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, 2021

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
550 S. 4th Street
Minneapolis, MN 55415


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 94104

(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, 2021 and 2020
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2021
Notes to Financial Statements

Supplemental Schedule:

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2021

(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 Schedule
December 31, 2021
(With Report of Independent Registered Public Accounting Firm Thereon)





Report of Independent Registered Public Accounting Firm
To the Plan Participants and Plan Administrator
Wells Fargo & Company 401(k) Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Wells Fargo & Company 401(k) Plan (the Plan) as of December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.




Accompanying Supplemental Information
The Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2021 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. 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 is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ KPMG LLP        

We have not been able to determine the specific year that we began serving as the Plan’s auditor; however, we are aware that we have served as the Plan’s auditor since at least 1989.

Cleveland, Ohio
June 24, 2022



WELLS FARGO & COMPANY 401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 2021 and 2020
                  2021 2020
Assets:      
   Investments at fair value:      
Allocated $ 50,216,693,009  41,997,295,666 
Unallocated 702,202,258  1,054,953,698 
Investments at fair value 50,918,895,267  43,052,249,364 
Investments at contract value 4,670,206,905  4,655,744,112 
Total investments 55,589,102,172  47,707,993,476 
   Notes receivable from participants 778,816,136  834,307,016 
   Employer match contribution receivable   240,175,579 
   Accrued income 4,914  70,604 
            Total assets 56,367,923,222  48,782,546,675 
Liabilities:   
   ESOP notes payable – unallocated 646,272,255  874,843,759 
   Excess contributions and earnings payable 3,363  12,027 
            Total liabilities 646,275,618  874,855,786 
            Net assets available for benefits $ 55,721,647,604  47,907,690,889 
See accompanying notes to financial statements.      
3


WELLS FARGO & COMPANY 401(k) PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2021
2021
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments $ 9,119,541,696 
Dividends 655,533,792 
Interest 87,219,822 
Total investment income 9,862,295,310 
Contributions:
Employer 1,023,052,807 
Participants 1,844,312,544 
Rollovers 195,119,666 
Total contributions 3,062,485,017 
Interest income from notes receivable from participants 51,085,797 
Other income 5,611,764 
Total additions to plan assets 12,981,477,888 
Deductions to net assets attributed to:
Benefits paid to participants 5,150,728,467 
ESOP interest expense 15,905,711 
Administrative expense 886,995 
Total deductions from plan assets 5,167,521,173 
Net increase 7,813,956,715 
Net assets available for benefits:
Beginning of year 47,907,690,889 
End of year $ 55,721,647,604 
See accompanying notes to financial statements.


4


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021

(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”, "Wells Fargo" 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 on the first day of the month following one calendar month of service. Employees are eligible to receive employer matching contributions, base contributions, and discretionary contributions, if awarded by the Human Resources Committee of the board of directors of the Company, after completion of one year of vesting service and satisfaction of other eligibility requirements.
The Plan Administrator is the Director of Human Resources and the Director of Compensation and Benefits of the Company, each of whom may act individually or jointly as the Plan Administrator, or its authorized delegate. Effective January 1, 2021, the Plan Administrator hired Empower Retirement, LLC to serve as the recordkeeper. The Plan document requires that Company common stock be offered as an available investment option to participants through the Wells Fargo ESOP Fund. The Employee Benefit Review Committee (the “Committee”) has discretion under the Plan to select additional investment alternatives to be offered to participants. Under the terms of a trust agreement effective January 1, 2021, between the Company and Great-West Trust Company, LLC (the "Trustee"), succeeding Wells Fargo Bank, N.A., the Trustee manages the Plan’s assets in one or more funds (“Trust”) on behalf of the Plan, except to the extent the Trustee is directed by the Committee. GreatBanc Trust Company is the appointed Independent Fiduciary (the “Independent Fiduciary”) to act as a named fiduciary for limited purposes in connection with the ESOP provisions of the Plan.
Effective January 1, 2021, Wells Fargo made certain changes relating to matching contributions under the Plan, with the result that the Plan is no longer considered a safe harbor plan under the IRC and is subject to annual nondiscrimination testing requirements from which it was previously exempt.
(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. Salary deferral contributions are eligible to be matched by the Company after one year of service.
    5    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
Participants age 50 or older can make catch‑up salary deferral contributions each year in accordance with limits set by the IRS. Catch‑up contributions are generally not eligible for employer matching contributions. Participants are fully vested in their salary deferral contributions.
Effective January 1, 2021, employer contributions consist of three components: matching contributions, base contributions, and discretionary contributions. To be eligible to receive these contributions, a participant must be employed on December 15 of the plan year, with certain exceptions.
Matching contributions are equal to 100% of salary deferral contributions up to 6% of participant's eligible certified compensation in the plan year and are paid at year-end. Matching contributions for eligible employees hired January 1, 2021 or after are subject to 3-year cliff vesting. Eligible employees hired prior to January 1, 2021 are 100% vested in their current and future matching contributions. The matching contributions are invested in the Wells Fargo ESOP Fund, which is primarily invested in the Company’s common stock, and participants can reallocate their Plan account balance, including matching contributions, at any time.
Base contributions are generally equal to the greater of 1% of an eligible participant's certified compensation for the plan year or $300. To be eligible to receive this contribution, a participant must have completed one year of service and the sum of the participant's certified compensation and elective deferrals to the Wells Fargo & Company Deferred Compensation Plan for the plan year must be less than $75,000. Base contributions are subject to 3-year cliff vesting. Base contributions are invested in accordance with participants’ investment elections on file from their choice of the available investment options offered within the Plan, or the Plan's qualified default investment alternative, if an election is not on file.
The Company may make a discretionary contribution to the Plan, 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 eligible certified compensation for the plan year). To be eligible to receive this contribution for a plan year, the participant must have completed one year of vesting service and the sum of the participant’s certified compensation and elective deferrals to the Wells Fargo & Company Deferred Compensation Plan for the plan year must be less than $150,000. Discretionary contributions are subject to 3-year cliff vesting. Discretionary contributions are invested based on participant investment elections, or the Plan's qualified default investment alternative, if an election is not on file. For the year ended December 31, 2021, the Company did not make a discretionary contribution.
Plan participants may also elect to roll over distributions from a former employer’s qualified retirement plan or a qualified Individual Retirement Account to the Plan.

    6    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
(c)        Participant Accounts
Each participant’s Plan account is credited with the participant’s salary deferral contributions, any rollover contributions, the Company’s matching contributions, base contributions, and any discretionary 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 Payable
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 or the Company may contribute Company common stock. There was no new ESOP loan issued in 2021 or 2020, as the Plan did not borrow money to buy Company common or preferred stock.
(e)        Payment of Benefits and Forfeitures
While employed, a participant may make withdrawals from his or her Plan account (as allowed under Plan provisions and IRS regulations). Certain restrictions associated with withdrawals, as described in the Plan, may be waived in the event a participant demonstrates financial hardship.
Upon termination of employment or disability (as defined by the Plan), a participant may elect to receive his or her vested Plan account balance as a lump sum or as a partial lump sum distribution or as periodic installment payments. Prior to January 1, 2021, 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 in-kind with the value of fractional shares paid in cash. If the participant’s balance is, or becomes less than $1,000, following termination, a distribution is made as a lump sum, unless the participant elects to roll over their account balance.
When a participant terminates employment or becomes disabled, 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, pay plan administrative expenses, or make corrective adjustments to participants' accounts. Forfeitures used to offset employer contributions were approximately $620,000 for the year ended December 31, 2021. The unallocated forfeiture account balance was $0 for both years ended December 31, 2021 and 2020.
    7    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021

(f)         Notes Receivable from Participants
Two types of loans are available to participants 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 two loans outstanding at any time, one of which may be 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 reduced by the excess (if any) of (A) the highest outstanding balance of loans from the Plan to the Participant during the one-year period ending on the day before the date on which the loan is made, over (B) the outstanding balance of loans from the Plan to the Participant on the date on which the loan is made, or (2) one-half of the value of the Participant’s vested account balance on the date on which the loan is made. The minimum principal amount for any loan is $500. The loan interest rate is 2% above the prime rate published in the Wall Street Journal. Pursuant to the CARES Act, from June 15, 2020 to September 22, 2020, a qualifying participant was permitted to request pandemic-related loans up to $100,000 in accordance with applicable CARES Act guidance.
Repayments on loans are generally made through biweekly payroll deductions and are allocated to the participant's account and invested according to the participant’s investment elections. Loans may be repaid in full at any time. As of December 31, 2021 and 2020, interest rates ranged from 3.25% to 11.50% and loans mature through December 30, 2041 and November 30, 2040, respectively . Pursuant to the CARES Act, from June 15, 2020 to December 31, 2020, qualifying participants were permitted to temporarily suspend repayments on Plan loans, and then those suspended loans were re-amortized on January 29, 2021, and payments were restated.
(g)        ESOP
The Plan has purchased 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.
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 Wells Fargo ESOP Fund or distributed to them in cash. The Plan uses the cash dividends received to purchase the shares needed to meet the reinvestment needs based on participants' dividend elections.
(h) Investment Options
Salary deferral contributions, base contributions, and any discretionary contributions are invested in accordance with participants' investment elections on file from their choice of the
    8    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
available investment options offered within the Plan, or the Plan's qualified default investment alternative, which is the age-appropriate target date fund, if an election is not on file. Matching contributions are initially invested in the Wells Fargo ESOP Fund but may be reallocated to any other investment options offered within the Plan at any time.

(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)         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. Fees for managed account advisory services, overnight delivery charges, and administration of qualified domestic relation orders provided by an independent third-party are charged directly to participant accounts only for individuals that use these services.
(c)        Fair Value Definition and Hierarchy
Investments are reported at fair value. Fair value is defined as 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. Fair value is based on an exit price notion that maximizes the use of observable inputs and minimizes the use of unobservable inputs.
The Plan classifies its assets and liabilities measured at fair value based upon a three-level hierarchy that assigns the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. The three levels are as follows:
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. Valuation techniques include use of discounted cash flow models, market comparable pricing, option models and similar techniques.
    9    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021

(d)        Investments and Income Recognition
Purchases and sales of securities are recorded on the trade-date basis. Interest income is recorded on the accrual basis. Dividends on common stock are allocated based upon participant account holdings in Company common stock held in the Wells Fargo ESOP Fund on the record date and are recorded in the Trust on the dividend payment date. Net appreciation or (depreciation) includes gains and or losses on investments bought and sold as well as held during the year.
(e)         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 deemed distributions based upon the terms of the Plan and Plan loan rules, as determined by the Plan Administrator.
(f)       Investments Valued at Contract Value
(i) Description
The Wells Fargo Stable Value Fund (the “Stable Value Fund”) primarily invests in security-backed contracts issued by insurance companies and other financial institutions. The security-backed contracts held in the Stable Value Fund guarantee a fixed return to its investors, resulting in it being considered a fully benefit responsive investment contract. An investment contract is considered fully benefit responsive if all of the following criteria are met: (1) the investment contract is between the fund and the issuer and the contract cannot be sold or assigned, (2) the contract issuer must be obligated to repay principal and interest to participants in the fund or provide prospective crediting rate adjustments that cannot result in an interest crediting rate less than zero, (3) all permitted participant-initiated transactions occur at contract value, without limitations, (4) an event that limits the ability of the participant to transact at contract value is not probable, and (5) the fund must allow participants reasonable access to their funds. The Stable Value Fund also invests in the Wells Fargo/BlackRock Short Term Investment Fund S, which invests in highly liquid assets. The Stable Value Fund uses this investment 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 Stable Value Fund or owned by the contract issuer and segregated in a separate account for the benefit of the Stable Value Fund. The portfolio underlying the contract is maintained separately from the contract issuer’s general assets, usually by a third-party custodian. The issuer guarantees that all qualified participant withdrawals will be at contract value. In the case of a full liquidation event,
    10    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
the issuer is responsible for covering any amount by which the contract value exceeds the fair value of the underlying portfolio.
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, but is not limited to, asset quality and liquidity, management quality, surplus adequacy, and profitability.
(ii)     Valuation of Underlying Investments
Security-backed contracts are carried at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants when they initiate permitted transactions under the terms of the Plan. The contract rate resets periodically, normally each quarter or semi-annually, using end-of-period data. The underlying portfolio assets and the accrued interest receivable are shown by contract on the supplemental schedule of assets (held at end of year) attached to the Form 5500 filed by the Plan with the Department of Labor (DOL). The short‑term investment fund investment is carried at the reported unit value of the fund. The underlying assets may contain issues that are considered illiquid.
(iii)  Withdrawal and Termination Provisions
All security-backed contracts held by the Stable Value 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 Stable Value 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 Stable Value Fund may elect to convert such termination to an amortization election as described below. In addition, if the Stable Value Fund defaults in its obligations under the contract (including the issuer’s 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 Stable Value 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
    11    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
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 that 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;
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 Stable Value Fund manager 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.
    12    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
(iv)   Wrapper Contract Fees
The Stable Value 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 2021 were $350,227 based on separate agreements for various types of instruments.
(g)        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.
(h)         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.
(i)       Payment of Benefits
Benefits are recorded when paid.
(j)     Excess Contributions and Earnings Payable
Excess contributions and earnings payable represent contributions made for participants in excess of IRC limitations that are to be refunded as of year-end. As of December 31, 2021 and 2020, $3,363 and $12,027, respectively, of excess contributions and earnings thereon are required to be refunded in the subsequent year. 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
The Company’s 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 shares are converted into Company common stock for allocation to participants’ Plan accounts. The preferred shares are convertible into $1,000 worth of common shares 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.
    13    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
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 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.
The Plan provides that dividends received on the Company’s preferred stock held in the Unallocated Reserve, and dividends attributable to the portion of the participants' employer contribution account that are reinvested in Company common stock, may be applied to make any required ESOP loan payments. Shares of Company common stock that are released due to the use of such dividends for ESOP loan payments will be transferred to the Wells Fargo ESOP Fund, first to replace the value of any Company common dividends so used, and then as matching contributions. 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.

(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 December 31, 2021 and 2020 and for the year ended December 31, 2021 is presented in the following tables and also discussed in Note 8.
    14    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
2021 2020
ESOP ESOP
Unallocated Unallocated
Assets:
Company convertible preferred stock $ 699,820,363  989,631,427 
Money market funds   25,292,257 
Total investments 699,820,363  1,014,923,684 
Accrued income 566  4,175 
Total assets 699,820,929  1,014,927,859 
Liabilities:
Notes payable 646,272,255  874,843,759 
Total liabilities 646,272,255  874,843,759 
Net assets available for benefits $ 53,548,674  140,084,100 
Company convertible preferred shares:
Number of shares 609,434  822,242 
Cost $ 646,272,223  874,843,715 
2021
ESOP
Unallocated
Employer matching contributions $ 152,883,666 
Net depreciation (77,003,212)
Dividend income 66,297,684 
Notes payable interest expense (15,905,711)
Conversion of preferred stock (228,571,492)
Debt principal payments 228,571,492 
Release of common stock - 4,435,345 shares (212,807,853)
Decrease in net assets (86,535,426)
Net assets:
Beginning of year 140,084,100 
End of year $ 53,548,674 
 
    15    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021

(5)        Fair Value Measurements
The Plan classifies its investments recorded at fair value as either Level 1, 2, or 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations based on significant 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. Judgments are made regarding the significance of the Level 3 inputs to the instruments’ fair value measurement to its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3.
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, 2021 and 2020.
Investments in mutual funds, including money market funds, are valued at fair value based upon quoted prices in an active market.
Investments in collective investment funds are redeemable daily at net asset value ("NAV"), which is the readily determinable fair value. The price per share is quoted on a private market; however, the price per share is based on the value of the underlying investments, which are traded on an active market.
Investments in multi-manager funds are comprised of publicly traded mutual funds, which are valued at fair value based upon quoted prices in an active market, and collective investment funds that are valued at NAV. The NAV is based upon the value of the underlying investments which are traded on an active market.
Investments in the Stable Value Fund’s collective investment funds that are not an underlying investment of a fully benefit responsive contract are valued at NAV as described above.
Investments in the Company’s common stock are valued at quoted market values.
Investments in the Company’s convertible preferred stock are valued at appraised value by an independent pricing service. The independent pricing service models the expected cash flows with the contractual dividends and the 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 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 allocated portion of the Wells Fargo ESOP Fund is structured as a unitized account that holds Wells Fargo common stock that are valued at quoted market prices and a percentage of money
    16    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
market funds that are valued at NAV as described above. The money market funds are used to provide daily liquidity for the fund.
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.
The following tables sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2021 and 2020, respectively:
December 31, 2021
Level 1 Level 2 Level 3 Total
Collective investment funds $   26,017,676,784    26,017,676,784 
Mutual funds 971,000,822      971,000,822 
Multi-manager funds:
Collective investment funds   9,899,698,954    9,899,698,954 
Mutual funds 3,514,653,738      3,514,653,738 
Total multi-
manager funds 3,514,653,738  9,899,698,954    13,414,352,692 
Stable Value Fund
Collective investment funds   212,268,459    212,268,459 
Company common stock 9,603,776,147      9,603,776,147 
Company convertible preferred
stock     699,820,363  699,820,363 
Total investments
at fair value $ 14,089,430,707  36,129,644,197  699,820,363  50,918,895,267 
    17    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
December 31, 2020
Level 1 Level 2 Level 3 Total
Collective investment funds $ —  23,196,528,648  —  23,196,528,648 
Mutual funds 937,947,632  —  —  937,947,632 
Multi-manager funds:
Collective investment funds —  7,578,276,349  —  7,578,276,349 
Mutual funds 3,903,618,759  —  —  3,903,618,759 
Total multi-
manager funds 3,903,618,759  7,578,276,349  —  11,481,895,108 
Stable Value Fund
Collective investment funds —  222,618,539  —  222,618,539 
Company common stock 6,077,601,259  —  —  6,077,601,259 
Company convertible preferred
stock —  —  989,631,427  989,631,427 
Money market funds —  146,026,751  —  146,026,751 
Total investments
at fair value $ 10,919,167,650  31,143,450,287  989,631,427  43,052,249,364 

There were no transfers between the fair value levels in 2021. 
    18    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
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, 2020 $ 989,631,427 
Realized losses (15,763,639)
Unrealized losses relating to instruments still held at the reporting date (45,475,933)
Conversions (228,571,492)
Balance, December 31, 2021 $ 699,820,363 
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, 2021:
Convertible preferred stock $ 699,820,363  Discounted Discount
cash flow rate 2.55%-3.36% 3.14  %
December 31, 2020:
Convertible preferred stock $ 989,631,427  Discounted Discount
cash flow rate 1.90%-2.40% 2.26  %
(1) Weighted averages are calculated using outstanding shares at the end of the year.

(6)       Concentration of Investments
At December 31, 2021 and 2020, the Plan owned approximately 3.65% and 3.67%, respectively, of the issued common stock of the Company. The Plan’s investment in shares of the Company’s common and preferred stock aggregate 18.54% and 16.43% of total investments at fair value as of December 31, 2021 and 2020, respectively. The quoted market price of the Company’s common stock was $47.98 and $30.18 as of December 31, 2021 and 2020, respectively.

(7)        Related-Party Transactions and Party in Interest
The Plan engages in transactions involving acquisition or disposition of units of participation in collective investment funds and mutual funds managed by affiliates of the Company, which are parties in interest with respect to the Plan. These transactions are covered by an exemption from
    19    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
the “prohibited transaction” provisions of ERISA and the IRC. Additionally, the Stable Value Fund manager was an affiliate of the Company until October 2021 and the Company pays the investment management fees of such affiliate that are associated with the Stable Value Fund.
During 2021 and 2020, the Plan allowed participants to invest in Company common stock within the Wells Fargo ESOP Fund.
(8) 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 or their delegate is typically responsible for determining how these Proceeds will be allocated to the Plan.
These Proceeds are deposited into a Plan level interest-bearing account and are included as unallocated investments on the statements of net assets available for benefits and in other income on the statement of changes of net assets available for benefits until the Plan Administrator directs the recordkeeper and Trustee to allocate the Proceeds and accrued interest, in accordance with the plan of allocation.

(9)     Tax Status
The Internal Revenue Service (IRS) has determined and informed the Company by a letter dated August 2, 2017, 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 believes 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, 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, 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements.

(10)    Regulatory Matters
Federal government agencies are reviewing certain transactions associated with the ESOP, including the manner in which the 401(k) plan purchased securities used in connection with the Company’s contributions to the 401(k) plan. The Plan Sponsor received written notification dated August 29, 2014, from the DOL advising the Plan had been selected for review by the DOL. The Company is in resolution discussions with the Department of Labor, although there can be no assurance to the outcome of these discussions.
    20    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
By a letter dated August 25th, 2020, the Plan Sponsor received written notice from the IRS that the Plan was selected for examination of the Plan year ended December 31, 2018. The IRS requested certain Plan information and documents that the Plan Sponsor has provided.

(11)     Notes Payable
Notes payable as of December 31 were:
2021 2020
2.30% 2012 ESOP Convertible Preferred Stock Note, due
December 2021 $   22,573,596 
1.30% 2013 ESOP Convertible Preferred Stock Note, due
December 2022 28,523,120  67,523,320 
1.50% 2014 ESOP Convertible Preferred Stock Note, due
December 2023 67,975,380  107,975,439 
1.48% 2015 ESOP Convertible Preferred Stock Note, due
December 2024 74,153,845  101,153,919 
1.70% 2016 ESOP Convertible Preferred Stock Note, due
December 2025 139,420,680  176,420,700 
1.90% 2017 ESOP Convertible Preferred Stock Note, due
December 2026 139,594,455  168,595,930 
2.25% 2018 ESOP Convertible Preferred Stock Note, due
December 2027 196,604,775  230,600,855 
$ 646,272,255  874,843,759 
Maturities of notes payable calculated based on the contractual agreements are as follows:
Year ending December 31:
2022 $ 33,347,142 
2023 195,785,463 
2024 147,094,500 
2025 127,421,400 
2026 84,335,850 
Thereafter 58,287,900 
$ 646,272,255 
The notes represent exempt ESOP loans to the Plan from the Company. Principal and interest payments are made according to the applicable loan schedules. Company contributions are used to repay the loans. The notes may be repaid in installments through March 31, 2027, with the last payment due December 31, 2027. The estimated fair value of the notes as of December 31, 2021
    21    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
and 2020 was approximately $644 million and $899 million, respectively, determined by using interest rates currently available for issuance of debt with similar terms and remaining maturities.

(12)     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.

(13)   Legal Actions
The following class actions lawsuits have been brought on behalf of Plan participants and beneficiaries:
a)Plaintiff Yvonne Becker filed a putative class action Complaint against Wells Fargo & Company (“Wells Fargo”), Wells Fargo Bank, National Association, Galliard Capital Management, Inc., the Employee Benefits Review Committee, the Human Resources Committee of the Board of Directors of Wells Fargo & Company (“HRC”) and individual members Ronald L. Sargent, Wayne M. Hewett, Donald M. James, and Maria R. Morris on March 13, 2020 in the U.S. District Court for the Northern District of California. Plaintiff is a former employee of Wells Fargo and a participant in the Plan. Plaintiff purports to bring this action on behalf of “all participants and beneficiaries in the Wells Fargo & Company 401(k) Plan from March 13, 2014 through the date of judgment.” Plaintiff alleges that several investment options in the Plan charged excessive fees, underperformed comparable to investment alternatives, and paid fees to Wells Fargo.

On the basis of these allegations, Plaintiff asserts four claims for breach of ERISA’s fiduciary duties and violation of ERISA’s prohibited transaction rules.
On May 8, 2020, the Court so ordered the parties’ stipulation in which Plaintiff voluntarily dismissed the HRC and individual members Ronald L. Sargent, Wayne M. Hewett, Donald M. James, and Maria R. Morris from the action.
On May 8, 2020, Defendants filed a motion to transfer venue to the District of Minnesota. On September 21, 2020, the U.S. District Court for the Northern District of California granted Defendants' motion to transfer the case to the U.S. District Court for the District of Minnesota pursuant to the Plan's forum selection clause. Plaintiff appealed that order (via petition for mandamus) and, on April 1, 2021, the Ninth Circuit denied Becker's petition.
On May 12, 2021, the Court issued an opinion denying Defendants' motion to dismiss the Class Action Complaint.
On August 19, 2021, the Court granted the Parties joining stipulation to dismiss Galliard Capital Management, Inc. from the action.
On April 1, 2022, Plaintiffs filed with the Court a motion for preliminary approval of a class action settlement, and on April 25, 2022, the Court granted Plaintiffs’ motion for preliminary
    22    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
approval of the class action settlement. The Court scheduled a final fairness hearing for August 10, 2022.
b)Plaintiffs filed two securities class actions in the Northern District of California against the Company and certain individual defendants: (1) Hefler v. Wells Fargo & Company et al., No. 16-cv-05479, filed on September 26, 2016 by Robbins Geller Rudman & Dowd LLP; and (2) Klein v. Wells Fargo & Company et al., No. 16-cv-05513, filed on September 28, 2016 by Pomerantz LLP. On January 5, 2017, Judge Jon S. Tigar issued an order consolidating the two cases. On March 6, 2017, plaintiffs filed a Consolidated Class Action Complaint for Violations of the Federal Securities Laws (the “First Consolidated Complaint”).
On March 15, 2018, plaintiffs filed a Second Consolidated Class Action Complaint for Violations of the Federal Securities Laws. In the second amended complaint, Plaintiffs purported to represent a class of all persons who acquired Wells Fargo common stock between February 26, 2014 and September 20, 2016. Plaintiffs alleged that defendants made material misstatements and omissions regarding, inter alia, Wells Fargo’s (i) cross-sell metrics, (ii) cross-selling strategy and the purpose of the strategy, (iii) risk management and the effectiveness of internal controls over financial reporting, and (iv) corporate culture and business practices. Plaintiffs allege that these misstatements and omissions were made in, inter alia, Wells Fargo’s quarterly and annual financial statements during the Class Period, quarterly and annual earnings press releases and analyst and investor conference calls, presentations at various investor and industry conferences, and in certain other public statements. On July 30, 2018, the parties entered into a Stipulation and Agreement of Settlement (the “Settlement Agreement”). Therein, Wells Fargo agreed to pay $480,000,000 on behalf of all Defendants for the benefit of the settlement class in return for a release by the class members of all claims relating to the purchase, acquisition, or ownership of Wells Fargo common stock during the Class Period that were asserted or could have been asserted in the action and which relate to the allegations, facts, and circumstances referred to in the complaint.
The deadline for class members to opt out of the settlement or object to its terms was November 27, 2018. The hearing on final approval of the settlement was held on December 18, 2018, and the Court issued an order the same day granting final approval to the settlement. The deadline for class members to submit a claim under the settlement was January 23, 2019. The Plan received notice of the pendency of the proposed class settlement as a result of the Wells Fargo stock purchased and sold in the Plan during the Class Period on behalf of the Plan participants.
In order to avoid any potential conflict of interest with respect to whether to opt in or out of the settlement, the Employee Benefit Review Committee retained an Independent Fiduciary to review the settlement and determine whether it was in the best interest of the Plan participants and beneficiaries for the Trustee of the Plan to opt in or out of the settlement and then direct the Trustee whether to file a claim. The Independent Fiduciary determined that it is in the best interest of the Plan participants and beneficiaries for the Trustee to file a claim and directed the
    23    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
Trustee to file a claim. The Independent Fiduciary worked with the Trustee to determine the amount of the claim, and the Trustee timely filed the claim with the settlement administrator.
The Court previously granted a motion for preliminary approval of the settlement and held a fairness hearing on December 18, 2018, during which the Court granted the motions. The settlement proceeds disbursed to the Plan was dependent on, among other things, the total number of class members who submit claims under the settlement. The settlement administrator disbursed funds to the Trustee in the amount of $40,039,393 on October 8, 2020, which was allocated on February 16, 2021 to Plan participants with positive net purchases in the Wells Fargo ESOP and Non-ESOP Funds greater than $10 (which was the minimum approved by the Court) between and including February 26, 2014 and September 20, 2016. The settlement excluded the following individuals and entities: (i) Defendants; (ii) Immediate Family Members of any Individual Defendant; (iii) any person who was a director or member of the Operating Committee of Wells Fargo during the Class Period and their Immediate Family Members; (iv) any parent, subsidiary or affiliate of Wells Fargo; (v) any firm, trust, corporation, or other entity in which Defendants or any other excluded person or entity has, or had during the Class Period, a controlling interest; and (vi) the legal representatives, agents, affiliates, heirs, successors-in-interest or assigns of any such excluded persons or entities. On September 1, 2021, the Plan received $5,611,764 in residual proceeds representing accrued interest. These residual proceeds were allocated to eligible participants’ Plan accounts on September 27, 2021, in the same manner as the original proceeds.
c)Plan participants filed three putative class actions, now consolidated into one action, In re: Wells Fargo ERISA 401(k) Litigation (D. Minn.) against Wells Fargo and various individuals alleged to be fiduciaries under the Plan. The lawsuit alleges that the Company’s stock should not have been offered as an investment option in the Plan and seeks damages, as a result of the drop in the Company’s stock price. This consolidated class action arises out of the Wells Fargo government consent orders relating to sales practices, which were announced publicly on September 8, 2016.
Plaintiffs challenge the decision to offer the Wells Fargo Stock Fund as an investment option, alleging that the stock was trading at an artificially high price due to allegedly undisclosed sales practices and that the defendants should have acted on that information to prevent Plan participant losses when the stock price declined. Plaintiffs filed a consolidated, amended complaint on December 21, 2016, and defendants moved to dismiss the action on April 3, 2017. On September 21, 2017, the Court dismissed the action but allowed the plaintiffs to replead one count of the prior complaint. Plaintiffs filed an amended complaint, which defendants moved to dismiss on December 4, 2017. On July 19, 2018, the District Court dismissed the action completely. In July 2020, the United States Court of Appeals for the Eighth Circuit affirmed the District Court's dismissal. Plaintiffs' filed a petition for certiorari in the U.S. Supreme Court, and Wells Fargo's response was filed on March 1, 2021. On May 3, 2021, the Supreme Court denied the petition for writ of certiorari affirming the decisions of the lower courts, therefore the action is closed.

    24    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Notes to Financial Statements
December 31, 2021
(14)    Subsequent Events
In accordance with ASC 855, Subsequent Events, the Plan has events that have occurred subsequent to period end December 31, 2021 through June 24, 2022, the date at which the financial statements were issued that require disclosure as follows:
Effective January 1, 2022 Wells Fargo amended and restated the Plan to make various updates and changes to reflect applicable changes in law and administrative procedures, none of which is expected to have a material impact on participants’ benefits under the Plan as described in footnote (1).

(15)   Reconciliation of Financial Statements to the Form 5500
The following is a reconciliation of net assets available for benefits per the financial statement at December 31, 2021 to net assets per the Form 5500:
Net assets available for benefits per the financial statements $ 55,721,647,604 
Adjustment from contract value to fair value for fully benefit
responsive investment contracts 86,959,845 
Deemed loan distributions (41,987,668)
Net assets per the Form 5500 $ 55,766,619,781 
The following is a reconciliation of increases (decreases) in net assets available for benefits per the financial statements for the year ended December 31, 2021, to the net income per the Form 5500:
Increase in net assets available for benefits per the financial statements $ 7,813,956,715 
Change in the adjustment from contract value to fair value for
fully benefit responsive investment contracts at December 31, 2021 86,959,845 
Deemed loan distributions (41,987,668)
Net income per the Form 5500 $ 7,858,928,892 
25


WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2021
Description of investment, including
maturity date, rate of interest,
Identity of issuer, borrower, lessor, or similar party collateral, par, or maturing value Cost Current value
* Participant loans Participant loans,
interest rates ranging from 3.25% to
11.50%, maturing at various dates
through December 30, 2041 $ 736,828,468 
State Street Cons Target Ret 2015 NL P Collective Investment Fund (1) 128,299,694 
State Street Cons Target Ret 2020 NL P Collective Investment Fund (1) 458,066,467 
State Street Cons Target Ret 2025 NL P Collective Investment Fund (1) 1,369,870,246 
State Street Cons Target Ret 2030 NL P Collective Investment Fund (1) 1,305,409,891 
State Street Cons Target Ret 2035 NL P Collective Investment Fund (1) 1,085,451,541 
State Street Cons Target Ret 2040 NL P Collective Investment Fund (1) 1,256,485,495 
State Street Cons Target Ret 2045 NL P Collective Investment Fund (1) 868,362,532 
State Street Cons Target Ret 2050 NL P Collective Investment Fund (1) 1,306,156,574 
State Street Cons Target Ret 2055 NL P Collective Investment Fund (1) 509,069,882 
State Street Cons Target Ret 2060 NL P Collective Investment Fund (1) 203,556,810 
State Street Cons Target Ret 2065 NL P Collective Investment Fund (1) 28,531,489 
State Street Cons Target Ret Income NL P Collective Investment Fund (1) 179,703,903 
State Street International Index M Collective Investment Fund (1) 786,226,400 
State Street Russell Sm Cap Index NL CL K Collective Investment Fund (1) 1,092,169,294 
State Street S&P Mid Cap Index NL CL M Collective Investment Fund (1) 2,628,276,813 
State Street NASDAQ 100 Index NL CL M Collective Investment Fund (1) 4,425,235,305 
State Street S&P 500 Index K NL Collective Investment Fund (1) 6,655,689,497 
State Street U.S. Bond Index NL M Collective Investment Fund (1) 1,731,114,951 
26,017,676,784 
BlackRock Liquidity Treasury Inst Mutual Fund (1) 971,000,822
971,000,822
Large Cap Value Fund Multi-Manager Fund
Dodge & Cox Stock Mutual Fund (1) 1,180,526,020 
T Rowe Price Equity Income TR F Common Collective Fund (1) 1,146,087,637 
MFS Large Cap Value CL 5 Common Collective Fund (1) 1,146,082,916 
3,472,696,573 
Large Cap Growth Fund Multi-Manager Fund
Los Angeles Capital Large Cap Growth A Common Collective Fund (1) 854,191,482 
T Rowe Price Blue Chip Growth Trust T7 Common Collective Fund (1) 854,233,275 
Brown Advisory Sustainable Growth Common Collective Fund (1) 854,210,573 
Jennison Large Cap Growth Common Collective Fund (1) 854,226,368 
Jackson Square Large Cap Growth IS Mutual Fund (1) 853,915,678 
4,270,777,376 
 Small Cap Fund Multi-Manager Fund
* Wells Fargo Emerging Growth E4 Common Collective Fund (1) 331,597,049 
Peregrine Small Cap Value Common Collective Fund (1) 331,589,705 
State Street Russell Sm Cap Index NL CL K Common Collective Fund (1) 683,282,048 
Wellington Select Small Cap Growth Common Collective Fund (1) 331,591,433 
Wellington Small Cap Value Common Collective Fund (1) 331,924,428 
2,009,984,663 
International Equity Fund Multi-Manager Fund
Causeway International Value Equity F Common Collective Fund (1) 405,598,076 
Sprucegrove International F Common Collective Fund (1) 405,595,493 
American EuroPacific Growth R6 Mutual Fund (1) 811,204,431 
1,622,398,000 
Emerging Markets Equity Fund Multi-Manager Fund
Acadian Emerging Markets Equity A Common Collective Fund (1) 294,591,436 
Lazard Emerging Markets Equity C Common Collective Fund (1) 210,423,749 
Baillie Gifford Emerging Markets EQS K Mutual Fund (1) 210,424,793 
DFA Emerging Markets Small Cap Mutual Fund (1) 126,253,587 
841,693,565 
Diversified Real Asset Fund Multi-Manager Fund
Principal Diversified Real Asset II Common Collective Fund (1) 108,150,680 
State Street Real Asset NL Series A Common Collective Fund (1) 36,058,967 
144,209,647 
Global Bond Fund Multi-Manager Fund
Federated Total Return Bond IS Mutual Fund (1) 66,386,200 
Franklin Global Opportunities Bond IS Mutual Fund (1) 132,784,513 
PIMCO Global Advantage Strategy BD Mutual Fund (1) 133,158,516 
332,329,229 
    26    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2021
Description of investment, including
maturity date, rate of interest,
Identity of issuer, borrower, lessor, or similar party collateral, par, or maturing value Cost Current value
State Street Emerging Mkts Index A Common Collective Fund (1) $ 190,678,355 
190,678,355 
BlackRock MSCI ACWI ESG Focus Index F Common Collective Fund (1) 529,585,284 
529,585,284 
13,414,352,692 
* Wells Fargo Stable Value Fund
Security-backed contracts:
American General Life Ins. Co. 1.72% (1) — 
Massachusetts Mutual Life Ins. 1.89% (1) — 
Nationwide Life Ins. Co. 1.95% (1) — 
Pacific Life Ins. Co. 2.05% (1) — 
Prudential Ins. Co. of America 2.11% (1) — 
Royal Bank of Canada 1.79% (1) — 
State Street Bank and TrustCo. 1.95% (1) — 
Transamerica Premier Life Ins. Co. 1.98% (1) — 
Voya Ins. and Annuity Co. 1.76% (1) — 
* Wells Fargo Fixed Income Fund C2 12,151,573 units (1) 370,630,256 
Total 370,630,256 
American General Life Ins. Co. 1.72% (1) — 
Massachusetts Mutual Life Ins. 1.89% (1) — 
Nationwide Life Ins. Co. 1.95% (1) — 
Pacific Life Ins. Co. 2.05% (1) — 
Prudential Ins. Co. of America 2.11% (1) — 
Royal Bank of Canada 1.79% (1) — 
State Street Bank and TrustCo. 1.95% (1) — 
Transamerica Premier Life Ins. Co. 1.98% (1) — 
Voya Ins. and Annuity Co. 1.76% (1) — 
* Wells Fargo Fixed Income Fund Q2 30,195,458 units (1) 371,847,943 
Total 371,847,943 
Metropolitan Life Ins. Co. 1.71% (1) — 
Separate account 771 (1) 364,712,212 
Separate account 690 (1) 290,727,769 
Total 655,439,981 
American General Life Ins. Co. 1.72% (1) — 
Massachusetts Mutual Life Ins. 1.89% (1) — 
Nationwide Life Insurance Co. 1.95% (1) — 
Pacific Life Ins. Co.  2.05% (1) — 
Prudential Ins. Co. of America 2.11% (1) — 
Royal Bank of Canada 1.79% (1) — 
State Street Bank and TrustCo. 1.95% (1) — 
Transamerica Premier Life Ins. Co. 1.98% (1) — 
Voya Ins. and Annuity Co. 1.76% (1) — 
3M Co 2.650%, $225,000 par, due 4/15/2025 (1) 234,938 
7-Eleven Inc 0.625%, $430,000 par, due 2/10/2023 (1) 428,401 
7-Eleven Inc 0.800%, $1,070,000 par, due 2/10/2024 (1) 1,057,959 
Abay Leasing 2014 LLC 2.654%, $1,587,500 par, due 11/9/2026 (1) 1,642,004 
AbbVie Inc 2.300%, $3,680,000 par, due 11/21/2022 (1) 3,731,689 
Access Group Inc 2013-1 0.602%, $906,608 par, due 2/25/2036 (1) 893,143 
AEP Texas Inc 2.400%, $153,000 par, due 10/1/2022 (1) 154,841 
Alabama Federal Aid Highway Finance Authority 0.449%, $3,215,000 par, due 9/1/2023 (1) 3,195,131 
Alexandria Real Estate Equities Inc 3.450%, $2,000,000 par, due 4/30/2025 (1) 2,122,770 
Alliant Energy Finance LLC 3.750%, $166,000 par, due 6/15/2023 (1) 171,959 
Ally Auto Receivables Trust 2019-1 2.910%, $392,546 par, due 9/15/2023 (1) 394,784 
Ally Auto Receivables Trust 2019-3 1.930%, $737,478 par, due 5/15/2024 (1) 741,688 
Ameren Illinois Co 2.700%, $620,000 par, due 9/1/2022 (1) 625,696 
Ameren Illinois Co 3.250%, $2,505,000 par, due 3/1/2025 (1) 2,628,574 
American Express Co 3.400%, $355,000 par, due 2/27/2023 (1) 365,272 
American Express Co 3.700%, $970,000 par, due 8/3/2023 (1) 1,011,457 
American Express Co 3.400%, $360,000 par, due 2/22/2024 (1) 377,591 
American Express Co 2.750%, $850,000 par, due 5/20/2022 (1) 855,928 
American Honda Finance Corp 3.450%, $274,000 par, due 7/14/2023 (1) 285,218 
American Honda Finance Corp 2.050%, $2,110,000 par, due 1/10/2023 (1) 2,141,211 
American Honda Finance Corp 0.750%, $2,620,000 par, due 8/9/2024 (1) 2,590,989 
American Honda Finance Corp 2.200%, $2,232,000 par, due 6/27/2022 (1) 2,251,505 
AmeriCredit Automobile Receivables Trust 0.370%, $2,915,000 par, due 8/18/2025 (1) 2,905,407 
    27    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2021
Description of investment, including
maturity date, rate of interest,
Identity of issuer, borrower, lessor, or similar party collateral, par, or maturing value Cost Current value
AmeriCredit Automobile Receivables Trust 2019-3 2.060%, $799,690 par, due 4/18/2024 (1) $ 802,266 
AmeriCredit Automobile Receivables Trust 2021-3 0.760%, $1,850,000 par, due 8/18/2026 (1) 1,839,622 
Amphenol Corp 3.200%, $58,000 par, due 4/1/2024 (1) 60,304 
Amphenol Corp 2.050%, $1,295,000 par, due 3/1/2025 (1) 1,319,854 
Analog Devices Inc 2.950%, $225,000 par, due 4/1/2025 (1) 236,369 
Anglo American Capital PLC 3.625%, $1,200,000 par, due 9/11/2024 (1) 1,259,893 
Ann Arbor School District 2.016%, $3,500,000 par, due 5/1/2023 (1) 3,553,305 
ARI Fleet Lease Trust 2018-B 3.220%, $185,644 par, due 8/16/2027 (1) 185,904 
ARI Fleet Lease Trust 2019-A 2.410%, $409,903 par, due 11/15/2027 (1) 411,355 
ARI Fleet Lease Trust 2021-A 0.370%, $3,585,000 par, due 3/15/2030 (1) 3,567,817 
Astrazeneca Finance LLC 0.700%, $1,460,000 par, due 5/28/2024 (1) 1,448,654 
AT&T Inc 1.381%, $1,680,000 par, due 6/12/2024 (1) 1,701,292 
AT&T Inc 2.300%, $560,000 par, due 6/1/2027 (1) 570,088 
AT&T Inc 1.650%, $1,400,000 par, due 2/1/2028 (1) 1,371,481 
AT&T Inc 0.900%, $1,980,000 par, due 3/25/2024 (1) 1,971,405 
Atmos Energy Corp 0.625%, $1,600,000 par, due 3/9/2023 (1) 1,593,978 
BA Credit Card Trust 0.340%, $2,630,000 par, due 5/15/2026 (1) 2,595,323 
BAE Systems Holdings Inc 3.850%, $700,000 par, due 12/15/2025 (1) 750,609 
BAE Systems Holdings Inc 3.800%, $1,850,000 par, due 10/7/2024 (1) 1,965,000 
Baker Hughes a GE Co LLC 2.773%, $1,312,000 par, due 12/15/2022 (1) 1,338,058 
BAKER HUGHES LLC/CO-OBL 1.231%, $1,275,000 par, due 12/15/2023 (1) 1,280,954 
Bank of America Corp 3.124%, $1,162,000 par, due 1/20/2023 (1) 1,163,307 
Bank of America Corp 1.084%, $960,000 par, due 7/23/2024 (1) 968,079 
Bank of America Corp 3.004%, $2,629,000 par, due 12/20/2023 (1) 2,683,499 
Bank of America Corp 3.864%, $567,000 par, due 7/23/2024 (1) 590,789 
Bank of America Corp 3.458%, $1,400,000 par, due 3/15/2025 (1) 1,464,387 
Bank of America Corp 0.810%, $3,500,000 par, due 10/24/2024 (1) 3,477,050 
Bank of America Corp 0.976%, $1,810,000 par, due 4/22/2025 (1) 1,795,819 
Bank of America Corp 1.530%, $5,900,000 par, due 12/6/2025 (1) 5,914,101 
Bank of Montreal 0.625%, $2,980,000 par, due 7/9/2024 (1) 2,940,053 
Bank of Montreal 3.300%, $749,000 par, due 2/5/2024 (1) 783,809 
Bank of Montreal 1.250%, $920,000 par, due 9/15/2026 (1) 900,864 
Bank of Montreal 2.500%, $1,952,000 par, due 1/11/2022 (1) 1,952,876 
Bank of New York Mellon Corp/The 2.661%, $370,000 par, due 5/16/2023 (1) 372,781 
Bank of Nova Scotia/The 1.300%, $1,090,000 par, due 9/15/2026 (1) 1,068,906 
Bank of Nova Scotia/The 0.400%, $680,000 par, due 9/15/2023 (1) 674,689 
Bank of Nova Scotia/The 0.650%, $2,460,000 par, due 7/31/2024 (1) 2,429,629 
Bank of Nova Scotia/The 3.400%, $391,000 par, due 2/11/2024 (1) 410,311 
Bank of Nova Scotia/The 1.950%, $860,000 par, due 2/1/2023 (1) 870,016 
Baxter International Inc 1.322%, $4,080,000 par, due 11/29/2024 (1) 4,075,222 
Bayer US Finance II LLC 1.213%, $860,000 par, due 12/15/2023 (1) 867,067 
Bayer US Finance II LLC 4.250%, $860,000 par, due 12/15/2025 (1) 930,596 
Bayer US Finance II LLC 3.875%, $454,000 par, due 12/15/2023 (1) 474,495 
Bayer US Finance LLC 3.375%, $735,000 par, due 10/8/2024 (1) 768,379 
Bell Telephone Co of Canada or Bell Canada/The 0.750%, $1,890,000 par, due 3/17/2024 (1) 1,870,843 
Black Hills Corp 3.950%, $2,360,000 par, due 1/15/2026 (1) 2,530,269 
Black Hills Corp 4.250%, $850,000 par, due 11/30/2023 (1) 892,656 
BMW US Capital LLC 2.950%, $1,485,000 par, due 4/14/2022 (1) 1,495,572 
BMW US Capital LLC 3.150%, $378,000 par, due 4/18/2024 (1) 394,788 
BMW US Capital LLC 0.800%, $890,000 par, due 4/1/2024 (1) 884,226 
BMW US Capital LLC 0.750%, $1,290,000 par, due 8/12/2024 (1) 1,275,938 
BMW Vehicle Lease Trust 2021-1 0.290%, $4,805,000 par, due 1/25/2024 (1) 4,790,052 
BMW Vehicle Owner Trust 2019-A 1.920%, $1,224,205 par, due 1/25/2024 (1) 1,231,201 
BNP Paribas SA 2.819%, $1,955,000 par, due 11/19/2025 (1) 2,012,422 
BNP Paribas SA 4.705%, $1,307,000 par, due 1/10/2025 (1) 1,391,663 
Boeing Co/The 2.700%, $470,000 par, due 5/1/2022 (1) 472,759 
Boeing Co/The 4.875%, $1,585,000 par, due 5/1/2025 (1) 1,734,792 
Boston Properties LP 3.125%, $635,000 par, due 9/1/2023 (1) 653,244 
Boston Properties LP 3.200%, $960,000 par, due 1/15/2025 (1) 1,005,481 
Boston Properties LP 3.800%, $624,000 par, due 2/1/2024 (1) 652,689 
BP Capital Markets America Inc 3.790%, $112,000 par, due 2/6/2024 (1) 117,919 
BP Capital Markets America Inc 2.750%, $917,000 par, due 5/10/2023 (1) 939,244 
BP Capital Markets America Inc 3.194%, $1,431,000 par, due 4/6/2025 (1) 1,508,792 
Brazos Higher Education Authority Inc 1.078%, $160,527 par, due 5/25/2029 (1) 160,622 
Bristol-Myers Squibb Co 0.537%, $2,470,000 par, due 11/13/2023 (1) 2,459,246 
Bristol-Myers Squibb Co 2.900%, $179,000 par, due 7/26/2024 (1) 187,347 
Burlington Northern Santa Fe LLC 3.050%, $787,000 par, due 9/1/2022 (1) 795,086 
Byron Center Public Schools 2.546%, $750,000 par, due 5/1/2024 (1) 774,615 
    28    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2021
Description of investment, including
maturity date, rate of interest,
Identity of issuer, borrower, lessor, or similar party collateral, par, or maturing value Cost Current value
Canadian Natural Resources Ltd 2.950%, $1,300,000 par, due 1/15/2023 (1) $ 1,324,831 
Canadian Pacific Railway Co 1.350%, $2,420,000 par, due 12/2/2024 (1) 2,423,086 
Capital One Bank USA NA 2.014%, $710,000 par, due 1/27/2023 (1) 710,629 
Capital One Financial Corp 1.343%, $2,790,000 par, due 12/6/2024 (1) 2,807,189 
Capital One NA 0.964%, $1,549,000 par, due 8/8/2022 (1) 1,553,216 
Capital One Prime Auto Receivables Trust 2019-2 1.920%, $1,807,745 par, due 5/15/2024 (1) 1,820,554 
Capital One Prime Auto Receivables Trust 2021-1 0.770%, $3,605,000 par, due 9/15/2026 (1) 3,578,092 
Carmax Auto Owner Trust 2018-4 3.360%, $380,746 par, due 9/15/2023 (1) 383,434 
Carmax Auto Owner Trust 2019-4 2.020%, $3,528,759 par, due 11/15/2024 (1) 3,563,624 
Carmax Auto Owner Trust 2020-1 1.890%, $3,813,906 par, due 12/16/2024 (1) 3,848,044 
Carmax Auto Owner Trust 2021-1 0.340%, $4,300,000 par, due 12/15/2025 (1) 4,262,164 
CarMax Auto Owner Trust 2021-2 0.520%, $4,110,000 par, due 2/17/2026 (1) 4,086,499 
Carrier Global Corp 2.242%, $1,655,000 par, due 2/15/2025 (1) 1,695,342 
Caterpillar Financial Services Corp 2.850%, $135,000 par, due 5/17/2024 (1) 140,960 
CenterPoint Energy Resources Corp 0.700%, $1,960,000 par, due 3/2/2023 (1) 1,951,123 
CES MU2 LLC 2.166%, $3,044,073 par, due 12/16/2026 (1) 3,114,741 
Charles Schwab Corp/The 4.200%, $900,000 par, due 3/24/2025 (1) 978,869 
Charles Schwab Corp/The 3.625%, $1,500,000 par, due 4/1/2025 (1) 1,598,773 
Chesapeake Funding II LLC 3.390%, $523,065 par, due 1/15/2031 (1) 529,651 
Chesapeake Funding II LLC 1.950%, $1,377,382 par, due 9/15/2031 (1) 1,385,596 
Chesapeake Funding II LLC 0.870%, $3,110,584 par, due 8/16/2032 (1) 3,114,167 
Chesapeake Funding II LLC 0.470%, $3,966,916 par, due 4/15/2033 (1) 3,949,125 
Chevron Corp 1.554%, $1,390,000 par, due 5/11/2025 (1) 1,402,371 
Chubb INA Holdings Inc 3.350%, $500,000 par, due 5/15/2024 (1) 527,149 
Cigna Corp 3.750%, $62,000 par, due 7/15/2023 (1) 64,480 
Cintas Corp No 2 2.900%, $2,129,000 par, due 4/1/2022 (1) 2,137,556 
Cintas Corp No 2 3.250%, $660,000 par, due 6/1/2022 (1) 662,769 
Citigroup Commercial Mortgage Trust 2012-GC8 2.608%, $161,143 par, due 9/10/2045 (1) 161,469 
Citigroup Commercial Mortgage Trust 2014-GC19 3.552%, $816,348 par, due 3/10/2047 (1) 837,735 
Citigroup Inc 4.044%, $430,000 par, due 6/1/2024 (1) 448,182 
Citigroup Inc 1.281%, $860,000 par, due 11/3/2025 (1) 857,879 
Citigroup Inc 1.194%, $480,000 par, due 6/1/2024 (1) 484,302 
Citigroup Inc 3.352%, $331,000 par, due 4/24/2025 (1) 345,675 
Citigroup Inc 0.776%, $1,020,000 par, due 10/30/2024 (1) 1,013,536 
Citigroup Inc 0.981%, $1,550,000 par, due 5/1/2025 (1) 1,538,060 
Citizens Bank NA/Providence RI 3.250%, $1,140,000 par, due 2/14/2022 (1) 1,140,930 
Citizens Bank NA/Providence RI 2.250%, $1,045,000 par, due 4/28/2025 (1) 1,069,796 
Cleco Power LLC 0.703%, $620,000 par, due 6/15/2023 (1) 619,525 
CNH Equipment Trust 2019-A 3.010%, $364,106 par, due 4/15/2024 (1) 367,560 
CNH Equipment Trust 2021-C 0.810%, $3,690,000 par, due 12/15/2026 (1) 3,665,214 
COLGATE UNIVERSITY 2.180%, $1,135,000 par, due 7/1/2023 (1) 1,159,947 
College Loan Corp Trust I 0.874%, $5,945,000 par, due 4/25/2046 (1) 5,930,352 
Comcast Corp 3.700%, $1,000,000 par, due 4/15/2024 (1) 1,062,597 
Comerica Inc 3.700%, $326,000 par, due 7/31/2023 (1) 339,277 
COMM 2012-CCRE1 Mortgage Trust 3.053%, $4,923 par, due 5/15/2045 (1) 4,922 
COMM 2012-CCRE3 Mortgage Trust 2.372%, $227,910 par, due 10/15/2045 (1) 228,536 
COMM 2012-CCRE5 Mortgage Trust 2.388%, $478,654 par, due 12/10/2045 (1) 480,732 
Comm 2013-CCRE13 Mortgage Trust 4.194%, $810,000 par, due 11/10/2046 (1) 849,823 
COMM 2013-CCRE7 Mortgage Trust 3.213%, $379,318 par, due 3/10/2046 (1) 385,948 
COMM 2013-LC6 Mortgage Trust 2.941%, $321,686 par, due 1/10/2046 (1) 325,647 
COMM 2014-CCRE19 Mortgage Trust 3.499%, $1,656,925 par, due 8/10/2047 (1) 1,706,771 
COMM 2014-CR14 Mortgage Trust 3.743%, $1,123,800 par, due 2/10/2047 (1) 1,152,883 
CommonSpirit Health 2.760%, $415,000 par, due 10/1/2024 (1) 428,089 
Connecticut Light and Power Co/The 0.750%, $1,390,000 par, due 12/1/2025 (1) 1,351,605 
Cooperatieve Rabobank UA 2.625%, $2,005,000 par, due 7/22/2024 (1) 2,070,401 
Cooperatieve Rabobank UA 1.080%, $470,000 par, due 9/26/2023 (1) 473,735 
Corporate Action Adjustment 0.001%, $0 par, due 1/31/3100 (1) — 
County of Berks PA 1.817%, $1,000,000 par, due 11/15/2022 (1) 1,011,210 
County of Howard MD 1.337%, $3,000,000 par, due 8/15/2023 (1) 3,029,670 
County of Spokane WA 2.096%, $1,135,000 par, due 12/1/2024 (1) 1,167,121 
County of Spokane WA 2.096%, $265,000 par, due 12/1/2024 (1) 272,950 
Credit Suisse Group AG 3.574%, $1,480,000 par, due 1/9/2023 (1) 1,480,419 
Credit Suisse Group AG 4.207%, $420,000 par, due 6/12/2024 (1) 437,036 
Credit Suisse Group AG 1.441%, $790,000 par, due 6/12/2024 (1) 798,087 
Credit Suisse Group AG 2.997%, $324,000 par, due 12/14/2023 (1) 329,243 
Credit Suisse Group AG 1.398%, $1,600,000 par, due 12/14/2023 (1) 1,612,181 
CRH America Inc 3.875%, $1,410,000 par, due 5/18/2025 (1) 1,506,877 
CubeSmart LP 4.000%, $730,000 par, due 11/15/2025 (1) 783,783 
    29    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2021
Description of investment, including
maturity date, rate of interest,
Identity of issuer, borrower, lessor, or similar party collateral, par, or maturing value Cost Current value
CVS Health Corp 2.625%, $690,000 par, due 8/15/2024 (1) $ 714,574 
Daimler Finance North America LLC 3.350%, $250,000 par, due 2/22/2023 (1) 256,955 
Daimler Finance North America LLC 1.750%, $3,145,000 par, due 3/10/2023 (1) 3,176,670 
Daimler Trucks Finance North America LLC 1.625%, $1,530,000 par, due 12/13/2024 (1) 1,541,850 
Daimler Trucks Finance North America LLC 1.125%, $3,030,000 par, due 12/14/2023 (1) 3,031,215 
Danone SA 3.000%, $830,000 par, due 6/15/2022 (1) 839,063 
Dell Equipment Finance Trust 2019-2 1.910%, $1,650,565 par, due 10/22/2024 (1) 1,657,622 
Dell Equipment Finance Trust 2020-1 2.260%, $693,821 par, due 6/22/2022 (1) 694,940 
Dell Equipment Finance Trust 2020-2 0.570%, $1,915,000 par, due 10/23/2023 (1) 1,913,252 
Dell Equipment Finance Trust 2021-1 0.430%, $4,778,000 par, due 5/22/2026 (1) 4,749,619 
Diageo Capital PLC 1.375%, $480,000 par, due 9/29/2025 (1) 477,571 
Discover Card Execution Note Trust 3.040%, $1,980,000 par, due 7/15/2024 (1) 1,981,647 
DLLAA 2021-1 LLC 0.670%, $5,750,000 par, due 4/17/2026 (1) 5,687,653 
DLLAD 2021-1 LLC 0.640%, $3,670,000 par, due 9/21/2026 (1) 3,604,593 
DLLMT 2021-1 LLC 1.000%, $3,210,000 par, due 7/21/2025 (1) 3,191,729 
DNB Boligkreditt AS 2.500%, $788,000 par, due 3/28/2022 (1) 791,968 
DTE Electric Co 3.375%, $1,470,000 par, due 3/1/2025 (1) 1,549,082 
DTE Electric Co 3.650%, $1,020,000 par, due 3/15/2024 (1) 1,068,106 
Duke Energy Carolinas LLC 3.050%, $1,193,000 par, due 3/15/2023 (1) 1,222,279 
Duke Energy Carolinas LLC 2.500%, $337,000 par, due 3/15/2023 (1) 342,609 
DuPont de Nemours Inc 4.493%, $965,000 par, due 11/15/2025 (1) 1,066,762 
DuPont de Nemours Inc 1.266%, $940,000 par, due 11/15/2023 (1) 952,286 
East Ohio Gas Co/The 1.300%, $1,515,000 par, due 6/15/2025 (1) 1,494,847 
Ecolab Inc 0.900%, $1,195,000 par, due 12/15/2023 (1) 1,196,698 
EdLinc Student Loan Funding Trust 2012-1 1.103%, $609,258 par, due 9/25/2030 (1) 611,321 
Edsouth Indenture No 2 LLC 1.253%, $76,568 par, due 9/25/2040 (1) 77,013 
Edsouth Indenture No 3 LLC 0.833%, $331,100 par, due 4/25/2039 (1) 330,205 
Edsouth Indenture No 4 LLC 0.673%, $285,415 par, due 2/26/2029 (1) 284,744 
Edu Fund of South 0.774%, $512,256 par, due 4/25/2035 (1) 513,390 
Edu Fund of South 1.152%, $356,262 par, due 3/25/2036 (1) 358,083 
EMD Finance LLC 3.250%, $720,000 par, due 3/19/2025 (1) 757,932 
Emory University 1.566%, $780,000 par, due 9/1/2025 (1) 776,345 
Entergy Arkansas LLC 3.050%, $796,000 par, due 6/1/2023 (1) 815,656 
Entergy Arkansas LLC 3.700%, $720,000 par, due 6/1/2024 (1) 756,526 
Entergy Louisiana LLC 0.620%, $1,470,000 par, due 11/17/2023 (1) 1,458,261 
Enterprise Fleet Financing 2019-2 LLC 2.290%, $1,454,034 par, due 2/20/2025 (1) 1,451,062 
Enterprise Fleet Financing 2019-3 LLC 2.060%, $1,069,642 par, due 5/20/2025 (1) 1,077,761 
Enterprise Fleet Financing 2020-1 LLC 1.780%, $1,842,114 par, due 12/22/2025 (1) 1,855,970 
Enterprise Fleet Financing 2020-2 LLC 0.610%, $3,327,434 par, due 7/20/2026 (1) 3,318,646 
Enterprise Fleet Financing 2021-2 LLC 0.480%, $4,665,000 par, due 5/20/2027 (1) 4,621,858 
Enterprise Fleet Financing 2021-3 LLC 0.770%, $4,485,000 par, due 8/20/2027 (1) 4,456,049 
Enterprise Fleet Funding 2021-1 LLC 0.440%, $4,966,548 par, due 12/21/2026 (1) 4,939,108 
Enterprise Products Operating LLC 3.500%, $941,000 par, due 2/1/2022 (1) 943,070 
Enterprise Products Operating LLC 3.750%, $1,495,000 par, due 2/15/2025 (1) 1,589,115 
Equifax Inc 3.950%, $45,000 par, due 6/15/2023 (1) 46,770 
Equinor ASA 2.875%, $1,375,000 par, due 4/6/2025 (1) 1,435,544 
Equinor ASA 1.750%, $220,000 par, due 1/22/2026 (1) 221,444 
Equinor ASA 2.650%, $1,400,000 par, due 1/15/2024 (1) 1,443,655 
ERP Operating LP 3.375%, $1,300,000 par, due 6/1/2025 (1) 1,376,993 
Ethiopian Leasing 2012 LLC 2.566%, $2,922,867 par, due 8/14/2026 (1) 3,030,136 
Ethiopian Leasing 2012 LLC 1.506%, $5,000,000 par, due 10/3/2024 (1) 5,038,450 
Evergy Kansas Central Inc 2.550%, $1,630,000 par, due 7/1/2026 (1) 1,690,481 
Evergy Metro Inc 3.650%, $1,100,000 par, due 8/15/2025 (1) 1,171,709 
EXIM Bank of the United States 1.900%, $4,480,036 par, due 7/12/2024 (1) 4,533,232 
EXIM Bank of the United States 3.744%, $17,188 par, due 2/26/2022 (1) 17,264 
EXIM Bank of the United States 1.732%, $136,759 par, due 9/18/2024 (1) 138,262 
EXIM Bank of the United States 1.732%, $328,820 par, due 9/18/2024 (1) 332,428 
Exxon Mobil Corp 2.992%, $1,500,000 par, due 3/19/2025 (1) 1,577,000 
Fannie Mae Grantor Trust 2004-T2 6.000%, $384,233 par, due 11/25/2043 (1) 434,558 
Fannie Mae or Freddie Mac 2.000%, $44,342,000 par, due 2/1/2036 (1) 45,346,612 
Fannie Mae or Freddie Mac 2.000%, $0 par, due 1/1/2036 (1) — 
Fannie Mae Pool 5.500%, $142,905 par, due 4/1/2033 (1) 163,252 
Fannie Mae Pool 6.000%, $24,075 par, due 2/1/2033 (1) 27,597 
Fannie Mae Pool 5.500%, $4,751 par, due 1/1/2036 (1) 4,851 
Fannie Mae Pool 5.500%, $42,068 par, due 2/1/2036 (1) 43,630 
Fannie Mae Pool 5.000%, $316,840 par, due 6/1/2035 (1) 357,442 
Fannie Mae Pool 5.500%, $251,076 par, due 9/1/2036 (1) 283,815 
Fannie Mae Pool 5.000%, $1,798,229 par, due 8/1/2056 (1) 2,081,968 
    30    (Continued)


WELLS FARGO & COMPANY 401(k) PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2021
Description of investment, including
maturity date, rate of interest,
Identity of issuer, borrower, lessor, or similar party collateral, par, or maturing value Cost Current value
Fannie Mae Pool 2.210%, $426,158 par, due 7/1/2033 (1) $ 428,943 
Fannie Mae Pool 1.763%, $503,566 par, due 6/1/2033 (1) 521,097 
Fannie Mae Pool 1.624%, $93,449 par, due 8/1/2035 (1) 93,679 
Fannie Mae Pool 1.700%, $182,714 par, due 8/1/2033 (1) 189,185 
Fannie Mae Pool 1.698%, $86,048 par, due 8/1/2033 (1) 89,095 
Fannie Mae Pool 1.677%, $286,842 par, due 10/1/2033 (1) 289,053 
Fannie Mae Pool 1.757%, $147,892 par, due 12/1/2033 (1) 150,066 
Fannie Mae Pool 1.675%, $68,356 par, due 3/1/2034 (1) 70,807 
Fannie Mae Pool 1.675%, $47,135 par, due 5/1/2034 (1) 48,830 
Fannie Mae Pool 1.772%, $830,350 par, due 6/1/2034 (1) 861,403 
Fannie Mae Pool 1.678%, $71,172 par, due 8/1/2034 (1) 73,770 
Fannie Mae Pool 1.875%, $329,233 par, due 5/1/2038 (1) 344,491 
Fannie Mae Pool 1.838%, $107,522 par, due 5/1/2037 (1) 108,266 
Fannie Mae Pool 3.476%, $330,013 par, due 5/1/2036 (1) 353,316 
Fannie Mae Pool 2.190%, $14,960 par, due 2/1/2041 (1) 15,089 
Fannie Mae Pool 2.000%, $106,405 par, due 10/1/2041 (1) 106,741 
Fannie Mae Pool 2.080%, $96,116 par, due 11/1/2041 (1) 96,538 
Fannie Mae Pool 2.125%, $28,987 par, due 3/1/2042 (1) 30,541 
Fannie Mae Pool 1.830%, $410,225 par, due 8/1/2044 (1) 425,277 
Fannie Mae Pool 1.840%, $187,673 par, due 8/1/2044 (1) 194,643 
Fannie Mae Pool 1.840%, $197,529 par, due 8/1/2044 (1) 204,865 
Fannie Mae Pool 1.840%, $170,082 par, due 8/1/2044 (1) 176,399 
Fannie Mae Pool 1.850%, $11,112 par, due 9/1/2044 (1) 11,517 
Fannie Mae Pool 1.850%, $103,702 par, due 10/1/2044 (1) 107,435 
Fannie Mae Pool 1.972%, $241,855 par, due 2/1/2045 (1) 250,205 
Fannie Mae Pool 2.453%, $336,476 par, due 4/1/2045 (1) 348,967 
Fannie Mae Pool 1.961%, $221,481 par, due 4/1/2045 (1) 229,487 
Fannie Mae Pool 2.285%, $37,771 par, due 6/1/2045 (1) 39,137 
Fannie Mae Pool 2.606%, $123,343 par, due 7/1/2045 (1) 127,982 
Fannie Mae Pool 2.455%, $517,853 par, due 8/1/2045 (1) 537,079 
Fannie Mae Pool 1.850%, $52,703 par, due 8/1/2045 (1) 54,478 
Fannie Mae Pool 2.645%, $393,974 par, due 8/1/2045 (1) 409,008 
Fannie Mae Pool 2.654%, $708,398 par, due 11/1/2045 (1) 736,095 
Fannie Mae Pool 2.716%, $85,860 par, due 12/1/2045 (1) 89,277 
Fannie Mae Pool 2.292%, $577,028 par, due 10/1/2046 (1) 591,765 
Fannie Mae Pool 3.108%, $670,611 par, due 6/1/2047 (1) 698,200 
Fannie Mae Pool 3.024%, $1,135,495 par, due 6/1/2047 (1) 1,182,034 
Fannie Mae Pool 3.037%, $523,108 par, due 6/1/2047 (1) 543,740 
Fannie Mae Pool 2.889%, $433,206 par, due 7/1/2047 (1) 449,200 
Fannie Mae Pool 2.970%, $642,183 par, due 7/1/2047 (1) 666,830 
Fannie Mae Pool 2.755%, $1,379,326 par, due 9/1/2047 (1) 1,427,723 
Fannie Mae Pool 2.806%, $309,305 par, due 9/1/2047 (1) 318,762 
Fannie Mae Pool 2.378%, $939,264 par, due 11/1/2046 (1) 964,277 
Fannie Mae Pool 2.720%, $951,547 par, due 11/1/2047 (1) 983,749 
Fannie Mae Pool 2.919%, $443,857 par, due 5/1/2047 (1) 460,772 
Fannie Mae Pool 2.962%, $431,746 par, due 2/1/2048 (1) 448,146 
Fannie Mae Pool 3.273%, $981,633 par, due 5/1/2048 (1) 1,021,963 
Fannie Mae Pool 3.057%, $2,117,207 par, due 8/1/2049 (1) 2,189,078 
Fannie Mae Pool 2.997%, $1,186,893 par, due 8/1/2049 (1) 1,228,589 
Fannie Mae Pool 2.754%, $2,716,884 par, due 11/1/2049 (1) 2,801,537 
Fannie Mae Pool