922
Dycom Industries Incorporated «		34,900		2,555,727
Eiffage SA		4,842		319,608
EverChina International Holdings Company Limited †		960,000		42,700
Ferrovial SA		38,728		686,490
FLSmidth & Company AS		5,428		222,521
Fluor Corporation		66,600		3,563,766
Galliford Try plc		7,693		121,666
Gamuda Bhd		392,350		421,693
GS Engineering & Construction Corporation †		11,855		239,828
Hanison Construction Holding Limited		30,555		5,357
Hazama Ando Corporation		30,100		211,270
Hibiya Engineering Limited		6,000		86,115
Hochtief AG		4,214		599,365
Hyundai Development Company		9,673		341,726
Hyundai Engineering & Construction Company Limited		11,463		385,842
IJM Corporation Bhd		1,039,140		751,550
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV †		152,023		187,591
Interserve plc		12,112		45,350
Jacobs Engineering Group Incorporated †		55,200		3,422,952
JGC Corporation		35,500		585,849
Kajima Corporation		136,000		953,385
Kandenko Company Limited		16,000		148,945
KBR Incorporated		145,200		2,426,292
KEPCO Engineering & Construction Company Incorporated		1,785		35,653
Kier Group plc		8,943		155,981
Kinden Corporation		19,700		248,478
Koninklijke Bam Groep NV		28,912		125,021
Kumagai Gumi Company Limited		61,000		156,759
Kumho Industrial Company Limited †		9		67
Kyowa Exeo Corporation		14,600		206,484
Kyudenko Corporation		7,200		202,019
Larsen & Toubro Limited		54,392		1,098,783
Larsen & Toubro Limited GDR		8,011		159,813
Maeda Corporation		23,000		214,108
Maeda Road Construction Company Limited		10,000		172,020
Malaysian Resources Corporation Bhd		50		15
Mirait Holdings Corporation		11,700		111,984
Monadelphous Group Limited		19,272		151,564
NCC AB Class B		8,600		205,424
Nippo Corporation		8,000		153,070
Nippon Densetsu Kogyo Company Limited		8,000		129,295
Nippon Koei Company Limited		15,000		65,294
Nishimatsu Construction Company Limited		38,000		186,670
Obayashi Corporation		98,800		939,595
Obrascon Huarte Lain SA		10,626		28,977
Okumura Corporation		29,000		168,821
Peab AB		21,523		166,158
Penta-Ocean Construction Company Limited		41,700		204,481
Quanta Services Incorporated †		168,300		5,675,076
Royal Boskalis Westminster NV		8,093		252,603
Samsung Engineering Company Limited †«		30,682		248,805
Sanki Engineering Company Limited		6,400		53,648
Shimizu Corporation		99,000		912,076
Sho-Bond Holdings Company Limited		3,600		161,427
Sino Thai Engineering & Construction PCL		374,529		304,414
Skanska AB Class B		34,816		800,298
SNC-Lavalin Group Incorporated		14,400		610,175
Socam Development Limited †		63		21
Sumitomo Mitsui Construction Company Limited		111,400		123,664
Taikisha Limited		5,400		133,200
Taisei Corporation		160,000		1,157,991
Takamatsu Corporation		3,600		79,895
Toa Corporation		3,100		51,646
Toda Corporation		37,000		207,307

39

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Construction & Engineering (continued)
Tokyu Construction Company Limited		13,280	$	108,882
Toshiba Plant Systems & Services Corporation		6,000		89,891
Totetsu Kogyo Company Limited		4,400		116,918
Toyo Engineering Corporation		28,000		78,318
United Engineers Limited		59,000		107,022
Valmont Industries Incorporated		25,377		3,778,635
Vinci SA		43,394		2,816,036
WSP Global Incorporated		5,250		186,152
YIT Oyj		11,040		88,341
Yokogawa Bridge Holdings Corporation		8,000		91,674
				58,475,946
Electrical Equipment : 0.74%
ABB Limited		183,256		3,734,695
ABB Limited - Natl India Exchange		14,757		228,764
Acuity Brands Incorporated		23,962		6,024,286
AMETEK Incorporated		129,368		6,125,575
Bharat Heavy Electricals limited		223,538		425,039
Cosel Company Limited		4,900		49,769
Daihen Corporation		18,000		112,652
Denyo Company Limited		3,200		40,670
Doosan Heavy Industries & Construction Company Limited		13,384		295,374
Eaton Corporation plc		43,003		2,860,130
Elswedy Cables Holding Company		9,692		41,757
Emerson Electric Company		61,404		3,465,642
FDG Electric Vehicles Limited †		1,480,000		72,507
Fuji Electric Holdings Company Limited		88,000		432,289
Fujikura Limited		40,500		218,421
Furukawa Electric Company Limited		10,400		321,350
Futaba Corporation		4,700		73,208
Gamesa Corporación Tecnologica SA		20,083		417,079
GS Yuasa Corporation		61,000		245,802
Havells India Limited		71,752		360,967
Hubbell Incorporated		29,500		3,312,260
Johnson Electric Holdings Limited		54,750		158,465
Legrand SA		23,684		1,324,103
LS Corporation		7,178		373,928
LS Industrial Systems Company Limited		3,641		121,154
Mabuchi Motor Company Limited		8,100		451,003
Melrose Industries plc		170,482		390,885
Mitsubishi Electric Corporation		296,000		4,078,878
Nidec Corporation		37,800		3,383,349
Nitto Kogyo Corporation		4,900		68,914
Nordex AG †		816		16,799
Osram Licht AG		7,623		388,086
Prysmian SpA		18,370		439,425
Rockwell Automation Incorporated		71,900		9,613,749
Sanyo Denki Company Limited		6,000		38,600
Schneider Electric SE		52,663		3,506,290
Schneider Electric SE - London Exchange		1,614		107,357
Sensata Technologies Holding NV †		95,700		3,576,309
SGL Carbon SE †«		3,056		28,664
Shihlin Electric		118,000		148,088
Sumitomo Electric Industries Limited		109,500		1,533,794
Teco Electric & Machinery Company Limited		774,000		647,165
Ushio Incorporated		18,700		225,404
Vestas Wind Systems AS		23,748		1,566,884
Voltronic Power Technology Corporation		13,650		178,799
Walsin Lihwa Corporation		600,000		252,251
Ya Hsin Industrial Company Limited †(a)		40,000		0
Zhuzhou CSR Times Electric Company Limited H Shares		151,000		819,584
				62,296,163
Industrial Conglomerates : 1.04%
Aboitiz Equity Ventures Incorporated		814,780		1,200,133
Aditya Birla Nuvo Limited		9,359		173,004

40

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Industrial Conglomerates (continued)
Alfa SAB de CV Class A		869,400	$	1,150,552
Alliance Global Group Incorporated		970,700		253,752
Antarchile SA		32,607		328,002
Beijing Enterprises Holdings Limited		135,000		623,090
Bidvest Group Limited		93,694		1,083,662
Boustead Holdings Bhd		158,368		77,659
CITIC Pacific Limited		1,619,000		2,492,214
CJ Corporation		1,980		297,241
CK Hutchison Holdings Limited		384,296		4,682,005
DCC plc		9,251		709,538
DMCI Holdings Incorporated		2,121,900		576,024
Doosan Corporation		2,425		229,214
Enka Insaat Ve Sanayi AS		342,626		465,717
Far Eastern New Century Corporation		1,360,496		1,003,095
Fosun International		445,000		659,769
General Electric Company		897,838		27,617,497
Grupo Carso SAB de CV		111,000		413,984
Guoco Group Limited		14,000		157,030
Hanwha Corporation (Korea)		11,460		346,040
HAP Seng Consolidated Bhd		197,100		350,420
Hopewell Holdings		123,000		448,772
Industries Qatar		18,137		523,025
Jardine Matheson Holdings Limited		43,585		2,362,307
Jardine Strategic Holdings Limited		28,894		957,258
JG Summit Holdings		966,992		1,327,110
Katakura Industries Company Limited		5,400		60,370
Keihan Electric Railway Company Limited		82,000		521,795
Keppel Corporation Limited		270,051		1,026,810
Koc Holding AS		227,557		824,602
Koninklijke Philips NV «		95,657		2,751,509
LG Corporation		21,404		1,034,452
LT Group Incorporated		735,600		193,774
MMC Corporation Bhd		109,200		58,683
Mytilineos Holdings SA †		1,209		7,598
Nisshinbo Holdings Incorporated		21,600		209,194
NWS Holdings Limited		304,024		525,227
Quinenco SA		62,686		146,516
Rheinmetall AG		3,555		253,571
Roper Industries Incorporated		56,693		10,267,669
Samsung C&T Corporation		14,897		1,631,082
San Miguel Corporation		214,380		362,114
Seibu Holdings Incorporated		32,708		586,374
SembCorp Industries Limited		165,000		310,810
Shun Tak Holdings Limited		294,250		108,497
Siemens AG		69,315		7,831,207
Siemens India Limited		21,727		345,082
Sime Darby Bhd		699,391		1,246,563
SK Company Limited		6,119		1,211,709
SM Investments Corporation		160,932		2,019,336
Smiths Group plc		35,162		620,765
Tokai Holdings Corporation		17,500		115,336
Top Frontier Investment Holdings Incorporated †		8		39
Toshiba Corporation †		584,000		2,170,507
Turk Sise Ve Cam Fabrikalari AS		151,693		146,585
Yazicilar Holding AS Class A		9,222		32,854
				87,128,744
Machinery : 2.45%
Aalberts Industries NV		11,130		339,139
Actuant Corporation Class A		66,700		1,730,865
AG Growth International Incorporated		1,000		40,348
AGCO Corporation		71,100		3,967,380
Aida Engineering Limited		11,300		103,612
Airtac International Group		16,852		127,687
Alfa Laval AB		28,699		430,665
Allison Transmission Holdings Incorporated		177,013		5,871,521
Alstom SA †		20,310		550,193

41

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Machinery (continued)
Amada Company Limited		51,500	$	573,048
Andritz AG		7,071		364,818
Asahi Diamond Industrial Company Limited		7,800		57,543
Ashok Leyland Limited		330,303		383,630
Atlas Copco AB Class A		61,897		1,872,453
Atlas Copco AB Class B		37,370		1,004,470
ATS Automation Tooling Systems Incorporated †		4,800		37,520
Bando Chemical Industries Limited		7,500		66,605
Bodycote plc		18,289		131,121
Bucher Industries AG		862		198,225
Cargotec Oyj Corporation Class B		3,652		147,740
Caterpillar Incorporated		58,493		5,589,591
China Conch Venture Holdings Limited		543,000		1,001,083
CKD Corporation		8,500		102,233
CLARCOR Incorporated		54,438		3,835,157
CNH Industrial NV		78,164		666,050
Colfax Corporation †		109,364		4,113,180
Cosco Corporation Singapore Limited †		190,000		35,790
CRRC Corporation Limited H Shares		1,315,000		1,298,640
CSBC Corporation Taiwan		102		43
Cummins Incorporated		15,900		2,254,302
Cummins India Limited		13,858		159,709
Daewoo Shipbuilding & Marine Engineering Company Limited †«(a)		16,970		65,032
Daifuku Company Limited		16,700		322,600
Deere & Company		27,300		2,735,460
DMG Mori Seiki AG		3,643		161,198
DMG Mori Seiki Company Limited		16,700		192,976
Donaldson Company Incorporated		140,600		5,702,736
Doosan Infracore Company Limited †		19,520		130,406
Dover Corporation		71,700		5,206,137
Duerr AG		2,309		184,347
Ebara Corporation		13,800		358,736
Eicher Motors Limited		4,371		1,380,593
FANUC Corporation		26,700		4,505,428
Fortive Corporation		167,944		9,235,241
Fuji Machine Manufacturing Company Limited		13,300		150,897
Fujitec Company Limited		10,000		109,698
Furukawa Company Limited		61,000		110,371
GEA Group AG		16,445		612,986
Georg Fischer AG		456		390,204
Glory Limited		10,100		329,736
Graco Incorporated		62,100		5,044,383
Hanjin Heavy Industries & Construction Company Limited †		14,343		40,549
Hillenbrand Incorporated		64,086		2,243,010
Hino Motors Limited		41,900		425,208
Hitachi Construction Machinery Company Limited		15,400		316,871
Hitachi Koki Company Limited		9,300		85,030
Hitachi Zosen Corporation		23,300		123,623
Hiwin Technologies Corporation		59,684		248,114
Hong Leong Asia Limited		11,000		5,334
Hoshizaki Electric Company Limited		7,700		652,183
Hyundai Elevator Company †		2,044		101,059
Hyundai Heavy Industries Company Limited †		7,814		949,136
Hyundai Mipo Dockyard Company Limited †		2,652		140,421
Hyundai Rotem Company Limited †		9,250		148,358
IDEX Corporation		42,263		3,956,239
IHI Corporation †		212,000		587,422
Illinois Tool Works Incorporated		30,600		3,830,508
IMI plc		29,234		354,802
Ingersoll-Rand plc		120,800		9,004,432
Iseki & Company Limited		31,000		61,510
ITT Incorporated		93,289		3,766,077
Japan Steel Works		11,000		195,472
Joy Global Incorporated		100,800		2,825,424
JTEKT Corporation		33,900		542,258
Kawasaki Heavy Industries Limited		229,000		722,600
Kennametal Incorporated		82,000		2,828,180
King Slide Works Company Limited		17,000		194,412
Kion Group AG		5,692		322,627

42

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Machinery (continued)
Kitz Corporation		15,100	$	86,980
Komatsu Limited		134,030		3,085,250
Komori Corporation		7,900		100,955
Kone Oyj Class B		38,458		1,693,973
Konecranes Oyj		3,753		129,432
Krones AG		626		56,746
Kubota Corporation		163,065		2,462,259
Kurita Water Industries Limited		16,200		336,730
Kyokuto Kaihatsu Kogyo Company		6,900		89,262
Lincoln Electric Holdings Incorporated		70,300		5,519,253
Makino Milling Machine Company Limited		16,000		113,002
Makita Corporation		19,200		1,300,642
MAN SE		3,130		308,711
Max Company Limited		6,000		70,591
Meidensha Corporation		29,000		92,522
Metso Oyj		12,945		366,317
Minebea Company Limited		52,000		515,432
Mitsubishi Heavy Industries Limited		465,000		2,059,892
Mitsuboshi Belting Company Limited		10,000		88,283
Mitsui Engineering & Shipbuilding Company Limited		121,000		173,454
Miura Company Limited		16,600		250,440
Morgan Advanced Materials plc		21,935		77,450
Morita Holdings Corporation		7,000		100,223
Nabtesco Corporation		15,900		404,154
Nachi-Fujikoshi Corporation		32,000		122,792
NGK Insulators Limited		39,500		754,748
Nippon Sharyo Limited †		14,000		34,754
Nippon Thompson Company Limited		13,000		48,862
Nitta Corporation		3,300		84,948
NKT Holding AS		1,131		77,007
Nordson Corporation		59,442		6,344,245
Noritake Company Limited		1,700		38,456
Norma Group Se		2,994		118,487
NSK Limited		66,500		724,260
NTN Corporation		73,000		273,738
OILES Corporation		3,800		68,623
Okuma Corporation		21,000		183,742
OSG Corporation		14,100		278,660
Oshkosh Corporation		77,500		5,425,000
Paccar Incorporated		57,956		3,601,965
Pentair plc		92,610		5,321,371
Rotork plc		77,250		226,656
Ryobi Limited		20,000		79,892
Samsung Heavy Industries Company Limited †		46,421		329,579
Sandvik AB		105,184		1,245,402
Schindler Holding AG		2,474		434,112
Schindler Holding AG - Participation Certificate		5,042		895,628
SembCorp Marine Limited		147,200		143,262
Shima Seiki Manufacturing Limited		4,400		133,071
Shinmaywa Industries Limited		12,000		100,905
Singamas Container Holding †		180,000		19,493
Sintokogio Limited		10,700		86,232
SKF AB Class A		976		17,673
SKF AB Class B		35,091		631,598
SMC Corporation		9,300		2,643,556
Snap-on Incorporated		32,800		5,484,160
Spirax-Sarco Engineering plc		7,515		401,592
Star Micronics Company Limited		6,100		82,965
Sulzer AG		2,037		208,368
Sumitomo Heavy Industries Limited		84,000		505,887
Tadano Limited		18,900		201,217
Takuma Company Limited		14,000		117,477
Terex Corporation		112,700		3,439,604
The Middleby Corporation †		64,000		8,766,720
The Timken Company		76,000		2,967,800
The Toro Company		62,240		3,294,363
THK Company Limited		16,900		363,541
Toshiba Machine Company Limited		18,000		67,654

43

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Machinery (continued)
Trelleborg AB Class B		21,858	$	399,344
Tsubakimoto Chain Company		23,000		180,936
Tsugami Corporation		9,000		49,561
Tsukishima Kikai Company Limited		5,000		54,630
Valmet Corporation		12,945		197,702
Vesuvius plc		23,880		117,543
Volvo AB Class A		43,600		465,887
Volvo AB Class B		132,230		1,413,657
WABCO Holdings Incorporated †		28,700		2,827,237
Wabtec Corporation		50,380		4,265,675
Wartsila Oyj		17,118		721,528
WEG SA		209,260		963,374
Weir Group plc		19,922		450,669
Woodward Governor Company		61,700		4,178,941
Xylem Incorporated		82,279		4,243,951
Zardoya Otis SA		16,366		127,836
				205,184,874
Marine : 0.10%
A.P. Moller Maersk AS Class A		200		253,976
A.P. Moller Maersk AS Class B		645		855,363
DS Norden AS †		1,300		19,795
Evergreen Marine Corporation (Taiwan) Limited †		336,630		127,267
Hyundai Merchant Marine Company Limited †		2,539		15,637
Iino Kaiun Kaisha Limited		15,900		58,372
Kawasaki Kisen Kaisha Limited «		129,000		283,021
Kirby Corporation †		59,918		3,801,797
Kuehne & Nagel International AG		5,401		705,471
MISC Bhd		427,800		703,102
Mitsui OSK Lines Limited		165,000		424,020
Nippon Yusen Kabushiki Kaisha		233,000		431,764
Orient Overseas International Limited		30,500		121,701
Pacific Basin Shipping Limited †		504,000		82,522
Pan Ocean Company Limited †		159		535
U-Ming Marine Transport Corporation		113,000		92,178
Wan Hai Lines Limited		209,212		108,633
Yang Ming Marine Transport †		285,357		51,479
				8,136,633
Professional Services : 0.62%
Adecco SA		17,602		1,084,652
ALS Limited		74,573		336,468
Bureau Veritas SA		23,580		443,845
Capita plc		61,090		400,906
CEB Incorporated		35,832		2,112,296
Dksh Holding AG		2,262		150,733
Equifax Incorporated		66,700		7,633,815
Experian Group Limited		87,165		1,646,818
Hays plc		95,742		166,392
IHS Markit Limited †		155,139		5,575,696
Intertek Group plc		15,050		619,337
Manpower Incorporated		75,100		6,414,291
Meitec Corporation		4,600		172,694
Nomura Company Limited		6,900		100,962
PageGroup plc		20,623		95,628
Randstad Holdings NV		9,424		478,526
Recruit Holdings Company Limited		63,894		2,437,807
RELX NV		100,662		1,625,904
RELX plc		105,383		1,813,009
Robert Half International Incorporated		144,700		6,492,689
SAI Global Limited		33,140		115,754
SEEK Limited		58,955		644,758
SGS SA		519		1,042,901
Stantec Incorporated		7,070		188,684
TechnoPro Holdings Incorporated		4,000		127,092
Teleperformance SE		6,495		634,266

44

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Professional Services (continued)
Temp Holdings Company Limited		22,700	$	349,612
The Advisory Board Company †		44,908		1,589,743
Verisk Analytics Incorporated †		87,924		7,304,726
WS Atkins plc		8,888		156,023
				51,956,027
Road & Rail : 0.94%
Aurizon Holdings Limited		59,294		218,053
Avis Budget Group Incorporated †		94,800		3,629,892
BTS Group Holdings PCL		1,605,700		391,530
Canadian National Railway Company		73,500		4,914,044
Canadian Pacific Railway Limited		14,300		2,189,019
Central Japan Railway Company		28,400		4,637,140
CJ Korea Express Corporation †		2,016		317,304
ComfortDelGro Corporation Limited		275,000		483,483
Container Corporation of India		13,018		222,517
CSX Corporation		89,900		3,219,319
DSV AS		17,460		785,661
East Japan Railway Company		53,700		4,584,015
Firstgroup plc †		137,119		174,651
Fukuyama Transporting Company Limited «		28,000		152,965
Genesee & Wyoming Incorporated Class A †		63,925		4,883,870
Go-Ahead Group plc		3,179		82,694
Hankyu Hanshin Holdings Incorporated		35,100		1,109,099
Hitachi Transport System Limited		6,100		124,714
J.B. Hunt Transport Services Incorporated		49,914		4,760,298
Kansas City Southern		61,218		5,430,649
Keikyu Corporation		76,000		816,433
Keio Corporation		84,000		669,621
Keisei Electric Railway Company Limited		23,600		559,857
Kintetsu Corporation		263,000		1,016,092
Landstar System Incorporated		46,694		3,803,226
Maruzen Showa Unyu Company Limited		16,000		61,815
MTR Corporation Limited		203,684		1,018,880
Nagoya Railroad Company Limited		126,000		617,858
Nankai Electric Railway Company Limited		83,000		379,433
National Express Group plc		29,635		131,928
Nikkon Holdings Company Limited		9,900		206,991
Nippon Express Company Limited		129,000		666,396
Nishi-Nippon Railroad Company Limited		58,000		257,541
Norfolk Southern Corporation		27,800		2,959,588
Odakyu Electric Railway Company Limited		43,900		858,392
Old Dominion Freight Line Incorporated †		39,613		3,458,215
Sankyu Incorporated		44,000		255,758
SEINO Holdings Company Limited		25,400		282,185
Senko Company Limited		15,000		105,939
Sotetsu Holdings Incorporated		68,000		333,447
Stagecoach Group plc		49,321		125,889
Tobu Railway Company Limited		147,000		704,130
Tokyu Corporation		162,000		1,209,283
TransForce Incorporated		6,211		158,176
Transport International Holdings Limited		45,600		136,097
Union Pacific Corporation		142,400		14,429,392
West Japan Railway Company		26,700		1,623,634
				79,157,113
Trading Companies & Distributors : 0.89%
AerCap Holdings NV †		20,019		857,814
Air Lease Corporation		99,400		3,564,484
Ashtead Group plc		48,201		945,043
Beacon Roofing Supply Incorporated †		66,700		3,094,213
Brenntag AG		14,433		759,716
Bunzl plc		31,676		816,440
Daewoo International Corporation		7,912		180,364
Fastenal Company		158,224		7,499,818

45

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Trading Companies & Distributors (continued)
Finning International Incorporated		16,500	$	332,383
GATX Corporation «		40,834		2,231,170
Grafton Group plc		18,582		123,224
Hanwa Company Limited		31,000		201,329
HD Supply Holdings Incorporated †		108,200		4,245,768
Howden Joinery Group plc		55,350		249,314
iMarketKorea Incorporated		5,870		51,718
Inaba Denki Sangyo Company Limited		4,100		138,871
Inabata & Company Limited		8,900		94,053
Itochu Corporation		217,900		2,975,043
Iwatani International Corporation		36,000		194,782
Japan Pulp & Paper Company Limited		25,000		76,046
Kanamoto Company Limited		6,000		136,882
Kanematsu Corporation		58,000		95,817
Kloeckner & Company †		8,856		93,522
Kuroda Electric Company Limited		5,800		116,502
LG International Corporation		5,460		140,814
Marubeni Corporation		239,700		1,312,216
Misumi Group Incorporated		37,600		672,432
Mitsubishi Corporation		217,800		4,705,150
Mitsui & Company Limited		247,800		3,338,872
MonotaRO Company Limited		9,800		209,269
MRC Global Incorporated †		98,719		1,987,213
MSC Industrial Direct Company Class A		49,425		4,415,630
Nagase & Company Limited		17,600		220,606
Nichiden Corporation		2,100		57,637
Noble Group Limited †		918,576		101,897
NOW Incorporated †		109,021		2,348,312
Reece Australia Limited		7,414		243,632
Rexel SA		26,522		410,115
Russel Metals Incorporated		4,649		89,464
Seven Group Holdings Limited		22,953		144,411
SIG plc		78,253		87,336
SK Networks Company Limited		31,860		185,320
Sojitz Corporation		171,500		434,728
Spicers Limited †		60,182		1,111
STX Corporation Company Limited †		116		313
Sumitomo Corporation		172,500		2,058,149
Tat Hong Holdings Limited †		7,000		1,612
Toromont Industries Limited		6,843		224,347
Toyota Tsusho Corporation		32,500		812,180
Travis Perkins plc		23,342		391,938
Trusco Nakayama Corporation		3,400		153,944
United Rentals Incorporated †		46,545		4,706,165
W.W. Grainger Incorporated		30,380		7,004,717
Wakita & Company Limited		7,000		57,454
Watsco Incorporated		28,580		4,258,420
WESCO International Incorporated †		47,224		3,206,510
Wolseley plc		26,144		1,519,443
Yamazen Corporation		12,900		101,143
Yuasa Trading Company Limited		3,800		93,435
				74,770,251
Transportation Infrastructure : 0.22%
Abertis Infraestructuras SA		43,565		582,003
Adani Ports & Special Economic Zone Limited		277,615		1,127,106
Aena SA 144A		6,720		890,986
Aeroports de Paris		3,323		326,866
Airports of Thailand PCL		115,000		1,295,702
Ansaldo STS SpA		6,620		73,951
Atlantia SpA «		40,773		905,750
Auckland International Airport Limited		167,179		728,729
BBA Aviation plc		82,297		270,090
Beijing Capital International Airport Company Limited H Shares		426,000		420,151
CCR SA		217,220		944,784
China Merchants Holdings International Company Limited		183,227		460,164
China Resources and Transportation Group Limited †		130,000		2,346
COSCO Pacific Limited		425,882		445,841

46

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Transportation Infrastructure (continued)
DP World Limited		45,239	$	702,562
Flughafen Zuerich AG		2,275		391,586
Fraport AG		3,869		224,711
Groupe Eurotunnel SE		53,575		471,286
Grupo Aeroportuario del Pacifico SAB de CV Class B		97,400		831,517
Grupo Aeroportuario del Sureste SAB de CV Class B		61,000		883,931
Hong Kong Aircraft Engineering Company Limited		10,000		66,912
Hopewell Highway Infrastructure Limited		173,650		89,103
Hutchison Port Holdings Trust		977,000		410,340
International Container Term Services Incorporated		175,300		254,508
Japan Airport Terminal Company Limited «		9,400		349,609
Kamigumi Company Limited		34,000		312,049
Macquarie Atlas Roads Limited		53,146		184,455
Malaysia Airports Holdings Berhad		104,804		149,016
Mitsubishi Logistics Corporation		24,000		324,531
Nissin Corporation		18,000		53,337
Port of Tauranga Limited		47,265		125,859
PT Jasa Marga Tbk		395,500		121,109
SIA Engineering Company		42,000		99,920
Singapore Airport Terminal Services Limited		108,666		364,659
Sumitomo Warehouse Company Limited		21,000		107,749
Sydney Airport Holdings Limited		173,939		806,636
TAV Havalimanlari Holding AS		40,981		154,229
Transurban Group		293,870		2,287,267
Westshore Terminals Investment Corporation		8,100		166,969
				18,408,319
Information Technology : 16.57%
Communications Equipment : 0.88%
Arista Networks Incorporated †«		45,835		4,345,616
Brocade Communications Systems Incorporated		422,236		5,210,392
Ciena Corporation †		153,780		3,298,581
Cisco Systems Incorporated		503,950		15,027,789
Comba Telecom Systems Holdings Limited		339		62
CommScope Holdings Incorporated †		79,148		2,847,745
D-Link Corporation		801		259
Denki Kogyo Company Limited		13,000		66,020
F5 Networks Incorporated †		37,638		5,297,549
Harris Corporation		57,577		5,962,674
Hitachi Kokusai Electric Incorporated		6,800		135,697
InterDigital Incorporated		38,100		3,017,520
Juniper Networks Incorporated		176,252		4,853,980
Lumentum Holdings Incorporated †		60,819		2,438,842
NetScout Systems Incorporated †		102,500		3,198,000
Nokia Oyj		354,521		1,525,500
Nokia Oyj - BATS Exchange		167,970		724,197
Palo Alto Networks Incorporated †		49,985		6,716,484
Plantronics Incorporated		36,700		1,901,794
Spirent plc		75,771		75,844
Telefonaktiebolaget LM Ericsson Class B		289,375		1,490,048
Viasat Incorporated †		50,400		3,592,512
Viavi Solutions Incorporated †		262,188		2,058,176
VTech Holdings Limited		27,900		360,058
Zinwell Corporation		446		436
				74,145,775
Electronic Equipment, Instruments & Components : 1.50%
AAC Technologies Holdings Incorporated		199,000		1,801,044
Ai Holdings Corporation		5,200		114,222
Alps Electric Company Limited		27,200		683,061
Amano Corporation		9,700		162,705
Anixter International Incorporated †		31,748		2,481,106
Anritsu Corporation		20,100		101,725
Arrow Electronics Incorporated †		41,114		2,806,853

47

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Electronic Equipment, Instruments & Components (continued)
AU Optronics Corporation		2,268,319	$	814,867
Avnet Incorporated		57,138		2,622,063
Azbil Corporation		10,300		279,096
Canon Electronics Incorporated		3,800		56,732
CDW Corporation of Delaware		77,079		3,949,528
Celestica Incorporated †		1,675		20,325
Cheng Uei Precision Industry Company Limited		71,855		81,159
Chroma ATE Incorporated		84,624		209,748
Chunghwa Picture Tubes Limited †		75		3
Citizen Holdings Company Limited		45,300		276,777
Corning Incorporated		88,400		2,124,252
Daiwabo Company Limited		29,000		76,299
Delta Electronics Incorporated		531,015		2,665,654
Delta Electronics Thailand PCL		212,000		450,090
Electrocomponents plc		44,350		248,376
Enplas Corporation		2,000		57,602
FIH Mobile Limited		528,000		170,180
Flextronics International Limited †		106,400		1,515,136
FLIR Systems Incorporated		144,500		5,188,995
Halma plc		39,753		469,038
Hamamatsu Photonics		20,400		541,183
Hexagon AB Class B		23,900		846,612
Hirose Electric Company Limited		4,600		550,448
Hitachi High Technologies Corporation		9,700		382,387
Hitachi Limited		667,000		3,552,319
Hon Hai Precision Industry Company Limited		3,749,526		9,646,445
Horiba Limited		5,200		231,354
Hosiden Corporation		12,200		99,707
Ibiden Company Limited		18,100		245,858
Ingenico SA		5,513		429,574
Ingram Micro Incorporated Class A		164,173		6,146,637
Innolux Display Corporation		3,328,666		1,148,788
IPG Photonics Corporation †		41,300		3,961,496
Jabil Circuit Incorporated		200,000		4,230,000
Japan Aviation Electronics Industry Limited		10,000		134,610
Japan Display Incorporated †		62,500		144,771
Keyence Corporation		6,100		4,171,173
Keysight Technologies Incorporated †		186,538		6,870,195
Kingboard Chemicals Holdings Limited		140		393
KOA Corporation		3,700		34,249
Kyocera Corporation		49,000		2,328,255
Laird Group plc		37,748		73,396
Largan Precision Company Limited		27,244		3,154,092
LG Display Company Limited		36,210		867,268
LG Innotek Company Limited		2,021		140,202
Littelfuse Incorporated		24,951		3,637,606
Mitsumi Electric Company Limited †		10,800		62,871
Murata Manufacturing Company Limited		29,200		3,936,978
National Instruments Corporation		117,500		3,462,725
Nichicon Corporation		9,300		80,721
Nippon Chemi-Con Corporation		32,000		64,892
Nippon Electric Glass Company Limited		62,000		330,580
Nippon Signal Company Limited		10,900		87,463
OC Oerlikon Corporation AG		18,201		168,816
Oki Electric Industry Company Limited		13,800		186,002
Omron Corporation		29,504		1,088,299
Optex Company Limited		30		751
Pan-International Industrial Coporation		770		571
Renishaw plc		3,215		99,761
Ryosan Company Limited		4,600		138,316
Samsung Electro-Mechanics Company Limited		8,990		356,047
Samsung SDI Company Limited		8,978		708,840
Shimadzu Corporation		38,000		578,943
Silitech Technology Corporation		381		178
Simplo Technology Company Limited		67,000		198,017
Spectris plc		9,963		254,674
Synnex Corporation		32,200		3,764,502
Synnex Technology International Corporation		274,535		280,797
Taiyo Yuden Company Limited		17,600		191,530

48

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TDK Corporation		17,800	$	1,196,469
Tech Data Corporation †		36,400		3,089,268
Topcon Corporation		14,800		219,791
Toyo Corporation		3,700		30,886
TPK Holding Company Limited †		58,033		98,139
Trimble Navigation Limited		277,618		7,826,051
Tripod Technology Corporation		120,261		275,439
Truly International		250,000		99,594
Unimicron Technology Corporation		312,402		117,127
Universal Display Corporation †		49,900		2,727,035
Venture Corporation Limited		49,000		331,943
Verifone Holdings Incorporated †		125,200		2,114,628
Vishay Intertechnology Incorporated		135,654		2,055,158
WPG Holdings Company Limited		352,227		435,960
Yageo Corporation		99,516		185,775
Yaskawa Electric Corporation		36,500		559,919
Yokogawa Electric Corporation		33,300		461,348
Zebra Technologies Corporation Class A †		59,000		4,663,950
Zhen Ding Technology Holding		195,750		393,674
				125,920,082
Internet Software & Services : 3.13%
58.com Incorporated ADR †«		22,156		710,543
Akamai Technologies Incorporated †		98,748		6,586,492
Alibaba Group Holding Limited ADR †		281,993		26,512,982
Alphabet Incorporated Class A †		50,759		39,382,893
Alphabet Incorporated Class C †		50,867		38,559,221
Auto Trader Group plc 144A		101,594		508,076
Baidu.com Incorporated ADR †		67,976		11,348,593
Carsales.com Limited		34,942		271,705
Cimpress NV †«		2,740		238,243
COOKPAD Incorporated		6,500		58,293
CoStar Group Incorporated †		18,200		3,478,202
Criteo SA ADR †		9,221		380,551
Dena Company Limited		15,200		463,022
Dip Corporation		4,400		92,419
eBay Incorporated †		99,300		2,761,533
Facebook Incorporated Class A †		400,203		47,392,039
GMO Internet Incorporated		9,500		130,287
Gourmet Navigator Incorporated		4,400		93,304
Gree Incorporated		15,500		82,374
GrubHub Incorporated †«		94,800		3,510,444
HC International Incorporated †		66,000		48,076
IAC/InterActive Corp		82,100		5,530,256
Internet Initiative Japan Incorporated		4,800		68,808
J2 Global Incorporated		53,487		3,931,829
Just Eat plc †		40,457		296,379
Kakaku.com Incorporated		19,300		302,815
Kakao Corporation		6,754		448,899
LinkedIn Corporation Class A †		19,768		3,859,504
Mixi Incorporated		5,800		202,028
Moneysupermarket.com Group plc		76,188		252,615
Naver Corporation		4,228		2,886,056
NetEase Incorporated ADR		18,883		4,231,680
Pandora Media Incorporated †«		254,922		2,962,194
PChome Online Incorporated		25,409		230,389
Rightmove plc		11,307		519,065
SINA Corporation		15,200		1,171,312
Tencent Holdings Limited		1,414,076		35,313,159
Twitter Incorporated †«		331,764		6,134,316
United Internet AG		13,768		526,845
VeriSign Incorporated †		50,000		3,942,500
Weibo Corporation ADR †«		9,796		502,633
Yahoo! Incorporated †		83,500		3,425,170
Yahoo! Japan Corporation		171,700		624,336

49

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Internet Software & Services (continued)
Yelp Incorporated †		65,752	$	2,445,974
				262,418,054
IT Services : 3.07%
Accenture plc Class A		62,400		7,452,432
Alliance Data Systems Corporation		32,628		7,464,634
Amadeus IT Holding SA Class A		39,511		1,790,606
Amdocs Limited		68,962		4,066,689
Atos Origin SA		9,556		987,776
Automatic Data Processing Incorporated		43,900		4,215,278
Booz Allen Hamilton Holding Corporation		134,343		5,079,509
Broadridge Financial Solutions Incorporated		53,913		3,490,328
Capgemini SA		14,926		1,178,539
CGI Group Incorporated Class A †		24,400		1,155,789
Cielo SA		265,555		2,333,583
Cognizant Technology Solutions Corporation Class A †		101,874		5,611,220
Computer Sciences Corporation		64,296		3,898,266
Computershare Limited		80,644		690,798
Convergys Corporation		97,877		2,532,078
Corelogic Incorporated †		91,716		3,460,445
DH Corporation		7,953		111,305
Digital Garage Incorporated		5,100		89,424
DST Systems Incorporated		36,300		3,746,523
DTS Corporation		4,200		92,954
EPAM Systems Incorporated †		49,874		3,286,697
Euronet Worldwide Incorporated †		58,080		4,165,498
Fidelity National Information Services Incorporated		157,100		12,126,549
Fiserv Incorporated †		123,128		12,881,651
FleetCor Technologies Incorporated †		66,611		9,947,687
Fujitsu Limited		271,000		1,598,451
Gartner Incorporated †		46,400		4,770,848
Genpact Limited †		157,000		3,757,010
Global Payments Incorporated		83,750		5,741,063
HCL Technologies Limited		170,968		2,007,687
Indra Sistemas SA †		6,012		62,125
Infosys Limited ADR		11,028		159,685
Infosys Technologies Limited		515,523		7,347,351
International Business Machines Corporation		87,146		14,136,824
Iress Market Technology Limited		16,055		136,816
Itochu Techno-Science Corporation		7,100		191,145
Jack Henry & Associates Incorporated		44,300		3,829,292
Leidos Holdings Incorporated		151,163		7,739,546
MasterCard Incorporated Class A		164,200		16,781,240
Maximus Incorporated		72,170		3,990,279
NEC Networks & System Integration Corporation		5,800		104,892
Net One Systems Company Limited		11,800		79,626
NeuStar Incorporated Class A †«		60,800		1,474,400
Nihon Unisys Limited		9,400		116,016
Nomura Research Institute Limited		18,200		617,246
NS Solutions Corporation		5,200		98,768
NTT Data Corporation		17,700		880,320
OBIC Company Limited		9,700		426,476
Otsuka Corporation		7,500		365,150
Paychex Incorporated		150,000		8,842,500
PayPal Holdings Incorporated †		189,995		7,463,004
Paysafe Group plc †		44,072		214,009
Sabre Corporation		114,372		2,956,516
Science Applications International Corporation		48,869		4,035,113
SCSK Corporation		7,600		264,062
Tata Consultancy Services Limited		127,664		4,245,056
Tech Mahindra Limited		160,321		1,136,435
Tieto Oyj		8,394		212,979
TIS Incorporated		12,806		269,205
TKC Corporation		2,200		59,420
Total System Services Incorporated		89,400		4,400,268
Transcosmos Incorporated		4,400		106,957
Vantiv Incorporated Class A †		86,770		4,896,431
Visa Incorporated Class A		324,094		25,058,948

50

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
IT Services (continued)
Western Union Company		224,748	$	4,726,450
WEX Incorporated †		42,667		4,715,130
Wipro Limited		172,934		1,175,439
Wipro Limited ADR «		13,142		126,032
Wirecard AG		9,255		412,906
Worldpay Group plc 144A		79,838		268,913
Xerox Corporation		388,084		3,628,585
				257,482,872
Semiconductors & Semiconductor Equipment : 2.93%
Advanced Micro Devices Incorporated †		736,686		6,563,872
Advanced Semiconductor Engineering Incorporated		1,727,821		1,856,677
Advantest Corporation		25,500		345,706
Aixtron SE †		8,010		32,260
Ams AG		10,795		316,407
Analog Devices Incorporated		144,300		10,712,832
Applied Materials Incorporated		102,859		3,312,060
ASM International NV		4,894		207,891
ASM Pacific Technology		46,000		459,911
ASML Holding NV		38,883		4,022,934
Broadcom Limited		67,152		11,448,744
Cavium Incorporated †		73,870		4,212,806
Chipbond Technology Corporation		155,000		216,406
Cirrus Logic Incorporated †		69,400		3,817,000
Cree Incorporated †«		112,463		2,847,563
Cypress Semiconductor Corporation		334,386		3,761,843
Dialog Semiconductor plc †		11,319		448,727
Disco Corporation		4,300		509,663
EO Technics Company Limited		1,365		92,825
Epistar Corporation †		213,210		156,866
Everlight Electronics Company Limited		83,210		121,396
Faraday Technology Corporation		316		292
First Solar Incorporated †«		78,100		2,367,992
Gintech Energy Corporation †		8		4
Global PVQ SE †		3,594		38
Hanergy Thin Film Power Group Limited †(a)		5,441,305		1
Himax Technologies Incorporated		29,262		215,661
Infineon Technologies AG		102,520		1,714,588
Inotera Memories Incorporated †(a)		616,888		580,637
Integrated Device Technology Incorporated †		149,700		3,502,980
Intel Corporation		474,002		16,447,869
King Yuan Electronics Company Limited		341,063		281,963
Kinsus Interconnect Technology Corporation		53,582		119,527
KLA-Tencor Corporation		85,270		6,807,957
Lam Research Corporation		88,200		9,350,964
Linear Technology Corporation		111,600		6,978,348
Marvell Technology Group Limited		200,800		2,879,472
Maxim Integrated Products Incorporated		137,300		5,391,771
MediaTek Incorporated		407,531		2,832,119
Microchip Technology Incorporated		100,064		6,622,236
Micron Technology Incorporated †		581,000		11,346,930
Microsemi Corporation †		126,100		6,903,975
Nanya Technology Corporation		199,734		278,862
Novatek Microelectronics Corporation Limited		224,790		747,584
NVIDIA Corporation		51,700		4,766,740
NXP Semiconductors NV †		26,126		2,590,393
Phison Electronics Corporation		34,000		259,750
Powertech Technology Incorporated		181,914		467,441
PV Crystalox Solar plc †		3,180		895
Qorvo Incorporated †		135,945		7,260,822
QUALCOMM Incorporated		252,397		17,195,808
Radiant Opto-Electronics Corporation		114,735		209,506
Realtek Semiconductor Corporation		99,440		308,868
Renesas Electronics Corporation †		33,400		249,905
Rohm Company Limited		12,800		699,270
Sanken Electric Company Limited †		24,000		101,744
SCREEN Holdings Company Limited		6,500		387,483

51

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Seoul Semiconductor Company Limited		9,698	$	121,116
Shindengen Electric Manufacturing Company Limited		9,000		34,063
Shinko Electric Industries		12,800		78,654
Silicon Laboratories Incorporated †		46,265		3,069,683
Silicon Motion Technology Corporation		12,675		582,923
Siliconware Precision Industries Company		464,534		703,221
Sino-American Silicon Products Incorporated		122,000		111,003
SK Hynix Incorporated		91,427		3,355,048
Skyworks Solutions Incorporated		102,800		7,900,180
Solarworld AG †		26		82
STMicroelectronics NV		66,138		676,430
Sumco Corporation		21,800		238,761
Synaptics Incorporated †		38,600		2,106,788
Taiwan Semiconductor Manufacturing Company Limited		4,923,298		28,267,296
Teradyne Incorporated		213,335		5,201,107
Texas Instruments Incorporated		100,467		7,427,525
Tokyo Electron Limited		22,800		2,087,584
Tokyo Seimitsu Company Limited		6,000		168,874
Tower Semiconductor Limited †		470		8,505
ULVAC Incorporated		6,800		204,169
United Microelectronics Corporation		3,008,301		1,061,820
Vanguard International Semiconductor Corporation		191,000		360,151
VIA Technologies Incorporated †		485		154
Windbond Electronics Corporation		630,000		195,683
Xilinx Incorporated		117,700		6,353,446
Xinyi Solar Holdings Limited «		149		51
				245,649,101
Software : 2.84%
ACI Worldwide Incorporated †		130,600		2,430,466
Adobe Systems Incorporated †		84,600		8,697,726
Ansys Incorporated †		49,445		4,649,313
Aspen Technology Incorporated †		83,770		4,425,569
Asseco Poland SA		17,110		214,094
Autodesk Incorporated †		108,998		7,914,345
AVEVA Group plc		4,997		106,101
Blackbaud Incorporated		53,100		3,333,618
CA Incorporated		151,600		4,845,136
Capcom Company Limited		5,800		126,641
CDK Global Incorporated		163,335		9,424,430
Check Point Software Technologies Limited †		13,229		1,089,144
Citrix Systems Incorporated †		85,300		7,398,069
Colopl Incorporated		5,900		49,869
Com2us Corporation †		1,531		110,531
CommVault Systems Incorporated †		45,800		2,473,200
Constellation Software Incorporated		1,591		741,953
Dassault Systemes SA		12,766		974,434
Ellie Mae Incorporated †		37,200		3,070,860
Fair Isaac Corporation		34,500		3,922,305
Fidessa Group plc		2,334		66,028
FireEye Incorporated †«		168,324		2,161,280
Fortinet Incorporated †		84,600		2,546,460
Fuji Soft Incorporated		3,500		81,163
Gemalto NV		6,728		343,128
Guidewire Software Incorporated †		80,770		4,499,697
GungHo Online Entertainment Incorporated «		66,800		148,308
IGG Incorporated		195,000		153,607
Intuit Incorporated		40,942		4,654,287
Koei Techmo Holdings Company Limited		7,200		120,519
Konami Holdings Corporation		14,200		480,346
Manhattan Associates Incorporated †		79,820		4,182,568
Micro Focus International plc		18,699		493,893
Microsoft Corporation		775,873		46,754,107
NCsoft Corporation		2,292		533,274
Nexon Company Limited		22,300		311,680
NHN Entertainment Corporation †		4,635		185,352
Nice Systems Limited		6,731		444,833
Nintendo Company Limited		16,500		4,005,835

52

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Software (continued)
Nippon System Development Company Limited		5,300	$	81,303
Nuance Communications Incorporated †		277,200		4,493,412
Open Text Corporation		11,200		713,622
Oracle Corporation (Japan)		4,600		229,186
Oracle Financials Services		4,122		184,005
Playtech plc		18,069		194,202
Proofpoint Incorporated †		46,732		3,598,831
PTC Incorporated †		127,878		6,228,937
Red Hat Incorporated †		101,111		7,998,891
Salesforce.com Incorporated †		109,068		7,852,896
SAP SE		88,957		7,436,889
ServiceNow Incorporated †		86,968		7,231,389
Software AG		6,805		239,989
Splunk Incorporated †		74,415		4,287,792
Square Enix Company Limited		12,400		312,479
SS&C Technologies Holdings Incorporated		185,500		5,566,855
Symantec Corporation		286,700		6,992,613
Tableau Software Incorporated Class A †		61,216		2,747,374
Take-Two Interactive Software Incorporated †		93,940		4,624,666
Temenos Group AG		5,073		351,273
The Descartes Systems Group Incorporated †		7,120		158,110
The Sage Group plc		100,222		824,490
Trend Micro Incorporated		15,800		567,615
Tyler Technologies Incorporated †		36,724		5,468,204
Ubisoft Entertainment SA †		8,390		291,973
Ultimate Software Group Incorporated		32,185		6,595,672
V1 Group Limited †		1,400		60
Verint Systems Incorporated †		69,380		2,605,219
VMware Incorporated Class A †«		78,311		6,354,155
Workday Incorporated Class A †		66,699		5,624,060
Xero Limited †		14,012		176,833
				238,197,164
Technology Hardware, Storage & Peripherals : 2.22%
Acer Incorporated		679,311		287,726
Advantech Company Limited		87,836		706,866
Apple Incorporated		930,043		102,788,352
Asustek Computer Incorporated		165,601		1,371,652
Blackberry Limited †		42,015		323,409
Brother Industries Limited		35,700		610,368
Canon Incorporated		150,800		4,298,403
Catcher Technology Company Limited		222,614		1,616,890
Chicony Electronics Company Limited		117,121		275,964
Clevo Company		125,978		109,879
Compal Electronic Incorporated		1,550,754		883,073
Diebold Incorporated		74,736		1,703,981
Diebold Incorporated - Frankfurt Exchange		1,147		26,404
Eizo Corporation		3,500		103,099
Electronics For Imaging Incorporated †		52,200		2,271,744
Foxconn Technology Company Limited		277,250		727,202
FUJIFILM Holdings Corporation		62,500		2,321,249
Gigabyte Technology Company Limited		100,000		132,400
Hewlett Packard Enterprise Company		159,042		3,785,200
HP Incorporated		160,253		2,467,896
HTC Corporation †		165,691		438,231
Inventec Company Limited		871,583		589,295
Jess Link Products Company Limited		143		123
Konica Minolta Holdings Incorporated		68,900		657,653
Lenovo Group Limited		2,090,000		1,296,061
Lite-On Technology Corporation		535,838		845,626
Logitech International SA		18,355		452,240
Micro-Star International Company Limited		186,218		496,612
NCR Corporation †		130,300		5,049,125
NEC Corporation		357,149		930,295
Neopost SA		3,201		94,755
NetApp Incorporated		151,526		5,539,791
Pegatron Corporation		620,150		1,476,779

53

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Qisda Corporation		171,392	$	82,811
Quanta Computer Incorporated		703,766		1,311,571
Ricoh Company Limited		102,065		821,659
Riso Kagaku Corporation		4,100		70,923
Ritek Corporation †		107		17
Samsung Electronics Company Limited		15,471		23,106,254
Samsung SDS Company Limited		6,077		701,762
Seagate Technology plc «		144,307		5,786,711
Seiko Epson Corporation		43,300		867,855
Stratasys Limited †«		3,967		71,604
Toshiba TEC Corporation †		18,000		88,895
Transcend Information Incorporated		68,130		186,822
Wacom Company Limited		21,700		58,231
Western Digital Corporation		132,800		8,454,048
Wistron Corporation		565,834		404,763
				186,692,269
Materials : 5.44%
Chemicals : 2.44%
Adeka Corporation		15,200		204,474
Agrium Incorporated		14,300		1,441,284
Air Liquide SA		36,609		3,727,908
Air Water Incorporated		25,900		442,590
Akzo Nobel NV		25,267		1,573,547
Albemarle Corporation		51,600		4,529,448
Alexandria Mineral Oils Company		1,424		4,750
Arkema SA		6,977		668,321
Asahi Kasei Corporation		184,000		1,636,467
Ashland Global Holdings Incorporated		28,169		3,174,646
Asian Paints Limited		98,719		1,398,817
Axalta Coating Systems Limited †		103,793		2,742,211
BASF SE		81,096		6,961,056
Batu Kawan Bhd		35,500		145,466
Cabot Corporation		64,607		3,290,435
Castrol India Limited		27,072		161,228
Celanese Corporation Series A		66,800		5,298,576
CF Industries Holdings Incorporated		105,400		3,050,276
China Steel Chemical Corporation		35,000		121,890
Christian Hansen Holding AS		8,826		488,549
Chugoku Marine Paints Limited		12,000		81,710
Ciech SA		645		8,593
Clariant AG		25,999		420,147
Corbion NV		9,177		227,594
Covestro AG 144A		5,900		379,126
Croda International plc		12,234		499,320
Daicel Chemical Industries Limited		47,900		527,547
Dainichiseika Color & Chemicals Manufacturing Company Limited		15,000		79,586
Denka Company Limited		69,000		304,576
DIC Incorporated		12,100		373,878
Dow Chemical Company		109,544		6,103,792
DuluxGroup Limited		61,858		267,679
E.I. du Pont de Nemours & Company		85,099		6,264,137
Eastman Chemical Company		68,200		5,123,184
Ecolab Incorporated		43,938		5,128,883
Elementis plc		43,384		136,845
EMS-Chemie Holdings AG		754		386,752
Essentra plc		22,982		114,014
Eternal Chemical Company Limited		156,644		162,674
Evonik Industries AG		10,659		297,222
FMC Corporation		60,800		3,412,096
Formosa Chemicals & Fibre Corporation		906,495		2,841,240
Formosa Plastics Corporation		1,319,709		3,759,595
Frutarom Industries Limited		1,818		97,750
Fuchs Petrolub SE		3,135		116,143
Fufeng Group Limited		200		92
Fujimori Kogyo Company Limited		3,100		74,868
GCP Applied Technologies Incorporated †		78,957		2,210,796

54

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Chemicals (continued)
Givaudan SA		701	$	1,249,348
Grupa Azoty SA		20,022		292,977
Hanwha Chem Corporation		19,613		390,062
Hexpol AB		40,678		340,939
Hitachi Chemical Company Limited		15,000		329,094
Huntsman Corporation		206,300		4,018,724
Hyosung Corporation		5,120		608,768
Incitec Pivot Limited		260,881		606,840
Indorama Ventures PCL		398,233		368,326
Ingevity Corporation †		46,744		2,447,983
International Flavors & Fragrances Incorporated		45,200		5,471,460
Ishihara Sangyo Kaisha Limited †		5,300		44,381
Israel Chemicals Limited		39,013		149,686
Johnson Matthey plc		18,533		725,799
JSR Corporation		28,700		412,921
K&S AG		16,172		328,143
Kaneka Corporation		46,000		366,295
Kansai Paint Company Limited		37,400		684,874
Kemira Oyj		9,572		116,159
Kolon Industries Incorporated		3,691		220,693
Koninklijke DSM NV		19,849		1,203,735
Korea Petrochemical Industrial Company Limited		631		120,905
Kumho Petrochemical Company Limited		2,618		163,478
Kuraray Company Limited		48,600		687,337
Kureha Corporation		2,800		114,296
LANXESS AG		8,492		523,724
LG Chem Limited		7,139		1,383,160
Linde AG		17,717		2,951,801
Lintec Corporation		6,800		144,137
Lotte Chemical Corporation		3,390		932,283
Lotte Fine Chemical Company Limited		4,271		101,199
LyondellBasell Industries NV Class A		33,900		3,061,848
Methanex Corporation		12,000		528,222
Mexichem SAB de CV		342,879		814,704
Minerals Technologies Incorporated		38,984		3,157,704
Mitsubishi Chemical Holdings Corporation		207,700		1,306,238
Mitsubishi Gas Chemical Company Incorporated		30,100		456,216
Mitsui Chemicals Incorporated		140,000		647,349
Monsanto Company		74,108		7,611,633
Nan Ya Plastics Corporation		1,428,125		3,006,532
NewMarket Corporation		10,078		4,216,736
Nihon Nohyaku Company Limited		10,000		53,756
Nihon Parkerizing Company Limited		16,400		189,796
Nippon Kayaku Company Limited		27,000		313,413
Nippon Paint Company Limited		26,700		842,507
Nippon Shokubai Company Limited		5,100		312,495
Nippon Soda Company Limited		28,000		121,393
Nissan Chemical Industries Limited		21,200		705,092
Nitto Denko Corporation		22,300		1,539,101
NOF Corporation		27,000		249,928
Novozymes AS Class B		23,343		790,696
Nufarm Limited		41,407		261,128
OIC Company Limited †«		2,946		185,472
Okamoto Industries Incorporated		14,000		130,816
Olin Corporation		179,548		4,668,248
Orica Limited		58,314		731,192
Oriental Union Chemical Corporation		186,626		129,988
Osaka Soda Company Limited		20,000		82,164
Petkim Petrokimya Holding SA		123,111		130,790
Petronas Chemicals Group Bhd		692,200		1,058,604
Pidilite Industries Limited		36,846		344,727
Potash Corporation of Saskatchewan		82,800		1,510,162
PPG Industries Incorporated		44,400		4,259,292
PTT Global Chemical PCL		620,523		1,086,974
RPM International Incorporated		63,718		3,371,319
Sakai Chemical Industry Company Limited		13,000		40,680
Sanyo Chemical Industries Limited		2,600		109,768
Sasol Limited		137,035		3,692,717

55

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Chemicals (continued)
Scotts Miracle-Gro Company Class A		47,392	$	4,325,468
Sensient Technologies Corporation		50,900		3,974,781
Shikoku Chemicals Corporation		9,000		78,747
Shin-Etsu Chemical Company Limited		56,000		4,141,078
Showa Denko KK		20,900		282,065
Sidi Kerir Petrochemcials Company		9,866		8,880
Sika AG		199		965,542
SK Chemicals Company Limited		4,328		228,423
SK Kaken Company Limited «		1,000		96,062
SK Materials Company Limited		682		89,257
SKC Company Limited		4,380		113,523
Solvay SA		7,552		862,429
Sumitomo Bakelite Company Limited		27,000		145,614
Sumitomo Chemical Company Limited		228,000		1,042,297
Symrise AG		9,598		580,948
Syngenta AG		8,855		3,387,144
Synthomer plc		25,554		118,588
Synthos SA †		150,781		157,135
T. Hasegawa Company Limited		4,600		78,164
Taekwang Industrial Company Limited		176		133,387
Taiwan Fertilizer Company Limited		147,000		187,019
Taiyo Holdings Company Limited		3,100		120,038
Taiyo Nippon Sanso Corporation		28,000		306,420
Takasago International Corporation		2,600		70,224
Teijin Limited		27,000		499,856
The Israel Corporation Limited †		200		30,867
The Mosaic Company		160,884		4,569,106
The Sherwin-Williams Company		13,300		3,573,311
The Valspar Corporation		40,900		4,175,481
Toagosei Company Limited		19,200		185,782
Tokai Carbon Company Limited		29,000		96,578
Tokuyama Corporation †		51,000		200,157
Tokyo Ohka Kogyo Company Limited		5,600		187,230
Toray Industries Incorporated		225,000		1,827,848
Tosoh Corporation		89,000		597,456
Toyo Ink SC Holding Company Limited		34,000		154,539
Toyobo Company Limited		130,000		195,446
UBE Industries Limited		156,000		324,531
Umicore SA		12,219		732,081
United Phosphorus Limited		115,943		1,073,823
Victrex plc		9,279		199,109
W.R. Grace & Company		38,535		2,514,794
Wacker Chemie AG		1,172		103,508
Westlake Chemical Corporation		21,200		1,254,404
Yara International ASA		16,864		623,954
Zeon Corporation		27,000		242,376
				204,536,175
Construction Materials : 0.53%
Adelaide Brighton Limited		81,546		308,314
Ambuja Cements Limited		238,447		734,337
Anhui Conch Cement Company Limited H Shares		341,000		986,972
Asia Cement Corporation		875,058		770,099
Associated Cement Companies Limited		9,386		184,075
Boral Limited		176,044		653,898
Brickworks Limited		11,048		101,980
Buzzi Unicem SpA		3,462		73,567
Cemex SAB de CV †		3,548,079		2,759,004
CRH plc		74,479		2,486,107
CSR Limited		85,052		255,623
Eagle Materials Incorporated		53,500		5,200,200
Fletcher Building Limited		120,402		876,563
Fletcher Building Limited - Australia Exchange		8,657		63,416
Grasim Industries Limited		49,660		631,406
Heidelbergcement AG		13,467		1,207,638
Imerys SA		3,080		214,630
James Hardie Industries NV		64,012		984,154
Lafarge Malayan Cement Bhd		55,470		89,428

56

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Construction Materials (continued)
LafargeHolcim Limited		16,849	$	891,978
LafargeHolcim Limited - BATS Exchange		23,023		1,219,424
Martin Marietta Materials Incorporated		34,817		7,640,591
PT Indocement Tunggal Prakarsa Tbk		408,500		481,519
PT Semen Gresik Persero Tbk		663,500		434,500
RHI AG		2,303		55,614
Shree Cement Limited		2,671		607,632
Siam City Cement PCL		10,000		75,393
Suez Cement Company		4,510		3,118
Sumitomo Osaka Cement Company		61,000		215,410
Taiheiyo Cement Corporation		174,000		544,487
Taiwan Cement Corporation		813,746		940,813
TCC International Holdings Limited		121,000		29,640
The Siam Cement PCL		102,934		1,402,092
Titan Cement Company SA		8,513		192,179
Ultra Tech Cement Limited		22,119		1,164,440
Ultratech Cement Limited GDR		1,352		71,175
Vicat SA		887		51,348
Vulcan Materials Company		74,300		9,335,795
Wienerberger AG		10,742		190,185
				44,128,744
Containers & Packaging : 0.62%
Amcor Limited		167,201		1,775,492
AptarGroup Incorporated		69,882		5,113,965
Avery Dennison Corporation		42,500		3,062,550
Bemis Company Incorporated		103,814		5,197,967
Berry Plastics Group Incorporated †		135,200		6,728,904
BillerudKorsnas AB		28,295		470,008
CCL Industries Incorporated Class B		1,924		334,799
DS Smith plc		99,241		487,989
FP Corporation		4,200		208,889
Fuji Seal International Incorporated		3,200		129,505
Huhtamaki Oyj		10,786		405,820
International Paper Company		42,600		2,075,472
La Seda De Barcelona SA †(a)		482		0
Mayr-Melnhof Karton AG		610		61,483
Orora Limited		243,074		497,209
Owens-Illinois Incorporated †		175,800		3,229,446
Packaging Corporation of America		52,600		4,458,376
Rengo Company Limited		36,000		213,033
RPC Group plc		28,420		382,971
Sealed Air Corporation		106,600		4,860,960
Smurfit Kappa Group plc		16,584		377,896
Sonoco Products Company		110,039		5,956,411
Toyo Seikan Kaisha Limited		23,900		449,986
WestRock Company		116,613		5,970,586
				52,449,717
Metals & Mining : 1.73%
Acerinox SA		8,382		105,271
Aeris Resources Limited †		7,674		312
Agnico-Eagle Mines Limited		19,266		791,694
Aichi Steel Corporation		1,800		83,073
Alacer Gold Corporation †		17,005		31,141
Alamos Gold Incorporated Class A		24,548		156,246
Alcoa Corporation		1		29
Allegheny Technologies Incorporated «		122,900		2,155,666
Alumina Limited		478,202		584,427
Anglo American Platinum Limited †		11,072		227,299
Anglo American plc †		133,132		1,973,910
Anglogold Ashanti Limited †		103,958		1,147,138
Antofagasta plc		33,519		288,959
ArcelorMittal†		157,253		1,187,985
Asahi Holdings Incorporated		4,500		79,376

57

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Metals & Mining (continued)
Aurubis AG		3,804	$	201,442
B2Gold Corporation †		55,517		134,319
Barrick Gold Corporation		107,200		1,608,040
Bekaert SA		3,186		132,889
BHP Billiton Limited		463,310		8,351,423
BHP Billiton plc		191,237		3,142,886
BlueScope Steel Limited		81,602		543,536
Boliden AB		25,134		649,143
Carpenter Technology Corporation		45,500		1,627,535
Centerra Gold Incorporated		13,776		71,172
China Metal Recycling Holdings Limited †(a)		68,664		0
China Rare Earth Holdings Limited †		60		5
China Steel Corporation		3,151,348		2,471,801
Chung Hung Steel Corporation †		954		316
Commercial Metals Company		122,505		2,696,335
Compass Minerals International Incorporated «		34,600		2,683,230
Daido Steel Company Limited		59,000		241,869
Delong Holdings Limited †		1,400		264
Detour Gold Corporation †		15,148		193,057
Dominion Diamond Corporation		10,250		97,899
Dongkuk Steel Mill Company Limited †		6,732		55,915
Dowa Mining Company Limited		39,000		299,305
El Ezz Aldekhela Steel Alexandria †		164		3,340
Eldorado Gold Corporation †		67,207		185,116
Eregli Demir Ve Celik Fabrikalari Tas		657,512		901,383
Ezz Steel †		15,612		10,128
Feng Hsin Iron & Steel Company		115,690		164,426
First Majestic Silver Corporation †		10,800		95,755
First Quantum Minerals Limited		56,722		647,745
Fortescue Metals Group Limited		245,624		1,064,707
Franco-Nevada Corporation		16,707		970,481
Freeport-McMoRan Incorporated †		571,900		8,778,665
Fresnillo plc		15,690		235,576
G-Resources Group Limited		6,643,718		125,911
Glencore International plc †		1,137,793		3,976,132
Goldcorp Incorporated		77,180		1,018,686
Grupo Mexico SAB de CV Class B		868,056		2,377,704
Hindalco Industries Limited		159,435		409,366
Hindalco Industries Limited GDR 144A		47,917		123,032
Hindustan Zinc Limited		43,032		177,663
Hitachi Metals Limited		27,600		360,666
Hudbay Minerals Incorporated		14,987		101,081
Hyundai Steel Company		13,240		565,139
IAMGOLD Corporation †		35,249		129,104
Iluka Resources Limited		79,595		359,715
Independence Group NL		42,669		135,173
Industrias Penoles SAB de CV		28,068		602,925
JFE Holdings Incorporated		79,692		1,163,285
JSW Steel Limited		25,023		632,073
KGHM Polska Miedz SA		48,720		1,012,677
Kinross Gold Corporation †		113,307		374,513
Kobe Steel Limited †		49,900		470,627
Korea Zinc Company Limited		2,063		832,929
Koza Altin Isletmeleri AS †		13,742		62,516
Kurimoto Limited		2,200		45,671
Kyoei Steel Limited		3,400		61,637
Labrador Iron Ore Royalty Company		2,785		36,158
Lundin Mining Corporation †		45,155		221,523
Maruichi Steel Tube Limited		10,900		351,090
Mercator Minerals Limited †(a)		33,385		0
Midas Holdings Limited		65,000		10,203
Mineral Resources Limited		31,646		293,748
Mitsubishi Materials Corporation		18,000		532,582
Mitsubishi Steel Manufacturing Company Limited		27,000		53,573
Mitsui Mining & Smelting Company Limited		84,000		195,306
MMC Norilsk Nickel PJSC		187,999		3,154,623
Mongolian Mining Corporation †		408,750		13,174
Neturen Company Limited		6,900		54,763
Nevsun Resources Limited		18,400		59,037

58

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Metals & Mining (continued)
New Gold Incorporated †		45,386	$	161,839
Newcrest Mining Limited		110,203		1,590,153
Newmont Mining Corporation		247,664		8,034,220
Nippon Denko Company Limited		10,000		19,929
Nippon Light Metal Holdings Company Limited		79,500		177,199
Nippon Steel Corporation		124,500		2,669,451
Nisshin Steel Holdings Company Limited		13,864		177,534
Nittetsu Mining Company Limited		1,200		54,858
NMDC Limited		207,319		369,818
Norsk Hydro ASA		97,893		461,541
Northern Dynasty Minerals †		2,200		2,604
Northern Star Resources Limited		87,386		231,663
NovaGold Resources Incorporated †		12,820		58,789
Novolipet Steel GDR Register Shares		18,613		343,410
Nucor Corporation		149,010		9,266,932
Oceanagold Corporation		56,900		157,997
OSAKA Titanium Technologies Company †		3,700		52,069
Osisko Gold Royalties Limited		3,915		38,354
Outokumpu Oyj †		8,348		64,499
Outotec Oyj †		15,988		85,063
OZ Minerals Limited		56,980		331,145
Pacific Metals Company Limited †		27,000		90,153
Pan American Silver Corporation		16,145		271,988
Petropavlovsk plc †		9,120		810
Philex Mining Corporation		24		4
POSCO		12,853		2,743,102
Pretium Resources Incorporated †		12,526		109,380
PT Aneka Tambang Tbk †		186		13
Randgold Resources Limited		8,749		623,964
Real Gold Mining Limited †(a)		41,000		0
Regis Resources Limited		88,984		187,274
Reliance Steel & Aluminum Company		79,600		6,455,560
Rio Tinto Limited		61,241		2,611,652
Rio Tinto plc		109,053		4,079,767
Royal Gold Incorporated		72,585		5,054,819
Salzgitter AG		2,771		90,543
Sandfire Resources NL		24,651		105,398
Sanyo Special Steel Company Limited		19,000		95,162
Semafo Incorporated †		21,405		65,173
Silver Standard Resources Incorporated †		5,023		49,695
Silver Wheaton Corporation		41,341		752,158
Sims Group Limited		28,188		260,193
Sociedad Minera Cerro Verde SA †		3,244		65,691
South32 Limited - Athens Exchange		525,142		1,050,914
South32 Limited - London Exchange		191,237		389,421
Southern Copper Corporation «		55,608		1,825,611
SSAB Svenskt Stal AB Class A †		20,546		79,419
SSAB Svenskt Stal AB Class B †		25,759		83,649
Steel Authority of India Limited †		105,948		79,249
Steel Dynamics Incorporated		260,200		9,231,896
Sumitomo Metal Mining Company Limited		76,000		1,015,061
Tahoe Resources Incorporated		28,200		271,021
Talvivaara Mining Company plc †(a)		152,775		0
Tata Steel Limited		48,920		296,633
Teck Resources Limited Class B		45,708		1,157,246
Thyssenkrupp AG		36,326		824,672
Toho Titanium Company Limited		7,700		51,152
Toho Zinc Company Limited		26,000		99,768
Tokyo Steel Manufacturing Company Limited		16,100		116,101
Ton Yi Industrial Corporation		243,350		104,218
Topy Industries Limited		3,600		90,751
Torex Gold Resources Incorporated †		7,400		110,837
Trans Hex Group Limited †		3,465		1,002
Trilogy Metals Incorporated †		2,136		1,208
Turquoise Hill Resources Limited †		57,728		192,957
UACJ Corporation		44,000		126,918
United States Steel Corporation		175,400		5,672,436
Vale SA †		319,946		2,654,510

59

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Metals & Mininig (continued)
Vedanta Limited		301,698	$	1,013,095
Viohalco SA †		1,430		1,732
Voestalpine AG		9,874		374,175
Worthington Industries Incorporated		45,239		2,546,051
Yamana Gold Incorporated		78,246		233,579
Yamato Kogyo Company Limited		7,200		204,537
Yieh Phui Enterprise †		14,220		5,488
Yodogawa Steel Works Limited		4,500		124,295
Young Poong Corporation		239		213,844
				145,471,246
Paper & Forest Products : 0.12%
Canfor Corporation †		8,208		89,761
Daio Paper Corporation «		16,500		181,434
Domtar Corporation		63,800		2,505,426
Empresas CMPC SA		458,328		932,257
Hokuetsu Paper Mills Limited		22,300		127,869
Holmen AB Class B		6,246		211,162
Kapstone Paper & Packaging Corporation		98,000		2,002,140
Mitsubishi Paper Mills Limited †		6,500		42,612
Mondi plc		33,273		679,837
Nippon Paper Industries Company Limited		17,100		295,650
Oji Holdings Corporation		129,000		528,832
Stella-Jones Incorporated		9,800		329,244
Stora Enso Oyj		69,844		673,990
Tokushu Tokai Holdings Company Limited		2,400		83,808
UPM-Kymmene Oyj		55,974		1,281,399
West Fraser Timber Company Limited		6,150		219,254
				10,184,675
Real Estate : 5.66%
Equity REITs : 4.83%
Abacus Property Group		42,035		92,501
Acadia Realty Trust		81,600		2,697,696
Activia Properties Incorporated		80		351,733
Advance Residence Investment Corporation		189		476,114
Aeon REIT Investment Corporation		168		180,328
Alexandria Real Estate Equities Incorporated		37,500		4,109,625
Allied Properties REIT		9,500		239,675
American Campus Communities Incorporated		138,200		6,510,602
American Homes 4 Rent Class A		203,492		4,287,576
American Tower Corporation		72,039		7,367,429
Apartment Investment & Management Company Class A		75,037		3,159,058
Apple Hospitality REIT Incorporated «		160,973		2,968,342
Argosy Property Trust		148,510		110,434
Ascendas REIT		362,087		593,647
AvalonBay Communities Incorporated		22,700		3,733,923
Befimmo S.C.A. Sicafi		1,160		64,410
Big Yellow Group plc		13,948		115,967
Boardwalk REIT		1,855		61,589
Boston Properties Incorporated		25,289		3,132,801
Brandywine Realty Trust		179,494		2,755,233
British Land Company plc		96,327		712,901
Brixmor Property Group Incorporated		120,114		2,924,776
Bunnings Warehouse Property Trust		74,476		160,041
Camden Property Trust		41,900		3,297,949
Canadian Apartment Properties		5,440		123,679
Canadian REIT		4,006		135,124
CapitaLand Commercial Trust Limited		360,464		384,770
CapitaLand Mall Trust		468,636		637,556
Care Capital Properties Incorporated		94,287		2,270,431
Cathay No.1 REIT		400,000		204,813
CBL & Associates Properties Incorporated		191,868		2,275,554
CDL Hospitality Trusts		121,000		111,853
Champion REIT		571,653		325,016

60

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Equity REITs (continued)
Charter Hall Group		46,118	$	153,932
Charter Hall Retail REIT		62,961		197,598
Cofinimmo SA		2,555		282,165
Columbia Property Trust Incorporated		126,452		2,663,079
Comforia Residential REIT Incorporated		72		154,630
Cominar REIT		20,000		208,442
Communications Sales & Leasing Incorporated		148,776		3,708,986
CoreCivic Incorporated		120,300		2,732,013
CoreSite Realty Corporation		37,700		2,658,981
Corporate Office Properties Trust		97,300		2,784,726
Cousins Properties Incorporated		378,387		2,993,041
Cromwell Group		285,800		194,165
CubeSmart REIT		195,307		4,814,318
CyrusOne Incorporated		82,600		3,525,368
Daiwa House Residential Investment Corporation		185		460,378
Daiwa Office Investment Corporation		41		207,500
DCT Industrial Trust Incorporated		94,337		4,334,785
DDR Corporation		135,646		2,064,532
Derwent Valley Holdings plc		8,152		245,815
Dexus Property Group		143,410		965,818
DiamondRock Hospitality		202,481		2,144,274
Douglas Emmett Incorporated		157,555		5,780,693
Duke Realty Corporation		160,578		4,083,499
DuPont Fabros Technology Incorporated		82,200		3,342,252
Education Realty Trust Incorporated		75,300		3,057,180
Emlak Konut Gayrimenkul Yati		469,570		394,987
EPR Properties		66,726		4,640,126
Equinix Incorporated		38,700		13,110,012
Equinix Incorporated		770		260,845
Equity Commonwealth †		130,841		3,804,856
Equity Lifestyle Properties Incorporated		89,350		6,203,571
Equity Residential		36,200		2,172,362
Essex Property Trust Incorporated		36,609		7,904,615
Eurocommercial Properties NV		3,299		118,040
Extra Space Storage Incorporated		71,200		4,995,392
Federal Realty Investment Trust		38,501		5,406,310
Fibra Uno Administracion SAB de CV		718,045		1,108,335
Fonciere des Regions		3,503		275,219
Fortune REIT		246,000		290,512
Four Corners Property Trust Incorporated		67,265		1,290,143
Frontier Real Estate Investment Corporation		64		284,743
Fukuoka REIT Corporation		100		159,696
Gaming and Leisure Properties Incorporated		204,114		6,227,518
Gecina SA		2,316		304,126
General Growth Properties Incorporated		60,300		1,528,002
Geo Group Incorporated		76,532		2,545,454
Global One Real Estate Investment Corporation		27		100,184
GLP J-REIT		383		429,517
Goodman Group		252,674		1,246,402
Goodman Property Trust		181,257		156,607
GPT Group		275,271		983,845
Granite Real Estate Investment Trust		4,243		137,811
Great Portland Estates plc		28,410		215,945
Growthpoint Properties Limited		721,042		1,274,340
H&R REIT		11,358		184,410
Hammerson plc		66,473		452,866
Hankyu REIT Incorporated		82		106,939
HCP Incorporated		217,204		6,414,034
Healthcare Realty Trust Incorporated		120,275		3,533,680
Healthcare Trust of America Incorporated Class A		144,151		4,076,590
Heiwa Real Estate REIT Incorporated		149		102,238
Hospitality Properties Trust		172,821		5,010,945
Host Hotels & Resorts Incorporated		344,100		6,138,744
Hulic REIT Incorporated		121		196,616
ICADE		3,119		215,530
Ichigo Real Estate Investment Corporation		189		127,536
Industrial & Infrastructure Fund Investment Corporation		51		235,820
Intu Properties plc		89,901		302,695

61

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Equity REITs (continued)
Investa Office Fund		109,870	$	357,799
Invincible Investment Corporation		443		220,716
Iron Mountain Incorporated		111,789		3,689,037
Japan Excellent Incorporated		184		229,347
Japan Hotel REIT Investment Corporation		503		349,974
Japan Logistics Fund Incorporated		129		253,929
Japan Prime Realty Investment Corporation		120		487,741
Japan Real Estate Investment Corporation		172		930,624
Japan Rental Housing Investment Incorporated		257		184,205
Japan Retail Fund Investment Corporation		350		710,371
Kenedix Realty Investment		52		277,261
Kenedix Residential Investment Corporation		43		112,682
Kenedix Retail REIT Corporation		61		137,297
Keppel REIT		209,463		155,634
Kilroy Realty Corporation		51,295		3,710,680
Kimco Realty Corporation		203,180		5,189,217
Kite Realty Group Trust		93,660		2,252,523
Kiwi Property Group Limited		201,240		208,077
KLCC Property Holdings Bhd		105,300		179,665
Klepierre		21,292		793,996
Lamar Advertising Company Class A		90,964		6,030,004
Land Securities Group plc		74,578		905,126
LaSalle Hotel Properties		116,852		3,280,036
LaSalle Logiport REIT		172		166,430
Lexington Corporate Properties Trust		239,558		2,474,634
Liberty Property Trust		161,332		6,356,481
Life Storage Incorporated		51,666		4,196,829
Link REIT		323,655		2,228,219
LondonMetric Property plc		59,025		105,608
Mack-Cali Realty Corporation		91,334		2,470,585
Mapletree Industrial Trust		180,600		206,638
Mapletree Logistics Trust		306,351		216,937
MCUBS MidCity Investment Corporation		33		98,794
Merlin Properties Socimi SA		27,586		278,044
Mid-America Apartment Communities Incorporated		43,100		3,949,253
Mirvac Group		619,201		937,360
Mori Hills REIT Corporation		189		249,786
Mori Trust Sogo REIT Incorporated		132		198,684
National Health Investors Incorporated		43,500		3,078,060
Nippon Accommodations Fund Incorporated		66		272,296
Nippon Building Fund Incorporated		195		1,085,748
Nippon Prologis REIT Incorporated		255		528,032
NIPPON REIT Investment Corporation		47		112,277
Nomura Real Estate Master Fund Incorporated		577		859,914
NorthStar Realty Finance Corporation		185,595		2,809,908
Omega Healthcare Investors Incorporated		85,974		2,532,794
ORIX JREIT Incorporated		332		502,331
Outfront Media Incorporated		143,340		3,613,601
Paramount Group Incorporated		177,963		2,797,578
Parkway Incorporated †		29,048		569,341
Parkway Life REIT		64,000		109,841
Pebblebrook Hotel Trust		81,240		2,336,462
Physicians Realty Trust		137,400		2,489,688
Piedmont Office Realty Trust Incorporated Class A		157,900		3,101,156
Post Properties Incorporated		59,446		3,865,179
Potlatch Corporation		45,822		1,882,139
Precinct Properties New Zealand Limited		145,054		122,759
Premier Investment Corporation		163		192,485
Public Storage Incorporated		24,997		5,231,872
Rayonier Incorporated		133,700		3,544,387
Realty Income Corporation		120,262		6,667,325
Redefine Properties Limited		1,331,220		978,734
Regency Centers Corporation		50,183		3,354,232
Resilient REIT Limited		102,685		754,956
Retail Properties of America Incorporated Class A		247,177		3,771,921
RioCan REIT		14,088		280,858
RLJ Lodging Trust		127,727		2,910,898
Ryman Hospitality Properties Incorporated		41,500		2,444,350
Scentre Group		768,669		2,406,724

62

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Equity REITs (continued)
Segro plc		81,565	$	426,586
Sekisui House REIT incorporated		119		148,327
Sekisui House SI Investment Corporation		125		133,080
Senior Housing Properties Trust		260,789		4,709,849
Shaftesbury plc		24,082		276,606
Shopping Centres Australasia Property Group		117,209		183,492
SIA REIT Incorporated		14		46,379
Simon Property Group Incorporated		53,386		9,590,795
Smart REIT		5,367		124,336
Spirit Realty Capital Incorporated		527,894		5,695,976
Starhill Global REIT		254,000		133,791
Stockland Australia		353,241		1,129,484
Sun Communities Incorporated		69,400		5,008,598
Sunstone Hotel Investors Incorporated		223,850		3,254,779
Suntec REIT		384,000		454,097
Taubman Centers Incorporated		67,173		4,881,462
Tokyu REIT Incorporated		135		167,327
UDR Incorporated		122,400		4,166,496
Unibail-Rodamco SE		8,909		1,966,338
United Urban Investment Corporation		405		617,386
Urban Edge Properties REIT		93,348		2,528,797
Vastned Retail NV		1,059		38,907
VEREIT Incorporated		440,429		3,651,156
Vicinity Centres		471,677		1,017,065
Washington Prime Group Incorporated		208,185		2,086,014
Washington Real Estate Investment Trust		82,675		2,567,886
Weingarten Realty Investors		128,900		4,577,239
Welltower Incorporated		35,610		2,235,596
Wereldhave NV		4,146		173,173
Westfield Corporation		275,983		1,862,729
Weyerhaeuser Company		351,534		10,837,793
Workspace Group plc		11,049		94,905
WP Carey Incorporated		51,257		2,979,057
Xenia Hotels & Resorts Incorporated		121,524		2,126,670
Yuexiu Real Estate Investment Trust		325,000		181,847
				405,061,561
Real Estate Management & Development : 0.83%
Aeon Mall Company Limited		17,100		246,624
Africa Israel Investments Limited †		1,061		145
Aldar Properties PJSC		857,106		578,747
Allreal Holding AG		1,348		196,360
Ascendas India Trust		83,000		60,802
Atrium European Real Estate Limited		10,857		44,531
Ayala Land Incorporated		1,588,900		1,051,173
Bukit Sembawang Estates Limited		28,000		87,906
Buwog AG		5,071		117,836
C C Land Holdings Limited		511		143
CA Immobilien Anlagen AG		3,951		72,024
Capital & Counties Properties plc		89,398		317,891
CapitaLand Limited		485,500		1,043,248
Castellum AB		28,107		370,583
Cathay Real Estate Development Company Limited		182,000		106,209
Central Pattana PCL		354,500		561,366
China Evergrande Group		901,210		615,795
China Overseas Land & Investment Limited		974,480		2,814,201
China Resources Land Limited		680,888		1,653,830
China Vanke Company Limited H Shares		359,280		1,102,413
Chinese Estates Holdings Limited		69,696		129,032
City Developments Limited		83,000		488,729
Colliers International Group		2,138		75,649
Country Garden Holdings Company Limited		2,175,580		1,217,304
Daibiru Corporation		10,800		96,195
Daikyo Incorporated		44,000		93,073
Daito Trust Construction Company Limited		10,800		1,677,986
Daiwa House Industry Company Limited		91,900		2,612,288
Deutsche Euroshop AG		4,842		188,593

63

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Real Estate Management & Development (continued)
Deutsche Wohnen AG		27,669	$	852,184
DLF Limited		85,755		144,076
Dream Unlimited Class A †		3,983		18,828
Emaar Properties PJSC		1,168,710		2,170,171
Emperor International Holdings Limited		200,000		46,155
F&C Commercial Property Trust Limited		75,126		129,247
Fabege AB		13,162		208,073
Far East Consortium International Limited		163,032		70,623
Farglory Land Development Company Limited		52,252		60,903
First Capital Realty Incorporated		7,489		113,509
FirstService Corporation		2,138		92,838
Future Mall Management Limited †		504		240
Gazit Globe Limited		4,376		39,702
Global Logistic Properties Limited		470,000		675,481
Goldcrest Company Limited		3,340		63,323
Goldin Properties Holdings Limited †		326,000		250,074
Grainger plc		37,054		104,453
Great Eagle Holdings Limited		71,414		316,260
Guocoland Limited		42,554		55,517
Hang Lung Group Limited		147,000		540,128
Hang Lung Properties Limited		305,000		687,346
Heiwa Real Estate Company Limited		5,200		74,269
Heliopolis Housing		5,668		6,799
Henderson Land Development Company Limited		170,513		941,982
Highwealth Construction Corporation		269,880		404,740
HKC Holdings Limited †		8,688		4,312
HKR International Limited †		125,600		57,970
Hong Kong Land Holdings Limited		170,000		1,089,700
Hufvudstaden AB Class A		14,497		220,690
Hulic Company Limited		62,900		590,486
Hysan Development Company Limited		117,533		518,227
Immoeast AG Interim Shares †(a)		15,082		0
Immofinanz AG		101,423		211,117
Immofinanz AG Interim Shares †(a)		19,870		0
Jones Lang LaSalle Incorporated		26,055		2,638,850
K Wah International Holdings Limited		177,672		91,396
Kenedix Incorporated		36,400		134,267
Kerry Properties Limited		145,053		415,158
Kowloon Development Company Limited		45,000		43,860
Kungsleden AB		25,316		155,089
Land & Houses PCL		456,840		114,596
LEG Immobilien AG		4,572		346,463
Lendlease Corporation Limited		85,652		860,829
Leopalace21 Corporation		39,000		211,695
Longfor Properties Company Limited		306,000		393,324
Medinet Nasr Housing †		13,400		14,214
Megaworld Corporation		2,758,000		204,091
Midland Holdings Limited †		56,000		17,544
Mitsubishi Estate Company Limited		190,189		3,832,706
Mitsui Fudosan Company Limited		137,000		3,221,874
Mobimo Holding AG		799		192,147
New World Development Limited		749,118		834,446
Nexity SA		1,566		72,389
Nomura Real Estate Holding Incorporated		17,300		280,054
NTT Urban Development Corporation		15,800		136,172
Palm Hills Developments SAE		79,185		13,829
Prelios SpA †		1,105		89
PSP Swiss Property AG		3,653		314,747
PT Bumi Serpong Damai Tbk		2,777,000		348,342
PT Lippo Karawaci Terbuka Tbk		4,995,500		281,982
Radium Life Tech Company Limited †		1,634		503
Realogy Holdings Corporation		161,495		3,900,104
Red Star Macalline Group Corporation H shares		459,000		449,739
Relo Holdings Incorporated		1,600		219,571
Robinsons Land Company		372,100		192,672
Ruentex Development Company Limited †		202,996		242,655
Savills plc		10,369		86,924
Shimao Property Holding Limited		283,500		370,617
Shree Precoated Steels Limited †		3,781		116

64

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Real Estate Management & Development (continued)
Sinarmas Land Limited		85,000	$	26,389
Sino Land Company		423,961		666,837
Sino-Ocean Land Holdings Limited		1,039,500		443,595
SM Prime Holdings Incorporated		3,478,354		1,853,537
SP Setia Bhd		272,605		201,432
Sumitomo Real Estate Sales Company Limited		2,500		60,924
Sumitomo Realty & Development Company Limited		66,000		1,822,420
Sun Hung Kai Properties Limited		230,284		3,013,450
Swire Pacific Limited Class A		97,500		971,040
Swire Pacific Limited Class B		195,000		342,912
Swire Properties Limited		200,183		605,207
Swiss Prime Site AG		5,716		467,760
TAG Immobilien AG		11,454		143,489
Talaat Moustafa Group		108,625		52,716
The Howard Hughes Corporation †		39,943		4,545,513
Tian An China Investment		224,097		124,811
TOC Company Limited		13,900		120,162
Tokyo Tatemono Company Limited		29,700		383,176
Tokyu Fudosan Holdings Corporation		74,700		427,678
UEM Land Holdings Bhd		413,675		96,333
Unite Group plc		20,850		145,829
United Industrial Corporation Limited		64,877		122,661
United Overseas Land Limited		106,331		437,683
Vonovia SE		40,491		1,305,884
Wharf Holdings Limited		203,500		1,508,573
Wheelock & Company Limited		145,000		861,793
Wheelock Properties (Singapore) Limited		39,000		39,861
Wing Tai Holdings Limited		88,730		99,975
				69,904,793
Telecommunication Services : 2.33%
Diversified Telecommunication Services : 1.48%
AT&T Incorporated		616,377		23,810,644
BCE Incorporated		28,401		1,223,951
Bezeq Israeli Telecommunication Corporation Limited		178,458		329,779
Bharti Infratel Limited		184,499		1,011,997
BT Group plc		788,518		3,523,125
Cellnex Telecom SAU		13,745		192,584
CenturyLink Incorporated «		253,460		5,961,379
China Telecom Corporation Limited H Shares		3,514,000		1,698,898
China Unicom Limited		1,731,688		2,103,075
Chorus Limited		64,726		180,606
Chunghwa Telecom Company Limited		1,036,602		3,496,210
Citic 1616 Holdings Limited		481		158
Deutsche Telekom AG		295,083		4,648,934
Elisa Oyj		17,138		538,009
Frontier Communications Corporation «		580,341		2,118,245
Hellenic Telecommunications Organization SA		66,898		609,756
Hong Kong Broadband Network Limited		153,000		173,386
Hong Kong Telecommunications Trust & Hong Kong Trust Limited		513,364		669,792
Hutchison Telecommunications Hong Kong Holdings Limited		196,000		65,447
Iliad SA		1,823		346,813
Inmarsat plc		40,614		361,049
Koninklijke KPN NV		274,617		791,372
KT Corporation		20,261		517,335
Level 3 Communications Incorporated †		162,467		8,947,058
LG Uplus Corporation		33,879		331,820
Manitoba Telecom Services Incorporated		5,945		164,989
Nippon Telegraph & Telephone Corporation		95,400		3,856,693
Ooredoo QSC		33,164		847,066
Orange Polska SA		132,850		170,373
Orange SA		204,770		2,985,185
PCCW Limited		819,477		476,483
Proximus SA		15,466		437,247

65

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Diversified Telecommunication Services (continued)
PT Telekomunikasi Indonesia Persero Tbk		12,835,060	$	3,579,895
Rostelecom Sponsored ADR		3,611		28,385
SBA Communications Corporation Class A †		69,498		6,877,522
SFR Group SA		8,018		202,589
Singapore Telecommunications Limited		1,162,100		3,064,665
Spark New Zealand Limited		198,250		510,357
Sunrise Communications Group AG 144A		3,172		197,646
Swisscom AG		2,129		909,856
Taicom PCL		188,600		106,248
TalkTalk Telecom Group plc		57,843		115,580
TDC AS †		101,735		517,634
Telecom Egypt Company		36,313		20,021
Telecom Italia SpA †		885,010		669,247
Telecom Italia SpA RSP		592,709		369,999
Telecom Malaysia Bhd		419,050		578,938
Telefonica Brasil SA		8,717		94,721
Telefonica Deutschland Holding AG		91,645		359,575
Telefonica SA		386,950		3,220,175
Telenor ASA		70,077		1,035,471
Telia Company AB		284,399		1,068,794
Telstra Corporation Limited		617,757		2,303,722
Telus Corporation		19,486		608,675
Tiscali SpA †		588		24
TPG Telecom Limited		45,074		237,654
True Corporation PCL		3,114,716		624,174
TT&T PCL †(a)		270,800		0
Turk Telekomunikasyon AS		117,421		188,997
Verizon Communications Incorporated		408,397		20,379,010
Vocus Communications Limited		50,610		155,845
Zayo Group Holdings Incorporated †		108,000		3,726,000
				124,340,877
Wireless Telecommunication Services : 0.85%
Advanced Info Service PCL - Foreign Register		353,800		1,432,870
America Movil SAB de CV Class L		5,823,236		3,526,318
Axiata Group Bhd		955,217		896,184
Bharti Airtel Limited		447,901		2,124,045
China Mobile Limited		1,400,500		15,284,255
Digi.com Bhd		901,400		982,942
Drillisch AG		7,270		280,042
Empresa Nacional de Telecomunicaciones SA †		28,911		318,194
Far Eastone Telecommunications Company Limited		404,722		937,109
Freenet AG		9,566		244,034
Global Telecom Holding †		313,006		104,949
Globe Telecom Incorporated		8,330		244,557
Idea Cellular Limited		292,014		330,414
Intouch Holdings PCL Class F		419,200		587,452
KDDI Corporation		247,700		6,493,180
M1 Limited		94,400		129,085
Maxis Bhd		514,200		687,365
Millicom International Cellular SA		6,159		260,042
Mobile Telesystems ADR		144,012		1,127,614
MTN Group Limited		414,152		3,330,279
NTT DOCOMO Incorporated		180,200		4,133,078
Okinawa Cellular Telephone Company		2,400		73,633
Orascom Telecom Media & Technology Holding SAE †		313,006		15,944
PLDT Incorporated		24,955		635,291
PT Indonesian Satellite Corporation Tbk †		241,500		114,045
PT Tower Bersama Infrastructure Tbk		565,500		231,583
PT Xl Axiata Tbk †		651,875		110,630
Reliance Communications Limited †		442,880		244,251
Reliance Communications Limited GDR 144A†		32,828		18,105
Rogers Communications Incorporated Class B		35,000		1,352,267
SK Telecom Company Limited		6,460		1,248,843
SmarTone Telecommunications Holding Limited		53,688		73,924
SoftBank Group Corporation		125,045		7,336,236
Sprint Corporation †		66,342		520,121
StarHub Limited		109,000		219,011

66

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Wireless Telecommunication Services (continued)
T-Mobile US Incorporated †		46,805	$	2,537,299
Taiwan Mobile Company Limited		423,202		1,427,359
Tele2 AB Class B †		3,697		28,160
Tele2 AB Class B - BATS Exchange		29,579		225,944
Telephone & Data Systems Incorporated		95,102		2,561,097
Tim Participacoes SA		177,415		435,400
Total Access Communication PCL		192,200		183,153
Turkcell Iletisim Hizmetleri AS †		272,349		715,811
VimpelCom Limited ADR		49,963		167,876
Vodacom Group Proprietary Limited		136,573		1,404,099
Vodafone Group plc		2,382,728		5,780,679
Vodafone Qatar †		126,716		306,254
				71,421,023
Utilities : 3.41%
Electric Utilities : 1.47%
Acciona SA		2,541		172,438
ALLETE Incorporated		51,032		3,154,798
Alliant Energy Corporation		103,836		3,729,789
American Electric Power Company Incorporated		46,380		2,738,739
AusNet Services		244,412		268,022
CEZ AS		55,424		899,634
Cheung Kong Infrastructure Holdings Limited		104,000		868,845
Chubu Electric Power Company Incorporated		99,300		1,393,524
CLP Holdings Limited		284,500		2,782,096
Contact Energy Limited		167,998		559,188
Duke Energy Corporation		66,652		4,916,918
Edison International		32,268		2,219,070
El Paso Electric Company		43,400		1,955,170
Electricite de France SA «		27,395		290,201
Emera Incorporated		12,523		420,541
Endesa SA		29,051		600,553
Enea SA †		23,564		52,141
Enel SpA		694,131		2,805,863
Energa SA «		97,841		185,071
Energias de Portugal SA		245,535		709,648
Enersis Chile SA		5,359,575		507,419
Enersis SA		5,359,575		880,055
Entergy Corporation		82,946		5,700,879
Eversource Energy		148,001		7,639,812
Exelon Corporation		87,271		2,837,180
FirstEnergy Corporation		197,446		6,178,085
Fortis Incorporated		25,374		756,328
Fortum Oyj		40,768		591,949
Great Plains Energy Incorporated		219,146		5,783,263
Hawaiian Electric Industries Incorporated		117,777		3,627,532
HK Electric Investments Limited 144A		344,434		303,736
Hokkaido Electric Power Company Incorporated		30,100		218,373
Hokuriku Electric Power Company		29,400		318,143
Hydro One Limited 144A		15,657		269,012
Iberdrola SA		539,205		3,245,414
IDACORP Incorporated		52,644		4,008,841
Infratil Limited		115,574		228,360
Kansai Electric Power Company Incorporated †		111,300		1,097,386
Korea Electric Power Corporation		41,924		1,667,564
Kyushu Electric Power Company Incorporated		65,000		639,177
Manila Electric Company		106,140		565,596
NextEra Energy Incorporated		45,211		5,164,453
OGE Energy Corporation		89,996		2,848,373
PG&E Corporation		47,065		2,767,422
Pinnacle West Capital Corporation		50,804		3,755,940
PNM Resources Incorporated		81,537		2,576,569
Polska Grupa Energetyczna SA		252,746		558,063
Portland General Electric Company		92,735		3,857,776
Power Assets Holdings Limited		203,605		1,942,470
Power Grid Corporation of India Limited		426,776		1,196,488

67

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name	Shares		Value
Electric Utilities (continued)
PPL Corporation		62,866	$	2,103,496
Public Power Corporation SA †		10,093		32,840
Red Electrica Corporacion SA		38,910		692,811
Shikoku Electric Power Company Incorporated		28,400		270,831
Spark Infrastructure Group		255,559		424,614
SSE plc		94,668		1,747,116
Tata Power Company Limited		384,258		415,701
Tauron Polska Energia SA †		210,484		132,714
Tenaga Nasional Bhd		752,837		2,366,733
Terna SpA «		126,682		549,408
The Chugoku Electric Power Company Incorporated		45,200		514,404
The Okinawa Electric Power Company Incorporated		5,800		117,820
The Southern Company		98,045		4,590,467
Tohoku Electric Power Company Incorporated		68,900		802,794
Tokyo Electric Power Company Incorporated †		110,100		409,007
Trustpower Limited		3,817		11,867
Westar Energy Incorporated		64,713		3,686,052
Xcel Energy Incorporated		52,838		2,061,210
				123,383,792
Gas Utilities : 0.53%
APA Group		176,480		1,038,663
Atmos Energy Corporation		47,266		3,361,558
Aygaz AS		12,972		41,343
China Gas Holdings Limited		654,000		865,086
China Resources Gas Group Limited		210,000		622,704
Enagas SA		20,387		502,366
ENN Energy Holdings Limited		136,000		625,952
Gail India Limited		63,415		393,513
Gas Natural SDG SA		32,383		554,286
Hong Kong & China Gas Company Limited		1,065,302		1,983,235
Infraestructura Energetica Nova SAB de CV		107,712		468,937
Italgas SpA †		46,187		165,260
Korea Gas Corporation		5,695		208,743
National Fuel Gas Company		93,100		5,248,978
New Jersey Resources Corporation		88,900		3,062,605
ONE Gas Incorporated		56,861		3,412,229
Osaka Gas Company Limited		285,000		1,077,671
Petronas Gas Bhd		166,800		783,579
PT Perusahaan Gas Negara Persero Tbk		2,360,000		461,465
Rubis SCA		5,494		448,823
Saibu Gas Company Limited		47,000		101,062
Shizuoka Gas Company Limited		11,500		79,210
South Jersey Industries Incorporated		81,400		2,686,200
Southwest Gas Corporation		51,707		3,833,040
Spire Incorporated		36,200		2,336,348
Superior Plus Corporation		9,992		89,261
Toho Gas Company Limited		70,000		554,346
Tokyo Gas Company Limited		279,000		1,216,182
Towngas China Company Limited		127,000		65,821
UGI Corporation		83,158		3,725,478
WGL Holdings Incorporated		55,511		4,027,878
				44,041,822
Independent Power & Renewable Electricity Producers : 0.25%
Aboitiz Power Corporation		386,100		333,072
AES Corporation		300,000		3,435,000
AES Gener SA		472,711		167,821
Algonquin Power & Utilities Corporation		41,900		347,165
Calpine Corporation †		400,100		4,461,115
Capital Power Corporation		7,700		133,788
China Longyuan Power Group Corporation H Shares		787,000		615,882
China Renewable Energy Investment Limited		15,871		665
China Resources Power Holdings Company		617,185		1,015,314
Colbun SA		1,637,920		307,718
Drax Group plc		35,738		126,813

68

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Shares		Value
Independent Power & Renewable Electricity Producers (continued)
EDP Renovaveis SA		9,632	$	61,312
Electric Power Development Company Limited		24,000		526,341
Electricity Generating PCL		111,800		623,557
Endesa Americas SA		1,148,063		497,611
Enel Generacion Chile SA		1,148,063		716,696
Energy Development Corporation		1,562,250		159,901
Engie Brasil Energia SA		78,129		828,174
Etrion Corporation †		2,567		587
Glow Energy PCL		209,800		464,530
Malakoff Corporation Bhd		1,131,300		341,974
Neyveli Lignite Corporation Limited		4,901		5,614
NHPC Limited		186,049		76,242
Northland Power Incorporated		23,700		383,209
NRG Energy Incorporated		327,589		3,714,859
NTPC Limited		682,862		1,627,621
Ratchaburi Electricity Generating Holding PCL ADR		20,700		29,008
Tilt Renewables Limited		3,817		5,136
Transalta Corporation		24,700		135,149
Uniper SE †		18,751		233,610
				21,375,484
Multi-Utilities : 0.97%
A2A SpA		134,739		160,653
AGL Energy Limited		97,194		1,505,795
Ameren Corporation		112,362		5,519,221
ATCO Limited Class I		8,258		263,115
Avista Corporation		65,220		2,639,453
Black Hills Corporation «		54,142		3,180,843
Canadian Utilities Limited Class A		11,598		305,383
CenterPoint Energy Incorporated		207,710		4,955,961
Centrica plc		544,331		1,432,283
CMS Energy Corporation		134,921		5,426,523
Consolidated Edison Incorporated		28,115		1,961,584
Dominion Resources Incorporated		60,345		4,422,685
DTE Energy Company		83,781		7,799,173
Duet Group		354,371		622,811
E.ON SE		187,516		1,237,546
Engie SA		147,526		1,821,540
Hera SpA		43,571		90,279
Just Energy Group Incorporated «		8,403		45,978
Keppel Infrastructure Trust		56,761		19,008
MDU Resources Group Incorporated		212,703		5,917,397
National Grid plc		352,433		4,026,883
NiSource Incorporated		146,087		3,205,149
Northwestern Corporation		49,617		2,783,514
Public Service Enterprise Group Incorporated		46,602		1,925,129
RWE AG †		45,697		574,403
SCANA Corporation		68,957		4,863,537
Suez Environnement Company SA		28,095		392,305
Vector Limited		28,886		64,235
Vectren Corporation		86,719		4,256,169
Veolia Environnement SA		45,364		783,928
WEC Energy Group Incorporated		147,462		8,259,347
YTL Corporation Bhd		1,978,309		637,878
YTL Power International Bhd		1,409,368		444,964
				81,544,672
Water Utilities : 0.19%
Aguas Andinas SA Class A		613,482		394,773
American Water Works Company Incorporated		82,578		5,984,428
Aqua America Incorporated		194,812		5,791,761
Beijing Enterprises Water Group Limited		1,232,000		891,062
Guangdong Investment Limited		804,000		1,125,693
Hyflux Limited		81,500		27,293
Pennon Group plc		35,570		364,052

69

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name		Shares		Value
Water Utilities (continued)
Severn Trent plc			25,380	$	694,492
United Utilities Group plc			65,169		719,993
					15,993,547
Total Common Stocks (Cost $5,944,642,602)					8,025,871,906
	Dividend yield
Preferred Stocks : 0.49%
Consumer Discretionary : 0.06%
Automobiles : 0.05%
Bayerische Motoren Werke AG ±	5.02%		4,593		329,751
Hyundai Motor Company ±	4.14		4,236		359,809
Hyundai Motor Company ±	4.24		2,744		224,862
Porsche Automobile Holding SE ±	3.14		14,496		734,840
Volkswagen AG ±	1.76		16,860		2,176,452
					3,825,714
Multiline Retail : 0.01%
Lojas Americanas SA ±	0.54		171,080		828,577
Consumer Staples : 0.03%
Beverages : 0.00%
ITO EN Limited ±	2.57		4,600		76,757
Household Products : 0.03%
Henkel AG & Company KGaA ±	1.41		17,027		1,972,434
Personal Products : 0.00%
LG Household & Health Care Limited ±	1.11		217		92,532
Energy : 0.07%
Oil, Gas & Consumable Fuels : 0.07%
Petroleo Brasileiro SA †	0.00		1,026,958		4,858,393
Surgutneftegaz SP ADR ±	22.26		269,016		1,283,206
					6,141,599
Financials : 0.21%
Banks : 0.21%
Banco Bradesco SA ±	0.80		693,014		6,096,056
Itau Unibanco Holding SA ±	4.34		823,773		8,627,324
Itausa Investimentos Itau SA ±	5.71		1,114,743		2,837,905
Shinkin Central Bank Class A ±	2.77		104		208,900
					17,770,185
Health Care : 0.01%
Biotechnology : 0.01%
Grifols SA Class B ±	1.93		22,412		353,925
Health Care Equipment & Supplies : 0.00%
Sartorius AG Vorzug ±	0.74		3,164		235,071
Life Sciences Tools & Services : 0.00%
Valneva SE †	0.00		612		20

70

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Dividend yield					Shares		Value
Information Technology : 0.03%
Technology Hardware, Storage & Peripherals : 0.03%
Samsung Electronics Company Limited ±		1.55	%				2,420	$	2,806,997
Materials : 0.06%
Chemicals : 0.01%
Fuchs Petrolub AG ±		2.32					6,432		254,886
LG Chem Limited ±		2.76					846		119,043
Sociedad Quimica y Minera de Chile SA Class B ±		3.25					12,021		340,609
									714,538
Metals & Mining : 0.05%
Vale SA ±		0.63					553,330		4,180,181
Telecommunication Services : 0.02%
Diversified Telecommunication Services : 0.02%
Telefonica Brasil SA ±		4.66					131,152		1,751,253
Utilities : 0.00%
Multi-Utilities : 0.00%
RWE AG ±		3.41					3,735		34,705
Total Preferred Stocks (Cost $49,565,193)									40,784,488
				Expiration date
Rights : 0.00%
Consumer Staples : 0.00%
Personal Products : 0.00%
Cosmax Incorporated †(a)					12-15-2016		97		1,647
Financials : 0.00%
Banks : 0.00%
Banca Popolare di Milano Scarl †(a)					12-27-2016		484,767		1
Banco Popolare Societa Cooperativa †(a)					12-27-2016		39,538		0
Caixabank SA Right †					12-12-2016		214,811		8,879
									8,880
Health Care : 0.00%
Biotechnology : 0.00%
Intercell AG †(a)					12-1-2016		1,885		0
Industrials : 0.00%
Airlines : 0.00%
LANTAM Airlines Group SA †(a)					12-23-2016		8,885		0
Electrical Equipment : 0.00%
SGL Carbon SE †					12-13-2016		3,056		2,494
Transportation Infrastructure : 0.00%
PT Jasa Marga Tbk †(a)					12-8-2016		26,631		1,595
Materials : 0.00%
Metals & Mining : 0.00%
Yamana Gold Incorporated †					12-21-2016		4,890		1,201

71

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Diversified Stock Portfolio

Security name						Expiration date		Shares		Value
Real Estate : 0.00%
Real Estate Management & Development : 0.00%
SP Setia Bhd †(a)							12-1-2016		107,657	$	73,772
Telecommunication Services : 0.00%
Diversified Telecommunication Services : 0.00%
Telefonica SA †							12-5-2016		386,950		129,184
Total Rights (Cost $248,032)											218,773
Warrants : 0.00%
Consumer Discretionary : 0.00%
Automobiles : 0.00%
Peugeot SA †							4-29-2017		32,389		90,625
Media : 0.00%
Yellow Pages Limited †							12-20-2022		128		262
Energy : 0.00%
Energy Equipment & Services : 0.00%
KNM Group Bhd †							11-15-2017		47,262		212
Industrials : 0.00%
Industrial Conglomerates : 0.00%
Discount Investment Corporation †							12-21-2018		276		297
Discount Investment Corporation †							12-16-2021		276		252
Discount Investment Corporation †							12-31-2049		276		277
											826
Total Warrants (Cost $112,266)											91,925
			Yield
Short-Term Investments : 3.22%
Investment Companies : 3.22%
Securities Lending Cash Investment LLC (l)(r)(u)				0.65	%				164,735,253		164,751,727
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.31					105,377,595		105,377,595
Total Short-Term Investments (Cost $270,112,848)											270,129,322
Total investments in securities (Cost $6,264,680,941)*	99.36	%									8,337,096,414
Other assets and liabilities, net	0.64										53,345,584
Total net assets	100.00	%								$	8,390,441,998

† Non-income-earning security

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

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

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.

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

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

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

* Cost for federal income tax purposes is $6,271,703,803 and unrealized gains (losses) consists of:

Gross unrealized gains	$	2,592,418,960
Gross unrealized losses		(527,026,349	)
Net unrealized gains	$	2,065,392,611

72

Wells Fargo Diversified Stock Portfolio Portfolio of investments — November 30, 2016 (unaudited)

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

73

Wells Fargo Diversified Stock Portfolio (the “Portfolio”)

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

Securities valuation

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

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

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 Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2016, such fair value pricing was not used in pricing foreign securities.

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

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

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

Foreign currency translation

The accounting records of the 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 and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Security loans

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

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

Futures contracts

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

Fluctuations in the value of the contracts are recorded 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.

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 significant 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, use of amortized cost, etc.)
Level 3	–	significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	1,120,356,513	$	8,220	$	0	$	1,120,364,733
Consumer staples		524,656,191		0		0		524,656,191
Energy		510,245,444		2,248,188		3		512,493,635
Financials		1,368,776,002		104,054		80		1,368,880,136
Health care		761,343,572		0		341		761,343,913
Industrials		929,654,113		199,548		65,032		929,918,693
Information technology		1,389,924,679		580,638		0		1,390,505,317
Materials		456,334,246		436,311		0		456,770,557
Real estate		478,837,514		0		0		478,837,514
Telecommunication services		195,106,735		655,165		0		195,761,900
Utilities		286,339,317		0		0		286,339,317
Preferred stocks

Consumer discretionary		4,654,291		0		0		4,654,291
Consumer staples		2,141,723		0		0		2,141,723
Energy		6,141,599		0		0		6,141,599
Financials		17,770,185		0		0		17,770,185
Health care		589,016		0		0		589,016
Information technology		2,806,997		0		0		2,806,997
Materials		4,894,719		0		0		4,894,719
Telecommunication services		1,751,253		0		0		1,751,253
Utilities		34,705		0		0		34,705
Rights
Consumer discretionary		0		1,647		0		1,647
Financials		0		8,880		0		8,880
Health care		0		0		0		0
Industrials		0		4,089		0		4,089
Materials		0		1,201		0		1,201
Real estate		0		73,772		0		73,772
Telecommunication services		0		129,184		0		129,184
Warrants
Consumer discretionary		0		90,887		0		90,887
Energy		0		212		0		212
Industrials		0		826		0		826
Short-term investments
Investment companies		105,377,595		0		0		105,377,595
Investments measured at net asset value*								164,751,727
Total assets	$	8,167,736,409	$	4,542,822	$	65,456	$	8,337,096,414
Liabilities
Futures contracts	$	272,980	$	0	$	0	$	272,980
Total liabilities	$	272,980	$	0	$	0	$	272,980

*  Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $164,751,727 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at their variation margin at measurement date, which represents the amount due from the Portfolio at that 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. Fair value pricing that was used in pricing certain foreign securities at the previous period end was not used at November 30, 2016. As a result, common stocks valued at $2,217,944,040 and preferred stocks valued at $10,020,161 were transferred from Level 2 to Level 1 within the fair value hierarchy. The Portfolio had no material transfers into/out of Level 3.

Investments in affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Wells Fargo & Company		563,684		14,700		123,400		454,984	$	24,077,753

Derivative transactions

For the nine months ended November 30, 2016, the Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At November 30, 2016, the Portfolio had long futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type	Contract value at November 30, 2016		Unrealized losses
12-16-2016	UBS	255 Long	MSCI EAFE Index	$	20,847,525	$	(10,285	)
12-16-2016	UBS	232 Long	MSCI EM Index		10,010,800		(29,400	)
12-16-2016	UBS	290 Long	Russell 2000 Index		38,346,700		(199,940	)
12-16-2016	UBS	228 Long	S&P 500 E-Mini Index		25,066,320		(20,905	)
12-16-2016	UBS	189 Long	S&P Midcap 400 Index		30,748,410		(12,450	)

As of November 30, 2016, the Portfolio had segregated $11,433,918 as cash collateral for open futures contracts.

Wells Fargo Short-Term Investment Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Certificates of Deposit : 10.72%
Bank of Montreal		2.50	%	1-11-2017	$	2,000,000	$	2,003,151
Credit Suisse (New York) ±		1.24		5-12-2017		4,000,000		4,002,320
DG Bank (New York)		0.95		12-22-2016		3,000,000		3,000,630
Erste Bank der Oesterreichischen Sparkassen AG 144A±		0.89		3-14-2017		3,000,000		3,001,140
Ing Funding LLC ±		1.04		5-30-2017		4,000,000		4,000,280
KBC Bank		0.33		12-1-2016		14,000,000		14,000,000
Mitsubishi Trust & Bank		0.92		12-27-2016		4,000,000		4,001,040
Mizuho Bank Limited		0.95		12-19-2016		5,000,000		5,001,400
National Bank of Kuwait		0.34		12-1-2016		21,050,000		21,050,000
NBAD Americas NV		0.35		12-1-2016		21,000,000		21,000,000
Norinchukin Bank		0.95		12-20-2016		5,000,000		5,001,050
Swedbank ±		0.90		5-22-2017		3,000,000		3,000,210
Total Certificates of Deposit (Cost $89,054,378)								89,061,221
Commercial Paper : 40.03%
Alpine Securitization Limited 144A(p)(z)		1.00		2-2-2017		2,489,000		2,485,640
Alpine Securitization Limited 144A(p)(z)		1.02		2-10-2017		2,000,000		1,996,760
Antalis SA 144A(z)		1.00		2-2-2017		5,000,000		4,993,250
Atlantic Asset Securitization Corporation 144A±(p)		0.69		12-5-2016		3,000,000		3,000,000
Atlantic Asset Securitization Corporation 144A±(p)		0.70		12-9-2016		3,000,000		2,999,970
Atlantic Asset Securitization Corporation 144A±(p)		0.70		12-16-2016		3,000,000		2,999,910
Banco De Credito E Inversiones 144A(z)		0.85		12-2-2016		7,000,000		6,999,720
Banco De Credito E Inversiones 144A(z)		1.10		2-15-2017		2,000,000		1,995,560
Barclays Bank plc 144A(z)		0.75		12-15-2016		10,000,000		9,996,400
Barton Capital Corporation 144A(p)(z)		1.01		1-4-2017		3,000,000		2,998,320
Caisse Centrale Desjardins du Quebec 144A(z)		0.69		12-20-2016		5,000,000		4,998,750
Caisse Centrale Desjardins du Quebec 144A(z)		0.85		12-22-2016		7,000,000		6,998,040
Caisse Centrale Desjardins du Quebec 144A(z)		1.03		1-12-2017		5,000,000		4,996,900
CDP Financial Incorporated 144A(z)		1.00		1-25-2017		3,000,000		2,997,450
Cedar Spring Capital Company 144A(p)(z)		0.65		12-8-2016		4,000,000		3,999,560
Cedar Spring Capital Company 144A(p)(z)		1.08		2-9-2017		3,000,000		2,995,260
Chesham Finance Limited 144A(p)(z)		0.48		12-1-2016		5,000,000		4,999,938
Chesham Finance Limited 144A(p)(z)		0.48		12-1-2016		8,000,000		7,999,900
Chesham Finance Limited 144A(p)(z)		0.48		12-1-2016		5,000,000		4,999,938
China Shipping Container Lines (z)		0.95		12-5-2016		5,000,000		4,999,700
Collateralized Commercial Paper Company (z)		0.78		1-10-2017		7,000,000		6,994,820
Concord Minutemen Capital Company 144A(p)(z)		0.60		12-8-2016		3,000,000		2,999,670
Concord Minutemen Capital Company 144A(p)(z)		0.78		1-9-2017		2,000,000		1,998,580
CPPIB Capital Incorporated 144A(z)		0.70		1-3-2017		3,000,000		2,998,650
CPPIB Capital Incorporated 144A(z)		0.70		1-4-2017		2,000,000		1,999,080
Crown Point Capital Company 144A(p)(z)		0.70		12-19-2016		7,000,000		6,997,970
DBS Bank Limited 144A(z)		0.90		1-10-2017		8,000,000		7,995,600
Gotham Funding Corporation 144A(p)(z)		1.00		12-7-2016		4,000,000		3,999,640
Institutional Secured Funding LLC 144A(p)(z)		0.55		12-1-2016		5,000,000		4,999,938
Kells Funding LLC 144A(p)(z)		0.55		12-16-2016		1,000,000		999,780
Kells Funding LLC 144A(p)±		0.96		5-2-2017		4,000,000		4,000,080
Kells Funding LLC 144A(p)(z)		1.03		1-13-2017		2,000,000		1,998,460
Koch Resources LLC 144A(z)		0.48		12-7-2016		9,800,000		9,799,216
Legacy Capital Company 144A(z)		1.00		12-5-2016		15,000,000		14,998,350
Liberty Funding LLC 144A(p)(z)		0.55		12-5-2016		8,750,000		8,749,388
Liberty Funding LLC 144A(p)(z)		0.89		1-3-2017		10,000,000		9,994,200
LMA Amercias LLC 144A(z)		0.95		2-8-2017		3,000,000		2,994,480
Manhattan Asset Funding Comapny LLC 144A(p)(z)		0.80		1-18-2017		2,000,000		1,998,140
Manhattan Asset Funding Comapny LLC 144A(p)(z)		0.96		12-1-2016		3,000,000		2,999,970
Mountcliff Fund LLC 144A(p)(z)		0.48		12-1-2016		5,000,000		4,999,938
Mountcliff Fund LLC 144A(p)(z)		1.05		1-31-2017		4,000,000		3,994,200
N V Bank Nederlandse Gemeenten 144A(z)		0.55		12-13-2016		2,000,000		1,999,640
N V Bank Nederlandse Gemeenten 144A(z)		0.60		12-2-2016		15,000,000		14,999,550
National Securities Clearing Corporation 144A(z)		0.50		12-1-2016		13,000,000		12,999,870
Nationwide Building Society 144A(z)		0.90		2-1-2017		5,000,000		4,992,900
Nieuw Amsterdam Receivable 144A(z)		0.88		2-3-2017		3,000,000		2,995,860
NRW Bank 144A(z)		0.57		12-8-2016		5,000,000		4,999,650

1

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Short-Term Investment Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Commercial Paper (continued)
NRW Bank 144A(z)		0.60	%	12-15-2016	$	2,000,000	$	1,999,680
Oesterreichische Nationalbank (z)		0.70		1-17-2017		10,000,000		9,990,900
Regency Markets No.1 LLC 144A(p)(z)		0.60		12-8-2016		4,000,000		3,999,560
Regency Markets No.1 LLC 144A(p)(z)		0.65		12-9-2016		7,000,000		6,999,160
Ridgefield Funding Company LLC 144A(p)(z)		0.65		12-1-2016		4,000,000		3,999,960
Starbird Funding Corporation 144A(p)(z)		1.00		12-6-2016		4,000,000		3,999,680
Sumitomo Mitsui Banking Corporation 144A(z)		0.95		1-4-2017		6,000,000		5,996,880
Sumitomo Trust & Banking Corporation 144A(z)		0.93		12-14-2016		5,000,000		4,999,200
Suncorp Group Limited 144A(z)		1.04		1-4-2017		3,000,000		2,997,780
United Overseas Bank Limited 144A(z)		0.58		12-2-2016		10,000,000		9,999,700
United Overseas Bank Limited 144A(z)		0.98		1-20-2017		5,000,000		4,995,100
Versailles CDS LLC 144A(z)		0.85		12-12-2016		8,600,000		8,598,538
Victory Receivables 144A(p)(z)		0.62		12-19-2016		2,000,000		1,999,420
Victory Receivables 144A(p)(z)		0.80		12-2-2016		10,000,000		9,999,700
Working Capital Management Company 144A(z)		0.83		12-20-2016		10,000,000		9,996,900
Total Commercial Paper (Cost $332,487,386)								332,520,744
Corporate Bonds and Notes : 2.95%
Health Care : 2.89%
Health Care Providers & Services : 2.89%
Keep Memory Alive ±§		0.75		5-1-2037		920,000		920,000
Providence Health & Services ±§		0.71		10-1-2042		5,960,000		5,960,000
Providence St. Joseph Health ±§		0.60		10-1-2047		9,000,000		9,000,000
Steadfast Crestvilla LLC ±§		0.69		2-1-2056		3,160,000		3,160,000
Steadfast Crestvilla LLC ±§		0.69		2-1-2056		5,000,000		5,000,000
								24,040,000
Materials : 0.06%
Metals & Mining : 0.06%
SSAB AB Series A ±		0.58		6-1-2035		500,000		500,000
Total Corporate Bonds and Notes (Cost $24,540,000)								24,540,000
Municipal Obligations : 42.65%
Alabama : 0.12%
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series J (Industrial Development Revenue, Bank of Nova Scotia LOC) ø		0.57		4-1-2028		1,000,000		1,000,000
California : 2.89%
Irvine CA Unified School District (Tax Revenue, U.S. Bank NA LOC) ø		0.50		9-1-2054		8,000,000		8,000,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3841 (Transportation Revenue, Ambac Insured, JPMorgan Chase & Company LIQ) 144Aø		0.66		7-1-2024		5,000,000		5,000,000
RBC Municipal Products Incorporated Trust Water District Series E (Water & Sewer Revenue, Royal Bank of Canada LOC) 144Aø		0.70		4-5-2019		7,000,000		7,000,000
San Francisco City & County CA Certificate of Participation Series B001 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144Aø		1.00		11-1-2041		2,000,000		2,000,000
Tender Option Bond Trust Receipts/Certificates for Palomar CA Pomerado Health Series XG0017 (GO Revenue, Bank of America NA LIQ) 144Aø		0.85		8-1-2037		2,000,000		2,000,000
								24,000,000
Colorado : 1.97%
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA) ø		0.67		10-1-2034		2,000,000		2,000,000
Colorado HFA Class II Series A-2 (Housing Revenue, FHLB SPA) ø		0.75		10-1-2033		3,100,000		3,100,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) ø		0.70		5-1-2052		10,240,000		10,240,000

2

Wells Fargo Short-Term Investment Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date	Principal		Value
Colorado (continued)
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue) ø		0.78	%	1-1-2027	$	1,000,000	$	1,000,000
								16,340,000
Connecticut : 4.01%
Connecticut HFA Series C-2 (Housing Revenue, Bank of Tokyo-Mitsubishi SPA) ø		0.59		5-15-2034		3,000,000		3,000,000
Puttable Floating Option Taxable Series TNP-1013 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		1.30		4-15-2046		30,280,000		30,280,000
								33,280,000
District of Columbia : 1.56%
Howard University (Education Revenue) ø		0.62		8-1-2031		12,000,000		12,000,000
Metropolitan Washington District of Columbia Airports Sub Series A-1 (Airport Revenue, Royal Bank of Canada LOC) ø		0.57		10-1-2039		970,000		970,000
								12,970,000
Florida : 1.57%
Florida Tender Option Bond Trust Receipts/Certificates Series 2016 XL0027 (Airport Revenue, AGC Insured, JPMorgan Chase & Company LIQ) 144Aø		0.75		10-1-2030		2,000,000		2,000,000
Orlando & Orange County FL Expressway Authority Series 2007 (Transportation Revenue, BHAC/AGM Insured, Citibank NA LIQ) ø		0.60		7-1-2042		3,000,000		3,000,000
West Palm Beach FL Utilities Systems Series C (Water & Sewer Revenue, AGC Insured, JPMorgan Chase & Company SPA) ø		0.63		10-1-2038		8,000,000		8,000,000
								13,000,000
Georgia : 0.60%
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC) ø		1.00		12-1-2022		5,000,000		5,000,000
Idaho : 0.48%
Idaho HFA Series A3 Class II (Housing Revenue, Barclays Bank plc SPA) ø		0.72		7-1-2034		2,000,000		2,000,000
Idaho HFA Series A4 Class II (Housing Revenue, Barclays Bank plc LIQ) ø		0.72		1-1-2036		2,000,000		2,000,000
								4,000,000
Illinois : 1.20%
Illinois State Toll Highway Authority Series A (Transportation Revenue, Harris NA LOC) ø		0.54		7-1-2030		3,000,000		3,000,000
Illinois State Toll Highway Authority Series A1 (Transportation Revenue, AGM Insured, JPMorgan Chase & Company SPA) ø		0.57		1-1-2031		7,000,000		7,000,000
								10,000,000
Iowa : 0.72%
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC) ø		0.79		4-1-2022		6,000,000		6,000,000
Kentucky : 0.36%
Louisville Regional Airport Authority (Industrial Development Revenue) ø		0.60		1-1-2029		3,000,000		3,000,000

3

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Short-Term Investment Portfolio

Security name	Interest rate			Maturity date	Principal		Value
Louisiana : 1.20%
East Baton Rouge Parish LA Sewerage Commission Revenue Series B005 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144Aø		1.00	%	2-1-2045	$	8,000,000	$	8,000,000
St. Charles Parish LA Shell Oil Company Project Series A (Industrial Development Revenue) ø		0.64		10-1-2022		2,000,000		2,000,000
								10,000,000
Maryland : 0.84%
Maryland CDA Housing & Community Residential Series B (Housing Revenue, TD Bank NA SPA) ø		0.67		9-1-2033		7,000,000		7,000,000
Massachusetts : 0.60%
Massachusetts Department of Transportation Series A6 (Transportation Revenue, TD Bank NA SPA) ø		0.54		1-1-2029		5,000,000		5,000,000
Michigan : 0.24%
Michigan Housing Development Authority Series D (Housing Revenue, Bank of Tokyo-Mitsubishi SPA) ø		0.64		10-1-2039		1,975,000		1,975,000
Minnesota : 0.08%
RBC Municipal Products Incorporated Trust Floater CTFS Series E-69 (Housing Revenue, Royal Bank of Canada LOC) 144Aø		0.70		5-31-2018		690,000		690,000
Mississippi : 0.84%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series A (Industrial Development Revenue) ø		0.54		12-1-2030		7,000,000		7,000,000
Missouri : 0.47%
Puttable Floating Option Taxable Series TN-044 (Education Revenue, Bank of America NA LIQ) 144Aø		0.84		11-26-2032		3,870,000		3,870,000
Nevada : 0.24%
Clark County NV Series B-2 (Airport Revenue, Royal Bank of Canada LOC) ø		0.58		7-1-2022		2,000,000		2,000,000
New York : 11.79%
JPMorgan Chase PUTTER/DRIVER (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144Aø		0.58		11-1-2019		10,000,000		10,000,000
New York NY Sub Series G-6 (GO Revenue, Mizuho Corporate Bank LOC) ø		0.62		4-1-2042		6,000,000		6,000,000
New York HFA 605 West 42 Street Series B (Housing Revenue, Bank of China LOC) ø		1.05		5-1-2048		19,000,000		19,000,000
New York HFA Biltmore Tower Housing Series A (Housing Revenue, FNMA LOC, FNMA LIQ) ø		0.59		5-15-2034		2,000,000		2,000,000
New York HFA Manhattan West Residential Housing Series B-2 (Housing Revenue, Bank of China LOC) ø		1.05		11-1-2049		11,100,000		11,100,000
New York HFA Manhattan West Residential Project Series B2 (Housing Revenue, Bank of China LOC) ø		0.95		11-1-2049		1,000,000		1,000,000
New York Housing Finance Agency 222 East 44TH Street Series B (Housing Revenue, Bank of China LOC) ø		1.05		5-1-2050		1,000,000		1,000,000
New York Metropolitan Transportation Authority Sub Series G-2 (Transportation Revenue, TD Bank NA LOC) ø		0.52		11-1-2032		3,000,000		3,000,000
New York NY Municipal Water Finance Authority Series B3 (Water & Sewer Revenue, Bank of America NA SPA) ø		0.59		6-15-2025		7,000,000		7,000,000
New York NY Municipal Water Finance Authority Sub Series AA-6 (Water & Sewer Revenue, Mizuho Bank Limited SPA) ø		0.56		6-15-2048		4,000,000		4,000,000
New York NY Municipal Water Finance Series F1B-RMKT (Water & Sewer Revenue, U.S. Bank NA SPA) ø		0.55		6-15-2035		4,000,000		4,000,000
New York NY Series 2013-A-2 (GO Revenue, Mizuho Corporate Bank LOC) ø		0.60		10-1-2038		6,000,000		6,000,000

4

Wells Fargo Short-Term Investment Portfolio Portfolio of investments — November 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New York (continued)
New York NY Sub Series L-3 (GO Revenue, Bank of America NA SPA) ø		0.59	%		4-1-2036	$	5,825,000	$	5,825,000
New York NY Transitional Finance Authority Fiscal 2016 Sub Series A-5 (Tax Revenue, Royal Bank of Canada SPA) ø		0.57			8-1-2041		6,000,000		6,000,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bonds Fiscal 2015 Sub Series A-3 (Tax Revenue, Mizuho Bank Limited SPA) ø		0.57			8-1-2043		8,000,000		8,000,000
RBC Municipal Products Incorporated Trust Series E-51 for Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144Aø(i)		1.09			7-1-2017		4,000,000		4,000,000
									97,925,000
North Carolina : 0.59%
Charlotte NC NASCAR Project Series D (Miscellaneous Revenue, Bank of America NA LOC) ø		0.65			6-1-2035		2,000,000		2,000,000
North Carolina Medical Care Commission FirstHealth Carolina Project Series 2008A (Health Revenue, Branch Banking & Trust SPA) ø		0.67			10-1-2028		2,915,000		2,915,000
									4,915,000
North Dakota : 0.48%
Mercer County ND Pollution Control (Miscellaneous Revenue)		0.70			12-6-2016		2,000,000		2,000,020
North Dakota HFA Mortgage Finance Program Series F (Housing Revenue, FHLB SPA) ø		0.65			1-1-2047		2,000,000		2,000,000
									4,000,020
Ohio : 0.48%
Columbus OH Regional Airport Authority (Airport Revenue) ø		0.59			4-1-2044		2,000,000		2,000,000
Ohio HFA Residential Management Series J (Housing Revenue, JPMorgan Chase & Company SPA) ø		0.60			9-1-2035		1,950,000		1,950,000
									3,950,000
Oklahoma : 0.96%
RBC Municipal Products Incorporated Trust (Transportation Revenue, Royal Bank of Canada LOC) 144Aø		0.70			7-13-2017		8,000,000		8,000,000
Oregon : 1.33%
Oregon Facilities Authority Series B (Health Revenue, U.S. Bank NA LOC) ø		0.57			8-1-2034		10,000,000		10,000,000
Tender Option Bond Trust Receipts/Certificates (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.84			5-1-2035		1,000,000		1,000,000
									11,000,000
Other : 3.14%
Clipper Tax-Exempt Certified Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) ø		0.61			2-15-2028		6,106,000		6,106,000
Eagle Tax-Exempt Trust Series 0055F (Miscellaneous Revenue, FHLMC Insured, FHLB LIQ) 144Aø		0.58			4-15-2049		1,995,000		1,995,000
FHLMC MFHR Series M017 Class A (Housing Revenue, FHLMC LIQ) 144Aø		0.57			9-15-2050		4,977,000		4,977,000
FHLMC MFHR Series M021 Class A (Housing Revenue, FHLMC LIQ) ø		0.58			6-15-2036		5,985,000		5,985,000
FHLMC MFHR Series M031 Class A (Housing Revenue, FHLMC LIQ) ø		0.58			12-15-2045		6,985,000		6,985,000
									26,048,000

5

Portfolio of investments — November 30, 2016 (unaudited) Wells Fargo Short-Term Investment Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Tennessee : 0.96%
Metropolitan Government of Nashville TN (Miscellaneous Revenue)		0.60	%		12-6-2016	$	1,000,000	$	1,000,000
Montgomery County TN Industrial Development Bonds Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC) ø		1.05			12-1-2024		5,000,000		5,000,000
Sevier County TN Public Building Authority Local Government Public Improvement Series 6-A1 (Miscellaneous Revenue, Branch Banking & Trust SPA) ø		0.55			6-1-2029		2,000,000		2,000,000
									8,000,000
Texas : 1.85%
Brazos Harbor TX Industrial Development Corporation (Industrial Development Revenue) ø		0.70			10-1-2036		5,000,000		5,000,000
Port Arthur TX Navigation District Daily Fina Oil and Chemical Company Project (Industrial Development Revenue) ø		0.69			5-1-2033		1,000,000		1,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (Industrial Development Revenue) ø		0.60			3-1-2042		3,000,000		3,000,000
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue) ø		0.68			4-1-2028		2,500,000		2,500,000
Tarrant County TX Cultural Educational Facilities Finance Corporation Methodist Hospitals of Dallas Series A (Health Revenue, TD Bank NA LOC) ø		0.54			10-1-2041		3,000,000		3,000,000
Texas Department of Housing & Community Affairs Series A (Housing Revenue, GNMA/FNMA/FHLMC Insured, Texas State Treasurer SPA) ø		0.62			9-1-2038		865,000		865,000
									15,365,000
Utah : 0.60%
Utah Water Finance Agency Series B-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA) ø		0.58			10-1-2037		5,000,000		5,000,000
Washington : 0.24%
Port of Seattle WA Series B (Airport Revenue, Bank of Tokyo-Mitsubishi LOC) ø		0.57			7-1-2033		2,000,000		2,000,000
Wisconsin : 0.24%
Wisconsin Housing & EDA Series F (Housing Revenue, JPMorgan Chase & Company SPA) ø		0.67			5-1-2030		2,000,000		2,000,000
Total Municipal Obligations (Cost $354,328,000)									354,328,020
Other : 1.33%
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 5 (Citibank NA LIQ) 144A±§		0.70			8-1-2040		3,000,000		3,000,000
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 6 (Citibank NA LIQ) 144A±§		0.70			8-1-2040		1,000,000		1,000,000
Nuveen Enhanced Municipal Credit Opportunities Fund Series 1 (Citibank NA LIQ) 144A±§		0.70			3-1-2040		3,000,000		3,000,000
Western Asset Managed Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A±§		0.70			3-4-2045		4,000,000		4,000,000
Total Other (Cost $11,000,000)									11,000,000
Repurchase Agreements: 2.29%
GX Clarke & Company, dated 11-30-2016, maturity value $19,000,238 ^^		0.45			12-1-2016		19,000,000		19,000,000
Total Repurchase Agreements (Cost $19,000,000)									19,000,000

6

Wells Fargo Short-Term Investment Portfolio Portfolio of investments — November 30, 2016 (unaudited)

			Value
Total investments in securities (Cost $830,409,764)*	99.97	%	$	830,449,985
Other assets and liabilities, net	0.03			266,129
Total net assets	100.00	%	$	830,716,114

±	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.
(p)	Asset-backed commercial paper
(z)	Zero coupon security. The rate represents the current yield to maturity.
§	The security is subject to a demand feature which reduces the effective maturity.
ø	Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.
(i)	Illiquid security
^^	Collateralized by U.S. government securities, 0.13% to 2.38%, 1-15-2017 to 2-15-2046, fair value including accrued interest is $19,570,177.
*	Cost for federal income tax purposes is $830,409,764 and unrealized gains (losses) consists of:

Gross unrealized gains	$	43,028
Gross unrealized losses		(2,807	)
Net unrealized gains	$	40,221

Abbreviations:
AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal
Ambac	Ambac Financial Group Incorporated
BHAC	Berkshire Hathaway Assurance Corporation
CDA	Community Development Authority
DRIVER	Derivative inverse tax-exempt receipts
EDA	Economic Development Authority
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General obligation
HFA	Housing Finance Authority
IDA	Industrial Development Authority
LIQ	Liquidity agreement
LLC	Limited liability company
LOC	Letter of credit
MFHR	Multifamily housing revenue
PCR	Pollution control revenue
plc	Public limited company
PUTTER	Puttable tax-exempt receipts
SPA	Standby purchase agreement

7

Wells Fargo Short-Term Investment Portfolio (the “Portfolio”)

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation 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 which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the 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 of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the 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.

Repurchase agreements

The Portfolio may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Portfolio in the event that the Portfolio is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Portfolio seeks to assert its rights.

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 significant 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, use of amortized cost, etc.)
Level 3	–	significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Certificates of deposit	$	0	$	89,061,221	$	0	$	89,061,221
Commercial paper		0		332,520,744		0		332,520,744
Corporate bonds and notes		0		24,540,000		0		24,540,000
Municipal obligations		0		354,328,020		0		354,328,020
Other		0		11,000,000		0		11,000,000
Repurchase agreements		0		19,000,000		0		19,000,000
Total assets	$	0	$	830,449,985	$	0	$	830,449,985

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

ITEM 2. 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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

SIGNATURES

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

Wells Fargo Master Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Wells Fargo Master Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 25, 2017
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	January 25, 2017