NPORT-EX 1 d771965dnportex.htm NPORT-EX

NPORT-EX

Wells Fargo Utilities and High Income Fund Portfolio of investments — May 31, 2019 (unaudited)

Security name										Shares				Value
Common Stocks : 64.81%
Communication Services : 6.82%
Diversified Telecommunication Services : 6.82%
AT&T Incorporated											125,000			$	3,822,500
Verizon Communications Incorporated											75,000				4,076,250
														7,898,750
Energy : 2.28%
Oil, Gas & Consumable Fuels : 2.28%
Snam SpA											525,000				2,641,613
Financials : 3.35%
Insurance : 3.35%
Poste Italiane SpA											400,000				3,887,682
Utilities : 52.36%
Electric Utilities : 35.38%
American Electric Power Company Incorporated											55,000				4,736,600
Enel SpA											900,000				5,600,273
Entergy Corporation											15,000				1,456,050
Evergy Incorporated											59,810				3,477,353
Exelon Corporation											141,001				6,779,328
FirstEnergy Corporation											50,000				2,062,000
IDACORP Incorporated											25,000				2,506,750
PNM Resources Incorporated											120,000				5,653,200
Spark Energy Incorporated Class A											424,138				4,156,552
Terna SpA											750,000				4,579,756
															41,007,862
Gas Utilities : 3.43%
Chesapeake Utilities Corporation											300				27,234
South Jersey Industries Incorporated											125,000				3,943,750
															3,970,984
Multi-Utilities : 13.55%
CenterPoint Energy Incorporated											61,000				1,734,840
DTE Energy Company											25,000				3,136,750
Engie SA											110,000				1,529,937
MDU Resources Group Incorporated											200				4,936
Sempra Energy											30,000				3,943,500
Suez Environnement Company SA											400,000				5,351,148
															15,701,111
Total Common Stocks (Cost $63,320,148)															75,108,002
		Interest rate				Maturity date				Principal
Corporate Bonds and Notes : 30.46%
Communication Services : 4.95%
Diversified Telecommunication Services : 0.47%
GCI Incorporated			6.75	%			6-1-2021			$	125,000				125,000
Level 3 Financing Incorporated			5.13				5-1-2023				75,000				74,929
Level 3 Financing Incorporated			5.38				8-15-2022				125,000				125,469
Level 3 Financing Incorporated			5.38				1-15-2024				50,000				50,125
Level 3 Financing Incorporated			5.63				2-1-2023				90,000				90,338

1

Portfolio of investments — May 31, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

Security name		Interest rate				Maturity date		Principal				Value
Diversified Telecommunication Services (continued)
Level 3 Financing Incorporated			6.13	%		1-15-2021		$	80,000			$	80,400
													546,261
Entertainment : 0.15%
Live Nation Entertainment Incorporated 144A			4.88			11-1-2024			100,000				100,500
Live Nation Entertainment Incorporated 144A			5.38			6-15-2022			50,000				50,500
Live Nation Entertainment Incorporated 144A			5.63			3-15-2026			25,000				25,625
													176,625
Media : 3.65%
CCO Holdings LLC 144A			5.00			2-1-2028			25,000				24,750
CCO Holdings LLC			5.13			2-15-2023			125,000				125,941
CCO Holdings LLC 144A			5.13			5-1-2023			135,000				136,310
CCO Holdings LLC 144A			5.13			5-1-2027			50,000				50,031
CCO Holdings LLC			5.25			9-30-2022			90,000				91,143
CCO Holdings LLC 144A			5.38			5-1-2025			300,000				306,285
CCO Holdings LLC 144A			5.50			5-1-2026			5,000				5,121
CCO Holdings LLC			5.75			9-1-2023			50,000				50,813
CCO Holdings LLC 144A			5.75			2-15-2026			300,000				311,250
CCO Holdings LLC 144A			5.88			4-1-2024			125,000				129,219
CSC Holdings LLC 144A			5.38			7-15-2023			200,000				203,000
CSC Holdings LLC 144A			5.50			5-15-2026			200,000				202,940
CSC Holdings LLC 144A			7.50			4-1-2028			200,000				213,000
CSC Holdings LLC 144A			7.75			7-15-2025			100,000				106,375
DISH Network Corporation			3.38			8-15-2026			125,000				114,860
EMI Music Publishing Group 144A			7.63			6-15-2024			150,000				158,475
Gray Television Incorporated 144A			5.13			10-15-2024			100,000				100,470
Gray Television Incorporated 144A			5.88			7-15-2026			350,000				359,083
Gray Television Incorporated 144A			7.00			5-15-2027			25,000				26,481
Lamar Media Corporation			5.38			1-15-2024			50,000				51,050
National CineMedia LLC			6.00			4-15-2022			300,000				302,625
Nexstar Broadcasting Group Incorporated			5.88			11-15-2022			25,000				25,430
Nexstar Broadcasting Group Incorporated 144A			6.13			2-15-2022			150,000				151,688
Nielsen Finance LLC 144A			5.00			4-15-2022			300,000				297,459
Outfront Media Capital Corporation			5.25			2-15-2022			15,000				15,139
Outfront Media Capital Corporation			5.63			2-15-2024			54,000				55,331
Outfront Media Capital Corporation			5.88			3-15-2025			65,000				65,813
Salem Media Group Incorporated 144A			6.75			6-1-2024			300,000				264,000
The E.W. Scripps Company 144A			5.13			5-15-2025			300,000				282,000
													4,226,082
Wireless Telecommunication Services : 0.68%
Sprint Capital Corporation			6.88			11-15-2028			75,000				78,075
Sprint Capital Corporation			8.75			3-15-2032			125,000				143,438
T-Mobile USA Incorporated			4.00			4-15-2022			50,000				50,375
T-Mobile USA Incorporated			4.75			2-1-2028			25,000				24,774
T-Mobile USA Incorporated			5.13			4-15-2025			25,000				25,422
T-Mobile USA Incorporated			5.38			4-15-2027			175,000				182,165
T-Mobile USA Incorporated			6.00			3-1-2023			25,000				25,531
T-Mobile USA Incorporated			6.38			3-1-2025			145,000				150,042
T-Mobile USA Incorporated			6.50			1-15-2024			5,000				5,163
T-Mobile USA Incorporated			6.50			1-15-2026			100,000				105,500
													790,485
Consumer Discretionary : 4.26%
Auto Components : 0.75%
Allison Transmission Incorporated 144A			4.75			10-1-2027			75,000				71,906
Allison Transmission Incorporated 144A			5.00			10-1-2024			425,000				422,110
Allison Transmission Incorporated 144A			5.88			6-1-2029			50,000				50,438
Cooper Tire & Rubber Company			7.63			3-15-2027			257,000				283,343
Cooper Tire & Rubber Company			8.00			12-15-2019			15,000				15,356

2

Wells Fargo Utilities and High Income Fund Portfolio of investments — May 31, 2019 (unaudited)

Security name		Interest rate				Maturity date				Principal				Value
Auto Components (continued)
Panther BF Aggregator 2 LP 144A			6.25	%			5-15-2026			$	25,000			$	25,500
															868,653
Distributors : 0.39%
IAA Spinco Incorporated 144A%%			5.50				6-15-2027				125,000				126,875
LKQ Corporation			4.75				5-15-2023				325,000				325,000
															451,875
Diversified Consumer Services : 0.59%
Carriage Services Incorporated 144A			6.63				6-1-2026				50,000				51,042
Service Corporation International			4.63				12-15-2027				50,000				50,063
Service Corporation International			7.50				4-1-2027				425,000				493,850
Service Corporation International			8.00				11-15-2021				85,000				92,863
															687,818
Hotels, Restaurants & Leisure : 0.71%
CCM Merger Incorporated 144A			6.00				3-15-2022				425,000				435,625
Hilton Domestic Operating Company Incorporated			5.13				5-1-2026				50,000				50,298
KFC Holding Company 144A			5.00				6-1-2024				100,000				101,500
Wyndham Hotels & Resorts Company 144A			5.38				4-15-2026				225,000				228,375
															815,798
Specialty Retail : 1.47%
Asbury Automotive Group Incorporated			6.00				12-15-2024				350,000				357,875
Group 1 Automotive Incorporated			5.00				6-1-2022				125,000				125,625
Group 1 Automotive Incorporated 144A			5.25				12-15-2023				120,000				121,950
Lithia Motors Incorporated 144A			5.25				8-1-2025				350,000				351,750
Penske Auto Group Incorporated			3.75				8-15-2020				50,000				49,688
Penske Auto Group Incorporated			5.38				12-1-2024				300,000				300,750
Penske Auto Group Incorporated			5.75				10-1-2022				125,000				126,250
Sonic Automotive Incorporated			5.00				5-15-2023				145,000				142,463
Sonic Automotive Incorporated			6.13				3-15-2027				125,000				120,313
															1,696,664
Textiles, Apparel & Luxury Goods : 0.35%
Levi Strauss & Company			5.00				5-1-2025				100,000				102,000
The William Carter Company 144A			5.63				3-15-2027				125,000				127,656
Wolverine World Wide Incorporated 144A			5.00				9-1-2026				185,000				179,450
															409,106
Consumer Staples : 0.44%
Beverages : 0.04%
Cott Beverages Incorporated 144A			5.50				4-1-2025				50,000				49,250
Food Products : 0.33%
B&G Foods Incorporated			4.63				6-1-2021				30,000				29,850
B&G Foods Incorporated			5.25				4-1-2025				75,000				72,516
Darling Ingredients Incorporated 144A			5.25				4-15-2027				75,000				75,923
Pilgrim’s Pride Corporation 144A			5.75				3-15-2025				110,000				111,375
Pilgrim’s Pride Corporation 144A			5.88				9-30-2027				25,000				25,149
Prestige Brands Incorporated 144A			6.38				3-1-2024				35,000				35,963
US Foods Incorporated 144A			5.88				6-15-2024				30,000				30,450
															381,226
Household Products : 0.07%
Central Garden & Pet Company			5.13				2-1-2028				25,000				24,000
Central Garden & Pet Company			6.13				11-15-2023				20,000				20,650
Spectrum Brands Incorporated			5.75				7-15-2025				25,000				25,374

3

Portfolio of investments — May 31, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

Security name		Interest rate				Maturity date				Principal				Value
Household Products (continued)
Spectrum Brands Incorporated			6.63	%			11-15-2022			$	12,000			$	12,240
															82,264
Energy : 6.15%
Energy Equipment & Services : 1.67%
Bristow Group Incorporated			6.25				10-15-2022				450,000				96,750
Diamond Offshore Drilling Incorporated			4.88				11-1-2043				150,000				88,500
Era Group Incorporated			7.75				12-15-2022				215,000				210,700
Hilcorp Energy Company 144A			5.00				12-1-2024				150,000				145,125
Hilcorp Energy Company 144A			5.75				10-1-2025				225,000				221,063
Hilcorp Energy Company 144A			6.25				11-1-2028				75,000				75,095
NGPL PipeCo LLC 144A			4.38				8-15-2022				50,000				50,548
NGPL PipeCo LLC 144A			4.88				8-15-2027				50,000				51,375
NGPL PipeCo LLC 144A			7.77				12-15-2037				525,000				648,375
Oceaneering International Incorporated			6.00				2-1-2028				225,000				219,938
USA Compression Partners LP			6.88				4-1-2026				125,000				128,125
															1,935,594
Oil, Gas & Consumable Fuels : 4.48%
Andeavor Logistics LP			5.25				1-15-2025				50,000				52,538
Archrock Partners LP			6.00				10-1-2022				75,000				75,000
Archrock Partners LP 144A			6.88				4-1-2027				75,000				77,063
Carrizo Oil & Gas Incorporated			8.25				7-15-2025				125,000				121,875
Cheniere Corpus Christi Holdings LLC			5.13				6-30-2027				125,000				129,378
Cheniere Energy Partners LP			5.25				10-1-2025				525,000				524,092
Cheniere Energy Partners LP 144A			5.63				10-1-2026				50,000				50,625
Continental Resources Incorporated			3.80				6-1-2024				100,000				100,487
Denbury Resources Incorporated			6.38				8-15-2021				325,000				266,500
Denbury Resources Incorporated 144A			9.25				3-31-2022				86,000				82,990
Enable Oklahoma Intrastate Transmission LLC 144A			6.25				3-15-2020				50,000				51,165
EnLink Midstream Partners LP			4.40				4-1-2024				300,000				294,750
EnLink Midstream Partners LP			4.85				7-15-2026				325,000				318,500
Gulfport Energy Corporation			6.00				10-15-2024				75,000				61,875
Kinder Morgan Incorporated			6.50				9-15-2020				45,000				47,118
Kinder Morgan Incorporated			7.42				2-15-2037				90,000				105,915
Murphy Oil Corporation			4.45				12-1-2022				175,000				172,360
Murphy Oil Corporation			5.75				8-15-2025				15,000				15,035
Murphy Oil Corporation			6.88				8-15-2024				50,000				51,814
Nabors Industries Incorporated			0.75				1-15-2024				125,000				85,611
Rockies Express Pipeline LLC 144A			5.63				4-15-2020				300,000				304,491
Rockies Express Pipeline LLC 144A			6.88				4-15-2040				200,000				215,610
Rockies Express Pipeline LLC 144A			7.50				7-15-2038				55,000				60,703
Rose Rock Midstream LP			5.63				7-15-2022				100,000				99,000
Rose Rock Midstream LP			5.63				11-15-2023				125,000				118,750
Sabine Pass Liquefaction LLC			5.63				2-1-2021				125,000				129,680
Sabine Pass Liquefaction LLC			6.25				3-15-2022				100,000				107,974
SemGroup Corporation			6.38				3-15-2025				275,000				264,000
SemGroup Corporation			7.25				3-15-2026				150,000				146,250
Southern Star Central Corporation 144A			5.13				7-15-2022				150,000				151,455
Southwestern Energy Company			7.50				4-1-2026				50,000				48,000
Southwestern Energy Company			7.75				10-1-2027				50,000				47,750
Summit Midstream Holdings LLC			5.75				4-15-2025				25,000				22,188
Tallgrass Energy Partners LP 144A			5.50				9-15-2024				700,000				714,000
Tesoro Logistics LP			6.38				5-1-2024				25,000				26,158
Ultra Resources Incorporated 144A			7.13				4-15-2025				425,000				46,750
															5,187,450
Financials : 1.97%
Banks : 0.01%
Citigroup Incorporated			4.13				3-9-2021				5,000				5,038
Citigroup Incorporated			6.13				3-9-2028				10,000				11,000
															16,038

4

Wells Fargo Utilities and High Income Fund Portfolio of investments — May 31, 2019 (unaudited)

Security name		Interest rate				Maturity date		Principal				Value
Consumer Finance : 0.88%
Ally Financial Incorporated			8.00	%		3-15-2020		$	203,000			$	209,851
FirstCash Incorporated 144A			5.38			6-1-2024			175,000				176,750
Jefferies Finance LLC 144A%%			6.25			6-3-2026			200,000				200,000
Navient Corporation			8.00			3-25-2020			175,000				180,031
Springleaf Finance Corporation			6.63			1-15-2028			25,000				25,313
Springleaf Finance Corporation			7.13			3-15-2026			125,000				130,634
Springleaf Finance Corporation			7.75			10-1-2021			25,000				26,875
Springleaf Finance Corporation			8.25			10-1-2023			65,000				72,963
													1,022,417
Diversified Financial Services : 0.80%
LPL Holdings Incorporated 144A			5.75			9-15-2025			875,000				877,188
Vantiv LLC 144A			4.38			11-15-2025			50,000				51,572
													928,760
Insurance : 0.28%
AmWINS Group Incorporated 144A			7.75			7-1-2026			100,000				100,750
HUB International Limited 144A			7.00			5-1-2026			75,000				73,755
USIS Merger Subordinate Incorporated 144A			6.88			5-1-2025			150,000				145,500
													320,005
Health Care : 2.88%
Health Care Equipment & Supplies : 0.52%
Hill-Rom Holdings Incorporated 144A			5.00			2-15-2025			75,000				75,375
Hill-Rom Holdings Incorporated 144A			5.75			9-1-2023			25,000				25,594
Hologic Incorporated 144A			4.38			10-15-2025			250,000				247,188
Hologic Incorporated 144A			4.63			2-1-2028			25,000				24,438
Kinetics Concepts Incorporated 144A			7.88			2-15-2021			175,000				180,031
Surgery Center Holdings Incorporated 144A			6.75			7-1-2025			50,000				45,375
													598,001
Health Care Providers & Services : 1.96%
Acadia Healthcare Company Incorporated			6.50			3-1-2024			20,000				20,350
Centene Corporation 144A			5.38			6-1-2026			75,000				77,790
Centene Corporation			6.13			2-15-2024			25,000				26,097
CHS Incorporated			5.13			8-1-2021			300,000				293,250
Davita Incorporated			5.00			5-1-2025			125,000				118,125
Encompass Health Corporation			5.75			11-1-2024			23,000				23,121
HCA Incorporated			5.88			3-15-2022			25,000				26,813
HCA Incorporated			6.50			2-15-2020			325,000				332,679
HealthSouth Corporation			5.75			9-15-2025			75,000				76,125
Mednax Incorporated 144A			5.25			12-1-2023			50,000				49,875
Mednax Incorporated 144A			6.25			1-15-2027			75,000				75,188
MPH Acquisition Holdings LLC 144A			7.13			6-1-2024			325,000				323,375
MPT Operating Partnership LP			5.00			10-15-2027			100,000				98,625
MPT Operating Partnership LP			5.25			8-1-2026			150,000				151,215
MPT Operating Partnership LP			6.38			3-1-2024			25,000				26,063
NVA Holdings Company 144A			6.88			4-1-2026			25,000				24,375
Polaris Intermediate Corporation 144A			8.50			12-1-2022			50,000				49,125
Select Medical Corporation			6.38			6-1-2021			315,000				315,236
Tenet Healthcare Corporation			4.63			7-15-2024			118,000				117,139
Vizient Incorporated 144A			6.25			5-15-2027			25,000				26,031
WellCare Health Plans Incorporated 144A			5.38			8-15-2026			25,000				25,618
													2,276,215
Health Care Technology : 0.34%
Change Healthcare Holdings Incorporated 144A			5.75			3-1-2025			325,000				313,625
Quintiles IMS Holdings Incorporated 144A			4.88			5-15-2023			75,000				75,844
													389,469

5

Portfolio of investments — May 31, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

Security name		Interest rate				Maturity date		Principal				Value
Life Sciences Tools & Services : 0.02%
Charles River Laboratories Incorporated 144A			5.50	%		4-1-2026		$	25,000			$	25,969
Pharmaceuticals : 0.04%
Bausch Health Companies Incorporated 144A			7.00			1-15-2028			25,000				24,703
Bausch Health Companies Incorporated 144A			8.50			1-31-2027			25,000				26,242
													50,945
Industrials : 2.20%
Aerospace & Defense : 0.19%
RBS Global & Rexnord LLC 144A			4.88			12-15-2025			225,000				221,063
Airlines : 0.33%
Aviation Capital Group Corporation 144A			6.75			4-6-2021			100,000				106,965
BBA US Holdings Incorporated 144A			5.38			5-1-2026			275,000				278,438
													385,403
Commercial Services & Supplies : 1.20%
ACCO Brands Corporation 144A			5.25			12-15-2024			25,000				24,820
Advanced Disposal Services Incorporated 144A			5.63			11-15-2024			300,000				312,000
Aramark Services Incorporated 144A			5.00			2-1-2028			25,000				24,734
Aramark Services Incorporated 144A			5.00			4-1-2025			25,000				24,875
Aramark Services Incorporated			5.13			1-15-2024			60,000				60,737
Covanta Holding Corporation			5.88			3-1-2024			185,000				189,625
Covanta Holding Corporation			5.88			7-1-2025			75,000				76,594
Covanta Holding Corporation			6.00			1-1-2027			125,000				127,378
KAR Auction Services Incorporated 144A			5.13			6-1-2025			550,000				541,750
													1,382,513
Electrical Equipment : 0.11%
Resideo Funding Incorporated 144A			6.13			11-1-2026			125,000				128,438
Machinery : 0.37%
Stevens Holding Company Incorporated 144A			6.13			10-1-2026			225,000				234,000
Trimas Corporation 144A			4.88			10-15-2025			200,000				197,500
													431,500
Information Technology : 2.60%
Communications Equipment : 0.06%
CommScope Technologies Finance LLC 144A			6.00			6-15-2025			75,000				68,063
IT Services : 1.02%
Cardtronics Incorporated 144A			5.50			5-1-2025			325,000				318,906
First Data Corporation 144A			5.00			1-15-2024			50,000				51,061
First Data Corporation 144A			5.38			8-15-2023			25,000				25,325
First Data Corporation 144A			5.75			1-15-2024			200,000				204,650
Gartner Incorporated 144A			5.13			4-1-2025			225,000				226,688
Infor US Incorporated			6.50			5-15-2022			50,000				50,510
Zayo Group LLC 144A			5.75			1-15-2027			75,000				77,063
Zayo Group LLC			6.38			5-15-2025			214,000				220,153
													1,174,356
Software : 0.41%
CDK Global Incorporated			4.88			6-1-2027			25,000				24,469
CDK Global Incorporated			5.00			10-15-2024			50,000				51,403
CDK Global Incorporated 144A			5.25			5-15-2029			25,000				24,906
CDK Global Incorporated			5.88			6-15-2026			25,000				25,875
Fair Isaac Corporation 144A			5.25			5-15-2026			125,000				130,313
IQVIA Incorporated 144A			5.00			5-15-2027			50,000				50,721
SS&C Technologies Incorporated 144A			5.50			9-30-2027			100,000				100,770

6

Wells Fargo Utilities and High Income Fund Portfolio of investments — May 31, 2019 (unaudited)

Security name		Interest rate				Maturity date		Principal				Value
Software (continued)
Symantec Corporation 144A			5.00	%		4-15-2025		$	75,000			$	74,985
													483,442
Technology Hardware, Storage & Peripherals : 1.15%
Dell International LLC 144A			5.88			6-15-2021			250,000				253,647
Dell International LLC 144A			7.13			6-15-2024			525,000				553,048
NCR Corporation			5.88			12-15-2021			15,000				15,094
NCR Corporation			6.38			12-15-2023			500,000				510,790
													1,332,579
Materials : 1.35%
Chemicals : 0.02%
Valvoline Incorporated			5.50			7-15-2024			25,000				25,313
Containers & Packaging : 1.28%
Ball Corporation			4.88			3-15-2026			50,000				51,188
Ball Corporation			5.25			7-1-2025			40,000				42,100
Berry Global Incorporated 144A%%			5.63			7-15-2027			25,000				25,188
Berry Global Incorporated			5.13			7-15-2023			50,000				50,375
Berry Global Incorporated			6.00			10-15-2022			65,000				66,138
Crown Americas Capital Corporation VI			4.75			2-1-2026			75,000				75,413
Crown Cork & Seal Company Incorporated			7.38			12-15-2026			155,000				174,375
Flex Acquisition Company Incorporated 144A			6.88			1-15-2025			175,000				156,625
Flex Acquisition Company Incorporated 144A			7.88			7-15-2026			50,000				45,000
Owens-Brockway Glass Container Incorporated 144A			5.38			1-15-2025			50,000				50,375
Owens-Brockway Glass Container Incorporated 144A			5.88			8-15-2023			50,000				52,254
Owens-Illinois Incorporated 144A			6.38			8-15-2025			350,000				365,750
Reynolds Group Issuer Incorporated 144A			5.13			7-15-2023			125,000				125,025
Sealed Air Corporation 144A			5.13			12-1-2024			100,000				103,000
Silgan Holdings Incorporated			5.50			2-1-2022			100,000				100,125
													1,482,931
Metals & Mining : 0.05%
Novelis Corporation 144A			5.88			9-30-2026			25,000				24,360
Novelis Corporation 144A			6.25			8-15-2024			25,000				25,563
													49,923
Real Estate : 1.75%
Equity REITs : 1.75%
CoreCivic Incorporated			4.63			5-1-2023			35,000				34,388
CoreCivic Incorporated			5.00			10-15-2022			125,000				125,313
Equinix Incorporated			5.75			1-1-2025			125,000				129,088
Equinix Incorporated			5.88			1-15-2026			125,000				130,949
ESH Hospitality Incorporated 144A			5.25			5-1-2025			375,000				375,000
Iron Mountain Incorporated 144A			4.38			6-1-2021			125,000				124,844
Iron Mountain Incorporated 144A			5.25			3-15-2028			50,000				47,250
Iron Mountain Incorporated 144A			5.38			6-1-2026			100,000				97,500
Iron Mountain Incorporated			6.00			8-15-2023			267,000				273,008
Sabra Health Care LP			5.38			6-1-2023			75,000				76,031
Sabra Health Care LP			5.50			2-1-2021			130,000				131,869
SBA Communications Corporation			4.88			7-15-2022			75,000				75,479
The Geo Group Incorporated			5.13			4-1-2023			50,000				47,000
The Geo Group Incorporated			5.88			1-15-2022			135,000				133,313
The Geo Group Incorporated			5.88			10-15-2024			175,000				162,313
The Geo Group Incorporated			6.00			4-15-2026			75,000				68,813
													2,032,158

7

Portfolio of investments — May 31, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

Security name		Interest rate				Maturity date				Principal				Value
Utilities : 1.87%
Electric Utilities : 0.21%
NextEra Energy Operating Partners LP 144A			4.25	%			9-15-2024			$	25,000			$	24,844
NextEra Energy Operating Partners LP 144A			4.50				9-15-2027				225,000				218,250
															243,094
Gas Utilities : 0.09%
AmeriGas Partners LP			5.75				5-20-2027				75,000				76,877
Suburban Propane Partners LP			5.88				3-1-2027				25,000				24,000
															100,877
Independent Power & Renewable Electricity Producers : 1.57%
NSG Holdings LLC 144A			7.75				12-15-2025				380,994				406,711
Pattern Energy Group Incorporated 144A			5.88				2-1-2024				575,000				579,313
TerraForm Global Operating LLC 144A			6.13				3-1-2026				125,000				124,219
TerraForm Power Operating LLC 144A			4.25				1-31-2023				350,000				338,625
TerraForm Power Operating LLC 144A			5.00				1-31-2028				175,000				168,219
TerraForm Power Operating LLC 144A			6.63				6-15-2025				200,000				206,500
															1,823,587
Total Corporate Bonds and Notes (Cost $35,430,013)															35,298,210
Loans : 1.65%
Communication Services : 0.39%
Media : 0.39%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±			5.69				10-19-2023				373,528				372,688
Hubbard Radio LLC (1 Month LIBOR +3.50%) ±			5.94				3-28-2025				74,153				73,782
															446,470
Consumer Discretionary : 0.41%
Hotels, Restaurants & Leisure : 0.41%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±			4.69				8-8-2021				40,128				40,040
Montreign Operating Company LLC (3 Month LIBOR +8.25%) ±			10.77				1-24-2023				519,654				433,043
															473,083
Energy : 0.37%
Energy Equipment & Services : 0.07%
Hornbeck Offshore Services Incorporated (6 Month LIBOR +9.50%)±‡			9.50				2-5-2025				102,000				77,860
Oil, Gas & Consumable Fuels : 0.30%
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%)±‡			9.19				10-29-2025				75,000				69,000
EPIC Crude Services LP (1 Month LIBOR +5.00%) ±			7.74				2-20-2026				200,000				196,938
Ultra Resources Incorporated (1 Month LIBOR +3.75%) ±			6.18				4-12-2024				100,043				82,842
															348,780
Financials : 0.11%
Diversified Financial Services : 0.11%
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ±‡			10.08				4-30-2023				125,000				125,313
Health Care : 0.12%
Health Care Providers & Services : 0.12%
Press Garney Holdings Incorporated (1 Month LIBOR +2.75%) ±			5.19				10-23-2023				123,236				122,280

8

Wells Fargo Utilities and High Income Fund Portfolio of investments — May 31, 2019 (unaudited)

Security name		Interest rate				Maturity date				Principal				Value
Health Care Providers & Services (continued)
Press Garney Holdings Incorporated (1 Month LIBOR +2.75%) ±			7.85	%			10-21-2024			$	11,236			$	11,213
															133,493
Industrials : 0.06%
Commercial Services & Supplies : 0.06%
Advantage Sales & Marketing LLC (1 Month LIBOR +6.50%) ±			8.94				7-25-2022				91,664				68,259
Information Technology : 0.06%
IT Services : 0.06%
First Data Corporation (1 Month LIBOR +2.00%) ±			4.44				4-26-2024				75,000				74,863
Materials : 0.04%
Containers & Packaging : 0.04%
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±			5.19				2-5-2023				49,746				49,279
Real Estate : 0.05%
Real Estate Management & Development : 0.05%
Capital Automotive LP (1 Month LIBOR +6.00%) ±			8.44				3-24-2025				61,237				61,237
Utilities : 0.04%
Independent Power & Renewable Electricity Producers : 0.04%
Vistra Energy Corporation (1 Month LIBOR +2.25%) ±			4.69				12-14-2023				48,875				48,808
Total Loans (Cost $2,070,592)															1,907,445
		Dividend yield								Shares
Preferred Stocks : 5.28%
Utilities : 5.28%
Electric Utilities : 5.28%
NSTAR Electric Company			1.17								13,830				1,410,660
Southern Company			1.30								123,460				3,109,957
The Connecticut Light & Power Company			1.18								10,500				588,927
Union Electric Company			1.13								10,000				1,005,000
Total Preferred Stocks (Cost $5,971,123)															6,114,544
						Expiration date
Rights : 0.01%
Utilities : 0.01%
Independent Power & Renewable Electricity Producers : 0.01%
Vistra Energy Corporation †							12-31-2046				23,978				18,463
Total Rights (Cost $24,970)															18,463
		Interest rate				Maturity date				Principal
Yankee Corporate Bonds and Notes : 2.57%
Communication Services : 0.06%
Diversified Telecommunication Services : 0.03%
Intelsat Luxembourg SA			8.13				6-1-2023			$	50,000				36,125

9

Portfolio of investments — May 31, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

Security name		Interest rate				Maturity date				Principal				Value
Media : 0.03%
Nielsen Holding and Finance BV 144A			5.50	%			10-1-2021			$	30,000			$	29,925
Energy : 0.59%
Energy Equipment & Services : 0.19%
Ensco plc			5.75				10-1-2044				380,000				220,400
Oil, Gas & Consumable Fuels : 0.40%
Baytex Energy Corporation 144A			5.13				6-1-2021				125,000				123,438
Baytex Energy Corporation 144A			5.63				6-1-2024				175,000				164,063
Griffin Coal Mining Company Limited 144A†(a)			9.50				12-1-2016				61,991				0
Rockpoint Gas Storage 144A			7.00				3-31-2023				175,000				176,094
															463,595
Financials : 0.71%
Banks : 0.20%
Intelsat Connect Finance Company 144A			9.50				2-15-2023				50,000				43,500
Nielsen Holding and Finance BV 144A			5.00				2-1-2025				200,000				194,770
															238,270
Diversified Financial Services : 0.51%
Intelsat Jackson Holdings SA			5.50				8-1-2023				495,000				444,263
Intelsat Jackson Holdings SA 144A			8.50				10-15-2024				150,000				145,875
															590,138
Health Care : 0.51%
Pharmaceuticals : 0.51%
Bausch Health Companies Incorporated 144A			5.50				3-1-2023				83,000				83,104
Bausch Health Companies Incorporated 144A			5.50				11-1-2025				50,000				50,188
Bausch Health Companies Incorporated 144A			5.88				5-15-2023				180,000				180,410
Bausch Health Companies Incorporated 144A			6.13				4-15-2025				200,000				195,600
Bausch Health Companies Incorporated 144A			6.50				3-15-2022				25,000				25,849
Bausch Health Companies Incorporated 144A			7.00				3-15-2024				50,000				52,219
															587,370
Industrials : 0.46%
Commercial Services & Supplies : 0.37%
Ritchie Brothers Auctioneers Incorporated 144A			5.38				1-15-2025				425,000				431,375
Electrical Equipment : 0.09%
Sensata Technologies BV 144A			5.00				10-1-2025				20,000				20,000
Sensata Technologies BV 144A			6.25				2-15-2026				74,000				76,960
															96,960
Materials : 0.24%
Containers & Packaging : 0.22%
Ardagh Packaging Finance plc 144A			4.63				5-15-2023				100,000				99,875
Ardagh Packaging Finance plc 144A			7.25				5-15-2024				100,000				104,090
OI European Group BV 144A			4.00				3-15-2023				50,000				49,125
															253,090
Metals & Mining : 0.02%
ArcelorMittal SA			6.25				2-25-2022				25,000				26,880
Total Yankee Corporate Bonds and Notes (Cost $3,074,368)															2,974,128

10

Wells Fargo Utilities and High Income Fund Portfolio of investments — May 31, 2019 (unaudited)

Security name						Yield								Shares				Value
Short-Term Investments : 9.44%
Investment Companies : 9.44%
Wells Fargo Government Money Market Fund Select Class (l)(u)##							2.30	%							10,942,120			$	10,942,120
Total Short-Term Investments (Cost $10,942,120)																			10,942,120
Total investments in securities (Cost $120,833,334)			114.22	%															132,362,912
Other assets and liabilities, net			(14.22	)															(16,476,933	)
Total net assets			100.00	%														$	115,885,979

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.

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

† Non-income-earning security

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

‡ Securities are valued using significant unobservable inputs.

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

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

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

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

Abbreviations:
LIBOR		London Interbank Offered Rate
REIT		Real estate investment trust

11

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:    

		Shares, beginning of period				Shares purchased				Shares sold				Shares, end of period				Value, end of period				% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class			16,883,118				58,825,162				64,766,160				10,942,120			$	10,942,120				9.44	%

Wells Fargo Utilities and High Income Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2019 (unaudited)

Securities valuation

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

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.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the 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 May 31, 2019, such fair value pricing was not used in pricing foreign securities.

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. 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.

When-issued transactions

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

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

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.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2019:

		Quoted prices (Level 1)				Other significant observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Total
Assets
Investments in :
Common stocks
Communication services		$	7,898,750			$	0			$	0			$	7,898,750
Energy			2,641,613				0				0				2,641,613
Financials			3,887,682				0				0				3,887,682
Utilities			60,679,957				0				0				60,679,957
Corporate bonds and notes			0				35,298,210				0				35,298,210
Loans			0				1,635,272				272,173				1,907,445
Preferred stocks
Utilities			3,109,957				3,004,587				0				6,114,544
Rights
Utilities			0				18,463				0				18,463
Yankee corporate bonds and notes			0				2,974,128				0				2,974,128
Short-term investments
Investment companies			10,942,120				0				0				10,942,120
Total assets		$	89,160,079			$	42,930,660			$	272,173			$	132,362,912

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

At May 31, 2019, the Fund had no material transfers into/out of Level 3.