Notes to Portfolio of Investments—March 31, 2021 (Unaudited)
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Portfolio of investments—March 31, 2021 (unaudited) Shares Value Common stocks: 59.94% Communication services: 6.55% Diversified telecommunication services: 0.84% AT&T Incorporated 10,125 $ 306,484 Lumen Technologies Incorporated 1 , 4 0 0 1 8 , 6 9 0 Verizon Communications Incorporated 5,863 340,933 666,107 Entertainment: 1.27% Activision Blizzard Incorporated 1 , 1 0 2 1 0 2 , 4 8 6 Electronic Arts Incorporated 4 0 7 5 5 , 0 9 6 Live Nation Entertainment Incorporated † 204 17,269 Netflix Incorporated † 630 328,646 Take-Two Interactive Software Incorporated † 163 28,802 The Walt Disney Company † 2,573 474,770 1,007,069 Interactive media & services: 3.52% Alphabet Incorporated Class A † 425 876,571 Alphabet Incorporated Class C † 408 844,001 Facebook Incorporated Class A † 3,385 996,984 Twitter Incorporated † 1,128 71,775 2,789,331 Media: 0.79% Charter Communications Incorporated Class A † 200 123,404 Comcast Corporation Class A 4 7 4,6 3 5 0 , 3 0 8 Discovery Incorporated Class A † 225 9,779 Discovery Incorporated Class C † 408 15,051 DISH Network Corporation Class A † 351 12,706 Fox Corporation Class A 470 16,972 Fox Corporation Class B 216 7,545 Interpublic Group of Companies Incorporated 555 16,206 News Corporation Class A 553 14,063 News Corporation Class B 172 4,035 Omnicom Group Incorporated 304 22,542 ViacomCBS Incorporated Class B 827 37,298 629,909 Wireless telecommunication services: 0.13% T-Mobile US Incorporated † 827 103,615 Consumer discretionary: 7.50% Auto components: 0.09% Aptiv plc † 383 52,816 BorgWarner Incorporated 339 15,716 68,532 Automobiles: 1.16% Ford Motor Company † 5,567 68,196 General Motors Company † 1,813 104,175 Tesla Motors Incorporated † 1,118 746,746 919,117 See accompanying notes to portfolio of investments Wells Fargo VT Index Asset Allocation Fund | 1 Portfolio of investments—March 31, 2021 (unaudited) Shares Value Distributors: 0.07% Genuine Parts Company 2 0 4 $ 2 3 , 5 8 0 LKQ Corporation † 398 16,847 Pool Corporation 5 7 1 9 , 6 7 9 60,106 Hotels, restaurants & leisure: 1.30% Booking Holdings Incorporated † 58 135,131 Caesars Entertainment Incorporated † 298 26,060 Carnival Corporation † 1,138 30,203 Chipotle Mexican Grill Incorporated † 40 56,833 Darden Restaurants Incorporated 1 8 4 2 6 , 1 2 8 Domino's Pizza Incorporated 5 5 2 0 , 2 2 8 Expedia Group Incorporated 1 9 5 3 3 , 5 6 3 Hilton Worldwide Holdings Incorporated † 393 47,522 Las Vegas Sands Corporation 4 6 4 2 8 , 1 9 3 Marriott International Incorporated Class A † 377 55,837 McDonald's Corporation 1,053 236,019 MGM Resorts International 5 8 4 2 2 , 1 8 6 Norwegian Cruise Line Holdings Limited † 518 14,292 Penn National Gaming Incorporated † 214 22,436 Royal Caribbean Cruises Limited † 311 26,625 Starbucks Corporation 1,671 182,590 Wynn Resorts Limited † 148 18,555 Yum! Brands Incorporated 4 2 2 4 5 , 6 5 2 1,028,053 Household durables: 0.26% D.R. Horton Incorporated 470 41,886 Garmin Limited 210 27,689 Leggett & Platt Incorporated 188 8,582 Lennar Corporation Class A 390 39,480 Mohawk Industries Incorporated † 84 16,154 Newell Rubbermaid Incorporated 535 14,327 NVR Incorporated † 4 18,844 PulteGroup Incorporated 379 19,875 Whirlpool Corporation 89 19,611 206,448 Internet & direct marketing retail: 2.48% Amazon.com Incorporated † 606 1,875,012 eBay Incorporated 918 56,218 Etsy Incorporated † 178 35,897 1,967,127 Leisure products: 0.02% Hasbro Incorporated 179 17,205 Multiline retail: 0.31% Dollar General Corporation 344 69,701 Dollar Tree Incorporated † 333 38,115 Target Corporation 708 140,234 248,050 Specialty retail: 1.39% Advance Auto Parts Incorporated 92 16,881 See accompanying notes to portfolio of investments 2 | Wells Fargo VT Index Asset Allocation Fund Portfolio of investments—March 31, 2021 (unaudited) Shares Value Specialty retail (continued) AutoZone Incorporated † 32 $ 44,938 Best Buy Company Incorporated 3 2 7 3 7 , 5 4 3 CarMax Incorporated † 229 30,379 L Brands Incorporated † 334 20,661 Lowe's Companies Incorporated 0 3 6,1 1 9 7 , 0 2 6 O'Reilly Automotive Incorporated † 99 50,218 Ross Stores Incorporated 5 0 4 6 0 , 4 3 5 The Gap Incorporated 2 9 3 8 , 7 2 6 The Home Depot Incorporated 1 , 5 2 9 4 6 6 , 7 2 7 The TJX Companies Incorporated 1 , 7 0 6 1 1 2 , 8 5 2 Tractor Supply Company 1 6 3 2 8 , 8 6 4 Ulta Beauty Incorporated † 80 24,734 1,099,984 Textiles, apparel & luxury goods: 0.42% HanesBrands Incorporated 4 9 3 9 , 6 9 7 Nike Incorporated Class B 1 , 8 0 6 2 3 9 , 9 9 9 PVH Corporation 1 0 0 1 0 , 5 7 0 Ralph Lauren Corporation 6 8 8 , 3 7 5 Tapestry Incorporated † 398 16,402 Under Armour Incorporated Class A † 2 6 7 5 , 9 1 7 Under Armour Incorporated Class C † 2 7 6 5 , 0 9 5 VF Corporation 4 5 6 3 6 , 4 4 4 332,499 Consumer staples: 3.67% Beverages: 0.88% Brown-Forman Corporation Class B 258 17,794 Constellation Brands Incorporated Class A 239 54,492 Molson Coors Brewing Company Class B 265 13,555 Monster Beverage Corporation † 522 47,549 PepsiCo Incorporated 1,946 275,262 The Coca-Cola Company 5,482 288,956 697,608 Food & staples retailing: 0.80% Costco Wholesale Corporation 625 220,300 Sysco Corporation 720 56,693 The Kroger Company 1,079 38,833 Walgreens Boots Alliance Incorporated 1,014 55,669 Walmart Incorporated 1,953 265,276 636,771 Food products: 0.58% Archer Daniels Midland Company 789 44,973 Campbell Soup Company 285 14,327 ConAgra Foods Incorporated 686 25,794 General Mills Incorporated 858 52,613 Hormel Foods Corporation 395 18,873 Kellogg Company 356 22,535 Lamb Weston Holdings Incorporated 206 15,961 McCormick & Company Incorporated 341 30,404 Mondelez International Incorporated Class A 1,985 116,182 The Hershey Company 206 32,581 See accompanying notes to portfolio of investments Wells Fargo VT Index Asset Allocation Fund | 3 Portfolio of investments—March 31, 2021 (unaudited) Shares Value Food products (continued) The J.M. Smucker Company 1 5 3 $ 1 9 , 3 5 9 The Kraft Heinz Company 9 0 6 3 6 , 2 4 0 Tyson Foods Incorporated Class A 4 1 5 3 0 , 8 3 5 460,677 Household products: 0.88% Church & Dwight Company Incorporated 346 30,223 Colgate-Palmolive Company 1 , 1 9 9 9 4 , 5 1 7 Kimberly-Clark Corporation 4 7 6 6 6 , 1 8 8 The Clorox Company 1 7 6 3 3 , 9 4 7 The Procter & Gamble Company 3,475 470,619 695,494 Personal products: 0.12% The Estee Lauder Companies Incorporated Class A 325 94,526 Tobacco: 0.41% Altria Group Incorporated 2,615 133,783 Philip Morris International Incorporated 2,193 194,607 328,390 Energy: 1.68% Energy equipment & services: 0.14% Baker Hughes Incorporated 1 , 0 2 4 2 2 , 1 2 9 Halliburton Company 1 , 2 5 8 2 6 , 9 9 7 NOV Incorporated 5 4 6 7 , 4 9 1 Schlumberger Limited 1 , 9 6 6 5 3 , 4 5 6 110,073 Oil, gas & consumable fuels: 1.54% APA Corporation 540 9,666 Cabot Oil & Gas Corporation 564 10,592 Chevron Corporation 2,719 284,924 ConocoPhillips 1,913 101,332 Devon Energy Corporation 844 18,441 Diamondback Energy Incorporated 255 18,740 EOG Resources Incorporated 827 59,982 Exxon Mobil Corporation 5,969 333,249 Hess Corporation 385 27,243 HollyFrontier Corporation 210 7,514 Kinder Morgan Incorporated 2,751 45,804 Marathon Oil Corporation 1,122 11,983 Marathon Petroleum Corporation 919 49,157 Occidental Petroleum Corporation 1,186 31,571 ONEOK Incorporated 630 31,916 Phillips 66 616 50,229 Pioneer Natural Resources Company 291 46,217 The Williams Companies Incorporated 1,716 40,652 Valero Energy Corporation 576 41,242 1,220,454 Financials: 6.78% Banks: 2.68% Bank of America Corporation 10,712 414,447 See accompanying notes to portfolio of investments 4 | Wells Fargo VT Index Asset Allocation Fund Portfolio of investments—March 31, 2021 (unaudited) Shares Value Banks (continued) Citigroup Incorporated 2,958 $ 215,195 Citizens Financial Group Incorporated 602 26,578 Comerica Incorporated 1 9 7 1 4 , 1 3 3 Fifth Third Bancorp 1 , 0 0 8 3 7 , 7 5 0 First Republic Bank 2 4 8 4 1 , 3 5 4 Huntington Bancshares Incorporated 1,440 22,637 JPMorgan Chase & Company 4 , 3 0 9 6 5 5 , 9 5 9 KeyCorp 1 , 3 7 5 2 7 , 4 7 3 M&T Bank Corporation 1 8 1 2 7 , 4 4 1 People's United Financial Incorporated 602 10,776 PNC Financial Services Group Incorporated 599 105,071 Regions Financial Corporation 3 6 0,1 2 8 , 0 9 8 SVB Financial Group † 77 38,012 Truist Financial Corporation 9 1 3,1 1 1 1 , 5 6 6 US Bancorp 1 , 9 3 5 1 0 7 , 0 2 5 Wells Fargo & Company ♠ 5,863 229,068 Zions Bancorporation 2 3 3 1 2 , 8 0 6 2,125,389 Capital markets: 1.73% Ameriprise Financial Incorporated 1 6 5 3 8 , 3 5 4 Bank of New York Mellon Corporation 1,140 53,911 BlackRock Incorporated 2 0 0 1 5 0 , 7 9 2 Cboe Global Markets Incorporated 1 5 0 1 4 , 8 0 4 CME Group Incorporated 506 103,340 Franklin Resources Incorporated 384 11,366 Intercontinental Exchange Incorporated 791 88,339 Invesco Limited 533 13,442 MarketAxess Holdings Incorporated 53 26,390 Moody's Corporation 227 67,784 Morgan Stanley 2,118 164,484 MSCI Incorporated 117 49,056 Northern Trust Corporation 294 30,902 Raymond James Financial Incorporated 172 21,080 S&P Global Incorporated 339 119,623 State Street Corporation 497 41,753 T.