Managed Income Fund - Wells Fargo Synthetic Stable Value Fund MC SECOND QUARTER 2021

FUND OVERVIEW AS OF 6/30/21 OBJECTIVE The Fund seeks safety of principal and consistency of returns while attempting to maintain FUND FACTS minimal volatility. The Fund is designed for seeking more income than money CUSIP 949791669 market funds without the price fluctuation of stock or funds. Inception Date May 20, 2019 INVESTMENT STRATEGY Fund Assets $3,040,8224,867 The Fund’s underlying strategy is managed in a conservative style that utilizes a Fund Advisor Galliard Capital Management, Inc. disciplined value investing process to build a high quality portfolio with broad diversification Fund Subadviors Dodge & Cox and an emphasis on risk control. Our core investment philosophy is to build a portfolio of IR+M realizable through bottom-up, fundamental research, utilizing a team-based approach Jennison Assoc. to portfolio management. Galliard’s fixed income portfolios emphasize high quality spread Payden & Rygel sectors, diversification across sectors and issuers to reduce risk, neutral duration positioning, TCW and a laddered portfolio structure for ample natural liquidity. Fund Trustee Wells Fargo , N.A. The majority of the Fund’s assets will be invested in fixed income portfolios that are wrapped Valuation Frequency Daily by stable value contracts which allow fund participants to transact at book value. The Fund will hold cash in order to maintain sufficient liquidity, and may also invest in traditional GICs. Expense Ratio 0.37% The Fund utilizes high credit quality stable value contract issuers, with an emphasis on diversification. FUND CHARACTERISTICS INVESTMENT RISK The Fund’s investment contracts are designed to allow for participant transactions at book Conservative Moderate Aggressive value. A principal risk of the Fund is investment contract risk. This includes the risk that Money Markets Bond Funds Stock Funds the issuer will default on its obligation under the contract or that another event of default STABLE VALUE may occur under the contract rendering it invalid; that the contract will lapse before a replacement contract with favorable terms can be secured; or that the occurrence of certain Blended Yield (after fees)1 1.53% other events including employer-initiated events, could cause the contract to lose its book Effective Duration 3.04 Years value withdrawal features. These risks may result in a loss in value to a contract holder. Other primary risks include default risk, which is the possibility that instruments the Fund holds Number of Investment Contract Issuers 7 will not meet scheduled interest and/or principal payments; risk, which includes Number of Underlying Issues 2,840 the risk of reinvesting cash flows at lower interest rates; and liquidity risk, which includes the Market to Book Value Ratio 103.1% effect of very large unexpected withdrawals on the Fund’s total value. The occurrence of any Annualized Turnover2 (as of 12/31/20) 59.11% of these events could cause the Fund to lose value. INVESTMENT PERFORMANCE INVESTMENT CONTRACT ISSUERS Annualized Performance 2Q’213 YTD3 1 Year 3 Year 5 Year 10 Year Issuer S&P Rating % of Fund Managed Income Fund (after fees)1 0.38 0.79 1.79 2.08 1.97 2.01 Transamerica Life Ins. Co. A+ 18.1 Benchmark4 (0.01) (0.03) 0.08 1.99 1.37 0.90 Metropolitan Life Ins. Co. AA- 15.8 FTSE 3-Month T-Bill 0.01 0.03 0.08 1.31 1.14 0.60 Prudential Life Ins. Co. of America AA- 15.7 Massachusetts Mutual Life Ins. Co. AA+ 13.1

American General Life Ins. Co. A+ 13.0 Calendar Year Performance 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Pacific Life Ins. Co. AA- 12.8 Managed Income Fund (after fees)1 3.86 2.29 2.05 1.72 1.65 1.73 1.72 2.06 2.34 2.96 State Street Bank and Trust Co. AA- 9.3 Benchmark4 1.84 2.90 1.72 0.63 0.58 0.29 0.33 0.20 0.25 0.81 SECTOR ALLOCATION OF THE FTSE 3-Month T-Bill 0.58 2.25 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 UNDERLYING FIXED INCOME PORTFOLIO Consumer Price Index5 1.36 2.29 1.67 2.11 2.07 0.73 0.76 1.51 1.74 2.96 Fund (%) U.S. Treasury/Agency 26.9 Other U.S. Government 4.2 Corporate/Taxable Muni/Not for Profit 34.2 Mortgage Backed Securities (MBS) 17.7 1: The Managed Income Fund - denoted as the Wells Fargo Synthetic Stable Value Fund MC within the Wells Fargo Asset Backed Securities (ABS) 13.5 Declaration of Trust (the “Fund”) is a collective trust fund for which Wells Fargo Bank, N.A. is investment manager and trustee. Galliard Capital Management, a wholly-owned subsidiary of Wells Fargo Asset Management Holdings, LLC, serves Guaranteed Investment Contracts (GICs) 0.5 as advisor to the Fund. Performance is net of all fees and includes all income, realized and unrealized capital gains Sovereign/Supranationals 0.1 and losses and all annual fund operating expenses. Returns may have been impacted by the effect of compounding and have been rounded to the nearest basis point. The Fund is 100% invested in the Managed Income Fund - Wells Fargo Cash/Equivalents 3.0 Synthetic Stable Value Fund. While the Managed Income Fund has been in existence since 1998, the Managed Income Fund - Synthetic Stable Value Fund MC has only been available since May 2019. In order to illustrate the impact of fees SUBADVISOR DIVERSIFICATION against the historical gross performance of the Fund, the historical gross performance of the Fund has been reduced by Fund (%) fees, which are currently 15 bps, as well as other applicable fees for the periods reported, and the Galliard 66.7 resulting amount is reported as performance “after fees.” The Fund is not insured by the FDIC, Bank, nor guaranteed by Wells Fargo or any affiliate, including Galliard Capital Management. Past performance is not an Dodge & Cox 6.3 indication of how the investment will perform in the future. FOR INSTITUTIONAL USE ONLY. IR+M 6.3 2: Please refer to the Fund’s Disclosure Booklet for information regarding methodology of turnover calculation. 3: Returns for periods less than one year are not annualized. Jennison Assoc. 5.6 4: 50% FTSE 3-Month T-Bill plus 50% ICE BofA 1-3 Year Treasury Index. While it is believed that the benchmark used here Payden & Rygel 6.3 represents an appropriate point of comparison for the Fund referenced above, prospective investors should be aware that TCW 6.3 the volatility of the above referenced benchmark or index may be substantially different from that of the Fund; and holdings in the Fund may differ significantly from the benchmark or index if the investment guidelines and criteria are different than GICs 0.5 the Fund. Cash/Equivalents 2.1 5: Consumer Price Index as reported on 7/2/21. SSVMC072021 Managed Income Fund - Wells Fargo Synthetic Stable Value Fund MC SECOND QUARTER 2021

TOTAL ANNUAL FUND OPERATING EXPENSES Total Annual Operating Expenses are deducted directly from the Fund’s net asset value and reduce the investment option’s .

Expense Ratio Expenses Per $1,000 (as of 6/30/21) ABOUT GALLIARD Investment Management Fees paid to Galliard1 0.144% $1.44 Galliard specializes in stable value and fixed 2 income management and currently manages Acquired Fund Fees 0.219% $2.19 $92.5 billion in assets for institutional investors. Investment Contract Fees3 0.156% $1.56 The firm is headquartered in Minneapolis. Other Acquired Fund Fees and Non-Affiliated Investment Management Fees paid to 0.063% $0.63 Non-Affiliated Investment Advisors4 Other Expenses5 0.005% $0.05 Administrative Expense None None Audit, Valuation and 5500 fees 0.005% $0.05 Trustee Fees None None 12b-1 Distribution Fee None None

FOR MORE INFORMATION Total Annual Fund Operating Expenses6 0.369% $3.69 Contact your plan administrator Please visit http://www.galliard.com/stablevaluecollectivefunds for additional information about this investment option.

1: Fees are calculated using a tiered schedule with asset breakpoints, starting at 15 bps on the first $300M. 2: These are fees borne indirectly by the Fund when it acquires an interest in another fund which pays its own separate fees. 3: These are fees paid to create and maintain the used by a stable value fund. Galliard Capital Management, Inc. 4: Includes audit fees for the cost of producing a report by a qualified auditor. 800 LaSalle Avenue, Suite 1400 5: Audit and 5500 fees are capped at 1.2 bps until the Fund reaches $50M in assets or three years from Fund inception date of 5/20/19, whichever comes first. Galliard Capital Management will pay any Audit Minneapolis, MN 55402-2054 and 5500 fees in excess of 1.2 bps during this period. www.Galliard.com | 800.717.1617 6: Total Annual Fund Operating Expenses are reflected daily in the Fund’s net asset value (NAV). Total may not add due to rounding.