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Wells Fargo Bank, N.A.Collective Investment FundsAnnual Report 2019

Table of Contents

Page

Independent Auditors’ Report 1 Financial Statements:

Wells Fargo/Causeway International Value CIT 3 Wells Fargo/Dodge & Cox Intermediate Bond CIT 11 Wells Fargo/Federated Total Return Bond CIT 22 Wells Fargo/Lazard International Equity CIT 39 Wells Fargo/MFS Value CIT 48 Wells Fargo/Multi-Manager Small Cap CIT 56 Wells Fargo/T. Rowe Price Institutional Equity Income

Managed CIT 70 Wells Fargo/T. Rowe Price Institutional Large-Cap Growth

Managed CIT 79 Wells Fargo/Voya Large-Cap Growth CIT 86

Notes to Financial Statements 93 Regulatory Statement 110

Independent Auditors’ Report

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

We have audited the accompanying financial statements of Wells Fargo/Causeway International Value CIT,

Wells Fargo/Dodge & Cox Intermediate Bond CIT, Wells Fargo/Federated Total Return Bond CIT, Wells

Fargo/Lazard International Equity CIT, Wells Fargo/MFS Value CIT, Wells Fargo/Multi-Manager Small Cap CIT,

Wells Fargo/T. Rowe Price Institutional Equity Income Managed CIT, Wells Fargo/T. Rowe Price Institutional

Large-Cap Growth Managed CIT and Wells Fargo/Voya Large-Cap Growth CIT (collectively, “the Funds”), nine

of the separate collective investment trusts constituting Wells Fargo Bank Collective Investment Funds for

Employee Benefit Trusts, which comprise the statements of assets and liabilities, including the schedules of

investments, as of December 31, 2019, the related statements of operations and changes in net assets for the

year then ended, and the related notes to the financial statements (collectively, the financial statements) and

the financial highlights for the year then ended.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial

highlights in accordance with U.S. generally accepted accounting principles; this includes the design,

implementation, and maintenance of internal control relevant to the preparation and fair presentation of

financial statements and financial highlights that are free from material misstatement, whether due to fraud or

error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial highlights based on our

audits. We conducted our audits in accordance with auditing standards generally accepted in the United States

of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about

whether the financial statements and financial highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements and financial highlights. The procedures selected depend on the auditors’ judgment,

including the assessment of the risks of material misstatement of the financial statements and financial

highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal

control relevant to the entity’s preparation and fair presentation of the financial statements and financial

highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose

of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such

opinion. An audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of significant accounting estimates made by management, as well as evaluating the overall

presentation of the financial statements and financial highlights.

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

audit opinion.

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

KPMG LLPTwo Financial Center60 South StreetBoston, MA 02111

2

Opinion

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material

respects, the financial position of the Funds as of December 31, 2019, and the results of their operations and

the financial highlights for the year then ended in accordance with U.S. generally accepted accounting

principles.

Boston, Massachusetts

April 29, 2020

See accompanying notes to financial statements. 3

WELLS FARGO/CAUSEWAY INTERNATIONAL VALUE CIT

Statement of Assets and Liabilities

December 31, 2019

Cost

Fair

value

Assets:

Affiliated short term investment $ 7,769,740 $ 7,769,740

Unaffiliated investments 596,401,179 587,625,394

Foreign currency, at value (cost $34,330) 34,527

Cash 5,304

Accrued interest and dividend income 5,380,883

Receivable for investment securities sold 1,078,833

Fund shares sold 176,580

Total assets 602,071,261

Liabilities:

Payable for investment securities purchased 1,475,620

Fund shares repurchased 457,884

Reimbursement due to Trustee 7,202

Accrued expenses 289,515

Total liabilities 2,230,221

Net assets $ 599,841,040

Class Net Assets

Shares

Outstanding Net Asset Value

TR $ 36,754,072 2,736,864 $ 13.43

F $ 515,447,774 37,043,158 $ 13.91

N $ 47,637,479 3,887,513 $ 12.25

N25 $ 1,715 124 $ 13.83



Statement of Operations

Year ended December 31, 2019

Investment income:

Dividend income from unaffiliated investments (net of foreign taxes

withheld of $565,184) $ 25,137,929

Dividend income from affiliated short term investment 201,660

Total income 25,339,589

Expenses:

Administration, Advisory, and/or Trustee Fees 3,277,103

Program fees (Class TR shares) 105,343

3,382,446

21,957,143

11,815,989

(10,771,030)

Total expenses

Net investment income

Realized and unrealized gain (loss) on investment and foreign

currency transactions: Net realized gain (loss) on:

Investments

Foreign currency transactions

Net change in unrealized appreciation (depreciation) of: Investments 87,601,140

Foreign currency translation of other assets and liabilities 42,540

Net gain (loss) on investment and foreign currency transactions 88,688,639

Net change in net assets resulting from operations $ 110,645,782



Statement of Changes in Net Assets


Increase/(decrease) in net assets from operations:

Net investment income (loss) $ 21,957,143

Net realized gain (loss) on investment and foreign currency

transactions 1,044,959

Net change in unrealized appreciation (depreciation) of investment

and foreign currency translation on other assets and liabilities 87,643,680

Net increase in net assets resulting from operations 110,645,782

Participating share holder transactions:

Class TR proceeds from issuance of shares (882,746 shares) 10,813,338

Class TR payments for withdrawals (929,615 shares) (11,420,257)

Net change (606,919)

Class F proceeds from issuance of shares (7,305,540 shares) 92,188,606

Class F payments for withdrawals (12,315,063 shares) (155,777,417)

Net change (63,588,811)

Class N proceeds from issuance of shares (494,845 shares) 5,522,342

Class N payments for withdrawals (2,254,607 shares) (25,000,496)

Net change (19,478,154)

Class N25 proceeds from issuance of shares (134 shares) 1,676

Class N25 payments for withdrawals (565 shares) (7,553)

Net change (5,877)

Change in net assets derived from share transactions (83,679,761)

Total increase in net assets 26,966,021

Net assets:

Beginning of year (2,783,733 Class TR shares, 42,052,681 Class F

shares, 5,647,275 Class N shares, 555 Class N25 shares) 572,875,019

End of year (2,736,864 Class TR shares, 37,043,158 Class F shares,

3,887,513 Class N shares, 124 Class N25 shares) $ 599,841,040


Schedule of Investments

December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 93.53%

Communication Services: 10.72%

Baidu, Inc ADR 105,274 $ 17,308,717 $ 13,306,634

China Mobile Ltd 2,061,082 20,630,456 17,324,907

KDDI Corp 382,900 8,301,334 11,424,337

SK Telecom Co Ltd 56,893 13,262,445 11,722,710

Vodafone Group PLC 5,403,320 15,343,756 10,503,960 ____________________________________ ____________________________________

Total Communication Services 74,846,708 64,282,548 ____________________________________ ____________________________________

Consumer Discretionary: 0.99%

Cie Financiere Richemont SA 32,814 2,500,367 2,564,444

Gildan Activewear, Inc 113,576 2,942,190 3,357,732 ____________________________________ ____________________________________

Total Consumer Discretionary 5,442,557 5,922,176 ____________________________________ ____________________________________

Consumer Staples: 6.17%

Aryzta AG 1,843,263 10,529,830 2,059,920

British American Tobacco PLC 425,984 24,473,702 18,234,007

Carrefour SA 429,966 7,932,325 7,210,278

Coca-Cola Bottlers Japan Holdings, Inc 77,200 1,824,413 1,972,482

Danone SA 90,792 7,206,627 7,526,078 ____________________________________ ____________________________________

Total Consumer Staples 51,966,897 37,002,765 ____________________________________ ____________________________________

Energy: 8.78%

BP PLC 2,124,278 12,735,907 13,269,967

Encana Corp 1,957,929 16,881,021 9,167,308

Royal Dutch Shell PLC B 482,107 12,314,110 14,301,421

SK Innovation Co Ltd 14,757 2,433,555 1,909,813

Total SA 254,027 14,413,708 14,019,150 ____________________________________ ____________________________________

Total Energy 58,778,301 52,667,659 ____________________________________ ____________________________________

Financials: 18.67%

Aviva PLC 1,592,225 11,287,960 8,830,638

Barclays PLC 6,704,025 18,198,678 15,952,302

BNP Paribas SA 207,721 11,860,279 12,309,423

CaixaBank SA 1,933,936 7,305,052 6,069,690

Canadian Imperial Bank of Commerce 51,543 4,290,218 4,289,197

ING Groep NV 637,482 7,321,714 7,642,599

Lloyds Banking Group PLC 5,379,500 5,278,798 4,453,553

Manulife Financial Corp 307,709 5,519,872 6,246,359

Prudential PLC 703,701 12,429,240 13,506,451

Sompo Holdings, Inc 95,400 3,731,858 3,746,320

Sumitomo Mitsui Financial Group, Inc 206,600 7,706,497 7,630,844

UniCredit SpA 1,458,033 21,660,512 21,312,013 ____________________________________ ____________________________________

Total Financials 116,590,678 111,989,389 ____________________________________ ____________________________________

Health Care: 11.61%

AstraZeneca PLC 111,554 6,837,240 11,240,438

Bayer AG 132,673 8,959,254 10,785,863

Novartis AG 141,984 9,927,601 13,444,404

Roche Holding AG 28,004 6,870,914 9,101,374

Sinopharm Group Co Ltd H 747,360 2,597,804 2,728,641

Takeda Pharmaceutical Co Ltd 565,400 26,740,849 22,362,809 ____________________________________ ____________________________________

Total Health Care 61,933,662 69,663,529 ____________________________________ ____________________________________



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities (Continued)

Industrials: 19.18%

ABB Ltd 728,459 $ 15,837,641 $ 17,572,716

Air France-KLM 258,510 2,852,636 2,877,669

Balfour Beatty PLC 1,966,941 7,496,157 6,810,541

China Merchants Port Holdings Co Ltd 1,699,842 5,320,091 2,875,135

Cobham PLC 868,246 1,372,854 1,889,004

Deutsche Post AG 300,762 9,783,027 11,436,221

East Japan Railway Co 76,500 6,467,061 6,905,037

FANUC Corp 95,100 17,300,921 17,561,623

RELX PLC 245,251 5,598,098 6,190,196

Rolls-Royce Holdings PLC 1,582,617 18,124,580 14,322,155

Ryanair Holdings PLC ADR 111,240 7,460,524 9,745,736

Siemens AG 129,253 13,867,080 16,879,348 ____________________________________ ____________________________________

Total Industrials 111,480,670 115,065,381 ____________________________________ ____________________________________

Information Technology: 7.10%

Infineon Technologies AG 145,582 2,497,207 3,289,330

Ingenico Group SA 22,676 1,561,961 2,462,173

Micro Focus International PLC 329,644 10,215,119 4,645,044

Murata Manufacturing Co Ltd 55,800 2,821,930 3,434,410

Samsung Electronics Co Ltd 340,637 8,961,566 16,414,222

SAP SE 91,462 7,329,642 12,310,614 ____________________________________ ____________________________________

Total Information Technology 33,387,425 42,555,793 ____________________________________ ____________________________________

Materials: 8.66%

Akzo Nobel NV 90,370 7,907,454 9,187,998

BASF SE 288,557 24,304,902 21,738,910

Johnson Matthey PLC 148,976 6,120,409 5,912,114

Linde PLC 70,367 9,376,820 15,098,704 ____________________________________ ____________________________________

Total Materials 47,709,585 51,937,726 ____________________________________ ____________________________________

Utilities: 1.65%

SSE PLC 520,852 10,274,471 9,924,506 ____________________________________ ____________________________________

Total Utilities 10,274,471 9,924,506 ____________________________________ ____________________________________

Total Equities 572,410,954 561,011,472 ____________________________________ ____________________________________

Preferred Stocks: 4.44%

Volkswagen AG 135,207 23,990,225 26,613,922 ____________________________________ ____________________________________

Total Preferred Stocks 23,990,225 26,613,922 ____________________________________ ____________________________________

Short-Term Investments: 1.29%

Wells Fargo/BlackRock Short Term

Investment Fund S (1) 7,769,740 7,769,740 7,769,740 ____________________________________ ____________________________________

Total Short-Term Investments 7,769,740 7,769,740 ____________________________________ ____________________________________

Total Investments: 99.26% $ 604,170,919 $ 595,395,134 ____________________________________ ____________________________________ ____________________________________ ____________________________________

Percentages shown are based on total net assets.

(1) Wells Fargo/BlackRock Short Term Investment Fund S is a Wells Fargo Bank, N.A. sponsored collective trust fund. The Fund holds

approximately 0.13% of the total net assets of the Wells Fargo/BlackRock Short Term Investment Fund S.

ADR American Depositary Receipt



December 31, 2019


Country Diversification

% of Total

Investments _________________________________________________________________________

United Kingdom 27.00 %

Germany 17.31

Japan 12.60

France 7.79

Switzerland 7.52

Netherlands 5.23

Korea 5.05

Canada 3.87

Italy 3.58

Hong Kong 3.39

China 2.69

Ireland 1.64

United States 1.31

Spain 1.02 _________________________________________________________________________

100.00 %



Financial Highlights


Class TR Class F Class N Class N25

Per share operating performance:

Share value, beginning of year $ 11.15 $ 11.52 $ 10.15 $ 11.48

Income (loss) from investment operations:

Net investment income (loss)(1) 0.41 0.47 0.44 0.43

Net realized and unrealized gain (loss) on

investments 1.87 1.92 1.66 1.92

Total from investment operations 2.28 2.39 2.10 2.35

Share value, end of year $ 13.43 $ 13.91 $ 12.25 $ 13.83

Total return per share 20.40% 20.78% 20.71% 20.42%

Net assets, end of year $ 36,754,072 $ 515,447,774 $ 47,637,479 $ 1,715

Ratios:

Ratio of expenses to average net assets(2) 0.87% 0.55% 0.60% 0.85%

Ratio of net investment income (loss) to

average net assets 3.37% 3.73% 3.90% 3.42%

Portfolio Turnover Rate 30% 30% 30% 30%

(1) Based on average number of shares outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.



Supplemental Schedule of Monthly Values (Unaudited)


Class TR Class F

Shares Share Shares Share

outstanding valuation outstanding valuation

January 31, 2019 2,823,057 $ 11.97 40,911,668 $ 12.36

February 28, 2019 2,871,297 12.49 40,881,740 12.90

March 31, 2019 2,758,503 12.30 40,399,456 12.71

April 30, 2019 2,704,582 12.60 40,636,586 13.03

May 31, 2019 2,676,170 11.69 40,561,196 12.10

June 30, 2019 2,678,948 12.33 40,493,183 12.75

July 31, 2019 2,682,929 12.00 40,442,955 12.42

August 31, 2019 2,687,570 11.53 40,876,473 11.94

September 30, 2019 2,685,512 12.04 39,020,430 12.47

October 31, 2019 2,701,859 12.55 37,981,667 13.00

November 30, 2019 2,721,564 12.91 36,956,655 13.37

December 31, 2019 2,736,864 13.43 37,043,158 13.91

Class N Class N25



January 31, 2019 5,537,489 $ 10.89 571 $ 12.32

February 28, 2019 5,521,634 11.37 581 12.85

March 31, 2019 5,505,883 11.20 533 12.66

April 30, 2019 5,391,041 11.48 543 12.98

May 31, 2019 4,182,492 10.65 553 12.04

June 30, 2019 4,153,460 11.24 563 12.69

July 31, 2019 4,105,162 10.94 573 12.36

August 31, 2019 4,050,175 10.51 588 11.87

September 30, 2019 3,985,742 10.98 598 12.40

October 31, 2019 3,961,760 11.45 608 12.93

November 30, 2019 3,913,058 11.78 614 13.29

December 31, 2019 3,887,513 12.25 124 13.83


WELLS FARGO/DODGE & COX INTERMEDIATE BOND CIT


December 31, 2019

Cost

Fair

value

Assets:



Accrued interest income 2,981,639



Liabilities:




Total liabilities 141,593

Net assets $ 405,741,689

Class Net Assets

Shares


TR $ 38,717,182 3,298,910 $ 11.74

F $ 367,024,507 30,416,766 $ 12.07





Investment income:

Interest income $ 12,693,603


Other income 264,076

Dividend income from unaffiliated investments 249,483


Expenses:

Administration, Advisory, and/or Trustee Fees 689,665


Total expenses 811,137

Net investment income (loss) 12,704,073

Realized and unrealized gain (loss) on investment transaction:

Net realized gain (loss) on:

Investments 4,386,455

Net change in unrealized appreciation (depreciation) of:


Net gain (loss) on investment transactions 23,492,369








Net realized gain (loss) on investment transactions 4,386,455

Net change in unrealized appreciation (depreciation) of investments 19,105,914




Class TR payments for withdrawals (1,138,568 shares) (12,883,413)

Net change (1,767,329)






Net assets:


shares) 371,641,154

End of year (3,298,910 Class TR shares, 30,416,766 Class F shares) $ 405,741,689



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________

Corporate Bonds: 37.12%

Basic Materials: 0.79%

Dow Chemical Co 750,000 7.38 % 11/01/29 BBB $ 922,355 $ 993,518

Dow Chemical Co 480,000 9.40 05/15/39 BBB 686,937 786,155

Dow Chemical Co 1,225,000 5.25 11/15/41 BBB 1,364,143 1,429,635 ____________________________________ ____________________________________

Total Basic Materials 2,973,435 3,209,308 ____________________________________ ____________________________________

Communications: 8.19%

AT&T, Inc 2,250,000 6.55 02/15/39 BBB 2,745,497 2,964,417

AT&T, Inc 450,000 5.35 09/01/40 BBB 484,740 541,784

AT&T, Inc 450,000 5.45 03/01/47 BBB 456,137 557,414

Charter Communications Operating

LLC / Charter Communications

Operating Capital 4,125,000 6.48 10/23/45 BBB- 4,449,246 5,144,206

Cox Communications, Inc(1) 2,275,000 3.85 02/01/25 BBB 2,296,480 2,409,279

Cox Communications, Inc(1) 1,100,000 3.50 08/15/27 BBB 1,087,449 1,149,066

Prosus NV(1) 2,075,000 5.50 07/21/25 BBB- 2,085,116 2,303,449

Prosus NV(1) 1,775,000 4.85 07/06/27 BBB- 1,792,892 1,933,681

RELX Capital, Inc 2,300,000 3.13 10/15/22 BBB+ 2,295,309 2,368,938

Telecom Italia Capital SA 1,500,000 7.72 06/04/38 BB+ 1,649,839 1,845,000

Telecom Italia SpA(1) 1,600,000 5.30 05/30/24 BB+ 1,573,431 1,720,000

Time Warner Cable LLC 725,000 6.55 05/01/37 BBB- 733,317 887,544

Time Warner Cable LLC 2,915,000 4.13 02/15/21 BBB- 2,956,249 2,961,650

Time Warner Cable LLC 2,185,000 6.75 06/15/39 BBB- 2,417,293 2,768,738

Verizon Communications, Inc 1,100,000 4.27 01/15/36 BBB+ 1,073,723 1,242,022

Vodafone Group PLC(2) 1,400,000 7.00 04/04/79 BB+ 1,400,000 1,642,685

Walt Disney Co 525,000 6.65 11/15/37 A 695,889 778,267 ____________________________________ ____________________________________

Total Communications 30,192,607 33,218,140 ____________________________________ ____________________________________

Consumer, Cyclical: 2.14%

Ford Motor Credit Co LLC 875,000 8.13 01/15/20 BBB- 876,621 876,636

Ford Motor Credit Co LLC 2,475,000 5.88 08/02/21 BBB- 2,567,282 2,590,502


Ford Motor Credit Co LLC 1,000,000 5.60 01/07/22 BBB- 1,000,000 1,053,478


Macy's Retail Holdings, Inc 1,675,000 6.38 03/15/37 BBB- 2,062,436 1,779,777

Nordstrom, Inc 525,000 6.95 03/15/28 BBB 631,690 630,936 ____________________________________ ____________________________________

Total Consumer, Cyclical 8,856,324 8,697,323 ____________________________________ ____________________________________

Consumer, Non-cyclical: 4.85%

AbbVie, Inc(1) 1,650,000 3.20 11/21/29 A- 1,658,113 1,677,513

AbbVie, Inc(1) 600,000 4.05 11/21/39 A- 605,059 634,085

AbbVie, Inc(1) 725,000 4.25 11/21/49 A- 731,565 763,021

Bayer US Finance II LLC(1) 625,000 4.25 12/15/25 BBB 624,059 673,810

Bayer US Finance II LLC(1) 1,625,000 4.38 12/15/28 BBB 1,628,774 1,771,529

Cigna Corp 3,150,000 3.75 07/15/23 A- 3,143,635 3,301,439

Cigna Corp 665,000 4.38 10/15/28 A- 731,346 735,803

CVS Health Corp 400,000 4.10 03/25/25 BBB 399,095 429,057

CVS Health Corp 950,000 4.30 03/25/28 BBB 949,707 1,036,674


Elanco Animal Health, Inc 225,000 3.91 08/27/21 BB+ 225,000 230,775





December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________

Corporate Bonds (Continued)

HCA, Inc 600,000 5.13 % 06/15/39 BBB- $ 602,362 $ 662,171

HCA, Inc 775,000 5.25 06/15/49 BBB- 772,262 863,861

Imperial Brands Finance PLC(1) 3,900,000 4.25 07/21/25 BBB 3,947,645 4,111,966

Zoetis, Inc 500,000 3.45 11/13/20 BBB 499,886 505,371

Zoetis, Inc 875,000 4.50 11/13/25 BBB 873,815 968,213 ____________________________________ ____________________________________

Total Consumer, Non-cyclical 18,593,285 19,685,810 ____________________________________ ____________________________________

Energy: 5.42%

Kinder Morgan Energy Partners LP 1,755,000 5.50 03/01/44 BBB 1,655,711 2,049,060

Kinder Morgan Energy Partners LP 1,550,000 5.40 09/01/44 BBB 1,491,479 1,790,384

Occidental Petroleum Corp 1,975,000 2.90 08/15/24 BBB 1,970,201 2,005,506

Petrobras Global Finance BV 1,300,000 6.00 01/27/28 BB- 1,225,998 1,482,325

Petrobras Global Finance BV 375,000 7.25 03/17/44 BB- 357,113 454,875

Petroleos Mexicanos 1,975,000 6.88 08/04/26 BBB+ 2,100,121 2,168,649

Petroleos Mexicanos 725,000 6.50 03/13/27 BBB+ 720,389 769,747



Petroleos Mexicanos 2,022,000 6.75 09/21/47 BBB+ 2,032,954 2,025,801

Petroleos Mexicanos 985,000 6.35 02/12/48 BBB+ 1,060,207 950,525

Rio Oil Finance Trust Series 2018-1(1) 850,000 8.20 04/06/28 BB- 850,000 981,759

Transcanada Trust(2) 2,500,000 5.63 05/20/75 BBB- 2,534,210 2,606,250

Transcanada Trust(2) 1,300,000 5.30 03/15/77 BBB- 1,315,511 1,335,048

Ultrapar International SA(1) 900,000 5.25 10/06/26 BB+ 888,421 966,384

Ultrapar International SA(1) 1,000,000 5.25 06/06/29 BB+ 1,000,000 1,054,500 ____________________________________ ____________________________________

Total Energy 20,588,991 21,992,588 ____________________________________ ____________________________________

Financial: 12.02%

Bank of America Corp(2) 2,930,000 3.00 12/20/23 A- 2,930,970 3,000,609

Bank of America Corp 2,700,000 4.20 08/26/24 BBB+ 2,719,145 2,898,140

Barclays PLC 1,075,000 4.38 09/11/24 BB+ 1,058,529 1,128,455

Barclays PLC 1,050,000 4.84 05/09/28 BB+ 1,059,899 1,131,075

BNP Paribas SA 1,575,000 4.25 10/15/24 BBB+ 1,595,776 1,688,340

BNP Paribas SA(1) 475,000 4.38 09/28/25 BBB+ 472,411 511,225

BNP Paribas SA(1) 2,275,000 4.38 05/12/26 BBB+ 2,299,801 2,440,512

BNP Paribas SA(1) 725,000 4.63 03/13/27 BBB+ 735,595 792,188

Boston Properties LP 1,075,000 3.85 02/01/23 A- 1,098,340 1,125,849

Boston Properties LP 250,000 3.80 02/01/24 A- 252,490 264,268

Boston Properties LP 1,500,000 3.20 01/15/25 A- 1,459,691 1,555,704

Capital One Financial Corp 625,000 3.75 04/24/24 BBB 619,185 657,718

Capital One Financial Corp 1,175,000 4.20 10/29/25 BBB- 1,157,723 1,267,094

Citigroup, Inc 325,000 3.50 05/15/23 BBB 325,056 338,089


ERP Operating LP 500,000 4.63 12/15/21 A- 519,999 522,265

ERP Operating LP 350,000 3.38 06/01/25 A- 348,963 367,513

HSBC Holdings PLC 775,000 5.10 04/05/21 A 794,947 803,596


HSBC Holdings PLC(2) 1,200,000 3.95 05/18/24 A 1,201,804 1,261,812


HSBC Holdings PLC 875,000 6.50 05/02/36 BBB+ 1,042,045 1,193,588

HSBC Holdings PLC 2,075,000 6.50 09/15/37 BBB+ 2,558,533 2,853,712

JPMorgan Chase & Co 1,500,000 3.38 05/01/23 BBB+ 1,491,856 1,557,947

JPMorgan Chase & Co(2) 1,600,000 3.80 07/23/24 A- 1,604,081 1,685,523



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


JPMorgan Chase & Co 1,225,000 4.25 % 10/01/27 BBB+ $ 1,278,821 $ 1,354,665

JPMorgan Chase & Co 250,000 8.75 09/01/30 BBB- 344,825 364,201

Lloyds Banking Group PLC 400,000 4.05 08/16/23 BBB+ 399,903 423,850

Lloyds Banking Group PLC 1,500,000 4.50 11/04/24 BBB- 1,507,663 1,602,869

Lloyds Banking Group PLC 375,000 4.58 12/10/25 BBB- 385,128 405,718

Lloyds Banking Group PLC 675,000 4.65 03/24/26 BBB- 678,124 733,428

Rio Oil Finance Trust Series 2014-1(1) 3,504,024 9.25 07/06/24 BB- 3,400,630 3,924,542

Rio Oil Finance Trust Series 2014-3(1) 207,589 9.75 01/06/27 BB- 206,171 244,957

Royal Bank of Scotland Group PLC 875,000 6.13 12/15/22 BB+ 909,988 957,245

Royal Bank of Scotland Group PLC 3,775,000 6.00 12/19/23 BB+ 3,909,669 4,195,541

Royal Bank of Scotland Group PLC 537,000 5.13 05/28/24 BB+ 523,497 581,384

UniCredit SpA(1)(2) 1,950,000 7.30 04/02/34 BB+ 1,950,000 2,240,613

Unum Group 675,000 6.75 12/15/28 BBB 730,282 838,027 ____________________________________ ____________________________________

Total Financial 45,296,995 48,759,539 ____________________________________ ____________________________________

Industrial: 1.50%

Burlington Northern Santa Fe LLC 1,600,000 3.75 04/01/24 A+ 1,636,492 1,706,965

Cemex Finance LLC(1) 325,000 6.00 04/01/24 BB 320,292 334,103

Cemex SAB de CV(1) 1,675,000 5.70 01/11/25 BB 1,629,311 1,721,079

Cemex SAB de CV(1) 1,225,000 6.13 05/05/25 BB 1,211,626 1,270,950

Cemex SAB de CV(1) 200,000 7.75 04/16/26 BB 220,075 217,500

Union Pacific Corp 800,000 2.95 01/15/23 A- 805,002 819,559 ____________________________________ ____________________________________

Total Industrial 5,822,798 6,070,156 ____________________________________ ____________________________________

Technology: 0.79%

Dell International LLC / EMC Corp(1) 725,000 5.45 06/15/23 BBB- 728,177 785,943

Xerox Corp 2,350,000 4.50 05/15/21 BB+ 2,382,121 2,413,403 ____________________________________ ____________________________________

Total Technology 3,110,298 3,199,346 ____________________________________ ____________________________________

Utilities: 1.42%

Dominion Energy, Inc(2) 1,650,000 5.75 10/01/54 BBB- 1,738,529 1,778,370

Enel Finance International NV(1) 1,700,000 6.80 09/15/37 BBB+ 2,137,789 2,258,508

Enel Finance International NV(1) 750,000 6.00 10/07/39 BBB+ 852,833 942,800


Enel Finance International NV(1) 375,000 4.63 09/14/25 BBB+ 364,155 408,804 ____________________________________ ____________________________________

Total Utilities 5,468,095 5,785,281 ____________________________________ ____________________________________

Total Corporate Bonds 140,902,828 150,617,491 ____________________________________ ____________________________________

Government/Agency Bonds: 50.67%

Federal Agencies: 34.64%

FHLMC POOL #2B1332(2) 306,735 4.59 04/01/43 311,705 317,882

FHLMC POOL #2B3435(2) 1,702,851 2.88 11/01/44 1,757,214 1,738,662

FHLMC POOL #2B3644(2) 908,556 2.65 01/01/45 932,260 923,908

FHLMC POOL #849402(2) 3,169,175 2.90 07/01/44 3,260,276 3,212,258

FHLMC POOL #849544(2) 1,277,120 2.79 12/01/44 1,310,259 1,301,434

FHLMC POOL #849885(2) 1,240,463 2.86 12/01/45 1,266,745 1,260,664

FHLMC POOL #C91800 731,035 4.00 11/01/34 774,489 778,895

FHLMC POOL #EW4283(2) 1,032,936 4.50 12/15/43 1,120,631 1,122,415

FHLMC POOL #G08759 1,267,022 4.50 04/01/47 1,353,141 1,339,345

FHLMC POOL #G08768 2,511,148 4.50 06/01/47 2,674,952 2,666,405

FHLMC POOL #G08772 6,292,082 4.50 07/01/47 6,728,133 6,660,624

FHLMC POOL #G08832 2,987,888 4.50 08/01/48 3,095,302 3,159,470

FHLMC POOL #G30670 632,989 4.50 12/01/33 678,041 681,361



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________

Government/Agency Bonds (Continued)

FHLMC POOL #G60384 734,199 4.50 % 12/01/45 $ 795,021 $ 789,909

FHLMC POOL #G61169 1,497,106 4.50 10/01/47 1,594,848 1,598,480

FHLMC POOL #K92816 2,787,506 4.00 06/01/35 2,952,857 2,970,207

FHLMC POOL #V83157 1,097,336 4.50 04/01/47 1,169,386 1,163,749

FHLMC POOL #V84757 1,656,227 4.50 10/01/48 1,741,531 1,749,810

FHLMC POOL #ZS9057 429,563 4.00 04/01/34 454,259 457,427

FNMA POOL #AC1877 2,289,110 4.50 09/01/39 2,458,781 2,483,843

FNMA POOL #AD1656 1,424,214 4.50 03/01/40 1,530,178 1,546,060

FNMA POOL #AL0160 4,207,299 4.50 05/01/41 4,493,696 4,567,821

FNMA POOL #AL2733(2) 187,164 3.86 07/01/41 197,679 196,186

FNMA POOL #AL5635 177,665 2.78 09/01/20 178,576 177,372

FNMA POOL #AL6132 1,611,185 4.50 03/01/29 1,700,673 1,693,305

FNMA POOL #AL6300 764,904 4.00 05/01/34 809,368 814,539

FNMA POOL #AL6357(2) 481,127 3.44 03/01/42 508,173 496,951

FNMA POOL #AL7205 536,473 3.50 12/01/29 556,479 558,097

FNMA POOL #AL7306 1,017,245 4.50 09/01/42 1,099,685 1,104,395

FNMA POOL #AL7545 1,098,769 4.50 01/01/42 1,192,010 1,192,169

FNMA POOL #AL8840 1,871,212 4.50 06/01/46 2,024,858 2,011,476

FNMA POOL #AL9620 2,769,557 3.50 10/01/25 2,842,039 2,868,577

FNMA POOL #AR6900(2) 354,759 2.25 03/01/43 361,067 357,434

FNMA POOL #AS7039 772,983 4.50 04/01/46 837,659 830,841

FNMA POOL #AS7041 830,137 3.50 04/01/36 859,447 865,106

FNMA POOL #AS9618 1,186,727 4.50 05/01/47 1,266,052 1,257,425

FNMA POOL #AV5049 546,858 4.50 02/01/44 586,246 584,237

FNMA POOL #AX3052 953,265 4.00 10/01/34 1,008,634 1,015,141

FNMA POOL #AX3721 2,928,161 3.50 07/01/27 3,038,921 3,033,467

FNMA POOL #AX9508(2) 3,499,992 2.86 12/01/44 3,619,203 3,574,494

FNMA POOL #AY0615(2) 302,762 2.56 04/01/45 308,864 307,615

FNMA POOL #BF0007 2,137,688 5.00 07/01/40 2,312,211 2,349,797

FNMA POOL #BF0045 1,832,311 4.50 03/01/52 1,978,932 1,987,372

FNMA POOL #BJ2763 2,959,905 4.50 05/01/48 3,057,891 3,113,307

FNMA POOL #BJ7082(2) 4,651,301 3.68 08/01/48 4,828,029 4,754,219

FNMA POOL #BK0922 4,717,784 4.50 07/01/48 4,888,943 4,968,609

FNMA POOL #BM1134 1,836,300 4.50 02/01/46 1,970,722 1,992,002

FNMA POOL #BM1357 2,376,510 4.50 01/01/43 2,555,479 2,577,753

FNMA POOL #BM1561(2) 954,247 2.84 07/01/45 974,138 973,947

FNMA POOL #BM6102(2) 4,348,410 3.73 08/01/49 4,527,147 4,474,565

FNMA POOL #BM6137(2) 4,933,306 3.53 08/01/49 5,103,696 5,062,373

FNMA POOL #BN3960 1,168,305 4.50 01/01/49 1,223,472 1,228,797

FNMA POOL #CA1709 3,188,405 4.50 05/01/48 3,367,386 3,368,177

FNMA POOL #CA2804 1,497,029 4.50 12/01/48 1,582,436 1,577,067

FNMA POOL #MA0634 558,737 4.50 01/01/31 593,554 591,803

FNMA POOL #MA2455 2,046,234 4.00 11/01/35 2,169,978 2,178,906

FNMA POOL #MA2508 1,509,624 4.00 01/01/36 1,604,735 1,607,562

FNMA POOL #MA2880 1,884,475 4.00 01/01/37 1,977,985 1,998,796

FNMA POOL #MA2923 2,181,887 3.50 03/01/37 2,254,558 2,266,796

FNMA POOL #MA3334 7,271,427 4.50 04/01/48 7,491,108 7,667,575

FNMA POOL #MA3616 1,260,864 4.50 03/01/49 1,312,372 1,326,192

FNMA POOL #MA3617 2,524,727 5.00 03/01/49 2,650,763 2,699,865

Freddie Mac Multifamily Structured

Pass-Through Certificates(2) 886,497 1.36 03/25/26 196,380 63,577



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________



Pass-Through Certificates(2) 11,496,355 1.19 % 07/25/26 $ 1,212,046 $ 731,553


Pass-Through Certificates(2) 7,559,818 0.96 01/25/31 599,163 599,418

GNMA(2) 2,874,707 3.43 12/20/66 2,885,520 2,854,607

GNMA(2) 3,471,058 2.39 09/20/67 3,475,194 3,436,853

GNMA(2) 4,306,041 2.20 10/20/67 4,306,041 4,251,247

GNMA(2) 1,338,659 2.56 02/20/68 1,333,226 1,317,240

GNMA(2) 1,839,700 3.45 12/20/68 1,846,803 1,831,229

GNMA(2) 1,269,040 3.08 05/20/69 1,269,040 1,261,987 ____________________________________ ____________________________________

Total Federal Agencies 140,998,286 140,542,647 ____________________________________ ____________________________________

US Government Notes & Bonds: 16.03%

Treasury Inflation Protected Security 845,876 0.13 01/15/22 843,333 845,399

Treasury Inflation Protected Security 4,391,157 0.13 04/15/22 4,375,255 4,384,533


US Treasury Bond 6,045,000 2.88 05/15/49 6,983,974 6,655,458

US Treasury Note 11,898,000 1.63 11/15/22 11,892,538 11,900,228

US Treasury Note 2,260,000 2.88 11/30/23 2,263,944 2,362,084

US Treasury Note 7,100,000 1.75 07/31/24 7,181,170 7,116,131

US Treasury Note 3,945,000 1.25 08/31/24 3,872,845 3,865,920

US Treasury Note 3,750,000 2.75 08/31/25 3,701,033 3,949,270

US Treasury Note 2,060,000 3.00 10/31/25 2,055,384 2,199,436

US Treasury Note 11,500,000 2.38 04/30/26 11,780,766 11,891,924

US Treasury Note 8,425,000 1.63 08/15/29 8,341,213 8,201,073

US Treasury Note 825,000 2.25 08/15/49 822,555 799,348 ____________________________________ ____________________________________

Total US Government Notes & Bonds 65,000,193 65,059,706 ____________________________________ ____________________________________

Total Government/Agency Bonds 205,998,479 205,602,353 ____________________________________ ____________________________________

Corporate Asset-Backed Securities: 4.92%

SLC Student Loan Trust 2006-1(2) 10,797,000 2.05 03/15/55 AA+ 10,411,413 10,188,658

SLM Student Loan Trust 2005-4(2) 7,307,000 2.11 07/25/40 AA+ 7,071,295 6,793,033

SLM Student Loan Trust 2005-9(2) 3,075,811 2.54 01/25/41 AA+ 3,046,612 2,985,815 ____________________________________ ____________________________________

Total Corporate Asset-Backed

Securities 20,529,320 19,967,506 ____________________________________ ____________________________________

Corporate Mortgage-Backed Securities: 0.20%

FHLMC(2) 33,939,616 0.07 10/25/33 432,031 427,914

FNMA 353,424 5.00 04/25/35 379,376 383,928 ____________________________________ ____________________________________

Total Corporate Mortgage-Backed

Securities 811,407 811,842 ____________________________________ ____________________________________

Municipal Bonds: 1.80%

New Jersey State Turnpike Authority

Revenue 700,000 7.10 01/01/41 A+ 978,950 1,067,528

State of California 2,200,000 7.30 10/01/39 AA- 3,018,221 3,359,444

State of California 400,000 7.63 03/01/40 AA- 566,974 640,492

State of Illinois 2,050,000 5.10 06/01/33 BBB- 1,942,608 2,209,962 ____________________________________ ____________________________________

Total Municipal Bonds 6,506,753 7,277,426 ____________________________________ ____________________________________



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Financial: 0.76%

Citigroup Capital XIII (2) 110,610 $ 2,954,055 $ 3,074,958 ____________________________________ ____________________________________

Total Financial 2,954,055 3,074,958 ____________________________________ ____________________________________








(1) This Fund holds 10.02% of its portfolio in securities that may be resold to "qualified institutional buyers" under rule 144A. (2) Variable/Floating Rate Security - Interest rate changes on these instruments are based on changes in a designated base rate. The rates

shown are those in effect on December 31, 2019. (3) Wells Fargo/BlackRock Short Term Investment Fund S is a Wells Fargo Bank, N.A. sponsored collective trust fund. The Fund holds


FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association





Class TR Class F


Share value, beginning of year $ 10.73 $ 11.00


Net investment income (loss)(1) 0.33 0.38

Net realized and unrealized gain (loss) on investments 0.68 0.69

Total from investment operations 1.01 1.07

Share value, end of year $ 11.74 $ 12.07

Total return per share 9.37% 9.72%

Net assets, end of year $ 38,717,182 $ 367,024,507

Ratios:

Ratio of expenses to average net assets(2) 0.49% 0.17%

Ratio of net investment income (loss) to average net assets 2.94% 3.25%

Portfolio Turnover Rate 26% 26%






Class TR Class F



January 31, 2019 3,432,701 $ 10.89 30,845,105 $ 11.17

February 28, 2019 3,456,625 10.93 31,299,738 11.21

March 31, 2019 3,272,199 11.12 31,118,659 11.41

April 30, 2019 3,330,811 11.17 31,200,513 11.46

May 31, 2019 3,434,434 11.26 30,878,527 11.55

June 30, 2019 3,483,755 11.42 30,138,637 11.72

July 31, 2019 3,474,130 11.48 30,420,502 11.78

August 31, 2019 3,466,635 11.65 29,581,986 11.97

September 30, 2019 3,430,352 11.65 30,247,068 11.96

October 31, 2019 3,399,558 11.69 30,154,824 12.02

November 30, 2019 3,300,057 11.70 30,461,472 12.03

December 31, 2019 3,298,910 11.74 30,416,766 12.07


WELLS FARGO/FEDERATED TOTAL RETURN BOND CIT


December 31, 2019

Cost

Fair

value

Assets:





Variation margin receivable 5,071


Liabilities:

Fund shares repurchased 2,263,556


Trustee expenses 52,495


Net assets $ 424,494,429

Shares outstanding 35,710,275

Share value $ 11.89





Investment income:

Interest income $ 10,537,462

Dividend income from unaffiliated investments 4,271,759



Expenses:




Realized and unrealized gain (loss) on investment and futures

contracts:



Futures contracts (2,516,153)



Futures contracts 566,523

Net gain (loss) on investment transactions and futures contracts 24,558,361








Net realized loss on investment transactions and futures contracts 407,520


and futures contracts 24,150,841



Proceeds from issuance of shares (6,965,165 shares) 79,765,130

Payments for withdrawals (7,228,465 shares) (83,016,002)

Net Change (3,250,872)



Net assets:

Beginning of year (35,973,575 shares) 388,895,191

End of year (35,710,275 shares) $ 424,494,429



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________

Corporate Bonds: 33.66%

Basic Materials: 1.02%

AngloGold Ashanti Holdings PLC 400,000 5.13 % 08/01/22 BB+ $ 389,149 $ 423,212

Arconic, Inc 550,000 5.87 02/23/22 BBB- 569,031 587,302

Carpenter Technology Corp 700,000 4.45 03/01/23 BBB- 699,818 725,493

International Paper Co 150,000 3.00 02/15/27 BBB 149,618 154,513

International Paper Co 500,000 4.40 08/15/47 BBB 475,386 533,901

Reliance Steel & Aluminum Co 400,000 4.50 04/15/23 BBB 398,008 422,559

RPM International, Inc 300,000 4.55 03/01/29 BBB 300,107 324,671

RPM International, Inc 200,000 5.25 06/01/45 BBB 198,986 223,521

Southern Copper Corp 400,000 3.50 11/08/22 BBB+ 396,779 412,574

Worthington Industries, Inc 500,000 4.55 04/15/26 BBB 521,429 531,438 ____________________________________ ____________________________________

Total Basic Materials 4,098,311 4,339,184 ____________________________________ ____________________________________

Communications: 3.68%

Alibaba Group Holding Ltd 500,000 3.60 11/28/24 A+ 513,647 526,214

Amazon.com, Inc 250,000 3.15 08/22/27 AA- 249,658 264,338

Amazon.com, Inc 400,000 3.88 08/22/37 AA- 406,799 453,539

AT&T, Inc 500,000 3.95 01/15/25 BBB 490,224 535,900

AT&T, Inc 350,000 5.15 03/15/42 BBB 347,042 407,904

AT&T, Inc 300,000 4.50 03/09/48 BBB 260,944 330,986

AT&T, Inc 500,000 5.30 08/15/58 BBB 501,167 610,907



Operating Capital 400,000 5.05 03/30/29 BBB- 400,047 453,270



Operating Capital 200,000 6.48 10/23/45 BBB- 219,356 249,416

Cisco Systems, Inc 400,000 3.63 03/04/24 AA- 403,491 427,328

Comcast Corp 1,500,000 3.95 10/15/25 A- 1,501,864 1,635,860

Comcast Corp 300,000 3.45 02/01/50 A- 300,012 306,483

Cox Communications, Inc(1) 650,000 3.35 09/15/26 BBB 638,925 670,814

Deutsche Telekom International

Finance BV(1) 800,000 3.60 01/19/27 BBB+ 810,264 841,618

Expedia Group, Inc 400,000 3.80 02/15/28 BBB 387,382 407,621

Fox Corp(1) 200,000 4.71 01/25/29 BBB 202,514 227,779

Fox Corp(1) 200,000 5.58 01/25/49 BBB 203,906 254,040

Grupo Televisa SAB 650,000 5.00 05/13/45 BBB+ 638,363 676,816

NBCUniversal Media LLC 400,000 5.95 04/01/41 A- 493,327 549,256

Sky Ltd(1) 700,000 3.75 09/16/24 A- 708,581 749,190

Telefonica Emisiones SA 300,000 4.57 04/27/23 BBB 309,580 322,636

Telefonica Emisiones SA 260,000 5.21 03/08/47 BBB 260,000 307,718

TELUS Corp 750,000 2.80 02/16/27 BBB+ 734,134 751,476

TWDC Enterprises 18 Corp 230,000 3.75 06/01/21 A 234,462 236,323

Verizon Communications, Inc 750,000 4.15 03/15/24 BBB+ 760,409 807,527



ViacomCBS, Inc 300,000 4.00 01/15/26 BBB 304,003 321,486

ViacomCBS, Inc 200,000 3.70 06/01/28 BBB 197,096 209,830

Vodafone Group PLC 350,000 4.13 05/30/25 BBB 348,813 379,811

Vodafone Group PLC 350,000 5.25 05/30/48 BBB 351,952 420,682



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


Walt Disney Co 200,000 4.95 % 10/15/45 A $ 227,795 $ 260,298 ____________________________________ ____________________________________

Total Communications 14,277,434 15,628,470 ____________________________________ ____________________________________

Consumer, Cyclical: 1.76%

AutoZone, Inc 200,000 3.25 04/15/25 BBB 199,216 208,342

AutoZone, Inc 300,000 3.75 06/01/27 BBB 300,374 319,875

Cintas Corp No 2 700,000 3.70 04/01/27 A- 688,363 758,593


Daimler Finance North America

LLC(1) 350,000 3.30 05/19/25 A- 358,224 361,018

Dollar General Corp 750,000 4.15 11/01/25 BBB 772,266 815,812

Dollar Tree, Inc 600,000 3.70 05/15/23 BBB- 598,310 624,638

Fiat Chrysler Automobiles 300,000 5.25 04/15/23 BB+ 313,211 320,625

General Motors Co 400,000 4.00 04/01/25 BBB 401,685 421,396

General Motors Financial Co, Inc 500,000 3.15 06/30/22 BBB 482,744 509,411

General Motors Financial Co, Inc 400,000 5.10 01/17/24 BBB 400,297 434,034

Home Depot, Inc 460,000 3.75 02/15/24 A 475,127 490,818

Nissan Motor Acceptance Corp(1) 400,000 2.60 09/28/22 BBB+ 400,491 400,353

Toyota Motor Credit Corp 400,000 2.70 01/11/23 AA- 400,056 407,940

Under Armour, Inc 300,000 3.25 06/15/26 BB 300,325 291,618

Volkswagen Group of America

Finance LLC(1) 250,000 4.00 11/12/21 BBB+ 249,748 258,500

Walmart, Inc 600,000 2.55 04/11/23 AA 608,125 612,645 ____________________________________ ____________________________________

Total Consumer, Cyclical 7,167,981 7,472,213 ____________________________________ ____________________________________

Consumer, Non-cyclical: 5.62%

Abbott Laboratories 500,000 3.40 11/30/23 A- 493,769 525,549

Abbott Laboratories 200,000 4.90 11/30/46 A- 198,603 262,408

AbbVie, Inc(1) 300,000 3.20 11/21/29 A- 301,219 305,002

AbbVie, Inc(1) 700,000 4.25 11/21/49 A- 705,746 736,710

Alcon Finance Corp(1) 400,000 3.00 09/23/29 BBB 400,132 406,367

Altria Group, Inc 250,000 4.80 02/14/29 BBB 251,386 278,304

Altria Group, Inc 250,000 5.95 02/14/49 BBB 252,604 302,263

Anheuser-Busch Cos LLC / Anheuser-

Busch InBev Worldwide, Inc 200,000 4.90 02/01/46 A- 191,472 236,528

Anheuser-Busch InBev Finance, Inc 250,000 4.90 02/01/46 A- 242,190 294,439

Anheuser-Busch InBev Worldwide,

Inc 650,000 4.44 10/06/48 A- 589,023 728,375

AstraZeneca PLC 300,000 2.38 06/12/22 BBB+ 291,537 303,339

AstraZeneca PLC 400,000 3.13 06/12/27 BBB+ 398,290 416,759

Automatic Data Processing, Inc 225,000 3.38 09/15/25 AA 226,099 239,659

Bacardi Ltd(1) 125,000 2.75 07/15/26 BBB- 124,696 122,906

BAT Capital Corp 190,000 3.56 08/15/27 BBB+ 190,000 193,761

BAT Capital Corp 600,000 4.54 08/15/47 BBB+ 600,000 601,673

Bayer US Finance II LLC(1) 400,000 3.88 12/15/23 BBB 399,578 419,599

Bayer US Finance LLC(1) 400,000 3.38 10/08/24 BBB 404,767 411,956

Bristol-Myers Squibb Co(1) 120,000 3.88 08/15/25 A+ 128,713 129,722








December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


Cigna Corp 300,000 4.90 % 12/15/48 A- $ 307,132 $ 357,243

Coca-Cola Femsa SAB de CV 800,000 3.88 11/26/23 A- 818,645 844,628

Constellation Brands, Inc 400,000 4.65 11/15/28 BBB 400,583 449,578

CVS Health Corp 900,000 5.05 03/25/48 BBB 916,209 1,063,333

Danone SA(1) 350,000 2.59 11/02/23 BBB+ 335,189 355,292

Danone SA(1) 380,000 2.95 11/02/26 BBB+ 375,353 387,793

DH Europe Finance II Sarl 165,000 2.60 11/15/29 A 164,842 164,148

Eli Lilly & Co 450,000 3.38 03/15/29 A+ 450,015 484,785

Equifax, Inc 200,000 2.60 12/01/24 BBB 200,209 201,068

Equifax, Inc 200,000 3.25 06/01/26 BBB 202,857 200,808

ERAC USA Finance LLC(1) 600,000 3.85 11/15/24 A- 604,214 634,730

Experian Finance PLC(1) 400,000 4.25 02/01/29 A- 400,999 439,592

Flowers Foods, Inc 250,000 3.50 10/01/26 BBB 250,502 254,890

General Mills, Inc 100,000 3.70 10/17/23 BBB 99,204 105,304



Global Payments, Inc 350,000 4.80 04/01/26 BBB- 359,148 389,064

Grupo Bimbo SAB de CV(1) 600,000 3.88 06/27/24 BBB 605,695 625,539

Heineken(1) 270,000 3.50 01/29/28 BBB+ 271,547 285,825

Heineken(1) 170,000 4.35 03/29/47 BBB+ 168,798 190,049

IHS Markit Ltd 450,000 4.75 08/01/28 BBB- 449,996 501,194

JM Smucker Co 500,000 3.50 03/15/25 BBB 524,239 525,788

Kerry Group Financial Services(1) 200,000 3.20 04/09/23 BBB+ 198,082 202,387

Keurig Dr Pepper, Inc 200,000 4.06 05/25/23 BBB 200,381 210,804

Keurig Dr Pepper, Inc 400,000 4.42 05/25/25 BBB 400,915 436,444

Kraft Heinz Foods Co 250,000 3.00 06/01/26 BBB- 250,011 249,799

Kraft Heinz Foods Co 500,000 4.38 06/01/46 BBB- 454,259 491,452

Kroger Co 350,000 4.45 02/01/47 BBB 347,658 371,278

McCormick & Co, Inc 500,000 3.40 08/15/27 BBB 501,687 520,886

Mead Johnson Nutrition Co 350,000 4.60 06/01/44 A- 345,629 418,115

Merck & Co, Inc 650,000 3.40 03/07/29 AA 654,878 703,230

PepsiCo, Inc 550,000 2.75 04/30/25 A+ 555,217 569,337

PepsiCo, Inc 200,000 2.85 02/24/26 A+ 198,592 207,572

PepsiCo, Inc 200,000 3.00 10/15/27 A+ 200,026 211,813

Reckitt Benckiser Treasury Services

PLC(1) 200,000 3.00 06/26/27 A- 199,832 204,734

Shire Acquisitions Investments Ireland

DAC 100,000 2.40 09/23/21 BBB+ 100,021 100,543

Teva Pharmaceutical Finance

Netherlands III BV 475,000 3.15 10/01/26 BB 468,851 395,438

Tyson Foods, Inc 400,000 2.25 08/23/21 BBB 399,882 401,034

Tyson Foods, Inc 400,000 3.95 08/15/24 BBB 415,091 428,579

Verisk Analytics, Inc 600,000 4.13 09/12/22 BBB 609,904 629,786 ____________________________________ ____________________________________

Total Consumer, Non-cyclical 22,415,776 23,884,091 ____________________________________ ____________________________________

Diversified: 0.15%

Hutchison Whampoa International 11

Ltd(1) 600,000 4.63 01/13/22 A 614,340 625,989 ____________________________________ ____________________________________

Total Diversified 614,340 625,989 ____________________________________ ____________________________________

Energy: 3.33%

Apache Corp 300,000 4.25 01/15/30 BBB 299,052 310,511



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


Boardwalk Pipelines LP 400,000 4.80 % 05/03/29 BBB- $ 402,214 $ 427,305

BP Capital Markets America, Inc 200,000 3.12 05/04/26 A- 191,483 208,777

BP Capital Markets PLC 300,000 3.06 03/17/22 A- 297,442 307,522

Canadian Natural Resources Ltd 200,000 2.95 01/15/23 BBB+ 195,100 203,911



Cimarex Energy Co 250,000 3.90 05/15/27 BBB- 244,052 258,402

Cimarex Energy Co 500,000 4.38 03/15/29 BBB- 500,955 528,783

Columbia Pipeline Group, Inc 125,000 4.50 06/01/25 125,748 137,028

Columbia Pipeline Group, Inc 125,000 5.80 06/01/45 126,303 157,992

Enbridge Energy Partners LP 240,000 5.50 09/15/40 BBB+ 248,178 284,801

Energy Transfer Operating LP 400,000 4.90 02/01/24 BBB- 408,367 428,954

Energy Transfer Operating LP 200,000 4.05 03/15/25 BBB- 200,615 210,079

Enterprise Products Operating LLC 350,000 4.85 03/15/44 BBB+ 368,145 405,957

Enterprise Products Operating LLC 200,000 4.25 02/15/48 BBB+ 199,904 214,235

Halliburton Co 200,000 3.80 11/15/25 A- 197,711 213,308

Husky Energy, Inc 650,000 4.00 04/15/24 BBB 642,291 685,763

Kinder Morgan Energy Partners LP 400,000 5.30 09/15/20 BBB 403,899 409,082

Kinder Morgan Energy Partners LP 200,000 5.80 03/15/35 BBB 206,912 241,737

Kinder Morgan, Inc 400,000 5.20 03/01/48 BBB 398,926 463,142

Marathon Oil Corp 500,000 3.85 06/01/25 BBB 491,960 529,011

Marathon Petroleum Corp 200,000 3.63 09/15/24 BBB 196,753 209,909

Marathon Petroleum Corp 500,000 4.75 09/15/44 BBB 469,542 548,160

MPLX LP 500,000 4.90 04/15/58 BBB 496,451 508,239

Occidental Petroleum Corp 550,000 3.45 07/15/24 BBB 558,431 563,005

ONEOK, Inc 400,000 4.95 07/13/47 BBB 395,541 439,810



Shell International Finance BV 300,000 3.25 05/11/25 AA- 294,627 317,229

Shell International Finance BV 800,000 4.13 05/11/35 AA- 841,280 934,168

Southeast Supply Header LLC(1) 300,000 4.25 06/15/24 BBB- 290,273 305,593

Southern Natural Gas Co LLC(1) 700,000 4.80 03/15/47 BBB+ 697,798 795,401

Suncor Energy, Inc 250,000 6.80 05/15/38 A- 276,674 355,388

TC PipeLines LP 340,000 3.90 05/25/27 BBB 340,000 355,411

Valero Energy Corp 300,000 4.90 03/15/45 BBB 289,356 345,447

Williams Cos, Inc 400,000 4.85 03/01/48 BBB 400,590 436,619 ____________________________________ ____________________________________

Total Energy 13,017,808 14,132,472 ____________________________________ ____________________________________

Financial: 10.36%

Aflac, Inc 800,000 3.63 06/15/23 A- 809,468 841,367

AIA Group Ltd(1) 500,000 3.60 04/09/29 A 498,920 524,047

Alexandria Real Estate Equities, Inc 600,000 3.90 06/15/23 BBB+ 603,046 629,967

American Express Co 500,000 2.65 12/02/22 BBB+ 496,188 509,347

American International Group, Inc 600,000 4.50 07/16/44 BBB+ 595,169 690,125

American Tower Corp 190,000 4.40 02/15/26 BBB- 189,669 207,244

American Tower Corp 500,000 3.38 10/15/26 BBB- 468,259 519,338

Associated Banc-Corp 400,000 4.25 01/15/25 BBB- 402,322 422,499

AvalonBay Communities, Inc 495,000 3.35 05/15/27 A- 493,740 521,041

Bank of America Corp 650,000 3.30 01/11/23 A- 649,963 671,852

Bank of America Corp(2) 500,000 3.00 12/20/23 A- 494,526 512,049

Bank of America Corp 900,000 3.25 10/21/27 A- 894,370 937,194

Bank of America Corp(2) 490,000 3.82 01/20/28 A- 490,000 526,989



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


Bank of America Corp(2) 230,000 2.88 % 10/22/30 A- $ 230,000 $ 231,661

Bank of New York Mellon Corp 400,000 3.00 10/30/28 A- 400,736 409,574

BBVA USA 300,000 3.88 04/10/25 BBB 293,113 314,866

Boston Properties LP 400,000 3.20 01/15/25 A- 400,204 414,854

Capital One Bank USA NA 300,000 3.38 02/15/23 BBB 298,986 309,772

Capital One Financial Corp 400,000 3.90 01/29/24 BBB 400,222 423,943

Chubb INA Holdings, Inc 400,000 3.35 05/15/24 A 403,547 421,146

Citigroup, Inc 500,000 2.75 04/25/22 BBB+ 499,838 507,634

Citigroup, Inc(2) 400,000 3.14 01/24/23 BBB+ 398,468 408,141


Citigroup, Inc 600,000 3.20 10/21/26 BBB+ 599,373 621,899



Citizens Bank NA/Providence 300,000 3.75 02/18/26 A- 299,982 320,399

Citizens Financial Group, Inc 200,000 4.35 08/01/25 BBB 202,584 215,359

Citizens Financial Group, Inc 180,000 4.30 12/03/25 BBB 179,888 193,255

CNA Financial Corp 800,000 3.45 08/15/27 A- 757,464 832,774

Comerica, Inc 290,000 3.80 07/22/26 BBB 289,007 305,375

Crown Castle International Corp 300,000 3.70 06/15/26 BBB- 286,526 316,831

Crown Castle International Corp 400,000 3.80 02/15/28 BBB- 399,027 425,879

Discover Bank/Greenwood 400,000 3.45 07/27/26 BBB 402,306 415,048

Discover Financial Services 400,000 3.85 11/21/22 BBB- 401,845 417,958

GE Capital International Funding Co

Unlimited Co 300,000 4.42 11/15/35 BBB+ 289,384 319,433

Goldman Sachs Group, Inc 620,000 2.35 11/15/21 BBB+ 619,767 622,319

Goldman Sachs Group, Inc(2) 700,000 2.88 10/31/22 BBB+ 699,731 709,773





Hartford Financial Services Group,

Inc 400,000 4.30 04/15/43 BBB+ 370,182 442,832

Healthcare Trust of America Holdings

LP 600,000 3.70 04/15/23 BBB 600,719 620,200

HSBC Holdings PLC(2) 300,000 3.26 03/13/23 A 296,502 306,728


HSBC USA, Inc 500,000 3.50 06/23/24 A 494,591 527,576

Invesco Finance PLC 200,000 5.38 11/30/43 BBB+ 219,149 243,470

JPMorgan Chase & Co 1,000,000 3.38 05/01/23 BBB+ 994,222 1,038,631

JPMorgan Chase & Co(2) 600,000 3.78 02/01/28 A- 600,740 646,308



Kimco Realty Corp 250,000 2.80 10/01/26 BBB+ 249,587 251,031

Kimco Realty Corp 380,000 3.80 04/01/27 BBB+ 379,001 401,573

Liberty Mutual Group, Inc(1) 177,000 4.25 06/15/23 BBB 180,183 187,972

Liberty Mutual Group, Inc(1) 623,000 4.57 02/01/29 BBB 626,971 695,304

Liberty Property LP 300,000 4.38 02/01/29 BBB 300,952 341,071

Lincoln National Corp 600,000 4.20 03/15/22 A- 612,786 625,235

M&T Bank Corp 300,000 3.55 07/26/23 A- 300,301 314,791

Manufacturers & Traders Trust Co 300,000 2.50 05/18/22 A 299,801 303,395



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


Massachusetts Mutual Life Insurance

Co(1) 350,000 5.38 % 12/01/41 AA- $ 386,615 $ 428,952

MetLife, Inc 400,000 4.05 03/01/45 A- 392,509 462,984

Morgan Stanley 800,000 5.00 11/24/25 BBB 825,754 900,411

Morgan Stanley 450,000 3.63 01/20/27 BBB+ 444,973 478,635

Morgan Stanley(2) 1,000,000 3.59 07/22/28 BBB+ 1,005,512 1,062,058

National Rural Utilities Cooperative

Finance Corp(2) 260,000 5.25 04/20/46 BBB+ 260,493 281,694

Nuveen Finance LLC(1) 400,000 4.13 11/01/24 A 406,772 434,301

Nuveen LLC(1) 300,000 4.00 11/01/28 AA 299,221 333,664

Pacific Life Insurance Co(1)(2) 600,000 4.30 10/24/67 A 602,702 640,500

Physicians Realty LP 200,000 4.30 03/15/27 BBB- 199,536 213,607

Physicians Realty LP 500,000 3.95 01/15/28 BBB- 497,912 522,935

PNC Bank NA 1,000,000 3.10 10/25/27 A 1,001,601 1,042,510

Post Apartment Homes LP 800,000 3.38 12/01/22 BBB+ 799,714 823,942

Prudential Financial, Inc 500,000 5.10 08/15/43 A 560,638 586,844

Regency Centers Corp 200,000 3.75 11/15/22 BBB+ 198,211 208,205

Regency Centers LP 500,000 4.13 03/15/28 BBB+ 500,364 541,817

State Street Corp(2) 500,000 2.65 05/15/23 A 500,000 506,743

Stifel Financial Corp 400,000 4.25 07/18/24 BBB- 403,028 425,526

Tanger Properties LP 400,000 3.88 12/01/23 BBB 408,199 411,551

TD Ameritrade Holding Corp 350,000 3.63 04/01/25 A 360,609 372,117

Truist Bank 255,000 3.30 05/15/26 A- 254,178 265,392

Truist Bank 600,000 3.80 10/30/26 A- 607,762 644,472

Truist Financial Corp 330,000 4.00 05/01/25 A- 329,724 357,469

UDR, Inc 180,000 3.75 07/01/24 BBB+ 181,362 189,467

UDR, Inc 500,000 3.50 01/15/28 BBB+ 499,419 524,806

US Bancorp 700,000 2.63 01/24/22 A+ 699,504 710,830

Visa, Inc 300,000 3.15 12/14/25 AA- 300,435 316,835

Visa, Inc 400,000 2.75 09/15/27 AA- 398,584 417,160

Weyerhaeuser Co 160,000 3.25 03/15/23 BBB 159,704 163,529

WP Carey, Inc 600,000 4.60 04/01/24 BBB 615,706 642,901 ____________________________________ ____________________________________

Total Financial 41,671,189 43,981,334 ____________________________________ ____________________________________

Industrial: 3.23%

3M Co 400,000 2.38 08/26/29 AA- 397,141 394,082

Agilent Technologies, Inc 200,000 3.05 09/22/26 BBB+ 200,980 204,357

Agilent Technologies, Inc 200,000 2.75 09/15/29 BBB+ 199,629 198,280

Airbus SE(1) 600,000 3.15 04/10/27 A+ 599,590 622,747

Allegion PLC 350,000 3.50 10/01/29 BBB 351,015 355,778

Allegion US Holding Co, Inc 350,000 3.20 10/01/24 BBB 350,774 359,653

Allegion US Holding Co, Inc 350,000 3.55 10/01/27 BBB 350,317 358,634

BAE Systems Holdings, Inc(1) 280,000 3.85 12/15/25 BBB 278,036 296,911

Burlington Northern Santa Fe LLC 600,000 3.05 09/01/22 A+ 602,100 616,466

Burlington Northern Santa Fe LLC 300,000 4.45 03/15/43 A+ 313,654 350,553

Canadian Pacific Railway Co 200,000 2.90 02/01/25 BBB+ 202,501 205,235

CNH Industrial NV 800,000 3.85 11/15/27 BBB 774,626 834,288

Embraer Overseas Ltd(1) 500,000 5.70 09/16/23 BBB 513,475 548,755

FedEx Corp 125,000 3.10 08/05/29 BBB 124,284 124,728

FedEx Corp 375,000 4.05 02/15/48 BBB 371,112 361,213

General Electric Co 600,000 4.13 10/09/42 BBB+ 612,563 616,392

Huntington Ingalls Industries, Inc 400,000 3.48 12/01/27 BBB 400,788 415,760



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


John Deere Capital Corp 500,000 3.45 % 03/07/29 A $ 505,654 $ 543,046

Kansas City Southern 120,000 3.00 05/15/23 BBB 117,467 122,694



Keysight Technologies, Inc 350,000 3.00 10/30/29 BBB 351,626 350,646

Lockheed Martin Corp 500,000 3.55 01/15/26 A- 502,362 535,928

Molex Electronic Technologies LLC(1) 300,000 3.90 04/15/25 BBB 300,886 309,402

Northrop Grumman Corp 600,000 3.25 01/15/28 BBB 601,241 625,414

Penske Truck Leasing Co LP / PTL

Finance Corp(1) 250,000 3.38 02/01/22 BBB 250,097 255,226


Finance Corp(1) 200,000 4.88 07/11/22 BBB 204,939 212,632


Finance Corp(1) 250,000 4.13 08/01/23 BBB 248,149 263,730

PerkinElmer, Inc 400,000 3.30 09/15/29 BBB 398,251 408,017

Roper Technologies, Inc 400,000 2.95 09/15/29 BBB+ 401,146 403,483

Ryder System, Inc 750,000 3.40 03/01/23 BBB 746,662 773,045

Siemens Financieringsmaatschappij(1) 400,000 3.40 03/16/27 A+ 409,588 422,832

Valmont Industries, Inc 250,000 5.25 10/01/54 BBB+ 252,608 248,727

WRKCo, Inc 400,000 4.00 03/15/28 BBB 400,769 429,948

WRKCo, Inc 300,000 4.90 03/15/29 BBB 305,167 341,010 ____________________________________ ____________________________________

Total Industrial 13,165,651 13,698,832 ____________________________________ ____________________________________

Technology: 1.52%

Apple, Inc 900,000 2.40 05/03/23 AA+ 880,315 914,749

Apple, Inc 500,000 2.45 08/04/26 AA+ 498,281 506,612

Apple, Inc 600,000 2.90 09/12/27 AA+ 599,603 624,289

Broadcom, Inc(1) 500,000 3.63 10/15/24 BBB- 495,466 519,657

Dell International LLC / EMC Corp(1) 260,000 4.42 06/15/21 BBB- 261,251 267,511

Fidelity National Information

Services, Inc 400,000 3.75 05/21/29 BBB 403,404 437,321

Fiserv, Inc 600,000 3.80 10/01/23 BBB 600,726 633,357

Fiserv, Inc 200,000 3.50 07/01/29 BBB 199,729 209,920

Intel Corp 200,000 3.70 07/29/25 A+ 200,185 216,125

Lam Research Corp 400,000 4.00 03/15/29 BBB+ 401,188 440,446

Micron Technology, Inc 200,000 4.64 02/06/24 BBB- 201,189 216,893

Micron Technology, Inc 200,000 4.98 02/06/26 BBB- 199,769 221,851

Microsoft Corp 350,000 3.95 08/08/56 AAA 345,997 413,205

Oracle Corp 410,000 3.40 07/08/24 A+ 414,796 432,503

Oracle Corp 400,000 2.65 07/15/26 A+ 400,153 408,774 ____________________________________ ____________________________________

Total Technology 6,102,052 6,463,213 ____________________________________ ____________________________________

Utilities: 2.99%

AEP Texas, Inc(1) 60,000 3.85 10/01/25 A- 59,664 62,517

Ameren Corp 90,000 3.65 02/15/26 BBB 89,952 94,138

American Electric Power Co, Inc 346,000 2.95 12/15/22 BBB+ 343,823 352,436

Consolidated Edison Co of New York,

Inc 200,000 4.63 12/01/54 A- 213,752 242,193

Dominion Energy Gas Holdings LLC 175,000 3.90 11/15/49 BBB+ 175,642 174,213

Dominion Energy, Inc 200,000 3.07 08/15/24 BBB 200,989 205,850

Dominion Energy, Inc 500,000 4.25 06/01/28 BBB 514,594 552,550

Duke Energy Corp 600,000 2.65 09/01/26 BBB+ 594,673 602,292



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


Duke Energy Corp 500,000 3.75 % 09/01/46 BBB+ $ 465,629 $ 515,595

EDP Finance BV(1) 400,000 3.63 07/15/24 BBB- 398,919 415,620

Electricite de France SA(1)(2) 700,000 5.63 01/22/24 BB 730,725 742,000

Emera US Finance LP 600,000 4.75 06/15/46 BBB 612,074 692,658



Evergy Metro, Inc 600,000 4.20 03/15/48 A+ 601,988 685,998

Eversource Energy 300,000 3.80 12/01/23 BBB+ 299,780 315,764

Eversource Energy 400,000 2.90 10/01/24 BBB+ 399,829 408,546

Exelon Corp 300,000 5.10 06/15/45 BBB 322,278 360,658

Exelon Corp 185,000 4.45 04/15/46 BBB 193,845 207,370

FirstEnergy Transmission LLC(1) 400,000 4.55 04/01/49 BBB- 405,531 457,121

National Fuel Gas Co 600,000 3.95 09/15/27 BBB 598,869 621,000

NextEra Energy Capital Holdings, Inc 800,000 3.63 06/15/23 BBB+ 805,086 835,940

NextEra Energy Capital Holdings, Inc 400,000 3.15 04/01/24 BBB+ 401,592 414,497

NiSource, Inc 400,000 3.95 03/30/48 BBB+ 400,385 420,480

PPL Capital Funding, Inc 600,000 3.95 03/15/24 BBB+ 614,498 631,446

Public Service Enterprise Group, Inc 200,000 2.88 06/15/24 BBB 199,718 204,300

Sempra Energy 600,000 3.55 06/15/24 BBB+ 608,425 628,169

Sempra Energy 200,000 3.40 02/01/28 BBB+ 199,050 207,083

Southern Co 700,000 3.25 07/01/26 BBB+ 703,974 728,509

Southern Co Gas Capital Corp 70,000 3.95 10/01/46 A- 69,890 72,196 ____________________________________ ____________________________________

Total Utilities 11,969,186 12,678,113 ____________________________________ ____________________________________

Total Corporate Bonds 134,499,728 142,903,911 ____________________________________ ____________________________________

Foreign Government Bonds: 0.20%

Colombia: 0.08%

Colombia Government International

Bond 300,000 4.50 03/15/29 BBB- 315,672 332,700 ____________________________________ ____________________________________

Total Colombia 315,672 332,700 ____________________________________ ____________________________________

Mexico: 0.07%

Mexico Government International

Bond 300,000 3.75 01/11/28 BBB+ 295,885 311,700 ____________________________________ ____________________________________

Total Mexico 295,885 311,700 ____________________________________ ____________________________________

Poland: 0.05%

Republic of Poland Government

International Bond 200,000 4.00 01/22/24 A- 208,359 215,151 ____________________________________ ____________________________________

Total Poland 208,359 215,151 ____________________________________ ____________________________________

Total Foreign Government Bonds 819,916 859,551 ____________________________________ ____________________________________

Government/Agency Bonds: 42.02%

Federal Agencies: 23.03%

FHLMC POOL #AI6588 199,827 4.00 07/01/26 203,924 208,930

FHLMC POOL #QA3157 2,023,397 3.00 10/01/49 2,056,405 2,052,467

FHLMC POOL #RA1173 2,786,152 3.50 08/01/49 2,867,860 2,867,670

FHLMC POOL #RA1218 2,840,088 3.50 08/01/49 2,928,309 2,929,468

FHLMC POOL #RA1501 2,012,775 3.00 10/01/49 2,045,766 2,040,903

FHLMC POOL #SD0125 1,749,632 3.00 10/01/49 1,778,310 1,774,618

FHLMC POOL #SD8011 2,839,098 3.50 09/01/49 2,922,252 2,917,113

FHLMC POOL #SD8030 2,038,413 3.00 12/01/49 2,071,034 2,067,126



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


FHLMC POOL #ZA1160 1,394,880 3.50 % 04/01/42 $ 1,442,440 $ 1,470,707

FHLMC POOL #ZM1753 2,197,352 3.00 09/01/46 2,263,854 2,249,017

FHLMC POOL #ZM2148 1,373,990 3.50 11/01/46 1,361,316 1,424,666

FHLMC POOL #ZM2655 595,327 3.00 02/01/47 595,886 609,169

FHLMC POOL #ZM5375 4,813,184 3.50 01/01/48 4,765,846 4,992,916

FHLMC POOL #ZS4706 837,554 3.00 03/01/47 842,078 856,366

FHLMC POOL #ZS4727 2,348,259 4.00 07/01/47 2,471,304 2,469,332

FHLMC POOL #ZS4731 2,187,510 4.00 08/01/47 2,292,347 2,299,334

FHLMC POOL #ZS4740 3,312,864 4.00 10/01/47 3,474,822 3,480,641

FHLMC POOL #ZS4744 841,988 4.00 11/01/47 879,409 885,565

FHLMC POOL #ZT0371 1,676,268 4.50 05/01/48 1,741,225 1,766,276

FNMA POOL #AE0949 298,205 4.00 02/01/41 315,227 319,775

FNMA POOL #AS3892 855,299 4.00 11/01/44 902,518 906,229

FNMA POOL #AS6573 1,205,247 3.50 01/01/46 1,258,324 1,257,589

FNMA POOL #AS7510 2,822,278 4.00 07/01/46 2,963,519 2,963,335

FNMA POOL #AS7947 988,102 4.00 09/01/46 1,034,559 1,043,385

FNMA POOL #AS8012 2,696,010 2.50 09/01/31 2,764,621 2,735,334

FNMA POOL #AS8142 1,200,189 4.00 10/01/46 1,249,046 1,266,723

FNMA POOL #AS8583 743,749 3.50 01/01/47 766,698 771,047

FNMA POOL #AX7549 617,132 4.00 01/01/45 653,510 653,884

FNMA POOL #BH5768 4,256,399 4.50 11/01/47 4,372,397 4,496,648

FNMA POOL #BH7058 2,107,249 3.50 12/01/47 2,110,642 2,188,182

FNMA POOL #BJ9889 2,032,765 3.00 10/01/49 2,065,768 2,063,350

FNMA POOL #BK8853 1,347,641 4.00 09/01/33 1,372,397 1,433,808

FNMA POOL #BO1169 1,402,735 3.50 07/01/49 1,437,131 1,444,879

FNMA POOL #BO2701 3,188,178 3.50 07/01/49 3,281,672 3,283,643

FNMA POOL #CA0183 1,017,468 4.00 08/01/47 1,054,751 1,068,850

FNMA POOL #CA1564 145,846 4.50 04/01/48 151,670 153,860

FNMA POOL #CA1711 1,298,544 4.50 05/01/48 1,342,382 1,368,955

FNMA POOL #CA1909 4,927,771 4.50 06/01/48 5,057,749 5,191,178

FNMA POOL #CA2375 1,294,116 4.00 09/01/48 1,320,808 1,348,616

FNMA POOL #CA2376 1,507,892 4.00 09/01/48 1,540,615 1,567,881

FNMA POOL #MA3692 945,611 3.50 07/01/49 964,786 971,484

FNMA POOL #MA3746 1,430,333 4.00 08/01/49 1,486,067 1,487,957

FNMA POOL #MA3747 2,903,359 4.50 08/01/49 3,058,885 3,058,064

FNMA POOL #MA3775 2,840,252 3.50 09/01/49 2,923,879 2,920,002

FNMA POOL #MA3803 860,444 3.50 10/01/49 885,791 885,106

FNMA POOL #MA3835 2,974,028 3.50 11/01/49 3,062,451 3,062,915

FNMA POOL #MA3871 2,039,426 3.00 12/01/49 2,072,697 2,067,592

FREMF 2015-K49 Mortgage

Trust(1)(2) 390,000 3.72 10/25/48 359,096 404,618

GNMA POOL #MA2602 144,935 4.00 02/20/45 152,033 153,453

GNMA POOL #MA3312 607,893 4.50 12/20/45 648,667 650,229

GNMA POOL #MA4720 2,486,571 4.00 09/20/47 2,552,817 2,607,343

GNMA POOL #MA4901 2,519,909 4.00 12/20/47 2,588,841 2,631,086 ____________________________________ ____________________________________

Total Federal Agencies 96,776,401 97,789,284 ____________________________________ ____________________________________

US Government Notes & Bonds: 18.99%







December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________


Treasury Inflation Protected Security 2,751,597 0.88 % 01/15/29 $ 2,754,232 $ 2,921,603


US Treasury Bond 2,280,000 3.00 11/15/44 2,438,796 2,538,378

US Treasury Bond 370,000 2.50 02/15/45 357,975 377,048

US Treasury Bond 2,700,000 2.25 08/15/46 2,595,991 2,620,599

US Treasury Bond 1,515,000 2.75 08/15/47 1,512,527 1,622,725

US Treasury Bond 1,800,000 2.75 11/15/47 1,754,882 1,927,959

US Treasury Bond 1,235,000 3.00 02/15/48 1,205,203 1,386,734

US Treasury Bond 700,000 3.00 08/15/48 695,307 787,422

US Treasury Bond 500,000 3.38 11/15/48 527,126 602,631

US Treasury Bond 1,000,000 3.00 02/15/49 987,882 1,126,838

US Treasury Note 3,340,000 1.75 07/15/22 3,337,078 3,351,393

US Treasury Note 800,000 1.38 10/15/22 793,876 794,698

US Treasury Note 690,000 2.00 10/31/22 688,954 697,204

US Treasury Note 2,000,000 1.63 11/15/22 2,001,351 2,000,375

US Treasury Note 4,000,000 1.63 12/15/22 3,994,910 4,001,587

US Treasury Note(3) 1,600,000 2.00 02/15/23 1,571,693 1,617,762

US Treasury Note 1,315,000 2.63 12/31/23 1,317,080 1,362,964

US Treasury Note 2,000,000 2.25 01/31/24 1,985,492 2,044,632

US Treasury Note 700,000 2.00 05/31/24 703,925 709,075

US Treasury Note 1,275,000 1.75 07/31/24 1,274,168 1,277,897

US Treasury Note 2,300,000 1.25 08/31/24 2,267,893 2,253,895

US Treasury Note 3,000,000 1.50 10/31/24 2,968,320 2,972,133

US Treasury Note 1,000,000 1.50 11/30/24 988,992 990,933

US Treasury Note 1,000,000 1.63 11/30/26 985,277 986,142

US Treasury Note 12,200,000 3.13 11/15/28 12,368,362 13,405,039

US Treasury Note 5,000,000 2.38 05/15/29 5,110,098 5,192,878

US Treasury Note 1,500,000 1.63 08/15/29 1,469,920 1,460,132

US Treasury Note 3,500,000 1.75 11/15/29 3,443,293 3,444,424

US Treasury Note 1,650,000 2.25 08/15/49 1,633,871 1,598,695

US Treasury Note 500,000 2.38 11/15/49 502,516 497,753 ____________________________________ ____________________________________

Total US Government Notes & Bonds 77,863,547 80,601,725 ____________________________________ ____________________________________

Total Government/Agency Bonds 174,639,948 178,391,009 ____________________________________ ____________________________________

Corporate Asset-Backed Securities: 0.05%

Santander Drive Auto Receivables

Trust 2016-2 150,000 3.39 04/15/22 149,998 151,042

Sofi Consumer Loan Program 2017-3

LLC(1) 58,736 2.77 05/25/26 AA 58,736 58,939 ____________________________________ ____________________________________

Total Corporate Asset-Backed

Securities 208,734 209,981 ____________________________________ ____________________________________

Corporate Mortgage-Backed Securities: 2.48%

BENCHMARK 2018-B1 Mortgage

Trust(2) 480,000 3.67 01/15/51 AAA 493,528 516,313

BENCHMARK 2018-B4(2) 1,400,000 4.12 07/15/51 AAA 1,441,066 1,553,336

CD 2017-CD4 Mortgage Trust(2) 775,000 3.51 05/10/50 AAA 760,930 823,670

Citigroup Commercial Mortgage Trust

2013-GC11 943,732 2.82 04/10/46 958,368 958,270

COMM 2014-LC17 Mortgage Trust 1,000,000 3.92 10/10/47 1,078,215 1,059,366

COMM 2015-DC1 Mortgage Trust 800,000 3.72 02/10/48 820,468 831,337

FNMA(2) 211,679 4.39 05/25/24 198,913 220,425



December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________

Corporate Mortgage-Backed Securities (Continued)

FNMA(2) 303,001 4.79 % 07/25/24 $ 288,877 $ 318,724

Freddie Mac Structured Agency

Credit Risk Debt Notes(2) 70,000 6.29 02/25/24 71,997 76,682





GS Mortgage Securities Trust 2014-

GC24 500,000 3.93 09/10/47 520,491 533,091

JPMBB Commercial Mortgage

Securities Trust 2013-C15(2) 650,000 4.93 11/15/45 721,709 701,584

JPMBB Commercial Mortgage

Securities Trust 2015-C28 1,000,000 3.53 10/15/48 1,025,787 1,033,948

JPMDB Commercial Mortgage

Securities Trust 2016-C4 600,000 3.14 12/15/49 616,304 622,572

Morgan Stanley Capital I Trust 2016-

UBS12 1,050,000 3.60 12/15/49 1,072,585 1,117,757 ____________________________________ ____________________________________

Total Corporate Mortgage-Backed

Securities 10,208,825 10,513,627 ____________________________________ ____________________________________

Shares

___________

Investment Companies: 19.57%

Federated Core Trust - Bank Loan Core Fund 1,303,870 12,949,363 12,843,123

Federated Core Trust - High Yield Bond

Portfolio 4,677,662 29,085,663 29,749,929

Federated Core Trust - Mutual Fund 2,083,270 20,674,457 20,999,364

Federated Core Trust III - Federated Project &

Trade Finance Core Fund 2,176,629 20,244,165 19,459,064 ____________________________________ ____________________________________

Total Investment Companies 82,953,648 83,051,480 ____________________________________ ____________________________________








December 31, 2019


Open futures contracts outstanding as of December 31, 2019, were as follows:

Contracts Description

Value

Unrealized

Depreciation _________________________________________________________ ______________ _______________

Financial Futures - Long:

57 U.S. Treasury 5 Year Note, March 2020 $ 6,760,735 $ (34,735)

252 U.S. Treasury 2 Year Note, March 2020 54,306,000 (78,750)

20 U.S. Treasury Ultra Bond, March 2020 3,633,125 (123,742) ______________ _______________

Total Financial Futures - Long $ 64,699,860 $ (237,227) ______________ _______________ ______________ _______________

Contracts Description

Value

Unrealized

Appreciation _________________________________________________________ ______________ _______________

Financial Futures - Short:

138 U.S. Treasury 10 Year Note, March 2020 $ 17,722,219 $ 145,419

15

U.S. Treasury 10 Years Ultra Bond, March

2020 2,110,547 31,875 ______________ _______________

Total Financial Futures - Short $ 19,832,766 $ 177,294 ______________ _______________ ______________ _______________ Net unrealized depreciation - December 31, 2019 $ (59,933) _______________


(1) This Fund holds 5.29% of its portfolio in securities that may be resold to "qualified institutional buyers" under rule 144A. (2) Variable/Floating Rate Security - Interest rate changes on these instruments are based on changes in a designated base rate. The rates

shown are those in effect on December 31, 2019. (3) All or a portion of this security is segregated as collateral for investments in derivative instruments. (4) Wells Fargo/BlackRock Short Term Investment Fund S is a Wells Fargo Bank, N.A. sponsored collective trust fund. The Fund holds







Share value, beginning of year $ 10.81


Net investment income (loss)(1) 0.40

Net realized and unrealized gain (loss) on investments 0.68

Total from investment operations 1.08

Share value, end of year $ 11.89

Total return per share 9.95%

Net assets, end of year $ 424,494,429

Ratios:

Ratio of expenses to average net assets 0.15%

Ratio of net investment income (loss) to average net assets 3.47%

Portfolio Turnover Rate 48%

(1) Based on average number of shares outstanding.





Shares Share

outstanding valuation

January 31, 2019 36,471,855 $ 10.99

February 28, 2019 37,063,134 11.02

March 31, 2019 36,333,422 11.22

April 30, 2019 36,195,540 11.25

May 31, 2019 35,775,951 11.39

June 30, 2019 35,688,552 11.56

July 31, 2019 36,083,502 11.60

August 31, 2019 34,662,673 11.84

September 30, 2019 35,484,658 11.80

October 31, 2019 35,408,369 11.83

November 30, 2019 35,632,066 11.85

December 31, 2019 35,710,275 11.89


WELLS FARGO/LAZARD INTERNATIONAL EQUITY CIT


December 31, 2019

Cost

Fair

value

Assets:



Foreign currency, at value (cost $200) 203

Accrued interest and dividend income 579,681


Receivable for investment securities sold 13,536


Liabilities:

Payable for investment securities purchased 382,359

Unrealized depreciation on forward currency contracts 87



Net assets $ 104,841,976


Share value $ 12.08





Investment income:


withheld of $212,910) $ 3,199,022



Expenses:


679,817

2,593,313

3,400,483

(1,695,127)

Total expenses

Net investment income (loss)


currency transactions:Net realized gain (loss) on:

Investments



Foreign currency translation of other assets and liabilities 545















Proceeds from issuance of shares (873,148 shares) 9,591,713


Net Change (12,691,429)



Net assets:





December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 95.52%

Australia: 1.30%

BHP Group PLC 58,116 $ 938,745 $ 1,367,788 ____________________________________ ____________________________________

Total Australia 938,745 1,367,788 ____________________________________ ____________________________________

Canada: 5.51%

Canadian National Railway Co 12,350 845,487 1,117,211

National Bank of Canada 25,500 991,566 1,415,456

Suncor Energy, Inc 63,470 1,893,286 2,080,231

TMX Group Ltd 13,400 980,183 1,160,394 ____________________________________ ____________________________________

Total Canada 4,710,522 5,773,292 ____________________________________ ____________________________________

China: 1.60%

Ping An Insurance Group Co of China Ltd H 142,000 1,356,617 1,678,349 ____________________________________ ____________________________________

Total China 1,356,617 1,678,349 ____________________________________ ____________________________________

Denmark: 1.52%

Carlsberg AS B 10,691 1,039,958 1,595,482 ____________________________________ ____________________________________

Total Denmark 1,039,958 1,595,482 ____________________________________ ____________________________________

Finland: 2.42%

Nordea Bank Abp 150,109 1,721,685 1,214,409

Sampo Oyj A 30,292 1,472,928 1,322,643 ____________________________________ ____________________________________

Total Finland 3,194,613 2,537,052 ____________________________________ ____________________________________

France: 13.24%

Air Liquide SA 12,372 1,202,739 1,751,362

BNP Paribas SA 18,152 1,014,351 1,075,677

Engie SA 135,783 2,017,017 2,193,232

Safran SA 16,072 1,759,175 2,481,549

Sanofi 28,732 2,482,138 2,888,335

Vinci SA 11,065 744,478 1,228,749

Vivendi SA 78,276 2,005,228 2,267,052 ____________________________________ ____________________________________

Total France 11,225,126 13,885,956 ____________________________________ ____________________________________

Germany: 5.28%

Fresenius Medical Care AG & Co KGaA 9,570 698,652 704,618

Fresenius SE & Co KGaA 13,358 1,091,163 751,701

SAP SE 24,943 2,246,441 3,357,281

Vonovia SE 13,408 678,796 720,135 ____________________________________ ____________________________________

Total Germany 4,715,052 5,533,735 ____________________________________ ____________________________________

Hong Kong: 0.38%

ESR Cayman Ltd (1) 177,400 384,003 400,683 ____________________________________ ____________________________________

Total Hong Kong 384,003 400,683 ____________________________________ ____________________________________

Indonesia: 0.38%

Bank Mandiri Persero Tbk PT 721,100 402,125 398,454 ____________________________________ ____________________________________

Total Indonesia 402,125 398,454 ____________________________________ ____________________________________

Ireland: 4.50%

Medtronic PLC 28,330 2,438,040 3,214,039

Ryanair Holdings PLC ADR 17,156 1,367,528 1,503,037 ____________________________________ ____________________________________

Total Ireland 3,805,568 4,717,076 ____________________________________ ____________________________________



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Israel: 1.15%

Bank Leumi Le-Israel BM 165,125 $ 1,072,511 $ 1,202,109 ____________________________________ ____________________________________

Total Israel 1,072,511 1,202,109 ____________________________________ ____________________________________

Japan: 16.31%

Asahi Group Holdings Ltd 21,800 1,006,622 994,527

Daiwa House Industry Co Ltd 62,550 1,476,810 1,936,350

Hitachi Ltd 51,400 1,886,881 2,168,861

Kao Corp 19,230 1,226,360 1,585,996

Makita Corp 34,200 1,125,443 1,181,092

Nexon Co Ltd 95,400 1,518,078 1,265,508

Nintendo Co Ltd 4,800 1,867,017 1,919,808

Pan Pacific International Holdings Corp 58,656 501,130 973,178

Shin-Etsu Chemical Co Ltd 13,400 1,277,369 1,473,639

Sumitomo Mitsui Financial Group, Inc 43,900 1,736,579 1,621,462

Suzuki Motor Corp 21,800 1,097,067 909,974

Yamaha Corp 19,200 751,164 1,064,514 ____________________________________ ____________________________________

Total Japan 15,470,520 17,094,909 ____________________________________ ____________________________________

Korea: 2.57%

Samsung Electronics Co Ltd 55,848 2,130,840 2,691,139 ____________________________________ ____________________________________

Total Korea 2,130,840 2,691,139 ____________________________________ ____________________________________

Luxembourg: 0.68%

ArcelorMittal 40,666 720,168 713,511 ____________________________________ ____________________________________

Total Luxembourg 720,168 713,511 ____________________________________ ____________________________________

Mexico: 0.44%

Arca Continental SAB de CV 87,900 483,179 464,941 ____________________________________ ____________________________________

Total Mexico 483,179 464,941 ____________________________________ ____________________________________

Netherlands: 6.64%

ABN AMRO Group NV (1) 54,673 1,511,202 994,719

Koninklijke DSM NV 13,287 1,289,084 1,730,358

Royal Dutch Shell PLC A 103,991 3,225,921 3,078,633

Wolters Kluwer NV 15,814 590,916 1,153,361 ____________________________________ ____________________________________

Total Netherlands 6,617,123 6,957,071 ____________________________________ ____________________________________

Norway: 3.56%

Equinor ASA 61,251 1,129,099 1,221,484

Mowi ASA 50,497 1,243,587 1,312,968

Telenor ASA 66,892 1,362,142 1,199,084 ____________________________________ ____________________________________

Total Norway 3,734,828 3,733,536 ____________________________________ ____________________________________

Singapore: 2.64%

DBS Group Holdings Ltd 97,690 1,505,561 1,879,785

NetLink NBN Trust 1,266,700 750,860 890,020 ____________________________________ ____________________________________

Total Singapore 2,256,421 2,769,805 ____________________________________ ____________________________________

Spain: 0.85%

Red Electrica Corp SA 44,311 948,407 890,938 ____________________________________ ____________________________________

Total Spain 948,407 890,938 ____________________________________ ____________________________________

Sweden: 3.72%

Assa Abloy AB B 98,744 1,847,138 2,308,185



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Epiroc AB A 130,443 $ 1,334,198 $ 1,595,221 ____________________________________ ____________________________________

Total Sweden 3,181,336 3,903,406 ____________________________________ ____________________________________

Switzerland: 5.25%

ABB Ltd 90,718 1,770,826 2,188,403

Novartis AG 34,982 2,778,933 3,312,430 ____________________________________ ____________________________________

Total Switzerland 4,549,759 5,500,833 ____________________________________ ____________________________________

United Arab Emirates: 0.56%

Network International Holdings PLC (1) 68,941 415,368 585,356 ____________________________________ ____________________________________

Total United Arab Emirates 415,368 585,356 ____________________________________ ____________________________________

United Kingdom: 15.02%

Aon PLC 9,405 1,037,564 1,958,967

Compass Group PLC 37,331 787,434 934,579

Ferguson PLC 14,167 913,799 1,285,444

Howden Joinery Group PLC 72,693 483,192 647,641

Informa PLC 127,865 1,071,302 1,451,501

Prudential PLC 109,697 2,109,449 2,105,464

RELX PLC 108,352 2,297,654 2,734,831

RSA Insurance Group PLC 136,358 1,213,585 1,021,585

TESCO PLC 531,693 1,623,285 1,797,324

Unilever PLC 19,899 935,417 1,146,714

Weir Group PLC 33,326 675,104 666,348 ____________________________________ ____________________________________

Total United Kingdom 13,147,785 15,750,398 ____________________________________ ____________________________________

Total Equities 86,500,574 100,145,819 ____________________________________ ____________________________________


Germany: 2.57%

Volkswagen AG 13,710 2,541,842 2,698,654 ____________________________________ ____________________________________

Total Germany 2,541,842 2,698,654 ____________________________________ ____________________________________








(1) This Fund holds 1.89% of its portfolio in securities that may be resold to "qualified institutional buyers" under rule 144A. (2) Wells Fargo/BlackRock Short Term Investment Fund S is a Wells Fargo Bank, N.A. sponsored collective trust fund. The Fund holds





December 31, 2019


Forward foreign currency contracts outstanding as of December 31, 2019, were as follows:

Currency

Purchased

Currency

Sold Expiration Counterparty

Unrealized

(Depreciation) USD $ 3,132 JPY 340,293 January 2020 SSC $ (11)

USD 9,441 JPY 1,025,857 January 2020 SSC (76) ______________ Net unrealized depreciation December 31, 2019 $ (87) ______________ ______________

Country Diversification

% of Total

Investments _________________________________________________________________________

Japan 16.34 %

United Kingdom 15.05

France 13.27

Germany 7.87

Netherlands 6.65

Canada 5.52

Switzerland 5.26

Ireland 4.51

Sweden 3.73

Norway 3.57

Singapore 2.65

Korea 2.57

Finland 2.43

United States 1.70

China 1.60

Denmark 1.53

Australia 1.31

Israel 1.15

Other 3.29 _________________________________________________________________________

100.00 %














Ratios:






WELLS FARGO/ LAZARD INTERNATIONAL EQUITY CIT



Shares Share


January 31, 2019 9,847,325 $ 10.48

February 28, 2019 9,817,725 10.85

March 31, 2019 9,680,095 10.94

April 30, 2019 9,542,443 11.27

May 31, 2019 9,508,448 10.91

June 30, 2019 9,520,578 11.50

July 31, 2019 9,499,275 11.28

August 31, 2019 9,689,368 11.06

September 30, 2019 9,571,524 11.33

October 31, 2019 9,118,180 11.59

November 30, 2019 9,039,779 11.67

December 31, 2019 8,676,955 12.08


WELLS FARGO/MFS VALUE CIT


December 31, 2019

Cost

Fair

value

Assets:



Cash 32,557





Liabilities:

Fund shares repurchased 6,154,373



Net assets $ 768,209,537

Class Net Assets

Shares


TR $ 65,762,929 2,730,904 $ 24.08

F $ 528,405,176 19,708,884 $ 26.81

N $ 134,292,304 6,395,563 $ 21.00

N25 $ 39,749,128 2,049,067 $ 19.40





Investment income:


withheld of $14,162) $ 17,584,328


Interest income 10,310


Expenses:



3,083,780

14,676,421

23,759,702

1,273

155,793,446

179,554,421

Total expenses




Investments



Investments

Net gain (loss) on investment and foreign currency transactions














Class TR payments for withdrawals (1,035,356 shares) (22,261,161)




Net change (70,073,148)

Class N proceeds from issuance of shares (1,460,133 shares) 26,462,362


Net change (16,960,949)

Class N25 proceeds from issuance of shares (123,184 shares) 2,148,777

Class N25 payments for withdrawals (324,217 shares) (5,633,143)




Net assets:


shares, 7,376,325 Class N shares, 2,250,100 Class N25 shares) 671,225,798

End of year (2,730,904 Class TR shares, 19,708,884 Class F shares,

6,395,563 Class N shares, 2,049,067 Class N25 shares) $ 768,209,537



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 98.82%


Comcast Corp Cl-A 477,512 $ 14,232,561 $ 21,473,715

Omnicom Group, Inc 13,972 902,622 1,132,011

Verizon Communications, Inc 57,589 2,736,997 3,535,965 ____________________________________ ____________________________________



Aptiv PLC 71,129 3,878,063 6,755,121

Hanesbrands, Inc 37,707 860,824 559,949

Harley-Davidson, Inc 21,321 1,052,582 792,928

Lear Corp 9,822 1,328,193 1,347,578 ____________________________________ ____________________________________



Altria Group, Inc 69,151 3,718,354 3,451,326

Archer-Daniels-Midland Co 92,903 3,873,420 4,306,054

Colgate-Palmolive Co 20,358 1,311,299 1,401,445

Danone SA ADR 202,891 2,780,479 3,366,063

Diageo PLC ADR 64,427 7,414,518 10,850,795

JM Smucker Co 24,106 3,078,896 2,510,158

Kimberly-Clark Corp 18,604 2,084,345 2,558,980

Nestle SA ADR 118,158 8,325,451 12,785,251

PepsiCo, Inc 30,070 3,219,385 4,109,667

Philip Morris International, Inc 121,850 10,862,030 10,368,217

Procter & Gamble Co 13,333 1,042,215 1,665,292

Reckitt Benckiser Group PLC ADR 196,985 3,612,894 3,198,800 ____________________________________ ____________________________________


Energy: 3.30%

Chevron Corp 47,886 5,299,296 5,770,742

EOG Resources, Inc 65,645 5,347,743 5,498,425

Exxon Mobil Corp 69,188 5,869,755 4,827,939

Pioneer Natural Resources Co 19,800 2,804,531 2,997,126

Suncor Energy, Inc 191,700 5,960,629 6,287,760 ____________________________________ ____________________________________

Total Energy 25,281,954 25,381,992 ____________________________________ ____________________________________

Financials: 30.12%

American Express Co 45,661 3,658,770 5,684,338

Aon PLC 87,135 8,193,347 18,149,349

Bank of New York Mellon Corp 130,966 4,358,052 6,591,519

BlackRock, Inc 15,661 4,372,966 7,872,785

Chubb Ltd 102,627 11,677,580 15,974,919

Citigroup, Inc 243,895 13,578,772 19,484,772

Goldman Sachs Group, Inc 55,266 8,785,037 12,707,311

JPMorgan Chase & Co 271,778 13,829,867 37,885,853

Marsh & McLennan Cos, Inc 102,550 10,184,471 11,425,095

Moody's Corp 25,719 2,594,570 6,105,948

Nasdaq, Inc 84,590 4,222,303 9,059,589

PNC Financial Services Group, Inc 117,115 11,330,626 18,695,067

State Street Corp 80,105 4,997,232 6,336,305

T Rowe Price Group, Inc 31,527 2,389,773 3,841,250

Travelers Cos, Inc 101,993 9,238,034 13,967,941

Truist Financial Corp 203,027 9,983,074 11,434,481



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


US Bancorp 441,669 $ 19,399,630 $ 26,186,555 ____________________________________ ____________________________________


Health Care: 17.20%

Abbott Laboratories 110,318 4,091,793 9,582,222

Cigna Corp 76,715 12,630,258 15,687,450

Danaher Corp 90,541 5,422,536 13,896,233

Johnson & Johnson 175,933 16,204,788 25,663,347

McKesson Corp 36,417 5,603,438 5,037,200

Medtronic PLC 197,269 15,477,824 22,380,168

Merck & Co, Inc 95,314 5,155,872 8,668,808

Novartis AG ADR 18,919 1,359,137 1,791,440

Pfizer, Inc 384,730 11,016,991 15,073,721

Roche Holding AG ADR 86,324 2,560,831 3,498,962

Thermo Fisher Scientific, Inc 33,344 3,718,452 10,832,465 ____________________________________ ____________________________________


Industrials: 16.22%

3M Co 35,484 4,423,887 6,260,087

Canadian National Railway Co 47,392 2,663,562 4,286,606

Eaton Corp PLC 96,513 6,215,214 9,141,711

Equifax, Inc 45,606 4,767,709 6,390,313

Honeywell International, Inc 86,707 7,422,272 15,347,139

Illinois Tool Works, Inc 72,530 8,308,941 13,028,564

Ingersoll-Rand PLC 59,983 4,323,003 7,972,940

Johnson Controls International PLC 218,151 7,532,418 8,880,927

Lockheed Martin Corp 21,460 4,119,354 8,356,095

Northrop Grumman Corp 43,809 8,963,191 15,068,982

Stanley Black & Decker, Inc 53,454 6,069,038 8,859,466

Union Pacific Corp 54,735 5,720,690 9,895,541

United Technologies Corp 74,218 7,772,364 11,114,888 ____________________________________ ____________________________________



Accenture PLC Cl-A 99,013 8,930,708 20,849,167

Analog Devices, Inc 41,359 3,638,774 4,915,104

Cognizant Technology Solutions Corp A 47,072 3,091,413 2,919,405

Fidelity National Information Services, Inc 73,841 4,843,902 10,270,545

Fiserv, Inc 98,914 5,021,193 11,437,426

NXP Semiconductors NV 27,757 2,908,075 3,532,356

Texas Instruments, Inc 128,039 8,936,984 16,426,123 ____________________________________ ____________________________________


Materials: 4.02%

Corteva, Inc 30,014 895,881 887,214

DuPont de Nemours, Inc 94,206 6,642,722 6,048,025

PPG Industries, Inc 115,634 10,089,944 15,435,983

Sherwin-Williams Co 14,540 4,194,344 8,484,671 ____________________________________ ____________________________________

Total Materials 21,822,891 30,855,893 ____________________________________ ____________________________________

Real Estate: 0.34%

Public Storage REIT 12,114 2,649,043 2,579,797 ____________________________________ ____________________________________

Total Real Estate 2,649,043 2,579,797 ____________________________________ ____________________________________



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Utilities: 5.95%

Duke Energy Corp 189,241 $ 15,357,863 $ 17,260,672

FirstEnergy Corp 215,098 8,846,734 10,453,763

Southern Co 223,881 10,946,576 14,261,220

Xcel Energy, Inc 58,544 2,378,759 3,716,958 ____________________________________ ____________________________________

Total Utilities 37,529,932 45,692,613 ____________________________________ ____________________________________

Total Equities 505,307,664 759,148,088 ____________________________________ ____________________________________










REIT Real Estate Investment Trust











investments 5.22 5.79 4.55 4.20




Net assets, end of year $ 65,762,929 $ 528,405,176 $ 134,292,304 $ 39,749,128

Ratios:










Class TR Class F



January 31, 2019 3,069,342 $ 19.95 22,545,938 $ 22.15

February 28, 2019 3,106,234 20.68 22,244,965 22.97

March 31, 2019 2,967,878 20.84 21,892,659 23.15

April 30, 2019 2,909,458 21.78 21,764,932 24.19

May 31, 2019 2,857,504 20.63 21,630,118 22.92

June 30, 2019 2,836,205 21.97 21,454,088 24.42

July 31, 2019 2,812,148 22.40 21,347,426 24.91

August 31, 2019 2,785,536 21.94 21,280,817 24.41

September 30, 2019 2,751,651 22.48 21,133,748 25.01

October 31, 2019 2,745,485 22.67 20,821,783 25.23

November 30, 2019 2,728,900 23.41 20,334,908 26.06

December 31, 2019 2,730,904 24.08 19,708,884 26.81

Class N Class N25



January 31, 2019 7,088,640 $ 17.35 2,241,835 $ 16.07

February 28, 2019 6,741,468 17.99 2,220,214 16.66

March 31, 2019 6,720,684 18.14 2,219,069 16.79

April 30, 2019 6,541,468 18.95 2,196,086 17.54

May 31, 2019 6,424,019 17.96 2,133,004 16.61

June 30, 2019 6,417,665 19.13 2,117,804 17.69

July 31, 2019 6,630,167 19.51 2,077,052 18.05

August 31, 2019 6,615,541 19.12 2,080,019 17.68

September 30, 2019 6,567,279 19.59 2,071,647 18.11

October 31, 2019 6,455,015 19.76 2,066,556 18.26

November 30, 2019 6,399,006 20.41 2,055,451 18.86

December 31, 2019 6,395,563 21.00 2,049,067 19.40


WELLS FARGO/MULTI-MANAGER SMALL CAP CIT


December 31, 2019

Cost

Fair

value

Assets:





Receivable for investment securities sold 422,982


Liabilities:





Net assets $ 373,288,907

Class Net Assets

Shares


TR $ 16,110,986 668,507 $ 24.10

F $ 350,285,714 13,423,536 $ 26.09

N $ 6,892,207 385,387 $ 17.88





Investment income:

Dividend income from unaffiliated investments $ 5,033,646



Expenses:



Total expenses 2,239,694
























Net change (30,486,312)

Class N proceeds from issuance of shares (41,146 shares) 667,818

Class N payments for withdrawals (139,227 shares) (2,345,667)




Net assets:

Beginning of year (675,948 Class TR shares, 14,695,551 Class F

shares, 483,468 Class N shares) 322,747,740

End of year (668,507 Class TR shares, 13,423,536 Class F shares,

385,387 Class N shares) $ 373,288,907



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 97.24%


Cars.com, Inc 16,931 $ 476,082 $ 206,897

Cinemark Holdings, Inc 69,316 2,282,978 2,346,346

Cogent Communications Holdings, Inc 10,427 512,941 686,201

EW Scripps Co A 50,453 844,390 792,616

Gray Television, Inc 15,520 333,855 332,749

IMAX Corp 14,867 483,828 303,733

Iridium Communications, Inc 27,634 617,752 680,902

Liberty Latin America Ltd Cl-C 21,119 418,382 410,976

Live Nation Entertainment, Inc 1,390 72,234 99,343

Nexstar Media Group, Inc Cl-A 4,420 364,979 518,245

Take-Two Interactive Software, Inc 7,209 373,181 882,598

TEGNA, Inc 10,723 157,974 178,967 ____________________________________ ____________________________________



Aaron's, Inc 3,211 152,370 183,380

Acushnet Holdings Corp 48,348 872,991 1,571,310

Adient PLC 3,991 98,100 84,809

Adtalem Global Education, Inc 13,857 747,987 484,579

American Axle & Manufacturing Holdings,

Inc 9,964 122,963 107,213

Asbury Automotive Group, Inc 1,693 113,883 189,260

Bed Bath & Beyond, Inc 6,744 122,818 116,671

Boyd Gaming Corp 16,415 436,302 491,465

Brunswick Corp 63,157 2,610,610 3,788,157

Burlington Stores, Inc 1,347 178,634 307,156

Callaway Golf Co 24,060 474,734 510,072

Carter's, Inc 15,718 1,393,685 1,718,606

Chegg, Inc 1,314 34,897 49,814

Columbia Sportswear Co 480 36,552 48,091

Crocs, Inc 10,307 294,465 431,760

Dana, Inc 28,807 552,211 524,287

Deckers Outdoor Corp 1,628 242,661 274,904

Dick's Sporting Goods, Inc 4,224 174,035 209,046

Dorman Products, Inc 2,474 207,434 187,331

Dunkin' Brands Group, Inc 8,818 493,764 666,112

Eldorado Resorts, Inc 5,456 274,180 325,396

Five Below, Inc 6,193 352,098 791,837

Floor & Decor Holdings, Inc A 14,123 627,802 717,590

Fox Factory Holding Corp 9,618 639,920 669,124

G-III Apparel Group Ltd 19,441 668,722 651,274

Genesco, Inc 2,856 105,772 136,860

Group 1 Automotive, Inc 4,574 434,770 457,400

GrubHub, Inc 18,701 1,224,967 909,617

Guess?, Inc 8,927 171,355 199,786

Jack in the Box, Inc 7,170 434,774 559,475

KB Home 14,805 341,579 507,367

Laureate Education, Inc A 5,455 93,625 96,063

LCI Industries 24,976 1,683,941 2,675,679

Malibu Boats, Inc A 2,419 42,307 99,058

Marriott Vacations Worldwide Corp 8,424 844,496 1,084,674



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Meritage Homes Corp 5,205 $ 233,727 $ 318,078

Monarch Casino & Resort, Inc 15,468 226,491 750,971

National Vision Holdings, Inc 3,000 97,881 97,290

Ollie's Bargain Outlet Holdings, Inc 8,388 673,943 547,820

OneSpaWorld Holdings Ltd 13,750 213,306 231,550

Penn National Gaming, Inc 31,859 590,148 814,316

Planet Fitness, Inc Cl-A 11,362 711,922 848,514

Pool Corp 27,832 2,128,855 5,910,960

Rent-A-Center, Inc 1,874 50,008 54,046

RH 2,312 412,900 493,612

Sally Beauty Holdings, Inc 5,842 105,540 106,617

ServiceMaster Global Holdings, Inc 25,573 792,371 988,652

Shoe Carnival, Inc 3,232 112,540 120,489

Steven Madden Ltd 15,821 361,098 680,461

Strategic Education, Inc 3,685 647,128 585,547

Tenneco, Inc Cl-A 10,972 148,548 143,733

Texas Roadhouse, Inc 11,876 511,928 668,856

Thor Industries, Inc 11,109 634,104 825,288

TopBuild Corp 4,058 208,845 418,299

Urban Outfitters, Inc 14,626 480,898 406,164

Visteon Corp 7,159 660,700 619,898

Wendy's Co 77,873 1,484,874 1,729,559

Wingstop, Inc 6,997 648,104 603,351

WW International, Inc 5,518 192,626 210,843 ____________________________________ ____________________________________



BJ's Wholesale Club Holdings, Inc 83,449 1,996,964 1,897,630

Boston Beer Co, Inc A 2,322 471,931 877,368

Central Garden & Pet Co A 4,089 129,414 120,053

Cott Corp 95,744 1,373,087 1,309,778

Darling Ingredients, Inc 17,618 364,773 494,713

Grocery Outlet Holding Corp 1,671 52,129 54,224

Hostess Brands, Inc 19,586 262,897 284,780

Lancaster Colony Corp 4,457 456,023 713,566

Nomad Foods Ltd 16,672 344,475 372,953

Performance Food Group Co 101,620 2,701,686 5,231,397

Simply Good Foods Co 9,081 127,256 259,172 ____________________________________ ____________________________________


Energy: 2.32%

Apergy Corp 18,379 676,179 620,843

Brigham Minerals, Inc Cl-A 14,331 277,000 307,257

Cactus, Inc A 17,328 422,721 594,697

Cimarex Energy Co 21,916 1,069,768 1,150,371

Core Laboratories NV 26,895 2,538,583 1,013,135

Delek US Holdings, Inc 7,795 305,267 261,366

Euronav NV 23,636 263,012 296,395

Falcon Minerals Corp 26,585 267,049 187,690

Golar LNG Ltd 35,248 704,490 501,227

Matador Resources Co 22,158 483,324 398,179

Parsley Energy, Inc A 38,344 823,045 725,085



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Patterson-UTI Energy, Inc 153,640 $ 2,545,032 $ 1,613,220

PBF Energy, Inc Cl-A 3,856 177,297 120,963

PDC Energy, Inc 9,324 391,460 244,009

WPX Energy, Inc 46,449 569,467 638,209 ____________________________________ ____________________________________

Total Energy 11,513,694 8,672,646 ____________________________________ ____________________________________

Financials: 18.33%

Alerus Financial Corp 3,078 64,638 70,332

Amalgamated Bank A 5,498 94,038 106,936

Ameris Bancorp 12,113 477,598 515,287

AMERISAFE, Inc 4,201 212,225 277,392

Assetmark Financial Holdings 15,442 393,670 448,127

Atlantic Union Bankshares Corp 18,810 681,762 706,315

BancorpSouth Bank 19,316 475,021 606,716

Bank of Hawaii Corp 2,605 211,275 247,892

BankUnited, Inc 53,747 1,718,513 1,964,990

Banner Corp 12,651 463,954 715,920

BrightSphere Investment Group, Inc 3,950 56,165 40,369

Brookline Bancorp, Inc 20,963 253,632 345,051

BRP Group, Inc 4,978 84,724 79,897

Bryn Mawr Bank Corp 5,532 231,812 228,140

Cadence BanCorp 74,089 1,956,677 1,343,234

Cboe Global Markets, Inc 5,964 678,616 715,680

CenterState Bank Corp 32,832 766,633 820,143

CNO Financial Group, Inc 6,586 113,358 119,404

Columbia Banking System, Inc 19,179 639,508 780,298

Commerce Bancshares, Inc 35,046 1,720,380 2,381,025

Community Bank System, Inc 10,326 425,236 732,526

ConnectOne Bancorp, Inc 13,922 284,237 358,074

Cullen/Frost Bankers, Inc 27,027 2,418,835 2,642,700

CVB Financial Corp 34,089 627,532 735,641

Eaton Vance Corp 28,533 1,123,545 1,332,206

eHealth, Inc 8,645 600,452 830,612

Enstar Group Ltd 2,055 413,802 425,097

FactSet Research Systems, Inc 5,276 934,072 1,415,551

FB Financial Corp 10,092 380,388 399,542

First Financial Bancorp 74,023 1,477,168 1,883,145

First Financial Bankshares, Inc 14,742 232,965 517,444

First Hawaiian, Inc 77,769 2,102,311 2,243,636

First Horizon National Corp 109,351 1,579,469 1,810,853

First Merchants Corp 17,623 548,168 732,941

First Midwest Bancorp, Inc 18,546 325,080 427,671

First of Long Island Corp 3,250 56,884 81,510

FirstCash, Inc 2,234 180,620 180,127

Flushing Financial Corp 4,570 82,546 98,735

Focus Financial Partners, Inc A 53,509 1,611,883 1,576,910

German American Bancorp, Inc 5,193 161,301 184,975

Glacier Bancorp, Inc 19,145 539,126 880,478

Granite Point Mortgage Trust, Inc REIT 9,415 177,360 173,048

Great Western Bancorp, Inc 16,510 460,338 573,557

Hanover Insurance Group, Inc 6,109 628,143 834,917

Heritage Financial Corp 10,503 231,713 297,235



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Home BancShares, Inc 15,938 $ 243,486 $ 313,341

Houlihan Lokey, Inc 8,938 416,941 436,800

Iberiabank Corp 21,205 1,291,337 1,586,770

Independent Bank Corp 9,108 473,238 758,241

Independent Bank Group, Inc 1,949 104,536 108,053

Kemper Corp 4,966 373,858 384,865

Kinsale Capital Group, Inc 30,010 1,204,991 3,050,817

Lakeland Financial Corp 10,155 349,060 496,884

Lazard Ltd Cl-A 51,818 1,819,939 2,070,647

LPL Financial Holdings, Inc 11,062 686,431 1,020,469

MarketAxess Holdings, Inc 2,688 363,036 1,019,048

MFA Financial, Inc REIT 71,603 540,803 547,763

MGIC Investment Corp 55,357 638,496 784,409

Moelis & Co A 46,510 1,505,132 1,484,599

Morningstar, Inc 16,306 1,662,349 2,467,261

OceanFirst Financial Corp 19,376 480,105 494,863

Oportun Financial Corp 4,615 69,225 109,837

Pacific Premier Bancorp, Inc 10,179 307,059 331,886

PennyMac Mortgage Investment Trust REIT 18,342 317,339 408,843

Pinnacle Financial Partners, Inc 6,119 244,065 391,616

PJT Partners, Inc A 4,126 173,669 186,206

Primerica, Inc 3,271 279,052 427,062

ProAssurance Corp 3,219 151,666 116,335

Prosperity Bancshares, Inc 2,534 138,185 182,169

Provident Financial Services, Inc 14,455 267,914 356,316

Redwood Trust, Inc 33,143 529,884 548,185

Renasant Corp 19,075 683,520 675,636

RLI Corp 39,014 2,502,745 3,512,040

Sandy Spring Bancorp, Inc 6,180 165,315 234,098

Selective Insurance Group, Inc 10,347 543,800 674,521

South State Corp 6,421 389,377 557,022

Sterling Bancorp 24,671 550,482 520,065

Stifel Financial Corp 11,887 484,939 720,946

TCF Financial Corp 3,151 170,591 147,467

Towne Bank 9,957 302,511 277,004

Trico Bancshares 8,952 254,283 365,331

Two Harbors Investment Corp REIT 35,674 539,301 521,554

United Community Banks, Inc 25,676 695,222 792,875

Virtu Financial, Inc A 8,476 176,712 135,531

Washington Federal, Inc 17,243 574,587 631,956

Western Alliance Bancorp 43,084 1,322,722 2,455,788

Wintrust Financial Corp 31,243 2,207,149 2,215,129 ____________________________________ ____________________________________


Health Care: 13.22%

Acadia Healthcare Co, Inc 10,041 353,057 333,562

Aerie Pharmaceuticals, Inc 12,136 682,358 293,327

Agios Pharmaceuticals, Inc 15,583 809,205 744,088

Allscripts Healthcare Solutions, Inc 45,770 576,348 449,233

Amicus Therapeutics, Inc 68,572 963,109 667,891

AMN Healthcare Services, Inc 5,305 236,945 330,555

Avanos Medical, Inc 26,743 1,060,672 901,239



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Bio-Techne Corp 5,934 $ 591,152 $ 1,302,572

BioTelemetry, Inc 12,442 596,865 576,065

Catalent, Inc 82,986 2,359,674 4,672,112

Chemed Corp 2,932 394,358 1,287,910

CONMED Corp 3,586 174,718 401,022

DexCom, Inc 5,182 338,207 1,133,511

Emergent BioSolutions, Inc 4,811 225,718 259,554

Encompass Health Corp 56,340 2,349,195 3,902,672

Envista Holdings Corp. 27,384 739,025 811,662

Glaukos Corp 8,594 666,309 468,115

GW Pharmaceuticals PLC ADR 5,765 665,699 602,788

Haemonetics Corp 4,793 644,199 550,716

Halozyme Therapeutics, Inc 53,100 789,031 941,463

HealthEquity, Inc 29,991 1,206,079 2,221,433

Hill-Rom Holdings, Inc 7,942 476,753 901,655

HMS Holdings Corp 28,387 904,591 840,255

Horizon Therapeutics PLC 24,647 672,846 892,221

ICU Medical, Inc 10,190 1,565,178 1,906,753

Integer Holdings Corp 7,820 617,864 628,963

Integra LifeSciences Holdings Corp 3,919 224,394 228,399

Masimo Corp 5,368 654,731 848,466

Molina Healthcare, Inc 20,359 2,102,450 2,762,513

Natera, Inc 25,915 639,066 873,076

Neurocrine Biosciences, Inc 10,095 465,815 1,085,112

Nevro Corp 6,518 480,715 766,126

Orthofix Medical, Inc 3,874 227,961 178,901

Penumbra, Inc 4,699 724,788 771,905

PRA Health Sciences, Inc 6,517 704,366 724,365

Premier, Inc Cl-A 43,356 1,425,988 1,642,325

Prestige Consumer Healthcare, Inc 42,888 1,773,127 1,736,964

Repligen Corp 13,556 459,940 1,253,930

Sage Therapeutics, Inc 8,996 1,089,373 649,421

Sarepta Therapeutics, Inc 7,563 747,290 975,930

Syneos Health, Inc 61,624 3,046,278 3,665,087

Tandem Diabetes Care, Inc 835 49,720 49,720

Vocera Communications, Inc 5,511 130,040 114,408

West Pharmaceutical Services, Inc 20,007 1,153,653 3,007,652 ____________________________________ ____________________________________


Industrials: 19.16%

ABM Industries, Inc 8,557 296,283 322,684

Advanced Disposal Services, Inc 35,361 812,431 1,162,316

Aerojet Rocketdyne Holdings, Inc 20,320 925,420 927,811

Air Transport Services Group, Inc 11,279 265,383 264,605

Alamo Group, Inc 2,051 196,332 257,503

Altra Industrial Motion Corp 54,067 1,616,977 1,957,766

American Woodmark Corp 1,833 176,728 191,567

Applied Industrial Technologies, Inc 29,245 1,451,187 1,950,349

Armstrong World Industries, Inc 6,688 642,058 628,471

ASGN, Inc 6,464 351,120 458,750

Atlas Air Worldwide Holdings, Inc 2,688 139,054 74,108

Beacon Roofing Supply, Inc 18,057 642,649 577,463



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Brady Corp A 45,248 $ 1,390,405 $ 2,590,901

BrightView Holdings, Inc 38,059 738,137 642,055

Brink's Co 10,525 640,276 954,407

BWX Technologies, Inc 13,083 556,576 812,193

CIRCOR International, Inc 7,441 367,869 344,072

Clean Harbors, Inc 9,082 660,206 778,782

Columbus McKinnon Corp 4,290 162,879 171,729

CoStar Group, Inc 1,128 170,229 674,882

Crane Co 7,955 670,745 687,153

Cubic Corp 9,067 637,306 576,389

Curtiss-Wright Corp 633 68,510 89,183

Douglas Dynamics, Inc 32,891 494,788 1,809,005

Ducommun, Inc 3,734 169,054 188,679

EMCOR Group, Inc 5,592 285,425 482,590

Federal Signal Corp 11,571 190,942 373,165

Fortune Brands Home & Security, Inc 32,603 1,455,646 2,130,280

Foundation Building Materials, Inc 5,509 76,865 106,599

Gates Industrial Corp PLC 120,811 1,752,104 1,662,359

Generac Holdings, Inc 25,939 1,315,296 2,609,204

Granite Construction, Inc 7,605 393,944 210,430

H&E Equipment Services, Inc 10,281 352,793 343,694

Herc Holdings, Inc 7,110 352,173 347,963

Hillenbrand, Inc 14,267 697,864 475,234

IAA, Inc 61,706 1,690,175 2,903,884

ICF International, Inc 2,664 240,137 244,076

ITT, Inc 14,436 512,417 1,066,965

John Bean Technologies Corp 6,960 523,794 784,114

Kaman Corp 7,130 331,059 470,010

KAR Auction Services, Inc 74,917 1,252,531 1,632,441

Kennametal, Inc 30,099 1,152,080 1,110,352

Knight-Swift Transportation Holdings, Inc 70,686 2,069,346 2,533,386

Landstar System, Inc 15,977 1,253,554 1,819,301

Lincoln Electric Holdings, Inc 30,834 2,295,524 2,982,573

MSA Safety, Inc 29,694 2,952,463 3,752,134

Navistar International Corp 5,414 207,330 156,681

nVent Electric PLC 13,460 317,404 344,307

Old Dominion Freight Line, Inc 3,694 315,561 701,047

Patrick Industries, Inc 5,019 254,446 263,146

RBC Bearings, Inc 17,829 1,282,838 2,823,044

Rexnord Corp 28,117 694,626 917,177

Saia, Inc 8,212 555,202 764,701

SkyWest, Inc 14,766 709,123 954,327

Terex Corp 9,310 282,211 277,252

Timken Co 13,061 603,022 735,465

Toro Co 65,190 2,225,936 5,193,687

TransDigm Group, Inc 2,350 470,675 1,316,000

TriMas Corp 17,530 373,479 550,617

Triumph Group, Inc 16,202 389,717 409,425

Univar Solutions, Inc 14,083 297,340 341,372

US Ecology, Inc 15,052 624,344 871,661

Watts Water Technologies, Inc A 4,958 308,323 494,610



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Welbilt, Inc 115,487 $ 1,856,194 $ 1,802,752

Werner Enterprises, Inc 8,604 313,086 313,100

Willscot Corp 135,693 1,679,292 2,508,964

Woodward, Inc 22,391 2,447,010 2,651,990 ____________________________________ ____________________________________



Anaplan, Inc 14,021 669,005 734,700

Anixter International, Inc 3,024 205,168 278,510

Aspen Technology, Inc 24,325 1,213,135 2,941,622

Avaya Holdings Corp 10,371 182,753 140,009

Bill.Com Holdings, Inc 6,374 224,032 242,531

Black Knight, Inc 7,522 465,265 485,019

Blackbaud, Inc 20,578 1,490,715 1,638,009

Blackline, Inc 16,331 652,205 842,026

Booz Allen Hamilton Holding Corp 8,923 285,698 634,693

Bottomline Technologies de, Inc 4,898 226,170 262,533

Cabot Microelectronics Corp 18,178 1,107,419 2,623,449

Cision Ltd 101,987 1,105,120 1,016,810

Cohu, Inc 4,659 87,965 106,458

CommVault Systems, Inc 3,721 197,434 166,105

CoreLogic, Inc 35,553 1,270,436 1,554,022

Cornerstone OnDemand, Inc 33,865 1,707,673 1,982,796

CTS Corp 11,052 217,396 331,671

Entegris, Inc 6,187 121,371 309,907

Envestnet, Inc 15,265 892,106 1,062,902

Fabrinet 11,234 656,722 728,413

Fair Isaac Corp 2,205 267,477 826,169

FARO Technologies, Inc 4,591 245,676 231,157

Guidewire Software, Inc 24,828 1,415,654 2,725,370

HubSpot, Inc 4,206 669,696 666,651

II-VI, Inc 20,885 815,052 703,198

KBR, Inc 61,101 1,108,523 1,863,580

Knowles Corp 17,448 288,066 369,025

Lattice Semiconductor Corp 36,893 484,441 706,132

Littelfuse, Inc 4,291 576,080 820,868

LivePerson, Inc 16,909 622,101 625,633

LiveRamp Holdings, Inc 10,104 412,846 485,699

Lumentum Holdings, Inc 11,221 586,081 889,825

M/A-COM Technology Solutions Holdings,

Inc 15,383 310,719 409,188

Medallia, Inc 10,731 346,949 333,841

MKS Instruments, Inc 6,439 299,022 708,354

Monolithic Power Systems, Inc 5,126 338,523 912,531

NetScout Systems, Inc 17,645 516,365 424,715

nLight, Inc 58,782 1,147,005 1,192,099

Onto Innovation, Inc 11,317 380,270 413,523

OSI Systems, Inc 5,868 656,371 591,142

Pegasystems, Inc 13,221 731,053 1,053,053

Power Integrations, Inc 22,312 1,235,712 2,206,880

Q2 Holdings, Inc 46,507 1,238,285 3,770,788

Qualys, Inc 8,264 329,430 688,970



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


RealPage, Inc 15,850 $ 515,388 $ 851,937

SailPoint Technologies Holding, Inc 60,567 1,172,050 1,429,381

Semtech Corp 24,808 891,355 1,312,343

Silicon Laboratories, Inc 11,397 702,537 1,321,824

Synaptics, Inc 5,285 259,129 347,594

SYNNEX Corp 3,482 325,816 448,482

Trimble, Inc 19,055 612,652 794,403

TTM Technologies, Inc 19,478 256,400 293,144

Tyler Technologies, Inc 6,250 930,567 1,875,125

Verint Systems, Inc 7,699 310,484 426,217

Viavi Solutions, Inc 26,581 232,256 398,715

Vishay Intertechnology, Inc 18,061 391,525 384,519

Zebra Technologies Corp Cl-A 2,619 209,800 668,997

Zendesk, Inc 7,922 621,438 607,063 ____________________________________ ____________________________________


Materials: 5.24%

Allegheny Technologies, Inc 16,342 401,615 337,626

AptarGroup, Inc 39,345 2,712,559 4,549,069

Berry Global Group, Inc 15,127 487,958 718,381

Carpenter Technology Corp 4,118 203,230 204,994

Cleveland-Cliffs, Inc 12,445 106,699 104,538

Coeur Mining, Inc 14,899 107,409 120,384

Commercial Metals Co 20,736 390,669 461,791

Constellium SE 32,572 362,422 436,465

Crown Holdings, Inc 25,206 1,138,135 1,828,443

GCP Applied Technologies, Inc 69,023 1,881,206 1,567,512

H.B. Fuller Co 6,981 340,072 360,010

Ingevity Corp 11,950 836,171 1,044,191

Innospec, Inc 1,710 157,059 176,882

Kaiser Aluminum Corp 2,497 244,464 276,892

Kraton Corp 3,644 117,121 92,266

Martin Marietta Materials, Inc 3,541 468,092 990,205

PolyOne Corp 10,217 326,344 375,884

PQ Group Holdings, Inc 103,270 1,687,191 1,774,179

Quaker Chemical Corp 14,473 1,787,389 2,381,098

Summit Materials, Inc A 14,769 282,800 352,979

Tronox Holdings PLC 4,166 59,845 47,576

Valvoline, Inc 62,517 1,359,570 1,338,489 ____________________________________ ____________________________________

Total Materials 15,458,020 19,539,854 ____________________________________ ____________________________________

Real Estate: 6.39%

Acadia Realty Trust REIT 27,446 768,769 711,675

Chatham Lodging Trust 9,298 197,106 170,525

Columbia Property Trust, Inc REIT 27,425 613,816 573,457

CoreSite Realty Corp REIT 9,465 1,054,268 1,061,216

CubeSmart REIT 68,117 2,032,852 2,144,323

Cushman & Wakefield PLC 104,881 1,841,116 2,143,768

CyrusOne, Inc REIT 11,392 471,848 745,378

EastGroup Properties, Inc REIT 23,120 1,551,884 3,067,330

Healthcare Realty Trust, Inc 24,820 730,275 828,243

Hudson Pacific Properties, Inc REIT 13,735 320,457 517,123



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Kennedy-Wilson Holdings, Inc 20,530 $ 367,714 $ 457,819

Life Storage, Inc REIT 3,505 320,806 379,521

National Health Investors, Inc REIT 8,422 646,610 686,224

National Retail Properties, Inc REIT 48,401 1,832,485 2,595,262

Outfront Media, Inc REIT 54,144 1,225,851 1,452,142

Park Hotels & Resorts, Inc 22,188 574,878 574,004

Pebblebrook Hotel Trust REIT 29,880 980,262 801,083

Preferred Apartment Communities, Inc A 12,229 203,880 162,890

PS Business Parks, Inc REIT 4,564 493,110 752,467

RLJ Lodging Trust REIT 139,632 2,858,802 2,474,279

Safehold, Inc 8,206 301,327 330,702

STAG Industrial, Inc 26,201 773,580 827,166

Urban Edge Properties 20,504 434,107 393,267 ____________________________________ ____________________________________


Utilities: 2.60%

Allete, Inc 8,957 647,064 727,040

Chesapeake Utilities Corp 5,694 466,178 545,656

IDACORP, Inc 4,192 301,850 447,706

NorthWestern Corp 36,519 1,695,608 2,617,317

ONE Gas, Inc 6,907 648,889 646,288

PNM Resources, Inc 14,245 472,784 722,364

Portland General Electric Co 67,169 2,447,062 3,747,358

SJW Group 3,626 262,217 257,663 ____________________________________ ____________________________________

Total Utilities 6,941,652 9,711,392 ____________________________________ ____________________________________

Total Equities 278,236,019 362,972,486 ____________________________________ ____________________________________

Exchange Traded Funds: 0.14%

iShares Russell 2000 Value ETF 4,143 494,382 532,707 ____________________________________ ____________________________________

Total Exchange Traded Funds 494,382 532,707 ____________________________________ ____________________________________

Limited Partnerships: 0.28%

Energy: 0.28%

Rattler Midstream LP 14,569 273,263 259,183

Viper Energy Partners LP 31,790 968,843 783,941 ____________________________________ ____________________________________

Total Energy 1,242,106 1,043,124 ____________________________________ ____________________________________

Total Limited Partnerships 1,242,106 1,043,124 ____________________________________ ____________________________________















Class TR Class F Class N


Share value, beginning of year $ 19.10 $ 20.62 $ 14.14


Net investment income (loss)(1) 0.12 0.21 0.13

Net realized and unrealized gain (loss) on investments 4.88 5.26 3.61

Total from investment operations 5.00 5.47 3.74

Share value, end of year $ 24.10 $ 26.09 $ 17.88

Total return per share 26.16% 26.56% 26.50%

Net assets, end of year $ 16,110,986 $ 350,285,714 $ 6,892,207

Ratios:

Ratio of expenses to average net assets(2) 0.93% 0.61% 0.66%

Ratio of net investment income (loss) to average net assets 0.55% 0.86% 0.81%

Portfolio Turnover Rate 33% 33% 33%






Class TR Class F



January 31, 2019 685,424 $ 21.08 14,590,971 $ 22.76

February 28, 2019 695,502 22.06 14,260,234 23.83

March 31, 2019 666,941 21.76 13,751,469 23.51

April 30, 2019 664,665 22.81 13,606,487 24.65

May 31, 2019 669,233 21.19 13,579,462 22.90

June 30, 2019 673,925 22.71 13,851,196 24.56

July 31, 2019 671,567 23.07 13,870,301 24.95

August 31, 2019 668,834 22.14 13,926,626 23.95

September 30, 2019 667,094 22.39 14,145,170 24.22

October 31, 2019 667,381 22.70 13,758,143 24.56

November 30, 2019 665,990 23.55 13,504,230 25.49

December 31, 2019 668,507 24.10 13,423,536 26.09

Class N

Shares Share

outstanding valuation January 31, 2019 489,203 $ 15.61 February 28, 2019 494,945 16.34 March 31, 2019 495,734 16.12 April 30, 2019 465,475 16.90 May 31, 2019 466,180 15.70 June 30, 2019 466,983 16.83 July 31, 2019 375,380 17.10 August 31, 2019 376,310 16.42 September 30, 2019 377,724 16.60 October 31, 2019 379,063 16.83 November 30, 2019 379,472 17.47 December 31, 2019 385,387 17.88


WELLS FARGO/T. ROWE PRICE INSTITUTIONAL EQUITY INCOME MANAGED CIT


December 31, 2019

Cost

Fair

value

Assets:



Foreign currency, at value (cost $33,351) 33,864




Liabilities:

Fund shares repurchased 705



Net assets $ 191,255,477

Class Net Assets

Shares


F $ 180,847,271 10,013,945 $ 18.06

N $ 10,408,206 593,332 $ 17.54





Investment income:


withheld of $28,173) $ 5,776,651


Interest income 56,236


Expenses:


740,902

5,164,789

8,995,810

(126,688)

Total expenses




Investments



Foreign currency translation of other assets and liabilities 1,040















Class F proceeds from issuance of shares (832,022 shares) 13,396,213


Net change (27,690,190)

Class N proceeds from issuance of shares (663,604 shares) 10,302,495

Class N payments for withdrawals (86,161 shares) (1,395,486)

Net change 8,907,009



Net assets:

Beginning of year (11,644,805 Class F shares, 15,889 Class N

shares) 165,684,679

End of year (10,013,945 Class F shares, 593,332 Class N shares) $ 191,255,477



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 96.12%


AT&T, Inc 14,057 $ 447,170 $ 549,347

CenturyLink, Inc 17,854 398,443 235,851

Comcast Corp Cl-A 48,956 1,435,738 2,201,551

Fox Corp Cl-B 58,714 2,250,633 2,137,190

News Corp Cl-A 116,128 1,589,902 1,642,050

Telefonica SA 109,021 1,270,033 761,493

Verizon Communications, Inc 55,390 2,740,727 3,400,946

Walt Disney Co 6,314 637,009 913,194 ____________________________________ ____________________________________



Kohl's Corp 18,252 916,590 929,939

L Brands, Inc 22,661 859,358 410,617

Las Vegas Sands Corp 27,494 1,478,360 1,898,186

Mattel, Inc 65,634 1,601,380 889,341

MGM Resorts International 14,085 380,523 468,608 ____________________________________ ____________________________________



Bunge Ltd 15,531 816,058 893,809

Conagra Brands, Inc 78,394 2,261,852 2,684,211

Kellogg Co 6,983 448,528 482,944

Kimberly-Clark Corp 22,301 2,601,973 3,067,502

Philip Morris International, Inc 39,062 3,477,662 3,323,786

Tyson Foods, Inc Cl-A 39,376 2,554,998 3,584,791

Walmart, Inc 11,207 783,356 1,331,840 ____________________________________ ____________________________________


Energy: 8.71%

Chevron Corp 5,860 698,504 706,189

Equitrans Midstream Corp 11,948 280,080 159,625

Exxon Mobil Corp 47,254 4,021,492 3,297,384

Hess Corp 8,373 478,500 559,400

Occidental Petroleum Corp 55,541 3,393,990 2,288,845

Pioneer Natural Resources Co 7,067 998,991 1,069,732

Targa Resources Corp 12,738 485,683 520,092

TC Energy Corp 65,751 2,966,145 3,505,186

TOTAL SA ADR 82,214 4,099,785 4,546,434 ____________________________________ ____________________________________

Total Energy 17,423,170 16,652,887 ____________________________________ ____________________________________

Financials: 23.56%

American International Group, Inc 60,560 3,420,538 3,108,545

Equitable Holdings, Inc 45,421 977,770 1,125,532

Bank of America Corp 6,266 154,623 220,688

Bank of New York Mellon Corp 11,346 472,255 571,044

Chubb Ltd 23,527 3,262,951 3,662,213

Citigroup, Inc 6,457 345,136 515,850

Fifth Third Bancorp 94,142 2,276,651 2,893,925

Franklin Resources, Inc 34,121 1,334,367 886,464

JPMorgan Chase & Co 61,356 4,349,060 8,553,026

Loews Corp 30,148 1,285,318 1,582,468

Marsh & McLennan Cos, Inc 7,769 465,275 865,544



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


MetLife, Inc 52,297 $ 2,413,227 $ 2,665,578

Morgan Stanley 71,307 2,549,790 3,645,214

Northern Trust Corp 5,745 398,549 610,349

PNC Financial Services Group, Inc 25,039 2,634,113 3,996,976

Raymond James Financial, Inc 9,000 739,768 805,140

State Street Corp 38,339 2,749,242 3,032,615

US Bancorp 89,685 4,486,868 5,317,424

Willis Towers Watson PLC 5,003 683,601 1,010,306 ____________________________________ ____________________________________


Health Care: 12.52%

AbbVie, Inc 17,247 1,251,085 1,527,049

Allergan PLC 8,874 1,305,216 1,696,443

Anthem, Inc 8,905 1,356,347 2,689,577

Becton Dickinson and Co 2,478 400,335 673,942

Bristol-Myers Squibb Co 13,744 660,180 882,227

CVS Health Corp 41,786 2,718,642 3,104,282

Gilead Sciences, Inc 28,642 2,182,322 1,861,157

GlaxoSmithKline PLC 32,917 729,902 775,677

Johnson & Johnson 29,302 3,140,559 4,274,283

Medtronic PLC 24,830 1,946,770 2,816,964

Pfizer, Inc 76,280 2,560,953 2,988,650

Zimmer Biomet Holdings, Inc 4,366 500,383 653,503 ____________________________________ ____________________________________


Industrials: 11.96%

Alaska Air Group, Inc 21,498 1,307,407 1,456,490

Boeing Co 9,512 1,500,625 3,098,629

Delta Air Lines, Inc 12,776 608,043 747,140

Emerson Electric Co 14,841 860,092 1,131,775

Flowserve Corp 3,686 162,751 183,452

General Electric Co 309,766 3,385,519 3,456,989

Johnson Controls International PLC 37,297 907,185 1,518,361

L3Harris Technologies, Inc 14,420 1,113,043 2,853,285

Nielsen Holdings PLC 69,168 1,939,772 1,404,110

nVent Electric PLC 23,679 495,245 605,709

PACCAR, Inc 8,125 499,722 642,688

Snap-on, Inc 5,000 789,720 847,000

Southwest Airlines Co 7,900 375,926 426,442

Stericycle, Inc 20,601 1,113,667 1,314,550

United Parcel Service, Inc Cl-B 24,217 2,421,877 2,834,842

United Technologies Corp 2,423 312,130 362,868 ____________________________________ ____________________________________



Applied Materials, Inc 24,158 518,276 1,474,604

Cisco Systems, Inc 47,111 1,357,555 2,259,444

Cognizant Technology Solutions Corp A 16,484 1,053,219 1,022,338

Microsoft Corp 18,554 951,559 2,925,966

NXP Semiconductors NV 3,782 321,165 481,297

QUALCOMM, Inc 54,973 3,515,818 4,850,268

TE Connectivity Ltd 3,411 270,832 326,910



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Texas Instruments, Inc 13,061 $ 808,500 $ 1,675,596

Western Digital Corp 5,564 290,777 353,147 ____________________________________ ____________________________________


Materials: 4.40%

Akzo Nobel NV ADR 9,219 294,950 312,657

CF Industries Holdings, Inc 38,990 1,286,421 1,861,383

Corteva, Inc 23,988 724,070 709,085

Dow, Inc 27,432 1,357,631 1,501,353

DuPont de Nemours, Inc 28,342 2,094,082 1,819,556

International Paper Co 36,255 1,704,223 1,669,543

Nucor Corp 6,021 282,917 338,862

PPG Industries, Inc 1,581 158,365 211,048 ____________________________________ ____________________________________

Total Materials 7,902,659 8,423,487 ____________________________________ ____________________________________

Real Estate: 3.52%

Equity Residential REIT 21,419 1,377,315 1,733,226

Rayonier, Inc REIT 45,055 1,240,900 1,476,002

SL Green Realty Corp 13,097 1,226,310 1,203,352

Weyerhaeuser Co REIT 76,797 2,107,577 2,319,269 ____________________________________ ____________________________________


Utilities: 6.78%

CenterPoint Energy, Inc 33,400 941,883 910,818

Edison International 33,762 2,253,399 2,545,992

Evergy, Inc 2,696 147,314 175,483

NextEra Energy, Inc 4,300 987,301 1,041,288

NiSource, Inc 98,688 1,900,667 2,747,474

Sempra Energy 6,230 704,078 943,720

Southern Co 72,143 3,520,784 4,595,509 ____________________________________ ____________________________________

Total Utilities 10,455,426 12,960,284 ____________________________________ ____________________________________

Total Equities 151,315,871 183,842,258 ____________________________________ ____________________________________


Utilities: 1.13%

Sempra Energy Series B 3,336 350,878 397,217

Sempra Energy Series A 9,330 937,685 1,119,787

Southern Co 11,791 595,591 635,535 ____________________________________ ____________________________________

Total Utilities 1,884,154 2,152,539 ____________________________________ ____________________________________

Health Care: 0.89%

Becton Dickinson and Co 26,158 1,375,417 1,712,303 ____________________________________ ____________________________________





December 31, 2019


Par

Value

Interest

Rate

Maturity

Date

Rating

(Unaudited) Cost

Fair

Value ____________________________________ ___________________________ ___________________________ _______________________ _________________________________________ ____________________________________

Foreign Convertible Bonds: 0.28%

Private Placements: 0.28%

AXA SA(1) $464,000 7.25 % 05/15/21 $ 462,324 $ 534,992 ____________________________________ ____________________________________

Total Private Placements 462,324 534,992 ____________________________________ ____________________________________

Total Foreign Convertible Bonds 462,324 534,992 ____________________________________ ____________________________________

Shares

___________







(1) This Fund holds 0.28% of its portfolio in securities that may be resold to "qualified institutional buyers" under rule 144A. (2) Wells Fargo/BlackRock Short Term Investment Fund S is a Wells Fargo Bank, N.A. sponsored collective trust fund. The Fund holds








Class F Class N


Share value, beginning of year $ 14.21 $ 13.81


Net investment income (loss)(1) 0.45 0.44

Net realized and unrealized gain (loss) on investments 3.40 3.29

Total from investment operations 3.85 3.73

Share value, end of year $ 18.06 $ 17.54

Total return per share 27.10% 27.04%

Net assets, end of year $ 180,847,271 $ 10,408,206

Ratios:

Ratio of expenses to average net assets(2) 0.39% 0.43%

Ratio of net investment income (loss) to average net assets 2.73% 2.69%

Portfolio Turnover Rate 26% 26%






Class F Class N



January 31, 2019 11,701,742 $ 15.26 15,918 $ 14.83

February 28, 2019 11,635,384 15.71 15,947 15.27

March 31, 2019 11,487,959 15.78 554,753 15.33

April 30, 2019 11,315,888 16.56 550,319 16.09

May 31, 2019 11,256,810 15.50 550,228 15.06

June 30, 2019 11,241,390 16.53 549,963 16.06

July 31, 2019 11,178,983 16.76 545,850 16.28

August 31, 2019 11,203,040 16.23 623,812 15.77

September 30, 2019 11,112,214 16.84 618,034 16.36

October 31, 2019 10,852,188 16.95 609,186 16.47

November 30, 2019 10,104,293 17.52 605,403 17.02

December 31, 2019 10,013,945 18.06 593,332 17.54


WELLS FARGO/T. ROWE PRICE INSTITUTIONAL LARGE-CAP GROWTH MANAGED CIT


December 31, 2019

Cost

Fair

value

Assets:


Unaffiliated investments 820,446,593 1,278,703,292




Total assets 1,291,671,950

Liabilities:






Net assets $ 1,290,514,356

Class Net Assets

Shares


TR $ 23,460,162 711,453 $ 32.97

F $ 792,793,179 21,448,851 $ 36.96

N $ 443,649,094 14,433,622 $ 30.74

N40 $ 30,611,921 1,181,732 $ 25.90





Investment income:

Dividend income from unaffiliated investments $ 8,870,261



Expenses:



4,159,482

5,199,406

69,195,271

(149)

211,744,327

280,939,449

Total expenses



currency transactions: Net realized gain (loss) on:

Investments



Investments

Net gain (loss) on investment and foreign currency transactions


















Net change (49,954,923)

Class N proceeds from issuance of shares (5,465,454 shares) 153,730,928


Net change 80,909,109

Class N40 proceeds from issuance of shares (312,768 shares) 7,459,998

Class N40 payments for withdrawals (371,176 shares) (8,861,956)


Change in net assets derived from share transactions 26,852,935


Net assets:

Beginning of year (801,695 Class TR shares, 22,904,278 Class F

shares, 11,576,593 Class N shares, 1,240,140 Class N40 shares) 977,522,566

End of year (711,453 Class TR shares, 21,448,851 Class F shares,

14,433,622 Class N shares, 1,181,732 Class N40 shares) $ 1,290,514,356

WELLS FARGO/T. ROWE PRICE INSTITUTIONAL LARGE-CAP GROWTH MANAGED

CIT


December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 99.08%


Alphabet, Inc Cl-C 22,768 $ 14,041,825 $ 30,441,271

Alphabet, Inc Cl-A 57,580 44,716,736 77,122,076

Facebook, Inc Cl-A 399,432 53,713,896 81,983,418

IAC/InterActiveCorp 43,757 9,033,880 10,900,306

Netflix, Inc 53,014 11,073,210 17,153,740

Spotify Technology SA 95,373 13,671,003 14,263,032

Tencent Holdings Ltd ADR 629,606 25,153,457 30,349,843

Tencent Music Entertainment Group ADR 403,551 5,720,121 4,737,689 ____________________________________ ____________________________________



Alibaba Group Holding Ltd ADR 164,847 22,828,743 34,964,049

Amazon.com, Inc 52,837 37,056,458 97,634,322

Aptiv PLC 198,282 17,030,958 18,830,842

Booking Holdings, Inc 6,791 8,909,883 13,946,880

Carvana Co 40,500 3,452,697 3,728,025

Dollar General Corp 120,836 10,356,043 18,847,999

Hilton Worldwide Holdings, Inc 96,629 5,898,667 10,717,122

Las Vegas Sands Corp 27,044 2,018,673 1,867,118

Lululemon Athletica, Inc 32,000 6,526,352 7,413,440

NIKE, Inc Cl-B 115,552 7,829,896 11,706,573

Restaurant Brands International, Inc 99,410 6,324,438 6,339,376

Ross Stores, Inc 126,417 9,050,472 14,717,467

Wynn Resorts Ltd 25,721 3,543,408 3,571,875 ____________________________________ ____________________________________



Philip Morris International, Inc 55,772 5,400,630 4,745,640 ____________________________________ ____________________________________


Energy: 0.57%

Concho Resources, Inc 83,600 8,557,806 7,320,852 ____________________________________ ____________________________________

Total Energy 8,557,806 7,320,852 ____________________________________ ____________________________________

Financials: 1.79%

Charles Schwab Corp 177,872 8,923,973 8,459,593

Intercontinental Exchange, Inc 88,795 4,955,181 8,217,977

TD Ameritrade Holding Corp 101,613 3,184,181 5,050,166

XP, Inc Cl-A 35,952 1,085,561 1,384,871 ____________________________________ ____________________________________


Health Care: 15.33%

Alexion Pharmaceuticals, Inc 45,687 6,189,721 4,941,049

Avantor, Inc 423,773 6,331,365 7,691,480

Becton Dickinson and Co 87,410 17,443,850 23,772,898

Centene Corp 145,088 7,651,202 9,121,682

Cigna Corp 126,947 22,095,453 25,959,392

HCA Healthcare, Inc 152,708 16,254,245 22,571,769

Humana, Inc 20,200 6,848,748 7,403,704

Intuitive Surgical, Inc 43,404 10,839,048 25,658,275

Stryker Corp 132,963 18,700,062 27,914,252

WELLS FARGO/T. ROWE PRICE INSTITUTIONAL LARGE-CAP GROWTH MANAGED

CIT


December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


UnitedHealth Group, Inc 74,819 $ 15,169,867 $ 21,995,290

Vertex Pharmaceuticals, Inc 95,137 11,445,720 20,830,246 ____________________________________ ____________________________________


Industrials: 6.76%

Boeing Co 176,437 39,499,073 57,476,117

CoStar Group, Inc 15,413 8,884,804 9,221,598

Honeywell International, Inc 33,364 4,863,645 5,905,428

J.B. Hunt Transport Services, Inc 51,674 5,628,511 6,034,490

Norfolk Southern Corp 33,297 6,022,164 6,463,947

Uber Technologies, Inc 72,499 2,671,682 2,156,120 ____________________________________ ____________________________________



Advanced Micro Devices, Inc 216,700 8,604,248 9,937,862

Apple, Inc 149,554 25,630,855 43,916,532

ASML Holding NV 60,934 11,007,052 18,032,808

Atlassian Corp PLC Cl-A 9,589 1,107,720 1,153,940


Global Payments, Inc 185,031 21,627,876 33,779,259

Intuit, Inc 101,390 16,027,033 26,557,083

Marvell Technology Group Ltd 405,872 9,714,812 10,779,960

Microsoft Corp 632,918 44,124,738 99,811,169

Okta, Inc 19,282 1,967,970 2,224,564

Paycom Software, Inc 10,001 2,153,439 2,647,865

PayPal Holdings, Inc 159,993 9,041,389 17,306,443

Salesforce.com, Inc 137,366 13,219,634 22,341,206

ServiceNow, Inc 46,945 5,885,406 13,253,513

Slack Technologies, Inc Cl-A 167,355 4,297,618 3,762,140

Splunk, Inc 114,351 12,481,133 17,126,349

Visa, Inc Cl-A 361,214 29,906,621 67,872,111

VMware, Inc Cl-A 92,612 11,847,770 14,057,576

Workday, Inc A 57,205 6,770,338 9,407,362 ____________________________________ ____________________________________


Utilities: 1.99%

NextEra Energy, Inc 69,600 15,683,274 16,854,336

Sempra Energy 57,980 6,735,604 8,782,810 ____________________________________ ____________________________________

Total Utilities 22,418,878 25,637,146 ____________________________________ ____________________________________

Total Equities 820,446,593 1,278,703,292 ____________________________________ ____________________________________





Total Investments: 99.87% $ 830,611,883 $ 1,288,868,582 ____________________________________ ____________________________________ ____________________________________ ____________________________________















investments 7.29 8.16 6.79 5.72




Net assets, end of year $ 23,460,162 $ 792,793,179 $ 443,649,094 $ 30,611,921

Ratios:










Class TR Class F



January 31, 2019 808,312 $ 28.36 22,903,581 $ 31.70

February 28, 2019 817,448 29.11 22,939,188 32.54

March 31, 2019 778,263 29.40 22,815,365 32.88

April 30, 2019 759,373 30.40 22,703,740 34.00

May 31, 2019 740,105 28.55 22,609,709 31.94

June 30, 2019 733,405 30.28 22,487,553 33.89

July 31, 2019 727,433 30.80 22,432,743 34.47

August 31, 2019 721,167 30.15 22,337,305 33.77

September 30, 2019 712,346 29.97 22,271,128 33.56

October 31, 2019 712,642 30.70 22,050,037 34.40

November 30, 2019 710,955 32.26 21,639,193 36.15

December 31, 2019 711,453 32.97 21,448,851 36.96

Class N Class N40



January 31, 2019 11,484,865 $ 26.37 1,246,071 $ 22.31

February 28, 2019 11,445,850 27.07 1,247,610 22.89

March 31, 2019 12,557,047 27.36 1,252,996 23.12

April 30, 2019 12,459,535 28.28 1,262,240 23.90

May 31, 2019 12,389,690 26.57 1,250,523 22.44

June 30, 2019 12,370,714 28.19 1,231,813 23.81

July 31, 2019 15,106,884 28.68 1,233,552 24.21

August 31, 2019 14,903,643 28.08 1,215,934 23.70

September 30, 2019 14,778,200 27.91 1,205,798 23.55

October 31, 2019 14,554,411 28.61 1,196,559 24.12

November 30, 2019 14,510,150 30.06 1,193,050 25.34

December 31, 2019 14,433,622 30.74 1,181,732 25.90


WELLS FARGO/VOYA LARGE-CAP GROWTH CIT


December 31, 2019

Cost

Fair

value

Assets:

Affiliated short term investment $ 939,642 $ 939,642


Cash 8,806




Liabilities:



Net assets $ 155,679,813


Share value $ 14.57





Investment income:


withheld of $68) $ 1,824,354



Expenses:





















Proceeds from issuance of shares (569,145 shares) 7,389,975


Net Change (29,076,050)



Net assets:





December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 99.30%


Alphabet, Inc Cl-A 2,894 $ 2,990,234 $ 3,876,194

Altice USA, Inc A 74,667 2,159,917 2,041,396

Comcast Corp Cl-A 70,966 2,858,242 3,191,341

Facebook, Inc Cl-A 42,047 8,115,848 8,630,147 ____________________________________ ____________________________________



Amazon.com, Inc 5,498 6,951,749 10,159,424

Burlington Stores, Inc 8,743 1,847,202 1,993,666

Domino's Pizza, Inc 5,179 1,279,202 1,521,487

Hilton Worldwide Holdings, Inc 22,780 2,015,201 2,526,530

O'Reilly Automotive, Inc 8,469 2,929,847 3,711,624

Ross Stores, Inc 14,310 1,352,400 1,665,970 ____________________________________ ____________________________________



Church & Dwight Co, Inc 15,009 1,155,185 1,055,733

Constellation Brands, Inc A 9,963 1,974,884 1,890,479

Mondelez International, Inc A 29,073 1,578,172 1,601,341

Philip Morris International, Inc 32,944 2,517,673 2,803,205 ____________________________________ ____________________________________


Financials: 3.01%

Intercontinental Exchange, Inc 17,627 1,417,588 1,631,379

Progressive Corp 18,874 945,821 1,366,289

S&P Global, Inc 6,209 1,183,873 1,695,367 ____________________________________ ____________________________________


Health Care: 14.86%

AbbVie, Inc 27,268 2,335,519 2,414,309

Baxter International, Inc 32,456 2,475,426 2,713,971

Boston Scientific Corp 65,947 1,998,624 2,982,123

DexCom, Inc 9,417 1,388,458 2,059,874

Eli Lilly & Co 18,295 2,099,271 2,404,512

Humana, Inc 9,461 2,556,021 3,467,646

Merck & Co, Inc 50,515 4,101,964 4,594,339

Vertex Pharmaceuticals, Inc 11,385 1,864,453 2,492,746 ____________________________________ ____________________________________


Industrials: 9.82%

AMETEK, Inc 24,295 1,679,252 2,423,183

Boeing Co 9,218 3,155,049 3,002,856

CSX Corp 40,930 2,900,188 2,961,695

Delta Air Lines, Inc 24,753 1,448,715 1,447,556

Ingersoll-Rand PLC 16,487 1,631,683 2,191,452

L3Harris Technologies, Inc 8,697 1,103,843 1,720,875

Roper Technologies, Inc 4,357 1,543,715 1,543,380 ____________________________________ ____________________________________



Advanced Micro Devices, Inc 46,974 1,915,345 2,154,228

Apple, Inc 31,251 4,949,599 9,176,856

Broadcom, Inc 9,514 2,522,024 3,006,614



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


CDW Corp 12,312 $ 1,345,715 $ 1,758,646


Fiserv, Inc 31,818 2,349,368 3,679,115

GoDaddy, Inc Cl-A 27,559 2,033,198 1,871,807

Intuit, Inc 17,284 3,745,474 4,527,198

Lam Research Corp 10,766 2,138,428 3,147,978

Microsoft Corp 62,163 4,722,660 9,803,105

Motorola Solutions, Inc 16,013 2,081,516 2,580,335

NXP Semiconductors NV 19,661 2,055,501 2,502,059

Salesforce.com, Inc 22,159 3,526,800 3,603,940

Synopsys, Inc 13,428 1,774,963 1,869,178

Visa, Inc Cl-A 36,601 5,317,971 6,877,328 ____________________________________ ____________________________________


Materials: 1.35%

Avery Dennison Corp 4,209 461,162 550,622

Berry Global Group, Inc 13,372 655,262 635,036

Crown Holdings, Inc 8,431 420,119 611,585

LyondellBasell Industries NV Cl-A 3,284 287,446 310,272 ____________________________________ ____________________________________

Total Materials 1,823,989 2,107,515 ____________________________________ ____________________________________

Real Estate: 2.40%

American Tower Corp REIT 16,235 2,943,164 3,731,127 ____________________________________ ____________________________________


Total Equities 122,925,805 154,593,860 ____________________________________ ____________________________________



Investment Fund S (1) 939,642 939,642 939,642 ____________________________________ ____________________________________

Total Short-Term Investments 939,642 939,642 ____________________________________ ____________________________________



















Ratios:









Shares Share


January 31, 2019 12,876,746 $ 11.90

February 28, 2019 12,602,812 12.30

March 31, 2019 12,347,578 12.58

April 30, 2019 12,160,207 13.09

May 31, 2019 12,106,186 12.37

June 30, 2019 12,023,626 13.07

July 31, 2019 11,966,837 13.38

August 31, 2019 11,912,775 13.40

September 30, 2019 11,887,103 13.33

October 31, 2019 11,550,705 13.65

November 30, 2019 10,830,726 14.21

December 31, 2019 10,682,488 14.57

WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS

Notes to Financial Statements

December 31, 2019

93

Wells Fargo/Causeway International Value CIT Wells Fargo/Dodge & Cox Intermediate Bond CIT

Wells Fargo/Federated Total Return Bond CIT Wells Fargo/Lazard International Equity CIT

Wells Fargo/MFS Value CIT Wells Fargo/Multi-Manager Small Cap CIT

Wells Fargo/T. Rowe Price Institutional Equity Wells Fargo/T. Rowe Price Institutional

Income Managed CIT Large-Cap Growth Managed CIT

Wells Fargo/Voya Large-Cap Growth CIT

The Wells Fargo Bank Collective Investment Funds for Employee Benefit Trusts, identified above, (collectively the

“Funds”, each a “Fund”) are established, operated, and maintained for the collective investment and reinvestment of

monies contributed thereto by Wells Fargo Bank, N.A. (the Trustee and Manager) or an affiliate of the Trustee in its

capacity as trustee, investment manager, or any other capacity authorized by law for retirement plans (the

participants) qualified under Section 401(a) and tax-exempt under Section 501(a) of the Internal Revenue Code

(IRC) of 1986, as amended.

Fund Descriptions

a) Wells Fargo/Causeway International Value CIT

The Fund, which is sub-advised by Causeway Capital Management LLC, seeks long-term growth and invests

primarily in common stocks of companies located in developed countries outside the U.S. Normally, the Fund

invests at least 80% of its total assets in stocks of companies located in at least ten foreign countries and invests the

majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to

10% of its total assets in companies in emerging (less developed) markets.

b) Wells Fargo/Dodge & Cox Intermediate Bond CIT

The Fund, which is sub-advised by Dodge & Cox, seeks a high and stable rate of current income, consistent with

long-term preservation of capital. A secondary objective is to take advantage of opportunities to realize capital

appreciation. The Fund invests in a diversified portfolio consisting primarily of high-quality bonds and other fixed

income securities, including U.S. government obligations, mortgage- and asset-backed securities, corporate bonds,

government-related securities, municipal bonds and collateralized mortgage obligations (CMOs).

c) Wells Fargo/Federated Total Return Bond CIT

The Fund, which is sub-advised by Federated Investment Counseling, seeks total return consisting of current

income and capital appreciation. The Fund invests primarily in a diversified portfolio of investment-grade, fixed-

income securities, including mortgage-backed securities, corporate debt securities, and U.S. government

obligations. In addition, the Fund may invest in high yield, bank and trade finance loans, non-U.S. dollar

denominated and emerging market fixed income securities when the risk-return prospects of those sectors appear

attractive. Normally, no more than 15% of the Fund’s total assets will be invested in securities that are rated below

investment grade (excluding non-rated securities). However, the Fund may opportunistically invest up to 25% of its

total assets in noninvestment-grade debt securities.



December 31, 2019

94

d) Wells Fargo/Lazard International Equity CIT

The Fund, sub-advised by Lazard Asset Management, LLC, seeks long-term growth of capital. The Fund invests

primarily in equity securities, principally common stocks, of non-U.S. companies with market capitalizations

generally greater than $3 billion.

e) Wells Fargo/MFS Value CIT

The Fund, sub-advised by MFS Institutional Advisors, Inc., seeks to provide certain qualified employee benefit

plans with a vehicle for collective investment and reinvestment primarily in a portfolio of stocks focused on

investing the Fund’s assets in the stocks of companies that it believes are undervalued compared to their perceived

worth (value companies). Value companies tend to have stock prices that are low relative to their earnings,

dividends, assets, or other financial measures.

f) Wells Fargo/Multi-Manager Small Cap CIT

The Fund seeks to provide certain qualified employee benefit plans with a vehicle for collective investment and

reinvestment primarily in a portfolio of stocks within the Russell 2000® index. The Fund blends three individually

managed portfolios: the J.P. Morgan Small Cap Core Portfolio, the Goldman Sachs Small Cap Value Style

Portfolio, and the Invesco Small Cap Growth Portfolio.

g) Wells Fargo/T. Rowe Price Institutional Equity Income Managed CIT

The Fund, sub-advised by T. Rowe Price Associates, Inc., seeks to provide substantial dividend income, as well as,

long-term capital appreciation.

h) Wells Fargo/T. Rowe Price Institutional Large-Cap Growth Managed CIT

The Fund, sub-advised by T. Rowe Price Associates, Inc., seeks to provide certain qualified employee benefit plans

with a vehicle for collective investment and reinvestment in a portfolio of stocks which invests primarily in the

common stocks of large-cap companies, taking a growth approach to investment selection. The Fund defines a

large-cap company as one whose market capitalization is larger than the median market capitalization of companies

in the Russell 1000® Growth Index, a widely used benchmark of the largest domestic growth stocks.

i) Wells Fargo/Voya Large-Cap Growth CIT

The Fund, sub-advised by Voya Investment Management Co., LLC, seeks long-term capital appreciation investing

primarily in the common stocks of large-cap companies, taking a growth approach to investment selection. The

Fund defines a large-cap company as one whose market capitalization is within the capitalization range of

companies in the Russell 1000 Growth Index, a widely used benchmark of the largest domestic growth stocks. The

market capitalization of the companies in the Fund’s portfolio and the Russell index changes over time. The Fund

will not automatically sell or cease to purchase stock of a company it already owns just because the company’s

market capitalization falls below this level. The investment strategy uses a stock selection process that combines the

discipline of quantitative screens with rigorous fundamental security analysis.



December 31, 2019

95

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trustee in the preparation of the

Funds' financial statements. The policies are in conformity with accounting principles generally accepted in the

United States of America and the Wells Fargo Bank Declaration of Trust Establishing Investment Funds for

Employee Benefit Trusts, as amended and restated effective December 31, 2019. Each Fund is an investment

company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB)

Accounting Standards Codification (ASC) Topic 946, “Financial Services – Investment Companies”, which is part

of accounting principles generally accepted in the United States of America (“GAAP”).

a) Basis of Accounting

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

GAAP.

b) Cash Overdrafts

The Funds may have overnight cash overdrafts. Cash overdrafts are funded by the Trustee and settled the next

morning. No cash overdraft fees were assessed to the Funds for the year ended December 31, 2019.

c) Credit Risk and Uncertainties

Investment securities in which the Funds invest are subject to various risks, such as market, credit, and interest rate

risks. Due to the level of risk associated with such securities, it is at least reasonably possible that changes in the

near term could materially affect participants’ share values and the amounts reported in the statements of assets and

liabilities. Credit ratings, as supplied solely by Standard & Poor’s, are noted on the Schedule of Investments for

each fund which holds individual fixed income securities. The S&P rating is one relative measure of potential credit

risk each security represents. Securities without a noted rating are either not generally rated (e.g. US government

guaranteed instruments) or were un-rated by S&P as of December 31, 2019. S&P ratings have been provided for

informational purposes only and have not been independently audited.

d) Delayed Delivery Transactions

The Funds may purchase or sell securities on a when-issued or forward-commitment basis. The price of the

underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction

is negotiated. The market value of delayed delivery transactions is identified in the Funds' Schedule of Investments.

Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet

the terms of the contract. In connection with such purchases, the Funds are required to hold liquid assets as

collateral with the Funds' custodian sufficient to cover the purchase price.

The Funds may enter into TBA sale commitments to hedge their portfolio positions or to sell mortgage-backed

securities they own under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until

the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable

securities, or an offsetting TBA purchase commitment deliverable, on or before the sale commitment date, are held

as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the

underlying securities, generally according to the procedures described under Note 2(c) "Valuation of Investments

and Presentation" above. The contract is marked-to-market daily and the change in market value is recorded by the



December 31, 2019

96

Funds as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting

purchase commitment, the Funds realize a gain or loss. As of December 31, 2019 no funds had TBA sale

commitments outstanding.

e) Valuation of Investments

Valuation of the Funds’ shares occurs daily for those days that the financial markets are open. Share values are

determined by dividing the value of each Fund’s net assets by the total number of shares outstanding on the

valuation date.

The Funds' investments, except those held in collective funds, are valued on the basis of market valuations, where

available, as provided by independent pricing services. Securities for which market valuations are not readily

available are valued at fair value as determined by the Trustee. Market valuations are generally determined as

follows:

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

otherwise at the last reported bid price.

• Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into

account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the

quoted bid price from an independent broker-dealer.

• Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at

the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market

that day, a fair value price will be determined in accordance with the Fund’s Valuation Policies & Procedures as

adopted by the Trustee.

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

obligations.

• Foreign markets and exchanges may close prior to the close of the New York Stock Exchange ("NYSE") and

therefore may not fully reflect trading or events that occur after the close of the principle exchange in which the

foreign investments are traded but before the close of the NYSE. If such trading or events are expected to

materially affect the value of the investments, then those investments are fair valued following procedures

approved by the Trustee.

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

registered investment companies that are redeemable at net asset value are fair valued normally at net asset

value.

• Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable

price is not available, the quoted bid price from an independent broker-dealer.

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

currency pricing source.



December 31, 2019

97

Investments which are not valued using any of the methods discussed above are valued at their fair value, as

determined in good faith by the Trustee of the Fund. The Bank has established a Valuation Working Group and has

delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation

Working Group deems necessary or appropriate, including determining the fair value of portfolio securities. The

Bank as Trustee retains the authority to make or ratify any valuation decisions or approve any changes to the

Valuation Procedures as it deems appropriate. On at least on a quarterly basis, the Bank receives reports on any

valuation actions taken by the Valuation Working Group which may include items for ratification.

f) Fair Valuation of Securities

The Funds are subject to the provisions of FASB ASC 820-10, Fair Value Measurements which among other things,

establishes a framework for measuring fair value and requires enhanced disclosures about investments that are

measured and reported at fair value. In accordance with ASC 820-10, fair value is defined as the price that a fund

would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most

advantageous market of the investment. ASC 820-10 establishes a fair value hierarchy that prioritizes the inputs to

valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices

in active markets for identical assets or liabilities.

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

Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds

have the ability to access at the measurement date. Examples of Level 1 securities would be common or preferred

stocks trading on a national exchange.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either

directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for

identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted

prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by

observable market data by correlation or other means. Examples of Level 2 securities would include corporate fixed

income, municipal fixed income, or certain pooled funds.

Level 3: Unobservable inputs based on the best information available in the circumstances, to the extent observable

inputs are not available (including the Fund’s own assumptions in determining the fair value of investments).

Examples of Level 3 securities would include private placements or assets for which no current pricing source is

available or in default.

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk

associated with investing in those securities.

The following table presents the values of the financial instruments carried on the statement of assets and liabilities

by caption and by level within the valuation hierarchy as of December 31, 2019. The breakdown of each Funds'

investments into major categories is disclosed in its respective Schedule of Investments.



December 31, 2019

98

Fair value measurements at reporting date using

Investments in securities

Quoted prices in

active markets

for identical

assets

(Level 1)

Significant other

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3) Total

Wells Fargo/Causeway International Value CIT:

Value of investment securities:

Equities $ 298,333,004 $ 262,678,468 $ — $ 561,011,472

Preferred Stock — 26,613,922 — 26,613,922

Short-Term Investments — 7,769,740 — 7,769,740

Total $ 298,333,004 $ 297,062,130 $ — $ 595,395,134

Wells Fargo/Dodge & Cox Intermediate Bond CIT:


Corporate Bonds $ — $ 150,617,491 $ — $ 150,617,491

Government/Agency Bonds 65,059,706 140,542,647 — 205,602,353

Corporate Asset-Backed Securities — 19,967,506 — 19,967,506

Corporate Mortgage-Backed Securities — 811,842 — 811,842

Municipal Bonds — 7,277,426 — 7,277,426

Preferred Stock 3,074,958 — — 3,074,958


Total $ 68,134,664 $ 333,953,039 $ — $ 402,087,703

Wells Fargo/Federated Total Return Bond CIT:


Corporate Bonds $ — $ 142,903,911 $ — $ 142,903,911

Foreign Government Bonds — 859,551 — 859,551

Government/Agency Bonds 71,276,636 107,114,373 — 178,391,009

Corporate Asset-Backed Securities — 209,981 — 209,981

Corporate Mortgage-Backed Securities — 10,513,627 — 10,513,627

Investment Companies 83,051,480 — — 83,051,480


Total $ 154,328,116 $ 269,645,924 $ — 423,974,040

Other financial instruments:

Assets:

Futures $ 177,294 $ — $ — $ 177,294 ______________ _____________ _____________ ______________

Liabilities:

Futures $ (237,227) $ — $ — $ (237,227) ______________ _____________ _____________ ______________

Total $ (59,933) $ — $ — $ (59,933) ___________ ___________ ___________ ____________



December 31, 2019

99

Fair value measurements at reporting date using

Investments in securities

Quoted prices in

active markets

for identical

assets

(Level 1)

Significant other

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3) Total

Wells Fargo/Lazard International Equity CIT:


Equities $ 57,157,273 $ 42,988,546 $ — $ 100,145,819

Preferred Stock — 2,698,654 — 2,698,654


Total $ 57,157,273 $ 47,469,623 $ — $ 104,626,896

Other financial instruments:

Liabilities:

Forwards $ (87) $ — $ — $ (87)

Wells Fargo/MFS Value CIT:


Equities $ 736,299,012 $ 22,849,076 $ — $ 759,148,088


Total $ 736,299,012 $ 29,436,796 $ — $ 765,735,808

Wells Fargo/Multi-Manager Small Cap CIT:


Equities $ 362,972,486 $ — $ — $ 362,972,486

Exchange Traded Funds 532,707 — — 532,707

Limited Partnerships 1,043,124 — — 1,043,124


Total $ 364,548,317 $ 8,367,047 $ — $ 372,915,364

Wells Fargo/T. Rowe Price Institutional Equity Income Managed CIT:


Equities $ 183,529,601 $ 312,657 $ — $ 183,842,258

Preferred Stocks 3,864,842 — — 3,864,842

Foreign Convertible Bond — 534,992 — 534,992


Total $ 187,394,443 $ 3,305,615 $ — $ 190,700,058

Wells Fargo/T. Rowe Price Institutional Large-Cap Growth Managed CIT:


Equities $ 1,248,353,449 $ 30,349,843 $ — $ 1,278,703,292


Total $ 1,248,353,449 $ 40,515,133 $ — $ 1,288,868,582

Wells Fargo/Voya Large-Cap Growth CIT:


Equities $ 154,593,860 $ — $ — $ 154,593,860

Short-Term Investments — 939,642 — 939,642

Total $ 154,593,860 $ 939,642 $ — $ 155,533,502

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



December 31, 2019

100

2. Foreign Currency Translation

Investments in securities, foreign currency holdings, and other assets and liabilities denominated in foreign

currencies are translated into U.S. dollar amounts at the prevailing rate of exchange at the date of valuation.

Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the

respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign

currencies. Currency gains or losses are realized between the trade and settlement dates on securities transactions,

and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Funds

and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and

losses arise from changes in the fair values of assets and liabilities, including investments in securities, as of

December 31, 2019, resulting from changes in the foreign exchange rate. Such realized and unrealized translation

gains and losses are combined with the foreign currency contracts on the Funds' statements of operations and

changes in net assets. As of December 31, 2019, Wells Fargo/Causeway International Value CIT, Wells

Fargo/Federated Total Return Bond CIT, Wells Fargo/Lazard International Value CIT, Wells Fargo/MFS Value

CIT, Wells Fargo/T. Rowe Price Institutional Equity Income Managed CIT and Wells Fargo/T. Rowe Price

Institutional Large-Cap Growth Managed CIT recognized gains/(losses) in relation to foreign currency translation.

3. Derivative Instruments and Hedging Activities

Certain Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to

economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets

or for speculative purposes. Losses may arise if the value of the contract decreases due to an unfavorable change in

the price of the underlying security or if the counterparty does not perform under the contract. The Funds may

mitigate counterparty risk through master netting agreements included within an International Swaps and

Derivatives Association, Inc. (“ISDA”) Master Agreement between the Funds and each of its counterparties. The

ISDA Master Agreement allows the Funds to offset with its counterparty certain derivative financial instruments’

payables and/or receivables with collateral held with each counterparty. To the extent amounts due to the Funds

from its counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss in the

event of counterparty non-performance.

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the

aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter

purchased options, the Funds bear the risk of loss in the amount of the premiums paid and change in market value of

the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to

counterparty risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master

Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity

in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master

Agreements, which would cause the Fund to accelerate payment of any net liability owed to counterparty.

Counterparty risk related to exchange-traded financial futures, options and swaps is minimal because of the

protection against defaults provided by the exchange on which they trade.

The Funds account for derivatives and hedging activities in accordance with ASC Topic 815, Accounting for

Derivative Instruments and Certain Hedging Activities, which requires the Funds to recognize all derivative

instruments as either assets or liabilities in the balance sheet at their respective fair values. Furthermore, ASC 815-

10, Disclosures about Derivative Instruments and Hedging Activities, which amended the disclosure requirements

for derivative and hedging activities, requires the Funds to provide information on how and why the Fund uses

derivative instruments, how derivative instruments and related hedged items are accounted for under ASC815, and

how derivative instruments and related hedged items affect a Fund’s financial position and financial performance.



December 31, 2019

101

Swap Contracts

The Fund may use swap contracts to gain exposure to, or hedge its exposure to interest rates, credit risk or

currencies. Certain standardized swaps, including certain interest rate swaps and credit default swaps, are subject to

mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are

members of central clearinghouses, with the clearinghouse serving as central counterparty. In a centrally cleared

swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty

(the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally

cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as

cash segregated for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the

Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of

the contract (“variation margin”). The variation margin is recorded as an unrealized gain/(loss) and shown as

variation margin receivable/payable on centrally cleared swaps in the Statement of Assets and Liabilities. Payments

received from or paid to the counterparty, including at termination, are recorded as realized gains/(losses) in the

Statement of Operations.

Credit Default Swaps

The Fund may enter into credit default swaps, in order to manage its exposure to the market or certain sectors of the

market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create

exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit

protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit

default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective

counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of

protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the

seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout

Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the

form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced

obligation. Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation

directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If

the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If

the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the

Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it

pays to the buyer, resulting in a net loss to the Fund. Implied credit spreads over U.S. Treasuries of comparable

maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in

the Fund's schedule of investments. The implied spreads serve as an indicator of the current status of the

payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation.

The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and

may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically

represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other

credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted”

indicates a credit event has occurred for the referenced obligation.

As of December 31, 2019, there were no credit default swap contracts outstanding as of period end.



December 31, 2019

102

Futures Transactions

The Fund may use futures contracts to gain exposure to or to hedge against broad market, interest rate or currency

exposure. The Fund may buy or sell financial futures contracts on any U.S. or foreign exchange. Risks of entering

into futures transactions include the possibility that there may be an illiquid market at the time of settlement or that

a change in the value of the contract may not correlate with changes in the value of the underlying securities.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities in an amount equal to

a percentage of the futures contract value (initial margin). Subsequent payments (variation margin) are made or

received by the Fund each day. The variation margin payments reflect the daily changes in the futures contract value

and are recorded as unrealized gains and losses and are disclosed within the Schedule of Investments in Contracts

and Other Securities. The underlying portfolio recognizes a realized gain or loss when the futures contract is closed

or expires. With futures, there is minimal counterparty risk to the fund since futures are exchange traded and the

exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

There is no direct impact to the Statement of Assets and Liabilities or to the Statement of Operations. During the

year, the Fund used futures to hedge exposure to interest rate movements. As of December 31, 2019, Wells

Fargo/Federated Total Return Bond CIT held positions in futures contracts, which is detailed following the Fund’s

Schedule of investments.

Forward Currency Exchange Contracts

The Funds may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign

currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments

denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign

currencies. As of December 31, 2019, Wells Fargo/Lazard International Equity CIT held positions in forward

currency exchange contracts, which is detailed following the Fund’s Schedule of investments.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a

negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of

such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the

value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized

appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to

meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the

U.S. dollar. The Fund typically enters into an ISDA Master Agreement or similar master agreements (collectively,

“Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its

credit risk to counterparties. The required disclosures are reflected in the Fund's statement of assets and liabilities

and statements of operations, as reflected in the following tables:

Wells Fargo/Causeway International Value CIT

For the year ended December 31, 2019, the average monthly original value of forwards buy contracts was $3,424,577.



December 31, 2019

103

Wells Fargo/Federated Total Return Bond CIT

Asset Derivatives Liability Derivatives

Derivative Type

Statement of Assets and

Liabilities Location Fair Value



Interest rate contracts Variation margin

receivable/payable

$ 177,294* Variation margin

receivable/payable

$ 237,227*

Total $ 177,294 $ 237,227

* This amount reflects cumulative appreciation/(depreciation) of futures contracts as reported in the schedule of investments.

Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

The effect of derivative instruments on the statement of operations for the year ended December 31, 2019:

Derivative Type

Location of Gain or (Loss) on

Derivatives

Realized Gain or

(Loss) on

Derivatives

Change in Unrealized

Appreciation or

(Depreciation)

Interest rate contracts Net realized gain (loss) on futures

contracts; Net change in unrealized

appreciation/depreciation of futures

contracts

$ (2,516,153) $ 566,523

Total $ (2,516,153) $ 566,523

For the year ended December 31, 2019, the average monthly original value of futures buy contracts was $107,745,273.

For the year ended December 31, 2019, the average monthly original value of futures sell contracts was $41,366,674.

Wells Fargo/Lazard International Equity CIT

Asset Derivatives Liability Derivatives

Derivative Type





Foreign exchange contracts Unrealized appreciation of

forward currency exchange

contracts

$ 0 Unrealized depreciation of

forward currency exchange

contracts

$ 87

Total $ 0 $ 87

The effect of derivative instruments on the statement of operations for the year ended December 31, 2019:

Derivative Type

Location of Gain or (Loss) on

Derivatives

Realized Gain or

(Loss) on

Derivatives

Change in Unrealized

Appreciation or

(Depreciation)

Foreign exchange contracts Net realized gain (loss) on foreign

currency transactions; Net change

in unrealized

appreciation/depreciation of foreign

currency denominated assets and

liabilities

$ (96) $ (898)

Total $ (96) $ (898)

For the year ended December 31, 2019, the average monthly original value of forwards buy contracts was $12,486.(a)

For the year ended December 31, 2019, the average monthly original value of forwards sell contracts was $103,148. (a)

(a) Positions were open for one month during the year.



December 31, 2019

104

4. Expenses

In accordance with the Trust Agreement, the Trustee may charge the Funds for custody, accounting, audit fees and

certain other expenses incurred. The Collective Fund Oversight Committee (“CFOC”), a sub-committee of the Trust

Investment Committee of Wells Fargo Bank, N.A. reviews and determines the annual accounting fee charged to

each Fund. The CFOC also determines any expense cap with respect to expenses charged to each Fund.

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

Funds may also invest in other funds in a “fund of funds” construction deemed “Underlying Funds”. The Funds

may incur indirect expenses through their investment in any “Underlying Funds” for administration, audit,

custodial, unaffiliated sub-advisory investment management and related services provided to the Underlying Funds.

Indirect expenses from the Underlying Funds are netted against the investment income of the Underlying Fund. A

Fund’s unaffiliated sub-advisory investment management fee, if charged, is not included in the operating expenses

to which a net operating expense cap applies. The effects of this expense arrangement have been reflected in the

Statement of Operations and Financial Highlights for each Fund.

5. Trustee & Affiliated Compensation

The Funds may issue multiple classes of shares. Funds offering N or E series of share classes were, as of December

31, 2019, subject to charges for payment of compensation to the Trustee including investment advisory fees based

on the value of such funds’ net assets as reflected on the table below. Funds offering F class shares do not incur any

trustee fees but may incur investment advisory fees. F class shares are available only in situations where the Trustee

exercises discretion over investments or where shares are offered under a 3(21) investment advisory agreement.

The Target My RetirementSM program is a managed retirement solution that provides participants with professional

investment advice, based on a personalized investment strategy. Wells Fargo has retained Morningstar Associates,

LLC, as an independent financial expert to provide investment advice for the Target My RetirementSM program.

Morningstar receives 0.065% for their investment advice and Wells Fargo receives 0.25% as program manager

based on annualized net assets in the program. Expenses were charged to participant accounts adopting the program.

Fees are accrued on a daily basis and TR share values are net of program fees and expenses.

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

Fund Name Cusip

Trustee

Fee

TMR

Fee

Wells Fargo/Causeway International Value CIT F 94987Q375 0.000% 0.000%

Wells Fargo/Causeway International Value CIT N 94987Q367 0.050% 0.000%

Wells Fargo/Causeway International Value CIT N25 94987Q359 0.050% 0.000%

Wells Fargo/Causeway International Value CIT TR 94987Q342 0.000% 0.315%

Wells Fargo/Dodge & Cox Intermediate Bond CIT F 94987Q276 0.000% 0.000%

Wells Fargo/Dodge & Cox Intermediate Bond CIT N 949791537 0.030% 0.000%

Wells Fargo/Dodge & Cox Intermediate Bond CIT TR 94987Q268 0.000% 0.315%

Wells Fargo/T. Rowe Price Institutional Equity Income Managed CIT F 94987Q490 0.000% 0.000%

Wells Fargo/T. Rowe Price Institutional Equity Income Managed CIT N 94987Q482 0.050% 0.000%

Wells Fargo/T. Rowe Price Institutional Large-Cap Growth Managed CIT F 949907364 0.000% 0.000%

Wells Fargo/T. Rowe Price Institutional Large-Cap Growth Managed CIT N 949907315 0.060% 0.000%



December 31, 2019

105

Fund Name Cusip

Trustee

Fee

TMR

Fee

Wells Fargo/T. Rowe Price Institutional Large-Cap Growth Managed CIT N40 949907273 0.060% 0.000%

Wells Fargo/T. Rowe Price Institutional Large-Cap Growth Managed CIT TR 94987Q508 0.000% 0.315%

Wells Fargo/Multi-Manager Small Cap CIT F 949907349 0.000% 0.000%

Wells Fargo/Multi-Manager Small Cap CIT N 94987Q102 0.050% 0.000%

Wells Fargo/Multi-Manager Small Cap CIT TR 94987Q409 0.000% 0.315%

Wells Fargo/MFS Value CIT F 949907356 0.000% 0.000%

Wells Fargo/MFS Value CIT N 949907265 0.050% 0.000%

Wells Fargo/MFS Value CIT N25 949907240 0.050% 0.000%

Wells Fargo/MFS Value CIT TR 94987Q300 0.000% 0.315%

Wells Fargo/Voya Large-Cap Growth CIT F 94988K310 0.000% 0.000%

Wells Fargo/Voya Large-Cap Growth CIT N 94988K294 0.060% 0.000%

Wells Fargo/Federated Total Return Bond CIT F 94987Q524 0.000% 0.000%

Wells Fargo/Federated Total Return Bond CIT N 94987Q516 0.030% 0.000%

Wells Fargo/Lazard International Equity CIT F 94987Q334 0.000% 0.000%

6. Investment Transactions and Interest Income

Funds (with exception of the Wells Fargo/BlackRock Short Term Investment Fund, which pays income monthly) do

not distribute investment income to share holders.

Investment transactions are accounted for on the trade date. The cost of investments sold is computed on an average

cost basis. Dividend income is recorded on the ex-dividend date. Foreign dividends are recorded when information

is confirmed by the foreign custodian. Interest income is accrued daily and bond discounts are accreted and

premiums are amortized daily based on the effective interest method. The Funds amortize premiums and accrete

market discounts and original issue discounts to the call or the maturity date. Premium amortization and discount

accretion amounts are included in interest income. Tax reclaims receivable, if any, are recorded as dividend income,

which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not

assured.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, “Premium

Amortization of Purchased Callable Debt Securities” which shortens the amortization period for certain purchased

callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities

that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call

date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their

interim periods, beginning after December 15, 2019. Management continues to evaluate the impact of this guidance

on the Funds.

7. Income Taxes

The Funds maintain tax-exempt status by operating collective trust funds regulated by the Office of the Comptroller

of the Currency, and as such no provision for income taxes is required. It is intended that the Funds be exempt from

taxation under Section 501(a) of the Code and qualify as a “group trust” under Revenue Ruling 81-100 and other

applicable Internal Revenue Service rules and regulations.

The Funds follow accounting policies under ASC 740, Income Taxes, regarding how uncertain tax positions should

be recognized, measured, presented and disclosed in the financial statements. Management has analyzed the Funds’

tax positions taken in all potential open tax years and has concluded that as of December 31, 2019, there were no



December 31, 2019

106

positions which would call into question the Funds’ tax exempt status. As such, the Funds do not have an accrual

for uncertain tax positions. The Funds’ federal and state fiduciary and federal excise tax returns for tax years for

which the applicable statutes of limitations have not expired (open tax years: December 31, 2016; December 31,

2017; December 31, 2018; and December 31, 2019) are subject to examination by the Internal Revenue Service and

state jurisdictions. As of and during the year ended December 31, 2019, the Funds did not have a liability for any

unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as

income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or

penalties. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of

unrecognized tax benefits will change materially in the next 12 months.

8. Share Issues, Redemptions, and Distributions

In accordance with the terms of the Trust, the net asset value of the Funds is calculated daily and net investment

income and realized and unrealized gains on investments are not distributed but rather reinvested and reflected in

the net asset value of the fund (with the sole exception being the Wells Fargo/BlackRock Short Term Investment

Fund which pays income monthly). Shares of the Funds are issued and redeemed at the current net asset value.

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

9. Related Party Transactions

Wells Fargo/Federated Total Return Bond Fund invests in Underlying Funds the shares of which are issued solely

in private placement transactions which do not involve any “public offering” within the meaning of Section 4(2) of

the 1933 Act. Investments in the Fund may only be made by investment companies, insurance company separate

accounts, common or commingled trust funds or similar organizations or entities that are “accredited investors”

within the meaning of Regulation D of the 1933 Act. Shares of the Funds may be redeemed any day the NYSE is

open with the exception of the Federated Project and Trade Finance Core Fund. This Underlying Fund has adopted

policies to limit the transfer of Shares, which may occur only pursuant to Board authorization, and only to persons

who are Eligible Investors. The Fund operates as an open-end extended payment fund. Shareholders of the Fund

will have a restricted ability to redeem shares of the Fund. The fair values of the Funds' investments in these

affiliated entities at December 31, 2019 are as follows:

Underlying Funds Shares Cost Value

Federated Core Trust - Bank Loan Core Fund 1,303,870 $ 12,949,363 $ 12,843,123

Federated Core Trust - High Yield Bond Portfolio 4,677,662 $ 29,085,663 $ 29,749,929

Federated Core Trust - Mutual Fund 2,083,270 $ 20,674,457 $ 20,999,364

Federated Core Trust III - Federated Project & Trade Finance Core Fund 2,176,629 $ 20,244,165 $ 19,459,064

10,241,431 $ 82,953,648 $ 83,051,480

10. Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires

management to make estimates and assumptions that affect the reported amounts of assets and liabilities and

disclose of contingent assets and liabilities at the date of the financial statements and the reported amounts of

increase and decrease in net assets from operations during the reporting period. Actual results could differ from

those estimates.



December 31, 2019

107

11. Ownership Concentration

At December 31, 2019, the following Funds have shareholders that were not related parties that held shares in

excess of 10% of the outstanding shares in various classes of the Funds. Investment activities, including

redemptions, of such shareholders could have a material impact on the operations of the Fund or expense impact on

the class. Number of

shareholders with

ownership in

Fund Market Value excess of 10% Aggregated %

Wells Fargo/Causeway International Value CIT $ 397,836,398 1 66.29%

Wells Fargo/Federated Total Return Bond CIT $ 62,797,792 1 14.72%

Wells Fargo/T. Rowe Price Instl Equity Income

Managed CIT

$ 143,574,458 1 11.12%

12. Summary Schedule of Investments Purchased and Sold


Purchased Sold or Redeemed

Cost Proceeds

Realized

Gain/(Loss)

Short term investments $ 136,226,600 $ 139,608,246 $ -

Equities 171,341,316 229,549,959 11,815,989

Total investments $ 307,567,916 $ 369,158,205 $ 11,815,989



Cost Proceeds

Realized

Gain/(Loss)


Fixed income 186,855,056 186,215,466 4,386,455




Cost Proceeds

Realized

Gain/(Loss)


Investment companies 27,579,429 13,714,000 (147,203)

Fixed income 227,213,609 235,818,862 3,070,876




December 31, 2019

108

WELLS FARGO/ LAZARD INTERNATIONAL EQUITY CIT


Cost Proceeds

Realized

Gain/(Loss)


Equities 34,541,346 42,112,553 1,714,398




Cost Proceeds

Realized

Gain/(Loss)


Equities 96,252,232 180,939,957 23,759,702




Cost Proceeds

Realized

Gain/(Loss)


Limited partnership 714,344 3,406 424

Exchange Traded Funds 5,869,698 5,388,294 12,978

Equities 109,121,880 141,976,295 23,086,828




Cost Proceeds

Realized

Gain/(Loss)


Equities 49,770,719 $ 61,010,979 8,974,635

Fixed income 159,323 $ 720,980 21,175




Cost Proceeds

Realized

Gain/(Loss)


Equities 406,494,637 359,784,558 69,195,271




December 31, 2019

109



Cost Proceeds

Realized

Gain/(Loss)


Equities 118,634,417 149,610,460 13,874,631


13. Subsequent Events Evaluation

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

any subsequent events that necessitated disclosures and/or adjustments.

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

Regulatory Statement (unaudited)

__________________________________________________________________________________________________

110

Regulatory requirement. Collective funds are authorized under the Comptroller of the Currency’s Regulation 9.18(a)(2)

and are subject to other pertinent provisions of Regulation 9 as promulgated by the Comptroller of the Currency. In

compliance with this Regulation, the Trustee will provide detail of investment transactions upon request and without

charge.

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

following conditions:

• The participating account is part of a plan and related trust qualified under Section 401(a) of the Internal

Revenue Code (IRC), and which is exempt from tax under IRC Section 501 (a) or is part of a governmental

plan as defined by IRC Section 818(a)(6).

• The participating plan or trust instrument of qualified plans adopts documents establishing Wells Fargo

Bank’s collective investment funds.

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

Filing of Annual Report with Department of Labor. A plan administrator receiving this Annual Report may be eligible

for a simplified reporting procedure described in Department of Labor Regulations §2520.103-3 for a plan year ending on

or after the end of a Fund’s fiscal year. The fiscal year end for each Fund is December 31. To such eligible plan

administrators, Wells Fargo Bank, N.A. as Trustee for the Funds certifies that the statements of assets and liabilities

included in the Annual Report were filed with the Department of Labor on or before the date upon which the annual report

of such plans is required to be filed by the plan administrators in accordance with Department of Labor

Regulation §2520.103-9. The “Employer Identification Number” of each Fund is as follows:

Active Management Series EIN

Wells Fargo/Causeway International Value CIT

Wells Fargo/Dodge & Cox Intermediate Bond CIT

Wells Fargo/Federated Total Return Bond CIT

Wells Fargo/Lazard International Equity CIT

Wells Fargo/MFS Value CIT

Wells Fargo Multi-Manager Small Cap CIT

Wells Fargo/T. Rowe Price Institutional Equity Income Managed CIT

Wells Fargo/T. Rowe Price Institutional Large-Cap Growth Managed CIT

Wells Fargo/Voya Large-Cap Growth CIT

47-6375784

47-6566265

46-6584317

47-6378625

45-6648640

45-6648658

46-6586666

45-6648614

82-6249680

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