Wells Fargo Bank, N.A.€¦ · presentation of the financial statements and financial highlights. ... Participating unit holder transactions: Class E1 proceeds from issuance of units

Wells Fargo Bank, N.A. Collective Investment Funds Annual Report 2019

Table of Contents

Page

Independent Auditors’ Report 1

Financial Statements: Wells Fargo Target Today CIT 3 Wells Fargo Target 2010 CIT 8 Wells Fargo Target 2015 CIT 13 Wells Fargo Target 2020 CIT 18 Wells Fargo Target 2025 CIT 23 Wells Fargo Target 2030 CIT 28 Wells Fargo Target 2035 CIT 33 Wells Fargo Target 2040 CIT 38 Wells Fargo Target 2045 CIT 43 Wells Fargo Target 2050 CIT 48 Wells Fargo Target 2055 CIT 53 Wells Fargo Target 2060 CIT 58

Notes to Financial Statements 63

Regulatory Statement 73

KPMG LLP Two Financial Center 60 South Street Boston, MA 02111

Independent Auditors’ Report

The Unitholders of the Funds and Wells Fargo Bank, N.A.:

We have audited the accompanying financial statements of Wells Fargo Target Today CIT, Wells Fargo Target 2010 CIT, Wells Fargo Target 2015 CIT, Wells Fargo Target 2020 CIT, Wells Fargo Target 2025 CIT, Wells Fargo Target 2030 CIT, Wells Fargo Target 2035 CIT, Wells Fargo Target 2040 CIT, Wells Fargo Target 2045 CIT, Wells Fargo Target 2050 CIT, Wells Fargo Target 2055 CIT and Wells Fargo Target 2060 CIT (collectively, “the Funds”), twelve of the separate collective investment trusts constituting Wells Fargo Bank Collective Investment Funds for Employee Benefit Trusts, which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2019, the related statements of operations and changes in net assets for the year then ended, and the related notes to the financial statements (collectively, the financial statements) and the financial highlights for the year then ended.

Management’s Responsibility for the Financial Statements

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

Auditors’ Responsibility

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

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

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

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

Opinion

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, and the results of their operations and the financial highlights for the year then ended in accordance with U.S. generally accepted accounting principles.

Boston, Massachusetts April 29, 2020

2

WELLS FARGO TARGET TODAY CIT

Statement of Assets and Liabilities December 31, 2019

Fair Cost value

Assets: Investments $ 8,770,572 $ 9,602,923 Receivable for investment securities sold 8,587 Fund units sold 4,778

Total assets 9,616,288 Liabilities:

Fund units repurchased 13,365 Trustee expenses 839

Total liabilities 14,204 Net assets $ 9,602,084

Units Class Net Assets Outstanding Net Asset Value F $ 4,265,264 287,342 $ 14.84 E2 $ 5,336,820 491,055 $ 10.87

See accompanying notes to financial statements. 3


Statement of Operations Year ended December 31, 2019

Expenses: Administration, Advisory, and/or Trustee Fees $ 8,797

Total expenses 8,797 Net investment income (loss) (8,797)

Realized and unrealized gain (loss) on investment transactions: Net realized gain (loss) on investments 98,183 Net change in unrealized appreciation (depreciation) of investments 861,400

Net gain (loss) on investment transactions 959,583 Net change in net assets resulting from operations $ 950,786

Statement of Changes in Net Assets Year ended December 31, 2019

Increase/(decrease) in net assets from operations: Net investment income (loss) $ (8,797) Net realized gain (loss) on investment transactions 98,183 Net change in unrealized appreciation (depreciation) of investments 861,400

Net increase (decrease) in net assets resulting from operations 950,786

Participating unit holder transactions: Class E1 proceeds from issuance of units (291 units) 3,875 Class E1 payments for withdrawals (103,925 units) (1,406,694)

Net change (1,402,819) Class F proceeds from issuance of units (160,893 units) 2,227,033 Class F payments for withdrawals (52,576 units) (735,726)

Net change 1,491,307 Class E2 proceeds from issuance of units (619,605 units) 6,208,760 Class E2 payments for withdrawals (128,550 units) (1,337,971)

Net change 4,870,789 Change in net assets derived from unit transactions 4,959,277 Total increase (decrease) in net assets 5,910,063

Net assets: Beginning of year (103,634 Class E1 units, 179,025 Class F units, 0 Class E2 units)(1) 3,692,021 End of year (0 Class E1 units, 287,342 Class F units, 491,055 Class E2 units)(2) $ 9,602,084

(1) Class E2 commenced operations February 27, 2019. (2) Class E1 ceased operations February 14, 2019.


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Schedule of Investments

December 31, 2019

Fair Shares Cost Value

Collective Investment Funds: 100.01% Wells Fargo Bloomberg Barclays US

Aggregate ex-Corporate Index CIT G (1) 307,076 $ 3,098,270 $ 3,312,004 Wells Fargo Emerging Markets Bond Index

CIT G (1) 25,797 258,577 282,468 Wells Fargo Factor Enhanced Emerging

Markets Index CIT G (1) 21,135 206,114 213,200 Wells Fargo Factor Enhanced International

Index CIT G (1) 64,263 648,445 711,666 Wells Fargo Factor Enhanced Large Cap

Index CIT G (1) 106,390 1,171,608 1,375,712 Wells Fargo Factor Enhanced Small Cap

Index CIT G (1) 29,968 316,052 343,206 Wells Fargo High Yield Corporate Bond

Index CIT G (1) 25,487 260,101 282,458 Wells Fargo Investment Grade Corporate

Bond Index CIT G (1) 154,156 1,537,442 1,720,778 Wells Fargo Strategic Retirement Bond Index

CIT G (1) 105,078 1,061,665 1,120,719 Wells Fargo US REIT Index CIT G (1) 19,922 212,298 240,712

Total Collective Investment Funds 8,770,572 9,602,923 Total Investments: 100.01% $ 8,770,572 $ 9,602,923

Percentages shown are based on total net assets. (1) This investment is a Wells Fargo Bank, N.A. sponsored collective trust fund.



Financial Highlights Year ended December 31, 2019

Class E1 (1) Class F Class E2 (2)

Per share operating performance: Unit value, beginning of year $ 13.04 $ 13.07 $ 10.00

Income from investment operations: Net investment income (loss)(3) (0.00)(4) (0.01) (0.01) Net realized and unrealized gain (loss) on investments 0.50 1.78 0.88 Total from investment operations 0.50 1.77 0.87 Unit value, end of year $ 13.54 $ 14.84 $ 10.87 Total return per unit 3.83%(5) 13.54% 8.70%(6)

Net assets, end of year $ 0.00 $ 4,265,264 $ 5,336,820

Ratios: Ratio of expenses to average net assets(7) 0.15%(8) 0.08% 0.12%(8)

Ratio of net investment income (loss) to average net assets (0.15)%(8) (0.08)% (0.12)%(8)

Portfolio Turnover Rate 23% 23% 23%

(1) Class E1 ceased operations February 14, 2019. (2) Class E2 commenced operations February 27, 2019. (3) Based on average number of units outstanding. (4) Amount is less than $ 0.005. (5) Not annualized for periods less than one year. The total return is based on an ending NAV of $13.54 as of February 14, 2019. (6) Not annualized for periods less than one year. (7) Expense ratios do not include expenses for the Underlying Funds. (8) Annualized for periods less than one year.



Supplemental Schedule of Monthly Values (Unaudited) Year ended December 31, 2019

Class E1(1)

Units Unit outstanding valuation

January 31, 2019 102,705 $ 13.47 February 28, 2019 - -March 31, 2019 - -April 30, 2019 - -May 31, 2019 - -June 30, 2019 - -July 31, 2019 - -August 31, 2019 - -September 30, 2019 - -October 31, 2019 - -November 30, 2019 - -December 31, 2019 - -

Class E2(2)


January 31, 2019 - $ -February 28, 2019 585,442 9.99 March 31, 2019 574,564 10.14 April 30, 2019 569,169 10.22 May 31, 2019 549,322 10.18 June 30, 2019 541,331 10.45 July 31, 2019 542,638 10.48 August 31, 2019 540,154 10.61 September 30, 2019 509,886 10.64 October 31, 2019 500,616 10.72 November 30, 2019 501,024 10.78 December 31, 2019 491,055 10.87

(1) Class E1 ceased operations February 14, 2019. (2) Class E2 commenced operations February 27, 2019.

Class F Units Unit

outstanding valuation 170,893 $ 13.51 270,903 13.64 274,147 13.85 273,640 13.95 275,378 13.91 266,224 14.27 264,168 14.31 266,239 14.49 269,076 14.53 274,141 14.65 287,229 14.72 287,342 14.84


WELLS FARGO TARGET 2010 CIT


Fair Cost value

Assets: Investments $ 3,778,501 $ 4,106,354 Receivable for investment securities sold 438,331 Fund units sold 130















Participating unit holder transactions: Class F proceeds from issuance of units (76,222 units) 1,129,975 Class F payments for withdrawals (158,550 units) (2,303,638)

Net change (1,173,663) Class E2 proceeds from issuance of units (234,292 units) 2,360,156 Class E2 payments for withdrawals (23,622 units) (244,469)

Net change 2,115,687 Change in net assets derived from unit transactions 942,024 Total increase (decrease) in net assets 1,393,538

Net assets: Beginning of year (199,312 Class F units, 0 Class E2 units)(1) 2,712,432 End of year (116,984 Class F units, 210,670 Class E2 units) $ 4,105,970

(1) Class E2 commenced operations February 27, 2019.


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____________________________________ ____________________________________ ____________________________________ ____________________________________



December 31, 2019







Index CIT G (1) 48,473 536,193 626,794 Wells Fargo Factor Enhanced Small Cap



Bond Index CIT G (1) 64,145 649,787 716,025 Wells Fargo Strategic Retirement Bond Index

CIT G (1) 43,633 444,586 465,373 Wells Fargo US REIT Index CIT G (1) 9,064 97,194 109,516






(1)Class F Class E2 Per share operating performance:

Unit value, beginning of year $ 13.61 $ 10.00 Income from investment operations:

Net investment income (loss)(2) (0.01) (0.01) Net realized and unrealized gain (loss) on investments 1.90 0.89 Total from investment operations 1.89 0.88 Unit value, end of year $ 15.50 $ 10.88 Total return per unit 13.89% 8.80%(3)

Net assets, end of year $ 1,813,832 $ 2,292,138

Ratios: Ratio of expenses to average net assets(4) 0.08% 0.12%(5)

Ratio of net investment income (loss) to average net assets (0.08)% (0.12)%(5)

Portfolio Turnover Rate 63% 63%

(1) Class E2 commenced operations February 27, 2019. (2) Based on average number of units outstanding. (3) Not annualized for periods less than one year. (4) Expense ratios do not include expenses for the Underlying Funds. (5) Annualized for periods less than one year.




Class F Class E2(1)


- $ -192,485 9.99 196,885 10.14 194,571 10.22 194,805 10.17 196,250 10.44 195,092 10.48 208,161 10.60 205,868 10.64 206,013 10.72 209,339 10.78 210,670 10.88


January 31, 2019 140,130 $ 14.09 February 28, 2019 134,463 14.22 March 31, 2019 132,579 14.44 April 30, 2019 132,211 14.56 May 31, 2019 128,093 14.49 June 30, 2019 128,645 14.88 July 31, 2019 158,210 14.93 August 31, 2019 152,402 15.11 September 30, 2019 155,734 15.16 October 31, 2019 154,431 15.28 November 30, 2019 145,036 15.36 December 31, 2019 116,984 15.50





Fair Cost value

Assets: Investments $ 4,604,575 $ 5,063,153 Fund units sold 112


Payable for investment securities purchased 112 Trustee expenses 351

Total liabilities 463 Net assets $ 5,062,802

Units outstanding 309,815 Unit value $ 16.34











Participating unit holder transactions: Class E1 proceeds from issuance of units (383 units) 5,573 Class E1 payments for withdrawals (66,269 units) (983,414)

Net change (977,841) Class F proceeds from issuance of units (179,053 units) 2,763,982 Class F payments for withdrawals (104,315 units) (1,643,006)

Net change 1,120,976 Change in net assets derived from unit transactions 143,135 Total increase (decrease) in net assets 777,189

Net assets: Beginning of year (65,886 Class E1 units, 235,077 Class F units) 4,285,613 End of year (0 Class E1 units, 309,815 Class F units)(1) $ 5,062,802

(1) Class E1 ceased operations February 14, 2019.


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December 31, 2019







Index CIT G (1) 69,304 751,592 896,165 Wells Fargo Factor Enhanced Small Cap



Bond Index CIT G (1) 73,070 734,032 815,656 Wells Fargo Strategic Retirement Bond Index






Ye Financial Highlights

ar ended December 31, 2019

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

Unit value, beginning of year Income from investment operations:

Net investment income (loss)(2)

Net realized and unrealized gain (loss) on investme Total from investment operations Unit value, end of year Total return per unit Net assets, end of year

nts

$ 14.20 $

(0.00)(3)

0.64 0.64

$ 14.84 $ 4.51%(4)

$ 0.00 $

14.25

(0.01) 2.10 2.09

16.34 14.67%

5,062,802

Ratios: Ratio of expenses to average net assets(5)

Ratio of net investment income (loss) to average ne t assets Portfolio Turnover Rate

0.15%(6)

(0.15)%(6)

35%

0.08% (0.08)%

35%

(1)

(2)

(3)

Class E1 ceased operations February 14, 2019. Based on average number of units outstanding. Amount is less than $ 0.005.

(4) Not annualized for periods less than one year. The total return is based on an ending NAV of $14.84 as of February 14, 2019. (5) Expense ratios do not include expenses for the Underlying Funds. (6) Annualized for periods less than one year.




Class E1(1)


Class F Units Unit


January 31, 2019 66,131 $ February 28, 2019 -March 31, 2019 -April 30, 2019 -May 31, 2019 -June 30, 2019 -July 31, 2019 -August 31, 2019 -September 30, 2019 -October 31, 2019 -November 30, 2019 -December 31, 2019 -


14.75 -----------




Fair Cost value

Assets: Investments $ 49,300,776 $ 54,478,692 Receivable for investment securities sold 1,509,928 Fund units sold 44,194


Fund units repurchased 1,554,122 Trustee expenses 4,916

Total liabilities 1,559,038 Net assets $ 54,473,776

Units Class Net Assets Outstanding Net Asset Value F $ 21,995,127 1,243,334 $ 17.69 E2 $ 32,478,649 2,970,183 $ 10.93






Realized and unrealized gain (loss) on investment transactions: Net realized gain (loss) on investments 714,801 Net change in unrealized appreciation (depreciation) of investments 5,769,485

Net gain (loss) on investment transactions 6,484,286 Net change in net assets resulting from operations $ 6,432,135


Increase/(decrease) in net assets from operations: Net investment income (loss) $ (52,151) Net realized gain (loss) on investment transactions 714,801 Net change in unrealized appreciation (depreciation) of investments 5,769,485

Net increase (decrease) in net assets resulting from operations 6,432,135

Participating unit holder transactions: Class E1 proceeds from issuance of units (2,611 units) 40,912 Class E1 payments for withdrawals (235,487 units) (3,758,414)

Net change (3,717,502) Class F proceeds from issuance of units (450,875 units) 7,333,759 Class F payments for withdrawals (644,159 units) (10,637,112)

Net change (3,303,353) Class E2 proceeds from issuance of units (3,472,114 units) 34,824,445 Class E2 payments for withdrawals (501,931 units) (5,242,002)


Net assets: Beginning of year (232,876 Class E1 units, 1,436,618 Class F units, 0 Class E2 units)(1) 25,480,053 End of year (0 Class E1 units, 1,243,334 Class F units, 2,970,183 Class E2 units)(2) $ 54,473,776



___________ ____________ ______________

____________________________________ ____________________________________

____________________________________ ____________________________________

____________________________________ ____________________________________ ____________________________________ ____________________________________



December 31, 2019



Aggregate ex-Corporate Index CIT G (1) 1,434,147 $ 14,439,191 $ 15,468,135 Wells Fargo Emerging Markets Bond Index

CIT G (1) 120,005 1,197,826 1,314,026 Wells Fargo Factor Enhanced Emerging

Markets Index CIT G (1) 181,241 1,771,075 1,828,305 Wells Fargo Factor Enhanced International

Index CIT G (1) 550,385 5,551,967 6,095,076 Wells Fargo Factor Enhanced Large Cap


Index CIT G (1) 251,925 2,650,651 2,885,192 Wells Fargo High Yield Corporate Bond

Index CIT G (1) 118,570 1,206,272 1,314,026 Wells Fargo Investment Grade Corporate


CIT G (1) 408,631 4,124,657 4,358,295 Wells Fargo US REIT Index CIT G (1) 135,265 1,427,884 1,634,361

















Class E1(1)



Class E2(2)


January 31, 2019 - $ -February 28, 2019 3,210,700 9.98 March 31, 2019 3,209,972 10.12 April 30, 2019 3,115,591 10.23 May 31, 2019 3,126,649 10.11 June 30, 2019 3,075,719 10.43 July 31, 2019 3,069,781 10.46 August 31, 2019 3,084,379 10.54 September 30, 2019 3,074,146 10.61 October 31, 2019 3,040,307 10.72 November 30, 2019 3,038,538 10.80 December 31, 2019 2,970,183 10.93 (1) Class E1 ceased operations February 14, 2019. (2) Class E2 commenced operations February 27, 2019.

Class F Units Unit

outstanding valuation 1,286,619 $ 15.93 1,501,382 16.15 1,486,004 16.37 1,474,277 16.55 1,449,728 16.35 1,451,804 16.87 1,408,076 16.92 1,389,820 17.05 1,368,721 17.16 1,355,727 17.34 1,334,369 17.48 1,243,334 17.69




Fair Cost value

Assets: Investments $ 30,722,577 $ 34,508,532 Fund units sold 8,561


Payable for investment securities purchased 8,561 Trustee expenses 2,319


Units outstanding 1,777,955 Unit value $ 19.41












Net change (11,881,595) Class F proceeds from issuance of units (1,060,625 units) 18,847,211 Class F payments for withdrawals (199,693 units) (3,657,778)


Net assets: Beginning of year (681,631 Class E1 units, 917,023 Class F units) 26,375,417 End of year (0 Class E1 units, 1,777,955 Class F units)(1) $ 34,506,213



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December 31, 2019











CIT G (1) 114,257 1,149,594 1,218,617 Wells Fargo US REIT Index CIT G (1) 54,693 562,694 660,844











nts

$ 16.47 $

(0.00)(3)

0.96 0.96

$ 17.43 $ 5.83%(4)

$ 0.00 $

16.52

(0.01) 2.90 2.89

19.41 17.49%

34,506,213



0.15%(6)

(0.15)%(6)

13%

0.08% (0.08)%

13%

(1)

(2)

(3)






Class E1(1)


Class F Units Unit

outstanding valuation 918,839 $ 17.34

1,619,599 17.63 1,626,959 17.85 1,659,916 18.09 1,681,462 17.75 1,694,984 18.40 1,703,289 18.45 1,736,953 18.51 1,745,090 18.69 1,757,355 18.93 1,769,041 19.12 1,777,955 19.41



17.29 -----------




Fair Cost value





Units Class Net Assets Outstanding Net Asset Value F $ 42,804,495 2,034,729 $ 21.04 E2 $ 52,138,023 4,727,102 $ 11.03













Net change 3,996,736 Class E2 proceeds from issuance of units (5,138,952 units) 51,661,515 Class E2 payments for withdrawals (411,850 units) (4,277,663)


Net assets: Beginning of year (494,897 Class E1 units, 1,817,469 Class F units, 0 Class E2 units)(1) 40,856,149 End of year (0 Class E1 units, 2,034,729 Class F units, 4,727,102 Class E2 units)(2) $ 94,942,518



___________ ____________ ______________

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December 31, 2019



Aggregate ex-Corporate Index CIT G (1) 1,833,941 $ 18,548,740 $ 19,780,150 Wells Fargo Emerging Markets Bond Index

CIT G (1) 151,924 1,520,552 1,663,538 Wells Fargo Factor Enhanced Emerging


Index CIT G (1) 1,595,803 16,138,052 17,672,243 Wells Fargo Factor Enhanced Large Cap

Index CIT G (1) 2,330,942 25,435,204 30,141,182 Wells Fargo Factor Enhanced Small Cap


Index CIT G (1) 150,108 1,529,946 1,663,538 Wells Fargo Investment Grade Corporate



















Class E1(1)



Class E2(2)


January 31, 2019 - $ -February 28, 2019 4,416,638 9.98 March 31, 2019 4,510,178 10.09 April 30, 2019 4,499,027 10.25 May 31, 2019 4,479,414 9.99 June 30, 2019 4,472,439 10.40 July 31, 2019 4,516,501 10.42 August 31, 2019 4,608,889 10.42 September 30, 2019 4,626,134 10.54 October 31, 2019 4,703,201 10.70 November 30, 2019 4,720,241 10.83 December 31, 2019 4,727,102 11.03


Class F Units Unit

outstanding valuation 1,611,321 $ 18.66 2,075,874 19.03 2,126,665 19.23 2,134,240 19.54 2,163,360 19.04 2,173,087 19.84 2,129,587 19.88 2,149,883 19.87 2,155,946 20.10 2,164,098 20.40 2,138,976 20.65 2,034,729 21.04




Fair Cost value





Units outstanding 1,511,655 Unit value $ 22.91














Net assets: Beginning of year (314,825 Class E1 units, 918,927 Class F units) 23,450,693 End of year (0 Class E1 units, 1,511,655 Class F units)(2) $ 34,632,054





December 31, 2019

Fair Shares ___________ _ Cost ___________ _ Value _____________









Bond Index CIT G (1) 247,778 2,480,043 ____________________________________

2,765,848 ____________________________________

Total Collective Investment Funds 30,781,870 ____________________________________

34,634,366 ____________________________________

Total Investments: 100.01% $ 30,781,870 $ ____________________________________ ____________________________________

34,634,366 ____________________________________ ____________________________________










nts

$ 18.96 $

(0.00)(3)

1.38 1.38

$ 20.34 $ 7.28%(4)

$ 0.00 $

19.02

(0.02) 3.91 3.89

22.91 20.45%

34,632,054



0.15%(6)

(0.15)%(6)

12%

0.08% (0.08)%

12%

(1)

(2)

(3)






Class E1(1)


Class F Units Unit


1,303,134 20.66 1,338,183 20.84 1,353,706 21.23 1,370,283 20.55 1,397,874 21.50 1,409,723 21.53 1,442,187 21.43 1,464,381 21.74 1,470,291 22.11 1,493,464 22.43 1,511,655 22.91



20.13 -----------




Fair Cost value





Units Class Net Assets Outstanding Net Asset Value F $ 24,004,943 992,149 $ 24.19 E2 $ 46,172,247 4,163,526 $ 11.09















Net assets: Beginning of year (143,408 Class E1 units, 1,065,012 Class F units, 0 Class E2 units)(1) 24,059,069 End of year (0 Class E1 units, 992,149 Class F units, 4,163,526 Class E2 units)(2) $ 70,177,190





December 31, 2019










Bond Index CIT G (1) 348,573 3,506,294 ____________________________________

3,890,975 ____________________________________


70,183,539 ____________________________________


70,183,539 ____________________________________ ____________________________________
















Class E1(1)



Class E2(2)




Class F Units Unit


1,108,960 21.76 1,122,360 21.93 1,149,776 22.37 1,153,420 21.55 1,155,508 22.62 1,109,237 22.64 1,105,859 22.46 1,088,698 22.84 1,090,470 23.26 1,052,904 23.63 992,149 24.19




Fair Cost value
















Participating unit holder transactions: Class E1 proceeds from issuance of units (844 units) 18,041 Class E1 payments for withdrawals (88,724 units) (1,953,772)








December 31, 2019










Bond Index CIT G (1) 75,997 767,550 ____________________________________

848,328 ____________________________________


21,217,799 ____________________________________


21,217,799 ____________________________________ ____________________________________










nts

$ 20.37 $

(0.00)(3)

1.99 1.99

$ 22.36 $ 8.15%(4)

$ 0.00 $

20.46

(0.02) 4.56 4.54

25.00 22.19%

21,216,388



0.15%(6)

(0.15)%(6)

12%

0.08% (0.08)%

12%

(1)

(2)

(3)






Class E1(1)


Class F Units Unit




21.76 -----------




Fair Cost value





Units Class Net Assets Outstanding Net Asset Value F $ 12,469,061 495,503 $ 25.16 E2 $ 30,990,620 2,788,247 $ 11.11











Participating unit holder transactions: Class E1 proceeds from issuance of units (504 units) 10,944 Class E1 payments for withdrawals (24,387 units) (545,026)




Net assets: Beginning of year (23,883 Class E1 units, 635,429 Class F units, 0 Class E2 units)(1) 13,543,066 End of year (0 Class E1 units, 495,503 Class F units, 2,788,247 Class E2 units)(2) $ 43,459,681





December 31, 2019










Bond Index CIT G (1) 119,926 1,218,919 ____________________________________

1,338,682 ____________________________________


43,463,686 ____________________________________


43,463,686 ____________________________________ ____________________________________
















Class E1(1)



Class E2(2)




Class F Units Unit





Fair Cost value



Fund units repurchased 12,546 Payable for investment securities purchased 5,262 Trustee expenses 1,097













Participating unit holder transactions: Class E1 proceeds from issuance of units (1,093 units) 18,741 Class E1 payments for withdrawals (28,936 units) (511,610)








December 31, 2019



Aggregate ex-Corporate Index CIT G (1) 90,740 $ 927,114 $ 978,681 Wells Fargo Emerging Markets Bond Index







Bond Index CIT G (1) 45,565 464,355 ____________________________________

508,629 ____________________________________


16,563,764 ____________________________________


16,563,764 ____________________________________ ____________________________________










nts

$ 16.33 $

(0.00)(3)

1.36 1.36

$ 17.69 $ 8.33%(4)

$ 0.00 $

16.38

(0.01) 3.69 3.68

20.06 22.47%

16,562,666



0.15%(6)

(0.15)%(6)

20%

0.08% (0.08)%

20%

(1)

(2)

(3)






Class E1(1) Class F Units Unit

outstanding valuation Units

outstanding 591,067 $ 17.53 632,784 18.01 650,315 18.12 665,640 18.52 681,646 17.75 702,459 18.69 705,634 18.70 747,409 18.49 771,149 18.84 791,883 19.22 811,484 19.55 825,494 20.06

Unit valuation



17.47 -----------




Fair Cost value

Assets: Investments $ 6,073,917 $ 6,721,050 Receivable for investment securities sold 32,234 Fund units sold 12,022















Participating unit holder transactions: Class F proceeds from issuance of units (85,298 units) 1,190,518 Class F payments for withdrawals (50,288 units) (704,434)

Net change 486,084 Class E2 proceeds from issuance of units (459,885 units) 4,658,403 Class E2 payments for withdrawals (46,702 units) (487,138)


Net assets: Beginning of year (104,786 Class F units, 0 Class E2 units) 1,301,779 End of year (139,796 Class F units, 413,183 Class E2 units)(1) $ 6,720,459





December 31, 2019



Aggregate ex-Corporate Index CIT G (1) 36,891 $ 380,630 $ 397,886 Wells Fargo Emerging Markets Bond Index







Bond Index CIT G (1) 18,545 190,874 ____________________________________

207,008 ____________________________________


6,721,050 ____________________________________


6,721,050 ____________________________________ ____________________________________





(1)Class F Class E2 Per share operating performance:

Unit value, beginning of year $ 12.42 $ 10.00 Income from investment operations:

Net investment income (loss)(2) (0.01) (0.01) Net realized and unrealized gain (loss) on investments 2.81 1.12 Total from investment operations 2.80 1.11 Unit value, end of year $ 15.22 $ 11.11 Total return per unit 22.54% 11.10%(3)

Net assets, end of year $ 2,127,972 $ 4,592,487

Ratios: Ratio of expenses to average net assets(4) 0.08% 0.12%(5)

Ratio of net investment income (loss) to average net assets (0.08)% (0.12)%(5)

Portfolio Turnover Rate 17% 17%

(1) Class E2 commenced operations February 27, 2019. (2) Based on average number of units outstanding. (3) Not annualized for periods less than one year. (4) Expense ratios do not include expenses for the Underlying Funds. (5) Annualized for periods less than one year.




Class F Class E2(1)


- $ -251,491 9.98 267,263 10.04 274,615 10.26 323,732 9.83 335,355 10.36 351,550 10.36 363,196 10.24 371,223 10.44 384,172 10.65 392,666 10.83 413,183 11.11


January 31, 2019 97,917 $ 13.29 February 28, 2019 118,826 13.66 March 31, 2019 123,378 13.75 April 30, 2019 126,045 14.05 May 31, 2019 130,567 13.46 June 30, 2019 134,045 14.18 July 31, 2019 132,193 14.19 August 31, 2019 135,298 14.02 September 30, 2019 139,051 14.29 October 31, 2019 143,051 14.58 November 30, 2019 138,195 14.83 December 31, 2019 139,796 15.22



WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS

Notes to Financial Statements

December 31, 2019

Wells Fargo Target Today CIT Wells Fargo Target 2035 CIT Wells Fargo Target 2010 CIT Wells Fargo Target 2040 CIT Wells Fargo Target 2015 CIT Wells Fargo Target 2045 CIT Wells Fargo Target 2020 CIT Wells Fargo Target 2050 CIT Wells Fargo Target 2025 CIT Wells Fargo Target 2055 CIT Wells Fargo Target 2030 CIT Wells Fargo Target 2060 CIT

The Wells Fargo Bank Collective Investment Funds for Employee Benefit Trusts, identified above, (collectively the “Funds”, each a “Fund”) are established, operated, and maintained for the collective investment and reinvestment of monies contributed thereto by Wells Fargo Bank, N.A. (the Trustee and Manager) or an affiliate of the Trustee in its capacity as trustee, investment manager, or any other capacity authorized by law for retirement plans (the participants) qualified under Section 401(a) and tax-exempt under Section 501(a) of the Internal Revenue Code (IRC) of 1986, as amended.

Fund Descriptions

Each Fund seeks total return over time, consistent with the target date strategic allocation. Each Fund will pursue its objective through investment in a combination of underlying collective investment funds (each an “Underlying Fund”). Each Underlying Fund will utilize equity index strategies and fixed income index strategies. Each Fund and the Underlying Funds are managed by Wells Capital Management, Inc., an affiliate of the Trustee.

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trustee in the preparation of the Funds’ financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America and the Wells Fargo Bank Declaration of Trust Establishing Investment Funds for Employee Benefit Trusts, as amended and restated effective December 31, 2019. Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, “Financial Services – Investment Companies”, which is part of accounting principles generally accepted in the United States of America (“GAAP”).

a) Basis of Accounting

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

b) Cash Overdrafts

The Funds may have overnight cash overdrafts. Cash overdrafts are funded by the Trustee and settled the next morning. No cash overdraft fees were assessed to the Funds for the year ended December 31, 2019.

c) Credit Risk and Uncertainties

Investment securities in which the Funds (or any Underlying funds as applicable) invest are subject to various risks, such as market, credit, and interest rate risks. Due to the level of risk associated with such securities, it is at least reasonably possible that changes in the near term could materially affect participants’ unit values and the amounts reported in the statements of assets and liabilities. Credit ratings, as supplied solely by Standard & Poor’s, are noted on the Schedule of Investments for each fund which holds individual fixed income securities. The S&P rating is one

63



December 31, 2019

relative measure of potential credit risk each security represents. Securities without a noted rating are either not generally rated (e.g. US government guaranteed instruments) or were un-rated by S&P as of December 31, 2019. S&P ratings have been provided for informational purposes only and have not been independently audited.

d) Valuation of Investments

Valuation of the Funds’ units occurs daily for those days that the financial markets are open. Unit values are determined by dividing the value of each Fund’s net assets by the total number of units outstanding on the valuation date.

The Funds' investments, except those held in collective funds, are valued on the basis of market valuations, where available, as provided by independent pricing services. Securities for which market valuations are not readily available are valued at fair value as determined by the Trustee. Market valuations are generally determined as follows:

• Securities traded in the over-the-counter market are valued at the last sale on the valuation date, if any, otherwise at the last reported bid price.

• Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

• Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Policies & Procedures as adopted by the Trustee.

• Government and agency obligations are valued based upon the most recent bid quotation for identical or similar obligations.

• Foreign markets and exchanges may close prior to the close of the New York Stock Exchange ("NYSE") and therefore may not fully reflect trading or events that occur after the close of the principle exchange in which the foreign investments are traded but before the close of the NYSE. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Trustee.

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

• Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

• Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Trustee of the Fund. The Trustee has established a Valuation Working Group and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Working Group deems necessary or appropriate, including determining the fair value of portfolio securities. The

64



December 31, 2019

Trustee retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On at least on a quarterly basis, the Trustee receives reports on any valuation actions taken by the Valuation Working Group which may include items for ratification.

e) Fair Valuation of Securities

The Funds are subject to the provisions of FASB ASC 820-10, Fair Value Measurements which among other things, establishes a framework for measuring fair value and requires enhanced disclosures about investments that are measured and reported at fair value. In accordance with ASC 820-10, fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities.

The three levels of the fair value hierarchy are as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date. Examples of Level 1 securities would be common or preferred stocks trading on a national exchange.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Examples of Level 2 securities would include corporate fixed income, municipal fixed income, or certain pooled funds.

Level 3: Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions in determining the fair value of investments). Examples of Level 3 securities would include private placements or assets for which no current pricing source is available or in default.

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

The following table presents the values of the financial instruments carried on the statement of assets and liabilities by caption and by level within the valuation hierarchy as of December 31, 2019. The breakdown of each Funds' investments into major categories is disclosed in its respective Schedule of Investments.

Fair value measurements at reporting date using Quoted prices in Significant

active markets for Significant other unobservable identical assets observable inputs inputs

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

Value of investment securities: Collective Investment Funds $ 9,602,923 $ — $ — $ 9,602,923

Total $ 9,602,923 $ — $ — $ 9,602,923

65

2010

2020

2030

2040

2050



December 31, 2019

Investments in securities Wells Fargo Target CIT:

Value of investment securities: Collective Investment Funds



(Level 1) (Level 2) (Level 3)

$ 4,106,354 $ — $ — $

Total

4,106,354 Total $ 4,106,354 $ — $ — $ 4,106,354

Wells Fargo Target 2015 CIT: Value of investment securities:

Collective Investment Funds $ 5,063,153 $ — $ — $ 5,063,153 Total $ 5,063,153 $ — $ — $ 5,063,153

Wells Fargo Target CIT: Value of investment securities:
















66



December 31, 2019



Investments in securities (Level 1) (Level 2) (Level 3) Total



The Funds did not have any transfers into/out of Level 3.

2. Expenses

In accordance with the Trust Agreement, the Trustee may charge the Funds for custody, accounting, audit fees and certain other expenses incurred. The Collective Fund Oversight Committee (“CFOC”), a sub-committee of the Trust Investment Committee of Wells Fargo Bank, N.A. reviews and determines the annual accounting fee charged to each Fund. The CFOC also determines any expense cap with respect to expenses charged to each Fund.

During 2019, no Funds were subject to an expense cap.

Funds may also invest in other funds in a “fund of funds” construction deemed “Underlying Funds”. The Funds may incur indirect expenses through their investment in any “Underlying Funds” for administration, audit, custodial, unaffiliated sub-advisory investment management and related services provided to the Underlying Funds. Indirect expenses from the Underlying Funds are netted against the investment income of the Underlying Fund. A Fund’s unaffiliated sub-advisory investment management fee, if charged, is not included in the operating expenses to which a net operating expense cap applies. The effects of this expense arrangement have been reflected in the Statement of Operations and Financial Highlights for each Fund.

3. Trustee & Affiliated Compensation

The Funds may issue multiple classes of units. Funds offering E series of unit classes were, as of December 31, 2019, subject to charges for payment of compensation to the Trustee including investment advisory fees based on the value of such funds’ net assets as reflected on the table below. Funds offering F class units do not incur any trustee fees but may incur investment advisory fees. F class units are available only in situations where the Trustee exercises discretion over investments or where units are offered under a 3(21) investment advisory agreement.

Fees for each unit class, as of December 31, 2019, are outlined on the following chart:

Cusip Trustee Advisory Fund Name Fee Fee

Wells Fargo Target Today CIT E1 94988K203 0.030% 0.120%

Wells Fargo Target 2010 CIT E1 94988K302 0.030% 0.120%






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December 31, 2019

Cusip Trustee Advisory Fund Name Fee Fee Wells Fargo Target 2040 CIT E1 94988K880 0.030% 0.120%





Wells Fargo Target Today CIT E2 94988K831 0.030% 0.090%












Wells Fargo Target Today CIT F 94988K682 0.000% 0.080%

Wells Fargo Target 2010 CIT F 94988K674 0.000% 0.080%











4. Investment Transactions and Interest Income

Funds (with exception of the Wells Fargo/BalckRock Short Term Investment Fund, which pays income monthly) do not distribute investment income to unit holders.

Investment transactions are accounted for on the trade date. The cost of investments sold is computed on an average cost basis. Dividend income is recorded on the ex-dividend date. Foreign dividends are recorded when information is confirmed by the foreign custodian. Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. The Funds amortize premiums and accrete market discounts and original issue discounts to the call or the maturity date. Premium amortization and discount

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December 31, 2019

accretion amounts are included in interest income. Tax reclaims receivable, if any, are recorded as dividend income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable. Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, “Premium Amortization of Purchased Callable Debt Securities” which shortens the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2019. Management continues to evaluate the impact of this guidance on the Funds.

5. Income Taxes

The Funds maintain tax-exempt status by operating collective trust funds regulated by the Office of the Comptroller of the Currency, and as such no provision for income taxes is required. It is intended that the Funds be exempt from taxation under Section 501(a) of the Code and qualify as a “group trust” under Revenue Ruling 81-100 and other applicable Internal Revenue Service rules and regulations.

The Funds follow accounting policies under ASC 740, Income Taxes, regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. Management has analyzed the Funds’ tax positions taken in all potential open tax years and has concluded that as of December 31, 2019, there were no positions which would call into question the Funds’ tax exempt status. As such, the Funds do not have an accrual for uncertain tax positions. The Funds’ federal and state fiduciary and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired (open tax years: December 31, 2016; December 31, 2017; December 31, 2018; and December 31, 2019) are subject to examination by the Internal Revenue Service and state jurisdictions. As of and during the year ended December 31, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

6. Unit Issues, Redemptions, and Distributions

In accordance with the terms of the Trust, the net asset value of the Funds 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 fund (with the sole exception being the Wells Fargo/BlackRock Short Term Investment Fund which pays income monthly). Units of the Funds are issued and redeemed at the current net asset value.

Unit investors have a proportionate, undivided interest in the Funds’ net assets.

7. Related Party Transactions

The Funds may receive proceeds from litigation settlements involving affiliates of the Funds. The Funds may invest in other funds (“Underlying Funds”) maintained by the Trustee, if provided for in the Funds’ Trust Agreement. The sub-advisors to the Funds may also invest in Underlying Funds which are affiliates of the sub-advisor.

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December 31, 2019

The affiliated Underlying Funds have been disclosed on the schedule of investments for each Fund. Currently, each Fund holds positions in 8-10 underlying investments which are managed by affiliated managers and allocated in accordance with the designated glide path for each Fund. The affiliated Underlying Funds did not produce income in the current year. Realized and unrealized gain and loss on investment transactions as presented on the statement of operations represents gain and loss on the investment in the affiliated Underlying Funds.

8. Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.

9. Ownership Concentration

At December 31, 2019, the following Funds have unitholders that were not related parties that held units in excess of 10% of the outstanding units in various classes of the Funds. Investment activities, including redemptions, of such unitholders could have a material impact on the operations of the Fund or expense impact on the class.

Number of unitholders with

ownership in Fund Market Value excess of 10% Aggregated %

Wells Fargo Target Today CIT $ 7,029,294 2 73.14% Wells Fargo Target 2010 CIT $ 2,829,005 2 62.26% Wells Fargo Target 2015 CIT $ 4,997,504 3 98.72% Wells Fargo Target 2020 CIT $ 32,361,067 1 57.82% Wells Fargo Target 2025 CIT $ 29,475,457 2 85.43% Wells Fargo Target 2030 CIT $ 62,122,257 2 63.93% Wells Fargo Target 2035 CIT $ 29,928,328 2 86.45% Wells Fargo Target 2040 CIT $ 45,539,971 1 63.44% Wells Fargo Target 2045 CIT $ 17,562,825 2 82.87% Wells Fargo Target 2050 CIT $ 30,790,413 1 68.88% Wells Fargo Target 2055 CIT $ 14,589,809 1 88.13% Wells Fargo Target 2060 CIT $ 4,575,682 1 67.78%

10. Summary Schedule of Investments Purchased and Sold

WELLS FARGO TARGET TODAY CIT Purchased Sold or Redeemed

Collective investment funds $ Cost

6,933,933 $ Proceeds

1,982,884 $ Realized Gain/(Loss)

98,183 Total investments $ 6,933,933 $ 1,982,884 $ 98,183

70

2010

2015

2020

2025

2030

2035

2040



December 31, 2019

WELLS FARGO TARGET CIT

Collective investment funds Total investments

$ $

Purchased Cost

3,415,529 3,415,529

$ $

Sold or Redeemed Proceeds Realized Gain/(Loss)

2,477,137 $ 96,706 2,477,137 $ 96,706


Collective investment funds $ Total investments $

Purchased Cost

1,788,825 1,788,825

$ $


1,649,497 $ 115,987 1,649,497 $ 115,987



Purchased Cost

38,155,759 38,155,759

$ $


15,643,297 $ 714,801 15,643,297 $ 714,801



Purchased Cost

7,391,350 7,391,350

$ $


4,109,225 $ 208,092 4,109,225 $ 208,092



Purchased Cost

58,062,352 58,062,352

$ $


16,054,056 $ 621,186 16,054,056 $ 621,186



Purchased Cost

9,403,934 9,403,934

$ $


3,514,121 $ 152,673 3,514,121 $ 152,673



Purchased Cost

49,180,340 49,180,340

$ $


12,314,179 $ 434,319 12,314,179 $ 434,319

71



December 31, 2019

WELLS FARGO TARGET 2045 CIT Purchased Sold or Redeemed

Cost Proceeds Realized Gain/(Loss) Collective investment funds $ 6,021,209 $ 2,096,742 $ 85,532

Total investments $ 6,021,209 $ 2,096,742 $ 85,532








Cost Proceeds Realized Gain/(Loss) Collective investment funds $ 5,486,448 $ 833,593 $ 31,217

Total investments $ 5,486,448 $ 833,593 $ 31,217

11. Subsequent Events Evaluation

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through April 29, 2020, the date the financial statements were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Funds and the securities in which the Funds invest may be adversely affected by impacts caused by COVID-19.

72

__________________________________________________________________________________________________ Regulatory Statement (unaudited)

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

Participation requirements. Participation in each Fund is available to employee benefit accounts which meet the following conditions:

• The participating account is part of a plan and related trust qualified under Section 401(a) of the Internal Revenue Code (IRC), and which is exempt from tax under IRC Section 501 (a) or is part of a governmental plan as defined by IRC Section 818(a)(6).

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

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

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

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

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Documents

Wells Fargo Bank, N.A.€¦ · presentation of the financial statements and financial highlights. ... Participating unit holder transactions: Class E1 proceeds from issuance of units