Wells Fargo C&B Large Cap Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 96.08%
Communication Services : 6.38%
Diversified Telecommunication Services : 2.48%
Verizon Communications Incorporated		152,600	$	8,875,216
Entertainment : 2.04%
Activision Blizzard Incorporated		144,218		7,297,431
Media : 1.86%
Omnicom Group Incorporated		87,900		6,685,674
Consumer Discretionary : 7.90%
Hotels, Restaurants & Leisure : 2.50%
Carnival Corporation		203,100		8,952,648
Household Durables : 1.66%
Whirlpool Corporation		42,700		5,939,143
Textiles, Apparel & Luxury Goods : 3.74%
Gildan Activewear Incorporated		197,700		7,251,636
HanesBrands Incorporated		449,597		6,141,494
				13,393,130
Consumer Staples : 1.80%
Tobacco : 1.80%
Philip Morris International Incorporated		89,400		6,444,846
Energy : 3.16%
Energy Equipment & Services : 1.02%
Schlumberger Limited		112,200		3,638,646
Oil, Gas & Consumable Fuels : 2.14%
Exxon Mobil Corporation		111,900		7,662,912
Financials : 28.94%
Banks : 5.51%
JPMorgan Chase & Company		98,400		10,810,224
PNC Financial Services Group Incorporated		69,200		8,921,956
				19,732,180
Capital Markets : 9.41%
Brookfield Asset Management Incorporated Class A		199,900		10,316,839
Intercontinental Exchange Incorporated		77,500		7,244,700
State Street Corporation		207,400		10,641,694
The Charles Schwab Corporation		143,400		5,487,918
				33,691,151
Consumer Finance : 3.03%
Synchrony Financial		338,000		10,832,900
Diversified Financial Services : 2.36%
Berkshire Hathaway Incorporated Class B †		41,490		8,439,481

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo C&B Large Cap Value Portfolio

	Shares		Value
Insurance : 8.63%
Arch Capital Group Limited †		216,400	$	8,547,800
Chubb Limited		58,300		9,111,124
Fidelity National Financial Incorporated		222,300		9,767,862
The Progressive Corporation		45,900		3,479,220
				30,906,006
Health Care : 11.95%
Health Care Equipment & Supplies : 3.95%
Becton Dickinson & Company		23,400		5,941,728
Medtronic plc		75,800		8,178,062
				14,119,790
Health Care Providers & Services : 4.05%
Laboratory Corporation of America Holdings †		39,800		6,668,888
UnitedHealth Group Incorporated		33,500		7,839,000
				14,507,888
Pharmaceuticals : 3.95%
Allergan plc		37,800		6,037,416
Johnson & Johnson		63,200		8,112,352
				14,149,768
Industrials : 17.91%
Air Freight & Logistics : 2.95%
United Parcel Service Incorporated Class B		89,100		10,572,606
Building Products : 1.30%
Johnson Controls International plc		109,100		4,657,479
Electrical Equipment : 4.06%
AMETEK Incorporated		71,000		6,101,030
Eaton Corporation plc		104,500		8,435,240
				14,536,270
Industrial Conglomerates : 2.05%
3M Company		45,300		7,325,916
Machinery : 4.71%
Colfax Corporation Ǡ		338,700		9,212,640
Snap-on Incorporated		51,400		7,642,152
				16,854,792
Trading Companies & Distributors : 2.84%
AerCap Holdings NV †		189,600		10,166,352
Information Technology : 10.34%
Electronic Equipment, Instruments & Components : 4.97%
Arrow Electronics Incorporated †		162,900		11,272,680
TE Connectivity Limited		71,600		6,531,352
				17,804,032
IT Services : 4.41%
Alliance Data Systems Corporation		24,000		2,950,800

2

Wells Fargo C&B Large Cap Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

						Shares		Value
IT Services (continued)
Amdocs Limited							141,300	$	9,147,762
Leidos Holdings Incorporated							42,100		3,677,856
									15,776,418
Semiconductors & Semiconductor Equipment : 0.96%
Applied Materials Incorporated							71,600		3,438,232
Materials : 5.74%
Chemicals : 1.90%
Axalta Coating Systems Limited †							235,000		6,786,800
Containers & Packaging : 2.13%
Crown Holdings Incorporated †							115,900		7,630,856
Metals & Mining : 1.71%
Reliance Steel & Aluminum Company							63,100		6,135,213
Real Estate : 1.96%
Real Estate Management & Development : 1.96%
CBRE Group Incorporated Class A							134,200		7,014,634
Total Common Stocks (Cost $269,665,286)									343,968,410
			Yield
Short-Term Investments : 6.07%
Investment Companies : 6.07%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24	%		8,765,448		8,766,325
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04			12,982,107		12,982,107
Total Short-Term Investments (Cost $21,748,432)									21,748,432
Total investments in securities (Cost $291,413,718)	102.15	%							365,716,842
Other assets and liabilities, net	(2.15	)							(7,705,334	)
Total net assets	100.00	%						$	358,011,508

† 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 Portfolio 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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		15,503,409		6,737,961		8,765,448	$	8,766,325
Wells Fargo Government Money Market Fund Select Class		11,857,445		31,782,340		30,657,678		12,982,107		12,982,107
									$	21,748,432		6.07	%

Wells Fargo C&B Large Cap Value Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’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 Portfolio. 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 Portfolio 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 Portfolio receives interest or dividends on those securities. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services		22,858,321		0		0		22,858,321
Consumer discretionary		28,284,921		0		0		28,284,921
Consumer staples		6,444,846		0		0		6,444,846
Energy		11,301,558		0		0		11,301,558
Financials		103,601,718		0		0		103,601,718
Health care		42,777,446		0		0		42,777,446
Industrials		64,113,415		0		0		64,113,415
Information technology		37,018,682		0		0		37,018,682
Materials		20,552,869		0		0		20,552,869
Real estate		7,014,634		0		0		7,014,634
Short-term investments
Investment companies		21,748,432		0		0		21,748,432
Total assets	$	365,716,842	$	0	$	0	$	365,716,842

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Agency Securities : 37.89%
FHLMC (1 Month LIBOR +0.30%) ±		2.50	%	8-15-2040	$	7,414,073	$	7,421,337
FHLMC		2.50		6-1-2028		3,451,649		3,506,796
FHLMC		2.50		6-1-2028		3,621,867		3,679,793
FHLMC (1 Month LIBOR +0.35%) ±		2.74		12-15-2048		2,414,759		2,409,966
FHLMC		3.00		5-1-2047		2,254,063		2,330,904
FHLMC		3.00		10-15-2047		20,027,994		20,495,802
FHLMC		3.00		6-15-2048		16,803,382		17,177,690
FHLMC		3.00		6-1-2049		4,538,723		4,638,001
FHLMC		3.50		5-1-2046		12,295,291		12,934,676
FHLMC		3.50		6-1-2046		2,686,970		2,826,696
FHLMC		3.50		2-1-2048		3,436,018		3,584,198
FHLMC		3.50		2-1-2048		20,232,479		21,284,300
FHLMC		3.50		2-1-2048		20,602,244		21,652,213
FHLMC		3.50		4-1-2049		7,178,301		7,526,086
FHLMC		3.50		7-1-2049		3,704,233		3,818,527
FHLMC		3.50		7-1-2049		7,941,440		8,347,303
FHLMC		3.50		8-1-2049		10,647,134		11,191,276
FHLMC		3.50		9-1-2049		2,599,852		2,680,565
FHLMC		3.50		9-1-2049		1,198,487		1,259,740
FHLMC		4.00		1-1-2035		219,237		235,436
FHLMC		4.00		1-1-2036		348,179		369,088
FHLMC		4.00		10-1-2036		2,225,821		2,359,409
FHLMC		4.00		3-1-2037		266,092		284,428
FHLMC		4.00		3-1-2037		298,546		320,574
FHLMC		4.00		3-1-2037		518,305		549,073
FHLMC		4.00		4-1-2037		2,243,803		2,377,097
FHLMC		4.00		4-1-2037		2,772,080		2,962,888
FHLMC		4.00		2-1-2049		34,481,373		35,983,922
FHLMC		4.00		5-1-2049		3,325,859		3,489,965
FHLMC		4.00		7-1-2049		15,096,376		16,305,052
FHLMC		4.50		6-1-2039		253,932		286,119
FHLMC		4.50		7-1-2039		276,331		311,449
FHLMC		5.00		5-1-2048		11,413,292		12,627,021
FHLMC		6.50		4-1-2021		231		232
FHLMC Series 1590 Class IA (1 Month LIBOR +1.05%) ±		3.25		10-15-2023		11,460		11,623
FHLMC Series 1897 Class K		7.00		9-15-2026		430		474
FHLMC Series 1935 Class FL (1 Month LIBOR +0.70%) ±		2.90		2-15-2027		1,452		1,467
FHLMC Series 2423 Class MC		7.00		3-15-2032		9,348		10,883
FHLMC Series 264 Class 30		3.00		7-15-2042		16,986,901		17,667,825
FHLMC Series 4705 Class A		4.50		9-15-2042		6,474,631		7,025,035
FHLMC Series 4763 Class CA		3.00		9-15-2038		1,823,698		1,901,705
FHLMC Series 4767 Class KA		3.00		3-15-2048		9,141,599		9,494,105
FHLMC Series 4786 Class DP		4.50		7-15-2042		4,821,862		4,991,666
FHLMC Series 4787 Class AK		3.00		5-15-2048		6,288,968		6,399,019
FHLMC Series 4796 Class AK		3.00		5-15-2048		17,617,862		18,021,422
FHLMC Series 4897 Class F (1 Month LIBOR +0.40%) ±		2.60		7-15-2049		2,333,867		2,333,550
FNMA		1.50		4-25-2043		1,733,145		1,686,987
FNMA (1 Month LIBOR +0.25%) ±		2.40		11-25-2048		12,041,610		11,964,007
FNMA (1 Month LIBOR +0.35%) ±		2.50		5-25-2049		7,337,882		7,322,160
FNMA		2.50		8-1-2031		5,126,577		5,200,068
FNMA (1 Month LIBOR +0.45%) ±		2.60		10-25-2046		14,804,636		14,796,797
FNMA (12 Month LIBOR +1.58%) ±		2.62		5-1-2045		4,242,494		4,313,696
FNMA (12 Month LIBOR +1.59%) ±		2.66		1-1-2046		20,527,078		20,882,720
FNMA (12 Month LIBOR +1.58%) ±		2.75		6-1-2045		5,681,280		5,796,970
FNMA (1 Month LIBOR +0.40%) ±		2.80		4-25-2059		4,444,072		4,438,793
FNMA (12 Month LIBOR +1.60%) ±		2.95		8-1-2047		3,882,190		3,964,570
FNMA		3.00		1-1-2043		8,311,581		8,604,489
FNMA		3.00		7-25-2049		6,368,176		6,661,942
FNMA		3.00		7-25-2049		8,103,805		8,523,197
FNMA %%		3.00		9-12-2049		120,300,000		133,395,358
FNMA (12 Month LIBOR +1.62%) ±		3.13		3-1-2047		4,995,725		5,107,000
FNMA		3.50		9-1-2033		819,280		861,143
FNMA		3.50		5-1-2036		6,976,945		7,282,966

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		3.50	%	9-1-2036	$	1,163,449	$	1,222,820
FNMA		3.50		12-1-2036		7,727,085		8,096,889
FNMA		3.50		3-1-2046		4,801,229		5,048,372
FNMA		3.50		8-1-2048		7,181,927		7,547,977
FNMA		3.50		5-1-2049		1,870,684		1,936,000
FNMA		3.50		5-1-2049		17,832,281		18,405,034
FNMA		3.50		6-1-2049		2,316,845		2,404,398
FNMA		3.50		6-1-2049		41,137,300		43,191,231
FNMA		3.50		6-1-2049		14,827,565		15,617,143
FNMA		3.50		7-1-2049		34,448,956		36,283,481
FNMA		3.50		7-1-2049		21,661,510		22,768,551
FNMA		3.50		8-1-2049		2,781,275		2,923,431
FNMA		3.50		8-1-2049		36,043,155		37,885,242
FNMA		3.50		8-1-2049		19,687,893		20,784,536
FNMA		3.50		8-1-2049		60,862,893		63,973,527
FNMA %%		3.50		9-12-2049		131,700,000		135,362,906
FNMA		4.00		7-1-2033		3,279,800		3,443,715
FNMA		4.00		9-1-2033		6,032,598		6,345,488
FNMA		4.00		7-1-2036		5,562,596		5,893,988
FNMA		4.00		9-1-2036		2,180,545		2,308,323
FNMA		4.00		11-1-2036		1,639,520		1,737,181
FNMA		4.00		12-1-2036		384,393		407,066
FNMA		4.00		10-1-2037		2,847,235		3,014,347
FNMA		4.00		5-1-2045		7,403,843		7,850,801
FNMA		4.00		8-1-2045		5,685,845		6,083,067
FNMA		4.00		9-1-2045		1,359,433		1,482,028
FNMA		4.00		9-1-2045		9,935,568		10,629,448
FNMA		4.00		11-1-2045		4,986,706		5,335,114
FNMA		4.00		12-1-2045		8,831,984		9,429,983
FNMA		4.00		10-1-2046		798,407		847,511
FNMA		4.00		12-1-2046		968,902		1,027,715
FNMA		4.00		4-1-2047		817,388		890,963
FNMA		4.00		4-1-2047		963,433		1,009,662
FNMA		4.00		4-1-2047		954,725		1,020,381
FNMA		4.00		7-1-2047		3,126,686		3,299,420
FNMA		4.00		9-1-2047		3,825,003		4,048,163
FNMA		4.00		10-1-2047		2,949,192		3,122,086
FNMA		4.00		10-1-2047		804,527		876,951
FNMA		4.00		10-1-2047		758,815		820,127
FNMA		4.00		11-1-2047		454,701		481,357
FNMA		4.00		11-1-2047		948,249		1,004,105
FNMA ##		4.00		11-1-2047		30,784,774		32,326,060
FNMA ##		4.00		8-1-2048		48,649,290		51,042,607
FNMA		4.00		9-1-2048		34,073,665		35,749,968
FNMA		4.00		1-1-2049		19,934,720		20,675,373
FNMA		4.00		1-1-2049		34,517,556		35,996,109
FNMA		4.00		3-1-2049		3,378,084		3,586,830
FNMA		4.00		4-1-2049		4,513,962		4,795,654
FNMA		4.00		4-1-2049		13,981,088		14,994,104
FNMA		4.00		5-1-2049		570,477		606,077
FNMA		4.00		5-1-2049		877,524		917,849
FNMA		4.00		5-1-2049		1,013,953		1,059,312
FNMA		4.00		6-1-2049		4,429,592		4,708,736
FNMA		4.00		6-1-2049		45,100,348		47,118,020
FNMA		4.50		5-1-2034		1,643,315		1,771,548
FNMA		4.50		6-1-2041		307,414		334,499
FNMA		4.50		3-1-2043		3,429,741		3,731,555
FNMA		4.50		3-1-2044		1,071,460		1,165,083
FNMA		4.50		10-1-2045		5,576,013		6,063,269
FNMA		4.50		2-1-2046		143,359		155,713
FNMA		4.50		3-1-2048		2,390,965		2,582,042
FNMA		4.50		4-1-2048		4,700,807		5,076,492
FNMA		4.50		5-1-2048		2,948,682		3,184,347

2

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		4.50	%	6-1-2048	$	5,649,987	$	6,235,870
FNMA		4.50		8-1-2048		5,147,618		5,681,404
FNMA		4.50		10-1-2048		3,070,889		3,316,330
FNMA		4.50		2-1-2049		13,113,062		14,283,539
FNMA		4.50		3-1-2049		4,827,062		5,194,762
FNMA		4.50		4-1-2049		3,671,228		3,964,316
FNMA		4.50		5-1-2049		1,626,756		1,756,625
FNMA		4.50		6-1-2049		9,070,908		9,880,608
FNMA		4.50		7-1-2049		8,617,935		9,387,224
FNMA		4.50		8-1-2049		7,887,650		8,584,595
FNMA		5.00		7-1-2044		629,818		689,890
FNMA		5.00		6-1-2048		15,865,864		17,708,836
FNMA		5.00		9-1-2048		3,059,891		3,339,431
FNMA		5.00		10-1-2048		181,054		200,209
FNMA		5.00		10-1-2048		8,126,638		9,070,673
FNMA		5.00		1-1-2049		11,672,292		12,750,581
FNMA		5.00		2-1-2049		31,249,655		34,879,791
FNMA		5.00		6-1-2049		50,041,746		55,092,329
FNMA		5.00		8-1-2049		56,312,285		62,854,250
FNMA		5.00		8-1-2049		31,691,526		35,044,699
FNMA		5.50		6-1-2049		19,418,483		21,888,851
FNMA		6.00		4-1-2022		4,144		4,561
FNMA		6.00		2-1-2029		3,924		4,325
FNMA		6.00		3-1-2033		35,436		40,592
FNMA		6.00		11-1-2033		12,448		14,241
FNMA Series 1999-54 Class LH		6.50		11-25-2029		8,136		9,086
FNMA Series 2005-31 Class PB		5.50		4-25-2035		70,000		78,988
FNMA Series 2017-13 Class PA		3.00		8-25-2046		5,466,464		5,750,347
FNMA Series 2017-M7 Class A2 ±±		2.96		2-25-2027		2,108,000		2,242,186
FNMA Series 2018-14 Class KC		3.00		3-25-2048		5,709,458		5,921,585
FNMA Series 2018-15 Class AB		3.00		3-25-2048		2,019,389		2,103,814
FNMA Series 2018-43 Class CT		3.00		6-25-2048		16,777,465		17,099,216
FNMA Series 2018-45 Class GA		3.00		6-25-2048		14,880,582		15,127,848
FNMA Series 2018-56 Class CH		3.00		8-25-2048		8,367,002		8,528,953
FNMA Series 2018-57 Class PT		3.00		8-25-2048		6,621,911		6,761,001
FNMA Series 2018-59 Class DA		3.00		8-25-2048		18,751,936		19,114,896
FNMA Series 2018-8 Class KL		2.50		3-25-2047		7,165,995		7,251,376
FNMA Series 414 Class A35		3.50		10-25-2042		14,812,905		15,834,240
GNMA %%		3.00		10-21-2049		16,500,000		16,996,933
GNMA %%		3.00		11-20-2049		80,200,000		82,533,944
GNMA		3.50		5-20-2046		3,676,483		3,908,812
GNMA		3.50		7-20-2046		15,329,569		16,136,803
GNMA		3.50		1-20-2047		3,180,866		3,375,084
GNMA		3.50		1-20-2048		11,067,624		11,652,386
GNMA		3.50		1-20-2048		6,379,808		6,722,719
GNMA		3.50		1-20-2048		2,103,716		2,229,595
GNMA		3.50		1-20-2048		5,728,554		6,050,809
GNMA		3.50		8-20-2049		1,947,733		2,048,410
GNMA		3.50		8-20-2049		2,192,002		2,293,086
GNMA		3.50		8-20-2049		3,461,967		3,595,872
GNMA %%		3.50		9-19-2049		23,300,000		24,206,516
GNMA %%		3.50		11-20-2049		28,500,000		29,563,183
GNMA		4.00		10-20-2047		1,875,755		1,999,063
GNMA		4.00		3-20-2048		2,315,626		2,429,823
GNMA		4.00		4-20-2048		3,541,405		3,721,466
GNMA		4.00		4-20-2048		2,868,259		3,023,099
GNMA		4.00		4-20-2048		1,882,970		1,991,225
GNMA		4.00		5-20-2049		3,233,007		3,454,990
GNMA		4.00		6-20-2049		9,458,832		9,884,077
GNMA		4.00		6-20-2049		10,896,947		11,643,265
GNMA		4.00		7-20-2049		7,770,011		8,302,175
GNMA		4.00		8-20-2049		25,598,000		26,764,939
GNMA		4.50		8-15-2047		1,958,243		2,130,668

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA		4.50	%	2-20-2049	$	12,480,363	$	13,580,569
GNMA		4.50		3-20-2049		6,217,745		6,682,333
GNMA		4.50		3-20-2049		1,465,050		1,575,120
GNMA		4.50		4-20-2049		10,387,533		10,886,954
GNMA		4.50		4-20-2049		3,267,809		3,513,048
GNMA		4.50		5-20-2049		4,116,704		4,329,432
GNMA		4.50		5-20-2049		2,781,393		2,990,724
GNMA		4.50		5-20-2049		2,536,631		2,727,528
GNMA		4.50		5-20-2049		1,960,672		2,108,229
GNMA		5.00		12-20-2039		232,653		256,315
GNMA		5.00		11-20-2045		370,963		405,937
GNMA		5.00		3-20-2048		26,267,710		27,943,709
GNMA		5.00		6-20-2048		21,972,252		23,182,577
GNMA		5.00		1-20-2049		9,756,679		10,757,141
GNMA		5.00		2-20-2049		3,889,578		4,190,096
GNMA		5.00		3-20-2049		3,794,658		3,996,036
GNMA		5.00		3-20-2049		3,373,516		3,629,975
GNMA		5.00		4-20-2049		30,298,201		31,915,132
GNMA		5.00		5-20-2049		26,613,618		28,135,339
GNMA		5.00		6-20-2049		3,983,047		4,210,772
GNMA		5.00		7-20-2049		6,903,198		7,314,457
GNMA Series 2012-141 Class WA ±±		4.53		11-16-2041		1,721,656		1,943,277
GNMA Series 2017-167 Class BQ		2.50		8-20-2044		8,444,012		8,607,121
GNMA Series 2019-20 Class JK		3.50		2-20-2049		21,052,392		21,631,160
Total Agency Securities (Cost $2,242,521,580)								2,280,255,025
Asset-Backed Securities : 9.25%
Avis Budget Rental Car Funding LLC Series 2017-1A Class A 144A		3.07		9-20-2023		1,620,000		1,662,020
Avis Budget Rental Car Funding LLC Series 2019-2A Class A 144A		3.35		9-22-2025		9,042,000		9,493,597
Avis Budget Rental Car Funding LLC Serries 2019-3A Class A1 144A		2.36		3-20-2026		12,005,000		12,066,492
Capital Auto Receivables Asset Trust Series 2016-2 Class A4		1.63		1-20-2021		166,686		166,580
College Ave Student Loans Series 2019- A Class A2 144A		3.28		12-28-2048		2,539,229		2,586,463
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) ±144A		3.80		11-26-2046		3,874,451		3,872,481
College Avenue Student Loan Trust Series 2018-A Class A2 144A		4.13		12-26-2047		2,631,954		2,813,154
Ford Credit Auto Owner Trust Series 2017-1 Class A 144A		2.62		8-15-2028		2,398,000		2,439,555
Ford Credit Auto Owner Trust Series 2017-2 Class A 144A		2.36		3-15-2029		13,970,000		14,154,871
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A		3.19		7-15-2031		14,175,000		14,944,946
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47		1-15-2030		6,304,000		6,657,483
Ford Credit Auto Owner Trust Series 2019-1 Class A 144A		3.52		7-15-2030		11,354,000		11,992,927
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67		9-25-2021		5,139,000		5,161,953
Hertz Vehicle Financing LLC Series 2016-2A Class A2 144A		2.95		3-25-2022		6,650,000		6,711,689
Hertz Vehicle Financing LLC Series 2016-4A Class A 144A		2.65		7-25-2022		518,000		520,843
Hertz Vehicle Financing LLC Series 2017-1A Class A 144A		2.96		10-25-2021		4,777,000		4,817,620
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29		10-25-2023		4,212,000		4,334,536
Hertz Vehicle Financing LLC Series 2018-2A Class A 144A		3.65		6-27-2022		5,490,000		5,618,186
Hertz Vehicle Financing LLC Series 2018-3A Class A 144A		4.03		7-25-2024		5,685,000		6,019,002
Hertz Vehicle Financing LLC Series 2019-1A Class A 144A		3.71		3-25-2023		8,669,000		8,960,327
Hertz Vehicle Financing LLC Series 2019-2A Class A 144A		3.42		5-25-2025		15,301,000		15,963,165
Navient Student Loan Trust Series 2014-1 Class A3 (1 Month LIBOR +0.51%) ±		2.66		6-25-2031		4,568,728		4,524,939
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) ±144A		3.80		10-15-2031		6,169,000		6,282,111
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) ±144A		2.90		9-16-2024		751,041		751,495
Navient Student Loan Trust Series 2015-1 Class A2 (1 Month LIBOR +0.60%) ±		2.75		4-25-2040		12,245,133		12,164,444
Navient Student Loan Trust Series 2015-CA Class B 144A		3.25		5-15-2040		173,346		173,405
Navient Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.70%) ±144A		2.85		2-25-2070		7,377,862		7,350,545

4

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities (continued)
Navient Student Loan Trust Series 2016-3A Class A2 (1 Month LIBOR +0.85%) ±144A		3.00	%	6-25-2065	$	1,646,256	$	1,650,898
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) ±144A		4.35		12-15-2045		2,567,944		2,651,397
Navient Student Loan Trust Series 2017-2A Class A (1 Month LIBOR +0.77%) ±144A		2.92		9-25-2065		4,450,557		4,448,373
Navient Student Loan Trust Series 2017-5A Class A (1 Month LIBOR +0.80%) ±144A		2.95		7-26-2066		3,836,944		3,840,691
Navient Student Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) ±144A		3.10		12-16-2058		8,966,000		9,001,245
Navient Student Loan Trust Series 2018-A Class A2 144A		3.19		2-18-2042		2,233,000		2,293,096
Navient Student Loan Trust Series 2018-BA Class A2A 144A		3.61		12-15-2059		4,454,000		4,704,603
Navient Student Loan Trust Series 2018-CA Class A2 144A		3.52		6-16-2042		2,507,000		2,608,976
Navient Student Loan Trust Series 2018-DA Class A2A 144A		4.00		12-15-2059		10,280,000		10,770,812
Navient Student Loan Trust Series 2018-EA Class A2 144A		4.00		12-15-2059		6,822,000		7,293,282
Navient Student Loan Trust Series 2019 -D Class A2A 144A		3.01		12-15-2059		10,199,000		10,432,884
Navient Student Loan Trust Series 2019-A Class A2A 144A		3.42		1-15-2043		12,133,000		12,770,723
Navient Student Loan Trust Series 2019-BA Class A2A 144A		3.39		12-15-2059		8,228,000		8,661,793
Navient Student Loan Trust Series 2019-CA Class A2 144A		3.13		2-15-2068		8,809,000		9,178,177
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		2.44		1-25-2037		7,715,019		7,531,127
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		2.46		10-27-2036		2,739,925		2,671,508
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		2.39		10-25-2033		15,480,981		15,274,720
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		2.44		3-23-2037		19,332,794		19,040,807
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		2.46		12-24-2035		17,246,232		17,118,544
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		2.52		3-22-2032		3,946,615		3,807,327
Nelnet Student Loan Trust Series 2010-2A Class A (3 Month LIBOR +0.85%) ±144A		3.20		9-25-2048		16,415,057		16,409,474
Nelnet Student Loan Trust Series 2012-4A Class A (1 Month LIBOR +0.70%) ±144A		2.85		9-27-2038		5,259,801		5,268,883
Nelnet Student Loan Trust Series 2013-1A Class A (1 Month LIBOR +0.60%) ±144A		2.75		6-25-2041		4,057,465		3,995,728
Nelnet Student Loan Trust Series 2014-1A Class A (1 Month LIBOR +0.57%) ±144A		2.72		9-25-2041		2,153,568		2,132,903
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) ±144A		2.95		9-25-2065		7,462,959		7,499,429
Nelnet Student Loan Trust Series 2018-3A Class A2 (1 Month LIBOR +0.44%) ±144A		2.93		9-27-2066		2,846,000		2,840,779
SLC Student Loan Trust Series 2005-2 Class A4 (3 Month LIBOR +0.16%) ±		2.57		12-15-2039		5,478,000		5,275,748
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) ±144A		3.16		12-15-2032		3,600,452		3,507,591
SLM Student Loan Trust Series 2004-10 Class A7A (3 Month LIBOR +0.60%) ±144A		2.88		10-25-2029		12,249,000		12,162,020
SLM Student Loan Trust Series 2005-3 Class A6 (3 Month LIBOR +0.15%) ±		2.43		4-25-2040		5,328,000		5,131,883
SLM Student Loan Trust Series 2006-1 Class A5 (3 Month LIBOR +0.11%) ±		2.39		7-26-2021		10,777,609		10,696,585
SLM Student Loan Trust Series 2006-10 Class A6 (3 Month LIBOR +0.15%) ±		2.43		3-25-2044		9,462,000		9,054,272
SLM Student Loan Trust Series 2006-3 Class A5 (3 Month LIBOR +0.10%) ±		2.38		1-25-2021		6,330,428		6,247,191
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		2.34		7-25-2022		10,713,547		10,460,120
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		2.55		3-25-2025		1,742,729		1,690,079
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		3.10		9-25-2028		12,379,098		12,199,236

5

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		2.85	%	1-25-2029	$	10,711,482	$	10,470,446
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		2.90		5-26-2026		2,828,373		2,796,501
SLM Student Loan Trust Series 2013-B Class A2B (1 Month LIBOR +1.10%) ±144A		3.30		6-17-2030		54,490		54,504
SMB Private Education Loan Trust Series 2015-A Class A2B (1 Month LIBOR +1.00%) ±144A		3.20		6-15-2027		3,286,354		3,297,756
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98		7-15-2027		594,397		600,181
SMB Private Education Loan Trust Series 2015-C Class A2B (1 Month LIBOR +1.40%) ±144A		3.60		7-15-2027		1,781,162		1,797,482
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70		5-15-2031		8,310,095		8,403,170
SMB Private Education Loan Trust Series 2016-A Class A2B (1 Month LIBOR +1.50%) ±144A		3.70		5-15-2031		10,927,199		11,092,160
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43		2-17-2032		3,959,895		3,968,940
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) ±144A		3.65		2-17-2032		10,904,733		11,077,506
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) ±144A		3.30		9-15-2034		4,258,837		4,293,997
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) ±144A		3.10		9-15-2034		3,168,176		3,176,666
SMB Private Education Loan Trust Series 2017-B Class A2A 144A		2.82		10-15-2035		3,950,573		4,020,870
SMB Private Education Loan Trust Series 2017-B Class A2B (1 Month LIBOR +0.75%) ±144A		2.95		10-15-2035		7,966,890		7,921,920
SMB Private Education Loan Trust Series 2018-C Class A2A 144A		3.63		11-15-2035		1,872,000		2,003,674
SMB Private Education Loan Trust Series 2019-A Class A2A 144A		3.44		7-15-2036		9,258,000		9,735,743
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76		12-26-2036		2,844,479		2,877,469
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) ±144A		3.10		1-25-2039		490,227		492,135
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) ±144A		3.00		7-25-2039		1,051,350		1,057,109
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) ±144A		2.85		3-26-2040		1,076,505		1,079,635
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65		9-25-2040		666,000		676,670
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) ±144A		2.65		11-26-2040		807,043		807,767
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72		11-26-2040		9,979,000		10,164,480
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A		3.34		8-25-2047		8,978,000		9,314,365
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		2.67		2-25-2028		5,396		5,377
World Financial Network Credit Card Master Trust Series 2018-B Class A		3.46		7-15-2025		2,883,000		2,971,426
Total Asset-Backed Securities (Cost $547,016,141)								556,685,682
Corporate Bonds and Notes : 21.66%
Communication Services : 1.98%
Diversified Telecommunication Services : 0.90%
AT&T Incorporated		3.40		5-15-2025		3,995,000		4,196,039
AT&T Incorporated		3.80		2-15-2027		1,593,000		1,700,840
AT&T Incorporated		4.30		2-15-2030		1,389,000		1,542,387
AT&T Incorporated		4.35		3-1-2029		3,047,000		3,407,004
AT&T Incorporated		4.85		3-1-2039		1,961,000		2,255,036
AT&T Incorporated		5.15		2-15-2050		3,603,000		4,276,767
AT&T Incorporated		5.25		3-1-2037		1,168,000		1,388,429
AT&T Incorporated		5.35		12-15-2043		980,000		1,134,601
AT&T Incorporated		5.38		10-15-2041		1,569,000		1,860,683
AT&T Incorporated		5.45		3-1-2047		1,413,000		1,733,478
AT&T Incorporated		5.70		3-1-2057		1,168,000		1,479,496

6

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Diversified Telecommunication Services (continued)
Verizon Communications Incorporated 144A		4.02	%	12-3-2029	$	5,174,000	$	5,844,013
Verizon Communications Incorporated		4.13		8-15-2046		4,755,000		5,405,047
Verizon Communications Incorporated		4.27		1-15-2036		878,000		1,008,068
Verizon Communications Incorporated		4.33		9-21-2028		5,368,000		6,166,083
Verizon Communications Incorporated		4.40		11-1-2034		4,256,000		4,930,136
Verizon Communications Incorporated		4.52		9-15-2048		972,000		1,170,540
Verizon Communications Incorporated		4.67		3-15-2055		526,000		647,865
Verizon Communications Incorporated		5.01		4-15-2049		972,000		1,242,544
Verizon Communications Incorporated		5.50		3-16-2047		1,895,000		2,543,651
								53,932,707
Entertainment : 0.08%
The Walt Disney Company 144A		4.95		10-15-2045		1,895,000		2,572,403
Viacom Incorporated		5.85		9-1-2043		1,658,000		2,074,503
								4,646,906
Media : 1.00%
Charter Communications Operating LLC		4.46		7-23-2022		1,920,000		2,028,703
Charter Communications Operating LLC		5.38		5-1-2047		3,154,000		3,502,792
Comcast Corporation		3.30		10-1-2020		11,144,000		11,306,150
Comcast Corporation		3.45		10-1-2021		4,935,000		5,083,064
Comcast Corporation		3.70		4-15-2024		3,930,000		4,209,122
Comcast Corporation		3.95		10-15-2025		3,554,000		3,891,401
Comcast Corporation		4.00		3-1-2048		2,982,000		3,369,798
Comcast Corporation		4.15		10-15-2028		2,003,000		2,272,519
Comcast Corporation		4.60		10-15-2038		4,975,000		6,021,467
Comcast Corporation		4.70		10-15-2048		997,000		1,247,425
Comcast Corporation		4.95		10-15-2058		1,487,000		1,930,773
Discovery Communications LLC		4.13		5-15-2029		2,753,000		2,945,539
Discovery Communications LLC		5.30		5-15-2049		3,611,000		4,131,048
Fox Corporation 144A		4.03		1-25-2024		2,091,000		2,239,440
Fox Corporation 144A		4.71		1-25-2029		1,397,000		1,618,249
Fox Corporation 144A		5.58		1-25-2049		2,239,000		2,913,189
Time Warner Cable Incorporated		6.55		5-1-2037		1,389,000		1,681,711
								60,392,390
Consumer Discretionary : 0.79%
Automobiles : 0.10%
General Motors Company		5.95		4-1-2049		5,188,000		5,757,108
Hotels, Restaurants & Leisure : 0.40%
GLP Capital LP / GLP Financing II Incorporated		4.00		1-15-2030		3,804,000		3,834,850
GLP Capital LP / GLP Financing II Incorporated		5.30		1-15-2029		2,059,000		2,289,670
McDonald’s Corporation		2.63		9-1-2029		4,391,000		4,435,305
McDonald’s Corporation		3.63		9-1-2049		2,964,000		3,081,666
McDonald’s Corporation		4.45		9-1-2048		2,917,000		3,466,567
Starbucks Corporation		3.55		8-15-2029		1,997,000		2,185,079
Starbucks Corporation		3.75		12-1-2047		1,690,000		1,777,251
Starbucks Corporation		3.80		8-15-2025		211,000		228,830
Starbucks Corporation		4.50		11-15-2048		2,157,000		2,544,757
								23,843,975
Professional Services : 0.02%
G2SF (a)		3.50		9-1-2049		1,362,000		1,435,207
Specialty Retail : 0.27%
Home Depot Incorporated		4.50		12-6-2048		4,999,000		6,361,323
Lowe’s Companies Incorporated		3.65		4-5-2029		9,354,000		10,163,543
								16,524,866

7

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Consumer Staples : 1.74%
Beverages : 0.70%
Anheuser-Busch InBev Company		3.65	%	2-1-2026	$	4,093,000	$	4,398,176
Anheuser-Busch InBev Company		4.90		2-1-2046		7,459,000		8,912,169
Anheuser-Busch InBev Worldwide Incorporated		4.15		1-23-2025		6,176,000		6,762,845
Anheuser-Busch InBev Worldwide Incorporated		4.90		1-23-2031		3,497,000		4,188,014
Anheuser-Busch InBev Worldwide Incorporated		5.55		1-23-2049		3,135,000		4,129,761
Constellation Brands Incorporated		3.15		8-1-2029		5,506,000		5,681,573
Constellation Brands Incorporated		3.20		2-15-2023		989,000		1,020,405
Constellation Brands Incorporated		3.50		5-9-2027		1,413,000		1,489,573
Constellation Brands Incorporated		3.60		2-15-2028		3,121,000		3,318,709
Constellation Brands Incorporated		3.70		12-6-2026		1,667,000		1,788,988
Constellation Brands Incorporated		4.40		11-15-2025		304,000		337,323
								42,027,536
Food & Staples Retailing : 0.58%
Costco Wholesale Corporation		2.75		5-18-2024		5,090,000		5,286,232
Costco Wholesale Corporation		3.00		5-18-2027		5,654,000		6,037,557
Walmart Incorporated		3.25		7-8-2029		4,439,000		4,865,586
Walmart Incorporated		3.55		6-26-2025		5,155,000		5,596,687
Walmart Incorporated		3.70		6-26-2028		10,245,000		11,508,370
Walmart Incorporated		3.95		6-28-2038		604,000		725,317
Walmart Incorporated		4.05		6-29-2048		1,005,000		1,251,391
								35,271,140
Food Products : 0.21%
Kraft Heinz Foods Company		2.80		7-2-2020		5,948,000		5,951,956
Nestle Holdings Incorporated 144A		3.10		9-24-2021		2,280,000		2,331,055
Nestle Holdings Incorporated 144A		3.35		9-24-2023		2,988,000		3,156,046
Nestle Holdings Incorporated 144A		3.90		9-24-2038		971,000		1,141,980
								12,581,037
Tobacco : 0.25%
Altria Group Incorporated		3.88		9-16-2046		1,081,000		1,061,799
Altria Group Incorporated		4.40		2-14-2026		2,116,000		2,320,273
Altria Group Incorporated		4.80		2-14-2029		2,091,000		2,367,752
Altria Group Incorporated		5.95		2-14-2049		1,029,000		1,321,115
BAT Capital Corporation		2.30		8-14-2020		3,015,000		3,015,325
BAT Capital Corporation		3.22		8-15-2024		3,105,000		3,193,981
Reynolds American Incorporated		5.85		8-15-2045		1,558,000		1,757,589
								15,037,834
Electric, Gas & Sanitary Services : 0.04%
Energy : 1.94%
Oil, Gas & Consumable Fuels : 1.94%
Amerada Finance Corporation		7.13		3-15-2033		719,000		902,937
Anadarko Finance Company		7.50		5-1-2031		1,029,000		1,370,742
Anadarko Petroleum Corporation		4.85		3-15-2021		1,781,000		1,841,175
Anadarko Petroleum Corporation		6.60		3-15-2046		1,046,000		1,394,723
Andeavor Logistics LP		3.50		12-1-2022		2,271,000		2,332,544
Andeavor Logistics LP		5.20		12-1-2047		2,819,000		3,040,516

8

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
BP Capital Markets America Incorporated		3.41	%	2-11-2026	$	5,417,000	$	5,762,478
BP Capital Markets America Incorporated		3.80		9-21-2025		3,946,000		4,272,617
BP Capital Markets America Incorporated		3.94		9-21-2028		9,207,000		10,286,748
Cimarex Energy Company		4.38		3-15-2029		6,437,000		6,842,681
Devon Energy Corporation		5.60		7-15-2041		3,243,000		3,979,970
Energy Transfer Operating Partners LP		5.25		4-15-2029		1,748,000		2,002,339
Energy Transfer Operating Partners LP		5.50		6-1-2027		2,487,000		2,858,452
Energy Transfer Operating Partners LP		5.88		1-15-2024		5,850,000		6,545,565
Energy Transfer Operating Partners LP		6.13		12-15-2045		1,024,000		1,217,895
Enterprise Products Operating LLC		3.13		7-31-2029		6,593,000		6,828,837
Enterprise Products Operating LLC		4.20		1-31-2050		5,123,000		5,573,150
Enterprise Products Operating LLC		4.80		2-1-2049		596,000		700,269
Hess Corporation		3.50		7-15-2024		859,000		877,551
Hess Corporation		5.80		4-1-2047		363,000		419,890
Hess Corporation		6.00		1-15-2040		2,919,000		3,317,095
Kinder Morgan Energy Partners LP		5.50		3-1-2044		1,438,000		1,697,685
Kinder Morgan Energy Partners LP		6.95		1-15-2038		989,000		1,313,376
Kinder Morgan Energy Partners LP		7.30		8-15-2033		310,000		420,406
Kinder Morgan Incorporated 144A		5.00		2-15-2021		6,062,000		6,275,934
Kinder Morgan Incorporated		5.55		6-1-2045		1,139,000		1,366,843
Marathon Oil Corporation		4.40		7-15-2027		807,000		869,210
Marathon Oil Corporation		6.60		10-1-2037		523,000		657,769
MPLX LP		4.70		4-15-2048		915,000		942,160
MPLX LP		5.50		2-15-2049		1,672,000		1,916,499
Noble Energy Incorporated		3.85		1-15-2028		749,000		781,254
Noble Energy Incorporated		4.95		8-15-2047		3,430,000		3,816,174
Noble Energy Incorporated		5.05		11-15-2044		2,840,000		3,156,812
Oneok Incorporated		3.40		9-1-2029		7,689,000		7,709,531
Plains All American Pipeline LP		4.90		2-15-2045		2,647,000		2,717,926
Spectra Energy Partners LP		3.38		10-15-2026		1,997,000		2,074,892
Sunoco Logistics Partner LP		5.30		4-1-2044		3,651,000		3,908,732
Sunoco Logistics Partner LP		5.40		10-1-2047		972,000		1,084,143
Western Gas Partners LP		5.50		8-15-2048		2,067,000		1,930,845
Williams Companies Incorporated		3.90		1-15-2025		1,430,000		1,503,616
								116,511,981
Financials : 5.27%
Banks : 3.48%
Bank of America Corporation (3 Month LIBOR +0.63%) ±		2.33		10-1-2021		8,872,000		8,885,947
Bank of America Corporation (3 Month LIBOR +1.09%) ±		3.09		10-1-2025		18,390,000		19,105,129
Bank of America Corporation (3 Month LIBOR +0.81%) ±		3.37		1-23-2026		4,961,000		5,201,302
Bank of America Corporation (3 Month LIBOR +1.04%) ±		3.42		12-20-2028		7,686,000		8,111,235
Bank of America Corporation (3 Month LIBOR +0.97%) ±		3.46		3-15-2025		15,373,000		16,167,024
Bank of America Corporation (3 Month LIBOR +1.06%) ±		3.56		4-23-2027		6,225,000		6,625,631
Bank of America Corporation (3 Month LIBOR +1.52%) ±		4.33		3-15-2050		1,684,000		2,049,431
BB&T Corporation		2.50		8-1-2024		11,995,000		12,181,991
BB&T Corporation		3.05		6-20-2022		6,895,000		7,073,170
Citibank NA (3 Month LIBOR +0.60%) ±		2.84		5-20-2022		11,828,000		11,960,340
Citigroup Incorporated (3 Month LIBOR +0.90%) ±		3.35		4-24-2025		4,724,000		4,935,588
Citigroup Incorporated (3 Month LIBOR +1.34%) ±		3.98		3-20-2030		8,856,000		9,788,423
Citigroup Incorporated (3 Month LIBOR +1.02%) ±		4.04		6-1-2024		4,998,000		5,319,315
JPMorgan Chase & Company		2.95		10-1-2026		3,661,000		3,797,768
JPMorgan Chase & Company (3 Month LIBOR +0.70 %) ±		3.21		4-1-2023		22,837,000		23,478,387
JPMorgan Chase & Company (3 Month LIBOR +1.16%) ±		3.22		3-1-2025		1,152,000		1,204,189
JPMorgan Chase & Company (3 Month LIBOR +0.73%) ±		3.56		4-23-2024		1,993,000		2,092,943
JPMorgan Chase & Company (3 Month LIBOR +1.16%) ±		3.70		5-6-2030		997,000		1,088,624
JPMorgan Chase & Company (3 Month LIBOR +0.89%) ±		3.80		7-23-2024		1,002,000		1,064,381
JPMorgan Chase & Company (3 Month LIBOR +1.36%) ±		3.88		7-24-2038		2,968,000		3,327,316
JPMorgan Chase & Company (3 Month LIBOR +1.22%) ±		3.90		1-23-2049		3,655,000		4,201,852
JPMorgan Chase & Company (3 Month LIBOR +1.12%) ±		4.01		4-23-2029		2,606,000		2,895,719
JPMorgan Chase & Company (3 Month LIBOR +1.00%) ±		4.02		12-5-2024		1,938,000		2,082,253

9

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Banks (continued)
PNC Financial Services		3.45	%	4-23-2029	$	11,810,000	$	12,788,809
Santander Holdings USA Incorporated		3.50		6-7-2024		18,872,000		19,520,197
Santander Holdings USA Incorporated		4.50		7-17-2025		3,113,000		3,351,739
U.S. Bancorp		2.40		7-30-2024		9,994,000		10,183,989
U.S. Bancorp		3.00		7-30-2029		1,045,000		1,091,905
								209,574,597
Capital Markets : 0.55%
Morgan Stanley		2.63		11-17-2021		7,949,000		8,032,239
Morgan Stanley		2.75		5-19-2022		24,000		24,412
Morgan Stanley		3.70		10-23-2024		6,016,000		6,426,325
Morgan Stanley		4.38		1-22-2047		990,000		1,203,785
Morgan Stanley (3 Month LIBOR +1.43%) ±		4.46		4-22-2039		1,871,000		2,220,240
PPL Capital Funding Incorporated		3.10		5-15-2026		1,381,000		1,416,479
PPL Capital Funding Incorporated		3.40		6-1-2023		591,000		610,764
PPL Capital Funding Incorporated		4.00		9-15-2047		714,000		754,461
PPL Capital Funding Incorporated		4.70		6-1-2043		394,000		452,092
PPL Capital Funding Incorporated		5.00		3-15-2044		1,471,000		1,770,724
The Charles Schwab Corporation		3.25		5-22-2029		9,559,000		10,268,858
								33,180,379
Consumer Finance : 0.73%
American Express Company		2.50		7-30-2024		9,989,000		10,168,249
American Express Company		2.75		5-20-2022		6,520,000		6,646,415
American Express Company		3.13		5-20-2026		4,520,000		4,748,482
Capital One Financial Corporation		3.30		10-30-2024		2,055,000		2,130,232
Ford Motor Credit Company LLC		4.54		8-1-2026		6,298,000		6,424,662
Ford Motor Credit Company LLC		4.75		1-15-2043		7,777,000		6,988,315
Synchrony Financial		4.50		7-23-2025		1,993,000		2,141,910
Synchrony Financial		5.15		3-19-2029		4,134,000		4,655,596
								43,903,861
Insurance : 0.51%
American International Group Incorporated		4.20		4-1-2028		3,047,000		3,359,711
American International Group Incorporated		4.25		3-15-2029		1,985,000		2,201,081
American International Group Incorporated		4.38		1-15-2055		1,528,000		1,665,614
American International Group Incorporated		4.50		7-16-2044		1,675,000		1,914,831
Liberty Mutual Group Incorporated 144A		4.57		2-1-2029		5,539,000		6,304,123
Lincoln National Corporation		3.05		1-15-2030		6,620,000		6,708,981
Prudential Financial Incorporated		4.35		2-25-2050		3,417,000		4,080,892
Reinsurance Group of America Incorporated		3.90		5-15-2029		3,922,000		4,218,644
								30,453,877
Health Care : 3.12%
Biotechnology : 0.43%
AbbVie Incorporated		2.50		5-14-2020		7,557,000		7,568,175
AbbVie Incorporated		4.25		11-14-2028		1,479,000		1,608,752
AbbVie Incorporated		4.88		11-14-2048		1,144,000		1,274,398
Celgene Corporation		2.75		2-15-2023		7,170,000		7,322,877
Celgene Corporation		2.88		2-19-2021		1,987,000		2,008,173
Celgene Corporation		3.90		2-20-2028		1,068,000		1,186,532
Celgene Corporation		4.35		11-15-2047		985,000		1,189,326
Gilead Sciences Incorporated		3.65		3-1-2026		2,001,000		2,150,732
Gilead Sciences Incorporated		4.15		3-1-2047		1,586,000		1,794,375
								26,103,340

10

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Health Care Equipment & Supplies : 0.86%
Abbott Laboratories		3.40	%	11-30-2023	$	1,103,000	$	1,162,169
Abbott Laboratories		3.75		11-30-2026		3,603,000		3,964,695
Abbott Laboratories		3.88		9-15-2025		817,000		891,731
Abbott Laboratories		4.90		11-30-2046		7,431,000		9,932,943
Becton Dickinson & Company		2.40		6-5-2020		6,618,000		6,625,670
Becton Dickinson & Company		3.36		6-6-2024		2,230,000		2,325,241
Becton Dickinson & Company		3.70		6-6-2027		2,173,000		2,327,906
Becton Dickinson & Company		3.73		12-15-2024		5,270,000		5,607,931
Becton Dickinson & Company		4.69		12-15-2044		2,459,000		2,915,603
Boston Scientific Corporation		3.75		3-1-2026		3,252,000		3,492,191
Boston Scientific Corporation		4.00		3-1-2028		1,944,000		2,139,839
Boston Scientific Corporation		4.00		3-1-2029		2,394,000		2,670,396
Boston Scientific Corporation		4.70		3-1-2049		2,165,000		2,685,398
Edwards Lifesciences Corporation		4.30		6-15-2028		4,387,000		4,982,678
								51,724,391
Health Care Providers & Services : 1.11%
Aetna Incorporated		3.88		8-15-2047		1,593,000		1,589,233
Cigna Corporation		3.75		7-15-2023		5,515,000		5,797,689
Cigna Corporation		3.40		9-17-2021		4,469,000		4,575,326
Cigna Corporation		4.38		10-15-2028		2,353,000		2,631,127
Cigna Corporation		4.80		8-15-2038		435,000		502,923
Cigna Corporation		4.90		12-15-2048		4,066,000		4,811,666
CVS Health Corporation		2.63		8-15-2024		2,635,000		2,650,100
CVS Health Corporation		3.00		8-15-2026		2,196,000		2,222,860
CVS Health Corporation		3.25		8-15-2029		1,756,000		1,779,758
CVS Health Corporation		3.70		3-9-2023		2,018,000		2,110,218
CVS Health Corporation		4.00		12-5-2023		2,957,000		3,143,175
CVS Health Corporation		4.10		3-25-2025		4,371,000		4,676,238
CVS Health Corporation		4.78		3-25-2038		2,157,000		2,418,779
CVS Health Corporation		5.05		3-25-2048		1,768,000		2,060,005
Express Scripts Holding Company		3.40		3-1-2027		2,006,000		2,088,788
UnitedHealth Group Incorporated		2.38		8-15-2024		5,525,000		5,612,073
UnitedHealth Group Incorporated		2.88		8-15-2029		5,565,000		5,790,087
UnitedHealth Group Incorporated		3.50		8-15-2039		2,198,000		2,339,192
UnitedHealth Group Incorporated		3.70		12-15-2025		2,198,000		2,394,199
UnitedHealth Group Incorporated		3.70		8-15-2049		3,077,000		3,363,456
UnitedHealth Group Incorporated		3.88		8-15-2059		2,211,000		2,442,988
UnitedHealth Group Incorporated		4.45		12-15-2048		1,642,000		1,993,784
								66,993,664
Pharmaceuticals : 0.72%
Bristol-Myers Squibb Company 144A		2.60		5-16-2022		8,603,000		8,764,642
Bristol-Myers Squibb Company 144A		2.90		7-26-2024		4,690,000		4,862,672
Bristol-Myers Squibb Company 144A		3.20		6-15-2026		4,101,000		4,339,380
Bristol-Myers Squibb Company 144A		3.40		7-26-2029		5,024,000		5,438,560
Bristol-Myers Squibb Company 144A		4.13		6-15-2039		498,000		577,959
Bristol-Myers Squibb Company 144A		4.25		10-26-2049		1,396,000		1,679,181
Merck & Company Incorporated		3.40		3-7-2029		3,513,000		3,867,939
Merck & Company Incorporated		4.00		3-7-2049		1,271,000		1,540,036
Pfizer Incorporated		2.80		3-11-2022		1,953,000		2,003,311
Pfizer Incorporated		3.00		12-15-2026		1,021,000		1,080,273
Pfizer Incorporated		3.45		3-15-2029		5,335,000		5,841,159
Pfizer Incorporated		4.10		9-15-2038		1,119,000		1,324,313
Pfizer Incorporated		4.20		9-15-2048		1,595,000		1,928,097
								43,247,522

11

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Industrials : 1.77%
Aerospace & Defense : 1.22%
Lockheed Martin Corporation		4.07	%	12-15-2042	$	2,075,000	$	2,438,114
Lockheed Martin Corporation		4.09		9-15-2052		1,650,000		1,987,067
Northrop Grumman Corporation		2.55		10-15-2022		6,422,000		6,521,623
Northrop Grumman Corporation		2.93		1-15-2025		287,000		297,095
Northrop Grumman Corporation		3.25		8-1-2023		5,923,000		6,200,128
Northrop Grumman Corporation		3.25		1-15-2028		715,000		759,544
The Boeing Company		2.70		5-1-2022		4,306,000		4,394,112
The Boeing Company		2.70		2-1-2027		5,506,000		5,657,143
The Boeing Company		2.95		2-1-2030		6,606,000		6,858,229
The Boeing Company		3.10		5-1-2026		5,506,000		5,821,642
The Boeing Company		3.20		3-1-2029		2,529,000		2,694,417
The Boeing Company		3.50		3-1-2039		2,116,000		2,261,609
The Boeing Company		3.55		3-1-2038		841,000		898,683
The Boeing Company		3.75		2-1-2050		2,641,000		2,940,729
The Boeing Company		3.85		11-1-2048		394,000		442,758
The Boeing Company		3.90		5-1-2049		2,638,000		2,975,200
United Technologies Corporation		3.65		8-16-2023		7,606,000		8,071,032
United Technologies Corporation		3.95		8-16-2025		2,859,000		3,138,466
United Technologies Corporation		4.13		11-16-2028		1,748,000		2,000,242
United Technologies Corporation		4.45		11-16-2038		2,655,000		3,224,820
United Technologies Corporation		4.63		11-16-2048		2,887,000		3,646,428
								73,229,081
Air Freight & Logistics : 0.07%
FedEx Corporation		4.55		4-1-2046		187,000		203,849
FedEx Corporation		4.95		10-17-2048		3,717,000		4,343,517
								4,547,366
Industrial Conglomerates : 0.17%
General Electric Company		2.70		10-9-2022		977,000		970,643
General Electric Company		3.10		1-9-2023		719,000		721,196
General Electric Company		4.50		3-11-2044		5,417,000		5,476,356
General Electric Company		5.88		1-14-2038		2,459,000		2,840,150
								10,008,345
Road & Rail : 0.26%
Burlington Northern Santa Fe LLC		3.55		2-15-2050		2,974,000		3,256,647
Burlington Northern Santa Fe LLC		4.90		4-1-2044		1,119,000		1,435,523
CSX Corporation		4.75		11-15-2048		1,413,000		1,741,315
Union Pacific Corporation		2.95		3-1-2022		3,595,000		3,682,899
Union Pacific Corporation		3.15		3-1-2024		2,296,000		2,401,516
Union Pacific Corporation		3.70		3-1-2029		2,152,000		2,391,506
Union Pacific Corporation		4.30		3-1-2049		525,000		625,517
								15,534,923
Transportation Infrastructure : 0.05%
Crowley Conro LLC		4.18		8-15-2043		2,849,280		3,306,571
Information Technology : 1.83%
IT Services : 0.59%
Fidelity National Information Services Incorporated		3.75		5-21-2029		2,978,000		3,266,002
Fiserv Incorporated		3.20		7-1-2026		3,489,000		3,651,614
Fiserv Incorporated		3.50		7-1-2029		3,636,000		3,861,769
Fiserv Incorporated		4.20		10-1-2028		345,000		387,707
Fiserv Incorporated		4.40		7-1-2049		1,848,000		2,128,839

12

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
IT Services (continued)
Global Payments Incorporated		3.20	%	8-15-2029	$	3,290,000	$	3,371,414
Global Payments Incorporated		4.15		8-15-2049		1,975,000		2,089,412
IBM Corporation		3.30		5-15-2026		3,304,000		3,505,255
IBM Corporation		4.15		5-15-2039		2,135,000		2,472,353
IBM Corporation		4.25		5-15-2049		4,057,000		4,732,880
Mastercard Incorporated		2.95		6-1-2029		3,975,000		4,252,782
Mastercard Incorporated		3.65		6-1-2049		1,375,000		1,597,368
								35,317,395
Semiconductors & Semiconductor Equipment : 0.37%
Broadcom Incorporated 144A		4.25		4-15-2026		12,573,000		12,929,477
Broadcom Incorporated 144A		4.75		4-15-2029		1,427,000		1,503,418
Lam Research Corporation		3.75		3-15-2026		3,227,000		3,455,896
Lam Research Corporation		4.88		3-15-2049		874,000		1,074,025
Qualcomm Incorporated		4.30		5-20-2047		2,198,000		2,494,262
Texas Instruments Incorporated %%		2.25		9-4-2029		1,002,000		1,006,282
								22,463,360
Software : 0.52%
Microsoft Corporation		3.30		2-6-2027		3,047,000		3,331,461
Microsoft Corporation		3.70		8-8-2046		989,000		1,164,397
Microsoft Corporation		4.00		2-12-2055		2,614,000		3,202,083
Microsoft Corporation		4.10		2-6-2037		3,260,000		3,930,615
Microsoft Corporation		4.25		2-6-2047		6,627,000		8,439,686
Microsoft Corporation		4.50		2-6-2057		2,402,000		3,221,562
Oracle Corporation		2.63		2-15-2023		2,688,000		2,746,654
Oracle Corporation		2.95		11-15-2024		1,438,000		1,505,991
Oracle Corporation		3.80		11-15-2037		1,471,000		1,640,379
Oracle Corporation		4.00		11-15-2047		1,993,000		2,281,620
								31,464,448
Technology Hardware, Storage & Peripherals : 0.35%
Apple Incorporated		3.20		5-13-2025		1,201,000		1,280,322
Apple Incorporated		3.20		5-11-2027		7,443,000		7,967,295
Apple Incorporated		4.25		2-9-2047		2,745,000		3,333,686
Apple Incorporated		4.38		5-13-2045		1,838,000		2,258,297
Apple Incorporated		4.65		2-23-2046		1,944,000		2,486,256
Hewlett Packard Enterprise Company		6.35		10-15-2045		2,941,000		3,412,199
								20,738,055
Materials : 0.50%
Chemicals : 0.33%
Dow Chemical Company		4.25		10-1-2034		1,373,000		1,502,295
DowDuPont Incorporated		4.73		11-15-2028		2,042,000		2,361,388
DowDuPont Incorporated		4.49		11-15-2025		2,288,000		2,540,415
DowDuPont Incorporated		5.42		11-15-2048		625,000		802,831
Huntsman International LLC		4.50		5-1-2029		3,774,000		4,020,684
Huntsman International LLC		5.13		11-15-2022		1,642,000		1,753,990
Mosaic Company		4.05		11-15-2027		2,288,000		2,387,515
Mosaic Company		5.63		11-15-2043		2,403,000		2,670,812
Westlake Chemical Corporation		3.60		8-15-2026		2,026,000		2,104,570
Westlake Chemical Corporation		5.00		8-15-2046		103,000		111,658
								20,256,158
Metals & Mining : 0.17%
Barrick Gold Finance Company LLC		5.70		5-30-2041		2,555,000		3,307,538

13

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Metals & Mining (continued)
Barrick North America Finance LLC		5.75	%	5-1-2043	$	947,000	$	1,273,720
Southern Copper Corporation		3.88		4-23-2025		2,263,000		2,369,029
Southern Copper Corporation		5.88		4-23-2045		2,565,000		3,172,482
								10,122,769
Real Estate : 0.97%
Equity REITs : 0.97%
American Tower Corporation		3.80		8-15-2029		2,607,000		2,809,945
Boston Properties LP %%		2.90		3-15-2030		6,031,000		6,105,349
Brixmor Property Group LP		4.13		5-15-2029		2,195,000		2,374,609
DDR Corporation		4.63		7-15-2022		1,732,000		1,815,990
Mid-America Apartments LP		3.60		6-1-2027		1,381,000		1,480,638
Mid-America Apartments LP		3.75		6-15-2024		4,861,000		5,139,955
Mid-America Apartments LP		3.95		3-15-2029		2,623,000		2,895,431
Mid-America Apartments LP		4.00		11-15-2025		2,492,000		2,692,304
Mid-America Apartments LP		4.30		10-15-2023		2,083,000		2,240,560
Public Storage Incorporated		3.09		9-15-2027		4,289,000		4,549,254
Public Storage Incorporated		3.39		5-1-2029		2,925,000		3,186,497
Regency Centers LP		2.95		9-15-2029		4,416,000		4,471,429
Store Capital Corporation		4.50		3-15-2028		7,655,000		8,355,722
Store Capital Corporation		4.63		3-15-2029		2,557,000		2,840,791
Tanger Properties LP		3.88		12-1-2023		2,655,000		2,751,111
Ventas Realty LP		3.00		1-15-2030		2,195,000		2,209,679
Ventas Realty LP		4.88		4-15-2049		1,977,000		2,417,444
								58,336,708
Utilities : 1.71%
Electric Utilities : 1.25%
Commonwealth Edison Company		4.00		3-1-2049		3,783,000		4,454,296
Consolidated Edison Company of New York		4.13		5-15-2049		3,396,000		3,970,347
Duke Energy Carolinas		3.20		8-15-2049		1,035,000		1,068,912
Duke Energy Corporation		1.80		9-1-2021		4,289,000		4,262,935
Duke Energy Corporation		3.40		6-15-2029		2,048,000		2,174,477
Duke Energy Indiana Incorporated		3.75		5-15-2046		972,000		1,078,731
Duke Energy Progress LLC		3.45		3-15-2029		1,993,000		2,173,959
Edison International		4.13		3-15-2028		2,977,000		3,107,092
Edison International		5.75		6-15-2027		1,000,000		1,134,450
Entergy Arkansas LLC		4.20		4-1-2049		591,000		713,355
Eversource Energy		3.15		1-15-2025		1,229,000		1,278,618
FirstEnergy Corporation		2.85		7-15-2022		346,000		352,907
FirstEnergy Corporation		4.25		3-15-2023		5,163,000		5,486,602
FirstEnergy Corporation		4.85		7-15-2047		1,818,000		2,207,897
FirstEnergy Transmission LLC 144A		5.45		7-15-2044		825,000		1,066,159
Metropolitan Edison Company 144A		4.30		1-15-2029		3,211,000		3,642,625
Mid-Atlantic Interstate Transmission LLC 144A		4.10		5-15-2028		3,995,000		4,451,742
MidAmerica Energy Company		4.25		7-15-2049		1,895,000		2,332,092
Mississippi Power Company		3.95		3-30-2028		4,992,000		5,515,486
Mississippi Power Company		4.25		3-15-2042		2,998,000		3,316,094
Public Service Electric Company		3.85		5-1-2049		769,000		895,388
South Carolina Edison Company		3.70		8-1-2025		2,353,000		2,501,307
South Carolina Edison Company		4.13		3-1-2048		3,914,000		4,377,862
Southern California Edison Company		4.00		4-1-2047		2,002,000		2,183,384
Southern California Edison Company		4.65		10-1-2043		972,000		1,151,950
Southern California Edison Company		5.55		1-15-2037		561,000		704,641
Southern California Edison Company		5.95		2-1-2038		1,875,000		2,460,869
Southern California Edison Company		6.00		1-15-2034		291,000		365,262
Southern Callifornia Edison Company		2.85		8-1-2029		2,058,000		2,096,166
Southwestern Electric Power Company		3.90		4-1-2045		1,307,000		1,401,216

14

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
The Southern Company		4.40	%		7-1-2046	$	993,000	$	1,121,557
Westar Energy Incorporated		3.25			9-1-2049		2,106,000		2,176,290
									75,224,668
Multi-Utilities : 0.46%
CenterPoint Energy Incorporated		2.50			9-1-2022		410,000		413,307
Centerpoint Energy Incorporated		2.50			9-1-2024		5,214,000		5,229,296
Centerpoint Energy Incorporated		2.95			3-1-2030		5,012,000		5,078,874
Centerpoint Energy Incorporated		3.70			9-1-2049		1,818,000		1,870,339
CenterPoint Energy Incorporated		3.85			2-1-2024		1,373,000		1,460,817
CenterPoint Energy Incorporated		4.25			11-1-2028		2,957,000		3,287,610
Dominion Resources Incorporated		2.00			8-15-2021		2,859,000		2,847,423
Public Service Enterprise Group		2.88			6-15-2024		3,791,000		3,900,052
Sempra Energy		4.00			2-1-2048		3,154,000		3,425,384
									27,513,102
Total Corporate Bonds and Notes (Cost $1,211,382,014)									1,303,600,153
Foreign Corporate Bonds and Notes : 0.04%
Energy : 0.04%
Oil, Gas & Consumable Fuels : 0.04%
EnCana Corporation		6.63			8-15-2037	CAD	1,838,000		2,298,438
Total Foreign Corporate Bonds and Notes (Cost $2,202,935)									2,298,438
Municipal Obligations : 0.56%
California : 0.16%
GO Revenue : 0.16%
California Build America Bonds		7.60			11-1-2040		830,000		1,430,912
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		4,690,000		8,054,747
									9,485,659
Illinois : 0.02%
GO Revenue : 0.02%
Illinois Taxable Pension «		5.10			6-1-2033		1,065,000		1,158,976
Nevada : 0.09%
Airport Revenue : 0.09%
Clark County NV Airport Authority Build America Bonds Series C		6.82			7-1-2045		3,365,000		5,714,443
New York : 0.14%
Airport Revenue : 0.14%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		6,705,000		8,762,630
Ohio : 0.05%
Education Revenue : 0.05%
Ohio State University General Receipts Taxable Bonds Series A		4.80			6-1-2111		1,957,000		2,755,671

15

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
Texas : 0.10%
Transportation Revenue : 0.10%
North Texas Tollway Authority		6.72	%	1-1-2049		3,609,000		6,049,875
Total Municipal Obligations (Cost $24,490,556)								33,927,254
Non-Agency Mortgage-Backed Securities : 3.50%
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A±±		3.63		3-25-2049		3,482,961		3,532,683
Benchmark Mortgage Trust Series 2018-B1 Class ASB ±±		3.60		1-15-2051		1,620,000		1,749,494
Bunker Hill Loan Depositary Trust Series 2019-1 Class A1 144A		3.61		10-26-2048		2,314,451		2,338,246
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A		2.88		7-25-2049		3,339,332		3,354,120
CD Commercial Mortgage Trust Series 2016-CD1 Class A1		1.44		8-10-2049		958,743		951,706
CD Commercial Mortgage Trust Series 2016-CD1 Class ASB		2.62		8-10-2049		3,720,000		3,817,992
CD Commercial Mortgage Trust Series 2017-CD4 Class A4 ±±		3.51		5-10-2050		2,986,000		3,254,504
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32		5-10-2050		2,105,000		2,226,006
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33		11-13-2050		5,323,000		5,651,363
CD Commercial Mortgage Trust Series 2019- CD8 Class A4		2.91		8-15-2057		1,568,000		1,653,880
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A1		1.79		1-10-2048		1,084,553		1,080,480
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		1.96		6-15-2050		1,102,255		1,100,379
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37		6-15-2050		2,014,000		2,130,778
Citigroup Commercial Mortgage Trust Series 2015-GC29 Class AS		3.46		4-10-2048		1,353,000		1,429,922
Citigroup Commercial Mortgage Trust Series 2016- P5 Class A1		1.41		10-10-2049		885,216		879,694
Colt Funding LLC Series 2019-1 Class A1 144A±±		3.71		3-25-2049		3,426,693		3,476,364
Colt Funding LLC Series 2019-2 Class A1 144A±±		3.34		5-25-2049		6,456,951		6,571,982
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82		10-15-2045		2,235,434		2,279,761
Commercial Mortgage Pass-Through Certificate Series 2013-CR9 Class A4 ±±		4.37		7-10-2045		5,723,302		6,185,760
Commercial Mortgage Pass-Through Certificate Series 2016-C1 Class ASB		2.97		10-10-2049		2,071,000		2,155,425
Commercial Mortgage Trust Series 2012-CR4 Class A2		1.80		10-15-2045		411,708		410,972
Commercial Mortgage Trust Series 2018-COR3 Class A3		4.23		5-10-2051		3,866,000		4,442,431
Commercial Real Estate Products & Resources Estate Series 2016-C4 Class ASB		3.09		5-10-2058		2,871,000		2,981,224
Credit Suisse Mortgage Trust Series 2016-NSXR Class A4 ±±		3.79		12-15-2049		8,835,000		9,704,636
CSAIL Commercial Mortgage Trust Series 2015-C2 Class A4		3.50		6-15-2057		2,953,000		3,163,557
CSAIL Commercial Mortgage Trust Series 2015-C3 Class A4		3.72		8-15-2048		3,721,000		4,032,204
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81		11-15-2048		4,102,200		4,480,639
CSAIL Commercial Mortgage Trust Series 2016-C5 Class ASB		3.53		11-15-2048		865,000		910,220
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12		6-10-2050		1,249,000		1,312,799
GCAT Series 2019-NQM1 Class A1 144A		2.99		2-25-2059		2,548,393		2,559,076
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94		5-10-2045		216,831		217,392
GS Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80		1-10-2047		1,738,083		1,849,932
GS Mortgage Securities Trust Series 2015-GC28 Class A5		3.40		2-10-2048		1,355,000		1,445,631
GS Mortgage Securities Trust Series 2015-GC34 Class A4		3.51		10-10-2048		3,317,000		3,577,777
GS Mortgage Securities Trust Series 2017-GS6 Class A3		3.43		5-10-2050		4,851,364		5,250,901
GS Mortgage Securities Trust Series 2017-GSJ7 Class A4		3.43		8-10-2050		5,235,286		5,686,293
Impact Funding LLC Series 2010-1 Class A1 144A		5.31		1-25-2051		6,752,270		7,423,609
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67		9-15-2047		2,419,000		2,591,749
JPMDB Commercial Mortgage Securities Series 2015-C33 Class A4		3.77		12-15-2048		1,554,714		1,705,418
JPMDB Commercial Mortgage Securities Series 2017-C5 A5		3.69		3-15-2050		1,683,000		1,855,873
JPMDB Commercial Mortgage Securities Series 2017-C5 Class ASB		3.49		3-15-2050		861,000		918,502
JPMDB Commercial Mortgage Securities Series 2018-C8 Class ASB		4.15		6-15-2051		2,714,000		3,020,589
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A2		2.87		7-15-2047		208,068		207,863
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP2 Class A1		1.32		8-15-2049		1,684,217		1,671,248
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP5 Class ASB		3.55		3-15-2050		6,129,000		6,553,841
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP6 Class ASB		3.28		7-15-2050		2,343,000		2,479,176

16

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77	%	10-15-2048	$	1,664,881	$	1,664,021
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91		10-15-2048		10,965,000		11,399,618
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013 -C10 Class A4 ±±		4.22		7-15-2046		532,000		571,207
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4		3.25		2-15-2048		800,041		844,416
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4		3.75		12-15-2047		754,000		822,999
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class ASB		2.73		9-15-2049		9,888,000		10,142,463
Morgan Stanley Capital I Trust Series 2016-UB11 Class A1		1.45		8-15-2049		1,882,958		1,870,518
Morgan Stanley Capital I Trust Series 2016-UB11 Class ASB		2.61		8-15-2049		2,119,000		2,163,291
Morgan Stanley Capital I Trust Series 2016-UBS9 Class A1		1.71		3-15-2049		929,468		924,829
New Residential Mortgage Loan Trust Series 2019-NQM2 Class A1 144A±±		3.60		4-25-2049		3,410,415		3,455,713
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.40		12-25-2059		4,776,816		4,820,979
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.84		2-25-2059		2,839,196		2,880,148
Verus Securitization Trust Series 2019-2 Class A1 144A±±		2.91		7-25-2059		5,448,046		5,490,464
Verus Securitization Trust Series 2019-2 Class A1 144A±±		3.21		4-25-2059		12,433,172		12,540,707
Verus Securitization Trust Series 2019-3 Class A1 144A		2.78		7-25-2059		12,075,617		12,099,133
Visio Trust Series 2019-1 Class A1 144A±±		3.57		6-25-2054		2,676,171		2,741,649
Total Non-Agency Mortgage-Backed Securities (Cost $203,880,123)								210,706,246
U.S. Treasury Securities : 29.76%
U.S. Treasury Bond		1.63		8-15-2029		69,570,000		70,360,815
U.S. Treasury Bond		2.25		8-15-2049		23,477,000		24,967,239
U.S. Treasury Bond		2.75		8-15-2047		75,772,000		88,555,565
U.S. Treasury Bond		2.88		8-15-2045		38,343,000		45,533,810
U.S. Treasury Bond		2.88		5-15-2049		16,352,000		19,703,521
U.S. Treasury Bond		3.00		11-15-2044		51,782,000		62,638,016
U.S. Treasury Bond		3.13		2-15-2043		20,871,000		25,601,216
U.S. Treasury Bond		3.13		8-15-2044		99,165,000		122,337,072
U.S. Treasury Note		2.63		12-31-2025		2,836,000		3,036,957
U.S. Treasury Note %%		1.25		8-31-2024		83,154,000		82,592,061
U.S. Treasury Note		1.38		8-31-2020		69,504,000		69,202,635
U.S. Treasury Note		1.38		9-30-2020		10,949,000		10,901,526
U.S. Treasury Note		1.50		7-15-2020		22,402,000		22,337,244
U.S. Treasury Note		1.50		8-15-2022		44,006,000		44,093,668
U.S. Treasury Note		1.63		8-31-2022		53,681,000		53,972,471
U.S. Treasury Note ##		1.63		2-15-2026		26,521,000		26,803,822
U.S. Treasury Note		1.75		12-31-2020		22,596,000		22,612,771
U.S. Treasury Note		1.75		7-31-2021		9,293,000		9,331,479
U.S. Treasury Note		1.75		7-15-2022		35,493,000		35,799,404
U.S. Treasury Note		1.75		7-31-2024		20,374,000		20,715,424
U.S. Treasury Note		1.88		7-31-2026		49,640,000		51,012,856
U.S. Treasury Note		2.00		10-31-2022		23,760,000		24,173,944
U.S. Treasury Note		2.13		5-31-2021		23,431,000		23,649,750
U.S. Treasury Note		2.13		5-15-2022		16,961,000		17,258,480
U.S. Treasury Note		2.13		5-31-2026		768,000		801,000
U.S. Treasury Note		2.25		3-31-2021		34,073,000		34,404,413
U.S. Treasury Note		2.25		4-30-2021		8,139,000		8,225,159
U.S. Treasury Note		2.25		11-15-2025		21,518,000		22,540,945
U.S. Treasury Note		2.38		4-15-2021		27,137,000		27,464,552
U.S. Treasury Note		2.50		6-30-2020		5,281,000		5,309,055
U.S. Treasury Note		2.50		1-31-2021		51,299,000		51,886,133
U.S. Treasury Note ##		2.50		2-28-2021		122,353,000		123,906,309
U.S. Treasury Note		2.63		11-15-2020		4,403,000		4,449,954
U.S. Treasury Note		2.63		6-15-2021		29,434,000		29,975,540
U.S. Treasury Note		2.63		7-15-2021		26,821,000		27,342,752
U.S. Treasury Note		2.75		8-15-2021		18,874,000		19,309,724

17

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

	Interest rate			Maturity date	Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.75	%	4-30-2023	$	116,344,000	$	121,793,081
U.S. Treasury Note		2.75		5-31-2023		31,554,000		33,066,373
U.S. Treasury Note		2.75		7-31-2023		52,062,000		54,663,066
U.S. Treasury Note		2.75		8-31-2023		60,002,000		63,077,103
U.S. Treasury Note		2.75		8-31-2025		75,916,000		81,597,838
U.S. Treasury Note ##		2.88		10-31-2023		94,963,000		100,508,691
U.S. Treasury Note		2.88		11-30-2025		3,568,000		3,871,001
Total U.S. Treasury Securities (Cost $1,733,811,991)								1,791,384,435
Yankee Corporate Bonds and Notes : 4.34%
Communication Services : 0.11%
Wireless Telecommunication Services : 0.11%
America Movil SAB de CV		3.63		4-22-2029		2,665,000		2,868,233
Telefonica SA		5.52		3-1-2049		3,323,000		4,045,935
								6,914,168
Consumer Staples : 0.27%
Food Products : 0.27%
Danone SA 144A		2.59		11-2-2023		1,940,000		1,973,328
Danone SA 144A		2.95		11-2-2026		14,018,000		14,526,802
								16,500,130
Energy : 0.78%
Energy Equipment & Services : 0.07%
Schlumberger Limited 144A		2.65		11-20-2022		3,979,000		4,059,213
Oil, Gas & Consumable Fuels : 0.71%
Ecopetrol SA		5.88		5-28-2045		1,920,000		2,256,019
Enbridge Incorporated		2.90		7-15-2022		4,216,000		4,297,504
Encana Corporation		6.50		2-1-2038		2,034,000		2,478,037
Petroleos Mexicanos Company		2.38		4-15-2025		2,177,400		2,213,682
Petroleos Mexicanos Company		2.46		12-15-2025		5,242,250		5,349,237
Petroleos Mexicanos Company		6.35		2-12-2048		8,390,000		7,712,508
Petroleos Mexicanos Company		6.75		9-21-2047		3,766,000		3,587,115
Total SA		2.43		1-10-2025		7,982,000		8,147,780
Total SA		2.83		1-10-2030		6,585,000		6,813,132
								42,855,014
Financials : 2.41%
Banks : 1.87%
Banco Santander SA		2.71		6-27-2024		6,400,000		6,514,880
Banco Santander SA		3.31		6-27-2029		3,200,000		3,351,078
Barclays plc (3 Month LIBOR +1.61%) ±		3.93		5-7-2025		6,957,000		7,152,280
Barclays plc (3 Month LIBOR +1.36%) ±		4.34		5-16-2024		1,920,000		2,001,359
Barclays plc (3 Month LIBOR +1.90%) ±		4.97		5-16-2029		3,680,000		4,044,410
BNP Paribas SA 144A		4.40		8-14-2028		4,164,000		4,654,651
Canadian Imperial Bank (3 Month LIBOR +0.79%) ±		2.61		7-22-2023		14,270,000		14,421,866
HSBC Holdings plc (3 Month LIBOR +1.21%) ±		3.80		3-11-2025		10,419,000		10,867,764
HSBC Holdings plc (3 Month LIBOR +1.61%) ±		3.97		5-22-2030		8,663,000		9,302,082
Mitsubishi UFJ Financial Group Incorporated		2.62		7-18-2022		5,248,000		5,309,586
Mitsubishi UFJ Financial Group Incorporated (3 Month LIBOR +0.84%) ±		2.72		7-16-2023		8,727,000		8,833,013
Mitsubishi UFJ Financial Group Incorporated		3.41		3-7-2024		7,189,000		7,546,738

18

Wells Fargo Core Bond Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Banks (continued)
Sumitomo Mitsui Financial Group		2.70	%	7-16-2024	$	9,999,000	$	10,169,961
Sumitomo Mitsui Financial Group		3.04		7-16-2029		8,002,000		8,279,847
Toronto Dominion Bank		2.65		6-12-2024		5,964,000		6,120,150
Westpac Banking Corporation (5 Year Treasury Constant Maturity +2.00%) ±		4.11		7-24-2034		2,392,000		2,518,149
Westpac Banking Corporation		4.42		7-24-2039		1,397,000		1,557,483
								112,645,297
Capital Markets : 0.19%
Credit Suisse Group AG (3 Month LIBOR +1.41%) ±144A		3.87		1-12-2029		2,551,000		2,717,432
Credit Suisse Group AG 144A		4.28		1-9-2028		7,757,000		8,435,352
								11,152,784
Consumer Finance : 0.13%
UBS Group AG (3 Month LIBOR +1.47%) ±144A		3.13		8-13-2030		5,423,000		5,553,345
UBS Group Funding Switzerland 144A		4.25		3-23-2028		2,141,000		2,367,905
								7,921,250
Diversified Financial Services : 0.06%
GE Capital International Funding Company		2.34		11-15-2020		1,337,000		1,329,505
GE Capital International Funding Company		4.42		11-15-2035		2,093,000		2,126,522
								3,456,027
REITs : 0.01%
Trust F/1401 144A		6.39		1-15-2050		692,000		731,790
Thrifts & Mortgage Finance : 0.15%
Nationwide Bluilding Society (3 Month LIBOR +1.86%) ±144A		3.96		7-18-2030		8,541,000		8,988,722
Health Care : 0.10%
Pharmaceuticals : 0.10%
Sanofi SA		3.38		6-19-2023		5,466,000		5,746,512
Industrials : 0.07%
Professional Services : 0.07%
IHS Markit Limited		3.63		5-1-2024		1,381,000		1,434,030
IHS Markit Limited		4.25		5-1-2029		2,286,000		2,476,630
								3,910,660
Information Technology : 0.09%
Semiconductors & Semiconductor Equipment : 0.09%
NXP BV 144A		3.88		6-18-2026		4,975,000		5,228,485
Materials : 0.13%
Metals & Mining : 0.13%
Barrick Gold Corporation		3.85		4-1-2022		414,000		431,431
Teck Resources Limited		6.25		7-15-2041		6,650,000		7,534,337
								7,965,768

19

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Core Bond Portfolio

			Interest rate			Maturity date		Principal		Value
Utilities : 0.38%
Electric Utilities : 0.38%
Electricite de France SA 144A				4.50	%		9-21-2028	$	6,148,000	$	6,915,379
Enel Finance International NV 144A				4.25			9-14-2023		2,008,000		2,135,898
Enel Finance International NV 144A				4.88			6-14-2029		2,061,000		2,302,533
Enel Finance International SA 144A				2.88			5-25-2022		3,119,000		3,156,415
Enel Finance International SA 144A				4.63			9-14-2025		2,582,000		2,819,253
Enel Finance International SA 144A				4.75			5-25-2047		1,926,000		2,098,182
Enel Finance International SA 144A				6.00			10-7-2039		2,720,000		3,364,011
											22,791,671
Total Yankee Corporate Bonds and Notes (Cost $249,855,528)											260,867,491
Yankee Government Bonds : 0.50%
Republic of Colombia				5.20			5-15-2049		1,411,000		1,769,395
Republic of Paraguay 144A				5.40			3-30-2050		2,940,000		3,454,500
United Mexican States				4.50			4-22-2029		16,012,000		17,673,405
United Mexican States				4.50			1-31-2050		3,358,000		3,596,418
United Mexican States				4.60			2-10-2048		3,448,000		3,766,940
Total Yankee Government Bonds (Cost $27,147,853)											30,260,658
			Yield					Shares
Short-Term Investments : 2.41%
Investment Companies : 2.41%
Securities Lending Cash Investments LLC (l)(r)(u)				2.33					1,119,913		1,120,025
Wells Fargo Government Money Market Fund Select Class (l)(u)##				2.04					143,907,843		143,907,843
Total Short-Term Investments (Cost $145,027,868)											145,027,868
Total investments in securities (Cost $6,387,336,589)	109.91	%									6,615,013,250
Other assets and liabilities, net	(9.91	)									(596,295,538	)
Total net assets	100.00	%								$	6,018,717,712

± Variable rate investment. The rate shown is the rate in effect at period end.

%% The security is purchased on a when-issued basis.

## All or a portion of this security is segregated for when-issued and/or unfunded loans.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

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.

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

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

(l) The issuer of the security is an affiliated person of the Fund/Portfolio 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:
CAD	Canadian dollar
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General obligation
LIBOR	London Interbank Offered Rate
REIT	Real estate investment trust

20

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		2,778,863		28,917,056		30,576,006		1,119,913	$	1,120,025
Wells Fargo Government Money Market Fund Select Class		117,422,859		1,235,393,153		1,208,908,169		143,907,843		143,907,843
									$	145,027,868		2.41	%

Wells Fargo Core Bond Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio may deviate from this calculation under unusual or unexpected circumstances.

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.

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 (“Funds Management”).

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 Portfolio. 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 Portfolio 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.

Securities lending

The Portfolio 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 Portfolio receives interest or dividends on those securities. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	2,280,255,025	$	0	$	2,280,255,025
Asset-backed securities		0		556,685,682		0		556,685,682
Corporate bonds and notes		0		1,303,600,153		0		1,303,600,153
Foreign corporate bonds and notes		0		2,298,438		0		2,298,438
Municipal obligations		0		33,927,254		0		33,927,254
Non-agency mortgage-backed securities		0		210,706,246		0		210,706,246
U.S. Treasury securities		1,791,384,435		0		0		1,791,384,435
Yankee corporate bonds and notes		0		260,867,491		0		260,867,491
Yankee government bonds		0		30,260,658		0		30,260,658
Short-term investments
Investment companies		145,027,868		0		0		145,027,868
Total assets	$	1,936,412,303	$	4,678,600,947	$	0	$	6,615,013,250

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 98.90%
Communication Services : 9.91%
Diversified Telecommunication Services : 2.55%
AT&T Incorporated		117,046	$	4,127,042
Verizon Communications Incorporated		67,700		3,937,432
				8,064,474
Entertainment : 0.74%
Netflix Incorporated †		2,704		794,300
The Walt Disney Company		11,383		1,562,431
				2,356,731
Interactive Media & Services : 4.52%
Alphabet Incorporated Class A		3,981		4,739,500
Alphabet Incorporated Class C		4,035		4,793,984
Facebook Incorporated Class A †		25,574		4,748,325
				14,281,809
Media : 1.89%
Cable One Incorporated		278		360,738
Comcast Corporation Class A		79,105		3,501,187
Discovery Communications Incorporated Class A †		40,973		1,130,855
Interpublic Group of Companies Incorporated		21,673		430,859
News Corporation Class B		37,931		537,103
				5,960,742
Wireless Telecommunication Services : 0.21%
Telephone & Data Systems Incorporated		11,746		295,999
United States Cellular Corporation †		10,088		363,067
				659,066
Consumer Discretionary : 10.01%
Automobiles : 0.92%
Ford Motor Company		120,540		1,105,352
General Motors Company		11,780		436,920
Tesla Motors Incorporated †		6,056		1,366,294
				2,908,566
Distributors : 0.13%
Genuine Parts Company		4,632		418,223
Diversified Consumer Services : 0.13%
H&R Block Incorporated		17,236		417,456
Hotels, Restaurants & Leisure : 1.81%
Carnival Corporation		10,949		482,632
Darden Restaurants Incorporated		9,972		1,206,413
Domino’s Pizza Incorporated		1,793		406,724
Hilton Worldwide Holdings Incorporated		3,364		310,733
McDonald’s Corporation		4,485		977,595
Starbucks Corporation		17,265		1,667,108
Yum China Holdings Incorporated		7,586		344,632
Yum! Brands Incorporated		2,676		312,503
				5,708,340

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Disciplined Large Cap Portfolio

	Shares		Value
Household Durables : 0.78%
Garmin Limited		6,119	$	499,127
NVR Incorporated †		187		673,013
Pulte Group Incorporated		37,815		1,278,147
				2,450,287
Internet & Direct Marketing Retail : 2.69%
Amazon.com Incorporated †		4,794		8,515,534
Multiline Retail : 0.48%
Dollar General Corporation		2,304		359,631
Target Corporation		10,827		1,158,922
				1,518,553
Specialty Retail : 1.97%
AutoZone Incorporated †		469		516,693
Best Buy Company Incorporated		16,209		1,031,703
O’Reilly Automotive Incorporated †		832		319,288
The Home Depot Incorporated		13,201		3,008,640
Tractor Supply Company		13,221		1,346,955
				6,223,279
Textiles, Apparel & Luxury Goods : 1.10%
Nike Incorporated Class B		28,856		2,438,332
Ralph Lauren Corporation		11,865		1,048,154
				3,486,486
Consumer Staples : 6.76%
Beverages : 1.15%
Molson Coors Brewing Company Class B		20,072		1,030,898
PepsiCo Incorporated		9,280		1,268,854
The Coca-Cola Company		24,357		1,340,609
				3,640,361
Food & Staples Retailing : 2.71%
Casey’s General Stores Incorporated		2,135		358,360
Costco Wholesale Corporation		6,736		1,985,503
Sysco Corporation		21,076		1,566,579
US Foods Holding Corporation †		9,993		404,217
Wal-Mart Stores Incorporated		22,862		2,612,212
Walgreens Boots Alliance Incorporated		32,118		1,644,120
				8,570,991
Food Products : 0.61%
Lamb Weston Holdings Incorporated		5,697		401,012
The Hershey Company		2,741		434,394
The J.M. Smucker Company		5,835		613,609
Tyson Foods Incorporated Class A		5,018		466,875
				1,915,890

2

Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Household Products : 1.63%
Kimberly-Clark Corporation		3,014	$	425,306
The Procter & Gamble Company		39,407		4,737,904
				5,163,210
Personal Products : 0.33%
NU Skin Enterprises Incorporated Class A		11,772		478,179
The Estee Lauder Companies Incorporated Class A		2,881		570,409
				1,048,588
Tobacco : 0.33%
Philip Morris International Incorporated		14,230		1,025,841
Energy : 3.59%
Energy Equipment & Services : 0.41%
Helmerich & Payne Incorporated		7,084		266,288
Schlumberger Limited		31,650		1,026,410
				1,292,698
Oil, Gas & Consumable Fuels : 3.18%
Cabot Oil & Gas Corporation		17,962		307,509
Chevron Corporation		28,159		3,314,877
ConocoPhillips		14,713		767,724
Exxon Mobil Corporation		32,285		2,210,877
Kinder Morgan Incorporated		79,362		1,608,668
Marathon Petroleum Corporation		21,838		1,074,648
Phillips 66		4,864		479,736
QEP Resources Incorporated		84,772		301,788
				10,065,827
Financials : 12.68%
Banks : 4.21%
Bank of America Corporation		62,535		1,720,338
Bank OZK		39,749		1,025,524
Citigroup Incorporated		17,814		1,146,331
Citizens Financial Group Incorporated		16,389		552,965
Fifth Third Bancorp		22,786		602,690
FNB Corporation		27,702		297,797
Huntington Bancshares Incorporated		35,671		472,641
JPMorgan Chase & Company		46,153		5,070,369
KeyCorp		27,980		464,468
PacWest Bancorp		13,460		458,717
Popular Incorporated		22,113		1,162,480
Regions Financial Corporation		21,387		312,678
				13,286,998
Capital Markets : 1.55%
BGC Partners Incorporated Class A		91,345		465,860
Evercore Partners Incorporated Class A		15,388		1,227,347
FactSet Research Systems Incorporated		1,308		355,894
LPL Financial Holdings Incorporated		16,624		1,245,969
Morgan Stanley		17,883		741,966
SEI Investments Company		8,996		517,360
T. Rowe Price Group Incorporated		2,943		325,555
				4,879,951

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Disciplined Large Cap Portfolio

	Shares		Value
Consumer Finance : 1.15%
Capital One Financial Corporation		15,389	$	1,332,995
Discover Financial Services		6,007		480,380
OneMain Holdings Incorporated		14,624		524,270
Synchrony Financial		40,824		1,308,409
				3,646,054
Diversified Financial Services : 1.95%
Berkshire Hathaway Incorporated Class B †		28,179		5,731,890
Jefferies Financial Group Incorporated		23,576		439,457
				6,171,347
Insurance : 3.82%
AFLAC Incorporated		29,479		1,479,256
American International Group Incorporated		7,074		368,131
Arch Capital Group Limited †		8,500		335,750
Athene Holding Limited Class A †		13,417		521,385
Brighthouse Financial Incorporated		27,776		979,382
Everest Reinsurance Group Limited		1,881		443,690
First American Financial Corporation		6,355		371,450
Mercury General Corporation		20,186		1,079,951
MetLife Incorporated		31,526		1,396,602
Old Republic International Corporation		49,107		1,147,140
Prudential Financial Incorporated		14,042		1,124,624
The Allstate Corporation		12,217		1,250,899
The Hartford Financial Services Group Incorporated		19,419		1,131,739
The Progressive Corporation		5,785		438,503
				12,068,502
Health Care : 14.30%
Biotechnology : 2.39%
AbbVie Incorporated		30,204		1,985,611
Amgen Incorporated		10,368		2,162,972
BioMarin Pharmaceutical Incorporated †		8,172		613,390
Celgene Corporation †		5,311		514,105
Gilead Sciences Incorporated		30,487		1,937,144
Incyte Corporation †		4,064		332,516
				7,545,738
Health Care Equipment & Supplies : 2.43%
Abbott Laboratories		30,899		2,636,303
Baxter International Incorporated		18,669		1,641,939
Danaher Corporation		2,472		351,246
Dentsply Sirona Incorporated		8,577		447,291
DexCom Incorporated †		2,182		374,453
IDEXX Laboratories Incorporated †		1,403		406,505
Medtronic plc		16,717		1,803,597
				7,661,334
Health Care Providers & Services : 3.85%
AmerisourceBergen Corporation		11,447		941,745
Anthem Incorporated		6,816		1,782,520
Cardinal Health Incorporated		28,044		1,209,538

4

Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Health Care Providers & Services (continued)
Centene Corporation		7,513	$	350,256
CVS Health Corporation		18,520		1,128,238
Encompass Health Corporation		7,564		459,816
HCA Holdings Incorporated		4,600		552,920
Humana Incorporated		5,339		1,512,058
McKesson Corporation		11,172		1,544,752
Molina Healthcare Incorporated		3,660		476,825
Quest Diagnostics Incorporated		1,883		192,763
UnitedHealth Group Incorporated		8,631		2,019,654
				12,171,085
Health Care Technology : 0.30%
Veeva Systems Incorporated Class A †		5,965		956,667
Life Sciences Tools & Services : 0.32%
Bruker Corporation		8,169		352,656
IQVIA Holdings Incorporated †		2,069		321,005
Thermo Fisher Scientific Incorporated		1,162		333,564
				1,007,225
Pharmaceuticals : 5.01%
Allergan plc		5,922		945,862
Bristol-Myers Squibb Company		23,451		1,127,290
Eli Lilly & Company		19,850		2,242,455
Johnson & Johnson		38,887		4,991,535
Merck & Company Incorporated		44,542		3,851,547
Nektar Therapeutics †		19,591		344,214
Pfizer Incorporated		65,464		2,327,245
				15,830,148
Industrials : 8.77%
Aerospace & Defense : 1.58%
Arconic Incorporated		21,802		563,364
Lockheed Martin Corporation		1,862		715,213
Raytheon Company		6,095		1,129,525
Spirit AeroSystems Holdings Incorporated Class A		5,257		423,714
The Boeing Company		4,630		1,685,737
United Technologies Corporation		3,558		463,394
				4,980,947
Air Freight & Logistics : 1.32%
C.H. Robinson Worldwide Incorporated		15,927		1,345,672
Expeditors International of Washington Incorporated		15,430		1,097,073
United Parcel Service Incorporated Class B		14,488		1,719,146
				4,161,891
Airlines : 0.75%
Delta Air Lines Incorporated		21,568		1,247,924
JetBlue Airways Corporation		17,250		298,770
United Continental Holdings Incorporated †		9,913		835,765
				2,382,459
Building Products : 0.12%
Johnson Controls International plc		8,924		380,966

5

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Disciplined Large Cap Portfolio

	Shares		Value
Commercial Services & Supplies : 0.22%
Waste Management Incorporated		5,682	$	678,147
Construction & Engineering : 0.34%
AECOM Technology Corporation †		9,345		331,561
Quanta Services Incorporated		22,166		751,427
				1,082,988
Electrical Equipment : 0.49%
Eaton Corporation plc		19,216		1,551,116
Industrial Conglomerates : 0.58%
Honeywell International Incorporated		11,151		1,835,678
Machinery : 1.26%
Allison Transmission Holdings Incorporated		24,874		1,105,152
Cummins Incorporated		5,834		870,841
Illinois Tool Works Incorporated		2,085		312,458
ITT Incorporated		5,619		319,833
Oshkosh Corporation		12,903		906,694
Parker-Hannifin Corporation		2,805		464,985
				3,979,963
Professional Services : 0.41%
Manpower Incorporated		3,588		293,283
Robert Half International Incorporated		18,770		1,003,632
				1,296,915
Road & Rail : 0.98%
Landstar System Incorporated		11,249		1,254,488
Schneider National Incorporated Class B		50,959		990,643
Union Pacific Corporation		5,281		855,311
				3,100,442
Trading Companies & Distributors : 0.72%
HD Supply Holdings Incorporated †		24,323		946,408
W.W. Grainger Incorporated		2,110		577,402
WESCO International Incorporated †		16,751		755,135
				2,278,945
Information Technology : 22.39%
Communications Equipment : 1.16%
Arista Networks Incorporated		1,317		298,459
Cisco Systems Incorporated		72,200		3,379,682
				3,678,141
Electronic Equipment, Instruments & Components : 1.39%
Arrow Electronics Incorporated †		7,082		490,074
Avnet Incorporated		29,436		1,233,074
CDW Corporation of Delaware		12,394		1,431,507
Jabil Circuit Incorporated		30,688		884,121
Zebra Technologies Corporation Class A †		1,770		362,903
				4,401,679
IT Services : 4.44%
Accenture plc Class A		9,705		1,923,240

6

Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
IT Services (continued)
Booz Allen Hamilton Holding Corporation		7,694	$	580,974
Cognizant Technology Solutions Corporation Class A		6,622		406,525
FleetCor Technologies Incorporated		1,730		516,232
International Business Machines Corporation		11,521		1,561,441
Leidos Holdings Incorporated		3,948		344,897
MasterCard Incorporated Class A		13,507		3,800,465
Paychex Incorporated		5,576		455,559
PayPal Holdings Incorporated †		4,780		521,259
Visa Incorporated Class A		21,643		3,913,487
				14,024,079
Semiconductors & Semiconductor Equipment : 3.61%
Broadcom Incorporated		6,232		1,761,412
Intel Corporation		73,619		3,490,277
Lam Research Corporation		7,489		1,576,509
Micron Technology Incorporated †		41,618		1,884,047
NXP Semiconductors NV		4,956		506,206
QUALCOMM Incorporated		15,035		1,169,272
Texas Instruments Incorporated		8,254		1,021,433
				11,409,156
Software : 7.12%
Adobe Systems Incorporated †		5,643		1,605,490
Cadence Design Systems Incorporated		14,314		980,223
Dropbox Incorporated Class A †		6,291		112,609
Intuit Incorporated		7,141		2,059,179
Microsoft Corporation		93,387		12,874,332
Oracle Corporation		48,348		2,516,997
Paycom Software Incorporated		4,409		1,102,779
Proofpoint Incorporated †		2,608		296,295
Salesforce.com Incorporated †		2,912		454,476
Symantec Corporation		20,603		479,020
				22,481,400
Technology Hardware, Storage & Peripherals : 4.67%
Apple Incorporated		52,971		11,057,167
Dell Technologies Incorporated †		26,305		1,355,497
Hewlett Packard Enterprise Company		30,338		419,271
HP Incorporated		82,282		1,504,938
Xerox Holdings Corporation		14,845		430,357
				14,767,230
Materials : 2.11%
Chemicals : 0.66%
Cabot Corporation		10,693		427,720
Dupont de Nemours Incorporated		4,532		307,859
FMC Corporation		8,232		710,669
LyondellBasell Industries NV Class A		8,194		634,052
				2,080,300
Containers & Packaging : 0.65%
Avery Dennison Corporation		7,234		836,033
Packaging Corporation of America		6,497		653,468
Sonoco Products Company		9,853		563,592
				2,053,093

7

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Disciplined Large Cap Portfolio

	Shares		Value
Metals & Mining : 0.61%
Nucor Corporation		10,624	$	520,364
Reliance Steel & Aluminum Company		5,317		516,972
Steel Dynamics Incorporated		33,085		893,295
				1,930,631
Paper & Forest Products : 0.19%
Domtar Corporation		18,684		615,638
Real Estate : 4.64%
Equity REITs : 4.33%
American Tower Corporation		10,307		2,372,568
Boston Properties Incorporated		10,673		1,370,627
Crown Castle International Corporation		13,353		1,938,455
Equinix Incorporated		3,166		1,761,182
Host Hotels & Resorts Incorporated		39,348		631,142
Prologis Incorporated		22,531		1,884,042
Public Storage Incorporated		1,242		328,807
SBA Communications Corporation		4,133		1,084,623
Simon Property Group Incorporated		7,168		1,067,602
Weyerhaeuser Company		46,688		1,228,361
				13,667,409
Real Estate Management & Development : 0.31%
CBRE Group Incorporated Class A †		18,757		980,428
Utilities : 3.74%
Electric Utilities : 1.91%
American Electric Power Company Incorporated		5,667		516,547
Exelon Corporation		36,338		1,717,334
Pinnacle West Capital Corporation		4,873		464,446
PPL Corporation		49,482		1,462,193
The Southern Company		32,158		1,873,525
				6,034,045
Gas Utilities : 0.34%
UGI Corporation		21,901		1,065,922
Independent Power & Renewable Electricity Producers : 1.02%
AES Corporation		29,673		454,887
NRG Energy Incorporated		37,467		1,363,799
Vistra Energy Corporation		55,938		1,395,653
				3,214,339
Multi-Utilities : 0.47%
Consolidated Edison Incorporated		3,585		318,707
Dominion Energy Incorporated		5,892		457,396
DTE Energy Company		5,537		717,917
				1,494,020
Total Common Stocks (Cost $296,201,720)				312,525,968

8

Wells Fargo Disciplined Large Cap Portfolio Portfolio of investments — August 31, 2019 (unaudited)

			Yield			Shares		Value
Short-Term Investments : 0.92%
Investment Companies : 0.92%
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04	%		2,925,535	$	2,925,535
Total Short-Term Investments (Cost $2,925,535)									2,925,535
Total investments in securities (Cost $299,127,255)	99.82	%							315,451,503
Other assets and liabilities, net	0.18								561,999
Total net assets	100.00	%						$	316,013,502

† Non-income-earning security

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

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

Abbreviations:

REIT  Real estate investment trust

9

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,455,727		14,339,104		12,869,296		2,925,535	$	2,925,535		0.92	%

Wells Fargo Disciplined Large Cap Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’s Valuation Procedures.

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 of the Portfolio. 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. 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communications services	$	31,322,822	$	0	$	0	$	31,322,822
Consumer discretionary		31,646,724		0		0		31,646,724
Consumer staples		21,364,881		0		0		21,364,881
Energy		11,358,525		0		0		11,358,525
Financials		40,052,852		0		0		40,052,852
Health care		45,172,197		0		0		45,172,197
Industrials		27,710,457		0		0		27,710,457
Information technology		70,761,685		0		0		70,761,685
Materials		6,679,662		0		0		6,679,662
Real estate		14,647,837		0		0		14,647,837
Utilities		11,808,326		0		0		11,808,326
Short-term investments
Investment companies		2,925,535		0		0		2,925,535
Total assets	$	315,451,503	$	0	$	0	$	315,451,503

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Diversified Large Cap Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 99.14%
Communication Services : 8.93%
Entertainment : 1.25%
Live Nation Incorporated †		13,255	$	921,355
Netflix Incorporated †		2,376		697,950
The Walt Disney Company		10,960		1,504,370
				3,123,675
Interactive Media & Services : 7.68%
Alphabet Incorporated Class A †		6,155		7,327,712
Alphabet Incorporated Class C		4,008		4,761,905
Facebook Incorporated Class A †		22,561		4,188,901
Match Group Incorporated «		14,540		1,232,992
Pinterest Incorporated Class A †«		28,028		964,724
Twitter Incorporated †		18,120		772,818
				19,249,052
Consumer Discretionary : 15.87%
Auto Components : 0.37%
Lear Corporation		8,349		937,259
Hotels, Restaurants & Leisure : 1.73%
Norwegian Cruise Line Holdings Limited †		24,711		1,254,083
Planet Fitness Incorporated Class A †		11,685		825,078
Royal Caribbean Cruises Limited		21,524		2,244,523
				4,323,684
Household Durables : 0.35%
Roku Incorporated †		5,790		876,374
Internet & Direct Marketing Retail : 5.29%
Amazon.com Incorporated †		7,266		12,906,523
MercadoLibre Incorporated †		599		356,165
				13,262,688
Multiline Retail : 1.17%
Macy’s Incorporated		43,987		649,248
Target Corporation		21,407		2,291,405
				2,940,653
Specialty Retail : 5.81%
Burlington Stores Incorporated †		18,905		3,828,073
CarMax Incorporated †		16,855		1,403,684
Carvana Corporation †		2,230		180,987
Five Below Incorporated †		6,530		802,341
O’Reilly Automotive Incorporated †		3,645		1,398,805
The Home Depot Incorporated		17,057		3,887,461
The TJX Companies Incorporated		26,651		1,465,005
ULTA Beauty Incorporated †		6,634		1,577,101
				14,543,457
Textiles, Apparel & Luxury Goods : 1.15%
Deckers Outdoor Corporation †		4,400		648,780
Levi Strauss & Company Class A †«		79,509		1,343,702
Lululemon Athletica Incorporated †		2,380		439,515
Nike Incorporated Class B		5,300		447,850
				2,879,847

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio

	Shares		Value
Consumer Staples : 4.41%
Beverages : 1.07%
Constellation Brands Incorporated Class A		3,948	$	806,774
The Coca-Cola Company		33,832		1,862,113
				2,668,887
Food & Staples Retailing : 2.44%
Casey’s General Stores Incorporated		9,813		1,647,112
Costco Wholesale Corporation		9,413		2,774,576
Wal-Mart Stores Incorporated		14,806		1,691,734
				6,113,422
Personal Products : 0.90%
The Estee Lauder Companies Incorporated Class A		11,430		2,263,026
Energy : 1.49%
Oil, Gas & Consumable Fuels : 1.49%
Chevron Corporation		9,745		1,147,181
Concho Resources Incorporated		2,271		166,124
ConocoPhillips		23,142		1,207,550
Exxon Mobil Corporation		17,536		1,200,865
				3,721,720
Financials : 5.77%
Banks : 1.64%
Citizens Financial Group Incorporated		31,277		1,055,286
Fifth Third Bancorp		51,650		1,366,143
JPMorgan Chase & Company		15,452		1,697,557
				4,118,986
Capital Markets : 2.69%
BlackRock Incorporated		920		388,755
CME Group Incorporated		11,729		2,548,594
Evercore Partners Incorporated Class A		14,457		1,153,090
MarketAxess Holdings Incorporated		2,607		1,036,595
Raymond James Financial Incorporated		3,343		262,459
The Charles Schwab Corporation		35,131		1,344,463
				6,733,956
Insurance : 1.24%
Prudential Financial Incorporated		11,289		904,136
The Progressive Corporation		28,983		2,196,911
				3,101,047
Thrifts & Mortgage Finance : 0.20%
LendingTree Incorporated †«		1,630		505,447
Health Care : 11.42%
Biotechnology : 2.49%
AbbVie Incorporated		12,400		815,176
Alexion Pharmaceuticals Incorporated †		22,126		2,229,416
Amgen Incorporated		6,231		1,299,911
Sage Therapeutics Incorporated †		3,343		573,893
The Medicines Company †		6,220		260,991
Vertex Pharmaceuticals Incorporated †		5,913		1,064,458
				6,243,845

2

Wells Fargo Diversified Large Cap Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Health Care Equipment & Supplies : 4.88%
Abbott Laboratories		27,875	$	2,378,295
Baxter International Incorporated		25,986		2,285,469
Boston Scientific Corporation †		80,167		3,425,536
Edwards Lifesciences Corporation †		2,930		649,991
Insulet Corporation †		7,750		1,194,818
Medtronic plc		2,020		217,938
Stryker Corporation		4,353		960,533
Varian Medical Systems Incorporated †		10,533		1,115,761
				12,228,341
Health Care Providers & Services : 1.54%
Anthem Incorporated		5,329		1,393,640
Centene Corporation †		23,073		1,075,663
UnitedHealth Group Incorporated		5,959		1,394,406
				3,863,709
Health Care Technology : 0.27%
Veeva Systems Incorporated Class A †		4,157		666,700
Life Sciences Tools & Services : 0.23%
Agilent Technologies Incorporated		8,233		585,449
Pharmaceuticals : 2.01%
Johnson & Johnson		9,439		1,211,590
Zoetis Incorporated		30,124		3,808,276
				5,019,866
Industrials : 11.71%
Aerospace & Defense : 1.59%
HEICO Corporation		6,920		1,001,116
Lockheed Martin Corporation		4,265		1,638,229
The Boeing Company		3,679		1,339,487
				3,978,832
Air Freight & Logistics : 0.19%
C.H. Robinson Worldwide Incorporated		5,500		464,695
Airlines : 0.54%
Delta Air Lines Incorporated		23,444		1,356,470
Commercial Services & Supplies : 1.58%
Copart Incorporated †		9,425		710,551
Waste Connections Incorporated		35,215		3,236,259
				3,946,810
Construction & Engineering : 0.68%
EMCOR Group Incorporated		19,524		1,707,179
Industrial Conglomerates : 0.85%
Roper Technologies Incorporated		5,832		2,138,944
Machinery : 1.29%
Allison Transmission Holdings Incorporated		29,674		1,318,416
Cummins Incorporated		7,772		1,160,126
Fortive Corporation		10,581		750,193
				3,228,735
Professional Services : 1.31%
CoStar Group Incorporated †		2,958		1,818,785

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Diversified Large Cap Growth Portfolio

	Shares		Value
Professional Services (continued)
Insperity Incorporated		3,550	$	351,663
TransUnion		13,414		1,122,081
				3,292,529
Road & Rail : 3.25%
CSX Corporation		37,453		2,510,100
Norfolk Southern Corporation		14,601		2,541,304
Union Pacific Corporation		19,028		3,081,775
				8,133,179
Trading Companies & Distributors : 0.43%
Applied Industrial Technologies Incorporated		20,174		1,077,090
Information Technology : 34.08%
Communications Equipment : 0.68%
Arista Networks Incorporated †		1,010		228,886
Cisco Systems Incorporated		31,339		1,466,979
				1,695,865
Electronic Equipment, Instruments & Components : 1.77%
CDW Corporation of Delaware		13,221		1,527,026
Jabil Circuit Incorporated		42,197		1,215,696
Zebra Technologies Corporation Class A †		8,291		1,699,904
				4,442,626
IT Services : 11.05%
Black Knight Incorporated †		12,920		804,270
Euronet Worldwide Incorporated †		6,562		1,004,905
Fidelity National Information Services Incorporated		14,585		1,986,769
Global Payments Incorporated		9,937		1,649,343
InterXion Holding NV †		15,800		1,278,852
MasterCard Incorporated Class A		26,013		7,319,278
PayPal Holdings Incorporated †		33,278		3,628,966
Shopify Incorporated Class A †		2,032		783,112
Square Incorporated Class A †		15,363		950,048
Visa Incorporated Class A		39,602		7,160,834
WEX Incorporated †		5,505		1,126,048
				27,692,425
Semiconductors & Semiconductor Equipment : 5.39%
Intel Corporation		26,959		1,278,126
Microchip Technology Incorporated «		57,277		4,944,723
Monolithic Power Systems Incorporated		4,500		677,520
NVIDIA Corporation		2,535		424,638
NXP Semiconductors NV		7,320		747,665
Texas Instruments Incorporated		33,705		4,170,994
Xilinx Incorporated		11,984		1,247,055
				13,490,721
Software : 13.50%
Adobe Systems Incorporated †		9,120		2,594,731
Crowdstrike Holdings Incorporated Class A †«		3,355		272,694
Dropbox Incorporated Class A †		78,360		1,402,644
Dynatrace Incorporated †		21,744		499,677
Fortinet Incorporated †		17,260		1,366,647
Intuit Incorporated		5,111		1,473,808
Microsoft Corporation		107,844		14,867,374
Oracle Corporation		24,946		1,298,689
Proofpoint Incorporated †		10,447		1,186,884
RealPage Incorporated †		12,495		795,557

4

Wells Fargo Diversified Large Cap Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

						Shares		Value
Software (continued)
Salesforce.com Incorporated †							17,735	$	2,767,901
ServiceNow Incorporated †							7,370		1,929,761
Splunk Incorporated †							15,909		1,778,944
VMware Incorporated Class A							9,800		1,386,112
Zoom Video Communications Incorporated †«							2,018		184,990
									33,806,413
Technology Hardware, Storage & Peripherals : 1.69%
Apple Incorporated							20,315		4,240,553
Materials : 2.10%
Chemicals : 1.49%
Air Products & Chemicals Incorporated							3,138		708,937
Huntsman Corporation							51,618		1,028,231
Linde plc							10,527		1,988,656
									3,725,824
Metals & Mining : 0.61%
Reliance Steel & Aluminum Company							15,852		1,541,290
Real Estate : 2.90%
Equity REITs : 1.75%
American Tower Corporation							8,556		1,969,506
Prologis Incorporated							18,229		1,524,309
SBA Communications Corporation							3,335		875,204
									4,369,019
Real Estate Management & Development : 1.15%
CBRE Group Incorporated Class A †							55,307		2,890,897
Utilities : 0.46%
Multi-Utilities : 0.46%
CenterPoint Energy Incorporated							41,518		1,149,630
Total Common Stocks (Cost $186,801,015)									248,340,816
			Yield
Short-Term Investments : 3.66%
Investment Companies : 3.66%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24	%		7,060,975		7,061,681
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04			2,110,388		2,110,388
Total Short-Term Investments (Cost $9,172,069)									9,172,069
Total investments in securities (Cost $195,973,084)	102.80	%							257,512,885
Other assets and liabilities, net	(2.80	)							(7,009,919	)
Total net assets	100.00	%						$	250,502,966

† 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 Portfolio 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:

REIT  Real estate investment trust

5

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		7,813,999		22,466,112		23,219,136		7,060,975	$	7,061,681
Wells Fargo Government Money Market Fund Select Class		2,887,213		12,062,158		12,838,983		2,110,388		2,110,388
									$	9,172,069		3.66	%

Wells Fargo Diversified Large Cap Growth Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio. 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. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	22,372,727	$	0	$	0	$	22,372,727
Consumer discretionary		39,763,962		0		0		39,763,962
Consumer staples		11,045,335		0		0		11,045,335
Energy		3,721,720		0		0		3,721,720
Financials		14,459,436		0		0		14,459,436
Health care		28,607,910		0		0		28,607,910
Industrials		29,324,463		0		0		29,324,463
Information technology		85,368,603		0		0		85,368,603
Materials		5,267,114		0		0		5,267,114
Real estate		7,259,916		0		0		7,259,916
Utilities		1,149,630		0		0		1,149,630
Short-term investments
Investment companies		9,172,069		0		0		9,172,069
Total assets	$	257,512,885	$	0	$	0	$	257,512,885

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Emerging Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 98.18%
Communication Services : 0.52%
Media : 0.52%
Nexstar Media Group Incorporated Class A		42,200	$	4,173,158
Consumer Discretionary : 14.01%
Auto Components : 0.92%
Fox Factory Holding Corporation †		104,200		7,506,568
Diversified Consumer Services : 2.20%
Chegg Incorporated †		299,114		11,856,879
Grand Canyon Education Incorporated †		47,360		5,948,416
				17,805,295
Hotels, Restaurants & Leisure : 5.35%
Dine Brands Global Incorporated		38,500		2,716,175
Eldorado Resorts Incorporated †«		169,100		6,512,041
Lindblad Expeditions Holding †		350,200		6,534,732
Planet Fitness Incorporated Class A †		169,260		11,951,449
Wingstop Incorporated		155,918		15,618,306
				43,332,703
Internet & Direct Marketing Retail : 0.28%
Revolve Group Incorporated †«		99,219		2,249,295
Leisure Products : 0.86%
Mastercraft Boat Holdings Incorporated †		110,116		1,668,257
Yeti Holdings Incorporated †«		187,148		5,286,931
				6,955,188
Multiline Retail : 0.96%
Ollie’s Bargain Outlet Holdings Incorporated		140,160		7,771,872
Specialty Retail : 3.03%
Boot Barn Holdings Incorporated †		191,100		6,545,175
Five Below Incorporated †		45,697		5,614,790
Lithia Motors Incorporated Class A		94,780		12,422,815
				24,582,780
Textiles, Apparel & Luxury Goods : 0.41%
Deckers Outdoor Corporation †		22,500		3,317,625
Consumer Staples : 5.02%
Beverages : 1.42%
Boston Beer Company Incorporated †		26,200		11,486,604
Food & Staples Retailing : 1.14%
Grocery Outlet Holding Corporation †		21,437		867,127
The Chef’s Warehouse Incorporated †		218,000		8,410,440
				9,277,567
Food Products : 1.71%
Freshpet Incorporated †		282,912		13,885,321
Personal Products : 0.75%
Inter Parfums Incorporated		94,300		6,062,547

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Emerging Growth Portfolio

	Shares		Value
Energy : 0.26%
Energy Equipment & Services : 0.26%
Cactus Incorporated Class A †		83,899	$	2,136,908
Financials : 7.25%
Capital Markets : 1.59%
Assetmark Financial Holdings †		17,059		481,064
Stifel Financial Corporation		232,600		12,425,492
				12,906,556
Insurance : 3.81%
Goosehead Insurance Incorporated Class A		65,763		3,040,881
Kinsale Capital Group Incorporated		258,977		25,439,311
Trupanion Incorporated †«		98,100		2,363,229
				30,843,421
Thrifts & Mortgage Finance : 1.85%
LendingTree Incorporated †		48,232		14,956,261
Health Care : 23.82%
Biotechnology : 6.97%
Audentes Therapeutics Incorporated †		34,342		1,068,036
CareDx Incorporated †		404,826		9,238,129
Fate Therapeutics Incorporated †		227,200		3,707,904
Halozyme Therapeutics Incorporated †		222,600		3,677,352
Invitae Corporation †		308,700		7,489,062
Natera Incorporated †		177,627		5,852,810
Repligen Corporation †		204,940		19,020,481
The Medicines Company †«		153,800		6,453,448
				56,507,222
Health Care Equipment & Supplies : 7.83%
Glaukos Corporation †		142,539		9,166,683
iRhythm Technologies Incorporated †		134,262		10,220,023
Merit Medical Systems Incorporated †		290,900		10,117,502
Neuronetics Incorporated †		218,918		2,335,855
Orthopediatrics Corporation †		120,401		3,875,708
Shockwave Medical Incorporated †«		84,808		3,549,215
SI-BONE Incorporated †		257,997		5,015,462
Silk Road Medical Incorporated †«		67,233		2,897,070
Tactile Systems Technology Class I †		132,473		6,681,938
Tandem Diabetes Care Incorporated †		77,900		5,642,297
Vapotherm Incorporated †		341,619		3,962,780
				63,464,533
Health Care Providers & Services : 2.59%
Amedisys Incorporated †		132,500		17,054,075
HealthEquity Incorporated †		66,512		3,948,152
				21,002,227
Health Care Technology : 2.68%
Health Catalyst Incorporated †		49,170		1,959,916
Phreesia Incorporated †		94,810		2,538,064
Teladoc Incorporated †«		204,679		11,846,821
Vocera Communications Incorporated †		234,100		5,372,595
				21,717,396
Life Sciences Tools & Services : 2.99%
Adaptive Biotechnologies Corporation †«		67,311		3,422,764

2

Wells Fargo Emerging Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Life Sciences Tools & Services (continued)
Codexis Incorporated †		1,075,837	$	15,093,993
Neogenomics Incorporated †		228,654		5,711,777
				24,228,534
Pharmaceuticals : 0.76%
MyoKardia Incorporated		74,400		4,000,488
Reata Pharmaceuticals Incorporated Class A †«		27,500		2,120,250
				6,120,738
Industrials : 19.25%
Aerospace & Defense : 3.24%
Kratos Defense & Security Solutions Incorporated †		305,300		6,096,841
Mercury Computer Systems Incorporated		234,845		20,109,777
				26,206,618
Airlines : 1.92%
SkyWest Incorporated		271,030		15,519,178
Commercial Services & Supplies : 2.99%
Casella Waste Systems Incorporated Class A		533,000		24,251,500
Construction & Engineering : 3.86%
MasTec Incorporated †		497,000		31,246,390
Electrical Equipment : 0.01%
Bloom Energy Corporation Class A †«		21,001		94,084
Machinery : 3.04%
Milacron Holdings Corporation †		460,758		7,303,014
Rexnord Corporation †		661,910		17,328,804
				24,631,818
Professional Services : 3.43%
ASGN Incorporated †		445,043		27,801,836
Trading Companies & Distributors : 0.76%
SiteOne Landscape Supply Incorporated †		79,100		6,185,620
Information Technology : 26.30%
Electronic Equipment, Instruments & Components : 2.21%
nLight Incorporated †		105,161		1,358,680
Novanta Incorporated †		220,320		16,524,000
				17,882,680
IT Services : 3.43%
Endava plc Sponsored ADR †		146,882		5,521,294
EVO Payments Incorporated Class A †		272,277		8,081,181
InterXion Holding NV †		175,520		14,206,589
				27,809,064
Semiconductors & Semiconductor Equipment : 2.46%
Diodes Incorporated †		169,131		6,181,738
Monolithic Power Systems Incorporated		8,580		1,291,805
Semtech Corporation †		154,100		6,467,577
Silicon Laboratories Incorporated †		55,100		6,005,900
				19,947,020

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Emerging Growth Portfolio

						Shares		Value
Software : 18.20%
Altair Engineering Incorporated Class A †							172,153	$	5,915,177
Anaplan Incorporated †							42,956		2,333,799
BlackLine Incorporated †							122,123		6,219,724
Cision Limited †							236,650		1,637,618
Envestnet Incorporated †							323,692		18,518,419
Everbridge Incorporated †							49,600		4,275,520
Five9 Incorporated †							257,260		16,261,405
ForeScout Technologies Incorporated †							65,700		2,354,031
Globant SA †							58,400		5,543,912
Mimecast Limited †							152,500		6,241,825
Q2 Holdings Incorporated †							264,243		23,768,658
Rapid7 Incorporated †							399,636		21,456,457
RealPage Incorporated †							105,900		6,742,653
Shotspotter Incorporated †							231,743		6,310,362
SPS Commerce Incorporated †							120,896		6,110,084
Talend SA ADR †							338,818		13,786,504
									147,476,148
Materials : 1.75%
Chemicals : 1.26%
Ingevity Corporation †							56,400		4,295,988
PQ Group Holdings Incorporated †							413,820		5,913,488
									10,209,476
Metals & Mining : 0.49%
Mayville Engineering Company Incorporated †							302,175		3,994,754
Total Common Stocks (Cost $546,461,515)									795,546,505
Short-Term Investments : 6.81%
			Yield
Investment Companies : 6.81%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24	%		38,663,406		38,667,272
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04			16,550,363		16,550,363
Total Short-Term Investments (Cost $55,216,569)									55,217,635
Total investments in securities (Cost $601,678,084)	104.99	%							850,764,140
Other assets and liabilities, net	(4.99	)							(40,467,304	)
Total net assets	100.00	%						$	810,296,836

† 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 Portfolio 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

4

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		41,141,098		54,421,438		56,899,130		38,663,406	$	38,667,272
Wells Fargo Government Money Market Fund Select Class		10,281,602		73,319,909		67,051,148		16,550,363		16,550,363
									$	55,217,635		6.81	%

Wells Fargo Emerging Growth Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’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 Portfolio. 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 Portfolio 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. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	4,173,158	$	0	$	0	$	4,173,158
Consumer discretionary		113,521,326		0		0		113,521,326
Consumer staples		40,712,039		0		0		40,712,039
Energy		2,136,908		0		0		2,136,908
Financials		58,706,238		0		0		58,706,238
Health care		193,040,650		0		0		193,040,650
Industrials		155,937,044		0		0		155,937,044
Information technology		213,114,912		0		0		213,114,912
Materials		14,204,230		0		0		14,204,230
Short-term investments
Investment companies		55,217,635		0		0		55,217,635
Total assets	$	850,764,140	$	0	$	0	$	850,764,140

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

During the three months ended August 31, 2019, the portfolio did not have any transfers into/out of Level 3.

Wells Fargo Index Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 96.94%
Communication Services : 10.14%
Diversified Telecommunication Services : 2.02%
AT&T Incorporated		346,900	$	12,231,694
CenturyLink Incorporated		45,607		519,008
Verizon Communications Incorporated		196,585		11,433,384
				24,184,086
Entertainment : 1.82%
Activision Blizzard Incorporated		36,411		1,842,397
Electronic Arts Incorporated †		14,101		1,320,982
Netflix Incorporated †		20,783		6,105,006
Take-Two Interactive Software Incorporated †		5,350		706,040
The Walt Disney Company		82,980		11,389,835
Viacom Incorporated Class B		16,810		419,914
				21,784,174
Interactive Media & Services : 4.78%
Alphabet Incorporated Class A †		14,233		16,944,813
Alphabet Incorporated Class C †		14,568		17,308,241
Facebook Incorporated Class A †		114,201		21,203,700
TripAdvisor Incorporated †		4,920		186,911
Twitter Incorporated †		34,709		1,480,339
				57,124,004
Media : 1.42%
CBS Corporation Class B		16,730		703,664
Charter Communications Incorporated Class A †		8,177		3,349,217
Comcast Corporation Class A		215,296		9,529,001
Discovery Communications Incorporated Class A †		7,503		207,083
Discovery Communications Incorporated Class C †		17,138		446,102
DISH Network Corporation Class A †		10,968		368,086
Fox Corporation Class A		16,844		558,715
Fox Corporation Class B		7,718		253,150
Interpublic Group of Companies Incorporated		18,397		365,732
News Corporation Class A		18,326		251,983
News Corporation Class B		5,883		83,303
Omnicom Group Incorporated		10,465		795,968
				16,912,004
Wireless Telecommunication Services : 0.10%
T-Mobile US Incorporated †		15,025		1,172,701
Consumer Discretionary : 9.85%
Auto Components : 0.11%
Aptiv plc		12,256		1,019,332
BorgWarner Incorporated		9,852		321,471
				1,340,803
Automobiles : 0.36%
Ford Motor Company		186,269		1,708,087
General Motors Company		62,702		2,325,617
Harley-Davidson Incorporated		7,561		241,196
				4,274,900
Distributors : 0.08%
Genuine Parts Company		6,943		626,883
LKQ Corporation †		14,925		392,080
				1,018,963

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Index Portfolio

	Shares		Value
Diversified Consumer Services : 0.02%
H&R Block Incorporated		9,663	$	234,038
Hotels, Restaurants & Leisure : 1.94%
Carnival Corporation		19,033		838,975
Chipotle Mexican Grill Incorporated †		1,159		971,729
Darden Restaurants Incorporated		5,845		707,128
Hilton Worldwide Holdings Incorporated		13,835		1,277,939
Marriott International Incorporated Class A		13,137		1,656,050
McDonald’s Corporation		36,295		7,911,221
MGM Resorts International		24,258		680,679
Norwegian Cruise Line Holdings Limited †		10,238		519,579
Royal Caribbean Cruises Limited		8,172		852,176
Starbucks Corporation		57,573		5,559,249
Wynn Resorts Limited		4,606		507,351
Yum! Brands Incorporated		14,544		1,698,448
				23,180,524
Household Durables : 0.31%
D.R. Horton Incorporated		16,142		798,545
Garmin Limited		5,764		470,169
Leggett & Platt Incorporated		6,240		232,066
Lennar Corporation Class A		13,568		691,968
Mohawk Industries Incorporated †		2,926		347,872
Newell Rubbermaid Incorporated		18,503		307,150
Pulte Group Incorporated		12,119		409,622
Whirlpool Corporation		3,011		418,800
				3,676,192
Internet & Direct Marketing Retail : 3.47%
Amazon.com Incorporated †		19,658		34,918,307
Booking Holdings Incorporated †		2,058		4,046,872
eBay Incorporated		38,941		1,568,933
Expedia Group Incorporated		6,581		856,188
				41,390,300
Leisure Products : 0.05%
Hasbro Incorporated		5,504		608,027
Multiline Retail : 0.54%
Dollar General Corporation		12,279		1,916,629
Dollar Tree Incorporated †		11,293		1,146,578
Kohl’s Corporation		7,702		363,997
Macy’s Incorporated		14,682		216,706
Nordstrom Incorporated «		4,999		144,821
Target Corporation		24,353		2,606,745
				6,395,476
Specialty Retail : 2.31%
Advance Auto Parts Incorporated		3,410		470,410
AutoZone Incorporated †		1,166		1,284,571
Best Buy Company Incorporated		11,043		702,887
CarMax Incorporated †		7,900		657,912
L Brands Incorporated		10,902		179,992
Lowe’s Companies Incorporated		37,215		4,175,523
O’Reilly Automotive Incorporated †		3,721		1,427,971
Ross Stores Incorporated		17,466		1,851,571
The Gap Incorporated		10,061		158,863
The Home Depot Incorporated		52,300		11,919,693

2

Wells Fargo Index Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Specialty Retail (continued)
The TJX Companies Incorporated		57,642	$	3,168,581
Tiffany & Company		5,136		435,892
Tractor Supply Company		5,735		584,282
ULTA Beauty Incorporated †		2,640		627,607
				27,645,755
Textiles, Apparel & Luxury Goods : 0.66%
Capri Holdings Limited †		7,175		189,277
HanesBrands Incorporated		17,182		234,706
Nike Incorporated Class B		59,737		5,047,777
PVH Corporation		3,561		269,924
Ralph Lauren Corporation		2,481		219,172
Tapestry Incorporated		13,791		284,784
Under Armour Incorporated Class A †		8,937		166,318
Under Armour Incorporated Class C †		9,234		156,239
VF Corporation		15,480		1,268,586
				7,836,783
Consumer Staples : 7.35%
Beverages : 1.91%
Brown-Forman Corporation Class B		7,907		466,434
Constellation Brands Incorporated Class A		7,948		1,624,174
Molson Coors Brewing Company Class B		8,926		458,439
Monster Beverage Corporation †		18,603		1,091,438
PepsiCo Incorporated		66,634		9,110,867
The Coca-Cola Company		182,505		10,045,075
				22,796,427
Food & Staples Retailing : 1.53%
Costco Wholesale Corporation		20,905		6,161,958
Sysco Corporation		22,477		1,670,715
The Kroger Company		38,344		907,986
Wal-Mart Stores Incorporated		66,491		7,597,262
Walgreens Boots Alliance Incorporated		36,941		1,891,010
				18,228,931
Food Products : 1.16%
Archer Daniels Midland Company		26,627		1,013,157
Campbell Soup Company		9,161		412,245
ConAgra Foods Incorporated		23,097		655,031
General Mills Incorporated		28,463		1,531,309
Hormel Foods Corporation		12,942		551,459
Kellogg Company		11,815		741,982
Lamb Weston Holdings Incorporated		6,953		489,422
McCormick & Company Incorporated		5,821		948,066
Mondelez International Incorporated Class A		68,469		3,780,858
The Hershey Company		6,621		1,049,296
The J.M. Smucker Company		5,407		568,600
The Kraft Heinz Company		29,574		754,728
Tyson Foods Incorporated Class A		14,013		1,303,770
				13,799,923
Household Products : 1.80%
Church & Dwight Company Incorporated		11,704		933,745
Colgate-Palmolive Company		40,808		3,025,913
Kimberly-Clark Corporation		16,342		2,306,020
The Clorox Company		6,054		957,501
The Procter & Gamble Company		119,230		14,335,023
				21,558,202

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Index Portfolio

	Shares		Value
Personal Products : 0.18%
Coty Incorporated Class A		14,287	$	136,441
The Estee Lauder Companies Incorporated Class A		10,423		2,063,650
				2,200,091
Tobacco : 0.77%
Altria Group Incorporated		88,931		3,889,842
Philip Morris International Incorporated		73,953		5,331,272
				9,221,114
Energy : 4.28%
Energy Equipment & Services : 0.38%
Baker Hughes Incorporated		24,475		530,863
Halliburton Company		41,543		782,670
Helmerich & Payne Incorporated		5,253		197,460
National Oilwell Varco Incorporated		18,344		374,768
Schlumberger Limited		65,840		2,135,191
TechnipFMC plc		20,020		497,297
				4,518,249
Oil, Gas & Consumable Fuels : 3.90%
Apache Corporation		17,869		385,434
Cabot Oil & Gas Corporation		20,120		344,454
Chevron Corporation		90,547		10,659,193
Cimarex Energy Company		4,821		206,242
Concho Resources Incorporated		9,535		697,485
ConocoPhillips		53,721		2,803,162
Devon Energy Corporation		19,736		433,995
Diamondback Energy Incorporated		7,358		721,673
EOG Resources Incorporated		27,585		2,046,531
Exxon Mobil Corporation		201,119		13,772,629
Hess Corporation		12,116		762,702
HollyFrontier Corporation		7,468		331,280
Kinder Morgan Incorporated		92,539		1,875,766
Marathon Oil Corporation		38,878		460,316
Marathon Petroleum Corporation		31,497		1,549,967
Noble Energy Incorporated		22,732		513,289
Occidental Petroleum Corporation		42,559		1,850,465
ONEOK Incorporated		19,620		1,398,514
Phillips 66		19,854		1,958,200
Pioneer Natural Resources Company		8,006		988,101
The Williams Companies Incorporated		57,600		1,359,360
Valero Energy Corporation		19,833		1,493,028
				46,611,786
Financials : 12.38%
Banks : 5.11%
Bank of America Corporation		420,321		11,563,031
BB&T Corporation		36,407		1,734,794
Citigroup Incorporated		109,920		7,073,352
Citizens Financial Group Incorporated		21,787		735,093
Comerica Incorporated		7,328		451,771
Fifth Third Bancorp		34,564		914,218
First Republic Bank		7,833		702,777
Huntington Bancshares Incorporated		49,741		659,068
JPMorgan Chase & Company		154,198		16,940,192
KeyCorp		47,928		795,605
M&T Bank Corporation		6,494		949,488
People’s United Financial Incorporated		18,746		269,380
PNC Financial Services Group Incorporated		21,458		2,766,580
Regions Financial Corporation		48,162		704,128
SunTrust Banks Incorporated		21,097		1,297,676
SVB Financial Group †		2,487		484,020

4

Wells Fargo Index Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Banks (continued)
US Bancorp		71,136	$	3,748,156
Wells Fargo & Company (l)		192,269		8,953,967
Zions Bancorporation		8,678		356,579
				61,099,875
Capital Markets : 2.65%
Affiliated Managers Group Incorporated		2,434		186,517
Ameriprise Financial Incorporated		6,365		820,958
Bank of New York Mellon Corporation		41,873		1,761,178
BlackRock Incorporated		5,656		2,389,999
CBOE Holdings Incorporated		5,310		632,740
CME Group Incorporated		17,016		3,697,407
E*TRADE Financial Corporation		11,630		485,436
Franklin Resources Incorporated		13,993		367,736
Intercontinental Exchange Incorporated		26,802		2,505,451
Invesco Limited		19,041		298,944
MarketAxess Holdings Incorporated		1,792		712,535
Moody’s Corporation		7,841		1,690,363
Morgan Stanley		60,772		2,521,430
MSCI Incorporated		4,025		944,386
Northern Trust Corporation		10,347		909,812
Raymond James Financial Incorporated		6,006		471,531
S&P Global Incorporated		11,697		3,043,442
State Street Corporation		17,738		910,137
T. Rowe Price Group Incorporated		11,240		1,243,369
The Charles Schwab Corporation		56,477		2,161,375
The Goldman Sachs Group Incorporated		16,172		3,297,633
The NASDAQ OMX Group Incorporated		5,514		550,518
				31,602,897
Consumer Finance : 0.67%
American Express Company		32,549		3,917,923
Capital One Financial Corporation		22,322		1,933,532
Discover Financial Services		15,388		1,230,578
Synchrony Financial		30,144		966,115
				8,048,148
Diversified Financial Services : 1.59%
Berkshire Hathaway Incorporated Class B †		92,111		18,736,299
Jefferies Financial Group Incorporated		12,044		224,500
				18,960,799
Insurance : 2.36%
AFLAC Incorporated		35,435		1,778,128
American International Group Incorporated		41,342		2,151,438
Aon plc		11,433		2,227,720
Arthur J. Gallagher & Company		8,806		798,792
Assurant Incorporated		2,922		359,406
Chubb Limited		21,764		3,401,278
Cincinnati Financial Corporation		7,211		811,165
Everest Reinsurance Group Limited		1,936		456,664
Globe Life Incorporated		4,808		429,162
Lincoln National Corporation		9,618		508,600
Loews Corporation		12,753		613,037
Marsh & McLennan Companies Incorporated		24,306		2,427,926
MetLife Incorporated		45,174		2,001,208
Principal Financial Group Incorporated		12,314		655,351
Prudential Financial Incorporated		19,299		1,545,657
The Allstate Corporation		15,834		1,621,243
The Hartford Financial Services Group Incorporated		17,183		1,001,425
The Progressive Corporation		27,759		2,104,132
The Travelers Companies Incorporated		12,449		1,829,505
Unum Group		10,071		255,904
Willis Towers Watson plc		6,143		1,216,130
				28,193,871

5

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Index Portfolio

	Shares		Value
Health Care : 13.47%
Biotechnology : 2.08%
AbbVie Incorporated		70,270	$	4,619,550
Alexion Pharmaceuticals Incorporated †		10,659		1,074,001
Amgen Incorporated		28,992		6,048,311
Biogen Idec Incorporated †		9,216		2,025,216
Celgene Corporation †		33,524		3,245,123
Gilead Sciences Incorporated		60,442		3,840,485
Incyte Corporation †		8,460		692,197
Regeneron Pharmaceuticals Incorporated †		3,738		1,084,207
Vertex Pharmaceuticals Incorporated †		12,174		2,191,563
				24,820,653
Health Care Equipment & Supplies : 3.54%
Abbott Laboratories		83,858		7,154,765
ABIOMED Incorporated †		2,145		414,135
Align Technology Incorporated †		3,461		633,744
Baxter International Incorporated		22,553		1,983,536
Becton Dickinson & Company		12,821		3,255,508
Boston Scientific Corporation †		66,103		2,824,581
Danaher Corporation		29,947		4,255,169
Dentsply Sirona Incorporated		11,122		580,012
Edwards Lifesciences Corporation †		9,911		2,198,656
Hologic Incorporated †		12,741		629,023
IDEXX Laboratories Incorporated †		4,088		1,184,457
Intuitive Surgical Incorporated †		5,488		2,806,234
Medtronic plc		63,728		6,875,614
ResMed Incorporated		6,816		949,469
Stryker Corporation		14,720		3,248,115
Teleflex Incorporated		2,194		798,440
The Cooper Companies Incorporated		2,352		728,532
Varian Medical Systems Incorporated †		4,323		457,935
Zimmer Biomet Holdings Incorporated		9,735		1,355,112
				42,333,037
Health Care Providers & Services : 2.55%
AmerisourceBergen Corporation		7,393		608,222
Anthem Incorporated		12,225		3,197,082
Cardinal Health Incorporated		14,168		611,066
Centene Corporation †		19,649		916,036
Cigna Corporation		18,037		2,777,157
CVS Health Corporation		61,750		3,761,810
DaVita HealthCare Partners Incorporated †		4,997		281,681
HCA Holdings Incorporated		12,691		1,525,458
Henry Schein Incorporated		7,086		436,639
Humana Incorporated		6,419		1,817,925
Laboratory Corporation of America Holdings †		4,682		784,516
McKesson Corporation		9,030		1,248,578
Quest Diagnostics Incorporated		6,387		653,837
UnitedHealth Group Incorporated		45,173		10,570,482
Universal Health Services Incorporated Class B		3,940		569,645
WellCare Health Plans Incorporated †		2,392		647,610
				30,407,744
Health Care Technology : 0.09%
Cerner Corporation		15,468		1,065,900
Life Sciences Tools & Services : 0.97%
Agilent Technologies Incorporated		15,020		1,068,072
Illumina Incorporated †		6,987		1,965,723

6

Wells Fargo Index Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Life Sciences Tools & Services (continued)
IQVIA Holdings Incorporated †		7,500	$	1,163,625
Mettler-Toledo International Incorporated †		1,179		774,355
PerkinElmer Incorporated		5,272		435,994
Thermo Fisher Scientific Incorporated		19,013		5,457,872
Waters Corporation †		3,302		699,661
				11,565,302
Pharmaceuticals : 4.24%
Allergan plc		14,647		2,339,419
Bristol-Myers Squibb Company		77,752		3,737,539
Eli Lilly & Company		41,071		4,639,791
Johnson & Johnson		126,204		16,199,545
Merck & Company Incorporated		122,382		10,582,372
Mylan NV †		24,502		477,054
Nektar Therapeutics †		8,285		145,567
Perrigo Company plc		5,947		278,201
Pfizer Incorporated		263,897		9,381,538
Zoetis Incorporated		22,752		2,876,308
				50,657,334
Industrials : 8.95%
Aerospace & Defense : 2.62%
Arconic Incorporated		18,979		490,417
General Dynamics Corporation		12,907		2,468,722
Huntington Ingalls Industries Incorporated		1,975		412,775
L3Harris Technologies Incorporated		10,525		2,225,090
Lockheed Martin Corporation		11,684		4,487,941
Northrop Grumman Corporation		8,071		2,969,079
Raytheon Company		13,240		2,453,637
Textron Incorporated		11,064		497,880
The Boeing Company		24,872		9,055,646
TransDigm Group Incorporated		2,326		1,252,132
United Technologies Corporation		38,556		5,021,533
				31,334,852
Air Freight & Logistics : 0.58%
C.H. Robinson Worldwide Incorporated		6,491		548,425
Expeditors International of Washington Incorporated		8,176		581,314
FedEx Corporation		11,395		1,807,361
United Parcel Service Incorporated Class B		33,156		3,934,291
				6,871,391
Airlines : 0.39%
Alaska Air Group Incorporated		5,871		350,616
American Airlines Group Incorporated		18,819		495,128
Delta Air Lines Incorporated		28,317		1,638,422
Southwest Airlines Company		23,232		1,215,498
United Continental Holdings Incorporated †		10,506		885,761
				4,585,425
Building Products : 0.27%
A.O. Smith Corporation		6,709		312,103
Allegion plc		4,466		429,942
Fortune Brands Home & Security Incorporated		6,649		339,498
Johnson Controls International plc		37,826		1,614,792
Masco Corporation		13,953		568,306
				3,264,641

7

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Index Portfolio

	Shares		Value
Commercial Services & Supplies : 0.43%
Cintas Corporation		4,026	$	1,062,059
Copart Incorporated †		9,584		722,538
Republic Services Incorporated		10,242		914,099
Rollins Incorporated		7,006		229,867
Waste Management Incorporated		18,572		2,216,568
				5,145,131
Construction & Engineering : 0.06%
Jacobs Engineering Group Incorporated		5,455		484,731
Quanta Services Incorporated		6,754		228,961
				713,692
Electrical Equipment : 0.43%
AMETEK Incorporated		10,830		930,622
Eaton Corporation plc		20,111		1,623,360
Emerson Electric Company		29,215		1,740,922
Rockwell Automation Incorporated		5,626		859,597
				5,154,501
Industrial Conglomerates : 1.29%
3M Company		27,400		4,431,128
General Electric Company		414,531		3,419,881
Honeywell International Incorporated		34,592		5,694,535
Roper Technologies Incorporated		4,936		1,810,327
				15,355,871
Machinery : 1.47%
Caterpillar Incorporated		27,183		3,234,777
Cummins Incorporated		6,887		1,028,022
Deere & Company		15,068		2,334,184
Dover Corporation		6,908		647,556
Flowserve Corporation		6,233		266,024
Fortive Corporation		14,017		993,805
IDEX Corporation		3,599		592,791
Illinois Tool Works Incorporated		14,246		2,134,906
Ingersoll-Rand plc		11,463		1,388,055
PACCAR Incorporated		16,468		1,079,642
Parker-Hannifin Corporation		6,098		1,010,865
Pentair plc		7,517		270,011
Snap-on Incorporated		2,634		391,623
Stanley Black & Decker Incorporated		7,203		956,991
Wabtec Corporation		8,654		598,943
Xylem Incorporated		8,553		655,245
				17,583,440
Professional Services : 0.33%
Equifax Incorporated		5,743		840,660
IHS Markit Limited †		17,291		1,134,463
Nielsen Holdings plc		16,898		350,802
Robert Half International Incorporated		5,632		301,143
Verisk Analytics Incorporated		7,780		1,256,781
				3,883,849
Road & Rail : 0.93%
CSX Corporation		36,539		2,448,844
J.B. Hunt Transport Services Incorporated		4,135		446,745
Kansas City Southern		4,781		601,450
Norfolk Southern Corporation		12,642		2,200,340
Union Pacific Corporation		33,646		5,449,306
				11,146,685

8

Wells Fargo Index Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Trading Companies & Distributors : 0.15%
Fastenal Company		27,204	$	832,986
United Rentals Incorporated †		3,737		420,637
W.W. Grainger Incorporated		2,135		584,243
				1,837,866
Information Technology : 21.38%
Communications Equipment : 1.03%
Arista Networks Incorporated †		2,513		569,496
Cisco Systems Incorporated		203,478		9,524,805
F5 Networks Incorporated †		2,838		365,336
Juniper Networks Incorporated		16,367		379,060
Motorola Solutions Incorporated		7,833		1,417,068
				12,255,765
Electronic Equipment, Instruments & Components : 0.43%
Amphenol Corporation Class A		14,200		1,243,068
Corning Incorporated		37,302		1,038,861
FLIR Systems Incorporated		6,437		317,151
IPG Photonics Corporation †		1,693		209,475
Keysight Technologies Incorporated †		8,944		866,316
TE Connectivity Limited		16,012		1,460,615
				5,135,486
IT Services : 5.59%
Accenture plc Class A		30,318		6,008,118
Akamai Technologies Incorporated †		7,800		695,214
Alliance Data Systems Corporation		1,882		231,392
Automatic Data Processing Incorporated		20,688		3,513,650
Broadridge Financial Solutions Incorporated		5,520		714,509
Cognizant Technology Solutions Corporation Class A		27,060		1,661,213
DXC Technology Company		12,752		423,621
Fidelity National Information Services Incorporated		29,132		3,968,361
Fiserv Incorporated †		27,087		2,896,684
FleetCor Technologies Incorporated †		4,097		1,222,545
Gartner Incorporated †		4,282		572,375
Global Payments Incorporated		7,448		1,236,219
International Business Machines Corporation		42,145		5,711,912
Jack Henry & Associates Incorporated		3,670		532,003
Leidos Holdings Incorporated		6,855		598,853
MasterCard Incorporated Class A		42,722		12,020,689
Paychex Incorporated		15,204		1,242,167
PayPal Holdings Incorporated †		55,849		6,090,333
Total System Services Incorporated		7,739		1,038,729
VeriSign Incorporated †		4,985		1,016,192
Visa Incorporated Class A		82,660		14,946,581
Western Union Company		20,473		452,863
				66,794,223
Semiconductors & Semiconductor Equipment : 3.74%
Advanced Micro Devices Incorporated †		42,158		1,325,869
Analog Devices Incorporated		17,576		1,930,372
Applied Materials Incorporated		44,496		2,136,698
Broadcom Incorporated		18,816		5,318,154
Intel Corporation		212,808		10,089,227
KLA-Tencor Corporation		7,682		1,136,168
Lam Research Corporation		7,127		1,500,305
Maxim Integrated Products Incorporated		12,949		706,238
Microchip Technology Incorporated		11,310		976,392
Micron Technology Incorporated †		52,605		2,381,428
NVIDIA Corporation		28,948		4,849,079
Qorvo Incorporated †		5,664		404,580
QUALCOMM Incorporated		57,786		4,494,017

9

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Index Portfolio

	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions Incorporated		8,209	$	617,891
Texas Instruments Incorporated		44,596		5,518,755
Xilinx Incorporated		12,070		1,256,004
				44,641,177
Software : 6.59%
Adobe Systems Incorporated †		23,194		6,598,925
Ansys Incorporated †		3,989		823,968
Autodesk Incorporated †		10,439		1,490,898
Cadence Design Systems Incorporated †		13,358		914,756
Citrix Systems Incorporated		5,945		552,766
Fortinet Incorporated †		6,899		546,263
Intuit Incorporated		12,323		3,553,460
Microsoft Corporation		364,241		50,214,264
Oracle Corporation		115,342		6,004,705
Salesforce.com Incorporated †		40,602		6,336,754
Symantec Corporation		29,385		683,201
Synopsys Incorporated †		7,125		1,010,396
				78,730,356
Technology Hardware, Storage & Peripherals : 4.00%
Apple Incorporated		207,770		43,369,910
Hewlett Packard Enterprise Company		63,654		879,698
HP Incorporated		71,599		1,309,546
NetApp Incorporated		11,740		564,224
Seagate Technology plc		11,975		601,265
Western Digital Corporation		13,927		797,599
Xerox Holdings Corporation		9,289		269,288
				47,791,530
Materials : 2.62%
Chemicals : 1.87%
Air Products & Chemicals Incorporated		10,464		2,364,027
Albemarle Corporation «		5,037		310,934
Celanese Corporation Series A		6,018		682,261
CF Industries Holdings Incorporated		10,509		506,429
Corteva Incorporated		35,594		1,043,616
Dow Incorporated		35,594		1,517,372
Dupont de Nemours Incorporated		35,593		2,417,832
Eastman Chemical Company		6,587		430,592
Ecolab Incorporated		12,057		2,487,480
FMC Corporation		6,258		540,253
International Flavors & Fragrances Incorporated «		4,818		528,776
Linde plc		25,800		4,873,878
LyondellBasell Industries NV Class A		13,065		1,010,970
PPG Industries Incorporated		11,223		1,243,396
The Mosaic Company		16,871		310,258
The Sherwin-Williams Company		3,862		2,034,309
				22,302,383
Construction Materials : 0.14%
Martin Marietta Materials Incorporated		2,970		753,697
Vulcan Materials Company		6,279		886,909
				1,640,606
Containers & Packaging : 0.37%
Amcor plc †		77,151		757,623
Avery Dennison Corporation		4,013		463,782
Ball Corporation		15,912		1,279,484
International Paper Company		18,887		738,482
Packaging Corporation of America		4,492		451,805

10

Wells Fargo Index Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Containers & Packaging (continued)
Sealed Air Corporation		7,401	$	294,708
WestRock Company		12,218		417,611
				4,403,495
Metals & Mining : 0.24%
Freeport-McMoRan Incorporated		68,954		633,687
Newmont Goldcorp Corporation		38,960		1,554,114
Nucor Corporation		14,488		709,622
				2,897,423
Real Estate : 3.16%
Equity REITs : 3.09%
Alexandria Real Estate Equities Incorporated		5,368		804,341
American Tower Corporation		21,011		4,836,522
Apartment Investment & Management Company Class A		7,074		360,774
AvalonBay Communities Incorporated		6,626		1,408,423
Boston Properties Incorporated		7,345		943,245
Crown Castle International Corporation		19,762		2,868,850
Digital Realty Trust Incorporated		9,900		1,223,937
Duke Realty Corporation		17,085		568,418
Equinix Incorporated		3,996		2,222,895
Equity Residential Company Limited		17,609		1,492,539
Essex Property Trust Incorporated		3,124		1,003,616
Extra Space Storage Incorporated		6,058		738,591
Federal Realty Investment Trust		3,561		460,117
HCP Incorporated		22,720		788,611
Host Hotels & Resorts Incorporated		35,217		564,881
Iron Mountain Incorporated		13,636		434,307
Kimco Realty Corporation		20,061		368,721
Mid-America Apartment Communities Incorporated		5,419		686,479
Prologis Incorporated		29,984		2,507,262
Public Storage Incorporated		7,134		1,888,655
Realty Income Corporation		14,964		1,104,493
Regency Centers Corporation		7,943		512,403
SBA Communications Corporation		5,383		1,412,661
Simon Property Group Incorporated		14,687		2,187,482
SL Green Realty Corporation		4,008		321,522
The Macerich Company «		5,035		143,649
UDR Incorporated		13,395		645,371
Ventas Incorporated		17,559		1,288,655
Vornado Realty Trust		8,251		498,938
Welltower Incorporated		19,248		1,723,851
Weyerhaeuser Company		35,402		931,427
				36,941,636
Real Estate Management & Development : 0.07%
CBRE Group Incorporated Class A †		14,866		777,046
Utilities : 3.36%
Electric Utilities : 2.04%
Alliant Energy Corporation		11,232		589,118
American Electric Power Company Incorporated		23,455		2,137,923
Duke Energy Corporation		34,607		3,209,453
Edison International		16,818		1,215,437
Entergy Corporation		9,028		1,018,720
Evergy Incorporated		11,603		754,195
Eversource Energy		15,263		1,223,024
Exelon Corporation		46,153		2,181,191
FirstEnergy Corporation		23,998		1,103,908
NextEra Energy Incorporated		22,765		4,987,356
Pinnacle West Capital Corporation		5,337		508,669
PPL Corporation		34,307		1,013,772

11

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Index Portfolio

								Shares		Value
Electric Utilities (continued)
The Southern Company									49,474	$	2,882,355
Xcel Energy Incorporated									24,464		1,571,078
											24,396,199
Gas Utilities : 0.05%
Atmos Energy Corporation									5,561		612,989
Independent Power & Renewable Electricity Producers : 0.08%
AES Corporation									31,549		483,646
NRG Energy Incorporated									12,025		437,710
											921,356
Multi-Utilities : 1.10%
Ameren Corporation									11,674		900,649
CenterPoint Energy Incorporated									23,870		660,960
CMS Energy Corporation									13,488		850,418
Consolidated Edison Incorporated									15,548		1,382,217
Dominion Energy Incorporated									38,139		2,960,731
DTE Energy Company									8,709		1,129,209
NiSource Incorporated									17,735		524,069
Public Service Enterprise Group Incorporated									24,025		1,452,792
Sempra Energy									13,043		1,847,280
WEC Energy Group Incorporated									14,994		1,435,975
											13,144,300
Water Utilities : 0.09%
American Water Works Company Incorporated									8,581		1,092,533
Total Common Stocks (Cost $359,875,010)											1,157,824,860
			Yield
Short-Term Investments : 2.90%
Investment Companies : 2.71%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24	%				1,052,777		1,052,882
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04					31,284,673		31,284,673
											32,337,555
						Maturity date		Principal
U.S. Treasury Securities : 0.19%
U.S. Treasury Bill #(z)				1.61			9-12-2019	$	2,268,000		2,266,944
Total Short-Term Investments (Cost $34,604,316)											34,604,499
Total investments in securities (Cost $394,479,326)	99.84	%									1,192,429,359
Other assets and liabilities, net	0.16										1,915,740
Total net assets	100.00	%								$	1,194,345,099

† 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 Portfolio 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.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

(z) Zero coupon security. The rate represents the purchase yield to maturity.

Abbreviations:

REIT Real estate investment trust

12

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 Index		49		9-19-2019	$	35,675,270	$	35,828,800	$	153,530	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company		208,199		0		15,930		192,269	$	8,953,967		0.75	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		3,129,501		8,344,463		10,421,187		1,052,777		1,052,882
Wells Fargo Government Money Market Fund Select Class		24,217,403		58,511,386		51,444,116		31,284,673		31,284,673		2.71
									$	41,291,522		3.46	%

Wells Fargo Index Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’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 Portfolio. 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 Portfolio 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 Portfolio receives interest or dividends on those securities. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

Futures contracts

Futures contracts are agreements between the Portfolio 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 Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	121,176,969	$	0	$	0	$	121,176,969
Consumer discretionary		117,601,761		0		0		117,601,761
Consumer staples		87,804,688		0		0		87,804,688
Energy		51,130,035		0		0		51,130,035
Financials		147,905,590		0		0		147,905,590
Health care		160,849,970		0		0		160,849,970
Industrials		106,877,344		0		0		106,877,344
Information technology		255,348,537		0		0		255,348,537
Materials		31,243,907		0		0		31,243,907
Real estate		37,718,682		0		0		37,718,682
Utilities		40,167,377		0		0		40,167,377
Short-term investments
Investment companies		32,337,555		0		0		32,337,555
U.S. Treasury securities		2,266,944		0		0		2,266,944
		1,192,429,359		0		0		1,192,429,359
Futures contracts		153,530		0		0		153,530
Total assets	$	1,192,582,889	$	0	$	0	$	1,192,582,889

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 table following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo International Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 93.64%
Brazil : 2.58%
B3 Brasil Bolsa Balcao SA (Financials, Capital Markets)		93,505	$	1,011,604
Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail)		85,100		591,857
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		271,606		3,680,261
				5,283,722
Canada : 1.42%
Canadian National Railway Company (Industrials, Road & Rail)		16,817		1,549,518
Dollarama Incorporated (Consumer Discretionary, Multiline Retail)		23,088		883,531
TMX Group Limited (Financials, Capital Markets)		5,500		476,344
				2,909,393
Denmark : 3.15%
Carlsberg AS Class B (Consumer Staples, Beverages)		3,151		465,134
DSV AS (Industrials, Road & Rail)		2,104		208,522
Genmab AS (Health Care, Biotechnology) †		21,918		4,472,732
Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		25,227		1,309,957
				6,456,345
France : 10.41%
Air Liquide SA (Materials, Chemicals)		54,122		7,533,492
Amundi SA (Financials, Diversified Financial Services)		21,072		1,346,706
BNP Paribas SA (Financials, Banks)		78,202		3,526,871
Capgemini SA (Information Technology, IT Services)		4,872		584,451
Eiffage SA (Industrials, Construction & Engineering)		25,073		2,596,922
Safran SA (Industrials, Aerospace & Defense)		12,409		1,802,276
Schneider Electric SE (Industrials, Electrical Equipment)		9,079		759,945
Vinci SA (Industrials, Construction & Engineering)		29,263		3,200,068
				21,350,731
Germany : 18.31%
Allianz AG (Financials, Insurance)		21,258		4,684,401
Beiersdorf AG (Consumer Staples, Personal Products)		10,161		1,278,672
Deutsche Boerse AG (Financials, Capital Markets)		87,272		12,828,800
Deutsche Post AG (Industrials, Air Freight & Logistics)		182,975		6,012,848
Symrise AG (Materials, Chemicals)		22,017		2,054,875
Wirecard AG (Information Technology, IT Services)		67,088		10,698,665
				37,558,261
Hong Kong : 4.79%
AIA Group Limited (Financials, Insurance)		810,200		7,879,413
ANTA Sports Products Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		75,000		621,780
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		662,800		1,325,532
				9,826,725
India : 2.03%
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		137,147		4,160,937
Ireland : 11.57%
Linde plc (Materials, Chemicals)		69,248		12,991,463
Medtronic plc (Health Care, Health Care Equipment & Supplies)		63,287		6,828,034
Willis Towers Watson plc (Financials, Insurance)		19,765		3,912,877
				23,732,374

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo International Growth Portfolio

	Shares		Value
Israel : 0.47%
Nice Systems Limited ADR (Information Technology, Software) †		6,226	$	954,135
Italy : 2.58%
Assicurazioni Generali SpA (Financials, Insurance)		118,103		2,137,823
Intesa Sanpaolo SpA (Financials, Banks)		1,442,960		3,160,985
				5,298,808
Japan : 4.13%
Daiichi Sankyo Company Limited (Health Care, Pharmaceuticals)		9,500		627,580
Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals)		47,700		3,919,810
Recruit Holdings Company Limited (Industrials, Professional Services)		18,498		560,503
Taiyo Nippon Sanso Corporation (Materials, Chemicals)		169,700		3,364,129
				8,472,022
Netherlands : 8.51%
Adyen NV (Information Technology, IT Services) †144A		2,546		1,843,441
Airbus SE (Industrials, Aerospace & Defense)		59,011		8,129,053
ING Groep NV (Financials, Banks)		471,205		4,503,982
Koninklijke DSM NV (Materials, Chemicals) «		23,977		2,980,401
				17,456,877
Russia : 0.47%
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)		39,959		969,006
Sweden : 0.55%
Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		58,486		1,120,182
Switzerland : 7.85%
Idorsia Limited (Health Care, Biotechnology) †		40,093		1,126,128
Lonza Group AG (Health Care, Life Sciences Tools & Services)		9,434		3,334,189
Nestle SA (Consumer Staples, Food Products)		80,718		9,052,486
Novartis AG (Health Care, Pharmaceuticals)		28,762		2,586,618
				16,099,421
United Kingdom : 9.32%
Amarin Corporation plc ADR (Health Care, Biotechnology) †«		67,374		1,009,936
Aon plc (Financials, Insurance)		33,904		6,606,194
AVEVA Group plc (Information Technology, Software)		29,358		1,321,744
Diageo plc (Consumer Staples, Beverages)		39,290		1,674,955
Experian Group Limited plc (Industrials, Professional Services)		81,348		2,492,423
London Stock Exchange Group plc (Financials, Capital Markets)		53,200		4,501,584
RELX plc (Industrials, Professional Services)		62,988		1,507,200
				19,114,036
United States : 5.50%
Alphabet Incorporated Class A (Communication Services, Interactive Media & Services) †		1,879		2,237,006
Alphabet Incorporated Class C (Communication Services, Interactive Media & Services) †		1,847		2,194,421
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) †		2,389		4,243,557
Intercontinental Exchange Incorporated (Financials, Capital Markets)		27,743		2,593,416
				11,268,400
Total Common Stocks (Cost $163,972,598)				192,031,375

2

Wells Fargo International Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

						Expiration date	Shares		Value
Participation Notes : 1.75%
Ireland : 1.75%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)†(a)						10-29-2019		356,115	$	3,594,511
Total Participation Notes (Cost $4,875,671)										3,594,511
			Dividend yield
Preferred Stocks : 1.96%
Brazil : 1.96%
Petroleo Brasileiro SA (Energy, Oil, Gas & Consumable Fuels)				4.19	%			651,791		4,013,685
Total Preferred Stocks (Cost $2,856,068)										4,013,685
			Yield
Short-Term Investments : 3.21%
Investment Companies : 3.21%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24				850,360		850,445
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04				5,735,047		5,735,047
Total Short-Term Investments (Cost $6,585,492)										6,585,492
Total investments in securities (Cost $178,289,829)	100.56	%								206,225,063
Other assets and liabilities, net	(0.56	)								(1,144,841	)
Total net assets	100.00	%							$	205,080,222

† 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.

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

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

(l) The issuer of the security is an affiliated person of the Portfolio 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

3

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		6,040,572		4,143,336		9,333,548		850,360	$	850,445
Wells Fargo Government Money Market Fund Select Class		11,990,365		11,196,243		17,451,561		5,735,047		5,735,047
									$	6,585,492		3.21	%

Wells Fargo International Growth Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’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 (“Funds Management”).

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 Portfolio 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 August 31, 2019, such fair value pricing was not used in pricing foreign securities.

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. 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 Portfolio 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.

Participation notes

The Portfolio may invest in participation notes to gain exposure to securities in certain foreign markets. Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying foreign security. Participation notes involve transaction costs, which may be higher than those applicable to the underlying foreign security. The holder of the participation note is entitled to receive from the bank or broker-dealer, an amount equal to the dividend paid by the issuer of the underlying foreign security; however, the holder is not entitled to the same rights (i.e. voting rights) as an owner of the underlying foreign security. Investments in participation notes involve risks beyond those normally associated with a direct investment in an underlying security. The Portfolio has no rights against the issuer of the underlying foreign security and participation notes expose the Portfolio to counterparty risk in the event the counterparty does not perform. There is also no assurance there will be a secondary trading market for the participation note or that the trading price of the participation note will equal the underlying value of the foreign security that it seeks to replicate.

Securities lending

The Portfolio 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 Portfolio receives interest or dividends on those securities. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Brazil	$	5,283,722	$	0	$	0	$	5,283,722
Canada		2,909,393		0		0		2,909,393
Denmark		6,456,345		0		0		6,456,345
France		21,350,731		0		0		21,350,731
Germany		37,558,261		0		0		37,558,261
Hong Kong		9,826,725		0		0		9,826,725
India		4,160,937		0		0		4,160,937
Ireland		23,732,374		0		0		23,732,374
Israel		954,135		0		0		954,135
Italy		5,298,808		0		0		5,298,808
Japan		8,472,022		0		0		8,472,022
Netherlands		17,456,877		0		0		17,456,877
Russia		969,006		0		0		969,006
Sweden		1,120,182		0		0		1,120,182
Switzerland		16,099,421		0		0		16,099,421
United Kingdom		19,114,036		0		0		19,114,036
United States		11,268,400		0		0		11,268,400
Participation notes
Ireland		0		3,594,511		0		3,594,511
Preferred stocks
Brazil		4,013,685		0		0		4,013,685
Short-term investments
Investment companies		6,585,492		0		0		6,585,492
Total assets	$	202,630,552	$	3,594,511	$	0	$	206,225,063

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo International Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 96.46%
Australia : 4.91%
AGL Energy Limited (Utilities, Multi-Utilities)		263,700	$	3,367,084
BlueScope Steel Limited (Materials, Metals & Mining)		266,242		2,239,466
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		394,000		2,884,239
CSR Limited (Materials, Construction Materials)		897,866		2,358,205
Fortescue Metals Group Limited (Materials, Metals & Mining)		927,200		4,995,384
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,226,186		3,616,895
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		407,700		4,684,089
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,164,200		2,273,689
Mineral Resources Limited (Materials, Metals & Mining)		300,500		2,675,355
Mirvac Group (Real Estate, Equity REITs)		2,065,070		4,436,402
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) †		1,702,400		601,903
Qantas Airways Limited (Industrials, Airlines)		1,446,100		5,950,384
Rio Tinto Limited (Materials, Metals & Mining)		134,687		7,943,942
South32 Limited (Materials, Metals & Mining)		1,583,900		2,816,029
St Barbara Limited (Materials, Metals & Mining)		1,176,500		2,551,251
				53,394,317
Austria : 0.79%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		89,986		4,589,906
Raiffeisen Bank International AG (Financials, Banks)		111,330		2,433,073
Voestalpine AG (Materials, Metals & Mining)		69,168		1,592,599
				8,615,578
Belgium : 0.59%
Bpost SA (Industrials, Air Freight & Logistics)		68,200		680,743
UCB SA (Health Care, Pharmaceuticals)		77,200		5,764,480
				6,445,223
Brazil : 1.16%
Banco de Brasil SA (Financials, Banks)		268,900		3,002,641
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		282,500		4,731,756
JBS SA (Consumer Staples, Food Products)		676,000		4,838,599
				12,572,996
Canada : 1.21%
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		80,100		4,384,022
Magna International Incorporated (Consumer Discretionary, Auto Components)		120,400		6,028,139
WestJet Airlines Limited (Industrials, Airlines)		119,800		2,776,797
				13,188,958
China : 3.62%
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development)		1,900,000		2,428,192
China Communications Services Corporation Limited H Shares (Industrials, Construction & Engineering)		2,836,000		1,587,934
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		6,634,000		3,883,738
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		3,201,500		3,454,504
China Resources Cement Holdings Limited (Materials, Construction Materials)		4,106,000		3,639,700
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		10,590,000		4,740,944
China Water Affairs Group Limited (Utilities, Water Utilities)		1,965,000		1,583,950
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		3,154,000		2,928,565
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		4,298,000		4,928,195
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		1,061,600		2,003,939
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		1,777,300		3,364,003
Sinotruk Hong Kong Limited (Industrials, Machinery) «		3,095,000		4,776,478
				39,320,142

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo International Value Portfolio

	Shares		Value
Denmark : 0.50%
Danske Bank AS (Financials, Banks)		150,300	$	1,976,072
DFDS AS (Industrials, Marine)		59,227		2,037,509
Sydbank AS (Financials, Banks)		102,782		1,436,923
				5,450,504
Finland : 0.59%
Nordea Bank AB (Financials, Banks)		203,700		1,272,262
Outokumpu Oyj (Materials, Metals & Mining) «		695,100		2,006,895
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		118,000		3,179,946
				6,459,103
France : 9.80%
Air France-KLM (Industrials, Airlines) †		288,100		3,243,938
Arkema SA (Materials, Chemicals)		42,992		3,768,687
Atos Origin SA (Information Technology, IT Services)		55,000		4,163,640
AXA SA (Financials, Insurance)		338,800		7,771,112
BNP Paribas SA (Financials, Banks)		123,579		5,573,351
Bouygues SA (Industrials, Construction & Engineering)		154,400		5,862,902
Carrefour SA (Consumer Staples, Food & Staples Retailing)		112,300		1,913,061
Compagnie de Saint-Gobain SA (Industrials, Building Products)		152,637		5,505,740
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		32,700		3,435,761
Credit Agricole SA (Financials, Banks)		219,328		2,504,534
Engie SA (Utilities, Multi-Utilities)		328,900		4,997,425
Natixis SA (Financials, Capital Markets)		1,250,400		4,840,114
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals) «		66,600		1,353,407
Orange SA (Communication Services, Diversified Telecommunication Services)		586,700		8,898,412
Renault SA (Consumer Discretionary, Automobiles)		55,900		3,204,547
Sanofi SA (Health Care, Pharmaceuticals)		238,389		20,467,545
Societe Generale SA (Financials, Banks)		63,400		1,606,467
Total SA (Energy, Oil, Gas & Consumable Fuels)		349,900		17,455,064
				106,565,707
Germany : 7.62%
Allianz AG (Financials, Insurance)		44,428		9,790,130
Aurubis AG (Materials, Metals & Mining)		43,296		1,917,653
BASF SE (Materials, Chemicals)		60,300		3,988,291
Bayer AG (Health Care, Pharmaceuticals)		90,600		6,705,306
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		91,500		6,115,239
Covestro AG (Materials, Chemicals) 144A		132,837		6,013,512
Daimler AG (Consumer Discretionary, Automobiles)		106,990		5,021,567
Deutsche Lufthansa AG (Industrials, Airlines)		223,600		3,435,550
Deutsche Post AG (Industrials, Air Freight & Logistics)		252,500		8,297,550
Kloeckner & Company SE (Industrials, Trading Companies & Distributors)		344,100		2,059,206
Leoni AG (Consumer Discretionary, Auto Components) Ǡ		34,725		436,984
Metro AG (Consumer Staples, Food & Staples Retailing) «		368,900		5,708,587
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		28,119		6,734,020
Rheinmetall AG (Industrials, Industrial Conglomerates)		30,300		3,573,219
Siemens AG (Industrials, Industrial Conglomerates)		34,200		3,418,583
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		27,422		1,764,889
Volkswagen AG (Consumer Discretionary, Automobiles)		48,600		7,929,281
				82,909,567

2

Wells Fargo International Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Hong Kong : 2.04%
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		328,100	$	2,858,174
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,948,000		3,116,948
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		3,155,000		1,669,972
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		3,216,000		2,436,488
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		8,404,000		1,940,110
WH Group Limited (Consumer Staples, Food Products) 144A		4,355,500		3,505,332
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		68,800		399,704
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,816,000		2,801,490
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,364,000		3,488,113
				22,216,331
India : 0.48%
REC Limited (Financials, Diversified Financial Services)		1,086,900		2,195,642
Tech Mahindra Limited (Information Technology, IT Services)		307,494		2,986,986
				5,182,628
Ireland : 0.68%
C&C Group plc (Consumer Staples, Beverages)		240,000		1,049,812
Grafton Group plc (Industrials, Trading Companies & Distributors)		248,800		2,278,117
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		4,015,281
				7,343,210
Israel : 0.30%
Bank Hapoalim Limited (Financials, Banks) †		320,800		2,353,658
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) †		136,844		954,441
				3,308,099
Italy : 2.71%
A2A SpA (Utilities, Multi-Utilities)		2,121,107		3,727,592
Enel SpA (Utilities, Electric Utilities) «		1,706,600		12,367,958
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		342,737		4,192,504
Mediobanca SpA (Financials, Banks)		371,363		3,677,399
UnipolSai Assicurazioni SpA (Financials, Insurance) «		2,160,500		5,470,841
				29,436,294
Japan : 22.04%
Adeka Corporation (Materials, Chemicals)		203,500		2,469,163
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		119,800		3,552,219
Aozora Bank Limited (Financials, Banks)		64,900		1,499,784
Asahi Glass Company Limited (Industrials, Building Products)		121,800		3,514,068
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		489,700		6,785,319
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		200,800		3,477,875
Central Glass Company Limited (Industrials, Building Products)		52,400		1,087,114
Credit Saison Company Limited (Financials, Consumer Finance)		329,900		3,670,559
Denka Company Limited (Materials, Chemicals)		99,700		2,600,543
DIC Incorporated (Materials, Chemicals)		124,900		3,301,353
Dowa Mining Company Limited (Materials, Metals & Mining)		56,900		1,821,057
Fujikura Limited (Industrials, Electrical Equipment)		435,200		1,384,643
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		133,700		1,677,621
Hitachi Capital Corporation (Financials, Consumer Finance)		98,900		1,973,625
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		165,800		5,663,747
Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels)		59,614		1,602,089
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		434,600		4,675,934
Itochu Corporation (Industrials, Trading Companies & Distributors)		530,100		10,571,063
Japan Airlines Company Limited (Industrials, Airlines)		108,600		3,392,887
JFE Holdings Incorporated (Materials, Metals & Mining)		263,600		3,085,486
JTEKT Corporation (Industrials, Machinery)		322,100		3,492,815

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo International Value Portfolio

	Shares		Value
Japan (continued)
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		754,900	$	3,120,220
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		24,800		1,188,234
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		544,200		14,522,587
Keihin Corporation (Consumer Discretionary, Auto Components)		180,400		2,463,975
Komatsu Limited (Industrials, Machinery)		236,900		5,033,024
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		3,278,053
Makino Milling Machine Company Limited (Industrials, Machinery)		79,400		3,217,555
Marubeni Corporation (Industrials, Trading Companies & Distributors)		1,051,700		6,713,021
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		122,600		4,546,938
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		283,200		2,378,416
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		292,500		3,533,899
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		195,500		2,351,852
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		921,500		4,427,294
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		699,300		3,778,399
Mitsui Chemicals Incorporated (Materials, Chemicals)		177,100		3,785,891
Mixi Incorporated (Communication Services, Interactive Media & Services)		54,400		1,139,873
Mizuho Financial Group Incorporated (Financials, Banks)		3,425,200		4,987,795
Morinaga Milk Industry Company Limited (Consumer Staples, Food Products)		134,500		5,558,008
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		324,200		15,551,590
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		546,600		3,377,307
NTN Corporation (Industrials, Machinery)		461,200		1,224,252
NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services)		98,600		2,489,247
ORIX Corporation (Financials, Diversified Financial Services)		469,600		6,935,590
Resona Holdings Incorporated (Financials, Banks)		1,348,600		5,293,606
Ryobi Limited (Industrials, Machinery)		117,400		1,764,840
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		81,600		4,332,132
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,855,500		5,658,982
Sompo Holdings Incorporated (Financials, Insurance)		85,400		3,411,659
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		174,500		2,615,816
Sumitomo Heavy Industries Limited (Industrials, Machinery)		140,900		4,051,861
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		173,200		5,680,132
Teijin Limited (Materials, Chemicals)		279,600		5,026,931
The Keiyo Bank Limited (Financials, Banks)		224,300		1,285,816
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		172,900		3,325,031
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		63,000		1,504,504
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		75,000		1,553,866
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		165,400		2,022,446
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		180,900		2,438,451
UBE Industries Limited (Materials, Chemicals)		149,300		2,858,533
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		107,300		4,368,358
West Japan Railway Company (Industrials, Road & Rail)		67,100		5,652,986
				239,747,934
Malaysia : 0.32%
Tenaga Nasional Bhd (Utilities, Electric Utilities)		1,062,400		3,526,597
Netherlands : 2.72%
ABN AMRO Group NV (Financials, Banks)		161,500		2,872,781
Aegon NV (Financials, Insurance)		566,623		2,156,572
ASR Nederland NV (Financials, Insurance)		83,831		2,930,796
ING Groep NV (Financials, Banks)		282,500		2,700,258
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		437,386		10,231,890
Philips Lighting NV (Industrials, Electrical Equipment) 144A		161,000		4,708,560
RHI Magnesita NV (Materials, Construction Materials)		64,721		3,513,901
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing)		14,352		493,996
				29,608,754
Norway : 1.31%
Den Norske Bank ASA (Financials, Banks)		221,600		3,572,468
Grieg Seafood ASA (Consumer Staples, Food Products)		336,787		4,132,129
Leroy Seafood Group ASA (Consumer Staples, Food Products)		558,599		3,663,427
Mowi ASA (Consumer Staples, Food Products)		117,900		2,820,636
				14,188,660

4

Wells Fargo International Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Poland : 0.12%
Asseco Poland SA (Information Technology, Software)		93,400	$	1,312,717
Russia : 1.60%
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		136,114		4,219,534
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		886		27,452
Gazprom PAO ADR (Energy, Oil, Gas & Consumable Fuels)		781,547		5,392,674
Lukoil OAO ADR (Energy, Oil, Gas & Consumable Fuels)		46,800		3,785,184
LUKOIL PJSC ADR (Energy, Oil, Gas & Consumable Fuels) «		50,101		4,025,114
				17,449,958
Singapore : 0.61%
DBS Group Holdings Limited (Financials, Banks)		185,700		3,282,451
United Overseas Bank Limited (Financials, Banks)		184,100		3,311,213
				6,593,664
South Africa : 0.26%
Absa Group Limited (Financials, Banks)		274,900		2,785,291
South Korea : 1.99%
BNK Financial Group Incorporated (Financials, Banks)		440,300		2,435,509
E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		8,500		814,035
Industrial Bank of Korea (Financials, Banks)		264,500		2,707,781
JB Financial Group Company Limited (Financials, Banks)		25,418		115,207
KB Financial Group Incorporated (Financials, Banks)		79,300		2,599,141
KT&G Corporation (Consumer Staples, Tobacco)		38,400		3,233,684
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		351,800		3,833,858
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		17,400		3,440,495
Woori Financial Group Incorporated (Financials, Banks)		254,400		2,499,368
				21,679,078
Spain : 1.69%
Banco Santander Central Hispano SA (Financials, Banks)		731,000		2,763,714
Iberdrola SA (Utilities, Electric Utilities) «		389,400		4,002,375
International Consolidated Airlines Group SA (Industrials, Airlines)		548,044		2,812,147
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		604,900		8,788,856
				18,367,092
Sweden : 1.95%
Boliden AB (Materials, Metals & Mining)		102,400		2,264,044
Electrolux AB Class B (Consumer Discretionary, Household Durables)		162,100		3,625,290
Sandvik AB (Industrials, Machinery)		240,700		3,451,832
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		272,700		2,343,942
Volvo AB Class B (Industrials, Machinery)		689,107		9,513,737
				21,198,845
Switzerland : 7.54%
Baloise Holding AG (Financials, Insurance)		39,946		6,808,679
Credit Suisse Group AG (Financials, Capital Markets)		512,300		5,986,107
Helvetia Holding AG (Financials, Insurance)		31,465		4,101,020
Roche Holding AG (Health Care, Pharmaceuticals)		104,400		28,543,208
Swiss Life Holding AG (Financials, Insurance)		24,300		11,522,091

5

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo International Value Portfolio

	Shares		Value
Switzerland (continued)
Swiss Reinsurance AG (Financials, Insurance)		91,400	$	8,787,698
UBS Group AG (Financials, Capital Markets)		424,002		4,476,707
Valiant Holding AG (Financials, Banks)		17,400		1,810,760
Zurich Insurance Group AG (Financials, Insurance)		27,970		9,953,053
				81,989,323
Taiwan : 0.51%
Catcher Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		328,000		2,302,579
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		127,000		211,869
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,283,000		3,067,599
				5,582,047
Thailand : 1.00%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		1,366,700		1,218,172
Krung Thai Bank PCL ADR (Financials, Banks)		5,181,900		2,915,322
Quality House PCL (Financials, Real Estate Management & Development)		24,369,400		2,343,480
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		744,000		1,648,737
Thanachart Capital PCL (Financials, Banks)		1,481,500		2,737,910
				10,863,621
Turkey : 0.46%
Koç Holding AS (Industrials, Industrial Conglomerates)		1,184,300		3,563,392
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)		363,300		1,473,330
				5,036,722
United Kingdom : 15.34%
3i Group plc (Financials, Capital Markets)		440,100		5,871,906
Anglo American plc (Materials, Metals & Mining)		267,586		5,776,769
Aviva plc (Financials, Insurance)		704,391		3,035,001
Babcock International Group plc (Industrials, Commercial Services & Supplies)		331,300		2,022,079
BAE Systems plc (Industrials, Aerospace & Defense)		1,687,100		11,200,419
Barclays plc (Financials, Banks)		715,000		1,188,436
Barratt Developments plc (Consumer Discretionary, Household Durables)		480,975		3,701,122
Bellway plc (Consumer Discretionary, Household Durables)		80,100		2,827,479
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		244,800		3,062,130
BP plc (Energy, Oil, Gas & Consumable Fuels)		2,015,036		12,264,379
British American Tobacco plc (Consumer Staples, Tobacco)		194,805		6,826,713
BT Group plc (Communication Services, Diversified Telecommunication Services)		1,099,700		2,216,453
Centrica plc (Utilities, Multi-Utilities)		2,517,300		2,134,946
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		345,400		1,459,221
Firstgroup plc (Industrials, Road & Rail) †		952,400		1,506,544
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		965,207		20,102,117
Highland Gold Mining Limited (Materials, Metals & Mining) «		1,280,734		3,584,312
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		283,391		7,325,915
Inchcape plc (Consumer Discretionary, Distributors)		423,425		2,977,991
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,270,500		3,031,596
Kingfisher plc (Consumer Discretionary, Specialty Retail)		1,323,253		3,130,905
Legal & General Group plc (Financials, Insurance)		2,314,194		6,183,739
Lloyds Banking Group plc (Financials, Banks)		8,916,700		5,406,474
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		705,000		1,649,205
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		893,000		1,381,071
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		367,200		1,559,363
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)		501,100		2,659,678
Petrofac Limited (Energy, Energy Equipment & Services)		522,047		2,656,518
Premier Foods plc (Consumer Staples, Food Products) †		73,926		29,460
QinetiQ Group plc (Industrials, Aerospace & Defense)		773,800		2,717,341
Quilter plc (Financials, Capital Markets)		193,212		293,640
Redrow plc (Consumer Discretionary, Household Durables)		420,064		2,821,458

6

Wells Fargo International Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

						Shares		Value
United Kingdom (continued)
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							740,200	$	20,400,291
Royal Mail plc (Industrials, Air Freight & Logistics)							539,626		1,353,287
Tate & Lyle plc (Consumer Staples, Food Products)							497,300		4,353,193
Tesco plc (Consumer Staples, Food & Staples Retailing)							1,451,700		3,872,010
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)							75,800		3,612,783
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							338,594		631,598
									166,827,542
Total Common Stocks (Cost $1,143,331,040)									1,049,166,502
			Dividend yield
Preferred Stocks : 0.90%
Brazil : 0.90%
Banco do Estado do Rio Grande do Sul SA Class B (Financials, Banks)				1.64	%		957,800		5,234,246
Itaúsa Investimentos Itaú SA (Financials, Banks)				3.04			1,524,600		4,524,833
Total Preferred Stocks (Cost $8,754,221)									9,759,079
			Yield
Short-Term Investments : 2.11%
Investment Companies : 2.11%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24			15,518,294		15,519,846
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04			7,397,955		7,397,955
Total Short-Term Investments (Cost $22,917,507)									22,917,801
Total investments in securities (Cost $1,175,002,768)	99.47	%							1,081,843,382
Other assets and liabilities, net	0.53								5,800,833
Total net assets	100.00	%						$	1,087,644,215

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

† 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 Portfolio 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
GDR	Global depositary receipt

7

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		64,602,214		67,172,102		116,256,022		15,518,294	$	15,519,846
Wells Fargo Government Money Market Fund Select Class		6,351,554		35,081,091		34,034,690		7,397,955		7,397,955
									$	22,917,801		2.11	%

Wells Fargo International Value Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’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 (“Funds Management”).

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 Portfolio 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 August 31, 2019, such fair value pricing was used in pricing certain foreign securities.

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. 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 Portfolio 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.

Securities lending

The Portfolio 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 Portfolio receives interest or dividends on those securities. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	53,394,317	$	0	$	0	$	53,394,317
Austria		8,615,578		0		0		8,615,578
Belgium		6,445,223		0		0		6,445,223
Brazil		12,572,996		0		0		12,572,996
Canada		13,188,958		0		0		13,188,958
China		39,320,142		0		0		39,320,142
Denmark		5,450,504		0		0		5,450,504
Finland		6,459,103		0		0		6,459,103
France		106,565,707		0		0		106,565,707
Germany		82,909,567		0		0		82,909,567
Hong Kong		22,216,331		0		0		22,216,331
India		5,182,628				0		5,182,628
Ireland		7,343,210		0		0		7,343,210
Israel		0		3,308,099		0		3,308,099
Italy		29,436,294		0		0		29,436,294
Japan		239,747,934		0		0		239,747,934
Malaysia		3,526,597		0		0		3,526,597
Netherlands		29,608,754		0		0		29,608,754
Norway		14,188,660		0		0		14,188,660
Poland		1,312,717		0		0		1,312,717

Russia		17,449,958		0		0		17,449,958
Singapore		6,593,664		0		0		6,593,664
South Africa		2,785,291		0		0		2,785,291
South Korea		21,679,078		0		0		21,679,078
Spain		18,367,092		0		0		18,367,092
Sweden		21,198,845		0		0		21,198,845
Switzerland		81,989,323		0		0		81,989,323
Taiwan		5,582,047		0		0		5,582,047
Thailand		10,863,621		0		0		10,863,621
Turkey		0		5,036,722		0		5,036,722
United Kingdom		166,827,542		0		0		166,827,542
Preferred stocks
Brazil		9,759,079		0		0		9,759,079
Short-term investments
Investment companies		22,917,801		0		0		22,917,801
Total assets	$	1,073,498,561	$	8,344,821	$	0	$	1,081,843,382

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Large Company Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 97.67%
Communication Services : 9.94%
Diversified Telecommunication Services : 4.34%
AT&T Incorporated		120,867	$	4,261,770
Verizon Communications Incorporated		111,020		6,456,923
				10,718,693
Entertainment : 0.99%
Viacom Incorporated Class B		97,605		2,438,173
Interactive Media & Services : 1.00%
Alphabet Incorporated Class A †		682		811,941
IAC Corporation		6,502		1,655,669
				2,467,610
Media : 3.61%
Charter Communications Incorporated Class A †		14,900		6,102,891
Comcast Corporation Class A		63,601		2,814,980
				8,917,871
Consumer Discretionary : 5.46%
Hotels, Restaurants & Leisure : 3.99%
Boyd Gaming Corporation		54,011		1,298,424
Starbucks Corporation		40,104		3,872,442
Yum China Holdings Incorporated		102,913		4,675,338
				9,846,204
Specialty Retail : 0.82%
Lowe’s Companies Incorporated		18,019		2,021,732
Textiles, Apparel & Luxury Goods : 0.65%
Lululemon Athletica Incorporated †		8,684		1,603,674
Consumer Staples : 9.19%
Beverages : 1.03%
PepsiCo Incorporated		18,567		2,538,666
Food & Staples Retailing : 2.20%
Costco Wholesale Corporation		18,455		5,439,796
Food Products : 2.03%
General Mills Incorporated		71,756		3,860,473
Ingredion Incorporated		3,644		281,572
Mondelez International Incorporated Class A		15,685		866,126
				5,008,171
Household Products : 1.78%
The Procter & Gamble Company		36,629		4,403,905
Tobacco : 2.15%
Altria Group Incorporated		121,154		5,299,276

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Large Company Value Portfolio

	Shares		Value
Energy : 6.18%
Oil, Gas & Consumable Fuels : 6.18%
ConocoPhillips		106,405	$	5,552,213
CVR Energy Incorporated		11,146		443,388
Marathon Petroleum Corporation		2,121		104,374
ONEOK Incorporated		78,234		5,576,520
Phillips 66		8,302		818,826
The Williams Companies Incorporated		58,960		1,391,456
Valero Energy Corporation		18,263		1,374,839
				15,261,616
Financials : 19.78%
Banks : 7.47%
Bank of America Corporation		205,374		5,649,839
Bank of N.T. Butterfield & Son Limited		22,303		614,671
Citigroup Incorporated		30,469		1,960,680
JPMorgan Chase & Company		93,036		10,220,935
				18,446,125
Capital Markets : 3.70%
Ameriprise Financial Incorporated		20,766		2,678,399
Bank of New York Mellon Corporation		60,678		2,552,117
BlackRock Incorporated		9,237		3,903,187
				9,133,703
Consumer Finance : 2.09%
Ally Financial Incorporated		164,368		5,152,937
Diversified Financial Services : 4.39%
Berkshire Hathaway Incorporated Class B †		53,242		10,829,955
Insurance : 2.13%
Old Republic International Corporation		225,118		5,258,756
Health Care : 16.30%
Biotechnology : 3.29%
AbbVie Incorporated		23,293		1,531,282
Alexion Pharmaceuticals Incorporated †		24,952		2,514,164
Arena Pharmaceuticals Incorporated †		41,532		2,196,627
Gilead Sciences Incorporated		29,411		1,868,775
				8,110,848
Health Care Equipment & Supplies : 2.97%
Danaher Corporation		28,988		4,118,905
West Pharmaceutical Services Incorporated		22,129		3,218,884
				7,337,789
Health Care Providers & Services : 0.31%
Laboratory Corporation of America Holdings †		4,494		753,015
Health Care Technology : 1.64%
Veeva Systems Incorporated Class A †		25,302		4,057,935
Life Sciences Tools & Services : 0.73%
Agilent Technologies Incorporated		25,324		1,800,790

2

Wells Fargo Large Company Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Pharmaceuticals : 7.36%
Johnson & Johnson		76,603	$	9,832,761
Pfizer Incorporated		196,690		6,992,330
Zoetis Incorporated		10,684		1,350,671
				18,175,762
Industrials : 7.84%
Airlines : 2.96%
SkyWest Incorporated		29,141		1,668,614
Southwest Airlines Company		107,605		5,629,894
				7,298,508
Commercial Services & Supplies : 1.99%
Republic Services Incorporated		53,701		4,792,814
Waste Management Incorporated		1,085		129,495
				4,922,309
Industrial Conglomerates : 0.49%
Honeywell International Incorporated		7,354		1,210,615
Machinery : 0.00%
PACCAR Incorporated		1		66
Road & Rail : 2.40%
Norfolk Southern Corporation		14,304		2,489,611
Union Pacific Corporation		21,191		3,432,094
				5,921,705
Information Technology : 7.59%
Communications Equipment : 1.19%
Cisco Systems Incorporated		62,867		2,942,804
IT Services : 2.73%
DXC Technology Company		82,790		2,750,284
MasterCard Incorporated Class A		10,158		2,858,156
Paychex Incorporated		13,728		1,121,578
				6,730,018
Semiconductors & Semiconductor Equipment : 2.20%
Intel Corporation		106,126		5,031,434
Universal Display Corporation		2,006		412,173
				5,443,607
Technology Hardware, Storage & Peripherals : 1.47%
HP Incorporated		197,790		3,617,579
Materials : 2.75%
Chemicals : 1.30%
Ecolab Incorporated		11,150		2,300,357
The Mosaic Company		50,014		919,757
				3,220,114

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Large Company Value Portfolio

						Shares		Value
Metals & Mining : 1.45%
Carpenter Technology Corporation							6,934	$	337,270
Newmont Goldcorp Corporation							80,993		3,230,811
									3,568,081
Real Estate : 6.33%
Equity REITs : 6.26%
American Tower Corporation							1,713		394,315
CoreCivic Incorporated							165,957		2,812,971
Hannon Armstrong Sustainable							57,216		1,580,878
Mack-Cali Realty Corporation							128,243		2,612,310
Outfront Media Incorporated							113,176		3,110,076
The Geo Group Incorporated							157,660		2,705,446
Weingarten Realty Investors							83,942		2,223,624
									15,439,620
Real Estate Management & Development : 0.07%
CBRE Group Incorporated Class A †							3,308		172,909
Utilities : 6.31%
Electric Utilities : 4.88%
Duke Energy Corporation							44,772		4,152,155
Evergy Incorporated							1		65
NextEra Energy Incorporated							12,318		2,698,627
Pinnacle West Capital Corporation							54,504		5,194,776
									12,045,623
Multi-Utilities : 1.43%
Ameren Corporation							12,275		947,016
MDU Resources Group Incorporated							95,482		2,567,512
									3,514,528
Total Common Stocks (Cost $235,607,467)									241,071,088
			Yield
Short-Term Investments : 2.07%
Investment Companies : 2.07%
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04	%		5,102,203		5,102,203
Total Short-Term Investments (Cost $5,102,203)									5,102,203
Total investments in securities (Cost $240,709,670)	99.74	%							246,173,291
Other assets and liabilities, net	0.26								644,605
Total net assets	100.00	%						$	246,817,896

† Non-income-earning security

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

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

Abbreviations:
REIT	Real estate investment trust

4

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		34		9-20-2019	$	4,946,120	$	4,972,160	$	26,040	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		4,806,420		14,306,513		14,010,730		5,102,203	$	5,102,203		2.07	%

Wells Fargo Large Company Value Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’s Valuation Procedures.

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 of the Portfolio. 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. 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.

Futures contracts

Futures contracts are agreements between the Portfolio 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 Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communications services	$	24,542,347	$	0	$	0	$	24,542,347
Consumer discretionary		13,471,610		0		0		13,471,610
Consumer staples		22,689,814		0		0		22,689,814
Energy		15,261,616		0		0		15,261,616
Financials		48,821,476		0		0		48,821,476
Health care		40,236,139		0		0		40,236,139
Industrials		19,353,203		0		0		19,353,203
Information technology		18,734,008		0		0		18,734,008
Materials		6,788,195		0		0		6,788,195
Real estate		15,612,529		0		0		15,612,529
Utilities		15,560,151		0		0		15,560,151
Short-term investments
Investment companies		5,102,203		0		0		5,102,203
		246,173,291		0		0		246,173,291
Futures contracts		26,040		0		0		26,040
Total assets	$	246,199,331	$	0	$	0	$	246,199,331

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 table following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date

As of August 31, 2019, the Portfolio had segregated $82,570 as cash collateral for these open futures contracts.

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Agency Securities : 31.15%
FHLMC		3.50	%	8-1-2049	$	1,323,858	$	1,362,699
FHLMC		3.00		7-1-2046		579,928		600,039
FHLMC		3.00		7-1-2046		778,567		803,631
FHLMC		3.50		4-1-2043		1,018,444		1,067,875
FHLMC		3.50		5-1-2044		472,039		496,421
FHLMC		3.50		6-1-2046		401,987		420,146
FHLMC		3.50		2-1-2047		2,637,294		2,762,742
FHLMC		3.50		4-1-2047		414,347		435,754
FHLMC		3.50		12-1-2047		1,679,497		1,766,268
FHLMC		3.50		3-1-2048		2,132,089		2,227,539
FHLMC		4.00		4-1-2044		623,653		674,454
FHLMC		4.00		8-1-2044		398,554		426,567
FHLMC		4.00		6-1-2048		2,521,816		2,680,023
FHLMC		4.50		8-1-2048		3,395,359		3,590,803
FHLMC		4.50		11-1-2048		3,772,488		4,036,897
FHLMC		4.50		11-1-2048		6,467,189		6,963,825
FHLMC Series 2018-3 Class MA		3.50		8-25-2057		6,570,404		6,893,466
FHLMC Series 2019-3 Class M55D		4.00		10-25-2058		1,172,724		1,229,528
FHLMC Structured Pass-Through Securities Series T-20 Class A6		6.55		9-25-2029		21,751		22,563
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50		9-25-2043		716,011		851,112
FNMA		3.00		4-1-2047		2,716,159		2,788,643
FNMA		2.50		8-1-2031		346,888		353,134
FNMA		2.69		5-1-2023		312,501		320,322
FNMA		2.73		1-1-2023		541,257		557,392
FNMA		2.73		9-1-2023		558,990		578,825
FNMA		3.00		12-1-2032		44,540		45,837
FNMA		3.00		7-1-2046		463,737		479,583
FNMA		3.01		6-1-2024		589,128		619,275
FNMA		3.05		11-1-2022		219,629		226,542
FNMA		3.07		9-1-2025		5,385,785		5,721,283
FNMA		3.07		2-1-2026		360,000		385,196
FNMA		3.08		1-1-2026		480,000		513,572
FNMA		3.35		1-1-2028		277,629		305,007
FNMA		3.35		11-1-2026		3,345,473		3,596,515
FNMA		3.42		12-1-2027		1,302,940		1,433,385
FNMA		3.50		10-1-2032		604,771		626,349
FNMA		3.50		11-1-2042		234,517		246,329
FNMA		3.50		11-1-2042		321,830		336,633
FNMA		3.50		2-1-2043		158,399		165,681
FNMA		3.50		11-1-2045		1,499,630		1,570,337
FNMA		3.50		4-1-2046		207,322		217,098
FNMA		3.50		7-1-2046		586,372		614,023
FNMA		3.50		11-1-2046		661,299		692,485
FNMA		3.50		8-1-2047		3,026,564		3,168,772
FNMA		3.50		8-1-2049		3,152,240		3,246,439
FNMA		3.62		1-1-2026		1,999,852		2,205,125
FNMA		3.62		1-1-2026		1,683,044		1,855,799
FNMA		3.97		6-1-2025		6,940,709		7,678,011
FNMA		4.00		11-1-2040		301,645		320,565
FNMA		4.00		4-1-2041		386,492		410,730
FNMA		4.00		8-1-2046		428,710		452,503
FNMA		4.00		3-1-2049		1,686,347		1,782,335
FNMA		4.00		8-1-2051		14,916,198		15,739,316
FNMA		4.00		7-1-2056		526,178		556,415
FNMA		4.50		8-1-2048		2,487,125		2,629,231
FNMA		4.50		11-1-2048		6,870,848		7,346,414
FNMA		4.50		1-1-2051		17,424,707		18,668,661
FNMA		4.50		6-1-2056		431,012		465,655
FNMA		4.50		6-1-2056		663,265		716,576
FNMA		4.50		6-1-2056		471,152		509,023
FNMA		5.00		9-1-2033		125,257		139,280
FNMA		5.50		2-1-2036		104,582		111,271
FNMA Series 2002-90 Class A2		6.50		11-25-2042		310,636		356,648
FNMA Series 2002-T4 Class A2		7.00		12-25-2041		127,091		146,372
FNMA Series 2002-W4 Class A4		6.25		5-25-2042		1,158,355		1,327,713
FNMA Series 2003-W4 Class 3A ±±		5.70		10-25-2042		195,607		221,571
FNMA Series 2004-T2 Class 1A1		6.00		11-25-2043		427,791		488,934
FNMA Series 2004-T3 Class A1		6.00		2-25-2044		654,682		754,143

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Managed Fixed Income Portfolio

	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 2004-W01 Class 2A2		7.00	%	12-25-2033	$	107,570	$	124,418
FNMA Series 2004-W11 Class 1A3		7.00		5-25-2044		648,157		725,971
FNMA Series 2004-W8 Class 3A		7.50		6-25-2044		199,190		233,684
GNMA		6.50		10-15-2023		8,670		9,540
GNMA		6.50		11-15-2023		5,546		6,103
GNMA		6.50		11-15-2023		2,162		2,379
GNMA		6.50		12-15-2023		8,180		9,001
GNMA		6.50		1-15-2024		11,197		12,321
GNMA		7.00		8-15-2027		47,648		53,569
SBA Series 2006-20B Class 1		5.35		2-1-2026		186,485		200,335
SBA Series 2006-20H Class 1		5.70		8-1-2026		89,657		96,903
SBA Series 2007-20J Class 1		5.57		10-1-2027		269,763		291,547
SBA Series 2013-20A Class 1		2.13		1-1-2033		273,169		276,041
SBA Series 2013-20J Class 1		3.37		10-1-2033		336,819		357,176
SBA Series 2014-10A Class 1		3.19		3-10-2024		286,102		294,515
SBA Series 2014-10B Class 1		3.02		9-10-2024		666,996		689,049
SBA Series 2014-20A Class 1		3.46		1-1-2034		277,904		302,833
SBA Series 2015-10B Class 1		2.83		9-10-2025		431,281		447,579
SBA Series 2015-20C Class 1		2.72		3-1-2035		380,297		395,618
SBA Series 2015-20E Class 1		2.77		5-1-2035		612,255		639,907
SBA Series 2015-20F Class 1		2.98		6-1-2035		413,764		437,640
SBA Series 2017-10A Class 1		2.85		3-10-2027		517,091		535,951
SBA Series 2017-20F Class 1		2.81		6-1-2037		261,960		275,683
SBA Series 2018-10B Class 1		3.55		9-10-2028		5,421,963		5,809,607
SBA Series 2018-20E Class 1		3.50		5-1-2038		9,913,840		10,822,874
SBA Series 2018-20F Class 1		3.60		6-1-2038		1,700,309		1,872,139
SBA Series 2018-20G Class 1		3.54		7-1-2038		10,319,747		11,311,607
SBA Series 2018-20H Class 1		3.58		8-1-2038		3,757,174		4,113,678
SBA Series 2018-20K Class 1		3.87		11-1-2038		2,675,573		2,991,607
Total Agency Securities (Cost $167,602,921)								176,342,575
Asset-Backed Securities : 1.86%
ECMC Group Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) 144A±		2.95		9-25-2068		2,815,495		2,812,607
ECMC Group Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +1.35%) 144A±		3.62		7-26-2066		329,837		331,491
Ford Credit Auto Owner Trust Series 2015-2 Class A 144A		2.44		1-15-2027		600,000		601,320
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47		1-15-2030		3,200,000		3,379,433
MMAF Equipment Finance LLC Series 2017-AA Class A5 144A		2.68		7-16-2027		695,000		709,071
South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ±		3.73		8-1-2035		500,000		494,696
Verizon Owner Trust Series 2018-A Class A1A		3.23		4-20-2023		2,140,000		2,187,117
Total Asset-Backed Securities (Cost $10,255,594)								10,515,735
Corporate Bonds and Notes : 39.08%
Communication Services : 1.63%
Diversified Telecommunication Services : 0.78%
AT&T Incorporated		3.60		7-15-2025		820,000		864,169
AT&T Incorporated		4.75		5-15-2046		1,280,000		1,431,230
AT&T Incorporated		5.25		3-1-2037		60,000		71,323
Verizon Communications Incorporated		4.50		8-10-2033		40,000		47,288
Verizon Communications Incorporated		4.81		3-15-2039		1,500,000		1,839,544
Verizon Communications Incorporated		5.25		3-16-2037		110,000		139,372
								4,392,926
Media : 0.85%
CCO Holdings LLC 144A		5.75		2-15-2026		425,000		449,969
Charter Communications Operating LLC		4.91		7-23-2025		400,000		442,073
Comcast Corporation		3.55		5-1-2028		1,500,000		1,627,460
Comcast Corporation		4.15		10-15-2028		1,190,000		1,350,123
Lamar Media Corporation		5.75		2-1-2026		895,000		948,700
								4,818,325

2

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Consumer Discretionary : 4.35%
Auto Components : 0.30%
Allison Transmission Incorporated 144A		5.00	%	10-1-2024	$	1,655,000	$	1,702,747
Automobiles : 0.87%
BMW US Capital LLC Company 144A		2.80		4-11-2026		1,180,000		1,208,961
BMW US Capital LLC Company 144A		3.15		4-18-2024		965,000		999,374
Daimler Finance North America LLC 144A		2.70		6-14-2024		740,000		744,041
Daimler Finance North America LLC 144A		3.35		2-22-2023		1,490,000		1,535,730
General Motors Company		4.88		10-2-2023		400,000		430,280
								4,918,386
Diversified Consumer Services : 2.44%
Duke University		3.20		10-1-2038		1,175,000		1,254,516
Massachusetts Institute of Technology		3.96		7-1-2038		2,200,000		2,598,055
Massachusetts Institute of Technology		4.68		12-31-2099		120,000		180,627
Massachusetts Institute of Technology		7.25		11-2-2096		500,000		1,021,368
Northwestern University		3.66		12-1-2057		105,000		128,780
Northwestern University		3.69		12-1-2038		1,915,000		2,196,330
President and Fellows of Harvard College		3.62		10-1-2037		275,000		312,591
President and Fellows of Harvard College		4.88		10-15-2040		33,000		45,393
President and Fellows of Harvard College		5.63		10-1-2038		525,000		752,715
Princeton University		5.70		3-1-2039		1,740,000		2,566,365
Service Corporation International		5.38		5-15-2024		750,000		772,875
Service Corporation International		7.50		4-1-2027		535,000		642,000
University of Southern California		3.03		10-1-2039		1,250,000		1,336,318
								13,807,933
Hotels, Restaurants & Leisure : 0.27%
Cedar Fair LP		5.38		6-1-2024		1,480,000		1,522,550
Textiles, Apparel & Luxury Goods : 0.47%
HanesBrands Incorporated 144A		4.63		5-15-2024		200,000		209,250
HanesBrands Incorporated 144A		4.88		5-15-2026		1,250,000		1,317,725
The William Carter Company 144A		5.63		3-15-2027		155,000		165,072
Wolverine World Wide Incorporated 144A		5.00		9-1-2026		1,000,000		1,000,000
								2,692,047
Consumer Staples : 0.71%
Beverages : 0.19%
Anheuser-Busch InBev Worldwide Incorporated		4.70		2-1-2036		870,000		1,012,711
Brown Forman Corporation		3.50		4-15-2025		50,000		53,437
								1,066,148
Food Products : 0.52%
General Mills Incorporated		4.20		4-17-2028		770,000		867,825
Ingredion Incorporated		3.20		10-1-2026		150,000		154,071
Kraft Heinz Foods Company		3.00		6-1-2026		1,500,000		1,475,285
Kraft Heinz Foods Company		3.50		6-6-2022		300,000		307,098
Kraft Heinz Foods Company		4.63		1-30-2029		120,000		129,645
								2,933,924
Energy : 5.04%
Energy Equipment & Services : 0.55%
Baker Hughes LLC		3.34		12-15-2027		1,500,000		1,538,587
Halliburton Company		3.80		11-15-2025		1,500,000		1,588,989
								3,127,576

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Managed Fixed Income Portfolio

	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels : 4.49%
Antero Resources Corporation		5.00	%	3-1-2025	$	1,750,000	$	1,513,750
Apache Corporation		4.38		10-15-2028		1,000,000		1,027,712
Cimarex Energy Company		3.90		5-15-2027		500,000		511,617
Continental Resources Incorporated		3.80		6-1-2024		1,000,000		1,013,057
Enable Midstream Partners		4.95		5-15-2028		790,000		838,594
Energen Corporation		4.63		9-1-2021		375,000		387,255
EnLink Midstream Partners LP		4.85		7-15-2026		1,325,000		1,298,500
Enterprise Products Operating LLC		3.75		2-15-2025		1,500,000		1,608,268
Enterprise Products Operating LLC		4.15		10-16-2028		260,000		289,440
EQT Corporation		3.90		10-1-2027		1,350,000		1,175,849
Exxon Mobil Corporation		2.28		8-16-2026		540,000		547,195
Florida Gas Transmission Company 144A		4.35		7-15-2025		1,521,000		1,648,994
Gulfstream Natural Gas System LLC 144A		6.19		11-1-2025		210,000		247,136
Hess Corporation		4.30		4-1-2027		800,000		836,996
Magellan Midstream Partners LP		5.00		3-1-2026		170,000		192,938
Marathon Oil Corporation		3.85		6-1-2025		1,030,000		1,071,902
Marathon Petroleum Corporation		5.13		12-15-2026		1,500,000		1,680,064
MPLX LP		4.13		3-1-2027		1,500,000		1,581,208
Newfield Exploration Company		5.38		1-1-2026		959,000		1,053,797
Newfield Exploration Company		5.63		7-1-2024		249,000		274,123
Occidental Petroleum Corporation		3.20		8-15-2026		1,070,000		1,081,069
Pioneer Natural Resource Company		4.45		1-15-2026		190,000		209,111
Public Service Electric and Gas Company		3.65		9-1-2028		160,000		177,558
Range Resources Corporation		5.00		3-15-2023		1,800,000		1,593,000
Southwestern Energy Company		6.20		1-23-2025		1,100,000		962,500
Transcontinental Gas Pipe Line Company LLC		7.85		2-1-2026		1,200,000		1,536,433
Whiting Petroleum Corporation «		6.25		4-1-2023		423,000		332,055
Whiting Petroleum Corporation «		6.63		1-15-2026		950,000		687,515
								25,377,636
Financials : 7.30%
Banks : 3.76%
Bank of America Corporation (3 Month LIBOR +1.51%) ±		3.71		4-24-2028		1,440,000		1,553,701
Bank of America Corporation		3.88		8-1-2025		1,470,000		1,604,037
Bank of America Corporation		3.95		4-21-2025		120,000		128,125
Bank of America Corporation		4.00		4-1-2024		750,000		811,181
BB&T Corporation		3.70		6-5-2025		810,000		874,282
Citigroup Incorporated		3.30		4-27-2025		1,630,000		1,724,669
Citigroup Incorporated		3.40		5-1-2026		1,750,000		1,851,156
Citigroup Incorporated (3 Month LIBOR +1.02%) ±		4.04		6-1-2024		1,500,000		1,596,433
Citigroup Incorporated		4.40		6-10-2025		65,000		70,535
Citizens Bank NA		3.70		3-29-2023		1,500,000		1,579,355
Fifth Third Bank		3.95		7-28-2025		710,000		778,737
Huntington Bancshares		2.63		8-6-2024		630,000		642,278
JPMorgan Chase & Company		3.20		6-15-2026		1,500,000		1,572,195
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78		2-1-2028		1,675,000		1,822,821
JPMorgan Chase & Company (3 Month LIBOR +1.26%) ±		4.20		7-23-2029		600,000		677,259
JPMorgan Chase & Company (3 Month LIBOR +1.33%) ±		4.45		12-5-2029		470,000		540,462
National Capital Commerce Incorporated (3 Month LIBOR +0.98%) ±		3.30		4-1-2027		400,000		372,000
NTC Capital Trust Series A (3 Month LIBOR +0.52%) ±		2.82		1-15-2027		450,000		420,503
PNC Bank		4.05		7-26-2028		1,000,000		1,119,630
PNC Financial Services Group Incorporated		2.60		7-23-2026		360,000		367,672
Regions Financial Corporation		3.80		8-14-2023		1,020,000		1,079,605
SunTrust Banks Incorporated		4.00		5-1-2025		80,000		87,175
								21,273,811
Capital Markets : 2.24%
Charles Schwab Corporation		3.85		5-21-2025		230,000		249,381
Goldman Sachs Capital II (3 Month LIBOR +0.77%) ±		4.00		12-29-2049		6,000		5,082
Goldman Sachs Group Incorporated		3.50		1-23-2025		1,765,000		1,856,340
Goldman Sachs Group Incorporated		3.75		2-25-2026		1,500,000		1,598,085
Goldman Sachs Group Incorporated		3.85		1-26-2027		1,690,000		1,804,648
Goldman Sachs Group Incorporated		4.25		10-21-2025		120,000		129,438
Morgan Stanley		3.70		10-23-2024		1,600,000		1,709,129
Morgan Stanley		3.88		1-27-2026		1,500,000		1,621,675

4

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Capital Markets (continued)
Morgan Stanley		3.95	%	4-23-2027	$	1,680,000	$	1,798,153
MSCI Incorporated 144A		5.75		8-15-2025		1,135,000		1,191,750
State Street Corporation (3 Month LIBOR +0.64%) ±		2.65		5-15-2023		680,000		690,805
								12,654,486
Consumer Finance : 0.58%
American Express Company		4.20		11-6-2025		320,000		355,572
Capital One Financial Corporation		3.20		1-30-2023		160,000		164,858
Capital One Financial Corporation		3.30		10-30-2024		1,500,000		1,554,914
Ford Motor Credit Company LLC		5.58		3-18-2024		1,130,000		1,215,226
								3,290,570
Insurance : 0.72%
Marsh & McLennan Companies Incorporated		4.38		3-15-2029		730,000		838,611
MassMutual Global Funding 144A		2.75		6-22-2024		1,600,000		1,649,121
Minnesota Life Insurance Company 144A		8.25		9-15-2025		650,000		826,861
NLV Financial Corporation 144A		7.50		8-15-2033		565,000		790,962
								4,105,555
Health Care : 3.42%
Health Care Equipment & Supplies : 0.37%
Hill-Rom Holdings Incorporated 144A		5.00		2-15-2025		1,065,000		1,094,288
Hologic Incorporated 144A		4.38		10-15-2025		700,000		715,750
Teleflex Incorporated		4.88		6-1-2026		250,000		263,365
								2,073,403
Health Care Providers & Services : 2.19%
Advocate Health Corporation		4.27		8-15-2048		500,000		623,450
Ascension Health		3.95		11-15-2046		1,000,000		1,200,770
Cigna Corporation		3.75		7-15-2023		610,000		641,268
Cleveland Clinic Foundation		4.86		1-1-2114		894,000		1,230,609
CommonSpirit Health		2.76		10-1-2024		175,000		177,723
CVS Health Corporation		3.00		8-15-2026		270,000		273,303
CVS Health Corporation		3.50		7-20-2022		120,000		124,296
CVS Health Corporation		4.30		3-25-2028		1,300,000		1,419,003
CVS Health Corporation		5.05		3-25-2048		130,000		151,471
Duke University Health System Incorporated		3.92		6-1-2047		165,000		199,291
Mayo Clinic		4.13		11-15-2052		810,000		1,005,392
MEDNAX Incorporated 144A		5.25		12-1-2023		1,380,000		1,386,900
Memorial Sloan Kettering Cancer Center		4.20		7-1-2055		788,000		1,004,297
Southern Baptist Hospital		4.86		7-15-2045		175,000		224,054
Stanford Health Care		3.80		11-15-2048		275,000		326,762
Texas Health Resources		4.33		11-15-2055		1,115,000		1,420,973
The New York-Presbyterian Hospital		3.56		8-1-2036		275,000		303,392
The New York-Presbyterian Hospital		4.06		8-1-2056		570,000		688,576
								12,401,530
Health Care Technology : 0.29%
Quintiles IMS Holdings Incorporated 144A		5.00		10-15-2026		1,565,000		1,651,075
Pharmaceuticals : 0.57%
Bayer US Finance LLC 144A		3.38		10-8-2024		240,000		247,615
Bayer US Finance LLC 144A		4.38		12-15-2028		1,170,000		1,277,845
Bristol-Myers Squibb Company 144A		2.90		7-26-2024		830,000		860,558
Bristol-Myers Squibb Company 144A		3.20		6-15-2026		820,000		867,664
								3,253,682

5

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Managed Fixed Income Portfolio

	Interest rate			Maturity date	Principal		Value
Industrials : 4.68%
Aerospace & Defense : 1.26%
BAE Systems Holdings Incorporated 144A		3.80	%	10-7-2024	$	1,345,000	$	1,427,786
Hexcel Corporation		3.95		2-15-2027		1,302,000		1,377,962
Northrop Grumman Corporation		3.25		1-15-2028		1,500,000		1,593,449
The Boeing Company		2.70		2-1-2027		840,000		863,058
United Technologies Corporation		3.95		8-16-2025		1,700,000		1,866,174
								7,128,429
Air Freight & Logistics : 0.40%
Fedex Corporation		3.10		8-5-2029		330,000		334,211
Fedex Corporation		3.90		2-1-2035		280,000		293,569
United Parcel Service Incorporated		2.50		9-1-2029		1,640,000		1,657,281
								2,285,061
Building Products : 0.08%
Fortune Brands Home & Security Incorporated		4.00		9-21-2023		240,000		255,170
Masco Corporation		6.50		8-15-2032		150,000		183,648
								438,818
Commercial Services & Supplies : 0.27%
ACCO Brands Corporation 144A		5.25		12-15-2024		600,000		615,750
Clean Harbors Incorporated 144A		4.88		7-15-2027		425,000		449,438
Stericycle Incorporated 144A		5.38		7-15-2024		420,000		430,500
								1,495,688
Construction & Engineering : 0.02%
Valmont Industries Incorporated		5.00		10-1-2044		110,000		118,686
Industrial Conglomerates : 0.39%
3M Company		2.00		2-14-2025		270,000		269,108
General Electric Capital Corporation		4.65		10-17-2021		130,000		134,648
Roper Technologies Incorporated		2.95		9-15-2029		820,000		829,797
Roper Technologies Incorporated		3.65		9-15-2023		910,000		958,625
								2,192,178
Machinery : 1.22%
Actuant Corporation		5.63		6-15-2022		1,660,000		1,676,600
Briggs & Stratton Corporation		6.88		12-15-2020		850,000		852,125
Fortive Corporation		2.35		6-15-2021		215,000		214,994
John Deere Capital Corporation		2.60		3-7-2024		780,000		800,269
Mueller Water Products Incorporated 144A		5.50		6-15-2026		950,000		999,875
Oshkosh Corporation		4.60		5-15-2028		200,000		216,944
Oshkosh Corporation		5.38		3-1-2025		350,000		363,125
Parker Hannifin Corporation		3.30		11-21-2024		1,400,000		1,472,349
Vessel Management Services Incorporated		3.43		8-15-2036		289,000		312,957
								6,909,238
Professional Services : 0.43%
Equifax Incorporated		3.95		6-15-2023		1,700,000		1,795,005
RELX Capital Incorporated		3.50		3-16-2023		110,000		114,647
RELX Capital Incorporated		4.00		3-18-2029		490,000		540,379
								2,450,031
Road & Rail : 0.31%
Norfolk Southern Corporation		5.10		12-31-2049		760,000		973,929
Ryder System Incorporated		3.65		3-18-2024		750,000		794,074
								1,768,003

6

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Transportation Infrastructure : 0.30%
Crowley Conro LLC		4.18	%	8-15-2043	$	1,468,800	$	1,704,533
Information Technology : 2.21%
Electronic Equipment, Instruments & Components : 0.44%
Amphenol Corporation		3.20		4-1-2024		1,531,000		1,582,254
Jabil Incorporated		3.95		1-12-2028		900,000		909,361
								2,491,615
IT Services : 0.50%
Fiserv Incorporated		4.20		10-1-2028		1,470,000		1,651,969
Fiserv Incorporated		4.75		6-15-2021		100,000		104,413
Verisign Incorporated		4.75		7-15-2027		1,000,000		1,057,500
								2,813,882
Semiconductors & Semiconductor Equipment : 0.90%
KLA Tencor Corporation		4.10		3-15-2029		150,000		166,295
Lam Research Corporation		4.00		3-15-2029		540,000		599,430
Maxim Integrated Products Incorporated		3.45		6-15-2027		1,550,000		1,587,588
Microchip Technology Incorporated		4.33		6-1-2023		1,500,000		1,580,897
Versum Materials Incorporated 144A		5.50		9-30-2024		1,100,000		1,185,250
								5,119,460
Software : 0.30%
CDK Global Incorporated		5.88		6-15-2026		185,000		196,489
Fair Isaac Corporation 144A		5.25		5-15-2026		1,330,000		1,416,450
Oracle Corporation		3.40		7-8-2024		70,000		74,193
								1,687,132
Technology Hardware, Storage & Peripherals : 0.07%
Hewlett Packard Enterprise Company		4.90		10-15-2025		375,000		415,767
Materials : 3.66%
Chemicals : 2.26%
Albemarle Corporation		4.15		12-1-2024		1,390,000		1,490,687
Axalta Coating Systems Limited 144A		4.88		8-15-2024		1,675,000		1,733,625
DowDuPont Incorporated		4.49		11-15-2025		430,000		477,438
DowDuPont Incorporated		4.73		11-15-2028		930,000		1,075,461
Ingevity Corporation 144A		4.50		2-1-2026		2,015,000		1,954,550
Mosaic Company		4.05		11-15-2027		1,090,000		1,137,409
PPG Industries Incorporated		2.40		8-15-2024		580,000		583,582
Scotts Miracle-Gro Company		5.25		12-15-2026		1,410,000		1,462,875
Scotts Miracle-Gro Company		6.00		10-15-2023		390,000		403,837
The Sherwin-Williams Company		3.30		2-1-2025		100,000		102,545
Valvoline Incorporated		5.50		7-15-2024		1,750,000		1,820,000
W.R. Grace & Company 144A		5.63		10-1-2024		500,000		540,000
								12,782,009
Construction Materials : 0.04%
CRH America Finance Incorporated 144A		3.40		5-9-2027		200,000		207,836
Containers & Packaging : 1.28%
Ball Corporation		4.88		3-15-2026		375,000		410,625
Ball Corporation		5.25		7-1-2025		225,000		252,563
Graphic Packaging International Company		4.13		8-15-2024		600,000		618,000
International Paper Company		3.00		2-15-2027		640,000		654,644
Packaging Corporation of America		4.50		11-1-2023		1,500,000		1,615,372
Sealed Air Corporation 144A		5.50		9-15-2025		200,000		217,000
Sealed Air Corporation 144A		6.88		7-15-2033		100,000		116,500
Silgan Holdings Incorporated		4.75		3-15-2025		1,000,000		1,026,350
Westrock Company		3.00		9-15-2024		1,680,000		1,713,723
WRKCo Incorporated		3.90		6-1-2028		560,000		594,425
								7,219,202

7

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Managed Fixed Income Portfolio

	Interest rate			Maturity date		Principal		Value
Metals & Mining : 0.08%
Freeport-McMoRan Copper & Gold Incorporated		4.55	%		11-14-2024	$	475,000	$	479,660
Real Estate : 3.16%
Equity REITs : 3.16%
Alexandria Real Estate Equities Incorporated		3.95			1-15-2027		240,000		260,245
Alexandria Real Estate Equities Incorporated		4.30			1-15-2026		1,500,000		1,651,966
Boston Properties LP		2.75			10-1-2026		1,500,000		1,524,206
Boston Properties LP		3.20			1-15-2025		250,000		260,148
Digital Realty Trust LP		4.45			7-15-2028		510,000		569,809
Duke Realty LP		3.25			6-30-2026		1,500,000		1,567,305
Duke Realty LP		4.00			9-15-2028		230,000		253,968
Federal Realty Investment Trust		2.75			6-1-2023		1,895,000		1,937,840
HCP Incorporated		3.50			7-15-2029		560,000		591,359
Host Hotels & Resorts Incorporated		3.88			4-1-2024		265,000		278,361
Kimco Realty Corporation		3.30			2-1-2025		1,500,000		1,557,014
Liberty Property LP		3.75			4-1-2025		1,600,000		1,689,030
Mid America Apartment Communities		4.20			6-15-2028		160,000		178,803
National Retail Properties Incorporated		4.30			10-15-2028		370,000		415,620
UDR Incorporated		3.75			7-1-2024		915,000		972,080
UDR Incorporated		4.63			1-10-2022		260,000		272,758
Ventas Realty LP		3.50			2-1-2025		150,000		157,847
Ventas Realty LP		3.85			4-1-2027		1,500,000		1,608,651
Vornado Realty Trust		3.50			1-15-2025		1,500,000		1,552,073
Welltower Incorporated		3.63			3-15-2024		580,000		611,021
									17,910,104
Utilities : 2.92%
Electric Utilities : 2.49%
Alliant Energy Finance LLC 144A		3.75			6-15-2023		1,510,000		1,585,403
Duke Energy Carolinas LLC		6.05			4-15-2038		830,000		1,175,591
Entergy Arkansas Incorporated		3.05			6-1-2023		1,196,000		1,229,454
Florida Power & Light Company		4.95			6-1-2035		1,000,000		1,245,857
Interstate Power & Light Company		4.10			9-26-2028		1,070,000		1,199,038
ITC Holdings Corporation		3.65			6-15-2024		120,000		126,691
MidAmerican Energy Holdings Company		5.80			10-15-2036		900,000		1,229,693
Monongahela Power Company 144A		4.10			4-15-2024		1,660,000		1,793,983
Northern States Power Company of Minnesota		5.35			11-1-2039		1,580,000		2,140,591
PacifiCorp		3.35			7-1-2025		130,000		137,256
Public Service Electric & Gas Company		5.70			12-1-2036		590,000		790,718
Rochester Gas & Electric Corporation 144A		3.10			6-1-2027		940,000		985,617
Southern California Edison Company		6.00			1-15-2034		188,000		235,977
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		200,000		214,396
									14,090,265
Gas Utilities : 0.29%
AmeriGas Partners LP		5.50			5-20-2025		450,000		475,875
AmeriGas Partners LP		5.88			8-20-2026		500,000		542,975
Boardwalk Pipelines Company		5.95			6-1-2026		550,000		621,750
									1,640,600
Multi-Utilities : 0.14%
Black Hills Corporation		4.35			5-1-2033		710,000		824,758
Total Corporate Bonds and Notes (Cost $204,936,557)									221,237,265

8

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Municipal Obligations : 7.54%
California : 0.36%
GO Revenue : 0.32%
Alameda County CA Series A		3.70	%	8-1-2031	$	275,000	$	303,790
San Jose CA Disaster Preparedness Taxable Bonds Series B		2.60		9-1-2027		1,460,000		1,518,137
								1,821,927
Tax Revenue : 0.04%
San Jose CA RDA Senior Taxable Refunding Bonds Series A-T		3.38		8-1-2034		220,000		237,428
								2,059,355
Delaware : 0.26%
Miscellaneous Revenue : 0.26%
Delaware Bonds Series 2010C		4.45		7-1-2028		1,250,000		1,468,000
Georgia : 0.11%
GO Revenue : 0.11%
Cherokee County GA School System Build America Bonds		5.87		8-1-2028		500,000		605,585
Hawaii : 0.22%
GO Revenue : 0.22%
Honolulu HI Series F		3.75		9-1-2030		1,110,000		1,248,717
Idaho : 0.03%
Miscellaneous Revenue : 0.03%
Idaho Building Authority State Office Campus Project Series B		3.28		9-1-2028		170,000		183,767
Illinois : 0.03%
GO Revenue : 0.03%
Lake County IL Community Consolidated School District Series A		3.40		11-1-2027		150,000		164,550
Indiana : 0.10%
Miscellaneous Revenue : 0.10%
Indiana Finance Authority Taxable Facilities Series A		2.37		7-1-2024		225,000		229,343
Indianapolis IN Local Public Improvement Bonds Series A-2		6.00		1-15-2040		235,000		334,814
								564,157
Massachusetts : 0.59%
GO Revenue : 0.59%
Boston MA Series C Qualified School Construction Bonds		4.40		4-1-2026		390,000		406,778
Massachusetts Build America Bonds Series D		4.50		8-1-2031		1,000,000		1,204,010
Massachusetts Build America Bonds Series E		5.46		12-1-2039		1,275,000		1,728,084
								3,338,872
Mississippi : 0.07%
Education Revenue : 0.07%
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ±		2.83		10-25-2035		380,647		379,692

9

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Managed Fixed Income Portfolio

	Interest rate			Maturity date	Principal		Value
Missouri : 0.56%
Education Revenue : 0.56%
Missouri HEFA Washington University Series A		3.65	%	8-15-2057	$	1,000,000	$	1,160,810
Missouri Higher Education Loan Authority Notes Class A-1 (1 Month LIBOR +0.83%) ±		2.98		1-26-2026		1,796,080		1,795,110
Missouri Higher Education Loan Authority Notes Class A-1 (3 Month LIBOR +0.85%) ±		2.98		8-27-2029		185,290		185,345
								3,141,265
New Jersey : 0.17%
Miscellaneous Revenue : 0.17%
Hudson County NJ Improvement Authority Hudson County Lease Project (AGM Insured)		7.40		12-1-2025		855,000		980,950
New York : 0.44%
Miscellaneous Revenue : 0.06%
New York State Taxable Bonds Series 2010C		5.62		3-1-2040		250,000		360,323
Tax Revenue : 0.38%
New York City Transitional Finance Authority Series A2		2.00		5-1-2024		250,000		251,398
New York City Transitional Finance Authority Series A2		3.43		8-1-2026		1,750,000		1,903,370
								2,154,768
								2,515,091
North Carolina : 0.40%
Education Revenue : 0.40%
North Carolina Education Assistance Authority Student Loan (3 Month LIBOR +0.90%) ±		3.18		7-25-2041		1,754,478		1,758,829
North Carolina Education Assistance Authority Student Loan Series A-3 (3 Month LIBOR +0.90%) ±		3.18		10-25-2041		527,151		528,911
								2,287,740
Oregon : 0.67%
Education Revenue : 0.37%
Oregon State Taxable Higher Education Series A		5.90		8-1-2038		1,500,000		2,097,060
GO Revenue : 0.12%
Oregon Board of Higher Education Build America Bonds Series C		5.38		8-1-2039		500,000		686,760
Miscellaneous Revenue : 0.18%
Port of Morrow OR Transmission Taxable Bonds Bonneville Cooperation Project #6		2.18		9-1-2024		1,000,000		1,014,830
								3,798,650
Pennsylvania : 0.40%
Education Revenue : 0.40%
Pennsylvania Higher Education Authority Class A (1 Month LIBOR +1.15%) 144A±		3.30		9-25-2065		1,187,329		1,196,630
Pennsylvania Higher Educational Facilities Authority Revenue Refunding Taxable Bonds Series B		2.94		8-15-2039		1,000,000		1,061,570
								2,258,200

10

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Rhode Island : 0.53%
Education Revenue : 0.53%
Rhode Island Student Loan Authority Class A-1 (1 Month LIBOR +0.90%) ±		3.34	%		7-1-2031	$	2,962,786	$	2,969,452
Texas : 1.15%
Education Revenue : 0.21%
University of Texas Build America Bonds Series A		5.26			7-1-2039		550,000		760,579
University of Texas Build America Bonds Series C		4.79			8-15-2046		120,000		158,531
University of Texas Build America Bonds Series D		5.13			8-15-2042		215,000		292,133
									1,211,243
GO Revenue : 0.28%
Hidalgo County TX Refunding Bonds Series 2018C		4.04			8-15-2030		1,270,000		1,454,569
Houston TX Pension Obligation Bonds Series 2017		3.73			3-1-2030		110,000		123,594
									1,578,163
Miscellaneous Revenue : 0.47%
Texas Transportation Commission Highway Improvement Series A		4.63			4-1-2033		2,215,000		2,687,747
Tax Revenue : 0.06%
Texas Transportation Commission Series B		5.18			4-1-2030		250,000		311,203
Water & Sewer Revenue : 0.13%
Houston TX Combined Utility System Series E		3.97			11-15-2031		655,000		746,576
									6,534,932
Utah : 0.55%
Education Revenue : 0.55%
State Board of Regents of Utah Series 1-A (1 Month LIBOR +0.75%) ±		2.90			9-25-2056		3,118,387		3,120,725
Vermont : 0.01%
Housing Revenue : 0.01%
Vermont Housing Finance Agency		3.80			11-1-2037		30,000		34,082
Virginia : 0.13%
Education Revenue : 0.10%
University of Virginia Build America Bonds		6.20			9-1-2039		315,000		493,703
University of Virginia Revenue Bond Series C		4.18			9-1-2117		70,000		90,429
									584,132
Housing Revenue : 0.03%
Virginia Housing Development Authority		3.10			6-25-2041		153,494		155,110
									739,242

11

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Managed Fixed Income Portfolio

	Interest rate			Maturity date	Principal		Value
Washington : 0.67%
GO Revenue : 0.39%
King County WA Build America Bonds Series B		6.05	%	12-1-2030	$	350,000	$	454,115
King County WA Economic Development Taxable Bond Series C		5.03		12-1-2023		230,000		258,242
King County WA School District #210 (AGM Insured)		4.90		12-1-2022		400,000		403,308
Washington Series T		3.45		8-1-2029		1,000,000		1,098,880
								2,214,545
Tax Revenue : 0.28%
Washington Build America Bonds		5.09		8-1-2033		175,000		218,437
Washington Build America Bonds Series D		5.48		8-1-2039		1,000,000		1,374,910
								1,593,347
								3,807,892
West Virginia : 0.09%
Tax Revenue : 0.09%
Ohio County WV Special District Excise Tax Series A		8.25		3-1-2035		425,000		491,547
Total Municipal Obligations (Cost $39,328,543)								42,692,463
Non-Agency Mortgage-Backed Securities : 8.66%
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21		7-10-2046		607,393		612,508
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15		8-15-2045		550,000		566,336
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82		10-15-2045		606,286		618,308
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55		9-10-2047		630,000		650,863
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62		10-10-2046		469,709		484,018
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±±		4.19		11-10-2046		600,000		650,659
Commercial Mortgage Pass-Through Certificate Series 2013-CR7 Class A4		3.21		3-10-2046		552,629		573,068
Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5		3.98		5-10-2047		4,295,000		4,657,069
Commercial Mortgage Pass-Through Certificate Series 2014-CR21 Class A3		3.53		12-10-2047		2,878,229		3,063,467
Commercial Mortgage Pass-Through Certificate Series 2014-UBS5 Class A4		3.84		9-10-2047		620,000		672,761
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5		4.24		8-10-2046		615,000		664,121
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75		3-10-2044		411,187		420,729
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71		8-10-2044		545,000		556,824
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38		5-10-2045		447,780		456,580
GS Mortgage Securities Trust Series 2013-GC16 Class A4		4.27		11-10-2046		350,000		379,975
GS Mortgage Securities Trust Series 2014-GC20 Class A5		4.00		4-10-2047		4,308,000		4,649,268
GS Mortgage Securities Trust Series 2014-GC26 Class A5		3.63		11-10-2047		2,565,000		2,762,884
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A5		3.80		7-15-2047		4,065,000		4,382,948
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07		11-15-2043		315,785		319,773
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C13 Class A4 ±±		3.99		1-15-2046		3,842,260		4,094,299
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C19 Class A4		4.00		4-15-2047		450,000		486,986
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-GC26 Class A4		3.49		1-15-2048		1,338,000		1,431,739
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65		4-15-2047		513,806		534,309
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 Class A4		3.53		12-15-2047		1,790,000		1,912,130
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66		6-15-2044		500,000		517,160
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12		7-15-2049		530,000		538,438
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±±		2.75		8-25-2055		204,292		205,623

12

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±		2.25	%	4-25-2056	$	267,035	$	265,921
Towd Point Mortgage Trust Series 2018-3 Class A1 144A±±		3.75		5-25-2058		2,450,064		2,557,197
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4		4.02		12-15-2046		4,370,000		4,706,489
WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5		4.00		5-15-2047		4,291,047		4,652,850
Total Non-Agency Mortgage-Backed Securities (Cost $46,764,432)								49,045,300
U.S. Treasury Securities : 4.89%
U.S. Treasury Bond		2.88		5-15-2049		1,475,000		1,777,317
U.S. Treasury Bond		3.00		8-15-2048		2,490,000		3,058,712
U.S. Treasury Bond		3.00		2-15-2049		4,790,000		5,901,055
U.S. Treasury Bond		3.38		11-15-2048		6,165,000		8,109,383
U.S. Treasury Bond		4.25		5-15-2039		3,265,000		4,601,609
U.S. Treasury Bond		4.50		5-15-2038		2,925,000		4,214,971
Total U.S. Treasury Securities (Cost $23,523,464)								27,663,047
Yankee Corporate Bonds and Notes : 6.08%
Communication Services : 0.34%
Wireless Telecommunication Services : 0.34%
Rogers Communications Incorporated		3.63		12-15-2025		250,000		268,482
Vodafone Group plc		4.13		5-30-2025		1,500,000		1,628,204
								1,896,686
Consumer Staples : 0.15%
Household Products : 0.15%
Reckitt Benckiser Treasury Services plc 144A		2.75		6-26-2024		855,000		869,899
Energy : 0.46%
Oil, Gas & Consumable Fuels : 0.46%
BP Capital Markets plc		3.28		9-19-2027		155,000		164,293
Cenovus Energy Incorporated		4.25		4-15-2027		1,025,000		1,070,361
Petroleos Mexicanos		2.29		2-15-2024		123,750		125,268
Petroleos Mexicanos		2.83		2-15-2024		258,750		265,209
Petroleos Mexicanos		6.38		1-23-2045		1,080,000		994,950
								2,620,081
Financials : 2.82%
Banks : 1.83%
Bank of Montreal		3.30		2-5-2024		890,000		932,668
Bank of Nova Scotia		3.40		2-11-2024		970,000		1,022,247
Bank of Nova Scotia		4.50		12-16-2025		80,000		87,814
BNP Paribas SA 144A		4.40		8-14-2028		520,000		581,273
Cooperatieve Rabobank U.A. 144A		3.88		9-26-2023		300,000		320,721
Credit Suisse		3.63		9-9-2024		250,000		266,288
HSBC Holdings plc (3 Month LIBOR +1.06%) ±		3.26		3-13-2023		220,000		224,515
HSBC Holdings plc		3.60		5-25-2023		250,000		261,339
HSBC Holdings plc (3 Month LIBOR +1.35%) ±		4.29		9-12-2026		950,000		1,023,627
HSBC Holdings plc (3 Month LIBOR +1.53%) ±		4.58		6-19-2029		1,500,000		1,674,053
Mitsubishi UFJ Financial Group Incorporated		2.67		7-25-2022		80,000		80,967
Mitsubishi UFJ Financial Group Incorporated		3.46		3-2-2023		1,500,000		1,562,705
Mitsubishi UFJ Financial Group Incorporated		3.76		7-26-2023		350,000		370,665
Royal Bank Of Canada		2.55		7-16-2024		560,000		570,879
Royal Bank of Canada		4.65		1-27-2026		120,000		133,849
Sumitomo Mitsui Financial Group		3.94		10-16-2023		780,000		834,273
Toronto Dominion Bank		2.65		6-12-2024		370,000		379,687
								10,327,570

13

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Managed Fixed Income Portfolio

	Interest rate			Maturity date	Principal		Value
Capital Markets : 0.37%
Credit Suisse Group AG (3 Month LIBOR +1.41%) 144A±		3.87	%	1-12-2029	$	1,500,000	$	1,597,863
Credit Suisse Group AG (3 Month LIBOR +1.24%) 144A±		4.21		6-12-2024		450,000		476,506
								2,074,369
Consumer Finance : 0.29%
UBS Group Funding (Switzerland) AG 144A		4.25		3-23-2028		1,500,000		1,658,972
Diversified Financial Services : 0.33%
Siemens Financieringsmaatschappij NV 144A		3.13		3-16-2024		1,810,000		1,884,265
Health Care : 0.43%
Pharmaceuticals : 0.43%
Actavis Funding SCS		4.55		3-15-2035		1,200,000		1,290,885
Teva Pharmaceutical Finance BV		2.20		7-21-2021		150,000		140,438
Teva Pharmaceutical Finance BV		2.80		7-21-2023		900,000		758,250
Teva Pharmaceutical Finance BV		3.15		10-1-2026		350,000		257,943
								2,447,516
Industrials : 0.53%
Aerospace & Defense : 0.23%
Embraer Netherlands Finance BV		5.05		6-15-2025		1,200,000		1,311,012
Electrical Equipment : 0.05%
Sensata Technologies BV 144A		5.63		11-1-2024		265,000		287,525
Machinery : 0.25%
CNH Industrial NV		4.50		8-15-2023		600,000		640,602
Ingersoll-Rand Luxembourg SA		3.50		3-21-2026		700,000		734,064
								1,374,666
Information Technology : 0.42%
Software : 0.10%
Experian Finance plc 144A		4.25		2-1-2029		510,000		580,274
Technology Hardware, Storage & Peripherals : 0.32%
Seagate HDD		4.75		6-1-2023		1,725,000		1,801,117
Materials : 0.93%
Chemicals : 0.13%
Nutrien Limited		4.20		4-1-2029		680,000		759,999
Metals & Mining : 0.80%
Anglo American Capital plc 144A		4.75		4-10-2027		1,000,000		1,081,343
ArcelorMittal SA		6.13		6-1-2025		1,500,000		1,688,725
Vale Overseas Limited		6.25		8-10-2026		1,500,000		1,727,625
								4,497,693
Total Yankee Corporate Bonds and Notes (Cost $32,184,802)								34,391,644
	Yield				Shares
Short-Term Investments : 0.21%
Investment Companies : 0.21%
Securities Lending Cash Investments LLC (l)(r)(u)		2.24				900,622		900,712

14

Wells Fargo Managed Fixed Income Portfolio Portfolio of investments — August 31, 2019 (unaudited)

			Yield			Shares		Value
Investment Companies (continued)
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04	%		272,980	$	272,980
Total Short-Term Investments (Cost $1,173,692)									1,173,692
Total investments in securities (Cost $525,770,005)	99.47	%							563,061,721
Other assets and liabilities, net	0.53								3,008,872
Total net assets	100.00	%						$	566,070,593

^±±  The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

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.

± Variable rate investment. The rate shown is the rate in effect at period end.

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

(l) The issuer of the security is an affiliated person of the Portfolio 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:
AGM	Assured Guaranty Municipal
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General obligation
HEFA	Health & Educational Facilities Authority
LIBOR	London Interbank Offered Rate
RDA	Redevelopment Authority
REIT	Real Estate Investment Trust
SBA	Small Business Authority

15

Investments in Affiliates

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

	Shares,						Shares,		Value,		%
	beginning of		Shares		Shares		end of		end		of
	period		purchased		sold		period		of period		net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		5,121,429		7,092,890		11,313,697		900,622	$	900,712
Wells Fargo Government Money Market Fund Select Class		3,089,575		42,915,183		45,731,778		272,980		272,980
									$	1,173,692		0.21	%

Wells Fargo Managed Fixed Income Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio may deviate from this calculation under unusual or unexpected circumstances.

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 Portfolio. 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. 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 Portfolio 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 Portfolio receives interest or dividends on those securities. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to The Portfolio on the next business day. In a securities lending transaction, the net asset value of The Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, The Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	176,342,575	$	0	$	176,342,575
Asset-backed securities		0		10,515,735		0		10,515,735
Corporate bonds and notes		0		221,237,265		0		221,237,265
Municipal obligations		0		42,692,463		0		42,692,463
Non-agency mortgage-back securities		0		49,045,300		0		49,045,300
U.S. Treasury securities		27,663,047		0		0		27,663,047
Yankee corporate bonds and notes		0		34,391,644		0		34,391,644
Short-term investments
Investment companies		1,173,692		0		0		1,173,692
Total assets	$	28,836,739	$	534,224,982	$	0	$	563,061,721

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Real Return Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 13.94%
Consumer Staples : 3.66%
Beverages : 0.89%
Molson Coors Brewing Company Class B		6,202	$	318,535
The Coca-Cola Company		23,300		1,282,432
				1,600,967
Food & Staples Retailing : 0.76%
Costco Wholesale Corporation		1,651		486,649
Wal-Mart Stores Incorporated		7,682		877,745
				1,364,394
Food Products : 0.50%
Mondelez International Incorporated Class A		8,986		496,207
The Kraft Heinz Company		9,265		236,443
Tyson Foods Incorporated Class A		1,755		163,285
				895,935
Household Products : 1.20%
Church & Dwight Company Incorporated		5,779		461,049
The Clorox Company		1,529		241,827
The Procter & Gamble Company		12,167		1,462,838
				2,165,714
Tobacco : 0.31%
Philip Morris International Incorporated		7,829		564,393
Energy : 2.41%
Energy Equipment & Services : 0.24%
Halliburton Company		10,790		203,284
Schlumberger Limited		6,916		224,286
				427,570
Oil, Gas & Consumable Fuels : 2.17%
BP plc		20,980		775,211
Chevron Corporation		8,031		945,409
Cimarex Energy Company		5,858		250,605
Concho Resources Incorporated		5,443		398,155
EOG Resources Incorporated		9,718		720,978
Noble Energy Incorporated		14,261		322,013
Phillips 66		4,935		486,739
				3,899,110
Financials : 0.08%
Mortgage REITs : 0.08%
AGNC Investment Corporation		9,745		144,908
Materials : 3.02%
Chemicals : 0.97%
Axalta Coating Systems Limited †		11,799		340,755
Dow Incorporated		6,163		262,729
Ecolab Incorporated		1,035		213,531
Linde plc		2,990		564,841
The Sherwin-Williams Company		692		364,511
				1,746,367

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Real Return Portfolio

	Shares		Value
Construction Materials : 0.19%
Martin Marietta Materials Incorporated		1,335	$	338,783
Containers & Packaging : 0.12%
Crown Holdings Incorporated †		3,397		223,658
Metals & Mining : 1.74%
Agnico Eagle Mines Limited		4,000		250,360
Alamos Gold Incorporated Class A		4,000		28,181
AngloGold Ashanti Limited ADR		2,000		45,500
B2Gold Corporation †		22,000		78,985
Barrick Gold Corporation		12,056		233,645
Detour Gold Corporation †		7,000		125,394
Endeavour Mining Corporation †		3,700		72,116
Evolution Mining Limited		23,000		80,235
Franco-Nevada Corporation		1,500		146,530
Gold Fields Limited ADR		9,000		53,460
Kinross Gold Corporation †		27,000		134,250
Kirkland Lake Gold Limited		3,100		150,739
Mag Silver Corporation †		5,000		63,805
Newcrest Mining Limited		7,400		184,391
Newmont Goldcorp Corporation		6,340		252,903
Northern Star Resources Limited		10,500		84,148
Pan American Silver Corporation		1,500		27,675
Pretium Resources Incorporated †		1,500		19,682
Royal Gold Incorporated		4,009		534,720
Semafo Incorporated †		12,000		44,615
SSR Mining Incorporated †		3,900		64,038
Steel Dynamics Incorporated		7,853		212,031
Torex Gold Resources Incorporated †		5,100		81,897
Wheaton Precious Metals Corporation		5,100		150,005
				3,119,305
Real Estate : 4.77%
Equity REITs : 4.77%
Alexandria Real Estate Equities Incorporated		2,635		394,828
American Tower Corporation		3,919		902,115
Camden Property Trust		3,043		329,405
CoreSite Realty Corporation		1,593		185,075
Equinix Incorporated		1,644		914,524
Equity Residential		3,982		337,514
Four Corners Property Trust Incorporated		11,599		330,456
Healthcare Realty Trust Incorporated		10,119		336,254
Healthcare Trust of America Incorporated Class A		7,053		200,023
Host Hotels & Resorts Incorporated		8,056		129,218
Hudson Pacific Properties Incorporated		7,456		253,504
Invitation Homes Incorporated		12,292		353,518
Mid-America Apartment Communities Incorporated		2,503		317,080
Physicians Realty Trust		2,614		45,274
Prologis Incorporated		8,131		679,914
Public Storage Incorporated		1,623		429,673
Retail Opportunity Investment Corporation		19,413		339,922
SBA Communications Corporation		2,036		534,307
Simon Property Group Incorporated		3,467		516,375
Sun Communities Incorporated		3,141		464,240
Ventas Incorporated		3,280		240,719
VICI Properties Incorporated		15,249		337,918
				8,571,856
Total Common Stocks (Cost $21,847,406)				25,062,960

2

Wells Fargo Real Return Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date	Principal		Value
Corporate Bonds and Notes : 13.14%
Communication Services : 2.13%
Diversified Telecommunication Services : 0.07%
Level 3 Financing Incorporated		5.38	%	1-15-2024	$	125,000	$	127,188
Entertainment : 0.35%
Netflix Incorporated		5.38		2-1-2021		600,000		621,000
Media : 1.56%
CSC Holdings LLC		6.75		11-15-2021		125,000		135,000
DISH DBS Corporation		7.88		9-1-2019		490,000		490,000
National CineMedia LLC		6.00		4-15-2022		350,000		353,063
Nexstar Broadcasting Group Incorporated		5.88		11-15-2022		315,000		320,513
Nexstar Broadcasting Group Incorporated 144A		6.13		2-15-2022		105,000		106,313
Sinclair Television Group Incorporated		6.13		10-1-2022		400,000		405,500
Sirius XM Radio Incorporated 144A		3.88		8-1-2022		650,000		661,375
TEGNA Incorporated		5.13		10-15-2019		27,000		27,030
TEGNA Incorporated		5.13		7-15-2020		305,000		306,068
								2,804,862
Wireless Telecommunication Services : 0.15%
Sprint Spectrum Company LLC 144A		3.36		3-20-2023		98,438		98,812
T-Mobile USA Incorporated		4.00		4-15-2022		175,000		180,142
								278,954
Consumer Discretionary : 2.10%
Auto Components : 0.03%
Cooper Tire & Rubber Company		8.00		12-15-2019		50,000		50,625
Distributors : 0.21%
LKQ Corporation		4.75		5-15-2023		370,000		375,088
Hotels, Restaurants & Leisure : 0.41%
MGM Resorts International		6.63		12-15-2021		200,000		217,500
MGM Resorts International		7.75		3-15-2022		130,000		145,955
NCL Corporation Limited 144A		4.75		12-15-2021		373,000		378,595
								742,050
Household Durables : 0.56%
Lennar Corporation		4.50		11-15-2019		50,000		50,030
Lennar Corporation		6.63		5-1-2020		305,000		313,174
Pulte Group Incorporated		4.25		3-1-2021		400,000		408,000
Toll Brothers Finance Corporation		5.88		2-15-2022		225,000		239,344
								1,010,548
Specialty Retail : 0.89%
Gap Incorporated		5.95		4-12-2021		310,000		322,821
Group 1 Automotive Incorporated		5.00		6-1-2022		395,000		398,950
L Brands Incorporated		6.63		4-1-2021		365,000		384,163
Penske Auto Group Incorporated		3.75		8-15-2020		385,000		385,963
Penske Auto Group Incorporated		5.75		10-1-2022		110,000		111,441
								1,603,338
Consumer Staples : 0.50%
Food Products : 0.28%
B&G Foods Incorporated		4.63		6-1-2021		505,000		506,641

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Real Return Portfolio

	Interest rate			Maturity date	Principal		Value
Personal Products : 0.22%
Edgewell Personal Care Company		4.70	%	5-19-2021	$	380,000	$	386,650
Energy : 1.44%
Oil, Gas & Consumable Fuels : 1.44%
Andeavor Logistics LP		5.50		10-15-2019		75,000		75,060
Antero Resources Corporation		5.38		11-1-2021		190,000		184,538
Archrock Partners LP		6.00		10-1-2022		240,000		243,828
Crestwood Midstream Partners LP		6.25		4-1-2023		210,000		213,675
DCP Midstream Operating LP 144A		5.35		3-15-2020		445,000		450,340
Rockies Express Pipeline LLC 144A		5.63		4-15-2020		405,000		414,013
Sabine Pass Liquefaction LLC		6.25		3-15-2022		250,000		270,537
Southern Star Central Corporation 144A		5.13		7-15-2022		375,000		379,316
Tallgrass Energy Partners LP 144A		4.75		10-1-2023		360,000		356,850
								2,588,157
Financials : 1.18%
Banks : 0.18%
CIT Group Incorporated		5.00		8-15-2022		305,000		325,157
Consumer Finance : 1.00%
Ally Financial Incorporated		3.75		11-18-2019		530,000		530,795
Ford Motor Credit Company LLC		3.34		3-18-2021		160,000		161,045
Ford Motor Credit Company LLC		5.60		1-7-2022		160,000		169,197
Navient Corporation		5.00		10-26-2020		400,000		409,500
Springleaf Finance Corporation		7.75		10-1-2021		485,000		529,863
								1,800,400
Health Care : 1.35%
Health Care Providers & Services : 1.35%
Acadia Healthcare Company Incorporated		5.13		7-1-2022		312,000		314,340
Centene Corporation		4.75		5-15-2022		435,000		445,775
DaVita HealthCare Partners Incorporated		5.75		8-15-2022		350,000		353,535
HCA Incorporated		7.50		2-15-2022		150,000		167,972
MEDNAX Incorporated 144A		5.25		12-1-2023		235,000		236,175
Molina Healthcare Incorporated		5.38		11-15-2022		400,000		427,516
Tenet Healthcare Corporation		4.75		6-1-2020		175,000		177,975
Tenet Healthcare Corporation		6.00		10-1-2020		290,000		301,310
								2,424,598
Industrials : 1.36%
Aerospace & Defense : 0.45%
Alcoa Incorporated		6.15		8-15-2020		350,000		361,879
Moog Incorporated 144A		5.25		12-1-2022		445,000		453,344
								815,223
Airlines : 0.44%
American Airlines Group Company 144A		5.00		6-1-2022		400,000		416,000
United Continental Holdings Incorporated		4.25		10-1-2022		360,000		370,800
								786,800
Commercial Services & Supplies : 0.12%
ADT Corporation		6.25		10-15-2021		200,000		212,500
Construction & Engineering : 0.10%
United Rentals North America Incorporated		4.63		7-15-2023		180,000		183,938

4

Wells Fargo Real Return Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Industrial Conglomerates : 0.09%
General Electric Company		5.55	%		5-4-2020	$	165,000	$	167,570
Trading Companies & Distributors : 0.16%
Aircastle Limited		5.13			3-15-2021		275,000		285,124
Information Technology : 0.94%
Electronic Equipment, Instruments & Components : 0.20%
Anixter International Incorporated		5.13			10-1-2021		350,000		365,313
Software : 0.29%
CDK Global Incorporated		3.80			10-15-2019		110,000		110,000
Symantec Corporation		4.20			9-15-2020		395,000		400,731
									510,731
Technology Hardware, Storage & Peripherals : 0.45%
EMC Corporation		2.65			6-1-2020		525,000		522,967
NCR Corporation		4.63			2-15-2021		280,000		280,028
									802,995
Materials : 1.13%
Chemicals : 0.17%
Chemours Company		6.63			5-15-2023		305,000		310,338
Containers & Packaging : 0.47%
Berry Global Incorporated		5.50			5-15-2022		70,000		71,176
Owens-Brockway Glass Container Incorporated 144A		5.00			1-15-2022		350,000		358,313
Reynolds Group Holdings		5.75			10-15-2020		416,716		417,758
									847,247
Metals & Mining : 0.49%
Freeport-McMoRan Copper & Gold Incorporated		3.55			3-1-2022		520,000		521,300
Steel Dynamics Incorporated		5.13			10-1-2021		351,000		351,979
									873,279
Real Estate : 0.58%
Equity REITs : 0.32%
CoreCivic Incorporated		4.13			4-1-2020		305,000		304,238
Equinix Incorporated		5.38			1-1-2022		195,000		199,875
SBA Communications Corporation		4.00			10-1-2022		60,000		61,050
VEREIT Operating Partnership LP		4.13			6-1-2021		10,000		10,284
									575,447
Real Estate Management & Development : 0.26%
Realogy Group LLC 144A		5.25			12-1-2021		70,000		68,600
Washington Prime Group Incorporated		3.85			4-1-2020		400,000		397,412
									466,012
Utilities : 0.43%
Electric Utilities : 0.06%
NextEra Energy Operating Partners LP 144A		4.25			7-15-2024		100,000		102,750

5

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Real Return Portfolio

	Interest rate			Maturity date		Principal		Value
Independent Power & Renewable Electricity Producers : 0.37%
TerraForm Power Operating LLC 144A		4.25			1-31-2023	$	500,000	$	512,325
Vistra Energy Corporation		7.63	%		11-1-2024		143,000		151,656
									663,981
Total Corporate Bonds and Notes (Cost $23,441,663)									23,614,504
Loans : 3.77%
Communication Services : 0.79%
Diversified Telecommunication Services : 0.07%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		4.36			2-22-2024		129,470		129,524
Entertainment : 0.27%
Diamond Sports Group LLC <%%		0.00			8-24-2026		350,000		350,000
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ±‡		3.88			10-31-2023		137,193		137,707
									487,707
Media : 0.21%
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		4.70			1-25-2026		371,618		370,997
Wireless Telecommunication Services : 0.24%
SBA Senior Finance II LLC (1 Month LIBOR +2.00%) ±		4.12			4-11-2025		434,077		431,321
Consumer Discretionary : 0.25%
Auto Components : 0.11%
Allison Transmission Incorporated (1 Month LIBOR +2.00%) ±		4.17			3-29-2026		30,853		31,094
Belron Finance US LLC (3 Month LIBOR +2.50%) ±‡		4.71			11-7-2024		157,600		157,797
									188,891
Hotels, Restaurants & Leisure : 0.12%
Wyndham Hotels & Resorts Incorporated (1 Month LIBOR +1.75%) ±		3.86			5-30-2025		218,350		218,896
Household Products : 0.01%
The ServiceMaster Company LLC (1 Month LIBOR +2.50%) ±		4.61			11-8-2023		14,011		13,988
Specialty Retail : 0.01%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±‡		4.37			7-5-2024		19,335		18,900
Consumer Staples : 0.23%
Food Products : 0.23%
Post Holdings Incorporated (1 Month LIBOR +2.00%) ±<		4.15			5-24-2024		274,403		274,365
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		4.11			1-26-2024		140,558		140,332
									414,697
Financials : 0.41%
Consumer Finance : 0.21%
TransUnion LLC (1 Month LIBOR +2.00%) ±		4.11			6-19-2025		376,200		376,403
Diversified Financial Services : 0.20%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		4.08			10-6-2023		166,667		166,845
LPL Holdings Incorporated (1 Month LIBOR +2.25%) ±		4.40			9-23-2024		193,244		193,485
									360,330
Health Care : 0.23%
Health Care Providers & Services : 0.23%
HCA Incorporated (3 Month LIBOR +1.75%) ±		1.00			3-17-2023		369,884		370,243
Select Medical Corporation (3 Month LIBOR +2.50%) ±		4.85	%		3-6-2025		49,278		48,991
									419,234

6

Wells Fargo Real Return Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Interest rate		Maturity date	Principal		Value
Industrials : 1.08%
Airlines : 0.04%
United Airlines Incorporated (1 Month LIBOR +1.75%) ±		3.86	4-1-2024	$	68,425	$	68,271
Commercial Services & Supplies : 0.49%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		4.39	11-10-2023		178,094		178,206
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.08	3-28-2024		145,322		145,104
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.08	3-11-2025		364,323		363,867
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±		4.63	3-11-2021		39,165		39,084
Sensata Technologies BV (1 Month LIBOR +1.75%) ±		3.94	10-14-2021		157,456		158,046
							884,307
Communications Equipment : 0.42%
Charter Communications Operating LLC (3 Month LIBOR +2.00%) ±		4.33	4-30-2025		579,225		580,412
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.70	1-15-2026		175,000		174,865
							755,277
Machinery : 0.13%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		4.83	1-31-2024		43,888		43,833
RBS Global Incorporated (1 Month LIBOR +2.00%) ±		4.11	8-21-2024		181,250		181,863
							225,696
Information Technology : 0.24%
Electronic Equipment, Instruments & Components : 0.13%
CDW LLC (1 Month LIBOR +1.75%) ±		3.87	8-17-2023		197,456		198,103
Dell Incorporated (1 Month LIBOR +2.00%) ±		4.12	9-7-2023		40,285		40,364
							238,467
Software : 0.11%
SS&C Technologies Incorporated (1 Month LIBOR +2.25%) ±		4.36	4-16-2025		118,639		118,757
SS&C Technologies Incorporated (1 Month LIBOR +2.25%) ±		4.36	4-16-2025		80,170		80,250
							199,007
Materials : 0.42%
Chemicals : 0.41%
Ashland LLC (1 Month LIBOR +1.75%) ±		6.00	5-17-2024		250,713		250,086
Ineos US Finance LLC (2 Month LIBOR +2.00%) ±		4.26	3-31-2024		493,545		484,236
							734,322
Containers & Packaging : 0.01%
Berry Plastics Group Incorporated (1 Month LIBOR +2.00%) ±<		4.20	1-6-2021		25,572		25,572
Real Estate : 0.12%
Equity REITs : 0.12%
MGM Growth Properties LLC (1 Month LIBOR +2.00%) ±		4.11	3-21-2025		220,138		220,070
Total Loans (Cost $6,808,286)							6,781,877

7

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Real Return Portfolio

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities : 67.10%
TIPS		0.13			4-15-2021	$	2,080,495	$	2,059,364
TIPS		0.13			1-15-2022		6,015,304		5,975,306
TIPS		0.13	%		7-15-2022		2,951,862		2,947,726
TIPS		0.13			1-15-2023		5,337,946		5,325,105
TIPS		0.13			7-15-2024		4,563,324		4,598,202
TIPS		0.13			7-15-2026		3,628,067		3,669,506
TIPS		0.25			1-15-2025		5,964,473		6,035,043
TIPS		0.25			7-15-2029		1,732,457		1,781,579
TIPS		0.38			7-15-2023		4,694,571		4,753,489
TIPS		0.38			7-15-2025		6,070,612		6,217,104
TIPS		0.38			1-15-2027		3,154,779		3,237,812
TIPS		0.38			7-15-2027		3,623,208		3,739,137
TIPS		0.50			1-15-2028		3,317,944		3,452,747
TIPS		0.63			7-15-2021		4,625,718		4,651,464
TIPS		0.63			4-15-2023		4,073,477		4,134,913
TIPS		0.63			1-15-2024		4,512,081		4,621,162
TIPS		0.63			1-15-2026		5,330,957		5,532,772
TIPS		0.63			2-15-2043		2,044,484		2,169,713
TIPS		0.75			7-15-2028		2,260,363		2,417,064
TIPS		0.75			2-15-2042		2,760,413		3,019,528
TIPS		0.75			2-15-2045		2,404,038		2,622,129
TIPS		0.88			1-15-2029		877,568		949,752
TIPS		0.88			2-15-2047		2,021,510		2,284,324
TIPS		1.00			2-15-2046		2,518,940		2,913,879
TIPS		1.00			2-15-2048		1,189,392		1,389,695
TIPS		1.00			2-15-2049		707,489		834,536
TIPS		1.38			2-15-2044		2,231,193		2,766,009
TIPS		1.75			1-15-2028		2,341,528		2,677,048
TIPS		2.00			1-15-2026		2,903,873		3,264,121
TIPS		2.13			2-15-2040		1,232,556		1,690,559
TIPS		2.13			2-15-2041		1,573,273		2,180,171
TIPS		2.38			1-15-2025		3,988,518		4,481,858
TIPS		2.38			1-15-2027		2,153,006		2,524,272
TIPS		2.50			1-15-2029		2,254,959		2,775,560
TIPS		3.38			4-15-2032		909,178		1,284,040
TIPS		3.63			4-15-2028		1,829,243		2,389,882
TIPS		3.88			4-15-2029		2,399,628		3,279,093
Total U.S. Treasury Securities (Cost $114,507,706)									120,645,664
Yankee Corporate Bonds and Notes : 1.53%
Communication Services : 0.45%
Media : 0.45%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		425,000		426,233
Videotron Limited		5.00			7-15-2022		375,000		393,281
									819,514
Consumer Discretionary : 0.06%
Automobiles : 0.06%
Fiat Chrysler Automobiles NV		4.50			4-15-2020		100,000		100,875
Health Care : 0.61%
Pharmaceuticals : 0.61%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		430,000		445,179
Teva Pharmaceutical Finance BV		2.20			7-21-2021		620,000		580,475
Teva Pharmaceutical Finance BV		3.65			11-10-2021		70,000		66,588
									1,092,242
Information Technology : 0.10%
Communications Equipment : 0.10%
Nokia OYJ		3.38			6-12-2022		180,000		182,243

8

Wells Fargo Real Return Portfolio Portfolio of investments — August 31, 2019 (unaudited)

			Interest rate			Maturity date		Principal		Value
Materials : 0.31%
Chemicals : 0.23%
Park Aerospace Holdings Company 144A				5.25	%		8-15-2022	$	400,000	$	422,500
Containers & Packaging : 0.08%
Ardagh Packaging Finance plc 144A				4.63			5-15-2023		135,000		138,167
Total Yankee Corporate Bonds and Notes (Cost $2,749,381)											2,755,541
			Yield					Shares
Short-Term Investments : 0.31%
Investment Companies : 0.27%
Wells Fargo Government Money Market Fund Select Class (l)(u) ##				2.04					475,314		475,314
						Maturity date		Principal
U.S. Treasury Securities : 0.04%
U.S. Treasury Bill (z)#				1.65			9-12-2019	$	75,000		74,965
Total Short-Term Investments (Cost $550,273)											550,279
Total investments in securities (Cost $169,904,715)	99.79	%									179,410,825
Other assets and liabilities, net	0.21										376,536
Total net assets	100.00	%								$	179,787,361

† 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.

± Variable rate investment. The rate shown is the rate in effect at period end.

< All or a portion of the position represents an unfunded loan commitment. The rate represents current interest rate if the loan is partially funded.

%% The security is purchased on a when-issued basis.

‡ Security is valued using significant unobservable inputs.

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

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

## All or a portion of this security is segregated for when-issued securities and/or unfunded loans.

(z) Zero coupon security. The rate represents the current yield to maturity.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Abbreviations:
ADR	American depositary receipt
LIBOR	London Interbank Offered Rate
TIPS	Treasury inflation-protected securities
REIT	Real estate investment trust

9

Futures Contracts

Description	Number of contracts			Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		16			12-31-2019	$	3,454,276		$	3,457,875		$	3,599	$	0
Short
U.S. Ultra Bond		(6	)		12-19-2019		(1,199,373	)		(1,184,625	)		14,748		0
5-Year U.S. Treasury Notes		(23	)		12-31-2019		(2,762,975	)		(2,759,461	)		3,514		0
10-Year U.S. Treasury Notes		(10	)		12-19-2019		(1,319,828	)		(1,317,188	)		2,640		0
												$	24,501	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		0		1,202,380		1,202,380		0	$	0
Wells Fargo Government Money Market Fund Select Class		2,121,643		6,828,276		8,474,605		475,314		475,314
									$	475,314		0.27	%

* No longer held at the end of the period

Wells Fargo Real Return Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio may deviate from this calculation under unusual or unexpected circumstances.

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.

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 Portfolio’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 Portfolio 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 August 31, 2019, such fair value pricing was not used in pricing 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 Portfolio 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.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

As of August 31, 2019, the Portfolio had unfunded loan commitments of $560,508.

Futures contracts

Futures contracts are agreements between the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer staples	$	6,591,403	$	0	$	0	$	6,591,403
Energy		4,326,680		0		0		4,326,680
Financials		144,908		0		0		144,908
Materials		5,428,113		0		0		5,428,113

Real estate		8,571,856		0		0		8,571,856
Corporate bonds and notes		0		23,614,504		0		23,614,504
Loans		0		6,423,640		358,237		6,781,877
U.S. Treasury securities		120,645,664		0		0		120,645,664
Yankee corporate bonds and notes		0		2,755,541		0		2,755,541
Short-term investments
Investment companies		475,314		0		0		475,314
U.S. Treasury securities		74,965		0		0		74,965
		146,258,903		32,793,685		358,237		179,410,825
Futures contracts		24,501		0		0		24,501
Total assets	$	146,283,404	$	32,793,685	$	358,237	$	179,435,326

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 table following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.

During the three months ended August 31, 2019, the Portfolio had no material transfers into/out of Level 3.

Wells Fargo Small Company Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 98.00%
Communication Services : 0.37%
Entertainment : 0.37%
Lions Gate Entertainment Class B		775,726	$	6,469,555
Consumer Discretionary : 10.51%
Auto Components : 1.01%
Fox Factory Holding Corporation †		243,782		17,562,055
Diversified Consumer Services : 1.39%
Houghton Mifflin Harcourt Company †		1,194,373		7,106,519
Strategic Education Incorporated		101,006		17,093,245
				24,199,764
Hotels, Restaurants & Leisure : 3.34%
Dave & Buster’s Entertainment Incorporated «		190,880		8,217,384
Eldorado Resorts Incorporated †«		502,342		19,345,190
Extended Stay America Incorporated		1,048,179		14,726,915
International Game Technology «		1,334,509		15,987,418
				58,276,907
Household Durables : 0.99%
Skyline Champion Corporation †		618,166		17,308,648
Leisure Products : 0.57%
Callaway Golf Company		565,314		10,039,977
Specialty Retail : 2.67%
Burlington Stores Incorporated †		89,516		18,126,095
Children’s Place Retail Stores Incorporated «		180,588		15,756,303
Monro Muffler Brake Incorporated		164,715		12,801,650
				46,684,048
Textiles, Apparel & Luxury Goods : 0.54%
G-III Apparel Group Limited †		459,519		9,424,735
Consumer Staples : 1.44%
Food & Staples Retailing : 1.44%
Performance Food Group Company †		538,356		25,189,677
Energy : 1.28%
Oil, Gas & Consumable Fuels : 1.28%
GasLog Limited		749,293		9,216,304
Parsley Energy Incorporated Class A †		735,615		13,174,865
				22,391,169
Financials : 10.22%
Banks : 1.46%
SVB Financial Group †		79,805		15,531,649
Triumph Bancorp Incorporated †		333,006		9,986,850
				25,518,499
Capital Markets : 4.24%
Evercore Partners Incorporated Class A		314,966		25,121,688
Focus Financial Partners Class A †		225,689		4,631,138
Stifel Financial Corporation		393,629		21,027,661
VIRTU Financial Incorporated Class A «		512,906		9,642,633
Virtus Investment Partners Incorporated		127,939		13,649,812
				74,072,932

1

Portfolio of investment — August 31, 2019 (unaudited) Wells Fargo Small Company Growth Portfolio

	Shares		Value
Consumer Finance : 0.95%
FirstCash Financial Services Incorporated		167,059	$	16,493,735
Insurance : 1.96%
Argo Group International Holdings Limited		317,360		20,856,899
Goosehead Insurance Incorporated Class A «		288,109		13,322,160
				34,179,059
Thrifts & Mortgage Finance : 1.61%
Essent Group Limited		577,764		28,021,554
Health Care : 24.57%
Biotechnology : 7.60%
ACADIA Pharmaceuticals Incorporated †		369,329		10,215,640
Alnylam Pharmaceuticals Incorporated †		144,140		11,630,657
CareDx Incorporated †		446,571		10,190,750
Emergent BioSolutions Incorporated †		249,980		10,949,124
Flexion Therapeutics Incorporated †«		584,332		7,695,652
Galapagos NV †«		54,414		9,150,802
Immunomedics Incorporated †		646,325		8,272,960
Intercept Pharmaceuticals Incorporated †«		113,046		7,255,292
Invitae Corporation †		473,133		11,478,207
Ionis Pharmaceuticals Incorporated †		144,519		9,135,046
Iovance Biotherapeutics Incorporated †		458,608		9,635,354
Ironwood Pharmaceuticals Incorporated «		953,262		8,874,869
Momenta Pharmaceuticals Incorporated †		622,893		7,867,139
Portola Pharmaceuticals Incorporated †«		356,528		10,360,704
				132,712,196
Health Care Equipment & Supplies : 6.87%
Atricure Incorporated †		542,870		14,869,209
Axogen Incorporated †		479,102		7,593,767
Cerus Corporation †		1,509,847		8,107,878
DexCom Incorporated †		127,589		21,895,548
Glaukos Corporation †		259,156		16,666,322
Merit Medical Systems Incorporated †		302,679		10,527,176
Novocure Limited †		103,682		9,420,547
Tactile Systems Technology Class I †		359,596		18,138,022
Wright Medical Group NV †		605,815		12,631,243
				119,849,712
Health Care Providers & Services : 2.48%
AMN Healthcare Services Incorporated †		296,512		17,316,301
HealthEquity Incorporated †		170,757		10,136,136
PetIQ Incorporated †«		499,364		15,809,864
				43,262,301
Health Care Technology : 3.99%
Allscripts Healthcare Solutions Incorporated †		1,032,989		9,379,540
Evolent Health Incorporated Class A †		1,261,814		8,668,662
Omnicell Incorporated †		200,342		14,384,556
Tabula Rasa Healthcare Incorporated †«		207,653		11,794,690
Teladoc Incorporated †«		313,196		18,127,784
Vocera Communications Incorporated †		312,779		7,178,278
				69,533,510

2

Wells Fargo Small Company Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Life Sciences Tools & Services : 3.09%
ICON plc ADR †		180,728	$	27,866,450
Syneos Health Incorporated †		496,222		26,066,542
				53,932,992
Pharmaceuticals : 0.54%
Pacira Pharmaceuticals Incorporated †		254,825		9,489,683
Industrials : 19.86%
Aerospace & Defense : 1.91%
AAR Corporation		303,708		13,047,296
Kratos Defense & Security Solutions Incorporated †		1,013,518		20,239,954
				33,287,250
Air Freight & Logistics : 0.70%
Hub Group Incorporated Class A †		284,360		12,244,542
Building Products : 2.09%
A.O. Smith Corporation		314,412		14,626,446
Masonite International Corporation †		198,453		10,595,406
PGT Incorporated †		702,033		11,232,528
				36,454,380
Commercial Services & Supplies : 1.29%
IAA Incorporated †		287,933		14,065,527
KAR Auction Services Incorporated		319,925		8,497,208
				22,562,735
Construction & Engineering : 1.16%
Dycom Industries Incorporated †		173,911		7,739,040
Granite Construction Incorporated		441,437		12,554,468
				20,293,508
Electrical Equipment : 1.52%
Atkore International Incorporated †		486,983		14,127,377
GrafTech International Limited «		1,022,766		12,467,518
				26,594,895
Machinery : 6.12%
AGCO Corporation		208,036		14,379,448
Chart Industries Incorporated †		190,255		11,955,624
Circor International Incorporated †		361,922		12,439,259
Gardner Denver Holdings Incorporated †		635,759		18,233,568
SPX Corporation †		621,298		23,578,259
Wabash National Corporation		741,727		10,117,156
Woodward Governor Company		148,460		16,011,411
				106,714,725
Professional Services : 2.32%
ASGN Incorporated †		377,841		23,603,727
ICF International Incorporated		199,760		16,911,682
				40,515,409
Road & Rail : 2.75%
Genesee & Wyoming Incorporated Class A †		175,978		19,512,441
Knight-Swift Transportation Holdings Incorporated		389,329		13,291,692
Schneider National Incorporated Class B		782,216		15,206,279
				48,010,412

3

Portfolio of investment — August 31, 2019 (unaudited) Wells Fargo Small Company Growth Portfolio

	Shares		Value
Information Technology : 25.35%
Communications Equipment : 2.70%
Ciena Corporation †		587,502	$	24,046,457
Lumentum Holdings Incorporated †		414,783		23,128,300
				47,174,757
Electronic Equipment, Instruments & Components : 0.75%
Tech Data Corporation †		140,667		13,044,051
IT Services : 4.30%
Black Knight Incorporated †		279,720		17,412,570
LiveRamp Holdings Incorporated †		512,470		21,708,229
Verra Mobility Corporation †		974,761		13,568,673
WEX Incorporated †		109,308		22,358,951
				75,048,423
Semiconductors & Semiconductor Equipment : 4.86%
Cabot Microelectronics Corporation		136,862		17,059,848
Cypress Semiconductor Corporation		897,723		20,656,606
FormFactor Incorporated †		623,397		10,653,855
Nanometrics Incorporated †		342,599		9,349,527
Silicon Motion Technology Corporation ADR		289,370		9,337,970
Teradyne Incorporated		335,338		17,762,854
				84,820,660
Software : 12.74%
Benefitfocus Incorporated †		308,674		8,062,565
Box Incorporated Class A †		956,743		13,997,150
Carbon Black Incorporated †		601,502		15,699,202
Cornerstone OnDemand Incorporated †		404,809		21,118,886
CyberArk Software Limited †		152,830		17,168,922
Mimecast Limited †		297,470		12,175,447
New Relic Incorporated †		92,665		5,313,411
Nuance Communications Incorporated †		1,058,067		17,786,106
PTC Incorporated †		313,802		20,544,617
RealPage Incorporated †		457,153		29,106,932
SS&C Technologies Holdings Incorporated		539,537		25,147,820
Talend SA ADR †		167,779		6,826,928
Zendesk Incorporated †		230,053		18,450,251
Zuora Incorporated †«		721,286		10,855,354
				222,253,591
Materials : 3.49%
Chemicals : 1.39%
Element Solutions Incorporated †		1,467,967		13,696,132
Orion Engineered Carbons SA		754,820		10,499,546
				24,195,678
Construction Materials : 0.61%
US Concrete Incorporated †		262,097		10,620,170
Metals & Mining : 0.60%
Steel Dynamics Incorporated		385,317		10,403,559
Paper & Forest Products : 0.89%
Boise Cascade Company		497,345		15,616,633

4

Wells Fargo Small Company Growth Portfolio Portfolio of investments — August 31, 2019 (unaudited)

								Shares		Value
Real Estate : 0.91%
Equity REITs : 0.91%
QTS Realty Trust Incorporated Class A									324,874	$	15,938,320
Total Common Stocks (Cost $1,359,735,408)											1,710,406,406
						Expiration date
Rights : 0.00%
Communication Services : 0.00%
Media : 0.00%
Media General Incorporated †(a)							12-31-2020		347,897		0
Total Rights (Cost $0)											0
			Yield
Short-Term Investments : 9.99%
Investment Companies : 9.99%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24	%				138,912,173		138,926,065
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.04					35,465,830		35,465,830
Total Short-Term Investments (Cost $174,385,931)											174,391,895
Total investments in securities (Cost $1,534,121,339)	107.99	%									1,884,798,301
Other assets and liabilities, net	(7.99	)									(139,425,646	)
Total net assets	100.00	%								$	1,745,372,655

† Non-income-earning security

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

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

(l) The issuer of the security is an affiliated person of the Portfolio 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

5

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		117,789,132		211,672,029		190,548,988		138,912,173	$	138,926,065
Wells Fargo Government Money Market Fund Select Class		77,449,512		139,982,662		181,966,344		35,465,830		35,465,830
									$	174,391,895		9.99	%

Wells Fargo Small Company Growth Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio. 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. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be 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. 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 addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	6,469,555	$	0	$	0	$	6,469,555
Consumer discretionary		183,496,134		0		0		183,496,134
Consumer staples		25,189,677		0		0		25,189,677
Energy		22,391,169		0		0		22,391,169
Financials		178,285,779		0		0		178,285,779
Health care		428,780,394		0		0		428,780,394
Industrials		346,677,856		0		0		346,677,856
Information technology		442,341,482		0		0		442,341,482
Materials		60,836,040		0		0		60,836,040
Real estate		15,938,320		0		0		15,938,320
Rights
Communication Services		0		0		0		0
Short-term investments
Investment companies		174,391,895		0		0		174,391,895
Total assets	$	1,884,798,301	$	0	$	0	$	1,884,798,301

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.

  Wells Fargo Small Company Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Common Stocks : 99.04%
Consumer Discretionary : 9.69%
Diversified Consumer Services : 1.30%
Collectors Universe Incorporated		35,715	$	925,733
Weight Watchers International Incorporated †		22,744		682,093
				1,607,826
Hotels, Restaurants & Leisure : 0.56%
Dine Brands Global Incorporated		9,936		700,985
Household Durables : 2.15%
Cavco Industries Incorporated †		5,044		925,423
Helen of Troy Limited †		7,183		1,102,662
Hooker Furniture Corporation		35,533		634,619
				2,662,704
Internet & Direct Marketing Retail : 0.84%
Stamps.com Incorporated †		16,114		1,037,097
Leisure Products : 1.45%
Johnson Outdoors Incorporated Class A		14,440		808,640
Malibu Boats Incorporated Class A †		35,754		994,676
				1,803,316
Specialty Retail : 1.53%
Dick’s Sporting Goods Incorporated		19,002		646,828
Shoe Carnival Incorporated «		40,585		1,247,583
				1,894,411
Textiles, Apparel & Luxury Goods : 1.86%
Carter’s Incorporated		10,174		930,718
Charles & Colvard Limited †		146,201		188,599
Rocky Brands Incorporated		40,538		1,181,277
				2,300,594
Consumer Staples : 3.86%
Food & Staples Retailing : 1.05%
Ingles Markets Incorporated Class A		33,498		1,302,402
Food Products : 2.01%
Cal-Maine Foods Incorporated		19,174		777,314
Hostess Brands Incorporated †		69,666		976,717
Sanderson Farms Incorporated		4,912		734,933
				2,488,964
Household Products : 0.80%
Central Garden & Pet Company †«		25,413		671,411
Spectrum Brands Holdings Incorporated		5,749		321,197
				992,608
Energy : 5.08%
Energy Equipment & Services : 1.59%
Helix Energy Solutions Group Incorporated †		25,759		186,495
Newpark Resources Incorporated †		146,228		966,567
Patterson-UTI Energy Incorporated		71,562		619,011
Tidewater Incorporated †		13,067		205,936
				1,978,009

1

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Small Company Value Portfolio

	Shares		Value
Oil, Gas & Consumable Fuels : 3.49%
Bonanza Creek Energy Incorporated †		7,139	$	161,056
Callon Petroleum Company †«		181,221		744,818
QEP Resources Incorporated		101,758		362,258
Southwestern Energy Company †		186,469		294,621
SRC Energy Incorporated †		71,642		359,643
Targa Resources Corporation		22,879		826,389
Teekay Tankers Limited Class A †		499,042		553,937
W&T Offshore Incorporated †		232,519		1,018,433
				4,321,155
Financials : 26.73%
Banks : 15.23%
Ameris Bancorp		33,471		1,177,844
Banc of California Incorporated		22,725		331,103
Banner Corporation		23,050		1,242,626
Customers Bancorp Incorporated †		60,469		1,142,259
FB Financial Corporation		35,761		1,282,747
First Foundation Incorporated		46,153		644,296
First Interstate BancSystem Class A		32,364		1,262,196
Great Southern Bancorp Incorporated		24,073		1,356,273
Heritage Financial Corporation		45,750		1,197,735
Independent Bank Corporation		58,262		1,132,031
Midland States Bancorp Incorporated		49,119		1,265,797
OFG Bancorp		53,470		1,097,204
Orrstown Financial Services Incorporated		21,729		463,697
Popular Incorporated		14,573		766,103
Triumph Bancorp Incorporated †		22,228		666,618
Umpqua Holdings Corporation		79,415		1,247,610
Univest Corporation of Pennsylvania		53,265		1,348,137
Western Alliance Bancorp †		28,777		1,249,497
				18,873,773
Capital Markets : 2.04%
Blucora Incorporated †		14,112		318,649
Och Ziff Capital Management Group Incorporated «		43,714		983,565
Piper Jaffray Companies Incorporated		16,859		1,226,661
				2,528,875
Consumer Finance : 0.18%
Green Dot Corporation Class A †		7,141		218,372
Insurance : 2.86%
American Equity Investment Life Holding Company		19,931		429,513
FBL Financial Group Incorporated		16,832		912,799
National General Holdings Corporation		42,104		992,812
State Auto Financial Corporation		37,933		1,212,718
				3,547,842
Mortgage REITs : 3.60%
Invesco Mortgage Capital Incorporated		77,596		1,166,268
MFA Financial Incorporated		168,733		1,209,816
New York Mortgage Trust Incorporated		195,673		1,203,389
Redwood Trust Incorporated		53,190		882,954
				4,462,427

2

Wells Fargo Small Company Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Thrifts & Mortgage Finance : 2.82%
Homestreet Incorporated †		44,616	$	1,176,524
OceanFirst Financial Corporation		46,203		971,187
Walker & Dunlop Incorporated		24,037		1,342,707
				3,490,418
Health Care : 6.33%
Health Care Equipment & Supplies : 0.56%
Fonar Corporation †		12,098		291,562
Lantheus Holdings Incorporated †		18,666		406,172
				697,734
Health Care Providers & Services : 3.66%
American Renal Associates Holdings †		17,039		105,642
AMN Healthcare Services Incorporated †		17,677		1,032,337
Brookdale Senior Living Incorporated †		58,594		479,299
Ensign Group Incorporated		10,891		543,461
Hanger Incorporated †		46,822		883,999
Healthcare Services Group Incorporated		17,067		384,861
LHC Group Incorporated †		4,100		485,850
Option Care Health Incorporated †		165,092		577,822
Tenet Healthcare Corporation †		1,783		38,602
				4,531,873
Pharmaceuticals : 2.11%
Akorn Incorporated †		54,945		158,791
ANI Pharmaceuticals Incorporated †		12,281		804,406
Lannett Company Incorporated †«		48,806		502,702
Prestige Consumer Healthcare Incorporated †		36,143		1,152,239
				2,618,138
Industrials : 19.78%
Aerospace & Defense : 0.72%
Ducommun Incorporated †		21,728		894,759
Building Products : 1.36%
CSW Industrials Incorporated		12,380		844,440
Patrick Industries Incorporated †		23,377		844,845
				1,689,285
Commercial Services & Supplies : 2.14%
ABM Industries Incorporated		31,198		1,162,437
Ceco Environmental Corporation †		50,397		350,259
Ennis Incorporated		56,657		1,139,372
				2,652,068
Construction & Engineering : 1.39%
Comfort Systems Incorporated		17,626		681,421
MYR Group Incorporated †		23,943		686,446
Sterling Construction Company Incorporated †		31,569		353,257
				1,721,124
Electrical Equipment : 1.93%
Encore Wire Corporation		21,078		1,138,001
Generac Holdings Incorporated †		16,030		1,250,180
				2,388,181

3

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Small Company Value Portfolio

	Shares		Value
Machinery : 4.60%
Columbus McKinnon Corporation		32,130	$	1,040,048
Federal Signal Corporation		38,008		1,129,218
Kadant Incorporated		10,159		835,984
Miller Industries Incorporated		33,154		1,037,389
Mueller Water Products Incorporated Class A		11,793		123,355
NN Incorporated		35,752		229,528
Spartan Motors Incorporated		102,895		1,297,506
				5,693,028
Marine : 1.07%
Seaspan Corporation «		127,439		1,322,817
Professional Services : 3.40%
Barrett Business Services Incorporated		8,542		744,264
CBIZ Incorporated †		53,537		1,196,017
Kelly Services Incorporated Class A		45,675		1,105,792
Korn/Ferry International		29,833		1,165,874
				4,211,947
Road & Rail : 0.24%
Arcbest Corporation		10,114		299,476
Trading Companies & Distributors : 2.93%
BMC Stock Holdings Incorporated †		27,155		690,552
CAI International Incorporated †		43,758		926,794
DXP Enterprises Incorporated †		33,871		1,099,114
Fly Leasing Limited ADR †		44,433		918,874
				3,635,334
Information Technology : 11.96%
Communications Equipment : 1.45%
Comtech Telecommunications Corporation		29,846		798,381
Inseego Corporation †«		12,716		56,459
Lumentum Holdings Incorporated †		16,788		936,099
				1,790,939
Electronic Equipment, Instruments & Components : 3.43%
Eplus Incorporated †		13,780		1,126,102
Insight Enterprises Incorporated †		20,091		965,573
Methode Electronics Incorporated		4,701		149,210
Napco Security Technologies Incorporated †		17,239		594,401
PC Connection Incorporated		31,114		1,096,146
Vishay Precision Group †		10,067		314,594
				4,246,026
IT Services : 1.68%
Conduent Incorporated †		110,027		716,276
Hackett Group Incorporated		33,185		535,274
TTEC Holdings Incorporated		17,773		833,731
				2,085,281
Semiconductors & Semiconductor Equipment : 2.95%
Diodes Incorporated †		26,522		969,379
Entegris Incorporated		15,205		651,230
FormFactor Incorporated †		59,016		1,008,583
Ichor Holdings Limited †		27,387		582,248
Rudolph Technologies Incorporated †		20,345		447,387
				3,658,827

4

Wells Fargo Small Company Value Portfolio Portfolio of investments — August 31, 2019 (unaudited)

	Shares		Value
Software : 1.76%
American Software Incorporated Class A		39,398	$	620,912
GlobalSCAPE Incorporated		33,164		398,300
Nuance Communications Incorporated †		68,900		1,158,209
				2,177,421
Technology Hardware, Storage & Peripherals : 0.69%
NCR Corporation †		27,325		861,011
Materials : 4.98%
Chemicals : 1.44%
Hawkins Incorporated		7,787		345,353
Intrepid Potash Incorporated Intrepid Potash Inc†		50,407		149,709
Stepan Company		13,474		1,285,285
				1,780,347
Construction Materials : 0.71%
Eagle Materials Incorporated		10,496		883,658
Containers & Packaging : 0.76%
Silgan Holdings Incorporated		20,804		619,127
UFP Technologies Incorporated †		7,630		318,781
				937,908
Metals & Mining : 1.97%
Kaiser Aluminum Corporation		13,259		1,172,493
Schnitzer Steel Industries Incorporated Class A		52,065		1,152,719
SSR Mining Incorporated †		7,400		121,508
				2,446,720
Paper & Forest Products : 0.10%
PH Glatfelter Company		8,972		129,017
Real Estate : 5.79%
Equity REITs : 5.23%
Armada Hoffler Properties Incorporated		68,635		1,190,131
Global Medical REIT Incorporated		81,173		887,221
Independence Realty Trust Incorporated		85,378		1,187,608
One Liberty Properties Incorporated		41,616		1,114,476
Outfront Media Incorporated		44,442		1,221,266
PotlatchDeltic Corporation		22,765		875,997
				6,476,699
Real Estate Management & Development : 0.56%
Marcus & Millichap Incorporated †		19,306		696,560
Utilities : 4.84%
Electric Utilities : 2.16%
Hawaiian Electric Industries Incorporated		24,056		1,068,086
IDACORP Incorporated		3,943		432,981
Otter Tail Corporation		23,320		1,180,458
				2,681,525
Gas Utilities : 1.21%
National Fuel Gas Company		8,211		383,782
Northwest Natural Holding Company		15,639		1,115,999
				1,499,781

5

Portfolio of investments — August 31, 2019 (unaudited) Wells Fargo Small Company Value Portfolio

					Shares		Value
Multi-Utilities : 0.96%
MDU Resources Group Incorporated						44,432	$	1,194,776
Water Utilities : 0.51%
Artesian Resources Corporation Class A						17,289		629,320
Total Common Stocks (Cost $122,635,053)								122,743,358
Exchange-Traded Funds : 0.39%
iShares Russell 2000 Index ETF						3,269		486,558
Total Exchange-Traded Funds (Cost $488,513)								486,558
			Yield
Short-Term Investments : 3.42%
Investment Companies : 3.42%
Securities Lending Cash Investments LLC (l)(r)(u)				2.24		3,611,463		3,611,824
Wells Fargo Government Money Market Fund Select Class (u)(l)				2.04		620,649		620,649
Total Short-Term Investments (Cost $4,232,293)								4,232,473
Total investments in securities (Cost $127,355,859)	102.85	%						127,462,389
Other assets and liabilities, net	(2.85	)						(3,535,904	)
Total net assets	100.00	%					$	123,926,485

† 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 Portfolio 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 invest

6

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		2,006,789		12,864,781		11,260,107		3,611,463	$	3,611,824
Wells Fargo Government Money Market Fund Select Class		718,186		6,997,480		7,095,017		620,649		620,649
									$	4,232,473		3.42	%

Wells Fargo Small Company Value Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2019 (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 Portfolio 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 Portfolio’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 Portfolio. 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 Portfolio 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 Portfolio receives interest or dividends on those securities. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolio lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of August 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	12,006,933	$	0	$	0	$	12,006,933
Consumer staples		4,783,974		0		0		4,783,974
Energy		6,299,164		0		0		6,299,164
Financials		33,121,707		0		0		33,121,707
Health care		7,847,745		0		0		7,847,745
Industrials		24,508,019		0		0		24,508,019
Information technology		14,819,505		0		0		14,819,505
Materials		6,177,650		0		0		6,177,650
Real estate		7,173,259		0		0		7,173,259
Utilities		6,005,402		0		0		6,005,402
Exchange-traded funds		486,558		0		0		486,558
Short-term investments
Investment companies		4,232,473		0		0		4,232,473
Total assets	$	127,462,389	$	0	$	0	$	127,462,389

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

During the three months ended August 31, 2019, the Portfolio did not have any transfers into/out of Level 3.