Form N-Q/A

N-Q/A 1 d11219dnqa.htm FORM N-Q/A Form N-Q/A

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: May 31

Wells Fargo C&B Large Cap Value Portfolio, Wells Fargo Diversified Large Cap Growth Portfolio, Wells Fargo Emerging Growth Portfolio, Wells Fargo Index Portfolio, Wells Fargo International Growth Portfolio, Wells Fargo International Value Portfolio, Wells Fargo Large Company Value Portfolio, Wells Fargo Small Company Growth Portfolio, Wells Fargo Small Company Value Portfolio, Wells Fargo Core Bond Portfolio, Wells Fargo Real Return Portfolio, Wells Fargo Managed Fixed Income Portfolio, Wells Fargo Stable Income Portfolio and Wells Fargo Disciplined Large Cap Portfolio.

Date of reporting period: August 31, 2018

ITEM 1.

INVESTMENTS


Wells Fargo C&B Large Cap Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 97.72%
Consumer Discretionary: 10.80%
Hotels, Restaurants & Leisure: 2.17%
Carnival Corporation		161,680	$	9,941,703

Household Durables: 1.79%
Whirlpool Corporation		65,671		8,207,562

Media: 2.42%
Omnicom Group Incorporated		160,584		11,131,683

Textiles, Apparel & Luxury Goods: 4.42%
Gildan Activewear Incorporated		455,400		13,411,530
HanesBrands Incorporated «		393,800		6,907,252
				20,318,782

Consumer Staples: 3.85%
Beverages: 1.10%
Diageo plc ADR		36,300		5,060,583

Personal Products: 0.90%
Unilever NV ADR		71,974		4,137,066

Tobacco: 1.85%
Philip Morris International		108,705		8,467,032

Energy: 5.02%
Energy Equipment & Services: 1.27%
Schlumberger Limited		92,646		5,851,521

Oil, Gas & Consumable Fuels: 3.75%
Exxon Mobil Corporation		135,768		10,884,521
World Fuel Services Corporation		225,171		6,311,543
				17,196,064

Financials: 26.70%
Banks: 4.65%
JPMorgan Chase & Company		111,900		12,821,502
PNC Financial Services Group Incorporated		59,505		8,541,348
				21,362,850

Capital Markets: 8.26%
Brookfield Asset Management Incorporated Class A		271,802		11,624,972
Intercontinental Exchange Incorporated		171,700		13,088,691
State Street Corporation		152,000		13,210,320
				37,923,983

Consumer Finance: 1.86%
Synchrony Financial		270,300		8,560,401

Diversified Financial Services: 2.41%
Berkshire Hathaway Incorporated Class B †		53,100		11,083,032

Insurance: 9.52%
Arch Capital Group Limited †		150,900		4,613,013
Chubb Limited		85,200		11,522,448
FNF Group		297,724		11,938,732
RenaissanceRe Holdings Limited		58,455		7,772,177
The Progressive Corporation		116,388		7,859,682
				43,706,052


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo C&B Large Cap Value Portfolio


Security name	Shares		Value
Health Care: 13.33%
Health Care Equipment & Supplies: 3.41%
Abbott Laboratories		109,236	$	7,301,334
Becton Dickinson & Company		31,908		8,355,748
				15,657,082

Health Care Providers & Services: 4.21%
Cardinal Health Incorporated		113,518		5,924,504
Laboratory Corporation of America Holdings †		42,800		7,398,836
UnitedHealth Group Incorporated		22,406		6,015,115
				19,338,455

Pharmaceuticals: 5.71%
Allergan plc		77,600		14,876,696
Johnson & Johnson		84,320		11,357,061
				26,233,757

Industrials: 16.35%
Air Freight & Logistics: 2.63%
United Parcel Service Incorporated Class B		98,346		12,084,756

Building Products: 2.54%
Johnson Controls International plc		308,300		11,644,491

Electrical Equipment: 3.80%
AMETEK Incorporated		95,028		7,313,355
Eaton Corporation plc		122,235		10,162,618
				17,475,973

Machinery: 4.23%
Colfax Corporation †		297,200		10,378,224
Snap-on Incorporated		51,100		9,033,458
				19,411,682

Trading Companies & Distributors: 3.15%
AerCap Holdings NV †		253,600		14,447,592

Information Technology: 10.90%
Electronic Equipment, Instruments & Components: 4.38%
Arrow Electronics Incorporated †		177,000		13,722,810
TE Connectivity Limited		70,000		6,417,600
				20,140,410

IT Services: 3.96%
Alliance Data Systems Corporation		33,041		7,882,922
Amdocs Limited		157,745		10,297,594
				18,180,516

Semiconductors & Semiconductor Equipment: 2.56%
Analog Devices Incorporated		49,296		4,872,910
Applied Materials Incorporated		159,700		6,870,294
				11,743,204


Wells Fargo C&B Large Cap Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name						Shares		Value
Materials: 5.98%
Chemicals: 0.96%
Axalta Coating Systems Limited †							144,842	$	4,417,681

Containers & Packaging: 5.02%
Ball Corporation							246,500		10,323,420
Crown Holdings Incorporated †							297,083		12,718,123
									23,041,543

Real Estate: 1.68%
Real Estate Management & Development: 1.68%
CBRE Group Incorporated Class A †							158,487		7,735,750

Telecommunication Services: 3.11%
Diversified Telecommunication Services: 3.11%
Verizon Communications Incorporated							262,600		14,277,561

Total Common Stocks (Cost $355,503,868)									448,778,767

			Yield
Short-Term Investments: 3.54%
Investment Companies: 3.54%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07	%		6,735,881		6,736,555
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87			9,489,009		9,489,009
Total Short-Term Investments (Cost $16,225,515)									16,225,564

Total investments in securities (Cost $371,729,383)	101.26	%							465,004,331
Other assets and liabilities, net	(1.26	)							(5,763,801	)

Total net assets	100.00	%						$	459,240,530

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

†	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.

(r)

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

(u)

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

Abbreviations:


ADR		American depositary receipt

Investments in Affiliates

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


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		10,765,440		29,617,761		33,647,320		6,735,881	$	6,736,555
Wells Fargo Government Money Market Fund Select Class		11,494,258		27,920,897		29,926,146		9,489,009		9,489,009

									$	16,225,564		3.54	%

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

Notes to Portfolio of investments – August 31, 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 in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

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

Fair valuation measurements

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

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	49,599,730	$	0	$	0	$	49,599,730
Consumer staples		17,664,681		0		0		17,664,681
Energy		23,047,585		0		0		23,047,585
Financials		122,636,318		0		0		122,636,318
Health care		61,229,294		0		0		61,229,294
Industrials		75,064,494		0		0		75,064,494
Information technology		50,064,130		0		0		50,064,130
Materials		27,459,224		0		0		27,459,224
Real estate		7,735,750		0		0		7,735,750
Telecommunications services		14,277,561		0		0		14,277,561
Short-term investments
Investment companies		9,489,009		0		0		9,489,009
Investments measured at net asset value*								6,736,555

Total assets	$	458,267,776	$	0	$	0	$	465,004,331

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $6,736,555 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Portfolio recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At August 31, 2018, the Portfolio did not have any transfers into/out of Level 1, Level 2, or Level 3.


Wells Fargo Disciplined Large Cap Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 99.01%
Consumer Discretionary: 12.33%
Auto Components: 0.59%
BorgWarner Incorporated		12,023	$	526,247
Gentex Corporation		60,379		1,411,661
Lear Corporation		4,231		686,268
				2,624,176

Automobiles: 0.62%
Ford Motor Company		183,055		1,735,361
Thor Industries Incorporated		10,635		1,015,004
				2,750,365

Hotels, Restaurants & Leisure: 0.96%
Carnival Corporation		30,369		1,867,390
Hilton Worldwide Holdings Incorporated		10,647		826,420
Las Vegas Sands Corporation		8,729		571,051
McDonald’s Corporation		3,111		504,698
Yum China Holdings Incorporated		11,775		455,457
				4,225,016

Household Durables: 0.12%
NVR Incorporated †		203		541,695

Internet & Direct Marketing Retail: 3.01%
Amazon.com Incorporated †		5,712		11,496,600
Booking Holdings Incorporated †		404		788,426
Netflix Incorporated †		2,868		1,054,506
				13,339,532

Media: 2.68%
Comcast Corporation Class A		113,146		4,185,271
John Wiley & Sons Incorporated Class A		12,648		816,428
Sirius XM Holdings Incorporated		209,320		1,486,172
The Walt Disney Company		32,086		3,594,274
Twenty-First Century Fox Incorporated Class A		20,445		928,203
Viacom Incorporated Class B		30,202		884,315
				11,894,663

Multiline Retail: 0.58%
Kohl’s Corporation		13,804		1,092,034
Macy’s Incorporated		40,749		1,489,376
				2,581,410

Specialty Retail: 3.59%
Best Buy Company Incorporated		26,148		2,080,335
Burlington Stores Incorporated †		2,816		473,595
Dick’s Sporting Goods Incorporated		38,148		1,428,261
Foot Locker Incorporated		17,564		865,905
Lowe’s Companies Incorporated		24,061		2,616,634
Ross Stores Incorporated		5,029		481,678
The Gap Incorporated		32,963		1,000,427
The Home Depot Incorporated		26,171		5,254,352
The Michaels Companies Incorporated †		20,512		348,499
The TJX Companies Incorporated		12,269		1,349,222
				15,898,908


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Disciplined Large Cap Portfolio


Security name	Shares		Value
Textiles, Apparel & Luxury Goods: 0.18%
Ralph Lauren Corporation		6,080	$	807,485

Consumer Staples: 5.78%
Beverages: 1.10%
PepsiCo Incorporated		14,642		1,640,050
The Coca-Cola Company		72,407		3,227,180
				4,867,230

Food & Staples Retailing: 1.57%
Costco Wholesale Corporation		2,008		468,125
Sprouts Farmers Market Incorporated †		24,101		637,953
The Kroger Company		71,008		2,236,752
US Foods Holding Corporation †		44,383		1,446,442
Wal-Mart Stores Incorporated		17,925		1,718,291
Walgreens Boots Alliance Incorporated		6,442		441,664
				6,949,227

Food Products: 1.11%
Archer Daniels Midland Company		13,016		656,006
Ingredion Incorporated		4,437		448,448
Kellogg Company		9,896		710,434
Pilgrim’s Pride Corporation †		71,581		1,323,533
Tyson Foods Incorporated Class A		28,191		1,770,677
				4,909,098

Household Products: 1.40%
Colgate-Palmolive Company		25,062		1,664,367
The Procter & Gamble Company		55,137		4,573,614
				6,237,981

Personal Products: 0.14%
The Estee Lauder Companies Incorporated Class A		4,456		624,375

Tobacco: 0.46%
Altria Group Incorporated		14,825		867,559
Philip Morris International Incorporated		15,024		1,170,219
				2,037,778

Energy: 5.69%
Energy Equipment & Services: 0.82%
Halliburton Company		15,338		611,833
Schlumberger Limited		48,236		3,046,586
				3,658,419

Oil, Gas & Consumable Fuels: 4.87%
Chevron Corporation		43,667		5,172,793
ConocoPhillips		17,152		1,259,471
Exxon Mobil Corporation		87,766		7,036,200
Kinder Morgan Incorporated		107,347		1,900,042
Marathon Petroleum Corporation		5,440		447,658
Newfield Exploration Company †		15,427		420,849
Occidental Petroleum Corporation		13,531		1,080,721
ONEOK Incorporated		25,773		1,698,698
Valero Energy Corporation		21,846		2,575,206
				21,591,638


Wells Fargo Disciplined Large Cap Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Financials: 13.16%
Banks: 5.07%
Bank of America Corporation		197,024	$	6,093,952
BankUnited Incorporated		22,967		890,890
BB&T Corporation		15,935		823,202
Citigroup Incorporated		60,861		4,335,738
Citizens Financial Group Incorporated		19,605		806,942
Fifth Third Bancorp		27,486		808,913
First Hawaiian Incorporated		15,123		438,416
JPMorgan Chase & Company		55,634		6,374,544
Popular Incorporated		19,147		963,860
Umpqua Holdings Corporation		24,428		522,759
Wintrust Financial Corporation		4,885		432,567
				22,491,783

Capital Markets: 1.26%
Affiliated Managers Group Incorporated		3,164		462,229
Bank of New York Mellon Corporation		22,450		1,170,768
Eaton Vance Corporation		10,341		545,281
Evercore Partners Incorporated Class A		7,591		805,785
Legg Mason Incorporated		24,738		771,826
LPL Financial Holdings Incorporated		7,032		465,800
Northern Trust Corporation		3,930		422,318
S&P Global Incorporated		4,580		948,289
				5,592,296

Consumer Finance: 1.05%
American Express Company		16,215		1,718,466
Capital One Financial Corporation		12,112		1,200,178
Synchrony Financial		55,108		1,745,270
				4,663,914

Diversified Financial Services: 1.48%
Berkshire Hathaway Incorporated Class B †		31,506		6,575,932

Insurance: 4.20%
AFLAC Incorporated		49,079		2,269,413
Brown & Brown Incorporated		16,613		506,364
CNA Financial Corporation		19,684		883,812
Everest Reinsurance Group Limited		7,937		1,770,110
FNF Group		22,853		916,405
Lincoln National Corporation		13,689		897,725
MetLife Incorporated		48,832		2,240,900
Old Republic International Corporation		28,367		629,180
Prudential Financial Incorporated		12,846		1,262,120
Reinsurance Group of America Incorporated		5,186		740,820
The Allstate Corporation		12,453		1,252,398
The Hartford Financial Services Group Incorporated		18,786		946,251
The Progressive Corporation		27,578		1,862,342
The Travelers Companies Incorporated		8,602		1,132,023
Torchmark Corporation		9,576		841,922
Unum Group		12,065		444,957
				18,596,742

Thrifts & Mortgage Finance: 0.10%
New York Community Bancorp Incorporated		41,292		444,715

Health Care: 15.04%
Biotechnology: 2.57%
AbbVie Incorporated		41,549		3,987,873
Amgen Incorporated		14,269		2,851,089
Celgene Corporation †		7,301		689,579


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Disciplined Large Cap Portfolio


Security name	Shares		Value
Biotechnology (continued)
Exelixis Incorporated †		20,226	$	380,047
Gilead Sciences Incorporated		40,251		3,048,208
United Therapeutics Corporation †		3,484		428,497
				11,385,293

Health Care Equipment & Supplies: 2.74%
Abbott Laboratories		43,090		2,880,136
ABIOMED Incorporated †		4,336		1,762,931
Baxter International Incorporated		29,862		2,220,837
Boston Scientific Corporation †		15,724		559,145
Danaher Corporation		4,334		448,742
ICU Medical Incorporated †		5,403		1,653,318
Medtronic plc		27,331		2,634,982
				12,160,091

Health Care Providers & Services: 4.35%
Aetna Incorporated		10,912		2,185,346
AmerisourceBergen Corporation		10,049		904,109
Anthem Incorporated		8,246		2,182,964
Cardinal Health Incorporated		13,887		724,763
Cigna Corporation		3,005		565,962
CVS Health Corporation		28,585		2,150,735
Express Scripts Holding Company †		19,223		1,692,008
Humana Incorporated		7,018		2,338,819
McKesson Corporation		6,839		880,521
UnitedHealth Group Incorporated		21,098		5,663,969
				19,289,196

Health Care Technology: 0.19%
Veeva Systems Incorporated Class A †		8,132		848,656

Life Sciences Tools & Services: 0.21%
Agilent Technologies Incorporated		6,846		462,379
Bio-Rad Laboratories Incorporated Class A †		1,426		463,878
				926,257

Pharmaceuticals: 4.98%
Allergan plc		8,079		1,548,825
Bristol-Myers Squibb Company		27,637		1,673,420
Eli Lilly & Company		17,888		1,889,867
Johnson & Johnson		55,267		7,443,912
Merck & Company Incorporated		68,331		4,686,823
Pfizer Incorporated		116,429		4,834,132
				22,076,979

Industrials: 9.46%
Aerospace & Defense: 2.11%
Lockheed Martin Corporation		3,922		1,256,648
Raytheon Company		8,416		1,678,487
The Boeing Company		12,339		4,229,686
United Technologies Corporation		16,507		2,173,972
				9,338,793

Air Freight & Logistics: 1.03%
C.H. Robinson Worldwide Incorporated		9,842		945,619
Expeditors International of Washington Incorporated		5,974		437,775
FedEx Corporation		5,110		1,246,585
United Parcel Service Incorporated Class B		15,890		1,952,563
				4,582,542


Wells Fargo Disciplined Large Cap Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Airlines: 0.70%
Delta Air Lines Incorporated		25,542	$	1,493,696
United Continental Holdings Incorporated †		18,423		1,610,539
				3,104,235

Commercial Services & Supplies: 0.16%
Waste Management Incorporated		7,751		704,566

Construction & Engineering: 0.52%
AECOM Technology Corporation †		22,568		759,188
Fluor Corporation		12,486		716,821
Quanta Services Incorporated †		24,627		851,848
				2,327,857

Electrical Equipment: 0.55%
Eaton Corporation plc		20,304		1,688,075
Regal-Beloit Corporation		9,012		754,304
				2,442,379

Industrial Conglomerates: 0.65%
3M Company		2,013		424,582
Honeywell International Incorporated		15,354		2,442,207
				2,866,789

Machinery: 1.05%
Allison Transmission Holdings Incorporated		20,739		1,029,899
Caterpillar Incorporated		3,314		460,149
Cummins Incorporated		5,080		720,344
Oshkosh Corporation		22,940		1,611,764
Terex Corporation		21,601		837,039
				4,659,195

Professional Services: 0.54%
Dun & Bradstreet Corporation		6,566		938,413
Manpower Incorporated		4,652		436,032
Robert Half International Incorporated		13,223		1,033,774
				2,408,219

Road & Rail: 1.49%
Landstar System Incorporated		12,971		1,502,042
Old Dominion Freight Line Incorporated		13,050		1,988,820
Ryder System Incorporated		10,940		840,630
Schneider National Incorporated Class B		50,795		1,374,005
Union Pacific Corporation		5,930		893,177
				6,598,674

Trading Companies & Distributors: 0.66%
Fastenal Company		7,656		446,804
HD Supply Holdings Incorporated †		33,170		1,512,220
MSC Industrial Direct Company Class A		5,538		473,388
W.W. Grainger Incorporated		1,415		501,009
				2,933,421

Information Technology: 26.89%
Communications Equipment: 1.79%
Arista Networks Incorporated †		3,843		1,148,980
ARRIS International plc †		34,190		885,863
Cisco Systems Incorporated		113,658		5,429,443
Palo Alto Networks Incorporated †		2,174		502,520
				7,966,806


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Disciplined Large Cap Portfolio


Security name	Shares		Value
Electronic Equipment, Instruments & Components: 0.33%
Arrow Electronics Incorporated †		5,692	$	441,301
CDW Corporation of Delaware		11,518		1,008,516
				1,449,817

Internet Software & Services: 5.11%
Alphabet Incorporated Class A †		5,488		6,760,118
Alphabet Incorporated Class C †		5,503		6,703,700
Facebook Incorporated Class A †		45,009		7,909,432
IAC Corporation †		4,112		810,886
Okta Incorporated †		7,844		484,995
				22,669,131

IT Services: 4.42%
Accenture plc Class A		11,555		1,953,604
Alliance Data Systems Corporation		3,812		909,467
Amdocs Limited		11,268		735,575
Booz Allen Hamilton Holding Corporation		9,286		475,072
Conduent Incorporated †		23,405		542,528
DXC Technology Company		9,154		833,838
FleetCor Technologies Incorporated †		2,003		428,121
International Business Machines Corporation		15,909		2,330,350
Leidos Holdings Incorporated		6,234		441,180
MasterCard Incorporated Class A		18,491		3,985,920
Paychex Incorporated		7,604		556,993
Total System Services Incorporated		4,643		451,021
Visa Incorporated Class A		40,488		5,947,282
				19,590,951

Semiconductors & Semiconductor Equipment: 3.87%
Analog Devices Incorporated		4,461		440,970
Applied Materials Incorporated		26,830		1,154,227
Broadcom Incorporated		10,360		2,269,151
Intel Corporation		104,852		5,077,982
Lam Research Corporation		9,403		1,627,565
Micron Technology Incorporated †		46,421		2,438,031
NVIDIA Corporation		4,638		1,301,794
Texas Instruments Incorporated		25,471		2,862,940
				17,172,660

Software: 5.83%
Adobe Systems Incorporated †		1,892		498,561
CA Incorporated		23,726		1,039,199
Cadence Design Systems Incorporated †		19,517		918,080
Intuit Incorporated		8,792		1,929,580
Microsoft Corporation		138,193		15,523,220
Oracle Corporation		53,762		2,611,758
Proofpoint Incorporated †		3,689		437,700
RealPage Incorporated †		7,689		479,794
Synopsys Incorporated †		4,766		486,799
Tyler Technologies Incorporated †		1,860		459,327
VMware Incorporated Class A †		9,544		1,462,713
				25,846,731

Technology Hardware, Storage & Peripherals: 5.54%
Apple Incorporated		88,817		20,217,414
HP Incorporated		84,525		2,083,541
NetApp Incorporated		11,666		1,012,725
Western Digital Corporation		19,716		1,246,840
				24,560,520


Wells Fargo Disciplined Large Cap Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Materials: 3.04%
Chemicals: 1.57%
Air Products & Chemicals Incorporated		5,251	$	873,189
DowDuPont Incorporated		21,795		1,528,483
Eastman Chemical Company		5,526		536,188
Huntsman Corporation		55,024		1,677,682
LyondellBasell Industries NV Class A		15,968		1,800,871
The Chemours Company		12,696		553,546
				6,969,959

Containers & Packaging: 0.47%
Avery Dennison Corporation		8,018		843,333
Packaging Corporation of America		4,185		460,015
Sonoco Products Company		13,756		770,886
				2,074,234

Metals & Mining: 1.00%
Freeport-McMoRan Incorporated		108,088		1,518,636
Newmont Mining Corporation		32,466		1,007,420
Reliance Steel & Aluminum Company		6,780		595,894
Steel Dynamics Incorporated		21,538		984,933
United States Steel Corporation		11,853		351,797
				4,458,680

Real Estate: 3.86%
Equity REITs: 3.37%
American Tower Corporation		18,244		2,720,545
Crown Castle International Corporation		22,187		2,529,984
Equinix Incorporated		4,508		1,966,074
Hospitality Properties Trust		28,817		835,405
Kimco Realty Corporation		49,722		850,743
Prologis Incorporated		13,188		885,970
SBA Communications Corporation †		6,555		1,017,533
Simon Property Group Incorporated		13,736		2,514,100
Weyerhaeuser Company		46,687		1,620,506
				14,940,860

Real Estate Management & Development: 0.49%
Brookfield Property Partners LP		14,959		298,881
CBRE Group Incorporated Class A †		38,253		1,867,129
				2,166,010

Telecommunication Services: 1.72%
Diversified Telecommunication Services: 1.72%
AT&T Incorporated		142,947		4,565,727
Verizon Communications Incorporated		56,225		3,056,953
				7,622,680


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Disciplined Large Cap Portfolio


Security name						Shares		Value
Utilities: 2.04%
Electric Utilities: 0.84%
Exelon Corporation							54,069	$	2,363,356
The Southern Company							30,794		1,348,161
									3,711,517

Gas Utilities: 0.43%
UGI Corporation							34,940		1,888,507

Multi-Utilities: 0.77%
Ameren Corporation							6,942		438,943
CenterPoint Energy Incorporated							30,731		854,014
DTE Energy Company							3,930		436,775
MDU Resources Group Incorporated							30,558		852,263
Public Service Enterprise Group Incorporated							16,147		845,295
									3,427,290

Total Common Stocks (Cost $426,082,879)									439,073,873

			Yield
Short-Term Investments: 0.31%
Investment Companies: 0.31%
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87	%		1,359,500		1,359,500

Total Short-Term Investments (Cost $1,359,500)									1,359,500

Total investments in securities (Cost $427,442,379)	99.32	%							440,433,373
Other assets and liabilities, net	0.68								3,030,343

Total net assets	100.00	%						$	443,463,716

†	Non-income-earning security

(l)

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

(u)

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

Abbreviations:


REIT		Real estate investment trust

Investments in Affiliates


	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		6,192,937		4,833,437		1,359,500	$	1,359,500		0.31	%

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

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

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

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	54,663,250	$	0	$	0	$	54,663,250
Consumer staples		25,625,689		0		0		25,625,689
Energy		25,250,057		0		0		25,250,057
Financials		58,365,382		0		0		58,365,382


Health care		66,686,472		0		0		66,686,472
Industrials		41,966,670		0		0		41,966,670
Information technology		119,256,616		0		0		119,256,616
Materials		13,502,873		0		0		13,502,873
Real estate		17,106,870		0		0		17,106,870
Telecommunication services		7,622,680		0		0		7,622,680
Utilities		9,027,314		0		0		9,027,314
Short-term investments
Investment companies		1,359,500		0		0		1,359,500

Total assets	$	440,433,373	$	0	$	0	$	440,433,373


Wells Fargo Diversified Large Cap Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 99.23%
Consumer Discretionary: 14.98%
Auto Components: 0.68%
Aptiv plc		2,909	$	256,021
Lear Corporation		14,598		2,367,794
				2,623,815

Automobiles: 0.49%
General Motors Company		52,699		1,899,799

Hotels, Restaurants & Leisure: 1.48%
Carnival Corporation		7,120		437,809
Domino’s Pizza Incorporated		2,635		786,706
Marriott International Incorporated Class A		6,700		847,349
Norwegian Cruise Line Holdings Limited †		28,241		1,514,000
Royal Caribbean Cruises Limited		17,659		2,164,640
				5,750,504

Internet & Direct Marketing Retail: 6.17%
Amazon.com Incorporated †		10,596		21,326,675
Netflix Incorporated †		6,991		2,570,451
				23,897,126

Media: 0.32%
Live Nation Incorporated †		24,990		1,241,503

Multiline Retail: 2.20%
Dollar Tree Incorporated †		35,537		2,861,084
Macy’s Incorporated		70,858		2,589,860
Target Corporation		34,983		3,061,013
				8,511,957

Specialty Retail: 3.64%
Burlington Stores Incorporated †		11,610		1,952,570
O’Reilly Automotive Incorporated †		2,720		912,342
The Home Depot Incorporated		39,058		7,841,675
The TJX Companies Incorporated		21,779		2,395,037
ULTA Beauty Incorporated †		3,844		999,440
				14,101,064

Consumer Staples: 4.38%
Beverages: 1.31%
Constellation Brands Incorporated Class A		10,241		2,132,176
The Coca-Cola Company		65,767		2,931,235
				5,063,411

Food & Staples Retailing: 2.53%
Costco Wholesale Corporation		21,961		5,119,768
Sysco Corporation		32,192		2,408,605
Wal-Mart Stores Incorporated		23,687		2,270,636
				9,799,009

Personal Products: 0.54%
The Estee Lauder Companies Incorporated Class A		15,070		2,111,608


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Diversified Large Cap Growth Portfolio


Security name	Shares		Value
Energy: 2.39%
Oil, Gas & Consumable Fuels: 2.39%
Chevron Corporation		15,732	$	1,863,613
Concho Resources Incorporated †		20,562		2,820,078
Exxon Mobil Corporation		19,635		1,574,138
Valero Energy Corporation		25,285		2,980,596
				9,238,425

Financials: 7.86%
Banks: 1.96%
Bank of America Corporation		80,418		2,487,329
Citizens Financial Group Incorporated		50,782		2,090,187
JPMorgan Chase & Company		26,286		3,011,850
				7,589,366

Capital Markets: 4.56%
CME Group Incorporated		19,429		3,394,829
ETRADE Financial Corporation †*		10,900		641,574
Evercore Partners Incorporated Class A		21,375		2,268,956
MarketAxess Holdings Incorporated		7,677		1,457,248
Northern Trust Corporation		21,310		2,289,973
Raymond James Financial Incorporated		29,421		2,737,330
TD Ameritrade Holding Corporation		7,866		460,712
The Charles Schwab Corporation		86,553		4,396,027
				17,646,649

Insurance: 1.34%
Prudential Financial Incorporated		18,804		1,847,493
The Progressive Corporation		49,810		3,363,669
				5,211,162

Health Care: 12.93%
Biotechnology: 3.42%
AbbVie Incorporated		19,494		1,871,034
Agios Pharmaceuticals Incorporated †		6,061		489,244
Alexion Pharmaceuticals Incorporated †		7,461		912,033
Amgen Incorporated		10,214		2,040,859
BioMarin Pharmaceutical Incorporated †		6,479		647,770
Neurocrine Biosciences Incorporated †		11,189		1,375,688
Sage Therapeutics Incorporated †		3,748		615,646
Sarepta Therapeutics Incorporated †		4,715		650,859
Vertex Pharmaceuticals Incorporated †		25,173		4,641,901
				13,245,034

Health Care Equipment & Supplies: 3.54%
Abbott Laboratories		66,459		4,442,120
Baxter International Incorporated		45,839		3,409,046
Boston Scientific Corporation †		105,447		3,749,695
Edwards Lifesciences Corporation †		2,358		340,118
Intuitive Surgical Incorporated †		1,413		791,280
Stryker Corporation		5,793		981,508
				13,713,767

Health Care Providers & Services: 2.46%
Centene Corporation †		26,453		3,874,836
Encompass Health Corporation		30,773		2,510,769
UnitedHealth Group Incorporated		11,632		3,122,727
				9,508,332


Wells Fargo Diversified Large Cap Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Health Care Technology: 0.28%
Veeva Systems Incorporated Class A †		10,417	$	1,087,118

Life Sciences Tools & Services: 1.52%
Agilent Technologies Incorporated		66,066		4,462,097
PRA Health Sciences Incorporated †		13,611		1,437,322
				5,899,419

Pharmaceuticals: 1.71%
Johnson & Johnson		15,187		2,045,537
Zoetis Incorporated		50,489		4,574,303
				6,619,840

Industrials: 12.35%
Aerospace & Defense: 1.94%
HEICO Corporation		10,365		939,898
Northrop Grumman Corporation		6,898		2,058,984
The Boeing Company		13,139		4,503,918
				7,502,800

Air Freight & Logistics: 1.62%
Expeditors International of Washington Incorporated		31,073		2,277,029
FedEx Corporation		5,078		1,238,778
XPO Logistics Incorporated †		25,806		2,748,339
				6,264,146

Airlines: 0.77%
Southwest Airlines Company		49,020		3,004,926

Commercial Services & Supplies: 1.66%
KAR Auction Services Incorporated		38,544		2,416,323
Waste Connections Incorporated		50,495		4,008,798
				6,425,121

Construction & Engineering: 0.51%
EMCOR Group Incorporated		24,697		1,978,230

Electrical Equipment: 0.17%
Rockwell Automation Incorporated		3,765		681,314

Industrial Conglomerates: 0.83%
3M Company		3,972		837,774
Honeywell International Incorporated		8,531		1,356,941
Roper Industries Incorporated		3,382		1,009,087
				3,203,802

Machinery: 1.14%
Cummins Incorporated		12,620		1,789,516
Fortive Corporation		31,166		2,617,321
				4,406,837

Professional Services: 0.61%
CoStar Group Incorporated †		3,838		1,697,010
TransUnion		9,124		687,037
				2,384,047


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Diversified Large Cap Growth Portfolio


Security name	Shares		Value
Road & Rail: 2.46%
CSX Corporation		23,908	$	1,773,017
Norfolk Southern Corporation		21,906		3,808,139
Union Pacific Corporation		26,118		3,933,893
				9,515,049

Trading Companies & Distributors: 0.64%
Applied Industrial Technologies Incorporated		31,979		2,463,982

Information Technology: 39.73%
Communications Equipment: 0.61%
Cisco Systems Incorporated		49,306		2,355,348

Electronic Equipment, Instruments & Components: 1.60%
Jabil Circuit Incorporated		68,855		2,035,354
TE Connectivity Limited		13,692		1,255,283
Zebra Technologies Corporation Class A †		16,874		2,897,941
				6,188,578

Internet Software & Services: 8.25%
Alibaba Group Holding Limited ADR †		6,106		1,068,611
Alphabet Incorporated Class A †		10,440		12,859,992
Alphabet Incorporated Class C †		6,063		7,385,886
Facebook Incorporated Class A †		47,161		8,287,603
Match Group Incorporated †«		13,240		662,662
MercadoLibre Incorporated		949		324,947
Shopify Incorporated Class A †«		9,167		1,335,357
				31,925,058

IT Services: 8.15%
Euronet Worldwide Incorporated †		932		91,150
Global Payments Incorporated		7,682		957,024
MasterCard Incorporated Class A		41,188		8,878,485
PayPal Holdings Incorporated †		76,708		7,082,450
Square Incorporated Class A †		39,282		3,481,956
Visa Incorporated Class A		67,882		9,971,187
Worldpay Incorporated Class A †		11,340		1,104,403
				31,566,655

Semiconductors & Semiconductor Equipment: 6.85%
Intel Corporation		44,690		2,164,337
Microchip Technology Incorporated «		91,832		7,900,307
Monolithic Power Systems Incorporated		5,025		753,097
NVIDIA Corporation		27,107		7,608,393
ON Semiconductor Corporation †		98,117		2,093,817
Texas Instruments Incorporated		53,475		6,010,590
				26,530,541

Software: 10.60%
Activision Blizzard Incorporated		35,229		2,540,011
Adobe Systems Incorporated †		15,765		4,154,235
Electronic Arts Incorporated †		8,963		1,016,494
Microsoft Corporation		144,910		16,277,741
Pivotal Software Incorporated Class A †		26,451		734,015
Proofpoint Incorporated †		8,867		1,052,070
RealPage Incorporated †		15,430		962,832
Salesforce.com Incorporated †		29,375		4,484,975
ServiceNow Incorporated †		13,270		2,605,697
Splunk Incorporated †		7,879		1,009,694
Take-Two Interactive Software Incorporated †		9,158		1,223,142
Ultimate Software Group Incorporated †		5,252		1,626,387
VMware Incorporated Class A †		22,026		3,375,704
				41,062,997


Wells Fargo Diversified Large Cap Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Technology Hardware, Storage & Peripherals: 3.67%
Apple Incorporated		35,891	$	8,169,868
HP Incorporated		99,626		2,455,781
NetApp Incorporated		41,370		3,591,330
				14,216,979

Materials: 2.81%
Chemicals: 2.17%
Air Products & Chemicals Incorporated		7,688		1,278,438
Huntsman Corporation		71,728		2,186,987
Praxair Incorporated		31,297		4,950,872
				8,416,297

Containers & Packaging: 0.64%
Avery Dennison Corporation		23,446		2,466,050

Real Estate: 1.33%
Equity REITs: 1.11%
American Tower Corporation		14,562		2,171,485
Prologis Incorporated		31,528		2,118,051
				4,289,536

Real Estate Management & Development: 0.22%
CBRE Group Incorporated Class A †		17,430		850,758

Utilities: 0.47%
Multi-Utilities: 0.47%
CenterPoint Energy Incorporated		65,904		1,831,472
Total Common Stocks (Cost $320,905,832)				384,289,431


			Yield
Short-Term Investments: 3.00%
Investment Companies: 3.00%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07	%	9,657,672		9,658,638
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87		1,961,428		1,961,428
Total Short-Term Investments (Cost $11,620,066)								11,620,066

Total investments in securities (Cost $332,525,898)	102.23	%						395,909,497
Other assets and liabilities, net	(2.23	)						(8,646,437	)

Total net assets	100.00	%					$	387,263,060

†	Non-income-earning security

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

(l)

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

(r)

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

(u)

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


Abbreviations:

ADR		American depositary receipt
REIT		Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		2,198,826		20,687,717		13,228,871		9,657,672	$	9,658,638
Wells Fargo Government Money Market Fund Select Class		417,874		34,786,960		33,243,406		1,961,428		1,961,428

									$	11,620,066		3.00	%

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

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Securities lending

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

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	58,025,768	$	0	$	0	$	58,025,768
Consumer staples		16,974,028		0		0		16,974,028
Energy		9,238,425		0		0		9,238,425
Financials		30,447,177		0		0		30,447,177
Health care		50,073,510		0		0		50,073,510
Industrials		47,830,254		0		0		47,830,254
Information technology		153,846,156		0		0		153,846,156
Materials		10,882,347		0		0		10,882,347
Real estate		5,140,294		0		0		5,140,294
Utilities		1,831,472		0		0		1,831,472
Short-term investments
Investment companies		1,961,428		0		0		1,961,428
Investments measured at net asset value*								9,658,638

Total assets	$	386,250,859	$	0	$	0	$	395,909,497

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $9,658,638 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Emerging Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 95.64%
Consumer Discretionary: 12.08%
Auto Components: 1.12%
Cooper-Standard Holdings Incorporated †		83,360	$	11,539,525

Diversified Consumer Services: 2.53%
Chegg Incorporated †		486,614		15,756,561
Grand Canyon Education Incorporated †		86,360		10,288,930
				26,045,491

Hotels, Restaurants & Leisure: 3.29%
Golden Entertainment Incorporated †		175,160		5,081,388
Planet Fitness Incorporated Class A †		276,860		14,222,298
Playa Hotels & Resorts NV †		536,680		5,543,904
Wingstop Incorporated		134,618		9,012,675
				33,860,265

Leisure Products: 0.51%
MCBC Holdings Incorporated †		190,716		5,258,040

Media: 0.88%
Nexstar Media Group Incorporated Class A		110,000		9,020,000

Multiline Retail: 1.64%
Ollie’s Bargain Outlet Holdings Incorporated †		193,960		16,893,916

Specialty Retail: 2.11%
Five Below Incorporated †		56,097		6,533,618
Lithia Motors Incorporated Class A «		117,980		10,193,472
National Vision Holdings Incorporated †		112,066		4,958,921
				21,686,011

Energy: 1.53%
Energy Equipment & Services: 0.64%
Cactus Incorporated Class A †		110,429		3,774,463
FTS International Incorporated †		252,133		2,781,027
				6,555,490

Oil, Gas & Consumable Fuels: 0.89%
Matador Resources Company †		171,736		5,622,637
PDC Energy Incorporated †		67,790		3,571,855
				9,194,492

Financials: 4.50%
Capital Markets: 1.20%
Stifel Financial Corporation		219,900		12,285,813

Insurance: 2.53%
Kinsale Capital Group Incorporated		325,084		19,755,355
Trupanion Incorporated «†		164,800		6,293,712
				26,049,067

Thrifts & Mortgage Finance: 0.77%
LendingTree Incorporated †		31,332		7,937,962


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Emerging Growth Portfolio


Security name	Shares		Value
Health Care: 26.58%
Biotechnology: 7.06%
Audentes Therapeutics Incorporated †		221,042	$	8,045,929
Heron Therapeutics Incorporated †		152,190		5,866,925
Ligand Pharmaceuticals Incorporated †		117,301		30,461,897
Repligen Corporation †		401,040		22,009,075
Translate Bio Incorporated †		148,790		1,578,662
Vanda Pharmaceuticals Incorporated †		240,300		4,643,798
				72,606,286

Health Care Equipment & Supplies: 10.28%
Axogen Incorporated †		437,777		19,196,521
Glaukos Corporation «†		89,339		6,108,107
Inogen Incorporated †		83,550		22,133,231
iRhythm Technologies Incorporated †		167,962		15,635,583
Merit Medical Systems Incorporated †		226,900		13,353,065
Neogen Corporation †		52,200		4,877,568
Neuronetics Incorporated †		188,118		6,217,300
Nevro Corporation †		93,645		6,313,546
NxStage Medical Incorporated †		200,540		5,683,304
Tactile Systems Technology Class I †		92,273		6,244,114
				105,762,339

Health Care Providers & Services: 2.96%
Amedisys Incorporated †		64,800		8,100,648
HealthEquity Incorporated †		237,412		22,366,585
				30,467,233

Health Care Technology: 3.60%
Tabula Rasa Healthcare Incorporated †		87,600		7,679,892
Teladoc Incorporated «†		242,679		18,819,756
Vocera Communications Incorporated †		317,000		10,511,720
				37,011,368

Life Sciences Tools & Services: 1.11%
Codexis Incorporated †		667,238		11,476,494

Pharmaceuticals: 1.57%
Dova Pharmaceuticals Incorporated «†		115,559		2,940,977
Kala Pharmaceuticals Incorporated †		215,447		2,910,689
Optinose Incorporated «†		159,787		2,376,033
Supernus Pharmaceuticals Incorporated †		178,500		7,907,550
				16,135,249

Industrials: 15.16%
Aerospace & Defense: 1.39%
Mercury Computer Systems Incorporated †		262,045		14,284,073

Airlines: 1.23%
SkyWest Incorporated		193,630		12,644,039

Commercial Services & Supplies: 0.89%
Advanced Disposal Services Incorporated †		342,902		9,148,625

Construction & Engineering: 2.40%
Dycom Industries Incorporated †		62,230		5,221,719
Granite Construction Incorporated		134,350		6,137,108
MasTec Incorporated †		305,500		13,380,900
				24,739,727


Wells Fargo Emerging Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Electrical Equipment: 0.37%
Bloom Energy Corporation Class A «†		127,201	$	3,809,670

Machinery: 3.74%
John Bean Technologies Corporation		71,090		8,409,947
Milacron Holdings Corporation †		565,758		11,994,070
Mueller Water Products Incorporated Class A		304,980		3,528,619
Rexnord Corporation †		501,310		14,553,029
				38,485,665

Professional Services: 4.12%
ASGN Incorporated †		347,043		32,132,711
WageWorks Incorporated †		192,214		10,283,449
				42,416,160

Trading Companies & Distributors: 1.02%
BMC Stock Holdings Incorporated †		129,890		2,922,525
SiteOne Landscape Supply Incorporated †		83,700		7,563,969
				10,486,494

Information Technology: 35.12%
Electronic Equipment, Instruments & Components: 3.07%
Littelfuse Incorporated		54,940		12,282,386
nLight Incorporated «†		102,066		3,144,653
Novanta Incorporated †		211,220		16,179,452
				31,606,491

Internet Software & Services: 15.16%
2U Incorporated †		59,150		5,285,644
Alarm.com Holdings Incorporated «†		111,800		6,293,222
Carbonite Incorporated †		171,600		7,129,980
Cision Limited †		446,750		8,090,643
Coupa Software Incorporated †		57,764		4,142,256
Envestnet Incorporated †		326,692		20,646,934
EverQuote Incorporated Class A †		129,587		1,717,028
Five9 Incorporated †		463,560		22,274,058
GTT Communications Incorporated «†		217,330		9,356,057
Instructure Incorporated †		167,270		6,849,707
Q2 Holdings Incorporated †		385,643		24,025,559
SendGrid Incorporated †		571,579		20,731,170
SPS Commerce Incorporated †		157,448		15,472,415
Wix.com Limited †		35,810		3,978,491
				155,993,164

IT Services: 3.60%
Endava PLC Sponsored ADR †		114,914		3,013,045
EVO Payments Incorporated Class A †		235,797		5,545,945
InterXion Holding NV †		431,720		28,463,300
				37,022,290

Semiconductors & Semiconductor Equipment: 2.89%
Diodes Incorporated †		336,531		12,761,256
Monolithic Power Systems Incorporated		44,980		6,741,153
Semtech Corporation †		170,700		10,199,325
				29,701,734

Software: 10.40%
Altair Engineering Incorporated Class A †		288,853		12,065,390
BlackLine Incorporated †		209,423		11,049,157


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Emerging Growth Portfolio


Security name	Shares		Value
Software (continued)
Bottomline Technologies (de) Incorporated †		226,650	$	14,952,101
Globant SA †		16,800		1,089,984
HubSpot Incorporated †		42,976		6,175,651
Proofpoint Incorporated †		76,230		9,044,690
Rapid7 Incorporated †		414,836		15,825,993
RealPage Incorporated †		149,600		9,335,040
RingCentral Incorporated Class A †		26,660		2,483,379
SailPoint Technologies Holdings Incorporated †		313,447		9,694,916
Talend SA ADR †		182,918		11,258,603
Tenable Holdings Incorporated †		122,998		4,078,614
				107,053,518

Materials: 0.67%
Chemicals: 0.67%
PQ Group Holdings Incorporated †		383,920		6,833,776

Total Common Stocks (Cost $575,804,342)				984,010,467

Exchange-Traded Funds: 1.27%
iShares Russell 2000 Growth Index ETF «		59,500		13,109,635
Total Exchange-Traded Funds (Cost $12,267,960)				13,109,635


			Yield
Short-Term Investments: 8.23%
Investment Companies: 8.23%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07	%	58,367,864		58,373,701
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87		26,298,332		26,298,332

Total Short-Term Investments (Cost $84,669,741)								84,672,033

Total investments in securities (Cost $672,742,043)	105.14	%						1,081,792,135
Other assets and liabilities, net	(5.14	)						(52,867,473	)

Total net assets	100.00	%					$	1,028,924,662

†	Non-income-earning security

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

(l)

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

(r)

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

(u)

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

Abbreviations:

ADR

American depositary receipt

ETF

Exchange-traded fund

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		46,370,791		117,303,180		105,306,107		58,367,864	$	58,373,701
Wells Fargo Government Money Market Fund Select Class		2,952,741		182,888,781		159,543,190		26,298,332		26,298,332

									$	84,672,033		8.23	%

Wells Fargo Emerging Growth Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Securities lending

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	124,303,248	$	0	$	0	$	124,303,248
Energy		15,749,982		0		0		15,749,982
Financials		46,272,842		0		0		46,272,842
Health care		273,458,969		0		0		273,458,969
Industrials		156,014,453		0		0		156,014,453
Information technology		361,377,197		0		0		361,377,197
Materials		6,833,776		0		0		6,833,776
Exchange-traded funds		13,109,635		0		0		13,109,635
Short-term investments
Investment companies		26,298,332		0		0		26,298,332
Investments measured at net asset value*								58,373,701

Total assets	$	1,023,418,434	$	0	$	0	$	1,081,792,135

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portolio’s investment in Securities Lending Cash Investments, LLC valued at $58,373,701 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Index Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 97.81%
Consumer Discretionary: 12.63%
Auto Components: 0.15%
Aptiv plc		17,704	$	1,558,129
BorgWarner Incorporated		13,206		578,027
The Goodyear Tire & Rubber Company		16,037		363,880
				2,500,036

Automobiles: 0.36%
Ford Motor Company		261,723		2,481,134
General Motors Company		84,820		3,057,761
Harley-Davidson Incorporated		11,129		474,318
				6,013,213

Distributors: 0.10%
Genuine Parts Company		9,812		979,728
LKQ Corporation †		20,709		714,875
				1,694,603

Diversified Consumer Services: 0.02%
H&R Block Incorporated		13,989		378,542

Hotels, Restaurants & Leisure: 1.58%
Carnival Corporation		27,146		1,669,208
Chipotle Mexican Grill Incorporated †		1,635		776,919
Darden Restaurants Incorporated		8,277		960,463
Hilton Worldwide Holdings Incorporated		18,682		1,450,097
Marriott International Incorporated Class A		19,847		2,510,050
McDonald’s Corporation		52,502		8,517,399
MGM Resorts International		33,507		971,368
Norwegian Cruise Line Holdings Limited †		13,822		740,997
Royal Caribbean Cruises Limited		11,327		1,388,464
Starbucks Corporation		92,276		4,932,152
Wynn Resorts Limited		5,663		840,049
Yum! Brands Incorporated		21,612		1,877,867
				26,635,033

Household Durables: 0.32%
D.R. Horton Incorporated		22,965		1,022,172
Garmin Limited		7,437		506,757
Leggett & Platt Incorporated		8,778		398,872
Lennar Corporation Class A		18,295		945,303
Mohawk Industries Incorporated †		4,240		812,342
Newell Rubbermaid Incorporated		32,477		705,400
Pulte Group Incorporated		17,565		490,942
Whirlpool Corporation		4,315		539,289
				5,421,077

Internet & Direct Marketing Retail: 4.32%
Amazon.com Incorporated †		26,930		54,202,280
Booking Holdings Incorporated †		3,221		6,285,943
Expedia Incorporated		8,082		1,054,701
Netflix Incorporated †		29,066		10,686,987
TripAdvisor Incorporated †		7,165		389,131
				72,619,042

Leisure Products: 0.06%
Hasbro Incorporated		7,602		754,955
Mattel Incorporated «		23,003		354,936
				1,109,891


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Index Portfolio


Security name	Shares		Value
Media: 2.16%
CBS Corporation Class B		22,834	$	1,210,659
Charter Communications Incorporated Class A †		12,385		3,844,304
Comcast Corporation Class A		307,065		11,358,334
Discovery Communications Incorporated Class A †«		10,435		290,406
Discovery Communications Incorporated Class C †		22,841		585,643
DISH Network Corporation Class A †		15,309		541,173
Interpublic Group of Companies Incorporated		25,778		601,916
News Corporation Class A		25,628		334,958
News Corporation Class B		8,143		110,745
Omnicom Group Incorporated		15,198		1,053,525
The Walt Disney Company		99,414		11,136,356
Twenty-First Century Fox Incorporated Class A		70,480		3,199,792
Twenty-First Century Fox Incorporated Class B		29,367		1,318,578
Viacom Incorporated Class B		23,602		691,067
				36,277,456

Multiline Retail: 0.50%
Dollar General Corporation		16,996		1,830,979
Dollar Tree Incorporated †		15,899		1,280,028
Kohl’s Corporation		11,249		889,908
Macy’s Incorporated		20,486		748,763
Nordstrom Incorporated		7,854		493,624
Target Corporation		35,649		3,119,288
				8,362,590

Specialty Retail: 2.29%
Advance Auto Parts Incorporated		4,950		811,949
AutoZone Incorporated †		1,783		1,367,347
Best Buy Company Incorporated		16,399		1,304,704
CarMax Incorporated †		11,907		929,341
Foot Locker Incorporated		7,898		389,371
L Brands Incorporated		16,219		428,668
Lowe’s Companies Incorporated		54,964		5,977,335
O’Reilly Automotive Incorporated †		5,477		1,837,095
Ross Stores Incorporated		25,318		2,424,958
The Gap Incorporated		14,509		440,348
The Home Depot Incorporated		77,134		15,486,193
The TJX Companies Incorporated		41,930		4,611,042
Tiffany & Company		6,812		835,492
Tractor Supply Company		8,161		720,453
ULTA Beauty Incorporated †		3,823		993,980
				38,558,276

Textiles, Apparel & Luxury Goods: 0.77%
HanesBrands Incorporated «		24,097		422,661
Michael Kors Holdings Limited †		10,023		727,870
Nike Incorporated Class B		85,769		7,050,212
PVH Corporation		5,153		737,703
Ralph Lauren Corporation		3,723		494,452
Tapestry Incorporated		19,245		975,529
Under Armour Incorporated Class A †«		12,436		254,316
Under Armour Incorporated Class C †«		12,594		238,908
VF Corporation		21,892		2,016,910
				12,918,561


Wells Fargo Index Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Consumer Staples: 6.55%
Beverages: 1.65%
Brown-Forman Corporation Class B		17,515	$	914,633
Constellation Brands Incorporated Class A		11,234		2,338,919
Molson Coors Brewing Company Class B		12,373		825,774
Monster Beverage Corporation †		27,466		1,672,405
PepsiCo Incorporated		94,807		10,619,332
The Coca-Cola Company		256,082		11,413,575
				27,784,638

Food & Staples Retailing: 1.43%
Costco Wholesale Corporation		29,328		6,837,237
Sysco Corporation		32,050		2,397,981
The Kroger Company		54,352		1,712,088
Wal-Mart Stores Incorporated		96,737		9,273,209
Walgreens Boots Alliance Incorporated		57,026		3,909,703
				24,130,218

Food Products: 1.05%
Archer Daniels Midland Company		37,391		1,884,506
Campbell Soup Company «		12,866		507,564
ConAgra Foods Incorporated		26,313		967,003
General Mills Incorporated		39,645		1,824,066
Hormel Foods Corporation «		18,058		706,971
Kellogg Company		16,699		1,198,821
McCormick & Company Incorporated		8,110		1,012,777
Mondelez International Incorporated Class A		98,633		4,213,602
The Hershey Company		9,343		939,158
The J.M. Smucker Company		7,596		785,274
The Kraft Heinz Company		39,946		2,327,653
Tyson Foods Incorporated Class A		19,900		1,249,919
				17,617,314

Household Products: 1.35%
Church & Dwight Company Incorporated		16,362		925,762
Colgate-Palmolive Company		58,329		3,873,629
Kimberly-Clark Corporation		23,358		2,698,783
The Clorox Company		8,660		1,255,527
The Procter & Gamble Company		168,143		13,947,462
				22,701,163

Personal Products: 0.15%
Coty Incorporated Class A		31,617		390,786
The Estee Lauder Companies Incorporated Class A		14,977		2,098,577
				2,489,363

Tobacco: 0.92%
Altria Group Incorporated		126,555		7,405,999
Philip Morris International Incorporated		103,943		8,096,120
				15,502,119

Energy: 5.73%
Energy Equipment & Services: 0.70%
Baker Hughes Incorporated		27,844		918,017
Halliburton Company		58,574		2,336,517
Helmerich & Payne Incorporated		7,281		477,415
National Oilwell Varco Incorporated		25,545		1,202,403
Schlumberger Limited		92,619		5,849,816
TechnipFMC plc		29,021		888,913
				11,673,081


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Index Portfolio


Security name	Shares		Value
Oil, Gas & Consumable Fuels: 5.03%
Anadarko Petroleum Corporation		34,442	$	2,218,065
Andeavor Corporation		9,297		1,420,489
Apache Corporation		25,553		1,119,988
Cabot Oil & Gas Corporation		30,190		719,428
Chevron Corporation		127,779		15,136,700
Cimarex Energy Company		6,381		539,067
Concho Resources Incorporated †		12,710		1,743,177
ConocoPhillips		78,238		5,745,016
Devon Energy Corporation		34,998		1,502,464
EOG Resources Incorporated		38,707		4,576,329
EQT Corporation		16,865		860,452
Exxon Mobil Corporation		283,102		22,696,287
Hess Corporation		17,509		1,179,056
HollyFrontier Corporation		11,805		879,709
Kinder Morgan Incorporated		126,861		2,245,440
Marathon Oil Corporation		57,050		1,227,146
Marathon Petroleum Corporation		30,884		2,541,444
Newfield Exploration Company †		13,355		364,324
Noble Energy Incorporated		32,393		962,720
Occidental Petroleum Corporation		51,205		4,089,743
ONEOK Incorporated		27,487		1,811,668
Phillips 66 Company		28,063		3,325,746
Pioneer Natural Resources Company		11,396		1,990,881
The Williams Companies Incorporated		79,275		2,345,747
Valero Energy Corporation		28,814		3,396,594
				84,637,680

Financials: 13.48%
Banks: 6.06%
Bank of America Corporation		630,526		19,502,169
BB&T Corporation		52,139		2,693,501
Citigroup Incorporated		170,506		12,146,847
Citizens Financial Group Incorporated		32,412		1,334,078
Comerica Incorporated		11,497		1,120,728
Fifth Third Bancorp		45,837		1,348,983
Huntington Bancshares Incorporated		73,887		1,197,708
JPMorgan Chase & Company		227,666		26,085,970
KeyCorp		70,990		1,495,759
M&T Bank Corporation		9,711		1,720,304
People’s United Financial Incorporated		23,261		430,561
PNC Financial Services Group Incorporated		31,394		4,506,295
Regions Financial Corporation		75,101		1,461,465
SunTrust Banks Incorporated		31,081		2,286,318
SVB Financial Group †		3,542		1,143,181
US Bancorp		104,335		5,645,567
Wells Fargo & Company (l)		293,250		17,149,260
Zions Bancorporation		13,180		702,362
				101,971,056

Capital Markets: 2.80%
Affiliated Managers Group Incorporated		3,632		530,599
Ameriprise Financial Incorporated		9,670		1,372,753
Bank of New York Mellon Corporation		67,581		3,524,349
BlackRock Incorporated		8,247		3,950,808
CBOE Holdings Incorporated		7,522		758,218
CME Group Incorporated		22,769		3,978,427
ETRADE Financial Corporation †*		17,647		1,038,702
Franklin Resources Incorporated		21,312		676,443
Intercontinental Exchange Incorporated		38,731		2,952,464
Invesco Limited		27,466		661,931


Wells Fargo Index Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Capital Markets (continued)
Moody’s Corporation		11,164	$	1,987,415
Morgan Stanley		91,146		4,450,659
MSCI Incorporated		5,953		1,073,088
Northern Trust Corporation		14,142		1,519,699
Raymond James Financial Incorporated		8,680		807,587
S&P Global Incorporated		16,804		3,479,268
State Street Corporation		24,434		2,123,559
T. Rowe Price Group Incorporated		16,191		1,876,375
The Charles Schwab Corporation		80,292		4,078,031
The Goldman Sachs Group Incorporated		23,489		5,585,919
The NASDAQ OMX Group Incorporated		7,815		745,864
				47,172,158

Consumer Finance: 0.69%
American Express Company		47,750		5,060,545
Capital One Financial Corporation		32,526		3,223,001
Discover Financial Services		23,335		1,822,930
Synchrony Financial		47,440		1,502,425
				11,608,901

Diversified Financial Services: 1.63%
Berkshire Hathaway Incorporated Class B †		128,700		26,862,264
Jefferies Financial Group Incorporated		20,274		470,762
				27,333,026

Insurance: 2.30%
AFLAC Incorporated		51,766		2,393,660
American International Group Incorporated		60,025		3,191,529
Aon plc		16,350		2,379,906
Arthur J. Gallagher & Company		12,188		879,242
Assurant Incorporated		3,544		364,394
Brighthouse Financial Incorporated †		8,009		332,454
Chubb Limited		31,147		4,212,320
Cincinnati Financial Corporation		9,988		765,780
Everest Reinsurance Group Limited		2,740		611,075
Lincoln National Corporation		14,624		959,042
Loews Corporation		17,509		880,878
Marsh & McLennan Companies Incorporated		33,927		2,871,242
MetLife Incorporated		67,972		3,119,235
Principal Financial Group Incorporated		17,809		982,879
Prudential Financial Incorporated		28,084		2,759,253
The Allstate Corporation		23,503		2,363,697
The Hartford Financial Services Group Incorporated		23,948		1,206,261
The Progressive Corporation		38,942		2,629,753
The Travelers Companies Incorporated		18,071		2,378,144
Torchmark Corporation		7,062		620,891
Unum Group		14,791		545,492
Willis Towers Watson plc		8,816		1,298,332
XL Group Limited		17,271		991,183
				38,736,642

Health Care: 14.30%
Biotechnology: 2.53%
AbbVie Incorporated		101,335		9,726,133
Alexion Pharmaceuticals Incorporated †		14,878		1,818,687
Amgen Incorporated		44,533		8,898,139
Biogen Idec Incorporated †		14,109		4,987,390
Celgene Corporation †		47,264		4,464,085
Gilead Sciences Incorporated		86,944		6,584,269
Incyte Corporation †		11,764		869,477
Regeneron Pharmaceuticals Incorporated †		5,172		2,103,711
Vertex Pharmaceuticals Incorporated †		17,040		3,142,176
				42,594,067


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Index Portfolio


Security name	Shares		Value
Health Care Equipment & Supplies: 3.05%
Abbott Laboratories		117,230	$	7,835,653
ABIOMED Incorporated †		2,825		1,148,589
Align Technology Incorporated †		4,823		1,864,041
Baxter International Incorporated		32,942		2,449,897
Becton Dickinson & Company		17,867		4,678,831
Boston Scientific Corporation †		92,263		3,280,872
Danaher Corporation		41,106		4,256,115
Dentsply Sirona Incorporated		15,208		607,103
Edwards Lifesciences Corporation †		14,094		2,032,919
Hologic Incorporated †		18,255		725,819
IDEXX Laboratories Incorporated †		5,808		1,475,464
Intuitive Surgical Incorporated †		7,576		4,242,560
Medtronic plc		90,552		8,730,118
ResMed Incorporated		9,544		1,063,297
Stryker Corporation		21,490		3,641,051
The Cooper Companies Incorporated		3,278		838,447
Varian Medical Systems Incorporated †		6,119		685,450
Zimmer Biomet Holdings Incorporated		13,592		1,680,379
				51,236,605

Health Care Providers & Services: 3.20%
Aetna Incorporated		21,872		4,380,305
AmerisourceBergen Corporation		10,876		978,514
Anthem Incorporated		17,064		4,517,353
Cardinal Health Incorporated		20,774		1,084,195
Centene Corporation †		13,720		2,009,706
CIGNA Corporation		16,267		3,063,727
CVS Health Corporation		67,980		5,114,815
DaVita HealthCare Partners Incorporated †		9,335		646,822
Envision Healthcare Corporation †		8,099		367,371
Express Scripts Holding Company †		37,560		3,306,031
HCA Holdings Incorporated		18,685		2,505,845
Henry Schein Incorporated †		10,299		800,026
Humana Incorporated		9,206		3,067,992
Laboratory Corporation of America Holdings †		6,840		1,182,431
McKesson Corporation		13,510		1,739,413
Quest Diagnostics Incorporated		9,082		998,838
UnitedHealth Group Incorporated		64,258		17,250,703
Universal Health Services Incorporated Class B		5,827		758,442
				53,772,529

Health Care Technology: 0.08%
Cerner Corporation †		21,078		1,372,389

Life Sciences Tools & Services: 0.92%
Agilent Technologies Incorporated		21,394		1,444,951
Illumina Incorporated †		9,829		3,487,624
IQVIA Holdings Incorporated †		10,822		1,375,368
Mettler-Toledo International Incorporated †		1,698		992,413
PerkinElmer Incorporated		7,398		683,797
Thermo Fisher Scientific Incorporated		26,902		6,432,268
Waters Corporation †		5,239		992,686
				15,409,107

Pharmaceuticals: 4.52%
Allergan plc		22,672		4,346,449
Bristol-Myers Squibb Company		109,296		6,617,873
Eli Lilly & Company		63,870		6,747,866
Johnson & Johnson		179,346		24,156,113
Merck & Company Incorporated		179,892		12,338,792


Wells Fargo Index Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Pharmaceuticals (continued)
Mylan NV †		34,468	$	1,348,733
Nektar Therapeutics †		10,773		716,297
Perrigo Company plc		8,610		658,751
Pfizer Incorporated		391,141		16,240,174
Zoetis Incorporated		32,354		2,931,272
				76,102,320

Industrials: 9.39%
Aerospace & Defense: 2.55%
Arconic Incorporated		28,411		635,838
General Dynamics Corporation		18,471		3,572,291
Harris Corporation		7,939		1,290,167
Huntington Ingalls Industries Incorporated		2,976		727,543
L-3 Technologies Incorporated		5,248		1,121,603
Lockheed Martin Corporation		16,610		5,322,010
Northrop Grumman Corporation		11,660		3,480,393
Raytheon Company		19,207		3,830,644
Rockwell Collins Incorporated		10,982		1,493,003
Textron Incorporated		17,120		1,181,794
The Boeing Company		36,618		12,552,284
TransDigm Group Incorporated		3,260		1,141,000
United Technologies Corporation		49,752		6,552,338
				42,900,908

Air Freight & Logistics: 0.68%
C.H. Robinson Worldwide Incorporated		9,310		894,505
Expeditors International of Washington Incorporated		11,680		855,910
FedEx Corporation		16,438		4,010,050
United Parcel Service Incorporated Class B		46,109		5,665,874
				11,426,339

Airlines: 0.46%
Alaska Air Group Incorporated		8,242		556,253
American Airlines Group Incorporated		27,860		1,127,773
Delta Air Lines Incorporated		43,153		2,523,587
Southwest Airlines Company		35,668		2,186,448
United Continental Holdings Incorporated †		15,759		1,377,652
				7,771,713

Building Products: 0.28%
A.O. Smith Corporation		9,701		563,434
Allegion plc		6,350		553,847
Fortune Brands Home & Security Incorporated		9,757		516,926
Johnson Controls International plc		61,932		2,339,172
Masco Corporation		20,762		788,333
				4,761,712

Commercial Services & Supplies: 0.35%
Cintas Corporation		5,780		1,233,279
Copart Incorporated †		13,513		869,021
Republic Services Incorporated		14,911		1,093,871
Stericycle Incorporated †		5,722		352,990
Waste Management Incorporated		26,599		2,417,849
				5,967,010

Construction & Engineering: 0.09%
Fluor Corporation		9,401		539,711
Jacobs Engineering Group Incorporated		8,059		585,809
Quanta Services Incorporated †		10,004		346,038
				1,471,558


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Index Portfolio


Security name	Shares		Value
Electrical Equipment: 0.50%
AMETEK Incorporated		15,485	$	1,191,726
Eaton Corporation plc		29,241		2,431,097
Emerson Electric Company		42,132		3,232,788
Rockwell Automation Incorporated		8,397		1,519,521
				8,375,132

Industrial Conglomerates: 1.54%
3M Company		39,698		8,373,102
General Electric Company		580,760		7,515,034
Honeywell International Incorporated		49,945		7,944,252
Roper Industries Incorporated		6,898		2,058,156
				25,890,544

Machinery: 1.45%
Caterpillar Incorporated		39,980		5,551,223
Cummins Incorporated		10,357		1,468,623
Deere & Company		21,684		3,118,159
Dover Corporation		10,343		888,153
Flowserve Corporation		8,748		455,946
Fortive Corporation		20,510		1,722,430
Illinois Tool Works Incorporated		20,387		2,831,347
Ingersoll-Rand plc		16,581		1,679,489
Paccar Incorporated		23,525		1,609,581
Parker-Hannifin Corporation		8,891		1,561,260
Pentair plc		10,855		471,975
Snap-on Incorporated		3,784		668,936
Stanley Black & Decker Incorporated		10,318		1,449,989
Xylem Incorporated		12,031		913,273
				24,390,384

Professional Services: 0.29%
Equifax Incorporated		8,043		1,077,521
IHS Markit Limited †		23,812		1,309,660
Nielsen Holdings plc		22,390		582,140
Robert Half International Incorporated		8,262		645,923
Verisk Analytics Incorporated †		10,387		1,236,988
				4,852,232

Road & Rail: 1.01%
CSX Corporation		58,532		4,340,733
J.B. Hunt Transport Services Incorporated		5,724		691,173
Kansas City Southern		6,861		795,602
Norfolk Southern Corporation		18,893		3,284,359
Union Pacific Corporation		51,860		7,811,153
				16,923,020

Trading Companies & Distributors: 0.19%
Fastenal Company		19,234		1,122,496
United Rentals Incorporated †		5,590		871,313
W.W. Grainger Incorporated		3,409		1,207,025
				3,200,834


Wells Fargo Index Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Information Technology: 25.94%
Communications Equipment: 1.12%
Arista Networks Incorporated †		3,184	$	951,952
Cisco Systems Incorporated		314,466		15,022,041
F5 Networks Incorporated †		4,087		772,933
Juniper Networks Incorporated		23,347		663,755
Motorola Solutions Incorporated		10,841		1,391,551
				18,802,232

Electronic Equipment, Instruments & Components: 0.41%
Amphenol Corporation Class A		20,156		1,906,354
Corning Incorporated		55,523		1,860,576
FLIR Systems Incorporated		9,175		575,640
IPG Photonics Corporation †		2,513		440,981
TE Connectivity Limited		23,413		2,146,504
				6,930,055

Internet Software & Services (DO NOT USE): 4.94%
Akamai Technologies Incorporated †		11,409		857,272
Alphabet Incorporated Class A †		19,970		24,599,046
Alphabet Incorporated Class C †		20,300		24,729,257
eBay Incorporated †		61,812		2,139,313
Facebook Incorporated Class A †		160,387		28,184,808
Twitter Incorporated †		43,786		1,540,391
VeriSign Incorporated †		6,420		1,018,276
				83,068,363

IT Services: 4.49%
Accenture plc Class A		43,001		7,270,179
Alliance Data Systems Corporation		3,223		768,943
Automatic Data Processing Incorporated		29,456		4,322,668
Broadridge Financial Solutions Incorporated		7,885		1,065,579
Cognizant Technology Solutions Corporation Class A		39,177		3,072,652
DXC Technology Company		19,043		1,734,627
Fidelity National Information Services Incorporated		22,134		2,394,235
Fiserv Incorporated †		27,378		2,192,156
FleetCor Technologies Incorporated †		5,994		1,281,158
Gartner Incorporated †		6,101		913,686
Global Payments Incorporated		10,668		1,329,019
International Business Machines Corporation		57,085		8,361,811
MasterCard Incorporated Class A		61,308		13,215,552
Paychex Incorporated		21,381		1,566,158
PayPal Holdings Incorporated †		74,633		6,890,865
Total System Services Incorporated		11,093		1,077,574
Visa Incorporated Class A		119,435		17,543,807
Western Union Company		30,807		582,868
				75,583,537

Semiconductors & Semiconductor Equipment: 3.86%
Advanced Micro Devices Incorporated †«		55,094		1,386,716
Analog Devices Incorporated		24,801		2,451,579
Applied Materials Incorporated		67,405		2,899,763
Broadcom Incorporated		26,845		5,879,860
Intel Corporation		311,599		15,090,740
KLA-Tencor Corporation		10,423		1,211,257
Lam Research Corporation		10,969		1,898,624
Microchip Technology Incorporated «		15,716		1,352,047
Micron Technology Incorporated †		77,550		4,072,926
NVIDIA Corporation		40,588		11,392,240
Qorvo Incorporated †		8,458		677,401
QUALCOMM Incorporated		99,138		6,811,772
Skyworks Solutions Incorporated		12,175		1,111,578
Texas Instruments Incorporated		65,457		7,357,367
Xilinx Incorporated		16,944		1,318,752
				64,912,622


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Index Portfolio


Security name	Shares		Value
Software: 6.16%
Activision Blizzard Incorporated		50,899	$	3,669,818
Adobe Systems Incorporated †		32,930		8,677,384
Ansys Incorporated †		5,618		1,044,836
Autodesk Incorporated †		14,651		2,261,382
CA Incorporated		20,893		915,113
Cadence Design Systems Incorporated †		18,850		886,704
Citrix Systems Incorporated †		8,609		981,598
Electronic Arts Incorporated †		20,517		2,326,833
Intuit Incorporated		16,299		3,577,142
Microsoft Corporation		513,750		57,709,538
Oracle Corporation		199,269		9,680,488
Red Hat Incorporated †		11,880		1,755,032
Salesforce.com Incorporated †		47,163		7,200,847
Symantec Corporation		41,560		837,850
Synopsys Incorporated †		9,964		1,017,723
Take-Two Interactive Software Incorporated †		7,648		1,021,467
				103,563,755

Technology Hardware, Storage & Peripherals: 4.96%
Apple Incorporated		328,659		74,812,648
Hewlett Packard Enterprise Company		102,105		1,687,796
HP Incorporated		109,753		2,705,411
NetApp Incorporated		17,915		1,555,201
Seagate Technology plc		19,195		1,027,700
Western Digital Corporation		20,009		1,265,369
Xerox Corporation		14,305		398,537
				83,452,662

Materials: 2.44%
Chemicals: 1.81%
Air Products & Chemicals Incorporated		14,657		2,437,313
Albemarle Corporation «		7,406		707,421
CF Industries Holdings Incorporated		15,604		810,628
DowDuPont Incorporated		155,183		10,882,984
Eastman Chemical Company		9,546		926,248
Ecolab Incorporated		17,363		2,612,784
FMC Corporation		8,995		768,623
International Flavors & Fragrances Incorporated		5,278		687,671
LyondellBasell Industries NV Class A		21,497		2,424,432
PPG Industries Incorporated		16,671		1,842,812
Praxair Incorporated		19,215		3,039,621
The Mosaic Company		23,452		733,344
The Sherwin-Williams Company		5,504		2,507,512
				30,381,393

Construction Materials: 0.11%
Martin Marietta Materials Incorporated		4,209		836,412
Vulcan Materials Company		8,839		979,361
				1,815,773

Containers & Packaging: 0.30%
Avery Dennison Corporation		5,886		619,089
Ball Corporation		23,353		978,024
International Paper Company		27,689		1,416,015
Packaging Corporation of America		6,309		693,485
Sealed Air Corporation		10,776		432,225
WestRock Company		17,148		944,512
				5,083,350


Wells Fargo Index Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Metals & Mining: 0.22%
Freeport-McMoRan Incorporated		90,095	$	1,265,835
Newmont Mining Corporation		35,672		1,106,902
Nucor Corporation		21,270		1,329,375
				3,702,112

Real Estate: 2.69%
Equity REITs: 2.61%
Alexandria Real Estate Equities Incorporated		6,886		883,818
American Tower Corporation		29,532		4,403,812
Apartment Investment & Management Company Class A		10,521		460,820
AvalonBay Communities Incorporated		9,242		1,693,966
Boston Properties Incorporated		10,322		1,346,505
Crown Castle International Corporation		27,738		3,162,964
Digital Realty Trust Incorporated		13,771		1,711,460
Duke Realty Corporation		23,873		680,142
Equinix Incorporated		5,313		2,317,159
Equity Residential Company Limited		24,621		1,668,073
Essex Property Trust Incorporated		4,416		1,087,572
Extra Space Storage Incorporated		8,432		777,515
Federal Realty Investment Trust		4,896		639,467
HCP Incorporated		31,414		849,120
Host Hotels & Resorts Incorporated		49,571		1,067,264
Iron Mountain Incorporated		18,819		679,366
Kimco Realty Corporation		28,411		486,112
Mid-America Apartment Communities Incorporated		7,609		787,988
Prologis Incorporated		42,079		2,826,867
Public Storage Incorporated		10,019		2,129,839
Realty Income Corporation		19,016		1,113,767
Regency Centers Corporation		9,855		650,726
SBA Communications Corporation †		7,702		1,195,581
Simon Property Group Incorporated		20,708		3,790,185
SL Green Realty Corporation		5,913		617,317
The Macerich Company		7,259		426,394
UDR Incorporated		17,894		715,223
Ventas Incorporated		23,825		1,426,403
Vornado Realty Trust		11,572		891,044
Welltower Incorporated		24,873		1,659,278
Weyerhaeuser Company		50,619		1,756,985
				43,902,732

Real Estate Management & Development: 0.08%
Brookfield Property Partners LP		15,903		317,742
CBRE Group Incorporated Class A †		20,218		986,841
				1,304,583

Telecommunication Services: 1.90%
Diversified Telecommunication Services: 1.90%
AT&T Incorporated		485,562		15,508,850
CenturyLink Incorporated		65,646		1,402,199
Verizon Communications Incorporated		276,286		15,021,670
				31,932,719


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Index Portfolio


Security name						Shares		Value
Utilities: 2.76%
Electric Utilities: 1.73%
Alliant Energy Corporation							15,478	$	663,078
American Electric Power Company Incorporated							32,933		2,362,284
Duke Energy Corporation							46,874		3,808,044
Edison International							21,786		1,431,994
Entergy Corporation							12,091		1,010,687
Evergy Incorporated							18,135		1,034,602
Eversource Energy							21,189		1,322,829
Exelon Corporation							64,552		2,821,568
FirstEnergy Corporation							29,976		1,120,503
NextEra Energy Incorporated							31,523		5,362,062
PG&E Corporation							34,532		1,594,688
Pinnacle West Capital Corporation							7,485		587,947
PPL Corporation							46,744		1,390,167
The Southern Company							67,644		2,961,454
Xcel Energy Incorporated							34,026		1,634,949
									29,106,856

Independent Power & Renewable Electricity Producers: 0.08%
AES Corporation							44,226		595,282
NRG Energy Incorporated							20,003		707,906
									1,303,188

Multi-Utilities: 0.89%
Ameren Corporation							16,292		1,030,143
CenterPoint Energy Incorporated							28,851		801,769
CMS Energy Corporation							18,892		930,242
Consolidated Edison Incorporated							20,777		1,639,929
Dominion Energy Incorporated							43,634		3,087,978
DTE Energy Company							12,135		1,348,688
NiSource Incorporated							22,559		610,672
Public Service Enterprise Group Incorporated							33,782		1,768,488
SCANA Corporation							9,537		365,649
Sempra Energy							17,662		2,050,205
WEC Energy Group Incorporated							21,099		1,425,870
									15,059,633

Water Utilities: 0.06%
American Water Works Company Incorporated							11,905		1,042,045

Total Common Stocks (Cost $519,732,310)									1,645,211,692

Short-Term Investments: 2.20%

	Yield
Investment Companies: 2.04%
Securities Lending Cash Investment LLC (l)(r)(u)		2.07	%				4,564,279		4,564,735
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.87					29,714,016		29,714,016
									34,278,751


				Maturity date		Principal
U.S. Treasury Securities: 0.16%
U.S. Treasury Bill (z)#		0.63			9-6-2018	$	452,000		451,953
U.S. Treasury Bill (z)#		1.30			9-13-2018		2,300,000		2,298,903
									2,750,856

Total Short-Term Investments (Cost $37,029,266)									37,029,607


Wells Fargo Index Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name			Value
Total investments in securities (Cost $556,761,576)	100.01	%	$	1,682,241,299
Other assets and liabilities, net	(0.01	)		(219,954	)

Total net assets	100.00	%	$	1,682,021,345

†	Non-income-earning security

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

(l)

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

(r)

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

(u)

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

(z)

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

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

Abbreviations:


REIT		Real estate investment trust

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 Index		49		9-20-2018	$	34,862,770	$	35,550,725	$	687,955	$	0

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Common Stock
Banks
Wells Fargo & Company		308,208		890		15,848		293,250	$	17,149,260		1.02	%
Short-Term Investments
Investment companies
Securities Lending Cash Investment LLC		6,535,529		16,470,825		18,442,075		4,564,279		4,564,735
Wells Fargo Government Money Market Fund Select Class		17,497,109		98,659,392		86,442,485		29,714,016		29,714,016		2.04

									$	51,428,011		3.06	%

Wells Fargo Index Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Securities lending

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

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	212,488,320	$	0	$	0	$	212,488,320
Consumer Staples		110,224,815		0		0		110,224,815
Energy		96,310,761		0		0		96,310,761
Financials		226,821,783		0		0		226,821,783
Health care		240,487,017		0		0		240,487,017
Industrials		157,931,386		0		0		157,931,386
Information technology		436,313,226		0		0		436,313,226
Materials		40,982,628		0		0		40,982,628
Real estate		45,207,315		0		0		45,207,315
Telecommunication services		31,932,719		0		0		31,932,719
Utilities		46,511,722		0		0		46,511,722
Short-term investments
Investment companies		2,971,4016		0		0		29,714,016
U.S. Treasury securities		2,750,856		0		0		2,750,856
Investments measured at net asset value*								4,564,735

		1,677,676,564		0		0		1,682,241,299
Futures contracts		687,955		0		0		687,955

Total assets	$	1,678,364,519	$	0	$	0	$	1,682,929,254

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portolio’s investment in Securities Lending Cash Investments, LLC valued at $4,564,735 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

As of August 31, 2018, the Portfolio had segregated $452,000 as cash collateral for these open futures contracts.


Wells Fargo International Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 90.00%
Belgium: 1.87%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		66,439	$	6,219,653

Brazil: 1.74%
B3 Brasil Bolsa Balcao SA (Financials, Capital Markets)		138,705		741,013
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		463,819		5,041,713
				5,782,726

Canada: 3.59%
Canadian National Railway Company (Industrials, Road & Rail)		35,535		3,159,417
Canadian Pacific Railway Limited (Industrials, Road & Rail)		41,720		8,784,146
				11,943,563

Denmark: 1.11%
Genmab AS (Health Care, Biotechnology)†		21,259		3,677,673

Finland: 0.50%
Fortum Oyj (Utilities, Electric Utilities)		66,033		1,670,922

France: 8.17%
Air Liquide SA (Materials, Chemicals)		57,068		7,187,222
BNP Paribas SA (Financials, Banks)		76,805		4,509,278
Eiffage SA (Industrials, Construction & Engineering)		41,153		4,631,618
Safran SA (Industrials, Aerospace & Defense)		27,944		3,642,562
Schneider Electric SE (Industrials, Electrical Equipment)		29,943		2,441,285
Vinci SA (Industrials, Construction & Engineering)		49,471		4,740,881
				27,152,846

Germany: 26.79%
Allianz AG (Financials, Insurance)		34,150		7,279,418
Beiersdorf AG (Consumer Staples, Personal Products)		53,886		6,273,582
Deutsche Boerse AG (Financials, Capital Markets)		126,555		17,480,946
Deutsche Post AG (Industrials, Air Freight & Logistics)		330,693		12,056,788
Linde AG (Materials, Chemicals)		686		138,353
Linde AG - Tender Shares (Materials, Chemicals)†		78,572		17,893,920
SAP SE (Information Technology, Software)		11,338		1,363,700
Symrise AG (Materials, Chemicals)		26,846		2,507,254
Wirecard AG (Information Technology, IT Services)		108,015		23,984,889
				88,978,850

Hong Kong: 2.92%
AIA Group Limited (Financials, Insurance)		1,123,600		9,691,699

India: 1.80%
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		218,878		5,974,331

Indonesia: 0.61%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		9,383,200		2,025,701

Ireland: 3.90%
Medtronic plc (Health Care, Health Care Equipment & Supplies)		134,248		12,942,850

Italy: 3.36%
Assicurazioni Generali SpA (Financials, Insurance)		379,152		6,313,244
Intesa Sanpaolo SpA (Financials, Banks)		1,963,674		4,849,284
				11,162,528


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo International Growth Portfolio


Security name						Shares		Value
Japan: 2.36%
CALBEE Incorporated (Consumer Staples, Food Products)«							121,800	$	3,875,106
Japan Exchange Group Incorporated (Financials, Capital Markets)							89,200		1,571,898
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)							25,300		2,283,854
Taiyo Nippon Sanso Corporation (Materials, Chemicals)							7,600		111,904
									7,842,762

Luxembourg: 0.10%
Spotify Technology SA (Information Technology, Internet Software & Services)†							1,766		334,692

Netherlands: 10.08%
Airbus SE (Industrials, Aerospace & Defense)							112,150		13,832,725
Akzo Nobel NV (Materials, Chemicals)							22,368		2,090,593
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)							19,086		3,891,141
ING Groep NV (Financials, Banks)							726,288		9,855,123
Koninklijke DSM NV (Materials, Chemicals)«							36,507		3,829,898
									33,499,480

Russia: 1.11%
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)							222,044		3,677,049

Switzerland: 6.51%
Credit Suisse Group AG (Financials, Capital Markets)							119,756		1,793,406
Idorsia Limited (Health Care, Biotechnology)†							25,693		649,449
Lonza Group AG (Health Care, Life Sciences Tools & Services)							11,603		3,733,790
Nestle SA (Consumer Staples, Food Products)							129,719		10,891,444
Sonova Holding AG (Health Care, Health Care Equipment & Supplies)							23,999		4,553,434
									21,621,523

United Kingdom: 12.51%
Aon plc (Financials, Insurance)							46,551		6,775,964
British American Tobacco plc (Consumer Staples, Tobacco)							46,045		2,221,551
ConvaTec Limited (Health Care, Health Care Equipment & Supplies)144A							1,428,098		3,949,160
Experian Group Limited plc (Industrials, Professional Services)							147,710		3,676,774
Ferguson plc (Industrials, Trading Companies & Distributors)							90,685		7,266,914
Glencore International plc (Materials, Metals & Mining)							1,174,960		4,776,235
HSBC Holdings plc (Financials, Banks)							433,384		3,758,287
London Stock Exchange Group plc (Financials, Capital Markets)							59,235		3,551,011
Rentokil Initial plc (Industrials, Commercial Services & Supplies)							673,798		2,839,023
Standard Chartered plc (Financials, Banks)							336,033		2,731,961
									41,546,880

United States: 0.97%
MercadoLibre Incorporated (Information Technology, Internet Software & Services)							776		265,706
WABCO Holdings Incorporated (Industrials, Machinery)†							24,000		2,953,920
									3,219,626

Total Common Stocks (Cost $282,632,138)									298,965,354


				Expiration date
Participation Notes: 1.84%
United Kingdom: 1.84%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)(a)					10-29-2018		370,815		6,103,886

Total Participation Notes (Cost $6,212,886)									6,103,886


	Dividend yield
Preferred Stocks: 3.27%
Brazil: 1.31%
Petroleo Brasileiro SA (Energy, Oil, Gas & Consumable Fuels)		0.23	%				917,891		4,340,326


Wells Fargo International Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name			Dividend yield			Shares		Value
Germany: 1.96%
Henkel AG & Company KGaA (Consumer Staples, Household Products)				1.73	%		50,997	$	6,508,464

Total Preferred Stocks (Cost $10,493,042)									10,848,790


			Yield
Short-Term Investments: 5.16%
Investment Companies: 5.16%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07			3,815,885		3,816,267
Wells Fargo Government Money Market Fund Select Class (l)(u)##				1.87			13,321,845		13,321,845

Total Short-Term Investments (Cost $17,138,112)									17,138,112

Total investments in securities (Cost $316,476,178)	100.27	%							333,056,142
Other assets and liabilities, net	(0.27	)							(886,023	)

Total net assets	100.00	%						$	332,170,119

†	Non-income-earning security

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

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.

(a)

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

(l)

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

(r)

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

(u)

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

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

Abbreviations:


ADR		American depositary receipt

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		427,749		20,558,175		17,170,039		3,815,885	$	3,816,267
Wells Fargo Government Money Market Fund Select Class		1,633,072		85,798,279		74,109,506		13,321,845		13,321,845

									$	17,138,112		5.16	%

Wells Fargo International Growth Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On August 31, 2018, such fair value pricing was not used in pricing 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 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.

Participation notes

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

Securities lending

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

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Belgium	$	6,219,653	$	0	$	0	$	6,219,653
Brazil		5,782,726		0		0		5,782,726
Canada		11,943,563		0		0		11,943,563
Denmark		3,677,673		0		0		3,677,673
Finland		1,670,922		0		0		1,670,922
France		27,152,846		0		0		27,152,846
Germany		88,978,850		0		0		88,978,850
Hong Kong		9,691,699		0		0		9,691,699
India		5,974,331		0		0		5,974,331


Indonesia		2,025,701		0		0		2,025,701
Ireland		12,942,850		0		0		12,942,850
Italy		11,162,528		0		0		11,162,528
Japan		7,842,762		0		0		7,842,762
Luxembourg		334,692		0		0		334,692
Netherlands		33,499,480		0		0		33,499,480
Russia		3,677,049		0		0		3,677,049
Switzerland		21,621,523		0		0		21,621,523
United Kingdom		41,546,880		0		0		41,546,880
United States		3,219,626		0		0		3,219,626
Participation notes
United Kingdom		0		6,103,886		0		6,103,886
Preferred stocks
Brazil		4,340,326		0		0		4,340,326
Germany		6,508,464		0		0		6,508,464
Short-term investments
Investment companies		13,321,845		0		0		13,321,845
Investments measured at net asset value*								3,816,267

Total assets	$	323,135,989	$	6,103,886	$	0	$	333,056,142

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $3,816,267 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo International Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 95.84%
Australia : 5.19%
Asaleo Care Limited (Consumer Staples, Personal Products)		1,262,800	$	726,262
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail)		410,016		695,635
Bendigo Bank Limited (Financials, Banks)		272,500		2,270,484
BlueScope Steel Limited (Materials, Metals & Mining)		266,242		3,313,158
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies)		207,386		341,416
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		960,600		6,484,503
CSR Limited (Materials, Construction Materials)		897,866		2,782,001
Fortescue Metals Group Limited (Materials, Metals & Mining)«		927,200		2,559,606
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)«		1,226,186		3,173,419
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		407,700		6,005,528
Macquarie Group Limited (Financials, Capital Markets)		91,094		8,474,080
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,164,200		2,309,964
Mineral Resources Limited (Materials, Metals & Mining)		300,500		3,279,327
Mirvac Group (Real Estate, Equity REITs)		2,065,070		3,607,527
Myer Holdings Limited (Consumer Discretionary, Multiline Retail)«		1,702,400		544,616
Qantas Airways Limited (Industrials, Airlines)		1,142,785		5,282,555
Retail Food Group Limited (Consumer Discretionary, Food Products)«		269,500		110,434
Rio Tinto Limited (Materials, Metals & Mining)		134,687		7,043,159
South32 Limited—Athens Exchange (Materials, Metals & Mining)		1,583,900		3,962,557
				62,966,231

Austria : 0.91%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		89,986		4,766,110
Raiffeisen Bank International AG (Financials, Banks)		111,330		3,166,044
Voestalpine AG (Materials, Metals & Mining)		69,168		3,102,280
				11,034,434

Belgium : 0.67%
Bpost SA (Industrials, Air Freight & Logistics)		68,200		1,033,079
UCB SA (Health Care, Pharmaceuticals)		77,200		7,057,675
				8,090,754

Brazil : 0.56%
Banco de Brasil SA (Financials, Banks)		268,900		1,987,157
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		282,500		2,904,692
JBS SA (Consumer Staples, Food Products)		805,600		1,859,183
				6,751,032

Canada : 0.86%
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		73,600		3,806,897
Magna International Incorporated (Consumer Discretionary, Auto Components)«		90,400		4,894,762
WestJet Airlines Limited (Industrials, Airlines)		120,000		1,760,920
				10,462,579

China : 3.02%
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development)		1,900,000		3,103,424
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		2,348,654
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		6,634,000		6,668,866
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		3,201,500		3,870,965
China Resources Cement Holdings Limited (Materials, Construction Materials)		4,106,000		4,791,968
China Telecom Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		10,590,000		4,978,767
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		3,154,000		3,524,202
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		2,556,000		2,878,807
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		1,061,600		2,786,298


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo International Value Portfolio


Security name	Shares		Value
China (continued)
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		877,000	$	1,644,777
				36,596,728

Denmark : 0.87%
Danske Bank AS (Financials, Banks)		150,300		4,422,034
DFDS AS (Industrials, Marine)		59,227		3,124,491
Sydbank AS (Financials, Banks)		102,782		3,008,785
				10,555,310

Finland : 0.59%
Outokumpu Oyj (Materials, Metals & Mining)		447,093		2,624,916
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		118,000		4,547,354
				7,172,270

France : 9.70%
Air France-KLM (Industrials, Airlines)†		165,800		1,592,351
Arkema SA (Materials, Chemicals)		42,992		5,384,530
AXA SA (Financials, Insurance)		233,600		5,896,183
BNP Paribas SA (Financials, Banks)		123,579		7,255,414
Carrefour SA (Consumer Staples, Food & Staples Retailing)		152,700		2,724,279
Compagnie de Saint-Gobain SA (Industrials, Building Products)		152,637		6,566,932
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		32,700		3,869,668
Credit Agricole SA (Financials, Banks)		219,328		3,002,066
Engie SA (Utilities, Multi-Utilities)		171,900		2,520,101
Natixis SA (Financials, Capital Markets)		1,687,300		11,261,567
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals)		66,600		1,784,221
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		844,700		13,677,772
Renault SA (Consumer Discretionary, Automobiles)		55,900		4,814,535
Sanofi SA (Health Care, Pharmaceuticals)		238,389		20,390,761
SCOR SE (Financials, Insurance)		109,700		4,445,239
Societe Generale SA (Financials, Banks)		63,400		2,593,366
Total SA (Energy, Oil, Gas & Consumable Fuels)		319,800		19,996,966
				117,775,951

Germany : 7.91%
Allianz AG (Financials, Insurance)		44,428		9,470,278
Aurubis AG (Materials, Metals & Mining)		43,296		3,185,214
BASF SE (Materials, Chemicals)		102,490		9,480,342
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		91,500		8,858,861
Ceconomy AG (Consumer Discretionary, Specialty Retail)		183,100		1,391,668
Covestro AG (Materials, Chemicals)144A		97,637		8,316,313
Daimler AG (Consumer Discretionary, Automobiles)		106,990		6,917,307
Deutsche Lufthansa AG (Industrials, Airlines)		223,600		5,837,138
Deutsche Post AG (Industrials, Air Freight & Logistics)		85,100		3,102,674
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		45,400		3,794,259
Kloeckner & Company SE (Industrials, Trading Companies & Distributors)		344,100		3,646,650
Leoni AG (Consumer Discretionary, Auto Components)		72,900		3,141,891
Metro AG (Consumer Staples, Food & Staples Retailing)		108,100		1,688,294
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		28,119		6,064,350
Siemens AG (Industrials, Industrial Conglomerates)		34,200		4,445,343
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		27,422		3,972,395
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)		194,200		5,932,992
Volkswagen AG (Consumer Discretionary, Automobiles)		41,837		6,735,590
				95,981,559

Hong Kong : 2.69%
China Water Affairs Group Limited (Utilities, Water Utilities)		1,965,000		2,250,721
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,038,500		1,924,547
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		4,212,000		4,035,578
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		2,270,000		2,574,040
Sinotruk Hong Kong Limited (Industrials, Machinery)«		3,571,500		5,333,076


Wells Fargo International Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Hong Kong (continued)
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		8,404,000	$	2,719,689
WH Group Limited (Consumer Staples, Food Products)144A		5,899,000		4,449,381
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		379,000		2,378,181
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,816,000		3,516,076
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,257,000		3,483,325
				32,664,614

India : 0.29%
Tech Mahindra Limited (Information Technology, IT Services)		321,500		3,471,278

Ireland : 0.52%
C&C Group plc (Consumer Staples, Beverages)		240,000		949,958
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		5,316,741
				6,266,699

Israel : 0.53%
Bank Hapoalim Limited (Financials, Banks)		440,000		3,296,641
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		136,844		3,139,704
				6,436,345

Italy : 1.99%
A2A SpA (Utilities, Multi-Utilities)		2,121,107		3,646,333
Enel SpA (Utilities, Electric Utilities)		1,706,600		8,438,787
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		342,737		3,839,078
Mediobanca SpA (Financials, Banks)		371,363		3,455,374
UnipolSai Assicurazioni SpA (Financials, Insurance)«		2,160,500		4,827,515
				24,207,087

Japan : 22.93%
Adeka Corporation (Materials, Chemicals)		203,500		3,368,162
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		119,800		5,542,003
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		24,800		753,308
Aozora Bank Limited (Financials, Banks)		91,100		3,218,140
Asahi Glass Company Limited (Industrials, Building Products)		121,800		4,878,139
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		200,800		4,124,072
Central Glass Company Limited (Industrials, Building Products)		88,800		2,099,519
Credit Saison Company Limited (Financials, Consumer Finance)		329,900		5,463,199
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail)«		289,400		2,643,695
Denka Company Limited (Materials, Chemicals)		99,700		3,414,261
DIC Incorporated (Materials, Chemicals)		124,900		4,434,619
Dowa Mining Company Limited (Materials, Metals & Mining)		56,900		1,702,750
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		2,794,406
Fujikura Limited (Industrials, Electrical Equipment)		435,200		2,686,952
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		133,700		1,944,552
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		829,000		5,413,010
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		263,900		3,816,824
Itochu Corporation (Industrials, Trading Companies & Distributors)		319,800		5,593,838
Japan Airlines Company Limited (Industrials, Airlines)		108,600		3,914,526
JFE Holdings Incorporated (Materials, Metals & Mining)		263,600		5,768,548
JTEKT Corporation (Industrials, Machinery)		322,100		4,513,632
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		754,900		5,315,757
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		44,700		2,297,156
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		602,700		15,953,026
Keihin Corporation (Consumer Discretionary, Auto Components)		180,400		3,794,391
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,870,489
Makino Milling Machine Company Limited (Industrials, Machinery)		397,000		3,662,362
Marubeni Corporation (Industrials, Trading Companies & Distributors)		812,100		6,662,860
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		283,200		3,284,162
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		431,500		5,825,308
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		195,500		4,068,005
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		921,500		5,563,335
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		699,300		3,933,602
Mitsui Chemicals Incorporated (Materials, Chemicals)		177,100		4,580,914


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo International Value Portfolio


Security name	Shares		Value
Japan (continued)
Mixi Incorporated (Information Technology, Internet Software & Services)		54,400	$	1,332,705
Mizuho Financial Group Incorporated (Financials, Banks)		3,425,200		6,014,369
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		324,200		14,443,254
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		587,500		5,499,055
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		226,100		2,537,546
Nomura Holdings Incorporated (Financials, Capital Markets)		1,144,100		5,236,026
NTN Corporation (Industrials, Machinery)		1,133,600		4,652,341
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		98,600		2,560,175
ORIX Corporation (Financials, Diversified Financial Services)		469,600		7,552,652
Resona Holdings Incorporated (Financials, Banks)		1,348,600		7,645,425
Ryobi Limited (Industrials, Machinery)		117,400		4,305,688
Sankyu Incorporated (Industrials, Road & Rail)		56,000		2,973,630
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		42,000		2,241,562
SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		50,100		3,792,107
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		445,500		8,985,379
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,855,500		6,462,771
Sumitomo Heavy Industries Limited (Industrials, Machinery)		140,900		4,584,227
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		173,200		6,829,171
Sumitomo Osaka Cement Company (Materials, Construction Materials)		444,000		1,902,115
Teijin Limited (Materials, Chemicals)		279,600		5,538,652
The Keiyo Bank Limited (Financials, Banks)		558,000		2,390,496
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		172,900		3,633,530
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		63,000		1,659,626
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		21,000		3,567,411
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		75,000		1,921,069
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		165,400		2,713,745
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		180,900		3,161,802
UBE Industries Limited (Materials, Chemicals)		149,300		3,798,678
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		107,300		4,447,093
				278,281,822

Liechtenstein : 0.09%
VP Bank AG (Financials, Capital Markets)		6,558		1,102,867

Malaysia : 0.33%
Tenaga Nasional Bhd (Utilities, Electric Utilities)		1,062,400		4,049,999

Netherlands : 2.86%
ABN AMRO Group NV (Financials, Banks)144A		233,218		6,315,612
Aegon NV (Financials, Insurance)		566,623		3,397,718
ASR Nederland NV (Financials, Insurance)		83,831		3,999,311
ING Groep NV (Financials, Banks)		282,500		3,833,290
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		437,386		10,641,303
Philips Lighting NV (Industrials, Electrical Equipment)144A		74,800		2,104,616
RHI Magnesita NV (Materials, Construction Materials)«		64,721		4,109,332
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing)		14,352		328,087
				34,729,269

Norway : 1.30%
Den Norske Bank ASA (Financials, Banks)		221,600		4,513,308
Grieg Seafood ASA (Consumer Staples, Food Products)		336,787		3,873,423
Leroy Seafood Group ASA (Consumer Staples, Food Products)		558,599		4,255,028
Marine Harvest ASA (Consumer Staples, Food Products)«		143,900		3,108,397
				15,750,156

Poland : 0.10%
Asseco Poland SA (Information Technology, Software)		101,800		1,260,588

Portugal : 0.24%
Energias de Portugal SA (Utilities, Electric Utilities)		756,300		2,954,050


Wells Fargo International Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Russia : 1.11%
Gazprom ADR (Energy, Oil, Gas & Consumable Fuels)		781,547	$	3,446,622
Gazprom Neft PAO Sponsored ADR—London Exchange (Energy, Oil, Gas & Consumable Fuels)		136,114		3,362,016
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		21,494
Lukoil OAO ADR (Energy, Oil, Gas & Consumable Fuels)«		46,800		3,232,008
Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		50,101		3,456,969
				13,519,109

Singapore : 0.58%
DBS Group Holdings Limited (Financials, Banks)		185,700		3,375,626
United Overseas Bank Limited (Financials, Banks)		184,100		3,629,555
				7,005,181

South Africa : 0.63%
Absa Group Limited (Financials, Banks)		274,900		3,040,830
Old Mutual Limited (Financials, Insurance)		2,062,039		4,214,239
Petra Diamonds Limited (Materials, Metals & Mining)«†		850,600		379,129
				7,634,198

South Korea : 2.35%
BNK Financial Group Incorporated (Financials, Banks)		440,300		3,298,838
E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		8,500		1,637,919
Industrial Bank of Korea (Financials, Banks)		264,500		3,540,448
KB Financial Group Incorporated (Financials, Banks)		79,300		3,683,071
KT&G Corporation (Consumer Staples, Tobacco)		38,400		3,484,167
Kwangju Bank (Financials, Banks)		13,510		137,145
LG Uplus Corporation (Telecommunication Services, Diversified Telecommunication Services)		351,800		4,961,829
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		17,400		4,103,221
Woori Bank (Financials, Banks)		254,400		3,725,212
				28,571,850

Spain : 1.87%
Banco Santander Central Hispano SA (Financials, Banks)		429,681		2,138,649
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)«		483,500		1,147,139
Iberdrola SA (Utilities, Electric Utilities)		543,200		4,049,195
International Consolidated Airlines Group SA (Industrials, Airlines)		548,044		4,908,215
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		542,137		10,424,114
				22,667,312

Sweden : 1.64%
Boliden AB (Materials, Metals & Mining)		102,400		2,680,608
Electrolux AB Class B (Consumer Discretionary, Household Durables)		104,100		2,322,149
Nordea Bank AB (Financials, Banks)		365,491		3,948,597
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,546,420
Volvo AB Class B (Industrials, Machinery)		545,607		9,396,577
				19,894,351

Switzerland : 6.17%
Baloise Holding AG (Financials, Insurance)		39,946		6,140,783
Credit Suisse Group AG (Financials, Capital Markets)		168,600		2,524,869
Helvetia Holding AG (Financials, Insurance)		6,293		3,778,722
Novartis AG (Health Care, Pharmaceuticals)		46,600		3,864,543
Roche Holding AG (Health Care, Pharmaceuticals)		88,427		21,968,761
Swiss Life Holding AG (Financials, Insurance) †		29,400		10,652,855
Swiss Reinsurance AG (Financials, Insurance)		91,400		8,219,163
UBS Group AG (Financials, Capital Markets)		424,002		6,620,862
Valiant Holding AG (Financials, Banks)		22,700		2,604,323
Zurich Insurance Group AG (Financials, Insurance)		27,970		8,518,694
				74,893,575


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo International Value Portfolio


Security name	Shares		Value
Taiwan : 1.07%
Catcher Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		328,000	$	4,020,576
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,112,000		2,914,407
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,230,734
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,283,000		3,805,349
				12,971,066

Thailand : 0.94%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		178,200		196,004
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,407,589
Krung Thai Bank PCL ADR (Financials, Banks)		5,181,900		3,071,459
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		282,600		727,438
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		1,003,900		2,584,130
Thanachart Capital PCL (Financials, Banks)		1,481,500		2,432,955
				11,419,575

Turkey : 0.44%
Koç Holding AS (Industrials, Industrial Conglomerates)		1,184,300		2,701,839
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)		522,900		2,624,773
				5,326,612

United Kingdom : 14.89%
3i Group plc (Financials, Capital Markets)		548,715		6,376,825
Anglo American plc (Materials, Metals & Mining)		267,586		5,347,994
Aviva plc (Financials, Insurance)		704,391		4,429,058
BAE Systems plc (Industrials, Aerospace & Defense)		1,220,400		9,588,058
Barclays plc (Financials, Banks)		715,000		1,628,672
Barratt Developments plc (Consumer Discretionary, Household Durables)		480,975		3,379,696
Bellway plc (Consumer Discretionary, Household Durables)		80,100		3,030,216
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		244,800		3,570,424
BP plc (Energy, Oil, Gas & Consumable Fuels)		2,015,036		14,297,631
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		1,099,700		3,098,773
Centrica plc (Utilities, Multi-Utilities)		898,500		1,669,245
Chemring Group plc (Industrials, Aerospace & Defense)		294,466		747,487
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		345,400		1,713,259
Debenhams plc (Consumer Discretionary, Multiline Retail)«		1,238,200		210,450
Firstgroup plc (Industrials, Road & Rail)†		952,400		1,094,596
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		965,207		19,525,953
Grafton Group plc (Industrials, Trading Companies & Distributors)		248,800		2,477,236
Highland Gold Mining Limited (Materials, Metals & Mining)		1,280,734		2,311,288
Inchcape plc (Consumer Discretionary, Distributors)		423,425		3,798,730
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,270,500		5,340,028
Kingfisher plc (Consumer Discretionary, Specialty Retail)		1,323,253		4,691,979
Legal & General Group plc (Financials, Insurance)		2,314,194		7,629,603
Lloyds Banking Group plc (Financials, Banks)		8,916,700		6,855,114
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		705,000		2,756,616
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		893,000		1,072,637
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		367,200		1,213,944
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)		501,100		3,023,477
Petrofac Limited (Energy, Energy Equipment & Services)		522,047		4,439,860
Premier Foods plc (Consumer Staples, Food Products)†		73,926		40,445
QinetiQ Group plc (Industrials, Aerospace & Defense)		972,803		3,417,827
Quilter plc (Financials, Capital Markets)144A		687,346		1,255,039
Redrow plc (Consumer Discretionary, Household Durables)		441,068		3,130,729
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		871,393		28,700,476
Royal Mail plc (Industrials, Air Freight & Logistics)		539,626		3,134,200
SSE plc (Utilities, Electric Utilities)		397,000		6,449,075
Tate & Lyle plc (Consumer Staples, Food Products)		467,531		4,063,500
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)		75,800		3,580,010
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		138,516		525,448


Wells Fargo International Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name						Shares		Value
United Kingdom (continued)
Vesuvius plc (Industrials, Machinery)							145,400	$	1,168,716
									180,784,314

Total Common Stocks (Cost $1,124,201,733)									1,163,248,765

			Dividend yield
Preferred Stocks : 0.77%
Brazil : 0.77%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)				2.71	%		957,800		3,444,985
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) †				0.00			1,297,300		2,376,042
Itausa Investimentos Itau SA (Financials, Banks)				2.40			1,524,600		3,589,628
Total Preferred Stocks (Cost $12,669,476)									9,410,655

			Yield
Short-Term Investments : 4.08%
Investment Companies : 4.08%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07			27,672,525		27,675,293
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87			21,800,188		21,800,188
Total Short-Term Investments (Cost $49,475,186)									49,475,481

Total investments in securities (Cost $1,186,346,395)	100.69	%							1,222,134,901
Other assets and liabilities, net	(0.69	)							(8,346,460	)

Total net assets	100.00	%						$	1,213,788,441

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

†	Non-income-earning security

144A

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

(l)

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

(r)

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

(u)

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

Abbreviations:


ADR		American depositary receipt
GDR		Global depositary receipt
REIT		Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		25,301,762		92,989,121		90,618,358		27,672,525	$	27,675,293
Wells Fargo Government Money Market Fund Select Class		22,685,533		69,769,535		70,654,880		21,800,188		21,800,188

									$	49,475,481		4.08	%

Wells Fargo International Value Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

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

Securities lending

default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

Fair valuation measurements


		Level 1 –		quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	62,966,231	$	0	$	0	$	62,966,231
Austria		11,034,434		0		0		11,034,434
Belgium		8,090,754		0		0		8,090,754
Brazil		6,751,032		0		0		6,751,032
Canada		10,462,579		0		0		10,462,579
China		36,596,728		0		0		36,596,728
Denmark		10,555,310		0		0		10,555,310
Finland		7,172,270		0		0		7,172,270
France		117,775,951		0		0		117,775,951
Germany		95,981,559		0		0		95,981,559
Hong Kong		32,664,614		0		0		32,664,614
India		3,471,278		0		0		3,471,278
Ireland		6,266,699		0		0		6,266,699
Israel		0		6,436,345		0		6,436,345
Italy		24,207,087		0		0		24,207,087
Japan		278,281,822		0		0		278,281,822
Liechtenstein		1,102,867		0		0		1,102,867


Malaysia		0		4,049,999		0		4,049,999
Netherlands		34,729,269		0		0		34,729,269
Norway		15,750,156		0		0		15,750,156
Poland		1,260,588		0		0		1,260,588
Portugal		2,954,050		0		0		2,954,050
Russia		13,519,109		0		0		13,519,109
Singapore		7,005,181		0		0		7,005,181
South Africa		7,634,198		0		0		7,634,198
South Korea		28,571,850		0		0		28,571,850
Spain		22,667,312		0		0		22,667,312
Sweden		19,894,351		0		0		19,894,351
Switzerland		74,893,575		0		0		74,893,575
Taiwan		12,971,066		0		0		12,971,066
Thailand		11,419,575		0		0		11,419,575
Turkey		5,326,612		0		0		5,326,612
United Kingdom		180,784,314		0		0		180,784,314
Preferred stocks
Brazil		9,410,655		0		0		9,410,655
Short-term investments
Investment companies		21,800,188		0		0		21,800,188
Investments measured at net asset value*								27,675,293

Total assets	$	1,183,973,264	$	10,486,344	$	0	$	1,222,134,901

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $27,675,293 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Portfolio recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At August 31 2018, the Portfolio had no material transfers between Level 1 and Level 2. The Portfolio did not have any transfers into/out of Level 3.


Wells Fargo Large Company Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 97.68%
Consumer Discretionary: 6.69%
Hotels, Restaurants & Leisure: 4.68%
Carnival Corporation		57,449	$	3,532,538
Extended Stay America Incorporated		28,286		570,811
Royal Caribbean Cruises Limited		34,099		4,179,855
Yum China Holdings Incorporated		139,864		5,409,940
				13,693,144

Household Durables: 0.36%
Cavco Industries Incorporated †		4,278		1,049,821

Leisure Products: 0.12%
Callaway Golf Company		14,982		341,739

Media: 1.22%
News Corporation Class A		216,164		2,825,263
Viacom Incorporated Class B		25,288		740,433
				3,565,696

Multiline Retail: 0.28%
Dollar General Corporation		7,520		810,130

Specialty Retail: 0.03%
The Home Depot Incorporated		509		102,192

Consumer Staples: 8.90%
Beverages: 0.57%
PepsiCo Incorporated		14,823		1,660,324

Food & Staples Retailing: 2.45%
Wal-Mart Stores Incorporated		71,655		6,868,848
Walgreens Boots Alliance Incorporated		4,533		310,782
				7,179,630

Food Products: 2.24%
Archer Daniels Midland Company		2,985		150,444
Ingredion Incorporated		35,575		3,595,565
Tyson Foods Incorporated Class A		44,549		2,798,123
				6,544,132

Household Products: 3.41%
The Procter & Gamble Company		120,309		9,979,632

Tobacco: 0.23%
Altria Group Incorporated		11,509		673,507

Energy: 11.40%
Energy Equipment & Services: 1.14%
McDermott International Incorporated †		172,464		3,335,454

Oil, Gas & Consumable Fuels: 10.26%
Chevron Corporation		71,055		8,417,175
ConocoPhillips		105,723		7,763,240
Delek US Holdings Incorporated		7,099		386,896
EOG Resources Incorporated		1,703		201,346
Exxon Mobil Corporation		155,166		12,439,658
ONEOK Incorporated		12,182		802,916
				30,011,231


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Large Company Value Portfolio


Security name	Shares		Value
Financials: 22.28%
Banks: 12.49%
Bank of America Corporation		384,327	$	11,887,234
Comerica Incorporated		46,360		4,519,173
JPMorgan Chase & Company		115,436		13,226,657
PNC Financial Services Group Incorporated		13,552		1,945,254
US Bancorp		91,600		4,956,476
				36,534,794

Capital Markets: 1.44%
Affiliated Managers Group Incorporated		3,439		502,404
Ameriprise Financial Incorporated		11,969		1,699,119
BlackRock Incorporated		415		198,810
State Street Corporation		20,873		1,814,072
				4,214,405

Consumer Finance: 3.22%
Ally Financial Incorporated		74,814		2,011,000
Discover Financial Services		78,159		6,105,781
Synchrony Financial		41,186		1,304,361
				9,421,142

Diversified Financial Services: 3.18%
Berkshire Hathaway Incorporated Class B †		44,558		9,300,146

Insurance: 1.95%
CNO Financial Group Incorporated		33,996		734,654
Prudential Financial Incorporated		1,357		133,325
The Progressive Corporation		34,573		2,334,715
Unum Group		67,700		2,496,776
				5,699,470

Health Care: 13.14%
Biotechnology: 3.11%
AbbVie Incorporated		59,799		5,739,508
Amgen Incorporated		5,053		1,009,640
Gilead Sciences Incorporated		31,031		2,349,978
				9,099,126

Health Care Equipment & Supplies: 1.53%
Baxter International Incorporated		44,831		3,334,081
ICU Medical Incorporated †		400		122,400
West Pharmaceutical Services Incorporated		8,717		1,020,325
				4,476,806

Health Care Providers & Services: 2.04%
Humana Incorporated		11,404		3,800,497
McKesson Corporation		9,406		1,211,023
Universal Health Services Incorporated Class B		7,402		963,444
				5,974,964

Life Sciences Tools & Services: 0.58%
Agilent Technologies Incorporated		18,790		1,269,077
Bruker Corporation		11,802		419,915
				1,688,992


Wells Fargo Large Company Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Pharmaceuticals: 5.88%
Johnson & Johnson		77,796	$	10,478,343
Merck & Company Incorporated		49,978		3,427,991
Mylan NV †		80,567		3,152,587
Pfizer Incorporated		2,883		119,702
				17,178,623

Industrials: 6.57%
Aerospace & Defense: 2.92%
Maxar Technologies Limited		36,155		1,122,613
Moog Incorporated Class A		7,030		554,737
Raytheon Company		29,293		5,842,196
The Boeing Company		3,019		1,034,883
				8,554,429

Airlines: 0.70%
SkyWest Incorporated		31,280		2,042,584

Commercial Services & Supplies: 0.43%
MSA Safety Incorporated		494		49,938
Waste Management Incorporated		13,363		1,214,697
				1,264,635

Industrial Conglomerates: 2.52%
3M Company		2,822		595,216
Honeywell International Incorporated		42,508		6,761,322
				7,356,538

Information Technology: 8.22%
Communications Equipment: 1.14%
Cisco Systems Incorporated		69,613		3,325,413

Internet Software & Services: 2.06%
Alphabet Incorporated Class A †		2,284		2,813,431
Cars.com Incorporated †		119,231		3,208,506
				6,021,937

IT Services: 0.25%
DXC Technology Company		7,885		718,245

Semiconductors & Semiconductor Equipment: 1.18%
Intel Corporation		13,893		672,838
Micron Technology Incorporated †		22,985		1,207,172
Texas Instruments Incorporated		13,972		1,570,453
				3,450,463

Software: 3.59%
Adobe Systems Incorporated †		19,230		5,067,297
Avaya Holdings Corporation †		57,642		1,346,517
Intuit Incorporated		18,677		4,099,041
				10,512,855


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Large Company Value Portfolio


Security name				Shares		Value
Materials: 2.88%
Metals & Mining: 1.08%
Freeport-McMoRan Incorporated					225,397	$	3,166,828

Paper & Forest Products: 1.80%
Louisiana-Pacific Corporation					180,096		5,251,599

Real Estate: 6.60%
Equity REITs: 4.53%
CoreCivic Incorporated					68,635		1,776,960
Lamar Advertising Company Class A					2,635		203,027
Liberty Property Trust					15,575		681,406
Outfront Media Incorporated					149,401		2,968,598
The Geo Group Incorporated					9,426		239,138
Weingarten Realty Investors					76,132		2,354,763
Xenia Hotels & Resorts Incorporated					207,656		5,037,735
							13,261,627

Real Estate Management & Development: 2.07%
CBRE Group Incorporated Class A †					122,812		5,994,454
Jones Lang LaSalle Incorporated					369		56,280
							6,050,734

Telecommunication Services: 4.48%
Diversified Telecommunication Services: 4.48%
AT&T Incorporated					331,001		10,572,172
Verizon Communications Incorporated					46,630		2,535,273
							13,107,445

Utilities: 6.52%
Electric Utilities: 4.66%
Avangrid Incorporated					69,608		3,434,459
Duke Energy Corporation					35,550		2,888,082
Evergy Incorporated					54,716		3,121,548
NextEra Energy Incorporated					24,565		4,178,507
							13,622,596

Gas Utilities: 0.04%
UGI Corporation					2,188		118,261

Independent Power & Renewable Electricity Producers: 0.38%
Vistra Energy Corporation †					47,615		1,120,857

Multi-Utilities: 1.44%
MDU Resources Group Incorporated					151,034		4,212,338

Total Common Stocks (Cost $272,711,729)							285,694,484

	Yield
Short-Term Investments: 1.75%
Investment Companies: 1.75%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87	%		5,110,158		5,110,158

Total Short-Term Investments (Cost $5,110,158)							5,110,158


Wells Fargo Large Company Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


			Value
Total investments in securities (Cost $277,821,887)	99.43	%	$	290,804,642
Other assets and liabilities, net	0.57			1,653,953

Total net assets	100.00	%	$	292,458,595

†	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.

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost	Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		48		9-21-2018	$6,921,571	$	6,965,040	$	43,469	$	0

Investments in Affiliates


	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		1,158,700		28,560,845		24,609,387		5,110,158	$	5,110,158		1.75	%

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

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

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

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:
Common stocks
Consumer discretionary	$	19,562,722	$	0	$	0	$	19,562,722
Consumer staples		26,037,225		0		0		26,037,225
Energy		33,346,685		0		0		33,346,685
Financials		65,169,957		0		0		65,169,957
Health care		38,418,511		0		0		38,418,511
Industrials		19,218,186		0		0		19,218,186
Information technology		24,028,913		0		0		24,028,913
Materials		8,418,427		0		0		8,418,427
Real estate		19,312,361		0		0		19,312,361
Telecommunication services		13,107,445		0		0		13,107,445
Utilities		19,074,052		0		0		19,074,052
Short-term investments
Investment companies		5,110,158		0		0		5,110,158

		290,804,642		0		0		290,804,642
Futures contracts		43,469		0		0		43,469

Total assets	$	290,848,111	$	0	$	0	$	290,848,111

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

As of August 31, 2018, the Portfolio had segregated $1,150,000 as cash collateral for these open futures contracts.


Wells Fargo Small Company Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 95.90%
Consumer Discretionary: 11.36%
Auto Components: 0.85%
Fox Factory Holding Corporation †		294,430	$	19,447,102

Diversified Consumer Services: 1.01%
Houghton Mifflin Harcourt Company †		1,175,901		7,584,561
Strategic Education Incorporated		110,808		15,376,826
				22,961,387

Hotels, Restaurants & Leisure: 4.76%
Dave & Buster’s Entertainment Incorporated †		322,914		18,783,907
Eldorado Resorts Incorporated †«		645,545		31,018,437
Extended Stay America Incorporated		1,259,393		25,414,551
Golden Entertainment Incorporated †		331,837		9,626,591
International Game Technology		1,128,541		23,744,503
				108,587,989

Media: 0.69%
Lions Gate Entertainment Class A «		219,098		5,153,185
Lions Gate Entertainment Class B		472,218		10,601,294
				15,754,479

Specialty Retail: 3.27%
At Home Group Incorporated †		493,111		16,967,950
Burlington Stores Incorporated †		166,467		27,996,420
Monro Muffler Brake Incorporated «		225,546		16,002,489
Party City Holdco Incorporated †«		896,128		13,755,565
				74,722,424

Textiles, Apparel & Luxury Goods: 0.78%
G-III Apparel Group Limited †		389,615		17,719,690

Consumer Staples: 2.00%
Food & Staples Retailing: 1.05%
Performance Food Group Company †		720,680		23,854,508

Household Products: 0.95%
Central Garden & Pet Company Class A †		598,710		21,751,134

Energy: 1.62%
Oil, Gas & Consumable Fuels: 1.62%
Berry Petroleum Corporation		523,810		8,585,246
Diamondback Energy Incorporated «		133,231		16,131,609
GasLog Limited		727,228		12,217,430
				36,934,285

Financials: 6.90%
Banks: 0.93%
ServisFirst Bancshares Incorporated		345,897		14,908,161
Signature Bank		53,396		6,180,053
				21,088,214

Capital Markets: 3.77%
Evercore Partners Incorporated Class A		287,628		30,531,712
Focus Financial Partners Class A †		144,232		6,070,725


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Small Company Growth Portfolio


Security name	Shares		Value
Capital Markets (continued)
Stifel Financial Corporation		387,539	$	21,651,804
Virtu Financial Incorporated Class A «		526,879		11,485,962
Virtus Investment Partners Incorporated		125,960		16,248,840
				85,989,043

Insurance: 1.11%
Argo Group International Holdings Limited		397,787		25,339,032

Thrifts & Mortgage Finance: 1.09%
Essent Group Limited †		568,829		24,664,425
Sterling Bancorp Incorporated		16,170		198,083
				24,862,508

Health Care: 24.35%
Biotechnology: 5.69%
ACADIA Pharmaceuticals Incorporated †«		557,036		7,921,052
Alnylam Pharmaceuticals Incorporated †		123,186		15,111,227
Array BioPharma Incorporated †		475,896		7,409,701
CareDx Incorporated †		409,831		9,962,992
Emergent BioSolutions Incorporated †		254,125		15,755,750
Esperion Therapeutics Incorporated †«		129,476		6,407,767
Flexion Therapeutics Incorporated †«		575,296		13,174,278
Galapagos NV †		65,537		6,642,830
Intercept Pharmaceuticals Incorporated †«		90,683		10,138,359
Intrexon Corporation †«		542,059		8,336,867
Ionis Pharmaceuticals Incorporated †		226,465		10,347,186
Natera Incorporated †		375,604		10,381,695
Sangamo Biosciences Incorporated †		452,490		8,257,943
				129,847,647

Health Care Equipment & Supplies: 9.69%
Atricure Incorporated †		541,885		18,722,127
Axogen Incorporated †		10,263		449,331
Cerus Corporation †		1,231,531		9,581,311
Cutera Incorporated †		273,240		9,290,160
DexCom Incorporated †		161,880		23,372,234
Glaukos Corporation †«		178,664		12,215,258
Inogen Incorporated †		113,448		30,053,510
Merit Medical Systems Incorporated †		303,579		17,865,624
Nevro Corporation †		143,098		9,647,667
Novocure Limited †		586,847		26,437,457
OraSure Technologies Incorporated †		793,881		12,710,035
Tactile Systems Technology Class I †«		444,955		30,110,105
Wright Medical Group NV †«		712,547		20,649,612
				221,104,431

Health Care Providers & Services: 1.91%
AMN Healthcare Services Incorporated †		330,468		19,266,284
HealthEquity Incorporated †		258,137		24,319,087
				43,585,371

Health Care Technology: 4.31%
athenahealth Incorporated †		98,897		15,220,248
Evolent Health Incorporated Class A †«		706,811		18,023,681
Medidata Solutions Incorporated †		229,621		19,513,193
Tabula Rasa Healthcare Incorporated †		180,583		15,831,712
Teladoc Incorporated †«		251,738		19,522,282
Vocera Communications Incorporated †		308,483		10,229,296
				98,340,412


Wells Fargo Small Company Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Life Sciences Tools & Services: 2.37%
ICON plc ADR †		198,540	$	29,586,431
Syneos Health Incorporated †		488,546		24,354,018
				53,940,449

Pharmaceuticals: 0.38%
Pacira Pharmaceuticals Incorporated †		184,688		8,708,039

Industrials: 18.67%
Aerospace & Defense: 0.79%
Kratos Defense & Security Solutions Incorporated †		1,353,157		18,078,178

Air Freight & Logistics: 0.65%
Hub Group Incorporated Class A †		279,962		14,795,992

Building Products: 3.05%
A.O. Smith Corporation		386,654		22,456,864
JELD-WEN Holding Incorporated †		431,542		10,495,101
Masonite International Corporation †		195,384		13,080,959
NCI Building Systems Incorporated †		491,151		8,300,452
PGT Incorporated †		628,343		15,268,735
				69,602,111

Commercial Services & Supplies: 2.60%
Copart Incorporated †		581,537		37,398,644
KAR Auction Services Incorporated		349,975		21,939,933
				59,338,577

Construction & Engineering: 1.36%
Dycom Industries Incorporated †		131,707		11,051,534
Granite Construction Incorporated		434,610		19,852,985
				30,904,519

Electrical Equipment: 0.73%
GrafTech International Limited		905,577		16,735,063

Machinery: 4.39%
AGCO Corporation		238,806		14,247,166
Circor International Incorporated		305,964		13,878,527
Gardner Denver Holdings Incorporated †		737,917		20,632,159
Gates Industrial Corporation plc †«		901,542		16,435,111
SPX Corporation †		635,260		21,592,487
Wabash National Corporation		730,256		13,319,869
				100,105,319

Professional Services: 1.93%
ASGN Incorporated †		371,997		34,443,202
ICF International Incorporated		116,740		9,531,821
				43,975,023

Road & Rail: 2.51%
Genesee & Wyoming Incorporated Class A †		263,691		23,175,802
Knight-Swift Transportation Holdings Incorporated «		387,181		13,214,488
Schneider National Incorporated Class B		770,119		20,831,719
				57,222,009

Trading Companies & Distributors: 0.66%
Beacon Roofing Supply Incorporated †		407,832		15,122,411


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Small Company Growth Portfolio


Security name	Shares		Value
Information Technology: 25.00%
Communications Equipment: 2.25%
Ciena Corporation †		745,078	$	23,529,563
Lumentum Holdings Incorporated †«		408,369		27,728,255
				51,257,818

Electronic Equipment, Instruments & Components: 0.61%
Tech Data Corporation †		192,349		13,993,390

Internet Software & Services: 6.55%
2U Incorporated †		271,189		24,233,449
Benefitfocus Incorporated †«		351,517		15,501,900
Box Incorporated Class A †		941,945		23,134,169
Cloudera Incorporated †		766,975		11,512,295
Cornerstone OnDemand Incorporated †		398,549		22,541,931
Hortonworks Incorporated †		605,393		13,512,372
Mimecast Limited †		336,805		14,007,720
New Relic Incorporated †		164,670		16,921,489
Okta Incorporated †		131,551		8,133,798
				149,499,123

IT Services: 1.29%
Acxiom Corporation †		641,781		29,322,974

Semiconductors & Semiconductor Equipment: 4.44%
Axcelis Technologies Incorporated †		617,378		12,471,036
Cypress Semiconductor Corporation		1,591,415		27,388,252
FormFactor Incorporated †		841,917		13,007,618
Nanometrics Incorporated †		228,793		10,023,421
Silicon Motion Technology Corporation ADR		258,995		15,254,806
Teradyne Incorporated		559,991		23,066,029
				101,211,162

Software: 9.86%
Cadence Design Systems Incorporated †		629,046		29,590,324
CyberArk Software Limited †		269,805		20,348,693
Nuance Communications Incorporated †		1,041,705		17,000,626
PTC Incorporated †		343,279		34,307,303
RealPage Incorporated †		500,298		31,218,595
SS&C Technologies Holdings Incorporated		604,120		35,848,481
Talend SA ADR †		238,472		14,677,952
Ultimate Software Group Incorporated †		64,615		20,009,327
Zendesk Incorporated †		317,553		21,876,226
				224,877,527

Materials: 5.10%
Chemicals: 1.88%
KMG Chemicals Incorporated		74,834		5,798,138
Orion Engineered Carbons SA		499,585		17,985,060
Platform Specialty Products Corporation †		1,445,264		19,164,201
				42,947,399

Construction Materials: 0.60%
US Concrete Incorporated †«		286,715		13,819,663

Metals & Mining: 1.68%
Carpenter Technology Corporation		350,261		20,900,074
Steel Dynamics Incorporated		379,358		17,348,041
				38,248,115


Wells Fargo Small Company Growth Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name								Shares		Value
Paper & Forest Products: 0.94%
Boise Cascade Company									489,655	$	21,397,924

Real Estate: 0.90%
Equity REITs: 0.90%
QTS Realty Trust Incorporated Class A									447,233		20,451,964

Total Common Stocks (Cost $1,399,571,286)											2,187,444,405

						Expiration date
Rights: 0.00%
Consumer Discretionary: 0.00%
Media: 0.00%
Media General Incorporated †(a)							12-31-2018		347,897		0

Total Rights (Cost $0)											0

			Yield
Short-Term Investments: 13.58%
Investment Companies: 13.58%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07	%				203,501,459		203,521,810
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87					106,163,418		106,163,418
Total Short-Term Investments (Cost $309,672,361)											309,685,228

Total investments in securities (Cost $1,709,243,647)	109.48	%									2,497,129,633
Other assets and liabilities, net	(9.48	)									(216,145,449	)

Total net assets	100.00	%								$	2,280,984,184

†	Non-income-earning security

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

(a)

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

(l)

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

(r)

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

(u)

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

Abbreviations:


ADR		American depositary receipt
REIT		Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		217,573,353		198,747,445		212,819,339		203,501,459	$	203,521,810
Wells Fargo Government Money Market Fund Select Class		48,273,067		292,025,073		234,134,722		106,163,418		106,163,418

									$	309,685,228		13.58	%

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

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Securities lending

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	259,193,071	$	0	$	0	$	259,193,071
Consumer staples		45,605,642		0		0		45,605,642
Energy		36,934,285		0		0		36,934,285
Financials		157,278,797		0		0		157,278,797
Health care		555,526,349		0		0		555,526,349
Industrials		425,879,202		0		0		425,879,202
Information technology		570,161,994		0		0		570,161,994
Materials		116,413,101		0		0		116,413,101
Real estate		20,451,964		0		0		20,451,964
Rights
Consumer discretionary		0		0		0		0
Short-term investments
Investment companies		106,163,418		0		0		106,163,418
Investments measured at net asset value*								203,521,810

Total assets	$	2,293,607,823	$	0	$	0	$	2,497,129,633

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $203,521,810 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Small Company Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 99.50%
Consumer Discretionary: 13.45%
Auto Components: 1.28%
Cooper-Standard Holdings Incorporated †		15,531	$	2,149,956
Superior Industries International Incorporated		29,071		630,841
				2,780,797

Diversified Consumer Services: 0.77%
Cambium Learning Group Incorporated †		96,623		1,292,816
Collectors Universe Incorporated		25,120		375,042
				1,667,858

Hotels, Restaurants & Leisure: 0.56%
Noodles & Company †		85,872		1,056,226
Red Lion Hotels Corporation †		12,734		173,819
				1,230,045

Household Durables: 1.58%
Hooker Furniture Corporation		41,476		1,744,066
William Lyon Homes Class A †		10,732		210,025
Zagg Incorporated †		91,082		1,475,528
				3,429,619

Internet & Direct Marketing Retail: 0.71%
Nutrisystem Incorporated		41,587		1,538,719

Leisure Products: 2.21%
Johnson Outdoors Incorporated Class A		21,650		2,192,712
Malibu Boats Incorporated Class A †		35,538		1,713,287
Nautilus Group Incorporated †		60,885		891,965
				4,797,964

Media: 0.62%
Entercom Communications Corporation «		112,483		882,992
Gannett Company Incorporated		45,836		471,194
				1,354,186

Multiline Retail: 0.06%
Fred’s Incorporated Class A «		77,003		131,675

Specialty Retail: 3.65%
Bed Bath & Beyond Incorporated		33,284		597,115
Children’s Place Retail Stores Incorporated		12,114		1,705,046
Destination Maternity Corporation †		124,354		624,257
GameStop Corporation Class A «		44,216		586,746
Signet Jewelers Limited		27,880		1,789,896
Stein Mart Incorporated †«		317,244		739,179
Tailored Brands Incorporated «		55,490		1,306,235
Vitamin Shoppe Incorporated †«		47,009		601,715
				7,950,189

Textiles, Apparel & Luxury Goods: 2.01%
Carter’s Incorporated		14,203		1,504,524
Charles & Colvard Limited †		80,363		82,774
Columbia Sportswear Company		5,308		481,436
Lakeland Industries Incorporated †		72,257		953,792
Rocky Brands Incorporated		44,708		1,347,946
				4,370,472


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Small Company Value Portfolio


Security name	Shares		Value
Consumer Staples: 3.27%
Food & Staples Retailing: 1.50%
Ingles Markets Incorporated Class A		43,778	$	1,573,819
Village Super Market Class A		16,400		478,552
Weis Markets Incorporated		26,077		1,214,927
				3,267,298

Food Products: 0.87%
Pilgrim’s Pride Corporation †		102,159		1,888,920

Personal Products: 0.90%
Edgewell Personal Care Company †		34,756		1,962,671

Energy: 5.53%
Energy Equipment & Services: 1.78%
Newpark Resources Incorporated †		218,652		2,295,846
Tetra Technologies Incorporated †		344,852		1,582,871
				3,878,717

Oil, Gas & Consumable Fuels: 3.75%
Abraxas Petroleum Corporation †		207,324		466,479
Carrizo Oil & Gas Incorporated †		86,831		2,103,047
Energen Corporation †		9,246		717,027
Laredo Petroleum Incorporated †		134,569		1,115,577
Southwestern Energy Company †		378,528		2,127,327
Teekay Tankers Limited Class A		277,502		299,702
W&T Offshore Incorporated †		195,104		1,320,854
				8,150,013

Financials: 23.57%
Banks: 15.03%
Banc of California Incorporated «		66,912		1,348,277
BankUnited Incorporated		16,708		648,103
Banner Corporation		30,603		1,968,691
Customers Bancorp Incorporated †		69,032		1,705,090
FB Financial Corporation		48,943		2,152,513
Fidelity Southern Corporation		83,141		2,020,326
First Connecticut Bancorp		65,213		2,067,252
First Foundation Incorporated †		72,872		1,179,069
First Interstate BancSystem Class A		44,752		2,078,730
Great Southern Bancorp Incorporated		35,124		2,082,853
Heritage Financial Corporation		58,751		2,132,661
Independent Bank Corporation		76,426		1,906,829
Midland States Bancorp Incorporated		59,138		2,036,121
OFG Bancorp		71,922		1,165,136
Orrstown Financial Services Incorporated		16,574		431,753
Popular Incorporated		28,322		1,425,729
TCF Financial Corporation		34,089		864,156
Triumph Bancorp Incorporated †		38,111		1,617,812
Union Bankshares Corporation		45,568		1,895,629
Univest Corporation of Pennsylvania		68,749		1,959,347
				32,686,077

Capital Markets: 1.83%
Blucora Incorporated †		56,305		2,038,241


Wells Fargo Small Company Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Capital Markets (continued)
Piper Jaffray Companies Incorporated		25,124	$	1,934,548
				3,972,789

Consumer Finance: 0.84%
Enova International Incorporated †		54,795		1,819,194

Insurance: 2.94%
American Equity Investment Life Holding Company		54,489		2,020,997
EMC Insurance Group Incorporated		26,033		668,527
FBL Financial Group Incorporated		24,531		1,995,597
State Auto Financial Corporation		54,515		1,711,226
				6,396,347

Thrifts & Mortgage Finance: 2.93%
Homestreet Incorporated †		30,614		901,582
NMI Holdings Incorporated Class A †		81,251		1,755,022
OceanFirst Financial Corporation		71,557		2,089,464
Walker & Dunlop Incorporated		29,863		1,627,534
				6,373,602

Health Care: 7.33%
Biotechnology: 0.40%
AMAG Pharmaceuticals Incorporated †		35,767		872,715

Health Care Equipment & Supplies: 0.69%
Fonar Corporation †		27,647		724,351
Invacare Corporation		51,261		779,167
				1,503,518

Health Care Providers & Services: 5.76%
Amedisys Incorporated †		12,601		1,575,251
AMN Healthcare Services Incorporated †		23,777		1,386,199
Encompass Health Corporation		20,774		1,694,951
Ensign Group Incorporated		53,527		2,091,300
LHC Group Incorporated †		18,452		1,825,456
Molina Healthcare Incorporated †		12,462		1,719,756
Premier Incorporated Class A †		50,470		2,232,288
				12,525,201

Pharmaceuticals: 0.48%
Bausch Health Companies Incorporated †		45,136		1,043,093

Industrials: 20.22%
Building Products: 0.89%
Patrick Industries Incorporated †		30,110		1,927,040

Commercial Services & Supplies: 2.63%
Casella Waste Systems Incorporated Class A †		64,269		1,823,954
Ennis Incorporated		92,000		2,005,600
TEAM Incorporated †«		81,203		1,892,030
				5,721,584

Construction & Engineering: 2.29%
MYR Group Incorporated †		50,242		1,746,914
Sterling Construction Company Incorporated †		130,915		1,904,813
Tutor Perini Corporation †		65,053		1,323,829
				4,975,556


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Small Company Value Portfolio


Security name	Shares		Value
Electrical Equipment: 2.53%
Encore Wire Corporation		26,918	$	1,352,630
EnerSys		24,321		2,018,400
Generac Holdings Incorporated †		38,462		2,134,256
				5,505,286

Machinery: 4.61%
Briggs & Stratton Corporation		25,999		524,140
Freightcar America Incorporated		26,771		452,698
Hyster Yale Materials Handeling Incorporated		5,504		339,597
Kadant Incorporated		14,529		1,468,155
Manitex International Incorporated †		50,680		536,194
Miller Industries Incorporated		44,400		1,278,720
Mueller Industries Incorporated		50,491		1,614,197
Standex International Corporation		15,797		1,704,496
The Greenbrier Companies Incorporated		36,388		2,110,504
				10,028,701

Professional Services: 3.95%
Barrett Business Services Incorporated		12,732		955,282
CBIZ Incorporated †		96,781		2,313,066
Kelly Services Incorporated Class A		70,514		1,777,658
Korn/Ferry International		30,870		2,072,303
WageWorks Incorporated †		27,472		1,469,752
				8,588,061

Road & Rail: 1.45%
Avis Budget Group Incorporated †		18,827		585,708
Genesee & Wyoming Incorporated Class A †		26,262		2,308,167
YRC Worldwide Incorporated †		28,064		268,572
				3,162,447

Trading Companies & Distributors: 1.87%
CAI International Incorporated †		76,776		2,072,184
DXP Enterprises Incorporated †		33,397		1,532,588
Fly Leasing Limited ADR †		30,706		454,449
				4,059,221

Information Technology: 10.34%
Communications Equipment: 1.03%
Applied Optoelectronics Incorporated †«		34,501		1,426,961
Silicom Limited †«		21,096		814,306
				2,241,267

Electronic Equipment, Instruments & Components: 3.11%
Electro Scientific Industries Incorporated †		90,099		1,977,673
Eplus Incorporated †		19,274		1,997,750
Methode Electronics Incorporated		33,822		1,341,042
Napco Security Technologies Incorporated †		61,414		927,351
Synnex Corporation		5,422		525,771
				6,769,587

Internet Software & Services: 0.56%
LogMeIn Incorporated		14,017		1,204,761

IT Services: 2.00%
Hackett Group Incorporated		62,462		1,278,597
TTEC Holdings Incorporated		12,314		322,627
Unisys Corporation †«		147,772		2,748,559
				4,349,783


Wells Fargo Small Company Value Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Semiconductors & Semiconductor Equipment: 3.64%
Cypress Semiconductor Corporation		49,670	$	854,821
FormFactor Incorporated †		143,503		2,217,121
Rudolph Technologies Incorporated †		73,080		2,031,624
Silicon Motion Technology Corporation ADR		34,834		2,051,723
Ultra Clean Holdings Incorporated †		49,092		749,144
				7,904,433

Materials: 5.92%
Chemicals: 1.57%
Advansix Incorporated †		31,776		1,075,300
Stepan Company		23,545		2,100,449
Trecora Resources †		16,268		227,752
				3,403,501

Metals & Mining: 2.35%
Cleveland Cliffs Incorporated †		88,786		892,299
Kaiser Aluminum Corporation		19,460		2,132,621
Schnitzer Steel Industries Incorporated Class A		79,541		2,095,905
				5,120,825

Paper & Forest Products: 2.00%
Boise Cascade Company		47,232		2,064,038
Verso Corporation Class A †		72,478		2,275,084
				4,339,122

Real Estate: 7.27%
Equity REITs: 6.34%
Armada Hoffler Properties Incorporated		133,653		2,083,650
CareTrust REIT Incorporated		121,579		2,243,133
Independence Realty Trust Incorporated		50,543		522,109
Monmouth Real Estate Investment Corporation		133,929		2,329,025
National Storage Affiliates Trust		75,573		2,143,250
One Liberty Properties Incorporated		70,555		2,031,278
Potlatch Corporation		50,285		2,428,766
				13,781,211

Real Estate Management & Development: 0.93%
Marcus & Millichap Incorporated †		55,283		2,012,854

Utilities: 2.60%
Electric Utilities: 1.12%
Hawaiian Electric Industries Incorporated		68,981		2,432,960

Water Utilities: 1.48%
Aqua America Incorporated		52,609		1,956,003
Artesian Resources Corporation Class A		34,992		1,257,269
				3,213,272

Total Common Stocks (Cost $199,071,597)				216,333,151


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Small Company Value Portfolio


Security name			Yield			Shares		Value
Short-Term Investments: 3.61%
Investment Companies: 3.61%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07	%		6,897,743	$	6,898,432
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87			954,111		954,111
Total Short-Term Investments (Cost $7,852,191)									7,852,543

Total investments in securities (Cost $206,923,788)	103.11	%							224,185,694
Other assets and liabilities, net	(3.11	)							(6,768,838	)

Total net assets	100.00	%						$	217,416,856

†	Non-income-earning security

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

(l)

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

(r)

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

(u)

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

Abbreviations:


ADR		American depositary receipt
REIT		Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		5,546,867		32,292,340		30,941,464		6,897,743	$	6,898,432
Wells Fargo Government Money Market Fund Select Class		851,216		100,863,904		100,761,009		954,111		954,111

									$	7,852,543		3.61	%

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

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Securities lending

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

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	29,251,524	$	0	$	0	$	29,251,524
Consumer staples		7,118,889		0		0		7,118,889
Energy		12,028,730		0		0		12,028,730
Financials		51,248,009		0		0		51,248,009
Health care		15,944,527		0		0		15,944,527
Industrials		43,967,896		0		0		43,967,896
Information technology		22,469,831		0		0		22,469,831
Materials		12,863,448		0		0		12,863,448
Real estate		15,794,065		0		0		15,794,065
Utilities		5,646,232		0		0		5,646,232
Short-term investments
Investment companies		954,111		0		0		954,111
Investments measured at net asset value*								6,898,432

Total assets	$	217,287,262	$	0	$	0	$	224,185,694

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $6,898,432 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities: 37.27%
FHLMC (12 Month LIBOR +1.64%) ±		2.80	%	1-1-2047	$	5,110,070	$	5,078,587
FHLMC		3.00		10-15-2047		35,372,927		34,510,532
FHLMC		3.00		11-15-2047		11,978,969		11,659,554
FHLMC		3.00		6-15-2048		19,140,332		18,445,523
FHLMC		3.50		12-1-2045		575,465		573,546
FHLMC		3.50		12-1-2047		2,379,014		2,366,983
FHLMC		3.50		1-1-2048		8,869,914		8,831,500
FHLMC		3.50		2-1-2048		3,508,758		3,492,321
FHLMC		3.50		2-1-2048		6,056,992		6,030,758
FHLMC		3.50		3-1-2048		21,044,676		20,954,831
FHLMC (12 Month LIBOR +1.64%) ±		3.86		7-1-2048		3,260,373		3,312,946
FHLMC		4.00		4-1-2034		3,290,290		3,374,886
FHLMC		4.00		6-1-2034		194,292		199,323
FHLMC		4.00		1-1-2035		243,128		251,212
FHLMC		4.00		1-1-2036		363,343		374,070
FHLMC		4.00		10-1-2036		2,511,027		2,585,116
FHLMC		4.00		3-1-2037		302,162		311,495
FHLMC		4.00		3-1-2037		375,540		388,072
FHLMC		4.00		3-1-2037		593,679		611,291
FHLMC		4.00		4-1-2037		2,575,420		2,651,817
FHLMC		4.00		4-1-2037		3,101,918		3,205,176
FHLMC		4.00		1-1-2042		3,480,152		3,573,821
FHLMC		4.00		8-1-2043		2,898,114		2,976,070
FHLMC		4.00		8-1-2044		1,049,032		1,073,479
FHLMC		4.00		12-1-2045		1,110,353		1,134,076
FHLMC		4.00		2-1-2046		1,300,489		1,328,282
FHLMC		4.00		6-1-2046		2,249,120		2,297,209
FHLMC		4.00		4-1-2048		3,574,616		3,653,511
FHLMC		4.00		6-1-2048		4,262,220		4,356,296
FHLMC		4.00		6-1-2048		4,990,180		5,100,321
FHLMC		4.00		8-1-2048		23,546,000		23,984,935
FHLMC		4.00		8-1-2048		28,824,648		29,361,986
FHLMC		4.00		9-1-2048		4,637,000		4,723,441
FHLMC		4.50		6-1-2039		261,322		274,649
FHLMC		4.50		7-1-2039		284,537		299,062
FHLMC		4.50		10-11-2048		54,000,000		56,017,189
FHLMC		5.00		6-1-2044		3,498,345		3,786,274
FHLMC		5.00		5-1-2048		12,926,405		13,890,141
FHLMC		5.00		6-1-2048		732,786		782,850
FHLMC		6.50		4-1-2021		460		468
FHLMC Series 1590 Class IA (1 Month LIBOR +1.05%) ±		3.11		10-15-2023		17,288		17,634
FHLMC Series 1897 Class K		7.00		9-15-2026		595		644
FHLMC Series 1935 Class FL (1 Month LIBOR +0.70%) ±		2.76		2-15-2027		1,865		1,895
FHLMC Series 2423 Class MC		7.00		3-15-2032		11,177		12,427
FHLMC Series 356 Class 300		3.00		9-15-2047		5,162,645		5,004,252
FHLMC Series 3838 Class QE		3.50		1-15-2029		404,566		404,468
FHLMC Series 4576 Class HN		3.50		8-15-2041		10,219,592		10,299,131
FHLMC Series 4640 Class LD		4.00		9-15-2043		16,511,859		16,979,102
FHLMC Series 4700 Class QJ		4.00		7-15-2044		11,251,531		11,583,772
FHLMC Series 4705 Class A		4.50		9-15-2042		7,559,773		7,909,653
FHLMC Series 4763 Class CA		3.00		9-15-2038		2,140,094		2,122,669
FHLMC Series 4767 Class KA		3.00		3-15-2048		10,830,845		10,722,008
FHLMC Series 4782 Class BA		4.50		11-15-2044		14,265,583		14,825,988
FHLMC Series 4786 Class DP		4.50		7-15-2042		5,994,139		6,203,597
FHLMC Series 4787 Class AK		3.00		5-15-2048		16,231,073		15,636,238
FHLMC Series 4796 Class AK		3.00		5-15-2048		20,186,864		19,449,089
FNMA ¤		0.00		10-9-2019		12,760,000		12,399,095
FNMA		1.50		4-25-2043		2,002,672		1,852,469
FNMA (12 Month LIBOR +1.61%) ±		2.67		5-1-2046		4,008,885		3,984,266
FNMA (12 Month LIBOR +1.60%) ±		2.95		8-1-2047		4,343,241		4,334,897
FNMA		3.00		11-1-2046		8,851,352		8,673,920
FNMA (12 Month LIBOR +1.61%) ±		3.03		12-1-2047		5,456,616		5,416,912
FNMA (12 Month LIBOR +1.62%) ±		3.13		3-1-2047		6,855,148		6,888,175
FNMA		3.50		9-1-2033		898,123		910,210
FNMA		3.50		8-1-2034		2,639,244		2,674,728
FNMA		3.50		12-1-2035		10,531,268		10,666,768
FNMA		3.50		5-1-2036		7,995,243		8,078,057
FNMA		3.50		9-1-2036		1,345,341		1,363,388


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		3.50	%	12-1-2036	$	8,765,805	$	8,881,744
FNMA		3.50		3-1-2037		13,735,966		13,868,222
FNMA		3.50		5-1-2037		11,230,973		11,381,824
FNMA		3.50		5-1-2038		13,063,802		13,118,626
FNMA		3.50		2-1-2041		29,459,479		29,537,099
FNMA		3.50		2-1-2042		26,553,581		26,623,608
FNMA		3.50		5-1-2042		20,621,365		20,749,274
FNMA		3.50		6-1-2042		75,520,347		75,720,333
FNMA		3.50		6-1-2043		862,632		864,118
FNMA		3.50		11-1-2046		7,951,269		8,013,852
FNMA		3.50		11-1-2047		2,866,373		2,852,290
FNMA		3.50		12-1-2047		7,696,271		7,670,193
FNMA		3.50		1-1-2048		23,595,315		23,484,172
FNMA		3.50		1-1-2048		17,139,612		17,173,095
FNMA		3.50		2-1-2048		10,016,430		9,971,621
FNMA (12 Month LIBOR +1.62%) ±		3.73		8-1-2048		6,070,097		6,194,271
FNMA (12 Month LIBOR +1.62%) ±		3.75		7-1-2048		6,021,131		6,148,890
FNMA (12 Month LIBOR +1.62%) ±		3.75		8-1-2048		3,157,249		3,224,435
FNMA		4.00		7-1-2029		1		1
FNMA		4.00		2-1-2032		95,792		98,955
FNMA		4.00		12-1-2033		540,689		558,597
FNMA		4.00		4-1-2034		5,217,038		5,389,785
FNMA		4.00		7-1-2035		8,942,432		9,237,909
FNMA		4.00		11-1-2035		3,981,524		4,113,231
FNMA		4.00		11-1-2035		891,957		919,831
FNMA		4.00		1-1-2036		7,663,813		7,917,279
FNMA		4.00		1-1-2036		502,907		518,611
FNMA		4.00		7-1-2036		6,413,034		6,613,270
FNMA		4.00		9-1-2036		2,665,088		2,745,627
FNMA		4.00		11-1-2036		1,944,115		2,008,383
FNMA		4.00		12-1-2036		6,718,343		6,928,053
FNMA		4.00		12-1-2036		208,088		214,336
FNMA		4.00		12-1-2036		424,541		437,293
FNMA		4.00		1-1-2037		313,237		322,628
FNMA		4.00		2-1-2037		559,547		576,350
FNMA		4.00		2-1-2037		463,730		477,666
FNMA		4.00		3-1-2037		976,287		1,004,101
FNMA		4.00		3-1-2037		1,848,649		1,904,164
FNMA		4.00		3-1-2037		1,313,002		1,350,397
FNMA		4.00		3-1-2037		691,282		710,932
FNMA		4.00		3-1-2037		1,020,510		1,049,578
FNMA		4.00		3-1-2037		908,408		934,270
FNMA		4.00		3-1-2037		244,585		251,547
FNMA		4.00		3-1-2037		519,034		533,816
FNMA		4.00		3-1-2037		200,994		206,724
FNMA		4.00		4-1-2037		891,771		917,162
FNMA		4.00		4-1-2037		1,923,805		1,978,619
FNMA		4.00		5-1-2037		557,921		573,826
FNMA		4.00		5-1-2037		926,528		952,928
FNMA		4.00		5-1-2037		1,004,527		1,033,143
FNMA		4.00		5-1-2037		1,197,137		1,231,267
FNMA		4.00		6-1-2037		2,243,653		2,307,623
FNMA		4.00		7-1-2037		1,212,898		1,247,470
FNMA		4.00		7-1-2037		589,345		606,148
FNMA		4.00		7-1-2037		7,594,520		7,808,644
FNMA		4.00		9-1-2037		1,159,319		1,192,374
FNMA		4.00		9-1-2037		2,319,878		2,386,026
FNMA		4.00		9-1-2037		2,023,334		2,081,025
FNMA		4.00		10-1-2037		1,270,381		1,306,604
FNMA		4.00		10-1-2037		3,387,445		3,499,082
FNMA		4.00		11-1-2037		6,690,634		6,879,075
FNMA		4.00		11-1-2037		1,873,903		1,927,335
FNMA		4.00		12-1-2037		1,108,296		1,139,899
FNMA		4.00		12-1-2037		2,026,547		2,084,332
FNMA		4.00		1-1-2038		997,115		1,025,549
FNMA		4.00		1-1-2038		2,441,442		2,511,060
FNMA		4.00		1-1-2038		1,605,890		1,656,150
FNMA		4.00		11-1-2040		5,593,094		5,735,081
FNMA		4.00		1-1-2042		1,784,528		1,833,038


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		4.00	%	8-1-2042	$	1,842,843	$	1,892,895
FNMA		4.00		10-1-2043		4,246,549		4,347,937
FNMA		4.00		5-1-2045		8,246,307		8,421,199
FNMA		4.00		5-1-2045		1,375,776		1,411,819
FNMA		4.00		9-1-2045		1,557,367		1,605,909
FNMA		4.00		10-1-2045		981,164		1,002,404
FNMA		4.00		12-1-2045		622,153		635,622
FNMA		4.00		12-1-2045		166,002		170,064
FNMA		4.00		12-1-2045		381,217		390,339
FNMA		4.00		5-1-2046		5,273,142		5,392,443
FNMA		4.00		7-1-2046		323,584		331,471
FNMA		4.00		1-1-2047		893,272		913,660
FNMA		4.00		1-1-2047		551,155		565,027
FNMA		4.00		2-1-2047		3,462,401		3,547,633
FNMA		4.00		2-1-2047		2,010,137		2,059,865
FNMA		4.00		3-1-2047		1,115,686		1,141,162
FNMA		4.00		3-1-2047		3,027,414		3,102,336
FNMA		4.00		4-1-2047		893,574		918,363
FNMA		4.00		4-1-2047		1,530,695		1,568,555
FNMA		4.00		4-1-2047		998,891		1,017,766
FNMA		4.00		4-1-2047		2,499,789		2,556,846
FNMA		4.00		4-1-2047		1,020,160		1,041,891
FNMA		4.00		4-1-2047		999,360		1,024,590
FNMA		4.00		5-1-2047		4,136,071		4,226,062
FNMA		4.00		5-1-2047		1,096,351		1,123,475
FNMA		4.00		5-1-2047		1,792,804		1,826,642
FNMA		4.00		8-1-2047		30,834,920		31,500,526
FNMA		4.00		10-1-2047		819,719		842,604
FNMA		4.00		10-1-2047		773,171		793,803
FNMA		4.00		10-1-2047		2,118,726		2,171,538
FNMA		4.00		10-1-2047		909,782		930,709
FNMA		4.00		11-1-2047		34,230,432		35,022,247
FNMA		4.00		2-1-2048		7,531,133		7,682,961
FNMA		4.00		3-1-2048		4,818,016		4,923,248
FNMA		4.00		3-1-2048		4,684,761		4,787,082
FNMA		4.00		4-1-2048		18,078,527		18,433,616
FNMA		4.00		5-1-2048		2,120,070		2,170,395
FNMA		4.00		5-1-2048		8,049,743		8,225,572
FNMA		4.00		6-1-2048		4,142,180		4,232,661
FNMA		4.00		7-1-2048		4,605,965		4,706,575
FNMA		4.00		8-1-2048		54,628,080		55,663,036
FNMA		4.00		9-13-2048		61,100,000		62,198,786
FNMA		4.50		5-1-2034		2,001,157		2,104,830
FNMA		4.50		6-1-2041		336,281		351,965
FNMA		4.50		3-1-2043		3,737,860		3,891,398
FNMA		4.50		3-1-2044		1,163,354		1,213,947
FNMA		4.50		10-1-2045		6,120,448		6,371,528
FNMA		4.50		2-1-2046		145,996		152,025
FNMA		4.50		7-1-2048		47,833,731		49,672,520
FNMA		4.50		9-13-2048		63,200,000		65,613,513
FNMA %%		4.50		10-11-2048		24,900,000		25,821,714
FNMA		5.00		7-1-2044		693,748		738,282
FNMA		5.00		5-1-2048		6,484,410		6,907,392
FNMA		5.00		6-1-2048		13,387,920		14,437,317
FNMA		5.00		6-1-2048		1,663,673		1,778,138
FNMA		5.00		6-1-2048		1,843,008		1,963,539
FNMA		5.00		11-13-2048		12,600,000		13,278,278
FNMA		5.00		8-1-2056		22,973,615		24,628,267
FNMA		6.00		4-1-2022		6,452		6,993
FNMA		6.00		2-1-2029		5,794		6,352
FNMA		6.00		3-1-2033		42,183		46,582
FNMA		6.00		11-1-2033		14,937		16,497
FNMA Series 1998-38 Class PL		6.00		11-25-2028		273,390		294,783
FNMA Series 1999-54 Class LH		6.50		11-25-2029		10,060		10,882
FNMA Series 2005-31 Class PB		5.50		4-25-2035		70,000		76,140
FNMA Series 2014-40 Class EP		3.50		10-25-2042		3,445,288		3,483,044
FNMA Series 2017-13 Class PA		3.00		8-25-2046		6,251,272		6,171,405
FNMA Series 2017-M7 Class A2 ±±		2.96		2-25-2027		2,108,000		2,033,671


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 2018-12 Class P		3.00	%	3-25-2046	$	7,391,858	$	7,242,688
FNMA Series 2018-14 Class KC		3.00		3-25-2048		6,894,267		6,902,656
FNMA Series 2018-15 Class AB		3.00		3-25-2048		2,399,347		2,378,947
FNMA Series 2018-15 Class CA		3.00		3-25-2048		2,563,081		2,533,985
FNMA Series 2018-38 Class LA		3.00		6-25-2048		20,109,803		19,348,035
FNMA Series 2018-4 Class HC		2.50		12-25-2047		6,254,328		5,963,979
FNMA Series 2018-43 Class CT		3.00		6-25-2048		19,152,180		18,404,513
FNMA Series 2018-45 Class GA		3.00		6-25-2048		41,573,549		39,950,592
FNMA Series 2018-50 Class BA		3.00		7-25-2048		41,034,948		39,493,117
FNMA Series 2018-56 Class CH		3.00		8-25-2048		9,526,577		9,197,053
FNMA Series 2018-57 Class PT		3.00		8-25-2048		7,591,278		7,312,550
FNMA Series 2018-59 Class DA		3.00		8-25-2048		21,350,748		20,574,687
FNMA Series 2018-63 Class DA (a)		3.50		9-25-2048		5,812,668		5,747,921
FNMA Series 2018-8 Class KL		2.50		3-25-2047		7,502,000		7,120,299
GNMA		3.50		5-20-2046		4,264,482		4,290,145
GNMA		3.50		7-20-2046		17,501,984		17,655,145
GNMA		3.50		1-20-2047		3,607,349		3,626,769
GNMA		3.50		1-20-2048		12,256,035		12,313,058
GNMA		3.50		1-20-2048		6,905,154		6,937,816
GNMA		3.50		1-20-2048		2,257,508		2,271,162
GNMA		3.50		1-20-2048		6,220,995		6,245,054
GNMA		4.00		3-20-2048		2,613,515		2,681,347
GNMA		4.00		4-20-2048		3,967,437		4,070,433
GNMA		4.00		4-20-2048		3,000,797		3,082,984
GNMA		4.00		4-20-2048		2,009,537		2,067,718
GNMA		4.50		6-20-2048		19,425,896		20,203,066
GNMA		4.50		8-20-2048		7,160,947		7,447,434
GNMA %%		4.50		9-20-2048		43,706,000		45,454,935
GNMA		4.50		10-18-2048		49,800,000		51,678,445
GNMA %%		4.50		11-19-2048		42,000,000		43,525,168
GNMA		5.00		12-20-2039		264,474		287,704
GNMA		5.00		11-20-2045		430,225		470,077
GNMA		5.00		4-20-2048		1,485,640		1,589,258
GNMA		5.00		5-20-2048		53,549,700		56,308,083
GNMA		5.00		6-20-2048		48,840,495		51,422,053
GNMA		5.00		7-20-2048		105,328,212		110,879,361
GNMA		5.00		8-20-2048		52,417,737		55,107,642
GNMA		5.00		9-20-2048		13,104,691		13,784,527
GNMA		5.00		10-18-2048		37,300,000		39,108,304
GNMA Series 2012-141 Class WA ±±		4.53		11-16-2041		1,913,312		2,021,811
GNMA Series 2017-167 Class BQ		2.50		8-20-2044		10,215,033		9,863,013
Total Agency Securities (Cost $2,175,090,773)								2,166,809,382

Asset-Backed Securities: 11.62%
Ally Auto Receivables Trust Series 2015-1 Class A4		1.75		5-15-2020		2,338,388		2,333,492
Ally Auto Receivables Trust Series 2015-2 Class A4		1.84		6-15-2020		2,216,000		2,210,941
Ally Auto Receivables Trust Series 2018-1 Class A4		2.53		2-15-2023		2,471,000		2,436,119
Ally Auto Receivables Trust Series 2018-2 Class A4		3.09		6-15-2023		5,845,000		5,844,399
Ally Master Owner Trust Series 2017-1 Class A (1 Month LIBOR +0.40%) ±		2.46		2-15-2021		2,468,000		2,470,902
Ally Master Owner Trust Series 2018-4 Class A		3.30		7-17-2023		5,619,000		5,640,575
Americredit Automobile Receivables Series 2018-1 Class A3		3.07		12-19-2022		2,541,000		2,540,253
Avis Budget Rental Car Funding LLC Series 2016-2A Class A 144A		2.72		11-20-2022		3,087,000		3,018,722
Avis Budget Rental Car Funding LLC Series 2017-1a Class A 144A		3.07		9-20-2023		7,578,000		7,446,970
Capital Auto Receivables Asset Trust Series 2015-3 Class A4		2.13		5-20-2020		1,839,000		1,837,189
Capital Auto Receivables Asset Trust Series 2015-4 Class A4		2.01		7-20-2020		4,269,000		4,260,120
Capital Auto Receivables Asset Trust Series 2016-1 Class A4		1.98		10-20-2020		2,455,000		2,446,695
Capital Auto Receivables Asset Trust Series 2016-2 Class A4		1.63		1-20-2021		964,000		956,243
Capital Auto Receivables Asset Trust Series 2016-3 Class A4		1.69		3-20-2021		2,417,000		2,393,122
Citibank Credit Card Issuance Trust Series 2018-A2 Class A2 (1 Month LIBOR +0.33%) ±		2.41		1-20-2025		10,979,000		10,983,386
Citibank Credit Card Issuance Trust Series 2018-A6 Class A6		3.21		12-7-2024		5,858,000		5,876,579
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) ±144A		3.71		11-26-2046		4,602,740		4,697,760
College Avenue Student Loan Trust Series 2018-A Class A2 144A		4.13		12-26-2047		3,148,107		3,163,681
Discover Card Execution Note Trust Series 2017-A2 Class A2		2.39		7-15-2024		3,122,000		3,054,684
Ford Credit Auto Owner Trust Series 2015-A Class A4		1.64		6-15-2020		2,106,441		2,101,491
Ford Credit Auto Owner Trust Series 2017-1 Class A 144A		2.62		8-15-2028		7,242,000		7,083,305


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust Series 2017-A Class A4		1.92	%	4-15-2022	$	3,576,000	$	3,505,717
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A		3.19		7-15-2031		8,597,000		8,447,979
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47		1-15-2030		24,558,000		24,679,358
GM Financial Securitized Term Automobile Receivables Trust Series 2018-3 Series A4		3.16		1-16-2024		3,282,000		3,283,089
Hertz Vehicle Financing LLC Series 2015-1A Class A 144A		2.73		3-25-2021		17,213,000		17,067,103
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67		9-25-2021		9,811,000		9,658,880
Hertz Vehicle Financing LLC Series 2016-2A Class A2 144A		2.95		3-25-2022		3,863,000		3,809,292
Hertz Vehicle Financing LLC Series 2016-3A Class A 144A		2.27		7-25-2020		5,551,000		5,513,751
Hertz Vehicle Financing LLC Series 2016-3A Class B 144A		3.11		7-25-2020		2,186,000		2,179,071
Hertz Vehicle Financing LLC Series 2016-4A Class A 144A		2.65		7-25-2022		11,341,000		11,044,881
Hertz Vehicle Financing LLC Series 2017-1A Class A 144A		2.96		10-25-2021		4,777,000		4,726,463
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29		10-25-2023		7,635,000		7,468,530
Hertz Vehicle Financing LLC Series 2018-2A Class A 144A		3.65		6-27-2022		5,490,000		5,494,993
Hertz Vehicle Financing LLC Series 2018-3A Class A 144A		4.03		7-25-2024		8,575,000		8,612,519
Honda Auto Receivables Owner Trust Series 2018-2 Class A4		3.16		8-19-2024		4,653,000		4,670,152
Kubota Credit Owner Trust Series 2018-1A Class A4 144A		3.21		1-15-2025		3,347,000		3,342,423
Mercedes Benz Auto Receivables Trust Series 2018-1 Class A4		3.15		10-15-2024		3,354,000		3,365,920
Navient Student Loan Trust Series 2014-1 Class A3 (1 Month LIBOR +0.51%) ±		2.57		6-25-2031		4,986,414		4,982,962
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) ±144A		3.66		10-15-2031		6,169,000		6,362,056
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) ±144A		2.76		9-16-2024		1,817,281		1,819,361
Navient Student Loan Trust Series 2015-CA Class B 144A		3.25		5-15-2040		2,766,000		2,766,953
Navient Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.70%) ±144A		2.76		2-25-2070		20,529,782		20,607,405
Navient Student Loan Trust Series 2016-3A Class A2 (1 Month LIBOR +0.85%) ±144A		2.91		6-25-2065		3,223,000		3,240,252
Navient Student Loan Trust Series 2016-AA Class A2A 144A		3.91		12-15-2045		8,532,130		8,639,380
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) ±144A		4.21		12-15-2045		3,223,931		3,356,201
Navient Student Loan Trust Series 2017-2A Class A (1 Month LIBOR +0.77%) ±144A		2.83		9-25-2065		9,152,908		9,198,499
Navient Student Loan Trust Series 2017-3A Class A (1 Month LIBOR +0.85%) ±144A		2.91		2-25-2066		9,452,525		9,507,191
Navient Student Loan Trust Series 2017-4A Class A2 (1 Month LIBOR +0.50%) ±144A		2.56		9-27-2066		8,147,000		8,173,875
Navient Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +0.40%) ±144A		2.46		12-16-2058		3,728,634		3,731,867
Navient Student Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) ±144A		2.96		12-16-2058		8,966,000		9,026,366
Navient Student Loan Trust Series 2018-A Class A2 144A		3.19		2-18-2042		2,233,000		2,207,130
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		2.50		1-25-2037		2,948,632		2,923,315
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		2.52		10-27-2036		3,200,482		3,162,463
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		2.45		10-25-2033		17,683,867		17,574,913
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		2.43		3-23-2037		16,214,933		16,106,703
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		2.45		12-24-2035		20,028,336		19,865,728
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		2.51		3-22-2032		4,548,037		4,494,488
Nelnet Student Loan Trust Series 2010-4A Class A (1 Month LIBOR +0.80%) ±144A		2.86		4-25-2046		1,762,049		1,778,135
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) ±144A		2.86		9-25-2065		8,910,553		9,012,188
Nelnet Student Loan Trust Series 2018-3A Class A2 (1 Month LIBOR +0.44%) ±144A		2.52		9-27-2066		9,043,000		9,042,991
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) ±144A		3.09		12-15-2032		4,028,634		4,011,123
SLM Student Loan Trust Series 2004-10 Class A7A (3 Month LIBOR +0.60%) ±144A		2.94		10-25-2029		10,671,000		10,741,593
SLM Student Loan Trust Series 2005-10 Class A5 (3 Month LIBOR +0.13%) ±		2.47		7-26-2021		3,041,787		3,014,495


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2005-4 Class A3 (3 Month LIBOR +0.12%) ±		2.46	%		1-25-2027	$	13,901,792	$	13,858,795
SLM Student Loan Trust Series 2005-7 Class A4 (3 Month LIBOR +0.15%) ±		2.49			10-25-2029		8,872,678		8,860,464
SLM Student Loan Trust Series 2006-1 Class A5 (3 Month LIBOR +0.11%) ±		2.45			7-26-2021		13,957,675		13,818,824
SLM Student Loan Trust Series 2006-3 Class A5 (3 Month LIBOR +0.10%) ±		2.44			1-25-2021		7,942,077		7,862,786
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		2.40			7-25-2022		11,939,000		11,736,540
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		2.46			3-25-2025		2,035,236		2,001,964
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		3.01			9-25-2028		14,442,747		14,476,065
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		2.76			1-25-2029		7,351,543		7,314,181
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		2.81			5-26-2026		3,311,315		3,311,313
SLM Student Loan Trust Series 2012-E Class A2 (1 Month LIBOR +1.75%) ±144A		3.81			6-15-2045		835,216		835,284
SLM Student Loan Trust Series 2013-B Class A2B (1 Month LIBOR +1.10%) ±144A		3.16			6-17-2030		531,664		533,807
SMB Private Education Loan Trust Series 2015-A Class A2A 144A		2.49			6-15-2027		2,228,833		2,201,779
SMB Private Education Loan Trust Series 2015-A Class A2B (1 Month LIBOR +1.00%) ±144A		3.06			6-15-2027		4,939,100		4,977,700
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98			7-15-2027		2,790,434		2,772,628
SMB Private Education Loan Trust Series 2015-B Class A2B (1 Month LIBOR +1.20%) ±144A		3.26			7-15-2027		7,722,347		7,802,208
SMB Private Education Loan Trust Series 2015-C Class A2B (1 Month LIBOR +1.40%) ±144A		3.46			7-15-2027		2,660,152		2,695,955
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		16,270,293		15,921,570
SMB Private Education Loan Trust Series 2016-A Class A2B (1 Month LIBOR +1.50%) ±144A		3.56			5-15-2031		14,382,488		14,777,705
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		8,787,614		8,531,549
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) ±144A		3.51			2-17-2032		14,384,185		14,651,976
SMB Private Education Loan Trust Series 2016-C Class A2A 144A		2.34			9-15-2034		11,652,000		11,341,228
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) ±144A		3.16			9-15-2034		10,351,000		10,484,403
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) ±144A		2.96			9-15-2034		2,733,000		2,751,021
SMB Private Education Loan Trust Series 2017-B Class A2B (1 Month LIBOR +0.75%) ±144A		2.81			10-15-2035		7,998,000		8,023,465
SMB Private Education Loan Trust Series 2018-A Class A2B (1 Month LIBOR +0.80%) ±144A		2.86			2-15-2036		4,315,000		4,331,263
SMB Private Education Loan Trust Series 2018-B Class A2A 144A		3.60			1-15-2037		8,211,000		8,243,692
SMB Private Education Loan Trust Series 2018-B Class A2B (1 Month LIBOR +0.72%) ±144A		2.78			1-15-2037		7,041,000		7,040,344
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		2.58			2-25-2028		15,005		14,899
Synchrony Credit Card Master Note Trust Series 2015-1 Class A		2.37			3-15-2023		2,920,000		2,892,605
Synchrony Credit Card Master Note Trust Series 2018-2 Class A		3.47			5-15-2026		12,449,000		12,535,788
Volkswagen Auto Loan Enhanced Trust Series 2018-1 Class A4		3.15			7-22-2024		2,289,000		2,290,866
World Financial Network Credit Card Master Trust Series 2014-B Class A4		1.68			12-15-2020		1,960,862		1,956,911
World Financial Network Credit Card Master Trust Series 2015-B Class A		2.55			6-17-2024		444,000		438,770
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		12,722,000		12,323,628
World Financial Network Credit Card Master Trust Series 2016-C Class A		1.72			8-15-2023		4,867,000		4,798,881
World Financial Network Credit Card Master Trust Series 2017-A Class A		2.12			3-15-2024		7,015,000		6,905,442
World Financial Network Credit Card Master Trust Series 2017-C Class A		2.31			8-15-2024		12,914,000		12,698,272
World Omni Auto ReceivablesTrust Series 2018-B Class A3		2.87			7-17-2023		2,334,000		2,327,754
Total Asset-Backed Securities (Cost $674,101,460)									675,356,707


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 18.10%
Consumer Discretionary: 0.96%
Hotels, Restaurants & Leisure: 0.38%
McDonald’s Corporation		4.45	%		9-1-2048	$	1,846,000	$	1,827,782
Starbucks Corporation		3.75			12-1-2047		1,842,000		1,624,633
Starbucks Corporation		3.80			8-15-2025		11,711,000		11,702,399
Starbucks Corporation		4.00			11-15-2028		7,027,000		7,036,770
									22,191,584

Household Durables: 0.09%
Lennar Corporation		4.75			11-29-2027		5,280,000		5,035,800

Media: 0.40%
21st Century Fox America Incorporated		4.95			10-15-2045		2,048,000		2,239,773
Charter Communications Operating LLC		3.75			2-15-2028		2,181,000		2,013,582
Charter Communications Operating LLC		4.20			3-15-2028		3,392,000		3,234,809
Charter Communications Operating LLC		4.46			7-23-2022		1,990,000		2,029,732
Charter Communications Operating LLC		5.38			5-1-2047		2,003,000		1,868,264
Time Warner Cable Incorporated		3.80			2-15-2027		3,000,000		2,877,424
Time Warner Cable Incorporated		4.85			7-15-2045		1,942,000		1,814,066
Time Warner Cable Incorporated		6.55			5-1-2037		1,437,000		1,551,753
Walt Disney Company		4.13			6-1-2044		2,977,000		2,944,919
Warner Media LLC		5.35			12-15-2043		1,057,000		1,033,718
Warner Media LLC		5.38			10-15-2041		1,697,000		1,673,226
									23,281,266

Multiline Retail: 0.09%
Dollar General Corporation		4.13			5-1-2028		5,214,000		5,197,788

Consumer Staples: 1.57%
Beverages: 0.17%
Constellation Brands Incorporated		3.20			2-15-2023		7,524,000		7,352,234
Constellation Brands Incorporated		3.60			2-15-2028		2,867,000		2,705,736
									10,057,970

Food & Staples Retailing: 0.54%
Costco Wholesale Corporation		2.75			5-18-2024		4,654,000		4,535,102
Costco Wholesale Corporation		3.00			5-18-2027		7,254,000		6,973,439
Walmart Incorporated		3.40			6-26-2023		5,712,000		5,780,347
Walmart Incorporated		3.70			6-26-2028		10,981,000		11,082,198
Walmart Incorporated		3.95			6-28-2038		2,752,000		2,770,233
									31,141,319

Food Products: 0.45%
General Mills Incorporated		4.55			4-17-2038		2,867,000		2,808,591
General Mills Incorporated «		4.70			4-17-2048		2,512,000		2,452,273
Kraft Heinz Foods Company		2.80			7-2-2020		6,237,000		6,184,457
Kraft Heinz Foods Company		4.38			6-1-2046		7,356,000		6,427,859
Kraft Heinz Foods Company		4.63			1-30-2029		8,248,000		8,234,032
									26,107,212

Household Products: 0.08%
Church & Dwight Company Incorporated		2.45			8-1-2022		1,565,000		1,509,253
Church & Dwight Company Incorporated		3.15			8-1-2027		2,597,000		2,436,045
Church & Dwight Company Incorporated «		3.95	%		8-1-2047		809,000		739,087
									4,684,385


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Tobacco: 0.33%
B.A.T. Capital Corporation 144A		4.39	%	8-15-2037	$	1,805,000		1,679,532
B.A.T. Capital Corporation 144A		2.30		8-14-2020		3,161,000		3,103,504
B.A.T. Capital Corporation 144A		2.76		8-15-2022		4,279,000		4,145,031
B.A.T. Capital Corporation 144A		3.22		8-15-2024		4,255,000		4,067,932
B.A.T. Capital Corporation 144A		4.54		8-15-2047		2,268,000		2,092,363
Reynolds American Incorporated		5.85		8-15-2045		4,042,000		4,405,960
								19,494,322

Energy: 1.88%
Energy Equipment & Services: 0.15%
Schlumberger Holdings Corporation 144A		4.00		12-21-2025		8,363,000		8,407,727

Oil, Gas & Consumable Fuels: 1.73%
Anadarko Petroleum Corporation		3.45		7-15-2024		3,390,000		3,286,671
Anadarko Petroleum Corporation		4.85		3-15-2021		2,326,000		2,398,209
Andeavor Logistics LP		3.50		12-1-2022		2,393,000		2,354,864
Andeavor Logistics LP		5.20		12-1-2047		3,294,000		3,268,199
Apache Corporation		5.10		9-1-2040		886,000		882,265
Apache Corporation		5.25		2-1-2042		1,293,000		1,319,631
Cimarex Energy Company		3.90		5-15-2027		2,103,000		2,019,549
Cimarex Energy Company		4.38		6-1-2024		7,383,000		7,477,814
Concho Resources Incorporated		4.30		8-15-2028		4,231,000		4,229,868
Devon Energy Corporation		5.00		6-15-2045		3,378,000		3,406,708
Enbridge Energy Partners LP		7.38		10-15-2045		1,180,000		1,543,442
Energy Transfer Partners LP		5.50		6-1-2027		6,491,000		6,807,436
Energy Transfer Partners LP		6.00		6-15-2048		1,067,000		1,132,410
Energy Transfer Partners LP		6.13		12-15-2045		3,587,000		3,791,601
Energy Transfer Partners LP		6.50		2-1-2042		1,152,000		1,264,608
Exxon Mobil Corporation		4.11		3-1-2046		5,723,000		5,860,254
Hess Corporation		5.60		2-15-2041		852,000		862,768
Hess Corporation		5.80		4-1-2047		1,773,000		1,848,344
HollyFrontier Corporation		5.88		4-1-2026		2,783,000		2,995,007
Kinder Morgan Incorporated		3.15		1-15-2023		5,049,000		4,954,856
Kinder Morgan Incorporated 144A		5.00		2-15-2021		6,391,000		6,618,543
Marathon Petroleum Corporation		4.75		9-15-2044		2,320,000		2,251,771
MPLX LP		4.70		4-15-2048		3,561,000		3,327,661
MPLX LP		5.20		3-1-2047		2,130,000		2,124,817
Northwest Pipeline LLC 144A		4.00		4-1-2027		5,595,000		5,472,977
Western Gas Partners LP		5.30		3-1-2048		4,154,000		3,957,394
Western Gas Partners LP		5.50		8-15-2048		2,950,000		2,860,580
Williams Companies Incorporated		3.75		6-15-2027		3,158,000		3,028,741
Williams Companies Incorporated		4.55		6-24-2024		2,626,000		2,680,201
Williams Companies Incorporated		4.85		3-1-2048		1,456,000		1,411,461
Williams Companies Incorporated		5.40		3-4-2044		2,134,000		2,217,218
Williams Companies Incorporated		5.75		6-24-2044		2,802,000		3,012,150
								100,668,018

Financials: 4.78%
Banks: 2.56%
Bank of America Corporation (3 Month LIBOR +0.37%) ±		2.74		1-23-2022		4,299,000		4,233,133
Bank of America Corporation		3.25		10-21-2027		6,318,000		5,933,387
Bank of America Corporation		3.30		1-11-2023		5,894,000		5,848,308
Bank of America Corporation (3 Month LIBOR +1.37%) ±		3.59		7-21-2028		4,448,000		4,257,176
Bank of America Corporation (3 Month LIBOR +0.94%) ±		3.86		7-23-2024		12,800,000		12,858,790
Bank of America Corporation		4.00		4-1-2024		5,341,000		5,426,352
Bank of America Corporation (3 Month LIBOR +1.81%) ±		4.24		4-24-2038		4,519,000		4,447,527
Bank of America Corporation		4.45		3-3-2026		3,229,000		3,235,842
Capital One NA		2.65		8-8-2022		3,682,000		3,552,181
Citibank NA		3.40		7-23-2021		7,582,000		7,597,601


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Citigroup Incorporated (3 Month LIBOR +0.95%) ±		2.88	%		7-24-2023	$	2,051,000	$	1,991,371
Citigroup Incorporated		3.20			10-21-2026		2,103,000		1,972,681
Citigroup Incorporated (3 Month LIBOR +1.17%) ±		3.88			1-24-2039		1,465,000		1,356,392
Citigroup Incorporated (3 Month LIBOR +1.02%) ±		4.04			6-1-2024		7,560,000		7,625,439
Citigroup Incorporated (3 Month LIBOR +1.19%) ±		4.08			4-23-2029		2,058,000		2,025,659
Citigroup Incorporated		4.45			9-29-2027		9,865,000		9,772,230
Comerica Incorporated		3.70			7-31-2023		12,797,000		12,830,753
Fifth Third Bank		3.95			7-28-2025		8,655,000		8,718,304
JPMorgan Chase & Company		2.30			8-15-2021		3,309,000		3,225,055
JPMorgan Chase & Company		2.95			10-1-2026		9,606,000		8,989,286
JPMorgan Chase & Company (3 Month LIBOR +0.61%) ±		3.51			6-18-2022		10,536,000		10,586,242
JPMorgan Chase & Company (3 Month LIBOR +0.73%) ±		3.56			4-23-2024		2,188,000		2,177,193
JPMorgan Chase & Company (3 Month LIBOR +1.36%) ±		3.88			7-24-2038		8,280,000		7,719,199
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		2,125,000		2,042,223
PNC Bank NA		3.50			6-8-2023		3,155,000		3,172,534
PNC Bank NA		4.05			7-26-2028		7,217,000		7,303,681
									148,898,539

Capital Markets: 0.45%
Goldman Sachs Group Incorporated		3.50			11-16-2026		3,003,000		2,859,038
Goldman Sachs Group Incorporated (3 Month LIBOR +1.30%) ±		4.22			5-1-2029		6,300,000		6,223,586
Goldman Sachs Group Incorporated (3 Month LIBOR +1.43%) ±		4.41			4-23-2039		5,770,000		5,635,444
Morgan Stanley		2.63			11-17-2021		5,897,000		5,758,622
Morgan Stanley		2.75			5-19-2022		24,000		23,399
Morgan Stanley (3 Month LIBOR +1.46%) ±		3.97			7-22-2038		3,043,000		2,848,367
PPL Capital Funding Incorporated		3.10			5-15-2026		3,198,000		2,995,189
									26,343,645

Consumer Finance: 1.07%
American Express Company		3.40			2-27-2023		10,575,000		10,483,120
American Express Company		3.70			8-3-2023		9,797,000		9,830,811
Capital One Financial Corporation		2.40			10-30-2020		3,870,000		3,798,080
Capital One Financial Corporation		3.20			1-30-2023		2,922,000		2,850,529
Capital One Financial Corporation		4.25			4-30-2025		7,348,000		7,381,331
ERAC USA Finance LLC 144A		4.50			2-15-2045		975,000		933,935
Ford Motor Credit Company LLC		3.81			10-12-2021		2,363,000		2,330,698
Ford Motor Credit Company LLC «		3.82			11-2-2027		5,617,000		5,052,098
Ford Motor Credit Company LLC		4.14			2-15-2023		1,596,000		1,572,108
Ford Motor Credit Company LLC		5.29			12-8-2046		7,184,000		6,376,447
General Motors Financial Company Incorporated		4.15			6-19-2023		2,124,000		2,118,270
General Motors Financial Company Incorporated		5.15			4-1-2038		4,175,000		3,961,421
General Motors Financial Company Incorporated		5.40			4-1-2048		714,000		673,599
John Deere Capital Corporation		2.65			6-24-2024		4,905,000		4,712,910
									62,075,357

Diversified Financial Services: 0.13%
Voya Financial Incorporated		3.13			7-15-2024		6,142,000		5,842,118
Voya Financial Incorporated		4.80			6-15-2046		1,645,000		1,645,495
									7,487,613

Insurance: 0.57%
American International Group Incorporated		4.20			4-1-2028		3,306,000		3,283,169
American International Group Incorporated		6.25			5-1-2036		1,862,000		2,149,660
Berkshire Hathaway Finance Corporation		4.20			8-15-2048		4,662,000		4,720,530
Brighthouse Financial		3.70			6-22-2027		2,155,000		1,923,853
Liberty Mutual Group Incorporated 144A		4.25			6-15-2023		2,123,000		2,158,846
MetLife Incorporated		4.60			5-13-2046		2,565,000		2,630,529
New York Life Global Funding 144A		3.25			8-6-2021		5,315,000		5,333,146
Pricoa Global Funding I 144A		3.45			9-1-2023		9,600,000		9,579,369
Prudential Financial Incorporated		4.60			5-15-2044		1,035,000		1,063,501
									32,842,603


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Health Care: 2.06%
Biotechnology: 0.39%
AbbVie Incorporated		2.50	%		5-14-2020	$	7,964,000	$	7,890,024
Celgene Corporation		2.75			2-15-2023		7,630,000		7,339,888
Celgene Corporation		2.88			2-19-2021		2,055,000		2,034,479
Celgene Corporation		4.35			11-15-2047		1,303,000		1,189,835
Celgene Corporation		4.55			2-20-2048		4,235,000		3,996,845
									22,451,071

Health Care Equipment & Supplies: 0.72%
Abbott Laboratories		3.75			11-30-2026		6,889,000		6,830,185
Abbott Laboratories		4.90			11-30-2046		4,615,000		5,014,674
Becton Dickinson & Company		2.40			6-5-2020		6,975,000		6,860,225
Becton Dickinson & Company		2.89			6-6-2022		5,795,000		5,641,670
Becton Dickinson & Company		3.70			6-6-2027		4,715,000		4,514,885
Becton Dickinson & Company		4.69			12-15-2044		3,810,000		3,739,344
Stryker Corporation		3.38			11-1-2025		3,212,000		3,136,360
Stryker Corporation		3.65			3-7-2028		6,169,000		6,038,434
									41,775,777

Health Care Providers & Services: 0.61%
Anthem Incorporated		2.95			12-1-2022		4,625,000		4,509,412
CVS Health Corporation		4.30			3-25-2028		8,640,000		8,574,865
CVS Health Corporation		4.78			3-25-2038		3,699,000		3,679,733
CVS Health Corporation		5.05			3-25-2048		3,515,000		3,562,255
UnitedHealth Group Incorporated		3.15			6-15-2021		4,649,000		4,651,993
UnitedHealth Group Incorporated		3.50			6-15-2023		156,000		157,025
UnitedHealth Group Incorporated		3.85			6-15-2028		7,397,000		7,471,331
UnitedHealth Group Incorporated		4.25			6-15-2048		3,164,000		3,173,754
									35,780,368

Pharmaceuticals: 0.34%
GlaxoSmithKline Capital Incorporated		3.38			5-15-2023		10,548,000		10,560,947
Johnson & Johnson		2.63			1-15-2025		2,135,000		2,073,345
Johnson & Johnson		3.40			1-15-2038		4,375,000		4,125,341
Johnson & Johnson		3.50			1-15-2048		2,360,000		2,207,029
Watson Pharmaceuticals Incorporated		4.63			10-1-2042		985,000		950,683
									19,917,345

Industrials: 1.89%
Aerospace & Defense: 0.83%
Northrop Grumman Corporation		2.08			10-15-2020		4,800,000		4,701,283
Northrop Grumman Corporation		2.55			10-15-2022		6,924,000		6,708,183
Northrop Grumman Corporation		3.25			8-1-2023		6,387,000		6,331,994
Northrop Grumman Corporation		3.25			1-15-2028		2,944,000		2,789,816
Northrop Grumman Corporation		4.03			10-15-2047		943,000		881,282
The Boeing Company		3.55			3-1-2038		1,710,000		1,653,144
The Boeing Company		3.63			3-1-2048		581,000		550,701
United Technologies Corporation		3.65			8-16-2023		8,227,000		8,253,685
United Technologies Corporation		3.95			8-16-2025		3,535,000		3,550,615
United Technologies Corporation		4.13			11-16-2028		9,403,000		9,397,946
United Technologies Corporation		4.45			11-16-2038		2,385,000		2,369,137
United Technologies Corporation		4.63			11-16-2048		1,331,000		1,343,672
									48,531,458

Air Freight & Logistics: 0.08%
FedEx Corporation		4.40			1-15-2047		1,220,000		1,155,340
FedEx Corporation		4.55			4-1-2046		3,305,000		3,237,995
									4,393,335


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Airlines: 0.17%
Delta Air Lines Incorporated		3.80	%	4-19-2023	$	6,169,000	$	6,103,883
Delta Air Lines Incorporated		4.38		4-19-2028		3,880,000		3,788,185
								9,892,068

Construction & Engineering: 0.09%
Valmont Industries Incorporated		5.00		10-1-2044		2,130,000		1,963,387
Valmont Industries Incorporated		5.25		10-1-2054		3,679,000		3,284,447
								5,247,834

Industrial Conglomerates: 0.22%
General Electric Capital Corporation		5.88		1-14-2038		4,129,000		4,712,859
General Electric Company		4.50		3-11-2044		8,327,000		8,058,041
								12,770,900

Road & Rail: 0.32%
Burlington Northern Santa Fe LLC		4.05		6-15-2048		3,130,000		3,044,780
Burlington Northern Santa Fe LLC		4.15		12-15-2048		3,865,000		3,841,204
Penske Truck Leasing Company LP 144A		3.95		3-10-2025		3,320,000		3,284,743
Penske Truck Leasing Company LP 144A		4.13		8-1-2023		8,368,000		8,413,625
								18,584,352

Trading Companies & Distributors: 0.18%
Air Lease Corporation		3.63		4-1-2027		5,790,000		5,426,323
Air Lease Corporation «		3.63		12-1-2027		5,630,000		5,235,101
								10,661,424

Information Technology: 0.93%
Semiconductors & Semiconductor Equipment: 0.05%
Broadcom Corporation		3.50		1-15-2028		3,030,000		2,735,677

Software: 0.41%
Microsoft Corporation		2.00		8-8-2023		5,330,000		5,060,850
Microsoft Corporation		4.10		2-6-2037		3,396,000		3,526,973
Microsoft Corporation		4.25		2-6-2047		7,934,000		8,361,787
Oracle Corporation		2.63		2-15-2023		2,934,000		2,861,826
Oracle Corporation		2.95		11-15-2024		1,561,000		1,517,757
Oracle Corporation		3.80		11-15-2037		1,597,000		1,532,982
Oracle Corporation		4.00		11-15-2047		1,310,000		1,259,161
								24,121,336

Technology Hardware, Storage & Peripherals: 0.47%
Apple Incorporated		2.85		5-11-2024		3,963,000		3,870,307
Apple Incorporated		3.20		5-11-2027		5,765,000		5,605,647
Apple Incorporated		3.75		11-13-2047		4,310,000		4,082,866
Apple Incorporated		4.25		2-9-2047		4,102,000		4,238,295
Apple Incorporated		4.38		5-13-2045		1,905,000		1,988,249
Diamond 1 Finance Corporation 144A		6.02		6-15-2026		980,000		1,038,184
Diamond 1 Finance Corporation 144A		8.35		7-15-2046		1,498,000		1,834,237
Hewlett Packard Enterprise Company		6.35		10-15-2045		4,290,000		4,422,081
								27,079,866

Materials: 0.55%
Chemicals: 0.30%
CF Industries Incorporated 144A		3.40		12-1-2021		6,307,000		6,228,929
CF Industries Incorporated 144A		4.50		12-1-2026		4,361,000		4,352,648
The Sherwin-Williams Company		2.75		6-1-2022		5,100,000		4,963,023


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
The Sherwin-Williams Company		3.45	%		6-1-2027	$	1,991,000	$	1,896,329
									17,440,929

Construction Materials: 0.03%
Vulcan Materials Company		4.50			6-15-2047		2,205,000		2,001,808

Containers & Packaging: 0.11%
International Paper Company		5.15			5-15-2046		6,135,000		6,274,292

Metals & Mining: 0.11%
Barrick Gold Finance Company LLC		5.70			5-30-2041		2,494,000		2,713,895
Southern Copper Corporation		5.88			4-23-2045		2,505,000		2,715,612
Southern Copper Corporation		7.50			7-27-2035		750,000		926,250
									6,355,757

Real Estate: 0.96%
Equity REITs: 0.96%
American Tower Corporation		3.60			1-15-2028		3,504,000		3,290,055
DDR Corporation «		4.25			2-1-2026		844,000		833,063
DDR Corporation		4.63			7-15-2022		5,566,000		5,722,311
Mid-America Apartments LP		3.60			6-1-2027		2,032,000		1,964,281
Mid-America Apartments LP		3.75			6-15-2024		5,125,000		5,072,137
Mid-America Apartments LP		4.00			11-15-2025		2,500,000		2,489,918
Mid-America Apartments LP		4.30			10-15-2023		2,072,000		2,114,787
Public Storage		2.37			9-15-2022		5,594,000		5,394,636
Public Storage		3.09			9-15-2027		4,516,000		4,283,427
Regency Centers LP		3.60			2-1-2027		2,050,000		1,971,304
Regency Centers LP		4.13			3-15-2028		2,481,000		2,475,272
Store Capital Corporate		4.50			3-15-2028		8,067,000		7,936,611
Tanger Properties LP		3.75			12-1-2024		2,528,000		2,447,454
Tanger Properties LP		3.88			12-1-2023		2,769,000		2,716,413
Washington Prime Group Incorporated «		5.95			8-15-2024		1,945,000		1,887,978
WEA Finance LLC 144A		3.15			4-5-2022		5,420,000		5,327,329
									55,926,976

Telecommunication Services: 0.83%
Diversified Telecommunication Services: 0.83%
AT&T Incorporated		3.40			5-15-2025		1,028,000		976,704
AT&T Incorporated		4.50			3-9-2048		1,057,000		912,503
AT&T Incorporated		4.75			5-15-2046		2,120,000		1,912,342
AT&T Incorporated 144A		4.90			8-15-2037		1,256,000		1,200,687
AT&T Incorporated 144A		5.15			2-15-2050		3,425,000		3,190,856
AT&T Incorporated		5.25			3-1-2037		3,949,000		3,915,596
AT&T Incorporated		5.45			3-1-2047		5,863,000		5,802,682
Charter Communications Operating LLC		5.38			4-1-2038		615,000		591,898
Charter Communications Operating LLC		5.75			4-1-2048		5,525,000		5,432,452
Verizon Communications Incorporated		4.13			8-15-2046		4,231,000		3,737,089
Verizon Communications Incorporated		4.15			3-15-2024		2,130,000		2,180,242
Verizon Communications Incorporated		4.27			1-15-2036		1,965,000		1,852,107
Verizon Communications Incorporated 144A		4.33			9-21-2028		7,469,000		7,524,679
Verizon Communications Incorporated		4.40			11-1-2034		4,590,000		4,432,460
Verizon Communications Incorporated		5.50			3-16-2047		4,461,000		4,809,813
									48,472,110

Utilities: 1.69%
Electric Utilities: 1.25%
Alliant Energy Finance LLC 144A		4.25			6-15-2028		5,743,000		5,750,366
American Transmission Systems Incorporated 144A		5.00			9-1-2044		1,140,000		1,230,406
Appalachian Power Company		3.30			6-1-2027		3,225,000		3,107,976
Duke Energy Corporation		1.80			9-1-2021		4,520,000		4,330,486
Duquesne Light Holdings Incorporated 144A		3.62			8-1-2027		6,702,000		6,346,552


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
FirstEnergy Transmission LLC 144A		5.45	%		7-15-2044	$	894,000	$	998,066
Georgia Power Company		4.30			3-15-2042		1,020,000		983,419
Indiana Michigan Power Company		4.25			8-15-2048		1,597,000		1,604,688
Indiana Michigan Power Company		4.55			3-15-2046		2,075,000		2,175,025
IPALCO Enterprises Incorporated		3.70			9-1-2024		5,075,000		4,902,551
Mid-Atlantic Interstate Transmission LLC 144A		4.10			5-15-2028		4,100,000		4,122,014
Pacific Gas & Electric Company		3.30			3-15-2027		2,125,000		1,957,550
Pacific Gas & Electric Company		3.30			12-1-2027		4,134,000		3,793,813
Pacific Gas & Electric Company		3.95			12-1-2047		1,845,000		1,620,278
Pacific Gas & Electric Company		4.30			3-15-2045		3,144,000		2,931,403
Pacific Gas & Electric Company		5.80			3-1-2037		638,000		705,500
Pacific Gas & Electric Company		6.05			3-1-2034		1,483,000		1,666,432
South Carolina Edison Company		3.70			8-1-2025		2,560,000		2,571,373
South Carolina Edison Company		4.13			3-1-2048		10,899,000		10,544,792
South Carolina Electric & Gas Company		4.25			8-15-2028		3,493,000		3,506,478
South Carolina Electric & Gas Company		5.10			6-1-2065		709,000		725,062
Southern Company		2.45			10-1-2023		3,047,000		2,877,302
Southwestern Electric Power Company		2.75			10-1-2026		974,000		901,534
Southwestern Electric Power Company		3.85			2-1-2048		2,535,000		2,343,909
Southwestern Electric Power Company		3.90			4-1-2045		1,362,000		1,268,934
									72,965,909

Gas Utilities: 0.04%
Brooklyn Union Gas Company 144A		4.27			3-15-2048		2,034,000		2,041,009

Multi-Utilities: 0.40%
Dominion Energy Incorporated		4.25			6-1-2028		5,003,000		5,044,156
Dominion Resources Incorporated		1.60			8-15-2019		3,915,000		3,869,532
Dominion Resources Incorporated		2.00			8-15-2021		2,990,000		2,870,052
Dominion Resources Incorporated		4.70			12-1-2044		1,857,000		1,896,573
Sempra Energy		2.90			2-1-2023		2,347,000		2,271,216
Sempra Energy		4.00			2-1-2048		7,777,000		7,041,023
									22,992,552

Total Corporate Bonds and Notes (Cost $1,066,887,575)									1,052,329,301

Foreign Corporate Bonds and Notes @: 0.04%
Energy: 0.04%
Oil, Gas & Consumable Fuels: 0.04%
EnCana Corporation (CAD)		6.63			8-15-2037		1,939,000		2,315,881

Total Foreign Corporate Bonds and Notes (Cost $2,339,621)									2,315,881

Municipal Obligations: 0.53%
California: 0.16%
GO Revenue: 0.16%
California Build America Bonds		7.60			11-1-2040		1,580,000		2,387,396
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		4,670,000		6,829,828
									9,217,224

Illinois: 0.02%
GO Revenue: 0.02%
Illinois Taxable Pension		5.10			6-1-2033		1,065,000		1,027,832


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Nevada: 0.08%
Airport Revenue: 0.08%
Clark County NV Airport Authority Build America Bonds Series C		6.82	%		7-1-2045	$	3,365,000	$	4,860,978

New York: 0.12%
Airport Revenue: 0.12%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		6,705,000		7,128,756

Ohio: 0.04%
Education Revenue: 0.04%
Ohio State University General Receipts Taxable Bonds Series A		4.80			12-31-2099		1,957,000		2,097,963

Texas: 0.11%
Transportation Revenue: 0.11%
North Texas Tollway Authority		6.72			1-1-2049		4,460,000		6,385,605

Total Municipal Obligations (Cost $26,503,571)									30,718,358

Non-Agency Mortgage-Backed Securities: 6.22%
Benchmark Mortgage Trust Seriees 2018-B1 Class ASB ±±		3.60			1-15-2051		1,620,000		1,626,058
CD Commercial Mortgage Trust Series 2016-CD1 Class A1		1.44			8-10-2049		1,278,871		1,247,037
CD Commercial Mortgage Trust Series 2016-CD1 Class ASB		2.62			8-10-2049		4,881,000		4,663,160
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32			5-10-2050		2,105,000		2,089,993
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33			11-13-2050		5,323,000		5,275,620
CD Commercial Mortgage Trust Series 2018-CD7 Class A4		4.28			8-15-2051		6,194,000		6,473,063
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A1		1.79			1-10-2048		1,724,581		1,699,353
CFCRE Commercial Mortgage Trust Series 2016-C4 Class A4		3.28			5-10-2058		2,857,000		2,779,489
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A2		3.59			12-10-2054		2,861,000		2,839,577
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		2,195,000		2,214,451
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		1.96			6-15-2050		1,431,208		1,400,898
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A4		3.57			6-15-2050		1,700,000		1,676,149
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37			6-15-2050		2,014,000		1,987,960
Citigroup Commercial Mortgage Trust Series 2015-GC29 Class AS		3.46			4-10-2048		1,353,000		1,333,169
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		2,264,528		2,225,756
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		1,038,000		1,045,857
Commercial Mortgage Pass-Through Certificate Series 2013-CR10 Class A2		2.97			8-10-2046		104,528		103,730
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class A4		4.05			10-10-2046		2,289,000		2,361,979
Commercial Mortgage Pass-Through Certificate Series 2014-UBS2 Class A5		3.96			3-10-2047		1,747,000		1,788,203
Commercial Mortgage Pass-Through Certificate Series 2016-C1 Class ASB		2.97			10-10-2049		2,071,000		2,012,112
Commercial Mortgage Trust Series 2012-CR4 Class A2		1.80			10-15-2045		498,563		490,817
Commercial Mortgage Trust Series 2013-CR11 Class A1		1.47			8-10-2050		188,519		188,100
Commercial Mortgage Trust Series 2014-UBS4 Class AM		3.97			8-10-2047		3,113,000		3,120,197
Commercial Mortgage Trust Series 2014-UBS6 Class A5		3.64			12-10-2047		4,020,000		4,045,671
Commercial Mortgage Trust Series 2015-DC1 Class A5		3.35			2-10-2048		3,271,000		3,234,362
Commercial Mortgage Trust Series 2018-COR3 Class A3		4.23			5-10-2051		2,336,000		2,425,421
Commercial Real Estate Products & Resources Estate Series 2016-C4 Class ASB		3.09			5-10-2058		2,871,000		2,809,776
Credit Suisse Mortgage Trust Series 2016-NSXR Class A4 ±±		3.79			12-15-2049		4,145,000		4,172,594
CSAIL Commercial Mortgage Trust Series 2015-C3 Class A4		3.72			8-15-2048		2,954,000		2,976,923
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		7,385,200		7,470,902
CSAIL Commercial Mortgage Trust Series 2016-C5 Class ASB		3.53			11-15-2048		865,000		866,547
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12			6-10-2050		1,249,000		1,221,067
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		375,927		375,610
GS Mortgage Securities Trust Series 2013-GC16 Class A2		3.03			11-10-2046		1,492,219		1,491,659
GS Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80			1-10-2047		1,904,000		1,946,856
GS Mortgage Securities Trust Series 2015-GC34 Class A4		3.51			10-10-2048		2,820,000		2,810,237
GS Mortgage Securities Trust Series 2016-GS3 Class A4		2.85			10-10-2049		2,075,000		1,964,582


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust Series 2016-GS3 Class AAB		2.78	%		10-10-2049	$	3,117,000	$	3,032,641
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		7,878,024		8,346,922
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67			9-15-2047		2,419,000		2,448,123
JPMDB Commercial Mortgage Securities Series 2017-C5 Class ASB		3.49			3-15-2050		861,000		859,407
JPMDB Commercial Mortgage Securities Series 2018-C8 Class ASB		4.15			6-15-2051		2,714,000		2,810,945
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-A2 Class A2 144A		4.31			8-5-2032		5,680,804		5,784,737
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-CBX Class A4		3.48			6-15-2045		3,623,000		3,643,329
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class A2		2.67			1-15-2046		1,524,224		1,521,525
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C15 Class A2		2.98			11-15-2045		1,510,035		1,507,697
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A2		2.87			7-15-2047		1,932,000		1,931,492
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C28 Class A4		3.23			10-15-2048		3,312,000		3,254,821
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP2 Class A1		1.32			8-15-2049		2,654,407		2,601,862
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP5 Class ASB		3.55			3-15-2050		6,129,000		6,139,343
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP6 Class ASB		3.28			7-15-2050		2,343,000		2,312,024
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		2,053,000		2,045,433
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		10,965,000		10,621,942
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class ASB		3.73			1-15-2049		2,582,000		2,624,370
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP2 Class ASB		2.71			8-15-2049		2,765,000		2,676,073
JPMorgan Mortgage Trust Series 2016-5 Class A1 ±±144A		2.63			12-25-2046		3,194,853		3,144,591
JPMorgan Mortgage Trust Series 2017-5 Class A1 ±±144A		3.17			10-26-2048		29,064,852		28,762,569
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25 Class A5		3.64			10-15-2048		2,838,000		2,847,628
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4		3.75			12-15-2047		754,000		761,615
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A4		3.54			1-15-2049		1,448,000		1,443,543
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class ASB		2.73			9-15-2049		9,888,000		9,550,248
Morgan Stanley Capital I Trust Series 2016-UB11 Class A1		1.45			8-15-2049		2,945,166		2,886,723
Morgan Stanley Capital I Trust Series 2016-UB11 Class ASB		2.61			8-15-2049		2,119,000		2,030,713
Morgan Stanley Capital I Trust Series 2016-UBS9 Class A1		1.71			3-15-2049		1,506,124		1,479,711
Morgan Stanley Capital I Trust Series 2018-H3 Class A5		4.18			7-15-2051		4,502,000		4,662,557
Navient Student Loan Trust Series 2018-3A Class A3 (1 Month LIBOR +0.80%) ±144A		2.86			3-25-2067		5,834,000		5,837,461
Navient Student Loan Trust Series 2018-BA Class A2A 144A		3.61			12-15-2059		4,401,000		4,415,981
Navient Student Loan Trust Series 2018-BA Class A2B (1 Month LIBOR +0.72%) ±144A		2.78			12-15-2059		3,840,000		3,848,774
Navient Student Loan Trust Series 2018-CA Class A2 144A		3.52			6-16-2042		2,507,000		2,508,865
Nelnet Student Loan Trust Class 2010-2A Class A (3 Month LIBOR +0.85%) ±144A		3.19			9-25-2048		10,873,241		10,952,608
Nelnet Student Loan Trust Series 2006-2 Class A6 (3 Month LIBOR +0.38%) ±144A		2.72			4-25-2031		13,841,000		13,862,617
Nelnet Student Loan Trust Series 2012-4A Class A (1 Month LIBOR +0.70%) ±144A		2.76			9-27-2038		17,086,589		17,205,097
Nelnet Student Loan Trust Series 2014-1A Class A (1 Month LIBOR +0.57%) ±144A		2.63			9-25-2041		2,558,000		2,562,219
Nelnet Student Loan Trust Series 2018-2A Class A (1 Month LIBOR +0.65%) ±144A		2.71			7-26-2066		19,967,723		19,971,932
Perpetual Savings Bank Series 1990-1 Class 1 ±±		0.00			3-1-2020		5,386		5,408
SLM Student Loan Trust Series 2007-1 Class A6 (3 Month LIBOR +0.14%) ±		2.48			1-27-2042		4,501,000		4,353,559
SLM Student Loan Trust Series 2013-4 Class A (1 Month LIBOR +0.55%) ±		2.61			6-25-2043		2,011,691		2,022,338
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		3,925,191		3,877,682


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) ±144A		3.01	%		1-25-2039	$	920,282	$	925,474
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) ±144A		2.91			7-25-2039		2,070,944		2,080,589
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) ±144A		2.76			3-26-2040		2,044,197		2,050,220
SoFi Professional Loan Program LLC Series 2017-B Class A2 144A		2.74			5-25-2040		3,938,000		3,884,902
SoFi Professional Loan Program LLC Series 2017-C Class A2B 144A		2.63			7-25-2040		5,627,000		5,494,228
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65			9-25-2040		666,000		649,040
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) ±144A		2.56			11-26-2040		1,951,906		1,957,868
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72			11-26-2040		9,979,000		9,695,666
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A		2.95			2-25-2042		627,000		614,556
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A		3.34			8-25-2047		8,978,000		8,958,340
SoFi Professional Loan Program LLC Series 2018-C Class A2FX 144A		3.59			1-25-2048		11,480,000		11,535,944
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A4		3.53			5-10-2063		3,453,000		3,477,881
UBS Barclays Commercial Mortgage Trust Series 2017-C7 Class A4		3.68			12-15-2050		1,783,000		1,772,879
UBS Commercial Mortgage Trust Series 2018-C10 Class A4		4.31			5-15-2051		2,206,000		2,303,246
UBS Commercial Mortgage Trust Series 2018-C9 Class A4 ±±		4.12			3-15-2051		4,422,000		4,545,641
Total Non-Agency Mortgage-Backed Securities (Cost $366,611,155)									361,558,534

U.S. Treasury Securities: 28.15%
U.S. Treasury Bond		2.50			2-15-2046		34,137,000		30,779,306
U.S. Treasury Bond		2.50			5-15-2046		19,764,000		17,810,761
U.S. Treasury Bond		2.75			8-15-2047		10,845,000		10,265,894
U.S. Treasury Bond		2.75			11-15-2047		53,911,000		51,021,707
U.S. Treasury Bond		2.88			5-15-2028		18,030,000		18,032,817
U.S. Treasury Bond		2.88			11-15-2046		29,715,000		28,871,140
U.S. Treasury Bond		3.00			11-15-2045		27,871,000		27,752,331
U.S. Treasury Bond		3.00			2-15-2047		17,008,000		16,935,583
U.S. Treasury Bond		3.00			2-15-2048		12,751,000		12,686,747
U.S. Treasury Bond		3.13			5-15-2048		83,529,000		85,202,843
U.S. Treasury Note		1.13			7-31-2021		21,475,000		20,533,791
U.S. Treasury Note		1.50			7-15-2020		54,405,000		53,291,398
U.S. Treasury Note		1.50			8-15-2020		11,295,000		11,053,216
U.S. Treasury Note		1.50			8-15-2026		34,773,000		31,474,998
U.S. Treasury Note		1.63			7-31-2020		8,518,000		8,358,620
U.S. Treasury Note		1.88			1-31-2022		36,594,000		35,584,806
U.S. Treasury Note		1.88			3-31-2022		33,937,000		32,950,706
U.S. Treasury Note		1.88			4-30-2022		82,228,000		79,783,644
U.S. Treasury Note		1.88			9-30-2022		55,754,000		53,898,437
U.S. Treasury Note		2.00			10-31-2021		35,231,000		34,472,708
U.S. Treasury Note		2.00			12-31-2021		25,658,000		25,071,675
U.S. Treasury Note		2.00			10-31-2022		21,986,000		21,345,314
U.S. Treasury Note		2.00			11-15-2026		36,772,000		34,506,787
U.S. Treasury Note		2.13			12-31-2022		75,010,000		73,108,379
U.S. Treasury Note		2.25			2-15-2027		43,111,000		41,176,057
U.S. Treasury Note		2.25			11-15-2027		18,725,000		17,798,990
U.S. Treasury Note		2.38			1-31-2023		9,426,000		9,281,296
U.S. Treasury Note		2.63			7-31-2020		31,346,000		31,338,653
U.S. Treasury Note		2.63			8-31-2020		4,468,000		4,466,604
U.S. Treasury Note		2.63			5-15-2021		11,460,000		11,439,408
U.S. Treasury Note		2.63			6-15-2021		2,407,000		2,402,581
U.S. Treasury Note		2.63			7-15-2021		39,246,000		39,166,282
U.S. Treasury Note		2.63			6-30-2023		52,003,000		51,708,452
U.S. Treasury Note		2.75			8-15-2021		207,409,000		207,684,464
U.S. Treasury Note		2.75			4-30-2023		3,903,000		3,902,848
U.S. Treasury Note		2.75			7-31-2023		41,424,000		41,422,382
U.S. Treasury Note		2.75			8-31-2023		53,087,000		53,110,518
U.S. Treasury Note		2.75			2-15-2028		151,667,000		150,168,104
U.S. Treasury Note		2.88			7-31-2025		15,325,000		15,381,272
U.S. Treasury Note		2.88			8-15-2028		141,082,000		141,208,754
Total U.S. Treasury Securities (Cost $1,648,370,671)									1,636,450,273


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 4.23%
Energy: 0.69%
Energy Equipment & Services: 0.14%
Schlumberger Limited 144A		2.65	%		11-20-2022	$	8,393,000	$	8,150,177

Oil, Gas & Consumable Fuels: 0.55%
Cenovus Energy Incorporated		5.40			6-15-2047		1,253,000		1,241,869
Ecopetrol SA		5.88			5-28-2045		1,480,000		1,467,272
Enbridge Incorporated		2.90			7-15-2022		4,964,000		4,839,557
Encana Corporation		6.50			2-1-2038		3,101,000		3,679,392
Petroleos Mexicanos Company		2.38			4-15-2025		2,540,300		2,483,196
Petroleos Mexicanos Company		2.46			12-15-2025		6,048,750		5,911,772
Petroleos Mexicanos Company 144A		5.35			2-12-2028		5,225,000		4,874,925
Petroleos Mexicanos Company 144A		6.35			2-12-2048		2,085,000		1,850,438
Petroleos Mexicanos Company		6.50			3-13-2027		3,390,000		3,432,036
Petroleos Mexicanos Company		6.75			9-21-2047		2,430,000		2,249,402
									32,029,859

Financials: 2.66%
Banks: 2.24%
Banco Santander SA		3.80			2-23-2028		2,500,000		2,312,552
Banco Santander SA		4.38			4-12-2028		5,200,000		5,027,306
Banque Federative du Credit Mutuel SA 144A		3.75			7-20-2023		9,550,000		9,542,698
BNP Paribas SA 144A		3.50			3-1-2023		12,187,000		11,928,417
BNP Paribas SA 144A		4.40			8-14-2028		2,641,000		2,622,480
Credit Agricole London 144A		3.75			4-24-2023		2,805,000		2,763,970
Danske Bank A/S 144A		3.88			9-12-2023		6,194,000		6,163,248
Danske Bank A/S 144A		4.38			6-12-2028		3,271,000		3,253,389
DNB Bank ASA 144A		2.13			10-2-2020		5,409,000		5,278,855
Export Import Bank of Korea		2.50			11-1-2020		3,631,000		3,566,764
Export Import Bank of Korea		3.00			11-1-2022		5,215,000		5,096,442
HSBC Holdings plc		2.65			1-5-2022		3,508,000		3,413,418
Intesa Sanpaolo SpA 144A		3.88			7-14-2027		10,995,000		9,440,444
Intesa Sanpaolo SpA 144A		3.88			1-12-2028		9,629,000		8,182,118
Intesa Sanpaolo SpA 144A		4.38			1-12-2048		2,368,000		1,813,406
Japan Bank for International Cooperation		3.13			7-20-2021		7,070,000		7,076,113
Lloyds Banking Group plc		4.05			8-16-2023		10,897,000		10,864,406
Lloyds Banking Group plc		4.34			1-9-2048		3,545,000		3,118,573
Lloyds Banking Group plc		4.38			3-22-2028		6,808,000		6,698,601
Royal Bank of Scotland Group plc (3 Month LIBOR +1.75%) ±		4.89			5-18-2029		4,416,000		4,415,594
Sumitomo Mitsui Financial Group Incorporated		3.75			7-19-2023		8,235,000		8,275,729
UBS Group Funding Company 144A		2.65			2-1-2022		9,465,000		9,185,394
									130,039,917

Capital Markets: 0.02%
Temasek Financial I Limited 144A		3.63			8-1-2028		1,422,000		1,432,757

Diversified Consumer Services: 0.13%
NXP BV / NXP Funding LLC 144A		4.63			6-1-2023		7,346,000		7,456,190

Diversified Financial Services: 0.09%
AerCap Ireland Capital Limited		3.50			1-15-2025		5,455,000		5,205,633

Insurance: 0.18%
Aon plc		3.88			12-15-2025		3,601,000		3,603,130
XL Capital Limited		6.25			5-15-2027		2,316,000		2,653,205
XLIT Limited		5.25			12-15-2043		2,081,000		2,275,187
XLIT Limited		5.50			3-31-2045		1,639,000		1,760,875
									10,292,397


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Core Bond Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Health Care: 0.35%
Pharmaceuticals: 0.35%
Sanofi SA		3.38	%		6-19-2023	$	9,465,000	$	9,514,428
Sanofi SA		3.63			6-19-2028		10,520,000		10,590,663
									20,105,091

Industrials: 0.08%
Transportation Infrastructure: 0.08%
Mexico City Airport Trust 144A		5.50			7-31-2047		5,500,000		4,880,865

Information Technology: 0.09%
Internet Software & Services: 0.02%
Alibaba Group Holding Limited		4.00			12-6-2037		1,191,000		1,114,513

Semiconductors & Semiconductor Equipment: 0.07%
NXP Funding LLC 144A		3.88			9-1-2022		4,189,000		4,152,346

Materials: 0.13%
Chemicals: 0.07%
Syngenta Finance NV 144A		5.18			4-24-2028		1,865,000		1,795,960
Syngenta Finance NV 144A		5.68			4-24-2048		2,605,000		2,396,883
									4,192,843

Metals & Mining: 0.06%
Vale Overseas Limited		6.25			8-10-2026		3,345,000		3,675,754

Telecommunication Services: 0.17%
Diversified Telecommunication Services: 0.03%
Telefonica Emisiones SAU		5.21			3-8-2047		1,775,000		1,746,367

Wireless Telecommunication Services: 0.14%
Vodafone Group plc		3.75			1-16-2024		7,550,000		7,485,799
Vodafone Group plc		5.25			5-30-2048		423,000		425,454
									7,911,253

Utilities: 0.06%
Electric Utilities: 0.06%
Electricite de France SA 144A		6.00			1-22-2114		3,463,000		3,644,170

Total Yankee Corporate Bonds and Notes (Cost $250,754,034)									246,030,132

Yankee Government Bonds: 0.49%
Oriental Republic of Uruguay		4.98			4-20-2055		2,645,000		2,652,935
Republic of Indonesia		2.95			1-11-2023		9,280,000		8,914,572
Republic of Paraguay 144A		6.10			8-11-2044		4,660,000		5,114,350
Saudi International Bond 144A		4.00			4-17-2025		1,990,000		1,992,109
Saudi International Bond 144A		5.00			4-17-2049		5,204,000		5,144,987
United Mexican States		4.60			2-10-2048		3,493,000		3,265,955
United Mexican States		5.75			10-12-2099		1,374,000		1,377,435
Total Yankee Government Bonds (Cost $28,180,309)									28,462,343

	Yield					Shares
Short-Term Investments: 2.98%
Investment Companies: 2.98%
Securities Lending Cash Investment LLC (l)(r)(u)		2.07					6,417,132		6,417,773


Wells Fargo Core Bond Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name			Yield			Shares		Value
Investment Companies (continued)
Wells Fargo Government Money Market Fund Select Class (l)(u)##				1.87	%		166,677,769	$	166,677,769
Total Short-Term Investments (Cost $173,095,542)									173,095,542

Total investments in securities (Cost $6,411,934,711)	109.63	%							6,373,126,453
Other assets and liabilities, net	(9.63	)							(559,755,694	)

Total net assets	100.00	%						$	5,813,370,759

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

¤	The security is issued in zero coupon form with no periodic interest payments.

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

±±	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.

(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.

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

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

(l)

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

(r)

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

(u)

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

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

Abbreviations:

CAD

Canadian dollar

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

GO	General obligation

LIBOR

London Interbank Offered Rate

REIT

Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		57,959,204		121,719,290		173,261,362		6,417,132	$	6,417,773
Wells Fargo Government Money Market Fund Select Class		118,801,553		1,248,129,625		1,200,253,409		166,677,769		166,677,769

									$	173,095,542		2.98	%

Wells Fargo Core Bond Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service 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. 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

Securities lending

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

When-issued transactions

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

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	2,166,809,382	$	0	$	2,166,809,382
Asset-backed securities		0		675,356,707		0		675,356,707
Corporate bonds and notes		0		1,052,329,301		0		1,052,329,301
Foreign corporate bonds and notes		0		2,315,881		0		2,315,881
Municipal obligations		0		30,718,358		0		30,718,358
Non-agency mortgage-backed securities		0		361,558,534		0		361,558,534
U.S. Treasury securities		1,636,450,273		0		0		1,636,450,273
Yankee corporate bonds and notes		0		246,030,132		0		246,030,132
Yankee government bonds		0		28,462,343		0		28,462,343
Short-term investments
Investment companies		166,677,769		0		0		166,677,769
Investments measured at net asset value*								6,417,773

Total assets	$	1,803,128,042	$	4,563,580,638	$	0	$	6,373,126,453

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $6,417,773 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Real Return Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks: 17.15%
Consumer Discretionary: 0.26%
Specialty Retail: 0.26%
Ceconomy AG		77,375	$	588,096

Consumer Staples: 4.35%
Beverages: 0.74%
Molson Coors Brewing Company Class B		6,796		453,565
The Coca-Cola Company		27,381		1,220,368
				1,673,933

Food & Staples Retailing: 1.00%
Costco Wholesale Corporation		2,085		486,076
Metro AG		53,643		837,791
Wal-Mart Stores Incorporated		7,079		678,593
Walgreens Boots Alliance Incorporated		3,655		250,587
				2,253,047

Food Products: 1.06%
Health & Happiness (H&H) International Holdings Limited †		81,000		513,426
Marine Harvest ASA «		39,104		844,689
Mondelez International Incorporated Class A		13,136		561,170
The Kraft Heinz Company		7,927		461,906
				2,381,191

Household Products: 0.99%
Church & Dwight Company Incorporated		10,887		615,986
The Clorox Company		3,005		435,665
The Procter & Gamble Company		14,358		1,190,996
				2,242,647

Tobacco: 0.56%
Altria Group Incorporated		9,523		557,286
Philip Morris International		8,932		695,713
				1,252,999

Energy: 4.20%
Energy Equipment & Services: 0.76%
Halliburton Company		9,254		369,142
John Wood Group plc		97,291		906,391
Schlumberger Limited		6,949		438,899
				1,714,432

Oil, Gas & Consumable Fuels: 3.44%
Anadarko Petroleum Corporation		6,585		424,074
BP plc		76,252		541,044
Chevron Corporation		10,326		1,223,218
Cimarex Energy Company		5,446		460,078
Concho Resources Incorporated †		4,804		658,869
Cosan Limited Class A		71,848		474,915
Eni SpA		17,844		330,985
EOG Resources Incorporated		8,696		1,028,128
Noble Energy Incorporated		12,677		376,760
Occidental Petroleum Corporation		8,449		674,822
Origin Energy Limited †		105,525		603,102
Phillips 66 Company		4,338		514,096


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Real Return Portfolio


Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Company		2,582	$	451,075
				7,761,166

Health Care: 0.46%
Pharmaceuticals: 0.46%
Bayer AG		11,114		1,036,948

Materials: 3.67%
Chemicals: 1.81%
Axalta Coating Systems Limited †		13,445		410,073
DowDuPont Incorporated		12,818		898,926
Ecolab Incorporated		2,161		325,187
LyondellBasell Industries NV Class A		5,191		585,441
OCI NV «†		33,997		1,095,071
Sasol Limited		8,693		340,740
The Sherwin-Williams Company		911		415,033
				4,070,471

Construction Materials: 0.13%
Martin Marietta Materials Incorporated		1,525		303,048

Containers & Packaging: 0.09%
Crown Holdings Incorporated †		4,639		198,596

Metals & Mining: 1.64%
Agnico Eagle Mines Limited		4,700		162,244
Alamos Gold Incorporated Class A		13,500		59,379
B2Gold Corporation †		27,000		63,310
Barrick Gold Corporation		7,050		73,461
Detour Gold Corporation †		6,000		49,011
Endeavour Mining Corporation †		2,200		33,396
Evolution Mining Limited		33,000		62,868
Franco-Nevada Corporation		1,900		121,454
Fresnillo plc		5,500		63,975
Goldcorp Incorporated «		38,143		413,470
IAMGOLD Corporation †		15,000		61,149
Kinross Gold Corporation †		40,500		121,034
Kirkland Lake Gold Limited		8,000		149,517
Lundin Mining Corporation		133,449		636,056
Mag Silver Corporation †		1,200		9,223
Newcrest Mining Limited		11,000		153,334
Newmont Mining Corporation		5,800		179,974
Northern Star Resources Limited (a)		13,000		69,380
Pan American Silver Corporation		4,000		62,360
Randgold Resources Limited ADR		2,500		163,225
Royal Gold Incorporated		6,859		523,067
Semafo Incorporated †		14,500		36,333
Steel Dynamics Incorporated		7,035		321,711
Torex Gold Resources Incorporated †		6,000		40,506
Wheaton Precious Metals Corporation		4,200		71,963
				3,701,400

Real Estate: 4.21%
Equity REITs: 4.21%
Alexandria Real Estate Equities Incorporated		3,518		451,535
American Homes 4 Rent Class A		14,716		341,411
American Tower Corporation		6,643		990,604
Camden Property Trust		3,683		350,106
CoreSite Realty Corporation		930		108,317
Equinix Incorporated		1,967		857,868
Equity Residential		4,313		292,206
Essex Property Trust Incorporated		982		241,847


Wells Fargo Real Return Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name						Shares		Value
Equity REITs (continued)
Four Corners Property Trust Incorporated							10,572	$	284,810
Healthcare Trust of America Incorporated Class A							6,685		190,990
Host Hotels & Resorts Incorporated							22,342		481,023
Hudson Pacific Properties Incorporated							14,891		503,911
Invitation Homes Incorporated							15,547		363,333
Physicians Realty Trust							39,539		691,537
Prologis Incorporated							10,924		733,874
Public Storage Incorporated							1,470		312,493
Retail Opportunity Investment Corporation							25,688		507,081
SBA Communications Corporation †							1,500		232,845
Simon Property Group Incorporated							4,447		813,934
Sun Communities Incorporated							3,728		384,655
Taubman Centers Incorporated							3,020		195,122
Ventas Incorporated							2,955		176,916
									9,506,418

Total Common Stocks (Cost $37,412,469)									38,684,392

	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 10.14%
Consumer Discretionary: 3.48%
Auto Components: 0.17%
American Axle & Manufacturing Incorporated		7.75	%		11-15-2019	$	355,000		372,750
Cooper Tire & Rubber Company		8.00			12-15-2019		20,000		21,060
									393,810

Diversified Consumer Services: 0.09%
Service Corporation International		5.38			1-15-2022		100,000		101,534
TRI Pointe Group Incorporated		4.38			6-15-2019		92,000		92,460
									193,994

Hotels, Restaurants & Leisure: 0.56%
GLP Capital LP/GLP Financing II Incorporated		4.88			11-1-2020		405,000		415,125
MGM Resorts International		5.25			3-31-2020		270,000		275,400
MGM Resorts International		6.75			10-1-2020		120,000		126,150
NCL Corporation Limited 144A		4.75			12-15-2021		448,000		450,800
									1,267,475

Household Durables: 0.54%
KB Home		4.75			5-15-2019		60,000		60,150
Lennar Corporation		4.50			6-15-2019		150,000		150,938
Lennar Corporation		4.50			11-15-2019		50,000		50,500
Lennar Corporation		6.63			5-1-2020		305,000		317,828
Pulte Group Incorporated		4.25			3-1-2021		400,000		402,120
Toll Brothers Finance Corporation		5.88			2-15-2022		225,000		234,563
									1,216,099

Internet & Direct Marketing Retail: 0.21%
Netflix Incorporated		5.38			2-1-2021		450,000		462,938

Media: 1.26%
Cable One Incorporated 144A		5.75			6-15-2022		515,000		524,013
DISH DBS Corporation		7.88			9-1-2019		210,000		217,088
LIN Television Corporation		5.88			11-15-2022		365,000		372,300
National CineMedia LLC		6.00			4-15-2022		100,000		101,500
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		105,000		106,772
Outfront Media Capital Corporation		5.25			2-15-2022		400,000		401,996
Sinclair Television Group Incorporated		6.13			10-1-2022		400,000		410,080
Sirius XM Radio Incorporated «144A		3.88			8-1-2022		370,000		363,044


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Real Return Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Media (continued)
TEGNA Incorporated		5.13	%	10-15-2019	$	27,000	$	27,000
TEGNA Incorporated		5.13		7-15-2020		305,000		307,669
								2,831,462

Specialty Retail: 0.60%
Gap Incorporated		5.95		4-12-2021		310,000		324,211
Group 1 Automotive Incorporated		5.00		6-1-2022		280,000		277,200
L Brands Incorporated		6.63		4-1-2021		295,000		309,750
Penske Auto Group Incorporated		3.75		8-15-2020		335,000		330,813
Penske Auto Group Incorporated		5.75		10-1-2022		110,000		112,200
								1,354,174

Textiles, Apparel & Luxury Goods: 0.05%
The William Carter Company		5.25		8-15-2021		120,000		121,650

Consumer Staples: 0.24%
Food Products: 0.07%
B&G Foods Incorporated		4.63		6-1-2021		155,000		154,225

Personal Products: 0.17%
Edgewell Personal Care Company		4.70		5-19-2021		380,000		382,850

Energy: 1.14%
Oil, Gas & Consumable Fuels: 1.14%
Andeavor Logistics LP		5.50		10-15-2019		75,000		76,583
DCP Midstream Operating LP		2.70		4-1-2019		175,000		173,906
DCP Midstream Operating LP 144A		5.35		3-15-2020		320,000		327,200
Rockies Express Pipeline LLC 144A		5.63		4-15-2020		405,000		417,656
Rockies Express Pipeline LLC 144A		6.00		1-15-2019		210,000		211,970
Sabine Pass Liquefaction LLC		5.63		2-1-2021		355,000		370,220
Sabine Pass Liquefaction LLC		6.25		3-15-2022		250,000		269,197
Southern Star Central Corporation 144A		5.13		7-15-2022		375,000		375,000
Targa Resources Partners LP		4.13		11-15-2019		360,000		360,288
								2,582,020

Financials: 0.82%
Banks: 0.07%
CIT Group Incorporated		3.88		2-19-2019		150,000		150,825

Consumer Finance: 0.68%
Ally Financial Incorporated		3.75		11-18-2019		605,000		607,269
Navient Corporation		5.50		1-15-2019		465,000		468,627
Springleaf Finance Corporation		5.25		12-15-2019		315,000		319,331
Toll Brothers Finance Corporation		4.00		12-31-2018		135,000		135,000
								1,530,227

Real Estate Management & Development: 0.07%
Realogy Group LLC 144A		4.50		4-15-2019		100,000		100,500
Realogy Group LLC 144A		5.25		12-1-2021		70,000		70,000
								170,500

Health Care: 0.72%
Health Care Equipment & Supplies: 0.07%
Kinetics Concepts Incorporated 144A		7.88		2-15-2021		155,000		160,231

Health Care Providers & Services: 0.65%
Acadia Healthcare Company Incorporated		5.13		7-1-2022		162,000		162,810
DaVita HealthCare Partners Incorporated		5.75		8-15-2022		350,000		354,813


Wells Fargo Real Return Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
HCA Incorporated		6.50	%		2-15-2020	$	255,000	$	264,690
Lifepoint Health Incorporated		5.50			12-1-2021		210,000		213,413
Select Medical Corporation		6.38			6-1-2021		155,000		156,550
Tenet Healthcare Corporation		6.00			10-1-2020		290,000		301,238
									1,453,514

Industrials: 1.14%
Aerospace & Defense: 0.36%
Alcoa Incorporated		6.15			8-15-2020		350,000		364,000
Moog Incorporated 144A		5.25			12-1-2022		445,000		451,119
									815,119

Commercial Services & Supplies: 0.18%
Clean Harbors Incorporated		5.13			6-1-2021		400,000		401,000

Machinery: 0.16%
Enpro Industries Incorporated		5.88			9-15-2022		350,000		356,563

Trading Companies & Distributors: 0.44%
Aircastle Limited		4.63			12-15-2018		100,000		100,455
Aircastle Limited		5.13			3-15-2021		275,000		283,938
Aircastle Limited		6.25			12-1-2019		200,000		206,500
HD Supply Incorporated 144A		7.00			4-15-2024		385,000		404,731
									995,624

Information Technology: 0.62%
Electronic Equipment, Instruments & Components: 0.04%
Sanmina Corporation 144A		4.38			6-1-2019		105,000		105,446

Software: 0.21%
CDK Global Incorporated		3.80			10-15-2019		110,000		109,863
Symantec Corporation		4.20			9-15-2020		360,000		362,307
									472,170

Technology Hardware, Storage & Peripherals: 0.37%
Dell International LLC/EMC Corporation 144A		3.48			6-1-2019		40,000		40,132
EMC Corporation		2.65			6-1-2020		525,000		513,371
NCR Corporation		4.63			2-15-2021		280,000		275,100
									828,603

Materials: 0.87%
Chemicals: 0.14%
Huntsman International LLC		4.88			11-15-2020		305,000		312,015

Containers & Packaging: 0.43%
Ball Corporation		4.38			12-15-2020		545,000		551,813
Reynolds Group Holdings		5.75			10-15-2020		416,716		417,237
									969,050

Metals & Mining: 0.30%
Freeport-McMoRan Incorporated		3.10			3-15-2020		320,000		317,328
Steel Dynamics Incorporated		5.13			10-1-2021		351,000		355,914
									673,242


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Real Return Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Real Estate: 0.69%
Equity REITs: 0.52%
CoreCivic Incorporated		4.13	%		4-1-2020	$	230,000	$	230,575
Equinix Incorporated		5.38			1-1-2022		230,000		236,854
Sabra Health Care REIT Incorporated		5.50			2-1-2021		483,000		492,358
SBA Communications Corporation		4.00			10-1-2022		80,000		78,219
VEREIT Operating Partnership LP		3.00			2-6-2019		120,000		119,977
VEREIT Operating Partnership LP		4.13			6-1-2021		10,000		10,127
									1,168,110

Real Estate Management & Development: 0.17%
Taylor Morrison Communities Incorporated 144A		5.25			4-15-2021		395,000		394,506

Telecommunication Services: 0.39%
Diversified Telecommunication Services: 0.10%
Hughes Satellite Systems Corporation		6.50			6-15-2019		230,000		235,497

Wireless Telecommunication Services: 0.29%
Sprint Communications Incorporated 144A		9.00			11-15-2018		495,000		500,569
Sprint Spectrum LP 144A		3.36			3-20-2023		142,188		141,414
									641,983

Utilities: 0.03%
Independent Power & Renewable Electricity Producers: 0.03%
NRG Energy Incorporated		6.25			7-15-2022		77,000		79,503

Total Corporate Bonds and Notes (Cost $23,036,294)									22,874,425

Loans: 3.93%
Consumer Discretionary: 0.71%
Auto Components: 0.10%
Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±		3.82			9-23-2022		54,671		54,914
Belron Finance US LLC (3 Month LIBOR +2.50%) ±		4.84			11-7-2024		159,200		159,665
									214,579

Hotels, Restaurants & Leisure: 0.10%
Wyndham Hotels & Resorts Incorporated (1 Month LIBOR +1.75%) ±		3.83			5-30-2025		220,000		220,220

Household Products: 0.12%
Michaels Stores Incorporated (1 Month LIBOR +2.50%) ±		4.57			1-28-2023		228,926		227,896
The ServiceMaster Company LLC (1 Month LIBOR +2.50%) ±		4.58			11-8-2023		52,630		52,639
									280,535

Media: 0.38%
Altice US Finance I Corporation (1 Month LIBOR +2.25%) ±		4.33			7-28-2025		218,248		217,794
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		4.56			1-25-2026		510,720		510,848
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ±		3.88			10-31-2023		138,596		138,554
									867,196

Specialty Retail: 0.01%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±		4.33			7-5-2024		24,813		24,141

Consumer Staples: 0.19%
Food Products: 0.19%
Pinnacle Foods Finance LLC (1 Month LIBOR +1.75%) ±		3.83			2-2-2024		142,875		142,875
Post Holdings Incorporated (1 Month LIBOR +2.00%) ±		4.07			5-24-2024		123,750		123,608
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		4.08			1-26-2024		162,461		162,182
									428,665


Wells Fargo Real Return Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Financials: 0.34%
Diversified Consumer Services: 0.17%
TransUnion (1 Month LIBOR +2.00%) ±		4.08	%		6-19-2025	$	380,000	$	381,189

Diversified Financial Services: 0.17%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		4.08			10-6-2023		200,000		200,500
LPL Holdings Incorporated (1 Month LIBOR +2.25%) ±		4.48			9-23-2024		195,211		195,162
									395,662

Health Care: 0.25%
Health Care Providers & Services: 0.19%
HCA Incorporated (1 Month LIBOR +1.75%) ±		3.83			3-18-2023		373,630		375,188
Select Medical Corporation (1 Month LIBOR +2.75%) ±		4.82			3-1-2021		54,313		54,561
									429,749

Health Care Technology: 0.02%
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.83			3-1-2024		43,988		44,000

Pharmaceuticals: 0.04%
Endo Finance LLC (1 Month LIBOR +4.25%) ±		6.38			4-29-2024		89,100		89,546

Industrials: 1.03%
Airlines: 0.03%
United Airlines Incorporated (1 Month LIBOR +1.75%) ±		3.83			4-1-2024		69,125		68,981

Commercial Services & Supplies: 0.50%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		4.21			11-10-2023		184,546		184,823
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.08			3-28-2024		56,425		56,519
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.08			3-11-2025		389,650		390,137
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±		4.38			3-11-2021		150,246		150,497
Multi-Color Corporation (1 Month LIBOR +2.25%) ±‡		4.33			10-31-2024		179,100		179,548
Sensata Technologies BV (1 Month LIBOR +1.75%) ±		3.82			10-14-2021		158,275		158,638
									1,120,162

Communications Equipment: 0.39%
Charter Communications Operating LLC (1 Month LIBOR +2.00%) ±		4.08			4-30-2025		383,075		383,075
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.56			1-15-2026		500,000		499,660
									882,735

Machinery: 0.11%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		4.83			1-31-2024		53,382		53,449
RBS Global Incorporated (1 Month LIBOR +2.00%) ±		4.06			8-21-2024		200,000		200,562
									254,011

Information Technology: 0.48%
Communications Equipment: 0.02%
CommScope Incorporated (1 Month LIBOR +2.00%) ±		4.08			12-29-2022		46,574		46,748

Electronic Equipment, Instruments & Components: 0.22%
CDW LLC (1 Month LIBOR +1.75%) ±		3.83			8-17-2023		199,491		199,603
Dell Incorporated (1 Month LIBOR +2.00%) ±		4.08			9-7-2023		40,695		40,678
Zebra Technologies Corporation (3 Month LIBOR +1.75%) ±		4.06			11-15-2021		248,591		249,729
									490,010


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Real Return Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Internet Software & Services: 0.09%
Zayo Group LLC (1 Month LIBOR +2.25%) ±		4.33	%	1-19-2024	$	195,805	$	196,451

IT Services: 0.05%
First Data Corporation (1 Month LIBOR +2.00%) ±		4.07		7-8-2022		126,922		126,836

Semiconductors & Semiconductor Equipment: 0.10%
Micron Technology Incorporated (1 Month LIBOR +1.75%) ±		3.83		4-26-2022		218,130		218,767

Materials: 0.58%
Chemicals: 0.35%
Ashland LLC (1 Month LIBOR +1.75%) ±		3.83		5-17-2024		278,883		279,232
Ineos US Finance LLC (2 Month LIBOR +2.00%) ±		4.17		3-31-2024		498,555		497,723
								776,955

Containers & Packaging: 0.23%
Berry Plastics Group Incorporated (2 Month LIBOR +1.75%) ±		3.94		2-8-2020		491,046		490,653
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.83		2-5-2023		29,476		29,560
								520,213

Real Estate: 0.10%
Equity REITs: 0.10%
MGM Growth Properties LLC (1 Month LIBOR +2.00%) ±		4.08		3-21-2025		222,414		222,289

Telecommunication Services: 0.25%
Diversified Telecommunication Services: 0.06%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		4.32		2-22-2024		129,470		129,596

Wireless Telecommunication Services: 0.19%
SBA Senior Finance II LLC (1 Month LIBOR +2.00%) ±		4.08		4-11-2025		438,462		436,879

Total Loans (Cost $8,888,695)								8,866,115

				Expiration date	Shares
Participation Notes: 0.12%
Consumer Staples: 0.12%
Beverages: 0.12%
UBS AG (Kweichow Moutai Company Limited) †(a)				8-13-2019		2,900		279,641

Total Participation Notes (Cost $286,162)								279,641

				Maturity date	Principal
U.S. Treasury Securities: 66.56%
TIPS		0.13		4-15-2020	$	3,577,866		3,531,186
TIPS		0.13		4-15-2021		6,411,217		6,290,756
TIPS		0.13		1-15-2022		5,917,455		5,792,796
TIPS		0.13		4-15-2022		6,242,864		6,091,507
TIPS		0.13		7-15-2022		6,098,071		5,977,595
TIPS		0.13		1-15-2023		6,124,493		5,964,466
TIPS		0.13		7-15-2024		5,958,919		5,772,246
TIPS		0.13		7-15-2026		4,935,713		4,707,886
TIPS		0.25		1-15-2025		5,973,799		5,787,994
TIPS		0.38		7-15-2023		6,079,978		6,000,041
TIPS		0.38		7-15-2025		5,971,868		5,840,300
TIPS		0.38		1-15-2027		3,103,461		3,000,416


Wells Fargo Real Return Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
U.S. Treasury Securities (continued)
TIPS		0.38	%	7-15-2027	$	4,676,836	$	4,526,239
TIPS		0.50		1-15-2028		4,898,524		4,762,029
TIPS		0.63		7-15-2021		5,355,460		5,355,239
TIPS		0.63		4-15-2023		4,920,277		4,890,806
TIPS		0.63		1-15-2024		6,058,632		6,023,147
TIPS		0.63		1-15-2026		5,244,222		5,189,936
TIPS		0.63		2-15-2043		2,011,215		1,883,026
TIPS		0.75		7-15-2028		1,877,256		1,872,122
TIPS		0.75		2-15-2042		2,715,488		2,620,941
TIPS		0.75		2-15-2045		3,376,197		3,240,841
TIPS		0.88		2-15-2047		2,875,945		2,843,253
TIPS		1.00		2-15-2046		2,477,955		2,524,513
TIPS		1.00		2-15-2048		1,640,101		1,674,270
TIPS		1.13		1-15-2021		4,653,838		4,691,715
TIPS		1.25		7-15-2020		4,408,118		4,462,615
TIPS		1.38		1-15-2020		617,604		622,252
TIPS		1.38		2-15-2044		3,027,444		3,339,294
TIPS		1.75		1-15-2028		2,303,439		2,497,581
TIPS		2.00		1-15-2026		2,856,645		3,107,629
TIPS		2.13		2-15-2040		1,212,505		1,501,390
TIPS		2.13		2-15-2041		1,547,678		1,931,696
TIPS		2.38		1-15-2025		3,923,625		4,318,840
TIPS		2.38		1-15-2027		2,117,987		2,389,930
TIPS		2.50		1-15-2029		2,218,274		2,584,318
TIPS		3.38		4-15-2032		894,386		1,181,102
TIPS		3.63		4-15-2028		1,799,490		2,262,413
TIPS		3.88		4-15-2029		2,360,589		3,081,491
Total U.S. Treasury Securities (Cost $150,988,011)								150,135,817

Yankee Corporate Bonds and Notes: 1.39%
Consumer Discretionary: 0.42%
Auto Components: 0.20%
IHO Verwaltungs GmbH 144A		4.13		9-15-2021		450,000		447,750

Automobiles: 0.04%
Jaguar Land Rover Automotive plc 144A		4.13		12-15-2018		100,000		100,000

Hotels, Restaurants & Leisure: 0.18%
International Game Technology plc 144A		5.63		2-15-2020		400,000		407,000

Financials: 0.34%
Banks: 0.21%
Nielsen Holding and Finance BV 144A		5.50		10-1-2021		465,000		465,581

Diversified Financial Services: 0.13%
Virgin Media Finance plc		5.25		1-15-2021		295,000		302,006

Health Care: 0.45%
Pharmaceuticals: 0.45%
Bausch Health Companies Incorporated 144A		6.50		3-15-2022		430,000		445,050
Teva Pharmaceuticals Industries Incorporated		1.70		7-19-2019		570,000		560,348
								1,005,398

Information Technology: 0.02%
Communications Equipment: 0.02%
Nokia Corporation		5.38		5-15-2019		31,000		31,448


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Real Return Portfolio


Security name			Interest rate			Maturity date		Principal		Value
Materials: 0.16%
Metals & Mining: 0.16%
ArcelorMittal				5.50	%		3-1-2021	$	355,000	$	367,861

Total Yankee Corporate Bonds and Notes (Cost $3,158,155)											3,127,044

								Shares
Short-Term Investments: 1.31%
Investment Companies: 1.28%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07					2,023,179		2,023,381
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87					863,753		863,753
											2,887,134

								Principal
U.S. Treasury Securities: 0.03%
U.S. Treasury Bill #(z)				1.30			9-13-2018	$	75,000		74,964

Total Short-Term Investments (Cost $2,962,099)											2,962,098

Total investments in securities (Cost $226,731,885)	100.60	%									226,929,532
Other assets and liabilities, net	(0.60	)									(1,359,864	)

Total net assets	100.00	%								$	225,569,668

†	Non-income-earning security

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

(a)

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

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.

‡	Security is valued using significant unobservable inputs.

(l)

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

(r)

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

(u)

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

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

(z)

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

Abbreviations:

ADR

American depositary receipt

LIBOR

London Interbank Offered Rate

REIT

Real estate investment trust

TIPS

Treasury inflation-protected securities


Futures Contracts
Description	Number of contracts			Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
10-Year U.S. Treasury Notes		15			12-19-2018	$	1,804,944		$	1,803,984		$	0	$	(960	)
Short
U.S. Ultra Bond		(6	)		12-19-2018		(953,895	)		(955,875	)		0		(1,980	)
2-Year U.S. Treasury Notes		(22	)		12-31-2018		(4,647,616	)		(4,649,906	)		0		(2,290	)
5-Year U.S. Treasury Notes		(48	)		12-31-2018		(5,437,096	)		(5,443,125	)		0		(6,029	)

												$	0	$	(11,259	)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		1,733,169		3,424,923		3,134,913		2,023,179	$	2,023,381
Wells Fargo Government Money Market Fund Select Class		2,901,798		101,196,527		103,234,572		863,753		863,753

									$	2,887,134		1.28	%

Wells Fargo Real Return Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Participation notes

Foreign currency translation

difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

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

Loans

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

Futures contracts

The Portfolio is subject to interest rate 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 interest 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.

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


Level 1–		quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:
Common stocks
Consumer discretionary	$	588,096	$	0	$	0	$	588,096
Consumer staples		9,803,817		0		0		9,803,817
Energy		9,475,598		0		0		9,475,598
Health care		1,036,948		0		0		1,036,948
Materials		8,204,135		69,380		0		8,273,515
Real estate		9,506,418		0		0		9,506,418
Corporate bonds and notes		0		22,874,425		0		22,874,425
Loans		0		8,633,118		232,997		8,866,115
Participation notes		0		279,641		0		279,641
U.S. Treasury securities		150,135,817		0		0		150,135,817
Yankee corporate bonds and notes		0		3,127,044		0		3,127,044
Short-term investments
Investment companies		863,753		0		0		863,753
U.S. Treasury securities		74,964		0		0		74,964
Investments measured at net asset value*								2,023,381

Total assets	$	189,689,546	$	34,983,608	$	232,997	$	226,929,532

Liabilities
Futures contracts	$	11,259	$	0	$	0	$	11,259

Total liabilities	$	11,259	$	0	$	0	$	11,259

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $2,023,381 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Portfolio recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At August 31, 2018, the Portfolio had no material transfers into/out of Level 1, Level 2, or Level 3.


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities: 27.93%
FHLMC		3.00	%	7-1-2046	$	646,355	$	627,251
FHLMC		3.00		7-1-2046		885,962		858,828
FHLMC		3.50		4-1-2043		1,159,690		1,160,491
FHLMC		3.50		5-1-2044		536,084		536,948
FHLMC		3.50		6-1-2046		462,696		460,856
FHLMC		3.50		4-1-2047		471,660		470,597
FHLMC		3.50		9-13-2048		7,500,000		7,455,455
FHLMC		4.00		4-1-2044		700,787		720,474
FHLMC		4.00		8-1-2044		461,581		473,589
FHLMC		4.50		8-1-2048		3,876,665		4,029,286
FHLMC SCRT Series 2018-3 Class MA		3.50		8-25-2057		3,389,346		3,378,390
FHLMC Structured Pass-Through Securities Series T-20 Class A6		6.66		9-25-2029		28,981		29,533
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50		9-25-2043		815,020		930,587
FNMA		2.50		8-1-2031		421,921		410,456
FNMA		2.51		9-1-2024		940,786		904,962
FNMA		2.69		5-1-2023		407,035		397,556
FNMA		2.73		1-1-2023		552,611		543,199
FNMA		2.73		9-1-2023		569,945		559,005
FNMA		2.85		12-1-2023		590,000		577,932
FNMA		3.00		12-1-2032		48,217		47,872
FNMA		3.00		7-1-2046		518,205		503,008
FNMA		3.00		9-13-2048		9,785,000		9,461,538
FNMA		3.05		11-1-2022		295,479		294,687
FNMA		3.07		2-1-2026		360,000		356,030
FNMA		3.08		1-1-2026		480,000		475,659
FNMA		3.35		1-1-2028		280,000		279,324
FNMA		3.47		12-1-2024		2,625,000		2,639,336
FNMA		3.50		10-1-2032		700,373		707,106
FNMA		3.50		11-1-2042		278,239		278,718
FNMA		3.50		11-1-2042		354,242		354,852
FNMA		3.50		2-1-2043		185,089		185,404
FNMA		3.50		4-1-2046		236,246		235,538
FNMA %%		3.50		9-13-2048		42,935,000		42,671,422
FNMA		4.00		11-1-2040		353,422		361,530
FNMA		4.00		4-1-2041		464,878		475,494
FNMA		4.00		8-1-2046		505,106		520,194
FNMA		4.00		9-13-2048		43,825,000		44,613,123
FNMA		4.00		8-1-2051		12,795,422		13,040,106
FNMA		4.00		7-1-2056		597,073		611,204
FNMA		4.50		8-1-2048		2,750,000		2,856,822
FNMA		4.50		9-13-2048		850,000		882,460
FNMA		4.50		1-1-2051		10,060,129		10,454,998
FNMA		4.50		6-1-2056		534,407		562,059
FNMA		4.50		6-1-2056		505,638		528,131
FNMA		4.50		6-1-2056		765,949		799,003
FNMA		5.00		9-1-2033		148,190		158,326
FNMA		5.50		2-1-2036		108,566		112,618
FNMA (a)		3.51		1-1-2025		2,770,000		2,797,700
FNMA (a)		3.86		8-1-2048		1,958,000		2,008,786
FNMA Series 2002-90 Class A2		6.50		11-25-2042		334,735		370,063
FNMA Series 2002-T4 Class A2		7.00		12-25-2041		148,393		164,977
FNMA Series 2002-W4 Class A4		6.25		5-25-2042		1,415,135		1,548,725
FNMA Series 2003-W4 Class 3A ±±		5.90		10-25-2042		224,900		242,412
FNMA Series 2004-T2 Class 1A1		6.00		11-25-2043		537,014		584,330
FNMA Series 2004-T3 Class A1		6.00		2-25-2044		794,046		871,084
FNMA Series 2004-W01 Class 2A2		7.00		12-25-2033		136,032		153,131
FNMA Series 2004-W11 Class 1A3		7.00		5-25-2044		827,119		954,862
FNMA Series 2004-W8 Class 3A		7.50		6-25-2044		241,779		273,319
GNMA		6.50		10-15-2023		11,242		12,350
GNMA		6.50		11-15-2023		7,048		7,743
GNMA		6.50		11-15-2023		2,610		2,867
GNMA		6.50		12-15-2023		10,457		11,488
GNMA		6.50		1-15-2024		22,977		25,242
GNMA		7.00		8-15-2027		58,948		64,972
SBA Series 2006-20B Class 1		5.35		2-1-2026		246,522		255,523
SBA Series 2006-20H Class 1		5.70		8-1-2026		113,843		118,518
SBA Series 2007-20J Class 1		5.57		10-1-2027		355,923		370,119
SBA Series 2013-20A Class 1		2.13		1-1-2033		322,083		306,908


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Managed Fixed Income Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
SBA Series 2013-20J Class 1		3.37	%		10-1-2033	$	388,075	$	391,571
SBA Series 2014-10A Class 1		3.19			3-10-2024		421,118		422,529
SBA Series 2014-10B Class 1		3.02			9-10-2024		869,151		866,072
SBA Series 2014-20A Class 1		3.46			1-1-2034		311,986		315,740
SBA Series 2015-10B Class 1		2.83			9-10-2025		497,249		490,335
SBA Series 2015-20C Class 1		2.72			3-1-2035		441,535		434,602
SBA Series 2015-20E Class 1		2.77			5-1-2035		690,171		678,291
SBA Series 2015-20F Class 1		2.98			6-1-2035		482,402		474,712
SBA Series 2017-10A Class 1		2.85			3-10-2027		556,735		547,630
SBA Series 2017-20F Class 1		2.81			6-1-2037		286,265		276,989
SBA Series 2018-20E Class 1		3.50			5-1-2038		10,485,000		10,565,100
SBA Series 2018-20F Class 1		3.60			6-1-2038		1,770,000		1,792,270
SBA Series 2018-20G Class 1		3.54			7-1-2038		11,000,000		11,097,635
SBA Series 2018-20H Class 1		3.58			8-1-2038		4,000,000		4,030,860
Total Agency Securities (Cost $202,111,108)									202,521,412

Asset-Backed Securities: 2.40%
Ally Auto Receivables Trust Series 2018-3 Class A3		3.00			1-17-2023		3,715,000		3,716,162
American Express Credit Account Master Trust Series 2018-6 Class A		3.06			2-15-2024		2,650,000		2,656,814
Barclays Dryrock Issuance Trust Series 2014-3 Class A		2.41			7-15-2022		570,000		567,631
Discover Card Execution Note Trust Series 2018-A4 Class A4		3.11			1-16-2024		2,500,000		2,504,424
Ford Credit Auto Owner Trust Series 2015-2 Class A 144A		2.44			1-15-2027		600,000		593,464
Ford Credit Auto Owner Trust Series 2016-1 Class A 144A		2.31			8-15-2027		600,000		588,001
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		3,200,000		3,215,813
GM Financial Automobile Leasing Trust Series 2018-2 Class A3		3.06			6-21-2021		1,825,000		1,825,962
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ±		2.74			10-25-2035		434,042		434,489
MMAF Equipment Finance LLC Series 2015-AA Class A4 144A		1.93			7-16-2021		173,603		172,959
MMAF Equipment Finance LLC Series 2017-AA Class A5 144A		2.68			7-16-2027		695,000		672,850
South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ±		3.58			8-1-2035		500,000		495,042
Total Asset-Backed Securities (Cost $17,439,984)									17,443,611

Corporate Bonds and Notes: 38.29%
Consumer Discretionary: 3.46%
Auto Components: 0.23%
Allison Transmission Incorporated 144A		5.00			10-1-2024		1,655,000		1,630,175

Automobiles: 0.06%
General Motors Company		4.88			10-2-2023		400,000		409,338

Diversified Consumer Services: 1.53%
Duke University		3.20			10-1-2038		175,000		162,245
Massachusetts Institute of Technology		3.96			7-1-2038		2,200,000		2,260,610
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		772,228
Northwestern University		3.66			12-1-2057		200,000		191,511
Northwestern University		3.69			12-1-2038		1,665,000		1,644,337
President and Fellows of Harvard College		3.15			7-15-2046		1,000,000		900,688
President and Fellows of Harvard College		3.62			10-1-2037		275,000		271,515
President and Fellows of Harvard College		4.88			10-15-2040		33,000		38,693
President and Fellows of Harvard College		5.63			10-1-2038		225,000		285,094
Princeton University		5.70			3-1-2039		1,740,000		2,212,710
Service Corporation International		5.38			1-15-2022		750,000		761,505
Service Corporation International		5.38			5-15-2024		750,000		765,000
Service Corporation International		7.50			4-1-2027		535,000		596,525
University of Southern California		3.03			10-1-2039		275,000		248,942
									11,111,603

Hotels, Restaurants & Leisure: 0.36%
Cedar Fair LP		5.38			6-1-2024		1,480,000		1,481,850
Cedar Fair LP		5.38			4-15-2027		300,000		291,000
McDonalds Corporation		3.35	%		4-1-2023		860,000		857,175
									2,630,025


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Media: 0.76%
Charter Communications Operating LLC		4.91	%	7-23-2025	$	1,500,000	$	1,529,507
Comcast Corporation		3.00		2-1-2024		170,000		165,394
Comcast Corporation «		3.55		5-1-2028		1,500,000		1,451,792
Lamar Media Corporation		5.75		2-1-2026		1,895,000		1,968,431
Time Warner Incorporated		3.40		6-15-2022		140,000		139,205
Time Warner Incorporated		3.60		7-15-2025		260,000		249,337
								5,503,666

Textiles, Apparel & Luxury Goods: 0.52%
HanesBrands Incorporated 144A		4.63		5-15-2024		200,000		195,000
HanesBrands Incorporated 144A		4.88		5-15-2026		1,750,000		1,684,375
The William Carter Company		5.25		8-15-2021		250,000		253,438
Wolverine World Wide Incorporated 144A		5.00		9-1-2026		1,700,000		1,640,500
								3,773,313

Consumer Staples: 1.47%
Beverages: 0.23%
Anheuser-Busch InBev Finance Incorporated		3.65		2-1-2026		1,640,000		1,604,321
Brown Forman Corporation		3.50		4-15-2025		50,000		49,625
								1,653,946

Food Products: 1.24%
Cargill Incorporated 144A		3.25		3-1-2023		1,130,000		1,121,937
General Mills Incorporated		2.60		10-12-2022		120,000		116,021
General Mills Incorporated		4.20		4-17-2028		1,600,000		1,595,621
Ingredion Incorporated		3.20		10-1-2026		150,000		140,566
Kellogg Company		4.30		5-15-2028		1,005,000		1,014,003
Kraft Heinz Foods Company		3.00		6-1-2026		1,500,000		1,367,778
Kraft Heinz Foods Company		3.50		6-6-2022		300,000		298,931
Kraft Heinz Foods Company		4.63		1-30-2029		120,000		119,797
McCormick & Company Incorporated		3.40		8-15-2027		1,500,000		1,437,433
Mondelez International Incorporated		3.63		5-7-2023		1,500,000		1,497,447
Unilever Capital Corporation		2.60		5-5-2024		310,000		297,664
								9,007,198

Energy: 6.07%
Energy Equipment & Services: 0.21%
Halliburton Company		3.80		11-15-2025		1,500,000		1,496,957

Oil, Gas & Consumable Fuels: 5.86%
Anadarko Petroleum Corporation		5.55		3-15-2026		150,000		161,190
Andeavor Company		5.13		12-15-2026		1,500,000		1,590,212
Antero Resources Corporation		5.00		3-1-2025		2,000,000		2,015,000
Apache Corporation		4.38		10-15-2028		1,740,000		1,717,635
Baker Hughes, a GE Company LLC		3.34		12-15-2027		1,500,000		1,418,654
Chevron Corporation		2.90		3-3-2024		1,820,000		1,782,460
Cimarex Energy Company		3.90		5-15-2027		1,500,000		1,440,477
Concho Resources Incorporated		3.75		10-1-2027		1,500,000		1,434,304
Continental Resources Incorporated		3.80		6-1-2024		1,000,000		984,219
Continental Resources Incorporated		5.00		9-15-2022		192,000		194,379
Enable Midstream Partners		4.95		5-15-2028		1,500,000		1,489,122
Energen Corporation		4.63		9-1-2021		550,000		555,500
EnLink Midstream Partners LLC		4.85		7-15-2026		1,325,000		1,286,233
Enterprise Products Operating LLC		3.75		2-15-2025		1,500,000		1,504,907
EQT Corporation		3.90		10-1-2027		1,350,000		1,269,560


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Managed Fixed Income Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corporation		8.13	%	6-1-2019	$	400,000	$	414,877
Florida Gas Transmission Company 144A		4.35		7-15-2025		1,521,000		1,557,479
Gulfstream Natural Gas System LLC 144A		6.19		11-1-2025		210,000		233,086
Hess Corporation		4.30		4-1-2027		1,500,000		1,457,491
Kerr-McGee Corporation		6.95		7-1-2024		1,485,000		1,693,828
Magellan Midstream Partners LP		5.00		3-1-2026		170,000		180,681
Marathon Oil Corporation		3.85		6-1-2025		1,030,000		1,012,173
MPLX LP		4.13		3-1-2027		1,500,000		1,467,458
Newfield Exploration Company		5.38		1-1-2026		1,650,000		1,720,125
Newfield Exploration Company		5.63		7-1-2024		249,000		265,496
NuStar Logistics LP		4.75		2-1-2022		1,500,000		1,485,000
Phillips 66		4.30		4-1-2022		1,570,000		1,615,789
Pioneer Natural Resource Company		4.45		1-15-2026		190,000		195,708
Plains All American Pipeline LP		4.65		10-15-2025		1,500,000		1,516,990
Range Resources Corporation		5.00		3-15-2023		2,300,000		2,250,090
Southwestern Energy Company «		6.20		1-23-2025		1,600,000		1,602,000
Transcontinental Gas Pipe Line Company LLC		7.85		2-1-2026		1,200,000		1,475,315
Western Gas Partners LP		4.65		7-1-2026		1,625,000		1,626,725
Whiting Petroleum Corporation		6.25		4-1-2023		713,000		734,390
Whiting Petroleum Corporation «		6.63		1-15-2026		950,000		988,000
Williams Companies Incorporated		4.55		6-24-2024		150,000		153,096
								42,489,649

Financials: 8.99%
Banks: 4.53%
Bank of America Corporation		3.50		4-19-2026		1,500,000		1,460,230
Bank of America Corporation (3 Month LIBOR +1.51%) ±		3.71		4-24-2028		1,500,000		1,450,208
Bank of America Corporation		3.88		8-1-2025		1,470,000		1,468,932
Bank of America Corporation		3.95		4-21-2025		120,000		118,065
Bank of America Corporation		4.00		4-1-2024		1,500,000		1,523,971
BB&T Corporation		2.85		10-26-2024		180,000		172,986
BB&T Corporation		3.70		6-5-2025		1,160,000		1,160,815
Citigroup Incorporated		2.75		4-25-2022		210,000		204,651
Citigroup Incorporated		3.30		4-27-2025		1,630,000		1,575,206
Citigroup Incorporated		3.40		5-1-2026		1,750,000		1,674,474
Citigroup Incorporated (3 Month LIBOR +1.02%) ±		4.04		6-1-2024		1,500,000		1,512,984
Citigroup Incorporated		4.40		6-10-2025		65,000		65,130
Citigroup Incorporated		4.65		7-23-2048		360,000		366,886
Citizens Bank NA		3.70		3-29-2023		1,500,000		1,501,151
Cooperatieve Rabobank UA		2.75		1-10-2023		1,500,000		1,453,594
Fifth Third Bank		3.95		7-28-2025		710,000		715,193
Huntington National Bank		3.55		10-6-2023		900,000		896,619
JPMorgan Chase & Company (3 Month LIBOR +0.94%) ±		2.78		4-25-2023		1,740,000		1,695,376
JPMorgan Chase & Company		2.97		1-15-2023		150,000		146,874
JPMorgan Chase & Company		3.20		6-15-2026		1,500,000		1,431,290
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78		2-1-2028		1,675,000		1,637,039
JPMorgan Chase & Company (3 Month LIBOR +1.26%) ±		4.20		7-23-2029		600,000		601,973
KeyCorp Incorporated		4.10		4-30-2028		1,500,000		1,502,516
M&T Bank Corporation		3.55		7-26-2023		950,000		951,302
Manufacturers & Traders Trust Company		3.40		8-17-2027		250,000		243,317
National Capital Commerce Incorporated (3 Month LIBOR +0.98%) ±		3.32		4-1-2027		400,000		376,000
NTC Capital Trust Series A (3 Month LIBOR +0.52%) ±		2.86		1-15-2027		450,000		423,563
PNC Bank NA		3.25		6-1-2025		1,500,000		1,469,452
PNC Bank NA		4.05		7-26-2028		1,000,000		1,012,011
Regions Financial Corporation		3.80		8-14-2023		1,020,000		1,021,660
SunTrust Banks Incorporated		3.30		5-15-2026		800,000		761,711
SunTrust Banks Incorporated		4.00		5-1-2025		80,000		80,612
US Bank NA of Cincinnati		3.40		7-24-2023		2,200,000		2,200,060
								32,875,851

Capital Markets: 2.02%
Bank of New York Mellon Corporation		3.25		9-11-2024		1,500,000		1,479,931
Bank of New York Mellon Corporation		3.45		8-11-2023		1,370,000		1,370,110
Charles Schwab Corporation		3.85		5-21-2025		230,000		234,045
Goldman Sachs Capital II (3 Month LIBOR +0.77%) ±		4.00		12-29-2049		6,000		5,044


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Capital Markets (continued)
Goldman Sachs Group Incorporated		3.50	%	1-23-2025	$	1,765,000	$	1,717,736
Goldman Sachs Group Incorporated		3.75		2-25-2026		1,500,000		1,468,440
Goldman Sachs Group Incorporated		3.85		1-26-2027		1,690,000		1,644,286
Goldman Sachs Group Incorporated		4.25		10-21-2025		120,000		119,343
Goldman Sachs Group Incorporated		5.75		1-24-2022		200,000		213,816
Morgan Stanley		3.70		10-23-2024		1,600,000		1,586,115
Morgan Stanley		3.88		1-27-2026		1,500,000		1,479,279
Morgan Stanley		3.95		4-23-2027		1,680,000		1,618,294
MSCI Incorporated 144A		5.75		8-15-2025		1,600,000		1,672,000
								14,608,439

Consumer Finance: 1.19%
American Express Company		3.40		2-27-2023		1,500,000		1,486,967
American Express Company		3.70		8-3-2023		540,000		541,864
American Honda Finance Corporation «		3.45		7-14-2023		820,000		825,711
BMW US Capital LLC 144A		3.95		8-14-2028		1,180,000		1,194,726
Capital One Financial Corporation		3.20		1-30-2023		160,000		156,086
Capital One Financial Corporation		3.30		10-30-2024		1,500,000		1,440,959
Daimler Finance North America LLC 144A		3.35		2-22-2023		1,490,000		1,472,557
Ford Motor Credit Company LLC		3.20		1-15-2021		1,500,000		1,472,634
								8,591,504

Diversified Financial Services: 0.23%
Berkshire Hathaway Incorporated		2.75		3-15-2023		210,000		206,418
CNH Industrial Capital LLC		4.20		1-15-2024		1,480,000		1,483,821
								1,690,239

Insurance: 1.02%
ACE INA Holdings Incorporated		2.70		3-13-2023		1,500,000		1,458,948
Marsh & McLennan Companies Incorporated		3.30		3-14-2023		1,500,000		1,485,489
MassMutual Global Funding 144A		2.75		6-22-2024		1,600,000		1,537,439
Minnesota Life Insurance Company 144A		8.25		9-15-2025		650,000		764,752
New York Life Global Funding 144A		2.90		1-17-2024		1,500,000		1,454,805
NLV Financial Corporation 144A		7.50		8-15-2033		565,000		695,356
								7,396,789

Health Care: 3.19%
Health Care Equipment & Supplies: 0.58%
Becton Dickinson & Company		3.73		12-15-2024		134,000		131,907
Hill-Rom Holdings Incorporated 144A		5.00		2-15-2025		1,910,000		1,857,475
Hologic Incorporated 144A		4.38		10-15-2025		1,000,000		962,500
Hologic Incorporated 144A		4.63		2-1-2028		170,000		159,375
Teleflex Incorporated		4.88		6-1-2026		1,100,000		1,083,500
								4,194,757

Health Care Providers & Services: 1.64%
Advocate Health Corporation		4.27		8-15-2048		920,000		938,787
Ascension Health		3.95		11-15-2046		1,875,000		1,866,052
Cleveland Clinic Foundation		4.86		1-1-2114		334,000		354,688
CVS Health Corporation		3.50		7-20-2022		120,000		119,365
CVS Health Corporation		4.30		3-25-2028		200,000		198,492
CVS Health Corporation		5.05		3-25-2048		130,000		131,748
Duke University Health System Incorporated		3.92		6-1-2047		165,000		162,641
Howard Hughes Medical Institute		3.50		9-1-2023		557,000		566,518
Indiana University Health Incorporated		3.97		11-1-2048		180,000		179,082
Mayo Clinic		4.13		11-15-2052		810,000		819,195
Mednax Incorporated 144A		5.25		12-1-2023		1,630,000		1,625,925
Memorial Sloan Kettering Cancer Center		4.20		7-1-2055		538,000		549,344
Providence St. Joseph Health Obligated Group		3.93		10-1-2048		350,000		335,835
Southern Baptist Hospital		4.86		7-15-2045		175,000		193,869


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Managed Fixed Income Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Health Care Providers & Services (continued)
Stanford Health Care		3.80	%	11-15-2048	$	275,000	$	266,993
Texas Health Resources		4.33		11-15-2055		675,000		689,016
The New York-Presbyterian Hospital		3.56		8-1-2036		275,000		260,590
The New York-Presbyterian Hospital		4.06		8-1-2056		480,000		473,844
UnitedHealth Group Incorporated		3.50		6-15-2023		600,000		603,943
UnitedHealth Group Incorporated		3.75		7-15-2025		1,500,000		1,515,157
								11,851,084

Health Care Technology: 0.25%
Quintiles IMS Holdings Incorporated 144A		5.00		10-15-2026		1,865,000		1,841,688

Life Sciences Tools & Services: 0.22%
Thermo Fisher Scientific Incorporated		3.00		4-15-2023		1,500,000		1,460,349
Thermo Fisher Scientific Incorporated		3.30		2-15-2022		150,000		149,393
								1,609,742

Pharmaceuticals: 0.50%
Bayer US Finance LLC 144A		3.38		10-8-2024		240,000		230,129
Bayer US Finance LLC 144A		4.38		12-15-2028		1,170,000		1,159,403
EMD Finance LLC 144A		2.95		3-19-2022		1,500,000		1,470,927
GlaxoSmithKline Capital Incorporated		3.88		5-15-2028		760,000		771,793
								3,632,252

Industrials: 3.65%
Aerospace & Defense: 1.01%
BAE Systems Holdings Incorporated 144A		3.80		10-7-2024		1,345,000		1,341,428
Hexcel Corporation		3.95		2-15-2027		1,302,000		1,278,123
Lockheed Martin Corporation		3.10		1-15-2023		655,000		651,746
Northrop Grumman Corporation		3.25		1-15-2028		1,500,000		1,421,442
United Technologies Corporation		3.95		8-16-2025		1,700,000		1,707,509
United Technologies Corporation		4.13		11-16-2028		930,000		929,500
								7,329,748

Air Freight & Logistics: 0.21%
FedEx Corporation		4.00		1-15-2024		1,500,000		1,535,543

Building Products: 0.02%
Masco Corporation		6.50		8-15-2032		150,000		166,569

Commercial Services & Supplies: 0.57%
Acco Brands Corporation 144A		5.25		12-15-2024		1,800,000		1,791,000
Cintas Corporation No. 2		2.90		4-1-2022		1,600,000		1,572,781
Clean Harbors Incorporated		5.13		6-1-2021		750,000		751,875
								4,115,656

Construction & Engineering: 0.01%
Valmont Industries Incorporated		5.00		10-1-2044		110,000		101,396

Electrical Equipment: 0.03%
Eaton Corporation		3.10		9-15-2027		250,000		235,618

Industrial Conglomerates: 0.14%
General Electric Capital Corporation		4.65		10-17-2021		130,000		135,323
Roper Technologies Incorporated		3.65		9-15-2023		910,000		910,641
								1,045,964

Machinery: 1.04%
Actuant Corporation		5.63		6-15-2022		1,450,000		1,479,000
Briggs & Stratton Corporation		6.88		12-15-2020		850,000		903,465
Fortive Corporation		2.35		6-15-2021		215,000		208,881


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Machinery (continued)
Mueller Water Products Incorporated 144A		5.50	%		6-15-2026	$	1,825,000	$	1,834,125
Oshkosh Corporation		4.60			5-15-2028		1,035,000		1,038,467
Oshkosh Corporation		5.38			3-1-2025		350,000		361,375
Parker Hannifin Corporation		3.30			11-21-2024		1,400,000		1,384,239
Vessel Management Services Incorporated		3.43			8-15-2036		306,000		290,230
									7,499,782

Professional Services: 0.25%
Equifax Incorporated		3.95			6-15-2023		1,700,000		1,700,346
Relx Capital Incorporated		3.50			3-16-2023		110,000		109,421
									1,809,767

Road & Rail: 0.37%
Burlington Northern Santa Fe LLC		3.00			3-15-2023		406,000		400,904
Norfolk Southern Corporation		5.10			12-31-2049		760,000		753,691
Union Pacific Corporation		3.95			9-10-2028		1,500,000		1,505,502
									2,660,097

Information Technology: 2.34%
Electronic Equipment, Instruments & Components: 0.27%
Amphenol Corporation		3.20			4-1-2024		197,000		190,417
Jabil Incorporated		3.95			1-12-2028		1,875,000		1,791,375
									1,981,792

Internet Software & Services: 0.23%
Verisign Incorporated		4.75			7-15-2027		1,745,000		1,681,744

IT Services: 0.02%
Fiserv Incorporated		4.75			6-15-2021		100,000		103,377

Semiconductors & Semiconductor Equipment: 0.62%
Maxim Integrated Product		3.45			6-15-2027		1,550,000		1,470,854
Microchip Technology Incorporated 144A		4.33			6-1-2023		1,500,000		1,494,086
Versum Materials Incorporated 144A		5.50			9-30-2024		1,500,000		1,533,750
									4,498,690

Software: 1.15%
Activision Blizzard Incorporated		2.60			6-15-2022		1,655,000		1,605,353
CDK Global Incorporated		4.88			6-1-2027		1,125,000		1,105,313
CDK Global Incorporated		5.88			6-15-2026		400,000		410,656
Fair Isaac Corporation 144A		5.25			5-15-2026		1,750,000		1,763,125
Oracle Corporation		2.95			11-15-2024		3,467,000		3,370,957
Oracle Corporation		3.40			7-8-2024		70,000		69,739
									8,325,143

Technology Hardware, Storage & Peripherals: 0.05%
Hewlett Packard Enterprise Company		4.90			10-15-2025		375,000		386,478

Materials: 3.29%
Chemicals: 1.73%
Albemarle Corporation		4.15			12-1-2024		1,390,000		1,408,347
Axalta Coating Systems Limited 144A		4.88			8-15-2024		1,675,000		1,664,531
Ecolab Incorporated		3.25			12-1-2027		110,000		106,298
Ingevity Corporation 144A		4.50			2-1-2026		2,475,000		2,320,313
Mosaic Company		4.05			11-15-2027		1,500,000		1,456,877
Scotts Miracle-Gro Company		5.25			12-15-2026		1,410,000		1,339,500
Scotts Miracle-Gro Company		6.00			10-15-2023		390,000		395,850
The Sherwin-Williams Company		3.30			2-1-2025		100,000		95,998


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Managed Fixed Income Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
The Sherwin-Williams Company		3.45	%		6-1-2027	$	1,500,000	$	1,428,676
Valvoline Incorporated		5.50			7-15-2024		1,750,000		1,789,375
W.R. Grace & Company 144A		5.63			10-1-2024		500,000		528,290
									12,534,055

Construction Materials: 0.02%
CRH America Finance Incorporated 144A		3.40			5-9-2027		200,000		188,665

Containers & Packaging: 1.41%
Ball Corporation		4.88			3-15-2026		1,075,000		1,066,938
Ball Corporation		5.25			7-1-2025		350,000		360,500
Graphic Packaging International Company		4.13			8-15-2024		1,700,000		1,653,250
International Paper Company		3.00			2-15-2027		1,600,000		1,480,573
Packaging Corporation of America		4.50			11-1-2023		1,500,000		1,554,831
Sealed Air Corporation 144A		5.50			9-15-2025		200,000		203,000
Sealed Air Corporation 144A		6.88			7-15-2033		515,000		556,200
Silgan Holdings Incorporated		4.75			3-15-2025		1,875,000		1,795,313
Westrock Company 144A		3.00			9-15-2024		1,680,000		1,598,390
									10,268,995

Metals & Mining: 0.08%
Freeport-McMoRan Copper & Gold Incorporated «		4.55			11-14-2024		575,000		553,438

Paper & Forest Products: 0.05%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		343,982

Real Estate: 3.06%
Equity REITs: 3.06%
Alexandria Real Estate Equities Incorporated		3.95			1-15-2027		240,000		233,874
Alexandria Real Estate Equities Incorporated		4.30			1-15-2026		1,500,000		1,503,237
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		186,521
Boston Properties LP		2.75			10-1-2026		1,500,000		1,372,479
Boston Properties LP		3.20			1-15-2025		250,000		240,821
Boston Properties LP		3.85			2-1-2023		410,000		413,940
Digital Realty Trust LP		4.45			7-15-2028		510,000		516,646
Duke Realty LP		3.25			6-30-2026		1,500,000		1,414,953
Duke Realty LP		3.88			10-15-2022		150,000		152,067
Federal Realty Investment Trust		2.75			6-1-2023		1,895,000		1,820,781
Host Hotels & Resorts Incorporated		3.88			4-1-2024		265,000		260,981
Kimco Realty Corporation		3.30			2-1-2025		1,500,000		1,430,230
Liberty Property LP		3.75			4-1-2025		1,600,000		1,569,390
Mid America Apartment Communities		4.20			6-15-2028		160,000		161,438
Potlatch Corporation		7.50			11-1-2019		310,000		324,600
ProLogis LP		3.75			11-1-2025		1,535,000		1,550,216
ProLogis LP		4.25			8-15-2023		60,000		62,139
Realty Income Corporation		4.65			8-1-2023		1,870,000		1,949,636
Simon Property Group LP		3.38			10-1-2024		1,800,000		1,776,760
UDR Incorporated		3.75			7-1-2024		1,500,000		1,488,278
UDR Incorporated		4.63			1-10-2022		260,000		267,664
Ventas Realty LP		3.50			2-1-2025		150,000		144,688
Ventas Realty LP		3.85			4-1-2027		1,500,000		1,453,374
Vornado Realty Trust		3.50			1-15-2025		1,500,000		1,444,634
Welltower Incorporated		3.95			9-1-2023		470,000		473,303
									22,212,650

Telecommunication Services: 0.27%
Diversified Telecommunication Services: 0.27%
AT&T Incorporated		4.75			5-15-2046		280,000		252,574
AT&T Incorporated		5.25			3-1-2037		60,000		59,492
Verizon Communications Incorporated		4.50			8-10-2033		40,000		39,467
Verizon Communications Incorporated		4.81			3-15-2039		1,500,000		1,505,022
Verizon Communications Incorporated		5.25	%		3-16-2037		110,000		116,277
									1,972,832


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Utilities: 2.50%
Electric Utilities: 1.97%
AEP Texas Incorporated		2.40	%	10-1-2022	$	90,000	$	86,422
Alliant Energy Finance LLC 144A		3.75		6-15-2023		1,510,000		1,513,122
DPL Incorporated		7.25		10-15-2021		870,000		941,775
Duke Energy Progress LLC		3.70		9-1-2028		940,000		945,886
Entergy Arkansas Incorporated		3.05		6-1-2023		1,196,000		1,176,317
Entergy Arkansas Incorporated		4.00		6-1-2028		80,000		81,176
Florida Power & Light Company		4.95		6-1-2035		1,000,000		1,103,624
ITC Holdings Corporation		3.65		6-15-2024		120,000		118,759
MidAmerican Energy Holdings Company		5.80		10-15-2036		900,000		1,090,793
Monongahela Power Company 144A		4.10		4-15-2024		1,660,000		1,700,223
Northern States Power Company of Minnesota		5.35		11-1-2039		1,580,000		1,841,320
Northern States Power Company of Wisconsin		3.30		6-15-2024		370,000		365,754
Pacific Gas & Electric Company		3.95		12-1-2047		500,000		439,100
PacifiCorp		3.35		7-1-2025		130,000		128,504
Public Service Electric & Gas Company		5.70		12-1-2036		590,000		713,286
Rochester Gas & Electric Company 144A		3.10		6-1-2027		1,650,000		1,574,873
Southern California Edison Company		6.00		1-15-2034		188,000		221,269
Trans-Allegheny Interstate Line Company 144A		3.85		6-1-2025		200,000		200,224
								14,242,427

Gas Utilities: 0.42%
AmeriGas Partners LP		5.50		5-20-2025		950,000		931,000
AmeriGas Partners LP		5.88		8-20-2026		500,000		496,250
Boardwalk Pipelines Company		5.95		6-1-2026		1,500,000		1,605,462
								3,032,712

Multi-Utilities: 0.11%
Ameren Illinois Company		3.80		5-15-2028		100,000		101,479
Black Hills Corporation		4.35		5-1-2033		710,000		711,981
								813,460

Total Corporate Bonds and Notes (Cost $276,622,696)								277,638,795

Municipal Obligations: 4.45%
California: 0.07%
GO Revenue: 0.04%
Alameda County CA Series A		3.70		8-1-2031		275,000		275,050

Tax Revenue: 0.03%
San Jose CA RDA Senior Taxable Refunding Bonds Series A-T		3.38		8-1-2034		220,000		210,289

								485,339

Georgia: 0.08%
GO Revenue: 0.08%
Cherokee County GA School System Build America Bonds		5.87		8-1-2028		500,000		573,470

Hawaii: 0.15%
GO Revenue: 0.15%
Honolulu HI Series F %%		3.75		9-1-2030		1,110,000		1,110,955


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Managed Fixed Income Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Idaho: 0.02%
Miscellaneous Revenue: 0.02%
Idaho Building Authority State Office Campus Project Series B		3.28	%	9-1-2028	$	170,000	$	164,846

Illinois: 0.02%
GO Revenue: 0.02%
Lake County IL Community Consolidated School District Series A		3.40		11-1-2027		150,000		149,798

Indiana: 0.07%
Miscellaneous Revenue: 0.07%
Indiana Finance Authority Taxable Facilities Series A		2.37		7-1-2024		225,000		213,941
Indianapolis IN Local Public Improvement Bonds Series A-2		6.00		1-15-2040		235,000		293,459
								507,400

Massachusetts: 0.42%
GO Revenue: 0.21%
Boston MA Series C Qualified School Construction Bonds		4.40		4-1-2026		400,000		413,220
Massachusetts Build America Bonds Series D		4.50		8-1-2031		1,000,000		1,076,330
								1,489,550

Tax Revenue: 0.21%
Massachusetts State Build America Bonds Consolidated Loan Series E		5.46		12-1-2039		1,275,000		1,532,652

								3,022,202

Missouri: 0.47%
Education Revenue: 0.47%
Missouri HEFA Washington University Series A		3.65		8-15-2057		1,000,000		936,810
Missouri Higher Education Loan Authority Notes Class A-1 (1 Month LIBOR +0.83%) ±		2.89		1-26-2026		2,232,363		2,232,140
Missouri Higher Education Loan Authority Notes Class A-1 (3 Month LIBOR +0.85%) ±		3.18		8-27-2029		224,325		225,124

								3,394,074

New Jersey: 0.15%
Miscellaneous Revenue: 0.15%
Hudson County NJ Improvement Authority Hudson County Lease Project (AGM Insured)		7.40		12-1-2025		945,000		1,050,282

New York: 0.08%
Tax Revenue: 0.08%
New York City Transitional Finance Authority Series A2		2.00		5-1-2024		250,000		233,545
New York City Transitional Finance Authority Series F2		2.75		5-1-2024		170,000		165,340
New York Urban Development Corporation Series B		2.86		3-15-2024		105,000		103,098
New York Urban Development Corporation Series D-1		2.88		3-15-2024		105,000		102,165
								604,148

North Carolina: 0.67%
Education Revenue: 0.67%
Duke University Series A		5.85		4-1-2037		130,000		165,455
North Carolina Education Assistance Authority Student Loan (3 Month LIBOR +0.90%) ±		3.24		7-25-2041		2,029,758		2,036,557
North Carolina Education Assistance Authority Student Loan Series A-3 (3 Month LIBOR +0.90%) ±		3.24		10-25-2041		607,074		609,824
University of North Carolina Chapel Hill		3.85		12-1-2034		375,000		383,970


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Education Revenue (continued)
University of North Carolina Chapel Hill Refunding Bonds Series C		3.33	%	12-1-2036	$	1,710,000	$	1,646,952
								4,842,758

Ohio: 0.06%
GO Revenue: 0.06%
Cuyahoga County OH Build America Bonds Series B		6.03		12-1-2034		325,000		395,320

Oregon: 0.08%
GO Revenue: 0.08%
Oregon Board of Higher Education Build America Bonds Series C		5.38		8-1-2039		500,000		591,585

Pennsylvania: 0.19%
Education Revenue: 0.19%
Pennsylvania Higher Education Authority Class A (1 Month LIBOR +1.15%) 144A±		3.21		9-25-2065		1,391,280		1,404,288

Rhode Island: 0.50%
Education Revenue: 0.50%
Rhode Island Student Loan Authority Backed Bonds Class A-1 (1 Month LIBOR +0.90%) ±		2.98		7-1-2031		3,644,041		3,652,240

Texas: 0.59%
Education Revenue: 0.07%
University of Texas Build America Bonds Series A		5.26		7-1-2039		100,000		121,228
University of Texas Build America Bonds Series C		4.79		8-15-2046		120,000		135,415
University of Texas Build America Bonds Series D		5.13		8-15-2042		215,000		250,875
								507,518

GO Revenue: 0.02%
Houston TX Pension Obligation Bonds Series 2017		3.73		3-1-2030		110,000		109,358

Miscellaneous Revenue: 0.37%
Texas		3.45		10-1-2028		285,000		288,668
Texas Transportation Commission Highway Improvement Taxable Series A		4.63		4-1-2033		2,215,000		2,405,999
								2,694,667

Tax Revenue: 0.04%
Texas Transportation Commission Series B		5.18		4-1-2030		250,000		283,155

Water & Sewer Revenue: 0.09%
Houston TX Combined Utility System Series E		3.97		11-15-2031		655,000		669,318

								4,264,016

Utah: 0.52%
Education Revenue: 0.52%
State Board of Regents of Utah Loan Backed Notes Series 1-A (1 Month LIBOR +0.75%) ±		2.81		9-25-2056		3,788,127		3,789,870

Vermont: 0.00%
Housing Revenue: 0.00%
Vermont Housing Finance Agency		3.80		11-1-2037		30,000		29,781


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Managed Fixed Income Portfolio


Security name	Interest rate			Maturity date	Principal		Value
Virginia: 0.09%
Education Revenue: 0.07%
University of Virginia Build America Bonds		6.20	%	9-1-2039	$	315,000	$	422,220
University of Virginia Revenue Bond Series C		4.18		9-1-2117		70,000		70,113
								492,333

Housing Revenue: 0.02%
Virginia Housing Development Authority		3.10		6-25-2041		176,528		172,119

								664,452

Washington: 0.15%
GO Revenue: 0.12%
King County WA Economic Development Taxable Bond Series C		5.03		12-1-2023		230,000		250,831
King County WA School District #210 (AGM Insured)		4.90		12-1-2022		400,000		408,644
Washington Build America Bonds Series D		5.48		8-1-2039		160,000		192,021
								851,496

Tax Revenue: 0.03%
Washington Build America Bonds		5.09		8-1-2033		175,000		199,544

								1,051,040

West Virginia: 0.07%
Tax Revenue: 0.07%
Ohio County WV Special District Excise Tax Series A		8.25		3-1-2035		450,000		489,938

Total Municipal Obligations (Cost $32,023,075)								32,237,802

Non-Agency Mortgage-Backed Securities: 6.13%
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21		7-10-2046		642,464		652,661
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4		3.15		8-15-2045		550,000		548,180
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82		10-15-2045		614,177		603,661
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55		9-10-2047		630,000		634,769
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB		3.62		10-10-2046		550,000		555,294
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±±		4.19		11-10-2046		600,000		624,014
Commercial Mortgage Pass-Through Certificate Series 2013-CR7 Class A4		3.21		3-10-2046		630,000		627,194
Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5		3.98		5-10-2047		7,660,000		7,877,153
Commercial Mortgage Pass-Through Certificate Series 2014-UBS5 Class A4		3.84		9-10-2047		620,000		631,322
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75		3-10-2044		424,674		437,733
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71		8-10-2044		545,000		551,623
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38		5-10-2045		524,896		527,001
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24		8-10-2046		615,000		639,391
GS Mortgage Securities Trust Series 2013-GC16 Class A4		4.27		11-10-2046		350,000		364,614
GS Mortgage Securities Trust Series 2014-GC20 Class A5		4.00		4-10-2047		4,693,000		4,820,164
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07		11-15-2043		380,839		386,253
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C13 Class A4 ±±		3.99		1-15-2046		5,000,000		5,141,807
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C19 Class A4		4.00		4-15-2047		450,000		462,869
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C20 Class A5		3.80		7-15-2047		4,065,000		4,145,482


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65	%	4-15-2047	$	550,000	$	555,636
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66		6-15-2044		500,000		516,794
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12		7-15-2049		530,000		541,659
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±±		2.75		8-25-2055		257,447		253,059
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±		2.25		4-25-2056		354,533		346,305
Towd Point Mortgage Trust Series 2018-3 Class A1 144A±±		3.75		5-25-2058		2,861,374		2,868,546
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4		4.02		12-15-2046		4,370,000		4,503,341
WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5		4.00		5-15-2047		4,531,047		4,659,094
Total Non-Agency Mortgage-Backed Securities (Cost $44,651,206)								44,475,619

U.S. Treasury Securities: 12.88%
U.S. Treasury Bond		3.13		5-15-2048		22,305,000		22,751,971
U.S. Treasury Bond		4.50		5-15-2038		17,400,000		21,436,664
U.S. Treasury Note		1.00		6-30-2019		8,900,000		8,798,484
U.S. Treasury Note		2.50		5-31-2020		40,500,000		40,414,570
Total U.S. Treasury Securities (Cost $93,182,603)								93,401,689

Yankee Corporate Bonds and Notes: 5.66%
Consumer Discretionary: 0.43%
Automobiles: 0.43%
Jaguar Land Rover Automotive plc 144A«		4.50		10-1-2027		620,000		524,675
Toyota Motor Corporation «		3.42		7-20-2023		2,610,000		2,628,192
								3,152,867

Consumer Staples: 0.11%
Household Products: 0.11%
Reckitt Benckiser Treasury Services plc 144A		2.75		6-26-2024		855,000		816,026

Energy: 0.83%
Energy Equipment & Services: 0.05%
Schlumberger Norge AS 144A		4.20		1-15-2021		380,000		387,282

Oil, Gas & Consumable Fuels: 0.78%
BP Capital Markets plc		3.28		9-19-2027		155,000		149,855
BP Capital Markets plc		3.81		2-10-2024		1,500,000		1,523,216
Canadian National Resources Limited		2.95		1-15-2023		50,000		48,376
Cenovus Energy Incorporated		4.25		4-15-2027		1,500,000		1,448,871
Petroleos Mexicanos		2.29		2-15-2024		151,250		147,891
Petroleos Mexicanos		2.83		2-15-2024		316,250		314,003
Petroleos Mexicanos		6.38		1-23-2045		1,600,000		1,433,392
Schlumberger Investment SA 144A		2.40		8-1-2022		357,000		343,780
Total Capital International SA		3.70		1-15-2024		200,000		203,177
								5,612,561

Financials: 2.14%
Banks: 1.03%
Bank of Nova Scotia		4.50		12-16-2025		80,000		81,035
BNP Paribas SA 144A		4.40		8-14-2028		1,430,000		1,419,972
Credit Suisse (New York)		3.63		9-9-2024		250,000		247,974
HSBC Holdings plc (3 Month LIBOR +1.06%) ±		3.26		3-13-2023		220,000		216,845
HSBC Holdings plc		3.60		5-25-2023		250,000		248,722
HSBC Holdings plc (3 Month LIBOR +1.53%) ±		4.58		6-19-2029		1,500,000		1,523,359
Mitsubishi UFJ Financial Group Incorporated		2.67		7-25-2022		80,000		77,577
Mitsubishi UFJ Financial Group Incorporated		3.46		3-2-2023		1,500,000		1,492,812
Royal Bank of Canada		4.65		1-27-2026		120,000		123,356


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Managed Fixed Income Portfolio


Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Toronto Dominion Bank		3.50	%		7-19-2023	$	2,010,000	$	2,018,945
									7,450,597

Capital Markets: 0.26%
Credit Suisse Group AG (3 Month LIBOR +1.41%) 144A±		3.87			1-12-2029		1,500,000		1,431,795
Credit Suisse Group AG (3 Month LIBOR +1.24%) 144A±		4.21			6-12-2024		450,000		451,856
									1,883,651

Consumer Finance: 0.21%
UBS Group Funding Switzerland 144A		4.25			3-23-2028		1,500,000		1,502,250

Diversified Financial Services: 0.64%
Air Liquide Finance Company 144A		2.25			9-27-2023		1,500,000		1,412,784
Diageo Capital plc		3.50			9-18-2023		200,000		201,562
Shell International Finance BV		3.25			5-11-2025		200,000		197,244
Shell International Finance BV		3.40			8-12-2023		1,070,000		1,076,783
Siemens Financieringsmaatschappij NV 144A		3.13			3-16-2024		1,810,000		1,770,934
									4,659,307

Health Care: 0.59%
Health Care Equipment & Supplies: 0.20%
Covidien International Finance SA		3.20			6-15-2022		1,500,000		1,492,678

Pharmaceuticals: 0.39%
Actavis Funding SCS		4.55			3-15-2035		1,200,000		1,176,544
Sanofi		3.38			6-19-2023		310,000		311,619
Teva Pharmaceutical Finance BV		2.20			7-21-2021		150,000		140,255
Teva Pharmaceutical Finance BV		2.80			7-21-2023		1,000,000		884,865
Teva Pharmaceutical Finance BV		3.15			10-1-2026		350,000		290,092
									2,803,375

Industrials: 0.35%
Aerospace & Defense: 0.17%
Embraer Netherlands Finance BV		5.05			6-15-2025		1,200,000		1,200,012

Electrical Equipment: 0.04%
Sensata Technologies BV 144A		5.63			11-1-2024		265,000		274,275

Machinery: 0.08%
CNH Industrial NV		4.50			8-15-2023		600,000		612,408

Road & Rail: 0.06%
Canadian Pacific Railway Company		2.90			2-1-2025		450,000		431,409

Information Technology: 0.27%
Technology Hardware, Storage & Peripherals: 0.27%
Seagate HDD		4.75			6-1-2023		1,925,000		1,933,239

Materials: 0.65%
Metals & Mining: 0.65%
Anglo American Capital plc 144A		4.75			4-10-2027		1,500,000		1,459,699
ArcelorMittal SA		6.13			6-1-2025		1,500,000		1,633,680
Vale Overseas Limited		6.25			8-10-2026		1,500,000		1,648,320
									4,741,699


Wells Fargo Managed Fixed Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.29%
Wireless Telecommunication Services: 0.29%
Rogers Communications Incorporated				3.63	%		12-15-2025	$	250,000	$	246,495
Rogers Communications Incorporated				4.10			10-1-2023		370,000		378,503
Vodafone Group plc				4.13			5-30-2025		1,500,000		1,496,739
											2,121,737

Total Yankee Corporate Bonds and Notes (Cost $40,981,018)											41,075,373

			Yield					Shares
Short-Term Investments: 17.04%
Investment Companies: 17.04%
Securities Lending Cash Investment LLC (l)(r)(u)				2.07					5,768,611		5,769,188
Wells Fargo Government Money Market Fund Select Class (l)(u)##				1.87					117,794,287		117,794,287
Total Short-Term Investments (Cost $123,563,482)											123,563,475

Total investments in securities (Cost $830,575,172)	114.78	%									832,357,776
Other assets and liabilities, net	(14.78	)									(107,179,190	)

Total net assets	100.00	%								$	725,178,586

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

(a)

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

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

144A

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

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

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

(l)

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

(r)

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

(u)

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

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

Abbreviations:

AGM

Assured Guaranty Municipal

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

GO	General obligation

HEFA

Health & Educational Facilities Authority

LIBOR

London Interbank Offered Rate

RDA

Redevelopment Authority

REIT

Real estate investment trust

SCRT

Seasoned Credit Risk Transfer Trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		418,594		41,117,487		35,767,470		5,768,611	$	5,769,188
Wells Fargo Government Money Market Fund Select Class		417,223		780,626,957		663,249,893		117,794,287		117,794,287

									$	123,563,475		17.04	%

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

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Securities lending

When-issued transactions

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	202,521,412	$	0	$	202,521,412
Asset-backed securities		0		17,443,611		0		17,443,611
Corporate bonds and notes		0		277,638,795		0		277,638,795
Municipal obligations		0		32,237,802		0		32,237,802
Non-agency mortgage-back securities		0		44,475,619		0		44,475,619
U.S. Treasury securities		93,401,689		0		0		93,401,689
Yankee corporate bonds and notes		0		41,075,373		0		41,075,373
Short-term investments
Investment companies		117,794,287		0		0		117,794,287
Investments measured at net asset value*								5,769,188

Total assets	$	211,195,976	$	615,392,612	$	0	$	832,357,776

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Portfolio’s investment in Securities Lending Cash Investments, LLC valued at $5,769,188 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Stable Income Portfolio		Portfolio of investments — August 31, 2018 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities: 20.48%
FHLMC Series T-54 Class 4A ±±		3.75	%	2-25-2043	$	317,463	$	315,020
FHLMC Series T-57 Class 1A2		7.00		7-25-2043		420,134		482,165
FHLMC Series T-63 Class 1A1 (12 Month Treasury Average +1.20%) ±		2.76		2-25-2045		244,959		244,769
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00		2-25-2043		292,612		328,315
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00		3-25-2043		422,225		468,795
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50		9-25-2043		478,824		546,720
FNMA (11th District Cost of Funds +1.25%) ±		2.15		4-1-2034		183,924		183,076
FNMA (1 Year Treasury Constant Maturity +1.62%) ±		2.78		9-1-2033		37,222		38,325
FNMA (1 Year Treasury Constant Maturity +1.66%) ±		2.84		10-1-2033		250,112		258,336
FNMA (12 Month Treasury Average +1.20%) ±		2.85		10-1-2034		144,755		144,586
FNMA (12 Month Treasury Average +1.20%) ±		2.85		4-1-2044		95,547		95,433
FNMA (12 Month Treasury Average +1.20%) ±		2.85		10-1-2044		135,456		135,299
FNMA (6 Month LIBOR +1.06%) ±		3.23		4-1-2037		87,481		88,978
FNMA (12 Month LIBOR +1.45%) ±		3.27		1-1-2036		104,830		108,955
FNMA (6 Month LIBOR +1.66%) ±		3.96		6-1-2033		180,026		184,585
FNMA (12 Month LIBOR +1.39%) ±		3.99		8-1-2035		190,277		198,046
FNMA (6 Month LIBOR +1.56%) ±		4.06		6-1-2033		193,761		200,158
FNMA (6 Month LIBOR +1.63%) ±		4.09		12-1-2033		193,815		200,845
FNMA (12 Month LIBOR +1.56%) ±		4.31		7-1-2035		113,339		118,297
FNMA Series 2003-W4 Class 3A ±±		5.90		10-25-2042		187,916		202,549
FNMA Series 2004-W2 Class 2A2		7.00		2-25-2044		110,538		123,014
FNMA Series 2007-88 Class HC ±±		3.92		9-25-2037		104,860		112,184
HUD		5.45		8-1-2019		91,000		92,178
Total Agency Securities (Cost $4,626,573)								4,870,628

Government Agency Debt: 0.47%
Overseas Private Investment Corporation ¤		0.00		11-17-2019		110,000		110,983

Total Government Agency Debt (Cost $109,864)								110,983

Municipal Obligations: 2.50%
California: 0.25%
Tax Revenue: 0.25%
San Jose CA RDA Senior Taxable Refunding Bonds Series A-T		2.26		8-1-2020		60,000		59,393

Colorado: 0.31%
GO Revenue: 0.31%
Denver City & County CO School District #1 Refunding Bonds Series B		1.96		12-1-2018		75,000		74,938

Hawaii: 0.19%
GO Revenue: 0.19%
Hawaii Series FU		2.20		1-1-2019		45,000		44,959

Minnesota: 0.34%
GO Revenue: 0.34%
Minneapolis Metropolitan Council Taxable Bonds Series 2018B		3.00		3-1-2019		80,000		80,206

New Jersey: 0.42%
Health Revenue: 0.42%
Bergen County NJ Improvement Authority Guaranteed Project Notes		2.25		3-1-2019		100,000		99,579

New York: 0.43%
Tax Revenue: 0.43%
New York City Transitional Finance Authority Future Tax Secured Bonds Fiscal 2010 Series A-2		4.85		5-1-2019		100,000		101,477


Portfolio of investments — August 31, 2018 (unaudited)		Wells Fargo Stable Income Portfolio


Security name			Interest rate			Maturity date		Principal		Value
Ohio: 0.31%
Health Revenue: 0.31%
Ohio Taxable Hospital Refunding Bonds Series B				1.56	%		1-1-2019	$	75,000	$	74,778

Texas: 0.25%
Education Revenue: 0.25%
Texas Tech University Revenues Financing System Refunding and Improvement Bonds Taxable Series 2017-B				1.56			2-15-2019		60,000		59,735

Total Municipal Obligations (Cost $597,446)											595,065

Non-Agency Mortgage-Backed Securities: 0.97%
GAHR Commercial Mortgage Trust Series 2015 Class AFL1 (1 Month LIBOR +1.30%) 144A±				3.62			12-15-2034		20,070		20,076
Towd Point Mortgage Trust Series 2015-6 Class A1 144A±±				3.50			4-25-2055		54,271		54,169
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±				2.25			4-25-2056		60,935		59,521
Towd Point Mortgage Trust Series 2017-1 Class A1 144A±±				2.75			10-25-2056		98,359		96,538
Total Non-Agency Mortgage-Backed Securities (Cost $234,235)											230,304

U.S. Treasury Securities: 65.66%
U.S. Treasury Note				0.75			9-30-2018		200,000		199,823
U.S. Treasury Note				0.88			6-15-2019		475,000		469,359
U.S. Treasury Note				1.00			8-31-2019		2,400,000		2,365,125
U.S. Treasury Note				1.13			1-15-2019		475,000		473,163
U.S. Treasury Note				1.25			11-30-2018		8,350,000		8,332,681
U.S. Treasury Note				1.25			5-31-2019		750,000		743,701
U.S. Treasury Note				1.25			6-30-2019		475,000		470,510
U.S. Treasury Note				1.25			8-31-2019		500,000		493,965
U.S. Treasury Note				1.38			7-31-2019		475,000		470,417
U.S. Treasury Note				2.50			5-31-2020		925,000		923,049
U.S. Treasury Note				2.50			6-30-2020		675,000		673,418
Total U.S. Treasury Securities (Cost $15,635,343)											15,615,211

			Yield					Shares
Short-Term Investments: 9.75%
Investment Companies: 9.75%
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.87					2,318,328		2,318,328

Total Short-Term Investments (Cost $2,318,328)											2,318,328

Total investments in securities (Cost $23,521,789)	99.83	%									23,740,519
Other assets and liabilities, net	0.17										39,813

Total net assets	100.00	%								$	23,780,332

±±	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.

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

¤	The security is issued in zero coupon form with no periodic interest payments.

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:

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

GO	General obligation

HUD

Department of Housing and Urban Development

LIBOR

London Interbank Offered Rate

RDA

Redevelopment Authority

Investments in Affiliates


	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		827,440		5,747,301		4,256,413		2,318,328	$	2,318,328		9.75	%

Wells Fargo Stable Income Portfolio (the “Portfolio”)

Notes to Portfolio of investments – August 31, 2018 (unaudited)

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service 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

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	4,870,628	$	0	$	4,870,628
Government agency debt		0		110,983		0		110,983
Municipal obligations		0		595,065		0		595,065
Non-agency mortgage-back securities		0		230,304		0		230,304
U.S. Treasury securities		15,615,211		0		0		15,615,211
Short-term investments
Investment companies		2,318,328		0		0		2,318,328

Total assets	$	17,933,539	$	5,806,980	$	0	$	23,740,519

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:		October 26, 2018

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 date indicated.


Wells Fargo Master Trust

By:
		/s/ Andrew Owen

		Andrew Owen
		President

Date:		October 26, 2018

By:
		/s/ Nancy Wiser

		Nancy Wiser
		Treasurer

Date:		October 26, 2018

By:
		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		October 26, 2018