Edgar Filing: WELLS FARGO UTILITIES & HIGH INCOME FUND

Form N-Q

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21507

Wells Fargo Utilities and High Income Fund

(Exact name of registrant as specified in charter)

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: August 31

Registrant is making a filing for Wells Fargo Utilities and High Income Fund.

Date of reporting period: November 30, 2017

ITEM 1.

INVESTMENTS


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2017 (unaudited)


Security name	Shares		Value
Common Stocks : 64.66%

Consumer Discretionary : 4.72%

Media : 4.72%
Antena 3 de Television SA		525,000	$	6,030,101

Energy : 0.01%

Oil, Gas & Consumable Fuels : 0.01%
SilverBow Resources Incorporated †		725		16,414

Telecommunication Services : 4.35%

Diversified Telecommunication Services : 1.65%
Verizon Communications Incorporated		41,291		2,101,299

Wireless Telecommunication Services : 2.70%
Shenandoah Telecommunications Company		90,000		3,451,500

Utilities : 55.58%

Electric Utilities : 46.99%
Alliant Energy Corporation		8,000		360,880
American Electric Power Company Incorporated		120,000		9,315,600
Edison International		60,000		4,876,200
Entergy Corporation		1,000		86,480
Eversource Energy		80,000		5,188,000
Exelon Corporation		116,001		4,838,402
FirstEnergy Corporation		200,000		6,828,000
Great Plains Energy Incorporated		100,000		3,431,000
IDACORP Incorporated		25,000		2,470,250
NextEra Energy Incorporated		35,000		5,531,400
PG&E Corporation		75,000		4,068,000
PNM Resources Incorporated		175,000		7,962,500
Red Electrica Corporacion SA		200,000		4,517,697
Spark Energy Incorporated Class A		44,138		551,725
				60,026,134

Gas Utilities : 0.04%
Chesapeake Utilities Corporation		300		25,665
New Jersey Resources Corporation		400		17,840
South Jersey Industries Incorporated		400		13,544
				57,049

Multi-Utilities : 8.55%
CenterPoint Energy Incorporated		50,000		1,500,500
Dominion Resources Incorporated		300		25,239
Hera SpA		900,000		3,236,327
MDU Resources Group Incorporated		500		13,975
Public Service Enterprise Group Incorporated		50,000		2,653,000
SCANA Corporation		25,000		1,079,250
Sempra Energy		19,900		2,407,701
				10,915,992

Total Common Stocks (Cost $58,335,098)				82,598,489


Portfolio of investments — November 30, 2017 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes : 27.88%

Consumer Discretionary : 6.23%

Auto Components : 0.62%
Allison Transmission Incorporated 144A		4.75	%		10-1-2027	$	75,000	$	75,656
Allison Transmission Incorporated 144A		5.00			10-1-2024		400,000		416,620
Cooper Tire & Rubber Company		7.63			3-15-2027		257,000		293,623
									785,899

Distributors : 0.12%
LKQ Corporation		4.75			5-15-2023		125,000		127,938
Spectrum Brands Incorporated		6.63			11-15-2022		25,000		25,938
									153,876

Diversified Consumer Services : 0.47%
Service Corporation International		7.50			4-1-2027		400,000		475,000
Service Corporation International		7.63			10-1-2018		25,000		26,031
Service Corporation International		8.00			11-15-2021		85,000		98,813
									599,844

Hotels, Restaurants & Leisure : 0.48%
Brinker International Incorporated 144A		5.00			10-1-2024		50,000		50,125
CCM Merger Incorporated 144A		6.00			3-15-2022		425,000		436,688
Pinnacle Entertainment Incorporated		5.63			5-1-2024		25,000		25,938
Speedway Motorsports Incorporated		5.13			2-1-2023		100,000		103,250
									616,001

Media : 3.12%
Altice US Finance I Corporation 144A		5.38			7-15-2023		200,000		203,500
Altice US Finance I Corporation 144A		5.50			5-15-2026		100,000		101,250
CBS Radio Incorporated 144A		7.25			11-1-2024		5,000		5,263
CCO Holdings LLC 144A		5.00			2-1-2028		25,000		24,375
CCO Holdings LLC		5.13			2-15-2023		100,000		102,500
CCO Holdings LLC 144A		5.13			5-1-2023		135,000		139,725
CCO Holdings LLC 144A		5.13			5-1-2027		50,000		49,531
CCO Holdings LLC		5.25			9-30-2022		90,000		92,475
CCO Holdings LLC 144A		5.38			5-1-2025		335,000		343,794
CCO Holdings LLC 144A		5.50			5-1-2026		5,000		5,100
CCO Holdings LLC 144A		5.75			2-15-2026		275,000		285,313
CCO Holdings LLC 144A		5.88			4-1-2024		125,000		130,938
Cequel Communications Holdings I LLC 144A		7.75			7-15-2025		100,000		106,500
CSC Holdings LLC		7.88			2-15-2018		75,000		75,563
CSC Holdings LLC		8.63			2-15-2019		125,000		132,188
E.W. Scripps Company 144A		5.13			5-15-2025		275,000		274,313
EMI Music Publishing Group 144A		7.63			6-15-2024		150,000		165,750
Gray Television Incorporated 144A		5.13			10-15-2024		100,000		99,625
Gray Television Incorporated 144A		5.88			7-15-2026		325,000		329,875
Lamar Media Corporation		5.38			1-15-2024		50,000		52,500
Lamar Media Corporation		5.88			2-1-2022		75,000		76,781
Lin Television Corporation		5.88			11-15-2022		25,000		26,031
Live Nation Entertainment Incorporated 144A		4.88			11-1-2024		100,000		103,000
Live Nation Entertainment Incorporated 144A		5.38			6-15-2022		25,000		25,875
National CineMedia LLC		6.00			4-15-2022		300,000		303,750
Nexstar Broadcasting Group Incorporated 144A		5.63			8-1-2024		75,000		76,688
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		150,000		155,250
Nielsen Finance LLC 144A		5.00			4-15-2022		75,000		77,201
Outfront Media Capital Corporation		5.25			2-15-2022		15,000		15,422
Outfront Media Capital Corporation		5.63			2-15-2024		29,000		30,450
Outfront Media Capital Corporation		5.88			3-15-2025		65,000		68,575


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2017 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Salem Media Group Incorporated 144A		6.75	%		6-1-2024	$	300,000	$	301,875
									3,980,976

Specialty Retail : 1.30%
Asbury Automotive Group Incorporated		6.00			12-15-2024		350,000		364,875
Group 1 Automotive Incorporated		5.00			6-1-2022		125,000		128,906
Group 1 Automotive Incorporated 144A		5.25			12-15-2023		95,000		98,325
Lithia Motors Incorporated 144A		5.25			8-1-2025		350,000		367,500
Penske Auto Group Incorporated		3.75			8-15-2020		50,000		50,813
Penske Auto Group Incorporated		5.38			12-1-2024		300,000		304,500
Penske Auto Group Incorporated		5.75			10-1-2022		99,000		101,970
Sonic Automotive Incorporated		5.00			5-15-2023		145,000		140,650
Sonic Automotive Incorporated		6.13			3-15-2027		100,000		100,500
									1,658,039

Textiles, Apparel & Luxury Goods : 0.12%
Wolverine World Wide Company 144A		5.00			9-1-2026		160,000		158,400

Consumer Staples : 0.36%

Beverages : 0.08%
Cott Beverages Incorporated		5.38			7-1-2022		50,000		52,000
Cott Beverages Incorporated 144A		5.50			4-1-2025		50,000		51,525
									103,525

Food Products : 0.24%
B&G Foods Incorporated		4.63			6-1-2021		30,000		30,459
B&G Foods Incorporated		5.25			4-1-2025		75,000		76,680
Darling Ingredients Incorporated		5.38			1-15-2022		15,000		15,413
Pilgrim’s Pride Corporation 144A		5.75			3-15-2025		110,000		115,445
Pilgrim’s Pride Corporation 144A		5.88			9-30-2027		25,000		26,188
Prestige Brands Incorporated 144A		6.38			3-1-2024		10,000		10,425
US Foods Incorporated 144A		5.88			6-15-2024		30,000		31,500
									306,110

Household Products : 0.04%
Central Garden & Pet Company		6.13			11-15-2023		20,000		21,250
Spectrum Brands Incorporated		5.75			7-15-2025		25,000		26,250
									47,500

Energy : 7.21%

Energy Equipment & Services : 2.08%
Bristow Group Incorporated		6.25			10-15-2022		325,000		261,430
Diamond Offshore Drilling Incorporated		4.88			11-1-2043		75,000		54,750
Era Group Incorporated		7.75			12-15-2022		215,000		206,938
Hilcorp Energy Company 144A		5.00			12-1-2024		150,000		150,375
Hilcorp Energy Company 144A		5.75			10-1-2025		175,000		180,303
Hornbeck Offshore Services Incorporated		1.50			9-1-2019		350,000		263,375
Hornbeck Offshore Services Incorporated		5.00			3-1-2021		150,000		80,625
Hornbeck Offshore Services Incorporated		5.88			4-1-2020		235,000		155,100
NGPL PipeCo LLC 144A		4.38			8-15-2022		25,000		25,625
NGPL PipeCo LLC 144A		4.88			8-15-2027		50,000		51,909
NGPL PipeCo LLC 144A		7.77			12-15-2037		650,000		802,715


Portfolio of investments — November 30, 2017 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Energy Equipment & Services (continued)
PHI Incorporated		5.25	%		3-15-2019	$	430,000	$	425,700
									2,658,845


Oil, Gas & Consumable Fuels : 5.13%
Andeavor Logistics LP		5.25			1-15-2025		50,000		52,750
Archrock Partners LP		6.00			10-1-2022		75,000		74,813
Carrizo Oil & Gas Incorporated		8.25			7-15-2025		75,000		81,375
Cheniere Energy Incorporated 144A		5.25			10-1-2025		400,000		410,500
Continental Resources Incorporated		3.80			6-1-2024		100,000		98,500
Continental Resources Incorporated		5.00			9-15-2022		25,000		25,469
DCP Midstream Operating Company		2.70			4-1-2019		75,000		74,531
Denbury Resources Incorporated		4.63			7-15-2023		150,000		90,750
Denbury Resources Incorporated		6.38			8-15-2021		285,000		205,200
Enable Midstream Partner LP		2.40			5-15-2019		275,000		273,465
Enable Midstream Partner LP		3.90			5-15-2024		150,000		150,511
Enable Oklahoma Intrastate Transmission LLC 144A		6.25			3-15-2020		50,000		52,870
EnLink Midstream LLC		4.15			6-1-2025		225,000		226,556
EnLink Midstream LLC		4.40			4-1-2024		300,000		308,869
Exterran Partners LP		6.00			4-1-2021		300,000		298,500
Gulfport Energy Corporation		6.00			10-15-2024		75,000		75,281
Gulfport Energy Corporation		6.63			5-1-2023		150,000		153,375
Kinder Morgan Incorporated		6.50			9-15-2020		45,000		49,382
Kinder Morgan Incorporated		7.42			2-15-2037		90,000		105,908
Matador Resources Company		6.88			4-15-2023		25,000		26,375
Murphy Oil Corporation		4.70			12-1-2022		175,000		175,219
Murphy Oil Corporation		5.75			8-15-2025		15,000		15,488
Murphy Oil Corporation		6.88			8-15-2024		50,000		53,813
Nabors Industries Limited		0.75			1-15-2024		125,000		92,813
Overseas Shipholding Group Incorporated		8.13			3-30-2018		175,000		178,500
PDC Energy Incorporated		6.13			9-15-2024		50,000		52,219
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		325,000		340,438
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		250,000		281,563
Rockies Express Pipeline LLC 144A		7.50			7-15-2038		55,000		64,075
Rose Rock Midstream LP		5.63			7-15-2022		100,000		99,250
Rose Rock Midstream LP		5.63			11-15-2023		75,000		72,938
Sabine Pass Liquefaction LLC		5.63			2-1-2021		125,000		134,303
Sabine Pass Liquefaction LLC		5.63			4-15-2023		165,000		181,549
Sabine Pass Liquefaction LLC		5.63			3-1-2025		50,000		55,021
Sabine Pass Liquefaction LLC		5.75			5-15-2024		75,000		83,197
Sabine Pass Liquefaction LLC		6.25			3-15-2022		200,000		223,459
SemGroup Corporation 144A		6.38			3-15-2025		275,000		272,938
SemGroup Corporation 144A		7.25			3-15-2026		150,000		153,375
Southern Star Central Corporation 144A		5.13			7-15-2022		75,000		77,719
Southwestern Energy Company		4.10			3-15-2022		75,000		73,688
Southwestern Energy Company		7.50			4-1-2026		50,000		53,688
Southwestern Energy Company		7.75			10-1-2027		50,000		53,500
Summit Midstream Holdings LLC		5.75			4-15-2025		25,000		25,063
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		600,000		622,500
Tesoro Logistics LP		6.13			10-15-2021		25,000		25,766
Tesoro Logistics LP		6.38			5-1-2024		25,000		27,225
Ultra Resources Incorporated 144A		6.88			4-15-2022		50,000		50,475
Ultra Resources Incorporated 144A		7.13			4-15-2025		150,000		150,000
Western Gas Partners LP		5.38			6-1-2021		25,000		26,593
									6,551,355

Financials : 2.63%

Consumer Finance : 1.16%
Ally Financial Incorporated		8.00			12-31-2018		75,000		78,938
Ally Financial Incorporated		8.00			3-15-2020		203,000		226,345
FirstCash Incorporated 144A		5.38			6-1-2024		100,000		104,000
Navient Corporation		8.00			3-25-2020		175,000		190,750


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2017 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Navient Corporation		8.45	%		6-15-2018	$	125,000	$	128,875
OneMain Financial Group LLC 144A		7.25			12-15-2021		300,000		311,460
Springleaf Finance Corporation		6.00			6-1-2020		100,000		104,625
Springleaf Finance Corporation		6.90			12-15-2017		243,000		243,097
Springleaf Finance Corporation		7.75			10-1-2021		25,000		27,688
Springleaf Finance Corporation		8.25			10-1-2023		65,000		71,825
									1,487,603

Diversified Financial Services : 0.89%
Infinity Acquisition LLC 144A		7.25			8-1-2022		75,000		75,000
Ladder Capital Securities LLC 144A		5.25			10-1-2025		25,000		24,938
LPL Holdings Incorporated 144A		5.75			9-15-2025		775,000		797,281
NewStar Financial Incorporated		7.25			5-1-2020		155,000		160,813
Tempo Acquisition LLC 144A		6.75			6-1-2025		75,000		75,469
									1,133,501

Insurance : 0.58%
Acrisure LLC 144A		7.00			11-15-2025		75,000		73,969
Hub Holdings LLC (PIK at 8.88%) 144A¥		8.13			7-15-2019		175,000		175,219
Hub International Limited 144A		7.88			10-1-2021		325,000		338,000
USIS Merger Subordinate Incorporated 144A		6.88			5-1-2025		150,000		151,875
									739,063

Health Care : 2.50%

Health Care Equipment & Supplies : 0.59%
Community Health Systems Incorporated		5.13			8-1-2021		125,000		116,875
Hill-Rom Holdings Incorporated 144A		5.00			2-15-2025		50,000		50,875
Hill-Rom Holdings Incorporated 144A		5.75			9-1-2023		25,000		26,188
Hologic Incorporated 144A		4.38			10-15-2025		50,000		51,125
Hologic Incorporated 144A		5.25			7-15-2022		90,000		93,938
Kinetics Concepts Incorporated 144A		7.88			2-15-2021		200,000		209,480
Surgery Center Holdings Incorporated 144A		6.75			7-1-2025		50,000		45,500
Surgery Center Holdings Incorporated 144A		8.88			4-15-2021		150,000		151,125
									745,106

Health Care Providers & Services : 1.58%
Acadia Healthcare Company Incorporated		6.50			3-1-2024		20,000		20,650
Community Health Systems Incorporated		6.25			3-31-2023		75,000		70,125
HCA Incorporated		5.88			3-15-2022		25,000		27,094
HCA Incorporated		6.50			2-15-2020		325,000		348,969
HealthSouth Corporation		5.75			9-15-2025		75,000		77,813
Mednax Incorporated 144A		5.25			12-1-2023		50,000		51,250
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		250,000		268,438
MPT Operating Partnership LP		5.00			10-15-2027		100,000		104,250
MPT Operating Partnership LP		5.25			8-1-2026		100,000		105,250
MPT Operating Partnership LP		6.38			3-1-2024		10,000		10,800
Polaris Intermediate Corporation 144A		8.50			12-1-2022		50,000		52,020
Select Medical Corporation		6.38			6-1-2021		315,000		323,269
Tenet Healthcare Corporation 144A		4.63			7-15-2024		118,000		116,230
Tenet Healthcare Corporation		6.00			10-1-2020		75,000		79,031
Vizient Incorporated 144A		10.38			3-1-2024		325,000		367,250
									2,022,439

Health Care Technology : 0.26%
Change Healthcare Holdings Incorporated 144A		5.75			3-1-2025		250,000		253,125


Portfolio of investments — November 30, 2017 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Health Care Technology (continued)
Quintiles IMS Holdings Incorporated 144A		4.88	%		5-15-2023	$	75,000	$	77,625
									330,750

Pharmaceuticals : 0.07%
Endo Finance LLC 144A		5.38			1-15-2023		50,000		39,000
Endo Finance LLC 144A		5.75			1-15-2022		65,000		53,625
									92,625

Industrials : 1.29%

Aerospace & Defense : 0.02%
RBS Global Incorporated & Rexnord LLC 144A%%		4.88			12-15-2025		25,000		25,000


Airlines : 0.09%
Aviation Capital Group Corporation 144A		6.75			4-6-2021		100,000		111,731

Commercial Services & Supplies : 1.14%
Acco Brands Corporation 144A		5.25			12-15-2024		25,000		26,031
Advanced Disposal Services Incorporated 144A		5.63			11-15-2024		250,000		258,125
Aramark Services Incorporated		5.13			1-15-2024		60,000		63,300
Covanta Holding Corporation		5.88			3-1-2024		185,000		186,850
Covanta Holding Corporation		5.88			7-1-2025		75,000		75,000
Covanta Holding Corporation		6.38			10-1-2022		195,000		199,875
KAR Auction Services Incorporated 144A		5.13			6-1-2025		550,000		568,563
Plastipak Holdings Incorporated 144A		6.25			10-15-2025		50,000		50,875
Wrangler Buyer Corporation 144A		6.00			10-1-2025		25,000		25,375
									1,453,994

Professional Services : 0.01%
Ascent Capital Group Incorporated		4.00			7-15-2020		25,000		19,688

Trading Companies & Distributors : 0.03%
International Lease Finance Corporation 144A		7.13			9-1-2018		35,000		36,266

Information Technology : 2.90%

Communications Equipment : 0.06%
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		75,000		80,250

Electronic Equipment, Instruments & Components : 0.53%
Jabil Circuit Incorporated		8.25			3-15-2018		620,000		628,711
Zebra Technologies Corporation		7.25			10-15-2022		46,000		48,507
									677,218

Internet Software & Services : 0.41%
Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13			5-1-2021		75,000		76,875
Infor U.S. Incorporated		6.50			5-15-2022		50,000		51,500
Zayo Group LLC 144A		5.75			1-15-2027		125,000		128,750
Zayo Group LLC		6.38			5-15-2025		250,000		264,375
									521,500

IT Services : 0.71%
Cardtronics Incorporated		5.13			8-1-2022		125,000		121,875
Cardtronics Incorporated 144A		5.50			5-1-2025		150,000		137,625
First Data Corporation 144A		5.00			1-15-2024		125,000		129,375
First Data Corporation 144A		5.38			8-15-2023		25,000		25,938
First Data Corporation 144A		5.75			1-15-2024		95,000		98,563
First Data Corporation 144A		7.00			12-1-2023		150,000		158,719


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2017 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
IT Services (continued)
Gartner Incorporated 144A		5.13	%		4-1-2025	$	225,000	$	235,125
									907,220

Semiconductors & Semiconductor Equipment : 0.08%
Micron Technology Incorporated 144A		5.25			1-15-2024		75,000		78,188
Micron Technology Incorporated		5.50			2-1-2025		29,000		30,604
									108,792

Software : 0.12%
CDK Global Incorporated 144A		4.88			6-1-2027		20,000		20,600
CDK Global Incorporated		5.00			10-15-2024		50,000		52,246
SS&C Technologies Incorporated		5.88			7-15-2023		50,000		52,875
Symantec Corporation 144A		5.00			4-15-2025		25,000		26,188
									151,909

Technology Hardware, Storage & Peripherals : 0.99%
Dell International LLC 144A		5.88			6-15-2021		250,000		260,001
Diamond 1 Finance Corporation 144A		7.13			6-15-2024		425,000		461,137
NCR Corporation		5.88			12-15-2021		15,000		15,419
NCR Corporation		6.38			12-15-2023		500,000		526,875
									1,263,432

Materials : 0.88%

Chemicals : 0.04%
Celanese U.S. Holdings LLC		5.88			6-15-2021		20,000		21,970
Valvoline Incorporated 144A		5.50			7-15-2024		25,000		26,563
									48,533

Containers & Packaging : 0.84%
Ball Corporation		5.25			7-1-2025		15,000		16,425
Berry Plastics Corporation		5.13			7-15-2023		50,000		52,375
Berry Plastics Corporation		6.00			10-15-2022		65,000		68,575
Crown Cork & Seal Company Incorporated		7.38			12-15-2026		155,000		182,900
Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		50,000		54,625
Owens-Illinois Incorporated 144A		5.38			1-15-2025		50,000		53,125
Owens-Illinois Incorporated 144A		6.38			8-15-2025		375,000		422,813
Sealed Air Corporation 144A		5.13			12-1-2024		100,000		107,250
Silgan Holdings Incorporated		5.00			4-1-2020		14,000		14,070
Silgan Holdings Incorporated		5.50			2-1-2022		100,000		102,500
									1,074,658

Real Estate : 1.41%

Equity REITs : 1.41%
CoreCivic Incorporated		4.63			5-1-2023		35,000		35,700
CoreCivic Incorporated		5.00			10-15-2022		100,000		104,500
Equinix Incorporated		5.75			1-1-2025		50,000		53,438
Equinix Incorporated		5.88			1-15-2026		100,000		108,500
ESH Hospitality Incorporated 144A		5.25			5-1-2025		325,000		330,688
Iron Mountain Incorporated 144A		4.38			6-1-2021		125,000		128,378
Iron Mountain Incorporated 144A		5.38			6-1-2026		100,000		104,750
Iron Mountain Incorporated		6.00			8-15-2023		267,000		279,763
MGM Growth Properties LLC 144A		4.50			1-15-2028		50,000		49,688
Sabra Health Care REIT Incorporated		5.38			6-1-2023		75,000		77,438
Sabra Health Care REIT Incorporated		5.50			2-1-2021		130,000		134,063


Portfolio of investments — November 30, 2017 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
The Geo Group Incorporated		5.13	%		4-1-2023	$	50,000	$	50,250
The Geo Group Incorporated		5.88			1-15-2022		135,000		139,219
The Geo Group Incorporated		5.88			10-15-2024		125,000		129,375
The Geo Group Incorporated		6.00			4-15-2026		75,000		77,813
									1,803,563

Telecommunication Services : 1.13%

Diversified Telecommunication Services : 0.51%
GCI Incorporated		6.75			6-1-2021		125,000		127,188
Level 3 Financing Incorporated		5.13			5-1-2023		75,000		75,000
Level 3 Financing Incorporated		5.25			3-15-2026		50,000		49,031
Level 3 Financing Incorporated		5.38			8-15-2022		125,000		126,719
Level 3 Financing Incorporated		5.38			1-15-2024		50,000		50,125
Level 3 Financing Incorporated		5.38			5-1-2025		75,000		75,210
Level 3 Financing Incorporated		5.63			2-1-2023		65,000		65,731
Level 3 Financing Incorporated		6.13			1-15-2021		80,000		81,400
									650,404

Wireless Telecommunication Services : 0.62%
SBA Communications Corporation		4.88			7-15-2022		75,000		77,625
Sprint Capital Corporation		6.88			11-15-2028		225,000		230,906
Sprint Capital Corporation		8.75			3-15-2032		25,000		28,867
Sprint Communications Incorporated 144A		9.00			11-15-2018		25,000		26,406
T-Mobile USA Incorporated		4.00			4-15-2022		50,000		51,375
T-Mobile USA Incorporated		5.13			4-15-2025		25,000		26,125
T-Mobile USA Incorporated		5.38			4-15-2027		25,000		26,750
T-Mobile USA Incorporated		6.00			3-1-2023		25,000		26,229
T-Mobile USA Incorporated		6.13			1-15-2022		25,000		25,875
T-Mobile USA Incorporated		6.38			3-1-2025		145,000		155,650
T-Mobile USA Incorporated		6.50			1-15-2024		5,000		5,306
T-Mobile USA Incorporated		6.63			4-1-2023		35,000		36,607
T-Mobile USA Incorporated		6.84			4-28-2023		75,000		78,750
									796,471

Utilities : 1.34%

Electric Utilities : 0.02%
NextEra Energy Incorporated 144A		4.25			9-15-2024		25,000		25,313

Gas Utilities : 0.06%
AmeriGas Partners LP		5.75			5-20-2027		75,000		75,750

Independent Power & Renewable Electricity Producers : 1.26%
NSG Holdings LLC 144A		7.75			12-15-2025		379,650		415,717
Pattern Energy Group Incorporated 144A		5.88			2-1-2024		525,000		555,188
TerraForm Power Operating LLC 144A%%		4.25			1-31-2023		25,000		25,063
TerraForm Power Operating LLC 144A		6.38			2-1-2023		425,000		447,950
TerraForm Power Operating LLC 144A		6.63			6-15-2025		150,000		164,438
									1,608,356

Total Corporate Bonds and Notes (Cost $34,255,333)									35,611,505

Loans : 1.38%

Consumer Discretionary : 0.58%

Auto Components : 0.12%
Federal-Mogul Corporation (1 Month LIBOR +3.75%) ±		5.02			4-15-2021		157,058		158,065


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2017 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure : 0.46%
CCM Merger Incorporated (1 Month LIBOR +2.75%) ±		4.10	%		8-8-2021	$	52,627	$	52,812
Montreign Operating Company LLC (1 Month LIBOR +8.25%) ±‡		9.60			12-7-2022		525,000		529,594
									582,406

Energy : 0.13%

Energy Equipment & Services : 0.03%
Panda Hummel Station (1 Month LIBOR +6.00%) ±‡		7.35			10-27-2022		42,991		40,196

Oil, Gas & Consumable Fuels : 0.10%
Chesapeake Energy Corporation (3 Month LIBOR +7.50%) ±		8.95			8-23-2021		50,000		53,188
Ultra Resources Incorporated (3 Month LIBOR +3.00%) ±		4.41			4-12-2024		75,000		74,813
									128,001

Financials : 0.10%
Diversified Financial Services : 0.10%
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ±‡		8.88			4-30-2023		125,000		125,313

Health Care : 0.09%

Health Care Providers & Services : 0.01%
Press Ganey Holdings Incorporated (1 Month LIBOR +6.50%) ±		7.85			10-21-2024		16,833		17,001

Health Care Technology : 0.08%
Emerald Bidco Incorporated (1 Month LIBOR +3.00%) ±<		0.00			10-23-2023		100,000		100,583

Industrials : 0.09%

Commercial Services & Supplies : 0.09%
Advantage Sales & Marketing LLC (3 Month LIBOR +6.50%) ±		7.88			7-25-2022		91,664		80,092
WASH Multifamily Laundry Systems LLC (1 Month LIBOR +3.25%) ±		4.60			5-14-2022		24,955		25,048
WASH Multifamily Laundry Systems LLC (1 Month LIBOR +3.25%) ±		4.60			5-14-2022		4,370		4,387
WASH Multifamily Laundry Systems LLC (1 Month LIBOR +7.00%) ±‡		8.35			5-12-2023		1,490		1,476
WASH Multifamily Laundry Systems LLC (1 Month LIBOR +7.00%) ±‡		8.35			5-14-2023		8,510		8,424
									119,427

Information Technology : 0.30%

Internet Software & Services : 0.30%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±<		4.50			10-19-2023		380,250		382,033

Real Estate : 0.05%

Real Estate Management & Development : 0.05%
Capital Automotive LP (1 Month LIBOR +6.00%) ±‡		7.35			3-24-2025		64,449		66,060

Utilities : 0.04%

Independent Power & Renewable Electricity Producers : 0.04%
Vistra Energy Corporation (1 Month LIBOR +2.75%) ±		4.03			12-31-2046		49,625		49,910

Total Loans (Cost $1,762,417)									1,768,995


Portfolio of investments — November 30, 2017 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Dividend yield					Shares		Value
Preferred Stocks : 13.13%

Telecommunication Services : 2.06%

Diversified Telecommunication Services : 2.06%
AT&T Incorporated		5.35	%				100,000	$	2,630,000

Utilities : 11.07%

Electric Utilities : 7.07%
Alabama Power Company		5.00					140,000		3,731,000
Georgia Power Company		5.00					50,000		1,265,000
NSTAR Electric Company		4.78					8,830		909,490
Southern Company		5.25					61,000		1,526,220
The Connecticut Light & Power Company		5.28					12,000		622,800
Union Electric Company		4.56					10,000		976,500
									9,031,010

Multi-Utilities : 4.00%
DTE Energy Company		5.38					200,000		5,118,000

Total Preferred Stocks (Cost $16,441,747)									16,779,010

				Expiration date
Rights : 0.01%

Utilities : 0.01%

Independent Power & Renewable Electricity Producers : 0.01%
Vistra Energy Corporation †					12-31-2046		23,978		17,984

Total Rights (Cost $26,376)									17,984

	Interest rate			Maturity date		Principal
Yankee Corporate Bonds and Notes : 2.65%

Energy : 0.78%

Energy Equipment & Services : 0.17%
Ensco plc		5.75			10-1-2044	$	330,000		217,800

Oil, Gas & Consumable Fuels : 0.61%
Baytex Energy Corporation 144A		5.13			6-1-2021		175,000		167,125
Baytex Energy Corporation 144A		5.63			6-1-2024		75,000		70,500
Griffin Coal Mining Company Limited 144A‡(a)†		9.50			12-1-2016		93,118		372
Teekay Corporation		8.50			1-15-2020		535,000		537,675
									775,672

Financials : 0.17%

Banks : 0.11%
Nielsen Holding and Finance BV 144A		5.00			2-1-2025		100,000		104,000
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		30,000		30,863
									134,863

Diversified Financial Services : 0.06%
Sensata Technologies BV 144A		6.25			2-15-2026		74,000		80,475


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2017 (unaudited)


Security name			Interest rate			Maturity date		Principal		Value
Health Care : 0.69%

Pharmaceuticals : 0.69%
Valeant Pharmaceuticals International Incorporated 144A				5.50	%		3-1-2023	$	200,000	$	171,250
Valeant Pharmaceuticals International Incorporated 144A				5.50			11-1-2025		50,000		50,500
Valeant Pharmaceuticals International Incorporated 144A				5.63			12-1-2021		50,000		46,563
Valeant Pharmaceuticals International Incorporated 144A				5.88			5-15-2023		180,000		157,275
Valeant Pharmaceuticals International Incorporated 144A				6.13			4-15-2025		235,000		201,513
Valeant Pharmaceuticals International Incorporated 144A				6.38			10-15-2020		62,000		62,000
Valeant Pharmaceuticals International Incorporated 144A				6.50			3-15-2022		25,000		26,250
Valeant Pharmaceuticals International Incorporated 144A				6.75			8-15-2021		25,000		24,375
Valeant Pharmaceuticals International Incorporated 144A				7.00			3-15-2024		50,000		53,563
Valeant Pharmaceuticals International Incorporated 144A				7.50			7-15-2021		94,000		93,060
											886,349

Industrials : 0.49%

Commercial Services & Supplies : 0.43%
GFL Environmental Incorporated 144A				5.63			5-1-2022		50,000		51,500
GFL Environmental Incorporated 144A				9.88			2-1-2021		50,000		53,063
Ritchie Brothers Auctioneers Incorporated 144A				5.38			1-15-2025		425,000		444,125
											548,688

Machinery : 0.02%
Sensata Technologies BV 144A				5.00			10-1-2025		20,000		21,350

Professional Services : 0.04%
IHS Markit Limited 144A				4.75			2-15-2025		50,000		52,965

Materials : 0.06%

Containers & Packaging : 0.04%
Ardagh Packaging Finance plc 144A				7.25			5-15-2024		50,000		54,750

Metals & Mining : 0.02%
Novelis Corporation 144A				6.25			8-15-2024		25,000		26,375

Telecommunication Services : 0.46%

Diversified Telecommunication Services : 0.46%
Intelsat Jackson Holdings SA				5.50			8-1-2023		545,000		446,219
Intelsat Luxembourg SA				7.75			6-1-2021		185,000		109,150
Virgin Media Finance plc 144A				6.38			4-15-2023		25,000		25,906
											581,275

Total Yankee Corporate Bonds and Notes (Cost $3,561,473)											3,380,562


			Yield					Shares
Short-Term Investments : 5.19%

Investment Companies : 5.19%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				1.00					6,630,720		6,630,720

Total Short-Term Investments (Cost $6,630,720)											6,630,720


										Value
Total investments in securities (Cost $121,013,164)	114.90	%								$	146,787,265
Other assets and liabilities, net	(14.90	)									(19,035,109	)

Total net assets	100.00	%								$	127,752,156


Portfolio of investments — November 30, 2017 (unaudited)		Wells Fargo Utilities and High Income Fund

†	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.

¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

%%	The security is issued 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.

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

(a)

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

(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 and unfunded loans.

Abbreviations:


LIBOR		London Interbank Offered Rate
LLC		Limited liability company
LP		Limited partnership
plc		Public limited company
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 affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

Shares,

Shares

Shares,

Value,

% of

beginning of

purchased

sold

end of

end

net

period

of period

assets

Short-Term Investments

Investment companies

Wells Fargo Government Money Market Fund Select Class

31,330,542

19,328,185

44,028,007

6,630,720

5.19

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

Notes to Portfolio of investments – November 30, 2017 (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 Management Valuation Team of 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, 2017, such fair value pricing was used in pricing foreign securities.

Debt securities are valued at the evaluated bid price provided by an independent pricing service 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 Management Valuation Team. 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

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 Management Valuation Team. 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.

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 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.

As of November 30, 2017, the Fund had unfunded loan commitments of $258,322.

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, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	6,030,101	$	0	$	0	$	6,030,101
Energy		16,414		0		0		16,414
Telecommunication services		5,552,799		0		0		5,552,799
Utilities		70,999,175		0		0		70,999,175
Corporate bonds and notes		0		35,611,505		0		35,611,505
Loans		0		997,932		771,063		1,768,995
Preferred stocks
Telecommunication services		2,630,000		0		0		2,630,000
Utilities		11,640,220		2,508,790		0		14,149,010
Rights
Utilities		0		17,984		0		17,984
Yankee corporate bonds and notes		0		3,380,190		372		3,380,562
Short-term investments
Investment companies		6,630,720		0		0		6,630,720

Total assets	$	103,499,429	$	42,516,401	$	771,435	$	146,787,265

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2017, the Fund had no material transfers into/out of Level 1, Level 2, or Level 3.

ITEM 2.

CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Utilities and High Income Fund (the “Fund”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Fund’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Wells Fargo Utilities and High Income Fund

By:		/s/ Andrew Owen

		Andrew Owen
		President

Date: January 25, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Wells Fargo Utilities and High Income Fund

By:		/s/ Andrew Owen

		Andrew Owen
		President

Date: January 25, 2018

By:		/s/ Nancy Wiser

		Nancy Wiser
		Treasurer

Date: January 25, 2018