11-K 1 wfc2014form11k.htm 11-K wfc2014form11k

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_______________________________________
 
FORM 11-K
 
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
[X]                          Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 
For the Fiscal Year Ended December 31, 2014
 
OR
 
[   ]                          Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 
For the transition period from ___________ to ____________.
 
Commission file number 001-02979
_______________________________________
 
A.       Full title of the plan and the address of the plan, if different from that of the issuer
named below:
Wells Fargo & Company 401(k) Plan
c/o Wells Fargo & Company
Sixth and Marquette
Minneapolis, MN  55479
 
B.    Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Wells Fargo & Company
420 Montgomery Street
San Francisco, CA  94163
 
(a)     The following financial statements and reports, which have been prepared pursuant to the requirements of the Employee Retirement Income Security Act of 1974, are filed as part of this Annual Report on Form 11-K:
 
Report of Independent Registered Public Accounting Firm
 
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2014 and 2013
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2014 and 2013
Notes to Financial Statements 
 
Supplemental Schedules:
Schedule G, Part III – Nonexempt Transactions for the Year Ending December 31, 2014
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2014
 
(b)     The following Exhibit is filed as part of this Annual Report on Form 11-K:
 
(23)                         Consent of Independent Registered Public Accounting Firm. 



WELLS FARGO & COMPANY 401(k) PLAN
Financial Statements and Supplemental Schedules
December 31, 2014 and 2013
(With Report of Independent Registered Public Accounting Firm Thereon)


Report of Independent Registered Public Accounting Firm
The Plan Administrator

Wells Fargo & Company 401(k) Plan:
We have audited the accompanying statements of net assets available for benefits of the Wells Fargo & Company 401(k) Plan (the Plan) as of December 31, 2014 and 2013, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
The supplemental information in the accompanying schedules, Schedule G, Part III - Nonexempt Transactions for the year ended December 31, 2014 and Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2014 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s 2014 financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedules Schedule G, Part III - Nonexempt Transactions for the year ended December 31, 2014 and Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2014 are fairly stated in all material respects in relation to the 2014 financial statements as a whole.

 
/s/ KPMG LLP        
San Francisco, California

June 18, 2015




WELLS FARGO & COMPANY 401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 2014 and 2013
  
  
  
  
  
  
 
2014
 
2013
Assets:
 
  
 
  
  
Investments at fair value (notes 3, 4, 5 and 6):
 
  
 
  
  
  
Wells Fargo ESOP Fund (note 3):
 
  
 
  
  
  
  
Company common stock:
 
  
 
  
  
  
  
  
Allocated
 
$
9,674,442,552

 
8,070,468,530

  
  
  
  
Unallocated
 
1,096

 
499

  
  
  
Company convertible preferred stock – unallocated
 
1,717,835,585

 
1,477,966,085

  
  
  
Short-term investments – allocated
 
115,501,917

 
94,527,005

  
  
  
  
  
  
 
11,507,781,150

 
9,642,962,119

  
  
Wells Fargo Non-ESOP Fund (note 3):
 
 
 
  

  
  
  
Company common stock
 
968,951,449

 
731,631,669

  
  
  
Short-term investments
 
16,821,626

 
13,065,331

  
  
  
  
  
  
 
985,773,075

 
744,697,000

  
  
Wells Fargo Stable Value Fund
 
4,017,187,498

 
4,050,718,155

  
  
Multi-manager funds
 
6,588,979,033

 
6,325,855,865

  
  
Collective investment funds
 
7,880,359,630

 
6,945,974,737

  
  
Mutual funds
 
4,396,686,816

 
4,007,471,340

  
  
  
  
  
Total investments at fair value
 
35,376,767,202

 
31,717,679,216

  
Notes receivable from participants
 
957,560,358

 
878,123,133

  
Employer match contribution receivable
 
153,680,655

 
147,924,049

  
Employer profit sharing contribution receivable
 
171,928,074

 
335,764,690

  
Other miscellaneous receivables
 
—    

 
1,501,880

  
Other assets
 
59

 
252,791

  
Accrued income
 
28,973

 
28,858

  
  
  
  
  
Total assets
 
36,659,965,321

 
33,081,274,617

Liabilities:
 
 
 
  

  
ESOP notes payable – unallocated (notes 4 and 14)
 
(1,359,855,083
)
 
(1,199,894,442
)
  
Excess contributions and earnings payable (notes 2(l) and 16)
 
(102,762
)
 
(132,403
)
 
Other liability (note 11)
 
(30,000
)
 
—

  
  
  
  
  
Total liabilities
 
(1,359,987,845
)
 
(1,200,026,845
)
  
  
  
  
  
Net assets available for benefits before adjustment
 
35,299,977,476

 
31,881,247,772

Adjustment from fair value to contract value for fully
 
 
 
  

  
benefit-responsive investment contracts
 
(65,018,770
)
 
(46,250,301
)
  
  
  
  
  
Net assets available for benefits
 
$
35,234,958,706

 
31,834,997,471

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.
 
  
 
  

2

WELLS FARGO & COMPANY 401(k) PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2014 and 2013
 
 
 
 
 
 
 
 
2,014
 
2,013
Investment income:
 
 
 
 
 
Net appreciation in fair value of investments (note 5)
 
$
2,813,020,454

 
5,292,527,983

 
Dividends, net of pass-through dividends of $48,847,578
 
 
 
 
 
 
and $45,175,975, respectively
 
592,599,360

 
527,490,164

 
Interest
 
69,552,429

 
79,317,363

 
 
 
 
 
Total investment income
 
3,475,172,243

 
5,899,335,510

Contributions:
 
 
 
 
 
Employer
 
1,016,393,410

 
1,193,240,092

 
Participants, net of excess contributions of $99,088 and
 
 
 
 
 
 
$117,245, respectively
 
1,410,212,816

 
1,326,261,586

 
 
 
 
 
Total contributions
 
2,426,606,226

 
2,519,501,678

Interest income from notes receivable from participants
 
48,593,716

 
41,370,642

Other income (notes 10 and 11)
 
71,863

 
1,740,357

 
 
 
 
 
Total additions to plan assets
 
5,950,444,048

 
8,461,948,187

Benefits paid to participants
 
(2,511,647,230
)
 
(2,370,026,253
)
ESOP interest expense
 
(38,835,583
)
 
(37,980,680
)
 
 
 
 
 
Total deductions to plan assets
 
(2,550,482,813
)
 
(2,408,006,933
)
 
 
 
 
 
Net increase
 
3,399,961,235

 
6,053,941,254

Net assets available for benefits:
 
 
 
 
 
Beginning of year
 
31,834,997,471

 
25,781,056,217

 
End of year
 
$
35,234,958,706

 
31,834,997,471

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.
 
 
 
 



3

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(1)        Description of Plan
The following description of the Wells Fargo & Company 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan document, as amended, for a more complete description of the Plan’s provisions.
(a)       General 
The Plan is a defined contribution plan with a 401(k) feature sponsored by Wells Fargo & Company (the “Company” or “Plan Sponsor”). A portion of the Plan invested in Company stock is an Employee Stock Ownership Plan (ESOP). All subsidiaries of the Company with U.S.-based employees are participating employers in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and the Internal Revenue Code (IRC), as amended. Employees, who satisfy the Plan’s eligibility requirements, become eligible to make salary deferral contributions (before‑tax, Roth, or a combination of both) on the first day of the month following one calendar month of service and are eligible to receive employer matching contributions on the first day of the quarter following the completion of one year of vesting service, subject to other eligibility requirements. Employees are also eligible to receive employer discretionary profit sharing contributions, if awarded by the Company, after completion of one year of vesting service and satisfaction of other eligibility requirements.
The Plan is a safe harbor 401(k) plan under the IRC. As a result, the matching contributions made to the Plan are considered safe harbor matching contributions, and the contributions will automatically satisfy the nondiscrimination testing requirements under IRC section 401(m). In addition, the salary deferral contributions for participants who have at least one year of service will also automatically satisfy the nondiscrimination testing requirements under IRC Section 401(k).
The Plan is administered by the Plan Administrator. The Plan document requires that Company common stock be offered as an available investment option to participants (through the Wells Fargo ESOP Fund and the Wells Fargo Non‑ESOP Fund). The Employee Benefit Review Committee (the “Committee”), whose members are appointed by the Company’s Chief Administrative Officer and Director of Human Resources, has discretion under the Plan to offer additional investment alternatives to participants. The assets of the Plan are held in trust. The Trustee is Wells Fargo Bank, N.A. (the “Trustee”), which is a wholly owned subsidiary of the Company. GreatBanc Trust Company has been appointed the Independent Fiduciary (the “Independent Fiduciary”) to act as a named fiduciary by the Company for limited purposes in connection with the ESOP provisions of the Plan.
Effective January 1, 2013, the Plan was amended and restated to, in general: (i) incorporate all previous separate amendments; (ii) to clarify and update various Plan provisions; (iii) to modify certain withdrawal, eligibility and vesting provisions; and (iv) to discontinue awarding of discretionary share award contributions on or after the effective date.
A Plan amendment was signed on December 19, 2014, in general, to: (i) amend the Plan document effective June 26, 2013 to comply with regulatory guidance issued as a result of litigation related to the Defense of Marriage Act; (ii) amend the Plan effective April 16, 2014 to add and correct information related to acquired plans; (iii) amend the Plan effective June 25, 2014 to clarify the Committee’s

4(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





authority related to investment fund options offered within the Plan; (iv) replace Exhibit I regarding Domestic Relations Orders effective January 1, 2015; and (v) modify certain rollover provisions related to Roth contributions effective January 1, 2015.

(b)        Contributions and Vesting
Each year, eligible participants may make salary deferral contributions, subject to certain limitations, from 1% to 50% of their certified compensation, as defined in the Plan. These contributions are matched by the Company in an amount equal to 100% of up to 6% of participants’ annual certified compensation. Participants age 50 or older can make before-tax catch‑up, or Roth catch‑up (or a combination of both) salary deferral contributions each year in accordance with limits set by the Internal Revenue Service (IRS). Catch‑up contributions are generally not eligible for employer match. Participants are fully vested in their salary deferral contributions. The employer matching contributions are automatically invested in the Company’s common stock, and participants can reallocate their 401(k) Plan account balance, including employer matching contributions, at any time. All actively employed participants in the Plan are fully vested in their employer matching contributions.
The Company may make a discretionary profit sharing contribution to the Plan for a year, which is allocated to eligible participants’ Plan accounts. If such a contribution is to be made for a particular year, the Company will determine the percentage of certified compensation for the year to be contributed for each eligible participant (not to exceed 4% of certified annual compensation). The contribution is automatically invested in the Wells Fargo ESOP Fund or the Wells Fargo Non-ESOP Fund, which are both primarily invested in the Company’s common stock, and becomes 100% vested after three years of service. For the year ended December 31, 2014 the Company made a 1% discretionary contribution totaling $171,928,074 and for the year ended December 31, 2013, the Company made a 2% discretionary profit sharing contribution totaling $335,764,690.
In accordance with the plan amendment effective January 1, 2013, discretionary share award contributions were discontinued as a Plan feature. Prior to January 1, 2013, the Company may have made discretionary share award contributions to the Plan for a year, which was allocated to eligible participants’ Plan accounts.
Eligible participants may also elect to rollover distributions from a former employer’s qualified retirement plan to the Plan.
(c)        Participant Accounts
Each participant’s Plan account is credited with the participant’s salary deferral contributions; the Company’s matching contributions, and any discretionary Company contributions, which are subject to investment gains and losses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested Plan account.
(d)        ESOP Plan Notes
As an ESOP, the Plan may borrow money from the Company or directly from outside lenders for the purpose of purchasing the Company’s common or preferred stock. The Plan may also purchase the Company’s common stock from entities other than the Company. During 2014 and 2013, the Plan borrowed money from the Company to buy Company preferred stock (note 14).

5(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(e)        Payment of Benefits and Forfeitures
Upon termination of employment, a participant may elect to receive his or her vested Plan account balance as a lump sum or as a partial lump sum distribution. The option of installment payments was only available to participants who commenced installment payments prior to January 1, 2010. Certain participants with grandfathered benefits from plans merged into the Plan may also take their benefit as an annuity. Distributions from all funds are made in cash. However, a participant invested in the Company’s common stock may elect to receive shares of the Company’s common stock with the value of fractional shares paid in cash. If the participant’s balance is less than $1,000, a distribution is made as a lump sum upon termination, unless the participant elects to rollover their account balance or takes the portion of their account invested in the Company’s common stock in shares.
While employed, a participant may make withdrawals from his or her account (as allowed under IRS regulations) subject to certain restrictions, as described in the Plan. Certain restrictions associated with withdrawals may be waived in the event a participant demonstrates financial hardship. A participant invested in the Company’s common stock may request that the withdrawal be disbursed in the form of shares of the Company’s common stock with the value of fractional shares paid in cash. 
When a participant terminates employment, he or she is entitled to distribution of his or her total vested account balance. The nonvested portion is forfeited and serves to reduce future employer contributions. Forfeitures used to offset employer contributions were approximately $13,356,000 and $10,096,000 for the years ended December 31, 2014 and 2013, respectively. The unallocated forfeiture account balance was approximately $17,000 and $6,109,000 for the years ended December 31, 2014 and 2013, respectively.

(f)         Notes Receivable from Participants
Two types of participant loans are available under the Plan: general purpose and principal residence. General purpose loans may be obtained for periods of up to five years. Principal residence loans are available only to finance the purchase or construction of the participant’s principal residence, and may not exceed 20 years. Participants may have three loans outstanding at any time with one of those loans being a principal residence loan. The maximum amount of any loan, when added to the balance outstanding on all other loans to the participant, may not exceed the lesser of (1) $50,000, less the participant’s outstanding loan balance from all defined contribution plans sponsored by the Company during the preceding 12 months, or (2) 50% of the participant’s total vested account balance in the Plan. The minimum principal amount for any loan is $500. The loan interest rate is a reasonable rate determined by the Plan Administrator. Repayments on loans are generally made through biweekly payroll deductions and are immediately allocated back to the appropriate funds based on the participant’s investment elections. Loans may be repaid in full at any time. As of December 31, 2014, interest rates ranged from 3.25% to 11.50% and loans mature through December 8, 2034.
Upon termination of employment or death, loans must be repaid by the last business day of the calendar quarter following the calendar quarter in which termination or death occurred, or a taxable distribution will be declared.

6(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(g)        ESOP 
The Plan purchases Company preferred stock using the proceeds of the ESOP loans. As the Plan makes payments of principal on the loans, an appropriate percentage of preferred shares are released and converted to common stock. Common stock equal in value to the employer’s matching contribution is allocated to the participants’ accounts and invested in the Wells Fargo ESOP Fund (note 3).
Participants in the Plan may elect to have cash dividends from Company common stock that is held in their account in the Wells Fargo ESOP Fund to be either reinvested in the Plan or distributed to them in cash. Dividends on employer contribution accounts that are reinvested are used to make payments on the loans and an appropriate percentage of preferred shares are released and converted to common stock. Common stock equal in value to the dividends are then allocated to the participant’s employer contribution accounts and reinvested in the Wells Fargo ESOP Fund.
Certain participants in the Plan are not eligible to invest in the Wells Fargo ESOP Fund, and employer contributions for these participants are automatically invested in the Company common stock in the Wells Fargo Non‑ESOP Fund. Dividends on common stock held in the Wells Fargo Non‑ESOP Fund are reinvested in the Plan within the Wells Fargo Non‑ESOP Fund.
(h)        Investment Options
Participants may direct the investment of their salary deferral contributions to the Plan in one or more of 26 investment funds (note 2(b)) in multiples of 1% of each contribution. If a participant does not choose an investment fund, the contributions are invested in the age appropriate Wells Fargo Advantage Dow Jones Target Date Fund™. Participants may change their deferral percentage or investment direction at any time.
Employer contributions are automatically invested in Company common stock. Shares of Company common stock contributed by the Company may either be authorized, but previously unissued shares, or shares held by the Company as Treasury shares. Participants have the ability to divest out of the Wells Fargo ESOP Fund or the Wells Fargo Non‑ESOP Fund at any time and reinvest in any of the other investment funds.
(2)         Summary of Significant Accounting Policies
(a)        Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles.
(b)        Master Savings Trust
Under the terms of a trust agreement between the Company, the Trustee, and the Plan, the Trustee manages a master trust fund (the “Trust”) on behalf of the Plan. The Trust consists solely of the Plan’s assets and the Company has elected the financial statement presentation format, which presents the Plan’s assets as if they were not part of a Master Trust.
As of December 31, 2014, the Trust is comprised of the following 27 investment funds:

7(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





100% Treasury Money Market Fund
 
Dow Jones Target 2050 Fund
Wells Fargo Stable Value Fund
 
Dow Jones Target 2055 Fund
U.S. Bond Index Fund
 
Large Cap Value Fund
PIMCO Global Advantage Strategy
 
S&P 500 Index Fund
 
Bond Fund
 
Large Cap Growth Fund
Dow Jones Target Today Fund
 
S&P Mid Cap Index Fund
Dow Jones Target 2010 Fund
 
Russell Small Cap Index Fund
Dow Jones Target 2015 Fund
 
Small Cap Fund
Dow Jones Target 2020 Fund
 
International Index Fund
Dow Jones Target 2025 Fund
 
International Equity Fund
Dow Jones Target 2030 Fund
 
Emerging Markets Equity Fund
Dow Jones Target 2035 Fund
 
NASDAQ 100 Index Fund
Dow Jones Target 2040 Fund
 
Wells Fargo ESOP Fund
Dow Jones Target 2045 Fund
 
Wells Fargo Non-ESOP Fund
Under the terms of the Trust agreement, the Trustee maintains custody of the 27 funds on behalf of the Plan.
(c)         Administrative Expenses
All costs and expenses of administering the Plan and Trust are paid by the Company, except for certain investment management fees, which are netted against investment returns.
(d)        Fair Value Definition and Hierarchy
Investments are reported at fair value. The Plan bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Their value measurements are based on exit prices and determined by maximizing the use of observable inputs. However, for certain investments the Plan may utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in measuring fair value.
Assets and liabilities measured at fair value are grouped in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:
•Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets.
•
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑based valuation techniques, for which all significant assumptions are observable in the market.
•
Level 3 – Valuation is generated from model‑based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.

8(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, the Plan considers all available information, including observable market data, indications of market liquidity and orderliness, and its understanding of the valuation techniques and significant inputs used. Based upon the specific facts and circumstances of each instrument or instrument category, judgments are made regarding the significance of the Level 3 inputs to the instruments’ fair value measurement to its entirely. If Level 3 inputs are considered significant, the instrument is classified as Level 3. See note 6 for discussion on fair value measurements.
(e)        Investments Valuation and Income Recognition
Securities transactions are recorded on the trade‑date basis. Interest income is recorded on the accrual basis. Dividends are allocated based upon participant account holdings on the record date and are recorded in the Trust on the dividend payment date. Net appreciation (depreciation) includes gains and losses on investments bought and sold as well as held during the year.
As of December 31, 2014 and 2013, the Plan owned approximately 3.54% of the issued common stock of the Company. While the carrying value of these shares is based on the quoted market price, the sale of all such shares, if executed, would of necessity be accomplished over a period of time and may result in a price greater or less than the carrying value. Additionally, the Plan owned 1,377,713 shares and 1,227,182 shares of convertible preferred stock of the Company with a fair value of approximately $1,718 million and $1,478 million as of December 31, 2014 and 2013, respectively. These shares are convertible into additional shares of the Company’s common stock based on the fair value of the common stock as of the date of conversion.
On January 7, 2014, the Plan purchased 1,217,000 shares of 2014 ESOP cumulative convertible preferred stock from the Company for $1,325 million and issued a note payable to the Company. The shares have a stated value of $1,000 per share and a fair market value of $1,089 per share as of purchase date, with cumulative dividends payable quarterly at an initial annual rate of 8.70%. The note bears interest at 1.50% and is due December 31, 2023.
On January 10, 2013, the Plan purchased 1,200,000 shares of 2013 ESOP cumulative convertible preferred stock from the Company for $1,308 million and issued a note payable to the Company. The shares have a stated value of $1,000 per share and a fair market value of $1,090 per share as of December 31, 2013, with cumulative dividends payable quarterly at an initial annual rate of 8.50%. The note bears interest at 1.30% and is due in 2022.                                                                 

9(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(f)         Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan and plan loan rules, as determined by the Plan Administrator.
(g)        Reporting of Fully Benefit‑Responsive Contracts
The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946‑210‑45 and 946‑210‑50 requires fully benefit‑responsive investment contracts held by a defined‑contribution plan to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined‑contribution plan attributable to fully benefit‑responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The statements of net assets available for benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit‑responsive investment contracts from fair value to contract value. The statements of changes in net assets available for benefits are prepared on a contract value basis.
(h)        Guaranteed Investment Contracts and Security‑Backed Contracts
(i)     Description
The Wells Fargo Stable Value Fund (the Fund) primarily invests in security-backed contracts issued by insurance companies and other financial institutions. The Fund also invests in Stable Return Fund G, which has an investment objective similar to that of the Fund, and Short Term Investment Fund S, which invests in highly liquid assets. The Fund uses these investments for daily liquidity needs.
A security-backed contract is an investment contract (also known as a synthetic guaranteed investment contract (GIC) or a separate account GIC) issued by an insurance company or other financial institution, backed by a portfolio of bonds. The bond portfolio is either owned directly by the Fund or owned by the contract issuer and segregated in a separate account for the benefit of the Fund. The portfolio underlying the contract is maintained separately from the contract issuer’s general assets, usually by a third-party custodian. The interest crediting rate of a security‑backed contract is based on the contract value, the fair value, duration, and yield to maturity of the underlying portfolio. These contracts typically allow for realized and unrealized gains and losses on the underlying assets to be amortized, usually over the duration of the underlying investments, through adjustments to the future interest crediting rate, rather than reflected immediately in the net assets of the Fund. The issuer guarantees that all qualified participant withdrawals will be at contract value. No payments related to the security backed contracts were made by the issuers during the years ended December 31, 2014 and 2013.
Risks arise when entering into any investment contract due to the potential inability of the issuer to meet the terms of the contract. In addition, security-backed contracts have the risk of default or the lack of liquidity of the underlying portfolio assets. The credit risk of each issuer is evaluated and monitored through the Plan’s investment advisor credit analysis. The credit analysis includes,

10(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





but is not limited to, asset quality and liquidity, management quality, surplus adequacy, and profitability. The Plan requires that the issuers of each investment contract have at least an "A-" rating as of the contract effective date, and that  all underlying portfolio assets be rated investment grade at the time of purchase.
(ii)     Variables that Impact Future Crediting Rates
The primary variables impacting the future crediting rates of security‑backed contracts include:
•the current yield of the assets underlying the contract;
•the duration of the assets underlying the contract; and
•
the existing difference between the fair value and contract value of the assets within the contract.
(iii)    Crediting Rate Calculation Methodology
The Fund uses the following compound crediting rate formula for security‑backed contracts:
CR = [(FV/CV)(1/D))*(1+Y)]‑1, where:
CR = gross crediting rate
FV = fair value of underlying portfolio
CV = contract value
D = weighted average duration of the underlying portfolio
Y = annualized weighted average yield to maturity of the underlying portfolio
The net crediting rate reflects fees paid to security‑backed contract issuers.
(iv)    Basis and Frequency of Determining Contract Crediting Rates
The security‑backed contracts are designed to reset their respective crediting rates on a quarterly basis. but may reset more or less frequently.
(v)     Minimum Crediting Rates
Security‑backed contracts cannot credit an interest rate that is less than zero percent.
(vi)    Relationship between Future Crediting Rates and Adjustment between Fair Value and Contract Value
The crediting rate of security‑backed contracts will track current market yields on a trailing basis. The rate reset allows the contract value to converge with the fair value of the underlying portfolio

11(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





over time, assuming the portfolio continues to earn the current yield for a period of time equal to the current portfolio duration.
To the extent that the underlying portfolio of a security‑backed contract has unrealized and/or realized losses, a positive adjustment is made to the adjustment from fair value to contract value under contract value accounting. As a result, the future crediting rate may be lower over time than the then‑current market rates. Similarly, if the underlying portfolio generates unrealized and/or realized gains, a negative adjustment is made to the adjustment from fair value to contract value, and the future crediting rate may be higher than the then‑current market rates.
(vii)   Valuation of Investments
Security‑backed contracts are carried at contract value in the aggregate, which consists of the fair value of the underlying portfolio, accrued interest on the underlying portfolio assets, the fair value of the contract, and the adjustments to contract value. These adjustments generally represent the contract value less the fair value of the contract, fair value of the underlying portfolio, and accrued interest on the underlying portfolio assets. The contract rate resets periodically, normally each quarter or semi-annually, using end‑of‑period data. The interest rate disclosed on the supplemental schedule of assets (held at end of year) represents the rate in effect on December 31, 2014. The underlying portfolio assets, the adjustments to contract value, and the accrued interest receivable are shown by contract on the supplemental schedule of assets (held at end of year). The collective trust fund and short‑term investment fund investments are carried at the reported unit value of each fund. The underlying assets may contain issues that are considered illiquid.
The fair value of a security‑backed contract includes the value of the underlying securities and the value of the wrapper contract. The fair value of a wrapper contract provided by a security‑backed contract issuer is based on the replacement cost methodology which is the present value of the difference between the replacement wrapper fee and the contracted wrapper fee. See note 6 for additional discussion on fair value measurements.
(viii)  Withdrawal and Termination Provisions
All security‑backed contracts held by the Fund are fully benefit responsive, which means withdrawals from these investment contracts may be made at contract value for qualifying benefit payments, including participant‑directed transfers.
Security‑backed contracts generally are evergreen contracts that contain termination provisions, allowing the Fund or the contract issuer to terminate with notice, at any time at fair value, and providing for automatic termination of the contract if the contract value or the fair value of the underlying portfolio equals zero. The issuer is obligated to pay the excess contract value when the fair value of the underlying portfolio equals zero. Security-backed contracts are not assignable or transferable without consent of the issuer and have no publicly traded secondary market.
Security‑backed contracts that permit the issuer to terminate at fair value generally provide that the Fund may elect to convert such termination to an amortization election as described below. In addition, if the Fund defaults in its obligations under the contract (including the issuer’s

12(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





determination that the agreement constitutes a nonexempt prohibited transaction as defined under ERISA), and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Fund will receive the fair value as of the date of termination. Each contract recognizes certain “events of default” which can invalidate contracts’ coverage. Among these are investments outside of the range of investments which are permitted under the investment guidelines contained in the investment contract, fraudulent or other material misrepresentations made to the investment contract provider, changes of control of the investment adviser not approved by the contract issuer, changes in certain key regulatory requirements, or failure of the Plan to be tax qualified.
Generally, security‑backed contracts permit the issuer or investment manager to elect at any time to convert the underlying portfolio to a declining duration strategy whereby the contract would terminate at a date which corresponds to the duration of the underlying portfolio on the date of the amortization election. After the effective date of an amortization election, the underlying portfolio must conform to the guidelines agreed upon by the contract issuer and the investment manager for the amortization election period. The guidelines are intended to result in the convergence of the contract value and the fair value of the underlying portfolio by the termination date.
Security‑backed contracts also generally provide for withdrawals associated with certain events, which are not in the ordinary course of plan operations. These withdrawals are paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events, which may trigger a market value adjustment; however, such events may include, but not limited to, the following:
•material amendments to the Plan’s structure or administration;
•complete or partial termination of the Plan, including a merger with another plan;
•
the failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA;
•
the withdrawals due to the removal of a specifically identifiable group of employees from coverage under the participating plan (such as a group layoff or early retirement incentive program), the closing or sale of a subsidiary, employing unit, or affiliate, the bankruptcy or insolvency of a plan sponsor, the merger of the Plan with another plan, or the Plan sponsor’s establishment of another tax qualified defined contribution plan;
•
any change in law, regulation, ruling, administrative or judicial position, or accounting requirement, applicable to the Plan or participating plans; and
•
the delivery of any communication to plan participants designed to influence a participant not to invest in the Plan.
At this time, the Fund does not believe that the occurrence of any such market value event, which would limit the Plan’s ability to transact at contract value with participants, is probable.

13(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(ix)    Investment Transactions and Interest Income
Investment transactions are accounted for on a trade‑date basis. Realized gains and losses within the portfolios underlying the security‑backed contracts are determined on the basis of average cost. Interest income, including the amortization of premiums and discounts, is recorded on an accrual basis.
(x)     Unit Issues, Redemptions, Distributions
In accordance with the terms of the Investment Advisory Agreement, the net asset value of the Fund 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. Units of the Fund are issued and redeemed at the current net asset value.
(xi)    Average Yields
The average yield for the investment contracts based on actual earnings at December 31, 2014 and 2013 was 1.50%. This represents the annualized earnings of all investments in the Fund divided by the fair value of all investments in the Fund at December 31, 2014 and December 31, 2013, respectively.
The average yield adjusted to reflect the actual interest rate credited to participants at December 31, 2014 and 2013 was 1.80% and 1.81%, respectively. This represents the annualized earnings credited to participants in the Fund divided by the fair value of all investments in the Fund at December 31, 2014 and 2013, respectively.
(xii)   Securities Purchased on a Forward‑Commitment Basis
Delivery and payment for securities that have been purchased by the portfolios underlying the security‑backed contracts of the Fund on a when‑issued or other forward‑commitment basis can take place a month or more after the transaction date. During this period, such securities do not earn interest, are subject to market fluctuation, and may increase or decrease in value prior to their delivery. The purchase of securities on a when‑issued or other forward‑commitment basis may increase the volatility of the portfolios underlying the security‑backed contracts if the Fund makes such purchases while remaining substantially fully invested.
In connection with its ability to purchase securities on a forward‑commitment basis, the Fund may enter into mortgage dollar rolls in which the Fund sells securities purchased on a forward‑commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical, securities on a specified future date at a lower purchase price relative to the current market.

14(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(xiii)  Securities Sold on a Forward‑Commitment Basis
The portfolios underlying the security‑backed contracts of the Fund may enter into forward sale commitments to hedge portfolio positions or to sell mortgage‑backed securities under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. During the time a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment, deliverable on or before the sale commitment date, is used to satisfy the commitment.
Generally, unsettled forward sale commitments are valued at the current fair value of the underlying securities. The forward sale commitment is “marked‑to‑market” like other securities in the Fund, and the change in fair value is recorded by the portfolios underlying the security‑backed contracts as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the underlying portfolio realizes a gain or loss. If the underlying portfolio delivers securities under the commitment, the underlying portfolio realizes a gain or a loss from the sale of the securities based upon the fair value established at the effective date of the commitment.
(xiv)  Futures Transactions
The Fund may use futures contracts to gain or to hedge against broad market, interest rate or currency exposure. In order to gain exposure to or to protect against changes in the market, the portfolios underlying the security‑backed contracts of the Fund may buy or sell financial futures contracts on any U.S. or foreign exchange. Risks of entering into futures transactions include the possibility that there may be an illiquid market at the time of settlement or that a change in the value of the contract may not correlate with changes in the value of the underlying securities.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities in an amount equal to a percentage of the futures contract value (initial margin). Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments reflect the daily changes in the futures contract value and are recorded as unrealized gains and losses. The underlying portfolio recognizes a realized gain or loss when the futures contract is closed or expires. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
(xv)   Interest Rate Swap Transactions
To preserve a return or spread on a particular investment underlying a security-backed contract, to create synthetic adjustable-rate mortgage securities, or for other non-speculative purposes, the Fund may enter into various hedging transactions, such as interest rate swaps. Interest rate swaps involve the exchange of commitments to pay or receive interest, for example an exchange of floating-rate payments for fixed-rate payments. The underlying portfolio records the amount of interest accrued due to or owed by the Fund according to the payment terms of the interest rate swap as an increase or decrease in realized gains or losses. The Fund may also buy or write options to enter into an

15(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





interest rate swap at a future date (swaption). The Fund may engage the security‑backed contract issuer as the counterparty to the interest rate swap transaction.
If forecasts of interest rates and other market factors are incorrect, the Fund’s investment performance will diminish compared to what performance would have been if these investment techniques were not used. Even if the forecasts are correct, there is the risk that the positions may correlate imperfectly with the asset or liability being hedged. Other risks of entering into these transactions are that a liquid secondary market may not always exist or that the counterparty to a transaction may not fulfill the required commitments.
Interest rate swaps are valued and recorded by the Fund in the form of unrealized appreciation or depreciation. The Fund will realize a gain or loss when the interest rate swap expires or closes. The Fund records as an increase or decrease to realized gains (losses), the amounts paid or received by the Fund according to the payment terms of the interest rate swap. Interest rate swaps are valued based on prices quoted by independent brokers. Positions for which quotations are not readily available are valued at fair value as determined by the Investment Advisor. These valuations represent the net present value of all future cash settlement amounts based on the implied forward interest rates.
(xvi)  Expenses
The Fund pays wrapper contract fees to the security‑backed contract issuers to assure contract liquidity for plan participant‑directed withdrawals. Annual investment management fees in 2014 and 2013 were $391,344 and $382,796, respectively, based on separate agreements for various types of instruments.

(i)          Risks and Uncertainties
The Plan may invest in various types of investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.
(j)          Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.
(k)        Payment of Benefits
Benefits are recorded when paid.



16(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(l)       Excess Contributions and Earnings Payable
Excess contributions and earnings payable represent amounts withheld from participants in excess of IRC limitations that are to be refunded at year‑end. As of December 31, 2014 and 2013, $102,762 and $132,403, respectively, of excess contributions and earnings thereon are required to be refunded prior to December 31, of the subsequent year. These amounts were refunded to participants prior to March of the year following the plan year‑end. Excess contributions and earnings are netted against contributions and interest income in the statements of changes in net assets available for benefits.
(3)        Wells Fargo ESOP Fund and Wells Fargo Non‑ESOP Fund
The Company’s common and preferred shares held in the Wells Fargo ESOP Fund that were purchased with the proceeds of the ESOP loans from the Company represent leveraged shares. These shares are held in an account called the “Unallocated Reserve.” The leveraged shares are released from the Unallocated Reserve as the ESOP loans are repaid and any preferred leverage shares are converted into Company common stock for allocation to participants’ Plan accounts. The preferred shares are convertible based on the then current market price of the common stock. Such stock is used to provide all or part of the Company matching contributions credited to participants’ accounts (note 1(g)).
Each participant is entitled to exercise voting rights attributable to the Company common stock allocated to his or her Plan account and is notified by the Trustee prior to the time that such rights are to be exercised. The Trustee will vote all shares of Company common stock held in the Wells Fargo ESOP Fund, Wells Fargo Non‑ESOP Fund and the Unallocated Reserve in proportion to “votes’ cast by participants.
Participants may elect to have dividends on their vested accounts held in the Wells Fargo ESOP Fund paid to them in cash or have the dividends automatically reinvested in additional shares of Company common stock in the Wells Fargo ESOP Fund. The dividend will be automatically reinvested in the Plan if: (i) a participant makes no election, (ii) if the total vested dividend for a participant is less than $5, or (iii) the participant is deceased. Participants may not elect to have dividends on their vested accounts in the Wells Fargo Non‑ESOP Fund paid to them in cash. Dividends on common stock held in the Wells Fargo Non‑ESOP Fund are reinvested in the Plan within the Wells Fargo Non‑ESOP Fund.
The Plan provides that dividends received on the Company’s common and preferred stock held in the Unallocated Reserve, dividends attributable to the portion of the participants’ employer contribution account that are reinvested and dividends that are attributable to the participants’ nonvested accounts will be applied to make any required ESOP loan payments. Shares of the Company’s common stock that are released due to such ESOP loan payments will be transferred to the Wells Fargo ESOP Fund as reinvested dividends. To the extent that such dividends are not sufficient to make required ESOP loan payments, employer contributions will be applied to make the required payments.
In the event that the total dividends on the Company’s common stock held in the Wells Fargo ESOP Fund that are to be reinvested in participant employer contribution accounts exceed the amount that can be paid as allowable ESOP loan payments, the Plan will reclassify the dividend cash received that was not used as ESOP loan payments as an employer contribution. The Company will in turn fund that portion of the dividend with shares of Company common stock. Any amount of dividend cash that is reclassified as an employer contribution will be transferred to the Unallocated Reserve and will be used to make payments to fund the Company matching

17(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





contributions. Such reclassification amounted to $81.2 million and $102.1 million in 2014 and 2013, respectively.
(4)        Shares and Investments Not Directed by Participants
Information about the net assets and significant components of the changes in net assets relating to nonparticipant directed investments as of and for the years ended December 31, 2014 and 2013 is presented in the following tables.
 
 
 
 
 
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
ESOP
 
ESOP
 
 
 
 
 
 
 
 
Unallocated
 
Unallocated
Assets:
 
 
 
 
 
 
Company common stock
 
$
1,096

 
499

 
Company convertible preferred stock
 
1,717,835,585

 
1,477,966,085

 
 
 
 
 
Total investments
 
1,717,836,681

 
1,477,966,584

 
Accrued interest income
 
4,747

 
9,559

 
 
 
 
 
Total assets
 
1,717,841,428

 
1,477,976,143

Liabilities:
 
 
 
 
 
Notes payable
 
(1,359,855,083
)
 
(1,199,894,442
)
 
 
 
 
 
Total liabilities
 
(1,359,855,083
)
 
(1,199,894,442
)
 
 
 
 
 
Net assets available for benefits
 
$
357,986,345

 
278,081,701

Company common shares:
 
 
 
 
 
Number of shares
 
20

 
11

 
Cost
 
$
1,045

 
441

 
Fair value
 
1,096

 
499

Company convertible preferred shares:
 
 
 
 
 
Number of shares
 
1,377,713

 
1,227,182

 
Cost
 
$
1,497,106,508

 
1,331,927,648

 
Estimated fair value
 
1,717,835,585

 
1,477,966,085



18(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





 
 
 
 
 
 
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
ESOP
 
ESOP
 
 
 
 
 
 
 
 
Unallocated
 
Unallocated
Contributions
 
$
978,377,075

 
972,855,484

Net depreciation
 
(20,974,993
)
 
(90,392,355
)
Dividend income
 
152,451,826

 
132,020,906

Interest income
 
37,498

 
30,104

Notes payable interest expense
 
(38,835,583
)
 
(37,980,680
)
Release of common stock 21,362,787 and 27,727,500
 
 
 
 
 
shares for 2014 and 2013, respectively
 
(991,151,179
)
 
(882,237,915
)
 
 
 
 
 
Increase in net assets
 
79,904,644

 
94,295,544

Net assets:
 
 
 
 
 
Beginning of year
 
278,081,701

 
183,786,157

 
End of year
 
$
357,986,345

 
278,081,701

 
 
 
 
 
 

 

19(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(5)         Investments 
The following represents the Plan’s investments as of December 31, 2014 and 2013. Individual investments which represent 5% of net assets available for benefits are separately identified (†):
 
 
 
 
 
 
 
 
2014
 
2013
Assets:
 
 
 
 
 
 
 
 
 
Wells Fargo ESOP Fund †:
 
 
 
 
 
 
Company common stock*
 
 
 
 
 
 
 
Allocated
 
$
9,674,442,552

 
8,070,468,530

 
 
 
Unallocated
 
1,096

 
499

 
 
Company convertible preferred stock – unallocated*
 
1,717,835,585

 
1,477,966,085

 
 
Short-term investments – allocated*
 
115,501,917

 
94,527,005

 
 
 
 
 
Total ESOP Fund
 
11,507,781,150

 
9,642,962,119

 
Wells Fargo Non-ESOP Fund :
 
 
 
 
 
 
Company common stock*
 
968,951,449

 
731,631,669

 
 
Short-term investments*
 
16,821,626

 
13,065,331

 
 
 
 
 
Total Non-ESOP Fund
 
985,773,075

 
744,697,000

 
 
Wells Fargo Stable Value Fund*†:
 
 
 
 
 
 
 
Security-backed contracts:
 
 
 
 
 
 
 
 
Underlying securities of security-backed contracts
 
3,549,669,778

 
3,584,484,562

 
 
 
 
Receivable for investment securities sold
 
6,916,000

 
—    

 
 
 
 
Accrued interest receivable
 
7,663,618

 
8,969,355

 
 
 
 
Deposits with brokers for future transactions
 
103,872

 
162,371

 
 
 
 
Receivable for investment payments due
 
710,478

 
588,257

 
 
 
 
Receivable for swap payments due
 
—    

 
121,763

 
 
 
 
Wrapper contracts at fair value
 
603,523

 
613,914

 
 
 
 
Variation margin (payable) receivable
 
(11,407
)
 
11,454

 
 
 
 
Cash overdraft
 
—    

 
(23,752
)
 
 
 
 
Payable for investment securities purchased
 
(6,951,000
)
 
(2,552,344
)
 
 
 
 
Wrapper contract fee payable
 
(1,259,696
)
 
(1,152,486
)
 
 
 
 
Investment management fee payable
 
(100,114
)
 
(97,829
)
 
 
 
 
Pending trades
 
(5,628,573
)
 
(10,467,731
)
 
 
 
 
Payable for securities purchased on a forward
 
 
 
 
 
 
 
 
 
commitment basis
 
(11,586,289
)
 
(40,835,347
)
 
 
 
 
 
Total security-backed contracts
 
3,540,130,190

 
3,539,822,187

 
 
 
 
 
 
 
 
 
 
 

 


20(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





 
 
 
 
 
 
 
 
2014
 
2013
 
 
 
Collective Investment Fund:
 
 
 
 
 
 
 
 
Wells Fargo Short Term Investment Fund G*
 
$
326,059,632

 
363,083,757

 
 
 
 
Wells Fargo Stable Return Fund G*
 
150,997,676

 
147,812,211

 
 
 
 
 
Total Collective Investment Fund
 
477,057,308

 
510,895,968

 
 
 
 
 
Total Wells Fargo Stable Value Fund
 
4,017,187,498

 
4,050,718,155

Multi-manager funds:
 
 
 
 
 
Wells Fargo Large Cap Value Fund †:
 
 
 
 
 
 
Dodge and Cox Stock mutual fund
 
745,589,407

 
698,657,399

 
 
MFS Large Cap Value collective investment fund
 
725,466,492

 
675,142,269

 
 
T Rowe Price Equity Income Fund
 
732,503,178

 
669,827,655

 
 
 
 
 
Total Wells Fargo Large Cap Value Fund
 
2,203,559,077

 
2,043,627,323

 
Wells Fargo Large Cap Growth Fund ††:
 
 
 
 
 
 
Los Angeles Large Cap Growth collective investment fund
 
587,749,581

 
515,049,825

 
 
T Rowe Price Blue Chip Growth collective investment fund
 
605,495,825

 
530,337,575

 
 
Delaware US Growth mutual fund
 
583,719,660

 
516,181,541

 
 
 
 
 
Total Wells Fargo Large Cap Growth Fund
 
1,776,965,066

 
1,561,568,941

 
Wells Fargo Small Cap Fund:
 
 
 
 
 
 
Wells Fargo Advantage Emerging Growth mutual fund*
 
210,066,274

 
214,369,961

 
 
Advisory Research Small Cap collective investment fund
 
213,859,602

 
215,788,046

 
 
SSGA Russell Small Cap Index Non Lending collective
 
 
 
 
 
 
 
investment fund
 
439,266,886

 
440,344,796

 
 
Wellington Select Small Cap Growth collective investment
 
 
 
 
 
 
 
fund
 
 
 
211,121,169

 
216,465,295

 
 
Wellington Small Cap Value collective investment fund
 
212,806,822

 
211,749,400

 
 
 
 
 
Total Wells Fargo Small Cap Fund
 
1,287,120,753

 
1,298,717,498

 
 
 
 
 
 
 
 
 
 
 

21(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





 
 
 
 
 
 
 
 
2014
 
2013
 
International Equity Fund:
 
 
 
 
 
 
Wells Fargo/Thornburg International collective investment
 
 
 
 
 
 
 
fund*
 
 
$
330,724,564

 
355,502,627

 
 
American Funds EuroPacific Growth mutual fund
 
661,604,113

 
707,270,299

 
 
Harbor International Fund mutual fund
 
329,005,460

 
359,169,177

 
 
 
 
 
Total International Equity Fund
 
1,321,334,137

 
1,421,942,103

 
 
 
 
 
Total multi-manager funds
 
6,588,979,033

 
6,325,855,865

Collective investment funds:
 
 
 
 
 
US Bond Index Fund
 
972,533,818

 
920,328,247

 
S&P 500 Index Fund†
 
2,867,983,668

 
2,459,293,346

 
S&P MidCap Index Fund
 
1,602,940,018

 
1,465,494,324

 
Russell Small Cap Index Fund
 
473,883,847

 
425,330,347

 
Emerging Markets Index Fund
 
629,762,848

 
624,459,472

 
International Index Fund
 
374,278,465

 
337,429,288

 
NASDAQ 100 Index Fund
 
958,976,966

 
713,639,713

 
 
 
 
 
Total collective investment funds
 
7,880,359,630

 
6,945,974,737

Mutual funds:
 
 
 
 
 
 
WF Advantage Dow Jones Target Today Fund*
 
137,471,379

 
136,020,697

 
WF Advantage Dow Jones Target 2010 Fund*
 
59,400,644

 
65,001,356

 
WF Advantage Dow Jones Target 2015 Fund*
 
202,141,389

 
212,504,799

 
WF Advantage Dow Jones Target 2020 Fund*
 
452,957,871

 
412,594,630

 
WF Advantage Dow Jones Target 2025 Fund*
 
1,038,111,862

 
1,028,945,891

 
WF Advantage Dow Jones Target 2030 Fund*
 
533,795,624

 
456,163,308

 
WF Advantage Dow Jones Target 2035 Fund*
 
339,593,673

 
293,900,710

 
WF Advantage Dow Jones Target 2040 Fund*
 
394,678,654

 
330,735,351

 
WF Advantage Dow Jones Target 2045 Fund*
 
172,637,333

 
130,873,816

 
WF Advantage Dow Jones Target 2050 Fund*
 
559,560,142

 
523,141,794

 
WF Advantage Dow Jones Target 2055 Fund*
 
76,886,789

 
44,819,533

 
WF Advantage 100% Treasury Money Market Fund*
 
285,416,835

 
251,942,012

 
PIMCO Global Advantage Bond Fund
 
144,034,621

 
120,827,443

 
 
 
 
 
Total mutual funds
 
4,396,686,816

 
4,007,471,340

 
 
 
 
 
Total investments of fair value
 
35,376,767,202

 
31,717,679,216

 
 
 
 
 
 
 
 
 
 
 

22(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





 
 
 
 
 
 
 
 
2014
 
2013
Adjustments from fair value to contract value for
 
 
 
 
 
fully benefit-responsive investment contracts held in
 
 
 
 
 
the Stable Value Fund:
 
 
 
 
 
 
Security-backed contracts
 
$
(62,933,989
)
 
(45,077,188
)
 
 
Collective investment fund
 
(2,084,781
)
 
(1,173,113
)
 
 
 
 
 
Total adjustment from fair value to
 
 
 
 
 
 
 
 
 
 
contract value
 
(65,018,770
)
 
(46,250,301
)
 
 
 
 
 
Total investments as adjusted
 
$
35,311,748,432

 
31,671,428,915

* Represents related-party and party-in-interest (note 9)
 
 
 
 
 (††) Represents 5% of net assets available for benefits as of December 31, 2014 only.
 
 
 
 
 
 
 
 
 
 
 
 
 
During 2014 and 2013, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $2,813,020,454and $5,292,527,983, respectively, as summarized below:
 
 
 
 
 
 
 
 
2014
 
2013
Net appreciation (depreciation) in fair value of investments:
 
 
 
 
 
Wells Fargo ESOP Fund:
 
 
 
 
 
 
Company common stock – allocated
 
$
1,707,713,577

 
2,161,547,501

 
 
Company common stock – unallocated
 
85

 
134

 
 
Company convertible preferred stock – unallocated
 
(20,975,078
)
 
(90,392,489
)
 
Wells Fargo Non-ESOP Fund:
 
 
 
 
 
 
Company common stock – allocated
 
160,374,087

 
181,105,327

 
Multi-manager funds
 
278,705,429

 
1,499,694,473

 
Collective investment funds
 
653,462,077

 
1,267,767,153

 
Mutual funds
 
33,740,277

 
272,805,884

 
 
 
 
 
 
 
 
$
2,813,020,454

 
5,292,527,983

 
 
 
 
 
 
 
 
 
 
 

(6)        Fair Value Measurements
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2014 and 2013.
Investments in mutual funds are valued at fair value based upon quoted prices in an active market.
Investments in collective investment funds are valued at NAV as a practical expedient for fair value. The NAV is based on the value of the underlying investments which are traded on an active market.

23(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





Investments in multi‑manager funds are valued at fair value based upon the value of the underlying funds, which include publicly traded mutual funds and collective investment funds, as described above.
Investments in the Company’s common stock are valued at quoted market values.
Investments in the Company’s convertible preferred stockare valued at appraised value by an independent pricing service. The independent pricing service models the expected cash flows with the contractual dividends and Company’s common shares equal to $1,000 upon conversion of a preferred share. The independent pricing service then discounts the cash flows back to the present value by the appropriate preferred discount rate which is determined by analyzing a variety of market yields, including yields on preferred securities and bonds issued by the Company and institutions similar to the Company.
The Wells Fargo ESOP Fund and Wells Fargo Non‑ESOP Fund are managed as unitized accounts that hold Wells Fargo common stock and a small percentage of a Short Term Investment Fund (STIF) to provide daily liquidity. Short‑term investments are investments in collective investment funds.
As described in (2)(h)(vii), the fair value of a guaranteed investment contract is based on the present value of future cash flows using the current discount rate. The discount rate and future cash flows are directly observable inputs. Similarly, the fair value of a wrapper contract provided by a security‑backed contract issuer is the present value of the difference between the current wrapper fee and the contracted wrapper fee. The fees and discount rate are also directly observable inputs.
The fair values of the security‑backed  contracts are based on the cumulative value of their underlying portfolios and wrapper contracts. Investments in security‑backed contracts are similar to positions in investment funds, as the security‑backed contracts allow for periodic deposits and withdrawals. Prices for securities held in the underlying portfolios are primarily obtained from independent pricing services. These prices are based on observable market data for the same or similar securities. To a lesser extent, indicative quotes are obtained from independent brokers. Broker prices may be based on observable market data for the same or similar securities. Finally, when accurate prices are unavailable from either of those two sources, securities may be priced internally, using a combination of observable and unobservable market data. All prices are validated through internal price models.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes it valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Please refer to note 2(d) for the definition of fair value and the fair value hierarchy.

 

24(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





The following tables sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2014 and 2013, respectively:
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds:
 
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks
 
$
527,013,375

 
—

 
—

 
527,013,375

 
Domestic mid-cap stocks
 
529,597,926

 
—

 
—

 
529,597,926

 
Domestic small-cap stocks
 
527,013,375

 
—

 
—

 
527,013,375

 
Emerging markets stocks
 
240,833,129

 
—

 
—

 
240,833,129

 
International stocks
 
525,133,702

 
—

 
—

 
525,133,702

 
International fixed income
 
144,034,621

 
—

 
—

 
144,034,621

 
Domestic intermediate (core)
 
 
 
 
 
 
 
 
 
 
fixed income
 
1,432,987,674

 
—

 
—

 
1,432,987,674

 
Short term investments
 
470,073,014

 
—

 
—

 
470,073,014

 
 
 
 
 
Total mutual funds
 
4,396,686,816

 
—

 
—

 
4,396,686,816

Collective investment funds:
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks
 
—

 
3,826,960,634

 
—

 
3,826,960,634

 
Domestic mid-cap stocks
 
—

 
1,602,940,018

 
—

 
1,602,940,018

 
Domestic small-cap stocks
 
—

 
473,883,847

 
—

 
473,883,847

 
Emerging markets stocks
 
—

 
629,762,848

 
—

 
629,762,848

 
International stocks
 
—

 
374,278,465

 
—

 
374,278,465

 
Domestic intermediate (core)
 
 
 
 
 
 
 
—

 
 
fixed income
 
—

 
972,533,818

 
—

 
972,533,818

 
 
 
 
 
Total collective
 
 
 
 
 
 
 
 
 
 
 
 
 
 
investment funds
 
—

 
7,880,359,630

 
—

 
7,880,359,630

Multi-manager funds:
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks
 
1,329,309,067

 
2,651,215,077

 
—

 
3,980,524,144

 
Domestic small-cap stocks
 
210,066,274

 
1,077,054,478

 
—

 
1,287,120,752

 
International stocks
 
990,609,573

 
330,724,564

 
—

 
1,321,334,137

 
 
 
 
 
Total multi-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
manager funds
 
2,529,984,914

 
4,058,994,119

 
—

 
6,588,979,033

Company common stock
 
10,643,395,097

 
—

 
—

 
10,643,395,097

Company convertible preferred
 
 
 
 
 
 
 
 
 
stock
 
 
 
 
—

 
—

 
1,717,835,585

 
1,717,835,585

Short term investments
 
—

 
132,323,543

 
—

 
132,323,543

Wells Fargo Stable Value fund
 
—

 
4,017,187,498

 
—

 
4,017,187,498

 
 
 
 
 
Total investments
 
$
17,570,066,827

 
16,088,864,790

 
1,717,835,585

 
35,376,767,202

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


25(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds:
 
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks
 
$
504,146,543

 
—

 
—

 
504,146,543

 
Domestic mid-cap stocks
 
506,618,951

 
—

 
—

 
506,618,951

 
Domestic small-cap stocks
 
504,146,543

 
—

 
—

 
504,146,543

 
Emerging markets stocks
 
230,383,507

 
—

 
—

 
230,383,507

 
International stocks
 
502,348,427

 
—

 
—

 
502,348,427

 
International fixed income
 
120,827,443

 
—

 
—

 
120,827,443

 
Domestic intermediate (core)
 
 
 
 
 
 
 
 
 
 
fixed income
 
1,230,788,184

 
—

 
—

 
1,230,788,184

 
Short term investments
 
408,211,742

 
—

 
—

 
408,211,742

 
 
 
 
 
Total mutual funds
 
4,007,471,340

 
—

 
—

 
4,007,471,340

Collective investment funds:
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks
 
—

 
3,172,933,059

 
 
 
3,172,933,059

 
Domestic mid-cap stocks
 
—

 
1,465,494,324

 
—

 
1,465,494,324

 
Domestic small-cap stocks
 
—

 
425,330,346

 
—

 
425,330,346

 
Emerging markets stocks
 
—

 
624,459,472

 
—

 
624,459,472

 
International stocks
 
—

 
337,429,288

 
—

 
337,429,288

 
Domestic intermediate (core)
 
 
 
 
 
 
 
 
 
 
fixed income
 
—

 
920,328,248

 
—

 
920,328,248

 
 
 
 
 
Total collective
 
 
 
 
 
 
 
 
 
 
 
 
 
 
investment funds
 
—

 
6,945,974,737

 
—

 
6,945,974,737

Multi-manager funds:
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks
 
1,214,838,940

 
2,390,357,325

 
—

 
3,605,196,265

 
Domestic small-cap stocks
 
214,369,961

 
1,084,347,536

 
—

 
1,298,717,497

 
International stocks
 
1,066,439,476

 
355,502,627

 
—

 
1,421,942,103

 
 
 
 
 
Total multi-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
manager funds
 
2,495,648,377

 
3,830,207,488

 
—

 
6,325,855,865

Company common stock
 
8,802,100,698

 
—

 
—

 
8,802,100,698

Company convertible preferred
 
 
 
 
 
 
 
 
 
stock
 
 
 
 
—

 
—

 
1,477,966,085

 
1,477,966,085

Short term investments
 
—

 
107,592,336

 
—

 
107,592,336

Wells Fargo Stable Value fund
 
—

 
4,050,718,155

 
—

 
4,050,718,155

 
 
 
 
 
Total investments
 
$
15,305,220,415

 
14,934,492,716

 
1,477,966,085

 
31,717,679,216

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Fair Value Levels
The Plan monitors the availability of observable market data to assess the appropriate classification of investments within the fair value hierarchy and transfer between Level 1, Level 2 and Level 3 accordingly. Observable market data includes but is not limited to quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes

26(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





in availability of observable market data, which also may result in changing the valuation techniques used, are generally the cause of transfers between Level 1, Level 2 and Level 3. There were no transfers between the fair value levels in 2014 or 2013. 
Level 3 Gains and Losses
The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets:
 
 
 
 
 
 
 
 
Company
 
 
 
 
 
 
 
 
convertible
 
 
 
 
 
 
 
 
preferred
 
 
 
 
 
 
 
 
stock
Balance, December 31, 2012
 
$
1,169,632,813

Realized losses
 
 
(96,038,475
)
Unrealized gains relating to instruments still held at the reporting date
 
5,645,986

Purchases
 
 
 
1,308,000,000

Sales
 
 
 
 
 
(1,093,956,325
)
Issuances
 
 
 
 
1,104,901,013

Settlements
 
 
 
(920,218,927
)
Balance, December 31, 2013
 
1,477,966,085

Realized losses
 
 
(114,671,326
)
Unrealized gains relating to instruments still held at the reporting date
 
93,696,248

Purchases
 
 
 
1,325,313,000

Sales
 
 
 
 
 
(1,165,352,359
)
Issuances
 
 
 
 
1,130,871,211

Settlements
 
 
 
(1,029,987,274
)
Balance, December 31, 2014
 
$
1,717,835,585

 
 
 
 
 
 
 
 
 

27(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





Level 3 Significant Unobservable Inputs
The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of those Level 3 assets measured at fair value for which the Plan uses an internal model.
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant
 
 
 
 
 
 
 
 
 
 
 
 
Fair value
 
Valuation
 
unobservable
 
Range of
 
Weighted
 
 
 
 
 
 
 
 
Level 3
 
techniques
 
inputs
 
inputs
 
average (1)
December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible preferred stock
 
$
1,717,835,585

 
Discounted
 
Discounted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
cash flow
 
 
rate
 
2.17% – 3.79%
 
3.60
%
December 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible preferred stock
 
$
1,477,966,085

 
Discounted
 
Discounted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
cash flow
 
 
rate
 
2.17% – 3.90%
 
3.66
%
(1)
 
Weighted averages are calculated using outstanding shares.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 3 Valuation Processes and Significant Fair Value Input Sensitivity
The Independent Fiduciary, acting on behalf of the Plan, has been given the responsibility by the Company to provide an opinion as to the values, as of December 31, 2014 and 2013, of the various series of Company preferred stock sold by the Company to the Plan through the ESOP portion of the Plan. The Independent Fiduciary generally determines fair value of our Level 3 assets by retaining a qualified independent financial advisor to render an opinion as to the fair value of each of the Company’s preferred stock series outstanding as of December 31, 2014 and 2013. The independent financial advisor reports directly to the Independent Fiduciary and not to the Trustee or the Company. The independent financial advisor generally uses discounted cash flow or similar internal modeling techniques to determine the fair value of the Plan’s Level 3 assets. Discounted cash flow valuation techniques generally consist of developing an estimate of future cash flows that are expected to occur over the life of an investment and discounting those cash flows at a rate of return that results in the fair value amounts. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, changes in these unobservable inputs may have a significant impact on fair value.
Certain of these unobservable inputs will (in isolation) have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. Where multiple inputs are used within the valuation technique of an asset, a change in one input in a certain direction may be offset by an opposite change in another input having a potentially muted impact to the overall fair value of that particular instrument. Additionally, a change in one unobservable input may result in a change to another unobservable input (that is, changes in certain inputs are interrelated on one another), which may counteract or magnify the fair value impact. These Level 3 assets would decrease (increase) in value based upon an increase (decrease) in discount rate.

28(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





Alternative Investments
The following table summarizes the Plan’s investments at December 31, 2013 and 2012 in various types of funds that use the fund’s NAVs as a practical expedient to measure fair value. The fair values presented in the table are based upon the funds’ NAV or an equivalent measure.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redemption
 
 
 
 
 
 
 
 
 
 
Unfunded
 
Redemption
 
notice
 
 
 
 
 
 
 
 
Fair value
 
commitments
 
frequency
 
period
December 31, 2014:
 
 
 
 
 
 
 
 
 
Collective investment funds:
 
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks (a)
 
$
6,478,175,711

 
—

 
daily
 
n/a
 
 
Domestic mid-cap stocks (b)
 
1,602,940,018

 
—

 
daily
 
n/a
 
 
Domestic small-cap stocks (c)
 
1,550,938,325

 
—

 
daily
 
n/a
 
 
Emerging markets stocks (d)
 
629,762,848

 
—

 
daily
 
n/a
 
 
International stocks (e)
 
705,003,029

 
—

 
daily
 
n/a
 
 
Domestic intermediate (core)
 
 
 
 
 
 
 
 
 
 
 
fixed income (f)
 
972,533,818

 
—

 
daily
 
n/a
 
 
 
 
 
Total collective
 
 
 
 
 
 
 
 
 
 
 
 
 
 
investment funds
 
11,939,353,749

 
—

 
 
 
 
 
 
 
 
 
Total
 
$
11,939,353,749

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

29(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redemption
 
 
 
 
 
 
 
 
 
 
Unfunded
 
Redemption
 
notice
 
 
 
 
 
 
 
 
Fair value
 
commitments
 
frequency
 
period
December 31, 2013:
 
 
 
 
 
 
 
 
 
Collective investment funds:
 
 
 
 
 
 
 
 
 
 
Domestic large-cap stocks (a)
 
$
5,563,290,384

 
—

 
daily
 
n/a
 
 
Domestic mid-cap stocks (b)
 
1,465,494,324

 
—

 
daily
 
n/a
 
 
Domestic small-cap stocks (c)
 
1,509,677,882

 
—

 
daily
 
n/a
 
 
Emerging markets stocks (d)
 
624,459,472

 
—

 
daily
 
n/a
 
 
International stocks (e)
 
692,931,915

 
—

 
daily
 
n/a
 
 
Domestic intermediate (core)
 
 
 
 
 
 
 
 
 
 
 
fixed income (f)
 
920,328,248

 
—

 
daily
 
n/a
 
 
 
 
 
Total collective
 
 
 
 
 
 
 
 
 
 
 
 
 
 
investment funds
 
10,776,182,225

 
—

 
 
 
 
 
 
 
 
 
Total
 
$
10,776,182,225

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
n/a – Not applicable
 
 
 
 
 
 
 
 
(a)
 
The investment objectives of the underlying funds include: to match the performance, before fees
 
 
and expenses, of the S&P 500 Index or NASDAQ-100 Index, to outperform the Russell 1000 Growth
 
 
Index or Russell 1000 Value Index or to provide substantial dividend income and provide long-term
 
 
growth of capital.
(b)
 
The fund attempts to match the performance, before fees and expenses, of the S&P MidCap
 
 
400 Index.
(c)
 
The underlying funds attempt to match the performance, before fees and expenses, of the Russell
 
 
2000 Index, or outperform the Russell 2000 Growth Index or Russell 2000 Value Index.
(d)
 
The fund’s investment objective is to achieve long-term capital appreciation in equity and equity
 
 
related securities of issuers that are located, or do significant business, in emerging market
 
 
countries.
(e)
 
The fund attempts to match the performance, before fees and expenses, of the MSCI EAFE Index.
(f)
 
The fund attempts to match the performance, before fees and expenses, of the Barclays Capital U.S.
 
 
Aggregate Bond Index.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
(7)        Concentration of Investments
The Plan’s investment in shares of the Company’s common and preferred stock aggregate 34.94% and 32.41% of total investments as of December 31, 2014 and 2013, respectively. The Company, incorporated in Delaware, is a diversified financial services company providing banking, mortgage, and consumer finance throughout North America. The quoted market price of the Company’s common stock was $54.82 as of December 31, 2014 and $57.17 as of June 17, 2015.


30(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(8)        Financial Instruments with Off‑Balance‑Sheet Risk
In the normal course of business, the Plan, through the securities‑backed contracts of the Wells Fargo Stable Value Fund, enters into transactions in various financial instruments with off‑balance‑sheet risk. The Plan may buy or sell interest rate futures contracts to protect against changes in the market. Payments are made or received by the Plan each day equal to the daily changes in the contract value and are recorded as appreciation or depreciation. The Plan may also purchase forward contracts on foreign currency as protection against changes in exchange rates. Such contracts are reported at fair value based on current exchange rates. Due to the inherent volatility in these financial instruments, the values of these investments may change in the near term, and those changes could differ materially from the amounts reported in the net assets of the Plan.
Credit risk represents the potential loss to the Plan due to possible nonperformance by obligors and counterparties of the terms of their contracts. Market risk represents the potential loss to the Plan due to the decrease or increase in the value of an off‑balance‑sheet financial instrument caused primarily by changes in interest rates or foreign exchange rates, or a combination thereof.
Forward contracts and futures represent commitments to purchase or sell securities, money market instruments, or foreign currencies at a future date and at a specified price. Short sells represent commitments to purchase securities at a future date and at a specified price. Both credit and market risks exist with respect to forward contracts. Market risk exists with respect to futures and short sells. These positions are carried at current market value, and the unrealized gain or loss is included in the net assets of the Plan. Financial futures are marked to market and settled with the broker on a daily basis. The Plan does not anticipate that losses, if any, as a result of credit or market risk would materially affect the net asset position of the Plan. The Plan, to a limited extent, enters into transactions involving other financial instruments and commitments as an integral part of the overall management of the investment portfolio.
The following table summarizes the aggregate notional amounts and estimated fair value for the Plan’s derivative financial instruments as of December 31, 2014 and 2013:
 
 
 
 
 
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
Notional
 
Unrealized
 
Notional
 
Unrealized
 
 
 
 
 
 
 
 
amount
 
gain
 
amount
 
gain
Future contracts
 
$
(9,674,515
)
 
21,250

 
(16,968,409
)
 
218,942

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized losses on futures for the years ended December 31, 2014 and 2013 were $66,372 and $181,102, respectively and are included in interest income on the statements of changes in net assets available for benefits.

(9)         Related‑Party Transactions
The Plan engages in transactions involving acquisition or disposition of units of participation in commingled investment funds of the Company, as well as registered investment funds managed by the Company and the Trustee, all of which are parties in interest with respect to the Plan. These transactions are covered by an exemption from the “prohibited transaction” provisions of ERISA and the IRC.

31(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





During 2014 and 2013, the Plan purchased Company preferred stock for the ESOP from the Company (note 2(e)) and allowed participants to invest in Company common stock.

(10)
Other Income
The Plan periodically receives monies from litigation settlements or other residual proceeds (“Proceeds”) related to the Plan, or prior plans that merged into the Plan, in which the Plan Administrator is responsible for determining how these Proceeds will be allocated to the Plan.
On March 24, 2014, the Plan received $691,426 and $344,764 of Proceeds related to the Wachovia Corporation Common Stock Fund (ESOP) and the Wachovia Corporation Common Stock Fund (Non-ESOP), respectively, fund options of the Wachovia Savings Plan. The Wachovia Savings Plan merged into the Plan effective December 31, 2009.
On April 1, 2014, the Plan received $124,762 in litigation settlements for the A.G. Edwards, Inc. Retirement and Profit Sharing Plan for the Wachovia Corporation Common Stock Fund. The A.G. Edwards, Inc. Retirement and Profit Sharing Plan merged into the Plan effective July 1, 2011.
On May 16, 2014, the Plan received $166,419 in litigation settlements for the A.G. Edwards Inc. Retirement and Profit Sharing Plan for the eligible investors who held shares in certain Nations mutual funds and other mutual funds during the period from 2000 through mid-2003.
Total proceeds of $1,092,693 were received on April 17 and 18, 2013 for a class action suit on the MFS Funds, Franklin Templeton Funds and Alliance Bernstein Funds held by the A.G. Edwards Retirement and Profit Sharing Plan, a plan that merged into the Plan on July 11, 2011.
On April 11, 2013, the Plan received net proceeds of $2,291,015 from Credit Suisse as part of the National Century Financial Enterprises securities litigation. These funds were deposited into the Wells Fargo Stable Value Fund.
On September 12, 2013, the Plan received net proceeds of $26,413, resulting from the Schering Plough securities litigation in the First Security Plan. The First Security Plan merged into the Plan on January 1, 2001.
On September 12, 2013, the Plan also received net proceeds of $68, resulting from the Qwest Communications securities litigation in the First Security Plan.
On September 12, 2013, the Plan received net proceeds of $128 for MFS Funds resulting from the Bank of America securities litigation in the Insurance Risk Manager 401(k) Plan. The Insurance Risk Manager 401(k) Plan merged into the Plan on July 1, 2002.
On September 5, 2013, the Plan received net proceeds of $56 on behalf of the Wells Fargo Financial TAPS, resulting from Franklin Templeton Mutual Fund class action suit. The Wells Fargo Financial TAPS merged into the Plan effective July 1, 2006.
These Proceeds are deposited into an interest bearing account until the Plan Administrator is able to determine how to allocate the monies into the Plan and are included as other miscellaneous receivables on

32(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





the 2013 statement of net assets available for benefits and in other income on the 2014 and 2013 statements of changes of net assets available for benefits.

(11)     Other Liability
On May 12, 2014, a loan agreement was entered into between the Plan Sponsor and the Plan for $30,000. Specifically, under the loan agreement the Plan Sponsor made an unsecured loan to the Plan in the amount of $30,000, which the Plan used to allocate a $30,000 credit to a participant’s Plan account which was equal to the amount withheld and remitted to the IRS from a distribution that the participant claimed was made from his account without the participants authorization (“Tax Withholding Amount”). A refund claim was submitted by Wells Fargo Bank, N.A. to the IRS for the Tax Withholding Amount (“Refund Claim”). The loan was intended to reinstate the Tax Withholding Amount to the participant’s Plan account pending determination of the Refund Claim.
This loan agreement was entered into in compliance with the requirements of Prohibited Transaction Exemption 80-26, as issued and amended by the U.S. Department of Labor (“PTE 80-26”).
Under the terms of loan agreement, the Plan shall repay the Plan Sponsor an amount equal to the lesser of (1) the loan proceeds, or (2) an amount actually refunded by the IRS in connection with the Refund Claim (“Actual Refund”). The parties agree that if the Actual Refund is less than the Loan proceeds, repayment to the Lender of an amount equal to the Actual Refund shall constitute full repayment of the loan. Repayment of the Loan shall occur as soon as practicable following receipt of payment from the IRS of the Actual Refund.
The loan is included as an other liability on the 2014 statement of net assets available for benefits and in other income in the 2014 statement of changes in net assets available for benefits.


(12)     Federal Income Taxes
The IRS has determined and informed the Company by a letter dated September 16, 2013, that the Plan and related Trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended and restated since receiving the determination letter, the Plan Administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC, and therefore, believe that the Plan is qualified, and the related Trust is tax‑exempt.
Accounting principles generally accepted in the United States of America require the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or asset), if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.
The Plan is subject to routine audits by taxing jurisdictions and periodic compliance reviews. The Plan Sponsor received written notice dated March 6, 2015 from the IRS of an impending examination of the Plan. In its examination notification letter, the IRS indicated that the Plan examination will include the Plan year

33(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





ending December 31, 2013. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2011.

 
(13)   Regulatory Matters
The Plan Sponsor received written notification dated August 29, 2014 from the Department of Labor (DOL) advising the Plan had been selected for review by the DOL. In the DOL’s August 29th written notification, the Plan Sponsor was informed the review will consist primarily of an on-site examination of plan records and interviews of plan officials. The Plan is currently under review by the DOL for Plan years 2010 through 2014.

(14)     Notes Payable
Notes payable as of December 31 were:
 
 
 
 
 
 
 
 
2014
 
2013
4.75% 2005 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
March 2015
 
 
$
—

 
8,528,263

5.75% 2006 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
March 2016
 
 
9,332,818

 
22,627,186

5.75% 2007 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
March 2017
 
 
26,458,960

 
41,995,360

4.50% 2008 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
March 2018
 
 
44,651,832

 
61,172,502

3.00% 2010 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
March 2020
 
 
152,291,880

 
184,691,880

2.50% 2011 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
March 2021
 
 
222,710,355

 
261,770,355

2.30% 2012 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
March 2022
 
 
206,989,176

 
237,839,976

1.30% 2013 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
December 2022
 
313,920,000

 
381,268,920

1.50% 2014 ESOP Convertible Preferred Stock Note, due
 
 
 
 
 
December 2023
 
383,500,062

 
—

 
 
 
 
 
 
 
 
$
1,359,855,083

 
1,199,894,442

 
 
 
 
 
 
 
 
 
 
 


34(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





Maturities of notes payable are as follows:
Year ending December 31:
 
 
 
2015
 
 
 
 
$
58,609,652

 
2016
 
 
 
 
223,214,380

 
2017
 
 
 
 
208,638,018

 
2018
 
 
 
 
181,310,190

 
2019
 
 
 
 
203,990,190

 
Thereafter
 
 
484,092,653

 
 
 
 
 
 
 
 
$
1,359,855,083

 
 
 
 
 
 
 
 
 
The notes represent exempt ESOP loans to the Plan from the Company. The notes may be repaid in monthly installments through March 31, 2023. The estimated fair value of the notes as of December 31, 2014 and 2013 was approximately $1,333 million and $1,205 million, respectively, determined by using interest rates currently available for issuance of debt with similar terms and remaining maturities.
(15)     Plan Termination
Although it has not expressed any intent to do so, the Company by action of its Board of Directors reserves the right to terminate the Plan at any time. In the event of Plan termination, participants shall become 100% vested in their accounts.
(16)     Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of changes in net assets per the financial statements to the Form 5500:
 
 
 
 
 
 
 
 
2014
 
2013
Participant contributions per the financial statements
 
$
1,410,212,816

 
1,326,261,586

Excess contributions to be refunded
 
99,088

 
117,245

 
 
 
 
 
Participant contributions per the Form 5500
 
$
1,410,311,904

 
1,326,378,831

Interest income per the financial statements
 
$
69,552,429

 
79,317,363

Interest income from notes receivable from participants per
 
 
 
 
 
the financial statements
 
48,593,716

 
41,370,642

Income on excess contributions to be refunded
 
3,674

 
15,158

 
 
 
 
 
Interest income per the Form 5500
 
$
118,149,819

 
120,703,163

 
 
 
 
 
 
 
 
 
 
 
(17)     Nonexempt Transactions
One of the investment funds offered under the Plan is the Wells Fargo Stable Value Fund (the “Stable Value Fund”).  The Stable Value Fund is a separately managed account that is managed by Galliard Capital Management, Inc. (“Galliard”), a wholly owned subsidiary of the Trustee.  Galliard

35(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





is a registered investment advisor and fiduciary “investment manager” under ERISA Section 3(38) with respect to the Plan.  Pursuant to applicable prohibited transaction exemptions under ERISA, Galliard has directed the investment of a portion of the Stable Value Fund in collective investment trusts established by the Trustee, including the Wells Fargo Stable Return Fund (the “SRF”) and the Wells Fargo Fixed Income Fund F (the “FIF”), both of which are sub-advised by Galliard.
On May 21, 2013, Galliard inadvertently caused the Stable Value Fund, the SRF, and the FIF to purchase shares of a bond issue as part of an initial underwriting where the Trustee served as corporate trustee and received additional compensation in that role.  As corporate trustee, the Trustee received $126 in connection with the Stable Value Fund’s purchase of the security, $688 in connection with the SRF’s purchase of the security, and $1,050 in connection with the FIF’s purchase of the security.  On the date the security was purchased, the Stable Value Fund held 1.18% of the units of the SRF and 3.46% of the units of the FIF.
Galliard determined that no ERISA prohibited transaction exemption was available with respect to the compensation received by the Trustee as corporate trustee in connection with the purchase of the security as part of the initial underwriting by the Stable Value Fund, the SRF, and the FIF.  To correct the transaction, the requisite portion of the compensation received by the Trustee as corporate trustee (as described above) was disgorged to the Stable Value Fund, the SRF, and the FIF along with lost interest related to usage of funds.  As the disqualified person liable for the tax under Code Section 4975 for participating in a non-exempt prohibited transaction, the Trustee filed a separate Form 5330 filing with the IRS for the Stable Value Fund, the SRF, and the FIF and paid the applicable excise taxes.
In addition, Galliard directed the Stable Value Fund, the SRF, and the FIF to sell the security on May 22, 2013.  The Stable Value Fund’s sale of the security resulted in a loss of $1,125 from the purchase price.  The SRF’s sale of the security resulted in a loss of $6,141 from the purchase price.  The FIF’s sale of the security resulted in a loss of $9,375 from the purchase price.  Galliard made the Stable Value Fund, SRF, and FIF whole for this loss by reimbursing each for the corresponding amount of the loss and for lost interest related to usage of the funds.
 

36(Continued)

WELLS FARGO & COMPANY 401(K) PLAN
Notes to Financial Statements
December 31, 2014 and 2013





(18)     Subsequent Events
In accordance with ASC 855, Subsequent Events, the Plan has evaluated events that have occurred subsequent to period end December 31, 2014 through June 18, 2015, the date at which the financial statements were issued.
Subsequent to December 31, 2014, the Plan purchased 826,598 shares of Company preferred stock from the Company for $900 million with the issuance of a note payable to the Company for an equal amount. The note bears interest at 1.48% and is due December 31, 2024.



37(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule G, Part III – Nonexempt Transactions
Year Ended December 31, 2014
  
 
  
 
(c)
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
(b)
 
Description of
 
  
 
  
 
  
 
  
 
  
 
  
 
(j)
  
 
Relationship to
 
transaction including
 
  
 
  
 
  
 
  
 
  
 
(i)
 
Net gain
(a)
 
plan, employer,
 
maturity date, rate of
 
(d)
 
(e)
 
(f)
 
(g)
 
(h)
 
Current
 
or (loss)
Identity of
 
or other
 
interest, collateral,
 
Purchase
 
Selling
 
Lease
 
Transaction
 
Cost of
 
value of
 
on each
party involved
 
party-in-interest
 
par or maturity value
 
price
 
price
 
rental
 
expenses
 
asset
 
asset
 
transaction
Wells Fargo Bank, N.A.
 
Subsidiary of
 
Inadvertent use of plan assets
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
Plan Sponsor
 
for the benefit of a party
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
  
 
in interest.
 
$
—

 
—

 
—

 
—

 
126

 
127

 
1

Wells Fargo Bank, N.A.
 
Subsidiary of
 
Inadvertent use of plan assets
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
Plan Sponsor
 
for the benefit of a party
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
  
 
in interest.
 
—

 
—

 
—

 
—

 
36

 
36

 
—

Wells Fargo Bank, N.A.
 
Subsidiary of
 
Inadvertent use of plan assets
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
Plan Sponsor
 
for the benefit of a party
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
  
 
in interest.
 
—

 
—

 
—

 
—

 
8

 
8

 
—

See accompanying independent auditors’ report.
 
  
 
  
 
  
 
  
 
  
 
  


38

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
*
Participant loans
 
175,444 Participant loans, interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
rates ranging from 3.25% to 11.50%,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturing at various dates through
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 8, 2034
 
N/A
 
 
 
$
957,560,358

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US Bond Index Fund
 
Collective Investment Fund
 
73,934,455

 
(1)
 
972,533,818

 
S&P 500 Index Fund
 
Collective Investment Fund
 
173,449,269

 
(1)
 
2,867,983,668

 
S&P MidCap Index Fund
 
Collective Investment Fund
 
60,878,846

 
(1)
 
1,602,940,018

 
Russell Small Cap Index Fund
 
Collective Investment Fund
 
21,311,560

 
(1)
 
473,883,847

 
Emerging Markets Index Fund
 
Collective Investment Fund
 
38,330,058

 
(1)
 
629,762,848

 
International Index Fund
 
Collective Investment Fund
 
20,312,518

 
(1)
 
374,278,465

 
NASDAQ 100 Fund
 
Collective Investment Fund
 
36,821,416

 
(1)
 
958,976,966

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,880,359,630

*
WF Advantage 100% Treasury Money Market Fund*
 
Mutual Fund
 
285,416,835

 
(1)
 
285,416,835

 
PIMCO Global Advantage Strategy Bond Fund
 
Mutual Fund
 
13,549,823

 
(1)
 
144,034,621

*
WF Advantage Dow Jones Target Today Fund*
 
Mutual Fund
 
12,554,464

 
(1)
 
137,471,379

*
WF Advantage Dow Jones Target 2010 Fund*
 
Mutual Fund
 
4,517,159

 
(1)
 
59,400,644

*
WF Advantage Dow Jones Target 2015 Fund*
 
Mutual Fund
 
19,644,450

 
(1)
 
202,141,389

*
WF Advantage Dow Jones Target 2020 Fund*
 
Mutual Fund
 
29,721,645

 
(1)
 
452,957,871

*
WF Advantage Dow Jones Target 2025 Fund*
 
Mutual Fund
 
99,056,475

 
(1)
 
1,038,111,862

*
WF Advantage Dow Jones Target 2030 Fund*
 
Mutual Fund
 
31,906,493

 
(1)
 
533,795,624

*
WF Advantage Dow Jones Target 2035 Fund*
 
Mutual Fund
 
30,928,386

 
(1)
 
339,593,673

*
WF Advantage Dow Jones Target 2040 Fund*
 
Mutual Fund
 
20,502,787

 
(1)
 
394,678,654

*
WF Advantage Dow Jones Target 2045 Fund*
 
Mutual Fund
 
15,090,676

 
(1)
 
172,637,333

*
WF Advantage Dow Jones Target 2050 Fund*
 
Mutual Fund
 
51,054,757

 
(1)
 
559,560,142

*
WF Advantage Dow Jones Target 2055 Fund*
 
Mutual Fund
 
6,002,091

 
(1)
 
76,886,789

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,396,686,816

 
Wells Fargo Large Cap Value Fund
 
Multi-Manager Fund
 
 
 
 
 
 
 
 
Dodge & Cox Stock Fund
 
 
Mutual Fund
 
4,120,644

 
(1)
 
745,589,407

 
 
MFS Large Cap Value Fund
 
 
Common Collective Fund
 
35,216,820

 
(1)
 
725,466,492

 
 
T Rowe Price Equity Income Fund
 
 
Common Collective Fund
 
40,807,977

 
(1)
 
732,503,178

 
 
 
Total Wells Fargo Large Cap Value Fund
 
 
 
 
 
 
 
 
2,203,559,077

 
Wells Fargo Large Cap Growth Fund
 
Multi-Manager Fund
 
 
 
 
 
 
 
 
Los Angeles Large Cap Growth Fund
 
 
Common Collective Fund
 
46,025,809

 
(1)
 
587,749,581

 
 
T Rowe Price Blue Chip Growth Fund
 
 
Common Collective Fund
 
25,645,736

 
(1)
 
605,495,825

 
 
Delaware US Growth Fund
 
 
Mutual Fund
 
21,381,673

 
(1)
 
583,719,660

 
 
 
Total Wells Fargo Large Cap Growth Fund
 
 
 
 
 
 
 
 
1,776,965,066

 
Wells Fargo Small Cap Fund
 
Multi-Manager Fund
 
 
 
 
 
 
*
 
Wells Fargo Advantage Emerging Growth Fund*
 
 
Mutual Fund
 
13,186,835

 
(1)
 
210,066,274

 
 
Advisory Research Small Cap Value Fund
 
 
Common Collective Fund
 
12,290,782

 
(1)
 
213,859,602

 
 
SSGA Russell Small Cap Index Non Lending Fund
 
 
Common Collective Fund
 
19,754,762

 
(1)
 
439,266,886

 
 
Wellington Select Small Cap Growth Fund
 
 
Common Collective Fund
 
9,441,913

 
(1)
 
211,121,169

 
 
Wellington Small Cap Value Fund
 
 
Common Collective Fund
 
10,310,408

 
(1)
 
212,806,822

 
 
 
Total Wells Fargo Small Cap Fund
 
 
 
 
 
 
 
 
1,287,120,753

 
International Equity Fund
 
Multi-Manager Fund
 
 
 
 
 
 
*
 
Wells Fargo/Causeway International Value Fund*
 
 
Common Collective Fund
 
29,533,989

 
(1)
 
330,724,564

 
 
American Funds EuroPacific Growth Fund
 
 
Mutual Fund
 
14,049,779

 
(1)
 
661,604,113

 
 
Harbor International Fund
 
 
Mutual Fund
 
5,078,812

 
(1)
 
329,005,460

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,321,334,137

 
 
 
 
Total Multi-Manager Funds
 
 
 
 
 
 
 
 
6,588,979,033

*
Wells Fargo Stable Value Fund:
 
 
 
 
 
 
 
 
 
 
 
Security-backed contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Transamerica Premier Life Ins. Co.
 
2.59%
 
 
 
(1)
 
210,378,698

 
 
 
Voya Ins. and Annuity Co.
 
2.36%
 
 
 
(1)
 
156,043,042

 
 
 
Nationwide Life Insurance Co.
 
1.62%
 
 
 
(1)
 
—    

 
 
 
American General Life Ins. Co.
 
2.1%
 
 
 
(1)
 
—    

 
 
 
Prudential Insurance Company of America
 
1.88%
 
 
 
(1)
 
505,152,079

 
 
 
New York Life Insurance Co.
 
2.24%
 
 
 
(1)
 
231,914,238

 
 
 
Massachusetts Mutual Life Insurance Co.
 
2.28%
 
 
 
(1)
 
395,858,729

 
 
 
Metropolitan Life Ins. Co.
 
1.01%
 
 
 
(1)
 
202,425,861

 
 
 
American General Life Ins. Co.
 
2.1%
 
 
 
(1)
 
—    

 
 
 
Transamerica Premier Life Ins. Co.
 
2.59%
 
 
 
(1)
 
—    

 
 
 
Pacific Life Ins. Co.
 
2.11%
 
 
 
(1)
 
—    

 
 
 
State Street Bank and TrustCo.
 
2.15%
 
 
 
(1)
 
 
 
 
 
 
Access Group Inc 2013-1
 
0.67%, $3,545,599 par, due 2/25/2036
 
 
 
(1)
 
3,502,641

 
 
 
 
Ally Auto Receivables Trust 2013-2
 
0.79%, $2,500,000 par, due 1/15/2018
 
 
 
(1)
 
2,497,868

 
 
 
 
Ally Auto Receivables Trust 2014-1
 
0.97%, $3,500,000 par, due 10/15/2018
 
 
 
(1)
 
3,487,463

 
 
 
 
Ally Auto Receivables Trust 2014-2
 
1.25%, $3,500,000 par, due 4/15/2019
 
 
 
(1)
 
3,494,659

 
 
 
 
American Express Credit Acct Mstr Tr
 
0.98%, $3,000,000 par, due 5/15/2019
 
 
 
(1)
 
2,998,965


39(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
American Express Credit Corp
 
2.75%, $2,000,000 par, due 9/15/2015
 
 
 
(1)
 
$
2,030,856

 
 
 
 
American Express Credit Corp
 
1.55%, $900,000 par, due 9/22/2017
 
 
 
(1)
 
901,760

 
 
 
 
American Honda Finance Corp
 
1.13%, $1,080,000 par, due 10/7/2016
 
 
 
(1)
 
1,084,994

 
 
 
 
American Honda Finance Corp
 
1.55%, $960,000 par, due 12/11/2017
 
 
 
(1)
 
964,093

 
 
 
 
AmeriCredit Auto Receivables Trust
 
0.90%, $3,300,000 par, due 1/8/2019
 
 
 
(1)
 
3,292,186

 
 
 
 
AmeriCredit Auto Receivables Trust
 
0.90%, $3,400,000 par, due 9/15/2016
 
 
 
(1)
 
3,398,851

 
 
 
 
AmeriCredit Automobile Receivables Trust 2014-2
 
0.94%, $3,500,000 par, due 2/8/2019
 
 
 
(1)
 
3,486,196

 
 
 
 
Apple Inc
 
2.10%, $2,000,000 par, due 5/6/2019
 
 
 
(1)
 
2,022,704

 
 
 
 
Arizona School Facilities Board
 
1.12%, $1,850,000 par, due 7/1/2017
 
 
 
(1)
 
1,845,486

 
 
 
 
Banc of America Commercial Mortgage Trust 2006-2
 
5.73%, $3,500,000 par, due 5/10/2045
 
 
 
(1)
 
3,644,172

 
 
 
 
Banc of America Commercial Mortgage Trust 2006-4
 
5.62%, $3,612,079 par, due 7/10/2046
 
 
 
(1)
 
3,824,238

 
 
 
 
Bank of America Corp
 
5.42%, $1,000,000 par, due 3/15/2017
 
 
 
(1)
 
1,072,147

 
 
 
 
Bank of America Corp
 
2.65%, $1,200,000 par, due 4/1/2019
 
 
 
(1)
 
1,208,802

 
 
 
 
Bank of America NA
 
1.13%, $2,100,000 par, due 11/14/2016
 
 
 
(1)
 
2,092,427

 
 
 
 
Bank of Montreal
 
1.95%, $1,000,000 par, due 1/30/2017
 
 
 
(1)
 
1,016,888

 
 
 
 
Bank of New York Mellon Corp/The
 
1.20%, $3,000,000 par, due 2/20/2015
 
 
 
(1)
 
3,000,978

 
 
 
 
Bank of Nova Scotia/The
 
1.95%, $3,375,000 par, due 1/30/2017
 
 
 
(1)
 
3,426,131

 
 
 
 
Bank of Nova Scotia/The
 
1.75%, $1,000,000 par, due 3/22/2017
 
 
 
(1)
 
1,010,269

 
 
 
 
Barclays Bank PLC
 
2.75%, $1,622,000 par, due 2/23/2015
 
 
 
(1)
 
1,626,461

 
 
 
 
Bayer US Finance LLC
 
2.38%, $1,470,000 par, due 10/8/2019
 
 
 
(1)
 
1,475,833

 
 
 
 
BB&T Corp
 
2.45%, $700,000 par, due 1/15/2020
 
 
 
(1)
 
697,150

 
 
 
 
Bear Stearns Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Trust 2005-PWR8
 
4.67%, $87,268 par, due 6/11/2041
 
 
 
(1)
 
87,669

 
 
 
 
Bear Stearns Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Trust 2007-TOP26
 
5.45%, $3,332,220 par, due 1/12/2045
 
 
 
(1)
 
3,570,730

 
 
 
 
Becton Dickinson and Co
 
1.80%, $1,320,000 par, due 12/15/2017
 
 
 
(1)
 
1,324,868

 
 
 
 
BNP Paribas SA
 
2.40%, $1,700,000 par, due 12/12/2018
 
 
 
(1)
 
1,716,186

 
 
 
 
BNP Paribas SA
 
1.38%, $630,000 par, due 3/17/2017
 
 
 
(1)
 
628,230

 
 
 
 
Board of Trustees of The Leland Stanford
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Junior University
 
4.25%, $1,300,000 par, due 5/1/2016
 
 
 
(1)
 
1,357,118

 
 
 
 
BP Capital Markets PLC
 
4.50%, $1,500,000 par, due 10/1/2020
 
 
 
(1)
 
1,622,954

 
 
 
 
Branch Banking & Trust Co
 
1.45%, $520,000 par, due 10/3/2016
 
 
 
(1)
 
523,079

 
 
 
 
Branch Banking & Trust Co
 
2.30%, $900,000 par, due 10/15/2018
 
 
 
(1)
 
909,365

 
 
 
 
Burlington Northern Santa Fe LLC
 
5.65%, $500,000 par, due 5/1/2017
 
 
 
(1)
 
548,429

 
 
 
 
Caisse Centrale Desjardins
 
1.60%, $4,000,000 par, due 3/6/2017
 
 
 
(1)
 
4,036,596

 
 
 
 
Capital One Multi-Asset Execution Tr
 
1.48%, $4,200,000 par, due 7/15/2020
 
 
 
(1)
 
4,200,945

 
 
 
 
Cargill Inc
 
4.31%, $2,748,000 par, due 5/14/2021
 
 
 
(1)
 
3,022,132

 
 
 
 
CarMax Auto Owner Trust 2013-4
 
0.80%, $2,000,000 par, due 7/16/2018
 
 
 
(1)
 
1,997,702

 
 
 
 
CarMax Auto Owner Trust 2014-2
 
0.98%, $3,000,000 par, due 1/15/2019
 
 
 
(1)
 
2,990,889

 
 
 
 
Caterpillar Financial Services Corp
 
1.35%, $830,000 par, due 9/6/2016
 
 
 
(1)
 
836,877

 
 
 
 
Caterpillar Financial Services Corp
 
1.00%, $460,000 par, due 11/25/2016
 
 
 
(1)
 
460,352

 
 
 
 
Caterpillar Financial Services Corp
 
1.25%, $270,000 par, due 8/18/2017
 
 
 
(1)
 
268,887

 
 
 
 
Caterpillar Financial Services Corp
 
2.25%, $600,000 par, due 12/1/2019
 
 
 
(1)
 
600,657

 
 
 
 
Charles Schwab Corp/The
 
6.38%, $500,000 par, due 9/1/2017
 
 
 
(1)
 
562,299

 
 
 
 
Chase Issuance Trust
 
0.21%, $3,000,000 par, due 4/15/2019
 
 
 
(1)
 
2,983,254

 
 
 
 
Chase Issuance Trust
 
1.15%, $3,350,000 par, due 1/15/2019
 
 
 
(1)
 
3,348,355

 
 
 
 
Chevron Corp
 
1.72%, $1,310,000 par, due 6/24/2018
 
 
 
(1)
 
1,316,622

 
 
 
 
Chevron Corp
 
0.40%, $570,000 par, due 11/15/2017
 
 
 
(1)
 
569,335

 
 
 
 
Chevron Corp
 
1.34%, $760,000 par, due 11/15/2017
 
 
 
(1)
 
760,616

 
 
 
 
Chrysler Auto Receivables Trust
 
0.91%, $2,100,000 par, due 4/16/2018
 
 
 
(1)
 
2,104,385

 
 
 
 
Chrysler Capital Auto Receivab
 
0.83%, $3,500,000 par, due 9/17/2018
 
 
 
(1)
 
3,496,185

 
 
 
 
Cisco Systems Inc
 
1.10%, $100,000 par, due 3/3/2017
 
 
 
(1)
 
100,042

 
 
 
 
CIT Equipment Collateral 2014-VT1
 
1.50%, $4,200,000 par, due 10/21/2019
 
 
 
(1)
 
4,187,870

 
 
 
 
Citibank Credit Card Issuance Trust
 
1.32%, $1,360,000 par, due 9/7/2018
 
 
 
(1)
 
1,367,540

 
 
 
 
Citibank Credit Card Issuance Trust
 
1.73%, $3,500,000 par, due 4/9/2020
 
 
 
(1)
 
3,504,998

 
 
 
 
Citigroup Inc
 
4.75%, $1,300,000 par, due 5/19/2015
 
 
 
(1)
 
1,319,163

 
 
 
 
Citigroup Inc
 
3.95%, $510,000 par, due 6/15/2016
 
 
 
(1)
 
529,416

 
 
 
 
Citigroup Inc
 
1.70%, $510,000 par, due 7/25/2016
 
 
 
(1)
 
513,493

 
 
 
 
Citigroup Inc
 
1.30%, $1,000,000 par, due 10/15/2016
 
 
 
(1)
 
998,767

 
 
 
 
Citigroup Inc
 
1.85%, $1,500,000 par, due 11/24/2017
 
 
 
(1)
 
1,498,277

 
 
 
 
City of Dallas TX
 
1.59%, $1,250,000 par, due 2/15/2017
 
 
 
(1)
 
1,263,750

 
 
 
 
CNH Equipment Trust 2014-A
 
0.84%, $3,500,000 par, due 5/15/2019
 
 
 
(1)
 
3,490,466

 
 
 
 
College Loan Corp Trust I
 
0.98%, $8,720,000 par, due 4/25/2046
 
 
 
(1)
 
8,022,400

 
 
 
 
COMM 2005-LP5 Mortgage Trust
 
4.98%, $1,730,815 par, due 5/10/2043
 
 
 
(1)
 
1,739,156

 
 
 
 
COMM 2006-C8 Mortgage Trust
 
5.29%, $1,734,630 par, due 12/10/2046
 
 
 
(1)
 
1,853,397

 
 
 
 
COMM 2012-CCRE5 Mortgage Trust
 
2.39%, $3,500,000 par, due 12/10/2045
 
 
 
(1)
 
3,484,569

 
 
 
 
Commonwealth Bank of Australia
 
2.25%, $825,000 par, due 3/16/2017
 
 
 
(1)
 
843,573

 
 
 
 
Covidien International Finance SA
 
6.00%, $1,400,000 par, due 10/15/2017
 
 
 
(1)
 
1,566,727

 
 
 
 
Covidien International Finance SA
 
1.35%, $950,000 par, due 5/29/2015
 
 
 
(1)
 
952,851

 
 
 
 
Credit Suisse Commercial Mortgage Trust
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Series 2007-C1
 
5.34%, $245,450 par, due 2/15/2040
 
 
 
(1)
 
253,207

 
 
 
 
Credit Suisse/New York NY
 
1.38%, $660,000 par, due 5/26/2017
 
 
 
(1)
 
658,056

 
 
 
 
CVS Health Corp
 
3.25%, $1,300,000 par, due 5/18/2015
 
 
 
(1)
 
1,312,523


40(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
CVS Health Corp
 
2.25%, $1,040,000 par, due 12/5/2018
 
 
 
(1)
 
$
1,049,311

 
 
 
 
Daimler Finance North America LLC
 
2.30%, $500,000 par, due 1/9/2015
 
 
 
(1)
 
500,185

 
 
 
 
Daimler Finance North America LLC
 
2.38%, $1,100,000 par, due 8/1/2018
 
 
 
(1)
 
1,115,433

 
 
 
 
Discover Card Execution Note Trust
 
1.04%, $3,500,000 par, due 4/15/2019
 
 
 
(1)
 
3,496,553

 
 
 
 
DNB Boligkreditt AS
 
1.45%, $2,350,000 par, due 3/21/2018
 
 
 
(1)
 
2,339,629

 
 
 
 
EdLinc Student Loan Funding Trust 2012-1
 
1.17%, $2,875,294 par, due 9/25/2030
 
 
 
(1)
 
2,907,868

 
 
 
 
Education Loan Asset-Backed Trust I
 
0.97%, $3,355,445 par, due 6/25/2026
 
 
 
(1)
 
3,367,904

 
 
 
 
EMC Corp/MA
 
1.88%, $1,000,000 par, due 6/1/2018
 
 
 
(1)
 
996,601

 
 
 
 
Exxon Mobil Corp
 
0.92%, $2,300,000 par, due 3/15/2017
 
 
 
(1)
 
2,297,015

 
 
 
 
Fannie Mae Grantor Trust 2004-T2
 
6.00%, $1,303,015 par, due 11/25/2043
 
 
 
(1)
 
1,455,372

 
 
 
 
Fannie Mae Pool
 
3.96%, $1,458,366 par, due 10/1/2032
 
 
 
(1)
 
1,574,140

 
 
 
 
Fannie Mae Pool
 
1.93%, $2,793,930 par, due 11/1/2032
 
 
 
(1)
 
2,918,902

 
 
 
 
Fannie Mae Pool
 
5.50%, $599,581 par, due 4/1/2033
 
 
 
(1)
 
680,482

 
 
 
 
Fannie Mae Pool
 
2.96%, $694,263 par, due 2/1/2041
 
 
 
(1)
 
740,556

 
 
 
 
Fannie Mae Pool
 
2.62%, $4,378,986 par, due 10/1/2041
 
 
 
(1)
 
4,541,827

 
 
 
 
Fannie Mae Pool
 
3.00%, $7,138,610 par, due 8/1/2027
 
 
 
(1)
 
7,438,411

 
 
 
 
Fannie Mae Pool
 
2.50%, $3,393,723 par, due 10/1/2024
 
 
 
(1)
 
3,490,169

 
 
 
 
Fannie Mae Pool
 
2.51%, $124,319 par, due 9/1/2044
 
 
 
(1)
 
127,688

 
 
 
 
Fannie Mae Pool
 
2.82%, $1,708,634 par, due 10/1/2044
 
 
 
(1)
 
1,763,333

 
 
 
 
Fannie Mae Pool
 
6.00%, $146,147 par, due 2/1/2033
 
 
 
(1)
 
166,988

 
 
 
 
Fannie Mae Pool
 
2.33%, $983,741 par, due 7/1/2033
 
 
 
(1)
 
1,047,071

 
 
 
 
Fannie Mae Pool
 
6.50%, $83,544 par, due 1/1/2018
 
 
 
(1)
 
87,174

 
 
 
 
Fannie Mae Pool
 
2.13%, $876,622 par, due 5/1/2037
 
 
 
(1)
 
941,958

 
 
 
 
Fannie Mae Pool
 
4.50%, $335,256 par, due 7/1/2018
 
 
 
(1)
 
352,691

 
 
 
 
Fannie Mae Pool
 
5.00%, $1,704,810 par, due 6/1/2035
 
 
 
(1)
 
1,887,925

 
 
 
 
Fannie Mae Pool
 
1.95%, $490,490 par, due 8/1/2035
 
 
 
(1)
 
517,532

 
 
 
 
Fannie Mae Pool
 
1.94%, $792,760 par, due 8/1/2033
 
 
 
(1)
 
839,977

 
 
 
 
Fannie Mae Pool
 
1.94%, $753,014 par, due 8/1/2033
 
 
 
(1)
 
803,974

 
 
 
 
Fannie Mae Pool
 
2.01%, $330,516 par, due 12/1/2033
 
 
 
(1)
 
352,508

 
 
 
 
Fannie Mae Pool
 
1.93%, $296,392 par, due 5/1/2034
 
 
 
(1)
 
313,324

 
 
 
 
Fannie Mae Pool
 
1.96%, $5,398,316 par, due 6/1/2034
 
 
 
(1)
 
5,694,392

 
 
 
 
Fannie Mae Pool
 
5.00%, $599,957 par, due 10/1/2019
 
 
 
(1)
 
635,538

 
 
 
 
Fannie Mae Pool
 
5.00%, $532,024 par, due 11/1/2019
 
 
 
(1)
 
571,534

 
 
 
 
Fannie Mae Pool
 
5.50%, $27,353 par, due 6/1/2021
 
 
 
(1)
 
29,909

 
 
 
 
Fannie Mae Pool
 
5.50%, $407,139 par, due 1/1/2036
 
 
 
(1)
 
442,532

 
 
 
 
Fannie Mae Pool
 
5.50%, $1,274,916 par, due 2/1/2036
 
 
 
(1)
 
1,386,074

 
 
 
 
Fannie Mae Pool
 
3.79%, $2,073,261 par, due 5/1/2036
 
 
 
(1)
 
2,132,030

 
 
 
 
Fannie Mae Pool
 
2.14%, $1,868,164 par, due 5/1/2038
 
 
 
(1)
 
2,012,534

 
 
 
 
Fannie Mae Pool
 
3.00%, $537,376 par, due 12/1/2021
 
 
 
(1)
 
559,859

 
 
 
 
Fannie Mae Pool
 
2.50%, $8,108,836 par, due 12/1/2022
 
 
 
(1)
 
8,342,500

 
 
 
 
Fannie Mae Pool
 
2.50%, $3,577,222 par, due 1/1/2023
 
 
 
(1)
 
3,680,236

 
 
 
 
Fannie Mae Pool
 
2.50%, $5,307,970 par, due 7/1/2022
 
 
 
(1)
 
5,460,426

 
 
 
 
Fannie Mae Pool
 
2.50%, $3,554,379 par, due 12/1/2022
 
 
 
(1)
 
3,656,710

 
 
 
 
Fannie Mae Pool
 
2.50%, $2,312,247 par, due 6/1/2023
 
 
 
(1)
 
2,378,713

 
 
 
 
Fannie Mae Pool
 
2.50%, $5,905,934 par, due 8/1/2023
 
 
 
(1)
 
6,075,228

 
 
 
 
Fannie Mae Pool
 
2.50%, $1,221,072 par, due 9/1/2023
 
 
 
(1)
 
1,256,034

 
 
 
 
Fannie Mae REMIC Trust 2003-W11
 
6.37%, $212,796 par, due 7/25/2033
 
 
 
(1)
 
236,462

 
 
 
 
Fannie Mae REMIC Trust 2004-W11
 
7.00%, $1,143,743 par, due 5/25/2044
 
 
 
(1)
 
1,345,095

 
 
 
 
Fannie Mae REMICS
 
4.00%, $1,627,274 par, due 4/25/2019
 
 
 
(1)
 
1,692,092

 
 
 
 
Fannie Mae REMICS
 
5.50%, $4,603,173 par, due 4/25/2035
 
 
 
(1)
 
4,975,059

 
 
 
 
Fannie Mae REMICS
 
5.50%, $4,587,428 par, due 4/25/2035
 
 
 
(1)
 
5,021,069

 
 
 
 
Fannie Mae Trust 2003-W6
 
6.50%, $452,767 par, due 9/25/2042
 
 
 
(1)
 
517,732

 
 
 
 
Fannie Mae Trust 2004-W1
 
7.00%, $932,123 par, due 12/25/2033
 
 
 
(1)
 
1,087,404

 
 
 
 
Fannie Mae-Aces
 
2.03%, $5,000,000 par, due 3/25/2019
 
 
 
(1)
 
5,042,260

 
 
 
 
Fannie Mae-Aces
 
2.17%, $5,000,000 par, due 9/25/2019
 
 
 
(1)
 
5,022,590

 
 
 
 
FHLMC Multifamily Structured Pass
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Through Certificates
 
2.46%, $5,300,000 par, due 8/25/2019
 
 
 
(1)
 
5,412,662

 
 
 
 
FHLMC Multifamily Structured Pass Through
 
2.70%, $4,325,000 par, due 5/25/2018
 
 
 
(1)
 
4,470,679

 
 
 
 
FHLMC Structured Pass Through Securities
 
5.23%, $4,375,404 par, due 5/25/2043
 
 
 
(1)
 
4,844,836

 
 
 
 
Fifth Third Auto Trust 2014-2
 
0.89%, $3,500,000 par, due 11/15/2018
 
 
 
(1)
 
3,491,782

 
 
 
 
FN 5/1 2.47 Hybrid FWD February 2015
 
2.47%, $3,475,000 par, due 2/1/2045
 
 
 
(1)
 
3,547,489

 
 
 
 
Ford Credit Auto Lease Trust 2013-B
 
0.76%, $900,000 par, due 9/15/2016
 
 
 
(1)
 
900,568

 
 
 
 
Ford Credit Auto Owner Trust 2013-C
 
0.82%, $2,225,000 par, due 12/15/2017
 
 
 
(1)
 
2,227,659

 
 
 
 
Ford Credit Auto Owner Trust 2013-D
 
0.67%, $5,460,000 par, due 4/15/2018
 
 
 
(1)
 
5,452,897

 
 
 
 
Ford Credit Auto Owner Trust 2014-A
 
0.79%, $5,000,000 par, due 5/15/2018
 
 
 
(1)
 
4,996,140

 
 
 
 
Ford Credit Auto Owner Trust 2014-B
 
0.90%, $1,500,000 par, due 10/15/2018
 
 
 
(1)
 
1,498,854

 
 
 
 
Ford Motor Credit Co LLC
 
2.50%, $1,000,000 par, due 1/15/2016
 
 
 
(1)
 
1,011,186

 
 
 
 
Freddie Mac Gold Pool
 
6.00%, $2,081,330 par, due 8/1/2038
 
 
 
(1)
 
2,374,106

 
 
 
 
Freddie Mac Gold Pool
 
6.00%, $4,690,697 par, due 8/1/2038
 
 
 
(1)
 
5,348,080

 
 
 
 
Freddie Mac Gold Pool
 
5.50%, $50,996 par, due 11/1/2021
 
 
 
(1)
 
53,937

 
 
 
 
Freddie Mac Gold Pool
 
5.50%, $373,008 par, due 12/1/2033
 
 
 
(1)
 
420,471

 
 
 
 
Freddie Mac Gold Pool
 
5.00%, $1,402,724 par, due 5/1/2020
 
 
 
(1)
 
1,497,378

 
 
 
 
Freddie Mac Gold Pool
 
3.00%, $6,456,345 par, due 8/1/2027
 
 
 
(1)
 
6,694,726


41(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Freddie Mac Non Gold Pool
 
2.08%, $1,238,762 par, due 5/1/2042
 
 
 
(1)
 
$
1,280,580

 
 
 
 
Freddie Mac Non Gold Pool
 
2.30%, $1,413,582 par, due 6/1/2042
 
 
 
(1)
 
1,462,689

 
 
 
 
Freddie Mac Non Gold Pool
 
2.32%, $1,208,384 par, due 6/1/2042
 
 
 
(1)
 
1,252,259

 
 
 
 
Freddie Mac Non Gold Pool
 
2.49%, $3,195,732 par, due 9/1/2042
 
 
 
(1)
 
3,273,951

 
 
 
 
Freddie Mac Non Gold Pool
 
2.27%, $540,440 par, due 5/1/2038
 
 
 
(1)
 
579,192

 
 
 
 
Freddie Mac Non Gold Pool
 
2.40%, $1,452,563 par, due 9/1/2037
 
 
 
(1)
 
1,567,097

 
 
 
 
Freddie Mac Non Gold Pool
 
2.28%, $870,355 par, due 6/1/2036
 
 
 
(1)
 
927,828

 
 
 
 
Freddie Mac Non Gold Pool
 
1.87%, $1,974,805 par, due 8/1/2035
 
 
 
(1)
 
2,092,774

 
 
 
 
Freddie Mac Non Gold Pool
 
2.63%, $658,897 par, due 1/1/2041
 
 
 
(1)
 
702,725

 
 
 
 
Freddie Mac Non Gold Pool
 
2.37%, $53,195 par, due 10/1/2029
 
 
 
(1)
 
54,498

 
 
 
 
Freddie Mac Non Gold Pool
 
2.36%, $2,646,895 par, due 10/1/2043
 
 
 
(1)
 
2,696,824

 
 
 
 
Freddie Mac Non Gold Pool
 
2.59%, $3,040,182 par, due 5/1/2044
 
 
 
(1)
 
3,138,994

 
 
 
 
Freddie Mac REMICS
 
4.00%, $2,158,129 par, due 12/15/2018
 
 
 
(1)
 
2,237,939

 
 
 
 
Freddie Mac REMICS
 
4.00%, $2,346,384 par, due 9/15/2019
 
 
 
(1)
 
2,430,554

 
 
 
 
Freddie Mac REMICS
 
4.00%, $2,377,841 par, due 6/15/2023
 
 
 
(1)
 
2,478,952

 
 
 
 
GE Capital Commercial Mortgage Corp
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series 2006-C1 Trust
 
5.27%, $1,682,145 par, due 3/10/2044
 
 
 
(1)
 
1,723,716

 
 
 
 
GE Equipment Transportation LLC Series 2013-2
 
0.92%, $3,600,000 par, due 9/25/2017
 
 
 
(1)
 
3,607,870

 
 
 
 
GE Equipment Transportation LLC Series 2014-1
 
0.97%, $3,300,000 par, due 4/23/2018
 
 
 
(1)
 
3,297,489

 
 
 
 
General Electric Capital Corp
 
5.55%, $750,000 par, due 5/4/2020
 
 
 
(1)
 
861,958

 
 
 
 
General Electric Co
 
0.85%, $1,100,000 par, due 10/9/2015
 
 
 
(1)
 
1,102,815

 
 
 
 
Ginnie Mae II pool
 
2.50%, $1,873,793 par, due 4/20/2042
 
 
 
(1)
 
1,937,746

 
 
 
 
Ginnie Mae II pool
 
0.78%, $5,661,847 par, due 5/20/2058
 
 
 
(1)
 
5,662,232

 
 
 
 
Ginnie Mae II pool
 
4.82%, $4,501,407 par, due 12/20/2060
 
 
 
(1)
 
4,792,216

 
 
 
 
Ginnie Mae II pool
 
5.47%, $4,516,617 par, due 8/20/2059
 
 
 
(1)
 
4,722,851

 
 
 
 
Ginnie Mae II pool
 
6.14%, $3,431,014 par, due 10/20/2058
 
 
 
(1)
 
3,633,839

 
 
 
 
Ginnie Mae II pool
 
5.76%, $1,759,805 par, due 12/20/2058
 
 
 
(1)
 
1,859,720

 
 
 
 
Ginnie Mae II pool
 
5.46%, $1,898,867 par, due 7/20/2059
 
 
 
(1)
 
2,004,131

 
 
 
 
Ginnie Mae II pool
 
5.55%, $3,879,920 par, due 2/20/2059
 
 
 
(1)
 
4,049,453

 
 
 
 
GlaxoSmithKline Capital Inc
 
5.65%, $1,000,000 par, due 5/15/2018
 
 
 
(1)
 
1,126,525

 
 
 
 
GlaxoSmithKline Capital PLC
 
0.75%, $500,000 par, due 5/8/2015
 
 
 
(1)
 
500,737

 
 
 
 
GM Financial Automobile Leasing Trust 2014-1
 
1.01%, $3,000,000 par, due 5/22/2017
 
 
 
(1)
 
2,994,399

 
 
 
 
Goldman Sachs Group Inc/The
 
2.90%, $2,000,000 par, due 7/19/2018
 
 
 
(1)
 
2,051,760

 
 
 
 
Goldman Sachs Group Inc/The
 
2.55%, $920,000 par, due 10/23/2019
 
 
 
(1)
 
916,640

 
 
 
 
GS Mortgage Securities Corp II
 
2.37%, $3,250,000 par, due 11/10/2045
 
 
 
(1)
 
3,215,667

 
 
 
 
Hilton USA Trust 2013-HLF
 
1.16%, $2,660,756 par, due 11/5/2030
 
 
 
(1)
 
2,660,891

 
 
 
 
Honda Auto Receivables 2013-4 Owner Trust
 
0.69%, $2,500,000 par, due 9/18/2017
 
 
 
(1)
 
2,498,120

 
 
 
 
Honolulu City & County Board of Water Supply
 
1.74%, $1,750,000 par, due 7/1/2018
 
 
 
(1)
 
1,751,418

 
 
 
 
HSBC Bank PLC
 
1.50%, $2,500,000 par, due 5/15/2018
 
 
 
(1)
 
2,472,740

 
 
 
 
Hyundai Auto Receivables Trust 2013-C
 
1.01%, $2,500,000 par, due 2/15/2018
 
 
 
(1)
 
2,507,188

 
 
 
 
Hyundai Capital America
 
1.45%, $1,500,000 par, due 2/6/2017
 
 
 
(1)
 
1,494,363

 
 
 
 
Intel Corp
 
1.35%, $1,000,000 par, due 12/15/2017
 
 
 
(1)
 
998,536

 
 
 
 
International Business Machines Corp
 
5.70%, $2,000,000 par, due 9/14/2017
 
 
 
(1)
 
2,228,872

 
 
 
 
International Business Machines Corp
 
1.25%, $900,000 par, due 2/8/2018
 
 
 
(1)
 
892,518

 
 
 
 
John Deere Owner Trust 2014-A
 
0.92%, $2,900,000 par, due 4/16/2018
 
 
 
(1)
 
2,898,672

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2006-LDP6
 
5.47%, $1,640,106 par, due 4/15/2043
 
 
 
(1)
 
1,690,057

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2011-C4
 
4.39%, $2,380,000 par, due 7/15/2046
 
 
 
(1)
 
2,612,024

 
 
 
 
JPMorgan Chase & Co
 
1.13%, $500,000 par, due 2/26/2016
 
 
 
(1)
 
501,308

 
 
 
 
JPMorgan Chase & Co
 
6.00%, $730,000 par, due 1/15/2018
 
 
 
(1)
 
816,752

 
 
 
 
JPMorgan Chase & Co
 
3.70%, $1,000,000 par, due 1/20/2015
 
 
 
(1)
 
1,001,677

 
 
 
 
JPMorgan Chase & Co
 
2.20%, $870,000 par, due 10/22/2019
 
 
 
(1)
 
862,498

 
 
 
 
Kraft Foods Group Inc
 
1.63%, $800,000 par, due 6/4/2015
 
 
 
(1)
 
803,409

 
 
 
 
LB-UBS Commercial Mortgage Trust 2006-C1
 
5.16%, $2,187,856 par, due 2/15/2031
 
 
 
(1)
 
2,240,738

 
 
 
 
LB-UBS Commercial Mortgage Trust 2006-C6
 
5.37%, $2,150,000 par, due 9/15/2039
 
 
 
(1)
 
2,272,817

 
 
 
 
M&T Bank Auto Receivables Trust 2013-1
 
1.06%, $3,000,000 par, due 11/15/2017
 
 
 
(1)
 
3,009,351

 
 
 
 
Manhattan Beach Unified School District
 
2.01%, $1,430,000 par, due 9/1/2019
 
 
 
(1)
 
1,423,179

 
 
 
 
Manufacturers & Traders Trust Co
 
1.40%, $2,500,000 par, due 7/25/2017
 
 
 
(1)
 
2,496,340

 
 
 
 
MassMutual Global Funding II
 
3.13%, $1,798,000 par, due 4/14/2016
 
 
 
(1)
 
1,851,633

 
 
 
 
Medtronic Inc
 
2.50%, $740,000 par, due 3/15/2020
 
 
 
(1)
 
741,941

 
 
 
 
Mercedes-Benz Auto Rec Trust
 
0.78%, $550,000 par, due 8/15/2017
 
 
 
(1)
 
550,777

 
 
 
 
Merrill Lynch Mortgage Investors Trust
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series MLCC 2004-A
 
0.63%, $19,482 par, due 4/25/2029
 
 
 
(1)
 
18,563

 
 
 
 
Merrill Lynch Mortgage Trust 2005-MCP1
 
4.75%, $1,916,593 par, due 6/12/2043
 
 
 
(1)
 
1,927,177

 
 
 
 
MetLife Inc
 
6.75%, $1,000,000 par, due 6/1/2016
 
 
 
(1)
 
1,078,096

 
 
 
 
Micron Semiconductor Asia Pte Ltd
 
1.26%, $3,788,100 par, due 1/15/2019
 
 
 
(1)
 
3,781,975

 
 
 
 
MidAmerican Energy Co
 
5.30%, $1,250,000 par, due 3/15/2018
 
 
 
(1)
 
1,391,265

 
 
 
 
Monmouth County Improvement Authority
 
0.90%, $630,000 par, due 12/15/2016
 
 
 
(1)
 
628,431

 
 
 
 
Monmouth County Improvement Authority
 
2.15%, $1,000,000 par, due 12/15/2019
 
 
 
(1)
 
994,410

 
 
 
 
Morgan Stanley
 
5.45%, $450,000 par, due 1/9/2017
 
 
 
(1)
 
483,171

 
 
 
 
Morgan Stanley
 
2.50%, $560,000 par, due 1/24/2019
 
 
 
(1)
 
560,508

 
 
 
 
Morgan Stanley
 
1.88%, $800,000 par, due 1/5/2018
 
 
 
(1)
 
797,072


42(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Morgan Stanley Capital I Trust 2005-IQ10
 
5.23%, $1,425,736 par, due 9/15/2042
 
 
 
(1)
 
$
1,447,939

 
 
 
 
Morgan Stanley Capital I Trust 2006-HQ9
 
5.73%, $3,087,472 par, due 7/12/2044
 
 
 
(1)
 
3,265,017

 
 
 
 
Morgan Stanley Capital I Trust 2006-IQ12
 
5.32%, $3,373,913 par, due 12/15/2043
 
 
 
(1)
 
3,585,059

 
 
 
 
Morgan Stanley Capital I Trust 2007-IQ13
 
5.31%, $1,571,796 par, due 3/15/2044
 
 
 
(1)
 
1,670,126

 
 
 
 
Morgan Stanley Capital I Trust 2007-TOP25
 
5.51%, $3,439,041 par, due 11/12/2049
 
 
 
(1)
 
3,671,176

 
 
 
 
Morgan Stanley Capital I Trust 2012-C4
 
2.11%, $2,200,000 par, due 3/15/2045
 
 
 
(1)
 
2,236,775

 
 
 
 
National Australia Bank Ltd
 
2.00%, $2,275,000 par, due 6/20/2017
 
 
 
(1)
 
2,308,886

 
 
 
 
New Hampshire Higher Education Loan Corp
 
0.66%, $1,294,555 par, due 10/25/2028
 
 
 
(1)
 
1,295,086

 
 
 
 
New York City Transitional Fin Auth Future
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax Sec Revenue
 
3.57%, $1,200,000 par, due 2/1/2017
 
 
 
(1)
 
1,262,496

 
 
 
 
New York City Transitional Fin Auth Future
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax Sec Revenue
 
1.75%, $1,000,000 par, due 2/1/2018
 
 
 
(1)
 
1,002,980

 
 
 
 
New York Life Global Funding
 
1.65%, $1,900,000 par, due 5/15/2017
 
 
 
(1)
 
1,914,463

 
 
 
 
New York State Urban Development Corp
 
6.45%, $1,240,000 par, due 3/15/2018
 
 
 
(1)
 
1,327,631

 
 
 
 
Nissan Auto Receivables 2013-B Owner Trust
 
0.84%, $1,350,000 par, due 11/15/2017
 
 
 
(1)
 
1,351,296

 
 
 
 
Oracle Corp
 
2.38%, $900,000 par, due 1/15/2019
 
 
 
(1)
 
915,574

 
 
 
 
Oracle Corp
 
0.43%, $1,400,000 par, due 7/7/2017
 
 
 
(1)
 
1,398,603

 
 
 
 
Peco Energy Co
 
1.20%, $500,000 par, due 10/15/2016
 
 
 
(1)
 
501,986

 
 
 
 
PepsiCo Inc
 
2.25%, $1,650,000 par, due 1/7/2019
 
 
 
(1)
 
1,668,855

 
 
 
 
Petroleos Mexicanos
 
1.95%, $5,600,000 par, due 12/20/2022
 
 
 
(1)
 
5,513,889

 
 
 
 
Petroleos Mexicanos
 
0.66%, $4,185,625 par, due 2/15/2024
 
 
 
(1)
 
4,200,287

 
 
 
 
PNC Bank NA
 
1.30%, $900,000 par, due 10/3/2016
 
 
 
(1)
 
904,452

 
 
 
 
PNC Bank NA
 
1.15%, $940,000 par, due 11/1/2016
 
 
 
(1)
 
941,254

 
 
 
 
Porsche Innovative Lease Owner Trust 2013-1
 
0.70%, $2,000,000 par, due 8/22/2016
 
 
 
(1)
 
2,001,770

 
 
 
 
Procter & Gamble Co/The
 
1.90%, $1,500,000 par, due 11/1/2019
 
 
 
(1)
 
1,503,008

 
 
 
 
Province of Ontario Canada
 
1.00%, $2,800,000 par, due 7/22/2016
 
 
 
(1)
 
2,811,592

 
 
 
 
Public Service Electric & Gas Co
 
5.30%, $2,400,000 par, due 5/1/2018
 
 
 
(1)
 
2,666,676

 
 
 
 
Rio Tinto Finance USA PLC
 
2.25%, $2,050,000 par, due 12/14/2018
 
 
 
(1)
 
2,054,135

 
 
 
 
Royal Bank of Canada
 
1.20%, $1,025,000 par, due 9/19/2017
 
 
 
(1)
 
1,019,147

 
 
 
 
Royal Bank of Canada
 
1.13%, $1,325,000 par, due 7/22/2016
 
 
 
(1)
 
1,330,733

 
 
 
 
Royal Bank of Canada
 
2.00%, $2,300,000 par, due 10/1/2018
 
 
 
(1)
 
2,321,183

 
 
 
 
SABMiller Holdings Inc
 
2.45%, $1,700,000 par, due 1/15/2017
 
 
 
(1)
 
1,734,456

 
 
 
 
Sequoia Mortgage Trust 9
 
0.52%, $20,739 par, due 9/20/2032
 
 
 
(1)
 
19,585

 
 
 
 
Shell International Finance BV
 
1.90%, $870,000 par, due 8/10/2018
 
 
 
(1)
 
872,998

 
 
 
 
Simon Property Group LP
 
2.80%, $700,000 par, due 1/30/2017
 
 
 
(1)
 
720,826

 
 
 
 
SLM Student Loan Trust 2007-6
 
0.56%, $6,500,000 par, due 1/25/2021
 
 
 
(1)
 
6,495,210

 
 
 
 
Small Business Administration Participation Certificates
4.76%, $4,451,555 par, due 9/1/2025
 
 
 
(1)
 
4,750,174

 
 
 
 
Small Business Administration Participation Certificates
5.29%, $2,665,137 par, due 12/1/2027
 
 
 
(1)
 
2,947,215

 
 
 
 
Small Business Administration Participation Certificates
5.63%, $3,789,161 par, due 10/1/2028
 
 
 
(1)
 
4,213,471

 
 
 
 
Small Business Administration Participation Certificates
6.77%, $1,361,930 par, due 11/1/2028
 
 
 
(1)
 
1,561,954

 
 
 
 
South Carolina Student Loan Corp
 
0.67%, $1,736,604 par, due 8/25/2034
 
 
 
(1)
 
1,719,828

 
 
 
 
South Lyon Community Schools
 
1.94%, $2,000,000 par, due 5/1/2019
 
 
 
(1)
 
1,995,920

 
 
 
 
State of Arkansas
 
2.33%, $2,185,000 par, due 7/1/2020
 
 
 
(1)
 
2,201,693

 
 
 
 
State of Hawaii
 
1.23%, $1,250,000 par, due 8/1/2017
 
 
 
(1)
 
1,245,588

 
 
 
 
State of Ohio
 
2.27%, $1,500,000 par, due 5/1/2016
 
 
 
(1)
 
1,529,775

 
 
 
 
State of Wisconsin
 
5.05%, $2,500,000 par, due 5/1/2018
 
 
 
(1)
 
2,770,050

 
 
 
 
Statoil ASA
 
1.25%, $1,560,000 par, due 11/9/2017
 
 
 
(1)
 
1,550,496

 
 
 
 
Sysco Corp
 
1.45%, $670,000 par, due 10/2/2017
 
 
 
(1)
 
669,263

 
 
 
 
Time Warner Cable Inc
 
3.50%, $2,350,000 par, due 2/1/2015
 
 
 
(1)
 
2,354,477

 
 
 
 
Toronto-Dominion Bank/The
 
1.50%, $3,100,000 par, due 3/13/2017
 
 
 
(1)
 
3,123,954

 
 
 
 
Toronto-Dominion Bank/The
 
2.25%, $2,350,000 par, due 9/25/2019
 
 
 
(1)
 
2,368,255

 
 
 
 
Total Capital Intl
 
1.50%, $2,000,000 par, due 2/17/2017
 
 
 
(1)
 
2,013,278

 
 
 
 
Toyota Auto Receivables 2013-B Owner Trust
 
0.89%, $2,500,000 par, due 7/17/2017
 
 
 
(1)
 
2,504,685

 
 
 
 
UBS AG/London
 
2.25%, $1,575,000 par, due 3/30/2017
 
 
 
(1)
 
1,610,302

 
 
 
 
UBS AG/Stamford CT
 
5.88%, $1,250,000 par, due 12/20/2017
 
 
 
(1)
 
1,395,738

 
 
 
 
Ukraine Government AID Bonds
 
1.84%, $1,050,000 par, due 5/16/2019
 
 
 
(1)
 
1,057,088

 
 
 
 
United States Small Business Administration
 
5.46%, $2,063,190 par, due 2/10/2017
 
 
 
(1)
 
2,194,324

 
 
 
 
United States Small Business Administration
 
5.79%, $2,302,415 par, due 8/10/2017
 
 
 
(1)
 
2,436,591

 
 
 
 
United States Small Business Administration
 
5.90%, $2,407,902 par, due 2/10/2018
 
 
 
(1)
 
2,588,176

 
 
 
 
United States Treasury Inflation Indexed Bonds
 
0.13%, $20,510,000 par, due 4/15/2019
 
 
 
(1)
 
20,553,637

 
 
 
 
United States Treasury Inflation Indexed Bonds
 
0.13%, $279,000 par, due 4/15/2018
 
 
 
(1)
 
285,497

 
 
 
 
United States Treasury Note/Bond
 
2.38%, $7,000,000 par, due 7/31/2017
 
 
 
(1)
 
7,254,296

 
 
 
 
United States Treasury Note/Bond
 
1.88%, $6,800,000 par, due 10/31/2017
 
 
 
(1)
 
6,959,909

 
 
 
 
United States Treasury Note/Bond
 
0.50%, $8,375,000 par, due 7/31/2017
 
 
 
(1)
 
8,280,128

 
 
 
 
United States Treasury Note/Bond
 
0.63%, $8,400,000 par, due 9/30/2017
 
 
 
(1)
 
8,310,095

 
 
 
 
United States Treasury Note/Bond
 
0.75%, $7,125,000 par, due 10/31/2017
 
 
 
(1)
 
7,068,221

 
 
 
 
United States Treasury Note/Bond
 
0.63%, $21,000,000 par, due 8/15/2016
 
 
 
(1)
 
21,034,461

 
 
 
 
United States Treasury Note/Bond
 
0.88%, $21,000,000 par, due 9/15/2016
 
 
 
(1)
 
21,109,914

 
 
 
 
US Bank NA/Cincinnati OH
 
1.38%, $1,500,000 par, due 9/11/2017
 
 
 
(1)
 
1,500,917

 
 
 
 
US Bank NA/Cincinnati OH
 
2.13%, $1,000,000 par, due 10/28/2019
 
 
 
(1)
 
996,758

 
 
 
 
Ventas Realty LP / Ventas Capital Corp
 
2.00%, $700,000 par, due 2/15/2018
 
 
 
(1)
 
700,618

 
 
 
 
Verizon Communications Inc
 
3.65%, $1,600,000 par, due 9/14/2018
 
 
 
(1)
 
1,690,763

 
 
 
 
Volkswagen Group of America Finance LLC
 
1.60%, $1,150,000 par, due 11/20/2017
 
 
 
(1)
 
1,145,793


43(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Volvo Financial Equipment LLC Series 2014-1
 
0.82%, $3,000,000 par, due 4/16/2018
 
 
 
(1)
 
$
2,994,675

 
 
 
 
Vornado Realty LP
 
4.25%, $2,000,000 par, due 4/1/2015
 
 
 
(1)
 
2,000,000

 
 
 
 
Wallenpaupack Area School District/PA
 
0.57%, $1,165,000 par, due 3/1/2016
 
 
 
(1)
 
1,161,959

 
 
 
 
Westpac Banking Corp
 
1.25%, $2,350,000 par, due 12/15/2017
 
 
 
(1)
 
2,326,392

 
 
 
 
Westpac Banking Corp
 
2.00%, $1,200,000 par, due 5/21/2019
 
 
 
(1)
 
1,195,685

 
 
 
 
WF-RBS Commercial Mortgage Trust
 
2.45%, $3,500,000 par, due 12/15/2045
 
 
 
(1)
 
3,493,053

 
 
 
 
White Bear Lake Independent School District No 624
 
5.25%, $1,810,000 par, due 2/1/2015
 
 
 
(1)
 
1,817,113

 
 
 
 
Wisconsin Electric Power Co
 
6.25%, $500,000 par, due 12/1/2015
 
 
 
(1)
 
525,106

 
 
 
 
World Omni Auto Receivables Trust 2013-B
 
0.83%, $2,500,000 par, due 8/15/2018
 
 
 
(1)
 
2,498,388

 
 
 
 
Wells Fargo Short Term Investment Fund S
 
0.19%, $20,891,136 units
 
 
 
(1)
 
20,891,136

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
713,728,203

 
 
 
 
 
 
 
 
Accrued income receivable
 
 
 
 
 
2,295,833

 
 
 
 
 
 
 
 
Deposits with brokers for futures transactions
 
 
 
 
 
81,000

 
 
 
 
 
 
 
 
Variation margin payable
 
 
 
 
 
(14,063
)
 
 
 
 
 
 
 
 
Payable for securities purchased on a forward commitment basis
 
 
 
(3,555,631
)
 
 
 
 
 
 
 
 
Payable for investment securities purchased
 
 
 
 
 
(6,951,000
)
 
 
 
 
 
 
 
 
Receivables for investment securities sold
 
 
 
 
 
6,916,000

 
 
 
 
 
 
 
 
Receivable for investment payments due
 
 
 
 
 
397,275

 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
712,897,617

 
 
 
American General Life Ins. Co.
 
2.10%
 
 
 
 
 
 
 
 
 
Transamerica Premier Life Ins. Co.
 
2.59%
 
 
 
 
 
 
 
 
 
Pacific Life Ins. Co.
 
2.11%
 
 
 
 
 
 
 
 
 
 
Abay Leasing 2014 LLC
 
2.65%, $1,825,000 par, due 11/9/2026
 
 
 
(1)
 
1,825,741

 
 
 
 
Access Group Inc 2013-1
 
0.67%, $1,829,987 par, due 2/25/2036
 
 
 
(1)
 
1,807,815

 
 
 
 
Adams & Arapahoe Joint School District 28J Aurora
 
3.73%, $675,000 par, due 12/1/2020
 
 
 
(1)
 
712,787

 
 
 
 
Alcoa Inc
 
5.72%, $392,000 par, due 2/23/2019
 
 
 
(1)
 
429,835

 
 
 
 
Ally Auto Receivables Trust 2014-3
 
1.28%, $2,000,000 par, due 6/17/2019
 
 
 
(1)
 
1,995,916

 
 
 
 
Alvin Independent School District/TX
 
3.78%, $500,000 par, due 2/15/2021
 
 
 
(1)
 
535,045

 
 
 
 
Amal Ltd/Cayman Islands
 
3.46%, $915,713 par, due 8/21/2021
 
 
 
(1)
 
966,715

 
 
 
 
American Express Co
 
1.55%, $500,000 par, due 5/22/2018
 
 
 
(1)
 
495,247

 
 
 
 
Anderson County School District No 1/SC
 
5.00%, $500,000 par, due 3/1/2022
 
 
 
(1)
 
567,515

 
 
 
 
Archer-Daniels-Midland Co
 
4.48%, $1,600,000 par, due 3/1/2021
 
 
 
(1)
 
1,768,069

 
 
 
 
AT&T Inc
 
1.60%, $420,000 par, due 2/15/2017
 
 
 
(1)
 
420,858

 
 
 
 
Atlantic City Electric Co
 
7.75%, $650,000 par, due 11/15/2018
 
 
 
(1)
 
783,373

 
 
 
 
Bank of America Corp
 
5.42%, $300,000 par, due 3/15/2017
 
 
 
(1)
 
321,644

 
 
 
 
Bank of America Corp
 
5.00%, $300,000 par, due 5/13/2021
 
 
 
(1)
 
334,756

 
 
 
 
Bank of America Corp
 
2.65%, $370,000 par, due 4/1/2019
 
 
 
(1)
 
372,714

 
 
 
 
Bank of America Corp
 
6.40%, $450,000 par, due 8/28/2017
 
 
 
(1)
 
501,375

 
 
 
 
Bank of America NA
 
5.30%, $1,250,000 par, due 3/15/2017
 
 
 
(1)
 
1,342,706

 
 
 
 
Bank of New York Mellon Corp/The
 
2.20%, $1,200,000 par, due 5/15/2019
 
 
 
(1)
 
1,203,356

 
 
 
 
Barclays Bank PLC
 
5.00%, $1,300,000 par, due 9/22/2016
 
 
 
(1)
 
1,385,276

 
 
 
 
Bayer US Finance LLC
 
2.38%, $830,000 par, due 10/8/2019
 
 
 
(1)
 
833,293

 
 
 
 
BB&T Corp
 
2.05%, $375,000 par, due 6/19/2018
 
 
 
(1)
 
377,471

 
 
 
 
BNP Paribas SA
 
3.60%, $1,400,000 par, due 2/23/2016
 
 
 
(1)
 
1,439,010

 
 
 
 
Boston Properties LP
 
3.85%, $875,000 par, due 2/1/2023
 
 
 
(1)
 
908,317

 
 
 
 
Bottling Group LLC
 
5.13%, $650,000 par, due 1/15/2019
 
 
 
(1)
 
726,677

 
 
 
 
BP Capital Markets PLC
 
4.74%, $1,000,000 par, due 3/11/2021
 
 
 
(1)
 
1,088,509

 
 
 
 
BP Capital Markets PLC
 
3.81%, $560,000 par, due 2/10/2024
 
 
 
(1)
 
563,634

 
 
 
 
Branch Banking & Trust Co
 
5.63%, $750,000 par, due 9/15/2016
 
 
 
(1)
 
803,793

 
 
 
 
Brazos Student Finance Corp
 
0.50%, $377,814 par, due 6/25/2027
 
 
 
(1)
 
375,997

 
 
 
 
Burlington Northern Santa Fe LLC
 
3.45%, $1,000,000 par, due 9/15/2021
 
 
 
(1)
 
1,043,496

 
 
 
 
Burlington Northern Santa Fe LLC
 
3.40%, $500,000 par, due 9/1/2024
 
 
 
(1)
 
509,126

 
 
 
 
Capital Auto Receivables Asset
 
1.26%, $1,800,000 par, due 5/21/2018
 
 
 
(1)
 
1,804,021

 
 
 
 
Cargill Inc
 
4.31%, $1,210,000 par, due 5/14/2021
 
 
 
(1)
 
1,330,706

 
 
 
 
CarMax Auto Owner Trust 2013-4
 
0.80%, $1,000,000 par, due 7/16/2018
 
 
 
(1)
 
998,851

 
 
 
 
Carmax Auto Owner Trust 2014-1
 
0.79%, $1,950,000 par, due 10/15/2018
 
 
 
(1)
 
1,944,209

 
 
 
 
Caterpillar Inc
 
3.90%, $750,000 par, due 5/27/2021
 
 
 
(1)
 
812,170

 
 
 
 
Caterpillar Inc
 
3.40%, $250,000 par, due 5/15/2024
 
 
 
(1)
 
256,936

 
 
 
 
CenterPoint Energy Transition
 
2.16%, $1,400,000 par, due 10/15/2021
 
 
 
(1)
 
1,408,389

 
 
 
 
Charter Township of Bloomfield MI
 
3.09%, $665,000 par, due 5/1/2020
 
 
 
(1)
 
686,426

 
 
 
 
Chase Issuance Trust
 
1.01%, $1,500,000 par, due 10/15/2018
 
 
 
(1)
 
1,499,972

 
 
 
 
Chevron Corp
 
2.35%, $600,000 par, due 12/5/2022
 
 
 
(1)
 
581,830

 
 
 
 
Chevron Corp
 
3.19%, $700,000 par, due 6/24/2023
 
 
 
(1)
 
713,070

 
 
 
 
Citigroup Commercial Mortgage Trust 2012-GC8
 
2.61%, $1,500,000 par, due 5/10/2022
 
 
 
(1)
 
1,502,562

 
 
 
 
Citigroup Commercial Mortgage Trust 2013-GC11
 
2.69%, $2,650,000 par, due 12/10/2022
 
 
 
(1)
 
2,652,992

 
 
 
 
Citigroup Inc
 
4.50%, $600,000 par, due 1/14/2022
 
 
 
(1)
 
655,655

 
 
 
 
Citigroup Inc
 
4.45%, $550,000 par, due 1/10/2017
 
 
 
(1)
 
581,396

 
 
 
 
City of Austin TX
 
3.45%, $500,000 par, due 9/1/2021
 
 
 
(1)
 
530,625

 
 
 
 
City of Boston MA
 
4.40%, $1,000,000 par, due 4/1/2026
 
 
 
(1)
 
1,105,010

 
 
 
 
City of Chicago IL
 
6.05%, $1,000,000 par, due 1/1/2029
 
 
 
(1)
 
1,052,540

 
 
 
 
City of Houston TX
 
4.36%, $695,000 par, due 3/1/2020
 
 
 
(1)
 
763,868

 
 
 
 
City of Lubbock TX
 
4.74%, $750,000 par, due 2/15/2020
 
 
 
(1)
 
820,103


44(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
COMM 2012-LC4 A4 9.6-Yr CMBS
 
3.29%, $2,300,000 par, due 12/10/2044
 
 
 
(1)
 
$
2,377,791

 
 
 
 
Commonwealth of Pennsylvania
 
4.65%, $750,000 par, due 2/15/2026
 
 
 
(1)
 
837,938

 
 
 
 
Connecticut Light & Power Co/The
 
5.38%, $750,000 par, due 3/1/2017
 
 
 
(1)
 
813,082

 
 
 
 
ConocoPhillips
 
5.75%, $450,000 par, due 2/1/2019
 
 
 
(1)
 
511,549

 
 
 
 
County of Butts GA
 
2.00%, $1,250,000 par, due 4/1/2016
 
 
 
(1)
 
1,264,850

 
 
 
 
County of Loudoun VA
 
1.85%, $1,500,000 par, due 12/1/2019
 
 
 
(1)
 
1,494,750

 
 
 
 
County of Scott MN
 
4.75%, $1,000,000 par, due 12/1/2020
 
 
 
(1)
 
1,041,230

 
 
 
 
Credit Suisse/New York NY
 
4.38%, $750,000 par, due 8/5/2020
 
 
 
(1)
 
813,026

 
 
 
 
Credit Suisse/New York NY
 
2.30%, $250,000 par, due 5/28/2019
 
 
 
(1)
 
249,571

 
 
 
 
Credit Suisse/New York NY
 
3.63%, $330,000 par, due 9/9/2024
 
 
 
(1)
 
335,689

 
 
 
 
CRH America Inc
 
4.13%, $850,000 par, due 1/15/2016
 
 
 
(1)
 
874,710

 
 
 
 
CVS Health Corp
 
4.00%, $570,000 par, due 12/5/2023
 
 
 
(1)
 
603,215

 
 
 
 
Daimler Finance North America LLC
 
3.00%, $1,100,000 par, due 3/28/2016
 
 
 
(1)
 
1,127,049

 
 
 
 
Dayton Metro Library
 
2.15%, $1,100,000 par, due 12/1/2020
 
 
 
(1)
 
1,085,634

 
 
 
 
DBUBS 2011-LC1 Mortgage Trust
 
5.00%, $2,100,000 par, due 11/10/2046
 
 
 
(1)
 
2,368,050

 
 
 
 
DBUBS 2011-LC2 Mortgage Trust
 
4.54%, $2,000,000 par, due 7/10/2044
 
 
 
(1)
 
2,208,426

 
 
 
 
Deere & Co
 
2.60%, $1,500,000 par, due 6/8/2022
 
 
 
(1)
 
1,475,663

 
 
 
 
Devon Energy Corp
 
6.30%, $1,250,000 par, due 1/15/2019
 
 
 
(1)
 
1,426,736

 
 
 
 
Duke Energy Progress Inc
 
5.30%, $1,200,000 par, due 1/15/2019
 
 
 
(1)
 
1,344,540

 
 
 
 
Duke Realty LP
 
5.95%, $330,000 par, due 2/15/2017
 
 
 
(1)
 
357,836

 
 
 
 
Duke Realty LP
 
7.38%, $867,000 par, due 2/15/2015
 
 
 
(1)
 
873,284

 
 
 
 
Eaton Corp
 
6.95%, $1,375,000 par, due 3/20/2019
 
 
 
(1)
 
1,600,379

 
 
 
 
Ecolab Inc
 
4.35%, $625,000 par, due 12/8/2021
 
 
 
(1)
 
680,993

 
 
 
 
Education Loan Asset-Backed Trust I
 
0.97%, $1,924,446 par, due 6/25/2026
 
 
 
(1)
 
1,931,592

 
 
 
 
EMC Corp/MA
 
1.88%, $1,100,000 par, due 6/1/2018
 
 
 
(1)
 
1,096,261

 
 
 
 
Ensco PLC
 
3.25%, $1,000,000 par, due 3/15/2016
 
 
 
(1)
 
1,018,286

 
 
 
 
Entergy Gulf States Louisiana LLC
 
6.00%, $750,000 par, due 5/1/2018
 
 
 
(1)
 
847,759

 
 
 
 
ERP Operating LP
 
4.63%, $1,550,000 par, due 12/15/2021
 
 
 
(1)
 
1,695,716

 
 
 
 
Ethiopian Leasing 2012 LLC
 
2.65%, $2,023,133 par, due 5/12/2026
 
 
 
(1)
 
2,023,774

 
 
 
 
Export Leasing 2009 LLC
 
1.86%, $1,666,554 par, due 8/28/2021
 
 
 
(1)
 
1,665,052

 
 
 
 
Fannie Mae Grantor Trust 2002-T16
 
7.00%, $129,294 par, due 7/25/2042
 
 
 
(1)
 
154,089

 
 
 
 
Fannie Mae Grantor Trust 2002-T18
 
7.00%, $54,043 par, due 8/25/2042
 
 
 
(1)
 
64,768

 
 
 
 
Fannie Mae Grantor Trust 2004-T3
 
6.00%, $396,273 par, due 2/25/2044
 
 
 
(1)
 
447,486

 
 
 
 
Fannie Mae Pool
 
2.32%, $386,126 par, due 4/1/2036
 
 
 
(1)
 
398,786

 
 
 
 
Fannie Mae Pool
 
3.80%, $3,551,377 par, due 1/1/2021
 
 
 
(1)
 
3,841,422

 
 
 
 
Fannie Mae Pool
 
5.00%, $966,571 par, due 9/1/2033
 
 
 
(1)
 
1,070,841

 
 
 
 
Fannie Mae Pool
 
2.96%, $538,470 par, due 1/1/2041
 
 
 
(1)
 
576,934

 
 
 
 
Fannie Mae Pool
 
3.50%, $6,937,893 par, due 9/1/2032
 
 
 
(1)
 
7,310,049

 
 
 
 
Fannie Mae Pool
 
3.50%, $825,073 par, due 9/1/2032
 
 
 
(1)
 
870,812

 
 
 
 
Fannie Mae Pool
 
2.86%, $1,850,868 par, due 11/1/2021
 
 
 
(1)
 
1,903,697

 
 
 
 
Fannie Mae Pool
 
2.86%, $2,478,575 par, due 1/1/2022
 
 
 
(1)
 
2,557,885

 
 
 
 
Fannie Mae Pool
 
3.17%, $1,984,586 par, due 12/1/2021
 
 
 
(1)
 
2,081,059

 
 
 
 
Fannie Mae Pool
 
2.99%, $1,689,061 par, due 9/1/2022
 
 
 
(1)
 
1,752,999

 
 
 
 
Fannie Mae Pool
 
2.93%, $1,705,177 par, due 3/1/2044
 
 
 
(1)
 
1,765,018

 
 
 
 
Fannie Mae Pool
 
2.89%, $1,729,266 par, due 3/1/2044
 
 
 
(1)
 
1,787,053

 
 
 
 
Fannie Mae Pool
 
2.95%, $1,894,743 par, due 5/1/2044
 
 
 
(1)
 
1,964,945

 
 
 
 
Fannie Mae Pool
 
1.91%, $209,276 par, due 11/1/2041
 
 
 
(1)
 
220,212

 
 
 
 
Fannie Mae Pool
 
5.00%, $1,312,243 par, due 11/1/2033
 
 
 
(1)
 
1,453,937

 
 
 
 
Fannie Mae Pool
 
5.00%, $1,660,846 par, due 6/1/2035
 
 
 
(1)
 
1,839,239

 
 
 
 
Fannie Mae Pool
 
2.02%, $582,652 par, due 7/1/2035
 
 
 
(1)
 
617,904

 
 
 
 
Fannie Mae Pool
 
5.00%, $2,124,480 par, due 10/1/2035
 
 
 
(1)
 
2,352,954

 
 
 
 
Fannie Mae Pool
 
2.14%, $142,169 par, due 5/1/2036
 
 
 
(1)
 
152,099

 
 
 
 
Fannie Mae Pool
 
1.31%, $79,652 par, due 4/1/2044
 
 
 
(1)
 
81,438

 
 
 
 
Fannie Mae Pool
 
5.00%, $611,304 par, due 10/1/2019
 
 
 
(1)
 
647,557

 
 
 
 
Fannie Mae Pool
 
5.00%, $263,440 par, due 12/1/2019
 
 
 
(1)
 
279,071

 
 
 
 
Fannie Mae Pool
 
2.16%, $373,888 par, due 5/1/2035
 
 
 
(1)
 
398,158

 
 
 
 
Fannie Mae Pool
 
1.91%, $337,099 par, due 1/1/2035
 
 
 
(1)
 
354,782

 
 
 
 
Fannie Mae Pool
 
5.00%, $907,603 par, due 8/1/2020
 
 
 
(1)
 
975,198

 
 
 
 
Fannie Mae Pool
 
1.94%, $384,247 par, due 7/1/2035
 
 
 
(1)
 
410,109

 
 
 
 
Fannie Mae Pool
 
1.94%, $472,544 par, due 7/1/2035
 
 
 
(1)
 
505,385

 
 
 
 
Fannie Mae Pool
 
3.79%, $1,184,721 par, due 5/1/2036
 
 
 
(1)
 
1,218,303

 
 
 
 
Fannie Mae Pool
 
1.69%, $197,248 par, due 1/1/2037
 
 
 
(1)
 
206,356

 
 
 
 
Fannie Mae Pool
 
6.00%, $310,577 par, due 9/1/2038
 
 
 
(1)
 
340,808

 
 
 
 
Fannie Mae Pool
 
1.36%, $216,574 par, due 4/1/2037
 
 
 
(1)
 
226,746

 
 
 
 
Fannie Mae REMIC Trust 2005-W1
 
6.50%, $301,231 par, due 10/25/2044
 
 
 
(1)
 
351,577

 
 
 
 
Fannie Mae REMICS
 
5.50%, $688,114 par, due 4/25/2035
 
 
 
(1)
 
753,160

 
 
 
 
Fannie Mae Trust 2003-W6
 
6.50%, $204,392 par, due 9/25/2042
 
 
 
(1)
 
233,719

 
 
 
 
Fannie Mae Trust 2003-W8
 
7.00%, $38,729 par, due 10/25/2042
 
 
 
(1)
 
44,823

 
 
 
 
Fannie Mae Trust 2004-W2
 
7.00%, $265,144 par, due 2/25/2044
 
 
 
(1)
 
304,220

 
 
 
 
Fannie Mae-Aces
 
2.61%, $1,800,000 par, due 10/25/2021
 
 
 
(1)
 
1,823,000

 
 
 
 
Fannie Mae-Aces
 
5.26%, $840,261 par, due 5/25/2020
 
 
 
(1)
 
926,636

 
 
 
 
FHLMC Multifamily Structured Pass
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Through Certificates
 
2.31%, $2,375,000 par, due 3/25/2020
 
 
 
(1)
 
2,401,137


45(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
FHLMC Multifamily Structured Pass
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Through Certificates
 
3.03%, $1,800,000 par, due 10/25/2020
 
 
 
(1)
 
$
1,880,509

 
 
 
 
FHLMC Multifamily Structured Pass
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Through Certificates
 
2.99%, $2,200,000 par, due 9/25/2021
 
 
 
(1)
 
2,277,933

 
 
 
 
FHLMC Multifamily Structured Passthrough
 
2.70%, $1,300,000 par, due 5/25/2018
 
 
 
(1)
 
1,343,788

 
 
 
 
FHLMC Structured Pass Through Securities
 
7.00%, $1,060,370 par, due 7/25/2043
 
 
 
(1)
 
1,226,151

 
 
 
 
FHMS K712 A2
 
1.87%, $3,300,000 par, due 11/25/2019
 
 
 
(1)
 
3,280,471

 
 
 
 
FN 2.73 MultiFamily FWD January 2015
 
2.73%, $1,800,000 par, due 1/1/2045
 
 
 
(1)
 
1,816,313

 
 
 
 
Freddie 20-Yr 3.5 GIANT
 
3.50%, $3,381,490 par, due 9/1/2032
 
 
 
(1)
 
3,554,304

 
 
 
 
Freddie Mac Gold Pool
 
5.50%, $163,648 par, due 2/1/2018
 
 
 
(1)
 
172,843

 
 
 
 
Freddie Mac Gold Pool
 
5.00%, $50,071 par, due 5/1/2021
 
 
 
(1)
 
53,345

 
 
 
 
Freddie Mac Gold Pool
 
6.00%, $743,332 par, due 8/1/2038
 
 
 
(1)
 
847,895

 
 
 
 
Freddie Mac Gold Pool
 
6.00%, $469,070 par, due 8/1/2038
 
 
 
(1)
 
534,808

 
 
 
 
Freddie Mac Gold Pool
 
6.00%, $180,739 par, due 9/1/2038
 
 
 
(1)
 
205,335

 
 
 
 
Freddie Mac Gold Pool
 
4.00%, $932,978 par, due 2/1/2026
 
 
 
(1)
 
1,002,449

 
 
 
 
Freddie Mac Gold Pool
 
3.50%, $1,026,780 par, due 12/1/2025
 
 
 
(1)
 
1,092,731

 
 
 
 
Freddie Mac Gold Pool
 
5.00%, $548,813 par, due 2/1/2020
 
 
 
(1)
 
584,995

 
 
 
 
Freddie Mac Gold Pool
 
3.00%, $3,642,709 par, due 8/1/2027
 
 
 
(1)
 
3,777,205

 
 
 
 
Freddie Mac Gold Pool
 
3.50%, $347,657 par, due 2/1/2043
 
 
 
(1)
 
362,892

 
 
 
 
Freddie Mac Non Gold Pool
 
2.36%, $413,613 par, due 12/1/2036
 
 
 
(1)
 
442,938

 
 
 
 
Freddie Mac Non Gold Pool
 
3.00%, $462,419 par, due 11/1/2040
 
 
 
(1)
 
489,887

 
 
 
 
Freddie Mac Non Gold Pool
 
2.94%, $1,669,875 par, due 1/1/2044
 
 
 
(1)
 
1,729,800

 
 
 
 
Freddie Mac Non Gold Pool
 
2.92%, $2,246,963 par, due 2/1/2044
 
 
 
(1)
 
2,326,191

 
 
 
 
Freddie Mac Non Gold Pool
 
2.63%, $252,922 par, due 7/1/2034
 
 
 
(1)
 
265,856

 
 
 
 
GE Equipment Transportation LLC Series 2013-2
 
0.92%, $2,050,000 par, due 9/25/2017
 
 
 
(1)
 
2,054,481

 
 
 
 
General Electric Capital Corp
 
6.00%, $1,000,000 par, due 8/7/2019
 
 
 
(1)
 
1,163,173

 
 
 
 
General Electric Capital Corp
 
4.63%, $225,000 par, due 1/7/2021
 
 
 
(1)
 
250,783

 
 
 
 
General Electric Capital Corp
 
4.65%, $500,000 par, due 10/17/2021
 
 
 
(1)
 
563,565

 
 
 
 
Genzyme Corp
 
5.00%, $1,000,000 par, due 6/15/2020
 
 
 
(1)
 
1,126,441

 
 
 
 
Georgia-Pacific LLC
 
3.73%, $1,475,000 par, due 7/15/2023
 
 
 
(1)
 
1,508,567

 
 
 
 
Ginnie Mae II pool
 
0.78%, $3,538,655 par, due 5/20/2058
 
 
 
(1)
 
3,538,895

 
 
 
 
Ginnie Mae II pool
 
1.50%, $1,079,221 par, due 6/20/2058
 
 
 
(1)
 
1,103,711

 
 
 
 
Ginnie Mae II pool
 
5.76%, $2,933,009 par, due 12/20/2058
 
 
 
(1)
 
3,099,534

 
 
 
 
Ginnie Mae II pool
 
5.63%, $537,980 par, due 2/20/2059
 
 
 
(1)
 
565,941

 
 
 
 
Ginnie Mae II pool
 
5.46%, $4,668,799 par, due 7/20/2059
 
 
 
(1)
 
4,927,614

 
 
 
 
Ginnie Mae II pool
 
5.46%, $3,332,450 par, due 7/20/2059
 
 
 
(1)
 
3,509,943

 
 
 
 
GlaxoSmithKline Capital Inc
 
5.65%, $800,000 par, due 5/15/2018
 
 
 
(1)
 
901,220

 
 
 
 
Goldman Sachs Group Inc/The
 
5.25%, $500,000 par, due 7/27/2021
 
 
 
(1)
 
564,331

 
 
 
 
Goldman Sachs Group Inc/The
 
5.75%, $150,000 par, due 1/24/2022
 
 
 
(1)
 
173,518

 
 
 
 
Goldman Sachs Group Inc/The
 
2.55%, $580,000 par, due 10/23/2019
 
 
 
(1)
 
577,882

 
 
 
 
Great River Energy
 
5.83%, $211,945 par, due 7/1/2017
 
 
 
(1)
 
225,455

 
 
 
 
GS Mortgage Securities Corp II
 
2.56%, $2,750,000 par, due 2/10/2046
 
 
 
(1)
 
2,738,574

 
 
 
 
GS Mortgage Securities Trust 2011-GC3
 
4.75%, $1,775,000 par, due 3/10/2044
 
 
 
(1)
 
1,967,816

 
 
 
 
GS Mortgage Securities Trust 2013-GCJ12
 
2.68%, $2,375,000 par, due 6/10/2046
 
 
 
(1)
 
2,373,720

 
 
 
 
GSMS 2012-GCJ7 A4 9.2-Yr CMBS
 
3.38%, $2,250,000 par, due 5/10/2045
 
 
 
(1)
 
2,336,490

 
 
 
 
Halliburton Co
 
5.90%, $950,000 par, due 9/15/2018
 
 
 
(1)
 
1,074,034

 
 
 
 
Hashemite Kingdom of Jordan Government AID
 
2.50%, $1,625,000 par, due 10/30/2020
 
 
 
(1)
 
1,652,074

 
 
 
 
Helios Leasing I LLC
 
1.56%, $827,234 par, due 9/28/2024
 
 
 
(1)
 
788,290

 
 
 
 
Hewlett-Packard Co
 
2.60%, $1,000,000 par, due 9/15/2017
 
 
 
(1)
 
1,018,774

 
 
 
 
Hilton USA Trust 2013-HLT
 
2.66%, $1,975,000 par, due 11/5/2030
 
 
 
(1)
 
1,977,490

 
 
 
 
Honda Auto Receivables 2014-1 Owner Trust
 
0.67%, $2,000,000 par, due 12/21/2017
 
 
 
(1)
 
1,995,230

 
 
 
 
HSBC Holdings PLC
 
5.10%, $1,250,000 par, due 4/5/2021
 
 
 
(1)
 
1,412,998

 
 
 
 
HSBC USA Inc
 
1.63%, $190,000 par, due 1/16/2018
 
 
 
(1)
 
189,268

 
 
 
 
Indiana Housing & Community Development Authority
5.90%, $155,000 par, due 1/1/2037
 
 
 
(1)
 
156,108

 
 
 
 
Ingredion Inc
 
6.00%, $400,000 par, due 4/15/2017
 
 
 
(1)
 
435,130

 
 
 
 
International Business Machines Corp
 
3.63%, $1,960,000 par, due 2/12/2024
 
 
 
(1)
 
2,041,977

 
 
 
 
Iowa Finance Authority
 
5.87%, $155,000 par, due 7/1/2036
 
 
 
 
 
155,922

 
 
 
 
Johns Hopkins University
 
5.25%, $325,000 par, due 7/1/2019
 
 
 
(1)
 
367,354

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2006-LDP7
 
5.87%, $93,770 par, due 4/15/2045
 
 
 
(1)
 
95,009

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2010-C2
 
4.07%, $1,700,000 par, due 11/15/2043
 
 
 
(1)
 
1,823,102

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2011-C3
 
4.72%, $1,775,000 par, due 2/15/2046
 
 
 
(1)
 
1,976,331

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2011-C4
 
4.39%, $1,840,000 par, due 7/15/2046
 
 
 
(1)
 
2,019,380

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Trust 2012-C8
 
2.38%, $1,175,000 par, due 4/15/2022
 
 
 
(1)
 
1,176,117

 
 
 
 
JPMBB Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2013-C12
 
3.16%, $2,380,000 par, due 7/15/2045
 
 
 
(1)
 
2,460,791

 
 
 
 
JPMorgan Chase & Co
 
4.40%, $450,000 par, due 7/22/2020
 
 
 
(1)
 
487,790

 
 
 
 
JPMorgan Chase & Co
 
4.50%, $290,000 par, due 1/24/2022
 
 
 
(1)
 
316,608

 
 
 
 
JPMorgan Chase Bank NA
 
6.00%, $1,250,000 par, due 10/1/2017
 
 
 
(1)
 
1,387,355


46(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Kansas City Power & Light Co
 
6.38%, $575,000 par, due 3/1/2018
 
 
 
(1)
 
$
648,313

 
 
 
 
Kentucky Housing Corp
 
5.75%, $40,000 par, due 7/1/2037
 
 
 
(1)
 
40,183

 
 
 
 
Kentucky Utilities Co
 
3.25%, $1,000,000 par, due 11/1/2020
 
 
 
(1)
 
1,032,909

 
 
 
 
Kraft Foods Group Inc
 
3.50%, $890,000 par, due 6/6/2022
 
 
 
(1)
 
911,994

 
 
 
 
Liberty Property LP
 
5.50%, $1,000,000 par, due 12/15/2016
 
 
 
(1)
 
1,073,686

 
 
 
 
Lockheed Martin Corp
 
4.25%, $1,330,000 par, due 11/15/2019
 
 
 
(1)
 
1,449,749

 
 
 
 
Massachusetts Health & Educational Facilities Authority
5.26%, $750,000 par, due 10/1/2018
 
 
 
(1)
 
852,360

 
 
 
 
McDonald's Corp
 
5.00%, $675,000 par, due 2/1/2019
 
 
 
(1)
 
751,116

 
 
 
 
Mississippi Higher Ed Assistance Corp
 
0.85%, $1,889,158 par, due 10/25/2035
 
 
 
(1)
 
1,889,294

 
 
 
 
Missouri Higher Ed Loan Authority
 
1.09%, $1,002,527 par, due 8/26/2030
 
 
 
(1)
 
1,008,111

 
 
 
 
MMAF Equipment Finance LLC 2014-A
 
1.59%, $2,700,000 par, due 2/8/2022
 
 
 
(1)
 
2,670,635

 
 
 
 
Morgan Stanley
 
5.50%, $750,000 par, due 7/24/2020
 
 
 
(1)
 
846,170

 
 
 
 
Morgan Stanley
 
3.75%, $500,000 par, due 2/25/2023
 
 
 
(1)
 
512,911

 
 
 
 
Morgan Stanley Bank of America Merrill Lynch
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2013-C9
 
2.66%, $2,325,000 par, due 1/15/2023
 
 
 
(1)
 
2,318,176

 
 
 
 
National City Bank/Cleveland OH
 
0.61%, $450,000 par, due 6/7/2017
 
 
 
(1)
 
447,879

 
 
 
 
Nebo School District
 
4.41%, $810,000 par, due 7/1/2018
 
 
 
(1)
 
877,408

 
 
 
 
Nelnet Education Loan Funding Inc
 
0.37%, $1,925 par, due 8/26/2019
 
 
 
(1)
 
1,925

 
 
 
 
New York Life Global Funding
 
1.65%, $500,000 par, due 5/15/2017
 
 
 
(1)
 
503,806

 
 
 
 
New York State Urban Development Corp
 
6.50%, $820,000 par, due 12/15/2018
 
 
 
(1)
 
906,551

 
 
 
 
Nissan Auto Owner Trust 2014-A
 
0.72%, $1,900,000 par, due 8/15/2018
 
 
 
(1)
 
1,895,704

 
 
 
 
Nissan Auto Receivables 2014-B Owner Trust
 
1.11%, $1,900,000 par, due 5/15/2019
 
 
 
(1)
 
1,895,286

 
 
 
 
Norfolk Southern Corp
 
3.00%, $1,250,000 par, due 4/1/2022
 
 
 
(1)
 
1,255,184

 
 
 
 
North Carolina Housing Finance Agency
 
2.87%, $1,630,000 par, due 7/1/2032
 
 
 
(1)
 
1,669,805

 
 
 
 
North Carolina State Ed Assistance Auth
 
0.67%, $1,848,830 par, due 12/26/2039
 
 
 
(1)
 
1,841,749

 
 
 
 
Northrop Grumman Corp
 
1.75%, $1,045,000 par, due 6/1/2018
 
 
 
(1)
 
1,037,491

 
 
 
 
Northstar Education Finance Inc
 
0.98%, $606,078 par, due 10/30/2045
 
 
 
(1)
 
602,593

 
 
 
 
Northstar Education Finance Inc
 
0.87%, $1,156,112 par, due 12/26/2031
 
 
 
(1)
 
1,161,012

 
 
 
 
Novartis Capital Corp
 
3.40%, $1,300,000 par, due 5/6/2024
 
 
 
(1)
 
1,352,367

 
 
 
 
Occidental Petroleum Corp
 
1.75%, $530,000 par, due 2/15/2017
 
 
 
(1)
 
533,057

 
 
 
 
Oracle Corp
 
2.38%, $680,000 par, due 1/15/2019
 
 
 
(1)
 
691,767

 
 
 
 
Overseas Private Investment Corp
 
3.37%, $1,345,875 par, due 5/15/2021
 
 
 
(1)
 
1,422,772

 
 
 
 
PacifiCorp
 
5.65%, $250,000 par, due 7/15/2018
 
 
 
(1)
 
282,424

 
 
 
 
PacifiCorp
 
5.50%, $750,000 par, due 1/15/2019
 
 
 
(1)
 
847,424

 
 
 
 
Parker-Hannifin Corp
 
5.50%, $750,000 par, due 5/15/2018
 
 
 
(1)
 
839,152

 
 
 
 
Pearson Dollar Finance Two PLC
 
6.25%, $750,000 par, due 5/6/2018
 
 
 
(1)
 
838,532

 
 
 
 
PepsiCo Inc
 
5.00%, $1,000,000 par, due 6/1/2018
 
 
 
(1)
 
1,105,712

 
 
 
 
Petroleos Mexicanos
 
2.29%, $926,250 par, due 2/15/2024
 
 
 
(1)
 
920,360

 
 
 
 
Petroleos Mexicanos
 
2.38%, $2,000,000 par, due 4/15/2025
 
 
 
(1)
 
1,977,698

 
 
 
 
PNC Bank NA
 
5.25%, $500,000 par, due 1/15/2017
 
 
 
(1)
 
538,315

 
 
 
 
ProLogis LP
 
4.50%, $750,000 par, due 8/15/2017
 
 
 
(1)
 
799,212

 
 
 
 
Public Service Co of Oklahoma
 
6.15%, $600,000 par, due 8/1/2016
 
 
 
(1)
 
643,671

 
 
 
 
Raytheon Co
 
3.15%, $1,050,000 par, due 12/15/2024
 
 
 
(1)
 
1,053,149

 
 
 
 
Realty Income Corp
 
3.25%, $746,000 par, due 10/15/2022
 
 
 
(1)
 
735,432

 
 
 
 
Realty Income Corp
 
4.65%, $310,000 par, due 8/1/2023
 
 
 
(1)
 
333,831

 
 
 
 
Rio Tinto Finance USA Ltd
 
2.50%, $300,000 par, due 5/20/2016
 
 
 
(1)
 
305,657

 
 
 
 
Rio Tinto Finance USA Ltd
 
2.25%, $310,000 par, due 9/20/2016
 
 
 
(1)
 
315,703

 
 
 
 
Rio Tinto Finance USA PLC
 
2.00%, $640,000 par, due 3/22/2017
 
 
 
(1)
 
647,684

 
 
 
 
Roche Holdings Inc
 
2.25%, $1,250,000 par, due 9/30/2019
 
 
 
(1)
 
1,257,920

 
 
 
 
Roper Industries Inc
 
1.85%, $1,250,000 par, due 11/15/2017
 
 
 
(1)
 
1,251,519

 
 
 
 
Royal Bank of Canada
 
2.00%, $1,100,000 par, due 10/1/2018
 
 
 
(1)
 
1,110,131

 
 
 
 
SABMiller Holdings Inc
 
3.75%, $500,000 par, due 1/15/2022
 
 
 
(1)
 
521,855

 
 
 
 
SABMiller Holdings Inc
 
2.45%, $900,000 par, due 1/15/2017
 
 
 
(1)
 
918,241

 
 
 
 
SCG Trust 2013-SRP1
 
1.56%, $1,200,000 par, due 11/15/2016
 
 
 
(1)
 
1,201,458

 
 
 
 
Shell International Finance BV
 
4.30%, $1,188,000 par, due 9/22/2019
 
 
 
(1)
 
1,303,781

 
 
 
 
Simon Property Group LP
 
3.38%, $1,000,000 par, due 10/1/2024
 
 
 
(1)
 
1,017,165

 
 
 
 
SMALL BUSINESS ADMINISTRATION
 
2.13%, $1,423,363 par, due 1/1/2033
 
 
 
(1)
 
1,395,855

 
 
 
 
Small Business Administration Participation Certificates
5.34%, $181,619 par, due 11/1/2021
 
 
 
(1)
 
195,092

 
 
 
 
Small Business Administration Participation Certificates
5.54%, $652,958 par, due 9/1/2026
 
 
 
(1)
 
716,040

 
 
 
 
Small Business Administration Participation Certificates
5.31%, $1,480,833 par, due 5/1/2027
 
 
 
(1)
 
1,628,716

 
 
 
 
Small Business Administration Participation Certificates
5.68%, $807,402 par, due 6/1/2028
 
 
 
(1)
 
902,708

 
 
 
 
Small Business Administration Participation Certificates
5.60%, $1,598,601 par, due 9/1/2028
 
 
 
(1)
 
1,775,078

 
 
 
 
Small Business Administration Participation Certificates
5.63%, $1,894,580 par, due 10/1/2028
 
 
 
(1)
 
2,106,735

 
 
 
 
Small Business Administration Participation Certificates
5.72%, $3,876,430 par, due 1/1/2029
 
 
 
(1)
 
4,375,628

 
 
 
 
Small Business Administration Participation Certificates
3.23%, $1,952,118 par, due 2/1/2034
 
 
 
(1)
 
2,014,747

 
 
 
 
Small Business Administration Participation Certificates
3.21%, $1,960,894 par, due 3/1/2034
 
 
 
(1)
 
2,028,515

 
 
 
 
St Louis County School District No R-7 Kirkwood
 
4.19%, $1,000,000 par, due 2/15/2018
 
 
 
(1)
 
1,073,630

 
 
 
 
State of Florida
 
4.90%, $1,000,000 par, due 6/1/2023
 
 
 
(1)
 
1,105,930

 
 
 
 
State of Georgia
 
4.50%, $1,000,000 par, due 11/1/2025
 
 
 
(1)
 
1,123,640

 
 
 
 
State of Mississippi
 
1.35%, $1,100,000 par, due 11/1/2017
 
 
 
(1)
 
1,103,366

 
 
 
 
State of Tennessee
 
3.18%, $800,000 par, due 8/1/2020
 
 
 
(1)
 
844,408

 
 
 
 
State of Wisconsin
 
3.45%, $550,000 par, due 5/1/2020
 
 
 
(1)
 
588,632

 
 
 
 
State Street Bank & Trust Co
 
5.30%, $1,600,000 par, due 1/15/2016
 
 
 
(1)
 
1,673,275


47(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Symantec Corp
 
2.75%, $1,100,000 par, due 6/15/2017
 
 
 
(1)
 
$
1,116,221

 
 
 
 
Sysco Corp
 
2.35%, $440,000 par, due 10/2/2019
 
 
 
(1)
 
442,395

 
 
 
 
Target Corp
 
6.00%, $600,000 par, due 1/15/2018
 
 
 
(1)
 
676,085

 
 
 
 
Tayarra Ltd
 
3.63%, $1,303,199 par, due 2/15/2022
 
 
 
(1)
 
1,379,073

 
 
 
 
Teck Resources Ltd
 
3.15%, $1,070,000 par, due 1/15/2017
 
 
 
(1)
 
1,091,068

 
 
 
 
Tesco PLC
 
2.70%, $1,000,000 par, due 1/5/2017
 
 
 
(1)
 
993,059

 
 
 
 
Thermo Fisher Scientific Inc
 
5.00%, $450,000 par, due 6/1/2015
 
 
 
(1)
 
457,872

 
 
 
 
Time Warner Inc
 
3.40%, $500,000 par, due 6/15/2022
 
 
 
(1)
 
505,449

 
 
 
 
Toronto-Dominion Bank/The
 
2.25%, $1,325,000 par, due 9/25/2019
 
 
 
(1)
 
1,335,293

 
 
 
 
Total Capital International SA
 
2.10%, $830,000 par, due 6/19/2019
 
 
 
(1)
 
830,365

 
 
 
 
Township of Bristol PA
 
2.82%, $810,000 par, due 9/15/2020
 
 
 
(1)
 
815,160

 
 
 
 
Township of Bristol PA
 
3.28%, $480,000 par, due 9/15/2022
 
 
 
(1)
 
490,315

 
 
 
 
Trustees of Dartmouth College
 
4.75%, $1,000,000 par, due 6/1/2019
 
 
 
(1)
 
1,113,133

 
 
 
 
Tunisia Government AID Bonds
 
2.45%, $1,000,000 par, due 7/24/2021
 
 
 
(1)
 
1,015,351

 
 
 
 
UBS AG/Stamford CT
 
2.38%, $600,000 par, due 8/14/2019
 
 
 
(1)
 
599,965

 
 
 
 
UBS-Barclays Commercial Mortgage Trust 2012-C4
 
2.46%, $2,000,000 par, due 12/10/2045
 
 
 
(1)
 
1,987,672

 
 
 
 
Ukraine Government AID Bonds
 
1.84%, $600,000 par, due 5/16/2019
 
 
 
(1)
 
604,050

 
 
 
 
United States Small Business Administration
 
4.64%, $62,203 par, due 2/10/2015
 
 
 
(1)
 
62,502

 
 
 
 
United States Small Business Administration
 
4.94%, $268,491 par, due 8/10/2015
 
 
 
(1)
 
274,440

 
 
 
 
United States Small Business Administration
 
5.68%, $91,971 par, due 8/10/2016
 
 
 
(1)
 
95,625

 
 
 
 
United States Small Business Administration
 
5.94%, $1,579,054 par, due 8/10/2018
 
 
 
(1)
 
1,727,159

 
 
 
 
United States Small Business Administration
 
3.19%, $2,996,989 par, due 3/10/2024
 
 
 
(1)
 
3,105,540

 
 
 
 
United States Small Business Administration
 
3.02%, $2,000,000 par, due 9/10/2024
 
 
 
(1)
 
2,073,968

 
 
 
 
United States Treasury Inflation Indexed Bonds
 
0.13%, $10,371,000 par, due 7/15/2024
 
 
 
(1)
 
9,987,261

 
 
 
 
United States Treasury Note/Bond
 
2.38%, $4,000,000 par, due 8/15/2024
 
 
 
(1)
 
4,074,064

 
 
 
 
United States Treasury Note/Bond
 
2.25%, $1,850,000 par, due 11/15/2024
 
 
 
(1)
 
1,862,430

 
 
 
 
United States Treasury Note/Bond
 
3.38%, $1,500,000 par, due 11/15/2019
 
 
 
(1)
 
1,625,039

 
 
 
 
United States Treasury Note/Bond
 
1.50%, $1,525,000 par, due 8/31/2018
 
 
 
(1)
 
1,532,387

 
 
 
 
United States Treasury Note/Bond
 
2.50%, $4,000,000 par, due 5/15/2024
 
 
 
(1)
 
4,120,624

 
 
 
 
United Technologies Corp
 
3.10%, $590,000 par, due 6/1/2022
 
 
 
(1)
 
601,994

 
 
 
 
Valspar Corp/The
 
5.10%, $400,000 par, due 8/1/2015
 
 
 
(1)
 
409,507

 
 
 
 
Ventas Realty LP / Ventas Capital Corp
 
2.00%, $900,000 par, due 2/15/2018
 
 
 
(1)
 
900,795

 
 
 
 
Verizon Communications Inc
 
5.15%, $500,000 par, due 9/15/2023
 
 
 
(1)
 
552,117

 
 
 
 
Village of Hoffman Estates IL
 
5.00%, $485,000 par, due 12/1/2015
 
 
 
(1)
 
504,676

 
 
 
 
Vornado Realty LP
 
5.00%, $500,000 par, due 1/15/2022
 
 
 
(1)
 
548,834

 
 
 
 
Vornado Realty LP
 
2.50%, $440,000 par, due 6/30/2019
 
 
 
(1)
 
436,188

 
 
 
 
Wisconsin Housing & Economic Development Authority
5.81%, $250,000 par, due 3/1/2037
 
 
 
(1)
 
255,208

 
 
 
 
World Omni Auto Receivables Trust 2013-B
 
0.83%, $1,271,000 par, due 8/15/2018
 
 
 
(1)
 
1,270,180

 
 
 
 
Wells Fargo Short Term Investment Fund S
 
0.19%, $14,330,577 units
 
 
 
(1)
 
14,330,577

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
366,723,249

 
 
 
 
 
 
 
Accrued income receivable
 
 
 
 
 
2,171,950

 
 
 
 
 
 
 
Variation margin payable
 
 
 
 
 
2,656

 
 
 
 
 
 
 
Deposits with brokers for futures transactions
 
 
 
 
 
22,872

 
 
 
 
 
 
 
Receivables for investment payments due
 
 
 
 
 
59,449

 
 
 
 
 
 
 
Payable for securities purchased on a forward commitment basis
 
 
 
(1,815,209
)
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
367,164,967

 
 
 
Prudential Insurance Company of America
 
2.38%
 
 
 
 
 
 
 
 
 
 
AEP Texas Central Transition Funding II LLC
 
5.09%, $740,717 par, due 7/1/2015
 
 
 
(1)
 
757,282

 
 
 
 
AEP Texas Central Transition Funding II LLC
 
5.17%, $4,290,000 par, due 1/1/2018
 
 
 
(1)
 
4,590,901

 
 
 
 
AbbVie Inc
 
2.90%, $2,180,000 par, due 11/6/2022
 
 
 
(1)
 
2,146,275

 
 
 
 
Actavis Funding SCS
 
2.45%, $565,000 par, due 6/15/2019
 
 
 
(1)
 
555,367

 
 
 
 
Ally Master Owner Trust
 
1.44%, $1,300,000 par, due 2/15/2017
 
 
 
(1)
 
1,301,274

 
 
 
 
Ally Master Owner Trust
 
1.54%, $1,380,000 par, due 9/15/2019
 
 
 
(1)
 
1,369,567

 
 
 
 
Ally Auto Receivables Trust
 
1.75%, $85,370 par, due 3/15/2016
 
 
 
(1)
 
85,409

 
 
 
 
Ally Auto Receivables Trust
 
0.63%, $1,562,947 par, due 5/15/2017
 
 
 
(1)
 
1,563,244

 
 
 
 
Ally Auto Receivables Trust 2014-1
 
0.48%, $1,010,000 par, due 2/15/2017
 
 
 
(1)
 
1,009,020

 
 
 
 
Amazon.com Inc
 
3.80%, $435,000 par, due 12/5/2024
 
 
 
(1)
 
445,666

 
 
 
 
American Express Credit Account Master Trust
 
0.68%, $1,695,000 par, due 3/15/2018
 
 
 
(1)
 
1,696,305

 
 
 
 
American Express Credit Corp
 
2.25%, $1,520,000 par, due 8/15/2019
 
 
 
(1)
 
1,520,243

 
 
 
 
Amgen Inc
 
5.65%, $625,000 par, due 6/15/2042
 
 
 
(1)
 
743,625

 
 
 
 
Amgen Inc
 
5.15%, $200,000 par, due 11/15/2041
 
 
 
(1)
 
225,430

 
 
 
 
Amgen Inc
 
3.88%, $2,090,000 par, due 11/15/2021
 
 
 
(1)
 
2,208,106

 
 
 
 
Anheuser-Busch InBev Finance Inc
 
2.63%, $1,250,000 par, due 1/17/2023
 
 
 
(1)
 
1,213,375

 
 
 
 
Apple Inc
 
3.85%, $835,000 par, due 5/4/2043
 
 
 
(1)
 
835,601

 
 
 
 
Apple Inc
 
2.85%, $265,000 par, due 5/6/2021
 
 
 
(1)
 
271,084

 
 
 
 
BAE Systems PLC
 
4.75%, $2,145,000 par, due 10/11/2021
 
 
 
(1)
 
2,340,731

 
 
 
 
BG Energy Capital PLC
 
4.00%, $1,195,000 par, due 10/15/2021
 
 
 
(1)
 
1,228,962

 
 
 
 
BHP Billiton Finance USA Ltd
 
3.85%, $680,000 par, due 9/30/2023
 
 
 
(1)
 
715,870

 
 
 
 
Bank of America Corp
 
5.42%, $3,385,000 par, due 3/15/2017
 
 
 
(1)
 
3,629,228

 
 
 
 
Bank of America Corp
 
5.65%, $535,000 par, due 5/1/2018
 
 
 
(1)
 
594,369

 
 
 
 
Bank of America Corp
 
2.00%, $1,200,000 par, due 1/11/2018
 
 
 
(1)
 
1,199,088

 
 
 
 
Bank of America Corp
 
3.30%, $155,000 par, due 1/11/2023
 
 
 
(1)
 
155,012


48(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Bank of New York Mellon Corp/The
 
2.10%, $765,000 par, due 1/15/2019
 
 
 
(1)
 
$
767,425

 
 
 
 
Bank of New York Mellon Corp/The
 
2.20%, $415,000 par, due 3/4/2019
 
 
 
(1)
 
416,511

 
 
 
 
Bank of New York Mellon Corp/The
 
2.20%, $1,690,000 par, due 5/15/2019
 
 
 
(1)
 
1,694,732

 
 
 
 
Bayer US Finance LLC
 
2.38%, $1,390,000 par, due 10/8/2019
 
 
 
(1)
 
1,395,518

 
 
 
 
Burlington Northern Santa Fe LLC
 
4.90%, $285,000 par, due 4/1/2044
 
 
 
(1)
 
320,437

 
 
 
 
Burlington Northern Santa Fe LLC
 
4.55%, $1,850,000 par, due 9/1/2044
 
 
 
(1)
 
1,985,624

 
 
 
 
CNH Equipment Trust
 
0.63%, $287,865 par, due 1/17/2017
 
 
 
(1)
 
287,937

 
 
 
 
AEP Texas Central Transition Funding LLC
 
6.25%, $1,513,806 par, due 1/15/2017
 
 
 
(1)
 
1,559,690

 
 
 
 
CVS Health Corp
 
4.00%, $975,000 par, due 12/5/2023
 
 
 
(1)
 
1,031,813

 
 
 
 
Duke Energy Progress Inc
 
3.00%, $325,000 par, due 9/15/2021
 
 
 
(1)
 
333,385

 
 
 
 
Caterpillar Inc
 
5.20%, $170,000 par, due 5/27/2041
 
 
 
(1)
 
201,647

 
 
 
 
Chase Issuance Trust
 
0.79%, $630,000 par, due 6/15/2017
 
 
 
(1)
 
630,838

 
 
 
 
Chase Issuance Trust
 
0.59%, $1,655,000 par, due 8/15/2017
 
 
 
(1)
 
1,655,530

 
 
 
 
Chase Issuance Trust
 
0.54%, $1,190,000 par, due 10/16/2017
 
 
 
(1)
 
1,189,417

 
 
 
 
Chase Issuance Trust
 
0.47%, $725,000 par, due 5/15/2017
 
 
 
(1)
 
724,899

 
 
 
 
Citigroup Inc
 
5.50%, $1,985,000 par, due 2/15/2017
 
 
 
(1)
 
2,133,835

 
 
 
 
Citigroup Inc
 
2.50%, $875,000 par, due 9/26/2018
 
 
 
(1)
 
885,220

 
 
 
 
Citigroup Inc
 
2.50%, $770,000 par, due 7/29/2019
 
 
 
(1)
 
770,616

 
 
 
 
Citibank Credit Card Issuance Trust
 
5.30%, $900,000 par, due 3/15/2018
 
 
 
(1)
 
948,600

 
 
 
 
Citibank Credit Card Issuance Trust
 
0.55%, $2,040,000 par, due 10/10/2017
 
 
 
(1)
 
2,039,429

 
 
 
 
Coca-Cola Femsa SAB de CV
 
2.38%, $980,000 par, due 11/26/2018
 
 
 
(1)
 
997,846

 
 
 
 
Comcast Corp
 
6.50%, $1,980,000 par, due 1/15/2017
 
 
 
(1)
 
2,186,336

 
 
 
 
Comerica Inc
 
2.13%, $450,000 par, due 5/23/2019
 
 
 
(1)
 
446,990

 
 
 
 
ConAgra Foods Inc
 
1.90%, $675,000 par, due 1/25/2018
 
 
 
(1)
 
670,505

 
 
 
 
ConocoPhillips Co
 
4.15%, $945,000 par, due 11/15/2034
 
 
 
(1)
 
969,646

 
 
 
 
DTE Energy Co
 
3.85%, $950,000 par, due 12/1/2023
 
 
 
(1)
 
997,947

 
 
 
 
Daimler Finance North America LLC
 
2.38%, $1,100,000 par, due 8/1/2018
 
 
 
(1)
 
1,115,433

 
 
 
 
Daimler Finance North America LLC
 
1.13%, $1,350,000 par, due 3/10/2017
 
 
 
(1)
 
1,342,143

 
 
 
 
Deutsche Bank AG/London
 
1.35%, $1,145,000 par, due 5/30/2017
 
 
 
(1)
 
1,135,348

 
 
 
 
Deutsche Telekom International Finance BV
 
2.25%, $775,000 par, due 3/6/2017
 
 
 
(1)
 
787,237

 
 
 
 
Devon Energy Corp
 
3.25%, $2,075,000 par, due 5/15/2022
 
 
 
(1)
 
2,038,397

 
 
 
 
Diageo Investment Corp
 
2.88%, $585,000 par, due 5/11/2022
 
 
 
(1)
 
584,649

 
 
 
 
DIRECTV Holdings LLC / DIRECTV Financing Co Inc
5.88%, $415,000 par, due 10/1/2019
 
 
 
(1)
 
474,689

 
 
 
 
DIRECTV Holdings LLC / DIRECTV Financing Co Inc
3.80%, $310,000 par, due 3/15/2022
 
 
 
(1)
 
315,385

 
 
 
 
Dominion Resources Inc/VA
 
1.95%, $370,000 par, due 8/15/2016
 
 
 
(1)
 
373,974

 
 
 
 
Dominion Resources Inc/VA
 
2.50%, $905,000 par, due 12/1/2019
 
 
 
(1)
 
907,643

 
 
 
 
Dow Chemical Co/The
 
3.00%, $1,765,000 par, due 11/15/2022
 
 
 
(1)
 
1,724,511

 
 
 
 
Spectra Energy Capital LLC
 
8.00%, $820,000 par, due 10/1/2019
 
 
 
(1)
 
992,290

 
 
 
 
Eastman Chemical Co
 
2.70%, $1,145,000 par, due 1/15/2020
 
 
 
(1)
 
1,151,504

 
 
 
 
Encana Corp
 
3.90%, $1,615,000 par, due 11/15/2021
 
 
 
(1)
 
1,591,631

 
 
 
 
Financing Corp Fico
 
9.80%, $1,440,000 par, due 4/6/2018
 
 
 
(1)
 
1,820,784

 
 
 
 
Financing Corp Fico
 
10.35%, $1,070,000 par, due 8/3/2018
 
 
 
(1)
 
1,395,468

 
 
 
 
Financing Corp Fico
 
9.65%, $1,235,000 par, due 11/2/2018
 
 
 
(1)
 
1,603,697

 
 
 
 
Financing Corp Fico
 
1.53%, $1,935,000 par, due 5/11/2018
 
 
 
(1)
 
1,838,165

 
 
 
 
Financing Corp Fico
 
1.20%, $4,075,000 par, due 10/6/2017
 
 
 
(1)
 
3,942,595

 
 
 
 
Financing Corp Fico
 
1.02%, $505,000 par, due 3/26/2017
 
 
 
(1)
 
493,608

 
 
 
 
Financing Corp Fico
 
1.53%, $3,305,000 par, due 2/8/2018
 
 
 
(1)
 
3,152,018

 
 
 
 
Ford Credit Floorplan Master Owner Trust A
 
1.50%, $680,000 par, due 9/15/2018
 
 
 
(1)
 
685,692

 
 
 
 
Ford Credit Auto Owner Trust
 
0.58%, $232,419 par, due 8/15/2015
 
 
 
(1)
 
232,463

 
 
 
 
Ford Credit Auto Owner Trust
 
0.45%, $760,201 par, due 8/15/2016
 
 
 
(1)
 
760,110

 
 
 
 
Ford Motor Credit Co LLC
 
2.60%, $1,395,000 par, due 11/4/2019
 
 
 
(1)
 
1,387,495

 
 
 
 
General Electric Co
 
2.70%, $3,475,000 par, due 10/9/2022
 
 
 
(1)
 
3,476,425

 
 
 
 
General Electric Co
 
3.38%, $195,000 par, due 3/11/2024
 
 
 
(1)
 
201,445

 
 
 
 
General Electric Capital Corp
 
5.30%, $535,000 par, due 2/11/2021
 
 
 
(1)
 
610,965

 
 
 
 
Gilead Sciences Inc
 
3.70%, $1,160,000 par, due 4/1/2024
 
 
 
(1)
 
1,216,643

 
 
 
 
Goldman Sachs Group Inc/The
 
5.95%, $3,875,000 par, due 1/18/2018
 
 
 
(1)
 
4,305,009

 
 
 
 
HSBC Finance Corp
 
6.68%, $2,275,000 par, due 1/15/2021
 
 
 
(1)
 
2,699,197

 
 
 
 
HAROT 2014-1 A2
 
0.41%, $700,954 par, due 9/21/2016
 
 
 
(1)
 
700,674

 
 
 
 
Honda Auto Receivables Owner Trust
 
0.45%, $779,808 par, due 4/18/2016
 
 
 
(1)
 
779,754

 
 
 
 
Humana Inc
 
2.63%, $585,000 par, due 10/1/2019
 
 
 
(1)
 
584,953

 
 
 
 
Hyundai Auto Receivables Trust 2012-A
 
0.95%, $276,924 par, due 12/15/2016
 
 
 
(1)
 
277,442

 
 
 
 
Israel Government AID Bond
 
2.31%, $1,185,000 par, due 8/15/2021
 
 
 
(1)
 
1,017,847

 
 
 
 
JPMorgan Chase & Co
 
4.40%, $2,380,000 par, due 7/22/2020
 
 
 
(1)
 
2,579,872

 
 
 
 
JPMorgan Chase Bank NA
 
6.00%, $3,150,000 par, due 7/5/2017
 
 
 
(1)
 
3,470,765

 
 
 
 
Kinder Morgan Inc/DE
 
4.30%, $1,155,000 par, due 6/1/2025
 
 
 
(1)
 
1,155,543

 
 
 
 
Kraft Foods Group Inc
 
3.50%, $285,000 par, due 6/6/2022
 
 
 
(1)
 
292,042

 
 
 
 
Kroger Co/The
 
6.40%, $1,475,000 par, due 8/15/2017
 
 
 
(1)
 
1,648,667

 
 
 
 
Lockheed Martin Corp
 
3.35%, $1,415,000 par, due 9/15/2021
 
 
 
(1)
 
1,465,756

 
 
 
 
Mondelez International Inc
 
4.00%, $955,000 par, due 2/1/2024
 
 
 
(1)
 
999,188

 
 
 
 
Morgan Stanley
 
7.30%, $1,575,000 par, due 5/13/2019
 
 
 
(1)
 
1,868,186

 
 
 
 
Motiva Enterprises LLC
 
5.75%, $1,550,000 par, due 1/15/2020
 
 
 
(1)
 
1,729,475

 
 
 
 
21st Century Fox America Inc
 
6.65%, $645,000 par, due 11/15/2037
 
 
 
(1)
 
861,243

 
 
 
 
Northrop Grumman Corp
 
1.75%, $2,525,000 par, due 6/1/2018
 
 
 
(1)
 
2,506,845


49(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Oracle Corp
 
2.25%, $1,780,000 par, due 10/8/2019
 
 
 
(1)
 
$
1,792,709

 
 
 
 
PNC Bank NA
 
2.25%, $795,000 par, due 7/2/2019
 
 
 
(1)
 
793,776

 
 
 
 
PNC Bank NA
 
2.40%, $1,300,000 par, due 10/18/2019
 
 
 
(1)
 
1,305,460

 
 
 
 
PEGTF 2005-A A4
 
4.57%, $262,151 par, due 6/15/2017
 
 
 
(1)
 
266,878

 
 
 
 
PSE&G Transition Funding LLC
 
6.89%, $765,897 par, due 12/15/2017
 
 
 
(1)
 
794,132

 
 
 
 
Pacific Gas & Electric Co
 
5.63%, $1,275,000 par, due 11/30/2017
 
 
 
(1)
 
1,417,112

 
 
 
 
PepsiCo Inc
 
2.75%, $505,000 par, due 3/1/2023
 
 
 
(1)
 
496,859

 
 
 
 
PepsiCo Inc
 
4.25%, $270,000 par, due 10/22/2044
 
 
 
(1)
 
281,786

 
 
 
 
Perrigo Co PLC
 
2.30%, $1,515,000 par, due 11/8/2018
 
 
 
(1)
 
1,513,803

 
 
 
 
Raytheon Co
 
6.40%, $1,760,000 par, due 12/15/2018
 
 
 
(1)
 
2,054,026

 
 
 
 
Residual Funding Corp Principal Strip
 
2.14%, $1,555,000 par, due 7/15/2020
 
 
 
(1)
 
1,382,210

 
 
 
 
Rio Tinto Finance USA PLC
 
2.88%, $410,000 par, due 8/21/2022
 
 
 
(1)
 
394,199

 
 
 
 
SABMiller Holdings Inc
 
3.75%, $245,000 par, due 1/15/2022
 
 
 
(1)
 
255,709

 
 
 
 
Shell International Finance BV
 
3.40%, $910,000 par, due 8/12/2023
 
 
 
(1)
 
939,220

 
 
 
 
State Street Corp
 
3.70%, $650,000 par, due 11/20/2023
 
 
 
(1)
 
682,929

 
 
 
 
Statoil ASA
 
2.90%, $1,060,000 par, due 11/8/2020
 
 
 
(1)
 
1,084,274

 
 
 
 
Suncor Energy Inc
 
6.10%, $2,475,000 par, due 6/1/2018
 
 
 
(1)
 
2,776,232

 
 
 
 
TSMC Global Ltd
 
1.63%, $1,240,000 par, due 4/3/2018
 
 
 
(1)
 
1,217,085

 
 
 
 
Thermo Fisher Scientific Inc
 
2.40%, $785,000 par, due 2/1/2019
 
 
 
(1)
 
786,170

 
 
 
 
Thermo Fisher Scientific Inc
 
3.30%, $435,000 par, due 2/15/2022
 
 
 
(1)
 
435,718

 
 
 
 
Time Warner Inc
 
3.55%, $1,960,000 par, due 6/1/2024
 
 
 
(1)
 
1,952,376

 
 
 
 
Time Warner Cable Inc
 
7.30%, $560,000 par, due 7/1/2038
 
 
 
(1)
 
772,156

 
 
 
 
Time Warner Cable Inc
 
5.50%, $440,000 par, due 9/1/2041
 
 
 
(1)
 
511,245

 
 
 
 
Total Capital International SA
 
2.75%, $1,240,000 par, due 6/19/2021
 
 
 
(1)
 
1,244,638

 
 
 
 
Toyota Auto Receivables Owner Trust
 
0.41%, $874,347 par, due 8/15/2016
 
 
 
(1)
 
874,434

 
 
 
 
Toyota Auto Receivables Owner Trust
 
0.48%, $214,179 par, due 2/15/2016
 
 
 
(1)
 
214,207

 
 
 
 
TransCanada PipeLines Ltd
 
4.63%, $1,165,000 par, due 3/1/2034
 
 
 
(1)
 
1,181,916

 
 
 
 
United States Treasury Bill
 
0.00%, $19,695,000 par, due 1/2/2015
 
 
 
(1)
 
19,695,000

 
 
 
 
United States Treasury Note/Bond
 
2.88%, $4,055,000 par, due 5/15/2043
 
 
 
(1)
 
4,147,495

 
 
 
 
United States Treasury Note/Bond
 
3.75%, $2,690,000 par, due 11/15/2043
 
 
 
(1)
 
3,233,676

 
 
 
 
United States Treasury Note/Bond
 
3.63%, $615,000 par, due 2/15/2044
 
 
 
(1)
 
723,732

 
 
 
 
United States Treasury Note/Bond
 
2.13%, $2,185,000 par, due 1/31/2021
 
 
 
(1)
 
2,217,775

 
 
 
 
United States Treasury Note/Bond
 
1.63%, $2,060,000 par, due 4/30/2019
 
 
 
(1)
 
2,067,086

 
 
 
 
United States Treasury Note/Bond
 
4.00%, $1,245,000 par, due 2/15/2015
 
 
 
(1)
 
1,250,739

 
 
 
 
United States Treasury Note/Bond
 
4.25%, $4,425,000 par, due 11/15/2017
 
 
 
(1)
 
4,825,684

 
 
 
 
United States Treasury Note/Bo
 
3.13%, $12,570,000 par, due 5/15/2019
 
 
 
(1)
 
13,399,871

 
 
 
 
United States Treasury Note/Bond
 
2.25%, $34,010,000 par, due 11/30/2017
 
 
 
(1)
 
35,171,101

 
 
 
 
United States Treasury Note/Bond
 
1.38%, $20,155,000 par, due 2/28/2019
 
 
 
(1)
 
20,046,365

 
 
 
 
United States Treasury Note/Bond
 
0.38%, $14,325,000 par, due 3/15/2015
 
 
 
(1)
 
14,334,025

 
 
 
 
United States Treasury Note/Bond
 
0.63%, $26,840,000 par, due 8/31/2017
 
 
 
(1)
 
26,584,215

 
 
 
 
United States Treasury Note/Bond
 
0.25%, $2,110,000 par, due 2/28/2015
 
 
 
(1)
 
2,110,570

 
 
 
 
United States Treasury Note/Bond
 
0.75%, $40,035,000 par, due 2/28/2018
 
 
 
(1)
 
39,484,519

 
 
 
 
United States Treasury Note/Bond
 
1.75%, $6,795,000 par, due 5/15/2023
 
 
 
(1)
 
6,616,088

 
 
 
 
United States Treasury Note/Bond
 
2.13%, $31,530,000 par, due 6/30/2021
 
 
 
(1)
 
31,911,828

 
 
 
 
Verizon Communications Inc
 
3.85%, $2,455,000 par, due 11/1/2042
 
 
 
(1)
 
2,188,583

 
 
 
 
Verizon Communications Inc
 
6.40%, $1,070,000 par, due 9/15/2033
 
 
 
(1)
 
1,318,005

 
 
 
 
Vodafone Group PLC
 
2.95%, $1,275,000 par, due 2/19/2023
 
 
 
(1)
 
1,228,947

 
 
 
 
Volkswagen Group of America Finance LLC
 
2.45%, $725,000 par, due 11/20/2019
 
 
 
(1)
 
729,720

 
 
 
 
Volkswagen Auto Loan Enhanced Trust
 
0.42%, $726,758 par, due 7/20/2016
 
 
 
(1)
 
726,788

 
 
 
 
Walgreens Boots Alliance Inc/old
 
3.30%, $990,000 par, due 11/18/2021
 
 
 
(1)
 
996,890

 
 
 
 
Waste Management Inc
 
2.60%, $400,000 par, due 9/1/2016
 
 
 
(1)
 
409,188

 
 
 
 
Wells Fargo Short Term Investment Fund S
 
0.19%, $2,695,406 units
 
 
 
(1)
 
12,567,472

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
401,344,893

 
 
 
 
 
 
 
 
Accrued income receivable
 
 
 
 
 
1,982,605

 
 
 
 
 
 
 
 
Payable for investment securities purchased on a forward commitment basis
 
(4,943,509
)
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
398,383,989

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Royal Bank of Canada
 
1.81%
 
 
 
 
 
 
 
 
 
 
AT&T Inc
 
1.60%, $1,330,000 par, due 2/15/2017
 
 
 
(1)
 
1,332,719

 
 
 
 
Abay Leasing 2014 LLC
 
2.65%, $1,825,000 par, due 11/9/2026
 
 
 
(1)
 
1,825,741

 
 
 
 
Allendale Public School District/MI
 
5.85%, $860,000 par, due 5/1/2016
 
 
 
(1)
 
888,801

 
 
 
 
Ally Auto Receivables Trust 2014-3
 
1.28%, $1,800,000 par, due 6/17/2019
 
 
 
(1)
 
1,796,324

 
 
 
 
Ally Auto Receivables Trust 2014-2
 
1.25%, $1,750,000 par, due 4/15/2019
 
 
 
(1)
 
1,747,330

 
 
 
 
Amal Ltd/Cayman Islands
 
3.46%, $2,441,902 par, due 8/21/2021
 
 
 
(1)
 
2,577,906

 
 
 
 
American Express Credit Acct Mstr Tr
 
0.98%, $1,800,000 par, due 5/15/2019
 
 
 
(1)
 
1,799,379

 
 
 
 
American Express Credit Corp
 
2.75%, $1,000,000 par, due 9/15/2015
 
 
 
(1)
 
1,015,428

 
 
 
 
American Express Credit Corp
 
1.55%, $460,000 par, due 9/22/2017
 
 
 
(1)
 
460,900

 
 
 
 
American Honda Finance Corp
 
2.13%, $940,000 par, due 2/28/2017
 
 
 
(1)
 
957,138

 
 
 
 
American Honda Finance Corp
 
1.00%, $900,000 par, due 8/11/2015
 
 
 
(1)
 
903,353

 
 
 
 
AmeriCredit Auto Receivables T
 
0.90%, $1,800,000 par, due 1/8/2019
 
 
 
(1)
 
1,795,738

 
 
 
 
AmeriCredit Automobile Receivables Tr
 
0.92%, $1,800,000 par, due 4/9/2018
 
 
 
(1)
 
1,802,921

 
 
 
 
Anheuser-Busch InBev Worldwide Inc
 
3.63%, $861,000 par, due 4/15/2015
 
 
 
(1)
 
868,580

 
 
 
 
Arizona School Facilities Board
 
1.12%, $1,000,000 par, due 7/1/2017
 
 
 
(1)
 
997,560


50(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
State of Arkansas
 
0.82%, $1,715,000 par, due 7/1/2017
 
 
 
(1)
 
$
1,698,519

 
 
 
 
Atmos Energy Corp
 
6.35%, $1,015,000 par, due 6/15/2017
 
 
 
(1)
 
1,133,594

 
 
 
 
BAE Systems Holdings Inc
 
5.20%, $750,000 par, due 8/15/2015
 
 
 
(1)
 
769,669

 
 
 
 
BAMLL Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2013-DSNY
 
1.21%, $550,000 par, due 9/15/2026
 
 
 
(1)
 
549,632

 
 
 
 
BB&T Corp
 
2.15%, $925,000 par, due 3/22/2017
 
 
 
(1)
 
938,349

 
 
 
 
BHP Billiton Finance USA Ltd
 
1.63%, $1,175,000 par, due 2/24/2017
 
 
 
(1)
 
1,184,715

 
 
 
 
BNP Paribas SA
 
1.38%, $1,200,000 par, due 3/17/2017
 
 
 
(1)
 
1,196,628

 
 
 
 
Bank of America Corp
 
5.42%, $1,000,000 par, due 3/15/2017
 
 
 
(1)
 
1,072,147

 
 
 
 
Bank of America NA
 
0.52%, $900,000 par, due 6/15/2016
 
 
 
(1)
 
893,920

 
 
 
 
Bank of America NA
 
1.13%, $380,000 par, due 11/14/2016
 
 
 
(1)
 
378,630

 
 
 
 
Bank of Nova Scotia/The
 
1.38%, $425,000 par, due 7/15/2016
 
 
 
(1)
 
427,843

 
 
 
 
Bank of The West Auto Trust 2014-1
 
1.09%, $1,800,000 par, due 3/15/2019
 
 
 
(1)
 
1,800,733

 
 
 
 
Bear Stearns Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2006-PWR14
 
5.20%, $1,600,000 par, due 12/11/2038
 
 
 
(1)
 
1,695,581

 
 
 
 
Becton Dickinson and Co
 
2.67%, $630,000 par, due 12/15/2019
 
 
 
(1)
 
638,285

 
 
 
 
Brazos Student Finance Corp
 
0.50%, $944,535 par, due 6/25/2027
 
 
 
(1)
 
939,993

 
 
 
 
Burlington Northern Santa Fe LLC
 
5.65%, $1,000,000 par, due 5/1/2017
 
 
 
(1)
 
1,096,858

 
 
 
 
CIT Equipment Collateral 2014-VT1
 
1.50%, $1,850,000 par, due 10/21/2019
 
 
 
(1)
 
1,844,657

 
 
 
 
CNH Equipment Trust 2014-A
 
0.84%, $1,800,000 par, due 5/15/2019
 
 
 
(1)
 
1,795,097

 
 
 
 
Commercial Mortgage Pass Through Certificates
 
2.37%, $2,000,000 par, due 11/15/2045
 
 
 
(1)
 
1,990,782

 
 
 
 
COMM 2012-CCRE4 Mortgage Trust
 
0.70%, $507,449 par, due 10/15/2045
 
 
 
(1)
 
505,934

 
 
 
 
CNH Equipment Trust 2013-B
 
0.69%, $1,800,000 par, due 8/15/2018
 
 
 
(1)
 
1,800,378

 
 
 
 
COMM 2013-CCRE9 Mortgage Trust
 
1.34%, $432,987 par, due 7/10/2045
 
 
 
(1)
 
435,506

 
 
 
 
CVS Health Corp
 
1.20%, $220,000 par, due 12/5/2016
 
 
 
(1)
 
220,608

 
 
 
 
Capital Auto Receivables Asset Trust
 
0.85%, $575,000 par, due 2/21/2017
 
 
 
(1)
 
575,244

 
 
 
 
Capital One Multi-Asset Execution Tr
 
1.48%, $2,000,000 par, due 7/15/2020
 
 
 
(1)
 
2,000,450

 
 
 
 
Cargill Inc
 
1.90%, $150,000 par, due 3/1/2017
 
 
 
(1)
 
151,565

 
 
 
 
CarMax Auto Owner Trust 2014-4
 
1.25%, $1,800,000 par, due 11/15/2019
 
 
 
(1)
 
1,795,064

 
 
 
 
Caterpillar Inc
 
1.50%, $800,000 par, due 6/26/2017
 
 
 
(1)
 
804,934

 
 
 
 
Caterpillar Financial Services Corp
 
2.25%, $300,000 par, due 12/1/2019
 
 
 
(1)
 
300,329

 
 
 
 
Chase Issuance Trust
 
0.21%, $1,175,000 par, due 4/15/2019
 
 
 
(1)
 
1,168,441

 
 
 
 
Chase Issuance Trust
 
0.43%, $1,400,000 par, due 5/15/2019
 
 
 
(1)
 
1,400,858

 
 
 
 
Chevron Corp
 
1.10%, $1,100,000 par, due 12/5/2017
 
 
 
(1)
 
1,093,200

 
 
 
 
Chevron Corp
 
2.19%, $340,000 par, due 11/15/2019
 
 
 
(1)
 
341,258

 
 
 
 
Chrysler Capital Auto Receivab
 
0.83%, $1,800,000 par, due 9/17/2018
 
 
 
(1)
 
1,798,038

 
 
 
 
Citigroup Inc
 
4.59%, $750,000 par, due 12/15/2015
 
 
 
(1)
 
774,989

 
 
 
 
Citigroup Inc
 
4.45%, $750,000 par, due 1/10/2017
 
 
 
(1)
 
792,812

 
 
 
 
Citigroup Inc
 
1.85%, $350,000 par, due 11/24/2017
 
 
 
(1)
 
349,598

 
 
 
 
Citibank Credit Card Issuance Trust
 
1.02%, $1,700,000 par, due 2/22/2019
 
 
 
(1)
 
1,693,464

 
 
 
 
Citibank Credit Card Issuance Trust
 
1.23%, $1,800,000 par, due 4/24/2019
 
 
 
(1)
 
1,797,179

 
 
 
 
Citigroup Commercial Mortgage Trust 2006-C5
 
5.43%, $800,000 par, due 10/15/2049
 
 
 
(1)
 
847,138

 
 
 
 
Citigroup Commercial Mortgage Trust 2006-C5
 
5.42%, $1,575,003 par, due 10/15/2049
 
 
 
(1)
 
1,670,062

 
 
 
 
Citigroup Commercial Mortgage Trust 2012-GC8
 
2.61%, $1,500,000 par, due 5/10/2022
 
 
 
(1)
 
1,502,562

 
 
 
 
County of Collin TX
 
1.48%, $1,070,000 par, due 2/15/2018
 
 
 
(1)
 
1,068,181

 
 
 
 
Covidien International Finance SA
 
6.00%, $400,000 par, due 10/15/2017
 
 
 
(1)
 
447,636

 
 
 
 
Covidien International Finance SA
 
1.35%, $900,000 par, due 5/29/2015
 
 
 
(1)
 
902,701

 
 
 
 
Credit Suisse/New York NY
 
1.38%, $300,000 par, due 5/26/2017
 
 
 
(1)
 
299,116

 
 
 
 
DBRR 2011-LC2 Trust
 
4.54%, $2,500,000 par, due 7/12/2044
 
 
 
(1)
 
2,763,763

 
 
 
 
Daimler Finance North America LLC
 
2.95%, $650,000 par, due 1/11/2017
 
 
 
(1)
 
670,450

 
 
 
 
Daimler Finance North America LLC
 
1.38%, $500,000 par, due 8/1/2017
 
 
 
(1)
 
497,667

 
 
 
 
City of Dallas TX
 
2.07%, $1,125,000 par, due 2/15/2018
 
 
 
(1)
 
1,147,545

 
 
 
 
John Deere Capital Corp
 
5.35%, $300,000 par, due 4/3/2018
 
 
 
(1)
 
334,720

 
 
 
 
John Deere Capital Corp
 
1.40%, $490,000 par, due 3/15/2017
 
 
 
(1)
 
491,333

 
 
 
 
John Deere Capital Corp
 
1.20%, $400,000 par, due 10/10/2017
 
 
 
(1)
 
397,722

 
 
 
 
DIRECTV Holdings LLC / DIRECTV Financing Co Inc
2.40%, $1,200,000 par, due 3/15/2017
 
 
 
(1)
 
1,222,643

 
 
 
 
Discover Card Execution Note Trust
 
1.39%, $1,800,000 par, due 4/15/2020
 
 
 
(1)
 
1,796,242

 
 
 
 
DNB Boligkreditt AS
 
1.45%, $1,225,000 par, due 3/21/2018
 
 
 
(1)
 
1,219,594

 
 
 
 
Eaton Corp
 
1.50%, $750,000 par, due 11/2/2017
 
 
 
(1)
 
745,655

 
 
 
 
Ecolab Inc
 
3.00%, $940,000 par, due 12/8/2016
 
 
 
(1)
 
970,571

 
 
 
 
EdLinc Student Loan Funding Trust 2012-1
 
1.17%, $1,274,215 par, due 9/25/2030
 
 
 
(1)
 
1,288,651

 
 
 
 
Edsouth Indenture No 4 LLC
 
0.74%, $1,266,590 par, due 2/26/2029
 
 
 
(1)
 
1,266,005

 
 
 
 
Edsouth Indenture No 2 LLC
 
1.32%, $1,056,947 par, due 9/25/2040
 
 
 
(1)
 
1,067,422

 
 
 
 
Elkhart Community Schools
 
1.35%, $1,140,000 par, due 1/20/2017
 
 
 
(1)
 
1,137,401

 
 
 
 
Entergy Gulf States Louisiana LLC
 
6.00%, $1,000,000 par, due 5/1/2018
 
 
 
(1)
 
1,130,345

 
 
 
 
Ethiopian Leasing 2012 LLC
 
2.57%, $1,275,000 par, due 8/14/2026
 
 
 
(1)
 
1,256,961

 
 
 
 
Export Leasing 2009 LLC
 
1.86%, $1,578,840 par, due 8/28/2021
 
 
 
(1)
 
1,577,418

 
 
 
 
Freddie Mac Gold Pool
 
5.00%, $253,387 par, due 8/1/2018
 
 
 
(1)
 
266,605

 
 
 
 
Freddie Mac Non Gold Pool
 
2.48%, $2,219,089 par, due 2/1/2042
 
 
 
(1)
 
2,310,818

 
 
 
 
Freddie Mac Non Gold Pool
 
2.17%, $2,130,499 par, due 7/1/2042
 
 
 
(1)
 
2,199,368

 
 
 
 
Freddie Mac Non Gold Pool
 
2.20%, $1,902,345 par, due 8/1/2042
 
 
 
(1)
 
1,972,317

 
 
 
 
Freddie Mac Non Gold Pool
 
2.41%, $2,580,239 par, due 4/1/2038
 
 
 
(1)
 
2,770,410

 
 
 
 
Freddie Mac Gold Pool
 
5.50%, $656,118 par, due 11/1/2021
 
 
 
(1)
 
710,741


51(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Freddie Mac Gold Pool
 
3.00%, $1,670,250 par, due 10/1/2026
 
 
 
(1)
 
$
1,739,654

 
 
 
 
Freddie Mac Gold Pool
 
2.50%, $914,571 par, due 7/1/2023
 
 
 
(1)
 
939,981

 
 
 
 
Freddie Mac Non Gold Pool
 
2.29%, $1,553,930 par, due 8/1/2043
 
 
 
(1)
 
1,576,821

 
 
 
 
Freddie Mac Non Gold Pool
 
2.77%, $1,800,000 par, due 12/1/2044
 
 
 
(1)
 
1,851,935

 
 
 
 
Freddie Mac Non Gold Pool
 
2.72%, $3,449,444 par, due 8/1/2044
 
 
 
(1)
 
3,548,812

 
 
 
 
Freddie Mac Non Gold Pool
 
2.65%, $1,800,000 par, due 1/1/2045
 
 
 
(1)
 
1,842,682

 
 
 
 
Freddie Mac REMICS
 
5.50%, $571,558 par, due 10/15/2016
 
 
 
(1)
 
587,752

 
 
 
 
Federal National Mortgage Association
 
0.88%, $7,000,000 par, due 5/21/2018
 
 
 
(1)
 
6,883,604

 
 
 
 
Fannie Mae-Aces
 
1.23%, $3,193,851 par, due 4/25/2018
 
 
 
(1)
 
3,186,189

 
 
 
 
Fannie Mae-Aces
 
2.03%, $3,000,000 par, due 3/25/2019
 
 
 
(1)
 
3,025,356

 
 
 
 
Fannie Mae-Aces
 
2.17%, $3,500,000 par, due 9/25/2019
 
 
 
(1)
 
3,515,813

 
 
 
 
FHLMC Multifamily Structured Pass Through
 
3.88%, $825,000 par, due 11/25/2017
 
 
 
(1)
 
877,213

 
 
 
 
FHLMC Multifamily Structured Passthrough
 
2.70%, $3,000,000 par, due 5/25/2018
 
 
 
(1)
 
3,101,049

 
 
 
 
FHLMC Multifamily Structured Pass
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Through Certificates
 
2.09%, $1,725,000 par, due 3/25/2019
 
 
 
(1)
 
1,740,416

 
 
 
 
FHLMC K710 A2 Multifam
 
1.88%, $1,675,000 par, due 5/25/2019
 
 
 
(1)
 
1,674,682

 
 
 
 
FHMS K502 A2 MULTIFAMILY
 
1.43%, $4,525,000 par, due 8/25/2017
 
 
 
(1)
 
4,548,738

 
 
 
 
FHLMC Multifamily Structured Pass
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Through Certificates
 
2.99%, $1,800,000 par, due 9/25/2021
 
 
 
(1)
 
1,863,763

 
 
 
 
Fannie Mae Pool
 
5.50%, $2,618,436 par, due 4/1/2033
 
 
 
(1)
 
2,971,739

 
 
 
 
Fannie Mae Pool
 
3.23%, $1,121,935 par, due 11/1/2041
 
 
 
(1)
 
1,176,124

 
 
 
 
Fannie Mae Pool
 
2.49%, $2,117,478 par, due 3/1/2042
 
 
 
(1)
 
2,207,382

 
 
 
 
Fannie Mae Pool
 
2.57%, $1,766,715 par, due 9/1/2019
 
 
 
(1)
 
1,810,855

 
 
 
 
Fannie Mae Pool
 
2.57%, $982,043 par, due 9/1/2019
 
 
 
(1)
 
1,006,561

 
 
 
 
Fannie Mae Pool
 
2.51%, $2,696,509 par, due 7/1/2020
 
 
 
(1)
 
2,730,215

 
 
 
 
Fannie Mae Pool
 
2.56%, $1,800,000 par, due 3/1/2021
 
 
 
(1)
 
1,829,441

 
 
 
 
Fannie Mae Pool
 
2.50%, $2,660,525 par, due 11/1/2024
 
 
 
(1)
 
2,736,268

 
 
 
 
Fannie Mae Pool
 
2.50%, $2,582,305 par, due 11/1/2024
 
 
 
(1)
 
2,655,824

 
 
 
 
Fannie Mae Pool
 
2.83%, $3,446,151 par, due 8/1/2044
 
 
 
(1)
 
3,558,796

 
 
 
 
Fannie Mae Pool
 
2.86%, $1,743,330 par, due 8/1/2044
 
 
 
(1)
 
1,801,334

 
 
 
 
Fannie Mae Pool
 
2.84%, $1,742,216 par, due 8/1/2044
 
 
 
(1)
 
1,799,276

 
 
 
 
Fannie Mae Pool
 
2.81%, $1,741,630 par, due 8/1/2044
 
 
 
(1)
 
1,797,848

 
 
 
 
Fannie Mae REMIC Trust 2002-W12
 
5.07%, $563,620 par, due 2/25/2033
 
 
 
(1)
 
596,302

 
 
 
 
Fannie Mae REMICS
 
4.50%, $1,208,103 par, due 9/25/2018
 
 
 
(1)
 
1,264,399

 
 
 
 
Fannie Mae Pool
 
4.50%, $330,718 par, due 7/1/2018
 
 
 
(1)
 
347,551

 
 
 
 
Fannie Mae Pool
 
1.93%, $1,427,500 par, due 6/1/2033
 
 
 
(1)
 
1,530,105

 
 
 
 
Fannie Mae Pool
 
5.00%, $1,421,489 par, due 6/1/2035
 
 
 
(1)
 
1,574,172

 
 
 
 
Fannie Mae Pool
 
1.78%, $1,343,014 par, due 10/1/2033
 
 
 
(1)
 
1,409,316

 
 
 
 
Fannie Mae Pool
 
5.50%, $435,501 par, due 4/1/2036
 
 
 
(1)
 
486,891

 
 
 
 
Fannie Mae Pool
 
5.00%, $722,216 par, due 1/1/2019
 
 
 
(1)
 
771,664

 
 
 
 
Fannie Mae Pool
 
5.00%, $306,662 par, due 2/1/2019
 
 
 
(1)
 
328,472

 
 
 
 
Fannie Mae Pool
 
1.93%, $810,776 par, due 3/1/2034
 
 
 
(1)
 
869,964

 
 
 
 
Fannie Mae Pool
 
1.95%, $1,124,845 par, due 8/1/2034
 
 
 
(1)
 
1,182,532

 
 
 
 
Fannie Mae Pool
 
5.50%, $1,161,720 par, due 9/1/2036
 
 
 
(1)
 
1,308,857

 
 
 
 
Fannie Mae Pool
 
5.50%, $1,147,972 par, due 11/1/2021
 
 
 
(1)
 
1,249,933

 
 
 
 
Fannie Mae Pool
 
3.00%, $1,242,837 par, due 12/1/2021
 
 
 
(1)
 
1,294,835

 
 
 
 
Fannie Mae Pool
 
2.00%, $1,399,928 par, due 4/1/2023
 
 
 
(1)
 
1,423,090

 
 
 
 
Fannie Mae Pool
 
3.00%, $2,536,486 par, due 1/1/2022
 
 
 
(1)
 
2,647,313

 
 
 
 
Fannie Mae Pool
 
2.00%, $1,373,840 par, due 5/1/2023
 
 
 
(1)
 
1,396,510

 
 
 
 
Fannie Mae Pool
 
2.00%, $1,375,649 par, due 6/1/2023
 
 
 
(1)
 
1,398,388

 
 
 
 
Fannie Mae Pool
 
2.00%, $2,853,096 par, due 8/1/2023
 
 
 
(1)
 
2,900,309

 
 
 
 
Fannie Mae Pool
 
2.00%, $4,145,514 par, due 8/1/2023
 
 
 
(1)
 
4,214,093

 
 
 
 
Fifth Third Auto Trust 2014-1
 
0.68%, $1,300,000 par, due 4/16/2018
 
 
 
(1)
 
1,298,190

 
 
 
 
Fifth Third Auto Trust 2014-2
 
0.89%, $1,700,000 par, due 11/15/2018
 
 
 
(1)
 
1,696,008

 
 
 
 
Ford Credit Auto Lease Trust 2014-B
 
0.89%, $1,800,000 par, due 9/15/2017
 
 
 
(1)
 
1,797,388

 
 
 
 
Ford Credit Auto Owner Trust 2014-C
 
1.06%, $3,600,000 par, due 5/15/2019
 
 
 
(1)
 
3,589,603

 
 
 
 
Ford Motor Credit Co LLC
 
2.50%, $1,000,000 par, due 1/15/2016
 
 
 
(1)
 
1,011,186

 
 
 
 
GE Equipment Transportation LLC Series 2013-2
 
0.92%, $500,000 par, due 9/25/2017
 
 
 
(1)
 
501,093

 
 
 
 
Ginnie Mae II pool
 
1.50%, $2,158,443 par, due 6/20/2058
 
 
 
(1)
 
2,207,422

 
 
 
 
Ginnie Mae II pool
 
2.50%, $1,310,924 par, due 3/20/2042
 
 
 
(1)
 
1,350,657

 
 
 
 
Ginnie Mae II pool
 
5.46%, $2,769,932 par, due 7/20/2059
 
 
 
(1)
 
2,923,483

 
 
 
 
GE Capital Commercial Mortgage Corp Series
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2006-C1 Trust
 
5.27%, $1,201,532 par, due 3/10/2044
 
 
 
(1)
 
1,231,226

 
 
 
 
GE Equipment Small Ticket LLC Series 2013-1
 
1.02%, $900,000 par, due 2/24/2017
 
 
 
(1)
 
900,895

 
 
 
 
GE Equipment Midticket LLC Series 2013-1
 
0.95%, $1,500,000 par, due 4/22/2016
 
 
 
(1)
 
1,504,187

 
 
 
 
General Electric Capital Corp
 
1.10%, $750,000 par, due 5/9/2016
 
 
 
(1)
 
756,740

 
 
 
 
General Electric Capital Corp
 
3.35%, $750,000 par, due 10/17/2016
 
 
 
(1)
 
779,907

 
 
 
 
General Electric Capital Corp
 
2.30%, $1,000,000 par, due 4/27/2017
 
 
 
(1)
 
1,024,250

 
 
 
 
General Mills Inc
 
5.70%, $1,000,000 par, due 2/15/2017
 
 
 
(1)
 
1,092,496

 
 
 
 
HSBC USA Inc
 
1.63%, $700,000 par, due 1/16/2018
 
 
 
(1)
 
697,304

 
 
 
 
Harley-Davidson Motorcycle Trust 2013-1
 
0.65%, $2,034,709 par, due 7/15/2016
 
 
 
(1)
 
2,034,774

 
 
 
 
Honda Auto Receivables 2013-4 Owner Trust
 
0.69%, $1,000,000 par, due 9/18/2017
 
 
 
(1)
 
999,248

 
 
 
 
Honda Auto Receivables Owner Trust 2014-3
 
0.88%, $1,600,000 par, due 6/15/2018
 
 
 
(1)
 
1,594,632


52(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Honda Auto Receivables 2014-4 Owner Trust
 
0.99%, $1,800,000 par, due 9/17/2018
 
 
 
(1)
 
$
1,795,597

 
 
 
 
Hyundai Auto Receivables Trust 2013-B
 
0.71%, $1,800,000 par, due 5/16/2016
 
 
 
(1)
 
1,801,172

 
 
 
 
Intel Corp
 
1.35%, $500,000 par, due 12/15/2017
 
 
 
(1)
 
499,268

 
 
 
 
International Business Machines Corp
 
5.70%, $1,120,000 par, due 9/14/2017
 
 
 
(1)
 
1,248,168

 
 
 
 
JPMorgan Chase & Co
 
3.40%, $750,000 par, due 6/24/2015
 
 
 
(1)
 
759,707

 
 
 
 
JPMorgan Chase & Co
 
3.15%, $1,250,000 par, due 7/5/2016
 
 
 
(1)
 
1,284,921

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2006-LDP6
 
5.47%, $1,238,957 par, due 4/15/2043
 
 
 
(1)
 
1,276,690

 
 
 
 
JP Morgan Chase Commercial Mortgage Securities Corp
0.67%, $669,918 par, due 12/15/2047
 
 
 
(1)
 
669,806

 
 
 
 
JPMBB Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2013-C12
 
3.16%, $1,825,000 par, due 7/15/2045
 
 
 
(1)
 
1,886,951

 
 
 
 
JPMBB Commercial Mortgage Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust 2013-C14
 
3.76%, $1,725,000 par, due 6/15/2023
 
 
 
(1)
 
1,835,000

 
 
 
 
Kellogg Co
 
1.75%, $1,080,000 par, due 5/17/2017
 
 
 
(1)
 
1,085,651

 
 
 
 
KeyBank NA/Cleveland OH
 
2.50%, $250,000 par, due 12/15/2019
 
 
 
(1)
 
251,024

 
 
 
 
Kimco Realty Corp
 
4.30%, $1,000,000 par, due 2/1/2018
 
 
 
(1)
 
1,070,648

 
 
 
 
Kraft Foods Group Inc
 
1.63%, $800,000 par, due 6/4/2015
 
 
 
(1)
 
803,409

 
 
 
 
LB-UBS Commercial Mortgage Trust 2006-C6
 
5.37%, $1,625,000 par, due 9/15/2039
 
 
 
(1)
 
1,717,827

 
 
 
 
LB-UBS Commercial Mortgage Trust 2006-C7
 
5.33%, $1,402,244 par, due 11/15/2038
 
 
 
(1)
 
1,489,955

 
 
 
 
M&T Bank Auto Receivables Trust 2013-1
 
1.06%, $1,000,000 par, due 11/15/2017
 
 
 
(1)
 
1,003,117

 
 
 
 
MassMutual Global Funding II
 
3.13%, $1,000,000 par, due 4/14/2016
 
 
 
(1)
 
1,029,829

 
 
 
 
Medtronic Inc
 
2.50%, $380,000 par, due 3/15/2020
 
 
 
(1)
 
380,997

 
 
 
 
Mercedes Benz Auto Lease Trust 2014-A
 
0.68%, $1,800,000 par, due 12/15/2016
 
 
 
(1)
 
1,799,915

 
 
 
 
MetLife Inc
 
6.75%, $1,000,000 par, due 6/1/2016
 
 
 
(1)
 
1,078,096

 
 
 
 
Metropolitan Transportation Authority
 
1.07%, $1,000,000 par, due 7/1/2017
 
 
 
(1)
 
998,040

 
 
 
 
Micron Semiconductor Asia Pte Ltd
 
1.26%, $1,945,800 par, due 1/15/2019
 
 
 
(1)
 
1,942,654

 
 
 
 
MMAF Equipment Finance LLC 2013-A
 
1.03%, $900,000 par, due 12/11/2017
 
 
 
(1)
 
901,112

 
 
 
 
Morgan Stanley
 
5.45%, $1,000,000 par, due 1/9/2017
 
 
 
(1)
 
1,073,714

 
 
 
 
Morgan Stanley Capital I Trust 2006-TOP23
 
5.81%, $1,750,000 par, due 6/12/2016
 
 
 
(1)
 
1,836,039

 
 
 
 
Morgan Stanley Capital I Trust 2007-IQ13
 
5.31%, $1,530,067 par, due 3/15/2044
 
 
 
(1)
 
1,625,786

 
 
 
 
Morgan Stanley Capital I Trust 2007-IQ13
 
5.36%, $1,625,000 par, due 3/15/2044
 
 
 
(1)
 
1,741,433

 
 
 
 
Morgan Stanley Capital I Trust 2012-C4
 
2.11%, $1,200,000 par, due 3/15/2045
 
 
 
(1)
 
1,220,059

 
 
 
 
Morgan Stanley
 
1.88%, $150,000 par, due 1/5/2018
 
 
 
(1)
 
149,451

 
 
 
 
National Australia Bank Ltd
 
2.00%, $1,450,000 par, due 6/20/2017
 
 
 
(1)
 
1,471,598

 
 
 
 
National City Bank/Cleveland OH
 
5.25%, $500,000 par, due 12/15/2016
 
 
 
(1)
 
536,956

 
 
 
 
New Hampshire Higher Education Loan Corp
 
0.66%, $1,438,015 par, due 10/25/2028
 
 
 
(1)
 
1,438,605

 
 
 
 
New York Life Global Funding
 
1.65%, $1,190,000 par, due 5/15/2017
 
 
 
(1)
 
1,199,058

 
 
 
 
New York City Transitional Fin Auth Future
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax Sec Revenue
 
1.75%, $750,000 par, due 2/1/2018
 
 
 
(1)
 
752,235

 
 
 
 
New York State Urban Development Corp
 
6.45%, $825,000 par, due 3/15/2018
 
 
 
(1)
 
883,303

 
 
 
 
Norfolk Southern Corp
 
5.75%, $1,080,000 par, due 4/1/2018
 
 
 
(1)
 
1,212,002

 
 
 
 
Oracle Corp
 
1.20%, $1,015,000 par, due 10/15/2017
 
 
 
(1)
 
1,011,388

 
 
 
 
Overseas Private Investment Corp
 
2.52%, $1,400,000 par, due 9/15/2022
 
 
 
(1)
 
1,399,257

 
 
 
 
Overseas Private Investment Corp
 
1.53%, $1,000,000 par, due 11/17/2017
 
 
 
(1)
 
1,015,926

 
 
 
 
Pennsylvania Higher Ed Assistance
 
0.72%, $990,524 par, due 4/25/2030
 
 
 
(1)
 
992,523

 
 
 
 
PNC Bank NA
 
1.30%, $300,000 par, due 10/3/2016
 
 
 
(1)
 
301,484

 
 
 
 
PepsiCo Inc
 
0.95%, $1,000,000 par, due 2/22/2017
 
 
 
(1)
 
996,620

 
 
 
 
Petroleos Mexicanos
 
1.95%, $1,600,000 par, due 12/20/2022
 
 
 
(1)
 
1,575,397

 
 
 
 
State of Rhode Island
 
6.21%, $910,000 par, due 2/1/2016
 
 
 
(1)
 
960,196

 
 
 
 
Rio Tinto Finance USA Ltd
 
2.25%, $1,290,000 par, due 9/20/2016
 
 
 
(1)
 
1,313,731

 
 
 
 
Rio Tinto Finance USA PLC
 
2.00%, $700,000 par, due 3/22/2017
 
 
 
(1)
 
708,405

 
 
 
 
Royal Bank of Scotland PLC/The
 
3.95%, $700,000 par, due 9/21/2015
 
 
 
(1)
 
714,409

 
 
 
 
Royal Bank of Canada
 
1.20%, $1,820,000 par, due 9/19/2017
 
 
 
(1)
 
1,809,608

 
 
 
 
SLC Student Loan Trust 2008-2
 
0.69%, $10,694 par, due 6/15/2017
 
 
 
(1)
 
10,695

 
 
 
 
SLM Student Loan Trust 2012-7
 
0.33%, $56,004 par, due 2/27/2017
 
 
 
(1)
 
55,971

 
 
 
 
SLM Student Loan Trust 2013-3
 
0.47%, $1,800,000 par, due 5/26/2020
 
 
 
(1)
 
1,797,181

 
 
 
 
SABMiller Holdings Inc
 
2.45%, $1,000,000 par, due 1/15/2017
 
 
 
(1)
 
1,020,268

 
 
 
 
Santander Drive Auto Receivabl
 
0.80%, $1,700,000 par, due 4/16/2018
 
 
 
(1)
 
1,695,539

 
 
 
 
Schlumberger SA
 
2.65%, $1,000,000 par, due 1/15/2016
 
 
 
(1)
 
1,019,524

 
 
 
 
Sherwin-Williams Co/The
 
1.35%, $800,000 par, due 12/15/2017
 
 
 
(1)
 
794,481

 
 
 
 
Siemens Financieringsmaatschappij NV
 
5.75%, $1,000,000 par, due 10/17/2016
 
 
 
(1)
 
1,081,182

 
 
 
 
Small Business Administration Participation Certificates
5.51%, $2,050,725 par, due 11/1/2027
 
 
 
(1)
 
2,300,259

 
 
 
 
Small Business Administration Participation Certificates
6.77%, $1,614,502 par, due 11/1/2028
 
 
 
(1)
 
1,851,620

 
 
 
 
Small Business Administration Participation Certificates
5.72%, $1,550,572 par, due 1/1/2029
 
 
 
(1)
 
1,750,251

 
 
 
 
United States Small Business Administration
 
4.64%, $1,635,927 par, due 2/10/2015
 
 
 
(1)
 
1,643,796

 
 
 
 
United States Small Business Administration
 
5.68%, $229,928 par, due 8/10/2016
 
 
 
(1)
 
239,062

 
 
 
 
South Carolina Student Loan Corp
 
0.67%, $964,780 par, due 8/25/2034
 
 
 
(1)
 
955,460

 
 
 
 
Board of Trustees of The Leland Stanford
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Junior University
 
4.25%, $1,000,000 par, due 5/1/2016
 
 
 
(1)
 
1,043,937

 
 
 
 
Target Corp
 
6.00%, $350,000 par, due 1/15/2018
 
 
 
(1)
 
394,383

 
 
 
 
Tesco PLC
 
2.70%, $1,000,000 par, due 1/5/2017
 
 
 
(1)
 
993,059

 
 
 
 
Texas Children's Hospital
 
2.37%, $1,750,000 par, due 10/1/2020
 
 
 
(1)
 
1,767,500

 
 
 
 
Time Warner Inc
 
3.15%, $600,000 par, due 7/15/2015
 
 
 
(1)
 
608,385


53(Continued)

WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014
 
 
 
 
 
 
 
 
Description of investment, including
 
 
 
 
 
 
 
 
 
 
 
 
 
 
maturity date, rate of interest,
 
Units/
 
 
 
 
Identity of issuer, borrower, lessor, or similar party
 
collateral, par, or maturing value
 
shares
 
Cost
 
Current value
 
 
 
 
Total Capital Intl
 
1.50%, $1,000,000 par, due 2/17/2017
 
 
 
(1)
 
$
1,006,639

 
 
 
 
Total Capital International SA
 
0.75%, $560,000 par, due 1/25/2016
 
 
 
(1)
 
560,354

 
 
 
 
Toyota Auto Receivables 2014-A Owner Trust
 
0.67%, $1,800,000 par, due 12/15/2017
 
 
 
(1)
 
1,798,027

 
 
 
 
Toyota Auto Receivables 2014-B Owner Trust
 
0.76%, $1,700,000 par, due 3/15/2018
 
 
 
(1)
 
1,694,961

 
 
 
 
Toyota Motor Credit Corp
 
2.05%, $900,000 par, due 1/12/2017
 
 
 
(1)
 
916,808

 
 
 
 
UBS AG/Stamford CT
 
1.38%, $325,000 par, due 8/14/2017
 
 
 
(1)
 
322,886

 
 
 
 
Ukraine Government AID Bonds
 
1.84%, $850,000 par, due 5/16/2019
 
 
 
(1)
 
855,738

 
 
 
 
Union Pacific Corp
 
5.65%, $360,000 par, due 5/1/2017
 
 
 
(1)
 
391,845

 
 
 
 
Union Pacific Corp
 
5.75%, $910,000 par, due 11/15/2017
 
 
 
(1)
 
1,016,414

 
 
 
 
United States Treasury Inflation Indexed Bonds
 
0.13%, $6,663,000 par, due 4/15/2019
 
 
 
(1)
 
6,677,176

 
 
 
 
United States Treasury Note/Bond
 
1.75%, $7,000,000 par, due 9/30/2019
 
 
 
(1)
 
7,041,013

 
 
 
 
United States Treasury Note/Bond
 
1.50%, $7,000,000 par, due 8/31/2018
 
 
 
(1)
 
7,033,908

 
 
 
 
United States Treasury Inflation Indexed Bonds
 
0.13%, $111,000 par, due 4/15/2018
 
 
 
(1)
 
113,585

 
 
 
 
United States Treasury Note/Bond
 
1.00%, $9,150,000 par, due 5/31/2018
 
 
 
(1)
 
9,061,355

 
 
 
 
United States Treasury Note/Bond
 
1.63%, $7,000,000 par, due 6/30/2019
 
 
 
(1)
 
7,017,500

 
 
 
 
United Technologies Corp
 
1.80%, $940,000 par, due 6/1/2017
 
 
 
(1)
 
952,288

 
 
 
 
Ventas Realty LP / Ventas Capital Corp
 
2.00%, $1,000,000 par, due 2/15/2018
 
 
 
(1)
 
1,000,883

 
 
 
 
Verizon Communications Inc
 
2.50%, $549,000 par, due 9/15/2016
 
 
 
(1)
 
561,174

 
 
 
 
Volkswagen Group of America Finance LLC
 
1.60%, $590,000 par, due 11/20/2017
 
 
 
(1)
 
587,842

 
 
 
 
Westar Energy Inc
 
5.15%, $1,500,000 par, due 1/1/2017
 
 
 
(1)
 
1,576,587

 
 
 
 
Windermere Aviation LLC
 
2.35%, $1,368,471 par, due 5/27/2026
 
 
 
(1)
 
1,345,582

 
 
 
 
Wisconsin Electric Power Co
 
6.25%, $1,000,000 par, due 12/1/2015
 
 
 
(1)
 
1,050,211

 
 
 
 
State of Wisconsin
 
1.08%, $950,000 par, due 5/1/2016
 
 
 
(1)
 
952,385

 
 
 
 
World Omni Auto Receivables Trust 2013-A
 
0.64%, $2,700,000 par, due 4/16/2018
 
 
 
(1)
 
2,698,296

 
 
 
 
FN 2.78 MultiFamily FWD January 2015
 
2.78%, $1,250,000 par, due 1/1/2045
 
 
 
(1)
 
1,264,063

 
 
 
 
Wells Fargo Short Term Investment Fund S
 
0.19%, $2,695,406 units
 
 
 
(1)
 
2,695,406

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
366,100,786

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued income receivable
 
 
 
 
 
1,213,230

 
 
 
 
 
 
 
 
Payable for securities purchased on a forward commitment basis
 
 
 
(1,271,940
)
 
 
 
 
 
 
 
 
Receivable for investment payments due
 
 
 
 
 
253,754

 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
366,295,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total underlying securities of security-backed contracts at fair value
 
 
 
 
 
$
3,549,669,778

 
 
 
 
 
Accrued income receivable
 
 
 
 
 
 
 
 
7,663,618

 
 
 
 
 
Deposits with brokers for futures transactions
 
 
 
 
 
 
 
 
103,872

 
 
 
 
 
Variation margin payable
 
 
 
 
 
 
 
 
(11,407
)
 
 
 
 
 
Receivable for investment securities sold
 
 
 
 
 
 
 
 
6,916,000

 
 
 
 
 
Receivable for investment payments due
 
 
 
 
 
 
 
 
710,478

 
 
 
 
 
Payable for investment securities purchased on a forward commitment basis
 
 
 
 
 
(11,586,289
)
 
 
 
 
 
Wrapper contract fee payable
 
 
 
 
 
 
 
 
(1,259,696
)
 
 
 
 
 
Payable for investment securities purchased
 
 
 
 
 
 
 
 
(6,951,000
)
 
 
 
 
 
Investment management fee payable
 
 
 
 
 
 
 
 
(100,114
)
 
 
 
 
 
Wrapper contracts at fair value
 
 
 
 
 
 
 
 
603,523

 
 
 
 
 
Pending trades
 
 
 
 
 
 
 
 
(5,628,573
)
 
 
 
 
 
 
Total security-backed contracts
 
 
 
 
 
 
 
 
3,540,130,190

 
 
Adjustment from fair value to contract value
 
 
 
 
 
 
 
 
 
 
 
 
for fully benefit investment contract
 
 
 
 
 
 
 
 
(62,933,989
)
 
 
 
 
 
 
Total security-back contracts at contract value
 
 
 
 
 
 
 
 
3,477,196,201

 
Collective Investment Fund
 
 
 
 
 
 
 
 
 
 
 
Wells Fargo Short Term Investment Fund S
 
0.19%
 
 
 
 
 
326,059,632

 
 
Wells Fargo Stable Return Fund G
 
1.64%
 
 
 
 
 
150,997,676

 
 
Adjustment from fair value to contract value
 
 
 
 
 
 
 
 
 
 
 
 
for fully benefit investment contract
 
 
 
 
 
 
 
 
(2,084,781
)
 
 
 
 
 
 
Stable Return Fund at contract value
 
 
 
 
 
 
 
 
474,972,527

 
 
 
 
 
 
Total Stable Value Fund
 
 
 
 
 
 
 
 
3,952,168,728

*
Wells Fargo – ESOP
 
 
 
 
 
 
 
 
 
 
 
Wells Fargo & Co. common stock allocated
 
Common stock fund
 
176,476,515

 
6,244,232,631

 
9,674,442,552

 
 
Wells Fargo & Co. common stock unallocated
 
Common stock fund
 
20

 
1,045

 
1,096

 
 
Wells Fargo ESOP – Unallocated
 
Convertible preferred stock
 
1,377,713

 
1,497,106,508

 
1,717,835,585

 
 
Short-term investments
 
Money Market Fund
 
115,501,917

 
115,501,917

 
115,501,917

 
 
 
 
 
 
Total Wells Fargo – ESOP
 
 
 
 
 
 
 
 
11,507,781,150

*
Wells Fargo – Non-ESOP
 
 
 
 
 
 
 
 
 
 
 
Wells Fargo & Co. common stock
 
Common stock fund
 
17,675,145

 
627,641,990
 
968,951,449

 
 
Short-term investments
 
Money market fund
 
16,821,626

 
16,821,626
 
16,821,626

 
 
 
 
 
 
Total Wells Fargo – Non-ESOP
 
 
 
 
 
 
 
 
985,773,075

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
36,269,308,790

*
Represents a party-in-interest.
 
 
 
 
 
 
 
 
 
(1)
Cost information not required as investments are participant directed.
 
 
 
 
 
 
See accompanying report of independent registered public accounting firm.
 
 
 
 
 
 

54(Continued)

SIGNATURES
 
The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WELLS FARGO & COMPANY 401(k) PLAN
 
 
/s/ Justin C. Thornton            
Justin C. Thornton
Executive Vice President
Director of Compensation & Benefits
Wells Fargo & Company
 
June 18, 2015
 
 
 


EXHIBIT INDEX
 
Exhibit No.
Description
Location
 
 
 
(23)
Consent of Independent Registered Public Accounting Firm
Filed herewith