Allspring Utilities and High Income Fund (ERH)
Filed: 28 Jan 20, 5:08pm
| 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 | 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 | 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 the7-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 registeredopen-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 aremarked-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.