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NPORT-EX 2 utilitiesandhighincome.htm HTML


Wells Fargo Utilities and High Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


						Shares		Value
Common Stocks : 81.24%
Energy : 0.05%
Energy Equipment & Services : 0.05%
Bristow Group Incorporated †(a)							4,945	$	35,518
Bristow Group Incorporated †(a)							3,510		25,227
									60,745

Utilities : 81.19%
Electric Utilities : 48.48%
Alliant Energy Corporation							20,391		1,006,500
American Electric Power Company Incorporated							70,494		6,009,614
Duke Energy Corporation							63,986		5,479,121
Edison International							28,506		1,656,484
Entergy Corporation							26,186		2,666,259
Eversource Energy							54,793		4,586,174
Exelon Corporation							108,285		4,148,398
NextEra Energy Incorporated							60,427		15,442,724
Pinnacle West Capital Corporation							17,919		1,395,890
The Southern Company							89,221		5,091,842
Xcel Energy Incorporated							85,039		5,530,086
									53,013,092

Gas Utilities : 1.84%
Atmos Energy Corporation							19,600		2,014,488

Multi-Utilities : 27.08%
Ameren Corporation							38,992		2,913,872
CenterPoint Energy Incorporated							40,223		715,165
CMS Energy Corporation							59,487		3,484,748
Consolidated Edison Incorporated							31,324		2,351,179
Dominion Energy Incorporated							67,465		5,735,200
DTE Energy Company							28,180		3,031,323
Public Service Enterprise Group Incorporated							53,750		2,743,400
Sempra Energy							30,520		3,854,981
WEC Energy Group Incorporated							52,049		4,774,455
									29,604,323

Water Utilities : 3.79%
American Water Works Company Incorporated							32,621		4,142,867

Total Common Stocks (Cost $88,110,507)									88,835,515

	Interest rate			Maturity date		Principal
Corporate Bonds and Notes : 31.54%
Communication Services : 5.28%
Diversified Telecommunication Services : 0.34%
Level 3 Financing Incorporated 144A		4.63	%		9-15-2027	$	50,000		51,240
Level 3 Financing Incorporated		5.13			5-1-2023		75,000		74,906
Level 3 Financing Incorporated		5.38			8-15-2022		105,000		105,250
Level 3 Financing Incorporated		5.38			1-15-2024		50,000		50,625
Level 3 Financing Incorporated		5.63			2-1-2023		90,000		90,168
									372,189


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Utilities and High Income Fund


	Interest rate			Maturity date	Principal		Value
Entertainment : 0.02%
Live Nation Entertainmen 144A		6.50	%	5-15-2027	$	25,000	$	26,547

Interactive Media & Services : 0.02%
Match Group Incorporated 144A		4.13		8-1-2030		25,000		24,500

Media : 4.26%
Block Communications Incorporated 144A		4.88		3-1-2028		25,000		24,875
CCO Holdings LLC 144A		4.50		8-15-2030		100,000		103,750
CCO Holdings LLC 144A		4.50		5-1-2032		50,000		51,641
CCO Holdings LLC 144A		5.00		2-1-2028		25,000		26,184
CCO Holdings LLC 144A		5.13		5-1-2027		50,000		52,501
CCO Holdings LLC 144A		5.38		5-1-2025		300,000		308,250
CCO Holdings LLC 144A		5.50		5-1-2026		5,000		5,288
CCO Holdings LLC 144A		5.75		2-15-2026		300,000		312,804
CCO Holdings LLC 144A		5.88		4-1-2024		125,000		128,411
Cinemark Incorporated 144A		8.75		5-1-2025		25,000		26,063
Communications Finance Incorporated		6.88		9-1-2027		100,000		95,250
CSC Holdings LLC 144A		5.38		7-15-2023		200,000		203,000
CSC Holdings LLC 144A		5.50		5-15-2026		200,000		208,940
CSC Holdings LLC 144A		6.50		2-1-2029		200,000		220,792
CSC Holdings LLC 144A		7.50		4-1-2028		200,000		221,500
CSC Holdings LLC 144A		7.75		7-15-2025		100,000		104,250
Diamond Sports Group LLC 144A		5.38		8-15-2026		25,000		19,875
Diamond Sports Group LLC 144A		6.63		8-15-2027		275,000		165,468
DISH Network Corporation		3.38		8-15-2026		125,000		110,144
Gray Television Incorporated 144A		5.13		10-15-2024		100,000		101,250
Gray Television Incorporated 144A		5.88		7-15-2026		350,000		361,375
Gray Television Incorporated 144A		7.00		5-15-2027		100,000		105,625
Lamar Media Corporation 144A		3.75		2-15-2028		125,000		121,250
Lamar Media Corporation 144A		4.00		2-15-2030		125,000		120,313
Nexstar Broadcasting Incorporated 144A		5.63		7-15-2027		300,000		307,500
Nielsen Finance LLC 144A		5.00		4-15-2022		367,000		366,431
Outfront Media Capital Corporation 144A		4.63		3-15-2030		100,000		92,000
Outfront Media Capital Corporation		5.63		2-15-2024		54,000		54,270
QVC Incorporated		4.75		2-15-2027		50,000		47,625
Salem Media Group Incorporated 144A		6.75		6-1-2024		350,000		290,500
Scripps Escrow Incorporated 144A		5.88		7-15-2027		25,000		23,750
The E.W. Scripps Company 144A		5.13		5-15-2025		300,000		279,000
								4,659,875

Wireless Telecommunication Services : 0.66%
Sprint Capital Corporation		8.75		3-15-2032		150,000		215,625
T-Mobile USA Incorporated		4.75		2-1-2028		25,000		26,563
T-Mobile USA Incorporated		5.13		4-15-2025		25,000		25,500
T-Mobile USA Incorporated		5.38		4-15-2027		175,000		185,938
T-Mobile USA Incorporated		6.38		3-1-2025		145,000		149,540
T-Mobile USA Incorporated		6.50		1-15-2024		5,000		5,111
T-Mobile USA Incorporated		6.50		1-15-2026		100,000		105,530
								713,807

Consumer Discretionary : 4.25%
Auto Components : 0.77%
Allison Transmission Incorporated 144A		4.75		10-1-2027		75,000		72,750
Allison Transmission Incorporated 144A		5.00		10-1-2024		425,000		428,188
Allison Transmission Incorporated 144A		5.88		6-1-2029		50,000		50,500
Cooper Tire & Rubber Company		7.63		3-15-2027		257,000		267,280
Panther BF Aggregator 2 LP 144A		6.25		5-15-2026		25,000		25,438
								844,156


Wells Fargo Utilities and High Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Automobiles : 0.23%
Ford Motor Company		4.75	%	1-15-2043	$	250,000	$	191,250
Ford Motor Company		9.00		4-22-2025		25,000		26,281
Ford Motor Company		9.63		4-22-2030		25,000		27,750
								245,281

Diversified Consumer Services : 0.94%
Carriage Services Incorporated 144A		6.63		6-1-2026		350,000		365,750
Service Corporation International		4.63		12-15-2027		100,000		105,230
Service Corporation International		7.50		4-1-2027		425,000		471,750
Service Corporation International		8.00		11-15-2021		85,000		89,675
								1,032,405

Hotels, Restaurants & Leisure : 1.00%
CCM Merger Incorporated 144A		3.00		3-15-2022		425,000		397,375
Hilton Domestic Operating Company Incorporated		4.88		1-15-2030		250,000		248,750
KFC Holding Company 144A		5.00		6-1-2024		100,000		102,359
Royal Caribbean Cruises		3.70		3-15-2028		75,000		50,661
Wyndham Hotels & Resorts Company 144A		5.38		4-15-2026		225,000		213,779
Yum! Brands Incorporated 144A		4.75		1-15-2030		50,000		51,831
Yum! Brands Incorporated 144A		7.75		4-1-2025		25,000		27,625
								1,092,380

Leisure Products : 0.03%
NCL Corporation Limited 144A		3.63		12-15-2024		50,000		30,000

Specialty Retail : 1.09%
Asbury Automotive Group Incorporated 144A		4.50		3-1-2028		67,000		63,483
Asbury Automotive Group Incorporated 144A		4.75		3-1-2030		53,000		50,880
Group 1 Automotive Incorporated		5.00		6-1-2022		125,000		122,500
Lithia Motors Incorporated 144A		4.63		12-15-2027		25,000		24,125
Lithia Motors Incorporated 144A		5.25		8-1-2025		275,000		269,500
Penske Auto Group Incorporated		3.75		8-15-2020		50,000		49,505
Penske Auto Group Incorporated		5.38		12-1-2024		300,000		292,500
Penske Auto Group Incorporated		5.75		10-1-2022		125,000		125,313
Sonic Automotive Incorporated		6.13		3-15-2027		200,000		198,374
								1,196,180

Textiles, Apparel & Luxury Goods : 0.19%
Levi Strauss & Company		5.00		5-1-2025		100,000		102,000
The William Carter Company 144A		5.50		5-15-2025		25,000		25,750
The William Carter Company 144A		5.63		3-15-2027		75,000		76,612
								204,362

Consumer Staples : 0.43%
Beverages : 0.05%
Cott Beverages Incorporated 144A		5.50		4-1-2025		50,000		50,427

Food & Staples Retailing : 0.05%
Albertsons Companies Incorporated 144A		4.63		1-15-2027		25,000		25,375
Albertsons Companies Incorporated 144A		4.88		2-15-2030		25,000		25,906
								51,281

Food Products : 0.31%
Darling Ingredients Incorporated 144A		5.25		4-15-2027		75,000		78,000


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Utilities and High Income Fund


	Interest rate			Maturity date	Principal		Value
Food Products (continued)
Pilgrim’s Pride Corporation 144A		5.75	%	3-15-2025	$	110,000	$	112,475
Pilgrim’s Pride Corporation 144A		5.88		9-30-2027		25,000		26,000
Prestige Brands Incorporated 144A		5.13		1-15-2028		25,000		25,375
Prestige Brands Incorporated 144A		6.38		3-1-2024		100,000		102,875
								344,725

Household Products : 0.02%
Spectrum Brands Incorporated		5.75		7-15-2025		25,000		25,781

Energy : 6.10%
Energy Equipment & Services : 0.93%
Bristow Group Incorporated †(a)		6.25		10-15-2022		450,000		0
Diamond Offshore Drilling Incorporated		4.88		11-1-2043		150,000		16,712
Era Group Incorporated		7.75		12-15-2022		265,000		243,800
Hilcorp Energy Company 144A		5.00		12-1-2024		150,000		132,000
Hilcorp Energy Company 144A		5.75		10-1-2025		225,000		202,500
Hilcorp Energy Company 144A		6.25		11-1-2028		75,000		64,125
NGPL PipeCo LLC 144A		4.38		8-15-2022		50,000		50,930
Oceaneering International Incorporated		6.00		2-1-2028		250,000		167,500
USA Compression Partners LP		6.88		4-1-2026		150,000		144,375
								1,021,942

Oil, Gas & Consumable Fuels : 5.17%
Antero Midstream Partners LP 144A		5.75		1-15-2028		300,000		234,540
Apache Corporation		4.75		4-15-2043		200,000		154,882
Archrock Partners LP 144A		6.25		4-1-2028		25,000		23,813
Archrock Partners LP 144A		6.88		4-1-2027		100,000		95,500
Buckeye Partners LP		5.85		11-15-2043		150,000		125,063
Callon Petroleum Company		6.25		4-15-2023		25,000		8,125
Callon Petroleum Company		8.25		7-15-2025		225,000		68,625
Cheniere Corpus Christi Holdings LLC		5.13		6-30-2027		125,000		135,371
Cheniere Energy Partners LP 144A		4.50		10-1-2029		50,000		48,875
Cheniere Energy Partners LP		5.25		10-1-2025		525,000		530,250
Cheniere Energy Partners LP		5.63		10-1-2026		150,000		152,670
Denbury Resources Incorporated		6.38		12-31-2024		81,000		7,043
Denbury Resources Incorporated 144A		7.75		2-15-2024		113,000		46,330
Denbury Resources Incorporated 144A		9.00		5-15-2021		200,000		86,000
Denbury Resources Incorporated 144A		9.25		3-31-2022		86,000		34,400
EnLink Midstream Partners LP		4.40		4-1-2024		50,000		40,125
EnLink Midstream Partners LP		5.05		4-1-2045		325,000		188,988
EnLink Midstream Partners LP		5.45		6-1-2047		350,000		215,320
EnLink Midstream Partners LP		5.60		4-1-2044		250,000		150,910
Enviva Partners LP 144A		6.50		1-15-2026		275,000		290,813
Kinder Morgan Incorporated		6.50		9-15-2020		45,000		45,418
Kinder Morgan Incorporated		7.42		2-15-2037		90,000		104,550
MPLX LP		5.25		1-15-2025		50,000		51,838
MPLX LP		6.38		5-1-2024		25,000		25,818
Murphy Oil Corporation		4.75		9-15-2029		150,000		154,155
Murphy Oil Corporation		5.75		8-15-2025		15,000		14,044
Murphy Oil Corporation		5.88		12-1-2027		25,000		23,250
Murphy Oil Corporation		5.88		12-1-2042		75,000		57,375
Occidental Petroleum Corporation		4.63		6-15-2045		300,000		178,785
Occidental Petroleum Corporation		6.20		3-15-2040		100,000		68,250
Occidental Petroleum Corporation		6.45		9-15-2036		675,000		484,313
Occidental Petroleum Corporation		6.60		3-15-2046		75,000		52,125
Rockies Express Pipeline LLC 144A		3.60		5-15-2025		125,000		113,438
Rockies Express Pipeline LLC 144A		4.80		5-15-2030		125,000		114,100
Rockies Express Pipeline LLC 144A		4.95		7-15-2029		50,000		46,365
Rockies Express Pipeline LLC 144A		6.88		4-15-2040		275,000		266,283
Rockies Express Pipeline LLC 144A		7.50		7-15-2038		55,000		53,213
Sabine Pass Liquefaction LLC		5.63		2-1-2021		125,000		127,486


Wells Fargo Utilities and High Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction LLC		6.25	%	3-15-2022	$	100,000	$	106,376
Southwestern Energy Company		7.50		4-1-2026		50,000		46,000
Southwestern Energy Company		7.75		10-1-2027		150,000		139,875
Tallgrass Energy Partners LP 144A		5.50		9-15-2024		450,000		429,750
Ultra Resources Incorporated †144A		7.13		4-15-2025		425,000		213
Western Midstream Operating LP		4.05		2-1-2030		100,000		89,720
Western Midstream Operating LP		5.25		2-1-2050		25,000		20,243
Western Midstream Operating LP		5.30		3-1-2048		225,000		175,500
Whiting Petroleum Corporation		1.25		4-1-2020		222,000		28,305
								5,654,431

Financials : 2.24%
Banks : 0.01%
Citigroup Incorporated		4.13		3-9-2021		5,000		4,988
Citigroup Incorporated		6.13		3-9-2028		10,000		10,350
								15,338

Consumer Finance : 1.13%
FirstCash Incorporated 144A		5.38		6-1-2024		175,000		175,474
Ford Motor Credit Company LLC		4.39		1-8-2026		250,000		235,000
Ford Motor Credit Company LLC		5.11		5-3-2029		375,000		350,175
Springleaf Finance Corporation		5.38		11-15-2029		100,000		88,650
Springleaf Finance Corporation		6.13		3-15-2024		50,000		48,515
Springleaf Finance Corporation		6.63		1-15-2028		125,000		119,375
Springleaf Finance Corporation		7.13		3-15-2026		125,000		123,125
Springleaf Finance Corporation		7.75		10-1-2021		25,000		25,625
Springleaf Finance Corporation		8.25		10-1-2023		65,000		66,151
								1,232,090

Diversified Financial Services : 0.65%
Ladder Capital Securities LLC 144A		5.25		10-1-2025		225,000		191,250
LPL Holdings Incorporated 144A		4.63		11-15-2027		50,000		48,938
LPL Holdings Incorporated 144A		5.75		9-15-2025		450,000		467,838
								708,026

Insurance : 0.41%
AmWINS Group Incorporated 144A		7.75		7-1-2026		225,000		241,403
HUB International Limited 144A		7.00		5-1-2026		100,000		102,707
USI Incorporated 144A		6.88		5-1-2025		100,000		102,459
								446,569

Thrifts & Mortgage Finance : 0.04%
Ladder Capital Finance Holdings LP 144A		5.25		3-15-2022		25,000		23,375
Ladder Capital Finance LP 144A		4.25		2-1-2027		25,000		20,875
								44,250

Health Care : 3.03%
Health Care Equipment & Supplies : 0.51%
Hill-Rom Holdings Incorporated 144A		4.38		9-15-2027		50,000		51,313
Hill-Rom Holdings Incorporated 144A		5.00		2-15-2025		75,000		77,063
Hologic Incorporated 144A		4.38		10-15-2025		250,000		255,573
Hologic Incorporated 144A		4.63		2-1-2028		125,000		129,375


Portfolio of investments — May 31, 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	$	50,000	$	45,750
								559,074

Health Care Providers & Services : 1.75%
Centene Corporation 144A		5.38		8-15-2026		25,000		26,410
Community Health Systems Incorporated 144A		6.63		2-15-2025		275,000		265,375
Davita Incorporated 144A%%		4.63		6-1-2030		100,000		99,750
Encompass Health Corporation		4.50		2-1-2028		50,000		50,750
Encompass Health Corporation		4.75		2-1-2030		50,000		50,729
Encompass Health Corporation		5.75		11-1-2024		15,000		15,090
HealthSouth Corporation		5.75		9-15-2025		75,000		76,875
MEDNAX Incorporated 144A		5.25		12-1-2023		25,000		24,500
MEDNAX Incorporated 144A		6.25		1-15-2027		75,000		70,125
MPH Acquisition Holdings LLC 144A		7.13		6-1-2024		325,000		307,125
MPT Operating Partnership LP		4.63		8-1-2029		50,000		49,500
MPT Operating Partnership LP		5.00		10-15-2027		100,000		103,375
MPT Operating Partnership LP		5.25		8-1-2026		150,000		153,750
MPT Operating Partnership LP		6.38		3-1-2024		25,000		25,680
Polaris Intermediate Corporation 144A		8.50		12-1-2022		50,000		43,782
Select Medical Corporation 144A		6.25		8-15-2026		175,000		183,969
Tenet Healthcare Corporation		4.63		7-15-2024		118,000		119,475
Tenet Healthcare Corporation 144A		4.88		1-1-2026		75,000		77,078
Tenet Healthcare Corporation 144A		5.13		11-1-2027		25,000		25,813
Tenet Healthcare Corporation		7.00		8-1-2025		90,000		90,431
Tenet Healthcare Corporation 144A		7.50		4-1-2025		25,000		27,250
Vizient Incorporated 144A		6.25		5-15-2027		25,000		26,228
								1,913,060

Health Care Technology : 0.51%
Change Healthcare Holdings Incorporated 144A		5.75		3-1-2025		400,000		399,428
IQVIA Incorporated 144A		5.00		5-15-2027		150,000		156,375
								555,803

Life Sciences Tools & Services : 0.07%
Charles River Laboratories Incorporated 144A		4.25		5-1-2028		25,000		25,211
Charles River Laboratories Incorporated 144A		5.50		4-1-2026		25,000		26,105
Ortho-Clinical Diagnostics Incorporated 144A		7.25		2-1-2028		25,000		24,875
								76,191

Pharmaceuticals : 0.19%
Bausch Health Companies Incorporated 144A		6.25		2-15-2029		175,000		179,375
Bausch Health Companies Incorporated 144A		8.50		1-31-2027		25,000		27,321
								206,696

Industrials : 2.62%
Aerospace & Defense : 0.59%
RBS Global & Rexnord LLC 144A		4.88		12-15-2025		275,000		273,625
Signature Aviation US Holdings Incorporated 144A		4.00		3-1-2028		100,000		88,500
Signature Aviation US Holdings Incorporated 144A		5.38		5-1-2026		300,000		284,757
								646,882

Commercial Services & Supplies : 1.31%
ACCO Brands Corporation 144A		5.25		12-15-2024		25,000		25,125
Advanced Disposal Services Incorporated 144A		5.63		11-15-2024		300,000		310,125
Covanta Holding Corporation		5.88		3-1-2024		175,000		175,438
Covanta Holding Corporation		5.88		7-1-2025		75,000		74,078


Wells Fargo Utilities and High Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Commercial Services & Supplies (continued)
IAA Spinco Incorporated 144A		5.50	%	6-15-2027	$	325,000	$	329,875
KAR Auction Services Incorporated 144A		5.13		6-1-2025		550,000		519,635
								1,434,276

Machinery : 0.47%
Navistar International Corporation 144A		9.50		5-1-2025		25,000		26,875
Stevens Holding Company Incorporated 144A		6.13		10-1-2026		250,000		257,595
Trimas Corporation 144A		4.88		10-15-2025		225,000		223,313
								507,783

Trading Companies & Distributors : 0.23%
Fortress Transportation & Infrastructure Investors LLC 144A		6.50		10-1-2025		300,000		251,250

Information Technology : 2.82%
Communications Equipment : 0.16%
CommScope Technologies Finance LLC 144A		6.00		6-15-2025		75,000		72,917
CommScope Technologies Finance LLC 144A		8.25		3-1-2027		100,000		104,250
								177,167

IT Services : 0.70%
Cardtronics Incorporated 144A		5.50		5-1-2025		400,000		376,000
Gartner Incorporated 144A		5.13		4-1-2025		350,000		357,144
Tempo Acquisition LLC 144A		5.75		6-1-2025		25,000		26,094
								759,238

Semiconductors & Semiconductor Equipment : 0.12%
Qorvo Incorporated 144A		4.38		10-15-2029		125,000		127,969

Software : 0.70%
CDK Global Incorporated 144A		5.25		5-15-2029		25,000		25,500
Fair Isaac Corporation 144A		4.00		6-15-2028		25,000		25,094
Fair Isaac Corporation 144A		5.25		5-15-2026		400,000		431,272
NortonLifeLock Incorporated 144A		5.00		4-15-2025		75,000		76,500
SS&C Technologies Incorporated 144A		5.50		9-30-2027		200,000		210,062
								768,428

Technology Hardware, Storage & Peripherals : 1.14%
Dell International LLC 144A		5.88		6-15-2021		165,000		165,050
Dell International LLC 144A		7.13		6-15-2024		525,000		545,013
NCR Corporation		6.38		12-15-2023		500,000		511,195
NCR Corporation 144A		8.13		4-15-2025		25,000		26,906
								1,248,164

Materials : 1.82%
Chemicals : 0.09%
Valvoline Incorporated 144A		4.25		2-15-2030		75,000		74,813
Valvoline Incorporated 144A		4.38		8-15-2025		25,000		25,375
								100,188

Containers & Packaging : 1.27%
Ball Corporation		4.88		3-15-2026		50,000		55,031
Ball Corporation		5.25		7-1-2025		40,000		44,850


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Utilities and High Income Fund


	Interest rate			Maturity date	Principal		Value
Containers & Packaging (continued)
Berry Global Incorporated 144A		4.88	%	7-15-2026	$	50,000	$	52,266
Berry Global Incorporated		5.13		7-15-2023		50,000		50,500
Berry Global Incorporated 144A		5.63		7-15-2027		25,000		26,250
Berry Global Incorporated		6.00		10-15-2022		33,000		33,248
Crown Americas Capital Corporation VI		4.75		2-1-2026		75,000		77,935
Crown Cork & Seal Company Incorporated		7.38		12-15-2026		225,000		261,000
Flex Acquisition Company Incorporated 144A		6.88		1-15-2025		175,000		176,535
Flex Acquisition Company Incorporated 144A		7.88		7-15-2026		125,000		125,000
Owens-Brockway Packaging Incorporated 144A		5.88		8-15-2023		50,000		51,875
Owens-Brockway Packaging Incorporated 144A		6.38		8-15-2025		75,000		78,563
Reynolds Group Issuer Incorporated 144A		5.13		7-15-2023		125,000		126,563
Sealed Air Corporation 144A		5.13		12-1-2024		100,000		108,221
Silgan Holdings Incorporated 144A		4.13		2-1-2028		125,000		125,590
								1,393,427

Metals & Mining : 0.41%
Freeport-McMoRan Incorporated		4.13		3-1-2028		250,000		243,125
Kaiser Aluminum Corporation 144A		4.63		3-1-2028		50,000		47,250
Kaiser Aluminum Corporation 144A		6.50		5-1-2025		50,000		51,313
Novelis Corporation 144A		5.88		9-30-2026		100,000		102,419
								444,107

Paper & Forest Products : 0.05%
Clearwater Paper Corporation 144A		5.38		2-1-2025		50,000		49,000

Real Estate : 1.01%
Equity REITs : 1.01%
CoreCivic Incorporated		4.63		5-1-2023		38,000		36,860
CoreCivic Incorporated		5.00		10-15-2022		125,000		122,500
Equinix Incorporated		5.88		1-15-2026		125,000		130,938
Iron Mountain Incorporated 144A		5.38		6-1-2026		100,000		101,413
Iron Mountain Incorporated		6.00		8-15-2023		267,000		269,670
SBA Communications Corporation 144A		3.88		2-15-2027		50,000		50,770
The Geo Group Incorporated		5.13		4-1-2023		75,000		65,813
The Geo Group Incorporated		5.88		1-15-2022		135,000		127,702
The Geo Group Incorporated		5.88		10-15-2024		175,000		144,813
The Geo Group Incorporated		6.00		4-15-2026		75,000		58,500
								1,108,979

Utilities : 1.94%
Electric Utilities : 0.41%
NextEra Energy Operating Partners LP 144A		4.25		7-15-2024		125,000		129,063
NextEra Energy Operating Partners LP 144A		4.25		9-15-2024		25,000		25,813
NextEra Energy Operating Partners LP 144A		4.50		9-15-2027		275,000		291,500
								446,376

Independent Power & Renewable Electricity Producers : 1.53%
NSG Holdings LLC 144A		7.75		12-15-2025		337,827		341,205
Pattern Energy Group Incorporated 144A		5.88		2-1-2024		575,000		582,188
TerraForm Power Operating LLC 144A		4.25		1-31-2023		350,000		356,125
TerraForm Power Operating LLC 144A		4.75		1-15-2030		100,000		103,750
TerraForm Power Operating LLC 144A		5.00		1-31-2028		275,000		292,875
								1,676,143

Total Corporate Bonds and Notes (Cost $35,210,860)								34,486,743


Wells Fargo Utilities and High Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Loans : 1.05%
Communication Services : 0.49%
Media : 0.49%
Ancestry.com Incorporated (1 Month LIBOR +4.25%) ±		4.42	%	8-27-2026	$	370,727	$	342,922
Hubbard Radio LLC (3 Month LIBOR +3.50%) ±‡		4.50		3-28-2025		67,373		56,593
Montreign Operating Company LLC (1 Month LIBOR +2.25%) ±‡		2.42		3-22-2021		152,616		135,065
								534,580

Consumer Discretionary : 0.03%
Hotels, Restaurants & Leisure : 0.03%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±		3.00		8-8-2021		37,300		34,549

Energy : 0.26%
Oil, Gas & Consumable Fuels : 0.26%
Crestwood Holdings LLC (3 Month LIBOR +7.50%) ±		7.81		3-6-2023		150,000		83,016
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) ±		7.75		10-29-2025		75,000		46,050
EPIC Crude Services LP (3 Month LIBOR +5.00%) ±		5.37		3-2-2026		200,000		149,500
								278,566

Financials : 0.25%
Capital Markets : 0.08%
VFH Parent LLC (1 Month LIBOR +3.00%) ±		3.22		3-1-2026		90,014		88,326

Diversified Financial Services : 0.10%
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ±‡		8.50		4-30-2023		125,000		115,000

Insurance : 0.07%
HUB International Limited (3 Month LIBOR +4.00%) ±		5.00		4-25-2025		49,875		48,754
USI Incorporated (1 Month LIBOR +4.00%) ±		4.17		12-2-2026		24,938		24,158
								72,912

Information Technology : 0.02%
IT Services : 0.02%
Fiserv Investment Solutions Incorporated (3 Month LIBOR +4.75%) ±‡		5.14		2-18-2027		25,000		24,313

Total Loans (Cost $1,294,799)								1,148,246

	Dividend yield				Shares
Preferred Stocks : 0.31%
Energy : 0.31%
Energy Equipment & Services : 0.31%
Bristow Group Incorporated PIK 8.25 †(a)144A¥		10.00				1,438		56,035


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Utilities and High Income Fund


	Dividend yield			Shares		Value
Energy Equipment & Services (continued)
Bristow Group Incorporated PIK 10 †(a)¥		10.00%			7,161	$	279,045
							335,080

Total Preferred Stocks (Cost $260,436)							335,080

			Expiration date
Rights : 0.02%
Utilities : 0.02%
Independent Power & Renewable Electricity Producers : 0.02%
Vistra Energy Corporation †			12-31-2046		23,978		23,978

Total Rights (Cost $24,865)							23,978

	Interest rate		Maturity date	Principal
Yankee Corporate Bonds and Notes : 2.67%
Communication Services : 0.28%
Diversified Telecommunication Services : 0.08%
Intelsat Connect Finance Company †144A		9.50	2-15-2023	$	50,000		12,500
Intelsat Luxembourg SA †		8.13	6-1-2023		100,000		5,250
Telesat Canada Incorporated 144A		6.50	10-15-2027		75,000		73,550
							91,300

Media : 0.20%
Nielsen Holding and Finance BV 144A		5.00	2-1-2025		200,000		201,060
Nielsen Holding and Finance BV 144A		5.50	10-1-2021		20,000		20,025
							221,085

Energy : 0.30%
Energy Equipment & Services : 0.03%
Valaris plc		5.75	10-1-2044		430,000		34,400

Oil, Gas & Consumable Fuels : 0.27%
Baytex Energy Corporation 144A		5.63	6-1-2024		200,000		102,000
Baytex Energy Corporation 144A		8.75	4-1-2027		375,000		189,375
Griffin Coal Mining Company Limited †(a)144A		9.50	12-1-2016		61,339		0
							291,375

Financials : 0.40%
Diversified Financial Services : 0.40%
Intelsat Jackson Holdings SA †		5.50	8-1-2023		520,000		274,300
Intelsat Jackson Holdings SA †144A		8.50	10-15-2024		150,000		85,500
Sensata Technologies UK Financing Company plc 144A		6.25	2-15-2026		74,000		77,885
							437,685

Health Care : 0.99%
Pharmaceuticals : 0.99%
Bausch Health Companies Incorporated 144A		5.00	1-30-2028		50,000		48,312
Bausch Health Companies Incorporated 144A		5.25	1-30-2030		75,000		73,688
Bausch Health Companies Incorporated 144A		5.50	3-1-2023		62,000		62,184
Bausch Health Companies Incorporated 144A		5.50	11-1-2025		50,000		51,651


Wells Fargo Utilities and High Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Interest rate			Maturity date	Principal		Value
Pharmaceuticals (continued)
Bausch Health Companies Incorporated 144A				5.88	%	5-15-2023	$	24,000	$	23,985
Bausch Health Companies Incorporated 144A				6.13		4-15-2025		200,000		202,958
Bausch Health Companies Incorporated 144A				6.50		3-15-2022		25,000		25,433
Bausch Health Companies Incorporated 144A				7.00		3-15-2024		50,000		51,740
Bausch Health Companies Incorporated 144A				7.00		1-15-2028		100,000		105,063
Teva Pharmaceutical Finance Netherlands III BV				4.10		10-1-2046		325,000		273,325
Teva Pharmaceutical Finance Netherlands III BV				6.75		3-1-2028		150,000		160,500
										1,078,839

Industrials : 0.54%
Commercial Services & Supplies : 0.40%
Ritchie Brothers Auctioneers Incorporated 144A				5.38		1-15-2025		425,000		437,750

Electrical Equipment : 0.14%
Sensata Technologies BV 144A				5.00		10-1-2025		45,000		46,688
Sensata Technologies BV 144A				5.63		11-1-2024		100,000		104,616
										151,304

Materials : 0.16%
Containers & Packaging : 0.16%
Ardagh Packaging Finance plc 144A				4.13		8-15-2026		100,000		100,345
Ardagh Packaging Finance plc 144A				5.25		4-30-2025		25,000		26,094
OI European Group BV 144A				4.00		3-15-2023		50,000		49,375
										175,814

Total Yankee Corporate Bonds and Notes (Cost $3,741,177)										2,919,552

			Yield				Shares
Short-Term Investments : 3.14%
Investment Companies : 3.14%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				0.12				3,427,933		3,427,933

Total Short-Term Investments (Cost $3,427,933)										3,427,933

Total investments in securities (Cost $132,070,577)	119.97	%								131,177,047
Other assets and liabilities, net	(19.97	)								(21,832,785	)

Total net assets	100.00	%							$	109,344,262

†	Non-income-earning security

(a)

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

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.

‡	Security is valued using significant unobservable inputs.

¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. The rate shown is the rate in effect at period end.

(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.


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Utilities and High Income Fund

Abbreviations:

LIBOR

London Interbank Offered Rate

REIT

Real estate investment trust

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		27,867,460		(30,820,446	)		3,427,933	$	3,427,933		3.14	%

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

Notes to Portfolio of investments – May 31, 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.

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, 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 May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :

Common stocks
Energy	$	0	$	60,745	$	0	$	60,745
Utilities		88,774,770		0		0		88,774,770
Corporate bonds and notes		0		34,486,743		0		34,486,743
Loans		0		817,275		330,971		1,148,246
Preferred stocks
Energy		0		335,080		0		335,080
Rights
Utilities		0		23,978		0		23,978
Yankee corporate bonds and notes		0		2,919,552		0		2,919,552
Short-term investments
Investment companies		3,427,933		0		0		3,427,933

Total assets	$	92,202,703	$	38,643,373	$	330,971	$	131,177,047

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

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.