Wells Fargo Bank, N.A.Collective Investment FundsAnnual Report 2019
Table of Contents
Page
Independent Auditors’ Report 1
Financial Statements: Wells Fargo/BlackRock Bond Index CIT 3 Wells Fargo/BlackRock International Equity Index CIT 8 Wells Fargo/BlackRock Large Cap Growth Index CIT 13 Wells Fargo/BlackRock Large Cap Value Index CIT 18 Wells Fargo/BlackRock Russell 2000 Index CIT 23 Wells Fargo/BlackRock S&P 500 Index CIT 28 Wells Fargo/BlackRock S&P MidCap Index CIT 33 Wells Fargo/BlackRock Short Term Investment Fund 38 Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT 43
Notes to Financial Statements 48
Regulatory Statement 60
Independent Auditors’ Report
The Unitholders of the Funds and Wells Fargo Bank, N.A.:
We have audited the accompanying financial statements of Wells Fargo/BlackRock Bond Index CIT, Wells
Fargo/BlackRock International Equity Index CIT, Wells Fargo/BlackRock Large Cap Growth Index CIT, Wells
Fargo/BlackRock Large Cap Value Index CIT, Wells Fargo/BlackRock Russell 2000 Index CIT, Wells
Fargo/BlackRock S&P 500 Index CIT, Wells Fargo/BlackRock S&P MidCap Index CIT, Wells Fargo/BlackRock
Short Term Investment Fund and Wells Fargo/BlackRock U.S. Aggregate Bond Index 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/BLACKROCK BOND INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 97,292,526 $ 104,304,248
Receivable for investment securities sold 57,399
Fund shares sold 39,665
Total assets 104,401,312
Liabilities:
Fund shares repurchased 97,064
Trustee expenses 8,243
Total liabilities 105,307
Net assets $ 104,296,005
Class Net Assets
Shares
Outstanding Net Asset Value
F $ 10,456,468 856,183 $ 12.21
N $ 93,670,055 2,070,896 $ 45.23
N25 $ 169,482 3,818 $ 44.39
See accompanying notes to financial statements. 4
WELLS FARGO/BLACKROCK BOND INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Administration, Advisory, and/or Trustee Fees $ 104,422
Total expenses 104,422
Net investment income (loss) (104,422)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 5,447,981
Net change in unrealized appreciation (depreciation) of:
Investments 5,642,370
Net gain (loss) on investments 11,090,351
Net change in net assets resulting from operations $ 10,985,929
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (104,422)
Net realized gain (loss) on investments 5,447,981
Net change in unrealized appreciation (depreciation) of investments 5,642,370
Net increase (decrease) in net assets resulting from
operations 10,985,929
Participating unit holder transactions:
Class F proceeds from issuance of units (650,768 units) 7,723,625
Class F payments for withdrawals (500,049 units) (6,005,441)
Net change 1,718,184
Class N proceeds from issuance of units (1,737,556 units) 74,179,976
Class N payments for withdrawals (1,679,948 units) (73,600,973)
Net change 579,003
Class N25 proceeds from issuance of units (275 units) 12,025
Class N25 payments for withdrawals (2,506 units) (110,972)
Net change (98,947)
Change in net assets derived from unit transactions 2,198,240
Total increase (decrease) in net assets 13,184,169
Net assets:
Beginning of year (705,464 Class F units, 2,013,288 Class N units,
6,049 Class N25 units) 91,111,836
End of year (856,183 Class F units, 2,070,896 Class N units, 3,818
Class N25 units) $ 104,296,005
WELLS FARGO/BLACKROCK BOND INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 5
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock Government/Credit Bond Index
Fund F 3,273,307 $ 97,292,526 $ 104,304,248 ____________________________________ ____________________________________
Total Collective Investment Funds 97,292,526 104,304,248 ____________________________________ ____________________________________
Total Investments: 100.01% $ 97,292,526 $ 104,304,248 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 6
WELLS FARGO/BLACKROCK BOND INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class F Class N Class N25
Per share operating performance:
Unit value, beginning of year $ 11.13 $ 41.23 $ 40.57
Income from investment operations:
Net investment income (loss)(1) (0.01) (0.04) (0.15)
Net realized and unrealized gain (loss) on investments 1.09 4.04 3.97
Total from investment operations 1.08 4.00 3.82
Unit value, end of year $ 12.21 $ 45.23 $ 44.39
Total return per unit 9.73% 9.70% 9.42%
Net assets, end of year $ 10,456,468 $ 93,670,055 $ 169,482
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(2) 0.07% 0.10% 0.34%
Ratio of net investment income (loss) to average net assets (0.07)% (0.10)% (0.34)%
(1) Based on average number of units outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 7
WELLS FARGO/BLACKROCK BOND INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class F Class N
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 712,951 $ 11.26 2,060,567 $ 41.72
February 28, 2019 800,500 11.26 1,915,254 41.70
March 31, 2019 797,375 11.49 2,657,466 42.56
April 30, 2019 814,105 11.49 2,655,906 42.58
May 31, 2019 869,063 11.72 2,502,103 43.41
June 30, 2019 870,828 11.90 2,480,771 44.06
July 31, 2019 820,773 11.91 2,393,520 44.13
August 31, 2019 833,673 12.30 2,185,905 45.57
September 30, 2019 851,546 12.21 2,143,361 45.23
October 31, 2019 858,304 12.24 2,108,617 45.35
November 30, 2019 870,013 12.24 2,018,989 45.32
December 31, 2019 856,183 12.21 2,070,896 45.23
Class N25
Units Unit
outstanding valuation
January 31, 2019 5,985 $ 41.05
February 28, 2019 5,978 41.02
March 31, 2019 5,961 41.85
April 30, 2019 5,927 41.86
May 31, 2019 5,911 42.67
June 30, 2019 5,951 43.30
July 31, 2019 5,850 43.36
August 31, 2019 5,884 44.76
September 30, 2019 3,843 44.42
October 31, 2019 3,820 44.53
November 30, 2019 3,820 44.49
December 31, 2019 3,818 44.39
See accompanying notes to financial statements. 8
WELLS FARGO/BLACKROCK INTERNATIONAL EQUITY INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 539,104,097 $ 656,317,654
Receivable for investment securities sold 1,884,851
Fund shares sold 204,870
Total assets 658,407,375
Liabilities:
Fund shares repurchased 2,089,721
Accrued expenses 66,280
Total liabilities 2,156,001
Net assets $ 656,251,374
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 161,412,794 12,974,169 $ 12.44
F $ 381,582,519 22,947,310 $ 16.63
N $ 113,256,061 5,189,321 $ 21.82
See accompanying notes to financial statements. 9
WELLS FARGO/BLACKROCK INTERNATIONAL EQUITY INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Program fees (Class TR units) $ 455,140
Administration, Advisory, and/or Trustee Fees 264,812
Total expenses 719,952
Net investment income (loss) (719,952)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 18,568,867
Net change in unrealized appreciation (depreciation) of:
Investments 104,924,943
Net gain (loss) on investments 123,493,810
Net change in net assets resulting from operations $ 122,773,858
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (719,952)
Net realized gain (loss) on investments 18,568,867
Net change in unrealized appreciation (depreciation) of investments 104,924,943
Net increase (decrease) in net assets resulting from
operations 122,773,858
Participating unit holder transactions:
Class TR proceeds from issuance of units (4,397,129 units) 49,922,886
Class TR payments for withdrawals (3,704,270 units) (42,230,750)
Net change 7,692,136
Class F proceeds from issuance of units (4,539,082 units) 68,516,928
Class F payments for withdrawals (4,736,876 units) (72,165,475)
Net change (3,648,547)
Class N proceeds from issuance of units (2,840,920 units) 56,285,877
Class N payments for withdrawals (4,286,839 units) (84,727,180)
Net change (28,441,303)
Change in net assets derived from unit transactions (24,397,714)
Total increase (decrease) in net assets 98,376,144
Net assets:
Beginning of year (12,281,310 Class TR units, 23,145,104 Class F
units, 6,635,240 Class N units) 557,875,230
End of year (12,974,169 Class TR units, 22,947,310 Class F units,
5,189,321 Class N units) $ 656,251,374
WELLS FARGO/BLACKROCK INTERNATIONAL EQUITY INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 10
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock EAFE Equity Index Fund F 14,463,632 $ 539,104,097 $ 656,317,654 ____________________________________ ____________________________________
Total Collective Investment Funds 539,104,097 656,317,654 ____________________________________ ____________________________________
Total Investments: 100.01% $ 539,104,097 $ 656,317,654 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 11
WELLS FARGO/BLACKROCK INTERNATIONAL EQUITY INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N
Per share operating performance:
Unit value, beginning of year $ 10.19 $ 13.58 $ 17.83
Income from investment operations:
Net investment income (loss)(1) (0.04) (0.01) (0.01)
Net realized and unrealized gain (loss) on investments 2.29 3.06 4.00
Total from investment operations 2.25 3.05 3.99
Unit value, end of year $ 12.44 $ 16.63 $ 21.82
Total return per unit 22.04% 22.42% 22.41%
Net assets, end of year $ 161,412,794 $ 381,582,519 $ 113,256,061
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(2) 0.36% 0.04% 0.05%
Ratio of net investment income (loss) to average net assets (0.36)% (0.04)% (0.05)%
(1) Based on average number of units outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 12
WELLS FARGO/BLACKROCK INTERNATIONAL EQUITY INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited) Year ended December 31, 2019
Class TR Class F Units Unit Units Unit outstanding valuation outstanding valuation
January 31, 2019 12,418,644 $ 10.86 22,901,273 $ 14.48
February 28, 2019 12,603,309 11.14 22,468,599 14.85
March 31, 2019 12,906,645 11.21 22,194,973 14.95
April 30, 2019 12,754,710 11.54 22,433,161 15.39
May 31, 2019 12,509,968 10.99 22,525,213 14.66
June 30, 2019 12,444,147 11.64 22,618,823 15.54
July 31, 2019 12,492,314 11.40 23,003,098 15.21
August 31, 2019 12,570,457 11.19 23,436,636 14.94
September 30, 2019 12,709,283 11.51 23,320,177 15.37
October 31, 2019 12,876,984 11.92 23,908,908 15.92
November 30, 2019 12,916,186 12.05 23,500,482 16.11
December 31, 2019 12,974,169 12.44 22,947,310 16.63
Class N Units Unit outstanding valuation
January 31, 2019 6,102,726 $ 19.00
February 28, 2019 5,975,131 19.49
March 31, 2019 6,910,388 19.63
April 30, 2019 6,716,194 20.20
May 31, 2019 6,577,939 19.25
June 30, 2019 6,517,264 20.39
July 31, 2019 6,217,070 19.97
August 31, 2019 5,601,083 19.61
September 30, 2019 5,417,199 20.17
October 31, 2019 5,340,796 20.90
November 30, 2019 5,168,010 21.14
December 31, 2019 5,189,321 21.82
See accompanying notes to financial statements. 13
WELLS FARGO/BLACKROCK LARGE CAP GROWTH INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 237,069,575 $ 368,948,683
Fund shares sold 43,183
Receivable for investment securities sold 34,327
Total assets 369,026,193
Liabilities:
Fund shares repurchased 77,509
Accrued expenses 18,880
Total liabilities 96,389
Net assets $ 368,929,804
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 5,200,500 258,836 $ 20.09
F $ 194,517,653 6,608,475 $ 29.43
N $ 169,157,885 5,240,033 $ 32.28
N20 $ 53,766 1,443 $ 37.27
See accompanying notes to financial statements. 14
WELLS FARGO/BLACKROCK LARGE CAP GROWTH INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Administration, Advisory, and/or Trustee Fees $ 192,229
Program fees (Class TR units) 13,850
Total expenses 206,079
Net investment income (loss) (206,079)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 25,363,725
Net change in unrealized appreciation (depreciation) of:
Investments 78,008,430
Net gain (loss) on investments 103,372,155
Net change in net assets resulting from operations $ 103,166,076
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (206,079)
Net realized gain (loss) on investments 25,363,725
Net change in unrealized appreciation (depreciation) of investments 78,008,430
Net increase (decrease) in net assets resulting from
operations 103,166,076
Participating unit holder transactions:
Class TR proceeds from issuance of units (123,414 units) 2,183,515
Class TR payments for withdrawals (114,187 units) (2,010,530)
Net change 172,985
Class F proceeds from issuance of units (953,406 units) 25,116,160
Class F payments for withdrawals (1,745,506 units) (45,681,149)
Net change (20,564,989)
Class N proceeds from issuance of units (748,308 units) 20,421,459
Class N payments for withdrawals (917,752 units) (25,924,912)
Net change (5,503,453)
Class N20 proceeds from issuance of units (137 units) 4,443
Class N20 payments for withdrawals (66 units) (2,280)
Net change 2,163
Change in net assets derived from unit transactions (25,893,294)
Total increase (decrease) in net assets 77,272,782
Net assets:
Beginning of year (249,609 Class TR units, 7,400,575 Class F units,
5,409,477 Class N units, 1,372 Class N20 units) 291,657,022
End of year (258,836 Class TR units, 6,608,475 Class F units,
5,240,033 Class N units, 1,443 Class N20 units) $ 368,929,804
WELLS FARGO/BLACKROCK LARGE CAP GROWTH INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 15
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock Russell 1000® Growth Fund F 11,037,676 $ 237,069,575 $ 368,948,683 ____________________________________ ____________________________________
Total Collective Investment Funds 237,069,575 368,948,683 ____________________________________ ____________________________________
Total Investments: 100.01% $ 237,069,575 $ 368,948,683 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 16
WELLS FARGO/BLACKROCK LARGE CAP GROWTH INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N Class N20
Per share operating performance:
Unit value, beginning of year $ 14.78 $ 21.59 $ 23.69 $ 27.40
Income from investment operations:
Net investment income (loss)(1) (0.06) (0.01) (0.02) (0.09)
Net realized and unrealized gain (loss) on
investments 5.37 7.85 8.61 9.96
Total from investment operations 5.31 7.84 8.59 9.87
Unit value, end of year $ 20.09 $ 29.43 $ 32.28 $ 37.27
Total return per unit 35.89% 36.32% 36.28% 36.01%
Net assets, end of year $ 5,200,500 $ 194,517,653 $ 169,157,885 $ 53,766
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(2) 0.36% 0.04% 0.07% 0.27%
Ratio of net investment income (loss) to
average net assets (0.36)% (0.04)% (0.07)% (0.27)%
(1) Based on average number of units outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 17
WELLS FARGO/BLACKROCK LARGE CAP GROWTH INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class TR Class F
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 253,131 $ 16.11 7,298,929 $ 23.54
February 28, 2019 255,936 16.68 7,149,777 24.38
March 31, 2019 266,482 17.16 6,905,551 25.07
April 30, 2019 257,044 17.92 6,870,251 26.20
May 31, 2019 239,316 16.78 6,876,465 24.54
June 30, 2019 232,187 17.93 6,820,622 26.23
July 31, 2019 232,520 18.33 6,932,928 26.81
August 31, 2019 234,099 18.18 7,070,668 26.61
September 30, 2019 238,648 18.18 6,718,960 26.61
October 31, 2019 247,805 18.69 6,951,613 27.36
November 30, 2019 253,715 19.51 6,695,059 28.57
December 31, 2019 258,836 20.09 6,608,475 29.43
Class N Class N20
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 5,444,023 $ 25.82 1,384 $ 29.86
February 28, 2019 5,439,963 26.74 1,407 30.93
March 31, 2019 5,402,424 27.51 1,430 31.80
April 30, 2019 5,654,115 28.74 1,443 33.22
May 31, 2019 5,657,197 26.92 1,447 31.11
June 30, 2019 5,500,982 28.77 1,453 33.24
July 31, 2019 5,350,060 29.41 1,398 33.98
August 31, 2019 5,352,368 29.18 1,406 33.71
September 30, 2019 5,214,984 29.19 1,415 33.71
October 31, 2019 5,217,382 30.01 1,423 34.66
November 30, 2019 5,229,623 31.34 1,431 36.19
December 31, 2019 5,240,033 32.28 1,443 37.27
See accompanying notes to financial statements. 18
WELLS FARGO/BLACKROCK LARGE CAP VALUE INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 235,535,352 $ 328,742,391
Receivable for investment securities sold 263,229
Fund shares sold 15,845
Total assets 329,021,465
Liabilities:
Fund shares repurchased 279,074
Accrued expenses 22,188
Total liabilities 301,262
Net assets $ 328,720,203
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 21,842,048 1,441,059 $ 15.16
F $ 178,537,381 7,848,155 $ 22.75
N $ 120,468,531 3,688,875 $ 32.66
N20 $ 7,872,243 70,715 $ 111.32
See accompanying notes to financial statements. 19
WELLS FARGO/BLACKROCK LARGE CAP VALUE INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Administration, Advisory, and/or Trustee Fees $ 181,389
Program fees (Class TR units) 60,908
Total expenses 242,297
Net investment income (loss) (242,297)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 19,674,554
Net change in unrealized appreciation (depreciation) of:
Investments 52,736,931
Net gain (loss) on investments 72,411,485
Net change in net assets resulting from operations $ 72,169,188
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (242,297)
Net realized gain (loss) on investments 19,674,554
Net change in unrealized appreciation (depreciation) of investments 52,736,931
Net increase (decrease) in net assets resulting from
operations 72,169,188
Participating unit holder transactions:
Class TR proceeds from issuance of units (494,188 units) 6,768,305
Class TR payments for withdrawals (397,833 units) (5,477,331)
Net change 1,290,974
Class F proceeds from issuance of units (1,183,243 units) 24,513,941
Class F payments for withdrawals (1,640,473 units) (34,434,424)
Net change (9,920,483)
Class N proceeds from issuance of units (444,087 units) 12,544,523
Class N payments for withdrawals (781,490 units) (23,024,999)
Net change (10,480,476)
Class N20 proceeds from issuance of units (8,013 units) 845,001
Class N20 payments for withdrawals (2,246 units) (212,342)
Net change 632,659
Change in net assets derived from unit transactions (18,477,326)
Total increase (decrease) in net assets 53,691,862
Net assets:
Beginning of year (1,344,704 Class TR units, 8,305,385 Class F
units, 4,026,278 Class N units, 64,948 Class N20 units) 275,028,341
End of year (1,441,059 Class TR units, 7,848,155 Class F units,
3,688,875 Class N units, 70,715 Class N20 units) $ 328,720,203
WELLS FARGO/BLACKROCK LARGE CAP VALUE INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 20
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock Russell 1000® Value Fund F 8,716,628 $ 235,535,352 $ 328,742,391 ____________________________________ ____________________________________
Total Collective Investment Funds 235,535,352 328,742,391 ____________________________________ ____________________________________
Total Investments: 100.01% $ 235,535,352 $ 328,742,391 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 21
WELLS FARGO/BLACKROCK LARGE CAP VALUE INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N Class N20
Per share operating performance:
Unit value, beginning of year $ 12.01 $ 17.97 $ 25.81 $ 88.14
Income from investment operations:
Net investment income (loss)(1) (0.05) (0.01) (0.02) (0.28)
Net realized and unrealized gain (loss) on
investments 3.20 4.79 6.87 23.46
Total from investment operations 3.15 4.78 6.85 23.18
Unit value, end of year $ 15.16 $ 22.75 $ 32.66 $ 111.32
Total return per unit 26.19% 26.59% 26.55% 26.30%
Net assets, end of year $ 21,842,048 $ 178,537,381 $ 120,468,531 $ 7,872,243
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(2) 0.36% 0.04% 0.07% 0.27%
Ratio of net investment income (loss) to
average net assets (0.36)% (0.04)% (0.07)% (0.27)%
(1) Based on average number of units outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 22
WELLS FARGO/BLACKROCK LARGE CAP VALUE INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class TR Class F
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 1,351,435 $ 12.94 8,253,132 $ 19.37
February 28, 2019 1,362,704 13.35 8,163,109 19.99
March 31, 2019 1,446,392 13.44 7,932,363 20.12
April 30, 2019 1,425,225 13.91 7,969,465 20.84
May 31, 2019 1,387,330 13.01 7,973,939 19.49
June 30, 2019 1,376,317 13.94 7,998,618 20.89
July 31, 2019 1,379,659 14.05 8,126,033 21.07
August 31, 2019 1,392,500 13.64 8,353,256 20.45
September 30, 2019 1,414,678 14.12 7,872,996 21.18
October 31, 2019 1,439,969 14.32 8,198,188 21.48
November 30, 2019 1,439,954 14.75 7,860,923 22.14
December 31, 2019 1,441,059 15.16 7,848,155 22.75
Class N Class N20
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 4,045,526 $ 27.81 62,741 $ 94.99
February 28, 2019 4,035,126 28.71 62,741 98.02
March 31, 2019 3,973,409 28.89 62,741 98.64
April 30, 2019 3,957,689 29.92 62,741 102.12
May 31, 2019 3,952,571 27.99 62,741 95.52
June 30, 2019 3,823,303 30.00 62,741 102.35
July 31, 2019 3,778,873 30.25 62,741 103.19
August 31, 2019 3,907,449 29.36 62,741 100.16
September 30, 2019 3,702,118 30.40 62,741 103.69
October 31, 2019 3,693,471 30.83 70,715 105.13
November 30, 2019 3,684,733 31.78 70,715 108.36
December 31, 2019 3,688,875 32.66 70,715 111.32
See accompanying notes to financial statements. 23
WELLS FARGO/BLACKROCK RUSSELL 2000 INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 275,395,685 $ 349,192,563
Receivable for investment securities sold 14,609,173
Fund shares sold 208,444
Total assets 364,010,180
Liabilities:
Fund shares repurchased 14,817,617
Accrued expenses 34,076
Total liabilities 14,851,693
Net assets $ 349,158,487
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 64,761,874 4,110,500 $ 15.76
F $ 189,378,225 8,515,151 $ 22.24
N $ 88,274,548 2,172,456 $ 40.63
N35 $ 6,743,840 151,461 $ 44.53
See accompanying notes to financial statements. 24
WELLS FARGO/BLACKROCK RUSSELL 2000 INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Administration, Advisory, and/or Trustee Fees $ 194,849
Program fees (Class TR units) 181,303
Total expenses 376,152
Net investment income (loss) (376,152)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 26,194,412
Net change in unrealized appreciation (depreciation) of:
Investments 49,171,743
Net gain (loss) on investments 75,366,155
Net change in net assets resulting from operations $ 74,990,003
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (376,152)
Net realized gain (loss) on investments 26,194,412
Net change in unrealized appreciation (depreciation) of investments 49,171,743
Net increase (decrease) in net assets resulting from
operations 74,990,003
Participating unit holder transactions:
Class TR proceeds from issuance of units (1,462,458 units) 21,150,529
Class TR payments for withdrawals (1,182,947 units) (17,159,616)
Net change 3,990,913
Class F proceeds from issuance of units (3,553,719 units) 72,350,950
Class F payments for withdrawals (2,979,714 units) (61,496,203)
Net change 10,854,747
Class N proceeds from issuance of units (888,571 units) 32,470,123
Class N payments for withdrawals (1,399,108 units) (52,814,843)
Net change (20,344,720)
Class N35 proceeds from issuance of units (16,356 units) 655,163
Class N35 payments for withdrawals (294,879 units) (11,687,065)
Net change (11,031,902)
Change in net assets derived from unit transactions (16,530,962)
Total increase (decrease) in net assets 58,459,041
Net assets:
Beginning of year (3,830,989 Class TR units, 7,941,146 Class F
units, 2,682,993 Class N units, 429,984 Class N35 units) 290,699,446
End of year (4,110,500 Class TR units, 8,515,151 Class F units,
2,172,456 Class N units, 151,461 Class N35 units) $ 349,158,487
WELLS FARGO/BLACKROCK RUSSELL 2000 INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 25
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock Russell 2000® Index Fund F 6,717,218 $ 275,395,685 $ 349,192,563 ____________________________________ ____________________________________
Total Collective Investment Funds 275,395,685 349,192,563 ____________________________________ ____________________________________
Total Investments: 100.01% $ 275,395,685 $ 349,192,563 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 26
WELLS FARGO/BLACKROCK RUSSELL 2000 INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N Class N35
Per share operating performance:
Unit value, beginning of year $ 12.57 $ 17.69 $ 32.33 $ 35.55
Income from investment operations:
Net investment income (loss)(1) (0.05) (0.01) (0.03) (0.17)
Net realized and unrealized gain (loss) on
investments 3.24 4.56 8.33 9.15
Total from investment operations 3.19 4.55 8.30 8.98
Unit value, end of year $ 15.76 $ 22.24 $ 40.63 $ 44.53
Total return per unit 25.31% 25.71% 25.67% 25.23%
Net assets, end of year $ 64,761,874 $ 189,378,225 $ 88,274,548 $ 6,743,840
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(2) 0.35% 0.04% 0.07% 0.42%
Ratio of net investment income (loss) to
average net assets (0.35)% (0.04)% (0.07)% (0.42)%
(1) Based on average number of units outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 27
WELLS FARGO/BLACKROCK RUSSELL 2000 INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class TR Class F
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 3,891,822 $ 13.98 7,883,051 $ 19.68
February 28, 2019 3,944,495 14.71 7,689,694 20.71
March 31, 2019 4,004,525 14.40 8,872,758 20.28
April 30, 2019 3,957,233 14.89 8,856,816 20.97
May 31, 2019 3,902,291 13.73 8,785,511 19.34
June 30, 2019 3,909,289 14.69 8,906,644 20.71
July 31, 2019 3,927,733 14.78 8,943,533 20.84
August 31, 2019 3,950,800 14.05 9,022,856 19.81
September 30, 2019 3,995,419 14.34 8,807,577 20.22
October 31, 2019 4,054,758 14.72 9,054,965 20.76
November 30, 2019 4,098,615 15.32 8,792,856 21.62
December 31, 2019 4,110,500 15.76 8,515,151 22.24
Class N Class N35
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 2,773,181 $ 35.97 416,562 $ 39.55
February 28, 2019 2,652,063 37.84 161,372 41.59
March 31, 2019 2,881,854 37.07 160,945 40.72
April 30, 2019 2,874,126 38.33 155,365 42.10
May 31, 2019 2,843,973 35.35 155,409 38.81
June 30, 2019 2,828,723 37.84 155,432 41.54
July 31, 2019 2,737,725 38.07 151,730 41.78
August 31, 2019 2,640,564 36.19 151,229 39.71
September 30, 2019 2,586,099 36.95 151,479 40.53
October 31, 2019 2,540,293 37.94 151,768 41.59
November 30, 2019 2,519,736 39.50 151,231 43.29
December 31, 2019 2,172,456 40.63 151,461 44.53
See accompanying notes to financial statements. 28
WELLS FARGO/BLACKROCK S&P 500 INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 3,259,845,021 $ 5,197,283,377
Receivable for investment securities sold 146,629,230
Fund shares sold 2,705,937
Total assets 5,346,618,544
Liabilities:
Fund shares repurchased 149,495,591
Accrued expenses 158,778
Total liabilities 149,654,369
Net assets $ 5,196,964,175
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 223,807,901 12,632,924 $ 17.72
F $ 2,401,261,623 88,925,328 $ 27.00
N $ 2,473,941,095 17,979,175 $ 137.60
N5 $ 91,398,435 495,827 $ 184.34
N20 $ 6,555,121 284,414 $ 23.05
See accompanying notes to financial statements. 29
WELLS FARGO/BLACKROCK S&P 500 INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Administration, Advisory, and/or Trustee Fees $ 1,158,231
Program fees (Class TR units) 638,747
Total expenses 1,796,978
Net investment income (loss) (1,796,978)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 479,498,577
Net change in unrealized appreciation (depreciation) of:
Investments 888,232,816
Net gain (loss) on investments 1,367,731,393
Net change in net assets resulting from operations $ 1,365,934,415
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (1,796,978)
Net realized gain (loss) on investments 479,498,577
Net change in unrealized appreciation (depreciation) of investments 888,232,816
Net increase (decrease) in net assets resulting from
operations 1,365,934,415
Participating unit holder transactions:
Class TR proceeds from issuance of units (3,599,683 units) 56,281,520
Class TR payments for withdrawals (3,771,209 units) (59,520,535)
Net change (3,239,015)
Class F proceeds from issuance of units (18,665,088 units) 443,359,938
Class F payments for withdrawals (24,211,366 units) (588,237,365)
Net change (144,877,427)
Class N proceeds from issuance of units (4,033,694 units) 489,072,548
Class N payments for withdrawals (8,969,400 units) (1,089,380,517)
Net change (600,307,969)
Class N5 proceeds from issuance of units (98,666 units) 16,134,768
Class N5 payments for withdrawals (120,031 units) (19,610,108)
Net change (3,475,340)
Class N20 proceeds from issuance of units (270,578 units) 5,436,113
Class N20 payments for withdrawals (1,248,723 units) (26,949,138)
Net change (21,513,025)
Change in net assets derived from unit transactions (773,412,776)
Total increase (decrease) in net assets 592,521,639
Net assets:
Beginning of year (12,804,450 Class TR units, 94,471,606 Class F
units, 22,914,881 Class N units, 517,192 Class N5 units, 1,262,559 4,604,442,536
End of year (12,632,924 Class TR units, 88,925,328 Class F units,
17,979,175 Class N units, 495,827 Class N5 units, 284,414 Class
N20 units) $ 5,196,964,175
WELLS FARGO/BLACKROCK S&P 500 INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 30
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock Equity Index Fund F 82,671,539 $ 3,259,845,021 $ 5,197,283,377 ____________________________________ ____________________________________
Total Collective Investment Funds 3,259,845,021 5,197,283,377 ____________________________________ ____________________________________
Total Investments: 100.01% $ 3,259,845,021 $ 5,197,283,377 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 31
WELLS FARGO/BLACKROCK S&P 500 INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N Class N5 Class N20
Per share operating performance:
Unit value, beginning
of year $ 13.51 $ 20.53 $ 104.62 $ 140.23 $ 17.56
Income from investment operations:
Net investment income
(loss)(1) (0.05) (0.00) (2) (0.04) (0.13) (0.05)
Net realized and
unrealized gain (loss)
on investments 4.26 6.47 33.02 44.24 5.54
Total from investment
operations 4.21 6.47 32.98 44.11 5.49
Unit value, end of year $ 17.72 $ 27.00 $ 137.60 $ 184.34 $ 23.05
Total return per unit 31.13% 31.54% 31.52% 31.45% 31.26%
Net assets, end of year $ 223,807,901 $ 2,401,261,623 $ 2,473,941,095 $ 91,398,435 $ 6,555,121
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to
average net assets(3) 0.33% 0.01% 0.03% 0.08% 0.23%
Ratio of net investment
income (loss) to
average net assets (0.33)% (0.01)% (0.03)% (0.08)% (0.23)%
(1) Based on average number of units outstanding. (2) Amount is less than $ 0.005. (3) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 32
WELLS FARGO/BLACKROCK S&P 500 INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class TR Class F
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 12,907,190 $ 14.59 94,472,700 $ 22.18
February 28, 2019 13,039,045 15.06 94,286,381 22.89
March 31, 2019 13,154,975 15.35 95,647,151 23.34
April 30, 2019 12,957,233 15.97 95,069,129 24.28
May 31, 2019 12,739,267 14.95 94,532,881 22.74
June 30, 2019 12,690,957 16.00 93,680,488 24.34
July 31, 2019 12,645,739 16.22 92,703,010 24.69
August 31, 2019 12,682,379 15.96 93,229,806 24.30
September 30, 2019 12,700,287 16.26 94,149,277 24.76
October 31, 2019 12,770,685 16.60 93,584,951 25.29
November 30, 2019 12,664,028 17.20 91,126,007 26.21
December 31, 2019 12,632,924 17.72 88,925,328 27.00
Class N Class N5
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 22,245,463 $ 113.02 510,898 $ 151.48
February 28, 2019 22,052,820 116.65 514,195 156.33
March 31, 2019 20,770,034 118.94 513,706 159.40
April 30, 2019 20,309,157 123.76 520,161 165.85
May 31, 2019 20,156,375 115.89 508,981 155.30
June 30, 2019 20,115,714 124.06 505,399 166.23
July 31, 2019 19,848,840 125.84 502,734 168.62
August 31, 2019 19,382,377 123.84 507,683 165.94
September 30, 2019 19,276,200 126.16 502,230 169.04
October 31, 2019 19,089,823 128.89 498,861 172.69
November 30, 2019 18,906,786 133.57 497,417 178.95
December 31, 2019 17,979,175 137.60 495,827 184.34
Class N20
Units Unit
outstanding valuation
January 31, 2019 1,275,078 $ 18.97
February 28, 2019 1,278,148 19.57
March 31, 2019 1,256,409 19.95
April 30, 2019 1,273,984 20.76
May 31, 2019 1,257,001 19.43
June 30, 2019 1,256,800 20.80
July 31, 2019 1,251,880 21.10
August 31, 2019 1,248,474 20.76
September 30, 2019 1,241,590 21.14
October 31, 2019 1,232,104 21.60
November 30, 2019 400,244 22.38
December 31, 2019 284,414 23.05
See accompanying notes to financial statements. 33
WELLS FARGO/BLACKROCK S&P MIDCAP INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 918,459,512 $ 1,281,889,925
Receivable for investment securities sold 2,976,357
Fund shares sold 612,455
Total assets 1,285,478,737
Liabilities:
Fund shares repurchased 3,588,812
Accrued expenses 69,206
Total liabilities 3,658,018
Net assets $ 1,281,820,719
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 124,512,431 7,853,618 $ 15.85
F $ 784,874,052 33,370,646 $ 23.52
N $ 354,117,948 6,829,607 $ 51.85
N35 $ 18,316,288 98,551 $ 185.86
See accompanying notes to financial statements. 34
WELLS FARGO/BLACKROCK S&P MIDCAP INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Administration, Advisory, and/or Trustee Fees $ 401,695
Program fees (Class TR units) 357,949
Total expenses 759,644
Net investment income (loss) (759,644)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 106,941,952
Net change in unrealized appreciation (depreciation) of:
Investments 170,729,161
Net gain (loss) on investments 277,671,113
Net change in net assets resulting from operations $ 276,911,469
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (759,644)
Net realized gain (loss) on investments 106,941,952
Net change in unrealized appreciation (depreciation) of investments 170,729,161
Net increase (decrease) in net assets resulting from
operations 276,911,469
Participating unit holder transactions:
Class TR proceeds from issuance of units (2,548,352 units) 37,068,512
Class TR payments for withdrawals (2,371,246 units) (34,595,026)
Net change 2,473,486
Class F proceeds from issuance of units (4,929,017 units) 106,007,127
Class F payments for withdrawals (7,514,705 units) (163,470,018)
Net change (57,462,891)
Class N proceeds from issuance of units (2,707,548 units) 129,734,572
Class N payments for withdrawals (3,209,421 units) (152,140,229)
Net change (22,405,657)
Class N35 proceeds from issuance of units (8,383 units) 1,420,881
Class N35 payments for withdrawals (13,232 units) (2,308,243)
Net change (887,362)
Change in net assets derived from unit transactions (78,282,424)
Total increase (decrease) in net assets 198,629,045
Net assets:
Beginning of year (7,676,512 Class TR units, 35,956,334 Class F
units, 7,331,480 Class N units, 103,400 Class N35 units) 1,083,191,674
End of year (7,853,618 Class TR units, 33,370,646 Class F units,
6,829,607 Class N units, 98,551 Class N35 units) $ 1,281,820,719
WELLS FARGO/BLACKROCK S&P MIDCAP INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 35
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock Mid Capitalization Equity Index
Fund F 12,900,209 $ 918,459,512 $ 1,281,889,925 ____________________________________ ____________________________________
Total Collective Investment Funds 918,459,512 1,281,889,925 ____________________________________ ____________________________________
Total Investments: 100.01% $ 918,459,512 $ 1,281,889,925 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 36
WELLS FARGO/BLACKROCK S&P MIDCAP INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N Class N35
Per share operating performance:
Unit value, beginning of year $ 12.60 $ 18.63 $ 41.09 $ 147.80
Income from investment operations:
Net investment income (loss)(1) (0.05) (0.00) (2) (0.02) (0.69)
Net realized and unrealized gain (loss) on
investments 3.30 4.89 10.78 38.75
Total from investment operations 3.25 4.89 10.76 38.06
Unit value, end of year $ 15.85 $ 23.52 $ 51.85 $ 185.86
Total return per unit 25.83% 26.23% 26.19% 25.75%
Net assets, end of year $ 124,512,431 $ 784,874,052 $ 354,117,948 $ 18,316,288
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(3) 0.33% 0.02% 0.05% 0.40%
Ratio of net investment income (loss) to
average net assets (0.33)% (0.02)% (0.05)% (0.40)%
(1) Based on average number of units outstanding. (2) Amount is less than $ 0.005. (3) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 37
WELLS FARGO/BLACKROCK S&P MIDCAP INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class TR Class F
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 7,800,913 $ 13.91 35,715,975 $ 20.58
February 28, 2019 7,902,773 14.50 35,092,917 21.45
March 31, 2019 7,888,789 14.41 35,081,161 21.33
April 30, 2019 7,776,067 14.99 34,822,849 22.19
May 31, 2019 7,683,931 13.79 34,876,154 20.42
June 30, 2019 7,675,169 14.84 34,881,532 21.98
July 31, 2019 7,684,339 15.01 35,031,667 22.24
August 31, 2019 7,703,385 14.38 35,394,954 21.31
September 30, 2019 7,731,462 14.82 34,800,073 21.96
October 31, 2019 7,808,166 14.98 34,568,896 22.21
November 30, 2019 7,830,686 15.42 33,962,449 22.88
December 31, 2019 7,853,618 15.85 33,370,646 23.52
Class N Class N35
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 7,366,215 $ 45.39 103,438 $ 163.21
February 28, 2019 7,240,630 47.31 103,011 170.07
March 31, 2019 5,950,139 47.03 100,487 169.04
April 30, 2019 5,905,662 48.92 99,156 175.77
May 31, 2019 5,855,766 45.02 98,481 161.72
June 30, 2019 5,797,037 48.46 98,089 174.02
July 31, 2019 7,273,933 49.04 98,444 176.05
August 31, 2019 7,021,163 46.99 103,428 168.61
September 30, 2019 6,906,205 48.43 103,368 173.74
October 31, 2019 6,845,752 48.97 102,838 175.65
November 30, 2019 6,863,370 50.43 98,952 180.82
December 31, 2019 6,829,607 51.85 98,551 185.86
See accompanying notes to financial statements. 38
WELLS FARGO/BLACKROCK SHORT TERM INVESTMENT FUND
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 6,106,015,054 $ 6,106,015,054
Accrued interest income 10,162,997
Total assets 6,116,178,051
Liabilities:
Income distribution payable 8,623,318
Accrued expenses 438,539
Total liabilities 9,061,857
Net assets $ 6,107,116,194
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 18,450,674 18,450,673 $ 1.00
F $ 213,515,865 213,515,865 $ 1.00
N $ 855,790,070 855,790,070 $ 1.00
S $ 5,019,359,585 5,019,359,583 $ 1.00
See accompanying notes to financial statements. 39
WELLS FARGO/BLACKROCK SHORT TERM INVESTMENT FUND
Statement of Operations
Year ended December 31, 2019
Investment income:
Interest income $ 153,993,504
Total income 153,993,504
Expenses:
Administration, Advisory, and/or Trustee Fees 5,363,504
Program fees (Class TR units) 12,743
Total expenses 5,376,247
Net investment income (loss) 148,617,257
Net change in net assets resulting from operations $ 148,617,257
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ 148,617,257
Net increase (decrease) in net assets resulting from
operations 148,617,257
Distributions to participants from:
Net investment income (148,618,146)
Participating unit holder transactions:
Class TR proceeds from issuance of units (6,342,142 units) 6,342,142
Class TR payments for withdrawals (1,941,992 units) (1,941,992)
Net change 4,400,150
Class F proceeds from issuance of units (907,298,337 units) 907,298,338
Class F payments for withdrawals (1,034,640,628 units) (1,034,640,628)
Net change (127,342,290)
Class N proceeds from issuance of units (2,798,278,427 units) 2,798,278,427
Class N payments for withdrawals (2,745,265,729 units) (2,745,265,729)
Net change 53,012,698
Class S proceeds from issuance of units (17,123,888,451 units) 17,123,888,450
Class S reinvestment of distributions (14,377,307 units) 14,377,307
Class S payments for withdrawals (18,986,139,243 units) (18,986,139,243)
Net change (1,847,873,486)
Change in net assets derived from unit transactions (1,917,802,928)
Total increase (decrease) in net assets (1,917,803,817)
Net assets:
Beginning of year (14,050,523 Class TR units, 340,858,156 Class F
units, 802,777,372 Class N units, 6,867,233,068 Class S units) 8,024,920,011
End of year (18,450,673 Class TR units, 213,515,865 Class F units,
855,790,070 Class N units, 5,019,359,583 Class S units) $ 6,107,116,194
WELLS FARGO/BLACKROCK SHORT TERM INVESTMENT FUND
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 40
Shares Cost
Fair
Value ___________ ____________ ______________
Short-Term Investments: 100.00%
BlackRock Short Term Investment Fund A5 6,106,015,054 $ 6,106,015,054 $ 6,106,015,054 ____________________________________ ____________________________________
Total Short-Term Investments 6,106,015,054 6,106,015,054 ____________________________________ ____________________________________
Total Investments: 100.00% $ 6,106,015,054 $ 6,106,015,054 ____________________________________ ____________________________________ ____________________________________ ____________________________________
All securities are valued at amortized cost in valuing the Fund's total net assets.
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 41
WELLS FARGO/BLACKROCK SHORT TERM INVESTMENT FUND
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N Class S
Per share operating performance:
Unit value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income (loss)(1) 0.02 0.02 0.02 0.02
Total from investment operations 0.02 0.02 0.02 0.02
Distributions From:
Net investment income (0.02) (0.02) (0.02) (0.02)
Unit value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return per unit 2.27% 2.39% 2.31% 2.39%
Net assets, end of year $ 18,450,674 $ 213,515,865 $ 855,790,070 $ 5,019,359,585
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(2) 0.20% 0.07% 0.15% 0.07%
Ratio of net investment income (loss) to
average net assets 2.22% 2.36% 2.29% 2.36%
(1) Based on average number of units outstanding. (2) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 42
WELLS FARGO/BLACKROCK SHORT TERM INVESTMENT FUND
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class TR Class F
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 14,142,580 $ 1.00 234,752,818 $ 1.00
February 28, 2019 14,277,303 1.00 217,504,192 1.00
March 31, 2019 15,367,367 1.00 234,647,818 1.00
April 30, 2019 16,143,980 1.00 233,184,071 1.00
May 31, 2019 17,277,060 1.00 228,844,720 1.00
June 30, 2019 18,021,942 1.00 237,970,091 1.00
July 31, 2019 18,216,862 1.00 216,398,927 1.00
August 31, 2019 18,313,519 1.00 238,514,859 1.00
September 30, 2019 18,649,919 1.00 229,721,306 1.00
October 31, 2019 18,636,081 1.00 218,005,475 1.00
November 30, 2019 18,287,601 1.00 211,708,641 1.00
December 31, 2019 18,450,673 1.00 213,515,865 1.00
Class N Class S
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 930,086,099 $ 1.00 5,742,868,407 $ 1.00
February 28, 2019 833,338,503 1.00 5,351,151,908 1.00
March 31, 2019 833,501,608 1.00 5,379,746,811 1.00
April 30, 2019 805,934,864 1.00 4,508,437,483 1.00
May 31, 2019 800,474,152 1.00 4,891,135,193 1.00
June 30, 2019 806,780,888 1.00 5,840,221,006 1.00
July 31, 2019 838,193,606 1.00 5,184,449,286 1.00
August 31, 2019 834,276,579 1.00 5,664,705,264 1.00
September 30, 2019 872,786,558 1.00 5,892,662,783 1.00
October 31, 2019 857,037,487 1.00 5,225,494,919 1.00
November 30, 2019 813,388,456 1.00 5,323,733,910 1.00
December 31, 2019 855,790,070 1.00 5,019,359,583 1.00
See accompanying notes to financial statements. 43
WELLS FARGO/BLACKROCK U.S. AGGREGATE BOND INDEX CIT
Statement of Assets and Liabilities
December 31, 2019
Cost
Fair
value
Assets:
Investments $ 914,754,725 $ 1,004,799,785
Receivable for investment securities sold 8,197,305
Fund shares sold 655,149
Total assets 1,013,652,239
Liabilities:
Fund shares repurchased 8,852,454
Accrued expenses 104,742
Total liabilities 8,957,196
Net assets $ 1,004,695,043
Class Net Assets
Shares
Outstanding Net Asset Value
TR $ 299,118,094 25,684,057 $ 11.65
F $ 582,807,414 48,114,786 $ 12.11
N $ 122,769,535 7,008,502 $ 17.52
See accompanying notes to financial statements. 44
WELLS FARGO/BLACKROCK U.S. AGGREGATE BOND INDEX CIT
Statement of Operations
Year ended December 31, 2019
Expenses:
Program fees (Class TR units) $ 912,471
Administration, Advisory, and/or Trustee Fees 266,782
Total expenses 1,179,253
Net investment income (loss) (1,179,253)
Realized and unrealized gain (loss) on investment transaction:
Net realized gain (loss) on:
Investments 15,419,360
Net change in unrealized appreciation (depreciation) of:
Investments 62,611,037
Net gain (loss) on investments 78,030,397
Net change in net assets resulting from operations $ 76,851,144
Statement of Changes in Net Assets
Year ended December 31, 2019
Increase/(decrease) in net assets from operations:
Net investment income (loss) $ (1,179,253)
Net realized gain (loss) on investments 15,419,360
Net change in unrealized appreciation (depreciation) of investments 62,611,037
Net increase (decrease) in net assets resulting from
operations 76,851,144
Participating unit holder transactions:
Class TR proceeds from issuance of units (8,822,962 units) 98,771,085
Class TR payments for withdrawals (7,528,308 units) (84,857,843)
Net change 13,913,242
Class F proceeds from issuance of units (15,710,584 units) 184,757,684
Class F payments for withdrawals (8,836,618 units) (105,337,167)
Net change 79,420,517
Class N proceeds from issuance of units (2,418,062 units) 41,236,488
Class N payments for withdrawals (1,871,727 units) (32,039,225)
Net change 9,197,263
Change in net assets derived from unit transactions 102,531,022
Total increase (decrease) in net assets 179,382,166
Net assets:
Beginning of year (24,389,403 Class TR units, 41,240,820 Class F
units, 6,462,167 Class N units) 825,312,877
End of year (25,684,057 Class TR units, 48,114,786 Class F units,
7,008,502 Class N units) $ 1,004,695,043
WELLS FARGO/BLACKROCK U.S. AGGREGATE BOND INDEX CIT
Schedule of Investments
December 31, 2019
See accompanying notes to financial statements. 45
Shares Cost
Fair
Value ___________ ____________ ______________
Collective Investment Funds: 100.01%
BlackRock U.S. Debt Index Fund F 29,687,138 $ 914,754,725 $ 1,004,799,785 ____________________________________ ____________________________________
Total Collective Investment Funds 914,754,725 1,004,799,785 ____________________________________ ____________________________________
Total Investments: 100.01% $ 914,754,725 $ 1,004,799,785 ____________________________________ ____________________________________ ____________________________________ ____________________________________
Percentages shown are based on total net assets.
See accompanying notes to financial statements. 46
WELLS FARGO/BLACKROCK U.S. AGGREGATE BOND INDEX CIT
Financial Highlights
Year ended December 31, 2019
Class TR Class F Class N
Per share operating performance:
Unit value, beginning of year $ 10.74 $ 11.14 $ 16.11
Income from investment operations:
Net investment income (loss)(1) (0.04) (0.00) (2) (0.01)
Net realized and unrealized gain (loss) on investments 0.95 0.97 1.42
Total from investment operations 0.91 0.97 1.41
Unit value, end of year $ 11.65 $ 12.11 $ 17.52
Total return per unit 8.43% 8.77% 8.76%
Net assets, end of year $ 299,118,094 $ 582,807,414 $ 122,769,535
Ratios: see note 3 for Underlying Fund average expense and portfolio turnover information.
Ratio of expenses to average net assets(3) 0.34% 0.03% 0.04%
Ratio of net investment income (loss) to average net assets (0.34)% (0.03)% (0.04)%
(1) Based on average number of units outstanding. (2) Amount is less than $ 0.005. (3) Expense ratios do not include expenses for the Underlying Funds.
See accompanying notes to financial statements. 47
WELLS FARGO/BLACKROCK U.S. AGGREGATE BOND INDEX CIT
Supplemental Schedule of Monthly Values (Unaudited)
Year ended December 31, 2019
Class TR Class F
Units Unit Units Unit
outstanding valuation outstanding valuation
January 31, 2019 24,168,762 $ 10.85 41,177,829 $ 11.26
February 28, 2019 24,322,940 10.85 41,923,105 11.25
March 31, 2019 24,856,369 11.05 45,777,162 11.47
April 30, 2019 25,368,491 11.05 46,252,969 11.47
May 31, 2019 25,955,799 11.24 45,985,286 11.67
June 30, 2019 26,388,999 11.38 45,954,977 11.82
July 31, 2019 26,410,061 11.40 46,123,472 11.85
August 31, 2019 26,423,410 11.70 44,923,313 12.15
September 30, 2019 26,528,222 11.64 48,724,479 12.09
October 31, 2019 26,329,138 11.67 48,791,133 12.13
November 30, 2019 25,759,542 11.66 48,690,625 12.12
December 31, 2019 25,684,057 11.65 48,114,786 12.11
Class N
Units Unit
outstanding valuation
January 31, 2019 6,466,137 $ 16.28
February 28, 2019 6,452,002 16.27
March 31, 2019 6,532,514 16.58
April 30, 2019 6,685,905 16.59
May 31, 2019 6,823,001 16.88
June 30, 2019 6,911,173 17.09
July 31, 2019 6,847,539 17.13
August 31, 2019 6,960,185 17.58
September 30, 2019 7,138,506 17.49
October 31, 2019 7,156,062 17.54
November 30, 2019 7,341,891 17.53
December 31, 2019 7,008,502 17.52
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
48
Wells Fargo/BlackRock Bond Index CIT Wells Fargo/BlackRock S&P 500 Index CIT
Wells Fargo/BlackRock International Equity Index CIT Wells Fargo/BlackRock S&P MidCap Index CIT
Wells Fargo/BlackRock Large Cap Growth Index CIT Wells Fargo/BlackRock Short Term Investment Fund
Wells Fargo/BlackRock Large Cap Value Index CIT Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT
Wells Fargo/BlackRock Russell 2000 Index 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) Bond Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the Barclays Government/Credit Bond Index. The Fund is an index fund that invests in the debt
securities of companies that compose the Index. The Fund will pursue its objective through investment in one
or more underlying collective investment funds maintained by BlackRock Institutional Trust Company, N.A.
b) International Equity Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the Morgan Stanley Capital International Europe, Australasia and Far East Index. The Fund is an
index fund that invests in the equity securities of companies that compose the Index. The Fund will pursue its
objective through investment in one or more underlying collective investment funds maintained by
BlackRock Institutional Trust Company, N.A.
c) Large Cap Growth Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the Russell 1000® Growth Index. The Fund is an index fund that invests in the equity securities
of companies that compose the Index. The Fund will pursue its objective through investment in one or more
underlying collective investment funds maintained by BlackRock Institutional Trust Company, N.A.
d) Large Cap Value Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the Russell 1000® Value Index. The Fund is an index fund that invests in the equity securities of
companies that compose the Index. The Fund will pursue its objective through investment in one or more
underlying collective investment funds maintained by BlackRock Institutional Trust Company, N.A.
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
49
e) Russell 2000 Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the Russell 2000® Index. The Fund is an index fund that invests in the equity securities of
companies that compose the Index. The Fund will pursue its objective through investment in one or more
underlying collective investment funds maintained by BlackRock Institutional Trust Company, N.A.
f) S&P 500 Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the Standard & Poor’s 500 Index. The Fund is an index fund that invests in the equity securities
of companies that compose the Index. The Fund will pursue its objective through investment in one or more
underlying collective investment funds maintained by BlackRock Institutional Trust Company, N.A.
g) S&P MidCap Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the Standard & Poor’s 400 MidCap Index. The Fund is an index fund that invests in the equity
securities of companies that compose the Index. The Fund will pursue its objective through investment in one
or more underlying collective investment funds maintained by BlackRock Institutional Trust Company, N.A.
h) Short Term Investment Fund
The Short Term Investment Fund's objective is to invest primarily in short term fixed income securities. The
Fund will pursue its objective through investment in one or more underlying collective investment funds
maintained by BlackRock Institutional Trust Company, N.A.
i) U.S. Aggregate Bond Index CIT
The Fund seeks to approximate as closely as practicable the total return, before deduction of fees and
expenses, of the U.S. Aggregate Bond Index. The Fund is an index fund that invests in the debt securities of
companies that compose the Index. The Fund will pursue its objective through investment in one or more
underlying collective investment funds maintained by BlackRock Institutional Trust Company, N.A.
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 29, 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.
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
50
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 (or any Underlying funds as applicable) 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’ unit 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) Valuation of Investments
Valuation of the Funds’ units occurs daily for those days that the financial markets are open. Unit values are
determined by dividing the value of each Fund’s net assets by the total number of units 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.
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
51
• 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.
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 Trustee 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 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 Trustee receives reports on
any valuation actions taken by the Valuation Working Group which may include items for ratification.
e) Fair Valuation of Securities
The Funds are subject to the provisions of FASB ASC 820, 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, 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 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.
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
52
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.
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/BlackRock Bond Index CIT:
Value of investment securities:
Collective Investment Funds $ 104,304,248 $ — $ — $ 104,304,248
Total $ 104,304,248 $ — $ — $ 104,304,248
Wells Fargo/BlackRock International Equity Index CIT:
Value of investment securities:
Collective Investment Funds $ 656,317,654 $ — $ — $ 656,317,654
Total $ 656,317,654 $ — $ — $ 656,317,654
Wells Fargo/BlackRock Large Cap Growth Index CIT:
Value of investment securities:
Collective Investment Funds $ 368,948,683 $ — $ — $ 368,948,683
Total $ 368,948,683 $ — $ — $ 368,948,683
Wells Fargo/BlackRock Large Cap Value Index CIT:
Value of investment securities:
Collective Investment Funds $ 328,742,391 $ — $ — $ 328,742,391
Total $ 328,742,391 $ — $ — $ 328,742,391
Wells Fargo/BlackRock Russell 2000 Index CIT:
Value of investment securities:
Collective Investment Funds $ 349,192,563 $ — $ — $ 349,192,563
Total $ 349,192,563 $ — $ — $ 349,192,563
Wells Fargo/BlackRock S&P 500 Index CIT:
Value of investment securities:
Collective Investment Funds $ 5,197,283,377 $ — $ — $ 5,197,283,377
Total $ 5,197,283,377 $ — $ — $ 5,197,283,377
Wells Fargo/BlackRock S&P MidCap Index CIT:
Value of investment securities:
Collective Investment Funds $ 1,281,889,925 $ — $ — $ 1,281,889,925
Total $ 1,281,889,925 $ — $ — $ 1,281,889,925
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
53
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/BlackRock Short Term Investment Fund:
Value of investment securities:
Short-Term Investments $ 6,106,015,054 $ — $ — $ 6,106,015,054
Total $ 6,106,015,054 $ — $ — $ 6,106,015,054
Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT:
Value of investment securities:
Collective Investment Funds $ 1,004,799,785 $ — $ — $ 1,004,799,785
Total $ 1,004,799,785 $ — $ — $ 1,004,799,785
The Funds did not have any transfers into/out of Level 3.
2. Securities Lending and Short Term Investments (unaudited)
Certain Funds earn securities lending income indirectly by their investment in Underlying Funds that lend
securities. The Securities Lending Table provided below provides information on securities lending income earned
indirectly by each Fund. Securities lending income earned by an Underlying Fund consists of borrower fees
(negotiated fees paid by the borrower if it posts U.S. government obligations or letters of credit as collateral) and/or
earnings from investment of cash collateral posted by borrowers. A portion of the return from investment of cash
collateral may be paid to the borrowers of the securities as a negotiated rebate of interest earned on the cash
collateral. The remaining securities lending income is divided between the Underlying Funds and BlackRock
Institutional Trust Company, N.A. (“BTC”). BTC bears all operational costs with respect to securities lending
transactions. Securities lending by Underlying Funds involves exposure to certain risks, including cash collateral
reinvestment risk. Additional information on the securities lending program may be obtained by reading the notes to
the financial statements of the Funds listed on the Schedule of Investments.
Fund Name
Securities Lending Income
Underlying Funds
Wells Fargo/BlackRock Bond Index CIT $ 35,376
Wells Fargo/BlackRock International Equity Index CIT 82,441
Wells Fargo/BlackRock Large Cap Growth Index CIT 30,685
Wells Fargo/BlackRock Large Cap Value Index CIT 30,977
Wells Fargo/BlackRock Russell 2000 Index CIT 189,946
Wells Fargo/BlackRock S&P 500 Index CIT 431,065
Wells Fargo/BlackRock S&P Mid Cap Index CIT 371,203
Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT 196,171
3. Underlying Average Expense and Portfolio Turnover (unaudited)
The following ratios are provided as informational only and are unaudited by our Auditors. They reflect the ratios of
the underlying BlackRock managed collective funds in which the Wells Fargo funds primarily invest.
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
54
Fund Name
Underlying Portfolio
Turnover Ratio
Underlying Portfolio Avg
Exp Ratio Wells Fargo/BlackRock Bond Index CIT 7.69% 0.00% Wells Fargo/BlackRock International Equity Index CIT 3.52% 0.01% Wells Fargo/BlackRock Large Cap Growth Index CIT 21.99% 0.00% Wells Fargo/BlackRock Large Cap Value Index CIT 16.53% 0.00% Wells Fargo/BlackRock Russell 2000 Index CIT 19.62% 0.00% Wells Fargo/BlackRock S&P 500 Index CIT 7.62% 0.00% Wells Fargo/BlackRock S&P MidCap Index CIT 20.89% 0.00% Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT 22.49% 0.01%
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 units. Funds offering N series of unit 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 units do not incur any trustee fees but may incur investment advisory fees. F class units are available only in situations where the Trustee exercises discretion over investments or where units 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 unit values are net of program fees and expenses.
Fees for each unit class, as of December 31, 2019, are outlined on the following chart:
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
55
Fund Name Cusip
Trustee
Fee
TMR
Fee
Wells Fargo/BlackRock Bond Index CIT F 94987Q649 0.000% 0.000%
Wells Fargo/BlackRock Bond Index CIT N 09256V343 0.030% 0.000%
Wells Fargo/BlackRock Bond Index CIT N25 09256V335 0.030% 0.000%
Wells Fargo/BlackRock International Equity Index CIT F 94987Q862 0.000% 0.000%
Wells Fargo/BlackRock International Equity Index CIT N 09256V269 0.010% 0.000%
Wells Fargo/BlackRock International Equity Index CIT TR 94987Q466 0.000% 0.315%
Wells Fargo/BlackRock Large Cap Growth Index CIT F 94987Q854 0.000% 0.000%
Wells Fargo/BlackRock Large Cap Growth Index CIT N 09256V277 0.030% 0.000%
Wells Fargo/BlackRock Large Cap Growth Index CIT N20 09256V228 0.030% 0.000%
Wells Fargo/BlackRock Large Cap Growth Index CIT TR 94987Q458 0.000% 0.315%
Wells Fargo/BlackRock Large Cap Value Index CIT F 94987Q797 0.000% 0.000%
Wells Fargo/BlackRock Large Cap Value Index CIT N 09256V285 0.030% 0.000%
Wells Fargo/BlackRock Large Cap Value Index CIT N20 09256V327 0.030% 0.000%
Wells Fargo/BlackRock Large Cap Value Index CIT TR 94987Q441 0.000% 0.315%
Wells Fargo/BlackRock Russell 2000 Index CIT F 94987Q714 0.000% 0.000%
Wells Fargo/BlackRock Russell 2000 Index CIT N 09256V244 0.030% 0.000%
Wells Fargo/BlackRock Russell 2000 Index CIT N35 09256V236 0.030% 0.000%
Wells Fargo/BlackRock Russell 2000 Index CIT TR 94987Q433 0.000% 0.315%
Wells Fargo/BlackRock S&P 500 Index CIT F 09257F412 0.000% 0.000%
Wells Fargo/BlackRock S&P 500 Index CIT N 09256V293 0.020% 0.000%
Wells Fargo/BlackRock S&P 500 Index CIT N5 09257C864 0.020% 0.000%
Wells Fargo/BlackRock S&P 500 Index CIT N20 94987Q540 0.020% 0.000%
Wells Fargo/BlackRock S&P 500 Index CIT TR 94987Q425 0.000% 0.315%
Wells Fargo/BlackRock S&P MidCap Index CIT F 09257F420 0.000% 0.000%
Wells Fargo/BlackRock S&P MidCap Index CIT N 09256V251 0.030% 0.000%
Wells Fargo/BlackRock S&P MidCap Index CIT N35 09256V319 0.030% 0.000%
Wells Fargo/BlackRock S&P MidCap Index CIT TR 94987Q417 0.000% 0.315%
Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT F 94987Q664 0.000% 0.000%
Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT N 09256V350 0.010% 0.000%
Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT TR 94987Q474 0.000% 0.315%
Wells Fargo/BlackRock Short-Term Investment Fund S PF9983008 0.000% 0.000%
Wells Fargo/BlackRock Short-Term Investment Fund F PF9980012 0.000% 0.000%
Wells Fargo/BlackRock Short-Term Investment Fund N PF9980004 0.030% 0.000%
Wells Fargo/BlackRock Short-Term Investment Fund TR PF9980020 0.000% 0.075%
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
56
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 unit 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. Related Party Transactions
The affiliated Underlying Funds have been disclosed on the schedule of investments for each Fund. Currently, each
Fund holds positions in 8-10 underlying investments which are managed by affiliated managers and allocated in
accordance with the designated glide path for each Fund. The affiliated Underlying Funds did not produce income
in the current year. Realized and unrealized gain and loss on investment transactions as presented on the statement
of operations represents gain and loss on the investment in the affiliated Underlying Funds.
8. 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
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.
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
57
9. Unit 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). Units of the Funds are issued and redeemed at the current net asset value.
Unit investors have a proportionate, undivided interest in the Funds’ net assets.
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.
11. Ownership Concentration
At December 31, 2019, the following Funds have unitholders that were not related parties that held units in excess
of 10% of the outstanding units in various classes of the Funds. Investment activities, including redemptions, of
such unitholders could have a material impact on the operations of the Fund or expense impact on the class.
Number of
unitholders with
ownership in
Fund Market Value excess of 10% Aggregated
%
Wells Fargo/BlackRock Bond Index CIT $ 79,491,950 3 76.15%
Wells Fargo/BlackRock Large Cap Growth Index CIT $ 121,313,926 2 32.88%
Wells Fargo/BlackRock Large Cap Value Index CIT $ 58,827,639 1 17.88%
Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT $ 144,871,359 1 14.30%
Wells Fargo/BlackRock Short Term Investment Fund $ 816,236,269 1 15.39%
12. Summary Schedule of Investments Purchased and Sold
WELLS FARGO/BLACKROCK BOND INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 75,206,901 $ 73,496,968 $ 5,447,981
Total investments $ 75,206,901 $ 73,496,968 $ 5,447,981
WELLS FARGO/BLACKROCK INTERNATIONAL EQUITY INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 102,581,076 $ 127,684,441 $ 18,568,867
Total investments $ 102,581,076 $ 127,684,441 $ 18,568,867
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
58
WELLS FARGO/BLACKROCK LARGE CAP GROWTH INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 34,511,106 $ 60,606,798 $ 25,363,725
Total investments $ 34,511,106 $ 60,606,798 $ 25,363,725
WELLS FARGO/BLACKROCK LARGE CAP VALUE INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 32,779,317 $ 51,495,105 $ 19,674,554
Total investments $ 32,779,317 $ 51,495,105 $ 19,674,554
WELLS FARGO/BLACKROCK RUSSELL 2000 INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 69,609,360 $ 86,511,428 $ 26,194,412
Total investments $ 69,609,360 $ 86,511,428 $ 26,194,412
WELLS FARGO/BLACKROCK S&P 500 INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 179,019,700 $ 953,915,505 $ 479,498,577
Total investments $ 179,019,700 $ 953,915,505 $ 479,498,577
WELLS FARGO/BLACKROCK S&P MIDCAP INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 124,620,337 $ 203,466,217 $ 106,941,952
Total investments $ 124,620,337 $ 203,466,217 $ 106,941,952
WELLS FARGO/BLACKROCK SHORT TERM INVESTMENT FUND
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Short-Term investments $ 25,206,480,502 $ 27,124,219,818 $ -
Total investments $ 25,206,480,502 $ 27,124,219,818 $ -
WELLS FARGO BANK COLLECTIVE INVESTMENT FUNDS
Notes to Financial Statements
December 31, 2019
59
WELLS FARGO/BLACKROCK U.S. AGGREGATE BOND INDEX CIT
Purchased Sold or Redeemed
Cost Proceeds Realized Gain/(Loss)
Collective investment funds $ 226,940,723 $ 125,573,686 $ 15,419,360
Total investments $ 226,940,723 $ 125,573,686 $ 15,419,360
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)
__________________________________________________________________________________________________
60
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:
Index Series EIN
Wells Fargo/BlackRock Bond Index CIT
Wells Fargo/BlackRock International Equity Index CIT
Wells Fargo/BlackRock Large Cap Growth Index CIT
Wells Fargo/BlackRock Large Cap Value Index CIT
Wells Fargo/BlackRock Russell 2000 Index CIT
Wells Fargo/BlackRock S&P 500 Index CIT
Wells Fargo/BlackRock S&P MidCap Index CIT
Wells Fargo/BlackRock Short Term Investment Fund
Wells Fargo/BlackRock U.S. Aggregate Bond Index CIT
94-3226244
52-2265229
52-2265232
52-2265227
52-2265233
94-3224211
52-2265235
41-6292499
20-5699010