NPORT-EX 2 utilitieshighincome_nportex.htm

HTML

Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2019 (unaudited)

		Shares				Value
Common Stocks : 75.95%
Energy : 0.14%
Energy Equipment & Services : 0.14%
Bristow Group Incorporated (a)‡			4,945			$	94,865
Bristow Group Incorporated (a)‡			3,510				67,336
							162,201
Utilities : 75.81%
Electric Utilities : 48.24%
Alliant Energy Corporation			112,081				5,940,249
American Electric Power Company Incorporated			63,198				5,773,137
Duke Energy Corporation			57,571				5,076,035
Edison International			15,325				1,058,958
Entergy Corporation			36,745				4,276,751
Evergy Incorporated			39,981				2,529,598
Eversource Energy			27,194				2,247,312
Exelon Corporation			62,107				2,757,551
FirstEnergy Corporation			66,694				3,180,637
IDACORP Incorporated			33,307				3,498,900
NextEra Energy Incorporated			30,424				7,113,740
Pinnacle West Capital Corporation			10,316				901,515
PNM Resources Incorporated			80,096				3,880,651
Spark Energy Incorporated Class A			283,148				3,123,122
The Southern Company			46,567				2,886,688
Xcel Energy Incorporated			43,118				2,651,326
							56,896,170
Gas Utilities : 2.66%
Atmos Energy Corporation			9,906				1,059,546
South Jersey Industries Incorporated			66,672				2,082,833
							3,142,379
Multi-Utilities : 23.22%
Ameren Corporation			19,884				1,477,978
Avista Corporation			83,045				3,926,368
CenterPoint Energy Incorporated			137,742				3,382,944
CMS Energy Corporation			19,551				1,198,476
Consolidated Edison Incorporated			18,243				1,585,134
Dominion Energy Incorporated			30,918				2,569,595
DTE Energy Company			37,522				4,687,999
Public Service Enterprise Group Incorporated			31,693				1,879,712
Sempra Energy			30,000				4,418,100
WEC Energy Group Incorporated			25,497				2,260,309
							27,386,615
Water Utilities : 1.69%
American Water Works Company Incorporated			16,430				1,988,523
Total Common Stocks (Cost $78,635,814)							89,575,888

1

Portfolio of investments — November 30, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

		Interest rate				Maturity date				Principal				Value
Corporate Bonds and Notes : 31.60%
Communication Services : 4.76%
Diversified Telecommunication Services : 0.32%
Level 3 Financing Incorporated 144A			4.63	%			9-15-2027			$	50,000			$	50,875
Level 3 Financing Incorporated			5.13				5-1-2023				75,000				75,563
Level 3 Financing Incorporated			5.38				8-15-2022				105,000				105,394
Level 3 Financing Incorporated			5.38				1-15-2024				50,000				50,813
Level 3 Financing Incorporated			5.63				2-1-2023				90,000				90,338
															372,983
Entertainment : 0.11%
Live Nation Entertainment Incorporated 144A			4.88				11-1-2024				100,000				103,500
Live Nation Entertainment Incorporated 144A			5.63				3-15-2026				25,000				26,625
															130,125
Media : 3.71%
CCO Holdings LLC 144A			5.00				2-1-2028				25,000				26,313
CCO Holdings LLC			5.13				2-15-2023				125,000				127,031
CCO Holdings LLC 144A			5.13				5-1-2023				135,000				138,206
CCO Holdings LLC 144A			5.13				5-1-2027				50,000				53,000
CCO Holdings LLC			5.25				9-30-2022				90,000				91,238
CCO Holdings LLC 144A			5.38				5-1-2025				300,000				310,500
CCO Holdings LLC 144A			5.50				5-1-2026				5,000				5,275
CCO Holdings LLC			5.75				9-1-2023				50,000				51,048
CCO Holdings LLC 144A			5.75				2-15-2026				300,000				316,863
CCO Holdings LLC 144A			5.88				4-1-2024				125,000				130,313
CSC Holdings LLC 144A			5.38				7-15-2023				200,000				205,250
CSC Holdings LLC 144A			5.50				5-15-2026				200,000				211,282
CSC Holdings LLC 144A			7.50				4-1-2028				200,000				225,250
CSC Holdings LLC 144A			7.75				7-15-2025				100,000				107,251
Diamond Sports Group LLC 144A			5.38				8-15-2026				25,000				25,375
Diamond Sports Group LLC 144A			6.63				8-15-2027				25,000				24,368
DISH Network Corporation			3.38				8-15-2026				125,000				117,891
Gray Television Incorporated 144A			5.13				10-15-2024				100,000				103,750
Gray Television Incorporated 144A			5.88				7-15-2026				350,000				371,124
Gray Television Incorporated 144A			7.00				5-15-2027				100,000				110,750
Lamar Media Corporation			5.38				1-15-2024				50,000				51,125
National CineMedia LLC 144A			5.88				4-15-2028				225,000				234,563
Nexstar Broadcasting Incorporated 144A			5.63				7-15-2027				250,000				263,345
Nielsen Finance LLC 144A			5.00				4-15-2022				300,000				301,875
Outfront Media Capital Corporation 144A			4.63				3-15-2030				25,000				25,235
Outfront Media Capital Corporation			5.63				2-15-2024				54,000				55,403
Outfront Media Capital Corporation			5.88				3-15-2025				100,000				103,080
Salem Media Group Incorporated 144A			6.75				6-1-2024				300,000				262,500
Scripps Escrow Incorporated 144A			5.88				7-15-2027				25,000				25,680
The E.W. Scripps Company 144A			5.13				5-15-2025				300,000				304,125
															4,379,009
Wireless Telecommunication Services : 0.62%
Sprint Capital Corporation			8.75				3-15-2032				125,000				149,063
T-Mobile USA Incorporated			4.00				4-15-2022				50,000				51,500
T-Mobile USA Incorporated			4.75				2-1-2028				25,000				26,156
T-Mobile USA Incorporated			5.13				4-15-2025				25,000				25,844
T-Mobile USA Incorporated			5.38				4-15-2027				175,000				187,031
T-Mobile USA Incorporated			6.00				3-1-2023				25,000				25,435
T-Mobile USA Incorporated			6.38				3-1-2025				145,000				150,438
T-Mobile USA Incorporated			6.50				1-15-2024				5,000				5,175
T-Mobile USA Incorporated			6.50				1-15-2026				100,000				107,000
															727,642

2

Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2019 (unaudited)

		Interest rate				Maturity date		Principal				Value
Consumer Discretionary : 4.79%
Auto Components : 0.77%
Allison Transmission Incorporated 144A			4.75	%		10-1-2027		$	75,000			$	77,063
Allison Transmission Incorporated 144A			5.00			10-1-2024			425,000				435,094
Allison Transmission Incorporated 144A			5.88			6-1-2029			50,000				53,938
Cooper Tire & Rubber Company			7.63			3-15-2027			257,000				295,550
Cooper Tire & Rubber Company			8.00			12-15-2019			15,000				15,009
Panther BF Aggregator 2 LP 144A			6.25			5-15-2026			25,000				26,531
													903,185
Distributors : 0.28%
LKQ Corporation			4.75			5-15-2023			325,000				330,281
Diversified Consumer Services : 0.74%
Carriage Services Incorporated 144A			6.63			6-1-2026			150,000				157,125
Service Corporation International			4.63			12-15-2027			100,000				103,750
Service Corporation International			7.50			4-1-2027			425,000				518,500
Service Corporation International			8.00			11-15-2021			85,000				93,288
													872,663
Hotels, Restaurants & Leisure : 1.06%
CCM Merger Incorporated 144A			6.00			3-15-2022			425,000				433,500
Hilton Domestic Operating Company Incorporated			4.88			1-15-2030			250,000				265,625
Hilton Domestic Operating Company Incorporated			5.13			5-1-2026			50,000				52,625
KFC Holding Company 144A			5.00			6-1-2024			100,000				103,750
Wyndham Hotels & Resorts Company 144A			5.38			4-15-2026			225,000				237,375
Yum! Brands Incorporated 144A			4.75			1-15-2030			150,000				155,250
													1,248,125
Specialty Retail : 1.58%
Asbury Automotive Group Incorporated			6.00			12-15-2024			350,000				360,938
Group 1 Automotive Incorporated			5.00			6-1-2022			125,000				126,563
Group 1 Automotive Incorporated 144A			5.25			12-15-2023			170,000				174,109
Lithia Motors Incorporated 144A			5.25			8-1-2025			350,000				361,375
Penske Auto Group Incorporated			3.75			8-15-2020			50,000				50,188
Penske Auto Group Incorporated			5.38			12-1-2024			300,000				308,250
Penske Auto Group Incorporated			5.75			10-1-2022			125,000				126,360
Sonic Automotive Incorporated			5.00			5-15-2023			145,000				146,813
Sonic Automotive Incorporated			6.13			3-15-2027			200,000				208,750
													1,863,346
Textiles, Apparel & Luxury Goods : 0.36%
Levi Strauss & Company			5.00			5-1-2025			100,000				103,000
The William Carter Company 144A			5.63			3-15-2027			125,000				134,688
Wolverine World Wide Incorporated 144A			5.00			9-1-2026			185,000				189,163
													426,851
Consumer Staples : 0.43%
Beverages : 0.05%
Cott Beverages Incorporated 144A			5.50			4-1-2025			50,000				52,375
Food Products : 0.32%
Darling Ingredients Incorporated 144A			5.25			4-15-2027			75,000				79,219
Pilgrim’s Pride Corporation 144A			5.75			3-15-2025			110,000				114,125
Pilgrim’s Pride Corporation 144A			5.88			9-30-2027			25,000				27,000
Prestige Brands Incorporated 144A%%			5.13			1-15-2028			25,000				25,594

3

Portfolio of investments — November 30, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

		Interest rate				Maturity date		Principal				Value
Food Products (continued)
Prestige Brands Incorporated 144A			6.38	%		3-1-2024		$	100,000			$	104,125
US Foods Incorporated 144A			5.88			6-15-2024			30,000				30,929
													380,992
Household Products : 0.06%
Central Garden & Pet Company			5.13			2-1-2028			25,000				25,938
Central Garden & Pet Company			6.13			11-15-2023			20,000				20,650
Spectrum Brands Incorporated			5.75			7-15-2025			25,000				26,180
													72,768
Energy : 6.30%
Energy Equipment & Services : 1.50%
Diamond Offshore Drilling Incorporated			4.88			11-1-2043			150,000				76,500
Era Group Incorporated			7.75			12-15-2022			265,000				267,650
Hilcorp Energy Company 144A			5.00			12-1-2024			150,000				133,559
Hilcorp Energy Company 144A			5.75			10-1-2025			225,000				195,451
Hilcorp Energy Company 144A			6.25			11-1-2028			75,000				63,092
NGPL PipeCo LLC 144A			4.38			8-15-2022			50,000				51,763
NGPL PipeCo LLC 144A			7.77			12-15-2037			450,000				574,738
Oceaneering International Incorporated			6.00			2-1-2028			225,000				202,186
USA Compression Partners LP			6.88			4-1-2026			150,000				154,125
USA Compression Partners LP 144A			6.88			9-1-2027			50,000				51,140
													1,770,204
Oil, Gas & Consumable Fuels : 4.80%
Antero Midstream Partners LP 144A			5.75			1-15-2028			225,000				173,813
Archrock Partners LP			6.00			10-1-2022			75,000				75,188
Archrock Partners LP 144A			6.88			4-1-2027			100,000				102,961
Buckeye Partners LP			5.85			11-15-2043			200,000				170,729
Carrizo Oil & Gas Incorporated			8.25			7-15-2025			150,000				147,000
Carrizo Oil & Gas Incorporated			6.25			4-15-2023			25,000				24,063
Cheniere Corpus Christi Holdings LLC			5.13			6-30-2027			125,000				136,936
Cheniere Energy Partners LP 144A			4.50			10-1-2029			50,000				50,265
Cheniere Energy Partners LP			5.25			10-1-2025			525,000				540,750
Cheniere Energy Partners LP			5.63			10-1-2026			150,000				157,872
Continental Resources Incorporated			3.80			6-1-2024			100,000				102,482
Denbury Resources Incorporated			6.38			12-31-2024			81,000				44,204
Denbury Resources Incorporated 144A			7.75			2-15-2024			113,000				84,044
Denbury Resources Incorporated 144A			9.00			5-15-2021			200,000				175,500
Denbury Resources Incorporated 144A			9.25			3-31-2022			86,000				71,165
Enable Oklahoma Intrastate Transmission LLC 144A			6.25			3-15-2020			50,000				50,539
EnLink Midstream Partners LP			4.40			4-1-2024			125,000				115,000
EnLink Midstream Partners LP			4.85			7-15-2026			325,000				287,316
Enviva Partners LP 144A%%			6.50			1-15-2026			125,000				129,900
Gulfport Energy Corporation			6.00			10-15-2024			200,000				136,940
Indigo Natural Resources LLC 144A			6.88			2-15-2026			75,000				68,063
Kinder Morgan Incorporated			6.50			9-15-2020			45,000				46,517
Kinder Morgan Incorporated			7.42			2-15-2037			90,000				113,703
MPLX LP 144A			5.25			1-15-2025			50,000				52,488
MPLX LP 144A			6.38			5-1-2024			25,000				26,143
Murphy Oil Corporation			4.75			9-15-2029			150,000				158,385
Murphy Oil Corporation			5.63			12-1-2042			75,000				66,685
Murphy Oil Corporation			5.75			8-15-2025			15,000				15,356
Murphy Oil Corporation			5.88			12-1-2027			25,000				25,130
Rockies Express Pipeline LLC 144A			5.63			4-15-2020			300,000				304,201
Rockies Express Pipeline LLC 144A			6.88			4-15-2040			200,000				207,620
Rockies Express Pipeline LLC 144A			7.50			7-15-2038			55,000				57,475
Rose Rock Midstream LP			5.63			7-15-2022			100,000				100,813
Rose Rock Midstream LP			5.63			11-15-2023			125,000				128,125

4

Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2019 (unaudited)

		Interest rate				Maturity date		Principal				Value
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction LLC			5.63	%		2-1-2021			125,000				128,591
Sabine Pass Liquefaction LLC			6.25			3-15-2022			100,000				107,528
SemGroup Corporation			6.38			3-15-2025			275,000				286,688
SemGroup Corporation			7.25			3-15-2026			150,000				164,625
Southern Star Central Corporation 144A			5.13			7-15-2022			150,000				151,500
Southwestern Energy Company			7.50			4-1-2026			50,000				43,813
Southwestern Energy Company			7.75			10-1-2027			50,000				43,438
Summit Midstream Holdings LLC			5.75			4-15-2025			25,000				18,875
Tallgrass Energy Partners LP 144A			5.50			9-15-2024			450,000				438,188
Ultra Resources Incorporated 144A			7.13			4-15-2025			425,000				37,188
Whiting Petroleum Corporation			1.25			4-1-2020			97,000				92,302
													5,660,107
Financials : 1.87%
Banks : 0.01%
Citigroup Incorporated			4.13			3-9-2021			5,000				5,094
Citigroup Incorporated			6.13			3-9-2028			10,000				11,750
													16,844
Consumer Finance : 0.84%
Ally Financial Incorporated			8.00			3-15-2020			203,000				205,556
FirstCash Incorporated 144A			5.38			6-1-2024			175,000				181,344
Navient Corporation			8.00			3-25-2020			58,000				58,816
Springleaf Finance Corporation			5.38			11-15-2029			100,000				103,000
Springleaf Finance Corporation			6.13			3-15-2024			50,000				54,751
Springleaf Finance Corporation			6.63			1-15-2028			125,000				138,125
Springleaf Finance Corporation			7.13			3-15-2026			125,000				144,063
Springleaf Finance Corporation			7.75			10-1-2021			25,000				27,313
Springleaf Finance Corporation			8.25			10-1-2023			65,000				75,888
													988,856
Diversified Financial Services : 0.58%
Jefferies Finance LLC 144A			6.25			6-3-2026			200,000				207,500
LPL Holdings Incorporated 144A			5.75			9-15-2025			450,000				475,520
													683,020
Insurance : 0.44%
Alliant Holdings Intermediate LLC 144A			6.75			10-15-2027			25,000				26,438
AmWINS Group Incorporated 144A			7.75			7-1-2026			150,000				162,188
HUB International Limited 144A			7.00			5-1-2026			175,000				179,375
USI Incorporated 144A			6.88			5-1-2025			150,000				150,750
													518,751
Health Care : 2.56%
Health Care Equipment & Supplies : 0.44%
Hill-Rom Holdings Incorporated 144A			5.00			2-15-2025			75,000				78,188
Hologic Incorporated 144A			4.38			10-15-2025			250,000				257,500
Hologic Incorporated 144A			4.63			2-1-2028			125,000				131,875
Surgery Center Holdings Incorporated 144A			6.75			7-1-2025			50,000				48,125
													515,688
Health Care Providers & Services : 1.67%
Acadia Healthcare Company Incorporated			6.50			3-1-2024			20,000				20,800
Centene Corporation 144A			5.38			6-1-2026			75,000				79,594

5

Portfolio of investments — November 30, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

		Interest rate				Maturity date				Principal				Value
Health Care Providers & Services (continued)
Centene Corporation			6.13	%			2-15-2024			$	25,000			$	25,984
CHS Incorporated			5.13				8-1-2021				300,000				297,750
Davita Incorporated			5.00				5-1-2025				125,000				128,960
Encompass Health Corporation			4.50				2-1-2028				25,000				25,625
Encompass Health Corporation			4.75				2-1-2030				25,000				25,812
Encompass Health Corporation			5.75				11-1-2024				15,000				15,206
HealthSouth Corporation			5.75				9-15-2025				75,000				78,750
MEDNAX Incorporated 144A			5.25				12-1-2023				50,000				51,125
MEDNAX Incorporated 144A			6.25				1-15-2027				75,000				76,313
MPH Acquisition Holdings LLC 144A			7.13				6-1-2024				325,000				294,938
MPT Operating Partnership LP			4.63				8-1-2029				50,000				52,436
MPT Operating Partnership LP			5.00				10-15-2027				100,000				105,000
MPT Operating Partnership LP			5.25				8-1-2026				150,000				159,407
MPT Operating Partnership LP			6.38				3-1-2024				25,000				26,148
NVA Holdings Company 144A			6.88				4-1-2026				25,000				27,000
Polaris Intermediate Corporation 144A			8.50				12-1-2022				50,000				41,488
Select Medical Corporation 144A			6.25				8-15-2026				150,000				160,875
Tenet Healthcare Corporation			4.63				7-15-2024				118,000				122,130
Tenet Healthcare Corporation 144A			4.88				1-1-2026				75,000				77,906
Tenet Healthcare Corporation 144A			5.13				11-1-2027				25,000				26,125
Vizient Incorporated 144A			6.25				5-15-2027				25,000				27,063
WellCare Health Plans Incorporated 144A			5.38				8-15-2026				25,000				26,625
															1,973,060
Health Care Technology : 0.29%
Change Healthcare Holdings Incorporated 144A			5.75				3-1-2025				325,000				335,563
Life Sciences Tools & Services : 0.04%
Charles River Laboratories Incorporated 144A			5.50				4-1-2026				25,000				26,625
Charles River Laboratories Incorporated 144A			4.25				5-1-2028				25,000				25,188
															51,813
Pharmaceuticals : 0.12%
Bausch Health Companies Incorporated 144A			7.00				1-15-2028				100,000				109,566
Bausch Health Companies Incorporated 144A			8.50				1-31-2027				25,000				28,313
															137,879
Industrials : 2.75%
Aerospace & Defense : 0.32%
BBA US Holdings Incorporated 144A			4.00				3-1-2028				100,000				100,655
RBS Global & Rexnord LLC 144A			4.88				12-15-2025				275,000				282,563
															383,218
Airlines : 0.36%
Aviation Capital Group Corporation 144A			6.75				4-6-2021				100,000				105,486
BBA US Holdings Incorporated 144A			5.38				5-1-2026				300,000				315,444
															420,930
Commercial Services & Supplies : 1.28%
ACCO Brands Corporation 144A			5.25				12-15-2024				25,000				25,938
Advanced Disposal Services Incorporated 144A			5.63				11-15-2024				300,000				313,125
Covanta Holding Corporation			5.88				3-1-2024				185,000				190,550
Covanta Holding Corporation			5.88				7-1-2025				75,000				78,375
IAA Spinco Incorporated 144A			5.50				6-15-2027				325,000				341,772
KAR Auction Services Incorporated 144A			5.13				6-1-2025				550,000				558,938
															1,508,698

6

Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2019 (unaudited)

		Interest rate				Maturity date		Principal				Value
Electrical Equipment : 0.15%
Sensata Techologies Incorporated 144A			4.38	%		2-15-2030		$	175,000			$	174,554
Machinery : 0.45%
Harsco Corporation 144A			5.75			7-31-2027			25,000				26,313
Stevens Holding Company Incorporated 144A			6.13			10-1-2026			250,000				270,625
Trimas Corporation 144A			4.88			10-15-2025			225,000				230,063
													527,001
Trading Companies & Distributors : 0.19%
Fortress Transportation and Infrastructure Investors LLC 144A			6.50			10-1-2025			225,000				231,563
Information Technology : 3.02%
Communications Equipment : 0.10%
CommScope Technologies Finance LLC 144A			6.00			6-15-2025			75,000				72,375
CommScope Technologies Finance LLC 144A			8.25			3-1-2027			50,000				50,248
													122,623
IT Services : 0.89%
Cardtronics Incorporated 144A			5.50			5-1-2025			325,000				336,203
Gartner Incorporated 144A			5.13			4-1-2025			350,000				366,958
Infor US Incorporated			6.50			5-15-2022			50,000				50,940
Zayo Group LLC 144A			5.75			1-15-2027			75,000				76,500
Zayo Group LLC			6.38			5-15-2025			214,000				220,153
													1,050,754
Semiconductors & Semiconductor Equipment : 0.11%
Qorvo Incorporated 144A			4.38			10-15-2029			125,000				127,031
Software : 0.86%
CDK Global Incorporated			4.88			6-1-2027			25,000				26,190
CDK Global Incorporated			5.00			10-15-2024			50,000				54,063
CDK Global Incorporated 144A			5.25			5-15-2029			25,000				26,504
CDK Global Incorporated			5.88			6-15-2026			25,000				26,719
Fair Isaac Corporation 144A			5.25			5-15-2026			400,000				436,000
IQVIA Incorporated 144A			5.00			5-15-2027			150,000				157,500
SS&C Technologies Incorporated 144A			5.50			9-30-2027			200,000				213,990
Symantec Corporation 144A			5.00			4-15-2025			75,000				75,733
													1,016,699
Technology Hardware, Storage & Peripherals : 1.06%
Dell International LLC 144A			5.88			6-15-2021			165,000				167,475
Dell International LLC 144A			7.13			6-15-2024			525,000				555,188
NCR Corporation			5.88			12-15-2021			15,000				15,009
NCR Corporation			6.38			12-15-2023			500,000				512,075
													1,249,747
Materials : 1.68%
Chemicals : 0.02%
Valvoline Incorporated			5.50			7-15-2024			25,000				26,027
Containers & Packaging : 1.50%
Ball Corporation			4.88			3-15-2026			50,000				54,689
Ball Corporation			5.25			7-1-2025			40,000				44,696
Berry Global Incorporated			5.13			7-15-2023			50,000				51,313

7

Portfolio of investments — November 30, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

		Interest rate				Maturity date		Principal				Value
Containers & Packaging (continued)
Berry Global Incorporated 144A			5.63	%		7-15-2027		$	100,000			$	106,500
Berry Global Incorporated			6.00			10-15-2022			49,000				49,858
Crown Americas Capital Corporation VI			4.75			2-1-2026			75,000				78,656
Crown Cork & Seal Company Incorporated			7.38			12-15-2026			225,000				267,188
Flex Acquisition Company Incorporated 144A			6.88			1-15-2025			175,000				166,688
Flex Acquisition Company Incorporated 144A			7.88			7-15-2026			125,000				119,375
Owens-Brockway Packaging Incorporated 144A			5.38			1-15-2025			50,000				50,625
Owens-Brockway Packaging Incorporated 144A			5.88			8-15-2023			50,000				52,938
Owens-Brockway Packaging Incorporated 144A			6.38			8-15-2025			350,000				370,125
Reynolds Group Issuer Incorporated 144A			5.13			7-15-2023			125,000				127,813
Sealed Air Corporation 144A			5.13			12-1-2024			100,000				107,875
Silgan Holdings Incorporated 144A			4.13			2-1-2028			125,000				125,235
													1,773,574
Metals & Mining : 0.16%
Kaiser Aluminum Corporation 144A			4.63			3-1-2028			50,000				51,320
Novelis Corporation 144A			5.88			9-30-2026			100,000				104,750
Novelis Corporation 144A			6.25			8-15-2024			25,000				26,289
													182,359
Real Estate : 1.41%
Equity REITs : 1.41%
CoreCivic Incorporated			4.63			5-1-2023			35,000				34,169
CoreCivic Incorporated			5.00			10-15-2022			125,000				124,844
Equinix Incorporated			5.88			1-15-2026			125,000				132,500
ESH Hospitality Incorporated 144A			4.63			10-1-2027			25,000				25,125
ESH Hospitality Incorporated 144A			5.25			5-1-2025			375,000				387,188
Iron Mountain Incorporated 144A			4.38			6-1-2021			125,000				125,781
Iron Mountain Incorporated 144A			5.38			6-1-2026			100,000				104,000
Iron Mountain Incorporated			6.00			8-15-2023			267,000				273,883
SBA Communications Corporation			4.88			7-15-2022			75,000				76,031
The Geo Group Incorporated			5.13			4-1-2023			50,000				44,250
The Geo Group Incorporated			5.88			1-15-2022			135,000				131,288
The Geo Group Incorporated			5.88			10-15-2024			175,000				146,563
The Geo Group Incorporated			6.00			4-15-2026			75,000				59,438
													1,665,060
Utilities : 2.03%
Electric Utilities : 0.37%
NextEra Energy Operating Partners LP 144A			4.25			7-15-2024			125,000				128,415
NextEra Energy Operating Partners LP 144A			4.25			9-15-2024			25,000				25,688
NextEra Energy Operating Partners LP 144A			4.50			9-15-2027			275,000				280,500
													434,603
Gas Utilities : 0.09%
AmeriGas Partners LP			5.75			5-20-2027			75,000				81,750
Suburban Propane Partners LP			5.88			3-1-2027			25,000				25,638
													107,388
Independent Power & Renewable Electricity Producers : 1.57%
NSG Holdings LLC 144A			7.75			12-15-2025			362,963				393,815
Pattern Energy Group Incorporated 144A			5.88			2-1-2024			575,000				592,250
TerraForm Global Operating LLC 144A			6.13			3-1-2026			125,000				130,000
TerraForm Power Operating LLC 144A			4.25			1-31-2023			350,000				355,980
TerraForm Power Operating LLC 144A			4.75			1-15-2030			100,000				100,495

8

Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2019 (unaudited)

		Interest rate				Maturity date		Principal				Value
Independent Power & Renewable Electricity Producers (continued)
TerraForm Power Operating LLC 144A			5.00	%		1-31-2028		$	275,000			$	285,830
													1,858,370
Total Corporate Bonds and Notes (Cost $36,655,717)													37,272,329
Loans : 1.32%
Communication Services : 0.36%
Media : 0.36%
Ancestry.com Incorporated (1 Month LIBOR +4.25%) ±			5.96			8-27-2026			372,595				357,132
Hubbard Radio LLC (1 Month LIBOR +3.50%) ±			5.21			3-28-2025			69,492				69,231
													426,363
Consumer Discretionary : 0.41%
Hotels, Restaurants & Leisure : 0.41%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±			3.95			8-8-2021			38,155				38,098
Montreign Operating Company LLC (3 Month LIBOR +8.25%) ±			10.16			1-24-2023			517,029				450,369
													488,467
Energy : 0.31%
Energy Equipment & Services : 0.06%
Hornbeck Offshore Services Incorporated (3 Month LIBOR +9.50%) ±			9.50			2-5-2025			102,000				69,360
Oil, Gas & Consumable Fuels : 0.25%
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) ±			8.45			10-29-2025			75,000				52,313
EPIC Crude Services LP (6 Month LIBOR +5.00%) ±			7.04			3-2-2026			200,000				188,250
Ultra Resources Incorporated (1 Month LIBOR +4.00%) ±			5.70			4-12-2024			99,610				58,720
													299,283
Financials : 0.13%
Diversified Financial Services : 0.11%
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ‡±			9.43			4-30-2023			125,000				124,688
Insurance : 0.02%
USI Incorporated (1 Month LIBOR +4.00%) ± %%<			5.80			12-2-2026			25,000				24,958
Industrials : 0.07%
Commercial Services & Supplies : 0.07%
Advantage Sales & Marketing LLC (1 Month LIBOR +6.50%) ±			8.20			7-25-2022			91,664				78,545
Real Estate : 0.04%
Real Estate Management & Development : 0.04%
Capital Automotive LP (1 Month LIBOR +6.00%) ±			7.71			3-24-2025			47,038				47,068
Total Loans (Cost $1,763,721)													1,558,732

9

Portfolio of investments — November 30, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

		Dividend yield								Shares				Value
Preferred Stocks : 0.28%
Energy : 0.28%
Energy Equipment & Services : 0.28%
Bristow Group Incorporated (a)‡			0.00	%							1,438			$	55,792
Bristow Group Incorporated (a)‡			0.00								7,161				277,832
Total Preferred Stocks (Cost $260,436)															333,624
						Expiration date
Rights : 0.02%
Communication Services : 0.00%
Media : 0.00%
Dish Network Corporation							12-9-2019				104				71
Utilities : 0.02%
Independent Power & Renewable Electricity Producers : 0.02%
Vistra Energy Corporation							12-31-2046				23,978				21,101
Total Rights (Cost $24,970)															21,172
		Interest rate				Maturity date				Principal
Yankee Corporate Bonds and Notes : 2.79%
Communication Services : 0.13%
Diversified Telecommunication Services : 0.04%
Intelsat Luxembourg SA			8.13				6-1-2023			$	50,000				22,750
Telesat Canada Incorporated 144A			6.50				10-15-2027				25,000				25,780
															48,530
Media : 0.20%
Nielsen Holding and Finance BV 144A			5.00				2-1-2025				200,000				200,750
Nielsen Holding and Finance BV 144A			5.50				10-1-2021				30,000				30,038
															230,788
Wireless Telecommunication Services : 0.06%
Connect U.S. Finco LLC 144A			6.75				10-1-2026				75,000				76,969
Energy : 0.53%
Energy Equipment & Services : 0.14%
Valaris plc			5.75				10-1-2044				430,000				163,400
Oil, Gas & Consumable Fuels : 0.39%
Baytex Energy Corporation 144A			5.13				6-1-2021				125,000				123,594
Baytex Energy Corporation 144A			5.63				6-1-2024				175,000				156,093
Griffin Coal Mining Company Limited 144A†			9.50				12-1-2016				61,339				0
Rockpoint Gas Storage Canada Limited 144A			7.00				3-31-2023				175,000				175,219
															454,906
Financials : 0.77%
Banks : 0.03%
Intelsat Connect Finance Company 144A			9.50				2-15-2023				50,000				29,250

10

Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2019 (unaudited)

						Interest rate				Maturity date				Principal				Value
Diversified Financial Services : 0.57%
Intelsat Jackson Holdings SA							5.50	%			8-1-2023			$	495,000			$	393,377
Intelsat Jackson Holdings SA 144A							8.50				10-15-2024				150,000				123,375
Sensata Technologies UK Financing Company plc 144A							6.25				2-15-2026				74,000				79,503
Trivium Packaging Finance BV 144A							5.50				8-15-2026				50,000				52,501
Trivium Packaging Finance BV 144A							8.50				8-15-2027				25,000				27,188
																			675,944
Health Care : 0.70%
Pharmaceuticals : 0.70%
Bausch Health Companies Incorporated 144A							5.50				3-1-2023				83,000				83,623
Bausch Health Companies Incorporated 144A							5.50				11-1-2025				50,000				52,250
Bausch Health Companies Incorporated 144A							5.88				5-15-2023				168,000				170,100
Bausch Health Companies Incorporated 144A							6.13				4-15-2025				200,000				207,994
Bausch Health Companies Incorporated 144A							6.50				3-15-2022				25,000				25,656
Bausch Health Companies Incorporated 144A							7.00				3-15-2024				50,000				52,313
Teva Pharmaceutical Finance Netherlands III BV							4.10				10-1-2046				325,000				236,438
																			828,374
Industrials : 0.51%
Commercial Services & Supplies : 0.38%
Ritchie Brothers Auctioneers Incorporated 144A							5.38				1-15-2025				425,000				442,493
Electrical Equipment : 0.13%
Sensata Technologies BV 144A							5.00				10-1-2025				45,000				48,713
Sensata Technologies BV 144A							5.63				11-1-2024				100,000				110,000
																			158,713
Materials : 0.15%
Containers & Packaging : 0.13%
Ardagh Packaging Finance plc 144A							4.13				8-15-2026				100,000				101,500
OI European Group BV 144A							4.00				3-15-2023				50,000				49,875
																			151,375
Metals & Mining : 0.02%
ArcelorMittal SA							6.25				2-25-2022				25,000				26,900
Total Yankee Corporate Bonds and Notes (Cost $3,499,650)																			3,287,642
						Yield								Shares
Short-Term Investments : 6.41%
Investment Companies : 6.41%
Wells Fargo Government Money Market Fund Select Class (l)(u)##							1.56								7,557,809				7,557,809
Total Short-Term Investments (Cost $7,557,809)																			7,557,809
Total investments in securities (Cost $128,398,117)			118.37	%														$	139,607,196
Other assets and liabilities, net			(18.37	)															(21,666,584	)
Total net assets			100.00	%														$	117,940,612

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

‡ Security is valued using significant unobservable inputs.

11

Portfolio of investments — November 30, 2019 (unaudited) Wells Fargo Utilities and High Income Fund

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 purchased on a when-issued basis.

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

< All or a portion of the position represents an unfunded loan commitment. The rate represents current interest rate if the loan is partially funded.

† Non-income-earning security

(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 secuities.

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

12

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			6,380,919				14,621,669				13,444,779				7,557,809			$	7,557,809				6.41	%

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

Notes to Portfolio of investments – November 30, 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 (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2019, such fair value pricing was used in pricing certain 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 November 30, 2019:

		Quoted prices (Level 1)				Other significant observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Total
Assets
Investments in :
Common stocks
Energy		$	0			$	0			$	162,201			$	162,201
Utilities			89,413,687				0				0				89,413,687
Corporate bonds and notes			0				37,272,329				0				37,272,329
Loans			0				1,434,044				124,688				1,558,732
Preferred stocks
Energy			0				0				333,624				333,624
Rights
Communication services			0				71				0				71
Utilities			0				21,101				0				21,101
Yankee corporate bonds and notes			0				3,287,642				0				3,287,642
Short-term investments
Investment companies			7,557,809				0				0				7,557,809
Total assets		$	96,971,496			$	42,015,187			$	620,513			$	139,607,196

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

During the three months ended November 30, 2019, the Fund did not have any transfers into/out of Level 3.