Wells Fargo VT Discovery Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Common Stocks : 99.06%
Communication Services : 1.39%
Interactive Media & Services : 1.39%
Match Group Incorporated †		25,600	$	2,832,640
Consumer Discretionary : 12.57%
Diversified Consumer Services : 3.18%
Bright Horizons Family Solutions Incorporated †		22,904		3,482,324
Chegg Incorporated †		41,800		2,986,192
				6,468,516
Hotels, Restaurants & Leisure : 3.56%
Chipotle Mexican Grill Incorporated †		3,600		4,477,356
Domino’s Pizza Incorporated		6,494		2,761,768
				7,239,124
Internet & Direct Marketing Retail : 4.98%
Chewy Incorporated Class A †		36,900		2,023,227
Etsy Incorporated †		25,711		3,127,229
MercadoLibre Incorporated †		4,603		4,982,655
				10,133,111
Specialty Retail : 0.85%
Carvana Company †		7,800		1,739,868
Financials : 0.92%
Consumer Finance : 0.92%
LendingTree Incorporated †		6,100		1,872,029
Health Care : 31.92%
Biotechnology : 8.84%
Black Diamond Therapeutics Incorporated †«		17,200		519,956
CRISPR Therapeutics AG †		14,627		1,223,402
Deciphera Pharmaceuticals Incorporated †		16,011		821,364
Exact Sciences Corporation †		37,200		3,792,540
Mirati Therapeutics Incorporated †		6,000		996,300
Natera Incorporated †		34,623		2,501,166
ORIC Pharmaceuticals Incorporated †«		24,021		600,765
Sarepta Therapeutics Incorporated †		13,150		1,846,655
Turning Point Therapeutics Incorporated †		18,837		1,645,600
Twist Bioscience Corporation †		24,710		1,877,219
Zai Lab Limited ADR †		17,912		1,489,741
Zymeworks Incorporated †		14,400		670,752
				17,985,460
Health Care Equipment & Supplies : 10.86%
ABIOMED Incorporated †		6,700		1,856,302
Align Technology Incorporated †		9,900		3,240,864
DexCom Incorporated †		5,700		2,349,711
Haemonetics Corporation †		21,600		1,884,600
Inari Medical Incorporated †		18,300		1,263,066
Insulet Corporation †		12,799		3,028,115
iRhythm Technologies Incorporated †		22,911		5,455,338

1

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Discovery Fund

	Shares		Value
Health Care Equipment & Supplies (continued)
Shockwave Medical Incorporated †		39,752	$	3,013,202
				22,091,198
Health Care Providers & Services : 6.50%
Amedisys Incorporated †		12,854		3,039,071
Chemed Corporation		6,400		3,074,240
Guardant Health Incorporated †		24,100		2,693,898
HealthEquity Incorporated †		37,583		1,930,639
Molina Healthcare Incorporated †		13,600		2,489,344
				13,227,192
Health Care Technology : 2.14%
Veeva Systems Incorporated Class A †		15,505		4,359,851
Life Sciences Tools & Services : 2.16%
Berkeley Lights Incorporated †«		19,728		1,506,430
Bio-Rad Laboratories Incorporated Class A †		5,600		2,886,576
				4,393,006
Pharmaceuticals : 1.42%
Catalent Incorporated †		33,800		2,895,308
Industrials : 17.59%
Aerospace & Defense : 3.54%
HEICO Corporation		20,400		2,135,064
Mercury Systems Incorporated †		36,300		2,811,798
Teledyne Technologies Incorporated †		7,300		2,264,533
				7,211,395
Building Products : 1.60%
Trex Company Incorporated †		45,500		3,257,800
Commercial Services & Supplies : 5.92%
Casella Waste Systems Incorporated Class A †		59,019		3,296,211
IAA Incorporated †		59,300		3,087,751
Tetra Tech Incorporated		29,900		2,855,450
Waste Connections Incorporated		27,043		2,807,063
				12,046,475
Electrical Equipment : 2.32%
Generac Holdings Incorporated †		24,400		4,724,816
Professional Services : 1.71%
Clarivate plc †		112,555		3,488,079
Road & Rail : 1.22%
Saia Incorporated †		19,600		2,472,344
Trading Companies & Distributors : 1.28%
SiteOne Landscape Supply Incorporated †		21,361		2,604,974
Information Technology : 33.10%
Electronic Equipment, Instruments & Components : 1.10%
Novanta Incorporated †		21,300		2,243,742

2

Wells Fargo VT Discovery Fund Portfolio of investments — September 30, 2020 (unaudited)

				Shares		Value
IT Services : 17.33%
Black Knight Incorporated †					54,800	$	4,770,340
Booz Allen Hamilton Holding Corporation					46,171		3,831,270
EPAM Systems Incorporated †					9,919		3,206,614
Euronet Worldwide Incorporated †					18,093		1,648,272
MongoDB Incorporated †					18,200		4,213,482
Okta Incorporated †					12,400		2,651,740
Square Incorporated Class A †					18,000		2,925,900
StoneCo Limited Class A †					72,119		3,814,374
Twilio Incorporated Class A †					14,398		3,557,602
WEX Incorporated †					15,800		2,195,726
WNS Holdings Limited ADR †					38,300		2,449,668
							35,264,988
Semiconductors & Semiconductor Equipment : 3.73%
Lattice Semiconductor Corporation †					79,976		2,316,105
MKS Instruments Incorporated					27,400		2,992,902
Universal Display Corporation					12,700		2,295,398
							7,604,405
Software : 10.94%
Avalara Incorporated †					21,000		2,674,140
Bill.com Holdings Incorporated †					20,966		2,103,099
Crowdstrike Holdings Incorporated Class A †					21,300		2,924,916
Elastic NV †					29,400		3,171,966
Envestnet Incorporated †					28,700		2,214,492
Five9 Incorporated †					30,718		3,983,510
Globant SA †					18,700		3,351,414
Unity Software Incorporated †«					21,023		1,834,887
							22,258,424
Real Estate : 1.57%
Equity REITs : 1.57%
QTS Realty Trust Incorporated Class A					50,700		3,195,117
Total Common Stocks (Cost $126,179,772)							201,609,862
	Yield
Short-Term Investments : 2.40%
Investment Companies : 2.40%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		3,418,990		3,418,990
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05			1,463,885		1,463,885
Total Short-Term Investments (Cost $4,882,875)							4,882,875
Total investments in securities (Cost $131,062,647)		101.46	%				206,492,737
Other assets and liabilities, net		(1.46	)				(2,969,070	)
Total net assets		100.00	%			$	203,523,667

† Non-income-earning security

« All or a portion of this security is on loan.

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

3

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Discovery Fund

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

4

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	4,718,549	$	33,090,280	$	(34,389,895	)	$	275	$	(219	)	$	18,828	#	$	3,418,990
Wells Fargo Government Money Market Fund Select Class		1,560,143		31,383,354		(31,479,612	)		0		0			11,114			1,463,885
								$	275	$	(219	)	$	29,942		$	4,882,875		2.40	%

^# Amount shown represents income before fees and rebates.

Wells Fargo VT Discovery Fund (the “Fund”)

Notes to Portfolio of investments – September 30, 2020 (unaudited)

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service.    

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.    

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	2,832,640	$	0	$	0	$	2,832,640
Consumer discretionary		25,580,619		0		0		25,580,619
Consumer staples		1,872,029		0		0		1,872,029
Health care		64,952,015		0		0		64,952,015
Industrials		35,805,883		0		0		35,805,883
Information technology		67,371,559		0		0		67,371,559
Real Estate		3,195,117		0		0		3,195,117
Short-term investments
Investment companies		4,882,875		0		0		4,882,875
Total assets	$	206,492,737	$	0	$	0	$	206,492,737

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the nine months ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Common Stocks : 60.14%
Communication Services : 6.52%
Diversified Telecommunication Services : 1.00%
AT&T Incorporated		11,482	$	327,352
CenturyLink Incorporated		1,585		15,993
Verizon Communications Incorporated		6,652		395,727
				739,072
Entertainment : 1.24%
Activision Blizzard Incorporated		1,237		100,135
Electronic Arts Incorporated †		462		60,249
Live Nation Entertainment Incorporated †		227		12,231
Netflix Incorporated †		712		356,021
Take-Two Interactive Software Incorporated †		181		29,905
The Walt Disney Company		2,919		362,190
				920,731
Interactive Media & Services : 3.33%
Alphabet Incorporated Class A †		484		709,350
Alphabet Incorporated Class C †		473		695,121
Facebook Incorporated Class A †		3,889		1,018,529
TripAdvisor Incorporated		0		0
Twitter Incorporated †		1,269		56,471
				2,479,471
Media : 0.81%
Charter Communications Incorporated Class A †		240		149,842
Comcast Corporation Class A		7,297		337,559
Discovery Incorporated Class A †		257		5,595
Discovery Incorporated Class C †		495		9,702
DISH Network Corporation Class A †		396		11,496
Fox Corporation Class A		556		15,473
Fox Corporation Class B		253		7,076
Interpublic Group of Companies Incorporated		624		10,402
News Corporation Class A		623		8,734
News Corporation Class B		194		2,712
Omnicom Group Incorporated		343		16,979
ViacomCBS Incorporated Class B		901		25,237
				600,807
Wireless Telecommunication Services : 0.14%
T-Mobile US Incorporated †		933		106,698
Consumer Discretionary : 6.93%
Auto Components : 0.07%
Aptiv plc		435		39,881
BorgWarner Incorporated		331		12,823
				52,704
Automobiles : 0.14%
Ford Motor Company		6,277		41,805
General Motors Company		2,018		59,713
				101,518
Distributors : 0.05%
Genuine Parts Company		231		21,984

1

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

	Shares		Value
Distributors (continued)
LKQ Corporation †		446	$	12,368
				34,352
Hotels, Restaurants & Leisure : 0.99%
Carnival Corporation		833		12,645
Chipotle Mexican Grill Incorporated †		45		55,967
Darden Restaurants Incorporated		210		21,155
Domino’s Pizza Incorporated		63		26,793
Hilton Worldwide Holdings Incorporated		441		37,626
Las Vegas Sands Corporation		526		24,543
Marriott International Incorporated Class A		425		39,347
McDonald’s Corporation		1,193		261,852
MGM Resorts International		656		14,268
Norwegian Cruise Line Holdings Limited †		443		7,580
Royal Caribbean Cruises Limited		285		18,448
Starbucks Corporation		1,874		161,014
Wynn Resorts Limited		155		11,131
Yum! Brands Incorporated		484		44,189
				736,558
Household Durables : 0.25%
D.R. Horton Incorporated		530		40,084
Garmin Limited		239		22,672
Leggett & Platt Incorporated		211		8,687
Lennar Corporation Class A		440		35,939
Mohawk Industries Incorporated †		95		9,271
Newell Rubbermaid Incorporated		606		10,399
NVR Incorporated †		5		20,416
Pulte Group Incorporated		429		19,858
Whirlpool Corporation		99		18,205
				185,531
Internet & Direct Marketing Retail : 3.17%
Amazon.com Incorporated †		682		2,147,434
Booking Holdings Incorporated †		66		112,905
eBay Incorporated		1,060		55,226
Etsy Incorporated †		191		23,231
Expedia Group Incorporated		217		19,897
				2,358,693
Leisure Products : 0.02%
Hasbro Incorporated		206		17,040
Multiline Retail : 0.33%
Dollar General Corporation		398		83,429
Dollar Tree Incorporated †		379		34,618
Target Corporation		803		126,408
				244,455
Specialty Retail : 1.48%
Advance Auto Parts Incorporated		110		16,885
AutoZone Incorporated †		37		43,573
Best Buy Company Incorporated		369		41,066
CarMax Incorporated †		260		23,897
L Brands Incorporated		370		11,770
Lowe’s Companies Incorporated		1,210		200,691
O’Reilly Automotive Incorporated †		119		54,869
Ross Stores Incorporated		572		53,379
The Gap Incorporated		330		5,620
The Home Depot Incorporated		1,728		479,883
The TJX Companies Incorporated		1,924		107,071
Tiffany & Company		173		20,042

2

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Specialty Retail (continued)
Tractor Supply Company		185	$	26,518
Ulta Beauty Incorporated †		91		20,382
				1,105,646
Textiles, Apparel & Luxury Goods : 0.43%
HanesBrands Incorporated		558		8,789
Nike Incorporated Class B		2,007		251,959
PVH Corporation		112		6,680
Ralph Lauren Corporation		76		5,166
Tapestry Incorporated		437		6,830
Under Armour Incorporated Class A †		303		3,403
Under Armour Incorporated Class C †		312		3,070
VF Corporation		513		36,038
				321,935
Consumer Staples : 4.22%
Beverages : 1.00%
Brown-Forman Corporation Class B		291		21,918
Constellation Brands Incorporated Class A		268		50,789
Molson Coors Brewing Company Class B		296		9,934
Monster Beverage Corporation †		591		47,398
PepsiCo Incorporated		2,216		307,138
The Coca-Cola Company		6,198		305,995
				743,172
Food & Staples Retailing : 0.94%
Costco Wholesale Corporation		712		252,760
Sysco Corporation		816		50,772
The Kroger Company		1,254		42,523
Walgreens Boots Alliance Incorporated		1,147		41,200
Walmart Incorporated		2,233		312,419
				699,674
Food Products : 0.66%
Archer Daniels Midland Company		891		41,423
Campbell Soup Company		325		15,720
ConAgra Foods Incorporated		785		28,032
General Mills Incorporated		982		60,570
Hormel Foods Corporation		449		21,952
Kellogg Company		407		26,288
Lamb Weston Holdings Incorporated		232		15,375
McCormick & Company Incorporated		200		38,820
Mondelez International Incorporated Class A		2,293		131,733
The Hershey Company		236		33,828
The J.M. Smucker Company		182		21,025
The Kraft Heinz Company		1,040		31,148
Tyson Foods Incorporated Class A		471		28,015
				493,929
Household Products : 1.11%
Church & Dwight Company Incorporated		396		37,109
Colgate-Palmolive Company		1,377		106,236
Kimberly-Clark Corporation		547		80,770
The Clorox Company		201		42,244
The Procter & Gamble Company		4,005		556,655
				823,014
Personal Products : 0.11%
The Estee Lauder Companies Incorporated Class A		362		79,007

3

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

	Shares		Value
Tobacco : 0.40%
Altria Group Incorporated		2,973	$	114,877
Philip Morris International Incorporated		2,493		186,950
				301,827
Energy : 1.24%
Energy Equipment & Services : 0.10%
Baker Hughes Incorporated		1,053		13,994
Halliburton Company		1,394		16,798
National Oilwell Varco Incorporated		623		5,644
Schlumberger Limited		2,217		34,497
TechnipFMC plc		680		4,291
				75,224
Oil, Gas & Consumable Fuels : 1.14%
Apache Corporation		600		5,682
Cabot Oil & Gas Corporation		646		11,215
Chevron Corporation		3,000		216,000
Concho Resources Incorporated		318		14,030
ConocoPhillips		1,714		56,288
Devon Energy Corporation		630		5,960
Diamondback Energy Incorporated		256		7,711
EOG Resources Incorporated		946		33,999
Exxon Mobil Corporation		6,790		233,101
Hess Corporation		442		18,091
HollyFrontier Corporation		238		4,691
Kinder Morgan Incorporated		3,131		38,605
Marathon Oil Corporation		1,280		5,235
Marathon Petroleum Corporation		1,040		30,514
Noble Energy Incorporated		778		6,652
Occidental Petroleum Corporation		1,344		13,453
ONEOK Incorporated		716		18,602
Phillips 66		698		36,184
Pioneer Natural Resources Company		265		22,787
The Williams Companies Incorporated		1,944		38,200
Valero Energy Corporation		650		28,158
				845,158
Financials : 5.82%
Banks : 2.00%
Bank of America Corporation		12,266		295,488
Citigroup Incorporated		3,351		144,462
Citizens Financial Group Incorporated		685		17,317
Comerica Incorporated		223		8,530
Fifth Third Bancorp		1,145		24,411
First Republic Bank		275		29,992
Huntington Bancshares Incorporated		1,638		15,020
JPMorgan Chase & Company		4,910		472,686
KeyCorp		1,571		18,742
M&T Bank Corporation		205		18,878
People’s United Financial Incorporated		685		7,062
PNC Financial Services Group Incorporated		684		75,178
Regions Financial Corporation		1,545		17,814
SVB Financial Group †		83		19,971
Truist Financial Corporation		2,177		82,835
US Bancorp		2,208		79,157
Wells Fargo & Company (l)		6,610		155,401
Zions Bancorporation		262		7,656
				1,490,600
Capital Markets : 1.54%
Ameriprise Financial Incorporated		193		29,743
Bank of New York Mellon Corporation		1,310		44,985

4

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Capital Markets (continued)
BlackRock Incorporated		228	$	128,489
Cboe Global Markets Incorporated		173		15,179
CME Group Incorporated		574		96,036
E*TRADE Financial Corporation		353		17,668
Franklin Resources Incorporated		430		8,751
Intercontinental Exchange Incorporated		901		90,145
Invesco Limited		608		6,937
MarketAxess Holdings Incorporated		61		29,377
Moody’s Corporation		259		75,071
Morgan Stanley		1,918		92,735
MSCI Incorporated		134		47,809
Northern Trust Corporation		333		25,964
Raymond James Financial Incorporated		195		14,188
S&P Global Incorporated		387		139,552
State Street Corporation		566		33,581
T. Rowe Price Group Incorporated		363		46,544
The Charles Schwab Corporation		1,863		67,496
The Goldman Sachs Group Incorporated		553		111,136
The NASDAQ OMX Group Incorporated		183		22,456
				1,143,842
Consumer Finance : 0.28%
American Express Company		1,044		104,661
Capital One Financial Corporation		731		52,530
Discover Financial Services		490		28,312
Synchrony Financial		870		22,768
				208,271
Diversified Financial Services : 0.91%
Berkshire Hathaway Incorporated Class B †		3,178		676,723
Insurance : 1.09%
AFLAC Incorporated		1,067		38,785
American International Group Incorporated		1,384		38,102
Aon plc Class A		373		76,950
Arthur J. Gallagher & Company		307		32,413
Assurant Incorporated		95		11,524
Chubb Limited		725		84,187
Cincinnati Financial Corporation		240		18,713
Everest Reinsurance Group Limited		64		12,643
Globe Life Incorporated		157		12,544
Lincoln National Corporation		290		9,086
Loews Corporation		382		13,275
Marsh & McLennan Companies Incorporated		813		93,251
MetLife Incorporated		1,239		46,054
Principal Financial Group Incorporated		412		16,591
Prudential Financial Incorporated		634		40,272
The Allstate Corporation		503		47,352
The Hartford Financial Services Group Incorporated		578		21,305
The Progressive Corporation		941		89,084
The Travelers Companies Incorporated		406		43,925
UnumProvident Corporation		327		5,503
W.R. Berkley Corporation		225		13,759
Willis Towers Watson plc		207		43,226
				808,544
Health Care : 8.56%
Biotechnology : 1.29%
AbbVie Incorporated		2,842		248,931
Alexion Pharmaceuticals Incorporated †		351		40,165
Amgen Incorporated		945		240,181
Biogen Incorporated †		255		72,338
Gilead Sciences Incorporated		2,013		127,201

5

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

	Shares		Value
Biotechnology (continued)
Incyte Corporation †		296	$	26,563
Regeneron Pharmaceuticals Incorporated †		168		94,043
Vertex Pharmaceuticals Incorporated †		420		114,290
				963,712
Health Care Equipment & Supplies : 2.38%
Abbott Laboratories		2,838		308,860
ABIOMED Incorporated †		73		20,225
Align Technology Incorporated †		114		37,319
Baxter International Incorporated		807		64,899
Becton Dickinson & Company		465		108,196
Boston Scientific Corporation †		2,297		87,768
Danaher Corporation		1,016		218,775
Dentsply Sirona Incorporated		348		15,218
DexCom Incorporated †		154		63,483
Edwards Lifesciences Corporation †		993		79,261
Hologic Incorporated †		415		27,585
IDEXX Laboratories Incorporated †		136		53,463
Intuitive Surgical Incorporated †		186		131,974
Medtronic plc		2,153		223,740
ResMed Incorporated		232		39,772
STERIS plc		136		23,962
Stryker Corporation		524		109,186
Teleflex Incorporated		75		25,532
The Cooper Companies Incorporated		79		26,632
Varian Medical Systems Incorporated †		146		25,112
West Pharmaceutical Services Incorporated		118		32,438
Zimmer Biomet Holdings Incorporated		332		45,198
				1,768,598
Health Care Providers & Services : 1.59%
AmerisourceBergen Corporation		235		22,776
Anthem Incorporated		404		108,510
Cardinal Health Incorporated		468		21,973
Centene Corporation †		934		54,480
Cigna Corporation		591		100,121
CVS Health Corporation		2,107		123,049
DaVita HealthCare Partners Incorporated †		120		10,278
HCA Healthcare Incorporated		427		53,238
Henry Schein Incorporated †		228		13,402
Humana Incorporated		213		88,159
Laboratory Corporation of America Holdings †		156		29,370
McKesson Corporation		258		38,424
Quest Diagnostics Incorporated		215		24,615
UnitedHealth Group Incorporated		1,534		478,255
Universal Health Services Incorporated Class B		125		13,378
				1,180,028
Health Care Technology : 0.05%
Cerner Corporation		488		35,278
Life Sciences Tools & Services : 0.74%
Agilent Technologies Incorporated		495		49,965
Bio-Rad Laboratories Incorporated Class A †		34		17,526
Illumina Incorporated †		235		72,634
IQVIA Holdings Incorporated †		306		48,235
Mettler-Toledo International Incorporated †		39		37,664
PerkinElmer Incorporated		179		22,466
Thermo Fisher Scientific Incorporated		637		281,248
Waters Corporation †		99		19,372
				549,110
Pharmaceuticals : 2.51%
Bristol-Myers Squibb Company		3,604		217,285

6

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Pharmaceuticals (continued)
Catalent Incorporated †		263	$	22,529
Eli Lilly & Company		1,271		188,133
Johnson & Johnson		4,239		631,102
Merck & Company Incorporated		4,054		336,279
Mylan NV †		826		12,250
Perrigo Company plc		219		10,054
Pfizer Incorporated		8,925		327,548
Zoetis Incorporated		763		126,177
				1,871,357
Industrials : 4.98%
Aerospace & Defense : 0.96%
General Dynamics Corporation		372		51,496
Howmet Aerospace Incorporated		629		10,517
Huntington Ingalls Industries Incorporated		64		9,008
L3Harris Technologies Incorporated		345		58,595
Lockheed Martin Corporation		395		151,396
Northrop Grumman Corporation		249		78,557
Raytheon Technologies Corporation		2,447		140,800
Teledyne Technologies Incorporated †		59		18,302
Textron Incorporated		366		13,209
The Boeing Company		853		140,967
TransDigm Group Incorporated		86		40,860
				713,707
Air Freight & Logistics : 0.45%
C.H. Robinson Worldwide Incorporated		215		21,971
Expeditors International of Washington Incorporated		268		24,259
FedEx Corporation		385		96,835
United Parcel Service Incorporated Class B		1,133		188,792
				331,857
Airlines : 0.13%
Alaska Air Group Incorporated		198		7,253
American Airlines Group Incorporated «		813		9,992
Delta Air Lines Incorporated		1,024		31,314
Southwest Airlines Company		948		35,550
United Airlines Holdings Incorporated †		465		16,159
				100,268
Building Products : 0.27%
A.O. Smith Corporation		217		11,458
Allegion plc		147		14,540
Carrier Global Corporation		1,309		39,977
Fortune Brands Home & Security Incorporated		221		19,121
Johnson Controls International plc		1,196		48,857
Masco Corporation		419		23,099
Trane Technologies plc		383		46,439
				203,491
Commercial Services & Supplies : 0.26%
Cintas Corporation		140		46,596
Copart Incorporated †		331		34,808
Republic Services Incorporated		337		31,459
Rollins Incorporated		236		12,789
Waste Management Incorporated		623		70,505
				196,157

7

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

	Shares		Value
Construction & Engineering : 0.04%
Jacobs Engineering Group Incorporated		208	$	19,296
Quanta Services Incorporated		221		11,682
				30,978
Electrical Equipment : 0.28%
AMETEK Incorporated		368		36,579
Eaton Corporation plc		641		65,401
Emerson Electric Company		959		62,882
Rockwell Automation Incorporated		186		41,046
				205,908
Industrial Conglomerates : 0.66%
3M Company		924		148,006
General Electric Company		14,083		87,737
Honeywell International Incorporated		1,127		185,515
Roper Technologies Incorporated		169		66,774
				488,032
Machinery : 0.99%
Caterpillar Incorporated		869		129,611
Cummins Incorporated		237		50,045
Deere & Company		503		111,480
Dover Corporation		231		25,027
Flowserve Corporation		208		5,676
Fortive Corporation		542		41,306
IDEX Corporation		120		21,889
Illinois Tool Works Incorporated		460		88,877
Ingersoll Rand Incorporated †		596		21,218
Otis Worldwide Corporation		654		40,823
PACCAR Incorporated		555		47,330
Parker-Hannifin Corporation		206		41,682
Pentair plc		266		12,175
Snap-on Incorporated		87		12,800
Stanley Black & Decker Incorporated		255		41,361
Wabtec Corporation		287		17,760
Xylem Incorporated		288		24,227
				733,287
Professional Services : 0.19%
Equifax Incorporated		194		30,439
IHS Markit Limited		595		46,713
Nielsen Holdings plc		572		8,111
Robert Half International Incorporated		182		9,635
Verisk Analytics Incorporated		258		47,810
				142,708
Road & Rail : 0.63%
CSX Corporation		1,221		94,835
J.B. Hunt Transport Services Incorporated		133		16,809
Kansas City Southern		150		27,125
Norfolk Southern Corporation		405		86,666
Old Dominion Freight Line Incorporated		154		27,862
Union Pacific Corporation		1,088		214,195
				467,492
Trading Companies & Distributors : 0.12%
Fastenal Company		920		41,483
United Rentals Incorporated †		115		20,068
W.W. Grainger Incorporated		73		26,044
				87,595

8

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Information Technology : 16.93%
Communications Equipment : 0.47%
Arista Networks Incorporated †		88	$	18,210
Cisco Systems Incorporated		6,802		267,931
F5 Networks Incorporated †		97		11,909
Juniper Networks Incorporated		533		11,460
Motorola Solutions Incorporated		271		42,496
				352,006
Electronic Equipment, Instruments & Components : 0.32%
Amphenol Corporation Class A		480		51,970
CDW Corporation of Delaware		229		27,372
Corning Incorporated		1,219		39,508
FLIR Systems Incorporated		210		7,529
IPG Photonics Corporation †		57		9,688
Keysight Technologies Incorporated †		299		29,535
TE Connectivity Limited		530		51,802
Zebra Technologies Corporation Class A †		85		21,459
				238,863
IT Services : 3.38%
Accenture plc Class A		1,024		231,414
Akamai Technologies Incorporated †		260		28,740
Automatic Data Processing Incorporated		690		96,248
Broadridge Financial Solutions Incorporated		184		24,288
Cognizant Technology Solutions Corporation Class A		869		60,326
DXC Technology Company		414		7,390
Fidelity National Information Services Incorporated		998		146,916
Fiserv Incorporated †		892		91,921
FleetCor Technologies Incorporated †		135		32,144
Gartner Incorporated †		142		17,743
Global Payments Incorporated		479		85,061
International Business Machines Corporation		1,431		174,110
Jack Henry & Associates Incorporated		122		19,836
Leidos Holdings Incorporated		214		19,078
MasterCard Incorporated Class A		1,416		478,849
Paychex Incorporated		514		41,002
PayPal Holdings Incorporated †		1,889		372,190
The Western Union Company		658		14,101
VeriSign Incorporated †		162		33,186
Visa Incorporated Class A		2,698		539,519
				2,514,062
Semiconductors & Semiconductor Equipment : 3.05%
Advanced Micro Devices Incorporated †		1,901		155,863
Analog Devices Incorporated		594		69,344
Applied Materials Incorporated		1,469		87,332
Broadcom Incorporated		644		234,622
Intel Corporation		6,831		353,709
KLA Corporation		249		48,241
Lam Research Corporation		234		77,630
Maxim Integrated Products Incorporated		428		28,937
Microchip Technology Incorporated		406		41,721
Micron Technology Incorporated †		1,787		83,918
NVIDIA Corporation		994		537,973
Qorvo Incorporated †		182		23,480
QUALCOMM Incorporated		1,807		212,648
Skyworks Solutions Incorporated		266		38,703
Teradyne Incorporated		265		21,057
Texas Instruments Incorporated		1,470		209,901
Xilinx Incorporated		392		40,862
				2,265,941

9

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

	Shares		Value
Software : 5.53%
Adobe Incorporated †		772	$	378,612
ANSYS Incorporated †		138		45,158
Autodesk Incorporated †		352		81,316
Cadence Design Systems Incorporated †		446		47,557
Citrix Systems Incorporated		197		27,129
Fortinet Incorporated †		214		25,211
Intuit Incorporated		420		137,008
Microsoft Corporation		12,133		2,551,934
NortonLifeLock Incorporated		947		19,735
Oracle Corporation		3,100		185,070
Paycom Software Incorporated †		80		24,904
Salesforce.com Incorporated †		1,468		368,938
ServiceNow Incorporated †		309		149,865
Synopsys Incorporated †		243		51,997
Tyler Technologies Incorporated †		65		22,656
				4,117,090
Technology Hardware, Storage & Peripherals : 4.18%
Apple Incorporated		25,848		2,993,443
Hewlett Packard Enterprise Company		2,062		19,321
HP Incorporated		2,206		41,892
NetApp Incorporated		356		15,607
Seagate Technology plc		358		17,639
Western Digital Corporation		484		17,690
Xerox Holdings Corporation		287		5,387
				3,110,979
Materials : 1.57%
Chemicals : 1.10%
Air Products & Chemicals Incorporated		355		105,740
Albemarle Corporation		171		15,267
Celanese Corporation Series A		188		20,201
CF Industries Holdings Incorporated		342		10,503
Corteva Incorporated		1,200		34,572
Dow Incorporated		1,188		55,895
DuPont de Nemours Incorporated		1,175		65,189
Eastman Chemical Company		216		16,874
Ecolab Incorporated		398		79,536
FMC Corporation		207		21,923
International Flavors & Fragrances Incorporated		171		20,939
Linde plc		843		200,744
LyondellBasell Industries NV Class A		411		28,971
PPG Industries Incorporated		377		46,024
The Mosaic Company		550		10,049
The Sherwin-Williams Company		131		91,273
				823,700
Construction Materials : 0.07%
Martin Marietta Materials Incorporated		100		23,536
Vulcan Materials Company		212		28,734
				52,270
Containers & Packaging : 0.21%
Amcor plc		2,521		27,857
Avery Dennison Corporation		134		17,131
Ball Corporation		524		43,555
International Paper Company		629		25,500
Packaging Corporation of America		151		16,467
Sealed Air Corporation		250		9,703
WestRock Company		416		14,452
				154,665

10

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Metals & Mining : 0.19%
Freeport-McMoRan Incorporated		2,305	$	36,050
Newmont Corporation		1,289		81,787
Nucor Corporation		483		21,667
				139,504
Real Estate : 1.59%
Equity REITs : 1.56%
Alexandria Real Estate Equities Incorporated		187		29,920
American Tower Corporation		712		172,112
Apartment Investment & Management Company Class A		238		8,025
AvalonBay Communities Incorporated		225		33,602
Boston Properties Incorporated		227		18,228
Crown Castle International Corporation		676		112,554
Digital Realty Trust Incorporated		432		63,400
Duke Realty Corporation		598		22,066
Equinix Incorporated		142		107,938
Equity Residential		550		28,232
Essex Property Trust Incorporated		104		20,882
Extra Space Storage Incorporated		207		22,147
Federal Realty Investment Trust		110		8,078
Healthpeak Properties Incorporated		867		23,539
Host Hotels & Resorts Incorporated		1,141		12,311
Iron Mountain Incorporated		465		12,457
Kimco Realty Corporation		699		7,871
Mid-America Apartment Communities Incorporated		182		21,103
Prologis Incorporated		1,186		119,335
Public Storage Incorporated		244		54,344
Realty Income Corporation		555		33,716
Regency Centers Corporation		253		9,619
SBA Communications Corporation		180		57,326
Simon Property Group Incorporated		492		31,823
SL Green Realty Corporation		117		5,425
UDR Incorporated		472		15,392
Ventas Incorporated		602		25,260
Vornado Realty Trust		253		8,529
Welltower Incorporated		676		37,241
Weyerhaeuser Company		1,197		34,138
				1,156,613
Real Estate Management & Development : 0.03%
CBRE Group Incorporated Class A †		539		25,317
Utilities : 1.78%
Electric Utilities : 1.11%
Alliant Energy Corporation		399		20,608
American Electric Power Company Incorporated		797		65,139
Duke Energy Corporation		1,178		104,324
Edison International		605		30,758
Entergy Corporation		321		31,628
Evergy Incorporated		363		18,448
Eversource Energy		550		45,953
Exelon Corporation		1,562		55,857
FirstEnergy Corporation		874		25,093
NextEra Energy Incorporated		786		218,162
NRG Energy Incorporated		392		12,050
Pinnacle West Capital Corporation		179		13,344
PPL Corporation		1,232		33,523
The Southern Company		1,698		92,066
Xcel Energy Incorporated		843		58,175
				825,128

11

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

						Shares		Value
Gas Utilities : 0.02%
Atmos Energy Corporation							197	$	18,831
Independent Power & Renewable Electricity Producers : 0.02%
AES Corporation							1,068		19,341
Multi-Utilities : 0.57%
Ameren Corporation							397		31,395
CenterPoint Energy Incorporated							875		16,931
CMS Energy Corporation							458		28,126
Consolidated Edison Incorporated							537		41,779
Dominion Energy Incorporated							1,346		106,240
DTE Energy Company							309		35,547
NiSource Incorporated							616		13,552
Public Service Enterprise Group Incorporated							813		44,642
Sempra Energy							463		54,801
WEC Energy Group Incorporated							507		49,128
									422,141
Water Utilities : 0.06%
American Water Works Company Incorporated							290		42,015
Total Common Stocks (Cost $22,567,615)									44,742,225
	Interest rate			Maturity date		Principal
U.S. Treasury Securities : 36.34%
U.S. Treasury Bond		0.25	%		6-30-2025	$	142,000		141,917
U.S. Treasury Bond		0.25			8-31-2025		153,000		152,845
U.S. Treasury Bond		0.38			7-31-2027		134,000		133,309
U.S. Treasury Bond		0.50			8-31-2027		142,000		142,372
U.S. Treasury Bond		0.63			8-15-2030		222,000		220,743
U.S. Treasury Bond		1.13			5-15-2040		109,000		107,280
U.S. Treasury Bond		1.13			8-15-2040		145,000		142,270
U.S. Treasury Bond		1.25			5-15-2050		120,000		113,719
U.S. Treasury Bond		1.38			8-15-2050		151,000		147,756
U.S. Treasury Bond		1.50			1-31-2027		98,000		104,711
U.S. Treasury Bond		1.50			2-15-2030		209,000		225,426
U.S. Treasury Bond		2.00			2-15-2050		152,000		171,926
U.S. Treasury Bond		2.13			9-30-2024		118,000		126,974
U.S. Treasury Bond		2.13			11-30-2024		119,000		128,339
U.S. Treasury Bond		2.25			8-15-2046		106,000		125,175
U.S. Treasury Bond		2.25			8-15-2049		108,000		128,431
U.S. Treasury Bond		2.38			11-15-2049		127,000		155,054
U.S. Treasury Bond		2.50			2-15-2045		116,000		142,766
U.S. Treasury Bond		2.50			2-15-2046		106,000		130,864
U.S. Treasury Bond		2.50			5-15-2046		105,000		129,720
U.S. Treasury Bond		2.75			8-15-2042		66,000		84,568
U.S. Treasury Bond		2.75			11-15-2042		78,000		99,874
U.S. Treasury Bond		2.75			8-15-2047		101,000		131,091
U.S. Treasury Bond		2.75			11-15-2047		100,000		129,949
U.S. Treasury Bond		2.88			5-15-2028		178,000		209,414
U.S. Treasury Bond		2.88			5-15-2043		111,000		144,933
U.S. Treasury Bond		2.88			8-15-2045		115,000		151,086
U.S. Treasury Bond		2.88			11-15-2046		104,000		137,455
U.S. Treasury Bond		2.88			5-15-2049		140,000		187,441
U.S. Treasury Bond		3.00			5-15-2042		40,000		53,172
U.S. Treasury Bond		3.00			11-15-2044		114,000		152,319
U.S. Treasury Bond		3.00			5-15-2045		116,000		155,304
U.S. Treasury Bond		3.00			11-15-2045		115,000		154,495
U.S. Treasury Bond		3.00			2-15-2047		106,000		143,377
U.S. Treasury Bond		3.00			5-15-2047		104,000		140,892
U.S. Treasury Bond		3.00			2-15-2048		114,000		154,920
U.S. Treasury Bond		3.00			8-15-2048		121,000		164,914
U.S. Treasury Bond		3.00			2-15-2049		140,000		191,373
U.S. Treasury Bond		3.13			11-15-2041		37,000		49,996
U.S. Treasury Bond		3.13			2-15-2042		46,000		62,316
U.S. Treasury Bond		3.13			2-15-2043		79,000		107,042
U.S. Treasury Bond		3.13			8-15-2044		115,000		156,481

12

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		3.13	%		5-15-2048	$	123,000	$	170,999
U.S. Treasury Bond		3.38			5-15-2044		110,000		155,216
U.S. Treasury Bond		3.38			11-15-2048		135,000		196,420
U.S. Treasury Bond		3.50			2-15-2039		29,000		40,709
U.S. Treasury Bond		3.63			8-15-2043		88,000		128,301
U.S. Treasury Bond		3.63			2-15-2044		113,000		165,117
U.S. Treasury Bond		3.75			8-15-2041		36,000		52,841
U.S. Treasury Bond		3.75			11-15-2043		110,000		163,402
U.S. Treasury Bond		3.88			8-15-2040		37,000		54,764
U.S. Treasury Bond		4.25			5-15-2039		31,000		47,561
U.S. Treasury Bond		4.25			11-15-2040		40,000		62,098
U.S. Treasury Bond		4.38			2-15-2038		18,000		27,695
U.S. Treasury Bond		4.38			11-15-2039		35,000		54,683
U.S. Treasury Bond		4.38			5-15-2040		35,000		54,939
U.S. Treasury Bond		4.38			5-15-2041		33,000		52,225
U.S. Treasury Bond		4.50			2-15-2036		26,000		39,343
U.S. Treasury Bond		4.50			5-15-2038		21,000		32,805
U.S. Treasury Bond		4.50			8-15-2039		33,000		52,183
U.S. Treasury Bond		4.63			2-15-2040		38,000		61,187
U.S. Treasury Bond		4.75			2-15-2037		13,000		20,484
U.S. Treasury Bond		4.75			2-15-2041		44,000		72,574
U.S. Treasury Bond		5.00			5-15-2037		17,000		27,542
U.S. Treasury Bond		5.25			11-15-2028		45,000		61,898
U.S. Treasury Bond		5.25			2-15-2029		33,000		45,701
U.S. Treasury Bond		5.38			2-15-2031		31,000		45,669
U.S. Treasury Bond		5.50			8-15-2028		35,000		48,482
U.S. Treasury Bond		6.13			11-15-2027		49,000		68,531
U.S. Treasury Bond		6.13			8-15-2029		25,000		37,034
U.S. Treasury Bond		6.25			5-15-2030		21,000		32,062
U.S. Treasury Bond		6.38			8-15-2027		21,000		29,456
U.S. Treasury Bond		6.88			8-15-2025		21,000		27,712
U.S. Treasury Note		0.25			5-31-2025		132,000		131,979
U.S. Treasury Note		0.25			7-31-2025		147,000		146,868
U.S. Treasury Note		0.38			4-30-2025		126,000		126,724
U.S. Treasury Note		0.50			3-31-2025		120,000		121,359
U.S. Treasury Note		0.50			4-30-2027		98,000		98,433
U.S. Treasury Note		0.50			5-31-2027		111,000		111,447
U.S. Treasury Note		0.50			6-30-2027		122,000		122,448
U.S. Treasury Note		0.63			3-31-2027		81,000		82,025
U.S. Treasury Note		0.63			5-15-2030		178,000		177,360
U.S. Treasury Note		1.13			7-31-2021		153,000		154,219
U.S. Treasury Note		1.13			8-31-2021		153,000		154,339
U.S. Treasury Note		1.13			9-30-2021		152,000		153,473
U.S. Treasury Note		1.13			2-28-2025		118,000		122,596
U.S. Treasury Note		1.13			2-28-2027		47,000		49,111
U.S. Treasury Note		1.25			10-31-2021		151,000		152,805
U.S. Treasury Note		1.25			7-31-2023		67,000		69,060
U.S. Treasury Note		1.38			6-30-2023		64,000		66,150
U.S. Treasury Note		1.38			8-31-2023		124,000		128,388
U.S. Treasury Note		1.38			9-30-2023		90,000		93,266
U.S. Treasury Note		1.38			1-31-2025		105,000		110,143
U.S. Treasury Note		1.38			8-31-2026		95,000		100,578
U.S. Treasury Note		1.50			1-31-2022		128,000		130,310
U.S. Treasury Note		1.50			2-28-2023		126,000		130,115
U.S. Treasury Note		1.50			3-31-2023		126,000		130,238
U.S. Treasury Note		1.50			8-15-2026		102,000		108,714
U.S. Treasury Note		1.63			8-15-2022		117,000		120,268
U.S. Treasury Note		1.63			8-31-2022		151,000		155,294
U.S. Treasury Note		1.63			11-15-2022		150,000		154,693
U.S. Treasury Note		1.63			4-30-2023		66,000		68,509
U.S. Treasury Note		1.63			5-31-2023		64,000		66,513
U.S. Treasury Note		1.63			10-31-2023		90,000		94,050
U.S. Treasury Note		1.63			2-15-2026		102,000		109,076
U.S. Treasury Note		1.63			5-15-2026		105,000		112,473
U.S. Treasury Note		1.63			9-30-2026		97,000		104,180
U.S. Treasury Note		1.63			10-31-2026		94,000		101,002
U.S. Treasury Note		1.63			11-30-2026		97,000		104,286
U.S. Treasury Note		1.63			8-15-2029		157,000		170,885

13

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.75	%		11-30-2021	$	134,000	$	136,497
U.S. Treasury Note		1.75			2-28-2022		129,000		131,928
U.S. Treasury Note		1.75			3-31-2022		128,000		131,080
U.S. Treasury Note		1.75			4-30-2022		126,000		129,204
U.S. Treasury Note		1.75			5-15-2022		111,000		113,896
U.S. Treasury Note		1.75			5-31-2022		149,000		152,993
U.S. Treasury Note		1.75			6-30-2022		149,000		153,191
U.S. Treasury Note		1.75			9-30-2022		144,000		148,646
U.S. Treasury Note		1.75			1-31-2023		129,000		133,812
U.S. Treasury Note		1.75			5-15-2023		113,000		117,710
U.S. Treasury Note		1.75			12-31-2024		99,000		105,350
U.S. Treasury Note		1.75			12-31-2026		99,000		107,284
U.S. Treasury Note		1.75			11-15-2029		178,000		195,960
U.S. Treasury Note		1.88			11-30-2021		128,000		130,570
U.S. Treasury Note		1.88			1-31-2022		157,000		160,631
U.S. Treasury Note		1.88			2-28-2022		153,000		156,723
U.S. Treasury Note		1.88			3-31-2022		153,000		156,968
U.S. Treasury Note		1.88			4-30-2022		153,000		157,196
U.S. Treasury Note		1.88			5-31-2022		128,000		131,700
U.S. Treasury Note		1.88			7-31-2022		149,000		153,738
U.S. Treasury Note		1.88			8-31-2022		142,000		146,709
U.S. Treasury Note		1.88			9-30-2022		144,000		148,995
U.S. Treasury Note		1.88			10-31-2022		143,000		148,156
U.S. Treasury Note		1.88			8-31-2024		125,000		133,101
U.S. Treasury Note		1.88			6-30-2026		98,000		106,468
U.S. Treasury Note		1.88			7-31-2026		99,000		107,635
U.S. Treasury Note		2.00			8-31-2021		127,000		129,123
U.S. Treasury Note		2.00			10-31-2021		126,000		128,515
U.S. Treasury Note		2.00			11-15-2021		178,000		181,664
U.S. Treasury Note		2.00			12-31-2021		155,000		158,572
U.S. Treasury Note		2.00			2-15-2022		133,000		136,382
U.S. Treasury Note		2.00			7-31-2022		144,000		148,899
U.S. Treasury Note		2.00			10-31-2022		143,000		148,541
U.S. Treasury Note		2.00			11-30-2022		129,000		134,180
U.S. Treasury Note		2.00			2-15-2023		118,000		123,144
U.S. Treasury Note		2.00			4-30-2024		123,000		130,923
U.S. Treasury Note		2.00			5-31-2024		123,000		131,086
U.S. Treasury Note		2.00			6-30-2024		123,000		131,264
U.S. Treasury Note		2.00			2-15-2025		289,000		311,059
U.S. Treasury Note		2.00			8-15-2025		220,000		238,348
U.S. Treasury Note		2.00			11-15-2026		170,000		186,575
U.S. Treasury Note		2.13			8-15-2021		178,000		181,066
U.S. Treasury Note		2.13			9-30-2021		128,000		130,505
U.S. Treasury Note		2.13			12-31-2021		126,000		129,101
U.S. Treasury Note		2.13			6-30-2022		126,000		130,371
U.S. Treasury Note		2.13			12-31-2022		129,000		134,739
U.S. Treasury Note		2.13			11-30-2023		110,000		116,776
U.S. Treasury Note		2.13			2-29-2024		128,000		136,465
U.S. Treasury Note		2.13			3-31-2024		127,000		135,577
U.S. Treasury Note		2.13			7-31-2024		123,000		132,004
U.S. Treasury Note		2.13			5-15-2025		234,000		254,045
U.S. Treasury Note		2.13			5-31-2026		97,000		106,658
U.S. Treasury Note		2.25			7-31-2021		120,000		122,100
U.S. Treasury Note		2.25			12-31-2023		127,000		135,533
U.S. Treasury Note		2.25			1-31-2024		127,000		135,726
U.S. Treasury Note		2.25			10-31-2024		121,000		130,968
U.S. Treasury Note		2.25			11-15-2024		290,000		314,016
U.S. Treasury Note		2.25			12-31-2024		118,000		128,053
U.S. Treasury Note		2.25			11-15-2025		219,000		240,686
U.S. Treasury Note		2.25			3-31-2026		99,000		109,341
U.S. Treasury Note		2.25			2-15-2027		196,000		218,777
U.S. Treasury Note		2.25			8-15-2027		101,000		113,274
U.S. Treasury Note		2.25			11-15-2027		99,000		111,290
U.S. Treasury Note		2.38			1-31-2023		144,000		151,476
U.S. Treasury Note		2.38			8-15-2024		289,000		313,136
U.S. Treasury Note		2.38			4-30-2026		98,000		109,029
U.S. Treasury Note		2.38			5-15-2027		164,000		184,846

14

Wells Fargo VT Index Asset Allocation Fund Portfolio of investments — September 30, 2020 (unaudited)

			Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note				2.38	%		5-15-2029	$	90,000	$	103,553
U.S. Treasury Note				2.50			8-15-2023		102,000		108,837
U.S. Treasury Note				2.50			5-15-2024		281,000		304,369
U.S. Treasury Note				2.50			1-31-2025		116,000		127,333
U.S. Treasury Note				2.50			2-28-2026		97,000		108,341
U.S. Treasury Note				2.63			2-28-2023		146,000		154,720
U.S. Treasury Note				2.63			6-30-2023		83,000		88,619
U.S. Treasury Note				2.63			3-31-2025		114,000		126,126
U.S. Treasury Note				2.63			12-31-2025		97,000		108,693
U.S. Treasury Note				2.63			1-31-2026		95,000		106,597
U.S. Treasury Note				2.63			2-15-2029		181,000		211,374
U.S. Treasury Note				2.75			5-31-2023		82,000		87,657
U.S. Treasury Note				2.75			7-31-2023		80,000		85,853
U.S. Treasury Note				2.75			8-31-2023		145,000		155,892
U.S. Treasury Note				2.75			11-15-2023		134,000		144,741
U.S. Treasury Note				2.75			2-15-2024		217,000		235,776
U.S. Treasury Note				2.75			2-28-2025		121,000		134,338
U.S. Treasury Note				2.75			6-30-2025		119,000		132,931
U.S. Treasury Note				2.75			8-31-2025		122,000		136,716
U.S. Treasury Note				2.75			2-15-2028		189,000		219,845
U.S. Treasury Note				2.88			9-30-2023		148,000		159,967
U.S. Treasury Note				2.88			4-30-2025		114,000		127,618
U.S. Treasury Note				2.88			5-31-2025		117,000		131,186
U.S. Treasury Note				2.88			7-31-2025		118,000		132,741
U.S. Treasury Note				2.88			11-30-2025		96,000		108,664
U.S. Treasury Note				2.88			8-15-2028		190,000		224,267
U.S. Treasury Note				3.00			9-30-2025		121,000		137,302
U.S. Treasury Note				3.00			10-31-2025		76,000		86,367
U.S. Treasury Note				3.13			11-15-2028		226,000		272,215
U.S. Treasury Note				6.00			2-15-2026		42,000		54,698
U.S. Treasury Note				6.25			8-15-2023		17,000		19,976
U.S. Treasury Note				6.50			11-15-2026		28,000		38,395
U.S. Treasury Note				6.63			2-15-2027		18,000		25,074
U.S. Treasury Note				6.75			8-15-2026		21,000		28,819
U.S. Treasury Note				7.13			2-15-2023		24,000		27,983
U.S. Treasury Note				7.25			8-15-2022		24,000		27,195
U.S. Treasury Note				7.50			11-15-2024		22,000		28,602
U.S. Treasury Note				7.63			11-15-2022		12,000		13,909
U.S. Treasury Note				7.63			2-15-2025		20,000		26,439
U.S. Treasury Note				8.00			11-15-2021		48,000		52,215
U.S. Treasury Note				8.13			8-15-2021		15,000		16,044
Total U.S. Treasury Securities (Cost $24,547,925)											27,038,980
			Yield					Shares
Short-Term Investments : 3.94%
Investment Companies : 3.94%
Securities Lending Cash Investments LLC (l)(r)(u)				0.12					8,750		8,750
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.05					2,927,086		2,927,086
Total Short-Term Investments (Cost $2,935,836)											2,935,836
Total investments in securities (Cost $50,051,376)	100.42	%									74,717,041
Other assets and liabilities, net	(0.42	)									(315,694	)
Total net assets	100.00	%								$	74,401,347

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

« All or a portion of this security is on loan.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

15

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Index Asset Allocation Fund

Abbreviations:

REIT Real estate investment trust

16

Futures Contracts

Description	Number of contracts			Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Ultra U.S. Treasury Bonds		2			12-21-2020	$	446,318		$	443,625		$	0	$	(2,693	)
U.S. Treasury Bonds		1			12-21-2020		176,534			176,281			0		(253	)
10-Year U.S. Treasury Notes		2			12-21-2020		278,537			279,063			526		0
2-Year U.S. Treasury Notes		2			12-31-2020		441,802			441,922			120		0
5-Year U.S. Treasury Notes		7			12-31-2020		881,262			882,219			957		0
Short
Ultra U.S. Treasury Bonds		(21	)		12-21-2020		(4,606,334	)		(4,658,063	)		0		(51,729	)
												$	1,603	$	(54,675	)

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company	$	337,379	$	27,090	$	(20,607	)	$	864	$	(189,325	)	$	6,926		$	155,401		0.21	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		65,225		(56,475	)		0		0			31	#		8,750
Wells Fargo Government Money Market Fund Select Class		126,233		15,896,445		(13,095,592	)		0		0			3,823			2,927,086
																	2,935,836		3.94
								$	864	$	(189,325	)	$	10,780		$	3,091,237		4.15	%

^# Amount shown represents income before fees and rebates.    

Wells Fargo VT Index Asset Allocation Fund (the “Fund”)

Notes to Portfolio of investments – September 30, 2020 (unaudited)                     

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service.

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable). Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	4,846,779	$	0	$	0	$	4,846,779
Consumer discretionary		5,158,432		0		0		5,158,432
Consumer staples		3,140,623		0		0		3,140,623
Energy		920,382		0		0		920,382
Financials		4,327,980		0		0		4,327,980
Health care		6,368,083		0		0		6,368,083
Industrials		3,701,480		0		0		3,701,480
Information technology		12,598,941		0		0		12,598,941
Materials		1,170,139		0		0		1,170,139
Real estate		1,181,930		0		0		1,181,930
Utilities		1,327,456		0		0		1,327,456
U.S. Treasury securities		27,038,980		0		0		27,038,980
Short-term investments
Investment companies		2,935,836		0		0		2,935,836
		74,717,041		0		0		74,717,041
Futures contracts		1,603		0		0		1,603
Total assets	$	74,718,644	$	0	$	0	$	74,718,644
Liabilities
Futures contracts	$	54,675	$	0	$	0	$	54,675
Total liabilities	$	54,675	$	0	$	0	$	54,675

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date

For the nine months ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo VT International Equity Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Common Stocks : 95.91%
Australia : 1.95%
Qantas Airways Limited (Industrials, Airlines) †		441,533	$	1,294,857
Canada : 2.60%
Home Capital Group Incorporated (Financials, Thrifts & Mortgage Finance) †		41,500		672,577
Lundin Mining Corporation (Materials, Metals & Mining)		189,472		1,057,247
				1,729,824
China : 12.89%
Alibaba Group Holding Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		49,504		1,817,347
China Mobile Limited (Communication Services, Wireless Telecommunication Services)		296,500		1,903,317
HollySys Automation Technologies Limited (Information Technology, Electronic Equipment, Instruments & Components)		40,610		448,741
LONGi Green Energy Technology Company Limited Class A (Information Technology, Semiconductors & Semiconductor Equipment)		35,500		392,761
Midea Group Company Limited Class A (Consumer Discretionary, Household Durables)		157,298		1,685,892
Oppein Home Group Incorporated Class A (Consumer Discretionary, Household Durables)		65,040		1,033,192
Shanghai Pharmaceuticals Holding Company Limited Class H Shares (Health Care, Health Care Providers & Services)		773,800		1,297,862
				8,579,112
Denmark : 1.49%
Danske Bank AS (Financials, Banks) †		73,545		994,777
France : 5.41%
Compagnie de Saint-Gobain SA (Industrials, Building Products) †		37,294		1,562,139
Sanofi SA (Health Care, Pharmaceuticals)		20,325		2,036,805
				3,598,944
Germany : 6.62%
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		5,168		1,313,795
Rheinmetall AG (Industrials, Industrial Conglomerates)		11,079		993,653
SAP SE (Information Technology, Software)		8,496		1,322,981
Siemens AG (Industrials, Industrial Conglomerates)		5,521		697,241
Siemens Energy AG (Industrials, Electrical Equipment) †		2,761		74,441
				4,402,111
Hong Kong : 2.68%
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		882,000		1,783,779
India : 2.85%
Tech Mahindra Limited (Information Technology, IT Services)		176,132		1,895,626
Ireland : 0.96%
Greencore Group plc (Consumer Staples, Food Products)		504,459		638,372
Israel : 2.17%
Check Point Software Technologies Limited (Information Technology, Software) †		11,992		1,443,117
Italy : 2.27%
Prysmian SpA (Industrials, Electrical Equipment)		52,146		1,513,676
Japan : 12.17%
Alps Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		101,500		1,368,180
Daiwa Securities Group Incorporated (Financials, Capital Markets)		354,300		1,490,156
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		49,300		1,669,271
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		399,800		1,595,552

1

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT International Equity Fund

		Shares		Value
Japan (continued)
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)			55,300	$	1,976,584
					8,099,743
Netherlands : 6.35%
Koninklijke Philips NV (Health Care, Health Care Equipment & Supplies) †			40,951		1,933,670
NN Group NV (Financials, Insurance)			40,234		1,508,120
OCI NV (Materials, Chemicals) †			61,025		782,185
					4,223,975
Norway : 1.03%
Den Norske Bank ASA (Financials, Banks) †			49,388		688,005
Russia : 1.49%
Mobile TeleSystems PJSC ADR (Communication Services, Wireless Telecommunication Services)			113,600		991,728
South Korea : 10.45%
Coway Company Limited (Consumer Discretionary, Household Durables)			26,431		1,797,611
Hana Financial Group Incorporated (Financials, Banks)			43,962		1,056,102
Samsung Electronics Company Limited GDR (Information Technology, Technology Hardware, Storage & Peripherals) 144A			1,654		2,097,146
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)			9,852		2,002,727
					6,953,586
Switzerland : 5.15%
LafargeHolcim Limited (Materials, Construction Materials)			32,179		1,464,773
Novartis AG (Health Care, Pharmaceuticals)			22,565		1,959,191
					3,423,964
Thailand : 0.70%
Siam Commercial Bank plc (Financials, Banks)			226,500		464,615
United Kingdom : 10.46%
Fresnillo plc (Materials, Metals & Mining)			61,347		947,565
John Wood Group plc (Energy, Energy Equipment & Services) †			217,776		597,918
Kingfisher plc (Consumer Discretionary, Specialty Retail)			259,867		995,394
Man Group plc (Financials, Capital Markets)			189,314		280,638
Nomad Foods Limited (Consumer Staples, Food Products) †			73,731		1,878,666
Sensata Technologies Holding plc (Industrials, Electrical Equipment) †			17,323		747,314
Smiths Group plc (Industrials, Industrial Conglomerates)			85,729		1,516,514
					6,964,009
United States : 6.22%
Advance Auto Parts Incorporated (Consumer Discretionary, Specialty Retail)			5,373		824,756
Berry Global Group Incorporated (Materials, Containers & Packaging) †			24,417		1,179,829
Gentex Corporation (Consumer Discretionary, Auto Components)			49,811		1,282,633
Samsonite International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †			836,400		849,290
					4,136,508
Total Common Stocks (Cost $60,856,373)					63,820,328
	Yield
Short-Term Investments : 3.65%
Investment Companies : 3.65%
Wells Fargo Government Money Market Fund Select Class (l)(u) 0.05%			2,432,042		2,432,042
Total Short-Term Investments (Cost $2,432,042)					2,432,042

2

Wells Fargo VT International Equity Fund Portfolio of investments — September 30, 2020 (unaudited)

			Value
Total investments in securities (Cost $63,288,415)	99.56	%	$	66,252,370
Other assets and liabilities, net	0.44			293,173
Total net assets	100.00	%	$	66,545,543

† Non-income-earning security

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

ADR American depositary receipt

GDR Global depositary receipt

3

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered		Counterparty		Settlement date		Unrealized gains		Unrealized losses
935,854 USD		714,000 GBP		Barclays Bank plc		11-17-2020	$	14,334	$	0

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:    

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*	$	664,309	$	1,004,539	$	(1,668,850	)	$	2	$	0	$	644	#	$	0
Wells Fargo Government Money Market Fund Select Class		1,474,228		23,069,810		(22,111,996	)		0		0		7,348			2,432,042
								$	2	$	0	$	7,992		$	2,432,042		3.65	%

^*  No longer held at the end of the period    

^#  Amount shown represents income before fees and expenses.    

Wells Fargo VT International Equity Fund (the “Fund”)

Notes to Portfolio of investments – September 30, 2020 (unaudited)                     

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2020, such fair value pricing was used in pricing certain foreign securities.

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	0	$	1,294,857	$	0	$	1,294,857
Canada		1,729,824		0		0		1,729,824
China		448,741		8,130,371		0		8,579,112
Denmark		0		994,777		0		994,777
France		0		3,598,944		0		3,598,944
Germany		74,441		4,327,670		0		4,402,111
Hong Kong		0		1,783,779		0		1,783,779
India		0		1,895,626		0		1,895,626
Ireland		0		638,372		0		638,372
Israel		1,443,117		0		0		1,443,117
Italy		0		1,513,676		0		1,513,676
Japan		0		8,099,743		0		8,099,743
Netherlands		0		4,223,975		0		4,223,975
Norway		0		688,005		0		688,005
Russia		991,728		0		0		991,728
South Korea		0		6,953,586		0		6,953,586
Switzerland		0		3,423,964		0		3,423,964
Thailand		464,615		0		0		464,615
United Kingdom		2,625,980		4,338,029		0		6,964,009
United States		3,287,218		849,290		0		4,136,508
Short-term investments
Investment companies		2,432,042		0		0		2,432,042
		13,497,706		52,754,664		0		66,252,370
Forward foreign currency contracts		0		14,334		0		14,334
Total assets	$	13,497,706	$	52,768,998	$	0	$	66,266,704

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.

For the nine months ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo VT Omega Growth Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Common Stocks : 100.02%
Communication Services : 10.50%
Entertainment : 3.02%
Netflix Incorporated †		4,100	$	2,050,123
Spotify Technology †		4,000		970,280
				3,020,403
Interactive Media & Services : 7.48%
Alphabet Incorporated Class A †		2,620		3,839,872
Alphabet Incorporated Class C †		239		351,234
InterActive Corporation †		5,400		646,812
Match Group Incorporated †		11,687		1,293,167
Tencent Holdings Limited ADR		20,100		1,359,765
				7,490,850
Consumer Discretionary : 18.40%
Auto Components : 1.10%
Aptiv plc		12,000		1,100,160
Automobiles : 0.77%
Ferrari NV		4,200		773,178
Diversified Consumer Services : 1.18%
Bright Horizons Family Solutions Incorporated †		7,800		1,185,912
Hotels, Restaurants & Leisure : 2.36%
Chipotle Mexican Grill Incorporated †		1,900		2,363,049
Internet & Direct Marketing Retail : 10.99%
Amazon.com Incorporated †		2,895		9,115,573
MercadoLibre Incorporated †		1,740		1,883,515
				10,999,088
Specialty Retail : 2.00%
The Home Depot Incorporated		7,200		1,999,512
Financials : 2.34%
Capital Markets : 2.34%
Intercontinental Exchange Incorporated		15,200		1,520,760
MarketAxess Holdings Incorporated		1,700		818,703
				2,339,463
Health Care : 17.68%
Biotechnology : 1.91%
Exact Sciences Corporation †		16,000		1,631,200
Sarepta Therapeutics Incorporated †		2,000		280,860
				1,912,060
Health Care Equipment & Supplies : 8.28%
ABIOMED Incorporated †		3,600		997,416
Alcon Incorporated †		19,100		1,087,745
Align Technology Incorporated †		5,500		1,800,480
DexCom Incorporated †		3,400		1,401,582

1

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Omega Growth Fund

	Shares		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corporation †		13,200	$	1,053,624
Intuitive Surgical Incorporated †		2,750		1,951,235
				8,292,082
Health Care Providers & Services : 3.77%
HealthEquity Incorporated †		15,755		809,334
UnitedHealth Group Incorporated		9,500		2,961,815
				3,771,149
Health Care Technology : 1.77%
Veeva Systems Incorporated Class A †		6,300		1,771,497
Pharmaceuticals : 1.95%
Merck & Company Incorporated		23,500		1,949,325
Industrials : 8.20%
Aerospace & Defense : 0.67%
HEICO Corporation		6,400		669,824
Air Freight & Logistics : 1.22%
United Parcel Service Incorporated Class B		7,300		1,216,399
Commercial Services & Supplies : 2.94%
Cintas Corporation		3,900		1,298,037
Waste Connections Incorporated		15,846		1,644,815
				2,942,852
Professional Services : 1.60%
IHS Markit Limited		20,400		1,601,604
Road & Rail : 1.77%
Union Pacific Corporation		9,000		1,771,830
Information Technology : 39.52%
Communications Equipment : 1.25%
Motorola Solutions Incorporated		8,000		1,254,480
Electronic Equipment, Instruments & Components : 0.91%
Zebra Technologies Corporation Class A †		3,600		908,856
IT Services : 19.96%
Black Knight Incorporated †		22,700		1,976,035
EPAM Systems Incorporated †		7,115		2,300,137
Euronet Worldwide Incorporated †		8,700		792,570
Fiserv Incorporated †		12,995		1,339,135
Global Payments Incorporated		7,871		1,397,732
MongoDB Incorporated †		4,800		1,111,248
PayPal Holdings Incorporated †		14,600		2,876,638
Shopify Incorporated Class A †		1,300		1,329,861
Square Incorporated Class A †		12,100		1,966,855
StoneCo Limited Class A †		15,000		793,350
Visa Incorporated Class A		17,044		3,408,289
WEX Incorporated †		4,912		682,621
				19,974,471
Software : 17.40%
Atlassian Corporation plc Class A †		6,300		1,145,277

2

Wells Fargo VT Omega Growth Fund Portfolio of investments — September 30, 2020 (unaudited)

						Shares		Value
Software (continued)
Autodesk Incorporated †							6,200	$	1,432,262
Cadence Design Systems Incorporated †							14,200		1,514,146
Microsoft Corporation							41,800		8,791,793
ServiceNow Incorporated †							5,050		2,449,250
Unity Software Incorporated Ǡ							10,462		913,123
Zoom Video Communications Incorporated †							2,480		1,165,873
									17,411,724
Materials : 1.80%
Chemicals : 1.80%
The Sherwin-Williams Company							2,590		1,804,557
Real Estate : 1.58%
Equity REITs : 1.58%
SBA Communications Corporation							4,970		1,582,846
Total Common Stocks (Cost $47,287,576)									100,107,171
			Yield
Short-Term Investments : 1.18%
Investment Companies : 1.18%
Securities Lending Cash Investments LLC (l)(r)(u)				0.12	%		958,815		958,815
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.05			220,212		220,212
Total Short-Term Investments (Cost $1,179,027)									1,179,027
Total investments in securities (Cost $48,466,603)	101.20	%							101,286,198
Other assets and liabilities, net	(1.20	)							(1,202,991	)
Total net assets	100.00	%						$	100,083,207

† Non-income-earning security

« All or a portion of this security is on loan.

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

3

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	1,089,526	$	3,934,515	$	(4,065,634	)	$	408	$	0	$	2,022	#	$	958,815
Wells Fargo Government Money Market Fund Select Class		515,647		14,677,386		(14,972,821	)		0		0		4,340			220,212
								$	408	$	0	$	6,362		$	1,179,027		1.18	%

^# Amount shown represents income before fees and rebates.

Wells Fargo VT Omega Growth Fund (the “Fund”)

Notes to Portfolio of investments – September 30, 2020 (unaudited)

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service.

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	10,511,253	$	0	$	0	$	10,511,253
Consumer discretionary		18,420,899		0		0		18,420,899
Financials		2,339,463		0		0		2,339,463
Health care		17,696,113		0		0		17,696,113
Industrials		8,202,509		0		0		8,202,509
Information technology		39,549,531		0		0		39,549,531
Materials		1,804,557		0		0		1,804,557
Real estate		1,582,846		0		0		1,582,846
Short-term investments
Investment companies		1,179,027		0		0		1,179,027
Total assets	$	101,286,198	$	0	$	0	$	101,286,198

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the nine months ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo VT Opportunity Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Common Stocks : 98.71%
Communication Services : 8.49%
Interactive Media & Services : 7.01%
Alphabet Incorporated Class C †		4,933	$	7,249,537
Facebook Incorporated Class A †		19,758		5,174,620
				12,424,157
Wireless Telecommunication Services : 1.48%
T-Mobile US Incorporated †		22,930		2,622,275
Consumer Discretionary : 10.13%
Automobiles : 1.82%
General Motors Company		108,981		3,224,748
Internet & Direct Marketing Retail : 3.81%
Amazon.com Incorporated †		2,144		6,750,877
Multiline Retail : 1.28%
Dollar General Corporation		10,826		2,269,346
Specialty Retail : 3.22%
Burlington Stores Incorporated †		16,250		3,348,963
Ulta Beauty Incorporated †		10,548		2,362,541
				5,711,504
Consumer Staples : 2.61%
Food & Staples Retailing : 1.51%
Sysco Corporation		42,958		2,672,847
Household Products : 1.10%
Church & Dwight Company Incorporated		20,884		1,957,040
Financials : 9.20%
Capital Markets : 5.18%
CME Group Incorporated		9,434		1,578,403
Intercontinental Exchange Incorporated		33,260		3,327,663
S&P Global Incorporated		7,447		2,685,388
The Charles Schwab Corporation		43,771		1,585,823
				9,177,277
Consumer Finance : 1.19%
Discover Financial Services		36,582		2,113,708
Insurance : 2.83%
Chubb Limited		17,361		2,015,959
Marsh & McLennan Companies Incorporated		26,126		2,996,652
				5,012,611
Health Care : 16.49%
Biotechnology : 0.99%
Alexion Pharmaceuticals Incorporated †		15,411		1,763,481

1

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Opportunity Fund

	Shares		Value
Health Care Equipment & Supplies : 5.52%
Align Technology Incorporated †		5,029	$	1,646,293
Boston Scientific Corporation †		74,552		2,848,632
LivaNova plc †		53,865		2,435,237
Medtronic plc		27,472		2,854,890
				9,785,052
Health Care Providers & Services : 2.00%
UnitedHealth Group Incorporated		11,347		3,537,654
Life Sciences Tools & Services : 5.44%
Agilent Technologies Incorporated		30,480		3,076,651
Bio-Rad Laboratories Incorporated Class A †		5,938		3,060,801
Thermo Fisher Scientific Incorporated		7,919		3,496,397
				9,633,849
Pharmaceuticals : 2.54%
Mylan NV †		70,344		1,043,202
Novartis AG ADR		39,809		3,461,791
				4,504,993
Industrials : 15.58%
Aerospace & Defense : 3.27%
Hexcel Corporation		32,724		1,097,890
MTU Aero Engines AG †		12,975		2,150,874
Teledyne Technologies Incorporated †		8,187		2,539,689
				5,788,453
Commercial Services & Supplies : 1.23%
Republic Services Incorporated		23,369		2,181,496
Electrical Equipment : 1.81%
AMETEK Incorporated		32,244		3,205,054
Industrial Conglomerates : 1.50%
Carlisle Companies Incorporated		21,808		2,668,645
Machinery : 6.38%
Fortive Corporation		33,275		2,535,888
Ingersoll Rand Incorporated †		66,318		2,360,921
ITT Incorporated		50,089		2,957,755
Otis Worldwide Corporation		28,305		1,766,798
SPX Corporation †		36,369		1,686,794
				11,308,156
Trading Companies & Distributors : 1.39%
United Rentals Incorporated †		14,132		2,466,034
Information Technology : 26.52%
Electronic Equipment, Instruments & Components : 1.72%
Amphenol Corporation Class A		28,135		3,046,176
IT Services : 4.00%
Fidelity National Information Services Incorporated		16,709		2,459,732
MasterCard Incorporated Class A		13,660		4,619,402
				7,079,134

2

Wells Fargo VT Opportunity Fund Portfolio of investments — September 30, 2020 (unaudited)

						Shares		Value
Semiconductors & Semiconductor Equipment : 4.53%
Marvell Technology Group Limited							81,357	$	3,229,873
Texas Instruments Incorporated							33,625		4,801,314
									8,031,187
Software : 11.94%
Fair Isaac Corporation †							5,734		2,439,129
Palo Alto Networks Incorporated †							9,943		2,433,549
Proofpoint Incorporated †							21,987		2,320,728
RealPage Incorporated †							37,616		2,168,186
Salesforce.com Incorporated †							25,918		6,513,712
ServiceNow Incorporated †							4,013		1,946,305
Workday Incorporated Class A †							15,560		3,347,423
									21,169,032
Technology Hardware, Storage & Peripherals : 4.33%
Apple Incorporated							66,319		7,680,403
Materials : 3.20%
Chemicals : 2.19%
The Sherwin-Williams Company							3,597		2,506,174
Westlake Chemical Corporation							21,732		1,373,897
									3,880,071
Metals & Mining : 1.01%
Steel Dynamics Incorporated							62,499		1,789,346
Real Estate : 6.49%
Equity REITs : 6.49%
American Tower Corporation							11,215		2,711,002
Equinix Incorporated							3,486		2,649,813
Sun Communities Incorporated							20,692		2,909,502
VICI Properties Incorporated							138,494		3,236,605
									11,506,922
Total Common Stocks (Cost $121,670,482)									174,961,528
			Yield
Short-Term Investments : 1.29%
Investment Companies : 1.29%
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.05	%		2,280,559		2,280,559
Total Short-Term Investments (Cost $2,280,559)									2,280,559
Total investments in securities (Cost $123,951,041)	100.00	%							177,242,087
Other assets and liabilities, net	0.00								3,260
Total net assets	100.00	%						$	177,245,347

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

3

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the or investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class	$	1,838,788	$	28,948,231	$	(28,506,460	)	$	0	$	0	$	7,351	$	2,280,559		1.29	%

Wells Fargo VT Opportunity Fund (the “Fund”)

Notes to Portfolio of investments – September 30, 2020 (unaudited)                     

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2020, such fair value pricing was used in pricing certain foreign securities.

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	15,046,432	$	0	$	0	$	15,046,432
Consumer discretionary		17,956,475		0		0		17,956,475
Consumer staples		4,629,887		0		0		4,629,887
Financials		16,303,596		0		0		16,303,596
Health care		29,225,029		0		0		29,225,029
Industrials		25,466,964		2,150,874		0		27,617,838
Information technology		47,005,932		0		0		47,005,932
Materials		5,669,417		0		0		5,669,417
Real estate		11,506,922		0		0		11,506,922
Short-term investments
Investment companies		2,280,559		0		0		2,280,559
Total assets	$	175,091,213	$	2,150,874	$	0	$	177,242,087

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the nine months ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo VT Small Cap Growth Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Common Stocks : 98.78%
Communication Services : 1.09%
Interactive Media & Services : 0.23%
EverQuote Incorporated Class A †		20,900	$	807,576
Media : 0.86%
Cardlytics Incorporated †«		41,770		2,947,709
Consumer Discretionary : 13.41%
Auto Components : 0.40%
Fox Factory Holding Corporation †		18,610		1,383,281
Hotels, Restaurants & Leisure : 3.34%
GAN Limited †«		94,984		1,605,230
Papa John’s International Incorporated		51,120		4,206,154
Wingstop Incorporated		41,769		5,707,734
				11,519,118
Household Durables : 1.29%
Purple Innovation Incorporated †		179,028		4,450,636
Internet & Direct Marketing Retail : 2.49%
Carparts.com Incorporated †«		164,310		1,776,191
Fiverr International Limited †«		48,950		6,803,071
				8,579,262
Leisure Products : 1.15%
YETI Holdings Incorporated †		87,696		3,974,383
Specialty Retail : 2.60%
Boot Barn Holdings Incorporated †		155,240		4,368,454
Five Below Incorporated †		3,818		484,886
Lithia Motors Incorporated Class A		17,920		4,084,685
				8,938,025
Textiles, Apparel & Luxury Goods : 2.14%
Crocs Incorporated †		111,180		4,750,721
Deckers Outdoor Corporation †		11,980		2,635,720
				7,386,441
Consumer Staples : 3.86%
Food & Staples Retailing : 1.10%
Grocery Outlet Holding Corporation †		45,085		1,772,742
The Chef’s Warehouse Incorporated †		137,570		2,000,268
				3,773,010
Food Products : 2.76%
Freshpet Incorporated †		64,207		7,168,712
Vital Farms Incorporated †		57,949		2,348,673
				9,517,385

1

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Small Cap Growth Fund

	Shares		Value
Financials : 6.66%
Capital Markets : 1.69%
Assetmark Financial Holdings †		90,215	$	1,961,274
Stifel Financial Corporation		76,390		3,862,278
				5,823,552
Consumer Finance : 1.49%
LendingTree Incorporated †		16,678		5,118,311
Insurance : 3.48%
Goosehead Insurance Incorporated Class A		21,407		1,853,632
Kinsale Capital Group Incorporated		50,974		9,694,235
Lemonade Incorporated †«		9,126		453,745
				12,001,612
Health Care : 32.54%
Biotechnology : 11.74%
Arcutis Biotherapeutics Incorporated †«		118,746		3,479,258
Arena Pharmaceuticals Incorporated †		47,120		3,524,105
Biohaven Pharmaceutical Holding Company †		32,080		2,085,521
CareDx Incorporated †		39,784		1,509,405
Castle Biosciences Incorporated †		121,918		6,272,681
Chemocentryx Incorporated †		19,100		1,046,680
Emergent BioSolutions Incorporated †		19,370		2,001,502
Fate Therapeutics Incorporated †		36,460		1,457,306
Halozyme Therapeutics Incorporated †		122,040		3,207,211
Invitae Corporation †«		122,560		5,312,976
Natera Incorporated †		83,411		6,025,611
Vericel Corporation †		244,890		4,537,812
				40,460,068
Health Care Equipment & Supplies : 11.78%
Acutus Medical Incorporated †«		81,266		2,421,727
Glaukos Corporation †		21,820		1,080,526
iRhythm Technologies Incorporated †		45,376		10,804,479
Mesa Laboratories Incorporated		3,460		881,470
Orthopediatrics Corporation †		83,001		3,811,406
Outset Medical Incorporated †«		32,743		1,637,150
Shockwave Medical Incorporated †		82,546		6,256,987
SI-BONE Incorporated †		125,894		2,986,206
Silk Road Medical Incorporated †		31,310		2,104,345
Tactile Systems Technology Class I †		51,767		1,894,155
Tandem Diabetes Care Incorporated †		27,380		3,107,630
Vapotherm Incorporated †		124,031		3,596,899
				40,582,980
Health Care Providers & Services : 1.94%
Addus Homecare Corporation †		62,330		5,890,808
Progenity Incorporated †«		89,655		808,688
				6,699,496
Health Care Technology : 2.18%
Inspire Medical Systems Incorporated †		29,540		3,812,137
Phreesia Incorporated †		104,796		3,367,095
Simulations Plus Incorporated		4,353		328,042
				7,507,274

2

Wells Fargo VT Small Cap Growth Fund Portfolio of investments — September 30, 2020 (unaudited)

	Shares		Value
Life Sciences Tools & Services : 3.14%
Adaptive Biotechnologies Corporation †		31,431	$	1,528,490
Codexis Incorporated †		359,567		4,221,317
Neogenomics Incorporated †		137,462		5,070,973
				10,820,780
Pharmaceuticals : 1.76%
MyoKardia Incorporated †		15,170		2,068,126
Pacira Pharmaceuticals Incorporated †		50,790		3,053,495
Revance Therapeutics Incorporated †		37,000		930,180
				6,051,801
Industrials : 14.21%
Aerospace & Defense : 3.09%
Kratos Defense & Security Solutions Incorporated †		212,830		4,103,362
Mercury Systems Incorporated †		84,278		6,528,174
				10,631,536
Building Products : 0.13%
The AZEK Company Incorporated †		12,973		451,590
Commercial Services & Supplies : 3.06%
Casella Waste Systems Incorporated Class A †		189,090		10,560,677
Construction & Engineering : 0.28%
MasTec Incorporated †		22,490		949,078
Electrical Equipment : 0.21%
Bloom Energy Corporation Class A †		40,800		733,176
Machinery : 2.26%
Rexnord Corporation		261,050		7,789,732
Professional Services : 2.48%
ASGN Incorporated †		134,541		8,551,426
Road & Rail : 1.60%
Marten Transport Limited		153,364		2,502,900
Saia Incorporated †		23,990		3,026,099
				5,528,999
Trading Companies & Distributors : 1.10%
SiteOne Landscape Supply Incorporated †		31,070		3,788,987
Information Technology : 24.99%
Electronic Equipment, Instruments & Components : 2.10%
Novanta Incorporated †		68,790		7,246,339
IT Services : 3.00%
Endava plc Sponsored ADR †		65,834		4,157,417
EVO Payments Incorporated Class A †		199,901		4,967,540
LiveRamp Holdings Incorporated †		23,070		1,194,334
				10,319,291

3

Portfolio of investments — September 30, 2020 (unaudited) Wells Fargo VT Small Cap Growth Fund

						Shares		Value
Semiconductors & Semiconductor Equipment : 2.88%
Diodes Incorporated †							73,090	$	4,125,931
Semtech Corporation †							86,450		4,578,392
Silicon Laboratories Incorporated †							12,370		1,210,405
									9,914,728
Software : 17.01%
Envestnet Incorporated †							113,151		8,730,731
Everbridge Incorporated †							26,890		3,380,880
Five9 Incorporated †							3,983		516,515
Jamf Holding Corporation †							20,958		788,230
Mimecast Limited †							69,860		3,277,831
PROS Holdings Incorporated †							44,350		1,416,539
Q2 Holdings Incorporated †							104,196		9,508,924
Rapid7 Incorporated †							144,418		8,844,158
Sprout Social Incorporated Class A †							138,439		5,329,902
SPS Commerce Incorporated †							91,274		7,107,506
Sumo Logic Incorporated †«							76,892		1,676,246
Talend SA ADR †							170,699		6,664,089
Vertex Incorporated Class A †							60,355		1,388,165
									58,629,716
Materials : 0.14%
Chemicals : 0.14%
PQ Group Holdings Incorporated †							47,710		489,505
Real Estate : 1.66%
Equity REITs : 1.66%
Community Healthcare Trust Incorporated							56,340		2,634,458
QTS Realty Trust Incorporated Class A							48,770		3,073,485
									5,707,943
Utilities : 0.22%
Independent Power & Renewable Electricity Producers : 0.22%
Sunnova Energy International †							25,500		775,455
Total Common Stocks (Cost $242,488,288)									340,410,878
			Yield
Short-Term Investments : 7.22%
Investment Companies : 7.22%
Securities Lending Cash Investments LLC (l)(r)(u)				0.12	%		19,228,693		19,228,693
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.05			5,661,475		5,661,475
Total Short-Term Investments (Cost $24,890,168)									24,890,168
Total investments in securities (Cost $267,378,456)	106.00	%							365,301,046
Other assets and liabilities, net	(6.00	)							(20,693,649	)
Total net assets	100.00	%						$	344,607,397

† Non-income-earning security

« All or a portion of this security is on loan.

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

4

Wells Fargo VT Small Cap Growth Fund Portfolio of investments — September 30, 2020 (unaudited)

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

5

Investments In Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliates of the Fund at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains		Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	17,154,220	$	73,278,327	$	(71,204,532	)	$	1,535	$	(857	)	$	67,171	#	$	19,228,693
Wells Fargo Government Money Market Fund Select Class		3,229,069		67,007,086		(64,574,680	)		0		0			14,806			5,661,475
								$	1,535	$	(857	)	$	81,977		$	24,890,168		7.22	%

^# Amount shown represents income before fees and rebates.

Wells Fargo VT Small Cap Growth (the “Fund”)

Notes to Portfolio of investments – September 30, 2020 (unaudited)

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service.

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	3,755,285	$	0	$	0	$	3,755,285
Consumer discretionary		46,231,146		0		0		46,231,146
Consumer staples		13,290,395		0		0		13,290,395
Financials		22,943,475		0		0		22,943,475
Health care		112,122,399		0		0		112,122,399
Industrials		48,985,201		0		0		48,985,201
Information technology		86,110,074		0		0		86,110,074
Materials		489,505		0		0		489,505
Real estate		5,707,943		0		0		5,707,943
Utilities		775,455		0		0		775,455
Short-term investments
Investment companies		24,890,168		0		0		24,890,168
Total assets	$	365,301,046	$	0	$	0	$	365,301,046

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the nine months ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.