Portfolio of investments—September 30, 2020 (unaudited)
Shares Value Common Stocks: 98.71%
Communication Services: 8.49%
Interactive Media & Services: 7.01% Alphabet Incorporated Class C † 4,933 $ 7,249,537 Facebook Incorporated Class A † 19,758 5,174,620
12,424,157
Wireless Telecommunication Services: 1.48% T-Mobile US Incorporated † 22,930 2,622,275
Consumer Discretionary: 10.13%
Automobiles: 1.82% General Motors Company 108,981 3,224,748
Internet & Direct Marketing Retail: 3.81% Amazon.com Incorporated † 2,144 6,750,877
Multiline Retail: 1.28% Dollar General Corporation 10,826 2,269,346
Specialty Retail: 3.22% Burlington Stores Incorporated † 16,250 3,348,963 Ulta Beauty Incorporated † 10,548 2,362,541
5,711,504
Consumer Staples: 2.61%
Food & Staples Retailing: 1.51% Sysco Corporation 42,958 2,672,847
Household Products: 1.10% Church & Dwight Company Incorporated 20,884 1,957,040
Financials: 9.20%
Capital Markets: 5.18% CME Group Incorporated 9,434 1,578,403 Intercontinental Exchange Incorporated 33,260 3,327,663 S&P Global Incorporated 7,447 2,685,388 The Charles Schwab Corporation 43,771 1,585,823
9,177,277
Consumer Finance: 1.19% Discover Financial Services 36,582 2,113,708
Insurance: 2.83% Chubb Limited 17,361 2,015,959 Marsh & McLennan Companies Incorporated 26,126 2,996,652
5,012,611
Health Care: 16.49%
Biotechnology: 0.99% Alexion Pharmaceuticals Incorporated † 15,411 1,763,481
Health Care Equipment & Supplies: 5.52% Align Technology Incorporated † 5,029 1,646,293 Boston Scientific Corporation † 74,552 2,848,632
See accompanying notes to portfolio of investments.
Wells Fargo VT Opportunity Fund | 1
Portfolio of investments—September 30, 2020 (unaudited)
Shares Value Health Care Equipment & Supplies (continued) LivaNova plc † 53,865 $ 2,435,237 Medtronic plc 27,472 2,854,890
9,785,052
Health Care Providers & Services: 2.00% UnitedHealth Group Incorporated 11,347 3,537,654
Life Sciences Tools & Services: 5.44% Agilent Technologies Incorporated 30,480 3,076,651 Bio-Rad Laboratories Incorporated Class A † 5,938 3,060,801 Thermo Fisher Scientific Incorporated 7,919 3,496,397
9,633,849
Pharmaceuticals: 2.54% Mylan NV † 70,344 1,043,202 Novartis AG ADR 39,809 3,461,791
4,504,993
Industrials: 15.58%
Aerospace & Defense: 3.27% Hexcel Corporation 32,724 1,097,890 MTU Aero Engines AG † 12,975 2,150,874 Teledyne Technologies Incorporated † 8,187 2,539,689
5,788,453
Commercial Services & Supplies: 1.23% Republic Services Incorporated 23,369 2,181,496
Electrical Equipment: 1.81% AMETEK Incorporated 32,244 3,205,054
Industrial Conglomerates: 1.50% Carlisle Companies Incorporated 21,808 2,668,645
Machinery: 6.38% Fortive Corporation 33,275 2,535,888 Ingersoll Rand Incorporated † 66,318 2,360,921 ITT Incorporated 50,089 2,957,755 Otis Worldwide Corporation 28,305 1,766,798 SPX Corporation † 36,369 1,686,794
11,308,156
Trading Companies & Distributors: 1.39% United Rentals Incorporated † 14,132 2,466,034
Information Technology: 26.52%
Electronic Equipment, Instruments & Components: 1.72% Amphenol Corporation Class A 28,135 3,046,176
IT Services: 4.00% Fidelity National Information Services Incorporated 16,709 2,459,732 MasterCard Incorporated Class A 13,660 4,619,402
7,079,134
See accompanying notes to portfolio of investments.
2 | Wells Fargo VT Opportunity Fund
Portfolio of investments—September 30, 2020 (unaudited)
Shares Value Semiconductors & Semiconductor Equipment: 4.53% Marvell Technology Group Limited 81,357 $3,229,873 Texas Instruments Incorporated 33,625 4,801,314
8,031,187
Software: 11.94% Fair Isaac Corporation † 5,734 2,439,129 Palo Alto Networks Incorporated † 9,943 2,433,549 Proofpoint Incorporated † 21,987 2,320,728 RealPage Incorporated † 37,616 2,168,186 Salesforce.com Incorporated † 25,918 6,513,712 ServiceNow Incorporated † 4,013 1,946,305 Workday Incorporated Class A † 15,560 3,347,423
21,169,032
Technology Hardware, Storage & Peripherals: 4.33% Apple Incorporated 66,319 7,680,403
Materials: 3.20%
Chemicals: 2.19% The Sherwin-Williams Company 3,597 2,506,174 Westlake Chemical Corporation 21,732 1,373,897
3,880,071
Metals & Mining: 1.01% Steel Dynamics Incorporated 62,499 1,789,346
Real Estate: 6.49%
Equity REITs: 6.49% American Tower Corporation 11,215 2,711,002 Equinix Incorporated 3,486 2,649,813 Sun Communities Incorporated 20,692 2,909,502 VICI Properties Incorporated 138,494 3,236,605
11,506,922
Total Common Stocks (Cost $121,670,482) 174,961,528
Yield Short-Term Investments: 1.29%
Investment Companies: 1.29% Wells Fargo Government Money Market Fund Select Class (l)(u) 0.05% 2,280,559 2,280,559
Total Short-Term Investments (Cost $2,280,559) 2,280,559
Total investments in securities (Cost $123,951,041) 100.00% 177,242,087 Other assets and liabilities, net 0.00 3,260 Total net assets 100.00% $177,245,347
† Non-income-earning security (l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. (u) The rate represents the 7-day annualized yield at period end.
See accompanying notes to portfolio of investments.
Wells Fargo VT Opportunity Fund | 3
Portfolio of investments—September 30, 2020 (unaudited)
Investments in Affiliates An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the or investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
Net Net change in Income Value, realized unrealized from Value, % of beginning of Sales gains gains affiliated end of net period Purchases proceeds (losses) (losses) securities period assets
Short-Term Investments Investment Companies Wells Fargo Government Money Market Fund Select Class $1,838,788 $28,948,231 $(28,506,460) $0 $0 $7,351 $2,280,559 1.29%
Abbreviations: ADR American depositary receipt REIT Real estate investment trust
See accompanying notes to portfolio of investments.
4 | Wells Fargo VT Opportunity Fund Notes to portfolio of investments—September 30, 2020 (unaudited)
Securities valuation All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances. Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures. The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2020, such fair value pricing was used in pricing certain foreign securities. Investments in registered open-end investment companies are valued at net asset value. Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification. Foreign currency translation The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments. Fair valuation measurements Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows: ▪ Level 1 – quoted prices in active markets for identical securities ▪ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) ▪ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
Wells Fargo VT Opportunity Fund | 5 Notes to portfolio of investments—September 30, 2020 (unaudited)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:
Other significant Significant Quoted prices observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total
Assets Investments in: Common stocks Communication services $ 15,046,432 $ 0 $0 $ 15,046,432 Consumer discretionary 17,956,475 0 0 17,956,475 Consumer staples 4,629,887 0 0 4,629,887 Financials 16,303,596 0 0 16,303,596 Health care 29,225,029 0 0 29,225,029 Industrials 25,466,964 2,150,874 0 27,617,838 Information technology 47,005,932 0 0 47,005,932 Materials 5,669,417 0 0 5,669,417 Real estate 11,506,922 0 0 11,506,922 Short-term investments Investment companies 2,280,559 0 0 2,280,559 Total assets $175,091,213 $2,150,874 $0 $177,242,087
Additional sector, industry or geographic detail is included in the Portfolio of Investments. For the nine months ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.
6 | Wells Fargo VT Opportunity Fund