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, 2015

[ ] 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, 2015 and 2014

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2015 and 2014

Notes to Financial Statements

Supplemental Schedule:

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2015


(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 Schedule

December 31, 2015 and 2014

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

The Audit and Executive 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, 2015 and 2014, and the related statement 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, 2015 and 2014, 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 Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2015 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s 2015 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 Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2015 is fairly stated in all material respects in relation to the 2015 financial statements as a whole.

/s/ KPMG LLP

San Francisco, California

June 16, 2016



WELLS FARGO & COMPANY 401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 2015 and 2014
						2015			2014
Assets:
	Investments at fair value (notes 3, 4, 5 and 6):
		Wells Fargo ESOP Fund (note 3):
			Company common stock:
				Allocated		$	9,635,224,383		9,674,442,552
				Unallocated		652			1,096
			Company convertible preferred stock – unallocated			1,726,518,654			1,717,835,585
			Short-term investments – allocated			123,731,845			115,501,917
						11,485,475,534			11,507,781,150
		Wells Fargo Non-ESOP Fund (note 3):
			Company common stock			1,036,154,112			968,951,449
			Short-term investments			20,894,276			16,821,626
						1,057,048,388			985,773,075
		Multi-manager funds
			Collective investment funds			4,018,560,763			4,058,994,119
			Mutual funds			2,556,699,844			2,529,984,914
						6,575,260,607			6,588,979,033
		Wells Fargo Stable Value Fund				3,967,218,561			4,017,187,498
		Collective investment funds				8,164,050,188			7,880,359,630
		Mutual funds				4,538,646,243			4,396,686,816
					Total investments at fair value	35,787,699,521			35,376,767,202
	Notes receivable from participants					1,002,475,790			957,560,358
	Employer match contribution receivable					194,996,148			153,680,655
	Employer profit sharing contribution receivable					183,699,566			171,928,074
	Other assets					1,035,846			59
	Accrued income					26,266			28,973
					Total assets	37,169,933,137			36,659,965,321
Liabilities:
	ESOP notes payable – unallocated (notes 4 and 14)					(1,362,056,255		)	(1,359,855,083	)
	Excess contributions and earnings payable (notes 2(n) and 16)					(140,641		)	(102,762	)
	Other liability (note 11)					(30,000		)	(30,000	)
					Total liabilities	(1,362,226,896		)	(1,359,987,845	)
					Net assets available for benefits before adjustment	35,807,706,241			35,299,977,476
Adjustment from fair value to contract value for fully
	benefit-responsive investment contracts					(21,555,232		)	(65,018,770	)
					Net assets available for benefits	$	35,786,151,009		35,234,958,706


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, 2015 and 2014
				2015			2014
Investment income:
	Net (depreciation) appreciation in fair value of investments (note 5)			$	(642,420,002	)	2,813,020,454
	Dividends, net of pass-through dividends of $49,890,833
		and $48,847,578, respectively		722,004,252			592,599,360
	Interest			74,270,464			69,552,429
			Total investment income	153,854,714			3,475,172,243
Contributions:
	Employer			1,138,469,549			1,016,393,410
	Participants, net of excess contributions of $144,495 and
		$99,088, respectively		1,561,872,121			1,410,212,816
			Total contributions	2,700,341,670			2,426,606,226
Interest income from notes receivable from participants				52,739,619			48,593,716
Other income (notes 10 and 11)				1,079,061			71,863
			Total additions to plan assets	2,908,015,064			5,950,444,048
Benefits paid to participants				(2,324,539,034		)	(2,511,647,230	)
ESOP interest expense				(32,283,727		)	(38,835,583	)
			Total deductions to plan assets	(2,356,822,761		)	(2,550,482,813	)
			Net increase	551,192,303			3,399,961,235
Net assets available for benefits:
	Beginning of year			35,234,958,706			31,834,997,471
	End of year			$	35,786,151,009		35,234,958,706


See accompanying notes to financial statements.

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(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” 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 a master trust fund (“Trust”) on behalf of the Plan. 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, 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 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

4(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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, 2015 and 2014, the Company made a 1% discretionary contribution totaling $183,699,566 and $171,928,074, 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.

(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 2015 and 2014, the Plan borrowed money from the Company to buy Company preferred stock (note 14).

5(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(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 $2,389,000 and $13,356,000 for the years ended December 31, 2015 and 2014, respectively. The unallocated forfeiture account balance was approximately $0 and $17,000 for the years ended December 31, 2015 and 2014, respectively.

(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, 2015, interest rates ranged from 3.25% to 11.50% and loans mature through December 7, 2035.

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.

6(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(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 26 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 Dow Jones 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.

(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) Master Savings Trust

The Trust consists solely of the Plan’s assets and the Company has elected the financial statement presentation format, which presents the Plan’s assets as if they were not part of a Master Trust.

7(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

As of December 31, 2015, the Trust is comprised of the following 27 investment funds:



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

Under the terms of the Trust agreement, the Trustee maintains custody of the 27 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.

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.

8(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014


•	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 6 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, 2015 and 2014, the Plan owned approximately 3.58% and 3.54%, 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 1,418,917 shares and 1,377,713 shares of convertible preferred stock of the Company with a fair value of approximately $1,726 million and $1,718 million as of December 31, 2015 and 2014, 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 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.

On January 7, 2014, the Plan purchased 1,217,000 shares of 2014 ESOP cumulative convertible preferred stock from the Company for $1,325 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 8.70%. The note bears interest at 1.50% and is due December 31, 2023.

9(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(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) Reporting of Fully Benefit‑Responsive Contracts

The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946‑210‑45 and 946‑210‑50 requires fully benefit‑responsive investment contracts held by a defined‑contribution plan to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined‑contribution plan attributable to fully benefit‑responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The statements of net assets available for benefits present the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statements of changes in net assets available for benefits are prepared on a contract value basis.

(h) Guaranteed Investment Contracts and 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 interest crediting rate of a security‑backed contract is based on the contract value, the fair value, duration, and yield to maturity of the underlying portfolio. These contracts typically allow for realized and unrealized gains and losses on the underlying assets to be amortized, usually over the duration of the underlying investments, through adjustments to the future interest crediting rate, rather than reflected immediately in the net assets of the Stable Value Fund. 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, 2015 and 2014.

10(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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.

(ii) Variables that Impact Future Crediting Rates

The primary variables impacting the future crediting rates of security‑backed contracts include:

•the current yield of the assets underlying the contract;

•the duration of the assets underlying the contract; and


•	the existing difference between the fair value and contract value of the assets within the contract.

(iii) Crediting Rate Calculation Methodology

The Stable Value Fund uses the following compound crediting rate formula for security-backed contracts:

CR = [(FV/CV)(1/D))*(1+Y)]‑1, where:

CR = gross crediting rate

FV = fair value of underlying portfolio

CV = contract value

D = weighted average duration of the underlying portfolio

Y = annualized weighted average yield to maturity of the underlying portfolio

The net crediting rate reflects fees paid to security‑backed contract issuers.

(iv) Basis and Frequency of Determining Contract Crediting Rates

The security‑backed contracts are designed to reset their respective crediting rates on a quarterly basis, but may reset more or less frequently.

(v) Minimum Crediting Rates

Security‑backed contracts cannot credit an interest rate that is less than zero percent.

11(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(vi) Relationship between Future Crediting Rates and Adjustment between Fair Value and Contract Value

The crediting rate of security‑backed contracts will track current market yields on a trailing basis. The rate reset allows the contract value to converge with the fair value of the underlying portfolio over time, assuming the portfolio continues to earn the current yield for a period of time equal to the current portfolio duration.

To the extent that the underlying portfolio of a security‑backed contract has unrealized and/or realized losses, a positive adjustment is made to the adjustment from fair value to contract value under contract value accounting. As a result, the future crediting rate may be lower over time than the then‑current market rates. Similarly, if the underlying portfolio generates unrealized and/or realized gains, a negative adjustment is made to the adjustment from fair value to contract value, and the future crediting rate may be higher than the then‑current market rates.

(vii) Valuation of Investments

Security‑backed contracts are carried at contract value in the aggregate, which consists of the fair value of the underlying portfolio, accrued interest on the underlying portfolio assets, the fair value of the contract, and the adjustments to contract value. These adjustments generally represent the contract value less the fair value of the contract, fair value of the underlying portfolio, and accrued interest on the underlying portfolio assets. 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, 2015. 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 trust 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.

The fair value of a security-backed contract includes the value of the underlying securities and the value of the wrapper contract. The fair value of a wrapper contract provided by a security-backed contract issuer is based on the replacement cost methodology which is the present value of the difference between the replacement wrapper fee and the contracted wrapper fee. See note 6 for additional discussion on fair value measurements.

(viii) 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

12(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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 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

13(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014


•	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.

(ix) 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.

(x) 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.

(xi) Average Yields

The average yield for the investment contracts based on actual earnings at December 31, 2015 and 2014 was 1.97% and 1.50%, respectively. This represents the annualized earnings of all investments in the Stable Value Fund divided by the fair value of all investments in the Stable Value Fund at December 31, 2015 and 2014, respectively.

The average yield adjusted to reflect the actual interest rate credited to participants at December 31, 2015 and 2014 was 1.95% and 1.80%, respectively. This represents the annualized earnings credited to participants in the Stable Value Fund divided by the fair value of all investments in the Stable Value Fund at December 31, 2015 and 2014, respectively.

(xii) 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

14(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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.

(xiii) 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.

(xiv) 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. 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.

(xv) 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 2015 and 2014 were $379,276 and $391,344, respectively, based on separate agreements for various types of instruments.

15(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(i) 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.

(j) 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.

(k) Payment of Benefits

Benefits are recorded when paid.


(l)	Reclassifications

Certain amounts in 2014 were reclassified to conform with the presentation in 2015. The reclassification had no impact on the net assets available for benefits.


(m)	New Accounting Pronouncements

In May the FASB issued Accounting Standards Update (ASU or Update) 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investment in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). Entities measuring investments at net asset value per share (NAV) as a practical expedient are no longer required to categorize such investments within the fair value hierarchy. The Update is effective for fiscal years beginning after December 15, 2016. Plans may early adopt. The Update will not affect the statement of net assets available for benefits or the statement of changes in net assets available for benefits as it only amends the fair value measurement disclosure requirements for those investments measured at NAV.

In July 2015, the FASB issued 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 (EBP) accounting. The new guidance simplifies the measurement of fully benefit-responsive investment contracts (FBRICs) and disclosures about plan investments. It also allows an EBP with a fiscal year end that doesn’t coincide with the end of a calendar month to choose a simpler way of measuring its investments and investment-related accounts. The new guidance for FBRICs and investment plan disclosures is to be applied retrospectively. The measurement date practical expedient is to be applied prospectively. The Update is effective for fiscal years beginning after December 15, 2015. Plans may early adopt any of the Update’s three parts without early adopting the other parts. The Update will result in reclassification of

16(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

FBRICs from fair value to contract value on the statements of net assets available for benefits and simplify the investment disclosures. It will not impact the statements of changes in net assets available for benefits.

(n) 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, 2015 and 2014, $140,641 and $102,762, 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.

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

17(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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 and $81.2 million in 2015 and 2014, respectively.

(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, 2015 and 2014 is presented in the following tables.



			2015			2014
			ESOP			ESOP
			Unallocated			Unallocated
Assets:
	Company common stock		$	652		1,096
	Company convertible preferred stock		1,726,518,654			1,717,835,585
		Total investments	1,726,519,306			1,717,836,681
	Accrued income		4,541			4,747
		Total assets	1,726,523,847			1,717,841,428
Liabilities:
	Notes payable		(1,362,056,255		)	(1,359,855,083	)
		Total liabilities	(1,362,056,255		)	(1,359,855,083	)
		Net assets available for benefits	$	364,467,592		357,986,345
Company common shares:
	Number of shares		12			20
	Cost		$	643		1,045
	Fair value		652			1,096
Company convertible preferred shares:
	Number of shares		1,418,917			1,377,713
	Cost		$	1,543,382,110		1,497,106,508
	Estimated fair value		1,726,518,654			1,717,835,585

18(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014



			2015			2014
			ESOP			ESOP
			Unallocated			Unallocated
Contributions			$	657,413,407		978,377,075
Net depreciation			(104,447,051		)	(20,974,993	)
Dividend income			143,263,712			152,451,826
Interest income			30,809			37,498
Notes payable interest expense			(32,283,727		)	(38,835,583	)
Release of common stock 14,546,650 and 21,362,787
	shares for 2015 and 2014, respectively		(657,495,903		)	(991,151,179	)
		Increase in net assets	6,481,247			79,904,644
Net assets:
	Beginning of year		357,986,345			278,081,701
	End of year		$	364,467,592		357,986,345

19(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(5) Investments

The following represents the Plan’s investments as of December 31, 2015 and 2014. Individual investments which represent 5% of net assets available for benefits are separately identified (†):



						2015			2014
Assets:
	Wells Fargo ESOP Fund †:
		Company common stock*
			Allocated			$	9,635,224,383		9,674,442,552
			Unallocated			652			1,096
		Company convertible preferred stock – unallocated*				1,726,518,654			1,717,835,585
		Short-term investments – allocated*				123,731,845			115,501,917
					Total ESOP Fund	11,485,475,534			11,507,781,150
	Wells Fargo Non-ESOP Fund :
		Company common stock*				1,036,154,112			968,951,449
		Short-term investments*				20,894,276			16,821,626
					Total Non-ESOP Fund	1,057,048,388			985,773,075
		Wells Fargo Stable Value Fund*†:
			Security-backed contracts:
				Underlying securities of security-backed contracts		3,577,784,354			3,549,669,778
				Receivable for investment securities sold		6,916,000			6,916,000
				Accrued interest receivable		7,872,908			7,663,618
				Deposits with brokers for future transactions		97,200			103,872
				Receivable for investment payments due		695,616			710,478
				Wrapper contracts at fair value		459,698			603,523
				Variation margin payable		(15,187		)	(11,407	)
				Payable for investment securities purchased		(6,951,000		)	(6,951,000	)
				Wrapper contract fee payable		(1,358,463		)	(1,259,696	)
				Investment management fee payable		(91,622		)	(100,114	)
				Pending trades		(729,556		)	(5,628,573	)
				Payable for securities purchased on a forward
					commitment basis	(5,592,301		)	(11,586,289	)
					Total security-backed contracts	3,579,087,647			3,540,130,190

20(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014



						2015		2014
			Collective investment funds:
				Wells Fargo/BlackRock Short Term
					Investment Fund G*	$	187,668,922	326,059,632
				Wells Fargo Stable Return Fund G*		200,461,992		150,997,676
					Total collective investment funds	388,130,914		477,057,308
					Total Wells Fargo Stable Value Fund	3,967,218,561		4,017,187,498
Multi-manager funds:
	Wells Fargo Large Cap Value Fund †:
		Dodge and Cox Stock mutual fund				698,511,158		745,589,407
		MFS Large Cap Value collective investment fund				680,585,223		725,466,492
		T Rowe Price Equity Income Fund				682,218,592		732,503,178
					Total Wells Fargo Large Cap Value Fund	2,061,314,973		2,203,559,077
	Wells Fargo Large Cap Growth Fund †:
		Los Angeles Large Cap Growth collective investment fund				639,505,374		587,749,581
		T Rowe Price Blue Chip Growth collective investment fund				662,747,535		605,495,825
		Delaware US Growth mutual fund				665,230,368		583,719,660
					Total Wells Fargo Large Cap Growth Fund	1,967,483,277		1,776,965,066
	Wells Fargo Small Cap Fund:
		Wells Fargo Advantage Emerging Growth mutual fund*				201,048,417		210,066,274
		Advisory Research Small Cap collective investment fund				201,674,129		213,859,602
		SSGA Russell Small Cap Index Non Lending collective
			investment fund			416,140,886		439,266,886
		Wellington Select Small Cap Growth collective investment
			fund			202,441,789		211,121,169
		Wellington Small Cap Value collective investment fund				200,686,957		212,806,822
					Total Wells Fargo Small Cap Fund	1,221,992,178		1,287,120,753

21(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014



					2015		2014
	International Equity Fund:
		Wells Fargo/Thornburg International collective investment
			fund*		$	332,560,278	330,724,564
		American Funds EuroPacific Growth mutual fund			665,182,774		661,604,113
		Harbor International Fund mutual fund			326,727,127		329,005,460
				Total International Equity Fund	1,324,470,179		1,321,334,137
				Total multi-manager funds	6,575,260,607		6,588,979,033
Collective investment funds:
	US Bond Index Fund				1,008,195,319		972,533,818
	S&P 500 Index Fund†				2,935,916,613		2,867,983,668
	S&P MidCap Index Fund				1,593,924,019		1,602,940,018
	Russell Small Cap Index Fund				489,736,467		473,883,847
	Emerging Markets Index Fund				524,912,741		629,762,848
	International Index Fund				447,288,065		374,278,465
	NASDAQ 100 Index Fund				1,164,076,964		958,976,966
				Total collective investment funds	8,164,050,188		7,880,359,630
Mutual funds:
	Wells Fargo Dow Jones Target Today Fund*				122,478,769		137,471,379
	Wells Fargo Dow Jones Target 2010 Fund*				51,605,170		59,400,644
	Wells Fargo Dow Jones Target 2015 Fund*				166,533,337		202,141,389
	Wells Fargo Dow Jones Target 2020 Fund*				457,689,055		452,957,871
	Wells Fargo Dow Jones Target 2025 Fund*				995,632,263		1,038,111,862
	Wells Fargo Dow Jones Target 2030 Fund*				587,042,245		533,795,624
	Wells Fargo Dow Jones Target 2035 Fund*				380,708,330		339,593,673
	Wells Fargo Dow Jones Target 2040 Fund*				439,045,868		394,678,654
	Wells Fargo Dow Jones Target 2045 Fund*				207,077,418		172,637,333
	Wells Fargo Dow Jones Target 2050 Fund*				574,346,475		559,560,142
	Wells Fargo Dow Jones Target 2055 Fund*				100,821,741		76,886,789
	Wells Fargo 100% Treasury Money Market Fund*				324,643,175		285,416,835
	PIMCO Global Advantage Bond Fund				131,022,397		144,034,621
				Total mutual funds	4,538,646,243		4,396,686,816
				Total investments at fair value	35,787,699,521		35,376,767,202

22(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014



					2015			2014
Adjustments from fair value to contract value for
	fully benefit-responsive investment contracts held in
	the Stable Value Fund:
		Security-backed contracts			$	(20,557,909	)	(62,933,989	)
		Collective investment funds			(997,323		)	(2,084,781	)
			Total adjustment from fair value to
				contract value	(21,555,232		)	(65,018,770	)
			Total investments as adjusted		$	35,766,144,289		35,311,748,432
* Represents related-party and party-in-interest (note 9)

During 2015 and 2014, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) (depreciated) appreciated in value by $(642,420,002) and $2,813,020,454, respectively, as summarized below:



			2015			2014
Net appreciation (depreciation) in fair value of investments:
	Wells Fargo ESOP Fund:
		Company common stock – allocated	$	(44,995,136	)	1,707,713,577
		Company common stock – unallocated	(13		)	85
		Company convertible preferred stock – unallocated	(104,447,038		)	(20,975,078	)
	Wells Fargo Non-ESOP Fund:
		Company common stock – allocated	(7,132,890		)	160,374,087
	Multi-manager funds		(182,746,990		)	278,705,429
	Collective investment funds		(58,816,579		)	653,462,077
	Mutual funds		(244,281,356		)	33,740,277
			$	(642,420,002	)	2,813,020,454

(6) 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, 2015 and 2014.

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

23(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

Investments in collective investment funds are valued at NAV as a practical expedient for fair value. The NAV 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 as a practical expedient for fair value. The NAV is based upon the value of the underlying investments which are traded on an active market.

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 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.

As described in (2)(h)(vii), the fair value of a guaranteed investment contract is based on the present value of future cash flows using the current discount rate. The discount rate and future cash flows are directly observable inputs. Similarly, the fair value of a wrapper contract provided by a security‑backed contract issuer is the present value of the difference between the current wrapper fee and the contracted wrapper fee. The fees and discount rate are also directly observable inputs.

The fair values of the security‑backed contracts are based on the cumulative value of their underlying portfolios and wrapper contracts. Investments in security‑backed contracts are similar to positions in investment funds, as the security‑backed contracts allow for periodic deposits and withdrawals. Prices for securities held in the underlying portfolios are primarily obtained from independent pricing services. These prices are based on observable market data for the same or similar securities. To a lesser extent, indicative quotes are obtained from independent brokers. Broker prices may be based on observable market data for the same or similar securities. Finally, when accurate prices are unavailable from either of those two sources, securities may be priced internally, using a combination of observable and unobservable market data. All prices are validated through internal price models.

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.

24(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

The following tables sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2015 and 2014, respectively:



					December 31, 2015
					Level 1		Level 2	Level 3	Total
Mutual funds:
	Domestic large-cap stocks				$	530,178,686	—	—	530,178,686
	Domestic mid-cap stocks				520,184,295		—	—	520,184,295
	Domestic small-cap stocks				511,855,635		—	—	511,855,635
	Emerging markets stocks				279,367,046		—	—	279,367,046
	International stocks				538,031,423		—	—	538,031,423
	International fixed income				131,022,397		—	—	131,022,397
	Domestic intermediate (core)
		fixed income			1,613,111,647		—	—	1,613,111,647
	Short term investments				414,895,114		—	—	414,895,114
			Total mutual funds		4,538,646,243		—	—	4,538,646,243
Collective investment funds:
	Domestic large-cap stocks				—		4,099,993,577	—	4,099,993,577
	Domestic mid-cap stocks				—		1,593,924,019	—	1,593,924,019
	Domestic small-cap stocks				—		489,736,467	—	489,736,467
	Emerging markets stocks				—		524,912,741	—	524,912,741
	International stocks				—		447,288,065	—	447,288,065
	Domestic intermediate (core)
		fixed income			—		1,008,195,319	—	1,008,195,319
			Total collective
				investment funds	—		8,164,050,188	—	8,164,050,188
Multi-manager funds:
	Domestic large-cap stocks				1,363,741,526		2,665,056,724	—	4,028,798,250
	Domestic small-cap stocks				201,048,417		1,020,943,761	—	1,221,992,178
	International stocks				991,909,901		332,560,278	—	1,324,470,179
			Total multi-
				manager funds	2,556,699,844		4,018,560,763	—	6,575,260,607
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
Wells Fargo Stable Value fund					—		3,967,218,561	—	3,967,218,561
			Total investments		$	17,766,725,234	16,294,455,633	1,726,518,654	35,787,699,521

25(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014



					December 31, 2014
					Level 1		Level 2	Level 3	Total
Mutual funds:
	Domestic large-cap stocks				$	527,013,375	—	—	527,013,375
	Domestic mid-cap stocks				529,597,926		—	—	529,597,926
	Domestic small-cap stocks				527,013,375		—	—	527,013,375
	Emerging markets stocks				240,833,129		—	—	240,833,129
	International stocks				525,133,702		—	—	525,133,702
	International fixed income				144,034,621		—	—	144,034,621
	Domestic intermediate (core)
		fixed income			1,432,987,674		—	—	1,432,987,674
	Short term investments				470,073,014		—	—	470,073,014
			Total mutual funds		4,396,686,816		—	—	4,396,686,816
Collective investment funds:
	Domestic large-cap stocks				—		3,826,960,634	—	3,826,960,634
	Domestic mid-cap stocks				—		1,602,940,018	—	1,602,940,018
	Domestic small-cap stocks				—		473,883,847	—	473,883,847
	Emerging markets stocks				—		629,762,848	—	629,762,848
	International stocks				—		374,278,465	—	374,278,465
	Domestic intermediate (core)
		fixed income			—		972,533,818	—	972,533,818
			Total collective
				investment funds	—		7,880,359,630	—	7,880,359,630
Multi-manager funds:
	Domestic large-cap stocks				1,329,309,067		2,651,215,077	—	3,980,524,144
	Domestic small-cap stocks				210,066,274		1,077,054,478	—	1,287,120,752
	International stocks				990,609,573		330,724,564	—	1,321,334,137
			Total multi-
				manager funds	2,529,984,914		4,058,994,119	—	6,588,979,033
Company common stock					10,643,395,097		—	—	10,643,395,097
Company convertible preferred
	stock				—		—	1,717,835,585	1,717,835,585
Short term investments					—		132,323,543	—	132,323,543
Wells Fargo Stable Value fund					—		4,017,187,498	—	4,017,187,498
			Total investments		$	17,570,066,827	16,088,864,790	1,717,835,585	35,376,767,202

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 transfer 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

26(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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 2015 or 2014.

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, 2013	$	1,477,966,085
Realized losses	(114,671,326		)
Unrealized gains relating to instruments still held at the reporting date	93,696,248
Purchases	1,325,313,000
Sales	(1,165,352,359		)
Issuances	1,130,871,211
Settlements	(1,029,987,274		)
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

27(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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, 2015:

Convertible preferred stock

1,726,518,654

Discounted

cash flow

rate

3.12% – 4.20%

3.99

December 31, 2014:

Convertible preferred stock

1,717,835,585

Discounted

cash flow

rate

2.17% – 3.79%

3.60

(1)

Weighted averages are calculated using outstanding shares.

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, 2015 and 2014, 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, 2015 and 2014. 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.

28(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

Alternative Investments

The following table summarizes the Plan’s investments at December 31, 2015 and 2014 in various types of funds that use the fund’s NAVs as a practical expedient to measure fair value. The fair values presented in the table are based upon the funds’ NAV or an equivalent measure.

Redemption

Unfunded

Redemption

notice

Fair value

commitments

frequency

period

December 31, 2015:

Collective investment funds:

Domestic large-cap stocks (a)

4,099,993,577

—

daily

n/a

Domestic mid-cap stocks (b)

1,593,924,019

—

daily

n/a

Domestic small-cap stocks (c)

489,736,467

—

daily

n/a

Emerging markets stocks (d)

524,912,741

—

daily

n/a

International stocks (e)

447,288,065

—

daily

n/a

Domestic intermediate (core)

fixed income (f)

1,008,195,319

—

daily

n/a

Total collective

investment funds

8,164,050,188

—

Multi-manager funds:

Domestic large-cap stocks (a)

2,665,056,724

—

daily

n/a

Domestic small-cap stocks (c)

1,020,943,761

—

daily

n/a

International stocks (e)

332,560,278

—

daily

n/a

Total multi-manager

funds

4,018,560,763

—

Total

12,182,610,951

—

29(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

Redemption

Unfunded

Redemption

notice

Fair value

commitments

frequency

period

December 31, 2014:

Collective investment funds:

Domestic large-cap stocks (a)

3,826,960,634

—

daily

n/a

Domestic mid-cap stocks (b)

1,602,940,018

—

daily

n/a

Domestic small-cap stocks (c)

473,883,847

—

daily

n/a

Emerging markets stocks (d)

629,762,848

—

daily

n/a

International stocks (e)

374,278,465

—

daily

n/a

Domestic intermediate (core)

fixed income (f)

972,533,818

—

daily

n/a

Total collective

investment funds

7,880,359,630

—

Multi-manager funds:

Domestic large-cap stocks (a)

2,651,215,077

—

daily

n/a

Domestic small-cap stocks (c)

1,077,054,478

—

daily

n/a

International stocks (e)

330,724,564

—

daily

n/a

Total multi-manager

funds

4,058,994,119

—

Total

11,939,353,749

—

n/a – Not applicable

(a)

The investment objectives of the underlying funds include: to match the performance, before fees

and expenses, of the S&P 500 Index or NASDAQ-100 Index, to outperform the Russell 1000 Growth

Index or Russell 1000 Value Index or to provide substantial dividend income and provide long-term

growth of capital.

(b)

The fund attempts to match the performance, before fees and expenses, of the S&P MidCap 400 Index.

(c)

The underlying funds attempt to match the performance, before fees and expenses, of the Russell

2000 Index, or outperform the Russell 2000 Growth Index or Russell 2000 Value Index.

(d)

The fund’s investment objective is to achieve long-term capital appreciation in equity and equity

related securities of issuers that are located, or do significant business, in emerging market countries.

(e)

The fund attempts to match the performance, before fees and expenses, of the MSCI EAFE Index.

(f)

The fund attempts to match the performance, before fees and expenses, of the Barclays Capital U.S.

Aggregate Bond Index.

(7) Concentration of Investments

The Plan’s investment in shares of the Company’s common and preferred stock aggregate 34.64% and 34.94% of total investments as of December 31, 2015 and 2014, respectively. The Company, incorporated in

30(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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 $54.36 as of December 31, 2015 and $46.78 as of June 15, 2016.

(8) 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.

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, 2015 and 2014:



	2015				2014
	Notional			Unrealized	Notional		Unrealized
	amount			gain	amount		gain
Future contracts	$	(12,778,560	)	42,809	(9,674,515	)	21,250

Net realized losses on futures for the years ended December 31, 2015 and 2014 were $112,368 and $66,372, respectively, and are included in interest income on the statements of changes in net assets available for benefits.

(9) 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

31(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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 2015 and 2014, the Plan purchased Company preferred stock for the ESOP from the Company (note 2(e)) and allowed participants to invest in Company common stock.


(10)	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.

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 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.

On March 24, 2014, the Plan received $691,426 and $344,764 of Proceeds related to the Wachovia Corporation Common Stock Fund (ESOP) and the Wachovia Corporation Common Stock Fund (Non-ESOP), respectively, fund options of the Wachovia Savings Plan. The Wachovia Savings Plan merged into the Plan effective December 31, 2009. An additional $2,099 and $1,047 was received April 29, 2015.

On April 1, 2014, the Plan received $124,762 in litigation settlements for the A.G. Edwards, Inc. Retirement and Profit Sharing Plan for the Wachovia Corporation Common Stock Fund. The A.G. Edwards, Inc. Retirement and Profit Sharing Plan merged into the Plan effective July 1, 2011. An additional $2,182 was received May 27, 2015.

On May 16, 2014, the Plan received $166,419 in litigation settlements for the A.G. Edwards Inc. Retirement and Profit Sharing Plan for the eligible investors who held shares in certain Nations mutual funds and other mutual funds during the period from 2000 through mid-2003.

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.

(11) 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.

32(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

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.

The loan is included as an other liability on the statement of net assets available for benefits and in other income in the 2014 statement of changes in net assets available for benefits.

(12) Federal Income Taxes

The IRS has determined and informed the Company by a letter dated September 16, 2013, that the Plan and related Trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended and restated since receiving the determination letter, the Plan Administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC, and 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, 2015, 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 2012.

(13) 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.

33(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(14) Notes Payable

Notes payable as of December 31 were:



		2015		2014
5.75% 2006 ESOP Convertible Preferred Stock Note, due
	March 2016	$	—	9,332,818
5.75% 2007 ESOP Convertible Preferred Stock Note, due
	March 2017	11,459,700		26,458,960
4.50% 2008 ESOP Convertible Preferred Stock Note, due
	March 2018	30,652,376		44,651,832
3.00% 2010 ESOP Convertible Preferred Stock Note, due
	March 2020	122,292,720		152,291,880
2.50% 2011 ESOP Convertible Preferred Stock Note, due
	March 2021	192,711,190		222,710,355
2.30% 2012 ESOP Convertible Preferred Stock Note, due
	December 2021	181,990,182		206,989,176
1.30% 2013 ESOP Convertible Preferred Stock Note, due
	December 2022	273,921,360		313,920,000
1.50% 2014 ESOP Convertible Preferred Stock Note, due
	December 2023	309,048,399		383,500,062
1.48% 2015 ESOP Convertible Preferred Stock Note, due
	December 2024	239,980,328		—
		$	1,362,056,255	1,359,855,083

Maturities of notes payable are as follows:



Year ending December 31:
	2016	$	49,125,204
	2017	235,638,018
	2018	208,310,190
	2019	230,990,190
	2020	203,252,190
	Thereafter	434,740,463
		$	1,362,056,255

The notes represent exempt ESOP loans to the Plan from the Company. The notes may be repaid in monthly installments through March 31, 2024. The estimated fair value of the notes as of December 31, 2015 and 2014 was approximately $1,310 million and $1,333 million, respectively, determined by using interest rates currently available for issuance of debt with similar terms and remaining maturities.

34(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

(15) 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.

(16) 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:



			2015			2014
Participant contributions per the financial statements			$	1,561,872,121		1,410,212,816
Excess contributions to be refunded			144,495			99,088
		Participant contributions per the Form 5500	$	1,562,016,616		1,410,311,904
Interest income per the financial statements			$	74,270,464		69,552,429
Interest income from notes receivable from participants per
	the financial statements		52,739,619			48,593,716
(Loss) income on excess contributions to be refunded			(3,854		)	3,674
		Interest income per the Form 5500	$	127,006,229		118,149,819

(17) 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 Section 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 (the “SRF”) and the Wells Fargo Fixed Income Fund F (the “FIF”), both of which are sub-advised by Galliard.

On May 21, 2013, Galliard inadvertently caused the Stable Value Fund, the SRF, and the FIF to purchase shares of a bond issue as part of an initial underwriting where the Trustee served as corporate trustee and received additional compensation in that role. As corporate trustee, the Trustee received $126 in connection with the Stable Value Fund’s purchase of the security, $688 in connection with the SRF’s purchase of the security, and $1,050 in connection with the FIF’s purchase of the security. On the date the security was purchased, the Stable Value Fund held 1.18% of the units of the SRF and 3.46% of the units of the FIF.

Galliard determined that no ERISA prohibited transaction exemption was available with respect to the compensation received by the Trustee as corporate trustee in connection with the purchase of the security as part of the initial underwriting by the Stable Value Fund, the SRF, and the FIF. To

35(Continued)

WELLS FARGO & COMPANY 401(K) PLAN

Notes to Financial Statements

December 31, 2015 and 2014

correct the transaction, the requisite portion of the compensation received by the Trustee as corporate trustee (as described above) was disgorged to the Stable Value Fund, the SRF, and the FIF along with lost interest related to usage of funds. As the disqualified person liable for the tax under Code Section 4975 for participating in a non-exempt prohibited transaction, the Trustee filed a separate Form 5330 filing with the IRS for the Stable Value Fund, the SRF, and the FIF and paid the applicable excise taxes.

In addition, Galliard directed the Stable Value Fund, the SRF, and the FIF to sell the security on May 22, 2013. The Stable Value Fund’s sale of the security resulted in a loss of $1,125 from the purchase price. The SRF’s sale of the security resulted in a loss of $6,141 from the purchase price. The FIF’s sale of the security resulted in a loss of $9,375 from the purchase price. Galliard made the Stable Value Fund, SRF, and FIF whole for this loss by reimbursing each for the corresponding amount of the loss and for lost interest related to usage of the funds.

(18) Subsequent Events

Subsequent to December 31, 2015, the Plan purchased 1,150,000 shares of Company preferred stock from the Company for $1,249 million with the issuance of a note payable to the Company for an equal amount. The note bears interest at 1.70% and is due December 31, 2025.

36(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
					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				175,326 Participant loans, interest
						rates ranging from 3.25% to 11.50%,
						maturing at various dates through
						December 7, 2035	N/A		$	1,002,475,790

	U.S. Bond Index Fund				Collective Investment Fund		76,205,240	(1)	1,008,195,319
	S&P 500 Index Fund				Collective Investment Fund		175,163,571	(1)	2,935,916,613
	S&P MidCap Index Fund				Collective Investment Fund		61,921,604	(1)	1,593,924,019
	Russell Small Cap Index Fund				Collective Investment Fund		23,048,591	(1)	489,736,467
	Emerging Markets Index Fund				Collective Investment Fund		40,069,675	(1)	524,912,741
	International Index Fund				Collective Investment Fund		24,395,313	(1)	447,288,065
	NASDAQ 100 Fund				Collective Investment Fund		40,750,436	(1)	1,164,076,964
									8,164,050,188
*	Wells Fargo 100% Treasury Money Market Fund*				Mutual Fund		324,643,175	(1)	324,643,175
	PIMCO Global Advantage Strategy Bond Fund				Mutual Fund		13,356,004	(1)	131,022,397
*	Wells Fargo Dow Jones Target Today Fund*				Mutual Fund		11,565,512	(1)	122,478,769
*	Wells Fargo Dow Jones Target 2010 Fund*				Mutual Fund		4,188,731	(1)	51,605,170
*	Wells Fargo Dow Jones Target 2015 Fund*				Mutual Fund		16,889,791	(1)	166,533,337
*	Wells Fargo Dow Jones Target 2020 Fund*				Mutual Fund		31,586,546	(1)	457,689,055
*	Wells Fargo Dow Jones Target 2025 Fund*				Mutual Fund		100,063,544	(1)	995,632,263
*	Wells Fargo Dow Jones Target 2030 Fund*				Mutual Fund		37,084,159	(1)	587,042,245
*	Wells Fargo Dow Jones Target 2035 Fund*				Mutual Fund		36,854,630	(1)	380,708,330
*	Wells Fargo Dow Jones Target 2040 Fund*				Mutual Fund		24,404,995	(1)	439,045,868
*	Wells Fargo Dow Jones Target 2045 Fund*				Mutual Fund		19,371,134	(1)	207,077,418
*	Wells Fargo Dow Jones Target 2050 Fund*				Mutual Fund		56,143,350	(1)	574,346,475
*	Wells Fargo Dow Jones Target 2055 Fund*				Mutual Fund		8,210,240	(1)	100,821,741
									4,538,646,243
	Large Cap Value Fund				Multi-Manager Fund
		Dodge & Cox Stock Fund				Mutual Fund	4,291,400	(1)	698,511,158
		MFS Large Cap Value Fund				Common Collective Fund	40,608,250	(1)	680,585,223
		T Rowe Price Equity Income Fund				Common Collective Fund	33,118,502	(1)	682,218,592
			Total Wells Fargo Large Cap Value Fund						2,061,314,973
	Large Cap Growth Fund				Multi-Manager Fund
		Los Angeles Large Cap Growth Fund				Common Collective Fund	47,126,409	(1)	639,505,374
		T Rowe Price Blue Chip Growth Fund				Common Collective Fund	25,180,377	(1)	662,747,535
		Delaware US Growth Fund				Mutual Fund	25,975,415	(1)	665,230,368
			Total Wells Fargo Large Cap Growth Fund						1,967,483,277
	Small Cap Fund				Multi-Manager Fund
*		Wells Fargo Advantage Emerging Growth Fund*				Mutual Fund	14,611,077	(1)	201,048,417
		Advisory Research Small Cap Value Fund				Common Collective Fund	11,725,240	(1)	201,674,129
		SSGA Russell Small Cap Index Non Lending Fund				Common Collective Fund	19,584,944	(1)	416,140,886
		Wellington Select Small Cap Growth Fund				Common Collective Fund	19,225,241	(1)	202,441,789
		Wellington Small Cap Value Fund				Common Collective Fund	19,752,653	(1)	200,686,957
			Total Wells Fargo Small Cap Fund						1,221,992,178
	International Equity Fund				Multi-Manager Fund
*		Wells Fargo/Causeway International Value Fund*				Common Collective Fund	30,537,293	(1)	332,560,278
		American Funds EuroPacific Growth Fund				Mutual Fund	14,677,466	(1)	665,182,774
		Harbor International Fund				Mutual Fund	5,497,680	(1)	326,727,127
									1,324,470,179
				Total Multi-Manager Funds					6,575,260,607
*	Wells Fargo Stable Value Fund:
		Security-backed contracts:
			Transamerica Premier Life Ins. Co.		2.48%			(1)	—
			Nationwide Life Insurance Co.		2.03%			(1)	211,692,240
			Voya Ins. and Annuity Co.		2.39%			(1)	158,246,145
			Nationwide Life Insurance Co.		2.03%			(1)	—
			American General Life Ins. Co.		2.18%			(1)	—
			Prudential Insurance Company of America		1.96%			(1)	—
			Transamerica Premier Life Ins. Co.		2.48%			(1)	510,330,538
			New York Life Insurance Co.		2.24%			(1)	234,332,133
			Massachusetts Mutual Life Insurance Co.		2.41%			(1)	396,454,234
			Metropolitan Life Ins. Co.		1.28%			(1)	203,802,759
			American General Life Ins. Co.		2.18%			(1)	—
			Transamerica Premier Life Ins. Co.		2.48%			(1)	—
			Pacific Life Ins. Co.		2.21%			(1)	—
			State Street Bank and TrustCo.		2.06%			(1)	—

37(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	AbbVie Inc	1.80%, $510,000 par, due 5/14/2018		(1)	$	507,652
	Access Group Inc 2013-1	0.92%, $2,916,307 par, due 2/25/2036		(1)	2,842,519
	Ally Auto Receivables Trust 2013-2	0.79%, $1,294,418 par, due 1/15/2018		(1)	1,293,193
	Ally Auto Receivables Trust 2014-1	0.97%, $3,500,000 par, due 10/15/2018		(1)	3,491,173
	Ally Auto Receivables Trust 2014-2	1.25%, $3,500,000 par, due 4/15/2019		(1)	3,492,689
	American Express Credit Acct Mstr Tr	0.98%, $3,000,000 par, due 5/15/2019		(1)	2,997,333
	American Express Credit Corp	1.55%, $1,000,000 par, due 9/14/2020		(1)	1,008,534
	American Express Credit Corp	1.55%, $900,000 par, due 9/22/2017		(1)	899,638
	American Honda Finance Corp	0.95%, $780,000 par, due 5/5/2017		(1)	775,457
	American Honda Finance Corp	1.13%, $1,080,000 par, due 10/7/2016		(1)	1,080,865
	American Honda Finance Corp	1.55%, $960,000 par, due 12/11/2017		(1)	960,210
	AmeriCredit Auto Receivables T	0.90%, $2,749,143 par, due 1/8/2019		(1)	2,742,320
	AmeriCredit Auto Receivables Trust	0.90%, $2,084,445 par, due 9/15/2016		(1)	2,081,404
	AmeriCredit Automobile Receivables 2015-4	1.70%, $2,100,000 par, due 7/8/2020		(1)	2,089,914
	AmeriCredit Automobile Receivables Trust 2014-2	0.94%, $3,500,000 par, due 2/8/2019		(1)	3,487,488
	Apple Inc	2.10%, $434,000 par, due 5/6/2019		(1)	439,075
	Arizona School Facilities Board	1.12%, $1,850,000 par, due 7/1/2017		(1)	1,849,205
	AT&T Inc	2.45%, $2,100,000 par, due 6/30/2020		(1)	2,068,130
	BA Credit Card Trust	1.36%, $2,100,000 par, due 9/15/2020		(1)	2,085,766
	Banc of America Commercial Mortgage Trust 2006-2	5.83%, $1,250,286 par, due 5/10/2045		(1)	1,251,922
	Banc of America Commercial Mortgage Trust 2006-4	5.62%, $3,568,086 par, due 7/10/2046		(1)	3,599,279
	Bank of America Corp	2.65%, $1,200,000 par, due 4/1/2019		(1)	1,202,927
	Bank of America Corp	5.42%, $1,000,000 par, due 3/15/2017		(1)	1,040,893
	Bank of America NA	1.75%, $2,100,000 par, due 6/5/2018		(1)	2,086,499
	Bank of America NA	2.05%, $1,100,000 par, due 12/7/2018		(1)	1,096,832
	Bank of Montreal	1.40%, $840,000 par, due 4/10/2018		(1)	832,254
	Bank of New York Mellon Corp/The	2.15%, $1,500,000 par, due 2/24/2020		(1)	1,483,719
	Bank of New York Mellon Corp/The	2.20%, $900,000 par, due 5/15/2019		(1)	901,337
	Bank of Nova Scotia/The	1.70%, $2,000,000 par, due 6/11/2018		(1)	1,992,414
	Bank of Nova Scotia/The	1.75%, $1,000,000 par, due 3/22/2017		(1)	1,004,930
	Bank of Tokyo-Mitsubishi UFJ Ltd/The	2.15%, $360,000 par, due 9/14/2018		(1)	358,969
	Bayer US Finance LLC	2.38%, $1,470,000 par, due 10/8/2019		(1)	1,470,923
	BB&T Corp	2.45%, $700,000 par, due 1/15/2020		(1)	704,691
	Bear Stearns Commercial Mortgage Securities
	Trust 2007-TOP26	5.45%, $3,142,949 par, due 1/12/2045		(1)	3,243,128
	Becton Dickinson and Co	1.80%, $1,320,000 par, due 12/15/2017		(1)	1,318,081
	BMW Vehicle Lease Trust 2015-1	1.24%, $3,600,000 par, due 12/20/2017		(1)	3,594,474
	BNP Paribas SA	1.38%, $630,000 par, due 3/17/2017		(1)	629,390
	BNP Paribas SA	2.40%, $1,700,000 par, due 12/12/2018		(1)	1,713,367
	BP Capital Markets PLC	4.50%, $1,500,000 par, due 10/1/2020		(1)	1,605,414
	Branch Banking & Trust Co	1.45%, $520,000 par, due 10/3/2016		(1)	521,905
	Branch Banking & Trust Co	2.30%, $900,000 par, due 10/15/2018		(1)	908,990
	Burlington Northern Santa Fe LLC	5.65%, $500,000 par, due 5/1/2017		(1)	525,835
	Burlington Northern Santa Fe LLC	5.75%, $1,000,000 par, due 3/15/2018		(1)	1,079,561
	Capital One Multi-Asset Execution Tr	1.48%, $4,200,000 par, due 7/15/2020		(1)	4,200,781
	Capital One NA/Mclean VA	1.65%, $1,240,000 par, due 2/5/2018		(1)	1,227,731
	Capital One NA/Mclean VA	2.35%, $250,000 par, due 8/17/2018		(1)	250,470
	Cargill Inc	4.31%, $2,748,000 par, due 5/14/2021		(1)	2,940,522
	CarMax Auto Owner Trust 2013-4	0.80%, $1,355,694 par, due 7/16/2018		(1)	1,352,340
	CarMax Auto Owner Trust 2014-2	0.98%, $3,000,000 par, due 1/15/2019		(1)	2,989,881
	CarMax Auto Owner Trust 2015-2	1.37%, $2,800,000 par, due 3/16/2020		(1)	2,779,918
	Caterpillar Financial Services Corp	1.00%, $460,000 par, due 11/25/2016		(1)	460,115
	Caterpillar Financial Services Corp	1.25%, $270,000 par, due 8/18/2017		(1)	269,032
	Caterpillar Financial Services Corp	2.25%, $600,000 par, due 12/1/2019		(1)	601,597
	Charles Schwab Corp/The	1.50%, $1,220,000 par, due 3/10/2018		(1)	1,214,038
	Charles Schwab Corp/The	2.20%, $700,000 par, due 7/25/2018		(1)	701,455
	Charles Schwab Corp/The	6.38%, $500,000 par, due 9/1/2017		(1)	538,325
	Chase Issuance Trust	1.15%, $3,350,000 par, due 1/15/2019		(1)	3,347,410
	Chevron Corp	0.53%, $570,000 par, due 11/15/2017		(1)	567,336
	Chevron Corp	1.34%, $760,000 par, due 11/15/2017		(1)	757,608
	Chevron Corp	1.36%, $500,000 par, due 3/2/2018		(1)	495,999
	Chevron Corp	1.72%, $1,310,000 par, due 6/24/2018		(1)	1,303,309
	Chippewa Valley Schools	1.64%, $1,550,000 par, due 5/1/2018		(1)	1,554,139
	Chrysler Auto Receivables Trust	0.91%, $779,716 par, due 4/16/2018		(1)	779,071
	Chrysler Capital Auto Receivab	0.83%, $2,152,743 par, due 9/17/2018		(1)	2,148,645
	Chrysler Capital Auto Receivables Trust 2015-B	1.46%, $2,920,000 par, due 12/17/2018		(1)	2,916,049
	Cisco Systems Inc	1.65%, $2,370,000 par, due 6/15/2018		(1)	2,379,904
	CIT Equipment Collateral 2014-VT1	1.50%, $4,200,000 par, due 10/21/2019		(1)	4,175,077
	Citibank Credit Card Issuance Trust	1.32%, $1,360,000 par, due 9/7/2018		(1)	1,362,652
	Citibank Credit Card Issuance Trust	1.73%, $3,500,000 par, due 4/9/2020		(1)	3,508,190
	Citigroup Inc	1.30%, $1,000,000 par, due 10/15/2016		(1)	997,552
	Citigroup Inc	1.70%, $510,000 par, due 7/25/2016		(1)	511,627
	Citigroup Inc	1.70%, $800,000 par, due 4/27/2018		(1)	792,070

38(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	Citigroup Inc	1.85%, $1,500,000 par, due 11/24/2017		(1)	$	1,497,786
	Citigroup Inc	2.65%, $690,000 par, due 10/26/2020		(1)	684,423
	Citigroup Inc	3.95%, $510,000 par, due 6/15/2016		(1)	517,070
	Citizens Bank NA/Providence RI	2.30%, $530,000 par, due 12/3/2018		(1)	529,374
	City of Dallas TX	1.59%, $1,250,000 par, due 2/15/2017		(1)	1,256,550
	CNH Equipment Trust 2014-A	0.84%, $3,144,462 par, due 5/15/2019		(1)	3,133,740
	CNH Equipment Trust 2015-A	1.30%, $4,000,000 par, due 4/15/2020		(1)	3,970,720
	College Loan Corp Trust I	1.07%, $8,720,000 par, due 4/25/2046		(1)	7,846,256
	COMM 2006-C8 Mortgage Trust	5.29%, $1,623,640 par, due 12/10/2046		(1)	1,660,711
	COMM 2012-CCRE5 Mortgage Trust	2.39%, $3,500,000 par, due 12/10/2045		(1)	3,478,129
	Commonwealth Bank of Australia	2.25%, $825,000 par, due 3/16/2017		(1)	833,547
	Commonwealth Bank of Australia/New York NY	1.63%, $930,000 par, due 3/12/2018		(1)	926,883
	Commonwealth Edison Co	5.80%, $750,000 par, due 3/15/2018		(1)	812,732
	ConocoPhillips Co	1.50%, $800,000 par, due 5/15/2018		(1)	785,338
	Covidien International Finance SA	6.00%, $1,400,000 par, due 10/15/2017		(1)	1,508,058
	Credit Suisse AG/New York NY	1.38%, $660,000 par, due 5/26/2017		(1)	656,882
	Credit Suisse AG/New York NY	1.75%, $1,000,000 par, due 1/29/2018		(1)	997,191
	Credit Suisse Commercial Mortgage Trust
	Series 2007-C1	5.34%, $76,139 par, due 2/15/2040		(1)	76,623
	CVS Health Corp	1.90%, $1,170,000 par, due 7/20/2018		(1)	1,169,302
	CVS Health Corp	2.25%, $1,040,000 par, due 12/5/2018		(1)	1,045,018
	Daimler Finance North America LLC	1.65%, $440,000 par, due 5/18/2018		(1)	433,797
	Daimler Finance North America LLC	1.65%, $830,000 par, due 3/2/2018		(1)	820,060
	Daimler Finance North America LLC	2.38%, $1,100,000 par, due 8/1/2018		(1)	1,101,658
	Dell Equipment Finance Trust 2015-1	1.01%, $2,950,000 par, due 7/24/2017		(1)	2,944,416
	Dell Equipment Finance Trust 2015-2	1.42%, $2,900,000 par, due 12/22/2017		(1)	2,890,224
	Discover Card Execution Note Trust	1.04%, $3,500,000 par, due 4/15/2019		(1)	3,498,240
	DNB Boligkreditt AS	1.45%, $2,350,000 par, due 3/21/2018		(1)	2,330,145
	Ecolab Inc	1.55%, $2,200,000 par, due 1/12/2018		(1)	2,184,446
	EdLinc Student Loan Funding Trust 2012-1	1.42%, $2,284,679 par, due 9/25/2030		(1)	2,278,362
	Education Loan Asset-Backed Trust I	1.22%, $2,703,824 par, due 6/25/2026		(1)	2,682,402
	EMC Corp/MA	1.88%, $1,000,000 par, due 6/1/2018		(1)	933,078
	EMD Finance LLC (Merck KGaA)	1.70%, $1,200,000 par, due 3/19/2018		(1)	1,188,554
	Enterprise Fleet Financing LLC	1.30%, $3,500,000 par, due 9/20/2020		(1)	3,487,645
	Exxon Mobil Corp	0.92%, $2,300,000 par, due 3/15/2017		(1)	2,297,350
	Fannie Mae Grantor Trust 2004-T2	6.00%, $1,163,412 par, due 11/25/2043		(1)	1,290,105
	Fannie Mae Pool	1.89%, $2,151,572 par, due 11/1/2032		(1)	2,246,637
	Fannie Mae Pool	1.96%, $676,252 par, due 8/1/2033		(1)	706,687
	Fannie Mae Pool	1.99%, $561,159 par, due 8/1/2033		(1)	584,310
	Fannie Mae Pool	2.03%, $4,113,812 par, due 6/1/2034		(1)	4,321,604
	Fannie Mae Pool	2.05%, $225,641 par, due 5/1/2034		(1)	236,044
	Fannie Mae Pool	2.13%, $292,272 par, due 12/1/2033		(1)	307,247
	Fannie Mae Pool	2.16%, $373,407 par, due 8/1/2035		(1)	391,304
	Fannie Mae Pool	2.26%, $1,559,445 par, due 5/1/2038		(1)	1,661,755
	Fannie Mae Pool	2.38%, $742,690 par, due 5/1/2037		(1)	788,581
	Fannie Mae Pool	2.40%, $2,686,768 par, due 4/1/2045		(1)	2,741,379
	Fannie Mae Pool	2.45%, $2,944,494 par, due 2/1/2045		(1)	3,010,315
	Fannie Mae Pool	2.46%, $929,562 par, due 7/1/2033		(1)	985,182
	Fannie Mae Pool	2.49%, $94,100 par, due 9/1/2044		(1)	96,255
	Fannie Mae Pool	2.50%, $1,862,260 par, due 6/1/2023		(1)	1,896,660
	Fannie Mae Pool	2.50%, $2,781,591 par, due 12/1/2022		(1)	2,832,926
	Fannie Mae Pool	2.50%, $2,812,107 par, due 10/1/2024		(1)	2,863,715
	Fannie Mae Pool	2.50%, $2,863,802 par, due 1/1/2023		(1)	2,916,722
	Fannie Mae Pool	2.50%, $4,073,298 par, due 7/1/2022		(1)	4,148,409
	Fannie Mae Pool	2.50%, $4,753,131 par, due 8/1/2023		(1)	4,840,907
	Fannie Mae Pool	2.50%, $5,915,667 par, due 12/1/2022		(1)	5,995,937
	Fannie Mae Pool	2.50%, $985,630 par, due 9/1/2023		(1)	1,003,830
	Fannie Mae Pool	2.59%, $3,252,654 par, due 4/1/2045		(1)	3,303,767
	Fannie Mae Pool	2.59%, $3,586,431 par, due 11/1/2045		(1)	3,634,447
	Fannie Mae Pool	2.65%, $2,919,262 par, due 10/1/2041		(1)	3,109,247
	Fannie Mae Pool	2.81%, $1,286,504 par, due 10/1/2044		(1)	1,316,982
	Fannie Mae Pool	2.97%, $461,595 par, due 2/1/2041		(1)	491,206
	Fannie Mae Pool	3.00%, $6,078,331 par, due 8/1/2027		(1)	6,295,698
	Fannie Mae Pool	3.75%, $1,602,680 par, due 5/1/2036		(1)	1,646,480
	Fannie Mae Pool	3.90%, $1,150,781 par, due 10/1/2032		(1)	1,240,342
	Fannie Mae Pool	4.50%, $204,670 par, due 7/1/2018		(1)	211,524
	Fannie Mae Pool	5.00%, $1,299,706 par, due 6/1/2035		(1)	1,436,505
	Fannie Mae Pool	5.00%, $363,794 par, due 11/1/2019		(1)	386,389
	Fannie Mae Pool	5.00%, $398,326 par, due 10/1/2019		(1)	421,259
	Fannie Mae Pool	5.50%, $20,672 par, due 6/1/2021		(1)	21,997
	Fannie Mae Pool	5.50%, $330,085 par, due 1/1/2036		(1)	358,089
	Fannie Mae Pool	5.50%, $490,322 par, due 4/1/2033		(1)	560,517
	Fannie Mae Pool	5.50%, $639,506 par, due 2/1/2036		(1)	683,638
	Fannie Mae Pool	6.00%, $117,259 par, due 2/1/2033		(1)	133,710

39(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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	6.50%, $40,735 par, due 1/1/2018		(1)	$	41,680
	Fannie Mae REMIC Trust 2003-W11	6.39%, $134,250 par, due 7/25/2033		(1)	147,850
	Fannie Mae REMIC Trust 2004-W11	7.00%, $1,032,898 par, due 5/25/2044		(1)	1,207,629
	Fannie Mae REMICS	4.00%, $971,055 par, due 4/25/2019		(1)	997,788
	Fannie Mae REMICS	5.50%, $3,587,482 par, due 4/25/2035		(1)	3,870,018
	Fannie Mae REMICS	5.50%, $3,737,666 par, due 4/25/2035		(1)	4,055,839
	Fannie Mae Trust 2003-W6	6.50%, $408,664 par, due 9/25/2042		(1)	463,546
	Fannie Mae Trust 2004-W1	7.00%, $816,357 par, due 12/25/2033		(1)	947,243
	Fannie Mae-Aces	1.65%, $3,400,000 par, due 9/25/2019		(1)	3,394,815
	Fannie Mae-Aces	2.03%, $5,000,000 par, due 3/25/2019		(1)	5,031,775
	Fannie Mae-Aces	2.17%, $5,000,000 par, due 9/25/2019		(1)	5,038,225
	FHLMC Multifamily Structured
	Pass Through Certificates	0.94%, $3,600,000 par, due 9/25/2022		(1)	3,587,188
	FHLMC Multifamily Structured
	Pass Through Certificates	2.35%, $1,800,000 par, due 4/25/2021		(1)	1,819,642
	FHLMC Multifamily Structured
	Pass Through Certificates	2.46%, $5,300,000 par, due 8/25/2019		(1)	5,384,535
	FHLMC Multifamily Structured Passthrough	2.70%, $4,325,000 par, due 5/25/2018		(1)	4,419,043
	FHLMC Structured Pass Through Securities	5.23%, $3,965,814 par, due 5/25/2043		(1)	4,331,082
	Fifth Third Auto Trust 2014-2	0.89%, $3,500,000 par, due 11/15/2018		(1)	3,491,019
	Ford Credit Auto Owner Trust 2014-A	0.79%, $3,395,356 par, due 5/15/2018		(1)	3,391,964
	Ford Credit Auto Owner Trust 2014-B	0.90%, $1,500,000 par, due 10/15/2018		(1)	1,497,437
	Ford Credit Auto Owner Trust 2015-A	1.28%, $3,500,000 par, due 9/15/2019		(1)	3,494,351
	Ford Credit Auto Owner Trust 2015-B	1.16%, $3,500,000 par, due 11/15/2019		(1)	3,474,307
	Ford Credit Auto Owner Trust 2015-C	1.41%, $5,000,000 par, due 2/15/2020		(1)	4,977,380
	Ford Motor Credit Co LLC	2.50%, $1,000,000 par, due 1/15/2016		(1)	1,000,226
	Freddie Mac Gold Pool	3.00%, $5,618,921 par, due 8/1/2027		(1)	5,785,461
	Freddie Mac Gold Pool	5.00%, $989,524 par, due 5/1/2020		(1)	1,044,184
	Freddie Mac Gold Pool	5.50%, $285,924 par, due 12/1/2033		(1)	323,161
	Freddie Mac Gold Pool	5.50%, $30,857 par, due 11/1/2021		(1)	31,893
	Freddie Mac Gold Pool	6.00%, $1,686,129 par, due 8/1/2038		(1)	1,943,357
	Freddie Mac Gold Pool	6.00%, $3,781,192 par, due 8/1/2038		(1)	4,331,231
	Freddie Mac Non Gold Pool	2.06%, $945,545 par, due 5/1/2042		(1)	976,464
	Freddie Mac Non Gold Pool	2.11%, $1,713,895 par, due 8/1/2035		(1)	1,807,796
	Freddie Mac Non Gold Pool	2.19%, $948,405 par, due 6/1/2042		(1)	975,265
	Freddie Mac Non Gold Pool	2.21%, $764,694 par, due 6/1/2036		(1)	808,119
	Freddie Mac Non Gold Pool	2.32%, $984,041 par, due 6/1/2042		(1)	1,010,564
	Freddie Mac Non Gold Pool	2.33%, $2,228,785 par, due 10/1/2043		(1)	2,262,899
	Freddie Mac Non Gold Pool	2.40%, $4,907,199 par, due 7/1/2045		(1)	4,946,103
	Freddie Mac Non Gold Pool	2.40%, $462,123 par, due 5/1/2038		(1)	490,683
	Freddie Mac Non Gold Pool	2.47%, $8,543,995 par, due 8/1/2045		(1)	8,637,398
	Freddie Mac Non Gold Pool	2.48%, $2,422,937 par, due 9/1/2042		(1)	2,478,943
	Freddie Mac Non Gold Pool	2.49%, $50,056 par, due 10/1/2029		(1)	51,138
	Freddie Mac Non Gold Pool	2.59%, $2,517,407 par, due 5/1/2044		(1)	2,586,215
	Freddie Mac Non Gold Pool	2.60%, $2,958,702 par, due 11/1/2045		(1)	2,994,363
	Freddie Mac Non Gold Pool	2.60%, $3,258,938 par, due 5/1/2045		(1)	3,304,156
	Freddie Mac Non Gold Pool	2.65%, $1,339,894 par, due 9/1/2037		(1)	1,428,939
	Freddie Mac Non Gold Pool	2.72%, $389,491 par, due 1/1/2041		(1)	413,714
	Freddie Mac REMICS	4.00%, $1,276,552 par, due 12/15/2018		(1)	1,307,689
	Freddie Mac REMICS	4.00%, $1,361,884 par, due 9/15/2019		(1)	1,388,428
	Freddie Mac REMICS	4.00%, $1,496,701 par, due 6/15/2023		(1)	1,540,106
	GAHR Commercial Mortgage Trust 2015-NRF	1.63%, $3,500,000 par, due 12/15/2016		(1)	3,488,034
	GE Capital International Funding Co	2.34%, $1,727,000 par, due 11/15/2020		(1)	1,712,597
	General Electric Capital Corp	2.20%, $430,000 par, due 1/9/2020		(1)	431,593
	General Electric Capital Corp	5.55%, $215,000 par, due 5/4/2020		(1)	243,171
	Gilead Sciences Inc	1.85%, $800,000 par, due 9/4/2018		(1)	803,482
	Ginnie Mae II pool	0.82%, $5,149,747 par, due 5/20/2058		(1)	5,100,237
	Ginnie Mae II pool	1.75%, $1,288,984 par, due 4/20/2042		(1)	1,319,679
	Ginnie Mae II pool	4.82%, $4,209,861 par, due 12/20/2060		(1)	4,360,632
	Ginnie Mae II pool	5.46%, $1,216,983 par, due 7/20/2059		(1)	1,251,327
	Ginnie Mae II pool	5.47%, $2,755,182 par, due 8/20/2059		(1)	2,819,662
	Ginnie Mae II pool	5.55%, $1,875,228 par, due 2/20/2059		(1)	1,908,693
	Ginnie Mae II pool	5.76%, $1,143,057 par, due 12/20/2058		(1)	1,173,646
	Ginnie Mae II pool	6.14%, $2,059,321 par, due 10/20/2058		(1)	2,127,307
	GlaxoSmithKline Capital Inc	5.65%, $1,000,000 par, due 5/15/2018		(1)	1,089,876
	GM Financial Automobile Leasing Trust 2014-1	1.01%, $2,957,169 par, due 5/22/2017		(1)	2,955,613
	GM Financial Automobile Leasing Trust 2015-3	0.98%, $3,600,000 par, due 6/20/2018		(1)	3,601,454
	Goldman Sachs Group Inc/The	2.55%, $920,000 par, due 10/23/2019		(1)	919,640
	Goldman Sachs Group Inc/The	2.75%, $380,000 par, due 9/15/2020		(1)	379,750
	Goldman Sachs Group Inc/The	2.90%, $2,000,000 par, due 7/19/2018		(1)	2,039,092
	GS Mortgage Securities Corp II	2.37%, $3,250,000 par, due 11/10/2045		(1)	3,228,729
	GS Mortgage Securities Trust 2012-GCJ7	2.94%, $3,600,000 par, due 5/10/2045		(1)	3,664,307
	Halliburton Co	2.70%, $720,000 par, due 11/15/2020		(1)	711,683
	Hilton USA Trust 2013-HLF	1.27%, $2,448,129 par, due 11/5/2030		(1)	2,436,652

40(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	Honda Auto Receivables 2015-1 Owner Trust	1.05%, $3,000,000 par, due 10/15/2018		(1)	$	2,989,689
	Honolulu City & County Board of Water Supply	1.74%, $1,750,000 par, due 7/1/2018		(1)	1,759,870
	HSBC Bank PLC	1.50%, $2,500,000 par, due 5/15/2018		(1)	2,472,528
	HSBC USA Inc	2.00%, $600,000 par, due 8/7/2018		(1)	599,851
	Hyundai Auto Lease Securitization Trust 2015-A	1.42%, $4,000,000 par, due 11/15/2018		(1)	3,995,380
	Hyundai Auto Receivables Trust 2015-A	1.05%, $4,100,000 par, due 4/15/2019		(1)	4,083,395
	Hyundai Capital America	1.45%, $1,500,000 par, due 2/6/2017		(1)	1,493,000
	Intel Corp	1.35%, $1,000,000 par, due 12/15/2017		(1)	1,001,330
	International Business Machines Corp	1.25%, $900,000 par, due 2/8/2018		(1)	898,271
	International Business Machines Corp	5.70%, $2,000,000 par, due 9/14/2017		(1)	2,145,164
	John Deere Capital Corp	1.35%, $1,410,000 par, due 1/16/2018		(1)	1,404,332
	John Deere Capital Corp	1.60%, $395,000 par, due 7/13/2018		(1)	393,209
	John Deere Owner Trust 2014-A	0.92%, $2,742,706 par, due 4/16/2018		(1)	2,736,834
	JP Morgan Chase Commercial Mortgage Securities
	Trust 2006-LDP6	5.47%, $336,173 par, due 4/15/2043		(1)	336,099
	JP Morgan Chase Commercial Mortgage Securities
	Trust 2011-C4	4.39%, $2,380,000 par, due 7/15/2046		(1)	2,548,597
	JPMorgan Chase & Co	1.13%, $500,000 par, due 2/26/2016		(1)	500,228
	JPMorgan Chase & Co	2.20%, $870,000 par, due 10/22/2019		(1)	862,954
	JPMorgan Chase & Co	2.25%, $1,480,000 par, due 1/23/2020		(1)	1,455,996
	JPMorgan Chase & Co	2.55%, $620,000 par, due 10/29/2020		(1)	614,798
	JPMorgan Chase & Co	6.00%, $730,000 par, due 1/15/2018		(1)	788,445
	KeyBank NA/Cleveland OH	2.25%, $1,200,000 par, due 3/16/2020		(1)	1,186,576
	LB-UBS Commercial Mortgage Trust 2006-C6	5.37%, $2,126,271 par, due 9/15/2039		(1)	2,157,070
	Lockheed Martin Corp	1.85%, $840,000 par, due 11/23/2018		(1)	838,515
	Manufacturers & Traders Trust Co	1.40%, $2,500,000 par, due 7/25/2017		(1)	2,488,528
	McDonald's Corp	2.10%, $480,000 par, due 12/7/2018		(1)	480,309
	McDonald's Corp	5.80%, $1,450,000 par, due 10/15/2017		(1)	1,548,084
	Medtronic Inc	2.50%, $740,000 par, due 3/15/2020		(1)	745,250
	Mercedes Benz Auto Lease Trust 2015-A	1.10%, $3,500,000 par, due 8/15/2017		(1)	3,496,294
	Mercedes-Benz Auto Receivables Trust 2015-1	1.34%, $4,000,000 par, due 12/16/2019		(1)	3,977,836
	Merck & Co Inc	1.85%, $280,000 par, due 2/10/2020		(1)	278,693
	Merrill Lynch Mortgage Investors
	Trust Series MLCC 2004-A	0.88%, $15,793 par, due 4/25/2029		(1)	15,161
	MetLife Inc	6.75%, $1,000,000 par, due 6/1/2016		(1)	1,022,906
	Metropolitan Government of Nashville &
	Davidson County TN	1.86%, $1,500,000 par, due 7/1/2019		(1)	1,515,150
	Metropolitan Life Global Funding I	1.95%, $2,400,000 par, due 12/3/2018		(1)	2,394,156
	Micron Semiconductor Asia Pte Ltd	1.26%, $2,946,300 par, due 1/15/2019		(1)	2,929,798
	MidAmerican Energy Co	2.40%, $1,000,000 par, due 3/15/2019		(1)	1,007,684
	MidAmerican Energy Co	5.30%, $1,980,000 par, due 3/15/2018		(1)	2,126,278
	Monmouth County Improvement Authority	0.90%, $630,000 par, due 12/15/2016		(1)	631,821
	Monmouth County Improvement Authority	2.15%, $1,000,000 par, due 12/15/2019		(1)	1,008,690
	Morgan Stanley Capital I Trust 2006-HQ9	5.73%, $2,899,840 par, due 7/12/2044		(1)	2,923,268
	Morgan Stanley Capital I Trust 2006-IQ12	5.32%, $3,202,161 par, due 12/15/2043		(1)	3,265,936
	Morgan Stanley Capital I Trust 2007-IQ13	5.31%, $1,493,027 par, due 3/15/2044		(1)	1,529,103
	Morgan Stanley Capital I Trust 2007-TOP25	5.51%, $2,791,272 par, due 11/12/2049		(1)	2,850,324
	Morgan Stanley Capital I Trust 2012-C4	2.11%, $2,200,000 par, due 3/15/2045		(1)	2,206,026
	Morgan Stanley	1.88%, $800,000 par, due 1/5/2018		(1)	799,214
	Morgan Stanley	2.50%, $560,000 par, due 1/24/2019		(1)	563,057
	Morgan Stanley	2.65%, $920,000 par, due 1/27/2020		(1)	917,499
	Morgan Stanley	5.45%, $450,000 par, due 1/9/2017		(1)	467,122
	National Australia Bank Ltd	2.00%, $2,275,000 par, due 6/20/2017		(1)	2,294,092
	Navient Student Loan Trust 2015-2	0.84%, $3,600,000 par, due 8/27/2029		(1)	3,533,504
	New Hampshire Higher Education Loan Corp	0.66%, $1,051,137 par, due 10/25/2028		(1)	1,048,268
	New York City Transitional Fin Auth
	Future Tax Sec Revenue	1.75%, $1,000,000 par, due 2/1/2018		(1)	1,003,650
	New York City Transitional Fin Auth
	Future Tax Sec Revenue	3.57%, $1,200,000 par, due 2/1/2017		(1)	1,229,220
	New York Life Global Funding	1.65%, $1,900,000 par, due 5/15/2017		(1)	1,907,429
	New York State Urban Development Corp	6.45%, $960,000 par, due 3/15/2018		(1)	1,021,987
	North Carolina State Ed Assistance Auth	1.22%, $2,109,906 par, due 7/25/2039		(1)	2,047,769
	Northstar Education Finance Inc	1.12%, $1,289,305 par, due 12/26/2031		(1)	1,246,037
	Oracle Corp	2.38%, $900,000 par, due 1/15/2019		(1)	913,897
	PACCAR Financial Corp	1.75%, $860,000 par, due 8/14/2018		(1)	857,074
	Peco Energy Co	1.20%, $500,000 par, due 10/15/2016		(1)	501,238
	PepsiCo Inc	1.25%, $600,000 par, due 4/30/2018		(1)	597,811
	PepsiCo Inc	2.25%, $1,650,000 par, due 1/7/2019		(1)	1,672,166
	Petroleos Mexicanos	0.79%, $3,733,125 par, due 2/15/2024		(1)	3,743,055
	Petroleos Mexicanos	1.95%, $4,900,000 par, due 12/20/2022		(1)	4,863,025
	PNC Bank NA	1.15%, $940,000 par, due 11/1/2016		(1)	940,102
	PNC Bank NA	1.30%, $900,000 par, due 10/3/2016		(1)	901,921
	PNC Bank NA	1.50%, $1,300,000 par, due 2/23/2018		(1)	1,293,708
	PNC Bank NA	1.60%, $1,500,000 par, due 6/1/2018		(1)	1,488,812

41(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	PNC Bank NA	1.85%, $370,000 par, due 7/20/2018		(1)	$	369,277
	Public Service Electric & Gas Co	5.30%, $2,400,000 par, due 5/1/2018		(1)	2,593,764
	Rio Tinto Finance USA PLC	2.25%, $2,050,000 par, due 12/14/2018		(1)	1,998,877
	Royal Bank of Canada	1.20%, $1,025,000 par, due 9/19/2017		(1)	1,020,155
	Royal Bank of Canada	2.00%, $2,300,000 par, due 10/1/2018		(1)	2,304,908
	Royal Bank of Canada	2.10%, $950,000 par, due 10/14/2020		(1)	933,510
	SABMiller Holdings Inc	2.45%, $1,700,000 par, due 1/15/2017		(1)	1,713,095
	San Diego Gas & Electric Co	1.91%, $557,143 par, due 2/1/2022		(1)	547,376
	SBA Small Business Investment Cos	2.83%, $7,200,000 par, due 9/10/2025		(1)	7,298,654
	SBA Small Business Investment Cos	3.64%, $2,364,191 par, due 9/10/2023		(1)	2,475,741
	SBA Small Business Investment Cos	5.46%, $1,423,051 par, due 2/10/2017		(1)	1,483,018
	SBA Small Business Investment Cos	5.79%, $1,482,643 par, due 8/10/2017		(1)	1,550,498
	SBA Small Business Investment Cos	5.90%, $1,365,599 par, due 2/10/2018		(1)	1,449,003
	Sequoia Mortgage Trust 9	1.10%, $17,653 par, due 9/20/2032		(1)	15,921
	Shell International Finance BV	1.63%, $1,320,000 par, due 11/10/2018		(1)	1,312,720
	Shell International Finance BV	1.90%, $870,000 par, due 8/10/2018		(1)	870,164
	Shell International Finance BV	2.13%, $700,000 par, due 5/11/2020		(1)	688,635
	Sherwin-Williams Co/The	1.35%, $1,265,000 par, due 12/15/2017		(1)	1,254,192
	Siemens Financieringsmaatschappij NV	1.45%, $1,900,000 par, due 5/25/2018		(1)	1,884,754
	Simon Property Group LP	2.80%, $700,000 par, due 1/30/2017		(1)	709,189
	SLM Student Loan Trust 2006-1	0.43%, $1,300,000 par, due 7/26/2021		(1)	1,286,216
	South Carolina Student Loan Corp	0.67%, $1,477,358 par, due 8/25/2034		(1)	1,437,114
	South Lyon Community Schools	1.94%, $2,000,000 par, due 5/1/2019		(1)	2,001,460
	Southern California Edison Co	1.84%, $1,114,286 par, due 2/1/2022		(1)	1,103,979
	State of Arkansas	2.33%, $2,185,000 par, due 7/1/2020		(1)	2,202,720
	State of Wisconsin	5.05%, $2,500,000 par, due 5/1/2018		(1)	2,698,475
	Statoil ASA	1.25%, $1,560,000 par, due 11/9/2017		(1)	1,544,241
	Texas A&M University	1.54%, $2,150,000 par, due 5/15/2018		(1)	2,156,192
	Toronto-Dominion Bank/The	1.50%, $3,100,000 par, due 3/13/2017		(1)	3,104,991
	Toronto-Dominion Bank/The	2.25%, $2,350,000 par, due 9/25/2019		(1)	2,358,662
	Total Capital Intl	1.50%, $2,000,000 par, due 2/17/2017		(1)	2,003,566
	Toyota Auto Receivables 2015-C Owner Trust	1.34%, $3,600,000 par, due 6/17/2019		(1)	3,591,281
	Toyota Motor Credit Corp	1.45%, $2,220,000 par, due 1/12/2018		(1)	2,215,778
	Toyota Motor Credit Corp	1.55%, $400,000 par, due 7/13/2018		(1)	399,055
	UBS AG/Stamford CT	1.38%, $800,000 par, due 6/1/2017		(1)	796,188
	UBS AG/Stamford CT	5.88%, $1,250,000 par, due 12/20/2017		(1)	1,350,123
	United States Small Business Administration	4.76%, $3,352,324 par, due 9/1/2025		(1)	3,562,163
	United States Small Business Administration	5.29%, $2,233,254 par, due 12/1/2027		(1)	2,456,718
	United States Small Business Administration	5.63%, $3,137,226 par, due 10/1/2028		(1)	3,509,640
	United States Small Business Administration	6.77%, $1,030,456 par, due 11/1/2028		(1)	1,178,565
	United States Treasury Inflation Indexed Bonds	0.13%, $21,142,000 par, due 4/15/2020		(1)	21,198,531
	United States Treasury Inflation Indexed Bonds	0.13%, $279,000 par, due 4/15/2018		(1)	286,507
	United States Treasury Note/Bond	0.50%, $750,000 par, due 7/31/2017		(1)	744,317
	United States Treasury Note/Bond	0.63%, $8,400,000 par, due 9/30/2017		(1)	8,341,922
	United States Treasury Note/Bond	0.88%, $7,200,000 par, due 7/15/2018		(1)	7,135,034
	United States Treasury Note/Bond	0.88%, $7,250,000 par, due 10/15/2018		(1)	7,170,134
	United States Treasury Note/Bond	1.00%, $7,225,000 par, due 9/15/2018		(1)	7,173,637
	United States Treasury Note/Bond	1.25%, $7,200,000 par, due 12/15/2018		(1)	7,184,815
	United States Treasury Note/Bond	1.38%, $7,000,000 par, due 9/30/2018		(1)	7,021,875
	United States Treasury Note/Bond	2.38%, $7,000,000 par, due 7/31/2017		(1)	7,147,658
	UnitedHealth Group Inc	1.90%, $920,000 par, due 7/16/2018		(1)	922,767
	US Bank NA/Cincinnati OH	1.35%, $1,080,000 par, due 1/26/2018		(1)	1,076,309
	US Bank NA/Cincinnati OH	1.38%, $1,500,000 par, due 9/11/2017		(1)	1,499,915
	US Bank NA/Cincinnati OH	2.13%, $1,000,000 par, due 10/28/2019		(1)	999,242
	Ventas Realty LP / Ventas Capital Corp	2.00%, $700,000 par, due 2/15/2018		(1)	696,582
	Verizon Communications Inc	3.65%, $1,600,000 par, due 9/14/2018		(1)	1,673,106
	Volkswagen Auto Lease Trust 2015-A	1.25%, $3,700,000 par, due 12/20/2017		(1)	3,663,233
	Volkswagen Group of America Finance LLC	1.60%, $1,150,000 par, due 11/20/2017		(1)	1,116,584
	Volkswagen Group of America Finance LLC	1.65%, $300,000 par, due 5/22/2018		(1)	288,047
	Volvo Financial Equipment LLC Series 2014-1	0.82%, $2,973,025 par, due 4/16/2018		(1)	2,964,433
	Walt Disney Co/The	1.50%, $1,200,000 par, due 9/17/2018		(1)	1,197,724
	WEC Energy Group Inc	1.65%, $650,000 par, due 6/15/2018		(1)	644,385
	Westpac Banking Corp	1.25%, $2,350,000 par, due 12/15/2017		(1)	2,329,435
	Westpac Banking Corp	2.00%, $2,250,000 par, due 5/21/2019		(1)	2,233,703
	WF-RBS Commercial Mortgage Trust	2.45%, $3,500,000 par, due 12/15/2045		(1)	3,465,959
	World Omni Auto Lease Sec Trust	1.54%, $2,600,000 par, due 10/15/2018		(1)	2,581,433
	World Omni Auto Receivables Trust 2013-B	0.83%, $1,559,219 par, due 8/15/2018		(1)	1,556,104
	Xcel Energy Inc	1.20%, $1,000,000 par, due 6/1/2017		(1)	994,924
	Wells Fargo/BlackRock Short Term Investment Fund S	0.25%, $11,973,129 par		(1)	11,973,129
					718,024,972
		Accrued income			2,250,703
		Deposits with brokers for futures transactions			81,000
		Variation margin payable			(12,656		)
		Payable for investment securities purchased			(6,951,000		)

42(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
			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
			Receivables for investment securities sold			$	6,916,000
			Receivable for investment payments due			361,646
			Total			720,670,665
	American General Life Ins. Co.		2.18%
	Transamerica Premier Life Ins. Co.		2.48%
	Pacific Life Ins. Co.		2.21%
		Abay Leasing 2014 LLC	2.65%, $1,672,917 par, due 11/9/2026		(1)	1,685,730
		Access Group Inc 2013-1	0.92%, $1,505,191 par, due 2/25/2036		(1)	1,467,107
		ACE INA Holdings Inc	2.88%, $360,000 par, due 11/3/2022		(1)	357,268
		Adams & Arapahoe Joint School District 28J Aurora	3.73%, $675,000 par, due 12/1/2020		(1)	713,873
		Airgas Inc	3.05%, $670,000 par, due 8/1/2020		(1)	674,188
		Alcoa Inc	5.72%, $392,000 par, due 2/23/2019		(1)	406,249
		Allergan PLC	3.80%, $670,000 par, due 3/15/2025		(1)	666,578
		Ally Auto Receivables Trust 2014-3	1.28%, $2,000,000 par, due 6/17/2019		(1)	1,994,322
		Alvin Independent School District/TX	3.78%, $500,000 par, due 2/15/2021		(1)	529,780
		American Express Co	1.55%, $500,000 par, due 5/22/2018		(1)	496,096
		American Express Credit Corp	2.38%, $480,000 par, due 5/26/2020		(1)	476,327
		American Honda Finance Corp	2.45%, $940,000 par, due 9/24/2020		(1)	941,454
		AmeriCredit Automobile Receivables 2015-4	1.70%, $1,900,000 par, due 7/8/2020		(1)	1,890,874
		Anderson County School District No 1/SC	5.00%, $500,000 par, due 3/1/2022		(1)	555,725
		Archer-Daniels-Midland Co	4.48%, $360,000 par, due 3/1/2021		(1)	390,289
		AT&T Inc	1.60%, $420,000 par, due 2/15/2017		(1)	421,172
		AT&T Inc	3.40%, $850,000 par, due 5/15/2025		(1)	816,927
		Automatic Data Processing Inc	2.25%, $670,000 par, due 9/15/2020		(1)	672,537
		Bank of America Corp	2.65%, $370,000 par, due 4/1/2019		(1)	370,902
		Bank of America Corp	3.95%, $535,000 par, due 4/21/2025		(1)	520,966
		Bank of America Corp	5.00%, $300,000 par, due 5/13/2021		(1)	327,765
		Bank of America Corp	5.42%, $300,000 par, due 3/15/2017		(1)	312,268
		Bank of America Corp	6.40%, $450,000 par, due 8/28/2017		(1)	482,039
		Bank of America NA	5.30%, $1,250,000 par, due 3/15/2017		(1)	1,300,344
		Bank of New York Mellon Corp/The	2.20%, $1,200,000 par, due 5/15/2019		(1)	1,201,782
		Bank of Nova Scotia/The	4.50%, $500,000 par, due 12/16/2025		(1)	497,687
		Bayer US Finance LLC	2.38%, $830,000 par, due 10/8/2019		(1)	830,521
		BNP Paribas SA	3.60%, $685,000 par, due 2/23/2016		(1)	687,497
		Boston Properties LP	3.85%, $875,000 par, due 2/1/2023		(1)	892,913
		Bottling Group LLC	5.13%, $650,000 par, due 1/15/2019		(1)	711,922
		BP Capital Markets PLC	3.81%, $560,000 par, due 2/10/2024		(1)	559,708
		BP Capital Markets PLC	4.74%, $1,000,000 par, due 3/11/2021		(1)	1,098,272
		Branch Banking & Trust Co	5.63%, $750,000 par, due 9/15/2016		(1)	772,389
		Brazos Student Finance Corp	0.85%, $274,047 par, due 6/25/2027		(1)	269,514
		Burlington Northern Santa Fe LLC	3.40%, $500,000 par, due 9/1/2024		(1)	500,469
		Canadian Pacific Railway Co	2.90%, $460,000 par, due 2/1/2025		(1)	432,995
		Canadian Pacific Railway Co	3.70%, $410,000 par, due 2/1/2026		(1)	403,460
		Capital Auto Receivables Asset Trust 2015-4	1.83%, $1,800,000 par, due 3/20/2020		(1)	1,782,743
		Capital Auto Receivables Asset	1.26%, $1,800,000 par, due 5/21/2018		(1)	1,797,768
		Cargill Inc	4.31%, $1,210,000 par, due 5/14/2021		(1)	1,294,771
		CarMax Auto Owner Trust 2013-4	0.80%, $677,847 par, due 7/16/2018		(1)	676,170
		Carmax Auto Owner Trust 2014-1	0.79%, $1,694,720 par, due 10/15/2018		(1)	1,687,816
		CarMax Auto Owner Trust 2015-4	1.56%, $1,500,000 par, due 11/16/2020		(1)	1,488,998
		Caterpillar Inc	3.40%, $250,000 par, due 5/15/2024		(1)	253,253
		Caterpillar Inc	3.90%, $750,000 par, due 5/27/2021		(1)	796,261
		CenterPoint Energy Transition	2.16%, $1,400,000 par, due 10/15/2021		(1)	1,409,017
		Charter Township of Bloomfield MI	3.09%, $665,000 par, due 5/1/2020		(1)	686,194
		Chevron Corp	2.35%, $470,000 par, due 12/5/2022		(1)	448,799
		Chevron Corp	3.19%, $700,000 par, due 6/24/2023		(1)	703,723
		Cisco Systems Inc	2.45%, $430,000 par, due 6/15/2020		(1)	434,082
		Citigroup Commercial Mortgage Trust 2012-GC8	2.61%, $1,500,000 par, due 5/10/2022		(1)	1,505,348
		Citigroup Commercial Mortgage Trust 2013-GC11	2.69%, $2,650,000 par, due 12/10/2022		(1)	2,636,668
		Citigroup Inc	2.40%, $470,000 par, due 2/18/2020		(1)	464,501
		Citigroup Inc	3.30%, $380,000 par, due 4/27/2025		(1)	373,195
		Citigroup Inc	4.50%, $600,000 par, due 1/14/2022		(1)	642,639
		City of Austin TX	3.45%, $500,000 par, due 9/1/2021		(1)	525,940
		City of Boston MA	4.40%, $1,000,000 par, due 4/1/2026		(1)	1,085,780
		City of Chicago IL	6.05%, $1,000,000 par, due 1/1/2029		(1)	967,080
		City of Houston TX	4.36%, $695,000 par, due 3/1/2020		(1)	756,466
		City of Lubbock TX	4.74%, $750,000 par, due 2/15/2020		(1)	802,725
		CNH Equipment Trust 2015-A	1.30%, $1,800,000 par, due 4/15/2020		(1)	1,786,824
		COMM 2012-LC4 A4 9.6-Yr CMBS	3.29%, $2,300,000 par, due 12/10/2044		(1)	2,350,605
		Commonwealth of Pennsylvania	4.65%, $750,000 par, due 2/15/2026		(1)	802,380
		Connecticut Light & Power Co/The	5.38%, $750,000 par, due 3/1/2017		(1)	783,281
		ConocoPhillips Co	2.20%, $290,000 par, due 5/15/2020		(1)	280,620
		ConocoPhillips	5.75%, $450,000 par, due 2/1/2019		(1)	487,063
		County of Baltimore MD	2.85%, $550,000 par, due 8/1/2026		(1)	533,258
		County of Loudoun VA	1.85%, $1,500,000 par, due 12/1/2019		(1)	1,499,685

43(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	County of Scott MN	4.75%, $1,000,000 par, due 12/1/2020		(1)	$	1,003,930
	Credit Suisse AG/New York NY	2.30%, $1,000,000 par, due 5/28/2019		(1)	1,000,860
	Credit Suisse AG/New York NY	3.63%, $330,000 par, due 9/9/2024		(1)	332,595
	CVS Health Corp	3.50%, $340,000 par, due 7/20/2022		(1)	345,969
	CVS Health Corp	4.00%, $570,000 par, due 12/5/2023		(1)	592,355
	Daimler Finance North America LLC	2.45%, $920,000 par, due 5/18/2020		(1)	902,336
	Dayton Metro Library	2.15%, $1,100,000 par, due 12/1/2020		(1)	1,090,089
	DBUBS 2011-LC1 Mortgage Trust	5.00%, $2,100,000 par, due 11/10/2046		(1)	2,314,792
	DBUBS 2011-LC2 Mortgage Trust	4.54%, $2,000,000 par, due 7/10/2044		(1)	2,155,290
	Deere & Co	2.60%, $1,500,000 par, due 6/8/2022		(1)	1,479,008
	Devon Energy Corp	6.30%, $1,250,000 par, due 1/15/2019		(1)	1,287,875
	Duke Energy Progress LLC	5.30%, $1,200,000 par, due 1/15/2019		(1)	1,318,194
	Duke Realty LP	5.95%, $31,000 par, due 2/15/2017		(1)	32,367
	Eaton Corp	6.95%, $1,375,000 par, due 3/20/2019		(1)	1,566,839
	Ecolab Inc	4.35%, $625,000 par, due 12/8/2021		(1)	667,356
	Education Loan Asset-Backed Trust I	1.22%, $1,550,723 par, due 6/25/2026		(1)	1,538,436
	EMC Corp/MA	1.88%, $1,100,000 par, due 6/1/2018		(1)	1,026,386
	EMD Finance LLC (Merck KGaA)	2.95%, $780,000 par, due 3/19/2022		(1)	752,584
	Entergy Gulf States Louisiana LLC	6.00%, $750,000 par, due 5/1/2018		(1)	819,623
	ERP Operating LP	4.63%, $1,550,000 par, due 12/15/2021		(1)	1,682,186
	Ethiopian Leasing 2012 LLC	2.65%, $1,866,217 par, due 5/12/2026		(1)	1,879,923
	Exxon Mobil Corp	2.40%, $1,220,000 par, due 3/6/2022		(1)	1,201,236
	Fannie Mae Grantor Trust 2002-T16	7.00%, $115,455 par, due 7/25/2042		(1)	136,165
	Fannie Mae Grantor Trust 2002-T18	7.00%, $48,266 par, due 8/25/2042		(1)	56,902
	Fannie Mae Grantor Trust 2004-T3	6.00%, $356,968 par, due 2/25/2044		(1)	404,972
	Fannie Mae Pool	1.44%, $66,308 par, due 4/1/2044		(1)	67,880
	Fannie Mae Pool	1.48%, $200,092 par, due 4/1/2037		(1)	205,793
	Fannie Mae Pool	1.68%, $180,307 par, due 1/1/2037		(1)	188,181
	Fannie Mae Pool	1.90%, $179,437 par, due 11/1/2041		(1)	188,414
	Fannie Mae Pool	1.94%, $246,839 par, due 1/1/2035		(1)	257,056
	Fannie Mae Pool	1.94%, $377,780 par, due 7/1/2035		(1)	392,350
	Fannie Mae Pool	1.95%, $302,908 par, due 7/1/2035		(1)	316,901
	Fannie Mae Pool	2.21%, $553,909 par, due 7/1/2035		(1)	584,100
	Fannie Mae Pool	2.29%, $290,703 par, due 5/1/2035		(1)	308,768
	Fannie Mae Pool	2.37%, $121,412 par, due 5/1/2036		(1)	129,085
	Fannie Mae Pool	2.42%, $372,681 par, due 4/1/2036		(1)	377,079
	Fannie Mae Pool	2.49%, $2,279,597 par, due 1/1/2023		(1)	2,270,536
	Fannie Mae Pool	2.56%, $1,800,000 par, due 12/1/2022		(1)	1,796,324
	Fannie Mae Pool	2.64%, $1,969,902 par, due 3/1/2023		(1)	1,974,559
	Fannie Mae Pool	2.73%, $1,800,000 par, due 1/1/2023		(1)	1,824,665
	Fannie Mae Pool	2.73%, $1,890,083 par, due 9/1/2023		(1)	1,908,407
	Fannie Mae Pool	2.86%, $1,384,697 par, due 3/1/2044		(1)	1,423,798
	Fannie Mae Pool	2.86%, $1,817,951 par, due 11/1/2021		(1)	1,854,410
	Fannie Mae Pool	2.86%, $2,439,835 par, due 1/1/2022		(1)	2,483,578
	Fannie Mae Pool	2.90%, $1,195,802 par, due 3/1/2023		(1)	1,216,824
	Fannie Mae Pool	2.92%, $1,443,754 par, due 3/1/2044		(1)	1,486,462
	Fannie Mae Pool	2.95%, $1,472,532 par, due 5/1/2044		(1)	1,514,769
	Fannie Mae Pool	2.96%, $1,868,521 par, due 6/1/2022		(1)	1,926,044
	Fannie Mae Pool	2.97%, $395,469 par, due 1/1/2041		(1)	416,410
	Fannie Mae Pool	3.02%, $1,665,798 par, due 11/1/2022		(1)	1,717,411
	Fannie Mae Pool	3.50%, $5,930,031 par, due 9/1/2032		(1)	6,212,206
	Fannie Mae Pool	3.50%, $707,861 par, due 9/1/2032		(1)	739,365
	Fannie Mae Pool	3.75%, $915,817 par, due 5/1/2036		(1)	940,846
	Fannie Mae Pool	5.00%, $1,026,046 par, due 11/1/2033		(1)	1,135,053
	Fannie Mae Pool Through Certificates	5.00%, $1,266,189 par, due 6/1/2035		(1)	1,399,461
	Fannie Mae Pool	5.00%, $1,605,582 par, due 10/1/2035		(1)	1,771,571
	Fannie Mae Pool Through Certificates	5.00%, $177,220 par, due 12/1/2019		(1)	187,354
	Fannie Mae Pool	5.00%, $405,859 par, due 10/1/2019		(1)	429,226
	Fannie Mae Pool Through Certificates	5.00%, $666,171 par, due 8/1/2020		(1)	708,605
	Fannie Mae Pool	5.00%, $739,711 par, due 9/1/2033		(1)	818,340
	Fannie Mae Pool	6.00%, $207,569 par, due 9/1/2038		(1)	223,679
	Fannie Mae REMIC Trust 2005-W1	6.50%, $275,831 par, due 10/25/2044		(1)	319,470
	Fannie Mae REMICS	5.50%, $560,650 par, due 4/25/2035		(1)	608,376
	Fannie Mae Trust 2003-W6	6.50%, $184,483 par, due 9/25/2042		(1)	209,258
	Fannie Mae Trust 2003-W8	7.00%, $33,225 par, due 10/25/2042		(1)	38,204
	Fannie Mae Trust 2004-W2	7.00%, $217,105 par, due 2/25/2044		(1)	250,742
	Fannie Mae-Aces	2.61%, $1,800,000 par, due 10/25/2021		(1)	1,818,839
	Fannie Mae-Aces	5.26%, $200,649 par, due 5/25/2020		(1)	208,566
	FHLMC Multifamily Structured Passthrough	2.70%, $1,300,000 par, due 5/25/2018		(1)	1,328,267
	FHLMC Structured Pass Through Securities	7.00%, $961,165 par, due 7/25/2043		(1)	1,151,384
	FHMS K712 A2	1.87%, $3,300,000 par, due 11/25/2019		(1)	3,281,777
	FN 2.9 MultiFamily FWD January 2016	2.90%, $1,700,000 par, due 1/1/2046		(1)	1,736,533
	FN DUS 3.08 MultiFam FWD Jan 2016	3.08%, $1,100,000 par, due 1/1/2046		(1)	1,106,886
	FNDUS 3.07 MultiFam FWD Feb 2016	3.07%, $1,185,000 par, due 2/10/2046		(1)	1,192,418

44(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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-REV1	2.12%, $1,500,000 par, due 7/15/2026		(1)	$	1,481,081
	Freddie 20-Yr 3.5 GIANT	3.50%, $2,964,575 par, due 9/1/2032		(1)	3,089,929
	Freddie Mac Gold Pool	3.00%, $3,170,229 par, due 8/1/2027		(1)	3,264,192
	Freddie Mac Gold Pool	3.50%, $325,658 par, due 2/1/2043		(1)	336,495
	Freddie Mac Gold Pool	3.50%, $817,860 par, due 12/1/2025		(1)	860,837
	Freddie Mac Gold Pool	4.00%, $752,285 par, due 2/1/2026		(1)	800,233
	Freddie Mac Gold Pool	5.00%, $34,562 par, due 5/1/2021		(1)	36,615
	Freddie Mac Gold Pool	5.00%, $346,158 par, due 2/1/2020		(1)	364,558
	Freddie Mac Gold Pool	5.50%, $86,498 par, due 2/1/2018		(1)	89,424
	Freddie Mac Gold Pool	6.00%, $123,151 par, due 9/1/2038		(1)	140,644
	Freddie Mac Gold Pool	6.00%, $378,119 par, due 8/1/2038		(1)	433,123
	Freddie Mac Gold Pool	6.00%, $602,189 par, due 8/1/2038		(1)	694,056
	Freddie Mac Non Gold Pool	2.33%, $360,958 par, due 12/1/2036		(1)	382,470
	Freddie Mac Non Gold Pool	2.63%, $210,838 par, due 7/1/2034		(1)	220,951
	Freddie Mac Non Gold Pool	2.64%, $273,390 par, due 11/1/2040		(1)	286,905
	Freddie Mac Non Gold Pool	2.90%, $1,253,697 par, due 1/1/2044		(1)	1,288,680
	GE Capital International Funding Co	2.34%, $1,238,000 par, due 11/15/2020		(1)	1,227,675
	General Electric Capital Corp	4.63%, $225,000 par, due 1/7/2021		(1)	247,135
	General Electric Capital Corp	4.65%, $144,000 par, due 10/17/2021		(1)	159,432
	General Electric Capital Corp	6.00%, $287,000 par, due 8/7/2019		(1)	325,125
	Genzyme Corp	5.00%, $1,000,000 par, due 6/15/2020		(1)	1,107,671
	Georgia-Pacific LLC	3.73%, $1,475,000 par, due 7/15/2023		(1)	1,492,050
	Gilead Sciences Inc	2.55%, $440,000 par, due 9/1/2020		(1)	439,833
	Ginnie Mae II pool	0.82%, $3,218,592 par, due 5/20/2058		(1)	3,187,648
	Ginnie Mae II pool	1.74%, $986,917 par, due 6/20/2058		(1)	1,003,556
	GM Financial Automobile Leasing Trust 2015-1	1.53%, $1,820,000 par, due 9/20/2018		(1)	1,811,157
	GM Financial Automobile Leasing Trust 2015-3	1.69%, $2,300,000 par, due 3/20/2019		(1)	2,284,480
	Goldman Sachs Group Inc/The	2.55%, $580,000 par, due 10/23/2019		(1)	579,773
	Goldman Sachs Group Inc/The	3.50%, $630,000 par, due 1/23/2025		(1)	619,172
	Goldman Sachs Group Inc/The	5.25%, $500,000 par, due 7/27/2021		(1)	552,810
	Goldman Sachs Group Inc/The	5.75%, $150,000 par, due 1/24/2022		(1)	170,583
	Great River Energy	5.83%, $139,633 par, due 7/1/2017		(1)	143,060
	GS Mortgage Securities Corp II	2.56%, $2,750,000 par, due 2/10/2046		(1)	2,734,801
	GS Mortgage Securities Trust 2011-GC3	4.75%, $1,775,000 par, due 3/10/2044		(1)	1,925,850
	GS Mortgage Securities Trust 2013-GCJ12	2.68%, $2,375,000 par, due 6/10/2046		(1)	2,358,071
	GSMS 2012-GCJ7 A4 9.2-Yr CMBS	3.38%, $2,250,000 par, due 5/10/2045		(1)	2,302,461
	Halliburton Co	3.80%, $400,000 par, due 11/15/2025		(1)	389,489
	Halliburton Co	5.90%, $950,000 par, due 9/15/2018		(1)	1,038,648
	Hashemite Kingdom of Jordan Government AID Bond	2.58%, $2,875,000 par, due 6/30/2022		(1)	2,906,179
	Hashemite Kingdom of Jordan Government AID	2.50%, $1,625,000 par, due 10/30/2020		(1)	1,665,666
	Helios Leasing I LLC	1.56%, $748,371 par, due 9/28/2024		(1)	722,326
	Hewlett Packard Enterprise Co	3.60%, $950,000 par, due 10/15/2020		(1)	952,180
	Hilton USA Trust 2013-HLT	2.66%, $1,975,000 par, due 11/5/2030		(1)	1,976,479
	Home Depot Inc/The	2.63%, $350,000 par, due 6/1/2022		(1)	349,634
	Honda Auto Receivables 2014-1 Owner Trust	0.67%, $1,867,928 par, due 12/21/2017		(1)	1,864,569
	HSBC Holdings PLC	5.10%, $1,250,000 par, due 4/5/2021		(1)	1,389,699
	HSBC USA Inc	1.63%, $190,000 par, due 1/16/2018		(1)	189,059
	Huntington Auto Trust 2015-1	1.24%, $1,900,000 par, due 9/16/2019		(1)	1,888,646
	Indiana Housing & Community Development Authority	5.90%, $105,000 par, due 1/1/2037		(1)	105,773
	Ingredion Inc	6.00%, $400,000 par, due 4/15/2017		(1)	418,638
	Intel Corp	2.45%, $310,000 par, due 7/29/2020		(1)	313,546
	International Business Machines Corp	3.63%, $1,160,000 par, due 2/12/2024		(1)	1,194,127
	Iowa Finance Authority	5.87%, $20,000 par, due 7/1/2036		(1)	20,000
	Johns Hopkins University	5.25%, $81,000 par, due 7/1/2019		(1)	86,738
	JP Morgan Chase Commercial Mortgage
	Securities Trust 2010-C2	4.07%, $1,330,000 par, due 11/15/2043		(1)	1,397,471
	JP Morgan Chase Commercial Mortgage
	Securities Trust 2011-C3	4.72%, $1,255,000 par, due 2/15/2046		(1)	1,357,810
	JP Morgan Chase Commercial Mortgage
	Securities Trust 2011-C4	4.39%, $1,840,000 par, due 7/15/2046		(1)	1,970,344
	JP Morgan Chase Commercial Mortgage
	Securities Trust 2012-C8	2.38%, $1,175,000 par, due 4/15/2022		(1)	1,163,120
	JPMBB Commercial Mortgage Securities
	Trust 2013-C12	3.16%, $2,380,000 par, due 7/15/2045		(1)	2,421,024
	JPMorgan Chase & Co	3.13%, $800,000 par, due 1/23/2025		(1)	778,241
	JPMorgan Chase & Co	4.40%, $450,000 par, due 7/22/2020		(1)	480,321
	JPMorgan Chase & Co	4.50%, $290,000 par, due 1/24/2022		(1)	312,796
	JPMorgan Chase Bank NA	6.00%, $1,250,000 par, due 10/1/2017		(1)	1,336,450
	Kansas City Power & Light Co	6.38%, $575,000 par, due 3/1/2018		(1)	628,344
	Kentucky Housing Corp	5.75%, $20,000 par, due 7/1/2037		(1)	20,191
	Kentucky Utilities Co	3.25%, $1,000,000 par, due 11/1/2020		(1)	1,036,664
	Kimco Realty Corp	3.40%, $520,000 par, due 11/1/2022		(1)	515,106
	Kraft Foods Group Inc	3.50%, $890,000 par, due 6/6/2022		(1)	899,742
	Liberty Property LP	5.50%, $1,000,000 par, due 12/15/2016		(1)	1,032,836

45(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	Lockheed Martin Corp	3.55%, $395,000 par, due 1/15/2026		(1)	$	396,390
	Lockheed Martin Corp	4.25%, $1,330,000 par, due 11/15/2019		(1)	1,426,529
	Marathon Oil Corp	3.85%, $850,000 par, due 6/1/2025		(1)	684,121
	Marathon Petroleum Corp	3.40%, $800,000 par, due 12/15/2020		(1)	785,667
	Massachusetts Health & Educational Facilities Authority	5.26%, $750,000 par, due 10/1/2018		(1)	823,965
	McDonald's Corp	5.00%, $675,000 par, due 2/1/2019		(1)	729,291
	Merck & Co Inc	2.35%, $630,000 par, due 2/10/2022		(1)	618,571
	Mercy Health/OH	3.38%, $515,000 par, due 11/1/2025		(1)	499,328
	Mississippi Higher Ed Assistance Corp	1.10%, $1,610,300 par, due 10/25/2035		(1)	1,573,791
	Missouri Higher Ed Loan Authority	1.24%, $845,343 par, due 8/26/2030		(1)	834,835
	Missouri Higher Edu Loan Authority	1.44%, $1,344,545 par, due 2/25/2036		(1)	1,322,360
	MMAF Equipment Finance LLC 2014-A	1.59%, $2,700,000 par, due 2/8/2022		(1)	2,681,149
	MMAF Equipment Finance LLC 2015-A	1.93%, $1,800,000 par, due 7/16/2021		(1)	1,790,116
	Monongahela Power Co	4.10%, $750,000 par, due 4/15/2024		(1)	777,615
	Morgan Stanley Bank of America Merrill Lynch
	Trust 2013-C9	2.66%, $2,325,000 par, due 1/15/2023		(1)	2,315,407
	Morgan Stanley	2.65%, $340,000 par, due 1/27/2020		(1)	339,076
	Morgan Stanley	3.75%, $500,000 par, due 2/25/2023		(1)	512,133
	Morgan Stanley	3.95%, $600,000 par, due 4/23/2027		(1)	582,347
	Morgan Stanley	5.50%, $750,000 par, due 7/24/2020		(1)	834,461
	National City Bank/Cleveland OH	0.82%, $450,000 par, due 6/7/2017		(1)	447,174
	Nebo School District	4.41%, $810,000 par, due 7/1/2018		(1)	868,749
	New York State Urban Development Corp	6.50%, $630,000 par, due 12/15/2018		(1)	694,065
	Nissan Auto Owner Trust 2014-A	0.72%, $1,572,361 par, due 8/15/2018		(1)	1,567,958
	Nissan Auto Receivables 2014-B Owner Trust	1.11%, $1,900,000 par, due 5/15/2019		(1)	1,894,201
	Norfolk Southern Corp	3.00%, $1,250,000 par, due 4/1/2022		(1)	1,235,575
	North Carolina Housing Finance Agency	2.87%, $1,400,000 par, due 7/1/2032		(1)	1,432,340
	North Carolina State Ed Assistance Auth	0.92%, $1,551,920 par, due 12/26/2039		(1)	1,473,020
	Northern States Power Co/MN	2.20%, $430,000 par, due 8/15/2020		(1)	427,052
	Northrop Grumman Corp	1.75%, $1,045,000 par, due 6/1/2018		(1)	1,035,683
	Northstar Education Finance Inc	1.07%, $606,078 par, due 10/30/2045		(1)	584,774
	Northstar Education Finance Inc	1.12%, $944,491 par, due 12/26/2031		(1)	912,795
	Novartis Capital Corp	3.40%, $1,300,000 par, due 5/6/2024		(1)	1,342,104
	Oracle Corp	2.38%, $680,000 par, due 1/15/2019		(1)	690,500
	Oracle Corp	2.50%, $800,000 par, due 5/15/2022		(1)	785,210
	Overseas Private Investment Corp	3.37%, $1,061,129 par, due 5/15/2021		(1)	1,103,236
	PacifiCorp	5.65%, $250,000 par, due 7/15/2018		(1)	272,505
	Parker-Hannifin Corp	5.50%, $750,000 par, due 5/15/2018		(1)	810,508
	Pearson Dollar Finance Two PLC	6.25%, $750,000 par, due 5/6/2018		(1)	809,325
	PepsiCo Inc	5.00%, $1,000,000 par, due 6/1/2018		(1)	1,082,121
	Petroleos Mexicanos	2.29%, $828,750 par, due 2/15/2024		(1)	829,796
	Petroleos Mexicanos	2.38%, $1,900,000 par, due 4/15/2025		(1)	1,896,844
	PNC Bank NA	1.85%, $250,000 par, due 7/20/2018		(1)	249,511
	PNC Bank NA	5.25%, $500,000 par, due 1/15/2017		(1)	518,017
	Prologis LP	3.75%, $500,000 par, due 11/1/2025		(1)	495,986
	Public Service Co of Oklahoma	6.15%, $600,000 par, due 8/1/2016		(1)	615,965
	Realty Income Corp	3.25%, $746,000 par, due 10/15/2022		(1)	719,925
	Realty Income Corp	4.65%, $310,000 par, due 8/1/2023		(1)	322,679
	Rio Tinto Finance USA PLC	2.00%, $640,000 par, due 3/22/2017		(1)	639,441
	Roche Holdings Inc	2.25%, $1,250,000 par, due 9/30/2019		(1)	1,256,526
	Rogers Communications Inc	3.63%, $775,000 par, due 12/15/2025		(1)	762,297
	Rolls-Royce PLC	3.63%, $280,000 par, due 10/14/2025		(1)	274,196
	Roper Technologies Inc	1.85%, $1,250,000 par, due 11/15/2017		(1)	1,243,426
	Royal Bank of Canada	2.10%, $1,225,000 par, due 10/14/2020		(1)	1,203,736
	SABMiller Holdings Inc	2.45%, $900,000 par, due 1/15/2017		(1)	906,933
	SABMiller Holdings Inc	3.75%, $500,000 par, due 1/15/2022		(1)	514,242
	San Marcos Consolidated Independent School District	3.16%, $835,000 par, due 8/1/2026		(1)	818,083
	SBA Small Business Investment Cos	2.52%, $3,967,058 par, due 3/10/2025		(1)	4,011,287
	SBA Small Business Investment Cos	2.83%, $1,800,000 par, due 9/10/2025		(1)	1,824,664
	SBA Small Business Investment Cos	3.02%, $1,983,763 par, due 9/10/2024		(1)	2,050,035
	SBA Small Business Investment Cos	3.19%, $2,766,629 par, due 3/10/2024		(1)	2,873,228
	SBA Small Business Investment Cos	5.68%, $9,906 par, due 8/10/2016		(1)	10,112
	SBA Small Business Investment Cos	5.94%, $1,057,592 par, due 8/10/2018		(1)	1,140,706
	SCG Trust 2013-SRP1	1.73%, $1,200,000 par, due 11/15/2016		(1)	1,203,787
	Sequoia Union High School District	5.93%, $1,000,000 par, due 7/1/2025		(1)	1,178,560
	Shell International Finance BV	3.25%, $590,000 par, due 5/11/2025		(1)	575,825
	Shell International Finance BV	4.30%, $1,188,000 par, due 9/22/2019		(1)	1,266,170
	Siemens Financieringsmaatschappij NV	2.90%, $550,000 par, due 5/27/2022		(1)	549,781
	Simon Property Group LP	3.38%, $1,000,000 par, due 10/1/2024		(1)	1,009,461
	SLM Student Loan Trust 2006-1	0.43%, $1,800,000 par, due 7/26/2021		(1)	1,780,915
	Small Business Administration	2.13%, $1,284,588 par, due 1/1/2033		(1)	1,260,664
	Southern California Edison Co	2.40%, $570,000 par, due 2/1/2022		(1)	558,951
	St Louis County School District No R-7 Kirkwood	4.19%, $1,000,000 par, due 2/15/2018		(1)	1,050,530
	State of Florida	4.90%, $1,000,000 par, due 6/1/2023		(1)	1,082,490

46(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
				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 Tennessee		3.18%, $800,000 par, due 8/1/2020		(1)	$	838,304
		State of Texas		2.83%, $1,250,000 par, due 10/1/2025		(1)	1,232,250
		State of Wisconsin		3.45%, $550,000 par, due 5/1/2020		(1)	582,423
		Symantec Corp		2.75%, $1,100,000 par, due 6/15/2017		(1)	1,098,561
		Tayarra Ltd		3.63%, $1,140,227 par, due 2/15/2022		(1)	1,195,567
		Teck Resources Ltd		3.15%, $1,070,000 par, due 1/15/2017		(1)	963,000
		Tesco PLC		2.70%, $1,000,000 par, due 1/5/2017		(1)	999,990
		Time Warner Inc		3.40%, $500,000 par, due 6/15/2022		(1)	497,737
		Time Warner Inc		3.60%, $730,000 par, due 7/15/2025		(1)	710,640
		Toronto-Dominion Bank/The		2.50%, $945,000 par, due 12/14/2020		(1)	944,616
		Total Capital International SA		2.10%, $830,000 par, due 6/19/2019		(1)	823,786
		Township of Bristol PA		2.82%, $810,000 par, due 9/15/2020		(1)	824,345
		Toyota Auto Receivables 2015-A Owner Trust		1.12%, $1,800,000 par, due 2/15/2019		(1)	1,795,178
		Toyota Motor Credit Corp		2.15%, $1,100,000 par, due 3/12/2020		(1)	1,099,716
		Toyota Motor Credit Corp		2.80%, $575,000 par, due 7/13/2022		(1)	572,335
		Trustees of Dartmouth College		4.75%, $1,000,000 par, due 6/1/2019		(1)	1,086,364
		UBS AG/Stamford CT		2.38%, $600,000 par, due 8/14/2019		(1)	599,298
		UBS-Barclays Commercial Mortgage Trust 2012-C4		2.46%, $2,000,000 par, due 12/10/2045		(1)	1,972,856
		Ukraine Government AID Bonds		1.85%, $1,275,000 par, due 5/29/2020		(1)	1,269,752
		United States Small Business Administration		3.21%, $1,812,966 par, due 3/1/2034		(1)	1,880,550
		United States Small Business Administration		3.23%, $1,843,022 par, due 2/1/2034		(1)	1,915,739
		United States Small Business Administration		3.37%, $3,171,074 par, due 10/1/2033		(1)	3,294,140
		United States Small Business Administration		5.31%, $1,150,267 par, due 5/1/2027		(1)	1,265,879
		United States Small Business Administration		5.34%, $131,555 par, due 11/1/2021		(1)	140,272
		United States Small Business Administration		5.54%, $518,994 par, due 9/1/2026		(1)	567,874
		United States Small Business Administration		5.60%, $1,329,579 par, due 9/1/2028		(1)	1,482,935
		United States Small Business Administration		5.63%, $1,568,613 par, due 10/1/2028		(1)	1,754,820
		United States Small Business Administration		5.68%, $648,218 par, due 6/1/2028		(1)	725,669
		United States Small Business Administration		5.72%, $3,087,866 par, due 1/1/2029		(1)	3,478,531
		United States Treasury Inflation Indexed Bonds		0.13%, $10,371,000 par, due 7/15/2024		(1)	9,865,871
		United States Treasury Inflation Indexed Bonds		0.38%, $1,000,000 par, due 7/15/2025		(1)	971,014
		United States Treasury Note/Bond		0.88%, $7,500,000 par, due 7/15/2018		(1)	7,432,328
		United States Treasury Note/Bond		1.00%, $1,400,000 par, due 2/15/2018		(1)	1,395,625
		United States Treasury Note/Bond		1.50%, $1,525,000 par, due 8/31/2018		(1)	1,535,128
		United States Treasury Note/Bond		2.00%, $650,000 par, due 8/15/2025		(1)	633,775
		United States Treasury Note/Bond		2.13%, $1,875,000 par, due 5/15/2025		(1)	1,850,537
		United States Treasury Note/Bond		2.25%, $1,875,000 par, due 11/15/2024		(1)	1,874,048
		United States Treasury Note/Bond		2.25%, $5,665,000 par, due 11/15/2025		(1)	5,652,384
		United States Treasury Note/Bond		2.38%, $4,000,000 par, due 8/15/2024		(1)	4,041,720
		United States Treasury Note/Bond		2.50%, $2,800,000 par, due 5/15/2024		(1)	2,861,141
		United Technologies Corp		3.10%, $590,000 par, due 6/1/2022		(1)	600,474
		UnitedHealth Group Inc		3.35%, $700,000 par, due 7/15/2022		(1)	715,989
		USAA Capital Corp		2.45%, $770,000 par, due 8/1/2020		(1)	769,722
		Valspar Corp/The		3.30%, $360,000 par, due 2/1/2025		(1)	342,810
		Ventas Realty LP / Ventas Capital Corp		2.00%, $900,000 par, due 2/15/2018		(1)	895,605
		Ventas Realty LP		4.13%, $450,000 par, due 1/15/2026		(1)	448,576
		Verizon Communications Inc		5.15%, $500,000 par, due 9/15/2023		(1)	549,663
		Visa Inc		2.80%, $560,000 par, due 12/14/2022		(1)	562,314
		Vornado Realty LP		2.50%, $440,000 par, due 6/30/2019		(1)	433,330
		Vornado Realty LP		5.00%, $500,000 par, due 1/15/2022		(1)	530,542
		Waste Management Inc		3.13%, $600,000 par, due 3/1/2025		(1)	583,933
		World Omni Auto Receivables Trust 2013-B		0.83%, $792,707 par, due 8/15/2018		(1)	791,123
		World Omni Auto Receivables Trust 2015-A		1.34%, $1,800,000 par, due 5/15/2020		(1)	1,791,461
		World Omni Auto Receivables Trust 2015-B		1.49%, $1,800,000 par, due 12/15/2020		(1)	1,783,606
		Wells Fargo/BlackRock Short Term Investment Fund S		0.25%, $6,109,396 par		(1)	6,109,396
							376,898,510
			Accrued income				2,090,810
			Variation margin payable				(2,531		)
			Deposits with brokers for futures transactions				16,200
			Receivables for investment payments due				31,860
			Payable for securities purchased on a forward commitment basis				(5,592,301		)
				Total			373,442,548
	Prudential Insurance Company of America			2.51%
		21st Century Fox America Inc		6.65%, $645 par, due 11/15/2037		(1)	749,529
		AbbVie Inc		4.40%, $450 par, due 11/6/2042		(1)	420,264
		AbbVie Inc		4.50%, $610 par, due 5/14/2035		(1)	597,556
		Actavis Funding SCS		2.45%, $565 par, due 6/15/2019		(1)	558,892
		Actavis Funding SCS		3.45%, $2,015 par, due 3/15/2022		(1)	2,017,196
		AEP Texas Central Transition Funding II LLC		5.17%, $3,733 par, due 1/1/2018		(1)	3,900,137
		AEP Texas Central Transition		6.25%, $556 par, due 1/15/2017		(1)	557,492
		Ally Auto Receivables Trust		1.39%, $905 par, due 9/16/2019		(1)	901,317
		Ally Auto Receivables Trust		0.48%, $32 par, due 2/15/2017		(1)	32,420

47(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	Ally Auto Receivables Trust	0.63%, $150 par, due 5/15/2017		(1)	$	150,445
	Ally Master Owner Trust	1.54%, $1,380 par, due 9/15/2019		(1)	1,371,748
	American Express Credit Corp	2.25%, $1,520 par, due 8/15/2019		(1)	1,520,274
	Amgen Inc	3.88%, $2,090 par, due 11/15/2021		(1)	2,177,529
	Amgen Inc	5.15%, $200 par, due 11/15/2041		(1)	203,046
	Amgen Inc	5.65%, $625 par, due 6/15/2042		(1)	676,300
	Anheuser-Busch InBev Finance Inc	2.63%, $375 par, due 1/17/2023		(1)	359,880
	Apple Inc	3.85%, $835 par, due 5/4/2043		(1)	769,294
	Apple Inc	4.38%, $835 par, due 5/13/2045		(1)	843,108
	AT&T Inc	3.40%, $3,265 par, due 5/15/2025		(1)	3,137,959
	BAE Systems PLC	4.75%, $2,145 par, due 10/11/2021		(1)	2,283,031
	Bank of America Corp	3.30%, $625 par, due 1/11/2023		(1)	615,206
	Bank of America Corp	4.00%, $245 par, due 1/22/2025		(1)	239,838
	Bank of America Corp	4.10%, $975 par, due 7/24/2023		(1)	1,008,111
	Bank of America Corp	5.42%, $2,000 par, due 3/15/2017		(1)	2,081,780
	Bank of America Corp	5.65%, $535 par, due 5/1/2018		(1)	575,291
	Bank of New York Mellon Corp/The	2.10%, $765 par, due 1/15/2019		(1)	768,557
	Bank of New York Mellon Corp/The	2.20%, $1,690 par, due 5/15/2019		(1)	1,692,518
	Bank of New York Mellon Corp/The	2.20%, $415 par, due 3/4/2019		(1)	416,257
	Bayer US Finance LLC	2.38%, $1,390 par, due 10/8/2019		(1)	1,390,876
	BG Energy Capital PLC	4.00%, $1,195 par, due 10/15/2021		(1)	1,240,183
	BHP Billiton Finance USA Ltd	3.85%, $680 par, due 9/30/2023		(1)	643,838
	Biogen Inc	3.63%, $385 par, due 9/15/2022		(1)	389,266
	Burlington Northern Santa Fe LLC	4.55%, $1,850 par, due 9/1/2044		(1)	1,785,916
	Burlington Northern Santa Fe LLC	4.90%, $285 par, due 4/1/2044		(1)	292,458
	Capital One Auto Finance Trust	5.05%, $700 par, due 12/17/2018		(1)	703,360
	Caterpillar Inc	5.20%, $170 par, due 5/27/2041		(1)	183,546
	Celgene Corp	3.55%, $345 par, due 8/15/2022		(1)	348,353
	Centerpoint Ener Tran Ii	5.17%, $1,595 par, due 8/1/2019		(1)	1,635,347
	Chase Issuance Trust	5.16%, $1,925 par, due 4/16/2018		(1)	1,934,529
	Citibank Credit Card Iss Trust	0.73%, $590 par, due 2/7/2018		(1)	589,912
	Citibank Credit Card Iss Trust	5.30%, $3,170 par, due 3/15/2018		(1)	3,198,372
	Citigroup Inc	2.50%, $770 par, due 7/29/2019		(1)	768,837
	Citigroup Inc	2.50%, $875 par, due 9/26/2018		(1)	882,604
	Coca-Cola Femsa SAB de CV	2.38%, $980 par, due 11/26/2018		(1)	978,579
	Comcast Corp	4.40%, $1,290 par, due 8/15/2035		(1)	1,297,688
	Comerica Inc	2.13%, $450 par, due 5/23/2019		(1)	446,850
	ConocoPhillips Co	4.15%, $945 par, due 11/15/2034		(1)	819,258
	Covidien International Finance SA	2.95%, $1,000 par, due 6/15/2023		(1)	984,140
	CVS Health Corp	3.50%, $330 par, due 7/20/2022		(1)	335,795
	CVS Health Corp	4.00%, $825 par, due 12/5/2023		(1)	857,357
	Daimler Finance North America LLC	1.13%, $1,350 par, due 3/10/2017		(1)	1,339,754
	Daimler Finance North America LLC	2.38%, $1,100 par, due 8/1/2018		(1)	1,101,661
	Deutsche Bank AG/London	1.35%, $1,145 par, due 5/30/2017		(1)	1,137,626
	Deutsche Telekom International Finance BV	2.25%, $775 par, due 3/6/2017		(1)	779,828
	Devon Energy Corp	3.25%, $1,785 par, due 5/15/2022		(1)	1,517,321
	Devon Energy Corp	5.00%, $140 par, due 6/15/2045		(1)	106,106
	Diageo Investment Corp	2.88%, $585 par, due 5/11/2022		(1)	579,846
	DIRECTV Holdings LLC / DIRECTV Financing Co Inc	6.00%, $135 par, due 8/15/2040		(1)	138,150
	DIRECTV Holdings LLC / DIRECTV Financing Co Inc	6.38%, $125 par, due 3/1/2041		(1)	134,165
	Dominion Resources Inc/VA	1.95%, $370 par, due 8/15/2016		(1)	370,932
	Dominion Resources Inc/VA	2.50%, $905 par, due 12/1/2019		(1)	901,652
	Dow Chemical Co/The	3.00%, $1,765 par, due 11/15/2022		(1)	1,689,670
	DTE Energy Co	3.85%, $950 par, due 12/1/2023		(1)	976,182
	Duke Energy Progress LLC	3.00%, $325 par, due 9/15/2021		(1)	331,295
	Eastman Chemical Co	2.70%, $970 par, due 1/15/2020		(1)	960,416
	EMD Finance LLC	1.70%, $885 par, due 3/19/2018		(1)	876,557
	EMD Finance LLC	2.40%, $1,025 par, due 3/19/2020		(1)	997,786
	Encana Corp	3.90%, $1,615 par, due 11/15/2021		(1)	1,333,053
	Exelon Corp	3.95%, $1,050 par, due 6/15/2025		(1)	1,048,604
	Exelon Generation Co LLC	2.95%, $730 par, due 1/15/2020		(1)	727,372
	Financing Corp	$1,935 par, due 5/11/2018		(1)	1,872,079
	Financing Corp	$4,075 par, due 10/6/2017		(1)	3,993,383
	Financing Corp	9.65%, $1,235 par, due 11/2/2018		(1)	1,507,563
	Financing Corp	9.80%, $1,440 par, due 4/6/2018		(1)	1,706,349
	Ford Credit Floorplan Master O	1.50%, $680 par, due 9/15/2018		(1)	681,115
	Ford Credit Floorplan Master O	2.12%, $3,005 par, due 7/15/2026		(1)	2,967,107
	Ford Motor Credit Co LLC	2.60%, $1,395 par, due 11/4/2019		(1)	1,369,667
	Ford Motor Credit Co LLC	3.22%, $705 par, due 1/9/2022		(1)	690,019
	GE Capital International Funding Co	2.34%, $442 par, due 11/15/2020		(1)	438,314
	General Electric Capital Corp	5.30%, $154 par, due 2/11/2021		(1)	173,653
	General Electric Co	2.70%, $3,475 par, due 10/9/2022		(1)	3,460,440
	General Electric Co	4.50%, $85 par, due 3/11/2044		(1)	87,476
	Gilead Sciences Inc	3.70%, $1,160 par, due 4/1/2024		(1)	1,188,211

48(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	Goldman Sachs Group Inc/The	5.95%, $3,875 par, due 1/18/2018		(1)	$	4,173,298
	Home Depot Inc/The	2.63%, $520 par, due 6/1/2022		(1)	519,459
	HSBC Finance Corp	6.68%, $2,005 par, due 1/15/2021		(1)	2,301,098
	HSBC Holdings PLC	4.25%, $205 par, due 3/14/2024		(1)	205,744
	Humana Inc	2.63%, $585 par, due 10/1/2019		(1)	586,480
	International Paper Co	5.00%, $1,020 par, due 9/15/2035		(1)	1,011,452
	JPMorgan Chase & Co	2.25%, $1,490 par, due 1/23/2020		(1)	1,465,832
	JPMorgan Chase & Co	4.40%, $2,380 par, due 7/22/2020		(1)	2,540,364
	JPMorgan Chase Bank NA	6.00%, $3,150 par, due 7/5/2017		(1)	3,346,245
	Kinder Morgan Inc/DE	4.30%, $2,440 par, due 6/1/2025		(1)	2,108,184
	Kraft Foods Group Inc	3.50%, $285 par, due 6/6/2022		(1)	288,121
	Kraft Heinz Foods Co	3.50%, $715 par, due 7/15/2022		(1)	719,934
	Kroger Co/The	6.40%, $1,475 par, due 8/15/2017		(1)	1,583,885
	Lockheed Martin Corp	3.35%, $1,245 par, due 9/15/2021		(1)	1,275,415
	Microsoft Corp	3.50%, $400 par, due 2/12/2035		(1)	369,700
	Mondelez International Inc	4.00%, $955 par, due 2/1/2024		(1)	984,414
	Morgan Stanley	7.30%, $1,575 par, due 5/13/2019		(1)	1,809,218
	Motiva Enterprises LLC	5.75%, $1,550 par, due 1/15/2020		(1)	1,668,606
	Northrop Grumman Corp	1.75%, $2,525 par, due 6/1/2018		(1)	2,502,477
	Oncor Electric Delivery Transi	5.29%, $459 par, due 5/15/2018		(1)	466,259
	Oracle Corp	2.25%, $655 par, due 10/8/2019		(1)	661,838
	Oracle Corp	3.90%, $1,665 par, due 5/15/2035		(1)	1,561,104
	Pacific Gas & Electric Co	5.63%, $1,275 par, due 11/30/2017		(1)	1,362,873
	PepsiCo Inc	4.25%, $300 par, due 10/22/2044		(1)	297,660
	Perrigo Co PLC	2.30%, $1,515 par, due 11/8/2018		(1)	1,493,502
	Petro-Canada	5.95%, $460 par, due 5/15/2035		(1)	461,201
	PNC Bank NA	2.25%, $795 par, due 7/2/2019		(1)	798,530
	PNC Bank NA	2.40%, $1,300 par, due 10/18/2019		(1)	1,305,044
	Raytheon Co	6.40%, $1,760 par, due 12/15/2018		(1)	1,976,251
	SABMiller Holdings Inc	3.75%, $245 par, due 1/15/2022		(1)	251,978
	Schlumberger Holdings Corp	2.35%, $2,265 par, due 12/21/2018		(1)	2,250,300
	Sempra Energy	2.40%, $1,005 par, due 3/15/2020		(1)	984,990
	Shell International Finance BV	3.40%, $910 par, due 8/12/2023		(1)	904,758
	Shell International Finance BV	4.13%, $3,415 par, due 5/11/2035		(1)	3,259,720
	Siemens Financieringsmaatschappij NV	2.90%, $1,670 par, due 5/27/2022		(1)	1,669,332
	Spectra Energy Capital LLC	8.00%, $820 par, due 10/1/2019		(1)	932,586
	State Street Corp	3.70%, $650 par, due 11/20/2023		(1)	676,338
	Statoil ASA	3.70%, $530 par, due 3/1/2024		(1)	536,964
	Suncor Energy Inc	6.10%, $1,485 par, due 6/1/2018		(1)	1,597,207
	Thermo Fisher Scientific Inc	2.40%, $785 par, due 2/1/2019		(1)	784,655
	Thermo Fisher Scientific Inc	3.30%, $435 par, due 2/15/2022		(1)	433,930
	Time Warner Cable Inc	7.30%, $560 par, due 7/1/2038		(1)	607,130
	Time Warner Inc	3.55%, $1,960 par, due 6/1/2024		(1)	1,923,230
	Total Capital International SA	2.75%, $1,240 par, due 6/19/2021		(1)	1,235,226
	TransCanada PipeLines Ltd	4.63%, $1,165 par, due 3/1/2034		(1)	1,101,473
	TSMC Global Ltd	1.63%, $1,240 par, due 4/3/2018		(1)	1,215,361
	United States Treasury Note/Bond	0.75%, $4,485 par, due 1/15/2017		(1)	4,480,964
	United States Treasury Note/Bond	0.88%, $2,720 par, due 1/31/2017		(1)	2,720,218
	United States Treasury Note/Bond	0.88%, $38,395 par, due 8/15/2017		(1)	38,309,379
	United States Treasury Note/Bond	1.00%, $2,360 par, due 9/30/2019		(1)	2,310,393
	United States Treasury Note/Bond	1.13%, $2,230 par, due 12/31/2019		(1)	2,187,675
	United States Treasury Note/Bond	1.25%, $6,920 par, due 1/31/2020		(1)	6,813,501
	United States Treasury Note/Bond	1.38%, $2,600 par, due 2/28/2019		(1)	2,598,284
	United States Treasury Note/Bond	1.50%, $34,005 par, due 11/30/2019		(1)	33,869,660
	United States Treasury Note/Bond	1.50%, $4,745 par, due 6/30/2016		(1)	4,766,874
	United States Treasury Note/Bond	1.63%, $1,575 par, due 3/31/2019		(1)	1,584,844
	United States Treasury Note/Bond	1.63%, $2,185 par, due 4/30/2019		(1)	2,197,717
	United States Treasury Note/Bond	1.63%, $28,000 par, due 12/31/2019		(1)	28,001,120
	United States Treasury Note/Bond	1.63%, $4,590 par, due 7/31/2019		(1)	4,605,973
	United States Treasury Note/Bond	1.63%, $5,255 par, due 6/30/2019		(1)	5,278,595
	United States Treasury Note/Bond	1.75%, $34,050 par, due 9/30/2019		(1)	34,280,178
	United States Treasury Note/Bond	2.13%, $15,765 par, due 12/31/2021		(1)	15,904,205
	United States Treasury Note/Bond	2.50%, $4,220 par, due 2/15/2045		(1)	3,786,311
	United States Treasury Note/Bond	2.88%, $1,860 par, due 8/15/2045		(1)	1,806,451
	United States Treasury Note/Bond	3.00%, $180 par, due 11/15/2044		(1)	179,347
	United States Treasury Note/Bond	3.00%, $6,950 par, due 5/15/2045		(1)	6,918,239
	United States Treasury Note/Bond	3.25%, $10,725 par, due 12/31/2016		(1)	10,978,861
	United States Treasury Note/Bond	3.63%, $7,095 par, due 8/15/2019		(1)	7,617,689
	United States Treasury Note/Bond	7.25%, $6,325 par, due 5/15/2016		(1)	6,478,192
	Verizon Communications Inc	3.85%, $2,455 par, due 11/1/2042		(1)	2,006,692
	Verizon Communications Inc	4.52%, $1,284 par, due 9/15/2048		(1)	1,148,281
	Verizon Communications Inc	6.40%, $79 par, due 9/15/2033		(1)	90,003
	Visa Inc	2.80%, $1,805 par, due 12/14/2022		(1)	1,812,455
	Vodafone Group PLC	2.95%, $1,060 par, due 2/19/2023		(1)	993,315

49(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
			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
		Walgreens Boots Alliance Inc	3.30%, $600 par, due 11/18/2021		(1)	$	588,438
		Walgreens Boots Alliance Inc	4.50%, $185 par, due 11/18/2034		(1)	168,942
		Waste Management Inc	2.60%, $400 par, due 9/1/2016		(1)	402,768
		Wells Fargo/BlackRock Short Term Investment Fund S	0.25%, $15,191,986 par		(1)	15,191,986
						399,802,307
			Accrued income			2,170,782
			Total			401,973,089

	Royal Bank of Canada		1.96%
		Abay Leasing 2014 LLC	2.65%, $1,672,917 par, due 11/9/2026		(1)	1,685,730
		AbbVie Inc	1.80%, $260,000 par, due 5/14/2018		(1)	258,803
		ACE INA Holdings Inc	2.30%, $290,000 par, due 11/3/2020		(1)	287,915
		Ally Auto Receivables Trust 2014-2	1.25%, $1,750,000 par, due 4/15/2019		(1)	1,746,344
		Ally Auto Receivables Trust 2014-3	1.28%, $1,800,000 par, due 6/17/2019		(1)	1,794,890
		Amal Ltd/Cayman Islands	3.46%, $2,113,414 par, due 8/21/2021		(1)	2,203,277
		American Express Credit Acct Mstr Tr	0.98%, $1,800,000 par, due 5/15/2019		(1)	1,798,400
		American Express Credit Corp	1.55%, $460,000 par, due 9/22/2017		(1)	459,815
		American Express Credit Corp	2.38%, $500,000 par, due 5/26/2020		(1)	496,174
		American Honda Finance Corp	2.13%, $940,000 par, due 2/28/2017		(1)	950,034
		American Honda Finance Corp	2.45%, $710,000 par, due 9/24/2020		(1)	711,098
		AmeriCredit Auto Receivables T	0.90%, $1,499,533 par, due 1/8/2019		(1)	1,495,811
		AmeriCredit Automobile Receivables Tr	0.92%, $587,096 par, due 4/9/2018		(1)	586,723
		Apple Inc	1.55%, $250,000 par, due 2/7/2020		(1)	245,824
		Arizona School Facilities Board	1.12%, $1,000,000 par, due 7/1/2017		(1)	999,570
		AT&T Inc	1.60%, $1,330,000 par, due 2/15/2017		(1)	1,333,712
		AT&T Inc	2.45%, $400,000 par, due 6/30/2020		(1)	393,930
		Atmos Energy Corp	6.35%, $1,015,000 par, due 6/15/2017		(1)	1,081,324
		Automatic Data Processing Inc	2.25%, $670,000 par, due 9/15/2020		(1)	672,537
		BA Credit Card Trust	1.36%, $1,800,000 par, due 9/15/2020		(1)	1,787,800
		BAMLL Commercial Mortgage
		Securities Trust 2013-DSNY	1.38%, $550,000 par, due 9/15/2026		(1)	549,023
		Bank of America Corp	5.42%, $1,000,000 par, due 3/15/2017		(1)	1,040,893
		Bank of America NA	0.79%, $900,000 par, due 6/15/2016		(1)	899,582
		Bank of America NA	1.75%, $500,000 par, due 6/5/2018		(1)	496,786
		Bank of New York Mellon Corp/The	2.15%, $830,000 par, due 2/24/2020		(1)	820,991
		Bank of New York Mellon Corp/The	2.60%, $270,000 par, due 8/17/2020		(1)	271,067
		Bank of The West Auto Trust 2014-1	1.09%, $1,800,000 par, due 3/15/2019		(1)	1,794,262
		BB&T Corp	2.15%, $925,000 par, due 3/22/2017		(1)	932,134
		Becton Dickinson and Co	2.67%, $630,000 par, due 12/15/2019		(1)	633,430
		BHP Billiton Finance USA Ltd	1.63%, $1,175,000 par, due 2/24/2017		(1)	1,172,610
		BMW Vehicle Lease Trust 2015-1	1.24%, $1,800,000 par, due 12/20/2017		(1)	1,797,237
		BNP Paribas SA	1.38%, $1,200,000 par, due 3/17/2017		(1)	1,198,838
		Brazos Student Finance Corp	0.85%, $685,118 par, due 6/25/2027		(1)	673,784
		Burlington Northern Santa Fe LLC	5.65%, $1,000,000 par, due 5/1/2017		(1)	1,051,669
		Capital Area Finance Authority	2.90%, $1,047,733 par, due 4/1/2038		(1)	1,040,210
		Capital Auto Receivables Asset Trust 2015-1	1.61%, $1,730,000 par, due 6/20/2019		(1)	1,721,367
		Capital One Multi-Asset Execution Tr	1.48%, $2,000,000 par, due 7/15/2020		(1)	2,000,372
		Capital One NA/Mclean VA	2.35%, $420,000 par, due 8/17/2018		(1)	420,789
		Cargill Inc	1.90%, $150,000 par, due 3/1/2017		(1)	150,668
		Cargill Inc	3.25%, $1,000,000 par, due 11/15/2021		(1)	1,003,101
		CarMax Auto Owner Trust 2014-4	1.25%, $1,800,000 par, due 11/15/2019		(1)	1,791,941
		Caterpillar Financial Services Corp	2.25%, $300,000 par, due 12/1/2019		(1)	300,798
		Chase Issuance Trust	1.62%, $730,000 par, due 7/15/2020		(1)	727,518
		Chevron Corp	1.36%, $420,000 par, due 3/2/2018		(1)	416,639
		Chevron Corp	2.19%, $340,000 par, due 11/15/2019		(1)	339,849
		Chevron Corp	2.42%, $840,000 par, due 11/17/2020		(1)	835,275
		Chrysler Capital Auto Receivab	0.83%, $1,107,125 par, due 9/17/2018		(1)	1,105,017
		Chrysler Capital Auto Receivables Trust 2015-B	1.91%, $1,175,000 par, due 3/16/2020		(1)	1,170,964
		Cisco Systems Inc	2.45%, $1,140,000 par, due 6/15/2020		(1)	1,150,822
		CIT Equipment Collateral 2014-VT1	1.50%, $1,850,000 par, due 10/21/2019		(1)	1,839,022
		Citibank Credit Card Issuance Trust	1.02%, $1,700,000 par, due 2/22/2019		(1)	1,695,927
		Citibank Credit Card Issuance Trust	1.23%, $1,800,000 par, due 4/24/2019		(1)	1,799,332
		Citigroup Commercial Mortgage Trust 2006-C5	5.42%, $1,551,839 par, due 10/15/2049		(1)	1,583,203
		Citigroup Commercial Mortgage Trust 2012-GC8	2.61%, $1,500,000 par, due 5/10/2022		(1)	1,505,348
		Citigroup Commercial Mortgage Trust 2014-GC19	3.55%, $1,900,000 par, due 3/10/2047		(1)	1,954,775
		Citigroup Inc	1.85%, $350,000 par, due 11/24/2017		(1)	349,483
		Citigroup Inc	2.65%, $520,000 par, due 10/26/2020		(1)	515,797
		City of Dallas TX Waterworks & Sewer System Revenue	2.48%, $1,100,000 par, due 10/1/2021		(1)	1,106,215
		City of Dallas TX	2.07%, $1,125,000 par, due 2/15/2018		(1)	1,143,293
		CNH Equipment Trust 2014-A	0.84%, $1,617,152 par, due 5/15/2019		(1)	1,611,638
		CNH Equipment Trust 2015-C	1.66%, $2,000,000 par, due 11/16/2020		(1)	1,994,960
		COMM 2012-CCRE4 Mortgage Trust	0.70%, $308,220 par, due 10/15/2045		(1)	306,833
		Commercial Mortgage Pass Through Certificates	2.37%, $2,000,000 par, due 11/15/2045		(1)	1,983,262
		ConocoPhillips Co	2.20%, $380,000 par, due 5/15/2020		(1)	367,709

50(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
		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
	County of Chester PA	2.13%, $1,000,000 par, due 5/15/2020		(1)	$	998,780
	County of Collin TX	1.48%, $1,070,000 par, due 2/15/2018		(1)	1,073,627
	County of Macomb MI	2.69%, $1,000,000 par, due 11/1/2021		(1)	1,011,820
	Covidien International Finance SA	6.00%, $400,000 par, due 10/15/2017		(1)	430,874
	Credit Suisse AG/New York NY	1.38%, $300,000 par, due 5/26/2017		(1)	298,583
	CVS Health Corp	2.80%, $930,000 par, due 7/20/2020		(1)	934,178
	Daimler Finance North America LLC	1.38%, $500,000 par, due 8/1/2017		(1)	495,479
	Daimler Finance North America LLC	2.95%, $650,000 par, due 1/11/2017		(1)	657,769
	DBRR 2011-LC2 Trust	4.54%, $2,500,000 par, due 7/12/2044		(1)	2,698,675
	Dell Equipment Finance Trust 2015-2	1.42%, $1,450,000 par, due 12/22/2017		(1)	1,445,112
	DIRECTV Holdings LLC / DIRECTV Financing Co Inc	2.40%, $1,200,000 par, due 3/15/2017		(1)	1,209,656
	Discover Card Execution Note Trust	1.39%, $1,800,000 par, due 4/15/2020		(1)	1,795,365
	DNB Boligkreditt AS	1.45%, $1,225,000 par, due 3/21/2018		(1)	1,214,650
	Eaton Corp	1.50%, $750,000 par, due 11/2/2017		(1)	745,265
	Ecolab Inc	3.00%, $940,000 par, due 12/8/2016		(1)	953,493
	EdLinc Student Loan Funding Trust 2012-1	1.42%, $1,012,478 par, due 9/25/2030		(1)	1,009,679
	Edsouth Indenture No 2 LLC	1.57%, $835,451 par, due 9/25/2040		(1)	835,407
	Edsouth Indenture No 4 LLC	0.99%, $986,794 par, due 2/26/2029		(1)	967,596
	Educational Funding of the South Inc	0.97%, $1,864,309 par, due 4/25/2035		(1)	1,820,693
	Elkhart Community Schools	1.35%, $1,140,000 par, due 1/20/2017		(1)	1,140,308
	EMD Finance LLC (Merck KGaA)	2.40%, $740,000 par, due 3/19/2020		(1)	720,352
	Entergy Gulf States Louisiana LLC	6.00%, $1,000,000 par, due 5/1/2018		(1)	1,092,831
	Enterprise Fleet Financing LLC	1.30%, $1,800,000 par, due 9/20/2020		(1)	1,793,646
	Ethiopian Leasing 2012 LLC	2.57%, $1,178,204 par, due 8/14/2026		(1)	1,174,644
	Export Leasing 2009 LLC	1.86%, $1,353,370 par, due 8/28/2021		(1)	1,349,119
	Exxon Mobil Corp	1.91%, $1,212,000 par, due 3/6/2020		(1)	1,201,869
	Fannie Mae Pool	1.94%, $924,244 par, due 10/1/2033		(1)	965,550
	Fannie Mae Pool	1.96%, $1,223,836 par, due 6/1/2033		(1)	1,283,705
	Fannie Mae Pool	2.00%, $1,095,948 par, due 5/1/2023		(1)	1,100,780
	Fannie Mae Pool	2.00%, $1,102,615 par, due 4/1/2023		(1)	1,107,493
	Fannie Mae Pool	2.00%, $1,113,930 par, due 6/1/2023		(1)	1,118,854
	Fannie Mae Pool	2.00%, $2,347,169 par, due 8/1/2023		(1)	2,357,559
	Fannie Mae Pool	2.00%, $3,424,510 par, due 8/1/2023		(1)	3,439,663
	Fannie Mae Pool	2.01%, $867,375 par, due 8/1/2034		(1)	913,523
	Fannie Mae Pool	2.05%, $687,161 par, due 3/1/2034		(1)	716,721
	Fannie Mae Pool	2.46%, $1,589,406 par, due 3/1/2042		(1)	1,658,099
	Fannie Mae Pool	2.50%, $1,709,285 par, due 8/1/2045		(1)	1,728,812
	Fannie Mae Pool	2.50%, $2,060,511 par, due 11/1/2024		(1)	2,088,353
	Fannie Mae Pool	2.50%, $2,082,829 par, due 11/1/2024		(1)	2,121,049
	Fannie Mae Pool	2.51%, $2,655,296 par, due 7/1/2020		(1)	2,718,829
	Fannie Mae Pool	2.56%, $1,773,739 par, due 3/1/2021		(1)	1,794,561
	Fannie Mae Pool	2.57%, $1,738,649 par, due 9/1/2019		(1)	1,777,843
	Fannie Mae Pool	2.57%, $1,800,000 par, due 12/1/2020		(1)	1,845,983
	Fannie Mae Pool	2.57%, $966,878 par, due 9/1/2019		(1)	988,672
	Fannie Mae Pool	2.65%, $1,978,550 par, due 8/1/2045		(1)	2,011,085
	Fannie Mae Pool	2.65%, $915,048 par, due 7/1/2045		(1)	930,445
	Fannie Mae Pool	2.79%, $2,772,721 par, due 8/1/2044		(1)	2,840,051
	Fannie Mae Pool	2.81%, $1,485,659 par, due 8/1/2044		(1)	1,521,773
	Fannie Mae Pool	2.83%, $1,389,627 par, due 8/1/2044		(1)	1,423,472
	Fannie Mae Pool	2.85%, $1,460,333 par, due 8/1/2044		(1)	1,496,000
	Fannie Mae Pool	2.96%, $1,178,075 par, due 6/1/2022		(1)	1,214,342
	Fannie Mae Pool	2.98%, $1,505,008 par, due 1/1/2022		(1)	1,543,961
	Fannie Mae Pool	3.00%, $1,885,913 par, due 1/1/2022		(1)	1,945,989
	Fannie Mae Pool	3.00%, $878,606 par, due 12/1/2021		(1)	906,581
	Fannie Mae Pool	3.17%, $741,795 par, due 11/1/2041		(1)	774,116
	Fannie Mae Pool	4.50%, $204,250 par, due 7/1/2018		(1)	211,085
	Fannie Mae Pool	5.00%, $1,083,709 par, due 6/1/2035		(1)	1,197,774
	Fannie Mae Pool	5.00%, $207,747 par, due 2/1/2019		(1)	217,918
	Fannie Mae Pool	5.00%, $488,228 par, due 1/1/2019		(1)	509,896
	Fannie Mae Pool	5.50%, $2,141,290 par, due 4/1/2033		(1)	2,447,839
	Fannie Mae Pool	5.50%, $329,664 par, due 4/1/2036		(1)	369,687
	Fannie Mae Pool	5.50%, $862,901 par, due 11/1/2021		(1)	925,522
	Fannie Mae Pool	5.50%, $916,362 par, due 9/1/2036		(1)	1,030,069
	Fannie Mae REMIC Trust 2002-W12	5.07%, $279,423 par, due 2/25/2033		(1)	293,104
	Fannie Mae REMICS	4.50%, $758,817 par, due 9/25/2018		(1)	782,362
	Fannie Mae-Aces	1.23%, $2,654,458 par, due 4/25/2018		(1)	2,648,262
	Fannie Mae-Aces	2.17%, $3,500,000 par, due 9/25/2019		(1)	3,526,758
	FHLMC K710 A2 Multifam	1.88%, $1,675,000 par, due 5/25/2019		(1)	1,674,374
	FHLMC Multifamily Structured Pass Through Certificates	2.09%, $1,725,000 par, due 3/25/2019		(1)	1,736,164
	FHLMC Multifamily Structured Pass Through Certificates	2.35%, $1,800,000 par, due 4/25/2021		(1)	1,819,642
	FHLMC Multifamily Structured Pass Through Certificates	2.79%, $3,500,000 par, due 1/25/2022		(1)	3,548,115
	FHLMC Multifamily Structured Pass Through	3.88%, $825,000 par, due 11/25/2017		(1)	856,602
	FHLMC Multifamily Structured Passthrough	2.70%, $3,000,000 par, due 5/25/2018		(1)	3,065,232
	FHMS K502 A2 MULTIFAMILY	1.43%, $4,286,177 par, due 8/25/2017		(1)	4,288,710

51(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
			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
	Fifth Third Auto Trust 2014-2		0.89%, $1,700,000 par, due 11/15/2018		(1)	$	1,695,638
	Ford Credit Auto Lease Trust 2014-B		0.89%, $1,800,000 par, due 9/15/2017		(1)	1,797,214
	Ford Credit Auto Owner Trust 2014-C		1.06%, $3,600,000 par, due 5/15/2019		(1)	3,591,475
	Ford Credit Auto Owner Trust FORDR 2015-2 A 5.0-YR		2.44%, $1,900,000 par, due 1/15/2027		(1)	1,889,580
	Ford Motor Credit Co LLC		2.50%, $1,000,000 par, due 1/15/2016		(1)	1,000,226
	Freddie Mac Gold Pool		2.50%, $732,763 par, due 7/1/2023		(1)	747,461
	Freddie Mac Gold Pool		3.00%, $1,339,283 par, due 10/1/2026		(1)	1,383,904
	Freddie Mac Gold Pool		5.00%, $148,039 par, due 8/1/2018		(1)	154,143
	Freddie Mac Gold Pool		5.50%, $466,849 par, due 11/1/2021		(1)	496,458
	Freddie Mac Non Gold Pool		2.18%, $1,636,895 par, due 7/1/2042		(1)	1,676,716
	Freddie Mac Non Gold Pool		2.22%, $1,324,038 par, due 8/1/2042		(1)	1,356,725
	Freddie Mac Non Gold Pool		2.28%, $1,240,731 par, due 8/1/2043		(1)	1,257,133
	Freddie Mac Non Gold Pool		2.48%, $1,584,540 par, due 2/1/2042		(1)	1,644,578
	Freddie Mac Non Gold Pool		2.51%, $2,387,159 par, due 4/1/2038		(1)	2,540,632
	Freddie Mac Non Gold Pool		2.64%, $1,472,878 par, due 1/1/2045		(1)	1,497,786
	Freddie Mac Non Gold Pool		2.67%, $2,845,295 par, due 8/1/2044		(1)	2,903,424
	Freddie Mac Non Gold Pool		2.68%, $795,590 par, due 8/1/2045		(1)	808,035
	Freddie Mac Non Gold Pool		2.72%, $1,498,651 par, due 12/1/2044		(1)	1,528,315
	Freddie Mac REMICS		5.50%, $157,641 par, due 10/15/2016		(1)	159,538
	GAHR Commercial Mortgage Trust 2015-NRF		3.23%, $1,300,000 par, due 12/15/2019		(1)	1,319,644
	GE Capital International Funding Co		0.96%, $1,030,000 par, due 4/15/2016		(1)	1,030,465
	GE Equipment Midticket LLC Series 2013-1		0.95%, $499,350 par, due 4/22/2016		(1)	498,920
	GE Equipment Small Ticket LLC Series 2013-1		1.02%, $271,334 par, due 2/24/2017		(1)	271,216
	General Mills Inc		5.70%, $1,000,000 par, due 2/15/2017		(1)	1,046,079
	Ginnie Mae II pool		1.74%, $1,973,833 par, due 6/20/2058		(1)	2,007,112
	Ginnie Mae II pool		1.75%, $930,903 par, due 3/20/2042		(1)	956,724
	Ginnie Mae II pool		5.46%, $1,775,248 par, due 7/20/2059		(1)	1,825,347
	Goldman Sachs Group Inc/The		2.60%, $1,420,000 par, due 4/23/2020		(1)	1,409,217
	Goldman Sachs Group Inc/The		2.75%, $240,000 par, due 9/15/2020		(1)	239,842
	Halliburton Co		2.70%, $370,000 par, due 11/15/2020		(1)	365,726
	Hashemite Kingdom of Jordan Government AID Bond		2.58%, $2,850,000 par, due 6/30/2022		(1)	2,880,908
	Honda Auto Receivables 2014-4 Owner Trust		0.99%, $1,800,000 par, due 9/17/2018		(1)	1,794,033
	Honda Auto Receivables Owner Trust 2014-3		0.88%, $1,600,000 par, due 6/15/2018		(1)	1,596,026
	HSBC USA Inc		1.63%, $700,000 par, due 1/16/2018		(1)	696,533
	HSBC USA Inc		2.35%, $520,000 par, due 3/5/2020		(1)	513,955
	Hyundai Auto Receivables Trust 2015-A		1.05%, $1,800,000 par, due 4/15/2019		(1)	1,792,710
	Hyundai Auto Receivables Trust 2015-B		1.12%, $1,900,000 par, due 11/15/2019		(1)	1,885,381
	Intel Corp		1.35%, $500,000 par, due 12/15/2017		(1)	500,665
	Intel Corp		2.45%, $200,000 par, due 7/29/2020		(1)	202,288
	International Business Machines Corp		5.70%, $1,120,000 par, due 9/14/2017		(1)	1,201,292
	Iowa Student Loan Liquidity Corp		0.77%, $1,808,063 par, due 9/25/2037		(1)	1,714,906
	John Deere Capital Corp		1.20%, $400,000 par, due 10/10/2017		(1)	398,543
	John Deere Capital Corp		1.75%, $270,000 par, due 8/10/2018		(1)	270,070
	John Deere Capital Corp		5.35%, $300,000 par, due 4/3/2018		(1)	323,992
	JP 2006-C1 Trust		0.67%, $268,394 par, due 12/15/2047		(1)	267,844
	JP Morgan Chase Commercial Mortgage
		Securities Trust 2013-C13	3.41%, $600,000 par, due 1/15/2046		(1)	616,141
	JPMBB Commercial Mortgage Securities Trust 2013-C12		3.16%, $1,825,000 par, due 7/15/2045		(1)	1,856,458
	JPMBB Commercial Mortgage Securities Trust 2013-C14		3.76%, $1,725,000 par, due 6/15/2023		(1)	1,795,534
	JPMorgan Chase & Co		2.25%, $600,000 par, due 1/23/2020		(1)	590,269
	JPMorgan Chase & Co		2.55%, $535,000 par, due 10/29/2020		(1)	530,511
	JPMorgan Chase & Co		3.15%, $1,250,000 par, due 7/5/2016		(1)	1,262,921
	Kellogg Co		1.75%, $1,080,000 par, due 5/17/2017		(1)	1,080,477
	Kentucky Utilities Co		3.25%, $1,200,000 par, due 11/1/2020		(1)	1,243,997
	KeyBank NA/Cleveland OH		2.25%, $490,000 par, due 3/16/2020		(1)	484,518
	KeyBank NA/Cleveland OH		2.50%, $250,000 par, due 12/15/2019		(1)	250,347
	Kimco Realty Corp		4.30%, $1,000,000 par, due 2/1/2018		(1)	1,042,608
	LB-UBS Commercial Mortgage Trust 2006-C6		5.37%, $1,607,066 par, due 9/15/2039		(1)	1,630,344
	LB-UBS Commercial Mortgage Trust 2006-C7		5.33%, $1,356,334 par, due 11/15/2038		(1)	1,383,556
	Lockheed Martin Corp		2.50%, $650,000 par, due 11/23/2020		(1)	646,145
	Manufacturers & Traders Trust Co		2.10%, $550,000 par, due 2/6/2020		(1)	540,167
	Marathon Oil Corp		2.70%, $1,200,000 par, due 6/1/2020		(1)	1,058,092
	Marathon Petroleum Corp		3.40%, $800,000 par, due 12/15/2020		(1)	785,667
	M Trust 2006-LDP6		2.75%, $300,000 par, due 12/9/2020		(1)	299,793
	Medtronic Inc		2.50%, $380,000 par, due 3/15/2020		(1)	382,696
	Mercedes-Benz Auto Receivables Trust 2015-1		1.34%, $1,800,000 par, due 12/16/2019		(1)	1,790,026
	M Trust 2013-C12		3.88%, $360,000 par, due 1/15/2021		(1)	385,940
	MetLife Inc		6.75%, $1,000,000 par, due 6/1/2016		(1)	1,022,906
	M Trust 2013-C14		1.07%, $1,000,000 par, due 7/1/2017		(1)	999,750
	Micron Semiconductor Asia Pte Ltd		1.26%, $1,513,400 par, due 1/15/2019		(1)	1,504,923
	Morgan Stanley Capital I Trust 2007-IQ13		5.31%, $1,453,389 par, due 3/15/2044		(1)	1,488,507
	Morgan Stanley Capital I Trust 2007-IQ13		5.36%, $1,625,000 par, due 3/15/2044		(1)	1,668,020
	Morgan Stanley Capital I Trust 2012-C4		2.11%, $1,200,000 par, due 3/15/2045		(1)	1,203,287
	Morgan Stanley		1.88%, $150,000 par, due 1/5/2018		(1)	149,853

52(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
			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		2.65%, $360,000 par, due 1/27/2020		(1)	$	359,021
	Morgan Stanley		5.45%, $1,000,000 par, due 1/9/2017		(1)	1,038,048
	National City Bank/Cleveland OH		5.25%, $500,000 par, due 12/15/2016		(1)	517,576
	New Hampshire Higher Education Loan Corp		0.66%, $1,167,622 par, due 10/25/2028		(1)	1,164,434
	New York City Transitional Fin Auth
		Future Tax Sec Revenue	1.75%, $750,000 par, due 2/1/2018		(1)	752,738
	New York Life Global Funding		1.65%, $1,190,000 par, due 5/15/2017		(1)	1,194,653
	New York State Urban Development Corp		6.45%, $635,000 par, due 3/15/2018		(1)	676,002
	Nissan Auto Receivables 2015-B Owner Trust		1.34%, $1,800,000 par, due 3/16/2020		(1)	1,789,295
	Norfolk Southern Corp		5.75%, $1,080,000 par, due 4/1/2018		(1)	1,165,494
	Northern States Power Co/MN		2.20%, $430,000 par, due 8/15/2020		(1)	427,052
	Olentangy Local School District		5.00%, $1,000,000 par, due 12/1/2019		(1)	1,114,380
	Oracle Corp		1.20%, $1,015,000 par, due 10/15/2017		(1)	1,015,538
	Overseas Private Investment Corp		1.67%, $1,000,000 par, due 11/17/2017		(1)	1,028,776
	Overseas Private Investment Corp		2.52%, $1,400,000 par, due 9/15/2022		(1)	1,409,376
	Pennsylvania Higher Ed Assistance		0.97%, $772,858 par, due 4/25/2030		(1)	760,054
	Pennsylvania Higher Edu Assistance Agcy		1.42%, $1,462,400 par, due 1/25/2028		(1)	1,486,588
	PepsiCo Inc		0.95%, $1,000,000 par, due 2/22/2017		(1)	998,117
	Petroleos Mexicanos		1.95%, $1,400,000 par, due 12/20/2022		(1)	1,389,436
	PNC Bank NA		1.30%, $300,000 par, due 10/3/2016		(1)	300,640
	PNC Bank NA		2.30%, $1,110,000 par, due 6/1/2020		(1)	1,100,062
	Praxair Inc		2.25%, $440,000 par, due 9/24/2020		(1)	438,639
	Precision Castparts Corp		2.25%, $1,110,000 par, due 6/15/2020		(1)	1,103,664
	Rio Tinto Finance USA PLC		2.00%, $700,000 par, due 3/22/2017		(1)	699,389
	Royal Bank of Canada		1.88%, $1,820,000 par, due 2/5/2020		(1)	1,786,814
	SABMiller Holdings Inc		2.45%, $1,000,000 par, due 1/15/2017		(1)	1,007,703
	Santander Drive Auto Receivabl		0.80%, $1,026,739 par, due 4/16/2018		(1)	1,026,033
	SBA Small Business Investment Cos		2.52%, $1,785,176 par, due 3/10/2025		(1)	1,805,079
	SBA Small Business Investment Cos		2.83%, $5,000,000 par, due 9/10/2025		(1)	5,068,510
	SBA Small Business Investment Cos		5.68%, $24,765 par, due 8/10/2016		(1)	25,281
	Shell International Finance BV		2.13%, $800,000 par, due 5/11/2020		(1)	787,011
	Shell International Finance BV		2.25%, $400,000 par, due 11/10/2020		(1)	394,116
	Sherwin-Williams Co/The		1.35%, $800,000 par, due 12/15/2017		(1)	793,165
	Siemens Financieringsmaatschappij NV		5.75%, $1,000,000 par, due 10/17/2016		(1)	1,035,634
	Simon Property Group LP		2.50%, $830,000 par, due 9/1/2020		(1)	830,641
	SLM Student Loan Trust 2008-9		1.82%, $1,463,051 par, due 4/25/2023		(1)	1,464,048
	SLM Student Loan Trust 2013-3		0.72%, $1,400,115 par, due 5/26/2020		(1)	1,393,151
	South Carolina Student Loan Corp		0.67%, $820,754 par, due 8/25/2034		(1)	798,397
	State of Arkansas		0.82%, $1,715,000 par, due 7/1/2017		(1)	1,707,848
	State of Rhode Island		6.21%, $910,000 par, due 2/1/2016		(1)	913,722
	State Street Corp		2.55%, $650,000 par, due 8/18/2020		(1)	658,091
	Target Corp		6.00%, $350,000 par, due 1/15/2018		(1)	381,465
	Tesco PLC		2.70%, $1,000,000 par, due 1/5/2017		(1)	999,990
	Texas A&M University		2.19%, $1,030,000 par, due 5/15/2020		(1)	1,026,786
	Texas Children's Hospital		2.37%, $1,750,000 par, due 10/1/2020		(1)	1,748,079
	Texas Instruments Inc		1.75%, $550,000 par, due 5/1/2020		(1)	535,755
	Toronto-Dominion Bank/The		1.63%, $600,000 par, due 3/13/2018		(1)	598,350
	Total Capital International SA		0.75%, $560,000 par, due 1/25/2016		(1)	559,994
	Total Capital Intl		1.50%, $1,000,000 par, due 2/17/2017		(1)	1,001,783
	Towd Point Mortgage Trust 2015-4		3.50%, $1,241,499 par, due 4/26/2055		(1)	1,252,644
	Towd Point Mortgage Trust 2015-6		3.50%, $1,484,024 par, due 4/25/2055		(1)	1,493,374
	Toyota Auto Receivables 2014-B Owner Trust		0.76%, $1,700,000 par, due 3/15/2018		(1)	1,695,743
	Toyota Auto Receivables 2015-C Owner Trust		1.34%, $2,000,000 par, due 6/17/2019		(1)	1,995,156
	Toyota Motor Credit Corp		1.55%, $400,000 par, due 7/13/2018		(1)	399,055
	Toyota Motor Credit Corp		2.05%, $900,000 par, due 1/12/2017		(1)	907,734
	UBS AG/Stamford CT		1.38%, $325,000 par, due 8/14/2017		(1)	322,995
	UBS AG/Stamford CT		2.35%, $900,000 par, due 3/26/2020		(1)	898,945
	UBS-Barclays Commercial Mortgage Trust 2012-C4		2.46%, $1,890,000 par, due 12/10/2045		(1)	1,864,349
	Union Pacific Corp		5.65%, $360,000 par, due 5/1/2017		(1)	378,840
	Union Pacific Corp		5.75%, $910,000 par, due 11/15/2017		(1)	979,710
	United States Small Business Administration		3.37%, $1,585,537 par, due 10/1/2033		(1)	1,647,070
	United States Small Business Administration		5.51%, $1,644,865 par, due 11/1/2027		(1)	1,830,264
	United States Small Business Administration		5.72%, $1,235,146 par, due 1/1/2029		(1)	1,391,412
	United States Small Business Administration		6.77%, $1,221,555 par, due 11/1/2028		(1)	1,397,131
	United States Treasury Inflation Indexed Bonds		0.38%, $11,350,000 par, due 7/15/2025		(1)	11,021,006
	United States Treasury Note/Bond		1.75%, $300,000 par, due 9/30/2022		(1)	294,047
	United States Treasury Note/Bond		1.88%, $4,500,000 par, due 10/31/2022		(1)	4,443,048
	United States Treasury Note/Bond		2.00%, $10,025,000 par, due 2/15/2025		(1)	9,799,828
	United States Treasury Note/Bond		2.25%, $3,500,000 par, due 11/15/2025		(1)	3,492,206
	United Technologies Corp		1.80%, $940,000 par, due 6/1/2017		(1)	945,306
	UnitedHealth Group Inc		2.70%, $680,000 par, due 7/15/2020		(1)	687,124
	USAA Capital Corp		2.45%, $770,000 par, due 8/1/2020		(1)	769,722
	Ventas Realty LP / Ventas Capital Corp		2.00%, $1,000,000 par, due 2/15/2018		(1)	995,117
	Verizon Communications Inc		2.50%, $549,000 par, due 9/15/2016		(1)	553,284

53(Continued)



WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015
							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
				Visa Inc			2.20%, $790,000 par, due 12/14/2020			(1)	$	788,530
				Volkswagen Auto Lease Trust 2015-A			1.25%, $2,200,000 par, due 12/20/2017			(1)	2,178,139
				Volkswagen Group of America Finance LLC			1.60%, $590,000 par, due 11/20/2017			(1)	572,856
				Volkswagen Group of America Finance LLC			2.40%, $430,000 par, due 5/22/2020			(1)	402,538
				Westar Energy Inc			5.15%, $1,500,000 par, due 1/1/2017			(1)	1,544,444
				Westpac Banking Corp			2.30%, $490,000 par, due 5/26/2020			(1)	487,281
				Windermere Aviation LLC			2.35%, $1,263,292 par, due 5/27/2026			(1)	1,253,230
				Wells Fargo/BlackRock Short Term Investment Fund S			0.25%, $1,603,505 par			(1)	1,603,505
											368,200,516
							Accrued income				1,360,613
							Receivable for investment payments due				302,110
								Total			369,863,239

				Total underlying securities of security-backed contracts at fair value							3,577,784,354
					Accrued income						7,872,908
					Deposits with brokers for futures transactions						97,200
					Variation margin payable						(15,187		)
					Receivable for investment securities sold						6,916,000
					Receivable for investment payments due						695,616
					Payable for investment securities purchased on a forward commitment basis						(5,592,301		)
					Wrapper contract fee payable						(1,358,463		)
					Payable for investment securities purchased						(6,951,000		)
					Investment management fee payable						(91,622		)
					Wrapper contracts at fair value						459,698
					Pending trades						(729,556		)
						Total security-backed contracts					3,579,087,647

		Adjustment from fair value to contract value
			for fully benefit investment contract								(20,557,909		)
						Total security-back contracts at contract value					3,558,529,738

	Collective investment funds:
		Wells Fargo/BlackRock Short Term Investment Fund S					0.25%				187,668,922
		Wells Fargo Stable Return Fund G					1.79%				200,461,992
		Adjustment from fair value to contract value
			for fully benefit investment contract								(997,323		)
						Total collective investment funds at contract value					387,133,591
						Total Stable Value Fund					3,945,663,329
*	Wells Fargo – ESOP
		Wells Fargo & Co. common stock allocated					Common stock fund		177,248,425	6,938,148,619	9,635,224,383
		Wells Fargo & Co. common stock unallocated					Common stock fund		12	643	652
		Wells Fargo ESOP – Unallocated					Convertible preferred stock		1,418,917	1,543,382,110	1,726,518,654
		Short-term investments					Money Market Fund		123,731,845	123,731,845	123,731,845
						Total Wells Fargo – ESOP					11,485,475,534
*	Wells Fargo – Non-ESOP
		Wells Fargo & Co. common stock					Common stock fund		19,060,966	747,253,425	1,036,154,112
		Short-term investments					Money market fund		20,894,276	20,894,276	20,894,276
						Total Wells Fargo – Non-ESOP					1,057,048,388
											$	36,768,620,079
*	Represents a party-in-interest.
(1)	Cost information not required as investments are participant directed.
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/ Justin C. Thornton

Justin C. Thornton

Executive Vice President

Director of Compensation & Benefits

Wells Fargo & Company

June 16, 2016

EXHIBIT INDEX



Exhibit No.	Description	Location

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