As of December 31, 2020 Collective Fund fact sheet wellsfargoassetmanagement.com/collective Wells Fargo/State Street Global Index CIT

Asset class:

Class CUSIP Ticker Portfolio composition (%) Maturity distribution (%) G 949791107 SSGAGBIG U.S. treasuries (49) Fund Index MBS (25) 1 0–1 year 1 FUND OBJECTIVE Corporate bonds (24) 29 Agencies (1) 1–3 years 22 This Collective Investment Trust ("CIT", "the 25 Cash & equivalents (1) 3–5 years 24 Fund", or "collective fund") seeks long-term 11 growth of capital. 5–7 years 13 11 7–10 years 5 FUND STRATEGY 9 10–20 years 12 The Fund is managed using an index-based 20+ years 15 approach by which it attempts to closely track 14 0 5 10 15 20 25 30 the performance and composition of four fixed income sub-asset classes represented by Bloomberg Barclays Indexes before expenses. Credit quality (%) Each sub-asset class is equally weighted with AAA/Aaa (56) other sub-asset classes within the Fund. The AA/Aa (8) portfolio will generally invest in securities that A/A (22) comprise the indexes. In some situations when BBB/Baa (15) it is not practicable to hold all the securities in the indexes or at the exact weightings, an optimization technique may be employed to construct the subject portfolio. Periodically, securities are added to or removed from the Portfolio characteristics, sector weights, allocations, and ratings are as-of the date specified above and are subject to change without notice. Percent total may not add to 100% due to rounding. indexes. Securities that are represented in the indexes may be sold, and securities not yet ANNUALIZED represented in the indexes may be purchased, Year to Since Expense 3 Month 1 year 3 year 5 year 10 year prior to or after their removal or addition to the Total returns (%) date incep. ratio indexes. The Fund will not own debt securities Class G units 1.72 8.05 8.05 5.15 __ __ 5.10 0.018 issued by Wells Fargo or certain of its affiliates. Bloomberg Barclays Global 3.28 9.20 9.20 4.85 ______TOP HOLDINGS (%) Aggregate Bond Index 1 Umbs Tba 30yr 2% January Delivery, 1.61 Past performance is no guarantee of future results. Current performance may be higher or lower than that quoted. Investment return and 2.00, 1-14-2051 principal value will fluctuate so that units, when redeemed, may be worth more or less than their original costs. Performance for other unit classes will Umbs Tba 30yr January Delivery, 2.50, 1.04 differ due to different fee structures and other factors. All values are unaudited and subject to revision. All income is reinvested in the Fund and 1-14-2051 reflected in the unit value. Fund returns are reported net of the annual fund expenses, primarily including audit, custody, fund accounting and U.S. Treasuries, 0.38, 11-30-2025 0.57 investment advisory expenses, charged to the Fund, but does not include the potential impact of taxes applicable to an investment in the fund. All investing involves risk, including the possible loss of principal. U.S. Treasuries, 0.63, 11-30-2027 0.56 Benchmarks are provided for illustrative purposes only. Comparisons to benchmarks have limitations because benchmarks have volatility and other Umbs Tba 30yr 3% January Delivery, 0.55 material characteristics that may differ from those of the fund. Because of these differences, benchmarks should not be relied upon as an accurate 3.00, 1-14-2051 measure of comparison. The performance shown is compared to a broad-based securities market index. Broad-based securities indices are unmanaged Umbs Tba 15yr 2% January Delivery, 0.53 and are not subject to fees and expenses typically associated with investment products. 2.00, 1-16-2036 GNMA, 2.50, 1-21-2051 0.51 1. The Bloomberg Barclays Global Aggregate Bond Index is a measure of global investment-grade debt performance. This multicurrency GNMA, 2.50, 8-1-2050 0.44 benchmark includes Treasury, government-related, corporate, and securitized fixed-rate bonds from both developed and emerging market issuers. You cannot invest directly in an index. U.S. Treasuries, 0.13, 11-30-2022 0.39 U.S. Treasuries, 0.88, 11-15-2030 0.39 Portfolio holdings are as-of the date specified above and are subject to change without notice. The holdings listed should not be considered recommendations to purchase or sell a particular security.

DEFINITIONS Class G: The G unit class is primarily used as an underlying fund component and is not available to Wells Fargo clients for direct investment.

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE As of December 31, 2020 Collective Fund fact sheet wellsfargoassetmanagement.com/collective Wells Fargo/State Street Global Bond Index CIT

Asset class: Fixed Income

Fund characteristics Fund Weighted average 2.57% Weighted average 8.67 years effective maturity Effective duration 6.95 years Portfolio turnover 15% Number of holdings 5,991 0.88% Annual portfolio turnover as of 12-31-2019.

Fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Underlying fund managers: State Street Global Advisors Portfolio managers: Team Managed Class G Class inception date 12-09-2016 Fiscal year-end Dec 31 Expense ratio 0.018% Net asset value $12.24 Class assets ($M) $3,255.74 Fund assets ($M) $3,255.74 Units outstanding 266,074,593

Risks: Investments in fixed-income securities are subject to and credit 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. Bond ratings, issued by private independent ratings services, are a grade given to bonds which is designed to indicate the credit quality of the bond. Bonds rated Aaa through Baa3 by Moody’s and AAA through BBB- by S&P, are typically considered to be investment grade. Investors should note that an investment grade rating does not insure the bond against default and does not guarantee the return of principal. Definitions of terms: Weighted average coupon: The weighted average annual interest rate (expressed as a percentage of par value) that the issuers of all of the bonds in a fund promise to pay until maturity. Weighted average effective maturity : For a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds. The maturities are computed by weighting each bond's maturity by its market value with respect to the portfolio and the likelihood of any of the bonds being called. In a pool of mortgages, this would also account for the likelihood of prepayments on the mortgages. Effective duration: A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Portfolio turnover is calculated by taking either the total amount of new securities purchased or the amount of securities sold (whichever is less) over a particular period, divided by the total net asset value of the fund. Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures. For more complete information concerning this Fund, including risks and expenses, please obtain a copy of the most recent Disclosure Statement at wellsfargoassetmanagement.com/collective and read it carefully before investing in the Fund. A collective investment trust fund (CIT) is a pooled investment vehicle that is exempt from SEC registration as an investment company under Section 3(c)(11) of the Investment Company Act of 1940 and maintained by a bank or trust company for the collective investment of qualified retirement plans. CITs are authorized by the Office of the Comptroller of the (OCC) and are also known as “A2” funds, referring to the section in OCC rules that defines them. The Fund is not a mutual fund and not subject to the same registration requirements and restrictions as mutual funds. © 2021 Wells Fargo Bank, N.A. All rights reserved. CAR-0519-01669-CF084-F01-21