NPORT-EX 2 indexportfolio.htm
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Common stocks: 96.67%          
Communication services: 10.71%          
Diversified telecommunication services: 1.32%          
AT&T Incorporated          258,289 $    7,203,680
Lumen Technologies Incorporated           35,790       439,859
Verizon Communications Incorporated          149,989     8,294,392
             15,937,931
Entertainment: 2.18%          
Activision Blizzard Incorporated           28,013     2,678,323
Electronic Arts Incorporated           10,514     1,408,561
Live Nation Entertainment Incorporated †            5,183       460,561
Netflix Incorporated †           16,013     8,628,605
Take-Two Interactive Software Incorporated †            4,169       769,014
The Walt Disney Company †           65,623    12,405,372
             26,350,436
Interactive media & services: 5.65%          
Alphabet Incorporated Class A †           10,897    22,032,753
Alphabet Incorporated Class C †           10,522    21,431,841
Facebook Incorporated Class A †           87,134    22,447,461
Twitter Incorporated †           28,828     2,221,486
             68,133,541
Media: 1.35%          
Charter Communications Incorporated Class A †            5,289     3,244,378
Comcast Corporation Class A          165,495     8,724,896
Discovery Incorporated Class A †       5,811 308,157
Discovery Incorporated Class C †       10,692 481,140
DISH Network Corporation Class A †       8,963 282,424
Fox Corporation Class A       12,235 407,548
Fox Corporation Class B       5,607 179,032
Interpublic Group of Companies Incorporated       14,137 369,258
News Corporation Class A       14,171 332,310
News Corporation Class B       4,414 101,169
Omnicom Group Incorporated       7,792 535,544
ViacomCBS Incorporated Class B       20,478 1,320,626
          16,286,482
Wireless telecommunication services: 0.21%          
T-Mobile US Incorporated †       21,144 2,536,646
Consumer discretionary: 11.99%          
Auto components: 0.15%          
Aptiv plc       9,787 1,466,484
BorgWarner Incorporated       8,863 398,835
          1,865,319
Automobiles: 1.87%          
Ford Motor Company †       141,634 1,657,118
General Motors Company       45,654 2,343,420
Tesla Motors Incorporated †       27,486 18,566,793
          22,567,331
See accompanying notes to portfolio of investments
Wells Fargo Index Portfolio  |  1
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Distributors: 0.12%          
Genuine Parts Company            5,229 $      550,875
LKQ Corporation †           10,149       399,769
Pool Corporation            1,456       487,425
              1,438,069
Hotels, restaurants & leisure: 1.67%          
Carnival Corporation           28,917       773,530
Chipotle Mexican Grill Incorporated †            1,014     1,462,188
Darden Restaurants Incorporated            4,719       648,060
Domino's Pizza Incorporated            1,428       494,816
Hilton Worldwide Holdings Incorporated           10,056     1,243,726
Las Vegas Sands Corporation           11,905       745,253
Marriott International Incorporated Class A            9,640     1,427,395
McDonald's Corporation           27,007     5,567,223
MGM Resorts International           14,860       561,559
Norwegian Cruise Line Holdings Limited †«           11,441       338,196
Royal Caribbean Cruises Limited            6,749       629,479
Starbucks Corporation           42,542     4,595,812
Wynn Resorts Limited            3,772       496,886
Yum! Brands Incorporated           10,934     1,131,997
             20,116,120
Household durables: 0.40%          
D.R. Horton Incorporated           12,019       923,901
Garmin Limited            5,407       670,576
Leggett & Platt Incorporated       4,803 207,826
Lennar Corporation Class A       9,972 827,377
Mohawk Industries Incorporated †       2,168 379,378
Newell Brands Incorporated       13,687 317,128
NVR Incorporated †       127 571,607
PulteGroup Incorporated       9,717 438,334
Whirlpool Corporation       2,267 430,911
          4,767,038
Internet & direct marketing retail: 4.51%          
Amazon.com Incorporated †       15,458 47,810,504
Booking Holdings Incorporated †       1,484 3,455,509
eBay Incorporated       23,736 1,339,185
Etsy Incorporated †       4,570 1,006,634
Expedia Group Incorporated       4,927 793,247
          54,405,079
Leisure products: 0.04%          
Hasbro Incorporated       4,619 432,846
Multiline retail: 0.48%          
Dollar General Corporation       8,880 1,678,231
Dollar Tree Incorporated †       8,525 837,155
Target Corporation       18,151 3,329,619
          5,845,005
Specialty retail: 2.05%          
Advance Auto Parts Incorporated       2,459 394,301
AutoZone Incorporated †       840 974,333
Best Buy Company Incorporated       8,353 838,224
See accompanying notes to portfolio of investments
2  |  Wells Fargo Index Portfolio
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Specialty retail (continued)          
CarMax Incorporated †            5,947 $      710,726
L Brands Incorporated            8,467       462,806
Lowe's Companies Incorporated           26,558     4,242,641
O'Reilly Automotive Incorporated †            2,626     1,174,689
Ross Stores Incorporated           12,904     1,505,123
The Gap Incorporated †            7,456       186,027
The Home Depot Incorporated           39,022    10,080,943
The TJX Companies Incorporated           43,518     2,871,753
Tractor Supply Company            4,223       671,288
Ulta Beauty Incorporated †            2,042       658,198
             24,771,052
Textiles, apparel & luxury goods: 0.70%          
HanesBrands Incorporated           12,625       223,336
Nike Incorporated Class B           45,482     6,130,064
PVH Corporation            2,577       257,597
Ralph Lauren Corporation            1,748       204,656
Tapestry Incorporated           10,055       423,718
Under Armour Incorporated Class A †            6,834       149,596
Under Armour Incorporated Class C †            7,054       128,383
VF Corporation           11,592       917,275
              8,434,625
Consumer staples: 5.77%          
Beverages: 1.38%          
Brown-Forman Corporation Class B       6,616 473,573
Constellation Brands Incorporated Class A       6,144 1,315,676
Molson Coors Brewing Company Class B       6,820 303,149
Monster Beverage Corporation †       13,394 1,175,190
PepsiCo Incorporated       50,090 6,471,127
The Coca-Cola Company       140,188 6,867,810
          16,606,525
Food & staples retailing: 1.28%          
Costco Wholesale Corporation       15,993 5,293,683
Sysco Corporation       18,462 1,470,129
The Kroger Company       28,066 904,006
Walgreens Boots Alliance Incorporated       26,050 1,248,577
Walmart Incorporated       50,250 6,528,480
          15,444,875
Food products: 0.91%          
Archer Daniels Midland Company       20,167 1,141,049
Campbell Soup Company       7,341 333,869
ConAgra Foods Incorporated       17,707 600,799
General Mills Incorporated       22,157 1,218,857
Hormel Foods Corporation       10,176 471,861
Kellogg Company       9,219 532,028
Lamb Weston Holdings Incorporated       5,304 423,100
McCormick & Company Incorporated       9,014 759,700
Mondelez International Incorporated Class A       51,838 2,755,708
The Hershey Company       5,347 778,791
The J.M. Smucker Company       4,135 463,120
See accompanying notes to portfolio of investments
Wells Fargo Index Portfolio  |  3
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Food products (continued)          
The Kraft Heinz Company           23,487 $      854,457
Tyson Foods Incorporated Class A           10,661       721,430
             11,054,769
Household products: 1.37%          
Church & Dwight Company Incorporated            9,005       709,144
Colgate-Palmolive Company           31,069     2,336,389
Kimberly-Clark Corporation           12,329     1,582,181
The Clorox Company            4,569       827,217
The Procter & Gamble Company           89,876    11,102,382
             16,557,313
Personal products: 0.19%          
The Estee Lauder Companies Incorporated Class A            8,211     2,347,196
Tobacco: 0.64%          
Altria Group Incorporated           67,360     2,936,896
Philip Morris International Incorporated           56,446     4,742,593
              7,679,489
Energy: 2.74%          
Energy equipment & services: 0.24%          
Baker Hughes Incorporated           24,858       608,524
Halliburton Company           32,042       699,477
NOV Incorporated           14,073       212,502
Schlumberger Limited           50,455     1,408,199
              2,928,702
Oil, gas & consumable fuels: 2.50%          
APA Corporation       13,682 269,946
Cabot Oil & Gas Corporation       14,447 267,414
Chevron Corporation       69,775 6,977,500
ConocoPhillips       49,097 2,553,535
Devon Energy Corporation       21,444 461,904
Diamondback Energy Incorporated       5,726 396,697
EOG Resources Incorporated       21,145 1,365,121
Exxon Mobil Corporation       153,256 8,332,529
Hess Corporation       9,906 649,140
HollyFrontier Corporation       5,403 204,666
Kinder Morgan Incorporated       70,566 1,037,320
Marathon Oil Corporation       28,612 317,593
Marathon Petroleum Corporation       23,583 1,288,103
Occidental Petroleum Corporation       30,377 808,332
ONEOK Incorporated       16,108 713,423
Phillips 66       15,832 1,314,848
Pioneer Natural Resources Company       7,329 1,088,870
The Williams Companies Incorporated       43,988 1,004,686
Valero Energy Corporation       14,781 1,137,841
          30,189,468
Financials: 10.86%          
Banks: 4.25%          
Bank of America Corporation       275,929 9,577,496
Citigroup Incorporated       75,463 4,971,502
See accompanying notes to portfolio of investments
4  |  Wells Fargo Index Portfolio
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Banks (continued)          
Citizens Financial Group Incorporated           15,480 $      672,451
Comerica Incorporated            5,041       343,292
Fifth Third Bancorp           25,822       895,765
First Republic Bank            6,305     1,038,749
Huntington Bancshares Incorporated           36,873       565,632
JPMorgan Chase & Company          110,485    16,260,077
KeyCorp           35,393       712,815
M&T Bank Corporation            4,650       701,871
People's United Financial Incorporated           15,400       276,276
PNC Financial Services Group Incorporated           15,357     2,585,505
Regions Financial Corporation           34,812       718,172
SVB Financial Group †            1,877       948,561
Truist Financial Corporation           48,864     2,783,293
US Bancorp           49,688     2,484,400
Wells Fargo & Company ♠          149,859     5,420,400
Zions Bancorporation            5,945       316,096
             51,272,353
Capital markets: 2.79%          
Ameriprise Financial Incorporated            4,276       946,022
Bank of New York Mellon Corporation           29,549     1,245,786
BlackRock Incorporated            5,141     3,570,425
Cboe Global Markets Incorporated            3,916       387,527
CME Group Incorporated           13,012     2,598,496
Franklin Resources Incorporated       9,876 258,455
Intercontinental Exchange Incorporated       20,344 2,244,147
Invesco Limited       13,652 306,078
MarketAxess Holdings Incorporated       1,376 764,973
Moody's Corporation       5,854 1,609,206
Morgan Stanley       54,392 4,181,113
MSCI Incorporated       3,005 1,245,633
Northern Trust Corporation       7,544 717,661
Raymond James Financial Incorporated       4,417 515,641
S&P Global Incorporated       8,721 2,872,349
State Street Corporation       12,788 930,583
T. Rowe Price Group Incorporated       8,207 1,330,683
The Charles Schwab Corporation       54,068 3,337,077
The Goldman Sachs Group Incorporated       12,471 3,984,235
The NASDAQ Incorporated       4,162 575,563
          33,621,653
Consumer finance: 0.58%          
American Express Company       23,640 3,197,546
Capital One Financial Corporation       16,579 1,992,630
Discover Financial Services       11,109 1,045,024
Synchrony Financial       19,679 761,184
          6,996,384
Diversified financial services: 1.40%          
Berkshire Hathaway Incorporated Class B †       70,539 16,965,335
Insurance: 1.84%          
AFLAC Incorporated       23,679 1,133,987
American International Group Incorporated       31,227 1,372,427
Aon plc Class A       8,286 1,886,805
Arthur J. Gallagher & Company       6,971 835,126
See accompanying notes to portfolio of investments
Wells Fargo Index Portfolio  |  5
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Insurance (continued)          
Assurant Incorporated            2,150 $      264,923
Chubb Limited           16,360     2,659,809
Cincinnati Financial Corporation            5,424       530,847
Everest Reinsurance Group Limited            1,449       350,383
Globe Life Incorporated            3,490       325,966
Lincoln National Corporation            6,585       374,489
Loews Corporation            8,469       404,903
Marsh & McLennan Companies Incorporated           18,384     2,118,204
MetLife Incorporated           27,727     1,597,075
Principal Financial Group Incorporated            9,261       523,987
Progressive Corporation           21,226     1,824,375
Prudential Financial Incorporated           14,353     1,244,692
The Allstate Corporation           11,021     1,174,839
The Hartford Financial Services Group Incorporated           12,988       658,362
The Travelers Companies Incorporated            9,181     1,335,836
UnumProvident Corporation            7,382       195,475
W.R. Berkley Corporation            5,103       353,791
Willis Towers Watson plc            4,672     1,030,830
             22,197,131
Health care: 12.68%          
Biotechnology: 1.77%          
AbbVie Incorporated           63,991     6,894,390
Alexion Pharmaceuticals Incorporated †            7,932     1,211,613
Amgen Incorporated       21,101 4,746,037
Biogen Incorporated †       5,578 1,522,125
Gilead Sciences Incorporated       45,435 2,789,709
Incyte Corporation †       6,747 530,719
Regeneron Pharmaceuticals Incorporated †       3,801 1,712,617
Vertex Pharmaceuticals Incorporated †       9,425 2,003,284
          21,410,494
Health care equipment & supplies: 3.64%          
Abbott Laboratories       64,241 7,694,787
ABIOMED Incorporated †       1,638 531,613
Align Technology Incorporated †       2,601 1,475,053
Baxter International Incorporated       18,515 1,438,430
Becton Dickinson & Company       10,512 2,534,969
Boston Scientific Corporation †       51,901 2,012,721
Danaher Corporation       22,916 5,033,958
Dentsply Sirona Incorporated       7,922 420,421
DexCom Incorporated †       3,481 1,384,672
Edwards Lifesciences Corporation †       22,590 1,877,229
Hologic Incorporated †       9,316 671,590
IDEXX Laboratories Incorporated †       3,092 1,608,366
Intuitive Surgical Incorporated †       4,261 3,139,505
Medtronic plc       48,788 5,706,732
ResMed Incorporated       5,253 1,012,673
STERIS plc       3,093 540,656
Stryker Corporation       11,850 2,875,877
Teleflex Incorporated       1,688 672,027
The Cooper Companies Incorporated       1,778 686,539
Varian Medical Systems Incorporated †       3,311 580,319
See accompanying notes to portfolio of investments
6  |  Wells Fargo Index Portfolio
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Health care equipment & supplies (continued)          
West Pharmaceutical Services Incorporated            2,680 $      752,142
Zimmer Biomet Holdings Incorporated            7,513     1,225,070
             43,875,349
Health care providers & services: 2.43%          
AmerisourceBergen Corporation            5,330       539,503
Anthem Incorporated            9,015     2,733,258
Cardinal Health Incorporated           10,635       547,915
Centene Corporation †           21,015     1,230,218
Cigna Corporation           13,094     2,748,431
CVS Health Corporation           47,443     3,232,292
DaVita HealthCare Partners Incorporated †            2,679       273,606
HCA Healthcare Incorporated            9,566     1,645,639
Henry Schein Incorporated †            5,175       320,074
Humana Incorporated            4,797     1,821,181
Laboratory Corporation of America Holdings †            3,530       846,882
McKesson Corporation            5,820       986,606
Quest Diagnostics Incorporated            4,885       564,657
UnitedHealth Group Incorporated           34,391    11,425,378
Universal Health Services Incorporated Class B            2,817       353,055
             29,268,695
Health care technology: 0.06%          
Cerner Corporation           11,113       768,353
Life sciences tools & services: 1.16%          
Agilent Technologies Incorporated       11,091 1,353,878
Bio-Rad Laboratories Incorporated Class A †       780 455,910
Illumina Incorporated †       5,292 2,325,358
IQVIA Holdings Incorporated †       6,949 1,339,698
Mettler-Toledo International Incorporated †       862 962,035
PerkinElmer Incorporated       4,059 511,799
Thermo Fisher Scientific Incorporated       14,366 6,465,849
Waters Corporation †       2,249 615,956
          14,030,483
Pharmaceuticals: 3.62%          
Bristol-Myers Squibb Company       81,907 5,023,356
Catalent Incorporated †       5,970 678,849
Eli Lilly & Company       28,778 5,896,324
Johnson & Johnson       95,419 15,120,095
Merck & Company Incorporated       91,704 6,659,544
Perrigo Company plc       4,947 199,661
Pfizer Incorporated       201,469 6,747,197
Viatris Incorporated †       43,729 649,376
Zoetis Incorporated       17,227 2,674,319
          43,648,721
Industrials: 8.18%          
Aerospace & defense: 1.50%          
General Dynamics Corporation       8,425 1,377,235
Howmet Aerospace Incorporated       14,145 397,616
Huntington Ingalls Industries Incorporated       1,468 258,236
L3Harris Technologies Incorporated       7,616 1,385,427
Lockheed Martin Corporation       8,924 2,947,151
See accompanying notes to portfolio of investments
Wells Fargo Index Portfolio  |  7
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Aerospace & defense (continued)          
Northrop Grumman Corporation            5,620 $    1,639,129
Raytheon Technologies Corporation           55,047     3,962,834
Teledyne Technologies Incorporated †            1,337       496,027
Textron Incorporated            8,296       417,621
The Boeing Company           19,234     4,077,800
TransDigm Group Incorporated            1,973     1,137,770
             18,096,846
Air freight & logistics: 0.61%          
C.H. Robinson Worldwide Incorporated            4,927       447,618
Expeditors International of Washington Incorporated            6,135       563,438
FedEx Corporation            8,756     2,228,402
United Parcel Service Incorporated Class B           25,924     4,091,585
              7,331,043
Airlines: 0.30%          
Alaska Air Group Incorporated            4,482       291,420
American Airlines Group Incorporated           22,138       463,570
Delta Air Lines Incorporated           23,115     1,108,133
Southwest Airlines Company           21,395     1,243,691
United Airlines Holdings Incorporated †           10,608       558,829
              3,665,643
Building products: 0.45%          
A.O. Smith Corporation            4,909       291,447
Allegion plc            3,336       362,890
Carrier Global Corporation       29,529 1,078,694
Fortune Brands Home & Security Incorporated       5,036 418,693
Johnson Controls International plc       26,239 1,463,874
Masco Corporation       9,485 504,792
Trane Technologies plc       8,704 1,333,801
          5,454,191
Commercial services & supplies: 0.36%          
Cintas Corporation       3,185 1,033,023
Copart Incorporated †       7,532 822,193
Republic Services Incorporated       7,625 679,311
Rollins Incorporated       8,019 265,990
Waste Management Incorporated       14,092 1,562,662
          4,363,179
Construction & engineering: 0.08%          
Jacobs Engineering Group Incorporated       4,698 540,646
Quanta Services Incorporated       5,033 422,017
          962,663
Electrical equipment: 0.48%          
AMETEK Incorporated       8,339 983,752
Eaton Corporation plc       14,448 1,880,985
Emerson Electric Company       21,677 1,862,054
Rockwell Automation Incorporated       4,211 1,024,452
          5,751,243
Industrial conglomerates: 1.18%          
3M Company       20,907 3,659,979
See accompanying notes to portfolio of investments
8  |  Wells Fargo Index Portfolio
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Industrial conglomerates (continued)          
General Electric Company          317,510 $    3,981,575
Honeywell International Incorporated           25,433     5,146,368
Roper Technologies Incorporated            3,801     1,435,334
             14,223,256
Machinery: 1.72%          
Caterpillar Incorporated           19,691     4,250,893
Cummins Incorporated            5,365     1,358,418
Deere & Company           11,359     3,965,654
Dover Corporation            5,223       643,787
Flowserve Corporation            4,722       174,714
Fortive Corporation           12,222       804,452
IDEX Corporation            2,744       535,546
Illinois Tool Works Incorporated           10,440     2,110,759
Ingersoll Rand Incorporated †           13,473       624,339
Otis Worldwide Corporation           14,759       940,296
PACCAR Incorporated           12,557     1,142,561
Parker-Hannifin Corporation            4,668     1,339,529
Pentair plc            6,029       337,202
Snap-on Incorporated            1,965       399,111
Stanley Black & Decker Incorporated            5,807     1,015,296
Wabtec Corporation            6,485       469,709
Xylem Incorporated            6,533       650,425
             20,762,691
Professional services: 0.33%          
Equifax Incorporated       4,409 713,729
IHS Markit Limited       13,509 1,217,971
Leidos Holdings Incorporated       4,849 428,894
Nielsen Holdings plc       12,940 289,985
Robert Half International Incorporated       4,131 321,350
Verisk Analytics Incorporated       5,893 965,568
          3,937,497
Road & rail: 0.98%          
CSX Corporation       27,720 2,537,766
J.B. Hunt Transport Services Incorporated       3,026 444,429
Kansas City Southern       3,393 720,470
Norfolk Southern Corporation       9,206 2,320,464
Old Dominion Freight Line Incorporated       3,487 748,903
Union Pacific Corporation       24,425 5,030,573
          11,802,605
Trading companies & distributors: 0.19%          
Fastenal Company       20,809 964,913
United Rentals Incorporated †       2,615 777,649
W.W. Grainger Incorporated       1,634 609,008
          2,351,570
Information technology: 26.42%          
Communications equipment: 0.76%          
Arista Networks Incorporated †       1,975 552,684
Cisco Systems Incorporated       153,158 6,872,199
F5 Networks Incorporated †       2,233 424,225
See accompanying notes to portfolio of investments
Wells Fargo Index Portfolio  |  9
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Communications equipment (continued)          
Juniper Networks Incorporated           11,952 $      278,243
Motorola Solutions Incorporated            6,145     1,078,325
              9,205,676
Electronic equipment, instruments & components: 0.67%          
Amphenol Corporation Class A           10,843     1,362,748
CDW Corporation of Delaware            5,183       813,161
Corning Incorporated           27,692     1,058,942
FLIR Systems Incorporated            4,753       253,810
IPG Photonics Corporation †            1,294       294,191
Keysight Technologies Incorporated †            6,716       950,448
TE Connectivity Limited           11,988     1,558,800
Trimble Incorporated †            9,068       672,302
Vontier Corporation †            6,107       191,760
Zebra Technologies Corporation Class A †            1,932       964,899
              8,121,061
IT services: 5.15%          
Accenture plc Class A           22,964     5,761,668
Akamai Technologies Incorporated †            5,901       557,645
Automatic Data Processing Incorporated           15,543     2,704,793
Broadridge Financial Solutions Incorporated            4,191       597,176
Cognizant Technology Solutions Corporation Class A           19,379     1,423,969
DXC Technology Company            9,221       232,554
Fidelity National Information Services Incorporated           22,491     3,103,758
Fiserv Incorporated †       20,842 2,404,542
FleetCor Technologies Incorporated †       3,023 838,308
Gartner Incorporated †       3,236 579,373
Global Payments Incorporated       10,850 2,148,192
International Business Machines Corporation       32,297 3,841,082
Jack Henry & Associates Incorporated       2,766 410,585
MasterCard Incorporated Class A       31,887 11,283,215
Paychex Incorporated       11,597 1,056,139
PayPal Holdings Incorporated †       42,469 11,035,570
The Western Union Company       14,901 346,001
VeriSign Incorporated †       3,640 706,269
Visa Incorporated Class A       61,461 13,053,702
          62,084,541
Semiconductors & semiconductor equipment: 5.39%          
Advanced Micro Devices Incorporated †       43,593 3,684,044
Analog Devices Incorporated       13,392 2,086,741
Applied Materials Incorporated       33,103 3,912,444
Broadcom Incorporated       14,662 6,889,234
Enphase Energy Incorporated †       4,579 806,179
Intel Corporation       148,536 9,028,018
KLA Corporation       5,599 1,742,577
Lam Research Corporation       5,220 2,960,732
Maxim Integrated Products Incorporated       9,689 902,724
Microchip Technology Incorporated       9,438 1,440,522
Micron Technology Incorporated †       40,350 3,693,236
Monolithic Power Systems Incorporated       1,537 575,637
NVIDIA Corporation       22,436 12,307,941
Qorvo Incorporated †       4,134 722,334
QUALCOMM Incorporated       40,994 5,582,973
See accompanying notes to portfolio of investments
10  |  Wells Fargo Index Portfolio
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Semiconductors & semiconductor equipment (continued)          
Skyworks Solutions Incorporated            6,020 $    1,070,476
Teradyne Incorporated            6,019       774,104
Texas Instruments Incorporated           33,272     5,731,767
Xilinx Incorporated            8,885     1,157,716
             65,069,399
Software: 8.29%          
Adobe Incorporated †           17,388     7,992,742
ANSYS Incorporated †            3,113     1,061,502
Autodesk Incorporated †            7,970     2,199,720
Cadence Design Systems Incorporated †           10,110     1,426,420
Citrix Systems Incorporated            4,463       596,168
Fortinet Incorporated †            4,884       824,663
Intuit Incorporated            9,523     3,715,303
Microsoft Corporation          274,037    63,680,718
NortonLifeLock Incorporated           21,453       418,548
Oracle Corporation           68,753     4,435,256
Paycom Software Incorporated †            1,776       664,650
Salesforce.com Incorporated †           33,165     7,180,223
ServiceNow Incorporated †            7,072     3,772,629
Synopsys Incorporated †            5,532     1,356,502
Tyler Technologies Incorporated †            1,462       677,520
            100,002,564
Technology hardware, storage & peripherals: 6.16%          
Apple Incorporated       579,272 70,242,523
Hewlett Packard Enterprise Company       46,649 679,209
HP Incorporated       49,784 1,442,242
NetApp Incorporated       8,097 506,872
Seagate Technology plc       8,102 593,309
Western Digital Corporation       11,028 755,749
Xerox Holdings Corporation       6,040 153,899
          74,373,803
Materials: 2.54%          
Chemicals: 1.75%          
Air Products & Chemicals Incorporated       8,011 2,047,772
Albemarle Corporation       4,181 657,295
Celanese Corporation Series A       4,237 588,562
CF Industries Holdings Incorporated       7,754 351,101
Corteva Incorporated       27,004 1,219,231
Dow Incorporated       26,886 1,594,609
DuPont de Nemours Incorporated       19,444 1,367,302
Eastman Chemical Company       4,910 536,467
Ecolab Incorporated       9,001 1,884,449
FMC Corporation       4,703 478,248
International Flavors & Fragrances Incorporated       9,013 1,221,352
Linde plc       19,024 4,646,992
LyondellBasell Industries NV Class A       9,319 960,696
PPG Industries Incorporated       8,561 1,154,194
The Mosaic Company       12,504 367,618
The Sherwin-Williams Company       2,963 2,015,847
          21,091,735
See accompanying notes to portfolio of investments
Wells Fargo Index Portfolio  |  11
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Construction materials: 0.13%          
Martin Marietta Materials Incorporated            2,257 $      760,316
Vulcan Materials Company            4,803       802,053
              1,562,369
Containers & packaging: 0.33%          
Amcor plc           56,851       621,950
Avery Dennison Corporation            3,024       529,835
Ball Corporation           11,856     1,012,384
International Paper Company           14,248       707,413
Packaging Corporation of America            3,437       453,753
Sealed Air Corporation            5,624       235,646
WestRock Company            9,520       414,977
              3,975,958
Metals & mining: 0.33%          
Freeport-McMoRan Incorporated †           52,661     1,785,735
Newmont Corporation           29,118     1,583,437
Nucor Corporation           10,944       654,670
              4,023,842
Real estate: 2.35%          
Equity REITs: 2.27%          
Alexandria Real Estate Equities Incorporated            4,488       716,689
American Tower Corporation           16,101     3,479,909
AvalonBay Communities Incorporated            5,060       889,295
Boston Properties Incorporated            5,134       508,933
Crown Castle International Corporation       15,633 2,434,840
Digital Realty Trust Incorporated       10,155 1,368,183
Duke Realty Corporation       13,482 529,169
Equinix Incorporated       3,230 2,094,138
Equity Residential       12,413 811,934
Essex Property Trust Incorporated       2,363 602,069
Extra Space Storage Incorporated       4,684 588,779
Federal Realty Investment Trust       2,495 252,419
Healthpeak Properties Incorporated       19,513 567,633
Host Hotels & Resorts Incorporated       25,565 424,123
Iron Mountain Incorporated       10,445 363,382
Kimco Realty Corporation       15,676 287,341
Mid-America Apartment Communities Incorporated       4,145 558,456
Prologis Incorporated       26,794 2,654,482
Public Storage Incorporated       5,513 1,289,711
Realty Income Corporation       12,722 766,628
Regency Centers Corporation       5,720 313,342
SBA Communications Corporation       4,027 1,027,409
Simon Property Group Incorporated       11,885 1,342,054
SL Green Realty Corporation       2,630 181,654
UDR Incorporated       10,674 439,449
Ventas Incorporated       13,577 718,223
Vornado Realty Trust       5,685 244,114
Welltower Incorporated       15,126 1,027,055
Weyerhaeuser Company       27,055 916,353
          27,397,766
See accompanying notes to portfolio of investments
12  |  Wells Fargo Index Portfolio
Portfolio of investments—February 28, 2021 (unaudited)
        Shares Value
Real estate management & development: 0.08%          
CBRE Group Incorporated Class A †           12,159 $      921,287
Utilities: 2.43%          
Electric utilities: 1.55%          
Alliant Energy Corporation            9,053       417,886
American Electric Power Company Incorporated           17,992     1,346,701
Duke Energy Corporation           26,676     2,283,199
Edison International           13,720       740,743
Entergy Corporation            7,258       630,067
Evergy Incorporated            8,222       440,946
Eversource Energy           12,426       987,618
Exelon Corporation           35,361     1,364,935
FirstEnergy Corporation           19,667       651,764
NextEra Energy Incorporated           71,009     5,217,741
NRG Energy Incorporated            8,852       323,187
Pinnacle West Capital Corporation            4,081       285,384
PPL Corporation           27,867       729,837
The Southern Company           38,285     2,171,525
Xcel Energy Incorporated           19,046     1,115,905
             18,707,438
Gas utilities: 0.03%          
Atmos Energy Corporation            4,563       386,075
Independent power & renewable electricity producers: 0.05%          
AES Corporation           24,108       640,308
Multi-utilities: 0.72%          
Ameren Corporation       8,960 629,619
CenterPoint Energy Incorporated       19,748 383,901
CMS Energy Corporation       10,378 561,554
Consolidated Edison Incorporated       12,400 814,060
Dominion Energy Incorporated       29,570 2,020,222
DTE Energy Company       7,016 825,924
NiSource Incorporated       13,890 300,024
Public Service Enterprise Group Incorporated       18,335 986,973
Sempra Energy       10,456 1,212,687
WEC Energy Group Incorporated       11,433 921,957
          8,656,921
Water utilities: 0.08%          
American Water Works Company Incorporated       6,570 932,152
Total Common stocks (Cost $292,373,380)         1,166,606,130
    
See accompanying notes to portfolio of investments
Wells Fargo Index Portfolio  |  13
Portfolio of investments—February 28, 2021 (unaudited)
    Yield   Shares Value
Short-term investments: 2.93%          
Investment companies: 2.93%          
Securities Lending Cash Investments LLC ♠∩∞   0.05%      327,450 $      327,450
Wells Fargo Government Money Market Fund Select Class ♠∞   0.03   35,029,552    35,029,552
Total Short-term investments (Cost $35,357,002)            35,357,002
Total investments in securities (Cost $327,730,382) 99.60%       1,201,963,132
Other assets and liabilities, net 0.40           4,782,046
Total net assets 100.00%       $1,206,745,178
    
† 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 Portfolio 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:
REIT Real estate investment trust
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
  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 $4,100,362 $374,345 $(565,709) $51,079   $1,460,323   $5,420,400   0.45% 149,859 $80,655
Short-term investments                        
Investment
companies 		                       
Securities Lending Cash Investments LLC 0 8,467,425 (8,139,975) 0   0   327,450     327,450 5,022#
Wells Fargo Government Money Market Fund Select Class 30,205,942 126,192,155 (121,368,545) 0   0   35,029,552     35,029,552 9,937
                35,357,002   2.93    
        $51,079   $1,460,323   $40,777,402   3.38%   $95,614
    
# Amount shown represents income before fees and rebates.
See accompanying notes to portfolio of investments
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Portfolio of investments—February 28, 2021 (unaudited)
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		Unrealized
losses
Long            
E-Mini S&P 500 Index 202 3-19-2021 $38,492,614 $38,472,920 $0 $(19,694)
See accompanying notes to portfolio of investments
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Notes to portfolio of investments—February 28, 2021 (unaudited)
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.
Investments in registered open-end investment companies are valued at net asset value. 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
The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio 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. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service.
In a securities lending transaction, the net asset value of the Portfolio 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 Portfolio fluctuates from time to time. The Portfolio 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 Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In 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 Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.
Futures contracts
Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to 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 Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.
Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or
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Notes to portfolio of investments—February 28, 2021 (unaudited)
losses and, if any, shown as variation margin receivable (payable). Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
■ Level 1 – quoted prices in active markets for identical securities
■ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
■ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of February 28, 2021:
  Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Common stocks        
Communication services $129,245,036 $0 $0 $129,245,036
Consumer discretionary 144,642,484 0 0 144,642,484
Consumer staples 69,690,167 0 0 69,690,167
Energy 33,118,170 0 0 33,118,170
Financials 131,052,856 0 0 131,052,856
Health care 153,002,095 0 0 153,002,095
Industrials 98,702,427 0 0 98,702,427
Information technology 318,857,044 0 0 318,857,044
Materials 30,653,904 0 0 30,653,904
Real estate 28,319,053 0 0 28,319,053
Utilities 29,322,894 0 0 29,322,894
Short-term investments        
Investment companies 35,357,002 0 0 35,357,002
Total assets $1,201,963,132 $0 $0 $1,201,963,132
Liabilities        
Futures contracts $19,694 $0 $0 $19,694
Total liabilities $19,694 $0 $0 $19,694
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the nine months ended February 28, 2021, the Portfolio did not have any transfers into/out of Level 3.
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