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

Date of reporting period: November 30, 2015

ITEM 1.

INVESTMENTS


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2015 (unaudited)


Security name	Shares		Value

Common Stocks : 60.69%

Consumer Discretionary : 3.72%

Media : 3.72%
Vivendi SA		200,000	$	4,211,407

Energy : 6.23%

Oil, Gas & Consumable Fuels : 6.23%
EQT Corporation		15,000		858,300
Spectra Energy Corporation		75,000		1,965,000
The Williams Companies Incorporated		100,000		3,656,000
Veresen Incorporated		75,000		588,566
				7,067,866

Industrials : 3.92%

Air Freight & Logistics : 3.87%
Deutsche Post AG		150,000		4,384,417

Construction & Engineering : 0.05%
Ameresco Incorporated Class A †		9,000		61,470

Telecommunication Services : 4.71%

Diversified Telecommunication Services : 2.79%
Alteva Incorporated		100,000		459,000
BCE Incorporated		16,000		688,960
Telefonica Deutschland Holding AG		25,000		140,548
Verizon Communications Incorporated		41,291		1,876,676
				3,165,184

Wireless Telecommunication Services : 1.92%
Shenandoah Telecommunications Company		45,000		2,172,600

Utilities : 42.11%

Electric Utilities : 33.06%
American Electric Power Company Incorporated		100,000		5,601,000
Chesapeake Utilities Corporation		300		15,987
Duke Energy Corporation		30,514		2,067,629
Edison International		75,000		4,452,000
Endesa SA		80,000		1,654,979
Enel SpA		400,000		1,764,015
Entergy Corporation		1,000		66,630
Eversource Energy		90,000		4,585,500
Exelon Corporation		16,000		436,960
Great Plains Energy Incorporated		175,000		4,723,250
Hydro One Limited 144A†		3,000		50,657
IDACORP Incorporated		25,000		1,701,000
NextEra Energy Incorporated		50,000		4,993,000
Pepco Holdings Incorporated		100		2,567
PNM Resources Incorporated		75,000		2,175,000
Terna SpA		650,000		3,200,289
				37,490,463

Gas Utilities : 0.47%
New Jersey Resources Corporation		400		12,020
Snam SpA		100,000		508,200


Portfolio of investments — November 30, 2015 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name					Shares		Value

Gas Utilities (continued)
South Jersey Industries Incorporated						400	$	9,184
								529,404

Multi-Utilities : 6.03%
Alliant Energy Corporation						4,000		240,760
CenterPoint Energy Incorporated						50,000		847,500
Dominion Resources Incorporated						300		20,211
MDU Resources Group Incorporated						500		8,710
Public Service Enterprise Group Incorporated						50,000		1,955,000
Sempra Energy						19,900		1,974,677
Suez Environnement Company SA						25,000		473,995
TECO Energy Incorporated						50,000		1,316,000
								6,836,853

Water Utilities : 2.55%
American Water Works Company Incorporated						50,000		2,888,000

Total Common Stocks (Cost $53,366,560)								68,807,664


	Interest rate			Maturity date	Principal
Corporate Bonds and Notes : 30.38%

Consumer Discretionary : 5.16%

Auto Components : 0.20%
Cooper Tire & Rubber Company (i)		7.63	%	3-15-2027	$	190,000		198,550
Goodyear Tire & Rubber Company		7.00		5-15-2022		25,000		27,031
								225,581

Distributors : 0.06%
LKQ Corporation		4.75		5-15-2023		75,000		72,559

Diversified Consumer Services : 0.47%
Monitronics International		9.13		4-1-2020		25,000		18,750
Service Corporation International		7.00		6-15-2017		25,000		26,875
Service Corporation International		7.50		4-1-2027		351,000		408,915
Service Corporation International		7.63		10-1-2018		25,000		28,094
Service Corporation International		8.00		11-15-2021		40,000		47,000
								529,634

Hotels, Restaurants & Leisure : 1.41%
CCM Merger Incorporated 144A		9.13		5-1-2019		465,000		488,223
Greektown Holdings LLC 144A		8.88		3-15-2019		600,000		616,500
Hilton Worldwide Finance LLC		5.63		10-15-2021		15,000		15,618
Pinnacle Entertainment Incorporated		7.50		4-15-2021		355,000		374,081
Speedway Motorsports Incorporated		5.13		2-1-2023		100,000		100,125
								1,594,547

Household Durables : 0.17%
American Greetings Corporation		7.38		12-1-2021		150,000		156,938
Tempur Sealy International Incorporated 144A		5.63		10-15-2023		10,000		10,175
Tempur Sealy International Incorporated		6.88		12-15-2020		25,000		26,469
								193,582

Leisure Products : 0.03%
Vista Outdoor Incorporated 144A		5.88		10-1-2023		40,000		41,100


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2015 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value

Media : 2.43%
Altice US Finance I Corporation 144A		5.38	%	7-15-2023	$	25,000	$	25,000
Altice US Finance II Corporation 144A		7.75		7-15-2025		75,000		72,188
Cable One Incorporated 144A		5.75		6-15-2022		25,000		25,063
Cablevision Systems Corporation		8.63		9-15-2017		145,000		152,975
CCO Holdings LLC		5.13		2-15-2023		50,000		49,725
CCO Holdings LLC 144A		5.13		5-1-2023		35,000		34,869
CCO Holdings LLC		5.25		9-30-2022		90,000		90,450
CCO Holdings LLC 144A		5.38		5-1-2025		335,000		332,488
CCO Holdings LLC 144A		5.88		5-1-2027		50,000		49,625
CCO Holdings LLC		6.63		1-31-2022		50,000		52,776
CCO Holdings LLC		7.38		6-1-2020		125,000		130,313
CCOH Safari LLC 144A		5.75		2-15-2026		125,000		125,625
Cequel Communications Holdings I LLC 144A		5.13		12-15-2021		100,000		92,375
Cinemark USA Incorporated		7.38		6-15-2021		75,000		78,750
CSC Holdings LLC		7.88		2-15-2018		75,000		78,750
CSC Holdings LLC		8.63		2-15-2019		125,000		134,688
EchoStar DBS Corporation		7.13		2-1-2016		50,000		50,395
Gray Television Incorporated		7.50		10-1-2020		500,000		518,750
Lamar Media Corporation		5.88		2-1-2022		75,000		78,563
LIN Television Corporation		6.38		1-15-2021		25,000		26,188
Live Nation Entertainment Incorporated 144A		7.00		9-1-2020		35,000		36,794
National CineMedia LLC		6.00		4-15-2022		155,000		160,425
National CineMedia LLC		7.88		7-15-2021		100,000		104,000
Nexstar Broadcasting Group Incorporated 144A		6.13		2-15-2022		25,000		24,250
Nexstar Broadcasting Group Incorporated		6.88		11-15-2020		145,000		147,719
Outfront Media Capital Corporation		5.25		2-15-2022		15,000		15,394
Outfront Media Capital Corporation		5.88		3-15-2025		65,000		66,869
								2,755,007

Specialty Retail : 0.39%
ABC Supply Company Incorporated 144A		5.63		4-15-2021		40,000		40,700
ABC Supply Company Incorporated 144A		5.75		12-15-2023		25,000		25,375
Century Intermediate Holding Company (PIK at 10.50%) 144A¥(i)		9.75		2-15-2019		15,000		15,450
Penske Auto Group Incorporated		5.38		12-1-2024		85,000		86,063
Penske Auto Group Incorporated		5.75		10-1-2022		94,000		97,055
Sonic Automotive Incorporated		5.00		5-15-2023		70,000		67,025
Sonic Automotive Incorporated		7.00		7-15-2022		105,000		110,775
								442,443

Consumer Staples : 0.35%

Beverages : 0.08%
Cott Beverages Incorporated		6.75		1-1-2020		60,000		62,250
Cott Beverages Incorporated		5.38		7-1-2022		25,000		24,313
								86,563


Food Products : 0.25%
B&G Foods Incorporated		4.63		6-1-2021		30,000		29,625
Darling Ingredients Incorporated		5.38		1-15-2022		15,000		14,700
Pilgrim’s Pride Corporation 144A		5.75		3-15-2025		85,000		83,725
Simmons Foods Incorporated 144A		7.88		10-1-2021		175,000		160,125
								288,175

Household Products : 0.02%
Central Garden & Pet Company		6.13		11-15-2023		20,000		20,350


Portfolio of investments — November 30, 2015 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date	Principal		Value

Energy : 6.15%

Energy Equipment & Services : 2.38%
Bristow Group Incorporated		6.25	%	10-15-2022	$	380,000	$	328,700
Cleaver Brooks Incorporated 144A		8.75		12-15-2019		40,000		38,800
Era Group Incorporated		7.75		12-15-2022		334,000		280,560
Forum Energy Technologies Incorporated		6.25		10-1-2021		65,000		56,875
Gulfmark Offshore Incorporated		6.38		3-15-2022		450,000		270,000
Hilcorp Energy Company 144A		5.00		12-1-2024		50,000		44,969
Hilcorp Energy Company 144A		5.75		10-1-2025		75,000		68,813
Hornbeck Offshore Services Incorporated		5.00		3-1-2021		230,000		176,813
Hornbeck Offshore Services Incorporated		5.88		4-1-2020		235,000		186,825
NGPL PipeCo LLC 144A		7.12		12-15-2017		190,000		167,675
NGPL PipeCo LLC 144A		7.77		12-15-2037		875,000		695,625
NGPL PipeCo LLC 144A		9.63		6-1-2019		35,000		30,450
PHI Incorporated		5.25		3-15-2019		405,000		345,348
Pride International Incorporated		8.50		6-15-2019		10,000		10,269
								2,701,722


Oil, Gas & Consumable Fuels : 3.77%
Alpha Natural Resources Incorporated		6.25		6-1-2021		50,000		1,000
Arch Coal Incorporated		7.00		6-15-2019		100,000		2,125
Arch Coal Incorporated		7.25		6-15-2021		50,000		1,000
Berry Petroleum Company LLC		6.38		9-15-2022		225,000		90,000
Berry Petroleum Company LLC		6.75		11-1-2020		25,000		10,375
CSI Compressco LP		7.25		8-15-2022		125,000		100,547
CVR Refining LLC		6.50		11-1-2022		93,000		91,605
Denbury Resources Incorporated		4.63		7-15-2023		200,000		116,000
Denbury Resources Incorporated		5.50		5-1-2022		30,000		18,600
Denbury Resources Incorporated		6.38		8-15-2021		110,000		70,400
Exterran Partners LP		6.00		4-1-2021		200,000		173,000
Kinder Morgan Incorporated		6.50		9-15-2020		45,000		46,568
Kinder Morgan Incorporated		7.00		6-15-2017		50,000		52,125
Kinder Morgan Incorporated (i)		7.42		2-15-2037		90,000		87,270
Kinder Morgan Incorporated		7.80		8-1-2031		100,000		97,435
Northern Tier Energy LLC		7.13		11-15-2020		300,000		306,000
Overseas Shipholding Group Incorporated		7.50		2-15-2021		150,000		153,750
Overseas Shipholding Group Incorporated		8.13		3-30-2018		225,000		231,188
Pioneer Natural Resources Company		7.50		1-15-2020		145,000		164,045
Rockies Express Pipeline LLC 144A		5.63		4-15-2020		260,000		254,800
Rockies Express Pipeline LLC 144A		6.00		1-15-2019		50,000		49,500
Rockies Express Pipeline LLC 144A		6.88		4-15-2040		290,000		269,700
Rockies Express Pipeline LLC 144A(i)		7.50		7-15-2038		205,000		196,800
Sabine Oil & Gas Corporation (i)(s)		7.25		6-15-2019		50,000		3,500
Sabine Oil & Gas Corporation (i)(s)		7.50		9-15-2020		260,000		18,200
Sabine Pass Liquefaction LLC		5.63		2-1-2021		75,000		72,563
Sabine Pass Liquefaction LLC		5.63		4-15-2023		90,000		83,025
Sabine Pass Liquefaction LLC		5.75		5-15-2024		50,000		46,125
Sabine Pass Liquefaction LLC		6.25		3-15-2022		200,000		193,250
Sabine Pass LNG LP		6.50		11-1-2020		395,000		393,025
Sabine Pass LNG LP		7.50		11-30-2016		370,000		377,400
SemGroup Corporation		7.50		6-15-2021		250,000		231,250
Suburban Propane Partners LP		5.50		6-1-2024		20,000		18,932
Suburban Propane Partners LP		7.38		8-1-2021		26,000		27,105
Swift Energy Company (i)		7.13		6-1-2017		422,000		55,240
Swift Energy Company (i)		8.88		1-15-2020		75,000		9,375
Ultra Petroleum Corporation 144A(i)		5.75		12-15-2018		35,000		14,700
Ultra Petroleum Corporation 144A(i)		6.13		10-1-2024		375,000		140,625
								4,268,148


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2015 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value

Financials : 5.66%

Banks : 0.31%
CIT Group Incorporated 144A		5.50	%	2-15-2019	$	100,000	$	104,750
CIT Group Incorporated 144A		6.63		4-1-2018		231,000		246,304
								351,054

Capital Markets : 0.54%
Jefferies Finance LLC 144A		6.88		4-15-2022		350,000		318,500
Jefferies Finance LLC 144A		7.38		4-1-2020		80,000		77,500
Jefferies Finance LLC 144A		7.50		4-15-2021		225,000		213,075
								609,075

Consumer Finance : 1.81%
Ally Financial Incorporated		5.75		11-20-2025		50,000		50,344
Ally Financial Incorporated		8.00		12-31-2018		100,000		111,370
Ally Financial Incorporated		8.00		3-15-2020		203,000		236,241
Ford Motor Credit Company LLC		8.00		12-15-2016		25,000		26,574
Homer City Generation LLC		8.73		10-1-2026		139,827		138,429
Navient Corporation		5.88		3-25-2021		40,000		36,600
Navient Corporation		8.00		3-25-2020		275,000		279,125
SLM Corporation		6.13		3-25-2024		140,000		120,750
SLM Corporation		7.25		1-25-2022		70,000		66,500
SLM Corporation		8.45		6-15-2018		125,000		131,250
Springleaf Finance Corporation		5.40		12-1-2015		140,000		140,000
Springleaf Finance Corporation		5.75		9-15-2016		50,000		50,750
Springleaf Finance Corporation		6.00		6-1-2020		175,000		174,017
Springleaf Finance Corporation		6.50		9-15-2017		50,000		51,625
Springleaf Finance Corporation		6.90		12-15-2017		243,000		253,328
Springleaf Finance Corporation		7.75		10-1-2021		37,000		39,220
Springleaf Finance Corporation		8.25		10-1-2023		135,000		147,150
								2,053,273

Diversified Financial Services : 0.62%
Denali Borrower LLC 144A		5.63		10-15-2020		330,000		349,826
Infinity Acquisition LLC 144A(i)		7.25		8-1-2022		185,000		160,025
NewStar Financial Incorporated		7.25		5-1-2020		200,000		198,000
								707,851

Insurance : 0.32%
Hub Holdings LLC (PIK at 8.88%) 144A¥		8.13		7-15-2019		225,000		216,000
Hub International Limited 144A		7.88		10-1-2021		150,000		144,000
								360,000


Real Estate Management & Development : 0.22%
Onex Corporation 144A		7.75		1-15-2021		250,000		245,000

REITs : 1.84%
Crown Castle International Corporation		4.88		4-15-2022		35,000		35,909
Crown Castle International Corporation		5.25		1-15-2023		70,000		72,538
DuPont Fabros Technology Incorporated LP		5.63		6-15-2023		225,000		227,250
DuPont Fabros Technology Incorporated LP		5.88		9-15-2021		340,000		351,900
Equinix Incorporated %%		5.88		1-15-2026		25,000		25,375
ESH Hospitality Incorporated 144A		5.25		5-1-2025		200,000		197,500
Iron Mountain Incorporated		5.75		8-15-2024		400,000		397,000
Iron Mountain Incorporated 144A		6.00		10-1-2020		20,000		20,980
Iron Mountain Incorporated		6.00		8-15-2023		255,000		267,592
Sabra Health Care Incorporated		5.38		6-1-2023		50,000		51,063


Portfolio of investments — November 30, 2015 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date	Principal		Value

REITs (continued)
Sabra Health Care Incorporated		5.50	%	2-1-2021	$	105,000	$	108,281
The Geo Group Incorporated		5.13		4-1-2023		25,000		23,500
The Geo Group Incorporated		5.88		1-15-2022		205,000		202,181
The Geo Group Incorporated		5.88		10-15-2024		35,000		34,169
The Geo Group Incorporated		6.63		2-15-2021		70,000		71,138
								2,086,376

Health Care : 2.51%

Health Care Equipment & Supplies : 0.33%
Crimson Merger Sub Incorporated 144A		6.63		5-15-2022		320,000		261,600
Hill-Rom Holdings Incorporated 144A		5.75		9-1-2023		25,000		25,469
Hologic Incorporated 144A		5.25		7-15-2022		90,000		93,600
								380,669

Health Care Providers & Services : 1.43%
Acadia Healthcare Company Incorporated		5.63		2-15-2023		40,000		39,200
Centene Corporation		5.75		6-1-2017		75,000		77,625
Community Health Systems Incorporated		6.88		2-1-2022		5,000		4,838
DaVita HealthCare Partners Incorporated		5.00		5-1-2025		35,000		33,600
DaVita HealthCare Partners Incorporated		5.75		8-15-2022		170,000		176,163
HCA Incorporated		5.88		3-15-2022		25,000		26,781
HCA Incorporated		6.50		2-15-2020		325,000		359,531
HealthSouth Corporation 144A		5.75		11-1-2024		25,000		24,125
HealthSouth Corporation		5.75		11-1-2024		25,000		24,125
HealthSouth Corporation 144A		5.75		9-15-2025		100,000		95,750
HealthSouth Corporation		7.75		9-15-2022		64,000		66,400
Molina Healthcare Incorporated 144A		5.38		11-15-2022		25,000		25,125
MPT Operating Partnership LP		6.38		2-15-2022		70,000		72,800
MPT Operating Partnership LP		6.88		5-1-2021		125,000		130,313
Select Medical Corporation		6.38		6-1-2021		455,000		367,413
Team Health Incorporated 144A		7.25		12-15-2023		50,000		51,500
Tenet Healthcare Corporation		6.00		10-1-2020		50,000		53,125
								1,628,414

Health Care Technology : 0.40%
Emdeon Incorporated		11.00		12-31-2019		355,000		372,750
MedAssets Incorporated		8.00		11-15-2018		75,000		76,594
								449,344

Pharmaceuticals : 0.35%
Endo Finance LLC 144A		5.75		1-15-2022		65,000		62,075
Endo Finance LLC 144A		5.88		1-15-2023		50,000		47,250
Endo Finance LLC 144A		6.00		2-1-2025		50,000		47,500
Endo Finance LLC 144A		7.75		1-15-2022		180,000		181,350
Pinnacle Incorporated 144A		9.50		10-1-2023		50,000		55,625
								393,800

Industrials : 1.98%

Airlines : 0.10%
Aviation Capital Group Corporation 144A		6.75		4-6-2021		100,000		112,750

Commercial Services & Supplies : 0.78%
ADT Corporation		4.13		6-15-2023		85,000		79,543
ADT Corporation		6.25		10-15-2021		300,000		313,875
Berry Plastics Corporation 144A		6.00		10-15-2022		15,000		15,488
Covanta Holding Corporation		5.88		3-1-2024		160,000		156,600


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2015 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value

Commercial Services & Supplies (continued)
Covanta Holding Corporation		6.38	%	10-1-2022	$	195,000	$	202,313
Covanta Holding Corporation		7.25		12-1-2020		110,000		114,606
								882,425

Construction & Engineering : 0.19%
AECOM		5.75		10-15-2022		15,000		15,478
AECOM		5.88		10-15-2024		200,000		202,500
								217,978

Professional Services : 0.01%
Ascent Capital Group Incorporated		4.00		7-15-2020		25,000		16,141

Trading Companies & Distributors : 0.90%
Ashtead Capital Incorporated 144A		6.50		7-15-2022		350,000		365,750
H&E Equipment Services Incorporated		7.00		9-1-2022		450,000		451,125
International Lease Finance Corporation 144A		7.13		9-1-2018		35,000		38,413
United Rentals North America Incorporated		4.63		7-15-2023		90,000		89,438
United Rentals North America Incorporated		5.50		7-15-2025		75,000		75,000
								1,019,726

Information Technology : 2.38%

Communications Equipment : 0.06%
CommScope Technologies Finance LLC 144A		6.00		6-15-2025		75,000		71,813

Electronic Equipment, Instruments & Components : 0.74%
Jabil Circuit Incorporated		8.25		3-15-2018		620,000		691,300
Zebra Technologies Corporation		7.25		10-15-2022		135,000		144,450
								835,750

Internet Software & Services : 0.09%
Infor Software Parent LLC 144A		6.50		5-15-2022		50,000		44,375
Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13		5-1-2021		75,000		58,219
								102,594

IT Services : 0.81%
Audatex North America Incorporated 144A		6.00		6-15-2021		225,000		226,969
Audatex North America Incorporated 144A		6.13		11-1-2023		140,000		141,050
First Data Corporation 144A		5.00		1-15-2024		20,000		20,000
First Data Corporation 144A		5.75		1-15-2024		20,000		20,000
First Data Corporation 144A		6.75		11-1-2020		152,000		159,790
First Data Corporation 144A		7.00		12-1-2023		25,000		25,344
SunGard Data Systems Incorporated		7.38		11-15-2018		253,000		257,665
SunGard Data Systems Incorporated		7.63		11-15-2020		60,000		62,288
								913,106

Semiconductors & Semiconductor Equipment : 0.14%
Micron Technology Incorporated 144A		5.25		8-1-2023		25,000		23,500
Micron Technology Incorporated 144A		5.25		1-15-2024		25,000		23,250
Micron Technology Incorporated		5.50		2-1-2025		50,000		46,375
Micron Technology Incorporated		5.88		2-15-2022		65,000		65,372
								158,497


Portfolio of investments — November 30, 2015 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date	Principal		Value

Software : 0.17%
Activision Blizzard Incorporated 144A		5.63	%	9-15-2021	$	45,000	$	47,391
Activision Blizzard Incorporated 144A		6.13		9-15-2023		10,000		10,913
Boxer Parent Company Incorporated (PIK at 9.75%) 144A¥		9.00		10-15-2019		175,000		128,406
SS&C Technologies Incorporated 144A		5.88		7-15-2023		5,000		5,188
								191,898

Technology Hardware, Storage & Peripherals : 0.37%
NCR Corporation		5.88		12-15-2021		15,000		14,738
NCR Corporation		6.38		12-15-2023		408,000		407,490
								422,228

Materials : 0.52%

Chemicals : 0.02%
Celanese US Holdings LLC		5.88		6-15-2021		20,000		21,200

Containers & Packaging : 0.50%
Ball Corporation		5.25		7-1-2025		15,000		15,113
Crown Americas LLC		6.25		2-1-2021		20,000		20,675
Crown Cork & Seal Company Incorporated		7.38		12-15-2026		5,000		5,450
Crown Cork & Seal Company Incorporated (i)		7.50		12-15-2096		50,000		46,125
Owens-Brockway Glass Container Incorporated 144A		5.88		8-15-2023		50,000		52,000
Owens-Brockway Glass Container Incorporated 144A		6.38		8-15-2025		200,000		208,250
Owens-Brockway Glass Container Incorporated 144A		5.38		1-15-2025		50,000		49,063
Owens-Illinois Incorporated		7.80		5-15-2018		60,000		66,600
Sealed Air Corporation 144A		5.13		12-1-2024		75,000		76,688
Silgan Holdings Incorporated		5.00		4-1-2020		25,000		25,531
								565,495

Telecommunication Services : 3.43%

Diversified Telecommunication Services : 1.38%
Citizens Communications Company		7.88		1-15-2027		25,000		20,875
Frontier Communications Corporation		8.13		10-1-2018		60,000		62,775
GCI Incorporated		6.75		6-1-2021		170,000		174,675
GCI Incorporated		6.88		4-15-2025		100,000		103,500
Level 3 Financing Incorporated		5.63		2-1-2023		65,000		65,488
Level 3 Financing Incorporated 144A		5.13		5-1-2023		75,000		74,438
Level 3 Financing Incorporated		5.38		8-15-2022		125,000		125,844
Level 3 Financing Incorporated 144A		5.38		1-15-2024		50,000		50,063
Level 3 Financing Incorporated 144A		5.38		5-1-2025		75,000		74,531
Level 3 Financing Incorporated		6.13		1-15-2021		80,000		83,841
Level 3 Financing Incorporated		7.00		6-1-2020		15,000		15,844
Qwest Corporation (i)		7.63		8-3-2021		20,000		20,925
Syniverse Holdings Incorporated		9.13		1-15-2019		600,000		372,000
Windstream Corporation		6.38		8-1-2023		50,000		37,000
Windstream Corporation		7.88		11-1-2017		265,000		276,925
								1,558,724

Wireless Telecommunication Services : 2.05%
MetroPCS Wireless Incorporated		6.63		11-15-2020		240,000		247,200
SBA Communications Corporation		4.88		7-15-2022		85,000		84,469
SBA Communications Corporation		5.63		10-1-2019		10,000		10,400
SBA Communications Corporation		5.75		7-15-2020		100,000		104,377
Sprint Capital Corporation		6.88		11-15-2028		1,100,000		792,000
Sprint Capital Corporation		8.75		3-15-2032		250,000		193,125
Sprint Communications Incorporated 144A		9.00		11-15-2018		25,000		27,000
Sprint Communications Incorporated		11.50		11-15-2021		25,000		23,875
Sprint Corporation		7.13		6-15-2024		70,000		53,944
Sprint Corporation		7.63		2-15-2025		25,000		19,641


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2015 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value

Wireless Telecommunication Services (continued)
Sprint Corporation		7.88	%	9-15-2023	$	50,000	$	40,250
T-Mobile USA Incorporated		6.50		1-15-2026		15,000		14,981
T-Mobile USA Incorporated		6.00		3-1-2023		25,000		25,125
T-Mobile USA Incorporated		6.13		1-15-2022		5,000		5,103
T-Mobile USA Incorporated		6.25		4-1-2021		30,000		30,750
T-Mobile USA Incorporated		6.38		3-1-2025		135,000		134,325
T-Mobile USA Incorporated		6.46		4-28-2019		10,000		10,275
T-Mobile USA Incorporated		6.50		1-15-2024		5,000		5,038
T-Mobile USA Incorporated		6.54		4-28-2020		10,000		10,325
T-Mobile USA Incorporated		6.63		4-1-2023		35,000		35,898
T-Mobile USA Incorporated		6.63		4-28-2021		65,000		67,600
T-Mobile USA Incorporated		6.73		4-28-2022		305,000		315,675
T-Mobile USA Incorporated		6.84		4-28-2023		75,000		77,156
								2,328,532

Utilities : 2.24%

Electric Utilities : 1.43%
ComEd Financing III		6.35		3-15-2033		1,340,000		1,390,911
Otter Tail Corporation (i)		9.00		12-15-2016		215,000		230,510
								1,621,421

Gas Utilities : 0.27%
AmeriGas Finance LLC		6.75		5-20-2020		175,000		179,624
AmeriGas Finance LLC		7.00		5-20-2022		125,000		128,750
								308,374

Independent Power & Renewable Electricity Producers : 0.54%
Calpine Corporation 144A		5.88		1-15-2024		20,000		20,650
Calpine Corporation 144A		6.00		1-15-2022		40,000		41,500
Calpine Corporation 144A		7.88		1-15-2023		40,000		42,450
NSG Holdings LLC 144A		7.75		12-15-2025		328,050		360,035
Reliant Energy Incorporated (i)		9.24		7-2-2017		34,985		35,510
Reliant Energy Incorporated		9.68		7-2-2026		10,000		10,200
TerraForm Power Operating LLC 144A		5.88		2-1-2023		35,000		26,075
TerraForm Power Operating LLC 144A		6.13		6-15-2025		100,000		71,000
								607,420

Total Corporate Bonds and Notes (Cost $35,843,993)								34,440,339

Loans : 1.72%

Consumer Discretionary : 0.78%

Diversified Consumer Services : 0.04%
CCM Merger Incorporated ±		4.50		8-8-2021		39,836		39,571

Media : 0.58%
Learfield Communications Incorporated ±		8.75		10-9-2021		212,434		209,779
TWCC Holdings Corporation ±		7.00		6-26-2020		455,000		453,294
								663,073

Specialty Retail : 0.16%
Focus Brands Incorporated ±		10.25		8-21-2018		176,935		176,492


Portfolio of investments — November 30, 2015 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date	Principal		Value

Financials : 0.06%

Diversified Financial Services : 0.04%
American Beacon Advisors Incorporated ±		9.75	%	3-3-2023	$	50,000	$	49,500

Insurance : 0.02%
Asurion LLC ±		8.50		3-3-2021		25,000		21,988

Industrials : 0.30%

Commercial Services & Supplies : 0.17%
Interactive Data Corporation ±		4.75		5-2-2021		138,250		137,918
W3 Company ±(i)		9.25		9-13-2020		19,950		11,372
WASH Multifamily Laundry Systems LLC ±		4.25		5-14-2022		29,925		29,234
WASH Multifamily Laundry Systems LLC ±		8.00		5-12-2023		1,490		1,431
WASH Multifamily Laundry Systems LLC ±		8.00		5-14-2023		8,510		8,169
								188,124

Transportation Infrastructure : 0.13%
HGIM Corporation ±		5.50		6-18-2020		227,408		148,336

Information Technology : 0.03%

Technology Hardware, Storage & Peripherals : 0.03%
Peak 10 Incorporated ±(i)		8.25		6-17-2022		30,000		28,200

Telecommunication Services : 0.13%

Diversified Telecommunication Services : 0.13%
nTelos Incorporated ±		5.75		11-9-2019		153,811		152,657

Utilities : 0.42%

Electric Utilities : 0.42%
Texas Competitive Electric Holdings Company LLC ±(s)		4.66		10-10-2016		1,471,940		476,805

Total Loans (Cost $2,941,019)								1,944,746


	Dividend yield				Shares
Preferred Stocks : 18.34%

Financials : 0.08%

Banks : 0.08%
GMAC Capital Trust I ±		1.99				3,457		88,154

Utilities : 18.26%

Electric Utilities : 17.79%
Alabama Power Company		6.45				50,000		1,375,000
Baltimore Gas & Electric Company		6.70				20,100		2,035,125
Baltimore Gas & Electric Company		6.99				31,310		3,183,836
Entergy Arkansas Incorporated		4.90				44,335		1,098,178
Entergy Louisiana LLC		4.70				248,483		5,961,107
Indianapolis Power & Light Company		5.65				28,811		2,915,313
NextEra Energy Capital Holding Incorporated Series I		5.13				44,000		1,078,000
Southern Company		6.25				50,000		1,325,000
The Connecticut Light & Power Company		5.28				12,000		576,000
The Connecticut Light & Power Company		6.56				12,000		622,500
								20,170,059


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2015 (unaudited)


Security name	Dividend yield				Shares		Value

Multi-Utilities : 0.47%
Integrys Holding Incorporated ±		1.47	%			21,250	$	541,875

Total Preferred Stocks (Cost $19,887,895)								20,800,088


				Expiration date
Warrants : 0.00%

Utilities : 0.00%

Gas Utilities : 0.00%
Kinder Morgan Incorporated †				5-25-2017		16,000		4,800

Total Warrants (Cost $30,480)								4,800


	Interest rate			Maturity date	Principal
Yankee Corporate Bonds and Notes : 2.44%

Energy : 0.47%

Oil, Gas & Consumable Fuels : 0.47%
Baytex Energy Corporation 144A		5.63		6-1-2024	$	25,000		20,438
Griffin Coal Mining Company Limited 144A(a)(i)(s)		9.50		12-1-2016		93,118		37,247
Teekay Corporation		8.50		1-15-2020		360,000		352,796
Teekay Corporation 144A		8.50		1-15-2020		125,000		122,499
								532,980

Financials : 0.03%

Banks : 0.03%
Nielsen Holding and Finance BV 144A		5.50		10-1-2021		30,000		30,600

Health Care : 0.47%

Pharmaceuticals : 0.47%
Mallinckrodt plc 144A		5.50		4-15-2025		50,000		42,375
Mallinckrodt plc 144A		5.63		10-15-2023		20,000		17,250
Valeant Pharmaceuticals International Incorporated 144A		5.63		12-1-2021		5,000		4,363
Valeant Pharmaceuticals International Incorporated 144A		5.88		5-15-2023		75,000		64,875
Valeant Pharmaceuticals International Incorporated 144A		6.13		4-15-2025		30,000		26,100
Valeant Pharmaceuticals International Incorporated 144A		6.75		8-15-2018		50,000		49,000
Valeant Pharmaceuticals International Incorporated 144A		7.50		7-15-2021		350,000		329,000
								532,963

Industrials : 0.16%

Building Products : 0.01%
Allegion plc		5.88		9-15-2023		15,000		15,525

Commercial Services & Supplies : 0.13%
GFL Environmental Incorporated 144A		7.88		4-1-2020		145,000		146,450

Machinery : 0.02%
Sensata Technologies BV 144A		5.00		10-1-2025		20,000		18,900

Materials : 0.53%

Containers & Packaging : 0.20%
Ardagh Finance Holdings SA (PIK at 8.63%) 144A¥		8.63		6-15-2019		4,115		4,126


Portfolio of investments — November 30, 2015 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date	Principal		Value

Containers & Packaging (continued)
Ardagh Packaging Finance plc 144A		9.13	%	10-15-2020	$	210,000	$	220,238
								224,364

Metals & Mining : 0.25%
ArcelorMittal SA		7.25		2-25-2022		25,000		22,047
Novelis Incorporated		8.38		12-15-2017		100,000		98,750
Novelis Incorporated		8.75		12-15-2020		175,000		170,188
								290,985

Paper & Forest Products : 0.08%
Sappi Limited 144A(i)		7.50		6-15-2032		100,000		92,250

Telecommunication Services : 0.78%

Diversified Telecommunication Services : 0.74%
Intelsat Jackson Holdings SA		5.50		8-1-2023		545,000		407,728
Intelsat Jackson Holdings SA		7.25		10-15-2020		50,000		41,750
Intelsat Jackson Holdings SA		7.50		4-1-2021		150,000		124,500
Intelsat Luxembourg SA		7.75		6-1-2021		125,000		48,125
Intelsat Luxembourg SA		8.13		6-1-2023		475,000		178,125
Virgin Media Finance plc 144A		5.38		4-15-2021		9,000		9,270
Virgin Media Finance plc 144A		6.38		4-15-2023		25,000		25,563
								835,061

Wireless Telecommunication Services : 0.04%
Telesat Canada Incorporated 144A		6.00		5-15-2017		50,000		50,250

Total Yankee Corporate Bonds and Notes (Cost $3,442,931)								2,770,328


	Yield				Shares
Short-Term Investments : 5.60%

Investment Companies : 5.60%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.17				6,346,475		6,346,475

Total Short-Term Investments (Cost $6,346,475)								6,346,475

Total investments in securities (Cost $121,859,353)*		119.17	%					135,114,440
Other assets and liabilities, net		(19.17	)					(21,733,024	)

Total net assets		100.00	%				$	113,381,416

†	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.

(i)

Illiquid security

¥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.

(s)

The security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on the security.

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

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

(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.


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2015 (unaudited)

*	Cost for federal income tax purposes is $122,581,193 and unrealized gains (losses) consists of:


Gross unrealized gains	$	21,184,376
Gross unrealized losses		(8,651,129	)

Net unrealized gains	$	12,533,247


Abbreviations:
LLC		Limited liability company
LP		Limited partnership
plc		Public limited company

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

Notes to Portfolio of investments – November 30, 2015 (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).

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 primary exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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.

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, 2015, 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 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 adviser 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 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 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 significant 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, use of amortized cost, 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, 2015:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets Investments in :
Common stocks
Consumer discretionary	$	4,211,407	$	0	$	0	$	4,211,407
Energy		7,067,866		0		0		7,067,866
Industrials		4,445,887		0		0		4,445,887
Telecommunication services		5,337,784		0		0		5,337,784
Utilities		47,744,720		0		0		47,744,720
Corporate bonds and notes		0		34,440,339		0		34,440,339
Loans		0		1,317,484		627,262		1,944,746
Preferred stocks
Financials		88,154		0		0		88,154
Utilities		8,137,285		12,574,649		0		20,711,934
Warrants
Utilities		0		4,800		0		4,800
Yankee corporate bonds and notes		0		2,733,081		37,247		2,770,328
Short-term investments
Investment companies		6,346,475		0		0		6,346,475

Total assets	$	83,379,578	$	51,070,353	$	664,509	$	135,114,440

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At November 30, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA — ACA Financial Guaranty Corporation

ADR — American depositary receipt

ADS — American depositary shares

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

Ambac — Ambac Financial Group Incorporated

AMT — Alternative minimum tax

AUD — Australian dollar

BAN — Bond anticipation notes

BHAC — Berkshire Hathaway Assurance Corporation

BRL — Brazilian real

CAB — Capital appreciation bond

CAD — Canadian dollar

CCAB — Convertible capital appreciation bond

CDA — Community Development Authority

CDO — Collateralized debt obligation

CHF — Swiss franc

COP — Colombian peso

CLP — Chilean peso

DKK — Danish krone

DRIVER — Derivative inverse tax-exempt receipts

DW&P — Department of Water & Power

DWR — Department of Water Resources

ECFA — Educational & Cultural Facilities Authority

EDA — Economic Development Authority

EDFA — Economic Development Finance Authority

ETF — Exchange-traded fund

EUR — Euro

FDIC — Federal Deposit Insurance Corporation

FFCB — Federal Farm Credit Banks

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Administration

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FICO — The Financing Corporation

FNMA — Federal National Mortgage Association

FSA — Farm Service Agency

GBP — Great British pound

GDR — Global depositary receipt

GNMA — Government National Mortgage Association

GO — General obligation

HCFR — Healthcare facilities revenue

HEFA — Health & Educational Facilities Authority

HEFAR — Higher education facilities authority revenue

HFA — Housing Finance Authority

HFFA — Health Facilities Financing Authority

HKD — Hong Kong dollar

HUD — Department of Housing and Urban Development

HUF — Hungarian forint

IDA — Industrial Development Authority

IDAG — Industrial Development Agency

IDR — Indonesian rupiah

IEP — Irish pound

JPY — Japanese yen

KRW — Republic of Korea won

LIBOR — London Interbank Offered Rate

LIFER — Long Inverse Floating Exempt Receipts

LIQ — Liquidity agreement

LLC — Limited liability company

LLLP — Limited liability limited partnership

LLP — Limited liability partnership

LOC — Letter of credit

LP — Limited partnership

MBIA — Municipal Bond Insurance Association

MFHR — Multifamily housing revenue

MSTR — Municipal securities trust receipts

MTN — Medium-term note

MUD — Municipal Utility District

MXN — Mexican peso

MYR — Malaysian ringgit

National — National Public Finance Guarantee Corporation

NGN — Nigerian naira

NOK — Norwegian krone

NZD — New Zealand dollar

PCFA — Pollution Control Financing Authority

PCL — Public Company Limited

PCR — Pollution control revenue

PFA — Public Finance Authority

PFFA — Public Facilities Financing Authority

PFOTER — Puttable floating option tax-exempt receipts

plc — Public limited company

PLN — Polish zloty

PUTTER — Puttable tax-exempt receipts

R&D — Research & development

Radian — Radian Asset Assurance

RAN — Revenue anticipation notes

RDA — Redevelopment Authority

RDFA — Redevelopment Finance Authority

REIT — Real estate investment trust

ROC — Reset option certificates

RON — Romanian lei

RUB — Russian ruble

SAVRS — Select auction variable rate securities

SBA — Small Business Authority

SDR — Swedish depositary receipt

SEK — Swedish krona

SFHR — Single-family housing revenue

SFMR — Single-family mortgage revenue

SGD — Singapore dollar

SPA — Standby purchase agreement

SPDR — Standard & Poor’s Depositary Receipts

SPEAR — Short Puttable Exempt Adjustable Receipts

STRIPS — Separate trading of registered interest and

principal securities

TAN — Tax anticipation notes

TBA — To be announced

THB — Thai baht

TIPS — Treasury inflation-protected securities

TRAN — Tax revenue anticipation notes

TRY — Turkish lira

TTFA — Transportation Trust Fund Authority

TVA — Tennessee Valley Authority

ZAR — South African rand

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/ Karla M. Rabusch
		Karla M. Rabusch
		President
Date:		January 27, 2016

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/ Karla M. Rabusch
		Karla M. Rabusch
		President
Date:		January 27, 2016
By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer
Date:		January 27, 2016