NPORT-EX 2 d853314d8k.htm

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  Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2020 (unaudited)   

										Shares				Value
Common Stocks : 80.72%
Energy : 0.67%
Energy Equipment & Services : 0.36%
Bristow Group Incorporated †											18,842			$	419,203
Oil, Gas & Consumable Fuels : 0.31%
Denbury Incorporated †											12,776				286,949
Whiting Petroleum Corporation †											3,308				74,893
															361,842
Utilities : 80.05%
Electric Utilities : 47.83%
Alliant Energy Corporation											54,749				2,879,797
American Electric Power Company Incorporated											76,544				6,497,820
Duke Energy Corporation											63,986				5,928,943
Entergy Corporation											36,102				3,929,703
Eversource Energy											38,020				3,327,130
Exelon Corporation											108,285				4,447,265
FirstEnergy Corporation											61,615				1,636,494
NextEra Energy Incorporated											212,655				15,649,281
Pinnacle West Capital Corporation											17,919				1,466,670
The Southern Company											84,640				5,065,704
Xcel Energy Incorporated											71,281				4,801,488
															55,630,295
Gas Utilities : 3.58%
Atmos Energy Corporation											29,092				2,789,632
ONE Gas Incorporated											17,268				1,367,280
															4,156,912
Multi-Utilities : 25.99%
Ameren Corporation											38,992				3,032,798
CenterPoint Energy Incorporated											62,775				1,455,752
CMS Energy Corporation											59,487				3,660,830
Dominion Energy Incorporated											91,846				7,208,993
DTE Energy Company											28,180				3,545,326
Public Service Enterprise Group Incorporated											39,644				2,310,452
Sempra Energy											37,562				4,788,404
WEC Energy Group Incorporated											44,475				4,222,901
															30,225,456
Water Utilities : 2.65%
American Water Works Company Incorporated											20,113				3,084,932
Total Common Stocks (Cost $87,209,877)															93,878,640
		Interest rate				Maturity date				Principal
Corporate Bonds and Notes : 33.14%
Communication Services : 5.59%
Diversified Telecommunication Services : 0.64%
Cablevision Lightpath LLC 144A			3.88%				9-15-2027			$	30,000				30,333
Cablevision Lightpath LLC 144A			5.63				9-15-2028				105,000				110,087
Consolidated Communications Incorporated 144A			6.50				10-1-2028				105,000				113,813
Frontier Communications Corporation 144A			5.88				10-15-2027				30,000				31,538
Level 3 Financing Incorporated 144A			3.63				1-15-2029				155,000				155,191
Level 3 Financing Incorporated 144A			4.25				7-1-2028				100,000				103,250
Level 3 Financing Incorporated 144A			4.63				9-15-2027				50,000				52,155
Level 3 Financing Incorporated			5.38				1-15-2024				50,000				50,350

1

  Portfolio of investments — November 30, 2020 (unaudited) Wells Fargo Utilities and High Income Fund   

		Interest rate				Maturity date				Principal				Value
Diversified Telecommunication Services (continued)
Windstream Corporation 144A			7.75%				8-15-2028			$	100,000			$	100,771
															747,488
Entertainment : 0.20%
Live Nation Entertainment Incorporated 144A			5.63				3-15-2026				45,000				45,506
Live Nation Entertainment Incorporated 144A			6.50				5-15-2027				165,000				182,738
															228,244
Interactive Media & Services : 0.19%
Arches Buyer Incorporated 144A%%			4.25				6-1-2028				30,000				30,075
Arches Buyer Incorporated 144A%%			6.13				12-1-2028				80,000				82,100
Rackspace Technology Company 144A%%			5.38				12-1-2028				100,000				104,521
															216,696
Media : 4.09%
Block Communications Incorporated 144A			4.88				3-1-2028				25,000				25,938
CCO Holdings LLC 144A			4.50				8-15-2030				400,000				421,750
CCO Holdings LLC 144A			4.50				5-1-2032				50,000				52,845
CCO Holdings LLC 144A			5.00				2-1-2028				25,000				26,281
CCO Holdings LLC 144A			5.13				5-1-2027				50,000				52,606
CCO Holdings LLC 144A			5.50				5-1-2026				5,000				5,208
CCO Holdings LLC 144A			5.75				2-15-2026				275,000				285,068
Cinemark Incorporated			4.88				6-1-2023				325,000				307,629
Cinemark Incorporated			5.13				12-15-2022				100,000				97,063
Cinemark Incorporated 144A			8.75				5-1-2025				25,000				26,901
CSC Holdings LLC 144A			4.13				12-1-2030				50,000				51,740
CSC Holdings LLC 144A			4.63				12-1-2030				200,000				204,740
CSC Holdings LLC 144A			5.50				5-15-2026				200,000				208,000
CSC Holdings LLC 144A			6.50				2-1-2029				200,000				223,562
CSC Holdings LLC 144A			7.50				4-1-2028				200,000				222,973
Diamond Sports Group LLC 144A			5.38				8-15-2026				100,000				77,500
Diamond Sports Group LLC 144A			6.63				8-15-2027				250,000				143,363
Gray Television Incorporated 144A			4.75				10-15-2030				100,000				101,375
Gray Television Incorporated 144A			5.88				7-15-2026				125,000				130,625
Gray Television Incorporated 144A			7.00				5-15-2027				100,000				110,250
Lamar Media Corporation			3.75				2-15-2028				75,000				75,750
Lamar Media Corporation			4.00				2-15-2030				125,000				130,013
Nexstar Broadcasting Incorporated 144A			5.63				7-15-2027				300,000				319,875
Nexstar Broadcasting Incorporated 144A			4.75				11-1-2028				110,000				113,196
Nielsen Finance LLC 144A			5.63				10-1-2028				85,000				90,606
Nielsen Finance LLC 144A			5.88				10-1-2030				375,000				412,031
Outfront Media Capital Corporation 144A			4.63				3-15-2030				100,000				99,000
Outfront Media Capital Corporation			5.63				2-15-2024				54,000				54,810
QVC Incorporated			4.75				2-15-2027				50,000				51,591
Salem Media Group Incorporated 144A			6.75				6-1-2024				350,000				306,250
Scripps Escrow Incorporated 144A			5.88				7-15-2027				25,000				25,188
The E.W. Scripps Company 144A			5.13				5-15-2025				300,000				300,750
															4,754,477
Wireless Telecommunication Services : 0.47%
Sprint Capital Corporation			8.75				3-15-2032				150,000				230,006
T-Mobile USA Incorporated			4.75				2-1-2028				25,000				26,845
T-Mobile USA Incorporated			5.38				4-15-2027				175,000				187,250
T-Mobile USA Incorporated			6.50				1-15-2026				100,000				103,920
															548,021

2

  Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2020 (unaudited)   

		Interest rate				Maturity date				Principal				Value
Consumer Discretionary : 4.50%
Auto Components : 0.55%
Allison Transmission Incorporated 144A			3.75%				1-30-2031			$	215,000			$	216,613
Clarios Global LP 144A			6.25				5-15-2026				25,000				26,563
Cooper Tire & Rubber Company			7.63				3-15-2027				257,000				296,514
Goodyear Tire & Rubber Company			5.13				11-15-2023				100,000				100,080
															639,770
Automobiles : 0.27%
Ford Motor Company			4.75				1-15-2043				250,000				245,888
Ford Motor Company			9.00				4-22-2025				25,000				30,381
Ford Motor Company			9.63				4-22-2030				25,000				34,802
															311,071
Diversified Consumer Services : 1.03%
Carriage Services Incorporated 144A			6.63				6-1-2026				350,000				370,363
Prime Security Service Borrower LLC 144A			3.38				8-31-2027				225,000				222,188
Service Corporation International			7.50				4-1-2027				425,000				514,250
Service Corporation International			8.00				11-15-2021				85,000				90,320
															1,197,121
Hotels, Restaurants & Leisure : 1.49%
Carnival Corporation 144A			7.63				3-1-2026				95,000				100,787
Carnival Corporation 144A			9.88				8-1-2027				100,000				117,250
Carnival Corporation 144A			11.50				4-1-2023				175,000				199,281
CCM Merger Incorporated 144A			6.38				5-1-2026				190,000				198,569
Hilton Domestic Operating Company			4.88				1-15-2030				250,000				269,530
NCL Corporation Limited 144A			12.25				5-15-2024				125,000				148,244
Royal Caribbean Cruises Limited144A			10.88				6-1-2023				100,000				113,125
Royal Caribbean Cruises Limited 144A			9.13				6-15-2023				250,000				270,625
Wyndham Hotels & Resorts Company 144A			5.38				4-15-2026				275,000				283,938
Yum! Brands Incorporated 144A			7.75				4-1-2025				25,000				27,688
															1,729,037
Multiline Retail : 0.28%
Macy’s Incorporated 144A			8.38				6-15-2025				100,000				108,995
Nordstrom Incorporated 144A			8.75				5-15-2025				200,000				223,000
															331,995
Specialty Retail : 0.70%
Asbury Automotive Group Company			4.50				3-1-2028				70,000				72,363
Asbury Automotive Group Company			4.75				3-1-2030				56,000				58,940
Group 1 Automotive Incorporated 144A			4.00				8-15-2028				100,000				102,328
Lithia Motors Incorporated 144A			5.25				8-1-2025				275,000				284,625
Lithia Motors Incorporated 144A			4.38				1-15-2031				35,000				37,144
Lithia Motors Incorporated 144A			4.63				12-15-2027				25,000				26,563
Michaels Stores Incorporated 144A			4.75				10-1-2027				30,000				30,000
Sonic Automotive Incorporated			6.13				3-15-2027				200,000				208,940
															820,903
Textiles, Apparel & Luxury Goods : 0.18%
Levi Strauss & Company			5.00				5-1-2025				100,000				102,750
The William Carter Company 144A			5.50				5-15-2025				25,000				26,500
The William Carter Company 144A			5.63				3-15-2027				75,000				79,031
															208,281

3

  Portfolio of investments — November 30, 2020 (unaudited) Wells Fargo Utilities and High Income Fund   

		Interest rate		Maturity date		Principal				Value
Consumer Staples : 0.28%
Beverages : 0.04%
Cott Beverages Incorporated 144A		5.50%		4-1-2025		$	50,000			$	51,688
Food & Staples Retailing : 0.05%
Albertsons Companies Incorporated 144A		4.63		1-15-2027			25,000				26,354
Albertsons Companies Incorporated 144A		4.88		2-15-2030			25,000				27,343
											53,697
Food Products : 0.19%
Pilgrim’s Pride Corporation 144A		5.75		3-15-2025			110,000				112,992
Prestige Brands Incorporated 144A		6.38		3-1-2024			100,000				102,478
											215,470
Energy : 6.67%
Energy Equipment & Services : 1.40%
Bristow Group Incorporated † (a)		6.25		10-15-2022			450,000				0
Bristow Group Incorporated		7.75		12-15-2022			265,000				262,085
Hilcorp Energy Company 144A		5.00		12-1-2024			150,000				146,250
Hilcorp Energy Company 144A		5.75		10-1-2025			225,000				219,938
Hilcorp Energy Company 144A		6.25		11-1-2028			75,000				74,250
Oceaneering International Incorporated		6.00		2-1-2028			250,000				210,000
Pattern Energy Operations LP 144A		4.50		8-15-2028			425,000				454,750
USA Compression Partners LP		6.88		4-1-2026			150,000				155,205
USA Compression Partners LP		6.88		9-1-2027			100,000				105,412
											1,627,890
Oil, Gas & Consumable Fuels : 5.27%
Antero Midstream Partners LP 144A		5.75		1-15-2028			300,000				270,000
Apache Corporation		4.75		4-15-2043			125,000				124,375
Archrock Partners LP 144A		6.25		4-1-2028			25,000				25,777
Archrock Partners LP 144A		6.88		4-1-2027			100,000				103,895
Buckeye Partners LP		5.85		11-15-2043			150,000				139,500
Cheniere Energy Partners LP		4.50		10-1-2029			50,000				52,101
Cheniere Energy Partners LP		5.25		10-1-2025			475,000				487,469
Cheniere Energy Partners LP		5.63		10-1-2026			150,000				156,563
EnLink Midstream Partners LP		4.40		4-1-2024			75,000				72,278
EnLink Midstream Partners LP		5.05		4-1-2045			325,000				238,469
EnLink Midstream Partners LP		5.45		6-1-2047			350,000				259,000
EnLink Midstream Partners LP		5.60		4-1-2044			325,000				240,500
Enviva Partners LP 144A		6.50		1-15-2026			400,000				427,366
EQM Midstream Partners LP 144A		6.00		7-1-2025			25,000				26,625
EQM Midstream Partners LP 144A		6.50		7-1-2027			25,000				27,563
EQM Midstream Partners LP		6.50		7-15-2048			50,000				49,500
Harvest Midstream LP 144A		7.50		9-1-2028			65,000				67,275
Indigo Natural Resources LLC 144A		6.88		2-15-2026			125,000				126,875
Kinder Morgan Incorporated		7.42		2-15-2037			90,000				116,594
Murphy Oil Corporation		5.75		8-15-2025			15,000				14,100
Murphy Oil Corporation		5.88		12-1-2027			25,000				22,641
Murphy Oil Corporation		6.38		12-1-2042			75,000				60,000
Occidental Petroleum Corporation		4.63		6-15-2045			300,000				249,663
Occidental Petroleum Corporation		6.20		3-15-2040			100,000				95,500
Occidental Petroleum Corporation		6.45		9-15-2036			695,000				679,224
Occidental Petroleum Corporation		6.60		3-15-2046			75,000				73,313
Range Resources Corporation 144A		9.25		2-1-2026			200,000				207,400
Rockies Express Pipeline LLC 144A		6.88		4-15-2040			275,000				291,500
Rockies Express Pipeline LLC 144A		7.50		7-15-2038			55,000				58,575
Sabine Pass Liquefaction LLC		6.25		3-15-2022			100,000				105,607
Southwestern Energy Company		7.50		4-1-2026			50,000				52,085
Southwestern Energy Company		7.75		10-1-2027			150,000				158,250

4

  Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2020 (unaudited)   

		Interest rate		Maturity date		Principal				Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Company		8.38%		9-15-2028		$	110,000			$	121,138
Tallgrass Energy Partners LP 144A		5.50		9-15-2024			450,000				445,500
Tallgrass Energy Partners LP 144A		7.50		10-1-2025			150,000				154,500
Western Midstream Operating LP		5.05		2-1-2030			100,000				106,805
Western Midstream Operating LP		5.30		3-1-2048			225,000				201,375
Western Midstream Operating LP		6.25		2-1-2050			25,000				24,875
											6,133,776
Financials : 2.97%
Banks : 0.00%
Citigroup Incorporated		4.13		3-9-2021			5,000				5,026
Capital Markets : 0.19%
Oppenheimer Holdings Incorporated		5.50		10-1-2025			215,000				218,225
Consumer Finance : 1.16%
FirstCash Incorporated 144A		4.63		9-1-2028			80,000				82,200
Ford Motor Credit Company LLC		4.39		1-8-2026			250,000				260,000
Ford Motor Credit Company LLC		5.11		5-3-2029			375,000				404,625
Ford Motor Credit Company LLC		5.13		6-16-2025			50,000				53,985
OneMain Finance Corporation		5.38		11-15-2029			100,000				109,000
Onemain Finance Corporation		6.13		3-15-2024			50,000				54,173
OneMain Finance Corporation		6.63		1-15-2028			125,000				143,438
OneMain Finance Corporation		7.13		3-15-2026			125,000				143,886
Onemain Finance Corporation		7.75		10-1-2021			25,000				26,188
OneMain Finance Corporation		8.25		10-1-2023			65,000				73,613
											1,351,108
Diversified Financial Services : 0.62%
LPL Holdings Incorporated 144A		4.63		11-15-2027			50,000				51,250
LPL Holdings Incorporated 144A		5.75		9-15-2025			450,000				465,759
United Shore Financial Services LLC 144A		5.50		11-15-2025			190,000				199,779
											716,788
Insurance : 0.42%
AmWINS Group Incorporated 144A		7.75		7-1-2026			225,000				243,000
Genworth Mortgage Holdings LLC 144A		6.50		8-15-2025			35,000				37,275
HUB International Limited 144A		7.00		5-1-2026			100,000				104,375
USI Incorporated 144A		6.88		5-1-2025			100,000				102,500
											487,150
Mortgage REITs : 0.29%
Starwood Property Trust Incorporated		5.00		12-15-2021			200,000				203,000
Starwood Property Trust Incorporated 144A		5.50		11-1-2023			130,000				131,300
											334,300
Thrifts & Mortgage Finance : 0.29%
Ladder Capital Finance Holdings LP 144A		5.25		3-15-2022			25,000				24,938
Ladder Capital Finance Holdings LP 144A		4.25		2-1-2027			25,000				23,094
Ladder Capital Finance Holdings LP 144A		5.25		10-1-2025			300,000				288,750
											336,782
Health Care : 2.97%
Health Care Equipment & Supplies : 0.48%
Hill-Rom Holdings Incorporated 144A		4.38		9-15-2027			50,000				52,125
Hill-Rom Holdings Incorporated 144A		5.00		2-15-2025			75,000				77,250
Hologic Incorporated 144A		3.25		2-15-2029			145,000				147,356
Hologic Incorporated 144A		4.63		2-1-2028			125,000				132,969

5

  Portfolio of investments — November 30, 2020 (unaudited) Wells Fargo Utilities and High Income Fund   

		Interest rate				Maturity date				Principal				Value
Health Care Equipment & Supplies (continued)
Surgery Center Holdings Incorporated 144A			6.75	%			7-1-2025			$	150,000			$	152,250
															561,950
Health Care Providers & Services : 1.84%
Centene Corporation 144A			5.38				8-15-2026				25,000				26,406
Community Health Systems Incorporated			6.25				3-31-2023				200,000				204,250
Community Health Systems Incorporated 144A			6.63				2-15-2025				275,000				279,785
Davita Incorporated 144A			3.75				2-15-2031				50,000				49,813
Davita Incorporated 144A			4.63				6-1-2030				100,000				105,125
Encompass Health Corporation			4.50				2-1-2028				50,000				52,322
Encompass Health Corporation			4.63				4-1-2031				35,000				37,326
Encompass Health Corporation			4.75				2-1-2030				50,000				53,206
Encompass Health Corporation			5.75				9-15-2025				75,000				77,438
Magellan Health Incorporated			4.90				9-22-2024				65,000				68,250
MEDNAX Incorporated 144A			5.25				12-1-2023				25,000				25,250
MPH Acquisition Holdings LLC 144A			5.75				11-1-2028				230,000				225,400
MPT Operating Partnership LP			4.63				8-1-2029				50,000				53,316
MPT Operating Partnership LP			5.00				10-15-2027				100,000				105,881
MPT Operating Partnership LP			5.25				8-1-2026				150,000				156,780
MPT Operating Partnership LP			6.38				3-1-2024				25,000				25,840
Select Medical Corporation 144A			6.25				8-15-2026				175,000				186,813
Tenet Healthcare Corporation 144A			4.63				6-15-2028				25,000				25,813
Tenet Healthcare Corporation 144A			4.88				1-1-2026				75,000				77,250
Tenet Healthcare Corporation 144A			5.13				11-1-2027				25,000				26,063
Tenet Healthcare Corporation 144A			6.25				2-1-2027				125,000				130,938
Tenet Healthcare Corporation			7.00				8-1-2025				90,000				92,945
Tenet Healthcare Corporation 144A			7.50				4-1-2025				25,000				27,365
Vizient Incorporated 144A			6.25				5-15-2027				25,000				26,656
															2,140,231
Health Care Technology : 0.49%
Change Healthcare Holdings Incorporated 144A			5.75				3-1-2025				400,000				407,500
IQVIA Incorporated 144A			5.00				5-15-2027				150,000				157,875
															565,375
Life Sciences Tools & Services : 0.14%
Charles River Laboratories Incorporated 144A			5.50				4-1-2026				25,000				26,250
Charles River Laboratories Incorporated 144A			4.25				5-1-2028				25,000				26,344
Ortho-Clinical Diagnostics Incorporated 144A			7.25				2-1-2028				25,000				26,625
Syneos Health Incorporated 144A			3.63				1-15-2029				80,000				80,600
															159,819
Pharmaceuticals : 0.02%
Bausch Health Companies Incorporated 144A			8.50				1-31-2027				25,000				27,500
Industrials : 3.94%
Aerospace & Defense : 0.59%
RBS Global & Rexnord LLC 144A			4.88				12-15-2025				275,000				280,500
Signature Aviation US Holdings Incorporated 144A			4.00				3-1-2028				100,000				100,162
Signature Aviation US Holdings Incorporated 144A			5.38				5-1-2026				300,000				308,250
															688,912
Airlines : 1.22%
Delta Air Lines Incorporated 144A			4.75				10-20-2028				630,000				678,181
Mileage Plus Holdings LLC 144A			6.50				6-20-2027				400,000				433,750

6

  Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2020 (unaudited)   

		Interest rate				Maturity date				Principal				Value
Airlines (continued)
United Airlines Pass-Through Trust Certificates Series 2020-1 Class A			5.88	%			4-15-2029			$	290,000			$	308,650
															1,420,581
Commercial Services & Supplies : 1.11%
Covanta Holding Corporation			5.00				9-1-2030				15,000				15,975
Covanta Holding Corporation			5.88				7-1-2025				75,000				78,094
IAA Spinco Incorporated 144A			5.50				6-15-2027				375,000				395,625
KAR Auction Services Incorporated 144A			5.13				6-1-2025				550,000				567,023
Plastipak Holdings Incorporated 144A			6.25				10-15-2025				225,000				231,750
															1,288,467
Construction & Engineering : 0.03%
Pike Corporation 144A			5.50				9-1-2028				25,000				26,188
Machinery : 0.53%
Meritor Incorporated 144A%%			4.50				12-15-2028				115,000				116,725
Stevens Holding Company Incorporated 144A			6.13				10-1-2026				250,000				270,938
Trimas Corporation 144A			4.88				10-15-2025				225,000				229,570
															617,233
Road & Rail : 0.16%
Uber Technologies Incorporated 144A			8.00				11-1-2026				175,000				188,563
Trading Companies & Distributors : 0.30%
Fortress Transportation & Infrastructure Investors LLC 144A			6.50				10-1-2025				300,000				306,000
Fortress Transportation & Infrastructure Investors LLC 144A			9.75				8-1-2027				40,000				45,400
															351,400
Information Technology : 2.26%
Communications Equipment : 0.26%
CommScope Technologies Finance LLC 144A			6.00				6-15-2025				65,000				66,606
CommScope Technologies Finance LLC 144A			8.25				3-1-2027				225,000				242,438
															309,044
IT Services : 0.38%
Cardtronics Incorporated 144A			5.50				5-1-2025				400,000				413,000
Tempo Acquisition LLC 144A			5.75				6-1-2025				25,000				26,625
															439,625
Semiconductors & Semiconductor Equipment : 0.12%
Qorvo Incorporated			4.38				10-15-2029				125,000				134,883
Software : 0.75%
CDK Global Incorporated 144A			5.25				5-15-2029				25,000				27,438
Fair Isaac Corporation 144A			5.25				5-15-2026				400,000				448,000
Logan Merger Sub Incorporated 144A			5.50				9-1-2027				105,000				108,938
NortonLifeLock Incorporated 144A			5.00				4-15-2025				75,000				76,502
SS&C Technologies Incorporated 144A			5.50				9-30-2027				200,000				213,978
															874,856
Technology Hardware, Storage & Peripherals : 0.75%
Dell International LLC 144A			5.88				6-15-2021				165,000				165,330
Dell International LLC 144A			7.13				6-15-2024				525,000				544,625
NCR Corporation 144A			6.13				9-1-2029				125,000				135,515

7

  Portfolio of investments — November 30, 2020 (unaudited) Wells Fargo Utilities and High Income Fund   

		Interest rate				Maturity date				Principal				Value
Technology Hardware, Storage & Peripherals (continued)
NCR Corporation 144A			8.13	%			4-15-2025			$	25,000			$	27,844
															873,314
Materials : 1.77%
Chemicals : 0.07%
Valvoline Incorporated 144A			4.25				2-15-2030				75,000				78,938
Containers & Packaging : 0.88%
Ball Corporation			4.88				3-15-2026				50,000				56,271
Berry Global Incorporated 144A			4.88				7-15-2026				50,000				53,083
Berry Global Incorporated			5.13				7-15-2023				22,000				22,275
Berry Global Incorporated 144A			5.63				7-15-2027				25,000				26,625
Crown Cork & Seal Company Incorporated			7.38				12-15-2026				225,000				274,500
Flex Acquisition Company Incorporated 144A			6.88				1-15-2025				75,000				76,851
Flex Acquisition Company Incorporated 144A			7.88				7-15-2026				125,000				131,563
Owens-Brockway Packaging Incorporated 144A			5.88				8-15-2023				50,000				53,750
Owens-Brockway Packaging Incorporated 144A			6.38				8-15-2025				75,000				82,875
Reynolds Group Holding Limited 144A			5.13				7-15-2023				5,000				5,061
Sealed Air Corporation 144A			5.13				12-1-2024				100,000				109,625
Silgan Holdings Incorporated			4.13				2-1-2028				125,000				129,688
															1,022,167
Metals & Mining : 0.51%
Cleveland-Cliffs Incorporated 144A			9.88				10-17-2025				100,000				116,625
Freeport-McMoRan Incorporated			4.13				3-1-2028				250,000				263,125
Kaiser Aluminum Corporation 144A			4.63				3-1-2028				50,000				51,564
Kaiser Aluminum Corporation 144A			6.50				5-1-2025				50,000				53,500
Novelis Corporation 144A			5.88				9-30-2026				100,000				104,875
															589,689
Paper & Forest Products : 0.31%
Clearwater Paper Corporation 144A			4.75				8-15-2028				45,000				46,856
Clearwater Paper Corporation 144A			5.38				2-1-2025				50,000				53,238
Vertical U.S. Newco Incorporated 144A			5.25				7-15-2027				250,000				262,500
															362,594
Real Estate : 0.80%
Equity REITs : 0.80%
CoreCivic Incorporated			4.63				5-1-2023				38,000				35,720
CoreCivic Incorporated			5.00				10-15-2022				125,000				122,963
Service Properties Trust Company			3.95				1-15-2028				130,000				117,000
Service Properties Trust Company			4.38				2-15-2030				100,000				93,800
Service Properties Trust Company			4.75				10-1-2026				50,000				46,990
Service Properties Trust Company			4.95				2-15-2027				100,000				95,375
Service Properties Trust Company			5.25				2-15-2026				75,000				72,094
Service Properties Trust Company			7.50				9-15-2025				15,000				16,714
The Geo Group Incorporated			5.13				4-1-2023				50,000				43,125
The Geo Group Incorporated			5.88				1-15-2022				135,000				131,625
The Geo Group Incorporated			5.88				10-15-2024				125,000				98,609
The Geo Group Incorporated			6.00				4-15-2026				75,000				55,500
															929,515
Utilities : 1.39%
Electric Utilities : 0.44%
NextEra Energy Operating Partners LP 144A			4.25				7-15-2024				125,000				131,566

8

  Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2020 (unaudited)   

		Interest rate				Maturity date				Principal				Value
Electric Utilities (continued)
NextEra Energy Operating Partners LP 144A			4.25	%			9-15-2024			$	25,000			$	26,438
NextEra Energy Operating Partners LP 144A			4.50				9-15-2027				275,000				301,125
PG&E Corporation			5.00				7-1-2028				25,000				26,688
PG&E Corporation			5.25				7-1-2030				25,000				27,250
															513,067
Independent Power & Renewable Electricity Producers : 0.95%
NSG Holdings LLC 144A			7.75				12-15-2025				312,946				331,723
TerraForm Power Operating LLC 144A			4.25				1-31-2023				350,000				361,375
TerraForm Power Operating LLC 144A			4.75				1-15-2030				100,000				108,500
TerraForm Power Operating LLC 144A			5.00				1-31-2028				275,000				307,313
															1,108,911
Total Corporate Bonds and Notes (Cost $36,133,633)															38,537,826
Loans : 1.70%
Communication Services : 0.28%
Interactive Media & Services : 0.10%
Arches Buyer Incorporated (1 Month LIBOR +4.00%)±			4.50				11-24-2027				120,000				119,550
Media : 0.18%
Hubbard Radio LLC (6 Month LIBOR +4.25%) ±			5.25				3-28-2025				67,373				64,510
Montreign Operating Company LLC (1 Month LIBOR +2.75%)±			2.90				3-22-2021				152,616				147,401
															211,911
Consumer Discretionary : 0.28%
Hotels, Restaurants & Leisure : 0.06%
Carnival Corporation (1 Month LIBOR +7.50%) ±			8.50				6-30-2025				31,920				32,957
CCM Merger Incorporated (3 Month LIBOR +3.75%) ±			0.00				11-4-2025				40,000				39,710
															72,667
Internet & Direct Marketing Retail : 0.27%
Ancestry.com Incorporated (1 Month LIBOR +4.00%) ±			4.15				8-27-2026				310,151				309,264
Energy : 0.25%
Oil, Gas & Consumable Fuels : 0.25%
Crestwood Holdings LLC (1 Month LIBOR +7.50%) ±			7.65				3-6-2023				147,475				92,847
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) ±			7.75				10-29-2025				75,000				63,985
EPIC Crude Services LP (3 Month LIBOR +5.00%) ±			5.26				3-2-2026				199,500				138,902
															295,734
Financials : 0.28%
Capital Markets : 0.07%
VFH Parent LLC (1 Month LIBOR +3.00%) ±			3.14				3-1-2026				84,432				83,889
Diversified Financial Services : 0.14%
Resolute Investment Managers Incorporated (3 Month LIBOR +8.00%) ±‡			9.00				4-30-2025				125,000				123,750
Russell Investments US Institutional Holdco Incorporated (5 Month LIBOR +3.00%) ±			0.00				5-30-2025				40,000				39,600
															163,350
Insurance : 0.07%
HUB International Limited (3 Month LIBOR +4.00%) ±			5.00				4-25-2025				49,625				49,640

9

  Portfolio of investments — November 30, 2020 (unaudited) Wells Fargo Utilities and High Income Fund   

		Interest rate				Maturity date				Principal				Value
Insurance (continued)
USI Incorporated (3 Month LIBOR +4.00%) ±			4.22	%			12-2-2026			$	24,813			$	24,695
															74,335
Health Care : 0.10%
Pharmaceuticals : 0.10%
Mallinckrodt International Finance SA (3 Month LIBOR +2.75%) ±			0.00				9-24-2024				125,000				116,754
Industrials : 0.30%
Building Products : 0.02%
Flex Acquisition Company (1 Month LIBOR +3.00%) ±			0.00				12-29-2023				20,000				19,717
Machinery : 0.14%
Alliance Laundry Systems LLC (3 Month LIBOR +3.50%) ±			0.00				10-8-2027				40,000				39,883
Vertical U.S. Newco Incorporated (6 Month LIBOR +4.25%)±			4.57				7-30-2027				120,000				119,617
															159,500
Professional Services : 0.09%
The Dun & Bradstreet Corporation (1 Month LIBOR +3.75%) ±			0.00				2-6-2026				105,000				104,262
Road & Rail : 0.05%
Uber Technologies Incorporated (3 Month LIBOR +4.00%) ±			0.00				4-4-2025				60,000				59,858
Information Technology : 0.16%
IT Services : 0.16%
Fiserv Investment Solutions Incorporated (3 Month LIBOR +4.75%) ±			4.97				2-18-2027				29,938				29,788
Flexential Intermediate Corporation (3 Month LIBOR +3.50%) ±			3.72				8-1-2024				29,846				26,600
Flexential Intermediate Corporation (3 Month LIBOR +7.25%) ±			7.50				8-1-2025				200,000				125,208
															181,596
Total Loans (Cost $2,018,497)															1,972,387
						Expiration date				Shares
Rights : 0.02%
Utilities : 0.02%
Independent Power & Renewable Electricity Producers : 0.02%
Vistra Energy Corporation †							12-31-2046				23,978				25,848
Total Rights (Cost $24,865)															25,848
Warrants : 0.01%
Energy : 0.01%
Oil, Gas & Consumable Fuels : 0.01%
Denbury Incorporated †							9-18-2025				944				4,956
Total Warrants (Cost $14,642)															4,956

10

  Wells Fargo Utilities and High Income Fund Portfolio of investments — November 30, 2020 (unaudited)   

		Interest rate				Maturity date				Principal				Value
Yankee Corporate Bonds and Notes : 3.13%
Communication Services : 0.26%
Diversified Telecommunication Services : 0.08%
Intelsat Connect Finance Company †144A			9.50	%			2-15-2023			$	50,000			$	14,250
Intelsat Luxembourg SA †			8.13				6-1-2023				100,000				4,350
Telesat Canada Incorporated 144A			6.50				10-15-2027				75,000				77,250
															95,850
Media : 0.18%
Nielsen Holding and Finance BV 144A			5.00				2-1-2025				200,000				205,750
Nielsen Holding and Finance BV 144A			5.50				10-1-2021				7,000				6,965
															212,715
Energy : 0.26%
Oil, Gas & Consumable Fuels : 0.26%
Baytex Energy Corporation 144A			5.63				6-1-2024				200,000				116,500
Baytex Energy Corporation 144A			8.75				4-1-2027				375,000				176,250
Cenovus Energy Incorporated			5.38				7-15-2025				15,000				16,542
Griffin Coal Mining Company Limited †144A (a)			9.50				12-1-2016				61,339				0
															309,292
Financials : 0.50%
Diversified Financial Services : 0.50%
DAE Funding LLC 144A			5.75				11-15-2023				125,000				128,750
Intelsat Jackson Holdings SA †			5.50				8-1-2023				520,000				349,700
Park Aerospace Holdings Limited 144A			5.50				2-15-2024				100,000				106,744
															585,194
Health Care : 1.04%
Pharmaceuticals : 1.04%
Bausch Health Companies Incorporated 144A			5.00				1-30-2028				50,000				49,985
Bausch Health Companies Incorporated 144A			5.25				1-30-2030				75,000				76,673
Bausch Health Companies Incorporated 144A			5.50				3-1-2023				51,000				51,026
Bausch Health Companies Incorporated 144A			5.50				11-1-2025				50,000				51,505
Bausch Health Companies Incorporated 144A			6.13				4-15-2025				200,000				205,778
Bausch Health Companies Incorporated 144A			6.25				2-15-2029				100,000				106,000
Bausch Health Companies Incorporated 144A			7.00				3-15-2024				50,000				51,563
Bausch Health Companies Incorporated 144A			7.00				1-15-2028				100,000				107,687
Teva Pharmaceutical Finance Netherlands III BV			4.10				10-1-2046				325,000				281,938
Teva Pharmaceutical Finance Netherlands III BV			6.75				3-1-2028				200,000				223,635
															1,205,790
Industrials : 0.91%
Airlines : 0.19%
Air Canada Company 144A			7.75				4-15-2021				215,000				216,075
Commercial Services & Supplies : 0.58%
NorthRiver Midstream Finance LP 144A			5.63				2-15-2026				235,000				238,525
Ritchie Brothers Auctioneers Incorporated 144A			5.38				1-15-2025				425,000				438,281
															676,806
Electrical Equipment : 0.14%
Sensata Technologies BV 144A			5.00				10-1-2025				45,000				49,950

11

  Portfolio of investments — November 30, 2020 (unaudited) Wells Fargo Utilities and High Income Fund   

		Interest rate				Maturity date				Principal				Value
Electrical Equipment (continued)
Sensata Technologies BV 144A			5.63	%			11-1-2024			$	100,000			$	112,000
															161,950
Materials : 0.16%
Containers & Packaging : 0.16%
Ardagh Packaging Finance plc 144A			4.13				8-15-2026				100,000				103,750
Ardagh Packaging Finance plc 144A			5.25				4-30-2025				25,000				26,435
OI European Group BV 144A			4.00				3-15-2023				50,000				51,250
															181,435
Total Yankee Corporate Bonds and Notes (Cost $4,023,119)															3,645,107
		Yield								Shares
Short-Term Investments : 3.24%
Investment Companies : 3.24%
Wells Fargo Government Money Market Fund Select Class (l)(u)##			0.02								3,769,827				3,769,827
Total Short-Term Investments (Cost $3,769,827)															3,769,827
Total investments in securities (Cost $133,194,460)			121.96	%											141,834,591
Other assets and liabilities, net			(21.96	)											(25,534,089	)
Total net assets			100.00	%										$	116,300,502

† Non-income-earning security

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

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

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

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

‡ Security is valued using significant unobservable inputs.

(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

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 affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

		Value, beginning of period				Purchases				Sales proceeds				Net realized gains (losses)				Net change in unrealized gains (losses)				Value, end of period				% of net assets				Shares, end of period				Income from affiliated securities
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		$	2,264,877			$	10,843,533			$	(9,338,583)			$	0			$	0			$	3,769,827				3.24	%			3,769,827			$	304

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

Notes to Portfolio of investments – November 30, 2020 (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 November 30, 2020, 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 November 30, 2020:

		Quoted prices (Level 1)				Other significant observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Total
Assets
Investments in:
Common stocks
Energy		$	781,045			$	0			$	0			$	781,045
Utilities			93,097,595				0				0				93,097,595
Corporate bonds and notes			0				38,537,826				0				38,537,826
Loans			0				1,848,637				123,750				1,972,387
Rights
Utilities			0				25,848				0				25,848
Warrants
Energy			0				4,956				0				4,956
Yankee corporate bonds and notes			0				3,645,107				0				3,645,107
Short-term investments
Investment companies			3,769,827				0				0				3,769,827
Total assets		$	97,648,467			$	44,062,374			$	123,750			$	141,834,591

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

For the three months ended November 30, 2020, the Fund did not have any transfers into/out of Level 3.