Edgar Filing: WELLS FARGO UTILITIES & HIGH INCOME FUND

Form N-Q

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)

Alexander Kymn

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, 2018

ITEM 1. INVESTMENTS


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2018 (unaudited)


Security name						Shares		Value
Common Stocks : 54.38%

Communication Services : 13.89%

Diversified Telecommunication Services : 10.39%
AT&T Incorporated							125,000	$	3,905,000
Chunghwa Telecom Company Limited ADR							97,325		3,380,097
Verizon Communications Incorporated							75,000		4,522,500
									11,807,597

Wireless Telecommunication Services : 3.50%
SK Telecom Company Limited ADR							140,000		3,971,800

Utilities : 40.49%

Electric Utilities : 31.98%
American Electric Power Company Incorporated							55,000		4,275,700
Enel SpA							900,000		4,880,484
Entergy Corporation							15,000		1,305,900
Evergy Incorporated							59,810		3,550,920
Exelon Corporation							41,001		1,902,036
FirstEnergy Corporation							125,000		4,728,750
IDACORP Incorporated							25,000		2,456,000
PNM Resources Incorporated							120,000		5,186,400
Spark Energy Incorporated Class A							424,138		3,855,414
Terna SpA							750,000		4,192,734
									36,334,338

Gas Utilities : 0.02%
Chesapeake Utilities Corporation							300		25,812

Multi-Utilities : 8.49%
CenterPoint Energy Incorporated							61,000		1,708,610
MDU Resources Group Incorporated							200		5,294
Public Service Enterprise Group Incorporated							80,000		4,472,000
Sempra Energy							30,000		3,456,600
									9,642,504

Total Common Stocks (Cost $50,319,967)									61,782,051


	Interest rate			Maturity date		Principal
Corporate Bonds and Notes : 29.75%

Communication Services : 5.11%

Diversified Telecommunication Services : 0.80%
GCI Incorporated		6.75	%		6-1-2021	$	125,000		125,000
Level 3 Financing Incorporated		5.13			5-1-2023		75,000		74,156
Level 3 Financing Incorporated		5.38			8-15-2022		125,000		124,688
Level 3 Financing Incorporated		5.38			1-15-2024		50,000		49,075
Level 3 Financing Incorporated		5.63			2-1-2023		65,000		64,968
Level 3 Financing Incorporated		6.13			1-15-2021		80,000		80,273
Zayo Group LLC 144A		5.75			1-15-2027		125,000		119,375
Zayo Group LLC		6.38			5-15-2025		275,000		269,844
									907,379

Entertainment : 0.15%
Live Nation Entertainment Incorporated 144A		4.88			11-1-2024		100,000		96,750


Portfolio of investments — November 30, 2018 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Entertainment (continued)
Live Nation Entertainment Incorporated 144A		5.38	%		6-15-2022	$	50,000	$	50,313
Live Nation Entertainment Incorporated 144A		5.63			3-15-2026		25,000		24,867
									171,930

Media : 3.38%
CCO Holdings LLC		5.75			9-1-2023		50,000		50,250
CCO Holdings LLC 144A		5.00			2-1-2028		25,000		23,281
CCO Holdings LLC		5.13			2-15-2023		100,000		99,250
CCO Holdings LLC 144A		5.13			5-1-2023		135,000		134,156
CCO Holdings LLC 144A		5.13			5-1-2027		50,000		47,375
CCO Holdings LLC		5.25			9-30-2022		90,000		90,338
CCO Holdings LLC 144A		5.38			5-1-2025		335,000		329,138
CCO Holdings LLC 144A		5.50			5-1-2026		5,000		4,869
CCO Holdings LLC 144A		5.75			2-15-2026		275,000		275,003
CCO Holdings LLC 144A		5.88			4-1-2024		125,000		126,094
Cinemark USA Incorporated		4.88			6-1-2023		25,000		24,313
CSC Holdings LLC 144A		5.38			7-15-2023		200,000		198,500
CSC Holdings LLC 144A		5.50			5-15-2026		200,000		193,688
CSC Holdings LLC 144A		7.75			7-15-2025		100,000		104,375
CSC Holdings LLC		8.63			2-15-2019		125,000		126,094
Dish DBS Corporation		7.75			7-1-2026		50,000		44,344
Dish Network Corporation		3.38			8-15-2026		75,000		65,843
EMI Music Publishing Group 144A		7.63			6-15-2024		150,000		160,500
Gray Escrow Incorporated 144A		7.00			5-15-2027		25,000		25,375
Gray Television Incorporated 144A		5.13			10-15-2024		100,000		95,750
Gray Television Incorporated 144A		5.88			7-15-2026		325,000		316,063
Lamar Media Corporation		5.38			1-15-2024		50,000		50,375
National CineMedia LLC		6.00			4-15-2022		300,000		301,125
Nexstar Broadcasting Group Incorporated 144A		5.63			8-1-2024		50,000		48,250
Nexstar Broadcasting Group Incorporated		5.88			11-15-2022		25,000		25,250
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		150,000		151,875
Nielsen Finance LLC 144A		5.00			4-15-2022		100,000		97,790
Outfront Media Capital Corporation		5.25			2-15-2022		15,000		15,056
Outfront Media Capital Corporation		5.63			2-15-2024		29,000		29,000
Outfront Media Capital Corporation		5.88			3-15-2025		65,000		65,163
Salem Media Group Incorporated 144A		6.75			6-1-2024		300,000		269,250
The E.W. Scripps Company 144A		5.13			5-15-2025		275,000		257,813
									3,845,546

Wireless Telecommunication Services : 0.78%
Sprint Capital Corporation		6.88			11-15-2028		225,000		217,406
Sprint Capital Corporation		8.75			3-15-2032		150,000		162,938
T-Mobile USA Incorporated		4.00			4-15-2022		50,000		49,188
T-Mobile USA Incorporated		5.13			4-15-2025		25,000		24,813
T-Mobile USA Incorporated		5.38			4-15-2027		150,000		145,875
T-Mobile USA Incorporated		6.00			3-1-2023		25,000		25,550
T-Mobile USA Incorporated		6.38			3-1-2025		145,000		149,169
T-Mobile USA Incorporated		6.50			1-15-2024		5,000		5,150
T-Mobile USA Incorporated		6.50			1-15-2026		100,000		103,750
									883,839

Consumer Discretionary : 3.64%

Auto Components : 0.65%
Allison Transmission Incorporated 144A		4.75			10-1-2027		75,000		67,500
Allison Transmission Incorporated 144A		5.00			10-1-2024		400,000		384,500
Cooper Tire & Rubber Company		7.63			3-15-2027		257,000		274,348
Cooper Tire & Rubber Company		8.00			12-15-2019		15,000		15,563
									741,911


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Distributors : 0.19%
LKQ Corporation		4.75	%		5-15-2023	$	225,000	$	214,313

Diversified Consumer Services : 0.57%
Carriage Services Incorporated 144A		6.63			6-1-2026		50,000		49,438
Service Corporation International		4.63			12-15-2027		50,000		46,625
Service Corporation International		7.50			4-1-2027		425,000		462,188
Service Corporation International		8.00			11-15-2021		85,000		93,075
									651,326

Hotels, Restaurants & Leisure : 0.68%
CCM Merger Incorporated 144A		6.00			3-15-2022		425,000		430,313
Hilton Domestic Operating Company Incorporated 144A		5.13			5-1-2026		50,000		49,000
KFC Holding Company 144A		5.00			6-1-2024		100,000		98,625
Wyndham Hotels & Resorts Company 144A		5.38			4-15-2026		200,000		192,500
									770,438

Specialty Retail : 1.40%
Asbury Automotive Group Incorporated		6.00			12-15-2024		350,000		341,688
Group 1 Automotive Incorporated		5.00			6-1-2022		125,000		121,875
Group 1 Automotive Incorporated 144A		5.25			12-15-2023		120,000		116,100
Lithia Motors Incorporated 144A		5.25			8-1-2025		350,000		328,125
Penske Auto Group Incorporated		3.75			8-15-2020		50,000		49,813
Penske Auto Group Incorporated		5.38			12-1-2024		300,000		284,625
Penske Auto Group Incorporated		5.75			10-1-2022		99,000		99,495
Sonic Automotive Incorporated		5.00			5-15-2023		145,000		132,494
Sonic Automotive Incorporated		6.13			3-15-2027		125,000		110,938
									1,585,153

Textiles, Apparel & Luxury Goods : 0.15%
Wolverine World Wide Incorporated 144A		5.00			9-1-2026		185,000		172,975

Consumer Staples : 0.40%

Beverages : 0.04%
Cott Beverages Incorporated 144A		5.50			4-1-2025		50,000		48,250

Food Products : 0.28%
B&G Foods Incorporated		4.63			6-1-2021		30,000		29,475
B&G Foods Incorporated		5.25			4-1-2025		75,000		70,883
Darling Ingredients Incorporated		5.38			1-15-2022		15,000		15,019
Pilgrim’s Pride Corporation 144A		5.75			3-15-2025		110,000		106,975
Pilgrim’s Pride Corporation 144A		5.88			9-30-2027		25,000		23,625
Prestige Brands Incorporated 144A		6.38			3-1-2024		35,000		34,672
US Foods Incorporated 144A		5.88			6-15-2024		30,000		29,775
									310,424

Household Products : 0.08%
Central Garden & Pet Company		5.13			2-1-2028		25,000		22,625
Central Garden & Pet Company		6.13			11-15-2023		20,000		20,308
Spectrum Brands Incorporated		5.75			7-15-2025		25,000		23,656
Spectrum Brands Incorporated		6.63			11-15-2022		25,000		25,513
									92,102

Energy : 6.78%

Energy Equipment & Services : 2.03%
Bristow Group Incorporated		6.25			10-15-2022		325,000		163,719


Portfolio of investments — November 30, 2018 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Energy Equipment & Services (continued)
Bristow Group Incorporated 144A		8.75	%		3-1-2023	$	75,000	$	62,625
Diamond Offshore Drilling Incorporated		4.88			11-1-2043		150,000		88,500
Era Group Incorporated		7.75			12-15-2022		215,000		212,850
Hilcorp Energy Company 144A		5.00			12-1-2024		150,000		136,125
Hilcorp Energy Company 144A		5.75			10-1-2025		175,000		161,875
Hilcorp Energy Company 144A		6.25			11-1-2028		75,000		70,313
Hornbeck Offshore Services Incorporated		1.50			9-1-2019		350,000		316,973
Hornbeck Offshore Services Incorporated		5.00			3-1-2021		100,000		59,500
Hornbeck Offshore Services Incorporated		5.88			4-1-2020		120,000		80,700
NGPL PipeCo LLC 144A		4.38			8-15-2022		25,000		24,625
NGPL PipeCo LLC 144A		4.88			8-15-2027		50,000		47,750
NGPL PipeCo LLC 144A		7.77			12-15-2037		625,000		718,750
Oceaneering International Incorporated		6.00			2-1-2028		75,000		67,694
USA Compression Partners LP 144A		6.88			4-1-2026		100,000		97,625
									2,309,624

Oil, Gas & Consumable Fuels : 4.75%
Andeavor Logistics LP		5.25			1-15-2025		50,000		50,775
Archrock Partners LP		6.00			10-1-2022		75,000		73,125
Carrizo Oil & Gas Incorporated		8.25			7-15-2025		75,000		76,313
Cheniere Energy Partners LP		5.25			10-1-2025		525,000		511,219
Cheniere Energy Partners LP 144A		5.63			10-1-2026		50,000		48,625
Continental Resources Incorporated		3.80			6-1-2024		100,000		94,428
Continental Resources Incorporated		4.38			1-15-2028		25,000		23,562
DCP Midstream Operating LP		2.70			4-1-2019		75,000		74,625
Denbury Resources Incorporated		6.38			8-15-2021		285,000		245,100
Denbury Resources Incorporated 144A		9.25			3-31-2022		86,000		85,785
Enable Midstream Partner LP		2.40			5-15-2019		275,000		273,308
Enable Oklahoma Intrastate Transmission LLC 144A		6.25			3-15-2020		50,000		51,298
EnLink Midstream Partners LP		4.40			4-1-2024		300,000		286,328
EnLink Midstream Partners LP		4.85			7-15-2026		125,000		114,241
Exterran Partners LP		6.00			4-1-2021		250,000		245,000
Gulfport Energy Corporation		6.00			10-15-2024		75,000		68,625
Kinder Morgan Incorporated		6.50			9-15-2020		45,000		46,953
Kinder Morgan Incorporated		7.42			2-15-2037		90,000		98,743
Murphy Oil Corporation		4.45			12-1-2022		175,000		168,072
Murphy Oil Corporation		5.75			8-15-2025		15,000		14,471
Murphy Oil Corporation		6.88			8-15-2024		50,000		50,942
Nabors Industries Incorporated		0.75			1-15-2024		125,000		83,125
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		325,000		328,250
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		250,000		266,250
Rockies Express Pipeline LLC 144A		7.50			7-15-2038		55,000		62,700
Rose Rock Midstream LP		5.63			7-15-2022		100,000		95,500
Rose Rock Midstream LP		5.63			11-15-2023		100,000		93,000
Sabine Pass Liquefaction LLC		5.63			2-1-2021		125,000		128,651
Sabine Pass Liquefaction LLC		6.25			3-15-2022		100,000		105,314
SemGroup Corporation		6.38			3-15-2025		275,000		258,500
SemGroup Corporation		7.25			3-15-2026		150,000		144,000
Southern Star Central Corporation 144A		5.13			7-15-2022		150,000		147,375
Southwestern Energy Company		7.50			4-1-2026		50,000		50,375
Southwestern Energy Company		7.75			10-1-2027		50,000		50,560
Summit Midstream Holdings LLC		5.75			4-15-2025		25,000		23,625
Tallgrass Energy Partners LP 144A		4.75			10-1-2023		50,000		49,438
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		600,000		601,500
Tesoro Logistics LP		6.38			5-1-2024		25,000		26,156
Ultra Resources Incorporated 144A		7.13			4-15-2025		425,000		174,250
									5,390,107

Financials : 1.86%

Banks : 0.01%
Citigroup Incorporated		4.13			3-9-2021		5,000		4,988


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Citigroup Incorporated		6.13	%		3-9-2028	$	10,000	$	10,275
									15,263

Capital Markets : 0.02%
MSCI Incorporated 144A		5.38			5-15-2027		25,000		24,772

Consumer Finance : 0.78%
Ally Financial Incorporated		8.00			12-31-2018		75,000		75,216
Ally Financial Incorporated		8.00			3-15-2020		203,000		213,067
FirstCash Incorporated 144A		5.38			6-1-2024		125,000		122,813
Navient Corporation		8.00			3-25-2020		175,000		180,688
Springleaf Finance Corporation		6.00			6-1-2020		100,000		101,375
Springleaf Finance Corporation		7.13			3-15-2026		100,000		94,000
Springleaf Finance Corporation		7.75			10-1-2021		25,000		26,156
Springleaf Finance Corporation		8.25			10-1-2023		65,000		68,250
									881,565

Diversified Financial Services : 0.77%
LPL Holdings Incorporated 144A		5.75			9-15-2025		875,000		829,028
Vantiv LLC 144A		4.38			11-15-2025		50,000		46,563
									875,591

Insurance : 0.28%
AmWINS Group Incorporated 144A		7.75			7-1-2026		100,000		99,500
HUB International Limited 144A		7.00			5-1-2026		75,000		71,438
USIS Merger Subordinate Incorporated 144A		6.88			5-1-2025		150,000		142,500
									313,438

Health Care : 3.14%

Health Care Equipment & Supplies : 0.58%
Hill-Rom Holdings Incorporated 144A		5.00			2-15-2025		50,000		48,750
Hill-Rom Holdings Incorporated 144A		5.75			9-1-2023		25,000		25,406
Hologic Incorporated 144A		4.38			10-15-2025		225,000		213,750
Hologic Incorporated 144A		4.63			2-1-2028		25,000		23,391
Kinetics Concepts Incorporated 144A		7.88			2-15-2021		200,000		203,500
Surgery Center Holdings Incorporated 144A		6.75			7-1-2025		50,000		46,313
Surgery Center Holdings Incorporated 144A		8.88			4-15-2021		100,000		101,500
									662,610

Health Care Providers & Services : 2.24%
Acadia Healthcare Company Incorporated		6.50			3-1-2024		20,000		19,600
Centene Corporation 144A		5.38			6-1-2026		75,000		75,469
Centene Corporation		6.13			2-15-2024		25,000		25,998
CHS Incorporated		5.13			8-1-2021		300,000		284,063
Davita Incorporated		5.00			5-1-2025		125,000		117,500
HCA Incorporated		5.88			3-15-2022		25,000		25,981
HCA Incorporated		6.50			2-15-2020		325,000		333,938
HealthSouth Corporation		5.75			9-15-2025		75,000		74,344
Mednax Incorporated 144A		5.25			12-1-2023		50,000		49,375
Mednax Incorporated 144A		6.25			1-15-2027		50,000		49,813
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		325,000		323,781
MPT Operating Partnership LP		5.00			10-15-2027		100,000		95,000
MPT Operating Partnership LP		5.25			8-1-2026		150,000		146,625
MPT Operating Partnership LP		6.38			3-1-2024		10,000		10,350
NVA Holdings Company 144A		6.88			4-1-2026		25,000		23,844
Polaris Intermediate Corporation 144A		8.50			12-1-2022		50,000		49,750


Portfolio of investments — November 30, 2018 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Select Medical Corporation		6.38	%		6-1-2021	$	315,000	$	317,268
Tenet Healthcare Corporation		4.63			7-15-2024		118,000		113,210
Vizient Incorporated 144A		10.38			3-1-2024		350,000		380,625
Wellcare Health Plans Incorporated 144A		5.38			8-15-2026		25,000		24,817
									2,541,351

Health Care Technology : 0.30%
Change Healthcare Holdings Incorporated 144A		5.75			3-1-2025		275,000		265,719
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		75,000		74,531
									340,250

Life Sciences Tools & Services : 0.02%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		25,000		25,000

Industrials : 1.78%

Aerospace & Defense : 0.10%
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		125,000		118,594

Airlines : 0.26%
Aviation Capital Group Corporation 144A		6.75			4-6-2021		100,000		106,364
BBA US Holdings Incorporated 144A		5.38			5-1-2026		200,000		193,500
									299,864

Commercial Services & Supplies : 1.15%
Acco Brands Corporation 144A		5.25			12-15-2024		25,000		23,063
Advanced Disposal Services Incorporated 144A		5.63			11-15-2024		275,000		270,188
Aramark Services Incorporated 144A		5.00			2-1-2028		25,000		23,750
Aramark Services Incorporated		5.13			1-15-2024		60,000		60,300
Covanta Holding Corporation		5.88			3-1-2024		185,000		178,294
Covanta Holding Corporation		5.88			7-1-2025		75,000		70,594
Covanta Holding Corporation		6.00			1-1-2027		125,000		116,250
KAR Auction Services Incorporated 144A		5.13			6-1-2025		550,000		514,250
Waste Pro USA Incorporated 144A		5.50			2-15-2026		50,000		46,000
									1,302,689

Electrical Equipment : 0.07%
Resideo Funding Incorporated 144A		6.13			11-1-2026		75,000		74,719

Machinery : 0.20%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		225,000		222,188

Information Technology : 2.41%

Communications Equipment : 0.06%
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		75,000		69,473

IT Services : 1.05%
Cardtronics Incorporated		5.13			8-1-2022		125,000		128,256
Cardtronics Incorporated 144A		5.50			5-1-2025		200,000		186,500
First Data Corporation 144A		5.00			1-15-2024		125,000		123,275
First Data Corporation 144A		5.38			8-15-2023		25,000		25,156
First Data Corporation 144A		5.75			1-15-2024		200,000		200,750
First Data Corporation 144A		7.00			12-1-2023		225,000		232,875
Gartner Incorporated 144A		5.13			4-1-2025		225,000		221,906
Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13			5-1-2021		75,000		74,813
									1,193,531


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Software : 0.19%
CDK Global Incorporated		4.88	%		6-1-2027	$	25,000	$	23,313
CDK Global Incorporated		5.00			10-15-2024		50,000		49,625
CDK Global Incorporated		5.88			6-15-2026		25,000		24,875
Fair Isaac Corporation 144A		5.25			5-15-2026		25,000		24,656
Infor US Incorporated		6.50			5-15-2022		50,000		49,750
Symantec Corporation 144A		5.00			4-15-2025		50,000		48,405
									220,624

Technology Hardware, Storage & Peripherals : 1.11%
Dell International LLC 144A		5.88			6-15-2021		250,000		253,509
Dell International LLC 144A		7.13			6-15-2024		475,000		497,859
NCR Corporation		5.88			12-15-2021		15,000		14,775
NCR Corporation		6.38			12-15-2023		500,000		493,750
									1,259,893

Materials : 1.21%

Chemicals : 0.04%
Celanese U.S. Holdings LLC		5.88			6-15-2021		20,000		20,884
Valvoline Incorporated		5.50			7-15-2024		25,000		24,813
									45,697

Containers & Packaging : 1.15%
Ball Corporation		4.88			3-15-2026		50,000		49,125
Ball Corporation		5.25			7-1-2025		40,000		40,600
Berry Global Incorporated		5.13			7-15-2023		50,000		49,531
Berry Global Incorporated		6.00			10-15-2022		65,000		65,813
Crown Americas LLC 144A		4.75			2-1-2026		75,000		72,285
Crown Cork & Seal Company Incorporated		7.38			12-15-2026		155,000		165,850
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		150,000		138,563
Flex Acquisition Company Incorporated 144A		7.88			7-15-2026		50,000		47,125
Owens-Brockway Glass Container Incorporated 144A		5.38			1-15-2025		50,000		47,875
Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		50,000		50,000
Owens-Illinois Incorporated 144A		6.38			8-15-2025		375,000		375,000
Sealed Air Corporation 144A		5.13			12-1-2024		100,000		97,500
Silgan Holdings Incorporated		5.50			2-1-2022		100,000		101,010
									1,300,277

Metals & Mining : 0.02%
Novelis Corporation 144A		6.25			8-15-2024		25,000		24,750

Real Estate : 1.70%

Equity REITs : 1.70%
CoreCivic Incorporated		4.63			5-1-2023		35,000		32,419
CoreCivic Incorporated		5.00			10-15-2022		100,000		95,313
Equinix Incorporated		5.75			1-1-2025		125,000		127,163
Equinix Incorporated		5.88			1-15-2026		100,000		101,500
ESH Hospitality Incorporated 144A		5.25			5-1-2025		325,000		310,781
Iron Mountain Incorporated 144A		4.38			6-1-2021		125,000		123,750
Iron Mountain Incorporated 144A		5.25			3-15-2028		50,000		45,252
Iron Mountain Incorporated 144A		5.38			6-1-2026		100,000		92,375
Iron Mountain Incorporated		6.00			8-15-2023		267,000		272,674
MGM Growth Properties LLC		4.50			1-15-2028		50,000		44,125
Sabra Health Care REIT Incorporated		5.38			6-1-2023		75,000		74,906
Sabra Health Care REIT Incorporated		5.50			2-1-2021		130,000		131,625
SBA Communications Corporation		4.88			7-15-2022		75,000		74,625
The Geo Group Incorporated		5.13			4-1-2023		50,000		45,125


Portfolio of investments — November 30, 2018 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
The Geo Group Incorporated		5.88	%		1-15-2022	$	135,000	$	132,403
The Geo Group Incorporated		5.88			10-15-2024		175,000		157,500
The Geo Group Incorporated		6.00			4-15-2026		75,000		66,563
									1,928,099

Utilities : 1.72%

Gas Utilities : 0.06%
AmeriGas Partners LP		5.75			5-20-2027		75,000		67,759

Independent Power & Renewable Electricity Producers : 1.66%
NextEra Energy Operating Partners LP 144A		4.25			9-15-2024		25,000		23,563
NextEra Energy Operating Partners LP 144A		4.50			9-15-2027		200,000		183,500
NSG Holdings LLC 144A		7.75			12-15-2025		397,500		425,325
Pattern Energy Group Incorporated 144A		5.88			2-1-2024		550,000		534,875
TerraForm Power Operating LLC 144A		4.25			1-31-2023		350,000		332,500
TerraForm Power Operating LLC 144A		5.00			1-31-2028		75,000		67,148
TerraForm Global Operating LLC 144A		6.13			3-1-2026		125,000		117,113
TerraForm Power Operating LLC 144A		6.63			6-15-2025		200,000		206,000
									1,890,024

Total Corporate Bonds and Notes (Cost $34,608,908)									33,793,338


Loans : 1.33%

Communication Services : 0.33%

Media : 0.33%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±‡		5.60			10-19-2023		375,449		370,756

Consumer Discretionary : 0.47%

Hotels, Restaurants & Leisure : 0.47%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±		4.59			8-8-2021		45,391		45,187
Montreign Operating Company LLC (3 Month LIBOR +8.25%) ±		10.96			1-24-2023		522,375		488,421
									533,608

Energy : 0.15%

Oil, Gas & Consumable Fuels : 0.15%
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) ±‡		9.09			9-21-2025		75,000		75,188
Ultra Resources Incorporated (3 Month LIBOR +3.00%) ±<		0.00			4-12-2024		100,000		92,125
									167,313

Financials : 0.11%

Diversified Financial Services : 0.11%
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ±‡		10.03			4-30-2023		125,000		125,938

Health Care : 0.12%

Health Care Providers & Services : 0.01%
Press Ganey Holdings Incorporated (1 Month LIBOR +6.50%) ±‡		8.84			10-21-2024		11,236		11,236

Health Care Technology : 0.11%
Emerald Bidco Incorporated (1 Month LIBOR +2.75%) ±‡		5.09			10-23-2023		123,866		122,396


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Industrials : 0.06%

Commercial Services & Supplies : 0.06%
Advantage Sales & Marketing LLC (1 Month LIBOR +6.50%) ±		8.84	%		7-25-2022	$	91,664	$	73,675


Real Estate : 0.05%

Real Estate Management & Development : 0.05%
Capital Automotive LP (1 Month LIBOR +6.00%) ±		8.35			3-24-2025		61,237		61,314


Utilities : 0.04%

Independent Power & Renewable Electricity Producers : 0.04%
Vistra Energy Corporation (1 Month LIBOR +2.25%) ±		4.59			12-14-2023		49,125		48,542


Total Loans (Cost $1,570,069)									1,514,778


	Dividend yield					Shares
Preferred Stocks : 22.52%

Communication Services : 1.17%

Diversified Telecommunication Services : 1.17%
AT&T Incorporated		5.63					56,762		1,325,393

Energy : 0.20%

Oil, Gas & Consumable Fuels : 0.20%
Energy Transfer Partners		2.58					10,000		230,300


Utilities : 21.15%

Electric Utilities : 11.99%
Duke Energy Corporation		5.63					215,000		5,177,200
Georgia Power Company		5.00					50,000		1,050,000
NSTAR Electric Company		4.78					13,830		1,355,478
Southern Company		5.25					211,000		4,521,730
The Connecticut Light & Power Company		5.28					10,500		525,105
Union Electric Company		4.56					10,000		990,000
									13,619,513


Multi-Utilities : 9.16%
CenterPoint Energy Incorporated		7.00					2,000		100,400
CMS Energy Corporation		5.63					165,237		3,772,361
CMS Energy Corporation		5.88					10,328		256,444
DTE Energy Company		5.38					200,000		4,408,000
Integrys Holding Incorporated		6.00					25,000		625,000
NiSource Incorporated %%		0.00					50,000		1,243,000
									10,405,205

Total Preferred Stocks (Cost $27,895,404)									25,580,411


				Expiration date
Rights : 0.02%

Utilities : 0.02%

Independent Power & Renewable Electricity Producers : 0.02%
Vistra Energy Corporation †					12-31-2046		23,978		18,463


Portfolio of investments — November 30, 2018 (unaudited)		Wells Fargo Utilities and High Income Fund


Security name	Interest rate			Maturity date		Principal		Value
Total Rights (Cost $24,970)								$	18,463


Yankee Corporate Bonds and Notes : 2.95%

Energy : 0.78%

Energy Equipment & Services : 0.19%
Ensco plc		5.75	%		10-1-2044	$	355,000		218,325

Oil, Gas & Consumable Fuels : 0.59%
Baytex Energy Corporation 144A		5.13			6-1-2021		125,000		118,750
Baytex Energy Corporation 144A		5.63			6-1-2024		175,000		150,500
Griffin Coal Mining Company Limited 144A(a)†		9.50			12-1-2016		61,991		0
Rockpoint Gas Storage 144A		7.00			3-31-2023		175,000		169,750
Teekay Corporation		8.50			1-15-2020		225,000		224,438
									663,438

Financials : 0.75%

Banks : 0.24%
Intelsat Connect Finance Company 144A		9.50			2-15-2023		50,000		46,750
Nielsen Holding and Finance BV 144A		5.00			2-1-2025		200,000		195,000
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		30,000		30,103
									271,853

Diversified Financial Services : 0.51%
Intelsat Jackson Holdings SA		5.50			8-1-2023		495,000		436,838
Intelsat Jackson Holdings SA 144A		8.50			10-15-2024		150,000		148,515
									585,353

Health Care : 0.62%

Pharmaceuticals : 0.62%
Bausch Health Companies Incorporated 144A		5.50			3-1-2023		200,000		193,250
Bausch Health Companies Incorporated 144A		5.50			11-1-2025		50,000		49,125
Bausch Health Companies Incorporated 144A		5.88			5-15-2023		180,000		174,825
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		200,000		187,740
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		25,000		25,844
Bausch Health Companies Incorporated 144A		7.00			3-15-2024		50,000		52,313
Bausch Health Companies Incorporated 144A		8.50			1-31-2027		25,000		25,875
									708,972

Industrials : 0.56%

Aerospace & Defense : 0.04%
Avolon Holdings Funding Limited 144A		5.13			10-1-2023		50,000		49,813


Commercial Services & Supplies : 0.37%
Ritchie Brothers Auctioneers Incorporated 144A		5.38			1-15-2025		425,000		417,031


Machinery : 0.08%
Sensata Technologies BV 144A		5.00			10-1-2025		20,000		19,250
Sensata Technologies BV 144A		6.25			2-15-2026		74,000		75,342
									94,592

Professional Services : 0.07%
IHS Markit Limited 144A		4.75			2-15-2025		75,000		74,479


Wells Fargo Utilities and High Income Fund		Portfolio of investments — November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Materials : 0.24%

Containers & Packaging : 0.22%
Ardagh Packaging Finance plc 144A		4.63	%		5-15-2023	$	100,000	$	97,250
Ardagh Packaging Finance plc 144A		7.25			5-15-2024		100,000		101,000
OI European Group BV 144A		4.00			3-15-2023		50,000		46,750
									245,000

Metals & Mining : 0.02%
ArcelorMittal SA		6.25			2-25-2022		25,000		26,334

Total Yankee Corporate Bonds and Notes (Cost $3,484,431)									3,355,190


	Yield					Shares

Short-Term Investments : 3.65%

Investment Companies : 3.65%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.13					4,143,986		4,143,986


Total Short-Term Investments (Cost $4,143,986)									4,143,986


Total investments in securities (Cost $122,047,735)		114.60%							130,188,217
Other assets and liabilities, net		(14.60	)						(16,582,990	)


Total net assets		100.00	%					$	113,605,227

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.

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

‡	Security is valued using significant unobservable inputs.

†	Non-income-earning security

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

(a)

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

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

(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:


ADR		American depositary receipt
LIBOR		London Interbank Offered Rate
REIT		Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliates of the Fund at the beginning of the period or the end of the


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		16,883,118		9,776,184		22,515,316		4,143,986	$	4,143,986		3.65	%

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

Notes to Portfolio of investments – November 30, 2018 (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, 2018, 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 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, 2018, the Fund had unfunded loan commitments of $94,250.

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, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	15,779,397	$	0	$	0	$	15,779,397
Utilities		46,002,654		0		0		46,002,654
Corporate bonds and notes		0		33,793,338		0		33,793,338
Loans		0		809,264		705,514		1,514,778
Preferred stocks
Communication services		1,325,393		0		0		1,325,393
Energy		230,300		0		0		230,300
Utilities		20,529,135		3,495,583		0		24,024,718
Rights
Utilities		0		18,463		0		18,463
Yankee corporate bonds and notes		0		3,355,190		0		3,355,190
Short-term investments
Investment companies		4,143,986		0		0		4,143,986

Total assets	$	88,010,865	$	41,471,838	$	705,514	$	130,188,217

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

At November 30, 2018, the Fund had no material transfers into/out of 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, 2019

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, 2019

By:		/s/ Nancy Wiser

		Nancy Wiser
		Treasurer

Date: January 25, 2019