# WELLS FARGO SECURITIES, LLC X-17A-5 (2021-02-26) — Broker-dealer annual report

- Company: WELLS FARGO SECURITIES, LLC
- Form: X-17A-5
- Filed: 2021-02-26
- Period: 2020-12-31
- Accession: 0001224385-21-000005
- CIK: 1224385
- File #: 8-65876
- Material weakness: No
- Auditor: KPMG, LLP
- Auditor location: Charlotte, NC
- Contact: Damian George
- Phone: 212-214-2711
- Signed by: Duane Church (Chief Financial Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1224385/000122438521000005/awfssfc.pdf

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UNITEDSTATES SECURITIES ANDEXCHANGE COMMISSION Washington, D.C. 20549

# ANNUAL AUDITED REPORT FORM X-17A-5 PART III

| SEC FILE NUMBER |
|-----------------|
| 8-65876         |

FACING PAGE

Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder

| REPORT FOR THE PERIOD BEGINNING U1/01/2020                                                                              |                                              |                                                                     | AND ENDING 12/31/2020              |                                |
|-------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|---------------------------------------------------------------------|------------------------------------|--------------------------------|
|                                                                                                                         |                                              | MMDDIYY                                                             |                                    | MM/DD/YY                       |
|                                                                                                                         |                                              | A. REGISTRANT IDENTIFICATION                                        |                                    |                                |
| NAME OF BROKER-DEALER: Wells Fargo Securities, LLC<br>ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) |                                              |                                                                     | OFFICIAL USE ONLY<br>FIRM I.D. NO. |                                |
|                                                                                                                         |                                              |                                                                     |                                    |                                |
| 550 South Tryon Street, Suite 3200                                                                                      |                                              |                                                                     |                                    |                                |
|                                                                                                                         |                                              | (No. and Street)                                                    |                                    |                                |
| Charlotte                                                                                                               |                                              | NC                                                                  |                                    | 28202                          |
| (CHA)                                                                                                                   |                                              | (State)                                                             |                                    | (Zip Code)                     |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*                                                |                                              | B. ACCOUNTANT IDEATHER CATION                                       |                                    | (Area Code - Telephone Number) |
| KPMG, LLP                                                                                                               |                                              | PCAOB Registration #185                                             |                                    |                                |
|                                                                                                                         |                                              | (Nome - if individual, xinte last, forst. michille name)            |                                    |                                |
|                                                                                                                         | 550 South Tryon Street, Suite 3200 Charlotte |                                                                     | NC                                 | 28202                          |
| (Address)                                                                                                               |                                              | (City)                                                              | (Stase)                            | (Zip Code)                     |
| CHECK ONE:<br>Certified Public Accountant<br>Public Accountant                                                          |                                              |                                                                     |                                    |                                |
|                                                                                                                         |                                              | Accountant not resident in United States or any of its possessions. |                                    |                                |
|                                                                                                                         |                                              |                                                                     |                                    |                                |

\*Claims for examption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the exemption. See Section 240. 170-S(e)(2)

> Potential persons who are to respond to the collection of Information contained in this form are not required to respond
> unless the form displays a currently valid OMB control number.

SEC 1410 (11-05)

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# OATH OR AFFIRMATION

I. Duane Church

swear (or affirm) that, to the best of

my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of Wells Fargo Securities, LLC ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

of December 31

1

, 20 20 are true and correct. I further swear (or affirm) that

neither the company nor any partner, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows:

| CHETAN PATEL                                                                                |                                                                                                                                |
|---------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| Natury Public<br>Mecklenburg County N.C.                                                    | Signature                                                                                                                      |
| 2227-77-12-9 saujiped vorsstrumo 7                                                          | Chief Financial Officer                                                                                                        |
|                                                                                             | Title                                                                                                                          |
|                                                                                             |                                                                                                                                |
| 02/23/                                                                                      |                                                                                                                                |
| Notary Public                                                                               |                                                                                                                                |
| This report * * contains (check all applicable boxes);                                      |                                                                                                                                |
| (a) Facing Page.                                                                            |                                                                                                                                |
| (b) Statement of Financial Condition.                                                       |                                                                                                                                |
| of Comprehensive Income (as defined in §210.1-02 of Regulation S-X).                        | (c) Statement of Income (Loss) or, if there is other comprehensive in the period(s) presented, a Statement                     |
| (d) Statement of Changes in Financial Condition.                                            |                                                                                                                                |
| (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. |                                                                                                                                |
| (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors,                |                                                                                                                                |
| (g) Computation of Net Capital.                                                             |                                                                                                                                |
| (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3.          |                                                                                                                                |
| (1) Information Relating to the Possession or Control Requirements Under Rule   Sex -3.     |                                                                                                                                |
| Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3.   | () A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 15c3-1 and the             |
|                                                                                             | (k) A Reconciliation hetween the audited Statements of Financial Condition with respect to methods of                          |
| consolidation.                                                                              |                                                                                                                                |
| (1) An Oath or Affirmation.                                                                 |                                                                                                                                |
| (m) A copy of the SIPC Supplemental Report.                                                 |                                                                                                                                |
|                                                                                             | (n) A report describing any material inadequacies found to exist of lound to have existed since the date of the previous audi. |
|                                                                                             |                                                                                                                                |

\*\* For condisions of confidential treatment of certain portions of this filing, see section 240.17a-5(e)(3).

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KPMG LLP Suite 1000 620 S. Tryon Street Charlotte, North Carolina 28202-1842

# **Report of Independent Registered Public Accounting Firm**

To the Member and the Board of Managers Wells Fargo Securities, LLC:

# *Opinion on the Financial Statement*

We have audited the accompanying statement of financial condition of Wells Fargo Securities, LLC (the Company) as of December 31, 2020, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2020, in conformity with U.S. generally accepted accounting principles.

# *Basis for Opinion*

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. 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 Company 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 audit 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 statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, 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 statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2003.

Charlotte, North Carolina February 26, 2021

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| 1C8                                                         |      |  |
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| +53EB9D95C2?BB?G54                                          |      |  |
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| ??4G9<<                                                     |      |  |
| *5359F12<56B?=1669<91D5C                                    |      |  |
| 'D85B1CC5DC                                                 |      |  |
| ,?D1<1CC5DC                                                 | <br> |  |
| 2*+242<2.;*6-.5+.:<br>;9=2<A                                |      |  |
| \$9129<9D95C                                                |      |  |
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| +53EB9D95C<?1>54                                            |      |  |
| (1I12<5D?3ECD?=5BC                                          |      |  |
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| (1I12<5D?>?><br>3ECD?=5BC                                   |      |  |
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| ?BB?G9>7C                                                   |      |  |
| (1I12<5D?1669<91D5C                                         |      |  |
| 'D85B<9129<9D95C                                            |      |  |
| ,?D1<<9129<9D95C                                            |      |  |
| +E2?B49>1D542?BB?G9>7C                                      |      |  |
| %5=25BC5AE9DI                                               |      |  |
| %5=25BC3?>DB92ED9?>C                                        |      |  |
| 33E=E<1D5451B>9>7C                                          |      |  |
| ,?D1<=5=25BC5AE9DI                                          |      |  |
| ,?D1<<9129<9D95C1>4=5=25BC5AE9DI                            | <br> |  |

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{8}------------------------------------------------

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{9}------------------------------------------------

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{10}------------------------------------------------

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| ->C5DD<54DB145C	>5D                                | <br> |
|----------------------------------------------------|------|
| *5359F12<56B?=45B9F1D9F53<51B9>7?B71>9J1D9?>C      |      |
| *5359F12<56B?=31BBI9>72B?;5BC                      |      |
| *5359F12<56B?=3<51B9>73?B@?B1D9?>C                 |      |
| E1B1>DI45@?C9DC                                    |      |
| +I>4931D5B5359F12<5                                |      |
| +53EB9D95C619<54D?45<9F5B                          |      |
|                                                    | <br> |
| (1I12<5D?2B?;5B<br>451<5BC1>43<51B9>7?B71>9J1D9?>C |      |
| +I>4931D5@1I12<5                                   |      |
| (1I12<5D?45B9F1D9F53<51B9>7?B71>9J1D9?>C           |      |
| +53EB9D95C619<54D?B5359F5                          |      |
|                                                    | <br> |

## **"\*A\*+4.<7 76=;<75.:;**

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|                                        | <br><br> |

{11}------------------------------------------------

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|                                                            | 26*6,2*4<br>26;<:=5.6<;<br>7?6.- | 26*6,2*4<br>26;<:=5.6<;<br>;74-67<A.<<br>8=:,1*;.- |
|------------------------------------------------------------|----------------------------------|----------------------------------------------------|
| ?B@?B1D5?2<971D9?>C                                        | <br><br>                         | <br>                                               |
| ?<<1D5B1<9J54<?1>?2<971D9?>C1>41CC5D<br>213;54C53EB9D95C   | <br>                             | L                                                  |
| %?BD7175<br>213;54C53EB9D95C                               | <br>                             | <br>                                               |
| -+7?F5B>=5>D	-+175>3I1>4=E>939@1<7?F5B>=5>D<br>?2<971D9?>C | <br>                             | <br>                                               |
| &?><br>-+C?F5B597>452DC53EB9D95C                           | <br>                             | <br>                                               |
| AE9DIC53EB9D95C                                            | <br>                             | <br>                                               |
| 5B9F1D9F5C                                                 |                                  |                                                    |
| !>D5B5CDB1D53?>DB13DC                                      | <br>                             | <br>                                               |
| AE9DI3?>DB13DC                                             | <br>                             | <br>                                               |
| ?B597>3?>DB13DC                                            | <br>L                            | <br>                                               |
| B549D3?>DB13DC                                             | <br>L                            | <br>                                               |
|                                                            | <br><br>                         | <br>                                               |

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{12}------------------------------------------------

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{13}------------------------------------------------

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{14}------------------------------------------------

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{15}------------------------------------------------

# (An Indirect Wholly-Owned Subsidiary of Wells Fargo & Company) Notes to Statement of Financial Condition Year Ended December 31, 2020 (Dollars in thousands)

Assets and liabilities measured at fair value at December 31, 2020 on a recurring basis are summarized below:

| Assets and Llabilities Recorded at Fair Value on a Recurring Basis     |              |             |         |             |              |  |  |  |
|------------------------------------------------------------------------|--------------|-------------|---------|-------------|--------------|--|--|--|
|                                                                        | Level 1      | Level 2     | Level 3 | Netting (a) | Total        |  |  |  |
| Financial instruments owned (excluding derivatives):                   |              |             |         |             |              |  |  |  |
| Corporate obligations                                                  | ಲ್ಲಿ ಕ       | 9,744,170   | 12,535  |             | 9,756,705    |  |  |  |
| Collateralized loan obligations and asset-<br>backed securities        |              | 1,016,087   | 142,989 |             | 1,159,076    |  |  |  |
| Mortgage-backed securities                                             |              | 22,035,766  | 12,388  |             | 22,048,154   |  |  |  |
| US government, US agency and municipal<br>government obligations       | 15,043,055   | 1,726,629   | 60      |             | 16,769,744   |  |  |  |
| Non-US sovereign debt securities                                       |              | 67,242      |         |             | 67,242       |  |  |  |
| Equity securities                                                      | 1,142,559    | 477,479     | 15,858  |             | 1,635,896    |  |  |  |
| Derivatives:                                                           |              |             |         |             |              |  |  |  |
| Interest rate contracts                                                |              | 1,653,750   |         | (1,292,911) | 360,839      |  |  |  |
| Equity contracts                                                       | 699,892      | 8,063       | 14      | (652,952)   | 55,017       |  |  |  |
| Foreign exchange contracts                                             |              | 1,311       |         | (1,311)     |              |  |  |  |
| Credit contracts                                                       |              | 110,540     |         | (110,540)   |              |  |  |  |
|                                                                        | 16,885,506   | 36,841,037  | 183,844 | (2,057,714) | 51,852,673   |  |  |  |
| Financial instruments sold, not yet purchased (excluding derivatives): |              |             |         |             |              |  |  |  |
| Corporate obligations                                                  | ਦੇ ਰ         | (3,500,006) | (97)    |             | (3,500,103)  |  |  |  |
| Mortgage-backed securities                                             |              | (3,199,484) |         |             | (3,199,484)  |  |  |  |
| US government, US agency and municipal<br>government obligations       | (9,269,276)  | (84,989)    |         |             | (9,354,265)  |  |  |  |
| Non-US sovereign debt securities                                       |              | (74,800)    |         |             | (74,800)     |  |  |  |
| Equity securities                                                      | (3,384,552)  | (58,288)    | (4)     |             | (3,442,844)  |  |  |  |
| Derivatives:                                                           |              |             |         |             |              |  |  |  |
| Interest rate contracts                                                |              | (1,721,807) |         | 1,225,836   | (495,971)    |  |  |  |
| Equity contracts                                                       | (644,889)    |             | (2,528) | 647,305     | (112)        |  |  |  |
| Foreign exchange contracts                                             |              | (5,158)     |         | 4,927       | (231)        |  |  |  |
| Credit contracts                                                       |              | (137,226)   |         | 131,333     | (5,893)      |  |  |  |
|                                                                        | (13,298,717) | (8,781,758) | (2,629) | 2,009,401   | (20,073,703) |  |  |  |

(a) The netting of securities owned (assets) by the amount of securities sold but not yet purchased (liabilities) occurs when the securities owned and the securities sold but not yet purchased have identical Committee on Uniform Security Identification Procedures (CUSIP's) numbers. Derivative liabilities subject to an enforcable master netting arrangement and related cash collateral are also netted on the accompanying Statement of Financial Conditions have been met.

## Changes in Fair Value Levels

The availability of observable market data is monitored to assess the appropriate classification of financial instruments 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 in availability of observable market data, which also may result in

{16}------------------------------------------------

# (An Indirect Wholly-Owned Subsidiary of Wells Fargo & Company) Notes to Statement of Financial Condition Year Ended December 31, 2020 (Dollars in thousands)

changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2, and Level 3.

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2020 are summarized in the table below:

|                                                                        |   | Beginning<br>balance<br>January 1,<br>2020 | Total net<br>gains/(losses)<br>included in<br>earnings | Purchases,<br>issuances,<br>sales and<br>settlements,<br>net | Transfers<br>into Level 3<br>(a) | Transfers<br>out of Level<br>3 (b) | Ending<br>balance as of<br>December<br>31, 2020 | Net gains/<br>(losses)<br>included in<br>earnings<br>related to<br>positions<br>held at<br>period end |
|------------------------------------------------------------------------|---|--------------------------------------------|--------------------------------------------------------|--------------------------------------------------------------|----------------------------------|------------------------------------|-------------------------------------------------|-------------------------------------------------------------------------------------------------------|
| Financial instruments owned (excluding derivatives):                   |   |                                            |                                                        |                                                              |                                  |                                    |                                                 |                                                                                                       |
| Corporate obligations<br>Collateralized loan obligations and           | S | 37,998                                     | (12,042)                                               | (5,534)                                                      | 235                              | (8,122)                            | 12,535                                          | (3,899)                                                                                               |
| asset-backed securities                                                |   | 172,237                                    | (37,781)                                               | (6,724)                                                      | 63,516                           | (48,259)                           | 142,989                                         | (30,899)                                                                                              |
| Mortgage-backed securities<br>US government, US agency and             |   |                                            | (5,791)                                                | 21,146                                                       | 51,864                           | (54,831)                           | 12,388                                          | 685                                                                                                   |
| municipal government obligations                                       |   | 60                                         |                                                        |                                                              |                                  |                                    | 60                                              |                                                                                                       |
| Equity securities                                                      |   | 4,160                                      | 717                                                    | 2,020                                                        | 11,497                           | (2,536)                            | 15,858                                          | (1,332)                                                                                               |
|                                                                        | S | 214,455                                    | (54,897)                                               | 10,908                                                       | 127,112                          | (113,748)                          | 183,830                                         | (35,445)                                                                                              |
| Financial instruments sold, not yet purchased (excluding derivatives): |   |                                            |                                                        |                                                              |                                  |                                    |                                                 |                                                                                                       |
| Corporate obligations<br>Collateralized loan obligations and           | S | (1)                                        | 13                                                     | (109)                                                        |                                  |                                    | (97)                                            |                                                                                                       |
| asset-backed securities                                                |   |                                            |                                                        |                                                              |                                  |                                    |                                                 |                                                                                                       |
| Mortgage-backed securities<br>US government, US agency and             |   |                                            |                                                        |                                                              |                                  |                                    |                                                 |                                                                                                       |
| municipal government obligations                                       |   |                                            |                                                        |                                                              |                                  |                                    |                                                 |                                                                                                       |
| Equity securities                                                      |   |                                            | 24                                                     |                                                              | (28)                             |                                    | (4)                                             | (8)                                                                                                   |
|                                                                        |   | (1)                                        | 37                                                     | (109)                                                        | (28)                             |                                    | (101)                                           | (8)                                                                                                   |
| Net derivatives assets and liabilities:                                |   |                                            |                                                        |                                                              |                                  |                                    |                                                 |                                                                                                       |
| Equity contracts, net                                                  |   | (3,960)                                    | 1,112                                                  | 334                                                          |                                  |                                    | (2,514)                                         | 1,700                                                                                                 |
| Credit contracts, net                                                  |   | (100)                                      | (237)                                                  |                                                              | 337                              |                                    |                                                 | 3,322                                                                                                 |
|                                                                        | S | (4,060)                                    | 875                                                    | 334                                                          | 337                              |                                    | (2,514)                                         | 5,022                                                                                                 |
|                                                                        |   |                                            |                                                        |                                                              |                                  |                                    |                                                 |                                                                                                       |

Change in Level 3 Assets and Liabilities on a Recurring Basis

(a) All assets and liabilities transferred into level 3 were previously classified within level 2.

(b) All assets and liabilities transferred out of level 3 are classified as level 2.

{17}------------------------------------------------

# (An Indirect Wholly-Owned Subsidiary of Wells Fargo & Company) Notes to Statement of Financial Condition Year Ended December 31, 2020 (Dollars in thousands)

The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2020.

|                                                                 | Purchases, Sales, Issuances, and Settlements        |           |           |          |             |         |
|-----------------------------------------------------------------|-----------------------------------------------------|-----------|-----------|----------|-------------|---------|
|                                                                 | Related to Changes in Level 3 Assets and Liabilties |           |           |          |             |         |
|                                                                 |                                                     | Purchases | Sales     | ssuances | Settlements | Net     |
| Financial instruments owned (excluding derivatives):            |                                                     |           |           |          |             |         |
| Corporate obligations, net                                      | S                                                   | 38,335    | (43,729)  |          | (140)       | (5,534) |
| Collateralized loan obligations and asset-<br>backed securities |                                                     | 231,793   | (230,218) |          | (8,299)     | (6,724) |
| Mortgage-backed securities                                      |                                                     | 246,153   | (221,265) |          | (3,742)     | 21,146  |
| Equity securities                                               |                                                     | 2,211     | (191)     |          |             | 2,020   |
|                                                                 | ਦੇ ਰ                                                | 518,492   | (495,403) |          | (12,181)    | 10,908  |
| Financial instruments sold (excluding derivatives):             |                                                     |           |           |          |             |         |
| Corporate obligations                                           |                                                     |           |           |          | (110)       | (110)   |
|                                                                 | ਦੇ ਰ                                                |           |           |          | (110)       | (110)   |
| Derivatives (net):                                              |                                                     |           |           |          |             |         |
| Equity contracts, net                                           |                                                     |           |           |          | 334         | 334     |
|                                                                 | ತಿ                                                  |           |           |          | 334         | 334     |

### Valuation Techniques - Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation substantially all Level 3 assets and liabilities measured at fair value on a recurring basis which is used as an internal model.

|                                                                  |    |                                                     |                               |                                   | Range of                                                                                                                                                                              |                      |                     |  |
|------------------------------------------------------------------|----|-----------------------------------------------------|-------------------------------|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|---------------------|--|
|                                                                  |    |                                                     |                               |                                   |                                                                                                                                                                                       | unobservable inputs  |                     |  |
|                                                                  |    | Fair<br>value of<br>amount<br>reported<br>(Level 3) | Valuation technique           | Significant unobservable<br>input | Low<br>end of<br>range                                                                                                                                                                | High end<br>of range | Weighted<br>average |  |
| Financial instruments (excluding derivatives):                   |    |                                                     |                               |                                   |                                                                                                                                                                                       |                      |                     |  |
| Corporate obligations (1)                                        | ನ  | 12,438                                              | Market comparable pricing     | Comparability adjustment          | -10.85 %                                                                                                                                                                              | 29 %                 | -2.21 %             |  |
| Collateralized loan obligations                                  |    | 142,989                                             | Market comparable pricing     | Comparability adjustment          | -39.81 %                                                                                                                                                                              | -1.03 %              | -7.60 %             |  |
| Mortgage-backed securities                                       |    | 12,388                                              | Discounted cash flow<br>model | Loss severity                     | -33.61 %                                                                                                                                                                              | -23.76 %             | -28.50 %            |  |
| US government, US agency and<br>municipal government obligations |    | 60                                                  | Market comparable pricing     | Comparability adjustment          | 0/0<br>------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | %<br>-               | %                   |  |
| Equity securities                                                |    | 15,854                                              | Market comparable pricing     | Comparability adjustment          | -6.18 %                                                                                                                                                                               | 08 %                 | -4.40 %             |  |
| Total financial instruments owned                                | S  | 183,729                                             |                               |                                   |                                                                                                                                                                                       |                      |                     |  |
| Derivatives (net):                                               |    |                                                     |                               |                                   |                                                                                                                                                                                       |                      |                     |  |
| Equity contracts                                                 |    | (2,514)                                             | Option pricing model          | Volatility factor                 | 21.33 %                                                                                                                                                                               | 36.55 %              | 34.43 %             |  |
|                                                                  |    |                                                     |                               | Correlation factor                | -50.00 %                                                                                                                                                                              | 90.00 %              | 61.62 %             |  |
| Credit contracts                                                 |    |                                                     | Market comparable pricing     | Comparability adjustment          | %                                                                                                                                                                                     | - %                  | %                   |  |
| Total derivatives                                                | ಕೆ | (2,514)                                             |                               |                                   |                                                                                                                                                                                       |                      |                     |  |

(1) Corporate Obligations are shown net of \$(13) of Corporate Obligations sold, net yet purchased.

{18}------------------------------------------------

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| +53EB9D95C<?1>54                                        |                   | L                        |          | L    |                        |  |
| (1I12<5D?3ECD?=5BC                                      |                   | L                        |          | L    |                        |  |
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| (1I12<5D?1669<91D5C                                     |                   | L                        |          | L    |                        |  |
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{21}------------------------------------------------

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{22}------------------------------------------------

# (An Indirect Wholly-Owned Subsidiary of Wells Fargo & Company) Notes to Statement of Financial Condition Year Ended December 31, 2020 (Dollars in thousands)

required for the Company's continued compliance with minimum net capital requirements, they may not be repaid. The Company's outstanding borrowings under subordination agreements at December 31, 2020 totaled \$4,650,000 under the \$6,000,000 revolving subordinated note facility due December 1, 2023 and carried a variable interest rate of .86% at December 31, 2020.

The Company also has in place other unsecured borrowing agreements with WFCH as of December 31, 2020 and are listed in the following table:

|                           |             |      | At December 31, 2020 |             |          |  |  |  |  |
|---------------------------|-------------|------|----------------------|-------------|----------|--|--|--|--|
|                           | Committed   |      |                      | Outstanding | Interest |  |  |  |  |
| Description               | Uncommitted |      | Notional             | Balance     | Payable  |  |  |  |  |
| Line of Credit            | Committed   | ಲ್ಲಾ | 11,000,000           | 1,300,000   | 487      |  |  |  |  |
| Short Term Promisory Note | Uncommitted |      | 500,000              | 9.220       | 198      |  |  |  |  |
| Line of Credit            | Uncommitted |      | 6,000,000            | 6,000,000   | 3,268    |  |  |  |  |
|                           |             | မခ   | 17,500,000           | 7,309,220   | 3,953    |  |  |  |  |

# (h) Employee Benefits, Deferred Compensation and Stock Plans

# Defined Contribution Retirement Plans

WFC sponsors a qualified defined contribution retirement plan (the 401(k) Plan). Under the 401(k) Plan, after one month of service, eligible employees may contribute up to 50% of their certified compensation, subject to statutory limits. Eligible employees who complete one year of service are eligible for quarterly company matching contributions, which are generally dollar up to 6% of an employee's eligible certified compensation. Matching contributions are 100% vested. The 401(k) Plan includes an employer discretionary profit sharing contribution feature to allow WFC to make a contribution to eligible employees' 401(k) Plan accounts for a plan year. Eligible employees who complete one year of service are eligible for profit sharing contributions. Profit sharing contributions are vested after three years of service

# Deferred Compensation and Stock Plans

The Company participates in WFC's unfunded deferred compensation plan in which a select group of management or highly compensated individuals are participants, as defined. Awards consist of long-term deferred cash awards, restricted stock rights (RSRs) and performance share awards (PSAs), which may be granted periodically to certain employees.

The deferred portion of the award further takes the form of RSRs, PSAs and Long Term Cash. Deferred cash incentive awards generally vest over a three-year period while, RSRs and PSAs generally vest over three to five years, during which time the holder may be entitled to receive additional RSRs, PSAs or cash payments equal to the cash dividends that would have been paid had the RSRs or PSAs been issued and

{23}------------------------------------------------

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{24}------------------------------------------------

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{25}------------------------------------------------

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{26}------------------------------------------------

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{27}------------------------------------------------

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{28}------------------------------------------------

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{29}------------------------------------------------

# (An Indirect Wholly-Owned Subsidiary of Wells Fargo & Company) Notes to Statement of Financial Condition Year Ended December 31, 2020 (Dollars in thousands)

#### (15) Securities Financing Activities

The Company enters into resale and repurchase agreements and securities borrowing and lending agreements (collectively, "securities") primarily to finance inventory positions, acquire securities to cover short trading positions, accommodate customers' financing needs, and settle other securities obligations. The majority of securities financing activities involve high quality, liquid securities such as U.S. Treasury securities and government agency securities, and to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. These transactions are accounted for as collateralized financings which are typically received or pledged securities as collateral. These financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes.

# Offsetting of resale and repurchase agreements and securities borrowing and lending agreements

The table below presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). The Company accounts for transactions subject to these agreements as collateralized financings, and those with a single counterparty are presented net on the Statement of Financial Condition, provided certain criteria are met that permit netting. Most transactions subject to these agreements do not meet those criteria and thus are not eligible for Statement of Financial Condition netting. There were no securities borrowing or lending agreements subject to MSLAs that were eligible for netting.

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| B?CC1=?E>DCB53?7>9J54                                          | <br> |
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| &5D=?E>D                                                       | <br> |
| 2*+242<2.;                                                     |      |
| *5@EB381C51>4C53EB9D95C<5>49>717B55=5>DC                       |      |
| B?CC1=?E>DCB53?7>9J54                                          | <br> |
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| &5D=?E>D                                                       | <br> |

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|                                                        | %7<*4:7;;<br>!+420*<276 |
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| *5@EB381C517B55=5>DC                                   |                         |
| ?B@?B1D5?2<971D9?>C                                    | <br>                    |
| CC5D<br>213;54C53EB9D95C                               |                         |
| %?BD7175<br>213;54C53EB9D95C                           |                         |
| -+7?F5B>=5>D	-+175>3I1>4=E>939@1<7?F5B>=5>D?2<971D9?>C |                         |
| AE9DIC53EB9D95C                                        |                         |
| 'D85B                                                  |                         |
| ,?D1<B5@EB381C5C                                       |                         |
| +53EB9D95C<5>49>7                                      |                         |
| ?B@?B1D5?2<971D9?>C                                    | <br>                    |
| -+7?F5B>=5>D	-+175>3I1>4=E>939@1<7?F5B>=5>D?2<971D9?>C |                         |
| AE9DIC53EB9D95C                                        |                         |
| 'D85B                                                  |                         |
| ,?D1<C53EB9D95C<5>49>7                                 |                         |
| ,?D1<B5@EB381C5C1>4C53EB9D95C<5>49>7                   | <br>                    |
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