Wells Fargo Bank, N.A. Collective Investment Funds

Wells Fargo Bank, N.A. Collective Investment Funds

Annual Report 2016

Table of Contents

Page

Independent Auditors’ Report 1 Financial Statements:

Wells Fargo Target Today CIT 3 Wells Fargo Target 2010 CIT 10 Wells Fargo Target 2015 CIT 17 Wells Fargo Target 2020 CIT 24 Wells Fargo Target 2025 CIT 31 Wells Fargo Target 2030 CIT 38 Wells Fargo Target 2035 CIT 45 Wells Fargo Target 2040 CIT 52 Wells Fargo Target 2045 CIT 59 Wells Fargo Target 2050 CIT 66 Wells Fargo Target 2055 CIT 73 Wells Fargo Target 2060 CIT 80

Notes to Financial Statements 87 Regulatory Statement 95

Independent Auditors’ Report

The Unitholders and Wells Fargo Bank. N.A.:

We have audited the accompanying financial statements of the Wells Fargo Target Today CIT, Wells Fargo Target 2010 CIT, Wells Fargo Target 2015 CIT, Wells Fargo Target 2020 CIT, Wells Fargo Target 2025 CIT, Wells Fargo Target 2030 CIT, Wells Fargo Target 2035 CIT, Wells Fargo Target 2040 CIT, Wells Fargo Target 2045 CIT, Wells Fargo Target 2050 CIT, Wells Fargo Target 2055 CIT, and Wells Fargo Target 2060 CIT (collectively, “the Funds”), which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2016, and the related statements of operations, changes in net assets, and selected per unit data for the year then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly in all material respects, the financial position of the Funds as of December 31, 2016, and the results of their operations, changes in their net assets, and their selected per unit data for the year then ended in accordance with U.S. generally accepted accounting principles.

KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

KPMG LLPTwo Financial Center60 South StreetBoston, MA 02111

111

Other Matter

Our audit was made for the purpose of forming an opinion on the financial statements as a whole. The supplementary schedules of investments purchased and sold or redeemed are presented for purpose of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Boston, Massachusetts April 18, 2017

222

WELLS FARGO TARGET TODAY CIT

Statement of Assets and Liabilities December 31, 2016

Cost Fair

value Assets:

Investments $ 27,652,367 $ 27,883,644 Receivable for investment securities sold 145,298 Fund shares sold 4,378 Accrued income 630

Total assets 28,033,950 Liabilities:

Fund shares repurchased 154,676 Trustee expenses 2,179

Total liabilities 156,855 Net assets $ 27,877,095

Class Net Assets Shares

Outstanding Net Asset Value E1 $ 4,636,754 384,350 $ 12.06 E3 $ 13,772,364 1,139,882 $ 12.08 F $ 9,467,977 783,646 $ 12.08

See accompanying notes to financial statements. 33

WELLS FARGO TARGET TODAY CIT Statement of Operations

Year ended December 31, 2016 Investment income:

Dividend income $ 3,367 Interest income 868

Total income 4,235 Expenses:

Administration, Advisory, and Trustee Fees 21,743 Total expenses 21,743 Net investment loss (17,508)

Realized and unrealized gain on investment transactions: Net realized gain on investments 249,837 Net change in unrealized appreciation (depreciation) of investments 537,226 Net gain on investment transactions 787,063 Net increase in net assets resulting from operations $ 769,555

See accompanying notes to financial statements.

44

WELLS FARGO TARGET TODAY CIT Statement of Changes in Net Assets

Year ended December 31, 2016 Increase/(decrease) in net assets from operations:

Net investment loss $ (17,508) Net realized gain on investment transactions 249,837 Net change in unrealized appreciation of investments 537,226

Net increase in net assets resulting from operations 769,555 Participant unit transactions:

Class E1 proceeds from issuance of units (163,787 units) 1,989,470 Class E1 payments for withdrawals (224,318 units) (2,703,450)

Net change (713,980) Class E3 proceeds from issuance of units (1,029,264 units) 12,393,021 Class E3 payments for withdrawals (846,070 units) (10,187,784)

Net change 2,205,237 Class F proceeds from issuance of units (830,726 units) 10,035,522 Class F payments for withdrawals (64,351 units) (780,801)

Net change 9,254,721 Change in net assets derived from unit transactions 10,745,978 Total increase in net assets 11,515,533

Net assets: Beginning of year (444,881 Class E1 units, 956,688 Class E3 units, 17,271 Class F units) 16,361,562 End of year (384,350 Class E1 units, 1,139,882 Class E3 units, 783,646 Class F units) $ 27,877,095


55

WELLS FARGO TARGET TODAY CIT Schedule of Investments December 31, 2016

Shares Cost Fair

Value ___________ ____________ ______________ Collective Investment Funds: 95.98%

SSgA Barclays Capital Bond Composite -

Global Index NI Series Fund Class A 1,724,520 $ 19,779,949 $ 19,666,427 WF/SSgA Global Equity Index CIT 681,345 6,752,089 7,096,888 ____________________________________ ____________________________________

Total Collective Investment Funds 26,532,038 26,763,315 ____________________________________ ____________________________________

Short-Term Investments: 4.02% State Street Short Term Investment Fund 1,120,329 1,120,329 1,120,329 ____________________________________ ____________________________________

Total Short-Term Investments 1,120,329 1,120,329 ____________________________________ ____________________________________

Total Investments: 100.00% $ 27,652,367 $ 27,883,644 ____________________________________ ____________________________________ ____________________________________ ____________________________________

Percentages shown are based on total investments.



Statement of Selected Per Unit Data Year ended December 31, 2016

Class E1 Class E3 Class F Per share operating performance:

Unit value, beginning of year $ 11.52 $ 11.54 $ 11.53

Income from investment operations: Net investment loss(1) (0.02) (0.01) (0.01) Net realized and unrealized gain on investments 0.56 0.55 0.56

Total from investment operations 0.54 0.54 0.55

Unit value, end of year $ 12.06 $ 12.08 $ 12.08

Total return per unit 4.69% 4.68% 4.77% Net assets, end of year $ 4,636,754 $ 13,772,364 $ 9,467,977

Ratios:

Ratio of expenses to average net assets(2) 0.16% 0.10% 0.07% Ratio of net investment loss to average net assets (0.14)% (0.08)% (0.05)% Portfolio Turnover Rate 73% 73% 73%

(1) Based on average number of units outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.


77


PurchasedCost Cost Proceeds Gain

Short term investments $ 603,134 $ 1,257,883 $ 1,257,883 $ - Collective investment funds 25,501,750 13,863,850 14,113,687 249,837

Total investments $ 26,104,884 $ 15,121,733 $ 15,371,570 $ 249,837


Supplemental Schedule of Investments Purchased and Sold or RedeemedYear Ended December 31, 2016

Sold or redeemed

88


Units Unit Units Unit Units Unitoutstanding valuation outstanding valuation outstanding valuation

January 31, 2016 428,641 $ 11.46 966,174 $ 11.47 17,281 $ 11.47February 29, 2016 422,868 11.60 976,386 11.61 62,694 11.61March 31, 2016 430,739 11.94 1,048,524 11.95 57,867 11.95April 30, 2016 437,382 12.06 1,041,275 12.08 60,317 12.08May 31, 2016 436,933 12.03 1,058,753 12.04 63,572 12.04June 30, 2016 421,251 12.22 1,071,463 12.23 70,444 12.23July 31, 2016 424,583 12.39 1,122,091 12.41 66,473 12.40August 31, 2016 417,410 12.38 1,125,152 12.39 116,781 12.39September 30, 2016 434,135 12.42 1,166,934 12.44 191,593 12.44October 31, 2016 432,826 12.19 1,091,702 12.21 184,915 12.21November 30, 2016 431,541 12.02 1,134,244 12.04 168,878 12.04December 31, 2016 384,350 12.06 1,139,882 12.08 783,646 12.08

Class E1 Class E3 Class F

WELLS FARGO TARGET TODAY CIT men

Schedule of Monthly Values (Unaudited)

Year ended December 31, 2016

99

WELLS FARGO TARGET 2010 CIT


Cost Fair

value Assets:

Investments $ 51,392,719 $ 52,284,666 Fund shares sold 225,687 Accrued income 1,358


Payable for investment securities purchased 211,612 Fund shares repurchased 4,075 Trustee expenses 4,732





1010

WELLS FARGO TARGET 2010 CIT Statement of Operations


Dividend income $ 7,681 Interest income 1,845



Realized and unrealized gain on investment transactions: Net realized gain on investments 284,433 Net change in unrealized appreciation (depreciation) of investments 1,905,598 Net gain on investment transactions 2,190,031 Net increase in net assets resulting from operations $ 2,151,016


1111

WELLS FARGO TARGET 2010 CIT Statement of Changes in Net Assets


Net investment loss $ (39,015) Net realized gain on investment transactions 284,433 Net change in unrealized appreciation of investments 1,905,598

Net increase in net assets resulting from operations 2,151,016 Participant unit transactions:


Net change (1,057,669) Class E3 proceeds from issuance of units (854,317 units) 10,735,841 Class E3 payments for withdrawals (611,000 units) (7,684,904)



Net assets: Beginning of year (823,462 Class E1 units, 2,413,910 Class E3 units, 67,554 Class F units) 39,521,187 End of year (740,021 Class E1 units, 2,657,227 Class E3 units, 748,073 Class F units) $ 52,291,292


1212

WELLS FARGO TARGET 2010 CIT Schedule of Investments December 31, 2016

Shares Cost Fair



Global Index NI Series Fund Class A 3,077,969 $ 35,004,416 $ 35,101,158 WF/SSgA Global Equity Index CIT 1,449,929 14,307,250 15,102,455 ____________________________________ ____________________________________















Ratios:




1414



Short term investments $ 563,904 $ 2,144,763 $ 2,144,763 $ - Collective investment funds 23,642,127 11,207,316 11,491,749 284,433




Sold or redeemed

1515



January 31, 2016 824,311 $ 11.87 2,416,070 $ 11.88 67,697 $ 11.87February 29, 2016 824,447 12.01 2,463,379 12.03 62,871 12.02March 31, 2016 837,216 12.37 2,456,677 12.39 63,182 12.38April 30, 2016 847,970 12.51 2,464,930 12.52 88,013 12.51May 31, 2016 830,624 12.47 2,474,894 12.49 88,860 12.48June 30, 2016 808,155 12.70 2,602,682 12.72 106,843 12.71July 31, 2016 802,421 12.90 2,661,847 12.92 110,852 12.91August 31, 2016 797,618 12.89 2,691,750 12.91 229,391 12.9September 30, 2016 805,478 12.94 2,697,134 12.96 282,769 12.95October 31, 2016 794,150 12.69 2,636,134 12.71 252,162 12.71November 30, 2016 762,316 12.55 2,588,389 12.57 295,934 12.56December 31, 2016 740,021 12.60 2,657,227 12.62 748,073 12.61


WELLS FARGO TARGET 2010 CIT S ntal



1616



Cost Fair

value Assets:

Investments $ 152,358,502 $ 155,466,019 Fund shares sold 586,556 Accrued income 4,217


Payable for investment securities purchased 566,332 Fund shares repurchased 225 Trustee expenses 13,890





1717








1818






Net change (4,609,233) Class E3 proceeds from issuance of units (1,769,721 units) 23,040,494 Class E3 payments for withdrawals (2,080,946 units) (27,040,785)

Net change (4,000,291) Class F proceeds from issuance of units (798,778 units) 10,492,473 Class F payments for withdrawals (144,746 units) (1,916,506)

Net change 8,575,967 Change in net assets derived from unit transactions (33,557) Total increase in net assets 7,801,314

Net assets: Beginning of year (1,160,491 Class E1 units, 10,393,991 Class E3 units, 237,964 Class F units) 147,675,031 End of year (811,803 Class E1 units, 10,082,766 Class E3 units, 891,996 Class F units) $ 155,476,345


1919


Shares Cost Fair


















Ratios:




2121



Short term investments $ 1,128,012 $ 7,045,779 $ 7,045,779 $ - Collective investment funds 61,950,628 55,661,633 56,212,038 550,405




Sold or redeemed

2222



January 31, 2016 1,147,608 $ 12.37 10,194,356 $ 12.38 238,775 $ 12.38 February 29, 2016 1,157,075 12.51 10,286,476 12.52 339,451 12.52 March 31, 2016 1,140,217 12.93 10,294,599 12.94 342,082 12.94 April 30, 2016 1,106,831 13.07 10,269,308 13.08 347,090 13.09 May 31, 2016 1,080,943 13.05 10,272,163 13.06 349,338 13.06 June 30, 2016 1,039,602 13.22 10,260,047 13.23 242,089 13.24 July 31, 2016 1,016,512 13.45 10,239,136 13.46 243,495 13.46 August 31, 2016 864,673 13.44 10,332,779 13.45 368,476 13.46 September 30, 2016 869,680 13.50 10,300,619 13.51 389,001 13.52 October 31, 2016 881,039 13.24 10,203,134 13.25 386,148 13.26 November 30, 2016 867,965 13.11 10,049,992 13.12 385,853 13.13 December 31, 2016 811,803 13.18 10,082,766 13.19 891,996 13.20


WELLS FARGO TARGET 2015 CIT Suppl



2323



Cost Fair

value Assets:

Investments $ 496,611,983 $ 509,532,699 Fund shares sold 1,846,552 Accrued income 13,915


Payable for investment securities purchased 1,842,382 Fund shares repurchased 4,169 Trustee expenses 49,755

Total liabilities 1,896,306 Net assets $ 509,496,860


Outstanding Net Asset Value E1 $ 100,560,117 7,180,970 $ 14.00 E3 $ 372,751,427 26,589,064 $ 14.02 F $ 36,185,316 2,580,064 $ 14.02


2424






Realized and unrealized gain (loss) on investment transaction: Net realized loss on investments (5,408) Net change in unrealized appreciation (depreciation) of investments 26,878,899 Net gain on investment transactions 26,873,491 Net increase in net assets resulting from operations $ 26,458,204


2525



Net investment loss $ (415,287) Net realized loss on investment transactions (5,408) Net change in unrealized appreciation of investments 26,878,899


Class E1 proceeds from issuance of units (886,755 units) 12,099,861 Class E1 payments for withdrawals (1,513,470 units) (20,760,078)


Net change 33,298,941 Class F proceeds from issuance of units (2,154,871 units) 30,201,116 Class F payments for withdrawals (110,434 units) (1,544,562)


Net assets: Beginning of year (7,807,685 Class E1 units, 24,139,810 Class E3 units, 535,627 Class F units) 429,743,378 End of year (7,180,970 Class E1 units, 26,589,064 Class E3 units, 2,580,064 Class F units) $ 509,496,860


2626


Shares Cost Fair


















Ratios:




2828


PurchasedCost Cost Proceeds Loss

Short term investments $ 3,441,813 $ 20,731,608 $ 20,731,608 $ - Collective investment funds 247,221,775 177,064,081 177,058,673 (5,408)

Total investments $ 250,663,588 $ 197,795,689 $ 197,790,281 $ (5,408)



Sold or redeemed

2929



January 31, 2016 7,815,376 $ 12.97 24,202,978 $ 12.97 536,534 $ 12.98 February 29, 2016 7,709,265 13.09 24,922,313 13.10 535,975 13.10 March 31, 2016 7,750,899 13.60 25,015,578 13.61 537,929 13.61 April 30, 2016 7,684,617 13.74 25,373,907 13.75 615,129 13.75 May 31, 2016 7,624,692 13.73 25,543,324 13.74 612,357 13.74 June 30, 2016 7,531,775 13.89 25,580,737 13.90 726,519 13.90 July 31, 2016 7,483,347 14.18 25,696,230 14.19 742,758 14.19 August 31, 2016 7,441,086 14.18 26,071,657 14.19 1,080,471 14.20 September 30, 2016 7,393,757 14.25 26,206,464 14.26 1,334,911 14.27 October 31, 2016 7,315,588 13.96 26,345,788 13.98 1,357,053 13.98 November 30, 2016 7,227,697 13.91 26,313,327 13.92 1,481,473 13.93 December 31, 2016 7,180,970 14.00 26,589,064 14.02 2,580,064 14.02


WELLS FARGO TARGET 2020 CIT Suntal



3030



Cost Fair

value Assets:








3131






Realized and unrealized gain (loss) on investment transaction: Net realized loss on investments (3,300,625) Net change in unrealized appreciation (depreciation) of investments 41,188,795 Net gain on investment transactions 37,888,170 Net increase in net assets resulting from operations $ 37,413,136


3232



Net investment loss $ (475,034) Net realized loss on investment transactions (3,300,625) Net change in unrealized appreciation of investments 41,188,795



Net change (470,762) Class E3 proceeds from issuance of units (6,957,097 units) 100,895,055 Class E3 payments for withdrawals (1,851,151 units) (27,083,879)





3333


Shares Cost Fair


















Ratios:




3535



Short term investments $ 6,419,103 $ 27,223,999 $ 27,223,999 $ - Collective investment funds 254,134,889 147,556,661 144,256,036 (3,300,625)

Total investments $ 260,553,992 $ 174,780,660 $ 171,480,035 $ (3,300,625)



Sold or redeemed

3636



January 31, 2016 4,051,843 $ 13.64 32,346,632 $ 13.65 384,061 $ 13.65February 29, 2016 4,205,932 13.74 33,450,772 13.75 584,928 13.75March 31, 2016 4,240,280 14.35 33,803,195 14.37 589,107 14.37April 30, 2016 4,279,648 14.52 34,094,690 14.53 595,045 14.53May 31, 2016 4,274,497 14.53 34,378,778 14.54 597,956 14.54June 30, 2016 4,305,721 14.66 34,741,707 14.67 602,008 14.67July 31, 2016 4,330,069 15.03 35,131,609 15.05 647,499 15.05August 31, 2016 3,991,521 15.05 35,784,591 15.07 1,015,756 15.07September 30, 2016 4,030,120 15.14 36,055,360 15.16 1,178,278 15.16October 31, 2016 4,023,743 14.82 36,470,208 14.84 1,195,118 14.84November 30, 2016 3,998,379 14.88 36,776,667 14.90 1,202,969 14.90December 31, 2016 4,036,526 15.02 37,203,249 15.04 1,480,536 15.04


WELLS FARGO TARGET 2025 CIT Supental



3737



Cost Fair

value Assets:



Payable for investment securities purchased 3,438,631 Trustee expenses 79,252





3838








3939





Class E1 proceeds from issuance of units (1,087,617 units) 16,471,612 Class E1 payments for withdrawals (1,289,385 units) (19,334,678)






4040


Shares Cost Fair


















Ratios:




4242







Sold or redeemed

4343



January 31, 2016 9,688,668 $ 14.19 33,737,678 $ 14.20 202,103 $ 14.20 February 29, 2016 9,443,079 14.26 34,946,809 14.27 204,134 14.27 March 31, 2016 9,607,161 15.01 35,351,929 15.02 204,175 15.02 April 30, 2016 9,574,138 15.19 35,830,555 15.20 351,224 15.20 May 31, 2016 9,598,675 15.22 36,174,064 15.23 359,865 15.23 June 30, 2016 9,598,797 15.31 36,553,095 15.32 472,552 15.32 July 31, 2016 9,588,138 15.73 36,976,413 15.75 508,661 15.75 August 31, 2016 9,590,933 15.78 37,452,710 15.79 809,238 15.79 September 30, 2016 9,556,621 15.88 37,787,457 15.90 1,144,394 15.90 October 31, 2016 9,579,779 15.53 38,086,711 15.55 1,122,109 15.55 November 30, 2016 9,581,595 15.72 38,343,144 15.74 1,218,573 15.74 December 31, 2016 9,533,682 15.90 38,911,848 15.92 2,267,555 15.92


Supplemental Schedule of Monthly Values (Unaudited) Year ended December 31, 2016


4444



Cost Fair

value Assets:

Investments $ 693,380,480 $ 723,856,315 Fund shares sold 4,228,299 Receivable for investment securities sold 3,755,000 Accrued income 19,900


Payable for investment securities purchased 8,013,299 Trustee expenses 66,636





4545








4646






Net change 267,286 Class E3 proceeds from issuance of units (7,675,462 units) 122,023,338 Class E3 payments for withdrawals (2,197,156 units) (35,254,638)

Net change 86,768,700 Class F proceeds from issuance of units (932,769 units) 15,348,565 Class F payments for withdrawals (73,602 units) (1,199,498)




4747


Shares Cost Fair


















Ratios:




4949







Sold or redeemed

5050



January 31, 2016 2,758,235 $ 14.73 33,430,870 $ 14.74 287,444 $ 14.74February 29, 2016 2,966,161 14.78 34,619,150 14.79 372,036 14.79March 31, 2016 3,048,918 15.66 34,986,794 15.68 368,468 15.67April 30, 2016 3,049,418 15.87 35,478,850 15.89 377,267 15.88May 31, 2016 3,056,851 15.92 35,807,628 15.94 377,260 15.94June 30, 2016 3,063,832 15.99 36,159,419 16.00 375,032 16.00July 31, 2016 3,095,247 16.55 36,435,754 16.56 397,788 16.56August 31, 2016 2,749,646 16.61 37,020,518 16.63 752,953 16.63September 30, 2016 2,752,315 16.74 37,337,863 16.76 941,979 16.75October 31, 2016 2,766,039 16.35 37,750,900 16.36 955,376 16.36November 30, 2016 2,817,136 16.70 38,194,150 16.72 968,657 16.72December 31, 2016 2,802,151 16.93 38,738,889 16.96 1,145,817 16.96

WELLS FARGO TARGET 2035 CIT mental




5151



Cost Fair

value Assets:

Investments $ 657,441,581 $ 690,689,341 Fund shares sold 3,763,188 Receivable for investment securities sold 2,132,000 Accrued income 18,943







5252








5353











5454


Shares Cost Fair


















Ratios:




5656







Sold or redeemed

5757



January 31, 2016 6,226,144 $ 15.00 26,782,459 $ 15.01 199,012 $ 15.01February 29, 2016 5,993,984 15.02 27,841,887 15.03 198,078 15.03March 31, 2016 6,169,757 16.01 28,249,376 16.02 198,996 16.03April 30, 2016 6,162,969 16.25 28,593,760 16.26 364,253 16.27May 31, 2016 6,159,673 16.32 28,899,943 16.33 370,106 16.34June 30, 2016 6,142,160 16.34 29,248,522 16.35 468,076 16.36July 31, 2016 6,155,537 16.98 29,568,232 16.99 485,436 17.00August 31, 2016 6,137,615 17.06 30,073,729 17.07 681,744 17.08September 30, 2016 6,127,427 17.20 30,379,418 17.21 824,722 17.22October 31, 2016 6,127,916 16.78 30,717,804 16.79 836,145 16.81November 30, 2016 6,116,869 17.26 30,972,687 17.27 893,797 17.28December 31, 2016 6,125,807 17.54 31,487,659 17.55 1,740,129 17.57


WELLS FARGO TARGET 2040 CIT Suntal



5858



Cost Fair

value Assets:

Investments $ 446,729,657 $ 472,272,111 Fund shares sold 3,279,221 Receivable for investment securities sold 260,000 Accrued income 12,917





Outstanding Net Asset Value E1 $ 42,031,485 2,332,761 $ 18.02 E3 $ 418,793,366 23,222,784 $ 18.03 F $ 11,756,137 651,579 $ 18.04


5959








6060






Net change 3,617,355 Class E3 proceeds from issuance of units (5,838,914 units) 97,222,250 Class E3 payments for withdrawals (1,508,423 units) (25,503,250)

Net change 71,719,000 Class F proceeds from issuance of units (520,973 units) 8,943,165 Class F payments for withdrawals (90,650 units) (1,524,403)


Net assets: Beginning of year (2,076,962 Class E1 units, 18,892,293 Class E3 units, 221,256 Class F units) 346,145,952 End of year (2,332,761 Class E1 units, 23,222,784 Class E3 units, 651,579 Class F units) $ 472,580,988


6161


Shares Cost Fair


















Ratios:




6363







Sold or redeemed

6464



January 31, 2016 2,061,669 $ 15.33 19,065,022 $ 15.34 223,133 $ 15.34February 29, 2016 2,422,187 15.32 20,024,514 15.33 289,166 15.33March 31, 2016 2,467,256 16.37 20,352,677 16.38 284,082 16.39April 30, 2016 2,476,397 16.62 20,671,789 16.63 295,979 16.63May 31, 2016 2,495,006 16.70 20,962,524 16.71 270,806 16.72June 30, 2016 2,506,154 16.70 21,226,427 16.71 270,165 16.72July 31, 2016 2,506,880 17.41 21,476,969 17.42 275,091 17.42August 31, 2016 2,296,534 17.50 21,901,860 17.51 487,786 17.52September 30, 2016 2,311,730 17.64 22,191,935 17.66 577,237 17.66October 31, 2016 2,287,298 17.21 22,465,736 17.23 587,672 17.24November 30, 2016 2,306,151 17.72 22,733,998 17.73 602,766 17.74December 31, 2016 2,332,761 18.02 23,222,784 18.03 651,579 18.04


WELLS FARGO TARGET 2045 CIT Suppl



6565



Cost Fair

value Assets:






Outstanding Net Asset Value E1 $ 59,373,113 3,270,750 $ 18.15 E3 $ 246,805,952 13,580,748 $ 18.17 F $ 15,433,655 849,000 $ 18.18


6666






Realized and unrealized gain (loss) on investment transaction: Net realized loss on investments (923,375) Net change in unrealized appreciation (depreciation) of investments 29,991,414 Net gain on investment transactions 29,068,039 Net increase in net assets resulting from operations $ 28,835,431


6767



Net investment loss $ (232,608) Net realized loss on investment transactions (923,375) Net change in unrealized appreciation of investments 29,991,414






Net assets: Beginning of year (3,476,773 Class E1 units, 10,267,356 Class E3 units, 80,412 Class F units) 226,707,129 End of year (3,270,750 Class E1 units, 13,580,748 Class E3 units, 849,000 Class F units) $ 321,612,720


6868


Shares Cost Fair


















Ratios:




7070



Short term investments $ 4,872,619 $ 14,072,886 $ 14,072,886 $ - Collective investment funds 130,376,999 56,342,392 55,419,017 (923,375)

Total investments $ 135,249,618 $ 70,415,278 $ 69,491,903 $ (923,375)



Sold or redeemed

7171



January 31, 2016 3,478,661 $ 15.42 10,412,376 $ 15.43 81,887 $ 15.43February 29, 2016 3,061,174 15.42 11,056,935 15.43 83,860 15.43March 31, 2016 3,210,850 16.52 11,340,622 16.54 85,440 16.54April 30, 2016 3,225,777 16.76 11,574,105 16.78 139,636 16.78May 31, 2016 3,240,884 16.84 11,811,723 16.86 150,011 16.86June 30, 2016 3,236,060 16.87 12,024,190 16.88 220,504 16.89July 31, 2016 3,249,922 17.56 12,218,501 17.58 225,323 17.58August 31, 2016 3,255,936 17.65 12,534,672 17.67 369,500 17.68September 30, 2016 3,256,397 17.80 12,756,531 17.82 464,574 17.82October 31, 2016 3,252,839 17.37 12,956,869 17.39 470,676 17.39November 30, 2016 3,256,587 17.86 13,193,142 17.88 504,364 17.88December 31, 2016 3,270,750 18.15 13,580,748 18.17 849,000 18.18


WELLS FARGO TARGET 2050 CIT mntal



7272



Cost Fair

value Assets:








7373








7474






Net change 5,783,054 Class E3 proceeds from issuance of units (2,425,468 units) 32,710,658 Class E3 payments for withdrawals (504,783 units) (6,837,378)



Net assets: Beginning of year (480,478 Class E1 units, 2,982,869 Class E3 units, 32,265 Class F units) 45,689,389 End of year (944,885 Class E1 units, 4,903,554 Class E3 units, 394,474 Class F units) $ 90,416,142


7575


Shares Cost Fair



Global Index NI Series Fund Class A 565,896 $ 6,591,352 $ 6,453,476 WF/SSgA Global Equity Index CIT 7,714,441 74,504,689 80,353,617 ____________________________________ ____________________________________















Ratios:




7777



Short term investments $ 1,937,337 $ 3,770,386 $ 3,770,386 $ - Collective investment funds 52,385,284 13,813,547 13,935,218 121,671




Sold or redeemed

7878



January 31, 2016 503,072 $ 12.30 3,035,674 $ 12.30 32,428 $ 12.30February 29, 2016 808,320 12.29 3,329,538 12.29 49,056 12.30March 31, 2016 879,850 13.17 3,470,097 13.18 49,476 13.18April 30, 2016 911,803 13.36 3,624,711 13.37 52,893 13.38May 31, 2016 949,421 13.43 3,747,622 13.43 54,956 13.44June 30, 2016 973,332 13.45 3,851,315 13.45 56,925 13.46July 31, 2016 1,011,728 14.00 3,948,435 14.01 59,548 14.02August 31, 2016 831,299 14.08 4,160,394 14.08 271,847 14.09September 30, 2016 857,413 14.19 4,292,256 14.20 338,032 14.21October 31, 2016 880,569 13.85 4,472,876 13.85 352,544 13.87November 30, 2016 905,742 14.24 4,633,220 14.25 368,233 14.26December 31, 2016 944,885 14.47 4,903,554 14.48 394,474 14.50


WELLS FARGO TARGET 2055 CIT mental



7979



Cost Fair

value Assets:

Investments $ 7,657,234 $ 8,167,579 Fund shares sold 252,822 Accrued income 208


Payable for investment securities purchased 243,922 Fund shares repurchased 1,000 Trustee expenses 707



Outstanding Net Asset Value E1 $ 1,013,225 85,926 $ 11.79 E3 $ 6,662,053 592,232 $ 11.25 F $ 499,702 45,644 $ 10.95


8080



Dividend income $ 614 Interest income 278

Total income 892 Expenses:


Realized and unrealized gain on investment transactions: Net realized gain on investments 77,134 Net change in unrealized appreciation (depreciation) of investments 509,134 Net gain on investment transactions 586,268 Net increase in net assets resulting from operations $ 583,098


8181



Net investment loss $ (3,170) Net realized gain on investment transactions 77,134 Net change in unrealized appreciation of investments 509,134

Net increase in net assets resulting from operations 583,098 Participant unit transactions:(1)

Class E1 proceeds from issuance of units (105,798 units) 1,139,570 Class E1 payments for withdrawals (19,872 units) (220,660)

Net change 918,910 Class E3 proceeds from issuance of units (663,471 units) 6,973,439 Class E3 payments for withdrawals (96,867 units) (1,050,274)

Net change 5,923,165 Class F proceeds from issuance of units (47,131 units) 505,429 Class F payments for withdrawals (1,487 units) (15,814)

Net change 489,615 Change in net assets derived from unit transactions 7,331,690 Total increase in net assets 7,914,788

Net assets: Beginning of year (0 Class E1 units, 25,628 Class E3 units, 0 Class F units) 260,192 End of year (85,926 Class E1 units, 592,232 Class E3 units, 45,644 Class F units) $ 8,174,980

(1) Class E1 and Class F commenced operations on February 25, 2016 and June 29, 2016, respectively.


8282


Shares Cost Fair



Global Index NI Series Fund Class A 28,658 $ 334,982 $ 326,816 WF/SSgA Global Equity Index CIT 722,143 7,003,332 7,521,843 ____________________________________ ____________________________________


Short-Term Investments: 3.90% State Street Short Term Investment Fund 318,920 318,920 318,920 ____________________________________ ____________________________________

Total Short-Term Investments 318,920 318,920 ____________________________________ ____________________________________






Class E1(1) Class E3 Class F(1) Per share operating performance:


Income from investment operations: Net investment loss(2) (0.01) (0.01) (0.00) (3)

Net realized and unrealized gain on investments 1.80 1.11 0.95



Total return per unit(4) 11.78% 10.84% 9.50% Net assets, end of year $ 1,013,225 $ 6,662,053 $ 499,702

Ratios:

Ratio of expenses to average net assets(5) 0.14% (6) 0.10% 0.04% (6)

Ratio of net investment loss to average net assets (0.12)% (6) (0.08)% (0.02)% (6)

Portfolio Turnover Rate 43% 43% 43% (1) Class E1 and Class F commenced operations on February 25, 2016 and June 29, 2016, respectively. (2) Based on average number of units outstanding. (3) Amount is less than $ 0.005. (4) Not annualized for periods less than one year. (5) Expense ratios do not include expenses for the Underlying Funds. (6) Annualized.


8484



Short term investments $ 281,096 $ 288,876 $ 288,876 $ - Collective investment funds 8,925,771 1,517,113 1,594,247 77,134





Sold or redeemed

8585



January 31, 2016 $ 38,261 $ 9.53 $February 29, 2016 32,691 9.98 178,054 9.52March 31, 2016 45,204 10.69 198,867 10.19April 30, 2016 44,741 10.85 216,167 10.34May 31, 2016 49,356 10.90 240,395 10.40June 30, 2016 55,508 10.91 256,477 10.40 325 10.12July 31, 2016 60,182 11.38 289,176 10.85 498 10.56August 31, 2016 63,029 11.44 361,781 10.91 6,907 10.62September 30, 2016 65,920 11.53 398,324 11.00 12,992 10.71October 31, 2016 69,999 11.25 443,653 10.73 14,288 10.45November 30, 2016 80,742 11.59 492,218 11.06 18,168 10.76December 31, 2016 85,926 11.79 592,232 11.25 45,644 10.95

(1) Class E1 and Class F commenced operations on February 25, 2016 and June 29, 2016, respectively.

Class E3Class E1(1) Class F(1)

WELLS FARGO TARGET 2060 CIT pmeal



8686

WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS

Notes to Financial Statements

December 31, 2016

Wells Fargo Target Today CIT Wells Fargo Target 2035 CIT Wells Fargo Target 2010 CIT Wells Fargo Target 2040 CIT Wells Fargo Target 2015 CIT Wells Fargo Target 2045 CIT Wells Fargo Target 2020 CIT Wells Fargo Target 2050 CIT Wells Fargo Target 2025 CIT Wells Fargo Target 2055 CIT Wells Fargo Target 2030 CIT

Wells Fargo Target 2060 CIT

(1) Fund Descriptions

The Wells Fargo Bank Collective Investment Funds for Employee Benefit Trusts, identified above, (collectively the “Funds”, each a “Fund”) are established, operated, and maintained for the collective investment and reinvestment of monies contributed thereto by Wells Fargo Bank, N.A. (the Trustee and Manager) or an affiliate of the Trustee in its capacity as trustee, investment manager, or any other capacity authorized by law for retirement plans (the participants) qualified under Section 401(a) and tax-exempt under Section 501(a) of the Internal Revenue Code (IRC) of 1986, as amended. Each Target Date Fund seeks total return over time, consistent with its strategic target date allocation. Each Fund will pursue its objective through investment in a combination of underlying collective investment funds (each an “Underlying Fund”). Each Underlying Fund will utilize equity index strategies, fixed income index strategies, and short-term investment strategies.

(2) Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trustee in the preparation of the Funds’ financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America and the Wells Fargo Bank Declaration of Trust Establishing Investment Funds for Employee Benefit Trusts, as amended and restated effective September 30, 2016 (Trust Agreement). The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America (“GAAP”).

(a) Basis of Accounting

The accompanying financial statements have been presented on the accrual basis of accounting in accordance with GAAP.

(b) Fund Valuation

Valuation of the Funds’ units occurs daily. Unit values are determined by dividing the value of each Fund’s net assets by the total number of participants’ units outstanding on the valuation date.

(c) Valuation of Investments and Presentation

Investments held by the Funds consist of investments in underlying investment companies, which are fair valued at their respective daily net asset values.

8787



December 31, 2016

(d) Investment Transactions and Related Investment Income

Investment transactions are accounted for on the trade date. The cost of investments sold is computed on an average cost basis. Dividend income is recorded on the ex-dividend date.

(e) Distributions

The Funds do not distribute their investment income to participants, but rather reinvest their investment income back into their respective funds.

(f) Purchases and Redemptions of Units

Participants' purchases and redemptions of units from each Fund are based on unit values as of the valuation date. Purchase and redemptions of units may occur on a daily basis.

(g) Participants' Net Assets

Participants have a proportionate, undivided interest in the Funds' net assets.

(h) Income Taxes

The Funds maintain tax-exempt status by operating as a collective trust fund regulated by the Office of the Comptroller of the Currency, and as such no provision for income taxes is required. It is intended that the Funds be exempt from taxation under Section 501(a) of the Code and qualify as a “group trust” under Revenue Ruling 81-100 and other applicable Internal Revenue Service rules and regulations. The Funds follow accounting policies under ASC 740, Income Taxes, regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. Management has analyzed the Funds’ tax positions taken in all potential open tax years and has concluded that as of December 31, 2016, there are no positions which would call into question the Funds’ tax-exempt status. As such, the Funds do not have an accrual for uncertain tax positions. The Funds’ federal and state fiduciary and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired (open tax years: December 31, 2013; December 31, 2014; December 31, 2015; and December 31, 2016) are subject to examination by the Internal Revenue Service and state jurisdictions. As of and during the period ended December 31, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

(i) Expenses

In accordance with the Trust Agreement, the Trustee may charge the Funds for custody, accounting, audit fees and certain other expenses incurred. The Trust Investment Committee (the “Committee”) of Wells Fargo Bank, N.A. reviews and determines the annual accounting fee charged to each Fund. The Committee also determines any expense cap with respect to fees charged to each Fund. Please refer to the Fund Disclosure Document for specific fund expense rates and any expense caps that may be in effect.

8888



December 31, 2016

The Funds may also incur indirect expenses (through their investment in Underlying Funds) for administration, audit, custodial and related services provided to the Underlying Funds. Indirect expenses from the Underlying Funds are netted against dividend income and included within investment income. The Trustee has agreed to bear all operating expenses in excess of a certain percent of the Funds' respective net assets ("net operating expense cap"). A Fund's investment management fee is not included in the operating expenses to which the net operating expense cap applies. The effects of this expense arrangement have been reflected in the Statements of Operations and Statements of Selected Per Unit Data.

(j) Target my RetirementSM Program Fees

The Target My RetirementSM program is a managed retirement solution that provides participants with professional investment advice, based on a personalized investment strategy. Wells Fargo has retained Morningstar Associates, LLC, as an independent financial expert to provide investment advice for the Target My RetirementSM program. Morningstar receives 0.065% for their investment advice and Wells Fargo receives 0.25% as program manager based on annualized net assets in the program. Expenses were charged to participant accounts adopting the program. Fees are accrued on a daily basis and TR unit values are net of program fees and expenses.

(k) Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

(l) Cash Overdrafts

The Funds may have overnight cash overdrafts. Cash overdrafts are funded by the Trustee and settled the next morning. No cash overdraft fees were assessed to the Funds for the year ended December 31, 2016.

(m) Regulatory Requirements

The Funds are collective investment funds authorized under the Office of the Comptroller of the Currency’s Regulation 9.18 (a)(2).

(n) Related Party Transactions

From time to time, the Funds may purchase securitizations originated by affiliates on the secondary market from unaffiliated broker/dealers in arm’s length transactions. The Funds may invest in other funds maintained by the Trustee, if provided for in the Funds’ Trust Agreement. The sub-advisors to the Funds may also invest in funds (“Underlying Funds”) which are affiliates of the sub-advisor. Affiliated sub-advisors to the Funds do not charge management fees to the Underlying Funds. The Underlying Funds will incur operating expenses, including fund accounting, audit, and other

8989



December 31, 2016

administrative expenses. These Underlying Fund expenses will be in addition to the fees and expenses charged by Wells Fargo to the Funds.

(o) Credit Risk and Uncertainties

Investment securities in which the Funds invest are subject to various risks, such as market, credit, and interest rate risks. Due to the level of risk associated with such securities, it is at least reasonably possible that changes in the near term could materially affect participants’ unit values and the amounts reported in the statements of assets and liabilities.

(p) Fair Value Hierarchy

The Funds are subject to the provisions of ASC 820-10, Fair Value Measurements ("ASC 820-10"), which among other things, establishes a framework for measuring fair value and requires enhanced disclosures about investments that are measured and reported at fair value. In accordance with ASC 820-10, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment.

ASC 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions in determining the fair value of investments).

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. Valuations of the Funds' Investments in other collective funds (the “Underlying Funds”) are determined as follows:

9090



December 31, 2016

The unit value of an Underlying Fund is calculated by dividing such fund's net asset value on the calculation date by the number of units of such fund that are outstanding on the calculation date. The Fund has the ability to redeem its investment in the Underlying Fund at net asset value per unit at the valuation date. Accordingly, investments in Underlying Funds are classified as Level 2. The details of each Underlying Fund's investments into major categories are available upon request to the Plan Sponsor’s Relationship Manager. The following table presents the values of the financial instruments carried on the statement of assets and liabilities by caption and by level within the valuation hierarchy as of December 31, 2016. The breakdown of the Fund's investments into major categories is disclosed in its respective Schedule of Investments. Fair value measurements at reporting date using Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs

Investments in securities (Level 1) (Level 2) (Level 3) Total Wells Fargo Target Today CIT:

Value of investment securities: Collective Investment Funds $ − $ 26,763,315 $ − $ 26,763,315 Short Term Investment − 1,120,329 − 1,120,329

Total $ − $ 27,883,644 $ − $ 27,883,644 Wells Fargo Target 2010 CIT:




Total $ − $ 155,466,019 $ − $ 155,466,019

Wells Fargo Target 2020 CIT:


Total $ − $ 509,532,699 $ − $ 509,532,699

9191



December 31, 2016

Wells Fargo Target 2025 CIT: Value of investment securities:

Collective Investment Funds $ − $ 616,780,166 $ − $ 616,780,166 Short Term Investment − 25,584,045 − 25,584,045







Total $ − $ 690,689,341 $ − $ 690,689,341

Wells Fargo Target 2045 CIT: Value of investment securities:

Collective Investment Funds $ − $ 453,712,917 $ − $ 453,712,917 Short Term Investment − 18,559,194 − 18,559,194 Total $ − $ 472,272,111 $ − $ 472,272,111

Wells Fargo Target 2050 CIT:

Value of investment securities: Collective Investment Funds $ − $ 308,780,031 $ − $ 308,780,031 Short Term Investment − 12,775,240 − 12,775,240 Total $ − $ 321,555,271 $ − $ 321,555,271Wells Fargo Target 2055 CIT:

Value of investment securities: Collective Investment Funds $ − $ 86,807,093 $ − $ 86,807,093 Short Term Investment − 3,569,089 − $ 3,569,089

Total $ − $ 90,376,182 $ − $ 90,376,182Wells Fargo Target 2060 CIT:

Value of investment securities: Collective Investment Funds $ − $ 7,848,659 $ − $ 7,848,659 Short Term Investment − 318,920 − 318,920

Total $ − $ 8,167,579 $ − $ 8,167,579

9292



December 31, 2016

(4) Class Allocations

The Funds may issue multiple classes of units. As part of Wells Fargo’s Target My Retirement investment advisory program, Class TR units are subject to investment advisory fees in accordance with the Target My Target My Retirementsm program (see Note 2j). Funds offering N or E series of unit classes are subject to charges for payment of compensation to the Trustee at annual rates of 0.00% to 0.09% for trustee fees and 0.00% to 0.40% for plan administrative expenses based on the value of such fund assets. Funds offering F class units do not incur any trustee fees but may incur investment advisory fees. F units are available only in situations where Wells Fargo exercises discretion over investments or where units are offered under an investment advisory arrangement. Further details on each Fund’s component expenses are outlined in each Fund’s Disclosure available at www.wellsfargofunds.com key word collectives.

(5) Ownership Concentration (Unaudited)

At December 31, 2016, the following Funds have unitholders that were not related parties that held units in excess of 10% of the outstanding units in various classes of the Funds. Investment activities, including redemptions, of such unitholders could have a material impact on the operations of the Fund or expense impact on the class.

Number of unitholders with ownership in

Fund Market Value excess of 10% Aggregated % Target 2010 CIT $ $51,714,980 2 78% Target 2015 CIT $ $157,814,336 1 84% Target 2020 CIT $ $513,668,779 2 84% Target 2025 CIT $ $636,981,245 1 87% Target 2030 CIT $ $800,970,018 2 88% Target 2035 CIT $ $717,196,229 1 91% Target 2040 CIT $ $685,719,385 1 80% Target 2045 CIT $ $468,464,745 1 89% Target 2050 CIT $ $318,723,284 1 77% Target 2055 CIT $ $89,712,769 1 78% Target 2060 CIT $ $8,385,728 2 94% Target Today CIT $ $26,639,436 2 74%

(6) Annual Report Change

Due to report size and the introduction of the new Wells Fargo/State Street Global Bond Index CIT which are utilized by the Wells Fargo Target Date series of CIT’s, the financials for these two index funds are being reported separately and no longer included in the Target Date series of annual reports. Please refer to the separate annual reports for the global index funds used in the Target Date fund series for additional information.

9393



December 31, 2016

(7) Subsequent Events

The Trustee has evaluated the possibility of subsequent events impacting the Funds' financial statements. The Trustee has determined that there are no subsequent events that need to be disclosed in the Funds' financial statements through April 18, 2017, the date the financial statements were available to be issued.

9494

Regulatory statement (Unaudited) ______________________________________________________________________________

Wells Fargo Bank, N.A. Participation requirements. Participation in each Fund is available to employee benefit accounts which meet the following conditions: The participating account is part of a plan and related trust qualified under Section

401(a) of the Internal Revenue Code (IRC), and which is exempt from tax under IRC Section 501 (a) or is part of a governmental plan as defined by IRC Section 818(a)(6), or a separate account maintained by a life insurance company consisting exclusively of the assets of plans described above.

The participating plan or trust instrument of qualified plans adopts documents establishing Wells Fargo Bank’s collective investment funds.

Wells Fargo Bank, N.A. serves in a fiduciary capacity with respect to a participating account.

Filing of Annual Report with Department of Labor

A plan administrator receiving this Annual Report may be eligible for a simplified reporting procedure described In Department of Labor Regulations §2520.103-3 for a plan year ending on or after the end of a Fund's fiscal year. The fiscal year end for each Fund is December 31. To such eligible plan administrators, Wells Fargo Bank, N.A. as Trustee for the Funds certifies that the statements of assets and liabilities included in the Annual Report were filed with the Department of Labor on or before the date upon which the annual report of such plans is required to be filed by the plan administrators in accordance with Department of Labor Regulation §2520.103-9. The "Employer Identification Number" of each Fund is as follows:

Target Date Series EIN Wells Fargo Target Today CIT 27-6745185 Wells Fargo Target 2010 CIT 27-6745191 Wells Fargo Target 2015 CIT 27-6745203 Wells Fargo Target 2020 CIT 27-6745217 Wells Fargo Target 2025 CIT 27-6745238 Wells Fargo Target 2030 CIT 27-6745249 Wells Fargo Target 2035 CIT 27-6745261 Wells Fargo Target 2040 CIT 27-6745274 Wells Fargo Target 2045 CIT 27-6745287 Wells Fargo Target 2050 CIT 27-6745297 Wells Fargo Target 2055 CIT 45-7008802 Wells Fargo Target 2060 CIT 47-6668828

95

Regulatory statement (Unaudited) ______________________________________________________________________________

Regulatory requirement

Collective funds are authorized under the Comptroller of the Currency's Regulation 9.18(a)(2) and are subject to other pertinent provisions of Regulation 9 as promulgated by the Comptroller of the Currency. In compliance with this Regulation, the Trustee will provide detail of Investment transactions upon request and without charge.

96

Documents

Wells Fargo Bank, N.A. Collective Investment Funds