UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: February 28

Registrant is making a filing for 11 of its series:

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio, Wells Fargo Emerging Markets Bond Portfolio, Wells Fargo Factor Enhanced Emerging Markets Portfolio, Wells Fargo Factor Enhanced International Portfolio, Wells Fargo Factor Enhanced Large Cap Portfolio, Wells Fargo Factor Enhanced Small Cap Portfolio, Wells Fargo High Yield Corporate Bond Portfolio, Wells Fargo International Government Bond Portfolio, Wells Fargo Investment Grade Corporate Bond Portfolio, Wells Fargo Strategic Retirement Bond Portfolio, and Wells Fargo U.S. REIT Portfolio.

Date of reporting period: November 30, 2018

ITEM 1. INVESTMENTS

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities : 39.84%
FFCB		1.95	%		1-10-2020	$	670,000	$	663,972
FHLB		2.13			2-11-2020		1,100,000		1,091,412
FHLB		2.26			10-4-2022		1,000,000		971,419
FHLB		3.00			3-1-2048		196,583		187,455
FHLB		5.63			3-14-2036		60,000		75,748
FHLMC		1.13			7-14-2021		120,000		114,835
FHLMC		2.13			6-9-2023		520,000		501,021
FHLMC		2.38			12-13-2019		280,000		278,749
FHLMC		2.38			1-13-2022		1,510,000		1,487,060
FHLMC		2.50			3-1-2032		6,522,612		6,288,088
FHLMC		2.75			12-13-2024		1,210,000		1,184,493
FHLMC		2.90			8-27-2021		1,020,000		1,015,672
FHLMC		3.00			2-1-2047		18,186,243		17,352,836
FHLMC ±±		3.31			5-25-2023		50,000		50,051
FHLMC		3.50			2-1-2044		14,998,005		14,841,015
FHLMC		3.50			4-1-2045		639,357		629,686
FHLMC		3.50			8-1-2047		10,018,506		9,836,987
FHLMC		6.00			7-1-2040		2,823,457		3,100,671
FHLMC Multifamily Structured Pass-Through Certificates Series K070 Class A2 ±±		3.30			11-25-2027		425,000		414,848
FHLMC Series K015 Class A2		3.23			7-25-2021		60,000		60,160
FHLMC Series K028 Class A1		2.18			11-25-2022		492,008		484,251
FHLMC Series K029 Class A2 ±±		3.32			2-25-2023		545,000		546,481
FHLMC Series K030 Class A2 ±±		3.25			4-25-2023		760,000		760,656
FHLMC Series K034 Class A2 ±±		3.53			7-25-2023		60,000		60,593
FHLMC Series K035 Class A2 ±±		3.46			8-25-2023		55,000		55,356
FHLMC Series K048 Class A2 ±±		3.28			6-25-2025		215,000		213,821
FHLMC Series K062 Class A2		3.41			12-25-2026		750,000		743,531
FHLMC Series K063 Class A2 ±±		3.43			1-25-2027		45,000		44,574
FHLMC Series K152 Class A1		2.83			5-25-2030		349,015		331,046
FHLMC Series K152 Class A2		3.08			1-25-2031		125,000		117,646
FHLMC Series K155 Class A3		3.75			4-25-2033		40,000		39,874
FHLMC Series K717 Class A2		2.99			9-25-2021		900,000		894,187
FNMA		4.00			6-1-2048		15,706,755		15,806,102
FNMA		4.00			10-1-2048		2,817,991		2,835,816
FNMA		1.38			2-26-2021		120,000		116,136
FNMA		1.50			11-30-2020		120,000		116,870
FNMA		1.90			10-27-2020		1,050,000		1,029,287
FNMA		2.13			4-24-2026		910,000		849,869
FNMA		2.50			12-1-2027		877,816		855,864
FNMA		2.50			9-1-2031		7,052,768		6,813,911
FNMA ±±		2.99			9-25-2027		167,045		158,580
FNMA		3.00			12-1-2026		4,043,322		4,015,033
FNMA		3.00			12-1-2030		582,589		575,628
FNMA		3.00			7-1-2032		4,549,914		4,495,455
FNMA %%		3.00			12-18-2033		650,000		641,532
FNMA		3.00			8-1-2036		293,131		284,791
FNMA		3.00			2-1-2037		4,740,714		4,605,673
FNMA		3.00			11-1-2046		843,716		805,529
FNMA		3.00			7-1-2047		13,667,204		13,048,350
FNMA		3.50			6-1-2031		3,074,605		3,090,578
FNMA %%		3.50			12-18-2033		1,965,000		1,970,680
FNMA		3.50			1-1-2035		218,804		220,404
FNMA		3.50			3-1-2036		3,088,405		3,076,616
FNMA		3.50			4-1-2037		1,396,804		1,383,777
FNMA		3.50			6-1-2042		3,006,357		2,975,317
FNMA		3.50			7-1-2042		1,228,531		1,217,199
FNMA		3.50			10-1-2042		6,401,551		6,335,457
FNMA		3.50			9-1-2043		14,519,205		14,389,522
FNMA		3.50			3-1-2048		1,177,256		1,155,245
FNMA %%		3.50			12-13-2048		2,640,000		2,589,214
FNMA		4.00			6-1-2042		1,080,495		1,094,919
FNMA		4.00			6-1-2042		11,505,904		11,660,569
FNMA		4.00			8-1-2043		8,069,094		8,157,329
FNMA		4.00			9-1-2048		896,251		901,920
FNMA		4.50			5-1-2040		470,736		489,745
FNMA		4.50			9-1-2040		11,297,169		11,720,727
FNMA		4.50			2-1-2047		3,577,619		3,682,671

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA %%		4.50	%		12-13-2048	$	8,000,000	$	8,225,542
FNMA		5.00			1-1-2042		417,746		442,928
FNMA		5.00			6-1-2045		1,553,824		1,649,766
FNMA		5.00			7-1-2045		5,336,101		5,657,495
FNMA		5.50			9-1-2040		4,222,083		4,528,024
FNMA		6.00			5-1-2041		159,056		173,985
FNMA		6.25			5-15-2029		230,000		288,362
FNMA		7.13			1-15-2030		1,010,000		1,360,675
FNMA		7.25			5-15-2030		80,000		109,315
FNMA Series 2016-M6 Class A2		2.49			5-25-2026		430,000		400,449
FNMA Series 2016-M7 Class A2		2.50			9-25-2026		175,000		162,582
FNMA Series 2017-M1 Class A2 ±±		2.50			10-25-2026		275,000		253,506
FNMA Series 2017-M11 Class A2		2.98			8-25-2029		320,000		298,702
FNMA Series 2017-M3 Class A2 ±±		2.57			12-25-2026		995,000		917,966
FNMA Series 2017-M5 Class A2 ±±		3.30			4-25-2029		70,000		66,869
FNMA Series 2018-M13 Class A2 ±±		3.82			9-25-2030		90,000		89,311
GNMA		3.00			4-20-2045		8,898,943		8,601,679
GNMA		3.00			11-20-2045		652,312		630,050
GNMA		3.00			3-20-2046		8,520,622		8,226,306
GNMA		3.00			5-20-2046		646,541		624,106
GNMA		3.00			8-20-2046		1,312,345		1,265,796
GNMA		3.50			2-20-2045		17,239,897		17,087,798
GNMA		3.50			6-20-2045		2,796,033		2,771,364
GNMA		3.50			11-20-2045		3,203,840		3,179,521
GNMA		3.50			7-20-2047		4,585,775		4,536,667
GNMA		3.50			12-20-2047		2,213,870		2,190,160
GNMA		3.50			5-20-2048		276,668		273,702
GNMA		4.00			7-20-2044		3,056,743		3,118,965
GNMA		4.00			8-20-2044		1,496,894		1,521,379
GNMA		4.00			9-20-2044		3,014,522		3,075,871
GNMA		4.00			12-20-2047		8,514,805		8,627,076
TVA		2.88			2-1-2027		35,000		33,859
TVA		3.50			12-15-2042		120,000		113,029
TVA		3.88			2-15-2021		800,000		816,222
TVA		4.63			9-15-2060		35,000		39,910
TVA		5.38			4-1-2056		10,000		12,845
TVA		6.75			11-1-2025		190,000		231,781
Total Agency Securities (Cost $300,030,157)									289,208,072
Asset-Backed Securities : 0.72%
Bank of America Credit Card Trust Series 2017-A1 Class A1		1.95			8-15-2022		15,000		14,779
Capital One Multi Asset Execution Trust Series 2017-A1 Class A1		2.00			1-17-2023		15,000		14,794
Capital One Multi Asset Execution Trust Series 2017-A3 Class A3		2.43			1-15-2025		225,000		219,206
Capital One Multi Asset Execution Trust Series 2017-A4 Class A4		1.99			7-17-2023		230,000		225,312
Capital One Multi Asset Execution Trust Series 2017-A6 Class A6		2.29			7-15-2025		85,000		82,289
CarMax Auto Owner Trust Series 2016-2 Class A4		1.68			9-15-2021		335,000		328,753
CarMax Auto Owner Trust Series 2016-3 Class A4		1.60			1-18-2022		17,000		16,593
CarMax Auto Owner Trust Series 2016-4 Class A4		1.60			6-15-2022		10,000		9,741
CarMax Auto Owner Trust Series 2017-2 Class A4		2.25			9-15-2022		195,000		191,222
CarMax Auto Owner Trust Series 2017-3 Class A4		2.22			11-15-2022		89,000		87,137
CarMax Auto Owner Trust Series 2018-3 Class D		3.91			1-15-2025		80,000		79,882
Chase Issuance Trust Series 2012-A7 Class A7		2.16			9-15-2024		205,000		197,653
Chase Issuance Trust Series 2016-A4 Class A4		1.49			7-15-2022		330,000		321,842
Citibank Credit Card Issuance Trust Series 2014-A5 Class A5		2.68			6-7-2023		110,000		108,866
Citibank Credit Card Issuance Trust Series 2017-A3 Class A3		1.92			4-7-2022		165,000		162,569
Discover Card Execution Note Trust Series 2017-A2 Class A2		2.39			7-15-2024		335,000		327,447
Ford Credit Floorplan Master Owner Trust Series 2016-5 Class A1		1.95			11-15-2021		40,000		39,556
Ford Credit Floorplan Master Owner Trust Series 2017-3 Class A		2.48			9-15-2024		50,000		48,502
Mercedes-Benz Auto Lease Trust Series 2017-A Class A4		2.01			1-17-2023		60,000		59,575
Nissan Auto Receivables Owner Trust Series 2017-A Class A4		2.11			5-15-2023		15,000		14,689
Nissan Auto Receivables Owner Trust Series 2017-C Class A3		2.12			4-18-2022		290,000		286,084
Nissan Auto Receivables Owner Trust Series 2017-C Class A4		2.28			2-15-2024		95,000		92,984
Synchrony Credit Card Master Note Trust Series 2015-1 Class A		2.37			3-15-2023		425,000		420,268
Synchrony Credit Card Master Note Trust Series 2016-2 Class A		2.21			5-15-2024		175,000		170,641
Synchrony Credit Card Master Note Trust Series 2018-2 Class A		3.47			5-15-2026		105,000		105,133
Toyota Auto Receivables Owner Trust Series 2017-B Class A3		1.76			7-15-2021		425,000		420,423
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		487,000		471,301

2

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
World Omni Auto Receivables Trust Series 2016-B Class A4		1.48	%		11-15-2022	$	192,000	$	187,132
World Omni Auto Receivables Trust Series 2017-A Class A3		1.93			9-15-2022		95,000		93,873
World Omni Auto Receivables Trust Series 2017-A Class A4		2.24			6-15-2023		210,000		206,146
World Omni Auto Receivables Trust Series 2017-B Class A4		2.25			10-16-2023		205,000		199,870
Total Asset-Backed Securities (Cost $5,290,698)									5,204,262
Corporate Bonds and Notes : 0.05%
Financials : 0.05%
Diversified Financial Services : 0.05%
International Finance Corporation		2.13			4-7-2026		400,000		375,948
Total Corporate Bonds and Notes (Cost $375,520)									375,948
Municipal Obligations : 0.82%
California : 0.27%
Education Revenue : 0.01%
California Series B		3.90			11-1-2047		15,000		13,971
University of California Series AD		4.86			5-15-2112		70,000		69,156
									83,127
GO Revenue : 0.19%
California Build America Bonds		5.70			11-1-2021		90,000		96,053
California Build America Bonds		7.55			4-1-2039		110,000		155,359
California Build America Bonds		7.60			11-1-2040		15,000		21,524
California Build America Bonds		7.63			3-1-2040		450,000		634,181
California Build America Bonds Taxable Various Purpose		7.50			4-1-2034		160,000		215,989
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		5,000		6,976
Los Angeles CA Unified School District Build America Bonds		5.75			7-1-2034		15,000		17,510
Los Angeles CA Unified School District Build America Bonds		5.76			7-1-2029		60,000		68,881
Los Angeles CA Unified School District Build America Bonds		6.76			7-1-2034		160,000		202,352
									1,418,825
Transportation Revenue : 0.05%
Bay Area CA Toll Authority Series 1		6.26			4-1-2049		100,000		131,853
Bay Area CA Toll Authority Series 1		6.92			4-1-2040		15,000		19,593
Bay Area CA Toll Authority Series 1		7.04			4-1-2050		140,000		197,742
									349,188
Utilities Revenue : 0.02%
California Department of Water Resources Series P		2.00			5-1-2022		55,000		53,225
Los Angeles CA DW&P Build America Bonds		6.57			7-1-2045		55,000		73,957
									127,182
									1,978,322
Florida : 0.02%
Miscellaneous Revenue : 0.02%
Florida Board of Administrative Finance Series A		2.64			7-1-2021		150,000		148,182
Georgia : 0.04%
Utilities Revenue : 0.04%
Municipal Electric Authority of Georgia Build America Bonds		6.66			4-1-2057		209,000		241,132

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue (continued)
Municipal Electric Authority of Georgia Build America Bonds		7.06	%		4-1-2057	$	10,000	$	11,037
									252,169
Illinois : 0.11%
GO Revenue : 0.07%
Chicago IL Series B		6.31			1-1-2044		50,000		48,323
Illinois Taxable Pension		5.10			6-1-2033		480,000		455,059
									503,382
Miscellaneous Revenue : 0.01%
Illinois Build America Bonds Series 3		6.73			4-1-2035		45,000		47,602
Tax Revenue : 0.03%
Chicago IL Transit Authority Series B		6.90			12-1-2040		210,000		262,328
									813,312
Kansas : 0.00%
Miscellaneous Revenue : 0.00%
Kansas Development Finance Authority Series H		4.93			4-15-2045		5,000		5,278
Massachusetts : 0.03%
GO Revenue : 0.03%
Massachusetts Build America Bonds Series A		4.91			5-1-2029		130,000		142,823
Massachusetts Build America Bonds Series D		4.50			8-1-2031		85,000		89,489
Massachusetts Build America Bonds Series E		4.20			12-1-2021		10,000		10,202
									242,514
New Jersey : 0.07%
Miscellaneous Revenue : 0.06%
New Jersey EDA Series A (National Insured)		7.43			2-15-2029		335,000		406,760
Transportation Revenue : 0.01%
New Jersey Turnpike Authority Build America Bonds Series A		7.10			1-1-2041		70,000		94,520
									501,280
New York : 0.12%
Airport Revenue : 0.04%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		270,000		267,516
Tax Revenue : 0.03%
New York Metropolitan Transportation Authority Dedicated Tax Fund Build America Bonds		7.34			11-15-2039		100,000		139,467
New York NY Transitional Finance Authority Build America Bonds Subseries C-2		5.77			8-1-2036		100,000		116,450
									255,917
Water & Sewer Revenue : 0.05%
New York NY Municipal Water Finance Authority		5.44			6-15-2043		10,000		11,706

4

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue (continued)
New York NY Municipal Water Finance Authority Series CC		5.88	%		6-15-2044	$	280,000	$	348,320
									360,026
									883,459
Ohio : 0.03%
Education Revenue : 0.00%
Ohio State University Build America Bonds		4.91			6-1-2040		5,000		5,574
Utilities Revenue : 0.03%
American Municipal Power Ohio Incorporated Build America Bonds		5.94			2-15-2047		150,000		180,678
American Municipal Power Ohio Incorporated Build America Bonds Series E		6.27			2-15-2050		10,000		11,999
									192,677
									198,251
Oregon : 0.03%
Tax Revenue : 0.03%
Oregon		5.76			6-1-2023		159,867		170,509
Oregon Department of Transportation Build America Bonds Series A		5.83			11-15-2034		50,000		60,326
									230,835
Pennsylvania : 0.00%
Transportation Revenue : 0.00%
Pennsylvania Turnpike Comission Series B		5.51			12-1-2045		5,000		5,895
Texas : 0.09%
Miscellaneous Revenue : 0.07%
Texas Build America Bonds		5.52			4-1-2039		400,000		485,440
Utilities Revenue : 0.02%
San Antonio TX		4.43			2-1-2042		140,000		146,157
									631,597
Wisconsin : 0.01%
Tax Revenue : 0.01%
Wisconsin General Fund Annual Appropriations Series C		3.15			5-1-2027		80,000		77,074
Total Municipal Obligations (Cost $6,310,884)									5,968,168
Non-Agency Mortgage-Backed Securities : 1.59%
Benchmark Mortgage Trust Series 2018-B1 Class A2		3.57			1-15-2051		480,000		480,969
Benchmark Mortgage Trust Series 2018-B1 Class A4		3.40			1-15-2051		670,000		647,663
CenterPoint Energy Transition Restoration Bond Company LLC		4.24			8-15-2023		118,917		121,258
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		20,000		19,834
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		55,000		53,402
Citigroup Commercial Mortgage Trust Series 2016 GC37 Class B		4.23			4-10-2049		535,000		533,327
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5		3.62			2-10-2049		1,465,000		1,448,576
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class B ±±		4.92			2-10-2049		40,000		41,111
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class C ±±		4.92			2-10-2049		95,000		94,126
Citigroup Commercial Mortgage Trust Series 2016-P4 Class A4		2.90			7-10-2049		135,000		126,533
Citigroup Commercial Mortgage Trust Series 2016-P5 Class A2		2.40			10-10-2049		141,000		137,538

5

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Commercial Mortgage Trust Pass-Through Certificate Series 2012-CR2 Class ASB		2.75	%		8-15-2045	$	63,325	$	62,898
Commercial Mortgage Trust Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		53,912		52,616
Commercial Mortgage Trust Pass-Through Certificate Series 2013-CR9 Class A4 ±±		4.38			7-10-2045		505,000		519,819
Commercial Mortgage Trust Series 2012-LC4 Class A4		3.29			12-10-2044		635,814		632,835
Commercial Mortgage Trust Series 2013-CR6 Class A4		3.10			3-10-2046		60,000		58,997
Commercial Mortgage Trust Series 2014 UBS5 Class C ±±		4.76			9-10-2047		390,000		385,557
Commercial Mortgage Trust Series 2014-UBS6 Class C ±±		4.61			12-10-2047		60,000		57,867
Commercial Mortgage Trust Series 2015-CR23 Class A3		3.23			5-10-2048		60,000		58,440
Commercial Mortgage Trust Series 2016-COR1 Class C ±±		4.54			10-10-2049		65,000		62,891
Commercial Mortgage Trust Series 2016-CR28 Class A4		3.76			2-10-2049		215,000		214,291
Goldman Sachs Mortgage Securities Trust Series 2012-GC6 Class A3		3.48			1-10-2045		722,272		723,861
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ9 Class AS		3.12			11-10-2045		40,000		39,260
Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class B ±±		4.89			1-10-2047		80,000		80,902
Goldman Sachs Mortgage Securities Trust Series 2017-GS5 Class A3		3.41			3-10-2050		600,000		581,014
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		860,000		884,724
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C15 Class A4		4.10			11-15-2045		20,000		20,429
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C30 Class A5		3.82			7-15-2048		1,450,000		1,454,993
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C31 Class A3		3.80			8-15-2048		195,000		195,439
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		17,439		17,314
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class A4		3.18			8-15-2045		60,000		59,402
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class AS ±±		4.50			8-15-2046		360,000		366,464
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8 Class A4		3.13			12-15-2048		50,000		49,289
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class A4		3.31			4-15-2048		60,000		58,549
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class B ±±		3.88			4-15-2048		815,000		797,695
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24 Class A4		3.73			5-15-2048		400,000		399,070
Total Non-Agency Mortgage-Backed Securities (Cost $11,998,859)									11,538,953
U.S. Treasury Securities : 50.60%
U.S. Treasury Bond		2.13			11-30-2024		4,755,000		4,553,470
U.S. Treasury Bond		2.50			2-15-2046		100,000		85,457
U.S. Treasury Bond		2.75			8-15-2042		6,035,000		5,495,386
U.S. Treasury Bond		2.75			11-15-2042		6,085,000		5,532,121
U.S. Treasury Bond		2.75			11-15-2047		1,255,000		1,124,205
U.S. Treasury Bond		2.88			5-15-2028		2,295,000		2,270,078
U.S. Treasury Bond		2.88			5-15-2043		5,955,000		5,528,613
U.S. Treasury Bond		2.88			8-15-2045		735,000		678,727
U.S. Treasury Bond		3.00			5-15-2042		5,800,000		5,528,125
U.S. Treasury Bond		3.00			11-15-2044		585,000		554,333
U.S. Treasury Bond		3.00			5-15-2045		105,000		99,434
U.S. Treasury Bond		3.00			11-15-2045		55,000		52,042
U.S. Treasury Bond		3.00			2-15-2047		70,000		66,093
U.S. Treasury Bond		3.00			5-15-2047		23,631,000		22,293,449
U.S. Treasury Bond		3.00			2-15-2048		435,000		409,767
U.S. Treasury Bond		3.00			8-15-2048		850,000		800,627
U.S. Treasury Bond		3.13			11-15-2041		2,125,000		2,073,950
U.S. Treasury Bond		3.13			2-15-2042		370,000		360,779
U.S. Treasury Bond		3.38			5-15-2044		20,000		20,255
U.S. Treasury Bond		3.63			8-15-2043		1,100,000		1,160,414
U.S. Treasury Bond		3.63			2-15-2044		35,000		36,922
U.S. Treasury Bond		3.75			8-15-2041		780,000		840,084
U.S. Treasury Bond ##		4.25			11-15-2040		1,410,000		1,630,643
U.S. Treasury Bond		4.75			2-15-2041		390,000		482,366
U.S. Treasury Bond		5.00			5-15-2037		1,914,000		2,413,285

6

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		5.25	%		2-15-2029	$	760,000	$	907,428
U.S. Treasury Bond		5.38			2-15-2031		2,017,000		2,492,019
U.S. Treasury Bond		5.50			8-15-2028		1,805,000		2,179,890
U.S. Treasury Bond ##		6.13			11-15-2027		2,285,000		2,842,772
U.S. Treasury Bond		6.13			8-15-2029		475,000		608,445
U.S. Treasury Bond		6.38			8-15-2027		730,000		918,916
U.S. Treasury Bond		6.88			8-15-2025		2,430,000		3,012,820
U.S. Treasury Note		2.88			11-30-2025		3,225,000		3,215,174
U.S. Treasury Note		1.13			3-31-2020		3,065,000		2,999,031
U.S. Treasury Note		1.13			4-30-2020		4,905,000		4,793,105
U.S. Treasury Note		1.13			2-28-2021		1,855,000		1,787,321
U.S. Treasury Note		1.13			6-30-2021		2,555,000		2,449,107
U.S. Treasury Note		1.13			9-30-2021		3,655,000		3,488,954
U.S. Treasury Note		1.25			1-31-2020		4,605,000		4,525,852
U.S. Treasury Note		1.25			3-31-2021		6,035,000		5,826,368
U.S. Treasury Note		1.25			10-31-2021		2,820,000		2,696,405
U.S. Treasury Note		1.38			12-15-2019		4,000,000		3,944,375
U.S. Treasury Note		1.38			2-15-2020		2,925,000		2,876,783
U.S. Treasury Note		1.38			2-29-2020		435,000		427,557
U.S. Treasury Note		1.38			5-31-2020		3,325,000		3,256,162
U.S. Treasury Note		1.38			8-31-2020		925,000		902,453
U.S. Treasury Note		1.38			9-30-2020		5,030,000		4,902,285
U.S. Treasury Note		1.38			10-31-2020		3,365,000		3,274,960
U.S. Treasury Note		1.38			1-31-2021		1,750,000		1,697,500
U.S. Treasury Note		1.38			4-30-2021		6,025,000		5,824,010
U.S. Treasury Note		1.38			6-30-2023		6,170,000		5,780,760
U.S. Treasury Note		1.38			8-31-2023		435,000		406,487
U.S. Treasury Note		1.38			9-30-2023		6,135,000		5,726,399
U.S. Treasury Note		1.50			6-15-2020		19,000,000		18,630,391
U.S. Treasury Note		1.50			8-15-2020		5,170,000		5,058,724
U.S. Treasury Note		1.50			3-31-2023		6,085,000		5,751,276
U.S. Treasury Note		1.50			8-15-2026		1,680,000		1,513,116
U.S. Treasury Note		1.63			3-15-2020		10,000		9,854
U.S. Treasury Note		1.63			8-15-2022		5,765,000		5,518,411
U.S. Treasury Note		1.63			11-15-2022		2,035,000		1,942,471
U.S. Treasury Note		1.63			4-30-2023		3,940,000		3,740,076
U.S. Treasury Note		1.63			5-31-2023		6,085,000		5,770,767
U.S. Treasury Note		1.63			10-31-2023		6,080,000		5,737,050
U.S. Treasury Note		1.63			2-15-2026		6,240,000		5,712,037
U.S. Treasury Note		1.63			5-15-2026		6,285,000		5,734,326
U.S. Treasury Note		1.75			10-31-2020		3,080,000		3,019,002
U.S. Treasury Note		1.75			12-31-2020		10,000		9,791
U.S. Treasury Note		1.75			11-30-2021		1,975,000		1,914,438
U.S. Treasury Note		1.75			2-28-2022		1,030,000		995,640
U.S. Treasury Note		1.75			6-30-2022		17,000,000		16,375,781
U.S. Treasury Note		1.75			9-30-2022		10,000		9,604
U.S. Treasury Note		1.75			5-15-2023		775,000		739,277
U.S. Treasury Note		1.88			6-30-2020		1,870,000		1,843,265
U.S. Treasury Note		1.88			11-30-2021		3,550,000		3,454,871
U.S. Treasury Note		1.88			7-31-2022		1,670,000		1,614,029
U.S. Treasury Note		1.88			9-30-2022		3,245,000		3,131,552
U.S. Treasury Note		2.00			5-31-2021		5,890,000		5,774,041
U.S. Treasury Note		2.00			10-31-2021		1,160,000		1,133,356
U.S. Treasury Note		2.00			12-31-2021		3,630,000		3,542,511
U.S. Treasury Note		2.00			10-31-2022		1,990,000		1,928,046
U.S. Treasury Note		2.00			2-15-2023		30,000		28,986
U.S. Treasury Note		2.00			6-30-2024		9,501,000		9,071,599
U.S. Treasury Note		2.00			2-15-2025		340,000		322,442
U.S. Treasury Note		2.00			8-15-2025		1,200,000		1,132,875
U.S. Treasury Note		2.13			9-30-2021		3,355,000		3,290,783
U.S. Treasury Note		2.13			12-31-2022		3,190,000		3,101,403
U.S. Treasury Note		2.13			11-30-2023		2,290,000		2,211,729
U.S. Treasury Note		2.13			7-31-2024		2,455,000		2,357,951
U.S. Treasury Note		2.13			5-15-2025		160,000		152,581
U.S. Treasury Note		2.25			3-31-2021		5,810,000		5,736,694
U.S. Treasury Note		2.25			4-30-2021		5,825,000		5,750,140
U.S. Treasury Note		2.25			7-31-2021		5,580,000		5,498,262

7

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.25	%		10-31-2024	$	4,675,000	$	4,512,288
U.S. Treasury Note		2.25			11-15-2024		4,275,000		4,122,870
U.S. Treasury Note		2.25			12-31-2024		3,550,000		3,422,145
U.S. Treasury Note		2.25			11-15-2025		4,360,000		4,174,700
U.S. Treasury Note		2.25			2-15-2027		400,000		379,109
U.S. Treasury Note		2.25			8-15-2027		1,450,000		1,368,324
U.S. Treasury Note		2.38			4-15-2021		2,895,000		2,865,711
U.S. Treasury Note		2.38			8-15-2024		490,000		476,697
U.S. Treasury Note		2.38			5-15-2027		8,628,000		8,244,795
U.S. Treasury Note		2.50			8-15-2023		5,540,000		5,454,087
U.S. Treasury Note		2.75			5-31-2023		1,895,000		1,888,116
U.S. Treasury Note		2.75			11-15-2023		2,040,000		2,030,039
U.S. Treasury Note		2.75			2-28-2025		3,500,000		3,469,375
U.S. Treasury Note		2.75			6-30-2025		1,270,000		1,257,598
U.S. Treasury Note		2.75			2-15-2028		3,935,000		3,855,531
U.S. Treasury Note		2.88			8-15-2028		1,675,000		1,655,895
U.S. Treasury Note		3.13			5-15-2021		2,430,000		2,447,750
U.S. Treasury Note		3.63			2-15-2020		1,915,000		1,933,626
U.S. Treasury Note		3.63			2-15-2021		2,755,000		2,802,352
U.S. Treasury Note		6.00			2-15-2026		2,955,000		3,544,038
U.S. Treasury Note		6.75			8-15-2026		795,000		1,003,594
U.S. Treasury Note		7.25			8-15-2022		3,150,000		3,633,820
U.S. Treasury Note		8.00			11-15-2021		760,000		870,230
U.S. Treasury Note		8.13			5-15-2021		2,490,000		2,797,846
U.S. Treasury Note		8.75			5-15-2020		1,865,000		2,021,922
Total U.S. Treasury Securities (Cost $379,491,149)									367,345,569
Yankee Corporate Bonds and Notes : 1.04%
Energy : 0.50%
Oil, Gas & Consumable Fuels : 0.50%
Ecopetrol SA		5.88			9-18-2023		520,000		540,800
Ecopetrol SA		7.38			9-18-2043		40,000		43,300
Nexen Incorporated		7.50			7-30-2039		60,000		80,021
Nexen Incorporated		7.88			3-15-2032		200,000		264,207
Petroleos Mexicanos Company		4.50			1-23-2026		140,000		119,980
Petroleos Mexicanos Company		5.50			6-27-2044		1,490,000		1,117,232
Petroleos Mexicanos Company		6.38			2-4-2021		430,000		433,874
Petroleos Mexicanos Company		6.50			3-13-2027		530,000		495,815
Petroleos Mexicanos Company		6.50			6-2-2041		110,000		90,970
Petroleos Mexicanos Company		6.63			6-15-2038		10,000		8,513
Statoil ASA		2.90			11-8-2020		110,000		109,187
Statoil ASA		4.80			11-8-2043		310,000		323,993
									3,627,892
Financials : 0.54%
Banks : 0.54%
African Development Bank		2.63			3-22-2021		640,000		635,461
Corporacion Andina de Fomento		2.13			9-27-2021		10,000		9,630
Corporación Andina de Fomento		4.38			6-15-2022		270,000		277,174
Export-Import Bank of Korea		2.88			1-21-2025		400,000		375,990
Export-Import Bank of Korea		5.13			6-29-2020		510,000		523,891
Japan Bank for International Cooperation		1.88			4-20-2021		1,130,000		1,097,874
Japan Bank for International Cooperation		2.75			11-16-2027		360,000		338,702
Nordic Investment Bank		1.25			8-2-2021		400,000		382,816
Oesterreichische Kontrollbank AG		2.88			3-13-2023		260,000		258,339
									3,899,877
Total Yankee Corporate Bonds and Notes (Cost $8,016,671)									7,527,769
Yankee Government Bonds : 4.42%
Asian Development Bank		1.63			5-5-2020		140,000		137,542
Asian Development Bank		2.00			2-16-2022		950,000		921,947

8

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Government Bonds (continued)
Asian Development Bank		2.00	%		4-24-2026	$	160,000	$	148,547
Asian Development Bank		2.63			1-12-2027		900,000		864,737
Asian Development Bank		5.82			6-16-2028		10,000		11,855
Asian Development Bank		6.22			8-15-2027		80,000		96,183
Canada		2.00			11-15-2022		70,000		67,581
European Bank for Reconstruction & Development		2.13			3-7-2022		780,000		758,683
European Investment Bank		1.25			12-16-2019		370,000		363,827
European Investment Bank		1.38			6-15-2020		970,000		947,998
European Investment Bank		1.63			8-14-2020		570,000		557,836
European Investment Bank		1.63			12-15-2020		280,000		272,738
European Investment Bank		1.88			2-10-2025		110,000		102,645
European Investment Bank		2.13			10-15-2021		750,000		732,492
European Investment Bank		2.38			6-15-2022		1,080,000		1,056,706
European Investment Bank		2.88			8-15-2023		120,000		119,231
European Investment Bank		3.25			1-29-2024		100,000		100,971
Export Development Canada		1.63			1-17-2020		530,000		522,695
Export Development Canada		2.00			11-30-2020		170,000		166,843
FMS Wertmanagement		1.75			3-17-2020		550,000		541,994
Hydro-Quebec		9.40			2-1-2021		675,000		760,739
Inter-American Development Bank		1.75			4-14-2022		580,000		557,306
Inter-American Development Bank		2.13			1-18-2022		60,000		58,425
Inter-American Development Bank		2.13			1-15-2025		690,000		654,943
Inter-American Development Bank		3.20			8-7-2042		40,000		37,625
Inter-American Development Bank		3.88			2-14-2020		140,000		141,638
Inter-American Development Bank		4.38			1-24-2044		30,000		34,236
International Bank for Reconstruction & Development		1.13			8-10-2020		190,000		184,485
International Bank for Reconstruction & Development		1.38			3-30-2020		730,000		716,055
International Bank for Reconstruction & Development		1.38			5-24-2021		890,000		857,570
International Bank for Reconstruction & Development		1.75			9-14-2022		720,000		687,625
International Bank for Reconstruction & Development		1.88			4-21-2020		1,040,000		1,026,154
International Bank for Reconstruction & Development		2.00			1-26-2022		240,000		233,044
International Bank for Reconstruction & Development		2.50			7-29-2025		250,000		241,766
International Bank for Reconstruction & Development		4.75			2-15-2035		110,000		128,473
Italy		5.38			6-15-2033		110,000		110,915
Italy		6.88			9-27-2023		100,000		107,555
KfW		1.50			6-15-2021		890,000		859,224
KfW		2.00			5-2-2025		40,000		37,526
KfW		2.13			3-7-2022		1,520,000		1,478,446
KfW		2.13			6-15-2022		130,000		126,193
KfW		2.13			1-17-2023		1,010,000		975,926
KfW		2.75			9-8-2020		1,080,000		1,076,589
KfW (z)		3.42			4-18-2036		340,000		187,829
Korea Development Bank		2.25			5-18-2020		450,000		443,221
Landwirtschaftliche Rentenbank		1.75			7-27-2026		10,000		9,072
Landwirtschaftliche Rentenbank		2.25			10-1-2021		700,000		686,370
Oriental Republic of Uruguay		5.10			6-18-2050		500,000		471,250
Province of Alberta		2.20			7-26-2022		250,000		241,393
Province of British Columbia		7.25			9-1-2036		100,000		146,226
Province of British Columbia		2.00			10-23-2022		15,000		14,410
Province of Manitoba		2.10			9-6-2022		240,000		230,197
Province of Manitoba		2.13			6-22-2026		20,000		18,294
Province of Ontario		1.88			5-21-2020		60,000		59,035
Province of Ontario		2.50			4-27-2026		550,000		519,591
Province of Ontario		3.20			5-16-2024		5,000		4,982
Province of Ontario		4.40			4-14-2020		440,000		448,212
Province of Quebec		2.50			4-20-2026		75,000		71,035
Province of Quebec		2.63			2-13-2023		60,000		58,745
Republic of Philippines		4.00			1-15-2021		105,000		106,225
Republic of Chile		3.63			10-30-2042		285,000		254,981
Republic of Colombia		4.38			7-12-2021		330,000		333,795
Republic of Colombia		6.13			1-18-2041		335,000		355,603
Republic of Colombia		7.38			9-18-2037		405,000		481,950
Republic of Hungary		5.38			3-25-2024		215,000		226,330
Republic of Hungary		6.38			3-29-2021		30,000		31,577
Republic of Hungary		7.63			3-29-2041		245,000		327,734
Republic of Indonesia		2.95			1-11-2023		200,000		189,670
Republic of Korea		3.88			9-11-2023		210,000		214,076
Republic of Panama		6.70			1-26-2036		60,000		72,150

9

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio

Security name			Interest rate			Maturity date		Principal		Value
Yankee Government Bonds (continued)
Republic of Panama				9.38	%		4-1-2029	$	475,000	$	653,719
Republic of Peru				5.63			11-18-2050		365,000		413,731
Republic of Peru				7.35			7-21-2025		130,000		156,715
Republic of Poland				3.00			3-17-2023		490,000		477,838
Republic of Poland				3.25			4-6-2026		10,000		9,618
Republic of Poland				5.13			4-21-2021		10,000		10,388
Republic of the Philippines				5.50			3-30-2026		705,000		771,125
Republic of the Philippines				6.38			10-23-2034		285,000		350,797
State of Israel				4.00			6-30-2022		365,000		371,871
State of Israel				5.50			12-4-2023		240,000		267,386
State of Israel				5.50			4-26-2024		60,000		67,210
State of Israel				5.50			9-18-2033		6,000		7,372
Swedish Export Credit				1.88			6-23-2020		590,000		580,089
Swedish Export Credit (z)				3.78			5-11-2037		175,000		87,342
United Mexican States				4.00			10-2-2023		155,000		152,729
United Mexican States				4.15			3-28-2027		420,000		401,386
United Mexican States				4.35			1-15-2047		225,000		186,750
United Mexican States				5.75			10-12-2099		275,000		251,625
United Mexican States				6.05			1-11-2040		60,000		61,999
United Mexican States				7.50			4-8-2033		610,000		738,100
United Mexican States				8.13			12-30-2019		205,000		214,592
United Mexican States				8.30			8-15-2031		60,000		77,400
Total Yankee Government Bonds (Cost $33,295,884)											32,099,244
			Yield					Shares
Short-Term Investments : 1.33%
Investment Companies : 1.33%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				2.13					9,684,608		9,684,608
Total Short-Term Investments (Cost $9,684,608)											9,684,608
Total investments in securities (Cost $754,494,430)	100.41	%									728,952,593
Other assets and liabilities, net	(0.41	)									(2,975,713	)
Total net assets	100.00	%								$	725,976,880

±± 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.

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

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

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

(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:

DW&P Department of Water & Power

EDA Economic Development Authority

FFCB Federal Farm Credit Banks

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

National National Public Finance Guarantee Corporation

TVA Tennessee Valley Authority

10

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		72,834,127		232,681,687		295,831,206		9,684,608	$	9,684,608		1.33	%

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	289,208,072	$	0	$	289,208,072
Asset-backed securities		0		5,204,262		0		5,204,262
Corporate bonds and notes		0		375,948		0		375,948
Municipal obligations		0		5,968,168		0		5,968,168
Non-agency mortgage-backed securities		0		11,538,953		0		11,538,953
U.S. Treasury securities		367,345,569		0		0		367,345,569
Yankee corporate bonds and notes		0		7,527,769		0		7,527,769
Yankee government bonds		0		32,099,244		0		32,099,244
Short-term investments
Investment companies		9,684,608		0		0		9,684,608
Total assets	$	377,030,177	$	351,922,416	$	0	$	728,952,593

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Emerging Markets Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name				Expiration date		Shares		Value
Participation Notes : 0.36%
United Kingdom : 0.36%
Biz Finance plc (State Export-Import Ukreximbank) (Financials, Banks)†					1-22-2025		200,000	$	189,000
Total Participation Notes (Cost $188,200)									189,000
	Interest rate			Maturity date		Principal
Yankee Corporate Bonds and Notes : 15.18%
Azerbaijan : 0.74%
State Oil Company of the Azerbaijan Republic (Energy, Oil, Gas & Consumable Fuels )		4.75	%		3-13-2023	$	400,000		392,155
Chile : 1.41%
Banco del Estado de Chile (Financials, Banks )		4.13			10-7-2020		300,000		301,605
Codelco Incorporated (Materials, Metals & Mining )		4.50			8-13-2023		200,000		202,550
Codelco Incorporated (Materials, Metals & Mining )		4.88			11-4-2044		250,000		241,675
									745,830
China : 0.82%
Export-Import Bank of China (Financials, Banks )		2.00			4-26-2021		450,000		433,550
Hong Kong : 1.03%
CNAC Hong Kong Finbridge Company Limited (Materials, Chemicals )		4.63			3-14-2023		200,000		199,238
CNAC Hong Kong Finbridge Company Limited (Materials, Chemicals )		4.88			3-14-2025		350,000		347,750
									546,988
Indonesia : 0.70%
PT Pertamina Persero (Energy, Oil, Gas & Consumable Fuels )		5.63			5-20-2043		400,000		367,740
Kazakhstan : 1.12%
KazMunayGas National Company JSC (Energy, Oil, Gas & Consumable Fuels )		5.75			4-19-2047		450,000		407,504
KaztransGas JSC (Energy, Oil, Gas & Consumable Fuels )		4.38			9-26-2027		200,000		183,560
									591,064
Malaysia : 1.31%
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels )		3.50			3-18-2025		216,000		209,031
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels )		4.50			3-18-2045		300,000		288,721
Petronas Global Sukuk Limited (Energy, Oil, Gas & Consumable Fuels)		2.71			3-18-2020		200,000		197,818
									695,570
Mexico : 3.49%
Comision Federal de Electricidad (Utilities, Electric Utilities )		5.75			2-14-2042		200,000		174,252
Mexico City Airport Trust (Industrials, Airlines )		5.50			7-31-2047		200,000		149,500
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels )		3.50			1-30-2023		25,000		22,523
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels )		4.88			1-24-2022		850,000		822,800
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels )		5.38			3-13-2022		225,000		220,253
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels )		5.63			1-23-2046		400,000		300,000
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels )		6.35			2-12-2048		200,000		159,580
									1,848,908
Peru : 0.53%
Petroleos del Peru SA (Energy, Oil, Gas & Consumable Fuels )		4.75			6-19-2032		300,000		279,750

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Emerging Markets Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Russia : 0.50%
Vnesheconombank (Financials, Banks )		5.94	%		11-21-2023	$	275,000	$	265,926
South Africa : 0.49%
Eskom Holdings SOC Limited (Utilities, Electric Utilities )		5.75			1-26-2021		275,000		259,072
Venezuela : 0.37%
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels ) ††		5.38			4-12-2027		550,000		87,175
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels ) ††		5.50			4-12-2037		200,000		32,300
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels ) ††		9.00			11-17-2021		400,000		76,600
									196,075
Virgin Islands (British) : 2.67%
CCTI 2017 Limited (Financials, Capital Markets )		3.63			8-8-2022		200,000		188,805
Charming Light Investments Limited (Financials, Diversified Financial Services )		2.38			8-30-2021		200,000		189,828
Chinalco Capital Holdings Limited (Materials, Metals & Mining )		4.25			4-21-2022		200,000		191,435
Lamar Funding Limited (Utilities, Electric Utilities )		3.96			5-7-2025		200,000		172,816
Sinopec Group Overseas Development (2015) Limited (Energy, Oil, Gas & Consumable Fuels )		3.00			4-12-2022		200,000		194,626
State Grid Overseas Investment (2016) Limited (Utilities, Electric Utilities )		2.75			5-4-2022		300,000		290,323
State Grid Overseas Investment (2016) Limited (Utilities, Electric Utilities )		2.88			5-18-2026		200,000		182,877
									1,410,710
Total Yankee Corporate Bonds and Notes (Cost $8,707,881)									8,033,338
Yankee Government Bonds : 81.51%
Arab Republic of Egypt		5.75			4-29-2020		200,000		201,256
Arab Republic of Egypt		5.88			6-11-2025		387,000		352,831
Arab Republic of Egypt		6.13			1-31-2022		200,000		196,000
Arab Republic of Egypt		6.59			2-21-2028		250,000		224,542
Arab Republic of Egypt		8.50			1-31-2047		450,000		409,982
China Development Bank		4.00			1-24-2037		350,000		325,526
Dominican Republic		5.95			1-25-2027		1,750,000		1,717,188
Export Credit Bank of Turkey		5.00			9-23-2021		200,000		183,800
Export-Import Bank of India		4.00			1-14-2023		475,000		469,698
Federal Republic of Brazil		2.63			1-5-2023		200,000		186,202
Federal Republic of Brazil		5.63			1-7-2041		450,000		414,230
Federation of Malaysia		3.18			4-27-2026		400,000		380,112
Federative Republic of Brazil		6.00			4-7-2026		423,000		445,664
Federative Republic of Brazil		10.13			5-15-2027		425,000		562,063
Government of Jamaica		6.75			4-28-2028		25,000		26,550
Government of Jamaica		7.88			7-28-2045		300,000		339,000
Islamic Republic of Pakistan		8.25			4-15-2024		350,000		348,250
Kingdom of Jordan		5.75			1-31-2027		300,000		275,017
Kingdom of Morocco		5.50			12-11-2042		200,000		199,121
Lebanese Republic		6.00			1-27-2023		200,000		164,901
Lebanese Republic		6.60			11-27-2026		500,000		379,935
Lebanese Republic		7.05			11-2-2035		200,000		144,028
Lebanese Republic		8.25			4-12-2021		350,000		326,172
Mongolia Government		5.63			5-1-2023		250,000		234,125
Oman Government International Bond		3.88			3-8-2022		250,000		240,000
Oriental Republic of Uruguay		4.50			8-14-2024		500,000		504,255
Oriental Republic of Uruguay		5.10			6-18-2050		450,000		425,655
Oriental Republic of Uruguay		7.88			1-15-2033		250,000		320,625
Republic of Angola		8.25			5-9-2028		400,000		385,789
Republic of Argentina		2.50			12-31-2038		200,000		110,400
Republic of Argentina		5.63			1-26-2022		1,100,000		972,950
Republic of Argentina		7.63			4-22-2046		800,000		609,208
Republic of Armenia		6.00			9-30-2020		200,000		201,064
Republic of Azerbaijan		3.50			9-1-2032		200,000		158,434
Republic of Belarus		7.63			6-29-2027		200,000		201,458

2

Wells Fargo Emerging Markets Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Government Bonds (continued)
Republic of Chile		3.86	%		6-21-2047	$	550,000	$	498,575
Republic of Colombia		3.88			4-25-2027		693,000		655,931
Republic of Colombia		5.00			6-15-2045		586,000		547,324
Republic of Colombia		7.38			9-18-2037		250,000		297,500
Republic of Costa Rica		7.00			4-4-2044		350,000		304,217
Republic of Croatia		6.00			1-26-2024		425,000		454,951
Republic of Croatia		6.63			7-14-2020		278,000		288,953
Republic of Ecuador		7.95			6-20-2024		550,000		493,625
Republic of Ecuador		9.63			6-2-2027		300,000		279,090
Republic of Ecuador		9.65			12-13-2026		200,000		186,060
Republic of Ecuador		10.50			3-24-2020		525,000		542,063
Republic of El Salvador		7.65			6-15-2035		547,000		506,473
Republic of Gabon		6.38			12-12-2024		350,000		306,245
Republic of Ghana		7.63			5-16-2029		300,000		269,227
Republic of Ghana		8.13			1-18-2026		225,000		215,280
Republic of Guatemala		4.38			6-5-2027		400,000		365,000
Republic of Hungary		5.38			2-21-2023		450,000		469,494
Republic of Hungary		5.38			3-25-2024		200,000		210,539
Republic of Hungary		6.25			1-29-2020		450,000		462,498
Republic of Hungary		7.63			3-29-2041		200,000		267,538
Republic of Indonesia		4.55			3-29-2026		500,000		489,050
Republic of Indonesia		4.63			4-15-2043		200,000		178,763
Republic of Indonesia		5.88			1-15-2024		800,000		843,927
Republic of Indonesia		4.10			4-24-2028		300,000		286,760
Republic of Indonesia		4.88			5-5-2021		200,000		203,929
Republic of Indonesia		7.75			1-17-2038		25,000		31,303
Republic of Iraq		5.80			1-15-2028		500,000		452,362
Republic of Ivory Coast		5.38			7-23-2024		375,000		343,343
Republic of Ivory Coast		6.13			6-15-2033		250,000		209,044
Republic of Kazakhstan		3.88			10-14-2024		594,000		590,430
Republic of Kazakhstan		4.88			10-14-2044		300,000		285,064
Republic of Kenya		6.88			6-24-2024		200,000		187,660
Republic of Kenya		8.25			2-28-2048		200,000		172,104
Republic of Lithuania		6.63			2-1-2022		450,000		489,960
Republic of Nigeria		6.38			7-12-2023		300,000		287,250
Republic of Nigeria		7.63			11-28-2047		200,000		168,700
Republic of Nigeria		7.88			2-16-2032		300,000		269,142
Republic of Panama		4.00			9-22-2024		813,000		813,415
Republic of Panama		4.50			5-15-2047		600,000		565,500
Republic of Panama		5.20			1-30-2020		200,000		204,102
Republic of Paraguay		4.63			1-25-2023		225,000		223,538
Republic of Paraguay		5.00			4-15-2026		250,000		247,500
Republic of Peru		6.55			3-14-2037		365,000		448,038
Republic of Peru		7.35			7-21-2025		200,000		241,100
Republic of Peru		8.75			11-21-2033		325,000		467,188
Republic of Poland		3.25			4-6-2026		750,000		721,320
Republic of Poland		5.13			4-21-2021		225,000		233,719
Republic of Senegal		6.25			5-23-2033		250,000		210,540
Republic of Serbia		4.88			2-25-2020		425,000		427,780
Republic of South Africa		4.85			9-27-2027		400,000		363,972
Republic of South Africa		4.88			4-14-2026		400,000		373,000
Republic of South Africa		6.25			3-8-2041		200,000		187,774
Republic of Sri Lanka		6.25			7-27-2021		600,000		567,900
Republic of Sri Lanka		6.75			4-18-2028		300,000		259,519
Republic of Sri Lanka		6.85			11-3-2025		400,000		358,471
Republic of the Philippines		3.70			2-2-2042		500,000		456,349
Republic of the Philippines		4.00			1-15-2021		450,000		455,250
Republic of the Philippines		5.50			3-30-2026		379,000		414,548
Republic of the Philippines		6.38			1-15-2032		300,000		362,618
Republic of Turkey		3.25			3-23-2023		250,000		214,363
Republic of Turkey		5.63			3-30-2021		561,000		547,659
Republic of Turkey		4.49			11-25-2024		200,000		176,480
Republic of Turkey		6.63			2-17-2045		850,000		713,388
Republic of Turkey		8.00			2-14-2034		200,000		197,500
Republic of Venezuela †		6.00			12-9-2020		225,000		50,625
Republic of Venezuela †		7.00			3-31-2038		200,000		44,700
Republic of Venezuela †		9.00			5-7-2023		1,010,000		230,987
Republic of Zambia †		8.50			4-14-2024		200,000		148,980

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Emerging Markets Bond Portfolio

Security name			Interest rate			Maturity date		Principal		Value
Yankee Government Bonds (continued)
Republic of Zambia				8.97	%		7-30-2027	$	200,000	$	149,216
Romania				4.88			1-22-2024		250,000		253,660
Romania				6.75			2-7-2022		602,000		644,140
Russian Federation				4.38			3-21-2029		200,000		186,496
Russian Federation				4.50			4-4-2022		400,000		401,871
Russian Federation				5.25			6-23-2047		200,000		182,492
Russian Federation				7.50			3-31-2030		477,250		516,432
Russian Federation				12.75			6-24-2028		250,000		392,280
Socialist Republic of Vietnam				4.80			11-19-2024		250,000		250,214
Sultanate of Oman				5.38			3-8-2027		497,000		456,872
Sultanate of Oman				6.50			3-8-2047		400,000		340,968
Trinidad & Tobago Government				4.38			1-16-2024		300,000		288,258
Ukraine Government				7.38			9-25-2032		200,000		161,352
Ukraine Government				7.75			9-1-2020		225,000		217,656
Ukraine Government				7.75			9-1-2023		550,000		500,363
Ukraine Government				7.75			9-1-2025		400,000		349,485
United Mexican States				6.75			9-27-2034		850,000		958,375
ZAR Sovereign Capital Fund Proprietary Limited				3.90			6-24-2020		200,000		197,848
Total Yankee Government Bonds (Cost $47,121,465)											43,121,206
Total investments in securities (Cost $56,017,546)	97.05	%									51,343,544
Other assets and liabilities, net	2.95										1,560,840
Total net assets	100.00	%								$	52,904,384

†† On the last interest date, partial interest was paid.

† Non-income-earning security

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,

Shares,

Value,

%

beginning of

Shares

Shares

end of

end

of

period

purchased

sold

period

of period

net assets

Short-Term Investments

Investment Companies

Wells Fargo Government Money Market Fund Select Class *

0

17,013,685

17,013,685

0

$

0

0.00

%

* No longer held at the end of the period.

Wells Fargo Emerging Markets Bond Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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 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.

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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Participation notes	$	0	$	189,000	$	0	$	189,000
Yankee corporate bonds and notes		0		8,033,338		0		8,033,338
Yankee government bonds		0		43,121,206		0		43,121,206
Total assets	$	0	$	51,343,544	$	0	$	51,343,544

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks : 91.50%
Brazil : 3.30%
Arezzo Industria e Comercio SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,900	$	50,366
Atacadao Distribuicao Comercio e Industria Limitada (Consumer Staples, Food & Staples Retailing)		46,900		204,968
B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail) †		12,835		127,022
Banco de Brasil SA (Financials, Banks)		78,600		907,142
Banco Santander (Brasil) SA (Financials, Banks)		20,300		117,117
BK Brasil Operacao e Assessoria a Restaurantes SA (Consumer Discretionary, Hotels, Restaurants & Leisure) †		12,900		63,249
BRF SA (Consumer Staples, Food Products) †		51,700		296,403
CCR SA (Industrials, Transportation Infrastructure)		91,282		306,634
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		24,341		177,695
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		3,659		48,474
Companhia Hering SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		11,310		75,429
CPFL Energias Renovaveis SA (Utilities, Independent Power & Renewable Electricity Producers)		13,100		48,748
CVC Brasil Operadora e Agencia de Viagens SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,664		138,575
Duratex SA (Materials, Paper & Forest Products)		29,400		93,058
EDP Energias do Brasil SA (Utilities, Electric Utilities)		20,047		70,971
Embraer SA (Industrials, Aerospace & Defense)		64,330		362,657
Eneva SA (Utilities, Independent Power & Renewable Electricity Producers) †		25,600		94,337
Engie Brasil Energia SA (Utilities, Independent Power & Renewable Electricity Producers)		9,200		102,325
Equatorial Energia SA (Utilities, Electric Utilities)		15,714		295,181
Estacio Participacoes SA (Consumer Discretionary, Diversified Consumer Services)		27,133		173,660
Fibria Celulose SA (Materials, Paper & Forest Products)		20,466		387,515
Fleury SA (Health Care, Health Care Providers & Services)		15,905		88,841
Grendene SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		24,320		48,804
Hapvida Participacoes e Investimentos SA (Health Care, Health Care Providers & Services) 144A†		10,900		79,798
Hypermarcas SA (Health Care, Pharmaceuticals)		31,136		258,460
Iguatemi Empresa de Shopping Centers SA (Real Estate, Real Estate Management & Development)		6,780		68,607
Iochpe Maxion SA (Industrials, Machinery)		10,100		63,442
IRB-Brasil Resseguros SA (Financials, Insurance)		13,200		255,500
JBS SA (Consumer Staples, Food Products)		99,929		304,154
Kroton Educacional SA (Consumer Discretionary, Diversified Consumer Services)		136,869		371,638
Linx SA (Information Technology, Software)		9,400		68,063
Localiza Rent A Car SA (Industrials, Road & Rail)		40,521		281,981
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		54,433		550,383
M Dias Branco SA (Consumer Staples, Food Products)		9,755		101,939
Magazine Luiza SA (Consumer Discretionary, Multiline Retail)		5,600		238,409
MRV Engenharia e Participacoes SA (Consumer Discretionary, Household Durables)		28,700		90,026
Natura Cosmeticos SA (Consumer Staples, Personal Products)		20,876		220,853
Notre Dame Intermedica Participacoes SA (Health Care, Health Care Providers & Services) †		12,100		87,300
Odontoprev SA (Health Care, Health Care Providers & Services)		18,162		65,284
Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail)		23,100		146,055
Porto Seguro SA (Financials, Insurance)		8,868		118,928
Qualicorp SA (Health Care, Health Care Providers & Services)		20,801		74,554
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		19,833		318,651
Sao Martinho SA (Consumer Staples, Food Products)		15,011		70,067
Smiles Fidelidade SA (Communication Services, Media)		4,000		45,720
Totvs SA (Information Technology, Software)		10,300		77,243
Ultrapar Participacoes SA (Energy, Oil, Gas & Consumable Fuels)		31,698		387,311
Via Varejo SA (Consumer Discretionary, Specialty Retail)		29,600		39,650
WEG SA (Industrials, Machinery)		68,333		314,894
				8,978,081
Chile : 2.25%
AES Gener SA (Utilities, Independent Power & Renewable Electricity Producers)		204,777		55,534
Aguas Andinas SA Class A (Utilities, Water Utilities)		184,558		108,268
Antarchile SA (Industrials, Industrial Conglomerates)		15,120		217,245
Banco de Chile (Financials, Banks)		3,345,805		481,723
Banco de Credito e Inversiones (Financials, Banks)		5,502		356,352
Banco Santander Chile (Financials, Banks)		2,355,409		181,943

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
Chile (continued)
CAP SA (Materials, Metals & Mining)		5,795	$	53,064
Cencosud SA (Consumer Staples, Food & Staples Retailing)		130,154		240,918
Colbun SA (Utilities, Independent Power & Renewable Electricity Producers)		578,247		119,587
Compania Cervecerias Unidas SA (Consumer Staples, Beverages)		14,755		193,305
Empresa Nacional de Telecomunicaciones SA (Communication Services, Wireless Telecommunication Services)		15,423		127,333
Empresas CMPC SA (Materials, Paper & Forest Products)		129,520		447,399
Empresas Copec SA (Energy, Oil, Gas & Consumable Fuels)		52,209		704,588
Enel Americas SA (Utilities, Electric Utilities)		1,802,127		311,870
Enel Chile SA (Utilities, Electric Utilities)		1,842,807		179,059
Engie Energia Chile SA (Utilities, Electric Utilities)		30,521		56,659
Grupo Security SA (Financials, Banks)		228,942		97,766
Hortifrut SA (Consumer Staples, Food Products)		20,750		62,408
Inversiones Aguas Metropolitanas SA (Utilities, Water Utilities)		6,563		9,752
Inversiones La Construccion SA (Financials, Diversified Financial Services)		2,906		46,340
Itau CorpBanca SA (Financials, Banks)		21,160,454		200,379
Parque Arauco SA (Real Estate, Real Estate Management & Development)		52,613		122,988
Quinenco SA (Industrials, Industrial Conglomerates)		45,266		121,315
Ripley Corporation SA (Consumer Discretionary, Multiline Retail)		96,441		83,288
SACI Falabella (Consumer Discretionary, Multiline Retail)		113,115		845,461
Salfacorp SA (Industrials, Construction & Engineering)		45,447		65,434
Sigdo Koppers SA (Industrials, Industrial Conglomerates)		54,547		85,277
SMU SA (Consumer Staples, Food & Staples Retailing) †		304,851		87,602
Sociedad Matriz del Banco de Chile SA Class B (Financials, Banks)		539,168		241,635
Sociedad Matriz SAAM SA (Industrials, Transportation Infrastructure)		596,868		52,566
Sonda SA (Information Technology, IT Services)		39,487		58,793
Vina Concha y Toro SA (Consumer Staples, Beverages)		54,750		111,680
				6,127,531
China : 9.49%
Agricultural Bank of China H Shares (Financials, Banks)		2,740,000		1,239,724
Air China H Shares (Industrials, Airlines)		212,000		205,118
Aluminum Corporation of China Limited H Shares (Materials, Metals & Mining) †		398,000		142,434
Anhui Conch Cement Company Limited H Shares (Materials, Construction Materials)		120,000		626,534
Anhui Gujing Distillery Company Class B (Consumer Staples, Beverages)		11,700		62,209
BAIC Motor Corporation Limited H Shares (Consumer Discretionary, Automobiles) 144A		179,000		109,816
Bank of China Limited H Shares (Financials, Banks)		7,236,000		3,162,975
Bank of Communications Limited H Shares (Financials, Banks)		681,000		517,887
BBMG Corporation (Materials, Construction Materials)		231,000		74,402
Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure)		174,000		193,482
Boe Technology Group Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		77,900		24,194
CGN Power Company Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		897,000		222,416
China Cinda Asset Management Company Limited H Shares (Financials, Capital Markets)		1,067,000		286,388
China CITIC Bank H Shares (Financials, Banks)		859,351		544,783
China Coal Energy Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		264,000		105,614
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		419,000		407,004
China Communications Services Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		240,000		200,307
China Cosco Holdings Company Limited (Industrials, Marine)		277,500		112,788
China Eastern Airlines Company H Shares (Industrials, Airlines)		194,000		120,506
China Energy Engineering Corporation Limited H Shares (Industrials, Construction & Engineering)		720,000		87,423
China Everbright Bank Company Limited H Shares (Financials, Banks)		481,000		213,327
China Longyuan Power Group Corporation H Shares (Utilities, Independent Power & Renewable Electricity Producers)		297,000		233,455
China Merchants Bank Company Limited H Shares (Financials, Banks)		378,000		1,562,922
China Merchants Securities H Shares (Financials, Capital Markets)		93,000		127,186
China Minsheng Banking Corporation Limited H Shares (Financials, Banks)		613,700		453,372
China National Building Material Company Limited H Shares (Materials, Construction Materials)		422,000		328,474
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		2,662,000		2,262,564

2

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
China (continued)
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		183,500	$	235,004
China Railway Group Limited H Shares (Industrials, Construction & Engineering)		375,000		344,613
China Railway Signal & Communication Corporation Limited H Shares (Information Technology, Electronic Equipment, Instruments & Components) 144A		147,000		103,900
China Reinsurance Group Corporation H Shares (Financials, Insurance)		661,000		137,708
China Resources Cement Holdings Limited (Materials, Construction Materials)		226,000		220,685
China Resources Gas Group Limited (Utilities, Gas Utilities)		74,000		298,402
China Southern Airlines Company H Shares (Industrials, Airlines)		210,000		143,060
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		1,132,000		609,116
China Vanke Company Limited H Shares (Real Estate, Real Estate Management & Development)		142,400		489,591
Chongqing Changchun Automobile Class B (Consumer Discretionary, Automobiles)		70,700		33,073
Chongqing Rural Commercial Bank (Financials, Banks)		249,000		145,441
CITIC Securities Company Limited H Shares (Financials, Capital Markets)		225,000		419,862
COSCO Shipping Development Company Limited H Shares (Industrials, Marine) †		394,000		44,315
COSCO Shipping Ports Limited (Industrials, Transportation Infrastructure)		152,000		154,254
CRRC Corporation Limited H Shares (Industrials, Machinery)		422,000		393,737
CSC Financial Company Limited H Shares (Financials, Capital Markets)		121,000		73,924
CSG Holding Company Limited Class B (Materials, Construction Materials)		151,700		51,575
Datang International Power Generation Company Limited (Utilities, Independent Power & Renewable Electricity Producers)		242,000		59,387
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		256,000		247,035
Fuyao Glass Industry Group Company Limited H Shares (Consumer Discretionary, Auto Components)		50,800		156,802
Great Wall Motor Company Limited H Shares (Consumer Discretionary, Automobiles)		304,500		194,594
Guangzhou Automobile Group Company Limited H Shares (Consumer Discretionary, Automobiles)		296,400		308,371
Guangzhou R&F Properties Company Limited H Shares (Real Estate, Real Estate Management & Development)		112,000		173,497
Guotai Junan Securities Company Limited H Shares (Financials, Capital Markets)		71,600		148,801
Huaneng Power International Incorporated H Shares (Utilities, Independent Power & Renewable Electricity Producers)		410,000		255,726
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		446,000		140,230
Jiangsu Express Company Limited H Shares (Industrials, Transportation Infrastructure)		110,000		147,904
Jiangxi Copper Company Limited H Shares (Materials, Metals & Mining)		129,000		155,809
Lao Feng Xiang Company Limited Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		16,712		52,743
Legend Holdings Corporation H Shares (Financials, Diversified Financial Services)		108,400		319,353
Metallurgical Corporation of China Limited H Shares (Industrials, Construction & Engineering)		348,000		88,512
Orient Securities Company Limited of China H Shares (Financials, Diversified Financial Services)		72,800		50,059
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		2,032,692		1,426,314
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		668,000		685,588
Postal Savings Bank of China Company Limited H Shares (Financials, Banks)		1,289,000		779,265
Shanghai Electric Group Company Limited H Shares (Industrials, Electrical Equipment)		300,000		101,994
Shanghai Fosun Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals)		60,500		208,781
Shanghai Lujiazui Finance & Trade Zone Development Company Limited (Real Estate, Real Estate Management & Development)		99,900		134,765
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		82,300		203,015
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		94,500		189,628
Sinopec Engineering Group H Shares (Industrials, Construction & Engineering)		144,500		133,899
Sinopec Shanghai Petrochemical Company Limited (Materials, Chemicals)		372,000		168,788
Sinopharm Group Company Limited H Shares (Health Care, Health Care Providers & Services)		110,800		545,928
Sinotrans Limited H Shares (Industrials, Air Freight & Logistics)		210,000		84,011
Tong Ren Tang Technologies Company Limited H Shares (Health Care, Pharmaceuticals)		61,000		87,321
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		60,000		244,248
Weichai Power Company Limited (Industrials, Machinery)		210,000		225,460
Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages)		18,500		37,288
Yanzhou Coal Mining Company Limited (Energy, Oil, Gas & Consumable Fuels)		170,000		152,531
Zhaojin Mining Industry Company Limited (Materials, Metals & Mining)		111,500		106,170
Zhejiang Expressway Company Limited H Shares (Industrials, Transportation Infrastructure)		124,000		104,126

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
China (continued)
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		604,000	$	227,735
				25,871,242
Colombia : 0.65%
Almacenes Exito SA (Consumer Staples, Food & Staples Retailing)		28,499		117,380
Banco de Bogota SA (Financials, Banks)		6,121		112,427
Celsia SA ESP (Utilities, Electric Utilities)		70,737		87,492
Cementos Argos SA (Materials, Construction Materials)		64,738		140,126
Corporacion Financiera Colombiana SA (Financials, Diversified Financial Services)		17,097		98,860
Empresa de Energia de Bogota SA (Utilities, Gas Utilities)		197,023		112,402
Grupo Argos SA (Materials, Construction Materials)		40,646		203,356
Grupo de Inversiones Suramericana SA (Financials, Diversified Financial Services)		31,242		312,034
Grupo Nutresa SA (Consumer Staples, Food Products)		29,542		221,976
Interconexion Electrica SA (Utilities, Electric Utilities)		56,261		225,114
Nexteer Automotive Group Limited (Consumer Discretionary, Auto Components)		94,000		141,529
				1,772,696
Egypt : 0.26%
Commercial International Bank ADR (Financials, Banks)		169,318		719,602
Greece : 0.50%
Eurobank Ergasias SA (Financials, Banks) †		277,834		177,398
FF Group (Consumer Discretionary, Specialty Retail) (a)†‡		3,820		8,649
Hellenic Petroleum SA (Energy, Oil, Gas & Consumable Fuels)		12,938		108,096
Hellenic Telecommunications Organization SA (Communication Services, Diversified Telecommunication Services)		29,056		343,417
Motor Oil (Hellas) Corinth Refineries SA (Energy, Oil, Gas & Consumable Fuels)		6,901		158,206
Mytilineos Holdings SA (Industrials, Industrial Conglomerates)		15,150		131,722
National Bank of Greece SA (Financials, Banks) †		66,729		77,357
OPAP SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		20,874		196,141
Titan Cement Company SA (Materials, Construction Materials)		6,672		149,557
				1,350,543
Hong Kong : 1.15%
China Agri-Industries Holdings Limited (Consumer Staples, Food Products)		262,000		99,121
China Resources Beer Holdings Company Limited (Consumer Staples, Beverages)		162,000		548,696
China Resources Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		287,500		422,578
China Resources Power Holdings Company (Utilities, Independent Power & Renewable Electricity Producers)		160,000		303,067
Far East Horizon Limited (Financials, Diversified Financial Services)		240,000		238,957
Guangdong Investment Limited (Utilities, Water Utilities)		250,000		482,490
Hua Hong Semiconductor Limited (Information Technology, Semiconductors & Semiconductor Equipment)		70,000		148,338
Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals)		762,000		550,268
Poly Property Group Company Limited (Real Estate, Real Estate Management & Development)		233,000		79,215
Sinotruk Hong Kong Limited (Industrials, Machinery)		78,000		128,006
Yuexiu Property Company Limited (Real Estate, Real Estate Management & Development)		714,000		132,324
				3,133,060
India : 16.39%
3M India Limited (Industrials, Industrial Conglomerates) †		335		103,987
Aarti Industries Limited (Materials, Chemicals)		6,217		128,087
Adani Power Limited (Utilities, Independent Power & Renewable Electricity Producers) †		100,722		80,208
Aditya Birla Fashion and Retail Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		47,128		122,427
Aia Engineering Limited (Industrials, Machinery)		3,665		89,389
Ajanta Pharma Limited (Health Care, Pharmaceuticals)		3,746		62,808
Alembic Pharmaceuticals Limited (Health Care, Pharmaceuticals)		8,655		76,677
Alkem Laboratories Limited (Health Care, Pharmaceuticals)		6,146		168,666
Amara Raja Batteries Limited (Information Technology, Electrical Equipment)		8,167		83,111

4

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
India (continued)
Anveshan Heavy Engineering Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) (a)		697	$	0
Apollo Hospitals Enterprise Limited (Health Care, Health Care Providers & Services)		9,282		168,446
Apollo Tyres Limited (Consumer Discretionary, Auto Components)		43,887		150,530
Arvind Fashions Limited (Consumer Discretionary, Specialty Retail) (a)		3,766		54,343
Arvind Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		18,829		27,800
Ashok Leyland Limited (Industrials, Machinery)		200,470		323,162
Associated Cement Companies Limited (Materials, Construction Materials)		6,489		138,308
Astral Poly Technik Limited (Industrials, Building Products)		5,530		82,389
Atul Limited (Materials, Chemicals)		2,152		107,124
AU Small Finance Bank Limited (Financials, Banks) 144A		13,078		106,630
Aurobindo Pharma Limited (Health Care, Pharmaceuticals)		37,391		434,936
Bajaj Finance Limited (Financials, Consumer Finance)		22,604		823,046
Bajaj Finserv Limited (Financials, Insurance)		7,249		623,474
Balkrishna Industries Limited (Consumer Discretionary, Auto Components)		9,201		126,790
Bandhan Bank Limited (Financials, Banks) 144A		21,232		147,340
Bank of Baroda (Financials, Banks) †		95,135		143,395
Bata India Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,462		111,702
Bayer Cropscience Limited (Materials, Chemicals)		1,702		105,013
Berger Paints India Limited (Materials, Chemicals)		33,594		154,148
Bharat Financial Inclusion Limited (Financials, Consumer Finance) †		14,091		206,841
Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		108,047		502,912
Biocon Limited (Health Care, Biotechnology)		22,624		202,673
Blue Star Limited (Industrials, Building Products)		8,416		81,829
Bombay Burmah Trading Corporation Limited (Consumer Staples, Food Products)		2,120		41,985
Britannia Industries Limited (Consumer Staples, Food Products)		13,138		597,520
Cadila Healthcare Limited (Health Care, Pharmaceuticals)		27,607		144,700
Canara Bank (Financials, Banks) †		13,847		50,822
Capital First Limited (Financials, Consumer Finance)		4,791		36,049
Carborundum Universal Limited (Industrials, Machinery)		16,320		84,826
Care Ratings Limited (Financials, Capital Markets)		2,845		39,135
Castrol India Limited (Materials, Chemicals)		34,032		73,733
Ceat Limited (Consumer Discretionary, Auto Components)		2,087		37,855
Century Plyboards India Limited (Materials, Paper & Forest Products)		13,210		33,046
Century Textiles and Industries Limited (Materials, Construction Materials)		5,122		67,686
Chambal Fertilisers and Chemicals Limited (Materials, Chemicals)		37,103		81,505
Cholamandalam Investment Limited (Financials, Consumer Finance)		6,563		123,736
Cipla Limited India (Health Care, Pharmaceuticals)		58,380		453,043
City Union Bank Limited (Financials, Banks)		75,487		188,839
Colgate-Palmolive Company India Limited (Consumer Staples, Personal Products)		10,535		184,361
Container Corporation of India Limited (Industrials, Transportation Infrastructure)		21,893		212,019
Coromandel International Limited (Materials, Chemicals)		11,518		67,188
Crisil Limited (Financials, Capital Markets)		2,135		45,961
Crompton Greaves Consumer Electricals Limited (Consumer Discretionary, Household Durables)		43,172		134,388
Cummins India Limited (Industrials, Machinery)		14,156		163,913
Cyient Limited (Information Technology, Software)		9,964		85,579
Dabur India Limited (Consumer Staples, Personal Products)		68,704		403,283
DCB Bank Limited (Financials, Banks)		31,954		71,936
Dewan Housing Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		23,183		70,768
Dish TV India Limited (Communication Services, Media)		144,760		79,551
Divi’s Laboratories Limited (Health Care, Life Sciences Tools & Services)		14,301		295,346
DLF Limited (Real Estate, Real Estate Management & Development)		63,923		163,350
Doctor Reddy’s Laboratories Limited (Health Care, Pharmaceuticals)		2,623		102,451
Doctor Reddy’s Laboratories Limited ADR (Health Care, Pharmaceuticals)		9,401		361,374
Edelweiss Financial Services Limited (Financials, Capital Markets)		80,593		196,235
EIH Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		20,391		57,052
Emami Limited (Consumer Staples, Personal Products)		32,739		205,491
Endurance Technologies Limited (Consumer Discretionary, Auto Components) 144A		2,902		46,585
Equitas Holdings Limited (Financials, Consumer Finance) †		29,660		45,812
Eris Lifesciences Limited (Health Care, Pharmaceuticals) 144A†		6,955		62,096
Escorts Limited (Industrials, Machinery)		6,813		68,888
Exide Industries Limited (Consumer Discretionary, Auto Components)		48,068		181,251
Fertilisers & Chemicals Travancore Limited (Materials, Chemicals) †		69,286		36,236

5

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
India (continued)
Finolex Cables Limited (Industrials, Electrical Equipment)		9,207	$	60,550
Finolex Industries Limited (Materials, Chemicals)		7,108		56,486
Future Retail Limited (Consumer Discretionary, Multiline Retail)		24,202		182,622
Gail India Limited (Utilities, Gas Utilities)		107,086		527,095
Gillette India Limited (Consumer Staples, Personal Products)		933		87,595
GlaxoSmithKline Consumer Healthcare Limited (Consumer Staples, Food Products)		1,229		128,167
GlaxoSmithKline Pharmaceuticals Limited (Health Care, Pharmaceuticals)		3,489		68,108
Glenmark Pharmaceuticals Limited (Health Care, Pharmaceuticals)		15,633		146,505
Godrej Consumer Products Limited (Consumer Staples, Personal Products)		43,438		467,662
Godrej Properties Limited (Real Estate, Real Estate Management & Development)		7,233		68,827
Gruh Finance Limited (Financials, Thrifts & Mortgage Finance)		30,987		131,915
Gujarat Fluorochemicals Limited (Materials, Chemicals)		4,291		54,925
Gujarat Narmada Valley Fertilizers Company Limited (Materials, Chemicals)		7,491		36,689
Gujarat Piavav Port Limited (Industrials, Transportation Infrastructure)		28,136		38,352
Gujarat State Fertilizers & Chemicals Limited (Materials, Chemicals)		22,625		34,443
Hatsun Agro Products Limited (Consumer Staples, Food Products)		5,889		52,384
Havells India Limited (Industrials, Electrical Equipment)		32,245		316,782
HCL Technologies Limited (Information Technology, IT Services)		55,031		801,442
Hero Honda Motors Limited (Consumer Discretionary, Automobiles)		11,853		519,597
Hexaware Technologies Limited (Information Technology, IT Services)		8,448		39,267
Hindustan Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		89,837		299,500
Hindustan Unilever Limited (Consumer Staples, Household Products)		98,183		2,470,940
Honeywell Automation India Limited (Information Technology, Electronic Equipment, Instruments & Components)		244		77,646
India Cements Limited (Materials, Construction Materials)		24,284		32,735
India Infoline Limited (Financials, Capital Markets)		18,418		124,641
Indiabulls Housing Finance Limited (Financials, Thrifts & Mortgage Finance)		33,524		344,211
Indiabulls Real Estate Limited (Real Estate, Real Estate Management & Development) †		32,004		35,932
Indian Hotels Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		72,296		149,633
Indraprastha Gas Limited (Utilities, Gas Utilities)		25,328		95,632
Infibeam Avenues Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		64,350		41,133
Info Edge India Limited (Communication Services, Interactive Media & Services)		6,490		143,926
Infosys Limited (Information Technology, IT Services)		74,181		710,411
Infosys Limited ADR (Information Technology, IT Services)		309,460		3,051,276
Infrastructure Development Finance Company Limited (Financials, Diversified Financial Services)		117,959		69,308
Interglobe Aviation Limited (Industrials, Airlines)		10,166		151,443
Ipca Laboratories Limited (Health Care, Pharmaceuticals)		10,337		118,128
IRB Infrastructure Developers Limited (Industrials, Construction & Engineering)		13,271		28,420
Jain Irrigation Systems Limited (Industrials, Machinery)		39,748		37,954
Jindal Steel & Power Limited (Materials, Metals & Mining) †		54,316		120,057
JM Financial Limited (Financials, Capital Markets)		44,188		55,825
JSW Energy Limited (Utilities, Independent Power & Renewable Electricity Producers) †		41,740		40,934
JSW Steel Limited (Materials, Metals & Mining)		118,888		536,058
Jubilant Foodworks Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,955		125,543
Jubilant Organosys Limited (Health Care, Pharmaceuticals)		10,760		119,619
Jyothy Laboratories Limited (Consumer Staples, Household Products)		31,762		84,629
Kajaria Ceramics Limited (Industrials, Building Products)		9,376		59,146
Karnataka Bank Limited (Financials, Banks)		35,371		52,553
Karur Vysya Bank Limited (Financials, Banks)		80,157		90,859
KEC International Limited (Industrials, Construction & Engineering)		22,977		96,761
Kotak Mahindra Bank Limited (Financials, Banks)		127,968		2,265,673
KPIT Technologies Limited (Information Technology, Software)		17,298		51,736
KPR Mill Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		8,090		67,563
KRBL Limited (Consumer Staples, Food Products)		8,887		38,088
L&T Finance Holdings Limited (Financials, Diversified Financial Services)		72,296		149,582
Lakshmi Machine Works Limited (Industrials, Machinery)		817		68,390
Larsen & Toubro Infotech Limited (Information Technology, IT Services) 144A		3,167		71,331
Laurus Labs Limited (Health Care, Pharmaceuticals) 144A		11,764		64,816
Lupin Limited (Health Care, Pharmaceuticals)		25,399		323,159
Mahindra & Mahindra Financial Services Limited (Financials, Consumer Finance)		29,508		190,207
Mahindra & Mahindra Limited (Consumer Discretionary, Automobiles)		90,976		1,032,397
Manappuram Finance Limited (Financials, Consumer Finance)		31,656		39,198
Marico Limited (Consumer Staples, Personal Products)		70,955		363,200
Minda Industries Limited (Consumer Discretionary, Auto Components)		9,661		44,815
Mindtree Limited (Information Technology, IT Services)		11,691		147,054

6

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
India (continued)
Motherson Sumi Systems Limited (Consumer Discretionary, Auto Components)		139,547	$	311,751
Motilal Oswal Financial Services Limited (Financials, Capital Markets)		3,588		31,607
Mphasis Limited (Information Technology, IT Services)		7,547		108,627
MRF Limited (Consumer Discretionary, Auto Components)		307		296,591
Multi Commodity Exchange of India Limited (Financials, Capital Markets)		3,940		41,500
Muthoot Finance Limited (Financials, Consumer Finance)		29,964		194,587
Nagarjuna Construction Company Limited (Industrials, Construction & Engineering)		56,040		69,955
Natco Pharma Limited (Health Care, Pharmaceuticals)		12,799		131,231
National Aluminum Company Limited (Materials, Metals & Mining)		62,539		60,525
Nestle India Limited (Consumer Staples, Food Products)		3,343		516,348
NHPC Limited (Utilities, Independent Power & Renewable Electricity Producers)		234,267		87,226
NIIT Technologies Limited (Information Technology, Software)		4,271		66,784
NTPC Limited (Utilities, Independent Power & Renewable Electricity Producers)		200,737		404,095
Oracle Financials Services Limited (Information Technology, Software)		1,225		60,442
Orient Electric Limited (Industrials, Electrical Equipment)		25,521		51,137
Page Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		417		162,247
Persistent Systems Limited (Information Technology, IT Services)		5,965		51,827
Petronet LNG Limited (Energy, Oil, Gas & Consumable Fuels)		133,943		411,659
Pfizer Limited (Health Care, Pharmaceuticals)		2,009		78,809
Phoenix Mills Limited (Real Estate, Real Estate Management & Development)		6,464		56,998
Pidilite Industries Limited (Materials, Chemicals)		23,683		395,300
Piramal Enterprises Limited (Health Care, Pharmaceuticals)		9,925		313,294
PNB Housing Finance Limited (Financials, Thrifts & Mortgage Finance) 144A		11,682		151,944
Prestige Estates Projects Limited (Real Estate, Real Estate Management & Development)		12,538		38,957
Procter & Gamble Hygiene & Healthcare Limited (Consumer Staples, Personal Products)		1,183		162,447
Punjab National Bank (Financials, Banks) †		73,033		73,248
PVR Limited (Communication Services, Entertainment)		2,446		50,398
Quess Corporation Limited (Industrials, Professional Services) 144A†		3,712		38,665
Rain Industries Limited (Materials, Chemicals)		23,019		44,010
Rajesh Exports Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		10,762		88,156
RBL Bank Limited (Financials, Banks) 144A		36,640		288,304
Relaxo Footwears Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,671		82,720
Reliance Capital Limited (Financials, Diversified Financial Services)		11,882		38,547
Reliance Energy Limited (Utilities, Electric Utilities)		12,362		58,764
Reliance Nippon Life Asset Management Limited (Financials, Diversified Financial Services)		32,597		80,680
RP-SG Business Process Services Limited (Information Technology, IT Services) (a)†		1,159		0
RP-SG Retail Limited (Consumer Discretionary, Specialty Retail) (a)†		3,477		16,118
Rural Electrification Corporation Limited (Financials, Diversified Financial Services)		79,104		113,387
Sadbhav Engineering Limited (Industrials, Construction & Engineering)		11,227		33,611
Sanofi India Limited (Health Care, Pharmaceuticals)		892		78,792
Schaeffler India Limited (Industrials, Machinery)		921		69,757
Shriram City Union Finance Limited (Financials, Consumer Finance)		2,270		51,170
Shriram Transport Finance Company Limited (Financials, Consumer Finance)		14,834		245,939
SKF India Limited (Industrials, Machinery)		2,558		69,989
Solar Industries India Limited (Materials, Chemicals)		4,444		65,568
South Indian Bank Limited (Financials, Banks)		188,286		43,495
SRF Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,101		96,305
Star Cement Limited (Materials, Construction Materials)		33,484		47,563
State Bank of India (Financials, Banks) †		270,168		1,103,427
Sterlite Technologies Limited (Information Technology, Communications Equipment)		19,987		99,713
Strides Shasun Limited (Health Care, Pharmaceuticals)		8,838		61,585
Sun Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		126,228		892,172
Sun TV Network Limited (Communication Services, Media)		9,653		81,932
Sundaram Finance Limited (Financials, Consumer Finance)		11,271		236,296
Sundram Fasteners Limited (Consumer Discretionary, Auto Components)		11,662		85,112
Supreme Industries Limited (Materials, Chemicals)		6,016		85,788
Tata Chemicals Limited (Materials, Chemicals)		18,119		181,320
Tata Consultancy Services Limited (Information Technology, IT Services)		104,303		2,945,611
Tata Elxsi Limited (Information Technology, Software)		3,327		48,885
Tata Power Company Limited (Utilities, Electric Utilities)		134,922		147,321
Tata Steel Limited (Materials, Metals & Mining)		62,923		478,050
Tech Mahindra Limited (Information Technology, IT Services)		61,552		623,468
Thermax India Limited (Industrials, Machinery)		5,051		75,462

7

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
India (continued)
TI Financial Holdings Limited (Financials, Insurance)		12,222	$	91,338
Titan Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		34,802		462,945
Torrent Pharmaceuticals Limited (Health Care, Pharmaceuticals)		4,647		118,270
Torrent Power Limited (Utilities, Electric Utilities)		11,906		46,278
TV18 Broadcast Limited (Communication Services, Media) †		95,900		49,398
TVS Motor Company Limited (Consumer Discretionary, Automobiles)		20,623		164,937
Ujjivan Financial Services Limited (Financials, Consumer Finance)		9,428		29,504
United Breweries Limited (Consumer Staples, Beverages)		14,142		251,591
United Spirits Limited (Consumer Staples, Beverages) †		31,894		307,705
Vardhman Textiles Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,928		59,733
Varun Beverages Limited (Consumer Staples, Beverages)		5,611		62,438
VIP Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		11,892		91,099
Wabco India Limited (Consumer Discretionary, Auto Components)		579		56,234
Whirlpool of India Limited (Consumer Discretionary, Household Durables)		3,770		75,670
Wockhardt Limited (Health Care, Pharmaceuticals)		6,217		48,370
Zee Entertainment Enterprises Limited (Communication Services, Media)		46,560		326,411
				44,654,397
Indonesia : 1.11%
PT Ace Hardware Incorporated Indonesia Tbk (Consumer Discretionary, Specialty Retail)		806,700		91,090
PT AKR Corporindo Tbk (Industrials, Trading Companies & Distributors)		146,900		40,057
PT Bank Danamon Indonesia Tbk (Financials, Banks)		258,300		134,094
PT Bank Negara Indonesia Persero Tbk (Financials, Banks)		783,300		465,517
PT Bank Tabungan Negara Persero Tbk (Financials, Banks)		443,100		82,718
PT Bank Tabungan Pensiunan Nasional Tbk (Financials, Banks)		73,340		18,255
PT Bayan Resources Group Tbk (Energy, Oil, Gas & Consumable Fuels)		2,400		3,339
PT Bumi Serpong Damai Tbk (Real Estate, Real Estate Management & Development)		963,600		90,953
PT Charoen Pokphand Indonesia Tbk (Consumer Staples, Food Products)		363,900		151,386
PT Elang Mahkota Teknologi Tbk (Communication Services, Media)		3,000		1,851
PT Gudang Garam Tbk (Consumer Staples, Tobacco)		43,500		249,397
PT Hanjaya Mandala Sampoerna Tbk (Consumer Staples, Tobacco)		799,000		205,581
PT Hanson International Tbk (Real Estate, Real Estate Management & Development) †		6,219,100		53,049
PT Indo Tambangraya Megah Tbk (Energy, Oil, Gas & Consumable Fuels)		41,600		61,807
PT Indofood CBP Sukses Makmur Tbk (Consumer Staples, Food Products)		247,300		170,313
PT Jasa Marga (Persero) Tbk (Industrials, Transportation Infrastructure)		199,400		57,579
PT Kalbe Farma Tbk (Health Care, Pharmaceuticals)		2,319,100		247,273
PT Lippo Karawaci Terbuka Tbk (Real Estate, Real Estate Management & Development)		1,558,500		28,767
PT Mayora Indah Tbk (Consumer Staples, Food Products)		388,087		69,192
PT Media Nusantara Citra Tbk (Communication Services, Media)		610,200		33,704
PT Mitra Keluarga Karyasehat Tbk (Health Care, Health Care Providers & Services) †		616,800		68,569
PT Perusahaan Gas Negara Persero Tbk (Utilities, Gas Utilities)		990,100		135,336
PT Sumber Alfaria Trijaya Tbk (Consumer Staples, Food & Staples Retailing)		1,630,900		95,214
PT Summarecon Agung Tbk (Real Estate, Real Estate Management & Development)		667,000		38,241
PT Surya Citra Media Tbk (Communication Services, Media)		556,500		74,511
PT Tambang Batubara Bukit Asam Tbk (Energy, Oil, Gas & Consumable Fuels)		293,300		82,438
PT Totalindo Eka Persada Tbk (Industrials, Construction & Engineering) †		2,893,860		162,878
PT Trada Alam Minera Tbk (Industrials, Marine) †		2,343,100		23,427
PT Waskita Karya Persero Tbk (Industrials, Construction & Engineering)		409,100		44,621
PT XL Axiata Tbk (Communication Services, Wireless Telecommunication Services) †		353,200		50,378
				3,031,535
Malaysia : 4.96%
Affin Holdings Bhd (Financials, Banks)		170,300		97,675
AirAsia Bhd (Industrials, Airlines)		261,800		192,698
Alliance Financial Group Bhd (Financials, Banks)		116,300		113,951
AMMB Holdings Bhd (Financials, Banks)		172,500		175,612
Astro Malaysia Holdings Bhd (Communication Services, Media)		225,500		64,667
Axiata Group Bhd (Communication Services, Wireless Telecommunication Services)		439,600		381,347
Batu Kawan Bhd (Materials, Chemicals)		27,500		110,539
Bimb Holdings Bhd (Financials, Banks)		68,000		61,914
Boustead Holdings Bhd (Industrials, Industrial Conglomerates)		285,200		100,871
British American Tobacco Malaysia Bhd (Consumer Staples, Tobacco)		12,000		108,113

8

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Malaysia (continued)
Bumi Armada Bhd (Energy, Energy Equipment & Services) †		378,900	$	14,488
Bursa Malaysia Bhd (Financials, Capital Markets)		58,700		98,055
Carlsberg Brewery Malaysia Bhd (Consumer Staples, Beverages)		15,100		71,161
Dialog Group Bhd (Energy, Energy Equipment & Services)		457,800		346,810
Digi.com Bhd (Communication Services, Wireless Telecommunication Services)		333,700		338,126
Felda Global Ventures Holdings Bhd (Consumer Staples, Food Products)		208,000		43,991
Fraser & Neave Holdings Bhd (Consumer Staples, Beverages)		12,900		102,719
Gas Malaysia Bhd (Utilities, Gas Utilities)		66,860		44,898
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		227,400		341,277
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		313,900		214,543
HAP Seng Consolidated Bhd (Industrials, Industrial Conglomerates)		71,300		167,835
Hartalega Holdings Bhd (Health Care, Health Care Equipment & Supplies)		166,400		254,501
Heineken Malaysia Bhd (Consumer Staples, Beverages)		15,100		72,027
Hong Leong Bank Bhd (Financials, Banks)		78,200		380,862
Hong Leong Financial Group Bhd (Financials, Banks)		29,800		137,303
IGB REIT Bhd (Real Estate, Equity REITs)		193,000		79,331
IJM Corporation Bhd (Industrials, Construction & Engineering)		301,800		117,561
Inari Amertron Bhd (Information Technology, Electronic Equipment, Instruments & Components)		247,200		97,474
IOI Corporation Bhd (Consumer Staples, Food Products)		267,400		271,586
IOI Properties Group Bhd (Real Estate, Real Estate Management & Development)		189,300		73,739
KLCC Property Holdings Bhd (Real Estate, Equity REITs)		34,900		64,054
Kossan Rubber Industries Bhd (Health Care, Health Care Equipment & Supplies)		62,200		63,917
Kuala Lumpur Kepong Bhd (Consumer Staples, Food Products)		43,800		256,446
Lotte Chemical Titan Holding Bhd (Materials, Chemicals) 144A		133,600		155,805
LPI Capital Bhd (Financials, Insurance)		22,700		86,037
Malakoff Corporation Bhd (Utilities, Independent Power & Renewable Electricity Producers)		202,900		39,033
Malayan Banking Bhd (Financials, Banks)		551,300		1,237,115
Malaysia Airports Holdings Bhd (Industrials, Transportation Infrastructure)		113,600		208,224
Malaysian Resources Corporation Bhd (Industrials, Construction & Engineering)		316,900		50,362
Maxis Bhd (Communication Services, Wireless Telecommunication Services)		230,700		299,367
MISC Bhd (Industrials, Marine)		132,600		194,884
Nestle Malaysia Bhd (Consumer Staples, Food Products)		6,000		214,219
Oriental Holdings Bhd (Consumer Discretionary, Automobiles)		45,300		64,954
Padini Holdings Bhd (Consumer Discretionary, Specialty Retail)		39,200		44,966
Petronas Chemicals Group Bhd (Materials, Chemicals)		221,500		486,988
Petronas Dagangan Bhd (Energy, Oil, Gas & Consumable Fuels)		26,900		165,855
Petronas Gas Bhd (Utilities, Gas Utilities)		57,300		259,353
Press Metal Bhd (Materials, Metals & Mining)		202,900		230,805
Public Bank Bhd (Financials, Banks)		277,800		1,654,385
Ql Resources Bhd (Consumer Staples, Food Products)		71,160		120,060
RHB Capital Bhd (Financials, Banks)		248,900		312,277
Scientex Bhd (Materials, Chemicals)		32,700		71,425
Sime Darby Bhd (Industrials, Industrial Conglomerates)		326,600		178,734
Sime Darby Property Bhd (Real Estate, Real Estate Management & Development)		275,500		65,509
SP Setia Bhd (Real Estate, Real Estate Management & Development)		194,600		99,986
Sunway Bhd (Real Estate, Real Estate Management & Development)		226,100		78,888
Sunway REIT Bhd (Real Estate, Real Estate Management & Development)		199,900		78,345
Telecom Malaysia Bhd (Communication Services, Diversified Telecommunication Services)		231,700		129,014
Tenaga Nasional Bhd (Utilities, Electric Utilities)		318,200		1,082,846
Time Dotcom Bhd (Communication Services, Diversified Telecommunication Services)		47,200		90,802
Top Glove Corporation Bhd (Health Care, Health Care Equipment & Supplies)		148,800		212,292
UMW Holdings Bhd (Consumer Discretionary, Automobiles)		52,200		62,997
United Plantations Bhd (Consumer Staples, Food Products)		12,900		80,461
VS Industry Bhd (Information Technology, Electronic Equipment, Instruments & Components)		128,175		48,703
Westports Holdings Bhd (Industrials, Transportation Infrastructure)		88,900		80,094
Yinson Holdings Bhd (Energy, Energy Equipment & Services)		79,500		81,694
YTL Corporation Bhd (Utilities, Multi-Utilities)		560,062		149,903
YTL Power International Bhd (Utilities, Multi-Utilities)		234,400		49,574
				13,526,047
Mexico : 3.76%
Aleatica SAB de CV (Industrials, Transportation Infrastructure)		76,491		94,553

9

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
Mexico (continued)
Alpek SAB de CV (Materials, Chemicals)		34,100	$	41,549
Alsea SAB de CV (Consumer Discretionary, Hotels, Restaurants & Leisure)		41,174		103,189
America Movil SAB de CV Series L (Communication Services, Wireless Telecommunication Services)		2,297,523		1,541,935
Arca Continental SAB de CV (Consumer Staples, Beverages)		35,367		182,919
Banco del Bajio SA (Financials, Banks)		80,500		149,975
Banco Santander Mexico SA (Financials, Banks)		153,978		189,279
Becle SAB de CV ADR (Consumer Staples, Beverages)		46,500		58,508
Coca-Cola Femsa SAB de CV Series L (Consumer Staples, Beverages)		44,528		269,678
Corporacion Inmobiliaria Vesta SAB de CV (Real Estate, Real Estate Management & Development)		55,700		69,510
El Puerto de Liverpool SAB de CV (Consumer Discretionary, Multiline Retail)		17,233		102,668
Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs)		301,953		304,123
Fomento Economico Mexicano SAB de CV (Consumer Staples, Beverages)		194,428		1,684,764
Genomma Lab Internacional SAB de CV Class B (Health Care, Pharmaceuticals) †		81,093		49,762
Gentera SAB de CV (Financials, Consumer Finance)		100,148		73,904
GMexico Transportes SAB de CV (Industrials, Road & Rail) 144A		50,600		60,485
Gruma SAB de CV Class B (Consumer Staples, Food Products)		18,635		204,169
Grupo Aeromexico SAB de CV (Industrials, Airlines) †		51,670		55,037
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure)		31,610		141,528
Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation Infrastructure)		37,315		259,764
Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation Infrastructure)		19,265		258,075
Grupo Carso SAB de CV (Industrials, Industrial Conglomerates)		47,501		151,835
Grupo Cementos de Chihuahua SAB de CV (Materials, Construction Materials)		17,000		88,467
Grupo Comercial Chedraui SAB de CV (Consumer Staples, Food & Staples Retailing)		26,644		48,932
Grupo Elektra SAB de CV (Financials, Banks)		6,064		274,990
Grupo Financiero Banorte SAB de CV (Financials, Banks)		252,400		1,156,982
Grupo Financiero Inbursa SAB de CV (Financials, Banks)		212,100		283,547
Grupo Lala SAB de CV (Consumer Staples, Food Products)		55,967		50,760
Industrias Bachoco SAB de CV Series B (Consumer Staples, Food Products)		16,255		56,415
Industrias CH SAB de CV Series B (Materials, Metals & Mining) †		13,600		58,787
Industrias Penoles SAB de CV (Materials, Metals & Mining)		10,923		124,612
Macquarie Mexico Real Estate Management SA de CV (Real Estate, Equity REITs) 144A		75,705		66,876
Mexichem SAB de CV (Materials, Chemicals)		83,124		193,988
Nemak SAB de CV (Consumer Discretionary, Auto Components)		271,000		194,259
PLA Administradora Industria S de RL de CV (Real Estate, Equity REITs)		78,204		102,204
Prologis Property Mexico SA de CV (Real Estate, Equity REITs)		34,094		55,947
Promotora Y Operadora de Infraestructura SAB de CV (Industrials, Transportation Infrastructure)		16,239		143,451
Regional SAB de CV (Financials, Banks)		20,200		87,157
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		489,139		1,211,688
				10,246,271
Philippines : 1.64%
Aboitiz Power Corporation (Utilities, Independent Power & Renewable Electricity Producers)		163,700		98,994
Alliance Global Group Incorporated (Industrials, Industrial Conglomerates) †		564,700		123,092
Ayala Corporation (Financials, Diversified Financial Services)		26,770		486,335
Bank of the Philippine Islands (Financials, Banks)		207,010		371,691
Bloomberry Resorts Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		439,300		70,002
China Banking Corporation (Financials, Banks)		246,608		130,078
D&L Industries Incorporated (Materials, Chemicals)		300,900		58,550
DMCI Holdings Incorporated (Industrials, Industrial Conglomerates)		418,400		98,615
Energy Development Corporation (Utilities, Independent Power & Renewable Electricity Producers) (a)		231,800		30,379
Globe Telecom Incorporated (Communication Services, Wireless Telecommunication Services)		3,000		112,743
Golden Bria Holdings Incorporated (Consumer Discretionary, Diversified Consumer Services) †		6,800		42,159
GT Capital Holdings Incorporated (Financials, Diversified Financial Services)		10,253		173,874
International Container Term Services Incorporated (Industrials, Transportation Infrastructure)		165,830		295,786
Jollibee Foods Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		61,620		327,760
Manila Electric Company (Utilities, Electric Utilities)		25,430		186,811
Manila Water Company (Utilities, Water Utilities)		123,400		63,489
Metro Pacific Investments Corporation (Financials, Diversified Financial Services)		1,056,300		94,792
Petron Corporation (Energy, Oil, Gas & Consumable Fuels)		549,008		85,881
Philippine National Bank (Financials, Banks) †		142,630		112,280
Philippine Seven Corporation (Consumer Staples, Food & Staples Retailing)		32,253		68,911
Pilipinas Shell Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels)		83,830		75,916

10

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Philippines (continued)
PLDT Incorporated (Communication Services, Wireless Telecommunication Services)		11,125	$	244,771
Puregold Price Club Incorporated (Consumer Staples, Food & Staples Retailing)		110,010		89,433
Robinsons Land Company (Real Estate, Real Estate Management & Development)		541,700		211,236
Robinsons Retail Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		69,770		101,687
San Miguel Corporation (Industrials, Industrial Conglomerates)		190,540		636,692
Union Bank of Philippines (Financials, Banks)		11,760		15,188
Vista Land & Lifescapes Incorporated (Real Estate, Real Estate Management & Development)		563,400		57,049
				4,464,194
Russia : 1.82%
Aeroflot PJSC (Industrials, Airlines)		54,658		93,261
Alrosa PJSC (Materials, Metals & Mining)		303,200		447,967
Bank Otkritie Financial Corporation PJSC (Financials, Banks) (a)†		3,758		0
Credit Bank of Moscow PJSC (Financials, Banks) †		1,183,600		89,194
Federal Grid Company Unified Energy System PJSC (Utilities, Electric Utilities)		25,550,000		59,863
Gazprom Neft PJSC (Energy, Oil, Gas & Consumable Fuels)		21,065		114,443
Inter Rao Ues PJSC (Utilities, Electric Utilities)		3,450,002		204,940
LSR Group PJSC (Real Estate, Real Estate Management & Development)		4,384		41,864
Lukoil PJSC (Energy, Oil, Gas & Consumable Fuels)		6,291		457,600
M.video PSJC (Consumer Discretionary, Specialty Retail) †		7,610		46,171
Magnitogorsk Iron & Steel Works PJSC (Materials, Metals & Mining)		175,300		120,094
Megafon PJSC (Communication Services, Wireless Telecommunication Services) †		27,030		233,830
MMC Norilsk Nickel PJSC (Materials, Metals & Mining)		5,093		960,069
Mobile TeleSystems PJSC (Communication Services, Wireless Telecommunication Services)		106,044		394,025
Nizhnekamskneftekhim PJSC (Materials, Chemicals) †		21,000		20,060
Novolipetsk Steel PJSC (Materials, Metals & Mining)		93,250		219,263
PhosAgro PJSC (Materials, Chemicals)		4,006		153,543
PIK Group PJSC (Real Estate, Real Estate Management & Development)		16,429		86,461
Polyus PJSC (Materials, Metals & Mining)		2,327		165,634
Rosgosstrakh PJSC (Financials, Insurance) †		662,000		2,055
Rostelecom PJSC (Communication Services, Diversified Telecommunication Services)		104,240		110,463
Rushydro PJSC (Utilities, Electric Utilities)		17,687,000		137,325
RussNeft PJSC (Energy, Oil, Gas & Consumable Fuels) †		5,776		46,915
Safmar Financial Investment PJSC (Financials, Consumer Finance)		6,030		52,056
Severstal PJSC (Materials, Metals & Mining)		18,440		273,462
Sistema PJSC (Communication Services, Wireless Telecommunication Services)		370,400		47,218
Unipro PJSC (Utilities, Independent Power & Renewable Electricity Producers)		1,013,000		42,334
United Wagon PJSC (Industrials, Road & Rail) †		11,088		66,826
VTB Bank PJSC (Financials, Banks)		504,850,000		279,702
				4,966,638
South Africa : 4.88%
Absa Group Limited (Financials, Banks)		63,961		710,742
ADvTECH Limited (Consumer Discretionary, Diversified Consumer Services)		51,276		56,238
AECI Limited (Materials, Chemicals)		10,463		68,703
Anglo American Platinum Limited (Materials, Metals & Mining)		5,687		182,608
Anglogold Ashanti Limited (Materials, Metals & Mining)		31,230		313,523
Aspen Pharmacare Holdings Limited (Health Care, Pharmaceuticals)		37,879		402,002
Astral Foods Limited (Consumer Staples, Food Products)		3,623		45,880
Attacq Limited (Real Estate, Real Estate Management & Development)		69,590		74,065
Avi Limited (Consumer Staples, Food Products)		31,642		227,564
Barloworld Limited (Industrials, Trading Companies & Distributors)		17,567		145,784
Bid Corporation Limited (Consumer Staples, Food & Staples Retailing)		27,996		517,468
Blue Label Telecoms Limited (Industrials, Commercial Services & Supplies) †		59,654		22,598
Capitec Bank Holdings Limited (Financials, Banks)		5,806		460,835
Cashbuild Limited (Consumer Discretionary, Specialty Retail)		2,435		53,942
Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		21,901		296,765
Coronation Fund Managers Limited (Financials, Capital Markets)		13,251		42,702
Dis-Chem Pharmacies Limited (Consumer Staples, Food & Staples Retailing)		87,754		204,461
Equites Property Fund Limited (Real Estate, Equity REITs)		44,881		60,883

11

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
South Africa (continued)
Fortress REIT Limited Class B (Real Estate, Equity REITs)		86,162	$	88,284
Foschini Limited (Consumer Discretionary, Specialty Retail)		20,892		263,495
Gold Fields Limited (Materials, Metals & Mining)		60,746		176,907
Growthpoint Properties Limited (Real Estate, Equity REITs)		231,034		393,760
Harmony Gold Mining Company Limited (Materials, Metals & Mining)		32,668		49,195
Hosken Consolidated Investments Limited (Industrials, Industrial Conglomerates)		11,018		99,378
Hyprop Investments Limited (Real Estate, Real Estate Management & Development)		20,205		130,047
Imperial Holdings Limited (Consumer Discretionary, Distributors)		17,317		79,358
Investec Limited (Financials, Capital Markets)		25,317		152,829
Italtile Limited (Consumer Discretionary, Specialty Retail)		97,489		94,192
JSE Limited (Financials, Capital Markets)		7,445		88,956
KAP Industrial Holdings Limited (Industrials, Industrial Conglomerates)		191,110		113,077
Liberty Holdings Limited (Financials, Insurance)		12,495		96,471
Life Healthcare Group Holdings Limited (Health Care, Health Care Providers & Services)		107,943		202,509
Massmart Holdings Limited (Consumer Staples, Food & Staples Retailing)		9,422		71,419
MMI Holdings Limited (Financials, Insurance) †		89,210		111,426
Mondi Limited (Materials, Paper & Forest Products)		10,867		239,158
Montauk Holdings Limited (Utilities, Independent Power & Renewable Electricity Producers)		8,199		44,507
Motus Holdings Limited (Consumer Discretionary, Specialty Retail) †		17,317		108,710
Mr. Price Group Limited (Consumer Discretionary, Specialty Retail)		21,905		380,938
Nampak Limited (Materials, Containers & Packaging) †		64,226		66,225
Nedbank Group Limited (Financials, Banks)		20,648		396,027
Netcare Limited (Health Care, Health Care Providers & Services)		107,772		199,077
Omnia Holdings Limited (Materials, Chemicals)		7,243		42,725
Pick’n Pay Stores Limited (Consumer Staples, Food & Staples Retailing)		31,260		165,788
Pioneer Foods Group Limited (Consumer Staples, Food Products)		16,416		100,684
PPC Limited (Materials, Construction Materials)		129,316		49,641
Redefine Properties Limited (Real Estate, Equity REITs)		472,798		327,168
Resilient REIT Limited (Real Estate, Equity REITs)		32,407		140,794
Reunert Limited (Industrials, Industrial Conglomerates)		14,684		77,728
SA Corporate Real Estate Limited REIT (Real Estate, Equity REITs)		213,528		59,935
Santam Limited (Financials, Insurance)		4,255		97,327
Sappi Limited (Materials, Paper & Forest Products)		47,145		257,620
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		39,710		564,930
Sibanye Gold Limited (Materials, Metals & Mining) †		112,504		69,002
SPAR Group Limited (Consumer Staples, Food & Staples Retailing)		16,178		228,532
Standard Bank Group Limited (Financials, Banks)		111,250		1,406,324
Super Group Limited (Consumer Staples, Food & Staples Retailing) †		37,668		101,816
Telkom South Africa Limited (Communication Services, Diversified Telecommunication Services)		26,993		110,455
The Bidvest Group Limited (Industrials, Industrial Conglomerates)		26,973		399,571
Tiger Brands Limited (Consumer Staples, Food Products)		16,290		315,015
Tongaat-Hulett Limited (Consumer Staples, Food Products)		9,308		45,906
Truworths International Limited (Consumer Discretionary, Specialty Retail)		39,760		251,779
Tsogo Sun Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		47,984		73,298
Vodacom Group Proprietary Limited (Communication Services, Wireless Telecommunication Services)		38,009		344,196
Vukile Property Fund Limited REIT (Real Estate, Equity REITs)		77,641		119,329
Wilson Bayly Holmes Ovcon Limited (Industrials, Construction & Engineering)		5,898		61,896
Woolworths Holdings Limited (Consumer Discretionary, Multiline Retail)		88,135		356,133
				13,300,300
South Korea : 18.38%
Amicogen Incorporated (Health Care, Biotechnology) †		1,525		48,636
Amorepacific Group (Consumer Staples, Personal Products)		4,727		273,681
Asiana Airlines (Industrials, Airlines) †		19,840		79,824
BH Company Limited (Information Technology, Electronic Equipment, Instruments & Components) †		2,338		31,807
BNK Financial Group Incorporated (Financials, Banks)		30,454		208,379
Bukwang Pharmaceutical Company (Health Care, Pharmaceuticals)		3,975		95,567
Cafe24 Corporation (Information Technology, IT Services) †		757		68,680
Celltrion Incorporated (Health Care, Pharmaceuticals) †		7,065		1,509,494
Cheil Worldwide Incorporated (Communication Services, Media)		7,930		165,894
Chong Kun Dang Pharmaceutical Corporation (Health Care, Pharmaceuticals)		765		69,952
CJ CGV Company Limited (Communication Services, Entertainment)		1,683		62,458
CJ Cheiljedang Corporation (Consumer Staples, Food Products)		884		264,975

12

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
South Korea (continued)
CJ Corporation (Industrials, Industrial Conglomerates)		1,987	$	231,325
CJ Korea Express Corporation (Industrials, Road & Rail) †		1,537		218,014
CJ O Shopping Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		1,880		390,776
Com2us Corporation (Communication Services, Entertainment)		915		115,094
Cosmax Incorporated (Consumer Staples, Personal Products)		707		85,777
Coway Company Limited (Consumer Discretionary, Household Durables)		4,881		341,380
CrystalGenomics Incorporated (Health Care, Biotechnology) †		3,613		59,628
DAEA TI Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		5,697		43,098
Daelim Industrial Company Limited (Industrials, Construction & Engineering)		2,781		235,192
Daesang Corporation (Consumer Staples, Food Products)		2,512		54,231
Daewoo Engineering & Construction Company Limited (Industrials, Construction & Engineering) †		23,082		102,340
Daewoo International Corporation (Industrials, Trading Companies & Distributors)		4,900		84,366
Daewoo Securities Company Limited (Financials, Capital Markets)		56,834		360,996
Daewoo Shipbuilding & Marine Engineering Company Limited (Industrials, Machinery) †		3,862		113,178
Daewoong Company Limited (Health Care, Pharmaceuticals)		4,977		73,926
Daewoong Pharmaceutical Company (Health Care, Pharmaceuticals)		710		120,028
Daishin Securities Company Limited (Financials, Capital Markets)		5,804		63,169
Daou Technology Incorporated (Financials, Capital Markets)		3,199		57,362
DB HiTek Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		4,933		51,709
DGB Financial Group Incorporated (Financials, Banks)		15,898		124,807
Dongbu Insurance Company Limited (Financials, Insurance)		5,755		347,574
Dongkuk Steel Mill Company Limited (Materials, Metals & Mining)		7,535		50,079
Dongsung Pharmaceutical Company Limited (Health Care, Pharmaceuticals) †		2,508		52,243
Doosan Bobcat Incorporated (Industrials, Machinery)		3,843		112,621
Doosan Corporation (Industrials, Industrial Conglomerates)		1,941		210,385
Doosan Heavy Industries & Construction Company Limited (Industrials, Electrical Equipment) †		9,229		93,858
Doosan Infracore Company Limited (Industrials, Machinery) †		14,976		113,427
DoubleUGames Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,059		57,534
Douzone Bizon Company Limited (Information Technology, Software)		2,102		93,572
E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		1,925		334,872
Ecopro Company Limited (Materials, Chemicals) †		2,015		56,174
EO Technics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,121		47,752
F&F Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		914		37,834
Feelux Company Limited (Industrials, Electrical Equipment)		5,549		62,868
Fila Korea Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,368		243,271
Foosung Company Limited (Materials, Chemicals) †		4,871		35,719
Genexine Company Limited (Health Care, Biotechnology) †		1,536		107,703
Grand Korea Leisure Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,804		63,787
Green Cross Corporation (Health Care, Biotechnology)		661		83,734
Green Cross Holdings Corporation (Health Care, Biotechnology)		4,239		91,515
GS Engineering & Construction Corporation (Industrials, Construction & Engineering)		6,696		260,445
GS Holdings Corporation (Energy, Oil, Gas & Consumable Fuels)		9,757		448,268
GS Home Shopping Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		376		65,610
GS Retail Company Limited (Consumer Staples, Food & Staples Retailing)		2,483		84,173
Hana Tour Service Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,166		71,669
Hanall Biopharma Company Limited (Health Care, Pharmaceuticals) †		3,815		106,866
Handsome Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,970		67,222
Hanil Cement Company Limited (Materials, Construction Materials) †		296		34,856
Hanjin Kal Corporation (Industrials, Airlines)		4,629		131,732
Hankook Tire Company Limited (Consumer Discretionary, Auto Components)		7,460		284,837
Hanon Systems (Consumer Discretionary, Auto Components)		17,103		160,205
Hansol Chemical Company Limited (Materials, Chemicals)		1,027		72,196
Hanssem Company Limited (Consumer Discretionary, Household Durables)		2,094		109,468
Hanwha Corporation (Korea) (Industrials, Industrial Conglomerates)		6,111		163,549
Hanwha Life Insurance Company Limited (Financials, Insurance)		47,171		186,841
Hanwha Techwin Company Limited (Industrials, Aerospace & Defense) †		2,948		85,341
Harim Holdings Company Limited (Consumer Staples, Food Products)		5,581		56,758
HDC Hyundai Development Co-Engineering & Construction (Industrials, Construction & Engineering) †		3,597		134,773
Hite Jinro Company Limited (Consumer Staples, Beverages)		3,281		51,222
HLB Life Science Company Limited (Industrials, Commercial Services & Supplies) †		3,964		59,940

13

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
South Korea (continued)
Hotel Shilla Company Limited (Consumer Discretionary, Specialty Retail)		4,336	$	333,821
Huchems Fine Chemical Corporation (Materials, Chemicals)		2,218		51,841
Hugel Incorporated (Health Care, Biotechnology) †		283		83,061
Hyosung Corporation (Materials, Chemicals)		1,425		65,978
Hyundai Construction Equipment Corporation (Industrials, Machinery) †		1,128		48,453
Hyundai Department Store Company Limited (Consumer Discretionary, Multiline Retail)		1,875		157,065
Hyundai Development Company (Industrials, Construction & Engineering)		3,569		53,490
Hyundai Elevator Company (Industrials, Machinery)		2,576		215,327
Hyundai Engineering & Construction Company Limited (Industrials, Construction & Engineering)		8,535		418,774
Hyundai Glovis Company Limited (Industrials, Air Freight & Logistics)		2,413		265,851
Hyundai Greenfood Company Limited (Consumer Staples, Food & Staples Retailing)		6,681		79,568
Hyundai Home Shopping Network Corporation (Consumer Discretionary, Internet & Direct Marketing Retail)		772		68,732
Hyundai Marine & Fire Insurance Company Limited (Financials, Insurance)		7,088		253,244
Hyundai Merchant Marine Company Limited (Industrials, Marine) †		26,522		89,436
Hyundai Mipo Dockyard Company Limited (Industrials, Machinery) †		1,174		114,159
Hyundai Mobis Company (Consumer Discretionary, Auto Components)		7,434		1,197,053
Hyundai Motor Company (Consumer Discretionary, Automobiles)		16,440		1,569,276
Hyundai Robotics Company Limited (Industrials, Machinery) †		832		293,180
Hyundai Rotem Company (Industrials, Machinery) †		4,921		118,970
Hyundai Steel Company (Materials, Metals & Mining)		9,665		371,615
Hyundai Wia Corporation (Consumer Discretionary, Auto Components)		2,005		58,400
Ilyang Pharmaceutical Company Limited (Health Care, Pharmaceuticals) †		2,263		60,363
Industrial Bank of Korea (Financials, Banks)		27,286		360,259
Innocean Worldwide Incorporated (Communication Services, Media)		845		50,808
Inscobee Incorporated (Communication Services, Diversified Telecommunication Services) †		10,565		62,582
JB Financial Group Company Limited (Financials, Banks)		15,788		80,282
Jcontentree Corporation (Communication Services, Entertainment) †		12,933		55,034
JYP Entertainment Corporation (Communication Services, Entertainment) †		2,751		79,515
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		10,987		316,099
KB Financial Group Incorporated (Financials, Banks)		40,103		1,688,623
KCC Corporation (Industrials, Building Products)		785		195,383
KEPCO Plant Service & Engineering Company Limited (Industrials, Commercial Services & Supplies)		2,422		66,657
Kia Motors Corporation (Consumer Discretionary, Automobiles)		26,541		722,156
Kiwoom Securities Company (Financials, Capital Markets)		1,425		108,056
Koh Young Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,277		91,934
Kolon Industries Incorporated (Materials, Chemicals)		1,778		85,018
Korea Aerospace Industries Limited (Industrials, Aerospace & Defense) †		10,473		296,172
Korea Electric Power Corporation (Utilities, Electric Utilities)		35,151		931,339
Korea Gas Corporation (Utilities, Gas Utilities) †		4,772		217,112
Korea Investment Holdings Company Limited (Financials, Capital Markets)		4,925		297,446
Korea Kolmar Company Limited (Consumer Staples, Personal Products)		1,251		76,447
Korea Petrochemical Industrial Company Limited (Materials, Chemicals)		406		57,951
Korea Real Estate Investment & Trust Company Limited (Real Estate, Real Estate Management & Development)		26,564		59,955
Korea Reinsurance Company (Financials, Insurance)		13,182		104,779
Korea Zinc Company Limited (Materials, Metals & Mining)		1,499		569,004
Korean Air Lines Company Limited (Industrials, Airlines)		7,617		216,765
KT&G Corporation (Consumer Staples, Tobacco)		13,191		1,223,840
Kumho Petrochemical Company Limited (Materials, Chemicals)		2,603		214,101
Kumho Tire Company Incorporated (Consumer Discretionary, Auto Components) †		15,383		71,223
L&F Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,335		75,407
LEENO Industrial Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		999		44,828
LF Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,686		57,868
LG Corporation (Industrials, Industrial Conglomerates)		14,459		931,299
LG Display Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		22,023		344,800
LG Electronics Incorporated (Consumer Discretionary, Household Durables)		11,647		753,296
LG Household & Health Care Limited (Consumer Staples, Personal Products)		1,181		1,222,142
LG Innotek Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,484		132,123
LG International Corporation (Industrials, Trading Companies & Distributors)		4,087		60,888
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		27,228		429,935

14

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
South Korea (continued)
Lotte Chemical Corporation (Materials, Chemicals)		1,570	$	381,663
Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages)		44		57,466
Lotte Confectionery Company Limited (Industrials, Industrial Conglomerates) †		9,020		444,985
Lotte Fine Chemical Company Limited (Materials, Chemicals)		1,919		72,330
Lotte Food Company Limited (Consumer Staples, Food Products)		93		56,168
Lotte Himart Company Limited (Consumer Discretionary, Specialty Retail)		1,058		49,457
Lotte Shopping Company Limited (Consumer Discretionary, Multiline Retail)		487		93,625
LS Corporation (Industrials, Electrical Equipment)		3,548		167,754
LS Industrial Systems Company Limited (Industrials, Electrical Equipment)		2,083		96,071
Mando Corporation (Consumer Discretionary, Auto Components)		3,302		87,782
Medy-Tox Incorporated (Health Care, Biotechnology)		357		179,432
Meritz Financial Group Incorporated (Financials, Diversified Financial Services)		4,599		46,977
Meritz Fire & Marine Insurance Company Limited (Financials, Insurance)		5,281		99,877
Meritz Securities Company Limited (Financials, Capital Markets)		35,920		141,155
Mirae Asset Life Insurance Company Limited (Financials, Insurance)		20,512		78,685
Naver Corporation (Communication Services, Interactive Media & Services)		15,131		1,707,544
NCsoft Corporation (Communication Services, Entertainment)		1,705		778,768
NH Investment & Securities Company Class C (Financials, Capital Markets)		16,557		204,572
NHN Entertainment Corporation (Communication Services, Entertainment) †		1,239		63,777
Nong Shim Company Limited (Consumer Staples, Food Products)		409		91,582
OIC Company Limited (Materials, Chemicals)		1,944		181,228
Osstem Implant Company Limited (Health Care, Health Care Equipment & Supplies) †		938		44,350
Ottogi Corporation (Consumer Staples, Food Products)		242		159,973
Pan Ocean Company Limited (Industrials, Marine) †		26,901		109,913
Paradise Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,262		117,592
Pharmicell Company Limited (Health Care, Biotechnology) †		5,617		68,900
Poongsan Corporation (Materials, Metals & Mining)		1,691		42,465
POSCO (Materials, Metals & Mining)		9,462		2,089,161
POSCO Chemtech Company Limited (Materials, Construction Materials)		2,367		142,955
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		4,330		426,839
S1 Corporation Incorporated (Industrials, Commercial Services & Supplies)		2,151		184,791
Sam Chun Dang Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		1,431		52,532
Samjin Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		1,552		60,020
Samsung Card Company Limited (Financials, Consumer Finance)		3,891		112,119
Samsung Electro-Mechanics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		5,778		621,124
Samsung Engineering Company Limited (Industrials, Construction & Engineering) †		15,386		266,968
Samsung Fire & Marine Insurance Company Limited (Financials, Insurance)		3,801		924,013
Samsung SDS Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		3,751		655,869
Samsung Securities Company Limited (Financials, Capital Markets)		7,153		198,774
Samwha Capacitor Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		928		50,831
Samyang Holdings Corporation (Consumer Staples, Food Products)		827		64,555
Sangsangin Company Limited (Information Technology, Communications Equipment) †		3,084		52,274
Seegene Incorporated (Health Care, Biotechnology) †		2,197		35,475
Seoul Semiconductor Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,870		74,918
SFA Engineering Corporation (Information Technology, Electronic Equipment, Instruments & Components)		1,954		66,589
Shinsegae Company Limited (Consumer Discretionary, Multiline Retail)		880		228,449
SK Company Limited (Industrials, Industrial Conglomerates)		4,894		1,229,012
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		56,653		3,517,596
SK Innovation Company Limited (Energy, Oil, Gas & Consumable Fuels)		6,136		1,075,627
SK Materials Company Limited (Materials, Chemicals)		512		73,720
SK Networks Company Limited (Industrials, Trading Companies & Distributors)		18,394		81,226
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		5,796		1,496,893
SKC Company Limited (Materials, Chemicals)		2,308		75,152
SKC Kolon PI Incorporated (Materials, Chemicals)		1,286		38,490
SM Entertainment Company (Communication Services, Entertainment) †		1,987		94,834
Soulbrain Company Limited (Materials, Chemicals)		1,095		51,187
Ssangyong Cement Industrial Company Limited (Materials, Construction Materials)		12,424		65,060

15

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
South Korea (continued)
Studio Dragon Corporation (Communication Services, Entertainment) †		913	$	88,209
Taekwang Industrial Company Limited (Materials, Chemicals)		78		94,634
Taeyoung Engineering & Construction Company Limited (Industrials, Construction & Engineering)		5,292		50,279
Wonik IPS Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,302		64,364
Woori Bank Company Limited (Financials, Banks)		47,367		661,308
Young Poong Corporation (Materials, Metals & Mining)		111		71,693
Youngone Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,527		88,708
Yuhan Corporation (Health Care, Pharmaceuticals)		937		190,167
				50,097,525
Taiwan : 15.06%
Accton Technology Corporation (Information Technology, Communications Equipment)		46,000		145,610
Acer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		343,000		221,603
Aerospace industrial Development Corporation (Industrials, Aerospace & Defense)		77,000		76,496
ASE Industrial Holding Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		336,000		680,694
Asia Cement Corporation (Materials, Construction Materials)		237,000		259,302
Asia Optical Company Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		28,000		60,633
ASMedia Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		4,000		63,893
Asustek Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		74,000		523,741
AU Optronics Corporation (Information Technology, Electronic Equipment, Instruments & Components)		839,000		341,849
BizLink Holding Incorporated (Industrials, Electrical Equipment)		11,000		69,997
Capital Securities Corporation (Financials, Capital Markets)		307,700		93,804
Career Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		39,000		38,555
Casetek Holdings Limited (Information Technology, Technology Hardware, Storage & Peripherals)		52,000		72,932
Cathay Financial Holding Company (Financials, Insurance)		821,000		1,294,078
Cathay No.1 REIT (Real Estate, Equity REITs)		223,500		106,810
Chailease Holding Company Limited (Financials, Diversified Financial Services)		137,700		429,621
Chang Hwa Commercial Bank (Financials, Banks)		653,280		371,164
Cheng Loong Corporation (Materials, Containers & Packaging)		110,000		77,675
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		63,335		123,991
Chilisin Electronics Corporation (Information Technology, Electronic Equipment, Instruments & Components)		14,225		39,394
Chin Poon Industrial Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		40,000		50,063
China Airlines (Industrials, Airlines)		333,000		118,923
China Bills Finance Corporation (Financials, Capital Markets)		135,000		56,101
China Development Financial Holding Corporation (Financials, Banks)		1,539,000		499,651
China Life Insurance Company - Taiwan Exchange (Financials, Insurance)		316,660		300,710
China Motor Company Limited (Consumer Discretionary, Automobiles)		66,000		49,390
China Petrochemical Development Corporation (Materials, Chemicals) †		289,000		112,123
China Steel Chemical Corporation (Materials, Chemicals)		15,000		63,309
China Steel Corporation (Materials, Metals & Mining)		1,195,000		931,123
China Synthetic Rubber Corporation (Materials, Chemicals)		67,200		89,559
Chong Hong Construction Company Limited (Real Estate, Real Estate Management & Development)		17,000		43,657
Chroma ATE Incorporated Chroma ATE Inc(Information Technology, Electronic Equipment, Instruments & Components)		42,000		162,265
Chunghwa Telecom Company Limited (Communication Services, Diversified Telecommunication Services)		434,000		1,507,654
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		6,000		32,823
Clevo Company (Information Technology, Technology Hardware, Storage & Peripherals)		76,000		75,256
Compal Electronic Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		434,000		247,988
Compeq Manufacturing Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		137,000		90,736

16

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Taiwan (continued)
Concraft Holding Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		9,600	$	48,309
CTBC Financial Holding Company Limited (Financials, Banks)		1,950,000		1,294,661
CTCI Corporation (Industrials, Construction & Engineering)		62,000		91,586
Cub Elecparts Incorporated (Consumer Discretionary, Auto Components)		5,777		45,951
E.SUN Financial Holding Company Limited (Financials, Banks)		1,038,077		701,005
Elan Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		33,100		75,868
Elite Material Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		27,000		63,903
Ennoconn Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		4,000		34,089
Epistar Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		118,000		103,628
Eternal Chemical Company Limited (Materials, Chemicals)		117,453		91,517
Eva Airways Corporation (Industrials, Airlines)		304,964		159,405
Evergreen Marine Corporation (Taiwan) Limited (Industrials, Marine)		290,850		110,008
Everlight Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		40,000		40,323
Far Eastern Department Stores Company Limited (Consumer Discretionary, Multiline Retail)		123,000		63,893
Far Eastern International Bank (Financials, Banks)		359,522		119,640
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)		437,000		403,638
Far EasTone Telecommunications Company Limited (Communication Services, Wireless Telecommunication Services)		206,000		484,879
Feng Hsin Iron & Steel Company (Materials, Metals & Mining)		48,000		91,788
Feng Tay Enterprise Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		55,000		349,983
First Financial Holding Company Limited (Financials, Banks)		934,172		605,059
Flexium Interconnect Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		27,000		70,652
Formosa Chemicals & Fibre Corporation (Materials, Chemicals)		454,000		1,569,761
Formosa Petrochemical Corporation (Energy, Oil, Gas & Consumable Fuels)		197,000		713,131
Formosa Sumco Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		4,500		20,819
Formosa Taffeta Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		125,000		136,357
Foxconn Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		106,000		214,055
Foxsemicon Integrated Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		9,400		41,657
Fubon Financial Holding Company Limited (Financials, Diversified Financial Services)		702,000		1,112,206
General Interface Solution Holding Limited (Information Technology, Electronic Equipment, Instruments & Components)		25,000		83,600
Getac Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		40,000		48,829
Giant Manufacturing Company Limited (Consumer Discretionary, Leisure Products)		42,000		194,991
Gigabyte Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		60,000		75,678
Global Unichip Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		12,000		77,723
Gourmet Master Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,936		63,124
Grand Pacific Petrochemical Corporation (Materials, Chemicals)		78,000		56,598
Grape King Bio Limited (Consumer Staples, Personal Products)		12,000		76,750
Great Wall Enterprises Company Limited (Consumer Staples, Food Products)		70,740		74,296
Greatek Electronic Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		33,000		44,784
Hannstar Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		282,000		68,299
Highwealth Construction Corporation (Real Estate, Real Estate Management & Development)		93,000		141,607
Hiwin Technologies Corporation (Industrials, Machinery)		32,870		256,651
Holtek Semiconductor Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		22,000		41,998
Holy Stone Enterprise Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,000		62,335
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,575,400		3,677,459
Hua Nan Financial Holdings Company Limited Class C (Financials, Banks)		877,000		499,695

17

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
Taiwan (continued)
Huaku Development Company Limited (Real Estate, Real Estate Management & Development)		29,000	$	59,504
Hung Sheng Construction Company Limited (Real Estate, Real Estate Management & Development)		40,200		33,672
Innolux Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		1,007,000		335,105
Inventec Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		343,000		246,102
King Yuan Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		116,000		79,087
King’s Town Bank Company Limited (Financials, Banks)		103,000		106,506
Kinpo Electronics Incorporated (Consumer Discretionary, Household Durables)		235,000		74,159
Kinsus Interconnect Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		35,000		51,134
Lee Chang Yung Chemical Industry Corporation (Materials, Chemicals)		45,000		76,409
Lien Hwa Industrial Corporation (Consumer Staples, Food Products)		87,260		86,264
Lite-On Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		249,000		330,636
Long Chen Paper Company Limited (Materials, Paper & Forest Products)		63,000		34,976
Macronix International Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		222,536		148,109
Makalot Industrial Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		21,000		122,721
Mercuries Life Insurance Company (Financials, Insurance) †		190,302		80,936
Merida Industry Company Limited (Consumer Discretionary, Leisure Products)		26,000		110,579
Merry Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		18,000		75,386
Micro-Star International Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		78,000		183,595
Mitac Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		82,134		75,330
Nan Kang Rubber Tire Company Limited (Consumer Discretionary, Auto Components)		60,000		51,718
Nan Ya Plastics Corporation (Materials, Chemicals)		597,000		1,440,095
Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment)		67,000		282,778
Oriental Union Chemical Corporation (Materials, Chemicals)		58,000		48,394
Pan Jit International Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) †		42,000		42,612
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		221,000		375,251
Pharmally International Holding Company Limited (Health Care, Pharmaceuticals)		4,882		25,360
Pou Chen Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		284,000		308,881
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		90,000		211,256
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		57,000		588,478
Primax Electronics Limited (Information Technology, Technology Hardware, Storage & Peripherals)		40,000		59,737
Prince Housing & Development Corporation (Real Estate, Real Estate Management & Development)		226,000		77,409
Qisda Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		157,000		96,846
Quanta Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		282,000		457,312
Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		51,000		139,581
Realtek Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		58,000		266,448
Ruentex Development Company Limited (Real Estate, Real Estate Management & Development)		77,880		123,768
Ruentex Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		47,000		138,857
Sanyang Industry Company Limited (Consumer Discretionary, Automobiles)		68,000		45,258
Sercomm Corporation (Information Technology, Communications Equipment)		22,000		44,712
Shihlin Electric & Engineering Corporation (Industrials, Electrical Equipment)		56,000		73,815
Shin Kong Financial Holding Company Limited (Financials, Insurance)		1,186,042		402,388
Shin Kong No.1 REIT (Real Estate, Equity REITs)		192,000		92,754
Shinkong Synthetic Fibers Corporation (Materials, Chemicals)		163,000		58,211
Sinbon Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		20,000		52,075
Sinopac Financial Holdings Company Limited (Financials, Banks)		1,154,400		399,148
Synnex Technology International Corporation (Information Technology, Electronic Equipment, Instruments & Components)		145,000		170,649

18

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Taiwan (continued)
Ta Chen Stainless Pipe Company (Materials, Metals & Mining)		116,840	$	161,975
TA-I Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		21,000		38,112
Taichung Commercial Bank (Financials, Banks)		257,112		85,143
Tainan Spinning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		185,000		75,678
Taishin Financial Holdings Company Limited (Financials, Banks)		946,863		416,538
Taiwan Acceptance Corporation (Financials, Consumer Finance)		14,000		41,589
Taiwan Business Bank (Financials, Banks)		496,020		169,895
Taiwan Cement Corporation (Materials, Construction Materials)		478,300		535,732
Taiwan Cooperative Financial Holdings Company Limited (Financials, Banks)		901,801		524,073
Taiwan Glass Industrial Corporation (Industrials, Building Products)		125,000		56,207
Taiwan High Speed Rail Corporation (Industrials, Transportation Infrastructure)		324,000		325,036
Taiwan Hon Chuan Enterprise Company Limited (Materials, Containers & Packaging)		40,000		59,413
Taiwan Mobile Company Limited (Communication Services, Wireless Telecommunication Services)		244,000		863,464
Taiwan Secom Company Limited (Industrials, Commercial Services & Supplies)		27,000		77,402
Tatung Company Limited (Consumer Discretionary, Household Durables) †		206,000		270,863
Tong Hsing Electronic Industries Limited (Information Technology, Electronic Equipment, Instruments & Components)		15,000		55,273
Tong Yang Industry Company Limited (Consumer Discretionary, Auto Components)		42,000		53,997
TPK Holding Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		38,000		65,263
Transcend Information Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		9,000		19,928
Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		49,000		132,516
TSRC Corporation (Materials, Chemicals)		74,000		65,828
Tung Ho Steel Enterprise Corporation (Materials, Metals & Mining)		54,000		36,641
U-Ming Marine Transport Corporation (Industrials, Marine)		55,000		57,140
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		588,000		1,378,297
Unimicron Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		151,000		103,685
Union Bank of Taiwan (Financials, Banks)		261,920		84,014
United Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		1,381,000		517,850
Visual Photonics Epitaxy Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		21,000		41,521
Voltronic Power Technology Corporation (Industrials, Electrical Equipment)		7,000		117,267
Walsin Lihwa Corporation (Industrials, Electrical Equipment)		286,000		171,313
Wan Hai Lines Limited (Industrials, Marine)		170,000		87,755
Waterland Financial Holdings (Financials, Capital Markets)		255,527		83,374
Windbond Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		346,000		168,498
Wistron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		288,607		183,182
Wistron Neweb Corporation (Information Technology, Communications Equipment)		23,599		58,995
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		150,440		183,157
WT Microelectronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		42,000		54,611
Yageo Corporation (Information Technology, Electronic Equipment, Instruments & Components)		23,566		283,084
Yang Ming Marine Transport (Industrials, Marine) †		138,000		40,502
YFY Incorporated (Materials, Paper & Forest Products)		174,000		65,529
Yieh Phui Enterprise Company Limited (Materials, Metals & Mining)		181,150		57,342
Yuanta Financial Holding Company Limited (Financials, Capital Markets)		1,172,000		597,386
Yulon Motor Company Limited (Consumer Discretionary, Automobiles)		126,000		73,633
Yungtay Engineering Company Limited (Industrials, Machinery)		35,000		66,588
Zhen Ding Technology Holding (Information Technology, Electronic Equipment, Instruments & Components)		51,000		129,646
				41,044,297
Thailand : 4.62%
Advanced Info Service PCL (Communication Services, Wireless Telecommunication Services)		102,100		554,157
Amata Corporation PCL (Real Estate, Real Estate Management & Development)		84,700		60,265

19

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name	Shares		Value
Thailand (continued)
AP Thailand PCL (Real Estate, Real Estate Management & Development)		283,000	$	58,515
B.Grimm PCL (Utilities, Independent Power & Renewable Electricity Producers)		79,400		65,186
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		134,400		137,925
Bangkok Bank PCL (Financials, Banks)		121,100		765,908
Bangkok Chain Hospital PCL (Health Care, Health Care Providers & Services)		129,600		72,115
Bangkok Dusit Medical Services PCL (Health Care, Health Care Providers & Services)		993,000		807,685
Bangkok Expressway and Metro PCL (Industrials, Transportation Infrastructure)		821,400		221,038
Bangkok Insurance PCL (Financials, Insurance)		11,000		114,055
Bangkok Life Assurance PCL (Financials, Insurance)		134,100		126,404
Bangkokland PCL (Real Estate, Real Estate Management & Development)		2,068,900		107,573
Bank of Ayudhya PCL (Financials, Banks)		168,400		208,660
Beauty Community PCL (Consumer Discretionary, Specialty Retail)		198,400		53,691
BTS Group Holdings PCL (Industrials, Road & Rail)		976,700		280,648
Bumrungrad Hospital PCL (Health Care, Health Care Providers & Services)		41,000		236,868
Carabao Group PCL (Consumer Staples, Beverages)		51,500		71,642
Central Pattana PCL (Real Estate, Real Estate Management & Development)		329,800		759,631
Central Plaza Hotel PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		116,900		150,179
Charoen Pokphand Foods PCL (Consumer Staples, Food Products)		476,800		362,448
Cimb Thai Bank PCL (Financials, Banks) †		1,894,100		47,227
Delta Electronics Thailand PCL (Information Technology, Electronic Equipment, Instruments & Components)		109,500		232,235
Electricity Genera PCL (Utilities, Independent Power & Renewable Electricity Producers)		24,600		179,521
Esso Thailand PCL (Energy, Oil, Gas & Consumable Fuels)		138,400		51,762
GFPT PCL (Consumer Staples, Food Products)		121,700		53,287
Global Power Synergy PCL (Utilities, Independent Power & Renewable Electricity Producers)		34,100		57,287
Glow Energy PCL (Utilities, Independent Power & Renewable Electricity Producers)		37,800		99,995
Hana Microelectronics PCL (Information Technology, Electronic Equipment, Instruments & Components)		59,000		60,547
Home Product Center PCL (Consumer Discretionary, Specialty Retail)		639,700		295,658
Indorama Ventures PCL (Materials, Chemicals)		198,600		326,094
IRPC PCL (Energy, Oil, Gas & Consumable Fuels)		1,208,500		224,154
Italian Thai Development PCL (Industrials, Construction & Engineering) †		684,800		54,555
Jasmine International PCL (Communication Services, Diversified Telecommunication Services)		359,000		56,217
KCE Electronics PCL (Information Technology, Electronic Equipment, Instruments & Components)		74,200		62,609
Kiatnakin Bank PCL (Financials, Banks)		73,200		160,812
Krung Thai Bank PCL (Financials, Banks)		606,500		372,521
Krungthai Card PCL (Financials, Consumer Finance)		85,100		87,979
Land & Houses PCL (Real Estate, Real Estate Management & Development)		750,900		230,607
LPN Development PCL (Real Estate, Real Estate Management & Development)		162,700		39,577
Major Cineplex Group PCL (Communication Services, Entertainment)		53,700		35,759
MBK PCL (Real Estate, Real Estate Management & Development)		111,500		78,317
Minor International PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		332,700		366,716
MK Restaurants Group PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,500		43,284
Muangthai Leasing PCL (Financials, Consumer Finance)		60,600		90,750
Pruksa Holding PCL (Real Estate, Real Estate Management & Development)		105,100		59,441
PTT Global Chemical PCL (Materials, Chemicals)		221,400		528,465
Quality Houses PCL (Real Estate, Real Estate Management & Development)		842,500		75,828
Ratchaburi Electricity Generating Holding PCL (Utilities, Independent Power & Renewable Electricity Producers)		61,000		92,277
Robinson PCL (Consumer Discretionary, Multiline Retail)		53,600		109,604
Saha Pathana Inter Holding PCL (Real Estate, Real Estate Management & Development)		29,800		58,445
Sansiri PCL (Real Estate, Real Estate Management & Development)		1,555,700		63,387
Siam City Cement PCL (Materials, Construction Materials)		11,700		83,959
Siam Global House PCL (Consumer Discretionary, Specialty Retail)		203,500		123,136
Star Petroleum Refining PCL (Energy, Oil, Gas & Consumable Fuels)		170,100		62,066
Supalai PCL (Real Estate, Real Estate Management & Development)		181,800		112,217
Thai Airways International PCL (Industrials, Airlines) †		141,600		62,000
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		109,700		253,507
Thai President Foods PCL (Consumer Staples, Food Products)		7,900		37,954
Thai Union Group PCL (Consumer Staples, Food Products)		431,000		230,653
Thai Vegetable Oil PCL (Consumer Staples, Food Products)		51,300		42,896
Thanachart Capital PCL (Financials, Banks)		109,800		177,783
The Siam Cement PCL (Materials, Construction Materials)		80,900		1,087,276
Thonburi Healthcare Group PCL (Health Care, Health Care Providers & Services)		52,100		50,694
TICON Industrial Connection PCL (Real Estate, Real Estate Management & Development)		71,900		33,231

20

Wells Fargo Factor Enhanced Emerging Markets Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name				Shares		Value
Thailand (continued)
Tipco Asphalt PCL (Materials, Construction Materials)					142,300	$	68,797
Tisco Financial Group PCL (Financials, Banks)					67,700		164,683
TMB Bank PCL (Financials, Banks)					2,058,900		145,242
Total Access Communication PCL (Communication Services, Wireless Telecommunication Services)					76,900		112,237
TTW PCL (Utilities, Water Utilities)					97,800		36,280
VGI Global Media PCL (Communication Services, Media)					351,600		84,993
Vibhavadi Medical Center PCL (Health Care, Health Care Providers & Services)					510,200		33,509
WHA Corporation PCL (Real Estate, Real Estate Management & Development)					704,300		89,088
							12,601,711
Turkey : 1.27%
Akbank TAS (Financials, Banks)					216,771		318,463
Anadolu Efes Biracilik ve Malt Sanayii AS (Consumer Staples, Beverages)					20,832		84,463
Arcelik AS (Consumer Discretionary, Household Durables)					24,676		74,019
Bim Birlesik Magazalar AS (Consumer Staples, Food & Staples Retailing)					20,406		330,707
Emlak Konut Gayrimenkul Yati AS (Real Estate, Equity REITs)					160,775		49,953
Eregli Demir ve Celik Fabrikalari T AS (Materials, Metals & Mining)					125,563		182,782
Ford Otomotiv Sanayi AS (Consumer Discretionary, Automobiles)					7,442		77,146
Haci Omer Sabanci Holding AS (Financials, Diversified Financial Services)					119,540		188,687
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Materials, Metals & Mining) †					71,009		34,456
Koç Holding AS (Industrials, Industrial Conglomerates)					102,323		301,827
Petkim Petrokimya Holding SA (Materials, Chemicals)					73,054		74,259
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)					17,625		79,235
Tekfen Holding AS (Industrials, Construction & Engineering)					18,497		71,093
Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary, Automobiles)					12,963		48,232
Tupras Turkiye Petrol Rafinerileri AS (Energy, Oil, Gas & Consumable Fuels)					11,036		264,364
Turk Hava Yollari Anonim Ortakligi AS (Industrials, Airlines) †					75,770		247,045
Turk Sise ve Cam Fabrikalari AS (Industrials, Industrial Conglomerates)					67,621		65,235
Turk Telekomunikasyon AS (Communication Services, Diversified Telecommunication Services) †					66,470		49,846
Turkcell Iletisim Hizmetleri AS (Communication Services, Wireless Telecommunication Services)					109,863		267,388
Turkiye Garanti Bankasi AS (Financials, Banks)					194,910		309,150
Turkiye Halk Bankasi AS (Financials, Banks)					49,141		67,953
Turkiye Is Bankasi Class C AS (Financials, Banks)					134,900		110,217
Turkiye Vakiflar Bankasi TAO AS (Financials, Banks)					95,489		73,439
Ulker Biskuvi Sanayi AS (Consumer Staples, Food Products)					17,167		51,363
Yapi Ve Kredi Bankasi AS (Financials, Banks) †					135,699		45,025
							3,466,347
Total Common Stocks (Cost $266,142,868)							249,352,017
	Dividend yield
Preferred Stocks : 4.01%
Brazil : 3.69%
Alpargatas SA (Consumer Discretionary, Personal Products)		3.55	%		13,272		55,944
Banco Bradesco SA (Financials, Banks)		2.89			249,728		2,483,718
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		5.04			13,500		76,210
Bradespar SA (Materials, Metals & Mining)		7.46			19,800		162,721
Braskem SA Preference A (Materials, Chemicals)		6.56			17,710		248,132
Companhia Brasileira de Distribuicao (Consumer Staples, Food & Staples Retailing)		1.58			13,973		301,393
Companhia de Saneamento do Parana (Utilities, Water Utilities)		5.93			22,940		61,992
Companhia de Transmissao de Energia Electrica Paulista (Utilities, Electric Utilities)		8.10			2,780		51,869
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		4.30			50,569		166,209
Companhia Energetica de Sao Paulo Preference B (Utilities, Independent Power & Renewable Electricity Producers)		0.21			15,100		75,988
Companhia Paranaense de Energia-Copel Preference B (Utilities, Electric Utilities)		3.45			6,400		53,788
Gerdau SA (Materials, Metals & Mining)		2.28			94,600		378,694

21

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Emerging Markets Portfolio

Security name			Dividend yield					Shares		Value
Brazil (continued)
Itau Unibanco Holding SA (Financials, Banks)				6.57	%				395,670	$	3,685,553
Itausa Investimentos Itau SA (Financials, Banks)				8.70					338,761		1,081,022
Klabin SA (Materials, Containers & Packaging)				5.53					235,200		180,642
Lojas Americanas SA (Consumer Discretionary, Multiline Retail)				0.46					52,300		266,572
Marcopolo SA (Industrials, Machinery)				1.04					56,300		60,275
Metalurgica Gerdau SA (Materials, Metals & Mining)				1.49					60,900		115,280
Telefonica Brasil SA (Communication Services, Diversified Telecommunication Services)				8.66					39,409		468,893
Usinas Siderurgicas de Minas Gerais SA Class A (Materials, Metals & Mining)				0.56					33,100		80,032
											10,054,927
Chile : 0.06%
Coca-Cola Embonor SA Class B (Consumer Staples, Food Products)				4.09					23,420		55,782
Embotelladora Andina SA Preference B (Consumer Discretionary, Food & Staples Retailing)				4.15					26,929		95,795
											151,577
Colombia : 0.21%
Banco Davivienda SA (Financials, Banks)				2.75					12,653		127,234
Bancolombia SA (Financials, Banks)				3.43					45,174		450,064
											577,298
Russia : 0.03%
Bashneft PAO (Energy, Oil, Gas & Consumable Fuels)				9.11					2,925		81,049
South Korea : 0.02%
Mirae Asset Daewoo Company Limited Class P (Financials, Capital Markets)				6.03					17,579		65,630
Total Preferred Stocks (Cost $9,965,887)											10,930,481
						Expiration date
Warrants : 0.01%
Malaysia : 0.01%
Sunway Bhd (Real Estate, Real Estate Management & Development) †							10-3-2024		122,430		7,900
Thailand : 0.00%
BTS Group Holdings PCL (Industrials, Transportation Infrastructure) (a)†							12-11-2018		98,789		489
Total Warrants (Cost $0)											8,389
Total investments in securities (Cost $276,108,755)	95.52	%									260,290,887
Other assets and liabilities, net	4.48										12,218,488
Total net assets	100.00	%								$	272,509,375

† Non-income-earning security

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

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.

‡ Security is valued using significant unobservable inputs.

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

22

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
MSCI Emerging Markets Index		227		12-21-2018	$	11,470,893	$	11,345,460	$	0	$	(125,433	)

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 *		7,994,492		105,867,919		113,862,411		0	$	0		0.00	%

* No longer held at the end of the period.

Wells Fargo Factor Enhanced Emerging Markets Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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 November 30, 2018, such fair value pricing was used in pricing certain foreign securities.

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.

Futures contracts

The Portfolio is subject to equity price risk and foreign currency risk in the normal course of pursuing its investment objectives. 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 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 foreign exchange rates. 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 counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, 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. 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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Brazil	$	8,978,081	$	0	$	0	$	8,978,081
Chile		6,127,531		0		0		6,127,531
China		25,871,242		0		0		25,871,242
Colombia		1,772,696		0		0		1,772,696
Egypt		719,602		0		0		719,602
Greece		1,341,894		0		8,649		1,350,543
Hong Kong		3,133,060		0		0		3,133,060
India		44,583,936		70,461		0		44,654,397
Indonesia		3,031,535		0		0		3,031,535
Malaysia		13,526,047		0		0		13,526,047
Mexico		10,246,271		0		0		10,246,271
Philippines		1,009,977		3,454,217		0		4,464,194
Russia		4,966,638		0		0		4,966,638
South Africa		13,300,300		0		0		13,300,300
South Korea		50,097,525		0		0		50,097,525
Taiwan		41,044,297		0		0		41,044,297
Thailand		12,601,711		0		0		12,601,711
Turkey		3,466,347		0		0		3,466,347
Preferred stocks
Brazil		10,054,927		0		0		10,054,927
Chile		151,577		0		0		151,577

Colombia		577,298		0		0		577,298
Russia		81,049		0		0		81,049
South Korea		65,630		0		0		65,630
Warrants
Malaysia		0		7,900		0		7,900
Thailand		0		489		0		489
Total assets	$	256,749,171	$	3,533,067	$	8,649	$	260,290,887
Liabilities
Futures contracts	$	125,433	$	0	$	0	$	125,433
Total liabilities	$	125,433	$	0	$	0	$	125,433

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 November 30, 2018, the Fund had segregated $1,778,773 as cash collateral for these open futures contracts.

At November 30, 2018, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks : 96.70%
Australia : 9.37%
Afterpay Touch Group Limited (Information Technology, IT Services) †		13,082	$	137,879
AGL Energy Limited (Utilities, Multi-Utilities)		53,191		731,282
ALS Limited (Industrials, Professional Services)		39,357		208,266
Altium Limited (Information Technology, Software)		9,430		156,113
Alumina Limited (Materials, Metals & Mining)		208,016		339,047
Amcor Limited (Materials, Containers & Packaging)		94,355		926,188
AMP Limited (Financials, Diversified Financial Services)		248,810		441,908
Ansell Limited (Health Care, Health Care Equipment & Supplies)		11,042		184,090
APA Group (Utilities, Gas Utilities)		81,956		527,135
Aristocrat Leisure Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		52,366		905,570
ASX Limited (Financials, Capital Markets)		15,407		678,924
Atlas Arteria Stapled Securities (Industrials, Transportation Infrastructure)		54,110		264,978
Aurizon Holdings Limited (Industrials, Road & Rail)		158,031		486,276
AusNet Services (Utilities, Electric Utilities)		132,983		150,170
Australia & New Zealand Banking Group Limited (Financials, Banks)		234,445		4,592,338
Bank of Queensland Limited (Financials, Banks)		30,790		223,469
Beach Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		122,678		136,757
Bendigo Bank Limited (Financials, Banks)		37,934		296,113
BHP Billiton Limited (Materials, Metals & Mining)		260,807		5,850,246
BlueScope Steel Limited (Materials, Metals & Mining)		44,227		363,016
Boral Limited (Materials, Construction Materials)		97,499		363,436
Brambles Limited (Industrials, Commercial Services & Supplies)		131,595		987,797
Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels)		21,490		432,415
Carsales.com Limited (Communication Services, Interactive Media & Services)		19,258		167,078
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		42,934		298,742
Charter Hall Group (Real Estate, Equity REITs)		36,296		185,436
CIMIC Group Limited (Industrials, Construction & Engineering)		6,835		202,826
Cleanaway Waste Management Limited (Industrials, Commercial Services & Supplies)		159,977		198,776
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		40,014		252,687
Cochlear Limited (Health Care, Health Care Equipment & Supplies)		4,670		577,804
Coles Group Liimited (Consumer Staples, Food & Staples Retailing) †		92,919		795,279
Commonwealth Bank of Australia (Financials, Banks)		142,394		7,413,319
Computershare Limited (Information Technology, IT Services)		41,137		545,717
Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		29,842		255,195
CSL Limited (Health Care, Biotechnology)		35,403		4,590,412
Dexus Property Group (Real Estate, Equity REITs)		81,851		625,769
Domino’s Pizza Enterprises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,968		166,995
Downer EDI Limited (Industrials, Commercial Services & Supplies)		47,392		217,185
DuluxGroup Limited (Materials, Chemicals)		29,296		146,675
Evolution Mining Limited (Materials, Metals & Mining)		127,683		293,036
Flight Centre Travel Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,719		168,489
Goodman Group (Real Estate, Equity REITs)		132,967		996,152
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		64,081		148,004
Healthscope Limited (Health Care, Health Care Providers & Services)		143,861		237,635
Incitec Pivot Limited (Materials, Chemicals)		132,348		363,717
Insurance Australia Group Limited (Financials, Insurance)		190,427		1,013,253
IOOF Holdings Limited (Financials, Capital Markets)		25,346		127,825
JB Hi-Fi Limited (Consumer Discretionary, Specialty Retail)		9,117		154,396
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		46,840		433,420
Link Administration Holdings Limited (Information Technology, IT Services)		41,112		210,041
Macquarie Group Limited (Financials, Capital Markets)		25,744		2,152,960
Magellan Financial Group Limited (Financials, Capital Markets)		10,671		203,487
Medibank Private Limited (Financials, Insurance)		212,672		376,170
Metcash Limited (Consumer Staples, Food & Staples Retailing)		79,924		161,814
Mineral Resources Limited (Materials, Metals & Mining)		13,220		147,353
Mirvac Group (Real Estate, Equity REITs)		302,783		484,656
National Australia Bank Limited (Financials, Banks)		224,758		4,047,752
Newcrest Mining Limited (Materials, Metals & Mining)		64,140		972,759
Northern Star Resources Limited (Materials, Metals & Mining)		52,290		304,986
Oil Search Limited (Energy, Oil, Gas & Consumable Fuels)		110,505		590,415
Orica Limited (Materials, Chemicals)		30,071		384,631
Orora Limited (Materials, Containers & Packaging)		93,143		222,616
OZ Minerals Limited (Materials, Metals & Mining)		25,040		158,493
Qantas Airways Limited (Industrials, Airlines)		147,552		642,761
Qube Holdings Limited (Industrials, Transportation Infrastructure)		113,126		220,766
Ramsay Health Care Limited (Health Care, Health Care Providers & Services)		10,932		433,229

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
Australia (continued)
REA Group Limited (Communication Services, Interactive Media & Services)		4,078	$	226,735
Reece Limited (Industrials, Trading Companies & Distributors)		27,497		204,794
Reliance Worldwide Corporation Limited (Industrials, Building Products)		59,349		205,179
Rio Tinto Limited (Materials, Metals & Mining)		33,358		1,786,667
Scentre Group (Real Estate, Equity REITs)		431,897		1,231,127
SEEK Limited (Industrials, Professional Services)		28,339		382,776
Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		34,396		573,193
South32 Limited - Athens Exchange (Materials, Metals & Mining)		417,456		945,868
Spark Infrastructure Group (Utilities, Electric Utilities)		118,500		203,537
Stockland Corporation Limited (Real Estate, Equity REITs)		199,943		531,944
Suncorp Group Limited (Financials, Insurance)		102,912		1,001,909
Sydney Airport Holdings Limited (Industrials, Transportation Infrastructure)		182,495		907,022
Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		163,819		513,665
Telstra Corporation Limited (Communication Services, Diversified Telecommunication Services)		974,142		2,086,161
The GPT Group (Real Estate, Equity REITs)		128,333		494,319
The Star Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		73,842		236,394
TPG Telecom Limited (Communication Services, Diversified Telecommunication Services)		30,192		158,664
Transurban Group (Industrials, Transportation Infrastructure)		217,043		1,806,873
Treasury Wine Estates Limited (Consumer Staples, Beverages)		60,675		627,515
Vicinity Centres (Real Estate, Equity REITs)		263,674		514,561
Washington H. Soul Pattinson & Company Limited (Energy, Oil, Gas & Consumable Fuels)		10,742		205,862
Wesfarmers Limited (Consumer Discretionary, Multiline Retail)		92,919		2,145,419
Westpac Banking Corporation (Financials, Banks)		278,182		5,280,305
Whitehaven Coal Limited (Energy, Oil, Gas & Consumable Fuels)		52,134		162,326
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		66,241		1,503,787
Woolworths Group Limited (Consumer Staples, Food & Staples Retailing)		105,497		2,229,957
WorleyParsons Limited (Energy, Energy Equipment & Services)		24,846		239,711
				78,080,394
Austria : 0.28%
ams AG (Information Technology, Semiconductors & Semiconductor Equipment)		6,053		168,433
Andritz AG (Industrials, Machinery)		5,881		283,093
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks)		25,244		995,969
Raiffeisen Bank International AG (Financials, Banks)		11,586		341,554
Voestalpine AG (Materials, Metals & Mining)		9,184		305,158
Wienerberger AG (Materials, Construction Materials)		9,915		222,251
				2,316,458
Belgium : 0.56%
Ablynx NV (Health Care, Biotechnology) †(a)		6,931		353,096
Ackermans & Van Haaren NV (Financials, Diversified Financial Services)		1,764		283,378
Ageas NV (Financials, Insurance)		15,278		737,511
Cofinimmo SA (Real Estate, Equity REITs)		1,728		210,495
Colruyt SA (Consumer Staples, Food & Staples Retailing)		4,073		260,247
Groupe Bruxelles Lambert SA (Financials, Diversified Financial Services)		6,435		579,163
Proximus SA (Communication Services, Diversified Telecommunication Services)		12,341		341,457
Sofina SA (Financials, Diversified Financial Services)		1,310		263,687
UCB SA (Health Care, Pharmaceuticals)		10,400		874,090
Umicore SA (Materials, Chemicals)		17,361		753,156
				4,656,280
Canada : 10.25%
Agnico-Eagle Mines Limited (Materials, Metals & Mining)		19,495		685,659
Alimentation Couche-Tard Incorporated Class B (Consumer Staples, Food & Staples Retailing)		36,535		1,917,424
Bank of Montreal (Financials, Banks)		54,491		4,065,550
Barrick Gold Corporation (Materials, Metals & Mining)		100,371		1,278,953
BCE Incorporated (Communication Services, Diversified Telecommunication Services)		76,115		3,262,522
Brookfield Asset Management Incorporated Class A (Financials, Capital Markets)		77,219		3,384,815
Canadian Imperial Bank of Commerce (Financials, Banks)		37,174		3,119,633
Canadian National Railway Company (Industrials, Road & Rail)		52,837		4,539,850
Canadian Pacific Railway Limited (Industrials, Road & Rail)		11,982		2,534,198
Canadian Tire Corporation Limited Class A (Consumer Discretionary, Multiline Retail)		5,275		588,978
Cenovus Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		88,300		652,622
CGI Group Incorporated Class A (Information Technology, IT Services) †		21,665		1,386,012
Constellation Software Incorporated (Information Technology, Software)		1,828		1,253,755

2

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Canada (continued)
Dollarama Incorporated (Consumer Discretionary, Multiline Retail)		28,032	$	740,966
EnCana Corporation (Energy, Oil, Gas & Consumable Fuels)		84,500		569,206
Fairfax Financial Holdings Limited (Financials, Insurance)		2,300		1,087,430
Fortis Incorporated (Utilities, Electric Utilities)		35,744		1,241,550
Franco-Nevada Corporation (Materials, Metals & Mining)		15,608		1,080,748
George Weston Limited (Consumer Staples, Food & Staples Retailing)		2,194		158,640
Goldcorp Incorporated (Materials, Metals & Mining)		72,300		670,407
Imperial Oil Limited (Energy, Oil, Gas & Consumable Fuels)		21,262		633,227
Intact Financial Corporation (Financials, Insurance)		11,475		918,674
Inter Pipeline Limited (Energy, Oil, Gas & Consumable Fuels)		33,689		541,600
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		16,254		749,789
Magna International Incorporated (Consumer Discretionary, Auto Components)		27,427		1,368,821
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		21,830		752,504
National Bank of Canada (Financials, Banks)		29,008		1,323,061
Open Text Corporation (Information Technology, Software)		22,487		771,529
Pembina Pipeline Corporation (Energy, Oil, Gas & Consumable Fuels)		42,852		1,444,902
Power Corporation of Canada (Financials, Insurance)		30,396		606,250
Restaurant Brands International Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		22,003		1,283,929
Rogers Communications Incorporated Class B (Communication Services, Wireless Telecommunication Services)		30,622		1,633,373
Royal Bank of Canada (Financials, Banks)		122,431		8,976,953
Shaw Communications Incorporated Class B (Communication Services, Media)		37,226		700,728
Sun Life Financial Incorporated (Financials, Insurance)		50,558		1,864,556
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		140,662		4,535,401
Teck Resources Limited Class B (Materials, Metals & Mining)		42,900		868,881
TELUS Corporation (Communication Services, Diversified Telecommunication Services)		44,094		1,582,691
The Bank of Nova Scotia (Financials, Banks)		104,608		5,692,363
The Toronto-Dominion Bank (Financials, Banks)		155,628		8,616,261
Thomson Reuters Corporation (Industrials, Professional Services)		19,853		1,003,072
TransCanada Corporation (Energy, Oil, Gas & Consumable Fuels)		75,400		3,090,001
Waste Connections Incorporated - Toronto Exchange (Industrials, Commercial Services & Supplies)		21,400		1,679,594
Wheaton Precious Metals Corporation (Materials, Metals & Mining)		37,276		585,239
				85,442,317
China : 0.31%
AAC Technologies Holdings Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		60,500		428,774
Minth Group Limited (Consumer Discretionary, Auto Components)		60,000		201,304
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		204,800		886,053
Shenzhou International Group Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		61,000		740,670
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		127,934		290,729
				2,547,530
Denmark : 2.05%
Ambu AS Class B (Health Care, Health Care Equipment & Supplies)		12,198		243,684
Carlsberg AS Class B (Consumer Staples, Beverages)		8,904		985,964
Christian Hansen Holding AS (Materials, Chemicals)		8,276		747,199
Coloplast AS Class B (Health Care, Health Care Equipment & Supplies)		9,697		924,624
DONG Energy AS (Utilities, Electric Utilities) 144A		14,351		933,666
DSV AS (Industrials, Road & Rail)		15,808		1,209,498
FLSmidth & Company AS (Industrials, Construction & Engineering)		3,281		164,337
GN Store Nord AS (Health Care, Health Care Equipment & Supplies)		11,130		388,814
H. Lundbeck AS (Health Care, Pharmaceuticals)		5,124		210,402
ISS AS (Industrials, Commercial Services & Supplies)		13,612		441,245
Jyske Bank AS (Financials, Banks)		6,903		270,782
Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		146,319		6,791,650
Novozymes AS Class B (Materials, Chemicals)		18,120		844,095
Pandora AS (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		9,332		504,080
Rockwool International AS B Shares (Industrials, Building Products)		746		194,069
Royal Unibrew AS (Consumer Staples, Beverages)		3,737		270,619
SimCorp AS (Information Technology, Software)		3,375		214,916
Tryg AS (Financials, Insurance)		9,296		231,256
Vestas Wind Systems AS (Industrials, Electrical Equipment)		17,477		1,304,323

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
Denmark (continued)
William Demant Holding (Health Care, Health Care Equipment & Supplies) †		8,330	$	243,237
				17,118,460
Finland : 1.29%
Amer Sports Oyj (Consumer Discretionary, Leisure Products)		10,006		374,610
Elisa Oyj (Communication Services, Diversified Telecommunication Services)		12,622		506,129
Fortum Oyj (Utilities, Electric Utilities)		37,959		791,140
Huhtamaki Oyj (Materials, Containers & Packaging)		8,486		259,389
Kesko Oyj Class B (Consumer Staples, Food & Staples Retailing)		5,851		340,867
Kone Oyj Class B (Industrials, Machinery)		34,561		1,712,176
Konecranes Oyj (Industrials, Machinery)		5,252		178,968
Metso Oyj (Industrials, Machinery)		10,884		310,139
Neste Oil Oyj (Energy, Oil, Gas & Consumable Fuels)		12,264		958,279
Nokian Renkaat Oyj (Consumer Discretionary, Auto Components)		11,607		371,476
Orion Oyj Class B (Health Care, Pharmaceuticals)		8,237		274,904
Sampo Oyj Class A (Financials, Insurance)		41,440		1,849,828
Stora Enso Oyj (Materials, Paper & Forest Products)		54,896		699,473
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		46,408		1,236,231
Valmet Corporation (Industrials, Machinery)		11,667		251,088
Wartsila Oyj (Industrials, Machinery)		38,422		625,495
				10,740,192
France : 6.20%
Aeroports de Paris SA (Industrials, Transportation Infrastructure)		2,378		462,239
Air Liquide SA (Materials, Chemicals)		36,686		4,433,566
Alstom SA (Industrials, Machinery)		13,525		593,480
ALTEN SA (Information Technology, IT Services)		2,385		216,950
Altran Technologies SA (Information Technology, IT Services)		17,229		170,961
Amundi SA (Financials, Diversified Financial Services)		5,106		292,494
Arkema SA (Materials, Chemicals)		6,038		572,825
bioMerieux (Health Care, Health Care Equipment & Supplies)		3,567		251,580
Bollore SA (Industrials, Air Freight & Logistics)		76,400		334,726
Bouygues SA (Industrials, Construction & Engineering)		23,929		919,977
Bureau Veritas SA (Industrials, Professional Services)		22,573		498,832
Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		553		205,470
CNP Assurances SA (Financials, Insurance)		12,504		286,230
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		14,544		1,521,720
Dassault Aviation SA (Industrials, Aerospace & Defense)		201		307,195
Dassault Systemes SA (Information Technology, Software)		12,113		1,453,592
Eiffage SA (Industrials, Construction & Engineering)		8,248		784,542
Electricite de France SA (Utilities, Electric Utilities)		41,079		674,795
Elis SA (Industrials, Commercial Services & Supplies)		16,641		325,920
Essilor International SA Cie Generale d’Optique (Health Care, Health Care Equipment & Supplies)		18,598		2,361,296
Eurazeo SA (Financials, Diversified Financial Services)		4,116		308,241
Eutelsat Communications SA (Communication Services, Media)		11,694		249,220
Faurecia (Consumer Discretionary, Auto Components)		5,840		227,567
Fonciere des Regions (Real Estate, Equity REITs)		3,462		337,258
Gecina SA (Real Estate, Equity REITs)		4,646		649,578
Groupe Danone SA (Consumer Staples, Food Products)		55,268		4,133,303
Groupe Eurotunnel SE (Industrials, Transportation Infrastructure)		39,179		508,969
Hermes International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,541		1,374,184
ICADE (Real Estate, Equity REITs)		2,293		181,713
Imerys SA (Materials, Construction Materials)		2,702		144,994
Ingenico SA (Information Technology, Electronic Equipment, Instruments & Components)		5,204		375,639
Ipsen SA (Health Care, Pharmaceuticals)		3,153		405,854
JCDecaux SA (Communication Services, Media)		6,780		230,269
Klepierre SA (Real Estate, Equity REITs)		17,579		575,542
Lagardere SCA (Communication Services, Media)		9,548		270,016
Legrand SA (Industrials, Electrical Equipment)		22,297		1,365,616
Orpea SA (Health Care, Health Care Providers & Services)		3,942		417,712
Pernod-Ricard SA (Consumer Staples, Beverages)		17,683		2,826,673
Plastic Omnium SA (Consumer Discretionary, Auto Components)		4,965		131,753
Publicis Groupe SA (Communication Services, Media)		18,286		1,083,935
Remy Cointreau SA (Consumer Staples, Beverages)		2,008		232,554
Rubis SCA (Utilities, Gas Utilities)		7,390		398,065
Safran SA (Industrials, Aerospace & Defense)		30,573		3,819,401

4

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
France (continued)
Sartorius Stedim Biotech SA (Health Care, Life Sciences Tools & Services)		1,975	$	199,889
SCOR SE (Financials, Insurance)		14,505		696,912
SEB SA (Consumer Discretionary, Household Durables)		2,144		307,286
Societe BIC SA (Industrials, Commercial Services & Supplies)		2,204		236,415
Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,412		767,285
Sopra Steria Group (Information Technology, IT Services)		1,407		143,358
Spie SA (Industrials, Commercial Services & Supplies)		10,686		152,309
Suez Environnement Company SA (Utilities, Multi-Utilities)		31,604		469,598
Teleperformance SE (Industrials, Professional Services)		4,999		827,400
Thales SA (Industrials, Aerospace & Defense)		9,366		1,148,332
Ubisoft Entertainment SA (Communication Services, Entertainment) †		6,529		531,743
Unibail-Rodamco Westfield (Real Estate, Equity REITs) †		9,625		1,654,519
Unibail-Rodamco Westfield SE (Real Estate, Equity REITs) †		65,100		564,794
Veolia Environnement SA (Utilities, Multi-Utilities)		45,701		971,383
Vinci SA (Industrials, Construction & Engineering)		46,318		4,042,863
Vivendi SA (Communication Services, Entertainment)		82,678		2,059,195
				51,689,727
Germany : 4.34%
Aareal Bank AG (Financials, Thrifts & Mortgage Finance)		4,911		161,288
Adidas AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		15,109		3,332,035
Aurubis AG (Materials, Metals & Mining)		2,957		160,954
Axel Springer AG (Communication Services, Media)		4,316		275,090
Bechtle AG (Information Technology, IT Services)		2,244		179,482
Beiersdorf AG (Consumer Staples, Personal Products)		8,594		919,805
Brenntag AG (Industrials, Trading Companies & Distributors)		13,266		613,203
Carl Zeiss Meditec AG (Health Care, Health Care Equipment & Supplies)		3,077		212,492
Covestro AG (Materials, Chemicals) 144A		14,364		827,059
Delivery Hero AG (Consumer Discretionary, Internet & Direct Marketing Retail) †144A		9,892		359,927
Deutsche Boerse AG (Financials, Capital Markets)		16,301		2,081,653
Deutsche Lufthansa AG (Industrials, Airlines)		23,844		580,367
Deutsche Wohnen AG (Real Estate, Real Estate Management & Development)		28,468		1,364,560
E.ON SE (Utilities, Multi-Utilities)		185,608		1,892,192
Evonik Industries AG (Materials, Chemicals)		12,536		337,060
Fraport AG (Industrials, Transportation Infrastructure)		3,145		231,216
Freenet AG (Communication Services, Wireless Telecommunication Services)		10,186		209,586
Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services)		18,529		1,507,804
Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services)		35,088		1,990,923
GEA Group AG (Industrials, Machinery)		13,130		354,369
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		2,642		188,134
Grenke AG (Financials, Diversified Financial Services)		2,257		193,169
Hannover Rueck SE (Financials, Insurance)		4,816		668,984
HELLA GmbH & Company KGAA (Consumer Discretionary, Auto Components)		3,534		146,351
Hochtief AG (Industrials, Construction & Engineering)		1,517		215,705
Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,239		361,795
Innogy SE (Utilities, Multi-Utilities)		6,393		292,251
Kion Group AG (Industrials, Machinery)		5,480		309,079
LEG Immobilien AG (Real Estate, Real Estate Management & Development)		5,319		611,498
MAN SE (Industrials, Machinery)		2,903		296,605
Merck KGaA (Health Care, Pharmaceuticals)		10,392		1,145,420
Metro AG (Consumer Staples, Food & Staples Retailing)		13,955		214,148
MTU Aero Engines AG (Industrials, Aerospace & Defense)		4,529		941,369
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		12,229		2,656,751
Nemetschek SE (Information Technology, Software)		1,613		195,573
Osram Licht AG (Industrials, Electrical Equipment)		7,738		354,525
ProSiebenSat.1 Media AG (Consumer Discretionary, Media)		19,239		390,633
Puma AG Rudolf Dassler Sport (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		701		351,566
Rheinmetall AG (Industrials, Industrial Conglomerates)		3,476		321,898
RWE AG (Utilities, Multi-Utilities)		46,035		993,596
Scout24 AG (Communication Services, Interactive Media & Services)		8,616		358,954
Siemens Healthineers AG (Health Care, Health Care Equipment & Supplies) 144A		13,145		568,993
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		1,619		146,263
Software AG (Information Technology, Software)		4,050		165,198
Symrise AG (Materials, Chemicals)		10,203		823,573
TAG Immobilien AG (Real Estate, Real Estate Management & Development)		12,404		296,860
TUI AG (Consumer Discretionary, Hotels, Restaurants & Leisure)		38,157		543,103
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)		16,552		424,802

5

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
Germany (continued)
United Internet AG (Communication Services, Diversified Telecommunication Services)		10,177	$	457,975
Vonovia SE (Real Estate, Real Estate Management & Development)		41,316		2,000,518
Wacker Chemie AG (Materials, Chemicals)		1,503		144,631
Wirecard AG (Information Technology, IT Services)		9,643		1,456,853
Zalando SE (Consumer Discretionary, Internet & Direct Marketing Retail) 144A†		12,176		377,694
				36,205,532
Hong Kong : 4.61%
AIA Group Limited (Financials, Insurance)		1,038,200		8,472,529
ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment)		25,144		257,096
China Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		374,000		757,178
CK Asset Holdings Limited (Real Estate, Real Estate Management & Development)		238,190		1,715,492
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		248,570		2,598,802
CLP Holdings Limited (Utilities, Electric Utilities)		149,886		1,652,309
Dairy Farm International Holdings Limited (Consumer Staples, Food & Staples Retailing)		25,540		224,752
Evergrande Health Industry Group Limited (Communication Services, Media)		185,000		260,570
Fullshare Holdings Limited (Industrials, Electrical Equipment)		642,500		243,073
Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		238,625		1,465,482
Hang Lung Group Limited (Real Estate, Real Estate Management & Development)		75,705		209,969
Hang Lung Properties Limited (Real Estate, Real Estate Management & Development)		162,332		328,648
Hang Seng Bank Limited (Financials, Banks)		63,555		1,467,029
Henderson Land Development Company Limited (Real Estate, Real Estate Management & Development)		101,908		523,607
HK Electric Investments Limited (Utilities, Electric Utilities) 144A		191,000		183,090
Hong Kong & China Gas Company Limited (Utilities, Gas Utilities)		757,269		1,527,314
Hong Kong Exchanges & Clearing Limited (Financials, Capital Markets)		100,900		2,940,337
Hong Kong Land Holdings Limited (Real Estate, Real Estate Management & Development)		100,925		657,022
Hong Kong Telecommunications Trust & Hong Kong Trust Limited (Communication Services, Diversified Telecommunication Services)		308,574		446,454
Hopewell Holdings (Industrials, Industrial Conglomerates)		61,000		206,218
Hysan Development Company Limited (Real Estate, Real Estate Management & Development)		53,574		256,092
Jardine Matheson Holdings Limited (Industrials, Industrial Conglomerates)		23,928		1,579,966
Jardine Strategic Holdings Limited (Industrials, Industrial Conglomerates)		14,817		570,455
Kerry Properties Limited (Real Estate, Real Estate Management & Development)		50,500		173,303
Link REIT (Real Estate, Equity REITs)		183,607		1,748,303
Melco International Development Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		60,000		120,399
MTR Corporation Limited (Industrials, Road & Rail)		143,569		745,003
New World Development Limited (Real Estate, Real Estate Management & Development)		482,961		649,380
NWS Holdings Limited (Industrials, Industrial Conglomerates)		126,429		265,979
PCCW Limited (Communication Services, Diversified Telecommunication Services)		347,000		203,570
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		110,000		156,058
Sino Land Company (Real Estate, Real Estate Management & Development)		275,899		474,642
SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		178,000		160,391
Sun Hung Kai Properties Limited (Real Estate, Real Estate Management & Development)		133,500		1,902,512
Swire Pacific Limited Class A (Real Estate, Real Estate Management & Development)		42,478		469,625
Swire Properties Limited (Real Estate, Real Estate Management & Development)		91,553		318,867
Techtronic Industries Company Limited (Consumer Discretionary, Household Durables)		134,243		722,345
The Bank of East Asia Limited (Financials, Banks)		117,200		394,711
The Wharf Holdings Limited (Real Estate, Real Estate Management & Development)		95,717		256,297
Vitasoy International Holdings Limited (Consumer Staples, Food Products)		75,005		303,893
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		66,945		384,181
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		200,000		214,980
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		68,222		198,370
				38,406,293
Ireland : 0.84%
AIB Group plc (Financials, Banks)		71,286		312,804
Bank of Ireland Group plc (Financials, Banks)		82,483		521,989
CRH plc (Materials, Construction Materials)		69,889		1,932,143
DCC plc (Industrials, Industrial Conglomerates)		7,603		572,084
Glanbia plc (Consumer Staples, Food Products)		19,267		345,723
Kerry Group plc Class A (Consumer Staples, Food Products)		13,523		1,396,982
Kingspan Group plc (Industrials, Building Products)		13,750		591,834
Paddy Power plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,268		652,489
Smurfit Kappa Group plc (Materials, Containers & Packaging)		19,247		519,462

6

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Ireland (continued)
UDG Healthcare plc (Health Care, Health Care Providers & Services)		20,600	$	175,741
				7,021,251
Italy : 0.62%
A2A SpA (Utilities, Multi-Utilities)		134,549		226,352
Atlantia SpA (Industrials, Transportation Infrastructure)		39,146		802,584
Davide Campari-Milano SpA (Consumer Staples, Beverages)		38,399		320,820
DiaSorin SpA (Health Care, Health Care Equipment & Supplies)		2,123		180,499
FinecoBank SpA (Financials, Banks)		31,960		342,643
Italgas SpA (Utilities, Gas Utilities)		41,818		223,786
Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		15,567		906,195
Moncler SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		16,213		528,249
Pirelli & C. SpA (Consumer Discretionary, Auto Components) †		30,684		215,650
Poste Italiane SpA (Financials, Insurance)		36,713		278,637
Recordati SpA (Health Care, Pharmaceuticals)		8,002		257,368
Saipem SpA (Energy, Energy Equipment & Services) †		49,295		215,638
Terna SpA (Utilities, Electric Utilities)		118,909		664,738
				5,163,159
Japan : 23.82%
Acom Company Limited (Financials, Consumer Finance)		44,300		162,737
Activia Properties Incorporated (Real Estate, Equity REITs)		55		231,115
Advance Residence Investment Corporation (Real Estate, Equity REITs)		114		314,839
Advantest Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		15,600		334,772
Aeon Company Limited (Consumer Staples, Food & Staples Retailing)		74,600		1,788,192
Aica Kogyo Company Limited (Industrials, Building Products)		5,800		195,437
Air Water Incorporated (Materials, Chemicals)		15,900		257,308
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		15,800		624,957
Ajinomoto Company Incorporated (Consumer Staples, Food Products)		49,400		854,050
Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		17,600		468,238
All Nippon Airways Company Limited (Industrials, Airlines)		31,900		1,138,413
Alps Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		17,000		394,018
Amada Holdings Company Limited (Industrials, Machinery)		31,000		336,449
Aozora Bank Limited (Financials, Banks)		9,700		318,733
Asahi Breweries Limited (Consumer Staples, Beverages)		38,800		1,624,941
Asahi Glass Company Limited (Industrials, Building Products)		20,000		679,205
Asahi Intecc Company Limited (Health Care, Health Care Equipment & Supplies)		11,500		538,960
Asahi Kasei Corporation (Materials, Chemicals)		119,300		1,306,346
ASICS Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		16,000		230,595
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		170,200		2,615,636
Azbil Corporation (Information Technology, Electronic Equipment, Instruments & Components)		12,900		278,421
Bandai Namco Holdings Incorporated (Consumer Discretionary, Leisure Products)		18,800		789,993
Benesse Corporation (Consumer Discretionary, Diversified Consumer Services)		6,200		184,064
Bic Camera Incorporated (Consumer Discretionary, Specialty Retail)		12,500		175,748
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		22,100		369,323
CALBEE Incorporated (Consumer Staples, Food Products)		7,000		231,864
Canon Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		91,200		2,587,006
Casio Computer Company Limited (Consumer Discretionary, Household Durables)		21,800		304,007
Central Japan Railway Company (Industrials, Road & Rail)		17,800		3,657,534
Chiba Bank Limited (Financials, Banks)		66,100		433,815
Chubu Electric Power Company Incorporated (Utilities, Electric Utilities)		61,100		916,110
Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		19,200		1,314,223
Citizen Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		27,300		144,298
Coca-Cola Bottlers Japan Incorporated (Consumer Staples, Beverages)		13,100		375,061
Comsys Holdings Corporation (Industrials, Construction & Engineering)		9,600		247,791
Concordia Financial Group Limited (Financials, Banks)		105,200		493,958
Cosmo Energy Holdings Company Limited (Energy, Oil, Gas & Consumable Fuels)		5,600		130,682
Cosmos Pharmaceutical Corporation (Consumer Staples, Food & Staples Retailing)		1,000		202,881
CyberAgent Incorporated (Communication Services, Media)		9,000		407,523
Dai Ichi Mutual Life Insurance Company Limited (Financials, Insurance)		103,400		1,801,746
Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies)		25,900		599,158
Daicel Corporation (Materials, Chemicals)		30,600		342,351
Daifuku Company Limited (Industrials, Machinery)		10,300		527,181

7

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
Japan (continued)
Daiichi Sankyo Company Limited (Health Care, Pharmaceuticals)		51,900	$	1,905,187
Daiichikosho Company Limited (Communication Services, Entertainment)		4,200		191,657
Daikin Industries Limited (Industrials, Building Products)		24,700		2,743,840
Daito Trust Construction Company Limited (Real Estate, Real Estate Management & Development)		6,800		888,376
Daiwa House Industry Company Limited (Real Estate, Real Estate Management & Development)		54,700		1,722,702
Daiwa House Residential Investment Corporation (Real Estate, Equity REITs)		149		337,732
Daiwa Securities Group Incorporated (Financials, Capital Markets)		149,200		823,449
DeNA Company Limited (Communication Services, Entertainment)		9,700		179,960
Denka Company Limited (Materials, Chemicals)		7,500		241,818
DIC Incorporated (Materials, Chemicals)		7,600		241,360
Disco Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		2,400		349,910
DMG Mori Seiko Company Limited (Industrials, Machinery)		10,500		147,073
Don Quijote Company Limited (Consumer Discretionary, Multiline Retail)		11,900		722,292
Ebara Corporation (Industrials, Machinery)		8,400		217,853
Eisai Company Limited (Health Care, Pharmaceuticals)		24,800		2,275,400
Electric Power Development Company Limited (Utilities, Independent Power & Renewable Electricity Producers)		15,500		398,987
Ezaki Glico Company Limited (Consumer Staples, Food Products)		5,200		253,323
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		6,100		865,709
FANCL Corporation (Consumer Staples, Personal Products)		8,600		224,404
Fast Retailing Company Limited (Consumer Discretionary, Specialty Retail)		6,500		3,380,699
Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment)		12,800		401,991
FUJIFILM Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		37,000		1,470,026
Fujikura Limited (Industrials, Electrical Equipment)		24,800		107,707
Fujitsu Limited (Information Technology, IT Services)		18,400		1,132,545
Fukuoka Financial Group Incorporated (Financials, Banks)		14,600		332,990
Furukawa Electric Company Limited (Industrials, Electrical Equipment)		5,900		172,299
GLP J-REIT (Real Estate, Equity REITs)		210		211,267
GS Yuasa Corporation (Industrials, Electrical Equipment)		7,000		161,750
Hakuhodo DY Holdings Incorporated (Communication Services, Media)		28,900		442,481
Hamamatsu Photonics (Information Technology, Electronic Equipment, Instruments & Components)		12,700		441,924
Hankyu Hanshin Holdings Incorporated (Industrials, Road & Rail)		21,700		735,982
Haseko Corporation (Consumer Discretionary, Household Durables)		25,900		313,497
Hikari Tsushin Incorporated (Consumer Discretionary, Specialty Retail)		2,300		366,938
Hino Motors Limited (Industrials, Machinery)		24,000		245,254
Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals)		7,200		459,851
Hitachi Construction Machinery Company Limited (Industrials, Machinery)		9,000		248,557
Hitachi High Technologies Corporation (Information Technology, Electronic Equipment, Instruments & Components)		5,200		185,297
Horiba Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,500		164,031
Hoshizaki Electric Company Limited (Industrials, Machinery)		5,500		426,860
House Foods Corporation (Consumer Staples, Food Products)		7,000		248,205
Hoya Corporation (Health Care, Health Care Equipment & Supplies)		32,800		1,993,745
Ibiden Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		11,000		153,011
Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels)		14,100		512,998
Iida Group Holdings Company (Consumer Discretionary, Household Durables)		16,900		298,205
ITO EN Limited (Consumer Staples, Beverages)		5,800		266,203
Itochu Corporation (Industrials, Trading Companies & Distributors)		130,600		2,319,426
Itochu Techno-Science Corporation (Information Technology, IT Services)		8,900		171,626
Izumi Company Limited (Consumer Discretionary, Multiline Retail)		4,300		243,571
J.Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		23,000		314,055
Japan Airlines Company Limited (Industrials, Airlines)		31,000		1,118,037
Japan Airport Terminal Company Limited (Industrials, Transportation Infrastructure)		6,400		248,637
Japan Hotel REIT Investment Corporation (Real Estate, Equity REITs)		338		235,229
Japan Prime Realty Investment Corporation (Real Estate, Equity REITs)		78		304,744
Japan Real Estate Investment Corporation (Real Estate, Equity REITs)		112		618,632
Japan Retail Fund Investment Corporation (Real Estate, Equity REITs)		218		418,082
JFE Holdings Incorporated (Materials, Metals & Mining)		48,300		851,627
JGC Corporation (Industrials, Construction & Engineering)		22,000		321,332
JSR Corporation (Materials, Chemicals)		17,600		281,718
JTEKT Corporation (Industrials, Machinery)		20,800		264,592
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		287,900		1,740,614
K’s Holdings Corporation (Consumer Discretionary, Specialty Retail)		18,100		190,862
Kagome Company Limited (Consumer Staples, Food Products)		7,500		219,024
Kajima Corporation (Industrials, Construction & Engineering)		44,500		615,861
Kakaku.com Incorporated (Communication Services, Interactive Media & Services)		11,200		225,352
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		3,400		174,021
Kamigumi Company Limited (Industrials, Transportation Infrastructure)		10,200		229,043

8

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Japan (continued)
Kaneka Corporation (Materials, Chemicals)		5,600	$	209,664
Kansai Electric Power Company Incorporated (Utilities, Electric Utilities)		70,600		1,059,793
Kao Corporation (Consumer Staples, Personal Products)		42,000		3,092,420
Keihan Electric Railway Company Limited (Industrials, Industrial Conglomerates)		9,100		379,985
Keio Corporation (Industrials, Road & Rail)		10,400		575,360
Keisei Electric Railway Company Limited (Industrials, Road & Rail)		14,900		483,037
Kenedix Realty Investment Corporation (Real Estate, Equity REITs)		35		229,705
Kewpie Corporation (Consumer Staples, Food Products)		10,400		252,499
Kikkoman Corporation (Consumer Staples, Food Products)		15,300		892,270
Kinden Corporation (Industrials, Construction & Engineering)		12,200		211,295
Kintetsu Corporation (Industrials, Road & Rail)		16,200		675,030
Kirin Brewery Company Limited (Consumer Staples, Beverages)		77,000		1,807,735
Kobayashi Pharmaceutical Company Limited (Consumer Staples, Personal Products)		5,200		361,891
Kobe Steel Limited (Materials, Metals & Mining)		30,500		250,954
Komatsu Limited (Industrials, Machinery)		79,300		2,118,812
Konami Holdings Corporation (Communication Services, Entertainment)		8,800		393,816
Konica Minolta Holdings Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		44,200		397,942
KOSE Corporation (Consumer Staples, Personal Products)		3,000		447,430
Kurita Water Industries Limited (Industrials, Machinery)		9,700		260,199
Kyowa Exeo Corporation (Industrials, Construction & Engineering)		8,100		204,079
Kyowa Hakko Kogyo Company Limited (Health Care, Pharmaceuticals)		21,100		432,539
Kyudenko Corporation (Industrials, Construction & Engineering)		4,300		167,242
Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities)		40,600		476,763
Kyushu Railway Company (Industrials, Road & Rail)		13,700		452,583
Lion Corporation (Consumer Staples, Household Products)		25,400		500,996
LIXIL Group Corporation (Industrials, Building Products)		25,100		325,262
M3 Incorporated (Health Care, Health Care Technology)		37,000		597,789
Mabuchi Motor Company Limited (Industrials, Electrical Equipment)		5,300		184,658
Makita Corporation (Industrials, Machinery)		23,900		937,977
Marubeni Corporation (Industrials, Trading Companies & Distributors)		146,100		1,090,779
Marui Group Company Limited (Consumer Discretionary, Multiline Retail)		19,000		409,576
Maruichi Steel Tube Limited (Materials, Metals & Mining)		6,900		204,845
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		7,300		271,061
Mebuki Financial Group Incorporated (Financials, Banks)		89,700		271,040
Medipal Holdings Corporation (Health Care, Health Care Providers & Services)		18,500		423,733
Meiji Holdings Company Limited (Consumer Staples, Food Products)		12,200		959,750
Minebea Company Limited (Industrials, Machinery)		35,500		576,056
Misumi Group Incorporated (Industrials, Machinery)		25,100		568,711
Mitsubishi Chemical Holdings Corporation (Materials, Chemicals)		120,100		982,468
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		135,000		3,641,545
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		18,100		297,215
Mitsubishi Materials Corporation (Materials, Metals & Mining)		11,200		314,249
Mitsubishi Motors Corporation (Consumer Discretionary, Automobiles)		57,800		354,392
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		47,000		256,292
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		150,600		2,354,224
Mitsui Chemicals Incorporated (Materials, Chemicals)		17,400		441,610
Mitsui OSK Lines Limited (Industrials, Marine)		10,100		237,474
Miura Company Limited (Industrials, Machinery)		9,600		255,825
Mizuho Financial Group Incorporated (Financials, Banks)		2,154,600		3,574,076
MonotaRO Company Limited (Industrials, Trading Companies & Distributors)		12,700		344,029
Morinaga & Company Limited (Consumer Staples, Food Products)		4,300		189,023
Nabtesco Corporation (Industrials, Machinery)		10,400		287,680
Nagase & Company Limited (Industrials, Trading Companies & Distributors)		10,900		162,950
Nagoya Railroad Company Limited (Industrials, Road & Rail)		16,400		411,029
Nankai Electric Railway Company Limited (Industrials, Road & Rail)		9,700		259,345
NEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		23,300		722,512
NGK Spark Plug Company Limited (Consumer Discretionary, Auto Components)		20,600		423,197
NH Foods Limited (Consumer Staples, Food Products)		9,800		363,459
NHK Spring Company Limited (Consumer Discretionary, Auto Components)		18,200		161,935
Nichirei Corporation (Consumer Staples, Food Products)		11,900		335,986
Nidec Corporation (Industrials, Electrical Equipment)		22,900		3,050,240
Nifco Incorporated (Consumer Discretionary, Auto Components)		8,200		209,127
Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies)		7,400		240,876
Nikon Corporation (Consumer Discretionary, Household Durables)		34,000		533,145
Nippon Accommodations Fund Incorporated (Real Estate, Equity REITs)		41		199,013
Nippon Building Fund Incorporated (Real Estate, Equity REITs)		120		747,390

9

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
Japan (continued)
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		7,900	$	212,263
Nippon Paper Industries Company Limited (Materials, Paper & Forest Products)		9,400		174,726
Nippon Prologis REIT Incorporated (Real Estate, Equity REITs)		159		329,304
Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals)		5,900		403,330
Nippon Shokubai Company Limited (Materials, Chemicals)		3,100		206,730
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		113,200		4,667,013
Nippon Television Network Corporation (Communication Services, Media)		300		4,696
Nippon Yusen Kabushiki Kaisha (Industrials, Marine)		14,500		246,148
Nishi-Nippon Railroad Company Limited (Industrials, Road & Rail)		6,900		179,802
Nissan Chemical Industries Limited (Materials, Chemicals)		13,100		710,884
Nisshin Seifun Group Incorporated (Consumer Staples, Food Products)		24,900		523,160
Nissin Food Products Company Limited (Consumer Staples, Food Products)		6,400		413,267
Nitori Holdings Company Limited (Consumer Discretionary, Specialty Retail)		7,800		1,044,787
NOF Corporation (Materials, Chemicals)		7,600		251,068
NOK Corporation (Consumer Discretionary, Auto Components)		10,300		155,160
Nomura Real Estate Holding Incorporated (Real Estate, Real Estate Management & Development)		11,400		225,158
Nomura Real Estate Master Fund Incorporated (Real Estate, Equity REITs)		370		494,137
Nomura Research Institute Limited (Information Technology, IT Services)		11,200		491,847
NTN Corporation (Industrials, Machinery)		45,100		151,373
NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services)		106,200		2,459,117
Obayashi Corporation (Industrials, Construction & Engineering)		60,600		604,318
OBIC Company Limited (Information Technology, IT Services)		5,900		509,880
Odakyu Electric Railway Company Limited (Industrials, Road & Rail)		29,900		670,356
Oji Holdings Corporation (Materials, Paper & Forest Products)		81,300		475,560
Olympus Corporation (Health Care, Health Care Equipment & Supplies)		28,400		799,348
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		43,800		1,059,357
Oracle Corporation (Japan) (Information Technology, Software)		2,700		175,298
Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,300		1,920,394
ORIX Corporation (Financials, Diversified Financial Services)		105,100		1,703,136
ORIX JREIT Incorporated (Real Estate, Equity REITs)		230		374,232
Osaka Gas Company Limited (Utilities, Gas Utilities)		35,500		647,047
OSG Corporation (Industrials, Machinery)		8,100		162,621
Otsuka Corporation (Information Technology, IT Services)		11,200		376,902
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		42,800		2,086,931
Park24 Company Limited (Industrials, Commercial Services & Supplies)		10,900		294,309
Pigeon Corporation (Consumer Staples, Household Products)		10,500		432,432
Pola Orbis Holdings Incorporated (Consumer Staples, Personal Products)		8,300		234,343
Recruit Holdings Company Limited (Industrials, Professional Services)		134,200		3,692,081
Relo Holdings Incorporated (Real Estate, Real Estate Management & Development)		10,200		280,351
Resona Holdings Incorporated (Financials, Banks)		198,500		1,052,523
Rohto Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		10,100		318,975
Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail)		2,200		592,080
Sankyu Incorporated (Industrials, Road & Rail)		5,200		243,703
Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		34,000		581,967
Sanwa Holdings Corporation (Industrials, Building Products)		19,800		240,359
SBI Holdings Incorporated (Financials, Capital Markets)		19,000		431,168
SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,900		195,146
SCSK Corporation (Information Technology, IT Services)		4,400		174,620
Secom Company Limited (Industrials, Commercial Services & Supplies)		18,400		1,557,066
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Products)		15,500		218,746
Seibu Holdings Incorporated (Industrials, Industrial Conglomerates)		24,900		460,205
SEINO Holdings Company Limited (Industrials, Road & Rail)		14,900		221,173
Sekisui House Limited (Consumer Discretionary, Household Durables)		54,300		818,458
Sekisui House REIT incorporated (Real Estate, Equity REITs)		308		189,660
Seven Bank Limited (Financials, Banks)		61,300		190,086
SG Holdings Company Limited (Industrials, Air Freight & Logistics)		23,200		567,967
Shikoku Electric Power Company Incorporated (Utilities, Electric Utilities)		17,400		209,232
Shimadzu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		24,100		563,462
Shimamura Company Limited (Consumer Discretionary, Specialty Retail)		2,200		186,830
Shimizu Corporation (Industrials, Construction & Engineering)		61,300		523,816
Shinsei Bank Limited (Financials, Banks)		14,000		192,151
Shionogi & Company Limited (Health Care, Pharmaceuticals)		26,000		1,719,667
Shizuoka Bank Limited (Financials, Banks)		50,900		456,918
Showa Denko KK (Materials, Chemicals)		12,200		489,010
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		16,800		260,329
Skylark Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		16,800		275,276

10

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Japan (continued)
Sohgo Security Services Company Limited (Industrials, Commercial Services & Supplies)		7,500	$	352,817
Sojitz Corporation (Industrials, Trading Companies & Distributors)		106,000		375,387
Sony Financial Holdings Incorporated (Financials, Insurance)		12,600		264,177
Sotetsu Holdings Incorporated (Industrials, Road & Rail)		8,100		246,179
Square Enix Company Limited (Communication Services, Entertainment)		7,800		254,240
Stanley Electric Company Limited (Consumer Discretionary, Auto Components)		14,100		410,523
Start Today Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		18,000		400,388
Sugi Pharmacy Company Limited (Consumer Staples, Food & Staples Retailing)		3,700		174,056
Sumitomo Chemical Company Limited (Materials, Chemicals)		139,300		755,925
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		105,700		1,623,468
Sumitomo Dainippon Pharma Company Limited (Health Care, Pharmaceuticals)		14,600		475,884
Sumitomo Electric Industries Limited (Industrials, Electrical Equipment)		68,700		963,791
Sumitomo Foresting Company Limited (Consumer Discretionary, Household Durables)		15,000		221,336
Sumitomo Heavy Industries Limited (Industrials, Machinery)		10,300		341,624
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		22,900		666,736
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks)		32,800		1,315,294
Sumitomo Rubber Industries Limited (Consumer Discretionary, Auto Components)		15,900		212,486
Sundrug Company Limited (Consumer Staples, Food & Staples Retailing)		6,200		209,188
Suntory Beverage & Food Limited (Consumer Staples, Beverages)		10,600		444,488
Suzuken Company Limited (Health Care, Health Care Providers & Services)		7,700		414,456
Suzuki Motor Corporation (Consumer Discretionary, Automobiles)		38,000		1,893,054
Sysmex Corporation (Health Care, Health Care Equipment & Supplies)		15,000		799,322
Taiheiyo Cement Corporation (Materials, Construction Materials)		10,400		351,813
Taisei Corporation (Industrials, Construction & Engineering)		18,700		822,032
Taisho Pharmaceutical Holding Company Limited (Health Care, Pharmaceuticals)		4,900		566,339
Taiyo Nippon Sanso Corporation (Materials, Chemicals)		17,600		296,447
Taiyo Yuden Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		10,200		193,460
Takara Holdings Incorporated (Consumer Staples, Beverages)		17,000		216,703
Takashimaya Company Limited (Consumer Discretionary, Multiline Retail)		14,300		207,858
TDK Corporation (Information Technology, Electronic Equipment, Instruments & Components)		10,900		859,402
TechnoPro Holdings Incorporated (Industrials, Professional Services)		3,000		150,112
Teijin Limited (Materials, Chemicals)		17,300		298,709
Terumo Corporation (Health Care, Health Care Equipment & Supplies)		28,500		1,678,391
The Chugoku Bank Limited (Financials, Banks)		16,400		152,709
The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities)		26,500		334,766
The Gunma Bank Limited (Financials, Banks)		37,200		177,291
The Hiroshima Bank Limited (Financials, Banks)		26,300		158,474
The Iyo Bank Limited (Financials, Banks)		26,900		165,170
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		11,400		238,615
THK Company Limited (Industrials, Machinery)		10,300		236,007
TIS Incorporated (Information Technology, IT Services)		7,500		346,210
Tobu Railway Company Limited (Industrials, Road & Rail)		18,000		515,350
Toda Corporation (Industrials, Construction & Engineering)		23,400		157,491
Toho Company Limited Tokyo (Communication Services, Entertainment)		11,800		410,607
Toho Gas Company Limited (Utilities, Gas Utilities)		9,400		380,091
Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities)		42,700		558,224
Tokio Marine Holdings Incorporated (Financials, Insurance)		62,900		3,105,797
Tokuyama Corporation (Materials, Chemicals)		5,900		161,644
Tokyo Broadcasting System Incorporated (Communication Services, Media)		15,300		286,551
Tokyo Century Corporation (Financials, Diversified Financial Services)		4,600		219,636
Tokyo Electric Power Company Holdings Incorporated (Utilities, Electric Utilities) †		137,600		835,188
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		13,100		1,832,027
Tokyo Gas Company Limited (Utilities, Gas Utilities)		35,500		914,591
Tokyo Tatemono Company Limited (Real Estate, Real Estate Management & Development)		18,400		209,748
Tokyu Corporation (Industrials, Road & Rail)		49,100		854,703
Tokyu Fudosan Holdings Corporation (Real Estate, Real Estate Management & Development)		47,700		267,673
TOTO Limited (Industrials, Building Products)		14,200		549,786
Toyo Suisan Kaisha Limited (Consumer Staples, Food Products)		8,700		298,137
Toyoda Gosei Company Limited (Consumer Discretionary, Auto Components)		6,600		127,040
Trend Micro Incorporated (Information Technology, Software)		10,800		619,372
Tsumura & Company (Health Care, Pharmaceuticals)		6,400		198,176
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		3,600		355,195
UBE Industries Limited (Materials, Chemicals)		8,900		202,830
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3,800		139,594
Unicharm Corporation (Consumer Staples, Household Products)		39,600		1,239,822
United Urban Investment Corporation (Real Estate, Equity REITs)		259		412,292
Wacoal Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,900		160,864

11

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
Japan (continued)
Welcia Holdings Company Limiited (Consumer Staples, Food & Staples Retailing)		4,400	$	222,878
West Japan Railway Company (Industrials, Road & Rail)		16,000		1,114,778
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail)		59,000		285,346
Yamaguchi Financial Group (Financials, Banks)		21,200		219,629
Yamaha Corporation (Consumer Discretionary, Leisure Products)		14,200		611,708
Yamato Holdings Company Limited (Industrials, Air Freight & Logistics)		35,300		932,450
Yamazaki Baking Company Limited (Consumer Staples, Food Products)		15,200		319,091
Yokogawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		20,700		380,392
Zenkoku Hosho Company Limited (Financials, Diversified Financial Services)		4,300		146,976
Zensho Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,000		199,163
				198,630,317
Luxembourg : 0.34%
Aroundtown SA (Real Estate, Real Estate Management & Development)		60,399		516,594
B&M European Value Retail SA (Consumer Discretionary, Multiline Retail)		70,330		313,036
Eurofins Scientific SE (Health Care, Life Sciences Tools & Services)		917		397,606
RTL Group SA (Communication Services, Media)		3,578		214,077
SES SA (Communication Services, Media)		31,908		691,757
Subsea 7 SA (Energy, Energy Equipment & Services)		21,513		231,629
Tenaris SA (Energy, Energy Equipment & Services)		39,859		479,447
				2,844,146
Malta : 0.02%
Kindred Group plc SDR (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,036		185,558
Netherlands : 2.13%
Aalberts Industries NV (Industrials, Machinery)		7,748		271,566
ABN AMRO Group NV (Financials, Banks) 144A		39,138		997,819
Adyen NV (Information Technology, IT Services) †144A		1,016		525,705
Aegon NV (Financials, Insurance)		146,164		813,627
Akzo Nobel NV (Materials, Chemicals)		21,394		1,794,713
Argenx SE (Health Care, Biotechnology) †		2,546		247,592
ASM International NV (Information Technology, Semiconductors & Semiconductor Equipment)		3,734		158,903
ASR Nederland NV (Financials, Insurance)		11,754		506,986
Euronext NV (Financials, Capital Markets) 144A		4,487		262,622
Exor NV (Financials, Diversified Financial Services)		9,624		565,468
Gemalto NV (Information Technology, Software) †		10,383		594,312
Heineken Holding NV (Consumer Staples, Beverages)		8,407		741,894
Heineken NV (Consumer Staples, Beverages)		19,832		1,814,555
IMCD Group NV (Industrials, Trading Companies & Distributors)		4,317		285,417
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		104,824		2,694,431
Koninklijke DSM NV (Materials, Chemicals)		15,175		1,344,134
Koninklijke Vopak NV (Energy, Oil, Gas & Consumable Fuels)		5,393		235,669
NN Group NV (Financials, Insurance)		27,637		1,175,485
Philips Lighting NV (Industrials, Electrical Equipment) 144A		8,501		226,067
Qiagen NV (Health Care, Life Sciences Tools & Services) †		18,590		653,470
Randstad Holdings NV (Industrials, Professional Services)		9,873		480,397
Wolters Kluwer NV (Communication Services, Media)		23,136		1,396,572
				17,787,404
New Zealand : 0.37%
A2 Milk Company Limited (Consumer Staples, Food Products) †		59,112		420,558
Auckland International Airport Limited (Industrials, Transportation Infrastructure)		78,365		387,850
Contact Energy Limited (Utilities, Electric Utilities)		59,860		241,537
Fisher & Paykel Healthcare Corporation (Health Care, Health Care Equipment & Supplies)		46,820		428,048
Fletcher Building Limited (Materials, Construction Materials) †		70,421		230,419
Meridian Energy Limited (Utilities, Independent Power & Renewable Electricity Producers)		106,637		242,264
Ryman Healthcare Limited (Health Care, Health Care Providers & Services)		36,971		294,547
Spark New Zealand Limited (Communication Services, Diversified Telecommunication Services)		149,150		433,684
Xero Limited (Information Technology, Software) †		8,813		256,884
Z Energy Limited (Energy, Oil, Gas & Consumable Fuels)		32,998		130,426
				3,066,217

12

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Norway : 1.00%
Aker BP ASA (Energy, Oil, Gas & Consumable Fuels)		9,490	$	268,971
Den Norske Bank ASA (Financials, Banks)		77,052		1,322,323
Equinor ASA (Energy, Oil, Gas & Consumable Fuels)		93,077		2,171,293
Gjensidige Forsikring ASA (Financials, Insurance)		14,646		228,512
Marine Harvest ASA (Consumer Staples, Food Products)		34,273		801,910
Norsk Hydro ASA (Materials, Metals & Mining)		114,015		537,253
Orkla ASA (Consumer Staples, Food Products)		68,901		569,175
Schibsted ASA Class A (Communication Services, Media)		6,612		239,482
Storebrand ASA (Financials, Insurance)		37,334		292,683
Telenor ASA (Communication Services, Diversified Telecommunication Services)		55,585		1,076,473
TGS Nopec Geophysical Company ASA (Energy, Energy Equipment & Services)		8,481		237,117
Yara International ASA (Materials, Chemicals)		14,694		590,335
				8,335,527
Portugal : 0.20%
Energias de Portugal SA (Utilities, Electric Utilities)		211,823		740,278
Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels)		41,844		687,599
Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing)		20,597		245,770
				1,673,647
Singapore : 1.80%
Ascendas REIT (Real Estate, Equity REITs)		193,100		361,737
CapitaLand Commercial Trust Limited (Real Estate, Equity REITs)		213,900		271,292
CapitaLand Limited (Real Estate, Real Estate Management & Development)		207,863		472,726
CapitaLand Mall Trust (Real Estate, Equity REITs)		190,400		312,268
City Developments Limited (Real Estate, Real Estate Management & Development)		39,275		241,336
ComfortDelGro Corporation Limited (Industrials, Road & Rail)		185,337		283,700
DBS Group Holdings Limited (Financials, Banks)		154,913		2,752,955
Genting Singapore Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		482,524		341,168
Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		8,077		207,238
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		122,143		539,534
Mapletree Commercial Trust (Real Estate, Equity REITs)		160,200		193,842
Oversea-Chinese Banking Corporation Limited (Financials, Banks)		311,396		2,555,812
SembCorp Industries Limited (Industrials, Industrial Conglomerates)		77,000		146,490
Singapore Airlines Limited (Industrials, Airlines)		56,400		390,964
Singapore Airport Terminal Services Limited (Industrials, Transportation Infrastructure)		55,200		192,731
Singapore Exchange Limited (Financials, Capital Markets)		69,174		369,089
Singapore Press Holdings Limited (Communication Services, Media)		143,800		276,720
Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense)		125,169		323,894
Singapore Telecommunications Limited (Communication Services, Diversified Telecommunication Services)		619,855		1,391,613
Suntec REIT (Real Estate, Equity REITs)		177,500		227,713
United Overseas Bank Limited (Financials, Banks)		119,686		2,194,112
UOL Group Limited (Real Estate, Real Estate Management & Development)		46,273		206,085
Venture Corporation Limited (Information Technology, Electronic Equipment, Instruments & Components)		23,700		257,575
Wilmar International Limited (Consumer Staples, Food Products)		218,985		485,250
				14,995,844
South Africa : 0.07%
Old Mutual Limited (Financials, Insurance)		359,638		586,309
Spain : 1.74%
Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)		22,434		860,469
Aena SA (Industrials, Transportation Infrastructure) 144A		6,177		980,416
Amadeus IT Holding SA Class A (Information Technology, IT Services)		37,495		2,685,267
Bankinter SA (Financials, Banks)		52,379		437,621
Bolsas y Mercados Espanoles (Financials, Capital Markets)		5,853		170,425
Cellnex Telecom SA (Communication Services, Diversified Telecommunication Services) 144A		13,539		375,217
Enagás SA (Energy, Oil, Gas & Consumable Fuels)		18,855		518,061
Endesa SA (Utilities, Electric Utilities)		26,229		584,375
Gamesa Corporación Tecnologica SA (Industrials, Electrical Equipment)		19,601		276,269
Gas Natural SDG SA (Utilities, Gas Utilities)		30,095		744,442
Grifols SA (Health Care, Biotechnology)		21,896		613,762

13

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
Spain (continued)
Iberdrola SA (Utilities, Electric Utilities)		492,704	$	3,675,838
Inmobiliaria Colonial Socimi SA (Real Estate, Equity REITs)		22,278		223,836
International Consolidated Airlines Group SA (Industrials, Airlines)		98,033		781,491
Mapfre SA (Financials, Insurance)		75,079		214,617
Merlin Properties Socimi SA (Real Estate, Equity REITs)		31,691		400,212
Red Electrica de Espana (Utilities, Electric Utilities)		36,816		792,534
Viscofan SA (Consumer Staples, Food Products)		3,137		178,990
				14,513,842
Sweden : 2.63%
AAK AB (Consumer Staples, Food Products)		14,505		210,477
Alfa Laval AB (Industrials, Machinery)		25,269		543,482
Atlas Copco AB Class A (Industrials, Machinery)		52,869		1,295,933
Castellum AB (Real Estate, Real Estate Management & Development)		23,386		408,962
Dometic Group AB (Consumer Discretionary, Auto Components) 144A		24,591		175,850
Electrolux AB Class B (Consumer Discretionary, Household Durables)		18,409		418,182
Elekta AB Class B (Health Care, Health Care Equipment & Supplies)		30,838		371,432
Epiroc AB Class A (Industrials, Machinery) †		53,488		437,897
Ericsson LM Class B (Information Technology, Communications Equipment)		237,233		1,978,407
Essity Aktiebolag AB (Consumer Staples, Household Products)		56,567		1,449,026
Fabege AB (Real Estate, Real Estate Management & Development)		23,363		290,766
Fastighets AB Balder B Shares (Real Estate, Real Estate Management & Development) †		8,707		240,064
Getinge AB Class B (Health Care, Health Care Equipment & Supplies)		17,842		184,228
Hexagon AB Class B (Information Technology, Electronic Equipment, Instruments & Components)		22,700		1,130,306
Hexpol AB (Materials, Chemicals)		21,055		185,950
Husqvarna AB Class B (Consumer Discretionary, Household Durables)		33,901		266,929
ICA Gruppen AB (Consumer Staples, Food & Staples Retailing)		6,508		236,053
Industrivarden AB Class A (Financials, Diversified Financial Services)		14,317		299,593
Investor AB Class B (Financials, Diversified Financial Services)		37,775		1,654,380
Kinnevik AB Class B (Financials, Diversified Financial Services)		20,665		524,136
Loomis AB Class B (Industrials, Commercial Services & Supplies)		6,008		201,946
Lundbergforetagen AB Class B (Financials, Diversified Financial Services)		6,401		191,250
Nibe Industrier AB Class B (Industrials, Building Products)		28,356		293,787
Sandvik AB (Industrials, Machinery)		89,616		1,328,935
Securitas AB (Industrials, Commercial Services & Supplies)		27,208		458,166
SKF AB Class B (Industrials, Machinery)		30,702		484,627
Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)		50,544		406,522
Swedbank AB Class A (Financials, Banks)		78,620		1,826,534
Swedish Match AB (Consumer Staples, Tobacco)		14,202		554,436
Swedish Orphan Biovitrum AB (Health Care, Biotechnology) †		12,847		277,440
Tele2 AB Class B (Communication Services, Wireless Telecommunication Services)		29,317		366,638
Telia Company AB (Communication Services, Diversified Telecommunication Services)		221,911		1,023,550
Trelleborg AB Class B (Industrials, Machinery)		19,822		338,145
Volvo AB Class B (Industrials, Machinery)		137,226		1,908,335
				21,962,364
Switzerland : 5.77%
ABB Limited (Industrials, Electrical Equipment)		154,481		3,125,030
Adecco SA (Industrials, Professional Services)		13,967		690,626
Baloise Holding AG (Financials, Insurance)		3,937		578,501
Barry Callebaut AG (Consumer Staples, Food Products)		194		328,366
BB Biotech AG (Health Care, Biotechnology)		39,147		2,515,627
Bucher Industries AG (Industrials, Machinery)		538		146,475
Cembra Money Bank AG (Financials, Consumer Finance)		2,386		198,823
Chocoladefabriken Lindt & Sprungli AG (Consumer Staples, Food Products)		9		723,387
Clariant AG (Materials, Chemicals)		17,494		346,273
Coca-Cola HBC AG (Consumer Staples, Beverages)		17,040		506,787
DKSH Holding AG (Industrials, Professional Services)		2,680		181,340
EMS-Chemie Holdings AG (Materials, Chemicals)		710		381,277
Flughafen Zuerich AG (Industrials, Transportation Infrastructure)		1,618		264,309
Galenica AG (Health Care, Pharmaceuticals)		4,161		193,337
Geberit AG (Industrials, Building Products)		3,485		1,357,652
Georg Fischer AG (Industrials, Machinery)		343		266,764
Givaudan SA (Materials, Chemicals)		671		1,652,230
Helvetia Holding AG (Financials, Insurance)		521		322,284
Julius Baer Group Limited (Financials, Capital Markets)		18,698		754,807

14

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Switzerland (continued)
Kuehne & Nagel International AG (Industrials, Marine)		4,695	$	660,275
Logitech International SA (Information Technology, Technology Hardware, Storage & Peripherals)		14,476		486,566
Lonza Group AG (Health Care, Life Sciences Tools & Services)		6,217		2,009,378
OC Oerlikon Corporation AG (Information Technology, Electronic Equipment, Instruments & Components)		16,216		190,070
Pargesa Holding SA (Financials, Diversified Financial Services)		3,372		233,396
Partners Group Holding AG (Financials, Capital Markets)		1,839		1,204,770
PSP Swiss Property AG (Real Estate, Real Estate Management & Development)		3,505		339,957
Roche Holding AG (Health Care, Pharmaceuticals)		58,443		15,156,980
Schindler Holding AG - Participation Certificate (Industrials, Machinery)		3,404		681,447
SGS SA (Industrials, Professional Services)		433		1,025,452
Sika AG (Materials, Chemicals)		10,457		1,294,761
Sonova Holding AG (Health Care, Health Care Equipment & Supplies)		4,528		731,288
Straumann Holding AG (Health Care, Health Care Equipment & Supplies)		899		549,811
Sunrise Communications Group AG (Communication Services, Diversified Telecommunication Services) 144A		2,683		234,851
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,584		768,954
Swiss Life Holding AG (Financials, Insurance)		2,769		1,086,203
Swiss Prime Site AG (Real Estate, Real Estate Management & Development)		6,470		533,635
Swisscom AG (Communication Services, Diversified Telecommunication Services)		2,099		1,007,007
Tecan Group AG (Health Care, Life Sciences Tools & Services)		978		200,876
Temenos Group AG (Information Technology, Software)		5,269		652,395
VAT Group AG (Industrials, Machinery) 144A		1,776		184,169
Vifor Pharma AG (Health Care, Pharmaceuticals)		3,803		468,785
Zurich Insurance Group AG (Financials, Insurance)		12,360		3,878,545
				48,113,466
Thailand : 0.04%
Thai Beverage PCL (Consumer Staples, Beverages)		732,800		336,514
United Kingdom : 16.05%
3i Group plc (Financials, Capital Markets)		81,263		863,188
Admiral Group plc (Financials, Insurance)		18,133		481,529
Aggreko plc (Industrials, Commercial Services & Supplies)		21,405		203,419
Ashtead Group plc (Industrials, Trading Companies & Distributors)		41,509		930,386
AstraZeneca plc (Health Care, Pharmaceuticals)		104,535		8,148,076
Babcock International Group plc (Industrials, Commercial Services & Supplies)		21,129		152,926
BAE Systems plc (Industrials, Aerospace & Defense)		281,297		1,761,030
Balfour Beatty plc (Industrials, Construction & Engineering)		57,689		184,511
Barratt Developments plc (Consumer Discretionary, Household Durables)		82,821		487,781
BBA Aviation plc (Industrials, Transportation Infrastructure)		76,438		231,425
Beazley plc (Financials, Insurance)		43,006		306,334
Bellway plc (Consumer Discretionary, Household Durables)		10,305		333,794
BHP Group plc (Materials, Metals & Mining)		178,109		3,407,964
British American Tobacco plc (Consumer Staples, Tobacco)		202,130		7,083,017
Britvic plc (Consumer Staples, Beverages)		22,154		241,788
BT Group plc (Communication Services, Diversified Telecommunication Services)		708,261		2,364,555
BTG plc (Health Care, Pharmaceuticals) †		27,426		291,812
Bunzl plc (Industrials, Trading Companies & Distributors)		27,916		859,419
Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		35,305		799,201
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,983		869,263
Centrica plc (Utilities, Multi-Utilities)		474,196		832,347
Cineworld Group plc (Communication Services, Entertainment)		80,965		284,542
Close Brothers Group plc (Financials, Capital Markets)		12,986		248,873
CME Group Incorporated (Financials, Capital Markets)		1,174		223,154
Cobham plc (Industrials, Aerospace & Defense) †		207,582		269,934
Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		134,220		2,870,737
ConvaTec Limited (Health Care, Health Care Equipment & Supplies) 144A		110,161		213,296
Croda International plc (Materials, Chemicals)		11,522		715,890
CYBG plc (Financials, Banks)		101,353		265,014
Daily Mail & General Trust plc Class A (Communication Services, Media)		25,378		200,495
Dechra Pharmaceuticals plc (Health Care, Pharmaceuticals)		8,411		231,503
Derwent Valley Holdings plc (Real Estate, Equity REITs)		9,101		331,673
Diageo plc (Consumer Staples, Beverages)		210,334		7,567,494
Direct Line Insurance Group plc (Financials, Insurance)		109,701		458,500
DS Smith plc (Materials, Containers & Packaging)		110,976		472,455

15

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced International Portfolio

Security name	Shares		Value
United Kingdom (continued)
easyJet plc (Industrials, Airlines)		18,913	$	268,111
Electrocomponents plc (Information Technology, Electronic Equipment, Instruments & Components)		36,480		239,303
EVRAZ plc (Materials, Metals & Mining)		35,609		206,047
Experian Group Limited plc (Industrials, Professional Services)		76,865		1,867,327
Ferguson plc (Industrials, Trading Companies & Distributors)		19,074		1,220,114
G4S plc (Industrials, Commercial Services & Supplies)		131,628		325,307
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		415,098		8,577,273
Great Portland Estates plc (Real Estate, Equity REITs)		21,405		189,400
GVC Holdings plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		46,057		433,706
Halma plc (Information Technology, Electronic Equipment, Instruments & Components)		31,051		542,856
Hammerson plc (Real Estate, Equity REITs)		64,871		319,075
Hargreaves Lansdown plc (Financials, Capital Markets)		22,477		544,615
Hays plc (Industrials, Professional Services)		112,731		225,239
Hikma Pharmaceuticals plc (Health Care, Pharmaceuticals)		10,215		231,823
Hiscox Limited (Financials, Insurance)		24,253		521,048
HomeServe plc (Industrials, Commercial Services & Supplies)		24,597		297,913
Howden Joinery Group plc (Industrials, Trading Companies & Distributors)		50,611		287,179
IG Group Holdings plc (Financials, Capital Markets)		29,075		219,144
IMI plc (Industrials, Machinery)		23,699		293,982
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		80,838		2,482,490
Inchcape plc (Consumer Discretionary, Distributors)		34,752		257,504
Indivior plc (Health Care, Pharmaceuticals) †		58,786		76,369
Informa plc (Communication Services, Media)		108,058		951,734
Inmarsat plc (Communication Services, Diversified Telecommunication Services)		37,223		193,663
InterContinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		16,887		903,767
Intermediate Capital Group (Financials, Capital Markets)		24,689		319,319
Intertek Group plc (Industrials, Professional Services)		13,393		801,592
Investec plc (Financials, Capital Markets)		52,305		317,452
ITV plc (Communication Services, Media)		339,528		628,199
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		145,625		565,966
John Wood Group plc (Energy, Energy Equipment & Services)		57,013		461,320
Johnson Matthey plc (Materials, Chemicals)		16,661		620,774
Jupiter Fund Management plc (Financials, Capital Markets)		36,274		148,604
Just Eat plc (Consumer Discretionary, Internet & Direct Marketing Retail) †		51,536		382,592
Kingfisher plc (Consumer Discretionary, Specialty Retail)		176,972		563,767
London Stock Exchange Group plc (Financials, Capital Markets)		26,453		1,359,434
Man Group plc (Financials, Capital Markets)		131,921		244,334
Meggitt plc (Industrials, Aerospace & Defense)		65,222		430,672
Merlin Entertainment plc (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		60,240		257,993
Micro Focus International plc (Information Technology, Software)		37,307		731,617
Mondi plc (Materials, Paper & Forest Products)		30,672		668,138
National Grid plc (Utilities, Multi-Utilities)		281,958		2,992,486
Next plc (Consumer Discretionary, Multiline Retail)		11,622		725,806
NMC Health plc (Health Care, Health Care Providers & Services)		7,683		322,876
Ocado Group plc (Consumer Discretionary, Internet & Direct Marketing Retail) †		46,691		494,531
Pearson plc (Communication Services, Media)		66,144		811,992
Pennon Group plc (Utilities, Water Utilities)		34,265		314,368
Persimmon plc (Consumer Discretionary, Household Durables)		25,311		612,799
Phoenix Group Holdings (Financials, Insurance)		57,159		436,645
Polymetal International plc (Materials, Metals & Mining)		24,679		246,798
Quilter plc (Financials, Capital Markets) 144A		141,130		208,788
Randgold Resources Limited (Materials, Metals & Mining)		8,447		674,662
Reckitt Benckiser Group plc (Consumer Staples, Household Products)		66,388		5,508,823
RELX plc (Industrials, Professional Services)		177,195		3,686,035
Rentokil Initial plc (Industrials, Commercial Services & Supplies)		152,236		640,156
Rightmove plc (Communication Services, Interactive Media & Services)		77,403		431,608
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense) †(a)		7,233,454		9,217
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)		165,901		1,796,050
Rotork plc (Industrials, Machinery)		72,781		243,168
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		386,474		11,684,167
Royal Mail plc (Industrials, Air Freight & Logistics)		82,173		334,859
RPC Group plc (Materials, Containers & Packaging)		34,502		315,135
RSA Insurance Group plc (Financials, Insurance)		82,864		572,929
Schroders plc (Financials, Capital Markets)		9,558		307,771
Segro plc (Real Estate, Equity REITs)		86,499		664,855
Severn Trent plc (Utilities, Water Utilities)		19,665		458,564
Shire plc (Health Care, Biotechnology)		74,674		4,329,479
Smith & Nephew plc (Health Care, Health Care Equipment & Supplies)		75,071		1,363,145
Smiths Group plc (Industrials, Industrial Conglomerates)		32,392		573,523

16

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name								Shares		Value
United Kingdom (continued)
Spectris plc (Information Technology, Electronic Equipment, Instruments & Components)									10,241	$	312,407
Spirax-Sarco Engineering plc (Industrials, Machinery)									6,259		489,299
SSE plc (Utilities, Electric Utilities)									85,516		1,193,753
SSP Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)									39,826		317,837
Tate & Lyle plc (Consumer Staples, Food Products)									39,032		357,108
Taylor Wimpey plc (Consumer Discretionary, Household Durables)									265,241		452,898
TechnipFMC plc - BATS Exchange (Energy, Energy Equipment & Services)									40,648		942,441
Tesco plc (Consumer Staples, Food & Staples Retailing)									826,992		2,081,772
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)									10,751		441,945
The British Land Company plc (Real Estate, Equity REITs)									79,110		569,150
The Sage Group plc (Information Technology, Software)									92,893		688,197
The Unite Group plc (Real Estate, Equity REITs)									22,677		240,994
Tritax Big Box REIT plc (Real Estate, Equity REITs)									128,089		220,996
Unilever plc (Consumer Staples, Personal Products)									102,096		5,520,619
United Utilities Group plc (Utilities, Water Utilities)									55,210		534,952
Victrex plc (Materials, Chemicals)									7,160		223,529
WH Smith plc (Consumer Discretionary, Specialty Retail)									8,570		208,141
Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure)									15,738		922,090
William Hill plc (Consumer Discretionary, Hotels, Restaurants & Leisure)									72,766		150,210
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)									201,874		611,198
WPP plc (Communication Services, Media)									106,767		1,177,903
											133,782,761
Total Common Stocks (Cost $833,110,965)											806,201,509
			Dividend yield
Preferred Stocks : 0.57%
Fuchs Petrolub SE (Materials, Chemicals)				2.20	%				5,786		239,480
Henkel AG & Company KGaA (Consumer Staples, Household Products)				1.55					15,026		1,733,415
Sartorius AG Vorzug (Health Care, Health Care Equipment & Supplies)				0.40					2,892		367,019
Volkswagen AG (Consumer Discretionary, Automobiles)				2.30					14,347		2,418,470
Total Preferred Stocks (Cost $5,140,496)											4,758,384
						Expiration date
Rights : 0.00%
United Kingdom : 0.00%
GVC CVR Maya Gold (a)†							6-30-2019		174,403		0
Total Rights (Cost $0)											0
			Yield
Short-Term Investments : 1.51%
Investment Companies : 1.51%
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.13	%				12,563,223		12,563,223
Total Short-Term Investments (Cost $12,563,223)											12,563,223
Total investments in securities (Cost $850,814,684)	98.78	%									823,523,116
Other assets and liabilities, net	1.22										10,199,392
Total net assets	100.00	%								$	833,722,508

17

Wells Fargo Factor Enhanced International Portfolio Portfolio of investments — November 30, 2018 (unaudited)

† Non-income-earning security

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

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.

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

Abbreviations:

REIT Real estate investment trust

SDR Swedish depositary receipt

18

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		405		12-21-2018	$	37,435,985	$	36,780,075	$	0	$	(655,910	)

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		27,179,905		305,191,076		319,807,758		12,563,223	$	12,563,223		1.51	%

Wells Fargo Factor Enhanced International Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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 November 30, 2018, such fair value pricing was 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.

Futures contracts

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objectives. 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 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. 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 counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, 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. 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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	78,080,394	$	0	$	0	$	78,080,394
Austria		2,316,458		0		0		2,316,458
Belgium		4,303,184		353,096		0		4,656,280
Canada		85,442,317		0		0		85,442,317
China		2,547,530		0		0		2,547,530
Denmark		17,118,460		0		0		17,118,460
Finland		10,740,192		0		0		10,740,192
France		51,689,727		0		0		51,689,727
Germany		36,205,532		0		0		36,205,532
Hong Kong		38,406,293		0		0		38,406,293
Ireland		7,021,251		0		0		7,021,251
Italy		5,163,159		0		0		5,163,159
Japan		198,630,317		0		0		198,630,317
Luxembourg		2,844,146		0		0		2,844,146
Malta		185,558		0		0		185,558
Netherlands		17,787,404		0		0		17,787,404
New Zealand		3,066,217		0		0		3,066,217
Norway		8,335,527		0		0		8,335,527
Portugal		1,673,647		0		0		1,673,647
Singapore		14,995,844		0		0		14,995,844
South Africa		586,309						586,309
Spain		14,513,842		0		0		14,513,842
Sweden		21,962,364		0		0		21,962,364
Switzerland		48,113,466		0		0		48,113,466
Thailand		336,514		0		0		336,514
United Kingdom		133,773,544		9,217		0		133,782,761
Preferred stocks
Germany		4,758,384		0		0		4,758,384

Rights
United Kingdom		0		0		0		0
Short-term investments
Investment companies		12,563,223		0		0		12,563,223
Total assets	$	823,160,803	$	362,313	$	0	$	823,523,116
Liabilities
Futures contracts	$	655,910	$	0	$	0	$	655,910
Total liabilities	$	655,910	$	0	$	0	$	655,910

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 November 30, 2018, the Portfolio had segregated $2,846,472 as cash collateral for these open futures contracts.

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks : 97.39%
Communication Services : 7.15%
Diversified Telecommunication Services : 3.10%
AT&T Incorporated		640,436	$	20,007,214
CenturyLink Incorporated		95,001		1,786,019
Verizon Communications Incorporated		363,443		21,915,613
Zayo Group Holdings Incorporated †		19,709		518,741
				44,227,587
Entertainment : 1.74%
Cinemark Holdings Incorporated		9,602		368,429
Electronic Arts Incorporated †		26,211		2,203,559
Live Nation Incorporated †		11,862		660,476
Take-Two Interactive Software Incorporated †		9,751		1,069,392
The Madison Square Garden Company Class A †		1,590		429,332
The Walt Disney Company		126,723		14,635,239
Twenty-First Century Fox Incorporated Class A		91,762		4,539,466
Viacom Incorporated Class B		31,033		957,678
				24,863,571
Interactive Media & Services : 0.13%
IAC Corporation †		6,770		1,204,789
Yelp Incorporated †		6,956		234,209
Zillow Group Incorporated Class C †		10,078		368,351
				1,807,349
Media : 2.01%
Cable One Incorporated		434		390,292
CBS Corporation Class B		29,071		1,575,067
Charter Communications Incorporated Class A †		15,315		5,041,698
Comcast Corporation Class A		404,337		15,773,186
Discovery Communications Incorporated Class A †		13,601		417,823
Discovery Communications Incorporated Class C †		30,340		847,396
DISH Network Corporation Class A †		19,110		626,044
Interpublic Group of Companies Incorporated		34,033		799,776
News Corporation Class A		33,442		434,077
Nexstar Media Group Incorporated Class A		4,026		332,709
Omnicom Group Incorporated		19,820		1,525,545
Sirius XM Holdings Incorporated		102,864		640,843
Tribune Media Company Class A		7,088		285,363
				28,689,819
Wireless Telecommunication Services : 0.17%
Sprint Corporation †		51,701		324,682
T-Mobile US Incorporated †		27,480		1,881,006
Telephone & Data Systems Incorporated		8,621		308,028
				2,513,716
Consumer Discretionary : 10.17%
Auto Components : 0.14%
Adient plc		8,712		206,300
Dana Incorporated		12,963		188,093
Garrett Motion Incorporated †		6,812		78,338
Lear Corporation		5,998		817,228
The Goodyear Tire & Rubber Company		21,900		507,204

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Auto Components (continued)
Visteon Corporation †		2,705	$	199,683
				1,996,846
Automobiles : 0.59%
Ford Motor Company		353,847		3,329,700
General Motors Company		111,174		4,219,053
Harley-Davidson Incorporated		14,859		628,387
Thor Industries Incorporated		4,470		303,111
				8,480,251
Distributors : 0.18%
Genuine Parts Company		12,573		1,303,946
LKQ Corporation †		25,476		709,252
Pool Corporation		3,391		551,071
				2,564,269
Diversified Consumer Services : 0.21%
Bright Horizons Family Solutions Incorporated †		5,102		620,811
Frontdoor Incorporated †		5,958		138,762
Grand Canyon Education Incorporated †		4,237		518,439
H&R Block Incorporated		18,501		499,712
Service Corporation International		16,136		745,483
ServiceMaster Global Holdings Incorporated †		11,876		525,751
				3,048,958
Hotels, Restaurants & Leisure : 2.84%
Aramark		20,706		788,070
Carnival Corporation		35,632		2,148,253
Chipotle Mexican Grill Incorporated †		2,192		1,037,276
Cracker Barrel Old Country Store Incorporated		2,049		370,480
Darden Restaurants Incorporated		10,882		1,202,896
Domino’s Pizza Incorporated		3,895		1,080,161
Dunkin Brands Group Incorporated		7,285		539,090
Hilton Grand Vacations Incorporated †		8,471		271,580
Hilton Worldwide Holdings Incorporated		22,673		1,712,718
Hyatt Hotels Corporation Class A		3,673		261,922
Marriott International Incorporated Class A		23,611		2,715,973
Marriott Vacations Worldwide Corporation		1		81
McDonald’s Corporation		69,414		13,085,233
Norwegian Cruise Line Holdings Limited †		17,777		912,316
Planet Fitness Incorporated Class A †		7,639		421,826
Six Flags Entertainment Corporation		5,937		364,294
Starbucks Corporation		119,874		7,997,993
Texas Roadhouse Incorporated		6,014		397,104
The Wendy’s Company		16,667		298,839
Vail Resorts Incorporated		3,434		958,704
Wyndham Worldwide Corporation		8,420		349,177
Wynn Resorts Limited		8,464		925,962
Yum! Brands Incorporated		28,719		2,648,466
				40,488,414
Household Durables : 0.53%
D.R. Horton Incorporated		31,936		1,188,658
Garmin Limited		8,595		572,943
Leggett & Platt Incorporated		11,260		436,212
Lennar Corporation Class A		25,879		1,105,810
Mohawk Industries Incorporated †		5,435		696,006
Newell Rubbermaid Incorporated		38,055		890,487

2

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Household Durables (continued)
NVR Incorporated †		312	$	764,400
Pulte Group Incorporated		23,799		631,149
Toll Brothers Incorporated		12,989		428,247
Whirlpool Corporation		6,297		794,241
				7,508,153
Internet & Direct Marketing Retail : 0.33%
eBay Incorporated †		81,496		2,432,656
GrubHub Incorporated †		7,547		590,855
Qurate Retail Incorporated †		39,035		867,358
Stamps.com Incorporated †		1,477		253,246
Wayfair Incorporated Class A †		4,813		511,141
				4,655,256
Leisure Products : 0.15%
Hasbro Incorporated		9,917		902,447
Mattel Incorporated †		29,710		412,969
Polaris Industries Incorporated		5,168		501,296
The Brunswick Corporation		7,571		401,566
				2,218,278
Multiline Retail : 0.73%
Dollar General Corporation		24,118		2,676,857
Dollar Tree Incorporated †		20,418		1,771,670
Kohl’s Corporation		15,245		1,024,007
Macy’s Incorporated		27,818		951,932
Nordstrom Incorporated		10,301		544,614
Target Corporation		48,587		3,447,734
				10,416,814
Specialty Retail : 3.40%
Aaron’s Incorporated		6,295		294,606
Advance Auto Parts Incorporated		6,199		1,101,624
American Eagle Outfitters Incorporated		14,189		296,976
AutoNation Incorporated †		5,504		204,364
AutoZone Incorporated †		2,402		1,943,386
Best Buy Company Incorporated		21,212		1,370,083
Burlington Stores Incorporated †		5,996		993,897
CarMax Incorporated †		16,475		1,088,503
Five Below Incorporated †		4,937		517,348
Foot Locker Incorporated		10,260		578,664
L Brands Incorporated		21,037		696,535
Lowe’s Companies Incorporated		70,450		6,648,367
O’Reilly Automotive Incorporated †		7,368		2,555,075
Ross Stores Incorporated		32,817		2,874,769
The Gap Incorporated		24,959		681,131
The Home Depot Incorporated		102,673		18,513,995
The TJX Companies Incorporated		105,898		5,173,117
Tractor Supply Company		10,998		1,046,240
ULTA Beauty Incorporated †		5,104		1,519,920
Williams-Sonoma Incorporated		6,904		390,974
				48,489,574
Textiles, Apparel & Luxury Goods : 1.07%
Carter’s Incorporated		4,090		378,325
HanesBrands Incorporated		31,700		504,347
Michael Kors Holdings Limited †		13,150		575,313

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Nike Incorporated Class B		112,903	$	8,481,273
PVH Corporation		7,003		773,902
Ralph Lauren Corporation		5,003		557,334
Skechers U.S.A. Incorporated Class A †		12,062		325,674
Tapestry Incorporated		25,050		975,197
Under Armour Incorporated Class A †		16,588		396,121
VF Corporation		28,751		2,337,169
				15,304,655
Consumer Staples : 10.03%
Beverages : 2.78%
Brown-Forman Corporation Class B		24,376		1,163,223
Constellation Brands Incorporated Class A		14,575		2,853,202
Molson Coors Brewing Company Class B		16,987		1,117,235
Monster Beverage Corporation †		36,461		2,175,992
PepsiCo Incorporated		125,300		15,279,082
The Coca-Cola Company		338,693		17,070,127
				39,658,861
Food & Staples Retailing : 1.93%
Casey’s General Stores Incorporated		3,269		423,237
Costco Wholesale Corporation		38,638		8,936,197
Sysco Corporation		42,040		2,833,496
The Kroger Company		76,010		2,254,457
US Foods Holding Corporation †		19,127		634,634
Wal-Mart Stores Incorporated		126,971		12,398,718
				27,480,739
Food Products : 1.26%
Archer Daniels Midland Company		49,085		2,258,892
Bunge Limited		12,570		717,370
Campbell Soup Company		17,359		680,473
ConAgra Foods Incorporated		41,746		1,350,066
Flowers Foods Incorporated		15,929		315,235
General Mills Incorporated		51,982		2,199,358
Hain Celestial Group Incorporated †		7,794		161,336
Hormel Foods Corporation		23,501		1,059,660
Ingredion Incorporated		6,436		672,305
Kellogg Company		24,548		1,562,480
Lamb Weston Holdings Incorporated		12,956		993,725
McCormick & Company Incorporated		10,456		1,568,400
Post Holdings Incorporated †		5,747		556,022
The Hershey Company		12,248		1,326,458
The J.M. Smucker Company		9,656		1,009,149
Tyson Foods Incorporated Class A		25,702		1,515,133
				17,946,062
Household Products : 2.30%
Church & Dwight Company Incorporated		21,648		1,432,881
Colgate-Palmolive Company		76,734		4,874,144
Energizer Holdings Incorporated		5,351		239,885
Kimberly-Clark Corporation		30,886		3,563,318
The Clorox Company		11,441		1,894,858
The Procter & Gamble Company		220,997		20,886,426
				32,891,512
Personal Products : 0.28%
Coty Incorporated Class A		38,279		319,247

4

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Personal Products (continued)
Herbalife Limited †		9,769	$	559,275
NU Skin Enterprises Incorporated Class A		4,706		310,455
The Estee Lauder Companies Incorporated Class A		19,648		2,802,984
				3,991,961
Tobacco : 1.48%
Altria Group Incorporated		170,178		9,330,860
Philip Morris International Incorporated		136,840		11,840,765
				21,171,625
Energy : 4.87%
Energy Equipment & Services : 0.36%
Apergy Corporation †		6,720		230,362
Baker Hughes Incorporated		36,779		839,297
Halliburton Company		71,179		2,237,156
Helmerich & Payne Incorporated		8,879		538,067
KLX Energy Services †		1,783		35,999
National Oilwell Varco Incorporated		32,969		1,058,635
Patterson-UTI Energy Incorporated		18,346		254,642
				5,194,158
Oil, Gas & Consumable Fuels : 4.51%
Antero Resources Corporation †		20,138		264,412
Centennial Resource Development Class A †		15,621		242,438
Chevron Corporation		167,838		19,962,652
Delek US Holdings Incorporated		7,071		281,355
Exxon Mobil Corporation		371,003		29,494,739
HollyFrontier Corporation		16,076		1,004,268
Marathon Petroleum Corporation		43,246		2,817,909
ONEOK Incorporated		37,399		2,297,421
PBF Energy Incorporated Class A		9,568		370,090
Peabody Energy Corporation		8,364		260,455
Phillips 66 Company		38,478		3,598,463
Plains GP Holdings LP Class A		13,240		293,001
Range Resources Corporation		21,603		314,324
Valero Energy Corporation		39,040		3,119,296
				64,320,823
Financials : 10.29%
Banks : 2.32%
Associated Banc Corporation		14,556		337,263
Bank of Hawaii Corporation		3,394		270,672
BankUnited Incorporated		9,286		320,738
BB&T Corporation		66,985		3,422,934
Chemical Financial Corporation		6,080		286,976
CIT Group Incorporated		10,626		493,365
Citizens Financial Group Incorporated		42,861		1,558,426
Commerce Bancshares Incorporated		8,635		544,190
Fifth Third Bancorp		59,841		1,671,359
First Horizon National Corporation		27,911		460,252
FNB Corporation		27,830		341,196
Fulton Financial Corporation		14,287		248,737
Hancock Holding Company		7,450		299,639
Home Bancshares Incorporated		13,752		269,677
Huntington Bancshares Incorporated		92,963		1,356,330
IBERIABANK Corporation		4,588		342,953

5

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Banks (continued)
Investors Bancorp Incorporated		21,085	$	258,924
M&T Bank Corporation		11,626		1,964,910
MB Financial Incorporated		7,002		321,252
People’s United Financial Incorporated		28,788		485,366
PNC Financial Services Group Incorporated		38,225		5,190,191
SunTrust Banks Incorporated		40,821		2,559,068
Synovus Financial Corporation		9,814		371,067
TCF Financial Corporation		13,903		312,678
UMB Financial Corporation		3,897		263,710
Umpqua Holdings Corporation		18,900		363,636
United Bankshares Incorporated		8,775		317,392
US Bancorp		134,533		7,326,667
Valley National Bancorp		27,666		299,346
Webster Financial Corporation		7,837		471,552
Wintrust Financial Corporation		4,915		380,175
				33,110,641
Capital Markets : 1.88%
BGC Partners Incorporated Class A		22,021		232,101
CBOE Holdings Incorporated		9,858		1,060,918
CME Group Incorporated		29,586		5,623,707
Eaton Vance Corporation		10,058		409,662
FactSet Research Systems Incorporated		3,310		776,162
Interactive Brokers Group Incorporated Class A		6,254		361,794
Intercontinental Exchange Incorporated		50,623		4,136,912
Lazard Limited Class A		11,007		441,601
Legg Mason Incorporated		7,698		223,011
LPL Financial Holdings Incorporated		7,799		500,462
MarketAxess Holdings Incorporated		3,235		704,357
Moody’s Corporation		14,504		2,307,151
MSCI Incorporated		7,673		1,205,352
Raymond James Financial Incorporated		11,468		914,344
S&P Global Incorporated		21,829		3,991,651
SEI Investments Company		12,283		659,597
Stifel Financial Corporation		6,126		295,702
T. Rowe Price Group Incorporated		20,917		2,078,313
The NASDAQ OMX Group Incorporated		10,016		914,661
				26,837,458
Consumer Finance : 0.94%
Ally Financial Incorporated		38,690		1,032,249
American Express Company		61,739		6,931,438
Credit Acceptance Corporation †		1,216		497,855
Discover Financial Services		30,717		2,190,122
FirstCash Incorporated		3,982		354,597
Navient Corporation		22,935		263,753
SLM Corporation †		38,420		394,573
Synchrony Financial		66,780		1,734,944
				13,399,531
Diversified Financial Services : 1.72%
Berkshire Hathaway Incorporated Class B †		112,988		24,658,501
Insurance : 3.11%
AFLAC Incorporated		66,623		3,047,336
Alleghany Corporation		1,270		801,408
American Financial Group Incorporated		5,713		584,783
Aon plc		21,228		3,504,955
Arch Capital Group Limited †		34,241		979,977
Arthur J. Gallagher & Company		15,625		1,204,219
Assurant Incorporated		4,599		447,207

6

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Insurance (continued)
Assured Guaranty Limited		10,108	$	412,609
Athene Holding Limited Class A †		14,177		616,558
Axis Capital Holdings Limited		7,123		394,258
Brown & Brown Incorporated		20,010		580,690
Chubb Limited		37,012		4,949,985
Cincinnati Financial Corporation		13,515		1,104,581
CNO Financial Group Incorporated		15,060		275,598
Erie Indemnity Company Class A		2,027		277,395
Everest Reinsurance Group Limited		4,457		989,811
First American Financial Corporation		9,431		455,800
Loews Corporation		25,388		1,220,147
Markel Corporation †		1,173		1,342,076
Marsh & McLennan Companies Incorporated		44,201		3,920,629
Old Republic International Corporation		24,709		557,188
Primerica Incorporated		3,902		463,870
Reinsurance Group of America Incorporated		5,651		844,146
Selective Insurance Group Incorporated		4,953		328,731
The Allstate Corporation		30,412		2,712,446
The Hanover Insurance Group Incorporated		3,619		415,135
The Hartford Financial Services Group Incorporated		32,093		1,418,190
The Progressive Corporation		50,133		3,323,317
The Travelers Companies Incorporated		23,417		3,052,874
Torchmark Corporation		9,283		802,144
Unum Group		19,785		710,479
W.R. Berkley Corporation		8,013		631,264
White Mountain Insurance Group Limited		209		194,109
Willis Towers Watson plc		11,537		1,839,575
				44,403,490
Mortgage REITs : 0.22%
AGNC Investment Corporation		33,872		599,534
Annaly Capital Management Incorporated		102,351		1,027,604
Chimera Investment Corporation		16,161		310,130
MFA Financial Incorporated		32,490		235,553
New Residential Investment Corporation		30,431		523,413
Starwood Property Trust Incorporated		18,443		412,570
				3,108,804
Thrifts & Mortgage Finance : 0.10%
Essent Group Limited †		8,107		312,606
MGIC Investment Corporation †		32,158		376,570
New York Community Bancorp Incorporated		40,026		425,476
Radian Group Incorporated		18,921		348,146
				1,462,798
Health Care : 19.86%
Biotechnology : 1.50%
AbbVie Incorporated		135,048		12,730,975
Gilead Sciences Incorporated		115,215		8,288,567
United Therapeutics Corporation †		3,597		424,806
				21,444,348
Health Care Equipment & Supplies : 5.10%
Abbott Laboratories		151,414		11,212,207
ABIOMED Incorporated †		3,635		1,209,292
Baxter International Incorporated		43,426		2,976,852
Becton Dickinson & Company		23,026		5,819,822

7

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Boston Scientific Corporation †		120,570	$	4,541,872
Cantel Medical Corporation		3,059		262,707
Danaher Corporation		54,304		5,948,460
Dentsply Sirona Incorporated		19,435		734,254
DexCom Incorporated †		7,598		984,625
Edwards Lifesciences Corporation †		17,994		2,915,208
Globus Medical Incorporated Class A †		6,221		300,412
Haemonetics Corporation †		4,695		503,680
Hill-Rom Holdings Incorporated		5,686		551,315
Hologic Incorporated †		23,475		1,042,525
ICU Medical Incorporated †		1,289		309,992
IDEXX Laboratories Incorporated †		7,480		1,524,125
Insulet Corporation †		5,027		421,916
Integra LifeSciences Holdings Corporation †		5,599		300,274
Intuitive Surgical Incorporated †		9,755		5,178,637
LivaNova plc †		4,151		420,040
Masimo Corporation †		4,233		467,408
Medtronic plc		119,207		11,626,259
Neogen Corporation †		4,312		279,676
Penumbra Incorporated †		2,684		373,666
ResMed Incorporated		12,168		1,360,261
Steris plc		7,242		862,377
Stryker Corporation		26,642		4,674,605
Teleflex Incorporated		3,948		1,087,358
The Cooper Companies Incorporated		4,251		1,185,306
Varian Medical Systems Incorporated †		7,824		965,403
West Pharmaceutical Services Incorporated		6,326		693,077
Zimmer Biomet Holdings Incorporated		17,671		2,067,860
				72,801,471
Health Care Providers & Services : 4.65%
AmerisourceBergen Corporation		14,449		1,284,516
Anthem Incorporated		22,288		6,465,080
Cardinal Health Incorporated		27,651		1,516,104
Centene Corporation †		15,145		2,154,376
Chemed Corporation		1,373		434,939
CVS Health Corporation		113,388		9,093,707
DaVita HealthCare Partners Incorporated †		12,447		822,249
Encompass Health Corporation		8,165		614,090
Express Scripts Holding Company †		48,677		4,939,255
HCA Holdings Incorporated		25,005		3,600,470
Henry Schein Incorporated †		13,375		1,193,050
Humana Incorporated		12,192		4,016,898
Laboratory Corporation of America Holdings †		8,981		1,307,993
McKesson Corporation		18,405		2,291,423
MEDNAX Incorporated †		8,107		325,901
Molina Healthcare Incorporated †		5,108		713,639
UnitedHealth Group Incorporated		83,969		23,625,518
Universal Health Services Incorporated Class B		7,427		1,024,852
WellCare Health Plans Incorporated †		3,988		1,016,461
				66,440,521
Health Care Technology : 0.14%
athenahealth Incorporated †		3,476		462,656
Cerner Corporation †		27,611		1,598,953
				2,061,609
Life Sciences Tools & Services : 1.34%
Agilent Technologies Incorporated		28,109		2,033,686
Bio-Rad Laboratories Incorporated Class A †		1,890		518,729
Bio-Techne Corporation		2,820		455,204

8

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Life Sciences Tools & Services (continued)
Charles River Laboratories International Incorporated †		3,548	$	478,448
ICON plc ADR †		4,822		697,840
IQVIA Holdings Incorporated †		13,605		1,701,577
Mettler-Toledo International Incorporated †		2,191		1,394,922
PerkinElmer Incorporated		9,493		826,461
PRA Health Sciences Incorporated †		4,307		502,799
Syneos Health Incorporated †		6,875		355,575
Thermo Fisher Scientific Incorporated		35,326		8,815,603
Waters Corporation †		6,521		1,294,940
				19,075,784
Pharmaceuticals : 7.13%
Bristol-Myers Squibb Company		141,880		7,584,905
Catalent Incorporated †		11,488		455,499
Eli Lilly & Company		84,095		9,977,031
Johnson & Johnson		236,337		34,717,905
Merck & Company Incorporated		235,678		18,698,693
Mylan NV †		41,838		1,416,635
Perrigo Company plc		11,510		716,843
Pfizer Incorporated		522,597		24,159,659
Zoetis Incorporated		43,119		4,047,581
				101,774,751
Industrials : 11.96%
Aerospace & Defense : 3.14%
BWX Technologies Incorporated		8,719		394,273
Curtiss-Wright Corporation		3,447		380,549
General Dynamics Corporation		22,625		4,183,136
Harris Corporation		10,372		1,482,677
Hexcel Corporation		7,638		471,035
Huntington Ingalls Industries Incorporated		3,828		824,934
L-3 Technologies Incorporated		6,820		1,250,038
Lockheed Martin Corporation		20,939		6,290,704
Northrop Grumman Corporation		15,079		3,918,731
Raytheon Company		24,973		4,378,766
Spirit AeroSystems Holdings Incorporated Class A		10,020		820,438
Teledyne Technologies Incorporated †		2,873		645,218
Textron Incorporated		20,549		1,153,621
The Boeing Company		51,722		17,935,121
United Technologies Corporation		5,332		649,688
				44,778,929
Air Freight & Logistics : 0.99%
C.H. Robinson Worldwide Incorporated		12,002		1,108,145
Expeditors International of Washington Incorporated		15,001		1,141,426
FedEx Corporation		21,518		4,927,622
United Parcel Service Incorporated Class B		60,343		6,956,944
				14,134,137
Airlines : 0.27%
Alaska Air Group Incorporated		10,806		791,648
JetBlue Airways Corporation †		28,245		551,342
Southwest Airlines Company		46,639		2,546,956
				3,889,946

9

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Building Products : 0.54%
A.O. Smith Corporation		12,467	$	590,686
Allegion plc		8,189		750,031
Fortune Brands Home & Security Incorporated		13,144		575,707
Johnson Controls International plc		81,099		2,820,623
Lennox International Incorporated		3,495		789,555
Masco Corporation		27,392		868,052
Owens Corning Incorporated		10,018		522,439
Resideo Technologies Incorporated †		10,411		214,779
Trex Company Incorporated †		5,234		333,563
USG Corporation		7,183		309,156
				7,774,591
Commercial Services & Supplies : 0.66%
Cintas Corporation		7,501		1,405,537
Copart Incorporated †		17,711		906,449
Deluxe Corporation		4,015		202,155
KAR Auction Services Incorporated		11,648		665,567
Republic Services Incorporated		19,131		1,479,592
Rollins Incorporated		8,363		531,552
Stericycle Incorporated †		7,380		354,757
The Brink’s Company		4,180		296,028
Waste Management Incorporated		37,623		3,527,156
				9,368,793
Construction & Engineering : 0.20%
AECOM Technology Corporation †		13,212		424,898
Arcosa Incorporated †		4,553		124,479
EMCOR Group Incorporated		5,186		377,852
Fluor Corporation		12,040		492,797
Jacobs Engineering Group Incorporated		12,178		799,729
Quanta Services Incorporated †		13,110		460,161
Valmont Industries Incorporated		1,886		246,198
				2,926,114
Electrical Equipment : 0.72%
Acuity Brands Incorporated		3,558		462,611
AMETEK Incorporated		19,734		1,449,068
Eaton Corporation plc		37,812		2,909,255
Emerson Electric Company		54,347		3,669,509
EnerSys		3,575		312,348
Hubbell Incorporated		4,832		532,293
Regal-Beloit Corporation		3,859		301,697
Sensata Technologies Holding plc †		14,988		693,345
				10,330,126
Industrial Conglomerates : 1.65%
3M Company		51,707		10,750,919
Carlisle Companies Incorporated		5,317		561,050
Honeywell International Incorporated		65,764		9,650,867
Roper Industries Incorporated		8,769		2,609,567
				23,572,403
Machinery : 2.32%
AGCO Corporation		5,757		343,578
Allison Transmission Holdings Incorporated		11,731		552,647
Barnes Group Incorporated		4,240		254,612
Crane Company		4,483		387,197
Cummins Incorporated		13,920		2,102,755

10

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Machinery (continued)
Deere & Company		28,870	$	4,471,386
Donaldson Company Incorporated		11,126		623,501
Dover Corporation		13,269		1,126,405
Fortive Corporation		26,728		2,033,199
Graco Incorporated		14,123		622,118
IDEX Corporation		6,579		903,955
Illinois Tool Works Incorporated		25,480		3,542,994
Ingersoll-Rand plc		21,557		2,231,581
ITT Incorporated		7,561		419,257
John Bean Technologies Corporation		2,713		223,931
Kennametal Incorporated		7,034		294,162
Lincoln Electric Holdings Incorporated		5,325		457,684
Nordson Corporation		4,417		531,851
Oshkosh Corporation		6,484		462,504
Paccar Incorporated		29,862		1,858,014
Parker-Hannifin Corporation		11,399		1,961,084
Snap-on Incorporated		4,919		817,735
Stanley Black & Decker Incorporated		13,112		1,715,705
Terex Corporation		6,664		220,312
The Flowserve Corporation		11,217		544,137
The Middleby Corporation †		4,757		574,598
The Timken Company		6,003		241,020
The Toro Company		8,890		551,091
Trinity Industries Incorporated		12,850		306,216
WABCO Holdings Incorporated †		4,540		551,383
Wabtec Corporation		7,298		690,391
Woodward Governor Company		4,827		403,923
Xylem Incorporated		15,389		1,123,089
				33,144,015
Marine : 0.03%
Kirby Corporation †		4,782		365,058
Professional Services : 0.57%
ASGN Incorporated †		4,332		299,991
Dun & Bradstreet Corporation		3,169		454,878
Equifax Incorporated		10,351		1,062,737
IHS Markit Limited †		30,646		1,635,577
Manpower Incorporated		5,748		466,623
Nielsen Holdings plc		31,297		850,339
Robert Half International Incorporated		10,538		651,565
TransUnion		15,790		1,019,560
Verisk Analytics Incorporated †		13,371		1,648,912
				8,090,182
Road & Rail : 0.57%
Genesee & Wyoming Incorporated Class A †		5,272		439,052
J.B. Hunt Transport Services Incorporated		7,511		798,870
Kansas City Southern		8,670		893,444
Knight-Swift Transportation Holdings Incorporated		11,984		415,365
Landstar System Incorporated		3,615		394,324
Norfolk Southern Corporation		24,249		4,140,274
Old Dominion Freight Line Incorporated		6,074		830,498
Ryder System Incorporated		4,665		263,899
				8,175,726
Trading Companies & Distributors : 0.28%
Beacon Roofing Supply Incorporated †		6,134		213,831
Fastenal Company		24,852		1,472,730

11

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Trading Companies & Distributors (continued)
MSC Industrial Direct Company Class A		3,905	$	345,944
W.W. Grainger Incorporated		4,117		1,292,903
Watsco Incorporated		2,767		425,288
WESCO International Incorporated †		4,118		219,942
				3,970,638
Transportation Infrastructure : 0.02%
Macquarie Infrastructure Company LLC		7,230		301,491
Information Technology : 8.99%
Communications Equipment : 0.38%
ARRIS International plc †		15,383		475,335
Ciena Corporation †		11,355		370,400
CommScope Holdings Incorporated †		17,019		308,044
F5 Networks Incorporated †		5,399		928,466
Juniper Networks Incorporated		30,099		864,142
Lumentum Holdings Incorporated †		5,281		234,846
Motorola Solutions Incorporated		14,157		1,858,106
Viasat Incorporated †		4,844		334,914
				5,374,253
Electronic Equipment, Instruments & Components : 0.83%
Amphenol Corporation Class A		26,068		2,292,420
Arrow Electronics Incorporated †		7,687		591,668
Avnet Incorporated		10,474		458,971
Belden Incorporated		3,552		198,131
CDW Corporation of Delaware		13,236		1,226,712
Coherent Incorporated †		2,123		293,314
Dolby Laboratories Incorporated Class A		5,135		361,504
FLIR Systems Incorporated		11,899		545,688
Jabil Circuit Incorporated		13,444		335,697
Keysight Technologies Incorporated †		16,269		1,005,750
Littelfuse Incorporated		2,100		401,835
National Instruments Corporation		10,830		530,237
SYNNEX Corporation		2,617		211,297
TE Connectivity Limited		30,556		2,350,673
Tech Data Corporation †		3,311		297,824
Zebra Technologies Corporation Class A †		4,553		818,629
				11,920,350
IT Services : 4.13%
Accenture plc Class A		55,840		9,186,797
Akamai Technologies Incorporated †		14,419		991,306
Alliance Data Systems Corporation		4,297		860,947
Amdocs Limited		12,358		802,158
Automatic Data Processing Incorporated		35,870		5,287,955
Black Knight Incorporated †		11,234		509,350
Booz Allen Hamilton Holding Corporation		12,395		635,987
Broadridge Financial Solutions Incorporated		10,171		1,076,804
CACI International Incorporated Class A †		2,116		348,950
Cognizant Technology Solutions Corporation Class A		51,065		3,637,360
Conduent Incorporated †		17,158		219,966
CoreLogic Incorporated †		6,888		278,688
DXC Technology Company		25,255		1,592,075
EPAM Systems Incorporated †		4,533		590,423
Euronet Worldwide Incorporated †		4,288		504,312
Fidelity National Information Services Incorporated		28,454		3,071,609
First Data Corporation Class A †		41,475		791,343
Fiserv Incorporated †		35,455		2,805,554
Gartner Incorporated †		7,697		1,179,103

12

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
IT Services (continued)
Global Payments Incorporated		13,795	$	1,542,419
GoDaddy Incorporated Class A †		11,833		772,222
International Business Machines Corporation		80,520		10,006,220
Jack Henry & Associates Incorporated		6,673		932,218
Leidos Holdings Incorporated		13,077		823,851
Maximus Incorporated		5,536		393,720
Paychex Incorporated		27,752		1,963,732
Sabre Corporation		19,858		507,769
Square Incorporated Class A †		23,436		1,636,770
The Western Union Company		39,981		748,844
Total System Services Incorporated		14,553		1,271,496
VeriSign Incorporated †		7,159		1,117,234
WEX Incorporated †		3,744		580,208
Worldpay Incorporated Class A †		26,312		2,257,833
				58,925,223
Semiconductors & Semiconductor Equipment : 1.35%
Applied Materials Incorporated		88,556		3,301,368
Entegris Incorporated		12,163		357,592
KLA-Tencor Corporation		13,383		1,319,028
Lam Research Corporation		14,086		2,210,939
Maxim Integrated Products Incorporated		24,171		1,351,642
MKS Instruments Incorporated		4,785		375,431
ON Semiconductor Corporation †		36,337		696,944
Silicon Laboratories Incorporated †		3,586		316,895
Teradyne Incorporated		16,652		594,310
Texas Instruments Incorporated		84,594		8,446,711
Versum Materials Incorporated		9,509		329,392
				19,300,252
Software : 1.67%
2U Incorporated †		4,405		257,208
Ansys Incorporated †		7,158		1,159,739
Aspen Technology Incorporated †		6,226		537,304
Blackbaud Incorporated		4,046		296,370
Cadence Design Systems Incorporated †		23,997		1,080,825
CDK Global Incorporated		11,628		586,051
Citrix Systems Incorporated		11,018		1,200,631
Ellie Mae Incorporated †		2,912		195,890
Fair Isaac Corporation †		2,528		502,137
Fortinet Incorporated †		12,850		948,844
HubSpot Incorporated †		3,022		420,149
Intuit Incorporated		21,308		4,571,205
J2 Global Incorporated		3,988		294,354
Manhattan Associates Incorporated †		5,722		283,411
Nuance Communications Incorporated †		25,095		401,269
Nutanix Incorporated Class A †		9,820		439,052
Paycom Software Incorporated †		4,293		569,982
PTC Incorporated †		9,894		855,732
RealPage Incorporated †		5,683		293,129
Red Hat Incorporated †		15,472		2,762,680
RingCentral Incorporated Class A †		5,691		471,784
SS&C Technologies Holdings Incorporated		17,669		850,762
Symantec Corporation		51,846		1,146,315
Synopsys Incorporated †		12,652		1,163,225
Teradata Corporation †		10,320		388,342
Tyler Technologies Incorporated †		3,115		600,447
VMware Incorporated Class A †		6,262		1,047,883

13

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Software (continued)
Zendesk Incorporated †		8,618	$	512,168
				23,836,888
Technology Hardware, Storage & Peripherals : 0.63%
Hewlett Packard Enterprise Company		135,634		2,034,510
HP Incorporated		141,697		3,259,031
NCR Corporation †		10,227		283,390
NetApp Incorporated		24,315		1,625,944
Pure Storage Incorporated Class A †		13,868		262,244
Seagate Technology plc		22,533		970,947
Xerox Corporation		21,668		583,303
				9,019,369
Materials : 3.23%
Chemicals : 2.05%
Air Products & Chemicals Incorporated		18,881		3,037,386
Ashland Global Holdings Incorporated		5,347		437,866
Axalta Coating Systems Limited †		19,326		483,730
Cabot Corporation		4,169		205,115
Celanese Corporation Series A		11,872		1,198,241
CF Industries Holdings Incorporated		20,049		845,867
Eastman Chemical Company		11,507		906,982
Ecolab Incorporated		22,302		3,579,248
Huntsman Corporation		18,753		379,186
Ingevity Corporation †		3,674		360,089
International Flavors & Fragrances Incorporated		6,884		974,981
Linde plc		25,292		4,022,693
LyondellBasell Industries NV Class A		28,076		2,619,772
NewMarket Corporation		785		330,077
Olin Corporation		14,974		322,390
PolyOne Corporation		6,854		230,431
PPG Industries Incorporated		21,559		2,357,045
RPM International Incorporated		11,471		756,512
Scotts Miracle-Gro Company Class A		2,648		201,195
Sensient Technologies Corporation		3,747		240,782
The Chemours Company		16,529		470,746
The Mosaic Company		31,112		1,120,032
The Sherwin-Williams Company		7,266		3,081,293
Trinseo SA		3,536		178,674
Valvoline Incorporated		17,237		363,528
W.R. Grace & Company		5,767		368,165
Westlake Chemical Corporation		2,851		206,669
				29,278,695
Construction Materials : 0.11%
Eagle Materials Incorporated		4,118		300,614
Martin Marietta Materials Incorporated		5,514		1,051,465
Summit Materials Incorporated Class A †		10,079		146,146
				1,498,225
Containers & Packaging : 0.66%
AptarGroup Incorporated		5,226		543,765
Avery Dennison Corporation		7,617		734,279
Ball Corporation		30,112		1,478,800
Bemis Company Incorporated		7,714		376,135
Berry Global Group Incorporated †		10,695		538,172
Crown Holdings Incorporated †		11,518		590,643
Graphic Packaging Holding Company		27,399		328,514
International Paper Company		36,328		1,677,990

14

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Containers & Packaging (continued)
Owens-Illinois Incorporated		14,221	$	261,524
Packaging Corporation of America		8,179		800,070
Sealed Air Corporation		14,016		512,004
Sonoco Products Company		8,316		478,503
WestRock Company		22,571		1,063,320
				9,383,719
Metals & Mining : 0.39%
Alcoa Corporation †		16,165		514,209
Newmont Mining Corporation		46,091		1,490,583
Nucor Corporation		27,563		1,665,081
Reliance Steel & Aluminum Company		6,071		488,412
Royal Gold Incorporated		5,585		408,543
Steel Dynamics Incorporated		19,545		687,984
United States Steel Corporation		15,401		355,147
				5,609,959
Paper & Forest Products : 0.02%
Louisiana-Pacific Corporation		12,949		296,014
Real Estate : 5.76%
Equity REITs : 5.62%
Alexandria Real Estate Equities Incorporated		8,935		1,112,408
American Campus Communities Incorporated		12,049		528,108
American Homes 4 Rent Class A		23,864		497,087
American Tower Corporation		39,236		6,453,930
Apartment Investment & Management Company Class A		13,737		646,875
Apple Hospitality REIT Incorporated		20,150		319,781
AvalonBay Communities Incorporated		12,381		2,359,447
Boston Properties Incorporated		13,536		1,775,923
Brixmor Property Group Incorporated		27,278		450,087
Camden Property Trust		8,359		795,442
Colony Capital Incorporated		43,979		270,911
CoreSite Realty Corporation		3,015		293,842
Cousins Properties Incorporated		37,649		318,134
Crown Castle International Corporation		36,309		4,171,904
CubeSmart REIT		15,917		495,655
CyrusOne Incorporated		8,667		486,045
Digital Realty Trust Incorporated		18,146		2,087,516
Douglas Emmett Incorporated		14,412		532,091
Duke Realty Corporation		31,854		906,565
EPR Properties		6,724		476,261
Equinix Incorporated		6,926		2,668,449
Equity Commonwealth		8,040		255,431
Equity Lifestyle Properties Incorporated		5,870		584,241
Equity Residential		32,506		2,316,053
Essex Property Trust Incorporated		5,833		1,531,221
Extra Space Storage Incorporated		10,794		1,036,008
Federal Realty Investment Trust		6,440		850,660
First Industrial Realty Trust Incorporated		10,780		345,607
Forest City Realty Trust Incorporated		21,475		543,318
Gaming and Leisure Properties Incorporated		17,810		613,198
HCP Incorporated		41,363		1,210,281
Healthcare Realty Trust Incorporated		9,824		304,544
Healthcare Trust of America Incorporated Class A		18,068		508,072
Highwoods Properties Incorporated		8,881		385,169
Hospitality Properties Trust		14,147		379,705
Host Hotels & Resorts Incorporated		63,446		1,205,474
Hudson Pacific Properties Incorporated		14,130		436,052
Invitation Homes Incorporated		25,833		554,376

15

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name	Shares		Value
Equity REITs (continued)
Iron Mountain Incorporated		23,825	$	809,335
JBG Smith Properties		9,470		379,463
Kilroy Realty Corporation		8,668		607,540
Kimco Realty Corporation		37,201		608,236
Lamar Advertising Company Class A		7,432		563,643
LaSalle Hotel Properties		9,931		318,388
Liberty Property Trust		13,106		593,571
Life Storage Incorporated		4,114		401,691
Medical Properties Trust Incorporated		33,158		572,639
Mid-America Apartment Communities Incorporated		10,093		1,045,231
National Retail Properties Incorporated		13,663		683,970
Omega Healthcare Investors Incorporated		17,569		666,568
Paramount Group Incorporated		16,582		236,625
Park Hotels & Resorts Incorporated		18,151		559,414
Prologis Incorporated		56,098		3,777,639
Public Storage Incorporated		13,080		2,789,441
Rayonier Incorporated		11,048		349,448
Realty Income Corporation		25,193		1,614,619
Regency Centers Corporation		13,641		868,386
RLJ Lodging Trust		15,422		313,683
Ryman Hospitality Properties Incorporated		4,010		297,181
Sabra Health Care REIT Incorporated		16,015		308,929
SBA Communications Corporation †		10,247		1,750,290
Senior Housing Properties Trust		21,427		294,836
Simon Property Group Incorporated		27,949		5,189,850
SL Green Realty Corporation		7,933		764,900
Spirit Realty Capital Incorporated		41,671		309,199
STORE Capital Corporation		16,305		488,498
Sun Communities Incorporated		6,043		629,076
Sunstone Hotel Investors Incorporated		19,930		304,132
Taubman Centers Incorporated		5,198		275,182
The Macerich Company		12,638		635,565
UDR Incorporated		23,933		1,020,024
Ventas Incorporated		31,394		1,993,205
VEREIT Incorporated		86,300		660,195
VICI Properties Incorporated		26,393		574,576
Vornado Realty Trust		15,504		1,115,668
Weingarten Realty Investors		10,926		315,324
Welltower Incorporated		33,196		2,401,067
Weyerhaeuser Company		66,316		1,751,406
WP Carey Incorporated		9,271		628,110
				80,172,614
Real Estate Management & Development : 0.14%
CBRE Group Incorporated Class A †		27,834		1,215,789
Jones Lang LaSalle Incorporated		4,075		583,540
Realogy Holdings Corporation		11,719		225,708
				2,025,037
Utilities : 5.08%
Electric Utilities : 2.92%
ALLETE Incorporated		4,667		379,800
Alliant Energy Corporation		20,461		928,725
American Electric Power Company Incorporated		43,365		3,371,195
Duke Energy Corporation		62,159		5,505,423
Edison International		29,636		1,639,464
Entergy Corporation		15,890		1,383,383
Evergy Incorporated		12,699		753,940
Eversource Energy		27,807		1,900,330
Exelon Corporation		84,836		3,935,542
FirstEnergy Corporation		41,747		1,579,289

16

Wells Fargo Factor Enhanced Large Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Electric Utilities (continued)
Hawaiian Electric Industries Incorporated		9,742	$	373,313
IDACORP Incorporated		4,588		450,725
NextEra Energy Incorporated		41,114		7,470,825
OGE Energy Corporation		17,876		708,247
PG&E Corporation †		46,045		1,214,667
Pinnacle West Capital Corporation		10,030		896,281
PNM Resources Incorporated		7,164		309,628
Portland General Electric Company		8,197		394,686
PPL Corporation		62,684		1,917,504
The Southern Company		89,640		4,242,661
Xcel Energy Incorporated		44,851		2,352,435
				41,708,063
Gas Utilities : 0.25%
Atmos Energy Corporation		9,611		919,484
National Fuel Gas Company		7,550		406,568
New Jersey Resources Corporation		7,592		368,440
ONE Gas Incorporated		4,578		389,542
Southwest Gas Corporation		3,919		308,700
Spire Incorporated		4,096		323,215
UGI Corporation		15,775		906,274
				3,622,223
Independent Power & Renewable Electricity Producers : 0.19%
AES Corporation		58,258		902,416
NRG Energy Incorporated		27,222		1,046,141
Vistra Energy Corporation †		31,272		734,267
				2,682,824
Multi-Utilities : 1.58%
Ameren Corporation		21,389		1,467,713
Avista Corporation		5,567		289,595
Black Hills Corporation		4,644		307,479
CenterPoint Energy Incorporated		37,827		1,059,534
CMS Energy Corporation		24,800		1,291,832
Consolidated Edison Incorporated		28,098		2,257,674
Dominion Energy Incorporated		59,973		4,467,989
DTE Energy Company		15,802		1,892,131
MDU Resources Group Incorporated		16,892		447,131
NiSource Incorporated		30,049		793,895
Public Service Enterprise Group Incorporated		44,007		2,459,991
SCANA Corporation		11,715		546,622
Sempra Energy		23,373		2,693,037
Vectren Corporation		7,205		517,391
WEC Energy Group Incorporated		27,591		1,999,796
				22,491,810
Water Utilities : 0.14%
American Water Works Company Incorporated		15,614		1,489,732
Aqua America Incorporated		15,513		531,941
				2,021,673
Total Common Stocks (Cost $1,197,002,059)				1,390,498,298

17

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Large Cap Portfolio

Security name			Yield			Shares		Value
Short-Term Investments : 1.92%
Investment Companies : 1.92%
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.13	%		27,417,177	$	27,417,177
Total Short-Term Investments (Cost $27,417,177)									27,417,177
Total investments in securities (Cost $1,224,419,236)	99.31	%							1,417,915,475
Other assets and liabilities, net	0.69								9,879,075
Total net assets	100.00	%						$	1,427,794,550

† 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:

ADR American depositary receipt

REIT Real estate investment trust

18

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		518		12-21-2018	$	71,566,723	$	71,439,970	$	0	$	(126,753	)

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		39,764,513		430,225,670		442,573,006		27,417,177	$	27,417,177		1.92	%

Wells Fargo Factor Enhanced Large Cap Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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.

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.

Futures contracts

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objectives. 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 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. 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 counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, 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. 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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	102,102,042	$	0	$	0	$	102,102,042
Consumer discretionary		145,171,468		0		0		145,171,468
Consumer staples		143,140,760		0		0		143,140,760
Energy		69,514,981		0		0		69,514,981
Financials		146,981,223		0		0		146,981,223
Health care		283,598,484		0		0		283,598,484
Industrials		170,822,149		0		0		170,822,149
Information technology		128,376,335		0		0		128,376,335
Materials		46,066,612		0		0		46,066,612
Real estate		82,197,651		0		0		82,197,651
Utilities		72,526,593		0		0		72,526,593
Short-term investments
Investment companies		27,417,177		0		0		27,417,177
Total assets	$	1,417,915,475	$	0	$	0	$	1,417,915,475
Liabilities
Futures contracts	$	126,753	$	0	$	0	$	126,753
Total liabilities	$	126,753	$	0	$	0	$	126,753

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 November 30, 2018, the Portfolio had segregated $6,508,000 as cash collateral for these open futures contracts.

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks : 97.43%
Communication Services : 3.84%
Diversified Telecommunication Services : 0.86%
ATN International Incorporated		2,690	$	227,466
Bandwidth Incorporated Class A †		1,086		50,673
Cincinnati Bell Incorporated †		11,710		145,438
Cogent Communications Group Incorporated		10,789		523,159
Consolidated Communications Holdings Incorporated		17,676		243,222
Frontier Communications Corporation		20,039		71,539
IDT Corporation Class B		4,697		39,408
Intelsat SA †		13,537		336,665
Iradium Communications Incorporated †		24,313		580,594
Ooma Incorporated †		4,429		66,169
Pareteum Corporation †		10,835		20,153
Vonage Holdings Corporation †		53,805		569,795
Windstream Holdings Incorporated †		10,706		32,225
				2,906,506
Entertainment : 0.44%
AMC Entertainment Holdings Class A		13,264		181,054
Glu Mobile Incorporated †		28,355		210,111
Marcus Corporation		4,755		201,897
Reading International Incorporated Class A †		4,167		63,630
Rosetta Stone Incorporated †		5,303		88,613
World Wrestling Entertainment Incorporated Class A		10,079		745,443
				1,490,748
Interactive Media & Services : 0.65%
Actua Corporation ‡(a)		9,483		6,069
Angi Homeservices Incorporated Class A †		15,954		279,674
Care.com Incorporated †		6,503		116,534
CarGurus Incorporated †		11,093		431,629
Cars.com Incorporated †		18,009		465,893
DHI Group Incorporated †		11,629		20,583
Match Group Incorporated		12,920		520,288
Quinstreet Incorporated †		9,263		149,505
Xo Group Incorporated †		6,243		215,384
				2,205,559
Media : 1.51%
A.H. Belo Corporation Class A		4,745		21,447
AMC Networks Incorporated Class A †		12,238		732,567
Boston Omaha Corporation Class A †		1,571		38,599
Clear Channel Outdoor Holdings Incorporated Class A		9,448		48,279
Daily Journal Corporation †		246		58,056
Emerald Expositions Events Class I		6,422		75,137
Entercom Communications Corporation		30,570		199,622
Entravision Communications Corporation Class A		16,251		52,491
Gannett Company Incorporated		28,639		296,986
Gray Television Incorporated †		20,414		377,455
Hemisphere Media Group Incorporated †		4,589		63,649
John Wiley & Sons Incorporated Class A		11,896		657,730
Lee Enterprises Incorporated †		12,591		28,204
Marchex Incorporated Class B		8,500		26,180
Meredith Corporation		10,018		573,631
MSG Networks Incorporated Class A †		15,362		411,394
National CineMedia Incorporated		19,761		136,549
New Media Investment Group Incorporated		14,460		190,872

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Media (continued)
Saga Communications Incorporated Class A		1,237	$	45,893
Scholastic Corporation		5,971		275,920
Sinclair Broadcast Group Incorporated Class A		18,884		593,902
Techtarget †		5,393		77,605
Tribune Publishing Company †		4,224		61,628
WideOpenWest Incorporated †		7,561		70,620
				5,114,416
Wireless Telecommunication Services : 0.38%
Boingo Wireless Incorporated †		10,365		259,540
Gogo Incorporated †		14,482		61,259
Nii Holdings Incorporated †		21,476		116,185
Shenandoah Telecommunications Company		11,963		597,671
Spok Holdings Incorporated		4,915		71,612
United States Cellular Corporation †		3,621		202,269
				1,308,536
Consumer Discretionary : 14.70%
Auto Components : 1.25%
American Axle & Manufacturing Holdings Incorporated †		28,305		352,397
Cooper Tire & Rubber Company		12,762		436,460
Cooper-Standard Holdings Incorporated †		4,597		336,133
Dorman Products Incorporated †		7,046		619,062
Fox Factory Holding Corporation †		9,311		593,204
Horizon Global Corporation †		5,643		11,286
LCI Industries		6,268		485,018
Modine Manufacturing Company †		12,430		162,212
Motorcar Parts of America Incorporated †		4,851		87,075
Shiloh Industries Incorporated †		3,657		29,146
Standard Motor Products Incorporated		5,124		269,881
Stoneridge Incorporated †		6,949		185,886
Strattec Security Corporation		911		27,822
Superior Industries International Incorporated		6,021		44,315
Tenneco Incorporated		12,912		435,780
Tower International Incorporated		5,007		140,797
Voxx International Corporation †		4,960		24,899
				4,241,373
Automobiles : 0.06%
Winnebago Industries Incorporated		7,506		187,875
Distributors : 0.10%
Core Mark Holding Company Incorporated		11,474		301,537
Weyco Group Incorporated		1,515		50,177
				351,714
Diversified Consumer Services : 1.09%
Adtalem Global Education Incorporated †		14,912		861,019
American Public Education Incorporated †		4,109		130,009
Bridgepoint Education Incorporated †		6,644		53,152
Cambium Learning Group Incorporated †		3,741		54,170
Career Education Corporation †		16,678		224,986
Carriage Services Incorporated		3,671		62,554
Collectors Universe Incorporated		2,068		27,587
Graham Holdings Company Class B		1,096		722,220
Houghton Mifflin Harcourt Company †		26,358		262,262
K12 Incorporated †		9,929		236,906
Laureate Education Incorporated Class A †		13,009		191,883
Regis Corporation †		8,926		163,078

2

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Diversified Consumer Services (continued)
Strategic Education Incorporated		5,191	$	708,520
				3,698,346
Hotels, Restaurants & Leisure : 3.32%
BBX Capital Corporation		16,454		110,571
Biglari Holdings Incorporated Class A †		29		20,264
Biglari Holdings Incorporated Class B †		299		42,772
BJ’s Restaurants Incorporated		5,129		278,607
Bloomin’ Brands Incorporated		21,635		422,964
Bluegreen Vacations Corporation		1,904		26,428
Bojangles Incorporated †		4,349		69,975
Brinker International Incorporated		11,602		592,630
Carrols Restaurant Group Incorporated †		8,802		96,998
Century Casinos Incorporated †		6,694		49,937
Choice Hotels International Incorporated		9,006		701,297
Churchill Downs Incorporated		2,657		738,008
Chuy’s Holding Incorporated †		4,074		87,184
Dave & Buster’s Entertainment Incorporated		10,090		573,717
Del Frisco’s Restaurant Group Incorporated †		4,914		33,759
Del Taco Restaurants Incorporated †		7,411		79,372
Denny’s Corporation †		15,780		261,001
Dine Brands Global Incorporated		4,214		375,805
Drive Shack Incorporated †		14,799		69,111
El Pollo Loco Holdings Incorporated †		5,532		84,474
Eldorado Resorts Incorporated †		14,753		648,837
Fiesta Restaurant Group Incorporated †		5,260		99,151
Golden Entertainment Incorporated †		4,708		85,168
International Speedway Corporation Class A		5,978		253,109
J. Alexander’s Holdings Incorporated †		3,247		33,184
Jack in the Box Incorporated		7,309		648,235
Lindblad Expeditions Holding †		6,421		82,702
Marriott Vacations Worldwide Corporation		5,477		444,732
Monarch Casino & Resort Incorporated †		2,967		118,680
Nathan S Famous Incorporated		752		55,174
Noodles & Company †		4,124		32,621
Papa John’s International Incorporated		5,748		275,847
Penn National Gaming Incorporated †		27,683		612,071
Playa Hotels & Resorts NV †		14,270		108,167
Potbelly Corporation †		5,721		58,240
RCI Hospitality Holdings Incorporated		2,247		56,220
Red Lion Hotels Corporation †		4,167		37,586
Red Robin Gourmet Burgers Incorporated †		3,227		111,945
Red Rock Resorts Incorporated Class A		17,284		452,149
Ruth’s Chris Steak House Incorporated		7,290		178,386
SeaWorld Entertainment Incorporated †		13,976		398,036
Shake Shack Incorporated Class A †		5,104		283,527
Sonic Corporation		8,974		389,920
Speedway Motorsports Incorporated		1,498		26,035
The Cheesecake Factory Incorporated		10,856		512,295
The Habit Restaurants Incorporated Class A †		5,071		63,388
Town Sports International Holdings Incorporated †		3,483		24,764
Wingstop Incorporated		7,451		488,935
				11,293,978
Household Durables : 1.78%
Bassett Furniture Industries Incorporated		2,625		55,204
Cavco Industries Incorporated †		2,190		360,386
Century Communities Incorporated †		6,480		133,294
CSS Industries Incorporated		2,481		26,894
Ethan Allen Interiors Incorporated		6,426		133,532
Flexsteel Industries Incorporated		1,875		46,538

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Household Durables (continued)
Green Brick Partners Incorporated †		6,133	$	50,904
Hamilton Beach Brand Class A		2,028		45,934
Helen of Troy Limited †		6,969		996,776
Hooker Furniture Corporation		3,082		92,861
Hovnanian Enterprises Incorporated Class A †		30,394		38,600
Installed Building Products †		5,309		205,618
KB Home Incorporated		21,904		462,393
La-Z-Boy Incorporated		11,838		346,025
LGI Homes Incorporated †		4,653		214,782
Libbey Incorporated		5,248		31,540
Lifetime Brands Incorporated		3,060		36,536
M/I Homes Incorporated †		7,269		171,112
MDC Holdings Incorporated		11,493		338,469
Meritage Corporation †		9,642		368,807
Skyline Champion Corporation		1,794		40,401
Tempur-Pedic International Incorporated †		11,931		608,242
The New Home Company Incorporated †		3,279		23,969
TopBuild Corporation †		9,058		461,505
TRI Pointe Homes Incorporated †		37,736		470,945
Universal Electronics Incorporated †		3,409		117,542
William Lyon Homes Class A †		8,241		102,436
Zagg Incorporated †		6,929		69,636
				6,050,881
Internet & Direct Marketing Retail : 1.26%
1-800-Flowers.com Incorporated Class A †		6,002		75,085
Blue Apron Holdings Incorporated Class A †		10,588		12,388
Duluth Holdings Incorporated Class B †		2,555		80,176
Etsy Incorporated †		27,852		1,505,122
FTD Companies Incorporated †		4,360		9,243
Gaia Incorporated †		2,879		37,542
Groupon Incorporated †		113,985		349,934
Lands End Incorporated †		2,543		53,988
Leaf Group Limited †		3,763		30,668
Liberty Expedia Holdings Incorporated Class A †		13,954		584,812
Liquidity Services Incorporated †		6,552		42,457
Nutrisystem Incorporated		7,510		279,297
Overstock.com Incorporated †		5,450		106,602
PetMed Express Incorporated		5,180		124,786
Quotient Technology Incorporated †		20,055		246,476
Remark Holdings Incorporated †		6,711		8,859
Shutterfly Incorporated †		8,482		424,015
Shutterstock Incorporated		4,674		178,594
Stitch Fix Incorporated Class A †		4,585		125,308
				4,275,352
Leisure Products : 0.54%
Acushnet Holdings Corporation		8,435		192,740
American Outdoor Brands Corporation †		13,520		164,674
Callaway Golf Company		24,402		418,006
Clarus Corporation		5,403		61,162
Escalade Incorporated		2,503		29,661
Johnson Outdoors Incorporated Class A		940		67,022
Malibu Boats Incorporated Class A †		5,170		250,331
Marine Products Corporation		1,947		42,328
Mastercraft Boat Holdings Incorporated †		4,650		120,482
Nautilus Group Incorporated †		7,480		96,567
Sturm, Ruger & Company Incorporated		4,287		229,826
Vista Outdoor Incorporated †		14,369		163,807
				1,836,606

4

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Multiline Retail : 0.24%
Big Lots Stores Incorporated		10,669	$	464,742
Dillard’s Incorporated Class A		2,997		207,962
JCPenny Company Incorporated †		77,307		110,549
Sears Holdings Corporation †		9,114		3,099
Tuesday Morning Corporation †		11,289		27,658
				814,010
Specialty Retail : 3.83%
Abercrombie & Fitch Company Class A		18,137		379,245
America’s Car-Mart Incorporated †		1,583		117,474
Asbury Automotive Group Incorporated †		5,144		355,553
Barnes & Noble Education Incorporated †		8,045		53,660
Barnes & Noble Incorporated		13,203		99,947
Bed Bath & Beyond Incorporated		34,729		447,310
Big 5 Sporting Goods Corporation		5,451		20,114
Boot Barn Holdings Incorporated †		5,135		116,256
Build A Bear Workshop Incorporated †		3,539		21,588
Caleres Incorporated		9,571		289,331
Camping World Holdings Incorporated Class A		8,296		156,546
Carvana Corporation †		4,372		189,264
Chico’s FAS Incorporated		31,706		171,212
Children’s Place Retail Stores Incorporated		4,135		536,061
Citi Trends Incorporated		3,148		64,534
Container Store Group Incorporated †		4,390		23,838
Dick’s Sporting Goods Incorporated		19,739		710,209
DSW Incorporated Class A		17,496		485,339
Express Incorporated †		18,778		117,175
Francescas Holdings Corporation †		8,787		17,486
GameStop Corporation Class A		25,342		346,172
Genesco Incorporated †		4,853		202,661
Group 1 Automotive Incorporated		5,086		285,833
Guess? Incorporated		14,558		346,480
Haverty Furniture Companies Incorporated		4,523		92,676
Hibbett Sports Incorporated †		4,804		74,414
Kirkland’s Incorporated †		3,898		42,293
Lithia Motors Incorporated Class A		6,025		499,232
MarineMax Incorporated †		6,807		144,513
Monro Muffler Brake Incorporated		8,101		658,773
Murphy USA Incorporated †		8,103		656,505
Office Depot Incorporated		137,845		445,239
Party City Holdco Incorporated †		9,481		113,298
Penske Auto Group Incorporated		9,425		410,930
Pier 1 Imports Incorporated		20,027		28,839
Rent-A-Center Incorporated †		10,926		160,394
RTW Retailwinds Incorporated †		7,108		23,812
Sally Beauty Holdings Incorporated †		31,803		671,361
Shoe Carnival Incorporated		3,006		114,018
Signet Jewelers Limited		14,932		786,916
Sleep Number Corporation †		9,426		361,393
Sonic Automotive Incorporated		5,477		86,482
Sportsman’s Warehouse Holdings Incorporated †		8,097		36,437
Tailored Brands Incorporated		12,369		283,250
The Buckle Incorporated		7,202		137,558
The Cato Corporation Class A		5,688		85,946
The Michaels Companies Incorporated †		28,284		479,979
Tilly’s Incorporated Class A		3,633		41,816
Travelcenters of America LLC †		8,273		38,139
Urban Outfitters Incorporated †		19,192		731,023
Vitamin Shoppe Incorporated †		6,083		47,447
Winmark Corporation		644		95,512

5

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Specialty Retail (continued)
Zumiez Incorporated †		4,665	$	91,994
				12,993,477
Textiles, Apparel & Luxury Goods : 1.23%
Columbia Sportswear Company		7,591		693,286
Crocs Incorporated †		16,927		470,571
Culp Incorporated		2,782		57,003
Deckers Outdoor Corporation †		8,021		1,068,708
Delta Apparel Incorporated †		1,515		28,785
G-III Apparel Group Limited †		10,455		419,036
Lakeland Industries Incorporated †		1,952		25,864
Movado Group Incorporated		3,963		149,167
Oxford Industries Incorporated		4,154		333,940
Rocky Brands Incorporated		1,692		43,806
Steven Madden Limited		20,268		653,238
Superior Uniform Group Incorporated		2,296		42,200
Unifi Incorporated †		3,783		105,054
Vera Bradley Incorporated †		7,155		78,848
				4,169,506
Consumer Staples : 4.46%
Beverages : 0.44%
Boston Beer Company Incorporated †		2,155		591,634
Castle Brands Incorporated †		25,168		22,631
Coca Cola Bottling Corporation		1,192		253,324
Craft Brew Alliance Incorporated †		2,464		39,621
MGP Ingredients Incorporated		3,328		226,271
National Beverage Corporation		2,985		260,501
Primo Water Corporation †		6,995		101,567
				1,495,549
Food & Staples Retailing : 1.07%
Ingles Markets Incorporated Class A		3,490		101,524
Performance Food Group Company †		25,708		885,898
Pricesmart Incorporated		6,764		452,444
Rite Aid Corporation †		271,719		301,608
Smart & Final Stores Incorporated †		6,902		43,759
SpartanNash Company		8,871		166,331
Sprouts Farmers Market Incorporated †		31,654		728,675
The Andersons Incorporated		6,712		221,899
The Chef’s Warehouse Incorporated †		5,776		220,123
United Natural Foods Incorporated †		12,605		272,394
Village Super Market Class A		1,989		54,280
Weis Markets Incorporated		3,801		174,086
				3,623,021
Food Products : 2.05%
Alico Incorporated		760		25,118
B&G Foods Incorporated		16,692		506,268
Cal-Maine Foods Incorporated		7,374		344,513
Calavo Growers Incorporated		3,874		380,737
Darling Ingredients Incorporated †		41,726		912,965
Dean Foods Company		23,289		117,377
Farmer Bros Corporation †		2,735		66,597
Fresh Del Monte Produce Incorporated		7,654		257,557
Freshpet Incorporated †		6,351		209,583
Hostess Brands Incorporated †		23,616		275,126
J & J Snack Foods Corporation		3,836		601,753
John B. Sanfilippo & Son Incorporated		2,132		132,653

6

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Food Products (continued)
Lancaster Colony Corporation		4,883	$	880,503
Landec Corporation †		6,983		107,608
Limoneira Corporation		3,097		74,762
Pilgrim’s Pride Corporation †		13,358		265,023
Sanderson Farms Incorporated		5,093		576,324
Seneca Foods Corporation Class A †		1,677		56,129
Simply Good Foods Company †		14,967		304,129
Tootsie Roll Industries Incorporated		3,450		120,785
TreeHouse Foods Incorporated †		14,055		739,293
				6,954,803
Household Products : 0.27%
Central Garden & Pet Company Class A †		8,950		278,345
Oil Dri Corporation of America		1,275		37,472
WD-40 Company		3,453		603,170
				918,987
Personal Products : 0.37%
Elf Beauty Incorporated †		5,758		73,472
Inter Parfums Incorporated		4,425		273,332
Medifast Incorporated		2,966		440,451
Natural Health Trends Corporation		1,865		39,874
Revlon Incorporated Class A †		1,842		46,032
USANA Health Sciences Incorporated †		3,214		393,329
				1,266,490
Tobacco : 0.26%
22nd Century Group Incorporated †		28,690		87,218
Pyxus International Incorporated †		2,212		31,609
Turning Point Brands Incorporated		1,968		58,646
Universal Corporation		6,201		393,143
Vector Group Limited		26,122		329,137
				899,753
Energy : 2.62%
Energy Equipment & Services : 1.11%
Basic Energy Services Incorporated †		5,833		36,631
Bristow Group Incorporated †		5,962		23,371
Cactus Incorporated Class A †		6,933		200,225
Dawson Geophysical Corporation †		5,557		20,672
Diamond Offshore Drilling Incorporated †		16,451		207,283
Era Group Incorporated †		5,135		51,658
Exterran Corporation †		8,840		198,900
FTS International Incorporated †		6,865		67,826
Gulf Island Fabrication Incorporated		3,510		27,729
Hornbeck Offshore Services Incorporated †		8,366		25,014
Independence Contract Drilling †		8,813		29,788
Ion Geophysical Corporation †		2,732		24,178
Keane Group Incorporated †		11,952		132,906
Liberty Oilfield Services Class A		3,791		65,660
Mammoth Energy Services Incorporated		2,028		51,024
Matrix Service Company †		6,622		135,354
McDermott International Incorporated †		45,821		399,101
Natural Gas Services Group Incoporated †		3,086		60,887
Newpark Resources Incorporated †		22,255		171,141
Nine Energy Service Incorporated †		1,930		54,387
Oceaneering International Incorporated †		25,412		426,667

7

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Energy Equipment & Services (continued)
Parker Drilling Company †		2,262	$	2,963
PHI Incorporated - Non Voting †		2,880		10,166
ProPetro Holding Corporation †		15,893		257,784
RigNet Incorporated †		3,383		61,503
RPC Incorporated		15,107		197,600
Seacor Holdings Incorporated		4,196		174,302
Seacor Marine Holdings Incorporated †		4,208		75,702
Select Energy Services Incorporated Class A †		10,831		104,844
Smart Sand Incorporated †		5,287		17,236
Solaris Oilfield Infrastructure Incorporated Class A †		6,548		85,975
Tetra Technologies Incorporated †		31,313		72,646
Tidewater Incorporated †		805		19,143
Unit Corporation †		13,382		278,346
				3,768,612
Oil, Gas & Consumable Fuels : 1.51%
Abraxas Petroleum Corporation †		39,213		63,917
Adams Resources & Energy Incorporated		425		17,213
Alta Mesa Resources Incorporated †		20,108		30,765
Arch Coal Incorporated		4,928		400,499
Cloud Peak Energy Incorporated †		19,839		16,615
Consol Energy Incorporated †		6,389		219,526
Contango Oil & Gas Company †		6,099		24,701
CVR Energy Incorporated		3,994		150,734
DHT Holdings Incorporated		34,357		155,294
Dorian Lpg Limited †		8,051		56,599
Earthstone Energy Incorporated Class A †		4,664		32,042
Enlink Midstream LLC		16,296		186,263
Euronav NV		1		9
Evolution Petroleum Corporation		6,309		54,951
Green Plains Renewable Energy Incorporated		9,815		159,494
Gulfport Energy Corporation †		40,968		349,047
Halcon Resources Corporation †		39,791		111,415
Hallador Energy Corporation		5,329		30,695
International Seaways Incorporated †		4,602		88,727
Laredo Petroleum Incorporated †		40,546		177,186
Lilis Energy Incorporated †		8,889		18,311
Midstates Petroleum Company Incorporated †		4,558		37,877
Nacco Industries Class A		891		31,283
Overseas Shipholding Group Class A †		16,864		36,089
Pacific Ethanol Incorporated †		11,443		17,165
Panhandle Oil And Gas Incorporated Class A		3,779		62,354
Par Pacific Holdings Incorporated †		8,141		137,746
Penn Virginia Corporation †		2,959		172,066
Renewable Energy Group Incorporated †		9,780		263,571
Resolute Energy Corporation †		4,961		176,413
Rex American Resources Corporation †		1,474		102,576
Sanchez Energy Corporation †		18,627		13,041
Sandridge Energy Incorporated †		8,770		85,946
SilverBow Resources Incorporated †		1,635		40,008
Southwestern Energy Company †		150,812		726,914
Tallgrass Energy GP LP		14,679		313,543
W&T Offshore Incorporated †		23,876		138,720
World Fuel Services Corporation		16,694		430,538
				5,129,853
Financials : 19.80%
Banks : 9.75%
1st Constitution Bancorp		1,761		34,833
1st Source Corporation		1,502		72,637
Access National Corporation		3,727		98,542

8

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Banks (continued)
Acnb Corporation		1,670	$	60,270
Allegiance Bancshares Incorporated †		2,848		108,025
American National Bankshares Incorporated		2,143		77,212
Ameris Bancorp		10,220		437,723
AMES National Corporation		2,304		63,268
Arrow Financial Corporation		3,548		123,364
Atlantic Capital Bancshares †		6,408		117,971
Banc of California Incorporated		10,789		185,571
BancFirst Corporation		4,411		246,222
Bank of Commerce Holdings		3,681		44,540
Bank of Marin Bancorp		3,082		131,571
Bankwell Financial Group Incorporated		1,478		43,852
Banner Corporation		8,006		480,360
Bar Harbor Bankshares		3,823		98,366
BCB Bancorp Incorporated		3,019		35,352
Berkshire Hills Bancorp Incorporated		9,664		330,026
Blue Hills Bancorp Incorporated		6,137		145,692
Boston Private Financial Holdings Incorporated		21,070		267,378
Bridge Bancorp Incorporated		4,478		132,191
Brookline Bancorp Incorporated		19,670		304,492
Bryn Mawr Bank Corporation		5,007		196,875
Byline Bancorp Incorporated †		3,796		78,729
C&F Financial Corporation		825		43,379
Cadence Bancorp		7,382		151,405
Cambridge Bancorp		1,010		88,314
Camden National Corporation		3,768		155,807
Capital City Bank Group Incorporated		2,690		72,415
Capstar Financial Holdings Class I		1,479		24,226
Carolina Financial Corporation		4,840		166,302
CenterState Banks Incorporated		22,785		569,853
Central Pacific Financial Company		7,239		202,982
Central Valley Community Bancorp		3,065		62,373
Century Bancorp Incorporated Class A		691		56,489
Chemung Financial Corporation		909		39,269
Citizens & Northern Corporation		2,969		79,005
City Holding Company		3,740		286,970
Civista Bancshares Incorporated		2,269		48,352
CNB Financial Corporation		3,564		95,016
Codorus Valley Bancorp Incorporated		2,197		52,740
Community Bank System Incorporated		12,925		848,656
Community Bankers Trust Corporation †		5,129		42,417
Community Financial Corporation		1,206		36,325
Community Trust Bancorp		3,753		173,426
ConnectOne Bancorp Incorporated		7,504		151,131
County Bancorp Incorporated		1,236		26,450
Customers Bancorp Incorporated †		7,194		140,355
DNB Financial Corporation		885		30,267
Eagle Bancorp Incorporated †		8,119		467,979
Enterprise Bancorp Incorporated		2,158		73,760
Enterprise Financial Service		5,521		246,733
Equity Bancshares Incorporated Class A †		3,306		124,868
Esquire Financial Holdings Class I †		1,255		31,475
Evans Bancorp Incorporated		1,201		48,641
Farmers & Merchants Banco		2,265		93,024
Farmers Natl Banc Corporation		6,023		84,442
FB Financial Corporation		3,190		123,294
FCB Financial Holdings Class A †		11,342		449,597
Fidelity Southern Corporation		5,560		131,939
Financial Institutions Incorporated		3,884		116,831
First Bancorp Incorporated		2,674		76,022
First Bancorp of North Carolina		7,403		296,268
First Bancshares Incorporated		3,201		112,739
First Bank		3,872		46,309

9

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Banks (continued)
First Busey Corporation		11,089	$	318,143
First Business Financial Service		1,931		41,420
First Citizens BancShares Corporation Class A		1,432		615,001
First Commonwealth Financial Corporation		24,463		341,014
First Community Bancshares		3,778		131,361
First Community Corporation		1,868		43,861
First Financial Corporation		2,622		122,421
First Financial Northwest		1,987		30,242
First Foundation Incorporated †		8,025		128,480
First Guaranty Bancshares Incorporated		1,292		28,657
First Internet Bancorp		1,996		49,601
First Interstate BancSystem Class A		7,763		337,147
First Merchants Corporation		12,243		514,696
First Mid-Illinois Bancshares		2,135		79,059
First Midwest Bancorp Incorporated		25,763		607,749
First Northwest Bancorp		2,466		38,174
First of Long Island Corporation		5,855		126,585
First United Corporation		1,702		30,687
Flushing Financial Corporation		6,839		159,827
Franklin Financial Network †		3,364		113,367
German American Bancorp		5,350		168,739
Great Southern Bancorp Incorporated		2,837		153,992
Great Western Bancorp Incorporated		14,985		559,240
Green Bancorp Incorporated		6,652		135,302
Guaranty Bancorp		6,125		156,861
Guaranty Bancshares Incorporated		1,870		57,054
Hanmi Financial Corporation		7,944		178,263
Harborone Bancorp Incorporated †		3,614		64,076
Hawthorn Bancshares Incorporated		1,361		30,881
Heartland Financial USA Incorporated		7,119		389,409
Heritage Commerce Corporation		9,751		139,342
Heritage Financial Corporation		8,379		293,014
Hilltop Holdings Incorporated		18,996		371,182
Hometrust Bancshares Incorporated		4,324		112,381
Hope Bancorp Incorporated		32,759		497,937
Horizon Bancorp Indiana		9,307		161,942
Howard Bancorp Incorporated †		3,832		60,929
Independent Bank Corporation		5,849		134,410
Independent Bank Corporation (Massachusetts)		6,980		560,983
Independent Bank Group Incorporated		4,561		260,980
Investar Holding Corporation		2,145		53,904
Lakeland Bancorp Incorporated		11,530		190,591
Lakeland Financial Corporation		6,055		280,347
LCNB Corporation		2,279		36,555
LegacyTexas Financial Group		11,293		438,281
Live Oak Bancshares Incorporated		6,272		112,332
Macatawa Bank Corporation		6,846		69,418
MBT Financial Corporation		4,143		47,313
Mercantile Bank Corporation		3,975		126,962
Metropolitan Bank Holding Corporation †		678		24,394
Middlefield Banc Corporation		759		34,557
Midland States Bancorp Incorporated		4,599		119,344
Midsouth Bancorp Incorporated		3,622		47,883
Midwestone Financial Group Class I		2,580		74,149
Mutualfirst Financial Incorporated		1,809		64,021
MVB Financial Corporation		2,288		43,014
National Bank Holdings Corporation Class A		6,695		249,255
National Bankshares Incorporated		1,820		78,788
National Commerce Corporation †		3,718		153,702
NBT Bancorp Incorporated		10,629		414,212
Nicolet Bankshares Incorporated †		1,995		103,640
Northeast Bancorp		1,830		34,075
Northrim BanCorp Incorporated		1,747		63,713
Norwood Financial Corporation		1,436		50,992
Oak Valley Bancorp		1,542		28,882

10

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Banks (continued)
Ohio Valley Banc Corporation		940	$	34,921
Old Line Bancshares Incorporated		3,540		107,404
Old National Bancorp		38,342		718,146
Old Point Financial Corporation		961		24,602
Old Second Bancorp Incorporated		7,055		103,497
Opus Bank		5,408		116,813
Orrstown Financial Services Incorporated		1,956		40,333
Pacific Mercantile Bancorp †		4,098		32,784
Pacific Premier Bancorp Incorporated †		11,604		358,215
Park National Corporation		3,505		335,183
Parke Bancorp Incorporated		1,805		34,277
Peapack-Gladstone Financial Corporation		4,305		123,166
Penns Woods Bancorp Incorporated		1,144		49,478
People’s Utah Bancorp		3,708		119,805
People’s United Financial Incorporated		6,056		102,104
Peoples Bancorp Incorporated		4,113		143,544
Peoples Bancorp of North Carolina Incorporated		1,088		30,975
Peoples Financial Services		1,740		73,967
Preferred Bank (Los Angeles)		3,518		180,192
Premier Financial Bancorp		2,667		49,633
QRC Holdings Incorporated		3,205		118,104
RBB Bancorp		3,149		68,428
Reliant Bancorp Incorporated		2,527		59,435
Renasant Corporation		12,323		450,406
Republic Bancorp Incorporated Class A		2,510		108,608
Republic First Bancorp Incorporated †		12,715		95,998
S&T Bancorp Incorporated		8,494		359,041
Sandy Spring Bancorp Incorporated		8,684		312,798
SB Financial Group Incorporated		1,533		27,625
SB One Bancorp		1,743		42,215
Seacoast Banking Corporation †		11,042		320,218
Select Bancorp Incorporated †		3,063		38,716
ServisFirst Bancshares Incorporated		11,309		445,235
Shore Bancshares Incorporated		3,465		55,440
Sierra Bancorp		3,004		85,314
Simmons First National Corporation Class A		21,206		623,456
SmartFinancial Incorporated †		2,436		50,303
Southern First Bancshares †		1,729		65,252
Southern National Bancorp of Virginia		4,829		76,588
Southside Bancshares Incorporated		8,218		280,480
State Bank Financial Corporation		9,540		229,914
Stock Yards Bancorp Incorporated		5,085		159,415
Summit Financial Group Incorporated		2,476		52,095
The Bancorp Incorporated †		12,306		122,445
The Bank of Princeton		1,447		42,542
Tompkins Trust Company Incorporated		3,717		303,939
Towne Bank		16,502		472,122
TriCo Bancshares		6,403		246,195
TriState Capital Holdings Incorporated †		5,597		140,541
Triumph Bancorp Incorporated †		5,878		225,010
Trustmark Corporation		16,418		530,958
Two River Bancorp		1,850		27,787
Union Bankshares Corporation		15,377		544,346
Union Bankshares Incorporated		895		40,275
United Community Bank		18,583		480,371
United Security Bancshare		3,360		33,869
Unity Bancorp Incorporated		1,977		43,929
Univest Corporation of Pennsylvania		7,313		186,482
Veritex Holdings Incorporated †		6,130		157,480
Washington Trust Bancorp		3,483		183,206
WesBanco Incorporated		13,771		598,763
West Bancorporation		3,494		71,627

11

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Banks (continued)
Westamerica Bancorporation		6,514	$	411,685
				33,135,335
Capital Markets : 1.74%
Ares Management Corporation Class A		17,993		403,763
Arlington Asset Investment Class A		6,820		58,584
Artisan Partners Asset Management Incorporated Class A		12,910		351,539
Associated Capital Group Class A		1,078		45,804
B. Riley Financial Incorporated		4,849		88,106
Blucora Incorporated †		11,198		346,690
BrightSphere Investment Group Incorporated		20,741		273,159
Cohen & Steers Incorporated		5,478		204,658
Diamond Hill Investment Group		831		139,857
Donnelley Financial Solutions †		8,419		140,261
Federated Investors Incorporated Class B		23,582		624,451
Gain Capital Holdings Incorporated		5,970		43,880
Gamco Investors Incorporated Class A		1,140		24,578
Hamilton Lane Incorporated Class A		3,490		131,992
Houlihan Lokey Incorporated		7,674		324,610
INTL FCStone Incorporated †		3,882		151,243
Investment Technology Group Incorporated		8,003		241,130
Ladenburg Thalmann Financial Services Incorporated		25,683		73,453
Moelis Company Class A		10,127		409,333
Morningstar Incorporated		4,609		544,507
PJT Partners Incorporated Class A		4,749		224,295
Pzena Investment Managm Class A		4,304		43,944
Victory Capital Holding Class A †		3,068		37,583
Virtu Financial Incorporated Class A		12,525		315,254
Virtus Investment Partners Incorporated		1,750		166,250
Waddell & Reed Financial Incorporated Class A		20,657		420,577
Westwood Holdings Group Incorporated		2,040		80,009
				5,909,510
Consumer Finance : 0.82%
Curo Group Holdings Corporation †		1,920		25,594
Elevate Credit Incorporated †		5,068		24,529
Encore Capital Group Incorporated †		6,335		177,253
Enova International Incorporated †		7,901		174,928
Ezcorp Incorporated †		11,663		111,032
Green Dot Corporation Class A †		11,924		993,746
Nelnet Incorporated Class A		3,321		180,828
PRA Group Incorporated †		11,145		340,145
Regional Management Corporation †		2,136		58,014
Santander Consumer USA Holdings Incorporated		29,529		574,339
World Acceptance Corporation †		1,173		127,787
				2,788,195
Diversified Financial Services : 0.19%
Cannae Holdings Incorporated †		16,953		295,491
FGL Holdings †		34,973		280,134
Marlin Business Services Incorporated		2,137		54,280
				629,905
Insurance : 2.97%
American National Insurance Company		1,926		245,777
AMERISAFE Incorporated		5,230		337,806
Argo Group International Holdings Limited		7,835		543,122
Atlas Financial Holdings Incorporated †		3,015		28,160
CNA Financial Corporation		7,520		352,838
Crawford & Company Class A		4,961		44,798

12

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Insurance (continued)
Crawford & Company Class B		3,169	$	28,775
Donegal Group Incorporated Class A		3,749		53,986
EMC Insurance Group Incorporated		2,746		87,817
Employers Holdings Incorporated		8,742		392,953
FBL Financial Group Incorporated		2,798		196,783
FedNat Holding Company		2,721		59,535
Genworth Financial Incorporated Class A †		127,663		594,910
Greenlight Capital Limited †		8,592		90,989
Hallmark Financial Services Incorporated †		3,660		41,724
HCI Group Incorporated		2,107		114,515
Health Insurance Innovations Incorporated Class A †		2,831		104,237
Heritage Insurance Holdings Incorporated		6,397		102,672
Horace Mann Educators Corporation		10,364		417,462
Independence Holding Company		1,294		49,806
Investors Title Company		353		65,686
James River Group Holdings Limited		6,948		264,441
Kemper Corporation		13,194		1,004,063
Kingstone Company Incorporated		2,548		40,207
Kinsale Capital Group Incorporated		5,183		322,434
Maiden Holdings Limited		17,793		45,016
Mercury General Corporation		7,395		418,927
National General Holdings Corporation		15,177		402,949
National Western Life Group Class A		556		170,803
Ni Holdings Incorporated †		2,959		46,841
ProAssurance Corporation		4,831		211,260
Protective Insurance Corporation Class B		2,755		57,552
RLI Corporation		11,181		847,743
Safety Insurance Group Incorporated		4,140		363,575
State Auto Financial Corporation		4,501		157,535
Stewart Information Services Corporation		6,326		266,072
The Navigators Group Incorporated		7,051		489,833
Tiptree Incorporated		7,829		42,903
Trupanion Incorporated †		5,806		173,774
United Fire Group Incorporated		5,589		301,079
United Insurance Holdings Company		6,649		128,991
Universal Insurance Holdings Company		8,323		365,296
				10,075,645
Mortgage REITs : 1.89%
AG Mortgage Investment Trust Incorporated		6,915		125,576
Annaly Capital Management Incorporated		2,931		29,427
Anworth Mortgage Asset Corporation		24,445		109,758
Apollo Commercial Real Estate Finance Incorporated		31,012		587,367
Arbor Realty Trust Incorporated		12,425		147,236
Ares Commercial Real Estate		6,480		92,534
ARMOUR Residential REIT Incorporated		10,415		230,588
Blackstone Mortgage Trust Incorporated Class A		25,832		906,703
Capstead Mortgage Corporation		23,023		177,968
Cherry Hill Mortgage Investment REIT		3,024		57,486
Colony Credit Real Estate Incorporated REIT		21,071		357,575
Dynex Capital Incorporated		13,064		78,776
Ellington Residential Mortgage REIT		2,353		26,683
Exantas Capital Corporation REIT		7,379		82,423
Granite Point Mortgage Trust Incorporated		10,658		202,076
Great Ajax Corporation REIT		4,311		55,741
Invesco Mortgage Capital Incorporated		28,100		438,922
KKR Real Estate Finance Trust		5,861		114,290
Ladder Capital Corporation		22,372		394,866
New York Mortgage Trust Incorporated		27,943		173,247
Orchid Island Capital Incorporated REIT		12,889		87,259
Owens Realty Mortgage Incorporated		2,309		46,342
PennyMac Mortgage Investment Trust		14,959		314,887

13

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Mortgage REITs (continued)
Ready Capital Corporation		4,395	$	65,486
Redwood Trust Incorporated		18,931		315,958
TPG Real Estate Finance Trust Incorporated		10,899		214,819
Two Harbors Investment Corporation		62,160		893,861
Western Asset Mortgage Capital Corporation		10,094		101,848
				6,429,702
Thrifts & Mortgage Finance : 2.44%
Axos Financial Incorporated †		13,889		433,337
BankFinancial Corporation		3,862		57,660
Beneficial Bancorp Incorporated		17,240		266,875
Bridgewater Bancshares Incorporated †		1,787		21,605
BSB Bancorp Incorporated †		2,287		75,082
Capitol Federal Financial Incorporated		33,667		472,685
Dime Community Bancshares		7,898		144,139
Entegra Financial Corporation †		1,666		38,551
Essa Bancorp Incorporated		2,398		38,488
Federal Agricultural Mortgage Corporation Class C		2,256		149,031
First Defiance Financial Corporation		4,918		138,589
Flagstar Bancorp Incorporated †		5,369		174,224
FS Bancorp Incorporated		802		38,384
Greene County Bancorp Incorporated		850		28,883
Hingham Institution For Savings Corporation		344		76,437
Home Bancorp Incorporated		1,843		69,997
Homestreet Incorporated †		6,551		174,388
Impac Mortgage Holdings Incorporated †		2,519		9,698
Kearny Financial Corporation		24,211		320,554
LendingTree Incorporated †		1,911		497,510
Luther Burbank Corporation		3,251		33,810
Malvern Bancorp Incorporated †		1,533		32,040
Merchants Bancorp Incorporated		3,655		87,318
Meridian Bancorp Incorporated		12,187		199,257
Meta Financial Group Incorporated		6,846		156,500
MMA Capital Management LLC †		1,102		29,699
Mr. Cooper Group Incorporated †		12,048		182,286
NMI Holdings Incorporated Class A †		16,168		315,923
Northfield Bancorp Incorporated		10,614		149,551
Northwest Bancshares Incorporated		23,867		427,935
OceanFirst Financial Corporation		10,308		265,637
Ocwen Financial Corporation †		28,355		59,829
Oritani Financial Corporation		10,267		160,063
PCSB Financial Corporation		4,162		82,741
PDL Community Bancorp †		2,064		27,121
PennyMac Financial Services Incorporated		5,320		109,113
Provident Bancorp Incorporated †		1,083		29,436
Provident Financial Holdings		1,193		20,937
Provident Financial Services Incorporated		15,404		395,575
Prudential Bancorp Incorporated		2,170		38,518
Randolph Bancorp Incorporated †		1,402		20,778
Riverview Bancorp Incorporated		5,045		41,066
SI Financial Group Incorporated		2,799		38,094
Southern Missouri Bancorp		1,819		66,084
Sterling Bancorp Incorporated		4,116		34,698
Territorial Bancorp Incorporated		2,113		58,847
Timberland Bancorp Incorporated		1,601		45,308
Trustco Bank Corporation		23,281		183,687
United Community Financial Corporation		11,988		114,725
United Financial Bancorp Incorporated		12,631		206,896
Walker & Dunlop Incorporated		7,280		343,834
Washington Federal Incorporated		21,139		609,015
Waterstone Financial Incorporated		6,296		105,521
Western New England Bancorp		6,606		65,598

14

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Thrifts & Mortgage Finance (continued)
WSFS Financial Corporation		7,743	$	325,748
				8,289,305
Health Care : 11.49%
Biotechnology : 3.06%
Abeona Therapeutics Incorporated †		7,953		65,215
Acorda Therapeutics Incorporated †		11,450		233,924
Advaxis Incorporated †		12,354		5,065
Agenus Incorporated †		20,721		49,938
Akebia Therapeutics Incorporated †		11,774		95,134
Aldeyra Therapeutics Incorporated †		3,991		35,799
AMAG Pharmaceuticals Incorporated †		8,520		153,786
AnaptysBio Incorporated †		3,980		296,828
Anavex Life Sciences Corporation †		10,780		24,686
Arcus Biosciences Incorporated †		2,254		25,741
Ardelyx Incorporated †		7,841		21,328
Arena Pharmaceuticals Incorporated †		12,494		512,379
Arqule Incorporated †		21,306		79,045
Arrowhead Pharmaceuticals Incorporated †		20,073		291,460
Athenex Incorporated †		8,853		117,037
Athersys Incorporated †		30,626		58,802
Aveo Pharmaceuticals Incorporated †		28,852		59,724
Avid Bioservices Incorporated †		13,606		72,112
Biospecifics Technologies †		1,356		83,218
Calyxt Incorporated †		1,292		14,884
CareDx Incorporated †		5,540		162,156
Casi Pharmaceuticals Incorporated †		9,467		40,992
Catalyst Biosciences Incorporated †		2,853		30,470
Celcuity Incorporated †		1,471		39,570
Cellular Biomedicine Group Class I †		3,350		66,766
Chemocentryx Incorporated †		8,398		84,400
Cohbar Incorporated †		6,356		25,996
Conatus Pharmaceuticals Incorporated †		6,948		31,127
Concert Pharmaceuticals Incorporated †		5,332		76,408
Corbus Pharmaceuticals Holdings †		12,556		86,636
Cti Biopharma Corporation †		13,010		21,857
Cue Biopharma Incorporated †		3,422		16,015
Curis Incorporated †		6,724		5,767
Cytomx Therapeutics Incorporated †		8,965		123,717
Eagle Pharmaceuticals Incorporated †		3,189		160,726
Emergent BioSolutions Incorporated †		10,591		771,448
Enanta Pharmaceuticals Incorporated †		3,663		289,890
Fate Therapeutics Incorporated †		11,484		176,394
Fortress Biotech Incorporated †		6,774		8,264
Galectin Therapeutics Incorporated †		7,839		38,725
Genomic Health Incorporated †		5,217		412,404
GTX Incorporated †		1,986		2,880
Halozyme Therapeutics Incorporated †		32,373		534,478
Immunogen Incorporated †		34,094		187,858
Insys Therapeutics Incorporated †		7,924		47,623
Invitae Corporation †		14,333		199,659
Jounce Therapeutics Incorporated †		3,940		17,021
Kadmon Holdings Incorporated †		17,516		42,739
Kindred Biosciences Incorporated †		6,599		89,746
Macrogenics Incorporated †		10,044		172,857
Madrigal Pharmaceuticals Incorporated †		1,785		206,435
Mannkind Corporation †		34,171		60,824
Medicinova Incorporated †		8,776		87,409
Mei Pharma Incorporated †		9,806		28,241
Mersana Therapeutics Incorporated †		2,799		14,835
Miragen Therapeutics Incorporated †		4,471		15,559

15

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Biotechnology (continued)
Molecular Templates Incorporated †		2,402	$	12,370
Momenta Pharmaceuticals Incorporated †		19,521		231,129
Mustang Bio Incorporated †		3,866		15,503
Myriad Genetics Incorporated †		17,645		568,875
Natera Incorporated †		8,254		142,959
Oncomed Pharmaceuticals Incorporated †		6,822		7,982
Ophthotech Corporation †		9,444		17,566
Palatin Technologies Incorporated †		47,926		38,791
PDL BioPharma Incorporated †		38,911		119,457
Pfenex Incorporated †		5,204		21,545
Pieris Pharmaceuticals Incorporated †		13,932		47,229
Protagonist Therapeutics Incorporated †		3,319		21,474
Proteostasis Therapeutics Incorporated †		6,415		32,524
Recro Pharma Incorporated †		3,850		25,295
Repligen Corporation †		9,818		634,930
Retrophin Incorporated †		9,928		243,633
Rocket Pharmaceuticals Incorporated †		5,427		87,429
Savara Incorporated †		4,999		44,841
Selecta Biosciences Incorporated †		4,224		25,471
Sorrento Therapeutics Incorporated †		18,139		62,761
Spectrum Pharmaceuticals Incorporated †		23,732		343,165
Spring Bank Pharmaceuticals †		2,205		24,784
Synlogic Incorporated †		4,335		36,891
T2 Biosystems Incorporated †		5,896		26,178
Tyme Technologies Incorporated †		12,159		47,663
Unum Therapeutics Incorporated †		4,059		28,007
Vanda Pharmaceuticals Incorporated †		12,508		313,200
Veracyte Incorporated †		6,434		78,752
Verastem Incorporated †		12,265		62,552
Vericel Corporation †		9,414		165,498
Viking Therapeutics Incorporated †		10,408		117,506
Voyager Therapeutics Incorporated †		5,856		66,758
XOMA Corporation †		1,556		23,387
				10,410,102
Health Care Equipment & Supplies : 3.16%
Accuray Incorporated †		20,929		85,809
AngioDynamics Incorporated †		9,288		199,599
Anika Therapeutics Incorporated †		3,506		120,782
Atricure Incorporated †		8,403		281,416
Atrion Corporation		360		278,359
Avanos Medical Incorporated †		12,006		572,806
Axogen Incorporated †		7,792		260,876
Bovie Medical Corporation †		7,577		53,569
Cardiovascular Systems Incorporated †		8,255		254,832
ConforMIS Incorporated †		14,871		8,039
CONMED Corporation		6,615		449,555
CryoLife Incorporated †		8,551		259,266
Cryoport Incorporated †		7,012		75,870
Cutera Incorporated †		3,320		68,060
Cytosorbents Corporation †		5,898		61,575
Endologix Incorporated †		20,838		17,737
Fonar Corporation †		1,501		33,067
Glaukos Corporation †		8,102		533,760
Heska Corporation †		1,725		179,366
Inogen Incorporated †		4,538		668,720
Integer Holdings Corporation †		7,998		708,463
Intricon Corporation †		1,556		53,884
Invacare Corporation		8,292		45,606
iRhythm Technologies Incorporated †		4,492		332,767
Lantheus Holdings Incorporated †		9,276		173,925
Lemaitre Vascular Incorporated		3,868		107,879
Meridian Diagnostics Incorporated		10,574		200,272
Merit Medical Systems Incorporated †		12,314		776,398

16

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Natus Medical Incorporated †		8,047	$	284,703
NuVasive Incorporated †		12,988		827,206
Nuvectra Corporation †		3,520		70,294
NxStage Medical Incorporated †		16,619		469,321
OraSure Technologies Incorporated †		15,508		196,952
Orthopediatrics Corporation †		1,764		55,160
Oxford Immunotec Global plc †		6,202		93,402
Quidel Corporation †		8,290		504,198
RTI Biologics Incorporated †		15,225		63,488
Seaspine Holdings Corporation †		3,001		59,000
Senseonics Holdings Incorporated †		20,405		69,377
Sientra Incorporated †		3,514		59,738
STAAR Surgical Company †		7,942		301,875
Surmodics Incorporated †		3,259		197,463
Tactile Systems Technology Class I †		3,721		209,269
Utah Medical Products Incorporated		836		79,328
Varex Imaging Corporation †		9,534		251,221
Viewray Incorporated †		9,574		64,242
				10,718,494
Health Care Providers & Services : 2.06%
Aceto Corporation		7,907		12,809
Addus Homecare Corporation †		1,926		142,948
American Renal Associates Holdings †		3,312		54,946
AMN Healthcare Services Incorporated †		12,104		771,025
Apollo Medical Holdings Incorporated †		5,863		105,065
BioScrip Incorporated †		32,055		126,617
Capital Senior Living Corporation †		6,309		56,781
Civitas Solutions Incorporated †		4,204		58,352
CorVel Corporation †		2,351		163,865
Cross Country Healthcare Incorporated †		8,658		78,528
Diplomat Pharmacy Incorporated †		14,045		217,417
Ensign Group Incorporated		12,499		567,080
LHC Group Incorporated †		7,363		772,158
Magellan Health Services Incorporated †		6,176		336,716
National Healthcare Corporation		2,377		198,361
National Research Corporation Class A		2,409		96,047
Owens & Minor Incorporated		15,467		118,013
Patterson Companies Incorporated		21,611		548,271
PetIQ Incorporated †		2,381		74,287
Premier Incorporated Class A †		13,700		543,342
Providence Service Corporation †		2,840		201,100
Psychemedics Corporation		1,333		23,407
Quorum Health Corporation †		7,300		32,193
R1 RCM Incorporated †		20,396		186,827
RadNet Incorporated †		9,893		127,521
Select Medical Holdings Corporation †		27,272		528,531
Surgery Partners Incorporated †		4,654		66,785
Tivity Health Incorporated †		10,065		412,262
U.S. Physical Therapy Incorporated		3,091		367,798
				6,989,052
Health Care Technology : 1.00%
Allscripts Healthcare Solutions Incorporated †		44,767		457,071
Castlight Health Incorporated Class B †		17,460		45,571
Computer Programs & Systems Incorporated		3,540		94,447
HealthStream Incorporated		6,505		160,283
HMS Holdings Corporation †		20,959		749,075
Inovalon Holdings Incorporated Class A †		17,205		228,827
NextGen Healthcare Incorporated †		13,995		245,612
Omnicell Incorporated †		9,660		746,042

17

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Health Care Technology (continued)
Simulations Plus Incorporated		3,021	$	59,876
Tabula Rasa Healthcare Incorporated †		4,072		307,355
Vocera Communications Incorporated †		7,230		287,320
				3,381,479
Life Sciences Tools & Services : 0.72%
Bruker Corporation		25,667		850,604
Cambrex Corporation †		8,701		416,169
Chromadex Corporation †		8,400		29,820
Codexis Incorporated †		13,077		286,648
Enzo Biochem Incorporated †		11,156		34,360
Fluidigm Corporation †		6,346		52,037
Harvard Bioscience Incorporated †		8,221		32,473
Luminex Corporation		10,472		307,563
Medpace Holdings Incorporated †		2,219		137,378
Neogenomics Incorporated †		18,895		309,878
				2,456,930
Pharmaceuticals : 1.49%
Acer Therapeutics Incorporated †		1,200		27,492
Adamis Pharmaceuticals Corporation †		8,056		24,571
Agile Therapeutics Incorporated †		7,949		6,894
Akcea Therapeutics Incorporated †		3,869		131,120
Akorn Incorporated †		24,106		165,367
Amneal Pharmaceuticals Incorporated †		18,786		332,700
Amphastar Pharmaceuticals Incorporated †		8,697		188,899
ANI Pharmaceuticals Incorporated †		2,111		117,350
Assembly Biosciences Incorporated †		4,480		115,494
Assertio Therapeutics Incorporated †		14,795		73,753
BioDelivery Sciences International Incorporated †		13,656		49,844
Corcept Therapeutics Incorporated †		26,325		366,707
Cymabay Therapeutics Incorporated †		14,898		133,039
Durect Corporation †		36,408		32,359
Innovate Biopharmaceuticals †		6,092		15,839
Innoviva Incorporated †		16,992		310,274
Intersect ENT Incorporated †		7,330		219,973
Lannett Company Incorporated †		8,485		50,062
Mallinckrodt plc †		22,120		526,235
Melinta Therapeutics Incorporated †		4,770		10,112
Neos Therapeutics Incorporated †		6,089		11,934
Pacira Pharmaceuticals Incorporated †		10,095		487,891
Phibro Animal Health Corporation Class A		4,983		168,924
Prestige Brands Holdings Incorporated †		13,280		515,530
Reata Pharmaceuticals Incorporated Class A †		3,660		231,129
Siga Technologies Incorporated †		12,554		78,337
Strongbridge Biopharma plc †		10,295		53,740
Supernus Pharmaceuticals Incorporated †		12,816		607,735
Teligent Incorporated †		10,794		22,236
				5,075,540
Industrials : 14.78%
Aerospace & Defense : 1.24%
AAR Corporation		8,253		360,574
Aerojet Rocketdyne Holdings †		17,860		628,851
AeroVironment Incorporated †		5,521		422,909
Astronics Corporation		5,312		172,428
Astronics Corporation Class B †		779		24,944
Cubic Corporation		6,371		389,841
Ducommun Incorporated †		2,649		103,920
Engility Holdings Incorporated †		4,757		148,751

18

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Aerospace & Defense (continued)
HEICO Corporation		9,990	$	844,355
Moog Incorporated Class A		8,029		702,136
National Presto Industries Incorporated		1,343		172,549
Sparton Corporation †		2,374		34,091
Vectrus Incorporated †		2,732		66,196
Wesco Aircraft Holdings Incorporated †		13,517		128,682
				4,200,227
Air Freight & Logistics : 0.42%
Atlas Air Worldwide Holdings Incorporated †		6,427		342,238
Echo Global Logistics Incorporated †		6,765		171,628
Forward Air Corporation		7,460		486,989
Hub Group Incorporated Class A †		8,395		373,074
Radiant Logistics Incorporated †		9,192		50,004
				1,423,933
Airlines : 0.50%
Allegiant Travel Company		3,306		444,359
Hawaiian Holdings Incorporated		12,650		507,771
SkyWest Incorporated		13,020		750,994
				1,703,124
Building Products : 1.42%
Advanced Drainage Systems Incorporated		9,097		248,075
American Woodmark Corporation †		3,974		265,821
Apogee Enterprises Incorporated		7,180		261,711
Armstrong Flooring Incorporated †		5,319		83,189
Armstrong World Industries Incorporated †		11,827		792,291
Builders FirstSource Incorporated †		28,762		389,150
Continental Building Product †		9,439		269,767
CSW Industrials Incorporated †		4,081		216,171
Gibraltar Industries Incorporated †		8,002		289,352
Griffon Corporation		9,243		112,395
Insteel Industries Incorporated		4,609		126,932
NCI Building Systems Incorporated †		10,813		122,728
Patrick Industries Incorporated †		5,913		234,864
PGT Incorporated †		12,558		241,993
Quanex Building Products Corporation		8,827		139,378
Simpson Manufacturing Company Incorporated		10,540		616,590
Universal Forest Products Incorporated		15,354		424,692
				4,835,099
Commercial Services & Supplies : 2.95%
ABM Industries Incorporated		16,622		526,585
ACCO Brands Corporation		26,663		216,504
Advanced Disposal Services Incorporated †		15,196		409,532
Arc Document Solutions Incorporated †		10,015		24,136
Brady Corporation Class A		11,743		511,525
Casella Waste Systems Incorporated Class A †		10,179		332,344
Ceco Environmental Corporation †		7,445		61,868
Covanta Holding Corporation		29,765		492,908
Ennis Incorporated		6,195		120,988
Essendant Incorporated		9,315		117,742
Healthcare Services Group Incorporated		18,185		858,332
Heritage Crystal Clean Incorporated †		3,877		108,595
Herman Miller Incorporated		15,051		509,627
HNI Corporation		10,654		410,712
Hudson Technologies Incorporated †		9,759		10,637

19

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Commercial Services & Supplies (continued)
Interface Incorporated		14,782	$	239,468
Kimball International Incorporated Class B		8,940		136,424
Knoll Incorporated		12,086		234,106
LSC Communications Incorporated		8,489		85,060
Matthews International Corporation Class A		7,877		331,858
McGrath RentCorp		5,945		317,641
Mobile Mini Incorporated		11,309		457,110
Multi-Color Corporation		3,486		154,778
PICO Holdings Incorporated		5,388		52,533
Pitney Bowes Incorporated		49,277		415,898
Quad Graphics Incorporated		8,289		135,774
RR Donnelley & Sons Company		17,771		112,490
SP Plus Corporation †		5,366		162,643
Steelcase Incorporated Class A		20,555		332,991
Tetra Tech Incorporated		13,956		850,758
UniFirst Corporation		3,822		590,155
US Ecology Incorporated		5,643		393,148
Viad Corporation		5,090		256,282
VSE Corporation		2,111		61,493
				10,032,645
Construction & Engineering : 0.68%
Ameresco Incorporated Class A †		4,276		67,219
Argan Incorporated		3,794		164,925
Comfort Systems Incorporated		9,358		492,792
Goldfield Corporation †		5,965		13,839
Great Lakes Dredge & Dock Company †		14,017		103,866
Hc2 Holdings Incorporated †		10,367		32,760
IES Holdings Incorporated †		2,155		37,842
KBR Incorporated		36,568		679,068
MYR Group Incorporated †		4,153		129,989
Northwest Pipe Company †		2,331		54,988
Nv5 Global Incorporated †		2,117		155,367
Orion Marine Group Incorporated †		6,747		29,417
Primoris Services Corporation		10,637		256,884
Sterling Construction Company Incorporated †		6,458		83,114
				2,302,070
Electrical Equipment : 0.79%
Allied Motion Technologies		1,926		91,119
American Superconductor Corporation †		4,387		43,870
Atkore International Incorporated †		10,081		205,854
AZZ Incorporated		6,424		306,682
Babcock & Wilcox Enterprises Incorporated †		9,496		8,410
Encore Wire Corporation		5,075		253,547
Enphase Energy Incorporated †		20,646		111,488
Generac Holdings Incorporated †		15,734		895,579
LSI Industries Incorporated		6,287		27,726
Powell Industries Incorporated		2,150		65,726
Preformed Line Products Company		560		35,930
Sunrun Incorporated †		22,102		323,794
Thermon Group Holdings Incorporated †		8,264		186,684
TPI mposites Incorporated †		3,810		103,594
Vivint Solar Incorporated †		7,163		39,182
				2,699,185
Electronic Equipment, Instruments & Components : 0.07%
ScanSource Incorporated †		6,404		243,608
Industrial Conglomerates : 0.11%
Raven Industries Incorporated		9,096		367,024

20

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Machinery : 3.24%
Alamo Group Incorporated		2,456	$	203,381
Albany International Corporation Class A		7,274		526,347
Altra Holdings Incorporated		7,335		231,419
American Railcar Industries		1,830		128,594
Astec Industries Incorporated		5,738		204,674
Blue Bird Corporation †		3,001		57,409
Briggs & Stratton Corporation		10,676		159,286
Columbus McKinnon Corporation		5,069		176,401
Commercial Vehicle Group Incorporated †		6,969		48,644
DMC Global Incorporated		3,674		133,734
Douglas Dynamics Incorporated		5,651		210,613
Eastern Company		1,203		32,842
EnPro Industries Incorporated		5,617		395,324
ESCO Technologies Incorporated		6,408		450,354
Evoqua Water Technologies Company †		11,201		102,377
Federal Signal Corporation		15,089		353,988
Foster Company Class A †		2,029		39,261
Franklin Electric Company Incorporated		9,990		452,048
Freightcar America Incorporated		3,057		29,164
Gencor Industries Incorporated †		2,258		25,583
Global Brass & Copper Holdings Incorporated		5,487		177,614
Gorman Rupp Company		5,571		186,517
Graham Corporation		2,422		60,356
Hillenbrand Incorporated		14,434		639,571
Hurco Companies Incorporated		1,532		58,538
Hyster Yale Materials Handeling Incorporated		2,147		140,564
Kadant Incorporated		2,784		253,567
Lindsay Manufacturing Company		2,674		270,502
Lydall Incorporated †		4,275		94,606
Manitex International Incorporated †		3,480		25,369
Manitowoc Company Incorporated †		8,644		170,719
Meritor Incorporated †		22,751		375,392
Milacron Holdings Corporation †		17,626		251,171
Miller Industries Incorporated		2,835		79,550
Mueller Industries Incorporated		15,064		358,824
Omega Flex Incorporated		959		53,129
Park Ohio Holdings Corporation		2,152		77,601
REV Group Incorporated		7,620		92,964
Rexnord Corporation †		26,281		744,015
Spartan Motors Incorporated		7,982		64,255
SPX Corporation †		10,614		313,962
Standex International Corporation		3,172		252,808
Tennant Company		4,268		255,440
The Greenbrier Companies Incorporated		8,087		395,535
Trimas Corporation †		11,790		342,264
Twin Disc Incorporated †		2,800		48,860
Wabash National Corporation		14,174		220,264
Watts Water Technologies Incorporated		7,128		525,761
Welbilt Incorporated †		35,932		496,580
				10,987,741
Marine : 0.13%
Genco Shipping & Trading Limited †		2,141		17,877
Matson Incorporated		10,653		419,196
				437,073
Professional Services : 1.58%
Acacia Research-Acacia Technologies †		12,185		38,748
Barrett Business Services Incorporated		1,766		124,238
BG Staffing Incorporated		1,906		47,231
CBIZ Incorporated †		13,449		283,639

21

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Professional Services (continued)
CRA International Incorporated		2,040	$	99,450
Exponent Incorporated		13,251		666,790
Forrester Research Incorporated		2,541		118,766
Franklin Covey Company †		2,396		56,761
FTI Consulting Incorporated †		9,468		665,127
GP Strategies Corporation †		3,089		40,898
Heidrick & Struggles International Incorporated		4,653		170,579
ICF International Incorporated		4,528		317,096
InnerWorkings Incorporated †		11,951		50,433
Insperity Incorporated		9,879		988,295
Kelly Services Incorporated Class A		7,576		173,642
Kforce Incorporated		5,982		189,570
Mistras Group Incorporated †		4,239		72,868
Navigant Consulting Incorporated		11,114		284,741
Resources Connection Incorporated		7,605		128,068
TriNet Group Incorporated †		10,969		503,587
TrueBlue Incorporated †		10,472		264,418
Willdan Group Incorporated †		2,104		79,300
				5,364,245
Road & Rail : 0.63%
Arcbest Corporation		6,310		254,041
Covenant Transport Incorporated Class A †		3,292		74,992
Daseke Incorporated †		9,748		39,187
Hertz Global Holdings Incorporated †		13,060		244,353
Marten Transport Limited		10,007		194,936
Roadrunner Transportation Systems Incorporated †		10,080		7,114
Saia Incorporated †		6,631		399,916
Schneider National Incorporated Class B		17,411		388,788
Universal Truckload Services		2,183		51,017
USA Truck Incorporated †		1,775		36,405
Werner Enterprises Incorporated		11,620		393,453
YRC Worldwide Incorporated †		8,101		45,852
				2,130,054
Trading Companies & Distributors : 1.02%
Applied Industrial Technologies Incorporated		9,816		640,298
Bluelinx Holdings Incorporated †		2,119		57,425
BMC Stock Holdings Incorporated †		16,309		277,416
CAI International Incorporated †		4,604		112,844
DXP Enterprises Incorporated †		3,995		144,739
Envirostar Incorporated		1,185		41,949
Foundation Building Material †		3,727		36,450
GMS Incorporated †		8,393		157,704
H&E Equipment Services Incorporated		8,108		179,592
Houston Wire & Cable Company †		4,141		25,260
Huttig Building Products Incorporated †		5,199		13,985
Kaman Corporation		6,987		396,652
Lawson Products Incorporated †		1,069		32,925
Nexeo Solutions Incorporated †		7,997		77,811
Rush Enterprises Incorporated		7,650		291,465
SiteOne Landscape Supply Incorporated †		10,213		629,529
Systemax Incorporated		3,764		104,978
Titan Machinery Incorporated †		4,819		84,477
Transcat Incorporated †		1,781		36,920
Veritiv Corporation †		2,821		85,617
Willis Lease Finance Corporation †		836		30,798
				3,458,834

22

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Information Technology : 10.56%
Communications Equipment : 1.03%
ADTRAN Incorporated		12,121	$	150,906
Aerohive Networks Incorporated †		8,668		31,725
Applied Optoelectronics Incorporated †		4,679		96,341
Calamp Corporation †		8,783		155,459
Calix Networks Incorporated †		11,136		107,462
Casa Systems Incorporated †		1,805		28,068
Clearfield Incorporated †		2,818		34,774
Comtech Telecommunications Corporation		5,901		150,712
Digi International Incorporated †		6,484		76,771
Echostar Corporation †		8,998		376,476
Emcore Corporation †		6,373		28,997
Extreme Networks Incorporated †		29,105		191,511
Harmonic Incorporated †		20,826		117,042
InterDigital Incorporated		8,749		658,450
KVH Industries Incorporated †		3,966		44,697
NETGEAR Incorporated †		7,698		426,469
Oclaro Incorporated †		42,331		341,611
PCTEL Incorporated		4,148		17,380
Plantronics Incorporated		8,323		380,944
Ribbon Communications Incorporated †		12,219		65,249
Tessco Technologies Incorporated		1,608		19,521
				3,500,565
Electronic Equipment, Instruments & Components : 2.40%
Anixter International Incorporated †		7,251		463,774
Badger Meter Incorporated		7,132		395,826
Bel Fuse Incorporated Class B		2,326		52,358
Benchmark Electronics Incorporated		11,824		281,884
Control4 Corporation †		6,585		143,355
CTS Corporation		8,074		234,227
Daktronics Incorporated		9,033		80,845
Electro Scientific Industries Incorporated †		8,097		238,052
Eplus Incorporated †		3,383		276,560
ID Systems Incorporated †		3,725		22,648
II-VI Incorporated †		14,320		535,854
Insight Enterprises Incorporated †		8,878		395,781
Iteris Incorporated †		6,974		31,871
Itron Incorporated †		8,411		455,540
Kemet Corporation		12,887		263,926
Kimball Electronics Incorporated †		6,296		111,061
Mesa Laboratories Incorporated		841		186,147
Methode Electronics Incorporated		9,191		278,487
MTS Systems Corporation		4,367		224,682
Napco Security Technologies Incorporated †		2,974		49,190
OSI Systems Incorporated †		4,379		317,040
Par Technology Corporation †		2,591		51,483
Park Electrochemical Corporation		4,750		84,598
PC Connection Incorporated		2,809		88,034
PC Mall Incorporated †		2,294		43,471
Plexus Corporation †		8,171		498,758
Rogers Corporation †		4,657		599,170
Sanmina Corporation †		17,324		468,441
SYNNEX Corporation		2,853		230,351
TTM Technologies Incorporated †		23,273		276,716
Vishay Intertechnology Incorporated		33,721		703,083
Vishay Precision Group †		2,553		86,623
				8,169,836

23

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
IT Services : 1.64%
Brightcove Incorporated †		7,696	$	55,257
Carbonite Incorporated †		6,198		175,589
Cass Information Systems Incorporated		2,822		186,280
Computer Task Group Incorporated †		3,442		15,317
Convergeone Holdings Incorporated		4,847		60,684
CSG Systems International Incorporated		8,226		288,486
Endurance International Group Holdings †		15,732		130,576
Exela Technologies Incorporated †		8,651		39,276
Exlservice Holdings Incorporated †		8,363		484,719
GTT Communications Incorporated †		8,690		292,505
Hackett Group Incorporated		6,125		108,106
Information Services Group Incorporated †		8,802		36,528
Internap Corporation †		4,535		27,074
Limelight Networks Incorporated †		26,571		87,419
Luxoft Holding Incorporated †		5,506		181,808
ManTech International Corporation Class A		6,727		378,730
Moneygram International Incorporated †		7,109		15,498
MongoDB Incorporated †		3,492		289,487
NIC Incorporated		16,269		211,497
Perficient Incorporated †		8,597		217,590
Pfsweb Incorporated †		3,679		22,626
Presidio Incorporated		8,343		117,469
PRGX Global Incorporated †		5,003		46,678
Science Applications International Corporation		9,472		658,493
StarTek Incorporated †		2,821		19,070
Switch Incorporated Class A		8,327		64,701
Sykes Enterprises Incorporated †		9,990		275,924
Travelport Worldwide Limited		31,684		484,132
TTEC Holdings Incorporated		3,524		103,077
Unisys Corporation †		12,958		175,192
Virtusa Corporation †		6,920		306,764
				5,556,552
Semiconductors & Semiconductor Equipment : 1.91%
Adesto Technologies Corporation †		3,952		20,985
Advanced Energy Industries Incorporated †		10,155		477,691
Alpha & Omega Semiconductor †		4,778		52,654
Amkor Technology Incorporated †		24,151		165,434
Amtech Systems Incorporated †		3,252		17,886
Aquantia Corporation †		2,277		22,201
Axcelis Technologies Incorporated †		8,171		162,766
AXT Incorporated †		9,003		49,607
Brooks Automation Incorporated		17,713		537,767
Cabot Microelectronics Corporation		7,190		772,781
Ceva Incorporated †		5,575		144,894
Cirrus Logic Incorporated †		16,439		615,476
Cohu Incorporated		9,863		193,315
Cyberoptics Corporation †		1,802		36,563
Diodes Incorporated †		9,821		342,065
DSP Group Incorporated †		4,697		57,632
FormFactor Incorporated †		18,868		311,133
GSI Technology Incorporated †		3,501		19,886
Ichor Holdings Limited †		6,726		122,413
Lattice Semiconductor Corporation †		30,389		178,080
Nanometrics Incorporated †		5,833		187,356
Neophotonics Corporation †		10,288		79,218
NVE Corporation		1,234		117,896
Photronics Incorporated †		17,466		169,420
Pixelworks Incorporated †		7,579		29,482
Power Integrations Incorporated		7,403		469,054
Quicklogic Corporation †		20,871		20,245
Rambus Incorporated †		27,808		242,486
Rudolph Technologies Incorporated †		7,834		166,237
Smart Global Holdings Incorporated †		3,110		106,642

24

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Synaptics Incorporated †		8,695	$	334,410
Ultra Clean Holdings Incorporated †		9,310		87,514
Xperi Corporation		12,423		175,164
				6,486,353
Software : 3.33%
A10 Networks Incorporated †		12,799		80,634
Agilysys Incorporated †		4,418		72,853
Alarm.com Holdings Incorporated †		7,741		393,630
Altair Engineering Incorporated Class A †		4,527		146,267
Alteryx Incorporated Class A †		6,682		402,123
Amber Road Incorporated †		6,407		55,869
American Software Incorporated Class A		6,953		72,311
AppFolio Incorporated Class A †		3,546		217,334
Appian Corporation †		1,960		58,918
Apptio Incorporated Class A †		7,635		291,352
Asure Software Incorporated †		2,296		13,064
Avaya Holdings Corporation †		27,870		433,936
Bottomline Technologies (DE) Incorporated †		10,236		563,697
ChannelAdvisor Corporation †		6,128		65,876
Cision Limited †		9,800		122,696
Datawatch Corporation †		2,868		37,542
Dropbox Incorporated Class A †		9,301		217,550
Ebix Incorporated		5,679		268,162
Egain Corporation †		3,689		27,409
Envestnet Incorporated †		10,992		600,603
Everbridge Incorporated †		6,351		347,844
Five9 Incorporated †		14,349		615,285
ForeScout Technologies Incorporated †		4,016		109,034
Fusion Connect Incorporated †		5,485		12,341
Globant SA †		6,469		379,407
Instructure Incorporated †		7,415		280,065
LivePerson Incorporated †		14,202		267,992
MicroStrategy Incorporated Class A †		2,307		299,079
MINDBODY Incorporated Class A †		9,061		251,533
Mitek Systems Incorporated †		8,359		79,996
MobileIron Incorporated †		16,061		78,056
Model N Incorporated †		5,784		79,414
Monotype Imaging Holdings Incorporated		10,319		178,003
OneSpan Incorporated †		7,901		134,080
Park City Group Incorporated †		3,106		25,221
Progress Software Corporation		11,404		400,965
Q2 Holdings Incorporated †		9,115		494,853
Qad Incorporated Class A		2,579		109,427
Qualys Incorporated †		8,333		656,307
Realnetworks Incorporated †		6,256		16,140
Seachange International Incorporated †		8,301		13,946
Secureworks Corporation Class A †		2,144		38,613
SendGrid Incorporated †		2,346		107,001
Shotspotter Incorporated †		1,493		56,868
SPS Commerce Incorporated †		4,315		367,767
Telaria Incorporated †		8,397		25,191
TeleNav Incorporated †		7,792		32,571
The Rubicon Project Incorporated †		10,651		47,397
Tivo Corporation		31,125		308,138
Upland Software Incorporated †		3,928		110,298
Verint Systems Incorporated †		16,096		731,241
Workiva Incorporated †		6,303		235,795
Yext Incorporated †		12,881		187,032
Zix Corporation †		13,526		90,083
				11,308,809

25

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Technology Hardware, Storage & Peripherals : 0.25%
Astronova Incorporated		1,431	$	28,076
Avid Technology Incorporated †		9,306		59,931
Cray Incorporated †		10,111		265,009
Diebold Nixdorf Incorporated		17,489		57,189
Eastman Kodak Company †		6,860		27,028
Electronics for Imaging Incorporated †		11,181		309,490
Intevac Incorporated †		5,221		24,643
Quantum Corporation †		7,935		18,965
USA Technologies Incorporated †		13,227		65,738
				856,069
Materials : 3.05%
Chemicals : 1.43%
Advanced Emissions Solutions		4,856		52,299
Advansix Incorporated †		7,564		217,162
Agrofresh Solutions Incorporated †		7,373		31,040
American Vanguard Corporation		6,649		111,171
Amyris Incorporated †		6,918		34,175
Chase Corporation		1,837		206,975
Core Molding Technologies Incorporated		1,962		15,304
Ferro Corporation †		21,245		410,029
Flotek Industries Incorporated †		13,818		19,207
Futurefuel Corporation		6,481		111,927
Hawkins Incorporated		2,436		101,679
HB Fuller Company		12,791		617,038
Innophos Holdings Incorporated		4,995		138,561
Innospec Incorporated		6,118		451,141
Kooper Holdings Incorporated †		5,245		97,767
Kraton Performance Polymers Incorporated †		8,024		210,229
Kronos Worldwide Incorporated		5,782		71,523
Loop Industries Incorporated †		3,115		25,512
LSB Industries Incorporated †		5,191		39,815
Marrone Bio Innovations Incorporated †		16,974		25,800
Northern Technologies International		942		31,444
Omnova Solutions Incorporated †		11,131		90,718
PQ Group Holdings Incorporated †		9,493		145,718
Quaker Chemical Corporation		3,477		717,096
Rayonier Advanced Materials		13,009		191,883
Stepan Company		5,205		420,668
Trecora Resources †		5,133		47,737
Tredegar Corporation		8,151		135,796
Valhi Incorporated		6,747		13,831
Venator Materials plc †		12,602		67,169
				4,850,414
Construction Materials : 0.06%
Forterra Incorporated †		4,631		22,692
United States Lime & Mineral		504		37,639
US Concrete Incorporated †		4,106		161,489
				221,820
Containers & Packaging : 0.30%
Greif Incorporated Class A		6,499		333,204
Myers Industries Incorporated		7,275		120,038
Silgan Holdings Incorporated		19,247		495,610
UFP Technologies Incorporated †		1,665		60,423
				1,009,275

26

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Metals & Mining : 0.89%
Ampco Pittsburgh Corporation †		2,764	$	11,885
Cleveland Cliffs Incorporated		76,067		705,902
Compass Minerals International Incorporated		9,372		469,537
Gold Resource Corporation		13,653		52,154
Kaiser Aluminum Corporation		4,098		400,498
Materion Corporation		5,286		279,524
Olympic Steel Incorporated		2,278		41,824
Ryerson Holding Corporation †		4,037		33,063
Schnitzer Steel Industries Incorporated Class A		6,600		184,866
Suncoke Energy Incorporated †		16,405		160,113
Synalloy Corporation		1,967		31,688
Universal Stainless & Alloy †		1,696		33,191
Warrior Met Coal Incorporated		7,226		171,256
Worthington Industries Incorporated		10,760		445,679
				3,021,180
Paper & Forest Products : 0.37%
Boise Cascade Company		9,748		259,102
Clearwater Paper Corporation †		4,113		126,722
Neenah Paper Incorporated		4,248		292,602
PH Glatfelter Company		11,159		142,277
Schweitzer-Mauduit International Incorporated		7,728		220,325
Verso Corporation Class A †		8,693		219,237
				1,260,265
Real Estate : 9.62%
Equity REITs : 8.93%
Acadia Realty Trust		20,120		576,840
Agree Realty Corporation		8,241		490,916
Alexander & Baldwin Incorporated		17,147		355,457
Alexander’s Incorporated		537		166,776
American Assets Trust Incorporated		9,731		405,004
Americold Realty Trust REIT		13,390		358,852
Armada Hoffler Properties Incorporated		11,375		173,014
Ashford Hospitality Trust Incorporated		23,359		115,627
Bluerock Residential Growth REIT Incorporated		6,306		57,385
Braemar Hotels & Resorts Incorporated REIT		7,685		73,008
Brandywine Realty Trust		45,013		642,336
CareTrust REIT Incorporated		19,093		382,242
Catchmark Timber Trust Incorporated Class A		12,536		103,923
CBL & Associates Properties Incorporated		42,735		111,538
Cedar Shopping Centers Incorporated		22,344		80,215
Chatham Lodging Trust		11,477		229,425
Chesapeake Lodging Trust		15,017		444,053
Clipper Realty Incorporated		3,756		48,452
Columbia Property Trust Incorporated		29,982		643,714
Community Healthcare Trust Incorporated		4,408		139,028
CoreCivic Incorporated		30,059		659,795
CorEnergy Infrastructure Trust Incorporated		3,023		109,584
Corepoint Lodging Incorporated REIT		10,097		142,065
Corporate Office Properties Trust		25,690		628,634
DiamondRock Hospitality		50,655		533,904
Easterly Government Properties Incorporated		11,651		212,281
EastGroup Properties Incorporated		8,501		850,270
Empire State Realty Trust Incorporated		41,223		667,400
Farmland Partners REIT Incorporated		7,974		49,439
Four Corners Property Trust Incorporated		15,593		432,550
Franklin Street Properties Corporation		26,023		200,377
Getty Realty Corporation		8,063		246,647
Gladstone Commercial Corporation		7,121		136,296

27

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name	Shares		Value
Equity REITs (continued)
Gladstone Land REIT Corporation		3,327	$	43,983
Global Medical REIT Incorporated		4,895		46,356
Global Net Lease Incorporated		17,132		345,895
Government Properties Income		24,915		219,252
Hannon Armstrong Sustainable		12,627		288,527
Hersha Hospitality Trust		9,764		186,492
Independence Realty Trust Incorporated		22,265		224,877
Industrial Logistics Properties Trust		5,009		105,540
InfraReit Incorporated		9,924		227,260
Innovative Industrial Proper		1,593		78,615
Investors Real Estate Trust		30,581		162,997
iStar Financial Incorporated		16,302		174,105
Jernigan Capital Incorporated		3,406		72,820
Kite Realty Group Trust		21,116		348,625
Lexington Corporate Properties Trust		54,925		482,242
LTC Properties Incorporated		9,923		460,824
Mack-Cali Realty Corporation		21,035		455,618
Medequities Realty Trust Incorporated		6,867		46,970
MGM Growth Properties LLC Class A		18,147		517,008
Monmouth Real Estate Investment Corporation		18,158		252,941
National Health Investors Incorporated		10,070		785,259
National Storage Affiliates Trust		12,673		354,464
New Senior Investment Group Incorporated		20,392		108,282
New York REIT Liquidating LLC (a)		4,209		59,684
Nexpoint Residential		4,199		153,222
NorthStar Realty Europe Corporation		12,370		202,373
One Liberty Properties Incorporated		3,727		98,467
Outfront Media Incorporated		35,210		731,664
Pebblebrook Hotel Trust		17,391		607,294
Pennsylvania Real Estate Investment Trust		17,420		142,670
Physicians Realty Trust		46,144		821,825
Piedmont Office Realty Trust Incorporated Class A		33,265		616,400
Potlatch Corporation		16,304		604,878
Preferred Apartment Communities Incorporated Series A		9,940		148,702
PS Business Parks Incorporated		5,040		710,741
QTS Realty Trust Incorporated Class A		11,095		450,346
Retail Opportunity Investment Corporation		27,714		501,623
Retail Properties of America Incorporated Class A		55,613		700,168
Rexford Industrial Realty Incorporated		20,504		669,251
RPT Realty		19,665		281,013
Safety Income & Growth Incorporated		1,795		35,433
Saul Centers Incorporated		3,106		163,531
Select Income REIT		16,026		309,302
Seritage Growth Property Class A		8,202		311,184
STAG Industrial Incorporated		24,732		662,570
Summit Hotel Properties Incorporated		26,937		300,348
Tanger Factory Outlet Centers Incorporated		23,536		556,626
Terreno Realty Corporation		13,480		525,855
The Geo Group Incorporated		30,861		717,210
Tier Incorporated		12,097		284,763
UMH Properties Incorporated		8,190		106,716
Universal Health Realty Income Trust		3,186		223,689
Urban Edge Properties		26,265		523,724
Urstadt Biddle Properties Incorporated		7,326		150,769
Washington Prime Group Incorporated		47,420		296,375
Washington REIT		19,633		529,306
Whitestone REIT		9,577		134,844
Xenia Hotels & Resorts Incorporated		27,185		552,399
				30,340,964
Real Estate Management & Development : 0.69%
Altisource Portfolio Solutions SA †		2,613		62,033
Consolidated-Tomoka Land Company		992		57,556
Five Point Holdings LLC Class A †		13,348		102,379

28

Wells Fargo Factor Enhanced Small Cap Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Real Estate Management & Development (continued)
Forestar Group Incorporated †		2,569	$	41,207
FRP Holdings Incorporated †		1,762		82,497
Griffin Industrial Realty Incorporated		601		21,305
HFF Incorporated Class A		9,396		379,598
Kennedy Wilson Holdings Incorporated		33,112		648,664
Marcus & Millichap Incorporated †		4,777		174,313
Newmark Group Incorporated Class A		5,663		47,569
Re/max Holdings Incorporated Class A		4,487		147,936
Redfin Corporation †		13,211		224,059
Stratus Properties Incorporated †		1,392		37,807
The RMR Group Incorporated Class A		1,787		115,512
The St. Joe Company †		10,115		151,725
Trinity Place Holdings Incorporated †		5,927		29,220
				2,323,380
Utilities : 2.51%
Electric Utilities : 0.72%
Avangrid Incorporated		14,390		724,968
El Paso Electric Company		10,476		579,847
MGE Energy Incorporated		9,313		615,496
Otter Tail Corporation		10,138		495,951
Spark Energy Incorporated Class A		3,206		29,143
				2,445,405
Gas Utilities : 0.42%
Chesapeake Utilities Corporation		4,527		389,503
Northwest Natural Holding Company		2,999		198,924
RGC Resources Incorporated		1,893		52,228
South Jersey Industries Incorporated		21,445		669,084
Star Group LP		13,970		134,531
				1,444,270
Independent Power & Renewable Electricity Producers : 0.44%
Clearway Energy Incorporated Class C		16,807		306,896
Nextera Energy Partners LP		13,794		644,180
Ormat Technologies Incorporated		9,540		535,099
				1,486,175
Multi-Utilities : 0.30%
Northwestern Corporation		12,677		810,821
Unitil Corporation		4,123		209,036
				1,019,857
Water Utilities : 0.63%
American States Water Company		9,299		623,777
Aquaventure Holdings Limited †		3,418		64,190
Artesian Resources Corporation Class A		2,089		75,956
California Water Service Group		12,164		556,138
Connecticut Water Service Incorporated		2,982		207,488
Middlesex Water Company		4,019		208,345
Pure Cycle Corporation †		4,358		45,759
SJW Corporation		4,521		253,357
York Water Company		3,337		110,521
				2,145,531
Total Common Stocks (Cost $314,873,298)			$	330,916,727

29

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Factor Enhanced Small Cap Portfolio

Security name						Expiration date		Shares		Value
Rights : 0.00%
Financials : 0.00%
Diversified Financial Services : 0.00%
Schulman Incorporated Class A †(a)‡							12/31/2099		6,818		13,022
Thrifts & Mortgage Finance : 0.00%
NewStar Financial Incorporated †(a)							12/31/2099		9,129		0
Health Care : 0.00%
Biotechnology : 0.00%
XOMA Corporation †(a)							12/14/2018		179		363
Pharmaceuticals : 0.00%
Corium International Incorporated †(a)							3/31/2020		6,709		1,208
Total Rights (Cost $16,599)											14,593
			Yield
Short-Term Investments : 1.92%
Investment Companies : 1.92%
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.13	%				6,514,692		6,514,692
Total Short-Term Investments (Cost $6,514,692)											6,514,692
Total investments in securities (Cost $321,404,589)	99.35	%									337,446,012
Other assets and liabilities, net	0.65										2,218,205
Total net assets	100.00	%								$	339,664,217

† Non-income-earning security

‡ Security is valued using significant unobservable inputs.

(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.

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

Abbreviations:

REIT Real estate investment trust

30

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
E-Mini Russell 2000 Index		193		12-21-2018	$	14,939,780	$	14,808,890	$	0	$	(130,890	)

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		14,195,316		122,453,567		130,134,191		6,514,692	$	6,514,692		1.92	%

Wells Fargo Factor Enhanced Small Cap Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objectives. 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 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. 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 counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, 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. 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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	13,019,696	$	0	$	6,069	$	13,025,765
Consumer discretionary		49,913,118		0		0		49,913,118
Consumer staples		15,158,603		0		0		15,158,603
Energy		8,898,465		0		0		8,898,465
Financials		67,257,597		0		0		67,257,597
Health care		39,031,597		0		0		39,031,597
Industrials		50,184,862		0		0		50,184,862
Information technology		35,878,184		0		0		35,878,184
Materials		10,362,954		0		0		10,362,954
Real estate		32,604,660		59,684		0		32,664,344
Utilities		8,541,238		0		0		8,541,238
Rights
Financials		0		0		13,022		13,022
Health care		0		1,571		0		1,571
Short-term investments
Investment companies		6,514,692		0		0		6,514,692
Total assets	$	337,365,666	$	61,255	$	19,091	$	337,446,012
Liabilities
Futures contracts	$	130,890	$	0	$	0	$	130,890
Total liabilities	$	130,890	$	0	$	0	$	130,890

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 November 30, 2018, the Portfolio had segregated $1,880,000 as cash collateral for these open futures contracts.

At November 30, 2018, the Portfolio had no material transfers into/out of Level 3.

Wells Fargo High Yield Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes : 81.38%
Communication Services : 14.08%
Diversified Telecommunication Services : 3.80%
CenturyLink Incorporated		5.63	%		4-1-2025	$	300,000	$	280,500
CenturyLink Incorporated		6.45			6-15-2021		200,000		204,500
CenturyLink Incorporated		7.50			4-1-2024		800,000		821,000
Cincinnati Bell Incorporated 144A		7.00			7-15-2024		200,000		175,375
Embarq Corporation		8.00			6-1-2036		200,000		187,750
Frontier Communications Corporation 144A		8.50			4-1-2026		200,000		181,514
Hughes Satellite Systems Company		7.63			6-15-2021		300,000		313,785
Level 3 Financing Incorporated		5.38			1-15-2024		200,000		196,298
Level 3 Financing Incorporated		5.38			5-1-2025		600,000		584,250
Qwest Capital Funding		6.88			7-15-2028		200,000		173,964
Windstream Services Finance Company 144A		9.00			6-30-2025		236,000		172,280
Zayo Group LLC 144A		5.75			1-15-2027		200,000		191,000
Zayo Group LLC		6.00			4-1-2023		200,000		199,000
									3,681,216
Interactive Media & Services : 0.78%
Rackspace Hosting Company 144A		8.63			11-15-2024		300,000		254,250
Sabre GLBL Incorporated 144A		5.38			4-15-2023		200,000		199,000
Verisign Incorporated		5.25			4-1-2025		300,000		301,500
									754,750
Media & Entertainment : 7.94%
AMC Entertainment Holdings Incorporated		5.88			11-15-2026		300,000		267,000
AMC Networks Incorporated		4.75			8-1-2025		300,000		279,012
CCO Holdings LLC 144A		5.50			5-1-2026		200,000		194,750
CCO Holdings LLC 144A		5.88			5-1-2027		500,000		491,875
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		400,000		406,120
CSC Holdings LLC 144A		5.50			4-15-2027		200,000		192,000
CSC Holdings LLC		6.75			11-15-2021		500,000		523,750
DISH DBS Corporation		5.88			7-15-2022		200,000		191,600
DISH DBS Corporation		5.88			11-15-2024		600,000		511,500
Gray Television Incorporated 144A		5.88			7-15-2026		300,000		291,750
Lamar Media Corporation		5.00			5-1-2023		200,000		199,500
Meredith Corporation 144A		6.88			2-1-2026		300,000		306,750
Neptune Finco Corporation 144A		10.88			10-15-2025		200,000		230,500
Netflix Incorporated		4.88			4-15-2028		500,000		461,250
Nielsen Finance LLC 144A		5.00			4-15-2022		400,000		391,160
Outfront Media Capital Corporation		5.63			2-15-2024		300,000		300,000
Sinclair Television Group Incorporated		6.13			10-1-2022		200,000		202,750
Sinclair Television Group Incorporated 144A		5.63			8-1-2024		200,000		190,500
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		200,000		192,898
Sirius XM Radio Incorporated 144A		5.38			4-15-2025		300,000		295,500
Sirius XM Radio Incorporated 144A		5.38			7-15-2026		200,000		194,750
Sirius XM Radio Incorporated 144A		6.00			7-15-2024		200,000		204,750
TEGNA Incorporated		6.38			10-15-2023		300,000		306,750
Tribune Media Company		5.88			7-15-2022		300,000		303,750
Univision Communications Incorporated 144A		5.13			5-15-2023		400,000		374,500
Viacom Incorporated (3 Month LIBOR +3.90%) ±		6.25			2-28-2057		200,000		191,611
									7,696,276
Wireless Telecommunication Services : 1.56%
Sprint Capital Corporation		8.75			3-15-2032		200,000		217,250
Sprint Communications Incorporated		7.00			8-15-2020		200,000		207,000
Sprint Corporation		7.13			6-15-2024		200,000		203,000
Sprint Corporation		7.25			9-15-2021		200,000		208,500
T-Mobile USA Incorporated		4.50			2-1-2026		300,000		281,535
T-Mobile USA Incorporated		5.38			4-15-2027		200,000		194,500
T-Mobile USA Incorporated		6.50			1-15-2024		200,000		206,000
									1,517,785

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo High Yield Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Consumer Discretionary : 10.75%
Auto Components : 0.68%
American Axle & Manufacturing Incorporated		6.50	%		4-1-2027	$	300,000	$	272,250
Dana Holding Corporation		5.50			12-15-2024		200,000		190,500
Goodyear Tire & Rubber Company		5.13			11-15-2023		200,000		197,500
									660,250
Automobiles : 0.18%
Tesla Incorporated 144A		5.30			8-15-2025		200,000		172,750
Distributors : 0.18%
Ahern Rentals Incorporated 144A		7.38			5-15-2023		200,000		179,000
Diversified Consumer Services : 0.70%
APX Group Incorporated		7.63			9-1-2023		200,000		162,500
Laureate Education Incorporated 144A		8.25			5-1-2025		200,000		213,500
Service Corporation International		5.38			5-15-2024		300,000		301,500
									677,500
Hotels, Restaurants & Leisure : 3.93%
24 Hour Fitness Worldwide Incorporated 144A		8.00			6-1-2022		200,000		195,000
Boyd Gaming Corporation		6.88			5-15-2023		200,000		207,500
Caesars Resort Collection LLC 144A		5.25			10-15-2025		400,000		367,000
Eldorado Resorts Incorporated		6.00			4-1-2025		200,000		195,000
Golden Nugget Incorporated 144A		6.75			10-15-2024		300,000		294,000
Hilton Worldwide Finance LLC		4.88			4-1-2027		300,000		286,125
Jack Ohio Finance LLC 144A		6.75			11-15-2021		200,000		205,000
KFC Holding Company 144A		5.00			6-1-2024		300,000		295,875
MGM Resorts International		4.63			9-1-2026		400,000		363,500
MGM Resorts International		5.25			3-31-2020		200,000		202,500
MGM Resorts International		6.63			12-15-2021		200,000		209,500
Scientific Games International Incorporated		10.00			12-1-2022		400,000		415,200
Six Flags Entertainment Company 144A		4.88			7-31-2024		200,000		191,500
Wynn Las Vegas LLC 144A		5.50			3-1-2025		400,000		381,000
									3,808,700
Household Durables : 1.48%
Hovnanian Enterprises Incorporated 144A		10.00			7-15-2022		200,000		185,000
Lennar Corporation		4.50			4-30-2024		300,000		287,250
Lennar Corporation		4.88			12-15-2023		200,000		195,500
Lennar Corporation		8.38			1-15-2021		200,000		215,250
Pulte Group Incorporated		4.25			3-1-2021		200,000		200,250
Pulte Group Incorporated		5.00			1-15-2027		200,000		185,750
William Lyon Homes Incorporated		5.88			1-31-2025		200,000		170,500
									1,439,500
Household Products : 0.21%
Avon International Operations Incorporated 144A		7.88			8-15-2022		200,000		199,500
Internet & Direct Marketing Retail : 0.32%
Netflix Incorporated		5.38			2-1-2021		300,000		309,450
Leisure Products : 0.19%
Mattel Incorporated 144A		6.75			12-31-2025		200,000		188,500
Multiline Retail : 0.59%
JCPenney Corporation Incorporated 144A		5.88			7-1-2023		300,000		249,750
JCPenney Corporation Incorporated		6.38			10-15-2036		200,000		72,000
Neiman Marcus Group Limited 144A		8.00			10-15-2021		300,000		145,500
Neiman Marcus Group Limited (PIK at 9.50%) 144A¥		8.75			10-15-2021		200,000		102,050
									569,300

2

Wells Fargo High Yield Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail : 2.09%
Gap Incorporated		5.95	%		4-12-2021	$	200,000	$	205,969
Group 1 Automotive Incorporated		5.00			6-1-2022		100,000		97,500
L Brands Incorporated		5.63			2-15-2022		600,000		612,750
L Brands Incorporated		6.75			7-1-2036		200,000		166,500
New Albertsons Incorporated		7.45			8-1-2029		200,000		163,000
Penske Auto Group Incorporated		5.75			10-1-2022		300,000		301,500
PetSmart Incorporated 144A		5.88			6-1-2025		200,000		153,000
PetSmart Incorporated 144A		7.13			3-15-2023		200,000		134,000
Sally Holdings LLC		5.63			12-1-2025		200,000		192,000
									2,026,219
Textiles, Apparel & Luxury Goods : 0.20%
HanesBrands Incorporated 144A		4.63			5-15-2024		200,000		192,500
Consumer Staples : 3.43%
Beverages : 0.20%
Cott Beverages Incorporated 144A		5.50			4-1-2025		200,000		193,000
Food & Staples Retailing : 1.04%
Aramark Services Incorporated		4.75			6-1-2026		300,000		285,750
Aramark Services Incorporated 144A		5.00			4-1-2025		200,000		199,044
Rite Aid Corporation 144A		6.13			4-1-2023		400,000		344,000
Safeway Incorporated		7.25			2-1-2031		200,000		179,000
									1,007,794
Food Products : 1.48%
B&G Foods Incorporated		4.63			6-1-2021		200,000		196,500
JBS USA Finance Incorporated 144A		5.75			6-15-2025		300,000		291,000
JBS USA Finance Incorporated 144A		6.75			2-15-2028		200,000		194,000
Lamb Weston Holdings Incorporated 144A		4.88			11-1-2026		200,000		194,800
Pilgrim’s Pride Corporation 144A		5.88			9-30-2027		200,000		189,000
Post Holdings Incorporated 144A		5.00			8-15-2026		200,000		183,500
Post Holdings Incorporated 144A		5.63			1-15-2028		200,000		186,850
									1,435,650
Household Products : 0.21%
HRG Group Incorporated		7.75			1-15-2022		200,000		204,000
Personal Products : 0.50%
Edgewell Personal Care Company		4.70			5-24-2022		300,000		292,500
First Quality Finance Company 144A		4.63			5-15-2021		200,000		195,750
									488,250
Energy : 13.76%
Energy Equipment & Services : 1.47%
Bristow Group Incorporated		6.25			10-15-2022		200,000		100,750
Bruin E&P Partners LLC 144A		8.88			8-1-2023		200,000		186,692
Diamond Offshore Drilling Incorporated		5.70			10-15-2039		300,000		192,000
Hilcorp Energy Company 144A		5.75			10-1-2025		400,000		370,000
NGPL PipeCo LLC 144A		4.88			8-15-2027		200,000		191,000
SESI LLC		7.13			12-15-2021		200,000		189,000
Unit Corporation		6.63			5-15-2021		200,000		193,000
									1,422,442
Oil, Gas & Consumable Fuels : 12.29%
Antero Resources Corporation		5.13			12-1-2022		200,000		196,000
Antero Resources Corporation		5.63			6-1-2023		200,000		198,500
Ascent Resources Utica Holdings LLC 144A		10.00			4-1-2022		195,000		206,213
California Resources Corporation 144A		8.00			12-15-2022		400,000		304,000

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo High Yield Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Carrizo Oil & Gas Incorporated		6.25	%		4-15-2023	$	200,000	$	190,500
Cheniere Corpus Christi Holdings LLC		5.88			3-31-2025		300,000		309,000
Cheniere Energy Partners LP		5.25			10-1-2025		200,000		194,750
Chesapeake Energy Corporation		4.88			4-15-2022		200,000		186,000
Chesapeake Energy Corporation		6.13			2-15-2021		300,000		294,750
CONSOL Energy Incorporated		5.88			4-15-2022		300,000		293,625
Crestwood Midstream Partners LP		6.25			4-1-2023		200,000		198,500
CrownRock LP 144A		5.63			10-15-2025		200,000		187,000
DCP Midstream Operating LP		3.88			3-15-2023		200,000		191,500
DCP Midstream Operating LP 144A		4.75			9-30-2021		200,000		199,500
DCP Midstream Operating LP (3 Month LIBOR +3.85%) 144A±		5.85			5-21-2043		200,000		168,000
Denbury Resources Incorporated 144A		9.00			5-15-2021		400,000		401,000
Diamondback Energy Incorporated		4.75			11-1-2024		200,000		194,000
Energy Transfer Equity LP		4.25			3-15-2023		200,000		194,500
Energy Transfer Equity LP		5.88			1-15-2024		200,000		206,250
Enlink Midstream Partners LP		5.05			4-1-2045		500,000		375,000
EP Energy Corporation 144A		9.38			5-1-2024		200,000		110,000
Extraction Oil & Gas Incorporated 144A		5.63			2-1-2026		200,000		156,000
Genesis Energy LP		6.75			8-1-2022		400,000		397,000
Gulfport Energy Corporation		6.00			10-15-2024		300,000		274,500
Jonah Energy LLC 144A		7.25			10-15-2025		200,000		148,000
McDermott Technology Americas Incorporated 144A		10.63			5-1-2024		200,000		172,750
Murphy Oil Corporation		6.88			8-15-2024		200,000		203,767
Nabors Industries Incorporated		5.00			9-15-2020		200,000		197,985
Nabors Industries Incorporated		5.10			9-15-2023		200,000		168,023
Newfield Exploration Company		5.38			1-1-2026		300,000		299,775
Newfield Exploration Company		5.63			7-1-2024		200,000		204,500
NGL Enrgy Partners LP		7.50			11-1-2023		300,000		292,218
Oasis Petroleum Incorporated		6.88			3-15-2022		190,000		187,625
Parsley Energy LLC 144A		5.38			1-15-2025		300,000		287,250
PDC Energy Incorporated		5.75			5-15-2026		200,000		186,500
QEP Resources Incorporated		5.25			5-1-2023		200,000		190,500
Range Resources Corporation		4.88			5-15-2025		400,000		364,000
Rowan Companies Incorporated		4.88			6-1-2022		400,000		360,000
Sanchez Energy Corporation		6.13			1-15-2023		200,000		50,000
Sanchez Energy Corporation 144A		7.25			2-15-2023		400,000		345,000
SM Energy Company		6.75			9-15-2026		200,000		192,000
Southwestern Energy Company		4.10			3-15-2022		200,000		192,500
Southwestern Energy Company		7.75			10-1-2027		200,000		202,240
Suburban Propane Partners LP		5.50			6-1-2024		200,000		189,500
Tallgrass Energy Partners LP 144A		5.50			1-15-2028		200,000		196,500
Targa Resources Partners LP		4.25			11-15-2023		200,000		189,750
Targa Resources Partners LP		5.13			2-1-2025		200,000		193,000
Targa Resources Partners LP		5.25			5-1-2023		200,000		199,500
Transocean Incorporated		6.80			3-15-2038		300,000		214,500
Ultra Resources Incorporated 144A		6.88			4-15-2022		200,000		100,000
Vine Oil & Gas LP 144A		8.75			4-15-2023		200,000		168,000
Whiting Petroleum Corporation		5.75			3-15-2021		200,000		197,500
WPX Energy Incorporated		6.00			1-15-2022		400,000		401,500
									11,920,471
Financials : 7.30%
Banks : 0.42%
CIT Group Incorporated		5.00			8-15-2022		200,000		200,756
CIT Group Incorporated		5.00			8-1-2023		200,000		200,500
									401,256
Capital Markets : 0.85%
Banff Merger Sub Incorporated 144A		9.75			9-1-2026		300,000		284,025
Blue Cube Spinco Incorporated		10.00			10-15-2025		300,000		342,750
MSCI Incorporated 144A		5.25			11-15-2024		200,000		200,500
									827,275

4

Wells Fargo High Yield Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance : 2.71%
Ally Financial Incorporated		4.63	%		3-30-2025	$	200,000	$	196,500
Ally Financial Incorporated		5.13			9-30-2024		300,000		303,840
Ally Financial Incorporated		5.75			11-20-2025		200,000		204,250
Navient Corporation		5.88			3-25-2021		200,000		198,400
Navient Corporation		5.88			10-25-2024		200,000		179,500
Navient Corporation		6.50			6-15-2022		200,000		200,750
Navient Corporation		6.75			6-25-2025		200,000		185,500
Quicken Loans Incorporated 144A		5.25			1-15-2028		400,000		356,000
Springleaf Finance Corporation		6.13			5-15-2022		300,000		300,000
Springleaf Finance Corporation		6.88			3-15-2025		200,000		188,250
Springleaf Finance Corporation		8.25			12-15-2020		300,000		316,740
									2,629,730
Diversified Financial Services : 1.83%
Beacon Escrow Corporation 144A		4.88			11-1-2025		200,000		181,500
Freedom Mortgage Corporation 144A		8.25			4-15-2025		300,000		267,375
Harland Clarke Holdings 144A		9.25			3-1-2021		200,000		184,500
Hilton Domestic Operating Company		4.25			9-1-2024		200,000		190,730
Prime Services Company 144A		9.25			5-15-2023		243,000		257,580
Refinitiv U.S. Holdings Company 144A		8.25			11-15-2026		300,000		285,750
Transocean Incorporated 144A		9.00			7-15-2023		400,000		408,750
									1,776,185
Insurance : 1.08%
Alliant Holdings International LLC 144A		8.25			8-1-2023		200,000		203,376
Genworth Holdings Incorporated		4.90			8-15-2023		300,000		258,750
Genworth Holdings Incorporated		7.63			9-24-2021		200,000		202,000
HUB International Limited 144A		7.00			5-1-2026		200,000		190,500
USIS Merger Subordinate Incorporated 144A		6.88			5-1-2025		200,000		190,000
									1,044,626
Thrifts & Mortgage Finance : 0.41%
Ladder Capital Finance LLC 144A		5.25			3-15-2022		200,000		198,000
Nationstar Mortgage Holdings Incorporated 144A		9.13			7-15-2026		200,000		202,375
									400,375
Health Care : 7.34%
Health Care Equipment & Supplies : 0.93%
Crimson Incorporated 144A		6.63			5-15-2022		300,000		288,750
DJO Finco Incorporated 144A		8.13			6-15-2021		200,000		207,250
Hologic Incorporated 144A		4.38			10-15-2025		200,000		190,000
Kinetic Concepts Incorporated 144A		12.50			11-1-2021		200,000		214,000
									900,000
Health Care Providers & Services : 5.26%
Centene Corporation		4.75			5-15-2022		200,000		200,750
Centene Corporation		6.13			2-15-2024		200,000		207,980
Community Health Systems Incorporated		5.13			8-1-2021		400,000		378,750
Community Health Systems Incorporated		6.88			2-1-2022		200,000		99,040
Davita Incorporated		5.00			5-1-2025		200,000		188,000
Davita Incorporated		5.13			7-15-2024		300,000		288,750
Encompass Health Corporation		5.75			11-1-2024		200,000		200,250
HCA Incorporated		5.50			6-15-2047		200,000		192,500
HCA Incorporated		7.50			2-15-2022		300,000		324,000
Jaguar Holding Company II 144A		6.38			8-1-2023		200,000		197,500
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		300,000		298,875
MPT Operating Partnership LP		5.00			10-15-2027		200,000		190,000
Polaris Intermediate Corporation 144A		8.50			12-1-2022		300,000		298,500
RegionalCare Hospital Partners 144A		8.25			5-1-2023		200,000		209,250
Team Health Holdings Incorporated 144A		6.38			2-1-2025		300,000		247,500

5

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo High Yield Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corporation		4.63	%		7-15-2024	$	500,000	$	479,705
Tenet Healthcare Corporation		5.13			5-1-2025		300,000		284,438
Tenet Healthcare Corporation		7.00			8-1-2025		200,000		195,000
Tenet Healthcare Corporation 144A		7.50			1-1-2022		200,000		207,500
Vizient Incorporated 144A		10.38			3-1-2024		200,000		217,500
Wellcare Health Plans		5.25			4-1-2025		200,000		198,250
									5,104,038
Health Care Technology : 0.21%
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		200,000		198,750
Pharmaceuticals : 0.94%
Elanco Animal Health Incorporated 144A		4.90			8-28-2028		500,000		503,222
Endo Finance LLC 144A		5.38			1-15-2023		500,000		411,250
									914,472
Industrials : 4.95%
Aerospace & Defense : 0.81%
Alcoa Incorporated		6.15			8-15-2020		200,000		205,986
TransDigm Group Incorporated		6.38			6-15-2026		200,000		195,228
TransDigm Group Incorporated		6.50			7-15-2024		200,000		200,500
Triumph Group Incorporated		7.75			8-15-2025		200,000		184,000
									785,714
Air Freight & Logistics : 0.21%
XPO Logistics Incorporated 144A		6.13			9-1-2023		200,000		201,250
Building Products : 0.19%
Griffon Corporation		5.25			3-1-2022		200,000		186,750
Commercial Services & Supplies : 1.36%
ADT Corporation		3.50			7-15-2022		200,000		187,250
ADT Corporation 144A		4.88			7-15-2032		200,000		158,000
APTIM Corporation 144A		7.75			6-15-2025		200,000		156,000
Covanta Holding Corporation		6.00			1-1-2027		200,000		186,000
Pitney Bowes Incorporated		4.38			5-15-2022		500,000		467,750
West Corp Company 144A		8.50			10-15-2025		200,000		165,000
									1,320,000
Construction & Engineering : 0.80%
AECOM		5.88			10-15-2024		300,000		301,125
United Rentals North America Incorporated		5.50			5-15-2027		500,000		471,875
									773,000
Electrical Equipment : 0.20%
Vertiv Group Corporation 144A		9.25			10-15-2024		200,000		195,000
Machinery : 0.30%
Gates Global LLC 144A		6.00			7-15-2022		95,000		94,525
Navistar International Corporation 144A		6.63			11-1-2025		200,000		197,752
									292,277
Professional Services : 0.39%
Brand Industrial Services Incorporated 144A		8.50			7-15-2025		200,000		176,500
Exela Technologies Incorporated 144A		10.00			7-15-2023		200,000		202,000
									378,500
Road & Rail : 0.49%
Hertz Corporation		6.25			10-15-2022		200,000		175,500

6

Wells Fargo High Yield Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Road & Rail (continued)
Hertz Corporation		7.38	%		1-15-2021	$	300,000	$	296,700
									472,200
Trading Companies & Distributors : 0.20%
United Rentals North America Incorporated		5.75			11-15-2024		200,000		198,750
Information Technology : 3.49%
Communications Equipment : 0.17%
CommScope Technologies Finance LLC 144A		5.00			3-15-2027		200,000		164,750
Electronic Equipment, Instruments & Components : 0.21%
Anixter International Incorporated		5.13			10-1-2021		200,000		201,250
IT Services : 1.03%
First Data Corporation 144A		5.00			1-15-2024		400,000		394,480
First Data Corporation 144A		7.00			12-1-2023		200,000		207,000
Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13			5-1-2021		400,000		399,000
									1,000,480
Software : 0.57%
Solera Finance Incorporated 144A		10.50			3-1-2024		200,000		215,500
Symantec Corporation 144A		5.00			4-15-2025		200,000		193,618
Veritas US Incorporated 144A		10.50			2-1-2024		200,000		144,000
									553,118
Technology Hardware, Storage & Peripherals : 1.51%
CDW Finance Corporation		5.00			9-1-2023		200,000		199,500
Dell International LLC 144A		5.88			6-15-2021		200,000		202,807
Dell International LLC 144A		7.13			6-15-2024		200,000		209,625
NCR Corporation		5.00			7-15-2022		300,000		285,000
NCR Corporation		6.38			12-15-2023		200,000		197,500
Western Digital Corporation		4.75			2-15-2026		400,000		366,000
									1,460,432
Materials : 9.95%
Chemicals : 3.02%
Avantor Incorporated 144A		6.00			10-1-2024		300,000		297,375
Avantor Incorporated 144A		9.00			10-1-2025		200,000		202,750
Calumet Specialty Products Partners LP		7.63			1-15-2022		200,000		178,000
CF Industries Incorporated		3.45			6-1-2023		300,000		280,125
CF Industries Incorporated		4.95			6-1-2043		200,000		155,500
Chemours Company		6.63			5-15-2023		200,000		203,000
Chemours Company		7.00			5-15-2025		200,000		201,750
CVR Partners LP 144A		9.25			6-15-2023		200,000		210,060
Hexion Incorporated		6.63			4-15-2020		400,000		330,500
Huntsman International LLC		4.88			11-15-2020		200,000		202,000
Platform Specialty Products 144A		6.50			2-1-2022		300,000		305,625
TPC Group Incorporated 144A		8.75			12-15-2020		200,000		193,000
Tronox Incorporated 144A		6.50			4-15-2026		200,000		173,000
									2,932,685
Construction Materials : 0.67%
Standard Industries Incorporated 144A		5.00			2-15-2027		500,000		450,000
Summit Materials LLC		6.13			7-15-2023		200,000		198,750
									648,750
Containers & Packaging : 3.03%
Ball Corporation		4.00			11-15-2023		200,000		195,000

7

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo High Yield Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Containers & Packaging (continued)
Ball Corporation		5.25	%		7-1-2025	$	200,000	$	203,000
Berry Global Incorporated		6.00			10-15-2022		300,000		303,750
BWAY Holding Company 144A		5.50			4-15-2024		300,000		287,250
BWAY Holding Company 144A		7.25			4-15-2025		300,000		272,250
Crown Americas Capital Corporation IV		4.50			1-15-2023		300,000		294,750
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		200,000		184,750
Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		200,000		200,000
Reynolds Group Issuer Incorporated 144A		5.13			7-15-2023		200,000		195,250
Reynolds Group Issuer Incorporated 144A		7.00			7-15-2024		400,000		399,000
Sealed Air Corporation 144A		5.25			4-1-2023		200,000		201,000
Sealed Air Corporation 144A		5.50			9-15-2025		200,000		197,500
									2,933,500
Metals & Mining : 3.02%
Alcoa Incorporated		5.87			2-23-2022		700,000		711,550
Big River Steel LLC 144A		7.25			9-1-2025		200,000		204,000
Cleveland-Cliffs Incorporated		5.75			3-1-2025		200,000		183,500
Freeport-McMoRan Copper & Gold Incorporated		5.40			11-14-2034		400,000		337,000
Freeport-McMoRan Copper & Gold Incorporated		6.88			2-15-2023		300,000		312,375
Joseph T Ryerson & Son Incorporated 144A		11.00			5-15-2022		200,000		213,000
Novelis Corporation 144A		6.25			8-15-2024		300,000		297,000
Steel Dynamics Incorporated		5.00			12-15-2026		500,000		484,000
United States Steel Corporation		6.88			8-15-2025		200,000		189,500
									2,931,925
Paper & Forest Products : 0.21%
Resolute Forest Products Company		5.88			5-15-2023		200,000		201,000
Real Estate : 3.17%
Equity REITs : 2.44%
CBL & Associates LP		5.95			12-15-2026		300,000		246,420
Equinix Incorporated		5.38			4-1-2023		300,000		302,250
Equinix Incorporated		5.88			1-15-2026		200,000		203,000
ESH Hospitality Incorporated 144A		5.25			5-1-2025		200,000		191,250
Iron Mountain Incorporated		5.75			8-15-2024		400,000		382,500
Istar Incorporated		5.25			9-15-2022		200,000		191,000
MGM Growth Properties Operating Partnership LP		4.50			9-1-2026		300,000		276,576
SBA Communications Corporation		4.88			7-15-2022		200,000		199,000
Uniti Group Incorporated 144A		6.00			4-15-2023		200,000		190,500
Uniti Group Incorporated		8.25			10-15-2023		200,000		185,250
									2,367,746
Real Estate Management & Development : 0.73%
Icahn Enterprises Company		6.25			2-1-2022		300,000		304,875
Icahn Enterprises Company		6.75			2-1-2024		400,000		402,500
									707,375
Utilities : 3.16%
Electric Utilities : 0.82%
Clearway Energy Operating LLC		5.00			9-15-2026		300,000		275,400
NextEra Energy Operating Partners LP 144A		4.25			9-15-2024		200,000		188,500
Talen Energy Supply LLC		4.60			12-15-2021		200,000		182,500
Talen Energy Supply LLC		6.50			6-1-2025		200,000		145,250
									791,650
Gas Utilities : 1.00%
AmeriGas Partners LP		5.50			5-20-2025		300,000		277,875
AmeriGas Partners LP		5.75			5-20-2027		300,000		271,035

8

Wells Fargo High Yield Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Gas Utilities (continued)
Ferrellgas LP		6.75	%		6-15-2023	$	500,000	$	420,000
									968,910
Independent Power & Renewable Electricity Producers : 1.34%
Calpine Corporation		5.38			1-15-2023		500,000		473,750
Dynergy Incorporated		5.88			6-1-2023		200,000		202,250
NWG Energy Incorporated		7.25			5-15-2026		400,000		423,000
The AES Corporation		5.50			4-15-2025		200,000		201,500
									1,300,500
Total Corporate Bonds and Notes (Cost $83,454,138)									78,909,022
Yankee Corporate Bonds and Notes : 15.54%
Communication Services : 3.75%
Diversified Telecommunication Services : 1.52%
SFR Group SA 144A		7.38			5-1-2026		500,000		480,000
Telecom Italia Capital SpA		6.00			9-30-2034		200,000		171,000
Telecom Italia SpA 144A		5.30			5-30-2024		200,000		187,750
Virgin Media Finance plc 144A		6.00			10-15-2024		200,000		194,250
Wind Tre SpA 144A		5.00			1-20-2026		200,000		165,448
Ziggo Bond Finance BV 144A		5.88			1-15-2025		300,000		273,564
									1,472,012
Media & Entertainment : 1.84%
Altice Finco SA 144A		8.13			1-15-2024		600,000		573,750
Altice Luxembourg SA 144A		7.75			5-15-2022		300,000		285,750
Altice SA 144A		7.63			2-15-2025		200,000		162,000
UPC Holding BV 144A		5.50			1-15-2028		200,000		182,000
Videotron Limited		5.00			7-15-2022		400,000		398,000
Virgin Media Secured Finance plc 144A		5.25			1-15-2026		200,000		187,250
									1,788,750
Wireless Telecommunication Services : 0.39%
C&W Senior Financing Designated Activity Company 144A		6.88			9-15-2027		200,000		185,500
Inmarsat Finance plc 144A		4.88			5-15-2022		200,000		192,500
									378,000
Consumer Discretionary : 2.52%
Auto Components : 0.29%
IHO Verwaltungs GmbH 144A		4.50			9-15-2023		300,000		279,000
Automobiles : 0.46%
Fiat Chrysler Automobiles NV		5.25			4-15-2023		300,000		300,600
Jaguar Land Rover Automotive plc 144A		4.50			10-1-2027		200,000		147,500
									448,100
Construction Materials : 0.17%
Cimpor Financial Operations BV 144A		5.75			7-17-2024		200,000		165,500
Food Products : 0.42%
JBS Investments GmbH		7.25			4-3-2024		400,000		401,440
Hotels, Restaurants & Leisure : 1.18%
International Game Technology plc 144A		6.50			2-15-2025		400,000		408,120
New Red Finance Incorporated 144A		4.25			5-15-2024		500,000		473,125

9

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo High Yield Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure (continued)
Wynn Macau Limited 144A		5.50	%		10-1-2027	$	300,000	$	265,500
									1,146,745
Consumer Staples : 0.11%
Food & Staples Retailing : 0.11%
Tesco Place 144A		6.15			11-15-2037		100,000		103,139
Energy : 2.09%
Energy Equipment & Services : 0.90%
Alcoa Nederland Holding Company BV 144A		6.75			9-30-2024		200,000		206,500
Alcoa Nederland Holding Company BV 144A		7.00			9-30-2026		100,000		103,750
Ensco plc		5.20			3-15-2025		300,000		224,436
Noble Holding International Limited		8.95			4-1-2045		200,000		161,000
Precision Drilling Corporation		5.25			11-15-2024		200,000		177,540
									873,226
Oil, Gas & Consumable Fuels : 1.19%
KCA Deutag UK Finance plc 144A		9.63			4-1-2023		200,000		158,500
KCA Deutag UK Finance plc 144A		9.88			4-1-2022		300,000		246,000
MEG Energy Corporation 144A		6.50			1-15-2025		300,000		306,000
Seven Generations Energy Company 144A		6.88			6-30-2023		200,000		200,000
Weatherford International Limited		7.00			3-15-2038		200,000		114,500
Weatherford International Limited		8.25			6-15-2023		200,000		133,000
									1,158,000
Financials : 2.87%
Banks : 1.14%
Barclays plc		4.38			9-11-2024		600,000		557,308
Intesa Sanpaolo SpA 144A		5.02			6-26-2024		400,000		350,925
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		200,000		201,188
									1,109,421
Capital Markets : 0.36%
Deutsche Bank AG		4.50			4-1-2025		400,000		343,907
Diversified Financial Services : 1.37%
GW Honos Security Corporation 144A		8.75			5-15-2025		200,000		182,500
Intelsat Jackson Holdings SA		5.50			8-1-2023		400,000		353,000
Intelsat Jackson Holdings SA 144A		8.00			2-15-2024		200,000		209,260
New Red Finance Incorporated 144A		5.00			10-15-2025		200,000		188,500
Park Aerospace Holdings Company 144A		4.50			3-15-2023		200,000		194,500
Park Aerospace Holdings Company 144A		5.25			8-15-2022		200,000		200,000
									1,327,760
Health Care : 1.09%
Pharmaceuticals : 1.09%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		300,000		310,125
Bausch Health Companies Incorporated 144A		8.50			1-31-2027		300,000		310,500
Mallinckrodt International Finance SA 144A		5.50			4-15-2025		300,000		238,875
Valeant Pharmaceuticals International Incorporated 144A		5.63			12-1-2021		200,000		199,750
									1,059,250
Industrials : 1.08%
Aerospace & Defense : 0.49%
Bombardier Incorporated 144A		5.75			3-15-2022		200,000		190,000

10

Wells Fargo High Yield Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name			Interest rate			Maturity date		Principal		Value
Aerospace & Defense (continued)
Bombardier Incorporated 144A				6.00	%		10-15-2022	$	300,000	$	284,280
											474,280
Machinery : 0.40%
Sensata Technologies BV 144A				5.00			10-1-2025		400,000		389,000
Professional Services : 0.19%
GFL Environmental Incorporated 144A				5.38			3-1-2023		200,000		183,000
Information Technology : 0.42%
Communications Equipment : 0.21%
Nokia Corporation				6.63			5-15-2039		200,000		206,260
Software : 0.21%
Open Text Corporation 144A				5.63			1-15-2023		200,000		203,000
Materials : 1.61%
Containers & Packaging : 0.61%
Ardagh Packaging Finance plc 144A				6.00			2-15-2025		200,000		186,250
Ardagh Packaging Finance plc 144A				7.25			5-15-2024		400,000		404,000
											590,250
Metals & Mining : 1.00%
Constellium NV Company 144A				5.75			5-15-2024		250,000		233,750
FMG Resources Proprietary Limited 144A				4.75			5-15-2022		200,000		192,000
Hudbay Minerals Incorporated 144A				7.63			1-15-2025		200,000		198,500
New Gold Incorporated 144A				6.25			11-15-2022		200,000		171,250
Teck Resources Limited				5.40			2-1-2043		200,000		178,000
											973,500
Total Yankee Corporate Bonds and Notes (Cost $16,206,738)											15,073,540
			Yield					Shares
Short-Term Investments : 0.42%
Investment Companies : 0.42%
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.13					409,195		409,195
Total Short-Term Investments (Cost $409,195)											409,195
Total investments in securities (Cost $100,070,071)	97.34	%									94,391,757
Other assets and liabilities, net	2.66										2,574,707
Total net assets	100.00	%								$	96,966,464

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.

¥ A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

(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:

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

11

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		1,484,192		24,792,272		25,867,269		409,195	$	409,195		0.42	%

Wells Fargo High Yield Corporate Bond Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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.

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 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 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 Fund’s assets and liabilities as of November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Corporate bonds and notes	$	0	$	78,909,022	$	0	$	78,909,022
Yankee corporate bonds and notes		0		15,073,540		0		15,073,540
Short-term investments
Investment companies		409,195		0		0		409,195
Total assets	$	409,195	$	93,982,562	$	0	$	94,391,757

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

At November 30, 2018, the Fund did not have any transfers into/out of Level 3.

Wells Fargo International Government Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name			Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @: 99.36%
Australian Government Bond Series 140 (AUD)				4.50	%		4-21-2033		480,000	$	423,240
Belgium Government Bond Series 81 (EUR) 144A				0.80			6-22-2027		370,000		425,093
Canada (CAD)				2.75			6-1-2022		540,000		413,987
Czech Republic Bond (CZK)				0.01			2-10-2020		2,310,000		98,984
Finnish Government Bond (EUR) 144A				0.50			9-15-2027		370,000		419,976
France Government Bond (EUR)				1.00			5-25-2027		480,000		566,856
France Government Bond (EUR)				1.50			5-25-2031		230,000		278,139
Italy Buoni Poliennali del Tesoro (EUR)				2.45			10-1-2023		610,000		694,662
Italy Buoni Poliennali del Tesoro (EUR)				3.75			9-1-2024		120,000		143,956
Japan (JPY)				0.10			8-1-2020		33,800,000		298,964
Japan (JPY)				0.10			11-1-2020		175,650,000		1,554,460
Japan (JPY)				2.20			12-20-2021		25,600,000		241,540
Korea Treasury Bond (KRW)				4.00			12-10-2031		249,940,000		270,351
Korea Treasury Bond (KRW)				4.75			12-10-2030		142,730,000		162,437
Malaysia (MYR)				4.19			7-15-2022		1,260,000		309,598
Mexico (MXN)				7.75			11-13-2042		9,840,000		404,114
Netherlands Government Bond (EUR) 144A				2.50			1-15-2033		290,000		407,025
New Zealand Government Bond (NZD)				3.00			4-15-2020		150,000		104,846
Norway (NOK) 144A				1.75			2-17-2027		770,000		89,589
Poland (PLN)				2.50			7-25-2027		1,230,000		313,293
Republic of Austria (EUR) 144A				0.50			4-20-2027		370,000		420,481
Russia Government Bond (RUB)				7.00			12-15-2021		14,030,000		203,435
Singapore (SGD)				2.75			4-1-2042		290,000		211,999
Spain Government Bond (EUR)				1.15			7-30-2020		360,000		417,101
Sweden Government Bond Series 1053 (SEK)				3.50			3-30-2039		2,620,000		408,188
Switzerland Bond (CHF)				0.50			6-28-2045		100,000		100,606
Thailand Government Bond (THB)				4.00			6-17-2066		2,160,000		70,687
Thailand Government Bond (THB)				4.68			6-29-2044		3,400,000		129,447
United Kingdom Gilt (GBP)				1.25			7-22-2027		190,000		242,318
United Kingdom Gilt (GBP)				4.25			12-7-2027		360,000		577,440
Total Foreign Government Bonds (Cost $10,463,728)											10,402,812
			Yield					Shares
Short-Term Investments : 0.61%
Investment Companies : 0.61%
Wells Fargo Government Money Market Fund Select Class (l)(u)				2.13	%				64,346		64,346
Total Short-Term Investments (Cost $64,346)											64,346
Total investments in securities (Cost $10,528,074)	99.97	%									10,467,158
Other assets and liabilities, net	0.03										3,193
Total net assets	100.00	%								$	10,470,351

@ Foreign bond principal is denominated in the local currency of the issuer.

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.

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

Abbreviations:

AUD Australian dollar

CAD Canadian dollar

CHF Swiss franc

CZK Czech koruna

DKK Danish Krone

EUR Euro

GBP Great British pound

JPY Japanese yen

KRW Republic of Korea won

MXN Mexican peso

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo International Government Bond Portfolio

MYR Malaysian ringgit

NOK Norwegian krone

NZD New Zealand dollar

PLN Polish zloty

RUB Russian ruble

SEK Swedish krona

SGD Singapore dollar

THB Thai baht

2

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered		Counterparty		Settlement date		Unrealized gains		Unrealized losses
415,000 AUD		299,324 USD		State Street Bank		12/6/2018	$	4,010	$	0
145,821 USD		190,000 CAD		State Street Bank		12/6/2018		2,810		0
50,678 USD		1,120,000 CZK		State Street Bank		12/6/2018		1,882		0
1,525,000 DKK		239,428 USD		State Street Bank		12/6/2018		0		(8,066	)
25,000 EUR		29,244 USD		State Street Bank		12/6/2018		0		(937	)
81,900,000 JPY		742,199 USD		State Street Bank		12/6/2018		0		(20,610	)
95,713 USD		1,860,000 MXN		State Street Bank		12/6/2018		4,359		0
99,141 USD		150,000 NZD		State Street Bank		12/6/2018		0		(3,973	)
115,000 NOK		13,807 USD		State Street Bank		12/6/2018		0		(425	)
74,550 USD		275,000 PLN		State Street Bank		12/6/2018		2,008		0
439,765 USD		340,000 GBP		State Street Bank		12/6/2018		6,483		0
102,280 USD		140,000 SGD		State Street Bank		12/6/2018		230		0
450,000 SEK		49,753 USD		State Street Bank		12/6/2018		0		(314	)
103,940 USD		100,000 CHF		State Street Bank		12/6/2018		3,828		0
105,678 USD		3,450,000 THB		State Street Bank		12/6/2018		771		0
175,904 USD		730,000 MYR		State Street Bank		12/12/2018		1,477		0
37,215 USD		155,000 MYR		State Street Bank		12/12/2018		179		0
159,773 USD		11,000,000 RUB		State Street Bank		12/12/2018		0		(4,237	)
340,000,000 KRW		305,481 USD		State Street Bank		12/12/2018		0		(2,119	)
							$	28,037	$	(40,681	)

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		41,773		1,239,823		1,217,250		64,346	$	64,346		0.61	%

Wells Fargo International Government Bond Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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. 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.

Forward foreign currency contracts

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the 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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Foreign government bonds	$	0	$	10,402,812	$	0	$	10,402,812
Short-term investments
Investment companies		64,346		0		0		64,346
		64,346		10,402,812	$	0		10,467,158
Forward foreign currency contracts		0		28,037		0		28,037
Total assets	$	64,346	$	10,430,849	$	0	$	10,495,195
Liabilities
Forward foreign currency contracts	$	0	$	40,681	$	0	$	40,681
Total liabilities	$	0	$	40,681	$	0	$	40,681

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

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes : 81.58%
Communication Services : 4.21%
Diversified Telecommunication Services : 0.72%
AT&T Incorporated		3.00	%		2-15-2022	$	200,000	$	195,328
AT&T Incorporated		4.30			12-15-2042		350,000		289,904
AT&T Incorporated		4.50			5-15-2035		230,000		203,822
AT&T Incorporated		5.00			3-1-2021		200,000		205,503
AT&T Incorporated		6.00			8-15-2040		280,000		282,408
Verizon Communications Incorporated		3.85			11-1-2042		260,000		217,957
Verizon Communications Incorporated		4.67			3-15-2055		655,000		589,250
Verizon Communications Incorporated		4.75			11-1-2041		350,000		330,062
									2,314,234
Entertainment : 0.81%
Viacom Incorporated		4.25			9-1-2023		180,000		180,969
Viacom Incorporated		4.38			3-15-2043		386,000		313,179
Viacom Incorporated		4.50			3-1-2021		350,000		356,034
Viacom Incorporated		5.50			5-15-2033		140,000		144,276
Viacom Incorporated		5.85			9-1-2043		87,000		86,343
Viacom Incorporated		6.88			4-30-2036		238,000		258,539
Walt Disney Company		2.55			2-15-2022		175,000		170,812
Walt Disney Company		2.75			8-16-2021		350,000		345,406
Walt Disney Company		3.00			2-13-2026		350,000		334,124
Walt Disney Company		4.13			12-1-2041		175,000		167,409
Walt Disney Company		4.13			6-1-2044		245,000		237,516
									2,594,607
Interactive Media & Services : 0.14%
Alphabet Incorporated		3.38			2-25-2024		87,000		86,724
Alphabet Incorporated		3.63			5-19-2021		350,000		354,977
									441,701
Media : 2.43%
21st Century Fox America Incorporated		3.00			9-15-2022		262,000		255,981
21st Century Fox America Incorporated		4.50			2-15-2021		350,000		357,176
21st Century Fox America Incorporated		6.65			11-15-2037		325,000		413,038
21st Century Fox America Incorporated		8.15			10-17-2036		175,000		247,172
CBS Corporation		3.70			8-15-2024		350,000		337,886
CBS Corporation		4.85			7-1-2042		140,000		130,155
CBS Corporation		4.90			8-15-2044		350,000		320,444
Charter Communications Operating LLC		3.58			7-23-2020		200,000		199,244
Charter Communications Operating LLC		4.46			7-23-2022		400,000		400,639
Charter Communications Operating LLC		4.91			7-23-2025		400,000		398,218
Comcast Corporation		2.35			1-15-2027		210,000		183,961
Comcast Corporation		3.13			7-15-2022		350,000		345,319
Comcast Corporation		4.40			8-15-2035		210,000		200,709
Comcast Corporation		4.65			7-15-2042		384,000		370,845
Comcast Corporation		4.75			3-1-2044		262,000		254,196
Discovery Communications LLC		3.30			5-15-2022		175,000		171,018
Discovery Communications LLC		3.95			3-20-2028		400,000		372,028
Discovery Communications LLC		4.38			6-15-2021		210,000		212,807
Discovery Communications LLC		6.35			6-1-2040		175,000		186,059
Omnicom Group Incorporated		3.63			5-1-2022		175,000		172,001
Time Warner Cable Incorporated		4.00			1-15-2022		210,000		210,011
Time Warner Cable Incorporated		4.50			9-15-2042		220,000		173,634
Time Warner Cable Incorporated		4.70			1-15-2021		175,000		178,493
Time Warner Cable Incorporated		5.50			9-1-2041		210,000		188,511
Time Warner Cable Incorporated		6.55			5-1-2037		300,000		304,480
Time Warner Cable Incorporated		7.63			4-15-2031		200,000		245,325
Time Warner Cable Incorporated		8.38			3-15-2023		175,000		200,383
Time Warner Entertainment Company LP		3.40			6-15-2022		70,000		68,913
Time Warner Entertainment Company LP		4.75			3-29-2021		350,000		358,354
Time Warner Entertainment Company LP		4.90			6-15-2042		36,000		31,502

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Time Warner Entertainment Company LP		8.38	%		7-15-2033	$	210,000	$	254,300
									7,742,802
Wireless Telecommunication Services : 0.11%
CC Holdings GS V LLC		3.85			4-15-2023		350,000		344,065
Consumer Discretionary : 5.43%
Auto Components : 0.09%
Lear Corporation		5.25			1-15-2025		297,000		304,074
Automobiles : 0.87%
American Honda Finance Corporation		1.65			7-12-2021		500,000		478,358
American Honda Finance Corporation		2.90			2-16-2024		200,000		191,701
Ford Motor Company		7.45			7-16-2031		700,000		720,049
General Motors Company		6.25			10-2-2043		175,000		160,419
General Motors Company		6.60			4-1-2036		350,000		339,157
Toyota Motor Credit Corporation		1.95			4-17-2020		300,000		295,686
Toyota Motor Credit Corporation		2.60			1-11-2022		300,000		293,418
Toyota Motor Credit Corporation		2.63			1-10-2023		310,000		298,981
									2,777,769
Diversified Consumer Services : 0.07%
President and Fellows of Harvard College		4.88			10-15-2040		210,000		236,998
Hotels, Restaurants & Leisure : 0.99%
Marriott International Incorporated		3.38			10-15-2020		117,000		116,419
Marriott International Incorporated		3.75			3-15-2025		500,000		479,219
McDonald’s Corporation		2.63			1-15-2022		250,000		243,206
McDonald’s Corporation		3.38			5-26-2025		245,000		236,997
McDonald’s Corporation		3.50			7-15-2020		140,000		141,165
McDonald’s Corporation		3.63			5-20-2021		70,000		70,380
McDonald’s Corporation		3.70			2-15-2042		350,000		293,558
McDonald’s Corporation		4.60			5-26-2045		175,000		166,361
McDonald’s Corporation		6.30			10-15-2037		210,000		243,989
Starbucks Corporation		3.80			8-15-2025		1,100,000		1,082,163
Starbucks Corporation		4.30			6-15-2045		105,000		93,503
									3,166,960
Household Durables : 0.56%
D.R. Horton Incorporated		4.00			2-15-2020		231,000		231,277
Newell Brands Incorporated		4.20			4-1-2026		525,000		500,330
Newell Brands Incorporated		5.38			4-1-2036		200,000		186,754
Newell Brands Incorporated		5.50			4-1-2046		225,000		203,373
Newell Rubbermaid Incorporated		4.70			8-15-2020		350,000		355,566
Whirlpool Corporation		4.00			3-1-2024		87,000		86,206
Whirlpool Corporation		4.70			6-1-2022		140,000		144,394
Whirlpool Corporation		4.85			6-15-2021		70,000		71,478
									1,779,378
Internet & Direct Marketing Retail : 0.64%
Amazon.com Incorporated		2.60			12-5-2019		280,000		278,721
Amazon.com Incorporated		4.05			8-22-2047		400,000		376,468
Amazon.com Incorporated		4.25			8-22-2057		400,000		375,065
Amazon.com Incorporated		4.95			12-5-2044		300,000		321,918
eBay Incorporated		3.25			10-15-2020		140,000		139,593
eBay Incorporated		4.00			7-15-2042		175,000		129,840
Expedia Incorporated		4.50			8-15-2024		70,000		69,064
QVC Incorporated		4.38			3-15-2023		210,000		203,899
QVC Incorporated		5.13			7-2-2022		140,000		141,830
									2,036,398

2

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Leisure Products : 0.04%
Hasbro Incorporated		6.35	%		3-15-2040	$	108,000	$	114,160
Multiline Retail : 0.71%
Dollar General Corporation		3.25			4-15-2023		245,000		237,614
Kohl’s Corporation		3.25			2-1-2023		105,000		101,387
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		140,000		138,376
Nordstrom Incorporated		4.00			10-15-2021		175,000		176,384
Nordstrom Incorporated		4.75			5-1-2020		94,000		95,635
Nordstrom Incorporated		5.00			1-15-2044		70,000		60,740
Target Corporation		2.50			4-15-2026		1,200,000		1,099,659
Target Corporation		2.90			1-15-2022		175,000		173,515
Target Corporation		3.63			4-15-2046		210,000		178,551
									2,261,861
Specialty Retail : 1.32%
AutoZone Incorporated		2.88			1-15-2023		175,000		168,228
AutoZone Incorporated		3.13			7-15-2023		105,000		101,614
AutoZone Incorporated		4.00			11-15-2020		140,000		141,123
Home Depot Incorporated		3.50			9-15-2056		260,000		211,383
Home Depot Incorporated		3.75			2-15-2024		350,000		353,718
Home Depot Incorporated		3.95			9-15-2020		280,000		283,268
Home Depot Incorporated		4.20			4-1-2043		280,000		269,907
Home Depot Incorporated		4.40			4-1-2021		350,000		358,814
Lowe’s Companies Incorporated		2.50			4-15-2026		350,000		318,249
Lowe’s Companies Incorporated		3.12			4-15-2022		140,000		138,006
Lowe’s Companies Incorporated		3.75			4-15-2021		105,000		105,869
Lowe’s Companies Incorporated		3.88			9-15-2023		175,000		177,470
Lowe’s Companies Incorporated		4.25			9-15-2044		175,000		162,284
Lowe’s Companies Incorporated		4.38			9-15-2045		400,000		378,921
O’Reilly Automotive Incorporated		3.80			9-1-2022		105,000		105,788
O’Reilly Automotive Incorporated		4.63			9-15-2021		105,000		107,808
O’Reilly Automotive Incorporated		4.88			1-14-2021		31,000		31,752
TJX Companies Incorporated		2.75			6-15-2021		350,000		344,512
Unilever Capital Corporation		2.00			7-28-2026		500,000		439,320
									4,198,034
Textiles, Apparel & Luxury Goods : 0.14%
Nike Incorporated		2.25			5-1-2023		70,000		66,906
Nike Incorporated		3.63			5-1-2043		70,000		62,239
Nike Incorporated		3.88			11-1-2045		350,000		324,208
									453,353
Consumer Staples : 7.34%
Beverages : 2.09%
Anheuser-Busch InBev Finance Company		4.00			1-17-2043		210,000		174,125
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		245,000		218,926
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		500,000		475,289
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		252,000		201,035
Constellation Brands Incorporated		3.50			5-9-2027		500,000		462,016
Constellation Brands Incorporated		3.75			5-1-2021		98,000		98,061
Constellation Brands Incorporated		4.25			5-1-2023		360,000		361,949
Diageo Investment Corporation		7.45			4-15-2035		105,000		141,662
Maple Escrow Subsidiary Incorporated 144A		3.55			5-25-2021		1,100,000		1,090,028
Molson Coors Brewing Company		2.10			7-15-2021		260,000		249,155
Molson Coors Brewing Company		5.00			5-1-2042		650,000		608,569
PepsiCo Incorporated		2.75			3-5-2022		259,000		254,298
PepsiCo Incorporated		3.00			8-25-2021		175,000		174,741
PepsiCo Incorporated		3.60			8-13-2042		285,000		257,891
PepsiCo Incorporated		4.00			3-5-2042		175,000		166,291
PepsiCo Incorporated		4.25			10-22-2044		140,000		138,578
PepsiCo Incorporated		4.50			1-15-2020		140,000		142,306
PepsiCo Incorporated		5.50			1-15-2040		210,000		243,512
The Coca-Cola Company		2.50			4-1-2023		245,000		237,110

3

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Beverages (continued)
The Coca-Cola Company		2.55	%		6-1-2026	$	500,000	$	463,103
The Coca-Cola Company		2.88			10-27-2025		200,000		189,902
The Coca-Cola Company		3.20			11-1-2023		280,000		277,753
The Coca-Cola Company		3.30			9-1-2021		49,000		49,218
									6,675,518
Food & Staples Retailing : 1.40%
Costco Wholesale Corporation		1.70			12-15-2019		350,000		345,531
Sysco Corporation		3.30			7-15-2026		200,000		187,897
Sysco Corporation		5.38			9-21-2035		200,000		211,774
The Kroger Company		3.40			4-15-2022		175,000		172,630
The Kroger Company		3.85			8-1-2023		175,000		173,931
The Kroger Company		5.00			4-15-2042		175,000		162,653
The Kroger Company		5.15			8-1-2043		105,000		100,397
The Kroger Company		6.90			4-15-2038		210,000		241,762
The Kroger Company		7.50			4-1-2031		342,000		413,811
Wal-Mart Stores Incorporated		3.63			7-8-2020		270,000		272,297
Wal-Mart Stores Incorporated		4.00			4-11-2043		280,000		266,738
Wal-Mart Stores Incorporated		4.25			4-15-2021		350,000		359,541
Wal-Mart Stores Incorporated		4.88			7-8-2040		175,000		189,675
Wal-Mart Stores Incorporated		5.63			4-1-2040		180,000		215,546
Wal-Mart Stores Incorporated		5.88			4-5-2027		70,000		80,415
Walgreen Company		4.40			9-15-2042		350,000		305,446
Walgreens Boots Alliance Incorporated		3.45			6-1-2026		525,000		491,575
Walgreens Boots Alliance Incorporated		4.80			11-18-2044		300,000		275,644
									4,467,263
Food Products : 1.95%
Archer-Daniels-Midland Company		4.48			3-1-2021		374,000		383,068
Archer-Daniels-Midland Company		4.54			3-26-2042		175,000		177,683
Campbell Soup Company		2.50			8-2-2022		85,000		80,103
ConAgra Brands Incorporated		4.60			11-1-2025		200,000		198,862
ConAgra Brands Incorporated		4.85			11-1-2028		600,000		595,898
ConAgra Brands Incorporated		8.25			9-15-2030		84,000		108,482
General Mills Incorporated		3.65			2-15-2024		175,000		172,313
General Mills Incorporated		4.20			4-17-2028		1,100,000		1,060,633
General Mills Incorporated		5.40			6-15-2040		241,000		241,068
Hershey Company		4.13			12-1-2020		350,000		355,707
J.M. Smucker Company		3.50			10-15-2021		210,000		208,186
Kellogg Company		4.00			12-15-2020		155,000		156,840
Kraft Heinz Foods Company		2.80			7-2-2020		400,000		395,050
Kraft Heinz Foods Company		3.00			6-1-2026		500,000		442,336
Kraft Heinz Foods Company		4.38			6-1-2046		300,000		243,926
Mead Johnson Nutrition Company		5.90			11-1-2039		70,000		82,585
Tyson Foods Incorporated		4.50			6-15-2022		350,000		357,423
Tyson Foods Incorporated		4.88			8-15-2034		175,000		167,553
Unilever Capital Corporation		4.25			2-10-2021		300,000		305,966
Unilever Capital Corporation		5.90			11-15-2032		410,000		491,395
									6,225,077
Household Products : 0.64%
Clorox Company		3.05			9-15-2022		113,000		110,772
Clorox Company		3.50			12-15-2024		140,000		137,319
Colgate-Palmolive Company		2.30			5-3-2022		350,000		338,511
Kimberly-Clark Corporation		2.40			6-1-2023		105,000		100,092
Kimberly-Clark Corporation		5.30			3-1-2041		171,000		195,048
Kimberly-Clark Corporation		6.63			8-1-2037		140,000		178,624
The Proctor & Gamble Company		2.15			8-11-2022		1,000,000		963,480
									2,023,846
Personal Products : 0.05%
Estee Lauder Companies Incorporated		6.00			5-15-2037		140,000		167,751

4

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tobacco : 1.21%
Altria Group Incorporated		2.63	%		1-14-2020	$	280,000	$	277,353
Altria Group Incorporated		4.00			1-31-2024		62,000		61,940
Altria Group Incorporated		4.25			8-9-2042		350,000		300,648
Altria Group Incorporated		4.50			5-2-2043		175,000		156,315
Altria Group Incorporated		4.75			5-5-2021		590,000		601,955
Philip Morris International Incorporated		2.50			8-22-2022		175,000		167,015
Philip Morris International Incorporated		2.63			2-18-2022		400,000		386,116
Philip Morris International Incorporated		2.63			3-6-2023		122,000		116,035
Philip Morris International Incorporated		3.25			11-10-2024		210,000		203,131
Philip Morris International Incorporated		4.13			3-4-2043		210,000		186,870
Philip Morris International Incorporated		4.25			11-10-2044		210,000		187,999
Philip Morris International Incorporated		4.50			3-20-2042		140,000		131,025
Reynolds American Incorporated		4.00			6-12-2022		280,000		277,261
Reynolds American Incorporated		4.45			6-12-2025		350,000		340,251
Reynolds American Incorporated		5.70			8-15-2035		210,000		210,281
Reynolds American Incorporated		6.15			9-15-2043		87,000		88,380
Reynolds American Incorporated		7.25			6-15-2037		140,000		159,448
									3,852,023
Energy : 7.64%
Energy Equipment & Services : 0.36%
Halliburton Company		3.25			11-15-2021		140,000		138,376
Halliburton Company		3.50			8-1-2023		350,000		342,732
Halliburton Company		3.80			11-15-2025		350,000		337,080
Halliburton Company		4.50			11-15-2041		175,000		156,898
Halliburton Company		4.75			8-1-2043		175,000		162,368
									1,137,454
Oil, Gas & Consumable Fuels : 7.28%
Anadarko Finance Company		7.50			5-1-2031		227,000		263,341
Anadarko Petroleum Corporation		3.45			7-15-2024		175,000		166,828
Anadarko Petroleum Corporation		5.55			3-15-2026		350,000		363,123
Anadarko Petroleum Corporation		6.20			3-15-2040		210,000		219,975
Anadarko Petroleum Corporation		6.45			9-15-2036		160,000		170,063
Apache Corporation		3.25			4-15-2022		253,000		246,708
Apache Corporation		5.10			9-1-2040		402,000		359,675
Apache Corporation		5.25			2-1-2042		70,000		63,815
Apache Corporation		6.00			1-15-2037		350,000		363,079
Boardwalk Pipelines LP		3.38			2-1-2023		70,000		67,763
Buckeye Partners LP		4.15			7-1-2023		175,000		170,365
Buckeye Partners LP		4.88			2-1-2021		392,000		397,427
Chevron Corporation		2.10			5-16-2021		260,000		252,803
Chevron Corporation		2.36			12-5-2022		525,000		502,073
Chevron Corporation		2.42			11-17-2020		350,000		345,545
Columbia Pipeline Group Incorporated		5.80			6-1-2045		140,000		145,609
ConocoPhillips Company		4.30			11-15-2044		210,000		200,888
ConocoPhillips Company		4.95			3-15-2026		350,000		369,780
ConocoPhillips Company		5.90			10-15-2032		175,000		200,848
ConocoPhillips Company		6.95			4-15-2029		210,000		254,191
Devon Energy Corporation		4.00			7-15-2021		140,000		140,021
Devon Energy Corporation		7.95			4-15-2032		150,000		178,125
El Paso Pipeline Partners Operating LLC		4.70			11-1-2042		70,000		60,518
Enbridge Energy Partners LP		5.50			9-15-2040		140,000		137,610
Enbridge Energy Partners LP		7.50			4-15-2038		189,000		228,436
Energy Transfer Partners LP		3.60			2-1-2023		210,000		202,625
Energy Transfer Partners LP		4.75			1-15-2026		280,000		271,043
Energy Transfer Partners LP		4.90			2-1-2024		210,000		210,750
Energy Transfer Partners LP		5.95			10-1-2043		140,000		130,581
Energy Transfer Partners LP		7.50			7-1-2038		70,000		76,447
Enterprise Products Operating LLC		3.35			3-15-2023		245,000		239,497
Enterprise Products Operating LLC		4.45			2-15-2043		355,000		315,902
Enterprise Products Operating LLC		4.85			3-15-2044		280,000		262,678
Enterprise Products Operating LLC		5.25			1-31-2020		140,000		142,613

5

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC		5.70	%		2-15-2042	$	140,000	$	147,652
Enterprise Products Operating LLC		5.95			2-1-2041		70,000		75,240
Enterprise Products Operating LLC		7.55			4-15-2038		70,000		86,384
EOG Resources Incorporated		3.90			4-1-2035		140,000		129,777
EOG Resources Incorporated		4.10			2-1-2021		140,000		141,390
EOG Resources Incorporated		4.40			6-1-2020		210,000		212,830
EQT Corporation		4.88			11-15-2021		210,000		212,302
Exxon Mobil Corporation		2.71			3-6-2025		350,000		330,834
Exxon Mobil Corporation		3.57			3-6-2045		350,000		308,942
Exxon Mobil Corporation		4.11			3-1-2046		800,000		774,285
Hess Corporation		7.30			8-15-2031		269,000		296,708
Hess Corporation		7.88			10-1-2029		196,000		218,351
Kerr-McGee Corporation		6.95			7-1-2024		140,000		155,324
Kinder Morgan Energy Partners LP		3.45			2-15-2023		175,000		169,734
Kinder Morgan Energy Partners LP		3.50			3-1-2021		210,000		207,900
Kinder Morgan Energy Partners LP		5.00			8-15-2042		175,000		157,018
Kinder Morgan Energy Partners LP		5.00			3-1-2043		157,000		141,146
Kinder Morgan Energy Partners LP		5.30			9-15-2020		87,000		89,113
Kinder Morgan Energy Partners LP		5.50			3-1-2044		210,000		199,391
Kinder Morgan Energy Partners LP		5.80			3-15-2035		70,000		70,524
Magellan Midstream Partners LP		5.15			10-15-2043		140,000		137,914
Marathon Oil Corporation		3.85			6-1-2025		245,000		229,433
Marathon Oil Corporation		5.20			6-1-2045		140,000		131,631
Marathon Petroleum Corporation		3.63			9-15-2024		350,000		336,322
Marathon Petroleum Corporation 144A		4.50			4-1-2048		600,000		512,500
Marathon Petroleum Corporation		5.13			3-1-2021		24,000		24,635
MPLX LP		4.70			4-15-2048		500,000		426,779
MPLX LP		4.88			6-1-2025		200,000		201,170
MPLX LP		5.20			3-1-2047		220,000		198,439
NextEra Energy Capital		4.50			6-1-2021		140,000		142,531
Noble Energy Incorporated		3.90			11-15-2024		210,000		200,897
Noble Energy Incorporated		4.15			12-15-2021		350,000		349,752
Occidental Petroleum Corporation		3.00			2-15-2027		200,000		187,298
Occidental Petroleum Corporation		3.50			6-15-2025		610,000		595,479
Occidental Petroleum Corporation		4.10			2-1-2021		322,000		326,475
Occidental Petroleum Corporation		4.40			4-15-2046		200,000		189,478
ONEOK Incorporated		4.00			7-13-2027		900,000		847,033
ONEOK Partners LP		3.38			10-1-2022		350,000		339,343
Phillips 66		4.30			4-1-2022		500,000		507,929
Phillips 66		4.65			11-15-2034		140,000		134,625
Phillips 66		5.88			5-1-2042		400,000		430,163
Plains All American Pipeline LP		2.60			12-15-2019		140,000		138,456
Plains All American Pipeline LP		3.60			11-1-2024		210,000		197,527
Plains All American Pipeline LP		3.85			10-15-2023		350,000		335,791
Plains All American Pipeline LP		4.90			2-15-2045		175,000		148,569
Plains All American Pipeline LP		5.00			2-1-2021		140,000		142,354
Plains All American Pipeline LP		6.65			1-15-2037		140,000		143,688
Sabine Pass Liquefaction LLC		4.20			3-15-2028		270,000		253,820
Sabine Pass Liquefaction LLC		5.00			3-15-2027		400,000		398,971
Sabine Pass Liquefaction LLC		5.63			3-1-2025		200,000		208,450
Spectra Energy Partners LP		4.75			3-15-2024		245,000		248,645
Sunoco Logistics Partner LP		3.45			1-15-2023		140,000		134,199
Sunoco Logistics Partner LP		4.95			1-15-2043		105,000		87,404
Sunoco Logistics Partner LP		5.35			5-15-2045		140,000		121,580
TC Pipelines LP		4.65			6-15-2021		210,000		212,382
Tennessee Gas Pipeline Company		7.00			10-15-2028		175,000		198,021
Texas Eastern Transmission LP		7.00			7-15-2032		227,000		266,406
Valero Energy Corporation		6.13			2-1-2020		45,000		46,284
Valero Energy Corporation		7.50			4-15-2032		210,000		254,791
Western Gas Partners LP		4.00			7-1-2022		280,000		275,229
Williams Partners LP		3.35			8-15-2022		175,000		169,678
Williams Partners LP		4.13			11-15-2020		210,000		210,703
Williams Partners LP		5.25			3-15-2020		448,000		456,100
Williams Partners LP		6.30			4-15-2040		273,000		284,188
									23,228,652

6

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Financials : 17.03%
Banks : 6.48%
ABB Finance (USA) Incorporated		4.38	%		5-8-2042	$	26,000	$	25,320
Australia & New Zealand Banking Group Limited		2.55			11-23-2021		250,000		242,578
Australia & New Zealand Banking Group Limited		2.63			5-19-2022		300,000		290,038
Australia & New Zealand Banking Group Limited		2.63			11-9-2022		250,000		240,040
Bank of America Corporation		3.25			10-21-2027		525,000		482,515
Bank of America Corporation (3 Month LIBOR +1.19%) ±		3.95			1-23-2049		200,000		172,273
Bank of America Corporation		4.18			11-25-2027		560,000		535,479
Bank of America Corporation		4.25			10-22-2026		280,000		271,320
Bank of America Corporation		5.88			1-5-2021		350,000		366,532
Bank One Corporation		7.63			10-15-2026		168,000		200,968
BB&T Corporation		2.05			5-10-2021		210,000		203,202
BB&T Corporation		2.45			1-15-2020		200,000		198,202
BB&T Corporation		2.85			10-26-2024		500,000		473,483
BB&T Corporation		3.80			10-30-2026		400,000		391,555
Citigroup Incorporated		2.75			4-25-2022		200,000		192,358
Citigroup Incorporated		3.88			3-26-2025		300,000		288,561
Citigroup Incorporated		4.45			9-29-2027		525,000		507,064
Citigroup Incorporated		4.60			3-9-2026		200,000		196,611
Citigroup Incorporated		4.65			7-30-2045		300,000		285,564
Citigroup Incorporated		4.75			5-18-2046		300,000		275,951
Citizens Financial Group Incorporated		4.30			12-3-2025		200,000		195,434
City National Corporation		5.25			9-15-2020		140,000		144,922
Discover Bank		3.10			6-4-2020		500,000		495,149
Discover Bank		4.20			8-8-2023		310,000		307,574
Discover Bank		4.25			3-13-2026		250,000		242,274
Fifth Third Bank		2.25			6-14-2021		200,000		193,904
Fifth Third Bank		2.88			10-1-2021		300,000		294,569
Fifth Third Bank		3.85			3-15-2026		1,400,000		1,361,879
HSBC Bank USA NA		5.00			9-27-2020		350,000		356,551
HSBC Bank USA NA		5.63			8-15-2035		225,000		243,416
Huntington Bancshares Incorporated		2.30			1-14-2022		500,000		477,557
Huntington Bancshares Incorporated		7.00			12-15-2020		17,000		18,111
Huntington National Bank		2.38			3-10-2020		855,000		844,768
JPMorgan Chase & Company		2.95			10-1-2026		525,000		477,590
JPMorgan Chase & Company		3.20			1-25-2023		200,000		195,581
JPMorgan Chase & Company (3 Month LIBOR +1.22%) ±		3.90			1-23-2049		400,000		343,232
JPMorgan Chase & Company		4.13			12-15-2026		500,000		486,931
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		240,000		218,511
Key Bank NA		2.40			6-9-2022		1,300,000		1,248,327
Key Bank NA		3.18			10-15-2027		250,000		246,113
KeyCorp		5.10			3-24-2021		300,000		310,317
National Australia Bank		2.63			1-14-2021		500,000		491,139
People’s United Financial Incorporated		3.65			12-6-2022		105,000		104,056
PNC Bank NA		2.15			4-29-2021		250,000		241,658
PNC Bank NA		2.95			1-30-2023		300,000		290,037
PNC Bank NA		3.30			10-30-2024		500,000		489,817
PNC Bank NA		3.80			7-25-2023		300,000		297,818
PNC Bank NA		4.20			11-1-2025		250,000		253,160
PNC Funding Corporation		5.13			2-8-2020		105,000		107,140
Santander Holdings USA Incorporated		4.50			7-17-2025		350,000		338,981
SunTrust Banks Incorporated		3.30			5-15-2026		1,800,000		1,690,141
UnionBanCal Corporation		3.50			6-18-2022		140,000		139,424
US Bancorp		2.38			7-22-2026		190,000		170,217
US Bancorp		3.00			3-15-2022		350,000		345,040
US Bancorp		3.10			4-27-2026		500,000		468,123
US Bancorp		3.60			9-11-2024		350,000		343,524
US Bancorp		4.13			5-24-2021		350,000		356,155
									20,668,754
Capital Markets : 3.59%
AGL Capital Corporation		4.40			6-1-2043		140,000		128,626
Ameriprise Financial Incorporated		4.00			10-15-2023		350,000		353,601
Ameriprise Financial Incorporated		5.30			3-15-2020		210,000		215,294
Ares Capital Corporation		3.88			1-15-2020		280,000		280,639
Bank of New York Mellon Corporation		2.50			4-15-2021		350,000		343,314

7

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets (continued)
Bank of New York Mellon Corporation		2.95	%		1-29-2023	$	300,000	$	291,790
Bank of New York Mellon Corporation		3.40			1-29-2028		300,000		287,572
Bank of New York Mellon Corporation		3.55			9-23-2021		420,000		419,888
Bank of New York Mellon Corporation		3.95			11-18-2025		350,000		351,361
Charles Schwab Corporation		4.45			7-22-2020		140,000		142,616
CME Group Incorporated		4.15			6-15-2048		200,000		191,968
Deutsche Bank AG		3.15			1-22-2021		200,000		192,892
Goldman Sachs Group Incorporated (3 Month LIBOR +1.51%) ±		3.69			6-5-2028		700,000		647,923
Goldman Sachs Group Incorporated		3.75			5-22-2025		350,000		334,343
Goldman Sachs Group Incorporated		4.25			10-21-2025		700,000		675,387
Goldman Sachs Group Incorporated		6.13			2-15-2033		200,000		225,968
Intercontinental Exchange Incorporated		2.75			12-1-2020		350,000		345,860
Intercontinental Exchange Incorporated		4.00			10-15-2023		140,000		142,263
Jefferies Group Incorporated		5.13			1-20-2023		175,000		179,556
Jefferies Group Incorporated		6.25			1-15-2036		105,000		103,678
Jefferies Group Incorporated		6.45			6-8-2027		105,000		110,550
Jefferies Group Incorporated		6.88			4-15-2021		105,000		111,771
Legg Mason Incorporated		4.75			3-15-2026		190,000		192,009
Moody’s Corporation		4.50			9-1-2022		175,000		178,890
Moody’s Corporation		5.25			7-15-2044		210,000		222,213
Morgan Stanley		3.88			1-27-2026		400,000		385,636
Morgan Stanley		4.30			1-27-2045		350,000		318,077
Morgan Stanley		5.00			11-24-2025		200,000		202,778
Morgan Stanley		6.25			8-9-2026		300,000		330,143
Morgan Stanley		7.25			4-1-2032		329,000		409,251
NASDAQ OMX Group Incorporated		5.55			1-15-2020		350,000		358,563
Northern Trust Corporation		3.45			11-4-2020		350,000		351,202
Northern Trust Corporation		3.95			10-30-2025		175,000		175,979
PPL Capital Funding Incorporated		3.10			5-15-2026		100,000		92,413
S&P Global Incorporated		4.00			6-15-2025		227,000		227,072
State Street Corporation		2.65			5-19-2026		400,000		367,621
State Street Corporation		3.70			11-20-2023		1,300,000		1,298,563
TD Ameritrade Holding Corporation		3.63			4-1-2025		140,000		136,273
TD Ameritrade Holding Corporation		5.60			12-1-2019		140,000		143,334
									11,466,877
Consumer Finance : 2.67%
Ahold Finance USA LLC		6.88			5-1-2029		210,000		242,441
American Express Company		2.50			8-1-2022		600,000		572,411
American Express Company		2.65			12-2-2022		402,000		384,083
American Express Credit Corporation		2.25			5-5-2021		200,000		193,869
American Express Credit Corporation		2.38			5-26-2020		175,000		172,482
American Honda Finance Corporation		2.00			2-14-2020		360,000		355,025
American Honda Finance Corporation		3.45			7-14-2023		200,000		198,987
Capital One Bank USA NA		3.38			2-15-2023		500,000		479,841
Capital One Financial Corporation		3.75			7-28-2026		525,000		477,024
Capital One Financial Corporation		3.75			3-9-2027		330,000		304,767
Capital One Financial Corporation		4.75			7-15-2021		315,000		322,334
Caterpillar Financial Services Corporation		2.63			3-1-2023		260,000		249,671
Caterpillar Financial Services Corporation		3.25			12-1-2024		200,000		195,268
Caterpillar Financial Services Corporation		3.75			11-24-2023		175,000		176,378
Discover Financial Services		3.95			11-6-2024		700,000		683,283
Ford Motor Credit Company LLC		3.10			5-4-2023		200,000		180,535
Ford Motor Credit Company LLC		3.66			9-8-2024		300,000		266,633
Ford Motor Credit Company LLC		5.75			2-1-2021		200,000		203,840
General Motors Financial Company Incorporated		3.15			1-15-2020		350,000		347,614
General Motors Financial Company Incorporated		3.70			5-9-2023		180,000		171,393
John Deere Capital Corporation		2.80			1-27-2023		350,000		339,418
John Deere Capital Corporation		3.90			7-12-2021		210,000		212,343
Synchrony Financial		3.70			8-4-2026		200,000		170,318
Synchrony Financial		3.95			12-1-2027		1,200,000		1,013,402
Toyota Motor Credit Corporation		3.40			9-15-2021		245,000		245,646
Toyota Motor Credit Corporation		4.50			6-17-2020		350,000		357,445
									8,516,451

8

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services : 0.79%
Berkshire Hathaway Incorporated		2.75	%		3-15-2023	$	425,000	$	411,865
Berkshire Hathaway Incorporated		3.00			2-11-2023		75,000		73,725
Berkshire Hathaway Incorporated		3.13			3-15-2026		525,000		501,214
Berkshire Hathaway Incorporated		3.40			1-31-2022		175,000		175,028
Berkshire Hathaway Incorporated		4.50			2-11-2043		275,000		275,120
Block Financial LLC		5.50			11-1-2022		140,000		144,173
National Rural Utilities Cooperative Finance Corporation		3.25			11-1-2025		300,000		291,001
National Rural Utilities Cooperative Finance Corporation		3.40			2-7-2028		300,000		288,452
National Rural Utilities Cooperative Finance Corporation		4.02			11-1-2032		140,000		141,580
National Rural Utilities Cooperative Finance Corporation (3 Month LIBOR +2.91%) ±		4.75			4-30-2043		175,000		170,625
TECO Finance Incorporated		5.15			3-15-2020		45,000		45,896
									2,518,679
Insurance : 3.50%
ACE INA Holdings Incorporated		2.70			3-13-2023		280,000		270,742
ACE INA Holdings Incorporated		3.15			3-15-2025		200,000		191,981
ACE INA Holdings Incorporated		3.35			5-15-2024		350,000		342,528
Alleghany Corporation		5.63			9-15-2020		70,000		72,332
Allstate Corporation (3 Month LIBOR +2.12%) ±		6.50			5-15-2067		140,000		146,370
American International Group Incorporated		4.50			7-16-2044		300,000		259,967
American International Group Incorporated		4.75			4-1-2048		600,000		539,546
American International Group Incorporated		4.88			6-1-2022		600,000		615,588
American International Group Incorporated		6.40			12-15-2020		200,000		210,267
Aon Corporation		6.25			9-30-2040		70,000		81,459
Arch Capital Group Limited		5.14			11-1-2043		147,000		148,973
Berkshire Hathaway Finance Corporation		2.90			10-15-2020		150,000		149,881
Berkshire Hathaway Finance Corporation		4.40			5-15-2042		180,000		176,953
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		175,000		200,299
Chubb Corporation		6.00			5-11-2037		196,000		229,379
Chubb INA Holdings Incorporated		2.30			11-3-2020		200,000		196,089
Chubb INA Holdings Incorporated		4.35			11-3-2045		700,000		685,012
CNA Financial Corporation		5.88			8-15-2020		350,000		361,947
Hartford Financial Services Group Incorporated		4.30			4-15-2043		30,000		27,226
Hartford Financial Services Group Incorporated		5.13			4-15-2022		168,000		175,135
Hartford Financial Services Group Incorporated		5.95			10-15-2036		52,000		58,114
Hartford Financial Services Group Incorporated		6.10			10-1-2041		175,000		201,271
Lincoln National Corporation		4.00			9-1-2023		175,000		176,169
Lincoln National Corporation		4.85			6-24-2021		56,000		57,382
Lincoln National Corporation		6.25			2-15-2020		210,000		216,598
Loews Corporation		2.63			5-15-2023		105,000		100,236
Loews Corporation		4.13			5-15-2043		140,000		126,929
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		210,000		215,721
MetLife Incorporated		3.05			12-15-2022		190,000		185,659
MetLife Incorporated		4.13			8-13-2042		210,000		191,542
MetLife Incorporated		4.37			9-15-2023		400,000		410,068
MetLife Incorporated		4.72			12-15-2044		175,000		173,334
MetLife Incorporated		4.75			2-8-2021		525,000		538,577
MetLife Incorporated		6.38			6-15-2034		196,000		232,678
MetLife Incorporated		6.40			12-15-2036		200,000		202,000
MetLife Incorporated		6.50			12-15-2032		140,000		169,838
Principal Financial Group Incorporated		3.30			9-15-2022		175,000		172,925
Principal Financial Group Incorporated		3.40			5-15-2025		140,000		135,200
Principal Financial Group Incorporated		4.63			9-15-2042		175,000		166,378
Progressive Corporation		6.25			12-1-2032		52,000		62,990
Prudential Financial Incorporated		3.91			12-7-2047		155,000		133,239
Prudential Financial Incorporated		3.94			12-7-2049		200,000		172,708
Prudential Financial Incorporated		4.50			11-16-2021		175,000		179,351
Prudential Financial Incorporated		4.60			5-15-2044		350,000		336,479
Prudential Financial Incorporated (3 Month LIBOR +3.04%) ±		5.20			3-15-2044		175,000		167,125
Prudential Financial Incorporated		5.75			7-15-2033		350,000		392,810
Prudential Financial Incorporated		6.63			12-1-2037		45,000		54,322
Reinsurance Group of America Incorporated		5.00			6-1-2021		42,000		43,375
Transatlantic Holdings Incorporated		8.00			11-30-2039		70,000		92,616
Travelers Companies Incorporated		5.35			11-1-2040		245,000		272,846
Travelers Companies Incorporated		6.25			6-15-2037		255,000		308,925

9

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
WR Berkley Corporation		5.38	%		9-15-2020	$	140,000	$	143,867
									11,172,946
Health Care : 10.91%
Biotechnology : 2.04%
AbbVie Incorporated		2.30			5-14-2021		350,000		337,861
AbbVie Incorporated		2.50			5-14-2020		250,000		246,322
AbbVie Incorporated		3.20			5-14-2026		420,000		386,177
AbbVie Incorporated		4.30			5-14-2036		245,000		218,989
AbbVie Incorporated		4.45			5-14-2046		200,000		172,498
Amgen Incorporated		3.63			5-15-2022		200,000		199,223
Amgen Incorporated		3.63			5-22-2024		350,000		343,115
Amgen Incorporated		3.88			11-15-2021		200,000		201,570
Amgen Incorporated		4.50			3-15-2020		45,000		45,647
Amgen Incorporated		4.95			10-1-2041		320,000		317,184
Amgen Incorporated		5.75			3-15-2040		56,000		61,535
Amgen Incorporated		6.40			2-1-2039		175,000		205,457
Baxalta Incorporated		4.00			6-23-2025		455,000		438,560
Baxalta Incorporated		5.25			6-23-2045		280,000		275,788
Celgene Corporation		3.25			8-15-2022		350,000		340,222
Celgene Corporation		3.63			5-15-2024		350,000		339,504
Celgene Corporation		3.88			8-15-2025		175,000		167,939
Celgene Corporation		3.95			10-15-2020		140,000		141,332
Celgene Corporation		4.00			8-15-2023		175,000		174,163
Celgene Corporation		4.63			5-15-2044		240,000		208,745
Genzyme Corporation		5.00			6-15-2020		140,000		143,855
Gilead Sciences Incorporated		3.65			3-1-2026		350,000		340,021
Gilead Sciences Incorporated		3.70			4-1-2024		350,000		347,367
Gilead Sciences Incorporated		4.50			2-1-2045		200,000		187,846
Gilead Sciences Incorporated		4.75			3-1-2046		350,000		337,045
Gilead Sciences Incorporated		4.80			4-1-2044		350,000		341,213
									6,519,178
Health Care Equipment & Supplies : 1.51%
Abbott Laboratories		4.90			11-30-2046		700,000		723,034
Abbott Laboratories		5.30			5-27-2040		175,000		187,970
Abbott Laboratories		6.00			4-1-2039		105,000		120,375
Abbott Laboratories		6.15			11-30-2037		166,000		193,535
Becton Dickinson & Company		2.89			6-6-2022		500,000		481,915
Becton Dickinson & Company		3.13			11-8-2021		210,000		206,871
Becton Dickinson & Company		3.25			11-12-2020		245,000		242,997
Boston Scientific Corporation		3.85			5-15-2025		200,000		194,940
Boston Scientific Corporation		6.00			1-15-2020		245,000		251,593
Boston Scientific Corporation		7.38			1-15-2040		210,000		266,914
Medtronic Incorporated		2.50			3-15-2020		220,000		218,156
Medtronic Incorporated		3.15			3-15-2022		350,000		344,967
Medtronic Incorporated		3.50			3-15-2025		600,000		587,512
Medtronic Incorporated		4.63			3-15-2044		175,000		176,879
Stryker Corporation		4.10			4-1-2043		175,000		156,437
Stryker Corporation		4.38			1-15-2020		105,000		106,561
Stryker Corporation		4.63			3-15-2046		350,000		343,683
									4,804,339
Health Care Providers & Services : 3.95%
Aetna Incorporated		4.13			6-1-2021		340,000		342,584
Aetna Incorporated		4.13			11-15-2042		175,000		151,143
Aetna Incorporated		4.50			5-15-2042		200,000		182,238
Aetna Incorporated		4.75			3-15-2044		400,000		378,647
AmerisourceBergen Corporation		3.50			11-15-2021		210,000		208,725
AmerisourceBergen Corporation		4.25			3-1-2045		175,000		146,789
Anthem Incorporated		4.38			12-1-2047		200,000		179,490
Cardinal Health Incorporated		2.62			6-15-2022		400,000		381,342
Cardinal Health Incorporated		3.50			11-15-2024		350,000		332,513
Cardinal Health Incorporated		4.37			6-15-2047		600,000		496,970

10

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Catholic Health Initiatives		4.35	%		11-1-2042	$	175,000	$	153,084
CIGNA Corporation		4.00			2-15-2022		175,000		176,204
CIGNA Corporation		4.50			3-15-2021		70,000		71,217
CIGNA Corporation		5.13			6-15-2020		150,000		153,639
Coventry Health Care Incorporated		5.45			6-15-2021		406,000		418,381
CVS Caremark Corporation		2.75			12-1-2022		350,000		331,977
CVS Caremark Corporation		5.30			12-5-2043		210,000		209,414
CVS Health Corporation		2.13			6-1-2021		260,000		249,644
CVS Health Corporation		3.88			7-20-2025		525,000		509,005
Express Scripts Holding Company		3.90			2-15-2022		350,000		350,340
Express Scripts Holding Company		4.80			7-15-2046		210,000		197,596
Express Scripts Holding Company		6.13			11-15-2041		175,000		188,732
Halfmoon Parent Incorporated 144A		4.90			12-15-2048		200,000		190,724
Halfmoon Parent Incorporated 144A		3.75			7-15-2023		1,100,000		1,085,223
Howard Hughes Medical Institute		3.50			9-1-2023		332,000		337,020
Humana Incorporated		3.15			12-1-2022		210,000		204,672
Humana Incorporated		4.95			10-1-2044		350,000		351,240
Kaiser Foundation Hospitals		4.88			4-1-2042		175,000		189,864
Laboratory Corporation of America Holdings		3.60			2-1-2025		350,000		337,160
Laboratory Corporation of America Holdings		3.75			8-23-2022		39,000		39,006
Laboratory Corporation of America Holdings		4.00			11-1-2023		105,000		105,411
McKesson Corporation		2.85			3-15-2023		140,000		133,776
Medco Health Solutions Incorporated		4.13			9-15-2020		350,000		352,312
Quest Diagnostics Incorporated		4.70			4-1-2021		112,000		114,699
UnitedHealth Group Incorporated		2.70			7-15-2020		320,000		317,677
UnitedHealth Group Incorporated		4.25			3-15-2043		175,000		168,880
UnitedHealth Group Incorporated		4.25			4-15-2047		300,000		290,043
UnitedHealth Group Incorporated		4.25			6-15-2048		300,000		289,422
UnitedHealth Group Incorporated		4.75			7-15-2045		350,000		362,685
UnitedHealth Group Incorporated		5.80			3-15-2036		175,000		202,443
UnitedHealth Group Incorporated		6.63			11-15-2037		105,000		133,111
WellPoint Incorporated		3.13			5-15-2022		350,000		342,929
WellPoint Incorporated		3.30			1-15-2023		700,000		684,746
WellPoint Incorporated		4.65			1-15-2043		315,000		298,524
WellPoint Incorporated		4.65			8-15-2044		50,000		47,407
WellPoint Incorporated		5.85			1-15-2036		200,000		216,897
									12,605,545
Life Sciences Tools & Services : 0.58%
Agilent Technologies Incorporated		3.88			7-15-2023		105,000		104,616
Life Technologies Corporation		5.00			1-15-2021		105,000		107,296
Life Technologies Corporation		6.00			3-1-2020		175,000		179,956
Thermo Fisher Scientific Incorporated		3.00			4-15-2023		200,000		192,339
Thermo Fisher Scientific Incorporated		3.15			1-15-2023		350,000		340,048
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		210,000		207,237
Thermo Fisher Scientific Incorporated		3.60			8-15-2021		280,000		278,793
Thermo Fisher Scientific Incorporated		4.15			2-1-2024		280,000		281,285
Thermo Fisher Scientific Incorporated		5.30			2-1-2044		140,000		149,223
									1,840,793
Pharmaceuticals : 2.83%
Allergan Incorporated		2.80			3-15-2023		157,000		149,206
Allergan Incorporated		3.38			9-15-2020		350,000		348,385
Bristol-Myers Squibb Company		3.25			11-1-2023		109,000		107,733
Bristol-Myers Squibb Company		3.25			8-1-2042		175,000		148,391
Bristol-Myers Squibb Company		4.50			3-1-2044		200,000		205,199
Eli Lilly & Company		2.75			6-1-2025		70,000		66,235
Eli Lilly & Company		5.50			3-15-2027		280,000		315,321
GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		140,000		134,786
GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		210,000		235,806
GlaxoSmithKline Capital Incorporated		6.38			5-15-2038		900,000		1,110,795
Johnson & Johnson		2.45			3-1-2026		525,000		487,644
Johnson & Johnson		3.38			12-5-2023		300,000		304,908
Johnson & Johnson		3.70			3-1-2046		175,000		161,942
Johnson & Johnson		4.38			12-5-2033		200,000		210,769

11

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Pharmaceuticals (continued)
Johnson & Johnson		4.85	%		5-15-2041	$	140,000	$	151,192
Johnson & Johnson		4.95			5-15-2033		126,000		139,289
Merck & Company Incorporated		2.35			2-10-2022		250,000		242,050
Merck & Company Incorporated		2.75			2-10-2025		270,000		258,056
Merck & Company Incorporated		3.60			9-15-2042		175,000		161,176
Merck & Company Incorporated		3.70			2-10-2045		200,000		185,886
Merck & Company Incorporated		3.88			1-15-2021		245,000		248,664
Mylan Incorporated		4.20			11-29-2023		200,000		195,554
Mylan Incorporated		5.40			11-29-2043		23,000		20,492
Mylan NV Company		3.15			6-15-2021		280,000		273,382
Novartis Capital Corporation		1.80			2-14-2020		180,000		177,252
Novartis Capital Corporation		2.40			9-21-2022		350,000		337,285
Novartis Capital Corporation		3.70			9-21-2042		175,000		161,966
Novartis Capital Corporation		4.40			4-24-2020		350,000		355,903
Pfizer Incorporated		3.40			5-15-2024		350,000		347,751
Pfizer Incorporated		4.13			12-15-2046		420,000		406,992
Pfizer Incorporated		4.30			6-15-2043		210,000		208,908
Pharmacia Corporation		6.60			12-1-2028		350,000		419,637
Schering-Plough Corporation		6.50			12-1-2033		175,000		223,322
Schering-Plough Corporation		6.55			9-15-2037		140,000		180,925
Zoetis Incorporated		4.70			2-1-2043		350,000		346,631
									9,029,433
Industrials : 8.37%
Aerospace & Defense : 2.49%
General Dynamics Corporation		2.25			11-15-2022		350,000		336,217
General Dynamics Corporation		3.50			5-15-2025		200,000		197,951
General Dynamics Corporation		3.75			5-15-2028		600,000		597,203
General Dynamics Corporation		3.88			7-15-2021		140,000		141,734
L-3 Communications Corporation		4.95			2-15-2021		350,000		358,007
Lockheed Martin Corporation		2.50			11-23-2020		260,000		255,660
Lockheed Martin Corporation		3.35			9-15-2021		175,000		174,306
Lockheed Martin Corporation		3.80			3-1-2045		350,000		311,787
Lockheed Martin Corporation		4.07			12-15-2042		229,000		212,805
Lockheed Martin Corporation		4.70			5-15-2046		350,000		357,199
Lockheed Martin Corporation		6.15			9-1-2036		122,000		143,978
Northrop Grumman Corporation		2.55			10-15-2022		400,000		382,327
Northrop Grumman Corporation		3.50			3-15-2021		210,000		210,119
Northrop Grumman Corporation		4.03			10-15-2047		400,000		359,392
Northrop Grumman Corporation		5.05			11-15-2040		70,000		72,538
Northrop Grumman Corporation		7.75			2-15-2031		210,000		274,984
Precision Castparts Corporation		2.50			1-15-2023		175,000		168,363
Precision Castparts Corporation		3.25			6-15-2025		210,000		202,516
Precision Castparts Corporation		3.90			1-15-2043		140,000		129,115
Raytheon Company		2.50			12-15-2022		245,000		236,632
Raytheon Company		7.20			8-15-2027		84,000		104,368
Rockwell Collins Incorporated		3.70			12-15-2023		245,000		243,008
Rockwell Collins Incorporated		4.80			12-15-2043		175,000		171,215
Textron Incorporated		4.30			3-1-2024		140,000		141,096
The Boeing Company		2.60			10-30-2025		300,000		280,806
The Boeing Company		2.80			3-1-2023		200,000		195,731
The Boeing Company		4.88			2-15-2020		428,000		436,861
The Boeing Company		5.88			2-15-2040		21,000		25,313
The Boeing Company		6.13			2-15-2033		126,000		154,385
United Technologies Corporation		3.10			6-1-2022		200,000		195,082
United Technologies Corporation		3.75			11-1-2046		200,000		166,873
United Technologies Corporation		4.05			5-4-2047		400,000		350,952
United Technologies Corporation		4.50			4-15-2020		350,000		354,970
									7,943,493
Air Freight & Logistics : 0.88%
FedEx Corporation		2.63			8-1-2022		337,000		325,983
FedEx Corporation		3.88			8-1-2042		140,000		118,015
FedEx Corporation		4.00			1-15-2024		203,000		205,771
FedEx Corporation		4.55			4-1-2046		350,000		318,445

12

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Air Freight & Logistics (continued)
FedEx Corporation		4.90	%		1-15-2034	$	175,000	$	177,416
FedEx Corporation		5.10			1-15-2044		210,000		205,897
United Parcel Service Incorporated		2.35			5-16-2022		300,000		290,147
United Parcel Service Incorporated		2.45			10-1-2022		280,000		269,861
United Parcel Service Incorporated		3.13			1-15-2021		630,000		629,847
United Parcel Service Incorporated		6.20			1-15-2038		206,000		249,800
									2,791,182
Airlines : 0.26%
American Airlines Incorporated		3.20			12-15-2029		57,164		53,734
American Airlines Incorporated		3.38			11-1-2028		26,499		25,213
American Airlines Incorporated		4.95			7-15-2024		144,609		147,676
Continental Airlines Incorporated Series A		7.25			5-10-2021		34,136		35,081
Delta Air Lines Incorporated		6.82			2-10-2024		35,512		38,331
United Airlines Incorporated		4.00			10-11-2027		281,944		281,592
United Airlines Incorporated		4.30			2-15-2027		184,572		185,025
US Airways Group Incorporated		3.95			5-15-2027		75,427		75,509
									842,161
Building Products : 0.29%
Johnson Controls International plc		3.90			2-14-2026		500,000		484,618
Johnson Controls International plc		5.00			3-30-2020		100,000		101,817
Masco Corporation		4.38			4-1-2026		190,000		187,264
Owens Corning Incorporated		4.20			12-15-2022		149,000		147,761
									921,460
Commercial Services & Supplies : 0.33%
Cintas Corporation No. 2		3.25			6-1-2022		70,000		69,070
Republic Services Incorporated		2.90			7-1-2026		260,000		240,560
Republic Services Incorporated		4.75			5-15-2023		210,000		218,116
Republic Services Incorporated		5.25			11-15-2021		35,000		36,733
Waste Management Incorporated		4.10			3-1-2045		350,000		330,431
Waste Management Incorporated		4.60			3-1-2021		140,000		143,129
									1,038,039
Electrical Equipment : 0.14%
Eaton Corporation		4.15			11-2-2042		350,000		318,467
Emerson Electric Company		4.25			11-15-2020		140,000		142,411
									460,878
Industrial Conglomerates : 0.63%
3M Company		3.13			9-19-2046		400,000		329,354
3M Company		3.25			2-14-2024		400,000		396,616
3M Company		5.70			3-15-2037		227,000		267,646
General Electric Capital Corporation		4.38			9-16-2020		200,000		199,225
General Electric Capital Corporation		5.88			1-14-2038		200,000		185,807
General Electric Company		4.13			10-9-2042		400,000		306,067
General Electric Company		4.50			3-11-2044		200,000		159,103
Honeywell International Incorporated		3.35			12-1-2023		140,000		140,416
Honeywell International Incorporated		4.25			3-1-2021		35,000		35,742
									2,019,976
Machinery : 0.83%
Caterpillar Incorporated		3.80			8-15-2042		105,000		94,857
Caterpillar Incorporated		4.30			5-15-2044		350,000		343,924
Caterpillar Incorporated		4.75			5-15-2064		300,000		292,611
Deere & Company		2.60			6-8-2022		350,000		338,636
Deere & Company		3.90			6-9-2042		350,000		332,154
Deere & Company		5.38			10-16-2029		210,000		234,053
Dover Corporation		5.38			10-15-2035		140,000		151,363

13

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Machinery (continued)
Illinois Tool Works Incorporated		3.38	%		9-15-2021	$	84,000	$	83,880
Illinois Tool Works Incorporated		3.90			9-1-2042		214,000		202,014
Illinois Tool Works Incorporated		4.88			9-15-2041		206,000		220,474
Parker Hannifin Corporation		3.50			9-15-2022		70,000		69,896
Parker Hannifin Corporation		6.25			5-15-2038		42,000		51,086
Stanley Black & Decker Incorporated		2.90			11-1-2022		245,000		237,132
									2,652,080
Professional Services : 0.06%
Verisk Analytics Incorporated		4.13			9-12-2022		175,000		176,699
Road & Rail : 1.82%
Burlington Northern Santa Fe LLC		3.00			3-15-2023		210,000		204,840
Burlington Northern Santa Fe LLC		3.40			9-1-2024		210,000		207,352
Burlington Northern Santa Fe LLC		4.45			3-15-2043		210,000		207,327
Burlington Northern Santa Fe LLC		4.55			9-1-2044		210,000		208,800
Burlington Northern Santa Fe LLC		4.95			9-15-2041		140,000		146,823
Burlington Northern Santa Fe LLC		5.05			3-1-2041		175,000		185,438
Burlington Northern Santa Fe LLC		5.15			9-1-2043		210,000		225,232
CSX Corporation		3.40			8-1-2024		278,000		272,876
CSX Corporation		3.70			10-30-2020		175,000		175,807
CSX Corporation		4.10			3-15-2044		280,000		251,134
CSX Corporation		4.50			8-1-2054		350,000		320,870
CSX Corporation		4.75			5-30-2042		161,000		158,244
CSX Corporation		6.00			10-1-2036		210,000		239,233
CSX Corporation		6.22			4-30-2040		140,000		161,122
Kansas City Southern		3.00			5-15-2023		51,000		48,935
Kansas City Southern		4.30			5-15-2043		140,000		127,219
Norfolk Southern Corporation		2.90			6-15-2026		250,000		233,244
Norfolk Southern Corporation		2.90			2-15-2023		400,000		387,910
Norfolk Southern Corporation		3.15			6-1-2027		300,000		282,486
Norfolk Southern Corporation		3.85			1-15-2024		140,000		140,048
Ryder System Incorporated		2.50			5-11-2020		140,000		138,226
Union Pacific Corporation		2.75			4-15-2023		200,000		193,782
Union Pacific Corporation		3.25			1-15-2025		175,000		168,155
Union Pacific Corporation		3.75			3-15-2024		140,000		139,697
Union Pacific Corporation		3.80			10-1-2051		809,000		665,696
Union Pacific Corporation		4.15			1-15-2045		175,000		158,219
Union Pacific Corporation		4.30			6-15-2042		175,000		162,795
									5,811,510
Trading Companies & Distributors : 0.64%
Air Lease Corporation		3.25			3-1-2025		200,000		184,210
Air Lease Corporation		3.63			12-1-2027		1,500,000		1,306,752
GATX Corporation		4.85			6-1-2021		70,000		71,807
International Lease Finance Corporation		8.25			12-15-2020		200,000		215,139
W.W. Grainger Incorporated		4.60			6-15-2045		280,000		274,514
									2,052,422
Information Technology : 6.40%
Communications Equipment : 0.55%
Cisco Systems Incorporated		2.45			6-15-2020		420,000		415,707
Cisco Systems Incorporated		2.90			3-4-2021		210,000		208,764
Cisco Systems Incorporated		2.95			2-28-2026		340,000		322,236
Cisco Systems Incorporated		3.00			6-15-2022		340,000		335,123
Motorola Incorporated		3.50			3-1-2023		385,000		372,508
Motorola Incorporated		7.50			5-15-2025		84,000		94,089
									1,748,427
Electronic Equipment, Instruments & Components : 0.23%
Amphenol Corporation		4.00			2-1-2022		210,000		212,914
Avnet Incorporated		5.88			6-15-2020		70,000		72,011
Corning Incorporated		4.25			8-15-2020		175,000		177,991

14

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Electronic Equipment, Instruments & Components (continued)
Corning Incorporated		5.75	%		8-15-2040	$	105,000	$	111,213
Keysight Technologies Incorporated		4.55			10-30-2024		175,000		175,187
									749,316
IT Services : 1.33%
Fidelity National Information Services Incorporated		3.00			8-15-2026		400,000		363,595
Fidelity National Information Services Incorporated		3.50			4-15-2023		49,000		48,151
Fidelity National Information Services Incorporated		4.75			5-15-2048		300,000		276,468
Fidelity National Information Services Incorporated		5.00			10-15-2025		195,000		201,095
Fiserv Incorporated		2.70			6-1-2020		280,000		276,127
Fiserv Incorporated		3.85			6-1-2025		210,000		206,140
IBM Corporation		1.88			8-1-2022		280,000		262,427
IBM Corporation		3.38			8-1-2023		210,000		205,914
IBM Corporation		4.00			6-20-2042		350,000		310,410
IBM Corporation		5.88			11-29-2032		175,000		204,749
IBM Corporation		7.00			10-30-2025		210,000		246,376
Mastercard Incorporated		3.50			2-26-2028		400,000		391,789
Total System Services Incorporated		3.75			6-1-2023		105,000		103,533
Visa Incorporated		3.15			12-14-2025		1,020,000		985,393
Western Union Company		5.25			4-1-2020		56,000		57,132
Western Union Company		6.20			11-17-2036		122,000		119,891
									4,259,190
Semiconductors & Semiconductor Equipment : 1.44%
Analog Devices Incorporated		2.88			6-1-2023		105,000		100,585
Applied Materials Incorporated		4.30			6-15-2021		210,000		214,979
Applied Materials Incorporated		5.85			6-15-2041		140,000		160,437
Broadcom Corporation		3.88			1-15-2027		1,200,000		1,084,247
Intel Corporation		2.60			5-19-2026		220,000		203,442
Intel Corporation		4.10			5-19-2046		300,000		284,736
Intel Corporation		4.10			5-11-2047		310,000		292,319
Intel Corporation		4.25			12-15-2042		175,000		169,171
Intel Corporation		4.90			7-29-2045		230,000		243,038
Lam Research Corporation		2.80			6-15-2021		350,000		343,167
Qualcomm Incorporated		2.25			5-20-2020		500,000		492,315
Qualcomm Incorporated		3.45			5-20-2025		700,000		666,654
Texas Instruments Incorporated		2.25			5-1-2023		175,000		166,583
Xilinx Incorporated		3.00			3-15-2021		175,000		172,999
									4,594,672
Software : 1.12%
Adobe Systems Incorporated		4.75			2-1-2020		227,000		230,802
Autodesk Incorporated		3.60			12-15-2022		175,000		171,621
CA Incorporated		5.38			12-1-2019		350,000		355,265
Microsoft Corporation		3.00			10-1-2020		280,000		280,126
Microsoft Corporation		3.75			5-1-2043		33,000		30,758
Microsoft Corporation		3.75			2-12-2045		350,000		325,681
Microsoft Corporation		4.00			2-12-2055		350,000		329,776
Microsoft Corporation		4.50			2-6-2057		250,000		257,104
Microsoft Corporation		4.88			12-15-2043		140,000		152,627
Microsoft Corporation		5.20			6-1-2039		77,000		88,219
Oracle Corporation		2.80			7-8-2021		250,000		246,907
Oracle Corporation		3.88			7-15-2020		245,000		247,978
Oracle Corporation		4.00			7-15-2046		350,000		317,891
Oracle Corporation		4.30			7-8-2034		175,000		172,001
Oracle Corporation		4.38			5-15-2055		200,000		188,468
Oracle Corporation		6.13			7-8-2039		140,000		168,188
									3,563,412
Technology Hardware, Storage & Peripherals : 1.73%
Apple Incorporated		3.25			2-23-2026		475,000		456,529
Apple Incorporated		3.35			2-9-2027		200,000		191,934
Apple Incorporated		3.75			11-13-2047		400,000		358,208

15

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Technology Hardware, Storage & Peripherals (continued)
Apple Incorporated		4.38	%		5-13-2045	$	350,000	$	346,065
Apple Incorporated		4.65			2-23-2046		200,000		204,044
Diamond 1 Finance Corporation 144A		4.42			6-15-2021		400,000		400,433
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		700,000		770,526
Hewlett Packard Enterprise Company		4.40			10-15-2022		200,000		203,213
Hewlett Packard Enterprise Company		4.90			10-15-2025		700,000		702,715
Hewlett Packard Enterprise Company		6.35			10-15-2045		525,000		486,812
Hewlett-Packard Company		3.75			12-1-2020		29,000		29,186
Hewlett-Packard Company		4.05			9-15-2022		175,000		176,184
Hewlett-Packard Company		6.00			9-15-2041		332,000		322,413
Seagate HDD		4.75			1-1-2025		350,000		322,986
Xerox Corporation		4.50			5-15-2021		400,000		393,076
Xerox Corporation		5.63			12-15-2019		140,000		141,636
									5,505,960
Materials : 2.64%
Chemicals : 1.61%
Air Products & Chemicals Incorporated		3.00			11-3-2021		175,000		173,291
Dow Chemical Company		3.50			10-1-2024		200,000		192,192
Dow Chemical Company		4.13			11-15-2021		350,000		353,415
Dow Chemical Company		4.25			10-1-2034		175,000		157,370
Dow Chemical Company		5.25			11-15-2041		175,000		169,681
DowDuPont Incorporated		4.73			11-15-2028		1,400,000		1,418,466
Eastman Chemical Company		2.70			1-15-2020		66,000		65,611
Eastman Chemical Company		4.80			9-1-2042		140,000		127,817
Ecolab Incorporated		4.35			12-8-2021		286,000		292,236
Ecolab Incorporated		5.50			12-8-2041		210,000		235,176
Mosaic Company		3.75			11-15-2021		80,000		79,861
Mosaic Company		4.25			11-15-2023		297,000		298,024
Mosaic Company		5.63			11-15-2043		175,000		175,414
Praxair Incorporated		2.45			2-15-2022		140,000		136,022
Praxair Incorporated		2.70			2-21-2023		105,000		101,756
Praxair Incorporated		4.05			3-15-2021		140,000		142,374
The Sherwin-Williams Company		3.13			6-1-2024		600,000		567,422
The Sherwin-Williams Company		3.45			8-1-2025		400,000		377,507
The Sherwin-Williams Company		4.00			12-15-2042		92,000		77,423
									5,141,058
Containers & Packaging : 0.54%
International Paper Company		3.00			2-15-2027		200,000		180,021
International Paper Company		3.65			6-15-2024		350,000		346,224
International Paper Company		4.75			2-15-2022		52,000		53,769
International Paper Company		4.80			6-15-2044		175,000		154,814
International Paper Company		7.30			11-15-2039		175,000		206,290
International Paper Company		7.50			8-15-2021		214,000		235,643
MeadWestvaco Corporation		7.95			2-15-2031		35,000		44,069
Packaging Corporation of America		3.65			9-15-2024		175,000		170,583
Packaging Corporation of America		3.90			6-15-2022		140,000		140,670
Plum Creek Timberlands LP		3.25			3-15-2023		192,000		186,787
									1,718,870
Metals & Mining : 0.44%
Barrick Gold Finance Company LLC		5.70			5-30-2041		210,000		218,620
Newmont Mining Corporation		4.88			3-15-2042		350,000		325,453
Nucor Corporation		4.00			8-1-2023		132,000		133,433
Nucor Corporation		5.20			8-1-2043		140,000		145,746
Nucor Corporation		6.40			12-1-2037		140,000		165,595
Southern Copper Corporation		5.38			4-16-2020		63,000		64,082
Southern Copper Corporation		6.75			4-16-2040		308,000		331,707
									1,384,636
Paper & Forest Products : 0.05%
Georgia-Pacific LLC		8.00			1-15-2024		140,000		166,052

16

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Real Estate : 4.41%
Equity REITs : 4.41%
American Campus Communities Incorporated		3.75	%		4-15-2023	$	70,000	$	69,152
American Tower Corporation		3.50			1-31-2023		295,000		287,115
American Tower Corporation		4.00			6-1-2025		350,000		339,252
American Tower Corporation		5.00			2-15-2024		245,000		253,110
American Tower Corporation		5.05			9-1-2020		350,000		357,917
AvalonBay Communities Incorporated		3.45			6-1-2025		140,000		136,066
AvalonBay Communities Incorporated		3.63			10-1-2020		140,000		140,383
AvalonBay Communities Incorporated		4.20			12-15-2023		175,000		177,851
Boston Properties LP		2.75			10-1-2026		500,000		447,512
Boston Properties LP		3.13			9-1-2023		105,000		100,851
Boston Properties LP		3.80			2-1-2024		300,000		295,078
Boston Properties LP		3.85			2-1-2023		200,000		197,833
Boston Properties LP		4.13			5-15-2021		210,000		211,927
Boston Properties LP		5.63			11-15-2020		380,000		393,072
Corporate Office Properties LP		3.60			5-15-2023		70,000		67,499
Corporate Office Properties LP		3.70			6-15-2021		350,000		344,808
Crown Castle International Corporation		3.70			6-15-2026		350,000		330,362
Crown Castle International Corporation		4.88			4-15-2022		50,000		51,305
Crown Castle International Corporation		5.25			1-15-2023		350,000		362,322
DDR Corporation		4.63			7-15-2022		175,000		179,273
Digital Realty Trust LP		3.63			10-1-2022		140,000		138,420
Digital Realty Trust LP		3.95			7-1-2022		140,000		140,287
Digital Realty Trust LP		5.25			3-15-2021		70,000		72,136
Digital Realty Trust LP		5.88			2-1-2020		210,000		214,514
Entertainment Properties Trust		5.75			8-15-2022		105,000		109,506
Equity One Incorporated		3.75			11-15-2022		175,000		173,119
ERP Operating LP		4.63			12-15-2021		419,000		430,447
Essex Portfolio LP		3.25			5-1-2023		70,000		67,706
Federal Realty Investment Trust		4.50			12-1-2044		175,000		168,315
HCP Incorporated		3.15			8-1-2022		70,000		67,888
HCP Incorporated		3.88			8-15-2024		300,000		291,440
HCP Incorporated		6.75			2-1-2041		95,000		114,547
Health Care REIT Incorporated		4.00			6-1-2025		210,000		204,025
Health Care REIT Incorporated		4.50			1-15-2024		140,000		142,172
Hospitality Properties Trust		4.65			3-15-2024		350,000		346,835
Host Hotels & Resorts Company		3.75			10-15-2023		70,000		67,981
Host Hotels & Resorts Company		4.75			3-1-2023		175,000		177,900
Kilroy Realty Corporation		3.80			1-15-2023		175,000		172,734
Kimco Realty Corporation		2.80			10-1-2026		350,000		309,902
Liberty Property LP		4.40			2-15-2024		109,000		110,233
Liberty Property LP		4.75			10-1-2020		175,000		178,267
Mid-America Apartments LP		4.30			10-15-2023		35,000		35,285
National Retail Properties Incorporated		3.30			4-15-2023		70,000		67,877
National Retail Properties Incorporated		3.80			10-15-2022		70,000		69,776
Realty Income Corporation		3.88			7-15-2024		350,000		347,901
Realty Income Corporation		4.65			8-1-2023		210,000		217,665
Simon Property Group LP		3.30			1-15-2026		410,000		388,409
Simon Property Group LP		3.38			3-15-2022		350,000		347,468
Simon Property Group LP		3.75			2-1-2024		175,000		173,714
Simon Property Group LP		4.13			12-1-2021		210,000		213,199
Simon Property Group LP		4.25			11-30-2046		400,000		371,848
Simon Property Group LP		4.38			3-1-2021		350,000		356,174
Simon Property Group LP		4.75			3-15-2042		175,000		174,720
UDR Incorporated		3.70			10-1-2020		175,000		175,059
UDR Incorporated		4.63			1-10-2022		70,000		71,424
Ventas Realty LP		3.85			4-1-2027		800,000		761,166
Ventas Realty LP		4.25			3-1-2022		700,000		709,882
Ventas Realty LP		5.70			9-30-2043		175,000		187,183
VEREIT Operating Partnership LP		4.13			6-1-2021		80,000		80,377
VEREIT Operating Partnership LP		4.60			2-6-2024		98,000		97,780
VEREIT Operating Partnership LP		4.88			6-1-2026		119,000		119,067
Welltower Incorporated		5.25			1-15-2022		70,000		72,645
Weyerhaeuser Company		7.38			3-15-2032		200,000		242,262
WP Carey Incorporated		4.60			4-1-2024		350,000		351,691
									14,073,634

17

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Utilities : 7.20%
Electric Utilities : 5.58%
Alabama Power Company		3.55	%		12-1-2023	$	175,000	$	173,913
Alabama Power Company		3.85			12-1-2042		140,000		126,773
Alabama Power Company		4.15			8-15-2044		105,000		98,704
American Electric Power Company Incorporated		2.95			12-15-2022		300,000		291,522
Appalachian Power Company		3.40			6-1-2025		175,000		170,018
Appalachian Power Company		4.45			6-1-2045		175,000		169,630
Appalachian Power Company		7.00			4-1-2038		70,000		87,008
Arizona Public Service Company		3.15			5-15-2025		105,000		100,742
Arizona Public Service Company		4.50			4-1-2042		70,000		69,626
Baltimore Gas & Electric Company		3.50			8-15-2046		50,000		42,311
Carolina Power & Light Company		2.80			5-15-2022		175,000		171,253
CenterPoint Energy Houston		2.25			8-1-2022		210,000		200,542
CenterPoint Energy Houston		3.55			8-1-2042		175,000		152,614
CenterPoint Energy Houston		4.50			4-1-2044		175,000		176,489
Commonwealth Edison Company		3.80			10-1-2042		70,000		63,092
Commonwealth Edison Company		5.90			3-15-2036		175,000		203,611
Connecticut Light & Power Company		4.15			6-1-2045		87,000		84,945
Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-2037		175,000		209,624
Consolidated Edison Company of New York Incorporated Series 08-B		6.75			4-1-2038		210,000		263,941
Consolidated Edison Company of New York Incorporated Series 12-A		4.20			3-15-2042		175,000		164,788
Consolidated Edison Company of New York Incorporated Series 14-C		4.63			12-1-2054		300,000		284,770
Consolidated Edison Company of New York Incorporated Series 16-C		4.30			12-1-2056		245,000		220,566
Constellation Energy Group Incorporated		5.15			12-1-2020		70,000		71,534
DTE Electric Company		3.65			3-15-2024		105,000		105,217
Duke Energy Carolinas LLC		3.95			3-15-2048		200,000		183,404
Duke Energy Carolinas LLC		4.30			6-15-2020		50,000		50,784
Duke Energy Corporation		3.05			8-15-2022		70,000		68,291
Duke Energy Corporation		3.95			10-15-2023		140,000		141,386
Duke Energy Florida Incorporated		3.85			11-15-2042		70,000		63,489
Duke Energy Indiana Incorporated		4.90			7-15-2043		105,000		109,907
Duke Energy Indiana Incorporated		6.45			4-1-2039		45,000		55,861
Duke Energy Progress Incorporated		4.10			3-15-2043		105,000		99,477
Duke Energy Progress Incorporated		4.15			12-1-2044		175,000		164,717
Duke Energy Progress Incorporated		4.38			3-30-2044		175,000		171,773
Emera US Finance LP		3.55			6-15-2026		200,000		186,924
Entergy Arkansas Incorporated		3.70			6-1-2024		175,000		174,244
Entergy Corporation		5.13			9-15-2020		175,000		177,958
Entergy Gulf States Louisiana LLC		5.59			10-1-2024		84,000		90,880
Entergy Louisiana LLC		5.40			11-1-2024		175,000		190,563
Exelon Corporation		4.95			6-15-2035		140,000		139,631
Exelon Corporation		5.10			6-15-2045		280,000		284,579
Exelon Generation Company LLC		4.25			6-15-2022		157,000		158,281
FirstEnergy Corporation		4.25			3-15-2023		168,000		168,865
Florida Power & Light Company		3.25			6-1-2024		350,000		347,656
Florida Power & Light Company		4.05			6-1-2042		175,000		166,663
Florida Power & Light Company		5.25			2-1-2041		140,000		154,886
Florida Power & Light Company		5.95			2-1-2038		224,000		268,644
Florida Power & Light Company		5.96			4-1-2039		175,000		208,846
Florida Power Corporation		5.65			4-1-2040		87,000		100,390
Georgia Power Company		4.30			3-15-2042		175,000		157,411
Interstate Power & Light Company		6.25			7-15-2039		21,000		25,746
Kansas City Power & Light Company		3.15			3-15-2023		140,000		136,451
LG&E & KU Energy LLC		3.75			11-15-2020		70,000		70,207
MidAmerican Energy Holdings Company		5.95			5-15-2037		210,000		243,636
MidAmerican Energy Holdings Company		6.13			4-1-2036		140,000		163,587
MidAmerican Energy Holdings Company		6.75			12-30-2031		105,000		131,868
Nevada Power Company		6.75			7-1-2037		140,000		175,668
Northeast Utilities		2.80			5-1-2023		122,000		117,632
Northern States Power Company of Minnesota		2.15			8-15-2022		175,000		166,648
Northern States Power Company of Minnesota		2.60			5-15-2023		105,000		101,151
Northern States Power Company of Minnesota		3.40			8-15-2042		175,000		151,888
Northern States Power Company of Minnesota		5.35			11-1-2039		28,000		31,579
NSTAR Electric Company		2.38			10-15-2022		140,000		134,354
NSTAR Electric Company		5.50			3-15-2040		70,000		78,484
Oglethorpe Power Corporation		5.38			11-1-2040		210,000		226,955
Oglethorpe Power Corporation		5.95			11-1-2039		105,000		118,702
Ohio Edison Company		6.88			7-15-2036		175,000		220,074

18

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
Ohio Power Company		5.38	%		10-1-2021	$	45,000	$	47,373
Oncor Electric Delivery Company LLC		4.55			12-1-2041		140,000		143,229
Oncor Electric Delivery Company LLC		7.00			5-1-2032		122,000		155,346
Oncor Electric Delivery Company LLC		7.50			9-1-2038		140,000		188,485
Pacific Gas & Electric Company		2.45			8-15-2022		175,000		154,320
Pacific Gas & Electric Company		2.95			3-1-2026		350,000		288,811
Pacific Gas & Electric Company		3.40			8-15-2024		205,000		179,417
Pacific Gas & Electric Company		3.50			6-15-2025		105,000		90,881
Pacific Gas & Electric Company		3.75			8-15-2042		140,000		104,408
Pacific Gas & Electric Company		4.30			3-15-2045		140,000		109,499
Pacific Gas & Electric Company		5.13			11-15-2043		175,000		151,512
Pacific Gas & Electric Company		6.35			2-15-2038		70,000		66,885
PacifiCorp		3.60			4-1-2024		175,000		174,792
PacifiCorp		4.10			2-1-2042		70,000		67,087
PacifiCorp		5.75			4-1-2037		175,000		204,390
Potomac Electric Power Company		3.60			3-15-2024		175,000		175,106
Potomac Electric Power Company		6.50			11-15-2037		140,000		175,238
PPL Capital Funding Incorporated		4.20			6-15-2022		140,000		141,019
PPL Capital Funding Incorporated		4.70			6-1-2043		87,000		83,484
PPL Electric Utilities		4.75			7-15-2043		105,000		109,504
PPL Electric Utilities		6.25			5-15-2039		31,000		38,356
PSEG Power LLC		5.13			4-15-2020		196,000		199,624
PSEG Power LLC		8.63			4-15-2031		75,000		97,624
Public Service Company of Colorado		2.25			9-15-2022		70,000		66,880
Public Service Company of Colorado		3.20			11-15-2020		210,000		209,521
Public Service Company of Colorado		3.60			9-15-2042		140,000		123,111
Public Service Company of Colorado		4.30			3-15-2044		175,000		171,626
Public Service Company of New Hampshire		3.50			11-1-2023		210,000		208,239
Public Service Electric & Gas Company		2.38			5-15-2023		140,000		133,968
Public Service Electric & Gas Company		3.65			9-1-2042		175,000		155,648
Public Service Electric & Gas Company		3.80			1-1-2043		140,000		129,220
Public Service Electric & Gas Company		3.95			5-1-2042		70,000		65,396
Public Service Electric & Gas Company		5.80			5-1-2037		70,000		81,232
South Carolina Eletric & Gas Company		4.50			6-1-2064		200,000		178,117
Southern California Edison Company		3.88			6-1-2021		449,000		448,698
Southern California Edison Company		3.90			3-15-2043		105,000		90,614
Southern California Edison Company		5.35			7-15-2035		126,000		127,637
Southern California Edison Company		5.50			3-15-2040		140,000		144,850
Southern California Edison Company		6.00			1-15-2034		70,000		74,264
Southern Company		2.75			6-15-2020		175,000		172,967
Southern Company		2.95			7-1-2023		200,000		191,424
Southwestern Electric Power Company		6.20			3-15-2040		35,000		40,573
TXU Electric Delivery Company		7.25			1-15-2033		52,000		68,218
Union Electric Company		3.90			9-15-2042		175,000		163,901
Union Electric Company		8.45			3-15-2039		56,000		81,015
Virginia Electric & Power Company		3.10			5-15-2025		70,000		67,195
Virginia Electric & Power Company		3.45			2-15-2024		105,000		103,881
Virginia Electric & Power Company		4.00			1-15-2043		227,000		208,876
Virginia Electric & Power Company		4.20			5-15-2045		105,000		98,689
Virginia Electric & Power Company		4.45			2-15-2044		105,000		102,480
Virginia Electric & Power Company		6.00			1-15-2036		70,000		81,606
Westar Energy Incorporated		4.10			4-1-2043		210,000		197,526
Wisconsin Electric Power Company		5.63			5-15-2033		70,000		80,257
Wisconsin Electric Power Company		5.70			12-1-2036		105,000		121,361
Wisconsin Power & Light Company		6.38			8-15-2037		175,000		214,765
Xcel Energy Incorporated		4.70			5-15-2020		175,000		177,014
									17,810,532
Gas Utilities : 0.34%
Atmos Energy Corporation		4.13			10-15-2044		245,000		229,766
Atmos Energy Corporation		4.15			1-15-2043		113,000		107,891
Atmos Energy Corporation		5.50			6-15-2041		42,000		46,841
CenterPoint Energy Resources Corporation		4.50			1-15-2021		45,000		45,548
CenterPoint Energy Resources Corporation		5.85			1-15-2041		77,000		87,501
National Fuel Gas Company		3.75			3-1-2023		218,000		210,965
One Gas Incorporated		3.61			2-1-2024		70,000		69,990
One Gas Incorporated		4.66			2-1-2044		35,000		36,145

19

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Gas Utilities (continued)
Piedmont Natural Gas Company		4.65	%		8-1-2043	$	35,000	$	34,765
Southern California Gas Company		3.75			9-15-2042		140,000		125,751
Southern California Gas Company		5.13			11-15-2040		70,000		74,465
									1,069,628
Multi-Utilities : 1.21%
Black Hills Corporation		4.25			11-30-2023		210,000		211,782
CMS Energy Corporation		5.05			3-15-2022		245,000		255,879
Consumers Energy Company		3.95			5-15-2043		140,000		131,802
Dominion Resources Incorporated		2.50			12-1-2019		132,000		130,700
Dominion Resources Incorporated		2.75			9-15-2022		210,000		200,902
Dominion Resources Incorporated		3.63			12-1-2024		210,000		204,957
Dominion Resources Incorporated		4.05			9-15-2042		175,000		151,955
Dominion Resources Incorporated		4.45			3-15-2021		70,000		70,935
Dominion Resources Incorporated		4.90			8-1-2041		42,000		41,327
Dominion Resources Incorporated		5.95			6-15-2035		157,000		170,905
DTE Energy Company		3.30			6-15-2022		70,000		69,108
DTE Energy Company		3.85			12-1-2023		170,000		169,582
NiSource Finance Corporation		5.65			2-1-2045		140,000		145,864
Puget Energy Incorporated		3.65			5-15-2025		140,000		134,490
Puget Energy Incorporated		6.00			9-1-2021		175,000		183,808
Puget Sound Energy Incorporated		5.80			3-15-2040		35,000		40,402
Puget Sound Energy Incorporated		6.27			3-15-2037		231,000		281,992
San Diego Gas & Electric Company		3.00			8-15-2021		300,000		296,546
Sempra Energy		2.88			10-1-2022		140,000		133,646
Sempra Energy		3.25			6-15-2027		300,000		273,345
Sempra Energy		4.00			2-1-2048		400,000		330,369
WEC Energy Group Incorporated		2.45			6-15-2020		105,000		103,514
WEC Energy Group Incorporated		3.55			6-15-2025		140,000		136,358
									3,870,168
Water Utilities : 0.07%
American Water Capital Corporation		3.40			3-1-2025		210,000		205,902
Total Corporate Bonds and Notes (Cost $267,890,665)									260,258,330
Yankee Corporate Bonds and Notes : 16.83%
Communication Services : 1.20%
Diversified Telecommunication Services : 0.42%
British Telecommunications plc		9.63			12-15-2030		200,000		271,007
Telefonica Emisiones SAU		4.57			4-27-2023		500,000		510,063
Telefonica Emisiones SAU		4.90			3-6-2048		200,000		174,728
Telefonica Europe BV		8.25			9-15-2030		294,000		372,664
									1,328,462
Wireless Telecommunication Services : 0.78%
America Movil SAB de CV		3.13			7-16-2022		220,000		213,313
America Movil SAB de CV		4.38			7-16-2042		250,000		228,491
America Movil SAB de CV		6.13			11-15-2037		70,000		78,238
America Movil SAB de CV		6.38			3-1-2035		395,000		448,378
Rogers Communications Incorporated		3.00			3-15-2023		140,000		136,099
Rogers Communications Incorporated		4.50			3-15-2043		140,000		131,567
Vodafone Group plc		2.50			9-26-2022		350,000		331,645
Vodafone Group plc		2.95			2-19-2023		190,000		181,306
Vodafone Group plc		4.38			2-19-2043		350,000		288,897
Vodafone Group plc		6.25			11-30-2032		210,000		229,391
Vodafone Group plc		7.88			2-15-2030		175,000		215,054
									2,482,379

20

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Discretionary : 0.51%
Auto Components : 0.06%
Magna International Incorporated		4.15	%		10-1-2025	$	175,000	$	175,796
Internet & Direct Marketing Retail : 0.45%
Alibaba Group Holding Limited		3.13			11-28-2021		250,000		246,576
Alibaba Group Holding Limited		3.40			12-6-2027		1,100,000		1,006,891
Alibaba Group Holding Limited		3.60			11-28-2024		200,000		193,616
									1,447,083
Consumer Staples : 0.22%
Beverages : 0.22%
Coca-Cola Femsa SAB de CV		4.63			2-15-2020		200,000		202,419
Diageo Capital plc		2.63			4-29-2023		210,000		201,848
Diageo Capital plc		3.88			4-29-2043		161,000		151,068
Diageo Capital plc		5.88			9-30-2036		122,000		141,822
									697,157
Energy : 1.72%
Oil, Gas & Consumable Fuels : 1.72%
BP Capital Markets plc		3.25			5-6-2022		525,000		518,618
BP Capital Markets plc		3.81			2-10-2024		350,000		348,652
BP Capital Markets plc		4.50			10-1-2020		350,000		356,386
Canadian Natural Resources Limited		3.85			6-1-2027		800,000		749,879
Canadian Natural Resources Limited		3.90			2-1-2025		210,000		201,862
Canadian Natural Resources Limited		4.95			6-1-2047		200,000		188,872
Canadian Natural Resources Limited		6.75			2-1-2039		110,000		130,091
Cenovus Energy Incorporated		3.00			8-15-2022		145,000		136,526
Cenovus Energy Incorporated		6.75			11-15-2039		240,000		230,592
Husky Energy Incorporated		6.80			9-15-2037		70,000		80,945
Petro-Canada		5.95			5-15-2035		140,000		157,548
Suncor Energy Incorporated		5.95			12-1-2034		52,000		57,367
Total Capital Canada Limited		2.75			7-15-2023		245,000		235,518
Total Capital International SA		2.70			1-25-2023		385,000		372,063
Total Capital International SA		2.88			2-17-2022		175,000		171,709
Total Capital International SA		3.75			4-10-2024		350,000		351,470
Total Capital SA		4.13			1-28-2021		70,000		71,100
TransCanada PipeLines Limited		3.75			10-16-2023		175,000		172,785
TransCanada PipeLines Limited		3.80			10-1-2020		210,000		210,775
TransCanada PipeLines Limited		5.60			3-31-2034		70,000		71,896
TransCanada PipeLines Limited		6.10			6-1-2040		210,000		226,170
TransCanada PipeLines Limited		7.63			1-15-2039		350,000		435,198
									5,476,022
Financials : 10.41%
Banks : 8.51%
Australia & New Zealand Banking Group Limited		2.70			11-16-2020		850,000		837,842
Banco Santander SA		3.80			2-23-2028		200,000		177,022
Banco Santander SA		4.38			4-12-2028		1,200,000		1,106,736
Bancolombia SA		5.95			6-3-2021		200,000		207,350
Bank of Montreal		1.90			8-27-2021		470,000		451,235
Bank of Montreal		2.35			9-11-2022		200,000		191,346
Bank of Montreal (5 Year USD Swap +1.43%) ±		3.80			12-15-2032		800,000		729,480
Bank of Nova Scotia		2.45			9-19-2022		300,000		287,650
Bank of Nova Scotia		4.38			1-13-2021		350,000		357,457
Bank of Nova Scotia		4.50			12-16-2025		500,000		494,470
Bank of Nova Scotia (3 Month LIBOR +2.65%) ±		4.65			12-31-2099		200,000		182,000
Barclays plc		2.88			6-8-2020		300,000		294,053
Barclays plc		3.25			1-12-2021		500,000		487,878
Barclays plc		4.38			1-12-2026		800,000		756,376
BNP Paribas		4.25			10-15-2024		400,000		389,757

21

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
BPCE SA		2.75	%		12-2-2021	$	330,000	$	319,964
BPCE SA		4.00			4-15-2024		250,000		249,603
Cooperatieve Rabobank UA		3.75			7-21-2026		780,000		726,300
Credit Suisse (New York)		5.40			1-14-2020		200,000		203,212
Credit Suisse Group Funding Limited		3.45			4-16-2021		550,000		545,391
Credit Suisse Group Funding Limited		4.55			4-17-2026		750,000		738,050
HSBC Holdings plc		4.00			3-30-2022		200,000		201,203
HSBC Holdings plc (3 Month LIBOR +1.55%) ±		4.04			3-13-2028		500,000		473,689
HSBC Holdings plc		4.88			1-14-2022		175,000		179,857
HSBC Holdings plc		6.10			1-14-2042		280,000		320,749
Intesa Sanpaolo SpA		5.25			1-12-2024		200,000		191,006
Lloyds Banking Group plc (3 Month LIBOR +1.21%) ±		3.57			11-7-2028		800,000		703,592
Lloyds Banking Group plc		4.58			12-10-2025		250,000		236,000
Lloyds Banking Group plc		5.30			12-1-2045		300,000		271,813
Mitsubishi UFJ Financial Group Incorporated		2.19			9-13-2021		600,000		577,158
Mitsubishi UFJ Financial Group Incorporated		2.76			9-13-2026		700,000		638,239
Mitsubishi UFJ Financial Group Incorporated		3.85			3-1-2026		200,000		196,807
Mizuho Financial Group		2.95			2-28-2022		750,000		730,223
Mizuho Financial Group		3.17			9-11-2027		1,200,000		1,117,504
National Australia Bank Limited		2.50			7-12-2026		800,000		717,437
Rabobank Nederland NV		3.88			2-8-2022		250,000		251,432
Rabobank Nederland NV		4.50			1-11-2021		350,000		357,214
Royal Bank of Canada		2.15			3-6-2020		500,000		493,822
Royal Bank of Canada		2.50			1-19-2021		350,000		343,970
Royal Bank of Canada		4.65			1-27-2026		700,000		708,945
Royal Bank of Scotland Group plc		3.88			9-12-2023		300,000		284,132
Royal Bank of Scotland Group plc		4.80			4-5-2026		1,100,000		1,065,531
Santander UK Group Holdings plc		3.57			1-10-2023		800,000		764,486
Santander UK plc		4.00			3-13-2024		525,000		520,457
Skandinaviska Enskilda		2.63			3-15-2021		500,000		489,535
Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		250,949
Sumitomo Mitsui Financial Group		3.01			10-19-2026		655,000		607,558
Sumitomo Mitsui Financial Group		3.78			3-9-2026		500,000		488,897
Svenska Handelsbanken AB		3.35			5-24-2021		1,300,000		1,292,850
Toronto Dominion Bank		1.80			7-13-2021		200,000		192,087
Toronto Dominion Bank		2.50			12-14-2020		300,000		295,611
Toronto Dominion Bank		3.50			7-19-2023		300,000		298,963
Toronto Dominion Bank (5 Year USD Swap +2.21%) ±		3.63			9-15-2031		525,000		490,571
Westpac Banking Corporation		2.10			5-13-2021		350,000		338,275
Westpac Banking Corporation		2.30			5-26-2020		700,000		690,044
Westpac Banking Corporation		2.85			5-13-2026		700,000		646,264
									27,160,042
Capital Markets : 0.50%
Deutsche Bank AG		3.13			1-13-2021		350,000		339,557
Deutsche Bank AG		3.70			5-30-2024		700,000		642,094
Invesco Finance plc		4.00			1-30-2024		175,000		173,309
Invesco Finance plc		5.38			11-30-2043		175,000		186,703
Nomura Holdings Incorporated		6.70			3-4-2020		249,000		258,986
									1,600,649
Diversified Financial Services : 1.27%
Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		135,000		142,768
BHP Billiton Finance USA Limited		3.85			9-30-2023		200,000		204,030
ConocoPhillips Canada Funding Company		5.95			10-15-2036		210,000		239,829
GE Capital International Funding Company		2.34			11-15-2020		1,200,000		1,140,660
GE Capital International Funding Company		3.37			11-15-2025		550,000		474,964
Shell International Finance BV		2.25			1-6-2023		175,000		166,226
Shell International Finance BV		2.38			8-21-2022		175,000		168,291
Shell International Finance BV		2.88			5-10-2026		230,000		215,654
Shell International Finance BV		3.25			5-11-2025		350,000		339,345
Shell International Finance BV		3.40			8-12-2023		175,000		174,056
Shell International Finance BV		3.63			8-21-2042		175,000		155,870
Shell International Finance BV		6.38			12-15-2038		245,000		301,244
WPP Finance 2010		3.75			9-19-2024		200,000		185,877

22

Wells Fargo Investment Grade Corporate Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
WPP Finance 2010		5.63	%		11-15-2043	$	140,000	$	138,144
									4,046,958
Insurance : 0.13%
Aon plc		4.00			11-27-2023		105,000		105,122
XL Capital Limited		6.25			5-15-2027		70,000		78,833
XL Capital Limited		6.38			11-15-2024		70,000		82,385
XLIT Limited		5.25			12-15-2043		140,000		146,015
									412,355
Health Care : 1.13%
Health Care Equipment & Supplies : 0.18%
Covidien International Finance SA		6.55			10-15-2037		280,000		347,353
Koninklijke Philips Electronics NV		6.88			3-11-2038		175,000		219,609
									566,962
Pharmaceuticals : 0.95%
Actavis Funding SCS		3.85			6-15-2024		350,000		340,076
Actavis Funding SCS		4.85			6-15-2044		350,000		321,222
AstraZeneca plc		2.38			11-16-2020		350,000		342,514
AstraZeneca plc		3.38			11-16-2025		500,000		477,535
AstraZeneca plc		4.38			11-16-2045		200,000		186,871
AstraZeneca plc		6.45			9-15-2037		180,000		213,022
Mylan NV		3.95			6-15-2026		700,000		642,898
Shire plc ADR		3.20			9-23-2026		560,000		504,163
									3,028,301
Industrials : 0.84%
Aerospace & Defense : 0.09%
Embraer Netherlands Finance BV		5.05			6-15-2025		290,000		293,263
Industrial Conglomerates : 0.10%
Tyco Electronics Group SA		7.13			10-1-2037		245,000		313,855
Professional Services : 0.09%
Thomson Reuters Corporation		4.30			11-23-2023		210,000		209,867
Thomson Reuters Corporation		5.85			4-15-2040		94,000		97,405
									307,272
Road & Rail : 0.24%
Canadian National Railway Company		6.20			6-1-2036		140,000		167,548
Canadian Pacific Railway Company		4.45			3-15-2023		140,000		143,930
Canadian Pacific Railway Company		5.95			5-15-2037		45,000		52,098
Canadian Pacific Railway Company		6.13			9-15-2115		350,000		395,931
									759,507
Trading Companies & Distributors : 0.32%
AerCap Ireland Capital DAC		3.95			2-1-2022		520,000		511,837
AerCap Ireland Capital DAC		4.25			7-1-2020		200,000		201,078
AerCap Ireland Capital DAC		4.63			10-30-2020		300,000		301,738
									1,014,653
Materials : 0.80%
Chemicals : 0.31%
LyondellBasell Industries NV		4.63			2-26-2055		350,000		288,751
LyondellBasell Industries NV		5.75			4-15-2024		250,000		266,980

23

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Investment Grade Corporate Bond Portfolio

Security name			Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Nutrien Limited				4.88	%		3-30-2020	$	178,000	$	180,962
Nutrien Limited				5.63			12-1-2040		140,000		144,128
Nutrien Limited				6.13			1-15-2041		115,000		123,142
											1,003,963
Metals & Mining : 0.49%
Goldcorp Incorporated				3.70			3-15-2023		210,000		205,080
Rio Tinto Finance (USA) Limited				4.13			8-21-2042		175,000		163,872
Vale Overseas Limited				4.38			1-11-2022		140,000		142,100
Vale Overseas Limited				6.88			11-21-2036		382,000		427,840
Vale Overseas Limited				6.88			11-10-2039		91,000		102,830
Vale SA				5.63			9-11-2042		525,000		519,750
											1,561,472
Total Yankee Corporate Bonds and Notes (Cost $55,576,880)											53,676,151
Total investments in securities (Cost $323,467,545)	98.41	%									313,934,481
Other assets and liabilities, net	1.59										5,070,156
Total net assets	100.00	%								$	319,004,637

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.

Abbreviations:

ADR American depositary receipt

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

24

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*		0		76,828,289		76,828,289		0	$	0		0.00	%

* No longer held at the end of the period.

Wells Fargo Investment Grade Corporate Bond Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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.

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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Corporate bonds and notes	$	0	$	260,258,330	$	0	$	260,258,330
Yankee corporate bonds and notes		0		53,676,151		0		53,676,151
Total assets	$	0	$	313,934,481	$	0	$	313,934,481

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo Strategic Retirement Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities : 1.32%
FHLB		2.26	%		10-4-2022	$	165,000	$	160,280
FHLMC		1.50			1-17-2020		430,000		424,077
FHLMC		2.13			6-9-2023		35,000		33,723
FHLMC		2.75			12-13-2024		20,000		19,578
FHLMC		3.25			6-9-2023		50,000		50,586
FNMA		1.38			10-7-2021		45,000		43,145
FNMA		1.50			6-22-2020		33,000		32,356
FNMA		1.50			11-30-2020		110,000		107,131
FNMA		1.88			9-24-2026		95,000		86,635
FNMA		2.13			4-24-2026		93,000		86,855
FNMA		2.63			9-6-2024		100,000		97,944
Total Agency Securities (Cost $1,156,434)									1,142,310
U.S. Treasury Securities : 97.58%
TIPS		0.13			4-15-2020		2,826,595		2,771,351
TIPS		0.13			4-15-2021		1,102,451		1,072,909
TIPS		0.13			1-15-2022		2,966,964		2,879,816
TIPS		0.13			4-15-2022		101,731		98,313
TIPS		0.13			7-15-2022		3,927,928		3,809,985
TIPS		0.13			1-15-2023		2,968,329		2,858,617
TIPS		0.13			7-15-2024		2,448,550		2,337,407
TIPS		0.13			7-15-2026		1,813,610		1,698,111
TIPS		0.25			1-15-2025		1,279,032		1,221,201
TIPS		0.38			7-15-2023		1,497,024		1,458,575
TIPS		0.38			7-15-2025		1,367,960		1,316,608
TIPS		0.38			1-15-2027		1,395,209		1,320,616
TIPS		0.38			7-15-2027		30,961		29,298
TIPS		0.50			1-15-2028		1,862,697		1,770,241
TIPS		0.63			7-15-2021		497,324		492,240
TIPS		0.63			4-15-2023		462,439		453,720
TIPS		0.63			1-15-2024		1,467,138		1,438,382
TIPS		0.63			1-15-2026		3,771,733		3,664,327
TIPS		0.75			7-15-2028		1,191,778		1,160,339
TIPS		1.13			1-15-2021		3,267,144		3,262,983
TIPS		1.25			7-15-2020		1,933,175		1,936,844
TIPS		1.75			1-15-2028		1,271,328		1,345,455
TIPS		2.00			1-15-2026		1,023,920		1,091,213
TIPS		2.38			1-15-2025		1,331,264		1,438,695
TIPS		2.38			1-15-2027		736,088		810,760
TIPS		3.63			4-15-2028		772,626		945,581
U.S. Treasury Bond		6.38			8-15-2027		355,000		446,870
U.S. Treasury Bond		6.88			8-15-2025		20,000		24,797
U.S. Treasury Note		1.13			4-30-2020		589,000		575,563
U.S. Treasury Note		1.13			7-31-2021		663,000		634,305
U.S. Treasury Note		1.13			9-30-2021		665,000		634,789
U.S. Treasury Note		1.25			10-31-2021		663,000		633,942
U.S. Treasury Note		1.25			7-31-2023		638,000		593,539
U.S. Treasury Note		1.38			1-15-2020		300,000		295,453
U.S. Treasury Note		1.38			1-31-2020		538,000		529,531
U.S. Treasury Note		1.38			2-15-2020		449,000		441,599
U.S. Treasury Note		1.38			3-31-2020		275,000		269,940
U.S. Treasury Note		1.38			4-30-2020		3,000		2,942
U.S. Treasury Note		1.38			5-31-2020		99,000		96,950
U.S. Treasury Note		1.38			10-31-2020		660,000		642,340
U.S. Treasury Note		1.38			4-30-2021		659,000		637,016
U.S. Treasury Note		1.38			6-30-2023		634,000		594,004
U.S. Treasury Note		1.38			8-31-2023		635,000		593,378
U.S. Treasury Note		1.38			9-30-2023		339,000		316,422
U.S. Treasury Note		1.50			4-15-2020		576,000		566,078
U.S. Treasury Note		1.50			5-15-2020		347,000		340,643
U.S. Treasury Note		1.50			5-31-2020		488,000		478,717
U.S. Treasury Note		1.50			3-31-2023		450,000		425,320
U.S. Treasury Note		1.50			8-15-2026		800,000		720,531
U.S. Treasury Note		1.63			3-15-2020		519,000		511,418
U.S. Treasury Note		1.63			6-30-2020		2,000		1,964
U.S. Treasury Note		1.63			7-31-2020		655,000		642,412

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo Strategic Retirement Bond Portfolio

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.63	%		8-15-2022	$	365,000	$	349,388
U.S. Treasury Note		1.63			4-30-2023		628,000		596,134
U.S. Treasury Note		1.63			5-31-2023		20,000		18,967
U.S. Treasury Note		1.63			10-31-2023		516,000		486,894
U.S. Treasury Note		1.63			2-15-2026		868,000		794,559
U.S. Treasury Note		1.63			5-15-2026		869,000		792,861
U.S. Treasury Note		1.75			10-31-2020		613,000		600,860
U.S. Treasury Note		1.75			2-28-2022		623,000		602,217
U.S. Treasury Note		1.75			3-31-2022		549,000		530,192
U.S. Treasury Note		1.75			5-31-2022		657,000		633,338
U.S. Treasury Note		1.75			6-30-2022		305,000		293,801
U.S. Treasury Note		1.75			1-31-2023		10,000		9,569
U.S. Treasury Note		1.75			5-15-2023		775,000		739,277
U.S. Treasury Note		1.88			6-30-2020		531,000		523,408
U.S. Treasury Note		1.88			2-28-2022		450,000		436,711
U.S. Treasury Note		1.88			4-30-2022		650,000		629,764
U.S. Treasury Note		1.88			8-31-2022		627,000		605,398
U.S. Treasury Note		1.88			8-31-2024		160,000		151,575
U.S. Treasury Note		2.00			1-31-2020		505,000		500,660
U.S. Treasury Note		2.00			7-31-2020		434,000		428,321
U.S. Treasury Note		2.00			9-30-2020		561,000		552,870
U.S. Treasury Note		2.00			11-30-2020		579,000		569,908
U.S. Treasury Note		2.00			5-31-2021		604,000		592,109
U.S. Treasury Note		2.00			10-31-2021		624,000		609,668
U.S. Treasury Note		2.00			2-15-2022		10,000		9,746
U.S. Treasury Note		2.00			11-30-2022		780,000		755,259
U.S. Treasury Note		2.00			2-15-2023		285,000		275,370
U.S. Treasury Note		2.00			4-30-2024		10,000		9,563
U.S. Treasury Note		2.00			5-31-2024		269,000		257,053
U.S. Treasury Note		2.00			6-30-2024		185,000		176,639
U.S. Treasury Note		2.00			2-15-2025		867,000		822,228
U.S. Treasury Note		2.00			8-15-2025		775,000		731,648
U.S. Treasury Note		2.00			11-15-2026		770,000		717,724
U.S. Treasury Note		2.13			1-31-2021		157,000		154,725
U.S. Treasury Note		2.13			12-31-2021		619,000		606,257
U.S. Treasury Note		2.13			12-31-2022		835,000		811,809
U.S. Treasury Note		2.13			2-29-2024		378,000		364,327
U.S. Treasury Note		2.13			5-15-2025		770,000		734,297
U.S. Treasury Note		2.25			3-31-2021		593,000		585,518
U.S. Treasury Note		2.25			7-31-2021		613,000		604,021
U.S. Treasury Note		2.25			12-31-2023		482,000		468,030
U.S. Treasury Note		2.25			1-31-2024		609,000		591,015
U.S. Treasury Note		2.25			11-15-2024		705,000		679,912
U.S. Treasury Note		2.25			2-15-2027		580,000		549,709
U.S. Treasury Note		2.25			8-15-2027		480,000		452,963
U.S. Treasury Note		2.25			11-15-2027		420,000		395,505
U.S. Treasury Note		2.38			12-31-2020		573,000		567,986
U.S. Treasury Note		2.38			5-15-2027		453,000		432,880
U.S. Treasury Note		2.50			8-15-2023		559,000		550,331
U.S. Treasury Note		2.63			8-15-2020		548,000		546,245
U.S. Treasury Note		2.63			11-15-2020		275,000		274,001
U.S. Treasury Note		2.75			8-31-2023		650,000		647,512
U.S. Treasury Note		2.75			11-15-2023		16,000		15,922
U.S. Treasury Note		2.88			11-30-2025		635,000		632,867
U.S. Treasury Note		2.88			8-15-2028		390,000		385,552
U.S. Treasury Note		3.50			5-15-2020		619,000		625,166
U.S. Treasury Note		3.63			2-15-2020		481,000		485,678
U.S. Treasury Note		6.00			2-15-2026		146,000		175,103
U.S. Treasury Note		6.50			11-15-2026		30,000		37,540
U.S. Treasury Note		6.75			8-15-2026		355,000		448,146
U.S. Treasury Note		8.00			11-15-2021		421,000		482,061
U.S. Treasury Note		8.13			5-15-2021		339,000		380,912
U.S. Treasury Note		8.13			8-15-2021		340,000		386,538
U.S. Treasury Note		8.75			8-15-2020		76,000		83,392
Total U.S. Treasury Securities (Cost $86,600,732)									84,293,649

2

Wells Fargo Strategic Retirement Bond Portfolio Portfolio of investments — November 30, 2018 (unaudited)

			Value
Total investments in securities (Cost $87,757,166)	98.90	%	$	85,435,959
Other assets and liabilities, net	1.10			953,935
Total net assets	100.00	%	$	86,389,894

Abbreviations:

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

TIPS Treasury inflation-protected securities

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
Wells Fargo Government Money Market Fund Select Class*		0		12,927,324		12,927,324		0	$	0		0.00	%

* No longer held at the end of the period.

Wells Fargo Strategic Retirement Bond Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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 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.

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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	1,142,310	$	0	$	1,142,310
U.S. Treasury securities		84,293,649		0		0		84,293,649
Total assets	$	84,293,649	$	1,142,310	$	0	$	85,435,959

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo U.S. REIT Portfolio Portfolio of investments — November 30, 2018 (unaudited)

Security name	Shares		Value
Common Stocks : 99.60%
Real Estate : 99.60%
Equity REITs : 99.60%
Acadia Realty Trust		5,680	$	162,846
Alexandria Real Estate Equities Incorporated		7,274		905,613
American Assets Trust Incorporated		2,162		89,982
American Campus Communities Incorporated		9,273		406,436
American Homes 4 Rent Class A		17,885		372,545
Americold Realty Trust		6,564		175,915
Apartment Investment & Management Company Class A		10,904		513,469
Apple Hospitality REIT Incorporated		15,299		242,795
Armada Hoffler Properties Incorporated		3,359		51,090
Ashford Hospitality Trust Incorporated		6,686		33,096
AvalonBay Communities Incorporated		9,575		1,824,700
Boston Properties Incorporated		10,800		1,416,960
Brandywine Realty Trust		12,155		173,452
Brixmor Property Group Incorporated		20,674		341,121
Brookfield Property REIT Class A		11,167		201,118
Camden Property Trust		6,323		601,697
CBL & Associates Properties Incorporated		11,655		30,420
Chesapeake Lodging Trust		4,209		124,460
Colony Capital Incorporated		32,208		198,401
Columbia Property Trust Incorporated		8,078		173,435
CoreCivic Incorporated		8,229		180,627
CorePoint Lodging Incorporated		2,997		42,168
Corporate Office Properties Trust		7,200		176,184
Cousins Properties Incorporated		28,960		244,712
CubeSmart REIT		12,911		402,049
DiamondRock Hospitality		14,589		153,768
Digital Realty Trust Incorporated		14,196		1,633,108
Douglas Emmett Incorporated		11,265		415,904
Duke Realty Corporation		24,663		701,909
Easterly Government Properties Incorporated		4,218		76,852
EastGroup Properties Incorporated		2,424		242,448
Empire State Realty Trust Incorporated		11,790		190,880
Equity Commonwealth		8,072		256,447
Equity Lifestyle Properties Incorporated		5,516		549,007
Equity Residential		24,898		1,773,983
Essex Property Trust Incorporated		4,433		1,163,707
Extra Space Storage Incorporated		8,526		818,325
Federal Realty Investment Trust		5,055		667,715
First Industrial Realty Trust Incorporated		8,570		274,754
Forest City Realty Trust Incorporated		15,134		382,890
Gaming and Leisure Properties Incorporated		14,092		485,188
Government Properties Income		6,792		59,770
HCP Incorporated		32,197		942,084
Healthcare Realty Trust Incorporated		8,548		264,988
Healthcare Trust of America Incorporated Class A		14,340		403,241
Hersha Hospitality Trust		2,866		54,741
Highwoods Properties Incorporated		7,173		311,093
Hospitality Properties Trust		11,309		303,534
Host Hotels & Resorts Incorporated		51,976		987,544
Hudson Pacific Properties Incorporated		10,796		333,165
Independence Realty Trust Incorporated		6,035		60,954
Innovative Industrial Properties Incorporated		641		31,633
Invitation Homes Incorporated		21,097		452,742
Iron Mountain Incorporated		19,478		661,668
JBG Smith Properties		7,840		314,149
Jernigan Capital Incorporated		1,253		26,789
Kilroy Realty Corporation		7,200		504,648
Kimco Realty Corporation		27,558		450,573
Kite Realty Group Trust		5,816		96,022

1

Portfolio of investments —November 30, 2018 (unaudited) Wells Fargo U.S. REIT Portfolio

Security name			Shares		Value
Equity REITs (continued)
Lamar Advertising Company Class A				5,940	$	450,490
Liberty Property Trust				9,921		449,322
Life Storage Incorporated				3,180		310,495
LTC Properties Incorporated				2,724		126,503
Mack-Cali Realty Corporation				5,896		127,707
Mid-America Apartment Communities Incorporated				7,843		812,221
National Health Investors Incorporated				2,829		220,605
National Storage Affiliates				3,566		99,741
Outfront Media Incorporated				9,820		204,060
Paramount Group Incorporated				15,205		216,975
Park Hotels & Resorts Incorporated				14,389		443,469
Pebblebrook Hotel Trust				11,768		410,939
Pennsylvania Real Estate Investment Trust				4,324		35,414
Piedmont Office Realty Trust Incorporated Class A				8,842		163,842
Preferred Apartment Communities Incorporated Series A				2,711		40,557
Prologis Incorporated				43,219		2,910,367
PS Business Parks Incorporated				1,305		184,031
Public Storage Incorporated				10,365		2,210,440
Regency Centers Corporation				11,065		704,398
Retail Opportunity Investment Corporation				8,048		145,669
Rexford Industrial Realty Incorporated				6,411		209,255
RLJ Lodging Trust				12,273		249,633
RPT Realty				5,354		76,509
Ryman Hospitality Properties Incorporated				3,215		238,264
SBA Communications Corporation †				7,953		1,358,452
Senior Housing Properties Trust				16,255		223,669
Seritage Growth Property Class A				2,309		87,603
Simon Property Group Incorporated				20,859		3,873,308
SITE Centers Corporation				9,720		120,917
SL Green Realty Corporation				6,331		610,435
STAG Industrial Incorporated				7,208		193,102
Summit Hotel Properties Incorporated				7,184		80,102
Sun Communities Incorporated				5,719		595,348
Sunstone Hotel Investors Incorporated				16,469		251,317
Tanger Factory Outlet Centers Incorporated				6,381		150,911
Taubman Centers Incorporated				4,005		212,025
Terreno Realty Corporation				3,989		155,611
The Geo Group Incorporated				8,725		202,769
The Macerich Company				9,671		486,355
Tier Incorporated				3,505		82,508
UDR Incorporated				18,257		778,113
Uniti Group Incorporated				11,505		229,295
Urban Edge Properties				7,562		150,786
Ventas Incorporated				24,582		1,560,711
VICI Properties Incorporated				25,536		555,919
Vornado Realty Trust				12,078		869,133
Washington Prime Group Incorporated				12,431		77,694
Washington Real Estate Investment Trust				5,439		146,635
Weingarten Realty Investors				8,323		240,202
Welltower Incorporated				25,547		1,847,815
Xenia Hotels & Resorts Incorporated				8,008		162,723
Total Common Stocks (Cost $47,373,116)						51,475,878
Total investments in securities (Cost $47,373,116)	99.60	%				51,475,878
Other assets and liabilities, net	0.40					209,241
Total net assets	100.00	%			$	51,685,119

† Non-income-earning security

Abbreviations:

REIT Real estate investment trust

2

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 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*		336,973		7,683,380		8,020,353		0	$	0		0.00	%

* No longer held at the end of the period.

Wells Fargo U.S. REIT Portfolio (the “Portfolio”)

Notes to Portfolio of investments – November 30, 2018 (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 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 November 30, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Real estate	$	51,475,878	$	0	$	0	$	51,475,878
Total assets	$	51,475,878	$	0	$	0	$	51,475,878

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Master Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date: January 25, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Wells Fargo Master Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date: January 25, 2019
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date: January 25, 2019