Allspring Utilities and High Income Fund (ERH) NPORT-P Utilities and High Income Fund (Nov 2020 report)

  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.