Wells Fargo Variable Trust NCSRS Certified semi-annual shareholder report (management investment company)

Wells Fargo Variable Trust N-CSRSCertified semi-annual shareholder report (management investment company)

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09255

Wells Fargo Variable Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., 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: December 31

Registrant is making a filing for 6 of its series:

Wells Fargo VT Discovery Fund, Wells Fargo VT Index Asset Allocation Fund, Wells Fargo VT International Equity Fund, Wells Fargo VT Omega Growth Fund, Wells Fargo VT Opportunity Fund, and VT Small Cap Growth Fund.

Date of reporting period: June 30, 2021

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

June 30, 2021

Wells Fargo VT Discovery Fund

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	15
Other information	20
Board considerations
Board considerations - current agreements	24
Board considerations - new agreements	27
Board considerations - interim agreements	32

Reduce clutter.

Save trees.

The views expressed and any forward-looking statements are as of June 30, 2021, unless otherwise noted, and are those of the Fund's portfolio managers and/or Wells Fargo Asset Management. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

Wells Fargo VT Discovery Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo VT Discovery Fund for the six-month period that ended June 30, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. Bonds were mixed during the period, with municipal bonds and high-yield bonds delivering positive returns.

For the six-month period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.25%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 9.16%, while the MSCI EM Index (Net),³ trailed its developed market counterparts with a 7.45% gain. Among bond indexes, the Bloomberg Barclays U.S. Aggregate Bond Index,⁴ returned -1.60%, the Bloomberg Barclays Global Aggregate ex-USD Index (unhedged),⁵ returned -4.42%, the Bloomberg Barclays Municipal Bond Index,⁶ returned 1.06%, and the ICE BofA U.S. High Yield Index,⁷ returned 3.70%.

Vaccination rollout drove the stock markets to new highs.

The year 2021 began with emerging market stocks leading all major asset classes in January, driven by China’s strong economic growth and a broad recovery in corporate earnings, which propelled China’s stock market higher. In the United States, positive news on vaccine trials and January expansion in both the manufacturing and services sectors was offset by a weak December monthly jobs report. This was compounded by technical factors as some hedge funds were forced to sell stocks to protect themselves against a well-publicized short squeeze coordinated by a group of retail investors. Eurozone sentiment and economic growth were particularly weak, reflecting the impact of a new lockdown with stricter social distancing along with a slow vaccine rollout.

February saw major domestic equity indexes driven higher on the hope of a new stimulus bill, improving COVID-19 vaccination numbers, and the gradual reopening of the economy. Most S&P 500 companies reported better-than-expected earnings, with positive surprises coming from the financials, information technology, health care, and materials sectors. Japan saw its economy strengthen as a result of strong export numbers. Meanwhile, crude oil prices continued their climb, rising more than 25% for the year. Domestic government bonds experienced a sharp sell-off in late February as markets priced in a more robust economic recovery and higher future growth and inflation expectations.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
²	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
³	The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
⁴	The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
⁵	The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.
⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
⁷	The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2 | Wells Fargo VT Discovery Fund

Table of Contents

Letter to shareholders (unaudited)

The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021. Domestic employment surged as COVID-19 vaccinations and an increasingly open economy spurred hiring. A majority of U.S. small companies reported they were operating at pre-pandemic capacity or higher. Value stocks continued its outperformance of growth stocks in the month, continuing the trend that started in late 2020. Meanwhile, most major developed global equity indexes were up month to date on the back of rising optimism regarding the outlook for global growth. While the U.S. and U.K. had been most successful in terms of the vaccine rollout, even in markets where the vaccine lagged, such as in the eurozone and Japan, equity indexes in many of those countries had also been in positive territory for the year.

Equity markets produced another strong showing in April. Domestically, the continued reopening of the economy had a strong impact on positive equity performance, as people started leaving their households and jobless claims continued to fall. Domestic corporate bonds performed well and the U.S. dollar weakened. Meanwhile, the U.S. government continued to seek to invest in the recovery, this time by outlining a package of over $2 trillion to improve infrastructure. The primary headwind in April was inflation, as investors tried to determine the breadth and longevity of recent price increases. Developed Europe has been supported by a meaningful increase in the pace of vaccinations. Unfortunately many emerging market countries have not been as successful. India in particular has seen COVID-19 cases surge, serving as an example of the need to get vaccinations rolled out to less developed nations.

Vaccine rollouts continued in May, leading to loosened restrictions globally. As a result, equity markets in general saw a minor increase in returns. Concerns that the continued economic rebound could result in inflation increases becoming more than transitory were supported by the higher input costs businesses were experiencing. Meanwhile, those inflation concerns were tempered by the U.S. Federal Reserve Board (Fed), which stayed steady on its view of the economy and eased fears of a sudden and substantial policy change. Positive performance in the emerging market equity space was supported this month by steady consumer demand and strong commodity prices. Fixed-income markets were also slightly positive for the month, driven by inflation uncertainty and a softer U.S. dollar.

June witnessed the S&P 500 Index reach a new all-time high. 2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances. Late June saw a deal reached on a U.S. infrastructure package of approximately $1 trillion for road, bridge, and broadband network upgrades over the next eight years. The Fed’s June meeting yielded no change to policy, but its projections pointed to a possible interest rate rise in 2023. This, combined with a rebound in economic activity and investors searching for yield, led to U.S. Treasury yields being down for the month. Many European and Asian countries saw vaccination momentum increase, while the U.K. dealt with a rise in COVID-19 infections, specifically the Delta variant. Meanwhile, crude oil jumped over 10% in June on the back of the pickup in global economic activity and the Organization of the Petroleum Exporting Countries’ slow pace of supply growth.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Wells Fargo Funds

_“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021._”

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.

Wells Fargo VT Discovery Fund | 3

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Wells Fargo Funds Management, LLC
Subadviser	Wells Capital Management, LLC
Portfolio managers	Michael T. Smith, CFA®^‡, Christopher J. Warner, CFA®^‡

Average annual total returns (%) as of June 30, 2021
					Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	Gross	Net ²
Class 2	5-8-1992	47.59	24.14	16.34	1.14	1.14
Russell 2500™ Growth Index³	–	49.63	20.68	14.83	–	–

¹	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through April 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.
³	The Russell 2500™ Growth Index measures the performance of those Russell 2500 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available by calling 1-800-260-5969. Performance figures of the Fund do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. If these fees and expenses had been reflected, performance would have been lower.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please refer to the prospectus provided by your participating insurance company for detailed information describing the separate accounts for information regarding surrender charges, mortality and expense risk fees, and other charges that may be assessed by the participating insurance companies.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

4 | Wells Fargo VT Discovery Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of June 30, 2021¹
MercadoLibre Incorporated	2.72
MongoDB Incorporated	2.63
Five9 Incorporated	2.30
Avalara Incorporated	2.27
Chipotle Mexican Grill Incorporated	2.20
Twilio Incorporated Class A	2.18
Align Technology Incorporated	2.08
Black Knight Incorporated	2.08
Generac Holdings Incorporated	2.07
Crowdstrike Holdings Incorporated Class A	2.05

¹	Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of June 30, 2021¹

¹	Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.

Wells Fargo VT Discovery Fund | 5

Table of Contents

Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any separate account charges assessed by participating insurance companies. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges assessed by participating insurance companies were included, your costs would have been higher.

	Beginning account value 1-1-2021	Ending account value 6-30-2021	Expenses paid during the period¹	Annualized net expense ratio
Class 2
Actual	$1,000.00	$1,017.65	$5.65	1.13%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.19	$5.66	1.13%

¹ Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6 | Wells Fargo VT Discovery Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Common stocks: 97.73%
Communication services: 5.46%
Interactive media & services: 3.86%
Bumble Incorporated Class A †	34,000	$ 1,958,400
IAC/InterActiveCorp	16,272	2,508,654
Vimeo Incorporated †	49,217	2,411,633
ZoomInfo Technologies Incorporated †	50,500	2,634,585
		9,513,272
Media: 1.60%
Magnite Incorporated †	57,600	1,949,184
Match Group Incorporated †	12,400	1,999,500
		3,948,684
Consumer discretionary: 11.96%
Diversified consumer services: 2.39%
Chegg Incorporated †	50,600	4,205,366
Mister Car Wash Incorporated †	78,346	1,686,789
		5,892,155
Hotels, restaurants & leisure: 3.53%
Chipotle Mexican Grill Incorporated †	3,500	5,426,190
Domino's Pizza Incorporated	6,994	3,262,631
		8,688,821
Internet & direct marketing retail: 4.44%
Etsy Incorporated †	20,611	4,242,568
MercadoLibre Incorporated †	4,303	6,703,170
		10,945,738
Leisure products: 1.60%
Callaway Golf Company †	117,110	3,950,120
Financials: 3.12%
Capital markets: 1.53%
MarketAxess Holdings Incorporated	8,100	3,755,079
Consumer finance: 0.66%
LendingTree Incorporated †	7,700	1,631,476
Insurance: 0.93%
Goosehead Insurance Incorporated Class A	18,024	2,294,455
Health care: 29.74%
Biotechnology: 6.21%
CRISPR Therapeutics AG †	9,027	1,461,381
Deciphera Pharmaceuticals Incorporated †	6,335	231,924
Mirati Therapeutics Incorporated †	9,300	1,502,229
Natera Incorporated †	36,323	4,123,750
ORIC Pharmaceuticals Incorporated †	41,640	736,612
Turning Point Therapeutics Incorporated †	17,837	1,391,643
Twist Bioscience Corporation †	14,510	1,933,458

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Discovery Fund | 7

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Biotechnology (continued)
Zai Lab Limited ADR †	17,112	$ 3,028,653
Zentalis Pharmaceuticals Incorporated †	16,800	893,760
		15,303,410
Health care equipment & supplies: 10.12%
ABIOMED Incorporated †	5,800	1,810,238
Align Technology Incorporated †	8,400	5,132,400
DexCom Incorporated †	9,200	3,928,400
Heska Corporation †	7,538	1,731,705
Inari Medical Incorporated †	43,600	4,067,008
Insulet Corporation †	12,199	3,348,747
Shockwave Medical Incorporated †	25,952	4,923,873
		24,942,371
Health care providers & services: 8.16%
Amedisys Incorporated †	12,254	3,001,372
Chemed Corporation	6,500	3,084,250
Guardant Health Incorporated †	29,200	3,626,348
HealthEquity Incorporated †	43,183	3,475,368
Oak Street Health Incorporated †	55,824	3,269,612
Option Care Health Incorporated †	167,900	3,671,973
		20,128,923
Health care technology: 1.01%
Doximity Incorporated Class A †«	21,851	1,271,728
Schrodinger Incorporated †	16,100	1,217,321
		2,489,049
Life sciences tools & services: 4.24%
10x Genomics Incorporated Class A †	22,300	4,366,786
Berkeley Lights Incorporated †	49,328	2,210,388
Bio-Rad Laboratories Incorporated Class A †	6,000	3,865,740
		10,442,914
Industrials: 13.64%
Aerospace & defense: 2.82%
Axon Enterprise Incorporated †	15,846	2,801,573
Teledyne Technologies Incorporated †	9,900	4,146,417
		6,947,990
Building products: 1.78%
Trex Company Incorporated †	43,000	4,395,030
Commercial services & supplies: 1.93%
Casella Waste Systems Incorporated Class A †	75,119	4,764,798
Electrical equipment: 2.07%
Generac Holdings Incorporated †	12,300	5,106,345
Machinery: 0.28%
Desktop Metal Incorporated †«	58,700	675,050
Professional services: 1.63%
Clarivate plc †	145,811	4,014,177

The accompanying notes are an integral part of these financial statements.

8 | Wells Fargo VT Discovery Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Road & rail: 1.59%
Saia Incorporated †	18,700	$ 3,917,463
Trading companies & distributors: 1.54%
SiteOne Landscape Supply Incorporated †	22,461	3,801,749
Information technology: 33.81%
Electronic equipment, instruments & components: 1.11%
Novanta Incorporated †	20,300	2,735,628
IT services: 15.54%
Black Knight Incorporated †	65,800	5,131,084
EPAM Systems Incorporated †	6,619	3,382,044
Globant SA †	19,600	4,295,928
Marqeta Incorporated †«	14,014	393,373
MongoDB Incorporated †	17,900	6,471,208
Paysafe Limited †«	223,300	2,704,163
Shift4 Payments Incorporated Class A †	29,500	2,764,740
StoneCo Limited Class A †	66,619	4,467,470
Twilio Incorporated Class A †	13,598	5,359,788
WNS Holdings Limited ADR †	41,800	3,338,566
		38,308,364
Semiconductors & semiconductor equipment: 4.96%
Enphase Energy Incorporated †	24,000	4,407,120
MKS Instruments Incorporated	25,900	4,608,905
Universal Display Corporation	14,400	3,201,553
		12,217,578
Software: 12.20%
Avalara Incorporated †	34,600	5,598,280
Bill.com Holdings Incorporated †	25,666	4,701,498
Crowdstrike Holdings Incorporated Class A †	20,100	5,051,331
Elastic NV †	34,100	4,970,416
Five9 Incorporated †	30,918	5,670,052
Lightspeed POS Incorporated †	48,700	4,071,807
		30,063,384
Total Common stocks (Cost $153,839,196)		240,874,023

		Yield
Short-term investments: 5.14%
Investment companies: 5.14%
Securities Lending Cash Investments LLC ♠∩∞		0.03%	4,735,575	4,735,575
Wells Fargo Government Money Market Fund Select Class ♠∞		0.03	7,920,281	7,920,281
Total Short-term investments (Cost $12,655,856)				12,655,856
Total investments in securities (Cost $166,495,052)	102.87%			253,529,879
Other assets and liabilities, net	(2.87)			(7,064,044)
Total net assets	100.00%			$246,465,835

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Discovery Fund | 9

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

†	Non-income-earning security
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	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 Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliates of the Fund at the beginning of the period or the end of the period were as follows:

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	% of net assets	Shares, end of period	Income from affiliated securities
Short-term investments
Investment companies
Securities Lending Cash Investments LLC	$3,816,800	$40,557,494	$(39,638,719)	$0	$0	$ 4,735,575		4,735,575	$ 1,202^#
Wells Fargo Government Money Market Fund Select Class	3,400,578	29,518,500	(24,998,797)	0	0	7,920,281		7,920,281	400
				$0	$0	$12,655,856	5.14%		$1,602

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo VT Discovery Fund

Table of Contents

Statement of assets and liabilities—June 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $4,574,169 of securities loaned), at value (cost $153,839,196)	$ 240,874,023
Investments in affiliated securites, at value (cost $12,655,856)	12,655,856
Receivable for Fund shares sold	104,428
Receivable for investments sold	77,401
Receivable for dividends	23,422
Receivable for securities lending income, net	4,145
Prepaid expenses and other assets	2,713
Total assets	253,741,988
Liabilities
Payable upon receipt of securities loaned	4,735,575
Payable for investments purchased	2,196,703
Management fee payable	145,134
Payable for Fund shares redeemed	114,476
Distribution fee payable	48,237
Administration fee payable	15,481
Trustees’ fees and expenses payable	1,980
Accrued expenses and other liabilities	18,567
Total liabilities	7,276,153
Total net assets	$246,465,835
Net assets consist of
Paid-in capital	$ 105,983,444
Total distributable earnings	140,482,391
Total net assets	$246,465,835
Computation of net asset value per share
Net assets – Class 2	$ 246,465,835
Share outstanding – Class 2¹	4,970,456
Net asset value per share – Class 2	$49.59

¹	The Fund has an unlimited number of authorized shares

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Discovery Fund | 11

Table of Contents

Statement of operations—six months ended June 30, 2021 (unaudited)


Investment income
Dividends	$ 95,621
Securities lending income from affiliates, net	20,395
Income from affiliated securities	400
Total investment income	116,416
Expenses
Management fee	895,834
Administration fee – Class 2	95,556
Distribution fee – Class 2	298,422
Custody and accounting fees	11,321
Professional fees	22,370
Shareholder report expenses	12,596
Trustees’ fees and expenses	9,398
Other fees and expenses	3,207
Total expenses	1,348,704
Net investment loss	(1,232,288)
Realized and unrealized gains (losses) on investments
Net realized gains on investments	36,917,723
Net change in unrealized gains (losses) on investments	(31,694,025)
Net realized and unrealized gains (losses) on investments	5,223,698
Net increase in net assets resulting from operations	$ 3,991,410

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo VT Discovery Fund

Table of Contents

Statement of changes in net assets


	Six months ended June 30, 2021 (unaudited)		Year ended December 31, 2020
Operations
Net investment loss		$ (1,232,288)		$ (1,764,482)
Net realized gains on investments		36,917,723		17,877,734
Net change in unrealized gains (losses) on investments		(31,694,025)		82,373,027
Net increase in net assets resulting from operations		3,991,410		98,486,279
Distributions to shareholders from
Net investment income and net realized gains – Class 2		0		(16,114,396)
Capital share transactions	Shares		Shares
Proceeds from shares sold – Class 2	285,002	13,849,511	674,102	24,912,455
Reinvestment of distributions – Class 2	0	0	468,578	16,114,396
Payment for shares redeemed – Class 2	(567,549)	(27,328,730)	(1,018,571)	(35,934,160)
Net increase (decrease) in net assets resulting from capital share transactions		(13,479,219)		5,092,691
Total increase (decrease) in net assets		(9,487,809)		87,464,574
Net assets
Beginning of period		255,953,644		168,489,070
End of period		$246,465,835		$255,953,644

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Discovery Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 2	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$48.73	$32.85	$26.14	$31.74	$25.91	$25.99
Net investment loss	(0.25)	(0.34)	(0.25)	(0.17)	(0.20)	(0.13)
Net realized and unrealized gains (losses) on investments	1.11	19.54	10.47	(1.39)	7.60	2.00
Total from investment operations	0.86	19.20	10.22	(1.56)	7.40	1.87
Distributions to shareholders from
Net realized gains	0.00	(3.32)	(3.51)	(4.04)	(1.57)	(1.95)
Net asset value, end of period	$49.59	$48.73	$32.85	$26.14	$31.74	$25.91
Total return¹	1.76%	62.65%	39.02%	(7.06)%	29.13%	7.65%
Ratios to average net assets (annualized)
Gross expenses	1.13%	1.14%	1.16%	1.16%	1.16%	1.18%
Net expenses	1.13%	1.14%	1.15%	1.15%	1.15%	1.15%
Net investment loss	(1.03)%	(0.93)%	(0.79)%	(0.55)%	(0.68)%	(0.52)%
Supplemental data
Portfolio turnover rate	29%	47%	71%	60%	75%	85%
Net assets, end of period (000s omitted)	$246,466	$255,954	$168,489	$125,806	$145,175	$119,919

¹	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo VT Discovery Fund

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo VT Discovery Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

On February 23, 2021, Wells Fargo & Company announced that it has entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM is the trade name used by the asset management businesses of Wells Fargo & Company and includes Wells Fargo Funds Management, LLC, the investment manager to the Fund, Wells Capital Management, LLC and Wells Fargo Asset Management (International) Limited, both registered investment advisers providing sub-advisory services to certain funds, and Wells Fargo Funds Distributor, LLC, the Fund's principal underwriter. As part of the transaction, Wells Fargo & Company will own a 9.9% equity interest and will continue to serve as an important client and distribution partner.

Consummation of the transaction will result in the automatic termination of the Fund's investment management agreement and subadvisory agreement. The Fund's Board of Trustees approved a new investment management and new subadvisory agreement and approved submitting the agreements to the Fund’s shareholders for approval at a special meeting of shareholders expected to be held on August 16, 2021. Shareholders of record of the Fund at the close of business on May 28, 2021 are entitled to vote at the meeting. If shareholders approve the new agreements, they would take effect upon the closing of the transaction. The transaction is expected to close in the second half of 2021, subject to customary closing conditions.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

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

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

Securities lending

Wells Fargo VT Discovery Fund | 15

Table of Contents

Notes to financial statements (unaudited)

are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of June 30, 2021, the aggregate cost of all investments for federal income tax purposes was $166,337,568 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$92,475,685
Gross unrealized losses	(5,283,374)
Net unrealized gains	$87,192,311

3. FAIR VALUATION MEASUREMENTS

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

■	Level 1 – quoted prices in active markets for identical securities
■	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
■	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

16 | Wells Fargo VT Discovery Fund

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 13,461,956	$0	$0	$ 13,461,956
Consumer discretionary	29,476,834	0	0	29,476,834
Financials	7,681,010	0	0	7,681,010
Health care	73,306,667	0	0	73,306,667
Industrials	33,622,602	0	0	33,622,602
Information technology	83,324,954	0	0	83,324,954
Short-term investments
Investment companies	12,655,856	0	0	12,655,856
Total assets	$253,529,879	$0	$0	$253,529,879

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

For the six months ended June 30, 2021, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company ("Wells Fargo"), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million	0.750%
Next $500 million	0.700
Next $1 billion	0.650
Next $2 billion	0.625
Next $1 billion	0.600
Next $5 billion	0.590
Over $10 billion	0.580

For the six months ended June 30, 2021, the management fee was equivalent to an annual rate of 0.75% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management, LLC ("WellsCap"), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration fee

Wells Fargo VT Discovery Fund | 17

Table of Contents

Notes to financial statements (unaudited)

servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of Class 2 shares.

Waivers and/or expense reimbursements

Funds Management has contractually committed through April 30, 2022 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class 2 shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a distribution plan for Class 2 shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class 2 shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.25% of the average daily net assets of Class 2 shares.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2021 were $70,645,519 and $86,066,045, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of June 30, 2021, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received¹	Net amount
Barclays Capital Incorporated	$ 749,424	$ (749,424)	$0
BNP Paribas Securities Corporation	1,897,176	(1,897,176)	0
Morgan Stanley & Company LLC	945,187	(945,187)	0
UBS Securities LLC	982,382	(982,382)	0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, Wells Fargo Master Trust and Wells Fargo Funds Trust (excluding the money market funds) are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight bank funding rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended June 30, 2021, there were no borrowings by the Fund under the agreement.

18 | Wells Fargo VT Discovery Fund

Table of Contents

Notes to financial statements (unaudited)

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the health care and information technology sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

11. SUBSEQUENT EVENTS

Wells Fargo Asset Management ("WFAM") announced that it will be changing its company name to Allspring Global Investments upon the closing of the previously announced sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. The new corporate name is expected to go into effect on the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions.

At a meeting held July 15, 2021, the Board of Trustees of the Wells Fargo Funds approved a change in the Fund's name to remove “Wells Fargo” from the Fund's name and replace with “Allspring”. The change is expected to go into effect on October 11, 2021.

Following the closing of the transaction, Wells Fargo Funds Management, LLC, the Fund's investment manager, Wells Capital Management, LLC and Wells Fargo Asset Management (International) Limited, each subadvisers to certain funds, and Wells Fargo Funds Distributor, LLC, the Fund's principal underwriter, will each be rebranded as Allspring.

At a special meeting of shareholders held on August 16, 2021, shareholders of the Fund approved a new investment management and a new subadvisory agreement that will be effective at the closing of the sale transaction.

Wells Fargo VT Discovery Fund | 19

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-260-5969, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

20 | Wells Fargo VT Discovery Fund

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 139 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Wells Fargo VT Discovery Fund | 21

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

22 | Wells Fargo VT Discovery Fund

Table of Contents

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

¹ The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wfam.com.

Wells Fargo VT Discovery Fund | 23

Table of Contents

Board considerations (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Board Considerations – Current Agreements

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Variable Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 17-19, 2021 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo VT Discovery Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

The Board noted that Wells Fargo & Company recently announced that it had entered into a definitive agreement to sell Wells Fargo Asset Management (“WFAM”), which includes Funds Management and the Sub-Adviser, to GTCR LLC and Reverence Capital Partners, L.P. and/or their affiliates (the “Transaction”). The Board further noted that the Transaction would result in a change-of-control of Funds Management and the Sub-Adviser, which would be considered to be an assignment that would result in the termination of the Advisory Agreements. In light of the Transaction, the Board separately considered for approval a new investment management agreement with Funds Management and a new sub-advisory agreement with the Sub-Adviser (the “New Agreements”) that would replace the Advisory Agreements upon consummation of the Transaction, subject to approval of the New Agreements by the Fund’s shareholders. The Board also considered for approval interim agreements to go into effect in the event shareholders do not approve the New Agreements before the Transaction is completed. The interim agreements would allow the Manager and the Sub-Adviser to continue providing services to the Fund while the Fund continues to seek shareholder approval of the New Agreements. The Board noted that the terms of the interim agreements would be identical to those of the current Advisory Agreements, except for the term and certain escrow provisions.

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at Board meetings held in April and May 2021, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2021. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of WFAM, of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of

24 | Wells Fargo VT Discovery Fund

Table of Contents

Board considerations (unaudited)

Funds Management’s and the Sub-Adviser’s business continuity plans, including a summary of the performance of such plans and any changes thereto during the COVID-19 pandemic, and of their approaches to data privacy and cybersecurity. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates. The Board also considered information about retention and back-up arrangements that have been put into place with respect to key personnel of WFAM in connection with the anticipated Transaction, noting that WFAM provided assurances that the announcement and eventual culmination of the Transaction is not expected to result in any diminution in the nature or quality of services provided to the Fund.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 2500™ Growth Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratio and its various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered this ratio in comparison to the median ratios of funds in an expense group that was determined by Broadridge to be similar to the Fund (the “Group”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Group and an explanation of how funds comprising expense group and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratio of the Fund was in range of the median net operating expense ratio of the expense Group.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rate”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rate with the average contractual investment management fee rates of funds in the expense Group at a common asset level as well as transfer agency costs of the funds in the expense Group. The Board noted that the Management Rate of the Fund were lower than the sum of these average rates for the Fund’s expense Group.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Wells Fargo VT Discovery Fund | 25

Table of Contents

Board considerations (unaudited)

burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

26 | Wells Fargo VT Discovery Fund

Table of Contents

Board considerations (unaudited)

Board Considerations – New Agreements

Overview of the Board evaluation process

At a meeting held on May 17-19, 2021 (the “Board Meeting”), the Board of Trustees (the “Board”) of Wells Fargo Variable Trust (the “Trust”, and the series thereof, the “Funds”) approved the continuation of each Fund’s current Investment Management Agreement (the “Current Investment Management Agreement”) and the current Wells Cap Sub-Advisory Agreement (the “Current Wells Cap Sub-Advisory Agreement”, and collectively, the “Current Agreements”). Each Trustee on the Board is not an “interested person” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds (collectively, the “Independent Trustees”). The process followed by the Board in considering and approving the continuation of the Current Agreements is referred to herein as the “2021 Annual Approval Process.”

As noted above, the closing of the sale of Wells Fargo Asset Management (“WFAM”) to a holding company (“NewCo”) affiliated with private funds of GTCR LLC (“GTCR”) and of Reverence Capital Partners, L.P. (“Reverence Capital”, and such transaction, the “Transaction”) will result in a change of control of Wells Fargo Funds Management LLC (“Funds Management”) and Wells Capital Management Incorporated (“Wells Capital” or the “Sub-Adviser”, and together with Funds Management, the “Advisers”), which will be considered to be an “assignment” of each Fund’s Current Agreements under the 1940 Act that will result in the automatic termination of each Fund’s Current Agreements. In light of the expected termination of each Fund’s Current Agreements upon the closing, at the Board Meeting the Board also considered and approved: (i) a new Investment Management Agreement between the Trust, on behalf of each Fund, and Funds Management (the “New Investment Management Agreement”); and (ii) a new Sub-Advisory Agreement among the Trust, on behalf of each Fund, Funds Management and Wells Capital (the “New Sub-Advisory Agreement”, and collectively, the “New Agreements”), each of which is intended to go into effect upon the closing. The process followed by the Board in reviewing and approving the New Agreements is referred to herein as the “New Agreement Approval Process.”

At a series of meetings held in April and May 2021 (collectively, “April and May 2021 Meetings”) and at the Board Meeting, the Trustees conferred extensively among themselves and with senior representatives of Funds Management, GTCR and Reverence Capital about the New Agreements and related matters. The Board reviewed and discussed information furnished by Funds Management, GTCR and Reverence Capital that the Board considered reasonably necessary to evaluate the terms of the New Agreements and the services to be provided. At these meetings, senior representatives from Funds Management, GTCR and Reverence Capital made presentations to, and responded to questions from, the Board.

In providing information to the Board in connection with the 2021 annual approval process for the Current Agreements (the “2021 Annual Approval Process”) and the New Agreement Approval Process, Funds Management, GTCR and Reverence Capital (as applicable) were guided by requests for information submitted by independent legal counsel on behalf of the Independent Trustees. In considering and approving the New Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed herein. The Board considered not only the specific information presented in connection with the April and May 2021 Meetings as well as the Board Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviews reports of Funds Management at each of its regular Board meetings, which includes, among other things, portfolio reviews and investment performance reports. In addition, the Board confers with portfolio managers at various times throughout the year. The Board was assisted in its evaluation of the New Agreements by independent legal counsel, from whom the Independent Trustees received separate legal advice and with whom the Independent Trustees met separately. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

Among other information considered by the Board in connection with the Transaction was:

■

Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares.

■

Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto.

Wells Fargo VT Discovery Fund | 27

Table of Contents

Board considerations (unaudited)

■

Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds.

■

Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction.

With respect to the New Agreements, the Board considered: (i) a representation that, after the closing, all of the Funds will continue to be managed and advised by their current Advisers, and that the same portfolio managers of the Sub-Adviser are expected to continue to manage the Funds after the Transaction; (ii) information regarding the terms of the New Agreements, including changes as compared to the Current Agreements; (iii) information confirming that the fee rates payable under the New Agreements will not increase as a result of the Transaction as compared to the rates under the Current Agreements; and (iv) assurances that the Transaction is not expected to cause any diminution with respect to the nature, extent and quality of any of the services currently provided to the Funds by the Advisers as a result of the Transaction.

In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders in connection with the New Agreement Approval Process, the Board considered information furnished at prior meetings of the Board and its committees, including detailed information provided in connection with the 2021 Annual Approval Process. In this regard, in connection with the 2021 Annual Approval Process, the Board received information about complex-wide and individual Fund performance, fees and expenses, including: (i) a report from an independent data provider comparing the investment performance of each Fund to the investment performance of comparable funds and benchmark indices, over various time periods; (ii) a report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds; (iii) comparative information concerning the fees charged and services provided by the Advisers to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts), if any, that employ investment strategies and techniques similar to those used in managing such Fund(s); and (iv) profitability analyses of Funds Management, as well as the profitability of both WFAM and Wells Fargo from providing services to the fund family as a whole.

After its deliberations, the Board unanimously determined that the compensation payable to Funds Management and the Sub-Adviser under the New Agreements is reasonable, approved the New Agreements for a two-year term, and voted to recommend that Fund shareholders approve the New Agreements. The Board considered the approval of the New Agreements as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

In connection with the 2021 Annual Approval Process, the Board received and considered various information regarding the nature, extent and quality of services provided to each Fund by Funds Management and the Sub-Adviser under the Current Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Current Management Agreement, as well as, among other things, a summary of the background and experience of senior management of WFAM, of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans, including a summary of the performance of such plans and any changes thereto during the COVID-19 pandemic, and of their approaches to data privacy and cybersecurity. The Board also received and reviewed information about Funds Management’s role as administrator of the Funds’ liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

In connection with the 2021 Annual Approval Process, the Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel.

In connection with the 2021 Annual Approval Process, the Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Funds by Funds Management and its affiliates.

28 | Wells Fargo VT Discovery Fund

Table of Contents

Board considerations (unaudited)

In connection with the New Agreement Approval Process, the Board considered, among other information, the structure of the Transaction and expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers. The Board received assurances from Funds Management that each Fund will continue to be advised by its current Sub-Adviser after the closing, and that the same individual portfolio managers are expected to continue to manage the Funds after the closing. With respect to the recruitment and retention of key personnel, the Board noted information from GTCR, Reverence Capital and the Advisers regarding the potential benefits for employees of joining NewCo. The Board recognized that the personnel who had been extended offers may not accept such offers, and personnel changes may occur in the future in the ordinary course.

In addition, the Board considered information regarding the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services, and the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers may be subject in managing the Funds and in connection with the Transaction. The Board also considered the transition and integration plans as a result of the change in ownership of the Advisers from Wells Fargo to NewCo. The Board considered the resources and infrastructure that NewCo intends to devote to its compliance program to ensure compliance with applicable laws and regulations, as well as its risk management program and cybersecurity program. The Board also took into account assurances received from the Advisers, GTCR and Reverence Capital that the Transaction is not expected to cause any diminution in the nature, extent and quality of services provided by the Advisers to the Funds and their shareholders.

Fund investment performance and expenses

In connection with the 2021 Annual Approval Process, the Board considered the investment performance results for each Fund over various time periods ended December 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to each Fund (the “Universe”), and in comparison to each Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. Where applicable, the Board received information concerning, and discussed factors contributing to, underperformance of Funds relative to the Universe and benchmark for any underperformance periods.

In connection with the 2021 Annual Approval Process, the Board also received and considered information regarding each Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year.

In connection with the New Agreement Approval Process, the Board received a commitment that WFAM will maintain fee and expense commitments for at least two years after the closing. The Board took into account each Fund’s investment performance and expense information among the factors considered in deciding to approve the New Agreements.

Investment management and sub-advisory fee rates

In connection with the 2021 Annual Approval Process, the Board reviewed and considered the contractual fee rates payable by each Fund to Funds Management under the Current Management Agreement, as well as the contractual fee rates payable by each Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser under the Current Sub-Advisory Agreements for investment sub-advisory services (the “Sub-Advisory Fee Rates”).

Among other information reviewed by the Board in connection with the 2021 Annual Approval Process, was a comparison of each Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups.

In connection with the 2021 Annual Approval Process, the Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the Sub-Advisory Fee Rates. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Wells Fargo VT Discovery Fund | 29

Table of Contents

Board considerations (unaudited)

In connection with the 2021 Annual Approval Process, the Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients, if any, with investment strategies similar to those of each Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

In connection with the New Agreement Approval Process, the Board noted the assurances received by it that there would be no increases to any of the Management Rates or the Sub-Advisory Fee Rates as a result of the Transaction. The Board also considered that the New Agreements do not change the computation method for calculating such fees, and there is no present intention to reduce expense waiver and reimbursement arrangements that are currently in effect. Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the New Management Agreement and to the Sub-Adviser under the New Sub-Advisory Agreement was reasonable.

Profitability

In connection with the 2021 Annual Approval Process, the Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to each Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability in connection with the 2021 Annual Approval Process, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

In connection with the New Agreement Approval Process, the Board received certain information about NewCo’s projected financial condition, and reviewed with senior representatives of Funds Management, GTCR and Reverence Capital the underlying assumptions on which such information was based. The Board considered that NewCo is a newly formed entity, with no historical operations, revenues or expenses, and that it is difficult to predict with any degree of certainty the future profitability of NewCo and the Advisers from advisory activities under the New Agreements. The Board considered that the fee rates payable under the New Agreements will not increase as a result of the Transaction as compared to the rates under the Current Agreements, and that the current contractual expense limitations applicable to each Fund will not increase. The Board noted that if the New Agreements are approved by shareholders and the Transaction closes, the Board will have the opportunity in the future to review the profitability of NewCo and the Advisers from advisory activities under the New Agreements.

Economies of scale

In connection with the 2021 Annual Approval Process, the Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in each Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that, in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

In connection with the New Agreement Approval Process, the Board noted that NewCo and the Advisers may benefit from possible growth of the Funds resulting from enhanced distribution capabilities. However, the Board noted that other factors could also affect the potential for economies of scale, and that it was not possible to quantify any potential future economies of scale. Based upon the information furnished to the Board in connection with the 2021 Annual Approval Process and the New Agreement Approval Process, the Board concluded that Funds Management’s arrangements with respect to each Fund, including contractual breakpoints and expense limitation arrangements, constitute a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

“Fall-out” benefits to Funds Management and the Sub-Adviser

In connection with the 2021 Annual Approval Process, the Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships

30 | Wells Fargo VT Discovery Fund

Table of Contents

Board considerations (unaudited)

with the Funds and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Funds. The Board noted that various current affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

In connection with the 2021 Annual Approval Process, the Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker of Wells Fargo from portfolio transactions.

In connection with the New Agreement Approval Process, the Board received information to the effect that the Transaction is not expected to have a material impact on the fall-out benefits currently realized by Funds Management and its affiliates, including the Sub-Adviser. The information reviewed by the Board also noted that several of the ancillary benefits identified for WFAM would be potential ancillary benefits for NewCo, including that the scale and reputation of the Funds might benefit NewCo’s broader reputation, product initiatives, technology investment and talent acquisition. Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits expected to be received by Funds Management and its affiliates, including NewCo and the Sub-Adviser, under the New Agreements were unreasonable.

Conclusion

At the Board Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Funds Management and the Sub-Adviser under the New Agreements is reasonable, approved the New Agreements for a two-year term, and voted to recommend that Fund shareholders approve the New Agreements.

Wells Fargo VT Discovery Fund | 31

Table of Contents

Board considerations (unaudited)

Board Considerations - Interim Agreements

At a meeting held on May 17-19, 2021 (the “Board Meeting”), the Boards of Trustees (each, a “Board”, and collectively, the “Boards”) of Wells Fargo Funds Trust, Wells Fargo Master Trust, Wells Fargo Variable Trust, Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Income Opportunities Fund, Wells Fargo Multi-Sector Income Fund and Wells Fargo Utilities and High Income Fund (each a “Trust”, and the series thereof, a “Fund”) reviewed and approved for the Trusts and Funds, as applicable: (i) interim investment management agreements (the “Interim Management Agreements”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) interim investment advisory agreements (the “Interim Advisory Agreements”) with Funds Management; and (iii) interim sub-advisory agreements (the “Interim Sub-Advisory Agreements”) with each of Cooke & Bieler, L.P., Galliard Capital Management, LLC (“Galliard”), Peregrine Capital Management Inc., Wells Capital Management, LLC (“WellsCap”), and Wells Fargo Asset Management (International) Limited (“WFAMI”, and collectively, the “Sub-Advisers”). Each Trustee on the Board is not an “interested person” (as defined in the Investment Company Act of 1940 (the “1940 Act”) of the Funds (collectively, the “Independent Trustees”). The Interim Management Agreements, Interim Advisory Agreements, and Interim Sub-Advisory Agreements are collectively referred to as the “Interim Advisory Agreements.”

At the Board Meeting, the Boards reviewed and approved the continuation of existing investment management, advisory and sub-advisory agreements (the “Current Advisory Agreements”) for each Trust and Fund, as applicable. The factors considered and conclusions reached by the Boards in approving the Current Advisory Agreements are summarized in the section entitled “Board Considerations – Current Agreements” of this shareholder report. The Boards noted that Wells Fargo & Company has entered into a definitive agreement to sell Wells Fargo Asset Management (“WFAM”), which includes Funds Management, Galliard, WellsCap and WFAMI (the “Affiliated Sub-Advisers”), to a holding company affiliated with private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Boards further noted that the Transaction would result in a change-of-control of Funds Management and the Affiliated Sub-Advisers, which would be considered to be an “assignment” under the 1940 Act that would terminate the Current Advisory Agreements. At the Board Meeting, the Boards also reviewed and approved new investment management, advisory and sub-advisory agreements (the “New Advisory Agreements”) for each Trust and Fund, as applicable, that would replace the Current Advisory Agreements upon consummation of the Transaction, subject to approval of the New Advisory Agreements by the applicable Trust’s or Fund’s shareholders. The factors considered and conclusions reached by the Boards in approving the New Advisory Agreements are summarized in the section entitled “Board Considerations – New Agreements” of this shareholder report.

At the Board Meeting, the Boards also approved the Interim Advisory Agreements, which will go into effect for a Trust or Fund only in the event that shareholders of such Trust or Fund do not approve the New Advisory Agreement(s) for the Trust or Fund by the closing date of the Transaction, when the Current Advisory Agreements will terminate. The Board noted that, in such a circumstance, the Interim Advisory Agreements will permit continuity of management by allowing Funds Management and the Sub-Advisers to continue providing services to the Trust or Fund pursuant to the Interim Advisory Agreements while the Trust or Fund continues to solicit shareholder approval of such New Advisory Agreement(s). The Boards noted that the terms of the Interim Advisory Agreements are identical to those of the Current Advisory Agreements, except for the term and the addition of escrow provisions with respect to the advisory fees. The Boards also noted that the entities that would service the Funds and Trusts under the Interim Advisory Agreements are identical to those that provide services under the Current Advisory Agreements and those that will provide services under the New Advisory Agreements.

In approving the Interim Advisory Agreements, the Boards considered the same factors and reached the same conclusions as they considered and reached with respect to the Boards’ approvals of the Current Advisory Agreements and New Advisory Agreements, as applicable, which are described in separate Board Consideration sections within this shareholder report. Prior to the Board Meeting, including at a series of meetings held in April and May 2021, the Trustees conferred extensively among themselves and with senior representatives of Funds Management, GTCR LLC and Reverence Capital Partners, L.P. about the Interim Advisory Agreements and related matters. The Independent Trustees were assisted in their evaluation of the Interim Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

At the Board Meeting, after considering the factors and reaching the conclusions described in the separate Board Consideration sections within this shareholder report, the Boards unanimously determined that the compensation payable to Funds Management and to each Sub-Adviser under each of the Interim Advisory Agreements was reasonable, and approved the Interim Advisory Agreements.

32 | Wells Fargo VT Discovery Fund

Table of Contents

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-260-5969 or visit the Fund's website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management, LLC and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

PAR-0721-00692 08-21
SVT1/SAR138 06-21

Semi-Annual Report

June 30, 2021

Wells Fargo
VT Index Asset Allocation Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	28
Statement of operations	29
Statement of changes in net assets	30
Financial highlights	31
Notes to financial statements	32
Other information	39
Board considerations
Board considerations - current agreements	43
Board considerations - new agreements	46
Board considerations - interim agreements	51

Reduce clutter.

Save trees.

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

Wells Fargo VT Index Asset Allocation Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo VT Index Asset Allocation Fund for the six-month period that ended June 30, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. Bonds were mixed during the period, with municipal bonds and high-yield bonds delivering positive returns.

Vaccination rollout drove the stock markets to new highs.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
²	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
³	The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
⁴	The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
⁵	The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.
⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
⁷	The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Wells Fargo Funds

_“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021._”

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.

Wells Fargo VT Index Asset Allocation Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Preparing for LIBOR Transition

The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins trillions of dollars of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021 (by June 30, 2023 for most tenors of the U.S. dollar LIBOR), which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.

The Fund holds one or more securities that use LIBOR as a floating reference rate and has a maturity date after December 31, 2021.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by the Fund.

Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. The Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.

While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.

Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Fund’s Statement of Additional Information.

4 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term total return, consisting of capital appreciation and current income.
Manager	Wells Fargo Funds Management, LLC
Subadviser	Wells Capital Management, LLC
Portfolio managers	Kandarp R. Acharya, CFA®^‡, FRM, Petros N. Bocray, CFA®^‡, FRM, Christian L. Chan, CFA®^‡

Average annual total returns (%) as of June 30, 2021
					Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	Gross	Net ²
Class 2	4-15-1994	22.30	11.44	11.36	1.14	1.00
Index Asset Allocation Blended Index³	–	21.62	11.58	11.77	–	–
Bloomberg Barclays U.S. Treasury Index⁴	–	-3.22	2.15	2.84	–	–
S&P 500 Index⁵	–	40.79	17.65	14.84	–	–

¹	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through April 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.00% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.
³	Source: Wells Fargo Funds Management, LLC. Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg Barclays U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg Barclays U.S. Treasury 20+ Year Index. You cannot invest directly in an index.
⁴	The Bloomberg Barclays U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. You cannot invest directly in an index.
⁵	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of June 30, 2021¹
Apple Incorporated	3.57
Microsoft Corporation	3.39
Amazon.com Incorporated	2.45
Facebook Incorporated Class A	1.38
Alphabet Incorporated Class A	1.22
Alphabet Incorporated Class C	1.18
Berkshire Hathaway Incorporated Class B	0.87
Tesla Motors Incorporated	0.87
Nvidia Corporation	0.83
JPMorgan Chase & Company	0.78

¹	Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of June 30, 2021¹

¹	Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.

Allocation (%) as of June 30, 2021
	Neutral allocation	Effective allocation¹
Stocks	60	67
Bonds	40	37
Effective cash	0	(4)

¹	Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified.

Wells Fargo VT Index Asset Allocation Fund | 7

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 1-1-2021	Ending account value 6-30-2021	Expenses paid during the period¹	Annualized net expense ratio
Class 2
Actual	$1,000.00	$1,083.29	$5.17	1.00%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.84	$5.01	1.00%

8 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Common stocks: 60.08%
Communication services: 6.69%
Diversified telecommunication services: 0.74%
AT&T Incorporated	9,646	$ 277,612
Lumen Technologies Incorporated	1,338	18,183
Verizon Communications Incorporated	5,597	313,600
		609,395
Entertainment: 1.16%
Activision Blizzard Incorporated	1,058	100,976
Electronic Arts Incorporated	388	55,806
Live Nation Entertainment Incorporated †	195	17,080
Netflix Incorporated †	603	318,511
Take-Two Interactive Software Incorporated †	156	27,615
The Walt Disney Company †	2,454	431,340
		951,328
Interactive media & services: 3.87%
Alphabet Incorporated Class A †	408	996,250
Alphabet Incorporated Class C †	386	967,440
Facebook Incorporated Class A †	3,251	1,130,405
Twitter Incorporated †	1,086	74,728
		3,168,823
Media: 0.78%
Charter Communications Incorporated Class A †	187	134,911
Comcast Corporation Class A	6,208	353,980
Discovery Incorporated Class A †	228	6,995
Discovery Incorporated Class C †	406	11,766
DISH Network Corporation Class A †	334	13,961
Fox Corporation Class A	439	16,300
Fox Corporation Class B	204	7,181
Interpublic Group of Companies Incorporated	532	17,285
News Corporation Class A	526	13,555
News Corporation Class B	163	3,969
Omnicom Group Incorporated	291	23,277
ViacomCBS Incorporated Class B	810	36,612
		639,792
Wireless telecommunication services: 0.14%
T-Mobile US Incorporated †	795	115,140
Consumer discretionary: 7.38%
Auto components: 0.09%
Aptiv plc †	368	57,897
BorgWarner Incorporated	325	15,776
		73,673
Automobiles: 1.09%
Ford Motor Company †	5,318	79,025
General Motors Company †	1,727	102,187
Tesla Motors Incorporated	1,046	710,966
		892,178

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 9

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Distributors: 0.08%
Genuine Parts Company	195	$ 24,662
LKQ Corporation †	376	18,507
Pool Corporation	55	25,226
		68,395
Hotels, restaurants & leisure: 1.21%
Booking Holdings Incorporated †	56	122,533
Caesars Entertainment Incorporated †	282	29,258
Carnival Corporation †	1,073	28,284
Chipotle Mexican Grill Incorporated †	38	58,913
Darden Restaurants Incorporated	177	25,840
Domino's Pizza Incorporated	53	24,724
Expedia Group Incorporated †	190	31,105
Hilton Worldwide Holdings Incorporated †	375	45,233
Las Vegas Sands Corporation †	442	23,289
Marriott International Incorporated Class A †	360	49,147
McDonald's Corporation	1,010	233,300
MGM Resorts International	548	23,372
Norwegian Cruise Line Holdings Limited †	496	14,587
Penn National Gaming Incorporated †	200	15,298
Royal Caribbean Cruises Limited †	295	25,158
Starbucks Corporation	1,599	178,784
Wynn Resorts Limited †	142	17,367
Yum! Brands Incorporated	402	46,242
		992,434
Household durables: 0.25%
D.R. Horton Incorporated	444	40,124
Garmin Limited	203	29,362
Leggett & Platt Incorporated	179	9,274
Lennar Corporation Class A	372	36,958
Mohawk Industries Incorporated †	79	15,183
Newell Rubbermaid Incorporated	510	14,010
NVR Incorporated †	4	19,893
PulteGroup Incorporated	357	19,481
Whirlpool Corporation	84	18,314
		202,599
Internet & direct marketing retail: 2.57%
Amazon.com Incorporated †	583	2,005,613
eBay Incorporated	884	62,066
Etsy Incorporated †	173	35,610
		2,103,289
Leisure products: 0.02%
Hasbro Incorporated	172	16,257
Multiline retail: 0.32%
Dollar General Corporation	318	68,812
Dollar Tree Incorporated †	313	31,144
Target Corporation	670	161,966
		261,922
Specialty retail: 1.32%
Advance Auto Parts Incorporated	88	18,052

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Specialty retail (continued)
AutoZone Incorporated †	29	$ 43,274
Best Buy Company Incorporated	300	34,494
CarMax Incorporated †	221	28,542
L Brands Incorporated	315	22,699
Lowe's Companies Incorporated	956	185,435
O'Reilly Automotive Incorporated †	94	53,224
Ross Stores Incorporated	482	59,768
The Gap Incorporated	280	9,422
The Home Depot Incorporated	1,442	459,839
The TJX Companies Incorporated	1,631	109,962
Tractor Supply Company	155	28,839
Ulta Beauty Incorporated †	75	25,933
		1,079,483
Textiles, apparel & luxury goods: 0.43%
HanesBrands Incorporated	469	8,756
Nike Incorporated Class B	1,736	268,195
PVH Corporation †	95	10,221
Ralph Lauren Corporation	65	7,658
Tapestry Incorporated †	375	16,305
Under Armour Incorporated Class A †	254	5,372
Under Armour Incorporated Class C †	264	4,902
VF Corporation	434	35,605
		357,014
Consumer staples: 3.52%
Beverages: 0.85%
Brown-Forman Corporation Class B	246	18,435
Constellation Brands Incorporated Class A	229	53,561
Molson Coors Brewing Company Class B †	253	13,584
Monster Beverage Corporation †	502	45,858
PepsiCo Incorporated	1,874	277,671
The Coca-Cola Company	5,255	284,348
		693,457
Food & staples retailing: 0.78%
Costco Wholesale Corporation	601	237,798
Sysco Corporation	690	53,648
The Kroger Company	1,019	39,038
Walgreens Boots Alliance Incorporated	967	50,874
Walmart Incorporated	1,859	262,156
		643,514
Food products: 0.56%
Archer Daniels Midland Company	756	45,814
Campbell Soup Company	274	12,492
ConAgra Foods Incorporated	650	23,647
General Mills Incorporated	825	50,267
Hormel Foods Corporation	382	18,241
Kellogg Company	340	21,872
Lamb Weston Holdings Incorporated	197	15,890
McCormick & Company Incorporated	336	29,676
Mondelez International Incorporated Class A	1,903	118,823
The Hershey Company	197	34,313

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 11

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Food products (continued)
The J.M. Smucker Company	148	$ 19,176
The Kraft Heinz Company	877	35,764
Tyson Foods Incorporated Class A	398	29,356
		455,331
Household products: 0.81%
Church & Dwight Company Incorporated	331	28,208
Colgate-Palmolive Company	1,145	93,146
Kimberly-Clark Corporation	457	61,137
The Clorox Company	167	30,045
The Procter & Gamble Company	3,316	447,428
		659,964
Personal products: 0.12%
The Estee Lauder Companies Incorporated Class A	314	99,877
Tobacco: 0.40%
Altria Group Incorporated	2,502	119,295
Philip Morris International Incorporated	2,111	209,221
		328,516
Energy: 1.71%
Energy equipment & services: 0.15%
Baker Hughes Incorporated	981	22,435
Halliburton Company	1,194	27,605
NOV Incorporated †	526	8,058
Schlumberger Limited	1,881	60,211
		118,309
Oil, gas & consumable fuels: 1.56%
APA Corporation	508	10,988
Cabot Oil & Gas Corporation	537	9,376
Chevron Corporation	2,614	273,790
ConocoPhillips	1,821	110,899
Devon Energy Corporation	799	23,323
Diamondback Energy Incorporated	242	22,721
EOG Resources Incorporated	787	65,667
Exxon Mobil Corporation	5,711	360,250
Hess Corporation	368	32,134
Kinder Morgan Incorporated	2,630	47,945
Marathon Oil Corporation	1,060	14,437
Marathon Petroleum Corporation	859	51,901
Occidental Petroleum Corporation	1,124	35,147
ONEOK Incorporated	602	33,495
Phillips 66	593	50,891
Pioneer Natural Resources Company	312	50,706
The Williams Companies Incorporated	1,646	43,701
Valero Energy Corporation	549	42,866
		1,280,237
Financials: 6.76%
Banks: 2.57%
Bank of America Corporation	10,162	418,979
Citigroup Incorporated	2,779	196,614

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Banks (continued)
Citizens Financial Group Incorporated	574	$ 26,329
Comerica Incorporated	188	13,412
Fifth Third Bancorp	949	36,280
First Republic Bank	237	44,359
Huntington Bancshares Incorporated	1,999	28,526
JPMorgan Chase & Company	4,090	636,159
KeyCorp	1,310	27,052
M&T Bank Corporation	173	25,139
People's United Financial Incorporated	577	9,890
PNC Financial Services Group Incorporated	573	109,305
Regions Financial Corporation	1,293	26,093
SVB Financial Group †	74	41,176
Truist Financial Corporation	1,815	100,733
US Bancorp	1,834	104,483
Wells Fargo & Company ♠	5,569	252,220
Zions Bancorporation	220	11,629
		2,108,378
Capital markets: 1.81%
Ameriprise Financial Incorporated	157	39,074
Bank of New York Mellon Corporation	1,090	55,841
BlackRock Incorporated	192	167,994
Cboe Global Markets Incorporated	144	17,143
CME Group Incorporated	484	102,937
Franklin Resources Incorporated	368	11,772
Intercontinental Exchange Incorporated	762	90,449
Invesco Limited	509	13,606
MarketAxess Holdings Incorporated	52	24,107
Moody's Corporation	219	79,359
Morgan Stanley	2,016	184,847
MSCI Incorporated	112	59,705
Northern Trust Corporation	281	32,489
Raymond James Financial Incorporated	165	21,434
S&P Global Incorporated	328	134,628
State Street Corporation	469	38,589
T. Rowe Price Group Incorporated	307	60,777
The Charles Schwab Corporation	2,028	147,659
The Goldman Sachs Group Incorporated	460	174,584
The NASDAQ Incorporated	154	27,073
		1,484,067
Consumer finance: 0.40%
American Express Company	881	145,568
Capital One Financial Corporation	609	94,206
Discover Financial Services	411	48,617
Synchrony Financial	731	35,468
		323,859
Diversified financial services: 0.87%
Berkshire Hathaway Incorporated Class B †	2,570	714,254
Insurance: 1.11%
AFLAC Incorporated	856	45,933
American International Group Incorporated	1,158	55,121
Aon plc Class A	306	73,061
Arthur J. Gallagher & Company	277	38,802

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 13

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Insurance (continued)
Assurant Incorporated	80	$ 12,494
Chubb Limited	609	96,794
Cincinnati Financial Corporation	202	23,557
Everest Reinsurance Group Limited	55	13,861
Globe Life Incorporated	127	12,097
Lincoln National Corporation	240	15,082
Loews Corporation	302	16,504
Marsh & McLennan Companies Incorporated	689	96,929
MetLife Incorporated	1,005	60,149
Principal Financial Group Incorporated	341	21,548
Progressive Corporation	793	77,881
Prudential Financial Incorporated	533	54,617
The Allstate Corporation	404	52,698
The Hartford Financial Services Group Incorporated	483	29,932
The Travelers Companies Incorporated	340	50,901
UnumProvident Corporation	274	7,782
W.R. Berkley Corporation	189	14,067
Willis Towers Watson plc	173	39,793
		909,603
Health care: 7.80%
Biotechnology: 1.07%
AbbVie Incorporated	2,400	270,336
Alexion Pharmaceuticals Incorporated †	299	54,929
Amgen Incorporated	778	189,638
Biogen Incorporated †	206	71,332
Gilead Sciences Incorporated	1,704	117,337
Incyte Corporation †	252	21,201
Regeneron Pharmaceuticals Incorporated †	143	79,871
Vertex Pharmaceuticals Incorporated †	349	70,369
		875,013
Health care equipment & supplies: 2.17%
Abbott Laboratories	2,402	278,464
ABIOMED Incorporated †	62	19,351
Align Technology Incorporated †	97	59,267
Baxter International Incorporated	683	54,982
Becton Dickinson & Company	394	95,817
Boston Scientific Corporation †	1,928	82,441
Danaher Corporation	862	231,326
Dentsply Sirona Incorporated	296	18,725
DexCom Incorporated †	132	56,364
Edwards Lifesciences Corporation †	844	87,413
Hologic Incorporated †	347	23,152
IDEXX Laboratories Incorporated †	116	73,260
Intuitive Surgical Incorporated †	160	147,142
Medtronic plc	1,827	226,786
ResMed Incorporated	196	48,318
STERIS plc	132	27,232
Stryker Corporation	443	115,060
Teleflex Incorporated	64	25,715
The Cooper Companies Incorporated	67	26,550

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Health care equipment & supplies (continued)
West Pharmaceutical Services Incorporated	100	$ 35,910
Zimmer Biomet Holdings Incorporated	281	45,190
		1,778,465
Health care providers & services: 1.57%
AmerisourceBergen Corporation	199	22,784
Anthem Incorporated	332	126,758
Cardinal Health Incorporated	391	22,322
Centene Corporation †	789	57,542
Cigna Corporation	461	109,289
CVS Health Corporation	1,774	148,023
DaVita HealthCare Partners Incorporated †	94	11,320
HCA Healthcare Incorporated	354	73,186
Henry Schein Incorporated †	189	14,022
Humana Incorporated	175	77,476
Laboratory Corporation of America Holdings †	132	36,412
McKesson Corporation	213	40,734
Quest Diagnostics Incorporated	176	23,227
UnitedHealth Group Incorporated	1,277	511,362
Universal Health Services Incorporated Class B	105	15,375
		1,289,832
Health care technology: 0.04%
Cerner Corporation	408	31,889
Life sciences tools & services: 0.77%
Agilent Technologies Incorporated	411	60,750
Bio-Rad Laboratories Incorporated Class A †	29	18,684
Charles River Laboratories International Incorporated †	69	25,524
Illumina Incorporated †	198	93,696
IQVIA Holdings Incorporated †	258	62,519
Mettler-Toledo International Incorporated †	32	44,331
PerkinElmer Incorporated	151	23,316
Thermo Fisher Scientific Incorporated	534	269,387
Waters Corporation †	84	29,031
		627,238
Pharmaceuticals: 2.18%
Bristol-Myers Squibb Company	3,029	202,398
Catalent Incorporated †	229	24,759
Eli Lilly & Company	1,078	247,423
Johnson & Johnson	3,573	588,616
Merck & Company Incorporated	3,442	267,684
Organon & Company †	341	10,319
Perrigo Company plc	180	8,253
Pfizer Incorporated	7,596	297,459
Viatris Incorporated	1,644	23,493
Zoetis Incorporated	644	120,016
		1,790,420
Industrials: 5.12%
Aerospace & defense: 0.96%
General Dynamics Corporation	308	57,984
Howmet Aerospace Incorporated †	526	18,131
Huntington Ingalls Industries Incorporated	54	11,381

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 15

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Aerospace & defense (continued)
L3Harris Technologies Incorporated	275	$ 59,441
Lockheed Martin Corporation	330	124,856
Northrop Grumman Corporation	202	73,413
Raytheon Technologies Corporation	2,047	174,630
Teledyne Technologies Incorporated †	63	26,386
Textron Incorporated	302	20,769
The Boeing Company †	732	175,358
TransDigm Group Incorporated †	75	48,547
		790,896
Air freight & logistics: 0.43%
C.H. Robinson Worldwide Incorporated	179	16,767
Expeditors International of Washington Incorporated	229	28,991
FedEx Corporation	331	98,747
United Parcel Service Incorporated Class B	983	204,435
		348,940
Airlines: 0.16%
Alaska Air Group Incorporated †	167	10,072
American Airlines Group Incorporated †	865	18,347
Delta Air Lines Incorporated †	862	37,290
Southwest Airlines Company †	798	42,366
United Airlines Holdings Incorporated †	435	22,746
		130,821
Building products: 0.30%
A.O. Smith Corporation	182	13,115
Allegion plc	121	16,855
Carrier Global Corporation	1,106	53,752
Fortune Brands Home & Security Incorporated	186	18,527
Johnson Controls International plc	972	66,708
Masco Corporation	342	20,147
Trane Technologies plc	322	59,293
		248,397
Commercial services & supplies: 0.24%
Cintas Corporation	120	45,840
Copart Incorporated †	282	37,176
Republic Services Incorporated	285	31,353
Rollins Incorporated	300	10,260
Waste Management Incorporated	526	73,698
		198,327
Construction & engineering: 0.02%
Quanta Services Incorporated	188	17,027
Electrical equipment: 0.34%
AMETEK Incorporated	311	41,519
Eaton Corporation plc	538	79,721
Emerson Electric Company	811	78,051
Generac Holdings Incorporated †	85	35,288
Rockwell Automation Incorporated	157	44,905
		279,484

The accompanying notes are an integral part of these financial statements.

16 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Industrial conglomerates: 0.72%
3M Company	784	$ 155,726
General Electric Company	11,903	160,214
Honeywell International Incorporated	939	205,970
Roper Technologies Incorporated	143	67,239
		589,149
Machinery: 1.00%
Caterpillar Incorporated	741	161,264
Cummins Incorporated	197	48,031
Deere & Company	423	149,196
Dover Corporation	194	29,216
Fortive Corporation	459	32,011
IDEX Corporation	102	22,445
Illinois Tool Works Incorporated	388	86,741
Ingersoll Rand Incorporated †	503	24,551
Otis Worldwide Corporation	546	44,646
PACCAR Incorporated	470	41,948
Parker-Hannifin Corporation	174	53,437
Pentair plc	225	15,185
Snap-on Incorporated	73	16,310
Stanley Black & Decker Incorporated	218	44,688
Wabtec Corporation	239	19,670
Xylem Incorporated	243	29,150
		818,489
Professional services: 0.25%
Equifax Incorporated	164	39,280
IHS Markit Limited	511	57,569
Jacobs Engineering Group Incorporated	175	23,349
Leidos Holdings Incorporated	179	18,097
Nielsen Holdings plc	483	11,916
Robert Half International Incorporated	152	13,523
Verisk Analytics Incorporated	219	38,264
		201,998
Road & rail: 0.58%
CSX Corporation	3,123	100,186
J.B. Hunt Transport Services Incorporated	113	18,413
Kansas City Southern	123	34,855
Norfolk Southern Corporation	338	89,709
Old Dominion Freight Line Incorporated	128	32,486
Union Pacific Corporation	899	197,717
		473,366
Trading companies & distributors: 0.12%
Fastenal Company	778	40,456
United Rentals Incorporated †	97	30,944
W.W. Grainger Incorporated	60	26,280
		97,680
Information technology: 16.53%
Communications equipment: 0.50%
Arista Networks Incorporated †	75	27,173
Cisco Systems Incorporated	5,716	302,948

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 17

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Communications equipment (continued)
F5 Networks Incorporated †	81	$ 15,119
Juniper Networks Incorporated	444	12,143
Motorola Solutions Incorporated	229	49,659
		407,042
Electronic equipment, instruments & components: 0.37%
Amphenol Corporation Class A	808	55,275
CDW Corporation of Delaware	190	33,184
Corning Incorporated	1,047	42,822
IPG Photonics Corporation †	48	10,117
Keysight Technologies Incorporated †	249	38,448
TE Connectivity Limited	448	60,574
Trimble Incorporated †	340	27,822
Zebra Technologies Corporation Class A †	73	38,653
		306,895
IT services: 3.09%
Accenture plc Class A	861	253,814
Akamai Technologies Incorporated †	221	25,769
Automatic Data Processing Incorporated	576	114,405
Broadridge Financial Solutions Incorporated	156	25,199
Cognizant Technology Solutions Corporation Class A	712	49,313
DXC Technology Company †	343	13,356
Fidelity National Information Services Incorporated	837	118,578
Fiserv Incorporated †	802	85,726
FleetCor Technologies Incorporated †	112	28,679
Gartner Incorporated †	116	28,095
Global Payments Incorporated	398	74,641
International Business Machines Corporation	1,210	177,374
Jack Henry & Associates Incorporated	99	16,187
MasterCard Incorporated Class A	1,183	431,901
Paychex Incorporated	435	46,676
PayPal Holdings Incorporated †	1,592	464,036
The Western Union Company	552	12,679
VeriSign Incorporated †	134	30,510
Visa Incorporated Class A	2,297	537,085
		2,534,023
Semiconductors & semiconductor equipment: 3.46%
Advanced Micro Devices Incorporated †	1,652	155,172
Analog Devices Incorporated	500	86,080
Applied Materials Incorporated	1,247	177,573
Broadcom Incorporated	556	265,123
Enphase Energy Incorporated †	181	33,237
Intel Corporation	5,500	308,770
KLA Corporation	209	67,760
Lam Research Corporation	194	126,236
Maxim Integrated Products Incorporated	364	38,351
Microchip Technology Incorporated	372	55,703
Micron Technology Incorporated †	1,524	129,510
Monolithic Power Systems Incorporated	59	22,034
Nvidia Corporation	851	680,885
NXP Semiconductors NV	375	77,145
Qorvo Incorporated †	153	29,934
QUALCOMM Incorporated	1,538	219,826

The accompanying notes are an integral part of these financial statements.

18 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Semiconductors & semiconductor equipment (continued)
Skyworks Solutions Incorporated	225	$ 43,144
Teradyne Incorporated	225	30,141
Texas Instruments Incorporated	1,254	241,144
Xilinx Incorporated	334	48,310
		2,836,078
Software: 5.35%
Adobe Incorporated †	650	380,666
ANSYS Incorporated †	119	41,300
Autodesk Incorporated †	299	87,278
Cadence Design Systems Incorporated †	379	51,855
Citrix Systems Incorporated	168	19,701
Fortinet Incorporated †	183	43,589
Intuit Incorporated	372	182,343
Microsoft Corporation	10,253	2,777,538
NortonLifeLock Incorporated	787	21,422
Oracle Corporation	2,461	191,564
Paycom Software Incorporated †	67	24,352
PTC Incorporated †	143	20,200
Salesforce.com Incorporated †	1,259	307,536
ServiceNow Incorporated †	268	147,279
Synopsys Incorporated †	207	57,089
Tyler Technologies Incorporated †	56	25,333
		4,379,045
Technology hardware, storage & peripherals: 3.76%
Apple Incorporated	21,348	2,923,819
Hewlett Packard Enterprise Company	1,769	25,792
HP Incorporated	1,629	49,180
NetApp Incorporated	302	24,710
Seagate Technology Holdings plc	270	23,741
Western Digital Corporation †	416	29,607
		3,076,849
Materials: 1.56%
Chemicals: 1.06%
Air Products & Chemicals Incorporated	300	86,304
Albemarle Corporation	157	26,448
Celanese Corporation Series A	152	23,043
CF Industries Holdings Incorporated	290	14,921
Corteva Incorporated	996	44,173
Dow Incorporated	1,012	64,039
DuPont de Nemours Incorporated	721	55,813
Eastman Chemical Company	184	21,482
Ecolab Incorporated	336	69,206
FMC Corporation	173	18,719
International Flavors & Fragrances Incorporated	336	50,198
Linde plc	704	203,526
LyondellBasell Industries NV Class A	349	35,902
PPG Industries Incorporated	320	54,326
The Mosaic Company	469	14,966
The Sherwin-Williams Company	323	88,001
		871,067

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 19

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Construction materials: 0.08%
Martin Marietta Materials Incorporated	84	$ 29,552
Vulcan Materials Company	179	31,159
		60,711
Containers & packaging: 0.20%
Amcor plc	2,085	23,894
Avery Dennison Corporation	111	23,337
Ball Corporation	444	35,973
International Paper Company	530	32,494
Packaging Corporation of America	128	17,334
Sealed Air Corporation	205	12,146
WestRock Company	360	19,159
		164,337
Metals & mining: 0.22%
Freeport-McMoRan Incorporated	1,986	73,700
Newmont Corporation	1,087	68,894
Nucor Corporation	403	38,660
		181,254
Real estate: 1.54%
Equity REITs: 1.49%
Alexandria Real Estate Equities Incorporated	185	33,659
American Tower Corporation	616	166,406
AvalonBay Communities Incorporated	188	39,234
Boston Properties Incorporated	191	��21,887
Crown Castle International Corporation	585	114,134
Digital Realty Trust Incorporated	381	57,325
Duke Realty Corporation	507	24,006
Equinix Incorporated	122	97,917
Equity Residential	464	35,728
Essex Property Trust Incorporated	88	26,401
Extra Space Storage Incorporated	180	29,488
Federal Realty Investment Trust	95	11,131
Healthpeak Properties Incorporated	731	24,335
Host Hotels & Resorts Incorporated †	953	16,287
Iron Mountain Incorporated	389	16,462
Kimco Realty Corporation	584	12,176
Mid-America Apartment Communities Incorporated	154	25,937
Prologis Incorporated	1,000	119,530
Public Storage Incorporated	205	61,641
Realty Income Corporation	505	33,704
Regency Centers Corporation	213	13,647
SBA Communications Corporation	148	47,168
Simon Property Group Incorporated	444	57,933
UDR Incorporated	400	19,592
Ventas Incorporated	509	29,064
Vornado Realty Trust	211	9,847
Welltower Incorporated	566	47,035
Weyerhaeuser Company	1,013	34,867
		1,226,541
Real estate management & development: 0.05%
CBRE Group Incorporated Class A †	453	38,836

The accompanying notes are an integral part of these financial statements.

20 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Utilities: 1.47%
Electric utilities: 0.93%
Alliant Energy Corporation	337	$ 18,791
American Electric Power Company Incorporated	675	57,098
Duke Energy Corporation	1,037	102,373
Edison International	512	29,604
Entergy Corporation	270	26,919
Evergy Incorporated	308	18,612
Eversource Energy	462	37,071
Exelon Corporation	1,319	58,445
FirstEnergy Corporation	732	27,238
NextEra Energy Incorporated	2,642	193,606
NRG Energy Incorporated	327	13,178
Pinnacle West Capital Corporation	152	12,459
PPL Corporation	1,037	29,005
The Southern Company	1,429	86,469
Xcel Energy Incorporated	725	47,763
		758,631
Gas utilities: 0.02%
Atmos Energy Corporation	175	16,819
Independent power & renewable electricity producers: 0.03%
AES Corporation	897	23,385
Multi-utilities: 0.44%
Ameren Corporation	344	27,534
CenterPoint Energy Incorporated	784	19,224
CMS Energy Corporation	389	22,982
Consolidated Edison Incorporated	461	33,063
Dominion Energy Incorporated	1,088	80,044
DTE Energy Company	261	33,826
NiSource Incorporated	529	12,961
Public Service Enterprise Group Incorporated	683	40,802
Sempra Energy	426	56,436
WEC Energy Group Incorporated	424	37,715
		364,587
Water utilities: 0.05%
American Water Works Company Incorporated	244	37,608
Total Common stocks (Cost $21,198,428)		49,222,227

	Interest rate	Maturity date	Principal
U.S. Treasury securities: 34.21%
U.S. Treasury Bond	1.13%	5-15-2040	$ 109,000	94,098
U.S. Treasury Bond	1.13	8-15-2040	145,000	124,745
U.S. Treasury Bond	1.25	5-15-2050	120,000	97,983
U.S. Treasury Bond	1.38	11-15-2040	87,000	78,150
U.S. Treasury Bond	1.38	8-15-2050	151,000	127,294
U.S. Treasury Bond	1.63	11-15-2050	87,000	78,137
U.S. Treasury Bond	2.00	2-15-2050	152,000	149,328
U.S. Treasury Bond	2.25	8-15-2046	106,000	109,602
U.S. Treasury Bond	2.25	8-15-2049	108,000	111,881
U.S. Treasury Bond	2.38	11-15-2049	127,000	135,235

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 21

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal	Value
U.S. Treasury securities (continued)
U.S. Treasury Bond	2.50%	2-15-2045	$ 116,000	$ 125,507
U.S. Treasury Bond	2.50	2-15-2046	106,000	114,828
U.S. Treasury Bond	2.50	5-15-2046	105,000	113,753
U.S. Treasury Bond	2.75	8-15-2042	66,000	74,371
U.S. Treasury Bond	2.75	11-15-2042	78,000	87,832
U.S. Treasury Bond	2.75	8-15-2047	101,000	114,888
U.S. Treasury Bond	2.75	11-15-2047	100,000	113,836
U.S. Treasury Bond	2.88	5-15-2043	111,000	127,659
U.S. Treasury Bond	2.88	8-15-2045	115,000	132,942
U.S. Treasury Bond	2.88	11-15-2046	104,000	120,705
U.S. Treasury Bond	2.88	5-15-2049	140,000	163,937
U.S. Treasury Bond	3.00	5-15-2042	40,000	46,822
U.S. Treasury Bond	3.00	11-15-2044	114,000	134,208
U.S. Treasury Bond	3.00	5-15-2045	116,000	136,798
U.S. Treasury Bond	3.00	11-15-2045	115,000	135,965
U.S. Treasury Bond	3.00	2-15-2047	106,000	125,925
U.S. Treasury Bond	3.00	5-15-2047	104,000	123,667
U.S. Treasury Bond	3.00	2-15-2048	114,000	135,892
U.S. Treasury Bond	3.00	8-15-2048	121,000	144,472
U.S. Treasury Bond	3.00	2-15-2049	140,000	167,612
U.S. Treasury Bond	3.13	11-15-2041	37,000	44,105
U.S. Treasury Bond	3.13	2-15-2042	46,000	54,871
U.S. Treasury Bond	3.13	2-15-2043	79,000	94,393
U.S. Treasury Bond	3.13	8-15-2044	115,000	138,013
U.S. Treasury Bond	3.13	5-15-2048	123,000	150,007
U.S. Treasury Bond	3.38	5-15-2044	110,000	137,161
U.S. Treasury Bond	3.38	11-15-2048	135,000	172,368
U.S. Treasury Bond	3.50	2-15-2039	29,000	36,276
U.S. Treasury Bond	3.63	8-15-2043	88,000	113,341
U.S. Treasury Bond	3.63	2-15-2044	113,000	146,057
U.S. Treasury Bond	3.75	8-15-2041	36,000	46,769
U.S. Treasury Bond	3.75	11-15-2043	110,000	144,392
U.S. Treasury Bond	3.88	8-15-2040	37,000	48,645
U.S. Treasury Bond	4.25	5-15-2039	31,000	42,423
U.S. Treasury Bond	4.25	11-15-2040	40,000	55,178
U.S. Treasury Bond	4.38	2-15-2038	18,000	24,777
U.S. Treasury Bond	4.38	11-15-2039	35,000	48,690
U.S. Treasury Bond	4.38	5-15-2040	35,000	48,911
U.S. Treasury Bond	4.38	5-15-2041	33,000	46,364
U.S. Treasury Bond	4.50	2-15-2036	26,000	35,693
U.S. Treasury Bond	4.50	5-15-2038	21,000	29,331
U.S. Treasury Bond	4.50	8-15-2039	33,000	46,527
U.S. Treasury Bond	4.63	2-15-2040	38,000	54,548
U.S. Treasury Bond	4.75	2-15-2037	13,000	18,454
U.S. Treasury Bond	4.75	2-15-2041	44,000	64,524
U.S. Treasury Bond	5.00	5-15-2037	17,000	24,776
U.S. Treasury Bond	5.25	11-15-2028	45,000	57,762
U.S. Treasury Bond	5.25	2-15-2029	33,000	42,557
U.S. Treasury Bond	5.38	2-15-2031	31,000	42,155
U.S. Treasury Bond	5.50	8-15-2028	35,000	45,274
U.S. Treasury Bond	6.13	11-15-2027	49,000	64,211
U.S. Treasury Bond	6.13	8-15-2029	25,000	34,363
U.S. Treasury Bond	6.25	5-15-2030	21,000	29,633
U.S. Treasury Bond	6.38	8-15-2027	21,000	27,636
U.S. Treasury Bond	6.88	8-15-2025	21,000	26,269

The accompanying notes are an integral part of these financial statements.

22 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal	Value
U.S. Treasury securities (continued)
U.S. Treasury Note	0.13%	11-30-2022	$ 178,000	$ 177,882
U.S. Treasury Note	0.13	5-15-2023	117,000	116,781
U.S. Treasury Note	0.13	7-15-2023	123,000	122,678
U.S. Treasury Note	0.13	8-15-2023	128,000	127,605
U.S. Treasury Note	0.13	9-15-2023	143,000	142,475
U.S. Treasury Note	0.13	10-15-2023	146,000	145,373
U.S. Treasury Note	0.25	4-15-2023	119,000	119,065
U.S. Treasury Note	0.25	6-15-2023	122,000	122,010
U.S. Treasury Note	0.25	11-15-2023	172,000	171,711
U.S. Treasury Note	0.25	5-31-2025	132,000	129,783
U.S. Treasury Note	0.25	6-30-2025	142,000	139,482
U.S. Treasury Note	0.25	7-31-2025	147,000	144,221
U.S. Treasury Note	0.25	8-31-2025	153,000	149,928
U.S. Treasury Note	0.25	10-31-2025	176,000	172,074
U.S. Treasury Note	0.38	4-30-2025	126,000	124,646
U.S. Treasury Note	0.38	11-30-2025	181,000	177,741
U.S. Treasury Note	0.38	7-31-2027	134,000	128,431
U.S. Treasury Note	0.38	9-30-2027	155,000	148,073
U.S. Treasury Note	0.50	3-15-2023	104,000	104,528
U.S. Treasury Note	0.50	3-31-2025	120,000	119,405
U.S. Treasury Note	0.50	4-30-2027	98,000	95,049
U.S. Treasury Note	0.50	5-31-2027	111,000	107,462
U.S. Treasury Note	0.50	6-30-2027	122,000	117,997
U.S. Treasury Note	0.50	8-31-2027	142,000	136,930
U.S. Treasury Note	0.50	10-31-2027	168,000	161,523
U.S. Treasury Note	0.63	3-31-2027	81,000	79,247
U.S. Treasury Note	0.63	11-30-2027	179,000	173,266
U.S. Treasury Note	0.63	5-15-2030	178,000	166,381
U.S. Treasury Note	0.63	8-15-2030	222,000	206,824
U.S. Treasury Note	0.88	11-15-2030	132,000	125,524
U.S. Treasury Note	1.13	2-28-2025	118,000	120,157
U.S. Treasury Note	1.13	2-28-2027	47,000	47,336
U.S. Treasury Note	1.25	7-31-2023	67,000	68,371
U.S. Treasury Note	1.25	8-31-2024	104,000	106,454
U.S. Treasury Note	1.38	2-15-2023	82,000	83,576
U.S. Treasury Note	1.38	6-30-2023	64,000	65,438
U.S. Treasury Note	1.38	8-31-2023	124,000	126,930
U.S. Treasury Note	1.38	9-30-2023	90,000	92,169
U.S. Treasury Note	1.38	1-31-2025	105,000	107,883
U.S. Treasury Note	1.38	8-31-2026	95,000	97,253
U.S. Treasury Note	1.50	1-31-2022	128,000	129,080
U.S. Treasury Note	1.50	1-15-2023	79,000	80,602
U.S. Treasury Note	1.50	2-28-2023	126,000	128,712
U.S. Treasury Note	1.50	3-31-2023	126,000	128,810
U.S. Treasury Note	1.50	9-30-2024	108,000	111,421
U.S. Treasury Note	1.50	10-31-2024	114,000	117,634
U.S. Treasury Note	1.50	11-30-2024	122,000	125,884
U.S. Treasury Note	1.50	8-15-2026	102,000	105,028
U.S. Treasury Note	1.50	1-31-2027	98,000	100,745
U.S. Treasury Note	1.50	2-15-2030	209,000	211,066
U.S. Treasury Note	1.63	8-15-2022	117,000	118,993
U.S. Treasury Note	1.63	8-31-2022	151,000	153,613
U.S. Treasury Note	1.63	11-15-2022	150,000	153,023
U.S. Treasury Note	1.63	12-15-2022	104,000	106,210
U.S. Treasury Note	1.63	4-30-2023	66,000	67,671

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 23

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal	Value
U.S. Treasury securities (continued)
U.S. Treasury Note	1.63%	5-31-2023	$ 64,000	$ 65,690
U.S. Treasury Note	1.63	10-31-2023	90,000	92,735
U.S. Treasury Note	1.63	2-15-2026	102,000	105,729
U.S. Treasury Note	1.63	5-15-2026	105,000	108,835
U.S. Treasury Note	1.63	9-30-2026	97,000	100,497
U.S. Treasury Note	1.63	10-31-2026	94,000	97,360
U.S. Treasury Note	1.63	11-30-2026	97,000	100,452
U.S. Treasury Note	1.63	8-15-2029	157,000	160,575
U.S. Treasury Note	1.75	2-28-2022	129,000	130,441
U.S. Treasury Note	1.75	3-31-2022	128,000	129,600
U.S. Treasury Note	1.75	4-30-2022	126,000	127,742
U.S. Treasury Note	1.75	5-15-2022	111,000	112,613
U.S. Treasury Note	1.75	5-31-2022	149,000	151,258
U.S. Treasury Note	1.75	6-30-2022	149,000	151,445
U.S. Treasury Note	1.75	9-30-2022	144,000	146,897
U.S. Treasury Note	1.75	1-31-2023	129,000	132,159
U.S. Treasury Note	1.75	5-15-2023	113,000	116,178
U.S. Treasury Note	1.75	7-31-2024	110,000	114,310
U.S. Treasury Note	1.75	12-31-2024	99,000	103,022
U.S. Treasury Note	1.75	12-31-2026	99,000	103,184
U.S. Treasury Note	1.75	11-15-2029	178,000	183,729
U.S. Treasury Note	1.88	1-31-2022	157,000	158,662
U.S. Treasury Note	1.88	2-28-2022	153,000	154,841
U.S. Treasury Note	1.88	3-31-2022	153,000	155,056
U.S. Treasury Note	1.88	4-30-2022	153,000	155,271
U.S. Treasury Note	1.88	5-31-2022	128,000	130,090
U.S. Treasury Note	1.88	7-31-2022	149,000	151,840
U.S. Treasury Note	1.88	8-31-2022	142,000	144,873
U.S. Treasury Note	1.88	9-30-2022	144,000	147,116
U.S. Treasury Note	1.88	10-31-2022	143,000	146,285
U.S. Treasury Note	1.88	8-31-2024	125,000	130,400
U.S. Treasury Note	1.88	6-30-2026	98,000	102,758
U.S. Treasury Note	1.88	7-31-2026	99,000	103,861
U.S. Treasury Note	2.00	12-31-2021	155,000	156,489
U.S. Treasury Note	2.00	2-15-2022	133,000	134,611
U.S. Treasury Note	2.00	7-31-2022	144,000	146,948
U.S. Treasury Note	2.00	10-31-2022	143,000	146,525
U.S. Treasury Note	2.00	11-30-2022	129,000	132,336
U.S. Treasury Note	2.00	2-15-2023	118,000	121,448
U.S. Treasury Note	2.00	4-30-2024	123,000	128,458
U.S. Treasury Note	2.00	5-31-2024	123,000	128,540
U.S. Treasury Note	2.00	6-30-2024	123,000	128,631
U.S. Treasury Note	2.00	2-15-2025	289,000	303,450
U.S. Treasury Note	2.00	8-15-2025	220,000	231,516
U.S. Treasury Note	2.00	11-15-2026	170,000	179,403
U.S. Treasury Note	2.13	12-31-2021	126,000	127,290
U.S. Treasury Note	2.13	6-30-2022	126,000	128,545
U.S. Treasury Note	2.13	12-31-2022	129,000	132,749
U.S. Treasury Note	2.13	11-30-2023	110,000	114,757
U.S. Treasury Note	2.13	2-29-2024	128,000	133,925
U.S. Treasury Note	2.13	3-31-2024	127,000	132,963
U.S. Treasury Note	2.13	7-31-2024	123,000	129,188
U.S. Treasury Note	2.13	9-30-2024	118,000	124,112
U.S. Treasury Note	2.13	11-30-2024	119,000	125,340
U.S. Treasury Note	2.13	5-15-2025	234,000	247,080

The accompanying notes are an integral part of these financial statements.

24 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal	Value
U.S. Treasury securities (continued)
U.S. Treasury Note	2.13%	5-31-2026	$ 97,000	$ 102,873
U.S. Treasury Note	2.25	12-31-2023	127,000	132,988
U.S. Treasury Note	2.25	1-31-2024	127,000	133,157
U.S. Treasury Note	2.25	4-30-2024	120,000	126,150
U.S. Treasury Note	2.25	10-31-2024	121,000	127,858
U.S. Treasury Note	2.25	11-15-2024	290,000	306,562
U.S. Treasury Note	2.25	12-31-2024	118,000	124,868
U.S. Treasury Note	2.25	11-15-2025	219,000	232,995
U.S. Treasury Note	2.25	3-31-2026	99,000	105,512
U.S. Treasury Note	2.25	2-15-2027	196,000	209,483
U.S. Treasury Note	2.25	8-15-2027	101,000	108,015
U.S. Treasury Note	2.25	11-15-2027	99,000	105,899
U.S. Treasury Note	2.38	1-31-2023	144,000	148,978
U.S. Treasury Note	2.38	2-29-2024	84,000	88,426
U.S. Treasury Note	2.38	8-15-2024	289,000	305,967
U.S. Treasury Note	2.38	4-30-2026	98,000	105,074
U.S. Treasury Note	2.38	5-15-2027	164,000	176,550
U.S. Treasury Note	2.38	5-15-2029	90,000	97,119
U.S. Treasury Note	2.50	3-31-2023	83,000	86,310
U.S. Treasury Note	2.50	8-15-2023	102,000	106,793
U.S. Treasury Note	2.50	1-31-2024	103,000	108,669
U.S. Treasury Note	2.50	5-15-2024	281,000	297,651
U.S. Treasury Note	2.50	1-31-2025	116,000	123,880
U.S. Treasury Note	2.50	2-28-2026	97,000	104,442
U.S. Treasury Note	2.63	2-28-2023	146,000	151,891
U.S. Treasury Note	2.63	6-30-2023	83,000	86,917
U.S. Treasury Note	2.63	12-31-2023	97,000	102,490
U.S. Treasury Note	2.63	3-31-2025	114,000	122,448
U.S. Treasury Note	2.63	12-31-2025	97,000	104,859
U.S. Treasury Note	2.63	1-31-2026	95,000	102,763
U.S. Treasury Note	2.63	2-15-2029	181,000	198,478
U.S. Treasury Note	2.75	4-30-2023	82,000	85,764
U.S. Treasury Note	2.75	5-31-2023	82,000	85,933
U.S. Treasury Note	2.75	7-31-2023	80,000	84,131
U.S. Treasury Note	2.75	8-31-2023	145,000	152,720
U.S. Treasury Note	2.75	11-15-2023	134,000	141,689
U.S. Treasury Note	2.75	2-15-2024	217,000	230,452
U.S. Treasury Note	2.75	2-28-2025	121,000	130,392
U.S. Treasury Note	2.75	6-30-2025	119,000	128,701
U.S. Treasury Note	2.75	8-31-2025	122,000	132,146
U.S. Treasury Note	2.75	2-15-2028	189,000	208,247
U.S. Treasury Note	2.88	9-30-2023	148,000	156,550
U.S. Treasury Note	2.88	10-31-2023	84,000	88,988
U.S. Treasury Note	2.88	11-30-2023	76,000	80,649
U.S. Treasury Note	2.88	4-30-2025	114,000	123,645
U.S. Treasury Note	2.88	5-31-2025	117,000	127,018
U.S. Treasury Note	2.88	7-31-2025	118,000	128,288
U.S. Treasury Note	2.88	11-30-2025	96,000	104,745
U.S. Treasury Note	2.88	5-15-2028	178,000	197,733
U.S. Treasury Note	2.88	8-15-2028	190,000	211,308
U.S. Treasury Note	3.00	9-30-2025	121,000	132,462
U.S. Treasury Note	3.00	10-31-2025	76,000	83,262
U.S. Treasury Note	3.13	11-15-2028	226,000	255,671
U.S. Treasury Note	6.00	2-15-2026	42,000	51,923
U.S. Treasury Note	6.25	8-15-2023	17,000	19,146

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 25

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal	Value
U.S. Treasury securities (continued)
U.S. Treasury Note	6.50%	11-15-2026	$ 28,000	$ 36,173
U.S. Treasury Note	6.63	2-15-2027	18,000	23,578
U.S. Treasury Note	6.75	8-15-2026	21,000	27,165
U.S. Treasury Note	7.13	2-15-2023	24,000	26,698
U.S. Treasury Note	7.25	8-15-2022	24,000	25,913
U.S. Treasury Note	7.50	11-15-2024	22,000	27,159
U.S. Treasury Note	7.63	11-15-2022	12,000	13,223
U.S. Treasury Note	7.63	2-15-2025	20,000	25,059
Total U.S. Treasury securities (Cost $26,847,150)				28,025,084

		Yield	Shares
Short-term investments: 4.27%
Investment companies: 4.27%
Wells Fargo Government Money Market Fund Select Class ♠∞		0.03	3,499,550	3,499,550
Total Short-term investments (Cost $3,499,550)				3,499,550
Total investments in securities (Cost $51,545,128)	98.56%			80,746,861
Other assets and liabilities, net	1.44			1,182,273
Total net assets	100.00%			$81,929,134

†	Non-income-earning security
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
REIT	Real estate investment trust

The accompanying notes are an integral part of these financial statements.

26 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	% of net assets	Shares, end of period	Income from affiliated securities
Common stocks
Financials
Banks
Wells Fargo & Company	$187,086	$ 83	$ (26,061)	$ 9,130	$ 81,982	$ 252,220	0.31%	5,569	$ 1,193
Short-term investments
Investment companies
Securities Lending Cash Investments LLC	11,350	14,207	(25,557)	0	0	0		0	2 ^#
Wells Fargo Government Money Market Fund Select Class	898,399	6,985,540	(4,384,389)	0	0	3,499,550		3,499,550	397
						3,499,550	4.27
				$9,130	$81,982	$3,751,770	4.58%		$1,592

^#	Amount shown represents income before fees and rebates.

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
E-Mini S&P 500 Index	29	9-17-2021	$ 6,143,210	$ 6,218,470	$ 75,260	$ 0
U.S. Treasury Bonds	2	9-21-2021	316,521	321,500	4,979	0
Ultra U.S. Treasury Bonds	4	9-21-2021	744,758	770,750	25,992	0
2-Year U.S. Treasury Notes	3	9-30-2021	661,906	660,961	0	(945)
5-Year U.S. Treasury Notes	10	9-30-2021	1,236,067	1,234,297	0	(1,770)
Short
10-Year U.S. Treasury Notes	(15)	9-21-2021	(1,973,824)	(1,987,500)	0	(13,676)
					$106,231	$(16,391)

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 27

Table of Contents

Statement of assets and liabilities—June 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities, at value (cost $47,873,375)	$ 76,995,091
Investments in affiliated securites, at value (cost $3,671,753)	3,751,770
Cash	238
Cash at broker segregated for futures contracts	410,981
Receivable for investments sold	690,525
Receivable for dividends and interest	157,779
Receivable for daily variation margin on open futures contracts	9,815
Prepaid expenses and other assets	25,805
Total assets	82,042,004
Liabilities
Payable for Fund shares redeemed	35,604
Management fee payable	31,834
Professional fees payable	17,855
Distribution fee payable	16,446
Administration fee payable	5,350
Payable for investments purchased	1,834
Trustees’ fees and expenses payable	1,039
Accrued expenses and other liabilities	2,908
Total liabilities	112,870
Total net assets	$81,929,134
Net assets consist of
Paid-in capital	$ 42,598,944
Total distributable earnings	39,330,190
Total net assets	$81,929,134
Computation of net asset value per share
Net assets - Class 2	$ 81,929,134
Share outstanding - Class 2¹	3,469,496
Net asset value per share - Class 2	$23.61

¹	The Fund has an unlimited number of authorized shares

The accompanying notes are an integral part of these financial statements.

28 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Statement of operations—six months ended June 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $32)	$ 353,936
Interest	231,821
Income from affiliated securities	1,638
Total investment income	587,395
Expenses
Management fee	234,485
Administration fee - Class 2	31,265
Distribution fee - Class 2	96,467
Custody and accounting fees	17,775
Professional fees	24,646
Shareholder report expenses	14,242
Trustees’ fees and expenses	9,398
Other fees and expenses	14,610
Total expenses	442,888
Less: Fee waivers and/or expense reimbursements
Fund-level	(52,423)
Net expenses	390,465
Net investment income	196,930
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities	3,455,693
Affiliated securities	9,130
Futures contracts	674,305
Net realized gains on investments	4,139,128
Net change in unrealized gains (losses) on
Unaffiliated securities	2,037,178
Affiliated securities	81,982
Futures contracts	(17,039)
Net change in unrealized gains (losses) on investments	2,102,121
Net realized and unrealized gains (losses) on investments	6,241,249
Net increase in net assets resulting from operations	$6,438,179

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 29

Table of Contents

Statement of changes in net assets


	Six months ended June 30, 2021 (unaudited)		Year ended December 31, 2020
Operations
Net investment income		$ 196,930		$ 570,640
Net realized gains on investments		4,139,128		7,532,027
Net change in unrealized gains (losses) on investments		2,102,121		3,213,094
Net increase in net assets resulting from operations		6,438,179		11,315,761
Distributions to shareholders from
Net investment income and net realized gains - Class 2		(309,661)		(6,314,848)
Capital share transactions	Shares		Shares
Proceeds from shares sold - Class 2	46,434	1,030,630	180,317	3,691,931
Reinvestment of distributions - Class 2	13,774	309,661	318,519	6,314,848
Payment for shares redeemed - Class 2	(191,227)	(4,330,923)	(411,678)	(8,409,040)
Net increase (decrease) in net assets resulting from capital share transactions		(2,990,632)		1,597,739
Total increase in net assets		3,137,886		6,598,652
Net assets
Beginning of period		78,791,248		72,192,596
End of period		$81,929,134		$78,791,248

The accompanying notes are an integral part of these financial statements.

30 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 2	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$21.88	$20.55	$18.42	$20.45	$19.16	$18.47
Net investment income	0.06	0.16	0.22	0.20	0.17	0.17
Net realized and unrealized gains (losses) on investments	1.76	3.04	3.42	(0.70)	2.12	1.22
Total from investment operations	1.82	3.20	3.64	(0.50)	2.29	1.39
Distributions to shareholders from
Net investment income	(0.09)	(0.17)	(0.22)	(0.20)	(0.15)	(0.17)
Net realized gains	0.00	(1.70)	(1.29)	(1.33)	(0.85)	(0.53)
Total distributions to shareholders	(0.09)	(1.87)	(1.51)	(1.53)	(1.00)	(0.70)
Net asset value, end of period	$23.61	$21.88	$20.55	$18.42	$20.45	$19.16
Total return¹	8.33%	16.59%	20.16%	(2.90)%	12.25%	7.67%
Ratios to average net assets (annualized)
Gross expenses	1.13%	1.14%	1.05%	1.05%	1.16%	1.10%
Net expenses	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Net investment income	0.50%	0.78%	1.07%	0.94%	0.86%	0.93%
Supplemental data
Portfolio turnover rate	1%	21%	4%	10%	10%	15%
Net assets, end of period (000s omitted)	$81,929	$78,791	$72,193	$68,851	$81,956	$81,505

¹	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Index Asset Allocation Fund | 31

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo VT Index Asset Allocation Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

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 Fund’s Valuation Procedures.

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

32 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Notes to financial statements (unaudited)

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Futures contracts

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

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

Wells Fargo VT Index Asset Allocation Fund | 33

Table of Contents

Notes to financial statements (unaudited)

As of June 30, 2021, the aggregate cost of all investments for federal income tax purposes was $52,189,912 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$29,936,443
Gross unrealized losses	(1,289,654)
Net unrealized gains	$28,646,789

3. 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 Fund’s own assumptions in determining the fair value of investments)

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

34 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 5,484,478	$0	$0	$ 5,484,478
Consumer discretionary	6,047,244	0	0	6,047,244
Consumer staples	2,880,659	0	0	2,880,659
Energy	1,398,546	0	0	1,398,546
Financials	5,540,161	0	0	5,540,161
Health care	6,392,857	0	0	6,392,857
Industrials	4,194,574	0	0	4,194,574
Information technology	13,539,932	0	0	13,539,932
Materials	1,277,369	0	0	1,277,369
Real estate	1,265,377	0	0	1,265,377
Utilities	1,201,030	0	0	1,201,030
U.S. Treasury securities	28,025,084	0	0	28,025,084
Short-term investments
Investment companies	3,499,550	0	0	3,499,550
	80,746,861	0	0	80,746,861
Futures contracts	106,231	0	0	106,231
Total assets	$80,853,092	$0	$0	$80,853,092
Liabilities
Futures contracts	$ 16,391	$0	$0	$ 16,391
Total liabilities	$ 16,391	$0	$0	$ 16,391

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

For the six months ended June 30, 2021, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo VT Index Asset Allocation Fund | 35

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Management fee
First $500 million	0.600%
Next $500 million	0.550
Next $2 billion	0.500
Next $2 billion	0.475
Next $5 billion	0.440
Over $10 billion	0.430

For the six months ended June 30, 2021, the management fee was equivalent to an annual rate of 0.60% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management, LLC ("WellsCap"), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fee

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of Class 2 shares.

Waivers and/or expense reimbursements

Funds Management has contractually committed through April 30, 2022 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.00% for Class 2 shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2021 were $620,784 and $5,336,780, respectively.

6. SECURITIES LENDING TRANSACTIONS

36 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Notes to financial statements (unaudited)

7. DERIVATIVE TRANSACTIONS

During the six months ended June 30, 2021, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy. The Fund had an average notional amount of $9,748,911 in long futures contracts and $2,164,038 in short futures contracts during the six months ended June 30, 2021.

The cumulative unrealized gains (losses) reported in the table following the Portfolio of Investments represents the fair value of futures contracts at the end of the period. Only the current day’s variation margin as of June 30, 2021 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2021 was as follows:

	Amount of realized gains (losses) on derivatives	Change in unrealized gains (losses) on derivatives
Equity risk	$ 690,024	$ (8,201)
Interest rate risk	(15,719)	(8,838)
	$674,305	$(17,039)

8. BANK BORROWINGS

For the six months ended June 30, 2021, there were no borrowings by the Fund under the agreement.

9. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. INDEMNIFICATION

11. CORONAVIRUS (COVID-19) PANDEMIC

12. SUBSEQUENT EVENTS

Wells Fargo VT Index Asset Allocation Fund | 37

Table of Contents

Notes to financial statements (unaudited)

38 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Wells Fargo VT Index Asset Allocation Fund | 39

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

40 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Wells Fargo VT Index Asset Allocation Fund | 41

Table of Contents

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

42 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Board considerations (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Board Considerations – Current Agreements

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Variable Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 17-19, 2021 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo VT Index Asset Allocation Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Wells Fargo VT Index Asset Allocation Fund | 43

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Index Asset Allocation Blended Index, for all periods under review except the one-year period, which was higher than its benchmark index.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

44 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Board considerations (unaudited)

by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Conclusion

Wells Fargo VT Index Asset Allocation Fund | 45

Table of Contents

Board considerations (unaudited)

Board Considerations – New Agreements

Overview of the Board evaluation process

Among other information considered by the Board in connection with the Transaction was:

■

46 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Board considerations (unaudited)

■

Nature, extent and quality of services

Wells Fargo VT Index Asset Allocation Fund | 47

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

Investment management and sub-advisory fee rates

48 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

“Fall-out” benefits to Funds Management and the Sub-Adviser

Wells Fargo VT Index Asset Allocation Fund | 49

Table of Contents

Board considerations (unaudited)

Conclusion

50 | Wells Fargo VT Index Asset Allocation Fund

Table of Contents

Board considerations (unaudited)

Board Considerations - Interim Agreements

Wells Fargo VT Index Asset Allocation Fund | 51

Table of Contents

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

PAR-0721-00693 08-21
SVT2/SAR136 06-21

Semi-Annual Report

June 30, 2021

Wells Fargo
VT International Equity Fund

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	15
Other information	22
Board considerations
Board considerations - current agreements	26
Board considerations - new agreements	29
Board considerations - interim agreements	34

Reduce clutter.

Save trees.

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

Wells Fargo VT International Equity Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo VT International Equity Fund for the six-month period that ended June 30, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. Bonds were mixed during the period, with municipal bonds and high-yield bonds delivering positive returns.

Vaccination rollout drove the stock markets to new highs.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2 | Wells Fargo VT International Equity Fund

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Wells Fargo Funds

_“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021._”

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.

Wells Fargo VT International Equity Fund | 3

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Wells Fargo Funds Management, LLC
Subadviser	Wells Capital Management, LLC
Portfolio managers	Venkateshwar (Venk) Lal, Dale A. Winner, CFA®^‡

Average annual total returns (%) as of June 30, 2021
					Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	Gross	Net ²
Class 1	8-17-1998	42.66	9.00	4.86	1.13	0.69
Class 2	7-31-2002	42.11	8.73	4.60	1.38	0.94
MSCI ACWI ex USA Index (Net)³	–	35.72	11.08	5.45	–	–
MSCI ACWI ex USA Value Index (Net)⁴	–	37.56	8.54	3.48	–	–

¹	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through April 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.69% for Class 1 shares and 0.94% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
⁴	The MSCI ACWI ex USA Value Index (Net) measures the equity market performance of large- and mid-cap securities exhibiting overall value style characteristics across developed and emerging market countries, excluding the U.S. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price, and dividend yield. You cannot invest directly in an index.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

4 | Wells Fargo VT International Equity Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of June 30, 2021¹
Hitachi Limited	3.09
Tech Mahindra Limited	3.02
Stellantis NV	3.00
Compagnie de Saint-Gobain SA	3.00
Xinyi Glass Holdings Limited	3.00
LafargeHolcim Limited	2.99
LONGi Green Energy Technology Company Limited Class A	2.81
Mitsubishi UFJ Financial Group Incorporated	2.56
Smiths Group plc	2.52
Samsonite International SA	2.52

¹	Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of June 30, 2021¹

¹	Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.

Geographic allocation as of June 30, 2021¹

¹	Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.

Wells Fargo VT International Equity Fund | 5

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 1-1-2021	Ending account value 6-30-2021	Expenses paid during the period¹	Annualized net expense ratio
Class 1
Actual	$1,000.00	$1,113.51	$3.62	0.69%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.37	$3.46	0.69%
Class 2
Actual	$1,000.00	$1,109.37	$4.92	0.94%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.13	$4.71	0.94%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6 | Wells Fargo VT International Equity Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Common stocks: 96.34%
Australia: 2.33%
Qantas Airways Limited (Industrials, Airlines) †	524,885	$ 1,834,351
Brazil: 0.85%
CPFL Energia SA (Utilities, Electric utilities)	123,200	666,555
Canada: 2.50%
Home Capital Group Incorporated (Financials, Thrifts & mortgage finance) †	38,900	1,167,377
Lundin Mining Corporation (Materials, Metals & mining)	88,572	798,834
		1,966,211
China: 16.59%
Alibaba Group Holding Limited ADR (Consumer discretionary, Internet & direct marketing retail) †	66,104	1,873,045
China Resources Land Limited (Real estate, Real estate management & development)	346,000	1,401,504
LONGi Green Energy Technology Company Limited Class A (Information technology, Semiconductors & semiconductor equipment)	160,600	2,208,127
Midea Group Company Limited Class A (Consumer discretionary, Household durables)	149,398	1,650,177
Oppein Home Group Incorporated Class A (Consumer discretionary, Household durables)	43,740	960,981
Sands China Limited (Consumer discretionary, Hotels, restaurants & leisure) †	370,800	1,561,655
Shanghai Pharmaceuticals Holding Company Limited Class H (Health care, Health care providers & services)	725,300	1,584,314
Topsports International Holdings Limited (Consumer discretionary, Specialty retail) 144A	1,104,000	1,808,647
		13,048,450
Denmark: 1.76%
Danske Bank AS (Financials, Banks)	78,749	1,385,681
France: 3.64%
Compagnie de Saint-Gobain SA (Industrials, Building products)	35,791	2,357,072
Faurecia SE (Consumer discretionary, Auto components)	1,821	89,069
Sanofi SA (Health care, Pharmaceuticals)	3,984	417,415
		2,863,556
Germany: 2.29%
Rheinmetall AG (Industrials, Industrial conglomerates)	9,157	904,464
Siemens AG (Industrials, Industrial conglomerates)	5,178	820,402
Siemens Energy AG (Industrials, Electrical equipment) †	2,589	78,037
		1,802,903
Hong Kong: 3.00%
Xinyi Glass Holdings Limited (Consumer discretionary, Auto components)	578,000	2,356,130
India: 3.02%
Tech Mahindra Limited (Information technology, IT services)	161,129	2,374,664
Ireland: 1.04%
Greencore Group plc (Consumer staples, Food products) †	472,935	821,689
Israel: 0.90%
Check Point Software Technologies Limited (Information technology, Software) †	6,091	707,348

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT International Equity Fund | 7

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Italy: 0.57%
Prysmian SpA (Industrials, Electrical equipment)	12,493	$ 447,814
Japan: 11.88%
Daiwa Securities Group Incorporated (Financials, Capital markets)	332,000	1,823,243
Hitachi Limited (Industrials, Industrial conglomerates)	42,500	2,433,435
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)	372,400	2,011,592
ORIX Corporation (Financials, Diversified financial services)	102,100	1,722,728
Takeda Pharmaceutical Company Limited (Health care, Pharmaceuticals)	40,500	1,355,772
		9,346,770
Luxembourg: 1.19%
ArcelorMittal SA (Materials, Metals & mining)	30,655	939,626
Mexico: 0.29%
Fresnillo plc (Materials, Metals & mining)	21,717	231,797
Netherlands: 8.26%
Koninklijke Philips NV (Health care, Health care equipment & supplies) «	27,608	1,368,045
NN Group NV (Financials, Insurance)	40,131	1,892,945
OCI NV (Materials, Chemicals) †	35,980	875,451
Stellantis NV (Consumer discretionary, Automobiles)	120,460	2,364,498
		6,500,939
Norway: 2.07%
Den Norske Bank ASA (Financials, Banks)	74,658	1,626,666
South Korea: 8.11%
Coway Company Limited (Consumer discretionary, Household durables)	26,051	1,820,551
Hana Financial Group Incorporated (Financials, Banks)	43,378	1,773,793
Samsung Electronics Company Limited GDR (Information technology, Technology hardware, storage & peripherals) 144A	946	1,687,191
SK Telecom Company Limited (Communication services, Wireless telecommunication services)	3,866	1,098,539
		6,380,074
Switzerland: 2.99%
LafargeHolcim Limited (Materials, Construction materials)	39,237	2,353,584
Thailand: 2.40%
Siam Commercial Bank plc (Financials, Banks)	616,700	1,885,697
United Kingdom: 11.41%
ConvaTec Group plc (Health care, Health care equipment & supplies) 144A	351,420	1,169,603
Kingfisher plc (Consumer discretionary, Specialty retail)	243,629	1,228,409
Man Group plc (Financials, Capital markets)	736,171	1,832,512
Nomad Foods Limited (Consumer staples, Food products) †	64,389	1,820,277
Sensata Technologies Holding plc (Industrials, Electrical equipment) †	16,242	941,549
Smiths Group plc (Industrials, Industrial conglomerates)	90,165	1,983,131
		8,975,481
United States: 9.25%
Advance Auto Parts Incorporated (Consumer discretionary, Specialty retail)	5,038	1,033,495
Baker Hughes Incorporated (Energy, Energy equipment & services)	71,189	1,628,092
Berry Global Group Incorporated (Materials, Containers & packaging) †	22,893	1,493,081

The accompanying notes are an integral part of these financial statements.

8 | Wells Fargo VT International Equity Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

		Yield
Short-term investments: 2.79%
Investment companies: 2.79%
Securities Lending Cash Investments LLC ♠∩∞		0.03%	24,995	24,995
Wells Fargo Government Money Market Fund Select Class ♠∞		0.03	2,169,753	2,169,753
Total Short-term investments (Cost $2,194,748)				2,194,748
Total investments in securities (Cost $62,330,618)	99.13%			77,988,597
Other assets and liabilities, net	0.87			682,765
Total net assets	100.00%			$78,671,362

†	Non-income-earning security
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
ADR	American depositary receipt
GDR	Global depositary receipt

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	% of net assets	Shares, end of period	Income from affiliated securities
Short-term investments
Investment companies
Securities Lending Cash Investments LLC	$ 0	$ 5,377,739	$ (5,352,744)	$0	$0	$ 24,995		24,995	$ 38^#
Wells Fargo Government Money Market Fund Select Class	1,508,148	13,922,829	(13,261,224)	0	0	2,169,753		2,169,753	142
				$0	$0	$2,194,748	2.79%		$180

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT International Equity Fund | 9

Table of Contents

Statement of assets and liabilities—June 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $23,797 of securities loaned), at value (cost $60,135,870)	$ 75,793,849
Investments in affiliated securites, at value (cost $2,194,748)	2,194,748
Foreign currency, at value (cost $238,255)	236,713
Receivable for dividends	476,963
Receivable for investments sold	67,209
Receivable for Fund shares sold	4,007
Receivable for securities lending income, net	7
Prepaid expenses and other assets	89,131
Total assets	78,862,627
Liabilities
Payable for Fund shares redeemed	99,683
Payable upon receipt of securities loaned	24,995
Management fee payable	24,492
Professional fees payable	21,889
Distribution fee payable	12,797
Administration fees payable	5,297
Trustees’ fees and expenses payable	2,112
Total liabilities	191,265
Total net assets	$78,671,362
Net assets consist of
Paid-in capital	$ 69,481,092
Total distributable earnings	9,190,270
Total net assets	$78,671,362
Computation of net asset value per share
Net assets – Class 1	$ 17,779,081
Shares outstanding – Class 1¹	8,638,474
Net asset value per share – Class 1	$2.06
Net assets – Class 2	$ 60,892,281
Shares outstanding – Class 2¹	28,628,030
Net asset value per share – Class 2	$2.13

¹	The Fund has an unlimited number of authorized shares

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo VT International Equity Fund

Table of Contents

Statement of operations—six months ended June 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $110,724)	$ 1,230,993
Income from affiliated securities	6,251
Total investment income	1,237,244
Expenses
Management fee	303,150
Administration fees
Class 1	6,924
Class 2	23,391
Distribution fee
Class 2	73,092
Custody and accounting fees	26,291
Professional fees	26,741
Shareholder report expenses	9,884
Trustees’ fees and expenses	9,399
Other fees and expenses	9,469
Total expenses	488,341
Less: Fee waivers and/or expense reimbursements
Fund-level	(153,777)
Net expenses	334,564
Net investment income	902,680
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	2,845,164
Forward foreign currency contracts	(8,714)
Net realized gains on investments	2,836,450
Net change in unrealized gains (losses) on
Unaffiliated securities (net of deferred foreign capital gain tax refund of $(3,138))	4,370,362
Forward foreign currency contracts	8,738
Net change in unrealized gains (losses) on investments	4,379,100
Net realized and unrealized gains (losses) on investments	7,215,550
Net increase in net assets resulting from operations	$8,118,230

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT International Equity Fund | 11

Table of Contents

Statement of changes in net assets


	Six months ended June 30, 2021 (unaudited)		Year ended December 31, 2020
Operations
Net investment income		$ 902,680		$ 945,532
Net realized gains (losses) on investments		2,836,450		(9,412,420)
Net change in unrealized gains (losses) on investments		4,379,100		10,559,779
Net increase in net assets resulting from operations		8,118,230		2,092,891
Distributions to shareholders from
Net investment income and net realized gains
Class 1		0		(472,932)
Class 2		0		(1,308,572)
Total distributions to shareholders		0		(1,781,504)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class 1	300,670	597,937	514,844	744,962
Class 2	581,081	1,207,440	1,093,316	1,614,560
		1,805,377		2,359,522
Reinvestment of distributions
Class 1	0	0	319,548	472,932
Class 2	0	0	849,722	1,308,572
		0		1,781,504
Payment for shares redeemed
Class 1	(1,101,079)	(2,157,673)	(2,281,763)	(3,640,125)
Class 2	(1,823,557)	(3,721,349)	(4,910,668)	(7,964,863)
		(5,879,022)		(11,604,988)
Net decrease in net assets resulting from capital share transactions		(4,073,645)		(7,463,962)
Total increase (decrease) in net assets		4,044,585		(7,152,575)
Net assets
Beginning of period		74,626,777		81,779,352
End of period		$78,671,362		$ 74,626,777

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo VT International Equity Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 1	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$1.85	$1.83	$2.85	$5.34	$4.41	$4.82
Net investment income	0.04	0.03 ¹	0.06 ¹	0.10 ¹	0.12 ¹	0.11 ¹
Net realized and unrealized gains (losses) on investments	0.17	0.04	0.34	(0.77)	0.96	(0.01)
Total from investment operations	0.21	0.07	0.40	(0.67)	1.08	0.10
Distributions to shareholders from
Net investment income	0.00	(0.05)	(0.13)	(0.61)	(0.15)	(0.15)
Net realized gains	0.00	0.00	(1.29)	(1.21)	0.00	(0.36)
Total distributions to shareholders	0.00	(0.05)	(1.42)	(1.82)	(0.15)	(0.51)
Net asset value, end of period	$2.06	$1.85	$1.83	$2.85	$5.34	$4.41
Total return²	11.35%	4.31%	16.14%	(16.86)%	24.86%	3.25%
Ratios to average net assets (annualized)
Gross expenses	1.10%	1.13%	1.13%	1.12%	0.95%	0.95%
Net expenses	0.69%	0.69%	0.69%	0.69%	0.69%	0.69%
Net investment income	2.57%	1.59%	2.55%	2.41%	2.41%	2.49%
Supplemental data
Portfolio turnover rate	24%	80%	48%	51%	55%	77%
Net assets, end of period (000s omitted)	$17,779	$17,459	$19,872	$19,315	$28,001	$25,137

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT International Equity Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 2	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$1.91	$1.89	$2.89	$5.38	$4.45	$4.84
Net investment income	0.03	0.03 ¹	0.05 ¹	0.09 ¹	0.11 ¹	0.10
Net realized and unrealized gains (losses) on investments	0.19	0.03	0.36	(0.78)	0.96	0.00
Total from investment operations	0.22	0.06	0.41	(0.69)	1.07	0.10
Distributions to shareholders from
Net investment income	0.00	(0.04)	(0.12)	(0.59)	(0.14)	(0.13)
Net realized gains	0.00	0.00	(1.29)	(1.21)	0.00	(0.36)
Total distributions to shareholders	0.00	(0.04)	(1.41)	(1.80)	(0.14)	(0.49)
Net asset value, end of period	$2.13	$1.91	$1.89	$2.89	$5.38	$4.45
Total return²	11.52%	3.83%	16.10%	(17.28)%	24.34%	3.30%
Ratios to average net assets (annualized)
Gross expenses	1.35%	1.38%	1.38%	1.30%	1.20%	1.20%
Net expenses	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%
Net investment income	2.33%	1.34%	2.30%	1.82%	2.18%	2.25%
Supplemental data
Portfolio turnover rate	24%	80%	48%	51%	55%	77%
Net assets, end of period (000s omitted)	$60,892	$57,167	$61,907	$59,004	$318,202	$288,628

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo VT International Equity Fund

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo VT International Equity Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

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 Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On June 30, 2021, such fair value pricing was not used in pricing foreign securities.

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

Wells Fargo VT International Equity Fund | 15

Table of Contents

Notes to financial statements (unaudited)

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

Foreign currency translation

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

Forward foreign currency contracts

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

Securities lending

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

16 | Wells Fargo VT International Equity Fund

Table of Contents

Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

As of June 30, 2021, the aggregate cost of all investments for federal income tax purposes was $59,606,172 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$19,519,138
Gross unrealized losses	(1,136,713)
Net unrealized gains	$18,382,425

As of December 31, 2020, the Fund had capital loss carryforwards which consisted of $1,749,723 in short-term capital losses and $7,609,870 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. 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 Fund’s own assumptions in determining the fair value of investments)

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

Wells Fargo VT International Equity Fund | 17

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Australia	$ 1,834,351	$0	$0	$ 1,834,351
Brazil	666,555	0	0	666,555
Canada	1,966,211	0	0	1,966,211
China	13,048,450	0	0	13,048,450
Denmark	1,385,681	0	0	1,385,681
France	2,863,556	0	0	2,863,556
Germany	1,802,903	0	0	1,802,903
Hong Kong	2,356,130	0	0	2,356,130
India	2,374,664	0	0	2,374,664
Ireland	821,689	0	0	821,689
Israel	707,348	0	0	707,348
Italy	447,814	0	0	447,814
Japan	9,346,770	0	0	9,346,770
Luxembourg	939,626	0	0	939,626
Mexico	231,797	0	0	231,797
Netherlands	6,500,939	0	0	6,500,939
Norway	1,626,666	0	0	1,626,666
South Korea	6,380,074	0	0	6,380,074
Switzerland	2,353,584	0	0	2,353,584
Thailand	1,885,697	0	0	1,885,697
United Kingdom	8,975,481	0	0	8,975,481
United States	7,277,863	0	0	7,277,863
Short-term investments
Investment companies	2,194,748	0	0	2,194,748
Total assets	$77,988,597	$0	$0	$77,988,597

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

For the six months ended June 30, 2021, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

18 | Wells Fargo VT International Equity Fund

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Management fee
First $500 million	0.800%
Next $500 million	0.750
Next $1 billion	0.700
Next $2 billion	0.675
Next $1 billion	0.650
Next $5 billion	0.640
Over $10 billion	0.630

For the six months ended June 30, 2021, the management fee was equivalent to an annual rate of 0.80% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management, LLC ("WellsCap"), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account services and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of each class.

Waivers and/or expense reimbursements

Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has contractually committed through April 30, 2022 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The contractual expense caps are as follows:

	Expense ratio caps
Class 1	0.69%
Class 2	0.94

Distribution fee

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2021 were $18,275,240 and $22,905,673, respectively.

Wells Fargo VT International Equity Fund | 19

Table of Contents

Notes to financial statements (unaudited)

6. SECURITIES LENDING TRANSACTIONS

Counterparty	Value of securities on loan	Collateral received¹	Net amount
BMO Capital Markets Corp.	$23,797	$(23,797)	$0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended June 30, 2021, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $326,446 and $316,074 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended June 30, 2021.

8. BANK BORROWINGS

For the six months ended June 30, 2021, there were no borrowings by the Fund under the agreement.

9. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in consumer discretionary sector and in Asia/Pacific ex-Japan and Europe. A fund that invests a substantial portion of its assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.

10. INDEMNIFICATION

11. CORONAVIRUS (COVID-19) PANDEMIC

20 | Wells Fargo VT International Equity Fund

Table of Contents

Notes to financial statements (unaudited)

business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

12. SUBSEQUENT EVENTS

Wells Fargo VT International Equity Fund | 21

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

22 | Wells Fargo VT International Equity Fund

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Wells Fargo VT International Equity Fund | 23

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

24 | Wells Fargo VT International Equity Fund

Table of Contents

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

Wells Fargo VT International Equity Fund | 25

Table of Contents

Board considerations (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Board Considerations – Current Agreements

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Variable Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 17-19, 2021 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo VT International Equity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

26 | Wells Fargo VT International Equity Fund

Table of Contents

Board considerations (unaudited)

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates. The Board also considered information about retention and back-up arrangements that have been put into place with respect to key personnel of WFAM in connection with the anticipated Transaction, noting that WFAM provided assurances that the announcement and eventual culmination of the Transaction is not expected to result in any diminution in the nature or quality of services provided to the Fund.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2020. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the MSCI ACWI ex USA Index (Net), for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to its benchmark index for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were higher than the sum of these average rates for the Fund’s expense Groups, but noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for all share classes.

Wells Fargo VT International Equity Fund | 27

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Conclusion

28 | Wells Fargo VT International Equity Fund

Table of Contents

Board considerations (unaudited)

Board Considerations – New Agreements

Overview of the Board evaluation process

Among other information considered by the Board in connection with the Transaction was:

■

Wells Fargo VT International Equity Fund | 29

Table of Contents

Board considerations (unaudited)

■

Nature, extent and quality of services

30 | Wells Fargo VT International Equity Fund

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

Investment management and sub-advisory fee rates

Wells Fargo VT International Equity Fund | 31

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

“Fall-out” benefits to Funds Management and the Sub-Adviser

32 | Wells Fargo VT International Equity Fund

Table of Contents

Board considerations (unaudited)

Conclusion

Wells Fargo VT International Equity Fund | 33

Table of Contents

Board considerations (unaudited)

Board Considerations - Interim Agreements

34 | Wells Fargo VT International Equity Fund

Table of Contents

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

PAR-0721-00694 08-21
SVT3/SAR140 06-21

Semi-Annual Report

June 30, 2021

Wells Fargo
VT Omega Growth Fund

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	15
Other information	21
Board considerations
Board considerations - current agreements	25
Board considerations - new agreements	28
Board considerations - interim agreements	33

Reduce clutter.

Save trees.

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

Wells Fargo VT Omega Growth Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo VT Omega Growth Fund for the six-month period that ended June 30, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. Bonds were mixed during the period, with municipal bonds and high-yield bonds delivering positive returns.

Vaccination rollout drove the stock markets to new highs.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Wells Fargo VT Omega Growth Fund

Table of Contents

Letter to shareholders (unaudited)

The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021. Domestic employment surged as COVID-19 vaccinations and an increasingly open economy spurred hiring. A majority of U.S. small companies reported they are operating at pre-pandemic capacity or higher. Value continued its outperformance of growth in the month, continuing the trend that started in late 2020. Meanwhile, most major developed global equity indexes are up month to date on the back of rising optimism regarding the outlook for global growth. While the U.S. and the U.K. have been the most successful in terms of the vaccine rollout, even in markets where the vaccine has lagged, such as in the eurozone and Japan, equity indexes in many of those countries are also in positive territory this year.

Vaccine rollouts continued in May, leading to loosened restrictions globally. As a result, equity markets in general saw a minor increase in returns. Concerns that the continued economic rebound could result in inflation increases becoming more than transitory were supported by the higher input costs businesses are experiencing. Meanwhile, those inflation concerns were tempered by the U.S. Federal Reserve Board (Fed), which stayed steady on its view of the economy and eased fears of a sudden and substantial policy change. Positive performance in the emerging market equity space was supported this month by steady consumer demand and strong commodity prices. Fixed-income markets were also slightly positive for the month, driven by inflation uncertainty and a softer U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Wells Fargo Funds

_“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021._”

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.

Wells Fargo VT Omega Growth Fund | 3

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Wells Fargo Funds Management, LLC
Subadviser	Wells Capital Management, LLC
Portfolio managers	Michael T. Smith, CFA®^‡, Christopher J. Warner, CFA®^‡

Average annual total returns (%) as of June 30, 2021
					Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	Gross	Net ²
Class 1	3-6-1997	40.81	24.76	16.72	0.81	0.76
Class 2	7-31-2002	40.57	24.47	16.44	1.06	1.01
Russell 3000® Growth Index³	–	42.99	23.31	17.54	–	–

¹	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
²	The manager has contractually committed through April 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class 1 shares and 1.00% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	The Russell 3000^® Growth Index measures the performance of those Russell 3000 ^® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. This fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

4 | Wells Fargo VT Omega Growth Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of June 30, 2021¹
Microsoft Corporation	9.87
Amazon.com Incorporated	8.05
Alphabet Incorporated Class A	5.12
Visa Incorporated Class A	3.47
PayPal Holdings Incorporated	3.32
UnitedHealth Group Incorporated	2.84
Chipotle Mexican Grill Incorporated	2.39
ServiceNow Incorporated	2.23
Align Technology Incorporated	2.14
MercadoLibre Incorporated	2.11

¹	Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of June 30, 2021¹

¹	Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.

Wells Fargo VT Omega Growth Fund | 5

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 1-1-2021	Ending account value 6-30-2021	Expenses paid during the period¹	Annualized net expense ratio
Class 1
Actual	$1,000.00	$1,096.74	$3.90	0.75%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Class 2
Actual	$1,000.00	$1,095.20	$5.19	1.00%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.84	$5.01	1.00%

6 | Wells Fargo VT Omega Growth Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Common stocks: 99.45%
Communication services: 13.09%
Entertainment: 4.41%
Netflix Incorporated †	3,600	$ 1,901,556
Roku Incorporated †	2,900	1,331,825
Spotify Technology SA †	6,100	1,681,099
		4,914,480
Interactive media & services: 7.19%
Alphabet Incorporated Class A †	2,335	5,701,580
Alphabet Incorporated Class C †	194	486,226
IAC/InterActiveCorp	5,700	878,769
Pinterest Incorporated Class A †	12,000	947,400
		8,013,975
Media: 1.49%
Match Group Incorporated †	10,287	1,658,779
Consumer discretionary: 16.74%
Auto components: 1.50%
Aptiv plc †	10,600	1,667,698
Automobiles: 0.87%
Ferrari NV	4,700	968,435
Hotels, restaurants & leisure: 2.39%
Chipotle Mexican Grill Incorporated †	1,720	2,666,585
Internet & direct marketing retail: 10.16%
Amazon.com Incorporated †	2,607	8,968,497
MercadoLibre Incorporated †	1,508	2,349,147
		11,317,644
Specialty retail: 1.82%
The Home Depot Incorporated	6,351	2,025,270
Financials: 2.80%
Capital markets: 2.80%
Intercontinental Exchange Incorporated	13,400	1,590,580
MarketAxess Holdings Incorporated	3,299	1,529,383
		3,119,963
Health care: 16.92%
Biotechnology: 0.84%
Natera Incorporated †	8,200	930,946
Health care equipment & supplies: 9.85%
ABIOMED Incorporated †	3,200	998,752
Alcon Incorporated	19,312	1,356,861
Align Technology Incorporated †	3,900	2,382,900
DexCom Incorporated †	4,600	1,964,200
Edwards Lifesciences Corporation †	11,600	1,201,412

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Omega Growth Fund | 7

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Health care equipment & supplies (continued)
Inari Medical Incorporated †	8,800	$ 820,864
Intuitive Surgical Incorporated †	2,450	2,253,118
		10,978,107
Health care providers & services: 4.15%
Chemed Corporation	3,070	1,456,715
UnitedHealth Group Incorporated	7,900	3,163,476
		4,620,191
Health care technology: 2.08%
Doximity Incorporated Class A †«	9,848	573,154
Veeva Systems Incorporated Class A †	5,600	1,741,320
		2,314,474
Industrials: 7.44%
Aerospace & defense: 1.28%
Teledyne Technologies Incorporated †	3,400	1,424,022
Air freight & logistics: 1.67%
United Parcel Service Incorporated Class B	8,930	1,857,172
Commercial services & supplies: 1.62%
Waste Connections Incorporated	15,146	1,808,887
Professional services: 1.31%
Equifax Incorporated	6,100	1,461,011
Road & rail: 1.56%
Union Pacific Corporation	7,900	1,737,447
Information technology: 40.83%
Communications equipment: 1.46%
Motorola Solutions Incorporated	7,500	1,626,375
Electronic equipment, instruments & components: 1.52%
Zebra Technologies Corporation Class A †	3,200	1,694,368
IT services: 19.50%
Black Knight Incorporated †	22,100	1,723,358
EPAM Systems Incorporated †	3,715	1,898,216
Euronet Worldwide Incorporated †	10,962	1,483,707
Fiserv Incorporated †	14,660	1,567,007
MongoDB Incorporated †	4,600	1,662,992
PayPal Holdings Incorporated †	12,700	3,701,796
Shopify Incorporated Class A †	1,250	1,826,225
Snowflake Incorporated Class A †	3,300	797,940
Square Incorporated Class A †	8,440	2,057,672
StoneCo Limited Class A †	16,900	1,133,314
Visa Incorporated Class A	16,544	3,868,318
		21,720,545
Software: 18.35%
Atlassian Corporation plc Class A †	5,600	1,438,416
Autodesk Incorporated †	5,500	1,605,450
Cadence Design Systems Incorporated †	12,500	1,710,250

The accompanying notes are an integral part of these financial statements.

8 | Wells Fargo VT Omega Growth Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Software (continued)
Microsoft Corporation	40,600	$ 10,998,540
ServiceNow Incorporated †	4,510	2,478,471
Unity Software Incorporated †	8,262	907,415
Zoom Video Communications Incorporated †	3,380	1,308,161
		20,446,703
Materials: 1.63%
Chemicals: 1.63%
The Sherwin-Williams Company	6,670	1,817,242
Total Common stocks (Cost $44,767,905)		110,790,319

		Yield
Short-term investments: 1.15%
Investment companies: 1.15%
Securities Lending Cash Investments LLC ♠∩∞		0.03%	452,000	452,000
Wells Fargo Government Money Market Fund Select Class ♠∞		0.03	832,531	832,531
Total Short-term investments (Cost $1,284,531)				1,284,531
Total investments in securities (Cost $46,052,436)	100.60%			112,074,850
Other assets and liabilities, net	(0.60)			(669,072)
Total net assets	100.00%			$111,405,778

†	Non-income-earning security
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	% of net assets	Shares, end of period	Income from affiliated securities
Short-term investments
Investment companies
Securities Lending Cash Investments LLC	$1,315,192	$ 6,668,762	$ (7,531,954)	$0	$0	$ 452,000		452,000	$245 ^#
Wells Fargo Government Money Market Fund Select Class	206,090	12,066,749	(11,440,308)	0	0	832,531		832,531	131
				$0	$0	$1,284,531	1.15%		$376

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Omega Growth Fund | 9

Table of Contents

Statement of assets and liabilities—June 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $441,520 of securities loaned), at value (cost $44,767,905)	$ 110,790,319
Investments in affiliated securites, at value (cost $1,284,531)	1,284,531
Receivable for dividends	7,767
Receivable for Fund shares sold	70
Prepaid expenses and other assets	842
Total assets	112,083,529
Liabilities
Payable upon receipt of securities loaned	452,000
Payable for Fund shares redeemed	70,249
Management fee payable	51,872
Payable for investments purchased	48,299
Distribution fee payable	11,215
Administration fees payable	7,088
Trustees’ fees and expenses payable	2,381
Accrued expenses and other liabilities	34,647
Total liabilities	677,751
Total net assets	$111,405,778
Net assets consist of
Paid-in capital	$ 26,849,203
Total distributable earnings	84,556,575
Total net assets	$111,405,778
Computation of net asset value per share
Net assets – Class 1	$ 51,095,386
Shares outstanding – Class 1¹	1,102,005
Net asset value per share – Class 1	$46.37
Net assets – Class 2	$ 60,310,392
Shares outstanding – Class 2¹	1,361,636
Net asset value per share – Class 2	$44.29

¹	The Fund has an unlimited number of authorized shares

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo VT Omega Growth Fund

Table of Contents

Statement of operations—six months ended June 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $2,558)	$ 183,394
Income from affiliated securities	2,094
Total investment income	185,488
Expenses
Management fee	313,048
Administration fees
Class 1	19,146
Class 2	22,594
Distribution fee
Class 2	66,758
Custody and accounting fees	6,913
Professional fees	30,672
Shareholder report expenses	10,859
Trustees’ fees and expenses	9,398
Other fees and expenses	3,165
Total expenses	482,553
Less: Fee waivers and/or expense reimbursements
Fund-level	(17,619)
Class 1	(3,021)
Net expenses	461,913
Net investment loss	(276,425)
Realized and unrealized gains (losses) on investments
Net realized gains on investments	7,417,208
Net change in unrealized gains (losses) on investments	2,720,056
Net realized and unrealized gains (losses) on investments	10,137,264
Net increase in net assets resulting from operations	$ 9,860,839

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Omega Growth Fund | 11

Table of Contents

Statement of changes in net assets


	Six months ended June 30, 2021 (unaudited)		Year ended December 31, 2020
Operations
Net investment loss		$ (276,425)		$ (384,959)
Net realized gains on investments		7,417,208		11,840,097
Net change in unrealized gains (losses) on investments		2,720,056		23,208,430
Net increase in net assets resulting from operations		9,860,839		34,663,568
Distributions to shareholders from
Net investment income and net realized gains
Class 1		0		(3,187,408)
Class 2		0		(4,101,867)
Total distributions to shareholders		0		(7,289,275)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class 1	31,529	1,378,647	76,567	2,678,319
Class 2	55,154	2,250,323	102,999	3,489,523
		3,628,970		6,167,842
Reinvestment of distributions
Class 1	0	0	92,792	3,187,408
Class 2	0	0	124,829	4,101,867
		0		7,289,275
Payment for shares redeemed
Class 1	(115,132)	(4,978,428)	(238,236)	(7,901,466)
Class 2	(124,217)	(5,077,670)	(461,624)	(15,801,257)
		(10,056,098)		(23,702,723)
Net decrease in net assets resulting from capital share transactions		(6,427,128)		(10,245,606)
Total increase in net assets		3,433,711		17,128,687
Net assets
Beginning of period		107,972,067		90,843,380
End of period		$111,405,778		$107,972,067

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo VT Omega Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 1	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$42.28	$31.89	$26.27	$28.99	$22.20	$23.30
Net investment income (loss)	(0.04)	(0.07)	(0.03) ¹	(0.03) ¹	(0.02) ¹	0.10
Net realized and unrealized gains (losses) on investments	4.13	13.27	9.69	0.62	7.68	0.05
Total from investment operations	4.09	13.20	9.66	0.59	7.66	0.15
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	0.00	(0.06)	0.00
Net realized gains	0.00	(2.81)	(4.04)	(3.31)	(0.81)	(1.25)
Total distributions to shareholders	0.00	(2.81)	(4.04)	(3.31)	(0.87)	(1.25)
Net asset value, end of period	$46.37	$42.28	$31.89	$26.27	$28.99	$22.20
Total return²	9.67%	43.41%	37.39%	0.52%	34.95%	0.77%
Ratios to average net assets (annualized)
Gross expenses	0.80%	0.80%	0.82%	0.81%	0.82%	0.82%
Net expenses	0.75%	0.75%	0.75%	0.75%	0.75%	0.75%
Net investment income (loss)	(0.39)%	(0.27)%	(0.08)%	(0.10)%	(0.07)%	0.26%
Supplemental data
Portfolio turnover rate	11%	24%	31%	46%	67%	90%
Net assets, end of period (000s omitted)	$51,095	$50,122	$40,001	$33,043	$38,687	$33,373

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Omega Growth Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 2	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$40.43	$30.55	$25.23	$27.91	$21.38	$22.54
Net investment income (loss)	(0.16)	(0.17) ¹	(0.10) ¹	(0.11)	(0.08) ¹	0.00 ^1,2
Net realized and unrealized gains (losses) on investments	4.02	12.73	9.29	0.61	7.39	0.09
Total from investment operations	3.86	12.56	9.19	0.50	7.31	0.09
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	0.00	(0.00) ²	0.00
Net realized gains	0.00	(2.68)	(3.87)	(3.18)	(0.78)	(1.25)
Total distributions to shareholders	0.00	(2.68)	(3.87)	(3.18)	(0.78)	(1.25)
Net asset value, end of period	$44.29	$40.43	$30.55	$25.23	$27.91	$21.38
Total return³	9.52%	43.18%	37.04%	0.28%	34.60%	0.52%
Ratios to average net assets (annualized)
Gross expenses	1.03%	1.04%	1.06%	1.06%	1.07%	1.07%
Net expenses	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Net investment income (loss)	(0.64)%	(0.52)%	(0.33)%	(0.35)%	(0.31)%	0.01%
Supplemental data
Portfolio turnover rate	11%	24%	31%	46%	67%	90%
Net assets, end of period (000s omitted)	$60,310	$57,850	$50,843	$48,500	$54,334	$42,684

¹	Calculated based upon average shares outstanding
²	Amount is less than $0.005.
³	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo VT Omega Growth Fund

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo VT Omega Growth Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending

Wells Fargo VT Omega Growth Fund | 15

Table of Contents

Notes to financial statements (unaudited)

are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

As of June 30, 2021, the aggregate cost of all investments for federal income tax purposes was $46,052,153 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$66,152,694
Gross unrealized losses	(129,997)
Net unrealized gains	$66,022,697

Class allocations

16 | Wells Fargo VT Omega Growth Fund

Table of Contents

Notes to financial statements (unaudited)

3. 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 Fund’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 14,587,234	$0	$0	$ 14,587,234
Consumer discretionary	18,645,632	0	0	18,645,632
Financials	3,119,963	0	0	3,119,963
Health care	18,843,718	0	0	18,843,718
Industrials	8,288,539	0	0	8,288,539
Information technology	45,487,991	0	0	45,487,991
Materials	1,817,242	0	0	1,817,242
Short-term investments
Investment companies	1,284,531	0	0	1,284,531
Total assets	$112,074,850	$0	$0	$112,074,850

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

For the six months ended June 30, 2021, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo VT Omega Growth Fund | 17

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Management fee
First $500 million	0.600%
Next $500 million	0.550
Next $1 billion	0.500
Next $2 billion	0.475
Next $1 billion	0.450
Next $5 billion	0.440
Over $10 billion	0.430

For the six months ended June 30, 2021, the management fee was equivalent to an annual rate of 0.60% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management, LLC ("WellsCap"), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account services and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of each class.

Waivers and/or expense reimbursements

	Expense ratio caps
Class 1	0.75%
Class 2	1.00

Distribution fee

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2021 were $11,580,768 and $18,361,686, respectively.

18 | Wells Fargo VT Omega Growth Fund

Table of Contents

Notes to financial statements (unaudited)

6. SECURITIES LENDING TRANSACTIONS

Counterparty	Value of securities on loan	Collateral received¹	Net amount
UBS Securities LLC	$441,520	$(441,520)	$0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

For the six months ended June 30, 2021, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in investments related to information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

10. CORONAVIRUS (COVID-19) PANDEMIC

11. SUBSEQUENT EVENTS

Wells Fargo VT Omega Growth Fund | 19

Table of Contents

Notes to financial statements (unaudited)

and Reverence Capital Partners, L.P. The new corporate name is expected to go into effect on the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions.

20 | Wells Fargo VT Omega Growth Fund

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Wells Fargo VT Omega Growth Fund | 21

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

22 | Wells Fargo VT Omega Growth Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Wells Fargo VT Omega Growth Fund | 23

Table of Contents

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

24 | Wells Fargo VT Omega Growth Fund

Table of Contents

Board considerations (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Board Considerations – Current Agreements

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Variable Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 17-19, 2021 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo VT Omega Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Wells Fargo VT Omega Growth Fund | 25

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 3000® Growth Index, for the ten-year period under review, and higher than its benchmark index for all other periods under review.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of these average rates for the Fund’s expense Groups for all share classes.

26 | Wells Fargo VT Omega Growth Fund

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion

Wells Fargo VT Omega Growth Fund | 27

Table of Contents

Board considerations (unaudited)

Board Considerations – New Agreements

Overview of the Board evaluation process

Among other information considered by the Board in connection with the Transaction was:

■

28 | Wells Fargo VT Omega Growth Fund

Table of Contents

Board considerations (unaudited)

■

Nature, extent and quality of services

Wells Fargo VT Omega Growth Fund | 29

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

Investment management and sub-advisory fee rates

30 | Wells Fargo VT Omega Growth Fund

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

“Fall-out” benefits to Funds Management and the Sub-Adviser

Wells Fargo VT Omega Growth Fund | 31

Table of Contents

Board considerations (unaudited)

Conclusion

32 | Wells Fargo VT Omega Growth Fund

Table of Contents

Board considerations (unaudited)

Board Considerations - Interim Agreements

Wells Fargo VT Omega Growth Fund | 33

Table of Contents

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

PAR-0721-00695 08-21
SVT5/SAR142 06-21

Semi-Annual Report

June 30, 2021

Wells Fargo VT Opportunity Fund

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	16
Other information	21
Board considerations
Board considerations - current agreements	25
Board considerations - new agreements	28
Board considerations - interim agreements	33

Reduce clutter.

Save trees.

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

Wells Fargo VT Opportunity Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo VT Opportunity Fund for the six-month period that ended June 30, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. Bonds were mixed during the period, with municipal bonds and high-yield bonds delivering positive returns.

Vaccination rollout drove the stock markets to new highs.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Wells Fargo VT Opportunity Fund

Table of Contents

Letter to shareholders (unaudited)

The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021. Domestic employment surged as COVID-19 vaccinations and an increasingly open economy spurred hiring. A majority of U.S. small companies reported they are operating at pre-pandemic capacity or higher. Value continued its outperformance of growth in the month, continuing the trend that started in late 2020. Meanwhile, most major developed global equity indexes are up month to date on the back of rising optimism regarding the outlook for global growth. While the U.S. and the U.K. have been the most successful in terms of the vaccine rollout, even in markets where the vaccine has lagged, such as in the eurozone and Japan, equity indexes in many of those countries are also in positive territory this year.

Vaccine rollouts continued in May, leading to loosened restrictions globally. As a result, equity markets in general saw a minor increase in returns. Concerns that the continued economic rebound could result in inflation increases becoming more than transitory were supported by the higher input costs businesses are experiencing. Meanwhile, those inflation concerns were tempered by the U.S. Federal Reserve Board (Fed), which stayed steady on its view of the economy and eased fears of a sudden and substantial policy change. Positive performance in the emerging market equity space was supported this month by steady consumer demand and strong commodity prices. Fixed-income markets were also slightly positive for the month, driven by inflation uncertainty and a softer U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Wells Fargo Funds

_“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021._”

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.

Wells Fargo VT Opportunity Fund | 3

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Wells Fargo Funds Management, LLC
Subadviser	Wells Capital Management, LLC
Portfolio managers	Kurt Gunderson*, Christopher G. Miller, CFA®^‡

Average annual total returns (%) as of June 30, 2021
					Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	Gross	Net ²
Class 1 ³	8-26-2011	45.82	17.58	12.79	0.86	0.75
Class 2	5-8-1992	45.43	17.29	12.51	1.11	1.00
Russell 3000® Index⁴	–	44.16	17.89	14.70	–	–

¹	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through April 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class 1 shares and 1.00% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	Historical performance shown for Class 1 shares prior to their inception reflects the performance of the Class 2 shares, and includes the higher expenses applicable to the Class 2 shares. If these expenses had not been included, returns for the Class 1 shares would be higher.
⁴	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
*	Mr. Gunderson became a portfolio manager of the Fund on February 1, 2021.

4 | Wells Fargo VT Opportunity Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of June 30, 2021¹
Alphabet Incorporated Class C	5.58
Apple Incorporated	3.89
Amazon.com Incorporated	3.65
Facebook Incorporated Class A	3.34
Salesforce.com Incorporated	3.14
Texas Instruments Incorporated	2.77
MasterCard Incorporated Class A	2.59
Carlisle Companies Incorporated	2.32
Marvell Technology Incorporated	2.22
Equinix Incorporated	1.96

¹	Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of June 30, 2021¹

¹	Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.

Wells Fargo VT Opportunity Fund | 5

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 1-1-2021	Ending account value 6-30-2021	Expenses paid during the period¹	Annualized net expense ratio
Class 1
Actual	$1,000.00	$1,143.49	$3.99	0.75%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Class 2
Actual	$1,000.00	$1,142.42	$5.31	1.00%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.84	$5.01	1.00%

6 | Wells Fargo VT Opportunity Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Common stocks: 98.52%
Communication services: 10.80%
Interactive media & services: 8.92%
Alphabet Incorporated Class C †	4,758	$ 11,925,071
Facebook Incorporated Class A †	20,540	7,141,963
		19,067,034
Wireless telecommunication services: 1.88%
T-Mobile US Incorporated †	27,797	4,025,840
Consumer discretionary: 11.37%
Automobiles: 1.80%
General Motors Company †	65,062	3,849,719
Internet & direct marketing retail: 4.81%
Amazon.com Incorporated †	2,266	7,795,403
Farfetch Limited Class A †	49,477	2,491,662
		10,287,065
Multiline retail: 1.65%
Dollar General Corporation	16,257	3,517,852
Specialty retail: 3.11%
Burlington Stores Incorporated †	10,285	3,311,667
Ulta Beauty Incorporated †	9,662	3,340,830
		6,652,497
Consumer staples: 2.46%
Food & staples retailing: 1.38%
Sysco Corporation	37,884	2,945,481
Household products: 1.08%
Church & Dwight Company Incorporated	26,973	2,298,639
Financials: 7.42%
Capital markets: 4.89%
CME Group Incorporated	6,412	1,363,704
Intercontinental Exchange Incorporated	26,283	3,119,792
S&P Global Incorporated	8,977	3,684,610
The Charles Schwab Corporation	31,472	2,291,476
		10,459,582
Insurance: 2.53%
Chubb Limited	12,818	2,037,293
Marsh & McLennan Companies Incorporated	23,933	3,366,894
		5,404,187
Health care: 13.73%
Health care equipment & supplies: 6.22%
Align Technology Incorporated †	5,392	3,294,512
Boston Scientific Corporation †	77,408	3,309,966

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Opportunity Fund | 7

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Health care equipment & supplies (continued)
LivaNova plc †	42,380	$ 3,564,582
Medtronic plc	25,166	3,123,856
		13,292,916
Health care providers & services: 1.95%
UnitedHealth Group Incorporated	10,394	4,162,173
Health care technology: 0.47%
Schrodinger Incorporated †	13,341	1,008,713
Life sciences tools & services: 4.61%
Agilent Technologies Incorporated	20,325	3,004,238
Bio-Rad Laboratories Incorporated Class A †	4,973	3,204,054
Thermo Fisher Scientific Incorporated	7,255	3,659,930
		9,868,222
Pharmaceuticals: 0.48%
Viatris Incorporated	71,591	1,023,035
Industrials: 17.22%
Aerospace & defense: 3.05%
MTU Aero Engines AG	10,000	2,477,032
Teledyne Technologies Incorporated †	9,651	4,042,128
		6,519,160
Commercial services & supplies: 1.69%
Republic Services Incorporated	32,891	3,618,339
Industrial conglomerates: 2.32%
Carlisle Companies Incorporated	25,888	4,954,445
Machinery: 6.54%
Fortive Corporation	54,701	3,814,848
Ingersoll Rand Incorporated †	53,549	2,613,727
Otis Worldwide Corporation	36,754	3,005,375
Rexnord Corporation	50,414	2,522,717
SPX Corporation †	33,287	2,033,170
		13,989,837
Professional services: 1.41%
Dun & Bradstreet Holdings Incorporated †	140,634	3,005,349
Trading companies & distributors: 2.21%
Air Lease Corporation	58,193	2,428,976
United Rentals Incorporated †	7,211	2,300,377
		4,729,353
Information technology: 25.72%
Electronic equipment, instruments & components: 1.65%
Amphenol Corporation Class A	51,549	3,526,467
IT services: 5.68%
Fidelity National Information Services Incorporated	22,908	3,245,376

The accompanying notes are an integral part of these financial statements.

8 | Wells Fargo VT Opportunity Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
IT services (continued)
Genpact Limited	73,882	$ 3,356,459
MasterCard Incorporated Class A	15,151	5,531,479
		12,133,314
Semiconductors & semiconductor equipment: 4.99%
Marvell Technology Incorporated	81,320	4,743,396
Texas Instruments Incorporated	30,802	5,923,225
		10,666,621
Software: 9.51%
Fair Isaac Corporation †	6,227	3,130,188
Palo Alto Networks Incorporated †	9,853	3,655,956
Salesforce.com Incorporated †	27,480	6,712,540
ServiceNow Incorporated †	5,553	3,051,651
Workday Incorporated Class A †	15,790	3,769,705
		20,320,040
Technology hardware, storage & peripherals: 3.89%
Apple Incorporated	60,756	8,321,142
Materials: 2.45%
Chemicals: 1.65%
Ashland Global Holdings Incorporated	22,821	1,996,838
The Sherwin-Williams Company	5,660	1,542,067
		3,538,905
Metals & mining: 0.80%
Steel Dynamics Incorporated	28,579	1,703,308
Real estate: 7.35%
Equity REITs: 7.35%
American Tower Corporation	14,398	3,889,476
Equinix Incorporated	5,225	4,193,585
Sun Communities Incorporated	22,708	3,892,151
VICI Properties Incorporated	120,049	3,723,920
		15,699,132
Total Common stocks (Cost $121,787,536)		210,588,367

		Yield
Short-term investments: 1.50%
Investment companies: 1.50%
Wells Fargo Government Money Market Fund Select Class ♠∞		0.03%	3,214,729	3,214,729
Total Short-term investments (Cost $3,214,729)				3,214,729
Total investments in securities (Cost $125,002,265)	100.02%			213,803,096
Other assets and liabilities, net	(0.02)			(40,045)
Total net assets	100.00%			$213,763,051

†	Non-income-earning security
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∞	The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Opportunity Fund | 9

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

Abbreviations:
REIT	Real estate investment trust

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	% of net assets	Shares, end of period	Income from affiliated securities
Short-term investments
Investment companies
Wells Fargo Government Money Market Fund Select Class	$2,161,993	$18,752,918	$(17,700,182)	$0	$0	$3,214,729	1.50%	3,214,729	$290

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo VT Opportunity Fund

Table of Contents

Statement of assets and liabilities—June 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities, at value (cost $121,787,536)	$ 210,588,367
Investments in affiliated securites, at value (cost $3,214,729)	3,214,729
Receivable for dividends	227,296
Receivable for investments sold	69,873
Receivable for Fund shares sold	586
Prepaid expenses and other assets	108
Total assets	214,100,959
Liabilities
Management fee payable	106,038
Payable for Fund shares redeemed	101,615
Payable for investments purchased	52,857
Distribution fee payable	36,742
Professional fees payable	18,123
Administration fees payable	13,927
Trustees’ fees and expenses payable	1,900
Accrued expenses and other liabilities	6,706
Total liabilities	337,908
Total net assets	$213,763,051
Net assets consist of
Paid-in capital	$ 98,501,729
Total distributable earnings	115,261,322
Total net assets	$213,763,051
Computation of net asset value per share
Net assets – Class 1	$ 33,350,912
Shares outstanding – Class 1¹	989,230
Net asset value per share – Class 1	$33.71
Net assets – Class 2	$ 180,412,139
Shares outstanding – Class 2¹	5,330,078
Net asset value per share – Class 2	$33.85

¹	The Fund has an unlimited number of authorized shares

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Opportunity Fund | 11

Table of Contents

Statement of operations—six months ended June 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $17,823)	$ 841,427
Income from affiliated securities	290
Total investment income	841,717
Expenses
Management fee	698,083
Administration fees
Class 1	12,766
Class 2	67,015
Distribution fee
Class 2	209,421
Custody and accounting fees	9,493
Professional fees	26,839
Shareholder report expenses	16,515
Trustees’ fees and expenses	9,398
Other fees and expenses	5,175
Total expenses	1,054,705
Less: Fee waivers and/or expense reimbursements
Fund-level	(97,338)
Net expenses	957,367
Net investment loss	(115,650)
Realized and unrealized gains (losses) on investments
Net realized gains on investments	16,678,888
Net change in unrealized gains (losses) on investments	10,746,468
Net realized and unrealized gains (losses) on investments	27,425,356
Net increase in net assets resulting from operations	$27,309,706

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo VT Opportunity Fund

Table of Contents

Statement of changes in net assets


	Six months ended June 30, 2021 (unaudited)		Year ended December 31, 2020
Operations
Net investment income (loss)		$ (115,650)		$ 181,464
Net realized gains on investments		16,678,888		9,938,608
Net change in unrealized gains (losses) on investments		10,746,468		24,029,460
Net increase in net assets resulting from operations		27,309,706		34,149,532
Distributions to shareholders from
Net investment income and net realized gains
Class 1		0		(2,328,698)
Class 2		0		(11,686,840)
Total distributions to shareholders		0		(14,015,538)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class 1	7,923	257,159	21,174	498,604
Class 2	40,293	1,290,250	123,816	3,170,894
		1,547,409		3,669,498
Reinvestment of distributions
Class 1	0	0	98,715	2,328,698
Class 2	0	0	492,285	11,686,840
		0		14,015,538
Payment for shares redeemed
Class 1	(106,518)	(3,373,328)	(192,184)	(4,908,447)
Class 2	(357,728)	(11,124,493)	(899,151)	(22,533,873)
		(14,497,821)		(27,442,320)
Net decrease in net assets resulting from capital share transactions		(12,950,412)		(9,757,284)
Total increase in net assets		14,359,294		10,376,710
Net assets
Beginning of period		199,403,757		189,027,047
End of period		$213,763,051		$199,403,757

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Opportunity Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 1	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$29.48	$26.56	$22.76	$27.05	$24.60	$25.00
Net investment income	0.01	0.09	0.17	0.15	0.13	0.22
Net realized and unrealized gains (losses) on investments	4.22	5.03	6.84	(1.69)	4.77	2.59
Total from investment operations	4.23	5.12	7.01	(1.54)	4.90	2.81
Distributions to shareholders from
Net investment income	0.00	(0.19)	(0.15)	(0.12)	(0.25)	(0.60)
Net realized gains	0.00	(2.01)	(3.06)	(2.63)	(2.20)	(2.61)
Total distributions to shareholders	0.00	(2.20)	(3.21)	(2.75)	(2.45)	(3.21)
Net asset value, end of period	$33.71	$29.48	$26.56	$22.76	$27.05	$24.60
Total return¹	14.35%	21.32%	31.81%	(6.93)%	20.72%	12.52%
Ratios to average net assets (annualized)
Gross expenses	0.85%	0.86%	0.85%	0.84%	0.86%	0.85%
Net expenses	0.75%	0.75%	0.75%	0.75%	0.75%	0.75%
Net investment income	0.09%	0.31%	0.67%	0.52%	0.43%	0.65%
Supplemental data
Portfolio turnover rate	15%	42%	25%	31%	36%	47%
Net assets, end of period (000s omitted)	$33,351	$32,066	$30,811	$27,165	$33,843	$33,035

¹	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo VT Opportunity Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 2	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$29.63	$26.68	$22.85	$27.14	$24.67	$25.05
Net investment income (loss)	(0.02)	0.03	0.11	0.08	0.06	0.13
Net realized and unrealized gains (losses) on investments	4.24	5.05	6.86	(1.69)	4.79	2.63
Total from investment operations	4.22	5.08	6.97	(1.61)	4.85	2.76
Distributions to shareholders from
Net investment income	0.00	(0.12)	(0.08)	(0.05)	(0.18)	(0.53)
Net realized gains	0.00	(2.01)	(3.06)	(2.63)	(2.20)	(2.61)
Total distributions to shareholders	0.00	(2.13)	(3.14)	(2.68)	(2.38)	(3.14)
Net asset value, end of period	$33.85	$29.63	$26.68	$22.85	$27.14	$24.67
Total return¹	14.24%	21.00%	31.46%	(7.15)%	20.44%	12.23%
Ratios to average net assets (annualized)
Gross expenses	1.10%	1.11%	1.10%	1.09%	1.11%	1.10%
Net expenses	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Net investment income (loss)	(0.16)%	0.06%	0.42%	0.27%	0.18%	0.39%
Supplemental data
Portfolio turnover rate	15%	42%	25%	31%	36%	47%
Net assets, end of period (000s omitted)	$180,412	$167,338	$158,216	$134,972	$165,992	$158,783

¹	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Opportunity Fund | 15

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo VT Opportunity Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

16 | Wells Fargo VT Opportunity Fund

Table of Contents

Notes to financial statements (unaudited)

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Distributions to shareholders

Federal and other taxes

As of June 30, 2021, the aggregate cost of all investments for federal income tax purposes was $125,098,058 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$88,705,038
Gross unrealized losses	0
Net unrealized gains	$88,705,038

Class allocations

Wells Fargo VT Opportunity Fund | 17

Table of Contents

Notes to financial statements (unaudited)

3. 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 Fund’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 23,092,874	$0	$0	$ 23,092,874
Consumer discretionary	24,307,133	0	0	24,307,133
Consumer staples	5,244,120	0	0	5,244,120
Financials	15,863,769	0	0	15,863,769
Health care	29,355,059	0	0	29,355,059
Industrials	36,816,483	0	0	36,816,483
Information technology	54,967,584	0	0	54,967,584
Materials	5,242,213	0	0	5,242,213
Real estate	15,699,132	0	0	15,699,132
Short-term investments
Investment companies	3,214,729	0	0	3,214,729
Total assets	$213,803,096	$0	$0	$213,803,096

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

For the six months ended June 30, 2021, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

18 | Wells Fargo VT Opportunity Fund

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Management fee
First $500 million	0.700%
Next $500 million	0.675
Next $1 billion	0.650
Next $2 billion	0.625
Next $1 billion	0.600
Next $5 billion	0.590
Over $10 billion	0.580

For the six months ended June 30, 2021, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account services and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of each class.

Waivers and/or expense reimbursements

	Expense ratio caps
Class 1	0.75%
Class 2	1.00

Distribution fee

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2021 were $30,086,634 and $43,978,950, respectively.

Wells Fargo VT Opportunity Fund | 19

Table of Contents

Notes to financial statements (unaudited)

6. BANK BORROWINGS

For the six months ended June 30, 2021, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

9. CORONAVIRUS (COVID-19) PANDEMIC

10. SUBSEQUENT EVENTS

20 | Wells Fargo VT Opportunity Fund

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Wells Fargo VT Opportunity Fund | 21

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

22 | Wells Fargo VT Opportunity Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Wells Fargo VT Opportunity Fund | 23

Table of Contents

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

24 | Wells Fargo VT Opportunity Fund

Table of Contents

Board considerations (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Board Considerations – Current Agreements

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Variable Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 17-19, 2021 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo VT Opportunity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Wells Fargo VT Opportunity Fund | 25

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than or in range of the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 3000® Index, for all periods under review except the one-year period, which was higher than its benchmark index.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were higher than or in range of the sum of these average rates for the Fund’s expense Groups, although the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

26 | Wells Fargo VT Opportunity Fund

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion

Wells Fargo VT Opportunity Fund | 27

Table of Contents

Board considerations (unaudited)

Board Considerations – New Agreements

Overview of the Board evaluation process

Among other information considered by the Board in connection with the Transaction was:

■

28 | Wells Fargo VT Opportunity Fund

Table of Contents

Board considerations (unaudited)

■

Nature, extent and quality of services

Wells Fargo VT Opportunity Fund | 29

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

Investment management and sub-advisory fee rates

30 | Wells Fargo VT Opportunity Fund

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

“Fall-out” benefits to Funds Management and the Sub-Adviser

Wells Fargo VT Opportunity Fund | 31

Table of Contents

Board considerations (unaudited)

Conclusion

32 | Wells Fargo VT Opportunity Fund

Table of Contents

Board considerations (unaudited)

Board Considerations - Interim Agreements

Wells Fargo VT Opportunity Fund | 33

Table of Contents

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

PAR-0721-00696 08-21
SVT6/SAR143 06-21

Semi-Annual Report

June 30, 2021

Wells Fargo
VT Small Cap Growth Fund

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	17
Other information	23
Board considerations
Board considerations - current agreements	27
Board considerations - new agreements	30
Board considerations - interim agreements	35

Reduce clutter.

Save trees.

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

Wells Fargo VT Small Cap Growth Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo VT Small Cap Growth Fund for the six-month period that ended June 30, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. Bonds were mixed during the period, with municipal bonds and high-yield bonds delivering positive returns.

Vaccination rollout drove the stock markets to new highs.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Wells Fargo Funds

_“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021._”

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.

Wells Fargo VT Small Cap Growth Fund | 3

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Wells Fargo Funds Management, LLC
Subadviser	Wells Capital Management, LLC
Portfolio managers	Robert Gruendyke, CFA®^‡^†, David Nazaret, CFA®^‡^†, Thomas C. Ognar, CFA®^‡

Average annual total returns (%) as of June 30, 2021
					Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	Gross	Net ²
Class 1	7-16-2010	56.73	24.85	15.56	0.93	0.93
Class 2	5-1-1995	56.32	24.57	15.28	1.18	1.18
Russell 2000® Growth Index³	–	51.36	18.76	13.52	–	–

¹	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through April 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.95% for Class 1 shares and 1.20% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

4 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of June 30, 2021¹
Shockwave Medical Incorporated	2.90
Rapid7 Incorporated	2.85
Crocs Incorporated	2.73
ASGN Incorporated	2.72
Boot Barn Holdings Incorporated	2.34
Vericel Corporation	2.27
SPS Commerce Incorporated	2.24
Q2 Holdings Incorporated	2.23
Rexnord Corporation	2.22
Sprout Social Incorporated Class A	1.95

¹	Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of June 30, 2021¹

¹	Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.

Wells Fargo VT Small Cap Growth Fund | 5

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 1-1-2021	Ending account value 6-30-2021	Expenses paid during the period¹	Annualized net expense ratio
Class 1
Actual	$1,000.00	$1,092.51	$4.77	0.92%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.23	$4.61	0.92%
Class 2
Actual	$1,000.00	$1,091.71	$6.07	1.17%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.99	$5.86	1.17%

6 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Common stocks: 98.78%
Communication services: 3.80%
Diversified telecommunication services: 1.76%
Bandwidth Incorporated Class A †	59,200	$ 8,164,864
Interactive media & services: 0.62%
EverQuote Incorporated Class A †	87,751	2,867,703
Media: 1.42%
Cardlytics Incorporated †	51,870	6,583,859
Consumer discretionary: 18.02%
Auto components: 1.40%
Fox Factory Holding Corporation †	41,810	6,508,145
Hotels, restaurants & leisure: 3.65%
Bally's Corporation †	71,709	3,880,174
Papa John's International Incorporated	52,520	5,485,189
Wingstop Incorporated	47,969	7,561,353
		16,926,716
Household durables: 0.48%
Purple Innovation Incorporated †	83,928	2,216,538
Internet & direct marketing retail: 2.22%
CarParts.com Incorporated †	118,210	2,406,756
Fiverr International Limited †	18,950	4,595,186
The RealReal Incorporated †	166,900	3,297,944
		10,299,886
Leisure products: 1.65%
YETI Holdings Incorporated †	83,396	7,657,421
Specialty retail: 5.07%
Boot Barn Holdings Incorporated †	129,240	10,862,622
Cricut Incorporated Class A †«	51,924	2,211,962
Leslie's Incorporated †	160,292	4,406,427
Lithia Motors Incorporated Class A	15,920	5,470,749
Petco Health & Wellness Company †	26,127	585,506
		23,537,266
Textiles, apparel & luxury goods: 3.55%
Crocs Incorporated †	108,780	12,675,046
Deckers Outdoor Corporation †	9,980	3,833,019
		16,508,065
Consumer staples: 4.86%
Beverages: 1.78%
Celsius Holdings Incorporated †	108,700	8,270,983
Food & staples retailing: 0.51%
The Chef's Warehouse Incorporated †	73,870	2,351,282

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Small Cap Growth Fund | 7

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Food products: 2.28%
Freshpet Incorporated †	50,707	$ 8,263,213
Vital Farms Incorporated †«	116,749	2,330,310
		10,593,523
Personal products: 0.29%
The Honest Company Incorporated †«	83,004	1,343,835
Financials: 4.34%
Capital markets: 1.53%
Assetmark Financial Holdings †	16,515	413,866
Stifel Financial Corporation	103,135	6,689,336
		7,103,202
Diversified financial services: 0.20%
VPC Impact Acquisition Holdings †«	94,800	948,948
Insurance: 2.61%
Goosehead Insurance Incorporated Class A	29,307	3,730,781
Kinsale Capital Group Incorporated	50,776	8,366,362
		12,097,143
Health care: 29.84%
Biotechnology: 8.97%
Arcutis Biotherapeutics Incorporated †	196,246	5,355,553
Arena Pharmaceuticals Incorporated †	25,520	1,740,464
Biohaven Pharmaceutical Holding Company †	18,680	1,813,454
CareDx Incorporated †	59,284	5,425,672
Fate Therapeutics Incorporated †	46,060	3,997,547
Halozyme Therapeutics Incorporated †	142,240	6,459,118
Natera Incorporated †	55,611	6,313,517
Vericel Corporation †	200,390	10,520,475
		41,625,800
Health care equipment & supplies: 8.67%
Axonics Modulation Technologies Incorporated †	18,500	1,173,085
Figs Incorporated Class A †	34,730	1,739,973
Neuronetics Incorporated †«	94,322	1,511,038
Orthopediatrics Corporation †	80,201	5,067,099
Outset Medical Incorporated †	56,468	2,822,271
Pulmonx Corporation †	46,623	2,057,007
Shockwave Medical Incorporated †	70,946	13,460,585
SI-BONE Incorporated †	177,698	5,592,156
Silk Road Medical Incorporated †	30,110	1,441,065
Tandem Diabetes Care Incorporated †	26,480	2,579,152
Vapotherm Incorporated †	119,931	2,835,169
		40,278,600
Health care providers & services: 3.72%
Accolade Incorporated †	52,800	2,867,568
Addus Homecare Corporation †	45,530	3,972,037
Castle Biosciences Incorporated †	108,618	7,964,958

The accompanying notes are an integral part of these financial statements.

8 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Health care providers & services (continued)
Privia Health Group Incorporated †	33,594	$ 1,490,566
Talkspace Incorporated †	119,100	989,721
		17,284,850
Health care technology: 3.47%
CVRx Incorporated †	59,980	1,679,440
Doximity Incorporated Class A †	8,336	485,155
Inspire Medical Systems Incorporated †	33,540	6,481,940
Phreesia Incorporated †	121,456	7,445,253
		16,091,788
Life sciences tools & services: 3.28%
Akoya Biosciences Incorporated †	48,052	929,326
Alpha Teknova Incorporated †	34,013	807,128
Codexis Incorporated †	330,867	7,497,446
Neogenomics Incorporated †	132,962	6,005,894
		15,239,794
Pharmaceuticals: 1.73%
Pacira Pharmaceuticals Incorporated †	94,390	5,727,585
Revance Therapeutics Incorporated †	77,700	2,303,028
		8,030,613
Industrials: 12.32%
Aerospace & defense: 0.94%
Kratos Defense & Security Solutions Incorporated †	152,530	4,345,580
Building products: 0.55%
The AZEK Company Incorporated †	59,773	2,537,962
Commercial services & supplies: 1.99%
ACV Auctions Incorporated Class A †	95,392	2,444,896
Casella Waste Systems Incorporated Class A †	107,390	6,811,748
		9,256,644
Construction & engineering: 0.62%
Construction Partners Incorporated Class A †	91,800	2,882,520
Electrical equipment: 0.43%
Bloom Energy Corporation Class A †	74,300	1,996,441
Internet & direct marketing retail: 0.11%
Xometry Incorporated Class A †	5,851	511,319
Machinery: 2.22%
Rexnord Corporation	205,750	10,295,730
Professional services: 2.76%
ASGN Incorporated †	130,141	12,614,567
Legalzoom.com Incorporated †	5,617	212,603
		12,827,170
Road & rail: 1.33%
Saia Incorporated †	29,592	6,199,228

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Small Cap Growth Fund | 9

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

	Shares	Value
Trading companies & distributors: 1.37%
SiteOne Landscape Supply Incorporated †	37,470	$ 6,342,172
Information technology: 25.01%
Electronic equipment, instruments & components: 2.29%
Novanta Incorporated †	64,690	8,717,624
Par Technology Corporation †«	27,100	1,895,374
		10,612,998
IT services: 3.98%
Digitalocean Holdings Incorporated †	27,500	1,528,725
Endava plc ADR †	56,434	6,398,487
EVO Payments Incorporated Class A †	263,001	7,295,648
Flywire Corporation †	57,250	2,103,365
Paymentus Holdings Incorporated A †	32,329	1,147,680
		18,473,905
Semiconductors & semiconductor equipment: 4.54%
Allegro MicroSystems Incorporated †	160,216	4,437,983
Diodes Incorporated †	75,690	6,037,791
Semtech Corporation †	86,850	5,975,280
Silicon Laboratories Incorporated †	12,070	1,849,728
Skywater Technology Incorporated †«	97,829	2,802,801
		21,103,583
Software: 14.20%
8x8 Incorporated †	166,200	4,613,709
Alkami Technology Incorporated †	45,819	1,634,364
Envestnet Incorporated †	16,551	1,255,559
Everbridge Incorporated †	26,290	3,577,543
Jamf Holding Corporation †	84,158	2,825,184
Olo Incorporated Class A †«	10,534	393,866
ON24 Incorporated †«	37,064	1,315,031
Q2 Holdings Incorporated †	100,996	10,360,170
Rapid7 Incorporated †	139,718	13,221,514
Sprout Social Incorporated Class A †	101,439	9,070,675
SPS Commerce Incorporated †	103,874	10,371,819
Workiva Incorporated †	65,500	7,292,115
		65,931,549
Utilities: 0.59%
Independent power & renewable electricity producers: 0.59%
Sunnova Energy International Incorporated †	73,024	2,750,084
Total Common stocks (Cost $274,210,900)		458,597,709

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Portfolio of investments—June 30, 2021 (unaudited)

		Yield	Shares	Value
Short-term investments: 3.30%
Investment companies: 3.30%
Securities Lending Cash Investments LLC ♠∩∞		0.03%	11,377,650	$ 11,377,650
Wells Fargo Government Money Market Fund Select Class ♠∞		0.03	3,953,852	3,953,852
Total Short-term investments (Cost $15,331,502)				15,331,502
Total investments in securities (Cost $289,542,402)	102.08%			473,929,211
Other assets and liabilities, net	(2.08)			(9,648,067)
Total net assets	100.00%			$464,281,144

†	Non-income-earning security
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
ADR	American depositary receipt

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	% of net assets	Shares, end of period	Income from affiliated securities
Short-term investments
Investment companies
Securities Lending Cash Investments LLC	$13,231,250	$48,223,648	$(50,077,248)	$0	$0	$ 11,377,650		11,377,650	$ 3,014^#
Wells Fargo Government Money Market Fund Select Class	555,598	50,648,802	(47,250,548)	0	0	3,953,852		3,953,852	921
				$0	$0	$15,331,502	3.30%		$3,935

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Small Cap Growth Fund | 11

Table of Contents

Statement of assets and liabilities—June 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $11,081,433 of securities loaned), at value (cost $274,210,900)	$ 458,597,709
Investments in affiliated securites, at value (cost $15,331,502)	15,331,502
Receivable for investments sold	4,781,782
Receivable for Fund shares sold	390,786
Receivable for dividends	14,487
Receivable for securities lending income, net	4,127
Prepaid expenses and other assets	3,115
Total assets	479,123,508
Liabilities
Payable upon receipt of securities loaned	11,377,650
Payable for investments purchased	2,782,117
Management fee payable	295,057
Payable for Fund shares redeemed	271,422
Distribution fee payable	84,554
Administration fees payable	29,506
Trustees’ fees and expenses payable	1,705
Accrued expenses and other liabilities	353
Total liabilities	14,842,364
Total net assets	$464,281,144
Net assets consist of
Paid-in capital	$ 198,416,110
Total distributable earnings	265,865,034
Total net assets	$464,281,144
Computation of net asset value per share
Net assets – Class 1	$ 37,257,146
Shares outstanding – Class 1¹	2,217,174
Net asset value per share – Class 1	$16.80
Net assets – Class 2	$ 427,023,998
Shares outstanding – Class 2¹	26,528,342
Net asset value per share – Class 2	$16.10

¹	The Fund has an unlimited number of authorized shares

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Statement of operations—six months ended June 30, 2021 (unaudited)


Investment income
Dividends	$ 191,673
Securities lending income from affiliates, net	49,023
Income from affiliated securities	921
Total investment income	241,617
Expenses
Management fee	1,733,882
Administration fees
Class 1	14,061
Class 2	159,327
Distribution fee
Class 2	497,003
Custody and accounting fees	21,577
Professional fees	27,273
Shareholder report expenses	20,771
Trustees’ fees and expenses	9,398
Other fees and expenses	4,917
Total expenses	2,488,209
Net investment loss	(2,246,592)
Realized and unrealized gains (losses) on investments
Net realized gains on investments	33,914,710
Net change in unrealized gains (losses) on investments	7,675,204
Net realized and unrealized gains (losses) on investments	41,589,914
Net increase in net assets resulting from operations	$39,343,322

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Small Cap Growth Fund | 13

Table of Contents

Statement of changes in net assets


	Six months ended June 30, 2021 (unaudited)		Year ended December 31, 2020
Operations
Net investment loss		$ (2,246,592)		$ (3,125,684)
Net realized gains on investments		33,914,710		53,245,715
Net change in unrealized gains (losses) on investments		7,675,204		109,023,368
Net increase in net assets resulting from operations		39,343,322		159,143,399
Distributions to shareholders from
Net investment income and net realized gains
Class 1		0		(1,435,682)
Class 2		0		(16,630,208)
Total distributions to shareholders		0		(18,065,890)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class 1	236,622	3,755,075	604,357	6,902,098
Class 2	1,939,472	30,089,381	3,286,731	35,875,297
		33,844,456		42,777,395
Reinvestment of distributions
Class 1	0	0	131,233	1,435,682
Class 2	0	0	1,582,322	16,630,208
		0		18,065,890
Payment for shares redeemed
Class 1	(307,622)	(4,904,551)	(675,964)	(7,532,393)
Class 2	(2,056,108)	(31,446,241)	(5,426,711)	(59,526,674)
		(36,350,792)		(67,059,067)
Net decrease in net assets resulting from capital share transactions		(2,506,336)		(6,215,782)
Total increase in net assets		36,836,986		134,861,727
Net assets
Beginning of period		427,444,158		292,582,431
End of period		$464,281,144		$427,444,158

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 1	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$15.35	$10.29	$9.66	$10.43	$8.51	$8.70
Net investment loss	(0.05)	(0.09)	(0.07) ¹	(0.05)	(0.04)	(0.01) ¹
Net realized and unrealized gains (losses) on investments	1.50	5.80	2.51	0.40	2.24	0.65
Total from investment operations	1.45	5.71	2.44	0.35	2.20	0.64
Distributions to shareholders from
Net realized gains	0.00	(0.65)	(1.81)	(1.12)	(0.28)	(0.83)
Net asset value, end of period	$16.80	$15.35	$10.29	$9.66	$10.43	$8.51
Total return²	9.45%	58.09%	25.31%	1.48%	26.14%	8.10%
Ratios to average net assets (annualized)
Gross expenses	0.92%	0.93%	0.93%	0.92%	0.94%	0.94%
Net expenses	0.92%	0.93%	0.93%	0.92%	0.94%	0.94%
Net investment loss	(0.81)%	(0.76)%	(0.69)%	(0.59)%	(0.65)%	(0.10)%
Supplemental data
Portfolio turnover rate	23%	51%	62%	68%	72%	89%
Net assets, end of period (000s omitted)	$37,257	$35,128	$22,925	$19,801	$22,591	$20,554

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

Wells Fargo VT Small Cap Growth Fund | 15

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended December 31
Class 2	Six months ended June 30, 2021 (unaudited)	2020	2019	2018	2017	2016
Net asset value, beginning of period	$14.72	$9.91	$9.38	$10.18	$8.33	$8.56
Net investment loss	(0.08)	(0.11)	(0.09)	(0.09)	(0.09)	(0.03)
Net realized and unrealized gains (losses) on investments	1.46	5.57	2.43	0.41	2.22	0.63
Total from investment operations	1.38	5.46	2.34	0.32	2.13	0.60
Distributions to shareholders from
Net realized gains	0.00	(0.65)	(1.81)	(1.12)	(0.28)	(0.83)
Net asset value, end of period	$16.10	$14.72	$9.91	$9.38	$10.18	$8.33
Total return¹	9.38%	57.78%	24.83%	1.20%	25.86%	7.75%
Ratios to average net assets (annualized)
Gross expenses	1.17%	1.18%	1.18%	1.17%	1.19%	1.19%
Net expenses	1.17%	1.18%	1.18%	1.17%	1.19%	1.19%
Net investment loss	(1.06)%	(1.00)%	(0.95)%	(0.84)%	(0.90)%	(0.35)%
Supplemental data
Portfolio turnover rate	23%	51%	62%	68%	72%	89%
Net assets, end of period (000s omitted)	$427,024	$392,316	$269,657	$243,038	$238,460	$202,718

¹	Returns for periods of less than one year are not annualized. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts.

The accompanying notes are an integral part of these financial statements.

16 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo VT Small Cap Growth Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending

Wells Fargo VT Small Cap Growth Fund | 17

Table of Contents

Notes to financial statements (unaudited)

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

As of June 30, 2021, the aggregate cost of all investments for federal income tax purposes was $289,559,476 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$189,838,370
Gross unrealized losses	(5,468,635)
Net unrealized gains	$184,369,735

Class allocations

18 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Notes to financial statements (unaudited)

3. 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 Fund’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 17,616,426	$0	$0	$ 17,616,426
Consumer discretionary	83,654,037	0	0	83,654,037
Consumer staples	22,559,623	0	0	22,559,623
Financials	20,149,293	0	0	20,149,293
Health care	138,551,445	0	0	138,551,445
Industrials	57,194,766	0	0	57,194,766
Information technology	116,122,035	0	0	116,122,035
Utilities	2,750,084	0	0	2,750,084
Short-term investments
Investment companies	15,331,502	0	0	15,331,502
Total assets	$473,929,211	$0	$0	$473,929,211

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

For the six months ended June 30, 2021, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo VT Small Cap Growth Fund | 19

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Management fee
First $500 million	0.800%
Next $500 million	0.750
Next $1 billion	0.700
Next $1 billion	0.675
Next $2 billion	0.650
Next $5 billion	0.640
Over $10 billion	0.630

For the six months ended June 30, 2021, the management fee was equivalent to an annual rate of 0.80% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management, LLC ("WellsCap"), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account services and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of each class.

Waivers and/or expense reimbursements

	Expense ratio caps
Class 1	0.95%
Class 2	1.20

Distribution fee

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2021 were $99,026,985 and $109,295,655, respectively.

20 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Notes to financial statements (unaudited)

6. SECURITIES LENDING TRANSACTIONS

Counterparty	Value of securities on loan	Collateral received¹	Net amount
Bank of America Securities Incorporated	$4,176,769	$(4,176,769)	$0
Barclays Capital Incorporated	105,336	(105,336)	0
Deutsche Bank Securities Incorporated	1,786,664	(1,786,664)	0
JPMorgan Securties LLC	3,147,244	(3,147,244)	0
Morgan Stanley & Company LLC	966,320	(966,320)	0
UBS Securities LLC	899,100	(899,100)	0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

For the six months ended June 30, 2021, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in health care and information technology sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

10. CORONAVIRUS (COVID-19) PANDEMIC

Wells Fargo VT Small Cap Growth Fund | 21

Table of Contents

Notes to financial statements (unaudited)

business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

11. SUBSEQUENT EVENTS

At a meeting held July 15, 2021, the Board of Trustees of the Wells Fargo Funds approved a change in the name to remove “Wells Fargo” from the name and replace with “Allspring”. The change is expected to go into effect on October 11, 2021.

Following the closing of the transaction, Wells Fargo Funds Management, LLC, the investment manager, Wells Capital Management, LLC and Wells Fargo Asset Management (International) Limited, each subadvisers to certain funds, and Wells Fargo Funds Distributor, LLC will each be rebranded as Allspring.

22 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Wells Fargo VT Small Cap Growth Fund | 23

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

24 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Wells Fargo VT Small Cap Growth Fund | 25

Table of Contents

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

26 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Board considerations (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Board Considerations – Current Agreements

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Variable Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 17-19, 2021 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo VT Small Cap Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Wells Fargo VT Small Cap Growth Fund | 27

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of its Universe for the one-, three-, five- and ten-year periods ended December 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark, the Russell 2000® Growth Index, for all periods ended December 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

28 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Board considerations (unaudited)

regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion

Wells Fargo VT Small Cap Growth Fund | 29

Table of Contents

Board considerations (unaudited)

Board Considerations – New Agreements

Overview of the Board evaluation process

Among other information considered by the Board in connection with the Transaction was:

■

30 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Board considerations (unaudited)

■

Nature, extent and quality of services

Wells Fargo VT Small Cap Growth Fund | 31

Table of Contents

Board considerations (unaudited)

Fund investment performance and expenses

Investment management and sub-advisory fee rates

32 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Board considerations (unaudited)

Profitability

Economies of scale

“Fall-out” benefits to Funds Management and the Sub-Adviser

Wells Fargo VT Small Cap Growth Fund | 33

Table of Contents

Board considerations (unaudited)

Conclusion

34 | Wells Fargo VT Small Cap Growth Fund

Table of Contents

Board considerations (unaudited)

Board Considerations - Interim Agreements

Wells Fargo VT Small Cap Growth Fund | 35

Table of Contents

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ■ NO BANK GUARANTEE ■ MAY LOSE VALUE

PAR-0721-00698 08-21
SVT7/SAR144 06-21

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Variable Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Variable 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 registrant 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 registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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 Variable Trust


By:
		/s/ Andrew Owen
		Andrew Owen
		President
Date:		August 27, 2021

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 Variable Trust


By:
		/s/ Andrew Owen
		Andrew Owen
		President
Date:		August 27, 2021
By:
		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer
Date:		August 27, 2021

United States: (continued)

Gentex Corporation (Consumer discretionary, Auto components)

$ 1,141,340

Samsonite International SA (Consumer discretionary, Textiles, apparel & luxury goods) 144A†

Total Common stocks (Cost $60,135,870)