wells fargo bank, n.a. · wells fargo core bond cit statement of changes in net assets year ended...
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Wells Fargo Bank, N.A. Collective Investment Funds
Annual Report 2020
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Table of Contents
Page
Independent Auditors’ Report 1
Financial Statements:
Statements of Assets and Liabilities 3
Statements of Operations 8
Statements of Changes in Net Assets 13
Financial Highlights 18
Schedule of Investments:
Wells Fargo Core Bond CIT 32
Wells Fargo Core Bond II CIT 55
Wells Fargo Discovery CIT 78
Wells Fargo Emerging Growth CIT 81
Wells Fargo Emerging Markets Equity CIT 84
Wells Fargo Enhanced Stock Market CIT 88
Wells Fargo Growth CIT 93
Wells Fargo Large Cap Intrinsic Value CIT 96
Wells Fargo Liability Driven Solution CIT I 98
Wells Fargo Liability Driven Solution CIT II 116
Wells Fargo Liability Driven Solution CIT III 141
Wells Fargo Premier Large Company Growth CIT 151
Wells Fargo Special Mid Cap Value CIT 154
Wells Fargo Special Small Cap Value CIT 157
Notes to Financial Statements 161
Appendix 173
Regulatory Statement 179
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Independent Auditors’ Report
The Unitholders of the Funds and Wells Fargo Bank, N.A.:
We have audited the accompanying financial statements of Wells Fargo Core Bond CIT, Wells Fargo Core
Bond II CIT, Wells Fargo Discovery CIT, Wells Fargo Emerging Growth CIT, Wells Fargo Emerging Markets
Equity CIT, Wells Fargo Enhanced Stock Market CIT, Wells Fargo Growth CIT, Wells Fargo Large Cap Intrinsic
Value CIT, Wells Fargo Liability Driven Solution CIT I, Wells Fargo Liability Driven Solution CIT II, Wells Fargo
Liability Driven Solution CIT III, Wells Fargo Premier Large Company Growth CIT, Wells Fargo Special Mid Cap
Value CIT, and Wells Fargo Special Small Cap Value CIT (collectively, the Funds), fourteen of the collective
investment funds 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, 2020, and the related statements of operations, changes in net assets, and the financial
highlights for the year or periods then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements 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 LLPTwo Financial Center60 South StreetBoston, MA 02111
KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
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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, 2020, and the results of their operations,
changes in their net assets, and the financial highlights for the year or periods then ended in accordance with
U.S. generally accepted accounting principles.
Boston, Massachusetts
April 12, 2021
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See accompanying notes to financial statements. 3
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Assets and Liabilities
December 31, 2020
Wells Fargo Core
Bond CIT
Wells Fargo Core
Bond II CIT
Wells Fargo
Discovery CIT
Assets:
Unaffiliated investments, at value (see cost below) $ 767,260,130 $ 594,723,068 $ 602,185,237
Affiliated investments, at value (see cost below) 17,173,313 19,876,709 2,035,718
Receivable for investments sold 1,394,299 198,332 2,443,871
Receivable for when-issued transactions 68,595,527 56,379,551 -
Receivable for fund units sold 923,013 21,111 57,844,081
Receivable for interest and dividends 2,749,152 2,081,428 63,232
Total assets 858,095,434 673,280,199 664,572,139
Liabilities:
Payable for investments purchased 7,946,116 6,203,777 -
Payable for when-issued transactions 122,720,141 100,849,859 -
Payable for fund units repurchased 4,667,211 205,381 1,758,611
Due to custodian 227,000 203,000 -
Trustee fee payable 124,913 117,749 293,359
Total liabilities 135,685,381 107,579,766 2,051,970
Net assets $ 722,410,053 $ 565,700,433 $ 662,520,169
Unaffiliated investments, at cost $ 746,831,264 $ 580,166,224 $ 391,245,483
Affiliated investments, at cost $ 17,173,313 $ 19,876,709 $ 2,035,718
Computation of net asset value:
Class TR
Net assets $ 34,364,612 $ - $ -
Units outstanding 2,048,619 - -
Net asset value per unit $ 16.77 $ - $ -
Class F
Net assets $ 621,515,499 $ - $ -
Units outstanding 46,798,475 - -
Net asset value per unit $ 13.28 $ - $ -
Class E1
Net assets $ - $ - $ 166,237,796
Units outstanding - - 9,324,898
Net asset value per unit $ - $ - $ 17.83
Class E2
Net assets $ - $ - $ 453,196,907
Units outstanding - - 25,051,258
Net asset value per unit $ - $ - $ 18.09
Class N
Net assets $ 66,529,942 $ - $ 24,025,810
Units outstanding 1,464,025 - 1,343,589
Net asset value per unit $ 45.44 $ - $ 17.88
Class E
Net assets $ - $ 46,106,827 $ 19,059,656
Units outstanding - 3,705,140 1,489,222
Net asset value per unit $ - $ 12.44 $ 12.80
Class EF1
Net assets $ - $ 169,924,626 $ -
Units outstanding - 13,645,007 -
Net asset value per unit $ - $ 12.45 $ -
Class EF2
Net assets $ - $ 63,795,130 $ -
Units outstanding - 5,083,555 -
Net asset value per unit $ - $ 12.55 $ -
Class E3
Net assets $ - $ 285,873,850 $ -
Units outstanding - 22,818,641 -
Net asset value per unit $ - $ 12.53 $ -
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See accompanying notes to financial statements. 4
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Assets and Liabilities
December 31, 2020
Wells Fargo
Emerging Growth
CIT
Wells Fargo
Emerging
Markets Equity
CIT
Wells Fargo
Enhanced Stock
Market CIT
Assets:
Unaffiliated investments, at value (see cost below) $ 69,373,366 $ 696,029,085 $ 358,388,067
Affiliated investments, at value (see cost below) 277,510 16,921,295 9,550,671
Foreign currency, at value (see cost below) - 9,310,775 -
Cash - - 123
Receivable for investments sold 72,757 5,935,563 -
Receivable for fund units sold - 1,188,288 113,480
Receivable for dividends 4,351 356,990 318,874
Cash on deposit at broker - - 1,499,624
Variation margin receivable on futures contracts - - 62,656
Total assets 69,727,984 729,741,996 369,933,495
Liabilities:
Payable for investments purchased - 580,002 -
Payable for fund units repurchased 223 549 1,176,876
Trustee fee payable 40,952 300,909 57,856
Total liabilities 41,175 881,460 1,234,732
Net assets $ 69,686,809 $ 728,860,536 $ 368,698,763
Unaffiliated investments, at cost $ 40,012,833 $ 508,233,866 $ 226,926,900
Affiliated investments, at cost $ 277,510 $ 16,921,295 $ 9,550,671
Foreign currency, at cost $ - $ 9,065,947 $ -
Computation of net asset value:
Class F
Net assets $ - $ - $ 19,464,847
Units outstanding - - 1,123,463
Net asset value per unit $ - $ - $ 17.33
Class E1
Net assets $ - $ 65,936,296 $ -
Units outstanding - 4,833,444 -
Net asset value per unit $ - $ 13.64 $ -
Class E2
Net assets $ 69,686,809 $ 79,034,139 $ -
Units outstanding 3,410,195 5,731,988 -
Net asset value per unit $ 20.43 $ 13.79 $ -
Class G1
Net assets $ - $ 264,367,194 $ -
Units outstanding - 18,724,340 -
Net asset value per unit $ - $ 14.12 $ -
Class MD
Net assets $ - $ 309,498,811 $ -
Units outstanding - 22,020,407 -
Net asset value per unit $ - $ 14.06 $ -
Class N
Net assets $ - $ 10,024,096 $ 349,233,916
Units outstanding - 839,347 996,103
Net asset value per unit $ - $ 11.94 $ 350.60
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See accompanying notes to financial statements. 5
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Assets and Liabilities
December 31, 2020
Wells Fargo
Growth CIT
Wells Fargo Large
Cap Intrinsic
Value CIT
Wells Fargo
Liability Driven
Solution CIT I
Assets:
Unaffiliated investments, at value (see cost below) $ 137,933,047 $ 164,792,037 $ 1,131,431,229
Affiliated investments, at value (see cost below) 555,409 5,307,592 24,080,180
Cash 6,900 - -
Receivable for investments sold 224,854 - 4,256,625
Receivable for fund units sold 6,290 - 152,000
Receivable for interest and dividends 7,616 233,411 6,662,950
Cash on deposit at broker - - 2,375,475
Total assets 138,734,116 170,333,040 1,168,958,459
Liabilities:
Payable for investments purchased 143,246 - 8,877,755
Payable for fund units repurchased 358,753 18,096 -
Trustee fee payable 63,509 61,796 170,229
Variation margin payable on futures contracts - - 171,931
Total liabilities 565,508 79,892 9,219,915
Net assets $ 138,168,608 $ 170,253,148 $ 1,159,738,544
Unaffiliated investments, at cost $ 75,077,015 $ 120,703,562 $ 1,077,581,176
Affiliated investments, at cost $ 555,409 $ 5,307,592 $ 24,080,180
Computation of net asset value:
Class F
Net assets $ 41,424,247 $ - $ 1,159,738,544
Units outstanding 1,085,414 - 63,423,578
Net asset value per unit $ 38.16 $ - $ 18.29
Class E2
Net assets $ 80,156,265 $ 170,253,148 $ -
Units outstanding 4,560,149 2,294,893 -
Net asset value per unit $ 17.58 $ 74.19 $ -
Class E
Net assets $ 16,588,096 $ - $ -
Units outstanding 1,017,096 - -
Net asset value per unit $ 16.31 $ - $ -
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See accompanying notes to financial statements. 6
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Assets and Liabilities
December 31, 2020
Wells Fargo
Liability Driven
Solution CIT II
Wells Fargo
Liability Driven
Solution CIT III
Wells Fargo
Premier Large
Company Growth
CIT
Assets:
Unaffiliated investments, at value (see cost below) $ 2,084,073,147 $ 184,052,297 $ 72,827,609
Affiliated investments, at value (see cost below) 28,431,737 803,148 944,800
Receivable for investments sold 409,645 369,879 34,472
Receivable for fund units sold 935,000 10,000 -
Receivable for interest and dividends 15,579,870 555,091 5,564
Cash on deposit at broker 5,714,095 872,774 -
Variation margin receivable on futures contracts 215,232 12,800 -
Total assets 2,135,358,726 186,675,989 73,812,445
Liabilities:
Payable for investments purchased 10,574,083 438,304 38,294
Trustee fee payable 314,751 27,659 26,897
Total liabilities 10,888,834 465,963 65,191
Net assets $ 2,124,469,892 $ 186,210,026 $ 73,747,254
Unaffiliated investments, at cost $ 1,899,141,515 $ 167,754,163 $ 49,958,309
Affiliated investments, at cost $ 28,431,737 $ 803,148 $ 944,800
Computation of net asset value:
Class F
Net assets $ 2,124,469,892 $ 186,210,026 $ -
Units outstanding 84,365,146 8,814,480 -
Net asset value per unit $ 25.18 $ 21.13 $ -
Class E2
Net assets $ - $ - $ 73,747,254
Units outstanding - - 5,186,543
Net asset value per unit $ - $ - $ 14.22
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See accompanying notes to financial statements. 7
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Assets and Liabilities
December 31, 2020
Wells Fargo
Special Mid Cap
Value CIT
Wells Fargo
Special Small Cap
Value CIT
Assets:
Unaffiliated investments, at value (see cost below) $ 184,410,535 $ 39,121,491
Affiliated investments, at value (see cost below) 1,530,182 896,991
Receivable for investments sold 110,039 4,633
Receivable for fund units sold 70,078 23,107
Receivable for dividends 246,677 61,405
Total assets 186,367,511 40,107,627
Liabilities:
Payable for investments purchased 57,369 46,163
Payable for fund units repurchased 627,478 594
Trustee fee payable 91,830 26,616
Total liabilities 776,677 73,373
Net assets $ 185,590,834 $ 40,034,254
Unaffiliated investments, at cost $ 158,689,960 $ 31,822,891
Affiliated investments, at cost $ 1,530,182 $ 896,991
Computation of net asset value:
Class E
Net assets $ - $ 30,631,286
Units outstanding - 2,945,762
Net asset value per unit $ - $ 10.40
Class E2
Net assets $ 171,195,048 $ -
Units outstanding 15,580,448 -
Net asset value per unit $ 10.99 $ -
Class N
Net assets $ - $ 9,402,968
Units outstanding - 880,758
Net asset value per unit $ - $ 10.68
Class E1
Net assets $ 14,395,786 $ -
Units outstanding 1,426,280 -
Net asset value per unit $ 10.09 $ -
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See accompanying notes to financial statements. 8
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Operations
Year ended December 31, 2020
Wells Fargo Core
Bond CIT
Wells Fargo Core
Bond II CIT
Wells Fargo
Discovery CIT
Investment income:
Interest income (net of foreign taxes withheld, see below) $ 15,111,445 $ 10,177,445 $ -
Dividend income (net of foreign taxes withheld, see below) - - 696,865
Dividend income from affiliated short term investment 157,570 138,816 22,087
Total income 15,269,015 10,316,261 718,952
Expenses:
Trustee fee 1,290,527 1,238,647 2,218,558
TMR Program fees 134,061 - -
Total expenses 1,424,588 1,238,647 2,218,558
Net investment income (loss) 13,844,427 9,077,614 (1,499,606)
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Unaffiliated investments 38,948,600 27,119,055 13,222,468
Foreign currency transactions - - 33
Net realized gain (loss) on investments 38,948,600 27,119,055 13,222,501
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments 9,382,059 8,372,340 184,969,433
Net realized and unrealized gain (loss) on investments 48,330,659 35,491,395 198,191,934
Net increase (decrease) in net assets resulting from operations $ 62,175,086 $ 44,569,009 $ 196,692,328
Foreign taxes withheld on interest income $ 576 $ 491 $ -
Foreign taxes withheld on dividend income - - 9,140
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See accompanying notes to financial statements. 9
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Operations
Year ended December 31, 2020
Wells Fargo
Emerging Growth
CIT
Wells Fargo
Emerging
Markets Equity
CIT
Wells Fargo
Enhanced Stock
Market CIT
Investment income:
Interest income $ - $ - $ 111
Dividend income (net of foreign taxes withheld, see below) 91,087 8,829,536 7,647,460
Dividend income from affiliated short term investment 1,510 192,401 34,424
Total income 92,597 9,021,937 7,681,995
Expenses:
Trustee fee 259,164 2,758,739 618,303
Total expenses 259,164 2,758,739 618,303
Net investment income (loss) (166,567) 6,263,198 7,063,692
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Unaffiliated investments 6,455,403 13,188,032 43,733,722
Futures contracts - - 4,160,375
Foreign currency transactions - (485,356) -
Net realized gain (loss) on investments 6,455,403 12,702,676 47,894,097
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments 29,360,533 134,179,277 (8,160,358)
Futures contracts - - 206,779
Foreign currency translation of other assets and liabilities - 241,013 -
Net change in unrealized appreciation (depreciation) of investments 29,360,533 134,420,290 (7,953,579)
Net realized and unrealized gain (loss) on investments 35,815,936 147,122,966 39,940,518
Net increase (decrease) in net assets resulting from operations $ 35,649,369 $ 153,386,164 $ 47,004,210
Foreign taxes withheld on dividend income $ - $ 1,174,586 $ 838
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See accompanying notes to financial statements. 10
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Operations
Year ended December 31, 2020
Wells Fargo
Growth CIT
Wells Fargo Large
Cap Intrinsic
Value CIT
Wells Fargo
Liability Driven
Solution CIT I
Investment income:
Interest income (net of foreign taxes withheld, see below) $ - $ - $ 36,074,981
Dividend income (net of foreign taxes withheld, see below) 502,797 2,702,015 -
Dividend income from affiliated short term investment 4,634 18,088 110,593
Total income 507,431 2,720,103 36,185,574
Expenses:
Trustee fee 604,128 584,121 1,988,197
Total expenses 604,128 584,121 1,988,197
Net investment income (loss) (96,697) 2,135,982 34,197,377
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Unaffiliated investments 15,598,827 (1,708,231) 84,035,246
Futures contracts - - (5,322,896)
Foreign currency transactions 4 - -
Net realized gain (loss) on investments 15,598,831 (1,708,231) 78,712,350
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments 34,492,129 11,926,522 (8,137,296)
Futures contracts - - (462,701)
Net change in unrealized appreciation (depreciation) of investments 34,492,129 11,926,522 (8,599,997)
Net realized and unrealized gain (loss) on investments 50,090,960 10,218,291 70,112,353
Net increase (decrease) in net assets resulting from operations $ 49,994,263 $ 12,354,273 $ 104,309,730
Foreign taxes withheld on interest income $ - $ - $ (5,291)
Foreign taxes withheld on dividend income - 219 -
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See accompanying notes to financial statements. 11
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Operations
Year ended December 31, 2020
Wells Fargo
Liability Driven
Solution CIT II
Wells Fargo
Liability Driven
Solution CIT III
Wells Fargo
Premier Large
Company Growth
CIT
Investment income:
Interest income (net of foreign taxes withheld, see below) $ 58,911,787 $ 5,631,130 $ -
Dividend income (net of foreign taxes withheld, see below) 150,991 20,041 253,720
Dividend income from affiliated short term investment 229,387 17,246 6,439
Total income 59,292,165 5,668,417 260,159
Expenses:
Trustee fee 3,380,353 332,537 238,350
Total expenses 3,380,353 332,537 238,350
Net investment income (loss) 55,911,812 5,335,880 21,809
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Unaffiliated investments 194,092,347 26,987,006 (16,000)
Futures contracts 7,064,025 1,188,785 -
Foreign currency transactions - - 2
Net realized gain (loss) on investments 201,156,372 28,175,791 (15,998)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments 59,510,680 6,971,516 20,989,343
Futures contracts (461,403) 81,002 -
Foreign currency translation of other assets and liabilities - - 16
Net change in unrealized appreciation (depreciation) of investments 59,049,277 7,052,518 20,989,359
Net realized and unrealized gain (loss) on investment transactions 260,205,649 35,228,309 20,973,361
Net increase (decrease) in net assets resulting from operations $ 316,117,461 $ 40,564,189 $ 20,995,170
Foreign taxes withheld on interest income $ (2,349) $ - $ -
Foreign taxes withheld on dividend income - - 1,129
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See accompanying notes to financial statements. 12
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Operations
Year ended December 31, 2020
Wells Fargo
Special Mid Cap
Value CIT
Wells Fargo
Special Small Cap
Value CIT
Investment income:
Dividend income (net of foreign taxes withheld, see below) $ 2,790,477 $ 573,323
Dividend income from affiliated short term investment 51,424 6,710
Total income 2,841,901 580,033
Expenses:
Trustee fee 815,782 202,397
Total expenses 815,782 202,397
Net investment income (loss) 2,026,119 377,636
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Unaffiliated investments (2,544,970) 889,961
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments 24,495,759 6,613,000
Net realized and unrealized gain (loss) on investments 21,950,789 7,502,961
Net increase (decrease) in net assets resulting from operations $ 23,976,908 $ 7,880,597
Foreign taxes withheld on dividend income $ 540 $ 398
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See accompanying notes to financial statements. 13
z Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Changes in Net Assets
Year ended December 31, 2020
Wells Fargo Core
Bond CIT
Wells Fargo Core
Bond II CIT
Wells Fargo
Discovery CIT
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ 13,844,427 $ 9,077,614 $ (1,499,606)
Net realized gain (loss) on investments 38,948,600 27,119,055 13,222,501
Net change in unrealized appreciation (depreciation) of investments 9,382,059 8,372,340 184,969,433
Net increase (decrease) in net assets resulting from operations 62,175,086 44,569,009 196,692,328
Participating unitholders transactions:
Proceeds for issuance of units
Class TR 13,203,566 - -
Class F 159,884,572 - -
Class E1 - - 89,231,199
Class E2 - - 142,167,458
Class N 63,791,553 - 3,755,561
Class E - 36,111,026 18,206,290 (2)
Class EF1 - 40,974,542 -
Class EF2 - 41,977,037 -
Class E3 - 290,387,128 (1) -
Payments for redemption of units
Class TR (38,717,947) - -
Class F (242,762,723) - -
Class E1 - - (49,531,553)
Class E2 - - (65,936,362)
Class N (93,803,970) - (9,089,546)
Class E - (8,718,259) (3,356,599) (2)
Class EF1 - (33,001,198) -
Class EF2 - (295,360,980) -
Class E3 - (10,606,666) (1) -
Change in net assets derived from unit transactions (138,404,949) 61,762,630 125,446,448
Total increase (decrease) in net assets (76,229,863) 106,331,639 322,138,776
Net assets:
Beginning of year 798,639,916 459,368,794 340,381,393
End of year $ 722,410,053 $ 565,700,433 $ 662,520,169
Participating unitholders transactions:
Class TR units issued 810,704 - -
Class F units issued 12,401,652 - -
Class E1 units issued - - 5,118,703
Class E2 units issued - - 9,733,871
Class N units issued 1,453,733 - 285,119
Class E units issued - 3,025,349 1,796,400 (2)
Class EF1 units issued - 3,402,934 -
Class EF2 units issued - 3,509,758 -
Class E3 units issued - 23,671,959 (1) -
Class TR units redeemed (2,392,844) - -
Class F units redeemed (19,230,041) - -
Class E1 units redeemed - - (4,181,188)
Class E2 units redeemed - - (5,226,970)
Class N units redeemed (2,113,807) - (736,150)
Class E units redeemed - (717,068) (307,178) (2)
Class EF1 units redeemed - (2,756,196) -
Class EF2 units redeemed - (24,146,440) -
Class E3 units redeemed - (853,318) (1) -
(1) For the period from June 29, 2020 (commencement of operations) to December 31, 2020. (2) For the period from August 25, 2020 (commencement of operations) to December 31, 2020.
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See accompanying notes to financial statements. 14
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Changes in Net Assets
Year ended December 31, 2020
Wells Fargo
Emerging Growth
CIT
Wells Fargo
Emerging
Markets Equity
CIT
Wells Fargo
Enhanced Stock
Market CIT
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (166,567) $ 6,263,198 $ 7,063,692
Net realized gain (loss) on investments 6,455,403 12,702,676 47,894,097
Net change in unrealized appreciation (depreciation) on investments 29,360,533 134,420,290 (7,953,579)
Net increase (decrease) in net assets resulting from operations 35,649,369 153,386,164 47,004,210
Participating unitholders transactions:
Proceeds for issuance of units
Class F - - 26,606,619
Class E1 - - -
Class E2 40,614,027 (1) 7,854,455 -
Class MD - 23,811,621 -
Class N - 9,422,917 (2) 86,412,150
Payments for redemption of units
Class F - - (68,164,535)
Class E1 - (3,000,000) -
Class E2 (6,576,587) (1) (10,245,783) -
Class MD - (47,682,144) -
Class N - (1,054,504) (2) (201,664,688)
Change in net assets derived from unit transactions 34,037,440 (20,893,438) (156,810,454)
Total increase (decrease) in net assets 69,686,809 132,492,726 (109,806,244)
Net assets:
Beginning of year - 596,367,810 478,505,007
End of year $ 69,686,809 $ 728,860,536 $ 368,698,763
Participating unitholders transactions:
Class F units issued - - 1,890,278
Class E1 units issued - - -
Class E2 units issued 3,837,615 (1) 661,655 -
Class MD units issued - 2,340,547 -
Class N units issued - 938,017 (2) 288,197
Class F units redeemed - - (4,598,173)
Class E1 units redeemed - (285,447) -
Class E2 units redeemed (427,420) (1) (931,799) -
Class MD units redeemed - (4,176,572) -
Class N units redeemed - (98,670) (2) (700,376)
(1) For the period from March 31, 2020 (commencement of operations) to December 31, 2020. (2) For the period from August 28, 2020 (commencement of operations) to December 31, 2020.
-
See accompanying notes to financial statements. 15
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Changes in Net Assets
Year ended December 31, 2020
Wells Fargo
Growth CIT
Wells Fargo Large
Cap Intrinsic
Value CIT
Wells Fargo
Liability Driven
Solution CIT I
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (96,697) $ 2,135,982 $ 34,197,377
Net realized gain (loss) on investments 15,598,831 (1,708,231) 78,712,350
Net change in unrealized appreciation (depreciation) of investments 34,492,129 11,926,522 (8,599,997)
Net increase (decrease) in net assets resulting from operations 49,994,263 12,354,273 104,309,730
Participating unitholders transactions:
Proceeds for issuance of units
Class F 7,119,467 - 174,238,663
Class E2 4,774,290 20,737,788 -
Payments for redemption of units
Class F (25,761,700) - (462,949,274)
Class E2 (15,893,298) (10,739,595) -
Change in net assets derived from unit transactions (29,761,241) 9,998,193 (288,710,611)
Total increase (decrease) in net assets 20,233,022 22,352,466 (184,400,881)
Net assets:
Beginning of year 117,935,586 147,900,682 1,344,139,425
End of year $ 138,168,608 $ 170,253,148 $ 1,159,738,544
Participating unitholders transactions:
Class F units issued 298,621 - 10,051,781
Class E2 units issued 355,452 336,295 -
Class F units redeemed (883,854) - (26,595,048)
Class E2 units redeemed (1,260,488) (162,630) -
-
See accompanying notes to financial statements. 16
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Changes in Net Assets
Year ended December 31, 2020
Wells Fargo
Liability Driven
Solution CIT II
Wells Fargo
Liability Driven
Solution CIT III
Wells Fargo
Premier Large
Company Growth
CIT
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ 55,911,812 $ 5,335,880 $ 21,809
Net realized gain (loss) on investment transactions 201,156,372 28,175,791 (15,998)
Net change in unrealized appreciation (depreciation) of investments 59,049,277 7,052,518 20,989,359
Net increase (decrease) in net assets resulting from operations 316,117,461 40,564,189 20,995,170
Participating unitholders transactions:
Proceeds for issuance of units
Class F 305,571,772 58,584,929 -
Payments for redemption of units
Class F (367,768,199) (97,711,015) -
Change in net assets derived from unit transactions (62,196,427) (39,126,086) -
Total increase (decrease) in net assets 253,921,034 1,438,103 20,995,170
Net assets:
Beginning of year 1,870,548,858 184,771,923 52,752,084
End of year $ 2,124,469,892 $ 186,210,026 $ 73,747,254
Participating unitholders transactions:
Class F units issued 13,079,869 2,906,833 -
Class F units redeemed (15,548,323) (4,746,595) -
-
See accompanying notes to financial statements. 17
Wells Fargo Bank, N.A. Collective Investment Funds
Statements of Changes in Net Assets
Year ended December 31, 2020
Wells Fargo
Special Mid Cap
Value CIT
Wells Fargo
Special Small Cap
Value CIT
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ 2,026,119 $ 377,636
Net realized gain (loss) on investments (2,544,970) 889,961
Net change in unrealized appreciation (depreciation) of investments 24,495,759 6,613,000
Net increase (decrease) in net assets resulting from operations 23,976,908 7,880,597
Participating unitholders transactions:
Proceeds for issuance of units
Class E - 20,690,183
Class E2 170,371,588 -
Class N - 1,301,299
Class E1 13,987,276 (1) -
Payments for redemption of units
Class E - (3,750,423)
Class E2 (44,122,689) -
Class N - (2,866,832)
Change in net assets derived from unit transactions 140,236,175 15,374,227
Total increase (decrease) in net assets 164,213,083 23,254,824
Net assets:
Beginning of year 21,377,751 16,779,430
End of year $ 185,590,834 $ 40,034,254
Participating unitholders transactions:
Class E units issued - 2,887,403
Class E2 units issued 18,375,224 -
Class N units issued - 143,939
Class E1 units issued 1,426,280 (1) -
Class E units redeemed - (444,930)
Class E2 units redeemed (4,777,951) -
Class N units redeemed - (346,172)
(1) For the period from January 16, 2020 (commencement of operations) to December 31, 2020.
-
See accompanying notes to financial statements. 18
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Financial Highlights
Year ended December 31, 2020
Class TR Class F Class N
Per share operating performance:
Unit value, beginning of year $ 15.45 $ 12.19 $ 41.74
Income from investment operations:
Net investment income (loss)(1) 0.27 0.24 0.83
Net realized and unrealized gain (loss) on investments 1.05 0.85 2.87
Total from investment operations 1.32 1.09 3.70
Unit value, end of year $ 16.77 $ 13.28 $ 45.44
Total return 8.57% 8.92% 8.89%
Net assets, end of year $ 34,364,612 $ 621,515,499 $ 66,529,942
Ratios:
Ratio of expenses to average net assets 0.49% 0.17% 0.20%
Ratio of net investment income (loss) to average net assets 1.64% 1.89% 1.88%
Portfolio turnover rate 359% 359% 359%
(1) Based on average number of units outstanding.
-
See accompanying notes to financial statements. 19
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond II CIT
Financial Highlights
Year ended December 31, 2020
Class E Class EF1 Class EF2 Class E3 (1)
Per share operating performance:
Unit value, beginning of year $ 11.40 $ 11.41 $ 11.48 $ 12.26
Income from investment operations:
Net investment income (loss)(2) 0.20 0.22 0.24 0.08
Net realized and unrealized gain (loss) on
investments 0.84 0.82 0.83 0.19
Total from investment operations 1.04 1.04 1.07 0.27
Unit value, end of year $ 12.44 $ 12.45 $ 12.55 $ 12.53
Total return 9.12% 9.11% 9.32% 2.20% (3)
Net assets, end of year $ 46,106,827 $ 169,924,626 $ 63,795,130 $ 285,873,850
Ratios:
Ratio of expenses to average net assets 0.29% 0.25% 0.23% 0.20% (4)
Ratio of net investment income (loss) to average
net assets 1.68% 1.78% 2.02% 1.24% (4)
Portfolio turnover rate 353% 353% 353% 353%
(1) For the period from June 29, 2020 (commencement of operations) to December 31, 2020. (2) Based on average number of units outstanding. (3) Not annualized for periods less than one year. (4) Annualized for periods less than one year.
-
See accompanying notes to financial statements. 20
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Discovery CIT
Financial Highlights
Year ended December 31, 2020
Class E1 Class E2 Class N Class E (1)
Per share operating performance:
Unit value, beginning of year $ 10.97 $ 11.13 $ 11.00 $ 10.00
Income from investment operations:
Net investment income (loss)(2) (0.05) (0.05) (0.05) (0.02)
Net realized and unrealized gain (loss) on
investments 6.91 7.01 6.93 2.82
Total from investment operations 6.86 6.96 6.88 2.80
Unit value, end of year $ 17.83 $ 18.09 $ 17.88 $ 12.80
Total return 62.53% 62.53% 62.58% 27.99% (3)
Net assets, end of year $ 166,237,796 $ 453,196,907 $ 24,025,810 $ 19,059,656
Ratios:
Ratio of expenses to average net assets 0.63% 0.58% 0.57% 0.70% (4)
Ratio of net investment income (loss) to average
net assets (0.43)% (0.39)% (0.38)% (0.57)% (4)
Portfolio turnover rate 56% 56% 56% 56%
(1) For the period from August 25, 2020 (commencement of operations) to December 31, 2020. (2) Based on average number of units outstanding. (3) Not annualized for periods less than one year. (4) Annualized for periods less than one year.
-
See accompanying notes to financial statements. 21
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Emerging Growth CIT
Financial Highlights
Year ended December 31, 2020
Class E2 (1)
Per share operating performance:
Unit value, beginning of year $ 10.00
Income from investment operations:
Net investment income (loss)(2) (0.05)
Net realized and unrealized gain (loss) on investments 10.48
Total from investment operations 10.43
Unit value, end of year $ 20.43
Total return 104.35% (3)
Net assets, end of year $ 69,686,809
Ratios:
Ratio of expenses to average net assets 0.66% (4)
Ratio of net investment income (loss) to average net assets (0.42)% (4)
Portfolio turnover rate 40%
(1) For the period from March 31, 2020 (commencement of operations) to December 31, 2020. (2) Based on average number of units outstanding. (3) Not annualized for periods less than one year. (4) Annualized for periods less than one year.
-
See accompanying notes to financial statements. 22
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Emerging Markets Equity CIT
Financial Highlights
Year ended December 31, 2020
Class E1 Class E2 Class G1 Class MD Class N (1)
Per share operating performance:
Unit value, beginning of
year $ 10.86 $ 10.98 $ 11.15 $ 11.15 $ 10.00
Income from investment operations:
Net investment income
(loss)(2) 0.07 0.07 0.16 0.11 (0.00) (3)
Net realized and
unrealized gain (loss) on
investments 2.71 2.74 2.81 2.80 1.94
Total from investment
operations 2.78 2.81 2.97 2.91 1.94
Unit value, end of year $ 13.64 $ 13.79 $ 14.12 $ 14.06 $ 11.94
Total return 25.61% 25.59% 26.63% 25.99% 19.43% (4)
Net assets, end of year $ 65,936,296 $ 79,034,139 $ 264,367,194 $ 309,498,811 $ 10,024,096
Ratios:
Ratio of expenses to
average net assets 0.91% 0.86% 0.08% 0.58% 0.87% (5)
Ratio of net investment
income (loss) to average
net assets 0.61% 0.66% 1.44% 0.95% (0.10)% (5)
Portfolio turnover rate 12% 12% 12% 12% 12%
(1) For the period from August 28, 2020 (commencement of operations) to December 31, 2020. (2) Based on average number of units outstanding. (3) Amount is less than $ 0.005. (4) Not annualized for periods less than one year. (5) Annualized for periods less than one year.
-
See accompanying notes to financial statements. 23
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Enhanced Stock Market CIT
Financial Highlights
Year ended December 31, 2020
Class F Class N
Per share operating performance:
Unit value, beginning of year $ 14.80 $ 299.52
Income from investment operations:
Net investment income (loss)(1) 0.27 5.39
Net realized and unrealized gain (loss) on investments 2.26 45.69
Total from investment operations 2.53 51.08
Unit value, end of year $ 17.33 $ 350.60
Total return 17.08% 17.05%
Net assets, end of year $ 19,464,847 $ 349,233,916
Ratios:
Ratio of expenses to average net assets 0.13% 0.16%
Ratio of net investment income (loss) to average net assets 1.86% 1.81%
Portfolio turnover rate 47% 47%
(1) Based on average number of units outstanding.
-
See accompanying notes to financial statements. 24
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Growth CIT
Financial Highlights
Year ended December 31, 2020
Class F Class E2 Class E
Per share operating performance:
Unit value, beginning of year $ 25.51 $ 11.75 $ 10.91
Income from investment operations:
Net investment income (loss)(1) (0.01) (0.01) (0.02)
Net realized and unrealized gain (loss) on investments 12.66 5.84 5.42
Total from investment operations 12.65 5.83 5.40
Unit value, end of year $ 38.16 $ 17.58 $ 16.31
Total return 49.62% 49.58% 49.43%
Net assets, end of year $ 41,424,247 $ 80,156,265 $ 16,588,096
Ratios:
Ratio of expenses to average net assets 0.47% 0.50% 0.60%
Ratio of net investment income (loss) to average net assets (0.05)% (0.08)% (0.19)%
Portfolio turnover rate 42% 42% 42%
(1) Based on average number of units outstanding.
-
See accompanying notes to financial statements. 25
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Large Cap Intrinsic Value CIT
Financial Highlights
Year ended December 31, 2020
Class E2
Per share operating performance:
Unit value, beginning of year $ 69.72
Income from investment operations:
Net investment income (loss)(1) 0.95
Net realized and unrealized gain (loss) on investments 3.52
Total from investment operations 4.47
Unit value, end of year $ 74.19
Total return 6.40%
Net assets, end of year $ 170,253,148
Ratios:
Ratio of expenses to average net assets 0.40%
Ratio of net investment income (loss) to average net assets 1.47%
Portfolio turnover rate 37%
(1) Based on average number of units outstanding.
-
See accompanying notes to financial statements. 26
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Liability Driven Solution CIT I
Financial Highlights
Year ended December 31, 2020
Class F
Per share operating performance:
Unit value, beginning of year $ 16.81
Income from investment operations:
Net investment income (loss)(1) 0.48
Net realized and unrealized gain (loss) on investments 1.00
Total from investment operations 1.48
Unit value, end of year $ 18.29
Total return 8.79%
Net assets, end of year $ 1,159,738,544
Ratios:
Ratio of expenses to average net assets 0.16%
Ratio of net investment income (loss) to average net assets 2.77%
Portfolio turnover rate 246%
(1) Based on average number of units outstanding.
-
See accompanying notes to financial statements. 27
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Liability Driven Solution CIT II
Financial Highlights
Year ended December 31, 2020
Class F
Per share operating performance:
Unit value, beginning of year $ 21.54
Income from investment operations:
Net investment income (loss)(1) 0.64
Net realized and unrealized gain (loss) on investments 3.00
Total from investment operations 3.64
Unit value, end of year $ 25.18
Total return 16.90%
Net assets, end of year $ 2,124,469,892
Ratios:
Ratio of expenses to average net assets 0.16%
Ratio of net investment income (loss) to average net assets 2.67%
Portfolio turnover rate 159%
(1) Based on average number of units outstanding.
-
See accompanying notes to financial statements. 28
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Liability Driven Solution CIT III
Financial Highlights
Year ended December 31, 2020
Class F
Per share operating performance:
Unit value, beginning of year $ 17.34
Income from investment operations:
Net investment income (loss)(1) 0.53
Net realized and unrealized gain (loss) on investments 3.26
Total from investment operations 3.79
Unit value, end of year $ 21.13
Total return 21.81%
Net assets, end of year $ 186,210,026
Ratios:
Ratio of expenses to average net assets 0.16%
Ratio of net investment income (loss) to average net assets 2.58%
Portfolio turnover rate 139%
(1) Based on average number of units outstanding.
-
See accompanying notes to financial statements. 29
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Premier Large Company Growth CIT
Financial Highlights
Year ended December 31, 2020
Class E2
Per share operating performance:
Unit value, beginning of year $ 10.17
Income from investment operations:
Net investment income (loss)(1) 0.00 (2)
Net realized and unrealized gain (loss) on investments 4.05
Total from investment operations 4.05
Unit value, end of year $ 14.22
Total return 39.80%
Net assets, end of year $ 73,747,254
Ratios:
Ratio of expenses to average net assets 0.40%
Ratio of net investment income (loss) to average net assets 0.04%
Portfolio turnover rate 55%
(1) Based on average number of units outstanding. (2) Amount is less than $ 0.005.
-
See accompanying notes to financial statements. 30
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Special Mid Cap Value CIT
Financial Highlights
Year ended December 31, 2020
Class E2 Class E1 (1)
Per share operating performance:
Unit value, beginning of year $ 10.78 $ 10.00
Income from investment operations:
Net investment income (loss)(2) 0.12 0.10
Net realized and unrealized gain (loss) on investments 0.09 (0.01)
Total from investment operations 0.21 0.09
Unit value, end of year $ 10.99 $ 10.09
Total return 1.93% 0.93% (3)
Net assets, end of year $ 171,195,048 $ 14,395,786
Ratios:
Ratio of expenses to average net assets 0.53% 0.59% (4)
Ratio of net investment income (loss) to average net assets 1.34% 1.25% (4)
Portfolio turnover rate 63% 63%
(1) For the period from January 16, 2020 (commencement of operations) to December 31, 2020. (2) Based on average number of units outstanding. (3) Not annualized for periods less than one year. (4) Annualized for periods less than one year.
-
See accompanying notes to financial statements. 31
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Special Small Cap Value CIT
Financial Highlights
Year ended December 31, 2020
Class E Class N
Per share operating performance:
Unit value, beginning of year $ 10.40 $ 10.66
Income from investment operations:
Net investment income (loss)(1) 0.11 0.12
Net realized and unrealized gain (loss) on investments (0.11) (0.10)
Total from investment operations 0.00 0.02
Unit value, end of year $ 10.40 $ 10.68
Total return 0.01% 0.11%
Net assets, end of year $ 30,631,286 $ 9,402,968
Ratios:
Ratio of expenses to average net assets 0.76% 0.65%
Ratio of net investment income (loss) to average net assets 1.36% 1.34%
Portfolio turnover rate 44% 44%
(1) Based on average number of units outstanding.
-
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Schedule of Investments
December 31, 2020
See accompanying notes to financial statements. 32
Par
Value
Interest
Rate
Maturity
Date
Rating
(Unaudited) Cost
Fair
Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________
Corporate Bonds: 31.95%
Basic Materials: 0.88%
Barrick North America Finance
LLC 136,000 5.70 % 5/30/2041 BBB $ 151,076 $ 196,514
Dow Chemical Co 126,000 3.60 11/15/2050 BBB- 125,110 141,309
Dow Chemical Co 680,000 2.10 11/15/2030 BBB- 674,274 697,313
Dow Chemical Co 114,000 4.38 11/15/2042 BBB- 130,930 139,421
LYB International Finance III LLC 208,000 3.63 4/01/2051 BBB- 210,867 226,875
LYB International Finance III LLC 558,000 3.38 10/01/2040 BBB- 579,735 595,418
LYB International Finance III LLC 114,000 2.25 10/01/2030 BBB- 113,301 117,725
LYB International Finance III LLC 264,000 1.25 10/01/2025 BBB- 263,336 268,566
Newmont Corp 1,510,000 2.25 10/01/2030 BBB 1,554,878 1,588,262
Nucor Corp 237,000 2.00 6/01/2025 A- 237,114 250,937
Nucor Corp 303,000 2.70 6/01/2030 A- 308,348 333,007
Nutrien Ltd 229,000 5.00 4/01/2049 BBB 279,467 316,179
Nutrition & Biosciences, Inc(1) 124,000 1.23 10/01/2025 BBB 124,000 125,289
Reliance Steel & Aluminum Co 484,000 2.15 8/15/2030 BBB 483,061 496,994
Reliance Steel & Aluminum Co 187,000 1.30 8/15/2025 BBB 186,611 189,890
Teck Resources Ltd 104,000 6.13 10/01/2035 BBB- 131,363 134,014
Teck Resources Ltd 173,000 5.20 3/01/2042 BBB- 193,761 197,287
Teck Resources Ltd 277,000 6.25 7/15/2041 BBB- 344,685 353,710 ____________________________________ ____________________________________
Total Basic Materials 6,091,917 6,368,710 ____________________________________ ____________________________________
Communications: 2.79%
Alphabet, Inc 316,000 2.25 8/15/2060 AA+ 312,558 304,794
Amazon.com, Inc 259,000 2.50 6/03/2050 AA- 256,636 268,190
Amazon.com, Inc 235,000 2.70 6/03/2060 AA- 232,686 250,696
AT&T, Inc(1) 424,000 3.80 12/01/2057 BBB 440,525 440,367
AT&T, Inc 109,000 3.10 2/01/2043 BBB 111,036 110,244
AT&T, Inc 31,000 3.30 2/01/2052 BBB 30,979 30,678
AT&T, Inc 354,000 1.65 2/01/2028 BBB 353,789 361,020
AT&T, Inc 471,000 2.25 2/01/2032 BBB 470,391 477,521
AT&T, Inc(1) 418,000 3.50 9/15/2053 BBB 410,025 416,407
AT&T, Inc(1) 352,000 3.55 9/15/2055 BBB 349,450 350,128
AT&T, Inc(1) 326,000 3.65 9/15/2059 BBB 326,747 326,953
AT&T, Inc 713,000 2.30 6/01/2027 BBB 713,637 759,957
AT&T, Inc 713,000 2.75 6/01/2031 BBB 713,622 761,699
AT&T, Inc 237,000 3.50 6/01/2041 BBB 236,963 255,149
AT&T, Inc 237,000 3.85 6/01/2060 BBB 236,534 247,935
AT&T, Inc 548,000 3.00 6/30/2022 BBB 555,151 567,131
Charter Communications Operating
LLC / Charter Communications
Operating Capital 431,000 4.80 3/01/2050 BBB- 492,275 514,262
Charter Communications Operating
LLC / Charter Communications
Operating Capital 212,000 4.46 7/23/2022 BBB- 216,587 223,493
Comcast Corp 193,000 2.45 8/15/2052 A- 186,055 187,600
Comcast Corp 421,000 1.50 2/15/2031 A- 417,715 418,049
Comcast Corp 542,000 3.75 4/01/2040 A- 606,396 651,238
Comcast Corp 317,000 1.95 1/15/2031 A- 316,400 325,972
Comcast Corp 544,000 4.60 10/15/2038 A- 564,106 715,933
Comcast Corp 157,000 3.95 10/15/2025 A- 158,450 180,337
Comcast Corp 269,000 4.15 10/15/2028 A- 304,967 323,673
-
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Schedule of Investments
December 31, 2020
See accompanying notes to financial statements. 33
Par
Value
Interest
Rate
Maturity
Date
Rating
(Unaudited) Cost
Fair
Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________
Corporate Bonds (Continued)
T-Mobile USA, Inc(1) 103,000 3.00 % 2/15/2041 BBB- $ 102,530 $ 106,782
T-Mobile USA, Inc(1) 1,203,000 2.05 2/15/2028 BBB- 1,212,314 1,251,312
T-Mobile USA, Inc(1) 592,000 1.50 2/15/2026 BBB- 591,539 606,131
T-Mobile USA, Inc(1) 337,000 3.50 4/15/2025 BBB- 338,401 372,378
T-Mobile USA, Inc(1) 734,000 3.75 4/15/2027 BBB- 738,002 835,879
Time Warner Cable LLC 153,000 6.55 5/01/2037 BBB- 166,862 209,801
Verizon Communications, Inc 223,000 2.88 11/20/2050 BBB+ 227,740 224,457
Verizon Communications, Inc 105,000 3.00 11/20/2060 BBB+ 104,138 105,486
Verizon Communications, Inc 930,000 2.65 11/20/2040 BBB+ 929,760 939,166
Verizon Communications, Inc 835,000 1.75 1/20/2031 BBB+ 831,404 830,321
Verizon Communications, Inc 223,000 3.00 3/22/2027 BBB+ 223,671 246,929
Verizon Communications, Inc 289,000 4.52 9/15/2048 BBB+ 358,088 376,245
Verizon Communications, Inc 267,000 4.02 12/03/2029 BBB+ 297,469 316,679
Verizon Communications, Inc 92,000 4.27 1/15/2036 BBB+ 92,327 113,978
Verizon Communications, Inc 464,000 4.40 11/01/2034 BBB+ 465,524 578,636
Verizon Communications, Inc 517,000 3.50 11/01/2024 BBB+ 533,849 570,842
ViacomCBS, Inc 43,000 4.60 1/15/2045 BBB 48,408 51,394
ViacomCBS, Inc 8,000 4.95 5/19/2050 BBB 8,400 10,345
ViacomCBS, Inc 66,000 4.38 3/15/2043 BBB 71,002 77,859
ViacomCBS, Inc 367,000 4.75 5/15/2025 BBB 367,665 425,997
ViacomCBS, Inc 700,000 4.20 5/19/2032 BBB 688,675 843,091
ViacomCBS, Inc 155,000 5.85 9/01/2043 BBB 198,451 215,313
Vodafone Group PLC 421,000 4.25 9/17/2050 BBB 426,499 521,489
Walt Disney Co 271,000 3.50 5/13/2040 BBB+ 272,393 318,117
Walt Disney Co 242,000 3.60 1/13/2051 BBB+ 242,936 293,184
Walt Disney Co 169,000 3.80 5/13/2060 BBB+ 170,066 214,250 ____________________________________ ____________________________________
Total Communications 18,721,793 20,125,487 ____________________________________ ____________________________________
Consumer, Cyclical: 2.76%
Advance Auto Parts, Inc 719,000 3.90 4/15/2030 BBB- 746,485 826,383
Advance Auto Parts, Inc 461,000 1.75 10/01/2027 BBB- 460,072 467,988
BorgWarner, Inc 494,000 2.65 7/01/2027 BBB 494,002 530,976
Costco Wholesale Corp 1,339,000 1.60 4/20/2030 A+ 1,337,812 1,371,302
Costco Wholesale Corp 153,000 1.75 4/20/2032 A+ 153,204 158,911
Delta Air Lines, Inc / SkyMiles IP
Ltd(1) 535,000 4.75 10/20/2028 548,854 583,743
Delta Air Lines, Inc / SkyMiles IP
Ltd(1) 892,000 4.50 10/20/2025 915,493 953,276
General Motors Co 446,000 5.40 4/01/2048 BBB 462,600 560,814
General Motors Financial Co, Inc 1,035,000 2.70 8/20/2027 BBB 1,039,575 1,097,224
General Motors Financial Co, Inc 734,000 1.70 8/18/2023 BBB 733,901 752,852
General Motors Financial Co, Inc 687,000 2.75 6/20/2025 BBB 686,545 734,465
General Motors Financial Co, Inc 503,000 5.20 3/20/2023 BBB 504,431 551,503
Harley-Davidson Financial Services,
Inc(1) 454,000 3.35 6/08/2025 BBB 454,580 491,672
Home Depot, Inc 454,000 3.35 4/15/2050 A 520,773 539,275
Home Depot, Inc 92,000 3.30 4/15/2040 A 105,347 108,279
Home Depot, Inc 126,000 2.95 6/15/2029 A 136,730 143,152
Home Depot, Inc 632,000 3.13 12/15/2049 A 640,913 727,765
Home Depot, Inc 275,000 2.70 4/15/2030 A 287,946 306,766
Hyundai Capital America(1) 345,000 2.38 10/15/2027 BBB+ 345,183 361,571
Hyundai Capital America(1) 580,000 1.80 10/15/2025 BBB+ 583,437 594,523
-
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Schedule of Investments
December 31, 2020
See accompanying notes to financial statements. 34
Par
Value
Interest
Rate
Maturity
Date
Rating
(Unaudited) Cost
Fair
Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________
Corporate Bonds (Continued)
Hyundai Capital America(1) 345,000 1.25 % 9/18/2023 BBB+ $ 344,785 $ 349,064
Lowe's Cos, Inc 599,000 1.70 10/15/2030 BBB+ 596,907 604,379
Marriott International, Inc 410,000 5.75 5/01/2025 BBB- 453,867 479,489
Marriott International, Inc 85,000 4.63 6/15/2030 BBB- 86,540 99,695
McDonald's Corp 340,000 3.70 1/30/2026 BBB+ 383,134 387,205
McDonald's Corp 172,000 1.45 9/01/2025 BBB+ 171,921 178,327
McDonald's Corp 63,000 2.13 3/01/2030 BBB+ 63,138 66,387
NIKE, Inc 267,000 3.38 3/27/2050 AA- 280,518 327,860
Nissan Motor Co Ltd(1) 274,000 4.81 9/17/2030 BBB- 274,000 308,744
Nissan Motor Co Ltd(1) 607,000 4.35 9/17/2027 BBB- 607,000 670,181
Nissan Motor Co Ltd(1) 373,000 3.52 9/17/2025 BBB- 373,000 399,876
O'Reilly Automotive, Inc 603,000 1.75 3/15/2031 BBB 600,313 603,563
O'Reilly Automotive, Inc 230,000 4.20 4/01/2030 BBB 231,767 276,924
Ralph Lauren Corp 384,000 1.70 6/15/2022 A- 384,037 390,974
Southwest Airlines Co 711,000 5.13 6/15/2027 BBB 714,972 845,494
Southwest Airlines Co 475,000 4.75 5/04/2023 BBB 486,451 516,239
Starbucks Corp 225,000 3.35 3/12/2050 BBB+ 239,665 251,053
Starbucks Corp 282,000 1.30 5/07/2022 BBB+ 282,024 285,938
Starbucks Corp 246,000 2.55 11/15/2030 BBB+ 264,312 265,960
Starbucks Corp 489,000 3.50 11/15/2050 BBB+ 522,757 561,189
Walmart, Inc 208,000 3.05 7/08/2026 AA 225,847 234,113
Walmart, Inc 6,000 4.05 6/29/2048 AA 5,760 8,128 ____________________________________ ____________________________________
Total Consumer, Cyclical 18,750,598 19,973,222 ____________________________________ ____________________________________
Consumer, Non-cyclical: 5.64%
AbbVie, Inc 692,000 2.30 11/21/2022 BBB+ 692,988 717,406
AbbVie, Inc 222,000 2.95 11/21/2026 BBB+ 219,146 245,571
AbbVie, Inc 937,000 3.20 11/21/2029 BBB+ 992,788 1,049,560
AbbVie, Inc 257,000 4.05 11/21/2039 BBB+ 271,198 310,070
AbbVie, Inc 894,000 4.25 11/21/2049 BBB+ 1,039,336 1,120,512
AbbVie, Inc 924,000 3.80 3/15/2025 BBB+ 991,324 1,030,621
AbbVie, Inc 163,000 4.45 5/14/2046 BBB+ 189,020 207,040
AbbVie, Inc 161,000 4.30 5/14/2036 BBB+ 194,446 198,002
AbbVie, Inc 61,000 3.75 11/14/2023 BBB+ 58,842 66,509
AbbVie, Inc 166,000 4.25 11/14/2028 BBB+ 192,318 199,249
Adani International Container
Terminal Pvt Ltd(1) 238,000 3.00 2/16/2031 BBB- 238,000 238,587
Adani Ports & Special Economic
Zone Ltd(1) 428,000 4.20 8/04/2027 BBB- 428,000 458,414
Aetna, Inc 175,000 3.88 8/15/2047 BBB 156,472 208,367
Altria Group, Inc 96,000 2.35 5/06/2025 BBB 96,111 101,979
Altria Group, Inc 200,000 4.45 5/06/2050 BBB 205,114 236,049
Altria Group, Inc 194,000 3.88 9/16/2046 BBB 200,625 204,595
Amgen, Inc 79,000 3.15 2/21/2040 A- 83,787 86,845
Anheuser-Busch Cos LLC /
Anheuser-Busch InBev
Worldwide, Inc 627,000 4.70 2/01/2036 BBB+ 741,807 795,291
Anheuser-Busch Cos LLC /
Anheuser-Busch InBev
Worldwide, Inc 352,000 4.90 2/01/2046 BBB+ 428,438 458,109
Anheuser-Busch InBev Worldwide,
Inc 203,000 3.75 7/15/2042 BBB+ 225,463 230,602
-
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Schedule of Investments
December 31, 2020
See accompanying notes to financial statements. 35
Par
Value
Interest
Rate
Maturity
Date
Rating
(Unaudited) Cost
Fair
Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________
Corporate Bonds (Continued)
Anheuser-Busch InBev Worldwide,
Inc 659,000 4.38 % 4/15/2038 BBB+ $ 789,943 $ 814,984
Anheuser-Busch InBev Worldwide,
Inc 592,000 4.60 4/15/2048 BBB+ 706,406 747,901
Anheuser-Busch InBev Worldwide,
Inc 468,000 4.15 1/23/2025 BBB+ 482,410 532,881
Anthem, Inc 1,038,000 2.25 5/15/2030 A 1,058,212 1,101,879
Bacardi Ltd(1) 281,000 4.70 5/15/2028 BBB- 326,778 333,213
Bacardi Ltd(1) 187,000 5.15 5/15/2038 BBB- 229,663 238,941
Bacardi Ltd(1) 302,000 5.30 5/15/2048 BBB- 390,771 418,259
BAT Capital Corp 121,000 4.91 4/02/2030 BBB+ 145,127 146,058
BAT Capital Corp 24,000 2.26 3/25/2028 BBB+ 24,000 24,902
BAT Capital Corp 868,000 2.73 3/25/2031 BBB+ 868,724 898,503
BAT Capital Corp 475,000 4.70 4/02/2027 BBB+ 478,503 558,331
BAT Capital Corp 443,000 3.56 8/15/2027 BBB+ 456,535 493,083
BAT International Finance PLC 745,000 1.67 3/25/2026 BBB+ 745,179 762,415
Bristol-Myers Squibb Co 180,000 4.25 10/26/2049 A+ 203,087 243,367
Bristol-Myers Squibb Co 319,000 3.45 11/15/2027 A+ 341,272 367,853
Bristol-Myers Squibb Co 343,000 3.90 2/20/2028 A+ 374,298 405,942
Bristol-Myers Squibb Co 106,000 4.35 11/15/2047 A+ 124,885 142,136
Bristol-Myers Squibb Co 474,000 0.75 11/13/2025 A+ 473,338 477,134
Bristol-Myers Squibb Co 712,000 1.13 11/13/2027 A+ 711,705 718,860
Bristol-Myers Squibb Co 831,000 1.45 11/13/2030 A+ 829,664 834,676
Bristol-Myers Squibb Co 178,000 2.35 11/13/2040 A+ 177,702 182,912
Bristol-Myers Squibb Co 546,000 2.55 11/13/2050 A+ 544,681 557,392
Bristol-Myers Squibb Co 290,000 3.40 7/26/2029 A+ 308,680 337,468
Bunge Ltd Finance Corp 599,000 3.25 8/15/2026 BBB 650,884 665,531
Bunge Ltd Finance Corp 415,000 3.75 9/25/2027 BBB 453,350 473,034
Bunge Ltd Finance Corp 590,000 1.63 8/17/2025 BBB 591,652 609,645
Cigna Corp 355,000 3.88 10/15/2047 A- 377,042 419,800
Cigna Corp 488,000 3.40 9/17/2021 A- 488,449 498,487
Constellation Brands, Inc 109,000 3.20 2/15/2023 BBB 108,090 115,175
Constellation Brands, Inc 66,000 3.70 12/06/2026 BBB 64,883 75,514
Constellation Brands, Inc 34,000 4.40 11/15/2025 BBB 34,079 39,471
CVS Health Corp 350,000 2.70 8/21/2040 BBB 351,472 353,566
CVS Health Corp 113,000 1.75 8/21/2030 BBB 111,117 113,603
CVS Health Corp 313,000 4.30 3/25/2028 BBB 364,822 372,562
CVS Health Corp 239,000 3.00 8/15/2026 BBB 242,093 264,671
CVS Health Corp 79,000 3.70 3/09/2023 BBB 80,062 84,567
CVS Health Corp 171,000 4.78 3/25/2038 BBB 180,556 215,780
Danaher Corp 283,000 2.60 10/01/2050 BBB+ 280,533 293,249
Danaher Corp 222,000 3.35 9/15/2025 BBB+ 232,645 248,486
DH Europe Finance II Sarl 353,000 2.05 11/15/2022 BBB+ 354,037 364,109
DH Europe Finance II Sarl 608,000 2.20 11/15/2024 BBB+ 610,300 644,262
DH Europe Finance II Sarl 451,000 2.60 11/15/2029 BBB+ 461,670 492,983
DH Europe Finance II Sarl 4,000 3.40 11/15/2049 BBB+ 4,049 4,741
Element Fleet Management Corp(1) 454,000 3.85 6/15/2025 BBB 455,036 483,808
Eli Lilly and Co 335,000 2.25 5/15/2050 A+ 333,408 328,595
General Mills, Inc 160,000 2.88 4/15/2030 BBB 163,878 177,312
Gilead Sciences, Inc 360,000 1.65 10/01/2030 BBB+ 359,178 360,963
Gilead Sciences, Inc 360,000 1.20 10/01/2027 BBB+ 359,763 362,324
-
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Schedule of Investments
December 31, 2020
See accompanying notes to financial statements. 36
Par
Value
Interest
Rate
Maturity
Date
Rating
(Unaudited) Cost
Fair
Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________
Corporate Bonds (Continued)
Gilead Sciences, Inc 169,000 2.80 % 10/01/2050 BBB+ $ 168,001 $ 167,430
Gilead Sciences, Inc 384,000 2.60 10/01/2040 BBB+ 382,524 387,113
HCA, Inc 118,000 5.25 6/15/2049 BBB- 141,999 155,606
HCA, Inc 119,000 5.13 6/15/2039 BBB- 145,829 152,085
Hutama Karya Persero PT(1) 278,000 3.75 5/11/2030 276,927 310,665
Johnson & Johnson 80,000 2.10 9/01/2040 AAA 79,506 80,485
Keurig Dr Pepper, Inc 231,000 3.80 5/01/2050 BBB 246,450 276,172
Leland Stanford Junior University 91,000 1.29 6/01/2027 AAA 91,069 93,644
Mars, Inc(1) 572,000 1.63 7/16/2032 A 575,226 566,959
Merck & Co, Inc 47,000 2.45 6/24/2050 AA- 45,913 48,563
Merck & Co, Inc 161,000 2.35 6/24/2040 AA- 159,624 166,349
Merck & Co, Inc 154,000 3.70 2/10/2045 AA- 173,174 192,243
PayPal Holdings, Inc 611,000 1.35 6/01/2023 BBB+ 611,028 625,572
PayPal Holdings, Inc 858,000 1.65 6/01/2025 BBB+ 859,158 896,242
Perrigo Finance Unlimited Co 237,000 4.90 12/15/2044 BBB- 260,721 264,311
Perrigo Finance Unlimited Co 236,000 3.15 6/15/2030 BBB- 250,836 252,092
Pfizer, Inc 213,000 2.80 3/11/2022 A+ 213,322 219,390
Regeneron Pharmaceuticals, Inc 274,000 2.80 9/15/2050 BBB+ 272,861 265,236
Regeneron Pharmaceuticals, Inc 1,286,000 1.75 9/15/2030 BBB+ 1,275,957 1,265,626
Royalty Pharma PLC(1) 299,000 3.55 9/02/2050 BBB- 296,923 318,560
Royalty Pharma PLC(1) 115,000 1.20 9/02/2025 BBB- 113,838 116,734
Royalty Pharma PLC(1) 115,000 0.75 9/02/2023 BBB- 114,329 115,542
Shire Acquisitions Investments
Ireland DAC 461,000 2.88 9/23/2023 BBB+ 469,547 488,826
Stryker Corp 209,000 1.95 6/15/2030 A- 208,435 214,932
Stryker Corp 333,000 2.90 6/15/2050 A- 332,546 352,725
Stryker Corp 474,000 1.15 6/15/2025 A- 473,330 483,539
Sysco Corp 117,000 6.60 4/01/2050 BBB- 118,837 179,922
Takeda Pharmaceutical Co Ltd 396,000 3.18 7/09/2050 BBB+ 396,000 421,281
Takeda Pharmaceutical Co Ltd 861,000 2.05 3/31/2030 BBB+ 868,738 880,443
Takeda Pharmaceutical Co Ltd 455,000 4.40 11/26/2023 BBB+ 487,279 504,022
Thermo Fisher Scientific, Inc 829,000 4.50 3/25/2030 BBB+ 887,252 1,035,537
Trustees of the University of
Pennsylvania 1,000 3.61 2/15/2119 AA+ 1,125 1,123
UnitedHealth Group, Inc 190,000 3.75 10/15/2047 A+ 211,042 235,608
UnitedHealth Group, Inc 170,000 2.75 5/15/2040 A+ 165,812 184,111
UnitedHealth Group, Inc 239,000 3.70 12/15/2025 A+ 245,106 274,214
UnitedHealth Group, Inc 77,000 3.50 8/15/2039 A+ 78,915 91,477
UnitedHealth Group, Inc 121,000 3.88 8/15/2059 A+ 131,118 156,320
Yale University 340,000 1.48 4/15/2030 AAA 340,288 348,789
Yale University 396,000 0.87 4/15/2025 AAA 396,194 402,171 ____________________________________ ____________________________________
Total Consumer, Non-cyclical 38,716,613 40,756,365 ____________________________________ ____________________________________
Energy: 2.79%
Aker BP ASA(1) 597,000 2.88 1/15/2026 BBB- 594,610 609,119
Aker BP ASA(1) 308,000 4.00 1/15/2031 BBB- 303,037 333,460
BP Capital Markets America, Inc 453,000 1.75 8/10/2030 A- 453,034 454,471
BP Capital Markets America, Inc 543,000 2.77 11/10/2050 A- 538,194 536,188
BP Capital Markets America, Inc 552,000 3.19 4/06/2025 A- 554,282 606,880
BP Capital Markets America, Inc 556,000 3.54 4/06/2027 A- 563,071 632,528
Concho Resources, Inc 276,000 2.40 2/15/2031 BBB- 275,741 288,699
Devon Energy Corp 518,000 5.85 12/15/2025 BBB- 606,802 608,703
-
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Schedule of Investments
December 31, 2020
See accompanying notes to financial statements. 37
Par
Value
Interest
Rate
Maturity
Date
Rating
(Unaudited) Cost
Fair
Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________
Corporate Bonds (Continued)
Devon Energy Corp 179,000 5.60 % 7/15/2041 BBB- $ 195,486 $ 218,640
Devon Energy Corp 118,000 5.00 6/15/2045 BBB- 94,115 139,286
Diamondback Energy, Inc 684,000 3.25 12/01/2026 BBB- 690,626 730,114
Diamondback Energy, Inc 407,000 3.50 12/01/2029 BBB- 417,396 434,588
Ecopetrol SA 260,000 5.88 5/28/2045 BBB- 252,698 314,730
Enbridge, Inc 1,052,000 2.50 1/15/2025 BBB+ 1,056,198 1,126,203
Enbridge, Inc 480,000 3.13 11/15/2029 BBB+ 484,838 527,511
Energy Transfer LP / Regency
Energy Finance Corp 144,000 4.50 11/01/2023 BBB- 153,596 155,813
Energy Transfer Operating LP 89,000 6.00 6/15/2048 BBB- 102,752 105,777
Energy Transfer Operating LP 156,000 4.75 1/15/2026 BBB- 168,998 176,470
Energy Transfer Operating LP 325,000 4.25 3/15/2023 BBB- 340,348 345,342
Energy Transfer Operating LP 71,000 4.50 4/15/2024 BBB- 76,014 77,640
Energy Transfer Operating LP 168,000 4.20 4/15/2027 BBB- 176,910 185,050
Energy Transfer Operating LP 1,066,000 4.05 3/15/2025 BBB- 1,129,914 1,169,181
Energy Transfer Operating LP 56,000 3.60 2/01/2023 BBB- 57,886 58,664
Energy Transfer Operating LP 162,000 5.50 6/01/2027 BBB- 181,502 190,843
Energy Transfer Operating LP 100,000 6.05 6/01/2041 BBB- 114,498 116,982
Enterprise Products Operating LLC 207,000 3.70 1/31/2051 BBB+ 208,273 227,451
Enterprise Products Operating LLC 230,000 3.95 1/31/2060 BBB+ 229,071 254,089
Equinor ASA 278,000 1.75 1/22/2026 AA- 277,540 291,967
Equinor ASA 163,000 3.25 11/18/2049 AA- 161,478 180,807
Galaxy Pipeline Assets Bidco Ltd(1) 312,000 2.63 3/31/2036 312,000 323,648
Galaxy Pipeline Assets Bidco Ltd(1) 661,000 1.75 9/30/2027 661,000 670,925
Gray Oak Pipeline LLC(1) 238,000 2.60 10/15/2025 BBB 237,893 245,247
HollyFrontier Corp 240,000 2.63 10/01/2023 BBB- 239,869 245,264
Marathon Oil Corp 110,000 6.80 3/15/2032 BBB- 129,403 135,406
Marathon Oil Corp 115,000 5.20 6/01/2045 BBB- 124,003 131,710
Marathon Oil Corp 140,000 3.85 6/01/2025 BBB- 148,008 150,044
Marathon Oil Corp 587,000 4.40 7/15/2027 BBB- 535,642 652,287
MPLX LP 353,000 1.75 3/01/2026 BBB 352,530 365,236
MPLX LP 474,000 2.65 8/15/2030 BBB 473,959 496,484
Oleoducto Central SA(1) 200,000 4.00 7/14/2027 BBB- 204,943 217,102
ONEOK, Inc 44,000 3.10 3/15/2030 BBB 45,426 46,848
ONEOK, Inc 103,000 3.40 9/01/2029 BBB 107,698 110,178
Petroleos Mexicanos 347,400 2.38 4/15/2025 347,400 361,879
Pioneer Natural Resources Co 594,000 1.90 8/15/2030 BBB 589,145 588,067
Plains All American Pipeline LP /
PAA Finance Corp 1,031,000 3.55 12/15/2029 BBB- 1,045,490 1,078,409
Plains All American Pipeline LP /
PAA Finance Corp 96,000 4.90 2/15/2045 BBB- 96,156 101,743
Saudi Arabian Oil Co(1) 348,000 2.25 11/24/2030 345,953 354,180
Saudi Arabian Oil Co(1) 348,000 1.63 11/24/2025 347,888 356,525
Suncor Energy, Inc 470,000 3.10 5/15/2025 BBB+ 471,236 514,698
Sunoco Logistics Partners
Operations LP 246,000 4.00 10/01/2027 BBB- 264,870 269,085
Sunoco Logistics Partners
Operations LP 144,000 4.25 4/01/2024 BBB- 153,023 155,900
Sunoco Logistics Partners
Operations LP 54,000 3.45 1/15/2023 BBB- 55,642 56,331
Total Capital International SA 346,000 3.13 5/29/2050 A+ 346,767 374,273
-
Wells Fargo Bank, N.A. Collective Investment Funds
Wells Fargo Core Bond CIT
Schedule of Investments
December 31, 2020
See accompanying notes to financial statements. 38
Par
Value
Interest
Rate
Maturity
Date
Rating
(Unaudited) Cost
Fair
Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________
Corporate Bonds (Continued)
Transcontinental Gas Pipe Line Co
LLC 366,000 3.95 % 5/15/2050 BBB $ 364,368 $ 413,255
Transcontinental Gas Pipe Line Co
LLC 227,000 3.25 5/15/2030 BBB 226,548 254,238
Valero Energy Corp 226,000 1.20 3/15/2024 BBB 225,883 228,054
Williams Cos, Inc 157,000 3.90 1/15/2025 BBB 160,153 174,044 ____________________________________ ____________________________________
Total Energy 19,071,804 20,168,256 ____________________________________ ____________________________________
Financial: 10.68%
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust 150,000 4.63 7/01/2022 BBB 144,268 157,840
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust 480,000 6.50 7/15/2025 BBB 475,413 573,707
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust 452,000 3.15 2/15/2024 BBB 449,215 473,673
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust 226,000 3.50 5/26/2022 BBB 217,529 233,791
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust 235,000 4.88 1/16/2024 BBB 225,506 256,475
AerCap Ireland Capital Ltd /
AerCap Global Aviation Trust 150,000 3.95 2/01/2022 BBB 144,999 154,237
Agree LP 165,000 2.90 10/01/2030 BBB 165,179 175,181
Ally Financial, Inc 735,000 5.13 9/30/2024 BBB- 817,126 847,193
Ally Financial, Inc 794,000 5.75 11/20/2025 BB+ 923,214 924,218
Ally Financial, Inc 920,000 1.45 10/02/2023 BBB- 915,434 939,088
American International Group, Inc 295,000 4.38 6/30/2050 BBB+ 385,674 385,585
American International Group, Inc 460,000 4.75 4/01/2048 BBB+ 580,692 612,729
American International Group, Inc 499,000 3.40 6/30/2030 BBB+ 501,301 571,406
American International Group, Inc 333,000 4.20 4/01/2028 BBB+ 336,076 395,182
Andrew W Mellon Foundation 271,000 0.95 8/01/2027 AAA 270,975 270,712
Arch Capital Group Ltd 294,000 3.64 6/30/2050 BBB+ 295,357 341,525
Ares Capital Corp 369,000 3.88 1/15/2026 BBB