Allspring Multi-Sector Income Fund (ERC) NPORT-P Wells Fargo Multi-Sector Income Fund (Jul 2020 report)

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

		Interest rate			Maturity date		Principal		Value
Agency Securities : 1.07%
FHLMC (5 Year Treasury Constant Maturity +2.06%) ±			3.57	%		9-1-2032	$	555,465	$	558,347
FHLMC			8.50			7-1-2028		19,013		21,797
FHLMC Series 1383 (1 Year Treasury Constant Maturity +2.25%) ±			3.98			2-1-2037		96,908		101,478
FHLMC Series 2012-K17 Class B 144A±±			4.32			12-25-2044		675,000		699,949
FHLMC Series 2012-K18 Class B 144A±±			4.24			1-25-2045		810,000		840,551
FHLMC Series 2013-K30 Class B 144A±±			3.56			6-25-2045		700,000		739,261
FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ±			0.62			12-15-2031		12,779		12,773
FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ±			0.57			2-15-2033		37,472		36,726
FHLMC Series 3987 Class CI (c)			3.50			6-15-2026		3,543,854		116,112
FHLMC Series K016 Class X1 ±±(c)			1.48			10-25-2021		314,938		4,421
FHLMC Series K020 Class X1 ±±(c)			1.36			5-25-2022		5,914,804		118,585
FNMA (6 Month LIBOR +1.64%) ±			3.52			9-1-2037		25,345		25,488
FNMA			6.00			4-1-2033		53,421		55,863
FNMA			7.50			2-1-2030		13,079		13,177
FNMA			7.50			9-1-2030		17,828		17,963
FNMA Series 1997-20 Class IO ±±(c)			1.84			3-25-2027		170,285		3,540
FNMA Series 2001-25 Class Z			6.00			6-25-2031		58,525		66,304
FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ±			0.77			7-25-2031		2,965		2,977
FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ±			0.67			6-25-2031		2,985		3,002
FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ±			0.59			12-18-2032		20,214		20,176
FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ±			0.72			1-25-2033		5,011		5,025
FNMA Series G91-16 Class F (1 Month LIBOR +0.45%) ±			0.62			6-25-2021		154		153
FNMA Series G92-17 Class F (1 Month LIBOR +1.05%) ±			1.22			3-25-2022		3,169		3,167
GNMA			6.50			6-15-2028		15,939		17,638
GNMA Series 2019-H06 Class HI ±±(c)	��		1.71			4-20-2069		6,502,439		327,633
Total Agency Securities (Cost $3,593,831)										3,812,106
Asset-Backed Securities : 0.61%
Asset-Backed Funding Certificates Series 2003-AHL1 Class A1			4.18			3-25-2033		135,236		137,587
Bear Stearns Asset Backed Securities Series 2002-2 Class A1 (1 Month LIBOR +0.66%) ±			0.83			10-25-2032		116,144		114,457
CVS Pass-Through Trust Series T			6.04			12-10-2028		402,881		456,058
Five Guys Funding LLC Series 17-1A Class A2 144A			4.60			7-25-2047		992,500		1,001,098
Mesa Trust Asset Backed Certificates Series 2001-5 Class A (1 Month LIBOR +0.80%) 144A±			0.97			12-25-2031		7,306		7,213
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A			2.41			8-16-2024		170,000		173,006
Saxon Asset Securities Trust Series 2002-1 Class AF5			5.52			12-25-2030		96,872		100,424
Structured Asset Securities Corporation Series 2002-9 Class A2 (1 Month LIBOR +0.60%) ±			0.48			10-25-2027		10,502		10,463
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±			1.39			10-25-2027		184,691		185,450
Total Asset-Backed Securities (Cost $2,187,202)										2,185,756
							Shares
Common Stocks : 1.02%
Energy : 1.02%
Energy Equipment & Services : 1.02%
Bristow Group Incorporated †								227,969		3,649,784
Materials : 0.00%
Chemicals : 0.00%
LyondellBasell Industries NV Class A								9		563
Total Common Stocks (Cost $8,083,132)										3,650,347

1

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes : 67.83%
Communication Services : 10.51%
Diversified Telecommunication Services : 0.62%
Level 3 Financing Incorporated 144A		4.25	%		7-1-2028	$	375,000	$	390,938
Level 3 Financing Incorporated		5.13			5-1-2023		975,000		979,115
Level 3 Financing Incorporated		5.38			1-15-2024		700,000		711,984
Level 3 Financing Incorporated		5.63			2-1-2023		140,000		140,588
									2,222,625
Entertainment : 0.04%
Live Nation Entertainment Incorporated 144A		6.50			5-15-2027		125,000		134,375
Interactive Media & Services : 0.04%
Match Group Incorporated 144A		4.13			8-1-2030		125,000		128,750
Media : 7.95%
Block Communications Incorporated 144A		4.88			3-1-2028		150,000		151,500
CCO Holdings LLC 144A		4.00			3-1-2023		100,000		101,500
CCO Holdings LLC 144A		4.50			8-15-2030		550,000		582,945
CCO Holdings LLC 144A		4.50			5-1-2032		250,000		263,750
CCO Holdings LLC 144A		5.00			2-1-2028		150,000		159,000
CCO Holdings LLC 144A		5.13			5-1-2027		450,000		477,422
CCO Holdings LLC 144A		5.38			5-1-2025		3,550,000		3,660,938
CCO Holdings LLC 144A		5.75			2-15-2026		2,500,000		2,612,500
Charter Communications Operating LLC		5.05			3-30-2029		675,000		820,694
Cinemark Incorporated 144A		8.75			5-1-2025		75,000		77,250
CSC Holdings LLC 144A		4.13			12-1-2030		225,000		237,094
CSC Holdings LLC 144A		4.63			12-1-2030		400,000		420,000
CSC Holdings LLC 144A		5.38			2-1-2028		425,000		460,063
CSC Holdings LLC 144A		5.50			5-15-2026		1,275,000		1,337,156
Diamond Sports Group LLC 144A		5.38			8-15-2026		175,000		134,762
Diamond Sports Group LLC 144A		6.63			8-15-2027		495,000		271,013
DISH Network Corporation		3.38			8-15-2026		1,300,000		1,196,819
Gray Television Incorporated 144A		5.88			7-15-2026		3,000,000		3,103,860
Gray Television Incorporated 144A		7.00			5-15-2027		325,000		355,063
Interpublic Group of Companies		4.00			3-15-2022		750,000		787,540
Lamar Media Corporation 144A		3.75			2-15-2028		800,000		807,000
Lamar Media Corporation 144A		4.00			2-15-2030		800,000		808,000
Lamar Media Corporation		5.75			2-1-2026		100,000		105,030
Nexstar Broadcasting Incorporated 144A		5.63			7-15-2027		2,000,000		2,140,600
Nielsen Finance LLC 144A		5.00			4-15-2022		1,725,000		1,732,590
Outfront Media Capital Corporation 144A		4.63			3-15-2030		675,000		631,125
Outfront Media Capital Corporation 144A		5.00			8-15-2027		25,000		24,478
Outfront Media Capital Corporation		5.63			2-15-2024		20,000		20,200
QVC Incorporated		4.75			2-15-2027		150,000		153,750
Salem Media Group Incorporated 144A		6.75			6-1-2024		2,600,000		2,210,000
Scripps Escrow Incorporated 144A		5.88			7-15-2027		100,000		100,500
The E.W. Scripps Company 144A		5.13			5-15-2025		2,460,000		2,416,950
									28,361,092
Wireless Telecommunication Services : 1.86%
Connect U.S. Finco LLC 144A		6.75			10-1-2026		375,000		384,488
Sprint Capital Corporation		6.88			11-15-2028		175,000		226,923
Sprint Capital Corporation		8.75			3-15-2032		975,000		1,503,938
Sprint Spectrum Company 144A		5.15			9-20-2029		750,000		878,010
T-Mobile USA Incorporated		4.50			2-1-2026		125,000		128,750
T-Mobile USA Incorporated		4.75			2-1-2028		425,000		460,530
T-Mobile USA Incorporated		5.13			4-15-2025		425,000		435,625
T-Mobile USA Incorporated		5.38			4-15-2027		1,500,000		1,636,875

2

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services (continued)
T-Mobile USA Incorporated		6.38	%		3-1-2025	$	975,000	$	1,000,877
									6,656,016
Consumer Discretionary : 8.51%
Auto Components : 1.66%
Allison Transmission Incorporated 144A		4.75			10-1-2027		650,000		679,250
Allison Transmission Incorporated 144A		5.00			10-1-2024		2,250,000		2,293,313
Allison Transmission Incorporated 144A		5.88			6-1-2029		400,000		441,908
Cooper Tire & Rubber Company		7.63			3-15-2027		1,710,000		1,900,238
Goodyear Tire & Rubber Company		8.75			8-15-2020		468,000		468,749
Panther BF Aggregator 2 LP 144A		6.25			5-15-2026		125,000		133,765
									5,917,223
Automobiles : 0.47%
Clarios Global LP 144A		6.75			5-15-2025		50,000		53,750
Ford Motor Company		4.75			1-15-2043		1,500,000		1,372,500
Ford Motor Company		9.00			4-22-2025		100,000		117,813
Ford Motor Company		9.63			4-22-2030		100,000		132,679
									1,676,742
Diversified Consumer Services : 2.05%
Carriage Services Incorporated 144A		6.63			6-1-2026		1,700,000		1,797,767
Service Corporation International		4.63			12-15-2027		650,000		690,625
Service Corporation International		7.50			4-1-2027		3,400,000		3,944,000
Service Corporation International		8.00			11-15-2021		850,000		903,125
									7,335,517
Hotels, Restaurants & Leisure : 1.68%
CCM Merger Incorporated 144A		6.00			3-15-2022		3,698,000		3,624,040
Hilton Domestic Operating Company		4.88			1-15-2030		100,000		105,000
Royal Caribbean Cruises		4.25			6-15-2023		20,000		18,967
Wyndham Hotels & Resorts Company 144A		5.38			4-15-2026		1,875,000		1,912,500
Yum! Brands Incorporated 144A		4.75			1-15-2030		150,000		162,750
Yum! Brands Incorporated 144A		7.75			4-1-2025		150,000		168,375
									5,991,632
Internet & Direct Marketing Retail : 0.21%
Expedia Incorporated		5.95			8-15-2020		750,000		750,600
Multiline Retail : 0.16%
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		600,000		564,012
Specialty Retail : 2.10%
Advance Auto Parts Incorporated		4.50			1-15-2022		600,000		627,884
Asbury Automotive Group Incorporated 144A		4.50			3-1-2028		400,000		410,148
Asbury Automotive Group Incorporated 144A		4.75			3-1-2030		387,000		396,675
Group 1 Automotive Incorporated		5.00			6-1-2022		200,000		198,500
Lithia Motors Incorporated 144A		5.25			8-1-2025		945,000		982,800
Lithia Motors Incorporated 144A		4.63			12-15-2027		150,000		159,420
Penske Auto Group Incorporated		3.75			8-15-2020		540,000		540,000
Penske Auto Group Incorporated		5.38			12-1-2024		2,150,000		2,203,750
Penske Auto Group Incorporated		5.75			10-1-2022		1,155,000		1,168,756
Sonic Automotive Incorporated		6.13			3-15-2027		775,000		802,125
									7,490,058

3

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
Textiles, Apparel & Luxury Goods : 0.18%
The William Carter Company 144A		5.50	%		5-15-2025	$	125,000	$	133,009
The William Carter Company 144A		5.63			3-15-2027		500,000		532,500
									665,509
Consumer Staples : 0.98%
Beverages : 0.20%
Cott Beverages Incorporated 144A		5.50			4-1-2025		675,000		701,156
Food & Staples Retailing : 0.09%
Albertsons Companies Incorporated 144A		4.88			2-15-2030		150,000		162,450
Albertsons Companies LLC 144A		4.63			1-15-2027		150,000		158,625
									321,075
Food Products : 0.68%
Darling Ingredients Incorporated 144A		5.25			4-15-2027		500,000		533,750
Pilgrim’s Pride Corporation 144A		5.75			3-15-2025		1,305,000		1,337,625
Pilgrim’s Pride Corporation 144A		5.88			9-30-2027		150,000		158,625
Prestige Brands Incorporated 144A		5.13			1-15-2028		100,000		104,929
Prestige Brands Incorporated 144A		6.38			3-1-2024		280,000		289,800
									2,424,729
Household Products : 0.01%
Spectrum Brands Incorporated		5.75			7-15-2025		50,000		51,500
Energy : 14.45%
Energy Equipment & Services : 3.12%
Bristow Group Incorporated†(a)		6.25			10-15-2022		3,855,000		0
Diamond Offshore Drilling Incorporated †		4.88			11-1-2043		1,325,000		144,306
Era Group Incorporated		7.75			12-15-2022		2,350,000		2,220,750
Hilcorp Energy Company 144A		5.00			12-1-2024		1,450,000		1,377,471
Hilcorp Energy Company 144A		5.75			10-1-2025		1,875,000		1,777,734
Hilcorp Energy Company 144A		6.25			11-1-2028		350,000		321,563
NGPL PipeCo LLC 144A		4.38			8-15-2022		350,000		362,994
NGPL PipeCo LLC 144A		7.77			12-15-2037		410,000		522,104
Oceaneering International Incorporated		6.00			2-1-2028		1,725,000		1,090,631
Pattern Energy Operations LP 144A		4.50			8-15-2028		2,300,000		2,438,000
USA Compression Partners LP		6.88			4-1-2026		850,000		871,250
									11,126,803
Oil, Gas & Consumable Fuels : 11.33%
Antero Midstream Partners LP 144A		5.75			1-15-2028		1,830,000		1,560,258
Apache Corporation		4.25			1-15-2030		40,000		38,512
Apache Corporation		4.38			10-15-2028		750,000		749,063
Apache Corporation		4.75			4-15-2043		525,000		498,750
Archrock Partners LP 144A		6.25			4-1-2028		150,000		151,500
Archrock Partners LP 144A		6.88			4-1-2027		500,000		511,730
Boardwalk Pipelines LP		4.80			5-3-2029		750,000		815,873
Buckeye Partners LP		5.85			11-15-2043		1,125,000		1,035,000
Callon Petroleum Company		8.25			7-15-2025		1,395,000		418,500
Callon Petroleum Company		6.25			4-15-2023		350,000		113,750
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		900,000		1,017,406
Cheniere Energy Partners LP		4.50			10-1-2029		400,000		423,120
Cheniere Energy Partners LP		5.25			10-1-2025		3,075,000		3,151,875
Cheniere Energy Partners LP		5.63			10-1-2026		300,000		316,875
Denbury Resources Incorporated		6.38			12-31-2024		802,000		110,275
Denbury Resources Incorporated 144A		7.75			2-15-2024		1,123,000		473,300
Denbury Resources Incorporated 144A		9.00			5-15-2021		2,400,000		1,012,488
Denbury Resources Incorporated 144A		9.25			3-31-2022		676,000		285,610

4

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Partners LP		5.20	%		2-1-2022	$	750,000	$	780,753
EnLink Midstream LLC		5.38			6-1-2029		2,225,000		1,778,198
EnLink Midstream Partners LP		4.40			4-1-2024		450,000		386,514
EnLink Midstream Partners LP		5.05			4-1-2045		1,575,000		850,500
EnLink Midstream Partners LP		5.45			6-1-2047		950,000		535,325
EnLink Midstream Partners LP		5.60			4-1-2044		750,000		416,250
Enviva Partners LP 144A		6.50			1-15-2026		1,550,000		1,670,125
EQM Midstream Partners LP 144A		6.00			7-1-2025		75,000		79,550
EQM Midstream Partners LP 144A		6.50			7-1-2027		125,000		137,825
Kinder Morgan Energy Partners LP		3.95			9-1-2022		750,000		793,396
Kinder Morgan Incorporated		6.50			9-15-2020		285,000		286,874
Kinder Morgan Incorporated		7.42			2-15-2037		800,000		967,869
MPLX LP		6.38			5-1-2024		450,000		463,935
Murphy Oil Corporation		4.75			9-15-2029		75,000		79,288
Murphy Oil Corporation		5.75			8-15-2025		185,000		174,126
Murphy Oil Corporation		5.88			12-1-2027		150,000		138,000
Nabors Industries Incorporated		4.63			9-15-2021		78,000		62,416
Occidental Petroleum Corporation		4.63			6-15-2045		1,825,000		1,510,735
Occidental Petroleum Corporation		6.20			3-15-2040		425,000		412,250
Occidental Petroleum Corporation		6.45			9-15-2036		4,000,000		4,000,840
Occidental Petroleum Corporation		6.60			3-15-2046		500,000		488,035
Phillips 66		4.30			4-1-2022		625,000		663,046
Rockies Express Pipeline LLC 144A		3.60			5-15-2025		750,000		727,500
Rockies Express Pipeline LLC 144A		4.80			5-15-2030		750,000		709,680
Rockies Express Pipeline LLC 144A		4.95			7-15-2029		475,000		464,018
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		2,050,000		2,060,250
Rockies Express Pipeline LLC 144A		7.50			7-15-2038		240,000		244,800
Southwestern Energy Company		7.50			4-1-2026		400,000		375,300
Southwestern Energy Company		7.75			10-1-2027		975,000		916,793
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		3,850,000		3,692,420
Ultra Resources Incorporated (3 Month LIBOR +3.00%) ±		6.25			4-12-2024		1,253		868
Ultra Resources Incorporated 144A†		7.13			4-15-2025		2,425,000		6,063
Western Midstream Operating LP		5.05			2-1-2030		600,000		607,578
Western Midstream Operating LP		5.30			3-1-2048		1,000,000		893,310
Western Midstream Operating LP		6.25			2-1-2050		75,000		74,063
Whiting Petroleum Corporation		1.25			4-1-2020		1,833,000		320,775
									40,453,153
Financials : 8.08%
Banks : 1.26%
Bank of America Corporation		5.70			1-24-2022		250,000		269,483
Citigroup Incorporated		4.50			1-14-2022		250,000		264,313
Citigroup Incorporated (U.S. SOFR +3.23%) ±(s)		4.70			1-30-2025		750,000		730,313
Citigroup Incorporated		6.13			3-9-2028		75,000		84,750
City National Bank		5.38			7-15-2022		500,000		537,332
International Finance Corporation		7.50			5-9-2022		4,000,000		823,349
International Finance Corporation		7.50			5-9-2022		5,000,000		1,029,186
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15			12-29-2049		750,000		751,200
									4,489,926
Capital Markets : 0.24%
ACE Securities Corporation (1 Month LIBOR +2.63%) ±		2.80			6-25-2033		49,677		49,679
Goldman Sachs Group Incorporated		5.75			1-24-2022		750,000		807,011
									856,690
Consumer Finance : 2.43%
Discover Financial Services		5.20			4-27-2022		750,000		802,621
FirstCash Incorporated 144A		5.38			6-1-2024		300,000		307,980

5

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Ford Motor Credit Company LLC		4.39	%		1-8-2026	$	1,450,000	$	1,489,411
Ford Motor Credit Company LLC		5.11			5-3-2029		2,175,000		2,319,094
Ford Motor Credit Company LLC		5.13			6-16-2025		225,000		239,866
Springleaf Finance Corporation		5.38			11-15-2029		625,000		659,438
Springleaf Finance Corporation		6.13			3-15-2024		750,000		816,173
Springleaf Finance Corporation		6.63			1-15-2028		100,000		114,596
Springleaf Finance Corporation		7.13			3-15-2026		925,000		1,084,405
Synchrony Financial		5.15			3-19-2029		750,000		856,473
									8,690,057
Diversified Financial Services : 1.43%
Ladder Capital Securities LLC 144A		5.25			10-1-2025		1,350,000		1,242,000
LPL Holdings Incorporated 144A		5.75			9-15-2025		3,700,000		3,848,000
									5,090,000
Insurance : 2.63%
American International Group Incorporated		4.88			6-1-2022		750,000		809,953
AmWINS Group Incorporated 144A		7.75			7-1-2026		1,625,000		1,789,531
Assurant Incorporated		3.70			2-22-2030		750,000		778,815
Athene Holding Limited		4.13			1-12-2028		750,000		807,984
Brighthouse Financial Incorporated		4.70			6-22-2047		850,000		842,705
HUB International Limited 144A		7.00			5-1-2026		550,000		576,125
Liberty Mutual Group Incorporated 144A		4.57			2-1-2029		750,000		913,170
Prudential Financial Incorporated (3 Month LIBOR +2.38%) ±		4.50			9-15-2047		750,000		810,938
Sammons Financial Group Incorporated 144A		4.45			5-12-2027		750,000		819,324
USI Incorporated 144A		6.88			5-1-2025		550,000		563,750
W.R. Berkley Corporation		4.63			3-15-2022		650,000		683,483
									9,395,778
Thrifts & Mortgage Finance : 0.09%
Ladder Capital Finance Holdings LP 144A		5.25			3-15-2022		150,000		147,000
Ladder Capital Finance Holdings LP 144A		4.25			2-1-2027		200,000		169,000
									316,000
Health Care : 6.44%
Health Care Equipment & Supplies : 1.01%
Hill-Rom Holdings Incorporated 144A		4.38			9-15-2027		475,000		502,313
Hill-Rom Holdings Incorporated 144A		5.00			2-15-2025		400,000		414,000
Hologic Incorporated 144A		4.38			10-15-2025		1,925,000		1,973,125
Hologic Incorporated 144A		4.63			2-1-2028		225,000		240,750
Surgery Center Holdings Incorporated 144A		6.75			7-1-2025		500,000		483,750
									3,613,938
Health Care Providers & Services : 4.38%
Centene Corporation 144A		5.38			8-15-2026		125,000		133,750
Cigna Corporation		3.90			2-15-2022		315,000		330,988
CommonSpirit Health AGM Insured		3.82			10-1-2049		750,000		844,994
Community Health Systems Incorporated		6.25			3-31-2023		175,000		176,313
Community Health Systems Incorporated 144A		6.63			2-15-2025		1,925,000		1,944,828
Davita Incorporated 144A		4.63			6-1-2030		600,000		638,430
Encompass Health Corporation		4.50			2-1-2028		150,000		156,750
Encompass Health Corporation		4.75			2-1-2030		175,000		184,909
HCA Incorporated		5.25			6-15-2026		325,000		381,880
HealthSouth Corporation		5.75			9-15-2025		575,000		595,102
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		2,861,000		2,936,101
MPT Operating Partnership LP		4.63			8-1-2029		325,000		343,382
MPT Operating Partnership LP		5.00			10-15-2027		1,100,000		1,179,750
MPT Operating Partnership LP		5.25			8-1-2026		1,575,000		1,653,750

6

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
MPT Operating Partnership LP		6.38	%		3-1-2024	$	110,000	$	113,438
Polaris Intermediate Corporation 144A		8.50			12-1-2022		475,000		483,189
Select Medical Corporation 144A		6.25			8-15-2026		900,000		969,750
Tenet Healthcare Corporation		4.63			7-15-2024		436,000		445,810
Tenet Healthcare Corporation 144A		4.63			6-15-2028		125,000		131,463
Tenet Healthcare Corporation 144A		4.88			1-1-2026		1,025,000		1,072,109
Tenet Healthcare Corporation 144A		5.13			11-1-2027		225,000		239,063
Tenet Healthcare Corporation		7.00			8-1-2025		300,000		309,687
Tenet Healthcare Corporation 144A		7.50			4-1-2025		150,000		165,938
Vizient Incorporated 144A		6.25			5-15-2027		175,000		186,375
									15,617,749
Health Care Technology : 0.82%
Change Healthcare Holdings Incorporated 144A		5.75			3-1-2025		2,375,000		2,428,438
IQVIA Incorporated 144A		5.00			10-15-2026		225,000		237,371
IQVIA Incorporated 144A		5.00			5-15-2027		250,000		266,797
									2,932,606
Life Sciences Tools & Services : 0.11%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		150,000		158,438
Charles River Laboratories Incorporated 144A		4.25			5-1-2028		75,000		79,313
Ortho-Clinical Diagnostics Incorporated 144A		7.25			2-1-2028		150,000		156,938
									394,689
Pharmaceuticals : 0.12%
Bausch Health Companies Incorporated 144A		8.50			1-31-2027		375,000		417,188
Industrials : 6.52%
Aerospace & Defense : 1.45%
L3Harris Technologies Incorporated		4.95			2-15-2021		750,000		758,985
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		1,704,000		1,750,894
Signature Aviation US Holdings Incorporated 144A		4.00			3-1-2028		600,000		567,000
Signature Aviation US Holdings Incorporated 144A		5.38			5-1-2026		2,025,000		2,101,758
									5,178,637
Commercial Services & Supplies : 3.12%
Advanced Disposal Services Incorporated 144A		5.63			11-15-2024		1,750,000		1,815,975
Covanta Holding Corporation		5.88			3-1-2024		1,530,000		1,568,954
Covanta Holding Corporation		5.88			7-1-2025		515,000		533,025
Covanta Holding Corporation		6.00			1-1-2027		575,000		595,125
IAA Spinco Incorporated 144A		5.50			6-15-2027		1,700,000		1,812,625
KAR Auction Services Incorporated 144A		5.13			6-1-2025		4,200,000		4,221,000
Plastipak Holdings Incorporated 144A		6.25			10-15-2025		575,000		574,281
									11,120,985
Industrial Conglomerates : 0.05%
General Electric Capital Corporation		4.65			10-17-2021		187,000		196,129
Machinery : 1.20%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		1,425,000		1,524,750
Trimas Corporation 144A		4.88			10-15-2025		1,997,000		2,042,552
Vertical U.S. Newco Incorporated 144A		5.25			7-15-2027		675,000		715,500
									4,282,802

7

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
Professional Services : 0.15%
Verisk Analytics Incorporated		5.80	%		5-1-2021	$	530,000	$	550,909
Trading Companies & Distributors : 0.55%
Fortress Transportation & Infrastructure Investors LLC 144A		6.50			10-1-2025		1,875,000		1,762,894
Fortress Transportation & Infrastructure Investors LLC 144A		9.75			8-1-2027		180,000		185,850
									1,948,744
Information Technology : 5.49%
Communications Equipment : 0.25%
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		825,000		842,903
CommScope Technologies Finance LLC 144A		8.25			3-1-2027		50,000		53,920
									896,823
Electronic Equipment, Instruments & Components : 0.20%
Keysight Technologies		4.60			4-6-2027		600,000		708,764
IT Services : 1.27%
Cardtronics Incorporated 144A		5.50			5-1-2025		2,850,000		2,857,125
Gartner Incorporated 144A		5.13			4-1-2025		1,525,000		1,576,530
Tempo Acquisition LLC 144A		5.75			6-1-2025		75,000		78,938
									4,512,593
Semiconductors & Semiconductor Equipment : 0.28%
Broadcom Corporation		3.50			1-15-2028		750,000		814,014
Qorvo Incorporated 144A		4.38			10-15-2029		175,000		188,398
									1,002,412
Software : 0.92%
CDK Global Incorporated 144A		5.25			5-15-2029		175,000		191,634
Fair Isaac Corporation 144A		4.00			6-15-2028		100,000		104,600
Fair Isaac Corporation 144A		5.25			5-15-2026		1,000,000		1,125,000
NortonLifeLock Incorporated 144A		5.00			4-15-2025		475,000		487,925
SS&C Technologies Incorporated 144A		5.50			9-30-2027		500,000		537,500
VMware Incorporated		3.90			8-21-2027		750,000		825,908
									3,272,567
Technology Hardware, Storage & Peripherals : 2.57%
Dell International LLC 144A		7.13			6-15-2024		3,200,000		3,322,272
Diamond 1 Finance Corporation 144A		6.02			6-15-2026		750,000		879,260
Hewlett-Packard Company		4.05			9-15-2022		750,000		801,645
NCR Corporation		6.38			12-15-2023		3,900,000		4,017,000
NCR Corporation 144A		8.13			4-15-2025		150,000		166,455
									9,186,632
Materials : 2.31%
Chemicals : 0.09%
Valvoline Incorporated 144A		4.25			2-15-2030		175,000		183,969
Valvoline Incorporated 144A		4.38			8-15-2025		125,000		129,219
									313,188
Containers & Packaging : 1.87%
Ball Corporation		5.00			3-15-2022		25,000		26,188
Ball Corporation		5.25			7-1-2025		190,000		216,600
Berry Global Incorporated 144A		4.88			7-15-2026		500,000		528,125

8

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Containers & Packaging (continued)
Berry Global Incorporated		5.13	%		7-15-2023	$	300,000	$	304,125
Berry Global Incorporated 144A		5.63			7-15-2027		175,000		187,250
Berry Global Incorporated		6.00			10-15-2022		107,000		107,535
Crown Americas Capital Corporation V		4.25			9-30-2026		100,000		106,038
Crown Americas Capital Corporation VI		4.75			2-1-2026		975,000		1,017,393
Crown Cork & Seal Company Incorporated		7.38			12-15-2026		750,000		885,000
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		900,000		913,500
Flex Acquisition Company Incorporated 144A		7.88			7-15-2026		275,000		285,090
Owens-Brockway Packaging Incorporated 144A		5.88			8-15-2023		325,000		343,103
Owens-Brockway Packaging Incorporated 144A		6.38			8-15-2025		600,000		642,000
Sealed Air Corporation 144A		5.25			4-1-2023		325,000		345,313
Silgan Holdings Incorporated		4.13			2-1-2028		750,000		768,750
									6,676,010
Metals & Mining : 0.25%
Indalex Holdings Corporation †(a)		11.50			2-1-2021		2,990,596		0
Kaiser Aluminum Corporation 144A		4.63			3-1-2028		300,000		298,650
Kaiser Aluminum Corporation 144A		6.50			5-1-2025		175,000		185,500
Novelis Corporation 144A		5.88			9-30-2026		400,000		426,764
									910,914
Paper & Forest Products : 0.10%
Clearwater Paper Corporation 144A		5.38			2-1-2025				358,813
Real Estate : 1.61%
Equity REITs : 1.61%
CoreCivic Incorporated		5.00			10-15-2022		575,000		564,219
Iron Mountain Incorporated 144A		5.38			6-1-2026		150,000		155,250
Omega HealthCare Investors Incorporated		4.50			4-1-2027		600,000		636,297
SBA Communications Corporation 144A		3.88			2-15-2027		300,000		310,500
SBA Communications Corporation		4.00			10-1-2022		225,000		228,038
Service Properties Trust Company		3.95			1-15-2028		385,000		319,165
Service Properties Trust Company		4.75			10-1-2026		200,000		176,000
Service Properties Trust Company		4.95			2-15-2027		625,000		565,813
Service Properties Trust Company		7.50			9-15-2025		75,000		79,518
SITE Centers Corporation		4.70			6-1-2027		600,000		638,968
The Geo Group Incorporated		5.13			4-1-2023		800,000		682,000
The Geo Group Incorporated		5.88			1-15-2022		600,000		570,000
The Geo Group Incorporated		5.88			10-15-2024		840,000		665,700
The Geo Group Incorporated		6.00			4-15-2026		184,000		141,910
									5,733,378
Utilities : 2.93%
Electric Utilities : 0.94%
Evergy Incorporated		4.85			6-1-2021		750,000		769,309
NextEra Energy Operating Partners LP 144A		4.25			7-15-2024		775,000		825,375
NextEra Energy Operating Partners LP 144A		4.25			9-15-2024		175,000		186,375
NextEra Energy Operating Partners LP 144A		4.50			9-15-2027		1,250,000		1,359,375
PG&E Corporation		5.00			7-1-2028		100,000		102,895
PG&E Corporation		5.25			7-1-2030		100,000		104,000
									3,347,329

9

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
Independent Power & Renewable Electricity Producers : 1.77%
NSG Holdings LLC 144A		7.75	%		12-15-2025	$	2,566,157	$	2,598,234
TerraForm Power Operating LLC 144A		4.25			1-31-2023		2,025,000		2,122,808
TerraForm Power Operating LLC 144A		4.75			1-15-2030		800,000		868,000
TerraForm Power Operating LLC 144A		5.00			1-31-2028		675,000		744,188
									6,333,230
Multi-Utilities : 0.22%
CMS Energy Corporation		5.05			3-15-2022		750,000		793,411
Total Corporate Bonds and Notes (Cost $241,740,304)									242,110,958
Foreign Corporate Bonds and Notes : 4.22%
Financials : 4.22%
Banks : 4.22%
European Investment Bank		7.25			6-28-2021	BRL	9,000,000		1,803,007
European Investment Bank		8.00			5-5-2027	ZAR	21,000,000		1,356,531
European Investment Bank		8.38			7-29-2022	ZAR	40,000,000		2,514,603
European Investment Bank		8.75			8-18-2025	ZAR	20,000,000		1,334,406
European Investment Bank		9.00			3-31-2021	ZAR	17,400,000		1,047,537
International Bank for Reconstruction & Development		7.00			6-7-2023	ZAR	15,000,000		927,990
International Bank for Reconstruction & Development		7.50			6-9-2021	BRL	5,000,000		997,623
International Bank for Reconstruction & Development		8.25			6-22-2023	BRL	9,000,000		1,912,126
KfW		7.50			11-10-2022	ZAR	36,000,000		2,258,082
Landwirtschaftliche Rentenbank		8.25			5-23-2022	ZAR	15,000,000		923,320
Total Foreign Corporate Bonds and Notes (Cost $18,831,826)									15,075,225
Foreign Government Bonds : 26.12%
Colombia		7.50			8-26-2026	COP	22,725,000,000		7,040,038
India		7.32			1-28-2024	INR	710,000,000		10,270,503
Indonesia		7.50			8-15-2032	IDR	57,000,000,000		3,961,500
Indonesia		8.25			5-15-2029	IDR	58,615,000,000		4,373,643
Indonesia		8.38			9-15-2026	IDR	110,000,000,000		8,282,397
Malaysia		4.18			7-15-2024	MYR	19,850,000		5,059,168
Malaysia		4.23			6-30-2031	MYR	36,300,000		9,745,144
Mexico		5.75			3-5-2026	MXN	117,000,000		5,400,348
Mexico		8.50			5-31-2029	MXN	200,000,000		10,725,949
Republic of Trinidad and Tobago 144A		4.50			8-4-2026	TTD	750,000		766,875
Romania		3.25			4-29-2024	RON	46,000,000		11,058,031
Romania		5.00			2-12-2029	RON	20,000,000		5,213,271
Russia		6.50			2-28-2024	RUB	390,000,000		5,543,654
Russia		6.90			5-23-2029	RUB	400,000,000		5,807,060
Total Foreign Government Bonds (Cost $94,329,860)									93,247,581
Loans : 17.86%
Communication Services : 3.35%
Diversified Telecommunication Services : 0.30%
Level 3 Financing Incorporated (1 Month LIBOR +1.75%) ±		1.91			3-1-2027	$	374,717		362,618
Telesat Canada (1 Month LIBOR +2.75%) ±		2.92			12-7-2026		746,250		720,445
									1,083,063
Interactive Media & Services : 0.07%
Buzz Merger Sub Limited (1 Month LIBOR +2.75%) ±‡		2.91			1-29-2027		274,313		266,083

10

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Media : 2.74%
Ancestry.com Incorporated (1 Month LIBOR +4.25%) ±		4.41	%		8-27-2026	$	3,237,428	$	3,127,485
Block Communications Incorporated (3 Month LIBOR +2.25%) ±		2.56			2-25-2027		598,500		580,048
CSC Holdings LLC (1 Month LIBOR +2.25%) ±		2.42			1-15-2026		492,500		474,647
CSC Holdings LLC (1 Month LIBOR +2.25%) ±		2.42			7-17-2025		760,463		733,375
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		2.67			4-15-2027		147,384		142,288
Gray Television Incorporated (1 Month LIBOR +2.50%) ±		2.67			1-2-2026		488,545		475,447
Hubbard Radio LLC (6 Month LIBOR +4.25%) ±		5.25			3-28-2025		1,406,490		1,312,719
Montreign Operating Company LLC (1 Month LIBOR +2.25%) ±‡		2.42			3-22-2021		1,445,025		1,314,973
Nexstar Broadcasting Incorporated (1 Month LIBOR +2.75%) ±		2.92			9-18-2026		1,200,781		1,167,015
Nielsen Finance LLC (1 Month LIBOR +2.00%) ±		2.18			10-4-2023		457,265		443,442
									9,771,439
Wireless Telecommunication Services : 0.24%
Inmarsat plc (1 Month LIBOR +4.50%) ±		5.50			12-11-2026		872,813		848,810
Consumer Discretionary : 1.53%
Auto Components : 0.43%
Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±		1.93			3-29-2026		1,025,882		1,022,589
Belron Finance US LLC (3 Month LIBOR +2.50%) ±‡		2.97			11-7-2024		292,500		285,919
Panther BF Aggregator 2 LP (1 Month LIBOR +3.50%) ±		3.67			4-30-2026		223,313		217,683
									1,526,191
Distributors : 0.65%
Spin Holdco Incorporated (3 Month LIBOR +3.25%) ±		4.25			11-14-2022		2,397,976		2,323,039
Hotels, Restaurants & Leisure : 0.37%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±		3.00			8-8-2021		493,935		483,192
Four Seasons Holdings Incorporated (1 Month LIBOR +2.00%) ±		2.16			11-30-2023		878,787		845,990
									1,329,182
Specialty Retail : 0.08%
Rent-A-Center Incorporated (1 Month LIBOR +4.50%) ±‡		4.69			8-5-2026		297,750		291,051
Consumer Staples : 0.58%
Food Products : 0.54%
Atkins Nutritionals Holdings II Incorporated (1 Month LIBOR +3.75%) ±‡		4.75			7-7-2024		218,135		217,590
B&G Foods Incorporated (1 Month LIBOR +2.50%) ±		2.66			10-10-2026		297,750		293,284
CHG PPC Parent LLC (1 Month LIBOR +2.75%) ±‡		2.91			3-31-2025		122,500		118,519
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		2.16			1-26-2024		1,316,616		1,297,104
									1,926,497
Household Products : 0.04%
Reynolds Consumer Products LLC (1 Month LIBOR +1.75%) ±		1.91			2-4-2027		149,625		146,516
Energy : 1.08%
Oil, Gas & Consumable Fuels : 1.08%
Apergy Corporation (3 Month LIBOR +5.00%) ±‡		6.00			5-28-2027		570,000		561,450
Buckeye Partners LP (1 Month LIBOR +2.75%) ±		2.92			11-1-2026		149,625		146,025
Crestwood Holdings LLC (1 Month LIBOR +7.50%) ±		7.69			3-6-2023		1,825,000		1,182,837
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) ±		7.75			10-29-2025		600,000		411,000

11

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
EPIC Crude Services LP (3 Month LIBOR +5.00%) ±<		5.37	%		3-2-2026	$	2,000,000	$	1,558,340
									3,859,652
Financials : 4.38%
Capital Markets : 1.30%
Focus Financial Partners LLC (1 Month LIBOR +2.00%) ±		2.16			7-3-2024		738,952		717,249
Nexus Buyer LLC (1 Month LIBOR +3.75%) ±		3.92			11-9-2026		696,500		689,883
Russell Investments US Institutional Holdco Incorporated (6 Month LIBOR +2.75%) ±		3.82			6-1-2023		521,259		512,627
VFH Parent LLC (1 Month LIBOR +3.00%) ±		3.18			3-1-2026		772,331		764,368
Victory Capital Management Incorporated (3 Month LIBOR +2.50%) ±		2.80			7-1-2026		1,988,537		1,950,417
									4,634,544
Consumer Finance : 0.18%
TransUnion LLC (1 Month LIBOR +1.75%) ±		1.91			11-16-2026		662,761		644,535
Diversified Financial Services : 1.49%
LPL Holdings Incorporated (1 Month LIBOR +1.75%) ±‡		1.92			11-12-2026		764,490		747,289
Resolute Investment Managers Incorporated (3 Month LIBOR +3.25%) ±‡		4.25			4-30-2022		2,387,542		2,351,729
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ±‡		8.50			4-30-2023		1,090,000		1,002,800
Stonepeak Lonestar Holdings LLC (3 Month LIBOR +4.50%) ±		4.77			10-19-2026		1,220,090		1,199,751
									5,301,569
Insurance : 1.34%
AmWINS Group Incorporated (1 Month LIBOR +2.75%) ±		3.75			1-25-2024		872,558		859,967
BroadStreet Partners Incorporated (1 Month LIBOR +3.25%) ±		3.41			1-27-2027		497,343		481,180
HUB International Limited (2 Month LIBOR +3.00%) ±		3.26			4-25-2025		1,225,000		1,188,079
HUB International Limited (3 Month LIBOR +4.00%) ±		5.00			4-25-2025		696,500		696,751
Solera Holdings Incorporated (1 Month LIBOR +2.75%) ±		2.91			3-3-2023		1,063,544		1,043,900
USI Incorporated (3 Month LIBOR +3.00%) ±		3.31			5-16-2024		292,117		281,954
USI Incorporated (3 Month LIBOR +4.00%) ±		4.31			12-2-2026		223,875		220,573
									4,772,404
Mortgage REITs : 0.07%
Blackstone Mortgage Trust Incorporated (1 Month LIBOR +2.25%) ±‡		2.41			4-23-2026		148,503		141,078
Starwood Property Trust Incorporated (1 Month LIBOR +2.50%) ±‡		2.66			7-27-2026		124,063		118,403
									259,481
Health Care : 1.06%
Health Care Providers & Services : 0.35%
MPH Acquisition Holdings LLC (3 Month LIBOR +2.75%) ±		3.75			6-7-2023		429,539		422,469
Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%) ±		4.25			9-3-2024		512,959		483,305
Team Health Holdings Incorporated (1 Month LIBOR +2.75%) ±		3.75			2-6-2024		433,916		342,794
									1,248,568
Health Care Technology : 0.14%
Change Healthcare Holdings Incorporated (3 Month LIBOR +2.50%) ±		3.50			3-1-2024		499,580		488,060

12

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Life Sciences Tools & Services : 0.07%
Syneos Health Incorporated (1 Month LIBOR +1.75%) ±		1.91	%		8-1-2024	$	236,183	$	229,934
Pharmaceuticals : 0.50%
Endo Finance LLC (3 Month LIBOR +4.25%) ±		5.00			4-29-2024		287,787		274,739
Valeant Pharmaceuticals International Incorporated (1 Month LIBOR +3.00%) ±		3.18			6-2-2025		1,545,466		1,518,667
									1,793,406
Industrials : 2.44%
Aerospace & Defense : 0.30%
TransDigm Incorporated (1 Month LIBOR +2.25%) ±		2.41			8-22-2024		1,156,172		1,080,200
Commercial Services & Supplies : 1.13%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		3.00			11-10-2023		1,113,514		1,105,865
IAA Spinco Incorporated (1 Month LIBOR +2.25%) ±‡		2.44			6-28-2026		943,313		924,446
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±‡		2.44			9-19-2026		39,798		38,305
NorthRiver Midstream Finance LP (3 Month LIBOR +3.25%) ±		3.55			10-1-2025		929,011		886,630
WASH Multifamily Laundry Systems LLC (1 Month LIBOR +3.25%) ±‡		4.25			5-14-2022		946,251		906,035
WASH Multifamily Laundry Systems LLC (1 Month LIBOR +3.25%) ±‡		4.25			5-14-2022		165,716		158,673
									4,019,954
Construction Materials : 0.12%
American Builders & Contractors Supply Company Incorporated (1 Month LIBOR +2.00%) ±		2.16			1-15-2027		446,625		432,949
Electrical Equipment : 0.11%
Generac Power Systems Incorporated (1 Month LIBOR +1.75%) ±		1.92			12-13-2026		402,045		396,770
Machinery : 0.70%
Altra Industrial Motion Corporation (1 Month LIBOR +2.00%) ±‡		2.16			10-1-2025		604,086		584,453
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		3.50			1-31-2024		687,554		670,365
Gates Global LLC (1 Month LIBOR +2.75%) ±		3.75			4-1-2024		592,485		577,922
Restaurant Technologies Incorporated (1 Month LIBOR +3.25%) ±‡		3.41			10-1-2025		123,125		117,892
Vertical U.S. Newco Incorporated (1 Month LIBOR +4.25%) ±<		4.57			7-1-2027		550,000		541,981
									2,492,613
Professional Services : 0.08%
The Dun & Bradstreet Corporation (1 Month LIBOR +3.75%) ±		3.92			2-6-2026		274,313		272,656
Information Technology : 1.69%
Communications Equipment : 0.21%
Ciena Corporation (1 Month LIBOR +1.75%) ±		1.94			9-26-2025		271,569		268,854
CommScope Incorporated (1 Month LIBOR +3.25%) ±		3.41			4-6-2026		496,250		485,084
									753,938
Electronic Equipment, Instruments & Components : 0.59%
Dell International LLC (1 Month LIBOR +2.00%) ±		2.75			9-19-2025		2,131,617		2,100,303

13

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
IT Services : 0.55%
Applied Systems Incorporated (3 Month LIBOR +3.25%) ±		4.25	%		9-19-2024	$	389,847	$	385,948
Fiserv Investment Solutions Incorporated (3 Month LIBOR +4.75%) ±		5.14			2-18-2027		275,000		270,188
Flexential Intermediate Corporation (3 Month LIBOR +7.25%) ±		7.59			8-1-2025		1,425,000		629,679
Peak 10 Holding Corporation (3 Month LIBOR +3.50%) ±		3.81			8-1-2024		229,410		184,389
Sophia Holding Finance LP (3 Month LIBOR +3.25%) ±		4.25			9-30-2022		131,709		130,689
WEX Incorporated (1 Month LIBOR +2.25%) ±		2.41			5-15-2026		393,987		379,847
									1,980,740
Software : 0.34%
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ±		3.76			7-24-2026		992,500		974,307
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±		1.91			4-16-2025		142,431		137,802
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±		1.91			4-16-2025		100,068		96,815
									1,208,924
Materials : 1.26%
Containers & Packaging : 1.21%
Berry Global Incorporated (1 Month LIBOR +2.00%) ±		2.19			10-1-2022		387,258		379,609
Flex Acquisition Company Incorporated (3 Month LIBOR +3.25%) ±		3.55			6-29-2025		733,889		696,849
Graham Packaging Company Incorporated (1 Month LIBOR +3.75%) ±<		4.50			8-6-2027		550,000		548,328
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		2.91			2-5-2023		2,406,421		2,354,876
RING Container Technologies (1 Month LIBOR +2.75%) ±		2.91			10-31-2024		364,214		352,377
									4,332,039
Paper & Forest Products : 0.05%
Clearwater Paper Corporation (3 Month LIBOR +3.25%) ±‡		4.25			7-26-2026		159,500		158,703
Real Estate : 0.49%
Equity REITs : 0.49%
The Geo Group Incorporated (1 Month LIBOR +2.00%) ±		2.75			3-22-2024		1,916,619		1,758,805
Total Loans (Cost $65,993,809)									63,732,618
Non-Agency Mortgage-Backed Securities : 5.03%
American Money Management Corporation Series 2015-16A Class AR (3 Month LIBOR +1.26%) 144A±		1.53			4-14-2029		500,000		496,467
Banc of America Commercial Mortgage Securities Incorporated Series 2006-03 Class AM ±±		5.66			7-10-2044		519,101		131,654
Banc of America Funding Corporation Series 2005 Class 5-1A1		5.50			9-25-2035		143,007		152,910
Banc of America Funding Corporation Series 2005 Class D-A1 ±±		3.91			5-25-2035		220,907		220,042
Banc of America Merrill Lynch Commercial Mortgage Incorporated Series 2017-BNK6 Class D 144A		3.10			7-15-2060		1,000,000		730,482
Banc of America Mortgage Securities Series 2003 Class 1A1 ±±		3.87			4-25-2033		253,850		238,226
Benchmark Mortgage Trust Series 2018-B1 Class A2		3.57			1-15-2051		195,000		202,678
Bluemountain CLO Limited Series 2015-2A Class A1R (3 Month LIBOR +0.93%) 144A±		1.20			7-18-2027		494,145		489,678
Centex Home Equity Series 2002-A Class AF6		5.54			1-25-2032		16,174		16,640
Centex Home Equity Series 2004-B Class AF6		4.69			3-25-2034		18,307		18,382
Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±±		4.88			9-10-2045		1,000,000		930,235
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		1.27			7-15-2030		394,694		375,478
Commercial Mortgage Trust Series 2012-CR2 Class C ±±		4.83			8-15-2045		1,000,000		950,777

14

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Commercial Mortgage Trust Series 2012-CR4 Class B 144A		3.70	%		10-15-2045	$	1,000,000	$	638,237
Commercial Mortgage Trust Series 2012-CR5 Class E 144A±±		4.32			12-10-2045		1,000,000		656,298
Commercial Mortgage Trust Series 2012-LC4 Class A4		3.29			12-10-2044		191,931		194,983
Commercial Mortgage Trust Series 2012-LC4 Class AM		4.06			12-10-2044		500,000		514,256
Commercial Mortgage Trust Series 2012-LC4 Class C ±±		5.54			12-10-2044		500,000		373,791
Commercial Mortgage Trust Series 2013-LC13 Class D 144A±±		5.29			8-10-2046		1,103,000		977,605
Countrywide Home Loans Series 2003-48 Class 2A2 ±±		4.22			10-25-2033		34,486		34,553
Credit Suisse First Boston Mortgage Securities Series 2002-AR25 Class 1A1 ±±		2.76			9-25-2032		282,222		266,225
Credit Suisse First Boston Mortgage Securities Series 2003-AR15 Class 3A1 ±±		3.49			6-25-2033		54,121		52,861
Credit Suisse First Boston Mortgage Securities Series 2003-AR9 Class 2A2 ±±		3.73			3-25-2033		11,874		11,467
Credit Suisse First Boston Mortgage Securities Series 2014-USA Class D 144A		4.37			9-15-2037		750,000		582,751
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		1.19			12-31-2027		268,355		266,558
Global Mortgage Securitization Limited Series 2004-A Class A2 (1 Month LIBOR +0.32%) 144A±		0.49			11-25-2032		51,831		48,571
Goldman Sachs Mortgage Securities Trust Series 2010-C1 Class X 144A±±(c)		1.10			8-10-2043		1,982,383		21,236
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class XA ±±(c)		2.16			5-10-2045		2,649,973		45,957
Goldman Sachs Mortgage Securities Trust Series 2019-GSA1 Class C ±±		3.81			11-10-2052		1,000,000		912,035
Goldman Sachs Mortgage Securities Trust Series 2020-DUNE Class D (1 Month LIBOR +1.90%) 144A±		2.07			12-15-2036		1,000,000		873,089
GSAA Home Equity Trust Series 2004-5 Class AF5		4.28			6-25-2034		240		238
GSMPS Mortgage Loan Trust Series 2006-1 Class A1 (1 Month LIBOR +0.30%) 144A±		0.47			3-25-2035		4,879		4,863
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6 Class E 144A±±		5.15			5-15-2045		520,000		314,686
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C17 Class B ±±		4.89			1-15-2047		50,000		53,160
JPMorgan Mortgage Trust Series 2004-A3 Class 2A1 ±±		3.85			7-25-2034		12,765		12,675
JPMorgan Mortgage Trust Series 2004-A3 Class 3A3 ±±		2.85			7-25-2034		27,898		26,665
JPMorgan Mortgage Trust Series 2005-A3 Class 11A2 ±±		4.02			6-25-2035		91,832		91,496
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 3A1 ±±		3.80			12-25-2033		143,780		147,868
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 4A2 ±±		3.93			1-25-2034		5,694		5,825
MASTR Adjustable Rate Mortgage Trust Series 2004-13 Class 3A7 ±±		3.59			11-21-2034		6,700		6,742
MASTR Alternative Loans Trust Series 2005-1 Class 5A1		5.50			3-25-2036		463		444
Mid-State Trust Series 11 Class A1		4.86			7-15-2038		144,235		154,253
MLCC Mortgage Investors Incorporated Series 2003-G Class A2 (6 Month LIBOR +0.68%) ±		1.26			1-25-2029		42,431		41,991
Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR +1.00%) ±		1.19			5-20-2030		287,385		284,548
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class XA 144A±±(c)		1.42			8-15-2045		3,743,773		78,915
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class D 144A±±		4.08			7-15-2046		1,000,000		702,762
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±±		4.15			8-15-2046		569,000		612,880
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 Class D 144A±±		4.24			2-15-2046		692,000		422,070
Morgan Stanley Capital I Trust Series 2012-C4 Class C 144A±±		5.42			3-15-2045		900,000		782,489
Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±±		6.39			9-25-2034		24,140		26,637
New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR +0.93%) ±		1.10			11-25-2034		977,393		934,274

15

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Palmer Square Loan Funding Limited Series 2019-2A Class A1 (3 Month LIBOR +0.97%) 144A±		1.24	%		4-20-2027	$	305,148	$	302,928
Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR +0.76%) ±		0.95			4-20-2033		6,983		6,784
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±±		4.39			1-5-2043		1,000,000		737,038
Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±±		3.67			3-25-2034		27,329		25,813
Terwin Mortgage Trust Series 2003-6HE Class A3 (1 Month LIBOR +1.14%) ±		1.31			11-25-2033		151,665		146,095
Vendee Mortgage Trust Series 2003-2 Class IO ±±(c)		0.65			5-15-2033		2,348,179		46,670
Washington Mutual Mortgage Trust Series 2004-RA4 Class 3A		7.50			7-25-2034		69,171		74,283
Wind River CLO Limited Series 2013-2A Class BR (3 Month LIBOR +1.60%) 144A±		1.87			10-18-2030		500,000		477,748
Total Non-Agency Mortgage-Backed Securities (Cost $21,129,907)									17,946,962
				Expiration date		Shares
Rights : 0.06%
Utilities : 0.06%
Independent Power & Renewable Electricity Producers : 0.06%
Vistra Energy Corporation †					12-31-2046		327,375		229,163
Total Rights (Cost $339,487)									229,163
				Maturity date		Principal
Yankee Corporate Bonds and Notes : 8.77%
Communication Services : 0.54%
Diversified Telecommunication Services : 0.14%
Intelsat Connect Finance Company 144A†		9.50			2-15-2023	$	400,000		116,000
Intelsat Luxembourg SA †		8.13			6-1-2023		1,050,000		52,500
Telesat Canada Incorporated 144A		6.50			10-15-2027		325,000		334,035
									502,535
Media : 0.40%
Nielsen Holding and Finance BV 144A		5.00			2-1-2025		875,000		897,986
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		316,000		317,185
Virgin Media Finance plc 144A		5.00			7-15-2030		200,000		208,968
									1,424,139
Consumer Staples : 0.23%
Beverages : 0.23%
Pernod Ricard SA 144A		4.45			1-15-2022		760,000		801,588
Energy : 0.88%
Oil, Gas & Consumable Fuels : 0.88%
Baytex Energy Corporation 144A		5.63			6-1-2024		1,575,000		960,750
Baytex Energy Corporation 144A		8.75			4-1-2027		2,500,000		1,293,750
Cenovus Energy Incorporated		5.38			7-15-2025		105,000		105,135
Griffin Coal Mining Company Limited 144A†(a)		9.50			12-1-2016		1,110,230		0
Griffin Coal Mining Company Limited †(a)		9.50			12-1-2016		90,767		0
Husky Energy Incorporated		4.40			4-15-2029		750,000		788,351
									3,147,986

16

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Financials : 2.96%
Banks : 0.94%
ABN AMRO Bank NV 144A		4.80	%		4-18-2026	$	750,000	$	851,003
Banco del Estado de Chile 144A		3.88			2-8-2022		650,000		674,375
Corporación Andina de Fomento		4.38			6-15-2022		958,000		1,008,400
Perrigo Finance Unlimited Company		4.38			3-15-2026		750,000		833,966
									3,367,744
Diversified Financial Services : 1.44%
Intelsat Jackson Holdings SA †		5.50			8-1-2023		4,725,000		2,959,031
Intelsat Jackson Holdings SA 144A†		8.50			10-15-2024		1,700,000		1,122,000
Sensata Technologies UK Financing Company plc 144A		6.25			2-15-2026		800,000		842,080
Tyco Electronics Group SA		3.50			2-3-2022		225,000		233,853
									5,156,964
Insurance : 0.58%
Allied World Assurance Company Holdings Limited		4.35			10-29-2025		385,000		403,920
Fairfax Financials Holdings Limited		4.85			4-17-2028		750,000		831,680
Sompo International Holdings Limited		7.00			7-15-2034		575,000		821,242
									2,056,842
Health Care : 2.18%
Pharmaceuticals : 2.18%
Bausch Health Companies Incorporated 144A		5.00			1-30-2028		250,000		251,245
Bausch Health Companies Incorporated 144A		5.50			3-1-2023		683,000		683,000
Bausch Health Companies Incorporated 144A		5.50			11-1-2025		375,000		389,141
Bausch Health Companies Incorporated 144A		5.88			5-15-2023		103,000		103,000
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		1,940,000		2,003,008
Bausch Health Companies Incorporated 144A		6.25			2-15-2029		950,000		1,009,185
Bausch Health Companies Incorporated 144A		7.00			3-15-2024		575,000		600,864
Bausch Health Companies Incorporated 144A		7.00			1-15-2028		100,000		108,750
Bausch Health Companies Incorporated 144A		7.25			5-30-2029		50,000		55,000
Teva Pharmaceutical Finance Netherlands III BV		4.10			10-1-2046		750,000		639,893
Teva Pharmaceutical Finance Netherlands III BV		6.75			3-1-2028		1,750,000		1,942,500
									7,785,586
Industrials : 1.06%
Commercial Services & Supplies : 0.68%
Ritchie Brothers Auctioneers Incorporated 144A		5.38			1-15-2025		2,350,000		2,431,757
Electrical Equipment : 0.08%
Sensata Technologies BV 144A		5.00			10-1-2025		260,000		280,800
Machinery : 0.08%
Vertical Holdco GmbH 144A		7.63			7-15-2028		250,000		265,625
Road & Rail : 0.22%
Canadian Pacific Railway Company		4.50			1-15-2022		750,000		790,446
Materials : 0.59%
Containers & Packaging : 0.37%
Ardagh Packaging Finance plc 144A		4.13			8-15-2026		75,000		77,835
Ardagh Packaging Finance plc 144A		5.25			4-30-2025		125,000		132,500

17

Portfolio of investments — July 31, 2020 (unaudited) Wells Fargo Multi-Sector Income Fund

			Interest rate			Maturity date		Principal		Value
Containers & Packaging (continued)
OI European Group BV 144A				4.00	%		3-15-2023	$	1,100,000	$	1,108,250
											1,318,585
Metals & Mining : 0.22%
Glencore Finance Canada Limited 144A				4.25			10-25-2022		750,000		792,144
Utilities : 0.33%
Electric Utilities : 0.19%
Comision Federal de Electricidad 144A				4.88			5-26-2021		650,000		664,625
Multi-Utilities : 0.14%
Veolia Environnement SA				6.75			6-1-2038		350,000		511,297
Total Yankee Corporate Bonds and Notes (Cost $35,449,895)											31,298,663
			Yield					Shares
Short-Term Investments : 1.57%
Investment Companies : 1.57%
Wells Fargo Government Money Market Select Class (l)(u)				0.10					5,588,853		5,588,853
Total Short-Term Investments (Cost $5,588,853)											5,588,853
Total investments in securities (Cost $497,268,106)	134.16	%									478,878,232
Other assets and liabilities, net	(34.16	)									(121,934,650	)
Total net assets	100.00	%								$	356,943,582

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

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

† Non-income-earning security

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

(s) Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.

‡ 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.

(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.

Abbreviations:
AGM	Assured Guaranty Municipal
BRL	Brazilian real
COP	Colombian peso
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
IDR	Indonesian rupiah
INR	Indian Rupee
LIBOR	London Interbank Offered Rate
MXN	Mexican peso

18

Wells Fargo Multi-Sector Income Fund Portfolio of investments — July 31, 2020 (unaudited)

MYR	Malaysian ringgit
REIT	Real estate investment trustt
RON	Romanian lei
RUB	Russian ruble
SOFR	Secured Overnight Financing Rate
TTD	Trinidad and Tobago dollar
ZAR	South African rand

19

Investments in Affiliates    

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

	Value, beginning of period		Purchases		Sales proceeds			Net, realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class	$	25,641,491	$	92,560,370	$	(112,613,008	)	$	0	$	0	$	116,062	$	5,588,853		1.57	%

Wells Fargo Multi-Sector Income Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2020 (unaudited)                     

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

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.

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.

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 of the Fund. 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.

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

As of July 31, 2020, the Fund had unfunded loan commitments of $2,023,250.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the 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 July 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	3,812,106	$	0	$	3,812,106
Asset-backed securities		0		2,185,756		0		2,185,756
Common stocks
Energy		3,649,784		0		0		3,649,784
Materials		563		0		0		563
Corporate bonds and notes		0		242,110,958		0		242,110,958
Foreign corporate bonds and notes		0		15,075,225		0		15,075,225
Foreign government bonds		0		93,247,581		0		93,247,581
Loans		0		52,756,862		10,975,756		63,732,618
Non-agency mortgage-backed securities		0		17,946,962		0		17,946,962
Rights
Utilities		0		229,163		0		229,163
Yankee corporate bonds and notes		0		31,298,663		0		31,298,663
Short-term investments
Investment companies		5,588,853		0		0		5,588,853
Total assets	$	9,239,200	$	458,663,276	$	10,975,756	$	478,878,232

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

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Loans			Common Stock			Preferred Stock			Total
Balance as of October 31, 2019	$	10,841,245		$	1,389,651		$	2,858,404		$	15,089,300
Accrued discounts (premiums)		9,249			0			0			9,249
Realized gains (losses)		(436,007	)		0			0			(436,007	)
Change in unrealized gains (losses)		243,460			(451,572	)		(436,556	)		(644,668	)
Purchases		3,400,380			0			0			3,400,380
Sales		(3,134,998	)		0			0			(3,134,998	)
Transfer into Level 3		4,302,744			0			0			4,302,744
Transfer out of Level 3		(4,250,317	)		(938,079	)		(2,421,848	)		(7,610,244	)
Balance as of July 31, 2020	$	10,975,756		$	0		$	0		$	10,975,756
Change in unrealized gains (losses) relating to securities still held at July 31, 2020	$	(276,300	)	$	0		$	0		$	(276,300	)

The loan obligations in the Level 3 table were valued using indicative broker quotes. These indicative broker quotes are considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Fund and therefore the disclosure that would address these inputs is not included above.