Trumbull Police Pension Board of Trustees Meeting Police Headquarters – Line-Up Room 158 Edison Road

TRUMBULL POLICE PENSION TRUSTEES PENSION BOARD RAYMOND G. BALDWIN, JR., CHAIRMAN ANGELO MAGLIOCCO, VICE CHAIRMAN 158 EDISON ROAD John Vazzano, Secretary TRUMBULL, CONNECTICUT 06611 MICHAEL LOMBARDO, CHIEF OF POLICE

DONALD ALLEN P (203) 261-3665 R C F (203) 452-5162 OBERT OPPOLA LISA LABELLA

EDGAR PEREZ Christian Trefz ALBERT ZAMARY

AGENDA

Special Meeting Trumbull Police Pension Board of Trustees Meeting Police Headquarters – Line-Up Room 158 Edison Road

December 10, 2019 5:30 p.m.

I. Call Meeting to Order

II. Approval of November 12, 2019 Special Police Pension Board minutes

III. New Business  Quarterly Report Update from Michael Quirini, Wells Fargo

IV. Old Business  Update on Danielle Petruso - Disbursement of Police Pension Funds  Update on letter Agreement with Reid & Riege to review QDRO for Officer Thomas Dzurenda

V. Approval of 2020 Trumbull Police Pension Board Meeting Schedule

VI. Adjournment

TRUMBULL POLICE PENSION PLAN ______Institutional Asset Advisors Period Ending September 30, 2019

Michael Quirini, CFA 312-726-2160

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Emerging Emerging Government Emerging Government Emerging Emerging Real Estate Real Estate Small Cap Real Estate Real Estate Small Cap Cash Real Estate Markets Markets Treasury Markets Treasury Markets Markets 35.97 % 28.60 % 38.82 % 31.78 % 4.23 % 21.31 % 1.86 % 27.21 % Best 34.00 % 39.38 % 24.03 % 78.51 % 29.93 % 18.23 % 37.28 %

5 Emerging Government Intermediate Commodities Commodities Intl Bonds High Yield Small Cap Real Estate Mid Cap Mid Cap Large Cap Mid Cap Intl Stocks Large Cap Markets Treasury Bond 21.36 % 16.23 % 11.40 % 56.28 % 26.85 % 9.24 % 17.88 % 33.50 % 1.38 % 20.74 % 25.03 % 20.55 % 32.18 % 25.07 % 0.01 %

Intermediate Intermediate Asset Government Real Estate Intl Stocks Intl Bonds Mid Cap Mid Cap Real Estate Large Cap Large Cap High Yield Large Cap Intl Bonds Bond Bond Allocation Treasury 13.82 % 26.34 % 11.30 % 37.38 % 26.64 % 17.59 % 32.39 % 13.69 % 17.34 % 21.83 % -1.66 % 5.24 % 7.84 % 1.28 % 19.77 %

Emerging Asset Intermediate Government Intl Stocks Small Cap Intl Stocks Cash Intl Stocks Intl Bonds Intl Stocks Intl Stocks Large Cap Mid Cap Mid Cap Markets Allocation Bond Treasury 13.54 % 18.37 % 11.17 % 1.80 % 31.78 % 5.93 % 17.32 % 22.78 % 11.96 % 16.24 % 17.87 % 18.88 % 10.62 % 0.55 % -1.84 %

Government Asset Asset Asset Asset Mid Cap Large Cap Real Estate Commodities Small Cap Mid Cap Cash Commodities Small Cap High Yield Treasury Allocation Allocation Allocation Allocation 12.55 % 15.79 % 28.60 % 16.83 % 16.35 % 9.77 % 0.03 % 11.77 % 14.65 % -2.26 % 9.81 % -22.06 % 4.69 % 17.56 % 15.86 %

Government Intermediate Emerging Asset Asset High Yield Mid Cap High Yield Small Cap High Yield High Yield Large Cap High Yield Intl Stocks Small Cap Treasury Bond Markets Allocation Allocation 11.64 % 7.98 % -26.21 % 27.17 % 15.24 % 4.50 % 16.00 % 7.38 % -0.81 % 14.18 % 6.51 % 5.97 % 11.19 % 14.21 % -2.35 %

Asset Intermediate Government Asset Large Cap Small Cap Large Cap Large Cap Large Cap High Yield Real Estate Small Cap Intl Bonds Large Cap Intl Stocks Allocation Bond Treasury Allocation 4.91 % -33.79 % 26.46 % 15.06 % 2.11 % 15.44 % 1.86 % 4.89 % 9.92 % -4.38 % 12.80 % 11.12 % 6.97 % -1.21 % 8.31 %

Asset Asset Asset Government Small Cap Mid Cap Commodities Commodities Cash Cash High Yield Mid Cap Real Estate Real Estate High Yield Allocation Allocation Allocation Treasury 4.55 % 10.32 % -35.65 % 18.91 % 0.06 % 0.06 % 2.44 % -2.18 % 7.24 % -4.84 % 11.51 % 6.22 % 12.13 % 11.31 % 8.53 %

Asset Asset Government Intermediate Intermediate Intermediate Intermediate Intl Bonds Large Cap Mid Cap Mid Cap Cash Small Cap High Yield Small Cap Allocation Allocation Treasury Bond Bond Bond Bond 6.84 % 5.49 % -36.23 % -1.73 % 0.02 % -4.41 % 7.48 % -11.01 % 4.01 % 18.40 % 9.38 % 4.21 % -2.02 % 2.65 % 8.52 %

Intermediate Government Emerging Emerging Emerging Cash Cash Cash Large Cap Intl Stocks Small Cap High Yield Intl Bonds Real Estate Mid Cap Bond Treasury Markets Markets Markets 3.01 % 4.76 % 4.74 % -37.00 % 7.75 % -4.18 % -4.55 % 1.86 % 4.18 % -11.08 % 5.93 % 3.56 % -2.60 % -2.19 % 5.90 %

Intermediate Government Intermediate High Yield High Yield Real Estate Intl Bonds Intl Bonds Intl Stocks Intl Bonds Intl Bonds Intl Bonds Intl Bonds Commodities Intl Bonds Bond Treasury Bond 2.83 % 2.17 % -39.20 % 3.94 % 6.78 % -12.14 % 0.85 % -5.06 % -2.53 % -4.84 % -11.25 % 5.47 % 4.34 % 1.33 % 3.54 %

Intermediate Intermediate Emerging Commodities Small Cap Intl Stocks Cash Commodities Cash Commodities Intl Stocks Intl Stocks Commodities Intl Stocks Commodities Bond Bond Markets 2.07 % -1.57 % -43.38 % 0.16 % -13.32 % 0.09 % -9.52 % -4.90 % 1.00 % 1.70 % -13.79 % 3.13 % 6 2.43 % 6.54 % -14.92 %

Worst Government Emerging Government Emerging Government Emerging Intl Bonds Real Estate Cash Commodities Commodities Commodities Cash Cash Cash Treasury Markets Treasury Markets Treasury Markets -9.24 % -17.55 % 0.10 % -1.06 % -17.01 % -24.66 % 0.27 % 0.84 % 1.78 % 1.85 % -53.33 % -12.92 % -18.42 % -12.66 % -14.58 %

The returns above reflect performance of certain indexes as defined below. This information is general in nature and is not intended to be reflective of any specific plan. Cash- FTSE 3 month T-bill ,Government Treasury-BBgBarc Long Treasury, Commodities-Bloomberg Commodity Idx, Intermediate Bond-BBgBarc US Agg Bond Idx, High Yield Bond-ICE BofAML High Yield Idx, Intl Bonds-JPMorgan GBI Global ex U.S., Asset Allocation-portfolio assumes the following weights: 60% S&P 500 and 40% BBgBarc US Agg, Large Cap-S&P 500, Mid Cap - S&P Midcap 400, Small Cap-Russell 2000, Intl Stocks-MSCI EAFE (net), Emerging Markets-MSCI EM (net), Real Estate-Wilshire U.S. REIT.

1 Current Market Status - Equity

Equity had mixed returns for the third quarter. U.S. Equities: Stock Market Total Returns** Period Ending September 30, 2019 . U.S. equities posted mixed returns for the third-quarter. 10 Indexes QTD YTD 1 Year 3 Year* 5 Year* Year* S&P 500 1.7% 20.6% 4.3% 13.4% 10.8% 13.2% . Large caps were the best-performing U.S. Russell 1000 Growth 1.5% 23.3% 3.7% 16.9% 13.4% 14.9% equity class for the quarter. Russell 1000 Value 1.4% 17.8% 4.0% 9.4% 7.8% 11.5% Russell Midcap 0.5% 21.9% 3.2% 10.7% 9.1% 13.1% . Sector performance for the S&P 500 Index was positive for the quarter, except for Russell 2000 -2.4% 14.2% -8.9% 8.2% 8.2% 11.2% Energy, Healthcare, and Materials (-6.3%, MSCI ACWI ex. U.S. (U.S. Dollar) (net) -1.8% 11.6% -1.2% 6.3% 2.9% 4.5% -2.2%, -0.1%, respectively). Utilities, Real MSCI EAFE (U.S. Dollar) (net) -1.1% 12.8% -1.3% 6.5% 3.3% 4.9% Estate and Consumer Staples led for the third- MSCI EM (U.S. Dollar) (net) -4.2% 5.9% -2.0% 6.0% 2.3% 3.4% quarter (+9.3%, +7.7%, +6.1%, respectively). FTSE/EPRA NAREIT Developed Markets 4.9% 20.7% 14.1% 6.6% 7.8% 9.5% Bloomberg Commodities -1.8% 3.1% -6.6% -1.5% -7.2% -4.3% . Growth slightly outperformed Value for large caps but underperformed for both mid and S&P 500 Sector Returns small caps for the third-quarter.

Utilities 25.4% International Equities: 9.3% Real Estate 29.7% . Dollar-denominated developed market (DM) 7.7% Consumer Staples 23.3% equities underperformed their local-currency 6.1% 31.4% counterparts. The reverse was true for dollar- Information Technology 3.3% Communication Services 21.7% denominated EM equities versus local- 2.2% currency emerging market (EM) stocks for the Financials 19.6% 2.0% quarter. 22.6% Industrials 1.0% Consumer Discretionary 0.5% 22.5% . Frontier markets outperformed EM markets Materials -0.1% 17.1% but posted similar returns to DM markets. Healthcare -2.2% 5.6% Energy 6.0% Sources: Bloomberg, September 30, 2019. -6.3% *Annualized returns **Index returns do not reflect the deduction of fees, expenses or YTD 3rd Quarter taxes, except where noted. Past performance is no guarantee of future results. Please see disclosures at the end of the report for index definitions.

2 Current Market Status - Fixed Income

Fixed Income returns positive across the board. U.S. Market: Fixed Income Market Total Returns** Period Ending September 30, 2019 . September was a volatile month for U.S. 10 markets as trade war concerns and tariff Indexes QTD YTD 1 Year 3 Year* 5 Year* Year* uncertainty lead to positive fixed income Bloomberg Barclays U.S. 1-3M T-Bill 0.5% 1.8% 2.3% 1.5% 0.9% 0.5% returns for the quarter. Bloomberg Barclays U.S. 1-3Yr Gov 0.6% 3.1% 4.4% 1.5% 1.3% 1.2% Bloomberg Barclays U.S Interm Gov 1.2% 5.2% 7.5% 1.8% 2.2% 2.3% . Longer-term taxable issues benefited most Bloomberg Barclays U.S Interm Credit 1.7% 8.5% 9.3% 3.3% 3.5% 4.3% from the Fed’s posture. Issues across Bloomberg Barclays U.S Interm Gov/Credit 1.4% 6.4% 8.2% 2.4% 2.7% 3.0% duration were positive for the quarter. Bloomberg Barclays U.S. Long Treasury 7.9% 19.8% 24.8% 4.1% 6.8% 6.9% Bloomberg Barclays U.S Long Gov/Credit 6.6% 20.9% 21.9% 5.6% 6.8% 7.4% . Long-term Treasuries rose 7.9% last Bloomberg Barclays U.S Mortgage-Backed 1.4% 5.6% 7.8% 2.3% 2.8% 3.1% quarter. Bloomberg Barclays U.S Aggregate 2.3% 8.5% 10.3% 2.9% 3.4% 3.7% Bloomberg Barclays U.S. High Yield 1.3% 11.4% 6.4% 6.1% 5.4% 7.9% Developed Markets: JP Morgan GBI Global ex. U.S. (Unhedged) 0.1% 5.5% 7.1% 0.5% 1.4% 1.4% . Unhedged bonds (+0.1%) underperformed JP Morgan EMBI Global (U.S. Dollar) 1.3% 12.1% 10.7% 3.8% 5.1% 6.5% hedged bonds (+3.5%)1 for the quarter. Credit Spreads to Treasury Securities Emerging Markets: Yield spread (%) 20 . Dollar-denominated bonds rose last quarter by 1.3% outperforming local-currency sovereign bonds, which declined with a 15 return of -1.0%.

0 1 J.P. Morgan Non-U.S. Global Government Bond Index (Hedged). Sources: Barclays, Morningstar, September 30, 2019. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 *Annualized returns **Index returns do not reflect the deduction of fees, expenses or Investment Grade High Yield Emerging Markets taxes except where noted. Past performance is no guarantee of future results. Please see disclosures at the end of the report for index definitions.

3 U.S. Economic Overview

Unemployment rate decreases to 50 year low. . A final look at second-quarter gross domestic Unemployment rate continues to reach new lows product (GDP) was unchanged at a 2.0% 11 annualized quarter-over-quarter (QoQ) expansion 10 rate. Better-than-expected household spending was offset by weaker business investment and 9 trade activity during the quarter. 8

. In September, the economy added 136,000 jobs, 7 which exceeded expectations. Weekly hours also 6 rose and the unemployment rate touched a 50- (%) Percent year low. Wage growth remains strong. Overall, 5 job growth is slowing, but the labor market remains a key support for the economy. 4 3 . Inflation rose slightly in August, but it remains weak—with the Consumer Price Index (CPI) Sources: Bureau of Labor Statistics; Wells Fargo Investment Institute; September 30, 2019. increasing by 0.1% for the month and 1.7% YoY. Excluding the more volatile food and energy Sentiment falls in the third quarter components, CPI was up 0.3% in August and Survey Level Index 2.4% YoY. 62 60 . The Institute for Supply Management (ISM) manufacturing survey data for September was 58 below most major estimates, reflecting 56 contractionary activity as the headline manufacturing index decreased from 49.1 to 54 47.8. New order and employment indicators fell 52 sharply in September. 50 . Consumer confidence also moved lower last 48 month, falling to 125.1 from 134.2. The present 46 situations index fell to a three-month low, while expectations for the future weakened. 2013 2014 2015 2016 2017 2018 2019 ISM Manufacturing PMI ISM Non-Manufacturing PMI Past performance is no guarantee of future results. Source: Bloomberg, September 30, 2019. Please see disclosures at the end of the report for index definitions.

4 International Economic Overview

Data releases suggest second-quarter global economic growth remained soft. Asia Weak trade in goods is consistent with slower global growth . A look at second-quarter Chinese economic growth 4.00 reflects positive activity, yet China’s economy is expected to slow in the remainder of this year. 2.00 While Beijing’s recent domestic policy responses suggest that the slowdown could further stabilize in 0.00 2019, lingering U.S.-China trade tensions are likely

to put downward pressure on household spending Score

z- -2.00 and investment growth. . Outside of China, trade activity remains weak for -4.00 Global economic slowdown (per OECD) export economies like South Korea and Singapore. Global export values (trade-sensitive economies) Global export volumes (CPB World Trade Monitor) Forward-looking indicators signal that global trade is -6.00 likely to remain challenged through year-end. Europe

. A final look at second-quarter Eurozone GDP growth Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 showed that activity remained positive, even as Sources: Wells Fargo Investment Institute, Netherlands Bureau of Economic Policy Analysis, CPB World Trade Monitor, Bloomberg; October 2, 2019. Monthly data from January 2000 through growth in the region’s manufacturing sector August 2019. Trade-sensitive economies represent an equally weighted Hong Kong, Singapore, Korea, Germany, Switzerland, Netherlands, Mexico, Canada, and Japan index. OECD = continued to deteriorate. Tariff concerns and Brexit Organization for Economic Co-operation and Development. uncertainty, along with generally weaker global Manufacturing PMI diverges across Asia demand, have challenged firms’ ability to plan for the long term. This weaker outlook likely has curbed 56 firms’ willingness to invest in operations, thereby 55 reducing the contribution of business investment to 54 economic activity. 53 . Economic and market confidence remains 52 challenged, even as central banks in the region have 51 moved toward more accommodation. This has been 50 reflected in reports showing further softening in 49 manufacturing purchasing managers’ index (PMI) 48 data. 47 46 Past performance is no guarantee of future results. Please see disclosures at the end of the report for index definitions. Jul-16 Jul-17 Jul-18 Jul-19 Jan-16 Jan-17 Jan-18 Jan-19 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Nov-15 Nov-16 Nov-17 Nov-18 Mar-16 Mar-17 Mar-18 Mar-19 May-16 May-17 May-18 May-19 China Manufacturing PMI Japan Manufacturing PMI Sources: Bloomberg, Wells Fargo Investment Institute, September 30, 2019.

5 Economic and Market Forecasts

Wells Fargo Investment Institute Wells Fargo Investment Institute Year End Year End 2019 2019 Recent Global Economy 2018 Global Fixed Income 2018 2019 Targets Targets Month End Domestic U.S. GDP Growth 2.3% 2.9% 10-Year Treasury 1.50-2.00% 1.66% 2.68% Domestic U.S. Inflation 1.7% 1.9% 30-Year Treasury 1.75-2.25% 2.11% 3.01% Domestic Unemployment Rate 3.7% 3.9% Fed Funds Rate 1.50-1.75% 2.00% 2.50% Global GDP Growth 3.3% 3.6% Developed-Market GDP Growth 1.8% 2.2% Year End 2019 2019 Recent Global Real Assets 2018 Developed-Market Inflation 1.6% 1.6% Targets Month End Emerging-Market GDP Growth 4.4% 4.5% West Texas Crude $50 - $60 $54 $45 Emerging-Market Inflation 4.3% 6.9% Brent Crude $55 - $65 $61 $54 Eurozone GDP Growth 1.2% 1.2% Gold Price $1400 - $1500 $1,466 $1,281 Eurozone Inflation 1.5% 1.5% Year End 2019 2019 Recent Currency 2018 Targets Month End Year End Global Equities Current 2019 Targets Dollar/Euro Exchange Rate $1.07 - 1.15 $1.09 $1.15 S&P 500 Index 2980-3080 2977 Yen/Dollar Exchange Rate ¥101 - 111 ¥108.08 ¥109.69 S&P 500 Earnings Per Share 167 162 Russell Midcap Index 2310-2410 2235 Russell Midcap Earnings Per Share 128 124 Russell 2000 Index 1530-1630 1523 Russell 2000 Earnings Per Share 65 62 MSCI EAFE 1875-1975 1889 MSCI EAFE Earnings Per Share 135 132 MSCI EM 960-1060 1001 MSCI EM Earnings Per Share 84 82

Wells Fargo Investment Institute forecasts. Forecasts are based on certain assumptions and views of market and economic conditions, which are subject to change. The current EPS is as of December 31, 2018. GDP = gross domestic product. See end of report for important definitions and disclosures. Sources: FactSet, Bloomberg, International Monetary Fund, and Wells Fargo Investment Institute.

6 Index Definitions

An index is unmanaged and not available for direct investment.

Economic Indices The Institute of Supply Management (ISM) Manufacturing Index® is a composite index based on the diffusion indexes of five of the indexes with equal weights: New Orders (seasonally adjusted), Production (seasonally adjusted), Employment (seasonally adjusted), Supplier Deliveries (seasonally adjusted), and Inventories. An Index values over 50 indicate expansion; below 50 indicates contraction. The values for the index can be between 0 and 100.

The Institute of Supply Management (ISM) Non-Manufacturing Index® is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and Supplier Deliveries. An Index values over 50 indicate expansion; below 50 indicates contraction. The values for the index can be between 0 and 100.

The Consumer Price Index (CPI) measures the price of a fixed basket of goods and services purchased by an average consumer.

PMI Surveys track sentiment among purchasing managers at manufacturing, construction and/or services firms. An overall sentiment index is generally calculated from the results of queries on production, orders, inventories, employment, prices, etc.

Equities

Large Cap Equity: S&P 500 Index is a market capitalization-weighted index composed of 500 widely held common stocks that is generally considered representative of the US stock market. Returns assume reinvestment of dividends and capital gain distributions.

Large Cap Growth Equity: Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Large Cap Value Equity: Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Mid Cap Equity: Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000® Index.

Small Cap Equity: Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

Developed Market ex. U.S. Equity: MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of 21 developed markets, excluding the US & Canada.

Emerging Markets: MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of 23 emerging market countries.

Global Market Equity: MSCI ACWI ex USA is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 22 developed and 24 emerging markets.

Public Real Estate: FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real-estate companies and REITs in developed countries worldwide.

7 Index Definitions (continued)

Commodities: Bloomberg Commodity Index is a broadly diversified index of commodity futures on 20 physical commodities, subdivided into energy, U.S. agriculture, livestock, precious metals, and industrial metals sectors. Commodity weights are derived in a manner that attempts to fairly represent the importance of a diversified group of commodities to the world economy.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Fixed Income

Bloomberg Barclays 1-3M U.S. Treasury Bills includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non convertible.

Bloomberg Barclays U.S. Govt 1-3 Year Index includes U.S. Treasury and Agency obligations with maturities of 1 to 3 years.

Barclays Capital Intermediate Government Bond Index is composed of U.S. government securities with maturities in the 1 to 10 year range, including securities issued by the U.S. Treasury and U.S. government agencies.

Bloomberg Barclays Intermediate Credit Index is composed of investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.

Barclays Capital Government/Credit Bond Index consists of investment-grade corporate bonds and U.S. Treasury/agency issues with maturities greater than one year.

Bloomberg Barclays U.S. Long Treasury Index is composed of all publicly traded issues of U.S. Treasury securities that have maturity of 10 or more years.

Bloomberg Barclays U.S. Long Government/Credit Bond Index is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

Bloomberg Barclays US Mortgage Backed Index includes agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable MBS pools into aggregates or generics based on program, coupon and vintage.

Bloomberg Barclays U.S. Aggregate Bond Index is composed of the Bloomberg Barclays Capital U.S. Government/Credit Index and the Bloomberg Barclays Capital U.S. Mortgage-Backed Securities Index, and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities.

Bloomberg Barclays U.S. High Yield Bond Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

JPMorgan GBI Global ex-U.S. (Unhedged) in USD is an unmanaged index market representative of the total return performance in U.S. dollars on an unhedged basis of major non-U.S. bond markets.

J.P. Morgan Non-U.S. Global Government Bond Index (Hedged) is an unmanaged market index representative of the total return performance, on a hedged basis, of major non-U.S. bond markets. It is calculated in U.S. dollars.

JP Morgan Emerging Markets Bond Index Global (EMBI Global), which currently covers 27 emerging market countries. Included in the EMBI Global are U.S.-dollar- denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities.

8 Disclosures

Asset Class Risk Information

Stocks offer long-term growth potential but may fluctuate more and provide less current income than other investments. An investment in the stock market should be made with an understanding of the risks associated with common stocks, including market fluctuations. Small- and mid-cap stocks are generally more volatile, subject to greater risks and are less liquid than large company stocks. There are no guarantees that growth or value stocks will increase in value or that their intrinsic values will eventually be recognized by the overall market. The return and principal value of stocks fluctuate with changes in market conditions. The growth and value type of investing tends to shift in and out of favor.

Investments in fixed-income securities are subject to interest rate, credit/default, liquidity, inflation and other risks. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price. Credit risk is the risk that an issuer will default on payments of interest and/or principal. This risk is heightened in lower rated bonds. If sold prior to maturity, fixed income securities are subject to market risk. All fixed income investments may be worth less than their original cost upon redemption or maturity. Treasury Inflation-Protected Securities (TIPS) are subject to interest rate risk, especially when real interest rates rise. This may cause the underlying value of the bond to fluctuate more than other fixed income securities.

Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging and frontier markets.

Global Investment Strategy (GIS) is a division of Wells Fargo Investment Institute, Inc. (WFII). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

The information in this report was prepared by Global Investment Strategy. Opinions represent GIS’ opinion as of the date of this report and are for general information purposes only and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally. GIS does not undertake to advise you of any change in its opinions or the information contained in this report. Wells Fargo & Company affiliates may issue reports or have opinions that are inconsistent with, and reach different conclusions from, this report.

The information contained herein constitutes general information and is not directed to, designed for, or individually tailored to, any particular investor or potential investor. This report is not intended to be a client‐specific suitability analysis or recommendation, an offer to participate in any investment, or a recommendation to buy, hold or sell securities. Do not use this report as the sole basis for investment decisions. Do not select an asset class or investment product based on performance alone. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon.

Wells Fargo Institutional Retirement & Trust is a business unit of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

WCR-1019-00173

Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value

9 Cash Flow As of September 30, 2019

1 3 5 10 Since Inception Quarter YTD FYTD Year Years Years Years Inception Date Trumbull Police Benefit Fund 01/01/2015 Beginning Market Value 68,796,636 60,845,963 60,845,963 66,433,111 54,049,514 - - - Net Contributions 21,500 -41,332 -41,332 -56,185 842,695 - - 51,368,414 Gain/Loss 808,885 8,822,390 8,822,390 3,250,096 14,734,812 - - 18,258,607 Ending Market Value 69,627,021 69,627,021 69,627,021 69,627,021 69,627,021 - - 69,627,021

GAIN/LOSS - What your portfolio has made or lost during the specified time period. This includes both realized (such as proceeds from a sale) and unrealized (such as accrued interest, dividends, and market price changes) gains or losses.

10 Asset Allocation As of September 30, 2019

Asset Allocation Chart

Cash & Cash Equivalents 1.2%

Fixed Income 39.1%

Equities 59.7%

11 Investment Policy Summary As of September 30, 2019

Target Allocation Actual Allocation Variance (%) (%) (%) Equities Large Cap Value 8.25 8.24 -0.01 S&P 500 Funds 16.50 16.44 -0.06 Large Cap Growth 8.25 8.17 -0.08 Mid Cap Funds 9.00 8.94 -0.06 Small Cap 6.00 5.92 -0.08 International Equities 12.00 12.02 0.02 Sub Total 60.00 59.73 -0.28 Fixed Income Total Return Bond 39.00 39.09 0.09 Sub Total 39.00 39.09 0.09 Cash & Cash Equivalents Money Market 1.00 1.19 0.19 Sub Total 1.00 1.19 0.19

Total 100.00 100.00 0.00

* The current investment policy/guideline on file is dated January 2015

12 Asset Allocation As of September 30, 2019

Fixed Real Assets Market Value Actual Equity Cash Other Income & Alternatives ($) Allocation Allocation Allocation Allocation Allocation Allocation Equities ------Wells Fargo/TRP Instl Eq Inc Mgd F 2,867,620.94 4.12 6.90 ------Wells Fargo/MFS Value F 2,867,916.36 4.12 6.90 ------Wells Fargo/BlackRock S&P500 Idx F 11,444,055.37 16.44 27.52 ------Wells Fargo/TRP Inst Lg-Cap Gr Mgd F 2,839,185.31 4.08 6.83 ------Wells Fargo/Voya Large-Cap Growth CIT F 2,849,036.06 4.09 6.85 ------Wells Fargo/BlackRock S&P MidCap Idx F 6,223,472.87 8.94 14.97 ------Wells Fargo/Multi-Manager Sm Cap F 4,123,362.54 5.92 9.92 ------Invesco Oppenheimer Developing Mkts R6 860,252.10 1.24 2.07 ------Invesco Developing Markets R5 868,370.42 1.25 2.09 ------Wells Fargo/BlackRock Intl Eq Idx F 2,201,460.06 3.16 5.29 ------Wells Fargo/Lazard Intl Equity F 2,216,779.50 3.18 5.33 ------Wells Fargo/Causeway Intl Value F 2,223,203.86 3.19 5.35 ------Equities - Total 41,584,715.39 59.73 100.00 ------

Fixed Income ------Wells Fargo/BlackRock US Agg Bd Idx F 6,280,874.90 9.02 -- 23.08 ------Wells Fargo/Dodge & Cox Interm Bond F 6,972,863.69 10.01 -- 25.62 ------Wells Fargo/Federated Tot Return Bd F 6,975,587.07 10.02 -- 25.63 ------Metropolitan West Total Return Bd I 6,986,413.81 10.03 -- 25.67 ------Fixed Income - Total 27,215,739.47 39.08 -- 100.00 ------

Cash & Cash Equivalents ------Wells Fargo/BlackRock S/T Investment F 826,566.47 1.19 ------100.00 -- Cash & Cash Equivalents - Total 826,566.47 1.19 ------100.00 --

Total Assets 69,627,021.33 100.00 ------

13 Comparative Performance As of September 30, 2019

1 3 5 10 Since Inception Quarter YTD FYTD Year Years Years Years Inception Date Trumbull Police Benefit Fund 1.11 14.28 14.28 4.60 8.02 - - 6.41 01/01/2015 Trumbull Police Benefit Fund Custom Benchmark 1.13 14.50 14.50 5.38 7.94 - - 6.44

Equities 0.37 18.05 18.05 1.53 10.98 - - 8.41 01/01/2015 Equity Benchmark 0.34 18.30 18.30 1.58 11.06 - - 8.35

Large Cap Value 2.18 20.20 20.20 5.80 10.69 - - 8.11 01/01/2015 Russell 1000 Value Index 1.36 17.81 17.81 4.00 9.43 7.79 11.46 7.12

S&P 500 Funds 1.69 20.59 20.59 4.34 13.45 - - 10.35 01/01/2015 S&P 500 1.70 20.55 20.55 4.25 13.39 10.84 13.24 10.31

Large Cap Growth 0.50 19.45 19.45 3.18 16.96 - - 12.17 01/01/2015 Russell 1000 Growth Index 1.49 23.30 23.30 3.71 16.89 13.39 14.94 13.03

Mid Cap Funds -0.06 17.90 17.90 -2.42 9.44 - - 7.98 01/01/2015 S&P MidCap 400 Index -0.09 17.87 17.87 -2.49 9.38 8.88 12.56 7.96

Small Cap -1.37 17.46 17.46 -4.51 10.21 - - 8.39 01/01/2015 Russell 2000 Index -2.40 14.18 14.18 -8.89 8.23 8.19 11.19 6.53

International Equities -1.62 12.39 12.39 -0.61 4.89 - - 3.41 01/01/2015 MSCI AC World ex USA (Net) -1.80 11.56 11.56 -1.23 6.33 2.90 4.46 3.92

Fixed Income 2.17 8.86 8.86 9.85 3.35 - - 3.38 01/01/2015 Blmbg. Barc. U.S. Aggregate 2.27 8.52 8.52 10.30 2.92 3.38 3.75 3.17

Total Return Bond 2.17 8.86 8.86 9.85 3.35 - - 3.38 01/01/2015 Blmbg. Barc. U.S. Aggregate 2.27 8.52 8.52 10.30 2.92 3.38 3.75 3.17

Cash & Cash Equivalents 0.41 1.60 1.60 2.09 1.43 - - 1.04 01/01/2015 FTSE 3 Month T-Bill 0.56 1.78 1.78 2.36 1.52 0.96 0.51 1.00

Money Market 0.41 1.60 1.60 2.09 1.41 - - 1.00 01/01/2015 FTSE 3 Month T-Bill 0.56 1.78 1.78 2.36 1.52 0.96 0.51 1.00

Returns for periods greater than one year are annualized. Returns are expressed as percentages. Since Inception returns as of first full month of performance.

14 Comparative Performance As of September 30, 2019

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Trumbull Police Benefit Fund -4.84 14.83 8.28 -0.64 ------Trumbull Police Benefit Fund Custom Benchmark -4.48 14.08 8.19 -0.35 ------

Equities -7.93 22.11 11.25 -0.59 ------Equity Benchmark -7.82 21.67 11.75 -1.29 ------

Large Cap Value -9.16 17.36 17.10 -3.50 ------Russell 1000 Value Index -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69

S&P 500 Funds -4.31 21.87 11.97 1.40 ------S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46

Large Cap Growth 1.67 33.26 -0.95 7.63 ------Russell 1000 Growth Index -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71 37.21

Mid Cap Funds -10.99 16.28 20.73 -2.26 ------S&P MidCap 400 Index -11.08 16.24 20.74 -2.18 9.77 33.50 17.88 -1.73 26.64 37.38

Small Cap -9.71 17.64 20.40 -2.40 ------Russell 2000 Index -11.01 14.65 21.31 -4.41 4.89 38.82 16.35 -4.18 26.85 27.17

International Equities -16.01 26.09 3.36 -4.69 ------MSCI AC World ex USA (Net) -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45

Fixed Income -0.20 4.00 3.89 -0.26 ------Blmbg. Barc. U.S. Aggregate 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93

Total Return Bond -0.20 4.00 3.89 -0.26 ------Blmbg. Barc. U.S. Aggregate 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93

Cash & Cash Equivalents 1.63 0.89 0.48 0.36 ------FTSE 3 Month T-Bill 1.86 0.84 0.27 0.03 0.02 0.06 0.09 0.06 0.10 0.16

Money Market 1.61 0.86 0.46 0.22 ------FTSE 3 Month T-Bill 1.86 0.84 0.27 0.03 0.02 0.06 0.09 0.06 0.10 0.16

Returns for periods greater than one year are annualized. Returns are expressed as percentages.

15 Historical Benchmark Composition

Trumbull Police Benefit Fund Custom Benchmark Benchmark Portfolios Weight (%) Jan-2015 Blmbg. Barc. U.S. Aggregate 39.0 Russell 2000 Index 6.0 Russell 1000 Growth Index 8.3 Russell 1000 Value Index 8.3 Russell Midcap Index 9.0 FTSE 3 Month T-Bill 1.0 MSCI AC World ex USA (Net) 12.0 S&P 500 16.5

16 Performance Summary As of September 30, 2019

Since 1 3 5 10 Inception Expense Mstar Quarter YTD Inception Year Years Years Years Date Ratio Rating Return Large Cap Wells Fargo/TRP Instl Eq Inc Mgd F 1.90 (41) 18.54 (24) 3.78 (35) 10.65 (23) 7.71 (40) - 9.00 05/2013 0.45 3 Russell 1000 Value Index 1.36 17.81 4.00 9.43 7.79 11.46 9.86 - Large Value Average 1.51 16.60 1.94 9.45 7.28 10.67 - 1.00 Wells Fargo/MFS Value F 2.44 (24) 21.86 (4) 7.87 (8) 10.72 (22) 9.57 (7) - 12.56 01/2012 0.37 5 Russell 1000 Value Index 1.36 17.81 4.00 9.43 7.79 11.46 12.25 - Large Value Average 1.51 16.60 1.94 9.45 7.28 10.67 - 1.00 Wells Fargo/BlackRock S&P500 Idx F 1.70 (34) 20.60 (26) 4.35 (27) 13.44 (14) 10.88 (10) 13.29 (7) 11.01 02/1974 0.01 4 S&P 500 1.70 20.55 4.25 13.39 10.84 13.24 11.01 - Large Blend Average 1.35 18.89 2.80 11.81 9.19 11.91 - 0.95 Wells Fargo/TRP Inst Lg-Cap Gr Mgd F -0.97 (66) 17.17 (86) 2.14 (51) 19.99 (4) 15.06 (4) - 16.91 01/2012 0.32 5 Russell 1000 Growth Index 1.49 23.30 3.71 16.89 13.39 14.94 15.77 - Large Growth Average -0.48 20.83 2.20 14.90 11.38 13.28 - 1.07 Wells Fargo/Voya Large-Cap Growth CIT F 1.97 (12) 21.71 (42) 4.14 (30) - - - 13.10 06/2017 0.44 Russell 1000 Growth Index 1.49 23.30 3.71 16.89 13.39 14.94 14.92 - Large Growth Average -0.48 20.83 2.20 14.90 11.38 13.28 - 1.07

Mid Cap Wells Fargo/BlackRock S&P MidCap Idx F -0.07 (51) 17.89 (45) -2.42 (45) 9.44 (35) 8.93 (15) 12.51 (16) 12.96 03/1981 0.03 4 S&P MidCap 400 Index -0.09 17.87 -2.49 9.38 8.88 12.56 - - Mid-Cap Blend Average 0.11 18.11 -1.66 8.49 6.93 11.05 - 1.07

Small Cap Wells Fargo/Multi-Manager Sm Cap F -1.37 (52) 17.46 (22) -4.51 (20) 10.21 (7) 9.81 (5) - 12.09 01/2012 0.61 3 Russell 2000 Index -2.40 14.18 -8.89 8.23 8.19 11.19 11.27 - Small Blend Average -1.45 14.45 -7.79 7.41 7.17 10.82 - 1.14

17 Performance Summary As of September 30, 2019

Since 1 3 5 10 Inception Expense Mstar Quarter YTD Inception Year Years Years Years Date Ratio Rating Return Global/International Wells Fargo/BlackRock Intl Eq Idx F -1.06 (35) 13.16 (29) -1.04 (32) 6.81 (14) 3.54 (22) 5.15 (26) 5.87 10/1990 0.05 4 MSCI EAFE (net) -1.07 12.80 -1.34 6.48 3.27 4.90 5.74 - Foreign Large Blend Average -1.38 12.28 -2.12 5.50 2.79 4.55 - 1.02 Invesco Developing Markets R5 0.23 (2) 18.34 (4) 12.61 (1) 6.65 (30) 3.11 (26) 5.16 (13) 5.49 02/1994 1.06 5 MSCI EM (net) -4.25 5.90 -2.02 5.97 2.33 3.37 - - Diversified Emerging Mkts Average -3.54 8.52 0.36 5.27 1.92 3.52 - 1.35 Invesco Oppenheimer Developing Mkts R6 -3.75 (55) 11.31 (26) 2.65 (31) 8.05 (13) 2.83 (33) 5.86 (6) 11.50 12/1996 0.85 4 MSCI EM (net) -4.25 5.90 -2.02 5.97 2.33 3.37 - - Diversified Emerging Mkts Average -3.54 8.52 0.36 5.27 1.92 3.52 - 1.35 Wells Fargo/Lazard Intl Equity F -1.48 (55) 13.76 (21) 0.65 (14) 5.01 (69) 3.01 (46) - 2.49 09/2014 0.64 3 MSCI EAFE (net) -1.07 12.80 -1.34 6.48 3.27 4.90 2.42 - Foreign Large Blend Average -1.38 12.28 -2.12 5.50 2.79 4.55 - 1.02 Wells Fargo/Causeway Intl Value F -2.25 (67) 8.21 (54) -7.69 (69) 4.44 (32) 1.13 (48) - 0.68 09/2014 0.56 3 MSCI EAFE (net) -1.07 12.80 -1.34 6.48 3.27 4.90 2.42 - Foreign Large Value Average -1.73 8.31 -5.72 3.68 0.91 3.44 - 1.15

Fixed Income Metropolitan West Total Return Bd I 2.24 (38) 8.88 (51) 10.55 (17) 3.17 (55) 3.32 (56) 5.27 (14) 6.35 04/1997 0.44 4 Blmbg. Barc. U.S. Aggregate 2.27 8.52 10.30 2.92 3.38 3.75 5.26 - Intermediate Core-Plus Bond Average 1.99 8.68 9.39 3.23 3.33 4.44 - 0.80 Wells Fargo/Dodge & Cox Interm Bond F 2.08 (53) 8.78 (56) 9.13 (66) 3.84 (16) - - 3.78 12/2014 0.18 4 Blmbg. Barc. U.S. Aggregate 2.27 8.52 10.30 2.92 3.38 3.75 3.14 - Intermediate Core-Plus Bond Average 1.99 8.68 9.39 3.23 3.33 4.44 - 0.80 Wells Fargo/Federated Tot Return Bd F 2.10 (50) 9.14 (39) 9.47 (57) 3.32 (44) - - 3.48 12/2014 0.16 3 Blmbg. Barc. U.S. Aggregate 2.27 8.52 10.30 2.92 3.38 3.75 3.14 - Intermediate Core-Plus Bond Average 1.99 8.68 9.39 3.23 3.33 4.44 - 0.80 Wells Fargo/BlackRock US Agg Bd Idx F 2.30 (26) 8.58 (39) 10.34 (22) 2.97 (32) 3.40 (23) 3.79 (41) 4.40 10/2006 0.03 4 Blmbg. Barc. U.S. Aggregate 2.27 8.52 10.30 2.92 3.38 3.75 4.36 - Intermediate Core Bond Average 1.99 8.07 9.39 2.68 3.03 3.64 - 0.67

Principal Preservation Wells Fargo/BlackRock S/T Investment F 0.59 1.89 2.50 1.76 1.17 0.71 4.78 02/1981 0.08 FTSE 3 Month T-Bill 0.56 1.78 2.36 1.52 0.96 0.51 4.18 - Lipper Instl Money Market Funds Average 0.49 1.60 2.20 1.40 0.90 0.48 - -

18 Performance Summary As of September 30, 2019

Important Information

Wells Fargo Funds with names containing the designation of “E1”, “E3”, "F" or "N" are Wells Fargo Collective Investment Funds available to qualified investors only. Expense Ratios reported for the Wells Fargo Collective Investment Funds represent the total expense ratio of each share class. For additional information please see each collective fund’s prospectus.

Fund ranking percentages represent each fund’s percentile rank relative to its assigned asset class category within the peer group specified. Certain funds (i.e. money market mutual funds and stable value funds) will not display percentile rankings.

Returns for periods greater than 1−year are annualized.

Performance shown for certain share classes of funds may reflect the adjusted historical returns published by Morningstar or produced by Investment Metrics, which are calculated using the appended adjusted return history of the oldest surviving share class of the fund. Predecessor fund information can be found in the Fund’s prospectus, statement of additional information, or annual report.

Past performance does not indicate future results. The value or income associated with a security or investment may fluctuate. There is always the potential for loss as well as gain. Investments discussed in this report are not insured by the Federal Deposit Insurance Corporation (FDIC) and may be suitable for some investors depending upon their specific objectives and financial position. They are a useful tool for identifying investments worthy of further research, but shouldn’t be considered buy or sell recommendations.

Morningstar rates investments from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all relevant sales charges) in comparison to similar investments. Within each Morningstar Category, the top 10% of investments receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Investments are rated for up to three time periods − 3, 5, and 10 years, and these ratings are combined to produce an overall rating. Investments with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying investments worthy of further research, but shouldn’t be considered buy or sell recommendations.

19 Historical Benchmark Composition

Equity Benchmark Benchmark Portfolios Weight (%) Jan-2015 Russell 2000 Index 10.0 Russell 1000 Growth Index 13.8 Russell 1000 Value Index 13.8 Russell Midcap Index 15.0 MSCI AC World ex USA (Net) 20.0 S&P 500 27.5

20 Town of Trumbull Police Department - Town of Trumbull Police Department Pension Plan Wells Fargo Pension Scorecard Institutional Retirement and Trust 9/30/2019

All data is as of the 9/30/2019 unless otherwise specified. INVESTMENT PRODUCTS: NOT FDIC INSURED • HAVE NO BANK GUARANTEE • MAY LOSE VALUE

21 Funded Status

Quarter on Quarter 9/30/2018 6/30/2019 9/30/2019 Year on Year Change Change

Assets (USD) 66,418,736 68,779,182 69,611,443 832,262 3,192,708

Liabilities (USD) 82,894,775 85,706,892 86,686,047 979,155 3,791,272

Surplus / Deficit (USD) (16,476,039) (16,927,710) (17,074,604) (146,894) (598,565)

Funding level 80.12% 80.25% 80.30% 0.05% 0.18%

Single equivalent discount rate 7.500% 7.500% 7.501% 0.000% 0.000%

Assets Liabilities Funding Levels 100 82.0%

90 80.0% 80

70 78.0%

Millions (USD) Millions 76.0% 50 74.0% 40

30 72.0%

20 70.0% 10

0 68.0% Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19

22 Combined Movement - SEDR

6/30/2019 9/30/2019 Movement (%) Movement ($) Value of assets 68,779,182 69,611,443 1.21 % 832,262 Value of liabilities 85,706,892 86,686,047 1.14 % 979,155 Surplus / (deficit) (16,927,710) (17,074,604) - (146,894) Funding level 80.25 % 80.30 % - 0.05 %

Description Liabilities Assets Net Valuation as at 6/30/2019 85,706,892 68,779,182 (16,927,710) Expected contributions, expenses and benefit accrual 285,489 898,997 613,508 Movement due to changes in interest rates, inflation rates and credit spreads (2,854) 562,063 564,917 Passage of time 1,554,440 155,110 (1,399,330) Benefit payments (879,842) (879,842) 0 Movement due to risk factors 0 106,310 106,310 Movement due to other changes (including participant updates) 21,922 (10,377) (32,299) Valuation as at 9/30/2019 86,686,047 69,611,443 (17,074,604)

23 Funding Status Monitor

100 Assets Liabilities Funding Level 82.0%

90 81.0%

80 80.0%

70 79.0% Millions (USD) Millions 60 78.0%

50 77.0%

40 76.0%

30 75.0%

20 74.0%

10 73.0%

0 72.0% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19

Liability ($m) 80.9 81.3 81.6 82.0 82.4 82.7 83.1 83.5 81.9 82.3 82.6 82.9 83.2 83.5 83.8 84.2 84.4 84.8 85.1 85.4 85.7 86.0 86.4 86.7

Assets ($m) 62.5 63.3 63.6 66.1 63.9 63.3 64.1 64.3 64.2 65.9 66.7 66.4 63.4 64.1 60.8 64.8 66.0 66.5 68.6 66.4 68.8 68.9 68.9 69.6

Funded 77.2 77.9 77.9 80.6 77.6 76.5 77.1 77.1 78.3 80.2 80.7 80.1 76.2 76.7 72.6 77.0 78.1 78.4 80.6 77.8 80.2 80.1 79.8 80.3 Status (%)

Discount Rate 7.49 7.50 7.49 7.49 7.50 7.49 7.49 7.49 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 (%)

Liability 13.19 13.17 13.15 13.13 13.11 13.09 13.07 13.05 13.27 13.25 13.23 13.21 13.20 13.18 13.16 13.14 13.12 13.10 13.08 13.07 13.05 13.03 13.01 12.99 Duration 24 Liability Cashflows

Actives Terminated vesteds Retirees

8 Millions (USD) Millions

0 2019 2024 2029 2034 2039 2044 2049 2054 2059 2064 2069 2074 2079 2084 2089 2094 2099 2104 2109 2114

25 Glossary

Combined Movement – figures on the combined movement table reflect the estimated changes to liabilities and assets based on the movements in each of the categories listed. Credit Spread - the difference in yield between two bonds of similar maturity but different credit quality.

Credit Spread, 1% decrease – the effect on the funded status with a 1% decrease, or narrowing, of the credit spread. The resulting lower risk of bond issuer default and higher bond prices will tend to increase the value of assets and liabilities, where other factors remain equal. Credit Spread, 1% increase – the effect on the funded status with a 1% increase, or widening, of the credit spread. The resulting increased risk of bond issuer default and credit downgrades will tend to decrease the value of assets and liabilities, where other factors remain equal. Duration – the time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Equity Prices, 20% decrease – the percentage change to the value of assets by a 20% decrease in the index proxies in each equity asset class in the portfolio. Funding Level – represents the ratio of assets to liabilities, which measures how well an account is funded. A funding level of less than 100% is underfunded, with a deficit of assets to liabilities. Conversely, a funding level of greater than 100% implies the account is running a surplus. Interest Rate Hedge Ratio - the measure of how similar the response to interest rate movements is for assets vs. liabilities. A ratio near 100% would mean that the portfolio is well hedged. Interest Rate, 1% decrease – the effect on asset and liability values due to decreasing the discount rate by 1%. Reducing the rate will increase the present value of assets and liabilities, where other factors remain equal. Interest Rate, 1% increase - the effect on asset and liability values due to increasing the discount rate by 1%. Increasing the rate will reduce the present value of assets and liabilities, where other factors remain equal. Liabilities - represents the amount of money that needs to be set aside now to meet future benefit obligations. The liability value is determined by discounting the expected future cash flows at the selected discount rate. Monte Carlo simulation - this method approximates the probability of possible outcomes of 10,000 or more trial simulations based on how random inputs to multiple variables impacts a portfolio. This is a hypothetical, forward looking simulation and could differ substantially from actual future performance. Results many vary with each use and over time. Movement due to Risk Factors - represents an aggregation of market movements of any asset classes that aren't directly sensitive to changes in interest rates, inflation or credit (i.e. equities, alternatives and real estate). Passage of Time (as it relates to combined movement) - the amount by which assets and liabilities will have increased or decreased since the previous valuation, as the fixed period over which future payments are discounted will naturally decrease over time. This is known as the effect of passage of time, i.e. there are fewer time periods over which to discount to present value. Single Equivalent Discount rate - used to discount future benefit cash flows to calculate their present value. The discount rate may represent the expected return on the assets, or a rate derived from yields on high-quality bonds or current market swap rates. Value at Risk (VaR) – the amount of potential loss to the funded status position over the course of one year. For instance, at a 95% confidence interval, there is a one-in- twenty chance that the funded status position could deteriorate by the VaR amount, or more, over the one-year time horizon. This is a statistical representation of a worst- case outcome, produced using Monte Carlo simulation.

For more information about these definitions or other parts of this report contact your Wells Fargo Portfolio Manager. 26 Risk Disclosures

Investments in fixed-income securities are subject to market, interest rate, credit and other risks. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price. Credit risk is the risk that an issuer will default on payments of interest and principal. This risk is higher when investing in high yield bonds, also known as junk bonds, which have lower ratings and are subject to greater volatility. Government bonds are guaranteed as to payment of principal and interest by the U.S. government if held to maturity. Although government bonds are considered free from credit risk, they are subject to interest rate risk. Securitized assets include mortgage-related and asset- backed securities. These securities are subject to prepayment and extension risks. Changes in prepayments may significantly affect yield, average life and expected maturity. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt securities more volatile. All fixed income investments may be worth less than their original cost upon redemption or maturity.

Stocks offer long-term growth potential, but may fluctuate more and provide less current income than other investments. An investment in the stock market should be made with an understanding of the risks associated with common stocks, including market fluctuations.

The prices of small- and mid-cap company stocks are generally more volatile than large company stocks. They often involve higher risks because these companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions.

There are special risks associated with an investment in real estate, including credit risk, interest rate fluctuations and the impact of varied economic conditions.

Technology and internet-related stocks, especially of smaller, less-seasoned companies, tend to be more volatile than the overall market.

Investing in commodities is not suitable for all investors. Exposure to the commodities markets may subject an investment to greater share price volatility than an investment in traditional equity or debt securities. The prices of various commodities may fluctuate based on numerous factors including changes in supply and demand relationships, weather and acts of nature, agricultural conditions, international trade conditions, fiscal monetary and exchange control programs, domestic and foreign political and economic events and policies, and changes in interest rates or sectors affecting a particular industry or commodity. Products that invest in commodities may employ more complex strategies which may expose investors to additional risks, including futures roll yield risk.

Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including additional costs, competition, regulatory implications, and certain other factors.

Hedge funds are complex, speculative investment vehicles and are not suitable for all investors. They are generally open to qualified investors only and carry high costs, substantial risks, and may be highly volatile. There is often limited (or even non-existent) liquidity and a lack of transparency regarding the underlying assets. They do not represent a complete investment program. The investment returns may fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed or sold, may be worth more or less than their original cost. Hedge funds are not required to provide investors with periodic pricing or valuation and are not subject to the same regulatory requirements as mutual funds. Investing in hedge funds may also involve tax consequences. Speak to your tax advisor before investing. Investors in funds of hedge funds will incur asset-based fees and expenses at the fund level and indirect fees, expenses and asset-based compensation of investment funds in which these funds invest. An investment in a hedge fund involves the risks inherent in an investment in securities, as well as specific risks associated with limited liquidity, the use of leverage, short sales, options, futures, derivative instruments, investments in non-U.S. securities, “junk” bonds and illiquid investments. There can be no assurances that a manager’s strategy (hedging or otherwise) will be successful or that a manager will use these strategies with respect to all or any portion of a portfolio. Please carefully review the Private Placement Memorandum or other offering documents for complete information regarding terms, including all applicable fees, as well as other factors you should consider before investing.

27 Disclosures

Discretionary asset management services are provided by Wells Fargo Institutional Retirement and Trust, a business unit of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. The information contained herein is for educational and investment advisory purposes and does not constitute financial, tax, or legal advice.

This material is not an offer or solicitation to buy or sell any securities or investments. Diversification and asset allocation do not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Where Wells Fargo is not providing actuarial services, Wells Fargo has relied on information provided by the plan’s actuary in determining plan liabilities, and to the best of our knowledge, plan liability information is based on the methods, data, and assumptions outlined in the most recent actuarial communication prepared by the plan’s actuary. Wells Fargo makes changes to the investment portfolio based on plan assets and liabilities, some of which may be reflected in this report. However, plan liability information presented herein does not represent an Actuarial Statement of Opinion and should not be relied upon for any regulatory or fiduciary purpose, including, but not limited to, decisions regarding investment strategy or changes to the investment portfolio, judging benefit security on plan termination, determining financial accounting statement data or determining actual plan contributions. Determinations for other purposes may be significantly different from the results shown herein. Future measurements may differ significantly from the current measurements presented here due to changes in the underlying data, assumptions, plan provisions, or applicable law. Reproduction or distribution of this report without the express written consent of Wells Fargo is prohibited. This information does not constitute legal, accounting, tax, investment advice, or Actuarial Services, as defined in Actuarial Standard of Practice No. 1.

INVESTMENT PRODUCTS: NOT FDIC INSURED • HAVE NO BANK GUARANTEE • MAY LOSE VALUE CAR-0219-00536

28 Wells Fargo/MFS Value F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/MFS Value F JPMorgan Chase & Co 4.47 % Total Securities 89 Fund Family : Wells Fargo Bank Johnson & Johnson 3.49 % Avg. Market Cap $78,956 Million Ticker : US Bancorp 3.30 % P/E 15.73 Peer Group : Large Value Comcast Corp Class A 2.88 % P/B 2.53 Benchmark : Russell 1000 Value Index Accenture PLC Class A 2.83 % Div. Yield 2.49% Class Inception : 01/26/2012 Medtronic PLC 2.74 % Portfolio Manager : Chitkara,N/Gorham,S Aon PLC 2.40 % PM Tenure : 7 Years 8 Months Pfizer Inc 2.38 % Total Assets : $757 Million PNC Financial Services Group Inc 2.29 % Total Assets Date : 09/30/2019 Citigroup Inc 2.28 % Gross Expense : 0.37% Total 29.04 % Net Expense : 0.37% Turnover : 15%

Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 2.44 21.86 7.87 10.72 9.57 - 12.56 01/2012 -9.44 18.02 14.89 -0.30 10.47 36.00 11.60 Benchmark 1.36 17.81 4.00 9.43 7.79 11.46 12.25 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 Peer Group Average 1.51 16.60 1.94 9.45 7.28 10.67 - -8.84 15.93 14.79 -3.69 10.87 31.99 15.21

Fund Rank 24 4 8 22 7 - - 60 25 46 11 60 16 84

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 5 4 (80%) 1 (20%) 0 (0%) 0 (0%) ¾ Benchmark 10 2 (20%) 5 (50%) 3 (30%) 0 (0%)

29 Wells Fargo/TRP Instl Eq Inc Mgd F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/TRP Instl Eq Inc Mgd F JPMorgan Chase & Co 4.12 % Total Securities 125 Fund Family : Wells Fargo Bank US Bancorp 2.77 % Avg. Market Cap $60,795 Million Ticker : Qualcomm Inc 2.32 % P/E 14.22 Peer Group : Large Value Southern Co 2.28 % P/B 1.84 Benchmark : Russell 1000 Value Index Total SA ADR 2.17 % Div. Yield 3.12% Class Inception : 05/16/2013 Exxon Mobil Corp 2.14 % Portfolio Manager : Linehan,J Microsoft Corp 2.10 % PM Tenure : 3 Years 10 Months Pfizer Inc 2.04 % Total Assets : $197 Million Johnson & Johnson 1.98 % Total Assets Date : 09/30/2019 Verizon Communications Inc 1.97 % Gross Expense : 0.45% Total 23.89 % Net Expense : 0.45% Turnover : 23%

Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 1.90 18.54 3.78 10.65 7.71 - 9.00 05/2013 -8.87 16.73 19.24 -6.51 7.46 - - Benchmark 1.36 17.81 4.00 9.43 7.79 11.46 9.86 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 Peer Group Average 1.51 16.60 1.94 9.45 7.28 10.67 - -8.84 15.93 14.79 -3.69 10.87 31.99 15.21

Fund Rank 41 24 35 23 40 - - 50 42 12 85 91 - -

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 4 2 (50%) 1 (25%) 0 (0%) 1 (25%) ¾ Benchmark 10 2 (20%) 5 (50%) 3 (30%) 0 (0%)

30 Wells Fargo/BlackRock S&P500 Idx F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/BlackRock S&P500 Idx Microsoft Corp 4.22 % Total Securities 511 F Apple Inc 3.78 % Avg. Market Cap $111,196 Million Fund Family : Wells Fargo Bank Amazon.com Inc 2.87 % P/E 18.18 Ticker : Facebook Inc A 1.70 % P/B 3.13 Peer Group : Large Blend Berkshire Hathaway Inc B 1.62 % Div. Yield 2.00% Benchmark : S&P 500 JPMorgan Chase & Co 1.50 % Class Inception : 03/29/2012 Alphabet Inc Class C 1.46 % Portfolio Manager : Team Managed Alphabet Inc A 1.45 % PM Tenure : 45 Years 8 Months Johnson & Johnson 1.36 % Total Assets : $5,080 Million Procter & Gamble Co 1.24 % Total Assets Date : 09/30/2019 Total 21.19 % Gross Expense : 0.01% Net Expense : 0.01% Turnover : 5% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 1.70 20.60 4.35 13.44 10.88 13.29 11.01 02/1974 -4.33 21.85 11.96 1.45 13.69 32.41 15.94 Benchmark 1.70 20.55 4.25 13.39 10.84 13.24 11.01 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 Peer Group Average 1.35 18.89 2.80 11.81 9.19 11.91 - -6.30 20.56 10.66 -0.41 11.60 32.15 15.34

Fund Rank 34 26 27 14 10 7 - 19 27 28 18 17 43 42

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 10 5 (50%) 5 (50%) 0 (0%) 0 (0%) ¾ Benchmark 10 5 (50%) 5 (50%) 0 (0%) 0 (0%)

31 Wells Fargo/TRP Inst Lg-Cap Gr Mgd F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/TRP Inst Lg-Cap Gr Amazon.com Inc 8.61 % Total Securities 69 Mgd F Microsoft Corp 7.07 % Avg. Market Cap $148,824 Million Fund Family : Wells Fargo Bank Facebook Inc A 6.21 % P/E 25.08 Ticker : Boeing Co 5.27 % P/B 5.65 Peer Group : Large Growth Visa Inc Class A 5.17 % Div. Yield 0.79% Benchmark : Russell 1000 Growth Index Alphabet Inc A 5.11 % Class Inception : 01/26/2012 Stryker Corp 2.33 % Portfolio Manager : Tamaddon,T Tencent Holdings Ltd ADR 2.30 % PM Tenure : 2 Years 8 Months Intuit Inc 2.19 % Total Assets : $1,210 Million Alibaba Group Holding Ltd ADR 2.17 % Total Assets Date : 09/30/2019 Total 46.43 % Gross Expense : 0.32% Net Expense : 0.32% Turnover : 35% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund -0.97 17.17 2.14 19.99 15.06 - 16.91 01/2012 4.51 38.59 3.12 10.07 8.89 44.66 10.60 Benchmark 1.49 23.30 3.71 16.89 13.39 14.94 15.77 -1.51 30.21 7.08 5.67 13.05 33.48 15.26 Peer Group Average -0.48 20.83 2.20 14.90 11.38 13.28 - -2.00 28.56 3.19 4.11 10.36 34.74 15.71

Fund Rank 66 86 51 4 4 - - 6 3 49 10 69 4 95

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 5 5 (100%) 0 (0%) 0 (0%) 0 (0%) ¾ Benchmark 10 5 (50%) 5 (50%) 0 (0%) 0 (0%)

32 Wells Fargo/Voya Large-Cap Growth CIT F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/Voya Large-Cap Microsoft Corp 8.55 % Total Securities 60 Growth CIT F Amazon.com Inc 6.71 % Avg. Market Cap $120,361 Million Fund Family : Wells Fargo Bank Alphabet Inc A 4.50 % P/E 23.77 Ticker : Apple Inc 4.48 % P/B 6.56 Peer Group : Large Growth Visa Inc Class A 4.09 % Div. Yield 1.18% Benchmark : Russell 1000 Growth Index UnitedHealth Group Inc 2.90 % Class Inception : 06/07/2017 Philip Morris International Inc 2.77 % Portfolio Manager : Team Managed Merck & Co Inc 2.73 % PM Tenure : 2 Years 3 Months Boeing Co 2.43 % Total Assets : $158 Million American Tower Corp 2.39 % Total Assets Date : 09/30/2019 Total 41.56 % Gross Expense : 0.44% Net Expense : 0.44% Turnover : 88% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 1.97 21.71 4.14 - - - 13.10 06/2017 -1.26 ------Benchmark 1.49 23.30 3.71 16.89 13.39 14.94 14.92 -1.51 30.21 7.08 5.67 13.05 33.48 15.26 Peer Group Average -0.48 20.83 2.20 14.90 11.38 13.28 - -2.00 28.56 3.19 4.11 10.36 34.74 15.71

Fund Rank 12 42 30 - - - - 43 ------

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 0 0 0 0 0 ¾ Benchmark 10 5 (50%) 5 (50%) 0 (0%) 0 (0%)

33 Wells Fargo/BlackRock S&P MidCap Idx F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/BlackRock S&P iShares Core S&P Mid-Cap ETF 1.40 % Total Securities 405 MidCap Idx F Steris PLC 0.69 % Avg. Market Cap $5,235 Million Fund Family : Wells Fargo Bank Teledyne Technologies Inc 0.66 % P/E 17.67 Ticker : Alleghany Corp 0.65 % P/B 2.02 Peer Group : Mid-Cap Blend Zebra Technologies Corp 0.63 % Div. Yield 1.84% Benchmark : S&P MidCap 400 Index Old Dominion Freight Lines Inc 0.62 % Class Inception : 03/29/2012 Camden Property Trust 0.61 % Portfolio Manager : Team Managed UGI Corp 0.60 % PM Tenure : 38 Years 7 Months West Pharmaceutical Services Inc 0.59 % Total Assets : $1,231 Million WR Berkley Corp 0.59 % Total Assets Date : 09/30/2019 Total 7.05 % Gross Expense : 0.03% Net Expense : 0.03% Turnover : 19% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund -0.07 17.89 -2.42 9.44 8.93 12.51 12.96 03/1981 -10.99 16.27 20.73 -2.11 9.78 33.55 17.86 Benchmark -0.09 17.87 -2.49 9.38 8.88 12.56 - -11.08 16.24 20.74 -2.18 9.77 33.50 17.88 Peer Group Average 0.11 18.11 -1.66 8.49 6.93 11.05 - -11.72 16.05 15.06 -4.06 8.60 34.93 16.94

Fund Rank 51 45 45 35 15 16 - 38 44 7 22 33 52 34

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 10 3 (30%) 7 (70%) 0 (0%) 0 (0%) ¾ Benchmark 10 5 (50%) 5 (50%) 0 (0%) 0 (0%)

34 Wells Fargo/Multi-Manager Sm Cap F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/Multi-Manager Sm Wells Fargo/BlackRock S/T Inve 3.15 % Total Securities 397 Cap F Pool Corp 1.67 % Avg. Market Cap $3,859 Million Fund Family : Wells Fargo Bank AptarGroup Inc 1.48 % P/E 19.32 Ticker : The Toro Co 1.30 % P/B 2.36 Peer Group : Small Blend Catalent Inc 1.27 % Div. Yield 1.37% Benchmark : Russell 2000 Index Performance Food Group Co 1.18 % Class Inception : 01/26/2012 Portland General Electric Co 1.04 % Portfolio Manager : Team Managed RLI Corp 1.00 % PM Tenure : 7 Years 8 Months Q2 Holdings Inc 0.98 % Total Assets : $364 Million Encompass Health Corp 0.96 % Total Assets Date : 09/30/2019 Total 14.02 % Gross Expense : 0.61% Net Expense : 0.61% Turnover : 44% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund -1.37 17.46 -4.51 10.21 9.81 - 12.09 01/2012 -9.71 17.62 21.26 -2.14 7.50 38.31 10.03 Benchmark -2.40 14.18 -8.89 8.23 8.19 11.19 11.27 -11.01 14.65 21.31 -4.41 4.89 38.82 16.35 Peer Group Average -1.45 14.45 -7.79 7.41 7.17 10.82 - -12.44 12.73 20.85 -4.60 4.64 37.96 15.76

Fund Rank 52 22 20 7 5 - - 22 8 44 24 17 48 95

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 5 5 (100%) 0 (0%) 0 (0%) 0 (0%) ¾ Benchmark 10 1 (10%) 6 (60%) 3 (30%) 0 (0%)

35 Wells Fargo/Causeway Intl Value F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/Causeway Intl Value F Volkswagen AG Participating Pr 4.85 % Total Securities 60 Fund Family : Wells Fargo Bank Takeda Pharmaceutical Co Ltd 3.74 % Avg. Market Cap $44,585 Million Ticker : UniCredit SpA 3.29 % P/E 11.01 Peer Group : Foreign Large Value Linde PLC 3.19 % P/B 1.06 Benchmark : MSCI EAFE (net) Prudential PLC 3.19 % Div. Yield 4.33% Class Inception : 09/09/2014 ABB Ltd 3.14 % Portfolio Manager : Team Managed Basf SE 3.10 % Top Five Countries China Mobile Ltd 3.02 % PM Tenure : 5 Years United Kingdom 34.18 % KDDI Corp 2.90 % Total Assets : $563 Million Japan 14.61 % Barclays PLC 2.67 % Total Assets Date : 09/30/2019 Germany 12.44 % Total 33.08 % Gross Expense : 0.56% Switzerland 7.94 % Net Expense : 0.56% France 6.24 % Turnover : 33% Total 75.41 %

Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund -2.25 8.21 -7.69 4.44 1.13 - 0.68 09/2014 -18.20 28.23 0.86 -2.75 - - - Benchmark -1.07 12.80 -1.34 6.48 3.27 4.90 2.42 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 Peer Group Average -1.73 8.31 -5.72 3.68 0.91 3.44 - -16.35 22.51 3.82 -3.64 -6.09 21.14 16.99

Fund Rank 67 54 69 32 48 - - 82 6 71 43 - - -

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 3 0 (0%) 3 (100%) 0 (0%) 0 (0%) ¾ Benchmark 10 2 (20%) 7 (70%) 1 (10%) 0 (0%)

36 Wells Fargo/Lazard Intl Equity F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/Lazard Intl Equity F Novartis AG 3.96 % Total Securities 70 Fund Family : Wells Fargo Bank SAP SE 3.64 % Avg. Market Cap $43,260 Million Ticker : Royal Dutch Shell PLC Class A 3.35 % P/E 14.23 Peer Group : Foreign Large Blend Aon PLC 3.08 % P/B 1.92 Benchmark : MSCI EAFE (net) Medtronic PLC 2.71 % Div. Yield 3.15% Class Inception : 09/17/2014 Anheuser-Busch InBev SA/NV 2.65 % Portfolio Manager : Team Managed RELX PLC 2.59 % Top Five Countries Sanofi SA 2.42 % PM Tenure : 5 Years United Kingdom 20.31 % Unilever PLC 2.36 % Total Assets : $108 Million France 13.53 % Prudential PLC 2.36 % Total Assets Date : 09/30/2019 Japan 13.35 % Total 29.12 % Gross Expense : 0.64% United States 7.07 % Net Expense : 0.64% Germany 7.02 % Turnover : 49% Total 61.28 %

Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund -1.48 13.76 0.65 5.01 3.01 - 2.49 09/2014 -13.37 23.02 -3.75 2.52 - - - Benchmark -1.07 12.80 -1.34 6.48 3.27 4.90 2.42 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 Peer Group Average -1.38 12.28 -2.12 5.50 2.79 4.55 - -15.15 25.48 1.21 -1.71 -4.97 19.63 18.11

Fund Rank 55 21 14 69 46 - - 18 85 95 7 - - -

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 3 0 (0%) 0 (0%) 1 (33%) 2 (67%) ¾ Benchmark 10 1 (10%) 5 (50%) 4 (40%) 0 (0%)

37 Wells Fargo/BlackRock Intl Eq Idx F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/BlackRock Intl Eq Idx Nestle SA 2.39 % Total Securities 937 F Roche Holding AG Dividend Right 1.47 % Avg. Market Cap $35,757 Million Fund Family : Wells Fargo Bank Novartis AG 1.34 % P/E 14.34 Ticker : HSBC Holdings PLC 1.12 % P/B 1.46 Peer Group : Foreign Large Blend Toyota Motor Corp 1.10 % Div. Yield 3.59% Benchmark : MSCI EAFE (net) BP PLC 0.93 % Class Inception : 09/28/2012 Royal Dutch Shell PLC Class A 0.92 % Top Five Countries Portfolio Manager : Team Managed Total SA 0.90 % Japan 23.67 % PM Tenure : 29 Years AstraZeneca PLC 0.84 % United Kingdom 16.54 % Total Assets : $614 Million SAP SE 0.83 % France 11.19 % Total Assets Date : 09/30/2019 Total 11.83 % Switzerland 9.62 % Gross Expense : 0.05% Germany 8.75 % Net Expense : 0.05% Total 69.77 % Turnover : 4% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund -1.06 13.16 -1.04 6.81 3.54 5.15 5.87 10/1990 -13.49 25.30 2.01 -0.70 -5.54 22.02 18.47 Benchmark -1.07 12.80 -1.34 6.48 3.27 4.90 5.74 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 Peer Group Average -1.38 12.28 -2.12 5.50 2.79 4.55 - -15.15 25.48 1.21 -1.71 -4.97 19.63 18.11

Fund Rank 35 29 32 14 22 26 - 21 53 36 39 55 26 39

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 10 3 (30%) 4 (40%) 3 (30%) 0 (0%) ¾ Benchmark 10 1 (10%) 5 (50%) 4 (40%) 0 (0%)

38 Invesco Developing Markets R5 As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Invesco Developing Markets R5 Sberbank of Russia PJSC Partic 3.96 % Total Securities 72 Fund Family : Invesco Yandex NV Shs Class-A- 3.41 % Avg. Market Cap $18,085 Million Ticker : GTDIX Wuliangye Yibin Co Ltd 3.34 % P/E 13.38 Peer Group : Diversified Emerging Mkts B3 SA - Brasil Bolsa Balcao 3.25 % P/B 1.98 Benchmark : MSCI EM (net) Samsung Electronics Co Ltd 3.22 % Div. Yield 4.20% Class Inception : 10/25/2005 PT Bank Mandiri (Persero) Tbk 3.15 % Portfolio Manager : Team Managed PT Bank Central Asia Tbk 3.14 % Top Five Countries Ambev SA ADR 3.13 % PM Tenure : 16 Years 4 Months Brazil 17.53 % PT Telekomunikasi Indonesia (P 2.92 % Total Assets : $2,145 Million China 16.07 % Bank Bradesco SA ADR 2.87 % Total Assets Date : 09/30/2019 Russia 12.23 % Total 32.38 % Gross Expense : 1.07% Mexico 10.99 % Net Expense : 1.06% Indonesia 9.79 % Turnover : 20% Total 66.61 %

Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 0.23 18.34 12.61 6.65 3.11 5.16 5.49 02/1994 -18.46 30.79 20.20 -18.37 -2.85 -2.85 20.03 Benchmark -4.25 5.90 -2.02 5.97 2.33 3.37 - -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.23 Peer Group Average -3.54 8.52 0.36 5.27 1.92 3.52 - -16.39 35.20 8.66 -13.65 -2.79 0.37 19.12

Fund Rank 2 4 1 30 26 13 - 72 74 5 86 50 63 38

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 10 4 (40%) 4 (40%) 1 (10%) 1 (10%) ¾ Benchmark 10 1 (10%) 7 (70%) 2 (20%) 0 (0%)

39 Invesco Oppenheimer Developing Mkts R6 As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Invesco Oppenheimer Developing Alibaba Group Holding Ltd ADR 7.20 % Total Securities 92 Mkts R6 Master China Series 1 6.57 % Avg. Market Cap $40,161 Million Fund Family : Invesco NOVATEK PJSC GDR 4.50 % P/E 16.66 Ticker : ODVIX Taiwan Semiconductor Manufacturing 4.08 % P/B 2.39 Peer Group : Diversified Emerging Mkts Housing Development Finance Corp 3.81 % Div. Yield 2.67% Benchmark : MSCI EM (net) Kering SA 3.75 % Class Inception : 12/29/2011 Kotak Mahindra Bank Ltd 3.00 % Top Five Countries Portfolio Manager : Leverenz,J Tencent Holdings Ltd 2.95 % China 26.22 % PM Tenure : 12 Years 4 Months AIA Group Ltd 2.93 % India 11.40 % Total Assets : $40,564 Million Yum China Holdings Inc 2.61 % Mexico 7.61 % Total Assets Date : 09/30/2019 Total 41.39 % Russia 7.34 % Gross Expense : 0.85% Brazil 6.45 % Net Expense : 0.85% Total 59.02 % Turnover : 36% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund -3.75 11.31 2.65 8.05 2.83 5.86 11.50 12/1996 -11.79 35.33 7.38 -13.67 -4.39 8.85 21.43 Benchmark -4.25 5.90 -2.02 5.97 2.33 3.37 - -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.23 Peer Group Average -3.54 8.52 0.36 5.27 1.92 3.52 - -16.39 35.20 8.66 -13.65 -2.79 0.37 19.12

Fund Rank 55 26 31 13 33 6 - 9 54 60 46 69 14 25

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Percentile 100.0 Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 10 7 (70%) 1 (10%) 2 (20%) 0 (0%) ¾ Benchmark 10 1 (10%) 7 (70%) 2 (20%) 0 (0%)

40 Metropolitan West Total Return Bd I As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Metropolitan West Total Return Bd United States Treasury Notes 1.25% 6.22 % Avg. Coupon 3.11 % I Federal National Mortgage Asso 4.88 % Avg. Effective Maturity 7.69 Years Fund Family : Metropolitan West Funds United States Treasury Notes 1.5% 4.74 % Avg. Effective Duration 5.75 Years Ticker : MWTIX United States Treasury Bonds 2.25% 3.37 % Avg. Credit Quality BBB Peer Group : Intermediate Core-Plus Bond United States Treasury Notes 1.75% 2.88 % Yield To Maturity 2.54 Years Benchmark : Blmbg. Barc. U.S. Aggregate United States Treasury Notes 1.62% 1.99 % Asset Allocation Class Inception : 03/31/2000 United States Treasury Notes 1.5% 1.85 % Portfolio Manager : Team Managed United States Treasury Bonds 2.88% 1.85 % Fixed Income 105.7% PM Tenure : 22 Years 6 Months Government National Mortgage A 1.82 % Equity 0.0% Total Assets : $79,324 Million United States Treasury Notes 1.75% 1.56 % Total Assets Date : 09/30/2019 Total 31.16 % Other 0.0% Gross Expense : 0.44% Cash -5.8 % Net Expense : 0.44% -100.0 % 0.0% 100.0% 200.0% Turnover : 255% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 2.24 8.88 10.55 3.17 3.32 5.27 6.35 04/1997 0.16 3.43 2.46 0.29 5.99 0.50 11.54 Benchmark 2.27 8.52 10.30 2.92 3.38 3.75 5.26 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 Peer Group Average 1.99 8.68 9.39 3.23 3.33 4.44 - -0.68 4.36 4.02 -0.45 5.54 -0.77 8.07

Fund Rank 38 51 17 55 56 14 - 17 81 86 27 35 15 7

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Perce100.0 ntile Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 10 6 (60%) 0 (0%) 3 (30%) 1 (10%) ¾ Benchmark 10 0 (0%) 2 (20%) 3 (30%) 5 (50%)

41 Wells Fargo/Federated Tot Return Bd F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/Federated Tot Return Us 2yr Note (Cbt) Sep19 Xcbt 2 25.74 % Avg. Coupon 3.67 % Bd F High Yield Bond Portfolio 6.70 % Avg. Effective Maturity 6.76 Years Fund Family : Wells Fargo Bank Federated Emerging Markets Core 3.98 % Avg. Effective Duration 5.39 Years Ticker : Federated Project and Trade Fin 3.84 % Avg. Credit Quality BBB Peer Group : Intermediate Core-Plus Bond United States Treasury Notes 3.12% 2.69 % Yield To Maturity 3.09 Years Benchmark : Blmbg. Barc. U.S. Aggregate United States Treasury Notes 2.88% 2.27 % Asset Allocation Class Inception : 12/16/2014 Federal National Mortgage Asso 1.79 % Portfolio Manager : Team Managed Federated Bank Loan Core 1.69 % Fixed Income 87.9% PM Tenure : 4 Years 9 Months Us 10yr Note (Cbt)sep19 Xcbt 2 -2.06 % Other 10.7% Total Assets : $419 Million US 10 Year Ultra Future Sept19 -5.78 % Total Assets Date : 09/30/2019 Total 40.86 % Cash 1.4% Gross Expense : 0.16% Equity 0.0% Net Expense : 0.16% 0.0% 50.0% 100.0% 150.0% Turnover : 60% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 2.10 9.14 9.47 3.32 - - 3.48 12/2014 -0.86 4.39 4.58 -0.09 - - - Benchmark 2.27 8.52 10.30 2.92 3.38 3.75 3.14 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 Peer Group Average 1.99 8.68 9.39 3.23 3.33 4.44 - -0.68 4.36 4.02 -0.45 5.54 -0.77 8.07

Fund Rank 50 39 57 44 - - - 56 47 31 46 - - -

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Perce100.0 ntile Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 2 0 (0%) 2 (100%) 0 (0%) 0 (0%) ¾ Benchmark 10 0 (0%) 2 (20%) 3 (30%) 5 (50%)

42 Wells Fargo/BlackRock US Agg Bd Idx F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/BlackRock US Agg Bd United States Treasury Notes 2.38% 0.98 % Avg. Coupon 3.44 % Idx F United States Treasury Notes 1.88% 0.97 % Avg. Effective Maturity 7.88 Years Fund Family : Wells Fargo Bank United States Treasury Notes 2.25% 0.86 % Avg. Effective Duration 5.6 Years Ticker : United States Treasury Notes 2.25% 0.75 % Avg. Credit Quality AA Peer Group : Intermediate Core Bond United States Treasury Notes 2% 0.69 % Yield To Maturity 2.48 Years Benchmark : Blmbg. Barc. U.S. Aggregate United States Treasury Notes 2.38% 0.67 % Asset Allocation Class Inception : 09/28/2012 United States Treasury Notes 2.25% 0.65 % Portfolio Manager : Team Managed United States Treasury Bonds 8% 0.62 % Fixed Income 94.7% PM Tenure : 13 Years United States Treasury Bonds 3% 0.62 % Total Assets : $1,023 Million United States Treasury Notes 2.25% 0.61 % Cash 5.3% Total Assets Date : 09/30/2019 Total 7.42 % Gross Expense : 0.03% Equity 0.0% Net Expense : 0.03% 0.0% 50.0% 100.0% 150.0% Turnover : 12% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 2.30 8.58 10.34 2.97 3.40 3.79 4.40 10/2006 0.04 3.62 2.62 0.50 6.10 -2.01 4.25 Benchmark 2.27 8.52 10.30 2.92 3.38 3.75 4.36 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 Peer Group Average 1.99 8.07 9.39 2.68 3.03 3.64 - -0.34 3.33 2.70 0.14 5.22 -1.94 5.45

Fund Rank 26 39 22 32 23 41 - 26 34 47 33 18 44 65

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Perce100.0 ntile Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 10 1 (10%) 6 (60%) 3 (30%) 0 (0%) ¾ Benchmark 10 0 (0%) 7 (70%) 3 (30%) 0 (0%)

43 Wells Fargo/Dodge & Cox Interm Bond F As of September 30, 2019

Fund Information Top Ten Securities Fund Characteristics Product Name : Wells Fargo/Dodge & Cox Interm SLC Student Loan Trust 2.57% 2.62 % Avg. Coupon 4.37 % Bond F United States Treasury Notes 1.88% 2.40 % Avg. Effective Maturity 8.27 Years Fund Family : Wells Fargo Bank Federal National Mortgage Asso 2.35 % Avg. Effective Duration 4.26 Years Ticker : United States Treasury Notes 2.5% 2.10 % Avg. Credit Quality A Peer Group : Intermediate Core-Plus Bond Federal Home Loan Mortgage Cor 2.02 % Yield To Maturity 3.69 Years Benchmark : Blmbg. Barc. U.S. Aggregate Fnma Pass-Thru I 3% 1.95 % Asset Allocation Class Inception : 12/16/2014 SLM Student Loan Trust 2.75% 1.77 % Portfolio Manager : Team Managed Fnma Pass-Thru I 4.5% 1.62 % Fixed Income 98.6% PM Tenure : 4 Years 9 Months United States Treasury Notes 2.25% 1.59 % Total Assets : $402 Million United States Treasury Notes 2.38% 1.33 % Cash 1.4% Total Assets Date : 09/30/2019 Total 19.74 % Gross Expense : 0.18% Equity 0.0% Net Expense : 0.18% 0.0% 50.0% 100.0% 150.0% Turnover : 38% Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 2.08 8.78 9.13 3.84 - - 3.78 12/2014 -0.12 4.47 5.90 -0.60 - - - Benchmark 2.27 8.52 10.30 2.92 3.38 3.75 3.14 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 Peer Group Average 1.99 8.68 9.39 3.23 3.33 4.44 - -0.68 4.36 4.02 -0.45 5.54 -0.77 8.07

Fund Rank 53 56 66 16 - - - 24 44 10 65 - - -

3 Year Rolling Percentile Ranking 0.0

25.0

50.0

75.0

Return Return Perce100.0 ntile Rank 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19

5-25 25-Median Median-75 75-95 Total Period Count Count Count Count ¾ Fund 2 2 (100%) 0 (0%) 0 (0%) 0 (0%) ¾ Benchmark 10 0 (0%) 2 (20%) 3 (30%) 5 (50%)

44 Wells Fargo/BlackRock S/T Investment F As of September 30, 2019

Fund Information Maturity Distribution (%) Composition Distribution (%) Product Name : Wells Fargo/BlackRock S/T Investment F 1-7 Days 43.0 Certificate of Deposit - Euro 31.1 Fund Family : Wells Fargo Bank

Ticker : Financial Company CP 25.4 Peer Group : Lipper Instl Money Market Funds 8 - 30 Days 20.5

Benchmark : FTSE 3 Month T-Bill Repurchase Agreements 15.0 Class Inception : 08/23/2013 31 - 90 Days 19.6 Portfolio Manager : Team Managed Asset Backed CP 21.7 PM Tenure : 38 Years 8 Months 91 - 180 Days 12.1 Total Assets : $7,014 Million Corporate Commercial Paper 0.3 Total Assets Date : 09/30/2019 Gross Expense : 0.08% 180+ Days 4.8 Other 6.6 Net Expense : 0.08% Turnover : - 0.0 15.0 30.0 45.0 60.0 0.0 15.0 30.0 45.0

Trailing Performance Calendar Year Performance 1 3 5 10 Since Inception Quarter YTD Year Years Years Years Inception Date 2018 2017 2016 2015 2014 2013 2012 Fund 0.59 1.89 2.50 1.76 1.17 0.71 4.78 02/1981 2.05 1.18 0.52 0.20 0.17 0.22 0.26 Benchmark 0.56 1.78 2.36 1.52 0.96 0.51 4.18 1.86 0.84 0.27 0.03 0.02 0.06 0.09 Peer Group Average 0.49 1.60 2.20 1.40 0.90 0.48 - 1.74 0.74 0.25 0.05 0.02 0.03 0.07

Fund Rank 1 3 3 2 2 1 - 3 1 3 1 1 1 1

Portfolio Characteristics Performance Weighted Average Maturity (Days) 43.0 3.12 Weighted Average Life (Days) 79.0 2.50 Daily Liquid Assets 33.4 2.36 2.34 2.05 Weekly Liquid Assets 38.0 1.86 1.76 1.56 1.52 1.17 1.18 Return 0.96 0.90 0.84 0.70 0.71 0.78 0.59 0.56 0.51 0.52 0.27 0.00 Quarter 1 3 5 7 10 2018 2017 2016 Year Years Years Years Years

Wells Fargo/BlackRock S/T Investment F FTSE 3 Month T-Bill

45 Index Characteristics As of September 30, 2019

Bloomberg Barclays Bloomberg Barclays Bloomberg Barclays Bloomberg Barclays Intermediate US US Government US Aggregate US Gov't/Credit Gov't/Credit Intermediate

Asset Allocation % Weight % Weight % Weight % Weight

Treasury 39.90 56.55 61.08 96.91 Government Related 5.71 8.10 8.05 3.09 Corporate 24.93 35.35 30.87 --- MBS 26.95 ------CMBS 2.03 ------ABS 0.44 ------Other 0.04 ------Total 100.00 100.00 100.00 100.00

Quality AA/Aa2 AA-/Aa2 AA-/Aa2 AA+/AAA

Maturity 7.86 9.26 4.26 4.01

Duration 5.73 6.92 3.86 3.73

Source: Bloomberg Barclays

46 Index Characteristics As of September 30, 2019

S&P 500 Russell 1000 Russell 1000 Value Russell 1000 Growth QTD QTD QTD QTD Economic Sector % Return % Return % Return % Return Communication Services 10.36 2.22 9.83 2.02 8.19 3.76 11.41 0.85 Consumer Discretionary 10.11 0.51 10.32 0.58 6.09 3.27 14.43 -0.48 Consumer Staples 7.60 6.11 7.01 5.94 9.17 5.92 4.93 5.98 Energy 4.52 -6.58 4.26 -7.05 8.37 -6.93 0.27 -10.41 Financials 12.94 2.01 13.20 2.01 23.56 2.19 3.16 0.76 Health Care 13.65 -2.25 13.33 -2.79 12.40 -3.05 14.23 -2.56 Industrials 9.34 0.99 9.69 0.78 9.41 -1.90 9.97 3.36 Information Technology 21.93 3.37 22.04 2.61 6.02 2.95 37.58 2.56 Materials 2.73 -0.12 2.85 -0.21 4.29 -2.18 1.45 5.96 Real Estate 3.22 7.71 4.02 7.84 5.51 8.00 2.58 7.50 Utilities 3.59 9.33 3.45 8.25 7.01 8.25 -- Unassigned ------Total 100.00 100.00 100.00 100.00

Market Capitalization Median 21,182.65 9,175.10 8,575.84 10,910.84 Weighted Median 111,939.31 87,418.20 53,835.71 118,031.59 Price/Earnings Weighted Harmonic Average 20.11 20.19 16.35 26.10 Price/Book Weighted Harmonic Average 3.38 3.28 2.03 8.14 Hist 3Yr EPS Growth Weighted Average 10.26 9.17 -2.40 20.38

Source: FactSet

47 Index Characteristics As of September 30, 2019

S&P 400 Mid Cap Russell Midcap Russell Midcap Value Russell Midcap Growth QTD QTD QTD QTD Economic Sector % Return % Return % Return % Return Communication Services 2.36 -4.25 4.12 -2.96 3.64 -5.17 4.88 -0.25 Consumer Discretionary 12.47 0.94 11.50 0.60 8.94 1.05 15.49 0.19 Consumer Staples 2.81 1.69 4.10 6.79 4.57 6.34 3.36 7.75 Energy 2.17 -22.95 3.85 -12.27 5.50 -12.54 1.27 -10.41 Financials 16.84 1.19 13.26 1.71 18.93 2.32 4.43 -2.22 Health Care 9.78 -4.13 9.78 -6.42 6.70 -3.76 14.58 -8.27 Industrials 15.91 -0.71 13.71 1.03 11.40 -0.48 17.32 2.63 Information Technology 15.23 1.08 17.18 -0.69 7.22 -0.51 32.72 -0.73 Materials 6.08 -2.84 5.15 -0.94 6.53 -2.37 3.00 4.27 Real Estate 11.44 7.26 10.12 8.22 14.73 8.21 2.94 8.32 Utilities 4.93 3.28 7.21 7.30 11.83 7.30 -- Unassigned ------Total 100.00 100.00 100.00 100.00

Market Capitalization Median 4,110.81 7,366.11 6,832.47 8,211.39 Weighted Median 5,125.09 13,533.85 12,473.34 14,889.14 Price/Earnings Weighted Harmo nic Average 18.69 20.27 17.50 27.33 Price/Book Weighted Harmo nic Average 2.18 2.59 1.87 6.40 Hist 3Yr EPS Growth Weighted Average 4.10 2.00 -0.90 6.72

Source: FactSet

48 Index Characteristics As of September 30, 2019

Russell 2000 Russell 2000 Value Russell 2000 Growth Russell 3000 Growth QTD QTD QTD QTD Economic Sector % Return % Return % Return % Return Communication Services 2.44 -8.21 2.43 -5.48 2.46 -10.73 10.84 0.66 Consumer Discretionary 11.08 -0.30 9.84 4.96 12.32 -4.14 14.30 -0.69 Consumer Staples 3.02 4.06 2.57 4.65 3.47 3.63 4.83 5.87 Energy 3.32 -20.92 5.96 -20.97 0.68 -20.41 0.30 -12.03 Financials 18.24 -0.29 30.51 0.17 5.99 -2.55 3.34 0.37 Health Care 16.20 -9.58 4.90 -7.91 27.47 -9.88 15.08 -3.47 Industrials 16.14 -0.61 12.64 -1.36 19.63 -0.12 10.59 2.94 Information Technology 13.38 -0.12 8.63 4.65 18.12 -2.22 36.33 2.40 Materials 3.83 -5.52 4.48 -4.96 3.19 -6.30 1.56 4.17 Real Estate 8.21 5.01 11.55 5.92 4.89 2.92 2.72 6.96 Utilities 4.14 5.38 6.48 4.37 1.79 9.21 0.12 9.21 Unassigned ------Total 100.00 100.00 100.00 100.00

Market Capitalization Median 711.84 635.85 853.39 1,663.56 Weighted Median 2,035.84 1,774.42 2,264.99 114,655.63 Price/Earnings Weighted Harmo nic Average 17.03 13.56 24.46 26.02

Price/Book Weighted Harmo nic Average 1.93 1.28 3.93 7.62

Hist 3Yr EPS Growth Weighted Average 6.44 5.90 7.10 19.82

Source: FactSet

49 Index Characteristics As of September 30, 2019

MSCI EAFE QTD Return Market QTD Return Economic Sector % in US Dollar Country Allocations Weight % in US Dollar Communication Services 5.36 -0.83 Australia 7.04% -1.46 Consumer Discretionary 11.49 0.21 Belgium 1.02% 3.43 Consumer Staples 12.00 1.93 Denmark 1.76% -0.78 Energy 5.13 -6.32 France 11.36% -1.64 Financials 18.56 -2.56 Germany 8.54% -4.01 Health Care 11.59 2.48 Hong Kong 3.53% -11.94 Industrials 14.73 -1.94 Italy 2.34% 0.14 Information Technology 6.74 -0.46 Japan 24.56% 3.28 Materials 7.00 -5.36 Netherlands 3.34% 2.78 Real Estate 3.60 -1.08 Singapore 1.27% -5.77 Utilities 3.79 2.48 Spain 2.91% -3.87 Unassigned -- Sweden 2.56% -4.79 Total 100.00 Switzerland 9.42% 0.29 United Kingdom 16.36% -2.46 Market Capitalization Other 3.99% -- Median 7,137.40 Total 100.00% Weighted Median 30,427.82

Price/Earnings Weighted Harmo nic Average 15.02

Price/Book Weighted Harmo nic Average 1.62

Hist 3Yr EPS Growth Weighted Average 1.60

Source: FactSet

50 Index Characteristics As of September 30, 2019

MSCI Emerging Markets QTD Return Market QTD Return Economic Sector % in US Dollar Country Allocations Weight % in US Dollar Communication Services 11.57 -5.03 Brazil 7.55% -4.53 Consumer Discretionary 13.05 -2.52 China 31.89% -4.58 Consumer Staples 6.90 -0.58 India 8.86% -5.03 Energy 7.67 -3.64 Indonesia 2.07% -5.17 Financials 24.69 -7.74 Korea 12.15% -4.46 Health Care 2.60 -6.33 Malaysia 2.05% -6.29 Industrials 5.40 -5.10 Mexic o 2.51% -1.56 Information Technology 15.09 5.97 Philippines 1.09% -4.56 Materials 7.34 -10.32 Qatar 1.01% -0.22 Real Estate 2.86 -8.62 Russia 3.96% -0.95 Utilities 2.82 -3.26 Saudi Arabia 2.60% -9.43 Unassigned -- South Afric a 4.72% -11.10 Total 100.00 Taiwan 11.48% 5.87 Thailand 2.91% -5.85 Market Capitalization Other 5.15% Median 1,936.72 Weighted Median 11,435.80 Total 100.00%

Price/Earnings Weighted Harmo nic Average 12.72

Price/Book Weighted Harmo nic Average 1.57

Hist 3Yr EPS Growth Weighted Average 11.79

Source: FactSet

51 Index Characteristics As of September 30, 2019

MSCI AC World exUS QTD Return Market QTD Return Economic Sector % in US Dollar Country Allocations Weight % in US Dollar Communication Services 6.82 -2.82 Australia 4.72% -1.46 Consumer Discretionary 11.39 -0.59 Brazil 1.97% -4.53 Consumer Staples 10.16 1.58 Canada 6.98% 0.68 Energy 6.74 -4.36 China 8.30% -4.58 Financials 21.60 -3.45 Denmark 1.18% -0.78 Health Care 8.52 1.20 France 7.61% -1.64 Industrials 11.92 -2.42 Germany 5.72% -4.01 Information Technology 8.85 2.39 Hong Kong 2.37% -11.94 Materials 7.29 -6.35 India 2.30% -5.03 Real Estate 3.21 -2.92 Italy 1.57% 0.14 Utilities 3.50 1.44 Japan 16.45% 3.28 Unassigned -- Korea 3.16% -4.46 Total 100.00 Netherlands 2.24% 2.78 Russia 1.03% -0.95 Market Capitalization South Afric a 1.23% -11.10 Median 3,653.73 Spain 1.95% -3.87 Weighted Median 25,772.73 Sweden 1.72% -4.79 Switzerland 6.31% 0.29 Price/Earnings Taiwan 2.99% 5.87 Weighted Harmonic Average 14.30 United Kingdom 10.96% -2.46 Other 9.24% Price/Book Weighted Harmonic Average 1.62 Total 100.00%

Hist 3Yr EPS Growth Weighted Average 4.40

Source: FactSet

52 Definitions

Alpha measures a portfolio's return in excess of the market return adjusted for risk. It is a measure of the manager's contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk which was taken for that level of market exposure. Average Credit Quality is the average of all credit quality positions for a fund’s bond holdings. U.S. Government bonds carry the highest credit rating, while bonds issued by speculative or bankrupt companies usually carry the lowest credit ratings. Anything at or below BB is considered a high-yield or "junk" bond. Average Effective Maturity is a weighted average of all the effective maturities of the bonds in a portfolio. Effective maturity takes into consideration mortgage prepayments, puts, calls, adjustable coupons, and other features of individual bonds and is thus a more accurate measure of interest-rate sensitivity. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. Batting Average is the ratio between the number of periods where the manager outperforms a benchmark and the total number of periods. Beta measures the sensitivity of rates of portfolio returns to movements in the market index. A portfolio's beta measures the expected change in return per 1% change in the return on the market. If a beta of a portfolio is 1.5, a 1 percent increase in the return on the market will result on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true. Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital). A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Geometric Mean of the Market Capitalization defines the overall "size" of a stock fund's portfolio for all of the stocks owned. Calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization. For example, if a fund currently held equal stakes in three stocks, with market capitalizations of $2 billion, $10 billion, and $25 billion, the geometric mean would equal: ($2 billion1/3) * ($10 billion1/3) * ($25 billion1/3) = $7.94 billion. This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean better identifies the portfolio's "center of gravity." That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio. Information Ratio measures the manager's market risk-adjusted excess return per unit of residual risk relative to a benchmark. It is computed by dividing alpha by the residual risk over a given time period. Assuming all other factors being equal, managers with lower residual risk achieve higher values in the information ratio. Managers with higher information ratios will add value relative to the benchmark more reliably and consistently. Market Capitalization Breakdown uses the 5000 largest domestic stocks in the Morningstar equities database, the top 1% are categorized as Giant, the next 4% are Large, the next 15% are Mid, the next 30% are Small, and the remaining 50% are Micro. Stocks outside of the largest 5000 are also classified as Micro. P/B Ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. This figure may not always represent the real value of a company because it excludes such intangible assets as patents and trademarks. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated. P/E Ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. Returns can be displayed in a variety of ways. The most common are termed as “cumulative” or “annualized” returns. Monthly returns for a fund or benchmark are compounded to derive a cumulative return (i.e. quarter-to-date, year-to-date, etc.). Typically returns greater than 1-year are annualized in order to provide the ability to display the average annual return over a specified period of time (i.e. last 3 years). R-Squared indicates the extent to which the variability of the portfolio returns are explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An r-squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An r-squared of 1.0 indicates that a portfolio's returns are entirely related to the market and it is not influenced by other factors. An r-squared of zero indicates that no relationship exists between the portfolio's return and the market. Sharpe Ratio is a commonly used measure of risk-adjusted return. It is calculated by subtracting the "risk-free" return (usually the 3 month Treasury bill) from the portfolio return and dividing the resulting "excess return" by the portfolio's risk level (standard deviation). The result is a measure of return gained per unit of risk taken. Sortino Ratio is an analog to the Sharpe ratio, with the standard deviation replaced by the downside deviation. Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of the observations from their sample mean. Standard deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e., has a bell shaped curve distribution) then approximately 2/3 of the returns would occur within plus or minus one standard deviation from the sample mean.

53 Market Index Descriptions

Bloomberg Barclays U.S. Govt 1-3 Year includes U.S. Treasury and Agency obligations JPM EMBI Global Diversified is a market-capitalization weighted, total-return index with maturities of 1 t o3 years. tracking the traded market for USD-denominated Brady bonds, Eurobonds, traded Bloomberg Barclays Intermediate Gov’t Bond is composed of U.S. government loans, and local market debt instruments issued by sovereign and quasi-sovereign securities with maturities in the 1- to 10- year range, including securities issued by the entities. U.S. Treasury and U.S. government agencies. MSCI ACWI ex US is a free float-adjusted market capitalization weighted index that is Bloomberg Barclays U.S. Aggregate Bond is composed of the BBgBarc U.S. Govt/Credit designed to measure the equity market performance of 22 developed and 24 Idx and the Bloomberg Barclays U.S. Mortgage-Backed Securities Idx, and includes emerging markets. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. MSCI EAFE (Europe, Australasia, Far East) is a free float-adjusted market Bloomberg Barclays U.S. Gov’t/Credit Bond consists of investment-grade corp bonds capitalization index that is designed to measure the equity market performance of 21 and U.S. Treasury/agency issues with maturities greater than one year. developed markets, excluding the US & Canada. Bloomberg Barclays U.S. Intermediate Gov’t/Credit Bond consists of investment- MSCI AC World IMI Core Real Estate Index (Net) is a free float-adjusted market grade corporate bonds and U.S. Treasury/agency issues with maturities greater than one capitalization index that consists of large, mid and small- cap stocks across 23 year and less than 10 years. Developed Markets (DM) and 26 Emerging Markets (EM) countries* engaged in the Bloomberg Barclays U.S. Intermediate Credit is composed of investment grade, US ownership, development and management of specific core property type real estate. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. MSCI Emerging Markets is a free float-adjusted market capitalization index that is It is composed of the US Corporate Index and a non-corporate component that includes designed to measure equity market performance of 23 emerging market countries. foreign agencies, sovereigns, supranationals and local authorities. Russell 1000 includes the 1,000 largest companies in the Russell 3000 Index, and Bloomberg Barclays U.S. Long Gov’t/Credit includes publicly issued U.S. Treasury represents 92% of the U.S. equities market. debt, U.S. government agency debt, taxable debt issued by U.S. states and territories Russell 1000 Growth measures the performance of those Russell 1000 companies and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. with higher price-to-book ratios and higher forecasted growth values. government debt and supranational debt. Russell 1000 Value measures the performance of those Russell 1000 companies with Bloomberg Barclays U.S. Long Treasury includes all publicly issued, U.S. Treasury lower price-to-book ratios and lower forecasted growth values. securities that have a remaining maturity of 10 or more years, are rated investment Russell 2000 measures the performance of the 2,000 smallest companies in the grade, and have $250 million or more of outstanding face value. Russell 3000® Index, which represents approximately 8% of the total market Bloomberg Commodity Index is a broadly diversified index of commodity futures on 20 capitalization of the Russell 3000 Index. physical commodities, subdivided into energy, U.S. agriculture, livestock, precious Russell 2000 Growth measures the performance of those Russell 2000 Index metals, and industrial metals sectors. Commodity weights are derived in a manner that companies with higher price-to-book ratios and higher forecasted growth values. attempts to fairly represent the importance of a diversified group of commodities to the Russell 2000 Value measures the performance of those Russell 2000 Index companies world economy. with lower price-to-book ratios and lower forecasted growth values. Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the Russell 3000 measures the performance of the 3,000 largest publicly-traded U.S. USD-denominated leveraged loan market. companies, based on market capitalization, and measures the performance of about Dow Jones U.S. Select REIT Index tracks the performance of publicly traded REITs and 98% of the total market capitalization of the publicly traded U.S. equity market. REIT-like securities and is designed to serve as a proxy for direct real estate investment, Russell 3000 Growth is based on the Russell 3000 index. It includes companies that in part by excluding companies whose performance may be driven by factors other than display signs of above average growth, such as higher price-to-book and forecasted the value of real estate. earnings. FTSE 3-Month Treasury Bill represents monthly return equivalents of yield averages of Russell 3000 Value is based on the Russell 3000 Index, Included are stocks from the the last 3-Month Treasury Bill issues. Russell 3000 Index with lower price-to-book ratios and lower expected growth rates. FTSE Developed Core Infrastructure is comprised of publicly-listed companies from the Russell MidCap measures the performance of the 800 smallest companies in the core sectors transportation, telecom, and energy across global developed markets, which Russell 1000 Index, which represent approximately 25% of the total market generate a minimum of 65% of their revenue from infrastructure. capitalization of the Russell 1000® Index. FTSE EPRA/NAREIT Global is designed to track the performance of listed real estate Russell MidCap Growth measures the performance of those Russell MidCap Index companies and REITS in both developed and emerging markets. companies with higher price-to-book ratios and higher forecasted growth values. ICE BofAML Global Broad Market ex-US tracks performance of investment grade debt Russell MidCap Value measures the performance of those Russell MidCap Index publicly issued in the major domestic and eurobond markets, including sovereign, quasi- companies with lower price-to-book ratios and lower forecasted growth values. government, corporate, securitized and collateralized securities. S&P 500 Index is a market capitalization-weighted index composed of 500 widely held ICE BofAML High Yield Master is a market capitalization-weighted index of domestic and common stocks that is generally considered representative of the US stock market. Yankee high yield bonds. The index tracks the performance of high yield securities Returns assume reinvestment of dividends and capital gain distributions. traded in the U.S. bond market. S&P MidCap 400 is a market capitalization-weighted index that measures the JPM GBI-EM Global Diversified is a comprehensive global local emerging markets index performance of the mid-size company segment of the U.S. market, which represents that consists of regularly traded, liquid fixed-rate, domestic currency government bonds. approximately 7% of the U.S. equity markets. JPM GBI Global ex US measures the performance of major non-U.S. developed market bonds. * You cannot invest directly in an index.

54 Disclosures

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55 Disclosures

This analysis was prepared utilizing secondary data obtained from sources believed to be reliable, including Morningstar, Inc., Lipper, Inc., Hueler Analytics, and individual investment managers. The information and opinions herein are for general information use only. Wells Fargo Bank, N.A. does not guarantee their accuracy or completeness or assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice and are for general information only.

© 1996-2019. Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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Wells Fargo has retained a third party (PerformanceIQ, a division of Informa Investment Solutions) to provide performance information on your portfolio. For comparison and informational purposes, the Performance page also includes the performance of broad market indices, such as the S&P 500. Index returns do not reflect any management fees, transaction costs or other expenses. If fees or expenses had been included in the index returns, performance would have been lower. You cannot invest directly in an index.

As of August 2018, the Global Real Estate Composite changed from the FTSE/EPRA NAREIT Global Index (net) to the MSCI AC World IMI Real Estate Index (net).

The economic update views expressed are those of Wells Fargo Institutional Asset Advisors and are based upon information believed to be reliable. Wells Fargo makes no representation or warranty to the accuracy of the information. The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets in general.

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