Edgar Filing: WELLS FARGO & COMPANY/MN

Document

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________

FORM 11-K

ANNUAL REPORT

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

[X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the Fiscal Year Ended December 31, 2016

[ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from ___________ to ____________.

Commission file number 001-02979

_______________________________________


A.	Full title of the plan and the address of the plan, if different from that of the issuer

named below:

Wells Fargo & Company 401(k) Plan

c/o Wells Fargo & Company

Sixth and Marquette

Minneapolis, MN 55479


B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Wells Fargo & Company

420 Montgomery Street

San Francisco, CA 94163


(a)	The following financial statements and reports, which have been prepared pursuant to the requirements of the Employee Retirement Income Security Act of 1974, are filed as part of this Annual Report on Form 11-K:

Report of Independent Registered Public Accounting Firm

Financial Statements:

Statements of Net Assets Available for Benefits as of December 31, 2016 and 2015

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2016 and 2015

Notes to Financial Statements

Supplemental Schedules:

Schedule G, Part III - Schedule of Nonexempt Transactions for the year ended December 31, 2016

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2016

Schedule H, Line 4j - Schedule of Reportable Transactions for the year ended December 31, 2016


(b)	The following Exhibit is filed as part of this Annual Report on Form 11-K:

(23) Consent of Independent Registered Public Accounting Firm.

WELLS FARGO & COMPANY 401(k) PLAN

Financial Statements and Supplemental Schedules

December 31, 2016 and 2015

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

The Audit and Examination Committee

Wells Fargo & Company 401(k) Plan:

We have audited the accompanying statements of net assets available for benefits of the Wells Fargo & Company 401(k) Plan (the Plan) as of December 31, 2016 and 2015, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

The supplemental information in the accompanying schedules, Schedule G, Part III – Schedule of Nonexempt Transactions for the year ended December 31, 2016, Schedule H, line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2016, and Schedule H, line 4j – Schedule of Reportable Transactions for the year ended December 31, 2016 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedules, is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ KPMG LLP

San Francisco, California

June 15, 2017



WELLS FARGO & COMPANY 401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 2016 and 2015
						2016			2015
Assets:
	Investments at fair value (notes 3, 4, and 5):
		Wells Fargo ESOP Fund (note 3):
			Company common stock:
				Allocated		$	8,971,697,535		9,635,224,383
				Unallocated		606			652
			Company convertible preferred stock – unallocated			1,712,154,012			1,726,518,654
			Short-term investments:
				Allocated		113,638,960			123,731,845
				Unallocated		24,579,582			—
						10,822,070,695			11,485,475,534
		Wells Fargo Non-ESOP Fund (note 3):
			Company common stock			921,630,211			1,036,154,112
			Short-term investments			14,831,296			20,894,276
						936,461,507			1,057,048,388
		Multi-manager funds:
			Collective investment funds			4,962,919,797			4,018,560,763
			Mutual funds			2,977,525,544			2,556,699,844
						7,940,445,341			6,575,260,607
		Collective investment funds				13,670,572,507			8,164,050,188
		Mutual funds				501,546,607			4,538,646,243
		Wells Fargo Stable Value Fund
			Collective investment funds			554,368,647			387,133,591
					Investments at fair value	34,425,465,304			32,207,614,551
	Investments at contract value
		Wells Fargo Stable Value Fund
			Security-backed contracts			3,966,813,473			3,558,529,738
					Total investments	38,392,278,777			35,766,144,289
	Notes receivable from participants					1,020,030,226			1,002,475,790
	Employer match contribution receivable					208,122,591			194,996,148
	Employer profit sharing contribution receivable					184,689,887			183,699,566
	Other assets					—			1,035,846
	Accrued income					207,910			26,266
					Total assets	39,805,329,391			37,148,377,905
Liabilities:
	ESOP notes payable – unallocated (notes 4 and 13)					(1,565,132,061		)	(1,362,056,255	)
	Excess contributions and earnings payable (notes 2(m) and 15)					(78,250		)	(140,641	)
	Other liability (note 10)					(30,000		)	(30,000	)
					Total liabilities	(1,565,240,311		)	(1,362,226,896	)
					Net assets available for benefits	$	38,240,089,080		35,786,151,009


See accompanying notes to financial statements.



WELLS FARGO & COMPANY 401(k) PLAN
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2016 and 2015
				2016			2015
Investment income:
	Net appreciation (depreciation) in fair value of investments			$	1,464,456,517		(642,420,002	)
	Dividends, net of pass-through dividends of $48,723,091
		and $49,890,833, respectively		675,793,182			722,004,252
	Interest			81,089,935			74,270,464
			Total investment income	2,221,339,634			153,854,714
Contributions:
	Employer			1,133,518,391			1,138,469,549
	Participants, net of excess contributions of $71,039 and
		$144,495, respectively		1,612,939,642			1,561,872,121
			Total contributions	2,746,458,033			2,700,341,670
Interest income from notes receivable from participants				52,704,801			52,739,619
Other income (note 9)				3,057			1,079,061
			Total additions to plan assets	5,020,505,525			2,908,015,064
Benefits paid to participants				(2,529,611,559		)	(2,324,539,034	)
ESOP interest expense				(36,955,895		)	(32,283,727	)
			Total deductions to plan assets	(2,566,567,454		)	(2,356,822,761	)
			Net increase	2,453,938,071			551,192,303
Net assets available for benefits:
	Beginning of year			35,786,151,009			35,234,958,706
	End of year			$	38,240,089,080		35,786,151,009


See accompanying notes to financial statements.

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(1) Description of Plan

The following description of the Wells Fargo & Company 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan document, as amended, for a more complete description of the Plan’s provisions.

(a) General

The Plan is a defined contribution plan with a 401(k) feature sponsored by Wells Fargo & Company (the “Company”, "Wells Fargo" or “Plan Sponsor”). A portion of the Plan invested in Company stock is an Employee Stock Ownership Plan (ESOP). All subsidiaries of the Company with U.S.-based employees are participating employers in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and the Internal Revenue Code (IRC), as amended. Employees, who satisfy the Plan’s eligibility requirements, become eligible to make salary deferral contributions (before‑tax, Roth, or a combination of both) on the first day of the month following one calendar month of service and are eligible to receive employer matching contributions on the first day of the quarter following the completion of one year of vesting service, subject to other eligibility requirements. Employees are also eligible to receive employer discretionary profit sharing contributions, if awarded by the Company, after completion of one year of vesting service and satisfaction of other eligibility requirements.

The Plan is a safe harbor 401(k) plan under the IRC. As a result, the matching contributions made to the Plan are considered safe harbor matching contributions, and the contributions will automatically satisfy the nondiscrimination testing requirements under IRC section 401(m). In addition, the salary deferral contributions for participants who have at least one year of service will also automatically satisfy the nondiscrimination testing requirements under IRC Section 401(k).

The Plan is administered by the Plan Administrator. The Plan document requires that Company common stock be offered as an available investment option to participants (through the Wells Fargo ESOP Fund and the Wells Fargo Non‑ESOP Fund). The Employee Benefit Review Committee (the “Committee”) has discretion under the Plan to offer additional investment alternatives to participants. Under the terms of a trust agreement between the Company, Wells Fargo Bank, N.A. (the “Trustee”), which is a wholly owned subsidiary of the Company, and the Plan, the Trustee manages the Plan's assets in one or more funds (“Trust”) on behalf of the Plan. Prior to January 1, 2016, the Trustee managed a master trust fund that consisted solely of the Plan’s assets in 2015. GreatBanc Trust Company has been appointed the Independent Fiduciary (the “Independent Fiduciary”) to act as a named fiduciary by the Company for limited purposes in connection with the ESOP provisions of the Plan.

Effective January 1, 2016, the Plan was amended and restated to, in general: (i) update the year to which the reinstatement relates; (ii) insert new or remove old historical references; and (iii) clarify and update various Plan provisions.

Effective January 1, 2015, the Plan was amended and restated to, in general: (i) incorporate all previous separate amendments; (ii) to clarify and update various Plan provisions; (iii) delete provision referring to employer discretionary share award contributions as these types of contributions are no longer made

4(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

to the Plan; and (iv) delete references to special transition rules that took effect on September 1, 2013 for distributions and withdrawals from certain accounts.

A Plan amendment was signed on December 19, 2014, in general, to: (i) amend the Plan document effective June 26, 2013 to comply with regulatory guidance issued as a result of litigation related to the Defense of Marriage Act; (ii) amend the Plan effective April 16, 2014 to add and correct information related to acquired plans; (iii) amend the Plan effective June 25, 2014 to clarify the Committee’s authority related to investment fund options offered within the Plan; (iv) replace Exhibit I regarding Domestic Relations Orders effective January 1, 2015; and (v) modify certain rollover provisions related to Roth contributions effective January 1, 2015.

(b) Contributions and Vesting

Each year, eligible participants may make salary deferral contributions, subject to certain limitations, from 1% to 50% of their certified compensation, as defined in the Plan. These contributions are matched by the Company in an amount equal to 100% of up to 6% of participants’ annual certified compensation. Participants age 50 or older can make before-tax catch‑up, or Roth catch‑up (or a combination of both) salary deferral contributions each year in accordance with limits set by the Internal Revenue Service (IRS). Catch-up contributions are generally not eligible for employer matching contributions. Participants are fully vested in their salary deferral contributions. The employer matching contributions are automatically invested in the Company’s common stock, and participants can reallocate their Plan account balance, including employer matching contributions, at any time. All actively employed participants in the Plan are fully vested in their employer matching contributions.

The Company may make a discretionary profit sharing contribution to the Plan for a year, which is allocated to eligible participants’ Plan accounts. If such a contribution is to be made for a particular year, the Company will determine the percentage of certified compensation for the year to be contributed for each eligible participant (not to exceed 4% of annual certified compensation). The contribution is invested in the Wells Fargo ESOP Fund or the Wells Fargo Non-ESOP Fund, which are both primarily invested in the Company’s common stock, and becomes 100% vested after three years of service. Participants can transfer out of the Wells Fargo ESOP Fund or the Wells Fargo Non-ESOP Fund into any other investment funds under the 401(k) Plan at any time. For the years ended December 31, 2016 and 2015, the Company made a 1% discretionary contribution totaling $184,689,887 and $183,699,566, respectively.

Plan participants may also elect to rollover distributions from a former employer’s qualified retirement plan or a qualified Individual Retirement Account to the Plan.

Each participant’s Plan account is credited with the participant’s salary deferral contributions; the Company’s matching contributions, and any discretionary profit sharing contributions, which are subject to investment gains and losses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested Plan account.

5(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(d) ESOP Plan Notes

As an ESOP, the Plan may borrow money from the Company or directly from outside lenders for the purpose of purchasing the Company’s common or preferred stock. The Plan may also purchase the Company’s common stock from entities other than the Company. During 2016 and 2015, the Plan borrowed money from the Company to buy Company preferred stock (note 13).

(e) Payment of Benefits and Forfeitures

Upon termination of employment, a participant may elect to receive his or her vested Plan account balance as a lump sum or as a partial lump sum distribution. The option of installment payments was only available to participants who commenced installment payments prior to January 1, 2010. Certain participants with grandfathered benefits from plans merged into the Plan may also take their benefit as an annuity. Distributions from all funds are made in cash; however, a participant invested in the Company’s common stock may elect to receive shares of the Company’s common stock in-kind with the value of fractional shares paid in cash. If the participant’s balance is less than $1,000, a distribution is made as a lump sum upon termination, unless the participant elects to rollover their account balance or takes the portion of their account invested in the Company’s common stock in-kind.

While employed, a participant may make withdrawals from his or her Plan account (as allowed under IRS regulations) subject to certain restrictions, as described in the Plan. Certain restrictions associated with withdrawals may be waived in the event a participant demonstrates financial hardship. A participant invested in the Company’s common stock may request that the portion of their withdrawal invested in the Company’s common stock be disbursed in-kind with the value of fractional shares paid in cash.

When a participant terminates employment, he or she is entitled to distribution of his or her total vested account balance. The nonvested portion is forfeited and serves to reduce future employer contributions. Forfeitures used to offset employer contributions were approximately $3,521,000 and $2,389,000 for the years ended December 31, 2016 and 2015, respectively. The unallocated forfeiture account balance was approximately $0 for both years ended December 31, 2016 and 2015.

(f) Notes Receivable from Participants

Two types of participant loans are available under the Plan: general purpose and principal residence. General purpose loans may be obtained for periods of up to five years. Principal residence loans are available only to finance the purchase or construction of the participant’s principal residence, and may not exceed 20 years. Participants may have three loans outstanding at any time with one of those loans being a principal residence loan. The maximum amount of any loan, when added to the balance outstanding on all other loans to the participant, may not exceed the lesser of (1) $50,000, less the participant’s outstanding loan balance from all defined contribution plans sponsored by the Company during the preceding 12 months, or (2) 50% of the participant’s total vested account balance in the Plan. The minimum principal amount for any loan is $500. The loan interest rate is a reasonable rate determined by the Plan Administrator. Repayments on loans are generally made through biweekly payroll deductions and are immediately allocated back to the appropriate funds based on the participant’s investment elections. Loans may be repaid in full at any time. As of December 31, 2016, interest rates ranged from 3.25% to 11.50% and loans mature through December 5, 2036.

6(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Upon termination of employment or death, loans must be repaid by the last business day of the calendar quarter following the calendar quarter in which termination or death occurred, or a taxable distribution will be declared.

(g) ESOP

The Plan purchases Company preferred stock using the proceeds of the ESOP loans. As the Plan makes payments of principal on the loans, an appropriate percentage of preferred shares are released and converted to common stock. Common stock equal in value to the employer’s matching contribution is allocated to the participants’ accounts and invested in the Wells Fargo ESOP Fund (note 3).

Participants in the Plan may elect to have cash dividends from Company common stock that is held in their account in the Wells Fargo ESOP Fund to be either reinvested in the Wells Fargo ESOP Fund or distributed to them in cash. Dividends on employer contribution accounts that are reinvested are used to make payments on the loans and an appropriate percentage of preferred shares are released and converted to common stock. Common stock equal in value to the dividends are then allocated to the participant’s employer contribution accounts and reinvested in the Wells Fargo ESOP Fund.

Certain participants in the Plan are not eligible to invest in the Wells Fargo ESOP Fund, and employer contributions for these participants are automatically invested in the Company common stock in the Wells Fargo Non-ESOP Fund. Dividends on common stock held in the Wells Fargo Non-ESOP Fund are reinvested in the Wells Fargo Non-ESOP Fund.

(h) Investment Options

Participants may direct the investment of their salary deferral contributions to the Plan in one or more of 27 investment funds (note 2(b)) in multiples of 1% of each contribution. If a participant does not choose an investment fund, the contributions are invested in the age appropriate Wells Fargo State Street Target Date Fund™. Participants may change their deferral percentage or investment direction at any time.

Employer contributions are automatically invested in Company common stock. Shares of Company common stock contributed by the Company may either be authorized, but previously unissued shares, or shares held by the Company as Treasury shares. Participants have the ability to divest out of the Wells Fargo ESOP Fund or the Wells Fargo Non-ESOP Fund at any time and reinvest in any of the other investment funds.

7(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(2) Summary of Significant Accounting Policies

(a) Basis of Presentation

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles.

(b) Investment Funds

As of December 31, 2016, the Trust is comprised of the following 28 investment funds:



Wells Fargo 100% Treasury Money Market Fund			Global Bond Fund
Wells Fargo Stable Value Fund			U.S. Bond Index Fund
Wells Fargo State Street Target Today Fund			Large Cap Value Fund
Wells Fargo State Street Target 2010 Fund			S&P 500 Index Fund
Wells Fargo State Street Target 2015 Fund			Large Cap Growth Fund
Wells Fargo State Street Target 2020 Fund			S&P Mid Cap Index Fund
Wells Fargo State Street Target 2025 Fund			Russell Small Cap Index Fund
Wells Fargo State Street Target 2030 Fund			Small Cap Fund
Wells Fargo State Street Target 2035 Fund			International Index Fund
Wells Fargo State Street Target 2040 Fund			International Equity Fund
Wells Fargo State Street Target 2045 Fund			Emerging Markets Equity Fund
Wells Fargo State Street Target 2050 Fund			NASDAQ 100 Index Fund
Wells Fargo State Street Target 2055 Fund			Wells Fargo ESOP Fund
Wells Fargo State Street Target 2060 Fund			Wells Fargo Non-ESOP Fund

Under the terms of the Trust agreement, the Trustee maintains custody of the 28 funds on behalf of the Plan.

All costs and expenses of administering the Plan and Trust are paid by the Company, except for certain investment management fees, which are netted against investment returns.

(d) Fair Value Definition and Hierarchy

Investments are reported at fair value. The Plan bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Their value measurements are based on exit prices and determined by maximizing the use of observable inputs. However, for certain investments the Plan may utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in measuring fair value.

8(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Assets and liabilities measured at fair value are grouped in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

•Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets.


•	Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑based valuation techniques, for which all significant assumptions are observable in the market.


•	Level 3 – Valuation is generated from model‑based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, the Plan considers all available information, including observable market data, indications of market liquidity and orderliness, and its understanding of the valuation techniques and significant inputs used. Based upon the specific facts and circumstances of each instrument or instrument category, judgments are made regarding the significance of the Level 3 inputs to the instruments’ fair value measurement to its entirely. If Level 3 inputs are considered significant, the instrument is classified as Level 3. See note 5 for discussion on fair value measurements.

(e) Investments Valuation and Income Recognition

Securities transactions are recorded on the trade‑date basis. Interest income is recorded on the accrual basis. Dividends are allocated based upon participant account holdings on the record date and are recorded in the Trust on the dividend payment date. Net appreciation or (depreciation) includes gains and or losses on investments bought and sold as well as held during the year.

As of December 31, 2016 and 2015, the Plan owned approximately 3.27% and 3.58%, respectively, of the issued common stock of the Company. While the carrying value of these shares is based on the quoted market price, the sale of all such shares, if executed, would of necessity be accomplished over a period of time and may result in a price greater or less than the carrying value. Additionally, the Plan owned 1,439,181 shares and 1,418,917 shares of convertible preferred stock of the Company with a fair value of approximately $1,712 million and $1,726 million as of December 31, 2016 and 2015, respectively. These shares are convertible into additional shares of the Company’s common stock based on the fair value of the common stock as of the date of conversion.

On January 7, 2016, the Plan purchased 1,150,000 shares of 2016 ESOP cumulative convertible preferred stock from the Company for $1,249 million and issued a note payable to the Company. The shares have a stated value of $1,000 per share and a fair market value of $1,086 per share as of purchase date, with

9(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

cumulative dividends payable quarterly at an initial annual rate of 9.30%. The note bears interest at 1.70% and is due December 31, 2025.

On March 26, 2015, the Plan purchased 826,598 shares of 2015 ESOP cumulative convertible preferred stock from the Company for $900 million and issued a note payable to the Company. The shares have a stated value of $1,000 per share and a fair market value of $1,089 per share as of purchase date with cumulative dividends payable quarterly at an initial annual rate of 8.90%. The note bears interest at 1.48% and is due December 31, 2024.

(f) Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan and Plan loan rules, as determined by the Plan Administrator.

(g) Security‑Backed Contracts

(i) Description

The Wells Fargo Stable Value Fund (the “Stable Value Fund”) primarily invests in security-backed contracts issued by insurance companies and other financial institutions. The Stable Value Fund also invests in Wells Fargo Stable Return Fund G, which has an investment objective similar to that of the Stable Value Fund, and Wells Fargo/BlackRock Short Term Investment Fund S, which invests in highly liquid assets. The Stable Value Fund uses these investments for daily liquidity needs.

A security-backed contract is an investment contract (also known as a synthetic guaranteed investment contract (GIC) or a separate account GIC) issued by an insurance company or other financial institution, backed by a portfolio of bonds. The bond portfolio is either owned directly by the Stable Value Fund or owned by the contract issuer and segregated in a separate account for the benefit of the Stable Value Fund. The portfolio underlying the contract is maintained separately from the contract issuer’s general assets, usually by a third-party custodian. The issuer guarantees that all qualified participant withdrawals will be at contract value. In the case of a full liquidation event, the issuer is responsible for covering any amount by which the contract value exceeds the fair value of the underlying portfolio. No payments related to the security backed contracts were made by the issuers during the years ended December 31, 2016 and 2015.

Risks arise when entering into any investment contract due to the potential inability of the issuer to meet the terms of the contract. In addition, security-backed contracts have the risk of default or the lack of liquidity of the underlying portfolio assets. The credit risk of each issuer is evaluated and monitored through the Plan’s investment advisor credit analysis. The credit analysis includes, but is not limited to, asset quality and liquidity, management quality, surplus adequacy, and profitability. The Plan requires that the issuers of each investment contract have at least an "A-" rating as of the contract effective date, and that all underlying portfolio assets be rated investment grade at the time of purchase.

10(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(ii) Valuation of Investments

Security‑backed contracts are carried at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants when they initiate permitted transactions under the terms of the Plan. The contract rate resets periodically, normally each quarter or semi-annually, using end‑of‑period data. The interest rate disclosed on the supplemental schedule of assets (held at end of year) represents the rate in effect on December 31, 2016. The underlying portfolio assets, the adjustments to contract value, and the accrued interest receivable are shown by contract on the supplemental schedule of assets (held at end of year). The collective investment fund and short‑term investment fund investments are carried at the reported unit value of each fund. The underlying assets may contain issues that are considered illiquid.

(iii) Withdrawal and Termination Provisions

All security-backed contracts held by the Stable Value Fund are fully benefit responsive, which means withdrawals from these investment contracts may be made at contract value for qualifying benefit payments, including participant‑directed transfers.

Security-backed contracts generally are evergreen contracts that contain termination provisions, allowing the Stable Value Fund or the contract issuer to terminate with notice, at any time at fair value, and providing for automatic termination of the contract if the contract value or the fair value of the underlying portfolio equals zero. The issuer is obligated to pay the excess contract value when the fair value of the underlying portfolio equals zero. Security-backed contracts are not assignable or transferable without consent of the issuer and have no publicly traded secondary market.

Security-backed contracts that permit the issuer to terminate at fair value generally provide that the Stable Value Fund may elect to convert such termination to an amortization election as described below. In addition, if the Stable Value Fund defaults in its obligations under the contract (including the issuer’s determination that the agreement constitutes a nonexempt prohibited transaction as defined under ERISA), and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Stable Value Fund will receive the fair value as of the date of termination. Each contract recognizes certain “events of default” which can invalidate contracts’ coverage. Among these are investments outside of the range of investments which are permitted under the investment guidelines contained in the investment contract, fraudulent or other material misrepresentations made to the investment contract provider, changes of control of the investment adviser not approved by the contract issuer, changes in certain key regulatory requirements, or failure of the Plan to be tax qualified.

Generally, security-backed contracts permit the issuer or investment manager to elect at any time to convert the underlying portfolio to a declining duration strategy whereby the contract would terminate at a date which corresponds to the duration of the underlying portfolio on the date of the amortization election. After the effective date of an amortization election, the underlying portfolio must conform to the guidelines agreed upon by the contract issuer and the investment manager for

11(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

the amortization election period. The guidelines are intended to result in the convergence of the contract value and the fair value of the underlying portfolio by the termination date.

Security‑backed contracts also generally provide for withdrawals associated with certain events, which are not in the ordinary course of plan operations. These withdrawals are paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events, which may trigger a market value adjustment; however, such events may include, but not limited to, the following:

•material amendments to the Plan’s structure or administration;

•complete or partial termination of the Plan, including a merger with another plan;


•	the failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA;

•

the withdrawals due to the removal of a specifically identifiable group of employees from coverage under the participating plan (such as a group layoff or early retirement incentive program), the closing or sale of a subsidiary, employing unit, or affiliate, the bankruptcy or insolvency of a plan sponsor, the merger of the Plan with another plan, or the Plan sponsor’s establishment of another tax qualified defined contribution plan;


•	any change in law, regulation, ruling, administrative or judicial position, or accounting requirement, applicable to the Plan or participating plans; and


•	the delivery of any communication to Plan participants designed to influence a participant not to invest in the Plan.

At this time, the Stable Value Fund does not believe that the occurrence of any such market value event, which would limit the Plan’s ability to transact at contract value with participants, is probable.

(iv) Investment Transactions and Interest Income

Investment transactions are accounted for on a trade-date basis. Realized gains and losses within the portfolios underlying the security-backed contracts are determined on the basis of average cost. Interest income, including the amortization of premiums and discounts, is recorded on an accrual basis.

(v) Unit Issues, Redemptions, Distributions

In accordance with the terms of the Investment Advisory Agreement, the net asset value of the Stable Value Fund is calculated daily, and net investment income and realized and unrealized gains on investments are not distributed, but rather reinvested and reflected in the net asset value of the Stable Value Fund. Units of the Stable Value Fund are issued and redeemed at the current net asset value.

12(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(vi) Securities Purchased on a Forward-Commitment Basis

Delivery and payment for securities that have been purchased by the portfolios underlying the security-backed contracts of the Stable Value Fund on a when-issued or other forward-commitment basis can take place a month or more after the transaction date. During this period, such securities do not earn interest, are subject to market fluctuation, and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued or other forward-commitment basis may increase the volatility of the portfolios underlying the security-backed contracts if the Stable Value Fund makes such purchases while remaining substantially fully invested.

In connection with its ability to purchase securities on a forward-commitment basis, the Stable Value Fund may enter into mortgage dollar rolls in which the Stable Value Fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical, securities on a specified future date at a lower purchase price relative to the current market.

(vii) Securities Sold on a Forward-Commitment Basis

The portfolios underlying the security-backed contracts of the Stable Value Fund may enter into forward sale commitments to hedge portfolio positions or to sell mortgage-backed securities under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. During the time a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment, deliverable on or before the sale commitment date, is used to satisfy the commitment.

Generally, unsettled forward sale commitments are valued at the current fair value of the underlying securities. The forward sale commitment is “marked-to-market” like other securities in the Stable Value Fund, and the change in fair value is recorded by the portfolios underlying the security-backed contracts as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the underlying portfolio realizes a gain or loss. If the underlying portfolio delivers securities under the commitment, the underlying portfolio realizes a gain or a loss from the sale of the securities based upon the fair value established at the effective date of the commitment.

(viii) Futures Transactions

The Stable Value Fund may use futures contracts to gain or to hedge against broad market or interest rate exposure. In order to gain exposure to or to protect against changes in the market, the portfolios underlying the security-backed contracts of the Stable Value Fund may buy or sell financial futures contracts on any U.S. or foreign exchange. Risks of entering into futures transactions include the possibility that there may be an illiquid market at the time of settlement or that a change in the value of the contract may not correlate with changes in the value of the underlying securities.

Upon entering into a futures contract, the Stable Value Fund is required to deposit either cash or securities in an amount equal to a percentage of the futures contract value (initial margin). Subsequent payments (variation margin) are made or received by the Stable Value Fund each day.

13(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

The variation margin payments reflect the daily changes in the futures contract value and are recorded as unrealized gains and losses. The underlying portfolio recognizes a realized gain or loss when the futures contract is closed or expires. With futures, there is minimal counterparty risk to the Stable Value Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

(ix) Expenses

The Stable Value Fund pays wrapper contract fees to the security-backed contract issuers to assure contract liquidity for plan participant‑directed withdrawals. Annual investment management fees in 2016 and 2015 were $296,479 and $379,276, respectively, based on separate agreements for various types of instruments.

(h) Risks and Uncertainties

The Plan may invest in various types of investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.

(i) Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

(j) Payment of Benefits

Benefits are recorded when paid.


(k)	Reclassifications

During 2016, management re-evaluated the Plan’s collective investment trust investments as to whether a readily determinable fair value existed in the prior year. Based upon the re-evaluation certain accounting policies and net asset value (NAV) disclosures were revised to indicate such investments being valued based at NAV rather than NAV as a practical expedient.


(l)	New Accounting Pronouncements

The following accounting pronouncements have been adopted in 2016 by the Plan:

FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) in May 2015. ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using NAV per share as a practical expedient. It also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair

14(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

value using NAV per share as a practical expedient. The requirements of the standard are effective for reporting periods in fiscal years that begin after December 31, 2016, with early adoption permitted. ASU 2015-07 is to be applied retrospectively. The Plan has elected to adopt ASU 2015-07 early to reduce complexity of reporting requirements. There was no impact on the financial statements or related disclosures as the Plan has no investments where fair value is measured using NAV as a practical expedient.

FASB ASU 2015-12 - Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully-Benefit Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient, which simplifies certain aspects of employee benefit plan accounting. Part III is not relevant to the Plan. Part I designates contract value as the only required measure for fully benefit-responsive investment contracts. Part II eliminates the requirements to disclose individual investments that represent 5% or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. Part II also simplifies the level of disaggregation of investments that are measured using fair value. Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics and risks. Further, the disclosure of information about fair value measurements shall be provided by general type of asset. The ASU is effective for the fiscal years beginning after December 15, 2015, and was accordingly adopted in the current year with retrospective adoption for the applicable sections. There was no effect to the Plan’s net assets available for benefits, as it only affected the presentation of certain disclosures that are no longer required.

(m) Excess Contributions and Earnings Payable

Excess contributions and earnings payable represent amounts withheld from participants in excess of IRC limitations that are to be refunded at year-end. As of December 31, 2016 and 2015, $78,250 and $140,641, respectively, of excess contributions and earnings thereon are required to be refunded prior to December 31, of the subsequent year. These amounts were refunded to participants prior to March of the year following the plan year-end. Excess contributions and earnings are netted against contributions and interest income in the statements of changes in net assets available for benefits.

(3) Wells Fargo ESOP Fund and Wells Fargo Non‑ESOP Fund

The Company’s common and preferred shares held in the Wells Fargo ESOP Fund that were purchased with the proceeds of the ESOP loans from the Company represent leveraged shares. These shares are held in an account called the “Unallocated Reserve.” The leveraged shares are released from the Unallocated Reserve as the ESOP loans are repaid and any preferred leverage shares are converted into Company common stock for allocation to participants’ Plan accounts. The preferred shares are convertible based on the then current market price of the common stock. Such stock is used to provide all or part of the Company matching contributions credited to participants’ accounts (note 1(g)).

Each participant is entitled to exercise voting rights attributable to the Company common stock allocated to his or her Plan account and is notified by the Trustee prior to the time that such rights are to be exercised. The Trustee will vote all shares of Company common stock held in the Wells Fargo ESOP Fund, Wells Fargo Non‑ESOP Fund and the Unallocated Reserve in proportion to “votes’ cast by participants.

15(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Participants may elect to have dividends on their vested accounts held in the Wells Fargo ESOP Fund paid to them in cash or have the dividends automatically reinvested in additional shares of Company common stock in the Wells Fargo ESOP Fund. The dividend will be automatically reinvested in the Plan if: (i) a participant makes no election, (ii) if the total vested dividend for a participant is less than $5, or (iii) the participant is deceased. Participants may not elect to have dividends on their vested accounts in the Wells Fargo Non‑ESOP Fund paid to them in cash. Dividends on common stock held in the Wells Fargo Non‑ESOP Fund are reinvested in the Plan within the Wells Fargo Non‑ESOP Fund.

The Plan provides that dividends received on the Company’s common and preferred stock held in the Unallocated Reserve, dividends attributable to the portion of the participants’ employer contribution account that are reinvested and dividends that are attributable to the participants’ nonvested accounts will be applied to make any required ESOP loan payments. Shares of the Company’s common stock that are released due to such ESOP loan payments will be transferred to the Wells Fargo ESOP Fund as reinvested dividends. To the extent that such dividends are not sufficient to make required ESOP loan payments, employer contributions will be applied to make the required payments.

In the event that the total dividends on the Company’s common stock held in the Wells Fargo ESOP Fund that are to be reinvested in participant employer contribution accounts exceed the amount that can be paid as allowable ESOP loan payments, the Plan will reclassify the dividend cash received that was not used as ESOP loan payments as an employer contribution. The Company will in turn fund that portion of the dividend with shares of Company common stock. Any amount of dividend cash that is reclassified as an employer contribution will be transferred to the Unallocated Reserve and will be used to make payments to fund the Company matching contributions. Such reclassification amounted to $39.7 million in 2015. There were no such reclassifications in 2016.

16(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(4) Shares and Investments Not Directed by Participants

Information about the net assets and significant components of the changes in net assets relating to nonparticipant directed investments as of and for the years ended December 31, 2016 and 2015 is presented in the following tables.



			2016			2015
			ESOP			ESOP
			Unallocated			Unallocated
Assets:
	Company common stock		$	606		652
	Company convertible preferred stock		1,712,154,012			1,726,518,654
	Short-term investments		24,579,582			—
		Total investments	1,736,734,200			1,726,519,306
	Accrued income		20,231			4,541
		Total assets	1,736,754,431			1,726,523,847
Liabilities:
	Notes payable		(1,565,132,061		)	(1,362,056,255	)
		Total liabilities	(1,565,132,061		)	(1,362,056,255	)
		Net assets available for benefits	$	171,622,370		364,467,592
Company common shares:
	Number of shares		11			12
	Cost		$	516		643
	Fair value		606			652
Company convertible preferred shares:
	Number of shares		1,439,181			1,418,917
	Cost		$	1,565,131,966		1,543,382,110
	Estimated fair value		1,712,154,012			1,726,518,654

17(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015



			2016			2015
			ESOP			ESOP
			Unallocated			Unallocated
Contributions			$	761,227,908		657,413,407
Net depreciation			(144,171,427		)	(104,447,051	)
Dividend income			169,421,899			143,263,712
Interest income			50,200			30,809
Notes payable interest expense			(36,955,895		)	(32,283,727	)
Release of common stock 23,249,347 and 14,546,650
	shares for 2016 and 2015, respectively		(942,417,907		)	(657,495,903	)
		(Decrease) increase in net assets	(192,845,222		)	6,481,247
Net assets:
	Beginning of year		364,467,592			357,986,345
	End of year		$	171,622,370		364,467,592

(5) Fair Value Measurements

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2016 and 2015.

Investments in mutual funds are valued at fair value based upon quoted prices in an active market.

Investments in collective investment funds are redeemable daily at NAV, which is the readily determinable fair value. The price per share is quoted on a private market that is not active; however, the price per share is based on the value of the underlying investments, which are traded on an active market.

Investments in multi-manager funds are comprised of publicly traded mutual funds, which are valued at fair value based upon quoted prices in an active market, and collective investment funds that are valued at NAV. The NAV is based upon the value of the underlying investments which are traded on an active market.

Investments in the Stable Value Fund’s collective investment funds are valued at NAV as described above.

Investments in the Company’s common stock are valued at quoted market values.

Investments in the Company’s convertible preferred stock are valued at appraised value by an independent pricing service. The independent pricing service models the expected cash flows with the contractual dividends and Company’s common shares equal to $1,000 upon conversion of a preferred share. The independent pricing service then discounts the cash flows back to the present value by the appropriate preferred discount rate which

18(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

is determined by analyzing a variety of market yields, including yields on preferred securities and bonds issued by the Company and institutions similar to the Company.

The Wells Fargo ESOP Fund and Wells Fargo Non‑ESOP Fund are managed as unitized accounts that hold Wells Fargo common stock and a small percentage of a Short Term Investment Fund (STIF) to provide daily liquidity. Short‑term investments are investments in collective investment funds.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes it valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Please refer to note 2(d) for the definition of fair value and the fair value hierarchy.

The following tables sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2016 and 2015, respectively:



				December 31, 2016
				Level 1		Level 2	Level 3	Total
Collective investment funds				$	—	13,670,572,507	—	13,670,572,507
Mutual funds				501,546,607		—	—	501,546,607
Multi-manager funds:
	Collective investment funds			—		4,962,919,797	—	4,962,919,797
	Mutual funds			2,977,525,544		—	—	2,977,525,544
		Total multi-
			manager funds	2,977,525,544		4,962,919,797	—	7,940,445,341
Stable Value Fund
	Collective investment funds			—		554,368,647	—	554,368,647
Company common stock				9,893,328,352		—	—	9,893,328,352
Company convertible preferred
	stock			—		—	1,712,154,012	1,712,154,012
Short term investments				—		153,049,838	—	153,049,838
		Total investments
			at fair value	$	13,372,400,503	19,340,910,789	1,712,154,012	34,425,465,304

19(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015



				December 31, 2015
				Level 1		Level 2	Level 3	Total
Collective investment funds				$	—	8,164,050,188	—	8,164,050,188
Mutual funds				4,538,646,243		—	—	4,538,646,243
Multi-manager funds:
	Collective investment funds			—		4,018,560,763	—	4,018,560,763
	Mutual funds			2,556,699,844		—	—	2,556,699,844
		Total multi-
			manager funds	2,556,699,844		4,018,560,763	—	6,575,260,607
Stable Value Fund
	Collective investment funds			—		387,133,591	—	387,133,591
Company common stock				10,671,379,147		—	—	10,671,379,147
Company convertible preferred
	stock			—		—	1,726,518,654	1,726,518,654
Short term investments				—		144,626,121	—	144,626,121
		Total investments
			at fair value	$	17,766,725,234	12,714,370,663	1,726,518,654	32,207,614,551

Changes in Fair Value Levels

The Plan monitors the availability of observable market data to assess the appropriate classification of investments within the fair value hierarchy and transfers between Level 1, Level 2 and Level 3 accordingly. Observable market data includes but is not limited to quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changing the valuation techniques used, are generally the cause of transfers between Level 1, Level 2 and Level 3. There were no transfers between the fair value levels in 2016 or 2015.

20(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Level 3 Gains and Losses

The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets:



	Company
	convertible
	preferred
	stock
Balance, December 31, 2014	$	1,717,835,585
Realized losses	(94,605,782		)
Unrealized losses relating to instruments still held at the reporting date	(9,841,256		)
Purchases	900,000,000
Sales	(897,798,827		)
Issuances	800,708,133
Settlements	(689,779,199		)
Balance, December 31, 2015	1,726,518,654
Realized losses	(126,088,128		)
Unrealized losses relating to instruments still held at the reporting date	(18,083,376		)
Purchases	1,248,900,000
Sales	(1,045,824,194		)
Issuances	906,104,734
Settlements	(979,373,678		)
Balance, December 31, 2016	$	1,712,154,012

Level 3 Significant Unobservable Inputs

The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of those Level 3 assets measured at fair value for which the Plan uses an internal model.

Significant

Fair value

Valuation

unobservable

Range of

Weighted

Level 3

techniques

inputs

average (1)

December 31, 2016:

Convertible preferred stock

1,712,154,012

Discounted

Discount

cash flow

rate

3.27% – 4.22%

4.03

December 31, 2015:

Convertible preferred stock

1,726,518,654

Discounted

Discount

cash flow

rate

3.12% – 4.20%

3.99

(1)

Weighted averages are calculated using outstanding shares.

21(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Level 3 Valuation Processes and Significant Fair Value Input Sensitivity

The Independent Fiduciary, acting on behalf of the Plan, has been given the responsibility by the Company to provide an opinion as to the values, as of December 31, 2016 and 2015, of the various series of Company preferred stock sold by the Company to the Plan through the ESOP portion of the Plan. The Independent Fiduciary generally determines fair value of our Level 3 assets by retaining a qualified independent financial advisor to render an opinion as to the fair value of each of the Company’s preferred stock series outstanding as of December 31, 2016 and 2015. The independent financial advisor reports directly to the Independent Fiduciary and not to the Trustee or the Company. The independent financial advisor generally uses discounted cash flow or similar internal modeling techniques to determine the fair value of the Plan’s Level 3 assets. Discounted cash flow valuation techniques generally consist of developing an estimate of future cash flows that are expected to occur over the life of an investment and discounting those cash flows at a rate of return that results in the fair value amounts. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, changes in these unobservable inputs may have a significant impact on fair value.

Certain of these unobservable inputs will (in isolation) have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. Where multiple inputs are used within the valuation technique of an asset, a change in one input in a certain direction may be offset by an opposite change in another input having a potentially muted impact to the overall fair value of that particular instrument. Additionally, a change in one unobservable input may result in a change to another unobservable input (that is, changes in certain inputs are interrelated on one another), which may counteract or magnify the fair value impact. These Level 3 assets would decrease (increase) in value based upon an increase (decrease) in discount rate.

(6) Concentration of Investments

The Plan’s investment in shares of the Company’s common and preferred stock aggregate 33.71% and 34.64% of total investments as of December 31, 2016 and 2015, respectively. The Company, incorporated in Delaware, is a diversified financial services company providing banking, mortgage, and consumer finance throughout North America. The quoted market price of the Company’s common stock was $55.11 as of December 31, 2016 and $54.53 as of June 14, 2017.

(7) Financial Instruments with Off‑Balance‑Sheet Risk

In the normal course of business, the Plan, through the securities‑backed contracts of the Stable Value Fund, enters into transactions in various financial instruments with off‑balance‑sheet risk. The Plan may buy or sell interest rate futures contracts to protect against changes in the market. Payments are made or received by the Plan each day equal to the daily changes in the contract value and are recorded as appreciation or depreciation. Due to the inherent volatility in these financial instruments, the values of these investments may change in the near term, and those changes could differ materially from the amounts reported in the net assets of the Plan.

Credit risk represents the potential loss to the Plan due to possible nonperformance by obligors and counterparties of the terms of their contracts. Market risk represents the potential loss to the Plan due to the decrease or increase in the value of an off‑balance‑sheet financial instrument caused primarily by changes in interest rates or foreign exchange rates, or a combination thereof.

22(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Forward contracts and futures represent commitments to purchase or sell securities, money market instruments, or foreign currencies at a future date and at a specified price. Short sells represent commitments to purchase securities at a future date and at a specified price. Both credit and market risks exist with respect to forward contracts. Market risk exists with respect to futures and short sells. These positions are carried at current market value, and the unrealized gain or loss is included in the net assets of the Plan. Financial futures are marked to market and settled with the broker on a daily basis. The Plan does not anticipate that losses, if any, as a result of credit or market risk would materially affect the net asset position of the Plan. The Plan, to a limited extent, enters into transactions involving other financial instruments and commitments as an integral part of the overall management of the investment portfolio.

The following table summarizes the aggregate notional amounts and estimated fair value for the Plan’s derivative financial instruments as of December 31, 2016 and 2015:



	2016					2015
	Notional			Unrealized		Notional		Unrealized
	amount			loss		amount		gain
Future contracts	$	(10,371,943	)	(25,045	)	(12,778,560	)	42,809

Net realized losses on futures for the years ended December 31, 2016 and 2015 were $326,415 and $112,368, respectively, and are included in interest income on the statements of changes in net assets available for benefits.

(8) Related-Party Transactions

The Plan engages in transactions involving acquisition or disposition of units of participation in commingled investment funds of the Company, as well as registered investment funds managed by the Company and the Trustee, all of which are parties in interest with respect to the Plan. These transactions are covered by an exemption from the “prohibited transaction” provisions of ERISA and the IRC.

During 2016 and 2015, the Plan purchased Company preferred stock for the ESOP from the Company (note 2(e)) and allowed participants to invest in Company common stock.


(9)	Other Income

The Plan periodically receives monies from litigation settlements or other residual proceeds (“Proceeds”) related to the Plan, or prior plans that merged into the Plan, in which the Plan Administrator is responsible for determining how these Proceeds will be allocated to the Plan.

These Proceeds are deposited into an interest-bearing account until the Plan Administrator is able to determine how to allocate the monies into the Plan and are included as other assets on the statements of net assets available for benefits and in other income on the statements of changes of net assets available for benefits.

On December 29, 2015, the Plan received $1,035,831 of Proceeds related to The City of Farmington Hills Employees Retirement System, et al v. Wells Fargo Bank, N.A. class action settlement, which remained

23(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

unallocated as of December 31, 2015. This settlement relates to investments held by the Asset Allocation Fund, which was an investment option of the Plan.

The funds were subsequently allocated in 2016 to Plan participants covered by the settlement.

(10) Other Liability

On May 12, 2014, a loan agreement was entered into between the Plan Sponsor and the Plan for $30,000. Specifically, under the loan agreement the Plan Sponsor made an unsecured loan to the Plan in the amount of $30,000, which the Plan used to allocate a $30,000 credit to a participant’s Plan account which was equal to the amount withheld and remitted to the IRS from a distribution that the participant claimed was made from his account without the participants authorization (“Tax Withholding Amount”). A refund claim was submitted by Wells Fargo Bank, N.A. to the IRS for the Tax Withholding Amount (“Refund Claim”). The loan was intended to reinstate the Tax Withholding Amount to the participant’s Plan account pending determination of the Refund Claim.

This loan agreement was entered into in compliance with the requirements of Prohibited Transaction Exemption 80-26, as issued and amended by the U.S. Department of Labor (“PTE 80-26”).

Under the terms of loan agreement, the Plan shall repay the Plan Sponsor an amount equal to the lesser of (1) the loan proceeds, or (2) an amount actually refunded by the IRS in connection with the Refund Claim (“Actual Refund”). The parties agree that if the Actual Refund is less than the Loan proceeds, repayment to the Lender of an amount equal to the Actual Refund shall constitute full repayment of the loan. Repayment of the Loan shall occur as soon as practicable following receipt of payment from the IRS of the Actual Refund. Repayment of the loan occurred on February 1, 2017.

The loan is included as other liability on the statement of net assets available for benefits.

(11) Federal Income Taxes

The IRS has determined and informed the Company by a letter dated May 31, 2017, that the Plan and related Trust are designed in accordance with applicable sections of the IRC. The Plan Administrator and the Plan’s tax counsel therefore believe that the Plan is qualified, and the related Trust is tax-exempt.

Accounting principles generally accepted in the United States of America require the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or asset), if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2016, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.

The Plan is subject to routine audits by taxing jurisdictions and periodic compliance reviews. The Plan Sponsor received written notice dated March 6, 2015 from the IRS of an impending examination of the Plan. The Plan is currently under examination by the IRS for the Plan year ending December 31, 2013. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2013.

24(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(12) Regulatory Matters

The Plan Sponsor received written notification dated August 29, 2014 from the Department of Labor (DOL) advising the Plan had been selected for review by the DOL. In the DOL’s August 29^th written notification, the Plan Sponsor was informed the review will consist primarily of an on-site examination of Plan records and interviews of Plan officials. The Plan is currently under review by the DOL for Plan years 2010 through 2014.

(13) Notes Payable

Notes payable as of December 31 were:



		2016		2015
5.75% 2007 ESOP Convertible Preferred Stock Note, due
	March 2017	$	—	11,459,700
4.50% 2008 ESOP Convertible Preferred Stock Note, due
	March 2018	18,741,412		30,652,376
3.00% 2010 ESOP Convertible Preferred Stock Note, due
	March 2020	98,037,000		122,292,720
2.50% 2011 ESOP Convertible Preferred Stock Note, due
	March 2021	161,991,585		192,711,190
2.30% 2012 ESOP Convertible Preferred Stock Note, due
	December 2021	157,614,768		181,990,182
1.30% 2013 ESOP Convertible Preferred Stock Note, due
	December 2022	242,588,220		273,921,360
1.50% 2014 ESOP Convertible Preferred Stock Note, due
	December 2023	278,144,757		309,048,399
1.48% 2015 ESOP Convertible Preferred Stock Note, due
	December 2024	218,652,911		239,980,328
1.48% 2015 ESOP Convertible Preferred Stock Note, due
	December 2025	389,361,408		—
		$	1,565,132,061	1,362,056,255
				\

25(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Maturities of notes payable are as follows:



Year ending December 31:
	2017	$	161,876,128
	2018	245,777,190
	2019	268,457,190
	2020	240,719,190
	2021	196,941,110
	Thereafter	451,361,253
		$	1,565,132,061

The notes represent exempt ESOP loans to the Plan from the Company. The notes may be repaid in monthly installments through March 31, 2025. The estimated fair value of the notes as of December 31, 2016 and 2015 was approximately $1,502 million and $1,310 million, respectively, determined by using interest rates currently available for issuance of debt with similar terms and remaining maturities.

(14) Plan Termination

Although it has not expressed any intent to do so, the Company by action of its Board of Directors reserves the right to terminate the Plan at any time. In the event of Plan termination, participants shall become 100% vested in their accounts.

(15) Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of changes in net assets per the financial statements to the Form 5500:



			2016		2015
Participant contributions per the financial statements			$	1,612,939,642	1,561,872,121
Excess contributions to be refunded			71,039		144,495
		Participant contributions per the Form 5500	$	1,613,010,681	1,562,016,616
Interest income per the financial statements			$	81,089,935	74,270,464
Interest income from notes receivable from participants per
	the financial statements		52,704,801		52,739,619
Income (loss) on excess contributions to be refunded			7,211		(3,854	)
		Interest income per the Form 5500	$	133,801,947	127,006,229

26(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

(16) Nonexempt Transactions

One of the investment funds offered under the Plan is the Stable Value Fund. The Stable Value Fund is a separately managed account that is managed by Galliard Capital Management, Inc. (“Galliard”), a wholly owned subsidiary of the Trustee. Galliard is a registered investment advisor and fiduciary “investment manager” under ERISA 3(38) with respect to the Plan. Pursuant to applicable prohibited transaction exemptions under ERISA, Galliard has directed the investment of a portion of the Stable Value Fund in collective investment trusts established by the Trustee, including the Wells Fargo Stable Return Fund G and the Wells Fargo Fixed Income Fund F (collectively, the “Funds”), both of which are sub-advised by Galliard. Pursuant to applicable prohibited transaction exemptions under ERISA, Galliard has directed the investment of a portion of the Wells Fargo Stable Return Fund G in collective investment trusts established by the Trustee, including the Wells Fargo/Galliard Ultra-Short Bond CIT, the Wells Fargo Fixed Income Fund F, the Wells Fargo Fixed Income Fund L and the Wells Fargo Fixed Income Fund D (collectively the “Underlying Funds”), all of which are sub-advised by Galliard.

In 2016, Berkshire Hathaway Inc. (“Berkshire Hathaway”) became the beneficial owner of more than 10% of the outstanding common shares of Wells Fargo common stock. After becoming aware of Berkshire Hathaway’s 10% ownership, Wells Fargo conducted a review to determine whether such beneficial ownership of Wells Fargo common stock could have any impact on the discretionary asset management services conducted by Wells Fargo affiliates, including Galliard.

Under ERISA, a fiduciary is prohibited from using its authority to benefit itself or a person in which the fiduciary has an interest that may affect the exercise of its best judgment as fiduciary. An ERISA fiduciary may be deemed to have such an interest with respect to an entity that is a “party in interest” by virtue of certain relationships to the fiduciary, including a direct or indirect 10% or more shareholder of the fiduciary. As a result, Wells Fargo determined that Berkshire Hathaway’s beneficial ownership of Wells Fargo common stock could cause Berkshire Hathaway to be deemed a person in which Wells Fargo may have an interest that could affect its and its affiliates’ best judgment under ERISA.

Under ERISA, a plan’s purchase and holding of debt securities is viewed as an extension of credit between the plan and the issuer of the securities. Wells Fargo determined that the decision to cause an ERISA plan to purchase bonds issued by Berkshire Hathaway and certain of its subsidiaries (the “Berkshire Hathaway bonds”) after Berkshire Hathaway became a beneficial owner of 10% of Wells Fargo common stock could be viewed as a non-exempt prohibited transaction. Therefore, Wells Fargo made the decision to treat these bond purchases as non-exempt prohibited transactions, correct these transactions by taking the steps described below, and file a Form 5330 with the Internal Revenue Service in the name of the Plan and the Funds to report and pay excise taxes on the transactions.

It was determined that Galliard had caused the Stable Value Fund to purchase Berkshire Hathaway bonds after Berkshire Hathaway became a beneficial owner of 10% of Wells Fargo common stock. To correct the transaction, the Berkshire Hathaway bonds held directly by the Stable Value Fund were sold on September 16, 2016, which resulted in a net gain of $54,174, taking into account accrued income paid of $4,538. In addition to calculating the market gain or loss from the sale transactions, Galliard also conducted an analysis to determine whether the Stable Value Fund would have earned more had it invested in comparable securities instead of the Berkshire Hathaway bonds. Based on this analysis, Galliard determined that certain Berkshire Hathaway bonds held directly by the Stable Value Fund did not perform as well as comparable securities over the time the Berkshire

27(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

Hathaway bonds were held in the Stable Value Fund. As a result, on December 21, 2016 Galliard made a reimbursement of $755 (which includes interest of $8 from the date of the sale of these Berkshire Hathaway bonds to the date of the reimbursement) to the Stable Value Fund.

As the disqualified person liable for the tax under Code Section 4975 for participating in a nonexempt prohibited transaction, Galliard filed a separate Form 5330 filing with the Internal Revenue Service in the name of the Plan and paid the applicable excise taxes in the amount of $4,796.

It was also determined that Galliard had caused the Funds and Underlying Funds to purchase Berkshire Hathaway bonds after Berkshire Hathaway became a beneficial owner of 10% of Wells Fargo common stock. To correct the transaction, the Berkshire Hathaway bonds held by the Funds and Underlying Funds were sold on September 16, 2016, which resulted in a net gain of approximately $15,449 based on the Plan’s proportionate interests in the Funds on that date. In addition to calculating the market gain or loss from the sale transactions, Galliard also conducted an analysis to determine whether the Funds and Underlying Funds would have earned more had they invested in comparable securities instead of the Berkshire Hathaway bonds. Based on this analysis, Galliard determined that certain Berkshire Hathaway bonds held in the Funds did not perform as well as comparable securities over the time the Berkshire Hathaway bonds were held in the Funds. As a result, on December 21, 2016 Galliard made a reimbursement of $28,051 (which includes interest of $296 from the date of the sale of the Berkshire Hathaway bonds to the date of the reimbursement) to the Funds.

As the disqualified person liable for the tax under Code Section 4975 for participating in a nonexempt prohibited transaction, Galliard filed a separate Form 5330 filing with the Internal Revenue Service in the name of each of the Funds and Underlying Funds and paid the applicable excise taxes.

In no case did Galliard cause the Plan, Funds, or Underlying Funds to purchase these securities with any intent to benefit itself or Berkshire Hathaway. Neither Wells Fargo and its affiliates, nor Berkshire Hathaway, received any fees in connection with these purchases.

(17) Legal Actions

The following class actions lawsuits have been brought on behalf of Plan participants and beneficiaries

John Meiners v. Wells Fargo & Company, et al, (November, 2016) - On November 22, 2016, Plaintiff John Meiners filed a putative class action lawsuit in the United States District Court for the District of Minnesota against Defendants Wells Fargo & Company, the Human Resources Committee of the Wells Fargo Board of Directors, the Wells Fargo Employee Benefits Review Committee (the “EBRC”), and current and former members of the Board and the EBRC. Meiners, a former Wells Fargo advisor, alleges that from November 22, 2010, to the present, Defendants breached their duties under the Employee Retirement Income Security Act of 1974 by selecting and retaining the Wells Fargo Dow Jones Target Date Funds (“Target Date Funds”) as investment options within the Wells Fargo 401(k) Plan (the “Plan”).

Meiners alleges that Defendants acted imprudently by including these proprietary funds as investment options within the Plan because (1) the Target Date Funds were selected as investment options in the Plan based on a conflict of interest; (2) the Plan was designed to funnel participant money into the Target Date Funds; and (3) there were less expensive and better-performing fund options available, including the Vanguard Target Retirement Funds and the Fidelity Freedom Index Funds. Meiners purports to bring this action on behalf of a class of several

28(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2016 and 2015

hundred thousand Plan participants and beneficiaries who invested in the Wells Fargo Target Date Funds. The Bank filed a motion to dismiss on March 22, 2017. On May, 25, 2017, the motion was granted and the case was dismissed.

Wells Fargo 401(k) Plan participants filed three putative class actions, now consolidated into one action, In re: Wells Fargo ERISA 401(k) Litigation (D. Minn.) against Wells Fargo and various individuals alleged to be fiduciaries under the Wells Fargo & Company 401(k) Plan (the “Plan). The lawsuit alleges that the Company’s stock should not have been offered as an investment option in the Plan and seeks damages as a result of the drop in the Company’s stock price. This consolidated class action arises out of the Wells Fargo government consent orders relating to sales practices which were announced publicly on September 8, 2016. Plaintiffs challenge the decision to offer the Wells Fargo Stock Fund as an investment option, alleging that the stock was trading at an artificially high price due to allegedly undisclosed sales practices issues and that the defendants should have acted on that information to prevent Plan participant losses when the stock price declined. Plaintiffs filed a consolidated, amended complaint on December 21, 2016 and defendants moved to dismiss the action on April 3, 2017, with oral argument scheduled on the motion to dismiss on June 19, 2017. Discovery is proceeding in the action.

(18) Subsequent Events

In February of 2017, the Plan purchased 950,000 shares of Company preferred stock from the Company for $981 million with the issuance of a note payable to the Company for an equal amount. The note bears interest at 1.90% and is due December 31, 2026.

WELLS FARGO & COMPANY 401(K) PLAN

Schedule G, Part III - Nonexempt Transactions

Year Ended December 31, 2016



	(b)	(c)
	Relationship to	Description of transaction								(i)	(j)
	plan, employer,	including maturity date, rate of			(d)	(e)	(f)	(g)	(h)	Current	Net gain or
(a)	or other	interest, collateral, par or			Purchase	Selling	Lease	Transaction	Cost of	value of	(loss) on each
Identity of party involved	party-in-interest	maturity value			price	price	rental	expenses	asset	asset	transaction

Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase	$	668,177	691,137	—	—	668,177	—	22,960
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		344,239	344,949	—	—	344,239	—	710
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		1,399,454	1,407,341	—	—	1,399,454	—	7,887
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		658,205	680,822	—	—	658,205	—	22,617
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		22,540	22,854	—	—	22,540	—	314
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		874,973	883,525	—	—	874,973	—	8,552
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		22,425	22,644	—	—	22,425	—	219
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		23,812	24,513	—	—	23,812	—	701
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		23,813	24,476	—	—	23,813	—	663
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		13,780	14,254	—	—	13,780	—	474
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		64,576	66,795	—	—	64,576	—	2,219
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		31,674	32,762	—	—	31,674	—	1,088
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		17,983	18,601	—	—	17,983	—	618
Galliard Capital Management	Investment manager	Potential violation of ERISA Section
			406(b)(1) involving an extension of credit
			as a result of bond purchase		17,494	18,095	—	—	17,494	—	601

See accompanying report of independent registered public accounting firm.



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
					Description of investment, including
					maturity date, rate of interest,		Units/
Identity of issuer, borrower, lessor, or similar party					collateral, par, or maturing value		shares	Cost	Current value
*	Participant loans				183,197 Participant loans, interest
						rates ranging from 3.25% to 11.50%,
						maturing at various dates through
						December 5, 2036	N/A		$	1,020,030,226

	U.S. Bond Index Fund				Collective Investment Fund		111,346,447	(1)	1,130,500,474
	S&P 500 Index Fund				Collective Investment Fund		182,076,768	(1)	3,416,852,623
	S&P MidCap Index Fund				Collective Investment Fund		63,042,978	(1)	1,958,177,933
	Russell Small Cap Index Fund				Collective Investment Fund		25,851,085	(1)	666,234,156
	International Index Fund				Collective Investment Fund		25,233,117	(1)	471,304,151
	NASDAQ 100 Index Fund				Collective Investment Fund		41,830,583	(1)	1,280,768,795
*	Wells Fargo State Street Target Today Fund*				Collective Investment Fund		11,158,802	(1)	120,574,201
*	Wells Fargo State Street Target 2010 Fund*				Collective Investment Fund		4,051,337	(1)	50,221,188
*	Wells Fargo State Street Target 2015 Fund*				Collective Investment Fund		15,768,664	(1)	157,631,452
*	Wells Fargo State Street Target 2020 Fund*				Collective Investment Fund		34,481,787	(1)	511,706,268
*	Wells Fargo State Street Target 2025 Fund*				Collective Investment Fund		102,488,667	(1)	1,053,819,224
*	Wells Fargo State Street Target 2030 Fund*				Collective Investment Fund		42,517,644	(1)	709,606,728
*	Wells Fargo State Street Target 2035 Fund*				Collective Investment Fund		43,634,898	(1)	474,573,152
*	Wells Fargo State Street Target 2040 Fund*				Collective Investment Fund		29,174,319	(1)	555,852,460
*	Wells Fargo State Street Target 2045 Fund*				Collective Investment Fund		25,143,438	(1)	287,223,548
*	Wells Fargo State Street Target 2050 Fund*				Collective Investment Fund		60,731,186	(1)	664,957,897
*	Wells Fargo State Street Target 2055 Fund*				Collective Investment Fund		11,862,402	(1)	158,116,327
*	Wells Fargo State Street Target 2060 Fund*				Collective Investment Fund		235,039	(1)	2,451,930
									13,670,572,507

*	Wells Fargo 100% Treasury Money Market Fund*				Mutual Fund		501,546,607	(1)	501,546,607
									501,546,607
	Large Cap Value Fund				Multi-Manager Fund
		Dodge & Cox Stock Fund				Mutual Fund	4,532,098	(1)	835,265,738
		MFS Large Cap Value Fund				Common Collective Fund	40,374,389	(1)	810,975,329
		T Rowe Price Equity Income Fund				Common Collective Fund	34,465,590	(1)	811,525,218
			Total Wells Fargo Large Cap Value Fund						2,457,766,285
	Large Cap Growth Fund				Multi-Manager Fund
		Los Angeles Large Cap Growth Fund				Common Collective Fund	43,952,266	(1)	647,856,395
		T Rowe Price Blue Chip Growth Fund				Common Collective Fund	25,071,941	(1)	668,417,939
		Delaware US Growth Fund				Mutual Fund	28,456,431	(1)	643,115,348
			Total Wells Fargo Large Cap Growth Fund						1,959,389,682
	Small Cap Fund				Multi-Manager Fund
*		Wells Fargo Advantage Emerging Growth Fund*				Mutual Fund	16,191,825	(1)	226,361,709
		Advisory Research Small Cap Value Fund				Common Collective Fund	11,125,758	(1)	230,191,938
		SSGA Russell Small Cap Index Non Lending Fund				Common Collective Fund	18,294,890	(1)	471,495,914
		Wellington Select Small Cap Growth Fund				Common Collective Fund	20,640,918	(1)	226,843,694
		Wellington Small Cap Value Fund				Common Collective Fund	18,713,625	(1)	231,861,819
			Total Wells Fargo Small Cap Fund						1,386,755,074
	International Equity Fund				Multi-Manager Fund
*		Wells Fargo/Causeway International Value Fund*				Common Collective Fund	29,044,103	(1)	319,026,239
		American Funds EuroPacific Growth Fund				Mutual Fund	14,049,241	(1)	632,777,797
		Harbor International Fund				Mutual Fund	5,515,744	(1)	322,174,619
			Total International Equity Fund						1,273,978,655
	Emerging Markets Equity Fund				Multi-Manager Fund
		Acadian Emerging Markets Fund				Common Collective Fund	27,493,603	(1)	269,437,308
		Lazard Emerging Markets Fund				Mutual Fund	17,346,440	(1)	275,288,004
		DFA Emerging Markets Fund				Mutual Fund	7,360,509	(1)	136,537,446
			Total Emerging Markets Equity Fund						681,262,758
	Global Bond Fund				Multi-Manager Fund
		Guggenheim Total Return Fund				Common Collective Fund	1,375,239	(1)	36,375,062
		Legg Mason Global Opportunities Fund				Mutual Fund	7,176,650	(1)	72,125,334
		PIMCO Global Advantage Strategy Fund				Mutual Fund	7,122,553	(1)	72,792,491
			Total Global Bond Fund						181,292,887
				Total Multi-Manager Funds					7,940,445,341
*	Wells Fargo Stable Value Fund:
		Security-backed contracts:
			Transamerica Premier Life Ins. Co.		2.36%			(1)	224,088,926
			Voya Ins. and Annuity Co.		2.11%			(1)	158,011,304
			Nationwide Life Insurance Co.		2.13%			(1)	100,992,790
			Prudential Insurance Company of America		2.87%			(1)	164,329,101
			Transamerica Premier Life Ins. Co.		2.36%			(1)	66,378,821
			New York Life Insurance Co.		2.24%			(1)	180,983,286
			Massachusetts Mutual Life Insurance Co.		2.15%			(1)	406,132,406
			Metropolitan Life Ins. Co.		1.95%			(1)	471,391,238
			American General Life Ins. Co.		2.24%			(1)	—

31(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
			Description of investment, including
			maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party			collateral, par, or maturing value	shares	Cost	Current value
	Transamerica Premier Life Ins. Co.		2.36%		(1)	$	—
	Pacific Life Ins. Co.		2.27%		(1)	—
	State Street Bank and TrustCo.		2.00%		(1)	—
		AT&T Inc	2.30%, $750,000 par, due 3/11/2019		(1)	752,876
		AT&T Inc	2.45%, $2,100,000 par, due 6/30/2020		(1)	2,085,367
		AbbVie Inc	1.80%, $510,000 par, due 5/14/2018		(1)	510,383
		Access Group Inc 2013-1	1.26%, $2,292,216 par, due 2/25/2036		(1)	2,263,973
		Fannie Mae Pool	3.00%, $7,000,000 par, due 1/1/2027		(1)	7,183,204
		Ally Auto Receivables Trust 2014-1	0.97%, $1,054,948 par, due 10/15/2018		(1)	1,054,597
		Ally Auto Receivables Trust 2014-2	1.25%, $1,966,868 par, due 4/15/2019		(1)	1,967,639
		American Express Credit Corp	1.55%, $900,000 par, due 9/22/2017		(1)	901,003
		American Express Credit Corp	2.01%, $1,000,000 par, due 9/14/2020		(1)	1,016,659
		American Express Credit Corp	2.25%, $800,000 par, due 5/5/2021		(1)	790,467
		American Express Credit Corp	1.70%, $375,000 par, due 10/30/2019		(1)	371,339
		American Honda Finance Corp	1.55%, $960,000 par, due 12/11/2017		(1)	960,830
		American Honda Finance Corp	0.95%, $780,000 par, due 5/5/2017		(1)	779,260
		American Honda Finance Corp	1.70%, $730,000 par, due 2/22/2019		(1)	727,010
		American Honda Finance Corp	1.19%, $1,100,000 par, due 11/19/2018		(1)	1,100,790
		AmeriCredit Auto Receivables T	0.90%, $352,237 par, due 2/8/2019		(1)	352,188
		AmeriCredit Automobile Receivables Trust 2014-2	0.94%, $1,030,175 par, due 2/8/2019		(1)	1,029,312
		AmeriCredit Automobile Receivables 2015-4	1.70%, $2,100,000 par, due 7/8/2020		(1)	2,106,350
		Americredit Automobile Receivables Trust 2016-4	1.53%, $3,700,000 par, due 7/8/2021		(1)	3,674,918
		Anheuser-Busch InBev Finance Inc	1.90%, $2,600,000 par, due 2/1/2019		(1)	2,603,731
		Apple Inc	2.10%, $434,000 par, due 5/6/2019		(1)	438,117
		Apple Inc	1.70%, $500,000 par, due 2/22/2019		(1)	500,947
		Apple Inc	1.10%, $950,000 par, due 8/2/2019		(1)	935,807
		Arizona School Facilities Board	1.12%, $1,850,000 par, due 7/1/2017		(1)	1,849,926
		State of Arkansas	2.33%, $2,185,000 par, due 7/1/2020		(1)	2,209,166
		BA Credit Card Trust	1.36%, $2,100,000 par, due 9/15/2020		(1)	2,099,032
		BB&T Corp	2.45%, $700,000 par, due 1/15/2020		(1)	705,486
		BMW US Capital LLC	1.50%, $1,520,000 par, due 4/11/2019		(1)	1,505,577
		BP Capital Markets PLC	4.50%, $1,500,000 par, due 10/1/2020		(1)	1,609,598
		BP Capital Markets PLC	1.68%, $730,000 par, due 5/3/2019		(1)	724,834
		BNP Paribas SA	2.40%, $1,700,000 par, due 12/12/2018		(1)	1,713,350
		BNP Paribas SA	1.38%, $130,000 par, due 3/17/2017		(1)	130,020
		BMW Vehicle Lease Trust 2015-1	1.24%, $2,618,525 par, due 12/20/2017		(1)	2,619,203
		Bank of America Corp	5.42%, $1,000,000 par, due 3/15/2017		(1)	1,007,246
		Bank of America NA	1.75%, $2,100,000 par, due 6/5/2018		(1)	2,099,912
		Bank of America NA	2.05%, $1,100,000 par, due 12/7/2018		(1)	1,105,893
		Bank of America Corp	2.65%, $1,200,000 par, due 4/1/2019		(1)	1,212,677
		Bank of Montreal	1.40%, $840,000 par, due 4/10/2018		(1)	837,830
		Bank of Montreal	1.50%, $400,000 par, due 7/18/2019		(1)	394,761
		Bank of Montreal	1.35%, $740,000 par, due 8/28/2018		(1)	736,492
		Bank of New York Mellon Corp/The	1.94%, $700,000 par, due 10/30/2023		(1)	710,835
		Bank of New York Mellon Corp/The	2.20%, $900,000 par, due 5/15/2019		(1)	905,431
		Bank of New York Mellon Corp/The	2.15%, $1,500,000 par, due 2/24/2020		(1)	1,495,583
		Bank of Nova Scotia/The	1.70%, $1,350,000 par, due 6/11/2018		(1)	1,350,463
		Bank of Nova Scotia/The	1.88%, $1,600,000 par, due 4/26/2021		(1)	1,560,928
		Bank of Tokyo-Mitsubishi UFJ Ltd/The	2.15%, $360,000 par, due 9/14/2018		(1)	360,297
		Bayer US Finance LLC	2.38%, $1,470,000 par, due 10/8/2019		(1)	1,472,603
		Branch Banking & Trust Co	2.30%, $900,000 par, due 10/15/2018		(1)	908,960
		Branch Banking & Trust Co	1.45%, $730,000 par, due 5/10/2019		(1)	721,872
		Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26	5.45%, $1,213,306 par, due 1/12/2045		(1)	1,217,269
		Becton Dickinson and Co	1.80%, $1,021,000 par, due 12/15/2017		(1)	1,023,322
		Boston Properties LP	5.88%, $700,000 par, due 10/15/2019		(1)	763,316
		Boston Properties LP	5.63%, $925,000 par, due 11/15/2020		(1)	1,020,189
		Burlington Northern Santa Fe LLC	5.65%, $500,000 par, due 5/1/2017		(1)	506,742
		Burlington Northern Santa Fe LLC	5.75%, $1,000,000 par, due 3/15/2018		(1)	1,051,161
		CIT Equipment Collateral 2014-VT1	1.50%, $3,164,744 par, due 10/21/2019		(1)	3,165,358
		CNH Equipment Trust 2014-A	0.84%, $938,239 par, due 5/15/2019		(1)	937,868
		CNH Equipment Trust 2015-A	1.30%, $3,667,509 par, due 4/15/2020		(1)	3,665,943
		COMM 2012-CCRE5 Mortgage Trust	2.39%, $3,500,000 par, due 12/10/2045		(1)	3,519,695
		CVS Health Corp	2.25%, $1,040,000 par, due 12/5/2018		(1)	1,049,116
		CVS Health Corp	1.90%, $1,170,000 par, due 7/20/2018		(1)	1,174,496
		Canadian National Railway Co	5.85%, $1,219,000 par, due 11/15/2017		(1)	1,266,218
		Canadian Pacific Railway Co	6.50%, $1,420,000 par, due 5/15/2018		(1)	1,506,518
		Capital Auto Receivables Asset Trust 2016-2	1.46%, $3,600,000 par, due 6/22/2020		(1)	3,585,092
		Capital Auto Receivables Asset Trust 2016-3	1.16%, $3,700,000 par, due 4/22/2019		(1)	3,700,936
		Capital One Multi-Asset Execution Tr	1.48%, $4,200,000 par, due 7/15/2020		(1)	4,208,677
		Capital One NA/Mclean VA	1.65%, $1,240,000 par, due 2/5/2018		(1)	1,237,592
		Capital One NA/Mclean VA	2.35%, $250,000 par, due 8/17/2018		(1)	251,436
		Cargill Inc	4.31%, $2,748,000 par, due 5/14/2021		(1)	2,933,028
		CarMax Auto Owner Trust 2015-2	1.37%, $2,800,000 par, due 3/16/2020		(1)	2,800,764
		CarMax Auto Owner Trust 2013-4	0.80%, $183,672 par, due 7/16/2018		(1)	183,616

32(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	CarMax Auto Owner Trust 2014-2	0.98%, $1,165,175 par, due 1/15/2019		(1)	$	1,164,387
	Carmax Auto Owner Trust 2016-3	1.39%, $3,600,000 par, due 5/17/2021		(1)	3,576,168
	Duke Energy Progress LLC	3.00%, $1,200,000 par, due 9/15/2021		(1)	1,230,829
	Caterpillar Financial Services Corp	1.25%, $270,000 par, due 8/18/2017		(1)	270,085
	Caterpillar Financial Services Corp	2.25%, $600,000 par, due 12/1/2019		(1)	602,450
	Chase Issuance Trust	1.15%, $3,350,000 par, due 1/15/2019		(1)	3,350,010
	Chase Issuance Trust	1.27%, $3,000,000 par, due 7/15/2021		(1)	2,959,995
	Chevron Corp	1.72%, $1,310,000 par, due 6/24/2018		(1)	1,314,011
	Chevron Corp	1.08%, $570,000 par, due 11/15/2017		(1)	570,080
	Chevron Corp	1.34%, $760,000 par, due 11/15/2017		(1)	760,906
	Chevron Corp	1.36%, $500,000 par, due 3/2/2018		(1)	499,509
	Chevron Corp	1.56%, $1,100,000 par, due 5/16/2019		(1)	1,095,482
	Chippewa Valley Schools	1.64%, $1,550,000 par, due 5/1/2018		(1)	1,561,083
	Chrysler Capital Auto Receivables Trust 2015-B	1.46%, $942,555 par, due 12/17/2018		(1)	943,048
	Cisco Systems Inc	1.65%, $2,370,000 par, due 6/15/2018		(1)	2,377,150
	Cisco Systems Inc	1.40%, $200,000 par, due 9/20/2019		(1)	197,819
	Citigroup Inc	1.85%, $1,500,000 par, due 11/24/2017		(1)	1,502,835
	Citigroup Inc	1.70%, $800,000 par, due 4/27/2018		(1)	798,237
	Citigroup Inc	2.65%, $690,000 par, due 10/26/2020		(1)	690,486
	Citigroup Inc	2.35%, $1,400,000 par, due 8/2/2021		(1)	1,369,479
	Citibank Credit Card Issuance Trust	1.73%, $3,500,000 par, due 4/9/2020		(1)	3,513,412
	Citizens Bank NA/Providence RI	2.30%, $530,000 par, due 12/3/2018		(1)	532,716
	Citizens Bank NA/Providence RI	2.50%, $360,000 par, due 3/14/2019		(1)	362,773
	College Loan Corp Trust I	1.63%, $8,720,000 par, due 4/25/2046		(1)	8,106,984
	Commonwealth Bank of Australia	2.25%, $825,000 par, due 3/16/2017		(1)	826,700
	Commonwealth Bank of Australia/New York NY	1.63%, $930,000 par, due 3/12/2018		(1)	929,312
	Commonwealth Edison Co	6.15%, $1,000,000 par, due 9/15/2017		(1)	1,032,864
	Commonwealth Edison Co	5.80%, $750,000 par, due 3/15/2018		(1)	787,580
	ConocoPhillips Co	1.50%, $1,600,000 par, due 5/15/2018		(1)	1,594,600
	Consumers Energy Co	6.13%, $805,000 par, due 3/15/2019		(1)	877,917
	Cooperatieve Rabobank UA/NY	2.50%, $750,000 par, due 1/19/2021		(1)	749,880
	Corning Inc	1.50%, $780,000 par, due 5/8/2018		(1)	777,701
	Covidien International Finance SA	6.00%, $1,400,000 par, due 10/15/2017		(1)	1,449,868
	Credit Suisse AG/New York NY	1.38%, $660,000 par, due 5/26/2017		(1)	660,153
	Credit Suisse AG/New York NY	1.75%, $1,000,000 par, due 1/29/2018		(1)	998,015
	Daimler Finance North America LLC	2.38%, $1,100,000 par, due 8/1/2018		(1)	1,108,278
	Daimler Finance North America LLC	1.65%, $830,000 par, due 3/2/2018		(1)	828,919
	Daimler Finance North America LLC	1.65%, $440,000 par, due 5/18/2018		(1)	439,186
	John Deere Capital Corp	1.35%, $1,410,000 par, due 1/16/2018		(1)	1,408,276
	John Deere Capital Corp	1.60%, $395,000 par, due 7/13/2018		(1)	394,871
	Dell Equipment Finance Trust 2015-1	1.01%, $81,576 par, due 7/24/2017		(1)	81,565
	Dell Equipment Finance Trust 2015-2	1.42%, $1,515,524 par, due 12/22/2017		(1)	1,516,219
	Dell Equipment Finance Trust 2016-1	1.65%, $2,900,000 par, due 7/22/2021		(1)	2,897,999
	Walt Disney Co/The	1.65%, $440,000 par, due 1/8/2019		(1)	440,424
	DNB Boligkreditt AS	1.45%, $2,350,000 par, due 3/21/2018		(1)	2,345,916
	EMC Corp	1.88%, $1,000,000 par, due 6/1/2018		(1)	988,915
	EMD Finance LLC (Merck KGaA)	1.70%, $1,200,000 par, due 3/19/2018		(1)	1,195,922
	ERP Operating LP	2.38%, $1,000,000 par, due 7/1/2019		(1)	1,007,884
	Eaton Corp	5.60%, $1,400,000 par, due 5/15/2018		(1)	1,471,670
	Ecolab Inc	1.55%, $2,200,000 par, due 1/12/2018		(1)	2,202,493
	EdLinc Student Loan Funding Trust 2012-1	1.58%, $1,806,284 par, due 9/25/2030		(1)	1,768,643
	Education Loan Asset-Backed Trust I	1.56%, $2,048,570 par, due 6/25/2026		(1)	2,028,773
	Enterprise Fleet Financing LLC	1.30%, $1,751,161 par, due 9/20/2020		(1)	1,749,891
	Enterprise Fleet Financing LLC	1.83%, $2,126,875 par, due 9/20/2021		(1)	2,127,899
	Exxon Mobil Corp	0.92%, $1,700,000 par, due 3/15/2017		(1)	1,700,466
	Exxon Mobil Corp	1.71%, $1,090,000 par, due 3/1/2019		(1)	1,092,355
	Freddie Mac Non Gold Pool	2.13%, $679,863 par, due 5/1/2042		(1)	710,375
	Freddie Mac Non Gold Pool	2.17%, $560,730 par, due 6/1/2042		(1)	590,798
	Freddie Mac Non Gold Pool	2.33%, $751,565 par, due 6/1/2042		(1)	792,717
	Freddie Mac Non Gold Pool	2.48%, $1,911,502 par, due 9/1/2042		(1)	1,955,220
	Freddie Mac Gold Pool	6.00%, $1,460,028 par, due 8/1/2038		(1)	1,704,232
	Freddie Mac Gold Pool	6.00%, $3,175,468 par, due 8/1/2038		(1)	3,698,820
	Freddie Mac Non Gold Pool	2.90%, $392,186 par, due 5/1/2038		(1)	414,411
	Freddie Mac Non Gold Pool	3.15%, $1,209,287 par, due 9/1/2037		(1)	1,281,537
	Freddie Mac Non Gold Pool	2.98%, $485,947 par, due 6/1/2036		(1)	506,531
	Freddie Mac Non Gold Pool	2.61%, $1,402,425 par, due 8/1/2035		(1)	1,479,084
	Freddie Mac Non Gold Pool	2.92%, $304,442 par, due 1/1/2041		(1)	322,050
	Freddie Mac Non Gold Pool	2.74%, $47,100 par, due 10/1/2029		(1)	48,034
	Freddie Mac Gold Pool	5.50%, $209,271 par, due 12/1/2033		(1)	235,617
	Freddie Mac Gold Pool	5.00%, $622,212 par, due 5/1/2020		(1)	647,510
	Freddie Mac Non Gold Pool	2.32%, $1,776,558 par, due 10/1/2043		(1)	1,806,316
	Freddie Mac Non Gold Pool	2.58%, $1,855,548 par, due 5/1/2044		(1)	1,910,584
	Freddie Mac Non Gold Pool	2.39%, $4,222,957 par, due 7/1/2045		(1)	4,267,513
	Freddie Mac Non Gold Pool	2.42%, $6,821,714 par, due 8/1/2045		(1)	6,902,667

33(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Freddie Mac Non Gold Pool	2.59%, $2,756,122 par, due 5/1/2045		(1)	$	2,807,006
	Freddie Mac Non Gold Pool	2.60%, $2,655,090 par, due 11/1/2045		(1)	2,701,204
	Freddie Mac Non Gold Pool	2.54%, $5,866,553 par, due 2/1/2046		(1)	5,979,941
	Freddie Mac Non Gold Pool	2.44%, $3,951,941 par, due 10/1/2046		(1)	3,988,785
	Freddie Mac Non Gold Pool	2.42%, $6,056,534 par, due 10/1/2046		(1)	6,109,916
	Freddie Mac Non Gold Pool	2.25%, $4,000,000 par, due 1/1/2047		(1)	4,018,172
	Freddie Mac Gold Pool	3.00%, $4,791,275 par, due 8/1/2027		(1)	4,924,645
	Fannie Mae-Aces	2.03%, $4,736,535 par, due 3/25/2019		(1)	4,758,063
	Fannie Mae-Aces	2.17%, $5,000,000 par, due 9/25/2019		(1)	5,020,360
	Fannie Mae-Aces	1.65%, $3,400,000 par, due 9/25/2019		(1)	3,395,913
	Fannie Mae Pool	3.91%, $933,174 par, due 10/1/2032		(1)	1,001,318
	Fannie Mae Pool	1.94%, $1,852,993 par, due 11/1/2032		(1)	1,932,937
	FHLMC Multifamily Structured Passthrough	2.70%, $4,272,351 par, due 5/25/2018		(1)	4,331,865
	Freddie Mac Multifamily Structured Pass
	Through Certificates	2.46%, $5,300,000 par, due 8/25/2019		(1)	5,379,569
	Freddie Mac Multifamily Structured Pass
	Through Certificates	2.35%, $1,800,000 par, due 4/25/2021		(1)	1,808,465
	Freddie Mac Multifamily Structured Pass
	Through Certificates	1.23%, $3,041,132 par, due 9/25/2022		(1)	3,047,004
	Freddie Mac Multifamily Structured Pass			(1)
	Through Certificates	2.57%, $3,600,000 par, due 9/25/2020		(1)	3,662,284
	Fannie Mae Pool	5.50%, $400,550 par, due 4/1/2033		(1)	460,930
	Fannie Mae Pool	2.83%, $314,696 par, due 2/1/2041		(1)	333,598
	Fannie Mae Pool	3.00%, $1,969,777 par, due 10/1/2041		(1)	2,067,895
	Fannie Mae Pool	3.00%, $5,178,149 par, due 8/1/2027		(1)	5,325,897
	Fannie Mae Pool	2.50%, $9,702,083 par, due 11/1/2027		(1)	9,731,897
	Fannie Mae Pool	2.50%, $2,092,210 par, due 10/1/2024		(1)	2,116,225
	Fannie Mae Pool	2.47%, $71,459 par, due 9/1/2044		(1)	73,238
	Fannie Mae Pool	2.82%, $953,462 par, due 10/1/2044		(1)	977,740
	Fannie Mae Pool	2.46%, $2,486,283 par, due 2/1/2045		(1)	2,537,483
	Fannie Mae Pool	2.58%, $2,390,039 par, due 4/1/2045		(1)	2,434,104
	Fannie Mae Pool	2.43%, $1,977,200 par, due 4/1/2045		(1)	2,016,144
	Fannie Mae Trust 2003-W6	6.50%, $362,096 par, due 9/25/2042		(1)	409,687
	Fannie Mae REMICS Trust 2003-W11	6.48%, $98,862 par, due 7/25/2033		(1)	108,111
	Freddie Mac Struct PT Cert	5.23%, $3,527,940 par, due 5/25/2043		(1)	3,980,243
	Fannie Mae Trust 2004-W1	7.00%, $710,872 par, due 12/25/2033		(1)	816,153
	Fannie Mae Grantor Trust 2004-T2	6.00%, $975,433 par, due 11/25/2043		(1)	1,073,855
	Fannie Mae REMICS	4.00%, $471,679 par, due 4/25/2019		(1)	478,261
	Fannie Mae REMICS Trust 2004-W11	7.00%, $909,250 par, due 5/25/2044		(1)	1,053,757
	Fannie Mae REMICS	5.50%, $2,841,293 par, due 4/25/2035		(1)	3,053,652
	Fannie Mae REMICS	5.50%, $3,098,224 par, due 4/25/2035		(1)	3,450,762
	Freddie Mac REMICS	4.00%, $491,824 par, due 12/15/2018		(1)	497,809
	Freddie Mac REMICS	4.00%, $573,992 par, due 9/15/2019		(1)	578,057
	Freddie Mac REMICS	4.00%, $817,911 par, due 6/15/2023		(1)	833,923
	Fannie Mae Pool	6.00%, $87,932 par, due 2/1/2033		(1)	100,522
	Fannie Mae Pool	2.71%, $856,536 par, due 7/1/2033		(1)	905,924
	Fannie Mae Pool	6.50%, $10,565 par, due 1/1/2018		(1)	10,610
	Fannie Mae Pool	2.88%, $702,899 par, due 5/1/2037		(1)	739,950
	Fannie Mae Pool	4.50%, $104,352 par, due 7/1/2018		(1)	107,247
	Fannie Mae Pool	5.00%, $1,003,957 par, due 6/1/2035		(1)	1,100,495
	Fannie Mae Pool	2.71%, $357,055 par, due 8/1/2035		(1)	374,927
	Fannie Mae Pool	2.53%, $558,171 par, due 8/1/2033		(1)	582,224
	Fannie Mae Pool	2.50%, $473,985 par, due 8/1/2033		(1)	494,829
	Fannie Mae Pool	2.86%, $279,476 par, due 12/1/2033		(1)	293,719
	Fannie Mae Pool	2.80%, $175,797 par, due 5/1/2034		(1)	183,879
	Fannie Mae Pool	2.67%, $3,002,500 par, due 6/1/2034		(1)	3,159,141
	Fannie Mae Pool	5.00%, $253,712 par, due 10/1/2019		(1)	263,323
	Fannie Mae Pool	5.00%, $232,212 par, due 11/1/2019		(1)	241,808
	Fannie Mae Pool	5.50%, $14,394 par, due 6/1/2021		(1)	15,219
	Fannie Mae Pool	5.50%, $198,962 par, due 1/1/2036		(1)	215,635
	Fannie Mae Pool	5.50%, $308,001 par, due 2/1/2036		(1)	326,840
	Fannie Mae Pool	2.63%, $2,699,439 par, due 11/1/2045		(1)	2,749,452
	Fannie Mae Pool	2.44%, $3,437,230 par, due 10/1/2046		(1)	3,476,023
	Fannie Mae Pool	3.72%, $1,228,484 par, due 5/1/2036		(1)	1,259,179
	Fannie Mae Pool	2.76%, $1,308,244 par, due 5/1/2038		(1)	1,399,000
	Fannie Mae Pool	2.50%, $772,921 par, due 10/1/2023		(1)	789,921
	Fifth Third Bank/Cincinnati OH	2.30%, $490,000 par, due 3/15/2019		(1)	493,305
	Fifth Third Auto Trust 2014-2	0.89%, $1,062,756 par, due 11/15/2018		(1)	1,062,390
	Duke Energy Florida LLC	4.55%, $1,250,000 par, due 4/1/2020		(1)	1,335,381
	Ford Credit Auto Owner Trust 2014-A	0.79%, $384,519 par, due 5/15/2018		(1)	384,424
	Ford Credit Auto Owner Trust 2014-B	0.90%, $467,829 par, due 10/15/2018		(1)	467,664
	Ford Credit Auto Owner Trust 2015-A	1.28%, $3,046,761 par, due 9/15/2019		(1)	3,047,967
	Ford Credit Auto Owner Trust 2016-REV1	2.31%, $2,900,000 par, due 8/15/2027		(1)	2,894,368
	Ford Credit Auto Owner Trust 2015-B	1.16%, $3,432,909 par, due 11/15/2019		(1)	3,429,775

34(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Ford Credit Auto Owner Trust 2015-C	1.41%, $5,000,000 par, due 2/15/2020		(1)	$	5,001,715
	Ford Motor Credit Co LLC	2.02%, $860,000 par, due 5/3/2019		(1)	852,109
	GAHR Commercial Mortgage Trust 2015-NRF	2.00%, $3,467,925 par, due 12/15/2034		(1)	3,473,307
	GE Capital International Funding Co Unlimited Co	2.34%, $1,727,000 par, due 11/15/2020		(1)	1,726,176
	Ginnie Mae II pool	2.13%, $1,038,875 par, due 4/20/2042		(1)	1,066,808
	GS Mortgage Securities Trust 2012-GCJ7	2.94%, $3,600,000 par, due 5/10/2045		(1)	3,661,538
	GS Mortgage Securities Trust 2012-GCJ9	2.37%, $3,250,000 par, due 11/10/2045		(1)	3,252,142
	Ginnie Mae II pool	1.15%, $4,816,546 par, due 5/20/2058		(1)	4,812,461
	Ginnie Mae II pool	4.80%, $2,424,927 par, due 12/20/2060		(1)	2,483,594
	Ginnie Mae II pool	5.47%, $829,088 par, due 8/20/2059		(1)	837,621
	GM Financial Automobile Leasing Trust 2015-3	1.32%, $2,268,708 par, due 6/20/2018		(1)	2,272,252
	Ginnie Mae II pool	6.08%, $704,845 par, due 10/20/2058		(1)	722,700
	Ginnie Mae II pool	5.78%, $310,627 par, due 12/20/2058		(1)	313,752
	Ginnie Mae II pool	5.46%, $467,993 par, due 7/20/2059		(1)	472,729
	Ginnie Mae II pool	5.59%, $55,019 par, due 2/20/2059		(1)	55,610
	General Electric Co	5.55%, $215,000 par, due 5/4/2020		(1)	237,517
	General Electric Co	2.20%, $430,000 par, due 1/9/2020		(1)	431,399
	Gilead Sciences Inc	1.85%, $800,000 par, due 9/4/2018		(1)	803,020
	GlaxoSmithKline Capital Inc	5.65%, $1,000,000 par, due 5/15/2018		(1)	1,054,010
	Goldman Sachs Group Inc/The	2.75%, $380,000 par, due 9/15/2020		(1)	381,642
	Goldman Sachs Group Inc/The	2.00%, $730,000 par, due 4/25/2019		(1)	727,100
	Goldman Sachs Group Inc/The	2.30%, $930,000 par, due 12/13/2019		(1)	928,944
	Goldman Sachs Group Inc/The	2.90%, $2,000,000 par, due 7/19/2018		(1)	2,027,620
	Goldman Sachs Group Inc/The	2.55%, $920,000 par, due 10/23/2019		(1)	926,755
	HSBC USA Inc	2.00%, $600,000 par, due 8/7/2018		(1)	599,846
	Home Depot Inc/The	2.00%, $730,000 par, due 4/1/2021		(1)	724,197
	Honda Auto Receivables 2016-3 Owner Trust	1.16%, $3,600,000 par, due 5/18/2020		(1)	3,579,512
	Honda Auto Receivables 2016-2 Owner Trust	1.39%, $1,000,000 par, due 4/15/2020		(1)	998,450
	Honeywell International Inc	1.85%, $2,520,000 par, due 11/1/2021		(1)	2,462,620
	Honolulu City & County Board of Water Supply	1.74%, $1,750,000 par, due 7/1/2018		(1)	1,758,243
	HSBC Bank PLC	1.50%, $2,500,000 par, due 5/15/2018		(1)	2,486,080
	Hyundai Auto Receivables Trust 2015-A	1.05%, $2,920,212 par, due 4/15/2019		(1)	2,918,676
	Hyundai Auto Lease Securitization Trust 2015-A	1.42%, $3,740,296 par, due 9/17/2018		(1)	3,745,428
	Hyundai Auto Lease Securitization Trust 2016-B	1.24%, $2,773,683 par, due 11/15/2018		(1)	2,773,403
	Hyundai Capital America	1.45%, $1,500,000 par, due 2/6/2017		(1)	1,500,255
	Intel Corp	1.35%, $1,000,000 par, due 12/15/2017		(1)	1,001,503
	International Business Machines Corp	5.70%, $2,000,000 par, due 9/14/2017		(1)	2,059,944
	International Business Machines Corp	1.25%, $900,000 par, due 2/8/2018		(1)	898,939
	JPMorgan Chase & Co	6.00%, $730,000 par, due 1/15/2018		(1)	761,481
	JPMorgan Chase & Co	2.25%, $1,480,000 par, due 1/23/2020		(1)	1,476,516
	JPMorgan Chase & Co	2.55%, $620,000 par, due 10/29/2020		(1)	619,542
	JPMorgan Chase & Co	2.40%, $1,100,000 par, due 6/7/2021		(1)	1,089,895
	JP Morgan Chase Commercial Mortgage
	Securities Trust 2011-C4	4.39%, $2,380,000 par, due 7/15/2046		(1)	2,556,363
	John Deere Owner Trust 2014-A	0.92%, $730,997 par, due 4/16/2018		(1)	730,683
	John Deere Owner Trust 2016-B	1.25%, $3,700,000 par, due 6/15/2020		(1)	3,682,370
	JPMorgan Chase Bank NA	1.65%, $880,000 par, due 9/23/2019		(1)	871,247
	JPMorgan Chase & Co	2.20%, $870,000 par, due 10/22/2019		(1)	873,494
	KeyBank NA/Cleveland OH	2.25%, $1,200,000 par, due 3/16/2020		(1)	1,194,964
	KeyBank NA/Cleveland OH	2.35%, $520,000 par, due 3/8/2019		(1)	522,988
	KeyBank NA/Cleveland OH	1.60%, $710,000 par, due 8/22/2019		(1)	700,277
	Lockheed Martin Corp	1.85%, $840,000 par, due 11/23/2018		(1)	843,346
	Manufacturers & Traders Trust Co	1.40%, $2,500,000 par, due 7/25/2017		(1)	2,501,320
	MMAF Equipment Finance LLC 2016-A	1.76%, $1,800,000 par, due 1/17/2023		(1)	1,772,667
	MassMutual Global Funding II	1.55%, $2,080,000 par, due 10/11/2019		(1)	2,055,400
	McDonald's Corp	5.80%, $1,450,000 par, due 10/15/2017		(1)	1,499,520
	McDonald's Corp	2.10%, $480,000 par, due 12/7/2018		(1)	482,851
	Medtronic Inc	2.50%, $740,000 par, due 3/15/2020		(1)	748,281
	Mercedes Benz Auto Lease Trust 2015-A	1.10%, $99,582 par, due 8/15/2017		(1)	99,563
	Mercedes-Benz Auto Receivables Trust 2015-1	1.34%, $4,000,000 par, due 12/16/2019		(1)	3,998,716
	Merrill Lynch Mortgage Investors Trust Series
	MLCC 2004-A	1.22%, $12,356 par, due 4/25/2029		(1)	11,820
	Metropolitan Government of Nashville & Davidson
	County TN	1.86%, $1,500,000 par, due 7/1/2019		(1)	1,507,830
	Metropolitan Life Global Funding I	1.95%, $2,400,000 par, due 12/3/2018		(1)	2,408,957
	Microsoft Corp	1.10%, $1,220,000 par, due 8/8/2019		(1)	1,203,595
	Micron Semiconductor Asia Pte Ltd	1.26%, $2,104,500 par, due 1/15/2019		(1)	2,095,160
	MidAmerican Energy Co	5.30%, $1,980,000 par, due 3/15/2018		(1)	2,064,592
	MidAmerican Energy Co	2.40%, $1,000,000 par, due 3/15/2019		(1)	1,012,182
	Middletown City School District/OH	1.78%, $1,365,000 par, due 12/1/2019		(1)	1,358,503
	Mondelez International Holdings Netherlands BV	1.63%, $1,700,000 par, due 10/28/2019		(1)	1,666,496
	Monmouth County Improvement Authority	2.15%, $1,000,000 par, due 12/15/2019		(1)	1,004,830
	Morgan Stanley Capital Barclays Bank Trust
	2016-MART	2.20%, $1,400,000 par, due 9/13/2031		(1)	1,368,755

35(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Morgan Stanley	5.45%, $450,000 par, due 1/9/2017		(1)	$	450,221
	Morgan Stanley	2.50%, $560,000 par, due 1/24/2019		(1)	565,887
	Morgan Stanley	2.45%, $600,000 par, due 2/1/2019		(1)	604,120
	Morgan Stanley	2.63%, $1,110,000 par, due 11/17/2021		(1)	1,096,638
	Morgan Stanley	2.65%, $920,000 par, due 1/27/2020		(1)	924,333
	Morgan Stanley Capital I Trust 2007-IQ13	5.31%, $631,680 par, due 3/15/2044		(1)	632,455
	Morgan Stanley Capital I Trust 2012-C4	2.11%, $374,361 par, due 3/15/2045		(1)	374,252
	Morgan Stanley	1.88%, $800,000 par, due 1/5/2018		(1)	801,192
	National Australia Bank Ltd	2.00%, $2,275,000 par, due 6/20/2017		(1)	2,282,423
	Navient Student Loan Trust 2015-2	1.18%, $3,600,000 par, due 8/27/2029		(1)	3,585,553
	Navient Student Loan Trust 2016-6	1.51%, $2,130,000 par, due 3/25/2066		(1)	2,134,230
	New Hampshire Higher Education Loan Corp	0.94%, $800,915 par, due 10/25/2028		(1)	799,465
	New York Life Global Funding	1.65%, $1,900,000 par, due 5/15/2017		(1)	1,904,560
	New York Life Global Funding	2.10%, $450,000 par, due 1/2/2019		(1)	451,863
	New York Life Global Funding	1.50%, $980,000 par, due 10/24/2019		(1)	966,871
	New York State Urban Development Corp	6.45%, $660,000 par, due 3/15/2018		(1)	683,938
	Nissan Auto Lease Trust 2016-B	1.26%, $3,600,000 par, due 12/17/2018		(1)	3,597,170
	Nissan Auto Lease Trust 2016-A	1.22%, $2,841,317 par, due 8/15/2018		(1)	2,841,189
	Nissan Auto Receivables 2016-B Owner Trust	1.32%, $3,600,000 par, due 1/15/2021		(1)	3,578,314
	North Carolina State Ed Assistance Auth	1.56%, $1,790,221 par, due 7/25/2039		(1)	1,763,994
	Northstar Education Finance Inc	1.46%, $987,931 par, due 12/26/2031		(1)	965,815
	Oracle Corp	2.38%, $900,000 par, due 1/15/2019		(1)	912,047
	Oracle Corp	1.90%, $1,530,000 par, due 9/15/2021		(1)	1,495,105
	Orange SA	1.63%, $1,430,000 par, due 11/3/2019		(1)	1,407,262
	PPL Electric Utilities Corp	3.00%, $1,500,000 par, due 9/15/2021		(1)	1,522,463
	PNC Bank NA	1.50%, $1,300,000 par, due 2/23/2018		(1)	1,298,370
	PNC Bank NA	1.60%, $1,500,000 par, due 6/1/2018		(1)	1,498,224
	PNC Bank NA	1.85%, $370,000 par, due 7/20/2018		(1)	370,642
	PNC Bank NA	1.70%, $800,000 par, due 12/7/2018		(1)	798,552
	PACCAR Financial Corp	1.75%, $860,000 par, due 8/14/2018		(1)	863,652
	PACCAR Financial Corp	2.25%, $730,000 par, due 2/25/2021		(1)	722,576
	PepsiCo Inc	2.25%, $1,200,000 par, due 1/7/2019		(1)	1,214,255
	PepsiCo Inc	1.25%, $600,000 par, due 4/30/2018		(1)	599,245
	Petroleos Mexicanos	1.95%, $4,200,000 par, due 12/20/2022		(1)	4,168,109
	Petroleos Mexicanos	1.34%, $3,280,625 par, due 2/15/2024		(1)	3,285,569
	Pfizer Inc	1.70%, $1,530,000 par, due 12/15/2019		(1)	1,528,557
	Procter & Gamble Co/The	1.70%, $1,840,000 par, due 11/3/2021		(1)	1,808,514
	Public Service Electric & Gas Co	5.30%, $2,400,000 par, due 5/1/2018		(1)	2,516,940
	Realty Income Corp	2.00%, $1,716,000 par, due 1/31/2018		(1)	1,720,843
	Reliance Industries Ltd	2.06%, $2,755,000 par, due 1/15/2026		(1)	2,714,457
	Royal Bank of Canada	2.10%, $950,000 par, due 10/14/2020		(1)	945,146
	Royal Bank of Canada	1.20%, $1,025,000 par, due 9/19/2017		(1)	1,023,624
	Royal Bank of Canada	2.00%, $2,300,000 par, due 10/1/2018		(1)	2,315,606
	SCG Trust 2013-SRP1	2.10%, $3,000,000 par, due 11/15/2026		(1)	3,000,003
	SLM Student Loan Trust 2006-1	0.99%, $1,300,000 par, due 7/26/2021		(1)	1,239,710
	San Diego Gas & Electric Co	1.91%, $471,430 par, due 2/1/2022		(1)	465,637
	Charles Schwab Corp/The	2.20%, $700,000 par, due 7/25/2018		(1)	705,270
	Charles Schwab Corp/The	1.50%, $1,220,000 par, due 3/10/2018		(1)	1,220,288
	Charles Schwab Corp/The	6.38%, $500,000 par, due 9/1/2017		(1)	516,698
	Sequoia Mortgage Trust 9	1.44%, $13,253 par, due 9/20/2032		(1)	12,462
	Shell International Finance BV	1.90%, $870,000 par, due 8/10/2018		(1)	875,315
	Shell International Finance BV	2.13%, $700,000 par, due 5/11/2020		(1)	699,164
	Shell International Finance BV	1.63%, $1,320,000 par, due 11/10/2018		(1)	1,321,489
	Sherwin-Williams Co/The	1.35%, $1,265,000 par, due 12/15/2017		(1)	1,262,805
	Siemens Financieringsmaatschappij NV	1.45%, $1,900,000 par, due 5/25/2018		(1)	1,897,902
	Simon Property Group LP	2.35%, $640,000 par, due 1/30/2022		(1)	631,404
	United States Small Business Administration	4.76%, $2,251,009 par, due 9/1/2025		(1)	2,386,002
	United States Small Business Administration	5.29%, $1,670,167 par, due 12/1/2027		(1)	1,803,382
	United States Small Business Administration	5.63%, $2,611,662 par, due 10/1/2028		(1)	2,864,293
	United States Small Business Administration	6.77%, $739,378 par, due 11/1/2028		(1)	831,853
	SBA Small Business Investment Cos	5.46%, $303,833 par, due 2/10/2017		(1)	305,684
	SBA Small Business Investment Cos	5.79%, $391,597 par, due 8/10/2017		(1)	400,659
	SBA Small Business Investment Cos	5.90%, $555,671 par, due 2/10/2018		(1)	577,883
	SBA Small Business Investment Cos	3.64%, $1,757,479 par, due 9/10/2023		(1)	1,827,058
	SBA Small Business Investment Cos	2.83%, $7,010,131 par, due 9/10/2025		(1)	7,132,220
	South Carolina Student Loan Corp	1.26%, $1,238,085 par, due 1/25/2041		(1)	1,216,802
	South Lyon Community Schools	1.94%, $2,000,000 par, due 5/1/2019		(1)	2,005,740
	Southern California Edison Co	1.84%, $942,857 par, due 2/1/2022		(1)	927,511
	Statoil ASA	1.25%, $1,560,000 par, due 11/9/2017		(1)	1,558,287
	Teva Pharmaceutical Finance Netherlands III BV	1.40%, $820,000 par, due 7/20/2018		(1)	813,314
	Texas A&M University	1.54%, $2,150,000 par, due 5/15/2018		(1)	2,154,838
	Toronto-Dominion Bank/The	2.25%, $5,450,000 par, due 9/25/2019		(1)	5,493,387
	Total Capital Intl	1.50%, $2,000,000 par, due 2/17/2017		(1)	2,000,666
	Towd Point Mortgage Trust 2016-1	2.75%, $2,283,941 par, due 2/25/2055		(1)	2,289,315

36(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
			Description of investment, including
			maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party			collateral, par, or maturing value	shares	Cost	Current value
		Towd Point Mortgage Trust 2016-2	2.75%, $2,266,217 par, due 8/25/2055		(1)	$	2,261,487
		Towd Point Mortgage Trust 2016-3	2.25%, $1,588,804 par, due 8/25/2055		(1)	1,576,025
		Toyota Auto Receivables 2015-C Owner Trust	1.34%, $3,600,000 par, due 6/17/2019		(1)	3,600,184
		Toyota Motor Credit Corp	1.45%, $2,220,000 par, due 1/12/2018		(1)	2,220,644
		Toyota Motor Credit Corp	1.55%, $400,000 par, due 7/13/2018		(1)	399,900
		Toyota Motor Credit Corp	1.70%, $730,000 par, due 2/19/2019		(1)	727,693
		Toyota Auto Receivables 2016-C	1.14%, $3,670,000 par, due 8/17/2020		(1)	3,645,895
		UBS AG/Stamford CT	5.88%, $1,250,000 par, due 12/20/2017		(1)	1,301,174
		UBS AG/Stamford CT	1.38%, $800,000 par, due 6/1/2017		(1)	799,813
		USAA Capital Corp	2.00%, $1,720,000 par, due 6/1/2021		(1)	1,683,622
		US Bank NA/Cincinnati OH	1.38%, $1,500,000 par, due 9/11/2017		(1)	1,501,194
		US Bank NA/Cincinnati OH	2.13%, $500,000 par, due 10/28/2019		(1)	501,807
		US Bank NA/Cincinnati OH	1.35%, $1,080,000 par, due 1/26/2018		(1)	1,078,116
		US Bank NA/Cincinnati OH	1.40%, $1,250,000 par, due 4/26/2019		(1)	1,236,409
		UBS-Barclays Commercial Mortgage Trust 2012-C3	3.09%, $4,015,000 par, due 8/10/2049		(1)	4,110,886
		Ukraine Government AID Bonds	1.47%, $700,000 par, due 9/29/2021		(1)	683,371
		Union Electric Co	6.70%, $1,500,000 par, due 2/1/2019		(1)	1,642,920
		United States Treasury Note/Bond	0.75%, $7,400,000 par, due 8/15/2019		(1)	7,286,107
		United States Treasury Note/Bond	1.63%, $2,850,000 par, due 12/31/2019		(1)	2,864,028
		United States Treasury Note/Bond	0.88%, $7,250,000 par, due 10/15/2018		(1)	7,214,881
		United States Treasury Note/Bond	1.25%, $2,200,000 par, due 12/15/2018		(1)	2,202,407
		United States Treasury Inflation Indexed Bonds	0.13%, $32,842,000 par, due 4/15/2021		(1)	33,687,911
		United States Treasury Note/Bond	1.38%, $7,000,000 par, due 9/30/2018		(1)	7,026,250
		United States Treasury Note/Bond	0.75%, $11,500,000 par, due 9/30/2018		(1)	11,422,283
		United States Treasury Note/Bond	1.00%, $7,650,000 par, due 10/15/2019		(1)	7,568,122
		United States Treasury Note/Bond	1.00%, $7,575,000 par, due 11/15/2019		(1)	7,483,865
		United States Treasury Note/Bond	0.88%, $1,200,000 par, due 7/15/2018		(1)	1,196,156
		United Technologies Corp	1.50%, $1,350,000 par, due 11/1/2019		(1)	1,340,056
		UnitedHealth Group Inc	1.90%, $920,000 par, due 7/16/2018		(1)	924,087
		UnitedHealth Group Inc	1.70%, $1,250,000 par, due 2/15/2019		(1)	1,246,243
		Ventas Realty LP / Ventas Capital Corp	2.00%, $700,000 par, due 2/15/2018		(1)	701,441
		Verizon Communications Inc	3.65%, $1,600,000 par, due 9/14/2018		(1)	1,652,827
		Verizon Communications Inc	1.38%, $700,000 par, due 8/15/2019		(1)	689,105
		Volkswagen Group of America Finance LLC	1.60%, $1,150,000 par, due 11/20/2017		(1)	1,146,387
		Volkswagen Group of America Finance LLC	1.65%, $300,000 par, due 5/22/2018		(1)	298,371
		Volkswagen Auto Lease Trust 2015-A	1.25%, $3,325,752 par, due 12/20/2017		(1)	3,326,022
		Volvo Financial Equipment LLC Series 2014-1	0.82%, $717,727 par, due 4/16/2018		(1)	717,261
		Volvo Financial Equipment LLC Series 2016-1	1.44%, $1,723,035 par, due 10/15/2018		(1)	1,724,385
		WFRBS Commercial Mortgage Trust 2012-C10	2.45%, $3,500,000 par, due 12/15/2045		(1)	3,522,729
		Westpac Banking Corp	1.25%, $1,625,000 par, due 12/15/2017		(1)	1,621,776
		Westpac Banking Corp	2.00%, $2,250,000 par, due 5/21/2019		(1)	2,258,075
		WFRBS Commercial Mortgage Trust 2014-LC14	1.45%, $1,000,000 par, due 3/15/2047		(1)	995,992
		Wheels SPV 2 LLC	1.59%, $1,633,000 par, due 5/20/2025		(1)	1,625,818
		WEC Energy Group Inc	1.65%, $650,000 par, due 6/15/2018		(1)	649,403
		State of Wisconsin	1.45%, $750,000 par, due 5/1/2020		(1)	735,653
		World Omni Auto Receivables Trust 2013-B	0.83%, $211,721 par, due 8/15/2018		(1)	211,677
		World Omni Auto Lease Sec Trust	1.54%, $2,600,000 par, due 10/15/2018		(1)	2,602,423
		Xcel Energy Inc	1.20%, $1,000,000 par, due 6/1/2017		(1)	999,050
		Xcel Energy Inc	2.40%, $730,000 par, due 3/15/2021		(1)	725,913
		WF/BlackRock Short Term Investment Fund S	0.83%, $24,726,575 par		(1)	24,726,575
						754,559,729
			Accrued income			2,348,807
			Payable for securities purchased on a forward commitment basis			(7,196,310		)
			Payable for investment securities purchased			(6,951,000		)
			Receivables for investment securities sold			6,916,000
			Receivable for investment payments due			779,711
			Adjustment from fair value to current value			521,994
			Total			750,978,931
	American General Life Ins. Co.		2.24%
	Transamerica Premier Life Ins. Co.		2.36%
	Pacific Life Ins. Co.		2.27%
	Nationwide Life Insurance Co.		2.13%
	State Street Bank and TrustCo.		2.00%
	Voya Ins. and Annuity Co.		2.11%
		21st Century Fox America Inc	3.38%, $700,000 par, due 11/15/2026		(1)	686,195
		Abay Leasing 2014 LLC	2.65%, $1,520,833 par, due 11/9/2026		(1)	1,533,806
		ABB Treasury Center USA Inc	4.00%, $1,500,000 par, due 6/15/2021		(1)	1,584,161
		AbbVie Inc	1.80%, $945,000 par, due 5/14/2018		(1)	945,710
		Access Group Inc 2013-1	1.26%, $1,183,079 par, due 2/25/2036		(1)	1,168,502
		Adams & Arapahoe Joint School District 28J Aurora	3.73%, $675,000 par, due 12/1/2020		(1)	709,182
		AIG Global Funding	2.70%, $1,700,000 par, due 12/15/2021		(1)	1,696,348
		Air Liquide Finance SA	1.38%, $2,050,000 par, due 9/27/2019		(1)	2,015,216
		Airgas Inc	3.05%, $670,000 par, due 8/1/2020		(1)	685,011
		Allergan PLC	3.80%, $670,000 par, due 3/15/2025		(1)	670,789

37(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Alvin Independent School District/TX	3.78%, $500,000 par, due 2/15/2021		(1)	$	525,275
	American Express Co	1.55%, $500,000 par, due 5/22/2018		(1)	499,029
	American Express Credit Corp	1.70%, $630,000 par, due 10/30/2019		(1)	623,850
	American Express Credit Corp	2.38%, $480,000 par, due 5/26/2020		(1)	479,732
	American Honda Finance Corp	1.65%, $1,270,000 par, due 7/12/2021		(1)	1,223,085
	American Honda Finance Corp	2.45%, $940,000 par, due 9/24/2020		(1)	944,860
	AmeriCredit Automobile Receivables 2015-4	1.70%, $1,900,000 par, due 7/8/2020		(1)	1,905,746
	Anderson County School District No 1/SC	5.00%, $500,000 par, due 3/1/2022		(1)	537,870
	Anheuser-Busch InBev Finance Inc	2.65%, $1,670,000 par, due 2/1/2021		(1)	1,679,594
	Anheuser-Busch InBev Finance Inc	3.65%, $940,000 par, due 2/1/2026		(1)	954,279
	Anheuser-Busch InBev Worldwide Inc	3.75%, $500,000 par, due 1/15/2022		(1)	521,888
	Apple Inc	1.55%, $900,000 par, due 8/4/2021		(1)	870,140
	Apple Inc	2.85%, $800,000 par, due 2/23/2023		(1)	804,986
	Archer-Daniels-Midland Co	4.48%, $360,000 par, due 3/1/2021		(1)	390,019
	Arconic Inc	5.72%, $392,000 par, due 2/23/2019		(1)	415,520
	AT&T Inc	1.60%, $420,000 par, due 2/15/2017		(1)	420,113
	AT&T Inc	3.40%, $850,000 par, due 5/15/2025		(1)	819,250
	AvalonBay Communities Inc	2.95%, $1,800,000 par, due 9/15/2022		(1)	1,794,350
	BAE Systems Holdings Inc	3.80%, $1,000,000 par, due 10/7/2024		(1)	1,024,709
	BAE Systems PLC	4.75%, $770,000 par, due 10/11/2021		(1)	832,607
	Bank of America Corp	2.65%, $370,000 par, due 4/1/2019		(1)	373,909
	Bank of America Corp	3.30%, $1,600,000 par, due 1/11/2023		(1)	1,605,344
	Bank of America Corp	3.95%, $535,000 par, due 4/21/2025		(1)	532,587
	Bank of America Corp	4.00%, $1,500,000 par, due 4/1/2024		(1)	1,547,009
	Bank of America Corp	5.00%, $300,000 par, due 5/13/2021		(1)	326,711
	Bank of America Corp	5.42%, $300,000 par, due 3/15/2017		(1)	302,174
	Bank of America Corp	6.40%, $450,000 par, due 8/28/2017		(1)	463,799
	Bank of America NA	5.30%, $1,250,000 par, due 3/15/2017		(1)	1,259,681
	Bank of Montreal	1.75%, $1,100,000 par, due 6/15/2021		(1)	1,070,706
	Bank of Montreal	1.90%, $920,000 par, due 8/27/2021		(1)	891,502
	Bank of Montreal	2.10%, $1,150,000 par, due 12/12/2019		(1)	1,149,995
	Bank of New York Mellon Corp/The	2.15%, $1,200,000 par, due 2/24/2020		(1)	1,196,466
	Bank of New York Mellon Corp/The	2.20%, $1,200,000 par, due 5/15/2019		(1)	1,207,241
	Bank of Nova Scotia/The	4.50%, $500,000 par, due 12/16/2025		(1)	513,644
	Bayer US Finance LLC	2.38%, $830,000 par, due 10/8/2019		(1)	831,470
	BB&T Corp	2.45%, $1,300,000 par, due 1/15/2020		(1)	1,310,188
	BB&T Corp	2.63%, $1,150,000 par, due 6/29/2020		(1)	1,159,009
	Becton Dickinson and Co	2.67%, $624,000 par, due 12/15/2019		(1)	633,117
	BHP Billiton Finance USA Ltd	3.85%, $500,000 par, due 9/30/2023		(1)	529,170
	Boston Properties LP	3.13%, $500,000 par, due 9/1/2023		(1)	490,285
	Boston Properties LP	3.85%, $1,830,000 par, due 2/1/2023		(1)	1,877,690
	BP Capital Markets PLC	2.31%, $1,000,000 par, due 2/13/2020		(1)	1,000,141
	BP Capital Markets PLC	3.22%, $1,200,000 par, due 11/28/2023		(1)	1,211,987
	BP Capital Markets PLC	3.81%, $560,000 par, due 2/10/2024		(1)	581,764
	Brazos Student Finance Corp	1.25%, $181,497 par, due 6/25/2027		(1)	177,455
	Burlington Northern Santa Fe LLC	3.40%, $500,000 par, due 9/1/2024		(1)	514,743
	Burlington Northern Santa Fe LLC	3.60%, $1,010,000 par, due 9/1/2020		(1)	1,057,834
	Cabot Corp	3.40%, $500,000 par, due 9/15/2026		(1)	475,072
	Canadian Pacific Railway Co	2.90%, $460,000 par, due 2/1/2025		(1)	450,861
	Canadian Pacific Railway Co	4.50%, $775,000 par, due 1/15/2022		(1)	832,623
	Capital Auto Receivables Asset Trust 2015-4	1.83%, $1,800,000 par, due 3/20/2020		(1)	1,802,878
	Capital Auto Receivables Asset	1.26%, $195,663 par, due 5/21/2018		(1)	195,680
	Capital One Multi-Asset Execution Tr	1.34%, $2,600,000 par, due 4/15/2022		(1)	2,571,226
	Cargill Inc	4.31%, $1,210,000 par, due 5/14/2021		(1)	1,291,472
	CarMax Auto Owner Trust 2013-4	0.80%, $91,836 par, due 7/16/2018		(1)	91,808
	Carmax Auto Owner Trust 2014-1	0.79%, $456,708 par, due 10/15/2018		(1)	456,410
	CarMax Auto Owner Trust 2015-4	1.56%, $1,500,000 par, due 11/16/2020		(1)	1,500,570
	Carmax Auto Owner Trust 2016-3	1.39%, $2,600,000 par, due 5/17/2021		(1)	2,582,788
	Caterpillar Financial Services Corp	1.70%, $1,400,000 par, due 8/9/2021		(1)	1,344,715
	Caterpillar Inc	3.90%, $750,000 par, due 5/27/2021		(1)	790,906
	CenterPoint Energy Houston Electric LLC	1.85%, $580,000 par, due 6/1/2021		(1)	566,734
	CenterPoint Energy Houston Electric LLC	2.25%, $1,298,000 par, due 8/1/2022		(1)	1,269,283
	CenterPoint Energy Transition	2.16%, $1,400,000 par, due 10/15/2021		(1)	1,408,358
	Charter Township of Bloomfield MI	3.09%, $665,000 par, due 5/1/2020		(1)	686,353
	Chase Issuance Trust	1.37%, $1,800,000 par, due 6/15/2021		(1)	1,782,641
	Cherokee County Board of Education	5.63%, $1,000,000 par, due 8/1/2028		(1)	1,151,530
	Chevron Corp	2.35%, $470,000 par, due 12/5/2022		(1)	461,239
	Chevron Corp	2.57%, $1,000,000 par, due 5/16/2023		(1)	985,887
	Chevron Corp	3.19%, $700,000 par, due 6/24/2023		(1)	716,993
	Children's Hospital Medical Center/Cincinnati OH	2.85%, $1,775,000 par, due 11/15/2026		(1)	1,683,465
	Chubb INA Holdings Inc	2.88%, $360,000 par, due 11/3/2022		(1)	362,946
	Cintas Corp No 2	3.25%, $2,180,000 par, due 6/1/2022		(1)	2,206,923
	Cisco Systems Inc	1.85%, $390,000 par, due 9/20/2021		(1)	380,627
	Cisco Systems Inc	2.20%, $760,000 par, due 2/28/2021		(1)	758,362

38(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Cisco Systems Inc	2.45%, $430,000 par, due 6/15/2020		(1)	$	434,338
	Citigroup Commercial Mortgage Trust 2012-GC8	2.61%, $1,500,000 par, due 5/10/2022		(1)	1,511,840
	Citigroup Commercial Mortgage Trust 2013-GC11	2.69%, $2,650,000 par, due 4/10/2046		(1)	2,686,199
	Citigroup Inc	2.35%, $1,000,000 par, due 8/2/2021		(1)	978,199
	Citigroup Inc	2.40%, $470,000 par, due 2/18/2020		(1)	469,046
	Citigroup Inc	2.70%, $500,000 par, due 3/30/2021		(1)	498,856
	Citigroup Inc	2.90%, $760,000 par, due 12/8/2021		(1)	757,950
	Citigroup Inc	3.30%, $380,000 par, due 4/27/2025		(1)	372,295
	Citigroup Inc	3.40%, $760,000 par, due 5/1/2026		(1)	738,462
	Citigroup Inc	4.50%, $600,000 par, due 1/14/2022		(1)	639,706
	Citizens Bank NA/Providence RI	2.50%, $1,012,000 par, due 3/14/2019		(1)	1,019,796
	City & County of Honolulu HI	2.37%, $750,000 par, due 10/1/2024		(1)	726,195
	City of Austin TX	3.45%, $500,000 par, due 9/1/2021		(1)	518,195
	City of Boston MA	4.40%, $1,000,000 par, due 4/1/2026		(1)	1,075,930
	City of Chicago IL	6.05%, $1,000,000 par, due 1/1/2029		(1)	1,004,130
	City of Dallas TX Waterworks & Sewer
	System Revenue	2.59%, $1,250,000 par, due 10/1/2027		(1)	1,209,388
	City of Houston TX	4.36%, $695,000 par, due 3/1/2020		(1)	741,127
	City of Lubbock TX	4.74%, $750,000 par, due 2/15/2020		(1)	793,845
	CNH Equipment Trust 2015-A	1.30%, $1,650,379 par, due 4/15/2020		(1)	1,649,674
	Comcast Corp	1.63%, $535,000 par, due 1/15/2022		(1)	512,806
	Comcast Corp	2.75%, $810,000 par, due 3/1/2023		(1)	804,209
	COMM 2012-LC4 A4 9.6-Yr CMBS	3.29%, $2,300,000 par, due 12/10/2044		(1)	2,388,849
	COMM 2013-CCRE6 Mortgage Trust	3.10%, $2,880,000 par, due 3/10/2046		(1)	2,930,797
	COMM 2013-CCRE8 Mortgage Trust	3.61%, $2,165,000 par, due 6/10/2046		(1)	2,264,597
	Commonwealth Edison Co	3.40%, $1,100,000 par, due 9/1/2021		(1)	1,141,467
	Commonwealth of Pennsylvania	4.65%, $750,000 par, due 2/15/2026		(1)	814,733
	Connecticut Light & Power Co/The	5.38%, $750,000 par, due 3/1/2017		(1)	754,780
	ConocoPhillips Co	2.20%, $1,290,000 par, due 5/15/2020		(1)	1,280,153
	ConocoPhillips Co	2.88%, $600,000 par, due 11/15/2021		(1)	604,574
	ConocoPhillips	5.75%, $450,000 par, due 2/1/2019		(1)	483,465
	Core Industrial Trust 2015-CALW	3.04%, $1,585,000 par, due 2/10/2034		(1)	1,617,177
	Corning Inc	4.25%, $1,310,000 par, due 8/15/2020		(1)	1,383,555
	County of Baltimore MD	2.78%, $1,000,000 par, due 7/1/2030		(1)	924,570
	County of Baltimore MD	2.85%, $550,000 par, due 8/1/2026		(1)	537,020
	County of Loudoun VA	1.85%, $1,500,000 par, due 12/1/2019		(1)	1,506,960
	County of Scott MN	4.75%, $1,000,000 par, due 12/1/2020		(1)	1,001,320
	County of Spokane WA	2.06%, $500,000 par, due 12/1/2022		(1)	484,830
	County of Spokane WA	2.24%, $2,500,000 par, due 12/1/2023		(1)	2,442,775
	Credit Suisse AG/New York NY	2.30%, $1,000,000 par, due 5/28/2019		(1)	1,002,448
	Credit Suisse AG/New York NY	3.63%, $330,000 par, due 9/9/2024		(1)	332,205
	CVS Health Corp	3.50%, $340,000 par, due 7/20/2022		(1)	349,348
	CVS Health Corp	4.00%, $570,000 par, due 12/5/2023		(1)	600,578
	Daimler Finance North America LLC	1.50%, $650,000 par, due 7/5/2019		(1)	639,519
	Daimler Finance North America LLC	2.00%, $460,000 par, due 7/6/2021		(1)	446,666
	Daimler Finance North America LLC	2.20%, $470,000 par, due 10/30/2021		(1)	459,290
	Daimler Finance North America LLC	2.45%, $920,000 par, due 5/18/2020		(1)	918,148
	Danone SA	1.69%, $1,510,000 par, due 10/30/2019		(1)	1,491,095
	Dayton Metro Library	2.15%, $1,100,000 par, due 12/1/2020		(1)	1,095,721
	DBUBS 2011-LC1 Mortgage Trust	5.00%, $2,100,000 par, due 11/10/2046		(1)	2,278,324
	DBUBS 2011-LC2 Mortgage Trust	4.54%, $2,000,000 par, due 7/10/2044		(1)	2,155,066
	Deere & Co	2.60%, $1,500,000 par, due 6/8/2022		(1)	1,492,716
	Dell Equipment Finance Trust 2016-1	1.65%, $2,600,000 par, due 7/22/2021		(1)	2,598,206
	Duke Energy Progress LLC	2.80%, $950,000 par, due 5/15/2022		(1)	960,551
	Duke Energy Progress LLC	5.30%, $1,200,000 par, due 1/15/2019		(1)	1,282,678
	Eaton Corp	6.95%, $1,375,000 par, due 3/20/2019		(1)	1,514,820
	Ecolab Inc	2.25%, $540,000 par, due 1/12/2020		(1)	539,844
	Ecolab Inc	3.25%, $520,000 par, due 1/14/2023		(1)	529,497
	Ecolab Inc	4.35%, $1,430,000 par, due 12/8/2021		(1)	1,545,341
	Education Loan Asset-Backed Trust I	1.56%, $1,174,915 par, due 6/25/2026		(1)	1,163,561
	EMC Corp	1.88%, $570,000 par, due 6/1/2018		(1)	563,682
	EMD Finance LLC (Merck KGaA)	2.40%, $800,000 par, due 3/19/2020		(1)	795,271
	EMD Finance LLC (Merck KGaA)	2.95%, $780,000 par, due 3/19/2022		(1)	776,692
	Entergy Arkansas Inc	3.05%, $1,943,000 par, due 6/1/2023		(1)	1,950,197
	Entergy Gulf States Louisiana LLC	6.00%, $750,000 par, due 5/1/2018		(1)	791,567
	Enterprise Fleet Financing LLC	1.74%, $2,500,000 par, due 2/22/2022		(1)	2,492,923
	Enterprise Products Operating LLC	3.75%, $420,000 par, due 2/15/2025		(1)	426,746
	ERP Operating LP	4.63%, $1,304,000 par, due 12/15/2021		(1)	1,416,413
	Ethiopian Leasing 2012 LLC	2.65%, $1,704,961 par, due 5/12/2026		(1)	1,720,099
	Exxon Mobil Corp	2.22%, $500,000 par, due 3/1/2021		(1)	501,146
	Exxon Mobil Corp	2.40%, $2,067,000 par, due 3/6/2022		(1)	2,056,427
	Fannie Mae Grantor Trust 2002-T16	7.00%, $102,622 par, due 7/25/2042		(1)	120,280
	Fannie Mae Grantor Trust 2002-T18	7.00%, $43,017 par, due 8/25/2042		(1)	49,234
	Fannie Mae Grantor Trust 2004-T3	6.00%, $314,716 par, due 2/25/2044		(1)	355,507

39(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Fannie Mae Pool	1.74%, $49,195 par, due 4/1/2044		(1)	$	50,039
	Fannie Mae Pool	1.85%, $159,608 par, due 11/1/2041		(1)	167,327
	Fannie Mae Pool	1.97%, $2,000,000 par, due 8/1/2021		(1)	1,972,740
	Fannie Mae Pool	2.19%, $2,500,000 par, due 7/1/2023		(1)	2,469,473
	Fannie Mae Pool	2.20%, $2,697,161 par, due 12/1/2023		(1)	2,637,661
	Fannie Mae Pool	2.21%, $168,527 par, due 4/1/2037		(1)	172,615
	Fannie Mae Pool	2.24%, $146,484 par, due 1/1/2037		(1)	151,841
	Fannie Mae Pool	2.35%, $2,485,362 par, due 10/1/2022		(1)	2,475,006
	Fannie Mae Pool	2.48%, $4,426,516 par, due 11/1/2022		(1)	4,436,945
	Fannie Mae Pool	2.50%, $1,589,469 par, due 6/1/2031		(1)	1,594,096
	Fannie Mae Pool	2.50%, $1,594,192 par, due 6/1/2031		(1)	1,599,067
	Fannie Mae Pool	2.50%, $1,594,675 par, due 6/1/2031		(1)	1,600,498
	Fannie Mae Pool	2.50%, $1,601,127 par, due 6/1/2031		(1)	1,605,787
	Fannie Mae Pool	2.51%, $2,554,641 par, due 9/1/2024		(1)	2,528,499
	Fannie Mae Pool	2.51%, $201,947 par, due 7/1/2035		(1)	211,103
	Fannie Mae Pool	2.53%, $186,954 par, due 1/1/2035		(1)	195,238
	Fannie Mae Pool	2.53%, $244,475 par, due 7/1/2035		(1)	256,414
	Fannie Mae Pool	2.56%, $1,800,000 par, due 12/1/2022		(1)	1,798,868
	Fannie Mae Pool	2.69%, $7,053,168 par, due 5/1/2023		(1)	7,092,863
	Fannie Mae Pool	2.71%, $253,673 par, due 4/1/2036		(1)	253,864
	Fannie Mae Pool	2.73%, $1,770,870 par, due 1/1/2023		(1)	1,793,928
	Fannie Mae Pool	2.73%, $1,859,443 par, due 9/1/2023		(1)	1,865,400
	Fannie Mae Pool	2.74%, $264,068 par, due 1/1/2041		(1)	278,561
	Fannie Mae Pool	2.74%, $455,192 par, due 7/1/2035		(1)	480,221
	Fannie Mae Pool	2.76%, $2,399,907 par, due 4/1/2022		(1)	2,450,533
	Fannie Mae Pool	2.79%, $1,650,000 par, due 4/1/2024		(1)	1,662,885
	Fannie Mae Pool	2.79%, $162,615 par, due 5/1/2035		(1)	169,982
	Fannie Mae Pool	2.86%, $1,783,864 par, due 11/1/2021		(1)	1,825,572
	Fannie Mae Pool	2.87%, $829,971 par, due 3/1/2044		(1)	854,029
	Fannie Mae Pool	2.87%, $93,609 par, due 5/1/2036		(1)	99,247
	Fannie Mae Pool	2.92%, $1,124,262 par, due 3/1/2044		(1)	1,158,139
	Fannie Mae Pool	2.94%, $1,157,589 par, due 5/1/2044		(1)	1,193,514
	Fannie Mae Pool	2.96%, $1,842,097 par, due 6/1/2022		(1)	1,854,570
	Fannie Mae Pool	3.00%, $1,942,322 par, due 7/1/2032		(1)	1,981,822
	Fannie Mae Pool	3.00%, $1,970,000 par, due 10/1/2023		(1)	2,018,003
	Fannie Mae Pool	3.00%, $2,257,611 par, due 5/1/2031		(1)	2,320,603
	Fannie Mae Pool	3.00%, $2,403,841 par, due 3/1/2033		(1)	2,452,781
	Fannie Mae Pool	3.05%, $1,518,814 par, due 11/1/2022		(1)	1,555,855
	Fannie Mae Pool	3.07%, $1,185,000 par, due 2/1/2026		(1)	1,196,128
	Fannie Mae Pool	3.08%, $1,100,000 par, due 1/1/2026		(1)	1,111,360
	Fannie Mae Pool	3.50%, $4,784,609 par, due 9/1/2032		(1)	4,968,864
	Fannie Mae Pool	3.50%, $554,917 par, due 9/1/2032		(1)	573,845
	Fannie Mae Pool	3.72%, $701,991 par, due 5/1/2036		(1)	719,531
	Fannie Mae Pool	5.00%, $1,211,141 par, due 10/1/2035		(1)	1,322,352
	Fannie Mae Pool	5.00%, $108,051 par, due 12/1/2019		(1)	111,874
	Fannie Mae Pool	5.00%, $258,510 par, due 10/1/2019		(1)	268,303
	Fannie Mae Pool	5.00%, $450,246 par, due 8/1/2020		(1)	471,494
	Fannie Mae Pool	5.00%, $570,598 par, due 9/1/2033		(1)	626,678
	Fannie Mae Pool	5.00%, $801,413 par, due 11/1/2033		(1)	880,317
	Fannie Mae Pool	5.00%, $978,067 par, due 6/1/2035		(1)	1,072,115
	Fannie Mae Pool	6.00%, $126,037 par, due 9/1/2038		(1)	137,306
	Fannie Mae REMICS Trust 2005-W1	6.50%, $229,846 par, due 10/25/2044		(1)	263,641
	Fannie Mae REMICS	5.50%, $464,734 par, due 4/25/2035		(1)	517,614
	Fannie Mae Trust 2003-W6	6.50%, $163,461 par, due 9/25/2042		(1)	184,944
	Fannie Mae Trust 2003-W8	7.00%, $30,467 par, due 10/25/2042		(1)	35,522
	Fannie Mae Trust 2004-W2	7.00%, $176,948 par, due 2/25/2044		(1)	204,405
	Fannie Mae-Aces	2.61%, $1,800,000 par, due 10/25/2021		(1)	1,821,890
	Fannie Mae-Aces	5.26%, $116,506 par, due 5/25/2020		(1)	117,881
	FHLMC Multifamily Structured Passthrough	2.70%, $1,284,175 par, due 5/25/2018		(1)	1,302,063
	FHMS K712 A2	1.87%, $3,300,000 par, due 11/25/2019		(1)	3,303,944
	Fifth Third Bank/Cincinnati OH	2.25%, $800,000 par, due 6/14/2021		(1)	790,906
	Fiserv Inc	2.70%, $1,000,000 par, due 6/1/2020		(1)	1,004,829
	Fiserv Inc	4.75%, $1,000,000 par, due 6/15/2021		(1)	1,076,134
	Florida Power & Light Co	2.75%, $1,200,000 par, due 6/1/2023		(1)	1,200,862
	FN MultiFam FWD Jan 17	2.64%, $2,250,000 par, due 2/1/2024		(1)	2,216,700
	FN MultiFam FWD January 2017	2.82%, $3,800,000 par, due 1/1/2022		(1)	3,860,952
	FN MultiFam FWD Jan 17	2.85%, $880,000 par, due 9/1/2024		(1)	884,523
	FN MultiFam FWD February 2017	3.08%, $4,525,000 par, due 12/1/2024		(1)	4,548,259
	FN MultiFam FWD February 2017	3.33%, $1,105,000 par, due 1/1/2027		(1)	1,118,404
	Ford Credit Auto Owner Trust 2015-REV1	2.12%, $1,500,000 par, due 7/15/2026		(1)	1,502,954
	Ford Credit Auto Owner Trust 2016-REV1	2.31%, $760,000 par, due 8/15/2027		(1)	758,524
	Ford Credit Auto Owner Trust 2016-REV2	2.03%, $2,500,000 par, due 12/15/2027		(1)	2,458,700
	Fortive Corp	2.35%, $990,000 par, due 6/15/2021		(1)	976,761
	Freddie 20-Yr 3.5 GIANT	3.50%, $2,462,986 par, due 9/1/2032		(1)	2,559,567

40(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Freddie Mac Gold Pool	3.00%, $2,703,266 par, due 8/1/2027		(1)	$	2,778,514
	Freddie Mac Gold Pool	3.00%, $4,800,741 par, due 1/1/2043		(1)	4,798,787
	Freddie Mac Gold Pool	3.50%, $289,706 par, due 2/1/2043		(1)	298,483
	Freddie Mac Gold Pool	3.50%, $647,086 par, due 12/1/2025		(1)	682,096
	Freddie Mac Gold Pool	4.00%, $580,231 par, due 2/1/2026		(1)	614,226
	Freddie Mac Gold Pool	5.00%, $214,786 par, due 2/1/2020		(1)	223,559
	Freddie Mac Gold Pool	5.00%, $22,682 par, due 5/1/2021		(1)	23,770
	Freddie Mac Gold Pool	5.50%, $33,043 par, due 2/1/2018		(1)	33,584
	Freddie Mac Gold Pool	6.00%, $100,327 par, due 9/1/2038		(1)	115,456
	Freddie Mac Gold Pool	6.00%, $317,547 par, due 8/1/2038		(1)	369,882
	Freddie Mac Gold Pool	6.00%, $521,438 par, due 8/1/2038		(1)	608,654
	Freddie Mac Multifamily Structured Pass
	Through Certificates	1.01%, $1,699,911 par, due 9/25/2023		(1)	1,699,380
	Freddie Mac Multifamily Structured Pass
	Through Certificates	2.41%, $3,600,000 par, due 3/25/2023		(1)	3,578,036
	Freddie Mac Non Gold Pool	2.64%, $169,121 par, due 7/1/2034		(1)	176,294
	Freddie Mac Non Gold Pool	2.79%, $263,060 par, due 12/1/2036		(1)	281,022
	Freddie Mac Non Gold Pool	2.92%, $955,832 par, due 1/1/2044		(1)	984,329
	Freddie Mac Non Gold Pool	3.27%, $179,551 par, due 11/1/2040		(1)	187,175
	Freddie Struct PT Cert	7.00%, $872,691 par, due 7/25/2043		(1)	1,018,792
	GE Capital International Funding Co Unlimited Co	2.34%, $1,238,000 par, due 11/15/2020		(1)	1,237,409
	General Electric Co	2.20%, $2,000,000 par, due 1/9/2020		(1)	2,006,508
	General Electric Co	4.63%, $225,000 par, due 1/7/2021		(1)	244,308
	General Electric Co	4.65%, $144,000 par, due 10/17/2021		(1)	157,959
	Genzyme Corp	5.00%, $1,000,000 par, due 6/15/2020		(1)	1,090,701
	Georgia-Pacific LLC	3.73%, $1,725,000 par, due 7/15/2023		(1)	1,777,324
	Gilead Sciences Inc	2.35%, $1,200,000 par, due 2/1/2020		(1)	1,206,235
	Gilead Sciences Inc	2.55%, $440,000 par, due 9/1/2020		(1)	444,637
	Ginnie Mae II pool	1.15%, $3,010,341 par, due 5/20/2058		(1)	3,007,788
	Ginnie Mae II pool	2.00%, $888,329 par, due 6/20/2058		(1)	905,615
	Ginnie Mae II Pool	4.54%, $3,247,326 par, due 3/20/2065		(1)	3,500,514
	GM Financial Automobile Leasing Trust 2015-1	1.53%, $1,820,000 par, due 9/20/2018		(1)	1,822,459
	GM Financial Automobile Leasing Trust 2015-3	1.69%, $2,300,000 par, due 3/20/2019		(1)	2,305,433
	GNREV FWD January 2017	4.37%, $2,950,000 par, due 2/1/2067		(1)	3,154,789
	GNREV FWD January 2017	4.48%, $1,500,000 par, due 1/1/2067		(1)	1,616,595
	GNREV FWD January 2017	4.51%, $2,000,000 par, due 1/1/2067		(1)	2,155,460
	GNREV FWD February 2017	4.52%, $3,530,000 par, due 2/1/2067		(1)	3,846,747
	Goldman Sachs Group Inc/The	2.55%, $580,000 par, due 10/23/2019		(1)	584,258
	Goldman Sachs Group Inc/The	2.63%, $380,000 par, due 4/25/2021		(1)	377,241
	Goldman Sachs Group Inc/The	2.88%, $1,100,000 par, due 2/25/2021		(1)	1,105,086
	Goldman Sachs Group Inc/The	3.50%, $630,000 par, due 1/23/2025		(1)	621,620
	Goldman Sachs Group Inc/The	5.25%, $500,000 par, due 7/27/2021		(1)	547,995
	Goldman Sachs Group Inc/The	5.75%, $920,000 par, due 1/24/2022		(1)	1,034,278
	Great River Energy	5.83%, $69,175 par, due 7/1/2017		(1)	70,221
	GS Mortgage Securities Corp II	2.56%, $2,750,000 par, due 2/10/2046		(1)	2,775,724
	GS Mortgage Securities Trust 2011-GC3	4.75%, $1,744,152 par, due 3/10/2044		(1)	1,885,688
	GS Mortgage Securities Trust 2013-GC16	4.27%, $1,300,000 par, due 11/10/2046		(1)	1,404,634
	GS Mortgage Securities Trust 2013-GCJ12	2.68%, $2,375,000 par, due 6/10/2046		(1)	2,405,457
	GSMS 2012-GCJ7 A4 9.2-Yr CMBS	3.38%, $2,250,000 par, due 5/10/2045		(1)	2,343,422
	Guardian Life Global Funding	1.95%, $1,300,000 par, due 10/27/2021		(1)	1,263,282
	Halliburton Co	3.80%, $400,000 par, due 11/15/2025		(1)	406,359
	Halliburton Co	5.90%, $950,000 par, due 9/15/2018		(1)	1,011,060
	Hashemite Kingdom of Jordan Government
	AID Bond	2.58%, $2,875,000 par, due 6/30/2022		(1)	2,924,545
	Heineken NV	3.40%, $680,000 par, due 4/1/2022		(1)	698,465
	Helios Leasing I LLC	1.56%, $668,198 par, due 9/28/2024		(1)	647,629
	Hewlett Packard Enterprise Co	3.60%, $950,000 par, due 10/15/2020		(1)	966,448
	Home Depot Inc/The	2.63%, $350,000 par, due 6/1/2022		(1)	351,687
	Honda Auto Receivables 2014-1 Owner Trust	0.67%, $136,180 par, due 12/21/2017		(1)	136,143
	Honeywell International Inc	1.85%, $1,920,000 par, due 11/1/2021		(1)	1,876,282
	HSBC Holdings PLC	5.10%, $1,250,000 par, due 4/5/2021		(1)	1,350,883
	HSBC USA Inc	1.63%, $190,000 par, due 1/16/2018		(1)	189,668
	Huntington Auto Trust 2015-1	1.24%, $1,567,304 par, due 9/16/2019		(1)	1,566,390
	Huntington Auto Trust	1.93%, $3,850,000 par, due 4/15/2022		(1)	3,833,183
	Hyundai Capital America	2.00%, $500,000 par, due 7/1/2019		(1)	496,134
	Hyundai Capital America	2.55%, $469,000 par, due 2/6/2019		(1)	471,744
	Illinois Tool Works Inc	2.65%, $1,240,000 par, due 11/15/2026		(1)	1,185,340
	Illinois Tool Works Inc	3.50%, $750,000 par, due 3/1/2024		(1)	778,886
	Indiana Finance Authority	1.78%, $500,000 par, due 7/1/2021		(1)	487,995
	Indiana Finance Authority	2.16%, $300,000 par, due 7/1/2023		(1)	290,148
	Indiana Housing & Community Development
	Authority	5.90%, $80,000 par, due 1/1/2037		(1)	80,265
	Ingredion Inc	3.20%, $600,000 par, due 10/1/2026		(1)	587,221
	Ingredion Inc	6.00%, $400,000 par, due 4/15/2017		(1)	404,645

41(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Intel Corp	2.45%, $310,000 par, due 7/29/2020		(1)	$	314,371
	International Business Machines Corp	1.63%, $750,000 par, due 5/15/2020		(1)	740,876
	International Business Machines Corp	3.63%, $1,160,000 par, due 2/12/2024		(1)	1,207,965
	International Paper Co	3.00%, $880,000 par, due 2/15/2027		(1)	830,225
	John Deere Owner Trust 2016-B	1.25%, $2,650,000 par, due 6/15/2020		(1)	2,637,373
	Johns Hopkins University	5.25%, $81,000 par, due 7/1/2019		(1)	87,545
	Johnson & Johnson	2.05%, $1,000,000 par, due 3/1/2023		(1)	972,994
	JP Morgan Chase Commercial Mortgage			(1)
	Securities Trust 2010-C2	4.07%, $1,330,000 par, due 11/15/2043		(1)	1,387,401
	JP Morgan Chase Commercial Mortgage			(1)
	Securities Trust 2011-C3	4.72%, $1,255,000 par, due 2/15/2046		(1)	1,346,132
	JP Morgan Chase Commercial Mortgage			(1)
	Securities Trust 2011-C4	4.39%, $1,840,000 par, due 7/15/2046		(1)	1,976,348
	JP Morgan Chase Commercial Mortgage			(1)
	Securities Trust 2012-C8	2.38%, $1,175,000 par, due 10/15/2045		(1)	1,180,471
	JP Morgan Chase Commercial Mortgage			(1)
	Securities Trust 2013-C10	3.14%, $2,500,000 par, due 12/15/2047		(1)	2,561,168
	JPMBB Commercial Mortgage Securities			(1)
	Trust 2013-C12	3.16%, $2,380,000 par, due 7/15/2045		(1)	2,446,550
	JPMorgan Chase & Co	3.13%, $800,000 par, due 1/23/2025		(1)	782,044
	JPMorgan Chase & Co	4.40%, $450,000 par, due 7/22/2020		(1)	477,996
	JPMorgan Chase & Co	4.50%, $290,000 par, due 1/24/2022		(1)	312,745
	JPMorgan Chase & Co	4.95%, $1,400,000 par, due 3/25/2020		(1)	1,508,441
	JPMorgan Chase Bank NA	6.00%, $1,250,000 par, due 10/1/2017		(1)	1,289,980
	Kansas City Power & Light Co	6.38%, $575,000 par, due 3/1/2018		(1)	604,105
	Kentucky Utilities Co	3.25%, $1,000,000 par, due 11/1/2020		(1)	1,032,849
	Kerr-McGee Corp	6.95%, $500,000 par, due 7/1/2024		(1)	589,897
	KeyBank NA/Cleveland OH	2.35%, $370,000 par, due 3/8/2019		(1)	372,126
	KeyBank NA/Cleveland OH	2.50%, $800,000 par, due 11/22/2021		(1)	794,895
	KeyCorp	5.10%, $900,000 par, due 3/24/2021		(1)	984,181
	Kimco Realty Corp	2.70%, $330,000 par, due 3/1/2024		(1)	315,402
	Kimco Realty Corp	3.40%, $990,000 par, due 11/1/2022		(1)	1,004,630
	Kraft Heinz Foods Co	3.50%, $890,000 par, due 6/6/2022		(1)	905,104
	Liberty Property LP	4.75%, $1,510,000 par, due 10/1/2020		(1)	1,606,192
	Lockheed Martin Corp	4.25%, $1,330,000 par, due 11/15/2019		(1)	1,416,497
	Manufacturers & Traders Trust Co	2.10%, $1,500,000 par, due 2/6/2020		(1)	1,495,802
	Marathon Oil Corp	3.85%, $850,000 par, due 6/1/2025		(1)	824,271
	Marathon Petroleum Corp	3.40%, $1,840,000 par, due 12/15/2020		(1)	1,881,812
	Marin Community College District	2.77%, $1,215,000 par, due 8/1/2023		(1)	1,216,142
	Marsh & McLennan Cos Inc	3.30%, $1,020,000 par, due 3/14/2023		(1)	1,036,599
	Massachusetts Health & Educational Facilities Authority	5.26%, $750,000 par, due 10/1/2018		(1)	801,180
	MassMutual Global Funding II	2.00%, $1,500,000 par, due 4/15/2021		(1)	1,462,212
	Mastercard Inc	2.00%, $1,390,000 par, due 11/21/2021		(1)	1,378,210
	McCormick & Co Inc/MD	3.90%, $1,000,000 par, due 7/15/2021		(1)	1,049,852
	McDonald's Corp	5.00%, $675,000 par, due 2/1/2019		(1)	716,806
	MD Comm Dev Admin Housing Rev	3.50%, $650,000 par, due 9/1/2047		(1)	655,239
	Medtronic Inc	2.50%, $350,000 par, due 3/15/2020		(1)	353,917
	Medtronic Inc	3.15%, $1,145,000 par, due 3/15/2022		(1)	1,172,734
	Merck & Co Inc	2.35%, $2,130,000 par, due 2/10/2022		(1)	2,115,071
	Mercy Health/OH	3.38%, $515,000 par, due 11/1/2025		(1)	510,333
	MidAmerican Energy Co	3.50%, $450,000 par, due 10/15/2024		(1)	465,141
	Mississippi Higher Ed Assistance Corp	1.44%, $1,359,245 par, due 10/25/2035		(1)	1,323,386
	Missouri Higher Ed Loan Authority	1.77%, $732,557 par, due 8/26/2030		(1)	706,866
	Missouri Higher Edu Loan Authority	1.97%, $1,172,901 par, due 2/25/2036		(1)	1,175,012
	MMAF Equipment Finance LLC 2014-A	1.59%, $2,700,000 par, due 2/8/2022		(1)	2,689,870
	MMAF Equipment Finance LLC 2015-A	1.93%, $1,800,000 par, due 7/16/2021		(1)	1,802,358
	Monongahela Power Co	4.10%, $1,500,000 par, due 4/15/2024		(1)	1,572,774
	Montana Higher Ed Student Asst	1.56%, $4,020,933 par, due 5/20/2030		(1)	4,024,584
	Morgan Stanley Bank of America Merrill Lynch
	Trust 2012-C5	3.18%, $2,400,000 par, due 8/15/2045		(1)	2,469,230
	Morgan Stanley Bank of America Merrill Lynch
	Trust 2012-C6	2.86%, $2,100,000 par, due 11/15/2045		(1)	2,133,422
	Morgan Stanley Bank of America Merrill Lynch
	Trust 2013-C9	2.66%, $2,325,000 par, due 1/15/2023		(1)	2,355,011
	Morgan Stanley Bank of America Merrill Lynch
	Trust 2013-C9	3.10%, $2,170,000 par, due 5/15/2046		(1)	2,192,724
	Morgan Stanley	2.63%, $1,140,000 par, due 11/17/2021		(1)	1,126,277
	Morgan Stanley	2.65%, $340,000 par, due 1/27/2020		(1)	341,601
	Morgan Stanley	3.70%, $1,000,000 par, due 10/23/2024		(1)	1,011,912
	Morgan Stanley	3.75%, $500,000 par, due 2/25/2023		(1)	513,572
	Morgan Stanley	3.95%, $600,000 par, due 4/23/2027		(1)	593,945
	Morgan Stanley	5.50%, $750,000 par, due 7/24/2020		(1)	821,407
	National City Bank/Cleveland OH	1.32%, $450,000 par, due 6/7/2017		(1)	450,184
	Nebo School District	4.41%, $810,000 par, due 7/1/2018		(1)	846,782

42(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	New York Life Global Funding	1.95%, $400,000 par, due 2/11/2020		(1)	$	397,110
	New York Life Global Funding	2.00%, $680,000 par, due 4/13/2021		(1)	667,619
	New York Life Global Funding	2.15%, $1,000,000 par, due 6/18/2019		(1)	1,005,181
	New York State Urban Development Corp	2.98%, $1,000,000 par, due 3/15/2023		(1)	1,012,250
	New York State Urban Development Corp	6.50%, $435,000 par, due 12/15/2018		(1)	464,193
	Nissan Auto Owner Trust 2014-A	0.72%, $419,236 par, due 8/15/2018		(1)	418,884
	Nissan Auto Receivables 2014-B Owner Trust	1.11%, $1,241,759 par, due 5/15/2019		(1)	1,240,827
	Norfolk Southern Corp	3.00%, $1,250,000 par, due 4/1/2022		(1)	1,263,951
	North Carolina Housing Finance Agency	2.87%, $1,090,000 par, due 7/1/2032		(1)	1,078,511
	North Carolina State Ed Assistance Auth	1.26%, $1,299,847 par, due 12/26/2039		(1)	1,284,041
	Northern States Power Co/MN	2.20%, $430,000 par, due 8/15/2020		(1)	430,661
	Northern States Power Co/MN	2.60%, $1,965,000 par, due 5/15/2023		(1)	1,944,043
	Northern Trust Corp	3.38%, $1,600,000 par, due 8/23/2021		(1)	1,663,715
	Northrop Grumman Corp	1.75%, $1,045,000 par, due 6/1/2018		(1)	1,047,872
	Northstar Education Finance Inc	1.46%, $723,717 par, due 12/26/2031		(1)	707,516
	Northstar Education Finance Inc	1.64%, $606,078 par, due 10/30/2045		(1)	589,223
	Novartis Capital Corp	3.40%, $1,300,000 par, due 5/6/2024		(1)	1,339,653
	NYC Transit Fin Auth Future Tax Rev	2.25%, $1,000,000 par, due 11/1/2022		(1)	977,130
	Occidental Petroleum Corp	2.60%, $1,000,000 par, due 4/15/2022		(1)	997,426
	Occidental Petroleum Corp	3.00%, $655,000 par, due 2/15/2027		(1)	633,762
	Oracle Corp	2.40%, $890,000 par, due 9/15/2023		(1)	862,233
	Oracle Corp	2.50%, $800,000 par, due 5/15/2022		(1)	794,444
	Overseas Private Investment Corp	3.37%, $764,049 par, due 5/15/2021		(1)	790,061
	PACCAR Financial Corp	2.25%, $526,000 par, due 2/25/2021		(1)	520,651
	PacifiCorp	2.95%, $1,300,000 par, due 2/1/2022		(1)	1,323,908
	PacifiCorp	5.65%, $250,000 par, due 7/15/2018		(1)	265,053
	Pearson Dollar Finance Two PLC	6.25%, $750,000 par, due 5/6/2018		(1)	787,708
	PECO Energy Co	2.38%, $1,655,000 par, due 9/15/2022		(1)	1,625,304
	PepsiCo Inc	1.70%, $900,000 par, due 10/6/2021		(1)	874,328
	Petroleos Mexicanos	2.00%, $2,115,000 par, due 12/20/2022		(1)	2,109,952
	Petroleos Mexicanos	2.29%, $731,250 par, due 2/15/2024		(1)	731,944
	Petroleos Mexicanos	2.38%, $1,700,000 par, due 4/15/2025		(1)	1,700,743
	PHEAA Student Loan Trust 2016-2	1.50%, $3,800,000 par, due 11/25/2065		(1)	3,800,787
	Phillips 66	4.30%, $700,000 par, due 4/1/2022		(1)	751,602
	PNC Bank NA	1.85%, $250,000 par, due 7/20/2018		(1)	250,434
	PNC Bank NA	2.30%, $600,000 par, due 6/1/2020		(1)	599,742
	PNC Bank NA	3.25%, $380,000 par, due 6/1/2025		(1)	379,332
	Port of Morrow OR	1.81%, $700,000 par, due 9/1/2022		(1)	675,745
	Procter & Gamble Co/The	1.70%, $1,390,000 par, due 11/3/2021		(1)	1,366,214
	Prologis LP	3.75%, $500,000 par, due 11/1/2025		(1)	512,336
	ProLogis LP	4.25%, $1,148,000 par, due 8/15/2023		(1)	1,218,666
	Providence St Joseph Health Obligated Group	2.75%, $625,000 par, due 10/1/2026		(1)	591,656
	Public Service Electric & Gas Co	2.38%, $1,500,000 par, due 5/15/2023		(1)	1,466,148
	Realty Income Corp	3.25%, $746,000 par, due 10/15/2022		(1)	752,024
	Realty Income Corp	4.65%, $810,000 par, due 8/1/2023		(1)	868,426
	Roche Holdings Inc	2.25%, $1,250,000 par, due 9/30/2019		(1)	1,260,395
	Rockwell Automation Inc	2.05%, $1,900,000 par, due 3/1/2020		(1)	1,893,396
	Rockwell Collins Inc	3.70%, $1,635,000 par, due 12/15/2023		(1)	1,673,671
	Rogers Communications Inc	3.63%, $775,000 par, due 12/15/2025		(1)	783,677
	Rolls-Royce PLC	2.38%, $750,000 par, due 10/14/2020		(1)	743,691
	Rolls-Royce PLC	3.63%, $280,000 par, due 10/14/2025		(1)	280,246
	Roper Technologies Inc	1.85%, $1,250,000 par, due 11/15/2017		(1)	1,253,866
	Royal Bank of Canada	2.10%, $1,225,000 par, due 10/14/2020		(1)	1,218,740
	Royal Bank of Canada	4.65%, $380,000 par, due 1/27/2026		(1)	404,824
	San Marcos Consolidated Independent School District	3.16%, $835,000 par, due 8/1/2026		(1)	834,232
	SBA Small Business Investment Cos	2.52%, $3,919,026 par, due 3/10/2025		(1)	3,954,246
	SBA Small Business Investment Cos	2.83%, $1,752,533 par, due 9/10/2025		(1)	1,783,055
	SBA Small Business Investment Cos	3.02%, $1,860,638 par, due 9/10/2024		(1)	1,924,590
	SBA Small Business Investment Cos	3.19%, $2,554,986 par, due 3/10/2024		(1)	2,642,622
	SBA Small Business Investment Cos	5.94%, $878,282 par, due 8/10/2018		(1)	929,064
	SCG Trust 2013-SRP1	2.10%, $1,200,000 par, due 11/15/2026		(1)	1,200,001
	Sequoia Union High School District	5.93%, $1,000,000 par, due 7/1/2025		(1)	1,167,820
	Shell International Finance BV	3.25%, $590,000 par, due 5/11/2025		(1)	589,516
	Shell International Finance BV	4.30%, $1,188,000 par, due 9/22/2019		(1)	1,260,274
	Shire Acquisitions Investments Ireland DAC	2.40%, $750,000 par, due 9/23/2021		(1)	724,490
	Siemens Financieringsmaatschappij NV	1.70%, $1,970,000 par, due 9/15/2021		(1)	1,892,569
	Siemens Financieringsmaatschappij NV	2.90%, $550,000 par, due 5/27/2022		(1)	554,128
	Simon Property Group LP	2.35%, $230,000 par, due 1/30/2022		(1)	226,911
	Simon Property Group LP	2.50%, $640,000 par, due 7/15/2021		(1)	640,609
	Simon Property Group LP	3.38%, $1,000,000 par, due 10/1/2024		(1)	1,009,318
	SLM Student Loan Trust 2006-1	0.99%, $1,800,000 par, due 7/26/2021		(1)	1,716,521
	SMALL BUSINESS ADMINISTRATION	2.13%, $1,154,982 par, due 1/1/2033		(1)	1,120,603
	Southern California Edison Co	2.40%, $570,000 par, due 2/1/2022		(1)	568,365
	St Louis County School District No R-7 Kirkwood	4.19%, $1,000,000 par, due 2/15/2018		(1)	1,031,040

43(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	State of Arkansas	2.88%, $1,950,000 par, due 6/1/2021		(1)	$	2,006,648
	State of CA Dept of Water Resources Power
	Supply Revenue	2.00%, $2,500,000 par, due 5/1/2022		(1)	2,429,475
	State of Delaware	4.55%, $1,000,000 par, due 7/1/2029		(1)	1,103,980
	State of Florida	4.90%, $1,000,000 par, due 6/1/2023		(1)	1,065,430
	State of Hawaii	1.92%, $1,000,000 par, due 10/1/2022		(1)	965,940
	State of Mississippi	2.18%, $2,000,000 par, due 12/1/2020		(1)	1,997,720
	State of Oregon	2.33%, $1,500,000 par, due 8/1/2022		(1)	1,482,375
	State of Tennessee	3.18%, $800,000 par, due 8/1/2020		(1)	833,856
	State of Texas	2.83%, $1,250,000 par, due 10/1/2025		(1)	1,238,250
	State of Texas	5.50%, $1,485,000 par, due 8/1/2029		(1)	1,797,385
	State of Wisconsin	1.90%, $500,000 par, due 5/1/2022		(1)	481,455
	State of Wisconsin	3.45%, $550,000 par, due 5/1/2020		(1)	577,962
	Statoil ASA	3.15%, $507,000 par, due 1/23/2022		(1)	517,343
	SunTrust Banks Inc	2.70%, $710,000 par, due 1/27/2022		(1)	710,302
	SunTrust Banks Inc	2.90%, $380,000 par, due 3/3/2021		(1)	385,368
	Symantec Corp	2.75%, $1,100,000 par, due 6/15/2017		(1)	1,103,769
	Tagua Leasing LLC	1.73%, $4,696,077 par, due 9/18/2024		(1)	4,587,748
	Tayarra Ltd	3.63%, $971,107 par, due 2/15/2022		(1)	1,012,009
	Tesco PLC	2.70%, $1,000,000 par, due 1/5/2017		(1)	1,000,018
	Teva Pharmaceutical Finance Netherlands III BV	1.70%, $400,000 par, due 7/19/2019		(1)	393,011
	Teva Pharmaceutical Finance Netherlands III BV	2.20%, $1,280,000 par, due 7/21/2021		(1)	1,224,559
	Texas A&M University	3.26%, $750,000 par, due 5/15/2029		(1)	725,873
	Thermo Fisher Scientific Inc	3.00%, $360,000 par, due 4/15/2023		(1)	353,832
	Thermo Fisher Scientific Inc	3.30%, $436,000 par, due 2/15/2022		(1)	442,964
	Time Warner Inc	3.40%, $500,000 par, due 6/15/2022		(1)	502,924
	Time Warner Inc	3.60%, $730,000 par, due 7/15/2025		(1)	725,912
	Toronto-Dominion Bank/The	1.80%, $510,000 par, due 7/13/2021		(1)	493,868
	Toronto-Dominion Bank/The	1.95%, $2,075,000 par, due 4/2/2020		(1)	2,067,549
	Toronto-Dominion Bank/The	2.13%, $380,000 par, due 4/7/2021		(1)	374,191
	Total Capital International SA	2.10%, $830,000 par, due 6/19/2019		(1)	834,011
	Towd Point Mortgage Trust 2016-1	2.75%, $1,181,349 par, due 2/25/2055		(1)	1,184,128
	Towd Point Mortgage Trust 2016-3	2.25%, $1,588,804 par, due 8/25/2055		(1)	1,576,025
	Township of Bristol PA	2.82%, $810,000 par, due 9/15/2020		(1)	828,055
	Toyota Motor Credit Corp	2.15%, $1,100,000 par, due 3/12/2020		(1)	1,098,038
	Toyota Motor Credit Corp	2.80%, $575,000 par, due 7/13/2022		(1)	580,103
	Tyco Electronics Group SA	3.50%, $1,530,000 par, due 2/3/2022		(1)	1,574,372
	UBS AG/Stamford CT	2.38%, $600,000 par, due 8/14/2019		(1)	602,908
	UBS Group Funding Jersey Ltd	2.65%, $500,000 par, due 2/1/2022		(1)	485,948
	UBS-Barclays Commercial Mortgage Trust 2012-C4	2.46%, $2,000,000 par, due 12/10/2045		(1)	2,010,704
	UDR Inc	4.63%, $1,000,000 par, due 1/10/2022		(1)	1,071,216
	Ukraine Government AID Bonds	1.47%, $1,000,000 par, due 9/29/2021		(1)	976,244
	Union Pacific Corp	2.95%, $1,100,000 par, due 1/15/2023		(1)	1,109,713
	Union Pacific Corp	4.00%, $800,000 par, due 2/1/2021		(1)	847,772
	United States Small Business Administration	2.81%, $820,000 par, due 12/1/2036		(1)	817,579
	United States Small Business Administration	3.15%, $2,702,661 par, due 7/1/2033		(1)	2,765,347
	United States Small Business Administration	3.21%, $1,647,268 par, due 3/1/2034		(1)	1,685,351
	United States Small Business Administration	3.23%, $1,608,479 par, due 2/1/2034		(1)	1,648,112
	United States Small Business Administration	3.37%, $2,871,064 par, due 10/1/2033		(1)	2,963,546
	United States Small Business Administration	5.31%, $860,826 par, due 5/1/2027		(1)	929,591
	United States Small Business Administration	5.34%, $90,089 par, due 11/1/2021		(1)	94,881
	United States Small Business Administration	5.54%, $313,919 par, due 9/1/2026		(1)	339,925
	United States Small Business Administration	5.60%, $1,017,951 par, due 9/1/2028		(1)	1,114,346
	United States Small Business Administration	5.63%, $1,305,831 par, due 10/1/2028		(1)	1,432,147
	United States Small Business Administration	5.68%, $498,233 par, due 6/1/2028		(1)	546,088
	United States Small Business Administration	5.72%, $2,585,285 par, due 1/1/2029		(1)	2,839,416
	United States Treasury Inflation Indexed Bonds	0.13%, $5,025,000 par, due 7/15/2026		(1)	4,900,289
	United States Treasury Inflation Indexed Bonds	0.13%, $6,796,000 par, due 7/15/2024		(1)	6,796,798
	United States Treasury Inflation Indexed Bonds	0.38%, $1,000,000 par, due 7/15/2025		(1)	1,013,803
	United States Treasury Inflation Indexed Bonds	0.63%, $2,425,000 par, due 1/15/2026		(1)	2,488,688
	United States Treasury Note/Bond	0.75%, $25,775,000 par, due 10/31/2018		(1)	25,589,729
	United States Treasury Note/Bond	0.75%, $39,000,000 par, due 10/31/2017		(1)	38,964,978
	United States Treasury Note/Bond	0.88%, $12,500,000 par, due 5/15/2019		(1)	12,380,375
	United States Treasury Note/Bond	0.88%, $17,000,000 par, due 9/15/2019		(1)	16,777,538
	United States Treasury Note/Bond	1.00%, $7,800,000 par, due 10/15/2019		(1)	7,716,517
	United States Treasury Note/Bond	1.25%, $12,750,000 par, due 10/31/2021		(1)	12,363,522
	United States Treasury Note/Bond	1.50%, $16,750,000 par, due 8/15/2026		(1)	15,405,427
	United States Treasury Note/Bond	1.63%, $10,300,000 par, due 5/15/2026		(1)	9,604,750
	United States Treasury Note/Bond	1.63%, $3,175,000 par, due 2/15/2026		(1)	2,966,641
	United States Treasury Note/Bond	2.00%, $3,275,000 par, due 11/15/2026		(1)	3,151,035
	United Technologies Corp	1.95%, $1,700,000 par, due 11/1/2021		(1)	1,666,449
	United Technologies Corp	3.10%, $590,000 par, due 6/1/2022		(1)	606,427
	UnitedHealth Group Inc	2.13%, $380,000 par, due 3/15/2021		(1)	375,556
	UnitedHealth Group Inc	3.35%, $1,300,000 par, due 7/15/2022		(1)	1,339,398

44(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
				Description of investment, including
				maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party				collateral, par, or maturing value	shares	Cost	Current value
		US Bancorp		2.35%, $910,000 par, due 1/29/2021		(1)	$	912,086
		US Bancorp		2.38%, $800,000 par, due 7/22/2026		(1)	740,614
		USAA Capital Corp		2.00%, $400,000 par, due 6/1/2021		(1)	391,540
		USAA Capital Corp		2.45%, $770,000 par, due 8/1/2020		(1)	772,357
		Valspar Corp/The		3.30%, $911,000 par, due 2/1/2025		(1)	874,480
		Ventas Realty LP / Ventas Capital Corp		2.00%, $900,000 par, due 2/15/2018		(1)	901,852
		Ventas Realty LP		4.13%, $450,000 par, due 1/15/2026		(1)	460,038
		Verizon Communications Inc		2.63%, $530,000 par, due 8/15/2026		(1)	487,893
		Verizon Communications Inc		3.50%, $970,000 par, due 11/1/2024		(1)	966,888
		Verizon Communications Inc		5.15%, $500,000 par, due 9/15/2023		(1)	552,872
		Verizon Owner Trust 2016-1		1.42%, $2,600,000 par, due 1/20/2021		(1)	2,581,904
		Virginia Housing Development Authority		3.10%, $914,440 par, due 6/25/2041		(1)	908,871
		Visa Inc		2.20%, $1,825,000 par, due 12/14/2020		(1)	1,830,674
		Visa Inc		2.80%, $560,000 par, due 12/14/2022		(1)	563,138
		Vornado Realty LP		2.50%, $440,000 par, due 6/30/2019		(1)	441,559
		Vornado Realty LP		5.00%, $500,000 par, due 1/15/2022		(1)	540,752
		Walt Disney Co/The		1.85%, $1,280,000 par, due 7/30/2026		(1)	1,152,376
		Waste Management Inc		3.13%, $600,000 par, due 3/1/2025		(1)	600,775
		WEC Energy Group Inc		2.45%, $1,175,000 par, due 6/15/2020		(1)	1,175,764
		West Haymarket Joint Public Agency		5.40%, $1,250,000 par, due 12/15/2030		(1)	1,429,663
		WFRBS Commercial Mortgage Trust 2013-C11		3.07%, $3,600,000 par, due 3/15/2045		(1)	3,668,303
		WFRBS Commercial Mortgage Trust 2013-C12		3.20%, $3,700,000 par, due 3/15/2048		(1)	3,787,276
		WFRBS Commercial Mortgage Trust 2013-UBS1		4.08%, $1,135,000 par, due 3/15/2046		(1)	1,217,232
		World Omni Auto Receivables Trust 2013-B		0.83%, $107,639 par, due 8/15/2018		(1)	107,617
		World Omni Auto Receivables Trust 2015-B		1.49%, $1,800,000 par, due 12/15/2020		(1)	1,802,266
		Wells Fargo/BlackRock Short Term Investment Fund S		0.83%, $28,283,916 par		(1)	28,283,916
							795,125,826
			Accrued income				3,630,667
			Cash				37,059
			Payable for securities purchased on a forward commitment basis				(23,659,551		)
			Payable for securities purchased				(3,152,112		)
			Receivables for investment payments due				36,447
			Adjustment from fair value to current value				1,311,381
				Total			773,329,717
	Prudential Insurance Company of America			2.87%
		21st Century Fox America Inc		6.65%, $395,000 par, due 11/15/2037		(1)	486,071
		Abbott Laboratories		2.35%, $1,635,000 par, due 11/22/2019		(1)	1,636,929
		AbbVie Inc		2.50%, $1,000,000 par, due 5/14/2020		(1)	1,000,260
		AbbVie Inc		4.50%, $440,000 par, due 5/14/2035		(1)	432,313
		Actavis Funding SCS		3.45%, $770,000 par, due 3/15/2022		(1)	781,558
		AEP Texas Central Transition Funding II LLC		5.17%, $2,269,362 par, due 1/1/2018		(1)	2,309,666
		Aetna Inc		2.40%, $565,000 par, due 6/15/2021		(1)	562,441
		Air Liquide Finance SA		2.25%, $245,000 par, due 9/27/2023		(1)	233,277
		Ally Auto Receivables Trust 2015-1		1.39%, $905,000 par, due 9/16/2019		(1)	905,688
		Ally Auto Receivables Trust 2016-1		1.20%, $307,903 par, due 8/15/2018		(1)	308,075
		Ally Auto Receivables Trust 2016-3		1.19%, $1,460,000 par, due 12/17/2018		(1)	1,460,482
		Ally Master Owner Trust		1.43%, $1,215,000 par, due 6/17/2019		(1)	1,215,717
		Ally Master Owner Trust		1.54%, $1,380,000 par, due 9/15/2019		(1)	1,381,960
		American Express Credit Corp		2.25%, $770,000 par, due 8/15/2019		(1)	774,289
		American International Group Inc		3.90%, $1,065,000 par, due 4/1/2026		(1)	1,083,723
		Amgen Inc		3.88%, $500,000 par, due 11/15/2021		(1)	523,410
		Amgen Inc		4.66%, $400,000 par, due 6/15/2051		(1)	384,444
		Anheuser-Busch InBev Finance Inc		3.30%, $1,575,000 par, due 2/1/2023		(1)	1,602,925
		Apple Inc		3.85%, $685,000 par, due 5/4/2043		(1)	655,024
		Apple Inc		4.38%, $440,000 par, due 5/13/2045		(1)	452,021
		AT&T Inc		3.40%, $335,000 par, due 5/15/2025		(1)	322,880
		AT&T Inc		6.00%, $385,000 par, due 8/15/2040		(1)	423,157
		AT&T Inc		6.38%, $125,000 par, due 3/1/2041		(1)	143,953
		BA Credit Card Trust		5.17%, $175,000 par, due 6/15/2019		(1)	175,249
		BAE Systems PLC		4.75%, $845,000 par, due 10/11/2021		(1)	913,707
		Bank of America Corp		2.63%, $705,000 par, due 4/19/2021		(1)	700,164
		Bank of America Corp		3.30%, $625,000 par, due 1/11/2023		(1)	627,088
		Bank of America Corp		4.00%, $245,000 par, due 1/22/2025		(1)	245,309
		Bank of America Corp		4.10%, $500,000 par, due 7/24/2023		(1)	522,300
		Bank of America Corp		4.45%, $480,000 par, due 3/3/2026		(1)	494,659
		Bank of America Corp		5.65%, $535,000 par, due 5/1/2018		(1)	560,552
		Bank of New York Mellon Corp/The		2.10%, $765,000 par, due 1/15/2019		(1)	768,381
		Bank of New York Mellon Corp/The		2.20%, $415,000 par, due 3/4/2019		(1)	417,959
		Bayer US Finance LLC		2.38%, $490,000 par, due 10/8/2019		(1)	490,867
		BG Energy Capital PLC		4.00%, $595,000 par, due 10/15/2021		(1)	632,455
		Biogen Inc		3.63%, $135,000 par, due 9/15/2022		(1)	138,573
		BP Capital Markets PLC		3.22%, $795,000 par, due 11/28/2023		(1)	802,942
		Burlington Northern Santa Fe LLC		4.55%, $250,000 par, due 9/1/2044		(1)	265,813
		Burlington Northern Santa Fe LLC		4.90%, $285,000 par, due 4/1/2044		(1)	319,377

45(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Capital One Multi-Asset Execution Trust	1.26%, $1,245,000 par, due 1/15/2020		(1)	$	1,245,697
	Caterpillar Inc	5.20%, $170,000 par, due 5/27/2041		(1)	197,168
	Celgene Corp	3.88%, $250,000 par, due 8/15/2025		(1)	253,578
	CenterPoint Energy Transition Bond Co LLC	5.17%, $665,772 par, due 8/1/2019		(1)	670,172
	Chase Issuance Trust	5.23%, $155,000 par, due 4/15/2019		(1)	155,718
	Citibank Credit Card Issuance Trust	1.23%, $305,000 par, due 4/24/2019		(1)	305,122
	Citigroup Inc	3.20%, $275,000 par, due 10/21/2026		(1)	262,961
	Citigroup Inc	3.70%, $1,275,000 par, due 1/12/2026		(1)	1,268,434
	Citigroup Inc	4.60%, $905,000 par, due 3/9/2026		(1)	935,390
	Coca-Cola Femsa SAB de CV	2.38%, $530,000 par, due 11/26/2018		(1)	533,684
	Comcast Corp	4.40%, $380,000 par, due 8/15/2035		(1)	397,533
	ConocoPhillips Co	4.15%, $410,000 par, due 11/15/2034		(1)	400,750
	Covidien International Finance SA	2.95%, $205,000 par, due 6/15/2023		(1)	202,768
	CVS Health Corp	4.00%, $825,000 par, due 12/5/2023		(1)	869,261
	Daimler Finance North America LLC	1.13%, $1,350,000 par, due 3/10/2017		(1)	1,349,703
	Daimler Finance North America LLC	2.38%, $1,100,000 par, due 8/1/2018		(1)	1,108,283
	Deutsche Telekom International Finance BV	2.25%, $775,000 par, due 3/6/2017		(1)	776,101
	Diageo Investment Corp	2.88%, $385,000 par, due 5/11/2022		(1)	387,310
	Dominion Resources Inc/VA	2.50%, $905,000 par, due 12/1/2019		(1)	914,674
	Dow Chemical Co/The	3.00%, $915,000 par, due 11/15/2022		(1)	915,421
	DTE Energy Co	3.85%, $950,000 par, due 12/1/2023		(1)	982,889
	Duke Energy Progress LLC	3.00%, $325,000 par, due 9/15/2021		(1)	333,349
	Eastman Chemical Co	2.70%, $470,000 par, due 1/15/2020		(1)	472,750
	EMD Finance LLC	1.70%, $885,000 par, due 3/19/2018		(1)	881,991
	EMD Finance LLC	2.40%, $1,025,000 par, due 3/19/2020		(1)	1,018,942
	Exelon Corp	3.95%, $1,050,000 par, due 6/15/2025		(1)	1,079,442
	Exelon Generation Co LLC	2.95%, $730,000 par, due 1/15/2020		(1)	738,680
	Ford Credit Auto Owner Trust 2015-REV1	2.12%, $3,005,000 par, due 7/15/2026		(1)	3,010,920
	Ford Motor Credit Co LLC	3.22%, $705,000 par, due 1/9/2022		(1)	697,104
	GE Capital International Funding Co Unlimited Co	4.42%, $240,000 par, due 11/15/2035		(1)	251,498
	General Electric Co	4.50%, $85,000 par, due 3/11/2044		(1)	91,246
	Gilead Sciences Inc	2.50%, $500,000 par, due 9/1/2023		(1)	482,160
	Gilead Sciences Inc	3.70%, $315,000 par, due 4/1/2024		(1)	323,325
	Goldman Sachs Group Inc/The	2.35%, $980,000 par, due 11/15/2021		(1)	952,129
	Goldman Sachs Group Inc/The	3.75%, $655,000 par, due 2/25/2026		(1)	656,926
	Goldman Sachs Group Inc/The	5.95%, $3,875,000 par, due 1/18/2018		(1)	4,036,743
	Guardian Life Global Funding	1.95%, $560,000 par, due 10/27/2021		(1)	544,186
	Honda Auto Receivables 2016-2 Owner Trust	1.13%, $1,200,000 par, due 9/17/2018		(1)	1,200,228
	HSBC Finance Corp	6.68%, $1,005,000 par, due 1/15/2021		(1)	1,129,660
	HSBC Holdings PLC	3.60%, $1,720,000 par, due 5/25/2023		(1)	1,729,976
	HSBC Holdings PLC	4.25%, $205,000 par, due 3/14/2024		(1)	208,307
	Humana Inc	2.63%, $585,000 par, due 10/1/2019		(1)	589,692
	International Paper Co	5.00%, $260,000 par, due 9/15/2035		(1)	274,708
	JPMorgan Chase & Co	3.90%, $750,000 par, due 7/15/2025		(1)	771,210
	JPMorgan Chase & Co	4.40%, $2,380,000 par, due 7/22/2020		(1)	2,528,060
	JPMorgan Chase Bank NA	6.00%, $3,150,000 par, due 7/5/2017		(1)	3,221,285
	Kinder Morgan Inc/DE	4.30%, $1,140,000 par, due 6/1/2025		(1)	1,173,710
	Kraft Heinz Foods Co	3.50%, $285,000 par, due 6/6/2022		(1)	289,836
	Kraft Heinz Foods Co	4.38%, $495,000 par, due 6/1/2046		(1)	465,785
	Lockheed Martin Corp	3.35%, $1,095,000 par, due 9/15/2021		(1)	1,130,785
	Microsoft Corp	2.00%, $470,000 par, due 8/8/2023		(1)	449,226
	Microsoft Corp	3.50%, $325,000 par, due 2/12/2035		(1)	312,839
	Mondelez International Holdings Netherlands BV	1.63%, $1,590,000 par, due 10/28/2019		(1)	1,558,661
	Morgan Stanley	2.50%, $1,685,000 par, due 4/21/2021		(1)	1,666,684
	Morgan Stanley	2.63%, $1,010,000 par, due 11/17/2021		(1)	997,840
	Morgan Stanley	3.13%, $210,000 par, due 7/27/2026		(1)	200,630
	Morgan Stanley	7.30%, $1,575,000 par, due 5/13/2019		(1)	1,754,991
	Motiva Enterprises LLC	5.75%, $650,000 par, due 1/15/2020		(1)	702,410
	Northrop Grumman Corp	1.75%, $1,275,000 par, due 6/1/2018		(1)	1,278,506
	Oracle Corp	3.90%, $840,000 par, due 5/15/2035		(1)	828,500
	Pacific Gas & Electric Co	5.63%, $1,275,000 par, due 11/30/2017		(1)	1,322,303
	PNC Bank NA	2.25%, $795,000 par, due 7/2/2019		(1)	800,311
	PNC Bank NA	2.55%, $645,000 par, due 12/9/2021		(1)	644,594
	Province of Ontario Canada	1.25%, $865,000 par, due 6/17/2019		(1)	854,378
	Schlumberger Holdings Corp	2.35%, $1,265,000 par, due 12/21/2018		(1)	1,275,436
	Sempra Energy	1.63%, $215,000 par, due 10/7/2019		(1)	212,229
	Sempra Energy	2.40%, $1,005,000 par, due 3/15/2020		(1)	1,003,513
	Shell International Finance BV	3.40%, $910,000 par, due 8/12/2023		(1)	933,824
	Shell International Finance BV	4.13%, $800,000 par, due 5/11/2035		(1)	816,848
	Siemens Financieringsmaatschappij NV	2.90%, $670,000 par, due 5/27/2022		(1)	675,032
	Spectra Energy Capital LLC	8.00%, $820,000 par, due 10/1/2019		(1)	932,668
	State Street Corp	3.70%, $650,000 par, due 11/20/2023		(1)	676,696
	Statoil ASA	3.70%, $265,000 par, due 3/1/2024		(1)	277,373
	Teva Pharmaceutical Finance Netherlands III BV	2.80%, $635,000 par, due 7/21/2023		(1)	601,085

46(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
			Description of investment, including
			maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party			collateral, par, or maturing value	shares	Cost	Current value
		Thermo Fisher Scientific Inc	2.40%, $785,000 par, due 2/1/2019		(1)	$	790,966
		Time Warner Inc	3.55%, $1,060,000 par, due 6/1/2024		(1)	1,051,382
		Total Capital International SA	2.75%, $640,000 par, due 6/19/2021		(1)	647,558
		TransCanada PipeLines Ltd	4.63%, $515,000 par, due 3/1/2034		(1)	543,062
		TSMC Global Ltd	1.63%, $1,240,000 par, due 4/3/2018		(1)	1,235,263
		United States Treasury Note/Bond	0.63%, $2,050,000 par, due 8/31/2017		(1)	2,048,401
		United States Treasury Note/Bond	1.38%, $1,735,000 par, due 2/29/2020		(1)	1,726,724
		United States Treasury Note/Bond	1.38%, $5,235,000 par, due 1/31/2021		(1)	5,151,345
		United States Treasury Note/Bond	1.63%, $4,175,000 par, due 7/31/2019		(1)	4,204,183
		United States Treasury Note/Bond	1.63%, $7,835,000 par, due 11/30/2020		(1)	7,803,503
		United States Treasury Note/Bond	1.75%, $6,200,000 par, due 5/15/2022		(1)	6,108,922
		United States Treasury Note/Bond	1.75%, $6,805,000 par, due 12/31/2020		(1)	6,802,890
		United States Treasury Note/Bond	2.00%, $1,190,000 par, due 2/15/2025		(1)	1,158,203
		United States Treasury Note/Bond	2.00%, $24,720,000 par, due 11/30/2022		(1)	24,552,893
		United States Treasury Note/Bond	2.00%, $6,655,000 par, due 7/31/2022		(1)	6,630,576
		United States Treasury Note/Bond	2.13%, $21,175,000 par, due 8/31/2020		(1)	21,517,400
		United States Treasury Note/Bond	2.13%, $415,000 par, due 8/15/2021		(1)	418,938
		United States Treasury Note/Bond	2.25%, $480,000 par, due 8/15/2046		(1)	403,594
		United States Treasury Note/Bond	2.50%, $1,315,000 par, due 2/15/2046		(1)	1,168,496
		United States Treasury Note/Bond	2.50%, $1,565,000 par, due 5/15/2046		(1)	1,390,769
		United States Treasury Note/Bond	2.63%, $2,570,000 par, due 11/15/2020		(1)	2,656,326
		United States Treasury Note/Bond	3.50%, $16,005,000 par, due 5/15/2020		(1)	17,012,195
		United States Treasury Note/Bond	5.25%, $2,665,000 par, due 11/15/2028		(1)	3,392,678
		United States Treasury Strip Principal 3.17%	400.00%,405,000 par, due 8/15/2045		(1)	1,792,174
		United Technologies Corp	1.95%, $1,000,000 par, due 11/1/2021		(1)	980,260
		Verizon Communications Inc	3.85%, $865,000 par, due 11/1/2042		(1)	749,557
		Verizon Communications Inc	4.52%, $200,000 par, due 9/15/2048		(1)	191,782
		Verizon Owner Trust 2016-1	1.42%, $210,000 par, due 1/20/2021		(1)	208,538
		Visa Inc	2.80%, $905,000 par, due 12/14/2022		(1)	910,068
		Wells Fargo/BlackRock Short Term Investment Fund S	0.83%, $13,795,395 par		(1)	13,795,395
						229,393,526
			Accrued income			1,342,656
			Variation margin payable			(32,750		)
			Payable for securities purchased			(2,977,992		)
			Receivables for investment payments due			59,544
			Adjustment from fair value to current value			(5,040,094		)
			Total			222,744,890

	Royal Bank of Canada		2.13%
		3M Co	1.63%, $540,000 par, due 9/19/2021		(1)	526,236
		Abay Leasing 2014 LLC	2.65%, $1,520,833 par, due 11/9/2026		(1)	1,533,806
		AbbVie Inc	1.80%, $260,000 par, due 5/14/2018		(1)	260,195
		AIG Global Funding	2.70%, $1,000,000 par, due 12/15/2021		(1)	997,852
		Air Liquide Finance SA	1.75%, $430,000 par, due 9/27/2021		(1)	412,881
		Ally Auto Receivables Trust 2014-2	1.25%, $983,434 par, due 4/15/2019		(1)	983,820
		Ally Auto Receivables Trust 2014-3	1.28%, $1,220,683 par, due 6/17/2019		(1)	1,221,184
		Amal Ltd/Cayman Islands	3.46%, $1,773,951 par, due 8/21/2021		(1)	1,837,092
		American Express Credit Corp	1.55%, $460,000 par, due 9/22/2017		(1)	460,512
		American Express Credit Corp	1.70%, $310,000 par, due 10/30/2019		(1)	306,974
		American Express Credit Corp	2.38%, $500,000 par, due 5/26/2020		(1)	499,721
		American Honda Finance Corp	2.13%, $940,000 par, due 2/28/2017		(1)	941,491
		American Honda Finance Corp	2.45%, $710,000 par, due 9/24/2020		(1)	713,671
		AmeriCredit Auto Receivables T	0.90%, $192,129 par, due 2/8/2019		(1)	192,103
		Anheuser-Busch InBev Finance Inc	3.30%, $1,300,000 par, due 2/1/2023		(1)	1,323,052
		Apple Inc	1.10%, $320,000 par, due 8/2/2019		(1)	315,219
		Apple Inc	2.25%, $750,000 par, due 2/23/2021		(1)	749,376
		AT&T Inc	2.40%, $1,200,000 par, due 3/15/2017		(1)	1,202,948
		AT&T Inc	2.45%, $400,000 par, due 6/30/2020		(1)	397,213
		Atmos Energy Corp	6.35%, $1,015,000 par, due 6/15/2017		(1)	1,038,141
		Automatic Data Processing Inc	2.25%, $360,000 par, due 9/15/2020		(1)	361,860
		AvalonBay Communities Inc	2.95%, $586,000 par, due 9/15/2022		(1)	584,161
		AvalonBay Communities Inc	3.63%, $600,000 par, due 10/1/2020		(1)	623,030
		BA Credit Card Trust	1.36%, $1,800,000 par, due 9/15/2020		(1)	1,799,170
		BAE Systems PLC	4.75%, $700,000 par, due 10/11/2021		(1)	756,916
		BAMLL Commercial Mortgage Securities
		Trust 2013-DSNY	1.75%, $550,000 par, due 9/15/2026		(1)	550,234
		Bank of America Corp	2.63%, $810,000 par, due 4/19/2021		(1)	804,442
		Bank of America Corp	3.30%, $900,000 par, due 1/11/2023		(1)	903,006
		Bank of America Corp	5.42%, $1,000,000 par, due 3/15/2017		(1)	1,007,246
		Bank of America NA	1.75%, $500,000 par, due 6/5/2018		(1)	499,979
		Bank of Montreal	1.50%, $500,000 par, due 7/18/2019		(1)	493,451
		Bank of Montreal	1.90%, $520,000 par, due 8/27/2021		(1)	503,892
		Bank of New York Mellon Corp/The	2.15%, $830,000 par, due 2/24/2020		(1)	827,556
		Bank of New York Mellon Corp/The	2.60%, $270,000 par, due 8/17/2020		(1)	271,966

47(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Bank of Nova Scotia/The	1.88%, $1,900,000 par, due 4/26/2021		(1)	$	1,853,602
	Bank of The West Auto Trust 2014-1	1.09%, $806,330 par, due 3/15/2019		(1)	806,261
	BB&T Corp	2.15%, $925,000 par, due 3/22/2017		(1)	926,288
	Becton Dickinson and Co	2.67%, $549,000 par, due 12/15/2019		(1)	557,021
	BHP Billiton Finance USA Ltd	1.63%, $1,175,000 par, due 2/24/2017		(1)	1,175,885
	BMW US Capital LLC	1.50%, $880,000 par, due 4/11/2019		(1)	871,650
	BMW Vehicle Lease Trust 2015-1	1.24%, $1,309,262 par, due 12/20/2017		(1)	1,309,602
	BNP Paribas SA	1.38%, $950,000 par, due 3/17/2017		(1)	950,145
	Boston Properties LP	3.13%, $300,000 par, due 9/1/2023		(1)	294,171
	Boston Properties LP	4.13%, $820,000 par, due 5/15/2021		(1)	866,367
	BP Capital Markets PLC	1.68%, $750,000 par, due 5/3/2019		(1)	744,692
	BP Capital Markets PLC	2.75%, $500,000 par, due 5/10/2023		(1)	490,874
	Branch Banking & Trust Co	1.45%, $440,000 par, due 5/10/2019		(1)	435,101
	Brazos Student Finance Corp	1.25%, $453,743 par, due 6/25/2027		(1)	443,637
	Burlington Northern Santa Fe LLC	5.65%, $1,000,000 par, due 5/1/2017		(1)	1,013,483
	Byron Center Public Schools	2.55%, $750,000 par, due 5/1/2024		(1)	732,585
	Capital Area Finance Authority	2.90%, $884,508 par, due 4/1/2038		(1)	863,634
	Capital Auto Receivables Asset Trust 2015-1	1.61%, $1,730,000 par, due 6/20/2019		(1)	1,733,531
	Capital One Multi-Asset Execution Tr	1.48%, $2,000,000 par, due 7/15/2020		(1)	2,004,132
	Capital One NA/Mclean VA	1.85%, $330,000 par, due 9/13/2019		(1)	326,249
	Capital One NA/Mclean VA	2.35%, $420,000 par, due 8/17/2018		(1)	422,412
	Cargill Inc	1.90%, $150,000 par, due 3/1/2017		(1)	150,207
	Cargill Inc	3.25%, $1,000,000 par, due 11/15/2021		(1)	1,025,430
	CarMax Auto Owner Trust 2014-4	1.25%, $1,319,198 par, due 11/15/2019		(1)	1,318,751
	Caterpillar Financial Services Corp	1.70%, $800,000 par, due 8/9/2021		(1)	768,409
	Caterpillar Financial Services Corp	2.25%, $300,000 par, due 12/1/2019		(1)	301,225
	Chase Issuance Trust	1.62%, $730,000 par, due 7/15/2020		(1)	731,460
	Chevron Corp	1.36%, $420,000 par, due 3/2/2018		(1)	419,588
	Chevron Corp	2.10%, $760,000 par, due 5/16/2021		(1)	753,484
	Chevron Corp	2.19%, $340,000 par, due 11/15/2019		(1)	343,390
	Chevron Corp	2.42%, $840,000 par, due 11/17/2020		(1)	845,981
	Chrysler Capital Auto Receivables Trust 2015-B	1.91%, $1,175,000 par, due 3/16/2020		(1)	1,179,519
	Chubb INA Holdings Inc	2.30%, $290,000 par, due 11/3/2020		(1)	289,934
	Cintas Corp No 2	4.30%, $800,000 par, due 6/1/2021		(1)	849,056
	Cisco Systems Inc	2.45%, $1,140,000 par, due 6/15/2020		(1)	1,151,500
	CIT Equipment Collateral 2014-VT1	1.50%, $1,393,994 par, due 10/21/2019		(1)	1,394,265
	Citibank Credit Card Issuance Trust	1.23%, $1,800,000 par, due 4/24/2019		(1)	1,800,720
	Citigroup Commercial Mortgage Trust 2012-GC8	2.61%, $1,500,000 par, due 5/10/2022		(1)	1,511,840
	Citigroup Commercial Mortgage Trust 2014-GC19	3.55%, $1,900,000 par, due 3/10/2047		(1)	1,973,296
	Citigroup Inc	1.85%, $350,000 par, due 11/24/2017		(1)	350,662
	Citigroup Inc	2.65%, $520,000 par, due 10/26/2020		(1)	520,366
	Citigroup Inc	2.70%, $700,000 par, due 3/30/2021		(1)	698,398
	Citigroup Inc	4.50%, $650,000 par, due 1/14/2022		(1)	693,014
	Citizens Bank NA/Providence RI	2.55%, $250,000 par, due 5/13/2021		(1)	248,465
	City of Dallas TX Waterworks & Sewer
	System Revenue	2.48%, $1,100,000 par, due 10/1/2021		(1)	1,108,624
	CNH Equipment Trust 2014-A	0.84%, $482,523 par, due 5/15/2019		(1)	482,332
	CNH Equipment Trust 2015-C	1.66%, $2,000,000 par, due 11/16/2020		(1)	2,003,660
	COMM 2012-CCRE4 Mortgage Trust	0.70%, $82,630 par, due 10/15/2045		(1)	82,544
	Comm 2013-CCRE13 Mortgage Trust	4.19%, $1,800,000 par, due 11/10/2023		(1)	1,943,311
	COMM 2013-CCRE7 Mortgage Trust	3.21%, $1,380,000 par, due 3/10/2046		(1)	1,411,809
	COMM 2013-LC6 Mortgage Trust	2.94%, $950,000 par, due 1/10/2046		(1)	961,295
	Commercial Mortgage Pass Through Certificates	2.37%, $2,000,000 par, due 10/15/2045		(1)	2,010,270
	Commonwealth Edison Co	3.40%, $1,300,000 par, due 9/1/2021		(1)	1,349,006
	ConocoPhillips Co	2.20%, $1,000,000 par, due 5/15/2020		(1)	992,367
	ConocoPhillips Co	4.20%, $310,000 par, due 3/15/2021		(1)	329,289
	Cooperatieve Rabobank UA/NY	2.50%, $380,000 par, due 1/19/2021		(1)	379,939
	Core Industrial Trust 2015-CALW	3.04%, $1,900,000 par, due 2/10/2034		(1)	1,938,572
	County of Chester PA	2.13%, $1,000,000 par, due 5/15/2020		(1)	1,002,730
	County of Collin TX	1.48%, $675,000 par, due 2/15/2018		(1)	677,106
	County of Macomb MI	2.69%, $1,000,000 par, due 11/1/2021		(1)	1,010,480
	Covidien International Finance SA	6.00%, $400,000 par, due 10/15/2017		(1)	414,248
	Credit Suisse AG/New York NY	1.38%, $300,000 par, due 5/26/2017		(1)	300,070
	CVS Health Corp	2.80%, $930,000 par, due 7/20/2020		(1)	943,583
	Daimler Finance North America LLC	1.38%, $500,000 par, due 8/1/2017		(1)	500,008
	Daimler Finance North America LLC	2.00%, $450,000 par, due 7/6/2021		(1)	436,955
	Daimler Finance North America LLC	2.20%, $270,000 par, due 10/30/2021		(1)	263,848
	Daimler Finance North America LLC	2.95%, $650,000 par, due 1/11/2017		(1)	650,206
	Danone SA	1.69%, $990,000 par, due 10/30/2019		(1)	977,605
	DBRR 2011-LC2 Trust	4.54%, $2,500,000 par, due 7/12/2044		(1)	2,638,345
	Dell Equipment Finance Trust 2015-2	1.42%, $757,762 par, due 12/22/2017		(1)	758,110
	Discover Card Execution Note Trust	1.39%, $1,800,000 par, due 4/15/2020		(1)	1,802,669
	DNB Boligkreditt AS	1.45%, $1,225,000 par, due 3/21/2018		(1)	1,222,871
	Duke Energy Carolinas LLC	2.50%, $750,000 par, due 3/15/2023		(1)	743,333

48(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Eaton Corp	1.50%, $750,000 par, due 11/2/2017		(1)	$	750,624
	Ecolab Inc	2.00%, $440,000 par, due 1/14/2019		(1)	440,338
	Ecolab Inc	2.25%, $880,000 par, due 1/12/2020		(1)	879,746
	EdLinc Student Loan Funding Trust 2012-1	1.58%, $800,473 par, due 9/25/2030		(1)	783,791
	Edsouth Indenture No 2 LLC	1.91%, $647,134 par, due 9/25/2040		(1)	642,636
	Edsouth Indenture No 4 LLC	1.33%, $759,834 par, due 2/26/2029		(1)	742,133
	Educational Funding of the South Inc	1.53%, $1,484,280 par, due 4/25/2035		(1)	1,464,032
	Emerson Electric Co	4.25%, $750,000 par, due 11/15/2020		(1)	806,791
	Entergy Gulf States Louisiana LLC	6.00%, $1,000,000 par, due 5/1/2018		(1)	1,055,423
	Enterprise Fleet Financing LLC	1.30%, $900,597 par, due 9/20/2020		(1)	899,944
	Enterprise Products Operating LLC	2.85%, $390,000 par, due 4/15/2021		(1)	392,967
	Ethiopian Leasing 2012 LLC	2.57%, $1,078,902 par, due 8/14/2026		(1)	1,077,795
	Export Leasing 2009 LLC	1.86%, $1,123,505 par, due 8/28/2021		(1)	1,121,078
	Exxon Mobil Corp	1.91%, $442,000 par, due 3/6/2020		(1)	441,537
	Exxon Mobil Corp	2.22%, $370,000 par, due 3/1/2021		(1)	370,848
	Fannie Mae Pool	2.00%, $1,838,417 par, due 8/1/2023		(1)	1,857,547
	Fannie Mae Pool	2.00%, $2,704,754 par, due 9/1/2023		(1)	2,732,891
	Fannie Mae Pool	2.00%, $839,684 par, due 5/1/2023		(1)	848,361
	Fannie Mae Pool	2.00%, $856,322 par, due 4/1/2023		(1)	865,233
	Fannie Mae Pool	2.00%, $857,996 par, due 6/1/2023		(1)	866,906
	Fannie Mae Pool	2.22%, $809,785 par, due 10/1/2033		(1)	842,164
	Fannie Mae Pool	2.45%, $921,316 par, due 3/1/2042		(1)	970,731
	Fannie Mae Pool	2.49%, $1,396,711 par, due 8/1/2045		(1)	1,418,327
	Fannie Mae Pool	2.51%, $2,612,470 par, due 7/1/2020		(1)	2,659,957
	Fannie Mae Pool	2.53%, $689,488 par, due 8/1/2034		(1)	730,014
	Fannie Mae Pool	2.53%, $956,307 par, due 6/1/2033		(1)	1,004,945
	Fannie Mae Pool	2.56%, $1,746,414 par, due 3/1/2021		(1)	1,775,415
	Fannie Mae Pool	2.57%, $1,709,431 par, due 9/1/2019		(1)	1,737,648
	Fannie Mae Pool	2.57%, $1,800,000 par, due 12/1/2020		(1)	1,832,252
	Fannie Mae Pool	2.57%, $951,074 par, due 9/1/2019		(1)	966,772
	Fannie Mae Pool	2.59%, $583,422 par, due 3/1/2034		(1)	607,948
	Fannie Mae Pool	2.63%, $1,612,975 par, due 8/1/2045		(1)	1,644,223
	Fannie Mae Pool	2.64%, $717,759 par, due 7/1/2045		(1)	731,919
	Fannie Mae Pool	2.76%, $1,482,330 par, due 4/1/2022		(1)	1,513,599
	Fannie Mae Pool	2.79%, $2,015,452 par, due 8/1/2044		(1)	2,067,328
	Fannie Mae Pool	2.80%, $1,041,481 par, due 8/1/2044		(1)	1,068,911
	Fannie Mae Pool	2.80%, $1,150,160 par, due 8/1/2044		(1)	1,180,921
	Fannie Mae Pool	2.85%, $1,054,171 par, due 8/1/2044		(1)	1,082,610
	Fannie Mae Pool	2.96%, $1,161,415 par, due 6/1/2022		(1)	1,169,279
	Fannie Mae Pool	3.00%, $1,838,943 par, due 2/1/2031		(1)	1,890,273
	Fannie Mae Pool	3.00%, $6,562,565 par, due 4/1/2031		(1)	6,747,748
	Fannie Mae Pool	3.20%, $575,853 par, due 11/1/2041		(1)	598,976
	Fannie Mae Pool	3.50%, $1,705,843 par, due 4/1/2046		(1)	1,753,493
	Fannie Mae Pool	4.50%, $95,887 par, due 7/1/2018		(1)	98,548
	Fannie Mae Pool	5.00%, $126,899 par, due 2/1/2019		(1)	130,089
	Fannie Mae Pool	5.00%, $256,146 par, due 1/1/2019		(1)	262,140
	Fannie Mae Pool	5.00%, $837,111 par, due 6/1/2035		(1)	917,605
	Fannie Mae Pool	5.50%, $1,749,247 par, due 4/1/2033		(1)	2,012,932
	Fannie Mae Pool	5.50%, $250,732 par, due 4/1/2036		(1)	280,458
	Fannie Mae Pool	5.50%, $653,693 par, due 11/1/2021		(1)	693,475
	Fannie Mae Pool	5.50%, $717,183 par, due 9/1/2036		(1)	804,455
	Fannie Mae REMICS Trust 2002-W12	5.07%, $162,631 par, due 2/25/2033		(1)	166,745
	Fannie Mae REMICS	4.50%, $403,214 par, due 9/25/2018		(1)	410,437
	Fannie Mae-Aces	1.23%, $954,102 par, due 3/26/2018		(1)	949,550
	Fannie Mae-Aces	2.17%, $3,500,000 par, due 9/25/2019		(1)	3,514,252
	Fannie Mae-Aces	2.26%, $1,225,000 par, due 2/25/2023		(1)	1,202,367
	FHLMC K710 A2 Multifam	1.88%, $1,675,000 par, due 5/25/2019		(1)	1,683,278
	FHLMC Multifamily Structured Passthrough	2.70%, $2,963,480 par, due 5/25/2018		(1)	3,004,762
	Fifth Third Auto Trust 2014-2	0.89%, $516,196 par, due 11/15/2018		(1)	516,018
	Ford Credit Auto Owner Trust 2014-C	1.06%, $2,216,366 par, due 5/15/2019		(1)	2,215,063
	Ford Credit Auto Owner Trust 2016-REV2	2.03%, $1,500,000 par, due 12/15/2027		(1)	1,475,220
	Ford Credit Auto Owner Trust	2.44%, $1,900,000 par, due 1/15/2027		(1)	1,916,695
	Ford Motor Credit Co LLC	2.02%, $450,000 par, due 5/3/2019		(1)	445,871
	Freddie Mac Gold Pool	2.50%, $565,099 par, due 7/1/2023		(1)	575,252
	Freddie Mac Gold Pool	3.00%, $1,089,970 par, due 10/1/2026		(1)	1,120,822
	Freddie Mac Gold Pool	5.00%, $69,707 par, due 8/1/2018		(1)	71,415
	Freddie Mac Gold Pool	5.50%, $268,350 par, due 11/1/2021		(1)	280,475
	Freddie Mac Multifamily Structured Pass
	Through Certificates	2.09%, $1,725,000 par, due 3/25/2019		(1)	1,738,322
	Freddie Mac Multifamily Structured Pass
	Through Certificates	2.35%, $1,800,000 par, due 4/25/2021		(1)	1,808,465
	Freddie Mac Multifamily Structured Pass
	Through Certificates	2.79%, $2,500,000 par, due 1/25/2022		(1)	2,554,445
	Freddie Mac Non Gold Pool	2.15%, $1,080,481 par, due 7/1/2042		(1)	1,133,407

49(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value	shares	Cost	Current value
	Freddie Mac Non Gold Pool	2.28%, $1,006,470 par, due 8/1/2043		(1)	$	1,022,458
	Freddie Mac Non Gold Pool	2.28%, $754,771 par, due 8/1/2042		(1)	789,164
	Freddie Mac Non Gold Pool	2.52%, $1,157,331 par, due 2/1/2042		(1)	1,224,292
	Freddie Mac Non Gold Pool	2.61%, $1,032,714 par, due 1/1/2045		(1)	1,052,485
	Freddie Mac Non Gold Pool	2.67%, $666,815 par, due 8/1/2045		(1)	679,454
	Freddie Mac Non Gold Pool	2.69%, $1,256,849 par, due 12/1/2044		(1)	1,284,499
	Freddie Mac Non Gold Pool	2.69%, $2,161,996 par, due 8/1/2044		(1)	2,211,655
	Freddie Mac Non Gold Pool	3.01%, $1,962,298 par, due 4/1/2038		(1)	2,074,885
	GAHR Commercial Mortgage Trust 2015-NRF	3.23%, $2,230,000 par, due 12/15/2034		(1)	2,286,495
	General Electric Co	5.50%, $533,000 par, due 1/8/2020		(1)	584,006
	General Mills Inc	5.70%, $1,000,000 par, due 2/15/2017		(1)	1,005,068
	Georgia-Pacific LLC	3.16%, $500,000 par, due 11/15/2021		(1)	505,955
	Gilead Sciences Inc	1.95%, $360,000 par, due 3/1/2022		(1)	348,315
	Ginnie Mae II pool	2.00%, $1,776,657 par, due 6/20/2058		(1)	1,811,229
	Ginnie Mae II pool	2.00%, $722,128 par, due 3/20/2042		(1)	745,906
	Ginnie Mae II pool	5.46%, $682,674 par, due 7/20/2059		(1)	689,583
	Goldman Sachs Group Inc/The	2.60%, $1,420,000 par, due 4/23/2020		(1)	1,421,488
	Goldman Sachs Group Inc/The	2.63%, $380,000 par, due 4/25/2021		(1)	377,241
	Goldman Sachs Group Inc/The	2.75%, $240,000 par, due 9/15/2020		(1)	241,037
	GS Mortgage Securities Trust 2013-GC16	4.27%, $1,280,000 par, due 11/10/2046		(1)	1,383,025
	GSMS 2012-GCJ7 A4 9.2-Yr CMBS	3.38%, $1,000,000 par, due 5/10/2045		(1)	1,041,521
	Guardian Life Global Funding	2.00%, $750,000 par, due 4/26/2021		(1)	731,463
	Home Depot Inc/The	2.00%, $370,000 par, due 4/1/2021		(1)	367,059
	Honda Auto Receivables 2014-4 Owner Trust	0.99%, $931,530 par, due 9/17/2018		(1)	930,810
	Honda Auto Receivables Owner Trust 2014-3	0.88%, $620,072 par, due 6/15/2018		(1)	619,651
	Honeywell International Inc	1.85%, $1,260,000 par, due 11/1/2021		(1)	1,231,310
	HSBC USA Inc	1.63%, $700,000 par, due 1/16/2018		(1)	698,776
	HSBC USA Inc	2.35%, $520,000 par, due 3/5/2020		(1)	515,934
	Hyundai Auto Receivables Trust 2015-A	1.05%, $1,282,044 par, due 4/15/2019		(1)	1,281,370
	Hyundai Auto Receivables Trust 2015-B	1.12%, $1,900,000 par, due 11/15/2019		(1)	1,896,523
	Hyundai Capital America	2.00%, $380,000 par, due 7/1/2019		(1)	377,061
	Intel Corp	2.45%, $200,000 par, due 7/29/2020		(1)	202,820
	International Business Machines Corp	5.70%, $1,120,000 par, due 9/14/2017		(1)	1,153,569
	Iowa Student Loan Liquidity Corp	1.03%, $1,554,801 par, due 9/25/2037		(1)	1,494,877
	John Deere Capital Corp	1.20%, $400,000 par, due 10/10/2017		(1)	399,738
	John Deere Capital Corp	1.75%, $270,000 par, due 8/10/2018		(1)	270,506
	John Deere Capital Corp	5.35%, $300,000 par, due 4/3/2018		(1)	314,291
	Johnson & Johnson	1.65%, $930,000 par, due 3/1/2021		(1)	915,510
	JP Morgan Chase Commercial Mortgage
	Securities Trust 2013-C13	3.41%, $600,000 par, due 1/15/2046		(1)	622,216
	JP Morgan Chase Commercial Mortgage
	Securities Trust 2013-C16	4.17%, $1,400,000 par, due 12/15/2046		(1)	1,504,149
	JPMBB Commercial Mortgage Securities
	Trust 2013-C12	3.16%, $1,825,000 par, due 7/15/2045		(1)	1,876,031
	JPMBB Commercial Mortgage Securities
	Trust 2013-C14	3.76%, $1,725,000 par, due 8/15/2046		(1)	1,813,691
	JPMorgan Chase & Co	2.25%, $600,000 par, due 1/23/2020		(1)	598,588
	JPMorgan Chase & Co	2.55%, $535,000 par, due 10/29/2020		(1)	534,605
	JPMorgan Chase & Co	2.70%, $570,000 par, due 5/18/2023		(1)	557,682
	JPMorgan Chase Bank NA	1.65%, $300,000 par, due 9/23/2019		(1)	297,016
	Kellogg Co	1.75%, $1,080,000 par, due 5/17/2017		(1)	1,082,536
	Kentucky Utilities Co	3.25%, $1,200,000 par, due 11/1/2020		(1)	1,239,419
	KeyBank NA/Cleveland OH	2.25%, $490,000 par, due 3/16/2020		(1)	487,943
	KeyBank NA/Cleveland OH	2.35%, $250,000 par, due 3/8/2019		(1)	251,437
	KeyBank NA/Cleveland OH	2.50%, $250,000 par, due 12/15/2019		(1)	252,604
	KeyBank NA/Cleveland OH	2.50%, $400,000 par, due 11/22/2021		(1)	397,448
	Kimco Realty Corp	4.30%, $1,000,000 par, due 2/1/2018		(1)	1,020,197
	Liberty Property LP	3.38%, $752,000 par, due 6/15/2023		(1)	747,732
	Lincoln Airport Authority	1.91%, $710,000 par, due 7/1/2021		(1)	692,087
	Lincoln Airport Authority	2.12%, $500,000 par, due 7/1/2022		(1)	487,495
	Lincoln Airport Authority	2.30%, $500,000 par, due 7/1/2023		(1)	481,220
	Lockheed Martin Corp	2.50%, $650,000 par, due 11/23/2020		(1)	655,493
	Manufacturers & Traders Trust Co	2.10%, $550,000 par, due 2/6/2020		(1)	548,461
	Marathon Oil Corp	2.70%, $1,200,000 par, due 6/1/2020		(1)	1,201,597
	Marathon Petroleum Corp	3.40%, $800,000 par, due 12/15/2020		(1)	818,179
	MassMutual Global Funding II	2.00%, $750,000 par, due 4/15/2021		(1)	731,106
	McDonald's Corp	2.75%, $300,000 par, due 12/9/2020		(1)	303,344
	Medtronic Inc	2.50%, $810,000 par, due 3/15/2020		(1)	819,065
	Mercedes-Benz Auto Receivables Trust 2015-1	1.34%, $1,800,000 par, due 12/16/2019		(1)	1,799,422
	Merck & Co Inc	3.88%, $360,000 par, due 1/15/2021		(1)	382,035
	Micron Semiconductor Asia Pte Ltd	1.26%, $1,081,000 par, due 1/15/2019		(1)	1,076,203
	Microsoft Corp	1.55%, $750,000 par, due 8/8/2021		(1)	727,434
	Mondelez International Holdings Netherlands BV	1.63%, $770,000 par, due 10/28/2019		(1)	754,825
	Montana Higher Ed Student Asst	1.56%, $2,116,280 par, due 5/20/2030		(1)	2,118,202

50(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
			Description of investment, including
			maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party			collateral, par, or maturing value	shares	Cost	Current value
	Morgan Stanley Capital I Trust 2007-IQ13		5.31%, $614,909 par, due 3/15/2044		(1)	$	615,664
	Morgan Stanley Capital I Trust 2007-IQ13		5.36%, $757,171 par, due 3/15/2044		(1)	757,675
	Morgan Stanley Capital I Trust 2012-C4		2.11%, $204,197 par, due 3/15/2045		(1)	204,137
	Morgan Stanley		1.88%, $150,000 par, due 1/5/2018		(1)	150,224
	Morgan Stanley		2.45%, $250,000 par, due 2/1/2019		(1)	251,717
	Morgan Stanley		2.50%, $500,000 par, due 4/21/2021		(1)	494,564
	Morgan Stanley		2.63%, $560,000 par, due 11/17/2021		(1)	553,259
	Morgan Stanley		2.65%, $360,000 par, due 1/27/2020		(1)	361,696
	Morgan Stanley		5.45%, $1,000,000 par, due 1/9/2017		(1)	1,000,492
	Navient Student Loan Trust 2016-6		1.51%, $1,040,000 par, due 3/25/2066		(1)	1,042,065
	New Hampshire Higher Education Loan Corp		0.94%, $889,671 par, due 10/25/2028		(1)	888,060
	New York Life Global Funding		1.65%, $1,190,000 par, due 5/15/2017		(1)	1,192,856
	New York State Urban Development Corp		6.45%, $435,000 par, due 3/15/2018		(1)	450,777
	Nissan Auto Receivables 2015-B Owner Trust		1.34%, $1,800,000 par, due 3/16/2020		(1)	1,798,376
	Norfolk Southern Corp		5.75%, $1,080,000 par, due 4/1/2018		(1)	1,133,973
	Northern States Power Co/MN		2.20%, $430,000 par, due 8/15/2020		(1)	430,661
	NYC Transit Fin Auth Future Tax Rev		2.50%, $1,000,000 par, due 2/1/2023		(1)	985,780
	Occidental Petroleum Corp		2.60%, $860,000 par, due 4/15/2022		(1)	857,786
	Olentangy Local School District		5.00%, $1,000,000 par, due 12/1/2019		(1)	1,092,280
	Oracle Corp		1.90%, $1,260,000 par, due 9/15/2021		(1)	1,231,263
	Orange SA		1.63%, $710,000 par, due 11/3/2019		(1)	698,710
	Overseas Private Investment Corp		1.55%, $1,000,000 par, due 11/17/2017		(1)	1,047,148
	Overseas Private Investment Corp		2.52%, $1,400,000 par, due 9/15/2022		(1)	1,383,718
	Pennsylvania Higher Ed Assistance		1.31%, $602,766 par, due 4/25/2030		(1)	598,926
	Pennsylvania Higher Edu Assistance Agcy		1.98%, $1,157,434 par, due 1/25/2028		(1)	1,153,209
	PepsiCo Inc		1.50%, $690,000 par, due 2/22/2019		(1)	687,588
	PepsiCo Inc		1.70%, $400,000 par, due 10/6/2021		(1)	388,590
	Petroleos Mexicanos		1.95%, $1,200,000 par, due 12/20/2022		(1)	1,190,888
	Pfizer Inc		1.70%, $770,000 par, due 12/15/2019		(1)	769,274
	PNC Bank NA		2.30%, $1,110,000 par, due 6/1/2020		(1)	1,109,523
	Port of Morrow OR		1.81%, $500,000 par, due 9/1/2022		(1)	482,675
	Praxair Inc		2.25%, $440,000 par, due 9/24/2020		(1)	438,997
	Precision Castparts Corp		2.25%, $1,110,000 par, due 6/15/2020		(1)	1,114,098
	Procter & Gamble Co/The		1.70%, $910,000 par, due 11/3/2021		(1)	894,428
	Public Service Electric & Gas Co		1.90%, $750,000 par, due 3/15/2021		(1)	736,626
	Roche Holdings Inc		1.75%, $1,060,000 par, due 1/28/2022		(1)	1,018,699
	Royal Bank of Canada		1.88%, $1,820,000 par, due 2/5/2020		(1)	1,811,053
	SBA Small Business Investment Cos		2.51%, $5,592,408 par, due 3/10/2026		(1)	5,576,196
	SBA Small Business Investment Cos		2.52%, $1,763,562 par, due 3/10/2025		(1)	1,779,411
	SBA Small Business Investment Cos		2.83%, $4,868,147 par, due 9/10/2025		(1)	4,952,930
	Shell International Finance BV		1.88%, $680,000 par, due 5/10/2021		(1)	664,848
	Shell International Finance BV		2.13%, $800,000 par, due 5/11/2020		(1)	799,044
	Shell International Finance BV		2.25%, $400,000 par, due 11/10/2020		(1)	399,443
	Sherwin-Williams Co/The		1.35%, $800,000 par, due 12/15/2017		(1)	798,612
	Siemens Financieringsmaatschappij NV		2.15%, $438,000 par, due 5/27/2020		(1)	435,342
	Simon Property Group LP		2.50%, $830,000 par, due 9/1/2020		(1)	835,412
	SLM Student Loan Trust 2008-9		2.38%, $1,227,874 par, due 4/25/2023		(1)	1,229,461
	SLM Student Loan Trust 2013-3		1.06%, $667,775 par, due 5/26/2020		(1)	666,752
	South Carolina Student Loan Corp		1.26%, $687,825 par, due 1/25/2041		(1)	676,001
	State of Arkansas		2.88%, $1,405,000 par, due 6/1/2021		(1)	1,445,815
	State of CA Dept of Water Resources Power
		Supply Revenue	2.00%, $900,000 par, due 5/1/2022		(1)	874,611
	State of Hawaii		1.93%, $1,000,000 par, due 10/1/2021		(1)	989,460
	State of Utah		4.55%, $490,000 par, due 7/1/2024		(1)	540,901
	State of Wisconsin		1.90%, $400,000 par, due 5/1/2022		(1)	385,164
	State Street Corp		1.95%, $500,000 par, due 5/19/2021		(1)	489,961
	State Street Corp		2.55%, $650,000 par, due 8/18/2020		(1)	656,557
	SunTrust Banks Inc		2.70%, $410,000 par, due 1/27/2022		(1)	410,174
	Tesco PLC		2.70%, $1,000,000 par, due 1/5/2017		(1)	1,000,018
	Teva Pharmaceutical Finance Netherlands III BV		1.70%, $450,000 par, due 7/19/2019		(1)	442,138
	Texas A&M University		2.19%, $1,030,000 par, due 5/15/2020		(1)	1,035,614
	Texas Children's Hospital		2.37%, $1,750,000 par, due 10/1/2020		(1)	1,737,027
	Texas Instruments Inc		1.75%, $550,000 par, due 5/1/2020		(1)	543,921
	Thermo Fisher Scientific Inc		3.00%, $350,000 par, due 4/15/2023		(1)	344,003
	Toronto-Dominion Bank/The		1.63%, $600,000 par, due 3/13/2018		(1)	600,623
	Toronto-Dominion Bank/The		2.13%, $500,000 par, due 4/7/2021		(1)	492,356
	Toronto-Dominion Bank/The		2.25%, $1,250,000 par, due 3/15/2021		(1)	1,242,546
	Total Capital Intl		1.50%, $823,000 par, due 2/17/2017		(1)	823,274
	Towd Point Mortgage Trust 2015-4		3.50%, $966,439 par, due 4/25/2055		(1)	985,315
	Towd Point Mortgage Trust 2015-6		3.50%, $1,202,387 par, due 4/25/2055		(1)	1,227,115
	Towd Point Mortgage Trust 2016-3		2.25%, $838,535 par, due 8/25/2055		(1)	831,791
	Towd Point Mortgage Trust 2016-4		2.25%, $467,120 par, due 7/25/2056		(1)	462,288
	Toyota Auto Receivables 2014-B Owner Trust		0.76%, $428,711 par, due 3/15/2018		(1)	428,438
	Toyota Auto Receivables 2015-C Owner Trust		1.34%, $2,000,000 par, due 6/17/2019		(1)	2,000,102

51(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
		Description of investment, including
		maturity date, rate of interest,		Units/
Identity of issuer, borrower, lessor, or similar party		collateral, par, or maturing value		shares	Cost	Current value
	Toyota Motor Credit Corp	1.55%, $400,000 par, due 7/13/2018			(1)	$	399,900
	Toyota Motor Credit Corp	1.55%, $680,000 par, due 10/18/2019			(1)	671,769
	Toyota Motor Credit Corp	1.70%, $370,000 par, due 2/19/2019			(1)	368,831
	UBS AG/Stamford CT	1.38%, $325,000 par, due 8/14/2017			(1)	324,894
	UBS AG/Stamford CT	2.35%, $900,000 par, due 3/26/2020			(1)	896,315
	UBS Commercial Mortgage Trust 2012-C1	3.40%, $1,086,896 par, due 5/10/2045			(1)	1,132,403
	UBS-Barclays Commercial Mortgage Trust 2012-C4	2.46%, $1,890,000 par, due 12/10/2045			(1)	1,900,115
	UBS-Barclays Commercial Mortgage Trust 2012-C4	2.85%, $1,400,000 par, due 12/10/2045			(1)	1,412,573
	Ukraine Government AID Bonds	1.47%, $725,000 par, due 9/29/2021			(1)	707,777
	Union Pacific Corp	5.65%, $360,000 par, due 5/1/2017			(1)	365,463
	Union Pacific Corp	5.75%, $910,000 par, due 11/15/2017			(1)	944,892
	United States Small Business Administration	3.37%, $1,435,532 par, due 10/1/2033			(1)	1,481,773
	United States Small Business Administration	5.51%, $1,306,347 par, due 11/1/2027			(1)	1,426,538
	United States Small Business Administration	5.72%, $1,034,114 par, due 1/1/2029			(1)	1,135,766
	United States Small Business Administration	6.77%, $876,497 par, due 11/1/2028			(1)	986,121
	United States Treasury Inflation Indexed Bonds	0.13%, $2,250,000 par, due 7/15/2026			(1)	2,194,159
	United States Treasury Inflation Indexed Bonds	0.38%, $10,950,000 par, due 7/15/2025			(1)	11,101,142
	United States Treasury Note/Bond	1.00%, $62,450,000 par, due 11/15/2019			(1)	61,698,664
	United States Treasury Note/Bond	1.38%, $1,500,000 par, due 6/30/2023			(1)	1,424,883
	United States Treasury Note/Bond	1.63%, $3,000,000 par, due 2/15/2026			(1)	2,803,125
	United States Treasury Note/Bond	2.00%, $1,900,000 par, due 2/15/2025			(1)	1,849,234
	United States Treasury Note/Bond	2.25%, $7,200,000 par, due 11/15/2025			(1)	7,107,754
	United Technologies Corp	1.80%, $940,000 par, due 6/1/2017			(1)	942,456
	United Technologies Corp	1.95%, $370,000 par, due 11/1/2021			(1)	362,698
	UnitedHealth Group Inc	2.13%, $370,000 par, due 3/15/2021			(1)	365,672
	UnitedHealth Group Inc	2.70%, $680,000 par, due 7/15/2020			(1)	690,231
	US Bank NA/Cincinnati OH	1.45%, $1,230,000 par, due 1/29/2018			(1)	1,229,192
	USAA Capital Corp	2.45%, $770,000 par, due 8/1/2020			(1)	772,357
	Ventas Realty LP / Ventas Capital Corp	2.00%, $1,000,000 par, due 2/15/2018			(1)	1,002,058
	Verizon Communications Inc	1.75%, $610,000 par, due 8/15/2021			(1)	585,174
	Verizon Communications Inc	4.50%, $350,000 par, due 9/15/2020			(1)	374,540
	Visa Inc	2.20%, $790,000 par, due 12/14/2020			(1)	792,456
	Volkswagen Auto Lease Trust 2015-A	1.25%, $1,977,474 par, due 12/20/2017			(1)	1,977,635
	Volkswagen Group of America Finance LLC	1.60%, $590,000 par, due 11/20/2017			(1)	588,146
	Volkswagen Group of America Finance LLC	2.40%, $430,000 par, due 5/22/2020			(1)	425,531
	WEC Energy Group Inc	2.45%, $600,000 par, due 6/15/2020			(1)	600,390
	Westar Energy Inc	5.15%, $1,500,000 par, due 1/1/2017			(1)	1,500,000
	Westpac Banking Corp	2.30%, $490,000 par, due 5/26/2020			(1)	487,747
	WFRBS Commercial Mortgage Trust 2013-C17	4.02%, $850,000 par, due 12/15/2046			(1)	904,758
	Windermere Aviation LLC	2.35%, $1,155,670 par, due 5/27/2026			(1)	1,149,452
	Xcel Energy Inc	2.60%, $490,000 par, due 3/15/2022			(1)	488,002
	Wells Fargo/BlackRock Short Term Investment Fund S	0.83%, $6,054,808 par			(1)	6,054,808
						436,902,504
		Accrued income				1,604,915
		Cash				24,190
		Receivable for investment payments due				405,726
		Adjustment from fair value to current value				(810,293		)
			Total			438,127,042

52(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2016
						Description of investment, including
						maturity date, rate of interest,	Units/
Identity of issuer, borrower, lessor, or similar party						collateral, par, or maturing value	shares	Cost	Current value
			Total underlying securities of security-backed contracts at fair value						$	3,988,289,457
				Accrued income					8,927,045
				Cash					61,249
				Variation margin payable					(32,750		)
				Receivable for investment securities sold					6,916,000
				Receivable for investment payments due					1,281,428
				Payable for investment securities purchased on a forward commitment basis					(30,855,861		)
				Wrapper contract fee payable					(1,300,163		)
				Payable for investment securities purchased					(13,081,104		)
				Investment management fee payable					(52,144		)
				Pending trades					10,677,328
				Adjustment from fair value to current value					(4,017,012		)
					Total security-backed contracts				3,966,813,473

	Collective investment funds:
		Wells Fargo/BlackRock Short Term Investment Fund S				0.83%			256,154,932
		Wells Fargo Stable Return Fund G				1.94%			298,213,715
					Total collective investment funds at contract value				554,368,647
					Total Stable Value Fund				4,521,182,120
*	Wells Fargo – ESOP
		Wells Fargo & Co. common stock allocated				Common stock fund	162,796,181	6,624,377,558	8,971,697,535
		Wells Fargo & Co. common stock unallocated				Common stock fund	11	516	606
		Wells Fargo ESOP – unallocated				Convertible preferred stock	1,439,181	1,565,131,966	1,712,154,012
		Short-term investments - allocated				Money Market Fund	113,638,960	113,638,960	113,638,960
		Short-term investments - unallocated				Money Market Fund	24,579,582	24,579,582	24,579,582
					Total Wells Fargo – ESOP				10,822,070,695
*	Wells Fargo – Non-ESOP
		Wells Fargo & Co. common stock				Common stock fund	16,723,466	687,791,791	921,630,211
		Short-term investments				Money market fund	14,831,296	14,831,296	14,831,296
					Total Wells Fargo – Non-ESOP				936,461,507
									$	39,412,309,003
*	Represents a party-in-interest.
(1)	Cost information not required as investments are participant directed.
See accompanying report of independent registered public accounting firm.

WELLS FARGO & COMPANY 401(k) PLAN

Schedule H, Line 4j – Schedule of Reportable Transactions

Year Ended December 31, 2016

Current value

Purchase

Cost

of asset on

Net gain

Description of asset

price

Selling price

of asset

transaction date

or (loss)

Wells Fargo 2016 ESOP Cumulative

Convertible preferred stock

1 purchase

1,248,900,000

—

7 exchanges of securities

—

859,538,592

862,148,812

(2,610,220

)

Party in interest

See accompanying report of independent registered public accounting firm.

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

WELLS FARGO & COMPANY 401(k) PLAN

/s/ Hope A. Hardison

Hope A. Hardison

Senior Executive Vice President

Director of Human Resources

Wells Fargo & Company

June 15, 2017

EXHIBIT INDEX



Exhibit No.	Description	Location

(23)	Consent of Independent Registered Public Accounting Firm	Filed herewith.