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As of June 30, 2017 Collective Fund Fact sheet wellsfargofunds.com/html/collective WF/BlackRock U.S. Aggregate Bond Index CIT Asset class: Fixed Income Class F CUSIP Ticker 94987Q664 AGBDIDXF Portfolio composition (%) Maturity distribution (%) Fund U.S. Treasuries (37) MBS (28) Industrials (16) Financials (8) International (5) Agencies (2) CMBS (2) Utilities (2) Municipal Bonds (1) FUND OBJECTIVE The collective fund seeks to approximate the total return, before deduction of fees and expenses, of the Bloomberg Barclays U.S. Aggregate Bond Index. Index 0–1 year 0 2 1–5 years 40 40 5–10 years 4 4 10–20 years 20+ years 0 5 43 44 12 12 10 15 20 25 30 35 40 45 50 FUND STRATEGY The collective fund is an index fund that invests in debt securities of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund will pursue its objective through investment in one or more underlying collective investment funds maintained by BlackRock. The Index is a broad index that is designed to capture the aggregate performance of the taxable U.S. market for high quality government, corporate, mortgagebacked, commercial mortgage-backed, and asset-backed securities. To manage the strategy effectively, the advisor focuses on three objectives: minimizing transaction costs, minimizing tracking error, and minimizing investment and operational risk. Credit quality (%) Fund Index 72 72 AAA/Aaa AA/Aa 4 4 10 11 14 BBB/Baa 14 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 A/A Portfolio composition, maturity distribution, and credit quality are subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding. Growth of $10,000 and annual returns (Class F shares 9-28-12 through 6-30-17) Assumes reinvestment of dividends and capital gains. $12,500 Fund TOP HOLDINGS (%) 10,000 $10,993 U.S. Treasuries, 1.50, 12-31-2018 1.21 U.S. Treasuries, 2.25, 3-31-2021 0.96 7,500 U.S. Treasuries, 2.13, 8-31-2020 0.92 5,000 U.S. Treasuries, 2.25, 11-15-2025 0.91 U.S. Treasuries, 1.50, 2-28-2019 0.71 GNMA, 0.00, 8-20-2045 0.69 ’13 ’14 ’15 ’16 U.S. Treasuries, 2.00, 2-15-2016 0.66 Fund (%) -2.00 6.11 0.48 2.62 GNMA, 0.00, 2-20-2047 0.65 Index (%) -2.02 5.97 0.55 2.65 U.S. Treasuries, 1.63, 3-31-2019 0.64 U.S. Treasuries, 8.00, 11-15-2021 0.63 Portfolio holdings are subject to change and may have changed since the date specified. The holdings listed should not be considered recommendations to purchase or sell a particular security. DEFINITIONS Class F: The F unit class is primarily available to plans when Wells Fargo exercises full investment discretion or acts in a 3(21) or 3(38) fiduciary capacity. Bloomberg Barclays U.S. Aggregate Bond Index $10,982 2,500 0 ’17 ANNUALIZED Total returns (%) Year to 3 Month date 1 year 3 year 5 year 10 year Since incep. Expense ratio Class F Shares1 1.48 2.33 -0.31 2.49 __ __ 2.01 0.049 Bloomberg Barclays U.S. Aggregate Bond Index2 1.45 2.27 -0.31 2.48 2.21 4.48 __ __ As of June 30, 2017 Collective Fund Fact sheet wellsfargofunds.com/html/collective WF/BlackRock U.S. Aggregate Bond Index CIT Asset class: Fixed Income FIXED-INCOME STYLE BOX DURATION Ltd Mod Fund Bloomberg Barclays U.S. Aggregate Bond Index 3.16% 3.14% 7.98 years 8.21 years Effective duration 5.73 years 6.02 years Portfolio turnover 12% – Number of holdings 7,495 9,355 Yield to maturity 2.54% 2.56% Fund characteristics Ext Medium CREDIT QUALITY High Weighted average coupon Weighted average effective maturity Low Annual portfolio turnover as of 12-31-2016. Fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Advisor: BlackRock Institutional Trust Company, N.A. Portfolio managers: Team Managed Class F Fiscal year-end Class inception date Expense ratio Dec 31 09-28-2012 0.049% Net asset value $10.99 Class assets ($M) $559.13 Fund assets ($M) $882.83 Units outstanding 50,862,233 The WF/BlackRock U.S. Aggregate Bond Index CIT (the "Fund") invests in an underlying collective investment fund (the "Master Fund") that is managed by BlackRock Institutional Trust Company, N.A., which in turn invests in the securities mentioned in this fact sheet, or invests in another collective fund which invest in the securities mentioned in this fact sheet. Descriptions of the Fund in some cases refer to the Master Fund. The Fund or Master Fund may also invest in futures contracts. 1. Past performance is never a guarantee of future results. All values are unaudited and subject to revision. All income is reinvested in the Fund and reflected in the unit value. Fund returns are reported net of the annual fund expenses, primarily including audit, custody, fund accounting, trustee, and investment advisory expenses, charged to the Fund. 2. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. For more complete information concerning this Fund, including expenses, please obtain a copy of the most recent Disclosure Statement and read it carefully before investing in the Fund. A collective investment trust fund (CIT) is a pooled investment vehicle that is exempt from SEC registration as an investment company under Section 3(c)(11) of the Investment Company Act of 1940 and maintained by a bank or trust company for the collective investment of qualified retirement plans. CITs are authorized by the Office of the Comptroller of the Currency (OCC) and are also known as “A2” funds, referring to the section in OCC rules that defines them. The Fund is not a mutual fund and not subject to the same registration requirements and restrictions as mutual funds. CF030-F 07-17